WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:12.810 align:start position:0% [Applause] 00:00:12.810 --> 00:00:12.820 align:start position:0% 00:00:12.820 --> 00:00:14.320 align:start position:0% [Music] 00:00:14.320 --> 00:00:14.330 align:start position:0% [Music] 00:00:14.330 --> 00:00:18.109 align:start position:0% [Music] bonkers<00:00:15.330> about<00:00:16.260> creating<00:00:16.710> an<00:00:16.770> expert<00:00:17.130> Mars<00:00:17.310> is 00:00:18.109 --> 00:00:18.119 align:start position:0% bonkers about creating an expert Mars is 00:00:18.119 --> 00:00:25.750 align:start position:0% bonkers about creating an expert Mars is really<00:00:21.470> about<00:00:22.470> me<00:00:24.289> Buffalo's<00:00:25.289> Network 00:00:25.750 --> 00:00:25.760 align:start position:0% really about me Buffalo's Network 00:00:25.760 --> 00:00:27.980 align:start position:0% really about me Buffalo's Network founder<00:00:26.760> creator<00:00:26.970> of<00:00:27.150> the<00:00:27.269> clovers<00:00:27.660> network 00:00:27.980 --> 00:00:27.990 align:start position:0% founder creator of the clovers network 00:00:27.990 --> 00:00:29.900 align:start position:0% founder creator of the clovers network also<00:00:28.650> done<00:00:28.830> it<00:00:28.980> before<00:00:29.070> curiously<00:00:29.730> with 00:00:29.900 --> 00:00:29.910 align:start position:0% also done it before curiously with 00:00:29.910 --> 00:00:33.350 align:start position:0% also done it before curiously with Paragon<00:00:30.390> black<00:00:30.750> and<00:00:31.529> notice<00:00:32.160> the<00:00:32.820> author<00:00:33.210> of 00:00:33.350 --> 00:00:33.360 align:start position:0% Paragon black and notice the author of 00:00:33.360 --> 00:00:38.390 align:start position:0% Paragon black and notice the author of mt<00:00:33.930> 1603<00:00:34.890> of<00:00:34.980> the<00:00:35.100> refundable<00:00:35.640> token<00:00:36.980> s<00:00:37.980> nifty 00:00:38.390 --> 00:00:38.400 align:start position:0% mt 1603 of the refundable token s nifty 00:00:38.400 --> 00:00:40.640 align:start position:0% mt 1603 of the refundable token s nifty which<00:00:38.790> was<00:00:39.059> a<00:00:39.629> hackathon<00:00:40.080> project<00:00:40.230> that 00:00:40.640 --> 00:00:40.650 align:start position:0% which was a hackathon project that 00:00:40.650 --> 00:00:45.410 align:start position:0% which was a hackathon project that inspired<00:00:40.949> an<00:00:42.140> estimated<00:00:43.140> of<00:00:43.500> teas<00:00:44.210> and<00:00:45.210> of 00:00:45.410 --> 00:00:45.420 align:start position:0% inspired an estimated of teas and of 00:00:45.420 --> 00:00:48.020 align:start position:0% inspired an estimated of teas and of course<00:00:45.659> founder<00:00:46.140> of<00:00:46.229> Lawrence<00:00:47.070> the<00:00:47.309> majestic 00:00:48.020 --> 00:00:48.030 align:start position:0% course founder of Lawrence the majestic 00:00:48.030 --> 00:00:50.509 align:start position:0% course founder of Lawrence the majestic creation<00:00:48.780> market<00:00:49.049> Williams 00:00:50.509 --> 00:00:50.519 align:start position:0% creation market Williams 00:00:50.519 --> 00:00:52.640 align:start position:0% creation market Williams today<00:00:51.150> I'll<00:00:51.659> be<00:00:51.720> talking<00:00:51.900> about<00:00:52.080> market 00:00:52.640 --> 00:00:52.650 align:start position:0% today I'll be talking about market 00:00:52.650 --> 00:00:55.810 align:start position:0% today I'll be talking about market makers<00:00:52.949> from<00:00:53.400> earning<00:00:53.729> and<00:00:54.659> going<00:00:54.869> over 00:00:55.810 --> 00:00:55.820 align:start position:0% makers from earning and going over 00:00:55.820 --> 00:00:58.039 align:start position:0% makers from earning and going over mitigation<00:00:56.820> techniques<00:00:57.180> and<00:00:57.479> match-funding 00:00:58.039 --> 00:00:58.049 align:start position:0% mitigation techniques and match-funding 00:00:58.049 --> 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position:0% context prediction markets a mechanism 00:01:26.190 --> 00:01:29.480 align:start position:0% context prediction markets a mechanism invented<00:01:26.580> by<00:01:26.670> Robert<00:01:26.880> Hanssen<00:01:27.420> that's<00:01:28.490> used 00:01:29.480 --> 00:01:29.490 align:start position:0% invented by Robert Hanssen that's used 00:01:29.490 --> 00:01:32.990 align:start position:0% invented by Robert Hanssen that's used for<00:01:29.910> basically<00:01:30.300> gambling<00:01:30.810> on<00:01:30.930> prevents<00:01:32.000> Bank 00:01:32.990 --> 00:01:33.000 align:start position:0% for basically gambling on prevents Bank 00:01:33.000 --> 00:01:46.300 align:start position:0% for basically gambling on prevents Bank or<00:01:33.470> which<00:01:34.470> uses<00:01:35.460> a<00:01:35.490> technique<00:01:35.880> ratio<00:01:36.810> or<00:01:41.330> and 00:01:46.300 --> 00:01:46.310 align:start position:0% 00:01:46.310 --> 00:01:48.770 align:start position:0% or<00:01:47.310> the<00:01:47.460> slope<00:01:47.760> formula<00:01:48.000> version<00:01:48.480> of 00:01:48.770 --> 00:01:48.780 align:start position:0% or the slope formula version of 00:01:48.780 --> 00:01:52.490 align:start position:0% or the slope formula version of bioterrorist<00:01:50.180> kind<00:01:51.180> of<00:01:51.240> created<00:01:51.630> by<00:01:51.900> Simon 00:01:52.490 --> 00:01:52.500 align:start position:0% bioterrorist kind of created by Simon 00:01:52.500 --> 00:01:54.800 align:start position:0% bioterrorist kind of created by Simon Taylor<00:01:52.710> media<00:01:53.360> but<00:01:54.360> all<00:01:54.450> these<00:01:54.630> parking 00:01:54.800 --> 00:01:54.810 align:start position:0% Taylor media but all these parking 00:01:54.810 --> 00:01:57.080 align:start position:0% Taylor media but all these parking makers<00:01:55.080> provides<00:01:55.500> the<00:01:55.620> query<00:01:55.860> which<00:01:56.430> is<00:01:56.760> a 00:01:57.080 --> 00:01:57.090 align:start position:0% makers provides the query which is a 00:01:57.090 --> 00:02:00.140 align:start position:0% makers provides the query which is a very<00:01:57.710> important<00:01:58.710> concept<00:01:58.830> and<00:01:59.280> any<00:01:59.700> sort<00:02:00.030> of 00:02:00.140 --> 00:02:00.150 align:start position:0% very important concept and any sort of 00:02:00.150 --> 00:02:03.400 align:start position:0% very important concept and any sort of token<00:02:00.330> base<00:02:00.630> or<00:02:00.870> asset<00:02:01.170> based<00:02:01.380> system 00:02:03.400 --> 00:02:03.410 align:start position:0% token base or asset based system 00:02:03.410 --> 00:02:07.190 align:start position:0% token base or asset based system whenever<00:02:04.410> you<00:02:04.530> have<00:02:05.600> some<00:02:06.600> asset<00:02:06.990> you're 00:02:07.190 --> 00:02:07.200 align:start position:0% whenever you have some asset you're 00:02:07.200 --> 00:02:09.050 align:start position:0% whenever you have some asset you're trying<00:02:07.470> to<00:02:07.560> sell<00:02:07.800> or<00:02:08.040> buy<00:02:08.070> there's<00:02:08.670> not<00:02:08.850> a<00:02:08.880> lot 00:02:09.050 --> 00:02:09.060 align:start position:0% trying to sell or buy there's not a lot 00:02:09.060 --> 00:02:10.280 align:start position:0% trying to sell or buy there's not a lot of<00:02:09.090> other<00:02:09.210> people<00:02:09.570> out<00:02:09.690> there<00:02:09.899> trying<00:02:10.080> to 00:02:10.280 --> 00:02:10.290 align:start position:0% of other people out there trying to 00:02:10.290 --> 00:02:12.110 align:start position:0% of other people out there trying to fight<00:02:10.440> or<00:02:10.830> sell<00:02:11.040> it<00:02:11.220> you're<00:02:11.670> gonna<00:02:11.760> have<00:02:11.940> a<00:02:11.970> lot 00:02:12.110 --> 00:02:12.120 align:start position:0% fight or sell it you're gonna have a lot 00:02:12.120 --> 00:02:16.180 align:start position:0% fight or sell it you're gonna have a lot of<00:02:12.150> problems<00:02:12.630> agreeing<00:02:13.110> on<00:02:13.260> price<00:02:14.300> and<00:02:15.300> so 00:02:16.180 --> 00:02:16.190 align:start position:0% of problems agreeing on price and so 00:02:16.190 --> 00:02:18.230 align:start position:0% of problems agreeing on price and so there's<00:02:17.190> many<00:02:17.340> situations<00:02:17.520> in<00:02:17.970> which<00:02:18.000> you 00:02:18.230 --> 00:02:18.240 align:start position:0% there's many situations in which you 00:02:18.240 --> 00:02:20.449 align:start position:0% there's many situations in which you have<00:02:18.510> the<00:02:19.470> clarity<00:02:19.709> there's<00:02:20.100> just<00:02:20.250> not<00:02:20.370> a<00:02:20.430> lot 00:02:20.449 --> 00:02:20.459 align:start position:0% have the clarity there's just not a lot 00:02:20.459 --> 00:02:22.610 align:start position:0% have the clarity there's just not a lot of<00:02:20.580> buyers<00:02:20.760> a<00:02:21.030> lot<00:02:21.240> seminarian<00:02:21.959> each<00:02:22.050> topic<00:02:22.500> or 00:02:22.610 --> 00:02:22.620 align:start position:0% of buyers a lot seminarian each topic or 00:02:22.620 --> 00:02:24.470 align:start position:0% of buyers a lot seminarian each topic or something<00:02:22.890> like<00:02:22.980> that<00:02:23.040> and<00:02:23.730> so<00:02:24.060> you<00:02:24.120> have 00:02:24.470 --> 00:02:24.480 align:start position:0% something like that and so you have 00:02:24.480 --> 00:02:26.449 align:start position:0% something like that and so you have designated<00:02:25.260> parties<00:02:25.830> who<00:02:25.980> are<00:02:26.070> willing<00:02:26.370> to 00:02:26.449 --> 00:02:26.459 align:start position:0% designated parties who are willing to 00:02:26.459 --> 00:02:27.920 align:start position:0% designated parties who are willing to buy<00:02:26.610> or<00:02:26.760> sell<00:02:26.790> at<00:02:27.180> something<00:02:27.480> redefine 00:02:27.920 --> 00:02:27.930 align:start position:0% buy or sell at something redefine 00:02:27.930 --> 00:02:29.870 align:start position:0% buy or sell at something redefine formula<00:02:28.530> or<00:02:28.680> agreement<00:02:29.190> or<00:02:29.370> system<00:02:29.670> and<00:02:29.820> those 00:02:29.870 --> 00:02:29.880 align:start position:0% formula or agreement or system and those 00:02:29.880 --> 00:02:33.620 align:start position:0% formula or agreement or system and those are<00:02:30.030> market<00:02:30.270> makers<00:02:31.850> in<00:02:32.850> a<00:02:32.970> prediction<00:02:33.360> market 00:02:33.620 --> 00:02:33.630 align:start position:0% are market makers in a prediction market 00:02:33.630 --> 00:02:34.390 align:start position:0% are market makers in a prediction market you<00:02:33.930> have 00:02:34.390 --> 00:02:34.400 align:start position:0% you have 00:02:34.400 --> 00:02:37.210 align:start position:0% you have situation<00:02:34.790> because<00:02:35.090> the<00:02:36.010> tokens<00:02:37.010> that<00:02:37.069> you're 00:02:37.210 --> 00:02:37.220 align:start position:0% situation because the tokens that you're 00:02:37.220 --> 00:02:39.100 align:start position:0% situation because the tokens that you're dealing<00:02:37.489> with<00:02:37.519> are<00:02:37.879> attached<00:02:38.360> to<00:02:38.629> outcome 00:02:39.100 --> 00:02:39.110 align:start position:0% dealing with are attached to outcome 00:02:39.110 --> 00:02:41.710 align:start position:0% dealing with are attached to outcome events<00:02:39.519> this<00:02:40.519> is<00:02:40.700> the<00:02:40.879> sort<00:02:41.180> of<00:02:41.209> gambling<00:02:41.629> on 00:02:41.710 --> 00:02:41.720 align:start position:0% events this is the sort of gambling on 00:02:41.720 --> 00:02:43.500 align:start position:0% events this is the sort of gambling on future<00:02:42.049> events<00:02:42.110> and<00:02:42.470> often<00:02:43.010> these<00:02:43.129> are<00:02:43.189> very 00:02:43.500 --> 00:02:43.510 align:start position:0% future events and often these are very 00:02:43.510 --> 00:02:45.520 align:start position:0% future events and often these are very liquid<00:02:44.510> markets<00:02:44.810> that<00:02:44.959> there's<00:02:45.110> not<00:02:45.260> a<00:02:45.290> lot<00:02:45.439> of 00:02:45.520 --> 00:02:45.530 align:start position:0% liquid markets that there's not a lot of 00:02:45.530 --> 00:02:48.100 align:start position:0% liquid markets that there's not a lot of participants<00:02:46.659> so<00:02:47.659> there's<00:02:47.810> not<00:02:47.900> a<00:02:47.959> lot<00:02:48.079> of 00:02:48.100 --> 00:02:48.110 align:start position:0% participants so there's not a lot of 00:02:48.110 --> 00:02:51.190 align:start position:0% participants so there's not a lot of token<00:02:48.470> circulation<00:02:49.040> so<00:02:49.310> if<00:02:49.939> say<00:02:50.629> the 00:02:51.190 --> 00:02:51.200 align:start position:0% token circulation so if say the 00:02:51.200 --> 00:02:52.660 align:start position:0% token circulation so if say the prediction<00:02:51.530> market<00:02:51.739> is<00:02:51.829> about<00:02:51.980> the<00:02:52.220> future 00:02:52.660 --> 00:02:52.670 align:start position:0% prediction market is about the future 00:02:52.670 --> 00:02:55.509 align:start position:0% prediction market is about the future headquarters<00:02:53.120> of<00:02:53.299> Amazon<00:02:53.840> and<00:02:54.109> I<00:02:55.040> think<00:02:55.400> it's 00:02:55.509 --> 00:02:55.519 align:start position:0% headquarters of Amazon and I think it's 00:02:55.519 --> 00:02:57.509 align:start position:0% headquarters of Amazon and I think it's in<00:02:55.640> New<00:02:55.819> York<00:02:55.849> you<00:02:56.269> think<00:02:56.480> it's<00:02:56.569> in<00:02:56.629> Chicago<00:02:57.079> I 00:02:57.509 --> 00:02:57.519 align:start position:0% in New York you think it's in Chicago I 00:02:57.519 --> 00:02:59.920 align:start position:0% in New York you think it's in Chicago I think<00:02:58.519> it<00:02:58.760> could<00:02:59.000> be<00:02:59.120> in<00:02:59.180> Chicago<00:02:59.629> but<00:02:59.780> your 00:02:59.920 --> 00:02:59.930 align:start position:0% think it could be in Chicago but your 00:02:59.930 --> 00:03:01.869 align:start position:0% think it could be in Chicago but your lecture<00:03:00.349> then<00:03:00.590> so<00:03:01.220> we<00:03:01.340> don't<00:03:01.790> really 00:03:01.869 --> 00:03:01.879 align:start position:0% lecture then so we don't really 00:03:01.879 --> 00:03:03.520 align:start position:0% lecture then so we don't really necessarily<00:03:02.090> agree<00:03:02.629> on<00:03:02.780> what<00:03:02.959> I<00:03:02.989> should<00:03:03.290> sell 00:03:03.520 --> 00:03:03.530 align:start position:0% necessarily agree on what I should sell 00:03:03.530 --> 00:03:06.309 align:start position:0% necessarily agree on what I should sell much<00:03:03.769> in<00:03:03.920> public<00:03:04.040> tokens<00:03:04.489> team<00:03:04.670> Ford<00:03:05.200> so<00:03:06.200> it 00:03:06.309 --> 00:03:06.319 align:start position:0% much in public tokens team Ford so it 00:03:06.319 --> 00:03:07.270 align:start position:0% much in public tokens team Ford so it might<00:03:06.409> be<00:03:06.470> nice<00:03:06.650> to<00:03:06.709> have<00:03:06.859> something<00:03:07.159> that 00:03:07.270 --> 00:03:07.280 align:start position:0% might be nice to have something that 00:03:07.280 --> 00:03:08.500 align:start position:0% might be nice to have something that market<00:03:07.670> maker<00:03:07.819> who's<00:03:08.060> willing<00:03:08.299> to<00:03:08.329> buy<00:03:08.450> this 00:03:08.500 --> 00:03:08.510 align:start position:0% market maker who's willing to buy this 00:03:08.510 --> 00:03:11.619 align:start position:0% market maker who's willing to buy this back<00:03:08.920> the<00:03:09.920> logarithmic<00:03:10.459> spiral<00:03:11.329> is<00:03:11.540> the 00:03:11.619 --> 00:03:11.629 align:start position:0% back the logarithmic spiral is the 00:03:11.629 --> 00:03:13.000 align:start position:0% back the logarithmic spiral is the market<00:03:11.870> maker<00:03:12.049> use<00:03:12.260> and<00:03:12.440> prediction<00:03:12.739> markets 00:03:13.000 --> 00:03:13.010 align:start position:0% market maker use and prediction markets 00:03:13.010 --> 00:03:14.680 align:start position:0% market maker use and prediction markets usually<00:03:13.129> and<00:03:13.730> it's<00:03:14.120> really<00:03:14.269> nice<00:03:14.420> because 00:03:14.680 --> 00:03:14.690 align:start position:0% usually and it's really nice because 00:03:14.690 --> 00:03:18.460 align:start position:0% usually and it's really nice because it's<00:03:16.389> calculator<00:03:17.389> weights<00:03:17.720> so<00:03:17.959> that<00:03:17.989> at<00:03:18.440> the 00:03:18.460 --> 00:03:18.470 align:start position:0% it's calculator weights so that at the 00:03:18.470 --> 00:03:20.979 align:start position:0% it's calculator weights so that at the end<00:03:18.620> of<00:03:18.889> all<00:03:19.040> of<00:03:19.069> these<00:03:19.310> sort<00:03:19.639> of<00:03:19.700> events<00:03:20.090> the 00:03:20.979 --> 00:03:20.989 align:start position:0% end of all of these sort of events the 00:03:20.989 --> 00:03:23.020 align:start position:0% end of all of these sort of events the tokens<00:03:21.409> that<00:03:21.500> did<00:03:21.920> not<00:03:22.069> occur<00:03:22.489> the<00:03:22.700> prediction 00:03:23.020 --> 00:03:23.030 align:start position:0% tokens that did not occur the prediction 00:03:23.030 --> 00:03:24.970 align:start position:0% tokens that did not occur the prediction that<00:03:23.060> did<00:03:23.239> not<00:03:23.359> occur<00:03:23.510> marking<00:03:24.409> zero<00:03:24.650> and 00:03:24.970 --> 00:03:24.980 align:start position:0% that did not occur marking zero and 00:03:24.980 --> 00:03:26.110 align:start position:0% that did not occur marking zero and there's<00:03:25.159> just<00:03:25.370> enough<00:03:25.519> money<00:03:25.730> inside<00:03:26.060> the 00:03:26.110 --> 00:03:26.120 align:start position:0% there's just enough money inside the 00:03:26.120 --> 00:03:27.729 align:start position:0% there's just enough money inside the contract<00:03:26.599> to<00:03:26.689> pay<00:03:26.840> out<00:03:26.959> all<00:03:27.109> people<00:03:27.409> about<00:03:27.590> the 00:03:27.729 --> 00:03:27.739 align:start position:0% contract to pay out all people about the 00:03:27.739 --> 00:03:33.490 align:start position:0% contract to pay out all people about the Kobe<00:03:28.010> incentive<00:03:28.310> to<00:03:28.430> exist<00:03:32.109> micro<00:03:33.109> economies 00:03:33.490 --> 00:03:33.500 align:start position:0% Kobe incentive to exist micro economies 00:03:33.500 --> 00:03:35.649 align:start position:0% Kobe incentive to exist micro economies in<00:03:33.590> general<00:03:33.889> which<00:03:34.670> could<00:03:34.879> take<00:03:35.060> place<00:03:35.359> in 00:03:35.649 --> 00:03:35.659 align:start position:0% in general which could take place in 00:03:35.659 --> 00:03:37.929 align:start position:0% in general which could take place in absolute<00:03:36.109> Civic<00:03:36.349> tokens<00:03:36.709> like<00:03:36.950> token<00:03:37.579> curated 00:03:37.929 --> 00:03:37.939 align:start position:0% absolute Civic tokens like token curated 00:03:37.939 --> 00:03:39.640 align:start position:0% absolute Civic tokens like token curated registries<00:03:38.359> or<00:03:38.690> my<00:03:39.049> private<00:03:39.410> quarters 00:03:39.640 --> 00:03:39.650 align:start position:0% registries or my private quarters 00:03:39.650 --> 00:03:42.400 align:start position:0% registries or my private quarters network<00:03:39.980> in<00:03:40.819> which<00:03:41.120> there's<00:03:41.540> just<00:03:41.810> you<00:03:42.049> know<00:03:42.139> a 00:03:42.400 --> 00:03:42.410 align:start position:0% network in which there's just you know a 00:03:42.410 --> 00:03:45.550 align:start position:0% network in which there's just you know a very<00:03:42.769> niche<00:03:43.069> clientele<00:03:44.030> for<00:03:44.599> this<00:03:44.750> token<00:03:45.319> but 00:03:45.550 --> 00:03:45.560 align:start position:0% very niche clientele for this token but 00:03:45.560 --> 00:03:47.770 align:start position:0% very niche clientele for this token but you<00:03:45.889> don't<00:03:46.040> want<00:03:46.220> them<00:03:46.310> to<00:03:46.459> be<00:03:46.579> sort<00:03:46.780> limited 00:03:47.770 --> 00:03:47.780 align:start position:0% you don't want them to be sort limited 00:03:47.780 --> 00:03:49.509 align:start position:0% you don't want them to be sort limited by<00:03:47.900> the<00:03:47.959> aspect<00:03:48.650> probably<00:03:49.040> won't<00:03:49.250> have<00:03:49.400> access 00:03:49.509 --> 00:03:49.519 align:start position:0% by the aspect probably won't have access 00:03:49.519 --> 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agreement<00:03:55.310> about<00:03:55.549> the<00:03:55.790> current<00:03:55.970> prices<00:03:56.329> this 00:03:57.220 --> 00:03:57.230 align:start position:0% agreement about the current prices this 00:03:57.230 --> 00:03:58.360 align:start position:0% agreement about the current prices this is<00:03:57.379> actually<00:03:57.620> looking<00:03:57.799> into<00:03:58.040> this<00:03:58.159> topic 00:03:58.360 --> 00:03:58.370 align:start position:0% is actually looking into this topic 00:03:58.370 --> 00:04:01.149 align:start position:0% is actually looking into this topic again<00:03:58.609> with<00:03:58.849> making<00:03:59.419> my<00:03:59.949> project<00:04:00.949> lovers 00:04:01.149 --> 00:04:01.159 align:start position:0% again with making my project lovers 00:04:01.159 --> 00:04:03.069 align:start position:0% again with making my project lovers network<00:04:01.459> it's<00:04:01.609> a<00:04:01.669> game<00:04:01.849> and<00:04:02.239> I<00:04:02.659> didn't<00:04:02.900> want<00:04:03.049> my 00:04:03.069 --> 00:04:03.079 align:start position:0% network it's a game and I didn't want my 00:04:03.079 --> 00:04:05.140 align:start position:0% network it's a game and I didn't want my users<00:04:03.379> to<00:04:03.470> kind<00:04:03.650> of<00:04:03.680> be<00:04:03.799> stuck<00:04:04.129> with<00:04:04.340> the 00:04:05.140 --> 00:04:05.150 align:start position:0% users to kind of be stuck with the 00:04:05.150 --> 00:04:06.640 align:start position:0% users to kind of be stuck with the point<00:04:05.419> and<00:04:05.629> not<00:04:05.690> being<00:04:05.870> written<00:04:06.260> it<00:04:06.470> but 00:04:06.640 --> 00:04:06.650 align:start position:0% point and not being written it but 00:04:06.650 --> 00:04:07.270 align:start position:0% point and not being written it but there's<00:04:06.889> no 00:04:07.270 --> 00:04:07.280 align:start position:0% there's no 00:04:07.280 --> 00:04:09.040 align:start position:0% there's no some<00:04:07.580> exchange<00:04:07.940> was<00:04:08.090> going<00:04:08.209> to<00:04:08.270> list<00:04:08.420> me<00:04:08.540> so<00:04:08.750> I 00:04:09.040 --> 00:04:09.050 align:start position:0% some exchange was going to list me so I 00:04:09.050 --> 00:04:10.270 align:start position:0% some exchange was going to list me so I wanted<00:04:09.440> to<00:04:09.530> be<00:04:09.650> able<00:04:09.709> to<00:04:09.860> offer<00:04:09.980> them<00:04:10.220> the 00:04:10.270 --> 00:04:10.280 align:start position:0% wanted to be able to offer them the 00:04:10.280 --> 00:04:12.430 align:start position:0% wanted to be able to offer them the ability<00:04:11.209> to<00:04:11.240> offload<00:04:11.600> the<00:04:11.750> coin<00:04:11.959> for<00:04:12.140> ether 00:04:12.430 --> 00:04:12.440 align:start position:0% ability to offload the coin for ether 00:04:12.440 --> 00:04:14.440 align:start position:0% ability to offload the coin for ether and<00:04:12.980> so<00:04:13.190> I<00:04:13.220> was<00:04:13.370> able<00:04:13.459> to<00:04:13.550> employ<00:04:13.819> my<00:04:14.030> own<00:04:14.180> body 00:04:14.440 --> 00:04:14.450 align:start position:0% and so I was able to employ my own body 00:04:14.450 --> 00:04:16.090 align:start position:0% and so I was able to employ my own body curve<00:04:14.720> in<00:04:14.930> the<00:04:14.990> contract<00:04:15.440> so<00:04:15.620> users<00:04:15.950> are 00:04:16.090 --> 00:04:16.100 align:start position:0% curve in the contract so users are 00:04:16.100 --> 00:04:18.190 align:start position:0% curve in the contract so users are constantly<00:04:16.310> buying<00:04:17.180> sell<00:04:17.570> at<00:04:17.780> a<00:04:17.810> price<00:04:18.019> that's 00:04:18.190 --> 00:04:18.200 align:start position:0% constantly buying sell at a price that's 00:04:18.200 --> 00:04:22.830 align:start position:0% constantly buying sell at a price that's changing<00:04:20.290> but<00:04:21.290> the<00:04:21.350> general<00:04:21.620> concepts<00:04:22.190> for 00:04:22.830 --> 00:04:22.840 align:start position:0% changing but the general concepts for 00:04:22.840 --> 00:04:25.810 align:start position:0% changing but the general concepts for finding<00:04:23.840> curves<00:04:24.050> which<00:04:24.410> have<00:04:24.820> indefinite 00:04:25.810 --> 00:04:25.820 align:start position:0% finding curves which have indefinite 00:04:25.820 --> 00:04:28.450 align:start position:0% finding curves which have indefinite token<00:04:26.120> supplies<00:04:26.419> are<00:04:27.290> that<00:04:27.919> the<00:04:28.100> tokens 00:04:28.450 --> 00:04:28.460 align:start position:0% token supplies are that the tokens 00:04:28.460 --> 00:04:30.370 align:start position:0% token supplies are that the tokens themselves<00:04:28.910> come<00:04:29.180> from<00:04:29.510> the<00:04:29.660> contract<00:04:30.139> which 00:04:30.370 --> 00:04:30.380 align:start position:0% themselves come from the contract which 00:04:30.380 --> 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this contract and it will<00:04:38.930> mend<00:04:39.290> some<00:04:39.470> new<00:04:39.620> tokens<00:04:39.950> for<00:04:40.130> you<00:04:40.280> the 00:04:40.750 --> 00:04:40.760 align:start position:0% will mend some new tokens for you the 00:04:40.760 --> 00:04:42.400 align:start position:0% will mend some new tokens for you the price<00:04:41.000> that<00:04:41.180> it<00:04:41.270> means<00:04:41.390> it<00:04:41.630> is<00:04:42.020> designated 00:04:42.400 --> 00:04:42.410 align:start position:0% price that it means it is designated 00:04:42.410 --> 00:04:45.010 align:start position:0% price that it means it is designated from<00:04:43.010> a<00:04:43.460> predefined<00:04:44.270> formula<00:04:44.540> or<00:04:44.960> an 00:04:45.010 --> 00:04:45.020 align:start position:0% from a predefined formula or an 00:04:45.020 --> 00:04:47.320 align:start position:0% from a predefined formula or an adjustable<00:04:45.320> formula<00:04:45.770> the<00:04:46.580> situation<00:04:47.090> it 00:04:47.320 --> 00:04:47.330 align:start position:0% adjustable formula the situation it 00:04:47.330 --> 00:04:49.659 align:start position:0% adjustable formula the situation it would<00:04:47.419> be<00:04:47.450> basically<00:04:48.200> total<00:04:48.950> supply<00:04:49.220> squared 00:04:49.659 --> 00:04:49.669 align:start position:0% would be basically total supply squared 00:04:49.669 --> 00:04:51.940 align:start position:0% would be basically total supply squared C<00:04:50.419> the<00:04:50.540> total<00:04:50.750> supplies<00:04:51.080> on<00:04:51.230> the<00:04:51.320> x-axis<00:04:51.650> is 00:04:51.940 --> 00:04:51.950 align:start position:0% C the total supplies on the x-axis is 00:04:51.950 --> 00:04:53.170 align:start position:0% C the total supplies on the x-axis is this<00:04:52.100> sort<00:04:52.280> of<00:04:52.310> defect<00:04:52.580> that<00:04:52.640> is<00:04:52.760> how<00:04:53.000> many 00:04:53.170 --> 00:04:53.180 align:start position:0% this sort of defect that is how many 00:04:53.180 --> 00:04:54.640 align:start position:0% this sort of defect that is how many tokens<00:04:53.360> are<00:04:53.630> currently<00:04:53.930> in<00:04:54.050> existence<00:04:54.140> and 00:04:54.640 --> 00:04:54.650 align:start position:0% tokens are currently in existence and 00:04:54.650 --> 00:04:56.800 align:start position:0% tokens are currently in existence and that<00:04:55.460> determines<00:04:55.940> the<00:04:56.000> price<00:04:56.270> which<00:04:56.570> is<00:04:56.600> on 00:04:56.800 --> 00:04:56.810 align:start position:0% that determines the price which is on 00:04:56.810 --> 00:05:01.719 align:start position:0% that determines the price which is on the<00:04:56.900> y-axis<00:04:57.640> I<00:04:58.720> really<00:04:59.950> you<00:05:00.950> can<00:05:01.310> imagine<00:05:01.400> when 00:05:01.719 --> 00:05:01.729 align:start position:0% the y-axis I really you can imagine when 00:05:01.729 --> 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as you purchase the price gets moved<00:05:06.889> up<00:05:07.040> so<00:05:07.070> let's<00:05:07.490> say<00:05:07.580> the<00:05:07.700> first<00:05:07.910> ten<00:05:08.150> that 00:05:08.290 --> 00:05:08.300 align:start position:0% moved up so let's say the first ten that 00:05:08.300 --> 00:05:10.240 align:start position:0% moved up so let's say the first ten that you<00:05:08.330> buy<00:05:08.540> will<00:05:08.870> be<00:05:09.350> less<00:05:09.590> expensive<00:05:09.740> than<00:05:10.070> the 00:05:10.240 --> 00:05:10.250 align:start position:0% you buy will be less expensive than the 00:05:10.250 --> 00:05:11.590 align:start position:0% you buy will be less expensive than the next<00:05:10.460> ten<00:05:10.610> after<00:05:10.760> that<00:05:11.090> and<00:05:11.300> the<00:05:11.390> next<00:05:11.479> thing 00:05:11.590 --> 00:05:11.600 align:start position:0% next ten after that and the next thing 00:05:11.600 --> 00:05:13.600 align:start position:0% next ten after that and the next thing after<00:05:11.810> that<00:05:12.080> if<00:05:12.950> you<00:05:13.010> want<00:05:13.070> to<00:05:13.280> get<00:05:13.430> rid<00:05:13.550> of 00:05:13.600 --> 00:05:13.610 align:start position:0% after that if you want to get rid of 00:05:13.610 --> 00:05:15.640 align:start position:0% after that if you want to get rid of those<00:05:13.700> tokens<00:05:13.880> you<00:05:14.180> can<00:05:14.300> come<00:05:14.479> back<00:05:14.660> send<00:05:15.560> them 00:05:15.640 --> 00:05:15.650 align:start position:0% those tokens you can come back send them 00:05:15.650 --> 00:05:17.200 align:start position:0% those tokens you can come back send them the<00:05:15.800> contract<00:05:16.130> they<00:05:16.340> will<00:05:16.490> burn<00:05:16.760> them<00:05:17.030> which 00:05:17.200 --> 00:05:17.210 align:start position:0% the contract they will burn them which 00:05:17.210 --> 00:05:19.330 align:start position:0% the contract they will burn them which will<00:05:17.360> decrease<00:05:17.570> the<00:05:17.930> total<00:05:18.229> supply<00:05:18.350> pushing 00:05:19.330 --> 00:05:19.340 align:start position:0% will decrease the total supply pushing 00:05:19.340 --> 00:05:22.510 align:start position:0% will decrease the total supply pushing the<00:05:19.430> price<00:05:19.640> back<00:05:19.850> down<00:05:20.680> and<00:05:21.680> a<00:05:22.340> really 00:05:22.510 --> 00:05:22.520 align:start position:0% the price back down and a really 00:05:22.520 --> 00:05:24.070 align:start position:0% the price back down and a really convenient<00:05:22.940> aspect<00:05:23.570> of<00:05:23.660> this<00:05:23.780> visualization 00:05:24.070 --> 00:05:24.080 align:start position:0% convenient aspect of this visualization 00:05:24.080 --> 00:05:26.920 align:start position:0% convenient aspect of this visualization is<00:05:24.470> that<00:05:24.710> the<00:05:25.030> area<00:05:26.030> under<00:05:26.240> the<00:05:26.479> curve<00:05:26.720> is 00:05:26.920 --> 00:05:26.930 align:start position:0% is that the area under the curve is 00:05:26.930 --> 00:05:28.450 align:start position:0% is that the area under the curve is actually<00:05:27.440> the<00:05:27.650> amount<00:05:27.740> of<00:05:27.830> collateral<00:05:28.100> that's 00:05:28.450 --> 00:05:28.460 align:start position:0% actually the amount of collateral that's 00:05:28.460 --> 00:05:30.640 align:start position:0% actually the amount of collateral that's needed<00:05:28.850> to<00:05:29.060> populate<00:05:29.870> that<00:05:29.900> contract<00:05:30.530> in 00:05:30.640 --> 00:05:30.650 align:start position:0% needed to populate that contract in 00:05:30.650 --> 00:05:32.830 align:start position:0% needed to populate that contract in order<00:05:30.740> to<00:05:30.950> generate<00:05:31.100> those<00:05:31.550> tokens<00:05:31.840> that 00:05:32.830 --> 00:05:32.840 align:start position:0% order to generate those tokens that 00:05:32.840 --> 00:05:34.060 align:start position:0% order to generate those tokens that collateral<00:05:33.080> is<00:05:33.260> always<00:05:33.470> staying<00:05:33.740> in<00:05:34.010> that 00:05:34.060 --> 00:05:34.070 align:start position:0% collateral is always staying in that 00:05:34.070 --> 00:05:35.590 align:start position:0% collateral is always staying in that contract<00:05:34.640> which<00:05:34.760> means<00:05:35.000> that<00:05:35.180> when<00:05:35.330> you<00:05:35.419> come 00:05:35.590 --> 00:05:35.600 align:start position:0% contract which means that when you come 00:05:35.600 --> 00:05:37.360 align:start position:0% contract which means that when you come back<00:05:35.780> and<00:05:36.020> try<00:05:36.140> and<00:05:36.229> cash<00:05:36.380> out<00:05:36.590> that<00:05:37.130> money's 00:05:37.360 --> 00:05:37.370 align:start position:0% back and try and cash out that money's 00:05:37.370 --> 00:05:39.070 align:start position:0% back and try and cash out that money's there<00:05:37.520> waiting<00:05:37.580> for<00:05:37.880> you<00:05:38.120> it's<00:05:38.570> a<00:05:38.630> bit<00:05:38.750> like<00:05:38.960> an 00:05:39.070 --> 00:05:39.080 align:start position:0% there waiting for you it's a bit like an 00:05:39.080 --> 00:05:40.420 align:start position:0% there waiting for you it's a bit like an IC<00:05:39.320> except<00:05:39.710> for<00:05:39.830> the<00:05:39.919> company 00:05:40.420 --> 00:05:40.430 align:start position:0% IC except for the company 00:05:40.430 --> 00:05:42.010 align:start position:0% IC except for the company have<00:05:40.550> the<00:05:40.640> money<00:05:40.760> flex<00:05:41.240> locked<00:05:41.420> up<00:05:41.600> and<00:05:41.900> it's 00:05:42.010 --> 00:05:42.020 align:start position:0% have the money flex locked up and it's 00:05:42.020 --> 00:05:45.340 align:start position:0% have the money flex locked up and it's there<00:05:42.980> for<00:05:43.070> by<00:05:43.370> vechs<00:05:43.720> mercy<00:05:44.720> of<00:05:44.840> our<00:05:44.990> Lord 00:05:45.340 --> 00:05:45.350 align:start position:0% there for by vechs mercy of our Lord 00:05:45.350 --> 00:05:47.920 align:start position:0% there for by vechs mercy of our Lord so<00:05:46.040> that's<00:05:46.250> right<00:05:46.940> so<00:05:47.270> the<00:05:47.390> top<00:05:47.540> right<00:05:47.690> there's 00:05:47.920 --> 00:05:47.930 align:start position:0% so that's right so the top right there's 00:05:47.930 --> 00:05:49.930 align:start position:0% so that's right so the top right there's some<00:05:48.440> kind<00:05:48.740> of<00:05:48.770> math<00:05:49.010> and<00:05:49.340> this<00:05:49.580> is<00:05:49.700> the<00:05:49.790> two 00:05:49.930 --> 00:05:49.940 align:start position:0% some kind of math and this is the two 00:05:49.940 --> 00:05:52.360 align:start position:0% some kind of math and this is the two ways<00:05:50.210> that<00:05:50.270> are<00:05:50.840> often<00:05:51.170> used<00:05:51.560> for<00:05:51.710> thinking 00:05:52.360 --> 00:05:52.370 align:start position:0% ways that are often used for thinking 00:05:52.370 --> 00:05:53.980 align:start position:0% ways that are often used for thinking about<00:05:52.430> these<00:05:52.700> and<00:05:52.880> calculating<00:05:53.330> these<00:05:53.420> which 00:05:53.980 --> 00:05:53.990 align:start position:0% about these and calculating these which 00:05:53.990 --> 00:05:55.960 align:start position:0% about these and calculating these which is<00:05:54.140> the<00:05:54.410> price<00:05:54.770> formula<00:05:55.010> it's<00:05:55.400> kind<00:05:55.610> of<00:05:55.670> basic 00:05:55.960 --> 00:05:55.970 align:start position:0% is the price formula it's kind of basic 00:05:55.970 --> 00:05:57.640 align:start position:0% is the price formula it's kind of basic slope<00:05:56.150> formula<00:05:56.390> this<00:05:56.750> is<00:05:56.870> really<00:05:57.110> useful<00:05:57.230> for 00:05:57.640 --> 00:05:57.650 align:start position:0% slope formula this is really useful for 00:05:57.650 --> 00:05:59.650 align:start position:0% slope formula this is really useful for visualizing<00:05:58.160> and<00:05:58.880> designing<00:05:59.120> is<00:05:59.360> several 00:05:59.650 --> 00:05:59.660 align:start position:0% visualizing and designing is several 00:05:59.660 --> 00:06:01.600 align:start position:0% visualizing and designing is several mechanisms<00:05:59.980> but<00:06:00.980> what<00:06:01.130> actually<00:06:01.400> comes<00:06:01.520> to 00:06:01.600 --> 00:06:01.610 align:start position:0% mechanisms but what actually comes to 00:06:01.610 --> 00:06:03.490 align:start position:0% mechanisms but what actually comes to implementing<00:06:02.030> I<00:06:02.150> kind<00:06:02.360> of<00:06:02.390> prefer<00:06:02.540> the<00:06:03.410> way 00:06:03.490 --> 00:06:03.500 align:start position:0% implementing I kind of prefer the way 00:06:03.500 --> 00:06:05.650 align:start position:0% implementing I kind of prefer the way Bank<00:06:03.740> or<00:06:03.890> Sonic<00:06:04.160> which<00:06:04.430> uses<00:06:04.940> a<00:06:05.000> concept<00:06:05.450> of 00:06:05.650 --> 00:06:05.660 align:start position:0% Bank or Sonic which uses a concept of 00:06:05.660 --> 00:06:07.450 align:start position:0% Bank or Sonic which uses a concept of the<00:06:05.960> reserve<00:06:06.410> ratio<00:06:06.590> that's<00:06:07.190> with<00:06:07.340> our 00:06:07.450 --> 00:06:07.460 align:start position:0% the reserve ratio that's with our 00:06:07.460 --> 00:06:09.820 align:start position:0% the reserve ratio that's with our artists<00:06:07.970> so<00:06:08.630> they<00:06:08.660> think<00:06:08.810> about<00:06:09.170> the<00:06:09.290> price<00:06:09.530> as 00:06:09.820 --> 00:06:09.830 align:start position:0% artists so they think about the price as 00:06:09.830 --> 00:06:12.640 align:start position:0% artists so they think about the price as the<00:06:10.340> reserve<00:06:10.760> to<00:06:11.120> the<00:06:11.210> month<00:06:11.360> level<00:06:11.650> divided 00:06:12.640 --> 00:06:12.650 align:start position:0% the reserve to the month level divided 00:06:12.650 --> 00:06:14.860 align:start position:0% the reserve to the month level divided by<00:06:12.770> the<00:06:12.830> supply<00:06:13.280> times<00:06:13.940> some<00:06:14.210> reserve<00:06:14.480> ratio 00:06:14.860 --> 00:06:14.870 align:start position:0% by the supply times some reserve ratio 00:06:14.870 --> 00:06:16.990 align:start position:0% by the supply times some reserve ratio is<00:06:15.170> going<00:06:15.260> to<00:06:15.350> be<00:06:15.440> some<00:06:15.650> number<00:06:15.800> under<00:06:16.250> one<00:06:16.490> its 00:06:16.990 --> 00:06:17.000 align:start position:0% is going to be some number under one its 00:06:17.000 --> 00:06:19.720 align:start position:0% is going to be some number under one its what<00:06:17.360> percentage<00:06:17.870> of<00:06:18.140> that<00:06:18.670> supply<00:06:19.670> is 00:06:19.720 --> 00:06:19.730 align:start position:0% what percentage of that supply is 00:06:19.730 --> 00:06:23.320 align:start position:0% what percentage of that supply is actually<00:06:20.000> backed<00:06:20.390> by<00:06:20.510> collateral<00:06:22.030> which<00:06:23.030> you 00:06:23.320 --> 00:06:23.330 align:start position:0% actually backed by collateral which you 00:06:23.330 --> 00:06:24.850 align:start position:0% actually backed by collateral which you can<00:06:23.480> rearrange<00:06:23.750> and<00:06:24.200> see<00:06:24.320> that<00:06:24.440> the<00:06:24.590> reserve 00:06:24.850 --> 00:06:24.860 align:start position:0% can rearrange and see that the reserve 00:06:24.860 --> 00:06:26.770 align:start position:0% can rearrange and see that the reserve ratio<00:06:24.950> is<00:06:25.160> actually<00:06:25.280> the<00:06:25.550> reserve<00:06:25.850> divided<00:06:26.690> by 00:06:26.770 --> 00:06:26.780 align:start position:0% ratio is actually the reserve divided by 00:06:26.780 --> 00:06:28.150 align:start position:0% ratio is actually the reserve divided by the<00:06:26.840> market<00:06:27.290> cap<00:06:27.440> so<00:06:27.650> that's<00:06:27.800> kind<00:06:28.010> of<00:06:28.040> like 00:06:28.150 --> 00:06:28.160 align:start position:0% the market cap so that's kind of like 00:06:28.160 --> 00:06:30.220 align:start position:0% the market cap so that's kind of like how<00:06:28.580> much<00:06:28.730> is<00:06:28.850> actually<00:06:29.120> backed<00:06:29.330> and<00:06:29.900> market 00:06:30.220 --> 00:06:30.230 align:start position:0% how much is actually backed and market 00:06:30.230 --> 00:06:31.510 align:start position:0% how much is actually backed and market cap<00:06:30.350> of<00:06:30.470> courses<00:06:30.830> and<00:06:30.920> price<00:06:31.130> times<00:06:31.430> the 00:06:31.510 --> 00:06:31.520 align:start position:0% cap of courses and price times the 00:06:31.520 --> 00:06:35.290 align:start position:0% cap of courses and price times the supply<00:06:31.850> so<00:06:32.690> those<00:06:33.530> are<00:06:33.680> the<00:06:34.460> two<00:06:34.670> sort<00:06:34.700> of<00:06:35.120> ways 00:06:35.290 --> 00:06:35.300 align:start position:0% supply so those are the two sort of ways 00:06:35.300 --> 00:06:36.660 align:start position:0% supply so those are the two sort of ways that<00:06:35.480> I<00:06:35.540> thought<00:06:35.690> that<00:06:35.750> you<00:06:35.900> can<00:06:36.110> actually 00:06:36.660 --> 00:06:36.670 align:start position:0% that I thought that you can actually 00:06:36.670 --> 00:06:39.430 align:start position:0% that I thought that you can actually program<00:06:37.670> it<00:06:37.880> in<00:06:38.150> the<00:06:38.360> original<00:06:38.510> format<00:06:38.990> or 00:06:39.430 --> 00:06:39.440 align:start position:0% program it in the original format or 00:06:39.440 --> 00:06:40.930 align:start position:0% program it in the original format or there's<00:06:39.620> nice<00:06:39.800> properties<00:06:40.280> of<00:06:40.550> the<00:06:40.730> reserve 00:06:40.930 --> 00:06:40.940 align:start position:0% there's nice properties of the reserve 00:06:40.940 --> 00:06:42.190 align:start position:0% there's nice properties of the reserve ratio<00:06:41.090> that<00:06:41.420> lets<00:06:41.570> you<00:06:41.690> do<00:06:41.810> some<00:06:41.930> sort<00:06:42.170> of 00:06:42.190 --> 00:06:42.200 align:start position:0% ratio that lets you do some sort of 00:06:42.200 --> 00:06:44.290 align:start position:0% ratio that lets you do some sort of adjustments<00:06:42.830> while<00:06:42.950> it's<00:06:43.130> moving 00:06:44.290 --> 00:06:44.300 align:start position:0% adjustments while it's moving 00:06:44.300 --> 00:06:45.910 align:start position:0% adjustments while it's moving I<00:06:44.330> had<00:06:44.900> supplies<00:06:45.200> and<00:06:45.350> then<00:06:45.440> at<00:06:45.530> the<00:06:45.620> end<00:06:45.650> we 00:06:45.910 --> 00:06:45.920 align:start position:0% I had supplies and then at the end we 00:06:45.920 --> 00:06:48.130 align:start position:0% I had supplies and then at the end we can<00:06:46.040> go<00:06:46.130> over<00:06:46.220> put<00:06:46.400> a<00:06:46.430> time<00:06:46.640> bite<00:06:47.300> Club<00:06:47.420> part<00:06:48.080> of 00:06:48.130 --> 00:06:48.140 align:start position:0% can go over put a time bite Club part of 00:06:48.140 --> 00:06:51.750 align:start position:0% can go over put a time bite Club part of the<00:06:48.200> tongue<00:06:49.540> example<00:06:50.540> use<00:06:50.690> case<00:06:50.780> that<00:06:51.290> this 00:06:51.750 --> 00:06:51.760 align:start position:0% the tongue example use case that this 00:06:51.760 --> 00:06:54.490 align:start position:0% the tongue example use case that this new<00:06:52.760> batch<00:06:53.420> body<00:06:53.720> care<00:06:53.930> techniques<00:06:54.320> being 00:06:54.490 --> 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Dao has body pair of 00:07:00.740 --> 00:07:02.950 align:start position:0% basically have a Dao has body pair of attach<00:07:00.950> to<00:07:01.190> it<00:07:01.280> and<00:07:01.520> when<00:07:02.450> that<00:07:02.600> money<00:07:02.780> goes 00:07:02.950 --> 00:07:02.960 align:start position:0% attach to it and when that money goes 00:07:02.960 --> 00:07:04.780 align:start position:0% attach to it and when that money goes into<00:07:03.170> the<00:07:03.230> contract<00:07:03.710> it<00:07:03.860> actually<00:07:04.130> can<00:07:04.760> be 00:07:04.780 --> 00:07:04.790 align:start position:0% into the contract it actually can be 00:07:04.790 --> 00:07:07.390 align:start position:0% into the contract it actually can be used<00:07:05.030> by<00:07:05.870> the<00:07:05.930> dial<00:07:06.230> for<00:07:06.440> operational<00:07:06.950> cost<00:07:07.220> or 00:07:07.390 --> 00:07:07.400 align:start position:0% used by the dial for operational cost or 00:07:07.400 --> 00:07:10.000 align:start position:0% used by the dial for operational cost or something<00:07:07.700> like<00:07:07.760> so<00:07:08.750> the<00:07:09.050> shares<00:07:09.320> are<00:07:09.800> the 00:07:10.000 --> 00:07:10.010 align:start position:0% something like so the shares are the 00:07:10.010 --> 00:07:11.700 align:start position:0% something like so the shares are the tokens<00:07:10.370> their<00:07:10.580> thoughts<00:07:10.790> on<00:07:11.000> this<00:07:11.150> body<00:07:11.330> curve 00:07:11.700 --> 00:07:11.710 align:start position:0% tokens their thoughts on this body curve 00:07:11.710 --> 00:07:15.310 align:start position:0% tokens their thoughts on this body curve and<00:07:12.970> walked<00:07:13.970> collateral<00:07:14.570> and<00:07:14.720> some<00:07:14.930> portion 00:07:15.310 --> 00:07:15.320 align:start position:0% and walked collateral and some portion 00:07:15.320 --> 00:07:16.030 align:start position:0% and walked collateral and some portion might<00:07:15.500> be<00:07:15.620> used 00:07:16.030 --> 00:07:16.040 align:start position:0% might be used 00:07:16.040 --> 00:07:18.160 align:start position:0% might be used working<00:07:16.460> capital<00:07:16.610> and<00:07:17.090> the<00:07:17.600> token<00:07:17.900> holders 00:07:18.160 --> 00:07:18.170 align:start position:0% working capital and the token holders 00:07:18.170 --> 00:07:19.870 align:start position:0% working capital and the token holders might<00:07:18.470> receive<00:07:18.770> something<00:07:19.040> like<00:07:19.220> shareholder 00:07:19.870 --> 00:07:19.880 align:start position:0% might receive something like shareholder 00:07:19.880 --> 00:07:22.240 align:start position:0% might receive something like shareholder rights<00:07:20.000> or<00:07:20.270> receive<00:07:20.540> dividends<00:07:20.900> as<00:07:21.220> being<00:07:22.220> a 00:07:22.240 --> 00:07:22.250 align:start position:0% rights or receive dividends as being a 00:07:22.250 --> 00:07:23.860 align:start position:0% rights or receive dividends as being a participant<00:07:22.670> inside<00:07:23.030> of<00:07:23.150> this<00:07:23.270> sort<00:07:23.510> of<00:07:23.540> more 00:07:23.860 --> 00:07:23.870 align:start position:0% participant inside of this sort of more 00:07:23.870 --> 00:07:28.570 align:start position:0% participant inside of this sort of more like<00:07:23.960> a<00:07:24.020> traditional<00:07:24.140> company<00:07:27.520> it's<00:07:28.520> been 00:07:28.570 --> 00:07:28.580 align:start position:0% like a traditional company it's been 00:07:28.580 --> 00:07:30.610 align:start position:0% like a traditional company it's been implemented<00:07:28.970> with<00:07:29.420> Paragon<00:07:29.870> black<00:07:30.110> called 00:07:30.610 --> 00:07:30.620 align:start position:0% implemented with Paragon black called 00:07:30.620 --> 00:07:31.960 align:start position:0% implemented with Paragon black called the<00:07:30.680> fundraising<00:07:31.040> app<00:07:31.250> which<00:07:31.820> should<00:07:31.910> be 00:07:31.960 --> 00:07:31.970 align:start position:0% the fundraising app which should be 00:07:31.970 --> 00:07:33.370 align:start position:0% the fundraising app which should be coming<00:07:32.090> out<00:07:32.270> soon<00:07:32.510> there's<00:07:32.900> also<00:07:33.020> some<00:07:33.350> other 00:07:33.370 --> 00:07:33.380 align:start position:0% coming out soon there's also some other 00:07:33.380 --> 00:07:35.650 align:start position:0% coming out soon there's also some other organizations<00:07:34.130> working<00:07:34.340> around<00:07:34.700> it<00:07:34.880> seorak 00:07:35.650 --> 00:07:35.660 align:start position:0% organizations working around it seorak 00:07:35.660 --> 00:07:37.360 align:start position:0% organizations working around it seorak from<00:07:35.900> team<00:07:36.110> of<00:07:36.230> Barbara<00:07:36.620> it's<00:07:37.070> really<00:07:37.280> new 00:07:37.360 --> 00:07:37.370 align:start position:0% from team of Barbara it's really new 00:07:37.370 --> 00:07:39.400 align:start position:0% from team of Barbara it's really new things<00:07:37.610> working<00:07:38.570> to<00:07:38.690> get<00:07:38.870> these<00:07:39.080> types<00:07:39.290> of 00:07:39.400 --> 00:07:39.410 align:start position:0% things working to get these types of 00:07:39.410 --> 00:07:41.290 align:start position:0% things working to get these types of organizations<00:07:39.550> classified<00:07:40.550> as<00:07:40.670> Rexy<00:07:41.060> in 00:07:41.290 --> 00:07:41.300 align:start position:0% organizations classified as Rexy in 00:07:41.300 --> 00:07:44.650 align:start position:0% organizations classified as Rexy in America<00:07:41.720> so<00:07:42.200> that<00:07:42.880> participate<00:07:43.880> them<00:07:44.060> without 00:07:44.650 --> 00:07:44.660 align:start position:0% America so that participate them without 00:07:44.660 --> 00:07:48.250 align:start position:0% America so that participate them without a<00:07:45.220> service<00:07:46.390> fee<00:07:47.390> work<00:07:47.570> is<00:07:47.690> also<00:07:47.840> building 00:07:48.250 --> 00:07:48.260 align:start position:0% a service fee work is also building 00:07:48.260 --> 00:07:52.060 align:start position:0% a service fee work is also building similar<00:07:49.480> mechanisms<00:07:50.480> using<00:07:51.380> the<00:07:51.500> Dow<00:07:51.800> stack 00:07:52.060 --> 00:07:52.070 align:start position:0% similar mechanisms using the Dow stack 00:07:52.070 --> 00:07:54.070 align:start position:0% similar mechanisms using the Dow stack framework<00:07:52.400> for<00:07:52.700> gnosis<00:07:53.210> is<00:07:53.300> DX<00:07:53.600> stuff<00:07:53.810> and 00:07:54.070 --> 00:07:54.080 align:start position:0% framework for gnosis is DX stuff and 00:07:54.080 --> 00:07:56.170 align:start position:0% framework for gnosis is DX stuff and give<00:07:54.890> us<00:07:55.010> in<00:07:55.160> the<00:07:55.280> common<00:07:55.550> stack<00:07:55.730> is<00:07:55.880> working 00:07:56.170 --> 00:07:56.180 align:start position:0% give us in the common stack is working 00:07:56.180 --> 00:08:01.330 align:start position:0% give us in the common stack is working something<00:07:56.390> similar<00:07:58.450> so<00:07:59.770> there's<00:08:00.770> continuous 00:08:01.330 --> 00:08:01.340 align:start position:0% something similar so there's continuous 00:08:01.340 --> 00:08:03.400 align:start position:0% something similar so there's continuous organization<00:08:01.880> instead<00:08:02.390> of<00:08:02.510> going<00:08:03.380> through 00:08:03.400 --> 00:08:03.410 align:start position:0% organization instead of going through 00:08:03.410 --> 00:08:05.890 align:start position:0% organization instead of going through and<00:08:04.160> hanging<00:08:04.970> out<00:08:05.030> dividends<00:08:05.510> I<00:08:05.630> mentioned 00:08:05.890 --> 00:08:05.900 align:start position:0% and hanging out dividends I mentioned 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this there's a really convenient workaround<00:08:12.260> instead<00:08:12.560> of<00:08:12.650> sending<00:08:13.250> out<00:08:13.400> a 00:08:13.450 --> 00:08:13.460 align:start position:0% workaround instead of sending out a 00:08:13.460 --> 00:08:14.770 align:start position:0% workaround instead of sending out a bunch<00:08:13.670> of<00:08:13.790> transactions<00:08:14.390> for<00:08:14.510> all<00:08:14.600> the 00:08:14.770 --> 00:08:14.780 align:start position:0% bunch of transactions for all the 00:08:14.780 --> 00:08:15.970 align:start position:0% bunch of transactions for all the several<00:08:15.080> state<00:08:15.260> quarters<00:08:15.620> to<00:08:15.710> give<00:08:15.830> them 00:08:15.970 --> 00:08:15.980 align:start position:0% several state quarters to give them 00:08:15.980 --> 00:08:17.620 align:start position:0% several state quarters to give them dividends<00:08:16.340> you<00:08:16.610> can<00:08:16.940> actually<00:08:17.060> just<00:08:17.360> put 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position:0% all the tokens that already exist so if 00:08:24.650 --> 00:08:25.870 align:start position:0% all the tokens that already exist so if you're<00:08:24.800> a<00:08:24.860> stakeholder<00:08:25.430> and<00:08:25.550> having<00:08:25.790> these 00:08:25.870 --> 00:08:25.880 align:start position:0% you're a stakeholder and having these 00:08:25.880 --> 00:08:27.730 align:start position:0% you're a stakeholder and having these tokens<00:08:26.090> by<00:08:26.690> injecting<00:08:27.020> collaterals<00:08:27.590> back 00:08:27.730 --> 00:08:27.740 align:start position:0% tokens by injecting collaterals back 00:08:27.740 --> 00:08:29.500 align:start position:0% tokens by injecting collaterals back into<00:08:27.980> this<00:08:28.070> contract<00:08:28.460> the<00:08:28.790> value<00:08:29.180> per<00:08:29.330> token 00:08:29.500 --> 00:08:29.510 align:start position:0% into this contract the value per token 00:08:29.510 --> 00:08:31.210 align:start position:0% into this contract the value per token will<00:08:29.750> increase<00:08:30.050> for<00:08:30.200> everybody<00:08:30.560> sort<00:08:30.980> of<00:08:31.040> like 00:08:31.210 --> 00:08:31.220 align:start position:0% will increase for everybody sort of like 00:08:31.220 --> 00:08:33.310 align:start position:0% will increase for everybody sort of like paying<00:08:31.850> everybody<00:08:32.150> dividends<00:08:32.720> with<00:08:32.960> just<00:08:33.140> one 00:08:33.310 --> 00:08:33.320 align:start position:0% paying everybody dividends with just one 00:08:33.320 --> 00:08:34.770 align:start position:0% paying everybody dividends with just one transactions<00:08:33.950> that 00:08:34.770 --> 00:08:34.780 align:start position:0% transactions that 00:08:34.780 --> 00:08:38.940 align:start position:0% transactions that each<00:08:35.080> person<00:08:37.050> because<00:08:38.050> if<00:08:38.260> the<00:08:38.469> level 00:08:38.940 --> 00:08:38.950 align:start position:0% each person because if the level 00:08:38.950 --> 00:08:40.620 align:start position:0% each person because if the level increases<00:08:39.430> of<00:08:39.580> the<00:08:39.669> token<00:08:39.940> supply<00:08:40.210> stays<00:08:40.479> the 00:08:40.620 --> 00:08:40.630 align:start position:0% increases of the token supply stays the 00:08:40.630 --> 00:08:42.750 align:start position:0% increases of the token supply stays the same<00:08:40.659> you<00:08:41.380> can<00:08:41.409> imagine<00:08:41.919> that<00:08:42.039> the<00:08:42.219> price<00:08:42.520> will 00:08:42.750 --> 00:08:42.760 align:start position:0% same you can imagine that the price will 00:08:42.760 --> 00:08:46.910 align:start position:0% same you can imagine that the price will get<00:08:42.940> boosted<00:08:43.360> up<00:08:43.510> in<00:08:43.690> that<00:08:43.780> previous<00:08:44.410> round 00:08:46.910 --> 00:08:46.920 align:start position:0% 00:08:46.920 --> 00:08:49.400 align:start position:0% similarly<00:08:47.920> when<00:08:48.130> you<00:08:48.220> remove<00:08:48.460> collateral 00:08:49.400 --> 00:08:49.410 align:start position:0% similarly when you remove collateral 00:08:49.410 --> 00:08:53.520 align:start position:0% similarly when you remove collateral this<00:08:50.410> is<00:08:50.680> a<00:08:51.520> way<00:08:52.210> to<00:08:52.240> basically<00:08:52.840> increase<00:08:53.320> the 00:08:53.520 --> 00:08:53.530 align:start position:0% this is a way to basically increase the 00:08:53.530 --> 00:08:56.100 align:start position:0% this is a way to basically increase the value<00:08:53.770> of<00:08:53.800> the<00:08:53.890> tokens<00:08:54.420> because<00:08:55.420> you've<00:08:55.930> gotta 00:08:56.100 --> 00:08:56.110 align:start position:0% value of the tokens because you've gotta 00:08:56.110 --> 00:08:59.550 align:start position:0% value of the tokens because you've gotta spend<00:08:56.590> money<00:08:56.680> to<00:08:56.800> make<00:08:56.860> money<00:08:57.070> but<00:08:58.410> these<00:08:59.410> are 00:08:59.550 --> 00:08:59.560 align:start position:0% spend money to make money but these are 00:08:59.560 --> 00:09:00.780 align:start position:0% spend money to make money but these are kind<00:08:59.710> of<00:08:59.770> the<00:08:59.830> two<00:09:00.130> actions<00:09:00.430> that<00:09:00.700> you'd 00:09:00.780 --> 00:09:00.790 align:start position:0% kind of the two actions that you'd 00:09:00.790 --> 00:09:02.250 align:start position:0% kind of the two actions that you'd expect<00:09:00.910> in<00:09:01.300> a<00:09:01.360> continuous<00:09:01.750> organization 00:09:02.250 --> 00:09:02.260 align:start position:0% expect in a continuous organization 00:09:02.260 --> 00:09:05.510 align:start position:0% expect in a continuous organization using<00:09:02.620> a<00:09:02.650> bonding<00:09:02.920> curve<00:09:03.070> like<00:09:03.220> this<00:09:03.340> so 00:09:05.510 --> 00:09:05.520 align:start position:0% using a bonding curve like this so 00:09:05.520 --> 00:09:11.180 align:start position:0% using a bonding curve like this so front-running<00:09:06.570> as<00:09:08.310> most<00:09:09.310> people<00:09:09.610> know 00:09:11.180 --> 00:09:11.190 align:start position:0% front-running as most people know 00:09:11.190 --> 00:09:13.020 align:start position:0% front-running as most people know aetherium<00:09:12.190> and<00:09:12.340> the<00:09:12.430> left<00:09:12.610> public<00:09:12.760> block 00:09:13.020 --> 00:09:13.030 align:start position:0% aetherium and the left public block 00:09:13.030 --> 00:09:16.260 align:start position:0% aetherium and the left public block chains<00:09:14.130> are<00:09:15.130> kind<00:09:15.370> of<00:09:15.430> slow<00:09:15.940> and<00:09:16.180> they're 00:09:16.260 --> 00:09:16.270 align:start position:0% chains are kind of slow and they're 00:09:16.270 --> 00:09:18.900 align:start position:0% chains are kind of slow and they're their<00:09:16.450> process<00:09:16.870> of<00:09:17.580> transactions<00:09:18.580> and<00:09:18.730> blocks 00:09:18.900 --> 00:09:18.910 align:start position:0% their process of transactions and blocks 00:09:18.910 --> 00:09:20.670 align:start position:0% their process of transactions and blocks and<00:09:19.240> for<00:09:19.600> a<00:09:19.630> moment<00:09:19.930> there's<00:09:20.080> this<00:09:20.230> bin<00:09:20.440> full 00:09:20.670 --> 00:09:20.680 align:start position:0% and for a moment there's this bin full 00:09:20.680 --> 00:09:23.430 align:start position:0% and for a moment there's this bin full of<00:09:20.740> non<00:09:21.340> process<00:09:21.730> transactions<00:09:22.270> and<00:09:22.540> so<00:09:22.570> in 00:09:23.430 --> 00:09:23.440 align:start position:0% of non process transactions and so in 00:09:23.440 --> 00:09:25.110 align:start position:0% of non process transactions and so in that<00:09:23.560> moment<00:09:23.620> you<00:09:24.040> kind<00:09:24.190> of<00:09:24.310> have<00:09:24.520> full<00:09:24.880> sight 00:09:25.110 --> 00:09:25.120 align:start position:0% that moment you kind of have full sight 00:09:25.120 --> 00:09:26.790 align:start position:0% that moment you kind of have full sight of<00:09:25.360> all<00:09:25.510> the<00:09:25.690> other<00:09:26.020> activities<00:09:26.350> that<00:09:26.680> people 00:09:26.790 --> 00:09:26.800 align:start position:0% of all the other activities that people 00:09:26.800 --> 00:09:29.330 align:start position:0% of all the other activities that people are<00:09:26.980> taking<00:09:27.310> place<00:09:27.490> on<00:09:27.850> the<00:09:28.030> blockchain<00:09:28.240> and 00:09:29.330 --> 00:09:29.340 align:start position:0% are taking place on the blockchain and 00:09:29.340 --> 00:09:31.260 align:start position:0% are taking place on the blockchain and if<00:09:30.340> you<00:09:30.490> can<00:09:30.640> see<00:09:30.850> that<00:09:31.000> some<00:09:31.120> of<00:09:31.210> these 00:09:31.260 --> 00:09:31.270 align:start position:0% if you can see that some of these 00:09:31.270 --> 00:09:32.880 align:start position:0% if you can see that some of these transactions<00:09:31.810> are<00:09:31.870> buys<00:09:32.050> or<00:09:32.290> sells<00:09:32.320> and<00:09:32.770> when 00:09:32.880 --> 00:09:32.890 align:start position:0% transactions are buys or sells and when 00:09:32.890 --> 00:09:34.470 align:start position:0% transactions are buys or sells and when it's<00:09:33.010> bonding<00:09:33.310> occurs<00:09:33.430> you'll<00:09:34.060> know<00:09:34.240> that 00:09:34.470 --> 00:09:34.480 align:start position:0% it's bonding occurs you'll know that 00:09:34.480 --> 00:09:35.670 align:start position:0% it's bonding occurs you'll know that there's<00:09:34.600> going<00:09:34.690> to<00:09:34.750> be<00:09:34.810> a<00:09:34.870> price<00:09:35.110> movement<00:09:35.500> and 00:09:35.670 --> 00:09:35.680 align:start position:0% there's going to be a price movement and 00:09:35.680 --> 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orders coming in<00:09:42.490> you<00:09:43.300> as<00:09:43.630> the<00:09:43.750> front<00:09:43.990> runners<00:09:44.260> would<00:09:44.560> be 00:09:44.640 --> 00:09:44.650 align:start position:0% in you as the front runners would be 00:09:44.650 --> 00:09:47.520 align:start position:0% in you as the front runners would be able<00:09:44.770> to<00:09:45.070> make<00:09:45.490> another<00:09:45.760> buy<00:09:45.970> order<00:09:46.300> and<00:09:47.080> lose 00:09:47.520 --> 00:09:47.530 align:start position:0% able to make another buy order and lose 00:09:47.530 --> 00:09:50.220 align:start position:0% able to make another buy order and lose the<00:09:47.680> gas<00:09:47.830> price<00:09:48.160> which<00:09:48.460> might<00:09:48.700> make<00:09:49.030> the 00:09:50.220 --> 00:09:50.230 align:start position:0% the gas price which might make the 00:09:50.230 --> 00:09:52.110 align:start position:0% the gas price which might make the at<00:09:50.770> first<00:09:51.010> depending<00:09:51.490> on<00:09:51.610> the<00:09:51.700> how<00:09:51.760> that<00:09:51.790> might 00:09:52.110 --> 00:09:52.120 align:start position:0% at first depending on the how that might 00:09:52.120 --> 00:09:54.020 align:start position:0% at first depending on the how that might works<00:09:52.330> or<00:09:52.870> you<00:09:52.900> might<00:09:53.110> be<00:09:53.200> a<00:09:53.230> miner<00:09:53.440> yourself 00:09:54.020 --> 00:09:54.030 align:start position:0% works or you might be a miner yourself 00:09:54.030 --> 00:09:56.370 align:start position:0% works or you might be a miner yourself you<00:09:55.030> would<00:09:55.210> make<00:09:55.330> a<00:09:55.360> buy<00:09:55.570> order<00:09:55.870> in<00:09:56.050> front<00:09:56.290> of 00:09:56.370 --> 00:09:56.380 align:start position:0% you would make a buy order in front of 00:09:56.380 --> 00:09:58.230 align:start position:0% you would make a buy order in front of them<00:09:56.500> with<00:09:56.650> a<00:09:56.680> new<00:09:56.890> guest<00:09:57.100> they<00:09:57.880> would<00:09:58.060> make 00:09:58.230 --> 00:09:58.240 align:start position:0% them with a new guest they would make 00:09:58.240 --> 00:10:00.300 align:start position:0% them with a new guest they would make one<00:09:58.420> after<00:09:58.870> you<00:09:59.020> and<00:09:59.260> then<00:09:59.740> you<00:09:59.800> make<00:10:00.010> a<00:10:00.040> cell 00:10:00.300 --> 00:10:00.310 align:start position:0% one after you and then you make a cell 00:10:00.310 --> 00:10:02.280 align:start position:0% one after you and then you make a cell one<00:10:00.520> so<00:10:01.120> when<00:10:01.240> you<00:10:01.330> make<00:10:01.480> your<00:10:01.540> by<00:10:01.780> the<00:10:01.810> prices 00:10:02.280 --> 00:10:02.290 align:start position:0% one so when you make your by the prices 00:10:02.290 --> 00:10:04.140 align:start position:0% one so when you make your by the prices pushed<00:10:02.530> up<00:10:02.680> they<00:10:03.130> think<00:10:03.340> there<00:10:03.490> by<00:10:03.610> the<00:10:03.670> prices 00:10:04.140 --> 00:10:04.150 align:start position:0% pushed up they think there by the prices 00:10:04.150 --> 00:10:06.060 align:start position:0% pushed up they think there by the prices push<00:10:04.330> you<00:10:04.480> further<00:10:04.750> up<00:10:05.020> you<00:10:05.230> make<00:10:05.650> yourself 00:10:06.060 --> 00:10:06.070 align:start position:0% push you further up you make yourself 00:10:06.070 --> 00:10:09.330 align:start position:0% push you further up you make yourself and<00:10:06.460> your<00:10:06.670> back<00:10:06.820> down<00:10:07.000> here<00:10:07.470> so<00:10:08.470> this<00:10:08.590> is<00:10:08.740> kind 00:10:09.330 --> 00:10:09.340 align:start position:0% and your back down here so this is kind 00:10:09.340 --> 00:10:11.370 align:start position:0% and your back down here so this is kind of<00:10:09.400> bad<00:10:09.760> because<00:10:10.060> there's<00:10:10.390> no<00:10:10.540> risk<00:10:10.840> and<00:10:11.170> that 00:10:11.370 --> 00:10:11.380 align:start position:0% of bad because there's no risk and that 00:10:11.380 --> 00:10:13.530 align:start position:0% of bad because there's no risk and that that<00:10:11.680> buyer<00:10:12.070> interacting<00:10:12.760> this<00:10:12.880> market<00:10:13.240> and 00:10:13.530 --> 00:10:13.540 align:start position:0% that buyer interacting this market and 00:10:13.540 --> 00:10:15.270 align:start position:0% that buyer interacting this market and so<00:10:13.900> they're<00:10:14.080> basically<00:10:14.260> just<00:10:14.710> scraping<00:10:15.040> off 00:10:15.270 --> 00:10:15.280 align:start position:0% so they're basically just scraping off 00:10:15.280 --> 00:10:17.430 align:start position:0% so they're basically just scraping off some<00:10:15.550> of<00:10:15.580> your<00:10:15.700> money<00:10:16.450> and<00:10:16.600> the<00:10:16.690> buyers<00:10:16.900> do<00:10:17.350> you 00:10:17.430 --> 00:10:17.440 align:start position:0% some of your money and the buyers do you 00:10:17.440 --> 00:10:19.290 align:start position:0% some of your money and the buyers do you like<00:10:17.560> going<00:10:17.770> into<00:10:17.980> a<00:10:18.070> store<00:10:18.280> buying<00:10:19.150> the 00:10:19.290 --> 00:10:19.300 align:start position:0% like going into a store buying the 00:10:19.300 --> 00:10:20.700 align:start position:0% like going into a store buying the outfit<00:10:19.570> got<00:10:19.840> somebody<00:10:20.170> else<00:10:20.320> turning<00:10:20.620> around 00:10:20.700 --> 00:10:20.710 align:start position:0% outfit got somebody else turning around 00:10:20.710 --> 00:10:22.530 align:start position:0% outfit got somebody else turning around and<00:10:21.010> selling<00:10:21.190> to<00:10:21.340> them<00:10:21.520> a<00:10:21.550> markup<00:10:22.000> when<00:10:22.270> they 00:10:22.530 --> 00:10:22.540 align:start position:0% and selling to them a markup when they 00:10:22.540 --> 00:10:25.650 align:start position:0% and selling to them a markup when they could<00:10:22.750> just<00:10:22.780> buy<00:10:23.170> from<00:10:23.350> the<00:10:23.440> store<00:10:24.660> similarly 00:10:25.650 --> 00:10:25.660 align:start position:0% could just buy from the store similarly 00:10:25.660 --> 00:10:27.330 align:start position:0% could just buy from the store similarly in<00:10:25.870> a<00:10:25.930> sell<00:10:26.170> order<00:10:26.410> if<00:10:26.710> you<00:10:26.770> see<00:10:27.040> yourself 00:10:27.330 --> 00:10:27.340 align:start position:0% in a sell order if you see yourself 00:10:27.340 --> 00:10:29.970 align:start position:0% in a sell order if you see yourself coming<00:10:27.730> in<00:10:28.000> you<00:10:28.480> can<00:10:28.660> make<00:10:28.810> a<00:10:28.840> sell<00:10:29.560> in<00:10:29.740> front 00:10:29.970 --> 00:10:29.980 align:start position:0% coming in you can make a sell in front 00:10:29.980 --> 00:10:32.010 align:start position:0% coming in you can make a sell in front of<00:10:30.070> them<00:10:30.220> push<00:10:31.060> the<00:10:31.210> price<00:10:31.360> down<00:10:31.420> we<00:10:31.750> make<00:10:31.900> you 00:10:32.010 --> 00:10:32.020 align:start position:0% of them push the price down we make you 00:10:32.020 --> 00:10:33.570 align:start position:0% of them push the price down we make you make<00:10:32.170> a<00:10:32.200> cell<00:10:32.440> which<00:10:32.800> the<00:10:32.920> price<00:10:33.130> further<00:10:33.430> down 00:10:33.570 --> 00:10:33.580 align:start position:0% make a cell which the price further down 00:10:33.580 --> 00:10:35.520 align:start position:0% make a cell which the price further down and<00:10:33.940> then<00:10:34.150> you<00:10:34.240> can<00:10:34.360> buy<00:10:34.510> that<00:10:34.750> so<00:10:35.290> this<00:10:35.380> is<00:10:35.440> a 00:10:35.520 --> 00:10:35.530 align:start position:0% and then you can buy that so this is a 00:10:35.530 --> 00:10:37.080 align:start position:0% and then you can buy that so this is a way<00:10:35.710> to<00:10:35.770> increase<00:10:36.220> your<00:10:36.340> current<00:10:36.730> position 00:10:37.080 --> 00:10:37.090 align:start position:0% way to increase your current position 00:10:37.090 --> 00:10:39.180 align:start position:0% way to increase your current position with<00:10:37.270> no<00:10:37.450> risk<00:10:37.720> sort<00:10:38.410> of<00:10:38.470> scraping<00:10:38.740> off<00:10:38.980> their 00:10:39.180 --> 00:10:39.190 align:start position:0% with no risk sort of scraping off their 00:10:39.190 --> 00:10:43.800 align:start position:0% with no risk sort of scraping off their money<00:10:39.370> and<00:10:39.490> using<00:10:39.790> it<00:10:39.880> for<00:10:39.970> yourself<00:10:42.600> in<00:10:43.600> those 00:10:43.800 --> 00:10:43.810 align:start position:0% money and using it for yourself in those 00:10:43.810 --> 00:10:45.390 align:start position:0% money and using it for yourself in those two<00:10:44.050> dividend<00:10:44.680> and<00:10:44.950> working<00:10:45.250> capital 00:10:45.390 --> 00:10:45.400 align:start position:0% two dividend and working capital 00:10:45.400 --> 00:10:47.310 align:start position:0% two dividend and working capital situations<00:10:46.180> you<00:10:46.270> can<00:10:46.420> similarly<00:10:46.660> front-run 00:10:47.310 --> 00:10:47.320 align:start position:0% situations you can similarly front-run 00:10:47.320 --> 00:10:50.610 align:start position:0% situations you can similarly front-run so<00:10:48.070> the<00:10:48.840> transaction<00:10:49.840> that<00:10:50.020> might<00:10:50.290> inject 00:10:50.610 --> 00:10:50.620 align:start position:0% so the transaction that might inject 00:10:50.620 --> 00:10:51.810 align:start position:0% so the transaction that might inject collateral<00:10:51.100> under<00:10:51.250> the<00:10:51.340> pool<00:10:51.520> this<00:10:51.760> is 00:10:51.810 --> 00:10:51.820 align:start position:0% collateral under the pool this is 00:10:51.820 --> 00:10:53.070 align:start position:0% collateral under the pool this is similar<00:10:52.120> to<00:10:52.360> a<00:10:52.390> buy<00:10:52.570> because<00:10:52.900> you<00:10:52.990> know 00:10:53.070 --> 00:10:53.080 align:start position:0% similar to a buy because you know 00:10:53.080 --> 00:10:54.270 align:start position:0% similar to a buy because you know there's<00:10:53.260> going<00:10:53.350> to<00:10:53.410> be<00:10:53.470> a<00:10:53.560> guarantee<00:10:53.950> price 00:10:54.270 --> 00:10:54.280 align:start position:0% there's going to be a guarantee price 00:10:54.280 --> 00:10:55.920 align:start position:0% there's going to be a guarantee price move<00:10:54.520> it<00:10:54.640> up<00:10:54.760> so<00:10:55.210> you<00:10:55.300> might<00:10:55.450> decide<00:10:55.540> to<00:10:55.720> buy 00:10:55.920 --> 00:10:55.930 align:start position:0% move it up so you might decide to buy 00:10:55.930 --> 00:10:57.960 align:start position:0% move it up so you might decide to buy right<00:10:56.140> before<00:10:56.440> that<00:10:56.620> rejection<00:10:57.430> happens<00:10:57.880> in 00:10:57.960 --> 00:10:57.970 align:start position:0% right before that rejection happens in 00:10:57.970 --> 00:11:00.030 align:start position:0% right before that rejection happens in the<00:10:58.030> cell<00:10:58.300> right<00:10:58.420> afterwards<00:10:58.870> or<00:10:59.800> if<00:10:59.830> the 00:11:00.030 --> 00:11:00.040 align:start position:0% the cell right afterwards or if the 00:11:00.040 --> 00:11:01.410 align:start position:0% the cell right afterwards or if the working<00:11:00.310> capital<00:11:00.430> is<00:11:00.700> about<00:11:00.880> two<00:11:01.030> or<00:11:01.180> four 00:11:01.410 --> 00:11:01.420 align:start position:0% working capital is about two or four 00:11:01.420 --> 00:11:03.180 align:start position:0% working capital is about two or four nodes<00:11:01.620> you<00:11:02.620> wouldn't<00:11:02.860> want<00:11:02.980> to<00:11:03.010> have<00:11:03.130> a 00:11:03.180 --> 00:11:03.190 align:start position:0% nodes you wouldn't want to have a 00:11:03.190 --> 00:11:04.950 align:start position:0% nodes you wouldn't want to have a situation<00:11:03.400> that<00:11:03.670> you<00:11:03.820> can<00:11:03.970> just<00:11:04.120> sell<00:11:04.330> the 00:11:04.950 --> 00:11:04.960 align:start position:0% situation that you can just sell the 00:11:04.960 --> 00:11:06.390 align:start position:0% situation that you can just sell the code<00:11:05.110> that's<00:11:05.200> right<00:11:05.380> before<00:11:05.710> they<00:11:05.890> withdrawal 00:11:06.390 --> 00:11:06.400 align:start position:0% code that's right before they withdrawal 00:11:06.400 --> 00:11:07.590 align:start position:0% code that's right before they withdrawal that<00:11:06.430> capital<00:11:06.940> and<00:11:07.060> then<00:11:07.180> buy<00:11:07.390> back 00:11:07.590 --> 00:11:07.600 align:start position:0% that capital and then buy back 00:11:07.600 --> 00:11:14.130 align:start position:0% that capital and then buy back afterwards<00:11:08.640> in<00:11:09.640> the<00:11:10.420> same<00:11:10.570> transaction<00:11:13.140> so 00:11:14.130 --> 00:11:14.140 align:start position:0% afterwards in the same transaction so 00:11:14.140 --> 00:11:15.960 align:start position:0% afterwards in the same transaction so front-running<00:11:14.500> in<00:11:14.620> the<00:11:14.680> wild<00:11:14.950> is<00:11:15.100> rather 00:11:15.960 --> 00:11:15.970 align:start position:0% front-running in the wild is rather 00:11:15.970 --> 00:11:19.080 align:start position:0% front-running in the wild is rather rampant<00:11:16.480> these<00:11:17.050> are<00:11:17.170> some<00:11:17.940> statistics<00:11:18.940> from 00:11:19.080 --> 00:11:19.090 align:start position:0% rampant these are some statistics from 00:11:19.090 --> 00:11:21.270 align:start position:0% rampant these are some statistics from last<00:11:19.360> year's<00:11:19.630> talk<00:11:20.050> I<00:11:20.230> feel<00:11:20.290> dying<00:11:20.680> about<00:11:21.160> it 00:11:21.270 --> 00:11:21.280 align:start position:0% last year's talk I feel dying about it 00:11:21.280 --> 00:11:23.220 align:start position:0% last year's talk I feel dying about it so<00:11:21.910> they<00:11:22.030> were<00:11:22.240> doing<00:11:22.480> most<00:11:22.600> of<00:11:22.720> the<00:11:22.780> work<00:11:22.840> on 00:11:23.220 --> 00:11:23.230 align:start position:0% so they were doing most of the work on 00:11:23.230 --> 00:11:25.460 align:start position:0% so they were doing most of the work on sort<00:11:23.830> of<00:11:23.890> publishing<00:11:24.340> this<00:11:24.490> in<00:11:24.640> a<00:11:24.730> while<00:11:24.910> and 00:11:25.460 --> 00:11:25.470 align:start position:0% sort of publishing this in a while and 00:11:25.470 --> 00:11:27.350 align:start position:0% sort of publishing this in a while and putting<00:11:26.470> the 00:11:27.350 --> 00:11:27.360 align:start position:0% putting the 00:11:27.360 --> 00:11:29.990 align:start position:0% putting the 17<00:11:28.170> on<00:11:28.410> HR<00:11:28.769> Delta<00:11:29.040> alone<00:11:29.279> just<00:11:29.670> not<00:11:29.790> very 00:11:29.990 --> 00:11:30.000 align:start position:0% 17 on HR Delta alone just not very 00:11:30.000 --> 00:11:32.030 align:start position:0% 17 on HR Delta alone just not very popular<00:11:30.180> exchange<00:11:30.750> there<00:11:31.320> was<00:11:31.470> four<00:11:31.740> thousand 00:11:32.030 --> 00:11:32.040 align:start position:0% popular exchange there was four thousand 00:11:32.040 --> 00:11:35.690 align:start position:0% popular exchange there was four thousand five<00:11:32.130> hundred<00:11:32.279> dollars<00:11:32.610> a<00:11:32.640> day<00:11:32.730> in<00:11:33.120> August<00:11:34.700> he 00:11:35.690 --> 00:11:35.700 align:start position:0% five hundred dollars a day in August he 00:11:35.700 --> 00:11:37.430 align:start position:0% five hundred dollars a day in August he and<00:11:36.300> others<00:11:36.570> recently<00:11:36.810> released<00:11:37.230> a<00:11:37.290> paper 00:11:37.430 --> 00:11:37.440 align:start position:0% and others recently released a paper 00:11:37.440 --> 00:11:39.980 align:start position:0% and others recently released a paper called<00:11:37.800> flash<00:11:38.070> boys<00:11:38.310> -<00:11:38.700> she's<00:11:39.420> a<00:11:39.480> reference<00:11:39.779> to 00:11:39.980 --> 00:11:39.990 align:start position:0% called flash boys - she's a reference to 00:11:39.990 --> 00:11:41.780 align:start position:0% called flash boys - she's a reference to flash<00:11:40.320> boys<00:11:40.529> the<00:11:40.920> high-frequency<00:11:41.310> traders 00:11:41.780 --> 00:11:41.790 align:start position:0% flash boys the high-frequency traders 00:11:41.790 --> 00:11:43.850 align:start position:0% flash boys the high-frequency traders who<00:11:42.089> would<00:11:42.209> sort<00:11:42.540> of<00:11:42.570> built<00:11:43.470> their<00:11:43.620> online 00:11:43.850 --> 00:11:43.860 align:start position:0% who would sort of built their online 00:11:43.860 --> 00:11:46.819 align:start position:0% who would sort of built their online internet<00:11:44.490> across<00:11:44.790> the<00:11:45.570> new<00:11:46.200> jersey<00:11:46.500> to<00:11:46.680> the 00:11:46.819 --> 00:11:46.829 align:start position:0% internet across the new jersey to the 00:11:46.829 --> 00:11:48.620 align:start position:0% internet across the new jersey to the stock<00:11:47.279> exchange<00:11:47.310> in<00:11:47.790> order<00:11:47.940> to<00:11:48.089> prevent<00:11:48.390> order 00:11:48.620 --> 00:11:48.630 align:start position:0% stock exchange in order to prevent order 00:11:48.630 --> 00:11:51.800 align:start position:0% stock exchange in order to prevent order to<00:11:48.750> prevent<00:11:49.260> mental<00:11:49.709> activity<00:11:50.160> like<00:11:50.279> that<00:11:50.810> and 00:11:51.800 --> 00:11:51.810 align:start position:0% to prevent mental activity like that and 00:11:51.810 --> 00:11:53.600 align:start position:0% to prevent mental activity like that and by<00:11:51.990> their<00:11:52.140> estimates<00:11:52.500> there's<00:11:52.740> thirty 00:11:53.600 --> 00:11:53.610 align:start position:0% by their estimates there's thirty 00:11:53.610 --> 00:11:55.579 align:start position:0% by their estimates there's thirty percent<00:11:53.910> of<00:11:54.029> all<00:11:54.209> walks<00:11:54.510> in<00:11:54.810> some<00:11:55.230> manic 00:11:55.579 --> 00:11:55.589 align:start position:0% percent of all walks in some manic 00:11:55.589 --> 00:11:57.860 align:start position:0% percent of all walks in some manic programmatic<00:11:56.100> arbitration<00:11:56.870> transactions 00:11:57.860 --> 00:11:57.870 align:start position:0% programmatic arbitration transactions 00:11:57.870 --> 00:11:59.180 align:start position:0% programmatic arbitration transactions which<00:11:57.959> would<00:11:58.140> be<00:11:58.260> included<00:11:58.649> a<00:11:58.740> sort<00:11:58.980> of<00:11:59.010> drama 00:11:59.180 --> 00:11:59.190 align:start position:0% which would be included a sort of drama 00:11:59.190 --> 00:12:01.100 align:start position:0% which would be included a sort of drama if<00:12:00.029> you<00:12:00.120> want<00:12:00.269> to<00:12:00.329> see<00:12:00.420> more<00:12:00.540> data<00:12:00.720> on<00:12:00.959> that 00:12:01.100 --> 00:12:01.110 align:start position:0% if you want to see more data on that 00:12:01.110 --> 00:12:03.340 align:start position:0% if you want to see more data on that you've<00:12:01.320> got<00:12:01.440> a<00:12:01.470> front<00:12:01.680> run<00:12:01.890> dummy<00:12:02.100> there's<00:12:02.730> a 00:12:03.340 --> 00:12:03.350 align:start position:0% you've got a front run dummy there's a 00:12:03.350 --> 00:12:06.530 align:start position:0% you've got a front run dummy there's a there<00:12:04.350> so<00:12:04.589> this<00:12:05.370> is<00:12:05.430> this<00:12:05.790> is<00:12:05.850> obviously<00:12:06.180> ramp 00:12:06.530 --> 00:12:06.540 align:start position:0% there so this is this is obviously ramp 00:12:06.540 --> 00:12:07.850 align:start position:0% there so this is this is obviously ramp in<00:12:06.660> the<00:12:06.750> wild<00:12:07.019> and<00:12:07.200> it's<00:12:07.290> only<00:12:07.529> going<00:12:07.680> to<00:12:07.769> get 00:12:07.850 --> 00:12:07.860 align:start position:0% in the wild and it's only going to get 00:12:07.860 --> 00:12:08.870 align:start position:0% in the wild and it's only going to get worse 00:12:08.870 --> 00:12:08.880 align:start position:0% worse 00:12:08.880 --> 00:12:10.759 align:start position:0% worse and<00:12:09.300> so<00:12:09.420> we<00:12:09.630> can<00:12:09.959> do<00:12:10.079> need<00:12:10.260> to<00:12:10.320> address<00:12:10.560> this 00:12:10.759 --> 00:12:10.769 align:start position:0% and so we can do need to address this 00:12:10.769 --> 00:12:12.680 align:start position:0% and so we can do need to address this because<00:12:11.160> we<00:12:11.579> can't<00:12:11.790> really<00:12:12.060> ask<00:12:12.180> anybody<00:12:12.600> to 00:12:12.680 --> 00:12:12.690 align:start position:0% because we can't really ask anybody to 00:12:12.690 --> 00:12:14.900 align:start position:0% because we can't really ask anybody to use<00:12:12.899> and<00:12:13.110> on<00:12:13.170> chain<00:12:13.440> exchange<00:12:13.860> if<00:12:14.190> we<00:12:14.790> know 00:12:14.900 --> 00:12:14.910 align:start position:0% use and on chain exchange if we know 00:12:14.910 --> 00:12:15.740 align:start position:0% use and on chain exchange if we know that<00:12:14.940> it's<00:12:15.209> not<00:12:15.269> going<00:12:15.450> to<00:12:15.510> be<00:12:15.570> able<00:12:15.630> to 00:12:15.740 --> 00:12:15.750 align:start position:0% that it's not going to be able to 00:12:15.750 --> 00:12:20.750 align:start position:0% that it's not going to be able to deliver<00:12:16.019> quality<00:12:16.709> service<00:12:19.040> so<00:12:20.040> patch<00:12:20.310> borders 00:12:20.750 --> 00:12:20.760 align:start position:0% deliver quality service so patch borders 00:12:20.760 --> 00:12:22.639 align:start position:0% deliver quality service so patch borders with<00:12:21.060> common<00:12:21.420> clearing<00:12:21.690> crisis<00:12:22.079> is<00:12:22.380> one 00:12:22.639 --> 00:12:22.649 align:start position:0% with common clearing crisis is one 00:12:22.649 --> 00:12:24.769 align:start position:0% with common clearing crisis is one proposed<00:12:22.950> solution<00:12:23.399> with<00:12:24.089> three<00:12:24.480> versions 00:12:24.769 --> 00:12:24.779 align:start position:0% proposed solution with three versions 00:12:24.779 --> 00:12:29.180 align:start position:0% proposed solution with three versions here<00:12:27.079> calling<00:12:28.079> them<00:12:28.320> ordered<00:12:28.800> batches 00:12:29.180 --> 00:12:29.190 align:start position:0% here calling them ordered batches 00:12:29.190 --> 00:12:31.009 align:start position:0% here calling them ordered batches matching<00:12:29.760> fill<00:12:29.970> and<00:12:30.329> a<00:12:30.450> common<00:12:30.750> clearing 00:12:31.009 --> 00:12:31.019 align:start position:0% matching fill and a common clearing 00:12:31.019 --> 00:12:34.540 align:start position:0% matching fill and a common clearing price<00:12:31.230> and<00:12:32.160> again<00:12:32.360> the<00:12:33.360> each<00:12:33.510> other<00:12:33.690> sort<00:12:33.959> of 00:12:34.540 --> 00:12:34.550 align:start position:0% price and again the each other sort of 00:12:34.550 --> 00:12:36.290 align:start position:0% price and again the each other sort of benefits<00:12:35.550> and<00:12:35.640> drawbacks<00:12:35.730> and<00:12:36.120> I'd<00:12:36.209> be 00:12:36.290 --> 00:12:36.300 align:start position:0% benefits and drawbacks and I'd be 00:12:36.300 --> 00:12:39.019 align:start position:0% benefits and drawbacks and I'd be curious<00:12:36.890> with<00:12:37.890> the<00:12:37.920> general<00:12:38.339> sort<00:12:38.699> of<00:12:38.760> feeling 00:12:39.019 --> 00:12:39.029 align:start position:0% curious with the general sort of feeling 00:12:39.029 --> 00:12:42.460 align:start position:0% curious with the general sort of feeling that's<00:12:39.149> weak 00:12:42.460 --> 00:12:42.470 align:start position:0% 00:12:42.470 --> 00:12:45.590 align:start position:0% so<00:12:43.470> the<00:12:43.650> first<00:12:43.830> one<00:12:43.980> passionate<00:12:44.370> orders<00:12:44.610> I'm 00:12:45.590 --> 00:12:45.600 align:start position:0% so the first one passionate orders I'm 00:12:45.600 --> 00:12:47.090 align:start position:0% so the first one passionate orders I'm sorry<00:12:45.870> well<00:12:46.080> they<00:12:46.290> all<00:12:46.500> sort<00:12:46.710> of<00:12:46.800> follow<00:12:47.010> a 00:12:47.090 --> 00:12:47.100 align:start position:0% sorry well they all sort of follow a 00:12:47.100 --> 00:12:50.000 align:start position:0% sorry well they all sort of follow a similar<00:12:47.940> idea<00:12:48.330> which<00:12:48.720> is<00:12:48.840> that<00:12:48.900> you<00:12:49.170> take<00:12:49.320> some 00:12:50.000 --> 00:12:50.010 align:start position:0% similar idea which is that you take some 00:12:50.010 --> 00:12:52.400 align:start position:0% similar idea which is that you take some span<00:12:50.400> of<00:12:50.610> blocks<00:12:50.940> and<00:12:51.240> you<00:12:51.930> collect<00:12:52.200> all<00:12:52.380> the 00:12:52.400 --> 00:12:52.410 align:start position:0% span of blocks and you collect all the 00:12:52.410 --> 00:12:54.140 align:start position:0% span of blocks and you collect all the buys<00:12:52.650> you<00:12:52.950> click<00:12:53.160> all<00:12:53.370> the<00:12:53.400> cells<00:12:53.760> and<00:12:54.030> that 00:12:54.140 --> 00:12:54.150 align:start position:0% buys you click all the cells and that 00:12:54.150 --> 00:12:56.180 align:start position:0% buys you click all the cells and that span<00:12:54.420> and<00:12:54.810> in<00:12:55.380> order<00:12:55.560> to<00:12:55.650> make<00:12:55.800> things<00:12:55.920> will<00:12:56.100> be 00:12:56.180 --> 00:12:56.190 align:start position:0% span and in order to make things will be 00:12:56.190 --> 00:12:57.890 align:start position:0% span and in order to make things will be easy<00:12:56.340> just<00:12:56.640> combine<00:12:56.970> them<00:12:57.150> and<00:12:57.300> one<00:12:57.510> big<00:12:57.720> buy 00:12:57.890 --> 00:12:57.900 align:start position:0% easy just combine them and one big buy 00:12:57.900 --> 00:13:00.230 align:start position:0% easy just combine them and one big buy and<00:12:58.230> one<00:12:58.620> big<00:12:58.800> sell<00:12:59.100> keeping<00:12:59.730> track<00:12:59.940> of<00:12:59.970> course 00:13:00.230 --> 00:13:00.240 align:start position:0% and one big sell keeping track of course 00:13:00.240 --> 00:13:02.210 align:start position:0% and one big sell keeping track of course of<00:13:00.600> all<00:13:00.900> the<00:13:01.080> individuals<00:13:01.530> who<00:13:01.650> actually<00:13:01.800> put 00:13:02.210 --> 00:13:02.220 align:start position:0% of all the individuals who actually put 00:13:02.220 --> 00:13:04.520 align:start position:0% of all the individuals who actually put in<00:13:02.310> those<00:13:02.430> in<00:13:02.790> those<00:13:02.850> orders<00:13:03.300> and<00:13:04.290> then<00:13:04.440> you 00:13:04.520 --> 00:13:04.530 align:start position:0% in those in those orders and then you 00:13:04.530 --> 00:13:07.490 align:start position:0% in those in those orders and then you clear<00:13:04.800> them<00:13:05.010> together<00:13:05.220> with<00:13:06.090> some<00:13:06.120> price<00:13:06.810> and 00:13:07.490 --> 00:13:07.500 align:start position:0% clear them together with some price and 00:13:07.500 --> 00:13:08.960 align:start position:0% clear them together with some price and then<00:13:07.590> you<00:13:07.710> redistribute<00:13:08.040> it<00:13:08.370> to<00:13:08.400> those<00:13:08.640> users 00:13:08.960 --> 00:13:08.970 align:start position:0% then you redistribute it to those users 00:13:08.970 --> 00:13:10.490 align:start position:0% then you redistribute it to those users based<00:13:09.390> on<00:13:09.510> that<00:13:09.660> price<00:13:09.900> in<00:13:10.050> the<00:13:10.110> percentage<00:13:10.440> of 00:13:10.490 --> 00:13:10.500 align:start position:0% based on that price in the percentage of 00:13:10.500 --> 00:13:15.820 align:start position:0% based on that price in the percentage of decay<00:13:11.780> so<00:13:12.780> the<00:13:12.870> first<00:13:13.080> version<00:13:13.230> of<00:13:13.500> that<00:13:13.680> is 00:13:15.820 --> 00:13:15.830 align:start position:0% decay so the first version of that is 00:13:15.830 --> 00:13:18.230 align:start position:0% decay so the first version of that is has<00:13:16.830> have<00:13:17.010> a<00:13:17.040> drawback<00:13:17.250> in<00:13:17.550> that<00:13:17.640> one<00:13:17.820> party<00:13:18.060> to 00:13:18.230 --> 00:13:18.240 align:start position:0% has have a drawback in that one party to 00:13:18.240 --> 00:13:19.730 align:start position:0% has have a drawback in that one party to award<00:13:18.480> it<00:13:18.570> over<00:13:18.720> the<00:13:18.810> other<00:13:18.870> although<00:13:19.410> you<00:13:19.560> can 00:13:19.730 --> 00:13:19.740 align:start position:0% award it over the other although you can 00:13:19.740 --> 00:13:21.230 align:start position:0% award it over the other although you can think<00:13:19.950> of<00:13:20.010> it<00:13:20.130> as<00:13:20.160> a<00:13:20.250> feature<00:13:20.490> not<00:13:20.730> a<00:13:20.790> bug<00:13:20.850> you 00:13:21.230 --> 00:13:21.240 align:start position:0% think of it as a feature not a bug you 00:13:21.240 --> 00:13:22.850 align:start position:0% think of it as a feature not a bug you want<00:13:21.450> to<00:13:21.510> reward<00:13:21.630> one<00:13:22.050> of<00:13:22.080> the<00:13:22.170> parties<00:13:22.470> more 00:13:22.850 --> 00:13:22.860 align:start position:0% want to reward one of the parties more 00:13:22.860 --> 00:13:28.670 align:start position:0% want to reward one of the parties more together<00:13:23.220> for<00:13:23.970> instance<00:13:25.670> the<00:13:26.670> buyers<00:13:27.350> so<00:13:28.350> in 00:13:28.670 --> 00:13:28.680 align:start position:0% together for instance the buyers so in 00:13:28.680 --> 00:13:30.380 align:start position:0% together for instance the buyers so in order<00:13:28.830> batches<00:13:29.340> it<00:13:29.730> kind<00:13:29.970> of<00:13:30.000> takes<00:13:30.120> most 00:13:30.380 --> 00:13:30.390 align:start position:0% order batches it kind of takes most 00:13:30.390 --> 00:13:31.910 align:start position:0% order batches it kind of takes most simplistic<00:13:30.540> approach<00:13:30.870> which<00:13:31.170> is<00:13:31.320> why<00:13:31.710> we<00:13:31.830> just 00:13:31.910 --> 00:13:31.920 align:start position:0% simplistic approach which is why we just 00:13:31.920 --> 00:13:33.500 align:start position:0% simplistic approach which is why we just execute<00:13:32.340> all<00:13:32.520> the<00:13:32.550> buys<00:13:32.850> using<00:13:33.300> the<00:13:33.360> body 00:13:33.500 --> 00:13:33.510 align:start position:0% execute all the buys using the body 00:13:33.510 --> 00:13:35.540 align:start position:0% execute all the buys using the body curve<00:13:33.720> and<00:13:33.900> then<00:13:34.080> execute<00:13:34.500> all<00:13:34.590> the<00:13:34.620> cells<00:13:34.950> or 00:13:35.540 --> 00:13:35.550 align:start position:0% curve and then execute all the cells or 00:13:35.550 --> 00:13:37.550 align:start position:0% curve and then execute all the cells or the<00:13:35.760> away<00:13:35.940> or<00:13:36.000> do<00:13:36.630> all<00:13:36.780> the<00:13:36.870> cells<00:13:37.110> and<00:13:37.440> then 00:13:37.550 --> 00:13:37.560 align:start position:0% the away or do all the cells and then 00:13:37.560 --> 00:13:39.710 align:start position:0% the away or do all the cells and then execute<00:13:37.860> all<00:13:37.920> the<00:13:37.950> pies<00:13:38.270> but<00:13:39.270> this<00:13:39.480> does 00:13:39.710 --> 00:13:39.720 align:start position:0% execute all the pies but this does 00:13:39.720 --> 00:13:41.690 align:start position:0% execute all the pies but this does reward<00:13:40.320> one<00:13:40.470> or<00:13:40.560> the<00:13:40.680> other<00:13:40.800> so<00:13:41.040> imagine<00:13:41.550> the 00:13:41.690 --> 00:13:41.700 align:start position:0% reward one or the other so imagine the 00:13:41.700 --> 00:13:43.760 align:start position:0% reward one or the other so imagine the execution<00:13:42.270> buys<00:13:42.450> first<00:13:42.780> so<00:13:43.050> let's<00:13:43.530> say<00:13:43.620> we're 00:13:43.760 --> 00:13:43.770 align:start position:0% execution buys first so let's say we're 00:13:43.770 --> 00:13:45.110 align:start position:0% execution buys first so let's say we're starting<00:13:43.800> out<00:13:44.160> in<00:13:44.340> the<00:13:44.400> blue<00:13:44.610> line<00:13:44.820> that's<00:13:45.030> the 00:13:45.110 --> 00:13:45.120 align:start position:0% starting out in the blue line that's the 00:13:45.120 --> 00:13:47.600 align:start position:0% starting out in the blue line that's the current<00:13:45.390> spot<00:13:45.570> price<00:13:45.980> we<00:13:46.980> execute<00:13:47.340> the<00:13:47.430> buys 00:13:47.600 --> 00:13:47.610 align:start position:0% current spot price we execute the buys 00:13:47.610 --> 00:13:50.120 align:start position:0% current spot price we execute the buys first<00:13:48.000> the<00:13:48.240> price<00:13:48.450> moves<00:13:48.690> up<00:13:48.840> to<00:13:49.080> the<00:13:49.110> red<00:13:49.470> this 00:13:50.120 --> 00:13:50.130 align:start position:0% first the price moves up to the red this 00:13:50.130 --> 00:13:51.350 align:start position:0% first the price moves up to the red this is<00:13:50.190> really<00:13:50.520> good<00:13:50.670> for<00:13:50.760> the<00:13:50.850> sellers<00:13:51.180> because 00:13:51.350 --> 00:13:51.360 align:start position:0% is really good for the sellers because 00:13:51.360 --> 00:13:53.780 align:start position:0% is really good for the sellers because they<00:13:51.450> want<00:13:51.630> to<00:13:51.660> sell<00:13:51.840> in<00:13:52.020> a<00:13:52.080> high<00:13:52.170> price<00:13:52.550> and<00:13:53.550> so 00:13:53.780 --> 00:13:53.790 align:start position:0% they want to sell in a high price and so 00:13:53.790 --> 00:13:55.820 align:start position:0% they want to sell in a high price and so they've<00:13:53.970> now<00:13:54.210> sort<00:13:54.600> of<00:13:54.630> keeping<00:13:55.290> giving<00:13:55.740> this 00:13:55.820 --> 00:13:55.830 align:start position:0% they've now sort of keeping giving this 00:13:55.830 --> 00:13:57.290 align:start position:0% they've now sort of keeping giving this Lisa<00:13:56.100> price<00:13:56.310> position<00:13:56.760> of<00:13:56.850> having<00:13:57.120> a<00:13:57.180> high 00:13:57.290 --> 00:13:57.300 align:start position:0% Lisa price position of having a high 00:13:57.300 --> 00:13:59.060 align:start position:0% Lisa price position of having a high sell<00:13:57.540> price<00:13:57.750> person<00:13:58.290> moves<00:13:58.560> the<00:13:58.710> price<00:13:58.890> back 00:13:59.060 --> 00:13:59.070 align:start position:0% sell price person moves the price back 00:13:59.070 --> 00:14:01.550 align:start position:0% sell price person moves the price back down<00:13:59.660> overall<00:14:00.660> if<00:14:00.810> you<00:14:00.930> were<00:14:00.990> to<00:14:01.080> execute<00:14:01.320> the 00:14:01.550 --> 00:14:01.560 align:start position:0% down overall if you were to execute the 00:14:01.560 --> 00:14:03.530 align:start position:0% down overall if you were to execute the same<00:14:01.740> orders<00:14:02.100> by<00:14:02.310> first<00:14:02.580> and<00:14:02.730> sell<00:14:02.880> first<00:14:03.090> the 00:14:03.530 --> 00:14:03.540 align:start position:0% same orders by first and sell first the 00:14:03.540 --> 00:14:05.210 align:start position:0% same orders by first and sell first the final<00:14:03.870> price<00:14:04.020> would<00:14:04.170> be<00:14:04.200> lower<00:14:04.500> when<00:14:05.010> you<00:14:05.130> do 00:14:05.210 --> 00:14:05.220 align:start position:0% final price would be lower when you do 00:14:05.220 --> 00:14:06.580 align:start position:0% final price would be lower when you do execute<00:14:05.640> the<00:14:05.880> vice<00:14:06.030> versa 00:14:06.580 --> 00:14:06.590 align:start position:0% execute the vice versa 00:14:06.590 --> 00:14:08.660 align:start position:0% execute the vice versa you're<00:14:07.590> next<00:14:07.800> to<00:14:07.860> the<00:14:07.980> cell<00:14:08.190> surge<00:14:08.400> you<00:14:08.430> can 00:14:08.660 --> 00:14:08.670 align:start position:0% you're next to the cell surge you can 00:14:08.670 --> 00:14:10.280 align:start position:0% you're next to the cell surge you can imagine<00:14:08.760> starting<00:14:09.030> to<00:14:09.330> light<00:14:09.660> again<00:14:09.810> it's 00:14:10.280 --> 00:14:10.290 align:start position:0% imagine starting to light again it's 00:14:10.290 --> 00:14:11.660 align:start position:0% imagine starting to light again it's going<00:14:10.440> to<00:14:10.500> push<00:14:10.650> it<00:14:10.740> down<00:14:10.920> with<00:14:10.950> a<00:14:11.250> green<00:14:11.490> s 00:14:11.660 --> 00:14:11.670 align:start position:0% going to push it down with a green s 00:14:11.670 --> 00:14:13.040 align:start position:0% going to push it down with a green s which<00:14:11.910> is<00:14:12.030> great<00:14:12.180> for<00:14:12.330> buyers<00:14:12.540> so<00:14:12.810> they<00:14:12.900> want 00:14:13.040 --> 00:14:13.050 align:start position:0% which is great for buyers so they want 00:14:13.050 --> 00:14:13.910 align:start position:0% which is great for buyers so they want to<00:14:13.080> buy<00:14:13.200> at<00:14:13.350> low<00:14:13.470> prices 00:14:13.910 --> 00:14:13.920 align:start position:0% to buy at low prices 00:14:13.920 --> 00:14:15.910 align:start position:0% to buy at low prices so<00:14:14.670> now<00:14:14.790> they're<00:14:15.030> sort<00:14:15.300> of<00:14:15.330> the<00:14:15.450> privileged 00:14:15.910 --> 00:14:15.920 align:start position:0% so now they're sort of the privileged 00:14:15.920 --> 00:14:18.099 align:start position:0% so now they're sort of the privileged party<00:14:16.160> in<00:14:16.249> the<00:14:16.279> situation<00:14:16.819> the<00:14:17.660> final<00:14:17.929> price 00:14:18.099 --> 00:14:18.109 align:start position:0% party in the situation the final price 00:14:18.109 --> 00:14:19.900 align:start position:0% party in the situation the final price is<00:14:18.290> going<00:14:18.379> to<00:14:18.439> be<00:14:18.529> higher<00:14:18.709> than<00:14:18.949> average<00:14:19.100> or 00:14:19.900 --> 00:14:19.910 align:start position:0% is going to be higher than average or 00:14:19.910 --> 00:14:22.299 align:start position:0% is going to be higher than average or higher<00:14:19.939> than<00:14:20.269> the<00:14:20.329> self<00:14:20.569> version<00:14:21.410> which<00:14:22.160> other 00:14:22.299 --> 00:14:22.309 align:start position:0% higher than the self version which other 00:14:22.309 --> 00:14:24.639 align:start position:0% higher than the self version which other two<00:14:22.489> sort<00:14:22.730> of<00:14:22.790> features<00:14:23.089> but<00:14:23.329> if<00:14:23.720> you<00:14:24.019> want<00:14:24.529> to 00:14:24.639 --> 00:14:24.649 align:start position:0% two sort of features but if you want to 00:14:24.649 --> 00:14:26.229 align:start position:0% two sort of features but if you want to reward<00:14:24.799> buyers<00:14:25.279> and<00:14:25.519> your<00:14:25.609> system<00:14:25.879> you<00:14:25.970> kind 00:14:26.229 --> 00:14:26.239 align:start position:0% reward buyers and your system you kind 00:14:26.239 --> 00:14:27.999 align:start position:0% reward buyers and your system you kind of<00:14:26.269> think<00:14:26.509> they're<00:14:26.809> putting<00:14:27.019> money<00:14:27.649> into<00:14:27.859> the 00:14:27.999 --> 00:14:28.009 align:start position:0% of think they're putting money into the 00:14:28.009 --> 00:14:29.349 align:start position:0% of think they're putting money into the system<00:14:28.369> they're<00:14:28.579> they're<00:14:28.819> you<00:14:29.089> know 00:14:29.349 --> 00:14:29.359 align:start position:0% system they're they're you know 00:14:29.359 --> 00:14:30.910 align:start position:0% system they're they're you know tributing<00:14:29.899> I<00:14:30.170> want<00:14:30.529> to<00:14:30.589> make<00:14:30.709> sure<00:14:30.829> that 00:14:30.910 --> 00:14:30.920 align:start position:0% tributing I want to make sure that 00:14:30.920 --> 00:14:32.559 align:start position:0% tributing I want to make sure that they're<00:14:31.040> rewarded<00:14:31.459> for<00:14:31.549> this<00:14:31.639> capacity<00:14:32.209> you 00:14:32.559 --> 00:14:32.569 align:start position:0% they're rewarded for this capacity you 00:14:32.569 --> 00:14:33.939 align:start position:0% they're rewarded for this capacity you might<00:14:32.720> say<00:14:32.839> this<00:14:32.959> is<00:14:33.019> a<00:14:33.139> feature<00:14:33.350> and<00:14:33.679> you<00:14:33.799> want 00:14:33.939 --> 00:14:33.949 align:start position:0% might say this is a feature and you want 00:14:33.949 --> 00:14:35.650 align:start position:0% might say this is a feature and you want to<00:14:34.009> make<00:14:34.100> sure<00:14:34.129> it<00:14:34.339> happens<00:14:34.579> this<00:14:34.639> way<00:14:34.850> maybe 00:14:35.650 --> 00:14:35.660 align:start position:0% to make sure it happens this way maybe 00:14:35.660 --> 00:14:38.710 align:start position:0% to make sure it happens this way maybe you<00:14:35.869> have<00:14:36.079> an<00:14:36.889> idea<00:14:37.249> of<00:14:37.339> 40<00:14:37.790> 70<00:14:37.970> people<00:14:38.540> to<00:14:38.569> the 00:14:38.710 --> 00:14:38.720 align:start position:0% you have an idea of 40 70 people to the 00:14:38.720 --> 00:14:42.309 align:start position:0% you have an idea of 40 70 people to the other<00:14:38.869> one<00:14:40.629> so<00:14:41.629> the<00:14:41.720> second<00:14:42.019> method<00:14:42.049> is<00:14:42.259> called 00:14:42.309 --> 00:14:42.319 align:start position:0% other one so the second method is called 00:14:42.319 --> 00:14:44.439 align:start position:0% other one so the second method is called matching<00:14:42.649> fill<00:14:43.040> and<00:14:43.339> iviva<00:14:43.759> that's<00:14:44.089> it<00:14:44.239> for 00:14:44.439 --> 00:14:44.449 align:start position:0% matching fill and iviva that's it for 00:14:44.449 --> 00:14:46.979 align:start position:0% matching fill and iviva that's it for Tamar<00:14:45.290> government<00:14:45.739> from<00:14:45.889> gnosis<00:14:46.220> 4l<00:14:46.459> muses 00:14:46.979 --> 00:14:46.989 align:start position:0% Tamar government from gnosis 4l muses 00:14:46.989 --> 00:14:49.119 align:start position:0% Tamar government from gnosis 4l muses and<00:14:47.989> this<00:14:48.319> idea<00:14:48.499> is<00:14:48.619> that<00:14:48.739> you<00:14:48.829> have<00:14:49.009> the 00:14:49.119 --> 00:14:49.129 align:start position:0% and this idea is that you have the 00:14:49.129 --> 00:14:50.979 align:start position:0% and this idea is that you have the original<00:14:49.819> spot<00:14:50.029> price<00:14:50.299> the<00:14:50.480> current<00:14:50.749> on<00:14:50.839> and 00:14:50.979 --> 00:14:50.989 align:start position:0% original spot price the current on and 00:14:50.989 --> 00:14:52.599 align:start position:0% original spot price the current on and of<00:14:51.049> course<00:14:51.079> ways<00:14:51.709> the<00:14:51.859> body<00:14:51.980> curve<00:14:52.279> as<00:14:52.399> soon<00:14:52.519> as 00:14:52.599 --> 00:14:52.609 align:start position:0% of course ways the body curve as soon as 00:14:52.609 --> 00:14:53.710 align:start position:0% of course ways the body curve as soon as you<00:14:52.699> start<00:14:52.910> buying<00:14:53.089> or<00:14:53.299> selling<00:14:53.329> you<00:14:53.600> will 00:14:53.710 --> 00:14:53.720 align:start position:0% you start buying or selling you will 00:14:53.720 --> 00:14:55.419 align:start position:0% you start buying or selling you will start<00:14:53.959> moving<00:14:54.109> it<00:14:54.379> but<00:14:54.769> in<00:14:54.859> that<00:14:54.980> moment<00:14:55.160> you 00:14:55.419 --> 00:14:55.429 align:start position:0% start moving it but in that moment you 00:14:55.429 --> 00:14:57.280 align:start position:0% start moving it but in that moment you have<00:14:55.609> an<00:14:55.730> exact<00:14:56.029> price<00:14:56.179> to<00:14:56.509> theoretical<00:14:57.019> exact 00:14:57.280 --> 00:14:57.290 align:start position:0% have an exact price to theoretical exact 00:14:57.290 --> 00:14:59.319 align:start position:0% have an exact price to theoretical exact price<00:14:57.529> so<00:14:58.160> why<00:14:58.249> don't<00:14:58.399> you<00:14:58.429> take<00:14:58.699> that<00:14:58.730> one<00:14:59.119> and 00:14:59.319 --> 00:14:59.329 align:start position:0% price so why don't you take that one and 00:14:59.329 --> 00:15:01.030 align:start position:0% price so why don't you take that one and match<00:14:59.540> orders<00:15:00.019> as<00:15:00.169> much<00:15:00.379> as<00:15:00.529> possible 00:15:01.030 --> 00:15:01.040 align:start position:0% match orders as much as possible 00:15:01.040 --> 00:15:02.859 align:start position:0% match orders as much as possible you<00:15:01.429> got<00:15:01.579> a<00:15:01.609> speaker<00:15:01.910> device<00:15:02.059> you've<00:15:02.749> got 00:15:02.859 --> 00:15:02.869 align:start position:0% you got a speaker device you've got 00:15:02.869 --> 00:15:05.379 align:start position:0% you got a speaker device you've got speaker<00:15:03.169> the<00:15:03.350> cells<00:15:03.619> at<00:15:04.220> that<00:15:04.519> spot<00:15:04.759> price<00:15:04.999> one 00:15:05.379 --> 00:15:05.389 align:start position:0% speaker the cells at that spot price one 00:15:05.389 --> 00:15:06.819 align:start position:0% speaker the cells at that spot price one half<00:15:05.660> of<00:15:05.809> them<00:15:05.899> is<00:15:05.989> going<00:15:06.139> to<00:15:06.199> get<00:15:06.290> completely 00:15:06.819 --> 00:15:06.829 align:start position:0% half of them is going to get completely 00:15:06.829 --> 00:15:08.379 align:start position:0% half of them is going to get completely consumed<00:15:07.309> by<00:15:07.489> the<00:15:07.549> other<00:15:07.699> half<00:15:07.910> you're<00:15:08.299> gonna 00:15:08.379 --> 00:15:08.389 align:start position:0% consumed by the other half you're gonna 00:15:08.389 --> 00:15:09.849 align:start position:0% consumed by the other half you're gonna have<00:15:08.569> some<00:15:08.720> leftover<00:15:09.109> buys<00:15:09.290> there<00:15:09.739> was 00:15:09.849 --> 00:15:09.859 align:start position:0% have some leftover buys there was 00:15:09.859 --> 00:15:11.949 align:start position:0% have some leftover buys there was actually<00:15:10.399> more<00:15:10.459> buy<00:15:10.730> orders<00:15:11.089> and<00:15:11.480> some<00:15:11.660> liver 00:15:11.949 --> 00:15:11.959 align:start position:0% actually more buy orders and some liver 00:15:11.959 --> 00:15:14.019 align:start position:0% actually more buy orders and some liver cells<00:15:12.199> and<00:15:12.350> their<00:15:12.529> action<00:15:12.859> or<00:15:12.949> sell<00:15:13.160> orders<00:15:13.459> so 00:15:14.019 --> 00:15:14.029 align:start position:0% cells and their action or sell orders so 00:15:14.029 --> 00:15:15.639 align:start position:0% cells and their action or sell orders so whatever's<00:15:14.359> left<00:15:14.569> over<00:15:14.689> and<00:15:15.049> execute<00:15:15.499> was<00:15:15.619> a 00:15:15.639 --> 00:15:15.649 align:start position:0% whatever's left over and execute was a 00:15:15.649 --> 00:15:17.889 align:start position:0% whatever's left over and execute was a normal<00:15:16.129> monitor<00:15:16.339> transaction<00:15:17.149> so<00:15:17.749> you<00:15:17.809> have 00:15:17.889 --> 00:15:17.899 align:start position:0% normal monitor transaction so you have 00:15:17.899 --> 00:15:19.539 align:start position:0% normal monitor transaction so you have this<00:15:17.989> entire<00:15:18.319> side<00:15:18.619> that<00:15:18.829> gets<00:15:18.980> taken<00:15:19.160> care<00:15:19.339> of 00:15:19.539 --> 00:15:19.549 align:start position:0% this entire side that gets taken care of 00:15:19.549 --> 00:15:22.299 align:start position:0% this entire side that gets taken care of just<00:15:19.790> at<00:15:19.999> the<00:15:20.149> spot<00:15:20.449> price<00:15:20.769> disappears<00:15:21.769> the 00:15:22.299 --> 00:15:22.309 align:start position:0% just at the spot price disappears the 00:15:22.309 --> 00:15:23.889 align:start position:0% just at the spot price disappears the other<00:15:22.519> side<00:15:22.699> is<00:15:22.819> a<00:15:22.879> combination<00:15:23.449> of<00:15:23.509> that<00:15:23.660> spot 00:15:23.889 --> 00:15:23.899 align:start position:0% other side is a combination of that spot 00:15:23.899 --> 00:15:25.659 align:start position:0% other side is a combination of that spot price<00:15:24.139> plus<00:15:24.499> whatever<00:15:24.769> is<00:15:24.919> left<00:15:25.129> over<00:15:25.220> essence 00:15:25.659 --> 00:15:25.669 align:start position:0% price plus whatever is left over essence 00:15:25.669 --> 00:15:28.550 align:start position:0% price plus whatever is left over essence body 00:15:28.550 --> 00:15:28.560 align:start position:0% 00:15:28.560 --> 00:15:30.590 align:start position:0% the<00:15:29.249> third<00:15:29.399> one<00:15:29.579> is<00:15:29.699> a<00:15:29.730> common<00:15:30.120> clearing<00:15:30.389> price 00:15:30.590 --> 00:15:30.600 align:start position:0% the third one is a common clearing price 00:15:30.600 --> 00:15:32.449 align:start position:0% the third one is a common clearing price this<00:15:30.930> is<00:15:31.050> kind<00:15:31.290> of<00:15:31.350> the<00:15:31.589> way<00:15:32.279> you<00:15:32.370> would 00:15:32.449 --> 00:15:32.459 align:start position:0% this is kind of the way you would 00:15:32.459 --> 00:15:34.550 align:start position:0% this is kind of the way you would imagine<00:15:32.610> mystical<00:15:33.209> this<00:15:34.110> is<00:15:34.199> where<00:15:34.350> you<00:15:34.439> can 00:15:34.550 --> 00:15:34.560 align:start position:0% imagine mystical this is where you can 00:15:34.560 --> 00:15:36.769 align:start position:0% imagine mystical this is where you can find<00:15:34.589> some<00:15:35.220> fair<00:15:35.670> price<00:15:36.089> for<00:15:36.329> the<00:15:36.449> entire 00:15:36.769 --> 00:15:36.779 align:start position:0% find some fair price for the entire 00:15:36.779 --> 00:15:39.679 align:start position:0% find some fair price for the entire group<00:15:36.990> of<00:15:37.110> buys<00:15:37.350> and<00:15:37.769> sells<00:15:38.300> however<00:15:39.300> it's<00:15:39.509> a 00:15:39.679 --> 00:15:39.689 align:start position:0% group of buys and sells however it's a 00:15:39.689 --> 00:15:41.119 align:start position:0% group of buys and sells however it's a little<00:15:39.870> mystery<00:15:40.139> complicated<00:15:40.620> is<00:15:40.680> comforting 00:15:41.119 --> 00:15:41.129 align:start position:0% little mystery complicated is comforting 00:15:41.129 --> 00:15:43.730 align:start position:0% little mystery complicated is comforting on<00:15:41.310> the<00:15:41.459> EBM<00:15:41.819> and<00:15:42.360> then<00:15:42.449> there<00:15:42.569> have<00:15:42.689> to<00:15:42.839> notice 00:15:43.730 --> 00:15:43.740 align:start position:0% on the EBM and then there have to notice 00:15:43.740 --> 00:15:45.379 align:start position:0% on the EBM and then there have to notice this<00:15:43.829> member<00:15:44.220> Tom<00:15:44.730> altar<00:15:44.999> for<00:15:45.120> helping<00:15:45.329> you 00:15:45.379 --> 00:15:45.389 align:start position:0% this member Tom altar for helping you 00:15:45.389 --> 00:15:48.470 align:start position:0% this member Tom altar for helping you with<00:15:45.480> this<00:15:45.680> but<00:15:46.680> you<00:15:46.709> can<00:15:46.860> see<00:15:46.889> the<00:15:47.480> formula 00:15:48.470 --> 00:15:48.480 align:start position:0% with this but you can see the formula 00:15:48.480 --> 00:15:52.549 align:start position:0% with this but you can see the formula for<00:15:49.579> getting<00:15:50.579> this<00:15:50.759> is<00:15:51.209> rather<00:15:51.899> hard<00:15:52.199> to<00:15:52.290> find 00:15:52.549 --> 00:15:52.559 align:start position:0% for getting this is rather hard to find 00:15:52.559 --> 00:15:54.730 align:start position:0% for getting this is rather hard to find it<00:15:52.829> is<00:15:52.949> possible<00:15:53.399> it<00:15:53.519> ends<00:15:53.910> up<00:15:53.999> resulting<00:15:54.209> in 00:15:54.730 --> 00:15:54.740 align:start position:0% it is possible it ends up resulting in 00:15:54.740 --> 00:15:58.790 align:start position:0% it is possible it ends up resulting in one<00:15:55.740> solution<00:15:56.370> that's<00:15:56.999> zero<00:15:57.809> one<00:15:58.290> imaginary 00:15:58.790 --> 00:15:58.800 align:start position:0% one solution that's zero one imaginary 00:15:58.800 --> 00:16:00.619 align:start position:0% one solution that's zero one imaginary number<00:15:58.949> solution<00:15:59.370> and<00:15:59.759> then<00:15:59.970> one<00:16:00.180> correct 00:16:00.619 --> 00:16:00.629 align:start position:0% number solution and then one correct 00:16:00.629 --> 00:16:03.889 align:start position:0% number solution and then one correct solution<00:16:01.430> what<00:16:02.430> is<00:16:02.610> convenient<00:16:03.209> is<00:16:03.509> that<00:16:03.720> even 00:16:03.889 --> 00:16:03.899 align:start position:0% solution what is convenient is that even 00:16:03.899 --> 00:16:04.970 align:start position:0% solution what is convenient is that even though<00:16:03.990> it's<00:16:04.079> hard<00:16:04.199> to<00:16:04.290> find<00:16:04.499> when<00:16:04.889> they 00:16:04.970 --> 00:16:04.980 align:start position:0% though it's hard to find when they 00:16:04.980 --> 00:16:06.799 align:start position:0% though it's hard to find when they protect<00:16:05.279> the<00:16:05.430> dummy<00:16:05.639> man<00:16:05.939> it<00:16:06.329> is<00:16:06.389> easy<00:16:06.720> to 00:16:06.799 --> 00:16:06.809 align:start position:0% protect the dummy man it is easy to 00:16:06.809 --> 00:16:08.629 align:start position:0% protect the dummy man it is easy to verify<00:16:06.870> in<00:16:07.379> the<00:16:07.439> video<00:16:07.709> so<00:16:08.309> if<00:16:08.370> you<00:16:08.459> were<00:16:08.519> to 00:16:08.629 --> 00:16:08.639 align:start position:0% verify in the video so if you were to 00:16:08.639 --> 00:16:10.340 align:start position:0% verify in the video so if you were to take<00:16:08.850> that<00:16:08.879> price<00:16:09.389> which<00:16:09.629> was<00:16:09.839> the<00:16:10.110> correct 00:16:10.340 --> 00:16:10.350 align:start position:0% take that price which was the correct 00:16:10.350 --> 00:16:12.799 align:start position:0% take that price which was the correct price<00:16:10.649> in<00:16:10.860> that<00:16:10.980> formula<00:16:11.399> provided<00:16:12.149> with<00:16:12.629> the 00:16:12.799 --> 00:16:12.809 align:start position:0% price in that formula provided with the 00:16:12.809 --> 00:16:14.989 align:start position:0% price in that formula provided with the transaction<00:16:13.370> execute<00:16:14.370> the<00:16:14.490> borders<00:16:14.819> to<00:16:14.850> be 00:16:14.989 --> 00:16:14.999 align:start position:0% transaction execute the borders to be 00:16:14.999 --> 00:16:17.239 align:start position:0% transaction execute the borders to be able<00:16:15.180> to<00:16:15.300> check<00:16:15.540> to<00:16:16.019> dis<00:16:16.230> mess<00:16:16.529> up<00:16:16.740> the<00:16:16.949> slope 00:16:17.239 --> 00:16:17.249 align:start position:0% able to check to dis mess up the slope 00:16:17.249 --> 00:16:18.949 align:start position:0% able to check to dis mess up the slope at<00:16:17.399> all<00:16:17.490> did<00:16:17.670> this<00:16:17.819> change<00:16:18.120> the<00:16:18.449> market<00:16:18.779> maker 00:16:18.949 --> 00:16:18.959 align:start position:0% at all did this change the market maker 00:16:18.959 --> 00:16:20.869 align:start position:0% at all did this change the market maker is<00:16:19.439> it<00:16:19.649> it<00:16:19.769> was<00:16:19.920> an<00:16:20.009> incorrect<00:16:20.339> price<00:16:20.579> alert 00:16:20.869 --> 00:16:20.879 align:start position:0% is it it was an incorrect price alert 00:16:20.879 --> 00:16:22.549 align:start position:0% is it it was an incorrect price alert modified<00:16:21.269> that<00:16:21.420> so<00:16:21.600> it's<00:16:21.720> easy<00:16:21.839> to<00:16:21.899> verify<00:16:22.139> so 00:16:22.549 --> 00:16:22.559 align:start position:0% modified that so it's easy to verify so 00:16:22.559 --> 00:16:25.189 align:start position:0% modified that so it's easy to verify so there<00:16:22.709> is<00:16:22.800> a<00:16:22.829> solution<00:16:23.160> for<00:16:23.490> that<00:16:24.079> this<00:16:25.079> is 00:16:25.189 --> 00:16:25.199 align:start position:0% there is a solution for that this is 00:16:25.199 --> 00:16:26.569 align:start position:0% there is a solution for that this is inspired<00:16:25.499> by<00:16:25.649> the<00:16:25.800> notes<00:16:26.100> of<00:16:26.220> diffusion 00:16:26.569 --> 00:16:26.579 align:start position:0% inspired by the notes of diffusion 00:16:26.579 --> 00:16:27.799 align:start position:0% inspired by the notes of diffusion exchange<00:16:26.999> which<00:16:27.209> has<00:16:27.389> something<00:16:27.600> similar 00:16:27.799 --> 00:16:27.809 align:start position:0% exchange which has something similar 00:16:27.809 --> 00:16:30.019 align:start position:0% exchange which has something similar very<00:16:28.290> complicated<00:16:28.889> executions<00:16:29.550> but<00:16:29.850> it's 00:16:30.019 --> 00:16:30.029 align:start position:0% very complicated executions but it's 00:16:30.029 --> 00:16:31.249 align:start position:0% very complicated executions but it's easy<00:16:30.240> to<00:16:30.389> verify<00:16:30.720> that<00:16:30.749> they<00:16:30.990> were<00:16:31.050> done 00:16:31.249 --> 00:16:31.259 align:start position:0% easy to verify that they were done 00:16:31.259 --> 00:16:36.470 align:start position:0% easy to verify that they were done correctly<00:16:31.649> off<00:16:31.860> chain<00:16:34.819> and<00:16:35.819> this<00:16:35.939> my<00:16:36.180> topic 00:16:36.470 --> 00:16:36.480 align:start position:0% correctly off chain and this my topic 00:16:36.480 --> 00:16:37.579 align:start position:0% correctly off chain and this my topic you<00:16:36.600> nice<00:16:36.720> walkers<00:16:37.019> been<00:16:37.170> working<00:16:37.470> with 00:16:37.579 --> 00:16:37.589 align:start position:0% you nice walkers been working with 00:16:37.589 --> 00:16:38.569 align:start position:0% you nice walkers been working with batching<00:16:37.920> orders 00:16:38.569 --> 00:16:38.579 align:start position:0% batching orders 00:16:38.579 --> 00:16:40.850 align:start position:0% batching orders and<00:16:38.879> trades<00:16:39.269> so<00:16:39.929> that's<00:16:40.110> from<00:16:40.230> Dan<00:16:40.439> Robinson 00:16:40.850 --> 00:16:40.860 align:start position:0% and trades so that's from Dan Robinson 00:16:40.860 --> 00:16:42.139 align:start position:0% and trades so that's from Dan Robinson and<00:16:40.980> paid<00:16:41.069> ads<00:16:41.220> I<00:16:41.459> just<00:16:41.639> found<00:16:41.759> out<00:16:41.939> about<00:16:42.029> this 00:16:42.139 --> 00:16:42.149 align:start position:0% and paid ads I just found out about this 00:16:42.149 --> 00:16:43.970 align:start position:0% and paid ads I just found out about this did<00:16:42.360> today<00:16:42.480> they<00:16:43.049> might<00:16:43.319> be<00:16:43.410> talking<00:16:43.559> about<00:16:43.799> it 00:16:43.970 --> 00:16:43.980 align:start position:0% did today they might be talking about it 00:16:43.980 --> 00:16:45.229 align:start position:0% did today they might be talking about it later<00:16:44.100> today<00:16:44.369> of<00:16:44.579> for<00:16:44.790> twenty<00:16:45.089> and<00:16:45.179> thirty 00:16:45.229 --> 00:16:45.239 align:start position:0% later today of for twenty and thirty 00:16:45.239 --> 00:16:47.329 align:start position:0% later today of for twenty and thirty seven<00:16:45.720> you<00:16:46.379> can<00:16:46.499> see<00:16:46.649> that<00:16:46.799> when<00:16:46.949> you<00:16:47.040> use<00:16:47.189> in 00:16:47.329 --> 00:16:47.339 align:start position:0% seven you can see that when you use in 00:16:47.339 --> 00:16:48.769 align:start position:0% seven you can see that when you use in the<00:16:47.399> constant<00:16:47.910> product<00:16:48.239> it<00:16:48.389> actually<00:16:48.660> comes 00:16:48.769 --> 00:16:48.779 align:start position:0% the constant product it actually comes 00:16:48.779 --> 00:16:50.569 align:start position:0% the constant product it actually comes much<00:16:48.989> easier<00:16:49.410> to<00:16:49.649> make<00:16:49.799> this<00:16:49.980> batch<00:16:50.189> order 00:16:50.569 --> 00:16:50.579 align:start position:0% much easier to make this batch order 00:16:50.579 --> 00:16:53.329 align:start position:0% much easier to make this batch order calculation<00:16:51.529> in<00:16:52.529> yourself<00:16:52.769> great<00:16:52.949> product 00:16:53.329 --> 00:16:53.339 align:start position:0% calculation in yourself great product 00:16:53.339 --> 00:16:55.369 align:start position:0% calculation in yourself great product and<00:16:53.519> it's<00:16:53.670> used<00:16:53.910> specifically<00:16:54.600> for<00:16:54.689> token<00:16:55.290> to 00:16:55.369 --> 00:16:55.379 align:start position:0% and it's used specifically for token to 00:16:55.379 --> 00:16:57.979 align:start position:0% and it's used specifically for token to already<00:16:55.559> have<00:16:55.649> sort<00:16:56.610> of<00:16:56.699> fixed<00:16:57.420> supplies<00:16:57.720> or 00:16:57.979 --> 00:16:57.989 align:start position:0% already have sort of fixed supplies or 00:16:57.989 --> 00:16:59.389 align:start position:0% already have sort of fixed supplies or supplies<00:16:58.290> that<00:16:58.410> exist<00:16:58.709> in<00:16:58.799> a<00:16:58.860> while 00:16:59.389 --> 00:16:59.399 align:start position:0% supplies that exist in a while 00:16:59.399 --> 00:17:01.280 align:start position:0% supplies that exist in a while whereas<00:16:59.879> I<00:16:59.970> think<00:17:00.179> that<00:17:00.389> bond<00:17:00.809> occurs<00:17:01.019> get 00:17:01.280 --> 00:17:01.290 align:start position:0% whereas I think that bond occurs get 00:17:01.290 --> 00:17:02.479 align:start position:0% whereas I think that bond occurs get much<00:17:01.439> more<00:17:01.589> interesting<00:17:01.769> much<00:17:02.009> more<00:17:02.339> useful 00:17:02.479 --> 00:17:02.489 align:start position:0% much more interesting much more useful 00:17:02.489 --> 00:17:04.699 align:start position:0% much more interesting much more useful when<00:17:02.939> there's<00:17:03.179> a<00:17:03.239> situation<00:17:04.019> that<00:17:04.319> the<00:17:04.500> token 00:17:04.699 --> 00:17:04.709 align:start position:0% when there's a situation that the token 00:17:04.709 --> 00:17:06.169 align:start position:0% when there's a situation that the token is<00:17:05.069> actually<00:17:05.339> generated<00:17:05.789> from<00:17:05.880> the<00:17:06.000> same 00:17:06.169 --> 00:17:06.179 align:start position:0% is actually generated from the same 00:17:06.179 --> 00:17:07.789 align:start position:0% is actually generated from the same place<00:17:06.419> as<00:17:06.569> the<00:17:06.689> market<00:17:06.990> maker<00:17:07.140> correct 00:17:07.789 --> 00:17:07.799 align:start position:0% place as the market maker correct 00:17:07.799 --> 00:17:09.259 align:start position:0% place as the market maker correct situations<00:17:08.339> like<00:17:08.549> predictive<00:17:09.000> marketing 00:17:09.259 --> 00:17:09.269 align:start position:0% situations like predictive marketing 00:17:09.269 --> 00:17:11.059 align:start position:0% situations like predictive marketing curation<00:17:09.809> markets<00:17:10.140> like<00:17:10.350> if<00:17:10.769> you<00:17:10.860> don't<00:17:10.949> have 00:17:11.059 --> 00:17:11.069 align:start position:0% curation markets like if you don't have 00:17:11.069 --> 00:17:13.480 align:start position:0% curation markets like if you don't have that<00:17:11.309> requirement<00:17:11.699> that<00:17:12.179> you<00:17:12.480> need<00:17:12.539> swap<00:17:12.839> is<00:17:12.990> a 00:17:13.480 --> 00:17:13.490 align:start position:0% that requirement that you need swap is a 00:17:13.490 --> 00:17:22.610 align:start position:0% that requirement that you need swap is a definitely<00:17:14.490> like<00:17:14.839> relation<00:17:21.110> so<00:17:22.110> there's<00:17:22.559> a 00:17:22.610 --> 00:17:22.620 align:start position:0% definitely like relation so there's a 00:17:22.620 --> 00:17:24.980 align:start position:0% definitely like relation so there's a link<00:17:23.339> to<00:17:23.429> the<00:17:23.549> github<00:17:23.699> perfect<00:17:24.480> concept<00:17:24.779> there 00:17:24.980 --> 00:17:24.990 align:start position:0% link to the github perfect concept there 00:17:24.990 --> 00:17:26.720 align:start position:0% link to the github perfect concept there it<00:17:25.470> also<00:17:25.589> links<00:17:25.889> to<00:17:26.130> the<00:17:26.220> art<00:17:26.339> on<00:17:26.519> black 00:17:26.720 --> 00:17:26.730 align:start position:0% it also links to the art on black 00:17:26.730 --> 00:17:28.940 align:start position:0% it also links to the art on black implementation<00:17:27.419> it's<00:17:27.600> still<00:17:27.870> your<00:17:28.679> going 00:17:28.940 --> 00:17:28.950 align:start position:0% implementation it's still your going 00:17:28.950 --> 00:17:30.980 align:start position:0% implementation it's still your going final<00:17:29.250> audits<00:17:29.610> and<00:17:30.210> there's<00:17:30.450> also<00:17:30.600> a<00:17:30.720> link<00:17:30.929> to 00:17:30.980 --> 00:17:30.990 align:start position:0% final audits and there's also a link to 00:17:30.990 --> 00:17:32.720 align:start position:0% final audits and there's also a link to the<00:17:31.230> particle<00:17:31.649> that<00:17:31.830> has<00:17:32.010> a<00:17:32.039> bit<00:17:32.250> more<00:17:32.399> details 00:17:32.720 --> 00:17:32.730 align:start position:0% the particle that has a bit more details 00:17:32.730 --> 00:17:34.009 align:start position:0% the particle that has a bit more details but<00:17:32.850> all<00:17:32.970> these<00:17:33.090> topics<00:17:33.299> if<00:17:33.659> you<00:17:33.750> want<00:17:33.899> to 00:17:34.009 --> 00:17:34.019 align:start position:0% but all these topics if you want to 00:17:34.019 --> 00:17:35.680 align:start position:0% but all these topics if you want to check<00:17:34.200> that<00:17:34.230> out<00:17:34.380> again<00:17:34.559> later 00:17:35.680 --> 00:17:35.690 align:start position:0% check that out again later 00:17:35.690 --> 00:17:39.260 align:start position:0% check that out again later wait<00:17:36.690> while<00:17:36.929> I<00:17:36.960> see<00:17:37.200> bones<00:17:37.590> by<00:17:37.830> now 00:17:39.260 --> 00:17:39.270 align:start position:0% wait while I see bones by now 00:17:39.270 --> 00:17:46.590 align:start position:0% wait while I see bones by now [Music] 00:17:46.590 --> 00:17:46.600 align:start position:0% 00:17:46.600 --> 00:17:49.110 align:start position:0% and<00:17:47.039> this<00:17:48.039> is<00:17:48.130> interesting<00:17:48.309> you<00:17:48.490> come<00:17:48.910> and<00:17:49.000> say 00:17:49.110 --> 00:17:49.120 align:start position:0% and this is interesting you come and say 00:17:49.120 --> 00:17:51.900 align:start position:0% and this is interesting you come and say hello<00:17:49.419> talk<00:17:49.570> to<00:17:49.690> me<00:17:50.010> me<00:17:51.010> on<00:17:51.100> Twitter<00:17:51.429> email 00:17:51.900 --> 00:17:51.910 align:start position:0% hello talk to me me on Twitter email 00:17:51.910 --> 00:18:04.320 align:start position:0% hello talk to me me on Twitter email github<00:17:53.370> yeah<00:17:54.370> that's<00:17:54.970> it<00:18:03.030> we<00:18:04.030> have<00:18:04.150> any 00:18:04.320 --> 00:18:04.330 align:start position:0% github yeah that's it we have any 00:18:04.330 --> 00:18:07.830 align:start position:0% github yeah that's it we have any question<00:18:04.660> for<00:18:04.780> some<00:18:04.929> few<00:18:05.140> minutes<00:18:06.630> some<00:18:07.630> of 00:18:07.830 --> 00:18:07.840 align:start position:0% question for some few minutes some of 00:18:07.840 --> 00:18:09.990 align:start position:0% question for some few minutes some of the<00:18:07.960> three<00:18:08.559> approaches<00:18:09.070> that<00:18:09.429> you<00:18:09.520> described 00:18:09.990 --> 00:18:10.000 align:start position:0% the three approaches that you described 00:18:10.000 --> 00:18:13.080 align:start position:0% the three approaches that you described you<00:18:10.210> have<00:18:10.330> a<00:18:10.450> personal<00:18:11.140> favorite<00:18:11.710> my<00:18:12.039> yeah 00:18:13.080 --> 00:18:13.090 align:start position:0% you have a personal favorite my yeah 00:18:13.090 --> 00:18:16.560 align:start position:0% you have a personal favorite my yeah so<00:18:14.700> for<00:18:15.700> the<00:18:15.760> most<00:18:15.880> part<00:18:16.000> while<00:18:16.240> working<00:18:16.450> on 00:18:16.560 --> 00:18:16.570 align:start position:0% so for the most part while working on 00:18:16.570 --> 00:18:17.940 align:start position:0% so for the most part while working on this<00:18:16.720> I<00:18:16.870> was<00:18:16.990> really<00:18:17.230> looking<00:18:17.590> forward<00:18:17.860> to 00:18:17.940 --> 00:18:17.950 align:start position:0% this I was really looking forward to 00:18:17.950 --> 00:18:19.380 align:start position:0% this I was really looking forward to this<00:18:18.100> concert<00:18:18.370> there<00:18:18.610> in<00:18:18.730> crisis<00:18:19.179> is 00:18:19.380 --> 00:18:19.390 align:start position:0% this concert there in crisis is 00:18:19.390 --> 00:18:21.570 align:start position:0% this concert there in crisis is universal<00:18:19.870> one<00:18:19.990> for<00:18:20.110> everybody<00:18:20.320> but<00:18:21.309> after 00:18:21.570 --> 00:18:21.580 align:start position:0% universal one for everybody but after 00:18:21.580 --> 00:18:23.520 align:start position:0% universal one for everybody but after sort<00:18:21.880> of<00:18:21.970> finishing<00:18:22.360> it<00:18:22.480> and<00:18:22.720> finding<00:18:23.289> it<00:18:23.380> I 00:18:23.520 --> 00:18:23.530 align:start position:0% sort of finishing it and finding it I 00:18:23.530 --> 00:18:25.549 align:start position:0% sort of finishing it and finding it I can<00:18:23.980> assign<00:18:24.159> favor<00:18:24.460> in<00:18:24.610> the<00:18:24.669> second<00:18:25.059> one<00:18:25.179> and 00:18:25.549 --> 00:18:25.559 align:start position:0% can assign favor in the second one and 00:18:25.559 --> 00:18:29.279 align:start position:0% can assign favor in the second one and because<00:18:26.559> I<00:18:26.620> think<00:18:26.650> that<00:18:26.950> it's<00:18:27.070> sort<00:18:27.190> of<00:18:28.289> the 00:18:29.279 --> 00:18:29.289 align:start position:0% because I think that it's sort of the 00:18:29.289 --> 00:18:31.320 align:start position:0% because I think that it's sort of the prices<00:18:29.770> it's<00:18:30.010> more<00:18:30.190> reflective<00:18:30.520> of<00:18:30.700> the<00:18:30.940> way 00:18:31.320 --> 00:18:31.330 align:start position:0% prices it's more reflective of the way 00:18:31.330 --> 00:18:33.330 align:start position:0% prices it's more reflective of the way that<00:18:31.539> mark<00:18:31.690> is<00:18:31.840> actually<00:18:32.200> acting<00:18:32.679> you<00:18:33.250> know 00:18:33.330 --> 00:18:33.340 align:start position:0% that mark is actually acting you know 00:18:33.340 --> 00:18:34.710 align:start position:0% that mark is actually acting you know like<00:18:33.520> if<00:18:33.669> there<00:18:33.820> are<00:18:33.940> more<00:18:34.090> buyers<00:18:34.330> and 00:18:34.710 --> 00:18:34.720 align:start position:0% like if there are more buyers and 00:18:34.720 --> 00:18:36.390 align:start position:0% like if there are more buyers and sellers<00:18:35.110> that<00:18:35.350> buyers<00:18:35.590> should<00:18:35.919> handle<00:18:36.250> the 00:18:36.390 --> 00:18:36.400 align:start position:0% sellers that buyers should handle the 00:18:36.400 --> 00:18:38.039 align:start position:0% sellers that buyers should handle the sort<00:18:36.580> of<00:18:36.610> price<00:18:36.850> movement<00:18:37.059> whereas<00:18:37.929> the 00:18:38.039 --> 00:18:38.049 align:start position:0% sort of price movement whereas the 00:18:38.049 --> 00:18:39.990 align:start position:0% sort of price movement whereas the sellers<00:18:38.380> are<00:18:38.559> sort<00:18:38.770> of<00:18:38.799> the<00:18:39.010> minority<00:18:39.789> in<00:18:39.880> that 00:18:39.990 --> 00:18:40.000 align:start position:0% sellers are sort of the minority in that 00:18:40.000 --> 00:18:41.880 align:start position:0% sellers are sort of the minority in that system<00:18:40.150> a<00:18:40.390> situation<00:18:40.960> so<00:18:41.140> maybe<00:18:41.620> they<00:18:41.740> should 00:18:41.880 --> 00:18:41.890 align:start position:0% system a situation so maybe they should 00:18:41.890 --> 00:18:43.380 align:start position:0% system a situation so maybe they should actually<00:18:42.039> just<00:18:42.340> have<00:18:42.490> the<00:18:42.700> spot<00:18:42.970> price<00:18:43.179> which 00:18:43.380 --> 00:18:43.390 align:start position:0% actually just have the spot price which 00:18:43.390 --> 00:18:46.020 align:start position:0% actually just have the spot price which is<00:18:43.480> comparable<00:18:43.980> but<00:18:44.980> I<00:18:45.549> don't<00:18:45.669> know<00:18:45.730> I<00:18:45.760> mean 00:18:46.020 --> 00:18:46.030 align:start position:0% is comparable but I don't know I mean 00:18:46.030 --> 00:18:47.789 align:start position:0% is comparable but I don't know I mean the<00:18:46.659> common<00:18:46.900> claim<00:18:47.049> price<00:18:47.230> is<00:18:47.380> also<00:18:47.590> kind<00:18:47.770> of 00:18:47.789 --> 00:18:47.799 align:start position:0% the common claim price is also kind of 00:18:47.799 --> 00:18:49.590 align:start position:0% the common claim price is also kind of it<00:18:47.919> feels<00:18:48.789> good<00:18:49.000> and<00:18:49.059> that's<00:18:49.240> what<00:18:49.360> I<00:18:49.450> meant 00:18:49.590 --> 00:18:49.600 align:start position:0% it feels good and that's what I meant 00:18:49.600 --> 00:18:50.760 align:start position:0% it feels good and that's what I meant sort<00:18:49.929> of<00:18:50.020> I<00:18:50.049> think<00:18:50.080> carries<00:18:50.409> about<00:18:50.559> girls 00:18:50.760 --> 00:18:50.770 align:start position:0% sort of I think carries about girls 00:18:50.770 --> 00:18:52.320 align:start position:0% sort of I think carries about girls opinions<00:18:51.130> and<00:18:51.280> one<00:18:51.580> of<00:18:51.640> those<00:18:51.760> fields<00:18:52.120> better 00:18:52.320 --> 00:18:52.330 align:start position:0% opinions and one of those fields better 00:18:52.330 --> 00:18:53.400 align:start position:0% opinions and one of those fields better course<00:18:52.659> with<00:18:52.809> you 00:18:53.400 --> 00:18:53.410 align:start position:0% course with you 00:18:53.410 --> 00:18:55.020 align:start position:0% course with you the<00:18:53.500> first<00:18:53.710> one<00:18:53.830> also<00:18:53.980> for<00:18:54.250> the<00:18:54.430> use<00:18:54.580> case<00:18:54.820> up 00:18:55.020 --> 00:18:55.030 align:start position:0% the first one also for the use case up 00:18:55.030 --> 00:18:57.360 align:start position:0% the first one also for the use case up for<00:18:55.270> where<00:18:55.390> the<00:18:55.510> buyers<00:18:55.690> make<00:18:56.020> sense<00:18:56.310> but<00:18:57.310> I 00:18:57.360 --> 00:18:57.370 align:start position:0% for where the buyers make sense but I 00:18:57.370 --> 00:18:59.910 align:start position:0% for where the buyers make sense but I ask<00:18:57.880> you<00:18:58.120> towards<00:18:58.450> the<00:18:58.570> middle<00:18:58.870> a<00:18:59.080> little<00:18:59.680> bit 00:18:59.910 --> 00:18:59.920 align:start position:0% ask you towards the middle a little bit 00:18:59.920 --> 00:19:01.200 align:start position:0% ask you towards the middle a little bit the<00:18:59.980> sir<00:19:00.130> that<00:19:00.340> I<00:19:00.370> may<00:19:00.700> be<00:19:00.760> going<00:19:00.940> to<00:19:01.030> show 00:19:01.200 --> 00:19:01.210 align:start position:0% the sir that I may be going to show 00:19:01.210 --> 00:19:05.160 align:start position:0% the sir that I may be going to show hence<00:19:01.530> first<00:19:02.530> curve<00:19:03.460> as<00:19:03.760> the<00:19:03.820> like<00:19:04.330> best<00:19:04.870> one 00:19:05.160 --> 00:19:05.170 align:start position:0% hence first curve as the like best one 00:19:05.170 --> 00:19:08.700 align:start position:0% hence first curve as the like best one for<00:19:05.470> general<00:19:05.800> use<00:19:05.980> case<00:19:06.160> anybody<00:19:06.840> at<00:19:07.840> second 00:19:08.700 --> 00:19:08.710 align:start position:0% for general use case anybody at second 00:19:08.710 --> 00:19:11.379 align:start position:0% for general use case anybody at second version<00:19:09.600> got<00:19:10.600> some<00:19:10.720> hands<00:19:10.900> we<00:19:11.020> got 00:19:11.379 --> 00:19:11.389 align:start position:0% version got some hands we got 00:19:11.389 --> 00:19:15.810 align:start position:0% version got some hands we got and<00:19:11.690> third<00:19:11.989> version<00:19:13.119> okay<00:19:14.149> we<00:19:14.899> got<00:19:15.049> a<00:19:15.289> couple 00:19:15.810 --> 00:19:15.820 align:start position:0% and third version okay we got a couple 00:19:15.820 --> 00:19:18.699 align:start position:0% and third version okay we got a couple as<00:19:16.820> I'd<00:19:16.999> say<00:19:17.179> general<00:19:17.779> consensus<00:19:18.229> a<00:19:18.259> second 00:19:18.699 --> 00:19:18.709 align:start position:0% as I'd say general consensus a second 00:19:18.709 --> 00:19:22.839 align:start position:0% as I'd say general consensus a second kind<00:19:19.159> of<00:19:19.279> makes<00:19:19.459> sense<00:19:19.609> but<00:19:19.940> yeah<00:19:21.729> in<00:19:22.729> that 00:19:22.839 --> 00:19:22.849 align:start position:0% kind of makes sense but yeah in that 00:19:22.849 --> 00:19:24.729 align:start position:0% kind of makes sense but yeah in that second<00:19:23.299> version<00:19:23.450> you're<00:19:23.690> talking<00:19:23.959> about<00:19:24.019> for 00:19:24.729 --> 00:19:24.739 align:start position:0% second version you're talking about for 00:19:24.739 --> 00:19:26.289 align:start position:0% second version you're talking about for the<00:19:24.859> best<00:19:25.339> month<00:19:25.549> where<00:19:25.700> there's<00:19:25.849> leftover 00:19:26.289 --> 00:19:26.299 align:start position:0% the best month where there's leftover 00:19:26.299 --> 00:19:28.079 align:start position:0% the best month where there's leftover heat<00:19:26.539> the<00:19:26.629> buyer's<00:19:26.839> or<00:19:26.959> seller's<00:19:27.039> and 00:19:28.079 --> 00:19:28.089 align:start position:0% heat the buyer's or seller's and 00:19:28.089 --> 00:19:30.279 align:start position:0% heat the buyer's or seller's and distribute<00:19:29.089> like<00:19:29.239> the<00:19:29.329> prices<00:19:29.690> additionally 00:19:30.279 --> 00:19:30.289 align:start position:0% distribute like the prices additionally 00:19:30.289 --> 00:19:31.779 align:start position:0% distribute like the prices additionally between<00:19:30.589> that<00:19:30.709> target<00:19:31.070> group<00:19:31.249> or<00:19:31.459> is<00:19:31.549> it<00:19:31.669> like 00:19:31.779 --> 00:19:31.789 align:start position:0% between that target group or is it like 00:19:31.789 --> 00:19:33.459 align:start position:0% between that target group or is it like a<00:19:31.820> set<00:19:32.089> of<00:19:32.179> buyers<00:19:32.329> to<00:19:32.659> get<00:19:32.779> screwed<00:19:33.079> or<00:19:33.229> set<00:19:33.379> of 00:19:33.459 --> 00:19:33.469 align:start position:0% a set of buyers to get screwed or set of 00:19:33.469 --> 00:19:34.959 align:start position:0% a set of buyers to get screwed or set of sellers<00:19:33.709> get<00:19:33.829> screwed<00:19:34.099> even<00:19:34.549> in<00:19:34.639> between<00:19:34.700> that 00:19:34.959 --> 00:19:34.969 align:start position:0% sellers get screwed even in between that 00:19:34.969 --> 00:19:40.180 align:start position:0% sellers get screwed even in between that attacker<00:19:37.329> good<00:19:38.329> talk 00:19:40.180 --> 00:19:40.190 align:start position:0% attacker good talk 00:19:40.190 --> 00:19:44.459 align:start position:0% attacker good talk so<00:19:41.119> did<00:19:41.599> you<00:19:41.719> look<00:19:41.899> at<00:19:43.119> heuristics<00:19:44.119> or 00:19:44.459 --> 00:19:44.469 align:start position:0% so did you look at heuristics or 00:19:44.469 --> 00:19:52.419 align:start position:0% so did you look at heuristics or optimizations<00:19:45.469> for<00:19:45.889> the<00:19:46.389> price<00:19:50.829> we<00:19:51.829> found<00:19:52.249> the 00:19:52.419 --> 00:19:52.429 align:start position:0% optimizations for the price we found the 00:19:52.429 --> 00:19:55.659 align:start position:0% optimizations for the price we found the formula<00:19:53.419> that<00:19:53.719> has<00:19:53.929> all<00:19:54.139> the<00:19:54.440> like<00:19:55.190> necessary 00:19:55.659 --> 00:19:55.669 align:start position:0% formula that has all the like necessary 00:19:55.669 --> 00:19:58.659 align:start position:0% formula that has all the like necessary variables<00:19:56.089> that<00:19:56.179> you<00:19:56.269> want<00:19:56.389> to<00:19:56.450> solve<00:19:56.629> for<00:19:57.669> but 00:19:58.659 --> 00:19:58.669 align:start position:0% variables that you want to solve for but 00:19:58.669 --> 00:20:01.359 align:start position:0% variables that you want to solve for but I<00:19:59.089> have<00:19:59.779> just<00:19:59.809> using<00:20:00.229> like<00:20:00.349> Wolfram<00:20:00.889> Alpha<00:20:01.009> to 00:20:01.359 --> 00:20:01.369 align:start position:0% I have just using like Wolfram Alpha to 00:20:01.369 --> 00:20:03.099 align:start position:0% I have just using like Wolfram Alpha to like<00:20:01.519> to<00:20:01.609> solve<00:20:01.820> it<00:20:01.999> I<00:20:02.179> know<00:20:02.749> there's<00:20:02.989> like 00:20:03.099 --> 00:20:03.109 align:start position:0% like to solve it I know there's like 00:20:03.109 --> 00:20:04.569 align:start position:0% like to solve it I know there's like some<00:20:03.259> Python<00:20:03.409> libraries<00:20:04.039> that<00:20:04.190> are<00:20:04.309> good<00:20:04.429> for 00:20:04.569 --> 00:20:04.579 align:start position:0% some Python libraries that are good for 00:20:04.579 --> 00:20:06.999 align:start position:0% some Python libraries that are good for that<00:20:04.639> sort<00:20:04.940> of<00:20:04.969> symbolic<00:20:05.209> subbing<00:20:05.959> out<00:20:06.049> but 00:20:06.999 --> 00:20:07.009 align:start position:0% that sort of symbolic subbing out but 00:20:07.009 --> 00:20:07.899 align:start position:0% that sort of symbolic subbing out but when<00:20:07.129> you<00:20:07.190> actually<00:20:07.309> solve<00:20:07.609> it<00:20:07.729> for<00:20:07.820> the 00:20:07.899 --> 00:20:07.909 align:start position:0% when you actually solve it for the 00:20:07.909 --> 00:20:09.609 align:start position:0% when you actually solve it for the variable<00:20:08.239> you<00:20:08.329> actually<00:20:08.599> won<00:20:08.809> it<00:20:09.079> becomes 00:20:09.609 --> 00:20:09.619 align:start position:0% variable you actually won it becomes 00:20:09.619 --> 00:20:12.430 align:start position:0% variable you actually won it becomes this<00:20:09.709> really<00:20:10.039> nasty<00:20:10.459> nasty<00:20:10.820> formula<00:20:11.809> that<00:20:11.989> I 00:20:12.430 --> 00:20:12.440 align:start position:0% this really nasty nasty formula that I 00:20:12.440 --> 00:20:14.829 align:start position:0% this really nasty nasty formula that I don't<00:20:13.399> know<00:20:13.489> how<00:20:13.609> to<00:20:13.669> deal<00:20:13.849> with<00:20:13.879> so<00:20:14.599> I'm<00:20:14.659> sure 00:20:14.829 --> 00:20:14.839 align:start position:0% don't know how to deal with so I'm sure 00:20:14.839 --> 00:20:16.479 align:start position:0% don't know how to deal with so I'm sure there<00:20:14.989> are<00:20:15.109> ways<00:20:15.469> something<00:20:15.919> like<00:20:16.129> that<00:20:16.309> map 00:20:16.479 --> 00:20:16.489 align:start position:0% there are ways something like that map 00:20:16.489 --> 00:20:18.849 align:start position:0% there are ways something like that map but<00:20:17.419> at<00:20:17.869> the<00:20:18.019> end<00:20:18.049> of<00:20:18.200> it<00:20:18.289> that's<00:20:18.379> all<00:20:18.589> sort<00:20:18.829> of 00:20:18.849 --> 00:20:18.859 align:start position:0% but at the end of it that's all sort of 00:20:18.859 --> 00:20:20.740 align:start position:0% but at the end of it that's all sort of caught<00:20:19.039> off<00:20:19.369> chain<00:20:19.729> data<00:20:19.909> so<00:20:20.239> it<00:20:20.389> doesn't 00:20:20.740 --> 00:20:20.750 align:start position:0% caught off chain data so it doesn't 00:20:20.750 --> 00:20:22.120 align:start position:0% caught off chain data so it doesn't so<00:20:21.050> that<00:20:21.170> you<00:20:21.260> can<00:20:21.380> be<00:20:21.440> optimized<00:20:21.800> with<00:20:21.980> all 00:20:22.120 --> 00:20:22.130 align:start position:0% so that you can be optimized with all 00:20:22.130 --> 00:20:23.290 align:start position:0% so that you can be optimized with all the<00:20:22.220> really<00:20:22.400> matters<00:20:22.430> instead<00:20:22.820> it<00:20:23.030> easy<00:20:23.180> to 00:20:23.290 --> 00:20:23.300 align:start position:0% the really matters instead it easy to 00:20:23.300 --> 00:20:26.120 align:start position:0% the really matters instead it easy to verify<00:20:23.480> the<00:20:23.720> changes 00:20:26.120 --> 00:20:26.130 align:start position:0% verify the changes 00:20:26.130 --> 00:20:29.640 align:start position:0% verify the changes [Music] 00:20:29.640 --> 00:20:29.650 align:start position:0% 00:20:29.650 --> 00:20:33.060 align:start position:0% so<00:20:30.130> what<00:20:30.880> was<00:20:31.000> the<00:20:31.180> mention<00:20:32.170> about<00:20:32.320> your<00:20:32.740> last 00:20:33.060 --> 00:20:33.070 align:start position:0% so what was the mention about your last 00:20:33.070 --> 00:20:35.580 align:start position:0% so what was the mention about your last slide<00:20:33.309> that<00:20:33.780> because<00:20:34.780> new<00:20:35.020> small<00:20:35.350> bright 00:20:35.580 --> 00:20:35.590 align:start position:0% slide that because new small bright 00:20:35.590 --> 00:20:38.280 align:start position:0% slide that because new small bright doesn't<00:20:36.010> have<00:20:36.220> the<00:20:36.760> same<00:20:37.090> constraints<00:20:37.660> that 00:20:38.280 --> 00:20:38.290 align:start position:0% doesn't have the same constraints that 00:20:38.290 --> 00:20:44.340 align:start position:0% doesn't have the same constraints that you<00:20:39.220> were<00:20:39.340> looking<00:20:39.460> at<00:20:39.930> what<00:20:40.930> does<00:20:43.350> there 00:20:44.340 --> 00:20:44.350 align:start position:0% you were looking at what does there 00:20:44.350 --> 00:20:49.500 align:start position:0% you were looking at what does there perhaps<00:20:45.300> morning<00:20:47.820> it's<00:20:48.820> the<00:20:48.940> same<00:20:49.090> kind<00:20:49.300> of 00:20:49.500 --> 00:20:49.510 align:start position:0% perhaps morning it's the same kind of 00:20:49.510 --> 00:20:52.260 align:start position:0% perhaps morning it's the same kind of bachelor<00:20:50.080> quarters<00:20:50.550> and<00:20:51.550> they<00:20:51.730> choose<00:20:52.059> the 00:20:52.260 --> 00:20:52.270 align:start position:0% bachelor quarters and they choose the 00:20:52.270 --> 00:20:54.810 align:start position:0% bachelor quarters and they choose the comparing<00:20:52.809> prices<00:20:52.960> kind<00:20:53.410> of<00:20:53.530> fair<00:20:53.710> version<00:20:54.040> so 00:20:54.810 --> 00:20:54.820 align:start position:0% comparing prices kind of fair version so 00:20:54.820 --> 00:21:01.020 align:start position:0% comparing prices kind of fair version so I<00:20:54.850> think<00:20:58.050> anything<00:20:59.050> to<00:20:59.140> do<00:20:59.260> it<00:20:59.650> just<00:21:00.030> easier 00:21:01.020 --> 00:21:01.030 align:start position:0% I think anything to do it just easier 00:21:01.030 --> 00:21:03.330 align:start position:0% I think anything to do it just easier cloud<00:21:01.300> was<00:21:02.140> exactly<00:21:02.710> protect<00:21:03.070> is<00:21:03.309> the 00:21:03.330 --> 00:21:03.340 align:start position:0% cloud was exactly protect is the 00:21:03.340 --> 00:21:05.650 align:start position:0% cloud was exactly protect is the constant<00:21:04.059> product<00:21:04.360> partners<00:21:04.690> like 00:21:05.650 --> 00:21:05.660 align:start position:0% constant product partners like 00:21:05.660 --> 00:21:08.830 align:start position:0% constant product partners like and<00:21:05.900> appointments<00:21:07.330> whether<00:21:08.330> it<00:21:08.480> be<00:21:08.540> common 00:21:08.830 --> 00:21:08.840 align:start position:0% and appointments whether it be common 00:21:08.840 --> 00:21:10.390 align:start position:0% and appointments whether it be common patterns<00:21:09.170> like<00:21:09.410> the<00:21:09.560> size<00:21:09.830> of<00:21:09.980> the<00:21:10.100> orders 00:21:10.390 --> 00:21:10.400 align:start position:0% patterns like the size of the orders 00:21:10.400 --> 00:21:13.510 align:start position:0% patterns like the size of the orders that<00:21:10.430> a<00:21:11.260> to<00:21:12.260> be<00:21:12.350> the<00:21:12.470> front-runner<00:21:12.710> orders<00:21:13.250> for 00:21:13.510 --> 00:21:13.520 align:start position:0% that a to be the front-runner orders for 00:21:13.520 --> 00:21:15.580 align:start position:0% that a to be the front-runner orders for since<00:21:13.730> it's<00:21:14.240> a<00:21:14.330> neutron<00:21:14.690> would<00:21:14.900> like<00:21:15.470> to 00:21:15.580 --> 00:21:15.590 align:start position:0% since it's a neutron would like to 00:21:15.590 --> 00:21:17.080 align:start position:0% since it's a neutron would like to detect<00:21:15.890> these<00:21:15.980> small<00:21:16.220> orders<00:21:16.580> went<00:21:16.820> running 00:21:17.080 --> 00:21:17.090 align:start position:0% detect these small orders went running 00:21:17.090 --> 00:21:20.140 align:start position:0% detect these small orders went running large<00:21:17.330> orders<00:21:17.720> or<00:21:17.930> image<00:21:18.710> or<00:21:19.150> performance 00:21:20.140 --> 00:21:20.150 align:start position:0% large orders or image or performance 00:21:20.150 --> 00:21:23.050 align:start position:0% large orders or image or performance like<00:21:20.600> burning<00:21:21.470> in<00:21:21.530> the<00:21:21.590> wild<00:21:21.860> again<00:21:21.950> yeah<00:21:22.550> I'm 00:21:23.050 --> 00:21:23.060 align:start position:0% like burning in the wild again yeah I'm 00:21:23.060 --> 00:21:24.280 align:start position:0% like burning in the wild again yeah I'm not<00:21:23.210> sure<00:21:23.240> about<00:21:23.420> that<00:21:23.600> I<00:21:23.780> wouldn't<00:21:24.110> say<00:21:24.260> a 00:21:24.280 --> 00:21:24.290 align:start position:0% not sure about that I wouldn't say a 00:21:24.290 --> 00:21:25.980 align:start position:0% not sure about that I wouldn't say a check<00:21:24.590> from<00:21:24.740> Ron<00:21:24.980> dummy<00:21:25.250> that<00:21:25.460> I<00:21:25.520> kind<00:21:25.730> of<00:21:25.760> data 00:21:25.980 --> 00:21:25.990 align:start position:0% check from Ron dummy that I kind of data 00:21:25.990 --> 00:21:28.330 align:start position:0% check from Ron dummy that I kind of data but<00:21:26.990> I<00:21:27.050> don't<00:21:27.560> know<00:21:27.620> I've<00:21:27.830> talked<00:21:28.040> to<00:21:28.100> some 00:21:28.330 --> 00:21:28.340 align:start position:0% but I don't know I've talked to some 00:21:28.340 --> 00:21:30.460 align:start position:0% but I don't know I've talked to some people<00:21:28.460> and<00:21:28.640> it<00:21:28.790> seems<00:21:29.030> thing<00:21:29.360> it's<00:21:30.230> easy 00:21:30.460 --> 00:21:30.470 align:start position:0% people and it seems thing it's easy 00:21:30.470 --> 00:21:31.780 align:start position:0% people and it seems thing it's easy pickings<00:21:30.890> but<00:21:30.950> there's<00:21:31.190> actually<00:21:31.280> just<00:21:31.550> such 00:21:31.780 --> 00:21:31.790 align:start position:0% pickings but there's actually just such 00:21:31.790 --> 00:21:34.240 align:start position:0% pickings but there's actually just such little<00:21:32.180> it<00:21:32.480> would<00:21:32.630> be<00:21:32.780> on<00:21:33.050> chain<00:21:33.320> that<00:21:34.010> there's 00:21:34.240 --> 00:21:34.250 align:start position:0% little it would be on chain that there's 00:21:34.250 --> 00:21:36.910 align:start position:0% little it would be on chain that there's not<00:21:34.630> it's<00:21:35.630> maybe<00:21:35.840> not<00:21:35.930> worth<00:21:36.200> putting<00:21:36.650> in<00:21:36.860> the 00:21:36.910 --> 00:21:36.920 align:start position:0% not it's maybe not worth putting in the 00:21:36.920 --> 00:21:39.750 align:start position:0% not it's maybe not worth putting in the effort<00:21:37.010> to<00:21:37.190> proper<00:21:37.460> everybody<00:21:38.030> I<00:21:38.210> don't<00:21:38.420> know 00:21:39.750 --> 00:21:39.760 align:start position:0% effort to proper everybody I don't know 00:21:39.760 --> 00:21:45.940 align:start position:0% effort to proper everybody I don't know so<00:21:40.760> I<00:21:41.060> vote<00:21:41.450> for<00:21:41.690> frontrunner<00:21:44.380> the<00:21:45.380> reality 00:21:45.940 --> 00:21:45.950 align:start position:0% so I vote for frontrunner the reality 00:21:45.950 --> 00:21:47.350 align:start position:0% so I vote for frontrunner the reality not<00:21:46.100> have<00:21:46.310> a<00:21:46.340> lot<00:21:46.520> of<00:21:46.640> talks<00:21:46.850> with<00:21:47.030> different 00:21:47.350 --> 00:21:47.360 align:start position:0% not have a lot of talks with different 00:21:47.360 --> 00:21:52.450 align:start position:0% not have a lot of talks with different shops<00:21:47.780> by<00:21:50.170> the<00:21:51.170> short<00:21:51.470> version<00:21:51.650> is<00:21:51.920> what<00:21:52.340> you 00:21:52.450 --> 00:21:52.460 align:start position:0% shops by the short version is what you 00:21:52.460 --> 00:21:54.100 align:start position:0% shops by the short version is what you were<00:21:52.580> saying<00:21:52.850> there's<00:21:53.780> just<00:21:53.930> not<00:21:54.050> enough 00:21:54.100 --> 00:21:54.110 align:start position:0% were saying there's just not enough 00:21:54.110 --> 00:21:56.650 align:start position:0% were saying there's just not enough money<00:21:54.380> in<00:21:54.740> making<00:21:55.460> two<00:21:55.850> thousand<00:21:56.240> hours<00:21:56.510> a<00:21:56.630> day 00:21:56.650 --> 00:21:56.660 align:start position:0% money in making two thousand hours a day 00:21:56.660 --> 00:22:01.270 align:start position:0% money in making two thousand hours a day all<00:21:57.260> right<00:21:57.410> barely<00:21:58.190> complicated<00:22:00.100> even<00:22:01.100> though 00:22:01.270 --> 00:22:01.280 align:start position:0% all right barely complicated even though 00:22:01.280 --> 00:22:04.810 align:start position:0% all right barely complicated even though those<00:22:01.610> dollars<00:22:02.000> sounds<00:22:02.540> like<00:22:02.600> a<00:22:02.690> lot<00:22:03.820> people 00:22:04.810 --> 00:22:04.820 align:start position:0% those dollars sounds like a lot people 00:22:04.820 --> 00:22:06.890 align:start position:0% those dollars sounds like a lot people are<00:22:04.970> talking<00:22:05.210> to<00:22:05.270> say 00:22:06.890 --> 00:22:06.900 align:start position:0% are talking to say 00:22:06.900 --> 00:22:11.690 align:start position:0% are talking to say I<00:22:09.410> mean<00:22:10.410> we<00:22:10.590> do<00:22:10.770> actually<00:22:11.070> give<00:22:11.309> the<00:22:11.400> quiddity 00:22:11.690 --> 00:22:11.700 align:start position:0% I mean we do actually give the quiddity 00:22:11.700 --> 00:22:13.700 align:start position:0% I mean we do actually give the quiddity and<00:22:12.059> continues<00:22:12.480> Inc<00:22:12.690> Texas<00:22:13.080> where<00:22:13.470> some 00:22:13.700 --> 00:22:13.710 align:start position:0% and continues Inc Texas where some 00:22:13.710 --> 00:22:15.890 align:start position:0% and continues Inc Texas where some probably<00:22:14.010> a<00:22:14.070> different<00:22:14.340> case<00:22:14.490> well<00:22:15.240> I<00:22:15.480> would 00:22:15.890 --> 00:22:15.900 align:start position:0% probably a different case well I would 00:22:15.900 --> 00:22:18.860 align:start position:0% probably a different case well I would assume<00:22:16.020> that<00:22:16.670> at<00:22:17.670> some<00:22:18.120> point<00:22:18.150> there<00:22:18.690> will<00:22:18.809> be 00:22:18.860 --> 00:22:18.870 align:start position:0% assume that at some point there will be 00:22:18.870 --> 00:22:21.470 align:start position:0% assume that at some point there will be a<00:22:19.290> product<00:22:20.070> differentiation<00:22:20.550> between<00:22:21.210> the 00:22:21.470 --> 00:22:21.480 align:start position:0% a product differentiation between the 00:22:21.480 --> 00:22:25.280 align:start position:0% a product differentiation between the ducts<00:22:21.750> is<00:22:21.990> where<00:22:22.530> you<00:22:22.620> say<00:22:22.950> you<00:22:23.910> know<00:22:24.080> no<00:22:25.080> to 00:22:25.280 --> 00:22:25.290 align:start position:0% ducts is where you say you know no to 00:22:25.290 --> 00:22:27.950 align:start position:0% ducts is where you say you know no to the<00:22:25.380> front-runner<00:22:25.980> Phil<00:22:26.220> right<00:22:27.000> and<00:22:27.150> so<00:22:27.840> he 00:22:27.950 --> 00:22:27.960 align:start position:0% the front-runner Phil right and so he 00:22:27.960 --> 00:22:29.270 align:start position:0% the front-runner Phil right and so he would<00:22:28.110> have<00:22:28.140> to<00:22:28.260> just<00:22:28.440> fix<00:22:28.590> the<00:22:28.770> problem<00:22:29.160> with 00:22:29.270 --> 00:22:29.280 align:start position:0% would have to just fix the problem with 00:22:29.280 --> 00:22:31.490 align:start position:0% would have to just fix the problem with this<00:22:29.400> it's<00:22:29.700> an<00:22:29.850> entirely<00:22:30.150> fixable<00:22:30.690> problem<00:22:31.290> in 00:22:31.490 --> 00:22:31.500 align:start position:0% this it's an entirely fixable problem in 00:22:31.500 --> 00:22:34.040 align:start position:0% this it's an entirely fixable problem in the<00:22:31.800> neck<00:22:31.980> software<00:22:32.520> itself<00:22:32.790> that<00:22:33.510> allows<00:22:33.540> for 00:22:34.040 --> 00:22:34.050 align:start position:0% the neck software itself that allows for 00:22:34.050 --> 00:22:41.780 align:start position:0% the neck software itself that allows for the<00:22:34.140> front<00:22:34.380> right<00:22:34.850> there's<00:22:35.850> no<00:22:40.580> well<00:22:41.580> I<00:22:41.700> think 00:22:41.780 --> 00:22:41.790 align:start position:0% the front right there's no well I think 00:22:41.790 --> 00:22:44.030 align:start position:0% the front right there's no well I think we're<00:22:42.030> at<00:22:42.210> that<00:22:42.270> time<00:22:42.620> you<00:22:43.620> want<00:22:43.770> to<00:22:43.830> talk 00:22:44.030 --> 00:22:44.040 align:start position:0% we're at that time you want to talk 00:22:44.040 --> 00:22:48.900 align:start position:0% we're at that time you want to talk later 00:22:48.900 --> 00:22:48.910 align:start position:0% 00:22:48.910 --> 00:22:55.060 align:start position:0% [Applause]