WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:12.200 align:start position:0% [Applause] 00:00:12.200 --> 00:00:12.210 align:start position:0% 00:00:12.210 --> 00:00:35.590 align:start position:0% the<00:00:13.210> doors<00:00:13.450> hello<00:00:13.840> is 00:00:35.590 --> 00:00:35.600 align:start position:0% 00:00:35.600 --> 00:00:48.050 align:start position:0% yeah<00:00:36.600> actually<00:00:37.309> all<00:00:46.489> right 00:00:48.050 --> 00:00:48.060 align:start position:0% yeah actually all right 00:00:48.060 --> 00:00:52.010 align:start position:0% yeah actually all right hi<00:00:48.690> everyone<00:00:50.030> Pamela's<00:00:51.030> called<00:00:51.239> long<00:00:51.780> chain 00:00:52.010 --> 00:00:52.020 align:start position:0% hi everyone Pamela's called long chain 00:00:52.020 --> 00:00:54.080 align:start position:0% hi everyone Pamela's called long chain at<00:00:52.140> the<00:00:52.170> wall<00:00:52.380> there's<00:00:52.950> the<00:00:53.190> subtitle<00:00:53.790> on<00:00:53.850> it<00:00:54.030> I 00:00:54.080 --> 00:00:54.090 align:start position:0% at the wall there's the subtitle on it I 00:00:54.090 --> 00:00:57.110 align:start position:0% at the wall there's the subtitle on it I don't<00:00:54.270> remember<00:00:55.460> we'd<00:00:56.460> all<00:00:56.579> spend<00:00:56.730> a<00:00:56.940> lot<00:00:57.090> of 00:00:57.110 --> 00:00:57.120 align:start position:0% don't remember we'd all spend a lot of 00:00:57.120 --> 00:00:59.300 align:start position:0% don't remember we'd all spend a lot of time<00:00:57.360> together<00:00:57.540> actually<00:00:58.020> so<00:00:58.739> this<00:00:58.950> is<00:00:59.130> like 00:00:59.300 --> 00:00:59.310 align:start position:0% time together actually so this is like 00:00:59.310 --> 00:01:01.670 align:start position:0% time together actually so this is like we<00:00:59.550> just<00:00:59.579> do<00:00:59.940> this<00:01:00.090> all<00:01:00.300> the<00:01:00.329> time<00:01:00.450> anyway<00:01:00.870> so 00:01:01.670 --> 00:01:01.680 align:start position:0% we just do this all the time anyway so 00:01:01.680 --> 00:01:03.410 align:start position:0% we just do this all the time anyway so somehow<00:01:02.010> there's<00:01:02.340> just<00:01:02.550> a<00:01:02.700> bunch<00:01:03.030> of<00:01:03.180> people 00:01:03.410 --> 00:01:03.420 align:start position:0% somehow there's just a bunch of people 00:01:03.420 --> 00:01:06.889 align:start position:0% somehow there's just a bunch of people in<00:01:03.780> the<00:01:03.870> room<00:01:04.050> with<00:01:04.259> us<00:01:04.910> Anthony<00:01:05.910> has<00:01:06.630> like 00:01:06.889 --> 00:01:06.899 align:start position:0% in the room with us Anthony has like 00:01:06.899 --> 00:01:12.290 align:start position:0% in the room with us Anthony has like formal<00:01:07.320> questions<00:01:07.830> and<00:01:08.070> stuff<00:01:11.000> so<00:01:12.000> yeah<00:01:12.119> so 00:01:12.290 --> 00:01:12.300 align:start position:0% formal questions and stuff so yeah so 00:01:12.300 --> 00:01:13.730 align:start position:0% formal questions and stuff so yeah so I'm<00:01:12.360> going<00:01:12.450> to<00:01:12.509> talk<00:01:12.690> about<00:01:12.810> watching<00:01:13.440> the<00:01:13.560> law 00:01:13.730 --> 00:01:13.740 align:start position:0% I'm going to talk about watching the law 00:01:13.740 --> 00:01:15.810 align:start position:0% I'm going to talk about watching the law and 00:01:15.810 --> 00:01:15.820 align:start position:0% and 00:01:15.820 --> 00:01:40.540 align:start position:0% and a<00:01:15.909> lot<00:01:16.780> of<00:01:16.810> times 00:01:40.540 --> 00:01:40.550 align:start position:0% 00:01:40.550 --> 00:01:55.980 align:start position:0% [Music] 00:01:55.980 --> 00:01:55.990 align:start position:0% 00:01:55.990 --> 00:02:06.060 align:start position:0% [Music] 00:02:06.060 --> 00:02:06.070 align:start position:0% 00:02:06.070 --> 00:02:09.930 align:start position:0% I<00:02:06.690> started<00:02:07.690> out<00:02:07.840> my<00:02:08.679> legal<00:02:08.950> career<00:02:09.100> working 00:02:09.930 --> 00:02:09.940 align:start position:0% I started out my legal career working 00:02:09.940 --> 00:02:16.200 align:start position:0% I started out my legal career working BFF<00:02:10.860> the<00:02:11.860> Nagini<00:02:14.820> fighting<00:02:15.820> the<00:02:15.880> good<00:02:15.970> fight 00:02:16.200 --> 00:02:16.210 align:start position:0% BFF the Nagini fighting the good fight 00:02:16.210 --> 00:02:18.180 align:start position:0% BFF the Nagini fighting the good fight litigating<00:02:17.110> a<00:02:17.140> she's<00:02:17.440> a<00:02:17.470> first<00:02:17.740> impression 00:02:18.180 --> 00:02:18.190 align:start position:0% litigating a she's a first impression 00:02:18.190 --> 00:02:21.660 align:start position:0% litigating a she's a first impression internet<00:02:18.580> lost<00:02:18.760> so<00:02:20.130> issues<00:02:21.130> that<00:02:21.400> courts 00:02:21.660 --> 00:02:21.670 align:start position:0% internet lost so issues that courts 00:02:21.670 --> 00:02:23.340 align:start position:0% internet lost so issues that courts never<00:02:21.850> seen<00:02:22.150> before<00:02:22.270> different<00:02:22.840> technologies 00:02:23.340 --> 00:02:23.350 align:start position:0% never seen before different technologies 00:02:23.350 --> 00:02:26.370 align:start position:0% never seen before different technologies for<00:02:23.380> you<00:02:23.650> and<00:02:24.610> then<00:02:24.760> I<00:02:24.850> worked<00:02:25.090> for<00:02:25.540> big<00:02:26.230> law 00:02:26.370 --> 00:02:26.380 align:start position:0% for you and then I worked for big law 00:02:26.380 --> 00:02:29.460 align:start position:0% for you and then I worked for big law firms<00:02:27.120> in<00:02:28.120> cases<00:02:28.510> for<00:02:28.720> big<00:02:28.900> tech<00:02:29.080> companies 00:02:29.460 --> 00:02:29.470 align:start position:0% firms in cases for big tech companies 00:02:29.470 --> 00:02:33.330 align:start position:0% firms in cases for big tech companies before<00:02:30.250> I<00:02:30.490> discovered<00:02:30.970> watching<00:02:31.540> and<00:02:32.340> Bitcoin 00:02:33.330 --> 00:02:33.340 align:start position:0% before I discovered watching and Bitcoin 00:02:33.340 --> 00:02:39.570 align:start position:0% before I discovered watching and Bitcoin mint<00:02:33.730> lemon<00:02:34.510> and<00:02:34.750> I<00:02:35.410> was<00:02:37.320> tracking<00:02:38.320> years<00:02:39.250> and 00:02:39.570 --> 00:02:39.580 align:start position:0% mint lemon and I was tracking years and 00:02:39.580 --> 00:02:44.070 align:start position:0% mint lemon and I was tracking years and then<00:02:39.820> now<00:02:40.720> run<00:02:41.530> this<00:02:42.450> wonderful<00:02:43.450> community<00:02:43.780> of 00:02:44.070 --> 00:02:44.080 align:start position:0% then now run this wonderful community of 00:02:44.080 --> 00:02:46.590 align:start position:0% then now run this wonderful community of Palo<00:02:44.590> which<00:02:45.459> all<00:02:45.670> these<00:02:45.880> panelists<00:02:46.480> are 00:02:46.590 --> 00:02:46.600 align:start position:0% Palo which all these panelists are 00:02:46.600 --> 00:02:48.210 align:start position:0% Palo which all these panelists are members<00:02:47.140> and<00:02:47.380> some<00:02:47.560> of<00:02:47.650> you<00:02:47.770> guys<00:02:47.890> for<00:02:48.130> the 00:02:48.210 --> 00:02:48.220 align:start position:0% members and some of you guys for the 00:02:48.220 --> 00:02:51.300 align:start position:0% members and some of you guys for the audience<00:02:48.750> we<00:02:49.750> are<00:02:50.140> a<00:02:50.410> community<00:02:51.040> of 00:02:51.300 --> 00:02:51.310 align:start position:0% audience we are a community of 00:02:51.310 --> 00:02:53.870 align:start position:0% audience we are a community of like-minded<00:02:51.840> legal<00:02:52.840> experts<00:02:53.290> academics 00:02:53.870 --> 00:02:53.880 align:start position:0% like-minded legal experts academics 00:02:53.880 --> 00:02:56.880 align:start position:0% like-minded legal experts academics researchers<00:02:54.880> economist<00:02:55.750> technologists<00:02:56.709> the 00:02:56.880 --> 00:02:56.890 align:start position:0% researchers economist technologists the 00:02:56.890 --> 00:02:59.490 align:start position:0% researchers economist technologists the little<00:02:57.250> shebang<00:02:57.730> and<00:02:57.970> you<00:02:58.870> get<00:02:59.020> together<00:02:59.140> at 00:02:59.490 --> 00:02:59.500 align:start position:0% little shebang and you get together at 00:02:59.500 --> 00:03:01.080 align:start position:0% little shebang and you get together at workshops<00:02:59.950> and<00:03:00.100> conferences<00:03:00.340> across<00:03:00.730> work 00:03:01.080 --> 00:03:01.090 align:start position:0% workshops and conferences across work 00:03:01.090 --> 00:03:04.680 align:start position:0% workshops and conferences across work rooms<00:03:01.420> trying<00:03:01.810> to<00:03:02.110> solve<00:03:03.270> deeply<00:03:04.270> troubling 00:03:04.680 --> 00:03:04.690 align:start position:0% rooms trying to solve deeply troubling 00:03:04.690 --> 00:03:07.380 align:start position:0% rooms trying to solve deeply troubling issues<00:03:05.080> that<00:03:05.380> are<00:03:05.590> common<00:03:05.770> to<00:03:05.950> us<00:03:06.070> all 00:03:07.380 --> 00:03:07.390 align:start position:0% issues that are common to us all 00:03:07.390 --> 00:03:10.740 align:start position:0% issues that are common to us all works<00:03:07.830> kinds<00:03:08.830> of<00:03:08.890> tools<00:03:09.130> and<00:03:09.700> how<00:03:10.180> to<00:03:10.240> develop 00:03:10.740 --> 00:03:10.750 align:start position:0% works kinds of tools and how to develop 00:03:10.750 --> 00:03:16.710 align:start position:0% works kinds of tools and how to develop policy<00:03:11.620> and<00:03:12.010> culture 00:03:16.710 --> 00:03:16.720 align:start position:0% 00:03:16.720 --> 00:03:20.490 align:start position:0% hi<00:03:17.260> my<00:03:17.500> name<00:03:17.620> is<00:03:17.650> reka<00:03:17.800> ugly<00:03:19.230> primarily<00:03:20.230> what<00:03:20.470> I 00:03:20.490 --> 00:03:20.500 align:start position:0% hi my name is reka ugly primarily what I 00:03:20.500 --> 00:03:22.290 align:start position:0% hi my name is reka ugly primarily what I do<00:03:20.590> is<00:03:21.070> a<00:03:21.100> mechanism<00:03:21.610> designer<00:03:22.060> in<00:03:22.240> the 00:03:22.290 --> 00:03:22.300 align:start position:0% do is a mechanism designer in the 00:03:22.300 --> 00:03:25.020 align:start position:0% do is a mechanism designer in the blockchain<00:03:22.540> space<00:03:23.020> so<00:03:23.410> I<00:03:23.740> have<00:03:24.310> clients<00:03:24.610> and<00:03:25.000> I 00:03:25.020 --> 00:03:25.030 align:start position:0% blockchain space so I have clients and I 00:03:25.030 --> 00:03:27.930 align:start position:0% blockchain space so I have clients and I help<00:03:25.270> them<00:03:25.540> to<00:03:25.990> build<00:03:26.710> projects<00:03:27.700> are<00:03:27.820> runs 00:03:27.930 --> 00:03:27.940 align:start position:0% help them to build projects are runs 00:03:27.940 --> 00:03:29.490 align:start position:0% help them to build projects are runs into<00:03:28.180> the<00:03:28.270> lines<00:03:28.300> so<00:03:28.780> that<00:03:28.810> they<00:03:29.050> actually<00:03:29.410> you 00:03:29.490 --> 00:03:29.500 align:start position:0% into the lines so that they actually you 00:03:29.500 --> 00:03:31.140 align:start position:0% into the lines so that they actually you really<00:03:29.710> do<00:03:29.860> fill<00:03:30.220> the<00:03:30.340> promise<00:03:30.670> of<00:03:30.850> equality 00:03:31.140 --> 00:03:31.150 align:start position:0% really do fill the promise of equality 00:03:31.150 --> 00:03:33.990 align:start position:0% really do fill the promise of equality and<00:03:31.450> technology<00:03:31.990> and<00:03:32.110> safety<00:03:33.000> guarantees 00:03:33.990 --> 00:03:34.000 align:start position:0% and technology and safety guarantees 00:03:34.000 --> 00:03:37.320 align:start position:0% and technology and safety guarantees that<00:03:34.030> the<00:03:34.510> users<00:03:34.750> expect<00:03:35.460> in<00:03:36.460> that<00:03:36.670> capacity<00:03:36.850> I 00:03:37.320 --> 00:03:37.330 align:start position:0% that the users expect in that capacity I 00:03:37.330 --> 00:03:39.270 align:start position:0% that the users expect in that capacity I often<00:03:37.720> times<00:03:37.840> also<00:03:38.200> have<00:03:38.350> to<00:03:38.470> make<00:03:38.620> sure<00:03:38.830> that 00:03:39.270 --> 00:03:39.280 align:start position:0% often times also have to make sure that 00:03:39.280 --> 00:03:42.480 align:start position:0% often times also have to make sure that the<00:03:39.460> project<00:03:39.850> is<00:03:39.940> in<00:03:40.150> some<00:03:40.600> sense<00:03:41.470> at<00:03:42.460> least 00:03:42.480 --> 00:03:42.490 align:start position:0% the project is in some sense at least 00:03:42.490 --> 00:03:46.380 align:start position:0% the project is in some sense at least remotely<00:03:43.180> peoplee<00:03:43.600> compliant<00:03:44.700> so<00:03:45.700> I<00:03:45.760> spend<00:03:46.360> a 00:03:46.380 --> 00:03:46.390 align:start position:0% remotely peoplee compliant so I spend a 00:03:46.390 --> 00:03:47.820 align:start position:0% remotely peoplee compliant so I spend a lot<00:03:46.540> of<00:03:46.570> time<00:03:46.750> discussing<00:03:46.900> with<00:03:47.410> you<00:03:47.710> know 00:03:47.820 --> 00:03:47.830 align:start position:0% lot of time discussing with you know 00:03:47.830 --> 00:03:51.120 align:start position:0% lot of time discussing with you know various<00:03:48.220> borders<00:03:48.490> in<00:03:48.760> various<00:03:49.030> places<00:03:50.070> how<00:03:51.070> do 00:03:51.120 --> 00:03:51.130 align:start position:0% various borders in various places how do 00:03:51.130 --> 00:03:53.370 align:start position:0% various borders in various places how do we<00:03:51.640> structure<00:03:52.060> these<00:03:52.360> things<00:03:52.660> and<00:03:52.990> mount<00:03:53.170> on 00:03:53.370 --> 00:03:53.380 align:start position:0% we structure these things and mount on 00:03:53.380 --> 00:03:58.740 align:start position:0% we structure these things and mount on follow<00:03:53.590> the<00:03:53.830> law<00:03:54.270> and<00:03:55.270> so<00:03:55.510> I<00:03:56.490> actually<00:03:57.750> really 00:03:58.740 --> 00:03:58.750 align:start position:0% follow the law and so I actually really 00:03:58.750 --> 00:04:03.810 align:start position:0% follow the law and so I actually really prior<00:03:59.140> to<00:03:59.320> that<00:03:59.440> I<00:03:59.470> was<00:04:00.040> in<00:04:00.100> Kuala<00:04:02.370> and<00:04:03.370> I<00:04:03.400> still 00:04:03.810 --> 00:04:03.820 align:start position:0% prior to that I was in Kuala and I still 00:04:03.820 --> 00:04:06.720 align:start position:0% prior to that I was in Kuala and I still have<00:04:04.000> in<00:04:04.180> Kuala<00:04:04.860> yeah<00:04:05.860> the<00:04:05.920> present<00:04:06.400> tense 00:04:06.720 --> 00:04:06.730 align:start position:0% have in Kuala yeah the present tense 00:04:06.730 --> 00:04:10.830 align:start position:0% have in Kuala yeah the present tense um<00:04:07.500> but<00:04:08.500> yeah<00:04:08.620> so<00:04:08.980> so<00:04:09.790> I'm<00:04:09.940> mostly<00:04:10.120> in<00:04:10.540> Kuala 00:04:10.830 --> 00:04:10.840 align:start position:0% um but yeah so so I'm mostly in Kuala 00:04:10.840 --> 00:04:13.620 align:start position:0% um but yeah so so I'm mostly in Kuala I'm<00:04:11.590> the<00:04:11.860> non<00:04:12.130> lawyer<00:04:12.430> that<00:04:12.850> most<00:04:13.240> of<00:04:13.330> the<00:04:13.420> time 00:04:13.620 --> 00:04:13.630 align:start position:0% I'm the non lawyer that most of the time 00:04:13.630 --> 00:04:17.580 align:start position:0% I'm the non lawyer that most of the time so<00:04:13.960> I'm<00:04:14.080> helping<00:04:14.770> people<00:04:14.830> to<00:04:16.109> understand<00:04:17.109> the 00:04:17.580 --> 00:04:17.590 align:start position:0% so I'm helping people to understand the 00:04:17.590 --> 00:04:19.380 align:start position:0% so I'm helping people to understand the technology<00:04:17.920> side<00:04:18.370> the<00:04:18.640> material<00:04:19.030> side<00:04:19.239> in 00:04:19.380 --> 00:04:19.390 align:start position:0% technology side the material side in 00:04:19.390 --> 00:04:25.890 align:start position:0% technology side the material side in particular<00:04:19.510> and<00:04:20.549> model<00:04:21.549> independent<00:04:24.720> my<00:04:25.720> name 00:04:25.890 --> 00:04:25.900 align:start position:0% particular and model independent my name 00:04:25.900 --> 00:04:35.610 align:start position:0% particular and model independent my name is<00:04:26.050> Sarah<00:04:26.470> fight<00:04:26.890> I'm<00:04:27.790> the<00:04:28.090> general<00:04:28.240> counsel 00:04:35.610 --> 00:04:35.620 align:start position:0% 00:04:35.620 --> 00:04:41.860 align:start position:0% like<00:04:36.620> what<00:04:37.280> secret<00:04:38.000> are<00:04:38.270> you<00:04:39.340> safe<00:04:40.870> protection 00:04:41.860 --> 00:04:41.870 align:start position:0% like what secret are you safe protection 00:04:41.870 --> 00:04:51.460 align:start position:0% like what secret are you safe protection market<00:04:42.350> protocols<00:04:45.010> also<00:04:49.570> my<00:04:50.570> roads<00:04:50.960> main<00:04:51.290> is 00:04:51.460 --> 00:04:51.470 align:start position:0% market protocols also my roads main is 00:04:51.470 --> 00:04:54.220 align:start position:0% market protocols also my roads main is really<00:04:51.830> made<00:04:52.070> our<00:04:52.490> products<00:04:53.230> dispute 00:04:54.220 --> 00:04:54.230 align:start position:0% really made our products dispute 00:04:54.230 --> 00:04:58.090 align:start position:0% really made our products dispute assistance<00:04:55.720> prior<00:04:56.720> to<00:04:57.050> turning<00:04:57.290> nurses<00:04:57.890> I 00:04:58.090 --> 00:04:58.100 align:start position:0% assistance prior to turning nurses I 00:04:58.100 --> 00:05:04.050 align:start position:0% assistance prior to turning nurses I went<00:04:58.550> to<00:04:58.700> protect<00:04:59.090> and<00:04:59.450> financial<00:05:00.290> regulatory 00:05:04.050 --> 00:05:04.060 align:start position:0% 00:05:04.060 --> 00:05:08.050 align:start position:0% compliance<00:05:06.250> also<00:05:07.250> international 00:05:08.050 --> 00:05:08.060 align:start position:0% compliance also international 00:05:08.060 --> 00:05:13.720 align:start position:0% compliance also international arbitration<00:05:09.790> my<00:05:10.870> visa<00:05:11.870> situation<00:05:12.170> stab<00:05:12.830> me<00:05:13.100> so 00:05:13.720 --> 00:05:13.730 align:start position:0% arbitration my visa situation stab me so 00:05:13.730 --> 00:05:42.640 align:start position:0% arbitration my visa situation stab me so be<00:05:13.910> our<00:05:14.230> oyster 00:05:42.640 --> 00:05:42.650 align:start position:0% 00:05:42.650 --> 00:05:47.820 align:start position:0% [Music] 00:05:47.820 --> 00:05:47.830 align:start position:0% 00:05:47.830 --> 00:05:50.500 align:start position:0% and<00:05:48.830> this<00:05:49.070> is<00:05:49.190> some<00:05:49.310> strategy<00:05:50.000> but<00:05:50.450> I 00:05:50.500 --> 00:05:50.510 align:start position:0% and this is some strategy but I 00:05:50.510 --> 00:05:52.440 align:start position:0% and this is some strategy but I originally<00:05:50.750> came<00:05:51.169> to<00:05:51.440> know<00:05:51.560> that<00:05:51.740> Republic 00:05:52.440 --> 00:05:52.450 align:start position:0% originally came to know that Republic 00:05:52.450 --> 00:05:55.240 align:start position:0% originally came to know that Republic from<00:05:53.450> working<00:05:54.140> on<00:05:54.230> a<00:05:54.290> small<00:05:54.620> cooperative 00:05:55.240 --> 00:05:55.250 align:start position:0% from working on a small cooperative 00:05:55.250 --> 00:05:56.560 align:start position:0% from working on a small cooperative which<00:05:55.490> I<00:05:55.610> set<00:05:55.790> up<00:05:55.880> like<00:05:56.060> articles<00:05:56.390> of 00:05:56.560 --> 00:05:56.570 align:start position:0% which I set up like articles of 00:05:56.570 --> 00:05:57.850 align:start position:0% which I set up like articles of association<00:05:56.750> or<00:05:57.290> and<00:05:57.470> tried<00:05:57.680> to<00:05:57.710> do 00:05:57.850 --> 00:05:57.860 align:start position:0% association or and tried to do 00:05:57.860 --> 00:05:59.920 align:start position:0% association or and tried to do distributed<00:05:58.370> cooperative<00:05:58.880> in<00:05:59.180> 2014 00:05:59.920 --> 00:05:59.930 align:start position:0% distributed cooperative in 2014 00:05:59.930 --> 00:06:02.740 align:start position:0% distributed cooperative in 2014 and<00:06:00.590> that<00:06:00.860> community<00:06:01.790> came<00:06:02.090> to<00:06:02.240> be<00:06:02.360> an<00:06:02.450> advisor 00:06:02.740 --> 00:06:02.750 align:start position:0% and that community came to be an advisor 00:06:02.750 --> 00:06:04.810 align:start position:0% and that community came to be an advisor and<00:06:03.200> actually<00:06:03.650> a<00:06:03.680> member<00:06:03.860> of<00:06:04.220> the<00:06:04.460> insurance 00:06:04.810 --> 00:06:04.820 align:start position:0% and actually a member of the insurance 00:06:04.820 --> 00:06:06.610 align:start position:0% and actually a member of the insurance and<00:06:05.060> it's<00:06:05.360> very<00:06:05.540> database<00:06:05.990> and<00:06:06.320> they<00:06:06.410> should 00:06:06.610 --> 00:06:06.620 align:start position:0% and it's very database and they should 00:06:06.620 --> 00:06:08.140 align:start position:0% and it's very database and they should be<00:06:06.770> done<00:06:06.950> we're<00:06:07.250> just<00:06:07.280> kind<00:06:07.580> of<00:06:07.640> in<00:06:07.730> throwback 00:06:08.140 --> 00:06:08.150 align:start position:0% be done we're just kind of in throwback 00:06:08.150 --> 00:06:09.490 align:start position:0% be done we're just kind of in throwback now<00:06:08.360> but<00:06:08.570> I<00:06:08.630> think<00:06:08.810> that's<00:06:08.960> why<00:06:09.110> I<00:06:09.140> came<00:06:09.350> to 00:06:09.490 --> 00:06:09.500 align:start position:0% now but I think that's why I came to 00:06:09.500 --> 00:06:11.080 align:start position:0% now but I think that's why I came to know<00:06:09.620> you<00:06:09.710> guys<00:06:09.860> so<00:06:10.160> looking<00:06:10.669> at<00:06:10.760> a<00:06:10.790> kind<00:06:11.030> of 00:06:11.080 --> 00:06:11.090 align:start position:0% know you guys so looking at a kind of 00:06:11.090 --> 00:06:13.240 align:start position:0% know you guys so looking at a kind of model<00:06:11.330> of<00:06:11.510> too<00:06:11.870> centralized<00:06:12.350> stewardship<00:06:13.100> on 00:06:13.240 --> 00:06:13.250 align:start position:0% model of too centralized stewardship on 00:06:13.250 --> 00:06:15.070 align:start position:0% model of too centralized stewardship on a<00:06:13.310> human<00:06:13.580> level<00:06:13.700> of<00:06:14.060> decentralized<00:06:14.419> protocols 00:06:15.070 --> 00:06:15.080 align:start position:0% a human level of decentralized protocols 00:06:15.080 --> 00:06:17.230 align:start position:0% a human level of decentralized protocols and<00:06:15.620> we<00:06:15.680> eat<00:06:15.950> the<00:06:16.100> basket<00:06:16.460> so<00:06:16.610> my<00:06:16.880> background 00:06:17.230 --> 00:06:17.240 align:start position:0% and we eat the basket so my background 00:06:17.240 --> 00:06:18.760 align:start position:0% and we eat the basket so my background is<00:06:17.330> more<00:06:17.570> in<00:06:17.720> kind<00:06:17.960> of<00:06:18.020> writing<00:06:18.260> and<00:06:18.500> research 00:06:18.760 --> 00:06:18.770 align:start position:0% is more in kind of writing and research 00:06:18.770 --> 00:06:24.779 align:start position:0% is more in kind of writing and research practice<00:06:19.250> rather<00:06:19.550> than<00:06:19.760> law<00:06:19.910> specifically 00:06:24.779 --> 00:06:24.789 align:start position:0% 00:06:24.789 --> 00:06:27.939 align:start position:0% look<00:06:25.789> at<00:06:25.909> it<00:06:26.000> so<00:06:26.440> you<00:06:27.440> know<00:06:27.530> we<00:06:27.740> have<00:06:27.830> an 00:06:27.939 --> 00:06:27.949 align:start position:0% look at it so you know we have an 00:06:27.949 --> 00:06:31.119 align:start position:0% look at it so you know we have an outline<00:06:29.289> probably<00:06:30.289> want<00:06:30.470> to<00:06:30.560> keep<00:06:31.009> it 00:06:31.119 --> 00:06:31.129 align:start position:0% outline probably want to keep it 00:06:31.129 --> 00:06:33.369 align:start position:0% outline probably want to keep it entirely<00:06:31.430> mysteries<00:06:32.060> but<00:06:32.419> it<00:06:32.990> will<00:06:33.259> be 00:06:33.369 --> 00:06:33.379 align:start position:0% entirely mysteries but it will be 00:06:33.379 --> 00:06:37.210 align:start position:0% entirely mysteries but it will be someone<00:06:35.199> but<00:06:36.199> these<00:06:36.440> veggies<00:06:36.830> is<00:06:36.979> sort<00:06:37.159> of 00:06:37.210 --> 00:06:37.220 align:start position:0% someone but these veggies is sort of 00:06:37.220 --> 00:06:40.240 align:start position:0% someone but these veggies is sort of provide<00:06:37.819> an<00:06:37.940> introduction<00:06:38.270> to<00:06:38.860> what<00:06:39.860> we<00:06:40.009> think 00:06:40.240 --> 00:06:40.250 align:start position:0% provide an introduction to what we think 00:06:40.250 --> 00:06:42.610 align:start position:0% provide an introduction to what we think about<00:06:40.310> salient<00:06:40.819> legal<00:06:41.270> questions<00:06:41.780> in<00:06:42.440> the 00:06:42.610 --> 00:06:42.620 align:start position:0% about salient legal questions in the 00:06:42.620 --> 00:06:45.790 align:start position:0% about salient legal questions in the blogging<00:06:43.069> space<00:06:44.020> which<00:06:45.020> you<00:06:45.050> may<00:06:45.289> not<00:06:45.409> be<00:06:45.650> what 00:06:45.790 --> 00:06:45.800 align:start position:0% blogging space which you may not be what 00:06:45.800 --> 00:06:47.770 align:start position:0% blogging space which you may not be what you<00:06:45.830> think<00:06:45.949> are<00:06:46.370> solutions<00:06:46.940> and<00:06:47.360> then<00:06:47.449> we<00:06:47.629> can 00:06:47.770 --> 00:06:47.780 align:start position:0% you think are solutions and then we can 00:06:47.780 --> 00:06:51.129 align:start position:0% you think are solutions and then we can sort<00:06:47.990> of<00:06:48.050> suss<00:06:48.590> that<00:06:48.770> out<00:06:48.830> at<00:06:49.039> the<00:06:49.159> end<00:06:50.139> but 00:06:51.129 --> 00:06:51.139 align:start position:0% sort of suss that out at the end but 00:06:51.139 --> 00:06:53.680 align:start position:0% sort of suss that out at the end but yeah<00:06:51.289> let's<00:06:51.550> start<00:06:52.550> I<00:06:52.759> mean<00:06:52.909> anyone<00:06:53.270> can<00:06:53.449> sort 00:06:53.680 --> 00:06:53.690 align:start position:0% yeah let's start I mean anyone can sort 00:06:53.690 --> 00:06:55.540 align:start position:0% yeah let's start I mean anyone can sort of<00:06:53.750> response<00:06:54.080> to<00:06:54.229> the<00:06:54.319> question<00:06:54.770> what<00:06:55.340> is<00:06:55.370> a 00:06:55.540 --> 00:06:55.550 align:start position:0% of response to the question what is a 00:06:55.550 --> 00:06:58.629 align:start position:0% of response to the question what is a big<00:06:55.759> ality<00:06:56.120> and<00:06:56.560> so<00:06:57.560> in<00:06:57.830> in<00:06:58.190> the<00:06:58.340> sort<00:06:58.520> of<00:06:58.550> the 00:06:58.629 --> 00:06:58.639 align:start position:0% big ality and so in in the sort of the 00:06:58.639 --> 00:07:00.879 align:start position:0% big ality and so in in the sort of the blockchain<00:06:58.849> space<00:06:59.270> or<00:06:59.659> talk<00:06:59.900> about<00:06:59.930> extra 00:07:00.879 --> 00:07:00.889 align:start position:0% blockchain space or talk about extra 00:07:00.889 --> 00:07:03.659 align:start position:0% blockchain space or talk about extra legal<00:07:01.069> or<00:07:01.639> unstoppable<00:07:02.389> applications<00:07:03.080> and 00:07:03.659 --> 00:07:03.669 align:start position:0% legal or unstoppable applications and 00:07:03.669 --> 00:07:06.670 align:start position:0% legal or unstoppable applications and oftentimes<00:07:04.669> there's<00:07:05.120> a<00:07:05.180> evil<00:07:05.990> undertone<00:07:06.469> or 00:07:06.670 --> 00:07:06.680 align:start position:0% oftentimes there's a evil undertone or 00:07:06.680 --> 00:07:09.820 align:start position:0% oftentimes there's a evil undertone or legal<00:07:07.099> subtext<00:07:07.729> to<00:07:08.389> those<00:07:08.569> statements<00:07:09.199> that 00:07:09.820 --> 00:07:09.830 align:start position:0% legal subtext to those statements that 00:07:09.830 --> 00:07:11.649 align:start position:0% legal subtext to those statements that is<00:07:10.219> actually<00:07:10.580> predicated<00:07:11.150> in<00:07:11.210> this<00:07:11.300> concept 00:07:11.649 --> 00:07:11.659 align:start position:0% is actually predicated in this concept 00:07:11.659 --> 00:07:14.409 align:start position:0% is actually predicated in this concept of<00:07:11.810> legality<00:07:12.759> and<00:07:13.759> it<00:07:13.940> would<00:07:14.030> be<00:07:14.120> entirely 00:07:14.409 --> 00:07:14.419 align:start position:0% of legality and it would be entirely 00:07:14.419 --> 00:07:17.200 align:start position:0% of legality and it would be entirely unclear<00:07:14.870> to<00:07:15.199> hold<00:07:15.349> a<00:07:15.440> person<00:07:15.710> or<00:07:16.400> even<00:07:16.879> some 00:07:17.200 --> 00:07:17.210 align:start position:0% unclear to hold a person or even some 00:07:17.210 --> 00:07:20.409 align:start position:0% unclear to hold a person or even some cases<00:07:17.599> of<00:07:17.750> the<00:07:18.500> legal<00:07:18.770> background<00:07:18.919> oh<00:07:19.460> what 00:07:20.409 --> 00:07:20.419 align:start position:0% cases of the legal background oh what 00:07:20.419 --> 00:07:29.800 align:start position:0% cases of the legal background oh what that<00:07:20.659> means<00:07:20.960> or<00:07:21.229> how<00:07:21.469> that<00:07:22.129> applies<00:07:22.550> so<00:07:28.810> so 00:07:29.800 --> 00:07:29.810 align:start position:0% that means or how that applies so so 00:07:29.810 --> 00:07:38.050 align:start position:0% that means or how that applies so so what<00:07:30.169> we<00:07:30.289> mean<00:07:30.440> by<00:07:30.500> a<00:07:30.680> legality<00:07:31.400> is<00:07:36.969> we're<00:07:37.969> not 00:07:38.050 --> 00:07:38.060 align:start position:0% what we mean by a legality is we're not 00:07:38.060 --> 00:07:39.459 align:start position:0% what we mean by a legality is we're not talking<00:07:38.389> about<00:07:38.539> things<00:07:38.750> that<00:07:38.870> are<00:07:39.020> illegal 00:07:39.459 --> 00:07:39.469 align:start position:0% talking about things that are illegal 00:07:39.469 --> 00:07:42.640 align:start position:0% talking about things that are illegal per<00:07:39.889> se<00:07:39.919> ie<00:07:40.340> already<00:07:41.029> defined<00:07:41.870> you<00:07:42.380> know<00:07:42.409> by 00:07:42.640 --> 00:07:42.650 align:start position:0% per se ie already defined you know by 00:07:42.650 --> 00:07:45.850 align:start position:0% per se ie already defined you know by specific<00:07:43.190> law<00:07:44.029> or<00:07:44.449> regulation<00:07:45.080> we're<00:07:45.740> not 00:07:45.850 --> 00:07:45.860 align:start position:0% specific law or regulation we're not 00:07:45.860 --> 00:07:47.119 align:start position:0% specific law or regulation we're not talking<00:07:46.159> about<00:07:46.219> things<00:07:46.550> that<00:07:46.669> are 00:07:47.119 --> 00:07:47.129 align:start position:0% talking about things that are 00:07:47.129 --> 00:07:49.669 align:start position:0% talking about things that are illegals<00:07:47.749> illegalities<00:07:48.749> is<00:07:49.139> what<00:07:49.319> we<00:07:49.409> refer 00:07:49.669 --> 00:07:49.679 align:start position:0% illegals illegalities is what we refer 00:07:49.679 --> 00:07:52.010 align:start position:0% illegals illegalities is what we refer to<00:07:49.709> as<00:07:50.069> things<00:07:50.369> that<00:07:50.610> exist<00:07:51.029> currently 00:07:52.010 --> 00:07:52.020 align:start position:0% to as things that exist currently 00:07:52.020 --> 00:07:54.739 align:start position:0% to as things that exist currently outside<00:07:52.559> of<00:07:52.619> the<00:07:52.979> view<00:07:53.219> of<00:07:53.369> the<00:07:53.459> law<00:07:53.610> today<00:07:53.909> so 00:07:54.739 --> 00:07:54.749 align:start position:0% outside of the view of the law today so 00:07:54.749 --> 00:07:59.719 align:start position:0% outside of the view of the law today so when<00:07:55.020> we<00:07:55.139> think<00:07:55.289> about<00:07:56.239> unstoppable<00:07:57.239> code<00:07:58.729> we 00:07:59.719 --> 00:07:59.729 align:start position:0% when we think about unstoppable code we 00:07:59.729 --> 00:08:01.579 align:start position:0% when we think about unstoppable code we often<00:08:00.059> think<00:08:00.179> Oh<00:08:00.419> what<00:08:01.050> we're<00:08:01.169> really<00:08:01.349> talking 00:08:01.579 --> 00:08:01.589 align:start position:0% often think Oh what we're really talking 00:08:01.589 --> 00:08:03.559 align:start position:0% often think Oh what we're really talking about<00:08:01.800> is<00:08:02.069> the<00:08:02.189> blockchain<00:08:02.729> reality<00:08:03.389> and 00:08:03.559 --> 00:08:03.569 align:start position:0% about is the blockchain reality and 00:08:03.569 --> 00:08:05.359 align:start position:0% about is the blockchain reality and there<00:08:03.809> is<00:08:03.929> a<00:08:03.959> lot<00:08:04.199> in<00:08:04.379> reality<00:08:04.800> but<00:08:04.919> we<00:08:04.979> forget 00:08:05.359 --> 00:08:05.369 align:start position:0% there is a lot in reality but we forget 00:08:05.369 --> 00:08:06.949 align:start position:0% there is a lot in reality but we forget that<00:08:05.429> there's<00:08:05.729> also<00:08:05.909> a<00:08:06.059> physical<00:08:06.479> legal 00:08:06.949 --> 00:08:06.959 align:start position:0% that there's also a physical legal 00:08:06.959 --> 00:08:09.499 align:start position:0% that there's also a physical legal reality<00:08:07.379> so<00:08:07.739> people<00:08:08.429> participating<00:08:09.300> in<00:08:09.360> that 00:08:09.499 --> 00:08:09.509 align:start position:0% reality so people participating in that 00:08:09.509 --> 00:08:11.479 align:start position:0% reality so people participating in that code<00:08:09.689> the<00:08:09.839> development<00:08:10.229> of<00:08:10.289> the<00:08:10.349> code<00:08:10.559> people 00:08:11.479 --> 00:08:11.489 align:start position:0% code the development of the code people 00:08:11.489 --> 00:08:13.489 align:start position:0% code the development of the code people participating<00:08:12.119> in<00:08:12.149> the<00:08:12.209> project<00:08:12.479> all<00:08:13.050> of<00:08:13.259> whom 00:08:13.489 --> 00:08:13.499 align:start position:0% participating in the project all of whom 00:08:13.499 --> 00:08:16.219 align:start position:0% participating in the project all of whom have<00:08:13.889> a<00:08:14.209> legal<00:08:15.209> and<00:08:15.449> physical<00:08:15.599> presence<00:08:16.110> in 00:08:16.219 --> 00:08:16.229 align:start position:0% have a legal and physical presence in 00:08:16.229 --> 00:08:17.299 align:start position:0% have a legal and physical presence in the<00:08:16.289> real<00:08:16.469> world 00:08:17.299 --> 00:08:17.309 align:start position:0% the real world 00:08:17.309 --> 00:08:19.159 align:start position:0% the real world and<00:08:17.849> so<00:08:18.089> what<00:08:18.330> we<00:08:18.479> when<00:08:18.839> we<00:08:18.959> talk<00:08:19.139> about 00:08:19.159 --> 00:08:19.169 align:start position:0% and so what we when we talk about 00:08:19.169 --> 00:08:21.980 align:start position:0% and so what we when we talk about illegality<00:08:19.740> we<00:08:20.369> are<00:08:20.699> really<00:08:20.939> trying<00:08:21.839> to 00:08:21.980 --> 00:08:21.990 align:start position:0% illegality we are really trying to 00:08:21.990 --> 00:08:23.570 align:start position:0% illegality we are really trying to figure<00:08:22.740> out<00:08:22.800> how<00:08:23.069> do<00:08:23.129> we<00:08:23.219> make<00:08:23.429> this 00:08:23.570 --> 00:08:23.580 align:start position:0% figure out how do we make this 00:08:23.580 --> 00:08:26.600 align:start position:0% figure out how do we make this blockchain<00:08:24.089> reality<00:08:24.800> correspond<00:08:25.800> and<00:08:26.189> deal 00:08:26.600 --> 00:08:26.610 align:start position:0% blockchain reality correspond and deal 00:08:26.610 --> 00:08:29.089 align:start position:0% blockchain reality correspond and deal with<00:08:26.639> this<00:08:27.209> physical<00:08:27.449> real<00:08:28.019> reality<00:08:28.409> legal 00:08:29.089 --> 00:08:29.099 align:start position:0% with this physical real reality legal 00:08:29.099 --> 00:08:32.420 align:start position:0% with this physical real reality legal reality<00:08:29.580> real<00:08:30.419> legal<00:08:31.199> reality<00:08:31.679> that<00:08:31.889> exists 00:08:32.420 --> 00:08:32.430 align:start position:0% reality real legal reality that exists 00:08:32.430 --> 00:08:37.449 align:start position:0% reality real legal reality that exists for<00:08:32.579> many<00:08:32.819> of<00:08:33.029> us<00:08:33.209> who<00:08:33.479> work<00:08:33.630> in<00:08:33.779> this<00:08:33.839> case<00:08:34.079> I 00:08:37.449 --> 00:08:37.459 align:start position:0% 00:08:37.459 --> 00:08:41.059 align:start position:0% think<00:08:38.459> oh<00:08:38.959> hey<00:08:39.959> you<00:08:40.139> gotta<00:08:40.319> see<00:08:40.529> is<00:08:40.589> very<00:08:40.829> easy 00:08:41.059 --> 00:08:41.069 align:start position:0% think oh hey you gotta see is very easy 00:08:41.069 --> 00:08:43.309 align:start position:0% think oh hey you gotta see is very easy to<00:08:41.219> cross<00:08:41.909> a<00:08:41.969> few<00:08:42.360> justice<00:08:42.779> would<00:08:42.959> refer<00:08:43.289> to 00:08:43.309 --> 00:08:43.319 align:start position:0% to cross a few justice would refer to 00:08:43.319 --> 00:08:45.290 align:start position:0% to cross a few justice would refer to the<00:08:43.620> order<00:08:43.979> to<00:08:44.219> just<00:08:44.430> order<00:08:44.819> them<00:08:44.970> oh<00:08:45.120> I'm 00:08:45.290 --> 00:08:45.300 align:start position:0% the order to just order them oh I'm 00:08:45.300 --> 00:08:48.019 align:start position:0% the order to just order them oh I'm ordered<00:08:45.750> and<00:08:46.230> we're<00:08:46.470> basically<00:08:46.829> in<00:08:46.980> the<00:08:47.160> space 00:08:48.019 --> 00:08:48.029 align:start position:0% ordered and we're basically in the space 00:08:48.029 --> 00:08:50.960 align:start position:0% ordered and we're basically in the space and<00:08:48.360> I<00:08:48.449> think<00:08:48.800> in<00:08:49.800> the<00:08:49.949> lone<00:08:50.160> I<00:08:50.459> mean<00:08:50.699> right<00:08:50.939> now 00:08:50.960 --> 00:08:50.970 align:start position:0% and I think in the lone I mean right now 00:08:50.970 --> 00:08:52.490 align:start position:0% and I think in the lone I mean right now there's<00:08:51.389> a<00:08:51.449> lot<00:08:51.660> of<00:08:51.839> regulation<00:08:52.410> and 00:08:52.490 --> 00:08:52.500 align:start position:0% there's a lot of regulation and 00:08:52.500 --> 00:08:54.710 align:start position:0% there's a lot of regulation and happening<00:08:52.949> so<00:08:53.220> the<00:08:53.699> unordered<00:08:54.389> space 00:08:54.710 --> 00:08:54.720 align:start position:0% happening so the unordered space 00:08:54.720 --> 00:08:58.460 align:start position:0% happening so the unordered space becoming<00:08:55.439> that's<00:08:56.220> an<00:08:56.519> orange<00:08:57.060> so<00:08:57.779> it's<00:08:57.990> more 00:08:58.460 --> 00:08:58.470 align:start position:0% becoming that's an orange so it's more 00:08:58.470 --> 00:09:00.660 align:start position:0% becoming that's an orange so it's more ordered<00:08:58.889> or<00:08:59.009> disordered<00:08:59.189> depending 00:09:00.660 --> 00:09:00.670 align:start position:0% ordered or disordered depending 00:09:00.670 --> 00:09:07.680 align:start position:0% ordered or disordered depending where<00:09:00.880> we<00:09:01.090> study<00:09:05.790> do<00:09:06.790> you<00:09:06.880> want<00:09:07.090> to<00:09:07.180> expand<00:09:07.510> a 00:09:07.680 --> 00:09:07.690 align:start position:0% where we study do you want to expand a 00:09:07.690 --> 00:09:09.870 align:start position:0% where we study do you want to expand a bit<00:09:07.840> on<00:09:07.870> which<00:09:08.590> one's<00:09:08.860> ordered<00:09:09.340> with<00:09:09.640> one's 00:09:09.870 --> 00:09:09.880 align:start position:0% bit on which one's ordered with one's 00:09:09.880 --> 00:09:17.310 align:start position:0% bit on which one's ordered with one's unordered<00:09:10.540> which<00:09:10.840> ones<00:09:11.080> disordered<00:09:15.450> so<00:09:16.450> from 00:09:17.310 --> 00:09:17.320 align:start position:0% unordered which ones disordered so from 00:09:17.320 --> 00:09:19.350 align:start position:0% unordered which ones disordered so from a<00:09:17.350> regulatory<00:09:17.830> perspective<00:09:18.430> from<00:09:19.150> the 00:09:19.350 --> 00:09:19.360 align:start position:0% a regulatory perspective from the 00:09:19.360 --> 00:09:23.310 align:start position:0% a regulatory perspective from the regulation<00:09:21.360> anything<00:09:22.360> that<00:09:22.540> doesn't<00:09:22.780> comply 00:09:23.310 --> 00:09:23.320 align:start position:0% regulation anything that doesn't comply 00:09:23.320 --> 00:09:26.480 align:start position:0% regulation anything that doesn't comply with<00:09:23.620> the<00:09:23.770> new<00:09:24.010> overarching<00:09:24.760> of<00:09:25.290> overreaching 00:09:26.480 --> 00:09:26.490 align:start position:0% with the new overarching of overreaching 00:09:26.490 --> 00:09:28.890 align:start position:0% with the new overarching of overreaching regulation<00:09:27.490> in<00:09:27.670> several<00:09:28.090> countries<00:09:28.300> would<00:09:28.870> be 00:09:28.890 --> 00:09:28.900 align:start position:0% regulation in several countries would be 00:09:28.900 --> 00:09:34.050 align:start position:0% regulation in several countries would be disparate<00:09:30.240> and<00:09:31.240> the<00:09:32.230> unordered<00:09:32.950> our<00:09:33.310> a<00:09:33.580> legal 00:09:34.050 --> 00:09:34.060 align:start position:0% disparate and the unordered our a legal 00:09:34.060 --> 00:09:37.800 align:start position:0% disparate and the unordered our a legal space<00:09:34.390> becomes<00:09:35.050> smaller<00:09:35.980> and<00:09:36.400> smaller<00:09:36.810> but 00:09:37.800 --> 00:09:37.810 align:start position:0% space becomes smaller and smaller but 00:09:37.810 --> 00:09:39.840 align:start position:0% space becomes smaller and smaller but that<00:09:37.990> is<00:09:38.290> up<00:09:38.470> to<00:09:38.500> debate<00:09:38.980> so<00:09:39.250> might<00:09:39.610> have<00:09:39.820> a 00:09:39.840 --> 00:09:39.850 align:start position:0% that is up to debate so might have a 00:09:39.850 --> 00:09:43.170 align:start position:0% that is up to debate so might have a different<00:09:40.120> of<00:09:40.330> the<00:09:40.450> nervous<00:09:41.940> that's<00:09:42.940> where 00:09:43.170 --> 00:09:43.180 align:start position:0% different of the nervous that's where 00:09:43.180 --> 00:09:48.690 align:start position:0% different of the nervous that's where the<00:09:43.240> benefit<00:09:43.600> of<00:09:43.660> the<00:09:43.780> audience<00:09:47.400> is<00:09:48.400> it<00:09:48.490> not 00:09:48.690 --> 00:09:48.700 align:start position:0% the benefit of the audience is it not 00:09:48.700 --> 00:09:52.410 align:start position:0% the benefit of the audience is it not sure<00:09:49.060> if<00:09:49.450> there's<00:09:50.110> in<00:09:51.040> reality<00:09:51.640> is<00:09:51.910> as<00:09:52.090> long<00:09:52.240> as 00:09:52.410 --> 00:09:52.420 align:start position:0% sure if there's in reality is as long as 00:09:52.420 --> 00:09:55.770 align:start position:0% sure if there's in reality is as long as there's<00:09:52.690> human<00:09:54.090> interaction<00:09:55.090> there's<00:09:55.360> a<00:09:55.480> set 00:09:55.770 --> 00:09:55.780 align:start position:0% there's human interaction there's a set 00:09:55.780 --> 00:09:58.530 align:start position:0% there's human interaction there's a set of<00:09:55.930> even<00:09:56.860> with<00:09:57.010> you<00:09:57.370> know<00:09:57.490> kind<00:09:57.820> of<00:09:57.910> like 00:09:58.530 --> 00:09:58.540 align:start position:0% of even with you know kind of like 00:09:58.540 --> 00:09:59.850 align:start position:0% of even with you know kind of like police<00:09:58.900> regulations 00:09:59.850 --> 00:09:59.860 align:start position:0% police regulations 00:09:59.860 --> 00:10:02.160 align:start position:0% police regulations what's<00:10:00.550> the<00:10:00.820> ground<00:10:01.180> by<00:10:01.420> which<00:10:01.690> we<00:10:01.960> operate 00:10:02.160 --> 00:10:02.170 align:start position:0% what's the ground by which we operate 00:10:02.170 --> 00:10:04.860 align:start position:0% what's the ground by which we operate together<00:10:02.800> as<00:10:03.160> whatever<00:10:03.880> human<00:10:04.300> interaction 00:10:04.860 --> 00:10:04.870 align:start position:0% together as whatever human interaction 00:10:04.870 --> 00:10:07.500 align:start position:0% together as whatever human interaction right<00:10:04.990> so<00:10:05.290> if<00:10:05.920> I<00:10:06.100> take<00:10:06.370> a<00:10:06.400> very<00:10:06.730> common<00:10:07.330> law 00:10:07.500 --> 00:10:07.510 align:start position:0% right so if I take a very common law 00:10:07.510 --> 00:10:10.860 align:start position:0% right so if I take a very common law approach<00:10:07.630> I<00:10:08.230> think<00:10:08.770> about<00:10:09.420> there's<00:10:10.420> there's 00:10:10.860 --> 00:10:10.870 align:start position:0% approach I think about there's there's 00:10:10.870 --> 00:10:12.900 align:start position:0% approach I think about there's there's laws<00:10:11.110> but<00:10:11.470> there's<00:10:11.710> also<00:10:11.920> principles<00:10:12.550> there's 00:10:12.900 --> 00:10:12.910 align:start position:0% laws but there's also principles there's 00:10:12.910 --> 00:10:15.840 align:start position:0% laws but there's also principles there's a<00:10:13.000> constitutional<00:10:13.960> right<00:10:14.380> that's<00:10:14.650> around<00:10:15.370> the 00:10:15.840 --> 00:10:15.850 align:start position:0% a constitutional right that's around the 00:10:15.850 --> 00:10:18.480 align:start position:0% a constitutional right that's around the legality<00:10:16.540> of<00:10:16.840> all<00:10:17.320> the<00:10:17.500> subsequent<00:10:17.920> laws<00:10:18.250> that 00:10:18.480 --> 00:10:18.490 align:start position:0% legality of all the subsequent laws that 00:10:18.490 --> 00:10:21.860 align:start position:0% legality of all the subsequent laws that are<00:10:18.640> enacted<00:10:18.820> by<00:10:19.210> Congress 00:10:21.860 --> 00:10:21.870 align:start position:0% 00:10:21.870 --> 00:10:24.690 align:start position:0% so<00:10:22.870> there's<00:10:23.230> a<00:10:23.320> there's<00:10:23.500> a<00:10:23.620> pecking<00:10:23.830> word<00:10:24.190> but 00:10:24.690 --> 00:10:24.700 align:start position:0% so there's a there's a pecking word but 00:10:24.700 --> 00:10:27.780 align:start position:0% so there's a there's a pecking word but you<00:10:24.910> start<00:10:25.210> in<00:10:25.390> the<00:10:25.780> US<00:10:26.280> legal<00:10:27.280> culture<00:10:27.490> we 00:10:27.780 --> 00:10:27.790 align:start position:0% you start in the US legal culture we 00:10:27.790 --> 00:10:29.790 align:start position:0% you start in the US legal culture we start<00:10:28.180> with<00:10:28.420> that<00:10:28.720> we<00:10:28.870> can<00:10:28.990> Constitution 00:10:29.790 --> 00:10:29.800 align:start position:0% start with that we can Constitution 00:10:29.800 --> 00:10:33.750 align:start position:0% start with that we can Constitution which<00:10:30.460> is<00:10:30.700> a<00:10:30.970> piece<00:10:31.540> of<00:10:31.980> literature<00:10:32.980> as 00:10:33.750 --> 00:10:33.760 align:start position:0% which is a piece of literature as 00:10:33.760 --> 00:10:36.750 align:start position:0% which is a piece of literature as opposed<00:10:34.120> to<00:10:34.240> English<00:10:35.230> Constitution<00:10:35.950> under 00:10:36.750 --> 00:10:36.760 align:start position:0% opposed to English Constitution under 00:10:36.760 --> 00:10:39.000 align:start position:0% opposed to English Constitution under but<00:10:37.270> it's<00:10:37.390> a<00:10:37.540> sin<00:10:38.080> of<00:10:38.230> those<00:10:38.440> founding 00:10:39.000 --> 00:10:39.010 align:start position:0% but it's a sin of those founding 00:10:39.010 --> 00:10:41.760 align:start position:0% but it's a sin of those founding principles<00:10:39.720> and<00:10:40.720> on<00:10:40.870> top<00:10:41.140> of<00:10:41.170> that<00:10:41.290> we<00:10:41.560> have 00:10:41.760 --> 00:10:41.770 align:start position:0% principles and on top of that we have 00:10:41.770 --> 00:10:43.740 align:start position:0% principles and on top of that we have lost<00:10:42.040> cosmic<00:10:42.550> congress<00:10:42.970> and<00:10:43.210> then<00:10:43.330> on<00:10:43.480> top<00:10:43.690> of 00:10:43.740 --> 00:10:43.750 align:start position:0% lost cosmic congress and then on top of 00:10:43.750 --> 00:10:47.700 align:start position:0% lost cosmic congress and then on top of that<00:10:44.520> we<00:10:45.520> have<00:10:45.700> regulations<00:10:46.150> that<00:10:46.930> are<00:10:46.990> by 00:10:47.700 --> 00:10:47.710 align:start position:0% that we have regulations that are by 00:10:47.710 --> 00:10:51.000 align:start position:0% that we have regulations that are by unfortunately<00:10:48.070> that<00:10:49.000> interpret<00:10:49.800> right<00:10:50.800> so 00:10:51.000 --> 00:10:51.010 align:start position:0% unfortunately that interpret right so 00:10:51.010 --> 00:10:53.310 align:start position:0% unfortunately that interpret right so recently<00:10:51.670> lots<00:10:52.030> of<00:10:52.150> log<00:10:52.390> kind<00:10:52.720> of<00:10:52.780> falls<00:10:53.050> that 00:10:53.310 --> 00:10:53.320 align:start position:0% recently lots of log kind of falls that 00:10:53.320 --> 00:10:56.430 align:start position:0% recently lots of log kind of falls that subspaces<00:10:54.810> talk<00:10:55.810> about<00:10:56.020> things<00:10:56.170> in<00:10:56.290> a<00:10:56.320> very 00:10:56.430 --> 00:10:56.440 align:start position:0% subspaces talk about things in a very 00:10:56.440 --> 00:10:58.470 align:start position:0% subspaces talk about things in a very concrete<00:10:56.740> way<00:10:57.010> as<00:10:57.730> people<00:10:57.970> know<00:10:58.240> we're<00:10:58.420> all 00:10:58.470 --> 00:10:58.480 align:start position:0% concrete way as people know we're all 00:10:58.480 --> 00:11:00.390 align:start position:0% concrete way as people know we're all scared<00:10:58.780> of<00:10:58.990> the<00:10:59.080> sec<00:10:59.530> world<00:10:59.860> scared<00:11:00.190> of 00:11:00.390 --> 00:11:00.400 align:start position:0% scared of the sec world scared of 00:11:00.400 --> 00:11:02.130 align:start position:0% scared of the sec world scared of enforcement<00:11:01.210> actions<00:11:01.570> right<00:11:01.780> so<00:11:01.960> they're 00:11:02.130 --> 00:11:02.140 align:start position:0% enforcement actions right so they're 00:11:02.140 --> 00:11:05.190 align:start position:0% enforcement actions right so they're operating<00:11:03.040> that<00:11:03.190> lumber<00:11:03.610> and<00:11:04.420> be<00:11:04.750> kind<00:11:05.080> of 00:11:05.190 --> 00:11:05.200 align:start position:0% operating that lumber and be kind of 00:11:05.200 --> 00:11:07.050 align:start position:0% operating that lumber and be kind of wanted<00:11:05.410> people<00:11:05.530> gap<00:11:05.890> or<00:11:06.130> were<00:11:06.340> these<00:11:06.610> ground 00:11:07.050 --> 00:11:07.060 align:start position:0% wanted people gap or were these ground 00:11:07.060 --> 00:11:10.580 align:start position:0% wanted people gap or were these ground includes<00:11:07.630> apples<00:11:07.990> that<00:11:08.200> make<00:11:08.560> that<00:11:09.250> thank<00:11:10.000> you 00:11:10.580 --> 00:11:10.590 align:start position:0% includes apples that make that thank you 00:11:10.590 --> 00:11:12.570 align:start position:0% includes apples that make that thank you justification<00:11:11.590> for<00:11:11.920> these<00:11:12.130> subsequent 00:11:12.570 --> 00:11:12.580 align:start position:0% justification for these subsequent 00:11:12.580 --> 00:11:16.140 align:start position:0% justification for these subsequent regulations<00:11:13.360> applause<00:11:13.740> so<00:11:14.740> I<00:11:14.830> think<00:11:15.030> you<00:11:16.030> know 00:11:16.140 --> 00:11:16.150 align:start position:0% regulations applause so I think you know 00:11:16.150 --> 00:11:18.840 align:start position:0% regulations applause so I think you know Dells<00:11:16.950> opportunity<00:11:17.950> to<00:11:18.070> think<00:11:18.520> that 00:11:18.840 --> 00:11:18.850 align:start position:0% Dells opportunity to think that 00:11:18.850 --> 00:11:23.070 align:start position:0% Dells opportunity to think that relational<00:11:19.570> aspects<00:11:20.230> of<00:11:21.210> human<00:11:22.210> eruption<00:11:22.780> and 00:11:23.070 --> 00:11:23.080 align:start position:0% relational aspects of human eruption and 00:11:23.080 --> 00:11:29.530 align:start position:0% relational aspects of human eruption and propose<00:11:23.380> just<00:11:23.740> a<00:11:23.860> way<00:11:24.100> of<00:11:24.210> executing 00:11:29.530 --> 00:11:29.540 align:start position:0% 00:11:29.540 --> 00:11:41.450 align:start position:0% there's<00:11:30.540> birds 00:11:41.450 --> 00:11:41.460 align:start position:0% 00:11:41.460 --> 00:12:00.080 align:start position:0% always<00:11:54.330> we<00:11:55.330> are<00:11:55.450> always<00:11:55.570> very<00:11:56.170> to<00:11:58.770> governments 00:12:00.080 --> 00:12:00.090 align:start position:0% always we are always very to governments 00:12:00.090 --> 00:12:03.330 align:start position:0% always we are always very to governments and<00:12:01.090> so<00:12:01.240> but<00:12:01.450> that's<00:12:01.630> why<00:12:01.840> sometimes<00:12:02.500> we<00:12:02.950> say<00:12:03.160> a 00:12:03.330 --> 00:12:03.340 align:start position:0% and so but that's why sometimes we say a 00:12:03.340 --> 00:12:05.400 align:start position:0% and so but that's why sometimes we say a legalities<00:12:03.910> something<00:12:04.330> that<00:12:04.480> is<00:12:04.600> not<00:12:04.780> ordered 00:12:05.400 --> 00:12:05.410 align:start position:0% legalities something that is not ordered 00:12:05.410 --> 00:12:10.560 align:start position:0% legalities something that is not ordered but<00:12:06.370> sometimes<00:12:07.090> we<00:12:07.690> find<00:12:08.080> order<00:12:09.570> committed 00:12:10.560 --> 00:12:10.570 align:start position:0% but sometimes we find order committed 00:12:10.570 --> 00:12:13.350 align:start position:0% but sometimes we find order committed from<00:12:10.900> legal<00:12:11.890> systems<00:12:12.460> coming<00:12:12.850> from<00:12:13.150> there 00:12:13.350 --> 00:12:13.360 align:start position:0% from legal systems coming from there 00:12:13.360 --> 00:12:16.710 align:start position:0% from legal systems coming from there from<00:12:13.630> the<00:12:13.810> private<00:12:14.260> parties<00:12:15.210> so<00:12:16.210> it<00:12:16.390> doesn't 00:12:16.710 --> 00:12:16.720 align:start position:0% from the private parties so it doesn't 00:12:16.720 --> 00:12:19.920 align:start position:0% from the private parties so it doesn't mean<00:12:16.870> that<00:12:17.050> we<00:12:17.290> are<00:12:17.410> not<00:12:17.440> ordered<00:12:18.570> if<00:12:19.570> it<00:12:19.810> is 00:12:19.920 --> 00:12:19.930 align:start position:0% mean that we are not ordered if it is 00:12:19.930 --> 00:12:21.870 align:start position:0% mean that we are not ordered if it is outside<00:12:20.170> the<00:12:20.590> legal<00:12:20.710> system<00:12:21.310> or<00:12:21.550> that<00:12:21.700> they 00:12:21.870 --> 00:12:21.880 align:start position:0% outside the legal system or that they 00:12:21.880 --> 00:12:27.030 align:start position:0% outside the legal system or that they are<00:12:21.970> no<00:12:22.240> rules<00:12:22.540> at<00:12:22.810> all<00:12:23.310> there<00:12:24.310> are<00:12:24.340> now<00:12:26.040> this 00:12:27.030 --> 00:12:27.040 align:start position:0% are no rules at all there are now this 00:12:27.040 --> 00:12:29.670 align:start position:0% are no rules at all there are now this chain<00:12:27.910> organizations<00:12:28.870> these<00:12:29.140> new<00:12:29.350> systems 00:12:29.670 --> 00:12:29.680 align:start position:0% chain organizations these new systems 00:12:29.680 --> 00:12:33.769 align:start position:0% chain organizations these new systems they<00:12:30.580> are<00:12:32.190> self-organizing 00:12:33.769 --> 00:12:33.779 align:start position:0% they are self-organizing 00:12:33.779 --> 00:12:37.069 align:start position:0% they are self-organizing and<00:12:34.230> trying<00:12:34.529> to<00:12:34.800> impose<00:12:35.430> these<00:12:35.970> or<00:12:36.360> to<00:12:36.810> create 00:12:37.069 --> 00:12:37.079 align:start position:0% and trying to impose these or to create 00:12:37.079 --> 00:12:41.449 align:start position:0% and trying to impose these or to create these<00:12:37.920> new<00:12:37.980> system<00:12:38.730> that<00:12:39.660> is<00:12:40.199> parallel<00:12:41.069> and 00:12:41.449 --> 00:12:41.459 align:start position:0% these new system that is parallel and 00:12:41.459 --> 00:12:48.079 align:start position:0% these new system that is parallel and it's<00:12:41.999> outside<00:12:42.600> of<00:12:43.009> traditional<00:12:46.730> just<00:12:47.730> just 00:12:48.079 --> 00:12:48.089 align:start position:0% it's outside of traditional just just 00:12:48.089 --> 00:12:49.850 align:start position:0% it's outside of traditional just just one<00:12:48.209> quick<00:12:48.420> follow-up<00:12:48.749> you<00:12:49.079> know<00:12:49.199> in<00:12:49.379> terms<00:12:49.649> of 00:12:49.850 --> 00:12:49.860 align:start position:0% one quick follow-up you know in terms of 00:12:49.860 --> 00:12:52.309 align:start position:0% one quick follow-up you know in terms of this<00:12:50.040> kind<00:12:50.339> of<00:12:50.399> unordered<00:12:51.180> space<00:12:51.480> eventually 00:12:52.309 --> 00:12:52.319 align:start position:0% this kind of unordered space eventually 00:12:52.319 --> 00:12:54.439 align:start position:0% this kind of unordered space eventually that<00:12:52.740> one<00:12:52.889> ordered<00:12:53.249> space<00:12:53.550> becomes<00:12:54.149> order 00:12:54.439 --> 00:12:54.449 align:start position:0% that one ordered space becomes order 00:12:54.449 --> 00:12:56.360 align:start position:0% that one ordered space becomes order there<00:12:54.689> are<00:12:54.779> forces<00:12:55.050> that<00:12:55.589> shaped<00:12:55.980> the<00:12:56.220> way 00:12:56.360 --> 00:12:56.370 align:start position:0% there are forces that shaped the way 00:12:56.370 --> 00:13:00.259 align:start position:0% there are forces that shaped the way laws<00:12:56.670> form<00:12:57.089> it's<00:12:57.300> slow<00:12:57.660> but<00:12:58.559> when<00:12:59.309> it<00:12:59.639> moves<00:12:59.879> it 00:13:00.259 --> 00:13:00.269 align:start position:0% laws form it's slow but when it moves it 00:13:00.269 --> 00:13:01.420 align:start position:0% laws form it's slow but when it moves it moves 00:13:01.420 --> 00:13:01.430 align:start position:0% moves 00:13:01.430 --> 00:13:04.540 align:start position:0% moves particular<00:13:01.850> arc<00:13:02.060> and<00:13:02.300> without<00:13:03.230> you<00:13:04.070> know<00:13:04.190> new 00:13:04.540 --> 00:13:04.550 align:start position:0% particular arc and without you know new 00:13:04.550 --> 00:13:06.250 align:start position:0% particular arc and without you know new kinds<00:13:04.850> of<00:13:04.940> projects<00:13:05.600> and<00:13:05.720> new<00:13:05.899> kinds<00:13:06.170> of 00:13:06.250 --> 00:13:06.260 align:start position:0% kinds of projects and new kinds of 00:13:06.260 --> 00:13:09.940 align:start position:0% kinds of projects and new kinds of thinking<00:13:06.500> and<00:13:06.890> innovation<00:13:07.310> and<00:13:08.560> what<00:13:09.560> happens 00:13:09.940 --> 00:13:09.950 align:start position:0% thinking and innovation and what happens 00:13:09.950 --> 00:13:12.610 align:start position:0% thinking and innovation and what happens is<00:13:10.220> that<00:13:10.430> the<00:13:11.240> kinds<00:13:11.600> of<00:13:11.690> forces<00:13:11.930> that<00:13:12.140> shape 00:13:12.610 --> 00:13:12.620 align:start position:0% is that the kinds of forces that shape 00:13:12.620 --> 00:13:14.680 align:start position:0% is that the kinds of forces that shape the<00:13:12.920> political<00:13:13.370> economy<00:13:13.820> which<00:13:14.089> lead<00:13:14.390> to<00:13:14.600> the 00:13:14.680 --> 00:13:14.690 align:start position:0% the political economy which lead to the 00:13:14.690 --> 00:13:17.079 align:start position:0% the political economy which lead to the loss<00:13:14.870> that<00:13:15.140> we<00:13:15.260> then<00:13:15.440> see<00:13:15.710> later<00:13:15.980> on<00:13:16.070> are<00:13:16.880> going 00:13:17.079 --> 00:13:17.089 align:start position:0% loss that we then see later on are going 00:13:17.089 --> 00:13:19.540 align:start position:0% loss that we then see later on are going to<00:13:17.149> be<00:13:17.240> in<00:13:17.360> place<00:13:17.600> so<00:13:17.930> these<00:13:18.080> are<00:13:18.380> large<00:13:19.010> table 00:13:19.540 --> 00:13:19.550 align:start position:0% to be in place so these are large table 00:13:19.550 --> 00:13:22.870 align:start position:0% to be in place so these are large table there's<00:13:19.790> incumbents<00:13:20.950> entire<00:13:21.950> systems<00:13:22.490> you 00:13:22.870 --> 00:13:22.880 align:start position:0% there's incumbents entire systems you 00:13:22.880 --> 00:13:25.740 align:start position:0% there's incumbents entire systems you know<00:13:23.000> people<00:13:23.270> that<00:13:23.360> four<00:13:23.570> main<00:13:23.720> sources<00:13:23.930> so 00:13:25.740 --> 00:13:25.750 align:start position:0% know people that four main sources so 00:13:25.750 --> 00:13:28.449 align:start position:0% know people that four main sources so when<00:13:26.750> we<00:13:26.870> say<00:13:27.110> people<00:13:27.649> often<00:13:27.980> think<00:13:28.130> oh<00:13:28.310> if 00:13:28.449 --> 00:13:28.459 align:start position:0% when we say people often think oh if 00:13:28.459 --> 00:13:30.430 align:start position:0% when we say people often think oh if there<00:13:28.610> isn't<00:13:28.760> a<00:13:28.970> particular<00:13:29.450> law<00:13:29.899> or<00:13:30.410> a 00:13:30.430 --> 00:13:30.440 align:start position:0% there isn't a particular law or a 00:13:30.440 --> 00:13:32.949 align:start position:0% there isn't a particular law or a quarter<00:13:30.980> long<00:13:31.760> chain<00:13:32.029> that<00:13:32.420> means<00:13:32.600> the<00:13:32.839> law 00:13:32.949 --> 00:13:32.959 align:start position:0% quarter long chain that means the law 00:13:32.959 --> 00:13:35.079 align:start position:0% quarter long chain that means the law doesn't<00:13:33.200> apply<00:13:33.380> there<00:13:34.130> are<00:13:34.250> many<00:13:34.490> areas<00:13:34.760> of 00:13:35.079 --> 00:13:35.089 align:start position:0% doesn't apply there are many areas of 00:13:35.089 --> 00:13:37.269 align:start position:0% doesn't apply there are many areas of law<00:13:35.270> that<00:13:35.300> already<00:13:35.899> apply<00:13:36.260> that<00:13:36.500> yet<00:13:37.040> to<00:13:37.250> be 00:13:37.269 --> 00:13:37.279 align:start position:0% law that already apply that yet to be 00:13:37.279 --> 00:13:39.699 align:start position:0% law that already apply that yet to be imposed<00:13:37.880> as<00:13:38.180> an<00:13:38.300> ordering<00:13:38.630> on<00:13:38.899> the<00:13:39.080> space<00:13:39.410> and 00:13:39.699 --> 00:13:39.709 align:start position:0% imposed as an ordering on the space and 00:13:39.709 --> 00:13:42.730 align:start position:0% imposed as an ordering on the space and yet<00:13:40.220> it<00:13:40.520> will<00:13:40.730> be<00:13:40.910> ordered<00:13:41.300> and<00:13:41.570> and<00:13:42.380> what<00:13:42.620> we 00:13:42.730 --> 00:13:42.740 align:start position:0% yet it will be ordered and and what we 00:13:42.740 --> 00:13:44.320 align:start position:0% yet it will be ordered and and what we are<00:13:42.830> really<00:13:43.010> interested<00:13:43.130> in<00:13:43.670> as<00:13:43.820> a<00:13:43.850> community 00:13:44.320 --> 00:13:44.330 align:start position:0% are really interested in as a community 00:13:44.330 --> 00:13:46.840 align:start position:0% are really interested in as a community is<00:13:44.630> how<00:13:45.200> do<00:13:45.260> we<00:13:45.410> shape<00:13:45.830> that<00:13:46.279> ordering<00:13:46.640> and 00:13:46.840 --> 00:13:46.850 align:start position:0% is how do we shape that ordering and 00:13:46.850 --> 00:13:48.579 align:start position:0% is how do we shape that ordering and that<00:13:46.940> can<00:13:47.089> be<00:13:47.149> done<00:13:47.300> through<00:13:47.600> building<00:13:48.500> new 00:13:48.579 --> 00:13:48.589 align:start position:0% that can be done through building new 00:13:48.589 --> 00:13:51.060 align:start position:0% that can be done through building new projects<00:13:49.420> changing<00:13:50.420> the<00:13:50.480> market<00:13:50.779> forces 00:13:51.060 --> 00:13:51.070 align:start position:0% projects changing the market forces 00:13:51.070 --> 00:13:54.610 align:start position:0% projects changing the market forces changing<00:13:52.070> our<00:13:52.640> collective<00:13:53.149> culture<00:13:54.080> and<00:13:54.350> what 00:13:54.610 --> 00:13:54.620 align:start position:0% changing our collective culture and what 00:13:54.620 --> 00:13:56.230 align:start position:0% changing our collective culture and what everyone<00:13:55.040> believes<00:13:55.070> will<00:13:55.670> work<00:13:55.850> or<00:13:56.089> won't 00:13:56.230 --> 00:13:56.240 align:start position:0% everyone believes will work or won't 00:13:56.240 --> 00:13:58.360 align:start position:0% everyone believes will work or won't work<00:13:56.330> so<00:13:56.720> all<00:13:57.110> of<00:13:57.440> these<00:13:57.529> things<00:13:57.830> are<00:13:58.010> equally 00:13:58.360 --> 00:13:58.370 align:start position:0% work so all of these things are equally 00:13:58.370 --> 00:13:59.330 align:start position:0% work so all of these things are equally important 00:13:59.330 --> 00:13:59.340 align:start position:0% important 00:13:59.340 --> 00:14:02.420 align:start position:0% important as<00:13:59.520> we<00:13:59.730> look<00:14:00.420> at<00:14:00.570> whether<00:14:00.750> laws<00:14:01.170> do<00:14:01.920> not<00:14:01.950> exist 00:14:02.420 --> 00:14:02.430 align:start position:0% as we look at whether laws do not exist 00:14:02.430 --> 00:14:08.269 align:start position:0% as we look at whether laws do not exist that<00:14:02.520> apply<00:14:02.850> to<00:14:02.910> us<00:14:03.120> today<00:14:06.710> through<00:14:07.710> Maria 00:14:08.269 --> 00:14:08.279 align:start position:0% that apply to us today through Maria 00:14:08.279 --> 00:14:12.370 align:start position:0% that apply to us today through Maria like<00:14:08.760> you<00:14:08.970> had<00:14:09.350> privately<00:14:10.350> ordered<00:14:10.830> space 00:14:12.370 --> 00:14:12.380 align:start position:0% like you had privately ordered space 00:14:12.380 --> 00:14:16.670 align:start position:0% like you had privately ordered space media<00:14:13.380> trying<00:14:13.770> to<00:14:13.980> order<00:14:14.480> ourselves<00:14:15.480> at<00:14:16.380> that 00:14:16.670 --> 00:14:16.680 align:start position:0% media trying to order ourselves at that 00:14:16.680 --> 00:14:20.510 align:start position:0% media trying to order ourselves at that order<00:14:17.070> or<00:14:17.460> my<00:14:17.700> country<00:14:18.120> was<00:14:18.980> ordered<00:14:19.980> by 00:14:20.510 --> 00:14:20.520 align:start position:0% order or my country was ordered by 00:14:20.520 --> 00:14:23.510 align:start position:0% order or my country was ordered by regulation<00:14:21.240> but<00:14:21.660> ordered<00:14:22.589> by<00:14:22.800> our<00:14:22.830> stomach 00:14:23.510 --> 00:14:23.520 align:start position:0% regulation but ordered by our stomach 00:14:23.520 --> 00:14:26.630 align:start position:0% regulation but ordered by our stomach that<00:14:23.970> is<00:14:24.170> sanctioned<00:14:25.170> by<00:14:25.260> the<00:14:25.500> state<00:14:25.710> so<00:14:26.520> as 00:14:26.630 --> 00:14:26.640 align:start position:0% that is sanctioned by the state so as 00:14:26.640 --> 00:14:28.490 align:start position:0% that is sanctioned by the state so as long<00:14:26.820> as<00:14:26.880> they<00:14:27.210> they<00:14:27.540> have<00:14:27.810> he<00:14:27.990> was<00:14:28.110> working 00:14:28.490 --> 00:14:28.500 align:start position:0% long as they they have he was working 00:14:28.500 --> 00:14:30.380 align:start position:0% long as they they have he was working during<00:14:28.710> as<00:14:29.400> long<00:14:29.670> as<00:14:29.790> we<00:14:29.910> could<00:14:30.210> in 00:14:30.380 --> 00:14:30.390 align:start position:0% during as long as we could in 00:14:30.390 --> 00:14:31.490 align:start position:0% during as long as we could in self-regulation 00:14:31.490 --> 00:14:31.500 align:start position:0% self-regulation 00:14:31.500 --> 00:14:35.800 align:start position:0% self-regulation they<00:14:32.040> don't<00:14:32.250> interfere<00:14:32.580> but<00:14:33.360> if<00:14:33.720> it<00:14:34.440> were<00:14:34.620> not 00:14:35.800 --> 00:14:35.810 align:start position:0% they don't interfere but if it were not 00:14:35.810 --> 00:14:39.620 align:start position:0% they don't interfere but if it were not what<00:14:36.810> we<00:14:36.990> do<00:14:37.200> a<00:14:37.230> mitten<00:14:37.820> does<00:14:38.820> effect<00:14:39.300> I<00:14:39.480> mean 00:14:39.620 --> 00:14:39.630 align:start position:0% what we do a mitten does effect I mean 00:14:39.630 --> 00:14:42.440 align:start position:0% what we do a mitten does effect I mean laws<00:14:39.900> does<00:14:40.740> come<00:14:41.010> into<00:14:41.220> the<00:14:41.490> flight<00:14:42.180> of<00:14:42.330> a<00:14:42.420> bird 00:14:42.440 --> 00:14:42.450 align:start position:0% laws does come into the flight of a bird 00:14:42.450 --> 00:14:45.260 align:start position:0% laws does come into the flight of a bird we<00:14:43.410> might<00:14:43.620> get<00:14:43.800> into<00:14:43.950> a<00:14:44.070> conflict<00:14:44.850> for<00:14:45.210> the 00:14:45.260 --> 00:14:45.270 align:start position:0% we might get into a conflict for the 00:14:45.270 --> 00:14:47.900 align:start position:0% we might get into a conflict for the public<00:14:45.900> space<00:14:46.170> by<00:14:46.770> statement<00:14:47.310> so<00:14:47.730> I<00:14:47.790> think 00:14:47.900 --> 00:14:47.910 align:start position:0% public space by statement so I think 00:14:47.910 --> 00:14:51.920 align:start position:0% public space by statement so I think what<00:14:48.839> we<00:14:49.020> want<00:14:49.200> to<00:14:49.350> discuss<00:14:49.470> here<00:14:49.920> today<00:14:50.930> also 00:14:51.920 --> 00:14:51.930 align:start position:0% what we want to discuss here today also 00:14:51.930 --> 00:14:54.410 align:start position:0% what we want to discuss here today also is<00:14:52.290> what<00:14:52.650> can<00:14:52.950> you<00:14:53.160> actually<00:14:53.370> order<00:14:53.880> privately 00:14:54.410 --> 00:14:54.420 align:start position:0% is what can you actually order privately 00:14:54.420 --> 00:15:02.509 align:start position:0% is what can you actually order privately what<00:14:54.660> can<00:14:54.960> you<00:14:55.050> not<00:14:55.170> order<00:14:55.529> finally 00:15:02.509 --> 00:15:02.519 align:start position:0% 00:15:02.519 --> 00:15:05.069 align:start position:0% so<00:15:03.519> I<00:15:03.609> just<00:15:03.759> want<00:15:04.209> to<00:15:04.299> also<00:15:04.389> bring<00:15:04.659> it<00:15:04.809> back<00:15:04.959> I 00:15:05.069 --> 00:15:05.079 align:start position:0% so I just want to also bring it back I 00:15:05.079 --> 00:15:06.569 align:start position:0% so I just want to also bring it back I feel<00:15:05.259> like<00:15:05.319> there's<00:15:05.529> a<00:15:05.619> common<00:15:05.979> conception<00:15:06.339> in 00:15:06.569 --> 00:15:06.579 align:start position:0% feel like there's a common conception in 00:15:06.579 --> 00:15:08.159 align:start position:0% feel like there's a common conception in the<00:15:06.699> space<00:15:06.969> that<00:15:07.209> a<00:15:07.299> legality<00:15:07.869> and<00:15:07.989> once 00:15:08.159 --> 00:15:08.169 align:start position:0% the space that a legality and once 00:15:08.169 --> 00:15:10.109 align:start position:0% the space that a legality and once translates<00:15:08.679> to<00:15:08.919> a<00:15:08.979> kind<00:15:09.159> of<00:15:09.249> autonomous 00:15:10.109 --> 00:15:10.119 align:start position:0% translates to a kind of autonomous 00:15:10.119 --> 00:15:12.719 align:start position:0% translates to a kind of autonomous legality<00:15:10.749> and<00:15:11.289> if<00:15:11.499> it<00:15:11.619> was<00:15:11.739> early<00:15:12.549> on<00:15:12.699> a 00:15:12.719 --> 00:15:12.729 align:start position:0% legality and if it was early on a 00:15:12.729 --> 00:15:14.789 align:start position:0% legality and if it was early on a misconception<00:15:13.119> based<00:15:13.989> on<00:15:14.229> the<00:15:14.319> term<00:15:14.499> smart 00:15:14.789 --> 00:15:14.799 align:start position:0% misconception based on the term smart 00:15:14.799 --> 00:15:16.229 align:start position:0% misconception based on the term smart contracts<00:15:15.459> that<00:15:15.609> there<00:15:15.729> is<00:15:15.819> some<00:15:15.999> type<00:15:16.209> of 00:15:16.229 --> 00:15:16.239 align:start position:0% contracts that there is some type of 00:15:16.239 --> 00:15:18.569 align:start position:0% contracts that there is some type of contract<00:15:16.959> laws<00:15:17.199> on<00:15:17.499> how<00:15:17.529> it<00:15:17.769> vetted<00:15:18.189> and<00:15:18.369> how 00:15:18.569 --> 00:15:18.579 align:start position:0% contract laws on how it vetted and how 00:15:18.579 --> 00:15:20.789 align:start position:0% contract laws on how it vetted and how these<00:15:18.759> technical<00:15:19.329> senses<00:15:20.109> particles<00:15:20.589> run 00:15:20.789 --> 00:15:20.799 align:start position:0% these technical senses particles run 00:15:20.799 --> 00:15:23.399 align:start position:0% these technical senses particles run when<00:15:21.459> it<00:15:21.549> actually<00:15:21.729> is<00:15:21.969> not<00:15:22.119> once<00:15:22.389> one<00:15:22.689> gotcha 00:15:23.399 --> 00:15:23.409 align:start position:0% when it actually is not once one gotcha 00:15:23.409 --> 00:15:24.959 align:start position:0% when it actually is not once one gotcha so<00:15:23.679> I<00:15:23.709> think<00:15:23.829> a<00:15:24.219> lot<00:15:24.369> of<00:15:24.399> what<00:15:24.579> you<00:15:24.729> said<00:15:24.849> about 00:15:24.959 --> 00:15:24.969 align:start position:0% so I think a lot of what you said about 00:15:24.969 --> 00:15:26.999 align:start position:0% so I think a lot of what you said about shaping<00:15:25.569> the<00:15:25.779> relational<00:15:26.259> space<00:15:26.379> where<00:15:26.799> you 00:15:26.999 --> 00:15:27.009 align:start position:0% shaping the relational space where you 00:15:27.009 --> 00:15:28.559 align:start position:0% shaping the relational space where you have<00:15:27.039> these<00:15:27.429> principles<00:15:27.729> and<00:15:28.089> laws<00:15:28.239> not 00:15:28.559 --> 00:15:28.569 align:start position:0% have these principles and laws not 00:15:28.569 --> 00:15:31.559 align:start position:0% have these principles and laws not always<00:15:28.809> necessarily<00:15:29.199> an<00:15:30.189> external<00:15:30.909> appeal<00:15:31.179> so 00:15:31.559 --> 00:15:31.569 align:start position:0% always necessarily an external appeal so 00:15:31.569 --> 00:15:32.309 align:start position:0% always necessarily an external appeal so you<00:15:31.629> were<00:15:31.779> the<00:15:31.869> baby 00:15:32.309 --> 00:15:32.319 align:start position:0% you were the baby 00:15:32.319 --> 00:15:33.839 align:start position:0% you were the baby not<00:15:32.589> necessary<00:15:32.889> on<00:15:32.919> attained<00:15:33.249> off<00:15:33.399> change<00:15:33.699> but 00:15:33.839 --> 00:15:33.849 align:start position:0% not necessary on attained off change but 00:15:33.849 --> 00:15:35.549 align:start position:0% not necessary on attained off change but if<00:15:33.969> you<00:15:34.179> kind<00:15:34.389> of<00:15:34.509> externally<00:15:35.139> appeal<00:15:35.409> to 00:15:35.549 --> 00:15:35.559 align:start position:0% if you kind of externally appeal to 00:15:35.559 --> 00:15:36.809 align:start position:0% if you kind of externally appeal to outside<00:15:35.859> the<00:15:35.949> community<00:15:36.099> here<00:15:36.369> like<00:15:36.549> an 00:15:36.809 --> 00:15:36.819 align:start position:0% outside the community here like an 00:15:36.819 --> 00:15:39.329 align:start position:0% outside the community here like an extrajudicial<00:15:37.179> force<00:15:37.959> like<00:15:38.919> what<00:15:39.129> are<00:15:39.249> the 00:15:39.329 --> 00:15:39.339 align:start position:0% extrajudicial force like what are the 00:15:39.339 --> 00:15:41.429 align:start position:0% extrajudicial force like what are the points<00:15:39.549> of<00:15:39.759> this<00:15:39.879> contact<00:15:40.389> so<00:15:41.109> if<00:15:41.169> you<00:15:41.259> order 00:15:41.429 --> 00:15:41.439 align:start position:0% points of this contact so if you order 00:15:41.439 --> 00:15:43.499 align:start position:0% points of this contact so if you order yourself<00:15:41.799> directly<00:15:42.069> privately<00:15:42.819> you<00:15:43.149> can<00:15:43.299> also 00:15:43.499 --> 00:15:43.509 align:start position:0% yourself directly privately you can also 00:15:43.509 --> 00:15:44.909 align:start position:0% yourself directly privately you can also strategically<00:15:44.229> choose<00:15:44.409> like<00:15:44.619> what<00:15:44.769> are<00:15:44.859> the 00:15:44.909 --> 00:15:44.919 align:start position:0% strategically choose like what are the 00:15:44.919 --> 00:15:46.649 align:start position:0% strategically choose like what are the points<00:15:45.129> of<00:15:45.309> contact<00:15:45.789> when<00:15:46.029> the<00:15:46.119> to<00:15:46.299> secret 00:15:46.649 --> 00:15:46.659 align:start position:0% points of contact when the to secret 00:15:46.659 --> 00:15:48.209 align:start position:0% points of contact when the to secret court<00:15:46.899> of<00:15:46.959> law<00:15:47.139> when<00:15:47.349> you<00:15:47.409> do<00:15:47.589> see<00:15:47.769> questions 00:15:48.209 --> 00:15:48.219 align:start position:0% court of law when you do see questions 00:15:48.219 --> 00:15:50.879 align:start position:0% court of law when you do see questions of<00:15:48.369> liability<00:15:48.849> and<00:15:49.179> other<00:15:49.539> questions<00:15:50.049> a<00:15:50.319> lot 00:15:50.879 --> 00:15:50.889 align:start position:0% of liability and other questions a lot 00:15:50.889 --> 00:15:52.169 align:start position:0% of liability and other questions a lot in<00:15:51.129> large<00:15:51.309> part<00:15:51.609> concern<00:15:52.059> about 00:15:52.169 --> 00:15:52.179 align:start position:0% in large part concern about 00:15:52.179 --> 00:15:56.710 align:start position:0% in large part concern about responsibility 00:15:56.710 --> 00:15:56.720 align:start position:0% 00:15:56.720 --> 00:16:00.639 align:start position:0% so<00:15:57.720> I<00:15:57.750> think<00:15:57.959> that's<00:15:58.350> a<00:15:58.620> very<00:15:58.860> good<00:15:58.980> point<00:15:59.190> and 00:16:00.639 --> 00:16:00.649 align:start position:0% so I think that's a very good point and 00:16:00.649 --> 00:16:03.230 align:start position:0% so I think that's a very good point and a<00:16:01.649> good<00:16:02.070> sort<00:16:02.310> of<00:16:02.370> transition<00:16:02.790> I'm<00:16:02.910> just<00:16:03.089> going 00:16:03.230 --> 00:16:03.240 align:start position:0% a good sort of transition I'm just going 00:16:03.240 --> 00:16:08.060 align:start position:0% a good sort of transition I'm just going to<00:16:03.300> quickly<00:16:03.839> say<00:16:04.259> I<00:16:04.709> think<00:16:05.519> the<00:16:06.149> process<00:16:07.070> that 00:16:08.060 --> 00:16:08.070 align:start position:0% to quickly say I think the process that 00:16:08.070 --> 00:16:10.220 align:start position:0% to quickly say I think the process that the<00:16:08.550> blockchain<00:16:08.850> can<00:16:09.089> is<00:16:09.480> experiencing<00:16:10.079> now 00:16:10.220 --> 00:16:10.230 align:start position:0% the blockchain can is experiencing now 00:16:10.230 --> 00:16:14.660 align:start position:0% the blockchain can is experiencing now is<00:16:11.540> you<00:16:12.540> exist<00:16:13.019> as<00:16:13.230> a<00:16:13.410> legal<00:16:13.829> framework<00:16:14.100> with 00:16:14.660 --> 00:16:14.670 align:start position:0% is you exist as a legal framework with 00:16:14.670 --> 00:16:16.610 align:start position:0% is you exist as a legal framework with like<00:16:14.970> unawareness<00:16:15.569> right<00:16:16.050> means<00:16:16.319> like<00:16:16.500> your 00:16:16.610 --> 00:16:16.620 align:start position:0% like unawareness right means like your 00:16:16.620 --> 00:16:18.650 align:start position:0% like unawareness right means like your ignorance<00:16:17.040> of<00:16:17.130> the<00:16:17.220> law<00:16:17.339> you<00:16:17.970> people<00:16:18.509> don't 00:16:18.650 --> 00:16:18.660 align:start position:0% ignorance of the law you people don't 00:16:18.660 --> 00:16:20.420 align:start position:0% ignorance of the law you people don't know<00:16:19.019> what<00:16:19.259> the<00:16:19.380> laws<00:16:19.560> are<00:16:19.589> they<00:16:19.949> understand 00:16:20.420 --> 00:16:20.430 align:start position:0% know what the laws are they understand 00:16:20.430 --> 00:16:22.490 align:start position:0% know what the laws are they understand the<00:16:20.639> wall<00:16:20.819> works<00:16:21.089> and<00:16:21.389> they<00:16:22.350> also 00:16:22.490 --> 00:16:22.500 align:start position:0% the wall works and they also 00:16:22.500 --> 00:16:25.129 align:start position:0% the wall works and they also coincidentally<00:16:23.029> planned<00:16:24.029> an<00:16:24.660> especially 00:16:25.129 --> 00:16:25.139 align:start position:0% coincidentally planned an especially 00:16:25.139 --> 00:16:26.300 align:start position:0% coincidentally planned an especially interesting<00:16:25.259> thing<00:16:25.560> about<00:16:25.620> the<00:16:25.889> divorce 00:16:26.300 --> 00:16:26.310 align:start position:0% interesting thing about the divorce 00:16:26.310 --> 00:16:28.370 align:start position:0% interesting thing about the divorce Romania<00:16:26.759> the<00:16:26.880> hope<00:16:27.060> some<00:16:27.540> of<00:16:27.660> us<00:16:27.810> have<00:16:27.990> landed 00:16:28.370 --> 00:16:28.380 align:start position:0% Romania the hope some of us have landed 00:16:28.380 --> 00:16:30.019 align:start position:0% Romania the hope some of us have landed very<00:16:28.470> much<00:16:28.860> squarely<00:16:29.220> in<00:16:29.459> the<00:16:29.519> a<00:16:29.579> medieval 00:16:30.019 --> 00:16:30.029 align:start position:0% very much squarely in the a medieval 00:16:30.029 --> 00:16:31.879 align:start position:0% very much squarely in the a medieval space<00:16:30.300> where<00:16:30.959> some<00:16:31.170> of<00:16:31.290> us<00:16:31.410> have<00:16:31.560> planned<00:16:31.740> it 00:16:31.879 --> 00:16:31.889 align:start position:0% space where some of us have planned it 00:16:31.889 --> 00:16:34.550 align:start position:0% space where some of us have planned it very<00:16:31.920> squarely<00:16:32.370> in<00:16:32.579> the<00:16:32.670> illegal<00:16:33.180> space<00:16:33.560> for 00:16:34.550 --> 00:16:34.560 align:start position:0% very squarely in the illegal space for 00:16:34.560 --> 00:16:35.990 align:start position:0% very squarely in the illegal space for the<00:16:34.649> same<00:16:34.860> reason<00:16:35.250> right<00:16:35.370> you<00:16:35.579> just<00:16:35.819> you 00:16:35.990 --> 00:16:36.000 align:start position:0% the same reason right you just you 00:16:36.000 --> 00:16:37.699 align:start position:0% the same reason right you just you didn't<00:16:36.329> you<00:16:36.540> weren't<00:16:36.750> aware<00:16:37.019> of<00:16:37.079> the<00:16:37.230> law<00:16:37.440> you 00:16:37.699 --> 00:16:37.709 align:start position:0% didn't you weren't aware of the law you 00:16:37.709 --> 00:16:39.439 align:start position:0% didn't you weren't aware of the law you weren't<00:16:37.920> paying<00:16:38.069> attention<00:16:38.279> whatever<00:16:38.880> and 00:16:39.439 --> 00:16:39.449 align:start position:0% weren't paying attention whatever and 00:16:39.449 --> 00:16:41.870 align:start position:0% weren't paying attention whatever and you<00:16:39.720> just<00:16:39.899> were<00:16:39.990> doing<00:16:40.110> your<00:16:40.410> thing<00:16:40.620> and<00:16:40.949> some 00:16:41.870 --> 00:16:41.880 align:start position:0% you just were doing your thing and some 00:16:41.880 --> 00:16:43.340 align:start position:0% you just were doing your thing and some people<00:16:42.240> thought<00:16:42.389> the<00:16:42.600> thing<00:16:42.839> was<00:16:43.079> going<00:16:43.230> to<00:16:43.290> be 00:16:43.340 --> 00:16:43.350 align:start position:0% people thought the thing was going to be 00:16:43.350 --> 00:16:46.040 align:start position:0% people thought the thing was going to be cool<00:16:43.620> and<00:16:44.069> they<00:16:44.459> were<00:16:44.519> really<00:16:44.880> wrong<00:16:45.089> and<00:16:45.480> so 00:16:46.040 --> 00:16:46.050 align:start position:0% cool and they were really wrong and so 00:16:46.050 --> 00:16:49.400 align:start position:0% cool and they were really wrong and so we<00:16:46.680> are<00:16:46.949> as<00:16:47.370> a<00:16:47.430> community<00:16:48.079> going<00:16:49.079> through<00:16:49.259> this 00:16:49.400 --> 00:16:49.410 align:start position:0% we are as a community going through this 00:16:49.410 --> 00:16:53.350 align:start position:0% we are as a community going through this process<00:16:49.680> of<00:16:50.279> ordering<00:16:51.149> space<00:16:51.870> and 00:16:53.350 --> 00:16:53.360 align:start position:0% process of ordering space and 00:16:53.360 --> 00:16:56.960 align:start position:0% process of ordering space and formalizing<00:16:54.380> as<00:16:55.380> a<00:16:55.440> community<00:16:56.130> what<00:16:56.759> we're 00:16:56.960 --> 00:16:56.970 align:start position:0% formalizing as a community what we're 00:16:56.970 --> 00:16:59.870 align:start position:0% formalizing as a community what we're doing<00:16:57.329> and<00:16:57.600> the<00:16:58.040> real<00:16:59.040> risk<00:16:59.430> is<00:16:59.670> as<00:16:59.850> a 00:16:59.870 --> 00:16:59.880 align:start position:0% doing and the real risk is as a 00:16:59.880 --> 00:17:03.710 align:start position:0% doing and the real risk is as a community<00:17:00.540> if<00:17:00.750> we<00:17:00.779> start<00:17:01.410> to<00:17:02.389> again<00:17:03.389> out<00:17:03.600> of 00:17:03.710 --> 00:17:03.720 align:start position:0% community if we start to again out of 00:17:03.720 --> 00:17:06.559 align:start position:0% community if we start to again out of ignorance<00:17:04.069> create<00:17:05.069> ordering<00:17:05.730> that<00:17:06.209> is<00:17:06.419> in 00:17:06.559 --> 00:17:06.569 align:start position:0% ignorance create ordering that is in 00:17:06.569 --> 00:17:08.659 align:start position:0% ignorance create ordering that is in conflict<00:17:07.020> with<00:17:07.260> the<00:17:07.439> law<00:17:07.470> right<00:17:08.130> because 00:17:08.659 --> 00:17:08.669 align:start position:0% conflict with the law right because 00:17:08.669 --> 00:17:10.100 align:start position:0% conflict with the law right because what's<00:17:09.240> going<00:17:09.390> to<00:17:09.480> happen<00:17:09.780> is<00:17:09.870> we're<00:17:09.959> going<00:17:10.049> to 00:17:10.100 --> 00:17:10.110 align:start position:0% what's going to happen is we're going to 00:17:10.110 --> 00:17:12.710 align:start position:0% what's going to happen is we're going to have<00:17:10.290> a<00:17:10.319> set<00:17:10.679> of<00:17:10.770> community<00:17:11.459> norms<00:17:11.730> that<00:17:12.150> we 00:17:12.710 --> 00:17:12.720 align:start position:0% have a set of community norms that we 00:17:12.720 --> 00:17:14.210 align:start position:0% have a set of community norms that we won't<00:17:12.990> believe<00:17:13.230> are<00:17:13.350> true<00:17:13.620> and<00:17:13.799> valid<00:17:13.980> and 00:17:14.210 --> 00:17:14.220 align:start position:0% won't believe are true and valid and 00:17:14.220 --> 00:17:16.130 align:start position:0% won't believe are true and valid and evil<00:17:14.640> again<00:17:14.909> because<00:17:15.209> people<00:17:15.390> make<00:17:15.689> fall 00:17:16.130 --> 00:17:16.140 align:start position:0% evil again because people make fall 00:17:16.140 --> 00:17:18.260 align:start position:0% evil again because people make fall outside<00:17:16.650> of<00:17:16.709> the<00:17:16.919> government<00:17:17.100> but<00:17:18.000> we<00:17:18.120> will 00:17:18.260 --> 00:17:18.270 align:start position:0% outside of the government but we will 00:17:18.270 --> 00:17:20.299 align:start position:0% outside of the government but we will informed<00:17:18.900> a<00:17:19.140> set<00:17:19.530> of<00:17:19.650> laws<00:17:19.829> that<00:17:19.860> are<00:17:20.159> in 00:17:20.299 --> 00:17:20.309 align:start position:0% informed a set of laws that are in 00:17:20.309 --> 00:17:22.449 align:start position:0% informed a set of laws that are in conflict<00:17:20.579> with<00:17:21.089> the<00:17:21.689> laws<00:17:21.839> that<00:17:21.870> we<00:17:22.199> all 00:17:22.449 --> 00:17:22.459 align:start position:0% conflict with the laws that we all 00:17:22.459 --> 00:17:24.860 align:start position:0% conflict with the laws that we all operate<00:17:23.459> under<00:17:23.790> put<00:17:24.270> it<00:17:24.329> in<00:17:24.419> a<00:17:24.449> very<00:17:24.630> concrete 00:17:24.860 --> 00:17:24.870 align:start position:0% operate under put it in a very concrete 00:17:24.870 --> 00:17:28.039 align:start position:0% operate under put it in a very concrete term<00:17:26.329> it's<00:17:27.329> great<00:17:27.540> that<00:17:27.689> we<00:17:27.780> know<00:17:27.900> this 00:17:28.039 --> 00:17:28.049 align:start position:0% term it's great that we know this 00:17:28.049 --> 00:17:29.299 align:start position:0% term it's great that we know this conference<00:17:28.439> here<00:17:28.679> and<00:17:28.860> we're<00:17:28.980> not<00:17:29.100> like<00:17:29.280> a 00:17:29.299 --> 00:17:29.309 align:start position:0% conference here and we're not like a 00:17:29.309 --> 00:17:32.060 align:start position:0% conference here and we're not like a biker<00:17:29.580> gang<00:17:29.760> right<00:17:30.330> like<00:17:30.870> a<00:17:31.080> biker<00:17:31.350> games<00:17:31.710> have 00:17:32.060 --> 00:17:32.070 align:start position:0% biker gang right like a biker games have 00:17:32.070 --> 00:17:34.230 align:start position:0% biker gang right like a biker games have their<00:17:32.220> own<00:17:32.340> law<00:17:32.580> they<00:17:33.150> operate 00:17:34.230 --> 00:17:34.240 align:start position:0% their own law they operate 00:17:34.240 --> 00:17:36.330 align:start position:0% their own law they operate literally<00:17:34.990> call<00:17:35.200> themselves<00:17:35.529> alcohols<00:17:36.070> and 00:17:36.330 --> 00:17:36.340 align:start position:0% literally call themselves alcohols and 00:17:36.340 --> 00:17:38.430 align:start position:0% literally call themselves alcohols and have<00:17:36.429> a<00:17:36.580> law<00:17:36.850> of<00:17:36.970> averages<00:17:37.360> and<00:17:37.570> go<00:17:37.870> to<00:17:37.929> outlaw 00:17:38.430 --> 00:17:38.440 align:start position:0% have a law of averages and go to outlaw 00:17:38.440 --> 00:17:41.580 align:start position:0% have a law of averages and go to outlaw parties<00:17:38.890> and<00:17:39.360> like<00:17:40.360> you<00:17:40.750> know<00:17:40.870> these<00:17:41.200> parties 00:17:41.580 --> 00:17:41.590 align:start position:0% parties and like you know these parties 00:17:41.590 --> 00:17:44.310 align:start position:0% parties and like you know these parties are<00:17:41.710> fun<00:17:42.120> there's<00:17:43.120> a<00:17:43.210> lot<00:17:43.390> of<00:17:43.480> benefits<00:17:43.960> and 00:17:44.310 --> 00:17:44.320 align:start position:0% are fun there's a lot of benefits and 00:17:44.320 --> 00:17:47.399 align:start position:0% are fun there's a lot of benefits and not<00:17:44.470> being<00:17:44.710> an<00:17:44.860> outlaw<00:17:45.279> party<00:17:46.110> you<00:17:47.110> know<00:17:47.200> pros 00:17:47.399 --> 00:17:47.409 align:start position:0% not being an outlaw party you know pros 00:17:47.409 --> 00:17:50.460 align:start position:0% not being an outlaw party you know pros and<00:17:47.590> cons<00:17:47.770> right<00:17:48.419> and<00:17:49.419> so<00:17:49.659> I<00:17:49.690> think<00:17:49.840> for<00:17:50.200> most 00:17:50.460 --> 00:17:50.470 align:start position:0% and cons right and so I think for most 00:17:50.470 --> 00:17:52.560 align:start position:0% and cons right and so I think for most of<00:17:50.679> us<00:17:50.830> here<00:17:51.130> in<00:17:51.309> the<00:17:51.370> blockchain<00:17:51.580> space<00:17:52.120> we're 00:17:52.560 --> 00:17:52.570 align:start position:0% of us here in the blockchain space we're 00:17:52.570 --> 00:17:56.130 align:start position:0% of us here in the blockchain space we're trying<00:17:52.929> to<00:17:53.880> align<00:17:54.880> our<00:17:55.179> ordering<00:17:55.659> process 00:17:56.130 --> 00:17:56.140 align:start position:0% trying to align our ordering process 00:17:56.140 --> 00:17:59.210 align:start position:0% trying to align our ordering process with<00:17:56.740> this<00:17:57.100> other<00:17:57.429> legal<00:17:58.000> ordering<00:17:58.539> process 00:17:59.210 --> 00:17:59.220 align:start position:0% with this other legal ordering process 00:17:59.220 --> 00:18:03.810 align:start position:0% with this other legal ordering process and<00:18:00.600> so<00:18:01.600> apropos<00:18:01.990> of<00:18:02.140> that<00:18:02.340> I've<00:18:03.340> been<00:18:03.490> asked 00:18:03.810 --> 00:18:03.820 align:start position:0% and so apropos of that I've been asked 00:18:03.820 --> 00:18:05.279 align:start position:0% and so apropos of that I've been asked the<00:18:03.880> next<00:18:04.149> the<00:18:04.330> next<00:18:04.570> question<00:18:04.990> and<00:18:05.169> it's 00:18:05.279 --> 00:18:05.289 align:start position:0% the next the next question and it's 00:18:05.289 --> 00:18:08.360 align:start position:0% the next the next question and it's prompt<00:18:05.770> which<00:18:06.460> i<00:18:06.730> think<00:18:06.850> is<00:18:07.240> something<00:18:07.480> that 00:18:08.360 --> 00:18:08.370 align:start position:0% prompt which i think is something that 00:18:08.370 --> 00:18:11.159 align:start position:0% prompt which i think is something that oftentimes<00:18:09.370> comes<00:18:09.760> up<00:18:09.880> in<00:18:10.029> space<00:18:10.299> and<00:18:10.600> and 00:18:11.159 --> 00:18:11.169 align:start position:0% oftentimes comes up in space and and 00:18:11.169 --> 00:18:15.090 align:start position:0% oftentimes comes up in space and and also<00:18:11.919> is<00:18:12.190> a<00:18:13.350> touches<00:18:14.350> back<00:18:14.529> to<00:18:14.770> some<00:18:14.980> of<00:18:15.010> these 00:18:15.090 --> 00:18:15.100 align:start position:0% also is a touches back to some of these 00:18:15.100 --> 00:18:16.740 align:start position:0% also is a touches back to some of these other<00:18:15.250> conversation<00:18:15.730> about<00:18:15.850> contracts<00:18:16.570> and 00:18:16.740 --> 00:18:16.750 align:start position:0% other conversation about contracts and 00:18:16.750 --> 00:18:20.279 align:start position:0% other conversation about contracts and misuse<00:18:17.740> of<00:18:17.770> use<00:18:18.490> of<00:18:18.520> terms<00:18:18.880> you<00:18:19.659> know<00:18:19.750> why 00:18:20.279 --> 00:18:20.289 align:start position:0% misuse of use of terms you know why 00:18:20.289 --> 00:18:22.110 align:start position:0% misuse of use of terms you know why can't<00:18:20.409> we<00:18:20.710> just<00:18:20.830> make<00:18:21.039> smart<00:18:21.490> contracts 00:18:22.110 --> 00:18:22.120 align:start position:0% can't we just make smart contracts 00:18:22.120 --> 00:18:24.389 align:start position:0% can't we just make smart contracts between<00:18:22.899> us<00:18:23.049> and<00:18:23.320> call<00:18:23.529> it<00:18:23.649> a<00:18:23.710> day<00:18:23.740> right<00:18:24.370> like 00:18:24.389 --> 00:18:24.399 align:start position:0% between us and call it a day right like 00:18:24.399 --> 00:18:29.010 align:start position:0% between us and call it a day right like why<00:18:25.299> is<00:18:25.360> it<00:18:25.750> that<00:18:26.370> we<00:18:27.370> can't<00:18:27.700> um<00:18:28.000> just<00:18:28.809> have 00:18:29.010 --> 00:18:29.020 align:start position:0% why is it that we can't um just have 00:18:29.020 --> 00:18:31.529 align:start position:0% why is it that we can't um just have like<00:18:29.289> these<00:18:29.470> sort<00:18:29.710> of<00:18:29.799> weird<00:18:30.539> computer 00:18:31.529 --> 00:18:31.539 align:start position:0% like these sort of weird computer 00:18:31.539 --> 00:18:33.960 align:start position:0% like these sort of weird computer mediated<00:18:31.840> bilateral<00:18:32.799> agreements<00:18:33.370> that<00:18:33.909> are 00:18:33.960 --> 00:18:33.970 align:start position:0% mediated bilateral agreements that are 00:18:33.970 --> 00:18:35.610 align:start position:0% mediated bilateral agreements that are you<00:18:34.450> know<00:18:34.570> interesting<00:18:35.020> and<00:18:35.140> unique<00:18:35.260> in<00:18:35.470> their 00:18:35.610 --> 00:18:35.620 align:start position:0% you know interesting and unique in their 00:18:35.620 --> 00:18:39.330 align:start position:0% you know interesting and unique in their own<00:18:35.740> right<00:18:35.980> but<00:18:36.659> like<00:18:37.659> why<00:18:38.230> aren't<00:18:38.679> these<00:18:38.890> new 00:18:39.330 --> 00:18:39.340 align:start position:0% own right but like why aren't these new 00:18:39.340 --> 00:18:41.130 align:start position:0% own right but like why aren't these new forms<00:18:39.700> of<00:18:39.820> private<00:18:39.970> agreements<00:18:40.600> sufficient 00:18:41.130 --> 00:18:41.140 align:start position:0% forms of private agreements sufficient 00:18:41.140 --> 00:18:45.000 align:start position:0% forms of private agreements sufficient to<00:18:41.350> protect<00:18:42.000> our<00:18:43.000> activity<00:18:43.960> again<00:18:44.230> as<00:18:44.440> we<00:18:44.740> sort 00:18:45.000 --> 00:18:45.010 align:start position:0% to protect our activity again as we sort 00:18:45.010 --> 00:18:47.010 align:start position:0% to protect our activity again as we sort of<00:18:45.100> move<00:18:45.250> through<00:18:45.789> this<00:18:45.940> unordered<00:18:46.720> space 00:18:47.010 --> 00:18:47.020 align:start position:0% of move through this unordered space 00:18:47.020 --> 00:18:48.659 align:start position:0% of move through this unordered space into<00:18:47.320> an<00:18:47.409> order<00:18:47.679> of<00:18:47.740> space<00:18:47.980> why<00:18:48.279> isn't<00:18:48.640> it 00:18:48.659 --> 00:18:48.669 align:start position:0% into an order of space why isn't it 00:18:48.669 --> 00:18:51.029 align:start position:0% into an order of space why isn't it sufficient<00:18:48.870> or<00:18:49.870> just<00:18:50.140> you<00:18:50.289> know<00:18:50.409> three<00:18:50.740> people 00:18:51.029 --> 00:18:51.039 align:start position:0% sufficient or just you know three people 00:18:51.039 --> 00:18:52.260 align:start position:0% sufficient or just you know three people in<00:18:51.130> this<00:18:51.220> room<00:18:51.429> to<00:18:51.640> get<00:18:51.760> together<00:18:51.880> at<00:18:52.210> the 00:18:52.260 --> 00:18:52.270 align:start position:0% in this room to get together at the 00:18:52.270 --> 00:18:53.200 align:start position:0% in this room to get together at the throat<00:18:52.510> you<00:18:52.659> know<00:18:52.750> throws 00:18:53.200 --> 00:18:53.210 align:start position:0% throat you know throws 00:18:53.210 --> 00:18:55.810 align:start position:0% throat you know throws computer<00:18:53.960> and<00:18:54.200> why<00:18:55.130> isn't<00:18:55.460> that<00:18:55.549> like<00:18:55.789> a 00:18:55.810 --> 00:18:55.820 align:start position:0% computer and why isn't that like a 00:18:55.820 --> 00:18:59.680 align:start position:0% computer and why isn't that like a sufficient<00:18:57.130> protection<00:18:58.130> and<00:18:58.600> starting<00:18:59.600> at 00:18:59.680 --> 00:18:59.690 align:start position:0% sufficient protection and starting at 00:18:59.690 --> 00:19:08.260 align:start position:0% sufficient protection and starting at our<00:19:00.130> hospital<00:19:06.520> basically<00:19:07.520> the<00:19:07.789> what<00:19:08.240> I 00:19:08.260 --> 00:19:08.270 align:start position:0% our hospital basically the what I 00:19:08.270 --> 00:19:10.570 align:start position:0% our hospital basically the what I earlier<00:19:08.929> spoke<00:19:09.289> to<00:19:09.559> spoke<00:19:09.799> about<00:19:10.010> is<00:19:10.309> that 00:19:10.570 --> 00:19:10.580 align:start position:0% earlier spoke to spoke about is that 00:19:10.580 --> 00:19:13.269 align:start position:0% earlier spoke to spoke about is that information<00:19:11.450> to<00:19:11.840> business<00:19:12.260> we<00:19:12.860> are<00:19:12.890> fine 00:19:13.269 --> 00:19:13.279 align:start position:0% information to business we are fine 00:19:13.279 --> 00:19:15.370 align:start position:0% information to business we are fine during<00:19:13.820> private<00:19:14.029> ordering<00:19:14.330> as<00:19:14.899> long<00:19:15.080> as<00:19:15.230> we 00:19:15.370 --> 00:19:15.380 align:start position:0% during private ordering as long as we 00:19:15.380 --> 00:19:17.590 align:start position:0% during private ordering as long as we don't<00:19:15.529> violate<00:19:15.770> the<00:19:16.309> public<00:19:16.730> with<00:19:17.240> all<00:19:17.390> the 00:19:17.590 --> 00:19:17.600 align:start position:0% don't violate the public with all the 00:19:17.600 --> 00:19:20.350 align:start position:0% don't violate the public with all the through<00:19:17.840> law<00:19:18.110> administered<00:19:18.830> so<00:19:19.760> that's<00:19:20.090> what 00:19:20.350 --> 00:19:20.360 align:start position:0% through law administered so that's what 00:19:20.360 --> 00:19:22.840 align:start position:0% through law administered so that's what we<00:19:20.510> have<00:19:20.659> to<00:19:20.840> talk<00:19:21.350> about<00:19:21.380> and<00:19:22.279> the<00:19:22.490> moment<00:19:22.820> you 00:19:22.840 --> 00:19:22.850 align:start position:0% we have to talk about and the moment you 00:19:22.850 --> 00:19:36.700 align:start position:0% we have to talk about and the moment you do<00:19:23.029> that<00:19:23.059> you<00:19:24.460> might<00:19:25.460> not<00:19:25.640> because<00:19:35.710> here's 00:19:36.700 --> 00:19:36.710 align:start position:0% do that you might not because here's 00:19:36.710 --> 00:19:39.519 align:start position:0% do that you might not because here's this<00:19:36.890> there's<00:19:37.399> a<00:19:37.820> train<00:19:38.779> of<00:19:38.960> thought<00:19:39.200> in<00:19:39.440> the 00:19:39.519 --> 00:19:39.529 align:start position:0% this there's a train of thought in the 00:19:39.529 --> 00:19:43.500 align:start position:0% this there's a train of thought in the space<00:19:39.860> that<00:19:40.159> everything<00:19:40.789> can<00:19:41.570> be<00:19:41.630> quantified 00:19:43.500 --> 00:19:43.510 align:start position:0% space that everything can be quantified 00:19:43.510 --> 00:19:46.180 align:start position:0% space that everything can be quantified but<00:19:44.510> smart<00:19:44.899> content<00:19:45.350> is<00:19:45.559> really<00:19:45.919> just 00:19:46.180 --> 00:19:46.190 align:start position:0% but smart content is really just 00:19:46.190 --> 00:19:50.130 align:start position:0% but smart content is really just enforcement<00:19:47.059> piece 00:19:50.130 --> 00:19:50.140 align:start position:0% 00:19:50.140 --> 00:19:52.770 align:start position:0% the<00:19:50.740> totality<00:19:51.220> of<00:19:51.490> attract<00:19:52.059> relationship 00:19:52.770 --> 00:19:52.780 align:start position:0% the totality of attract relationship 00:19:52.780 --> 00:19:54.750 align:start position:0% the totality of attract relationship which<00:19:52.990> include<00:19:53.350> sound<00:19:53.590> opponent<00:19:54.220> like<00:19:54.400> is 00:19:54.750 --> 00:19:54.760 align:start position:0% which include sound opponent like is 00:19:54.760 --> 00:19:56.940 align:start position:0% which include sound opponent like is there<00:19:55.120> a<00:19:55.150> meeting<00:19:55.390> of<00:19:55.600> the<00:19:55.720> minds<00:19:55.960> so<00:19:56.620> there's 00:19:56.940 --> 00:19:56.950 align:start position:0% there a meeting of the minds so there's 00:19:56.950 --> 00:20:00.660 align:start position:0% there a meeting of the minds so there's this<00:19:57.130> conflation<00:19:57.700> that<00:19:58.570> says<00:19:58.870> the<00:19:59.710> execution 00:20:00.660 --> 00:20:00.670 align:start position:0% this conflation that says the execution 00:20:00.670 --> 00:20:02.520 align:start position:0% this conflation that says the execution of<00:20:00.910> some<00:20:01.179> function<00:20:01.600> with<00:20:01.690> the<00:20:01.780> enforcement<00:20:02.440> of 00:20:02.520 --> 00:20:02.530 align:start position:0% of some function with the enforcement of 00:20:02.530 --> 00:20:06.830 align:start position:0% of some function with the enforcement of oscillation<00:20:03.340> is<00:20:03.760> also<00:20:04.420> the<00:20:05.260> evidence<00:20:05.980> of 00:20:06.830 --> 00:20:06.840 align:start position:0% oscillation is also the evidence of 00:20:06.840 --> 00:20:09.930 align:start position:0% oscillation is also the evidence of tensions<00:20:07.840> when<00:20:08.049> in<00:20:08.140> fact<00:20:08.410> we<00:20:09.190> have<00:20:09.429> an<00:20:09.700> outcome 00:20:09.930 --> 00:20:09.940 align:start position:0% tensions when in fact we have an outcome 00:20:09.940 --> 00:20:12.780 align:start position:0% tensions when in fact we have an outcome but<00:20:10.660> the<00:20:10.809> whole<00:20:10.990> dispute<00:20:11.410> between<00:20:11.860> two<00:20:12.280> people 00:20:12.780 --> 00:20:12.790 align:start position:0% but the whole dispute between two people 00:20:12.790 --> 00:20:15.000 align:start position:0% but the whole dispute between two people is<00:20:13.390> whether<00:20:13.780> or<00:20:13.929> not<00:20:13.960> that<00:20:14.110> is<00:20:14.410> the<00:20:14.440> correct 00:20:15.000 --> 00:20:15.010 align:start position:0% is whether or not that is the correct 00:20:15.010 --> 00:20:17.400 align:start position:0% is whether or not that is the correct outcome<00:20:15.220> that<00:20:15.730> accords<00:20:16.540> with<00:20:16.809> the 00:20:17.400 --> 00:20:17.410 align:start position:0% outcome that accords with the 00:20:17.410 --> 00:20:19.320 align:start position:0% outcome that accords with the expectations<00:20:18.130> of<00:20:18.340> attorneys 00:20:19.320 --> 00:20:19.330 align:start position:0% expectations of attorneys 00:20:19.330 --> 00:20:21.090 align:start position:0% expectations of attorneys so<00:20:19.540> that's<00:20:19.750> necessarily<00:20:20.320> if<00:20:20.559> it's<00:20:20.740> something 00:20:21.090 --> 00:20:21.100 align:start position:0% so that's necessarily if it's something 00:20:21.100 --> 00:20:24.210 align:start position:0% so that's necessarily if it's something that<00:20:21.130> falls<00:20:21.520> outside<00:20:21.790> of<00:20:22.450> the<00:20:22.780> scope<00:20:23.140> of<00:20:23.679> the 00:20:24.210 --> 00:20:24.220 align:start position:0% that falls outside of the scope of the 00:20:24.220 --> 00:20:27.840 align:start position:0% that falls outside of the scope of the code<00:20:24.460> write<00:20:24.700> the<00:20:24.790> code<00:20:25.380> evidentiary<00:20:26.850> or 00:20:27.840 --> 00:20:27.850 align:start position:0% code write the code evidentiary or 00:20:27.850 --> 00:20:30.180 align:start position:0% code write the code evidentiary or contentious<00:20:28.660> prettier<00:20:29.230> but<00:20:29.470> it's<00:20:29.620> not<00:20:29.919> by 00:20:30.180 --> 00:20:30.190 align:start position:0% contentious prettier but it's not by 00:20:30.190 --> 00:20:33.419 align:start position:0% contentious prettier but it's not by itself<00:20:30.610> that's<00:20:31.210> totality<00:20:31.960> of<00:20:32.110> that<00:20:32.320> of<00:20:32.860> that 00:20:33.419 --> 00:20:33.429 align:start position:0% itself that's totality of that of that 00:20:33.429 --> 00:20:35.880 align:start position:0% itself that's totality of that of that relationship<00:20:34.290> but<00:20:35.290> what's<00:20:35.530> the<00:20:35.740> difference 00:20:35.880 --> 00:20:35.890 align:start position:0% relationship but what's the difference 00:20:35.890 --> 00:20:39.750 align:start position:0% relationship but what's the difference under<00:20:36.340> the<00:20:36.970> contract<00:20:38.309> contract<00:20:39.309> also 00:20:39.750 --> 00:20:39.760 align:start position:0% under the contract contract also 00:20:39.760 --> 00:20:41.909 align:start position:0% under the contract contract also contains<00:20:40.480> many<00:20:40.870> other<00:20:41.110> provisions<00:20:41.710> and 00:20:41.909 --> 00:20:41.919 align:start position:0% contains many other provisions and 00:20:41.919 --> 00:20:44.100 align:start position:0% contains many other provisions and there's<00:20:42.070> also<00:20:42.280> other<00:20:42.429> activities<00:20:42.760> that<00:20:43.570> that 00:20:44.100 --> 00:20:44.110 align:start position:0% there's also other activities that that 00:20:44.110 --> 00:20:54.289 align:start position:0% there's also other activities that that can<00:20:44.820> evidentiary<00:20:48.690> rules<00:20:49.690> right 00:20:54.289 --> 00:20:54.299 align:start position:0% 00:20:54.299 --> 00:20:58.489 align:start position:0% and<00:20:54.899> so<00:20:55.229> and<00:20:55.589> I<00:20:55.739> think<00:20:55.799> that<00:20:57.379> what<00:20:58.379> we're 00:20:58.489 --> 00:20:58.499 align:start position:0% and so and I think that what we're 00:20:58.499 --> 00:21:00.049 align:start position:0% and so and I think that what we're really<00:20:58.529> talking<00:20:58.919> about<00:20:59.129> there<00:20:59.549> that<00:20:59.789> depends 00:21:00.049 --> 00:21:00.059 align:start position:0% really talking about there that depends 00:21:00.059 --> 00:21:02.239 align:start position:0% really talking about there that depends between<00:21:00.379> insert<00:21:01.379> lay<00:21:01.619> terms<00:21:01.889> the<00:21:02.009> difference 00:21:02.239 --> 00:21:02.249 align:start position:0% between insert lay terms the difference 00:21:02.249 --> 00:21:06.079 align:start position:0% between insert lay terms the difference between<00:21:02.369> a<00:21:03.589> smart<00:21:04.589> contract<00:21:04.799> and<00:21:05.399> a<00:21:05.759> written 00:21:06.079 --> 00:21:06.089 align:start position:0% between a smart contract and a written 00:21:06.089 --> 00:21:08.479 align:start position:0% between a smart contract and a written contract<00:21:06.299> a<00:21:06.659> paper<00:21:06.869> contract<00:21:07.409> is<00:21:07.889> that<00:21:07.950> when 00:21:08.479 --> 00:21:08.489 align:start position:0% contract a paper contract is that when 00:21:08.489 --> 00:21:09.889 align:start position:0% contract a paper contract is that when you<00:21:08.609> go<00:21:08.759> through<00:21:08.789> the<00:21:09.029> process<00:21:09.419> of<00:21:09.479> signing<00:21:09.690> up 00:21:09.889 --> 00:21:09.899 align:start position:0% you go through the process of signing up 00:21:09.899 --> 00:21:11.499 align:start position:0% you go through the process of signing up a<00:21:10.049> paper<00:21:10.289> contract<00:21:10.739> you've<00:21:11.219> demonstrated 00:21:11.499 --> 00:21:11.509 align:start position:0% a paper contract you've demonstrated 00:21:11.509 --> 00:21:14.419 align:start position:0% a paper contract you've demonstrated some<00:21:12.509> meeting<00:21:12.809> of<00:21:12.899> the<00:21:12.989> minds<00:21:13.169> already<00:21:13.619> right 00:21:14.419 --> 00:21:14.429 align:start position:0% some meeting of the minds already right 00:21:14.429 --> 00:21:16.279 align:start position:0% some meeting of the minds already right and<00:21:14.519> you've<00:21:15.029> demonstrated<00:21:15.450> that<00:21:15.929> in<00:21:16.109> some 00:21:16.279 --> 00:21:16.289 align:start position:0% and you've demonstrated that in some 00:21:16.289 --> 00:21:17.959 align:start position:0% and you've demonstrated that in some relationship<00:21:16.979> to<00:21:17.009> the<00:21:17.159> greater<00:21:17.369> of<00:21:17.549> all<00:21:17.700> like 00:21:17.959 --> 00:21:17.969 align:start position:0% relationship to the greater of all like 00:21:17.969 --> 00:21:20.180 align:start position:0% relationship to the greater of all like people<00:21:18.719> don't<00:21:18.929> say<00:21:19.139> oh<00:21:19.169> I<00:21:19.320> sign<00:21:19.619> this<00:21:19.830> bowl<00:21:20.039> it 00:21:20.180 --> 00:21:20.190 align:start position:0% people don't say oh I sign this bowl it 00:21:20.190 --> 00:21:21.379 align:start position:0% people don't say oh I sign this bowl it does<00:21:20.339> happen<00:21:20.549> actually<00:21:20.909> where<00:21:21.209> you<00:21:21.269> have<00:21:21.359> very 00:21:21.379 --> 00:21:21.389 align:start position:0% does happen actually where you have very 00:21:21.389 --> 00:21:22.820 align:start position:0% does happen actually where you have very ignorant<00:21:21.749> people<00:21:22.080> and<00:21:22.320> they're<00:21:22.409> like<00:21:22.469> I<00:21:22.589> sign 00:21:22.820 --> 00:21:22.830 align:start position:0% ignorant people and they're like I sign 00:21:22.830 --> 00:21:24.499 align:start position:0% ignorant people and they're like I sign this<00:21:22.950> contract<00:21:23.159> when<00:21:23.459> I<00:21:23.519> got<00:21:23.700> some<00:21:24.059> ice<00:21:24.179> cream 00:21:24.499 --> 00:21:24.509 align:start position:0% this contract when I got some ice cream 00:21:24.509 --> 00:21:26.269 align:start position:0% this contract when I got some ice cream and<00:21:24.719> then<00:21:25.349> you're<00:21:25.499> like<00:21:25.649> okay<00:21:25.769> well<00:21:26.070> obviously 00:21:26.269 --> 00:21:26.279 align:start position:0% and then you're like okay well obviously 00:21:26.279 --> 00:21:28.489 align:start position:0% and then you're like okay well obviously that<00:21:26.909> like<00:21:27.119> failed<00:21:27.450> to<00:21:27.839> meet<00:21:28.289> the 00:21:28.489 --> 00:21:28.499 align:start position:0% that like failed to meet the 00:21:28.499 --> 00:21:30.709 align:start position:0% that like failed to meet the qualifications<00:21:29.219> of<00:21:29.399> a<00:21:29.549> legal<00:21:29.999> contract<00:21:30.329> and<00:21:30.659> I 00:21:30.709 --> 00:21:30.719 align:start position:0% qualifications of a legal contract and I 00:21:30.719 --> 00:21:32.449 align:start position:0% qualifications of a legal contract and I think<00:21:31.109> that<00:21:31.289> what<00:21:31.889> we<00:21:32.009> have<00:21:32.129> the<00:21:32.249> blockchain 00:21:32.449 --> 00:21:32.459 align:start position:0% think that what we have the blockchain 00:21:32.459 --> 00:21:35.779 align:start position:0% think that what we have the blockchain Space<00:21:32.909> Flight<00:21:33.869> the<00:21:34.739> concept<00:21:35.279> of<00:21:35.399> a<00:21:35.489> legal 00:21:35.779 --> 00:21:35.789 align:start position:0% Space Flight the concept of a legal 00:21:35.789 --> 00:21:37.249 align:start position:0% Space Flight the concept of a legal contract<00:21:36.119> and<00:21:36.450> in<00:21:36.509> light<00:21:36.690> the<00:21:36.869> concept<00:21:37.229> of 00:21:37.249 --> 00:21:37.259 align:start position:0% contract and in light the concept of 00:21:37.259 --> 00:21:39.169 align:start position:0% contract and in light the concept of people<00:21:37.619> agreement<00:21:38.039> sort<00:21:38.579> of<00:21:38.669> just<00:21:38.879> wished 00:21:39.169 --> 00:21:39.179 align:start position:0% people agreement sort of just wished 00:21:39.179 --> 00:21:47.569 align:start position:0% people agreement sort of just wished away<00:21:40.309> the<00:21:41.309> walls<00:21:41.609> relationship<00:21:46.399> you<00:21:47.399> don't 00:21:47.569 --> 00:21:47.579 align:start position:0% away the walls relationship you don't 00:21:47.579 --> 00:21:50.029 align:start position:0% away the walls relationship you don't need<00:21:47.820> every<00:21:48.149> contract<00:21:48.749> and<00:21:48.989> sometimes<00:21:49.889> people 00:21:50.029 --> 00:21:50.039 align:start position:0% need every contract and sometimes people 00:21:50.039 --> 00:21:52.069 align:start position:0% need every contract and sometimes people just<00:21:50.429> send<00:21:50.759> a<00:21:50.879> guy<00:21:50.999> with<00:21:51.149> the<00:21:51.239> ice<00:21:51.359> cream<00:21:51.690> it 00:21:52.069 --> 00:21:52.079 align:start position:0% just send a guy with the ice cream it 00:21:52.079 --> 00:21:53.180 align:start position:0% just send a guy with the ice cream it happens<00:21:52.649> all<00:21:52.829> the<00:21:52.889> time 00:21:53.180 --> 00:21:53.190 align:start position:0% happens all the time 00:21:53.190 --> 00:21:56.539 align:start position:0% happens all the time I<00:21:53.459> know<00:21:53.549> see<00:21:53.879> a<00:21:53.909> difference<00:21:54.329> of<00:21:54.450> that<00:21:54.570> I<00:21:55.549> don't 00:21:56.539 --> 00:21:56.549 align:start position:0% I know see a difference of that I don't 00:21:56.549 --> 00:21:59.060 align:start position:0% I know see a difference of that I don't think<00:21:56.849> the<00:21:56.969> difference<00:21:57.329> is<00:21:57.479> in<00:21:57.749> the<00:21:58.349> sort<00:21:58.979> of 00:21:59.060 --> 00:21:59.070 align:start position:0% think the difference is in the sort of 00:21:59.070 --> 00:22:01.369 align:start position:0% think the difference is in the sort of formal<00:21:59.579> structure<00:22:00.119> right<00:22:00.599> the<00:22:00.809> difference<00:22:00.959> is 00:22:01.369 --> 00:22:01.379 align:start position:0% formal structure right the difference is 00:22:01.379 --> 00:22:03.589 align:start position:0% formal structure right the difference is he<00:22:01.559> you<00:22:02.249> know<00:22:02.309> quite<00:22:02.609> literally<00:22:02.940> the<00:22:03.119> minds<00:22:03.389> of 00:22:03.589 --> 00:22:03.599 align:start position:0% he you know quite literally the minds of 00:22:03.599 --> 00:22:05.629 align:start position:0% he you know quite literally the minds of the<00:22:03.719> people<00:22:03.869> in<00:22:04.139> the<00:22:04.259> agreement<00:22:04.739> right<00:22:05.249> when 00:22:05.629 --> 00:22:05.639 align:start position:0% the people in the agreement right when 00:22:05.639 --> 00:22:07.190 align:start position:0% the people in the agreement right when we<00:22:05.940> talk<00:22:06.239> about<00:22:06.269> people<00:22:06.869> of<00:22:06.959> this<00:22:07.049> community 00:22:07.190 --> 00:22:07.200 align:start position:0% we talk about people of this community 00:22:07.200 --> 00:22:08.779 align:start position:0% we talk about people of this community making<00:22:07.679> smart<00:22:08.070> contracts<00:22:08.549> with<00:22:08.700> our 00:22:08.779 --> 00:22:08.789 align:start position:0% making smart contracts with our 00:22:08.789 --> 00:22:11.359 align:start position:0% making smart contracts with our contracting<00:22:09.359> systems<00:22:09.809> they<00:22:10.349> are<00:22:10.379> not<00:22:10.709> well 00:22:11.359 --> 00:22:11.369 align:start position:0% contracting systems they are not well 00:22:11.369 --> 00:22:13.159 align:start position:0% contracting systems they are not well some<00:22:11.669> of<00:22:11.700> them<00:22:11.940> are<00:22:12.179> the<00:22:12.659> person<00:22:12.929> who's<00:22:13.079> like 00:22:13.159 --> 00:22:13.169 align:start position:0% some of them are the person who's like 00:22:13.169 --> 00:22:14.659 align:start position:0% some of them are the person who's like oh<00:22:13.259> I<00:22:13.349> got<00:22:13.529> some<00:22:13.709> ice<00:22:13.799> cream<00:22:14.099> so<00:22:14.309> I'd<00:22:14.429> like<00:22:14.609> to 00:22:14.659 --> 00:22:14.669 align:start position:0% oh I got some ice cream so I'd like to 00:22:14.669 --> 00:22:17.089 align:start position:0% oh I got some ice cream so I'd like to this<00:22:14.940> token<00:22:15.239> or<00:22:15.329> whatever<00:22:15.570> but<00:22:16.109> a<00:22:16.349> lot<00:22:16.799> of<00:22:16.979> the 00:22:17.089 --> 00:22:17.099 align:start position:0% this token or whatever but a lot of the 00:22:17.099 --> 00:22:20.209 align:start position:0% this token or whatever but a lot of the people<00:22:17.279> really<00:22:18.179> do<00:22:18.570> our<00:22:19.079> turning<00:22:19.769> construct 00:22:20.209 --> 00:22:20.219 align:start position:0% people really do our turning construct 00:22:20.219 --> 00:22:23.289 align:start position:0% people really do our turning construct their<00:22:20.519> intent<00:22:21.029> is<00:22:21.269> to<00:22:21.359> create<00:22:21.899> something<00:22:22.289> that 00:22:23.289 --> 00:22:23.299 align:start position:0% their intent is to create something that 00:22:23.299 --> 00:23:05.389 align:start position:0% their intent is to create something that exists<00:22:25.190> but<00:22:26.190> they're<00:22:28.820> necessary<00:23:04.129> but<00:23:05.129> I<00:23:05.159> said 00:23:05.389 --> 00:23:05.399 align:start position:0% exists but they're necessary but I said 00:23:05.399 --> 00:23:12.050 align:start position:0% exists but they're necessary but I said that 00:23:12.050 --> 00:23:12.060 align:start position:0% 00:23:12.060 --> 00:23:14.160 align:start position:0% that<00:23:13.060> feels<00:23:13.270> a<00:23:13.360> lot<00:23:13.480> different<00:23:13.540> and<00:23:13.990> I<00:23:14.110> am 00:23:14.160 --> 00:23:14.170 align:start position:0% that feels a lot different and I am 00:23:14.170 --> 00:23:16.290 align:start position:0% that feels a lot different and I am signed<00:23:14.560> a<00:23:14.680> contract<00:23:15.160> for<00:23:15.370> our<00:23:15.580> employment<00:23:16.060> or 00:23:16.290 --> 00:23:16.300 align:start position:0% signed a contract for our employment or 00:23:16.300 --> 00:23:19.320 align:start position:0% signed a contract for our employment or producing<00:23:16.750> ones<00:23:17.050> and<00:23:17.770> it's<00:23:17.920> also<00:23:18.130> tenser<00:23:18.700> very 00:23:19.320 --> 00:23:19.330 align:start position:0% producing ones and it's also tenser very 00:23:19.330 --> 00:23:21.230 align:start position:0% producing ones and it's also tenser very shortly<00:23:19.660> one<00:23:19.930> more<00:23:20.140> reason<00:23:20.290> why<00:23:20.470> I<00:23:20.620> think<00:23:20.830> that 00:23:21.230 --> 00:23:21.240 align:start position:0% shortly one more reason why I think that 00:23:21.240 --> 00:23:23.400 align:start position:0% shortly one more reason why I think that the<00:23:22.240> gallery<00:23:22.450> and<00:23:22.840> probably<00:23:23.200> is<00:23:23.290> not 00:23:23.400 --> 00:23:23.410 align:start position:0% the gallery and probably is not 00:23:23.410 --> 00:23:25.830 align:start position:0% the gallery and probably is not mentioned<00:23:23.710> is<00:23:24.040> something<00:23:24.220> is<00:23:24.810> hanging<00:23:25.810> out 00:23:25.830 --> 00:23:25.840 align:start position:0% mentioned is something is hanging out 00:23:25.840 --> 00:23:27.030 align:start position:0% mentioned is something is hanging out with<00:23:25.990> you<00:23:26.080> guys<00:23:26.110> I<00:23:26.590> know<00:23:26.650> there<00:23:26.890> isn't 00:23:27.030 --> 00:23:27.040 align:start position:0% with you guys I know there isn't 00:23:27.040 --> 00:23:28.890 align:start position:0% with you guys I know there isn't necessarily<00:23:27.220> the<00:23:27.700> law<00:23:27.940> there<00:23:28.510> absolutely 00:23:28.890 --> 00:23:28.900 align:start position:0% necessarily the law there absolutely 00:23:28.900 --> 00:23:30.510 align:start position:0% necessarily the law there absolutely like<00:23:29.050> a<00:23:29.230> lot<00:23:29.410> of<00:23:29.560> laws<00:23:29.710> and<00:23:30.070> there<00:23:30.250> isn't<00:23:30.430> this 00:23:30.510 --> 00:23:30.520 align:start position:0% like a lot of laws and there isn't this 00:23:30.520 --> 00:23:31.650 align:start position:0% like a lot of laws and there isn't this sort<00:23:30.670> of<00:23:30.760> like<00:23:30.940> that<00:23:31.090> kind<00:23:31.270> of<00:23:31.300> locking 00:23:31.650 --> 00:23:31.660 align:start position:0% sort of like that kind of locking 00:23:31.660 --> 00:23:32.910 align:start position:0% sort of like that kind of locking protocol<00:23:32.020> there<00:23:32.200> a<00:23:32.230> lot<00:23:32.410> of<00:23:32.500> technical 00:23:32.910 --> 00:23:32.920 align:start position:0% protocol there a lot of technical 00:23:32.920 --> 00:23:34.980 align:start position:0% protocol there a lot of technical disagreements<00:23:33.580> about<00:23:33.670> protocol<00:23:34.120> upgrades<00:23:34.540> so 00:23:34.980 --> 00:23:34.990 align:start position:0% disagreements about protocol upgrades so 00:23:34.990 --> 00:23:36.930 align:start position:0% disagreements about protocol upgrades so it's<00:23:35.110> not<00:23:35.200> laughing<00:23:35.500> the<00:23:35.770> motivated<00:23:36.370> me<00:23:36.460> that 00:23:36.930 --> 00:23:36.940 align:start position:0% it's not laughing the motivated me that 00:23:36.940 --> 00:23:38.550 align:start position:0% it's not laughing the motivated me that also<00:23:37.300> makes<00:23:37.510> it<00:23:37.630> very<00:23:37.690> difficult<00:23:38.050> to<00:23:38.320> catch 00:23:38.550 --> 00:23:38.560 align:start position:0% also makes it very difficult to catch 00:23:38.560 --> 00:23:39.420 align:start position:0% also makes it very difficult to catch the<00:23:38.710> two<00:23:38.860> up 00:23:39.420 --> 00:23:39.430 align:start position:0% the two up 00:23:39.430 --> 00:23:40.890 align:start position:0% the two up I'm<00:23:39.700> so<00:23:39.970> talk<00:23:40.240> about<00:23:40.270> international<00:23:40.870> law 00:23:40.890 --> 00:23:40.900 align:start position:0% I'm so talk about international law 00:23:40.900 --> 00:23:55.290 align:start position:0% I'm so talk about international law given<00:23:41.320> jurisdictions 00:23:55.290 --> 00:23:55.300 align:start position:0% 00:23:55.300 --> 00:23:58.720 align:start position:0% two<00:23:56.300> concrete<00:23:56.690> examples<00:23:56.980> you<00:23:57.980> know<00:23:58.040> they're 00:23:58.720 --> 00:23:58.730 align:start position:0% two concrete examples you know they're 00:23:58.730 --> 00:24:01.840 align:start position:0% two concrete examples you know they're people<00:23:58.940> for<00:23:59.450> watching<00:24:00.430> lots<00:24:01.430> of<00:24:01.520> people<00:24:01.760> are 00:24:01.840 --> 00:24:01.850 align:start position:0% people for watching lots of people are 00:24:01.850 --> 00:24:03.910 align:start position:0% people for watching lots of people are participating<00:24:02.410> you<00:24:03.410> never<00:24:03.590> would<00:24:03.710> have<00:24:03.800> the 00:24:03.910 --> 00:24:03.920 align:start position:0% participating you never would have the 00:24:03.920 --> 00:24:05.950 align:start position:0% participating you never would have the best<00:24:04.130> of<00:24:04.250> intentions<00:24:04.360> all<00:24:05.360> the<00:24:05.540> sudden<00:24:05.840> you 00:24:05.950 --> 00:24:05.960 align:start position:0% best of intentions all the sudden you 00:24:05.960 --> 00:24:07.540 align:start position:0% best of intentions all the sudden you have<00:24:05.990> an<00:24:06.230> assassination<00:24:06.890> contract<00:24:07.340> it's 00:24:07.540 --> 00:24:07.550 align:start position:0% have an assassination contract it's 00:24:07.550 --> 00:24:10.090 align:start position:0% have an assassination contract it's launched<00:24:07.880> on<00:24:08.030> a<00:24:08.180> net<00:24:08.420> and<00:24:08.750> you<00:24:09.740> thought<00:24:09.950> you 00:24:10.090 --> 00:24:10.100 align:start position:0% launched on a net and you thought you 00:24:10.100 --> 00:24:11.320 align:start position:0% launched on a net and you thought you guys<00:24:10.220> were<00:24:10.430> just<00:24:10.610> a<00:24:10.670> group<00:24:10.820> of<00:24:10.880> people<00:24:10.940> or<00:24:11.300> you 00:24:11.320 --> 00:24:11.330 align:start position:0% guys were just a group of people or you 00:24:11.330 --> 00:24:12.520 align:start position:0% guys were just a group of people or you thought<00:24:11.540> you<00:24:11.690> were<00:24:11.780> just<00:24:11.870> contributing<00:24:12.380> to<00:24:12.470> a 00:24:12.520 --> 00:24:12.530 align:start position:0% thought you were just contributing to a 00:24:12.530 --> 00:24:15.100 align:start position:0% thought you were just contributing to a code<00:24:12.770> for<00:24:12.950> a<00:24:12.980> particular<00:24:13.400> project<00:24:13.610> and<00:24:14.090> all<00:24:15.050> of 00:24:15.100 --> 00:24:15.110 align:start position:0% code for a particular project and all of 00:24:15.110 --> 00:24:18.640 align:start position:0% code for a particular project and all of a<00:24:15.170> sudden<00:24:15.200> the<00:24:15.950> law<00:24:16.100> sweeps<00:24:16.850> in<00:24:17.060> and<00:24:17.650> apart 00:24:18.640 --> 00:24:18.650 align:start position:0% a sudden the law sweeps in and apart 00:24:18.650 --> 00:24:20.080 align:start position:0% a sudden the law sweeps in and apart from<00:24:18.770> this<00:24:18.890> blockchain<00:24:19.280> reality<00:24:19.760> and<00:24:19.880> all<00:24:19.940> the 00:24:20.080 --> 00:24:20.090 align:start position:0% from this blockchain reality and all the 00:24:20.090 --> 00:24:21.940 align:start position:0% from this blockchain reality and all the agreements<00:24:20.210> you<00:24:20.540> mean<00:24:20.720> that<00:24:21.350> then<00:24:21.500> Dini<00:24:21.770> of<00:24:21.920> a 00:24:21.940 --> 00:24:21.950 align:start position:0% agreements you mean that then Dini of a 00:24:21.950 --> 00:24:24.190 align:start position:0% agreements you mean that then Dini of a general<00:24:22.250> partner<00:24:22.610> in<00:24:23.060> a<00:24:23.750> general<00:24:24.020> partnership 00:24:24.190 --> 00:24:24.200 align:start position:0% general partner in a general partnership 00:24:24.200 --> 00:24:25.990 align:start position:0% general partner in a general partnership and<00:24:24.770> liable<00:24:25.160> for<00:24:25.220> all<00:24:25.370> the<00:24:25.490> acts<00:24:25.640> of 00:24:25.990 --> 00:24:26.000 align:start position:0% and liable for all the acts of 00:24:26.000 --> 00:24:28.090 align:start position:0% and liable for all the acts of everybody's<00:24:26.510> participated<00:24:27.230> so<00:24:27.740> this<00:24:27.950> is 00:24:28.090 --> 00:24:28.100 align:start position:0% everybody's participated so this is 00:24:28.100 --> 00:24:30.450 align:start position:0% everybody's participated so this is where<00:24:28.280> it's<00:24:28.970> really<00:24:29.030> there's<00:24:29.690> there's<00:24:29.990> a 00:24:30.450 --> 00:24:30.460 align:start position:0% where it's really there's there's a 00:24:30.460 --> 00:24:33.850 align:start position:0% where it's really there's there's a visible<00:24:31.460> legal<00:24:32.000> reality<00:24:32.510> with<00:24:32.840> states<00:24:33.320> nation 00:24:33.850 --> 00:24:33.860 align:start position:0% visible legal reality with states nation 00:24:33.860 --> 00:24:35.680 align:start position:0% visible legal reality with states nation states<00:24:34.100> that<00:24:34.250> have<00:24:34.400> these<00:24:34.550> supports<00:24:35.090> that 00:24:35.680 --> 00:24:35.690 align:start position:0% states that have these supports that 00:24:35.690 --> 00:24:37.690 align:start position:0% states that have these supports that operate<00:24:36.440> on<00:24:36.620> your<00:24:36.800> projects<00:24:37.250> even<00:24:37.490> if<00:24:37.610> you 00:24:37.690 --> 00:24:37.700 align:start position:0% operate on your projects even if you 00:24:37.700 --> 00:24:45.250 align:start position:0% operate on your projects even if you can't<00:24:37.910> see 00:24:45.250 --> 00:24:45.260 align:start position:0% 00:24:45.260 --> 00:24:49.080 align:start position:0% that<00:24:46.260> us<00:24:46.470> as<00:24:46.740> I<00:24:46.860> miss<00:24:47.070> us 00:24:49.080 --> 00:24:49.090 align:start position:0% that us as I miss us 00:24:49.090 --> 00:24:59.139 align:start position:0% that us as I miss us and<00:24:55.330> be<00:24:56.330> encoded<00:24:56.720> as<00:24:57.470> my<00:24:57.649> conscience<00:24:58.100> we<00:24:58.909> saw 00:24:59.139 --> 00:24:59.149 align:start position:0% and be encoded as my conscience we saw 00:24:59.149 --> 00:24:59.790 align:start position:0% and be encoded as my conscience we saw that<00:24:59.299> message 00:24:59.790 --> 00:24:59.800 align:start position:0% that message 00:24:59.800 --> 00:25:03.000 align:start position:0% that message our<00:25:00.180> format<00:25:01.180> like<00:25:01.570> humans<00:25:02.170> so<00:25:02.710> there<00:25:02.980> are 00:25:03.000 --> 00:25:03.010 align:start position:0% our format like humans so there are 00:25:03.010 --> 00:25:06.690 align:start position:0% our format like humans so there are subjective<00:25:03.910> constraints<00:25:04.780> that<00:25:05.410> are<00:25:06.310> needed 00:25:06.690 --> 00:25:06.700 align:start position:0% subjective constraints that are needed 00:25:06.700 --> 00:25:10.490 align:start position:0% subjective constraints that are needed and<00:25:06.880> that<00:25:07.120> are<00:25:07.360> impossible<00:25:07.660> to<00:25:07.990> qualified<00:25:09.450> so 00:25:10.490 --> 00:25:10.500 align:start position:0% and that are impossible to qualified so 00:25:10.500 --> 00:25:13.850 align:start position:0% and that are impossible to qualified so -<00:25:11.500> but<00:25:11.800> I<00:25:12.070> was<00:25:12.400> talking<00:25:12.670> before<00:25:12.760> about 00:25:13.850 --> 00:25:13.860 align:start position:0% - but I was talking before about 00:25:13.860 --> 00:25:17.130 align:start position:0% - but I was talking before about self-governance<00:25:14.860> and<00:25:15.100> how<00:25:15.700> we<00:25:16.090> could<00:25:16.510> create 00:25:17.130 --> 00:25:17.140 align:start position:0% self-governance and how we could create 00:25:17.140 --> 00:25:22.980 align:start position:0% self-governance and how we could create these<00:25:17.470> rules<00:25:20.520> in<00:25:21.520> a<00:25:21.790> way<00:25:21.820> to<00:25:22.060> you<00:25:22.270> that<00:25:22.630> they 00:25:22.980 --> 00:25:22.990 align:start position:0% these rules in a way to you that they 00:25:22.990 --> 00:25:25.050 align:start position:0% these rules in a way to you that they are<00:25:23.020> problem<00:25:23.500> with<00:25:23.650> God<00:25:23.830> is<00:25:24.040> that<00:25:24.070> whenever 00:25:25.050 --> 00:25:25.060 align:start position:0% are problem with God is that whenever 00:25:25.060 --> 00:25:27.480 align:start position:0% are problem with God is that whenever the<00:25:25.330> design<00:25:25.660> is<00:25:25.780> beautiful<00:25:26.260> and<00:25:26.320> supple<00:25:26.560> it<00:25:26.980> - 00:25:27.480 --> 00:25:27.490 align:start position:0% the design is beautiful and supple it - 00:25:27.490 --> 00:25:29.910 align:start position:0% the design is beautiful and supple it - to<00:25:28.150> decide<00:25:28.600> what<00:25:28.990> is<00:25:29.140> according<00:25:29.650> to<00:25:29.680> those 00:25:29.910 --> 00:25:29.920 align:start position:0% to decide what is according to those 00:25:29.920 --> 00:25:33.960 align:start position:0% to decide what is according to those rules<00:25:29.980> or<00:25:30.610> not<00:25:30.880> is<00:25:31.270> very<00:25:31.540> subjective<00:25:32.730> and<00:25:33.730> so 00:25:33.960 --> 00:25:33.970 align:start position:0% rules or not is very subjective and so 00:25:33.970 --> 00:25:36.810 align:start position:0% rules or not is very subjective and so that's<00:25:34.180> why<00:25:34.360> I<00:25:34.390> just<00:25:35.230> as<00:25:35.440> much 00:25:36.810 --> 00:25:36.820 align:start position:0% that's why I just as much 00:25:36.820 --> 00:25:48.290 align:start position:0% that's why I just as much one<00:25:37.820> of<00:25:37.940> the<00:25:38.059> solutions<00:25:38.510> that 00:25:48.290 --> 00:25:48.300 align:start position:0% 00:25:48.300 --> 00:25:53.020 align:start position:0% worse<00:25:48.840> with<00:25:49.140> humans<00:25:49.590> who<00:25:50.340> decided<00:25:50.790> what<00:25:51.530> was 00:25:53.020 --> 00:25:53.030 align:start position:0% worse with humans who decided what was 00:25:53.030 --> 00:25:55.850 align:start position:0% worse with humans who decided what was if<00:25:54.030> certain<00:25:54.420> action<00:25:55.230> within<00:25:55.710> our 00:25:55.850 --> 00:25:55.860 align:start position:0% if certain action within our 00:25:55.860 --> 00:26:02.100 align:start position:0% if certain action within our organizations<00:25:57.290> to<00:25:58.290> those<00:25:59.240> we<00:26:00.240> can 00:26:02.100 --> 00:26:02.110 align:start position:0% organizations to those we can 00:26:02.110 --> 00:26:05.050 align:start position:0% organizations to those we can and<00:26:03.110> the<00:26:03.290> doctors<00:26:03.890> a<00:26:03.920> perfect<00:26:04.580> example<00:26:04.640> of 00:26:05.050 --> 00:26:05.060 align:start position:0% and the doctors a perfect example of 00:26:05.060 --> 00:26:05.290 align:start position:0% and the doctors a perfect example of that 00:26:05.290 --> 00:26:05.300 align:start position:0% that 00:26:05.300 --> 00:26:07.860 align:start position:0% that you<00:26:05.510> know<00:26:05.600> the<00:26:05.810> attacker<00:26:06.200> actually<00:26:06.560> said 00:26:07.860 --> 00:26:07.870 align:start position:0% you know the attacker actually said 00:26:07.870 --> 00:26:11.279 align:start position:0% you know the attacker actually said or<00:26:08.350> if<00:26:09.159> the<00:26:09.370> code<00:26:09.580> is<00:26:09.610> really<00:26:10.090> long<00:26:10.750> I<00:26:10.779> followed 00:26:11.279 --> 00:26:11.289 align:start position:0% or if the code is really long I followed 00:26:11.289 --> 00:26:12.600 align:start position:0% or if the code is really long I followed the<00:26:11.380> ball<00:26:11.559> and<00:26:11.890> thank<00:26:12.070> you<00:26:12.159> for<00:26:12.309> all<00:26:12.400> the<00:26:12.460> money 00:26:12.600 --> 00:26:12.610 align:start position:0% the ball and thank you for all the money 00:26:12.610 --> 00:26:14.850 align:start position:0% the ball and thank you for all the money and<00:26:12.970> actually<00:26:13.750> the<00:26:13.840> community<00:26:14.020> decided<00:26:14.380> that 00:26:14.850 --> 00:26:14.860 align:start position:0% and actually the community decided that 00:26:14.860 --> 00:26:16.470 align:start position:0% and actually the community decided that was<00:26:15.220> not<00:26:15.429> the<00:26:15.580> outcome<00:26:15.610> that<00:26:15.909> they<00:26:16.150> wanted 00:26:16.470 --> 00:26:16.480 align:start position:0% was not the outcome that they wanted 00:26:16.480 --> 00:26:17.250 align:start position:0% was not the outcome that they wanted they<00:26:16.659> wanted<00:26:16.809> to 00:26:17.250 --> 00:26:17.260 align:start position:0% they wanted to 00:26:17.260 --> 00:26:19.890 align:start position:0% they wanted to Gold<00:26:17.590> is<00:26:18.040> blockchains<00:26:18.700> for<00:26:18.940> contract<00:26:19.419> reality 00:26:19.890 --> 00:26:19.900 align:start position:0% Gold is blockchains for contract reality 00:26:19.900 --> 00:26:22.200 align:start position:0% Gold is blockchains for contract reality so<00:26:20.169> you<00:26:20.470> know<00:26:20.830> there's<00:26:21.100> there's<00:26:21.790> like<00:26:21.940> human 00:26:22.200 --> 00:26:22.210 align:start position:0% so you know there's there's like human 00:26:22.210 --> 00:26:24.000 align:start position:0% so you know there's there's like human labor<00:26:22.450> just<00:26:22.630> as<00:26:22.750> he<00:26:22.840> said<00:26:23.080> that<00:26:23.380> that<00:26:23.740> we<00:26:23.860> need 00:26:24.000 --> 00:26:24.010 align:start position:0% labor just as he said that that we need 00:26:24.010 --> 00:26:26.100 align:start position:0% labor just as he said that that we need to<00:26:24.160> take<00:26:24.280> into<00:26:24.580> account<00:26:24.610> as<00:26:25.390> we<00:26:25.690> build<00:26:25.929> this 00:26:26.100 --> 00:26:26.110 align:start position:0% to take into account as we build this 00:26:26.110 --> 00:26:27.780 align:start position:0% to take into account as we build this infrastructure<00:26:26.679> that's<00:26:27.010> ultimately<00:26:27.309> meant 00:26:27.780 --> 00:26:27.790 align:start position:0% infrastructure that's ultimately meant 00:26:27.790 --> 00:26:33.690 align:start position:0% infrastructure that's ultimately meant to<00:26:31.320> and<00:26:32.320> just<00:26:32.799> briefly<00:26:33.100> I<00:26:33.309> think<00:26:33.400> it's 00:26:33.690 --> 00:26:33.700 align:start position:0% to and just briefly I think it's 00:26:33.700 --> 00:26:35.490 align:start position:0% to and just briefly I think it's interesting<00:26:33.910> to<00:26:34.150> note<00:26:34.450> in<00:26:34.660> the<00:26:35.020> case<00:26:35.260> of 00:26:35.490 --> 00:26:35.500 align:start position:0% interesting to note in the case of 00:26:35.500 --> 00:26:39.090 align:start position:0% interesting to note in the case of withou<00:26:36.600> the<00:26:37.600> reason<00:26:38.049> the<00:26:38.169> code<00:26:38.410> wasn't<00:26:38.740> ball 00:26:39.090 --> 00:26:39.100 align:start position:0% withou the reason the code wasn't ball 00:26:39.100 --> 00:26:42.960 align:start position:0% withou the reason the code wasn't ball was<00:26:39.400> because<00:26:39.820> you<00:26:40.450> know<00:26:40.570> the<00:26:41.940> you<00:26:42.940> know 00:26:42.960 --> 00:26:42.970 align:start position:0% was because you know the you know 00:26:42.970 --> 00:26:45.450 align:start position:0% was because you know the you know ultimately<00:26:43.660> the<00:26:43.990> issue<00:26:44.020> that<00:26:44.500> arose<00:26:44.830> was<00:26:44.890> not 00:26:45.450 --> 00:26:45.460 align:start position:0% ultimately the issue that arose was not 00:26:45.460 --> 00:26:47.820 align:start position:0% ultimately the issue that arose was not from<00:26:45.850> the<00:26:45.970> author<00:26:46.210> of<00:26:46.480> the<00:26:47.080> contract<00:26:47.650> that<00:26:47.710> was 00:26:47.820 --> 00:26:47.830 align:start position:0% from the author of the contract that was 00:26:47.830 --> 00:26:50.730 align:start position:0% from the author of the contract that was exploited<00:26:48.429> right<00:26:48.640> the<00:26:49.210> underlying<00:26:49.870> issue<00:26:50.169> was 00:26:50.730 --> 00:26:50.740 align:start position:0% exploited right the underlying issue was 00:26:50.740 --> 00:26:53.070 align:start position:0% exploited right the underlying issue was a<00:26:50.770> mismatch<00:26:51.400> between<00:26:51.510> two<00:26:52.510> parts<00:26:52.929> of<00:26:52.990> the 00:26:53.070 --> 00:26:53.080 align:start position:0% a mismatch between two parts of the 00:26:53.080 --> 00:26:55.740 align:start position:0% a mismatch between two parts of the stack<00:26:53.350> below<00:26:53.919> what<00:26:54.850> that<00:26:55.000> developer<00:26:55.510> wrote 00:26:55.740 --> 00:26:55.750 align:start position:0% stack below what that developer wrote 00:26:55.750 --> 00:26:58.049 align:start position:0% stack below what that developer wrote and<00:26:56.049> you<00:26:56.740> can<00:26:56.860> sort<00:26:57.010> of<00:26:57.070> get<00:26:57.160> into<00:26:57.370> this<00:26:57.490> I<00:26:57.700> mean 00:26:58.049 --> 00:26:58.059 align:start position:0% and you can sort of get into this I mean 00:26:58.059 --> 00:26:59.940 align:start position:0% and you can sort of get into this I mean I<00:26:58.120> think<00:26:58.360> that<00:26:58.570> you<00:26:59.140> know<00:26:59.260> how<00:26:59.380> much<00:26:59.530> of<00:26:59.650> a<00:26:59.710> soft 00:26:59.940 --> 00:26:59.950 align:start position:0% I think that you know how much of a soft 00:26:59.950 --> 00:27:01.409 align:start position:0% I think that you know how much of a soft word<00:27:00.130> anymore<00:27:00.669> this<00:27:00.820> is<00:27:00.970> really<00:27:01.179> fascinating 00:27:01.409 --> 00:27:01.419 align:start position:0% word anymore this is really fascinating 00:27:01.419 --> 00:27:03.500 align:start position:0% word anymore this is really fascinating philosophical<00:27:02.410> discussion<00:27:02.890> around 00:27:03.500 --> 00:27:03.510 align:start position:0% philosophical discussion around 00:27:03.510 --> 00:27:06.810 align:start position:0% philosophical discussion around programming<00:27:04.510> languages<00:27:05.049> and<00:27:05.410> why<00:27:06.010> would<00:27:06.669> we 00:27:06.810 --> 00:27:06.820 align:start position:0% programming languages and why would we 00:27:06.820 --> 00:27:08.400 align:start position:0% programming languages and why would we ever<00:27:06.850> want<00:27:07.059> to<00:27:07.240> use<00:27:07.450> a<00:27:07.480> language<00:27:07.960> where<00:27:08.260> it's 00:27:08.400 --> 00:27:08.410 align:start position:0% ever want to use a language where it's 00:27:08.410 --> 00:27:11.580 align:start position:0% ever want to use a language where it's such<00:27:08.559> a<00:27:08.590> problem<00:27:09.100> and<00:27:09.640> emerge<00:27:09.970> right<00:27:10.720> but<00:27:11.049> here 00:27:11.580 --> 00:27:11.590 align:start position:0% such a problem and emerge right but here 00:27:11.590 --> 00:27:13.169 align:start position:0% such a problem and emerge right but here we<00:27:11.740> are<00:27:11.770> in<00:27:11.980> reality<00:27:12.130> where<00:27:12.669> we<00:27:12.790> have<00:27:12.970> those 00:27:13.169 --> 00:27:13.179 align:start position:0% we are in reality where we have those 00:27:13.179 --> 00:27:16.080 align:start position:0% we are in reality where we have those languages<00:27:13.600> and<00:27:14.130> there's<00:27:15.130> there's<00:27:15.520> no<00:27:15.820> way 00:27:16.080 --> 00:27:16.090 align:start position:0% languages and there's there's no way 00:27:16.090 --> 00:27:19.590 align:start position:0% languages and there's there's no way that<00:27:16.540> you<00:27:16.780> can<00:27:17.160> legitimate<00:27:18.160> the<00:27:18.280> argue<00:27:18.730> well 00:27:19.590 --> 00:27:19.600 align:start position:0% that you can legitimate the argue well 00:27:19.600 --> 00:27:21.570 align:start position:0% that you can legitimate the argue well okay<00:27:20.169> there's<00:27:20.559> conspiracy<00:27:21.160> theories<00:27:21.460> that 00:27:21.570 --> 00:27:21.580 align:start position:0% okay there's conspiracy theories that 00:27:21.580 --> 00:27:23.669 align:start position:0% okay there's conspiracy theories that are<00:27:21.700> somewhat<00:27:22.090> extreme<00:27:22.510> but<00:27:23.230> outside<00:27:23.620> of 00:27:23.669 --> 00:27:23.679 align:start position:0% are somewhat extreme but outside of 00:27:23.679 --> 00:27:27.659 align:start position:0% are somewhat extreme but outside of those<00:27:24.040> it's<00:27:25.000> very<00:27:25.330> clear<00:27:25.780> that<00:27:26.260> the<00:27:27.130> intent<00:27:27.580> of 00:27:27.659 --> 00:27:27.669 align:start position:0% those it's very clear that the intent of 00:27:27.669 --> 00:27:29.760 align:start position:0% those it's very clear that the intent of the<00:27:27.820> original<00:27:27.900> publishers<00:27:28.900> of<00:27:29.020> the<00:27:29.169> dow<00:27:29.410> was 00:27:29.760 --> 00:27:29.770 align:start position:0% the original publishers of the dow was 00:27:29.770 --> 00:27:31.770 align:start position:0% the original publishers of the dow was not<00:27:29.980> to<00:27:30.130> have<00:27:30.220> the<00:27:30.370> doll<00:27:30.520> hack<00:27:30.760> happen<00:27:31.210> right 00:27:31.770 --> 00:27:31.780 align:start position:0% not to have the doll hack happen right 00:27:31.780 --> 00:27:34.530 align:start position:0% not to have the doll hack happen right so<00:27:31.990> we<00:27:32.110> can<00:27:32.230> all<00:27:32.350> look<00:27:32.679> at<00:27:32.860> that<00:27:32.890> and<00:27:33.309> agree<00:27:34.090> i 00:27:34.530 --> 00:27:34.540 align:start position:0% so we can all look at that and agree i 00:27:34.540 --> 00:27:36.720 align:start position:0% so we can all look at that and agree i mean<00:27:34.809> again<00:27:35.500> the<00:27:35.740> vast<00:27:35.919> majority<00:27:36.520> of<00:27:36.549> the 00:27:36.720 --> 00:27:36.730 align:start position:0% mean again the vast majority of the 00:27:36.730 --> 00:27:37.830 align:start position:0% mean again the vast majority of the obviously<00:27:37.030> not<00:27:37.150> everyone<00:27:37.480> but<00:27:37.600> the<00:27:37.690> vast 00:27:37.830 --> 00:27:37.840 align:start position:0% obviously not everyone but the vast 00:27:37.840 --> 00:27:39.320 align:start position:0% obviously not everyone but the vast majority<00:27:37.990> of<00:27:38.290> people<00:27:38.380> can<00:27:38.530> look<00:27:38.710> at 00:27:39.320 --> 00:27:39.330 align:start position:0% majority of people can look at 00:27:39.330 --> 00:27:42.710 align:start position:0% majority of people can look at okay<00:27:39.660> well<00:27:40.250> the<00:27:41.250> code<00:27:41.550> that<00:27:41.820> should<00:27:42.060> be<00:27:42.210> law<00:27:42.390> is 00:27:42.710 --> 00:27:42.720 align:start position:0% okay well the code that should be law is 00:27:42.720 --> 00:27:45.800 align:start position:0% okay well the code that should be law is the<00:27:42.960> code<00:27:43.290> that<00:27:43.770> actually<00:27:44.040> like<00:27:44.730> the<00:27:45.390> person 00:27:45.800 --> 00:27:45.810 align:start position:0% the code that actually like the person 00:27:45.810 --> 00:27:47.630 align:start position:0% the code that actually like the person who<00:27:45.900> wrote<00:27:46.110> the<00:27:46.290> code<00:27:46.500> had<00:27:46.830> an<00:27:46.980> intent<00:27:47.400> and 00:27:47.630 --> 00:27:47.640 align:start position:0% who wrote the code had an intent and 00:27:47.640 --> 00:27:49.640 align:start position:0% who wrote the code had an intent and that<00:27:47.700> intent<00:27:48.270> was<00:27:48.450> clear<00:27:48.750> in<00:27:49.080> effect<00:27:49.410> there 00:27:49.640 --> 00:27:49.650 align:start position:0% that intent was clear in effect there 00:27:49.650 --> 00:27:51.950 align:start position:0% that intent was clear in effect there was<00:27:49.770> a<00:27:49.800> bug<00:27:50.070> an<00:27:50.360> underlying<00:27:51.360> food 00:27:51.950 --> 00:27:51.960 align:start position:0% was a bug an underlying food 00:27:51.960 --> 00:27:54.470 align:start position:0% was a bug an underlying food what<00:27:52.200> obfuscated<00:27:52.920> that<00:27:53.040> intent<00:27:53.430> and<00:27:53.640> eight 00:27:54.470 --> 00:27:54.480 align:start position:0% what obfuscated that intent and eight 00:27:54.480 --> 00:27:56.300 align:start position:0% what obfuscated that intent and eight years<00:27:54.690> having<00:27:55.110> that<00:27:55.290> sort<00:27:55.830> of<00:27:55.920> level<00:27:56.280> of 00:27:56.300 --> 00:27:56.310 align:start position:0% years having that sort of level of 00:27:56.310 --> 00:27:58.340 align:start position:0% years having that sort of level of complexity<00:27:56.910> in<00:27:57.150> your<00:27:57.300> discussion<00:27:57.840> about<00:27:58.080> code 00:27:58.340 --> 00:27:58.350 align:start position:0% complexity in your discussion about code 00:27:58.350 --> 00:27:59.780 align:start position:0% complexity in your discussion about code is<00:27:58.530> law<00:27:58.710> like<00:27:59.100> if<00:27:59.220> your<00:27:59.370> code<00:27:59.610> is<00:27:59.760> that 00:27:59.780 --> 00:27:59.790 align:start position:0% is law like if your code is that 00:27:59.790 --> 00:28:02.510 align:start position:0% is law like if your code is that sophisticated<00:28:00.570> which<00:28:00.870> is<00:28:01.020> actually<00:28:01.410> like<00:28:01.590> the 00:28:02.510 --> 00:28:02.520 align:start position:0% sophisticated which is actually like the 00:28:02.520 --> 00:28:04.400 align:start position:0% sophisticated which is actually like the vast<00:28:02.790> majority<00:28:03.240> of<00:28:03.270> code<00:28:03.660> the<00:28:03.750> dollar<00:28:03.960> wasn't 00:28:04.400 --> 00:28:04.410 align:start position:0% vast majority of code the dollar wasn't 00:28:04.410 --> 00:28:05.810 align:start position:0% vast majority of code the dollar wasn't a<00:28:04.440> particularly<00:28:04.800> sophisticated<00:28:05.160> piece<00:28:05.790> of 00:28:05.810 --> 00:28:05.820 align:start position:0% a particularly sophisticated piece of 00:28:05.820 --> 00:28:09.530 align:start position:0% a particularly sophisticated piece of software<00:28:06.300> so<00:28:07.110> if<00:28:07.590> we<00:28:08.310> can't<00:28:08.580> express<00:28:08.970> simple 00:28:09.530 --> 00:28:09.540 align:start position:0% software so if we can't express simple 00:28:09.540 --> 00:28:10.970 align:start position:0% software so if we can't express simple things<00:28:09.780> like<00:28:09.900> the<00:28:10.200> Dow<00:28:10.380> and<00:28:10.410> its<00:28:10.830> unambiguous 00:28:10.970 --> 00:28:10.980 align:start position:0% things like the Dow and its unambiguous 00:28:10.980 --> 00:28:13.490 align:start position:0% things like the Dow and its unambiguous terms<00:28:11.730> then<00:28:12.390> we're<00:28:12.630> going<00:28:12.900> to<00:28:13.050> be<00:28:13.200> stuck 00:28:13.490 --> 00:28:13.500 align:start position:0% terms then we're going to be stuck 00:28:13.500 --> 00:28:17.180 align:start position:0% terms then we're going to be stuck having<00:28:14.160> humans<00:28:14.720> try<00:28:15.720> to<00:28:15.780> mediate<00:28:16.380> to<00:28:16.680> resolve 00:28:17.180 --> 00:28:17.190 align:start position:0% having humans try to mediate to resolve 00:28:17.190 --> 00:28:18.770 align:start position:0% having humans try to mediate to resolve these<00:28:17.370> issues<00:28:17.430> in<00:28:18.120> one<00:28:18.360> form<00:28:18.600> or<00:28:18.720> another 00:28:18.770 --> 00:28:18.780 align:start position:0% these issues in one form or another 00:28:18.780 --> 00:28:21.050 align:start position:0% these issues in one form or another whether<00:28:19.260> that's<00:28:19.590> through<00:28:19.890> like<00:28:20.520> an<00:28:20.640> Aragon 00:28:21.050 --> 00:28:21.060 align:start position:0% whether that's through like an Aragon 00:28:21.060 --> 00:28:24.460 align:start position:0% whether that's through like an Aragon sort<00:28:21.540> of<00:28:21.690> module<00:28:22.680> or<00:28:23.160> through<00:28:23.550> something<00:28:23.760> else 00:28:24.460 --> 00:28:24.470 align:start position:0% sort of module or through something else 00:28:24.470 --> 00:28:26.330 align:start position:0% sort of module or through something else Billy<00:28:25.470> do<00:28:25.590> you<00:28:25.650> want<00:28:25.830> to<00:28:25.890> remember<00:28:26.070> your 00:28:26.330 --> 00:28:26.340 align:start position:0% Billy do you want to remember your 00:28:26.340 --> 00:28:28.100 align:start position:0% Billy do you want to remember your question<00:28:26.760> later<00:28:26.970> and<00:28:27.270> you<00:28:27.360> can<00:28:27.480> come<00:28:27.660> back<00:28:27.810> to 00:28:28.100 --> 00:28:28.110 align:start position:0% question later and you can come back to 00:28:28.110 --> 00:28:30.730 align:start position:0% question later and you can come back to it<00:28:28.140> thank<00:28:28.620> you 00:28:30.730 --> 00:28:30.740 align:start position:0% it thank you 00:28:30.740 --> 00:28:36.230 align:start position:0% it thank you one<00:28:31.740> thing<00:28:31.950> I<00:28:32.040> wanted<00:28:32.280> to<00:28:32.400> say<00:28:32.580> to<00:28:33.030> that<00:28:33.240> is<00:28:35.240> the 00:28:36.230 --> 00:28:36.240 align:start position:0% one thing I wanted to say to that is the 00:28:36.240 --> 00:28:38.120 align:start position:0% one thing I wanted to say to that is the dart<00:28:36.480> team<00:28:36.750> could<00:28:37.080> actually<00:28:37.260> have<00:28:37.680> made<00:28:37.980> this 00:28:38.120 --> 00:28:38.130 align:start position:0% dart team could actually have made this 00:28:38.130 --> 00:28:40.160 align:start position:0% dart team could actually have made this a<00:28:38.190> bigger<00:28:38.460> contract<00:28:38.820> it<00:28:39.000> could<00:28:39.120> have<00:28:39.300> set<00:28:39.990> up<00:28:40.140> a 00:28:40.160 --> 00:28:40.170 align:start position:0% a bigger contract it could have set up a 00:28:40.170 --> 00:28:42.760 align:start position:0% a bigger contract it could have set up a contract<00:28:40.560> saying<00:28:40.950> code<00:28:41.400> is<00:28:41.610> law<00:28:41.850> and<00:28:42.240> maybe 00:28:42.760 --> 00:28:42.770 align:start position:0% contract saying code is law and maybe 00:28:42.770 --> 00:28:47.030 align:start position:0% contract saying code is law and maybe this<00:28:43.970> legal<00:28:44.970> system<00:28:45.120> is<00:28:45.660> a<00:28:45.900> choice<00:28:46.440> of<00:28:46.620> law<00:28:46.770> is 00:28:47.030 --> 00:28:47.040 align:start position:0% this legal system is a choice of law is 00:28:47.040 --> 00:28:49.250 align:start position:0% this legal system is a choice of law is England<00:28:47.730> and<00:28:47.850> Wales<00:28:47.970> something<00:28:48.720> else<00:28:48.900> and 00:28:49.250 --> 00:28:49.260 align:start position:0% England and Wales something else and 00:28:49.260 --> 00:28:51.200 align:start position:0% England and Wales something else and then<00:28:49.830> you<00:28:49.860> know<00:28:50.160> you<00:28:50.730> should<00:28:50.760> have<00:28:51.030> had 00:28:51.200 --> 00:28:51.210 align:start position:0% then you know you should have had 00:28:51.210 --> 00:28:53.270 align:start position:0% then you know you should have had something<00:28:51.510> kind<00:28:51.870> of<00:28:51.990> a<00:28:52.110> backup<00:28:52.470> so<00:28:52.650> if<00:28:52.830> you<00:28:52.980> one 00:28:53.270 --> 00:28:53.280 align:start position:0% something kind of a backup so if you one 00:28:53.280 --> 00:28:55.760 align:start position:0% something kind of a backup so if you one code<00:28:53.580> code<00:28:54.240> is<00:28:54.420> law<00:28:54.660> you<00:28:54.990> can<00:28:55.200> set<00:28:55.620> up<00:28:55.650> a 00:28:55.760 --> 00:28:55.770 align:start position:0% code code is law you can set up a 00:28:55.770 --> 00:28:58.400 align:start position:0% code code is law you can set up a contract<00:28:56.310> to<00:28:56.520> actually<00:28:57.150> state<00:28:57.390> down<00:28:57.570> all<00:28:58.140> you 00:28:58.400 --> 00:28:58.410 align:start position:0% contract to actually state down all you 00:28:58.410 --> 00:28:59.710 align:start position:0% contract to actually state down all you need<00:28:58.650> that<00:28:58.860> in<00:28:59.100> addition 00:28:59.710 --> 00:28:59.720 align:start position:0% need that in addition 00:28:59.720 --> 00:29:01.930 align:start position:0% need that in addition you<00:29:00.080> need<00:29:00.440> to<00:29:00.559> have<00:29:00.679> a<00:29:00.710> legal<00:29:00.919> system<00:29:01.220> that 00:29:01.930 --> 00:29:01.940 align:start position:0% you need to have a legal system that 00:29:01.940 --> 00:29:04.090 align:start position:0% you need to have a legal system that catches<00:29:02.450> all<00:29:02.690> the<00:29:02.720> other<00:29:03.230> things<00:29:03.679> that<00:29:03.830> you 00:29:04.090 --> 00:29:04.100 align:start position:0% catches all the other things that you 00:29:04.100 --> 00:29:07.330 align:start position:0% catches all the other things that you have<00:29:04.340> missed<00:29:04.700> out<00:29:05.030> on<00:29:05.059> it<00:29:05.980> yeah<00:29:06.980> so<00:29:07.190> I<00:29:07.250> think 00:29:07.330 --> 00:29:07.340 align:start position:0% have missed out on it yeah so I think 00:29:07.340 --> 00:29:08.799 align:start position:0% have missed out on it yeah so I think for<00:29:07.820> this<00:29:08.030> community 00:29:08.799 --> 00:29:08.809 align:start position:0% for this community 00:29:08.809 --> 00:29:11.289 align:start position:0% for this community they're<00:29:09.140> the<00:29:09.799> reason<00:29:10.190> people<00:29:10.370> don't<00:29:10.789> do<00:29:11.120> that 00:29:11.289 --> 00:29:11.299 align:start position:0% they're the reason people don't do that 00:29:11.299 --> 00:29:14.020 align:start position:0% they're the reason people don't do that and<00:29:11.950> again<00:29:12.950> if<00:29:13.190> you're<00:29:13.309> not<00:29:13.370> a<00:29:13.490> lawyer<00:29:13.760> that 00:29:14.020 --> 00:29:14.030 align:start position:0% and again if you're not a lawyer that 00:29:14.030 --> 00:29:16.210 align:start position:0% and again if you're not a lawyer that just<00:29:14.450> seems<00:29:14.690> like<00:29:14.929> especially<00:29:15.409> in<00:29:15.679> America<00:29:16.100> oh 00:29:16.210 --> 00:29:16.220 align:start position:0% just seems like especially in America oh 00:29:16.220 --> 00:29:17.860 align:start position:0% just seems like especially in America oh I<00:29:16.250> don't<00:29:16.520> know<00:29:16.700> maybe<00:29:17.210> lawyer<00:29:17.510> I<00:29:17.690> mean 00:29:17.860 --> 00:29:17.870 align:start position:0% I don't know maybe lawyer I mean 00:29:17.870 --> 00:29:19.120 align:start position:0% I don't know maybe lawyer I mean hopefully<00:29:18.110> lawyers<00:29:18.590> are<00:29:18.710> expensive 00:29:19.120 --> 00:29:19.130 align:start position:0% hopefully lawyers are expensive 00:29:19.130 --> 00:29:22.450 align:start position:0% hopefully lawyers are expensive everywhere<00:29:19.460> but<00:29:20.320> you<00:29:21.320> know<00:29:21.409> just<00:29:21.919> the<00:29:22.190> shorter 00:29:22.450 --> 00:29:22.460 align:start position:0% everywhere but you know just the shorter 00:29:22.460 --> 00:29:24.070 align:start position:0% everywhere but you know just the shorter the<00:29:22.580> distinct<00:29:22.970> Curtis<00:29:23.299> like<00:29:23.480> we<00:29:23.630> only<00:29:23.809> with 00:29:24.070 --> 00:29:24.080 align:start position:0% the distinct Curtis like we only with 00:29:24.080 --> 00:29:25.870 align:start position:0% the distinct Curtis like we only with the<00:29:24.289> countries<00:29:24.620> where<00:29:24.710> laws<00:29:24.919> expensive<00:29:25.520> have 00:29:25.870 --> 00:29:25.880 align:start position:0% the countries where laws expensive have 00:29:25.880 --> 00:29:27.399 align:start position:0% the countries where laws expensive have you<00:29:25.970> know<00:29:26.120> hopefully<00:29:26.360> laws<00:29:26.780> expensive 00:29:27.399 --> 00:29:27.409 align:start position:0% you know hopefully laws expensive 00:29:27.409 --> 00:29:30.250 align:start position:0% you know hopefully laws expensive everywhere<00:29:27.830> and<00:29:28.130> it's<00:29:29.000> not<00:29:29.210> only<00:29:29.360> the<00:29:29.750> expense 00:29:30.250 --> 00:29:30.260 align:start position:0% everywhere and it's not only the expense 00:29:30.260 --> 00:29:32.230 align:start position:0% everywhere and it's not only the expense that<00:29:30.440> provides<00:29:31.130> people<00:29:31.340> inside<00:29:31.789> me<00:29:31.909> but<00:29:32.059> it's 00:29:32.230 --> 00:29:32.240 align:start position:0% that provides people inside me but it's 00:29:32.240 --> 00:29:34.090 align:start position:0% that provides people inside me but it's like<00:29:32.390> you're<00:29:32.539> opening<00:29:33.080> up<00:29:33.260> this<00:29:33.740> whole<00:29:33.950> new 00:29:34.090 --> 00:29:34.100 align:start position:0% like you're opening up this whole new 00:29:34.100 --> 00:29:34.539 align:start position:0% like you're opening up this whole new world 00:29:34.539 --> 00:29:34.549 align:start position:0% world 00:29:34.549 --> 00:29:36.279 align:start position:0% world your<00:29:34.970> basic<00:29:35.120> because<00:29:35.720> I<00:29:35.809> mean<00:29:35.929> this<00:29:36.020> is<00:29:36.169> so<00:29:36.230> I 00:29:36.279 --> 00:29:36.289 align:start position:0% your basic because I mean this is so I 00:29:36.289 --> 00:29:37.960 align:start position:0% your basic because I mean this is so I think<00:29:36.320> one<00:29:36.590> of<00:29:36.620> the<00:29:36.740> things<00:29:36.950> that<00:29:37.130> it's<00:29:37.730> easy 00:29:37.960 --> 00:29:37.970 align:start position:0% think one of the things that it's easy 00:29:37.970 --> 00:29:39.340 align:start position:0% think one of the things that it's easy to<00:29:38.090> misunderstand<00:29:38.480> if<00:29:38.990> you're<00:29:39.110> a<00:29:39.140> layperson 00:29:39.340 --> 00:29:39.350 align:start position:0% to misunderstand if you're a layperson 00:29:39.350 --> 00:29:42.100 align:start position:0% to misunderstand if you're a layperson which<00:29:39.919> is<00:29:40.130> you<00:29:40.700> know<00:29:40.789> just<00:29:41.150> because<00:29:41.510> you<00:29:41.840> don't 00:29:42.100 --> 00:29:42.110 align:start position:0% which is you know just because you don't 00:29:42.110 --> 00:29:44.020 align:start position:0% which is you know just because you don't know<00:29:42.350> what<00:29:42.530> the<00:29:42.620> law<00:29:42.770> is<00:29:42.799> doesn't<00:29:43.789> mean<00:29:43.909> that 00:29:44.020 --> 00:29:44.030 align:start position:0% know what the law is doesn't mean that 00:29:44.030 --> 00:29:45.970 align:start position:0% know what the law is doesn't mean that you're<00:29:44.179> not<00:29:44.299> subject<00:29:44.809> to<00:29:44.840> the<00:29:45.020> law<00:29:45.169> you<00:29:45.710> can't 00:29:45.970 --> 00:29:45.980 align:start position:0% you're not subject to the law you can't 00:29:45.980 --> 00:29:47.919 align:start position:0% you're not subject to the law you can't like<00:29:46.190> plead<00:29:46.490> ignorance<00:29:46.730> to<00:29:47.330> the<00:29:47.360> law<00:29:47.600> you<00:29:47.750> can 00:29:47.919 --> 00:29:47.929 align:start position:0% like plead ignorance to the law you can 00:29:47.929 --> 00:29:49.870 align:start position:0% like plead ignorance to the law you can say<00:29:48.049> oh<00:29:48.080> I<00:29:48.169> brought<00:29:48.500> group<00:29:48.799> I<00:29:48.950> drove<00:29:49.460> over<00:29:49.610> this 00:29:49.870 --> 00:29:49.880 align:start position:0% say oh I brought group I drove over this 00:29:49.880 --> 00:29:52.029 align:start position:0% say oh I brought group I drove over this person<00:29:50.270> collected<00:29:50.600> knows<00:29:50.809> and<00:29:51.110> legal<00:29:51.409> right 00:29:52.029 --> 00:29:52.039 align:start position:0% person collected knows and legal right 00:29:52.039 --> 00:29:53.320 align:start position:0% person collected knows and legal right and<00:29:52.220> so<00:29:52.340> on<00:29:52.400> the<00:29:52.490> scene<00:29:52.730> being<00:29:53.059> your 00:29:53.320 --> 00:29:53.330 align:start position:0% and so on the scene being your 00:29:53.330 --> 00:29:54.730 align:start position:0% and so on the scene being your suggestion<00:29:53.929> is<00:29:54.020> a<00:29:54.049> perfectly<00:29:54.500> reasonable 00:29:54.730 --> 00:29:54.740 align:start position:0% suggestion is a perfectly reasonable 00:29:54.740 --> 00:29:57.820 align:start position:0% suggestion is a perfectly reasonable suggestion<00:29:55.640> as<00:29:55.880> a<00:29:55.940> lawyer<00:29:56.240> which<00:29:56.809> is<00:29:57.020> I<00:29:57.320> should 00:29:57.820 --> 00:29:57.830 align:start position:0% suggestion as a lawyer which is I should 00:29:57.830 --> 00:30:00.220 align:start position:0% suggestion as a lawyer which is I should provide<00:29:58.640> myself<00:29:59.090> some<00:29:59.240> legal<00:29:59.510> protection<00:29:59.990> by 00:30:00.220 --> 00:30:00.230 align:start position:0% provide myself some legal protection by 00:30:00.230 --> 00:30:01.990 align:start position:0% provide myself some legal protection by these<00:30:00.530> like<00:30:00.710> writing<00:30:01.130> something<00:30:01.340> down<00:30:01.520> and 00:30:01.990 --> 00:30:02.000 align:start position:0% these like writing something down and 00:30:02.000 --> 00:30:04.060 align:start position:0% these like writing something down and notarizing<00:30:02.480> it<00:30:02.809> but<00:30:03.140> for<00:30:03.289> other<00:30:03.470> people<00:30:03.890> they 00:30:04.060 --> 00:30:04.070 align:start position:0% notarizing it but for other people they 00:30:04.070 --> 00:30:05.740 align:start position:0% notarizing it but for other people they feel<00:30:04.370> that<00:30:04.520> that's<00:30:04.730> like<00:30:04.880> opening<00:30:05.330> Pandora's 00:30:05.740 --> 00:30:05.750 align:start position:0% feel that that's like opening Pandora's 00:30:05.750 --> 00:30:08.230 align:start position:0% feel that that's like opening Pandora's Box<00:30:06.110> that's<00:30:06.470> inviting<00:30:06.860> them<00:30:07.190> all<00:30:07.370> into<00:30:07.909> their 00:30:08.230 --> 00:30:08.240 align:start position:0% Box that's inviting them all into their 00:30:08.240 --> 00:30:10.000 align:start position:0% Box that's inviting them all into their situation<00:30:08.900> of<00:30:09.020> making<00:30:09.230> it<00:30:09.289> worse<00:30:09.470> not<00:30:09.740> making 00:30:10.000 --> 00:30:10.010 align:start position:0% situation of making it worse not making 00:30:10.010 --> 00:30:10.630 align:start position:0% situation of making it worse not making it<00:30:10.100> better 00:30:10.630 --> 00:30:10.640 align:start position:0% it better 00:30:10.640 --> 00:30:12.430 align:start position:0% it better I<00:30:10.669> knew<00:30:11.030> that<00:30:11.210> I<00:30:11.360> mean<00:30:11.510> that's<00:30:11.659> literally<00:30:12.230> why 00:30:12.430 --> 00:30:12.440 align:start position:0% I knew that I mean that's literally why 00:30:12.440 --> 00:30:13.810 align:start position:0% I knew that I mean that's literally why we're<00:30:12.650> here<00:30:12.860> on<00:30:12.950> this<00:30:13.100> panel<00:30:13.460> sort<00:30:13.760> of 00:30:13.810 --> 00:30:13.820 align:start position:0% we're here on this panel sort of 00:30:13.820 --> 00:30:16.180 align:start position:0% we're here on this panel sort of dissuade<00:30:14.120> people<00:30:14.150> from<00:30:14.799> that<00:30:15.799> line<00:30:16.010> of 00:30:16.180 --> 00:30:16.190 align:start position:0% dissuade people from that line of 00:30:16.190 --> 00:30:19.330 align:start position:0% dissuade people from that line of reasoning<00:30:16.600> and<00:30:17.600> if<00:30:17.750> you<00:30:17.900> wanna<00:30:18.140> ticket<00:30:19.039> stay 00:30:19.330 --> 00:30:19.340 align:start position:0% reasoning and if you wanna ticket stay 00:30:19.340 --> 00:30:22.149 align:start position:0% reasoning and if you wanna ticket stay away<00:30:19.669> from<00:30:19.730> any<00:30:20.270> legal<00:30:20.510> jurisdiction<00:30:21.380> if<00:30:21.980> you 00:30:22.149 --> 00:30:22.159 align:start position:0% away from any legal jurisdiction if you 00:30:22.159 --> 00:30:24.180 align:start position:0% away from any legal jurisdiction if you choose<00:30:22.429> as<00:30:22.700> your<00:30:22.730> distributor<00:30:23.330> solution 00:30:24.180 --> 00:30:24.190 align:start position:0% choose as your distributor solution 00:30:24.190 --> 00:30:27.190 align:start position:0% choose as your distributor solution arbitration<00:30:25.190> you<00:30:25.700> could<00:30:25.880> also<00:30:26.150> actually<00:30:26.659> not 00:30:27.190 --> 00:30:27.200 align:start position:0% arbitration you could also actually not 00:30:27.200 --> 00:30:30.810 align:start position:0% arbitration you could also actually not take<00:30:27.559> it<00:30:27.820> to<00:30:28.929> territorial<00:30:29.929> jurisdiction<00:30:30.140> as 00:30:30.810 --> 00:30:30.820 align:start position:0% take it to territorial jurisdiction as 00:30:30.820 --> 00:30:34.450 align:start position:0% take it to territorial jurisdiction as your<00:30:32.409> choice<00:30:33.409> of<00:30:33.650> law<00:30:33.860> you<00:30:34.130> can<00:30:34.280> actually 00:30:34.450 --> 00:30:34.460 align:start position:0% your choice of law you can actually 00:30:34.460 --> 00:30:36.100 align:start position:0% your choice of law you can actually change<00:30:34.760> rules<00:30:35.360> of<00:30:35.570> law 00:30:36.100 --> 00:30:36.110 align:start position:0% change rules of law 00:30:36.110 --> 00:30:39.470 align:start position:0% change rules of law so<00:30:36.380> if<00:30:36.830> the<00:30:37.130> eastern<00:30:38.059> community<00:30:38.690> with<00:30:38.900> one 00:30:39.470 --> 00:30:39.480 align:start position:0% so if the eastern community with one 00:30:39.480 --> 00:30:42.350 align:start position:0% so if the eastern community with one you<00:30:39.660> know<00:30:39.860> like<00:30:40.860> everyone<00:30:41.580> right<00:30:41.790> now<00:30:41.820> scream 00:30:42.350 --> 00:30:42.360 align:start position:0% you know like everyone right now scream 00:30:42.360 --> 00:30:44.000 align:start position:0% you know like everyone right now scream something<00:30:42.900> like<00:30:43.080> that<00:30:43.320> you<00:30:43.800> could<00:30:43.950> actually 00:30:44.000 --> 00:30:44.010 align:start position:0% something like that you could actually 00:30:44.010 --> 00:30:47.230 align:start position:0% something like that you could actually put<00:30:44.550> that<00:30:44.790> in<00:30:45.000> there<00:30:45.240> because<00:30:45.420> most 00:30:47.230 --> 00:30:47.240 align:start position:0% put that in there because most 00:30:47.240 --> 00:30:49.760 align:start position:0% put that in there because most arbitration<00:30:48.240> clause<00:30:48.510> or<00:30:49.020> international 00:30:49.760 --> 00:30:49.770 align:start position:0% arbitration clause or international 00:30:49.770 --> 00:30:51.410 align:start position:0% arbitration clause or international arbitration<00:30:49.890> laws<00:30:50.460> and<00:30:50.820> now<00:30:50.940> we're<00:30:51.090> able<00:30:51.180> to 00:30:51.410 --> 00:30:51.420 align:start position:0% arbitration laws and now we're able to 00:30:51.420 --> 00:30:54.470 align:start position:0% arbitration laws and now we're able to do<00:30:51.570> that<00:30:51.780> so<00:30:52.440> different<00:30:52.920> rates<00:30:53.160> on<00:30:53.460> the<00:30:53.970> legal 00:30:54.470 --> 00:30:54.480 align:start position:0% do that so different rates on the legal 00:30:54.480 --> 00:30:57.650 align:start position:0% do that so different rates on the legal system<00:30:54.810> ourself<00:30:55.620> and<00:30:55.890> refer<00:30:56.490> to<00:30:56.520> it<00:30:56.700> in<00:30:57.090> our 00:30:57.650 --> 00:30:57.660 align:start position:0% system ourself and refer to it in our 00:30:57.660 --> 00:31:01.130 align:start position:0% system ourself and refer to it in our contracts<00:30:58.580> in<00:30:59.580> our<00:30:59.820> district<00:31:00.300> resolution 00:31:01.130 --> 00:31:01.140 align:start position:0% contracts in our district resolution 00:31:01.140 --> 00:31:03.350 align:start position:0% contracts in our district resolution mechanism<00:31:01.740> but<00:31:02.250> we<00:31:02.460> haven't<00:31:02.610> done<00:31:02.730> that<00:31:02.880> far<00:31:03.330> I 00:31:03.350 --> 00:31:03.360 align:start position:0% mechanism but we haven't done that far I 00:31:03.360 --> 00:31:05.600 align:start position:0% mechanism but we haven't done that far I mean<00:31:03.630> we<00:31:03.840> could<00:31:04.050> do<00:31:04.260> that<00:31:04.440> I<00:31:04.770> think<00:31:05.190> it<00:31:05.430> was<00:31:05.550> a 00:31:05.600 --> 00:31:05.610 align:start position:0% mean we could do that I think it was a 00:31:05.610 --> 00:31:07.520 align:start position:0% mean we could do that I think it was a great<00:31:05.850> idea<00:31:05.880> great<00:31:06.450> idea<00:31:06.510> and<00:31:06.990> we<00:31:07.380> are 00:31:07.520 --> 00:31:07.530 align:start position:0% great idea great idea and we are 00:31:07.530 --> 00:31:10.550 align:start position:0% great idea great idea and we are actually<00:31:07.710> working<00:31:08.130> on<00:31:08.400> this<00:31:09.260> just<00:31:10.260> on<00:31:10.440> the 00:31:10.550 --> 00:31:10.560 align:start position:0% actually working on this just on the 00:31:10.560 --> 00:31:29.930 align:start position:0% actually working on this just on the arbitration<00:31:12.560> New<00:31:13.560> Jersey<00:31:19.820> yeah<00:31:28.250> so<00:31:29.250> you 00:31:29.930 --> 00:31:29.940 align:start position:0% arbitration New Jersey yeah so you 00:31:29.940 --> 00:31:32.870 align:start position:0% arbitration New Jersey yeah so you cannot<00:31:30.590> so<00:31:31.590> I<00:31:31.620> work<00:31:31.950> about<00:31:32.340> ten<00:31:32.580> years<00:31:32.700> of 00:31:32.870 --> 00:31:32.880 align:start position:0% cannot so I work about ten years of 00:31:32.880 --> 00:31:35.600 align:start position:0% cannot so I work about ten years of international<00:31:33.210> arbitration<00:31:33.740> and<00:31:34.740> petty 00:31:35.600 --> 00:31:35.610 align:start position:0% international arbitration and petty 00:31:35.610 --> 00:31:39.350 align:start position:0% international arbitration and petty officer<00:31:35.840> so<00:31:36.840> we<00:31:37.380> have<00:31:37.470> a<00:31:37.550> bit<00:31:38.550> of<00:31:38.580> a<00:31:38.760> dispute<00:31:39.030> on 00:31:39.350 --> 00:31:39.360 align:start position:0% officer so we have a bit of a dispute on 00:31:39.360 --> 00:31:41.540 align:start position:0% officer so we have a bit of a dispute on this<00:31:39.570> question<00:31:39.810> and<00:31:40.500> my<00:31:40.650> position<00:31:41.220> one<00:31:41.400> that 00:31:41.540 --> 00:31:41.550 align:start position:0% this question and my position one that 00:31:41.550 --> 00:31:44.750 align:start position:0% this question and my position one that says<00:31:41.760> you<00:31:42.060> cannot<00:31:42.690> have<00:31:43.380> a<00:31:43.410> finite<00:31:44.190> mandatory 00:31:44.750 --> 00:31:44.760 align:start position:0% says you cannot have a finite mandatory 00:31:44.760 --> 00:31:48.320 align:start position:0% says you cannot have a finite mandatory laws<00:31:45.060> of<00:31:45.300> Amina<00:31:45.690> not<00:31:46.250> his<00:31:47.250> conscience<00:31:47.940> I<00:31:48.120> mean 00:31:48.320 --> 00:31:48.330 align:start position:0% laws of Amina not his conscience I mean 00:31:48.330 --> 00:31:52.350 align:start position:0% laws of Amina not his conscience I mean this<00:31:48.690> is<00:31:48.870> like<00:31:49.500> torture<00:31:49.890> or<00:31:50.310> he<00:31:50.460> cannot<00:31:51.020> any 00:31:52.350 --> 00:31:52.360 align:start position:0% this is like torture or he cannot any 00:31:52.360 --> 00:31:54.240 align:start position:0% this is like torture or he cannot any human<00:31:52.780> rights<00:31:52.990> that<00:31:53.290> are<00:31:53.590> enshrined<00:31:53.799> in 00:31:54.240 --> 00:31:54.250 align:start position:0% human rights that are enshrined in 00:31:54.250 --> 00:31:56.580 align:start position:0% human rights that are enshrined in international<00:31:54.340> law<00:31:55.030> but<00:31:55.690> on<00:31:56.020> the<00:31:56.170> substantive 00:31:56.580 --> 00:31:56.590 align:start position:0% international law but on the substantive 00:31:56.590 --> 00:31:58.530 align:start position:0% international law but on the substantive level<00:31:56.920> is<00:31:57.130> not<00:31:57.309> just<00:31:57.520> procedural<00:31:58.030> you<00:31:58.270> can 00:31:58.530 --> 00:31:58.540 align:start position:0% level is not just procedural you can 00:31:58.540 --> 00:32:01.560 align:start position:0% level is not just procedural you can actually<00:31:58.840> come<00:31:59.620> up<00:31:59.650> with<00:31:59.799> your<00:32:00.130> own<00:32:00.309> words<00:32:01.059> or 00:32:01.560 --> 00:32:01.570 align:start position:0% actually come up with your own words or 00:32:01.570 --> 00:32:06.210 align:start position:0% actually come up with your own words or not<00:32:02.370> but<00:32:03.370> we<00:32:03.640> cannot<00:32:04.260> miss<00:32:05.260> an<00:32:05.410> example<00:32:05.950> for 00:32:06.210 --> 00:32:06.220 align:start position:0% not but we cannot miss an example for 00:32:06.220 --> 00:32:07.860 align:start position:0% not but we cannot miss an example for the<00:32:06.370> non-lawyers<00:32:06.970> about<00:32:07.270> what<00:32:07.480> some<00:32:07.660> of<00:32:07.750> these 00:32:07.860 --> 00:32:07.870 align:start position:0% the non-lawyers about what some of these 00:32:07.870 --> 00:32:09.570 align:start position:0% the non-lawyers about what some of these rules<00:32:08.200> that<00:32:08.440> you<00:32:08.530> can<00:32:08.679> make<00:32:08.830> up<00:32:09.040> which<00:32:09.429> it 00:32:09.570 --> 00:32:09.580 align:start position:0% rules that you can make up which it 00:32:09.580 --> 00:32:12.450 align:start position:0% rules that you can make up which it would<00:32:09.730> be<00:32:10.290> like<00:32:11.290> one<00:32:11.470> cent<00:32:11.710> I<00:32:11.950> think<00:32:12.190> that 00:32:12.450 --> 00:32:12.460 align:start position:0% would be like one cent I think that 00:32:12.460 --> 00:32:14.460 align:start position:0% would be like one cent I think that that's<00:32:12.850> the<00:32:12.940> best<00:32:13.090> way<00:32:13.240> the<00:32:13.870> concepts<00:32:14.290> how<00:32:14.410> you 00:32:14.460 --> 00:32:14.470 align:start position:0% that's the best way the concepts how you 00:32:14.470 --> 00:32:16.530 align:start position:0% that's the best way the concepts how you give<00:32:14.799> a<00:32:14.830> concept<00:32:15.220> in<00:32:15.370> UK<00:32:15.670> concept<00:32:16.090> can<00:32:16.270> be<00:32:16.299> also 00:32:16.530 --> 00:32:16.540 align:start position:0% give a concept in UK concept can be also 00:32:16.540 --> 00:32:20.250 align:start position:0% give a concept in UK concept can be also I<00:32:17.020> say<00:32:17.410> hey<00:32:17.559> it's<00:32:18.040> good<00:32:18.280> absolu<00:32:18.940> it<00:32:19.049> yes<00:32:20.049> I'm 00:32:20.250 --> 00:32:20.260 align:start position:0% I say hey it's good absolu it yes I'm 00:32:20.260 --> 00:32:25.260 align:start position:0% I say hey it's good absolu it yes I'm actually<00:32:20.470> not<00:32:21.120> as<00:32:22.120> American<00:32:22.540> idea<00:32:22.900> is<00:32:23.049> is<00:32:24.270> if 00:32:25.260 --> 00:32:25.270 align:start position:0% actually not as American idea is is if 00:32:25.270 --> 00:32:27.750 align:start position:0% actually not as American idea is is if you<00:32:25.570> could<00:32:26.140> say<00:32:26.650> for<00:32:26.710> example<00:32:27.309> signature 00:32:27.750 --> 00:32:27.760 align:start position:0% you could say for example signature 00:32:27.760 --> 00:32:31.200 align:start position:0% you could say for example signature partners<00:32:28.360> you're<00:32:29.290> if<00:32:29.740> you<00:32:30.460> could<00:32:30.669> say<00:32:30.880> that 00:32:31.200 --> 00:32:31.210 align:start position:0% partners you're if you could say that 00:32:31.210 --> 00:32:34.590 align:start position:0% partners you're if you could say that the<00:32:32.200> transaction<00:32:32.860> the<00:32:33.580> signature<00:32:34.090> is<00:32:34.419> the 00:32:34.590 --> 00:32:34.600 align:start position:0% the transaction the signature is the 00:32:34.600 --> 00:32:38.130 align:start position:0% the transaction the signature is the signature<00:32:34.990> on<00:32:35.620> that<00:32:35.919> under<00:32:36.820> your<00:32:37.140> contract 00:32:38.130 --> 00:32:38.140 align:start position:0% signature on that under your contract 00:32:38.140 --> 00:32:40.580 align:start position:0% signature on that under your contract and<00:32:38.350> then<00:32:38.830> you<00:32:39.010> wouldn't<00:32:39.280> need<00:32:39.400> to<00:32:39.610> follow 00:32:40.580 --> 00:32:40.590 align:start position:0% and then you wouldn't need to follow 00:32:40.590 --> 00:32:43.230 align:start position:0% and then you wouldn't need to follow jurisdictional<00:32:41.590> signature<00:32:42.240> requirements 00:32:43.230 --> 00:32:43.240 align:start position:0% jurisdictional signature requirements 00:32:43.240 --> 00:32:45.150 align:start position:0% jurisdictional signature requirements and<00:32:43.390> that<00:32:43.450> would<00:32:43.690> from<00:32:43.900> something<00:32:44.290> people<00:32:44.710> you 00:32:45.150 --> 00:32:45.160 align:start position:0% and that would from something people you 00:32:45.160 --> 00:32:48.990 align:start position:0% and that would from something people you can<00:32:45.370> very<00:32:45.610> much<00:32:45.700> adapt<00:32:46.270> it<00:32:46.480> to<00:32:46.720> your<00:32:46.900> own<00:32:48.000> legal 00:32:48.990 --> 00:32:49.000 align:start position:0% can very much adapt it to your own legal 00:32:49.000 --> 00:32:52.049 align:start position:0% can very much adapt it to your own legal system<00:32:49.390> you<00:32:49.540> choose<00:32:49.600> as<00:32:50.530> for<00:32:51.429> example<00:32:51.520> I<00:32:51.880> mean 00:32:52.049 --> 00:32:52.059 align:start position:0% system you choose as for example I mean 00:32:52.059 --> 00:32:54.299 align:start position:0% system you choose as for example I mean we<00:32:52.240> worked<00:32:52.570> on<00:32:52.720> initializing<00:32:53.590> the<00:32:53.679> textile 00:32:54.299 --> 00:32:54.309 align:start position:0% we worked on initializing the textile 00:32:54.309 --> 00:32:57.720 align:start position:0% we worked on initializing the textile but<00:32:54.940> we<00:32:55.150> realized<00:32:55.660> I<00:32:55.929> mean<00:32:56.140> isn't<00:32:56.440> this<00:32:56.980> system 00:32:57.720 --> 00:32:57.730 align:start position:0% but we realized I mean isn't this system 00:32:57.730 --> 00:32:59.909 align:start position:0% but we realized I mean isn't this system of<00:32:57.880> rules<00:32:58.150> we<00:32:58.809> have<00:32:58.929> that<00:32:59.410> is<00:32:59.559> being<00:32:59.740> developed 00:32:59.909 --> 00:32:59.919 align:start position:0% of rules we have that is being developed 00:32:59.919 --> 00:33:02.100 align:start position:0% of rules we have that is being developed so<00:33:00.340> it's<00:33:00.580> because<00:33:00.850> the<00:33:00.970> existence<00:33:01.419> so<00:33:01.809> we<00:33:01.840> had 00:33:02.100 --> 00:33:02.110 align:start position:0% so it's because the existence so we had 00:33:02.110 --> 00:33:03.630 align:start position:0% so it's because the existence so we had to<00:33:02.260> look<00:33:02.410> at<00:33:02.559> interesting<00:33:02.860> shouldn't<00:33:03.370> get<00:33:03.429> it 00:33:03.630 --> 00:33:03.640 align:start position:0% to look at interesting shouldn't get it 00:33:03.640 --> 00:33:05.909 align:start position:0% to look at interesting shouldn't get it had<00:33:03.790> to<00:33:03.970> take<00:33:04.480> a<00:33:04.510> choice<00:33:04.870> of<00:33:05.110> law<00:33:05.290> of<00:33:05.710> the 00:33:05.909 --> 00:33:05.919 align:start position:0% had to take a choice of law of the 00:33:05.919 --> 00:33:07.770 align:start position:0% had to take a choice of law of the jurisdiction<00:33:06.100> zone<00:33:06.669> you<00:33:07.090> need<00:33:07.240> interesting 00:33:07.770 --> 00:33:07.780 align:start position:0% jurisdiction zone you need interesting 00:33:07.780 --> 00:33:11.100 align:start position:0% jurisdiction zone you need interesting sure<00:33:07.900> that<00:33:08.140> has<00:33:08.590> very<00:33:08.950> that<00:33:09.820> allows<00:33:10.179> you<00:33:10.720> to<00:33:10.929> do 00:33:11.100 --> 00:33:11.110 align:start position:0% sure that has very that allows you to do 00:33:11.110 --> 00:33:14.659 align:start position:0% sure that has very that allows you to do this<00:33:11.320> so<00:33:12.040> it<00:33:12.190> doesn't<00:33:12.520> function<00:33:13.330> in<00:33:13.660> our 00:33:14.659 --> 00:33:14.669 align:start position:0% this so it doesn't function in our 00:33:14.669 --> 00:33:16.590 align:start position:0% this so it doesn't function in our restaurants<00:33:15.700> yeah<00:33:16.150> okay 00:33:16.590 --> 00:33:16.600 align:start position:0% restaurants yeah okay 00:33:16.600 --> 00:33:18.030 align:start position:0% restaurants yeah okay doesn't<00:33:16.870> punch<00:33:17.020> a<00:33:17.140> non-jurisdictional<00:33:17.470> sort 00:33:18.030 --> 00:33:18.040 align:start position:0% doesn't punch a non-jurisdictional sort 00:33:18.040 --> 00:33:20.070 align:start position:0% doesn't punch a non-jurisdictional sort of<00:33:18.130> cut<00:33:18.309> you<00:33:18.460> off<00:33:18.610> though<00:33:18.970> that's<00:33:19.240> why<00:33:19.780> they're 00:33:20.070 --> 00:33:20.080 align:start position:0% of cut you off though that's why they're 00:33:20.080 --> 00:33:25.130 align:start position:0% of cut you off though that's why they're so<00:33:20.590> we<00:33:21.040> do<00:33:21.220> have<00:33:21.429> an<00:33:21.610> agenda<00:33:23.460> yeah<00:33:24.460> Billy 00:33:25.130 --> 00:33:25.140 align:start position:0% so we do have an agenda yeah Billy 00:33:25.140 --> 00:33:27.530 align:start position:0% so we do have an agenda yeah Billy you're<00:33:26.140> so<00:33:26.380> close<00:33:26.650> I'm<00:33:26.860> gonna<00:33:27.040> try 00:33:27.530 --> 00:33:27.540 align:start position:0% you're so close I'm gonna try 00:33:27.540 --> 00:33:33.619 align:start position:0% you're so close I'm gonna try [Music] 00:33:33.619 --> 00:33:33.629 align:start position:0% 00:33:33.629 --> 00:33:36.169 align:start position:0% I<00:33:34.629> was<00:33:35.109> going<00:33:35.529> to<00:33:35.590> talk<00:33:35.739> about<00:33:35.859> the 00:33:36.169 --> 00:33:36.179 align:start position:0% I was going to talk about the 00:33:36.179 --> 00:33:38.369 align:start position:0% I was going to talk about the misinterpretation<00:33:37.179> of<00:33:37.239> code<00:33:37.479> is<00:33:37.629> law<00:33:37.929> from 00:33:38.369 --> 00:33:38.379 align:start position:0% misinterpretation of code is law from 00:33:38.379 --> 00:33:40.229 align:start position:0% misinterpretation of code is law from the<00:33:38.739> non<00:33:38.919> blockchain<00:33:39.340> perspective<00:33:39.879> of<00:33:40.029> sort 00:33:40.229 --> 00:33:40.239 align:start position:0% the non blockchain perspective of sort 00:33:40.239 --> 00:33:42.239 align:start position:0% the non blockchain perspective of sort of<00:33:40.269> the<00:33:40.389> interpretation<00:33:41.049> of<00:33:41.169> law<00:33:41.320> if<00:33:41.859> it<00:33:42.100> was 00:33:42.239 --> 00:33:42.249 align:start position:0% of the interpretation of law if it was 00:33:42.249 --> 00:33:44.460 align:start position:0% of the interpretation of law if it was to<00:33:43.149> be<00:33:43.179> interpreted<00:33:43.749> as<00:33:43.899> it<00:33:44.049> was<00:33:44.200> intended 00:33:44.460 --> 00:33:44.470 align:start position:0% to be interpreted as it was intended 00:33:44.470 --> 00:33:46.680 align:start position:0% to be interpreted as it was intended originally<00:33:44.950> you<00:33:45.609> know<00:33:45.729> this<00:33:45.850> is<00:33:45.970> a<00:33:45.999> big<00:33:46.269> sort 00:33:46.680 --> 00:33:46.690 align:start position:0% originally you know this is a big sort 00:33:46.690 --> 00:33:48.389 align:start position:0% originally you know this is a big sort of<00:33:46.749> debate<00:33:47.499> in<00:33:47.710> the<00:33:47.799> Supreme<00:33:48.100> Court<00:33:48.129> in 00:33:48.389 --> 00:33:48.399 align:start position:0% of debate in the Supreme Court in 00:33:48.399 --> 00:33:50.909 align:start position:0% of debate in the Supreme Court in America<00:33:48.789> and<00:33:49.179> how<00:33:49.509> else<00:33:49.659> are<00:33:49.840> like<00:33:50.139> code<00:33:50.799> is 00:33:50.909 --> 00:33:50.919 align:start position:0% America and how else are like code is 00:33:50.919 --> 00:33:52.859 align:start position:0% America and how else are like code is law<00:33:51.100> and<00:33:51.489> traditional<00:33:51.909> law<00:33:52.330> could<00:33:52.539> be<00:33:52.659> about 00:33:52.859 --> 00:33:52.869 align:start position:0% law and traditional law could be about 00:33:52.869 --> 00:33:54.479 align:start position:0% law and traditional law could be about really<00:33:53.139> interpreting<00:33:53.710> the<00:33:53.919> actual<00:33:54.279> English 00:33:54.479 --> 00:33:54.489 align:start position:0% really interpreting the actual English 00:33:54.489 --> 00:33:56.669 align:start position:0% really interpreting the actual English here<00:33:55.269> anything<00:33:55.479> that<00:33:55.629> night<00:33:55.840> and<00:33:56.109> where<00:33:56.440> that 00:33:56.669 --> 00:33:56.679 align:start position:0% here anything that night and where that 00:33:56.679 --> 00:33:58.769 align:start position:0% here anything that night and where that stands<00:33:57.100> are<00:33:57.369> how<00:33:57.669> is<00:33:57.850> that<00:33:57.970> text<00:33:58.239> opposed<00:33:58.509> and 00:33:58.769 --> 00:33:58.779 align:start position:0% stands are how is that text opposed and 00:33:58.779 --> 00:34:01.680 align:start position:0% stands are how is that text opposed and today's<00:33:59.229> current<00:33:59.590> law<00:33:59.769> climate<00:34:00.299> yeah<00:34:01.299> so<00:34:01.570> we 00:34:01.680 --> 00:34:01.690 align:start position:0% today's current law climate yeah so we 00:34:01.690 --> 00:34:06.409 align:start position:0% today's current law climate yeah so we have<00:34:01.869> long<00:34:02.679> Guardians<00:34:03.249> about<00:34:03.489> this<00:34:03.700> because 00:34:06.409 --> 00:34:06.419 align:start position:0% 00:34:06.419 --> 00:34:08.700 align:start position:0% technically<00:34:07.419> I<00:34:07.450> think<00:34:07.809> I<00:34:08.049> mean<00:34:08.500> I<00:34:08.559> guess 00:34:08.700 --> 00:34:08.710 align:start position:0% technically I think I mean I guess 00:34:08.710 --> 00:34:11.430 align:start position:0% technically I think I mean I guess there's<00:34:08.980> a<00:34:09.099> and<00:34:09.669> this<00:34:09.849> both<00:34:10.270> in<00:34:10.510> koala<00:34:10.839> broadly 00:34:11.430 --> 00:34:11.440 align:start position:0% there's a and this both in koala broadly 00:34:11.440 --> 00:34:13.440 align:start position:0% there's a and this both in koala broadly go<00:34:11.859> from<00:34:12.040> all<00:34:12.159> over<00:34:12.190> the<00:34:12.520> world<00:34:12.669> right<00:34:13.179> and<00:34:13.359> so 00:34:13.440 --> 00:34:13.450 align:start position:0% go from all over the world right and so 00:34:13.450 --> 00:34:14.700 align:start position:0% go from all over the world right and so there's<00:34:13.629> all<00:34:13.750> different<00:34:13.780> laws<00:34:14.230> I<00:34:14.500> mean<00:34:14.530> this 00:34:14.700 --> 00:34:14.710 align:start position:0% there's all different laws I mean this 00:34:14.710 --> 00:34:16.379 align:start position:0% there's all different laws I mean this panel<00:34:15.040> coincidentally<00:34:15.730> is<00:34:15.849> mostly<00:34:16.149> I<00:34:16.270> think 00:34:16.379 --> 00:34:16.389 align:start position:0% panel coincidentally is mostly I think 00:34:16.389 --> 00:34:19.740 align:start position:0% panel coincidentally is mostly I think US<00:34:16.869> law<00:34:17.740> but<00:34:18.190> maybe<00:34:18.339> not<00:34:18.579> I<00:34:18.879> mean<00:34:19.299> I<00:34:19.419> don't<00:34:19.510> know 00:34:19.740 --> 00:34:19.750 align:start position:0% US law but maybe not I mean I don't know 00:34:19.750 --> 00:34:21.329 align:start position:0% US law but maybe not I mean I don't know what<00:34:19.869> the<00:34:19.960> split<00:34:20.260> is<00:34:20.440> and<00:34:20.770> I<00:34:20.889> can't<00:34:21.159> count 00:34:21.329 --> 00:34:21.339 align:start position:0% what the split is and I can't count 00:34:21.339 --> 00:34:24.510 align:start position:0% what the split is and I can't count apparently<00:34:22.500> but<00:34:23.500> but<00:34:23.889> yeah<00:34:24.069> I<00:34:24.099> mean<00:34:24.220> there's 00:34:24.510 --> 00:34:24.520 align:start position:0% apparently but but yeah I mean there's 00:34:24.520 --> 00:34:29.190 align:start position:0% apparently but but yeah I mean there's definitely<00:34:27.540> yeah<00:34:28.540> so<00:34:28.720> there's<00:34:28.839> definitely<00:34:28.929> I 00:34:29.190 --> 00:34:29.200 align:start position:0% definitely yeah so there's definitely I 00:34:29.200 --> 00:34:33.000 align:start position:0% definitely yeah so there's definitely I think<00:34:29.409> a<00:34:29.470> question<00:34:29.679> around<00:34:31.500> like<00:34:32.500> in<00:34:32.619> the<00:34:32.710> u.s. 00:34:33.000 --> 00:34:33.010 align:start position:0% think a question around like in the u.s. 00:34:33.010 --> 00:34:36.000 align:start position:0% think a question around like in the u.s. context<00:34:33.490> versus<00:34:34.270> European<00:34:35.020> context<00:34:35.500> common 00:34:36.000 --> 00:34:36.010 align:start position:0% context versus European context common 00:34:36.010 --> 00:34:39.299 align:start position:0% context versus European context common law<00:34:36.129> context<00:34:36.639> context<00:34:38.099> that's<00:34:39.099> okay 00:34:39.299 --> 00:34:39.309 align:start position:0% law context context that's okay 00:34:39.309 --> 00:34:40.710 align:start position:0% law context context that's okay technically<00:34:39.669> in<00:34:39.790> that<00:34:39.940> previous<00:34:40.389> statement 00:34:40.710 --> 00:34:40.720 align:start position:0% technically in that previous statement 00:34:40.720 --> 00:34:48.869 align:start position:0% technically in that previous statement the<00:34:41.319> UK<00:34:41.619> is<00:34:41.770> not<00:34:41.950> part<00:34:42.220> of<00:34:42.339> the<00:34:42.520> EU<00:34:45.059> but<00:34:47.520> yeah<00:34:48.520> I 00:34:48.869 --> 00:34:48.879 align:start position:0% the UK is not part of the EU but yeah I 00:34:48.879 --> 00:34:52.710 align:start position:0% the UK is not part of the EU but yeah I think<00:34:49.389> that<00:34:49.809> there<00:34:50.589> is<00:34:51.089> minimal<00:34:52.089> the<00:34:52.329> lawyers 00:34:52.710 --> 00:34:52.720 align:start position:0% think that there is minimal the lawyers 00:34:52.720 --> 00:34:58.500 align:start position:0% think that there is minimal the lawyers actually<00:34:52.990> answered 00:34:58.500 --> 00:34:58.510 align:start position:0% 00:34:58.510 --> 00:35:00.660 align:start position:0% I<00:34:58.540> don't<00:34:58.930> know<00:34:59.020> who<00:34:59.200> wants<00:34:59.320> to<00:34:59.680> want<00:35:00.520> the 00:35:00.660 --> 00:35:00.670 align:start position:0% I don't know who wants to want the 00:35:00.670 --> 00:35:08.730 align:start position:0% I don't know who wants to want the answer<00:35:01.090> of<00:35:01.330> other<00:35:01.750> lawyers<00:35:06.120> so<00:35:07.120> you<00:35:08.080> know<00:35:08.200> I 00:35:08.730 --> 00:35:08.740 align:start position:0% answer of other lawyers so you know I 00:35:08.740 --> 00:35:09.870 align:start position:0% answer of other lawyers so you know I don't<00:35:09.130> know<00:35:09.190> how<00:35:09.340> many<00:35:09.550> of<00:35:09.670> you<00:35:09.760> guys<00:35:09.820> are 00:35:09.870 --> 00:35:09.880 align:start position:0% don't know how many of you guys are 00:35:09.880 --> 00:35:12.200 align:start position:0% don't know how many of you guys are familiar<00:35:10.180> with<00:35:10.480> Johnsbury<00:35:11.080> Barlow's 00:35:12.200 --> 00:35:12.210 align:start position:0% familiar with Johnsbury Barlow's 00:35:12.210 --> 00:35:13.920 align:start position:0% familiar with Johnsbury Barlow's declaration<00:35:13.210> of<00:35:13.330> independence<00:35:13.840> in 00:35:13.920 --> 00:35:13.930 align:start position:0% declaration of independence in 00:35:13.930 --> 00:35:16.710 align:start position:0% declaration of independence in cyberspace<00:35:14.410> so<00:35:14.950> this<00:35:15.280> was<00:35:15.520> you<00:35:16.300> know<00:35:16.450> what<00:35:16.660> the 00:35:16.710 --> 00:35:16.720 align:start position:0% cyberspace so this was you know what the 00:35:16.720 --> 00:35:19.680 align:start position:0% cyberspace so this was you know what the internet<00:35:16.900> was<00:35:17.050> new<00:35:17.320> and<00:35:17.890> offices<00:35:18.730> open<00:35:19.300> free 00:35:19.680 --> 00:35:19.690 align:start position:0% internet was new and offices open free 00:35:19.690 --> 00:35:22.920 align:start position:0% internet was new and offices open free space<00:35:20.400> free<00:35:21.400> from<00:35:21.640> nation-states<00:35:22.300> and<00:35:22.660> men 00:35:22.920 --> 00:35:22.930 align:start position:0% space free from nation-states and men 00:35:22.930 --> 00:35:24.900 align:start position:0% space free from nation-states and men and<00:35:23.230> unfair<00:35:23.710> enforcement<00:35:24.280> mechanisms<00:35:24.730> where 00:35:24.900 --> 00:35:24.910 align:start position:0% and unfair enforcement mechanisms where 00:35:24.910 --> 00:35:27.390 align:start position:0% and unfair enforcement mechanisms where we<00:35:24.940> all<00:35:25.570> learn<00:35:26.440> and<00:35:26.740> live<00:35:26.950> and<00:35:27.190> playing 00:35:27.390 --> 00:35:27.400 align:start position:0% we all learn and live and playing 00:35:27.400 --> 00:35:29.130 align:start position:0% we all learn and live and playing together<00:35:27.580> on<00:35:27.910> this<00:35:28.030> wonderful<00:35:28.240> world<00:35:28.960> wide 00:35:29.130 --> 00:35:29.140 align:start position:0% together on this wonderful world wide 00:35:29.140 --> 00:35:32.880 align:start position:0% together on this wonderful world wide web<00:35:29.380> and<00:35:30.180> you<00:35:31.180> know<00:35:31.360> if<00:35:32.020> you<00:35:32.170> read<00:35:32.350> it<00:35:32.500> it's 00:35:32.880 --> 00:35:32.890 align:start position:0% web and you know if you read it it's 00:35:32.890 --> 00:35:34.500 align:start position:0% web and you know if you read it it's it's<00:35:33.280> beautiful<00:35:33.730> but<00:35:34.060> it<00:35:34.180> almost<00:35:34.330> seems 00:35:34.500 --> 00:35:34.510 align:start position:0% it's beautiful but it almost seems 00:35:34.510 --> 00:35:37.290 align:start position:0% it's beautiful but it almost seems quaint<00:35:34.900> today<00:35:35.230> because<00:35:36.090> eventually<00:35:37.090> we 00:35:37.290 --> 00:35:37.300 align:start position:0% quaint today because eventually we 00:35:37.300 --> 00:35:40.230 align:start position:0% quaint today because eventually we realized<00:35:37.450> that<00:35:38.550> these<00:35:39.550> networks<00:35:39.760> that<00:35:40.150> we 00:35:40.230 --> 00:35:40.240 align:start position:0% realized that these networks that we 00:35:40.240 --> 00:35:43.460 align:start position:0% realized that these networks that we created<00:35:40.630> still<00:35:41.200> were<00:35:41.680> operated<00:35:42.520> by<00:35:42.670> people 00:35:43.460 --> 00:35:43.470 align:start position:0% created still were operated by people 00:35:43.470 --> 00:35:45.870 align:start position:0% created still were operated by people businesses<00:35:44.470> who<00:35:44.860> live<00:35:45.070> in<00:35:45.430> this<00:35:45.550> little 00:35:45.870 --> 00:35:45.880 align:start position:0% businesses who live in this little 00:35:45.880 --> 00:35:48.510 align:start position:0% businesses who live in this little economy<00:35:46.480> and<00:35:46.690> shaped<00:35:47.320> by<00:35:47.590> the<00:35:47.650> markets<00:35:48.220> shaped 00:35:48.510 --> 00:35:48.520 align:start position:0% economy and shaped by the markets shaped 00:35:48.520 --> 00:35:51.270 align:start position:0% economy and shaped by the markets shaped by<00:35:48.730> legal<00:35:49.150> forces<00:35:49.570> shaped<00:35:49.900> by<00:35:50.050> culture<00:35:50.280> shaped 00:35:51.270 --> 00:35:51.280 align:start position:0% by legal forces shaped by culture shaped 00:35:51.280 --> 00:35:53.790 align:start position:0% by legal forces shaped by culture shaped by<00:35:51.430> norms<00:35:51.820> and<00:35:52.140> that's<00:35:53.140> how<00:35:53.320> we<00:35:53.380> see<00:35:53.650> the 00:35:53.790 --> 00:35:53.800 align:start position:0% by norms and that's how we see the 00:35:53.800 --> 00:35:55.830 align:start position:0% by norms and that's how we see the Internet<00:35:54.160> today<00:35:54.280> which<00:35:54.700> is<00:35:54.820> very<00:35:55.120> much<00:35:55.210> not<00:35:55.570> an 00:35:55.830 --> 00:35:55.840 align:start position:0% Internet today which is very much not an 00:35:55.840 --> 00:35:58.560 align:start position:0% Internet today which is very much not an independence<00:35:56.410> sphere<00:35:56.980> of<00:35:57.220> cyberspace<00:35:57.730> so 00:35:58.560 --> 00:35:58.570 align:start position:0% independence sphere of cyberspace so 00:35:58.570 --> 00:36:00.960 align:start position:0% independence sphere of cyberspace so when<00:35:58.930> we<00:35:59.050> say<00:35:59.230> Buddhist<00:35:59.590> law<00:35:59.800> you<00:36:00.520> know<00:36:00.640> and 00:36:00.960 --> 00:36:00.970 align:start position:0% when we say Buddhist law you know and 00:36:00.970 --> 00:36:02.820 align:start position:0% when we say Buddhist law you know and we're<00:36:01.540> kind<00:36:01.780> of<00:36:01.810> drawing<00:36:02.050> on<00:36:02.260> this<00:36:02.380> very<00:36:02.620> long 00:36:02.820 --> 00:36:02.830 align:start position:0% we're kind of drawing on this very long 00:36:02.830 --> 00:36:05.850 align:start position:0% we're kind of drawing on this very long tradition<00:36:03.130> of<00:36:04.020> technologists<00:36:05.020> or<00:36:05.140> people<00:36:05.770> who 00:36:05.850 --> 00:36:05.860 align:start position:0% tradition of technologists or people who 00:36:05.860 --> 00:36:07.260 align:start position:0% tradition of technologists or people who are<00:36:05.920> innovating<00:36:06.460> at<00:36:06.550> the<00:36:06.640> edge<00:36:06.790> of<00:36:07.120> new 00:36:07.260 --> 00:36:07.270 align:start position:0% are innovating at the edge of new 00:36:07.270 --> 00:36:09.150 align:start position:0% are innovating at the edge of new technologies<00:36:07.930> who<00:36:08.530> think<00:36:08.800> that<00:36:08.980> may<00:36:09.130> have 00:36:09.150 --> 00:36:09.160 align:start position:0% technologies who think that may have 00:36:09.160 --> 00:36:12.990 align:start position:0% technologies who think that may have somehow<00:36:10.620> create<00:36:11.620> an<00:36:11.740> escape<00:36:12.160> to<00:36:12.430> law<00:36:12.610> and 00:36:12.990 --> 00:36:13.000 align:start position:0% somehow create an escape to law and 00:36:13.000 --> 00:36:14.940 align:start position:0% somehow create an escape to law and created<00:36:13.420> a<00:36:13.510> space<00:36:13.750> where<00:36:14.170> they<00:36:14.440> make<00:36:14.770> their 00:36:14.940 --> 00:36:14.950 align:start position:0% created a space where they make their 00:36:14.950 --> 00:36:15.330 align:start position:0% created a space where they make their own 00:36:15.330 --> 00:36:15.340 align:start position:0% own 00:36:15.340 --> 00:36:18.690 align:start position:0% own and<00:36:16.380> you<00:36:17.380> know<00:36:17.500> there's<00:36:17.740> again<00:36:18.490> there's 00:36:18.690 --> 00:36:18.700 align:start position:0% and you know there's again there's 00:36:18.700 --> 00:36:20.190 align:start position:0% and you know there's again there's there's<00:36:18.940> a<00:36:19.000> lot<00:36:19.150> of<00:36:19.270> split<00:36:19.570> between<00:36:19.780> different 00:36:20.190 --> 00:36:20.200 align:start position:0% there's a lot of split between different 00:36:20.200 --> 00:36:22.440 align:start position:0% there's a lot of split between different restrictions<00:36:20.770> about<00:36:20.980> how<00:36:21.280> you<00:36:21.880> know<00:36:22.000> you<00:36:22.330> know 00:36:22.440 --> 00:36:22.450 align:start position:0% restrictions about how you know you know 00:36:22.450 --> 00:36:24.390 align:start position:0% restrictions about how you know you know and<00:36:22.660> operationalize<00:36:23.440> that<00:36:23.680> literally<00:36:24.250> what 00:36:24.390 --> 00:36:24.400 align:start position:0% and operationalize that literally what 00:36:24.400 --> 00:36:27.579 align:start position:0% and operationalize that literally what that<00:36:24.550> means<00:36:24.760> in<00:36:25.090> terms 00:36:27.579 --> 00:36:27.589 align:start position:0% 00:36:27.589 --> 00:36:31.250 align:start position:0% but<00:36:28.589> in<00:36:29.329> the<00:36:30.329> broadest<00:36:30.540> sense<00:36:30.720> that<00:36:31.109> we've 00:36:31.250 --> 00:36:31.260 align:start position:0% but in the broadest sense that we've 00:36:31.260 --> 00:36:34.040 align:start position:0% but in the broadest sense that we've been<00:36:31.380> approaching<00:36:31.680> this<00:36:31.950> question<00:36:32.339> is<00:36:32.839> is<00:36:33.839> it 00:36:34.040 --> 00:36:34.050 align:start position:0% been approaching this question is is it 00:36:34.050 --> 00:36:36.440 align:start position:0% been approaching this question is is it enough<00:36:34.109> to<00:36:34.829> make<00:36:35.220> private<00:36:35.849> agreements<00:36:36.300> in 00:36:36.440 --> 00:36:36.450 align:start position:0% enough to make private agreements in 00:36:36.450 --> 00:36:40.700 align:start position:0% enough to make private agreements in technology<00:36:37.020> or<00:36:37.290> do<00:36:38.280> we<00:36:38.430> need<00:36:38.640> to<00:36:38.790> take<00:36:39.500> the<00:36:40.500> law 00:36:40.700 --> 00:36:40.710 align:start position:0% technology or do we need to take the law 00:36:40.710 --> 00:36:44.450 align:start position:0% technology or do we need to take the law all<00:36:41.160> the<00:36:41.220> laws<00:36:41.550> and<00:36:43.130> politics<00:36:44.130> and<00:36:44.400> the 00:36:44.450 --> 00:36:44.460 align:start position:0% all the laws and politics and the 00:36:44.460 --> 00:36:45.859 align:start position:0% all the laws and politics and the culture<00:36:44.790> that<00:36:44.910> come<00:36:45.119> with<00:36:45.359> the<00:36:45.450> building<00:36:45.750> of 00:36:45.859 --> 00:36:45.869 align:start position:0% culture that come with the building of 00:36:45.869 --> 00:36:52.559 align:start position:0% culture that come with the building of laws<00:36:46.339> into 00:36:52.559 --> 00:36:52.569 align:start position:0% 00:36:52.569 --> 00:36:56.770 align:start position:0% anyone<00:36:53.410> else<00:36:53.559> title<00:36:54.279> comments 00:36:56.770 --> 00:36:56.780 align:start position:0% 00:36:56.780 --> 00:36:59.200 align:start position:0% you<00:36:57.260> know<00:36:57.380> we<00:36:57.710> don't<00:36:57.860> we're<00:36:58.190> skipping<00:36:58.430> that<00:36:58.730> so 00:36:59.200 --> 00:36:59.210 align:start position:0% you know we don't we're skipping that so 00:36:59.210 --> 00:37:00.880 align:start position:0% you know we don't we're skipping that so what<00:36:59.690> we're<00:36:59.810> going<00:36:59.930> to<00:36:59.990> do<00:37:00.200> we<00:37:00.410> put<00:37:00.590> a<00:37:00.620> single 00:37:00.880 --> 00:37:00.890 align:start position:0% what we're going to do we put a single 00:37:00.890 --> 00:37:02.770 align:start position:0% what we're going to do we put a single everyone<00:37:01.250> sanity<00:37:01.730> is<00:37:01.790> imagine<00:37:02.480> these<00:37:02.720> two 00:37:02.770 --> 00:37:02.780 align:start position:0% everyone sanity is imagine these two 00:37:02.780 --> 00:37:04.900 align:start position:0% everyone sanity is imagine these two right<00:37:03.320> next<00:37:03.620> to<00:37:03.710> each<00:37:03.830> other<00:37:03.980> are<00:37:04.370> you<00:37:04.400> in<00:37:04.760> that 00:37:04.900 --> 00:37:04.910 align:start position:0% right next to each other are you in that 00:37:04.910 --> 00:37:06.940 align:start position:0% right next to each other are you in that length<00:37:05.180> about<00:37:05.660> common<00:37:06.140> law<00:37:06.320> and<00:37:06.530> civil<00:37:06.590> law 00:37:06.940 --> 00:37:06.950 align:start position:0% length about common law and civil law 00:37:06.950 --> 00:37:09.850 align:start position:0% length about common law and civil law and<00:37:07.490> for<00:37:07.730> all<00:37:08.060> of<00:37:08.240> you<00:37:08.410> so<00:37:09.410> we're<00:37:09.620> skipping 00:37:09.850 --> 00:37:09.860 align:start position:0% and for all of you so we're skipping 00:37:09.860 --> 00:37:11.710 align:start position:0% and for all of you so we're skipping that<00:37:10.250> so<00:37:10.580> that's<00:37:10.760> when<00:37:10.910> though<00:37:11.060> this<00:37:11.210> question 00:37:11.710 --> 00:37:11.720 align:start position:0% that so that's when though this question 00:37:11.720 --> 00:37:14.020 align:start position:0% that so that's when though this question Billy<00:37:11.960> would<00:37:12.260> have<00:37:12.380> an<00:37:12.680> alternate<00:37:13.280> reality<00:37:13.370> I 00:37:14.020 --> 00:37:14.030 align:start position:0% Billy would have an alternate reality I 00:37:14.030 --> 00:37:16.630 align:start position:0% Billy would have an alternate reality I pass<00:37:14.420> them<00:37:14.660> the<00:37:14.780> mic<00:37:14.960> because<00:37:15.200> argue<00:37:15.770> about<00:37:15.890> it 00:37:16.630 --> 00:37:16.640 align:start position:0% pass them the mic because argue about it 00:37:16.640 --> 00:37:20.290 align:start position:0% pass them the mic because argue about it no<00:37:17.450> one<00:37:17.630> wants<00:37:17.930> to<00:37:17.960> hear<00:37:18.170> any<00:37:18.440> other<00:37:18.470> so<00:37:19.340> okay 00:37:20.290 --> 00:37:20.300 align:start position:0% no one wants to hear any other so okay 00:37:20.300 --> 00:37:22.390 align:start position:0% no one wants to hear any other so okay we're<00:37:20.570> not<00:37:20.720> we're<00:37:21.020> not<00:37:21.170> doing<00:37:21.620> that 00:37:22.390 --> 00:37:22.400 align:start position:0% we're not we're not doing that 00:37:22.400 --> 00:37:25.960 align:start position:0% we're not we're not doing that but<00:37:23.120> this<00:37:23.480> is<00:37:23.690> an<00:37:23.960> apropos<00:37:24.280> the<00:37:25.280> next<00:37:25.550> question 00:37:25.960 --> 00:37:25.970 align:start position:0% but this is an apropos the next question 00:37:25.970 --> 00:37:31.570 align:start position:0% but this is an apropos the next question which<00:37:26.420> is<00:37:26.450> you<00:37:27.170> know<00:37:28.030> do<00:37:29.030> we<00:37:29.360> need<00:37:30.200> to<00:37:30.680> reform 00:37:31.570 --> 00:37:31.580 align:start position:0% which is you know do we need to reform 00:37:31.580 --> 00:37:37.180 align:start position:0% which is you know do we need to reform the<00:37:32.090> law<00:37:34.300> to<00:37:35.300> do<00:37:35.480> do<00:37:36.050> these<00:37:36.290> are<00:37:36.500> legal<00:37:36.830> reforms 00:37:37.180 --> 00:37:37.190 align:start position:0% the law to do do these are legal reforms 00:37:37.190 --> 00:37:38.950 align:start position:0% the law to do do these are legal reforms necessary<00:37:37.340> for<00:37:38.180> the<00:37:38.270> community<00:37:38.690> to<00:37:38.720> achieve 00:37:38.950 --> 00:37:38.960 align:start position:0% necessary for the community to achieve 00:37:38.960 --> 00:37:40.660 align:start position:0% necessary for the community to achieve as<00:37:39.290> desired<00:37:39.620> goals<00:37:39.890> I<00:37:40.160> think<00:37:40.190> it's<00:37:40.490> probably 00:37:40.660 --> 00:37:40.670 align:start position:0% as desired goals I think it's probably 00:37:40.670 --> 00:37:42.430 align:start position:0% as desired goals I think it's probably the<00:37:40.850> most<00:37:41.180> insane<00:37:41.570> way<00:37:41.780> of<00:37:41.900> putting<00:37:42.140> that<00:37:42.230> I 00:37:42.430 --> 00:37:42.440 align:start position:0% the most insane way of putting that I 00:37:42.440 --> 00:37:50.680 align:start position:0% the most insane way of putting that I need<00:37:42.890> that<00:37:43.070> time<00:37:46.480> yeah<00:37:48.640> does<00:37:49.640> do<00:37:50.420> we<00:37:50.570> need 00:37:50.680 --> 00:37:50.690 align:start position:0% need that time yeah does do we need 00:37:50.690 --> 00:37:52.300 align:start position:0% need that time yeah does do we need legal<00:37:51.020> reform<00:37:51.350> to<00:37:51.560> accomplish<00:37:52.160> the 00:37:52.300 --> 00:37:52.310 align:start position:0% legal reform to accomplish the 00:37:52.310 --> 00:37:53.020 align:start position:0% legal reform to accomplish the community's<00:37:52.670> goals 00:37:53.020 --> 00:37:53.030 align:start position:0% community's goals 00:37:53.030 --> 00:38:00.910 align:start position:0% community's goals I<00:37:55.930> think<00:37:56.980> we<00:37:57.980> are<00:37:58.010> just<00:37:58.460> discarding<00:37:59.770> we<00:38:00.770> are 00:38:00.910 --> 00:38:00.920 align:start position:0% I think we are just discarding we are 00:38:00.920 --> 00:38:03.520 align:start position:0% I think we are just discarding we are justified<00:38:01.640> as<00:38:01.850> persons<00:38:02.240> we<00:38:02.330> have<00:38:02.540> actually<00:38:03.290> in 00:38:03.520 --> 00:38:03.530 align:start position:0% justified as persons we have actually in 00:38:03.530 --> 00:38:05.539 align:start position:0% justified as persons we have actually in a<00:38:04.130> listener 00:38:05.539 --> 00:38:05.549 align:start position:0% a listener 00:38:05.549 --> 00:38:10.429 align:start position:0% a listener of<00:38:06.199> organizations<00:38:07.279> native<00:38:08.899> as<00:38:09.899> much<00:38:10.109> contact 00:38:10.429 --> 00:38:10.439 align:start position:0% of organizations native as much contact 00:38:10.439 --> 00:38:12.469 align:start position:0% of organizations native as much contact native<00:38:10.919> organizations<00:38:11.369> we<00:38:12.059> are<00:38:12.089> just 00:38:12.469 --> 00:38:12.479 align:start position:0% native organizations we are just 00:38:12.479 --> 00:38:16.069 align:start position:0% native organizations we are just starting<00:38:13.079> to<00:38:13.949> have<00:38:14.640> those<00:38:14.969> people<00:38:15.509> are<00:38:15.779> just 00:38:16.069 --> 00:38:16.079 align:start position:0% starting to have those people are just 00:38:16.079 --> 00:38:18.380 align:start position:0% starting to have those people are just excited<00:38:16.529> to<00:38:16.799> work<00:38:17.130> we<00:38:17.369> use<00:38:17.579> different<00:38:18.119> tools 00:38:18.380 --> 00:38:18.390 align:start position:0% excited to work we use different tools 00:38:18.390 --> 00:38:26.509 align:start position:0% excited to work we use different tools and<00:38:19.229> I<00:38:19.619> think<00:38:23.839> we<00:38:24.839> I<00:38:25.199> really<00:38:25.919> believe<00:38:26.249> that 00:38:26.509 --> 00:38:26.519 align:start position:0% and I think we I really believe that 00:38:26.519 --> 00:38:29.269 align:start position:0% and I think we I really believe that these<00:38:27.479> new<00:38:27.749> rules<00:38:28.049> are<00:38:28.409> going<00:38:28.649> to<00:38:28.769> come<00:38:29.009> from 00:38:29.269 --> 00:38:29.279 align:start position:0% these new rules are going to come from 00:38:29.279 --> 00:38:34.789 align:start position:0% these new rules are going to come from this<00:38:29.549> private<00:38:30.089> sector<00:38:30.539> first<00:38:30.989> I<00:38:33.289> always<00:38:34.289> put 00:38:34.789 --> 00:38:34.799 align:start position:0% this private sector first I always put 00:38:34.799 --> 00:38:39.469 align:start position:0% this private sector first I always put this<00:38:34.979> example<00:38:35.399> of<00:38:35.609> the<00:38:36.859> exchange<00:38:37.859> Expo<00:38:38.640> it<00:38:39.269> was 00:38:39.469 --> 00:38:39.479 align:start position:0% this example of the exchange Expo it was 00:38:39.479 --> 00:38:42.679 align:start position:0% this example of the exchange Expo it was initially<00:38:39.809> called<00:38:40.489> coffee<00:38:41.489> house<00:38:41.729> in<00:38:42.479> the 00:38:42.679 --> 00:38:42.689 align:start position:0% initially called coffee house in the 00:38:42.689 --> 00:38:47.120 align:start position:0% initially called coffee house in the 18th<00:38:43.559> century<00:38:44.279> and<00:38:44.719> that<00:38:45.719> became<00:38:46.109> what<00:38:46.859> it<00:38:46.979> is 00:38:47.120 --> 00:38:47.130 align:start position:0% 18th century and that became what it is 00:38:47.130 --> 00:38:52.309 align:start position:0% 18th century and that became what it is today<00:38:48.380> the<00:38:49.380> next<00:38:49.679> change<00:38:50.179> and<00:38:51.179> so<00:38:51.479> I<00:38:51.719> really 00:38:52.309 --> 00:38:52.319 align:start position:0% today the next change and so I really 00:38:52.319 --> 00:38:56.120 align:start position:0% today the next change and so I really regret<00:38:52.829> that<00:38:52.999> these<00:38:54.559> initial<00:38:55.559> rules<00:38:55.859> are 00:38:56.120 --> 00:38:56.130 align:start position:0% regret that these initial rules are 00:38:56.130 --> 00:38:58.159 align:start position:0% regret that these initial rules are going<00:38:56.249> to<00:38:56.399> come<00:38:56.640> from<00:38:56.880> us<00:38:57.029> this<00:38:57.659> initial 00:38:58.159 --> 00:38:58.169 align:start position:0% going to come from us this initial 00:38:58.169 --> 00:39:03.769 align:start position:0% going to come from us this initial system<00:38:58.439> even<00:38:59.339> hours<00:38:59.789> of<00:39:02.179> this<00:39:03.179> coffee<00:39:03.449> house 00:39:03.769 --> 00:39:03.779 align:start position:0% system even hours of this coffee house 00:39:03.779 --> 00:39:08.419 align:start position:0% system even hours of this coffee house were<00:39:04.079> like<00:39:04.349> private<00:39:04.859> clubs<00:39:05.189> in<00:39:06.559> 18th<00:39:07.559> century 00:39:08.419 --> 00:39:08.429 align:start position:0% were like private clubs in 18th century 00:39:08.429 --> 00:39:12.559 align:start position:0% were like private clubs in 18th century and<00:39:08.699> the<00:39:09.529> government<00:39:10.529> they<00:39:10.880> wanted<00:39:11.880> to 00:39:12.559 --> 00:39:12.569 align:start position:0% and the government they wanted to 00:39:12.569 --> 00:39:14.779 align:start position:0% and the government they wanted to recognize<00:39:12.929> those<00:39:13.439> and<00:39:14.099> they<00:39:14.489> were<00:39:14.609> not 00:39:14.779 --> 00:39:14.789 align:start position:0% recognize those and they were not 00:39:14.789 --> 00:39:17.449 align:start position:0% recognize those and they were not enforcing<00:39:15.359> them<00:39:15.569> so<00:39:16.199> if<00:39:16.559> people<00:39:17.069> they 00:39:17.449 --> 00:39:17.459 align:start position:0% enforcing them so if people they 00:39:17.459 --> 00:39:19.690 align:start position:0% enforcing them so if people they organized 00:39:19.690 --> 00:39:19.700 align:start position:0% organized 00:39:19.700 --> 00:39:22.970 align:start position:0% organized they<00:39:20.700> were<00:39:21.019> enforcing<00:39:22.019> those<00:39:22.289> rules<00:39:22.349> and 00:39:22.970 --> 00:39:22.980 align:start position:0% they were enforcing those rules and 00:39:22.980 --> 00:39:26.660 align:start position:0% they were enforcing those rules and that's<00:39:23.400> how<00:39:23.670> easy<00:39:24.119> the<00:39:25.019> uses<00:39:25.440> of<00:39:25.470> asthma<00:39:26.039> and 00:39:26.660 --> 00:39:26.670 align:start position:0% that's how easy the uses of asthma and 00:39:26.670 --> 00:39:29.750 align:start position:0% that's how easy the uses of asthma and some<00:39:26.880> private<00:39:27.269> private<00:39:27.750> governance<00:39:28.760> is 00:39:29.750 --> 00:39:29.760 align:start position:0% some private private governance is 00:39:29.760 --> 00:39:32.779 align:start position:0% some private private governance is effective<00:39:30.329> and<00:39:30.630> I<00:39:30.779> think<00:39:31.369> it's<00:39:32.369> going<00:39:32.579> to<00:39:32.640> be 00:39:32.779 --> 00:39:32.789 align:start position:0% effective and I think it's going to be 00:39:32.789 --> 00:39:35.539 align:start position:0% effective and I think it's going to be necessary<00:39:33.359> now 00:39:35.539 --> 00:39:35.549 align:start position:0% 00:39:35.549 --> 00:39:39.890 align:start position:0% I<00:39:35.579> think<00:39:36.089> I<00:39:36.180> disagree<00:39:38.359> are<00:39:39.359> we<00:39:39.569> going<00:39:39.779> to 00:39:39.890 --> 00:39:39.900 align:start position:0% I think I disagree are we going to 00:39:39.900 --> 00:39:41.809 align:start position:0% I think I disagree are we going to achieve<00:39:40.230> as<00:39:40.440> a<00:39:40.500> community<00:39:40.859> today<00:39:41.130> writing 00:39:41.809 --> 00:39:41.819 align:start position:0% achieve as a community today writing 00:39:41.819 --> 00:39:46.609 align:start position:0% achieve as a community today writing different<00:39:42.740> zeros<00:39:43.769> probably<00:39:44.609> not<00:39:45.170> but<00:39:46.170> I<00:39:46.230> think 00:39:46.609 --> 00:39:46.619 align:start position:0% different zeros probably not but I think 00:39:46.619 --> 00:39:50.059 align:start position:0% different zeros probably not but I think we<00:39:47.250> Robin<00:39:47.970> the<00:39:48.329> idea<00:39:48.720> what<00:39:49.140> people<00:39:49.380> reform 00:39:50.059 --> 00:39:50.069 align:start position:0% we Robin the idea what people reform 00:39:50.069 --> 00:39:54.230 align:start position:0% we Robin the idea what people reform means<00:39:50.339> and<00:39:50.869> how<00:39:51.869> do<00:39:51.930> we<00:39:52.230> shape<00:39:52.829> the<00:39:53.430> way<00:39:53.579> the 00:39:54.230 --> 00:39:54.240 align:start position:0% means and how do we shape the way the 00:39:54.240 --> 00:39:56.750 align:start position:0% means and how do we shape the way the law<00:39:54.420> is<00:39:54.779> going<00:39:55.109> to<00:39:55.200> work<00:39:55.440> now<00:39:55.799> in<00:39:56.099> the<00:39:56.130> future<00:39:56.220> I 00:39:56.750 --> 00:39:56.760 align:start position:0% law is going to work now in the future I 00:39:56.760 --> 00:39:59.250 align:start position:0% law is going to work now in the future I think<00:39:56.789> we<00:39:57.089> have<00:39:57.240> enormous<00:39:57.569> space 00:39:59.250 --> 00:39:59.260 align:start position:0% think we have enormous space 00:39:59.260 --> 00:40:02.990 align:start position:0% think we have enormous space a<00:39:59.850> lot<00:40:00.850> of<00:40:00.880> areas<00:40:01.300> of<00:40:01.420> government<00:40:01.960> such<00:40:02.290> areas 00:40:02.990 --> 00:40:03.000 align:start position:0% a lot of areas of government such areas 00:40:03.000 --> 00:40:05.520 align:start position:0% a lot of areas of government such areas but<00:40:04.000> you<00:40:04.359> know<00:40:04.480> we<00:40:05.080> talk<00:40:05.290> a<00:40:05.320> lot<00:40:05.500> about 00:40:05.520 --> 00:40:05.530 align:start position:0% but you know we talk a lot about 00:40:05.530 --> 00:40:08.520 align:start position:0% but you know we talk a lot about regulatory<00:40:06.460> capture<00:40:06.940> and<00:40:07.750> market<00:40:08.109> capture 00:40:08.520 --> 00:40:08.530 align:start position:0% regulatory capture and market capture 00:40:08.530 --> 00:40:11.700 align:start position:0% regulatory capture and market capture and<00:40:08.830> these<00:40:09.310> as<00:40:09.850> we<00:40:10.060> move<00:40:10.300> from<00:40:10.540> this<00:40:11.109> unordered 00:40:11.700 --> 00:40:11.710 align:start position:0% and these as we move from this unordered 00:40:11.710 --> 00:40:14.820 align:start position:0% and these as we move from this unordered space<00:40:12.040> into<00:40:12.700> an<00:40:12.850> order<00:40:13.270> of<00:40:13.359> space<00:40:13.630> if<00:40:14.380> we<00:40:14.619> don't 00:40:14.820 --> 00:40:14.830 align:start position:0% space into an order of space if we don't 00:40:14.830 --> 00:40:17.730 align:start position:0% space into an order of space if we don't take<00:40:15.130> a<00:40:15.190> proactive<00:40:15.640> approach<00:40:16.150> to<00:40:16.810> figuring 00:40:17.730 --> 00:40:17.740 align:start position:0% take a proactive approach to figuring 00:40:17.740 --> 00:40:20.970 align:start position:0% take a proactive approach to figuring out<00:40:18.100> how<00:40:18.400> do<00:40:18.460> we<00:40:18.760> make<00:40:19.060> our<00:40:19.420> processes<00:40:20.109> sound 00:40:20.970 --> 00:40:20.980 align:start position:0% out how do we make our processes sound 00:40:20.980 --> 00:40:23.370 align:start position:0% out how do we make our processes sound how<00:40:21.490> do<00:40:21.550> we<00:40:21.730> meet<00:40:22.030> the<00:40:22.300> kinds<00:40:22.660> of<00:40:22.750> goals<00:40:23.050> that 00:40:23.370 --> 00:40:23.380 align:start position:0% how do we meet the kinds of goals that 00:40:23.380 --> 00:40:26.070 align:start position:0% how do we meet the kinds of goals that we<00:40:23.530> all<00:40:23.740> agree<00:40:24.070> on<00:40:24.220> you<00:40:24.940> know<00:40:25.080> protecting 00:40:26.070 --> 00:40:26.080 align:start position:0% we all agree on you know protecting 00:40:26.080 --> 00:40:30.060 align:start position:0% we all agree on you know protecting consumers<00:40:26.980> in<00:40:27.670> freedom<00:40:28.030> to<00:40:28.150> contract<00:40:29.070> you 00:40:30.060 --> 00:40:30.070 align:start position:0% consumers in freedom to contract you 00:40:30.070 --> 00:40:32.190 align:start position:0% consumers in freedom to contract you know<00:40:30.190> promoting<00:40:30.790> innovation<00:40:31.240> and<00:40:31.600> creativity 00:40:32.190 --> 00:40:32.200 align:start position:0% know promoting innovation and creativity 00:40:32.200 --> 00:40:34.859 align:start position:0% know promoting innovation and creativity making<00:40:33.100> sure<00:40:33.130> from<00:40:33.580> a<00:40:33.640> lot<00:40:33.910> to<00:40:34.090> activities<00:40:34.720> are 00:40:34.859 --> 00:40:34.869 align:start position:0% making sure from a lot to activities are 00:40:34.869 --> 00:40:37.140 align:start position:0% making sure from a lot to activities are conducted<00:40:35.080> under<00:40:35.410> networks<00:40:35.859> if<00:40:36.580> we<00:40:36.850> can't 00:40:37.140 --> 00:40:37.150 align:start position:0% conducted under networks if we can't 00:40:37.150 --> 00:40:40.349 align:start position:0% conducted under networks if we can't come<00:40:37.660> up<00:40:37.840> with<00:40:38.050> ways<00:40:38.859> and<00:40:39.220> means<00:40:39.369> using<00:40:40.000> the 00:40:40.349 --> 00:40:40.359 align:start position:0% come up with ways and means using the 00:40:40.359 --> 00:40:42.060 align:start position:0% come up with ways and means using the infrastructure<00:40:40.900> that<00:40:41.020> we<00:40:41.290> have<00:40:41.320> to<00:40:41.830> deal<00:40:42.010> with 00:40:42.060 --> 00:40:42.070 align:start position:0% infrastructure that we have to deal with 00:40:42.070 --> 00:40:45.180 align:start position:0% infrastructure that we have to deal with these<00:40:42.340> problems<00:40:42.810> the<00:40:43.810> what<00:40:44.470> will<00:40:44.619> happen<00:40:45.010> is 00:40:45.180 --> 00:40:45.190 align:start position:0% these problems the what will happen is 00:40:45.190 --> 00:40:48.599 align:start position:0% these problems the what will happen is as<00:40:45.400> we<00:40:45.609> move<00:40:45.820> into<00:40:46.060> this<00:40:46.800> unordered<00:40:47.800> into<00:40:48.490> an 00:40:48.599 --> 00:40:48.609 align:start position:0% as we move into this unordered into an 00:40:48.609 --> 00:40:51.540 align:start position:0% as we move into this unordered into an ordered<00:40:48.940> space<00:40:49.410> the<00:40:50.410> forces<00:40:51.010> that<00:40:51.040> always 00:40:51.540 --> 00:40:51.550 align:start position:0% ordered space the forces that always 00:40:51.550 --> 00:40:53.319 align:start position:0% ordered space the forces that always shape<00:40:51.850> the<00:40:52.119> way<00:40:52.240> that 00:40:53.319 --> 00:40:53.329 align:start position:0% shape the way that 00:40:53.329 --> 00:40:55.809 align:start position:0% shape the way that entropy<00:40:53.630> toward<00:40:53.959> centralization<00:40:54.859> the<00:40:55.459> the 00:40:55.809 --> 00:40:55.819 align:start position:0% entropy toward centralization the the 00:40:55.819 --> 00:40:57.789 align:start position:0% entropy toward centralization the the forces<00:40:56.269> that<00:40:56.420> are<00:40:56.569> that<00:40:56.779> are<00:40:56.839> powerful<00:40:57.410> today 00:40:57.789 --> 00:40:57.799 align:start position:0% forces that are that are powerful today 00:40:57.799 --> 00:40:59.349 align:start position:0% forces that are that are powerful today will<00:40:58.190> continue<00:40:58.400> to<00:40:58.789> share<00:40:58.999> that<00:40:59.150> in<00:40:59.269> the 00:40:59.349 --> 00:40:59.359 align:start position:0% will continue to share that in the 00:40:59.359 --> 00:41:01.180 align:start position:0% will continue to share that in the future<00:40:59.690> and<00:40:59.839> we'll<00:40:59.989> see<00:41:00.170> what<00:41:00.739> happens<00:41:01.069> with 00:41:01.180 --> 00:41:01.190 align:start position:0% future and we'll see what happens with 00:41:01.190 --> 00:41:03.789 align:start position:0% future and we'll see what happens with the<00:41:01.279> internet<00:41:01.640> happening<00:41:02.390> to<00:41:02.569> to<00:41:02.989> crypto<00:41:03.380> and 00:41:03.789 --> 00:41:03.799 align:start position:0% the internet happening to to crypto and 00:41:03.799 --> 00:41:05.949 align:start position:0% the internet happening to to crypto and you're<00:41:04.369> already<00:41:04.549> seeing<00:41:04.819> it<00:41:05.059> with<00:41:05.239> zebra<00:41:05.719> and 00:41:05.949 --> 00:41:05.959 align:start position:0% you're already seeing it with zebra and 00:41:05.959 --> 00:41:08.799 align:start position:0% you're already seeing it with zebra and other<00:41:06.170> so<00:41:06.529> really<00:41:07.099> need<00:41:07.309> to<00:41:07.549> figure<00:41:07.819> out<00:41:07.999> you 00:41:08.799 --> 00:41:08.809 align:start position:0% other so really need to figure out you 00:41:08.809 --> 00:41:11.890 align:start position:0% other so really need to figure out you know<00:41:08.930> how<00:41:09.200> do<00:41:09.619> we<00:41:09.650> as<00:41:10.039> community<00:41:10.579> build<00:41:11.299> Road 00:41:11.890 --> 00:41:11.900 align:start position:0% know how do we as community build Road 00:41:11.900 --> 00:41:15.339 align:start position:0% know how do we as community build Road rules<00:41:12.709> today<00:41:13.519> while<00:41:14.089> we<00:41:14.450> still<00:41:14.690> have<00:41:14.930> space 00:41:15.339 --> 00:41:15.349 align:start position:0% rules today while we still have space 00:41:15.349 --> 00:41:18.309 align:start position:0% rules today while we still have space and<00:41:15.680> capacity<00:41:16.249> to<00:41:16.519> do<00:41:16.640> that<00:41:16.839> as<00:41:17.839> the<00:41:18.170> law 00:41:18.309 --> 00:41:18.319 align:start position:0% and capacity to do that as the law 00:41:18.319 --> 00:41:26.490 align:start position:0% and capacity to do that as the law starts 00:41:26.490 --> 00:41:26.500 align:start position:0% 00:41:26.500 --> 00:41:28.320 align:start position:0% I<00:41:26.530> think<00:41:26.980> that's<00:41:27.130> really<00:41:27.369> correct<00:41:27.700> and<00:41:28.000> also 00:41:28.320 --> 00:41:28.330 align:start position:0% I think that's really correct and also 00:41:28.330 --> 00:41:29.400 align:start position:0% I think that's really correct and also what<00:41:28.450> I<00:41:28.540> see<00:41:28.599> is<00:41:28.810> one<00:41:28.990> of<00:41:29.080> the<00:41:29.170> opportunities 00:41:29.400 --> 00:41:29.410 align:start position:0% what I see is one of the opportunities 00:41:29.410 --> 00:41:31.380 align:start position:0% what I see is one of the opportunities as<00:41:29.950> an<00:41:30.070> Aquarian<00:41:30.520> and<00:41:30.640> I<00:41:30.700> think<00:41:30.880> locked<00:41:31.119> in<00:41:31.270> is 00:41:31.380 --> 00:41:31.390 align:start position:0% as an Aquarian and I think locked in is 00:41:31.390 --> 00:41:33.240 align:start position:0% as an Aquarian and I think locked in is the<00:41:31.480> only<00:41:31.510> example<00:41:32.170> of<00:41:32.230> them<00:41:32.410> but<00:41:32.980> I<00:41:33.040> think 00:41:33.240 --> 00:41:33.250 align:start position:0% the only example of them but I think 00:41:33.250 --> 00:41:35.070 align:start position:0% the only example of them but I think normally<00:41:33.670> when<00:41:34.000> we<00:41:34.119> kind<00:41:34.270> of<00:41:34.390> choose<00:41:34.599> terms<00:41:34.930> of 00:41:35.070 --> 00:41:35.080 align:start position:0% normally when we kind of choose terms of 00:41:35.080 --> 00:41:36.930 align:start position:0% normally when we kind of choose terms of service<00:41:35.410> or<00:41:35.590> interactive<00:41:36.130> software<00:41:36.310> we<00:41:36.730> feel 00:41:36.930 --> 00:41:36.940 align:start position:0% service or interactive software we feel 00:41:36.940 --> 00:41:38.920 align:start position:0% service or interactive software we feel like<00:41:37.060> we're<00:41:37.240> contract 00:41:38.920 --> 00:41:38.930 align:start position:0% like we're contract 00:41:38.930 --> 00:41:41.510 align:start position:0% like we're contract but<00:41:39.930> in<00:41:40.290> a<00:41:40.410> case<00:41:40.620> of<00:41:40.860> more<00:41:41.040> distributed 00:41:41.510 --> 00:41:41.520 align:start position:0% but in a case of more distributed 00:41:41.520 --> 00:41:44.800 align:start position:0% but in a case of more distributed systems<00:41:41.880> you're<00:41:42.090> kind<00:41:42.270> of<00:41:42.360> contracting<00:41:43.080> with 00:41:44.800 --> 00:41:44.810 align:start position:0% systems you're kind of contracting with 00:41:44.810 --> 00:41:48.920 align:start position:0% systems you're kind of contracting with other<00:41:45.810> things<00:41:46.110> so<00:41:46.790> and<00:41:47.790> non-legal<00:41:48.240> terms<00:41:48.750> like 00:41:48.920 --> 00:41:48.930 align:start position:0% other things so and non-legal terms like 00:41:48.930 --> 00:41:51.290 align:start position:0% other things so and non-legal terms like that<00:41:49.110> relational<00:41:49.680> aspect<00:41:50.130> of<00:41:50.640> reorienting 00:41:51.290 --> 00:41:51.300 align:start position:0% that relational aspect of reorienting 00:41:51.300 --> 00:41:52.970 align:start position:0% that relational aspect of reorienting now<00:41:51.510> interact<00:41:51.900> with<00:41:51.990> software<00:41:52.470> to<00:41:52.650> be<00:41:52.710> more 00:41:52.970 --> 00:41:52.980 align:start position:0% now interact with software to be more 00:41:52.980 --> 00:41:55.100 align:start position:0% now interact with software to be more about<00:41:53.190> kind<00:41:54.120> of<00:41:54.180> entering<00:41:54.510> into<00:41:54.660> agreement 00:41:55.100 --> 00:41:55.110 align:start position:0% about kind of entering into agreement 00:41:55.110 --> 00:41:56.450 align:start position:0% about kind of entering into agreement with<00:41:55.200> a<00:41:55.290> network<00:41:55.500> of<00:41:55.800> several<00:41:56.160> different 00:41:56.450 --> 00:41:56.460 align:start position:0% with a network of several different 00:41:56.460 --> 00:41:58.310 align:start position:0% with a network of several different parties<00:41:56.790> and<00:41:57.090> have<00:41:57.210> common<00:41:57.600> responsibilities 00:41:58.310 --> 00:41:58.320 align:start position:0% parties and have common responsibilities 00:41:58.320 --> 00:41:59.780 align:start position:0% parties and have common responsibilities because<00:41:58.830> whatever<00:41:59.130> there's<00:41:59.430> the<00:41:59.580> tension 00:41:59.780 --> 00:41:59.790 align:start position:0% because whatever there's the tension 00:41:59.790 --> 00:42:02.330 align:start position:0% because whatever there's the tension point<00:42:00.210> a<00:42:00.390> lot<00:42:00.540> of<00:42:00.630> our<00:42:00.750> conversations<00:42:01.440> is<00:42:01.740> how 00:42:02.330 --> 00:42:02.340 align:start position:0% point a lot of our conversations is how 00:42:02.340 --> 00:42:03.770 align:start position:0% point a lot of our conversations is how do<00:42:02.400> you<00:42:02.670> manage<00:42:02.880> liability<00:42:03.690> and 00:42:03.770 --> 00:42:03.780 align:start position:0% do you manage liability and 00:42:03.780 --> 00:42:07.430 align:start position:0% do you manage liability and responsibility<00:42:04.100> and<00:42:05.100> pseudonymity<00:42:06.080> and<00:42:07.080> that 00:42:07.430 --> 00:42:07.440 align:start position:0% responsibility and pseudonymity and that 00:42:07.440 --> 00:42:09.200 align:start position:0% responsibility and pseudonymity and that seems<00:42:07.710> to<00:42:07.860> be<00:42:07.980> the<00:42:08.100> kind<00:42:08.310> of<00:42:08.370> core<00:42:08.670> tension<00:42:09.090> of 00:42:09.200 --> 00:42:09.210 align:start position:0% seems to be the kind of core tension of 00:42:09.210 --> 00:42:12.800 align:start position:0% seems to be the kind of core tension of how<00:42:09.420> to<00:42:09.480> be<00:42:09.840> introduced<00:42:10.410> to<00:42:10.560> a<00:42:10.710> normal<00:42:11.810> refined 00:42:12.800 --> 00:42:12.810 align:start position:0% how to be introduced to a normal refined 00:42:12.810 --> 00:42:14.780 align:start position:0% how to be introduced to a normal refined legal<00:42:13.200> space<00:42:13.530> like<00:42:13.860> preserving<00:42:14.550> the<00:42:14.730> ability 00:42:14.780 --> 00:42:14.790 align:start position:0% legal space like preserving the ability 00:42:14.790 --> 00:42:16.790 align:start position:0% legal space like preserving the ability to<00:42:15.090> interact<00:42:15.480> strongly<00:42:15.960> and<00:42:16.620> while 00:42:16.790 --> 00:42:16.800 align:start position:0% to interact strongly and while 00:42:16.800 --> 00:42:19.280 align:start position:0% to interact strongly and while interacting<00:42:17.550> responsibly<00:42:18.270> and<00:42:18.750> that's<00:42:18.930> one 00:42:19.280 --> 00:42:19.290 align:start position:0% interacting responsibly and that's one 00:42:19.290 --> 00:42:25.120 align:start position:0% interacting responsibly and that's one of<00:42:19.380> the<00:42:19.470> major<00:42:19.650> points<00:42:20.100> for<00:42:20.130> me 00:42:25.120 --> 00:42:25.130 align:start position:0% 00:42:25.130 --> 00:42:32.340 align:start position:0% and<00:42:26.030> yeah<00:42:26.390> it's<00:42:26.900> just<00:42:27.140> a<00:42:27.320> sort<00:42:27.530> of<00:42:27.640> at<00:42:28.640> the<00:42:30.400> the 00:42:32.340 --> 00:42:32.350 align:start position:0% and yeah it's just a sort of at the the 00:42:32.350 --> 00:42:37.060 align:start position:0% and yeah it's just a sort of at the the sorry<00:42:33.350> that<00:42:33.620> we've<00:42:33.740> actually<00:42:33.950> but<00:42:34.640> I<00:42:34.670> mean<00:42:36.070> you 00:42:37.060 --> 00:42:37.070 align:start position:0% sorry that we've actually but I mean you 00:42:37.070 --> 00:42:39.580 align:start position:0% sorry that we've actually but I mean you know<00:42:37.190> we're<00:42:37.670> also<00:42:37.790> when<00:42:38.390> you<00:42:38.480> talk<00:42:38.660> about<00:42:38.780> you 00:42:39.580 --> 00:42:39.590 align:start position:0% know we're also when you talk about you 00:42:39.590 --> 00:42:42.460 align:start position:0% know we're also when you talk about you know<00:42:40.150> anonymity<00:42:41.150> and<00:42:41.510> providing<00:42:42.140> you<00:42:42.380> know 00:42:42.460 --> 00:42:42.470 align:start position:0% know anonymity and providing you know 00:42:42.470 --> 00:42:44.560 align:start position:0% know anonymity and providing you know maintaining<00:42:43.040> some<00:42:43.190> sort<00:42:43.340> of<00:42:43.400> privacy<00:42:43.760> part<00:42:44.420> of 00:42:44.560 --> 00:42:44.570 align:start position:0% maintaining some sort of privacy part of 00:42:44.570 --> 00:42:48.400 align:start position:0% maintaining some sort of privacy part of that<00:42:44.720> is<00:42:44.870> also<00:42:45.970> somewhat<00:42:46.970> circularly<00:42:47.570> to 00:42:48.400 --> 00:42:48.410 align:start position:0% that is also somewhat circularly to 00:42:48.410 --> 00:42:52.030 align:start position:0% that is also somewhat circularly to avoid<00:42:48.920> exposing<00:42:49.370> yourself<00:42:50.000> to<00:42:50.470> laws<00:42:51.470> that<00:42:51.890> you 00:42:52.030 --> 00:42:52.040 align:start position:0% avoid exposing yourself to laws that you 00:42:52.040 --> 00:42:54.070 align:start position:0% avoid exposing yourself to laws that you otherwise<00:42:52.280> wouldn't<00:42:52.700> be<00:42:52.820> exposed<00:42:53.090> to<00:42:53.480> right 00:42:54.070 --> 00:42:54.080 align:start position:0% otherwise wouldn't be exposed to right 00:42:54.080 --> 00:42:57.360 align:start position:0% otherwise wouldn't be exposed to right and<00:42:54.380> and<00:42:54.650> and<00:42:55.040> and<00:42:55.460> also<00:42:55.760> it<00:42:56.120> even<00:42:56.510> more<00:42:56.690> to 00:42:57.360 --> 00:42:57.370 align:start position:0% and and and and also it even more to 00:42:57.370 --> 00:43:00.090 align:start position:0% and and and and also it even more to take<00:42:58.370> that<00:42:58.580> a<00:42:58.940> step<00:42:59.060> further 00:43:00.090 --> 00:43:00.100 align:start position:0% take that a step further 00:43:00.100 --> 00:43:04.840 align:start position:0% take that a step further you<00:43:01.100> know<00:43:01.190> not<00:43:01.910> all<00:43:02.180> walls<00:43:03.080> are<00:43:03.590> just<00:43:03.980> right<00:43:04.490> we 00:43:04.840 --> 00:43:04.850 align:start position:0% you know not all walls are just right we 00:43:04.850 --> 00:43:06.580 align:start position:0% you know not all walls are just right we don't<00:43:04.970> all<00:43:05.270> you<00:43:05.750> know<00:43:05.840> we<00:43:05.960> all<00:43:06.080> have<00:43:06.290> our<00:43:06.320> own 00:43:06.580 --> 00:43:06.590 align:start position:0% don't all you know we all have our own 00:43:06.590 --> 00:43:07.990 align:start position:0% don't all you know we all have our own sense<00:43:06.860> of<00:43:06.950> justice<00:43:07.010> our<00:43:07.610> own<00:43:07.670> sense<00:43:07.940> of 00:43:07.990 --> 00:43:08.000 align:start position:0% sense of justice our own sense of 00:43:08.000 --> 00:43:09.960 align:start position:0% sense of justice our own sense of morality<00:43:08.150> and<00:43:08.570> own<00:43:08.690> sense<00:43:09.020> of<00:43:09.050> ethics<00:43:09.230> and 00:43:09.960 --> 00:43:09.970 align:start position:0% morality and own sense of ethics and 00:43:09.970 --> 00:43:13.450 align:start position:0% morality and own sense of ethics and maybe<00:43:10.970> I<00:43:11.120> think<00:43:11.480> it's<00:43:11.600> hectic<00:43:11.900> all<00:43:12.080> too<00:43:12.740> maybe 00:43:13.450 --> 00:43:13.460 align:start position:0% maybe I think it's hectic all too maybe 00:43:13.460 --> 00:43:15.520 align:start position:0% maybe I think it's hectic all too maybe everyone<00:43:13.880> I<00:43:13.910> know<00:43:14.030> that<00:43:14.480> the<00:43:14.870> goal<00:43:15.020> for<00:43:15.350> me<00:43:15.410> to 00:43:15.520 --> 00:43:15.530 align:start position:0% everyone I know that the goal for me to 00:43:15.530 --> 00:43:17.050 align:start position:0% everyone I know that the goal for me to do<00:43:15.680> so<00:43:15.920> many<00:43:16.070> legal<00:43:16.250> thing<00:43:16.610> in<00:43:16.760> some<00:43:16.940> other 00:43:17.050 --> 00:43:17.060 align:start position:0% do so many legal thing in some other 00:43:17.060 --> 00:43:19.210 align:start position:0% do so many legal thing in some other country<00:43:17.510> and<00:43:17.750> in<00:43:18.440> order<00:43:18.650> for<00:43:18.770> me<00:43:18.830> to<00:43:18.860> do<00:43:19.040> that<00:43:19.160> I 00:43:19.210 --> 00:43:19.220 align:start position:0% country and in order for me to do that I 00:43:19.220 --> 00:43:21.850 align:start position:0% country and in order for me to do that I need<00:43:19.400> to<00:43:19.430> protect<00:43:19.790> my<00:43:20.030> identity<00:43:20.090> right<00:43:20.860> to 00:43:21.850 --> 00:43:21.860 align:start position:0% need to protect my identity right to 00:43:21.860 --> 00:43:23.140 align:start position:0% need to protect my identity right to stop<00:43:22.070> those<00:43:22.430> people<00:43:22.700> who<00:43:22.760> are<00:43:22.820> coming<00:43:22.880> after 00:43:23.140 --> 00:43:23.150 align:start position:0% stop those people who are coming after 00:43:23.150 --> 00:43:25.510 align:start position:0% stop those people who are coming after me<00:43:23.450> or<00:43:23.650> you<00:43:24.650> know<00:43:24.770> of<00:43:24.890> harming<00:43:25.160> the<00:43:25.250> current 00:43:25.510 --> 00:43:25.520 align:start position:0% me or you know of harming the current 00:43:25.520 --> 00:43:27.109 align:start position:0% me or you know of harming the current common<00:43:25.730> phrase<00:43:25.970> and<00:43:26.000> I'm<00:43:26.240> correct 00:43:27.109 --> 00:43:27.119 align:start position:0% common phrase and I'm correct 00:43:27.119 --> 00:43:29.989 align:start position:0% common phrase and I'm correct have<00:43:27.329> you<00:43:27.480> and<00:43:28.109> so<00:43:28.380> there<00:43:29.249> I<00:43:29.519> think<00:43:29.640> there's<00:43:29.940> a 00:43:29.989 --> 00:43:29.999 align:start position:0% have you and so there I think there's a 00:43:29.999 --> 00:43:32.150 align:start position:0% have you and so there I think there's a benefit<00:43:30.509> when<00:43:31.499> you're<00:43:31.650> constantly<00:43:31.890> thinking 00:43:32.150 --> 00:43:32.160 align:start position:0% benefit when you're constantly thinking 00:43:32.160 --> 00:43:33.920 align:start position:0% benefit when you're constantly thinking about<00:43:32.579> like<00:43:32.700> assassination<00:43:33.390> markets<00:43:33.749> and 00:43:33.920 --> 00:43:33.930 align:start position:0% about like assassination markets and 00:43:33.930 --> 00:43:35.930 align:start position:0% about like assassination markets and like<00:43:34.049> kidnapping<00:43:34.619> children<00:43:34.950> and<00:43:35.400> child<00:43:35.609> porn 00:43:35.930 --> 00:43:35.940 align:start position:0% like kidnapping children and child porn 00:43:35.940 --> 00:43:37.999 align:start position:0% like kidnapping children and child porn and<00:43:36.089> all<00:43:36.240> this<00:43:36.329> stuff<00:43:36.450> but<00:43:36.599> that<00:43:37.019> same 00:43:37.999 --> 00:43:38.009 align:start position:0% and all this stuff but that same 00:43:38.009 --> 00:43:41.779 align:start position:0% and all this stuff but that same protection<00:43:39.079> can<00:43:40.079> work<00:43:40.349> to<00:43:40.650> actually<00:43:41.190> create 00:43:41.779 --> 00:43:41.789 align:start position:0% protection can work to actually create 00:43:41.789 --> 00:43:43.579 align:start position:0% protection can work to actually create like<00:43:41.940> a<00:43:41.970> more<00:43:42.210> just<00:43:42.450> and<00:43:42.660> ethical<00:43:43.109> environment 00:43:43.579 --> 00:43:43.589 align:start position:0% like a more just and ethical environment 00:43:43.589 --> 00:43:46.849 align:start position:0% like a more just and ethical environment and<00:43:44.480> especially<00:43:45.990> about<00:43:46.200> stuff<00:43:46.410> like<00:43:46.650> you 00:43:46.849 --> 00:43:46.859 align:start position:0% and especially about stuff like you 00:43:46.859 --> 00:43:50.839 align:start position:0% and especially about stuff like you know<00:43:46.890> Aragon<00:43:47.849> but<00:43:48.210> you<00:43:48.480> know<00:43:48.599> the<00:43:49.369> it's<00:43:50.369> a<00:43:50.609> lot 00:43:50.839 --> 00:43:50.849 align:start position:0% know Aragon but you know the it's a lot 00:43:50.849 --> 00:43:55.130 align:start position:0% know Aragon but you know the it's a lot of<00:43:51.059> people<00:43:51.390> to<00:43:51.569> have<00:43:52.609> an<00:43:53.609> agreement<00:43:53.970> that<00:43:54.869> is 00:43:55.130 --> 00:43:55.140 align:start position:0% of people to have an agreement that is 00:43:55.140 --> 00:43:56.749 align:start position:0% of people to have an agreement that is more<00:43:55.380> just<00:43:55.710> than<00:43:56.039> what<00:43:56.279> they<00:43:56.430> could<00:43:56.490> actually 00:43:56.749 --> 00:43:56.759 align:start position:0% more just than what they could actually 00:43:56.759 --> 00:43:59.329 align:start position:0% more just than what they could actually get<00:43:57.240> within<00:43:57.660> a<00:43:57.869> legal<00:43:58.200> framework<00:43:58.259> right<00:43:59.069> and 00:43:59.329 --> 00:43:59.339 align:start position:0% get within a legal framework right and 00:43:59.339 --> 00:44:04.069 align:start position:0% get within a legal framework right and that's<00:43:59.940> that's<00:44:00.900> actually<00:44:01.319> sort<00:44:02.249> of<00:44:02.369> the<00:44:03.079> red 00:44:04.069 --> 00:44:04.079 align:start position:0% that's that's actually sort of the red 00:44:04.079 --> 00:44:08.059 align:start position:0% that's that's actually sort of the red ring<00:44:04.319> for<00:44:04.559> Y<00:44:04.650> and<00:44:05.279> DHS<00:44:06.710> potentially<00:44:07.710> engage<00:44:07.950> in 00:44:08.059 --> 00:44:08.069 align:start position:0% ring for Y and DHS potentially engage in 00:44:08.069 --> 00:44:27.440 align:start position:0% ring for Y and DHS potentially engage in this<00:44:08.130> process<00:44:24.289> assets<00:44:25.289> are<00:44:25.789> beer<00:44:26.789> asses 00:44:27.440 --> 00:44:27.450 align:start position:0% this process assets are beer asses 00:44:27.450 --> 00:44:32.289 align:start position:0% this process assets are beer asses whoever<00:44:28.849> controls<00:44:29.849> that<00:44:30.779> acid<00:44:31.230> the<00:44:31.349> or<00:44:31.559> the 00:44:32.289 --> 00:44:32.299 align:start position:0% whoever controls that acid the or the 00:44:32.299 --> 00:44:35.599 align:start position:0% whoever controls that acid the or the vs.<00:44:33.349> register<00:44:34.349> assets<00:44:34.829> which<00:44:35.069> means<00:44:35.369> they 00:44:35.599 --> 00:44:35.609 align:start position:0% vs. register assets which means they 00:44:35.609 --> 00:44:41.660 align:start position:0% vs. register assets which means they they<00:44:36.029> have<00:44:36.269> to<00:44:36.739> need<00:44:38.089> so<00:44:39.089> a<00:44:39.509> lot<00:44:40.309> Tripta<00:44:41.309> masses 00:44:41.660 --> 00:44:41.670 align:start position:0% they have to need so a lot Tripta masses 00:44:41.670 --> 00:44:45.890 align:start position:0% they have to need so a lot Tripta masses are<00:44:41.880> work<00:44:42.839> are<00:44:43.309> bigger<00:44:44.309> assets<00:44:44.970> that<00:44:45.269> became 00:44:45.890 --> 00:44:45.900 align:start position:0% are work are bigger assets that became 00:44:45.900 --> 00:44:49.549 align:start position:0% are work are bigger assets that became as<00:44:46.609> as<00:44:47.609> the<00:44:47.999> phonebook<00:44:48.660> registered<00:44:49.200> assets 00:44:49.549 --> 00:44:49.559 align:start position:0% as as the phonebook registered assets 00:44:49.559 --> 00:44:51.470 align:start position:0% as as the phonebook registered assets meaning<00:44:49.799> that<00:44:50.009> they<00:44:50.190> became<00:44:50.670> less<00:44:50.880> carries<00:44:51.329> in 00:44:51.470 --> 00:44:51.480 align:start position:0% meaning that they became less carries in 00:44:51.480 --> 00:44:52.160 align:start position:0% meaning that they became less carries in the<00:44:51.509> sense<00:44:51.749> that 00:44:52.160 --> 00:44:52.170 align:start position:0% the sense that 00:44:52.170 --> 00:44:55.970 align:start position:0% the sense that economic<00:44:53.000> incentive<00:44:54.000> tools<00:44:54.450> but<00:44:55.410> instead<00:44:55.830> of 00:44:55.970 --> 00:44:55.980 align:start position:0% economic incentive tools but instead of 00:44:55.980 --> 00:44:59.480 align:start position:0% economic incentive tools but instead of seeing<00:44:56.220> these<00:44:56.870> certain<00:44:57.870> classic<00:44:58.350> books<00:44:58.620> or 00:44:59.480 --> 00:44:59.490 align:start position:0% seeing these certain classic books or 00:44:59.490 --> 00:45:02.300 align:start position:0% seeing these certain classic books or names<00:44:59.790> who<00:45:00.180> are<00:45:00.330> competitive<00:45:01.260> can<00:45:01.830> access 00:45:02.300 --> 00:45:02.310 align:start position:0% names who are competitive can access 00:45:02.310 --> 00:45:04.880 align:start position:0% names who are competitive can access that's<00:45:02.550> that<00:45:03.000> set<00:45:03.330> of<00:45:03.480> instruments<00:45:04.200> we<00:45:04.680> want 00:45:04.880 --> 00:45:04.890 align:start position:0% that's that set of instruments we want 00:45:04.890 --> 00:45:06.260 align:start position:0% that's that set of instruments we want everyone<00:45:05.190> is<00:45:05.370> we<00:45:05.520> have<00:45:05.670> to<00:45:05.790> be<00:45:05.880> able<00:45:05.940> to<00:45:06.120> access 00:45:06.260 --> 00:45:06.270 align:start position:0% everyone is we have to be able to access 00:45:06.270 --> 00:45:07.850 align:start position:0% everyone is we have to be able to access that<00:45:06.540> and<00:45:06.690> that's<00:45:06.840> fundamentally<00:45:07.500> opposed 00:45:07.850 --> 00:45:07.860 align:start position:0% that and that's fundamentally opposed 00:45:07.860 --> 00:45:10.670 align:start position:0% that and that's fundamentally opposed with<00:45:08.670> how<00:45:09.060> securities<00:45:09.780> law<00:45:09.930> functions<00:45:10.380> where 00:45:10.670 --> 00:45:10.680 align:start position:0% with how securities law functions where 00:45:10.680 --> 00:45:13.280 align:start position:0% with how securities law functions where we're<00:45:11.310> like<00:45:11.520> you<00:45:11.730> cannot<00:45:12.030> be<00:45:12.180> a<00:45:12.210> very<00:45:12.480> asset<00:45:12.960> if 00:45:13.280 --> 00:45:13.290 align:start position:0% we're like you cannot be a very asset if 00:45:13.290 --> 00:45:15.380 align:start position:0% we're like you cannot be a very asset if you<00:45:13.410> are<00:45:13.590> security<00:45:14.010> that's<00:45:14.400> just<00:45:14.640> part<00:45:15.300> of<00:45:15.330> the 00:45:15.380 --> 00:45:15.390 align:start position:0% you are security that's just part of the 00:45:15.390 --> 00:45:17.060 align:start position:0% you are security that's just part of the law<00:45:15.570> you<00:45:15.630> have<00:45:15.930> to<00:45:16.080> be<00:45:16.230> registered<00:45:16.440> there's 00:45:17.060 --> 00:45:17.070 align:start position:0% law you have to be registered there's 00:45:17.070 --> 00:45:20.080 align:start position:0% law you have to be registered there's there<00:45:17.610> are<00:45:17.730> these<00:45:17.940> register<00:45:18.690> regulated 00:45:20.080 --> 00:45:20.090 align:start position:0% there are these register regulated 00:45:20.090 --> 00:45:23.570 align:start position:0% there are these register regulated intermediaries<00:45:21.090> that<00:45:21.950> serve<00:45:22.950> particular 00:45:23.570 --> 00:45:23.580 align:start position:0% intermediaries that serve particular 00:45:23.580 --> 00:45:25.550 align:start position:0% intermediaries that serve particular functions<00:45:24.060> so<00:45:24.690> I<00:45:24.720> think<00:45:25.050> that's<00:45:25.410> a 00:45:25.550 --> 00:45:25.560 align:start position:0% functions so I think that's a 00:45:25.560 --> 00:45:28.220 align:start position:0% functions so I think that's a fundamental<00:45:26.490> aspect<00:45:27.120> of<00:45:27.480> the<00:45:27.630> law<00:45:27.840> that<00:45:28.050> needs 00:45:28.220 --> 00:45:28.230 align:start position:0% fundamental aspect of the law that needs 00:45:28.230 --> 00:45:31.420 align:start position:0% fundamental aspect of the law that needs to<00:45:28.350> be<00:45:28.410> changed<00:45:28.710> and<00:45:28.980> that<00:45:29.100> also<00:45:29.730> goes<00:45:30.090> into 00:45:31.420 --> 00:45:31.430 align:start position:0% to be changed and that also goes into 00:45:31.430 --> 00:45:33.650 align:start position:0% to be changed and that also goes into corporate<00:45:32.430> governance<00:45:32.820> and<00:45:33.000> who<00:45:33.480> can 00:45:33.650 --> 00:45:33.660 align:start position:0% corporate governance and who can 00:45:33.660 --> 00:45:35.800 align:start position:0% corporate governance and who can participate<00:45:33.900> in<00:45:34.620> the<00:45:34.830> governance<00:45:35.190> of 00:45:35.800 --> 00:45:35.810 align:start position:0% participate in the governance of 00:45:35.810 --> 00:45:38.510 align:start position:0% participate in the governance of something<00:45:36.810> that<00:45:36.900> it<00:45:37.650> doesn't<00:45:37.950> quite<00:45:38.250> look 00:45:38.510 --> 00:45:38.520 align:start position:0% something that it doesn't quite look 00:45:38.520 --> 00:45:41.540 align:start position:0% something that it doesn't quite look like<00:45:38.730> the<00:45:39.000> traditional<00:45:39.570> operation<00:45:40.550> we're 00:45:41.540 --> 00:45:41.550 align:start position:0% like the traditional operation we're 00:45:41.550 --> 00:45:44.150 align:start position:0% like the traditional operation we're trying<00:45:41.790> to<00:45:41.880> build<00:45:42.050> public<00:45:43.050> Commons<00:45:43.680> digital 00:45:44.150 --> 00:45:44.160 align:start position:0% trying to build public Commons digital 00:45:44.160 --> 00:45:46.970 align:start position:0% trying to build public Commons digital Commons<00:45:44.850> will<00:45:45.780> be<00:45:45.930> needing<00:45:46.440> incentive 00:45:46.970 --> 00:45:46.980 align:start position:0% Commons will be needing incentive 00:45:46.980 --> 00:45:48.710 align:start position:0% Commons will be needing incentive mechanism<00:45:47.520> that<00:45:47.790> allows<00:45:48.120> anyone<00:45:48.540> to 00:45:48.710 --> 00:45:48.720 align:start position:0% mechanism that allows anyone to 00:45:48.720 --> 00:45:51.200 align:start position:0% mechanism that allows anyone to participate<00:45:49.530> so<00:45:49.560> it<00:45:50.340> could<00:45:50.490> be<00:45:50.520> a<00:45:50.610> repeater 00:45:51.200 --> 00:45:51.210 align:start position:0% participate so it could be a repeater 00:45:51.210 --> 00:45:52.580 align:start position:0% participate so it could be a repeater mode<00:45:51.360> well<00:45:51.570> that<00:45:51.690> traditional<00:45:52.230> looks<00:45:52.380> like<00:45:52.560> a 00:45:52.580 --> 00:45:52.590 align:start position:0% mode well that traditional looks like a 00:45:52.590 --> 00:45:54.800 align:start position:0% mode well that traditional looks like a security<00:45:53.400> that<00:45:53.820> is<00:45:53.970> that<00:45:54.150> means<00:45:54.390> they're<00:45:54.660> all 00:45:54.800 --> 00:45:54.810 align:start position:0% security that is that means they're all 00:45:54.810 --> 00:45:57.590 align:start position:0% security that is that means they're all these<00:45:55.020> rules<00:45:55.320> around<00:45:55.590> a<00:45:55.980> systemic<00:45:56.490> so<00:45:56.880> we 00:45:57.590 --> 00:45:57.600 align:start position:0% these rules around a systemic so we 00:45:57.600 --> 00:46:02.829 align:start position:0% these rules around a systemic so we constantly<00:45:58.260> add<00:45:58.530> heads<00:46:00.440> freshen<00:46:01.440> up 00:46:02.829 --> 00:46:02.839 align:start position:0% constantly add heads freshen up 00:46:02.839 --> 00:46:07.190 align:start position:0% constantly add heads freshen up that<00:46:03.839> doesn't<00:46:04.140> match<00:46:04.549> and<00:46:05.779> lawmakers<00:46:06.779> are 00:46:07.190 --> 00:46:07.200 align:start position:0% that doesn't match and lawmakers are 00:46:07.200 --> 00:46:09.109 align:start position:0% that doesn't match and lawmakers are these<00:46:07.650> the<00:46:07.920> states<00:46:08.249> aren't<00:46:08.579> really<00:46:08.880> going<00:46:09.029> to 00:46:09.109 --> 00:46:09.119 align:start position:0% these the states aren't really going to 00:46:09.119 --> 00:46:11.479 align:start position:0% these the states aren't really going to do<00:46:09.269> anything<00:46:09.299> about<00:46:09.749> it<00:46:09.900> anytime<00:46:10.230> soon<00:46:10.470> so<00:46:11.400> you 00:46:11.479 --> 00:46:11.489 align:start position:0% do anything about it anytime soon so you 00:46:11.489 --> 00:46:13.339 align:start position:0% do anything about it anytime soon so you have<00:46:11.670> regulators<00:46:12.150> like<00:46:12.420> the<00:46:12.509> SEC<00:46:12.960> trying<00:46:13.289> to 00:46:13.339 --> 00:46:13.349 align:start position:0% have regulators like the SEC trying to 00:46:13.349 --> 00:46:14.779 align:start position:0% have regulators like the SEC trying to figure<00:46:13.680> out<00:46:13.739> what's<00:46:14.130> the<00:46:14.190> best<00:46:14.279> way<00:46:14.759> to 00:46:14.779 --> 00:46:14.789 align:start position:0% figure out what's the best way to 00:46:14.789 --> 00:46:17.390 align:start position:0% figure out what's the best way to balance<00:46:15.180> the<00:46:15.539> space<00:46:16.019> where<00:46:16.349> for<00:46:16.710> them<00:46:16.799> it<00:46:17.009> is<00:46:17.039> a 00:46:17.390 --> 00:46:17.400 align:start position:0% balance the space where for them it is a 00:46:17.400 --> 00:46:20.839 align:start position:0% balance the space where for them it is a legal<00:46:17.819> in<00:46:18.029> the<00:46:18.119> sense<00:46:18.359> that<00:46:18.769> they've<00:46:19.769> got<00:46:20.039> you 00:46:20.839 --> 00:46:20.849 align:start position:0% legal in the sense that they've got you 00:46:20.849 --> 00:46:23.329 align:start position:0% legal in the sense that they've got you know<00:46:20.970> 50<00:46:21.359> 60<00:46:21.390> 70<00:46:22.079> years<00:46:22.349> of<00:46:22.470> securities<00:46:23.160> law 00:46:23.329 --> 00:46:23.339 align:start position:0% know 50 60 70 years of securities law 00:46:23.339 --> 00:46:25.609 align:start position:0% know 50 60 70 years of securities law that<00:46:23.700> says<00:46:23.970> he's<00:46:24.720> a<00:46:24.749> security<00:46:25.140> always<00:46:25.589> a 00:46:25.609 --> 00:46:25.619 align:start position:0% that says he's a security always a 00:46:25.619 --> 00:46:27.349 align:start position:0% that says he's a security always a security<00:46:26.130> business<00:46:26.369> more<00:46:26.789> they<00:46:26.970> think<00:46:27.150> that 00:46:27.349 --> 00:46:27.359 align:start position:0% security business more they think that 00:46:27.359 --> 00:46:29.599 align:start position:0% security business more they think that goes<00:46:27.539> from<00:46:27.739> security<00:46:28.739> to<00:46:28.799> non<00:46:29.130> security<00:46:29.549> so 00:46:29.599 --> 00:46:29.609 align:start position:0% goes from security to non security so 00:46:29.609 --> 00:46:31.309 align:start position:0% goes from security to non security so they<00:46:29.730> kind<00:46:29.970> of<00:46:29.999> have<00:46:30.119> to<00:46:30.269> make<00:46:30.569> that<00:46:30.809> up<00:46:30.989> then 00:46:31.309 --> 00:46:31.319 align:start position:0% they kind of have to make that up then 00:46:31.319 --> 00:46:34.190 align:start position:0% they kind of have to make that up then though<00:46:31.499> they<00:46:32.009> don't<00:46:32.339> really<00:46:32.609> have<00:46:32.999> that<00:46:33.420> kind 00:46:34.190 --> 00:46:34.200 align:start position:0% though they don't really have that kind 00:46:34.200 --> 00:46:36.319 align:start position:0% though they don't really have that kind of<00:46:34.319> lawmaking<00:46:34.859> power<00:46:35.190> and<00:46:35.489> this<00:46:35.579> goes<00:46:35.789> back<00:46:35.819> to 00:46:36.319 --> 00:46:36.329 align:start position:0% of lawmaking power and this goes back to 00:46:36.329 --> 00:46:38.870 align:start position:0% of lawmaking power and this goes back to where<00:46:37.140> does<00:46:37.349> the<00:46:37.619> legitimacy<00:46:38.130> the<00:46:38.339> logs<00:46:38.579> were 00:46:38.870 --> 00:46:38.880 align:start position:0% where does the legitimacy the logs were 00:46:38.880 --> 00:46:40.700 align:start position:0% where does the legitimacy the logs were so<00:46:39.029> they're<00:46:39.210> kind<00:46:39.509> of<00:46:39.569> operating<00:46:40.230> in<00:46:40.289> that<00:46:40.319> way 00:46:40.700 --> 00:46:40.710 align:start position:0% so they're kind of operating in that way 00:46:40.710 --> 00:46:42.289 align:start position:0% so they're kind of operating in that way yet<00:46:41.099> and<00:46:41.279> they're<00:46:41.400> doing<00:46:41.730> these<00:46:41.910> for<00:46:42.089> your 00:46:42.289 --> 00:46:42.299 align:start position:0% yet and they're doing these for your 00:46:42.299 --> 00:46:42.859 align:start position:0% yet and they're doing these for your sonís 00:46:42.859 --> 00:46:42.869 align:start position:0% sonís 00:46:42.869 --> 00:46:46.130 align:start position:0% sonís just<00:46:43.559> trying<00:46:43.769> to<00:46:43.829> say<00:46:44.009> okay<00:46:44.309> you<00:46:44.910> were<00:46:45.509> early 00:46:46.130 --> 00:46:46.140 align:start position:0% just trying to say okay you were early 00:46:46.140 --> 00:46:48.249 align:start position:0% just trying to say okay you were early he<00:46:46.230> didn't<00:46:46.619> kind<00:46:46.890> of<00:46:47.009> know<00:46:47.190> what<00:46:47.519> the<00:46:47.640> law<00:46:47.789> was 00:46:48.249 --> 00:46:48.259 align:start position:0% he didn't kind of know what the law was 00:46:48.259 --> 00:46:51.079 align:start position:0% he didn't kind of know what the law was you're<00:46:49.259> not<00:46:49.519> you're<00:46:50.519> doing<00:46:50.759> something 00:46:51.079 --> 00:46:51.089 align:start position:0% you're not you're doing something 00:46:51.089 --> 00:46:53.089 align:start position:0% you're not you're doing something innovative<00:46:51.509> that<00:46:51.930> might<00:46:52.140> bear<00:46:52.319> lots<00:46:52.529> of<00:46:52.650> value 00:46:53.089 --> 00:46:53.099 align:start position:0% innovative that might bear lots of value 00:46:53.099 --> 00:46:54.979 align:start position:0% innovative that might bear lots of value so<00:46:53.700> you're<00:46:53.940> not<00:46:54.089> going<00:46:54.269> to<00:46:54.359> cause<00:46:54.539> more<00:46:54.779> damage 00:46:54.979 --> 00:46:54.989 align:start position:0% so you're not going to cause more damage 00:46:54.989 --> 00:46:57.200 align:start position:0% so you're not going to cause more damage by<00:46:55.470> shutting<00:46:55.890> you<00:46:56.009> down<00:46:56.039> and<00:46:56.549> preventing<00:46:57.059> you 00:46:57.200 --> 00:46:57.210 align:start position:0% by shutting you down and preventing you 00:46:57.210 --> 00:47:00.079 align:start position:0% by shutting you down and preventing you from<00:46:57.239> having<00:46:57.749> this<00:46:58.349> asset<00:46:58.890> or<00:46:59.339> you<00:46:59.880> know<00:46:59.970> you 00:47:00.079 --> 00:47:00.089 align:start position:0% from having this asset or you know you 00:47:00.089 --> 00:47:03.019 align:start position:0% from having this asset or you know you can<00:47:00.239> kind<00:47:00.390> of<00:47:00.599> tour<00:47:01.230> to<00:47:01.380> pay<00:47:01.730> and<00:47:02.730> that's<00:47:02.880> a 00:47:03.019 --> 00:47:03.029 align:start position:0% can kind of tour to pay and that's a 00:47:03.029 --> 00:47:04.819 align:start position:0% can kind of tour to pay and that's a cost<00:47:03.269> of<00:47:03.359> doing<00:47:03.420> business<00:47:03.720> in<00:47:04.019> the<00:47:04.230> space<00:47:04.499> and 00:47:04.819 --> 00:47:04.829 align:start position:0% cost of doing business in the space and 00:47:04.829 --> 00:47:06.529 align:start position:0% cost of doing business in the space and we'll<00:47:04.950> let<00:47:05.099> you<00:47:05.160> go<00:47:05.430> and<00:47:05.609> experiment<00:47:05.940> like<00:47:06.299> so 00:47:06.529 --> 00:47:06.539 align:start position:0% we'll let you go and experiment like so 00:47:06.539 --> 00:47:08.269 align:start position:0% we'll let you go and experiment like so there's<00:47:06.749> so<00:47:07.259> there's<00:47:07.499> there's<00:47:07.920> a<00:47:07.980> real 00:47:08.269 --> 00:47:08.279 align:start position:0% there's so there's there's a real 00:47:08.279 --> 00:47:10.489 align:start position:0% there's so there's there's a real concrete<00:47:08.609> link<00:47:09.089> which<00:47:09.329> I<00:47:09.509> think<00:47:09.720> very<00:47:09.809> there's 00:47:10.489 --> 00:47:10.499 align:start position:0% concrete link which I think very there's 00:47:10.499 --> 00:47:13.849 align:start position:0% concrete link which I think very there's that<00:47:10.710> friction<00:47:11.220> and<00:47:12.559> government<00:47:13.559> agencies 00:47:13.849 --> 00:47:13.859 align:start position:0% that friction and government agencies 00:47:13.859 --> 00:47:15.410 align:start position:0% that friction and government agencies don't<00:47:14.249> actually<00:47:14.579> know<00:47:14.940> they're<00:47:15.210> they're 00:47:15.410 --> 00:47:15.420 align:start position:0% don't actually know they're they're 00:47:15.420 --> 00:47:17.120 align:start position:0% don't actually know they're they're actually<00:47:15.839> in<00:47:15.960> an<00:47:16.049> a<00:47:16.230> legal<00:47:16.559> space<00:47:16.769> where<00:47:17.039> they 00:47:17.120 --> 00:47:17.130 align:start position:0% actually in an a legal space where they 00:47:17.130 --> 00:47:22.180 align:start position:0% actually in an a legal space where they don't<00:47:17.249> know<00:47:17.400> how<00:47:17.579> to 00:47:22.180 --> 00:47:22.190 align:start position:0% 00:47:22.190 --> 00:47:26.020 align:start position:0% I<00:47:22.660> just<00:47:23.660> wanna<00:47:23.840> die<00:47:24.020> super<00:47:24.350> quickly<00:47:24.770> I<00:47:25.160> really 00:47:26.020 --> 00:47:26.030 align:start position:0% I just wanna die super quickly I really 00:47:26.030 --> 00:47:27.190 align:start position:0% I just wanna die super quickly I really love<00:47:26.210> the<00:47:26.330> idea<00:47:26.360> that<00:47:26.630> what<00:47:26.930> could<00:47:27.080> be 00:47:27.190 --> 00:47:27.200 align:start position:0% love the idea that what could be 00:47:27.200 --> 00:47:29.830 align:start position:0% love the idea that what could be produced<00:47:27.970> types<00:47:28.970> of<00:47:29.150> definitions<00:47:29.750> of 00:47:29.830 --> 00:47:29.840 align:start position:0% produced types of definitions of 00:47:29.840 --> 00:47:39.070 align:start position:0% produced types of definitions of financial<00:47:30.260> assets<00:47:36.430> we<00:47:37.430> also<00:47:37.610> need<00:47:37.910> to<00:47:38.080> close 00:47:39.070 --> 00:47:39.080 align:start position:0% financial assets we also need to close 00:47:39.080 --> 00:47:42.370 align:start position:0% financial assets we also need to close regulation<00:47:39.920> in<00:47:40.910> the<00:47:41.150> cows<00:47:41.420> face<00:47:41.840> because<00:47:42.350> that 00:47:42.370 --> 00:47:42.380 align:start position:0% regulation in the cows face because that 00:47:42.380 --> 00:47:44.950 align:start position:0% regulation in the cows face because that our<00:47:42.830> space<00:47:43.190> have<00:47:43.520> more<00:47:43.760> more<00:47:43.970> people<00:47:44.690> are 00:47:44.950 --> 00:47:44.960 align:start position:0% our space have more more people are 00:47:44.960 --> 00:47:50.080 align:start position:0% our space have more more people are entering<00:47:45.350> that<00:47:46.300> the<00:47:47.300> ecosystem<00:47:48.670> they<00:47:49.670> do<00:47:49.730> not 00:47:50.080 --> 00:47:50.090 align:start position:0% entering that the ecosystem they do not 00:47:50.090 --> 00:47:52.060 align:start position:0% entering that the ecosystem they do not know<00:47:50.360> most<00:47:50.720> people<00:47:50.870> do<00:47:51.140> not<00:47:51.290> know<00:47:51.560> what<00:47:51.590> to 00:47:52.060 --> 00:47:52.070 align:start position:0% know most people do not know what to 00:47:52.070 --> 00:47:54.190 align:start position:0% know most people do not know what to think<00:47:52.100> liabilities<00:47:53.090> are<00:47:53.390> attached<00:47:53.810> to<00:47:54.080> that 00:47:54.190 --> 00:47:54.200 align:start position:0% think liabilities are attached to that 00:47:54.200 --> 00:47:57.580 align:start position:0% think liabilities are attached to that one<00:47:54.860> example<00:47:55.490> a<00:47:56.000> lot<00:47:56.570> of<00:47:56.690> people<00:47:56.990> do<00:47:57.140> not<00:47:57.320> think 00:47:57.580 --> 00:47:57.590 align:start position:0% one example a lot of people do not think 00:47:57.590 --> 00:47:59.170 align:start position:0% one example a lot of people do not think about<00:47:57.860> it<00:47:58.010> for<00:47:58.190> example<00:47:58.430> if<00:47:58.640> you<00:47:58.760> get<00:47:58.880> a<00:47:58.940> grant 00:47:59.170 --> 00:47:59.180 align:start position:0% about it for example if you get a grant 00:47:59.180 --> 00:48:03.610 align:start position:0% about it for example if you get a grant from<00:47:59.480> a<00:47:59.660> Dow<00:47:59.980> and<00:48:00.980> the<00:48:01.640> Dow<00:48:02.230> there's<00:48:03.230> the 00:48:03.610 --> 00:48:03.620 align:start position:0% from a Dow and the Dow there's the 00:48:03.620 --> 00:48:06.010 align:start position:0% from a Dow and the Dow there's the tower's<00:48:03.860> anonymous<00:48:04.580> you<00:48:05.060> do<00:48:05.240> not<00:48:05.390> know<00:48:05.630> where 00:48:06.010 --> 00:48:06.020 align:start position:0% tower's anonymous you do not know where 00:48:06.020 --> 00:48:08.710 align:start position:0% tower's anonymous you do not know where the<00:48:06.200> money<00:48:06.410> actually<00:48:06.890> comes<00:48:07.070> from<00:48:07.480> you<00:48:08.480> might 00:48:08.710 --> 00:48:08.720 align:start position:0% the money actually comes from you might 00:48:08.720 --> 00:48:10.870 align:start position:0% the money actually comes from you might be<00:48:08.990> implicating<00:48:09.710> yourself<00:48:09.830> in<00:48:10.490> like 00:48:10.870 --> 00:48:10.880 align:start position:0% be implicating yourself in like 00:48:10.880 --> 00:48:15.040 align:start position:0% be implicating yourself in like terrorist<00:48:11.780> financing<00:48:13.480> activities<00:48:14.480> just<00:48:14.810> by 00:48:15.040 --> 00:48:15.050 align:start position:0% terrorist financing activities just by 00:48:15.050 --> 00:48:18.130 align:start position:0% terrorist financing activities just by taking<00:48:15.500> the<00:48:15.590> money<00:48:15.740> so<00:48:16.900> organizations<00:48:17.900> that 00:48:18.130 --> 00:48:18.140 align:start position:0% taking the money so organizations that 00:48:18.140 --> 00:48:20.230 align:start position:0% taking the money so organizations that you<00:48:18.410> know<00:48:18.560> come<00:48:19.370> you<00:48:19.730> know<00:48:19.850> if<00:48:20.000> you<00:48:20.090> have<00:48:20.210> a 00:48:20.230 --> 00:48:20.240 align:start position:0% you know come you know if you have a 00:48:20.240 --> 00:48:21.940 align:start position:0% you know come you know if you have a company<00:48:20.630> then<00:48:20.930> you<00:48:20.960> get<00:48:21.230> money<00:48:21.440> from<00:48:21.650> from 00:48:21.940 --> 00:48:21.950 align:start position:0% company then you get money from from 00:48:21.950 --> 00:48:25.030 align:start position:0% company then you get money from from itaú<00:48:22.250> in<00:48:22.990> strict<00:48:23.990> sense<00:48:24.290> you<00:48:24.620> would<00:48:24.740> have<00:48:24.890> to 00:48:25.030 --> 00:48:25.040 align:start position:0% itaú in strict sense you would have to 00:48:25.040 --> 00:48:28.030 align:start position:0% itaú in strict sense you would have to ask<00:48:25.130> yourself<00:48:25.610> well<00:48:26.170> am<00:48:27.170> I<00:48:27.320> sure<00:48:27.590> that<00:48:27.620> this 00:48:28.030 --> 00:48:28.040 align:start position:0% ask yourself well am I sure that this 00:48:28.040 --> 00:48:30.430 align:start position:0% ask yourself well am I sure that this money<00:48:28.310> is<00:48:28.460> not<00:48:28.790> coming<00:48:29.000> from<00:48:29.540> some<00:48:30.020> terrorist 00:48:30.430 --> 00:48:30.440 align:start position:0% money is not coming from some terrorist 00:48:30.440 --> 00:48:34.510 align:start position:0% money is not coming from some terrorist organization<00:48:31.310> or<00:48:31.520> some<00:48:32.710> organization<00:48:33.710> that 00:48:34.510 --> 00:48:34.520 align:start position:0% organization or some organization that 00:48:34.520 --> 00:48:37.150 align:start position:0% organization or some organization that is<00:48:34.790> in<00:48:35.000> the<00:48:35.210> eyes<00:48:35.420> of<00:48:35.780> some<00:48:36.260> big<00:48:36.560> government 00:48:37.150 --> 00:48:37.160 align:start position:0% is in the eyes of some big government 00:48:37.160 --> 00:48:41.320 align:start position:0% is in the eyes of some big government considered<00:48:37.730> to<00:48:37.880> be<00:48:38.650> terrorists<00:48:39.650> or<00:48:40.330> AML 00:48:41.320 --> 00:48:41.330 align:start position:0% considered to be terrorists or AML 00:48:41.330 --> 00:48:43.960 align:start position:0% considered to be terrorists or AML related<00:48:42.050> if<00:48:42.350> you<00:48:42.530> do<00:48:42.710> that<00:48:42.890> and<00:48:43.070> keep<00:48:43.430> up<00:48:43.640> with 00:48:43.960 --> 00:48:43.970 align:start position:0% related if you do that and keep up with 00:48:43.970 --> 00:48:46.270 align:start position:0% related if you do that and keep up with where<00:48:44.180> the<00:48:44.360> place<00:48:44.600> then<00:48:45.170> you<00:48:45.350> basically<00:48:45.620> mind 00:48:46.270 --> 00:48:46.280 align:start position:0% where the place then you basically mind 00:48:46.280 --> 00:48:48.670 align:start position:0% where the place then you basically mind implications<00:48:47.060> no<00:48:47.690> one<00:48:47.840> ever<00:48:48.020> thinks<00:48:48.320> about 00:48:48.670 --> 00:48:48.680 align:start position:0% implications no one ever thinks about 00:48:48.680 --> 00:48:49.510 align:start position:0% implications no one ever thinks about that<00:48:48.920> and<00:48:49.130> there 00:48:49.510 --> 00:48:49.520 align:start position:0% that and there 00:48:49.520 --> 00:48:51.940 align:start position:0% that and there other<00:48:49.640> questions<00:48:50.240> like<00:48:50.540> that<00:48:50.600> and<00:48:51.050> because<00:48:51.710> of 00:48:51.940 --> 00:48:51.950 align:start position:0% other questions like that and because of 00:48:51.950 --> 00:48:55.060 align:start position:0% other questions like that and because of that<00:48:52.100> that<00:48:52.340> needs<00:48:52.580> to<00:48:52.700> be<00:48:52.850> a<00:48:53.530> protection<00:48:54.530> for 00:48:55.060 --> 00:48:55.070 align:start position:0% that that needs to be a protection for 00:48:55.070 --> 00:48:56.950 align:start position:0% that that needs to be a protection for the<00:48:55.130> developers<00:48:56.000> for<00:48:56.270> the<00:48:56.300> people<00:48:56.690> actually 00:48:56.950 --> 00:48:56.960 align:start position:0% the developers for the people actually 00:48:56.960 --> 00:48:59.350 align:start position:0% the developers for the people actually in<00:48:57.410> this<00:48:57.560> race<00:48:57.830> and<00:48:58.160> we<00:48:58.640> have<00:48:58.790> the<00:48:58.910> ones<00:48:59.180> who 00:48:59.350 --> 00:48:59.360 align:start position:0% in this race and we have the ones who 00:48:59.360 --> 00:49:01.660 align:start position:0% in this race and we have the ones who have<00:48:59.510> to<00:48:59.660> propose<00:49:00.020> it<00:49:00.320> we<00:49:00.980> are<00:49:01.100> the<00:49:01.220> ones<00:49:01.430> have 00:49:01.660 --> 00:49:01.670 align:start position:0% have to propose it we are the ones have 00:49:01.670 --> 00:49:03.400 align:start position:0% have to propose it we are the ones have to<00:49:01.820> propose<00:49:02.060> as<00:49:02.360> well<00:49:02.570> to<00:49:02.780> recognize<00:49:02.960> it 00:49:03.400 --> 00:49:03.410 align:start position:0% to propose as well to recognize it 00:49:03.410 --> 00:49:05.380 align:start position:0% to propose as well to recognize it because<00:49:03.710> if<00:49:04.040> we<00:49:04.190> don't<00:49:04.460> do<00:49:04.730> it<00:49:04.760> they<00:49:05.240> have 00:49:05.380 --> 00:49:05.390 align:start position:0% because if we don't do it they have 00:49:05.390 --> 00:49:13.870 align:start position:0% because if we don't do it they have other<00:49:05.570> to<00:49:05.780> respond<00:49:06.140> so<00:49:12.130> you<00:49:13.130> have<00:49:13.730> an 00:49:13.870 --> 00:49:13.880 align:start position:0% other to respond so you have an 00:49:13.880 --> 00:49:19.450 align:start position:0% other to respond so you have an opportunity<00:49:14.150> here<00:49:17.140> where<00:49:18.140> the<00:49:18.800> architecture 00:49:19.450 --> 00:49:19.460 align:start position:0% opportunity here where the architecture 00:49:19.460 --> 00:49:21.790 align:start position:0% opportunity here where the architecture of<00:49:19.520> the<00:49:19.670> law<00:49:19.820> did<00:49:20.330> not<00:49:20.540> fit<00:49:20.900> this<00:49:21.230> new<00:49:21.470> kind<00:49:21.680> of 00:49:21.790 --> 00:49:21.800 align:start position:0% of the law did not fit this new kind of 00:49:21.800 --> 00:49:23.500 align:start position:0% of the law did not fit this new kind of architecture<00:49:21.980> and<00:49:22.670> there<00:49:23.000> we<00:49:23.120> tend<00:49:23.300> to<00:49:23.360> be<00:49:23.480> a 00:49:23.500 --> 00:49:23.510 align:start position:0% architecture and there we tend to be a 00:49:23.510 --> 00:49:26.350 align:start position:0% architecture and there we tend to be a long<00:49:23.750> mystical<00:49:24.320> process<00:49:24.830> how<00:49:25.610> to<00:49:25.640> develop<00:49:26.180> how 00:49:26.350 --> 00:49:26.360 align:start position:0% long mystical process how to develop how 00:49:26.360 --> 00:49:28.480 align:start position:0% long mystical process how to develop how to<00:49:26.420> how<00:49:26.750> to<00:49:26.780> make<00:49:26.870> these<00:49:27.230> things<00:49:27.530> a<00:49:27.950> consistent 00:49:28.480 --> 00:49:28.490 align:start position:0% to how to make these things a consistent 00:49:28.490 --> 00:49:31.660 align:start position:0% to how to make these things a consistent and<00:49:29.480> in<00:49:30.020> here<00:49:30.380> we<00:49:30.590> have<00:49:30.620> the<00:49:30.740> same<00:49:31.010> problem<00:49:31.430> we 00:49:31.660 --> 00:49:31.670 align:start position:0% and in here we have the same problem we 00:49:31.670 --> 00:49:34.930 align:start position:0% and in here we have the same problem we have<00:49:31.820> laws<00:49:32.150> that<00:49:32.570> are<00:49:32.780> based<00:49:33.410> in<00:49:33.860> Geographics 00:49:34.930 --> 00:49:34.940 align:start position:0% have laws that are based in Geographics 00:49:34.940 --> 00:49:38.820 align:start position:0% have laws that are based in Geographics real<00:49:35.360> owners<00:49:36.230> of<00:49:36.440> jurisdictions<00:49:37.160> that 00:49:38.820 --> 00:49:38.830 align:start position:0% real owners of jurisdictions that 00:49:38.830 --> 00:49:40.050 align:start position:0% real owners of jurisdictions that that<00:49:39.190> there<00:49:39.340> are<00:49:39.460> centralized 00:49:40.050 --> 00:49:40.060 align:start position:0% that there are centralized 00:49:40.060 --> 00:49:42.560 align:start position:0% that there are centralized organizational<00:49:40.990> structures<00:49:41.470> of<00:49:41.680> the<00:49:41.770> board 00:49:42.560 --> 00:49:42.570 align:start position:0% organizational structures of the board 00:49:42.570 --> 00:49:44.880 align:start position:0% organizational structures of the board identified<00:49:43.570> participants<00:49:44.350> so<00:49:44.500> you<00:49:44.590> have<00:49:44.680> laws 00:49:44.880 --> 00:49:44.890 align:start position:0% identified participants so you have laws 00:49:44.890 --> 00:49:46.140 align:start position:0% identified participants so you have laws that<00:49:45.070> are<00:49:45.190> all<00:49:45.340> framed<00:49:45.700> around<00:49:46.030> this 00:49:46.140 --> 00:49:46.150 align:start position:0% that are all framed around this 00:49:46.150 --> 00:49:48.600 align:start position:0% that are all framed around this particular<00:49:46.470> plumbing<00:49:47.470> and<00:49:47.680> then<00:49:48.250> you<00:49:48.430> have 00:49:48.600 --> 00:49:48.610 align:start position:0% particular plumbing and then you have 00:49:48.610 --> 00:49:50.430 align:start position:0% particular plumbing and then you have this<00:49:48.820> technology<00:49:49.180> that<00:49:49.480> is<00:49:49.750> labeling<00:49:50.260> all 00:49:50.430 --> 00:49:50.440 align:start position:0% this technology that is labeling all 00:49:50.440 --> 00:49:52.320 align:start position:0% this technology that is labeling all sorts<00:49:50.830> of<00:49:50.920> different<00:49:51.250> things<00:49:51.280> people<00:49:52.030> from 00:49:52.320 --> 00:49:52.330 align:start position:0% sorts of different things people from 00:49:52.330 --> 00:49:54.180 align:start position:0% sorts of different things people from all<00:49:52.480> over<00:49:52.510> the<00:49:52.780> world<00:49:53.050> to<00:49:53.350> participate<00:49:53.500> on 00:49:54.180 --> 00:49:54.190 align:start position:0% all over the world to participate on 00:49:54.190 --> 00:49:57.240 align:start position:0% all over the world to participate on projects<00:49:54.730> and<00:49:54.790> scale<00:49:55.170> who<00:49:56.170> then<00:49:56.380> who<00:49:56.710> still 00:49:57.240 --> 00:49:57.250 align:start position:0% projects and scale who then who still 00:49:57.250 --> 00:49:59.350 align:start position:0% projects and scale who then who still nevertheless<00:49:57.580> live<00:49:58.150> in<00:49:58.450> some<00:49:58.840> yummies 00:49:59.350 --> 00:49:59.360 align:start position:0% nevertheless live in some yummies 00:49:59.360 --> 00:50:03.610 align:start position:0% nevertheless live in some yummies addictions<00:50:00.230> so<00:50:00.880> so<00:50:01.880> so<00:50:02.300> right<00:50:02.900> now<00:50:03.080> there's<00:50:03.530> a 00:50:03.610 --> 00:50:03.620 align:start position:0% addictions so so so right now there's a 00:50:03.620 --> 00:50:05.890 align:start position:0% addictions so so so right now there's a lot<00:50:03.860> of<00:50:04.010> belief<00:50:04.310> that<00:50:04.940> this<00:50:05.180> can<00:50:05.420> be<00:50:05.570> a<00:50:05.600> game 00:50:05.890 --> 00:50:05.900 align:start position:0% lot of belief that this can be a game 00:50:05.900 --> 00:50:08.440 align:start position:0% lot of belief that this can be a game changer<00:50:06.380> and<00:50:06.590> that<00:50:06.950> means<00:50:07.190> entities<00:50:08.090> and 00:50:08.440 --> 00:50:08.450 align:start position:0% changer and that means entities and 00:50:08.450 --> 00:50:10.360 align:start position:0% changer and that means entities and organizations<00:50:08.660> like<00:50:09.290> agencies<00:50:09.980> like<00:50:10.070> the<00:50:10.130> FCC 00:50:10.360 --> 00:50:10.370 align:start position:0% organizations like agencies like the FCC 00:50:10.370 --> 00:50:13.390 align:start position:0% organizations like agencies like the FCC are<00:50:11.410> are<00:50:12.410> taking<00:50:12.710> a<00:50:12.950> wait-and-see<00:50:13.130> approach 00:50:13.390 --> 00:50:13.400 align:start position:0% are are taking a wait-and-see approach 00:50:13.400 --> 00:50:16.000 align:start position:0% are are taking a wait-and-see approach and<00:50:14.060> taking<00:50:14.360> these<00:50:14.450> careful<00:50:15.020> selective 00:50:16.000 --> 00:50:16.010 align:start position:0% and taking these careful selective 00:50:16.010 --> 00:50:18.160 align:start position:0% and taking these careful selective one-off<00:50:16.490> steps<00:50:16.910> to<00:50:17.240> try<00:50:17.420> to<00:50:17.480> figure<00:50:17.720> out<00:50:17.840> how 00:50:18.160 --> 00:50:18.170 align:start position:0% one-off steps to try to figure out how 00:50:18.170 --> 00:50:19.210 align:start position:0% one-off steps to try to figure out how to<00:50:18.200> deal<00:50:18.440> with<00:50:18.470> this<00:50:18.740> because<00:50:18.890> they<00:50:19.100> actually 00:50:19.210 --> 00:50:19.220 align:start position:0% to deal with this because they actually 00:50:19.220 --> 00:50:21.940 align:start position:0% to deal with this because they actually don't<00:50:19.610> know<00:50:19.820> how<00:50:20.060> so<00:50:20.780> in<00:50:21.200> a<00:50:21.290> lot<00:50:21.500> of<00:50:21.530> people<00:50:21.830> in 00:50:21.940 --> 00:50:21.950 align:start position:0% don't know how so in a lot of people in 00:50:21.950 --> 00:50:23.890 align:start position:0% don't know how so in a lot of people in the<00:50:22.100> earliest<00:50:22.370> cases<00:50:22.610> I<00:50:22.820> worked<00:50:23.000> on<00:50:23.150> in<00:50:23.810> my 00:50:23.890 --> 00:50:23.900 align:start position:0% the earliest cases I worked on in my 00:50:23.900 --> 00:50:25.930 align:start position:0% the earliest cases I worked on in my career<00:50:23.960> was<00:50:24.320> the<00:50:24.350> YouTube<00:50:24.710> icon<00:50:24.950> case<00:50:25.400> he<00:50:25.820> was 00:50:25.930 --> 00:50:25.940 align:start position:0% career was the YouTube icon case he was 00:50:25.940 --> 00:50:27.790 align:start position:0% career was the YouTube icon case he was an<00:50:26.030> open<00:50:26.270> question<00:50:26.390> whether<00:50:27.020> YouTube<00:50:27.560> could 00:50:27.790 --> 00:50:27.800 align:start position:0% an open question whether YouTube could 00:50:27.800 --> 00:50:30.820 align:start position:0% an open question whether YouTube could exist<00:50:28.100> and<00:50:28.430> it<00:50:29.330> was<00:50:29.360> a<00:50:29.450> negotiation<00:50:30.020> of<00:50:30.470> powers 00:50:30.820 --> 00:50:30.830 align:start position:0% exist and it was a negotiation of powers 00:50:30.830 --> 00:50:35.110 align:start position:0% exist and it was a negotiation of powers between<00:50:31.190> the<00:50:31.900> content<00:50:32.900> creator<00:50:33.460> between<00:50:34.460> the 00:50:35.110 --> 00:50:35.120 align:start position:0% between the content creator between the 00:50:35.120 --> 00:50:36.820 align:start position:0% between the content creator between the copyright<00:50:35.690> holders<00:50:36.050> which<00:50:36.290> are<00:50:36.470> these<00:50:36.620> large 00:50:36.820 --> 00:50:36.830 align:start position:0% copyright holders which are these large 00:50:36.830 --> 00:50:39.430 align:start position:0% copyright holders which are these large organizations<00:50:37.670> you<00:50:37.940> know<00:50:38.180> and<00:50:38.450> entities<00:50:39.200> in 00:50:39.430 --> 00:50:39.440 align:start position:0% organizations you know and entities in 00:50:39.440 --> 00:50:42.550 align:start position:0% organizations you know and entities in Hollywood<00:50:39.890> who<00:50:40.430> had<00:50:40.780> regulators<00:50:41.780> politicians 00:50:42.550 --> 00:50:42.560 align:start position:0% Hollywood who had regulators politicians 00:50:42.560 --> 00:50:43.870 align:start position:0% Hollywood who had regulators politicians who<00:50:42.800> largely<00:50:43.100> get<00:50:43.430> their<00:50:43.580> money's<00:50:43.850> worth 00:50:43.870 --> 00:50:43.880 align:start position:0% who largely get their money's worth 00:50:43.880 --> 00:50:46.420 align:start position:0% who largely get their money's worth water<00:50:44.390> views<00:50:44.570> what<00:50:44.750> a<00:50:44.780> reputation<00:50:45.110> you<00:50:45.740> had 00:50:46.420 --> 00:50:46.430 align:start position:0% water views what a reputation you had 00:50:46.430 --> 00:50:49.090 align:start position:0% water views what a reputation you had then<00:50:46.820> also<00:50:47.260> the<00:50:48.260> fact<00:50:48.500> that<00:50:48.560> YouTube<00:50:48.890> already 00:50:49.090 --> 00:50:49.100 align:start position:0% then also the fact that YouTube already 00:50:49.100 --> 00:50:51.880 align:start position:0% then also the fact that YouTube already existed<00:50:49.640> with<00:50:49.820> billions<00:50:50.150> of<00:50:50.240> users<00:50:50.710> which<00:50:51.710> was 00:50:51.880 --> 00:50:51.890 align:start position:0% existed with billions of users which was 00:50:51.890 --> 00:50:54.040 align:start position:0% existed with billions of users which was also<00:50:52.040> a<00:50:52.220> market<00:50:53.060> for<00:50:53.330> us<00:50:53.450> and<00:50:53.660> then<00:50:53.780> we<00:50:53.930> also 00:50:54.040 --> 00:50:54.050 align:start position:0% also a market for us and then we also 00:50:54.050 --> 00:50:56.080 align:start position:0% also a market for us and then we also had<00:50:54.350> the<00:50:54.500> narrative<00:50:55.010> of<00:50:55.280> what<00:50:55.550> we<00:50:55.700> want<00:50:55.940> to 00:50:56.080 --> 00:50:56.090 align:start position:0% had the narrative of what we want to 00:50:56.090 --> 00:50:57.730 align:start position:0% had the narrative of what we want to protect<00:50:56.240> whose<00:50:56.780> rights<00:50:57.080> are<00:50:57.320> at<00:50:57.440> stake 00:50:57.730 --> 00:50:57.740 align:start position:0% protect whose rights are at stake 00:50:57.740 --> 00:50:59.830 align:start position:0% protect whose rights are at stake do<00:50:58.280> we<00:50:58.400> want<00:50:58.580> to<00:50:58.700> promote<00:50:58.850> creativity<00:50:59.420> with 00:50:59.830 --> 00:50:59.840 align:start position:0% do we want to promote creativity with 00:50:59.840 --> 00:51:02.410 align:start position:0% do we want to promote creativity with this<00:50:59.990> particular<00:51:00.560> law<00:51:00.830> you<00:51:01.490> know<00:51:01.610> stifle<00:51:02.210> or 00:51:02.410 --> 00:51:02.420 align:start position:0% this particular law you know stifle or 00:51:02.420 --> 00:51:04.660 align:start position:0% this particular law you know stifle or promote<00:51:02.720> creativity<00:51:03.140> or<00:51:03.590> protect<00:51:04.280> copyright 00:51:04.660 --> 00:51:04.670 align:start position:0% promote creativity or protect copyright 00:51:04.670 --> 00:51:05.610 align:start position:0% promote creativity or protect copyright holder 00:51:05.610 --> 00:51:05.620 align:start position:0% holder 00:51:05.620 --> 00:51:08.130 align:start position:0% holder so<00:51:06.040> right<00:51:06.790> now<00:51:06.970> we<00:51:07.120> are<00:51:07.330> in<00:51:07.510> the<00:51:07.630> same<00:51:07.840> space 00:51:08.130 --> 00:51:08.140 align:start position:0% so right now we are in the same space 00:51:08.140 --> 00:51:10.350 align:start position:0% so right now we are in the same space where<00:51:08.560> the<00:51:09.100> things<00:51:09.370> that<00:51:09.640> were<00:51:09.790> built 00:51:10.350 --> 00:51:10.360 align:start position:0% where the things that were built 00:51:10.360 --> 00:51:12.390 align:start position:0% where the things that were built the<00:51:10.540> rules<00:51:11.350> that<00:51:11.500> were<00:51:11.680> making<00:51:12.010> amongst 00:51:12.390 --> 00:51:12.400 align:start position:0% the rules that were making amongst 00:51:12.400 --> 00:51:14.190 align:start position:0% the rules that were making amongst ourselves<00:51:12.520> the<00:51:13.330> products<00:51:13.930> that<00:51:14.080> we're 00:51:14.190 --> 00:51:14.200 align:start position:0% ourselves the products that we're 00:51:14.200 --> 00:51:15.480 align:start position:0% ourselves the products that we're building<00:51:14.290> the<00:51:14.560> values<00:51:14.890> that<00:51:15.040> we<00:51:15.160> put<00:51:15.340> behind 00:51:15.480 --> 00:51:15.490 align:start position:0% building the values that we put behind 00:51:15.490 --> 00:51:17.550 align:start position:0% building the values that we put behind those<00:51:15.760> products<00:51:16.210> are<00:51:16.540> all<00:51:16.780> going<00:51:17.020> to<00:51:17.080> have<00:51:17.320> an 00:51:17.550 --> 00:51:17.560 align:start position:0% those products are all going to have an 00:51:17.560 --> 00:51:21.180 align:start position:0% those products are all going to have an impact<00:51:17.770> on<00:51:18.100> how<00:51:18.340> law<00:51:19.180> is<00:51:19.800> reformed<00:51:20.800> and<00:51:20.920> how 00:51:21.180 --> 00:51:21.190 align:start position:0% impact on how law is reformed and how 00:51:21.190 --> 00:51:23.070 align:start position:0% impact on how law is reformed and how long<00:51:21.430> it's<00:51:21.610> being<00:51:21.820> reformed<00:51:22.150> today<00:51:22.510> these<00:51:22.900> are 00:51:23.070 --> 00:51:23.080 align:start position:0% long it's being reformed today these are 00:51:23.080 --> 00:51:28.490 align:start position:0% long it's being reformed today these are only<00:51:23.200> either<00:51:23.470> all<00:51:23.620> things<00:51:23.890> that<00:51:24.070> we<00:51:24.160> begin<00:51:24.460> to 00:51:28.490 --> 00:51:28.500 align:start position:0% 00:51:28.500 --> 00:51:30.840 align:start position:0% wrap<00:51:29.500> up<00:51:29.620> the<00:51:29.740> rest<00:51:29.920> of<00:51:30.040> our<00:51:30.160> time<00:51:30.400> with 00:51:30.840 --> 00:51:30.850 align:start position:0% wrap up the rest of our time with 00:51:30.850 --> 00:51:34.590 align:start position:0% wrap up the rest of our time with questions<00:51:31.330> answers<00:51:31.900> I<00:51:32.730> don't<00:51:33.730> know<00:51:34.120> two 00:51:34.590 --> 00:51:34.600 align:start position:0% questions answers I don't know two 00:51:34.600 --> 00:51:36.210 align:start position:0% questions answers I don't know two people<00:51:34.900> should<00:51:35.020> probably<00:51:35.230> try<00:51:35.560> to<00:51:35.620> walk<00:51:35.980> up 00:51:36.210 --> 00:51:36.220 align:start position:0% people should probably try to walk up 00:51:36.220 --> 00:51:38.790 align:start position:0% people should probably try to walk up here<00:51:36.520> because<00:51:37.090> you're<00:51:37.570> on<00:51:37.690> the<00:51:37.780> wire<00:51:37.960> might<00:51:38.380> to 00:51:38.790 --> 00:51:38.800 align:start position:0% here because you're on the wire might to 00:51:38.800 --> 00:51:42.510 align:start position:0% here because you're on the wire might to ask<00:51:38.980> their<00:51:39.220> questions<00:51:39.760> or<00:51:40.830> you<00:51:41.830> know<00:51:41.920> I<00:51:42.040> guess 00:51:42.510 --> 00:51:42.520 align:start position:0% ask their questions or you know I guess 00:51:42.520 --> 00:52:03.960 align:start position:0% ask their questions or you know I guess or<00:51:42.700> be<00:51:42.820> very<00:51:42.970> loud<00:51:55.770> -<00:52:00.720> and<00:52:01.720> almost<00:52:02.320> any<00:52:03.310> new 00:52:03.960 --> 00:52:03.970 align:start position:0% or be very loud - and almost any new 00:52:03.970 --> 00:52:05.520 align:start position:0% or be very loud - and almost any new thing<00:52:04.420> that<00:52:04.570> gets<00:52:04.750> created<00:52:04.990> whether<00:52:05.350> it's 00:52:05.520 --> 00:52:05.530 align:start position:0% thing that gets created whether it's 00:52:05.530 --> 00:52:07.140 align:start position:0% thing that gets created whether it's huge<00:52:05.740> Aquarians<00:52:06.340> in<00:52:06.460> the<00:52:06.580> air<00:52:06.730> some<00:52:06.910> twenty 00:52:07.140 --> 00:52:07.150 align:start position:0% huge Aquarians in the air some twenty 00:52:07.150 --> 00:52:11.790 align:start position:0% huge Aquarians in the air some twenty winner<00:52:07.360> is<00:52:07.540> about<00:52:07.810> honesty<00:52:08.470> like<00:52:09.120> Chiclets<00:52:10.800> so 00:52:11.790 --> 00:52:11.800 align:start position:0% winner is about honesty like Chiclets so 00:52:11.800 --> 00:52:14.000 align:start position:0% winner is about honesty like Chiclets so I<00:52:12.010> was<00:52:12.220> like<00:52:12.430> people 00:52:14.000 --> 00:52:14.010 align:start position:0% I was like people 00:52:14.010 --> 00:52:15.650 align:start position:0% I was like people or<00:52:14.190> the<00:52:14.400> engineering<00:52:14.940> side<00:52:15.119> of<00:52:15.150> the<00:52:15.359> Builder 00:52:15.650 --> 00:52:15.660 align:start position:0% or the engineering side of the Builder 00:52:15.660 --> 00:52:17.540 align:start position:0% or the engineering side of the Builder sighs<00:52:15.869> how<00:52:16.530> should<00:52:16.770> we<00:52:16.920> like<00:52:17.100> to<00:52:17.220> think<00:52:17.430> about 00:52:17.540 --> 00:52:17.550 align:start position:0% sighs how should we like to think about 00:52:17.550 --> 00:52:20.390 align:start position:0% sighs how should we like to think about that<00:52:17.880> how<00:52:18.540> should<00:52:18.810> we<00:52:18.960> think<00:52:18.990> about<00:52:19.310> sort<00:52:20.310> of 00:52:20.390 --> 00:52:20.400 align:start position:0% that how should we think about sort of 00:52:20.400 --> 00:52:22.910 align:start position:0% that how should we think about sort of tension<00:52:21.210> between<00:52:21.570> like<00:52:21.990> if<00:52:22.200> you<00:52:22.530> want<00:52:22.710> to<00:52:22.800> have 00:52:22.910 --> 00:52:22.920 align:start position:0% tension between like if you want to have 00:52:22.920 --> 00:52:24.920 align:start position:0% tension between like if you want to have innovation<00:52:23.250> of<00:52:23.730> course<00:52:24.030> you<00:52:24.600> know<00:52:24.720> you're 00:52:24.920 --> 00:52:24.930 align:start position:0% innovation of course you know you're 00:52:24.930 --> 00:52:29.690 align:start position:0% innovation of course you know you're gonna<00:52:25.970> end<00:52:26.970> up<00:52:27.830> not<00:52:28.830> fitting<00:52:29.100> in<00:52:29.220> existing 00:52:29.690 --> 00:52:29.700 align:start position:0% gonna end up not fitting in existing 00:52:29.700 --> 00:52:32.359 align:start position:0% gonna end up not fitting in existing frameworks<00:52:30.090> and<00:52:30.330> and<00:52:31.020> on<00:52:31.830> a<00:52:31.859> theorem<00:52:32.220> we've 00:52:32.359 --> 00:52:32.369 align:start position:0% frameworks and and on a theorem we've 00:52:32.369 --> 00:52:48.129 align:start position:0% frameworks and and on a theorem we've seen<00:52:32.580> specifically 00:52:48.129 --> 00:52:48.139 align:start position:0% 00:52:48.139 --> 00:53:01.400 align:start position:0% so 00:53:01.400 --> 00:53:01.410 align:start position:0% 00:53:01.410 --> 00:53:13.310 align:start position:0% [Music] 00:53:13.310 --> 00:53:13.320 align:start position:0% 00:53:13.320 --> 00:53:19.930 align:start position:0% [Music] 00:53:19.930 --> 00:53:19.940 align:start position:0% [Music] 00:53:19.940 --> 00:53:22.370 align:start position:0% [Music] always 00:53:22.370 --> 00:53:22.380 align:start position:0% always 00:53:22.380 --> 00:53:27.710 align:start position:0% always right<00:53:22.890> and<00:53:23.810> help<00:53:24.810> you<00:53:25.130> navigate<00:53:26.270> this<00:53:27.270> quarter 00:53:27.710 --> 00:53:27.720 align:start position:0% right and help you navigate this quarter 00:53:27.720 --> 00:53:32.090 align:start position:0% right and help you navigate this quarter so<00:53:28.050> you<00:53:28.410> know<00:53:28.530> you<00:53:28.980> know<00:53:29.190> very<00:53:29.430> well<00:53:29.970> be<00:53:31.100> at 00:53:32.090 --> 00:53:32.100 align:start position:0% so you know you know very well be at 00:53:32.100 --> 00:53:34.010 align:start position:0% so you know you know very well be at least<00:53:32.310> about<00:53:32.670> at<00:53:33.120> least<00:53:33.360> that<00:53:33.510> you<00:53:33.540> don't<00:53:33.810> end 00:53:34.010 --> 00:53:34.020 align:start position:0% least about at least that you don't end 00:53:34.020 --> 00:53:40.400 align:start position:0% least about at least that you don't end up<00:53:34.140> in<00:53:34.290> here<00:53:36.740> as<00:53:37.740> long<00:53:37.950> as<00:53:38.720> you<00:53:39.720> are<00:53:39.870> protected 00:53:40.400 --> 00:53:40.410 align:start position:0% up in here as long as you are protected 00:53:40.410 --> 00:53:43.820 align:start position:0% up in here as long as you are protected that<00:53:40.590> way<00:53:40.620> I<00:53:41.370> think<00:53:41.760> that<00:53:42.420> some<00:53:43.200> lawyers<00:53:43.350> can 00:53:43.820 --> 00:53:43.830 align:start position:0% that way I think that some lawyers can 00:53:43.830 --> 00:53:46.910 align:start position:0% that way I think that some lawyers can help<00:53:44.130> you<00:53:44.900> and<00:53:45.900> I'm<00:53:45.990> not<00:53:46.170> saying<00:53:46.440> we<00:53:46.590> have<00:53:46.770> any 00:53:46.910 --> 00:53:46.920 align:start position:0% help you and I'm not saying we have any 00:53:46.920 --> 00:53:54.230 align:start position:0% help you and I'm not saying we have any legal<00:53:47.520> but<00:53:47.730> you<00:53:47.970> know<00:53:52.880> it's<00:53:53.880> it's<00:53:54.180> really 00:53:54.230 --> 00:53:54.240 align:start position:0% legal but you know it's it's really 00:53:54.240 --> 00:53:56.480 align:start position:0% legal but you know it's it's really difficult<00:53:54.600> it's<00:53:55.080> it's<00:53:55.590> the<00:53:55.800> legal<00:53:55.980> world<00:53:56.220> is 00:53:56.480 --> 00:53:56.490 align:start position:0% difficult it's it's the legal world is 00:53:56.490 --> 00:53:57.950 align:start position:0% difficult it's it's the legal world is the<00:53:56.550> world<00:53:56.670> they<00:53:56.850> don't<00:53:57.000> know<00:53:57.210> you're 00:53:57.950 --> 00:53:57.960 align:start position:0% the world they don't know you're 00:53:57.960 --> 00:53:59.559 align:start position:0% the world they don't know you're building<00:53:58.290> something 00:53:59.559 --> 00:53:59.569 align:start position:0% building something 00:53:59.569 --> 00:54:02.229 align:start position:0% building something you<00:53:59.779> wanted<00:54:00.289> out<00:54:00.380> so<00:54:01.190> what<00:54:01.609> do<00:54:01.670> you<00:54:01.729> do<00:54:01.819> legal 00:54:02.229 --> 00:54:02.239 align:start position:0% you wanted out so what do you do legal 00:54:02.239 --> 00:54:04.120 align:start position:0% you wanted out so what do you do legal advice<00:54:02.479> is<00:54:02.630> very<00:54:02.809> expensive<00:54:03.049> or<00:54:03.829> what<00:54:04.009> does 00:54:04.120 --> 00:54:04.130 align:start position:0% advice is very expensive or what does 00:54:04.130 --> 00:54:07.719 align:start position:0% advice is very expensive or what does one<00:54:04.309> do<00:54:04.459> i<00:54:05.949> what<00:54:06.949> would<00:54:07.069> be<00:54:07.160> really<00:54:07.339> great<00:54:07.459> to 00:54:07.719 --> 00:54:07.729 align:start position:0% one do i what would be really great to 00:54:07.729 --> 00:54:09.459 align:start position:0% one do i what would be really great to see<00:54:07.910> is<00:54:08.209> have<00:54:08.719> the<00:54:08.839> community<00:54:09.199> come<00:54:09.259> together 00:54:09.459 --> 00:54:09.469 align:start position:0% see is have the community come together 00:54:09.469 --> 00:54:10.719 align:start position:0% see is have the community come together because<00:54:09.769> these<00:54:09.979> are<00:54:10.130> issues<00:54:10.279> that<00:54:10.489> are 00:54:10.719 --> 00:54:10.729 align:start position:0% because these are issues that are 00:54:10.729 --> 00:54:12.640 align:start position:0% because these are issues that are actually<00:54:11.089> common<00:54:11.479> to<00:54:11.599> everybody<00:54:11.839> how<00:54:12.410> do<00:54:12.469> we 00:54:12.640 --> 00:54:12.650 align:start position:0% actually common to everybody how do we 00:54:12.650 --> 00:54:15.069 align:start position:0% actually common to everybody how do we solve<00:54:12.920> this<00:54:13.609> problem<00:54:13.940> of<00:54:14.599> maintaining 00:54:15.069 --> 00:54:15.079 align:start position:0% solve this problem of maintaining 00:54:15.079 --> 00:54:17.469 align:start position:0% solve this problem of maintaining responsibility<00:54:16.009> while<00:54:16.609> enabling<00:54:17.089> these 00:54:17.469 --> 00:54:17.479 align:start position:0% responsibility while enabling these 00:54:17.479 --> 00:54:19.870 align:start position:0% responsibility while enabling these features<00:54:17.989> that<00:54:18.199> this<00:54:18.529> technology<00:54:19.160> so<00:54:19.430> special 00:54:19.870 --> 00:54:19.880 align:start position:0% features that this technology so special 00:54:19.880 --> 00:54:21.870 align:start position:0% features that this technology so special and<00:54:20.029> something 00:54:21.870 --> 00:54:21.880 align:start position:0% and something 00:54:21.880 --> 00:54:24.990 align:start position:0% and something and<00:54:22.480> you<00:54:23.380> know<00:54:23.500> and<00:54:23.860> one<00:54:24.310> of<00:54:24.460> these<00:54:24.550> things<00:54:24.610> is 00:54:24.990 --> 00:54:25.000 align:start position:0% and you know and one of these things is 00:54:25.000 --> 00:54:26.670 align:start position:0% and you know and one of these things is right<00:54:25.210> now<00:54:25.420> the<00:54:25.690> regulator's<00:54:26.170> don't<00:54:26.410> do<00:54:26.530> we 00:54:26.670 --> 00:54:26.680 align:start position:0% right now the regulator's don't do we 00:54:26.680 --> 00:54:29.520 align:start position:0% right now the regulator's don't do we have<00:54:26.770> what<00:54:26.980> to<00:54:27.100> do<00:54:27.300> can<00:54:28.300> we<00:54:28.330> come<00:54:28.869> up<00:54:28.990> as<00:54:29.470> a 00:54:29.520 --> 00:54:29.530 align:start position:0% have what to do can we come up as a 00:54:29.530 --> 00:54:32.340 align:start position:0% have what to do can we come up as a community<00:54:29.860> with<00:54:30.520> sound<00:54:31.150> practices<00:54:31.930> that<00:54:32.080> deal 00:54:32.340 --> 00:54:32.350 align:start position:0% community with sound practices that deal 00:54:32.350 --> 00:54:34.590 align:start position:0% community with sound practices that deal with<00:54:32.619> the<00:54:32.740> things<00:54:33.010> that<00:54:33.190> we<00:54:33.490> that<00:54:33.820> they<00:54:34.060> and<00:54:34.390> we 00:54:34.590 --> 00:54:34.600 align:start position:0% with the things that we that they and we 00:54:34.600 --> 00:54:36.780 align:start position:0% with the things that we that they and we care<00:54:34.990> about<00:54:35.220> how<00:54:36.220> to<00:54:36.280> deal<00:54:36.490> with<00:54:36.520> this 00:54:36.780 --> 00:54:36.790 align:start position:0% care about how to deal with this 00:54:36.790 --> 00:54:40.920 align:start position:0% care about how to deal with this technology<00:54:37.090> responsibly<00:54:38.220> how<00:54:39.220> to<00:54:39.930> have 00:54:40.920 --> 00:54:40.930 align:start position:0% technology responsibly how to have 00:54:40.930 --> 00:54:42.960 align:start position:0% technology responsibly how to have transparent<00:54:41.619> processes<00:54:42.100> so<00:54:42.340> that<00:54:42.490> there<00:54:42.790> is 00:54:42.960 --> 00:54:42.970 align:start position:0% transparent processes so that there is 00:54:42.970 --> 00:54:45.510 align:start position:0% transparent processes so that there is an<00:54:43.210> element<00:54:43.330> or<00:54:43.690> due<00:54:43.869> process<00:54:43.900> and<00:54:44.770> informed 00:54:45.510 --> 00:54:45.520 align:start position:0% an element or due process and informed 00:54:45.520 --> 00:54:47.940 align:start position:0% an element or due process and informed participation<00:54:46.080> these<00:54:47.080> are<00:54:47.260> rules<00:54:47.530> that<00:54:47.830> we 00:54:47.940 --> 00:54:47.950 align:start position:0% participation these are rules that we 00:54:47.950 --> 00:54:50.400 align:start position:0% participation these are rules that we can<00:54:48.100> all<00:54:48.340> meet<00:54:48.670> together<00:54:48.940> across<00:54:49.810> projects 00:54:50.400 --> 00:54:50.410 align:start position:0% can all meet together across projects 00:54:50.410 --> 00:54:58.100 align:start position:0% can all meet together across projects today<00:54:50.890> and<00:54:51.310> that's<00:54:54.930> okay<00:54:55.930> so<00:54:55.990> there's<00:54:56.350> four<00:54:56.980> oh 00:54:58.100 --> 00:54:58.110 align:start position:0% today and that's okay so there's four oh 00:54:58.110 --> 00:55:02.780 align:start position:0% today and that's okay so there's four oh all<00:54:59.110> right<00:54:59.350> conference<00:55:00.010> main<00:55:00.760> questions<00:55:01.510> bro 00:55:02.780 --> 00:55:02.790 align:start position:0% all right conference main questions bro 00:55:02.790 --> 00:55:05.000 align:start position:0% all right conference main questions bro okay<00:55:03.790> you're<00:55:04.300> nuts 00:55:05.000 --> 00:55:05.010 align:start position:0% okay you're nuts 00:55:05.010 --> 00:55:07.440 align:start position:0% okay you're nuts my<00:55:06.010> question<00:55:06.490> goes<00:55:06.520> back<00:55:06.700> to<00:55:07.030> some<00:55:07.240> of<00:55:07.330> the 00:55:07.440 --> 00:55:07.450 align:start position:0% my question goes back to some of the 00:55:07.450 --> 00:55:09.480 align:start position:0% my question goes back to some of the comments<00:55:07.869> ever<00:55:08.080> the<00:55:08.440> lawyers<00:55:08.770> made<00:55:08.800> about 00:55:09.480 --> 00:55:09.490 align:start position:0% comments ever the lawyers made about 00:55:09.490 --> 00:55:11.730 align:start position:0% comments ever the lawyers made about getting<00:55:10.360> out<00:55:10.510> in<00:55:10.660> front<00:55:10.690> of<00:55:11.080> the<00:55:11.200> debate<00:55:11.560> as 00:55:11.730 --> 00:55:11.740 align:start position:0% getting out in front of the debate as 00:55:11.740 --> 00:55:13.620 align:start position:0% getting out in front of the debate as influencing<00:55:12.400> eight<00:55:12.520> people<00:55:12.700> so<00:55:13.210> if<00:55:13.330> they<00:55:13.420> come 00:55:13.620 --> 00:55:13.630 align:start position:0% influencing eight people so if they come 00:55:13.630 --> 00:55:15.630 align:start position:0% influencing eight people so if they come and<00:55:13.810> get<00:55:13.990> us<00:55:14.020> because<00:55:14.890> I'm<00:55:15.130> old<00:55:15.400> enough<00:55:15.490> to 00:55:15.630 --> 00:55:15.640 align:start position:0% and get us because I'm old enough to 00:55:15.640 --> 00:55:17.520 align:start position:0% and get us because I'm old enough to remember<00:55:15.850> the<00:55:16.119> Declaration<00:55:16.810> of<00:55:16.930> Independence 00:55:17.520 --> 00:55:17.530 align:start position:0% remember the Declaration of Independence 00:55:17.530 --> 00:55:19.530 align:start position:0% remember the Declaration of Independence of<00:55:17.619> cyberspace<00:55:18.010> the<00:55:18.310> first<00:55:18.550> time<00:55:18.790> you<00:55:19.420> know 00:55:19.530 --> 00:55:19.540 align:start position:0% of cyberspace the first time you know 00:55:19.540 --> 00:55:21.870 align:start position:0% of cyberspace the first time you know very<00:55:19.840> Giants<00:55:20.380> of<00:55:20.500> flesh<00:55:20.740> and<00:55:20.920> steel<00:55:21.220> and<00:55:21.640> all 00:55:21.870 --> 00:55:21.880 align:start position:0% very Giants of flesh and steel and all 00:55:21.880 --> 00:55:23.880 align:start position:0% very Giants of flesh and steel and all of<00:55:22.000> that<00:55:22.030> but<00:55:22.540> the<00:55:22.720> basic<00:55:23.110> ideas<00:55:23.470> leave<00:55:23.740> us 00:55:23.880 --> 00:55:23.890 align:start position:0% of that but the basic ideas leave us 00:55:23.890 --> 00:55:24.210 align:start position:0% of that but the basic ideas leave us alone 00:55:24.210 --> 00:55:24.220 align:start position:0% alone 00:55:24.220 --> 00:55:26.430 align:start position:0% alone but<00:55:24.820> we've<00:55:25.150> done<00:55:25.330> they<00:55:25.720> would<00:55:25.930> leave<00:55:26.170> us<00:55:26.260> alone 00:55:26.430 --> 00:55:26.440 align:start position:0% but we've done they would leave us alone 00:55:26.440 --> 00:55:29.160 align:start position:0% but we've done they would leave us alone and<00:55:26.920> we<00:55:27.550> ended<00:55:27.700> up<00:55:27.850> with<00:55:28.090> some<00:55:28.300> bad<00:55:28.570> laws<00:55:28.900> the 00:55:29.160 --> 00:55:29.170 align:start position:0% and we ended up with some bad laws the 00:55:29.170 --> 00:55:33.570 align:start position:0% and we ended up with some bad laws the first<00:55:29.410> time<00:55:30.119> etc<00:55:31.119> etc<00:55:31.570> so<00:55:32.080> my<00:55:33.040> question<00:55:33.490> is 00:55:33.570 --> 00:55:33.580 align:start position:0% first time etc etc so my question is 00:55:33.580 --> 00:55:36.540 align:start position:0% first time etc etc so my question is it's<00:55:33.970> one<00:55:34.210> thing<00:55:34.420> to<00:55:34.480> talk<00:55:34.810> about<00:55:35.430> you<00:55:36.430> know 00:55:36.540 --> 00:55:36.550 align:start position:0% it's one thing to talk about you know 00:55:36.550 --> 00:55:38.849 align:start position:0% it's one thing to talk about you know come<00:55:36.790> up<00:55:36.820> with<00:55:37.119> our<00:55:37.300> own<00:55:37.420> self-regulation<00:55:38.200> our 00:55:38.849 --> 00:55:38.859 align:start position:0% come up with our own self-regulation our 00:55:38.859 --> 00:55:42.450 align:start position:0% come up with our own self-regulation our own<00:55:39.160> processes<00:55:39.910> but<00:55:40.869> what<00:55:41.140> specifically<00:55:41.890> do 00:55:42.450 --> 00:55:42.460 align:start position:0% own processes but what specifically do 00:55:42.460 --> 00:55:44.820 align:start position:0% own processes but what specifically do you<00:55:42.490> guys<00:55:42.730> think<00:55:43.090> could<00:55:43.330> be<00:55:43.480> done<00:55:43.830> influenced 00:55:44.820 --> 00:55:44.830 align:start position:0% you guys think could be done influenced 00:55:44.830 --> 00:55:47.609 align:start position:0% you guys think could be done influenced hit<00:55:45.730> use<00:55:45.940> what<00:55:46.240> okay<00:55:46.630> let's<00:55:47.050> say<00:55:47.200> you<00:55:47.500> know 00:55:47.609 --> 00:55:47.619 align:start position:0% hit use what okay let's say you know 00:55:47.619 --> 00:55:50.220 align:start position:0% hit use what okay let's say you know defining<00:55:48.190> the<00:55:48.280> debate<00:55:49.230> governments 00:55:50.220 --> 00:55:50.230 align:start position:0% defining the debate governments 00:55:50.230 --> 00:55:53.370 align:start position:0% defining the debate governments regulators 00:55:53.370 --> 00:55:53.380 align:start position:0% 00:55:53.380 --> 00:55:56.279 align:start position:0% [Music] 00:55:56.279 --> 00:55:56.289 align:start position:0% [Music] 00:55:56.289 --> 00:55:58.529 align:start position:0% [Music] it's<00:55:56.920> really<00:55:57.369> interesting<00:55:57.940> this<00:55:58.089> self<00:55:58.359> right 00:55:58.529 --> 00:55:58.539 align:start position:0% it's really interesting this self right 00:55:58.539 --> 00:56:00.289 align:start position:0% it's really interesting this self right much<00:55:58.690> more<00:55:58.869> a<00:55:58.900> question<00:55:58.960> and<00:55:59.589> I'm<00:55:59.770> always 00:56:00.289 --> 00:56:00.299 align:start position:0% much more a question and I'm always 00:56:00.299 --> 00:56:03.569 align:start position:0% much more a question and I'm always skeptical<00:56:01.299> about<00:56:01.950> what<00:56:02.950> people's<00:56:03.369> interests 00:56:03.569 --> 00:56:03.579 align:start position:0% skeptical about what people's interests 00:56:03.579 --> 00:56:05.609 align:start position:0% skeptical about what people's interests are<00:56:03.789> so<00:56:04.000> you<00:56:04.119> might<00:56:04.299> have<00:56:04.390> seen<00:56:04.690> in<00:56:04.930> the<00:56:05.020> less<00:56:05.200> I 00:56:05.609 --> 00:56:05.619 align:start position:0% are so you might have seen in the less I 00:56:05.619 --> 00:56:08.160 align:start position:0% are so you might have seen in the less I think<00:56:05.740> paper<00:56:06.160> so<00:56:06.569> something<00:56:07.569> called<00:56:07.809> encrypt 00:56:08.160 --> 00:56:08.170 align:start position:0% think paper so something called encrypt 00:56:08.170 --> 00:56:12.120 align:start position:0% think paper so something called encrypt era<00:56:08.349> meters<00:56:09.359> which<00:56:10.359> is<00:56:10.599> a<00:56:10.890> from<00:56:11.890> this 00:56:12.120 --> 00:56:12.130 align:start position:0% era meters which is a from this 00:56:12.130 --> 00:56:15.029 align:start position:0% era meters which is a from this collaborative<00:56:12.970> all<00:56:13.539> the<00:56:13.720> big<00:56:14.260> blocking<00:56:14.829> guys 00:56:15.029 --> 00:56:15.039 align:start position:0% collaborative all the big blocking guys 00:56:15.039 --> 00:56:16.710 align:start position:0% collaborative all the big blocking guys where<00:56:15.309> they<00:56:15.339> promote<00:56:15.730> the<00:56:15.849> new<00:56:16.000> big<00:56:16.210> banks<00:56:16.660> and 00:56:16.710 --> 00:56:16.720 align:start position:0% where they promote the new big banks and 00:56:16.720 --> 00:56:20.130 align:start position:0% where they promote the new big banks and invasive<00:56:17.970> and<00:56:18.970> you<00:56:19.150> cover<00:56:19.420> little<00:56:19.839> like<00:56:19.990> they 00:56:20.130 --> 00:56:20.140 align:start position:0% invasive and you cover little like they 00:56:20.140 --> 00:56:21.589 align:start position:0% invasive and you cover little like they decided<00:56:20.650> that<00:56:20.680> they<00:56:20.890> were<00:56:20.980> just<00:56:21.220> going<00:56:21.339> to 00:56:21.589 --> 00:56:21.599 align:start position:0% decided that they were just going to 00:56:21.599 --> 00:56:24.059 align:start position:0% decided that they were just going to great<00:56:22.599> people<00:56:22.990> we<00:56:23.260> like<00:56:23.440> you're<00:56:23.650> a<00:56:23.680> secure 00:56:24.059 --> 00:56:24.069 align:start position:0% great people we like you're a secure 00:56:24.069 --> 00:56:25.890 align:start position:0% great people we like you're a secure you're<00:56:24.280> not<00:56:24.460> security<00:56:25.030> but<00:56:25.240> if<00:56:25.750> you're 00:56:25.890 --> 00:56:25.900 align:start position:0% you're not security but if you're 00:56:25.900 --> 00:56:27.960 align:start position:0% you're not security but if you're security<00:56:26.470> you<00:56:26.619> won't<00:56:26.829> know<00:56:27.069> is<00:56:27.369> your<00:56:27.549> show<00:56:27.789> up 00:56:27.960 --> 00:56:27.970 align:start position:0% security you won't know is your show up 00:56:27.970 --> 00:56:29.880 align:start position:0% security you won't know is your show up on<00:56:28.119> this<00:56:28.210> thing<00:56:28.480> and<00:56:28.690> there's<00:56:29.260> no<00:56:29.440> disclosure 00:56:29.880 --> 00:56:29.890 align:start position:0% on this thing and there's no disclosure 00:56:29.890 --> 00:56:31.440 align:start position:0% on this thing and there's no disclosure of<00:56:30.099> the<00:56:30.190> conference<00:56:30.609> of<00:56:30.670> interest<00:56:31.119> there's<00:56:31.329> no 00:56:31.440 --> 00:56:31.450 align:start position:0% of the conference of interest there's no 00:56:31.450 --> 00:56:33.930 align:start position:0% of the conference of interest there's no transparency<00:56:31.930> around<00:56:32.230> the<00:56:32.410> methodology<00:56:33.099> but 00:56:33.930 --> 00:56:33.940 align:start position:0% transparency around the methodology but 00:56:33.940 --> 00:56:36.029 align:start position:0% transparency around the methodology but at<00:56:34.059> the<00:56:34.150> same<00:56:34.359> time<00:56:34.720> than<00:56:35.049> these<00:56:35.289> are<00:56:35.440> folks 00:56:36.029 --> 00:56:36.039 align:start position:0% at the same time than these are folks 00:56:36.039 --> 00:56:38.339 align:start position:0% at the same time than these are folks with<00:56:36.190> deep<00:56:36.849> connections<00:56:37.510> to<00:56:37.630> Washington 00:56:38.339 --> 00:56:38.349 align:start position:0% with deep connections to Washington 00:56:38.349 --> 00:56:47.010 align:start position:0% with deep connections to Washington right<00:56:38.619> so<00:56:38.950> one<00:56:39.430> basis<00:56:39.930> but<00:56:40.930> you<00:56:40.990> see<00:56:46.020> there's 00:56:47.010 --> 00:56:47.020 align:start position:0% right so one basis but you see there's 00:56:47.020 --> 00:56:49.079 align:start position:0% right so one basis but you see there's all<00:56:47.230> these<00:56:47.349> like<00:56:47.559> just<00:56:48.039> this<00:56:48.220> intrigue<00:56:48.819> of 00:56:49.079 --> 00:56:49.089 align:start position:0% all these like just this intrigue of 00:56:49.089 --> 00:56:51.599 align:start position:0% all these like just this intrigue of folks<00:56:49.900> and<00:56:50.140> we've<00:56:50.440> seen<00:56:50.740> also<00:56:51.039> two<00:56:51.280> hundred 00:56:51.599 --> 00:56:51.609 align:start position:0% folks and we've seen also two hundred 00:56:51.609 --> 00:56:53.069 align:start position:0% folks and we've seen also two hundred recent<00:56:51.940> settlements<00:56:52.450> but<00:56:52.539> they<00:56:52.630> asked<00:56:52.750> to<00:56:52.869> see 00:56:53.069 --> 00:56:53.079 align:start position:0% recent settlements but they asked to see 00:56:53.079 --> 00:56:56.130 align:start position:0% recent settlements but they asked to see that<00:56:53.380> actually<00:56:53.740> look<00:56:53.980> very<00:56:54.030> favorable<00:56:55.030> he<00:56:56.020> was 00:56:56.130 --> 00:56:56.140 align:start position:0% that actually look very favorable he was 00:56:56.140 --> 00:56:59.499 align:start position:0% that actually look very favorable he was kind<00:56:56.380> of<00:56:56.440> stopped<00:56:56.680> by<00:56:56.829> the<00:56:56.890> rest 00:56:59.499 --> 00:56:59.509 align:start position:0% 00:56:59.509 --> 00:57:01.430 align:start position:0% it's<00:57:00.509> just<00:57:00.690> across<00:57:00.869> the<00:57:01.079> food<00:57:01.229> business 00:57:01.430 --> 00:57:01.440 align:start position:0% it's just across the food business 00:57:01.440 --> 00:57:04.969 align:start position:0% it's just across the food business cheaper<00:57:02.309> to<00:57:02.430> do<00:57:02.549> an<00:57:02.670> IPO<00:57:03.410> site<00:57:04.410> site 00:57:04.969 --> 00:57:04.979 align:start position:0% cheaper to do an IPO site site 00:57:04.979 --> 00:57:08.329 align:start position:0% cheaper to do an IPO site site coin-sized<00:57:05.759> funds<00:57:06.089> they<00:57:06.690> also<00:57:06.839> got<00:57:07.109> a<00:57:07.170> 3d<00:57:08.130> and 00:57:08.329 --> 00:57:08.339 align:start position:0% coin-sized funds they also got a 3d and 00:57:08.339 --> 00:57:10.999 align:start position:0% coin-sized funds they also got a 3d and I<00:57:08.400> think<00:57:08.609> light<00:57:09.479> settlement<00:57:10.140> but<00:57:10.619> basically 00:57:10.999 --> 00:57:11.009 align:start position:0% I think light settlement but basically 00:57:11.009 --> 00:57:12.620 align:start position:0% I think light settlement but basically their<00:57:11.279> therapy<00:57:11.670> their<00:57:11.880> security<00:57:12.299> totally 00:57:12.620 --> 00:57:12.630 align:start position:0% their therapy their security totally 00:57:12.630 --> 00:57:14.029 align:start position:0% their therapy their security totally doesn't<00:57:12.869> have<00:57:12.960> it<00:57:13.079> register<00:57:13.529> so<00:57:13.710> that's<00:57:13.890> great 00:57:14.029 --> 00:57:14.039 align:start position:0% doesn't have it register so that's great 00:57:14.039 --> 00:57:16.880 align:start position:0% doesn't have it register so that's great it's<00:57:14.970> really<00:57:15.029> it's<00:57:15.599> actually<00:57:15.960> maybe<00:57:16.380> open<00:57:16.799> as 00:57:16.880 --> 00:57:16.890 align:start position:0% it's really it's actually maybe open as 00:57:16.890 --> 00:57:18.529 align:start position:0% it's really it's actually maybe open as well<00:57:17.130> so<00:57:17.460> there's<00:57:17.700> there's<00:57:18.180> something 00:57:18.529 --> 00:57:18.539 align:start position:0% well so there's there's something 00:57:18.539 --> 00:57:22.190 align:start position:0% well so there's there's something happening<00:57:18.779> where<00:57:19.499> I<00:57:20.450> feel<00:57:21.450> what<00:57:21.690> it<00:57:21.809> is<00:57:21.900> that's 00:57:22.190 --> 00:57:22.200 align:start position:0% happening where I feel what it is that's 00:57:22.200 --> 00:57:24.049 align:start position:0% happening where I feel what it is that's going<00:57:22.259> on<00:57:22.619> behind<00:57:22.799> the<00:57:23.069> scenes<00:57:23.339> right<00:57:23.670> we're 00:57:24.049 --> 00:57:24.059 align:start position:0% going on behind the scenes right we're 00:57:24.059 --> 00:57:26.989 align:start position:0% going on behind the scenes right we're just<00:57:24.329> people<00:57:25.369> but<00:57:26.369> there's<00:57:26.670> something 00:57:26.989 --> 00:57:26.999 align:start position:0% just people but there's something 00:57:26.999 --> 00:57:28.789 align:start position:0% just people but there's something happening<00:57:27.390> there<00:57:27.539> are<00:57:27.690> powers<00:57:28.019> that<00:57:28.049> and<00:57:28.559> that 00:57:28.789 --> 00:57:28.799 align:start position:0% happening there are powers that and that 00:57:28.799 --> 00:57:30.739 align:start position:0% happening there are powers that and that are<00:57:28.829> trying<00:57:29.400> to<00:57:29.489> negotiate<00:57:29.640> some<00:57:30.239> things<00:57:30.509> but 00:57:30.739 --> 00:57:30.749 align:start position:0% are trying to negotiate some things but 00:57:30.749 --> 00:57:34.339 align:start position:0% are trying to negotiate some things but is<00:57:31.200> it<00:57:31.410> also<00:57:31.559> very<00:57:32.069> interests<00:57:32.489> of<00:57:32.579> what<00:57:32.819> do<00:57:33.349> I 00:57:34.339 --> 00:57:34.349 align:start position:0% is it also very interests of what do I 00:57:34.349 --> 00:57:38.299 align:start position:0% is it also very interests of what do I think<00:57:34.799> you<00:57:35.309> only<00:57:35.940> waited<00:57:36.630> to<00:57:37.079> is<00:57:37.680> to<00:57:37.950> keep<00:57:38.130> your 00:57:38.299 --> 00:57:38.309 align:start position:0% think you only waited to is to keep your 00:57:38.309 --> 00:57:39.890 align:start position:0% think you only waited to is to keep your head<00:57:38.430> down<00:57:38.670> and<00:57:38.849> don't<00:57:39.269> up<00:57:39.479> just<00:57:39.809> just 00:57:39.890 --> 00:57:39.900 align:start position:0% head down and don't up just just 00:57:39.900 --> 00:57:42.349 align:start position:0% head down and don't up just just nation<00:57:40.529> that<00:57:40.829> that<00:57:41.099> were<00:57:41.339> some<00:57:41.819> people's<00:57:42.210> that 00:57:42.349 --> 00:57:42.359 align:start position:0% nation that that were some people's that 00:57:42.359 --> 00:57:45.380 align:start position:0% nation that that were some people's that good<00:57:42.539> there's<00:57:42.839> actual<00:57:43.519> adoption<00:57:44.519> in<00:57:45.269> this 00:57:45.380 --> 00:57:45.390 align:start position:0% good there's actual adoption in this 00:57:45.390 --> 00:57:47.660 align:start position:0% good there's actual adoption in this case<00:57:45.630> outside<00:57:46.229> up<00:57:46.440> they're<00:57:46.890> traitors<00:57:47.130> and 00:57:47.660 --> 00:57:47.670 align:start position:0% case outside up they're traitors and 00:57:47.670 --> 00:57:49.910 align:start position:0% case outside up they're traitors and being<00:57:48.210> a<00:57:48.450> toy<00:57:48.690> but<00:57:49.019> make<00:57:49.440> things<00:57:49.739> that 00:57:49.910 --> 00:57:49.920 align:start position:0% being a toy but make things that 00:57:49.920 --> 00:57:52.819 align:start position:0% being a toy but make things that actually<00:57:50.130> matter<00:57:50.839> for<00:57:51.839> people<00:57:52.019> this<00:57:52.440> is<00:57:52.559> why 00:57:52.819 --> 00:57:52.829 align:start position:0% actually matter for people this is why 00:57:52.829 --> 00:57:56.229 align:start position:0% actually matter for people this is why we're<00:57:53.069> building<00:57:53.220> this<00:57:53.549> new<00:57:54.119> set<00:57:54.359> of<00:57:54.390> tools<00:57:54.569> and 00:57:56.229 --> 00:57:56.239 align:start position:0% we're building this new set of tools and 00:57:56.239 --> 00:57:58.729 align:start position:0% we're building this new set of tools and that's<00:57:57.239> that's<00:57:57.599> the<00:57:57.809> only<00:57:57.839> way<00:57:58.229> right<00:57:58.470> that's 00:57:58.729 --> 00:57:58.739 align:start position:0% that's that's the only way right that's 00:57:58.739 --> 00:58:03.660 align:start position:0% that's that's the only way right that's the<00:57:58.920> only<00:57:59.249> way<00:57:59.400> to<00:57:59.460> make<00:57:59.729> the<00:57:59.880> case 00:58:03.660 --> 00:58:03.670 align:start position:0% 00:58:03.670 --> 00:58:05.800 align:start position:0% yeah<00:58:04.670> we're<00:58:05.090> not<00:58:05.180> gonna<00:58:05.300> be<00:58:05.390> able<00:58:05.450> to<00:58:05.600> get<00:58:05.690> to 00:58:05.800 --> 00:58:05.810 align:start position:0% yeah we're not gonna be able to get to 00:58:05.810 --> 00:58:10.060 align:start position:0% yeah we're not gonna be able to get to all<00:58:05.930> these<00:58:06.080> questions<00:58:06.790> one<00:58:08.110> yeah<00:58:09.110> you 00:58:10.060 --> 00:58:10.070 align:start position:0% all these questions one yeah you 00:58:10.070 --> 00:58:12.810 align:start position:0% all these questions one yeah you proposed<00:58:10.490> dealing<00:58:11.000> with<00:58:11.180> the<00:58:11.420> clash<00:58:11.750> between 00:58:12.810 --> 00:58:12.820 align:start position:0% proposed dealing with the clash between 00:58:12.820 --> 00:58:16.710 align:start position:0% proposed dealing with the clash between the<00:58:13.820> public's<00:58:14.330> public<00:58:14.720> policy<00:58:15.050> objective<00:58:15.500> of 00:58:16.710 --> 00:58:16.720 align:start position:0% the public's public policy objective of 00:58:16.720 --> 00:58:20.380 align:start position:0% the public's public policy objective of national<00:58:17.720> security<00:58:17.870> and<00:58:19.390> anti-crime 00:58:20.380 --> 00:58:20.390 align:start position:0% national security and anti-crime 00:58:20.390 --> 00:58:24.550 align:start position:0% national security and anti-crime national<00:58:21.320> crime<00:58:21.530> and<00:58:22.330> on<00:58:23.330> the<00:58:23.450> other<00:58:23.540> hand<00:58:23.780> its 00:58:24.550 --> 00:58:24.560 align:start position:0% national crime and on the other hand its 00:58:24.560 --> 00:58:28.030 align:start position:0% national crime and on the other hand its civil<00:58:24.950> liberties<00:58:25.960> case<00:58:26.960> for<00:58:27.320> privacy<00:58:27.920> and 00:58:28.030 --> 00:58:28.040 align:start position:0% civil liberties case for privacy and 00:58:28.040 --> 00:58:29.890 align:start position:0% civil liberties case for privacy and confidentiality<00:58:28.430> that<00:58:29.240> seems<00:58:29.480> to<00:58:29.600> be<00:58:29.630> one<00:58:29.870> of 00:58:29.890 --> 00:58:29.900 align:start position:0% confidentiality that seems to be one of 00:58:29.900 --> 00:58:31.620 align:start position:0% confidentiality that seems to be one of the<00:58:30.020> biggest<00:58:30.230> problems<00:58:30.680> in<00:58:30.950> the<00:58:31.010> world 00:58:31.620 --> 00:58:31.630 align:start position:0% the biggest problems in the world 00:58:31.630 --> 00:58:34.510 align:start position:0% the biggest problems in the world upcoming<00:58:32.630> years<00:58:32.960> I<00:58:33.170> think<00:58:33.410> so<00:58:34.190> how<00:58:34.340> do<00:58:34.400> you 00:58:34.510 --> 00:58:34.520 align:start position:0% upcoming years I think so how do you 00:58:34.520 --> 00:58:36.460 align:start position:0% upcoming years I think so how do you propose<00:58:34.790> doing<00:58:35.000> that<00:58:35.270> from<00:58:35.510> the<00:58:35.630> ground<00:58:35.900> up<00:58:36.140> as 00:58:36.460 --> 00:58:36.470 align:start position:0% propose doing that from the ground up as 00:58:36.470 --> 00:58:41.550 align:start position:0% propose doing that from the ground up as seems<00:58:36.830> to<00:58:36.920> be<00:58:36.980> the<00:58:37.360> well<00:58:38.360> I<00:58:38.390> mean<00:58:38.840> for<00:58:39.290> me<00:58:39.410> I 00:58:41.550 --> 00:58:41.560 align:start position:0% seems to be the well I mean for me I 00:58:41.560 --> 00:58:44.530 align:start position:0% seems to be the well I mean for me I have<00:58:42.560> a<00:58:42.590> different<00:58:43.340> story<00:58:43.700> about<00:58:44.090> the<00:58:44.300> stuff 00:58:44.530 --> 00:58:44.540 align:start position:0% have a different story about the stuff 00:58:44.540 --> 00:58:53.170 align:start position:0% have a different story about the stuff of<00:58:44.660> mentality<00:58:48.040> like<00:58:49.090> like<00:58:50.090> you<00:58:50.690> know<00:58:50.720> I<00:58:52.180> don't 00:58:53.170 --> 00:58:53.180 align:start position:0% of mentality like like you know I don't 00:58:53.180 --> 00:58:56.890 align:start position:0% of mentality like like you know I don't think<00:58:53.270> that<00:58:54.850> the<00:58:55.850> blockchain<00:58:56.150> technology<00:58:56.750> we 00:58:56.890 --> 00:58:56.900 align:start position:0% think that the blockchain technology we 00:58:56.900 --> 00:58:59.680 align:start position:0% think that the blockchain technology we have<00:58:57.050> today<00:58:57.200> is<00:58:58.130> in<00:58:58.190> any<00:58:58.640> way<00:58:58.760> inhibiting<00:58:59.480> law 00:58:59.680 --> 00:58:59.690 align:start position:0% have today is in any way inhibiting law 00:58:59.690 --> 00:59:02.590 align:start position:0% have today is in any way inhibiting law enforcement<00:59:00.380> it's<00:59:01.100> certainly<00:59:01.550> not<00:59:01.940> more<00:59:02.270> so 00:59:02.590 --> 00:59:02.600 align:start position:0% enforcement it's certainly not more so 00:59:02.600 --> 00:59:05.740 align:start position:0% enforcement it's certainly not more so than<00:59:02.960> the<00:59:03.050> cryptography<00:59:03.800> in<00:59:04.130> isolation<00:59:04.750> right 00:59:05.740 --> 00:59:05.750 align:start position:0% than the cryptography in isolation right 00:59:05.750 --> 00:59:08.800 align:start position:0% than the cryptography in isolation right like<00:59:06.140> if<00:59:06.350> you<00:59:06.740> just<00:59:07.040> said<00:59:07.550> okay<00:59:08.000> cryptography 00:59:08.800 --> 00:59:08.810 align:start position:0% like if you just said okay cryptography 00:59:08.810 --> 00:59:11.920 align:start position:0% like if you just said okay cryptography is<00:59:08.930> this<00:59:09.230> as<00:59:09.590> a<00:59:09.650> as<00:59:10.460> math<00:59:10.850> in<00:59:11.240> the<00:59:11.480> universe 00:59:11.920 --> 00:59:11.930 align:start position:0% is this as a as math in the universe 00:59:11.930 --> 00:59:15.520 align:start position:0% is this as a as math in the universe right<00:59:13.120> criminals<00:59:14.120> have<00:59:14.300> access<00:59:14.780> to<00:59:14.960> math<00:59:15.170> and 00:59:15.520 --> 00:59:15.530 align:start position:0% right criminals have access to math and 00:59:15.530 --> 00:59:17.230 align:start position:0% right criminals have access to math and they<00:59:16.070> can<00:59:16.220> figure<00:59:16.430> out<00:59:16.640> how<00:59:16.820> to<00:59:16.880> encrypt 00:59:17.230 --> 00:59:17.240 align:start position:0% they can figure out how to encrypt 00:59:17.240 --> 00:59:21.160 align:start position:0% they can figure out how to encrypt things<00:59:17.600> and<00:59:18.310> that<00:59:19.310> capability<00:59:20.270> is<00:59:20.840> going<00:59:21.050> to 00:59:21.160 --> 00:59:21.170 align:start position:0% things and that capability is going to 00:59:21.170 --> 00:59:24.040 align:start position:0% things and that capability is going to be<00:59:21.290> there<00:59:21.580> I<00:59:22.580> don't<00:59:22.970> think<00:59:23.180> that<00:59:23.600> developing 00:59:24.040 --> 00:59:24.050 align:start position:0% be there I don't think that developing 00:59:24.050 --> 00:59:26.970 align:start position:0% be there I don't think that developing blockchain<00:59:24.770> technology<00:59:25.370> broadly<00:59:25.880> speaking 00:59:26.970 --> 00:59:26.980 align:start position:0% blockchain technology broadly speaking 00:59:26.980 --> 00:59:30.850 align:start position:0% blockchain technology broadly speaking facilitates<00:59:27.980> crime<00:59:28.610> in<00:59:28.940> the<00:59:29.090> in<00:59:29.330> this<00:59:29.860> little 00:59:30.850 --> 00:59:30.860 align:start position:0% facilitates crime in the in this little 00:59:30.860 --> 00:59:32.440 align:start position:0% facilitates crime in the in this little bit<00:59:31.010> pedantic<00:59:31.610> but<00:59:31.640> the<00:59:31.910> law<00:59:32.060> is<00:59:32.210> a<00:59:32.240> bit 00:59:32.440 --> 00:59:32.450 align:start position:0% bit pedantic but the law is a bit 00:59:32.450 --> 00:59:34.750 align:start position:0% bit pedantic but the law is a bit pedantic<00:59:32.990> right<00:59:33.230> me<00:59:33.410> good<00:59:33.860> that's<00:59:34.130> the<00:59:34.520> nature 00:59:34.750 --> 00:59:34.760 align:start position:0% pedantic right me good that's the nature 00:59:34.760 --> 00:59:37.960 align:start position:0% pedantic right me good that's the nature of<00:59:34.970> playing<00:59:35.840> the<00:59:35.990> legal<00:59:36.290> game<00:59:36.470> I<00:59:36.770> don't<00:59:37.490> you 00:59:37.960 --> 00:59:37.970 align:start position:0% of playing the legal game I don't you 00:59:37.970 --> 00:59:39.390 align:start position:0% of playing the legal game I don't you know<00:59:38.000> when 00:59:39.390 --> 00:59:39.400 align:start position:0% know when 00:59:39.400 --> 00:59:41.940 align:start position:0% know when Mexico<00:59:40.299> the<00:59:40.390> Mexican<00:59:40.420> drug<00:59:41.049> cartel<00:59:41.650> was 00:59:41.940 --> 00:59:41.950 align:start position:0% Mexico the Mexican drug cartel was 00:59:41.950 --> 00:59:44.999 align:start position:0% Mexico the Mexican drug cartel was kidnapping<00:59:42.569> telco<00:59:43.569> workers<00:59:44.079> to<00:59:44.440> force<00:59:44.739> them 00:59:44.999 --> 00:59:45.009 align:start position:0% kidnapping telco workers to force them 00:59:45.009 --> 00:59:47.219 align:start position:0% kidnapping telco workers to force them to<00:59:45.039> build<00:59:45.549> a<00:59:45.759> radio<00:59:45.940> network<00:59:46.329> so<00:59:46.930> that<00:59:46.960> they 00:59:47.219 --> 00:59:47.229 align:start position:0% to build a radio network so that they 00:59:47.229 --> 00:59:48.960 align:start position:0% to build a radio network so that they could<00:59:47.440> directly<00:59:47.890> communicate<00:59:48.460> each<00:59:48.609> other<00:59:48.819> to 00:59:48.960 --> 00:59:48.970 align:start position:0% could directly communicate each other to 00:59:48.970 --> 00:59:51.779 align:start position:0% could directly communicate each other to ship<00:59:49.180> drugs<00:59:49.539> no<00:59:50.349> one<00:59:50.559> pulled<00:59:50.950> voter<00:59:51.279> roll<00:59:51.579> up 00:59:51.779 --> 00:59:51.789 align:start position:0% ship drugs no one pulled voter roll up 00:59:51.789 --> 00:59:53.819 align:start position:0% ship drugs no one pulled voter roll up into<00:59:52.509> a<00:59:52.539> corner<00:59:52.900> and<00:59:53.259> said<00:59:53.440> what<00:59:53.650> are<00:59:53.680> you 00:59:53.819 --> 00:59:53.829 align:start position:0% into a corner and said what are you 00:59:53.829 --> 00:59:56.219 align:start position:0% into a corner and said what are you doing<00:59:54.190> making<00:59:54.400> these<00:59:54.670> radio<00:59:55.089> chips<00:59:55.479> right 00:59:56.219 --> 00:59:56.229 align:start position:0% doing making these radio chips right 00:59:56.229 --> 01:00:00.299 align:start position:0% doing making these radio chips right they<00:59:56.410> said<00:59:56.619> oh<00:59:57.269> yeah<00:59:58.680> HSBC<00:59:59.680> is<00:59:59.710> for<00:59:59.979> an<01:00:00.039> example 01:00:00.299 --> 01:00:00.309 align:start position:0% they said oh yeah HSBC is for an example 01:00:00.309 --> 01:00:03.259 align:start position:0% they said oh yeah HSBC is for an example right<01:00:00.609> I<01:00:00.640> think<01:00:01.299> that<01:00:01.479> there's<01:00:01.839> a<01:00:01.900> legitimate 01:00:03.259 --> 01:00:03.269 align:start position:0% right I think that there's a legitimate 01:00:03.269 --> 01:00:06.089 align:start position:0% right I think that there's a legitimate understandable<01:00:04.269> anxiety<01:00:05.200> around<01:00:05.739> this 01:00:06.089 --> 01:00:06.099 align:start position:0% understandable anxiety around this 01:00:06.099 --> 01:00:08.599 align:start position:0% understandable anxiety around this question<01:00:06.640> but<01:00:07.059> there's<01:00:07.299> so<01:00:07.569> many<01:00:07.779> examples 01:00:08.599 --> 01:00:08.609 align:start position:0% question but there's so many examples 01:00:08.609 --> 01:00:11.700 align:start position:0% question but there's so many examples where<01:00:09.609> if<01:00:10.029> you<01:00:10.210> weren't<01:00:10.509> just<01:00:11.049> being<01:00:11.559> a 01:00:11.700 --> 01:00:11.710 align:start position:0% where if you weren't just being a 01:00:11.710 --> 01:00:14.789 align:start position:0% where if you weren't just being a criminal<01:00:11.950> no<01:00:12.759> one<01:00:13.089> misses<01:00:13.779> you<01:00:14.079> needed<01:00:14.410> crying 01:00:14.789 --> 01:00:14.799 align:start position:0% criminal no one misses you needed crying 01:00:14.799 --> 01:00:17.999 align:start position:0% criminal no one misses you needed crying to<01:00:15.099> you<01:00:15.479> and<01:00:16.479> I<01:00:16.900> think<01:00:17.109> in<01:00:17.319> our<01:00:17.499> community 01:00:17.999 --> 01:00:18.009 align:start position:0% to you and I think in our community 01:00:18.009 --> 01:00:19.680 align:start position:0% to you and I think in our community that's<01:00:18.160> something<01:00:18.400> that<01:00:18.489> people<01:00:18.670> out<01:00:18.849> to<01:00:19.029> come 01:00:19.680 --> 01:00:19.690 align:start position:0% that's something that people out to come 01:00:19.690 --> 01:00:21.779 align:start position:0% that's something that people out to come to<01:00:19.809> terms<01:00:20.049> with<01:00:20.200> it's<01:00:20.529> like<01:00:20.589> we<01:00:21.519> have<01:00:21.670> to 01:00:21.779 --> 01:00:21.789 align:start position:0% to terms with it's like we have to 01:00:21.789 --> 01:00:24.150 align:start position:0% to terms with it's like we have to separate<01:00:22.299> out<01:00:22.450> the<01:00:22.720> criminal<01:00:23.140> activity<01:00:23.680> from 01:00:24.150 --> 01:00:24.160 align:start position:0% separate out the criminal activity from 01:00:24.160 --> 01:00:26.460 align:start position:0% separate out the criminal activity from the<01:00:24.339> non<01:00:24.489> criminal<01:00:24.759> activity<01:00:25.450> and<01:00:25.690> then<01:00:26.229> this 01:00:26.460 --> 01:00:26.470 align:start position:0% the non criminal activity and then this 01:00:26.470 --> 01:00:29.960 align:start position:0% the non criminal activity and then this conversation<01:00:27.130> becomes<01:00:27.279> much<01:00:27.729> easier<01:00:27.759> to<01:00:28.299> have 01:00:29.960 --> 01:00:29.970 align:start position:0% conversation becomes much easier to have 01:00:29.970 --> 01:00:33.620 align:start position:0% conversation becomes much easier to have you<01:00:30.970> know<01:00:31.089> with<01:00:31.660> emerging<01:00:32.380> technologies 01:00:33.620 --> 01:00:33.630 align:start position:0% you know with emerging technologies 01:00:33.630 --> 01:00:35.470 align:start position:0% you know with emerging technologies the<01:00:33.960> speed<01:00:34.320> on<01:00:34.530> that<01:00:34.620> where<01:00:34.890> we<01:00:35.040> are<01:00:35.220> at 01:00:35.470 --> 01:00:35.480 align:start position:0% the speed on that where we are at 01:00:35.480 --> 01:00:39.800 align:start position:0% the speed on that where we are at encryption<01:00:36.860> is<01:00:37.860> exactly<01:00:38.490> but<01:00:38.820> you<01:00:39.480> know<01:00:39.540> there 01:00:39.800 --> 01:00:39.810 align:start position:0% encryption is exactly but you know there 01:00:39.810 --> 01:00:41.870 align:start position:0% encryption is exactly but you know there is<01:00:39.960> an<01:00:40.050> opportunity<01:00:40.320> for<01:00:41.010> us<01:00:41.130> to<01:00:41.160> do<01:00:41.430> some 01:00:41.870 --> 01:00:41.880 align:start position:0% is an opportunity for us to do some 01:00:41.880 --> 01:00:43.070 align:start position:0% is an opportunity for us to do some really<01:00:41.910> interesting<01:00:42.330> things<01:00:42.600> with<01:00:42.960> this 01:00:43.070 --> 01:00:43.080 align:start position:0% really interesting things with this 01:00:43.080 --> 01:00:45.200 align:start position:0% really interesting things with this technology<01:00:43.410> that<01:00:43.980> brings<01:00:44.250> that<01:00:44.430> will<01:00:44.700> binary 01:00:45.200 --> 01:00:45.210 align:start position:0% technology that brings that will binary 01:00:45.210 --> 01:00:47.210 align:start position:0% technology that brings that will binary lays<01:00:45.450> you're<01:00:46.140> either<01:00:46.320> you<01:00:46.830> know<01:00:46.890> if<01:00:47.010> you<01:00:47.130> have 01:00:47.210 --> 01:00:47.220 align:start position:0% lays you're either you know if you have 01:00:47.220 --> 01:00:49.520 align:start position:0% lays you're either you know if you have privacy<01:00:47.580> you<01:00:48.420> know<01:00:48.540> you're<01:00:49.050> gonna<01:00:49.170> cut<01:00:49.410> it 01:00:49.520 --> 01:00:49.530 align:start position:0% privacy you know you're gonna cut it 01:00:49.530 --> 01:00:51.440 align:start position:0% privacy you know you're gonna cut it against<01:00:49.980> national<01:00:50.280> security<01:00:50.760> in<01:00:51.030> order<01:00:51.300> to 01:00:51.440 --> 01:00:51.450 align:start position:0% against national security in order to 01:00:51.450 --> 01:00:53.630 align:start position:0% against national security in order to have<01:00:51.630> robust<01:00:52.110> national<01:00:52.260> security<01:00:52.980> you<01:00:53.160> know 01:00:53.630 --> 01:00:53.640 align:start position:0% have robust national security you know 01:00:53.640 --> 01:00:56.560 align:start position:0% have robust national security you know you<01:00:53.730> you<01:00:54.540> have<01:00:54.570> to<01:00:54.870> you<01:00:55.470> know<01:00:55.590> somehow<01:00:55.980> give 01:00:56.560 --> 01:00:56.570 align:start position:0% you you have to you know somehow give 01:00:56.570 --> 01:00:58.820 align:start position:0% you you have to you know somehow give some<01:00:57.570> civil<01:00:57.840> liberties<01:00:58.230> and<01:00:58.410> someone<01:00:58.650> said 01:00:58.820 --> 01:00:58.830 align:start position:0% some civil liberties and someone said 01:00:58.830 --> 01:01:02.270 align:start position:0% some civil liberties and someone said right<01:00:59.010> to<01:00:59.100> privacy<01:00:59.430> and<01:00:59.940> this<01:01:00.530> zero-sum<01:01:01.530> maybe 01:01:02.270 --> 01:01:02.280 align:start position:0% right to privacy and this zero-sum maybe 01:01:02.280 --> 01:01:04.400 align:start position:0% right to privacy and this zero-sum maybe can<01:01:02.550> be<01:01:02.700> broken<01:01:02.910> because<01:01:03.450> technology<01:01:04.050> enables 01:01:04.400 --> 01:01:04.410 align:start position:0% can be broken because technology enables 01:01:04.410 --> 01:01:05.960 align:start position:0% can be broken because technology enables different<01:01:04.500> things<01:01:04.920> maybe<01:01:05.310> what<01:01:05.550> we<01:01:05.640> could<01:01:05.790> do 01:01:05.960 --> 01:01:05.970 align:start position:0% different things maybe what we could do 01:01:05.970 --> 01:01:08.090 align:start position:0% different things maybe what we could do is<01:01:06.240> have<01:01:06.270> decentralized<01:01:07.260> identity<01:01:07.740> networks 01:01:08.090 --> 01:01:08.100 align:start position:0% is have decentralized identity networks 01:01:08.100 --> 01:01:10.520 align:start position:0% is have decentralized identity networks that<01:01:08.670> you<01:01:08.820> seek<01:01:09.120> ApS<01:01:09.540> that<01:01:09.870> allow<01:01:10.080> people<01:01:10.320> to 01:01:10.520 --> 01:01:10.530 align:start position:0% that you seek ApS that allow people to 01:01:10.530 --> 01:01:12.770 align:start position:0% that you seek ApS that allow people to have<01:01:11.070> a<01:01:11.100> token<01:01:11.430> which<01:01:11.970> doesn't<01:01:12.300> share<01:01:12.480> all 01:01:12.770 --> 01:01:12.780 align:start position:0% have a token which doesn't share all 01:01:12.780 --> 01:01:15.050 align:start position:0% have a token which doesn't share all your<01:01:12.810> information<01:01:13.170> and<01:01:13.800> yet<01:01:14.430> still<01:01:14.790> allows 01:01:15.050 --> 01:01:15.060 align:start position:0% your information and yet still allows 01:01:15.060 --> 01:01:16.910 align:start position:0% your information and yet still allows people<01:01:15.090> some<01:01:15.900> some<01:01:16.200> companies<01:01:16.650> or 01:01:16.910 --> 01:01:16.920 align:start position:0% people some some companies or 01:01:16.920 --> 01:01:19.040 align:start position:0% people some some companies or organizations<01:01:17.070> or<01:01:17.730> towels<01:01:17.970> to<01:01:18.660> check<01:01:18.900> the 01:01:19.040 --> 01:01:19.050 align:start position:0% organizations or towels to check the 01:01:19.050 --> 01:01:20.840 align:start position:0% organizations or towels to check the exact<01:01:19.380> list<01:01:19.560> against<01:01:20.220> their<01:01:20.370> participants 01:01:20.840 --> 01:01:20.850 align:start position:0% exact list against their participants 01:01:20.850 --> 01:01:22.670 align:start position:0% exact list against their participants make<01:01:21.180> sure<01:01:21.360> they're<01:01:21.660> not<01:01:21.810> obvious<01:01:22.080> the<01:01:22.530> name 01:01:22.670 --> 01:01:22.680 align:start position:0% make sure they're not obvious the name 01:01:22.680 --> 01:01:25.610 align:start position:0% make sure they're not obvious the name of<01:01:22.800> the<01:01:22.860> terrorist<01:01:24.140> so<01:01:25.140> that's<01:01:25.320> one<01:01:25.500> example 01:01:25.610 --> 01:01:25.620 align:start position:0% of the terrorist so that's one example 01:01:25.620 --> 01:01:27.590 align:start position:0% of the terrorist so that's one example one<01:01:26.490> of<01:01:26.520> the<01:01:26.670> things<01:01:26.700> that<01:01:27.060> were<01:01:27.180> able<01:01:27.330> to 01:01:27.590 --> 01:01:27.600 align:start position:0% one of the things that were able to 01:01:27.600 --> 01:01:28.250 align:start position:0% one of the things that were able to answer 01:01:28.250 --> 01:01:28.260 align:start position:0% answer 01:01:28.260 --> 01:01:30.170 align:start position:0% answer question<01:01:28.920> as<01:01:29.040> well<01:01:29.220> one<01:01:29.580> of<01:01:29.700> the<01:01:29.790> things<01:01:30.000> that 01:01:30.170 --> 01:01:30.180 align:start position:0% question as well one of the things that 01:01:30.180 --> 01:01:33.320 align:start position:0% question as well one of the things that were<01:01:30.300> working<01:01:30.570> on<01:01:30.810> in<01:01:31.080> Kuala<01:01:31.410> is<01:01:31.770> remaining<01:01:32.370> a 01:01:33.320 --> 01:01:33.330 align:start position:0% were working on in Kuala is remaining a 01:01:33.330 --> 01:01:37.130 align:start position:0% were working on in Kuala is remaining a doubt<01:01:33.870> model<01:01:34.320> law<01:01:34.500> so<01:01:35.240> what<01:01:36.240> this<01:01:36.360> involves<01:01:36.990> is 01:01:37.130 --> 01:01:37.140 align:start position:0% doubt model law so what this involves is 01:01:37.140 --> 01:01:39.980 align:start position:0% doubt model law so what this involves is looking<01:01:37.590> at<01:01:37.770> what<01:01:38.160> are<01:01:38.280> the<01:01:38.430> goals<01:01:38.670> behind<01:01:39.270> the 01:01:39.980 --> 01:01:39.990 align:start position:0% looking at what are the goals behind the 01:01:39.990 --> 01:01:41.870 align:start position:0% looking at what are the goals behind the means<01:01:40.260> the<01:01:40.590> mechanisms<01:01:41.160> that<01:01:41.340> traditional 01:01:41.870 --> 01:01:41.880 align:start position:0% means the mechanisms that traditional 01:01:41.880 --> 01:01:44.210 align:start position:0% means the mechanisms that traditional legal<01:01:42.630> frameworks<01:01:43.050> require<01:01:43.410> so<01:01:43.770> it<01:01:44.070> usually 01:01:44.210 --> 01:01:44.220 align:start position:0% legal frameworks require so it usually 01:01:44.220 --> 01:01:45.500 align:start position:0% legal frameworks require so it usually you<01:01:44.580> know<01:01:44.670> if<01:01:44.760> you<01:01:44.850> want<01:01:45.030> to<01:01:45.090> have<01:01:45.210> legal 01:01:45.500 --> 01:01:45.510 align:start position:0% you know if you want to have legal 01:01:45.510 --> 01:01:48.530 align:start position:0% you know if you want to have legal standing<01:01:46.010> capacity<01:01:47.010> to<01:01:47.190> sue<01:01:47.370> or<01:01:47.490> be<01:01:47.520> sued<01:01:47.640> to 01:01:48.530 --> 01:01:48.540 align:start position:0% standing capacity to sue or be sued to 01:01:48.540 --> 01:01:50.660 align:start position:0% standing capacity to sue or be sued to actually<01:01:49.230> legally<01:01:49.710> ordered<01:01:50.100> an<01:01:50.220> asset<01:01:50.550> that's 01:01:50.660 --> 01:01:50.670 align:start position:0% actually legally ordered an asset that's 01:01:50.670 --> 01:01:53.300 align:start position:0% actually legally ordered an asset that's all<01:01:50.880> chain<01:01:51.150> these<01:01:51.930> things<01:01:52.320> usually<01:01:52.710> require 01:01:53.300 --> 01:01:53.310 align:start position:0% all chain these things usually require 01:01:53.310 --> 01:01:57.100 align:start position:0% all chain these things usually require things<01:01:53.790> like<01:01:53.910> a<01:01:54.030> traditional<01:01:54.660> identification 01:01:57.100 --> 01:01:57.110 align:start position:0% things like a traditional identification 01:01:57.110 --> 01:01:59.980 align:start position:0% things like a traditional identification but<01:01:57.650> behind<01:01:58.070> those<01:01:58.310> meetings<01:01:58.760> there<01:01:59.210> are<01:01:59.390> some 01:01:59.980 --> 01:01:59.990 align:start position:0% but behind those meetings there are some 01:01:59.990 --> 01:02:01.840 align:start position:0% but behind those meetings there are some goals<01:02:00.200> the<01:02:00.830> policymakers<01:02:01.430> are<01:02:01.550> trying<01:02:01.790> to 01:02:01.840 --> 01:02:01.850 align:start position:0% goals the policymakers are trying to 01:02:01.850 --> 01:02:03.550 align:start position:0% goals the policymakers are trying to achieve<01:02:02.150> and<01:02:02.450> what<01:02:02.480> we're<01:02:03.140> doing<01:02:03.410> as<01:02:03.530> a 01:02:03.550 --> 01:02:03.560 align:start position:0% achieve and what we're doing as a 01:02:03.560 --> 01:02:06.520 align:start position:0% achieve and what we're doing as a mapping<01:02:03.950> exercise<01:02:04.120> it's<01:02:05.120> figuring<01:02:05.540> out<01:02:05.690> what 01:02:06.520 --> 01:02:06.530 align:start position:0% mapping exercise it's figuring out what 01:02:06.530 --> 01:02:09.910 align:start position:0% mapping exercise it's figuring out what one<01:02:07.400> of<01:02:07.430> these<01:02:07.820> goals<01:02:08.510> can<01:02:09.020> be<01:02:09.050> met<01:02:09.230> through 01:02:09.910 --> 01:02:09.920 align:start position:0% one of these goals can be met through 01:02:09.920 --> 01:02:12.490 align:start position:0% one of these goals can be met through technological<01:02:10.550> guarantees<01:02:11.450> what<01:02:12.110> what<01:02:12.380> can 01:02:12.490 --> 01:02:12.500 align:start position:0% technological guarantees what what can 01:02:12.500 --> 01:02:15.460 align:start position:0% technological guarantees what what can we<01:02:12.620> claim<01:02:13.040> is<01:02:13.340> a<01:02:13.370> functional<01:02:14.060> equivalent<01:02:14.480> to 01:02:15.460 --> 01:02:15.470 align:start position:0% we claim is a functional equivalent to 01:02:15.470 --> 01:02:17.710 align:start position:0% we claim is a functional equivalent to this<01:02:15.830> rule<01:02:16.160> because<01:02:16.430> actually<01:02:17.120> I<01:02:17.150> can't<01:02:17.510> even 01:02:17.710 --> 01:02:17.720 align:start position:0% this rule because actually I can't even 01:02:17.720 --> 01:02:19.360 align:start position:0% this rule because actually I can't even follow<01:02:17.870> those<01:02:18.140> means<01:02:18.380> anymore<01:02:18.620> they<01:02:19.190> don't 01:02:19.360 --> 01:02:19.370 align:start position:0% follow those means anymore they don't 01:02:19.370 --> 01:02:21.880 align:start position:0% follow those means anymore they don't exist<01:02:19.580> sometimes<01:02:19.850> mates<01:02:20.450> and<01:02:20.780> then<01:02:21.350> to<01:02:21.500> create 01:02:21.880 --> 01:02:21.890 align:start position:0% exist sometimes mates and then to create 01:02:21.890 --> 01:02:25.000 align:start position:0% exist sometimes mates and then to create from<01:02:22.430> there<01:02:22.640> still<01:02:23.180> an<01:02:23.450> alternative<01:02:24.380> people 01:02:25.000 --> 01:02:25.010 align:start position:0% from there still an alternative people 01:02:25.010 --> 01:02:27.010 align:start position:0% from there still an alternative people framework<01:02:25.430> that<01:02:25.580> meets<01:02:25.970> these<01:02:26.240> public<01:02:26.600> policy 01:02:27.010 --> 01:02:27.020 align:start position:0% framework that meets these public policy 01:02:27.020 --> 01:02:28.420 align:start position:0% framework that meets these public policy goals<01:02:27.050> and<01:02:27.470> with<01:02:27.950> koala 01:02:28.420 --> 01:02:28.430 align:start position:0% goals and with koala 01:02:28.430 --> 01:02:30.150 align:start position:0% goals and with koala we<01:02:28.610> have<01:02:28.760> this<01:02:28.940> wonderful<01:02:29.210> benefit<01:02:29.780> of<01:02:29.900> having 01:02:30.150 --> 01:02:30.160 align:start position:0% we have this wonderful benefit of having 01:02:30.160 --> 01:02:32.200 align:start position:0% we have this wonderful benefit of having incredible<01:02:31.160> minds<01:02:31.430> from<01:02:31.820> diverse 01:02:32.200 --> 01:02:32.210 align:start position:0% incredible minds from diverse 01:02:32.210 --> 01:02:34.420 align:start position:0% incredible minds from diverse backgrounds<01:02:32.650> contributing<01:02:33.650> to<01:02:33.770> this<01:02:33.860> project 01:02:34.420 --> 01:02:34.430 align:start position:0% backgrounds contributing to this project 01:02:34.430 --> 01:02:36.910 align:start position:0% backgrounds contributing to this project and<01:02:34.790> also<01:02:35.090> a<01:02:35.270> very<01:02:35.630> large<01:02:35.690> academic<01:02:36.230> network 01:02:36.910 --> 01:02:36.920 align:start position:0% and also a very large academic network 01:02:36.920 --> 01:02:39.580 align:start position:0% and also a very large academic network that<01:02:37.220> gives<01:02:37.760> tests<01:02:38.120> to<01:02:38.960> the<01:02:39.050> fact<01:02:39.260> that<01:02:39.350> what 01:02:39.580 --> 01:02:39.590 align:start position:0% that gives tests to the fact that what 01:02:39.590 --> 01:02:40.780 align:start position:0% that gives tests to the fact that what we're<01:02:39.770> doing<01:02:39.890> is<01:02:40.160> really<01:02:40.490> a<01:02:40.520> neutral 01:02:40.780 --> 01:02:40.790 align:start position:0% we're doing is really a neutral 01:02:40.790 --> 01:02:43.660 align:start position:0% we're doing is really a neutral fact-based<01:02:41.630> analysis<01:02:42.380> from<01:02:42.560> how<01:02:42.770> we<01:02:43.400> think 01:02:43.660 --> 01:02:43.670 align:start position:0% fact-based analysis from how we think 01:02:43.670 --> 01:02:46.690 align:start position:0% fact-based analysis from how we think the<01:02:43.880> world<01:02:44.090> should<01:02:44.330> go<01:02:44.660> forward<01:02:45.110> and<01:02:45.320> then<01:02:46.070> you 01:02:46.690 --> 01:02:46.700 align:start position:0% the world should go forward and then you 01:02:46.700 --> 01:02:49.420 align:start position:0% the world should go forward and then you know<01:02:46.820> as<01:02:47.120> we<01:02:47.450> build<01:02:47.690> this<01:02:48.020> legitimacy<01:02:48.950> and<01:02:49.190> the 01:02:49.420 --> 01:02:49.430 align:start position:0% know as we build this legitimacy and the 01:02:49.430 --> 01:02:51.970 align:start position:0% know as we build this legitimacy and the chorus<01:02:49.820> of<01:02:49.940> voices<01:02:50.000> -<01:02:50.960> then<01:02:51.110> socialize<01:02:51.740> back 01:02:51.970 --> 01:02:51.980 align:start position:0% chorus of voices - then socialize back 01:02:51.980 --> 01:02:53.800 align:start position:0% chorus of voices - then socialize back with<01:02:52.250> other<01:02:52.400> stakeholders<01:02:52.730> because<01:02:53.540> people 01:02:53.800 --> 01:02:53.810 align:start position:0% with other stakeholders because people 01:02:53.810 --> 01:02:56.560 align:start position:0% with other stakeholders because people are<01:02:54.310> you<01:02:55.310> know<01:02:55.340> they're<01:02:55.790> very<01:02:55.820> interested<01:02:56.480> in 01:02:56.560 --> 01:02:56.570 align:start position:0% are you know they're very interested in 01:02:56.570 --> 01:02:58.790 align:start position:0% are you know they're very interested in listening<01:02:56.750> this<01:02:57.080> is<01:02:57.200> an<01:02:57.320> opportunity<01:02:57.860> that<01:02:57.950> we 01:02:58.790 --> 01:02:58.800 align:start position:0% listening this is an opportunity that we 01:02:58.800 --> 01:03:00.750 align:start position:0% listening this is an opportunity that we this<01:02:58.980> is<01:02:59.100> something<01:02:59.430> new 01:03:00.750 --> 01:03:00.760 align:start position:0% this is something new 01:03:00.760 --> 01:03:01.839 align:start position:0% this is something new [Music] 01:03:01.839 --> 01:03:01.849 align:start position:0% [Music] 01:03:01.849 --> 01:03:04.630 align:start position:0% [Music] with<01:03:02.059> it<01:03:02.239> we<01:03:02.690> have<01:03:03.049> an<01:03:03.769> opportunity<01:03:03.979> to<01:03:04.430> fill 01:03:04.630 --> 01:03:04.640 align:start position:0% with it we have an opportunity to fill 01:03:04.640 --> 01:03:06.670 align:start position:0% with it we have an opportunity to fill that<01:03:04.759> vacuum<01:03:04.940> with<01:03:05.479> things<01:03:06.049> that<01:03:06.259> we<01:03:06.380> can<01:03:06.529> come 01:03:06.670 --> 01:03:06.680 align:start position:0% that vacuum with things that we can come 01:03:06.680 --> 01:03:07.029 align:start position:0% that vacuum with things that we can come up<01:03:06.769> with 01:03:07.029 --> 01:03:07.039 align:start position:0% up with 01:03:07.039 --> 01:03:10.900 align:start position:0% up with oh<01:03:07.930> and<01:03:08.930> just<01:03:09.289> the<01:03:09.799> other<01:03:10.069> workshop<01:03:10.489> on<01:03:10.609> Friday 01:03:10.900 --> 01:03:10.910 align:start position:0% oh and just the other workshop on Friday 01:03:10.910 --> 01:03:12.100 align:start position:0% oh and just the other workshop on Friday 9:00<01:03:11.299> to<01:03:11.479> 10:30 01:03:12.100 --> 01:03:12.110 align:start position:0% 9:00 to 10:30 01:03:12.110 --> 01:03:14.450 align:start position:0% 9:00 to 10:30 [Music] 01:03:14.450 --> 01:03:14.460 align:start position:0% [Music] 01:03:14.460 --> 01:03:18.510 align:start position:0% [Music] perfect<01:03:15.460> this<01:03:16.150> was<01:03:16.359> the<01:03:16.510> next<01:03:16.630> question<01:03:17.520> yeah 01:03:18.510 --> 01:03:18.520 align:start position:0% perfect this was the next question yeah 01:03:18.520 --> 01:03:37.470 align:start position:0% perfect this was the next question yeah I<01:03:18.820> truly<01:03:19.060> was<01:03:19.330> related<01:03:20.290> to<01:03:36.210> talk<01:03:37.210> a<01:03:37.240> bit<01:03:37.330> about 01:03:37.470 --> 01:03:37.480 align:start position:0% I truly was related to talk a bit about 01:03:37.480 --> 01:03:41.060 align:start position:0% I truly was related to talk a bit about like<01:03:37.930> being<01:03:38.140> proactive<01:03:39.599> the<01:03:40.599> you<01:03:40.930> know 01:03:41.060 --> 01:03:41.070 align:start position:0% like being proactive the you know 01:03:41.070 --> 01:03:43.740 align:start position:0% like being proactive the you know helping<01:03:42.070> you<01:03:42.220> know<01:03:42.340> enforce<01:03:42.820> regulations<01:03:43.119> or 01:03:43.740 --> 01:03:43.750 align:start position:0% helping you know enforce regulations or 01:03:43.750 --> 01:03:45.930 align:start position:0% helping you know enforce regulations or being<01:03:44.320> effective<01:03:44.830> our<01:03:45.040> dispensary<01:03:45.400> I<01:03:45.640> was 01:03:45.930 --> 01:03:45.940 align:start position:0% being effective our dispensary I was 01:03:45.940 --> 01:03:48.390 align:start position:0% being effective our dispensary I was wondering<01:03:46.359> if<01:03:46.450> there<01:03:46.570> was<01:03:46.720> me<01:03:46.930> like<01:03:47.920> large 01:03:48.390 --> 01:03:48.400 align:start position:0% wondering if there was me like large 01:03:48.400 --> 01:03:51.660 align:start position:0% wondering if there was me like large community<01:03:49.060> effort<01:03:49.450> to<01:03:49.960> you<01:03:50.680> know<01:03:50.770> I<01:03:51.250> have<01:03:51.460> this 01:03:51.660 --> 01:03:51.670 align:start position:0% community effort to you know I have this 01:03:51.670 --> 01:03:54.120 align:start position:0% community effort to you know I have this conversation<01:03:52.570> and<01:03:53.260> kind<01:03:53.560> of<01:03:53.650> like<01:03:53.800> something 01:03:54.120 --> 01:03:54.130 align:start position:0% conversation and kind of like something 01:03:54.130 --> 01:04:05.160 align:start position:0% conversation and kind of like something that<01:03:54.280> can<01:03:54.550> be<01:04:01.530> quite<01:04:02.530> answer<01:04:03.630> so<01:04:04.630> the<01:04:04.750> question 01:04:05.160 --> 01:04:05.170 align:start position:0% that can be quite answer so the question 01:04:05.170 --> 01:04:08.250 align:start position:0% that can be quite answer so the question is<01:04:05.410> are<01:04:05.680> there<01:04:06.220> any<01:04:06.420> community<01:04:07.420> young<01:04:07.720> woman 01:04:08.250 --> 01:04:08.260 align:start position:0% is are there any community young woman 01:04:08.260 --> 01:04:17.330 align:start position:0% is are there any community young woman created<01:04:08.470> in<01:04:08.830> these<01:04:09.030> days 01:04:17.330 --> 01:04:17.340 align:start position:0% 01:04:17.340 --> 01:04:21.300 align:start position:0% it's<01:04:18.340> also<01:04:18.520> a<01:04:18.730> new<01:04:19.030> one<01:04:19.590> in<01:04:20.590> that<01:04:20.800> farts 01:04:21.300 --> 01:04:21.310 align:start position:0% it's also a new one in that farts 01:04:21.310 --> 01:04:23.730 align:start position:0% it's also a new one in that farts International<01:04:22.030> Association<01:04:22.360> of<01:04:22.900> trusted 01:04:23.730 --> 01:04:23.740 align:start position:0% International Association of trusted 01:04:23.740 --> 01:04:26.280 align:start position:0% International Association of trusted blockchain<01:04:24.190> applications<01:04:25.000> they're<01:04:25.330> just<01:04:25.990> old 01:04:26.280 --> 01:04:26.290 align:start position:0% blockchain applications they're just old 01:04:26.290 --> 01:04:41.160 align:start position:0% blockchain applications they're just old this<01:04:26.620> summer<01:04:27.000> and<01:04:28.560> close<01:04:29.560> to<01:04:30.280> us<01:04:37.020> on<01:04:38.020> what<01:04:40.170> I've 01:04:41.160 --> 01:04:41.170 align:start position:0% this summer and close to us on what I've 01:04:41.170 --> 01:04:46.140 align:start position:0% this summer and close to us on what I've seen<01:04:42.930> a<01:04:43.930> lot<01:04:44.350> of<01:04:44.410> my<01:04:44.770> legacy<01:04:45.190> institutions 01:04:46.140 --> 01:04:46.150 align:start position:0% seen a lot of my legacy institutions 01:04:46.150 --> 01:04:50.310 align:start position:0% seen a lot of my legacy institutions such<01:04:46.750> as<01:04:46.780> bank<01:04:47.200> banks<01:04:48.180> the<01:04:49.180> institution's<01:04:50.080> big 01:04:50.310 --> 01:04:50.320 align:start position:0% such as bank banks the institution's big 01:04:50.320 --> 01:04:51.930 align:start position:0% such as bank banks the institution's big corporates<01:04:50.950> who<01:04:51.160> have<01:04:51.310> a<01:04:51.340> very<01:04:51.640> different 01:04:51.930 --> 01:04:51.940 align:start position:0% corporates who have a very different 01:04:51.940 --> 01:04:57.470 align:start position:0% corporates who have a very different agenda<01:04:52.650> we<01:04:53.650> have<01:04:53.890> so<01:04:54.400> just<01:04:55.180> trying<01:04:55.630> to<01:04:55.930> get<01:04:56.140> a 01:04:57.470 --> 01:04:57.480 align:start position:0% agenda we have so just trying to get a 01:04:57.480 --> 01:05:00.510 align:start position:0% agenda we have so just trying to get a point<01:04:58.480> across<01:04:58.740> responsible<01:04:59.740> we<01:05:00.130> have<01:05:00.250> many 01:05:00.510 --> 01:05:00.520 align:start position:0% point across responsible we have many 01:05:00.520 --> 01:05:03.450 align:start position:0% point across responsible we have many many<01:05:00.850> from<01:05:01.180> this<01:05:01.390> ecosystem<01:05:01.810> it's<01:05:02.710> difficult 01:05:03.450 --> 01:05:03.460 align:start position:0% many from this ecosystem it's difficult 01:05:03.460 --> 01:05:07.230 align:start position:0% many from this ecosystem it's difficult because<01:05:03.760> they<01:05:04.600> they're<01:05:05.850> dangerous<01:05:06.850> very<01:05:07.030> much 01:05:07.230 --> 01:05:07.240 align:start position:0% because they they're dangerous very much 01:05:07.240 --> 01:05:10.950 align:start position:0% because they they're dangerous very much cash<01:05:07.570> so<01:05:08.200> I<01:05:08.710> think<01:05:09.370> what<01:05:09.700> we<01:05:10.270> have<01:05:10.480> to<01:05:10.660> do<01:05:10.810> as 01:05:10.950 --> 01:05:10.960 align:start position:0% cash so I think what we have to do as 01:05:10.960 --> 01:05:13.050 align:start position:0% cash so I think what we have to do as Mexico<01:05:11.530> gather<01:05:12.250> the<01:05:12.520> people<01:05:12.880> who<01:05:13.000> are 01:05:13.050 --> 01:05:13.060 align:start position:0% Mexico gather the people who are 01:05:13.060 --> 01:05:16.340 align:start position:0% Mexico gather the people who are interested<01:05:13.660> in<01:05:13.750> this<01:05:14.020> driving<01:05:14.800> this<01:05:14.920> overage 01:05:16.340 --> 01:05:16.350 align:start position:0% interested in this driving this overage 01:05:16.350 --> 01:05:19.380 align:start position:0% interested in this driving this overage within<01:05:17.350> you<01:05:17.710> know<01:05:17.800> these<01:05:18.190> this<01:05:18.550> community<01:05:19.210> and 01:05:19.380 --> 01:05:19.390 align:start position:0% within you know these this community and 01:05:19.390 --> 01:05:23.040 align:start position:0% within you know these this community and not<01:05:19.660> with<01:05:20.970> the<01:05:21.970> corporates<01:05:22.540> I<01:05:22.690> mean<01:05:22.840> you<01:05:22.960> have 01:05:23.040 --> 01:05:23.050 align:start position:0% not with the corporates I mean you have 01:05:23.050 --> 01:05:24.420 align:start position:0% not with the corporates I mean you have to<01:05:23.200> talk<01:05:23.380> to<01:05:23.530> them<01:05:23.680> and<01:05:23.830> we<01:05:23.890> have<01:05:24.010> to<01:05:24.070> find 01:05:24.420 --> 01:05:24.430 align:start position:0% to talk to them and we have to find 01:05:24.430 --> 01:05:26.550 align:start position:0% to talk to them and we have to find common<01:05:24.850> ground<01:05:24.970> on<01:05:25.480> we<01:05:25.870> first<01:05:26.140> need<01:05:26.350> to<01:05:26.380> know 01:05:26.550 --> 01:05:26.560 align:start position:0% common ground on we first need to know 01:05:26.560 --> 01:05:38.109 align:start position:0% common ground on we first need to know what 01:05:38.109 --> 01:05:38.119 align:start position:0% 01:05:38.119 --> 01:05:41.089 align:start position:0% do<01:05:39.119> we<01:05:39.300> know<01:05:39.480> how<01:05:39.750> much<01:05:39.900> time<01:05:40.109> Jimmy<01:05:40.500> loves 01:05:41.089 --> 01:05:41.099 align:start position:0% do we know how much time Jimmy loves 01:05:41.099 --> 01:05:42.980 align:start position:0% do we know how much time Jimmy loves balloons<01:05:41.550> I<01:05:41.910> mean<01:05:42.270> you<01:05:42.359> get<01:05:42.510> your<01:05:42.720> best<01:05:42.810> thing 01:05:42.980 --> 01:05:42.990 align:start position:0% balloons I mean you get your best thing 01:05:42.990 --> 01:05:48.320 align:start position:0% balloons I mean you get your best thing going<01:05:43.020> for<01:05:43.349> 20<01:05:43.830> minutes<01:05:44.070> if<01:05:44.160> you<01:05:44.450> do<01:05:45.450> you<01:05:47.330> good 01:05:48.320 --> 01:05:48.330 align:start position:0% going for 20 minutes if you do you good 01:05:48.330 --> 01:05:49.640 align:start position:0% going for 20 minutes if you do you good stuff<01:05:48.540> any<01:05:48.720> time<01:05:48.930> but<01:05:49.050> I'm<01:05:49.140> just<01:05:49.170> saying<01:05:49.500> you 01:05:49.640 --> 01:05:49.650 align:start position:0% stuff any time but I'm just saying you 01:05:49.650 --> 01:05:52.339 align:start position:0% stuff any time but I'm just saying you know<01:05:49.740> about<01:05:50.490> a<01:05:50.550> minute<01:05:50.760> if<01:05:50.880> you<01:05:50.970> need<01:05:51.119> I<01:05:51.359> mean 01:05:52.339 --> 01:05:52.349 align:start position:0% know about a minute if you need I mean 01:05:52.349 --> 01:05:54.800 align:start position:0% know about a minute if you need I mean these<01:05:52.680> are<01:05:52.890> more<01:05:53.160> questions<01:05:53.760> there's<01:05:54.420> four 01:05:54.800 --> 01:05:54.810 align:start position:0% these are more questions there's four 01:05:54.810 --> 01:05:58.820 align:start position:0% these are more questions there's four more<01:05:55.080> questions<01:05:55.849> I'll<01:05:56.960> just<01:05:57.960> go<01:05:58.140> front<01:05:58.710> to 01:05:58.820 --> 01:05:58.830 align:start position:0% more questions I'll just go front to 01:05:58.830 --> 01:06:06.740 align:start position:0% more questions I'll just go front to back<01:05:59.099> so<01:06:03.500> you<01:06:04.500> could<01:06:04.650> share<01:06:04.920> some<01:06:04.980> example 01:06:06.740 --> 01:06:06.750 align:start position:0% back so you could share some example 01:06:06.750 --> 01:06:10.520 align:start position:0% back so you could share some example breakthroughs<01:06:07.740> and<01:06:08.930> blockchain<01:06:09.930> of 01:06:10.520 --> 01:06:10.530 align:start position:0% breakthroughs and blockchain of 01:06:10.530 --> 01:06:15.820 align:start position:0% breakthroughs and blockchain of observation<01:06:11.630> like<01:06:12.630> specific<01:06:13.170> example<01:06:13.710> or 01:06:15.820 --> 01:06:15.830 align:start position:0% observation like specific example or 01:06:15.830 --> 01:06:19.300 align:start position:0% observation like specific example or today<01:06:16.580> through<01:06:16.940> love<01:06:17.290> and<01:06:18.290> are<01:06:18.440> starting<01:06:18.860> to 01:06:19.300 --> 01:06:19.310 align:start position:0% today through love and are starting to 01:06:19.310 --> 01:06:21.910 align:start position:0% today through love and are starting to allow<01:06:20.060> for<01:06:20.330> more<01:06:20.420> innovation<01:06:20.600> or<01:06:21.290> innovation 01:06:21.910 --> 01:06:21.920 align:start position:0% allow for more innovation or innovation 01:06:21.920 --> 01:06:27.580 align:start position:0% allow for more innovation or innovation that<01:06:23.860> efficient<01:06:25.570> so<01:06:26.570> it<01:06:26.810> seems<01:06:27.140> that<01:06:27.320> at<01:06:27.500> the 01:06:27.580 --> 01:06:27.590 align:start position:0% that efficient so it seems that at the 01:06:27.590 --> 01:06:30.280 align:start position:0% that efficient so it seems that at the moment<01:06:27.770> it's<01:06:28.640> always<01:06:29.000> smaller<01:06:29.360> states<01:06:29.810> their 01:06:30.280 --> 01:06:30.290 align:start position:0% moment it's always smaller states their 01:06:30.290 --> 01:06:33.670 align:start position:0% moment it's always smaller states their smallest<01:06:31.070> example<01:06:31.700> I<01:06:31.850> had<01:06:32.150> done<01:06:32.620> that<01:06:33.620> I 01:06:33.670 --> 01:06:33.680 align:start position:0% smallest example I had done that I 01:06:33.680 --> 01:06:35.680 align:start position:0% smallest example I had done that I actually<01:06:33.830> come<01:06:34.190> up<01:06:34.220> with<01:06:34.400> new<01:06:34.880> solutions<01:06:35.090> to 01:06:35.680 --> 01:06:35.690 align:start position:0% actually come up with new solutions to 01:06:35.690 --> 01:06:37.960 align:start position:0% actually come up with new solutions to help<01:06:36.020> the<01:06:36.080> pocket<01:06:36.470> chain<01:06:36.650> space<01:06:36.950> this<01:06:37.730> is<01:06:37.820> not 01:06:37.960 --> 01:06:37.970 align:start position:0% help the pocket chain space this is not 01:06:37.970 --> 01:06:40.150 align:start position:0% help the pocket chain space this is not necessarily<01:06:38.540> a<01:06:38.810> good<01:06:39.200> solutions<01:06:39.800> but<01:06:39.980> they 01:06:40.150 --> 01:06:40.160 align:start position:0% necessarily a good solutions but they 01:06:40.160 --> 01:06:43.150 align:start position:0% necessarily a good solutions but they are<01:06:40.310> solutions<01:06:40.730> and<01:06:41.410> what<01:06:42.410> happens<01:06:42.860> is<01:06:43.010> you 01:06:43.150 --> 01:06:43.160 align:start position:0% are solutions and what happens is you 01:06:43.160 --> 01:06:45.730 align:start position:0% are solutions and what happens is you basically<01:06:43.520> for<01:06:44.060> example<01:06:44.390> you<01:06:44.570> have<01:06:44.780> in<01:06:45.500> the 01:06:45.730 --> 01:06:45.740 align:start position:0% basically for example you have in the 01:06:45.740 --> 01:06:49.360 align:start position:0% basically for example you have in the towers<01:06:46.160> ratio<01:06:46.670> of<01:06:46.730> Malta<01:06:47.210> they<01:06:48.040> are<01:06:49.040> in<01:06:49.250> the 01:06:49.360 --> 01:06:49.370 align:start position:0% towers ratio of Malta they are in the 01:06:49.370 --> 01:06:52.000 align:start position:0% towers ratio of Malta they are in the process<01:06:49.610> of<01:06:49.880> clearing<01:06:50.300> your<01:06:51.140> personality<01:06:51.830> to 01:06:52.000 --> 01:06:52.010 align:start position:0% process of clearing your personality to 01:06:52.010 --> 01:06:54.850 align:start position:0% process of clearing your personality to work<01:06:52.340> house<01:06:53.060> I<01:06:53.450> do<01:06:53.750> not<01:06:54.020> necessarily<01:06:54.230> agree 01:06:54.850 --> 01:06:54.860 align:start position:0% work house I do not necessarily agree 01:06:54.860 --> 01:06:56.560 align:start position:0% work house I do not necessarily agree with<01:06:54.890> how<01:06:55.220> I<01:06:55.250> did<01:06:55.610> it<01:06:55.730> because<01:06:55.850> what<01:06:56.210> they<01:06:56.360> do 01:06:56.560 --> 01:06:56.570 align:start position:0% with how I did it because what they do 01:06:56.570 --> 01:06:58.900 align:start position:0% with how I did it because what they do is<01:06:56.600> like<01:06:56.780> their<01:06:57.200> make<01:06:57.380> turn<01:06:57.650> now<01:06:58.040> into<01:06:58.460> what<01:06:58.640> is 01:06:58.900 --> 01:06:58.910 align:start position:0% is like their make turn now into what is 01:06:58.910 --> 01:07:03.180 align:start position:0% is like their make turn now into what is not<01:06:59.180> like<01:06:59.900> just<01:06:59.930> a<01:07:00.320> corporate<01:07:00.770> entity<01:07:02.170> other 01:07:03.180 --> 01:07:03.190 align:start position:0% not like just a corporate entity other 01:07:03.190 --> 01:07:06.040 align:start position:0% not like just a corporate entity other jurisdictions<01:07:04.480> Switzerland<01:07:05.480> has<01:07:05.630> been<01:07:05.840> very 01:07:06.040 --> 01:07:06.050 align:start position:0% jurisdictions Switzerland has been very 01:07:06.050 --> 01:07:09.540 align:start position:0% jurisdictions Switzerland has been very active<01:07:06.560> in<01:07:06.850> facilitating<01:07:07.900> the<01:07:08.900> crypto 01:07:09.540 --> 01:07:09.550 align:start position:0% active in facilitating the crypto 01:07:09.550 --> 01:07:11.940 align:start position:0% active in facilitating the crypto community<01:07:10.550> and<01:07:10.730> especially<01:07:10.820> in<01:07:11.300> relation<01:07:11.720> to 01:07:11.940 --> 01:07:11.950 align:start position:0% community and especially in relation to 01:07:11.950 --> 01:07:17.590 align:start position:0% community and especially in relation to securities<01:07:12.950> laws<01:07:15.760> sometimes<01:07:16.760> many<01:07:17.000> because 01:07:17.590 --> 01:07:17.600 align:start position:0% securities laws sometimes many because 01:07:17.600 --> 01:07:20.110 align:start position:0% securities laws sometimes many because smaller<01:07:17.960> states<01:07:18.530> they<01:07:18.740> in<01:07:19.190> fact<01:07:19.430> in<01:07:19.700> a<01:07:19.790> way<01:07:19.820> the 01:07:20.110 --> 01:07:20.120 align:start position:0% smaller states they in fact in a way the 01:07:20.120 --> 01:07:22.510 align:start position:0% smaller states they in fact in a way the bigger<01:07:20.300> states<01:07:20.720> and<01:07:21.340> hopefully<01:07:22.340> they're 01:07:22.510 --> 01:07:22.520 align:start position:0% bigger states and hopefully they're 01:07:22.520 --> 01:07:24.790 align:start position:0% bigger states and hopefully they're infected<01:07:22.940> with<01:07:23.090> the<01:07:23.210> right<01:07:23.420> disease<01:07:23.960> another 01:07:24.790 --> 01:07:24.800 align:start position:0% infected with the right disease another 01:07:24.800 --> 01:07:29.170 align:start position:0% infected with the right disease another wrong<01:07:25.100> one<01:07:26.320> other<01:07:27.320> land<01:07:27.830> Germany<01:07:28.610> and<01:07:28.850> other 01:07:29.170 --> 01:07:29.180 align:start position:0% wrong one other land Germany and other 01:07:29.180 --> 01:07:34.170 align:start position:0% wrong one other land Germany and other good<01:07:30.080> examples<01:07:30.110> of<01:07:30.830> jurisdictions<01:07:33.040> that's 01:07:34.170 --> 01:07:34.180 align:start position:0% good examples of jurisdictions that's 01:07:34.180 --> 01:07:36.520 align:start position:0% good examples of jurisdictions that's related<01:07:35.180> that<01:07:35.330> and<01:07:35.660> it's<01:07:35.810> now<01:07:35.960> also<01:07:36.170> we<01:07:36.470> should 01:07:36.520 --> 01:07:36.530 align:start position:0% related that and it's now also we should 01:07:36.530 --> 01:07:39.830 align:start position:0% related that and it's now also we should mention<01:07:37.300> Gibraltar<01:07:38.300> very<01:07:39.110> early<01:07:39.500> in 01:07:39.830 --> 01:07:39.840 align:start position:0% mention Gibraltar very early in 01:07:39.840 --> 01:07:42.440 align:start position:0% mention Gibraltar very early in -<01:07:40.530> regulatory<01:07:41.160> framework<01:07:41.700> which<01:07:42.270> was 01:07:42.440 --> 01:07:42.450 align:start position:0% - regulatory framework which was 01:07:42.450 --> 01:07:44.780 align:start position:0% - regulatory framework which was principal<01:07:43.080> his<01:07:43.200> principal<01:07:43.770> based<01:07:44.010> so<01:07:44.640> it's 01:07:44.780 --> 01:07:44.790 align:start position:0% principal his principal based so it's 01:07:44.790 --> 01:07:46.810 align:start position:0% principal his principal based so it's based<01:07:44.970> on<01:07:45.150> principle<01:07:45.720> what<01:07:45.930> you<01:07:46.110> know<01:07:46.260> it's 01:07:46.810 --> 01:07:46.820 align:start position:0% based on principle what you know it's 01:07:46.820 --> 01:07:51.170 align:start position:0% based on principle what you know it's technologically<01:07:47.820> agnostic<01:07:49.460> respect<01:07:50.460> wide<01:07:50.730> so 01:07:51.170 --> 01:07:51.180 align:start position:0% technologically agnostic respect wide so 01:07:51.180 --> 01:07:52.930 align:start position:0% technologically agnostic respect wide so they<01:07:51.330> can<01:07:51.510> just<01:07:51.750> you<01:07:51.960> know<01:07:52.050> they<01:07:52.200> can<01:07:52.410> kind<01:07:52.590> of 01:07:52.930 --> 01:07:52.940 align:start position:0% they can just you know they can kind of 01:07:52.940 --> 01:07:55.730 align:start position:0% they can just you know they can kind of innovate<01:07:53.940> within<01:07:54.210> those<01:07:54.510> very<01:07:55.080> principles 01:07:55.730 --> 01:07:55.740 align:start position:0% innovate within those very principles 01:07:55.740 --> 01:07:58.160 align:start position:0% innovate within those very principles but<01:07:56.280> it<01:07:56.610> might<01:07:56.850> even<01:07:57.090> also<01:07:57.390> the<01:07:57.690> ticket<01:07:58.020> of 01:07:58.160 --> 01:07:58.170 align:start position:0% but it might even also the ticket of 01:07:58.170 --> 01:08:01.340 align:start position:0% but it might even also the ticket of Gibraltar<01:07:58.890> they<01:07:59.070> are<01:07:59.810> overreaching<01:08:00.810> on<01:08:00.930> am 01:08:01.340 --> 01:08:01.350 align:start position:0% Gibraltar they are overreaching on am 01:08:01.350 --> 01:08:06.410 align:start position:0% Gibraltar they are overreaching on am now<01:08:02.210> because<01:08:03.210> they<01:08:03.830> trying<01:08:04.830> even<01:08:05.160> to<01:08:05.520> have<01:08:06.270> two 01:08:06.410 --> 01:08:06.420 align:start position:0% now because they trying even to have two 01:08:06.420 --> 01:08:09.020 align:start position:0% now because they trying even to have two supplies<01:08:06.900> pencils<01:08:07.380> are<01:08:07.860> to<01:08:08.520> follow<01:08:08.730> their 01:08:09.020 --> 01:08:09.030 align:start position:0% supplies pencils are to follow their 01:08:09.030 --> 01:08:12.200 align:start position:0% supplies pencils are to follow their laws<01:08:09.870> which<01:08:10.670> some<01:08:11.670> people<01:08:11.790> in<01:08:12.030> the<01:08:12.090> community 01:08:12.200 --> 01:08:12.210 align:start position:0% laws which some people in the community 01:08:12.210 --> 01:08:16.460 align:start position:0% laws which some people in the community supports<01:08:12.930> all<01:08:13.080> of<01:08:13.200> a<01:08:13.230> sudden<01:08:14.570> but<01:08:15.570> for<01:08:15.930> us<01:08:16.109> I 01:08:16.460 --> 01:08:16.470 align:start position:0% supports all of a sudden but for us I 01:08:16.470 --> 01:08:18.680 align:start position:0% supports all of a sudden but for us I think<01:08:16.620> the<01:08:17.160> goal<01:08:17.400> would<01:08:17.609> be<01:08:17.670> to<01:08:17.850> approach<01:08:18.450> a 01:08:18.680 --> 01:08:18.690 align:start position:0% think the goal would be to approach a 01:08:18.690 --> 01:08:21.020 align:start position:0% think the goal would be to approach a smaller<01:08:18.990> jurisdiction<01:08:19.710> we<01:08:20.040> write<01:08:20.339> you<01:08:20.880> know 01:08:21.020 --> 01:08:21.030 align:start position:0% smaller jurisdiction we write you know 01:08:21.030 --> 01:08:25.940 align:start position:0% smaller jurisdiction we write you know we<01:08:21.210> draft<01:08:22.109> something<01:08:22.920> we<01:08:23.609> think<01:08:24.270> is<01:08:24.620> good<01:08:25.620> like 01:08:25.940 --> 01:08:25.950 align:start position:0% we draft something we think is good like 01:08:25.950 --> 01:08:28.250 align:start position:0% we draft something we think is good like something<01:08:26.370> based<01:08:26.609> on<01:08:26.820> technology<01:08:27.420> and<01:08:27.810> other 01:08:28.250 --> 01:08:28.260 align:start position:0% something based on technology and other 01:08:28.260 --> 01:08:31.760 align:start position:0% something based on technology and other inventions<01:08:29.010> and<01:08:29.660> have<01:08:30.660> that<01:08:30.900> implemented<01:08:31.650> in 01:08:31.760 --> 01:08:31.770 align:start position:0% inventions and have that implemented in 01:08:31.770 --> 01:08:34.010 align:start position:0% inventions and have that implemented in the<01:08:31.859> smaller<01:08:32.220> state<01:08:32.580> and<01:08:32.910> then<01:08:33.359> hope<01:08:33.660> that<01:08:33.690> he 01:08:34.010 --> 01:08:34.020 align:start position:0% the smaller state and then hope that he 01:08:34.020 --> 01:08:36.829 align:start position:0% the smaller state and then hope that he catches<01:08:34.500> on<01:08:34.800> because<01:08:35.520> that<01:08:35.730> was<01:08:35.850> the<01:08:35.970> same<01:08:36.210> way 01:08:36.829 --> 01:08:36.839 align:start position:0% catches on because that was the same way 01:08:36.839 --> 01:08:39.440 align:start position:0% catches on because that was the same way with<01:08:37.109> too<01:08:37.320> many<01:08:37.440> LSU<01:08:38.130> is<01:08:38.250> romantic<01:08:38.730> in<01:08:38.880> Wyoming 01:08:39.440 --> 01:08:39.450 align:start position:0% with too many LSU is romantic in Wyoming 01:08:39.450 --> 01:08:42.050 align:start position:0% with too many LSU is romantic in Wyoming and<01:08:39.690> I<01:08:40.620> win<01:08:40.859> wasn't<01:08:41.220> even<01:08:41.580> really<01:08:41.790> known<01:08:42.030> for 01:08:42.050 --> 01:08:42.060 align:start position:0% and I win wasn't even really known for 01:08:42.060 --> 01:08:43.910 align:start position:0% and I win wasn't even really known for its<01:08:42.420> corporate<01:08:42.900> laws<01:08:43.109> but<01:08:43.440> then<01:08:43.620> you<01:08:43.770> know 01:08:43.910 --> 01:08:43.920 align:start position:0% its corporate laws but then you know 01:08:43.920 --> 01:08:45.980 align:start position:0% its corporate laws but then you know Delaware<01:08:44.339> took<01:08:44.550> it<01:08:44.730> and<01:08:45.030> then<01:08:45.390> it<01:08:45.510> went<01:08:45.720> all 01:08:45.980 --> 01:08:45.990 align:start position:0% Delaware took it and then it went all 01:08:45.990 --> 01:08:49.670 align:start position:0% Delaware took it and then it went all around<01:08:46.140> the<01:08:46.410> world<01:08:46.650> and<01:08:46.980> that's<01:08:47.790> how<01:08:48.180> you<01:08:48.680> get 01:08:49.670 --> 01:08:49.680 align:start position:0% around the world and that's how you get 01:08:49.680 --> 01:08:58.620 align:start position:0% around the world and that's how you get more<01:08:50.550> sprite 01:08:58.620 --> 01:08:58.630 align:start position:0% 01:08:58.630 --> 01:09:01.260 align:start position:0% like<01:08:59.440> for<01:08:59.620> builders<01:08:59.949> we're<01:09:00.699> trying<01:09:01.000> to 01:09:01.260 --> 01:09:01.270 align:start position:0% like for builders we're trying to 01:09:01.270 --> 01:09:04.620 align:start position:0% like for builders we're trying to release<01:09:01.569> the<01:09:02.429> boundaries<01:09:03.429> of<01:09:03.630> observations 01:09:04.620 --> 01:09:04.630 align:start position:0% release the boundaries of observations 01:09:04.630 --> 01:09:08.910 align:start position:0% release the boundaries of observations which<01:09:05.049> are<01:09:05.230> quite<01:09:06.219> hard<01:09:06.429> I<01:09:06.819> believe<01:09:07.920> obviously 01:09:08.910 --> 01:09:08.920 align:start position:0% which are quite hard I believe obviously 01:09:08.920 --> 01:09:12.570 align:start position:0% which are quite hard I believe obviously I<01:09:09.310> try<01:09:09.759> to<01:09:10.290> advise<01:09:11.290> every<01:09:11.650> time<01:09:11.889> this<01:09:12.130> quite 01:09:12.570 --> 01:09:12.580 align:start position:0% I try to advise every time this quite 01:09:12.580 --> 01:09:15.180 align:start position:0% I try to advise every time this quite wisely<01:09:12.909> and<01:09:13.719> also<01:09:14.080> sometimes<01:09:14.319> not<01:09:14.650> practical 01:09:15.180 --> 01:09:15.190 align:start position:0% wisely and also sometimes not practical 01:09:15.190 --> 01:09:16.740 align:start position:0% wisely and also sometimes not practical by<01:09:15.310> that<01:09:15.460> cause<01:09:15.670> there's<01:09:16.239> a<01:09:16.299> lot<01:09:16.449> of<01:09:16.569> lawyers 01:09:16.740 --> 01:09:16.750 align:start position:0% by that cause there's a lot of lawyers 01:09:16.750 --> 01:09:19.519 align:start position:0% by that cause there's a lot of lawyers that<01:09:16.870> we<01:09:17.170> don't<01:09:17.409> like<01:09:17.620> what<01:09:18.250> about<01:09:18.370> you<01:09:18.639> to<01:09:18.790> do 01:09:19.519 --> 01:09:19.529 align:start position:0% that we don't like what about you to do 01:09:19.529 --> 01:09:22.590 align:start position:0% that we don't like what about you to do it's<01:09:20.529> like<01:09:20.710> we<01:09:21.460> can<01:09:21.580> never<01:09:21.609> tell<01:09:22.120> you<01:09:22.270> what<01:09:22.449> to 01:09:22.590 --> 01:09:22.600 align:start position:0% it's like we can never tell you what to 01:09:22.600 --> 01:09:27.240 align:start position:0% it's like we can never tell you what to do<01:09:22.750> and<01:09:22.929> really<01:09:23.830> go<01:09:24.009> away<01:09:24.279> so<01:09:24.699> so<01:09:25.179> I<01:09:25.600> guess<01:09:26.250> I'm 01:09:27.240 --> 01:09:27.250 align:start position:0% do and really go away so so I guess I'm 01:09:27.250 --> 01:09:28.829 align:start position:0% do and really go away so so I guess I'm as<01:09:27.370> we<01:09:27.549> work<01:09:27.730> for<01:09:27.909> like<01:09:28.060> personal<01:09:28.600> like<01:09:28.630> he's 01:09:28.829 --> 01:09:28.839 align:start position:0% as we work for like personal like he's 01:09:28.839 --> 01:09:31.559 align:start position:0% as we work for like personal like he's like<01:09:29.529> nothing<01:09:29.889> like<01:09:29.920> legal<01:09:30.429> advice<01:09:30.699> bugs<01:09:31.029> out 01:09:31.559 --> 01:09:31.569 align:start position:0% like nothing like legal advice bugs out 01:09:31.569 --> 01:09:33.539 align:start position:0% like nothing like legal advice bugs out of<01:09:31.750> your<01:09:31.870> personal<01:09:32.109> vices<01:09:32.469> like<01:09:32.889> what<01:09:33.400> would 01:09:33.539 --> 01:09:33.549 align:start position:0% of your personal vices like what would 01:09:33.549 --> 01:09:37.320 align:start position:0% of your personal vices like what would be<01:09:33.670> like<01:09:34.650> there's<01:09:35.650> like<01:09:35.770> yes<01:09:36.159> and<01:09:36.339> yes<01:09:37.000> it's<01:09:37.239> an 01:09:37.320 --> 01:09:37.330 align:start position:0% be like there's like yes and yes it's an 01:09:37.330 --> 01:09:40.070 align:start position:0% be like there's like yes and yes it's an example<01:09:37.630> of<01:09:37.779> like<01:09:37.900> use<01:09:38.650> for<01:09:38.920> example<01:09:39.009> is<01:09:39.460> just 01:09:40.070 --> 01:09:40.080 align:start position:0% example of like use for example is just 01:09:40.080 --> 01:09:43.499 align:start position:0% example of like use for example is just operating<01:09:41.080> and<01:09:41.199> discuss<01:09:41.560> why<01:09:42.040> it's<01:09:42.940> okay<01:09:43.179> like 01:09:43.499 --> 01:09:43.509 align:start position:0% operating and discuss why it's okay like 01:09:43.509 --> 01:09:45.920 align:start position:0% operating and discuss why it's okay like I<01:09:43.600> mean<01:09:43.719> like<01:09:43.750> waiting<01:09:44.080> for<01:09:44.109> million 01:09:45.920 --> 01:09:45.930 align:start position:0% I mean like waiting for million 01:09:45.930 --> 01:09:48.990 align:start position:0% I mean like waiting for million the<01:09:46.930> overkill<01:09:47.350> in<01:09:47.529> sometimes<01:09:47.980> or<01:09:48.520> you<01:09:48.819> can 01:09:48.990 --> 01:09:49.000 align:start position:0% the overkill in sometimes or you can 01:09:49.000 --> 01:09:50.910 align:start position:0% the overkill in sometimes or you can select<01:09:49.350> recommend<01:09:50.350> to<01:09:50.560> like<01:09:50.710> blue 01:09:50.910 --> 01:09:50.920 align:start position:0% select recommend to like blue 01:09:50.920 --> 01:09:53.340 align:start position:0% select recommend to like blue jurisdiction<01:09:51.549> to<01:09:51.760> some<01:09:52.029> smaller<01:09:52.720> regions<01:09:53.170> and 01:09:53.340 --> 01:09:53.350 align:start position:0% jurisdiction to some smaller regions and 01:09:53.350 --> 01:09:55.380 align:start position:0% jurisdiction to some smaller regions and replaceable<01:09:53.920> or<01:09:54.190> like<01:09:54.790> do<01:09:55.180> things 01:09:55.380 --> 01:09:55.390 align:start position:0% replaceable or like do things 01:09:55.390 --> 01:09:57.150 align:start position:0% replaceable or like do things anonymously<01:09:55.900> is<01:09:56.560> there<01:09:56.710> anything<01:09:56.950> for 01:09:57.150 --> 01:09:57.160 align:start position:0% anonymously is there anything for 01:09:57.160 --> 01:09:58.759 align:start position:0% anonymously is there anything for sometimes<01:09:57.550> you<01:09:57.730> might<01:09:57.880> have 01:09:58.759 --> 01:09:58.769 align:start position:0% sometimes you might have 01:09:58.769 --> 01:10:04.040 align:start position:0% sometimes you might have I<01:09:58.800> would<01:09:59.550> suggest<01:09:59.789> anything 01:10:04.040 --> 01:10:04.050 align:start position:0% 01:10:04.050 --> 01:10:07.020 align:start position:0% if<01:10:05.050> you<01:10:05.289> have<01:10:05.439> the<01:10:05.590> money<01:10:06.280> you<01:10:06.610> should<01:10:06.820> get 01:10:07.020 --> 01:10:07.030 align:start position:0% if you have the money you should get 01:10:07.030 --> 01:10:09.600 align:start position:0% if you have the money you should get in-house<01:10:07.510> fired<01:10:07.900> as<01:10:08.320> in<01:10:08.590> Oz<01:10:08.739> Meyer<01:10:09.039> can<01:10:09.400> tell 01:10:09.600 --> 01:10:09.610 align:start position:0% in-house fired as in Oz Meyer can tell 01:10:09.610 --> 01:10:11.069 align:start position:0% in-house fired as in Oz Meyer can tell you<01:10:09.760> much<01:10:09.969> more<01:10:09.999> give<01:10:10.749> you<01:10:10.869> much<01:10:11.050> more 01:10:11.069 --> 01:10:11.079 align:start position:0% you much more give you much more 01:10:11.079 --> 01:10:13.290 align:start position:0% you much more give you much more frightening<01:10:11.590> advice<01:10:11.979> because<01:10:12.699> as<01:10:13.090> an 01:10:13.290 --> 01:10:13.300 align:start position:0% frightening advice because as an 01:10:13.300 --> 01:10:15.390 align:start position:0% frightening advice because as an American<01:10:14.050> law<01:10:14.289> firm<01:10:14.559> as<01:10:14.709> a<01:10:14.739> lawyer<01:10:15.010> they 01:10:15.390 --> 01:10:15.400 align:start position:0% American law firm as a lawyer they 01:10:15.400 --> 01:10:18.029 align:start position:0% American law firm as a lawyer they basically<01:10:15.909> hedge<01:10:16.239> their<01:10:16.630> risks<01:10:17.050> so<01:10:17.709> they 01:10:18.029 --> 01:10:18.039 align:start position:0% basically hedge their risks so they 01:10:18.039 --> 01:10:20.040 align:start position:0% basically hedge their risks so they don't<01:10:18.369> give<01:10:18.579> you<01:10:18.729> they<01:10:19.300> want<01:10:19.510> either<01:10:19.689> legal 01:10:20.040 --> 01:10:20.050 align:start position:0% don't give you they want either legal 01:10:20.050 --> 01:10:22.890 align:start position:0% don't give you they want either legal opinion<01:10:20.499> which<01:10:20.889> has<01:10:21.630> hundreds<01:10:22.630> of 01:10:22.890 --> 01:10:22.900 align:start position:0% opinion which has hundreds of 01:10:22.900 --> 01:10:24.839 align:start position:0% opinion which has hundreds of assumptions<01:10:23.530> and<01:10:23.739> it's<01:10:23.949> based<01:10:24.159> on<01:10:24.400> this<01:10:24.519> based 01:10:24.839 --> 01:10:24.849 align:start position:0% assumptions and it's based on this based 01:10:24.849 --> 01:10:26.910 align:start position:0% assumptions and it's based on this based on<01:10:25.030> this<01:10:25.209> then<01:10:25.630> you<01:10:25.840> can<01:10:25.989> maybe<01:10:26.170> do<01:10:26.439> this<01:10:26.619> but 01:10:26.910 --> 01:10:26.920 align:start position:0% on this then you can maybe do this but 01:10:26.920 --> 01:10:29.250 align:start position:0% on this then you can maybe do this but this<01:10:27.039> is<01:10:27.249> you<01:10:27.459> know<01:10:27.579> it<01:10:27.699> depends<01:10:28.030> so<01:10:28.780> if<01:10:29.139> you 01:10:29.250 --> 01:10:29.260 align:start position:0% this is you know it depends so if you 01:10:29.260 --> 01:10:30.600 align:start position:0% this is you know it depends so if you have<01:10:29.380> the<01:10:29.499> money<01:10:29.709> you<01:10:29.889> should<01:10:30.039> always<01:10:30.189> have<01:10:30.459> an 01:10:30.600 --> 01:10:30.610 align:start position:0% have the money you should always have an 01:10:30.610 --> 01:10:34.919 align:start position:0% have the money you should always have an in-house<01:10:30.999> lawyer<01:10:31.409> who<01:10:32.409> can<01:10:32.590> assess<01:10:33.420> the<01:10:34.420> risks 01:10:34.919 --> 01:10:34.929 align:start position:0% in-house lawyer who can assess the risks 01:10:34.929 --> 01:10:37.529 align:start position:0% in-house lawyer who can assess the risks and<01:10:35.079> also<01:10:35.769> depends<01:10:36.130> always<01:10:36.999> you<01:10:37.209> know<01:10:37.329> it's<01:10:37.479> a 01:10:37.529 --> 01:10:37.539 align:start position:0% and also depends always you know it's a 01:10:37.539 --> 01:10:39.359 align:start position:0% and also depends always you know it's a basic<01:10:37.840> spectrum<01:10:38.349> if<01:10:38.619> you<01:10:38.709> want<01:10:38.920> to<01:10:39.010> just<01:10:39.159> keep 01:10:39.359 --> 01:10:39.369 align:start position:0% basic spectrum if you want to just keep 01:10:39.369 --> 01:10:42.299 align:start position:0% basic spectrum if you want to just keep out<01:10:39.519> of<01:10:39.550> jail<01:10:39.699> you<01:10:40.599> know<01:10:40.749> like<01:10:41.380> how<01:10:41.920> much<01:10:42.099> would 01:10:42.299 --> 01:10:42.309 align:start position:0% out of jail you know like how much would 01:10:42.309 --> 01:10:43.799 align:start position:0% out of jail you know like how much would be<01:10:42.340> one<01:10:42.639> attack<01:10:42.939> and<01:10:43.119> a<01:10:43.209> lawyer<01:10:43.420> will<01:10:43.659> then 01:10:43.799 --> 01:10:43.809 align:start position:0% be one attack and a lawyer will then 01:10:43.809 --> 01:10:47.310 align:start position:0% be one attack and a lawyer will then advise<01:10:44.199> you<01:10:44.699> what<01:10:45.699> the<01:10:46.030> right<01:10:46.420> approach<01:10:46.659> is 01:10:47.310 --> 01:10:47.320 align:start position:0% advise you what the right approach is 01:10:47.320 --> 01:10:51.540 align:start position:0% advise you what the right approach is and<01:10:47.679> if<01:10:48.340> you<01:10:48.489> cannot<01:10:49.199> afford<01:10:50.199> a<01:10:50.829> lawyer<01:10:50.860> or 01:10:51.540 --> 01:10:51.550 align:start position:0% and if you cannot afford a lawyer or 01:10:51.550 --> 01:10:54.120 align:start position:0% and if you cannot afford a lawyer or like<01:10:51.789> not<01:10:51.999> in<01:10:52.510> the<01:10:52.539> house<01:10:52.780> I<01:10:53.050> think<01:10:53.260> as<01:10:53.409> you 01:10:54.120 --> 01:10:54.130 align:start position:0% like not in the house I think as you 01:10:54.130 --> 01:10:56.759 align:start position:0% like not in the house I think as you spoke<01:10:54.400> about<01:10:55.499> jurisdictions<01:10:56.499> have<01:10:56.650> been 01:10:56.759 --> 01:10:56.769 align:start position:0% spoke about jurisdictions have been 01:10:56.769 --> 01:10:59.729 align:start position:0% spoke about jurisdictions have been forum<01:10:57.159> shopping<01:10:57.489> for<01:10:58.300> your<01:10:58.570> company<01:10:59.530> is<01:10:59.709> a 01:10:59.729 --> 01:10:59.739 align:start position:0% forum shopping for your company is a 01:10:59.739 --> 01:11:02.279 align:start position:0% forum shopping for your company is a very<01:11:00.010> good<01:11:00.219> idea<01:11:00.429> and<01:11:00.999> they<01:11:01.449> are<01:11:01.659> some<01:11:01.959> group 01:11:02.279 --> 01:11:02.289 align:start position:0% very good idea and they are some group 01:11:02.289 --> 01:11:04.850 align:start position:0% very good idea and they are some group very<01:11:02.590> crypto<01:11:03.189> friendly<01:11:03.789> regular 01:11:04.850 --> 01:11:04.860 align:start position:0% very crypto friendly regular 01:11:04.860 --> 01:11:07.500 align:start position:0% very crypto friendly regular jurisdictions<01:11:05.860> where<01:11:06.699> it's<01:11:06.849> much<01:11:07.090> better<01:11:07.300> to 01:11:07.500 --> 01:11:07.510 align:start position:0% jurisdictions where it's much better to 01:11:07.510 --> 01:11:10.679 align:start position:0% jurisdictions where it's much better to have<01:11:07.659> your<01:11:08.019> company<01:11:08.349> than<01:11:08.650> others<01:11:09.269> and<01:11:10.269> also 01:11:10.679 --> 01:11:10.689 align:start position:0% have your company than others and also 01:11:10.689 --> 01:11:12.359 align:start position:0% have your company than others and also also<01:11:10.869> jurisdictions<01:11:11.679> that<01:11:11.829> are<01:11:12.039> not 01:11:12.359 --> 01:11:12.369 align:start position:0% also jurisdictions that are not 01:11:12.369 --> 01:11:14.370 align:start position:0% also jurisdictions that are not expensive<01:11:12.880> but<01:11:13.449> there<01:11:13.630> are<01:11:13.719> some<01:11:13.929> limitations 01:11:14.370 --> 01:11:14.380 align:start position:0% expensive but there are some limitations 01:11:14.380 --> 01:11:17.729 align:start position:0% expensive but there are some limitations on<01:11:15.179> and<01:11:16.179> I<01:11:16.300> mean<01:11:16.449> maybe<01:11:16.900> don't<01:11:17.380> live<01:11:17.530> in<01:11:17.650> the 01:11:17.729 --> 01:11:17.739 align:start position:0% on and I mean maybe don't live in the 01:11:17.739 --> 01:11:28.199 align:start position:0% on and I mean maybe don't live in the USA<01:11:26.400> there's<01:11:27.400> something<01:11:27.760> called<01:11:27.909> Walmart 01:11:28.199 --> 01:11:28.209 align:start position:0% USA there's something called Walmart 01:11:28.209 --> 01:11:30.540 align:start position:0% USA there's something called Walmart jurisdiction<01:11:29.139> in<01:11:29.289> the<01:11:29.439> US<01:11:29.709> has<01:11:29.889> a<01:11:29.979> very<01:11:30.010> very 01:11:30.540 --> 01:11:30.550 align:start position:0% jurisdiction in the US has a very very 01:11:30.550 --> 01:11:33.270 align:start position:0% jurisdiction in the US has a very very long<01:11:30.760> research<01:11:31.420> so<01:11:32.229> it's<01:11:32.439> not<01:11:32.679> it's<01:11:33.189> not 01:11:33.270 --> 01:11:33.280 align:start position:0% long research so it's not it's not 01:11:33.280 --> 01:11:37.109 align:start position:0% long research so it's not it's not enough<01:11:33.849> but<01:11:35.010> you're<01:11:36.010> not<01:11:36.159> giving<01:11:36.550> us 01:11:37.109 --> 01:11:37.119 align:start position:0% enough but you're not giving us 01:11:37.119 --> 01:11:39.689 align:start position:0% enough but you're not giving us or<01:11:37.629> somehow<01:11:37.840> because<01:11:38.800> if<01:11:38.949> you<01:11:39.129> are<01:11:39.399> targeting 01:11:39.689 --> 01:11:39.699 align:start position:0% or somehow because if you are targeting 01:11:39.699 --> 01:11:43.500 align:start position:0% or somehow because if you are targeting us<01:11:40.709> persons<01:11:41.709> that<01:11:42.099> you<01:11:42.159> are<01:11:42.519> quiet<01:11:42.849> right<01:11:43.239> and 01:11:43.500 --> 01:11:43.510 align:start position:0% us persons that you are quiet right and 01:11:43.510 --> 01:11:45.209 align:start position:0% us persons that you are quiet right and the<01:11:43.689> only<01:11:43.840> way<01:11:43.989> to<01:11:44.019> find<01:11:44.320> out<01:11:44.499> inclusively 01:11:45.209 --> 01:11:45.219 align:start position:0% the only way to find out inclusively 01:11:45.219 --> 01:11:47.189 align:start position:0% the only way to find out inclusively that<01:11:45.579> you're<01:11:45.849> not<01:11:45.969> targeting<01:11:46.239> us<01:11:46.659> persons<01:11:47.079> is 01:11:47.189 --> 01:11:47.199 align:start position:0% that you're not targeting us persons is 01:11:47.199 --> 01:11:49.049 align:start position:0% that you're not targeting us persons is to<01:11:47.320> do<01:11:47.439> TYC<01:11:47.800> for<01:11:48.099> everybody<01:11:48.459> because<01:11:48.639> you're 01:11:49.049 --> 01:11:49.059 align:start position:0% to do TYC for everybody because you're 01:11:49.059 --> 01:11:55.129 align:start position:0% to do TYC for everybody because you're blocking<01:11:49.510> it's<01:11:50.199> not<01:11:50.320> sufficient<01:11:52.590> easy<01:11:53.590> so<01:11:54.070> so 01:11:55.129 --> 01:11:55.139 align:start position:0% blocking it's not sufficient easy so so 01:11:55.139 --> 01:11:57.629 align:start position:0% blocking it's not sufficient easy so so unfortunately<01:11:56.139> there's<01:11:56.499> there's<01:11:56.889> a<01:11:56.949> there 01:11:57.629 --> 01:11:57.639 align:start position:0% unfortunately there's there's a there 01:11:57.639 --> 01:12:01.409 align:start position:0% unfortunately there's there's a there are<01:11:57.760> all<01:11:57.820> these<01:11:58.379> issues<01:11:59.379> around<01:12:00.090> cache<01:12:01.090> sorts 01:12:01.409 --> 01:12:01.419 align:start position:0% are all these issues around cache sorts 01:12:01.419 --> 01:12:03.479 align:start position:0% are all these issues around cache sorts of<01:12:01.539> regulations<01:12:02.019> I<01:12:02.649> want<01:12:03.010> to<01:12:03.070> say<01:12:03.249> something 01:12:03.479 --> 01:12:03.489 align:start position:0% of regulations I want to say something 01:12:03.489 --> 01:12:04.049 align:start position:0% of regulations I want to say something about<01:12:03.699> that 01:12:04.049 --> 01:12:04.059 align:start position:0% about that 01:12:04.059 --> 01:12:06.149 align:start position:0% about that if<01:12:04.209> you<01:12:04.360> can't<01:12:04.629> really<01:12:04.869> tell<01:12:05.139> you<01:12:05.619> know<01:12:05.709> who 01:12:06.149 --> 01:12:06.159 align:start position:0% if you can't really tell you know who 01:12:06.159 --> 01:12:08.669 align:start position:0% if you can't really tell you know who all<01:12:06.340> became<01:12:06.519> I<01:12:06.849> see<01:12:07.090> blocking<01:12:07.959> the<01:12:08.110> new<01:12:08.169> Asus 01:12:08.669 --> 01:12:08.679 align:start position:0% all became I see blocking the new Asus 01:12:08.679 --> 01:12:13.139 align:start position:0% all became I see blocking the new Asus really<01:12:09.550> unfortunate<01:12:10.329> but<01:12:10.649> it's<01:12:11.649> a<01:12:12.070> very<01:12:12.309> the 01:12:13.139 --> 01:12:13.149 align:start position:0% really unfortunate but it's a very the 01:12:13.149 --> 01:12:14.909 align:start position:0% really unfortunate but it's a very the reason<01:12:13.479> why<01:12:13.570> us<01:12:13.899> the<01:12:14.110> most<01:12:14.260> part<01:12:14.559> is<01:12:14.709> probably 01:12:14.909 --> 01:12:14.919 align:start position:0% reason why us the most part is probably 01:12:14.919 --> 01:12:18.000 align:start position:0% reason why us the most part is probably legal<01:12:15.909> reasons<01:12:16.300> and<01:12:16.570> it<01:12:16.659> deer<01:12:17.499> barking<01:12:17.889> is 01:12:18.000 --> 01:12:18.010 align:start position:0% legal reasons and it deer barking is 01:12:18.010 --> 01:12:20.489 align:start position:0% legal reasons and it deer barking is still<01:12:18.280> like<01:12:18.489> kind<01:12:18.729> of<01:12:19.149> it's<01:12:19.510> not<01:12:19.689> a<01:12:19.719> food 01:12:20.489 --> 01:12:20.499 align:start position:0% still like kind of it's not a food 01:12:20.499 --> 01:12:23.669 align:start position:0% still like kind of it's not a food defense<01:12:21.219> but<01:12:21.489> it's<01:12:21.639> tearing<01:12:22.119> is<01:12:22.689> a<01:12:22.989> defense 01:12:23.669 --> 01:12:23.679 align:start position:0% defense but it's tearing is a defense 01:12:23.679 --> 01:12:25.889 align:start position:0% defense but it's tearing is a defense must<01:12:23.949> times<01:12:24.280> petition<01:12:24.939> saying<01:12:25.149> us<01:12:25.419> persons 01:12:25.889 --> 01:12:25.899 align:start position:0% must times petition saying us persons 01:12:25.899 --> 01:12:28.619 align:start position:0% must times petition saying us persons are<01:12:26.110> not<01:12:26.169> allowed<01:12:26.619> to<01:12:26.800> participate<01:12:26.919> it's<01:12:27.849> not 01:12:28.619 --> 01:12:28.629 align:start position:0% are not allowed to participate it's not 01:12:28.629 --> 01:12:31.819 align:start position:0% are not allowed to participate it's not a<01:12:28.989> long-term<01:12:29.949> solution<01:12:30.309> but<01:12:31.030> that's<01:12:31.239> what 01:12:31.819 --> 01:12:31.829 align:start position:0% a long-term solution but that's what 01:12:31.829 --> 01:12:34.529 align:start position:0% a long-term solution but that's what projects<01:12:32.829> right<01:12:32.949> now<01:12:33.010> is<01:12:33.340> out<01:12:33.519> and<01:12:33.909> it's<01:12:34.149> one 01:12:34.529 --> 01:12:34.539 align:start position:0% projects right now is out and it's one 01:12:34.539 --> 01:12:37.049 align:start position:0% projects right now is out and it's one of<01:12:34.689> the<01:12:34.780> best<01:12:35.379> risky<01:12:35.949> approaches<01:12:36.639> in<01:12:36.909> this 01:12:37.049 --> 01:12:37.059 align:start position:0% of the best risky approaches in this 01:12:37.059 --> 01:12:51.170 align:start position:0% of the best risky approaches in this place<01:12:39.360> okay<01:12:44.519> you<01:12:45.519> know<01:12:45.989> like<01:12:46.989> CODIS<01:12:47.530> are 01:12:51.170 --> 01:12:51.180 align:start position:0% 01:12:51.180 --> 01:12:54.440 align:start position:0% but<01:12:51.510> kind<01:12:51.690> of<01:12:51.720> effect<01:12:52.050> that<01:12:52.140> out<01:12:52.580> I<01:12:53.580> think<01:12:54.240> one 01:12:54.440 --> 01:12:54.450 align:start position:0% but kind of effect that out I think one 01:12:54.450 --> 01:12:56.090 align:start position:0% but kind of effect that out I think one of<01:12:54.480> you<01:12:54.660> was<01:12:54.780> saying<01:12:54.990> that<01:12:55.140> maybe<01:12:55.260> the<01:12:55.620> Dow 01:12:56.090 --> 01:12:56.100 align:start position:0% of you was saying that maybe the Dow 01:12:56.100 --> 01:12:58.970 align:start position:0% of you was saying that maybe the Dow could<01:12:56.940> have<01:12:57.030> specified<01:12:57.570> that<01:12:57.840> like<01:12:58.050> code<01:12:58.710> is 01:12:58.970 --> 01:12:58.980 align:start position:0% could have specified that like code is 01:12:58.980 --> 01:13:01.850 align:start position:0% could have specified that like code is in<01:12:59.160> law<01:12:59.370> or<01:12:59.820> code<01:13:00.540> is<01:13:00.840> law<01:13:01.050> or<01:13:01.320> we're<01:13:01.530> gonna<01:13:01.650> go 01:13:01.850 --> 01:13:01.860 align:start position:0% in law or code is law or we're gonna go 01:13:01.860 --> 01:13:04.130 align:start position:0% in law or code is law or we're gonna go under<01:13:02.040> the<01:13:02.430> state<01:13:02.730> of<01:13:02.850> Delaware<01:13:03.330> with 01:13:04.130 --> 01:13:04.140 align:start position:0% under the state of Delaware with 01:13:04.140 --> 01:13:05.900 align:start position:0% under the state of Delaware with jurisdiction<01:13:04.710> does<01:13:05.100> any<01:13:05.340> of<01:13:05.430> that<01:13:05.520> even 01:13:05.900 --> 01:13:05.910 align:start position:0% jurisdiction does any of that even 01:13:05.910 --> 01:13:07.940 align:start position:0% jurisdiction does any of that even really<01:13:06.150> matter<01:13:06.360> because<01:13:07.020> I'll<01:13:07.290> honestly<01:13:07.470> like 01:13:07.940 --> 01:13:07.950 align:start position:0% really matter because I'll honestly like 01:13:07.950 --> 01:13:10.730 align:start position:0% really matter because I'll honestly like him<01:13:08.310> you<01:13:08.910> had<01:13:09.090> the<01:13:09.180> sort<01:13:09.390> of<01:13:09.450> nebulous<01:13:09.690> we<01:13:10.350> of 01:13:10.730 --> 01:13:10.740 align:start position:0% him you had the sort of nebulous we of 01:13:10.740 --> 01:13:13.100 align:start position:0% him you had the sort of nebulous we of the<01:13:11.070> Imperium<01:13:11.490> community<01:13:12.060> that<01:13:12.690> ultimately 01:13:13.100 --> 01:13:13.110 align:start position:0% the Imperium community that ultimately 01:13:13.110 --> 01:13:15.440 align:start position:0% the Imperium community that ultimately decided<01:13:13.560> what<01:13:13.740> to<01:13:13.920> do<01:13:14.070> so<01:13:14.880> they<01:13:15.000> get<01:13:15.150> any<01:13:15.300> of 01:13:15.440 --> 01:13:15.450 align:start position:0% decided what to do so they get any of 01:13:15.450 --> 01:13:17.600 align:start position:0% decided what to do so they get any of these<01:13:15.540> networks<01:13:15.780> isn't<01:13:16.290> like<01:13:16.440> the<01:13:17.040> real<01:13:17.220> legal 01:13:17.600 --> 01:13:17.610 align:start position:0% these networks isn't like the real legal 01:13:17.610 --> 01:13:19.940 align:start position:0% these networks isn't like the real legal jurisdiction<01:13:18.300> the<01:13:18.990> decentralized<01:13:19.650> network 01:13:19.940 --> 01:13:19.950 align:start position:0% jurisdiction the decentralized network 01:13:19.950 --> 01:13:23.690 align:start position:0% jurisdiction the decentralized network actually<01:13:20.310> over<01:13:20.640> I<01:13:22.280> spent<01:13:23.280> a<01:13:23.310> lot<01:13:23.400> of<01:13:23.460> time 01:13:23.690 --> 01:13:23.700 align:start position:0% actually over I spent a lot of time 01:13:23.700 --> 01:13:25.310 align:start position:0% actually over I spent a lot of time talking<01:13:23.940> to<01:13:24.150> lawyers<01:13:24.300> and<01:13:24.810> something<01:13:25.200> that 01:13:25.310 --> 01:13:25.320 align:start position:0% talking to lawyers and something that 01:13:25.320 --> 01:13:27.200 align:start position:0% talking to lawyers and something that they<01:13:25.470> charge<01:13:25.830> you<01:13:26.010> a<01:13:26.040> lot<01:13:26.280> of<01:13:26.310> money<01:13:26.490> for<01:13:26.850> and 01:13:27.200 --> 01:13:27.210 align:start position:0% they charge you a lot of money for and 01:13:27.210 --> 01:13:33.500 align:start position:0% they charge you a lot of money for and they<01:13:27.360> say<01:13:27.600> very<01:13:27.780> often<01:13:28.230> is<01:13:28.710> it<01:13:29.340> depends<01:13:29.970> so<01:13:32.510> I 01:13:33.500 --> 01:13:33.510 align:start position:0% they say very often is it depends so I 01:13:33.510 --> 01:13:38.930 align:start position:0% they say very often is it depends so I mean<01:13:34.140> my<01:13:34.260> personal<01:13:34.320> view<01:13:35.040> is<01:13:35.490> that<01:13:36.710> as<01:13:37.790> it<01:13:38.790> has 01:13:38.930 --> 01:13:38.940 align:start position:0% mean my personal view is that as it has 01:13:38.940 --> 01:13:40.940 align:start position:0% mean my personal view is that as it has a<01:13:38.970> developer<01:13:39.600> as<01:13:39.780> someone<01:13:40.020> helps<01:13:40.350> teams<01:13:40.590> work 01:13:40.940 --> 01:13:40.950 align:start position:0% a developer as someone helps teams work 01:13:40.950 --> 01:13:43.130 align:start position:0% a developer as someone helps teams work with<01:13:41.340> teams<01:13:41.550> to<01:13:41.730> build<01:13:41.910> technical<01:13:42.630> solutions 01:13:43.130 --> 01:13:43.140 align:start position:0% with teams to build technical solutions 01:13:43.140 --> 01:13:50.390 align:start position:0% with teams to build technical solutions i<01:13:45.770> I<01:13:46.770> think<01:13:47.400> that<01:13:48.950> again<01:13:49.950> I'm<01:13:50.100> not<01:13:50.220> a<01:13:50.280> lawyer 01:13:50.390 --> 01:13:50.400 align:start position:0% i I think that again I'm not a lawyer 01:13:50.400 --> 01:13:52.280 align:start position:0% i I think that again I'm not a lawyer and<01:13:50.700> um<01:13:50.940> you<01:13:51.240> know<01:13:51.330> not<01:13:51.660> all<01:13:51.900> of<01:13:51.930> a<01:13:52.050> sudden 01:13:52.280 --> 01:13:52.290 align:start position:0% and um you know not all of a sudden 01:13:52.290 --> 01:13:53.810 align:start position:0% and um you know not all of a sudden pound<01:13:52.530> you<01:13:52.740> know<01:13:52.800> only<01:13:53.100> a<01:13:53.220> minority<01:13:53.430> of<01:13:53.700> us 01:13:53.810 --> 01:13:53.820 align:start position:0% pound you know only a minority of us 01:13:53.820 --> 01:13:57.650 align:start position:0% pound you know only a minority of us about<01:13:54.060> lawyers<01:13:54.450> the<01:13:55.200> lawyers<01:13:56.240> want<01:13:57.240> you<01:13:57.570> know 01:13:57.650 --> 01:13:57.660 align:start position:0% about lawyers the lawyers want you know 01:13:57.660 --> 01:14:00.020 align:start position:0% about lawyers the lawyers want you know their<01:13:57.840> business<01:13:58.050> is<01:13:58.680> to<01:13:58.740> sell<01:13:58.920> my<01:13:59.310> business<01:13:59.670> so 01:14:00.020 --> 01:14:00.030 align:start position:0% their business is to sell my business so 01:14:00.030 --> 01:14:02.420 align:start position:0% their business is to sell my business so people<01:14:00.180> technical<01:14:00.720> advice<01:14:00.990> and<01:14:01.380> so<01:14:01.710> I<01:14:01.740> I'm<01:14:02.160> all 01:14:02.420 --> 01:14:02.430 align:start position:0% people technical advice and so I I'm all 01:14:02.430 --> 01:14:06.350 align:start position:0% people technical advice and so I I'm all under<01:14:02.700> the<01:14:02.790> same<01:14:03.030> sort<01:14:03.330> of<01:14:03.510> I<01:14:04.790> guess<01:14:05.790> moral 01:14:06.350 --> 01:14:06.360 align:start position:0% under the same sort of I guess moral 01:14:06.360 --> 01:14:08.480 align:start position:0% under the same sort of I guess moral hazards<01:14:06.810> that<01:14:07.230> lawyers<01:14:07.650> fall<01:14:07.860> under<01:14:08.160> because 01:14:08.480 --> 01:14:08.490 align:start position:0% hazards that lawyers fall under because 01:14:08.490 --> 01:14:09.920 align:start position:0% hazards that lawyers fall under because their<01:14:08.670> job<01:14:08.910> is<01:14:09.150> to<01:14:09.180> sell<01:14:09.420> you<01:14:09.540> legal<01:14:09.870> advice 01:14:09.920 --> 01:14:09.930 align:start position:0% their job is to sell you legal advice 01:14:09.930 --> 01:14:12.410 align:start position:0% their job is to sell you legal advice and<01:14:10.470> so<01:14:10.890> I<01:14:10.920> immediately<01:14:11.280> like<01:14:11.820> see<01:14:12.120> it<01:14:12.240> you 01:14:12.410 --> 01:14:12.420 align:start position:0% and so I immediately like see it you 01:14:12.420 --> 01:14:15.020 align:start position:0% and so I immediately like see it you know<01:14:12.540> oh<01:14:12.780> that<01:14:13.170> guy<01:14:13.350> is<01:14:13.410> totally<01:14:13.980> like<01:14:14.460> track 01:14:15.020 --> 01:14:15.030 align:start position:0% know oh that guy is totally like track 01:14:15.030 --> 01:14:16.790 align:start position:0% know oh that guy is totally like track this<01:14:15.270> conversation<01:14:15.960> offer<01:14:16.140> another<01:14:16.440> 15 01:14:16.790 --> 01:14:16.800 align:start position:0% this conversation offer another 15 01:14:16.800 --> 01:14:18.290 align:start position:0% this conversation offer another 15 minutes<01:14:17.070> for<01:14:17.160> no<01:14:17.280> reason<01:14:17.670> and<01:14:17.760> you<01:14:17.850> can<01:14:17.970> just 01:14:18.290 --> 01:14:18.300 align:start position:0% minutes for no reason and you can just 01:14:18.300 --> 01:14:22.340 align:start position:0% minutes for no reason and you can just keep<01:14:18.420> it<01:14:18.480> under<01:14:18.720> dollars<01:14:18.990> right<01:14:19.410> and<01:14:21.230> you<01:14:22.230> know 01:14:22.340 --> 01:14:22.350 align:start position:0% keep it under dollars right and you know 01:14:22.350 --> 01:14:24.830 align:start position:0% keep it under dollars right and you know sue<01:14:22.620> so<01:14:23.070> do<01:14:23.550> these<01:14:23.700> protections<01:14:24.150> help<01:14:24.570> I<01:14:24.750> mean 01:14:24.830 --> 01:14:24.840 align:start position:0% sue so do these protections help I mean 01:14:24.840 --> 01:14:26.990 align:start position:0% sue so do these protections help I mean they<01:14:25.020> do<01:14:25.080> help<01:14:25.620> and<01:14:25.770> is<01:14:25.890> in<01:14:26.190> a<01:14:26.310> particular 01:14:26.990 --> 01:14:27.000 align:start position:0% they do help and is in a particular 01:14:27.000 --> 01:14:29.210 align:start position:0% they do help and is in a particular abstract<01:14:27.630> frame<01:14:27.960> right<01:14:28.710> but<01:14:28.920> in<01:14:29.070> your 01:14:29.210 --> 01:14:29.220 align:start position:0% abstract frame right but in your 01:14:29.220 --> 01:14:30.549 align:start position:0% abstract frame right but in your particular<01:14:29.850> instance 01:14:30.549 --> 01:14:30.559 align:start position:0% particular instance 01:14:30.559 --> 01:14:32.919 align:start position:0% particular instance particular<01:14:31.069> case<01:14:31.309> you<01:14:32.209> have<01:14:32.239> to<01:14:32.629> have<01:14:32.780> the 01:14:32.919 --> 01:14:32.929 align:start position:0% particular case you have to have the 01:14:32.929 --> 01:14:35.290 align:start position:0% particular case you have to have the sort<01:14:33.139> of<01:14:33.169> sophistication<01:14:33.769> the<01:14:34.129> savvy<01:14:34.550> as<01:14:34.760> a 01:14:35.290 --> 01:14:35.300 align:start position:0% sort of sophistication the savvy as a 01:14:35.300 --> 01:14:38.439 align:start position:0% sort of sophistication the savvy as a person<01:14:36.019> participating<01:14:36.619> in<01:14:36.829> this<01:14:37.010> business<01:14:37.789> or 01:14:38.439 --> 01:14:38.449 align:start position:0% person participating in this business or 01:14:38.449 --> 01:14:39.569 align:start position:0% person participating in this business or whatever<01:14:38.719> you<01:14:38.780> want<01:14:38.929> to<01:14:38.959> call<01:14:39.139> it<01:14:39.289> community 01:14:39.569 --> 01:14:39.579 align:start position:0% whatever you want to call it community 01:14:39.579 --> 01:14:42.520 align:start position:0% whatever you want to call it community to<01:14:40.579> to<01:14:41.179> make<01:14:41.629> that<01:14:41.839> decision<01:14:42.079> for<01:14:42.260> yourself 01:14:42.520 --> 01:14:42.530 align:start position:0% to to make that decision for yourself 01:14:42.530 --> 01:14:45.639 align:start position:0% to to make that decision for yourself like<01:14:43.129> ultimately<01:14:43.639> your<01:14:44.059> lawyers<01:14:44.419> you<01:14:45.260> know<01:14:45.379> to 01:14:45.639 --> 01:14:45.649 align:start position:0% like ultimately your lawyers you know to 01:14:45.649 --> 01:14:47.290 align:start position:0% like ultimately your lawyers you know to be<01:14:45.739> frank<01:14:45.919> I'm<01:14:46.399> almost<01:14:46.639> certainly<01:14:46.999> not<01:14:47.179> going 01:14:47.290 --> 01:14:47.300 align:start position:0% be frank I'm almost certainly not going 01:14:47.300 --> 01:14:49.899 align:start position:0% be frank I'm almost certainly not going to<01:14:47.389> go<01:14:47.479> to<01:14:47.539> jail<01:14:47.749> and<01:14:48.079> you<01:14:48.139> know<01:14:48.859> it's<01:14:49.609> your 01:14:49.899 --> 01:14:49.909 align:start position:0% to go to jail and you know it's your 01:14:49.909 --> 01:14:52.479 align:start position:0% to go to jail and you know it's your it's<01:14:50.359> your<01:14:50.539> own<01:14:50.780> you<01:14:51.439> know<01:14:51.530> you<01:14:51.679> know<01:14:52.219> do<01:14:52.339> your 01:14:52.479 --> 01:14:52.489 align:start position:0% it's your own you know you know do your 01:14:52.489 --> 01:14:53.619 align:start position:0% it's your own you know you know do your own<01:14:52.609> research<01:14:52.639> you<01:14:53.179> have<01:14:53.269> to<01:14:53.329> protect 01:14:53.619 --> 01:14:53.629 align:start position:0% own research you have to protect 01:14:53.629 --> 01:14:57.219 align:start position:0% own research you have to protect yourself<01:14:53.780> I<01:14:54.469> don't<01:14:55.069> think<01:14:55.459> that<01:14:55.639> it's<01:14:56.199> so<01:14:57.199> I 01:14:57.219 --> 01:14:57.229 align:start position:0% yourself I don't think that it's so I 01:14:57.229 --> 01:14:59.500 align:start position:0% yourself I don't think that it's so I guess<01:14:57.559> I<01:14:57.679> was<01:14:58.249> inadvertently<01:14:59.119> completely 01:14:59.500 --> 01:14:59.510 align:start position:0% guess I was inadvertently completely 01:14:59.510 --> 01:15:01.329 align:start position:0% guess I was inadvertently completely skipped<01:14:59.809> a<01:14:59.899> part<01:15:00.109> of<01:15:00.169> your<01:15:00.289> question<01:15:00.409> no<01:15:01.099> I<01:15:01.129> do 01:15:01.329 --> 01:15:01.339 align:start position:0% skipped a part of your question no I do 01:15:01.339 --> 01:15:03.339 align:start position:0% skipped a part of your question no I do not<01:15:01.519> think<01:15:01.760> it<01:15:01.939> is<01:15:01.969> the<01:15:02.300> blockchain<01:15:02.719> community 01:15:03.339 --> 01:15:03.349 align:start position:0% not think it is the blockchain community 01:15:03.349 --> 01:15:04.839 align:start position:0% not think it is the blockchain community that<01:15:03.499> ultimately<01:15:03.859> makes<01:15:04.069> the<01:15:04.189> decision<01:15:04.609> I 01:15:04.839 --> 01:15:04.849 align:start position:0% that ultimately makes the decision I 01:15:04.849 --> 01:15:06.250 align:start position:0% that ultimately makes the decision I think<01:15:05.059> it's<01:15:05.239> the<01:15:05.300> people<01:15:05.449> with<01:15:05.659> guns<01:15:05.869> will 01:15:06.250 --> 01:15:06.260 align:start position:0% think it's the people with guns will 01:15:06.260 --> 01:15:08.229 align:start position:0% think it's the people with guns will chase<01:15:06.409> after<01:15:06.619> you<01:15:06.859> kick<01:15:07.069> on<01:15:07.249> your<01:15:07.280> door<01:15:07.639> that 01:15:08.229 --> 01:15:08.239 align:start position:0% chase after you kick on your door that 01:15:08.239 --> 01:15:20.570 align:start position:0% chase after you kick on your door that are<01:15:08.510> old 01:15:20.570 --> 01:15:20.580 align:start position:0% 01:15:20.580 --> 01:15:25.130 align:start position:0% I<01:15:23.270> don't<01:15:24.270> know<01:15:24.330> I<01:15:24.360> would<01:15:24.510> also<01:15:24.660> say<01:15:24.930> that<01:15:24.960> I 01:15:25.130 --> 01:15:25.140 align:start position:0% I don't know I would also say that I 01:15:25.140 --> 01:15:26.600 align:start position:0% I don't know I would also say that I would<01:15:25.500> love<01:15:25.680> to<01:15:25.800> see<01:15:25.950> an<01:15:26.010> initiative<01:15:26.430> from 01:15:26.600 --> 01:15:26.610 align:start position:0% would love to see an initiative from 01:15:26.610 --> 01:15:28.640 align:start position:0% would love to see an initiative from this<01:15:26.940> community<01:15:27.480> because<01:15:27.960> lawyers<01:15:28.260> and<01:15:28.620> that 01:15:28.640 --> 01:15:28.650 align:start position:0% this community because lawyers and that 01:15:28.650 --> 01:15:30.680 align:start position:0% this community because lawyers and that mr.<01:15:28.980> Lee<01:15:29.100> incentivize<01:15:29.640> to<01:15:29.670> get<01:15:30.090> people<01:15:30.450> active 01:15:30.680 --> 01:15:30.690 align:start position:0% mr. Lee incentivize to get people active 01:15:30.690 --> 01:15:32.780 align:start position:0% mr. Lee incentivize to get people active advice<01:15:31.260> not<01:15:31.860> to<01:15:31.920> see<01:15:32.220> some<01:15:32.490> sort<01:15:32.730> of 01:15:32.780 --> 01:15:32.790 align:start position:0% advice not to see some sort of 01:15:32.790 --> 01:15:34.220 align:start position:0% advice not to see some sort of initiative<01:15:33.090> come<01:15:33.360> out<01:15:33.480> of<01:15:33.600> the<01:15:33.690> community<01:15:34.080> to 01:15:34.220 --> 01:15:34.230 align:start position:0% initiative come out of the community to 01:15:34.230 --> 01:15:35.930 align:start position:0% initiative come out of the community to finance<01:15:34.650> and<01:15:34.920> find<01:15:35.130> that<01:15:35.250> ethical<01:15:35.640> space 01:15:35.930 --> 01:15:35.940 align:start position:0% finance and find that ethical space 01:15:35.940 --> 01:15:38.330 align:start position:0% finance and find that ethical space apply<01:15:36.360> positive<01:15:36.660> people<01:15:37.230> advice<01:15:37.530> how<01:15:38.070> people 01:15:38.330 --> 01:15:38.340 align:start position:0% apply positive people advice how people 01:15:38.340 --> 01:15:40.070 align:start position:0% apply positive people advice how people should<01:15:38.520> have<01:15:38.730> protections<01:15:39.300> around<01:15:39.390> that<01:15:39.660> it's 01:15:40.070 --> 01:15:40.080 align:start position:0% should have protections around that it's 01:15:40.080 --> 01:15:45.200 align:start position:0% should have protections around that it's a<01:15:40.140> long<01:15:40.380> ask<01:15:40.740> but<01:15:41.190> I<01:15:41.220> think<01:15:41.520> that's<01:15:44.060> but<01:15:45.060> that's 01:15:45.200 --> 01:15:45.210 align:start position:0% a long ask but I think that's but that's 01:15:45.210 --> 01:15:46.610 align:start position:0% a long ask but I think that's but that's what<01:15:45.330> I<01:15:45.420> see<01:15:45.570> about<01:15:45.720> the<01:15:45.930> kind<01:15:46.140> of<01:15:46.200> it<01:15:46.350> doesn't 01:15:46.610 --> 01:15:46.620 align:start position:0% what I see about the kind of it doesn't 01:15:46.620 --> 01:15:49.490 align:start position:0% what I see about the kind of it doesn't that's<01:15:46.890> very<01:15:47.100> question<01:15:47.910> for<01:15:48.030> myself<01:15:48.660> and<01:15:49.440> I 01:15:49.490 --> 01:15:49.500 align:start position:0% that's very question for myself and I 01:15:49.500 --> 01:15:51.260 align:start position:0% that's very question for myself and I see<01:15:49.650> that<01:15:49.770> there<01:15:49.890> is<01:15:49.920> like<01:15:50.100> a<01:15:50.250> vacuum<01:15:50.490> and<01:15:50.880> that 01:15:51.260 --> 01:15:51.270 align:start position:0% see that there is like a vacuum and that 01:15:51.270 --> 01:15:54.560 align:start position:0% see that there is like a vacuum and that real<01:15:51.480> need<01:15:51.720> for<01:15:51.750> this<01:15:52.110> for<01:15:52.410> it<01:15:52.500> does<01:15:53.330> the<01:15:54.330> other 01:15:54.560 --> 01:15:54.570 align:start position:0% real need for this for it does the other 01:15:54.570 --> 01:16:02.870 align:start position:0% real need for this for it does the other issue<01:15:55.940> there's<01:15:56.940> the<01:15:57.300> law<01:15:57.510> which<01:16:01.880> you're 01:16:02.870 --> 01:16:02.880 align:start position:0% issue there's the law which you're 01:16:02.880 --> 01:16:06.230 align:start position:0% issue there's the law which you're saying<01:16:03.060> you<01:16:03.240> can<01:16:03.360> have<01:16:03.510> all<01:16:03.660> these<01:16:04.040> legal<01:16:05.240> kind 01:16:06.230 --> 01:16:06.240 align:start position:0% saying you can have all these legal kind 01:16:06.240 --> 01:16:08.450 align:start position:0% saying you can have all these legal kind of<01:16:06.360> complete<01:16:06.720> things<01:16:06.960> in<01:16:07.170> place<01:16:07.410> but<01:16:07.740> then<01:16:08.160> a 01:16:08.450 --> 01:16:08.460 align:start position:0% of complete things in place but then a 01:16:08.460 --> 01:16:09.890 align:start position:0% of complete things in place but then a bunch<01:16:08.730> of<01:16:08.850> people<01:16:09.120> decided<01:16:09.450> to<01:16:09.570> do<01:16:09.690> something 01:16:09.890 --> 01:16:09.900 align:start position:0% bunch of people decided to do something 01:16:09.900 --> 01:16:12.890 align:start position:0% bunch of people decided to do something anyway<01:16:10.800> now<01:16:11.040> is<01:16:11.220> that<01:16:11.430> legitimate<01:16:11.900> and 01:16:12.890 --> 01:16:12.900 align:start position:0% anyway now is that legitimate and 01:16:12.900 --> 01:16:16.390 align:start position:0% anyway now is that legitimate and perhaps<01:16:13.680> some<01:16:14.130> of<01:16:14.280> the<01:16:14.400> framing<01:16:14.940> is<01:16:15.360> a<01:16:15.420> way<01:16:15.840> of 01:16:16.390 --> 01:16:16.400 align:start position:0% perhaps some of the framing is a way of 01:16:16.400 --> 01:16:19.400 align:start position:0% perhaps some of the framing is a way of creating<01:16:17.400> or<01:16:17.610> disproving<01:16:18.510> the<01:16:18.540> legitimacy<01:16:19.200> so 01:16:19.400 --> 01:16:19.410 align:start position:0% creating or disproving the legitimacy so 01:16:19.410 --> 01:16:23.150 align:start position:0% creating or disproving the legitimacy so someone<01:16:19.830> could<01:16:20.030> potentially<01:16:21.030> sue<01:16:21.740> so<01:16:22.740> I<01:16:22.950> mean 01:16:23.150 --> 01:16:23.160 align:start position:0% someone could potentially sue so I mean 01:16:23.160 --> 01:16:25.910 align:start position:0% someone could potentially sue so I mean I<01:16:23.190> imagine<01:16:23.580> part<01:16:24.210> of<01:16:24.300> but<01:16:24.900> animated<01:16:25.560> the 01:16:25.910 --> 01:16:25.920 align:start position:0% I imagine part of but animated the 01:16:25.920 --> 01:16:27.560 align:start position:0% I imagine part of but animated the decision<01:16:26.460> to<01:16:26.670> go<01:16:26.820> and<01:16:27.000> give<01:16:27.150> him<01:16:27.300> his<01:16:27.420> money 01:16:27.560 --> 01:16:27.570 align:start position:0% decision to go and give him his money 01:16:27.570 --> 01:16:29.960 align:start position:0% decision to go and give him his money back<01:16:27.810> as<01:16:28.140> well<01:16:28.350> this<01:16:28.980> is<01:16:29.310> the<01:16:29.460> awkward<01:16:29.850> Moe 01:16:29.960 --> 01:16:29.970 align:start position:0% back as well this is the awkward Moe 01:16:29.970 --> 01:16:32.030 align:start position:0% back as well this is the awkward Moe thing<01:16:30.240> to<01:16:30.420> do<01:16:30.630> to<01:16:31.170> get<01:16:31.290> people's<01:16:31.650> money<01:16:31.800> that 01:16:32.030 --> 01:16:32.040 align:start position:0% thing to do to get people's money that 01:16:32.040 --> 01:16:34.070 align:start position:0% thing to do to get people's money that was<01:16:32.190> based<01:16:32.490> on<01:16:32.700> the<01:16:32.840> expectations<01:16:33.840> that 01:16:34.070 --> 01:16:34.080 align:start position:0% was based on the expectations that 01:16:34.080 --> 01:16:36.200 align:start position:0% was based on the expectations that people<01:16:34.140> wouldn't<01:16:34.650> just<01:16:34.950> willy<01:16:35.580> willy<01:16:36.060> nilly 01:16:36.200 --> 01:16:36.210 align:start position:0% people wouldn't just willy willy nilly 01:16:36.210 --> 01:16:38.780 align:start position:0% people wouldn't just willy willy nilly lose<01:16:36.660> their<01:16:36.810> money<01:16:37.020> to<01:16:37.290> do<01:16:37.770> so<01:16:37.980> a<01:16:38.010> bug<01:16:38.520> coat 01:16:38.780 --> 01:16:38.790 align:start position:0% lose their money to do so a bug coat 01:16:38.790 --> 01:16:42.170 align:start position:0% lose their money to do so a bug coat that<01:16:39.120> wasn't<01:16:39.810> their<01:16:40.440> power<01:16:40.980> to<01:16:41.280> be<01:16:41.340> entrusted 01:16:42.170 --> 01:16:42.180 align:start position:0% that wasn't their power to be entrusted 01:16:42.180 --> 01:16:43.730 align:start position:0% that wasn't their power to be entrusted that<01:16:42.210> to<01:16:42.750> the<01:16:42.870> developers<01:16:43.350> to<01:16:43.380> do<01:16:43.590> that's 01:16:43.730 --> 01:16:43.740 align:start position:0% that to the developers to do that's 01:16:43.740 --> 01:16:44.430 align:start position:0% that to the developers to do that's infallibly 01:16:44.430 --> 01:16:44.440 align:start position:0% infallibly 01:16:44.440 --> 01:16:46.410 align:start position:0% infallibly right<01:16:44.560> thing<01:16:44.770> to<01:16:44.860> do<01:16:45.100> in<01:16:45.730> order<01:16:46.060> to<01:16:46.120> facilitate 01:16:46.410 --> 01:16:46.420 align:start position:0% right thing to do in order to facilitate 01:16:46.420 --> 01:16:48.630 align:start position:0% right thing to do in order to facilitate and<01:16:47.320> keep<01:16:47.560> experiment<01:16:48.160> voting<01:16:48.489> right 01:16:48.630 --> 01:16:48.640 align:start position:0% and keep experiment voting right 01:16:48.640 --> 01:16:51.000 align:start position:0% and keep experiment voting right business<01:16:49.000> it's<01:16:49.570> about<01:16:49.810> that<01:16:50.380> trust<01:16:50.830> between 01:16:51.000 --> 01:16:51.010 align:start position:0% business it's about that trust between 01:16:51.010 --> 01:16:54.120 align:start position:0% business it's about that trust between us<01:16:51.790> right<01:16:52.270> commit<01:16:52.570> to<01:16:52.750> maybe<01:16:53.410> others<01:16:53.890> thought 01:16:54.120 --> 01:16:54.130 align:start position:0% us right commit to maybe others thought 01:16:54.130 --> 01:16:56.040 align:start position:0% us right commit to maybe others thought that<01:16:54.190> that<01:16:54.489> was<01:16:54.790> an<01:16:54.940> illegitimate<01:16:55.210> nap<01:16:55.780> like 01:16:56.040 --> 01:16:56.050 align:start position:0% that that was an illegitimate nap like 01:16:56.050 --> 01:16:58.110 align:start position:0% that that was an illegitimate nap like who<01:16:56.290> are<01:16:56.410> you<01:16:56.530> to<01:16:56.650> come<01:16:56.830> in<01:16:57.010> and<01:16:57.550> do<01:16:57.730> this<01:16:57.910> first 01:16:58.110 --> 01:16:58.120 align:start position:0% who are you to come in and do this first 01:16:58.120 --> 01:17:01.890 align:start position:0% who are you to come in and do this first to<01:16:58.270> the<01:16:58.360> coast<01:16:58.570> so<01:16:58.870> it's<01:16:59.699> so<01:17:00.699> those<01:17:00.969> are<01:17:01.180> you 01:17:01.890 --> 01:17:01.900 align:start position:0% to the coast so it's so those are you 01:17:01.900 --> 01:17:03.510 align:start position:0% to the coast so it's so those are you those<01:17:02.410> are<01:17:02.560> the<01:17:02.650> questions<01:17:03.100> that<01:17:03.160> lead<01:17:03.489> to 01:17:03.510 --> 01:17:03.520 align:start position:0% those are the questions that lead to 01:17:03.520 --> 01:17:06.300 align:start position:0% those are the questions that lead to fundamentals<01:17:04.480> if<01:17:05.080> you<01:17:05.260> just<01:17:05.469> use<01:17:05.770> a<01:17:05.800> lot<01:17:06.190> of 01:17:06.300 --> 01:17:06.310 align:start position:0% fundamentals if you just use a lot of 01:17:06.310 --> 01:17:09.360 align:start position:0% fundamentals if you just use a lot of different<01:17:06.730> ways<01:17:06.880> to<01:17:07.840> to<01:17:08.739> buttress<01:17:09.010> your 01:17:09.360 --> 01:17:09.370 align:start position:0% different ways to to buttress your 01:17:09.370 --> 01:17:10.770 align:start position:0% different ways to to buttress your position<01:17:09.820> right<01:17:09.969> so<01:17:10.210> someone<01:17:10.480> could<01:17:10.719> have 01:17:10.770 --> 01:17:10.780 align:start position:0% position right so someone could have 01:17:10.780 --> 01:17:13.620 align:start position:0% position right so someone could have seen<01:17:11.050> that's<01:17:11.410> not<01:17:11.710> legitimate<01:17:11.910> based<01:17:12.910> on<01:17:13.120> this 01:17:13.620 --> 01:17:13.630 align:start position:0% seen that's not legitimate based on this 01:17:13.630 --> 01:17:16.290 align:start position:0% seen that's not legitimate based on this set<01:17:13.900> of<01:17:14.020> rules<01:17:14.890> that<01:17:15.040> we<01:17:15.190> had<01:17:15.400> a<01:17:15.670> long<01:17:15.880> and 01:17:16.290 --> 01:17:16.300 align:start position:0% set of rules that we had a long and 01:17:16.300 --> 01:17:22.189 align:start position:0% set of rules that we had a long and enduring<01:17:16.989> according<01:17:18.120> a<01:17:19.120> whole<01:17:19.540> body<01:17:19.840> of<01:17:20.020> law 01:17:22.189 --> 01:17:22.199 align:start position:0% enduring according a whole body of law 01:17:22.199 --> 01:17:24.270 align:start position:0% enduring according a whole body of law because<01:17:23.199> they<01:17:23.320> were<01:17:23.469> under<01:17:23.650> this<01:17:23.830> corporate 01:17:24.270 --> 01:17:24.280 align:start position:0% because they were under this corporate 01:17:24.280 --> 01:17:26.459 align:start position:0% because they were under this corporate we<01:17:24.730> were<01:17:24.820> making<01:17:25.090> an<01:17:25.150> analogy<01:17:25.330> now<01:17:25.780> to<01:17:25.840> these 01:17:26.459 --> 01:17:26.469 align:start position:0% we were making an analogy now to these 01:17:26.469 --> 01:17:28.200 align:start position:0% we were making an analogy now to these cases<01:17:26.980> and<01:17:27.310> so<01:17:27.460> what<01:17:27.699> they're<01:17:27.850> where<01:17:28.090> they 01:17:28.200 --> 01:17:28.210 align:start position:0% cases and so what they're where they 01:17:28.210 --> 01:17:31.680 align:start position:0% cases and so what they're where they have<01:17:28.390> legitimacy<01:17:29.170> and<01:17:29.469> the<01:17:30.010> remedy<01:17:30.340> is<01:17:30.460> X<01:17:30.730> if 01:17:31.680 --> 01:17:31.690 align:start position:0% have legitimacy and the remedy is X if 01:17:31.690 --> 01:17:32.760 align:start position:0% have legitimacy and the remedy is X if someone<01:17:31.989> else<01:17:32.080> can<01:17:32.290> make<01:17:32.410> a<01:17:32.440> different 01:17:32.760 --> 01:17:32.770 align:start position:0% someone else can make a different 01:17:32.770 --> 01:17:35.310 align:start position:0% someone else can make a different argument<01:17:32.860> so<01:17:33.489> it's<01:17:33.670> the<01:17:34.090> law<01:17:34.600> can<01:17:34.810> be<01:17:34.840> used<01:17:35.050> as 01:17:35.310 --> 01:17:35.320 align:start position:0% argument so it's the law can be used as 01:17:35.320 --> 01:17:39.870 align:start position:0% argument so it's the law can be used as tools<01:17:35.680> that<01:17:35.980> allow<01:17:36.190> people<01:17:38.430> so<01:17:39.430> there<01:17:39.820> are 01:17:39.870 --> 01:17:39.880 align:start position:0% tools that allow people so there are 01:17:39.880 --> 01:17:42.510 align:start position:0% tools that allow people so there are tools<01:17:40.150> to<01:17:40.449> make<01:17:40.750> to<01:17:41.050> put<01:17:41.530> hurdles<01:17:42.010> and<01:17:42.100> nice<01:17:42.310> to 01:17:42.510 --> 01:17:42.520 align:start position:0% tools to make to put hurdles and nice to 01:17:42.520 --> 01:17:46.430 align:start position:0% tools to make to put hurdles and nice to see<01:17:42.699> you<01:17:43.140> guys<01:17:44.140> again<01:17:44.199> so<01:17:44.949> what<01:17:45.310> you<01:17:45.460> do<01:17:45.610> us<01:17:45.790> to 01:17:46.430 --> 01:17:46.440 align:start position:0% see you guys again so what you do us to 01:17:46.440 --> 01:17:48.720 align:start position:0% see you guys again so what you do us to minimize<01:17:47.440> the<01:17:47.620> risk<01:17:47.890> I<01:17:48.040> think<01:17:48.219> your<01:17:48.310> questions 01:17:48.720 --> 01:17:48.730 align:start position:0% minimize the risk I think your questions 01:17:48.730 --> 01:17:50.610 align:start position:0% minimize the risk I think your questions always<01:17:48.940> how<01:17:49.420> do<01:17:49.480> I<01:17:49.690> minimize<01:17:49.810> the<01:17:50.260> risk 01:17:50.610 --> 01:17:50.620 align:start position:0% always how do I minimize the risk 01:17:50.620 --> 01:17:53.700 align:start position:0% always how do I minimize the risk I<01:17:50.770> put<01:17:51.400> hurdles<01:17:51.969> in<01:17:52.090> place<01:17:52.330> I<01:17:52.630> put<01:17:53.199> a<01:17:53.260> choice<01:17:53.530> of 01:17:53.700 --> 01:17:53.710 align:start position:0% I put hurdles in place I put a choice of 01:17:53.710 --> 01:17:56.459 align:start position:0% I put hurdles in place I put a choice of law<01:17:53.860> in<01:17:54.280> my<01:17:54.820> agreements<01:17:55.570> I<01:17:55.660> put<01:17:55.989> terms<01:17:56.230> of<01:17:56.410> the 01:17:56.459 --> 01:17:56.469 align:start position:0% law in my agreements I put terms of the 01:17:56.469 --> 01:17:59.490 align:start position:0% law in my agreements I put terms of the conditions<01:17:56.710> and<01:17:57.370> it<01:17:58.150> becomes<01:17:58.510> then<01:17:58.719> harder<01:17:59.170> to 01:17:59.490 --> 01:17:59.500 align:start position:0% conditions and it becomes then harder to 01:17:59.500 --> 01:18:05.970 align:start position:0% conditions and it becomes then harder to see<01:17:59.710> you<01:17:59.739> and<01:18:00.250> to<01:18:00.460> get<01:18:00.640> you<01:18:00.820> places<01:18:04.050> and<01:18:05.050> the 01:18:05.970 --> 01:18:05.980 align:start position:0% see you and to get you places and the 01:18:05.980 --> 01:18:09.899 align:start position:0% see you and to get you places and the this<01:18:06.820> is<01:18:06.940> the<01:18:07.060> final<01:18:07.390> question<01:18:07.540> of<01:18:07.900> that<01:18:08.520> yeah 01:18:09.899 --> 01:18:09.909 align:start position:0% this is the final question of that yeah 01:18:09.909 --> 01:18:14.609 align:start position:0% this is the final question of that yeah maybe<01:18:11.459> to<01:18:12.459> us<01:18:13.119> organization<01:18:13.780> just<01:18:14.349> thinking 01:18:14.609 --> 01:18:14.619 align:start position:0% maybe to us organization just thinking 01:18:14.619 --> 01:18:17.420 align:start position:0% maybe to us organization just thinking about<01:18:14.679> the<01:18:14.860> district<01:18:15.219> regulation 01:18:17.420 --> 01:18:17.430 align:start position:0% about the district regulation 01:18:17.430 --> 01:18:20.450 align:start position:0% about the district regulation I<01:18:17.460> think<01:18:18.360> I<01:18:18.510> can<01:18:18.780> walk<01:18:18.930> it<01:18:19.140> extends<01:18:19.650> to<01:18:20.430> people 01:18:20.450 --> 01:18:20.460 align:start position:0% I think I can walk it extends to people 01:18:20.460 --> 01:18:22.460 align:start position:0% I think I can walk it extends to people and<01:18:21.390> the<01:18:21.510> negative<01:18:21.930> side<01:18:22.110> effect<01:18:22.410> that 01:18:22.460 --> 01:18:22.470 align:start position:0% and the negative side effect that 01:18:22.470 --> 01:18:25.090 align:start position:0% and the negative side effect that doesn't<01:18:22.920> first<01:18:23.640> cost<01:18:23.970> of<01:18:24.120> history<01:18:24.480> Athens 01:18:25.090 --> 01:18:25.100 align:start position:0% doesn't first cost of history Athens 01:18:25.100 --> 01:18:26.869 align:start position:0% doesn't first cost of history Athens must<01:18:26.100> have<01:18:26.220> been 01:18:26.869 --> 01:18:26.879 align:start position:0% must have been 01:18:26.879 --> 01:18:28.339 align:start position:0% must have been the<01:18:27.359> Great<01:18:27.510> Depression<01:18:27.689> had<01:18:28.050> a<01:18:28.139> lot<01:18:28.260> of 01:18:28.339 --> 01:18:28.349 align:start position:0% the Great Depression had a lot of 01:18:28.349 --> 01:18:30.109 align:start position:0% the Great Depression had a lot of financial<01:18:28.559> regulation<01:18:29.519> commands<01:18:29.849> to<01:18:29.939> come 01:18:30.109 --> 01:18:30.119 align:start position:0% financial regulation commands to come 01:18:30.119 --> 01:18:32.479 align:start position:0% financial regulation commands to come prevent<01:18:30.449> them<01:18:30.599> and<01:18:31.019> my<01:18:31.649> question<01:18:32.010> is<01:18:32.039> what<01:18:32.369> are 01:18:32.479 --> 01:18:32.489 align:start position:0% prevent them and my question is what are 01:18:32.489 --> 01:18:34.939 align:start position:0% prevent them and my question is what are the<01:18:32.579> negative<01:18:32.969> externalities<01:18:33.689> that<01:18:34.289> the 01:18:34.939 --> 01:18:34.949 align:start position:0% the negative externalities that the 01:18:34.949 --> 01:18:37.189 align:start position:0% the negative externalities that the blocking<01:18:35.340> space<01:18:35.579> gets<01:18:35.820> rising<01:18:36.239> and<01:18:36.449> can 01:18:37.189 --> 01:18:37.199 align:start position:0% blocking space gets rising and can 01:18:37.199 --> 01:18:39.169 align:start position:0% blocking space gets rising and can actively<01:18:37.679> regulate<01:18:38.280> instances<01:18:38.760> we<01:18:38.939> have<01:18:38.969> to 01:18:39.169 --> 01:18:39.179 align:start position:0% actively regulate instances we have to 01:18:39.179 --> 01:18:41.029 align:start position:0% actively regulate instances we have to wait<01:18:39.329> for<01:18:39.599> the<01:18:40.079> mistakes<01:18:40.469> to<01:18:40.559> happen 01:18:41.029 --> 01:18:41.039 align:start position:0% wait for the mistakes to happen 01:18:41.039 --> 01:18:44.919 align:start position:0% wait for the mistakes to happen and<01:18:41.249> they<01:18:41.369> make<01:18:42.260> retroactive<01:18:43.260> regulation 01:18:44.919 --> 01:18:44.929 align:start position:0% and they make retroactive regulation 01:18:44.929 --> 01:18:47.619 align:start position:0% and they make retroactive regulation that's<01:18:45.929> really<01:18:46.289> interesting<01:18:46.829> question 01:18:47.619 --> 01:18:47.629 align:start position:0% that's really interesting question 01:18:47.629 --> 01:18:49.790 align:start position:0% that's really interesting question unfortunately<01:18:48.629> we're<01:18:49.260> in<01:18:49.289> the<01:18:49.409> back<01:18:49.590> of<01:18:49.739> the 01:18:49.790 --> 01:18:49.800 align:start position:0% unfortunately we're in the back of the 01:18:49.800 --> 01:18:52.369 align:start position:0% unfortunately we're in the back of the room<01:18:50.479> yeah<01:18:51.479> I<01:18:51.510> was<01:18:51.840> really 01:18:52.369 --> 01:18:52.379 align:start position:0% room yeah I was really 01:18:52.379 --> 01:18:53.659 align:start position:0% room yeah I was really that's<01:18:52.619> been<01:18:52.829> interesting<01:18:53.039> I'm<01:18:53.280> going<01:18:53.309> to<01:18:53.519> let 01:18:53.659 --> 01:18:53.669 align:start position:0% that's been interesting I'm going to let 01:18:53.669 --> 01:19:04.040 align:start position:0% that's been interesting I'm going to let the<01:18:53.969> lawyers<01:18:54.570> respond<01:19:02.719> basically<01:19:03.719> wait<01:19:04.019> for 01:19:04.040 --> 01:19:04.050 align:start position:0% the lawyers respond basically wait for 01:19:04.050 --> 01:19:13.759 align:start position:0% the lawyers respond basically wait for the<01:19:04.729> massive<01:19:05.729> mistake<01:19:05.909> that<01:19:06.209> happened<01:19:12.769> the 01:19:13.759 --> 01:19:13.769 align:start position:0% the massive mistake that happened the 01:19:13.769 --> 01:19:15.709 align:start position:0% the massive mistake that happened the Great<01:19:14.039> Depression<01:19:14.189> or<01:19:14.669> whatever<01:19:15.030> you<01:19:15.539> could 01:19:15.709 --> 01:19:15.719 align:start position:0% Great Depression or whatever you could 01:19:15.719 --> 01:19:17.599 align:start position:0% Great Depression or whatever you could argue<01:19:16.139> that<01:19:16.349> you<01:19:16.559> already<01:19:16.709> happened<01:19:17.280> with<01:19:17.429> the 01:19:17.599 --> 01:19:17.609 align:start position:0% argue that you already happened with the 01:19:17.609 --> 01:19:21.020 align:start position:0% argue that you already happened with the the<01:19:18.269> ico<01:19:18.899> boom<01:19:19.769> one<01:19:20.099> you<01:19:20.280> know<01:19:20.399> the<01:19:20.579> companies 01:19:21.020 --> 01:19:21.030 align:start position:0% the ico boom one you know the companies 01:19:21.030 --> 01:19:22.849 align:start position:0% the ico boom one you know the companies that<01:19:21.059> were<01:19:21.300> not<01:19:21.449> fast<01:19:21.719> the<01:19:21.959> inventor<01:19:22.469> who 01:19:22.849 --> 01:19:22.859 align:start position:0% that were not fast the inventor who 01:19:22.859 --> 01:19:25.250 align:start position:0% that were not fast the inventor who invested<01:19:23.550> all<01:19:23.669> the<01:19:23.849> money<01:19:23.879> so<01:19:24.510> I<01:19:24.780> mean<01:19:25.139> the 01:19:25.250 --> 01:19:25.260 align:start position:0% invested all the money so I mean the 01:19:25.260 --> 01:19:27.049 align:start position:0% invested all the money so I mean the protection<01:19:25.859> of<01:19:25.979> the<01:19:26.099> consumers<01:19:26.729> in<01:19:26.879> that 01:19:27.049 --> 01:19:27.059 align:start position:0% protection of the consumers in that 01:19:27.059 --> 01:19:30.799 align:start position:0% protection of the consumers in that respect<01:19:27.570> you<01:19:28.139> could<01:19:28.459> maybe<01:19:29.459> not<01:19:29.809> correct 01:19:30.799 --> 01:19:30.809 align:start position:0% respect you could maybe not correct 01:19:30.809 --> 01:19:33.799 align:start position:0% respect you could maybe not correct Ehrman<01:19:31.260> economics<01:19:32.039> the<01:19:32.579> canonic<01:19:32.999> times<01:19:33.239> you 01:19:33.799 --> 01:19:33.809 align:start position:0% Ehrman economics the canonic times you 01:19:33.809 --> 01:19:36.529 align:start position:0% Ehrman economics the canonic times you could<01:19:33.989> call<01:19:34.169> that<01:19:34.349> X<01:19:34.559> makes<01:19:35.550> technology<01:19:35.789> which 01:19:36.529 --> 01:19:36.539 align:start position:0% could call that X makes technology which 01:19:36.539 --> 01:19:39.889 align:start position:0% could call that X makes technology which direct<01:19:37.199> the<01:19:37.289> negative<01:19:37.649> seek<01:19:37.949> to<01:19:38.609> regulate<01:19:39.239> and 01:19:39.889 --> 01:19:39.899 align:start position:0% direct the negative seek to regulate and 01:19:39.899 --> 01:19:41.719 align:start position:0% direct the negative seek to regulate and we<01:19:40.019> only<01:19:40.139> see<01:19:40.289> it<01:19:40.649> it's<01:19:40.829> all<01:19:40.949> about<01:19:41.159> consumer 01:19:41.719 --> 01:19:41.729 align:start position:0% we only see it it's all about consumer 01:19:41.729 --> 01:19:44.209 align:start position:0% we only see it it's all about consumer protection<01:19:42.239> and<01:19:42.679> money<01:19:43.679> laundering 01:19:44.209 --> 01:19:44.219 align:start position:0% protection and money laundering 01:19:44.219 --> 01:19:46.310 align:start position:0% protection and money laundering anti-money<01:19:44.760> laundering<01:19:44.840> concerns<01:19:45.840> mainly 01:19:46.310 --> 01:19:46.320 align:start position:0% anti-money laundering concerns mainly 01:19:46.320 --> 01:19:50.209 align:start position:0% anti-money laundering concerns mainly and<01:19:46.829> you<01:19:47.760> know<01:19:47.939> we<01:19:48.449> managed<01:19:48.929> to<01:19:49.199> get<01:19:49.800> rid<01:19:49.859> of 01:19:50.209 --> 01:19:50.219 align:start position:0% and you know we managed to get rid of 01:19:50.219 --> 01:19:52.119 align:start position:0% and you know we managed to get rid of those<01:19:50.399> externalities<01:19:51.179> in<01:19:51.659> the<01:19:51.749> space 01:19:52.119 --> 01:19:52.129 align:start position:0% those externalities in the space 01:19:52.129 --> 01:19:54.670 align:start position:0% those externalities in the space privately<01:19:53.129> myself 01:19:54.670 --> 01:19:54.680 align:start position:0% privately myself 01:19:54.680 --> 01:19:57.890 align:start position:0% privately myself is<01:19:55.680> keen<01:19:55.980> to<01:19:56.010> regulate<01:19:56.610> but<01:19:56.900> unfortunately 01:19:57.890 --> 01:19:57.900 align:start position:0% is keen to regulate but unfortunately 01:19:57.900 --> 01:20:00.530 align:start position:0% is keen to regulate but unfortunately was<01:19:58.080> deceived<01:19:58.500> already<01:19:58.830> they<01:19:59.550> had<01:19:59.790> that<01:20:00.120> been 01:20:00.530 --> 01:20:00.540 align:start position:0% was deceived already they had that been 01:20:00.540 --> 01:20:02.180 align:start position:0% was deceived already they had that been you<01:20:00.750> know<01:20:00.900> follow<01:20:01.230> and<01:20:01.620> fall<01:20:01.770> outs<01:20:01.950> of<01:20:02.160> that 01:20:02.180 --> 01:20:02.190 align:start position:0% you know follow and fall outs of that 01:20:02.190 --> 01:20:05.810 align:start position:0% you know follow and fall outs of that and<01:20:03.030> that<01:20:03.210> well<01:20:04.170> is<01:20:04.350> why<01:20:04.800> we<01:20:05.160> are<01:20:05.280> now<01:20:05.550> in<01:20:05.730> this 01:20:05.810 --> 01:20:05.820 align:start position:0% and that well is why we are now in this 01:20:05.820 --> 01:20:08.990 align:start position:0% and that well is why we are now in this position<01:20:06.060> having<01:20:06.690> this<01:20:06.780> pain<01:20:07.640> yeah<01:20:08.640> so<01:20:08.970> I 01:20:08.990 --> 01:20:09.000 align:start position:0% position having this pain yeah so I 01:20:09.000 --> 01:20:10.760 align:start position:0% position having this pain yeah so I think<01:20:09.120> the<01:20:09.300> blogging<01:20:09.930> community<01:20:09.960> above<01:20:10.560> all 01:20:10.760 --> 01:20:10.770 align:start position:0% think the blogging community above all 01:20:10.770 --> 01:20:13.760 align:start position:0% think the blogging community above all is<01:20:11.160> far<01:20:11.640> too<01:20:11.880> large<01:20:12.120> to<01:20:12.960> sort<01:20:13.260> of<01:20:13.290> do<01:20:13.500> as<01:20:13.620> you're 01:20:13.760 --> 01:20:13.770 align:start position:0% is far too large to sort of do as you're 01:20:13.770 --> 01:20:14.930 align:start position:0% is far too large to sort of do as you're describing<01:20:14.100> I<01:20:14.400> think<01:20:14.610> that<01:20:14.730> there<01:20:14.910> is 01:20:14.930 --> 01:20:14.940 align:start position:0% describing I think that there is 01:20:14.940 --> 01:20:17.900 align:start position:0% describing I think that there is absolutely<01:20:15.690> no<01:20:15.990> a<01:20:16.020> subset<01:20:16.650> of<01:20:16.680> people<01:20:16.980> who<01:20:17.760> are 01:20:17.900 --> 01:20:17.910 align:start position:0% absolutely no a subset of people who are 01:20:17.910 --> 01:20:20.030 align:start position:0% absolutely no a subset of people who are interested<01:20:18.570> in<01:20:18.720> doing<01:20:18.840> exactly<01:20:19.410> what<01:20:19.770> you're 01:20:20.030 --> 01:20:20.040 align:start position:0% interested in doing exactly what you're 01:20:20.040 --> 01:20:22.340 align:start position:0% interested in doing exactly what you're describing<01:20:20.310> and<01:20:20.880> there<01:20:21.720> are<01:20:21.840> people<01:20:22.230> that 01:20:22.340 --> 01:20:22.350 align:start position:0% describing and there are people that 01:20:22.350 --> 01:20:24.740 align:start position:0% describing and there are people that promise<01:20:22.800> panel<01:20:23.220> people<01:20:23.610> that<01:20:23.730> talk<01:20:24.450> to<01:20:24.660> you 01:20:24.740 --> 01:20:24.750 align:start position:0% promise panel people that talk to you 01:20:24.750 --> 01:20:26.630 align:start position:0% promise panel people that talk to you that<01:20:24.960> because<01:20:25.710> of<01:20:25.830> course<01:20:26.100> people<01:20:26.220> that<01:20:26.430> feel 01:20:26.630 --> 01:20:26.640 align:start position:0% that because of course people that feel 01:20:26.640 --> 01:20:29.540 align:start position:0% that because of course people that feel this<01:20:26.730> way<01:20:26.880> they<01:20:26.970> don't<01:20:27.210> talk<01:20:27.390> to<01:20:27.450> but<01:20:28.520> you<01:20:29.520> know 01:20:29.540 --> 01:20:29.550 align:start position:0% this way they don't talk to but you know 01:20:29.550 --> 01:20:33.650 align:start position:0% this way they don't talk to but you know the<01:20:29.940> idea<01:20:30.780> I<01:20:31.530> think<01:20:31.680> the<01:20:32.010> Dalit<01:20:32.460> you<01:20:33.000> know<01:20:33.120> the 01:20:33.650 --> 01:20:33.660 align:start position:0% the idea I think the Dalit you know the 01:20:33.660 --> 01:20:37.700 align:start position:0% the idea I think the Dalit you know the the<01:20:33.930> Dow<01:20:35.420> bust<01:20:36.420> cycle<01:20:36.840> that<01:20:36.990> we<01:20:37.110> see<01:20:37.320> on<01:20:37.530> all 01:20:37.700 --> 01:20:37.710 align:start position:0% the Dow bust cycle that we see on all 01:20:37.710 --> 01:20:40.840 align:start position:0% the Dow bust cycle that we see on all crypto<01:20:38.070> assets<01:20:38.520> the<01:20:38.670> natural<01:20:39.210> volatility 01:20:40.840 --> 01:20:40.850 align:start position:0% crypto assets the natural volatility 01:20:40.850 --> 01:20:43.310 align:start position:0% crypto assets the natural volatility what<01:20:41.850> I<01:20:41.880> was<01:20:42.180> sort<01:20:42.390> of<01:20:42.420> interpreting<01:20:43.050> when<01:20:43.200> you 01:20:43.310 --> 01:20:43.320 align:start position:0% what I was sort of interpreting when you 01:20:43.320 --> 01:20:47.450 align:start position:0% what I was sort of interpreting when you were<01:20:43.410> first<01:20:43.590> speaking<01:20:43.950> was<01:20:44.340> more<01:20:44.640> of<01:20:46.430> you<01:20:47.430> know 01:20:47.450 --> 01:20:47.460 align:start position:0% were first speaking was more of you know 01:20:47.460 --> 01:20:50.930 align:start position:0% were first speaking was more of you know what<01:20:47.910> happens<01:20:48.480> when<01:20:49.110> you<01:20:49.980> have<01:20:50.190> to<01:20:50.400> go<01:20:50.610> to<01:20:50.670> the 01:20:50.930 --> 01:20:50.940 align:start position:0% what happens when you have to go to the 01:20:50.940 --> 01:20:53.600 align:start position:0% what happens when you have to go to the ethereum<01:20:51.480> blockchain<01:20:51.510> to<01:20:52.440> like<01:20:52.620> access<01:20:53.250> some 01:20:53.600 --> 01:20:53.610 align:start position:0% ethereum blockchain to like access some 01:20:53.610 --> 01:20:56.510 align:start position:0% ethereum blockchain to like access some controversial<01:20:54.390> video<01:20:55.080> recording<01:20:55.740> of<01:20:55.980> Trump 01:20:56.510 --> 01:20:56.520 align:start position:0% controversial video recording of Trump 01:20:56.520 --> 01:20:59.240 align:start position:0% controversial video recording of Trump right<01:20:57.240> I<01:20:57.450> mean<01:20:57.570> that<01:20:57.750> to<01:20:58.110> me<01:20:58.140> is<01:20:58.290> like<01:20:58.590> a<01:20:58.770> really 01:20:59.240 --> 01:20:59.250 align:start position:0% right I mean that to me is like a really 01:20:59.250 --> 01:21:02.830 align:start position:0% right I mean that to me is like a really like<01:20:59.750> possible<01:21:00.920> situation<01:21:01.920> that<01:21:02.130> we're<01:21:02.280> in 01:21:02.830 --> 01:21:02.840 align:start position:0% like possible situation that we're in 01:21:02.840 --> 01:21:05.870 align:start position:0% like possible situation that we're in and<01:21:03.840> then<01:21:04.140> and<01:21:04.770> then<01:21:04.920> how<01:21:05.160> would<01:21:05.430> we<01:21:05.640> as<01:21:05.850> a 01:21:05.870 --> 01:21:05.880 align:start position:0% and then and then how would we as a 01:21:05.880 --> 01:21:09.020 align:start position:0% and then and then how would we as a community<01:21:06.710> respond<01:21:07.710> to<01:21:07.860> that<01:21:08.010> or<01:21:08.340> you<01:21:08.910> know 01:21:09.020 --> 01:21:09.030 align:start position:0% community respond to that or you know 01:21:09.030 --> 01:21:11.120 align:start position:0% community respond to that or you know you<01:21:09.090> can<01:21:09.420> be<01:21:09.540> particularly<01:21:09.960> troll<01:21:10.500> if<01:21:10.680> I<01:21:10.920> can 01:21:11.120 --> 01:21:11.130 align:start position:0% you can be particularly troll if I can 01:21:11.130 --> 01:21:12.680 align:start position:0% you can be particularly troll if I can say<01:21:11.250> every<01:21:11.520> block<01:21:11.730> I<01:21:12.000> you<01:21:12.060> know<01:21:12.210> I<01:21:12.240> put<01:21:12.570> this 01:21:12.680 --> 01:21:12.690 align:start position:0% say every block I you know I put this 01:21:12.690 --> 01:21:14.540 align:start position:0% say every block I you know I put this data<01:21:13.020> on<01:21:13.230> all<01:21:13.380> these<01:21:13.530> blog<01:21:13.770> chains<01:21:14.100> here's<01:21:14.370> how 01:21:14.540 --> 01:21:14.550 align:start position:0% data on all these blog chains here's how 01:21:14.550 --> 01:21:17.300 align:start position:0% data on all these blog chains here's how you<01:21:14.760> access<01:21:15.050> this<01:21:16.050> horrible<01:21:16.650> video<01:21:16.980> or 01:21:17.300 --> 01:21:17.310 align:start position:0% you access this horrible video or 01:21:17.310 --> 01:21:20.870 align:start position:0% you access this horrible video or whatever<01:21:18.110> and<01:21:19.110> and<01:21:19.830> you<01:21:19.950> know<01:21:20.070> and<01:21:20.370> do<01:21:20.700> it<01:21:20.790> in 01:21:20.870 --> 01:21:20.880 align:start position:0% whatever and and you know and do it in 01:21:20.880 --> 01:21:22.060 align:start position:0% whatever and and you know and do it in this<01:21:21.000> troilus<01:21:21.210> way<01:21:21.600> whether 01:21:22.060 --> 01:21:22.070 align:start position:0% this troilus way whether 01:21:22.070 --> 01:21:25.270 align:start position:0% this troilus way whether sort<01:21:22.520> of<01:21:22.780> large<01:21:23.780> incentive<01:21:24.170> for<01:21:24.590> Trump<01:21:25.010> to<01:21:25.070> go 01:21:25.270 --> 01:21:25.280 align:start position:0% sort of large incentive for Trump to go 01:21:25.280 --> 01:21:28.780 align:start position:0% sort of large incentive for Trump to go observe<01:21:25.700> and<01:21:26.210> try<01:21:26.600> to<01:21:26.660> stop<01:21:27.140> it<01:21:27.170> right<01:21:27.380> and<01:21:27.920> you 01:21:28.780 --> 01:21:28.790 align:start position:0% observe and try to stop it right and you 01:21:28.790 --> 01:21:30.280 align:start position:0% observe and try to stop it right and you just<01:21:28.820> sort<01:21:29.120> of<01:21:29.150> push<01:21:29.390> the<01:21:29.600> question<01:21:30.020> to<01:21:30.170> the 01:21:30.280 --> 01:21:30.290 align:start position:0% just sort of push the question to the 01:21:30.290 --> 01:21:35.620 align:start position:0% just sort of push the question to the floor<01:21:30.620> I<01:21:32.350> feel<01:21:33.350> like<01:21:33.910> that's<01:21:34.910> the<01:21:35.240> kind<01:21:35.420> of 01:21:35.620 --> 01:21:35.630 align:start position:0% floor I feel like that's the kind of 01:21:35.630 --> 01:21:37.720 align:start position:0% floor I feel like that's the kind of event<01:21:35.960> that<01:21:36.230> were<01:21:36.560> not<01:21:36.830> as<01:21:37.130> a<01:21:37.190> community 01:21:37.720 --> 01:21:37.730 align:start position:0% event that were not as a community 01:21:37.730 --> 01:21:39.730 align:start position:0% event that were not as a community prepare<01:21:38.060> for<01:21:38.390> like<01:21:38.900> it's<01:21:39.080> that<01:21:39.350> sort<01:21:39.650> of 01:21:39.730 --> 01:21:39.740 align:start position:0% prepare for like it's that sort of 01:21:39.740 --> 01:21:42.820 align:start position:0% prepare for like it's that sort of situation<01:21:39.980> I<01:21:40.670> think<01:21:41.210> you<01:21:41.450> know<01:21:41.570> fraud<01:21:42.200> and 01:21:42.820 --> 01:21:42.830 align:start position:0% situation I think you know fraud and 01:21:42.830 --> 01:21:45.100 align:start position:0% situation I think you know fraud and sort<01:21:43.280> of<01:21:43.310> more<01:21:43.550> conventional<01:21:43.760> crime<01:21:44.540> drug 01:21:45.100 --> 01:21:45.110 align:start position:0% sort of more conventional crime drug 01:21:45.110 --> 01:21:47.440 align:start position:0% sort of more conventional crime drug dealing<01:21:45.650> even<01:21:45.950> like<01:21:46.700> gun<01:21:47.000> running 01:21:47.440 --> 01:21:47.450 align:start position:0% dealing even like gun running 01:21:47.450 --> 01:21:50.230 align:start position:0% dealing even like gun running international<01:21:48.230> crimes<01:21:48.550> that<01:21:49.550> stuff<01:21:50.000> I<01:21:50.180> think 01:21:50.230 --> 01:21:50.240 align:start position:0% international crimes that stuff I think 01:21:50.240 --> 01:21:52.840 align:start position:0% international crimes that stuff I think we<01:21:50.660> can<01:21:50.840> sort<01:21:51.080> of<01:21:51.170> handle<01:21:51.920> as<01:21:52.130> a<01:21:52.160> community 01:21:52.840 --> 01:21:52.850 align:start position:0% we can sort of handle as a community 01:21:52.850 --> 01:21:55.030 align:start position:0% we can sort of handle as a community because<01:21:53.240> you<01:21:54.140> know<01:21:54.230> you<01:21:54.290> have<01:21:54.470> the<01:21:54.590> outlaws 01:21:55.030 --> 01:21:55.040 align:start position:0% because you know you have the outlaws 01:21:55.040 --> 01:21:56.680 align:start position:0% because you know you have the outlaws and<01:21:55.400> the<01:21:55.460> people<01:21:55.790> who<01:21:55.970> are<01:21:56.060> trying<01:21:56.360> to<01:21:56.480> operate 01:21:56.680 --> 01:21:56.690 align:start position:0% and the people who are trying to operate 01:21:56.690 --> 01:21:59.380 align:start position:0% and the people who are trying to operate within<01:21:56.930> the<01:21:57.170> law<01:21:57.200> but<01:21:57.710> these<01:21:58.310> sort<01:21:58.580> of<01:21:58.670> you 01:21:59.380 --> 01:21:59.390 align:start position:0% within the law but these sort of you 01:21:59.390 --> 01:22:01.360 align:start position:0% within the law but these sort of you know<01:21:59.420> we<01:21:59.900> live<01:22:00.080> in<01:22:00.110> this<01:22:00.260> new<01:22:00.590> political<01:22:00.980> I 01:22:01.360 --> 01:22:01.370 align:start position:0% know we live in this new political I 01:22:01.370 --> 01:22:04.660 align:start position:0% know we live in this new political I mean<01:22:01.520> I<01:22:01.790> think<01:22:02.500> for<01:22:03.500> you<01:22:04.040> know<01:22:04.130> I<01:22:04.160> grew<01:22:04.490> up<01:22:04.550> in 01:22:04.660 --> 01:22:04.670 align:start position:0% mean I think for you know I grew up in 01:22:04.670 --> 01:22:06.880 align:start position:0% mean I think for you know I grew up in the<01:22:04.790> eighties<01:22:05.150> maybe<01:22:05.900> I<01:22:05.990> was<01:22:06.530> a<01:22:06.560> kid<01:22:06.770> or 01:22:06.880 --> 01:22:06.890 align:start position:0% the eighties maybe I was a kid or 01:22:06.890 --> 01:22:08.260 align:start position:0% the eighties maybe I was a kid or whatever<01:22:07.010> but<01:22:07.400> the<01:22:07.520> political<01:22:07.910> climate<01:22:08.090> that 01:22:08.260 --> 01:22:08.270 align:start position:0% whatever but the political climate that 01:22:08.270 --> 01:22:11.500 align:start position:0% whatever but the political climate that we're<01:22:08.510> in<01:22:08.630> now<01:22:08.810> it<01:22:09.200> seems<01:22:09.950> like<01:22:10.270> there's<01:22:11.270> this 01:22:11.500 --> 01:22:11.510 align:start position:0% we're in now it seems like there's this 01:22:11.510 --> 01:22:13.450 align:start position:0% we're in now it seems like there's this real<01:22:11.870> political<01:22:12.260> risk<01:22:12.740> that<01:22:12.980> we<01:22:13.130> have<01:22:13.280> with 01:22:13.450 --> 01:22:13.460 align:start position:0% real political risk that we have with 01:22:13.460 --> 01:22:15.610 align:start position:0% real political risk that we have with technology<01:22:13.720> that<01:22:14.720> even<01:22:15.140> was<01:22:15.260> the<01:22:15.320> Clipper 01:22:15.610 --> 01:22:15.620 align:start position:0% technology that even was the Clipper 01:22:15.620 --> 01:22:16.870 align:start position:0% technology that even was the Clipper Chip<01:22:15.680> and<01:22:16.040> then<01:22:16.130> these<01:22:16.250> other<01:22:16.400> things<01:22:16.670> like 01:22:16.870 --> 01:22:16.880 align:start position:0% Chip and then these other things like 01:22:16.880 --> 01:22:20.410 align:start position:0% Chip and then these other things like the<01:22:17.860> stakes<01:22:18.860> weren't<01:22:19.280> really<01:22:19.550> the<01:22:20.000> same<01:22:20.240> it 01:22:20.410 --> 01:22:20.420 align:start position:0% the stakes weren't really the same it 01:22:20.420 --> 01:22:21.490 align:start position:0% the stakes weren't really the same it seems<01:22:20.600> like<01:22:20.720> the<01:22:20.810> stakes<01:22:21.110> have<01:22:21.230> really 01:22:21.490 --> 01:22:21.500 align:start position:0% seems like the stakes have really 01:22:21.500 --> 01:22:23.980 align:start position:0% seems like the stakes have really changed<01:22:21.710> and<01:22:22.160> I<01:22:22.850> don't<01:22:22.910> think<01:22:23.300> that<01:22:23.510> there's 01:22:23.980 --> 01:22:23.990 align:start position:0% changed and I don't think that there's 01:22:23.990 --> 01:22:26.140 align:start position:0% changed and I don't think that there's much<01:22:24.170> we<01:22:24.350> can<01:22:24.500> do<01:22:24.650> about<01:22:24.800> about<01:22:25.430> those<01:22:25.820> types 01:22:26.140 --> 01:22:26.150 align:start position:0% much we can do about about those types 01:22:26.150 --> 01:22:31.750 align:start position:0% much we can do about about those types of<01:22:26.240> problems 01:22:31.750 --> 01:22:31.760 align:start position:0% 01:22:31.760 --> 01:22:34.580 align:start position:0% thirty<01:22:32.760> Turks<01:22:33.030> are<01:22:33.240> preventative<01:22:34.050> or<01:22:34.170> puffle 01:22:34.580 --> 01:22:34.590 align:start position:0% thirty Turks are preventative or puffle 01:22:34.590 --> 01:22:36.950 align:start position:0% thirty Turks are preventative or puffle active<01:22:34.920> regulation<01:22:35.490> and<01:22:35.700> said<01:22:35.940> also<01:22:36.180> called 01:22:36.950 --> 01:22:36.960 align:start position:0% active regulation and said also called 01:22:36.960 --> 01:22:38.810 align:start position:0% active regulation and said also called its<01:22:37.110> own<01:22:37.290> negative<01:22:37.530> mister<01:22:38.070> ality<01:22:38.430> so<01:22:38.640> you've 01:22:38.810 --> 01:22:38.820 align:start position:0% its own negative mister ality so you've 01:22:38.820 --> 01:22:43.010 align:start position:0% its own negative mister ality so you've seen<01:22:39.090> with<01:22:39.900> kyc<01:22:40.440> of<01:22:40.590> elements<01:22:41.210> and<01:22:42.210> and<01:22:42.750> just 01:22:43.010 --> 01:22:43.020 align:start position:0% seen with kyc of elements and and just 01:22:43.020 --> 01:22:45.170 align:start position:0% seen with kyc of elements and and just with<01:22:43.260> you<01:22:43.860> know<01:22:43.950> the<01:22:44.130> whole<01:22:44.310> likes<01:22:44.550> you<01:22:44.820> likes 01:22:45.170 --> 01:22:45.180 align:start position:0% with you know the whole likes you likes 01:22:45.180 --> 01:22:47.000 align:start position:0% with you know the whole likes you likes me<01:22:45.630> what<01:22:45.810> it's<01:22:45.960> actually<01:22:46.260> pushing<01:22:46.470> at<01:22:46.710> us<01:22:46.800> who 01:22:47.000 --> 01:22:47.010 align:start position:0% me what it's actually pushing at us who 01:22:47.010 --> 01:22:48.770 align:start position:0% me what it's actually pushing at us who gets<01:22:47.220> to<01:22:47.370> access<01:22:47.790> Capital<01:22:47.970> Markets<01:22:48.240> way<01:22:48.570> so 01:22:48.770 --> 01:22:48.780 align:start position:0% gets to access Capital Markets way so 01:22:48.780 --> 01:22:50.480 align:start position:0% gets to access Capital Markets way so part<01:22:49.020> of<01:22:49.050> it<01:22:49.200> at<01:22:49.380> the<01:22:49.500> labels<01:22:49.920> are<01:22:50.010> our<01:22:50.130> place 01:22:50.480 --> 01:22:50.490 align:start position:0% part of it at the labels are our place 01:22:50.490 --> 01:22:53.570 align:start position:0% part of it at the labels are our place is<01:22:51.060> to<01:22:51.240> protect<01:22:51.690> investors<01:22:52.350> who<01:22:52.590> are<01:22:52.620> somehow 01:22:53.570 --> 01:22:53.580 align:start position:0% is to protect investors who are somehow 01:22:53.580 --> 01:22:55.250 align:start position:0% is to protect investors who are somehow less<01:22:53.820> think<01:22:54.030> this<01:22:54.150> to<01:22:54.270> here<01:22:54.420> or<01:22:54.540> less<01:22:54.690> able<01:22:54.960> to 01:22:55.250 --> 01:22:55.260 align:start position:0% less think this to here or less able to 01:22:55.260 --> 01:22:57.320 align:start position:0% less think this to here or less able to absorb<01:22:55.380> losses<01:22:55.890> because<01:22:56.490> they<01:22:56.670> just<01:22:57.120> don't 01:22:57.320 --> 01:22:57.330 align:start position:0% absorb losses because they just don't 01:22:57.330 --> 01:23:00.370 align:start position:0% absorb losses because they just don't have<01:22:57.450> as<01:22:57.570> much<01:22:57.720> money<01:22:57.780> great<01:22:58.230> but<01:22:58.830> the<01:22:58.950> metals 01:23:00.370 --> 01:23:00.380 align:start position:0% have as much money great but the metals 01:23:00.380 --> 01:23:02.930 align:start position:0% have as much money great but the metals having<01:23:01.380> opportunities<01:23:02.160> to<01:23:02.490> access 01:23:02.930 --> 01:23:02.940 align:start position:0% having opportunities to access 01:23:02.940 --> 01:23:06.440 align:start position:0% having opportunities to access especially<01:23:03.710> in<01:23:04.710> an<01:23:05.370> economic<01:23:05.940> scenario<01:23:06.300> today 01:23:06.440 --> 01:23:06.450 align:start position:0% especially in an economic scenario today 01:23:06.450 --> 01:23:09.470 align:start position:0% especially in an economic scenario today where<01:23:06.720> wages<01:23:06.990> are<01:23:07.320> stagnant<01:23:07.830> and<01:23:08.180> most<01:23:09.180> wealth 01:23:09.470 --> 01:23:09.480 align:start position:0% where wages are stagnant and most wealth 01:23:09.480 --> 01:23:11.810 align:start position:0% where wages are stagnant and most wealth creation<01:23:09.810> is<01:23:10.110> now<01:23:10.260> through<01:23:10.670> calculation<01:23:11.670> so 01:23:11.810 --> 01:23:11.820 align:start position:0% creation is now through calculation so 01:23:11.820 --> 01:23:14.150 align:start position:0% creation is now through calculation so if<01:23:11.880> you<01:23:12.030> start<01:23:12.450> preventing<01:23:13.110> ordinary<01:23:13.740> people 01:23:14.150 --> 01:23:14.160 align:start position:0% if you start preventing ordinary people 01:23:14.160 --> 01:23:16.390 align:start position:0% if you start preventing ordinary people from<01:23:14.250> accessing<01:23:14.910> account<01:23:15.380> appreciating 01:23:16.390 --> 01:23:16.400 align:start position:0% from accessing account appreciating 01:23:16.400 --> 01:23:19.100 align:start position:0% from accessing account appreciating opportunities<01:23:17.400> then<01:23:17.910> they<01:23:18.510> kind<01:23:18.780> of<01:23:18.810> stay 01:23:19.100 --> 01:23:19.110 align:start position:0% opportunities then they kind of stay 01:23:19.110 --> 01:23:28.270 align:start position:0% opportunities then they kind of stay poor<01:23:20.240> sorry 01:23:28.270 --> 01:23:28.280 align:start position:0% 01:23:28.280 --> 01:23:34.629 align:start position:0% [Applause]