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hello<00:00:16.460><c> everyone</c><00:00:17.980><c> I'm</c><00:00:18.980><c> here</c><00:00:19.070><c> to</c><00:00:19.340><c> talk</c><00:00:19.550><c> about</c>

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hello everyone I'm here to talk about
 

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hello everyone I'm here to talk about
maker<00:00:21.170><c> Dow</c><00:00:21.880><c> one</c><00:00:22.880><c> of</c><00:00:23.000><c> the</c><00:00:23.090><c> oldest</c><00:00:23.750><c> and</c><00:00:24.110><c> most</c>

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maker Dow one of the oldest and most
 

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maker Dow one of the oldest and most
ambitious<00:00:25.040><c> projects</c><00:00:25.880><c> in</c><00:00:26.090><c> all</c><00:00:26.390><c> of</c><00:00:26.690><c> etherium</c>

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ambitious projects in all of etherium
 

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ambitious projects in all of etherium
that<00:00:28.400><c> seeks</c><00:00:28.820><c> to</c><00:00:29.030><c> create</c><00:00:29.180><c> a</c><00:00:29.810><c> stable</c><00:00:30.530><c> coin</c><00:00:32.260><c> those</c>

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that seeks to create a stable coin those
 

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that seeks to create a stable coin those
of<00:00:33.379><c> you</c><00:00:33.469><c> who</c><00:00:33.559><c> don't</c><00:00:33.680><c> know</c><00:00:33.829><c> a</c><00:00:34.190><c> stable</c><00:00:34.850><c> coin</c><00:00:35.470><c> is</c><00:00:36.470><c> a</c>

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of you who don't know a stable coin is a
 

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of you who don't know a stable coin is a
cryptocurrency<00:00:37.180><c> that</c><00:00:38.180><c> is</c><00:00:38.329><c> stable</c><00:00:38.810><c> with</c>

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cryptocurrency that is stable with
 

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cryptocurrency that is stable with
respect<00:00:39.200><c> to</c><00:00:40.040><c> fiat</c><00:00:40.430><c> currencies</c><00:00:41.470><c> making</c><00:00:42.470><c> it</c><00:00:42.620><c> a</c>

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respect to fiat currencies making it a
 

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respect to fiat currencies making it a
more<00:00:43.880><c> useful</c><00:00:44.510><c> form</c><00:00:45.050><c> of</c><00:00:45.440><c> digital</c><00:00:45.739><c> money</c><00:00:48.730><c> so</c>

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more useful form of digital money so
 

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more useful form of digital money so
what<00:00:49.970><c> is</c><00:00:50.120><c> maker</c><00:00:51.040><c> at</c><00:00:52.040><c> its</c><00:00:52.220><c> core</c><00:00:53.170><c> maker</c><00:00:54.170><c> is</c>

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what is maker at its core maker is
 

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what is maker at its core maker is
comprised<00:00:54.770><c> of</c><00:00:54.950><c> two</c><00:00:55.040><c> tokens</c><00:00:56.020><c> the</c><00:00:57.020><c> first</c><00:00:57.440><c> is</c>

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comprised of two tokens the first is
 

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comprised of two tokens the first is
called<00:00:58.430><c> die</c><00:00:58.989><c> this</c><00:00:59.989><c> is</c><00:01:00.020><c> the</c><00:01:00.320><c> stable</c><00:01:00.590><c> coin</c><00:01:01.450><c> it</c><00:01:02.450><c> is</c>

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called die this is the stable coin it is
 

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called die this is the stable coin it is
an<00:01:02.899><c> asset-backed</c><00:01:03.710><c> hard</c><00:01:04.699><c> currency</c><00:01:05.560><c> this</c><00:01:06.560><c> means</c>

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an asset-backed hard currency this means
 

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an asset-backed hard currency this means
that<00:01:07.610><c> every</c><00:01:08.060><c> die</c><00:01:08.360><c> coin</c><00:01:08.690><c> is</c><00:01:09.020><c> backed</c><00:01:09.820><c> by</c><00:01:10.820><c> some</c>

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that every die coin is backed by some
 

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that every die coin is backed by some
kind<00:01:11.180><c> of</c><00:01:11.299><c> valuable</c><00:01:11.780><c> asset</c><00:01:12.200><c> and</c><00:01:13.060><c> this</c><00:01:14.060><c> is</c>

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kind of valuable asset and this is
 

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kind of valuable asset and this is
because<00:01:14.600><c> die</c><00:01:15.100><c> is</c><00:01:16.100><c> a</c><00:01:16.159><c> permissionless</c><00:01:16.909><c> credit</c>

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because die is a permissionless credit
 

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because die is a permissionless credit
system<00:01:18.380><c> and</c><00:01:19.570><c> all</c><00:01:20.570><c> die</c><00:01:20.930><c> are</c><00:01:21.380><c> issued</c><00:01:21.979><c> when</c><00:01:22.729><c> users</c>

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system and all die are issued when users
 

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system and all die are issued when users
lock<00:01:24.170><c> up</c><00:01:24.409><c> their</c><00:01:25.400><c> valuable</c><00:01:26.030><c> assets</c><00:01:26.479><c> in</c><00:01:27.200><c> this</c>

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lock up their valuable assets in this
 

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lock up their valuable assets in this
permissionless<00:01:28.130><c> credit</c><00:01:28.549><c> system</c><00:01:28.909><c> an</c><00:01:29.060><c> issue</c>

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permissionless credit system an issue
 

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permissionless credit system an issue
die<00:01:29.690><c> against</c><00:01:30.409><c> them</c><00:01:32.080><c> the</c><00:01:33.080><c> stability</c><00:01:33.710><c> of</c><00:01:33.740><c> die</c><00:01:34.070><c> is</c>

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die against them the stability of die is
 

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die against them the stability of die is
maintained<00:01:35.390><c> a</c><00:01:35.780><c> system</c><00:01:36.770><c> of</c><00:01:36.950><c> dynamic</c>

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maintained a system of dynamic
 

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maintained a system of dynamic
autonomous<00:01:38.570><c> interest</c><00:01:39.020><c> rates</c><00:01:39.430><c> that</c>

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autonomous interest rates that
 

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autonomous interest rates that
automatically<00:01:41.390><c> react</c><00:01:41.720><c> to</c><00:01:42.590><c> emerging</c><00:01:43.130><c> market</c>

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automatically react to emerging market
 

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automatically react to emerging market
conditions<00:01:44.000><c> and</c><00:01:44.270><c> change</c><00:01:45.229><c> the</c><00:01:46.130><c> fees</c><00:01:46.430><c> and</c>

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conditions and change the fees and
 

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conditions and change the fees and
incentives<00:01:47.330><c> associated</c><00:01:48.170><c> with</c><00:01:48.350><c> using</c><00:01:48.830><c> this</c>

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incentives associated with using this
 

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incentives associated with using this
permissionless<00:01:49.729><c> credit</c><00:01:50.150><c> system</c><00:01:53.650><c> the</c><00:01:54.650><c> second</c>

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permissionless credit system the second
 

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permissionless credit system the second
token<00:01:55.189><c> is</c><00:01:55.520><c> called</c><00:01:55.820><c> MKR</c><00:01:56.860><c> it</c><00:01:57.860><c> is</c><00:01:58.040><c> the</c>

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token is called MKR it is the
 

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token is called MKR it is the
administrative<00:01:58.970><c> token</c><00:01:59.479><c> of</c><00:01:59.630><c> the</c><00:01:59.990><c> system</c><00:02:00.380><c> and</c>

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administrative token of the system and
 

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administrative token of the system and
its<00:02:00.829><c> holders</c><00:02:01.450><c> comprise</c><00:02:02.450><c> a</c><00:02:02.750><c> decentralized</c>

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its holders comprise a decentralized
 

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its holders comprise a decentralized
regulatory<00:02:04.909><c> body</c><00:02:05.950><c> who</c><00:02:06.950><c> use</c><00:02:07.159><c> token</c><00:02:07.610><c> governance</c>

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regulatory body who use token governance
 

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regulatory body who use token governance
to<00:02:09.319><c> decide</c><00:02:09.679><c> what</c><00:02:10.429><c> type</c><00:02:10.610><c> of</c><00:02:10.670><c> assets</c><00:02:11.209><c> are</c><00:02:11.660><c> truly</c>

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to decide what type of assets are truly
 

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to decide what type of assets are truly
valuable<00:02:12.530><c> and</c><00:02:12.920><c> can</c><00:02:13.640><c> be</c><00:02:13.790><c> used</c><00:02:14.150><c> as</c><00:02:14.690><c> collateral</c>

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valuable and can be used as collateral
 

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valuable and can be used as collateral
to<00:02:16.250><c> back</c><00:02:16.550><c> the</c><00:02:17.540><c> dice</c><00:02:17.750><c> table</c><00:02:18.020><c> coin</c><00:02:19.990><c> in</c><00:02:20.990><c> exchange</c>

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to back the dice table coin in exchange
 

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to back the dice table coin in exchange
for<00:02:21.680><c> their</c><00:02:21.770><c> services</c>

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for their services
 

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for their services
MKR<00:02:23.750><c> is</c><00:02:24.020><c> used</c><00:02:24.230><c> as</c><00:02:24.410><c> the</c><00:02:24.440><c> fuel</c><00:02:24.800><c> for</c><00:02:25.130><c> the</c><00:02:25.220><c> credit</c>

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MKR is used as the fuel for the credit
 

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MKR is used as the fuel for the credit
system<00:02:25.880><c> and</c><00:02:26.120><c> when</c><00:02:26.990><c> people</c><00:02:27.200><c> repay</c><00:02:27.740><c> die</c><00:02:28.010><c> and</c>

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system and when people repay die and
 

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system and when people repay die and
reclaim<00:02:29.180><c> their</c><00:02:29.450><c> collateral</c><00:02:29.720><c> from</c><00:02:30.290><c> the</c><00:02:30.500><c> system</c>

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reclaim their collateral from the system
 

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reclaim their collateral from the system
they<00:02:31.880><c> must</c><00:02:32.120><c> include</c><00:02:32.390><c> some</c><00:02:32.720><c> mkr</c><00:02:33.320><c> as</c><00:02:33.560><c> a</c><00:02:33.830><c> fee</c>

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they must include some mkr as a fee
 

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they must include some mkr as a fee
which<00:02:35.120><c> is</c><00:02:35.270><c> consumed</c><00:02:35.720><c> by</c><00:02:35.900><c> the</c><00:02:35.990><c> system</c><00:02:36.440><c> so</c><00:02:39.190><c> what</c>

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which is consumed by the system so what
 

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which is consumed by the system so what
have<00:02:40.310><c> we</c><00:02:40.340><c> been</c><00:02:40.550><c> up</c><00:02:40.730><c> to</c><00:02:40.970><c> over</c><00:02:41.300><c> the</c><00:02:41.600><c> last</c><00:02:41.720><c> year</c><00:02:42.370><c> in</c>

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have we been up to over the last year in
 

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have we been up to over the last year in
a<00:02:43.490><c> word</c><00:02:43.930><c> refinement</c><00:02:44.930><c> this</c><00:02:45.890><c> last</c><00:02:46.160><c> year</c><00:02:46.580><c> has</c>

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a word refinement this last year has
 

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a word refinement this last year has
been<00:02:47.330><c> all</c><00:02:47.780><c> about</c><00:02:48.550><c> removing</c><00:02:49.550><c> complexity</c>

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been all about removing complexity
 

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been all about removing complexity
adding<00:02:51.140><c> simplicity</c><00:02:51.850><c> paring</c><00:02:52.850><c> down</c><00:02:52.880><c> the</c><00:02:53.270><c> code</c>

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adding simplicity paring down the code
 

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adding simplicity paring down the code
making<00:02:54.590><c> it</c><00:02:54.710><c> easier</c><00:02:55.220><c> to</c><00:02:55.280><c> understand</c><00:02:56.000><c> this</c><00:02:56.450><c> is</c>

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making it easier to understand this is
 

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making it easier to understand this is
not<00:02:56.870><c> easy</c><00:02:57.350><c> stuff</c><00:02:57.590><c> a</c><00:02:58.270><c> good</c><00:02:59.270><c> day</c><00:02:59.480><c> at</c><00:02:59.780><c> maker</c><00:03:00.140><c> last</c>

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not easy stuff a good day at maker last
 

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not easy stuff a good day at maker last
year<00:03:00.770><c> a</c><00:03:00.950><c> good</c><00:03:01.610><c> day</c><00:03:02.230><c> often</c><00:03:03.230><c> involved</c><00:03:03.710><c> putting</c>

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year a good day often involved putting
 

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year a good day often involved putting
one<00:03:04.580><c> line</c><00:03:04.850><c> of</c><00:03:05.060><c> code</c><00:03:05.090><c> on</c><00:03:05.600><c> trial</c><00:03:06.140><c> and</c>

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one line of code on trial and
 

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one line of code on trial and
scrutinizing<00:03:08.060><c> it</c><00:03:08.330><c> and</c><00:03:08.510><c> thinking</c><00:03:08.930><c> about</c><00:03:09.080><c> it</c>

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scrutinizing it and thinking about it
 

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scrutinizing it and thinking about it
and<00:03:09.800><c> at</c><00:03:09.950><c> the</c><00:03:10.040><c> end</c><00:03:10.160><c> of</c><00:03:10.250><c> the</c><00:03:10.340><c> day</c><00:03:10.460><c> removing</c><00:03:11.090><c> it</c><00:03:15.250><c> we</c>

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and at the end of the day removing it we
 

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and at the end of the day removing it we
have<00:03:16.370><c> used</c><00:03:16.670><c> the</c><00:03:17.120><c> UNIX</c><00:03:17.480><c> design</c><00:03:17.810><c> philosophy</c><00:03:18.410><c> to</c>

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have used the UNIX design philosophy to
 

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have used the UNIX design philosophy to
great<00:03:18.950><c> effect</c><00:03:19.130><c> in</c><00:03:19.880><c> the</c><00:03:20.510><c> maker</c><00:03:20.780><c> Tao</c><00:03:20.960><c> system</c><00:03:21.380><c> now</c>

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great effect in the maker Tao system now
 

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great effect in the maker Tao system now
I<00:03:21.740><c> talked</c><00:03:22.040><c> about</c><00:03:22.130><c> this</c><00:03:22.400><c> a</c><00:03:22.610><c> lot</c><00:03:22.910><c> yesterday</c><00:03:23.210><c> so</c>

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I talked about this a lot yesterday so
 

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I talked about this a lot yesterday so
I'm<00:03:24.110><c> gonna</c><00:03:24.200><c> sum</c><00:03:24.500><c> it</c><00:03:24.590><c> up</c><00:03:24.680><c> simply</c><00:03:25.250><c> today</c><00:03:25.850><c> and</c><00:03:26.810><c> say</c>

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I'm gonna sum it up simply today and say
 

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I'm gonna sum it up simply today and say
the<00:03:27.170><c> UNIX</c><00:03:27.530><c> design</c><00:03:27.830><c> philosophy</c><00:03:28.660><c> encourages</c>

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the UNIX design philosophy encourages
 

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the UNIX design philosophy encourages
programmers<00:03:30.590><c> to</c><00:03:31.550><c> write</c><00:03:31.580><c> contracts</c><00:03:32.330><c> that</c><00:03:32.840><c> do</c>

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programmers to write contracts that do
 

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programmers to write contracts that do
one<00:03:33.320><c> thing</c><00:03:33.880><c> and</c><00:03:34.880><c> do</c><00:03:35.090><c> it</c><00:03:35.120><c> well</c><00:03:35.390><c> and</c><00:03:35.660><c> to</c><00:03:36.050><c> write</c>

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one thing and do it well and to write
 

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one thing and do it well and to write
contracts<00:03:37.310><c> that</c><00:03:37.490><c> work</c><00:03:37.700><c> together</c><00:03:38.350><c> what</c><00:03:39.350><c> I'm</c>

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contracts that work together what I'm
 

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contracts that work together what I'm
talking<00:03:39.740><c> about</c><00:03:39.800><c> is</c><00:03:40.520><c> a</c><00:03:40.580><c> modular</c><00:03:41.330><c> approach</c><00:03:41.530><c> to</c>

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talking about is a modular approach to
 

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talking about is a modular approach to
system<00:03:42.740><c> design</c><00:03:43.280><c> focusing</c><00:03:44.210><c> on</c><00:03:44.300><c> one</c><00:03:44.480><c> component</c>

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system design focusing on one component
 

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system design focusing on one component
making<00:03:45.470><c> sure</c><00:03:45.620><c> it's</c><00:03:45.770><c> right</c><00:03:46.010><c> and</c><00:03:46.220><c> then</c>

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making sure it's right and then
 

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making sure it's right and then
composing<00:03:47.690><c> these</c><00:03:47.920><c> into</c><00:03:48.920><c> higher</c><00:03:49.130><c> order</c>

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composing these into higher order
 

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composing these into higher order
systems<00:03:50.140><c> this</c><00:03:51.140><c> is</c><00:03:51.260><c> not</c><00:03:51.410><c> a</c><00:03:51.440><c> new</c><00:03:51.710><c> idea</c><00:03:51.740><c> this</c><00:03:52.280><c> is</c><00:03:52.340><c> a</c>

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systems this is not a new idea this is a
 

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systems this is not a new idea this is a
decade's<00:03:52.940><c> old</c><00:03:53.150><c> idea</c><00:03:53.540><c> and</c><00:03:53.720><c> we</c><00:03:54.080><c> have</c><00:03:54.200><c> leveraged</c>

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decade's old idea and we have leveraged
 

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decade's old idea and we have leveraged
it<00:03:54.710><c> to</c><00:03:55.010><c> great</c><00:03:55.280><c> effect</c><00:03:55.460><c> in</c><00:03:55.910><c> the</c><00:03:56.330><c> maker</c><00:03:56.480><c> Dow</c><00:03:56.690><c> code</c>

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it to great effect in the maker Dow code
 

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it to great effect in the maker Dow code
we<00:03:59.030><c> have</c><00:03:59.150><c> also</c><00:03:59.450><c> sponsored</c><00:04:00.170><c> the</c><00:04:00.590><c> creation</c><00:04:01.100><c> of</c><00:04:01.370><c> a</c>

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we have also sponsored the creation of a
 

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we have also sponsored the creation of a
ton<00:04:01.970><c> of</c><00:04:02.390><c> interesting</c><00:04:03.350><c> developer</c><00:04:03.800><c> tools</c><00:04:04.010><c> and</c>

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ton of interesting developer tools and
 

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ton of interesting developer tools and
repeatable<00:04:05.090><c> smart</c><00:04:05.360><c> contracts</c><00:04:05.780><c> all</c><00:04:06.380><c> the</c><00:04:06.680><c> stuff</c>

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repeatable smart contracts all the stuff
 

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repeatable smart contracts all the stuff
I<00:04:06.980><c> talked</c><00:04:07.220><c> about</c><00:04:07.310><c> yesterday</c><00:04:07.570><c> we</c><00:04:08.570><c> pretty</c><00:04:08.840><c> much</c>

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I talked about yesterday we pretty much
 

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I talked about yesterday we pretty much
exclusively<00:04:09.500><c> built</c><00:04:10.160><c> in</c><00:04:10.460><c> the</c><00:04:11.270><c> pursuit</c><00:04:11.750><c> of</c><00:04:11.900><c> our</c>

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exclusively built in the pursuit of our
 

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exclusively built in the pursuit of our
goals<00:04:12.320><c> for</c><00:04:12.500><c> maker</c><00:04:12.890><c> Dow</c><00:04:13.209><c> and</c><00:04:14.209><c> so</c><00:04:14.420><c> all</c><00:04:14.690><c> of</c><00:04:14.870><c> that</c>

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goals for maker Dow and so all of that
 

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goals for maker Dow and so all of that
cool<00:04:15.170><c> stuff</c><00:04:15.320><c> is</c><00:04:15.800><c> just</c><00:04:16.370><c> one</c><00:04:16.820><c> cool</c><00:04:17.120><c> way</c><00:04:17.390><c> that</c>

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cool stuff is just one cool way that
 

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cool stuff is just one cool way that
maker<00:04:18.770><c> has</c><00:04:19.010><c> contributed</c><00:04:19.340><c> to</c><00:04:19.670><c> the</c><00:04:19.790><c> broader</c>

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maker has contributed to the broader
 

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maker has contributed to the broader
development<00:04:20.720><c> ecosystem</c><00:04:21.070><c> and</c><00:04:22.070><c> it's</c><00:04:22.190><c> something</c>

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development ecosystem and it's something
 

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development ecosystem and it's something
that<00:04:22.700><c> we're</c><00:04:22.910><c> very</c><00:04:22.940><c> proud</c><00:04:23.120><c> to</c><00:04:23.630><c> do</c><00:04:23.979><c> here</c><00:04:24.979><c> in</c>

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that we're very proud to do here in
 

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that we're very proud to do here in
aetherium<00:04:26.080><c> something</c><00:04:27.080><c> else</c><00:04:27.229><c> that</c><00:04:27.890><c> we're</c><00:04:28.010><c> very</c>

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aetherium something else that we're very
 

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aetherium something else that we're very
proud<00:04:28.550><c> of</c>

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proud of
 

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proud of
achievement<00:04:29.930><c> we're</c><00:04:30.110><c> very</c><00:04:30.289><c> proud</c><00:04:30.470><c> of</c><00:04:30.530><c> is</c><00:04:31.159><c> the</c>

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achievement we're very proud of is the
 

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achievement we're very proud of is the
creation<00:04:31.729><c> of</c><00:04:31.909><c> the</c><00:04:32.090><c> purple</c><00:04:32.720><c> paper</c><00:04:33.430><c> the</c><00:04:34.430><c> purple</c>

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creation of the purple paper the purple
 

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creation of the purple paper the purple
paper<00:04:35.030><c> is</c><00:04:35.689><c> our</c><00:04:35.930><c> Haskell</c><00:04:36.530><c> reference</c>

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paper is our Haskell reference
 

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paper is our Haskell reference
implementation<00:04:38.150><c> of</c><00:04:38.300><c> the</c><00:04:38.780><c> dice</c><00:04:38.960><c> table</c><00:04:39.199><c> coin</c>

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implementation of the dice table coin
 

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implementation of the dice table coin
system<00:04:39.969><c> and</c><00:04:40.969><c> it</c><00:04:41.090><c> has</c><00:04:41.270><c> been</c><00:04:42.189><c> invaluable</c><00:04:43.189><c> in</c><00:04:43.849><c> the</c>

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system and it has been invaluable in the
 

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system and it has been invaluable in the
design<00:04:44.810><c> of</c><00:04:45.080><c> dye</c><00:04:47.770><c> the</c><00:04:48.770><c> reason</c><00:04:49.280><c> it</c><00:04:49.639><c> has</c><00:04:49.759><c> been</c>

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design of dye the reason it has been
 

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design of dye the reason it has been
valuable<00:04:50.389><c> are</c><00:04:51.139><c> three</c>

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valuable are three
 

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valuable are three
the<00:04:53.750><c> first</c><00:04:54.110><c> is</c><00:04:54.830><c> comparison</c><00:04:55.780><c> it</c><00:04:56.780><c> is</c><00:04:56.870><c> well</c>

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the first is comparison it is well
 

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the first is comparison it is well
understood<00:04:57.500><c> in</c><00:04:57.650><c> computer</c><00:04:58.039><c> science</c><00:04:58.219><c> but</c>

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understood in computer science but
 

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understood in computer science but
creating<00:04:59.509><c> multiple</c><00:05:00.110><c> freestanding</c>

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creating multiple freestanding
 

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creating multiple freestanding
implementations<00:05:01.520><c> of</c><00:05:01.699><c> a</c><00:05:01.789><c> system</c><00:05:02.120><c> is</c><00:05:02.330><c> a</c><00:05:02.389><c> great</c>

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implementations of a system is a great
 

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implementations of a system is a great
way<00:05:03.110><c> to</c><00:05:03.440><c> verify</c><00:05:04.009><c> your</c><00:05:04.310><c> assumptions</c><00:05:04.849><c> and</c><00:05:05.120><c> see</c>

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way to verify your assumptions and see
 

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way to verify your assumptions and see
what<00:05:05.810><c> kind</c><00:05:05.990><c> of</c><00:05:06.050><c> behaviors</c><00:05:06.560><c> translate</c><00:05:07.490><c> between</c>

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what kind of behaviors translate between
 

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what kind of behaviors translate between
one<00:05:07.940><c> and</c><00:05:07.969><c> the</c><00:05:08.120><c> other</c><00:05:08.300><c> in</c><00:05:09.110><c> fact</c><00:05:09.409><c> the</c><00:05:09.800><c> etherium</c>

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one and the other in fact the etherium
 

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one and the other in fact the etherium
community<00:05:10.759><c> has</c><00:05:11.180><c> leveraged</c><00:05:11.690><c> this</c><00:05:11.930><c> fact</c><00:05:12.199><c> to</c>

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community has leveraged this fact to
 

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community has leveraged this fact to
great<00:05:12.800><c> effect</c><00:05:12.919><c> in</c><00:05:13.490><c> the</c><00:05:13.849><c> create</c><00:05:14.060><c> in</c><00:05:14.150><c> the</c>

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great effect in the create in the
 

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great effect in the create in the
diverse<00:05:14.629><c> client</c><00:05:15.409><c> ecosystem</c><00:05:16.069><c> that</c><00:05:16.550><c> we</c><00:05:16.639><c> all</c>

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diverse client ecosystem that we all
 

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diverse client ecosystem that we all
enjoy<00:05:16.940><c> and</c><00:05:17.389><c> in</c><00:05:18.169><c> the</c><00:05:18.469><c> creation</c><00:05:18.740><c> of</c><00:05:18.979><c> multiple</c>

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enjoy and in the creation of multiple
 

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enjoy and in the creation of multiple
implementations<00:05:20.389><c> of</c><00:05:20.509><c> the</c><00:05:20.629><c> casper</c><00:05:21.050><c> algorithm</c>

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implementations of the casper algorithm
 

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implementations of the casper algorithm
similar<00:05:22.580><c> sort</c><00:05:22.909><c> of</c><00:05:22.969><c> thinking</c><00:05:23.240><c> there</c><00:05:23.449><c> we</c><00:05:24.169><c> did</c>

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similar sort of thinking there we did
 

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similar sort of thinking there we did
this<00:05:24.440><c> in</c><00:05:24.620><c> Haskell</c><00:05:25.039><c> it</c><00:05:25.520><c> was</c><00:05:25.639><c> very</c><00:05:25.940><c> very</c>

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this in Haskell it was very very
 

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this in Haskell it was very very
valuable<00:05:26.449><c> the</c><00:05:27.020><c> second</c><00:05:27.409><c> reason</c><00:05:27.529><c> is</c><00:05:27.889><c> for</c>

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valuable the second reason is for
 

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valuable the second reason is for
verification<00:05:29.379><c> Haskell</c><00:05:30.379><c> has</c><00:05:31.310><c> a</c><00:05:31.340><c> very</c><00:05:31.610><c> advanced</c>

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verification Haskell has a very advanced
 

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verification Haskell has a very advanced
type<00:05:32.779><c> system</c><00:05:33.199><c> especially</c><00:05:33.469><c> when</c><00:05:33.860><c> compared</c><00:05:34.279><c> to</c>

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type system especially when compared to
 

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type system especially when compared to
solidity<00:05:35.120><c> we</c><00:05:35.990><c> can</c><00:05:36.139><c> achieve</c><00:05:36.229><c> more</c>

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solidity we can achieve more
 

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solidity we can achieve more
expressiveness<00:05:37.610><c> and</c><00:05:38.150><c> we</c><00:05:38.270><c> can</c><00:05:38.449><c> specify</c><00:05:39.020><c> the</c>

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expressiveness and we can specify the
 

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expressiveness and we can specify the
behaviors<00:05:40.069><c> a</c><00:05:40.430><c> lot</c><00:05:41.000><c> more</c><00:05:41.330><c> rigorously</c><00:05:41.900><c> using</c>

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behaviors a lot more rigorously using
 

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behaviors a lot more rigorously using
Haskell<00:05:43.219><c> than</c><00:05:43.370><c> we</c><00:05:43.490><c> were</c><00:05:43.550><c> able</c><00:05:43.669><c> to</c><00:05:43.819><c> achieve</c>

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Haskell than we were able to achieve
 

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Haskell than we were able to achieve
with<00:05:44.599><c> solidity</c><00:05:45.020><c> and</c><00:05:45.440><c> it</c><00:05:45.560><c> has</c><00:05:45.680><c> helped</c><00:05:46.039><c> us</c><00:05:46.129><c> to</c>

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with solidity and it has helped us to
 

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with solidity and it has helped us to
think<00:05:46.729><c> more</c><00:05:47.180><c> clearly</c><00:05:47.539><c> about</c><00:05:47.900><c> the</c><00:05:48.440><c> design</c><00:05:48.830><c> of</c>

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think more clearly about the design of
 

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think more clearly about the design of
the<00:05:49.370><c> dice</c><00:05:49.580><c> table</c><00:05:49.789><c> coin</c><00:05:50.089><c> system</c><00:05:50.650><c> and</c><00:05:51.650><c> the</c><00:05:51.770><c> third</c>

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the dice table coin system and the third
 

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the dice table coin system and the third
reason<00:05:52.190><c> is</c><00:05:53.050><c> simulation</c><00:05:55.029><c> when</c><00:05:56.029><c> you</c><00:05:56.150><c> have</c><00:05:57.219><c> when</c>

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reason is simulation when you have when
 

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reason is simulation when you have when
you<00:05:58.339><c> design</c><00:05:58.639><c> something</c><00:05:58.669><c> like</c><00:05:59.150><c> this</c><00:05:59.330><c> a</c>

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you design something like this a
 

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you design something like this a
separate<00:06:00.940><c> programming</c><00:06:01.940><c> language</c><00:06:02.210><c> you</c><00:06:02.300><c> can</c>

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separate programming language you can
 

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separate programming language you can
actually<00:06:02.629><c> run</c><00:06:02.839><c> it</c><00:06:02.990><c> what</c><00:06:03.199><c> I'm</c><00:06:03.289><c> look</c><00:06:03.469><c> what</c>

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actually run it what I'm look what
 

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actually run it what I'm look what
you're<00:06:03.680><c> looking</c><00:06:03.860><c> at</c><00:06:03.889><c> here</c><00:06:03.949><c> is</c><00:06:04.069><c> code</c><00:06:04.370><c> of</c><00:06:04.610><c> course</c>

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you're looking at here is code of course
 

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you're looking at here is code of course
so<00:06:05.409><c> the</c><00:06:06.409><c> purple</c><00:06:06.889><c> paper</c><00:06:07.009><c> is</c><00:06:07.339><c> actually</c><00:06:07.819><c> a</c><00:06:07.849><c> model</c>

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so the purple paper is actually a model
 

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so the purple paper is actually a model
of<00:06:08.449><c> the</c><00:06:08.599><c> dice</c><00:06:08.750><c> table</c><00:06:08.960><c> coin</c><00:06:09.229><c> system</c><00:06:09.529><c> and</c><00:06:09.710><c> we</c><00:06:09.770><c> can</c>

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of the dice table coin system and we can
 

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of the dice table coin system and we can
use<00:06:10.129><c> it</c><00:06:10.279><c> on</c><00:06:10.400><c> the</c><00:06:10.460><c> command</c><00:06:10.849><c> line</c><00:06:10.909><c> to</c><00:06:11.740><c> simulate</c>

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use it on the command line to simulate
 

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use it on the command line to simulate
the<00:06:12.860><c> system</c><00:06:13.069><c> and</c><00:06:13.639><c> test</c><00:06:14.120><c> our</c><00:06:14.449><c> economic</c>

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the system and test our economic
 

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the system and test our economic
hypotheses<00:06:15.469><c> it</c><00:06:15.650><c> will</c><00:06:15.770><c> help</c><00:06:15.979><c> with</c><00:06:16.219><c> the</c>

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hypotheses it will help with the
 

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hypotheses it will help with the
administration<00:06:17.089><c> of</c><00:06:17.330><c> maker</c><00:06:18.080><c> over</c><00:06:18.529><c> the</c><00:06:18.620><c> long</c>

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administration of maker over the long
 

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administration of maker over the long
term<00:06:21.099><c> so</c><00:06:22.099><c> all</c><00:06:22.430><c> of</c><00:06:22.610><c> this</c><00:06:22.729><c> stuff</c><00:06:23.000><c> so</c><00:06:23.529><c> refinement</c>

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term so all of this stuff so refinement
 

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term so all of this stuff so refinement
there's<00:06:25.879><c> a</c><00:06:25.969><c> high</c><00:06:26.150><c> standard</c><00:06:26.569><c> of</c><00:06:26.779><c> quality</c><00:06:26.930><c> these</c>

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there's a high standard of quality these
 

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there's a high standard of quality these
investment<00:06:28.759><c> in</c><00:06:28.849><c> our</c><00:06:28.909><c> tooling</c><00:06:29.389><c> the</c><00:06:29.659><c> purple</c>

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investment in our tooling the purple
 

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investment in our tooling the purple
paper<00:06:30.379><c> all</c><00:06:31.370><c> of</c><00:06:31.610><c> it</c><00:06:31.699><c> over</c><00:06:31.909><c> the</c><00:06:32.000><c> last</c><00:06:32.150><c> year</c><00:06:32.539><c> it's</c>

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paper all of it over the last year it's
 

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paper all of it over the last year it's
been<00:06:32.930><c> culminating</c><00:06:33.620><c> it's</c><00:06:33.770><c> been</c><00:06:33.889><c> leading</c><00:06:34.279><c> up</c><00:06:34.400><c> to</c>

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been culminating it's been leading up to
 

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been culminating it's been leading up to
something

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something
 

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something
leading<00:06:35.300><c> up</c><00:06:35.419><c> to</c><00:06:35.539><c> me</c><00:06:35.750><c> standing</c><00:06:36.229><c> on</c><00:06:36.319><c> the</c><00:06:36.409><c> stage</c>

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leading up to me standing on the stage
 

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leading up to me standing on the stage
right<00:06:37.069><c> now</c><00:06:38.050><c> it</c><00:06:39.050><c> is</c><00:06:39.139><c> my</c><00:06:39.349><c> great</c><00:06:39.800><c> pleasure</c><00:06:40.839><c> to</c>

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right now it is my great pleasure to
 

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right now it is my great pleasure to
announce<00:06:41.870><c> to</c><00:06:42.349><c> you</c>

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announce to you
 

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announce to you
that<00:06:44.009><c> the</c><00:06:44.129><c> first</c><00:06:44.400><c> release</c><00:06:44.789><c> of</c><00:06:44.969><c> dye</c><00:06:45.180><c> is</c><00:06:45.509><c> coming</c>

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that the first release of dye is coming
 

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that the first release of dye is coming
in<00:06:46.169><c> December</c><00:06:46.740><c> of</c><00:06:46.770><c> this</c><00:06:47.219><c> year</c><00:06:56.900><c> so</c><00:06:57.900><c> long</c><00:06:58.229><c> we've</c>

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in December of this year so long we've
 

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in December of this year so long we've
been<00:06:58.919><c> working</c><00:06:59.370><c> towards</c><00:06:59.639><c> this</c><00:06:59.669><c> for</c><00:06:59.789><c> so</c><00:07:00.150><c> long</c>

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been working towards this for so long
 

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been working towards this for so long
I'm<00:07:00.659><c> so</c><00:07:00.870><c> excited</c><00:07:01.229><c> I'm</c><00:07:02.039><c> so</c><00:07:02.219><c> excited</c><00:07:02.249><c> I</c><00:07:02.639><c> might</c>

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I'm so excited I'm so excited I might
 

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I'm so excited I'm so excited I might
faint<00:07:03.620><c> I'm</c><00:07:04.620><c> so</c><00:07:04.800><c> excited</c><00:07:05.099><c> I</c><00:07:05.370><c> may</c><00:07:05.789><c> explode</c><00:07:06.180><c> into</c>

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faint I'm so excited I may explode into
 

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faint I'm so excited I may explode into
10,000<00:07:07.259><c> pieces</c><00:07:07.529><c> of</c><00:07:07.590><c> confetti</c><00:07:07.770><c> on</c><00:07:08.129><c> this</c><00:07:08.430><c> stage</c>

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10,000 pieces of confetti on this stage
 

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10,000 pieces of confetti on this stage
right<00:07:08.939><c> now</c><00:07:11.449><c> now</c><00:07:12.449><c> I'd</c><00:07:12.569><c> say</c><00:07:12.719><c> this</c><00:07:12.930><c> is</c><00:07:13.080><c> the</c><00:07:13.229><c> first</c>

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right now now I'd say this is the first
 

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right now now I'd say this is the first
dye<00:07:13.800><c> release</c><00:07:14.599><c> because</c><00:07:15.599><c> this</c><00:07:15.719><c> is</c><00:07:15.839><c> the</c><00:07:15.960><c> first</c>

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dye release because this is the first
 

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dye release because this is the first
major<00:07:17.189><c> step</c><00:07:17.639><c> on</c><00:07:18.300><c> the</c><00:07:18.900><c> road</c><00:07:19.080><c> to</c><00:07:19.139><c> formula</c>

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major step on the road to formula
 

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major step on the road to formula
verification<00:07:20.520><c> and</c><00:07:20.849><c> all</c><00:07:21.330><c> of</c><00:07:21.569><c> the</c><00:07:21.659><c> important</c>

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verification and all of the important
 

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verification and all of the important
dye<00:07:22.800><c> stability</c><00:07:23.460><c> features</c><00:07:23.849><c> that</c><00:07:23.999><c> we</c><00:07:24.120><c> need</c><00:07:24.199><c> but</c>

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dye stability features that we need but
 

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dye stability features that we need but
make<00:07:25.379><c> no</c><00:07:25.589><c> mistake</c><00:07:25.729><c> this</c><00:07:26.729><c> is</c><00:07:26.789><c> a</c><00:07:26.939><c> major</c><00:07:27.419><c> step</c><00:07:28.339><c> the</c>

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make no mistake this is a major step the
 

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make no mistake this is a major step the
landscape<00:07:29.909><c> of</c><00:07:30.419><c> ethereum</c>

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landscape of ethereum
 

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landscape of ethereum
to<00:07:31.889><c> dab</c><00:07:32.189><c> the</c><00:07:32.669><c> landscape</c><00:07:33.029><c> of</c><00:07:33.150><c> dabs</c><00:07:33.360><c> is</c><00:07:33.870><c> going</c><00:07:34.139><c> to</c>

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to dab the landscape of dabs is going to
 

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to dab the landscape of dabs is going to
be<00:07:34.349><c> changed</c><00:07:34.770><c> forever</c><00:07:35.189><c> when</c><00:07:35.789><c> we</c><00:07:36.629><c> have</c><00:07:36.839><c> consumer</c>

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be changed forever when we have consumer
 

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be changed forever when we have consumer
grade<00:07:37.830><c> stability</c><00:07:38.370><c> everybody</c><00:07:39.060><c> knows</c><00:07:39.270><c> that</c><00:07:39.509><c> and</c>

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grade stability everybody knows that and
 

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grade stability everybody knows that and
we<00:07:40.229><c> have</c><00:07:40.349><c> been</c><00:07:40.439><c> working</c><00:07:40.800><c> towards</c><00:07:41.009><c> this</c><00:07:41.069><c> moment</c>

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we have been working towards this moment
 

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we have been working towards this moment
for<00:07:41.969><c> years</c><00:07:41.999><c> and</c><00:07:42.930><c> we're</c><00:07:43.080><c> ready</c>

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for years and we're ready
 

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for years and we're ready
we<00:07:44.219><c> finished</c><00:07:44.639><c> our</c><00:07:44.729><c> audit</c><00:07:45.150><c> just</c><00:07:45.650><c> two</c><00:07:46.650><c> weeks</c><00:07:46.830><c> ago</c>

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we finished our audit just two weeks ago
 

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we finished our audit just two weeks ago
we<00:07:47.339><c> are</c><00:07:48.240><c> currently</c><00:07:48.419><c> responding</c><00:07:49.110><c> to</c><00:07:49.349><c> feedback</c>

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we are currently responding to feedback
 

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we are currently responding to feedback
and<00:07:50.069><c> we</c><00:07:50.550><c> are</c><00:07:50.639><c> getting</c><00:07:50.879><c> ready</c><00:07:51.060><c> to</c><00:07:51.569><c> launch</c><00:07:51.779><c> this</c>

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and we are getting ready to launch this
 

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and we are getting ready to launch this
thing<00:07:53.509><c> I'm</c><00:07:54.509><c> gonna</c><00:07:54.689><c> go</c><00:07:54.960><c> into</c><00:07:55.919><c> some</c><00:07:56.069><c> detail</c>

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thing I'm gonna go into some detail
 

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thing I'm gonna go into some detail
about<00:07:56.729><c> what</c><00:07:57.689><c> is</c><00:07:57.810><c> coming</c><00:07:58.020><c> in</c><00:07:58.289><c> this</c><00:07:58.529><c> release</c>

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let's<00:08:03.899><c> dive</c><00:08:04.139><c> in</c><00:08:04.379><c> and</c><00:08:04.620><c> talk</c><00:08:04.919><c> about</c><00:08:04.979><c> the</c><00:08:05.219><c> credit</c>

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let's dive in and talk about the credit
 

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let's dive in and talk about the credit
system<00:08:05.669><c> mechanics</c><00:08:06.300><c> this</c><00:08:06.479><c> will</c><00:08:06.599><c> be</c><00:08:06.689><c> especially</c>

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system mechanics this will be especially
 

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system mechanics this will be especially
useful<00:08:07.319><c> if</c><00:08:07.770><c> you're</c><00:08:07.919><c> not</c><00:08:08.039><c> as</c><00:08:08.189><c> familiar</c><00:08:08.399><c> with</c>

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useful if you're not as familiar with
 

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useful if you're not as familiar with
the<00:08:09.569><c> dice</c><00:08:09.779><c> table</c><00:08:10.110><c> coin</c><00:08:10.409><c> system</c><00:08:11.599><c> so</c><00:08:12.599><c> I</c><00:08:13.370><c> spoke</c>

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the dice table coin system so I spoke
 

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the dice table coin system so I spoke
before<00:08:14.580><c> about</c><00:08:15.120><c> how</c><00:08:15.899><c> users</c><00:08:16.610><c> lock</c><00:08:17.610><c> up</c>

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before about how users lock up
 

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before about how users lock up
collateral<00:08:18.779><c> assets</c><00:08:19.139><c> and</c><00:08:19.560><c> issue</c><00:08:19.979><c> die</c><00:08:20.629><c> against</c>

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collateral assets and issue die against
 

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collateral assets and issue die against
them<00:08:24.169><c> this</c><00:08:25.169><c> is</c><00:08:25.319><c> done</c><00:08:25.560><c> in</c><00:08:26.399><c> what's</c><00:08:26.610><c> called</c><00:08:26.759><c> a</c>

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them this is done in what's called a
 

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them this is done in what's called a
collateralized<00:08:27.960><c> debt</c><00:08:28.319><c> position</c><00:08:29.279><c> a</c><00:08:29.479><c> CDP</c><00:08:30.479><c> and</c>

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collateralized debt position a CDP and
 

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collateralized debt position a CDP and
users<00:08:33.529><c> issue</c><00:08:34.529><c> they</c><00:08:34.949><c> create</c><00:08:35.279><c> CDP's</c><00:08:36.199><c> issue</c><00:08:37.199><c> die</c>

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users issue they create CDP's issue die
 

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users issue they create CDP's issue die
and<00:08:37.979><c> use</c><00:08:38.279><c> it</c><00:08:38.430><c> for</c><00:08:38.459><c> whatever</c><00:08:38.729><c> and</c><00:08:39.089><c> then</c><00:08:39.659><c> later</c>

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and use it for whatever and then later
 

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and use it for whatever and then later
they<00:08:40.409><c> repay</c><00:08:40.829><c> that</c><00:08:40.860><c> die</c><00:08:41.310><c> plus</c><00:08:41.819><c> a</c><00:08:41.849><c> fee</c><00:08:42.149><c> and</c>

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they repay that die plus a fee and
 

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they repay that die plus a fee and
reclaim<00:08:43.110><c> their</c><00:08:43.289><c> collateral</c><00:08:44.600><c> but</c><00:08:45.600><c> as</c><00:08:45.779><c> you</c><00:08:45.899><c> can</c>

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reclaim their collateral but as you can
 

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reclaim their collateral but as you can
see<00:08:46.319><c> in</c><00:08:46.790><c> the</c><00:08:47.790><c> diagram</c><00:08:48.440><c> it</c><00:08:49.440><c> looks</c><00:08:49.709><c> like</c><00:08:49.860><c> there's</c>

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see in the diagram it looks like there's
 

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see in the diagram it looks like there's
more<00:08:50.130><c> value</c><00:08:50.790><c> in</c><00:08:51.660><c> terms</c><00:08:51.870><c> of</c><00:08:52.050><c> collateral</c><00:08:52.380><c> than</c>

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more value in terms of collateral than
 

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more value in terms of collateral than
there<00:08:53.430><c> is</c><00:08:53.459><c> in</c><00:08:53.550><c> terms</c><00:08:53.880><c> of</c><00:08:54.000><c> die</c><00:08:54.209><c> why</c><00:08:54.690><c> is</c><00:08:54.750><c> that</c>

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there is in terms of die why is that
 

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there is in terms of die why is that
it's<00:08:55.620><c> because</c>

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it's because
 

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it's because
the<00:08:56.180><c> system</c><00:08:56.770><c> enforces</c><00:08:57.770><c> it</c><00:08:58.130><c> and</c><00:08:58.580><c> the</c><00:08:59.090><c> reason</c>

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the system enforces it and the reason
 

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the system enforces it and the reason
that<00:08:59.450><c> it</c><00:08:59.630><c> enforces</c><00:09:00.140><c> it</c><00:09:00.260><c> is</c><00:09:00.710><c> because</c><00:09:01.010><c> the</c><00:09:01.130><c> value</c>

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that it enforces it is because the value
 

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that it enforces it is because the value
of<00:09:02.050><c> the</c><00:09:03.050><c> asset</c><00:09:03.500><c> the</c><00:09:03.740><c> collateral</c><00:09:04.250><c> fluctuates</c>

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of the asset the collateral fluctuates
 

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of the asset the collateral fluctuates
and<00:09:05.780><c> it</c><00:09:06.710><c> always</c><00:09:06.920><c> needs</c><00:09:07.280><c> to</c><00:09:07.370><c> be</c><00:09:07.550><c> backing</c><00:09:07.820><c> the</c>

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and it always needs to be backing the
 

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and it always needs to be backing the
dye<00:09:08.210><c> because</c><00:09:08.360><c> dye</c><00:09:08.870><c> is</c><00:09:09.170><c> an</c><00:09:09.320><c> asset</c><00:09:09.860><c> back</c><00:09:10.100><c> to</c><00:09:10.310><c> hard</c>

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dye because dye is an asset back to hard
 

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dye because dye is an asset back to hard
currency

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currency
 

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currency
so<00:09:13.190><c> because</c><00:09:13.760><c> the</c><00:09:13.880><c> collateral</c><00:09:14.330><c> value</c><00:09:14.630><c> can</c>

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so because the collateral value can
 

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so because the collateral value can
fluctuate<00:09:15.110><c> the</c><00:09:15.730><c> dye</c><00:09:16.730><c> system</c><00:09:17.150><c> needs</c><00:09:17.330><c> to</c>

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fluctuate the dye system needs to
 

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fluctuate the dye system needs to
protect<00:09:17.750><c> itself</c>

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protect itself
 

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protect itself
now<00:09:18.380><c> if</c><00:09:19.450><c> the</c><00:09:20.450><c> value</c><00:09:20.870><c> of</c><00:09:20.900><c> the</c><00:09:21.230><c> collateral</c><00:09:21.440><c> asset</c>

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now if the value of the collateral asset
 

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now if the value of the collateral asset
fluctuates<00:09:22.460><c> up</c><00:09:22.640><c> if</c><00:09:22.940><c> it</c><00:09:23.030><c> appreciates</c><00:09:23.510><c> in</c><00:09:23.630><c> value</c>

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fluctuates up if it appreciates in value
 

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fluctuates up if it appreciates in value
that's<00:09:24.980><c> fine</c><00:09:25.250><c> if</c><00:09:25.370><c> our</c><00:09:25.460><c> diet</c><00:09:25.640><c> doesn't</c><00:09:25.910><c> matter</c>

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that's fine if our diet doesn't matter
 

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that's fine if our diet doesn't matter
but<00:09:27.110><c> if</c><00:09:27.170><c> it</c><00:09:27.260><c> fluctuates</c><00:09:27.800><c> down</c><00:09:28.160><c> and</c><00:09:29.000><c> it</c><00:09:29.090><c> loses</c>

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but if it fluctuates down and it loses
 

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but if it fluctuates down and it loses
value<00:09:29.950><c> dye</c><00:09:30.950><c> needs</c><00:09:31.250><c> to</c><00:09:31.520><c> take</c><00:09:31.790><c> steps</c><00:09:32.210><c> to</c><00:09:33.140><c> protect</c>

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value dye needs to take steps to protect
 

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value dye needs to take steps to protect
the<00:09:33.860><c> integrity</c><00:09:34.270><c> the</c><00:09:35.270><c> entire</c><00:09:35.600><c> system</c><00:09:36.080><c> and</c><00:09:36.230><c> what</c>

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the integrity the entire system and what
 

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the integrity the entire system and what
it<00:09:36.590><c> does</c><00:09:37.060><c> is</c><00:09:38.060><c> it</c><00:09:38.360><c> liquidates</c><00:09:39.110><c> the</c><00:09:39.620><c> CDP</c><00:09:39.980><c> it</c>

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it does is it liquidates the CDP it
 

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it does is it liquidates the CDP it
reclaims<00:09:41.630><c> the</c><00:09:41.930><c> collateral</c><00:09:42.440><c> and</c><00:09:42.620><c> it</c><00:09:43.160><c> sells</c><00:09:43.520><c> it</c>

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reclaims the collateral and it sells it
 

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reclaims the collateral and it sells it
off<00:09:44.080><c> or</c><00:09:45.080><c> die</c><00:09:45.290><c> to</c><00:09:45.890><c> reclaim</c><00:09:46.340><c> the</c><00:09:46.520><c> dye</c><00:09:46.640><c> that</c><00:09:46.670><c> it</c>

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off or die to reclaim the dye that it
 

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off or die to reclaim the dye that it
needs<00:09:47.120><c> to</c><00:09:47.210><c> get</c><00:09:47.420><c> and</c><00:09:47.950><c> make</c><00:09:48.950><c> sure</c><00:09:49.130><c> that</c><00:09:49.280><c> all</c><00:09:49.460><c> the</c>

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needs to get and make sure that all the
 

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needs to get and make sure that all the
books<00:09:49.940><c> are</c><00:09:50.090><c> balanced</c><00:09:51.430><c> you</c><00:09:52.430><c> can</c><00:09:52.460><c> think</c><00:09:52.760><c> about</c>

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books are balanced you can think about
 

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books are balanced you can think about
it<00:09:53.120><c> you</c><00:09:53.480><c> can</c><00:09:53.600><c> analogize</c><00:09:53.900><c> it</c><00:09:54.200><c> to</c><00:09:54.410><c> a</c><00:09:54.890><c> margin</c><00:09:55.640><c> call</c>

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it you can analogize it to a margin call
 

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it you can analogize it to a margin call
where<00:09:57.350><c> the</c><00:09:57.790><c> CDP</c><00:09:58.790><c> owner</c><00:09:59.180><c> made</c><00:09:59.480><c> a</c><00:09:59.510><c> bet</c><00:10:00.010><c> here</c><00:10:01.010><c> they</c>

00:10:01.120 --> 00:10:01.130 align:start position:0%
where the CDP owner made a bet here they
 

00:10:01.130 --> 00:10:07.240 align:start position:0%
where the CDP owner made a bet here they
were<00:10:01.190><c> wrong</c><00:10:01.520><c> and</c><00:10:02.000><c> they</c><00:10:02.390><c> pay</c><00:10:02.570><c> the</c><00:10:02.690><c> price</c><00:10:06.250><c> so</c>

00:10:07.240 --> 00:10:07.250 align:start position:0%
were wrong and they pay the price so
 

00:10:07.250 --> 00:10:09.400 align:start position:0%
were wrong and they pay the price so
what<00:10:07.400><c> type</c><00:10:07.580><c> of</c><00:10:07.610><c> collateral</c><00:10:08.300><c> is</c><00:10:09.050><c> going</c><00:10:09.260><c> to</c><00:10:09.350><c> be</c>

00:10:09.400 --> 00:10:09.410 align:start position:0%
what type of collateral is going to be
 

00:10:09.410 --> 00:10:13.030 align:start position:0%
what type of collateral is going to be
used<00:10:09.740><c> in</c><00:10:09.920><c> this</c><00:10:10.130><c> first</c><00:10:10.460><c> release</c><00:10:10.820><c> of</c><00:10:11.090><c> dye</c><00:10:12.040><c> it's</c>

00:10:13.030 --> 00:10:13.040 align:start position:0%
used in this first release of dye it's
 

00:10:13.040 --> 00:10:17.800 align:start position:0%
used in this first release of dye it's
called<00:10:13.220><c> pooled</c><00:10:13.610><c> eath</c><00:10:14.710><c> and</c><00:10:15.710><c> it</c><00:10:16.460><c> allows</c><00:10:16.760><c> us</c><00:10:16.810><c> to</c>

00:10:17.800 --> 00:10:17.810 align:start position:0%
called pooled eath and it allows us to
 

00:10:17.810 --> 00:10:21.900 align:start position:0%
called pooled eath and it allows us to
pack<00:10:18.080><c> the</c><00:10:18.260><c> system</c><00:10:18.710><c> with</c><00:10:19.100><c> ease</c><00:10:19.550><c> and</c><00:10:20.770><c> protect</c>

00:10:21.900 --> 00:10:21.910 align:start position:0%
pack the system with ease and protect
 

00:10:21.910 --> 00:10:25.560 align:start position:0%
pack the system with ease and protect
the<00:10:22.910><c> system</c><00:10:23.350><c> in</c><00:10:24.350><c> the</c><00:10:24.470><c> event</c><00:10:24.740><c> of</c><00:10:24.890><c> extreme</c>

00:10:25.560 --> 00:10:25.570 align:start position:0%
the system in the event of extreme
 

00:10:25.570 --> 00:10:30.010 align:start position:0%
the system in the event of extreme
market<00:10:26.570><c> volatility</c><00:10:27.190><c> in</c><00:10:28.330><c> the</c><00:10:29.330><c> next</c><00:10:29.630><c> release</c><00:10:29.840><c> of</c>

00:10:30.010 --> 00:10:30.020 align:start position:0%
market volatility in the next release of
 

00:10:30.020 --> 00:10:32.170 align:start position:0%
market volatility in the next release of
dye<00:10:30.170><c> and</c><00:10:30.410><c> in</c><00:10:30.500><c> future</c><00:10:30.710><c> releases</c><00:10:31.100><c> we</c><00:10:31.850><c> will</c><00:10:31.970><c> use</c>

00:10:32.170 --> 00:10:32.180 align:start position:0%
dye and in future releases we will use
 

00:10:32.180 --> 00:10:35.740 align:start position:0%
dye and in future releases we will use
the<00:10:32.630><c> MKR</c><00:10:33.290><c> token</c><00:10:33.740><c> to</c><00:10:34.700><c> protect</c><00:10:35.060><c> the</c><00:10:35.180><c> system</c><00:10:35.360><c> in</c>

00:10:35.740 --> 00:10:35.750 align:start position:0%
the MKR token to protect the system in
 

00:10:35.750 --> 00:10:38.190 align:start position:0%
the MKR token to protect the system in
the<00:10:36.140><c> event</c><00:10:36.410><c> of</c><00:10:36.530><c> extreme</c><00:10:37.310><c> market</c><00:10:37.760><c> volatility</c>

00:10:38.190 --> 00:10:38.200 align:start position:0%
the event of extreme market volatility
 

00:10:38.200 --> 00:10:40.600 align:start position:0%
the event of extreme market volatility
downward<00:10:39.200><c> volatility</c><00:10:39.770><c> but</c><00:10:40.100><c> in</c><00:10:40.220><c> this</c><00:10:40.400><c> system</c>

00:10:40.600 --> 00:10:40.610 align:start position:0%
downward volatility but in this system
 

00:10:40.610 --> 00:10:42.640 align:start position:0%
downward volatility but in this system
because<00:10:41.060><c> it's</c><00:10:41.210><c> simpler</c><00:10:41.600><c> to</c><00:10:41.750><c> do</c><00:10:41.870><c> so</c><00:10:42.080><c> and</c>

00:10:42.640 --> 00:10:42.650 align:start position:0%
because it's simpler to do so and
 

00:10:42.650 --> 00:10:44.860 align:start position:0%
because it's simpler to do so and
because<00:10:43.280><c> we</c><00:10:43.460><c> are</c><00:10:43.550><c> still</c><00:10:43.760><c> working</c><00:10:44.420><c> on</c><00:10:44.690><c> that</c>

00:10:44.860 --> 00:10:44.870 align:start position:0%
because we are still working on that
 

00:10:44.870 --> 00:10:49.170 align:start position:0%
because we are still working on that
aspect<00:10:45.110><c> of</c><00:10:45.380><c> the</c><00:10:45.500><c> system</c><00:10:45.680><c> we</c><00:10:46.430><c> use</c><00:10:46.460><c> pooled</c><00:10:47.330><c> eath</c>

00:10:49.170 --> 00:10:49.180 align:start position:0%
aspect of the system we use pooled eath
 

00:10:49.180 --> 00:10:51.640 align:start position:0%
aspect of the system we use pooled eath
so<00:10:50.180><c> let's</c><00:10:50.360><c> go</c><00:10:50.480><c> into</c><00:10:50.660><c> a</c><00:10:50.810><c> little</c><00:10:50.840><c> bit</c><00:10:51.020><c> how</c><00:10:51.590><c> it</c>

00:10:51.640 --> 00:10:51.650 align:start position:0%
so let's go into a little bit how it
 

00:10:51.650 --> 00:10:54.720 align:start position:0%
so let's go into a little bit how it
works<00:10:51.920><c> we</c><00:10:52.160><c> call</c><00:10:52.340><c> this</c><00:10:52.460><c> a</c><00:10:52.520><c> bailout</c><00:10:53.620><c> mechanism</c>

00:10:54.720 --> 00:10:54.730 align:start position:0%
works we call this a bailout mechanism
 

00:10:54.730 --> 00:10:56.980 align:start position:0%
works we call this a bailout mechanism
let's<00:10:55.730><c> go</c><00:10:55.850><c> into</c><00:10:56.030><c> how</c><00:10:56.120><c> this</c><00:10:56.270><c> work</c><00:10:56.450><c> mechanism</c>

00:10:56.980 --> 00:10:56.990 align:start position:0%
let's go into how this work mechanism
 

00:10:56.990 --> 00:11:00.640 align:start position:0%
let's go into how this work mechanism
works<00:10:57.370><c> at</c><00:10:58.370><c> the</c><00:10:58.520><c> high</c><00:10:58.670><c> level</c><00:10:59.030><c> peth</c><00:10:59.930><c> is</c><00:11:00.230><c> very</c>

00:11:00.640 --> 00:11:00.650 align:start position:0%
works at the high level peth is very
 

00:11:00.650 --> 00:11:03.760 align:start position:0%
works at the high level peth is very
very<00:11:00.860><c> simple</c><00:11:01.070><c> you</c><00:11:01.370><c> just</c><00:11:02.180><c> put</c><00:11:02.960><c> your</c><00:11:03.050><c> ease</c><00:11:03.260><c> into</c>

00:11:03.760 --> 00:11:03.770 align:start position:0%
very simple you just put your ease into
 

00:11:03.770 --> 00:11:06.820 align:start position:0%
very simple you just put your ease into
a<00:11:03.890><c> contract</c><00:11:04.340><c> and</c><00:11:04.610><c> you</c><00:11:04.880><c> get</c><00:11:05.030><c> pass</c><00:11:05.270><c> out</c><00:11:05.720><c> and</c><00:11:06.260><c> path</c>

00:11:06.820 --> 00:11:06.830 align:start position:0%
a contract and you get pass out and path
 

00:11:06.830 --> 00:11:09.400 align:start position:0%
a contract and you get pass out and path
can<00:11:07.340><c> be</c><00:11:07.460><c> used</c><00:11:07.670><c> to</c><00:11:08.060><c> reclaim</c><00:11:08.360><c> your</c><00:11:08.450><c> eat</c>

00:11:09.400 --> 00:11:09.410 align:start position:0%
can be used to reclaim your eat
 

00:11:09.410 --> 00:11:14.199 align:start position:0%
can be used to reclaim your eat
so<00:11:10.099><c> if</c><00:11:10.339><c> there's</c><00:11:10.549><c> 100</c><00:11:11.329><c> eath</c><00:11:11.509><c> and</c><00:11:12.349><c> 100</c><00:11:12.859><c> paths</c><00:11:13.209><c> and</c>

00:11:14.199 --> 00:11:14.209 align:start position:0%
so if there's 100 eath and 100 paths and
 

00:11:14.209 --> 00:11:16.449 align:start position:0%
so if there's 100 eath and 100 paths and
you<00:11:14.299><c> put</c><00:11:14.569><c> any</c><00:11:14.749><c> eath</c><00:11:14.929><c> into</c><00:11:15.679><c> the</c><00:11:15.799><c> system</c><00:11:16.129><c> you</c>

00:11:16.449 --> 00:11:16.459 align:start position:0%
you put any eath into the system you
 

00:11:16.459 --> 00:11:19.379 align:start position:0%
you put any eath into the system you
will<00:11:16.579><c> get</c><00:11:16.699><c> one</c><00:11:16.939><c> path</c><00:11:17.379><c> maintaining</c><00:11:18.379><c> the</c><00:11:18.499><c> ratio</c>

00:11:19.379 --> 00:11:19.389 align:start position:0%
will get one path maintaining the ratio
 

00:11:19.389 --> 00:11:24.819 align:start position:0%
will get one path maintaining the ratio
between<00:11:20.389><c> path</c><00:11:21.139><c> and</c><00:11:21.470><c> ease</c><00:11:23.049><c> but</c><00:11:24.049><c> that</c><00:11:24.169><c> ratio</c><00:11:24.589><c> is</c>

00:11:24.819 --> 00:11:24.829 align:start position:0%
between path and ease but that ratio is
 

00:11:24.829 --> 00:11:28.659 align:start position:0%
between path and ease but that ratio is
not<00:11:24.979><c> static</c><00:11:25.309><c> it</c><00:11:26.179><c> is</c><00:11:26.359><c> dynamic</c><00:11:26.979><c> and</c><00:11:27.979><c> the</c><00:11:28.429><c> reason</c>

00:11:28.659 --> 00:11:28.669 align:start position:0%
not static it is dynamic and the reason
 

00:11:28.669 --> 00:11:32.049 align:start position:0%
not static it is dynamic and the reason
it<00:11:28.789><c> is</c><00:11:28.879><c> dynamic</c><00:11:29.089><c> is</c><00:11:29.599><c> because</c><00:11:30.139><c> paths</c><00:11:30.919><c> have</c><00:11:31.699><c> text</c>

00:11:32.049 --> 00:11:32.059 align:start position:0%
it is dynamic is because paths have text
 

00:11:32.059 --> 00:11:34.179 align:start position:0%
it is dynamic is because paths have text
the<00:11:32.179><c> system</c><00:11:32.569><c> with</c><00:11:33.139><c> this</c><00:11:33.259><c> bailout</c><00:11:33.619><c> mechanism</c>

00:11:34.179 --> 00:11:34.189 align:start position:0%
the system with this bailout mechanism
 

00:11:34.189 --> 00:11:37.989 align:start position:0%
the system with this bailout mechanism
in<00:11:34.999><c> exchange</c><00:11:35.509><c> for</c><00:11:35.599><c> that</c><00:11:35.779><c> service</c><00:11:36.549><c> half</c><00:11:37.549><c> of</c><00:11:37.819><c> the</c>

00:11:37.989 --> 00:11:37.999 align:start position:0%
in exchange for that service half of the
 

00:11:37.999 --> 00:11:42.369 align:start position:0%
in exchange for that service half of the
fee<00:11:38.239><c> from</c><00:11:38.959><c> the</c><00:11:39.049><c> CDP</c><00:11:39.879><c> is</c><00:11:40.879><c> used</c><00:11:41.209><c> to</c><00:11:41.449><c> bypass</c><00:11:41.720><c> and</c>

00:11:42.369 --> 00:11:42.379 align:start position:0%
fee from the CDP is used to bypass and
 

00:11:42.379 --> 00:11:46.419 align:start position:0%
fee from the CDP is used to bypass and
burn<00:11:43.249><c> it</c><00:11:43.429><c> destroy</c><00:11:44.329><c> it</c><00:11:44.919><c> so</c><00:11:45.919><c> if</c><00:11:46.009><c> you</c><00:11:46.069><c> think</c><00:11:46.279><c> about</c>

00:11:46.419 --> 00:11:46.429 align:start position:0%
burn it destroy it so if you think about
 

00:11:46.429 --> 00:11:48.609 align:start position:0%
burn it destroy it so if you think about
it<00:11:46.579><c> if</c><00:11:46.669><c> we're</c><00:11:46.789><c> buying</c><00:11:47.119><c> path</c><00:11:47.479><c> and</c><00:11:48.139><c> destroying</c>

00:11:48.609 --> 00:11:48.619 align:start position:0%
it if we're buying path and destroying
 

00:11:48.619 --> 00:11:48.999 align:start position:0%
it if we're buying path and destroying
it

00:11:48.999 --> 00:11:49.009 align:start position:0%
it
 

00:11:49.009 --> 00:11:51.909 align:start position:0%
it
taking<00:11:49.519><c> that</c><00:11:49.639><c> CDP</c><00:11:50.149><c> fee</c><00:11:50.470><c> CDP</c><00:11:51.470><c> fee</c><00:11:51.679><c> and</c>

00:11:51.909 --> 00:11:51.919 align:start position:0%
taking that CDP fee CDP fee and
 

00:11:51.919 --> 00:11:53.439 align:start position:0%
taking that CDP fee CDP fee and
destroying<00:11:52.339><c> it</c><00:11:52.549><c> that</c><00:11:53.029><c> means</c><00:11:53.209><c> that</c><00:11:53.359><c> the</c>

00:11:53.439 --> 00:11:53.449 align:start position:0%
destroying it that means that the
 

00:11:53.449 --> 00:11:56.079 align:start position:0%
destroying it that means that the
remaining<00:11:53.779><c> path</c><00:11:54.109><c> has</c><00:11:54.859><c> greater</c><00:11:55.309><c> claim</c><00:11:55.789><c> power</c>

00:11:56.079 --> 00:11:56.089 align:start position:0%
remaining path has greater claim power
 

00:11:56.089 --> 00:11:58.059 align:start position:0%
remaining path has greater claim power
on<00:11:56.389><c> the</c><00:11:56.509><c> east</c><00:11:56.720><c> here</c><00:11:57.229><c> you</c><00:11:57.289><c> can</c><00:11:57.439><c> see</c><00:11:57.619><c> it</c><00:11:57.889><c> can</c>

00:11:58.059 --> 00:11:58.069 align:start position:0%
on the east here you can see it can
 

00:11:58.069 --> 00:12:00.729 align:start position:0%
on the east here you can see it can
claim<00:11:58.449><c> 1.5</c><00:11:59.449><c> years</c><00:11:59.720><c> where</c><00:12:00.289><c> before</c><00:12:00.439><c> I</c><00:12:00.649><c> was</c>

00:12:00.729 --> 00:12:00.739 align:start position:0%
claim 1.5 years where before I was
 

00:12:00.739 --> 00:12:04.779 align:start position:0%
claim 1.5 years where before I was
saying<00:12:01.009><c> it</c><00:12:01.129><c> claimed</c><00:12:01.339><c> 1/8</c><00:12:03.099><c> that</c><00:12:04.099><c> ratio</c><00:12:04.399><c> is</c>

00:12:04.779 --> 00:12:04.789 align:start position:0%
saying it claimed 1/8 that ratio is
 

00:12:04.789 --> 00:12:06.849 align:start position:0%
saying it claimed 1/8 that ratio is
increasing<00:12:05.179><c> and</c><00:12:05.720><c> it's</c><00:12:06.109><c> causing</c><00:12:06.470><c> paths</c><00:12:06.679><c> to</c>

00:12:06.849 --> 00:12:06.859 align:start position:0%
increasing and it's causing paths to
 

00:12:06.859 --> 00:12:10.269 align:start position:0%
increasing and it's causing paths to
appreciate<00:12:07.459><c> in</c><00:12:07.939><c> value</c><00:12:08.619><c> this</c><00:12:09.619><c> is</c><00:12:09.769><c> what</c><00:12:09.919><c> happens</c>

00:12:10.269 --> 00:12:10.279 align:start position:0%
appreciate in value this is what happens
 

00:12:10.279 --> 00:12:12.489 align:start position:0%
appreciate in value this is what happens
when<00:12:10.519><c> the</c><00:12:10.609><c> system</c><00:12:10.970><c> is</c><00:12:11.059><c> experiencing</c><00:12:11.689><c> normal</c>

00:12:12.489 --> 00:12:12.499 align:start position:0%
when the system is experiencing normal
 

00:12:12.499 --> 00:12:15.779 align:start position:0%
when the system is experiencing normal
levels<00:12:12.859><c> of</c><00:12:13.039><c> eath</c><00:12:13.759><c> volatility</c><00:12:14.419><c> but</c><00:12:15.109><c> what</c><00:12:15.379><c> if</c>

00:12:15.779 --> 00:12:15.789 align:start position:0%
levels of eath volatility but what if
 

00:12:15.789 --> 00:12:18.669 align:start position:0%
levels of eath volatility but what if
the<00:12:16.789><c> blacks</c><00:12:17.119><c> want</c><00:12:17.449><c> the</c><00:12:17.659><c> dreaded</c><00:12:17.989><c> Black</c><00:12:18.379><c> Swan</c>

00:12:18.669 --> 00:12:18.679 align:start position:0%
the blacks want the dreaded Black Swan
 

00:12:18.679 --> 00:12:22.539 align:start position:0%
the blacks want the dreaded Black Swan
event<00:12:18.979><c> happens</c><00:12:19.339><c> a</c><00:12:20.470><c> Black</c><00:12:21.470><c> Swan</c><00:12:21.739><c> event</c><00:12:22.039><c> the</c>

00:12:22.539 --> 00:12:22.549 align:start position:0%
event happens a Black Swan event the
 

00:12:22.549 --> 00:12:26.229 align:start position:0%
event happens a Black Swan event the
price<00:12:22.850><c> of</c><00:12:23.059><c> ease</c><00:12:23.529><c> rapidly</c><00:12:24.529><c> loses</c><00:12:25.220><c> value</c><00:12:25.609><c> faster</c>

00:12:26.229 --> 00:12:26.239 align:start position:0%
price of ease rapidly loses value faster
 

00:12:26.239 --> 00:12:28.509 align:start position:0%
price of ease rapidly loses value faster
than<00:12:26.959><c> the</c><00:12:27.169><c> dice</c><00:12:27.409><c> table</c><00:12:27.679><c> coin</c><00:12:27.949><c> system</c><00:12:28.339><c> can</c>

00:12:28.509 --> 00:12:28.519 align:start position:0%
than the dice table coin system can
 

00:12:28.519 --> 00:12:30.819 align:start position:0%
than the dice table coin system can
liquidate<00:12:28.939><c> positions</c><00:12:29.479><c> and</c><00:12:30.019><c> will</c><00:12:30.379><c> we</c><00:12:30.470><c> wind</c><00:12:30.679><c> up</c>

00:12:30.819 --> 00:12:30.829 align:start position:0%
liquidate positions and will we wind up
 

00:12:30.829 --> 00:12:34.479 align:start position:0%
liquidate positions and will we wind up
with<00:12:30.889><c> is</c><00:12:31.249><c> an</c><00:12:31.639><c> insolvent</c><00:12:32.389><c> GDP</c><00:12:33.169><c> an</c><00:12:33.739><c> underwater</c>

00:12:34.479 --> 00:12:34.489 align:start position:0%
with is an insolvent GDP an underwater
 

00:12:34.489 --> 00:12:37.749 align:start position:0%
with is an insolvent GDP an underwater
CDP<00:12:35.089><c> this</c><00:12:35.419><c> means</c><00:12:35.689><c> that</c><00:12:35.929><c> the</c><00:12:36.709><c> totality</c><00:12:37.189><c> of</c><00:12:37.489><c> the</c>

00:12:37.749 --> 00:12:37.759 align:start position:0%
CDP this means that the totality of the
 

00:12:37.759 --> 00:12:40.569 align:start position:0%
CDP this means that the totality of the
collateral<00:12:38.329><c> that</c><00:12:39.169><c> has</c><00:12:39.289><c> been</c><00:12:39.439><c> issued</c><00:12:39.829><c> against</c>

00:12:40.569 --> 00:12:40.579 align:start position:0%
collateral that has been issued against
 

00:12:40.579 --> 00:12:43.359 align:start position:0%
collateral that has been issued against
this<00:12:40.669><c> die</c><00:12:40.909><c> is</c><00:12:41.179><c> lower</c><00:12:41.779><c> than</c><00:12:42.649><c> the</c><00:12:42.829><c> value</c><00:12:42.859><c> of</c><00:12:43.279><c> the</c>

00:12:43.359 --> 00:12:43.369 align:start position:0%
this die is lower than the value of the
 

00:12:43.369 --> 00:12:47.439 align:start position:0%
this die is lower than the value of the
die<00:12:43.549><c> itself</c><00:12:45.189><c> something</c><00:12:46.189><c> needs</c><00:12:46.429><c> to</c><00:12:46.489><c> be</c><00:12:46.579><c> done</c><00:12:46.850><c> we</c>

00:12:47.439 --> 00:12:47.449 align:start position:0%
die itself something needs to be done we
 

00:12:47.449 --> 00:12:51.609 align:start position:0%
die itself something needs to be done we
need<00:12:47.569><c> to</c><00:12:47.720><c> collect</c><00:12:48.079><c> this</c><00:12:48.769><c> die</c><00:12:49.600><c> somehow</c><00:12:50.600><c> and</c><00:12:51.169><c> the</c>

00:12:51.609 --> 00:12:51.619 align:start position:0%
need to collect this die somehow and the
 

00:12:51.619 --> 00:12:56.159 align:start position:0%
need to collect this die somehow and the
way<00:12:51.739><c> that</c><00:12:51.919><c> it's</c><00:12:52.039><c> done</c><00:12:52.299><c> is</c><00:12:53.299><c> by</c><00:12:53.509><c> minting</c><00:12:53.989><c> paths</c>

00:12:56.159 --> 00:12:56.169 align:start position:0%
way that it's done is by minting paths
 

00:12:56.169 --> 00:12:59.379 align:start position:0%
way that it's done is by minting paths
so<00:12:57.169><c> here</c><00:12:57.470><c> this</c><00:12:57.799><c> red</c><00:12:58.129><c> area</c><00:12:58.489><c> on</c><00:12:58.819><c> the</c><00:12:59.059><c> diagram</c>

00:12:59.379 --> 00:12:59.389 align:start position:0%
so here this red area on the diagram
 

00:12:59.389 --> 00:13:01.659 align:start position:0%
so here this red area on the diagram
would<00:12:59.600><c> be</c><00:12:59.720><c> minted</c><00:13:00.139><c> path</c><00:13:00.409><c> and</c><00:13:00.949><c> it's</c><00:13:01.069><c> minted</c><00:13:01.519><c> and</c>

00:13:01.659 --> 00:13:01.669 align:start position:0%
would be minted path and it's minted and
 

00:13:01.669 --> 00:13:04.149 align:start position:0%
would be minted path and it's minted and
sold<00:13:02.029><c> for</c><00:13:02.600><c> die</c><00:13:02.809><c> in</c><00:13:03.169><c> order</c><00:13:03.409><c> to</c><00:13:03.559><c> keep</c><00:13:03.739><c> the</c><00:13:03.949><c> system</c>

00:13:04.149 --> 00:13:04.159 align:start position:0%
sold for die in order to keep the system
 

00:13:04.159 --> 00:13:07.059 align:start position:0%
sold for die in order to keep the system
solvent<00:13:04.759><c> so</c><00:13:05.329><c> we're</c><00:13:05.449><c> accessing</c><00:13:06.169><c> the</c><00:13:06.439><c> value</c><00:13:06.619><c> of</c>

00:13:07.059 --> 00:13:07.069 align:start position:0%
solvent so we're accessing the value of
 

00:13:07.069 --> 00:13:10.449 align:start position:0%
solvent so we're accessing the value of
the<00:13:07.789><c> pool</c><00:13:08.029><c> of</c><00:13:08.239><c> ease</c><00:13:08.769><c> in</c><00:13:09.769><c> order</c><00:13:10.009><c> to</c><00:13:10.129><c> keep</c><00:13:10.279><c> the</c>

00:13:10.449 --> 00:13:10.459 align:start position:0%
the pool of ease in order to keep the
 

00:13:10.459 --> 00:13:12.249 align:start position:0%
the pool of ease in order to keep the
entire<00:13:10.729><c> system</c><00:13:11.119><c> solvent</c><00:13:11.479><c> and</c><00:13:11.569><c> balance</c><00:13:12.109><c> the</c>

00:13:12.249 --> 00:13:12.259 align:start position:0%
entire system solvent and balance the
 

00:13:12.259 --> 00:13:16.349 align:start position:0%
entire system solvent and balance the
books<00:13:13.209><c> but</c><00:13:14.499><c> as</c><00:13:15.499><c> you</c><00:13:15.679><c> can</c><00:13:15.769><c> imagine</c>

00:13:16.349 --> 00:13:16.359 align:start position:0%
books but as you can imagine
 

00:13:16.359 --> 00:13:19.960 align:start position:0%
books but as you can imagine
minting<00:13:17.359><c> paths</c><00:13:18.100><c> means</c><00:13:19.100><c> that</c><00:13:19.279><c> the</c><00:13:19.399><c> claim</c><00:13:19.699><c> power</c>

00:13:19.960 --> 00:13:19.970 align:start position:0%
minting paths means that the claim power
 

00:13:19.970 --> 00:13:21.970 align:start position:0%
minting paths means that the claim power
is<00:13:20.479><c> diminished</c>

00:13:21.970 --> 00:13:21.980 align:start position:0%
is diminished
 

00:13:21.980 --> 00:13:26.410 align:start position:0%
is diminished
here<00:13:22.880><c> we</c><00:13:22.970><c> can</c><00:13:23.090><c> see</c><00:13:23.270><c> now</c><00:13:23.630><c> one</c><00:13:23.930><c> past</c><00:13:24.200><c> claims</c><00:13:25.420><c> 0.66</c>

00:13:26.410 --> 00:13:26.420 align:start position:0%
here we can see now one past claims 0.66
 

00:13:26.420 --> 00:13:32.260 align:start position:0%
here we can see now one past claims 0.66
is<00:13:27.550><c> causing</c><00:13:28.550><c> the</c><00:13:29.330><c> value</c><00:13:29.600><c> to</c><00:13:29.750><c> depreciate</c><00:13:31.270><c> this</c>

00:13:32.260 --> 00:13:32.270 align:start position:0%
is causing the value to depreciate this
 

00:13:32.270 --> 00:13:35.920 align:start position:0%
is causing the value to depreciate this
is<00:13:32.480><c> why</c><00:13:33.190><c> in</c><00:13:34.190><c> times</c><00:13:34.790><c> in</c><00:13:34.970><c> times</c><00:13:35.300><c> of</c><00:13:35.510><c> normal</c>

00:13:35.920 --> 00:13:35.930 align:start position:0%
is why in times in times of normal
 

00:13:35.930 --> 00:13:38.740 align:start position:0%
is why in times in times of normal
volatility<00:13:36.530><c> should</c><00:13:37.160><c> appreciate</c><00:13:37.400><c> and</c><00:13:38.240><c> only</c>

00:13:38.740 --> 00:13:38.750 align:start position:0%
volatility should appreciate and only
 

00:13:38.750 --> 00:13:40.920 align:start position:0%
volatility should appreciate and only
falls<00:13:39.020><c> in</c><00:13:39.260><c> value</c><00:13:39.620><c> in</c><00:13:39.830><c> the</c><00:13:40.220><c> event</c><00:13:40.460><c> of</c><00:13:40.580><c> these</c>

00:13:40.920 --> 00:13:40.930 align:start position:0%
falls in value in the event of these
 

00:13:40.930 --> 00:13:49.030 align:start position:0%
falls in value in the event of these
snap<00:13:41.930><c> moments</c><00:13:42.410><c> extreme</c><00:13:43.100><c> volatility</c><00:13:47.830><c> the</c><00:13:48.830><c> next</c>

00:13:49.030 --> 00:13:49.040 align:start position:0%
snap moments extreme volatility the next
 

00:13:49.040 --> 00:13:51.790 align:start position:0%
snap moments extreme volatility the next
feature<00:13:49.220><c> is</c><00:13:49.970><c> the</c><00:13:50.150><c> governance</c><00:13:50.510><c> fee</c><00:13:50.780><c> as</c><00:13:51.080><c> I</c><00:13:51.590><c> said</c>

00:13:51.790 --> 00:13:51.800 align:start position:0%
feature is the governance fee as I said
 

00:13:51.800 --> 00:13:56.020 align:start position:0%
feature is the governance fee as I said
half<00:13:52.280><c> of</c><00:13:52.550><c> the</c><00:13:52.670><c> fee</c><00:13:53.080><c> is</c><00:13:54.080><c> given</c><00:13:54.560><c> to</c><00:13:54.890><c> path</c><00:13:55.670><c> holders</c>

00:13:56.020 --> 00:13:56.030 align:start position:0%
half of the fee is given to path holders
 

00:13:56.030 --> 00:13:59.890 align:start position:0%
half of the fee is given to path holders
the<00:13:56.930><c> other</c><00:13:57.170><c> half</c><00:13:57.380><c> is</c><00:13:57.650><c> given</c><00:13:57.980><c> to</c><00:13:58.070><c> MKR</c><00:13:58.640><c> as</c><00:13:59.000><c> a</c>

00:13:59.890 --> 00:13:59.900 align:start position:0%
the other half is given to MKR as a
 

00:13:59.900 --> 00:14:02.800 align:start position:0%
the other half is given to MKR as a
payment<00:14:00.710><c> for</c><00:14:00.920><c> their</c><00:14:01.040><c> service</c><00:14:01.810><c> administering</c>

00:14:02.800 --> 00:14:02.810 align:start position:0%
payment for their service administering
 

00:14:02.810 --> 00:14:04.810 align:start position:0%
payment for their service administering
the<00:14:02.960><c> system</c><00:14:03.290><c> and</c><00:14:03.650><c> choosing</c><00:14:04.250><c> the</c><00:14:04.340><c> important</c>

00:14:04.810 --> 00:14:04.820 align:start position:0%
the system and choosing the important
 

00:14:04.820 --> 00:14:06.790 align:start position:0%
the system and choosing the important
security<00:14:05.180><c> parameters</c><00:14:05.840><c> that</c><00:14:06.200><c> keep</c><00:14:06.470><c> the</c><00:14:06.650><c> system</c>

00:14:06.790 --> 00:14:06.800 align:start position:0%
security parameters that keep the system
 

00:14:06.800 --> 00:14:11.770 align:start position:0%
security parameters that keep the system
safe<00:14:07.510><c> this</c><00:14:08.510><c> is</c><00:14:09.200><c> paid</c><00:14:09.680><c> in</c><00:14:09.980><c> MKR</c><00:14:10.610><c> as</c><00:14:11.000><c> I</c><00:14:11.150><c> said</c><00:14:11.360><c> it's</c>

00:14:11.770 --> 00:14:11.780 align:start position:0%
safe this is paid in MKR as I said it's
 

00:14:11.780 --> 00:14:15.250 align:start position:0%
safe this is paid in MKR as I said it's
denominated<00:14:12.500><c> and</c><00:14:12.650><c> die</c><00:14:12.920><c> and</c><00:14:13.330><c> here</c><00:14:14.330><c> we</c><00:14:15.110><c> will</c>

00:14:15.250 --> 00:14:15.260 align:start position:0%
denominated and die and here we will
 

00:14:15.260 --> 00:14:18.580 align:start position:0%
denominated and die and here we will
have<00:14:15.410><c> the</c><00:14:15.980><c> first</c><00:14:16.220><c> main</c><00:14:16.670><c> use</c><00:14:17.030><c> case</c><00:14:17.300><c> for</c><00:14:17.590><c> this</c>

00:14:18.580 --> 00:14:18.590 align:start position:0%
have the first main use case for this
 

00:14:18.590 --> 00:14:20.770 align:start position:0%
have the first main use case for this
vision<00:14:19.310><c> that</c><00:14:19.640><c> we've</c><00:14:19.760><c> all</c><00:14:19.940><c> kind</c><00:14:20.330><c> of</c><00:14:20.420><c> thing</c><00:14:20.660><c> been</c>

00:14:20.770 --> 00:14:20.780 align:start position:0%
vision that we've all kind of thing been
 

00:14:20.780 --> 00:14:22.330 align:start position:0%
vision that we've all kind of thing been
thinking<00:14:21.140><c> about</c><00:14:21.260><c> when</c><00:14:21.530><c> it</c><00:14:21.620><c> comes</c><00:14:21.770><c> to</c><00:14:21.860><c> token</c><00:14:22.220><c> is</c>

00:14:22.330 --> 00:14:22.340 align:start position:0%
thinking about when it comes to token is
 

00:14:22.340 --> 00:14:23.770 align:start position:0%
thinking about when it comes to token is
this<00:14:22.430><c> vision</c><00:14:22.880><c> of</c><00:14:22.970><c> decentralized</c><00:14:23.390><c> exchange</c>

00:14:23.770 --> 00:14:23.780 align:start position:0%
this vision of decentralized exchange
 

00:14:23.780 --> 00:14:25.990 align:start position:0%
this vision of decentralized exchange
whenever<00:14:24.590><c> we</c><00:14:24.710><c> think</c><00:14:24.740><c> about</c><00:14:25.040><c> tokens</c><00:14:25.550><c> we</c><00:14:25.670><c> often</c>

00:14:25.990 --> 00:14:26.000 align:start position:0%
whenever we think about tokens we often
 

00:14:26.000 --> 00:14:28.840 align:start position:0%
whenever we think about tokens we often
think<00:14:26.120><c> about</c><00:14:26.350><c> the</c><00:14:27.350><c> user</c><00:14:27.590><c> buying</c><00:14:28.370><c> them</c><00:14:28.580><c> and</c><00:14:28.700><c> not</c>

00:14:28.840 --> 00:14:28.850 align:start position:0%
think about the user buying them and not
 

00:14:28.850 --> 00:14:30.400 align:start position:0%
think about the user buying them and not
even<00:14:29.060><c> realizing</c><00:14:29.510><c> that</c><00:14:29.750><c> they're</c><00:14:29.900><c> buying</c><00:14:30.140><c> them</c>

00:14:30.400 --> 00:14:30.410 align:start position:0%
even realizing that they're buying them
 

00:14:30.410 --> 00:14:31.800 align:start position:0%
even realizing that they're buying them
buying<00:14:30.680><c> them</c><00:14:30.860><c> behind</c><00:14:31.130><c> the</c><00:14:31.370><c> scenes</c>

00:14:31.800 --> 00:14:31.810 align:start position:0%
buying them behind the scenes
 

00:14:31.810 --> 00:14:34.240 align:start position:0%
buying them behind the scenes
automatically<00:14:32.810><c> without</c><00:14:33.440><c> thinking</c><00:14:33.980><c> about</c><00:14:34.070><c> it</c>

00:14:34.240 --> 00:14:34.250 align:start position:0%
automatically without thinking about it
 

00:14:34.250 --> 00:14:35.470 align:start position:0%
automatically without thinking about it
without<00:14:34.310><c> even</c><00:14:34.700><c> knowing</c><00:14:34.970><c> about</c><00:14:35.060><c> it</c>

00:14:35.470 --> 00:14:35.480 align:start position:0%
without even knowing about it
 

00:14:35.480 --> 00:14:37.900 align:start position:0%
without even knowing about it
we<00:14:35.660><c> have</c><00:14:35.780><c> developed</c><00:14:36.260><c> this</c><00:14:36.350><c> technology</c><00:14:37.040><c> for</c>

00:14:37.900 --> 00:14:37.910 align:start position:0%
we have developed this technology for
 

00:14:37.910 --> 00:14:40.570 align:start position:0%
we have developed this technology for
this<00:14:38.090><c> use</c><00:14:38.360><c> case</c><00:14:38.590><c> so</c><00:14:39.590><c> users</c><00:14:40.040><c> aren't</c><00:14:40.310><c> gonna</c><00:14:40.460><c> have</c>

00:14:40.570 --> 00:14:40.580 align:start position:0%
this use case so users aren't gonna have
 

00:14:40.580 --> 00:14:42.880 align:start position:0%
this use case so users aren't gonna have
to<00:14:40.670><c> think</c><00:14:41.030><c> about</c><00:14:41.300><c> em</c><00:14:41.450><c> care</c><00:14:41.710><c> but</c><00:14:42.710><c> they're</c><00:14:42.800><c> gonna</c>

00:14:42.880 --> 00:14:42.890 align:start position:0%
to think about em care but they're gonna
 

00:14:42.890 --> 00:14:44.620 align:start position:0%
to think about em care but they're gonna
automatically<00:14:43.730><c> buy</c><00:14:43.880><c> it</c><00:14:43.940><c> in</c><00:14:44.210><c> a</c><00:14:44.270><c> decentralized</c>

00:14:44.620 --> 00:14:44.630 align:start position:0%
automatically buy it in a decentralized
 

00:14:44.630 --> 00:14:48.630 align:start position:0%
automatically buy it in a decentralized
exchange<00:14:45.110><c> like</c><00:14:45.800><c> Oasis</c><00:14:46.250><c> or</c><00:14:46.670><c> ether</c><00:14:47.060><c> Delta</c><00:14:47.390><c> or</c><00:14:47.780><c> 0x</c>

00:14:48.630 --> 00:14:48.640 align:start position:0%
exchange like Oasis or ether Delta or 0x
 

00:14:48.640 --> 00:14:51.580 align:start position:0%
exchange like Oasis or ether Delta or 0x
automatically<00:14:49.640><c> and</c><00:14:49.820><c> use</c><00:14:50.270><c> it</c><00:14:50.450><c> to</c><00:14:51.080><c> close</c><00:14:51.350><c> their</c>

00:14:51.580 --> 00:14:51.590 align:start position:0%
automatically and use it to close their
 

00:14:51.590 --> 00:14:58.420 align:start position:0%
automatically and use it to close their
CDP's<00:14:53.260><c> this</c><00:14:54.260><c> M</c><00:14:54.440><c> care</c><00:14:54.650><c> will</c><00:14:55.220><c> be</c><00:14:55.340><c> burnt</c><00:14:57.430><c> consumed</c>

00:14:58.420 --> 00:14:58.430 align:start position:0%
CDP's this M care will be burnt consumed
 

00:14:58.430 --> 00:15:04.390 align:start position:0%
CDP's this M care will be burnt consumed
by<00:14:58.700><c> the</c><00:14:58.760><c> system</c><00:15:01.300><c> the</c><00:15:02.300><c> last</c><00:15:02.480><c> feature</c><00:15:03.160><c> is</c><00:15:04.160><c> called</c>

00:15:04.390 --> 00:15:04.400 align:start position:0%
by the system the last feature is called
 

00:15:04.400 --> 00:15:07.300 align:start position:0%
by the system the last feature is called
global<00:15:04.700><c> settlement</c><00:15:05.560><c> this</c><00:15:06.560><c> is</c><00:15:06.710><c> how</c><00:15:06.830><c> we</c><00:15:06.890><c> wind</c>

00:15:07.300 --> 00:15:07.310 align:start position:0%
global settlement this is how we wind
 

00:15:07.310 --> 00:15:10.330 align:start position:0%
global settlement this is how we wind
down<00:15:07.520><c> the</c><00:15:07.850><c> system</c><00:15:08.170><c> gracefully</c><00:15:09.170><c> and</c><00:15:10.070><c> it</c><00:15:10.190><c> will</c>

00:15:10.330 --> 00:15:10.340 align:start position:0%
down the system gracefully and it will
 

00:15:10.340 --> 00:15:15.910 align:start position:0%
down the system gracefully and it will
allow<00:15:10.700><c> us</c><00:15:10.910><c> to</c><00:15:10.940><c> upgrade</c><00:15:13.840><c> like</c><00:15:14.840><c> I</c><00:15:14.900><c> said</c><00:15:15.080><c> be</c>

00:15:15.910 --> 00:15:15.920 align:start position:0%
allow us to upgrade like I said be
 

00:15:15.920 --> 00:15:16.540 align:start position:0%
allow us to upgrade like I said be
graceful

00:15:16.540 --> 00:15:16.550 align:start position:0%
graceful
 

00:15:16.550 --> 00:15:19.030 align:start position:0%
graceful
this<00:15:16.640><c> is</c><00:15:16.760><c> an</c><00:15:16.880><c> orderly</c><00:15:17.420><c> process</c><00:15:17.920><c> when</c><00:15:18.920><c> the</c>

00:15:19.030 --> 00:15:19.040 align:start position:0%
this is an orderly process when the
 

00:15:19.040 --> 00:15:22.660 align:start position:0%
this is an orderly process when the
system<00:15:19.520><c> is</c><00:15:19.790><c> globally</c><00:15:20.720><c> settled</c><00:15:21.110><c> by</c><00:15:21.860><c> the</c><00:15:21.890><c> MKR</c>

00:15:22.660 --> 00:15:22.670 align:start position:0%
system is globally settled by the MKR
 

00:15:22.670 --> 00:15:25.600 align:start position:0%
system is globally settled by the MKR
holders<00:15:23.090><c> a</c><00:15:23.330><c> few</c><00:15:24.140><c> things</c><00:15:24.320><c> happen</c><00:15:24.650><c> in</c><00:15:24.800><c> order</c><00:15:25.250><c> the</c>

00:15:25.600 --> 00:15:25.610 align:start position:0%
holders a few things happen in order the
 

00:15:25.610 --> 00:15:30.220 align:start position:0%
holders a few things happen in order the
first<00:15:26.090><c> is</c><00:15:26.720><c> that</c><00:15:27.500><c> Dai</c><00:15:28.210><c> becomes</c><00:15:29.210><c> a</c><00:15:29.510><c> claim</c><00:15:29.960><c> on</c>

00:15:30.220 --> 00:15:30.230 align:start position:0%
first is that Dai becomes a claim on
 

00:15:30.230 --> 00:15:32.770 align:start position:0%
first is that Dai becomes a claim on
eath<00:15:30.560><c> on</c><00:15:30.980><c> the</c><00:15:31.160><c> eath</c><00:15:31.340><c> collateral</c><00:15:31.940><c> at</c><00:15:32.210><c> a</c><00:15:32.270><c> fixed</c>

00:15:32.770 --> 00:15:32.780 align:start position:0%
eath on the eath collateral at a fixed
 

00:15:32.780 --> 00:15:35.890 align:start position:0%
eath on the eath collateral at a fixed
price<00:15:34.000><c> so</c><00:15:35.000><c> it</c><00:15:35.120><c> is</c><00:15:35.240><c> as</c><00:15:35.450><c> if</c>

00:15:35.890 --> 00:15:35.900 align:start position:0%
price so it is as if
 

00:15:35.900 --> 00:15:38.170 align:start position:0%
price so it is as if
your<00:15:36.290><c> dye</c><00:15:36.560><c> which</c><00:15:37.040><c> is</c><00:15:37.160><c> an</c><00:15:37.280><c> actively</c><00:15:37.730><c> managed</c>

00:15:38.170 --> 00:15:38.180 align:start position:0%
your dye which is an actively managed
 

00:15:38.180 --> 00:15:41.620 align:start position:0%
your dye which is an actively managed
stable<00:15:38.570><c> coin</c><00:15:38.750><c> suddenly</c><00:15:39.350><c> became</c><00:15:40.040><c> easy</c><00:15:40.630><c> just</c>

00:15:41.620 --> 00:15:41.630 align:start position:0%
stable coin suddenly became easy just
 

00:15:41.630 --> 00:15:49.150 align:start position:0%
stable coin suddenly became easy just
like<00:15:41.720><c> that</c><00:15:41.900><c> the</c><00:15:42.740><c> fixed</c><00:15:43.040><c> price</c><00:15:45.820><c> next</c><00:15:48.160><c> CDP</c>

00:15:49.150 --> 00:15:49.160 align:start position:0%
like that the fixed price next CDP
 

00:15:49.160 --> 00:15:51.580 align:start position:0%
like that the fixed price next CDP
holders<00:15:49.610><c> will</c><00:15:50.360><c> be</c><00:15:50.390><c> able</c><00:15:50.630><c> to</c><00:15:50.720><c> free</c><00:15:51.110><c> their</c>

00:15:51.580 --> 00:15:51.590 align:start position:0%
holders will be able to free their
 

00:15:51.590 --> 00:15:56.860 align:start position:0%
holders will be able to free their
excess<00:15:52.040><c> path</c><00:15:52.610><c> so</c><00:15:53.600><c> if</c><00:15:53.900><c> I</c><00:15:54.470><c> put</c><00:15:54.740><c> 100</c><00:15:55.670><c> paths</c><00:15:55.970><c> $100</c>

00:15:56.860 --> 00:15:56.870 align:start position:0%
excess path so if I put 100 paths $100
 

00:15:56.870 --> 00:16:00.940 align:start position:0%
excess path so if I put 100 paths $100
worth<00:15:57.290><c> of</c><00:15:57.350><c> path</c><00:15:57.970><c> into</c><00:15:58.970><c> a</c><00:15:59.000><c> CDP</c><00:15:59.570><c> and</c><00:15:59.810><c> I</c><00:16:00.590><c> issued</c>

00:16:00.940 --> 00:16:00.950 align:start position:0%
worth of path into a CDP and I issued
 

00:16:00.950 --> 00:16:05.650 align:start position:0%
worth of path into a CDP and I issued
$80<00:16:01.880><c> worth</c><00:16:02.660><c> of</c><00:16:02.870><c> dye</c><00:16:03.080><c> against</c><00:16:03.890><c> it</c><00:16:04.040><c> and</c><00:16:04.570><c> then</c><00:16:05.570><c> the</c>

00:16:05.650 --> 00:16:05.660 align:start position:0%
$80 worth of dye against it and then the
 

00:16:05.660 --> 00:16:08.470 align:start position:0%
$80 worth of dye against it and then the
system<00:16:06.050><c> was</c><00:16:06.170><c> globally</c><00:16:06.590><c> settled</c><00:16:06.950><c> I</c><00:16:07.330><c> would</c><00:16:08.330><c> get</c>

00:16:08.470 --> 00:16:08.480 align:start position:0%
system was globally settled I would get
 

00:16:08.480 --> 00:16:11.380 align:start position:0%
system was globally settled I would get
my<00:16:08.600><c> $20</c><00:16:09.290><c> worth</c><00:16:09.500><c> of</c><00:16:09.590><c> pets</c><00:16:09.830><c> back</c><00:16:10.070><c> and</c><00:16:10.520><c> whoever</c><00:16:11.300><c> I</c>

00:16:11.380 --> 00:16:11.390 align:start position:0%
my $20 worth of pets back and whoever I
 

00:16:11.390 --> 00:16:14.170 align:start position:0%
my $20 worth of pets back and whoever I
gave<00:16:11.720><c> that</c><00:16:11.960><c> $80</c><00:16:12.470><c> worth</c><00:16:12.620><c> have</c><00:16:12.800><c> died</c><00:16:12.980><c> to</c><00:16:13.220><c> would</c>

00:16:14.170 --> 00:16:14.180 align:start position:0%
gave that $80 worth have died to would
 

00:16:14.180 --> 00:16:18.280 align:start position:0%
gave that $80 worth have died to would
get<00:16:14.330><c> the</c><00:16:14.480><c> other</c><00:16:14.690><c> $80</c><00:16:15.410><c> worth</c><00:16:15.530><c> of</c><00:16:15.650><c> eath</c><00:16:17.290><c> simple</c>

00:16:18.280 --> 00:16:18.290 align:start position:0%
get the other $80 worth of eath simple
 

00:16:18.290 --> 00:16:22.150 align:start position:0%
get the other $80 worth of eath simple
orderly<00:16:19.010><c> and</c><00:16:19.900><c> then</c><00:16:20.900><c> last</c><00:16:21.140><c> the</c><00:16:21.590><c> path</c><00:16:21.830><c> holders</c>

00:16:22.150 --> 00:16:22.160 align:start position:0%
orderly and then last the path holders
 

00:16:22.160 --> 00:16:25.920 align:start position:0%
orderly and then last the path holders
can<00:16:22.400><c> exit</c><00:16:22.820><c> to</c><00:16:22.940><c> eath</c><00:16:24.250><c> and</c><00:16:25.250><c> whatever</c><00:16:25.430><c> rate</c>

00:16:25.920 --> 00:16:25.930 align:start position:0%
can exit to eath and whatever rate
 

00:16:25.930 --> 00:16:28.510 align:start position:0%
can exit to eath and whatever rate
exists<00:16:26.930><c> for</c><00:16:27.200><c> path</c><00:16:27.380><c> at</c><00:16:27.620><c> that</c><00:16:27.830><c> time</c><00:16:28.040><c> have</c><00:16:28.460><c> a</c>

00:16:28.510 --> 00:16:28.520 align:start position:0%
exists for path at that time have a
 

00:16:28.520 --> 00:16:33.370 align:start position:0%
exists for path at that time have a
claim<00:16:28.850><c> power</c><00:16:29.150><c> it</c><00:16:29.690><c> has</c><00:16:31.210><c> there</c><00:16:32.210><c> are</c><00:16:32.300><c> only</c><00:16:32.480><c> three</c>

00:16:33.370 --> 00:16:33.380 align:start position:0%
claim power it has there are only three
 

00:16:33.380 --> 00:16:38.200 align:start position:0%
claim power it has there are only three
conditions<00:16:34.570><c> upon</c><00:16:35.570><c> which</c><00:16:36.490><c> the</c><00:16:37.490><c> system</c><00:16:37.700><c> will</c><00:16:38.000><c> be</c>

00:16:38.200 --> 00:16:38.210 align:start position:0%
conditions upon which the system will be
 

00:16:38.210 --> 00:16:42.310 align:start position:0%
conditions upon which the system will be
globally<00:16:38.840><c> settled</c><00:16:39.820><c> the</c><00:16:40.820><c> first</c><00:16:41.120><c> is</c><00:16:41.810><c> in</c><00:16:41.990><c> cases</c>

00:16:42.310 --> 00:16:42.320 align:start position:0%
globally settled the first is in cases
 

00:16:42.320 --> 00:16:46.660 align:start position:0%
globally settled the first is in cases
of<00:16:42.470><c> bugs</c><00:16:44.350><c> this</c><00:16:45.350><c> is</c><00:16:45.560><c> a</c><00:16:45.590><c> safety</c><00:16:46.040><c> precaution</c><00:16:46.220><c> you</c>

00:16:46.660 --> 00:16:46.670 align:start position:0%
of bugs this is a safety precaution you
 

00:16:46.670 --> 00:16:48.880 align:start position:0%
of bugs this is a safety precaution you
can<00:16:47.180><c> never</c><00:16:47.300><c> be</c><00:16:47.450><c> too</c><00:16:47.570><c> sure</c><00:16:47.600><c> until</c><00:16:48.440><c> the</c><00:16:48.680><c> system</c>

00:16:48.880 --> 00:16:48.890 align:start position:0%
can never be too sure until the system
 

00:16:48.890 --> 00:16:52.950 align:start position:0%
can never be too sure until the system
has<00:16:49.430><c> been</c><00:16:49.610><c> formally</c><00:16:50.000><c> proven</c><00:16:51.100><c> the</c><00:16:52.100><c> second</c><00:16:52.550><c> is</c>

00:16:52.950 --> 00:16:52.960 align:start position:0%
has been formally proven the second is
 

00:16:52.960 --> 00:16:55.870 align:start position:0%
has been formally proven the second is
extreme<00:16:53.960><c> events</c><00:16:54.380><c> of</c><00:16:54.530><c> market</c><00:16:55.040><c> irrationality</c>

00:16:55.870 --> 00:16:55.880 align:start position:0%
extreme events of market irrationality
 

00:16:55.880 --> 00:16:57.550 align:start position:0%
extreme events of market irrationality
we're<00:16:56.690><c> all</c><00:16:56.780><c> used</c><00:16:56.990><c> to</c><00:16:57.110><c> this</c><00:16:57.200><c> encrypted</c>

00:16:57.550 --> 00:16:57.560 align:start position:0%
we're all used to this encrypted
 

00:16:57.560 --> 00:17:00.900 align:start position:0%
we're all used to this encrypted
currencies<00:16:58.040><c> it's</c><00:16:58.790><c> something</c><00:16:59.270><c> that</c><00:16:59.540><c> we</c><00:17:00.380><c> are</c>

00:17:00.900 --> 00:17:00.910 align:start position:0%
currencies it's something that we are
 

00:17:00.910 --> 00:17:03.760 align:start position:0%
currencies it's something that we are
quite<00:17:01.910><c> certain</c><00:17:02.150><c> won't</c><00:17:02.570><c> be</c><00:17:02.720><c> happening</c><00:17:02.900><c> and</c><00:17:03.320><c> die</c>

00:17:03.760 --> 00:17:03.770 align:start position:0%
quite certain won't be happening and die
 

00:17:03.770 --> 00:17:06.370 align:start position:0%
quite certain won't be happening and die
both<00:17:04.220><c> of</c><00:17:04.370><c> these</c><00:17:04.459><c> things</c><00:17:04.730><c> bugs</c><00:17:05.690><c> and</c><00:17:05.990><c> market</c><00:17:06.320><c> of</c>

00:17:06.370 --> 00:17:06.380 align:start position:0%
both of these things bugs and market of
 

00:17:06.380 --> 00:17:07.840 align:start position:0%
both of these things bugs and market of
rationality<00:17:06.920><c> but</c><00:17:07.190><c> it's</c><00:17:07.490><c> something</c><00:17:07.670><c> that</c>

00:17:07.840 --> 00:17:07.850 align:start position:0%
rationality but it's something that
 

00:17:07.850 --> 00:17:10.840 align:start position:0%
rationality but it's something that
we're<00:17:07.970><c> prepared</c><00:17:08.330><c> to</c><00:17:08.660><c> handle</c><00:17:08.930><c> nonetheless</c><00:17:09.850><c> and</c>

00:17:10.840 --> 00:17:10.850 align:start position:0%
we're prepared to handle nonetheless and
 

00:17:10.850 --> 00:17:12.220 align:start position:0%
we're prepared to handle nonetheless and
by<00:17:10.970><c> market</c><00:17:11.300><c> of</c><00:17:11.390><c> rationality</c><00:17:11.900><c> I</c><00:17:11.930><c> mean</c>

00:17:12.220 --> 00:17:12.230 align:start position:0%
by market of rationality I mean
 

00:17:12.230 --> 00:17:14.500 align:start position:0%
by market of rationality I mean
something<00:17:12.620><c> like</c><00:17:12.650><c> an</c><00:17:13.070><c> unstoppable</c><00:17:13.760><c> amount</c><00:17:14.390><c> of</c>

00:17:14.500 --> 00:17:14.510 align:start position:0%
something like an unstoppable amount of
 

00:17:14.510 --> 00:17:16.480 align:start position:0%
something like an unstoppable amount of
demand<00:17:14.720><c> for</c><00:17:14.959><c> die</c><00:17:15.140><c> that</c><00:17:15.380><c> threatens</c><00:17:15.830><c> its</c><00:17:16.190><c> very</c>

00:17:16.480 --> 00:17:16.490 align:start position:0%
demand for die that threatens its very
 

00:17:16.490 --> 00:17:20.199 align:start position:0%
demand for die that threatens its very
stability<00:17:17.410><c> and</c><00:17:18.410><c> in</c><00:17:18.980><c> the</c><00:17:19.100><c> third</c><00:17:19.370><c> case</c><00:17:19.610><c> is</c><00:17:19.820><c> in</c>

00:17:20.199 --> 00:17:20.209 align:start position:0%
stability and in the third case is in
 

00:17:20.209 --> 00:17:22.960 align:start position:0%
stability and in the third case is in
terms<00:17:20.480><c> of</c><00:17:20.750><c> upgrade</c><00:17:21.260><c> or</c><00:17:21.680><c> in</c><00:17:21.950><c> cases</c><00:17:22.370><c> of</c><00:17:22.520><c> upgrade</c>

00:17:22.960 --> 00:17:22.970 align:start position:0%
terms of upgrade or in cases of upgrade
 

00:17:22.970 --> 00:17:25.000 align:start position:0%
terms of upgrade or in cases of upgrade
this<00:17:23.870><c> is</c><00:17:23.930><c> definitely</c><00:17:24.470><c> going</c><00:17:24.589><c> to</c><00:17:24.709><c> happen</c>

00:17:25.000 --> 00:17:25.010 align:start position:0%
this is definitely going to happen
 

00:17:25.010 --> 00:17:27.160 align:start position:0%
this is definitely going to happen
because<00:17:25.190><c> as</c><00:17:25.550><c> I</c><00:17:25.700><c> said</c><00:17:25.940><c> we</c><00:17:26.600><c> have</c><00:17:26.720><c> another</c>

00:17:27.160 --> 00:17:27.170 align:start position:0%
because as I said we have another
 

00:17:27.170 --> 00:17:29.260 align:start position:0%
because as I said we have another
release<00:17:27.530><c> of</c><00:17:27.709><c> die</c><00:17:27.920><c> coming</c><00:17:28.640><c> which</c><00:17:29.000><c> is</c><00:17:29.120><c> going</c><00:17:29.210><c> to</c>

00:17:29.260 --> 00:17:29.270 align:start position:0%
release of die coming which is going to
 

00:17:29.270 --> 00:17:31.360 align:start position:0%
release of die coming which is going to
have<00:17:29.420><c> more</c><00:17:29.930><c> important</c><00:17:30.530><c> stability</c><00:17:31.010><c> features</c>

00:17:31.360 --> 00:17:31.370 align:start position:0%
have more important stability features
 

00:17:31.370 --> 00:17:33.940 align:start position:0%
have more important stability features
and<00:17:31.730><c> this</c><00:17:32.240><c> will</c><00:17:32.390><c> be</c><00:17:32.480><c> an</c><00:17:32.570><c> orderly</c><00:17:33.140><c> way</c><00:17:33.170><c> to</c><00:17:33.800><c> go</c>

00:17:33.940 --> 00:17:33.950 align:start position:0%
and this will be an orderly way to go
 

00:17:33.950 --> 00:17:39.050 align:start position:0%
and this will be an orderly way to go
from<00:17:34.400><c> the</c><00:17:34.550><c> old</c><00:17:34.580><c> system</c><00:17:34.970><c> to</c><00:17:35.180><c> the</c><00:17:35.600><c> next</c><00:17:35.720><c> system</c>

00:17:39.050 --> 00:17:39.060 align:start position:0%
 
 

00:17:39.060 --> 00:17:44.840 align:start position:0%
 
so<00:17:40.760><c> what's</c><00:17:41.760><c> coming</c><00:17:42.210><c> next</c><00:17:42.390><c> a</c><00:17:43.430><c> lot</c><00:17:44.430><c> of</c><00:17:44.550><c> exciting</c>

00:17:44.840 --> 00:17:44.850 align:start position:0%
so what's coming next a lot of exciting
 

00:17:44.850 --> 00:17:47.150 align:start position:0%
so what's coming next a lot of exciting
things<00:17:45.020><c> we're</c><00:17:46.020><c> gonna</c><00:17:46.110><c> be</c><00:17:46.200><c> working</c><00:17:46.620><c> a</c><00:17:46.770><c> lot</c><00:17:46.950><c> on</c>

00:17:47.150 --> 00:17:47.160 align:start position:0%
things we're gonna be working a lot on
 

00:17:47.160 --> 00:17:50.390 align:start position:0%
things we're gonna be working a lot on
exchange<00:17:47.820><c> integrations</c><00:17:49.040><c> this</c><00:17:50.040><c> means</c><00:17:50.250><c> that</c>

00:17:50.390 --> 00:17:50.400 align:start position:0%
exchange integrations this means that
 

00:17:50.400 --> 00:17:53.240 align:start position:0%
exchange integrations this means that
you're<00:17:50.490><c> gonna</c><00:17:50.550><c> get</c><00:17:50.790><c> by</c><00:17:51.200><c> trading</c><00:17:52.200><c> pairs</c><00:17:52.500><c> is</c>

00:17:53.240 --> 00:17:53.250 align:start position:0%
you're gonna get by trading pairs is
 

00:17:53.250 --> 00:17:54.680 align:start position:0%
you're gonna get by trading pairs is
gonna<00:17:53.490><c> be</c><00:17:53.580><c> a</c><00:17:53.610><c> great</c><00:17:53.910><c> base</c><00:17:54.090><c> pair</c><00:17:54.360><c> to</c><00:17:54.510><c> trade</c>

00:17:54.680 --> 00:17:54.690 align:start position:0%
gonna be a great base pair to trade
 

00:17:54.690 --> 00:17:57.350 align:start position:0%
gonna be a great base pair to trade
against<00:17:54.930><c> and</c><00:17:55.380><c> we</c><00:17:56.040><c> hope</c><00:17:56.190><c> to</c><00:17:56.220><c> get</c><00:17:56.430><c> our</c><00:17:56.610><c> CDP</c>

00:17:57.350 --> 00:17:57.360 align:start position:0%
against and we hope to get our CDP
 

00:17:57.360 --> 00:18:01.460 align:start position:0%
against and we hope to get our CDP
system<00:17:58.580><c> integrated</c><00:17:59.580><c> into</c><00:17:59.850><c> exchanges</c><00:18:00.540><c> so</c><00:18:01.350><c> that</c>

00:18:01.460 --> 00:18:01.470 align:start position:0%
system integrated into exchanges so that
 

00:18:01.470 --> 00:18:03.920 align:start position:0%
system integrated into exchanges so that
you<00:18:01.530><c> get</c><00:18:01.650><c> safer</c><00:18:02.310><c> borrowing</c><00:18:02.880><c> with</c><00:18:03.240><c> much</c><00:18:03.600><c> lower</c>

00:18:03.920 --> 00:18:03.930 align:start position:0%
you get safer borrowing with much lower
 

00:18:03.930 --> 00:18:07.310 align:start position:0%
you get safer borrowing with much lower
rates<00:18:04.760><c> margin</c><00:18:05.760><c> trading</c><00:18:05.880><c> at</c><00:18:06.090><c> 1%</c><00:18:06.390><c> sounds</c>

00:18:07.310 --> 00:18:07.320 align:start position:0%
rates margin trading at 1% sounds
 

00:18:07.320 --> 00:18:10.820 align:start position:0%
rates margin trading at 1% sounds
awesome<00:18:08.450><c> the</c><00:18:09.450><c> last</c><00:18:09.810><c> feature</c><00:18:10.110><c> is</c><00:18:10.410><c> of</c><00:18:10.440><c> course</c>

00:18:10.820 --> 00:18:10.830 align:start position:0%
awesome the last feature is of course
 

00:18:10.830 --> 00:18:14.030 align:start position:0%
awesome the last feature is of course
the<00:18:11.670><c> last</c><00:18:12.440><c> aspect</c><00:18:13.440><c> there</c><00:18:13.680><c> going</c><00:18:13.830><c> up</c><00:18:13.890><c> we're</c>

00:18:14.030 --> 00:18:14.040 align:start position:0%
the last aspect there going up we're
 

00:18:14.040 --> 00:18:15.260 align:start position:0%
the last aspect there going up we're
going<00:18:14.130><c> to</c><00:18:14.190><c> be</c><00:18:14.280><c> working</c><00:18:14.460><c> on</c><00:18:14.610><c> is</c><00:18:14.790><c> of</c><00:18:14.910><c> course</c><00:18:15.090><c> the</c>

00:18:15.260 --> 00:18:15.270 align:start position:0%
going to be working on is of course the
 

00:18:15.270 --> 00:18:16.940 align:start position:0%
going to be working on is of course the
importance<00:18:15.750><c> ties</c><00:18:15.960><c> stability</c><00:18:16.530><c> features</c><00:18:16.800><c> I</c>

00:18:16.940 --> 00:18:16.950 align:start position:0%
importance ties stability features I
 

00:18:16.950 --> 00:18:18.830 align:start position:0%
importance ties stability features I
mentioned<00:18:17.250><c> a</c><00:18:17.310><c> few</c><00:18:17.490><c> here</c><00:18:17.820><c> there's</c><00:18:18.360><c> a</c><00:18:18.420><c> few</c><00:18:18.630><c> more</c>

00:18:18.830 --> 00:18:18.840 align:start position:0%
mentioned a few here there's a few more
 

00:18:18.840 --> 00:18:20.360 align:start position:0%
mentioned a few here there's a few more
that<00:18:18.960><c> I</c><00:18:19.020><c> can't</c><00:18:19.260><c> get</c><00:18:19.410><c> into</c><00:18:19.530><c> but</c><00:18:20.040><c> we're</c><00:18:20.130><c> gonna</c><00:18:20.220><c> be</c>

00:18:20.360 --> 00:18:20.370 align:start position:0%
that I can't get into but we're gonna be
 

00:18:20.370 --> 00:18:22.670 align:start position:0%
that I can't get into but we're gonna be
heads<00:18:20.670><c> down</c><00:18:21.000><c> over</c><00:18:21.510><c> the</c><00:18:21.600><c> next</c><00:18:21.780><c> quarter</c><00:18:22.020><c> working</c>

00:18:22.670 --> 00:18:22.680 align:start position:0%
heads down over the next quarter working
 

00:18:22.680 --> 00:18:24.410 align:start position:0%
heads down over the next quarter working
really<00:18:22.860><c> really</c><00:18:22.980><c> hard</c><00:18:23.190><c> to</c><00:18:23.790><c> get</c><00:18:23.910><c> the</c><00:18:24.030><c> next</c>

00:18:24.410 --> 00:18:24.420 align:start position:0%
really really hard to get the next
 

00:18:24.420 --> 00:18:25.850 align:start position:0%
really really hard to get the next
release<00:18:24.660><c> of</c><00:18:24.720><c> dye</c><00:18:25.020><c> out</c><00:18:25.290><c> there</c><00:18:25.530><c> which</c><00:18:25.650><c> is</c><00:18:25.740><c> gonna</c>

00:18:25.850 --> 00:18:25.860 align:start position:0%
release of dye out there which is gonna
 

00:18:25.860 --> 00:18:28.430 align:start position:0%
release of dye out there which is gonna
be<00:18:25.950><c> even</c><00:18:26.400><c> better</c><00:18:26.580><c> and</c><00:18:27.030><c> even</c><00:18:27.360><c> closer</c><00:18:27.900><c> to</c><00:18:28.230><c> ready</c>

00:18:28.430 --> 00:18:28.440 align:start position:0%
be even better and even closer to ready
 

00:18:28.440 --> 00:18:30.680 align:start position:0%
be even better and even closer to ready
to<00:18:28.950><c> the</c><00:18:29.130><c> to</c><00:18:29.520><c> the</c><00:18:29.610><c> final</c><00:18:30.000><c> formally</c><00:18:30.660><c> verified</c>

00:18:30.680 --> 00:18:30.690 align:start position:0%
to the to the final formally verified
 

00:18:30.690 --> 00:18:34.820 align:start position:0%
to the to the final formally verified
product<00:18:32.210><c> we</c><00:18:33.210><c> are</c><00:18:33.240><c> so</c><00:18:33.840><c> excited</c><00:18:34.560><c> that</c><00:18:34.590><c> we've</c>

00:18:34.820 --> 00:18:34.830 align:start position:0%
product we are so excited that we've
 

00:18:34.830 --> 00:18:36.980 align:start position:0%
product we are so excited that we've
been<00:18:34.950><c> working</c><00:18:35.250><c> for</c><00:18:35.430><c> so</c><00:18:35.760><c> long</c><00:18:36.120><c> on</c><00:18:36.450><c> dye</c>

00:18:36.980 --> 00:18:36.990 align:start position:0%
been working for so long on dye
 

00:18:36.990 --> 00:18:39.890 align:start position:0%
been working for so long on dye
we're<00:18:37.890><c> so</c><00:18:38.190><c> excited</c><00:18:38.520><c> to</c><00:18:38.730><c> deliver</c><00:18:39.150><c> a</c><00:18:39.420><c> working</c>

00:18:39.890 --> 00:18:39.900 align:start position:0%
we're so excited to deliver a working
 

00:18:39.900 --> 00:18:43.640 align:start position:0%
we're so excited to deliver a working
DAP<00:18:40.290><c> to</c><00:18:40.530><c> you</c><00:18:40.680><c> this</c><00:18:41.490><c> is</c><00:18:41.640><c> something</c><00:18:42.030><c> that</c><00:18:42.650><c> we're</c>

00:18:43.640 --> 00:18:43.650 align:start position:0%
DAP to you this is something that we're
 

00:18:43.650 --> 00:18:46.250 align:start position:0%
DAP to you this is something that we're
really<00:18:43.920><c> really</c><00:18:44.130><c> proud</c><00:18:44.370><c> to</c><00:18:44.490><c> put</c><00:18:44.760><c> out</c><00:18:44.910><c> there</c><00:18:45.260><c> and</c>

00:18:46.250 --> 00:18:46.260 align:start position:0%
really really proud to put out there and
 

00:18:46.260 --> 00:18:47.950 align:start position:0%
really really proud to put out there and
I<00:18:46.530><c> think</c><00:18:46.560><c> that</c><00:18:46.860><c> it's</c><00:18:46.980><c> going</c><00:18:47.130><c> to</c><00:18:47.280><c> like</c><00:18:47.790><c> I</c><00:18:47.880><c> said</c>

00:18:47.950 --> 00:18:47.960 align:start position:0%
I think that it's going to like I said
 

00:18:47.960 --> 00:18:50.660 align:start position:0%
I think that it's going to like I said
completely<00:18:48.960><c> change</c><00:18:49.320><c> the</c><00:18:50.100><c> landscape</c><00:18:50.370><c> of</c>

00:18:50.660 --> 00:18:50.670 align:start position:0%
completely change the landscape of
 

00:18:50.670 --> 00:18:52.640 align:start position:0%
completely change the landscape of
ethereum<00:18:51.120><c> getting</c><00:18:51.870><c> consumer-grade</c>

00:18:52.640 --> 00:18:52.650 align:start position:0%
ethereum getting consumer-grade
 

00:18:52.650 --> 00:18:55.610 align:start position:0%
ethereum getting consumer-grade
stability<00:18:53.340><c> if</c><00:18:54.180><c> you're</c><00:18:54.390><c> interested</c><00:18:54.870><c> in</c>

00:18:55.610 --> 00:18:55.620 align:start position:0%
stability if you're interested in
 

00:18:55.620 --> 00:18:58.090 align:start position:0%
stability if you're interested in
learning<00:18:55.830><c> more</c><00:18:56.010><c> please</c><00:18:56.400><c> visit</c><00:18:57.210><c> maker.com</c>

00:18:58.090 --> 00:18:58.100 align:start position:0%
learning more please visit maker.com
 

00:18:58.100 --> 00:19:00.530 align:start position:0%
learning more please visit maker.com
there's<00:18:59.100><c> a</c><00:18:59.130><c> lot</c><00:18:59.370><c> of</c><00:18:59.460><c> information</c><00:18:59.700><c> there</c><00:19:00.090><c> you</c>

00:19:00.530 --> 00:19:00.540 align:start position:0%
there's a lot of information there you
 

00:19:00.540 --> 00:19:04.310 align:start position:0%
there's a lot of information there you
can<00:19:00.660><c> join</c><00:19:00.780><c> our</c><00:19:00.840><c> chat</c><00:19:01.230><c> chat</c><00:19:02.190><c> maker.com</c><00:19:03.320><c> thank</c>

00:19:04.310 --> 00:19:04.320 align:start position:0%
can join our chat chat maker.com thank
 

00:19:04.320 --> 00:19:10.060 align:start position:0%
can join our chat chat maker.com thank
you<00:19:04.410><c> very</c><00:19:04.560><c> much</c>

00:19:10.060 --> 00:19:10.070 align:start position:0%
 
 

00:19:10.070 --> 00:19:17.650 align:start position:0%
 
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