WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:29.779 align:start position:0% [Applause] 00:00:29.779 --> 00:00:29.789 align:start position:0% 00:00:29.789 --> 00:00:34.680 align:start position:0% it<00:00:30.789> started<00:00:31.650> so<00:00:32.650> we<00:00:33.040> planned<00:00:33.519> on<00:00:33.730> putting<00:00:34.449> out 00:00:34.680 --> 00:00:34.690 align:start position:0% it started so we planned on putting out 00:00:34.690 --> 00:00:37.470 align:start position:0% it started so we planned on putting out a<00:00:35.379> little<00:00:35.920> questionnaire<00:00:36.339> to<00:00:36.579> get<00:00:36.850> a<00:00:36.879> sense<00:00:37.210> of 00:00:37.470 --> 00:00:37.480 align:start position:0% a little questionnaire to get a sense of 00:00:37.480 --> 00:00:39.149 align:start position:0% a little questionnaire to get a sense of you<00:00:38.019> know<00:00:38.079> what<00:00:38.290> are<00:00:38.350> the<00:00:38.739> most<00:00:38.860> pressing 00:00:39.149 --> 00:00:39.159 align:start position:0% you know what are the most pressing 00:00:39.159 --> 00:00:43.619 align:start position:0% you know what are the most pressing legal<00:00:39.550> issues<00:00:40.059> that<00:00:40.210> you<00:00:40.480> guys<00:00:40.629> see<00:00:42.239> so<00:00:43.239> we're 00:00:43.619 --> 00:00:43.629 align:start position:0% legal issues that you guys see so we're 00:00:43.629 --> 00:00:52.860 align:start position:0% legal issues that you guys see so we're gonna<00:00:43.719> just<00:00:43.899> do<00:00:44.050> this<00:00:44.260> out<00:00:44.410> loud<00:00:44.590> and<00:00:50.969> so<00:00:51.969> first 00:00:52.860 --> 00:00:52.870 align:start position:0% gonna just do this out loud and so first 00:00:52.870 --> 00:00:56.340 align:start position:0% gonna just do this out loud and so first one<00:00:53.140> do<00:00:53.829> you<00:00:53.920> think<00:00:54.190> your<00:00:54.399> doubt<00:00:54.640> is<00:00:54.969> a<00:00:55.539> legal 00:00:56.340 --> 00:00:56.350 align:start position:0% one do you think your doubt is a legal 00:00:56.350 --> 00:00:57.319 align:start position:0% one do you think your doubt is a legal ie 00:00:57.319 --> 00:00:57.329 align:start position:0% ie 00:00:57.329 --> 00:01:01.979 align:start position:0% ie operating<00:00:58.329> how<00:00:58.449> the<00:00:59.219> science<00:01:00.480> question<00:01:01.480> yes 00:01:01.979 --> 00:01:01.989 align:start position:0% operating how the science question yes 00:01:01.989 --> 00:01:24.060 align:start position:0% operating how the science question yes what<00:01:02.469> is<00:01:02.590> the<00:01:08.490> rules<00:01:09.490> of<00:01:09.670> nation-states 00:01:24.060 --> 00:01:24.070 align:start position:0% 00:01:24.070 --> 00:02:05.850 align:start position:0% because<00:01:25.070> you<00:02:02.049> very<00:02:03.049> nice<00:02:03.319> evening<00:02:04.240> relations 00:02:05.850 --> 00:02:05.860 align:start position:0% because you very nice evening relations 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a question<00:02:18.590> about<00:02:18.620> state<00:02:19.220> the<00:02:19.549> crime<00:02:19.790> against 00:02:20.050 --> 00:02:20.060 align:start position:0% question about state the crime against 00:02:20.060 --> 00:03:27.090 align:start position:0% question about state the crime against the<00:02:20.120> state<00:02:20.209> line<00:02:21.130> okay<00:02:22.209> there's<00:02:23.209> one<00:02:23.269> of<00:02:23.480> me 00:03:27.090 --> 00:03:27.100 align:start position:0% 00:03:27.100 --> 00:04:03.920 align:start position:0% [Music] 00:04:03.920 --> 00:04:03.930 align:start position:0% 00:04:03.930 --> 00:04:20.960 align:start position:0% [Music] 00:04:20.960 --> 00:04:20.970 align:start position:0% 00:04:20.970 --> 00:04:49.000 align:start position:0% [Music] 00:04:49.000 --> 00:04:49.010 align:start position:0% 00:04:49.010 --> 00:04:56.540 align:start position:0% with<00:04:51.770> documents<00:04:52.770> reference<00:04:53.250> and<00:04:53.460> contracts 00:04:56.540 --> 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term a thank you 00:06:27.780 --> 00:06:27.790 align:start position:0% you 00:06:27.790 --> 00:06:30.180 align:start position:0% you many<00:06:28.210> people<00:06:28.660> are<00:06:28.810> using<00:06:28.990> to<00:06:29.320> refer<00:06:29.500> to<00:06:30.040> the 00:06:30.180 --> 00:06:30.190 align:start position:0% many people are using to refer to the 00:06:30.190 --> 00:06:34.370 align:start position:0% many people are using to refer to the deployed<00:06:30.760> contract<00:06:32.250> which<00:06:33.250> I<00:06:33.430> disagree<00:06:33.940> with 00:06:34.370 --> 00:06:34.380 align:start position:0% deployed contract which I disagree with 00:06:34.380 --> 00:06:39.630 align:start position:0% deployed contract which I disagree with because<00:06:37.200> really<00:06:38.200> what<00:06:38.440> the<00:06:38.560> Dow<00:06:38.710> is<00:06:39.010> it's<00:06:39.370> some 00:06:39.630 --> 00:06:39.640 align:start position:0% because really what the Dow is it's some 00:06:39.640 --> 00:06:42.510 align:start position:0% because really what the Dow is it's some sort<00:06:39.910> of<00:06:40.290> you<00:06:41.290> know<00:06:41.410> it<00:06:41.500> could<00:06:41.680> be<00:06:41.710> a<00:06:41.860> new<00:06:42.280> a 00:06:42.510 --> 00:06:42.520 align:start position:0% sort of you know it could be a new a 00:06:42.520 --> 00:06:45.330 align:start position:0% sort of you know it could be a new a tacit<00:06:43.090> agreement<00:06:43.240> it<00:06:44.170> Ottoman<00:06:44.560> agreement<00:06:45.130> but 00:06:45.330 --> 00:06:45.340 align:start position:0% tacit agreement it Ottoman agreement but 00:06:45.340 --> 00:06:46.410 align:start position:0% tacit agreement it Ottoman agreement but it's<00:06:45.430> some<00:06:45.550> sort<00:06:45.640> of<00:06:45.730> pairing<00:06:46.210> of<00:06:46.330> an 00:06:46.410 --> 00:06:46.420 align:start position:0% it's some sort of pairing of an 00:06:46.420 --> 00:06:49.680 align:start position:0% it's some sort of pairing of an agreement<00:06:46.750> with<00:06:47.650> a<00:06:47.680> smart<00:06:48.100> contract<00:06:48.610> so<00:06:48.880> you 00:06:49.680 --> 00:06:49.690 align:start position:0% agreement with a smart contract so you 00:06:49.690 --> 00:06:51.990 align:start position:0% agreement with a smart contract so you have<00:06:49.810> to<00:06:49.990> exactly<00:06:50.410> to<00:06:50.680> R<00:06:50.710> Anthony<00:06:51.160> right<00:06:51.430> so 00:06:51.990 --> 00:06:52.000 align:start position:0% have to exactly to R Anthony right so 00:06:52.000 --> 00:06:54.420 align:start position:0% have to exactly to R Anthony right so the<00:06:52.450> code<00:06:52.930> is<00:06:52.960> augmenting<00:06:53.650> the<00:06:53.830> organization 00:06:54.420 --> 00:06:54.430 align:start position:0% the code is augmenting the organization 00:06:54.430 --> 00:06:55.770 align:start position:0% the code is augmenting the organization but<00:06:54.610> it's<00:06:54.730> not<00:06:54.820> the<00:06:54.910> same<00:06:55.090> thing<00:06:55.120> is<00:06:55.330> that<00:06:55.510> how 00:06:55.770 --> 00:06:55.780 align:start position:0% but it's not the same thing is that how 00:06:55.780 --> 00:06:57.690 align:start position:0% but it's not the same thing is that how you're<00:06:55.990> using<00:06:56.110> the<00:06:56.350> term<00:06:56.530> over<00:06:56.770> so<00:06:57.160> actually 00:06:57.690 --> 00:06:57.700 align:start position:0% you're using the term over so actually 00:06:57.700 --> 00:06:59.610 align:start position:0% you're using the term over so actually even<00:06:57.880> we<00:06:58.120> have<00:06:58.270> these<00:06:58.390> very<00:06:58.720> long<00:06:58.930> discussions 00:06:59.610 --> 00:06:59.620 align:start position:0% even we have these very long discussions 00:06:59.620 --> 00:07:01.850 align:start position:0% even we have these very long discussions on<00:06:59.860> what<00:07:00.040> is<00:07:00.160> the<00:07:00.310> definition<00:07:00.610> of<00:07:00.880> a<00:07:01.000> Dow<00:07:01.180> is 00:07:01.850 --> 00:07:01.860 align:start position:0% on what is the definition of a Dow is 00:07:01.860 --> 00:07:05.490 align:start position:0% on what is the definition of a Dow is contracts<00:07:02.860> are<00:07:03.190> contracts<00:07:04.000> and<00:07:04.660> in<00:07:05.020> this<00:07:05.200> case 00:07:05.490 --> 00:07:05.500 align:start position:0% contracts are contracts and in this case 00:07:05.500 --> 00:07:08.010 align:start position:0% contracts are contracts and in this case I<00:07:06.040> think<00:07:06.850> they're<00:07:07.030> talking<00:07:07.210> more<00:07:07.540> about<00:07:07.750> this 00:07:08.010 --> 00:07:08.020 align:start position:0% I think they're talking more about this 00:07:08.020 --> 00:07:10.500 align:start position:0% I think they're talking more about this kind<00:07:08.200> of<00:07:08.350> larger<00:07:08.770> or<00:07:08.920> you<00:07:09.250> know<00:07:09.370> there's<00:07:10.360> also 00:07:10.500 --> 00:07:10.510 align:start position:0% kind of larger or you know there's also 00:07:10.510 --> 00:07:12.240 align:start position:0% kind of larger or you know there's also this<00:07:10.690> problem<00:07:11.110> of<00:07:11.260> the<00:07:11.560> Dalit<00:07:11.920> will<00:07:12.040> needs 00:07:12.240 --> 00:07:12.250 align:start position:0% this problem of the Dalit will needs 00:07:12.250 --> 00:07:12.670 align:start position:0% this problem of the Dalit will needs this 00:07:12.670 --> 00:07:12.680 align:start position:0% this 00:07:12.680 --> 00:07:14.620 align:start position:0% this series<00:07:13.130> is<00:07:13.250> for<00:07:13.370> contracts<00:07:13.880> but<00:07:14.150> the<00:07:14.270> idea<00:07:14.570> of 00:07:14.620 --> 00:07:14.630 align:start position:0% series is for contracts but the idea of 00:07:14.630 --> 00:07:17.310 align:start position:0% series is for contracts but the idea of a<00:07:14.840> Dow<00:07:15.020> the<00:07:15.440> project<00:07:15.919> the<00:07:16.400> participants 00:07:17.310 --> 00:07:17.320 align:start position:0% a Dow the project the participants 00:07:17.320 --> 00:07:20.200 align:start position:0% a Dow the project the participants obviously<00:07:18.320> encompass<00:07:18.770> more<00:07:19.220> clear<00:07:19.460> surprises 00:07:20.200 --> 00:07:20.210 align:start position:0% obviously encompass more clear surprises 00:07:20.210 --> 00:07:21.969 align:start position:0% obviously encompass more clear surprises yes<00:07:20.360> but<00:07:20.630> the<00:07:20.720> organization<00:07:21.380> is<00:07:21.530> that<00:07:21.560> brought 00:07:21.969 --> 00:07:21.979 align:start position:0% yes but the organization is that brought 00:07:21.979 --> 00:07:23.620 align:start position:0% yes but the organization is that brought them<00:07:22.130> exactly<00:07:22.460> so<00:07:22.940> are<00:07:23.030> talking<00:07:23.360> more<00:07:23.539> about 00:07:23.620 --> 00:07:23.630 align:start position:0% them exactly so are talking more about 00:07:23.630 --> 00:07:27.420 align:start position:0% them exactly so are talking more about the<00:07:23.840> broader<00:07:24.520> so<00:07:25.520> then<00:07:25.639> you<00:07:25.759> have<00:07:25.880> came<00:07:26.120> by 00:07:27.420 --> 00:07:27.430 align:start position:0% the broader so then you have came by 00:07:27.430 --> 00:07:30.129 align:start position:0% the broader so then you have came by well<00:07:28.430> that's<00:07:28.940> where<00:07:29.060> the<00:07:29.090> better<00:07:29.630> person 00:07:30.129 --> 00:07:30.139 align:start position:0% well that's where the better person 00:07:30.139 --> 00:07:32.969 align:start position:0% well that's where the better person let's<00:07:30.320> do<00:07:30.470> that<00:07:30.650> right<00:07:30.889> person<00:07:31.580> yes<00:07:31.910> that's 00:07:32.969 --> 00:07:32.979 align:start position:0% let's do that right person yes that's 00:07:32.979 --> 00:07:36.189 align:start position:0% let's do that right person yes that's right<00:07:33.979> exactly<00:07:34.400> but<00:07:34.699> well<00:07:35.000> person<00:07:35.449> 10<00:07:35.630> or<00:07:35.930> a 00:07:36.189 --> 00:07:36.199 align:start position:0% right exactly but well person 10 or a 00:07:36.199 --> 00:07:38.230 align:start position:0% right exactly but well person 10 or a legal<00:07:36.590> person<00:07:36.860> can<00:07:37.220> write<00:07:37.699> a<00:07:37.759> few<00:07:38.000> just 00:07:38.230 --> 00:07:38.240 align:start position:0% legal person can write a few just 00:07:38.240 --> 00:07:40.570 align:start position:0% legal person can write a few just depending<00:07:39.169> on<00:07:39.320> the<00:07:39.440> nature<00:07:39.710> of<00:07:39.979> the<00:07:40.370> social 00:07:40.570 --> 00:07:40.580 align:start position:0% depending on the nature of the social 00:07:40.580 --> 00:07:42.400 align:start position:0% depending on the nature of the social arrangement<00:07:41.330> there<00:07:41.509> may<00:07:41.660> be<00:07:41.690> a<00:07:41.900> legal<00:07:42.080> person 00:07:42.400 --> 00:07:42.410 align:start position:0% arrangement there may be a legal person 00:07:42.410 --> 00:07:44.740 align:start position:0% arrangement there may be a legal person it<00:07:42.620> may<00:07:42.710> be<00:07:42.740> a<00:07:42.889> partnership<00:07:43.310> it<00:07:44.150> could<00:07:44.330> be<00:07:44.509> an 00:07:44.740 --> 00:07:44.750 align:start position:0% it may be a partnership it could be an 00:07:44.750 --> 00:07:48.370 align:start position:0% it may be a partnership it could be an actual<00:07:44.930> whole<00:07:45.320> entity<00:07:46.240> but<00:07:47.240> it<00:07:47.300> should<00:07:47.690> if<00:07:47.930> it 00:07:48.370 --> 00:07:48.380 align:start position:0% actual whole entity but it should if it 00:07:48.380 --> 00:07:50.980 align:start position:0% actual whole entity but it should if it exists<00:07:48.800> as<00:07:48.889> a<00:07:48.919> little<00:07:49.220> person<00:07:49.370> you<00:07:49.729> can<00:07:49.940> buy<00:07:50.120> or 00:07:50.980 --> 00:07:50.990 align:start position:0% exists as a little person you can buy or 00:07:50.990 --> 00:07:57.999 align:start position:0% exists as a little person you can buy or sort<00:07:51.530> of<00:07:51.880> by<00:07:53.590> you<00:07:54.590> know<00:07:56.470> so<00:07:57.470> in<00:07:57.620> this<00:07:57.740> case 00:07:57.999 --> 00:07:58.009 align:start position:0% sort of by you know so in this case 00:07:58.009 --> 00:07:59.680 align:start position:0% sort of by you know so in this case where<00:07:58.400> we<00:07:58.580> have<00:07:58.699> two<00:07:58.910> other<00:07:59.150> let's<00:07:59.630> say 00:07:59.680 --> 00:07:59.690 align:start position:0% where we have two other let's say 00:07:59.690 --> 00:08:01.689 align:start position:0% where we have two other let's say sixteen<00:08:00.229> in<00:08:00.349> this<00:08:00.500> room<00:08:00.770> with<00:08:01.039> us<00:08:01.190> and<00:08:01.250> sort<00:08:01.610> of 00:08:01.689 --> 00:08:01.699 align:start position:0% sixteen in this room with us and sort of 00:08:01.699 --> 00:08:05.020 align:start position:0% sixteen in this room with us and sort of legal<00:08:02.030> rapper<00:08:02.210> that<00:08:03.340> people<00:08:04.340> that<00:08:04.550> that 00:08:05.020 --> 00:08:05.030 align:start position:0% legal rapper that people that that 00:08:05.030 --> 00:08:07.659 align:start position:0% legal rapper that people that that persona<00:08:05.570> that<00:08:06.080> legal<00:08:06.349> personality<00:08:06.710> would<00:08:07.490> be 00:08:07.659 --> 00:08:07.669 align:start position:0% persona that legal personality would be 00:08:07.669 --> 00:08:08.510 align:start position:0% persona that legal personality would be the<00:08:08.000> one 00:08:08.510 --> 00:08:08.520 align:start position:0% the one 00:08:08.520 --> 00:08:10.850 align:start position:0% the one it's<00:08:09.150> getting<00:08:09.330> all<00:08:09.449> of<00:08:09.569> the<00:08:09.660> other<00:08:09.690> cases<00:08:10.050> it 00:08:10.850 --> 00:08:10.860 align:start position:0% it's getting all of the other cases it 00:08:10.860 --> 00:08:14.620 align:start position:0% it's getting all of the other cases it would<00:08:10.979> be<00:08:11.160> our<00:08:11.699> judgment 00:08:14.620 --> 00:08:14.630 align:start position:0% 00:08:14.630 --> 00:08:18.100 align:start position:0% [Music] 00:08:18.100 --> 00:08:18.110 align:start position:0% 00:08:18.110 --> 00:08:21.290 align:start position:0% so<00:08:19.110> but<00:08:19.440> maybe<00:08:19.740> but<00:08:20.039> even<00:08:20.430> sometimes<00:08:21.000> just<00:08:21.210> a 00:08:21.290 --> 00:08:21.300 align:start position:0% so but maybe but even sometimes just a 00:08:21.300 --> 00:08:23.240 align:start position:0% so but maybe but even sometimes just a group<00:08:21.479> of<00:08:21.599> people<00:08:21.660> getting<00:08:22.289> together<00:08:22.470> if<00:08:23.069> they 00:08:23.240 --> 00:08:23.250 align:start position:0% group of people getting together if they 00:08:23.250 --> 00:08:49.010 align:start position:0% group of people getting together if they don't<00:08:23.490> specifically<00:08:24.120> otherwise<00:08:47.779> yeah<00:08:48.810> I 00:08:49.010 --> 00:08:49.020 align:start position:0% don't specifically otherwise yeah I 00:08:49.020 --> 00:08:50.720 align:start position:0% don't specifically otherwise yeah I think<00:08:49.230> that<00:08:49.350> is<00:08:49.500> the<00:08:49.649> down<00:08:49.830> you<00:08:50.100> know<00:08:50.190> people 00:08:50.720 --> 00:08:50.730 align:start position:0% think that is the down you know people 00:08:50.730 --> 00:08:52.250 align:start position:0% think that is the down you know people have<00:08:50.850> formed<00:08:51.180> if<00:08:51.300> the<00:08:51.420> consequence<00:08:51.990> of<00:08:52.110> this 00:08:52.250 --> 00:08:52.260 align:start position:0% have formed if the consequence of this 00:08:52.260 --> 00:08:53.990 align:start position:0% have formed if the consequence of this group<00:08:52.529> of<00:08:52.649> people<00:08:52.980> getting<00:08:53.250> together<00:08:53.430> using 00:08:53.990 --> 00:08:54.000 align:start position:0% group of people getting together using 00:08:54.000 --> 00:08:56.389 align:start position:0% group of people getting together using the<00:08:54.209> smart<00:08:54.480> contract<00:08:54.690> on<00:08:55.470> the<00:08:55.740> legal<00:08:56.040> layer<00:08:56.250> if 00:08:56.389 --> 00:08:56.399 align:start position:0% the smart contract on the legal layer if 00:08:56.399 --> 00:09:14.720 align:start position:0% the smart contract on the legal layer if that's<00:08:56.610> a<00:08:56.760> partnership<00:08:57.149> then<00:09:13.730> crystallize 00:09:14.720 --> 00:09:14.730 align:start position:0% that's a partnership then crystallize 00:09:14.730 --> 00:09:18.590 align:start position:0% that's a partnership then crystallize and<00:09:15.740> don't<00:09:16.740> recommend<00:09:17.130> it<00:09:17.220> because<00:09:17.370> right<00:09:18.209> but 00:09:18.590 --> 00:09:18.600 align:start position:0% and don't recommend it because right but 00:09:18.600 --> 00:09:20.150 align:start position:0% and don't recommend it because right but it<00:09:18.690> doesn't<00:09:18.959> depend<00:09:19.230> I<00:09:19.470> think<00:09:19.500> the<00:09:19.740> key<00:09:19.890> point 00:09:20.150 --> 00:09:20.160 align:start position:0% it doesn't depend I think the key point 00:09:20.160 --> 00:09:22.220 align:start position:0% it doesn't depend I think the key point is<00:09:20.370> just<00:09:20.670> because<00:09:20.910> you<00:09:21.000> haven't<00:09:21.270> even<00:09:21.510> you 00:09:22.220 --> 00:09:22.230 align:start position:0% is just because you haven't even you 00:09:22.230 --> 00:09:23.960 align:start position:0% is just because you haven't even you don't<00:09:22.380> have<00:09:22.589> any<00:09:22.740> more<00:09:22.890> rapper<00:09:23.100> doesn't<00:09:23.880> mean 00:09:23.960 --> 00:09:23.970 align:start position:0% don't have any more rapper doesn't mean 00:09:23.970 --> 00:09:28.460 align:start position:0% don't have any more rapper doesn't mean you<00:09:24.029> don't<00:09:24.180> really<00:09:24.300> like<00:09:26.810> you<00:09:27.810> might<00:09:27.959> actually 00:09:28.460 --> 00:09:28.470 align:start position:0% you don't really like you might actually 00:09:28.470 --> 00:09:30.980 align:start position:0% you don't really like you might actually want<00:09:28.740> my<00:09:28.950> ability<00:09:29.339> much<00:09:30.240> more<00:09:30.420> credible<00:09:30.750> if 00:09:30.980 --> 00:09:30.990 align:start position:0% want my ability much more credible if 00:09:30.990 --> 00:09:38.260 align:start position:0% want my ability much more credible if your 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do contracting<00:09:49.880> us<00:09:50.000> back<00:09:50.209> on<00:09:50.390> the<00:09:50.570> develop 00:09:52.019 --> 00:09:52.029 align:start position:0% contracting us back on the develop 00:09:52.029 --> 00:09:54.120 align:start position:0% contracting us back on the develop residents<00:09:53.029> who<00:09:53.149> are<00:09:53.360> the<00:09:53.510> thickness 00:09:54.120 --> 00:09:54.130 align:start position:0% residents who are the thickness 00:09:54.130 --> 00:09:56.949 align:start position:0% residents who are the thickness partnership<00:09:55.130> itself<00:09:55.490> but<00:09:56.120> again<00:09:56.420> if<00:09:56.690> someone 00:09:56.949 --> 00:09:56.959 align:start position:0% partnership itself but again if someone 00:09:56.959 --> 00:09:58.750 align:start position:0% partnership itself but again if someone is<00:09:57.080> in<00:09:57.200> a<00:09:57.260> partnership<00:09:57.680> they<00:09:58.100> can<00:09:58.250> go<00:09:58.370> out<00:09:58.550> they 00:09:58.750 --> 00:09:58.760 align:start position:0% is in a partnership they can go out they 00:09:58.760 --> 00:10:00.810 align:start position:0% is in a partnership they can go out they can<00:09:58.940> buy<00:09:59.149> property<00:09:59.720> on<00:09:59.930> behalf<00:10:00.230> of<00:10:00.500> the 00:10:00.810 --> 00:10:00.820 align:start position:0% can buy property on behalf of the 00:10:00.820 --> 00:10:05.889 align:start position:0% can buy property on behalf of the partnership<00:10:01.820> is<00:10:02.209> mine<00:10:03.700> so<00:10:04.700> it's<00:10:05.180> your<00:10:05.720> right 00:10:05.889 --> 00:10:05.899 align:start position:0% partnership is mine so it's your right 00:10:05.899 --> 00:10:07.510 align:start position:0% partnership is mine so it's your right at<00:10:06.170> a<00:10:06.200> more<00:10:06.410> mechanical<00:10:07.010> level<00:10:07.310> the<00:10:07.399> way 00:10:07.510 --> 00:10:07.520 align:start position:0% at a more mechanical level the way 00:10:07.520 --> 00:10:08.860 align:start position:0% at a more mechanical level the way that's<00:10:07.760> rationalized 00:10:08.860 --> 00:10:08.870 align:start position:0% that's rationalized 00:10:08.870 --> 00:10:10.600 align:start position:0% that's rationalized it's<00:10:09.290> slightly<00:10:09.589> different<00:10:10.160> because<00:10:10.339> what 00:10:10.600 --> 00:10:10.610 align:start position:0% it's slightly different because what 00:10:10.610 --> 00:10:11.829 align:start position:0% it's slightly different because what they're<00:10:10.730> actually<00:10:10.910> doing<00:10:11.120> these<00:10:11.450> are<00:10:11.570> going 00:10:11.829 --> 00:10:11.839 align:start position:0% they're actually doing these are going 00:10:11.839 --> 00:10:14.199 align:start position:0% they're actually doing these are going out<00:10:11.990> and<00:10:12.290> a<00:10:12.709> binding<00:10:13.220> individually<00:10:13.970> each 00:10:14.199 --> 00:10:14.209 align:start position:0% out and a binding individually each 00:10:14.209 --> 00:10:15.910 align:start position:0% out and a binding individually each partner<00:10:14.660> and<00:10:14.930> I<00:10:15.110> agree<00:10:15.320> it's<00:10:15.440> a<00:10:15.500> collective 00:10:15.910 --> 00:10:15.920 align:start position:0% partner and I agree it's a collective 00:10:15.920 --> 00:10:22.990 align:start position:0% partner and I agree it's a collective the<00:10:15.980> phone<00:10:16.190> but<00:10:16.790> it<00:10:17.029> still<00:10:17.330> is<00:10:21.070> but<00:10:22.070> the<00:10:22.520> net 00:10:22.990 --> 00:10:23.000 align:start position:0% the phone but it still is but the net 00:10:23.000 --> 00:10:25.449 align:start position:0% the phone but it still is but the net creates<00:10:23.330> a<00:10:23.450> trust<00:10:23.800> that<00:10:24.800> goes<00:10:25.100> to<00:10:25.250> litigation 00:10:25.449 --> 00:10:25.459 align:start position:0% creates a trust that goes to litigation 00:10:25.459 --> 00:10:27.180 align:start position:0% creates a trust that goes to litigation I've<00:10:25.910> actually<00:10:26.089> done<00:10:26.390> her<00:10:26.540> look<00:10:26.720> less 00:10:27.180 --> 00:10:27.190 align:start position:0% I've actually done her look less 00:10:27.190 --> 00:10:30.220 align:start position:0% I've actually done her look less complications<00:10:28.190> and<00:10:28.850> this<00:10:29.630> is<00:10:29.779> the<00:10:29.899> last<00:10:30.080> thing 00:10:30.220 --> 00:10:30.230 align:start position:0% complications and this is the last thing 00:10:30.230 --> 00:10:35.019 align:start position:0% complications and this is the last thing we<00:10:30.620> want<00:10:30.649> to<00:10:30.890> do<00:10:31.870> so<00:10:32.870> isn't<00:10:33.380> the<00:10:33.610> default<00:10:34.610> legal 00:10:35.019 --> 00:10:35.029 align:start position:0% we want to do so isn't the default legal 00:10:35.029 --> 00:10:38.820 align:start position:0% we want to do so isn't the default legal entity<00:10:35.800> also<00:10:36.800> legal<00:10:37.399> grammar<00:10:37.610> in<00:10:37.820> the<00:10:37.850> south 00:10:38.820 --> 00:10:38.830 align:start position:0% entity also legal grammar in the south 00:10:38.830 --> 00:10:41.800 align:start position:0% entity also legal grammar in the south it<00:10:39.830> depends<00:10:40.330> depends<00:10:41.330> on<00:10:41.480> whose<00:10:41.600> jurisdiction 00:10:41.800 --> 00:10:41.810 align:start position:0% it depends depends on whose jurisdiction 00:10:41.810 --> 00:10:44.079 align:start position:0% it depends depends on whose jurisdiction you<00:10:42.290> a<00:10:42.320> depends<00:10:42.920> on<00:10:42.980> West<00:10:43.220> I<00:10:43.370> work<00:10:43.550> in<00:10:44.029> the 00:10:44.079 --> 00:10:44.089 align:start position:0% you a depends on West I work in the 00:10:44.089 --> 00:10:48.270 align:start position:0% you a depends on West I work in the majority<00:10:44.660> of<00:10:44.750> jurisdictions 00:10:48.270 --> 00:10:48.280 align:start position:0% 00:10:48.280 --> 00:10:51.970 align:start position:0% not<00:10:49.280> on<00:10:49.760> its<00:10:49.910> own<00:10:50.080> personality<00:10:51.080> it's<00:10:51.530> actually 00:10:51.970 --> 00:10:51.980 align:start position:0% not on its own personality it's actually 00:10:51.980 --> 00:10:55.389 align:start position:0% not on its own personality it's actually Harkness 00:10:55.389 --> 00:10:55.399 align:start position:0% 00:10:55.399 --> 00:10:57.670 align:start position:0% persons<00:10:55.910> other<00:10:56.149> companies<00:10:56.750> and<00:10:57.110> they<00:10:57.259> are<00:10:57.290> the 00:10:57.670 --> 00:10:57.680 align:start position:0% persons other companies and they are the 00:10:57.680 --> 00:11:00.660 align:start position:0% persons other companies and they are the universities<00:10:58.399> that<00:10:58.550> prescribe<00:10:59.540> to<00:10:59.720> you<00:10:59.750> sir 00:11:00.660 --> 00:11:00.670 align:start position:0% universities that prescribe to you sir 00:11:00.670 --> 00:11:03.129 align:start position:0% universities that prescribe to you sir this<00:11:01.670> is<00:11:01.820> something<00:11:02.149> you've<00:11:02.269> discovered 00:11:03.129 --> 00:11:03.139 align:start position:0% this is something you've discovered 00:11:03.139 --> 00:11:06.189 align:start position:0% this is something you've discovered actually<00:11:03.680> no<00:11:03.980> an<00:11:04.190> ex<00:11:04.459> post<00:11:04.839> enforcement<00:11:05.839> you 00:11:06.189 --> 00:11:06.199 align:start position:0% actually no an ex post enforcement you 00:11:06.199 --> 00:11:07.960 align:start position:0% actually no an ex post enforcement you know<00:11:06.230> that<00:11:06.529> sort<00:11:06.740> of<00:11:06.800> thing<00:11:07.040> so<00:11:07.070> in<00:11:07.639> the<00:11:07.699> eyes 00:11:07.960 --> 00:11:07.970 align:start position:0% know that sort of thing so in the eyes 00:11:07.970 --> 00:11:09.910 align:start position:0% know that sort of thing so in the eyes of 00:11:09.910 --> 00:11:09.920 align:start position:0% of 00:11:09.920 --> 00:11:12.620 align:start position:0% of it's<00:11:10.920> legal<00:11:11.310> world<00:11:11.460> the<00:11:12.090> person<00:11:12.450> who's 00:11:12.620 --> 00:11:12.630 align:start position:0% it's legal world the person who's 00:11:12.630 --> 00:11:14.740 align:start position:0% it's legal world the person who's holding<00:11:12.780> title<00:11:13.350> might<00:11:13.500> be<00:11:13.620> individual 00:11:14.740 --> 00:11:14.750 align:start position:0% holding title might be individual 00:11:14.750 --> 00:11:17.930 align:start position:0% holding title might be individual partnership<00:11:15.750> and<00:11:16.170> so<00:11:16.590> later<00:11:16.920> you<00:11:17.430> know<00:11:17.790> when 00:11:17.930 --> 00:11:17.940 align:start position:0% partnership and so later you know when 00:11:17.940 --> 00:11:19.370 align:start position:0% partnership and so later you know when you're<00:11:18.060> looking<00:11:18.420> at<00:11:18.570> what<00:11:18.810> rights<00:11:19.050> and<00:11:19.260> duties 00:11:19.370 --> 00:11:19.380 align:start position:0% you're looking at what rights and duties 00:11:19.380 --> 00:11:21.770 align:start position:0% you're looking at what rights and duties arise<00:11:19.830> from<00:11:20.280> this<00:11:20.400> particular<00:11:21.000> group<00:11:21.600> of 00:11:21.770 --> 00:11:21.780 align:start position:0% arise from this particular group of 00:11:21.780 --> 00:11:28.550 align:start position:0% arise from this particular group of individuals<00:11:22.710> and<00:11:22.890> their<00:11:23.070> actions<00:11:27.560> that's 00:11:28.550 --> 00:11:28.560 align:start position:0% individuals and their actions that's 00:11:28.560 --> 00:11:29.480 align:start position:0% individuals and their actions that's usually<00:11:28.920> in<00:11:28.950> common<00:11:29.340> law<00:11:29.460> jurisdictions 00:11:29.480 --> 00:11:29.490 align:start position:0% usually in common law jurisdictions 00:11:29.490 --> 00:11:32.060 align:start position:0% usually in common law jurisdictions which<00:11:30.330> is<00:11:30.480> English<00:11:30.890> American<00:11:31.890> law 00:11:32.060 --> 00:11:32.070 align:start position:0% which is English American law 00:11:32.070 --> 00:11:33.590 align:start position:0% which is English American law jurisdictions<00:11:32.790> well<00:11:33.060> civil<00:11:33.480> law 00:11:33.590 --> 00:11:33.600 align:start position:0% jurisdictions well civil law 00:11:33.600 --> 00:11:36.730 align:start position:0% jurisdictions well civil law jurisdictions<00:11:33.630> France<00:11:34.620> Germany<00:11:35.070> China<00:11:35.910> Japan 00:11:36.730 --> 00:11:36.740 align:start position:0% jurisdictions France Germany China Japan 00:11:36.740 --> 00:11:39.110 align:start position:0% jurisdictions France Germany China Japan situation<00:11:37.740> is<00:11:37.800> probably<00:11:38.130> different<00:11:38.370> any 00:11:39.110 --> 00:11:39.120 align:start position:0% situation is probably different any 00:11:39.120 --> 00:11:41.240 align:start position:0% situation is probably different any civil<00:11:39.450> I<00:11:39.540> see<00:11:39.780> I<00:11:39.810> recently<00:11:40.200> is<00:11:40.920> it<00:11:41.100> very 00:11:41.240 --> 00:11:41.250 align:start position:0% civil I see I recently is it very 00:11:41.250 --> 00:11:44.860 align:start position:0% civil I see I recently is it very similar<00:11:41.490> okay 00:11:44.860 --> 00:11:44.870 align:start position:0% 00:11:44.870 --> 00:11:47.720 align:start position:0% it's<00:11:45.870> very<00:11:46.050> much<00:11:46.260> on<00:11:46.440> the<00:11:46.530> status<00:11:46.950> so<00:11:47.160> I<00:11:47.190> would 00:11:47.720 --> 00:11:47.730 align:start position:0% it's very much on the status so I would 00:11:47.730 --> 00:11:50.000 align:start position:0% it's very much on the status so I would clarify<00:11:47.910> actually<00:11:48.540> who<00:11:48.810> asked<00:11:49.080> after<00:11:49.440> Germany 00:11:50.000 --> 00:11:50.010 align:start position:0% clarify actually who asked after Germany 00:11:50.010 --> 00:11:54.950 align:start position:0% clarify actually who asked after Germany okay<00:11:50.430> so<00:11:52.580> but<00:11:53.580> the<00:11:53.700> episode<00:11:54.120> or<00:11:54.300> lose<00:11:54.810> the 00:11:54.950 --> 00:11:54.960 align:start position:0% okay so but the episode or lose the 00:11:54.960 --> 00:11:58.040 align:start position:0% okay so but the episode or lose the total<00:11:55.290> system<00:11:55.530> as<00:11:56.130> well<00:11:56.310> as<00:11:56.610> the<00:11:56.720> 74<00:11:57.720> my 00:11:58.040 --> 00:11:58.050 align:start position:0% total system as well as the 74 my 00:11:58.050 --> 00:12:03.800 align:start position:0% total system as well as the 74 my previous<00:11:58.710> judgments<00:11:59.340> ins<00:12:01.250> practice 00:12:03.800 --> 00:12:03.810 align:start position:0% previous judgments ins practice 00:12:03.810 --> 00:12:06.800 align:start position:0% previous judgments ins practice that's<00:12:04.620> my<00:12:04.860> how<00:12:04.980> about<00:12:05.250> this<00:12:05.370> is<00:12:05.550> different<00:12:05.880> it 00:12:06.800 --> 00:12:06.810 align:start position:0% that's my how about this is different it 00:12:06.810 --> 00:12:09.440 align:start position:0% that's my how about this is different it is 00:12:09.440 --> 00:12:09.450 align:start position:0% 00:12:09.450 --> 00:12:12.060 align:start position:0% introduces<00:12:10.450> but<00:12:10.990> doesn't<00:12:11.650> escape<00:12:11.740> sometimes 00:12:12.060 --> 00:12:12.070 align:start position:0% introduces but doesn't escape sometimes 00:12:12.070 --> 00:12:14.670 align:start position:0% introduces but doesn't escape sometimes we<00:12:12.280> have<00:12:12.460> the<00:12:12.610> sweet<00:12:12.820> action<00:12:13.590> results<00:12:14.590> just 00:12:14.670 --> 00:12:14.680 align:start position:0% we have the sweet action results just 00:12:14.680 --> 00:12:16.170 align:start position:0% we have the sweet action results just another<00:12:14.890> house<00:12:15.100> about<00:12:15.340> this<00:12:15.520> yet<00:12:15.760> right<00:12:16.000> now 00:12:16.170 --> 00:12:16.180 align:start position:0% another house about this yet right now 00:12:16.180 --> 00:12:19.770 align:start position:0% another house about this yet right now so<00:12:16.830> that's<00:12:17.830> the<00:12:18.040> let's<00:12:18.190> focus<00:12:18.400> on<00:12:18.820> the<00:12:19.420> topic 00:12:19.770 --> 00:12:19.780 align:start position:0% so that's the let's focus on the topic 00:12:19.780 --> 00:12:22.080 align:start position:0% so that's the let's focus on the topic in<00:12:19.870> happen<00:12:20.200> you<00:12:20.920> know<00:12:21.070> we<00:12:21.250> wanted<00:12:21.550> to<00:12:21.640> just<00:12:21.670> ask 00:12:22.080 --> 00:12:22.090 align:start position:0% in happen you know we wanted to just ask 00:12:22.090 --> 00:12:24.780 align:start position:0% in happen you know we wanted to just ask the<00:12:22.240> questions<00:12:22.720> to<00:12:22.810> kind<00:12:23.020> of<00:12:23.140> get<00:12:23.410> our<00:12:24.070> styles 00:12:24.780 --> 00:12:24.790 align:start position:0% the questions to kind of get our styles 00:12:24.790 --> 00:12:27.690 align:start position:0% the questions to kind of get our styles to<00:12:24.970> prepare<00:12:25.960> what<00:12:26.200> the<00:12:26.410> bigger<00:12:26.710> issues<00:12:27.040> are<00:12:27.400> we 00:12:27.690 --> 00:12:27.700 align:start position:0% to prepare what the bigger issues are we 00:12:27.700 --> 00:12:31.110 align:start position:0% to prepare what the bigger issues are we have<00:12:27.910> to<00:12:28.180> look<00:12:28.390> at<00:12:28.660> in<00:12:28.930> this<00:12:29.080> workshop<00:12:29.560> so<00:12:30.550> I 00:12:31.110 --> 00:12:31.120 align:start position:0% have to look at in this workshop so I 00:12:31.120 --> 00:12:33.480 align:start position:0% have to look at in this workshop so I think<00:12:31.930> we<00:12:32.290> should<00:12:32.320> discourage<00:12:32.830> the<00:12:33.130> next 00:12:33.480 --> 00:12:33.490 align:start position:0% think we should discourage the next 00:12:33.490 --> 00:12:39.450 align:start position:0% think we should discourage the next question<00:12:37.170> can<00:12:38.170> you<00:12:38.320> kick<00:12:38.560> it<00:12:38.710> out<00:12:38.860> all<00:12:39.160> good 00:12:39.450 --> 00:12:39.460 align:start position:0% question can you kick it out all good 00:12:39.460 --> 00:13:08.100 align:start position:0% question can you kick it out all good assets<00:12:43.950> to<00:12:44.950> us 00:13:08.100 --> 00:13:08.110 align:start position:0% 00:13:08.110 --> 00:13:38.310 align:start position:0% [Music] 00:13:38.310 --> 00:13:38.320 align:start position:0% 00:13:38.320 --> 00:13:50.980 align:start position:0% [Music] 00:13:50.980 --> 00:13:50.990 align:start position:0% 00:13:50.990 --> 00:13:53.390 align:start position:0% yeah 00:13:53.390 --> 00:13:53.400 align:start position:0% yeah 00:13:53.400 --> 00:13:57.480 align:start position:0% yeah [Music] 00:13:57.480 --> 00:13:57.490 align:start position:0% [Music] 00:13:57.490 --> 00:14:00.850 align:start position:0% [Music] two<00:13:58.490> houses<00:13:58.999> and<00:13:59.660> two<00:13:59.779> outs<00:13:59.990> of<00:14:00.230> the<00:14:00.350> Japanese 00:14:00.850 --> 00:14:00.860 align:start position:0% two houses and two outs of the Japanese 00:14:00.860 --> 00:14:03.040 align:start position:0% two houses and two outs of the Japanese question<00:14:01.430> we<00:14:01.879> do<00:14:02.149> jurisdiction<00:14:02.779> does<00:14:03.019> not 00:14:03.040 --> 00:14:03.050 align:start position:0% question we do jurisdiction does not 00:14:03.050 --> 00:14:05.049 align:start position:0% question we do jurisdiction does not recognize<00:14:03.709> for<00:14:03.980> two<00:14:04.160> assets<00:14:04.639> and<00:14:04.790> you<00:14:04.879> know 00:14:05.049 --> 00:14:05.059 align:start position:0% recognize for two assets and you know 00:14:05.059 --> 00:14:11.920 align:start position:0% recognize for two assets and you know having<00:14:05.389> a<00:14:05.449> suspect 00:14:11.920 --> 00:14:11.930 align:start position:0% 00:14:11.930 --> 00:14:32.610 align:start position:0% legally<00:14:12.930> no<00:14:22.520> that's<00:14:23.520> your<00:14:23.700> job 00:14:32.610 --> 00:14:32.620 align:start position:0% 00:14:32.620 --> 00:14:35.400 align:start position:0% I<00:14:32.680> mean<00:14:33.340> is<00:14:33.670> your<00:14:33.730> towel<00:14:34.300> falling<00:14:34.810> or<00:14:34.990> even 00:14:35.400 --> 00:14:35.410 align:start position:0% I mean is your towel falling or even 00:14:35.410 --> 00:14:38.580 align:start position:0% I mean is your towel falling or even attractive<00:14:36.330> attached<00:14:37.330> to<00:14:37.540> any<00:14:37.750> geographical 00:14:38.580 --> 00:14:38.590 align:start position:0% attractive attached to any geographical 00:14:38.590 --> 00:14:41.670 align:start position:0% attractive attached to any geographical jurisdiction<00:14:39.720> other<00:14:40.720> than<00:14:41.020> the<00:14:41.140> ones<00:14:41.380> I<00:14:41.560> mean 00:14:41.670 --> 00:14:41.680 align:start position:0% jurisdiction other than the ones I mean 00:14:41.680 --> 00:14:42.900 align:start position:0% jurisdiction other than the ones I mean you<00:14:41.800> have<00:14:41.890> to<00:14:42.040> pick<00:14:42.190> a<00:14:42.250> wrapper<00:14:42.490> that<00:14:42.610> to 00:14:42.900 --> 00:14:42.910 align:start position:0% you have to pick a wrapper that to 00:14:42.910 --> 00:14:44.730 align:start position:0% you have to pick a wrapper that to people<00:14:43.270> without<00:14:43.450> a<00:14:43.600> doubt<00:14:43.900> with<00:14:44.170> the<00:14:44.350> wrapper 00:14:44.730 --> 00:14:44.740 align:start position:0% people without a doubt with the wrapper 00:14:44.740 --> 00:14:59.100 align:start position:0% people without a doubt with the wrapper is<00:14:45.160> anyone<00:14:45.850> how<00:14:57.090> is<00:14:58.090> it<00:14:58.240> attached<00:14:58.540> to<00:14:58.750> every 00:14:59.100 --> 00:14:59.110 align:start position:0% is anyone how is it attached to every 00:14:59.110 --> 00:15:08.370 align:start position:0% is anyone how is it attached to every receiving<00:15:00.040> members<00:15:00.430> in<00:15:00.640> the<00:15:00.790> traditions<00:15:07.380> 2007 00:15:08.370 --> 00:15:08.380 align:start position:0% receiving members in the traditions 2007 00:15:08.380 --> 00:15:09.990 align:start position:0% receiving members in the traditions 2007 restriction<00:15:08.950> yeah 00:15:09.990 --> 00:15:10.000 align:start position:0% restriction yeah 00:15:10.000 --> 00:15:12.930 align:start position:0% restriction yeah Tennessee<00:15:11.010> because<00:15:12.010> I<00:15:12.070> mean<00:15:12.340> you<00:15:12.490> know<00:15:12.640> like 00:15:12.930 --> 00:15:12.940 align:start position:0% Tennessee because I mean you know like 00:15:12.940 --> 00:15:15.030 align:start position:0% Tennessee because I mean you know like this<00:15:13.630> comes<00:15:13.930> back<00:15:14.170> to<00:15:14.320> the<00:15:14.440> question<00:15:14.620> you 00:15:15.030 --> 00:15:15.040 align:start position:0% this comes back to the question you 00:15:15.040 --> 00:15:27.480 align:start position:0% this comes back to the question you mentioned<00:15:15.340> earlier<00:15:16.230> sometimes<00:15:17.230> people 00:15:27.480 --> 00:15:27.490 align:start position:0% 00:15:27.490 --> 00:15:33.560 align:start position:0% [Music] 00:15:33.560 --> 00:15:33.570 align:start position:0% 00:15:33.570 --> 00:15:44.280 align:start position:0% yeah 00:15:44.280 --> 00:15:44.290 align:start position:0% 00:15:44.290 --> 00:16:17.210 align:start position:0% [Music] 00:16:17.210 --> 00:16:17.220 align:start position:0% 00:16:17.220 --> 00:16:26.850 align:start position:0% [Music] 00:16:26.850 --> 00:16:26.860 align:start position:0% 00:16:26.860 --> 00:16:29.220 align:start position:0% other<00:16:27.860> chapters<00:16:28.430> in<00:16:28.700> all<00:16:28.790> these 00:16:29.220 --> 00:16:29.230 align:start position:0% other chapters in all these 00:16:29.230 --> 00:16:31.360 align:start position:0% other chapters in all these jurisdictions<00:16:30.230> that<00:16:30.500> have<00:16:30.560> something<00:16:30.920> to<00:16:31.160> say 00:16:31.360 --> 00:16:31.370 align:start position:0% jurisdictions that have something to say 00:16:31.370 --> 00:16:36.880 align:start position:0% jurisdictions that have something to say would<00:16:31.670> say<00:16:31.880> well<00:16:32.120> no<00:16:33.910> this<00:16:34.910> is<00:16:35.060> based<00:16:35.500> on<00:16:36.500> a<00:16:36.710> US 00:16:36.880 --> 00:16:36.890 align:start position:0% would say well no this is based on a US 00:16:36.890 --> 00:16:39.130 align:start position:0% would say well no this is based on a US state<00:16:37.520> jurisdiction<00:16:38.180> so<00:16:38.330> in<00:16:38.450> a<00:16:38.660> way<00:16:38.810> I<00:16:38.840> mean 00:16:39.130 --> 00:16:39.140 align:start position:0% state jurisdiction so in a way I mean 00:16:39.140 --> 00:16:42.070 align:start position:0% state jurisdiction so in a way I mean we're<00:16:39.290> trying<00:16:39.500> to<00:16:39.940> be<00:16:40.940> more<00:16:40.970> practical<00:16:41.360> at 00:16:42.070 --> 00:16:42.080 align:start position:0% we're trying to be more practical at 00:16:42.080 --> 00:16:43.900 align:start position:0% we're trying to be more practical at that<00:16:42.290> level<00:16:42.530> and<00:16:42.830> I<00:16:42.980> just<00:16:43.010> invaded<00:16:43.640> the 00:16:43.900 --> 00:16:43.910 align:start position:0% that level and I just invaded the 00:16:43.910 --> 00:16:46.630 align:start position:0% that level and I just invaded the concerns<00:16:44.450> that<00:16:44.750> exist<00:16:45.260> right<00:16:45.860> now<00:16:45.920> I<00:16:46.340> think 00:16:46.630 --> 00:16:46.640 align:start position:0% concerns that exist right now I think 00:16:46.640 --> 00:16:54.400 align:start position:0% concerns that exist right now I think Tommy<00:16:47.360> may<00:16:47.800> try<00:16:48.800> to<00:16:50.170> forward<00:16:52.300> does<00:16:53.300> any<00:16:53.540> of<00:16:53.690> you 00:16:54.400 --> 00:16:54.410 align:start position:0% Tommy may try to forward does any of you 00:16:54.410 --> 00:16:57.180 align:start position:0% Tommy may try to forward does any of you are<00:16:54.560> jobs<00:16:54.800> for<00:16:55.040> I<00:16:55.220> like<00:16:55.550> teacher 00:16:57.180 --> 00:16:57.190 align:start position:0% are jobs for I like teacher 00:16:57.190 --> 00:17:03.910 align:start position:0% are jobs for I like teacher from<00:16:58.190> station<00:16:58.730> what<00:16:59.120> is<00:16:59.209> a<00:17:02.170> towel<00:17:03.170> providers 00:17:03.910 --> 00:17:03.920 align:start position:0% from station what is a towel providers 00:17:03.920 --> 00:17:14.319 align:start position:0% from station what is a towel providers make<00:17:04.370> that<00:17:04.670> their<00:17:09.699> image<00:17:10.699> aimless<00:17:13.150> but<00:17:14.150> what 00:17:14.319 --> 00:17:14.329 align:start position:0% make that their image aimless but what 00:17:14.329 --> 00:17:15.970 align:start position:0% make that their image aimless but what is<00:17:14.420> your<00:17:14.630> I<00:17:14.660> guess<00:17:15.020> I<00:17:15.140> wonder<00:17:15.350> what<00:17:15.860> is<00:17:15.949> your 00:17:15.970 --> 00:17:15.980 align:start position:0% is your I guess I wonder what is your 00:17:15.980 --> 00:17:41.170 align:start position:0% is your I guess I wonder what is your concept<00:17:18.459> beyond<00:17:19.459> it<00:17:19.670> being<00:17:19.850> a<00:17:20.000> claim<00:17:20.360> is<00:17:21.260> there 00:17:41.170 --> 00:17:41.180 align:start position:0% 00:17:41.180 --> 00:17:52.490 align:start position:0% [Music] 00:17:52.490 --> 00:17:52.500 align:start position:0% 00:17:52.500 --> 00:18:04.800 align:start position:0% [Music] 00:18:04.800 --> 00:18:04.810 align:start position:0% 00:18:04.810 --> 00:18:17.300 align:start position:0% [Music] 00:18:17.300 --> 00:18:17.310 align:start position:0% 00:18:17.310 --> 00:18:22.110 align:start position:0% [Music] 00:18:22.110 --> 00:18:22.120 align:start position:0% 00:18:22.120 --> 00:18:41.470 align:start position:0% which<00:18:23.120> is<00:18:23.270> a<00:18:23.300> different<00:18:39.670> law<00:18:40.670> is<00:18:41.000> not<00:18:41.150> as<00:18:41.330> much 00:18:41.470 --> 00:18:41.480 align:start position:0% which is a different law is not as much 00:18:41.480 --> 00:18:44.500 align:start position:0% which is a different law is not as much as<00:18:41.600> one<00:18:41.840> tutorial<00:18:42.680> on<00:18:42.830> Sharia<00:18:43.460> laws<00:18:43.820> are<00:18:44.270> very 00:18:44.500 --> 00:18:44.510 align:start position:0% as one tutorial on Sharia laws are very 00:18:44.510 --> 00:18:46.570 align:start position:0% as one tutorial on Sharia laws are very different<00:18:44.810> and<00:18:45.140> indefinite<00:18:45.740> or<00:18:45.770> each<00:18:46.190> state 00:18:46.570 --> 00:18:46.580 align:start position:0% different and indefinite or each state 00:18:46.580 --> 00:18:49.990 align:start position:0% different and indefinite or each state that<00:18:47.170> that<00:18:48.170> is<00:18:48.350> for<00:18:48.650> example<00:18:49.160> and<00:18:49.370> that<00:18:49.550> place 00:18:49.990 --> 00:18:50.000 align:start position:0% that that is for example and that place 00:18:50.000 --> 00:18:53.560 align:start position:0% that that is for example and that place in<00:18:50.270> here<00:18:50.690> their<00:18:51.590> rules<00:18:52.010> of<00:18:52.340> laws<00:18:52.640> and<00:18:53.180> asthma 00:18:53.560 --> 00:18:53.570 align:start position:0% in here their rules of laws and asthma 00:18:53.570 --> 00:18:56.080 align:start position:0% in here their rules of laws and asthma trouble<00:18:53.900> you<00:18:54.050> are<00:18:54.080> office<00:18:54.800> standards<00:18:55.370> that 00:18:56.080 --> 00:18:56.090 align:start position:0% trouble you are office standards that 00:18:56.090 --> 00:18:59.140 align:start position:0% trouble you are office standards that are<00:18:56.330> now<00:18:56.840> used<00:18:57.260> as<00:18:57.530> like<00:18:57.980> their<00:18:58.490> contracts 00:18:59.140 --> 00:18:59.150 align:start position:0% are now used as like their contracts 00:18:59.150 --> 00:19:02.980 align:start position:0% are now used as like their contracts estate<00:18:59.660> the<00:19:00.290> law<00:19:00.560> of<00:19:01.010> God<00:19:02.030> the<00:19:02.480> contract<00:19:02.870> is 00:19:02.980 --> 00:19:02.990 align:start position:0% estate the law of God the contract is 00:19:02.990 --> 00:19:05.800 align:start position:0% estate the law of God the contract is governed<00:19:03.500> by<00:19:04.190> their<00:19:04.400> office<00:19:04.880> standards<00:19:05.450> and 00:19:05.800 --> 00:19:05.810 align:start position:0% governed by their office standards and 00:19:05.810 --> 00:19:07.780 align:start position:0% governed by their office standards and arbitration<00:19:06.770> is<00:19:07.010> supposed<00:19:07.310> to<00:19:07.430> be<00:19:07.550> there 00:19:07.780 --> 00:19:07.790 align:start position:0% arbitration is supposed to be there 00:19:07.790 --> 00:19:11.529 align:start position:0% arbitration is supposed to be there without<00:19:08.120> actually<00:19:08.810> having<00:19:08.930> to<00:19:09.230> having<00:19:09.620> an 00:19:11.529 --> 00:19:11.539 align:start position:0% without actually having to having an 00:19:11.539 --> 00:20:24.719 align:start position:0% without actually having to having an I<00:19:21.220> know<00:19:50.379> between<00:20:07.269> individuals<00:20:09.909> to<00:20:22.869> procedure 00:20:24.719 --> 00:20:24.729 align:start position:0% I know between individuals to procedure 00:20:24.729 --> 00:20:47.930 align:start position:0% I know between individuals to procedure you<00:20:25.729> point<00:20:26.059> is<00:20:26.239> that<00:20:26.479> yeah 00:20:47.930 --> 00:20:47.940 align:start position:0% 00:20:47.940 --> 00:20:55.190 align:start position:0% [Music] 00:20:55.190 --> 00:20:55.200 align:start position:0% 00:20:55.200 --> 00:21:34.500 align:start position:0% and<00:21:05.820> that's<00:21:07.470> also<00:21:25.620> the<00:21:26.620> nation<00:21:26.950> so<00:21:32.190> anyone 00:21:34.500 --> 00:21:34.510 align:start position:0% and that's also the nation so anyone 00:21:34.510 --> 00:21:37.860 align:start position:0% and that's also the nation so anyone in<00:21:35.350> a<00:21:35.440> browsable<00:21:35.850> can<00:21:36.850> you<00:21:36.940> doubt<00:21:37.120> rent<00:21:37.450> office 00:21:37.860 --> 00:21:37.870 align:start position:0% in a browsable can you doubt rent office 00:21:37.870 --> 00:21:41.430 align:start position:0% in a browsable can you doubt rent office space<00:21:38.049> listing<00:21:38.910> majesty<00:21:39.940> I<00:21:40.179> mean<00:21:40.360> of<00:21:40.690> all<00:21:41.020> it 00:21:41.430 --> 00:21:41.440 align:start position:0% space listing majesty I mean of all it 00:21:41.440 --> 00:21:43.350 align:start position:0% space listing majesty I mean of all it seems<00:21:41.590> to<00:21:41.799> me<00:21:41.919> that<00:21:41.950> most<00:21:42.549> of<00:21:42.820> the<00:21:42.940> rest<00:21:43.120> of<00:21:43.240> the 00:21:43.350 --> 00:21:43.360 align:start position:0% seems to me that most of the rest of the 00:21:43.360 --> 00:21:44.760 align:start position:0% seems to me that most of the rest of the questions<00:21:43.840> he<00:21:44.020> had<00:21:44.230> most<00:21:44.440> of<00:21:44.559> the<00:21:44.620> questions 00:21:44.760 --> 00:21:44.770 align:start position:0% questions he had most of the questions 00:21:44.770 --> 00:21:47.010 align:start position:0% questions he had most of the questions and<00:21:45.190> dodi<00:21:45.400> just<00:21:46.059> come<00:21:46.270> back<00:21:46.419> to<00:21:46.600> whether<00:21:46.780> the 00:21:47.010 --> 00:21:47.020 align:start position:0% and dodi just come back to whether the 00:21:47.020 --> 00:21:48.840 align:start position:0% and dodi just come back to whether the doubt<00:21:47.230> has<00:21:47.470> a<00:21:47.500> bigger<00:21:47.860> personality<00:21:48.520> or<00:21:48.640> not 00:21:48.840 --> 00:21:48.850 align:start position:0% doubt has a bigger personality or not 00:21:48.850 --> 00:21:51.240 align:start position:0% doubt has a bigger personality or not this<00:21:49.510> is<00:21:49.960> a<00:21:49.990> way<00:21:50.260> of<00:21:50.290> saying<00:21:50.620> does<00:21:50.919> it<00:21:51.070> have<00:21:51.220> a 00:21:51.240 --> 00:21:51.250 align:start position:0% this is a way of saying does it have a 00:21:51.250 --> 00:21:54.030 align:start position:0% this is a way of saying does it have a legal<00:21:51.669> battle<00:21:52.260> yeah<00:21:53.260> I<00:21:53.500> think<00:21:53.650> you<00:21:53.890> know<00:21:54.010> I 00:21:54.030 --> 00:21:54.040 align:start position:0% legal battle yeah I think you know I 00:21:54.040 --> 00:21:57.450 align:start position:0% legal battle yeah I think you know I receive<00:21:54.910> a<00:21:55.320> lot<00:21:56.320> of<00:21:56.440> experts<00:21:56.860> up<00:21:57.040> here<00:21:57.309> it's 00:21:57.450 --> 00:21:57.460 align:start position:0% receive a lot of experts up here it's 00:21:57.460 --> 00:21:59.670 align:start position:0% receive a lot of experts up here it's more<00:21:57.730> about<00:21:57.970> like<00:21:58.179> framing<00:21:58.540> the 00:21:59.670 --> 00:21:59.680 align:start position:0% more about like framing the 00:21:59.680 --> 00:22:59.580 align:start position:0% more about like framing the I<00:22:33.240> mean<00:22:52.800> office<00:22:53.800> space<00:22:54.040> you<00:22:56.310> can<00:22:57.310> use<00:22:58.590> tax 00:22:59.580 --> 00:22:59.590 align:start position:0% I mean office space you can use tax 00:22:59.590 --> 00:23:01.740 align:start position:0% I mean office space you can use tax policy<00:23:00.130> for<00:23:00.160> jurisdictions<00:23:00.910> and<00:23:01.120> they 00:23:01.740 --> 00:23:01.750 align:start position:0% policy for jurisdictions and they 00:23:01.750 --> 00:23:17.050 align:start position:0% policy for jurisdictions and they actually<00:23:01.960> have<00:23:02.410> thought<00:23:02.650> by<00:23:04.050> its<00:23:07.530> diction 00:23:17.050 --> 00:23:17.060 align:start position:0% 00:23:17.060 --> 00:23:43.440 align:start position:0% [Music] 00:23:43.440 --> 00:23:43.450 align:start position:0% 00:23:43.450 --> 00:24:11.340 align:start position:0% [Music] 00:24:11.340 --> 00:24:11.350 align:start position:0% 00:24:11.350 --> 00:24:14.430 align:start position:0% yeah<00:24:12.380> is<00:24:12.620> that<00:24:12.800> when<00:24:12.920> you'd<00:24:13.130> show<00:24:13.160> people<00:24:13.490> that 00:24:14.430 --> 00:24:14.440 align:start position:0% yeah is that when you'd show people that 00:24:14.440 --> 00:24:31.950 align:start position:0% yeah is that when you'd show people that they<00:24:15.550> trust 00:24:31.950 --> 00:24:31.960 align:start position:0% 00:24:31.960 --> 00:24:34.089 align:start position:0% well<00:24:32.960> those<00:24:33.049> are<00:24:33.229> but<00:24:33.409> a<00:24:33.440> part<00:24:33.679> that<00:24:33.710> everybody 00:24:34.089 --> 00:24:34.099 align:start position:0% well those are but a part that everybody 00:24:34.099 --> 00:24:35.680 align:start position:0% well those are but a part that everybody decide<00:24:34.399> when<00:24:34.700> I<00:24:34.729> have<00:24:34.940> liability<00:24:35.450> that's<00:24:35.629> a 00:24:35.680 --> 00:24:35.690 align:start position:0% decide when I have liability that's a 00:24:35.690 --> 00:24:37.119 align:start position:0% decide when I have liability that's a lot<00:24:35.840> that's<00:24:35.929> a<00:24:36.080> nice<00:24:36.259> neat<00:24:36.529> that's<00:24:36.710> a<00:24:36.799> freedom 00:24:37.119 --> 00:24:37.129 align:start position:0% lot that's a nice neat that's a freedom 00:24:37.129 --> 00:24:37.719 align:start position:0% lot that's a nice neat that's a freedom for<00:24:37.309> me<00:24:37.429> all<00:24:37.549> right 00:24:37.719 --> 00:24:37.729 align:start position:0% for me all right 00:24:37.729 --> 00:24:41.229 align:start position:0% for me all right it<00:24:38.149> makes<00:24:38.720> me<00:24:38.929> freer<00:24:39.769> if<00:24:40.099> I<00:24:40.220> can<00:24:40.429> say<00:24:40.820> when<00:24:41.090> the 00:24:41.229 --> 00:24:41.239 align:start position:0% it makes me freer if I can say when the 00:24:41.239 --> 00:24:43.779 align:start position:0% it makes me freer if I can say when the legal<00:24:41.389> system<00:24:41.809> comes<00:24:41.989> to<00:24:42.139> me<00:24:42.289> and<00:24:42.710> you<00:24:43.429> know<00:24:43.519> it 00:24:43.779 --> 00:24:43.789 align:start position:0% legal system comes to me and you know it 00:24:43.789 --> 00:24:52.570 align:start position:0% legal system comes to me and you know it gets<00:24:43.940> to<00:24:44.090> decide<00:24:50.649> that's<00:24:51.649> but<00:24:52.009> that's<00:24:52.249> where 00:24:52.570 --> 00:24:52.580 align:start position:0% gets to decide that's but that's where 00:24:52.580 --> 00:24:54.310 align:start position:0% gets to decide that's but that's where it's<00:24:52.909> sort<00:24:53.090> of<00:24:53.149> the<00:24:53.359> choice<00:24:53.690> of<00:24:53.989> people 00:24:54.310 --> 00:24:54.320 align:start position:0% it's sort of the choice of people 00:24:54.320 --> 00:24:56.799 align:start position:0% it's sort of the choice of people represent<00:24:55.070> right<00:24:55.249> the<00:24:55.789> reason<00:24:55.940> why<00:24:56.210> most 00:24:56.799 --> 00:24:56.809 align:start position:0% represent right the reason why most 00:24:56.809 --> 00:24:58.779 align:start position:0% represent right the reason why most public<00:24:57.379> companies<00:24:57.799> are<00:24:57.830> corporations 00:24:58.779 --> 00:24:58.789 align:start position:0% public companies are corporations 00:24:58.789 --> 00:25:01.119 align:start position:0% public companies are corporations because<00:24:59.720> they<00:24:59.840> scale<00:25:00.109> very<00:25:00.409> easily<00:25:00.649> because 00:25:01.119 --> 00:25:01.129 align:start position:0% because they scale very easily because 00:25:01.129 --> 00:25:03.969 align:start position:0% because they scale very easily because in<00:25:01.609> clear<00:25:01.940> defaults<00:25:02.599> not<00:25:03.169> we<00:25:03.440> the<00:25:03.619> role<00:25:03.799> that 00:25:03.969 --> 00:25:03.979 align:start position:0% in clear defaults not we the role that 00:25:03.979 --> 00:25:06.430 align:start position:0% in clear defaults not we the role that you<00:25:04.129> share<00:25:04.340> that<00:25:04.489> you<00:25:04.639> use<00:25:05.289> about<00:25:06.289> right 00:25:06.430 --> 00:25:06.440 align:start position:0% you share that you use about right 00:25:06.440 --> 00:25:07.960 align:start position:0% you share that you use about right there's<00:25:06.590> a<00:25:06.649> net<00:25:06.830> and<00:25:07.129> their<00:25:07.549> works<00:25:07.729> much 00:25:07.960 --> 00:25:07.970 align:start position:0% there's a net and their works much 00:25:07.970 --> 00:25:10.509 align:start position:0% there's a net and their works much easier<00:25:08.359> for<00:25:08.599> people<00:25:08.720> to<00:25:08.899> cross<00:25:09.259> nation<00:25:09.710> to<00:25:10.340> cut 00:25:10.509 --> 00:25:10.519 align:start position:0% easier for people to cross nation to cut 00:25:10.519 --> 00:25:11.799 align:start position:0% easier for people to cross nation to cut like<00:25:10.669> a<00:25:10.729> package<00:25:11.179> deal 00:25:11.799 --> 00:25:11.809 align:start position:0% like a package deal 00:25:11.809 --> 00:25:14.440 align:start position:0% like a package deal then<00:25:12.139> you<00:25:12.229> can<00:25:12.379> do<00:25:12.470> LLC's<00:25:13.210> many<00:25:14.210> jurisdictions 00:25:14.440 --> 00:25:14.450 align:start position:0% then you can do LLC's many jurisdictions 00:25:14.450 --> 00:25:17.200 align:start position:0% then you can do LLC's many jurisdictions you<00:25:15.049> can<00:25:15.229> weave<00:25:15.859> away<00:25:16.129> the<00:25:16.279> most<00:25:16.460> wall<00:25:16.729> you 00:25:17.200 --> 00:25:17.210 align:start position:0% you can weave away the most wall you 00:25:17.210 --> 00:25:19.539 align:start position:0% you can weave away the most wall you know<00:25:17.330> responsibilities<00:25:18.169> of<00:25:18.289> analyses<00:25:18.710> it's 00:25:19.539 --> 00:25:19.549 align:start position:0% know responsibilities of analyses it's 00:25:19.549 --> 00:25:21.470 align:start position:0% know responsibilities of analyses it's kind<00:25:19.759> of<00:25:19.879> what's<00:25:20.149> the<00:25:20.299> use<00:25:20.509> case 00:25:21.470 --> 00:25:21.480 align:start position:0% kind of what's the use case 00:25:21.480 --> 00:25:26.240 align:start position:0% kind of what's the use case and<00:25:21.600> I<00:25:23.600> think<00:25:24.600> there's<00:25:25.500> really<00:25:25.530> not<00:25:25.890> a<00:25:26.040> third 00:25:26.240 --> 00:25:26.250 align:start position:0% and I think there's really not a third 00:25:26.250 --> 00:25:29.409 align:start position:0% and I think there's really not a third lawyers<00:25:26.640> your<00:25:26.910> lawyers<00:25:27.210> played<00:25:27.450> by<00:25:27.840> believe 00:25:29.409 --> 00:25:29.419 align:start position:0% lawyers your lawyers played by believe 00:25:29.419 --> 00:25:43.920 align:start position:0% lawyers your lawyers played by believe most<00:25:30.799> they<00:25:31.799> try<00:25:32.040> they<00:25:32.280> try<00:25:32.309> as<00:25:32.850> always<00:25:33.150> saying 00:25:43.920 --> 00:25:43.930 align:start position:0% 00:25:43.930 --> 00:25:46.539 align:start position:0% [Music] 00:25:46.539 --> 00:25:46.549 align:start position:0% [Music] 00:25:46.549 --> 00:25:50.870 align:start position:0% [Music] it's<00:25:47.549> not<00:25:47.669> only<00:25:47.960> it's<00:25:48.960> also<00:25:49.140> positive<00:25:49.880> secure 00:25:50.870 --> 00:25:50.880 align:start position:0% it's not only it's also positive secure 00:25:50.880 --> 00:25:56.150 align:start position:0% it's not only it's also positive secure but<00:25:51.299> we<00:25:53.720> spoke<00:25:54.720> before<00:25:54.900> the<00:25:55.260> courts<00:25:55.650> are 00:25:56.150 --> 00:25:56.160 align:start position:0% but we spoke before the courts are 00:25:56.160 --> 00:25:58.970 align:start position:0% but we spoke before the courts are always<00:25:56.429> probably<00:25:56.820> going<00:25:57.090> to<00:25:57.210> be<00:25:57.360> funny 00:25:58.970 --> 00:25:58.980 align:start position:0% always probably going to be funny 00:25:58.980 --> 00:26:02.030 align:start position:0% always probably going to be funny I<00:25:59.010> mean<00:25:59.970> he<00:26:00.510> saw<00:26:00.690> that<00:26:00.870> all<00:26:01.020> that 00:26:02.030 --> 00:26:02.040 align:start position:0% I mean he saw that all that 00:26:02.040 --> 00:26:04.000 align:start position:0% I mean he saw that all that [Music] 00:26:04.000 --> 00:26:04.010 align:start position:0% [Music] 00:26:04.010 --> 00:26:06.669 align:start position:0% [Music] so<00:26:04.549> you<00:26:04.880> think<00:26:05.090> it<00:26:05.419> should<00:26:05.690> be<00:26:05.809> much<00:26:06.020> more<00:26:06.290> it 00:26:06.669 --> 00:26:06.679 align:start position:0% so you think it should be much more it 00:26:06.679 --> 00:26:15.930 align:start position:0% so you think it should be much more it depends<00:26:07.190> on<00:26:07.250> the<00:26:07.429> actions<00:26:08.799> to<00:26:09.799> be<00:26:12.580> a 00:26:15.930 --> 00:26:15.940 align:start position:0% 00:26:15.940 --> 00:26:18.669 align:start position:0% high-level<00:26:16.940> she<00:26:17.840> get<00:26:18.020> to<00:26:18.140> be<00:26:18.200> able<00:26:18.290> to<00:26:18.470> get 00:26:18.669 --> 00:26:18.679 align:start position:0% high-level she get to be able to get 00:26:18.679 --> 00:26:22.770 align:start position:0% high-level she get to be able to get away<00:26:18.970> doing<00:26:19.970> a<00:26:20.120> when<00:26:20.600> a<00:26:21.049> doubt<00:26:21.919> should<00:26:22.280> be 00:26:22.770 --> 00:26:22.780 align:start position:0% away doing a when a doubt should be 00:26:22.780 --> 00:26:26.789 align:start position:0% away doing a when a doubt should be operation<00:26:23.780> versus<00:26:24.140> analysis<00:26:24.710> versus<00:26:25.130> life 00:26:26.789 --> 00:26:26.799 align:start position:0% operation versus analysis versus life 00:26:26.799 --> 00:26:29.700 align:start position:0% operation versus analysis versus life what<00:26:27.399> Becca's<00:26:28.269> doubts<00:26:28.539> what<00:26:28.869> we<00:26:28.989> saw<00:26:29.200> is<00:26:29.559> the 00:26:29.700 --> 00:26:29.710 align:start position:0% what Becca's doubts what we saw is the 00:26:29.710 --> 00:26:31.720 align:start position:0% what Becca's doubts what we saw is the down<00:26:29.889> strokes 00:26:31.720 --> 00:26:31.730 align:start position:0% down strokes 00:26:31.730 --> 00:26:36.759 align:start position:0% down strokes cries<00:26:31.970> then<00:26:33.309> face<00:26:34.309> to<00:26:34.340> face<00:26:34.510> not<00:26:35.510> scale<00:26:35.899> if<00:26:36.529> the 00:26:36.759 --> 00:26:36.769 align:start position:0% cries then face to face not scale if the 00:26:36.769 --> 00:26:37.960 align:start position:0% cries then face to face not scale if the Dow<00:26:36.919> is<00:26:37.130> just<00:26:37.309> supposed<00:26:37.519> to<00:26:37.580> be<00:26:37.730> like 00:26:37.960 --> 00:26:37.970 align:start position:0% Dow is just supposed to be like 00:26:37.970 --> 00:26:40.480 align:start position:0% Dow is just supposed to be like decision-making<00:26:38.870> for<00:26:39.200> something<00:26:39.649> in<00:26:40.220> turn 00:26:40.480 --> 00:26:40.490 align:start position:0% decision-making for something in turn 00:26:40.490 --> 00:26:42.700 align:start position:0% decision-making for something in turn let's<00:26:40.820> say<00:26:40.970> like<00:26:41.149> our<00:26:41.389> music<00:26:42.289> or<00:26:42.409> something 00:26:42.700 --> 00:26:42.710 align:start position:0% let's say like our music or something 00:26:42.710 --> 00:26:44.529 align:start position:0% let's say like our music or something that<00:26:42.980> could<00:26:43.429> turn<00:26:43.669> a<00:26:43.700> profit<00:26:43.760> but<00:26:44.240> it's<00:26:44.389> not 00:26:44.529 --> 00:26:44.539 align:start position:0% that could turn a profit but it's not 00:26:44.539 --> 00:26:46.539 align:start position:0% that could turn a profit but it's not like<00:26:44.720> the<00:26:44.899> primary<00:26:45.260> motive<00:26:45.620> is<00:26:46.100> a<00:26:46.159> better<00:26:46.429> to 00:26:46.539 --> 00:26:46.549 align:start position:0% like the primary motive is a better to 00:26:46.549 --> 00:26:48.070 align:start position:0% like the primary motive is a better to be<00:26:46.730> proactive 00:26:48.070 --> 00:26:48.080 align:start position:0% be proactive 00:26:48.080 --> 00:26:49.450 align:start position:0% be proactive I<00:26:48.110> got<00:26:48.409> another<00:26:48.649> that<00:26:48.860> touches<00:26:49.159> on<00:26:49.279> like 00:26:49.450 --> 00:26:49.460 align:start position:0% I got another that touches on like 00:26:49.460 --> 00:26:52.090 align:start position:0% I got another that touches on like corporate<00:26:49.820> everything's<00:26:50.320> like<00:26:51.320> that's<00:26:51.830> one 00:26:52.090 --> 00:26:52.100 align:start position:0% corporate everything's like that's one 00:26:52.100 --> 00:27:02.019 align:start position:0% corporate everything's like that's one of<00:26:52.220> the<00:26:52.279> corners<00:26:59.889> so<00:27:00.889> we're<00:27:01.309> gonna<00:27:01.429> kind<00:27:02.000> of 00:27:02.019 --> 00:27:02.029 align:start position:0% of the corners so we're gonna kind of 00:27:02.029 --> 00:27:06.490 align:start position:0% of the corners so we're gonna kind of get<00:27:02.240> to<00:27:02.480> the<00:27:04.870> interpretation<00:27:05.870> that<00:27:06.049> follows 00:27:06.490 --> 00:27:06.500 align:start position:0% get to the interpretation that follows 00:27:06.500 --> 00:27:08.320 align:start position:0% get to the interpretation that follows should<00:27:07.250> look<00:27:07.429> you<00:27:07.490> name<00:27:07.730> we're<00:27:07.940> gonna<00:27:08.090> kind<00:27:08.299> of 00:27:08.320 --> 00:27:08.330 align:start position:0% should look you name we're gonna kind of 00:27:08.330 --> 00:27:11.320 align:start position:0% should look you name we're gonna kind of talk<00:27:08.480> about<00:27:08.630> this<00:27:08.899> but<00:27:09.260> one<00:27:09.500> of<00:27:09.529> them<00:27:09.769> is<00:27:10.330> you 00:27:11.320 --> 00:27:11.330 align:start position:0% talk about this but one of them is you 00:27:11.330 --> 00:27:13.360 align:start position:0% talk about this but one of them is you know<00:27:11.389> on<00:27:11.840> one<00:27:12.019> hand<00:27:12.289> you<00:27:12.440> have<00:27:12.620> you<00:27:12.950> have<00:27:13.250> we 00:27:13.360 --> 00:27:13.370 align:start position:0% know on one hand you have you have we 00:27:13.370 --> 00:27:15.279 align:start position:0% know on one hand you have you have we have<00:27:13.399> this<00:27:13.519> fundamental<00:27:13.760> problem<00:27:14.360> of<00:27:14.600> you 00:27:15.279 --> 00:27:15.289 align:start position:0% have this fundamental problem of you 00:27:15.289 --> 00:27:17.350 align:start position:0% have this fundamental problem of you know<00:27:15.380> on<00:27:15.559> one<00:27:15.710> hand<00:27:15.980> we<00:27:16.159> have<00:27:16.190> legal<00:27:17.179> rules 00:27:17.350 --> 00:27:17.360 align:start position:0% know on one hand we have legal rules 00:27:17.360 --> 00:27:19.940 align:start position:0% know on one hand we have legal rules that<00:27:17.630> require<00:27:17.960> other<00:27:18.590> structures 00:27:19.940 --> 00:27:19.950 align:start position:0% that require other structures 00:27:19.950 --> 00:27:22.880 align:start position:0% that require other structures creation<00:27:20.730> you<00:27:21.450> have<00:27:21.560> certain<00:27:22.560> governance 00:27:22.880 --> 00:27:22.890 align:start position:0% creation you have certain governance 00:27:22.890 --> 00:27:24.350 align:start position:0% creation you have certain governance procedures<00:27:23.070> that<00:27:23.550> meaning<00:27:23.850> age<00:27:23.970> mothers 00:27:24.350 --> 00:27:24.360 align:start position:0% procedures that meaning age mothers 00:27:24.360 --> 00:27:27.530 align:start position:0% procedures that meaning age mothers interest<00:27:25.400> you<00:27:26.400> need<00:27:26.520> to<00:27:26.640> have<00:27:26.850> certain<00:27:27.240> things 00:27:27.530 --> 00:27:27.540 align:start position:0% interest you need to have certain things 00:27:27.540 --> 00:27:29.310 align:start position:0% interest you need to have certain things like 00:27:29.310 --> 00:27:29.320 align:start position:0% like 00:27:29.320 --> 00:27:31.600 align:start position:0% like these<00:27:30.320> are<00:27:30.440> all<00:27:30.590> the<00:27:30.799> traditional<00:27:31.460> legal 00:27:31.600 --> 00:27:31.610 align:start position:0% these are all the traditional legal 00:27:31.610 --> 00:27:34.150 align:start position:0% these are all the traditional legal requirements<00:27:32.620> jurisdictional<00:27:33.620> local<00:27:33.980> so<00:27:34.100> we 00:27:34.150 --> 00:27:34.160 align:start position:0% requirements jurisdictional local so we 00:27:34.160 --> 00:27:35.980 align:start position:0% requirements jurisdictional local so we are<00:27:34.340> located<00:27:34.700> here<00:27:34.730> at<00:27:34.880> home<00:27:35.090> bases<00:27:35.630> in<00:27:35.750> some 00:27:35.980 --> 00:27:35.990 align:start position:0% are located here at home bases in some 00:27:35.990 --> 00:27:38.140 align:start position:0% are located here at home bases in some jurisdiction<00:27:36.590> so<00:27:37.190> these<00:27:37.370> are<00:27:37.549> all<00:27:37.700> kind<00:27:37.940> of<00:27:38.059> an 00:27:38.140 --> 00:27:38.150 align:start position:0% jurisdiction so these are all kind of an 00:27:38.150 --> 00:27:39.850 align:start position:0% jurisdiction so these are all kind of an afterthought<00:27:38.570> to<00:27:38.750> the<00:27:38.840> way<00:27:38.990> doubts<00:27:39.410> doubts 00:27:39.850 --> 00:27:39.860 align:start position:0% afterthought to the way doubts doubts 00:27:39.860 --> 00:27:40.630 align:start position:0% afterthought to the way doubts doubts work<00:27:40.220> today 00:27:40.630 --> 00:27:40.640 align:start position:0% work today 00:27:40.640 --> 00:27:42.760 align:start position:0% work today you<00:27:41.630> want<00:27:41.809> treat<00:27:42.200> from<00:27:42.380> people<00:27:42.679> without 00:27:42.760 --> 00:27:42.770 align:start position:0% you want treat from people without 00:27:42.770 --> 00:27:45.070 align:start position:0% you want treat from people without having<00:27:43.220> to<00:27:43.370> you<00:27:43.880> know<00:27:43.910> three<00:27:44.240> events<00:27:44.450> identify 00:27:45.070 --> 00:27:45.080 align:start position:0% having to you know three events identify 00:27:45.080 --> 00:27:47.680 align:start position:0% having to you know three events identify everyone<00:27:45.470> have<00:27:45.799> a<00:27:46.220> lot<00:27:47.059> of<00:27:47.120> participants<00:27:47.510> from 00:27:47.680 --> 00:27:47.690 align:start position:0% everyone have a lot of participants from 00:27:47.690 --> 00:27:49.450 align:start position:0% everyone have a lot of participants from all<00:27:47.870> over<00:27:47.900> the<00:27:48.140> world<00:27:48.350> you<00:27:49.130> wanted<00:27:49.370> to 00:27:49.450 --> 00:27:49.460 align:start position:0% all over the world you wanted to 00:27:49.460 --> 00:27:51.250 align:start position:0% all over the world you wanted to centralized<00:27:50.030> governance<00:27:50.450> structure<00:27:50.900> or<00:27:51.110> not 00:27:51.250 --> 00:27:51.260 align:start position:0% centralized governance structure or not 00:27:51.260 --> 00:27:52.810 align:start position:0% centralized governance structure or not one<00:27:51.470> where<00:27:51.650> you<00:27:51.710> have<00:27:51.830> a<00:27:51.860> clearly<00:27:52.250> identified 00:27:52.810 --> 00:27:52.820 align:start position:0% one where you have a clearly identified 00:27:52.820 --> 00:27:57.700 align:start position:0% one where you have a clearly identified CEO<00:27:53.270> CEO<00:27:53.780> etc<00:27:54.710> so<00:27:55.630> so<00:27:56.630> you're<00:27:57.230> seeing<00:27:57.470> many 00:27:57.700 --> 00:27:57.710 align:start position:0% CEO CEO etc so so you're seeing many 00:27:57.710 --> 00:27:59.110 align:start position:0% CEO CEO etc so so you're seeing many different<00:27:58.010> attempts<00:27:58.340> to<00:27:58.549> bring<00:27:58.850> this 00:27:59.110 --> 00:27:59.120 align:start position:0% different attempts to bring this 00:27:59.120 --> 00:28:01.600 align:start position:0% different attempts to bring this decentralized<00:27:59.960> space<00:28:00.230> and<00:28:00.620> somehow<00:28:01.130> the<00:28:01.340> shoe 00:28:01.600 --> 00:28:01.610 align:start position:0% decentralized space and somehow the shoe 00:28:01.610 --> 00:28:04.330 align:start position:0% decentralized space and somehow the shoe are<00:28:01.790> the<00:28:01.970> entities<00:28:02.660> these<00:28:03.169> legal<00:28:03.500> boxes<00:28:03.950> and 00:28:04.330 --> 00:28:04.340 align:start position:0% are the entities these legal boxes and 00:28:04.340 --> 00:28:07.090 align:start position:0% are the entities these legal boxes and because<00:28:05.210> precisely<00:28:05.870> where<00:28:06.679> the<00:28:06.740> Student 00:28:07.090 --> 00:28:07.100 align:start position:0% because precisely where the Student 00:28:07.100 --> 00:28:08.530 align:start position:0% because precisely where the Student Center<00:28:07.340> we've<00:28:07.520> got<00:28:07.700> these<00:28:07.820> legal<00:28:08.120> boxes 00:28:08.530 --> 00:28:08.540 align:start position:0% Center we've got these legal boxes 00:28:08.540 --> 00:28:11.140 align:start position:0% Center we've got these legal boxes private<00:28:09.049> legal<00:28:09.890> services<00:28:10.309> and<00:28:10.610> protections 00:28:11.140 --> 00:28:11.150 align:start position:0% private legal services and protections 00:28:11.150 --> 00:28:14.500 align:start position:0% private legal services and protections which<00:28:11.780> we<00:28:11.960> also<00:28:12.110> need<00:28:12.410> so<00:28:13.190> how<00:28:13.940> do<00:28:14.000> we<00:28:14.150> how<00:28:14.450> do 00:28:14.500 --> 00:28:14.510 align:start position:0% which we also need so how do we how do 00:28:14.510 --> 00:28:17.080 align:start position:0% which we also need so how do we how do we<00:28:14.660> result<00:28:14.990> it's<00:28:15.200> do<00:28:15.410> we<00:28:15.530> just<00:28:16.220> say<00:28:16.340> okay<00:28:16.730> we 00:28:17.080 --> 00:28:17.090 align:start position:0% we result it's do we just say okay we 00:28:17.090 --> 00:28:19.090 align:start position:0% we result it's do we just say okay we need<00:28:17.210> to<00:28:17.390> follow<00:28:18.049> these<00:28:18.260> little<00:28:18.530> boxes<00:28:18.950> and 00:28:19.090 --> 00:28:19.100 align:start position:0% need to follow these little boxes and 00:28:19.100 --> 00:28:21.190 align:start position:0% need to follow these little boxes and check<00:28:19.130> boxes<00:28:19.400> and<00:28:20.000> conform<00:28:20.660> to<00:28:20.780> these<00:28:20.900> rules 00:28:21.190 --> 00:28:21.200 align:start position:0% check boxes and conform to these rules 00:28:21.200 --> 00:28:25.090 align:start position:0% check boxes and conform to these rules do<00:28:22.040> we<00:28:23.620> welcome<00:28:24.620> one<00:28:24.740> of<00:28:24.770> the<00:28:24.919> thought 00:28:25.090 --> 00:28:25.100 align:start position:0% do we welcome one of the thought 00:28:25.100 --> 00:28:26.470 align:start position:0% do we welcome one of the thought experiments<00:28:25.640> that<00:28:25.730> were<00:28:25.850> that<00:28:26.240> we're<00:28:26.360> doing 00:28:26.470 --> 00:28:26.480 align:start position:0% experiments that were that we're doing 00:28:26.480 --> 00:28:27.940 align:start position:0% experiments that were that we're doing that<00:28:26.780> we're<00:28:26.900> trying<00:28:27.080> to<00:28:27.230> do<00:28:27.380> is<00:28:27.590> figure<00:28:27.799> out 00:28:27.940 --> 00:28:27.950 align:start position:0% that we're trying to do is figure out 00:28:27.950 --> 00:28:29.380 align:start position:0% that we're trying to do is figure out you<00:28:28.760> know<00:28:28.820> what 00:28:29.380 --> 00:28:29.390 align:start position:0% you know what 00:28:29.390 --> 00:28:32.500 align:start position:0% you know what what<00:28:29.780> are<00:28:29.929> these<00:28:30.110> legal<00:28:30.470> what<00:28:31.010> are<00:28:31.100> the<00:28:31.510> goals 00:28:32.500 --> 00:28:32.510 align:start position:0% what are these legal what are the goals 00:28:32.510 --> 00:28:36.669 align:start position:0% what are these legal what are the goals behind<00:28:33.049> these<00:28:33.830> mechanisms<00:28:34.340> these<00:28:35.030> rules<00:28:35.679> and 00:28:36.669 --> 00:28:36.679 align:start position:0% behind these mechanisms these rules and 00:28:36.679 --> 00:28:38.330 align:start position:0% behind these mechanisms these rules and how<00:28:36.919> do<00:28:36.980> we<00:28:37.340> meet<00:28:37.549> these 00:28:38.330 --> 00:28:38.340 align:start position:0% how do we meet these 00:28:38.340 --> 00:28:40.340 align:start position:0% how do we meet these logical<00:28:38.760> contacts<00:28:39.360> in<00:28:39.510> such<00:28:39.750> a<00:28:39.779> way<00:28:39.990> that<00:28:40.020> we 00:28:40.340 --> 00:28:40.350 align:start position:0% logical contacts in such a way that we 00:28:40.350 --> 00:28:44.120 align:start position:0% logical contacts in such a way that we can<00:28:40.529> maybe<00:28:40.710> create<00:28:41.460> a<00:28:41.909> model<00:28:42.270> law<00:28:42.450> that<00:28:43.260> meets 00:28:44.120 --> 00:28:44.130 align:start position:0% can maybe create a model law that meets 00:28:44.130 --> 00:28:45.799 align:start position:0% can maybe create a model law that meets these<00:28:44.370> public<00:28:44.760> policy<00:28:45.179> goals<00:28:45.419> which 00:28:45.799 --> 00:28:45.809 align:start position:0% these public policy goals which 00:28:45.809 --> 00:28:48.380 align:start position:0% these public policy goals which justifies<00:28:46.559> these<00:28:46.860> protections<00:28:47.390> while 00:28:48.380 --> 00:28:48.390 align:start position:0% justifies these protections while 00:28:48.390 --> 00:28:51.860 align:start position:0% justifies these protections while retaining<00:28:49.380> the<00:28:49.799> kinds<00:28:50.190> of<00:28:50.340> features<00:28:50.690> that<00:28:51.690> we 00:28:51.860 --> 00:28:51.870 align:start position:0% retaining the kinds of features that we 00:28:51.870 --> 00:28:55.159 align:start position:0% retaining the kinds of features that we want<00:28:52.110> doubts<00:28:52.470> to<00:28:52.860> continue<00:28:53.220> so<00:28:54.179> bridging<00:28:55.140> that 00:28:55.159 --> 00:28:55.169 align:start position:0% want doubts to continue so bridging that 00:28:55.169 --> 00:29:05.180 align:start position:0% want doubts to continue so bridging that gap<00:28:55.470> is<00:28:55.770> it's<00:28:55.980> a<00:28:56.070> large<00:29:03.380> depends<00:29:04.380> on<00:29:04.529> what<00:29:04.830> Utah 00:29:05.180 --> 00:29:05.190 align:start position:0% gap is it's a large depends on what Utah 00:29:05.190 --> 00:29:08.419 align:start position:0% gap is it's a large depends on what Utah was<00:29:05.490> supposed<00:29:05.880> to<00:29:06.000> do<00:29:06.299> Howie<00:29:06.809> Howie<00:29:07.770> structure 00:29:08.419 --> 00:29:08.429 align:start position:0% was supposed to do Howie Howie structure 00:29:08.429 --> 00:29:11.720 align:start position:0% was supposed to do Howie Howie structure in<00:29:08.640> the<00:29:08.760> code<00:29:08.970> as<00:29:09.390> to<00:29:09.450> what<00:29:09.960> be<00:29:10.500> the<00:29:10.730> solutions 00:29:11.720 --> 00:29:11.730 align:start position:0% in the code as to what be the solutions 00:29:11.730 --> 00:29:14.630 align:start position:0% in the code as to what be the solutions you<00:29:11.850> up<00:29:12.120> to<00:29:12.360> I<00:29:12.720> mean<00:29:13.320> in<00:29:13.890> the<00:29:13.980> legacy<00:29:14.190> world 00:29:14.630 --> 00:29:14.640 align:start position:0% you up to I mean in the legacy world 00:29:14.640 --> 00:29:15.110 align:start position:0% you up to I mean in the legacy world right<00:29:14.880> now 00:29:15.110 --> 00:29:15.120 align:start position:0% right now 00:29:15.120 --> 00:29:17.419 align:start position:0% right now it's<00:29:15.510> great<00:29:15.720> to<00:29:15.929> them<00:29:16.169> of<00:29:16.380> having<00:29:16.500> a<00:29:16.740> grunting 00:29:17.419 --> 00:29:17.429 align:start position:0% it's great to them of having a grunting 00:29:17.429 --> 00:29:20.110 align:start position:0% it's great to them of having a grunting doubt<00:29:17.669> and<00:29:18.210> the<00:29:18.390> Dow<00:29:18.570> that<00:29:18.630> actually<00:29:19.320> was<00:29:19.500> that 00:29:20.110 --> 00:29:20.120 align:start position:0% doubt and the Dow that actually was that 00:29:20.120 --> 00:29:22.340 align:start position:0% doubt and the Dow that actually was that decentralized<00:29:21.120> exchanger<00:29:21.929> has<00:29:22.169> the 00:29:22.340 --> 00:29:22.350 align:start position:0% decentralized exchanger has the 00:29:22.350 --> 00:29:24.830 align:start position:0% decentralized exchanger has the controlling<00:29:22.740> of<00:29:23.340> operating<00:29:24.090> powers<00:29:24.330> matisse 00:29:24.830 --> 00:29:24.840 align:start position:0% controlling of operating powers matisse 00:29:24.840 --> 00:29:26.870 align:start position:0% controlling of operating powers matisse analyze<00:29:25.260> exchange<00:29:25.770> so<00:29:26.370> there<00:29:26.760> are 00:29:26.870 --> 00:29:26.880 align:start position:0% analyze exchange so there are 00:29:26.880 --> 00:29:29.299 align:start position:0% analyze exchange so there are differences<00:29:27.270> and<00:29:27.659> depends<00:29:28.649> on<00:29:28.740> what<00:29:28.980> you<00:29:29.130> want 00:29:29.299 --> 00:29:29.309 align:start position:0% differences and depends on what you want 00:29:29.309 --> 00:29:36.529 align:start position:0% differences and depends on what you want to<00:29:30.260> do<00:29:31.260> just<00:29:34.520> it<00:29:35.520> just<00:29:35.549> continue<00:29:36.149> on<00:29:36.270> through 00:29:36.529 --> 00:29:36.539 align:start position:0% to do just it just continue on through 00:29:36.539 --> 00:29:47.610 align:start position:0% to do just it just continue on through this<00:29:36.720> man 00:29:47.610 --> 00:29:47.620 align:start position:0% 00:29:47.620 --> 00:29:57.240 align:start position:0% [Music] 00:29:57.240 --> 00:29:57.250 align:start position:0% 00:29:57.250 --> 00:30:20.720 align:start position:0% sorry 00:30:20.720 --> 00:30:20.730 align:start position:0% 00:30:20.730 --> 00:30:22.730 align:start position:0% and<00:30:20.940> the<00:30:21.480> group<00:30:21.690> if<00:30:21.870> you<00:30:21.990> consume<00:30:22.320> the<00:30:22.500> full 00:30:22.730 --> 00:30:22.740 align:start position:0% and the group if you consume the full 00:30:22.740 --> 00:30:49.570 align:start position:0% and the group if you consume the full group<00:30:23.010> and<00:30:23.370> inseparable 00:30:49.570 --> 00:30:49.580 align:start position:0% 00:30:49.580 --> 00:31:14.659 align:start position:0% surely<00:31:11.990> you<00:31:12.990> can<00:31:13.290> you<00:31:13.710> won't<00:31:13.950> know<00:31:14.190> until<00:31:14.400> you 00:31:14.659 --> 00:31:14.669 align:start position:0% surely you can you won't know until you 00:31:14.669 --> 00:31:31.030 align:start position:0% surely you can you won't know until you get<00:31:14.880> sued<00:31:15.240> and<00:31:27.919> deal<00:31:28.919> with<00:31:29.040> the<00:31:29.130> uncertainty 00:31:31.030 --> 00:31:31.040 align:start position:0% get sued and deal with the uncertainty 00:31:31.040 --> 00:31:34.530 align:start position:0% get sued and deal with the uncertainty dependence 00:31:34.530 --> 00:31:34.540 align:start position:0% 00:31:34.540 --> 00:31:36.850 align:start position:0% examination<00:31:35.540> of<00:31:35.600> all<00:31:35.780> of<00:31:35.900> these<00:31:36.050> things<00:31:36.320> it's 00:31:36.850 --> 00:31:36.860 align:start position:0% examination of all of these things it's 00:31:36.860 --> 00:31:40.570 align:start position:0% examination of all of these things it's very<00:31:36.920> unclear<00:31:37.370> go<00:31:38.090> this<00:31:38.270> way<00:31:38.480> go<00:31:38.780> that<00:31:38.810> way<00:31:39.580> I 00:31:40.570 --> 00:31:40.580 align:start position:0% very unclear go this way go that way I 00:31:40.580 --> 00:31:44.500 align:start position:0% very unclear go this way go that way I think<00:31:41.860> because<00:31:42.860> you're<00:31:43.130> juror<00:31:43.520> is<00:31:44.030> allowed 00:31:44.500 --> 00:31:44.510 align:start position:0% think because you're juror is allowed 00:31:44.510 --> 00:31:47.530 align:start position:0% think because you're juror is allowed the<00:31:44.660> creation<00:31:44.990> of<00:31:45.410> a<00:31:45.560> legal<00:31:45.890> entity<00:31:46.180> that<00:31:47.180> like 00:31:47.530 --> 00:31:47.540 align:start position:0% the creation of a legal entity that like 00:31:47.540 --> 00:31:50.440 align:start position:0% the creation of a legal entity that like wasn't<00:31:47.960> created<00:31:48.320> voluntarily<00:31:48.830> that<00:31:49.340> does<00:31:50.330> it 00:31:50.440 --> 00:31:50.450 align:start position:0% wasn't created voluntarily that does it 00:31:50.450 --> 00:31:54.550 align:start position:0% wasn't created voluntarily that does it is<00:31:50.720> associated<00:31:51.200> with<00:31:51.830> people<00:31:52.000> to<00:31:53.000> be<00:31:53.030> soon<00:31:53.560> so 00:31:54.550 --> 00:31:54.560 align:start position:0% is associated with people to be soon so 00:31:54.560 --> 00:32:19.860 align:start position:0% is associated with people to be soon so they<00:31:54.680> used<00:31:54.920> to<00:32:00.940> maybe<00:32:02.260> you<00:32:13.210> remember<00:32:14.210> things 00:32:19.860 --> 00:32:19.870 align:start position:0% 00:32:19.870 --> 00:32:39.930 align:start position:0% a<00:32:31.140> huge<00:32:37.380> church<00:32:38.380> and<00:32:38.770> different<00:32:39.550> groups<00:32:39.790> of 00:32:39.930 --> 00:32:39.940 align:start position:0% a huge church and different groups of 00:32:39.940 --> 00:32:42.420 align:start position:0% a huge church and different groups of people<00:32:40.000> creating<00:32:40.809> personality<00:32:41.710> of<00:32:41.920> nobody's 00:32:42.420 --> 00:32:42.430 align:start position:0% people creating personality of nobody's 00:32:42.430 --> 00:32:47.610 align:start position:0% people creating personality of nobody's doubt<00:32:42.640> in<00:32:42.820> the<00:32:42.910> most<00:32:45.690> so<00:32:46.690> and<00:32:46.990> then<00:32:47.200> this<00:32:47.350> most 00:32:47.610 --> 00:32:47.620 align:start position:0% doubt in the most so and then this most 00:32:47.620 --> 00:32:49.770 align:start position:0% doubt in the most so and then this most cases<00:32:47.890> that<00:32:48.040> for<00:32:48.400> example<00:32:48.660> there's<00:32:49.660> the 00:32:49.770 --> 00:32:49.780 align:start position:0% cases that for example there's the 00:32:49.780 --> 00:32:51.630 align:start position:0% cases that for example there's the goddesses<00:32:50.020> imported<00:32:50.770> into<00:32:50.920> that<00:32:51.340> toast 00:32:51.630 --> 00:32:51.640 align:start position:0% goddesses imported into that toast 00:32:51.640 --> 00:32:53.970 align:start position:0% goddesses imported into that toast actually<00:32:52.059> written<00:32:52.270> so<00:32:52.690> unlike<00:32:53.320> the<00:32:53.350> sharing 00:32:53.970 --> 00:32:53.980 align:start position:0% actually written so unlike the sharing 00:32:53.980 --> 00:32:57.299 align:start position:0% actually written so unlike the sharing if<00:32:54.190> we<00:32:54.490> encourage<00:32:55.360> our<00:32:55.570> God<00:32:55.840> is<00:32:56.290> different<00:32:56.770> to 00:32:57.299 --> 00:32:57.309 align:start position:0% if we encourage our God is different to 00:32:57.309 --> 00:33:00.830 align:start position:0% if we encourage our God is different to something<00:32:57.790> we<00:32:58.059> call<00:32:58.720> for<00:32:59.200> severity<00:32:59.679> is 00:33:00.830 --> 00:33:00.840 align:start position:0% something we call for severity is 00:33:00.840 --> 00:33:03.930 align:start position:0% something we call for severity is personality<00:33:02.010> resistant<00:33:03.010> personality<00:33:03.730> and 00:33:03.930 --> 00:33:03.940 align:start position:0% personality resistant personality and 00:33:03.940 --> 00:33:06.570 align:start position:0% personality resistant personality and the<00:33:04.450> arnold<00:33:05.380> reports<00:33:05.440> tonight<00:33:05.980> in<00:33:06.250> the<00:33:06.340> part 00:33:06.570 --> 00:33:06.580 align:start position:0% the arnold reports tonight in the part 00:33:06.580 --> 00:33:08.790 align:start position:0% the arnold reports tonight in the part of<00:33:06.670> the<00:33:06.820> rework<00:33:07.120> has<00:33:07.600> a<00:33:07.630> different<00:33:08.320> person 00:33:08.790 --> 00:33:08.800 align:start position:0% of the rework has a different person 00:33:08.800 --> 00:33:11.310 align:start position:0% of the rework has a different person responsible<00:33:09.250> was<00:33:09.370> also<00:33:09.820> most<00:33:10.540> universal 00:33:11.310 --> 00:33:11.320 align:start position:0% responsible was also most universal 00:33:11.320 --> 00:33:33.850 align:start position:0% responsible was also most universal course 00:33:33.850 --> 00:33:33.860 align:start position:0% 00:33:33.860 --> 00:33:43.180 align:start position:0% so<00:33:34.340> that's<00:33:35.090> my<00:33:39.580> because<00:33:40.580> you<00:33:41.540> say<00:33:41.720> that<00:33:42.080> is<00:33:42.980> one 00:33:43.180 --> 00:33:43.190 align:start position:0% so that's my because you say that is one 00:33:43.190 --> 00:33:48.760 align:start position:0% so that's my because you say that is one personality<00:33:43.820> kind<00:33:44.000> of<00:33:46.870> maybe<00:33:47.870> it<00:33:48.320> is<00:33:48.500> not<00:33:48.590> a 00:33:48.760 --> 00:33:48.770 align:start position:0% personality kind of maybe it is not a 00:33:48.770 --> 00:33:49.330 align:start position:0% personality kind of maybe it is not a good<00:33:48.980> idea 00:33:49.330 --> 00:33:49.340 align:start position:0% good idea 00:33:49.340 --> 00:33:51.460 align:start position:0% good idea no<00:33:50.030> it's<00:33:50.450> a<00:33:50.480> great<00:33:50.600> idea<00:33:50.690> I<00:33:50.960> think<00:33:51.380> it's 00:33:51.460 --> 00:33:51.470 align:start position:0% no it's a great idea I think it's 00:33:51.470 --> 00:33:53.320 align:start position:0% no it's a great idea I think it's brilliant<00:33:51.620> because<00:33:52.010> I<00:33:52.220> demonstrates<00:33:53.210> the 00:33:53.320 --> 00:33:53.330 align:start position:0% brilliant because I demonstrates the 00:33:53.330 --> 00:34:01.330 align:start position:0% brilliant because I demonstrates the flexibility<00:33:53.900> of<00:33:53.930> legal<00:33:54.200> person<00:34:00.250> we're<00:34:01.250> gonna 00:34:01.330 --> 00:34:01.340 align:start position:0% flexibility of legal person we're gonna 00:34:01.340 --> 00:34:03.010 align:start position:0% flexibility of legal person we're gonna get<00:34:01.550> into<00:34:01.820> the<00:34:01.910> presentation<00:34:02.270> the<00:34:02.660> difference 00:34:03.010 --> 00:34:03.020 align:start position:0% get into the presentation the difference 00:34:03.020 --> 00:34:04.900 align:start position:0% get into the presentation the difference between<00:34:03.170> legal<00:34:03.770> personality<00:34:04.280> and<00:34:04.760> legal 00:34:04.900 --> 00:34:04.910 align:start position:0% between legal personality and legal 00:34:04.910 --> 00:34:11.850 align:start position:0% between legal personality and legal capacity<00:34:05.270> which<00:34:05.990> are<00:34:06.140> often<00:34:06.290> collapsed 00:34:11.850 --> 00:34:11.860 align:start position:0% 00:34:11.860 --> 00:34:14.530 align:start position:0% assumption<00:34:12.860> so<00:34:13.130> for<00:34:13.399> example<00:34:13.700> using<00:34:14.090> prism 00:34:14.530 --> 00:34:14.540 align:start position:0% assumption so for example using prism 00:34:14.540 --> 00:34:16.690 align:start position:0% assumption so for example using prism they<00:34:15.140> you<00:34:15.230> know<00:34:15.380> and<00:34:15.590> his<00:34:15.679> soul<00:34:15.890> of<00:34:16.159> absence<00:34:16.580> it 00:34:16.690 --> 00:34:16.700 align:start position:0% they you know and his soul of absence it 00:34:16.700 --> 00:34:18.350 align:start position:0% they you know and his soul of absence it was<00:34:16.820> very<00:34:17.030> different 00:34:18.350 --> 00:34:18.360 align:start position:0% was very different 00:34:18.360 --> 00:34:20.150 align:start position:0% was very different that's<00:34:19.260> how<00:34:19.500> you<00:34:19.680> can<00:34:19.860> have<00:34:19.980> personal 00:34:20.150 --> 00:34:20.160 align:start position:0% that's how you can have personal 00:34:20.160 --> 00:34:22.220 align:start position:0% that's how you can have personal interpersonal<00:34:20.850> entities<00:34:21.390> which<00:34:21.870> you<00:34:21.990> cannot 00:34:22.220 --> 00:34:22.230 align:start position:0% interpersonal entities which you cannot 00:34:22.230 --> 00:34:23.900 align:start position:0% interpersonal entities which you cannot have<00:34:22.380> any<00:34:22.590> agreement<00:34:23.040> with<00:34:23.190> conception<00:34:23.820> of 00:34:23.900 --> 00:34:23.910 align:start position:0% have any agreement with conception of 00:34:23.910 --> 00:34:26.150 align:start position:0% have any agreement with conception of all<00:34:24.090> or<00:34:24.480> divorcing<00:34:24.960> means<00:34:25.170> whether<00:34:25.740> the<00:34:25.980> force 00:34:26.150 --> 00:34:26.160 align:start position:0% all or divorcing means whether the force 00:34:26.160 --> 00:34:36.050 align:start position:0% all or divorcing means whether the force of<00:34:26.340> these<00:34:26.490> yeah<00:34:27.420> you<00:34:27.870> can<00:34:34.730> does<00:34:35.730> your<00:34:35.880> doubt 00:34:36.050 --> 00:34:36.060 align:start position:0% of these yeah you can does your doubt 00:34:36.060 --> 00:34:44.590 align:start position:0% of these yeah you can does your doubt fly<00:34:36.570> with<00:34:36.980> KY<00:34:37.980> caml<00:34:38.520> awesome<00:34:41.270> identify 00:34:44.590 --> 00:34:44.600 align:start position:0% 00:34:44.600 --> 00:34:48.760 align:start position:0% [Music] 00:34:48.760 --> 00:34:48.770 align:start position:0% 00:34:48.770 --> 00:34:51.500 align:start position:0% identify<00:34:49.770> meaning<00:34:50.460> legal<00:34:50.790> identity<00:34:51.390> both 00:34:51.500 --> 00:34:51.510 align:start position:0% identify meaning legal identity both 00:34:51.510 --> 00:34:54.500 align:start position:0% identify meaning legal identity both first<00:34:52.080> name<00:34:52.260> last<00:34:52.410> name<00:34:53.330> social<00:34:54.330> security 00:34:54.500 --> 00:34:54.510 align:start position:0% first name last name social security 00:34:54.510 --> 00:34:55.280 align:start position:0% first name last name social security number 00:34:55.280 --> 00:34:55.290 align:start position:0% number 00:34:55.290 --> 00:35:10.610 align:start position:0% number oh<00:35:07.430> okay<00:35:08.460> do<00:35:08.730> you<00:35:08.850> think<00:35:09.150> that<00:35:09.570> voting<00:35:10.380> rights 00:35:10.610 --> 00:35:10.620 align:start position:0% oh okay do you think that voting rights 00:35:10.620 --> 00:35:12.440 align:start position:0% oh okay do you think that voting rights holders<00:35:11.070> of<00:35:11.400> their<00:35:11.580> doubt<00:35:11.760> should<00:35:12.210> have 00:35:12.440 --> 00:35:12.450 align:start position:0% holders of their doubt should have 00:35:12.450 --> 00:35:23.490 align:start position:0% holders of their doubt should have mandatory<00:35:13.100> voting<00:35:14.100> rights<00:35:14.490> holders<00:35:14.940> meeting 00:35:23.490 --> 00:35:23.500 align:start position:0% 00:35:23.500 --> 00:35:28.570 align:start position:0% just<00:35:25.900> basically<00:35:26.900> like<00:35:27.380> in<00:35:28.340> traditional 00:35:28.570 --> 00:35:28.580 align:start position:0% just basically like in traditional 00:35:28.580 --> 00:35:30.820 align:start position:0% just basically like in traditional governance<00:35:29.510> in<00:35:29.780> order<00:35:30.020> to<00:35:30.140> recognize<00:35:30.590> that 00:35:30.820 --> 00:35:30.830 align:start position:0% governance in order to recognize that 00:35:30.830 --> 00:35:33.270 align:start position:0% governance in order to recognize that you<00:35:30.920> have<00:35:30.950> this<00:35:31.190> legal<00:35:31.670> personality<00:35:32.150> and 00:35:33.270 --> 00:35:33.280 align:start position:0% you have this legal personality and 00:35:33.280 --> 00:35:35.500 align:start position:0% you have this legal personality and limited<00:35:34.280> liability<00:35:34.430> to<00:35:35.000> not<00:35:35.150> pierce<00:35:35.360> that 00:35:35.500 --> 00:35:35.510 align:start position:0% limited liability to not pierce that 00:35:35.510 --> 00:35:37.390 align:start position:0% limited liability to not pierce that veil<00:35:35.720> you<00:35:36.320> have<00:35:36.530> to<00:35:36.620> have<00:35:36.770> certain<00:35:37.010> kinds<00:35:37.250> of 00:35:37.390 --> 00:35:37.400 align:start position:0% veil you have to have certain kinds of 00:35:37.400 --> 00:35:39.490 align:start position:0% veil you have to have certain kinds of procedures<00:35:37.910> that<00:35:38.240> protect<00:35:38.960> the<00:35:39.080> constants<00:35:39.440> of 00:35:39.490 --> 00:35:39.500 align:start position:0% procedures that protect the constants of 00:35:39.500 --> 00:35:42.820 align:start position:0% procedures that protect the constants of interest<00:35:39.890> between<00:35:40.480> the<00:35:41.480> managers 00:35:42.820 --> 00:35:42.830 align:start position:0% interest between the managers 00:35:42.830 --> 00:35:45.490 align:start position:0% interest between the managers the<00:35:43.340> owner<00:35:43.610> vice<00:35:43.940> versa<00:35:44.330> the<00:35:44.780> shareholders 00:35:45.490 --> 00:35:45.500 align:start position:0% the owner vice versa the shareholders 00:35:45.500 --> 00:35:47.080 align:start position:0% the owner vice versa the shareholders one<00:35:46.100> of<00:35:46.190> these<00:35:46.310> things<00:35:46.520> is<00:35:46.670> usually<00:35:47.060> a 00:35:47.080 --> 00:35:47.090 align:start position:0% one of these things is usually a 00:35:47.090 --> 00:35:53.590 align:start position:0% one of these things is usually a mandatory<00:35:47.420> meeting<00:35:48.550> participate<00:35:52.510> do<00:35:53.510> you 00:35:53.590 --> 00:35:53.600 align:start position:0% mandatory meeting participate do you 00:35:53.600 --> 00:35:55.660 align:start position:0% mandatory meeting participate do you feel<00:35:53.900> that<00:35:54.050> that<00:35:54.110> is<00:35:54.260> also<00:35:54.800> necessary<00:35:54.950> lower 00:35:55.660 --> 00:35:55.670 align:start position:0% feel that that is also necessary lower 00:35:55.670 --> 00:35:57.520 align:start position:0% feel that that is also necessary lower its<00:35:56.000> equivalent<00:35:56.510> in<00:35:56.600> the<00:35:56.660> blockchain<00:35:56.870> states 00:35:57.520 --> 00:35:57.530 align:start position:0% its equivalent in the blockchain states 00:35:57.530 --> 00:35:59.830 align:start position:0% its equivalent in the blockchain states which<00:35:57.770> we<00:35:58.430> are<00:35:58.490> roughly<00:35:58.730> charming<00:35:59.330> actually<00:35:59.810> I 00:35:59.830 --> 00:35:59.840 align:start position:0% which we are roughly charming actually I 00:35:59.840 --> 00:36:01.450 align:start position:0% which we are roughly charming actually I just<00:35:59.990> think<00:36:00.590> I<00:36:00.680> noticed<00:36:00.980> something<00:36:01.160> needs<00:36:01.430> to 00:36:01.450 --> 00:36:01.460 align:start position:0% just think I noticed something needs to 00:36:01.460 --> 00:36:02.470 align:start position:0% just think I noticed something needs to be<00:36:01.550> other<00:36:01.700> way<00:36:01.940> around 00:36:02.470 --> 00:36:02.480 align:start position:0% be other way around 00:36:02.480 --> 00:36:04.990 align:start position:0% be other way around we<00:36:02.750> pension<00:36:03.110> how<00:36:03.260> I<00:36:03.290> Dow<00:36:03.620> actually<00:36:04.040> they 00:36:04.990 --> 00:36:05.000 align:start position:0% we pension how I Dow actually they 00:36:05.000 --> 00:36:14.270 align:start position:0% we pension how I Dow actually they should<00:36:05.030> be 00:36:14.270 --> 00:36:14.280 align:start position:0% 00:36:14.280 --> 00:36:16.730 align:start position:0% actually<00:36:14.840> describe<00:36:15.840> policy<00:36:16.290> General 00:36:16.730 --> 00:36:16.740 align:start position:0% actually describe policy General 00:36:16.740 --> 00:36:18.260 align:start position:0% actually describe policy General Assembly<00:36:17.220> functions<00:36:17.730> and<00:36:17.910> polyneices 00:36:18.260 --> 00:36:18.270 align:start position:0% Assembly functions and polyneices 00:36:18.270 --> 00:36:20.360 align:start position:0% Assembly functions and polyneices receipts<00:36:19.110> rulers<00:36:19.680> are<00:36:19.920> effective 00:36:20.360 --> 00:36:20.370 align:start position:0% receipts rulers are effective 00:36:20.370 --> 00:36:22.960 align:start position:0% receipts rulers are effective development<00:36:20.610> and<00:36:21.180> then<00:36:21.330> peers<00:36:21.900> of<00:36:22.110> the 00:36:22.960 --> 00:36:22.970 align:start position:0% development and then peers of the 00:36:22.970 --> 00:36:26.070 align:start position:0% development and then peers of the precinct<00:36:23.970> could<00:36:24.180> be<00:36:24.270> fun 00:36:26.070 --> 00:36:26.080 align:start position:0% precinct could be fun 00:36:26.080 --> 00:36:28.140 align:start position:0% precinct could be fun actually<00:36:26.380> have<00:36:26.560> some<00:36:26.800> weight<00:36:27.010> and<00:36:27.340> if<00:36:28.060> he 00:36:28.140 --> 00:36:28.150 align:start position:0% actually have some weight and if he 00:36:28.150 --> 00:36:30.450 align:start position:0% actually have some weight and if he functions<00:36:28.660> informal<00:36:29.440> adding<00:36:30.100> a<00:36:30.190> lot<00:36:30.340> of 00:36:30.450 --> 00:36:30.460 align:start position:0% functions informal adding a lot of 00:36:30.460 --> 00:36:32.220 align:start position:0% functions informal adding a lot of members<00:36:30.670> but<00:36:31.030> then<00:36:31.210> there's<00:36:31.600> just<00:36:31.720> a<00:36:31.990> board 00:36:32.220 --> 00:36:32.230 align:start position:0% members but then there's just a board 00:36:32.230 --> 00:36:34.170 align:start position:0% members but then there's just a board member<00:36:32.410> that<00:36:32.620> actually<00:36:33.160> creates<00:36:34.090> the 00:36:34.170 --> 00:36:34.180 align:start position:0% member that actually creates the 00:36:34.180 --> 00:36:35.610 align:start position:0% member that actually creates the decision<00:36:34.600> if<00:36:34.690> any<00:36:34.870> might<00:36:35.140> actually<00:36:35.320> be 00:36:35.610 --> 00:36:35.620 align:start position:0% decision if any might actually be 00:36:35.620 --> 00:36:38.220 align:start position:0% decision if any might actually be defective<00:36:35.920> a<00:36:36.610> person<00:36:36.940> or<00:36:37.420> if<00:36:37.570> there's<00:36:37.840> a<00:36:37.900> whole 00:36:38.220 --> 00:36:38.230 align:start position:0% defective a person or if there's a whole 00:36:38.230 --> 00:36:40.350 align:start position:0% defective a person or if there's a whole word<00:36:38.530> that<00:36:38.800> takes<00:36:39.070> the<00:36:39.250> position<00:36:39.370> and<00:36:39.880> these 00:36:40.350 --> 00:36:40.360 align:start position:0% word that takes the position and these 00:36:40.360 --> 00:36:42.210 align:start position:0% word that takes the position and these functions<00:36:40.750> like<00:36:40.930> them<00:36:41.140> have<00:36:41.620> a<00:36:41.680> seat<00:36:41.920> but<00:36:42.070> it's 00:36:42.210 --> 00:36:42.220 align:start position:0% functions like them have a seat but it's 00:36:42.220 --> 00:36:52.410 align:start position:0% functions like them have a seat but it's always<00:36:42.370> about<00:36:42.730> the<00:36:43.720> members<00:36:44.110> or<00:36:50.940> in<00:36:51.940> this<00:36:52.180> case 00:36:52.410 --> 00:36:52.420 align:start position:0% always about the members or in this case 00:36:52.420 --> 00:36:54.630 align:start position:0% always about the members or in this case we<00:36:52.900> say<00:36:53.110> people<00:36:53.470> who<00:36:53.740> are<00:36:53.830> participating<00:36:54.400> in 00:36:54.630 --> 00:36:54.640 align:start position:0% we say people who are participating in 00:36:54.640 --> 00:36:56.730 align:start position:0% we say people who are participating in the<00:36:54.790> governance<00:36:54.940> sure<00:36:55.660> those<00:36:56.050> members 00:36:56.730 --> 00:36:56.740 align:start position:0% the governance sure those members 00:36:56.740 --> 00:36:59.820 align:start position:0% the governance sure those members whether<00:36:57.700> it's<00:36:57.970> the<00:36:58.690> board<00:36:58.930> or<00:36:59.410> an<00:36:59.530> entire 00:36:59.820 --> 00:36:59.830 align:start position:0% whether it's the board or an entire 00:36:59.830 --> 00:37:01.920 align:start position:0% whether it's the board or an entire General<00:37:00.460> Assembly<00:37:00.940> should<00:37:01.660> it<00:37:01.750> be<00:37:01.900> required 00:37:01.920 --> 00:37:01.930 align:start position:0% General Assembly should it be required 00:37:01.930 --> 00:37:05.070 align:start position:0% General Assembly should it be required of<00:37:02.830> dowels<00:37:03.130> to<00:37:03.670> require<00:37:04.030> to<00:37:04.300> have<00:37:04.330> these<00:37:04.690> kinds 00:37:05.070 --> 00:37:05.080 align:start position:0% of dowels to require to have these kinds 00:37:05.080 --> 00:37:07.230 align:start position:0% of dowels to require to have these kinds of<00:37:05.170> regular<00:37:05.650> oh<00:37:05.920> yeah<00:37:06.190> it<00:37:06.400> depends<00:37:06.670> how<00:37:07.060> it 00:37:07.230 --> 00:37:07.240 align:start position:0% of regular oh yeah it depends how it 00:37:07.240 --> 00:37:09.930 align:start position:0% of regular oh yeah it depends how it affects<00:37:07.540> the<00:37:07.720> members<00:37:08.020> if<00:37:08.380> it<00:37:08.590> affects<00:37:08.950> me<00:37:09.640> as 00:37:09.930 --> 00:37:09.940 align:start position:0% affects the members if it affects me as 00:37:09.940 --> 00:37:11.850 align:start position:0% affects the members if it affects me as a<00:37:10.000> member<00:37:10.510> and<00:37:10.990> it's<00:37:11.350> a<00:37:11.440> decision<00:37:11.710> that 00:37:11.850 --> 00:37:11.860 align:start position:0% a member and it's a decision that 00:37:11.860 --> 00:37:13.740 align:start position:0% a member and it's a decision that somebody<00:37:12.280> else<00:37:12.460> took<00:37:12.700> then<00:37:13.030> I<00:37:13.270> would<00:37:13.570> like 00:37:13.740 --> 00:37:13.750 align:start position:0% somebody else took then I would like 00:37:13.750 --> 00:37:15.240 align:start position:0% somebody else took then I would like them<00:37:14.020> to<00:37:14.050> be<00:37:14.380> responsible<00:37:14.980> for<00:37:15.160> those 00:37:15.240 --> 00:37:15.250 align:start position:0% them to be responsible for those 00:37:15.250 --> 00:37:15.810 align:start position:0% them to be responsible for those decisions 00:37:15.810 --> 00:37:15.820 align:start position:0% decisions 00:37:15.820 --> 00:37:18.060 align:start position:0% decisions these<00:37:16.270> are<00:37:16.390> Interfax<00:37:16.810> materially<00:37:17.410> I<00:37:17.650> think 00:37:18.060 --> 00:37:18.070 align:start position:0% these are Interfax materially I think 00:37:18.070 --> 00:37:19.470 align:start position:0% these are Interfax materially I think there's<00:37:18.250> not<00:37:18.370> effective<00:37:18.910> but<00:37:19.030> it's<00:37:19.180> just<00:37:19.330> a 00:37:19.470 --> 00:37:19.480 align:start position:0% there's not effective but it's just a 00:37:19.480 --> 00:37:23.190 align:start position:0% there's not effective but it's just a statement<00:37:19.720> that<00:37:20.140> it's<00:37:20.440> just<00:37:20.800> it's<00:37:21.760> not<00:37:22.030> even 00:37:23.190 --> 00:37:23.200 align:start position:0% statement that it's just it's not even 00:37:23.200 --> 00:37:25.109 align:start position:0% statement that it's just it's not even so<00:37:23.829> as<00:37:23.980> though<00:37:24.160> as<00:37:24.430> a<00:37:24.460> matter<00:37:24.549> of<00:37:24.790> due<00:37:24.940> process 00:37:25.109 --> 00:37:25.119 align:start position:0% so as though as a matter of due process 00:37:25.119 --> 00:37:27.720 align:start position:0% so as though as a matter of due process if<00:37:25.839> you<00:37:26.020> as<00:37:26.710> a<00:37:26.799> member<00:37:26.980> are<00:37:27.250> you're<00:37:27.400> terribly 00:37:27.720 --> 00:37:27.730 align:start position:0% if you as a member are you're terribly 00:37:27.730 --> 00:37:30.480 align:start position:0% if you as a member are you're terribly affected<00:37:28.270> you<00:37:28.450> feel<00:37:28.690> that<00:37:28.930> you<00:37:29.250> which<00:37:30.250> then 00:37:30.480 --> 00:37:30.490 align:start position:0% affected you feel that you which then 00:37:30.490 --> 00:37:33.289 align:start position:0% affected you feel that you which then also<00:37:30.910> means<00:37:31.390> lean<00:37:31.839> distinguished<00:37:32.470> governance 00:37:33.289 --> 00:37:33.299 align:start position:0% also means lean distinguished governance 00:37:33.299 --> 00:37:35.970 align:start position:0% also means lean distinguished governance people<00:37:34.299> who<00:37:34.420> have<00:37:34.599> movie<00:37:34.839> rights<00:37:35.079> to<00:37:35.349> events 00:37:35.970 --> 00:37:35.980 align:start position:0% people who have movie rights to events 00:37:35.980 --> 00:37:38.339 align:start position:0% people who have movie rights to events versus<00:37:36.400> but<00:37:37.180> that<00:37:37.299> might<00:37:37.450> also<00:37:37.599> include<00:37:37.900> we 00:37:38.339 --> 00:37:38.349 align:start position:0% versus but that might also include we 00:37:38.349 --> 00:37:40.500 align:start position:0% versus but that might also include we widen<00:37:38.740> that<00:37:38.799> circle<00:37:38.859> people<00:37:39.549> also<00:37:39.880> earlier<00:37:40.210> in 00:37:40.500 --> 00:37:40.510 align:start position:0% widen that circle people also earlier in 00:37:40.510 --> 00:37:43.110 align:start position:0% widen that circle people also earlier in this<00:37:40.630> era 00:37:43.110 --> 00:37:43.120 align:start position:0% 00:37:43.120 --> 00:37:51.150 align:start position:0% [Music] 00:37:51.150 --> 00:37:51.160 align:start position:0% 00:37:51.160 --> 00:37:54.180 align:start position:0% okay<00:37:51.880> so<00:37:52.180> so<00:37:52.570> we're<00:37:52.750> we're<00:37:53.200> done<00:37:53.980> with<00:37:54.100> the 00:37:54.180 --> 00:37:54.190 align:start position:0% okay so so we're we're done with the 00:37:54.190 --> 00:37:55.560 align:start position:0% okay so so we're we're done with the question<00:37:54.490> of<00:37:54.580> our<00:37:54.670> things<00:37:54.970> you're<00:37:55.300> going<00:37:55.450> to 00:37:55.560 --> 00:37:55.570 align:start position:0% question of our things you're going to 00:37:55.570 --> 00:37:59.340 align:start position:0% question of our things you're going to do<00:37:56.410> this<00:37:56.560> week<00:37:56.770> back<00:37:56.950> hopefully<00:37:57.900> get<00:37:58.900> more<00:37:59.080> but 00:37:59.340 --> 00:37:59.350 align:start position:0% do this week back hopefully get more but 00:37:59.350 --> 00:38:03.220 align:start position:0% do this week back hopefully get more but it's<00:37:59.500> not<00:37:59.680> dining<00:38:00.070> at 00:38:03.220 --> 00:38:03.230 align:start position:0% 00:38:03.230 --> 00:38:07.799 align:start position:0% so<00:38:04.839> so<00:38:05.839> this<00:38:05.960> is<00:38:06.020> just<00:38:06.890> an<00:38:07.010> introduction<00:38:07.369> to<00:38:07.609> us 00:38:07.799 --> 00:38:07.809 align:start position:0% so so this is just an introduction to us 00:38:07.809 --> 00:38:10.059 align:start position:0% so so this is just an introduction to us you<00:38:08.809> know<00:38:08.930> a<00:38:08.960> lot<00:38:09.140> of<00:38:09.170> us<00:38:09.349> are<00:38:09.589> you<00:38:09.950> know 00:38:10.059 --> 00:38:10.069 align:start position:0% you know a lot of us are you know 00:38:10.069 --> 00:38:12.309 align:start position:0% you know a lot of us are you know participants<00:38:10.970> working<00:38:11.450> in<00:38:11.630> different<00:38:11.900> areas 00:38:12.309 --> 00:38:12.319 align:start position:0% participants working in different areas 00:38:12.319 --> 00:38:15.640 align:start position:0% participants working in different areas of<00:38:12.559> the<00:38:12.710> space<00:38:13.299> we<00:38:14.299> came<00:38:14.900> together<00:38:15.020> a<00:38:15.260> few 00:38:15.640 --> 00:38:15.650 align:start position:0% of the space we came together a few 00:38:15.650 --> 00:38:18.220 align:start position:0% of the space we came together a few years<00:38:15.829> ago<00:38:15.980> to<00:38:16.369> form<00:38:16.730> a<00:38:17.049> research<00:38:18.049> and 00:38:18.220 --> 00:38:18.230 align:start position:0% years ago to form a research and 00:38:18.230 --> 00:38:20.319 align:start position:0% years ago to form a research and development<00:38:18.260> community<00:38:19.010> around<00:38:19.819> how<00:38:20.270> to 00:38:20.319 --> 00:38:20.329 align:start position:0% development community around how to 00:38:20.329 --> 00:38:21.970 align:start position:0% development community around how to create<00:38:20.690> new<00:38:20.809> legal<00:38:21.079> frameworks<00:38:21.559> how<00:38:21.920> to 00:38:21.970 --> 00:38:21.980 align:start position:0% create new legal frameworks how to 00:38:21.980 --> 00:38:24.039 align:start position:0% create new legal frameworks how to create<00:38:22.490> new<00:38:22.730> kinds<00:38:22.910> of<00:38:23.119> culture<00:38:23.539> sort<00:38:23.990> of 00:38:24.039 --> 00:38:24.049 align:start position:0% create new kinds of culture sort of 00:38:24.049 --> 00:38:28.120 align:start position:0% create new kinds of culture sort of thing<00:38:24.520> and<00:38:25.630> so<00:38:26.630> one<00:38:27.589> of<00:38:27.619> the<00:38:27.710> projects<00:38:28.069> that 00:38:28.120 --> 00:38:28.130 align:start position:0% thing and so one of the projects that 00:38:28.130 --> 00:38:29.289 align:start position:0% thing and so one of the projects that we've<00:38:28.309> been<00:38:28.339> working<00:38:28.430> on<00:38:28.789> we've<00:38:28.940> had<00:38:29.000> a 00:38:29.289 --> 00:38:29.299 align:start position:0% we've been working on we've had a 00:38:29.299 --> 00:38:30.819 align:start position:0% we've been working on we've had a variety<00:38:29.660> of<00:38:29.690> marketers<00:38:30.140> of<00:38:30.260> the<00:38:30.410> year<00:38:30.589> is 00:38:30.819 --> 00:38:30.829 align:start position:0% variety of marketers of the year is 00:38:30.829 --> 00:38:33.099 align:start position:0% variety of marketers of the year is creating<00:38:31.369> precisely<00:38:32.180> because<00:38:32.510> of<00:38:32.690> this<00:38:32.869> gap 00:38:33.099 --> 00:38:33.109 align:start position:0% creating precisely because of this gap 00:38:33.109 --> 00:38:35.770 align:start position:0% creating precisely because of this gap between<00:38:33.470> the<00:38:33.980> labeling<00:38:34.490> the<00:38:35.030> legacy<00:38:35.450> legal 00:38:35.770 --> 00:38:35.780 align:start position:0% between the labeling the legacy legal 00:38:35.780 --> 00:38:37.690 align:start position:0% between the labeling the legacy legal system<00:38:36.109> works<00:38:36.260> in<00:38:36.589> the<00:38:37.220> way<00:38:37.369> this 00:38:37.690 --> 00:38:37.700 align:start position:0% system works in the way this 00:38:37.700 --> 00:38:39.880 align:start position:0% system works in the way this infrastructure<00:38:38.270> enables<00:38:38.930> new<00:38:39.500> kinds<00:38:39.829> of 00:38:39.880 --> 00:38:39.890 align:start position:0% infrastructure enables new kinds of 00:38:39.890 --> 00:38:41.460 align:start position:0% infrastructure enables new kinds of participation<00:38:40.549> which<00:38:40.760> might<00:38:41.000> require 00:38:41.460 --> 00:38:41.470 align:start position:0% participation which might require 00:38:41.470 --> 00:38:44.079 align:start position:0% participation which might require re-plumbing<00:38:42.470> on<00:38:42.650> all<00:38:42.770> of<00:38:42.859> that<00:38:43.039> we<00:38:43.789> come<00:38:44.059> up 00:38:44.079 --> 00:38:44.089 align:start position:0% re-plumbing on all of that we come up 00:38:44.089 --> 00:38:45.549 align:start position:0% re-plumbing on all of that we come up with<00:38:44.359> this<00:38:44.480> project<00:38:44.960> which<00:38:45.140> is<00:38:45.260> without<00:38:45.530> a 00:38:45.549 --> 00:38:45.559 align:start position:0% with this project which is without a 00:38:45.559 --> 00:38:49.630 align:start position:0% with this project which is without a lotta<00:38:45.740> law<00:38:45.920> project<00:38:46.400> and<00:38:47.500> both<00:38:48.500> we<00:38:48.770> can<00:38:48.980> go<00:38:49.220> go 00:38:49.630 --> 00:38:49.640 align:start position:0% lotta law project and both we can go go 00:38:49.640 --> 00:38:52.539 align:start position:0% lotta law project and both we can go go into<00:38:49.970> the<00:38:50.630> plan<00:38:50.809> right<00:38:50.990> now<00:38:51.049> is<00:38:51.410> to<00:38:51.500> kind<00:38:52.369> of<00:38:52.400> go 00:38:52.539 --> 00:38:52.549 align:start position:0% into the plan right now is to kind of go 00:38:52.549 --> 00:38:54.130 align:start position:0% into the plan right now is to kind of go through<00:38:52.579> what<00:38:53.089> we<00:38:53.210> see<00:38:53.390> is<00:38:53.480> the<00:38:53.599> main<00:38:53.750> issues 00:38:54.130 --> 00:38:54.140 align:start position:0% through what we see is the main issues 00:38:54.140 --> 00:38:56.950 align:start position:0% through what we see is the main issues and<00:38:54.470> then<00:38:54.740> if<00:38:55.579> we<00:38:55.819> have<00:38:55.940> some<00:38:56.180> time<00:38:56.390> maybe<00:38:56.690> take 00:38:56.950 --> 00:38:56.960 align:start position:0% and then if we have some time maybe take 00:38:56.960 --> 00:38:58.960 align:start position:0% and then if we have some time maybe take a<00:38:56.990> few<00:38:57.230> minutes<00:38:57.530> to<00:38:57.680> break<00:38:57.859> out<00:38:58.069> into<00:38:58.490> each 00:38:58.960 --> 00:38:58.970 align:start position:0% a few minutes to break out into each 00:38:58.970 --> 00:39:02.440 align:start position:0% a few minutes to break out into each component<00:38:59.690> of<00:38:59.900> the<00:39:00.349> model<00:39:00.680> law<00:39:00.980> and<00:39:01.359> have<00:39:02.359> you 00:39:02.440 --> 00:39:02.450 align:start position:0% component of the model law and have you 00:39:02.450 --> 00:39:04.450 align:start position:0% component of the model law and have you guys<00:39:02.569> brainstorm<00:39:03.260> on<00:39:03.470> what<00:39:03.890> we<00:39:04.069> can<00:39:04.250> come<00:39:04.430> up 00:39:04.450 --> 00:39:04.460 align:start position:0% guys brainstorm on what we can come up 00:39:04.460 --> 00:39:07.809 align:start position:0% guys brainstorm on what we can come up with<00:39:04.609> as<00:39:05.270> a<00:39:05.329> technological<00:39:05.900> guarantee<00:39:06.799> or<00:39:07.369> the 00:39:07.809 --> 00:39:07.819 align:start position:0% with as a technological guarantee or the 00:39:07.819 --> 00:39:09.160 align:start position:0% with as a technological guarantee or the open 00:39:09.160 --> 00:39:09.170 align:start position:0% open 00:39:09.170 --> 00:39:11.200 align:start position:0% open because<00:39:09.410> our<00:39:09.589> part<00:39:09.829> functional<00:39:10.519> equivalent 00:39:11.200 --> 00:39:11.210 align:start position:0% because our part functional equivalent 00:39:11.210 --> 00:39:14.829 align:start position:0% because our part functional equivalent to<00:39:12.019> a<00:39:12.049> traditional<00:39:12.890> requirements<00:39:13.880> such<00:39:14.569> that 00:39:14.829 --> 00:39:14.839 align:start position:0% to a traditional requirements such that 00:39:14.839 --> 00:39:17.529 align:start position:0% to a traditional requirements such that we<00:39:15.019> can<00:39:15.170> map<00:39:15.380> out<00:39:15.619> a<00:39:15.650> continuum<00:39:16.519> of<00:39:16.819> things 00:39:17.529 --> 00:39:17.539 align:start position:0% we can map out a continuum of things 00:39:17.539 --> 00:39:19.870 align:start position:0% we can map out a continuum of things that<00:39:17.779> people<00:39:17.900> can<00:39:18.079> do<00:39:18.380> to<00:39:18.680> enjoy<00:39:18.980> a<00:39:19.190> spectrum 00:39:19.870 --> 00:39:19.880 align:start position:0% that people can do to enjoy a spectrum 00:39:19.880 --> 00:39:22.630 align:start position:0% that people can do to enjoy a spectrum of<00:39:20.059> legal<00:39:20.660> benefits<00:39:20.839> and<00:39:21.289> protections<00:39:21.740> that's 00:39:22.630 --> 00:39:22.640 align:start position:0% of legal benefits and protections that's 00:39:22.640 --> 00:39:26.079 align:start position:0% of legal benefits and protections that's what<00:39:22.849> they<00:39:23.000> make<00:39:23.299> it<00:39:23.589> so<00:39:24.589> you<00:39:25.430> know<00:39:25.519> as<00:39:25.760> you 00:39:26.079 --> 00:39:26.089 align:start position:0% what they make it so you know as you 00:39:26.089 --> 00:39:28.390 align:start position:0% what they make it so you know as you guys<00:39:26.240> can<00:39:26.510> see<00:39:26.569> from<00:39:26.869> the<00:39:26.960> questionnaire<00:39:27.470> you 00:39:28.390 --> 00:39:28.400 align:start position:0% guys can see from the questionnaire you 00:39:28.400 --> 00:39:30.130 align:start position:0% guys can see from the questionnaire you know<00:39:28.460> we<00:39:28.640> looked<00:39:28.970> at<00:39:29.119> why<00:39:29.299> it's<00:39:29.599> important<00:39:30.019> to 00:39:30.130 --> 00:39:30.140 align:start position:0% know we looked at why it's important to 00:39:30.140 --> 00:39:35.200 align:start position:0% know we looked at why it's important to you<00:39:32.109> yeah<00:39:33.170> when<00:39:34.160> he<00:39:34.309> needs<00:39:34.670> change<00:39:34.940> the<00:39:35.029> law 00:39:35.200 --> 00:39:35.210 align:start position:0% you yeah when he needs change the law 00:39:35.210 --> 00:39:37.390 align:start position:0% you yeah when he needs change the law because<00:39:35.839> right<00:39:36.049> now<00:39:36.200> Dallas<00:39:37.069> you<00:39:37.369> know 00:39:37.390 --> 00:39:37.400 align:start position:0% because right now Dallas you know 00:39:37.400 --> 00:39:39.849 align:start position:0% because right now Dallas you know putting<00:39:38.240> aside<00:39:38.569> this<00:39:38.990> unincorporated 00:39:39.849 --> 00:39:39.859 align:start position:0% putting aside this unincorporated 00:39:39.859 --> 00:39:41.440 align:start position:0% putting aside this unincorporated associations<00:39:40.519> general<00:39:40.819> partnerships<00:39:41.240> which 00:39:41.440 --> 00:39:41.450 align:start position:0% associations general partnerships which 00:39:41.450 --> 00:39:43.000 align:start position:0% associations general partnerships which are<00:39:41.569> then<00:39:41.690> looked<00:39:42.109> at<00:39:42.260> after<00:39:42.470> the<00:39:42.650> fact<00:39:42.920> that 00:39:43.000 --> 00:39:43.010 align:start position:0% are then looked at after the fact that 00:39:43.010 --> 00:39:44.950 align:start position:0% are then looked at after the fact that things<00:39:43.309> go<00:39:43.430> wrong<00:39:43.609> right<00:39:44.329> now<00:39:44.510> we<00:39:44.569> learn<00:39:44.809> new 00:39:44.950 --> 00:39:44.960 align:start position:0% things go wrong right now we learn new 00:39:44.960 --> 00:39:46.870 align:start position:0% things go wrong right now we learn new solutions<00:39:45.380> taking<00:39:46.190> away<00:39:46.309> the<00:39:46.430> exceptions 00:39:46.870 --> 00:39:46.880 align:start position:0% solutions taking away the exceptions 00:39:46.880 --> 00:39:50.140 align:start position:0% solutions taking away the exceptions right<00:39:47.539> now<00:39:47.690> ours<00:39:48.140> cannot<00:39:48.700> largely<00:39:49.700> otago 00:39:50.140 --> 00:39:50.150 align:start position:0% right now ours cannot largely otago 00:39:50.150 --> 00:39:53.049 align:start position:0% right now ours cannot largely otago facets<00:39:50.720> and<00:39:51.680> so<00:39:51.829> name<00:39:52.099> enter<00:39:52.579> into<00:39:52.700> contra 00:39:53.049 --> 00:39:53.059 align:start position:0% facets and so name enter into contra 00:39:53.059 --> 00:39:55.180 align:start position:0% facets and so name enter into contra contract<00:39:53.450> until<00:39:53.720> main<00:39:53.930> sewer<00:39:54.710> who<00:39:54.890> are 00:39:55.180 --> 00:39:55.190 align:start position:0% contract until main sewer who are 00:39:55.190 --> 00:39:56.300 align:start position:0% contract until main sewer who are standing<00:39:55.400> to<00:39:55.609> sue 00:39:56.300 --> 00:39:56.310 align:start position:0% standing to sue 00:39:56.310 --> 00:40:01.160 align:start position:0% standing to sue and<00:39:57.080> -<00:39:58.080> and<00:39:58.620> absent<00:39:59.130> all<00:39:59.250> of<00:39:59.400> that<00:39:59.960> the<00:40:00.960> person 00:40:01.160 --> 00:40:01.170 align:start position:0% and - and absent all of that the person 00:40:01.170 --> 00:40:02.900 align:start position:0% and - and absent all of that the person who<00:40:01.470> they're<00:40:01.620> going<00:40:01.830> to<00:40:01.920> find<00:40:02.190> and<00:40:02.640> then<00:40:02.790> when 00:40:02.900 --> 00:40:02.910 align:start position:0% who they're going to find and then when 00:40:02.910 --> 00:40:05.390 align:start position:0% who they're going to find and then when things<00:40:03.030> go<00:40:03.210> wrong<00:40:03.450> is<00:40:03.750> the<00:40:04.680> nearest<00:40:05.100> available 00:40:05.390 --> 00:40:05.400 align:start position:0% things go wrong is the nearest available 00:40:05.400 --> 00:40:06.080 align:start position:0% things go wrong is the nearest available Haven 00:40:06.080 --> 00:40:06.090 align:start position:0% Haven 00:40:06.090 --> 00:40:10.160 align:start position:0% Haven so<00:40:06.660> right<00:40:07.470> now<00:40:07.650> when<00:40:08.160> Dallas<00:40:08.370> without<00:40:09.330> a<00:40:09.810> legal 00:40:10.160 --> 00:40:10.170 align:start position:0% so right now when Dallas without a legal 00:40:10.170 --> 00:40:14.960 align:start position:0% so right now when Dallas without a legal rapper<00:40:10.940> you<00:40:11.940> know<00:40:12.710> think<00:40:13.710> that<00:40:14.250> doubts<00:40:14.490> do<00:40:14.790> not 00:40:14.960 --> 00:40:14.970 align:start position:0% rapper you know think that doubts do not 00:40:14.970 --> 00:40:19.930 align:start position:0% rapper you know think that doubts do not actually<00:40:15.210> exist<00:40:15.480> in<00:40:16.020> the<00:40:16.110> eyes<00:40:16.140> of<00:40:16.500> the<00:40:16.560> law 00:40:19.930 --> 00:40:19.940 align:start position:0% 00:40:19.940 --> 00:40:56.750 align:start position:0% it's<00:40:20.940> largely<00:40:21.330> the<00:40:21.570> law<00:40:22.100> is<00:40:23.100> doing<00:40:55.370> so<00:40:56.370> you 00:40:56.750 --> 00:40:56.760 align:start position:0% it's largely the law is doing so you 00:40:56.760 --> 00:40:58.400 align:start position:0% it's largely the law is doing so you know<00:40:56.790> why<00:40:57.030> is<00:40:57.120> it<00:40:57.270> important<00:40:57.600> to<00:40:57.630> solve<00:40:57.930> all 00:40:58.400 --> 00:40:58.410 align:start position:0% know why is it important to solve all 00:40:58.410 --> 00:41:00.410 align:start position:0% know why is it important to solve all these<00:40:58.500> problems<00:40:58.590> well<00:40:59.310> right<00:40:59.790> now<00:40:59.940> we<00:41:00.000> have 00:41:00.410 --> 00:41:00.420 align:start position:0% these problems well right now we have 00:41:00.420 --> 00:41:02.390 align:start position:0% these problems well right now we have this<00:41:00.800> unlimited<00:41:01.800> liability 00:41:02.390 --> 00:41:02.400 align:start position:0% this unlimited liability 00:41:02.400 --> 00:41:04.110 align:start position:0% this unlimited liability never<00:41:02.580> mind<00:41:02.820> wanting<00:41:03.300> limited 00:41:04.110 --> 00:41:04.120 align:start position:0% never mind wanting limited 00:41:04.120 --> 00:41:06.840 align:start position:0% never mind wanting limited we<00:41:04.570> have<00:41:05.320> an<00:41:05.620> unknown<00:41:06.160> and<00:41:06.520> unlimited 00:41:06.840 --> 00:41:06.850 align:start position:0% we have an unknown and unlimited 00:41:06.850 --> 00:41:09.270 align:start position:0% we have an unknown and unlimited liability<00:41:07.270> today<00:41:07.870> for<00:41:08.110> all<00:41:08.170> participants<00:41:08.350> in 00:41:09.270 --> 00:41:09.280 align:start position:0% liability today for all participants in 00:41:09.280 --> 00:41:14.280 align:start position:0% liability today for all participants in varsity<00:41:09.640> various<00:41:10.510> jurisdictions<00:41:10.980> right<00:41:13.290> and 00:41:14.280 --> 00:41:14.290 align:start position:0% varsity various jurisdictions right and 00:41:14.290 --> 00:41:16.410 align:start position:0% varsity various jurisdictions right and you<00:41:15.040> know<00:41:15.130> frankly<00:41:15.310> Giles<00:41:15.850> have<00:41:15.970> a<00:41:16.000> difficult 00:41:16.410 --> 00:41:16.420 align:start position:0% you know frankly Giles have a difficult 00:41:16.420 --> 00:41:18.150 align:start position:0% you know frankly Giles have a difficult awkward<00:41:16.750> time<00:41:17.050> operating<00:41:17.500> legacy<00:41:18.010> well 00:41:18.150 --> 00:41:18.160 align:start position:0% awkward time operating legacy well 00:41:18.160 --> 00:41:19.440 align:start position:0% awkward time operating legacy well there's<00:41:18.400> so<00:41:18.520> many<00:41:18.670> of<00:41:18.850> you<00:41:18.940> guys<00:41:18.970> action 00:41:19.440 --> 00:41:19.450 align:start position:0% there's so many of you guys action 00:41:19.450 --> 00:41:21.510 align:start position:0% there's so many of you guys action involving<00:41:19.840> projects<00:41:20.470> that<00:41:20.680> it's<00:41:21.340> been<00:41:21.490> very 00:41:21.510 --> 00:41:21.520 align:start position:0% involving projects that it's been very 00:41:21.520 --> 00:41:26.730 align:start position:0% involving projects that it's been very difficult<00:41:21.910> to<00:41:22.830> two<00:41:24.690> together<00:41:25.690> just<00:41:26.170> get<00:41:26.710> a 00:41:26.730 --> 00:41:26.740 align:start position:0% difficult to two together just get a 00:41:26.740 --> 00:41:33.540 align:start position:0% difficult to two together just get a bacon<00:41:30.270> you<00:41:31.270> know<00:41:32.070> when<00:41:33.070> you<00:41:33.160> hire<00:41:33.340> employees 00:41:33.540 --> 00:41:33.550 align:start position:0% bacon you know when you hire employees 00:41:33.550 --> 00:41:36.720 align:start position:0% bacon you know when you hire employees with<00:41:34.360> what<00:41:34.570> with<00:41:35.440> what<00:41:35.470> entity<00:41:36.130> you<00:41:36.460> hire<00:41:36.700> that 00:41:36.720 --> 00:41:36.730 align:start position:0% with what with what entity you hire that 00:41:36.730 --> 00:41:41.610 align:start position:0% with what with what entity you hire that employee<00:41:37.300> right<00:41:38.730> and<00:41:40.140> you<00:41:41.140> know<00:41:41.230> in<00:41:41.350> the<00:41:41.440> case 00:41:41.610 --> 00:41:41.620 align:start position:0% employee right and you know in the case 00:41:41.620 --> 00:41:45.120 align:start position:0% employee right and you know in the case where<00:41:41.890> you<00:41:41.980> create<00:41:42.340> some<00:41:42.640> sort<00:41:42.910> of<00:41:44.130> legal 00:41:45.120 --> 00:41:45.130 align:start position:0% where you create some sort of legal 00:41:45.130 --> 00:41:49.560 align:start position:0% where you create some sort of legal legal<00:41:45.670> wrapper<00:41:45.900> and<00:41:46.900> that<00:41:47.680> particular<00:41:48.570> in 00:41:49.560 --> 00:41:49.570 align:start position:0% legal wrapper and that particular in 00:41:49.570 --> 00:41:51.900 align:start position:0% legal wrapper and that particular in third<00:41:50.260> party<00:41:50.470> whether<00:41:50.800> it's<00:41:50.980> a<00:41:51.040> person<00:41:51.460> or<00:41:51.580> our 00:41:51.900 --> 00:41:51.910 align:start position:0% third party whether it's a person or our 00:41:51.910 --> 00:41:53.490 align:start position:0% third party whether it's a person or our company<00:41:52.300> contracts<00:41:52.750> with<00:41:52.960> that<00:41:53.080> legal<00:41:53.230> rapper 00:41:53.490 --> 00:41:53.500 align:start position:0% company contracts with that legal rapper 00:41:53.500 --> 00:41:56.250 align:start position:0% company contracts with that legal rapper they're<00:41:54.280> still<00:41:54.640> you<00:41:55.300> know<00:41:55.390> the<00:41:55.540> legal<00:41:55.690> reality 00:41:56.250 --> 00:41:56.260 align:start position:0% they're still you know the legal reality 00:41:56.260 --> 00:41:58.410 align:start position:0% they're still you know the legal reality that<00:41:56.440> exists<00:41:56.950> and<00:41:57.160> then<00:41:57.820> there's<00:41:58.000> the<00:41:58.240> block 00:41:58.410 --> 00:41:58.420 align:start position:0% that exists and then there's the block 00:41:58.420 --> 00:42:00.060 align:start position:0% that exists and then there's the block chain<00:41:58.630> mail<00:41:58.870> so<00:41:59.140> whatever<00:41:59.320> the<00:41:59.530> death<00:41:59.680> the<00:41:59.920> Dow 00:42:00.060 --> 00:42:00.070 align:start position:0% chain mail so whatever the death the Dow 00:42:00.070 --> 00:42:02.190 align:start position:0% chain mail so whatever the death the Dow is<00:42:00.370> supposed<00:42:00.910> to<00:42:00.970> be<00:42:01.090> a<00:42:01.120> operate<00:42:01.660> by<00:42:01.810> this<00:42:01.870> code 00:42:02.190 --> 00:42:02.200 align:start position:0% is supposed to be a operate by this code 00:42:02.200 --> 00:42:03.810 align:start position:0% is supposed to be a operate by this code but<00:42:02.500> you<00:42:02.560> have<00:42:02.710> all<00:42:02.860> of<00:42:02.980> this<00:42:03.070> other<00:42:03.280> non 00:42:03.810 --> 00:42:03.820 align:start position:0% but you have all of this other non 00:42:03.820 --> 00:42:08.190 align:start position:0% but you have all of this other non octane<00:42:05.670> rules<00:42:06.670> and<00:42:06.970> procedures<00:42:07.480> and<00:42:07.840> powers 00:42:08.190 --> 00:42:08.200 align:start position:0% octane rules and procedures and powers 00:42:08.200 --> 00:42:09.840 align:start position:0% octane rules and procedures and powers are<00:42:08.710> tiny<00:42:08.920> links<00:42:09.280> that<00:42:09.400> are<00:42:09.550> actually 00:42:09.840 --> 00:42:09.850 align:start position:0% are tiny links that are actually 00:42:09.850 --> 00:42:11.700 align:start position:0% are tiny links that are actually accessible<00:42:10.120> for<00:42:10.450> now<00:42:10.630> operates<00:42:11.020> and<00:42:11.440> some 00:42:11.700 --> 00:42:11.710 align:start position:0% accessible for now operates and some 00:42:11.710 --> 00:42:13.650 align:start position:0% accessible for now operates and some restrictions<00:42:12.490> have<00:42:12.610> started<00:42:13.060> to<00:42:13.210> implement 00:42:13.650 --> 00:42:13.660 align:start position:0% restrictions have started to implement 00:42:13.660 --> 00:42:16.710 align:start position:0% restrictions have started to implement law<00:42:14.080> so 00:42:16.710 --> 00:42:16.720 align:start position:0% 00:42:16.720 --> 00:42:20.819 align:start position:0% some<00:42:17.319> kind<00:42:17.619> of<00:42:17.710> recognition<00:42:19.260> so<00:42:20.260> it's<00:42:20.470> a<00:42:20.560> part 00:42:20.819 --> 00:42:20.829 align:start position:0% some kind of recognition so it's a part 00:42:20.829 --> 00:42:24.930 align:start position:0% some kind of recognition so it's a part of<00:42:20.980> the<00:42:21.270> framework<00:42:22.619> what<00:42:23.619> we<00:42:23.800> ever<00:42:23.950> have<00:42:24.339> noted 00:42:24.930 --> 00:42:24.940 align:start position:0% of the framework what we ever have noted 00:42:24.940 --> 00:42:26.670 align:start position:0% of the framework what we ever have noted is<00:42:25.180> that<00:42:25.210> what<00:42:25.630> they<00:42:25.780> try<00:42:26.079> to<00:42:26.140> do<00:42:26.410> a<00:42:26.440> little 00:42:26.670 --> 00:42:26.680 align:start position:0% is that what they try to do a little 00:42:26.680 --> 00:42:31.440 align:start position:0% is that what they try to do a little more<00:42:27.069> things<00:42:27.400> now<00:42:29.819> monitor<00:42:30.819> is<00:42:30.880> very<00:42:31.210> much 00:42:31.440 --> 00:42:31.450 align:start position:0% more things now monitor is very much 00:42:31.450 --> 00:42:34.140 align:start position:0% more things now monitor is very much turned<00:42:31.839> to<00:42:32.109> our<00:42:32.170> usual<00:42:32.950> corporations<00:42:33.849> by 00:42:34.140 --> 00:42:34.150 align:start position:0% turned to our usual corporations by 00:42:34.150 --> 00:42:38.370 align:start position:0% turned to our usual corporations by applying<00:42:34.599> like<00:42:35.230> seven<00:42:36.099> different<00:42:37.050> parties<00:42:38.050> to 00:42:38.370 --> 00:42:38.380 align:start position:0% applying like seven different parties to 00:42:38.380 --> 00:42:41.490 align:start position:0% applying like seven different parties to be<00:42:38.530> intermediaries<00:42:39.190> for<00:42:39.430> that<00:42:40.319> meditate<00:42:41.319> ow 00:42:41.490 --> 00:42:41.500 align:start position:0% be intermediaries for that meditate ow 00:42:41.500 --> 00:42:44.790 align:start position:0% be intermediaries for that meditate ow it's<00:42:41.890> very<00:42:42.220> expensive<00:42:42.760> for<00:42:43.599> anyone<00:42:44.560> to 00:42:44.790 --> 00:42:44.800 align:start position:0% it's very expensive for anyone to 00:42:44.800 --> 00:42:47.700 align:start position:0% it's very expensive for anyone to register<00:42:45.400> at<00:42:45.609> our<00:42:45.760> legislation 00:42:47.700 --> 00:42:47.710 align:start position:0% register at our legislation 00:42:47.710 --> 00:42:50.250 align:start position:0% register at our legislation this<00:42:48.220> is<00:42:48.369> in<00:42:48.490> the<00:42:48.609> way<00:42:48.760> it's<00:42:49.329> part<00:42:49.569> of<00:42:49.630> her<00:42:49.869> I 00:42:50.250 --> 00:42:50.260 align:start position:0% this is in the way it's part of her I 00:42:50.260 --> 00:42:52.319 align:start position:0% this is in the way it's part of her I would<00:42:51.040> still<00:42:51.400> call<00:42:51.640> it<00:42:51.670> a<00:42:51.880> top-down 00:42:52.319 --> 00:42:52.329 align:start position:0% would still call it a top-down 00:42:52.329 --> 00:43:00.540 align:start position:0% would still call it a top-down imposition<00:42:52.569> of<00:42:53.050> a<00:42:53.760> new<00:42:54.760> framework<00:42:59.550> creating 00:43:00.540 --> 00:43:00.550 align:start position:0% imposition of a new framework creating 00:43:00.550 --> 00:43:03.240 align:start position:0% imposition of a new framework creating something<00:43:01.359> that<00:43:01.930> is<00:43:02.170> coming<00:43:02.740> from<00:43:02.950> the 00:43:03.240 --> 00:43:03.250 align:start position:0% something that is coming from the 00:43:03.250 --> 00:43:16.109 align:start position:0% something that is coming from the ecosystem<00:43:03.970> where<00:43:04.270> we<00:43:04.450> actually<00:43:15.060> sort<00:43:16.060> of 00:43:16.109 --> 00:43:16.119 align:start position:0% ecosystem where we actually sort of 00:43:16.119 --> 00:43:17.730 align:start position:0% ecosystem where we actually sort of under<00:43:16.359> thank<00:43:16.569> you<00:43:16.660> know<00:43:16.750> I<00:43:16.780> read<00:43:17.290> a<00:43:17.319> bunch<00:43:17.589> of 00:43:17.730 --> 00:43:17.740 align:start position:0% under thank you know I read a bunch of 00:43:17.740 --> 00:43:21.210 align:start position:0% under thank you know I read a bunch of this<00:43:17.829> but<00:43:18.099> the<00:43:19.000> given<00:43:19.690> that<00:43:19.839> there<00:43:20.020> are<00:43:20.220> you 00:43:21.210 --> 00:43:21.220 align:start position:0% this but the given that there are you 00:43:21.220 --> 00:43:22.650 align:start position:0% this but the given that there are you know<00:43:21.310> obviously<00:43:21.730> there<00:43:21.940> are<00:43:22.000> they<00:43:22.359> think<00:43:22.569> the 00:43:22.650 --> 00:43:22.660 align:start position:0% know obviously there are they think the 00:43:22.660 --> 00:43:24.089 align:start position:0% know obviously there are they think the main<00:43:22.839> issue<00:43:22.869> it<00:43:23.410> seems<00:43:23.589> like<00:43:23.680> the<00:43:23.770> main<00:43:23.920> issue 00:43:24.089 --> 00:43:24.099 align:start position:0% main issue it seems like the main issue 00:43:24.099 --> 00:43:26.370 align:start position:0% main issue it seems like the main issue you're<00:43:24.280> floating<00:43:24.550> is<00:43:25.079> people<00:43:26.079> are<00:43:26.140> getting 00:43:26.370 --> 00:43:26.380 align:start position:0% you're floating is people are getting 00:43:26.380 --> 00:43:28.109 align:start position:0% you're floating is people are getting together<00:43:26.500> they're<00:43:27.010> using<00:43:27.280> smart<00:43:27.579> contracts 00:43:28.109 --> 00:43:28.119 align:start position:0% together they're using smart contracts 00:43:28.119 --> 00:43:30.750 align:start position:0% together they're using smart contracts to<00:43:28.390> clean<00:43:28.630> it<00:43:28.869> down<00:43:29.020> and<00:43:29.500> it's<00:43:30.250> not<00:43:30.460> clear<00:43:30.670> that 00:43:30.750 --> 00:43:30.760 align:start position:0% to clean it down and it's not clear that 00:43:30.760 --> 00:43:32.760 align:start position:0% to clean it down and it's not clear that has<00:43:31.180> legal<00:43:31.480> personality<00:43:31.930> wouldn't<00:43:32.650> be 00:43:32.760 --> 00:43:32.770 align:start position:0% has legal personality wouldn't be 00:43:32.770 --> 00:43:35.370 align:start position:0% has legal personality wouldn't be convenient<00:43:33.130> if<00:43:33.819> they<00:43:34.660> did<00:43:34.960> have<00:43:35.109> ethical 00:43:35.370 --> 00:43:35.380 align:start position:0% convenient if they did have ethical 00:43:35.380 --> 00:43:37.380 align:start position:0% convenient if they did have ethical personality<00:43:36.010> but<00:43:36.849> there<00:43:37.000> are<00:43:37.060> lots<00:43:37.210> of 00:43:37.380 --> 00:43:37.390 align:start position:0% personality but there are lots of 00:43:37.390 --> 00:43:39.980 align:start position:0% personality but there are lots of current<00:43:37.690> solutions<00:43:38.230> for<00:43:38.589> giving<00:43:39.010> something 00:43:39.980 --> 00:43:39.990 align:start position:0% current solutions for giving something 00:43:39.990 --> 00:43:42.600 align:start position:0% current solutions for giving something right<00:43:40.990> that<00:43:41.170> already<00:43:41.800> exists<00:43:42.070> under<00:43:42.280> current 00:43:42.600 --> 00:43:42.610 align:start position:0% right that already exists under current 00:43:42.610 --> 00:43:46.800 align:start position:0% right that already exists under current law<00:43:42.760> lived<00:43:43.540> like<00:43:43.810> those<00:43:44.050> partnerships<00:43:45.810> like 00:43:46.800 --> 00:43:46.810 align:start position:0% law lived like those partnerships like 00:43:46.810 --> 00:43:48.450 align:start position:0% law lived like those partnerships like those<00:43:46.990> companies<00:43:47.410> corporation<00:43:48.190> you<00:43:48.310> know<00:43:48.400> if 00:43:48.450 --> 00:43:48.460 align:start position:0% those companies corporation you know if 00:43:48.460 --> 00:43:49.620 align:start position:0% those companies corporation you know if you<00:43:48.550> name<00:43:48.760> it 00:43:49.620 --> 00:43:49.630 align:start position:0% you name it 00:43:49.630 --> 00:43:52.380 align:start position:0% you name it so<00:43:49.990> why<00:43:50.320> you<00:43:50.740> know<00:43:50.800> it<00:43:51.130> seems<00:43:51.460> like<00:43:51.580> and<00:43:52.300> I'm 00:43:52.380 --> 00:43:52.390 align:start position:0% so why you know it seems like and I'm 00:43:52.390 --> 00:43:53.610 align:start position:0% so why you know it seems like and I'm sure<00:43:52.510> you<00:43:52.600> have<00:43:52.750> a<00:43:52.780> reason<00:43:53.140> for<00:43:53.290> it<00:43:53.380> but<00:43:53.530> I'm 00:43:53.610 --> 00:43:53.620 align:start position:0% sure you have a reason for it but I'm 00:43:53.620 --> 00:43:55.050 align:start position:0% sure you have a reason for it but I'm wondering<00:43:53.890> what<00:43:54.010> the<00:43:54.040> reasons<00:43:54.400> are<00:43:54.490> it<00:43:54.880> seems 00:43:55.050 --> 00:43:55.060 align:start position:0% wondering what the reasons are it seems 00:43:55.060 --> 00:43:57.210 align:start position:0% wondering what the reasons are it seems like<00:43:55.180> a<00:43:55.210> dramatic<00:43:55.810> step<00:43:56.080> to<00:43:56.320> say<00:43:56.530> we<00:43:57.040> need<00:43:57.130> a 00:43:57.210 --> 00:43:57.220 align:start position:0% like a dramatic step to say we need a 00:43:57.220 --> 00:43:58.920 align:start position:0% like a dramatic step to say we need a brand<00:43:57.520> new<00:43:57.640> way<00:43:57.850> to<00:43:57.880> create<00:43:58.330> limited 00:43:58.920 --> 00:43:58.930 align:start position:0% brand new way to create limited 00:43:58.930 --> 00:44:01.260 align:start position:0% brand new way to create limited liability<00:43:59.620> at<00:44:00.130> certain<00:44:00.610> creating<00:44:00.970> the<00:44:01.150> whole 00:44:01.260 --> 00:44:01.270 align:start position:0% liability at certain creating the whole 00:44:01.270 --> 00:44:03.570 align:start position:0% liability at certain creating the whole personality<00:44:01.750> why<00:44:02.710> are<00:44:02.770> the<00:44:03.070> existing 00:44:03.570 --> 00:44:03.580 align:start position:0% personality why are the existing 00:44:03.580 --> 00:44:06.930 align:start position:0% personality why are the existing solutions<00:44:04.240> just<00:44:04.810> totally<00:44:05.650> inadequate<00:44:05.980> what 00:44:06.930 --> 00:44:06.940 align:start position:0% solutions just totally inadequate what 00:44:06.940 --> 00:44:08.610 align:start position:0% solutions just totally inadequate what would<00:44:07.120> it<00:44:07.240> would<00:44:07.450> specifically<00:44:08.020> so<00:44:08.260> bad<00:44:08.470> about 00:44:08.610 --> 00:44:08.620 align:start position:0% would it would specifically so bad about 00:44:08.620 --> 00:44:09.150 align:start position:0% would it would specifically so bad about that 00:44:09.150 --> 00:44:09.160 align:start position:0% that 00:44:09.160 --> 00:44:13.560 align:start position:0% that to<00:44:09.550> create<00:44:09.760> a<00:44:10.030> new<00:44:10.180> way<00:44:12.180> and<00:44:13.180> all<00:44:13.330> the<00:44:13.360> meantime 00:44:13.560 --> 00:44:13.570 align:start position:0% to create a new way and all the meantime 00:44:13.570 --> 00:44:15.240 align:start position:0% to create a new way and all the meantime until<00:44:14.020> it<00:44:14.110> comes<00:44:14.290> up<00:44:14.500> everybody's<00:44:15.010> are<00:44:15.160> the 00:44:15.240 --> 00:44:15.250 align:start position:0% until it comes up everybody's are the 00:44:15.250 --> 00:44:16.770 align:start position:0% until it comes up everybody's are the legal<00:44:15.460> that<00:44:15.730> most<00:44:15.940> why<00:44:16.180> don't<00:44:16.360> you<00:44:16.420> just<00:44:16.600> use 00:44:16.770 --> 00:44:16.780 align:start position:0% legal that most why don't you just use 00:44:16.780 --> 00:44:18.600 align:start position:0% legal that most why don't you just use existing<00:44:17.050> structures<00:44:17.620> to<00:44:17.740> cover<00:44:17.980> it<00:44:18.130> off<00:44:18.250> and 00:44:18.600 --> 00:44:18.610 align:start position:0% existing structures to cover it off and 00:44:18.610 --> 00:44:20.910 align:start position:0% existing structures to cover it off and then<00:44:19.110> instead<00:44:20.110> waiting<00:44:20.380> five<00:44:20.590> or<00:44:20.740> 10<00:44:20.890> years 00:44:20.910 --> 00:44:20.920 align:start position:0% then instead waiting five or 10 years 00:44:20.920 --> 00:44:28.860 align:start position:0% then instead waiting five or 10 years with<00:44:21.220> this<00:44:23.760> same<00:44:24.760> time<00:44:26.310> it<00:44:27.310> is<00:44:27.550> not<00:44:27.730> Endor 00:44:28.860 --> 00:44:28.870 align:start position:0% with this same time it is not Endor 00:44:28.870 --> 00:44:32.240 align:start position:0% with this same time it is not Endor I<00:44:29.140> mean<00:44:29.380> there<00:44:29.680> are<00:44:30.210> current<00:44:31.210> structures<00:44:31.660> and 00:44:32.240 --> 00:44:32.250 align:start position:0% I mean there are current structures and 00:44:32.250 --> 00:44:35.400 align:start position:0% I mean there are current structures and the<00:44:33.250> best<00:44:33.520> structures<00:44:34.090> right<00:44:34.300> now<00:44:34.630> I'm<00:44:35.170> in<00:44:35.350> the 00:44:35.400 --> 00:44:35.410 align:start position:0% the best structures right now I'm in the 00:44:35.410 --> 00:44:38.550 align:start position:0% the best structures right now I'm in the United<00:44:35.740> States<00:44:36.510> there<00:44:37.510> various<00:44:37.930> people<00:44:38.380> who 00:44:38.550 --> 00:44:38.560 align:start position:0% United States there various people who 00:44:38.560 --> 00:44:40.210 align:start position:0% United States there various people who are<00:44:38.650> not<00:44:38.920> the<00:44:39.190> United<00:44:39.670> States 00:44:40.210 --> 00:44:40.220 align:start position:0% are not the United States 00:44:40.220 --> 00:44:41.790 align:start position:0% are not the United States [Music] 00:44:41.790 --> 00:44:41.800 align:start position:0% [Music] 00:44:41.800 --> 00:44:45.660 align:start position:0% [Music] two<00:44:42.550> into<00:44:43.540> two<00:44:43.870> sections<00:44:44.170> United<00:44:44.920> States<00:44:45.130> it's 00:44:45.660 --> 00:44:45.670 align:start position:0% two into two sections United States it's 00:44:45.670 --> 00:44:48.090 align:start position:0% two into two sections United States it's also<00:44:45.910> very<00:44:46.390> bad<00:44:46.720> idea<00:44:47.170> for<00:44:47.470> example<00:44:47.590> to 00:44:48.090 --> 00:44:48.100 align:start position:0% also very bad idea for example to 00:44:48.100 --> 00:44:49.710 align:start position:0% also very bad idea for example to register<00:44:48.700> a<00:44:48.730> field<00:44:49.120> ow 00:44:49.710 --> 00:44:49.720 align:start position:0% register a field ow 00:44:49.720 --> 00:44:53.190 align:start position:0% register a field ow oh<00:44:49.750> it's<00:44:50.110> like<00:44:50.320> a<00:44:50.820> desert<00:44:51.820> lies<00:44:52.300> exchange<00:44:52.810> or 00:44:53.190 --> 00:44:53.200 align:start position:0% oh it's like a desert lies exchange or 00:44:53.200 --> 00:44:56.690 align:start position:0% oh it's like a desert lies exchange or water<00:44:53.500> or<00:44:53.620> whatever<00:44:54.280> to<00:44:54.790> register 00:44:56.690 --> 00:44:56.700 align:start position:0% water or whatever to register 00:44:56.700 --> 00:45:04.059 align:start position:0% water or whatever to register [Applause] 00:45:04.059 --> 00:45:04.069 align:start position:0% 00:45:04.069 --> 00:45:06.130 align:start position:0% you