WEBVTT Kind: captions Language: en 00:00:00.160 --> 00:00:03.670 align:start position:0% [Applause] 00:00:03.670 --> 00:00:03.680 align:start position:0% 00:00:03.680 --> 00:00:08.890 align:start position:0% so<00:00:04.680> I<00:00:05.420> wrote<00:00:06.420> this<00:00:06.629> book<00:00:07.470> with<00:00:07.680> Eric<00:00:07.919> Posner 00:00:08.890 --> 00:00:08.900 align:start position:0% so I wrote this book with Eric Posner 00:00:08.900 --> 00:00:13.330 align:start position:0% so I wrote this book with Eric Posner that<00:00:09.900> came<00:00:10.080> out<00:00:10.200> about<00:00:10.380> six<00:00:10.650> months<00:00:10.950> ago<00:00:11.099> and 00:00:13.330 --> 00:00:13.340 align:start position:0% that came out about six months ago and 00:00:13.340 --> 00:00:18.290 align:start position:0% that came out about six months ago and sort<00:00:14.340> of<00:00:14.400> surprisingly<00:00:16.310> maybe<00:00:17.310> a<00:00:17.400> majority<00:00:17.580> of 00:00:18.290 --> 00:00:18.300 align:start position:0% sort of surprisingly maybe a majority of 00:00:18.300 --> 00:00:20.179 align:start position:0% sort of surprisingly maybe a majority of all<00:00:18.480> the<00:00:18.660> interest<00:00:18.960> in<00:00:19.170> it<00:00:19.350> has<00:00:19.560> been<00:00:19.740> from<00:00:20.100> the 00:00:20.179 --> 00:00:20.189 align:start position:0% all the interest in it has been from the 00:00:20.189 --> 00:00:21.410 align:start position:0% all the interest in it has been from the blockchain<00:00:20.400> space<00:00:20.910> now<00:00:21.060> why<00:00:21.180> do<00:00:21.240> I<00:00:21.359> say 00:00:21.410 --> 00:00:21.420 align:start position:0% blockchain space now why do I say 00:00:21.420 --> 00:00:24.290 align:start position:0% blockchain space now why do I say surprisingly<00:00:22.170> at<00:00:22.320> least<00:00:22.500> to<00:00:22.650> me<00:00:22.939> the<00:00:23.939> book<00:00:24.180> I 00:00:24.290 --> 00:00:24.300 align:start position:0% surprisingly at least to me the book I 00:00:24.300 --> 00:00:26.089 align:start position:0% surprisingly at least to me the book I think<00:00:24.510> manages<00:00:24.990> the<00:00:25.109> mentions<00:00:25.980> the<00:00:26.070> word 00:00:26.089 --> 00:00:26.099 align:start position:0% think manages the mentions the word 00:00:26.099 --> 00:00:29.450 align:start position:0% think manages the mentions the word blockchain<00:00:26.849> once<00:00:27.710> and<00:00:28.710> it's<00:00:29.070> not<00:00:29.160> even<00:00:29.340> really 00:00:29.450 --> 00:00:29.460 align:start position:0% blockchain once and it's not even really 00:00:29.460 --> 00:00:31.700 align:start position:0% blockchain once and it's not even really a<00:00:29.550> book<00:00:29.730> about<00:00:29.849> technology<00:00:30.689> at<00:00:30.869> all<00:00:30.990> it<00:00:31.380> talks 00:00:31.700 --> 00:00:31.710 align:start position:0% a book about technology at all it talks 00:00:31.710 --> 00:00:33.560 align:start position:0% a book about technology at all it talks a<00:00:31.830> little<00:00:31.949> bit<00:00:32.099> about<00:00:32.340> technology<00:00:32.969> it's 00:00:33.560 --> 00:00:33.570 align:start position:0% a little bit about technology it's 00:00:33.570 --> 00:00:37.420 align:start position:0% a little bit about technology it's mostly<00:00:34.020> a<00:00:34.410> book<00:00:34.680> that<00:00:34.860> attempts<00:00:35.250> to<00:00:35.309> revive<00:00:36.090> a 00:00:37.420 --> 00:00:37.430 align:start position:0% mostly a book that attempts to revive a 00:00:37.430 --> 00:00:40.369 align:start position:0% mostly a book that attempts to revive a historical<00:00:38.480> political<00:00:39.480> philosophy<00:00:40.140> and 00:00:40.369 --> 00:00:40.379 align:start position:0% historical political philosophy and 00:00:40.379 --> 00:00:42.979 align:start position:0% historical political philosophy and update<00:00:41.280> it<00:00:41.460> with<00:00:41.850> new<00:00:42.270> insights<00:00:42.690> that<00:00:42.899> have 00:00:42.979 --> 00:00:42.989 align:start position:0% update it with new insights that have 00:00:42.989 --> 00:00:45.139 align:start position:0% update it with new insights that have come<00:00:43.200> out<00:00:43.350> of<00:00:43.379> economics<00:00:44.190> and<00:00:44.430> sociology<00:00:44.610> and 00:00:45.139 --> 00:00:45.149 align:start position:0% come out of economics and sociology and 00:00:45.149 --> 00:00:47.720 align:start position:0% come out of economics and sociology and so<00:00:45.480> forth<00:00:45.809> it's<00:00:46.739> a<00:00:46.800> political<00:00:47.190> philosophy 00:00:47.720 --> 00:00:47.730 align:start position:0% so forth it's a political philosophy 00:00:47.730 --> 00:00:49.520 align:start position:0% so forth it's a political philosophy that<00:00:47.879> Vitalik<00:00:48.420> and<00:00:48.570> I<00:00:48.629> are<00:00:48.899> increasingly 00:00:49.520 --> 00:00:49.530 align:start position:0% that Vitalik and I are increasingly 00:00:49.530 --> 00:00:52.639 align:start position:0% that Vitalik and I are increasingly calling<00:00:50.129> liberal<00:00:50.940> radicalism<00:00:51.539> and<00:00:51.870> so<00:00:52.559> the 00:00:52.639 --> 00:00:52.649 align:start position:0% calling liberal radicalism and so the 00:00:52.649 --> 00:00:54.590 align:start position:0% calling liberal radicalism and so the question<00:00:52.949> is<00:00:53.070> what<00:00:53.280> does<00:00:53.370> a<00:00:53.430> book<00:00:53.699> about<00:00:54.239> sort 00:00:54.590 --> 00:00:54.600 align:start position:0% question is what does a book about sort 00:00:54.600 --> 00:00:57.920 align:start position:0% question is what does a book about sort of<00:00:54.660> like<00:00:55.820> some<00:00:56.820> modernization<00:00:57.360> of<00:00:57.840> the 00:00:57.920 --> 00:00:57.930 align:start position:0% of like some modernization of the 00:00:57.930 --> 00:01:00.500 align:start position:0% of like some modernization of the history<00:00:58.289> of<00:00:58.379> political<00:00:58.590> philosophy<00:00:59.180> have<00:01:00.180> to 00:01:00.500 --> 00:01:00.510 align:start position:0% history of political philosophy have to 00:01:00.510 --> 00:01:04.100 align:start position:0% history of political philosophy have to do<00:01:00.719> with<00:01:01.820> blockchain<00:01:02.820> why<00:01:03.120> have<00:01:03.660> people<00:01:04.019> in 00:01:04.100 --> 00:01:04.110 align:start position:0% do with blockchain why have people in 00:01:04.110 --> 00:01:05.929 align:start position:0% do with blockchain why have people in this<00:01:04.229> space<00:01:04.379> gotten<00:01:05.070> interested<00:01:05.700> in<00:01:05.790> it 00:01:05.929 --> 00:01:05.939 align:start position:0% this space gotten interested in it 00:01:05.939 --> 00:01:07.700 align:start position:0% this space gotten interested in it that's<00:01:06.450> a<00:01:06.570> question<00:01:06.720> I<00:01:06.990> get<00:01:07.170> all<00:01:07.380> the<00:01:07.530> time 00:01:07.700 --> 00:01:07.710 align:start position:0% that's a question I get all the time 00:01:07.710 --> 00:01:09.920 align:start position:0% that's a question I get all the time actually<00:01:07.920> especially<00:01:08.400> from<00:01:09.180> people<00:01:09.450> outside 00:01:09.920 --> 00:01:09.930 align:start position:0% actually especially from people outside 00:01:09.930 --> 00:01:11.510 align:start position:0% actually especially from people outside of<00:01:09.990> the<00:01:10.260> blockchain<00:01:10.500> space<00:01:11.040> we<00:01:11.189> were<00:01:11.280> really 00:01:11.510 --> 00:01:11.520 align:start position:0% of the blockchain space we were really 00:01:11.520 --> 00:01:13.310 align:start position:0% of the blockchain space we were really puzzled<00:01:12.330> by<00:01:12.479> how<00:01:12.630> these<00:01:12.810> things<00:01:13.020> are<00:01:13.229> related 00:01:13.310 --> 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decentralization which is really the fundamental<00:01:23.549> principle<00:01:24.650> that<00:01:25.650> animates 00:01:26.390 --> 00:01:26.400 align:start position:0% fundamental principle that animates 00:01:26.400 --> 00:01:28.460 align:start position:0% fundamental principle that animates what's<00:01:27.180> going<00:01:27.450> on<00:01:27.600> in<00:01:27.720> the<00:01:27.810> blockchain<00:01:27.990> space 00:01:28.460 --> 00:01:28.470 align:start position:0% what's going on in the blockchain space 00:01:28.470 --> 00:01:32.780 align:start position:0% what's going on in the blockchain space is<00:01:28.770> not<00:01:29.070> in<00:01:29.400> fact<00:01:30.200> such<00:01:31.200> a<00:01:31.229> new<00:01:31.530> idea<00:01:32.040> in<00:01:32.340> fact 00:01:32.780 --> 00:01:32.790 align:start position:0% is not in fact such a new idea in fact 00:01:32.790 --> 00:01:37.090 align:start position:0% is not in fact such a new idea in fact decentralisation<00:01:33.740> while<00:01:34.740> it<00:01:35.220> is<00:01:35.579> a 00:01:37.090 --> 00:01:37.100 align:start position:0% decentralisation while it is a 00:01:37.100 --> 00:01:39.710 align:start position:0% decentralisation while it is a hot-button<00:01:38.100> word<00:01:38.460> in<00:01:38.790> technology<00:01:39.329> circles 00:01:39.710 --> 00:01:39.720 align:start position:0% hot-button word in technology circles 00:01:39.720 --> 00:01:43.160 align:start position:0% hot-button word in technology circles these<00:01:39.869> days<00:01:39.930> is<00:01:41.000> actually<00:01:42.000> just<00:01:42.600> another<00:01:42.780> way 00:01:43.160 --> 00:01:43.170 align:start position:0% these days is actually just another way 00:01:43.170 --> 00:01:47.870 align:start position:0% these days is actually just another way of<00:01:43.200> putting<00:01:44.479> probably<00:01:45.479> the<00:01:46.490> deepest<00:01:47.490> and<00:01:47.790> most 00:01:47.870 --> 00:01:47.880 align:start position:0% of putting probably the deepest and most 00:01:47.880 --> 00:01:52.899 align:start position:0% of putting probably the deepest and most persistent<00:01:49.220> attitude<00:01:50.220> in<00:01:50.990> the<00:01:51.990> politics<00:01:52.619> of 00:01:52.899 --> 00:01:52.909 align:start position:0% persistent attitude in the politics of 00:01:52.909 --> 00:01:55.670 align:start position:0% persistent attitude in the politics of developed<00:01:53.909> countries<00:01:54.450> for<00:01:54.479> the<00:01:54.840> last<00:01:55.020> 250 00:01:55.670 --> 00:01:55.680 align:start position:0% developed countries for the last 250 00:01:55.680 --> 00:01:59.990 align:start position:0% developed countries for the last 250 years<00:01:55.890> a<00:01:56.399> concept<00:01:57.210> called<00:01:57.600> liberalism<00:01:58.670> so<00:01:59.670> I 00:01:59.990 --> 00:02:00.000 align:start position:0% years a concept called liberalism so I 00:02:00.000 --> 00:02:03.130 align:start position:0% years a concept called liberalism so I would<00:02:00.450> define<00:02:00.780> liberalism<00:02:01.350> as<00:02:01.710> the<00:02:02.700> political 00:02:03.130 --> 00:02:03.140 align:start position:0% would define liberalism as the political 00:02:03.140 --> 00:02:08.559 align:start position:0% would define liberalism as the political tradition<00:02:04.430> that<00:02:05.430> is<00:02:05.880> opposed<00:02:06.360> to<00:02:07.369> centralized 00:02:08.559 --> 00:02:08.569 align:start position:0% tradition that is opposed to centralized 00:02:08.569 --> 00:02:11.300 align:start position:0% tradition that is opposed to centralized hierarchical<00:02:09.860> historically<00:02:10.860> derived 00:02:11.300 --> 00:02:11.310 align:start position:0% hierarchical historically derived 00:02:11.310 --> 00:02:13.490 align:start position:0% hierarchical historically derived arbitrary<00:02:12.270> Authority 00:02:13.490 --> 00:02:13.500 align:start position:0% arbitrary Authority 00:02:13.500 --> 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choose<00:02:26.310> to 00:02:26.540 --> 00:02:26.550 align:start position:0% different ways in which people choose to 00:02:26.550 --> 00:02:30.140 align:start position:0% different ways in which people choose to live<00:02:26.730> their<00:02:27.060> lives<00:02:27.270> and<00:02:27.950> to<00:02:28.950> define<00:02:29.520> what<00:02:30.060> it 00:02:30.140 --> 00:02:30.150 align:start position:0% live their lives and to define what it 00:02:30.150 --> 00:02:34.990 align:start position:0% live their lives and to define what it means<00:02:30.390> to<00:02:30.750> have<00:02:31.290> a<00:02:31.350> good<00:02:31.620> existence<00:02:32.490> and 00:02:34.990 --> 00:02:35.000 align:start position:0% 00:02:35.000 --> 00:02:38.480 align:start position:0% liberalism<00:02:36.000> is<00:02:36.480> the<00:02:37.320> basis<00:02:37.740> of<00:02:37.920> most<00:02:38.250> of<00:02:38.430> the 00:02:38.480 --> 00:02:38.490 align:start position:0% liberalism is the basis of most of the 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people<00:02:49.170> talk 00:02:49.400 --> 00:02:49.410 align:start position:0% democratic institutions people talk 00:02:49.410 --> 00:02:51.020 align:start position:0% democratic institutions people talk about<00:02:49.620> the<00:02:49.860> liberal<00:02:50.190> international<00:02:50.790> order 00:02:51.020 --> 00:02:51.030 align:start position:0% about the liberal international order 00:02:51.030 --> 00:02:52.610 align:start position:0% about the liberal international order that's<00:02:51.180> what<00:02:51.390> they're<00:02:51.510> talking<00:02:51.840> about<00:02:51.930> so<00:02:52.110> the 00:02:52.610 --> 00:02:52.620 align:start position:0% that's what they're talking about so the 00:02:52.620 --> 00:02:55.070 align:start position:0% that's what they're talking about so the principle<00:02:53.130> of<00:02:53.190> decentralization<00:02:53.940> far<00:02:54.750> from 00:02:55.070 --> 00:02:55.080 align:start position:0% principle of decentralization far from 00:02:55.080 --> 00:02:56.840 align:start position:0% principle of decentralization far from being<00:02:55.290> some<00:02:55.800> new<00:02:56.010> thing<00:02:56.220> associated<00:02:56.459> with<00:02:56.700> the 00:02:56.840 --> 00:02:56.850 align:start position:0% being some new thing associated with the 00:02:56.850 --> 00:03:01.760 align:start position:0% being some new thing associated with the blockchain<00:02:57.330> is<00:02:57.360> really<00:02:57.840> an<00:02:57.989> attempt<00:03:00.770> to 00:03:01.760 --> 00:03:01.770 align:start position:0% blockchain is really an attempt to 00:03:01.770 --> 00:03:05.750 align:start position:0% blockchain is really an attempt to maintain<00:03:03.110> this<00:03:04.110> cherished<00:03:04.920> political 00:03:05.750 --> 00:03:05.760 align:start position:0% maintain this cherished political 00:03:05.760 --> 00:03:07.970 align:start position:0% maintain this cherished political tradition<00:03:06.239> in<00:03:06.480> the<00:03:06.989> face<00:03:07.200> of<00:03:07.230> new 00:03:07.970 --> 00:03:07.980 align:start position:0% tradition in the face of new 00:03:07.980 --> 00:03:11.720 align:start position:0% tradition in the face of new technological<00:03:08.989> arrangements<00:03:09.989> now<00:03:10.730> the 00:03:11.720 --> 00:03:11.730 align:start position:0% technological arrangements now the 00:03:11.730 --> 00:03:14.060 align:start position:0% technological arrangements now the problem<00:03:12.330> that<00:03:12.840> liberalism<00:03:13.230> has<00:03:13.500> persistently 00:03:14.060 --> 00:03:14.070 align:start position:0% problem that liberalism has persistently 00:03:14.070 --> 00:03:16.160 align:start position:0% problem that liberalism has persistently faced<00:03:14.310> and<00:03:14.550> the<00:03:14.580> reason<00:03:15.030> why<00:03:15.600> it<00:03:15.660> needs<00:03:15.989> to<00:03:16.080> be 00:03:16.160 --> 00:03:16.170 align:start position:0% faced and the reason why it needs to be 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how<00:03:26.610> it's<00:03:26.790> been<00:03:26.940> instantiated<00:03:27.840> in 00:03:28.039 --> 00:03:28.049 align:start position:0% of how it's been instantiated in 00:03:28.049 --> 00:03:30.500 align:start position:0% of how it's been instantiated in institutions<00:03:28.830> traditionally<00:03:29.790> been<00:03:29.910> quite 00:03:30.500 --> 00:03:30.510 align:start position:0% institutions traditionally been quite 00:03:30.510 --> 00:03:33.979 align:start position:0% institutions traditionally been quite naive<00:03:31.190> it's<00:03:32.190> ignored<00:03:32.790> some<00:03:33.239> fundamental 00:03:33.979 --> 00:03:33.989 align:start position:0% naive it's ignored some fundamental 00:03:33.989 --> 00:03:38.300 align:start position:0% naive it's ignored some fundamental features<00:03:34.500> of<00:03:34.530> social<00:03:35.430> life<00:03:36.260> which<00:03:37.280> make<00:03:38.280> it 00:03:38.300 --> 00:03:38.310 align:start position:0% features of social life which make it 00:03:38.310 --> 00:03:42.770 align:start position:0% features of social life which make it operate<00:03:39.060> in<00:03:40.250> ways<00:03:41.250> that<00:03:41.670> might<00:03:41.880> go<00:03:42.329> contrary 00:03:42.770 --> 00:03:42.780 align:start position:0% operate in ways that might go contrary 00:03:42.780 --> 00:03:46.250 align:start position:0% operate in ways that might go contrary to<00:03:43.440> its<00:03:43.620> original<00:03:44.010> intention<00:03:44.310> so<00:03:45.260> liberalism 00:03:46.250 --> 00:03:46.260 align:start position:0% to its original intention so liberalism 00:03:46.260 --> 00:03:48.380 align:start position:0% to its original intention so liberalism has<00:03:46.470> this<00:03:46.769> sort<00:03:47.010> of<00:03:47.390> individualistic 00:03:48.380 --> 00:03:48.390 align:start position:0% has this sort of individualistic 00:03:48.390 --> 00:03:50.750 align:start position:0% has this sort of individualistic character<00:03:48.840> and<00:03:49.079> yet<00:03:49.470> almost<00:03:49.709> all<00:03:50.130> of<00:03:50.190> human 00:03:50.750 --> 00:03:50.760 align:start position:0% character and yet almost all of human 00:03:50.760 --> 00:03:53.449 align:start position:0% character and yet almost all of human life<00:03:51.060> all<00:03:51.390> civilization<00:03:52.380> is<00:03:52.620> built<00:03:53.190> around 00:03:53.449 --> 00:03:53.459 align:start position:0% life all civilization is built around 00:03:53.459 --> 00:03:54.830 align:start position:0% life all civilization is built around the<00:03:53.730> notion<00:03:53.880> that<00:03:54.150> people<00:03:54.299> can<00:03:54.570> accomplish 00:03:54.830 --> 00:03:54.840 align:start position:0% the notion that people can accomplish 00:03:54.840 --> 00:03:56.330 align:start position:0% the notion that people can accomplish more<00:03:55.230> together<00:03:55.590> than<00:03:55.860> they<00:03:55.950> can<00:03:56.010> accomplish 00:03:56.330 --> 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some 00:04:04.049 --> 00:04:05.780 align:start position:0% tried to deal with this by having some sort<00:04:04.230> of<00:04:04.320> democratic<00:04:04.890> institutions<00:04:05.549> that 00:04:05.780 --> 00:04:05.790 align:start position:0% sort of democratic institutions that 00:04:05.790 --> 00:04:09.590 align:start position:0% sort of democratic institutions that capture<00:04:06.540> aspects<00:04:06.989> of<00:04:07.170> that<00:04:07.320> and<00:04:07.590> yet<00:04:08.600> the 00:04:09.590 --> 00:04:09.600 align:start position:0% capture aspects of that and yet the 00:04:09.600 --> 00:04:11.870 align:start position:0% capture aspects of that and yet the problem<00:04:09.959> is<00:04:10.230> that<00:04:10.560> there<00:04:11.070> are<00:04:11.190> minorities<00:04:11.730> in 00:04:11.870 --> 00:04:11.880 align:start position:0% problem is that there are minorities in 00:04:11.880 --> 00:04:14.479 align:start position:0% problem is that there are minorities in most<00:04:12.090> societies<00:04:12.480> often<00:04:13.489> persistent 00:04:14.479 --> 00:04:14.489 align:start position:0% most societies often persistent 00:04:14.489 --> 00:04:16.909 align:start position:0% most societies often persistent minorities<00:04:15.000> and<00:04:15.350> democracy<00:04:16.350> may<00:04:16.470> not<00:04:16.650> deal 00:04:16.909 --> 00:04:16.919 align:start position:0% minorities and democracy may not deal 00:04:16.919 --> 00:04:20.090 align:start position:0% minorities and democracy may not deal with<00:04:17.040> so<00:04:17.250> well<00:04:17.430> with<00:04:17.609> those<00:04:17.959> a<00:04:19.100> fundamental 00:04:20.090 --> 00:04:20.100 align:start position:0% with so well with those a fundamental 00:04:20.100 --> 00:04:22.070 align:start position:0% with so well with those a fundamental liberal<00:04:20.340> institution<00:04:20.880> is<00:04:21.090> capitalism<00:04:21.750> and 00:04:22.070 --> 00:04:22.080 align:start position:0% liberal institution is capitalism and 00:04:22.080 --> 00:04:23.750 align:start position:0% liberal institution is capitalism and the<00:04:22.169> private<00:04:22.470> ownership<00:04:22.710> of<00:04:22.950> property<00:04:23.160> and 00:04:23.750 --> 00:04:23.760 align:start position:0% the private ownership of property and 00:04:23.760 --> 00:04:27.200 align:start position:0% the private ownership of property and yet<00:04:24.680> those<00:04:25.680> things<00:04:26.070> work<00:04:26.400> well 00:04:27.200 --> 00:04:27.210 align:start position:0% yet those things work well 00:04:27.210 --> 00:04:29.870 align:start position:0% yet those things work well according<00:04:27.449> to<00:04:27.479> economic<00:04:28.050> theory<00:04:28.319> only<00:04:29.250> if 00:04:29.870 --> 00:04:29.880 align:start position:0% according to economic theory only if 00:04:29.880 --> 00:04:31.159 align:start position:0% according to economic theory only if there's<00:04:30.509> what's<00:04:30.720> called<00:04:30.780> perfect 00:04:31.159 --> 00:04:31.169 align:start position:0% there's what's called perfect 00:04:31.169 --> 00:04:33.800 align:start position:0% there's what's called perfect competition<00:04:31.949> if<00:04:32.160> there's<00:04:32.490> lots<00:04:33.120> of<00:04:33.419> similar 00:04:33.800 --> 00:04:33.810 align:start position:0% competition if there's lots of similar 00:04:33.810 --> 00:04:36.350 align:start position:0% competition if there's lots of similar things<00:04:34.080> and<00:04:34.289> yet<00:04:34.410> most<00:04:34.889> assets<00:04:35.639> most<00:04:35.849> property 00:04:36.350 --> 00:04:36.360 align:start position:0% things and yet most assets most property 00:04:36.360 --> 00:04:39.770 align:start position:0% things and yet most assets most property are<00:04:36.569> not<00:04:36.830> identical<00:04:37.830> to<00:04:38.039> other<00:04:38.190> things<00:04:38.780> each 00:04:39.770 --> 00:04:39.780 align:start position:0% are not identical to other things each 00:04:39.780 --> 00:04:41.689 align:start position:0% are not identical to other things each house<00:04:40.110> each<00:04:40.349> flawed<00:04:40.650> of<00:04:40.800> land<00:04:41.039> is<00:04:41.250> in<00:04:41.340> a<00:04:41.400> unique 00:04:41.689 --> 00:04:41.699 align:start position:0% house each flawed of land is in a unique 00:04:41.699 --> 00:04:43.219 align:start position:0% house each flawed of land is in a unique place<00:04:41.940> and<00:04:42.240> a<00:04:42.300> unique<00:04:42.569> relationship<00:04:42.750> to 00:04:43.219 --> 00:04:43.229 align:start position:0% place and a unique relationship to 00:04:43.229 --> 00:04:47.960 align:start position:0% place and a unique relationship to things<00:04:43.380> around<00:04:43.530> it<00:04:45.440> liberalism<00:04:46.440> is<00:04:46.919> based<00:04:47.639> on 00:04:47.960 --> 00:04:47.970 align:start position:0% things around it liberalism is based on 00:04:47.970 --> 00:04:50.960 align:start position:0% things around it liberalism is based on some<00:04:48.870> way<00:04:49.380> in<00:04:49.530> which<00:04:49.560> we<00:04:50.009> communicate<00:04:50.520> with 00:04:50.960 --> 00:04:50.970 align:start position:0% some way in which we communicate with 00:04:50.970 --> 00:04:52.400 align:start position:0% some way in which we communicate with each<00:04:51.030> other<00:04:51.300> and<00:04:51.599> have<00:04:51.720> some<00:04:51.960> common 00:04:52.400 --> 00:04:52.410 align:start position:0% each other and have some common 00:04:52.410 --> 00:04:54.980 align:start position:0% each other and have some common political<00:04:52.919> culture<00:04:53.310> and<00:04:53.520> yet<00:04:54.150> those<00:04:54.539> common 00:04:54.980 --> 00:04:54.990 align:start position:0% political culture and yet those common 00:04:54.990 --> 00:04:56.570 align:start position:0% political culture and yet those common political<00:04:55.169> cultures<00:04:55.830> can<00:04:55.979> be<00:04:56.039> a<00:04:56.160> source<00:04:56.400> of 00:04:56.570 --> 00:04:56.580 align:start position:0% political cultures can be a source of 00:04:56.580 --> 00:04:59.240 align:start position:0% political cultures can be a source of oppression<00:04:57.319> there's<00:04:58.319> a<00:04:58.380> story<00:04:58.800> from<00:04:59.039> la 00:04:59.240 --> 00:04:59.250 align:start position:0% oppression there's a story from la 00:04:59.250 --> 00:05:03.080 align:start position:0% oppression there's a story from la petite<00:04:59.580> prawns<00:04:59.910> a<00:05:00.180> famous<00:05:01.020> book<00:05:01.710> by<00:05:02.090> antoine 00:05:03.080 --> 00:05:03.090 align:start position:0% petite prawns a famous book by antoine 00:05:03.090 --> 00:05:07.279 align:start position:0% petite prawns a famous book by antoine sun<00:05:04.610> exuberant<00:05:05.610> and<00:05:06.360> presents<00:05:06.599> basically<00:05:07.139> the 00:05:07.279 --> 00:05:07.289 align:start position:0% sun exuberant and presents basically the 00:05:07.289 --> 00:05:09.529 align:start position:0% sun exuberant and presents basically the theory<00:05:07.710> of<00:05:07.800> general<00:05:07.860> relativity<00:05:08.190> in<00:05:08.970> his 00:05:09.529 --> 00:05:09.539 align:start position:0% theory of general relativity in his 00:05:09.539 --> 00:05:12.770 align:start position:0% theory of general relativity in his turkish<00:05:09.960> fez<00:05:10.289> and<00:05:11.150> he<00:05:12.150> gets<00:05:12.300> laughed<00:05:12.509> off<00:05:12.750> the 00:05:12.770 --> 00:05:12.780 align:start position:0% turkish fez and he gets laughed off the 00:05:12.780 --> 00:05:14.420 align:start position:0% turkish fez and he gets laughed off the stage<00:05:12.930> and<00:05:13.410> then<00:05:13.530> comes<00:05:13.770> back<00:05:13.860> and<00:05:14.039> presents 00:05:14.420 --> 00:05:14.430 align:start position:0% stage and then comes back and presents 00:05:14.430 --> 00:05:16.879 align:start position:0% stage and then comes back and presents it<00:05:14.610> with<00:05:14.729> a<00:05:14.759> suit<00:05:15.030> on<00:05:15.210> and<00:05:15.560> everyone<00:05:16.560> you<00:05:16.860> know 00:05:16.879 --> 00:05:16.889 align:start position:0% it with a suit on and everyone you know 00:05:16.889 --> 00:05:18.140 align:start position:0% it with a suit on and everyone you know applauds<00:05:17.250> the<00:05:17.400> minions<00:05:17.699> of<00:05:17.820> winning<00:05:18.060> the 00:05:18.140 --> 00:05:18.150 align:start position:0% applauds the minions of winning the 00:05:18.150 --> 00:05:20.629 align:start position:0% applauds the minions of winning the nobel<00:05:18.419> prize<00:05:18.570> so<00:05:19.320> just<00:05:19.919> the<00:05:20.130> ways<00:05:20.250> in<00:05:20.400> which<00:05:20.430> we 00:05:20.629 --> 00:05:20.639 align:start position:0% nobel prize so just the ways in which we 00:05:20.639 --> 00:05:21.950 align:start position:0% nobel prize so just the ways in which we communicate<00:05:20.820> the<00:05:21.210> ways<00:05:21.360> in<00:05:21.479> which<00:05:21.570> we<00:05:21.720> try<00:05:21.900> to 00:05:21.950 --> 00:05:21.960 align:start position:0% communicate the ways in which we try to 00:05:21.960 --> 00:05:24.219 align:start position:0% communicate the ways in which we try to make<00:05:22.169> meaning<00:05:22.830> together<00:05:23.130> can<00:05:23.430> be<00:05:23.580> sources<00:05:24.000> of 00:05:24.219 --> 00:05:24.229 align:start position:0% make meaning together can be sources of 00:05:24.229 --> 00:05:29.300 align:start position:0% make meaning together can be sources of illiberal<00:05:25.229> oppression<00:05:25.949> and<00:05:27.680> capital<00:05:28.680> tends 00:05:29.300 --> 00:05:29.310 align:start position:0% illiberal oppression and capital tends 00:05:29.310 --> 00:05:31.640 align:start position:0% illiberal oppression and capital tends to<00:05:29.460> be<00:05:29.550> far<00:05:29.849> more<00:05:30.020> concentrated<00:05:31.020> than 00:05:31.640 --> 00:05:31.650 align:start position:0% to be far more concentrated than 00:05:31.650 --> 00:05:34.100 align:start position:0% to be far more concentrated than laborers<00:05:32.460> so<00:05:33.180> there's<00:05:33.360> a<00:05:33.419> natural<00:05:33.630> tendency 00:05:34.100 --> 00:05:34.110 align:start position:0% laborers so there's a natural tendency 00:05:34.110 --> 00:05:38.120 align:start position:0% laborers so there's a natural tendency for<00:05:35.009> capital<00:05:35.820> to<00:05:36.270> be<00:05:36.449> a<00:05:36.919> source<00:05:37.919> of 00:05:38.120 --> 00:05:38.130 align:start position:0% for capital to be a source of 00:05:38.130 --> 00:05:40.550 align:start position:0% for capital to be a source of concentrated<00:05:38.970> power<00:05:39.150> if<00:05:39.509> you<00:05:39.870> don't<00:05:40.259> find 00:05:40.550 --> 00:05:40.560 align:start position:0% concentrated power if you don't find 00:05:40.560 --> 00:05:42.920 align:start position:0% concentrated power if you don't find some<00:05:40.830> way<00:05:40.860> to<00:05:41.039> restrain<00:05:41.490> it<00:05:41.550> and<00:05:41.909> this<00:05:42.719> is 00:05:42.920 --> 00:05:42.930 align:start position:0% some way to restrain it and this is 00:05:42.930 --> 00:05:46.010 align:start position:0% some way to restrain it and this is meant<00:05:43.430> all<00:05:44.430> of<00:05:44.759> these<00:05:44.909> issues<00:05:45.810> which<00:05:45.990> you 00:05:46.010 --> 00:05:46.020 align:start position:0% meant all of these issues which you 00:05:46.020 --> 00:05:47.540 align:start position:0% meant all of these issues which you could<00:05:46.229> call<00:05:46.259> radical<00:05:46.680> critiques<00:05:47.340> of 00:05:47.540 --> 00:05:47.550 align:start position:0% could call radical critiques of 00:05:47.550 --> 00:05:49.850 align:start position:0% could call radical critiques of liberalism<00:05:47.940> have<00:05:48.509> men<00:05:48.780> that<00:05:49.289> liberal 00:05:49.850 --> 00:05:49.860 align:start position:0% liberalism have men that liberal 00:05:49.860 --> 00:05:52.399 align:start position:0% liberalism have men that liberal institutions<00:05:50.729> that<00:05:51.570> have<00:05:51.810> actually<00:05:52.380> been 00:05:52.399 --> 00:05:52.409 align:start position:0% institutions that have actually been 00:05:52.409 --> 00:05:55.219 align:start position:0% institutions that have actually been built<00:05:52.800> have<00:05:53.400> ended<00:05:53.820> up<00:05:54.229> ironically 00:05:55.219 --> 00:05:55.229 align:start position:0% built have ended up ironically 00:05:55.229 --> 00:05:57.920 align:start position:0% built have ended up ironically undermining<00:05:56.099> themselves<00:05:56.820> that<00:05:57.360> attempts<00:05:57.780> to 00:05:57.920 --> 00:05:57.930 align:start position:0% undermining themselves that attempts to 00:05:57.930 --> 00:06:00.350 align:start position:0% undermining themselves that attempts to create<00:05:58.340> decentralization<00:05:59.340> have<00:05:59.940> actually 00:06:00.350 --> 00:06:00.360 align:start position:0% create decentralization have actually 00:06:00.360 --> 00:06:03.050 align:start position:0% create decentralization have actually led<00:06:00.570> to<00:06:00.810> more<00:06:01.259> centralization<00:06:02.009> this<00:06:02.940> has 00:06:03.050 --> 00:06:03.060 align:start position:0% led to more centralization this has 00:06:03.060 --> 00:06:05.209 align:start position:0% led to more centralization this has happened<00:06:03.210> over<00:06:03.509> and<00:06:03.750> over<00:06:03.960> again<00:06:04.050> and<00:06:04.349> if<00:06:04.949> you 00:06:05.209 --> 00:06:05.219 align:start position:0% happened over and over again and if you 00:06:05.219 --> 00:06:06.469 align:start position:0% happened over and over again and if you look<00:06:05.400> at<00:06:05.550> the<00:06:05.639> rhetoric<00:06:06.000> around<00:06:06.150> the<00:06:06.360> early 00:06:06.469 --> 00:06:06.479 align:start position:0% look at the rhetoric around the early 00:06:06.479 --> 00:06:08.620 align:start position:0% look at the rhetoric around the early internet<00:06:07.020> it's<00:06:07.199> a<00:06:07.289> perfect<00:06:07.680> example<00:06:07.830> of<00:06:08.340> this 00:06:08.620 --> 00:06:08.630 align:start position:0% internet it's a perfect example of this 00:06:08.630 --> 00:06:13.159 align:start position:0% internet it's a perfect example of this so<00:06:09.630> when<00:06:10.020> we<00:06:10.169> try<00:06:10.500> to<00:06:10.759> treat<00:06:11.960> individuals<00:06:12.960> as 00:06:13.159 --> 00:06:13.169 align:start position:0% so when we try to treat individuals as 00:06:13.169 --> 00:06:15.320 align:start position:0% so when we try to treat individuals as if<00:06:13.680> they<00:06:13.800> can<00:06:13.979> just<00:06:14.250> on<00:06:14.430> their<00:06:14.880> own<00:06:15.030> in<00:06:15.240> an 00:06:15.320 --> 00:06:15.330 align:start position:0% if they can just on their own in an 00:06:15.330 --> 00:06:18.920 align:start position:0% if they can just on their own in an isolated<00:06:15.810> way<00:06:16.490> in<00:06:17.490> a<00:06:17.669> trustless<00:06:18.389> way<00:06:18.630> you 00:06:18.920 --> 00:06:18.930 align:start position:0% isolated way in a trustless way you 00:06:18.930 --> 00:06:22.159 align:start position:0% isolated way in a trustless way you might<00:06:19.139> say<00:06:19.520> govern<00:06:20.520> their<00:06:20.789> affairs<00:06:21.150> you<00:06:21.960> end 00:06:22.159 --> 00:06:22.169 align:start position:0% might say govern their affairs you end 00:06:22.169 --> 00:06:24.230 align:start position:0% might say govern their affairs you end up<00:06:22.349> getting<00:06:22.530> concentrated<00:06:23.130> powers<00:06:23.789> taking 00:06:24.230 --> 00:06:24.240 align:start position:0% up getting concentrated powers taking 00:06:24.240 --> 00:06:26.330 align:start position:0% up getting concentrated powers taking over<00:06:24.479> things<00:06:24.690> and<00:06:25.020> without<00:06:25.710> some<00:06:26.039> form<00:06:26.250> of 00:06:26.330 --> 00:06:26.340 align:start position:0% over things and without some form of 00:06:26.340 --> 00:06:28.249 align:start position:0% over things and without some form of collective<00:06:26.580> organization<00:06:27.360> individuals 00:06:28.249 --> 00:06:28.259 align:start position:0% collective organization individuals 00:06:28.259 --> 00:06:31.659 align:start position:0% collective organization individuals can't<00:06:28.500> oppose<00:06:29.000> those<00:06:30.000> concentrated<00:06:30.750> powers 00:06:31.659 --> 00:06:31.669 align:start position:0% can't oppose those concentrated powers 00:06:31.669 --> 00:06:34.909 align:start position:0% can't oppose those concentrated powers democracy<00:06:32.669> tries<00:06:33.479> to<00:06:33.630> be<00:06:33.750> liberal<00:06:33.990> and<00:06:34.320> yet<00:06:34.830> it 00:06:34.909 --> 00:06:34.919 align:start position:0% democracy tries to be liberal and yet it 00:06:34.919 --> 00:06:36.920 align:start position:0% democracy tries to be liberal and yet it can<00:06:35.159> lead<00:06:35.400> to<00:06:35.430> the<00:06:35.729> oppression<00:06:36.180> of<00:06:36.210> minorities 00:06:36.920 --> 00:06:36.930 align:start position:0% can lead to the oppression of minorities 00:06:36.930 --> 00:06:40.640 align:start position:0% can lead to the oppression of minorities by<00:06:37.139> the<00:06:37.560> majority<00:06:38.360> property<00:06:39.469> tries<00:06:40.469> to 00:06:40.640 --> 00:06:40.650 align:start position:0% by the majority property tries to 00:06:40.650 --> 00:06:41.210 align:start position:0% by the majority property tries to protect<00:06:40.979> a 00:06:41.210 --> 00:06:41.220 align:start position:0% protect a 00:06:41.220 --> 00:06:44.140 align:start position:0% protect a space<00:06:41.430> for<00:06:41.730> the<00:06:41.790> individual<00:06:42.390> and<00:06:42.690> yet<00:06:43.350> because 00:06:44.140 --> 00:06:44.150 align:start position:0% space for the individual and yet because 00:06:44.150 --> 00:06:46.880 align:start position:0% space for the individual and yet because property<00:06:45.150> is<00:06:45.270> not<00:06:45.510> perfectly<00:06:46.140> competitively 00:06:46.880 --> 00:06:46.890 align:start position:0% property is not perfectly competitively 00:06:46.890 --> 00:06:50.030 align:start position:0% property is not perfectly competitively used<00:06:47.720> it<00:06:48.720> can<00:06:48.960> end<00:06:49.080> up<00:06:49.140> creating<00:06:49.350> monopolies 00:06:50.030 --> 00:06:50.040 align:start position:0% used it can end up creating monopolies 00:06:50.040 --> 00:06:52.460 align:start position:0% used it can end up creating monopolies and<00:06:50.070> concentrations<00:06:51.060> of<00:06:51.240> power<00:06:51.450> that<00:06:52.320> are 00:06:52.460 --> 00:06:52.470 align:start position:0% and concentrations of power that are 00:06:52.470 --> 00:06:56.120 align:start position:0% and concentrations of power that are sources<00:06:52.830> of<00:06:52.860> oppression<00:06:53.930> and<00:06:54.930> we<00:06:55.650> can<00:06:55.860> end 00:06:56.120 --> 00:06:56.130 align:start position:0% sources of oppression and we can end 00:06:56.130 --> 00:06:58.280 align:start position:0% sources of oppression and we can end slavery<00:06:56.760> and<00:06:57.150> institutions<00:06:57.720> like<00:06:57.780> that<00:06:58.080> and 00:06:58.280 --> 00:06:58.290 align:start position:0% slavery and institutions like that and 00:06:58.290 --> 00:07:00.560 align:start position:0% slavery and institutions like that and yet<00:06:58.710> find<00:06:59.040> that<00:06:59.520> the<00:06:59.670> concentrated<00:07:00.300> power<00:07:00.480> of 00:07:00.560 --> 00:07:00.570 align:start position:0% yet find that the concentrated power of 00:07:00.570 --> 00:07:02.990 align:start position:0% yet find that the concentrated power of capital<00:07:00.900> creates<00:07:01.710> wage<00:07:01.980> slavery<00:07:02.430> in<00:07:02.820> its 00:07:02.990 --> 00:07:03.000 align:start position:0% capital creates wage slavery in its 00:07:03.000 --> 00:07:07.280 align:start position:0% capital creates wage slavery in its place<00:07:03.620> so<00:07:04.620> liberal<00:07:05.610> radicalism<00:07:06.420> is<00:07:06.780> a 00:07:07.280 --> 00:07:07.290 align:start position:0% place so liberal radicalism is a 00:07:07.290 --> 00:07:09.650 align:start position:0% place so liberal radicalism is a tradition<00:07:08.010> as<00:07:08.240> opposed<00:07:09.240> to<00:07:09.390> what<00:07:09.540> I<00:07:09.570> would 00:07:09.650 --> 00:07:09.660 align:start position:0% tradition as opposed to what I would 00:07:09.660 --> 00:07:13.720 align:start position:0% tradition as opposed to what I would call<00:07:10.310> isolated<00:07:11.310> liberalism<00:07:11.760> or 00:07:13.720 --> 00:07:13.730 align:start position:0% call isolated liberalism or 00:07:13.730 --> 00:07:17.390 align:start position:0% call isolated liberalism or individualistic<00:07:14.730> liberalism<00:07:16.070> that<00:07:17.070> tries<00:07:17.370> to 00:07:17.390 --> 00:07:17.400 align:start position:0% individualistic liberalism that tries to 00:07:17.400 --> 00:07:21.170 align:start position:0% individualistic liberalism that tries to not<00:07:18.180> just<00:07:18.830> not<00:07:19.830> forget<00:07:20.700> about<00:07:20.850> these 00:07:21.170 --> 00:07:21.180 align:start position:0% not just not forget about these 00:07:21.180 --> 00:07:23.750 align:start position:0% not just not forget about these challenges<00:07:21.840> but<00:07:22.290> to<00:07:22.380> say<00:07:22.530> look<00:07:22.800> if<00:07:22.950> we<00:07:23.310> want<00:07:23.550> to 00:07:23.750 --> 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world 00:07:30.150 --> 00:07:32.230 align:start position:0% to solve this is the way that the world actually<00:07:30.660> works<00:07:30.930> and<00:07:31.200> we<00:07:31.680> need<00:07:31.830> to<00:07:31.950> design 00:07:32.230 --> 00:07:32.240 align:start position:0% actually works and we need to design 00:07:32.240 --> 00:07:34.880 align:start position:0% actually works and we need to design institutions<00:07:33.240> that<00:07:33.930> are<00:07:34.050> non<00:07:34.260> hierarchical 00:07:34.880 --> 00:07:34.890 align:start position:0% institutions that are non hierarchical 00:07:34.890 --> 00:07:38.000 align:start position:0% institutions that are non hierarchical that<00:07:35.160> are<00:07:35.280> decentralized<00:07:35.700> that<00:07:36.120> are<00:07:36.210> open<00:07:37.010> but 00:07:38.000 --> 00:07:38.010 align:start position:0% that are decentralized that are open but 00:07:38.010 --> 00:07:39.980 align:start position:0% that are decentralized that are open but they<00:07:38.130> take<00:07:38.370> into<00:07:38.700> account<00:07:39.000> the<00:07:39.240> economic<00:07:39.390> and 00:07:39.980 --> 00:07:39.990 align:start position:0% they take into account the economic and 00:07:39.990 --> 00:07:41.840 align:start position:0% they take into account the economic and social<00:07:40.020> dynamics<00:07:40.500> that<00:07:40.919> they<00:07:41.130> will<00:07:41.250> create<00:07:41.460> in 00:07:41.840 --> 00:07:41.850 align:start position:0% social dynamics that they will create in 00:07:41.850 --> 00:07:43.940 align:start position:0% social dynamics that they will create in the<00:07:41.970> real<00:07:42.120> world<00:07:42.419> so<00:07:43.230> that<00:07:43.380> we<00:07:43.470> can<00:07:43.590> actually 00:07:43.940 --> 00:07:43.950 align:start position:0% the real world so that we can actually 00:07:43.950 --> 00:07:46.760 align:start position:0% the real world so that we can actually maintain<00:07:44.160> a<00:07:44.930> persistently<00:07:45.930> decentralized 00:07:46.760 --> 00:07:46.770 align:start position:0% maintain a persistently decentralized 00:07:46.770 --> 00:07:49.760 align:start position:0% maintain a persistently decentralized society<00:07:47.400> rather<00:07:48.360> than<00:07:48.600> turning<00:07:49.200> back<00:07:49.500> into 00:07:49.760 --> 00:07:49.770 align:start position:0% society rather than turning back into 00:07:49.770 --> 00:07:53.000 align:start position:0% society rather than turning back into some<00:07:50.190> form<00:07:51.000> of<00:07:51.210> central<00:07:52.020> power<00:07:52.200> and<00:07:52.470> this<00:07:52.860> is<00:07:52.980> a 00:07:53.000 --> 00:07:53.010 align:start position:0% some form of central power and this is a 00:07:53.010 --> 00:07:56.270 align:start position:0% some form of central power and this is a political<00:07:53.640> tradition<00:07:54.710> associated<00:07:55.710> with<00:07:55.919> many 00:07:56.270 --> 00:07:56.280 align:start position:0% political tradition associated with many 00:07:56.280 --> 00:07:58.010 align:start position:0% political tradition associated with many folks<00:07:56.640> with<00:07:56.850> pictures<00:07:57.210> in<00:07:57.390> black<00:07:57.630> and<00:07:57.870> white 00:07:58.010 --> 00:07:58.020 align:start position:0% folks with pictures in black and white 00:07:58.020 --> 00:08:01.430 align:start position:0% folks with pictures in black and white with<00:07:58.770> Alexei<00:07:59.370> de<00:07:59.490> Tocqueville<00:08:00.169> who<00:08:01.169> talked 00:08:01.430 --> 00:08:01.440 align:start position:0% with Alexei de Tocqueville who talked 00:08:01.440 --> 00:08:02.930 align:start position:0% with Alexei de Tocqueville who talked about<00:08:01.590> the<00:08:01.890> role<00:08:02.040> of<00:08:02.100> communities<00:08:02.760> in 00:08:02.930 --> 00:08:02.940 align:start position:0% about the role of communities in 00:08:02.940 --> 00:08:05.060 align:start position:0% about the role of communities in preserving<00:08:03.180> American<00:08:03.750> democracy<00:08:04.070> John 00:08:05.060 --> 00:08:05.070 align:start position:0% preserving American democracy John 00:08:05.070 --> 00:08:07.990 align:start position:0% preserving American democracy John Stuart<00:08:05.490> Mill<00:08:05.790> who<00:08:06.630> talked<00:08:06.900> about<00:08:07.020> the<00:08:07.260> role<00:08:07.470> of 00:08:07.990 --> 00:08:08.000 align:start position:0% Stuart Mill who talked about the role of 00:08:08.000 --> 00:08:10.100 align:start position:0% Stuart Mill who talked about the role of social<00:08:09.000> organization<00:08:09.810> and<00:08:09.900> making 00:08:10.100 --> 00:08:10.110 align:start position:0% social organization and making 00:08:10.110 --> 00:08:12.530 align:start position:0% social organization and making capitalism<00:08:10.830> possible<00:08:11.400> Henry<00:08:11.970> George<00:08:12.270> who 00:08:12.530 --> 00:08:12.540 align:start position:0% capitalism possible Henry George who 00:08:12.540 --> 00:08:15.110 align:start position:0% capitalism possible Henry George who talked<00:08:12.810> about<00:08:12.930> common<00:08:13.640> property<00:08:14.640> and<00:08:14.850> at<00:08:14.970> the 00:08:15.110 --> 00:08:15.120 align:start position:0% talked about common property and at the 00:08:15.120 --> 00:08:16.730 align:start position:0% talked about common property and at the necessity<00:08:15.720> of<00:08:15.750> common<00:08:16.050> property<00:08:16.440> for<00:08:16.620> true 00:08:16.730 --> 00:08:16.740 align:start position:0% necessity of common property for true 00:08:16.740 --> 00:08:19.310 align:start position:0% necessity of common property for true competition<00:08:17.240> Beatrice<00:08:18.240> Webb<00:08:18.479> who<00:08:19.020> helped 00:08:19.310 --> 00:08:19.320 align:start position:0% competition Beatrice Webb who helped 00:08:19.320 --> 00:08:21.740 align:start position:0% competition Beatrice Webb who helped found<00:08:19.590> the<00:08:20.160> modern<00:08:20.520> labor<00:08:20.790> union<00:08:21.240> movement<00:08:21.660> as 00:08:21.740 --> 00:08:21.750 align:start position:0% found the modern labor union movement as 00:08:21.750 --> 00:08:26.240 align:start position:0% found the modern labor union movement as a<00:08:21.810> way<00:08:22.260> to<00:08:22.320> preserve<00:08:23.810> the<00:08:24.810> power<00:08:25.080> of<00:08:25.500> free 00:08:26.240 --> 00:08:26.250 align:start position:0% a way to preserve the power of free 00:08:26.250 --> 00:08:30.260 align:start position:0% a way to preserve the power of free markets<00:08:27.530> Hannah<00:08:28.530> Arendt<00:08:28.770> who<00:08:29.610> realized<00:08:30.060> that 00:08:30.260 --> 00:08:30.270 align:start position:0% markets Hannah Arendt who realized that 00:08:30.270 --> 00:08:33.350 align:start position:0% markets Hannah Arendt who realized that the<00:08:30.540> extreme<00:08:31.290> capitalism<00:08:32.190> and<00:08:32.339> new<00:08:32.820> broadcast 00:08:33.350 --> 00:08:33.360 align:start position:0% the extreme capitalism and new broadcast 00:08:33.360 --> 00:08:37.310 align:start position:0% the extreme capitalism and new broadcast technologies<00:08:34.169> of<00:08:34.409> the<00:08:34.979> interwar<00:08:35.640> period<00:08:36.320> in 00:08:37.310 --> 00:08:37.320 align:start position:0% technologies of the interwar period in 00:08:37.320 --> 00:08:40.459 align:start position:0% technologies of the interwar period in Europe<00:08:37.830> had<00:08:38.370> so<00:08:38.940> isolated<00:08:39.839> people<00:08:40.140> that<00:08:40.349> they 00:08:40.459 --> 00:08:40.469 align:start position:0% Europe had so isolated people that they 00:08:40.469 --> 00:08:43.510 align:start position:0% Europe had so isolated people that they were<00:08:40.530> vulnerable<00:08:40.830> to<00:08:41.280> takeovers<00:08:42.140> buy 00:08:43.510 --> 00:08:43.520 align:start position:0% were vulnerable to takeovers buy 00:08:43.520 --> 00:08:47.150 align:start position:0% were vulnerable to takeovers buy totalitarian<00:08:44.520> powers<00:08:44.880> and<00:08:45.589> of<00:08:46.589> course<00:08:46.860> my 00:08:47.150 --> 00:08:47.160 align:start position:0% totalitarian powers and of course my 00:08:47.160 --> 00:08:49.430 align:start position:0% totalitarian powers and of course my favorite<00:08:47.370> William<00:08:48.120> Vickery<00:08:48.600> the<00:08:49.020> father<00:08:49.260> of 00:08:49.430 --> 00:08:49.440 align:start position:0% favorite William Vickery the father of 00:08:49.440 --> 00:08:51.590 align:start position:0% favorite William Vickery the father of modern<00:08:49.709> mechanism<00:08:50.459> design<00:08:50.820> whose<00:08:51.360> whole 00:08:51.590 --> 00:08:51.600 align:start position:0% modern mechanism design whose whole 00:08:51.600 --> 00:08:54.020 align:start position:0% modern mechanism design whose whole career<00:08:52.020> was<00:08:52.560> premise<00:08:53.130> on<00:08:53.339> trying<00:08:53.730> to<00:08:53.850> address 00:08:54.020 --> 00:08:54.030 align:start position:0% career was premise on trying to address 00:08:54.030 --> 00:08:55.070 align:start position:0% career was premise on trying to address these<00:08:54.330> sorts<00:08:54.600> of<00:08:54.690> problem 00:08:55.070 --> 00:08:55.080 align:start position:0% these sorts of problem 00:08:55.080 --> 00:08:56.990 align:start position:0% these sorts of problem with<00:08:55.260> creative<00:08:55.740> new<00:08:55.770> economic<00:08:56.310> institutions 00:08:56.990 --> 00:08:57.000 align:start position:0% with creative new economic institutions 00:08:57.000 --> 00:08:58.910 align:start position:0% with creative new economic institutions and<00:08:57.270> who<00:08:57.660> is<00:08:57.780> the<00:08:57.930> inspiration<00:08:58.500> for<00:08:58.680> all<00:08:58.800> the 00:08:58.910 --> 00:08:58.920 align:start position:0% and who is the inspiration for all the 00:08:58.920 --> 00:09:00.800 align:start position:0% and who is the inspiration for all the work<00:08:59.070> we've<00:08:59.280> been<00:08:59.490> doing<00:08:59.760> so<00:09:00.360> what<00:09:00.480> I<00:09:00.510> want<00:09:00.720> to 00:09:00.800 --> 00:09:00.810 align:start position:0% work we've been doing so what I want to 00:09:00.810 --> 00:09:03.620 align:start position:0% work we've been doing so what I want to try<00:09:00.900> to<00:09:01.020> do<00:09:01.290> today<00:09:01.530> is<00:09:02.210> give<00:09:03.210> you<00:09:03.240> a<00:09:03.480> few 00:09:03.620 --> 00:09:03.630 align:start position:0% try to do today is give you a few 00:09:03.630 --> 00:09:07.550 align:start position:0% try to do today is give you a few examples<00:09:03.840> of<00:09:04.620> how<00:09:04.740> we<00:09:05.490> can<00:09:05.880> maintain<00:09:06.360> a<00:09:06.840> truly 00:09:07.550 --> 00:09:07.560 align:start position:0% examples of how we can maintain a truly 00:09:07.560 --> 00:09:11.110 align:start position:0% examples of how we can maintain a truly decentralized<00:09:08.190> society<00:09:08.790> if<00:09:08.970> we<00:09:09.810> move<00:09:10.020> beyond 00:09:11.110 --> 00:09:11.120 align:start position:0% decentralized society if we move beyond 00:09:11.120 --> 00:09:13.370 align:start position:0% decentralized society if we move beyond superficially<00:09:12.120> set<00:09:12.450> liberal<00:09:12.960> sounding 00:09:13.370 --> 00:09:13.380 align:start position:0% superficially set liberal sounding 00:09:13.380 --> 00:09:15.530 align:start position:0% superficially set liberal sounding institutions<00:09:14.070> like<00:09:14.520> private<00:09:14.910> property<00:09:15.390> and 00:09:15.530 --> 00:09:15.540 align:start position:0% institutions like private property and 00:09:15.540 --> 00:09:17.330 align:start position:0% institutions like private property and one-person<00:09:16.320> one-vote<00:09:16.350> and<00:09:16.800> so<00:09:16.920> forth<00:09:17.190> and 00:09:17.330 --> 00:09:17.340 align:start position:0% one-person one-vote and so forth and 00:09:17.340 --> 00:09:20.750 align:start position:0% one-person one-vote and so forth and instead<00:09:18.000> ask<00:09:18.360> what<00:09:19.290> will<00:09:19.410> actually<00:09:20.010> lead<00:09:20.400> if 00:09:20.750 --> 00:09:20.760 align:start position:0% instead ask what will actually lead if 00:09:20.760 --> 00:09:23.390 align:start position:0% instead ask what will actually lead if we<00:09:21.090> follow<00:09:21.480> through<00:09:22.020> the<00:09:22.680> logic<00:09:23.160> of<00:09:23.250> the 00:09:23.390 --> 00:09:23.400 align:start position:0% we follow through the logic of the 00:09:23.400 --> 00:09:26.740 align:start position:0% we follow through the logic of the incentives<00:09:23.910> created<00:09:24.360> to<00:09:25.020> persistent<00:09:25.860> robust 00:09:26.740 --> 00:09:26.750 align:start position:0% incentives created to persistent robust 00:09:26.750 --> 00:09:32.480 align:start position:0% incentives created to persistent robust sustainable<00:09:28.430> decentralization<00:09:30.830> okay<00:09:31.830> so<00:09:32.130> let 00:09:32.480 --> 00:09:32.490 align:start position:0% sustainable decentralization okay so let 00:09:32.490 --> 00:09:35.600 align:start position:0% sustainable decentralization okay so let me<00:09:32.580> start<00:09:32.820> with<00:09:32.880> the<00:09:33.000> first<00:09:33.030> example<00:09:34.610> perhaps 00:09:35.600 --> 00:09:35.610 align:start position:0% me start with the first example perhaps 00:09:35.610 --> 00:09:38.020 align:start position:0% me start with the first example perhaps the<00:09:35.760> most<00:09:35.910> fundamental<00:09:36.150> principle<00:09:37.110> in 00:09:38.020 --> 00:09:38.030 align:start position:0% the most fundamental principle in 00:09:38.030 --> 00:09:41.330 align:start position:0% the most fundamental principle in liberal<00:09:39.030> societies<00:09:39.660> and<00:09:40.100> certainly<00:09:41.100> within 00:09:41.330 --> 00:09:41.340 align:start position:0% liberal societies and certainly within 00:09:41.340 --> 00:09:43.220 align:start position:0% liberal societies and certainly within the<00:09:41.460> blockchain<00:09:42.000> is<00:09:42.030> the<00:09:42.300> idea<00:09:42.570> of<00:09:42.660> private 00:09:43.220 --> 00:09:43.230 align:start position:0% the blockchain is the idea of private 00:09:43.230 --> 00:09:47.360 align:start position:0% the blockchain is the idea of private property<00:09:43.680> and<00:09:45.260> that<00:09:46.260> sounds<00:09:46.680> good<00:09:46.920> that 00:09:47.360 --> 00:09:47.370 align:start position:0% property and that sounds good that 00:09:47.370 --> 00:09:49.310 align:start position:0% property and that sounds good that sounds<00:09:47.640> like<00:09:47.730> oh<00:09:47.880> this<00:09:48.030> is<00:09:48.180> my<00:09:48.300> stuff<00:09:48.690> no<00:09:49.170> one 00:09:49.310 --> 00:09:49.320 align:start position:0% sounds like oh this is my stuff no one 00:09:49.320 --> 00:09:51.770 align:start position:0% sounds like oh this is my stuff no one can<00:09:49.500> touch<00:09:49.680> it<00:09:49.950> will<00:09:50.640> maintain<00:09:51.000> everyone<00:09:51.630> will 00:09:51.770 --> 00:09:51.780 align:start position:0% can touch it will maintain everyone will 00:09:51.780 --> 00:09:53.900 align:start position:0% can touch it will maintain everyone will have<00:09:51.870> their<00:09:52.080> things<00:09:52.440> it'll<00:09:53.340> maintain<00:09:53.730> their 00:09:53.900 --> 00:09:53.910 align:start position:0% have their things it'll maintain their 00:09:53.910 --> 00:09:57.080 align:start position:0% have their things it'll maintain their space<00:09:54.150> but<00:09:54.570> the<00:09:54.720> problem<00:09:55.230> is<00:09:55.470> because<00:09:56.370> things 00:09:57.080 --> 00:09:57.090 align:start position:0% space but the problem is because things 00:09:57.090 --> 00:10:00.110 align:start position:0% space but the problem is because things are<00:09:57.390> not<00:09:57.710> identical<00:09:58.710> to<00:09:58.920> each<00:09:58.950> other<00:09:59.280> because 00:10:00.110 --> 00:10:00.120 align:start position:0% are not identical to each other because 00:10:00.120 --> 00:10:03.110 align:start position:0% are not identical to each other because there's<00:10:00.390> no<00:10:00.600> sense<00:10:01.170> of<00:10:01.470> just<00:10:02.120> everything 00:10:03.110 --> 00:10:03.120 align:start position:0% there's no sense of just everything 00:10:03.120 --> 00:10:05.450 align:start position:0% there's no sense of just everything being<00:10:03.750> somehow<00:10:04.380> equally<00:10:04.860> divided<00:10:05.250> and<00:10:05.370> it 00:10:05.450 --> 00:10:05.460 align:start position:0% being somehow equally divided and it 00:10:05.460 --> 00:10:09.110 align:start position:0% being somehow equally divided and it just<00:10:05.670> going<00:10:06.020> forward<00:10:07.020> from<00:10:07.200> there<00:10:08.120> because 00:10:09.110 --> 00:10:09.120 align:start position:0% just going forward from there because 00:10:09.120 --> 00:10:11.660 align:start position:0% just going forward from there because people<00:10:09.660> end<00:10:09.870> up<00:10:10.080> through<00:10:10.530> a<00:10:10.560> social<00:10:10.830> dynamic 00:10:11.660 --> 00:10:11.670 align:start position:0% people end up through a social dynamic 00:10:11.670 --> 00:10:14.810 align:start position:0% people end up through a social dynamic in<00:10:11.880> unique<00:10:12.270> places<00:10:13.340> private<00:10:14.340> property 00:10:14.810 --> 00:10:14.820 align:start position:0% in unique places private property 00:10:14.820 --> 00:10:18.200 align:start position:0% in unique places private property creates<00:10:15.180> huge<00:10:16.020> problems<00:10:16.890> it<00:10:17.220> leads<00:10:18.060> to 00:10:18.200 --> 00:10:18.210 align:start position:0% creates huge problems it leads to 00:10:18.210 --> 00:10:20.570 align:start position:0% creates huge problems it leads to problems<00:10:18.480> in<00:10:18.870> bargaining<00:10:19.140> it<00:10:19.560> leads<00:10:20.310> to<00:10:20.490> the 00:10:20.570 --> 00:10:20.580 align:start position:0% problems in bargaining it leads to the 00:10:20.580 --> 00:10:22.190 align:start position:0% problems in bargaining it leads to the need<00:10:20.730> for<00:10:20.970> people<00:10:21.090> to<00:10:21.210> take<00:10:21.420> on<00:10:21.570> debt<00:10:21.810> to<00:10:22.080> buy 00:10:22.190 --> 00:10:22.200 align:start position:0% need for people to take on debt to buy 00:10:22.200 --> 00:10:24.920 align:start position:0% need for people to take on debt to buy assets<00:10:22.770> it<00:10:23.010> leads<00:10:23.580> to<00:10:23.790> speculation<00:10:24.030> where 00:10:24.920 --> 00:10:24.930 align:start position:0% assets it leads to speculation where 00:10:24.930 --> 00:10:27.380 align:start position:0% assets it leads to speculation where people<00:10:25.260> hold<00:10:25.710> on<00:10:25.980> to<00:10:26.040> something<00:10:26.520> and<00:10:26.910> don't 00:10:27.380 --> 00:10:27.390 align:start position:0% people hold on to something and don't 00:10:27.390 --> 00:10:29.870 align:start position:0% people hold on to something and don't use<00:10:27.660> that<00:10:27.870> asset<00:10:28.380> just<00:10:28.590> to<00:10:29.190> see<00:10:29.400> it<00:10:29.520> increase 00:10:29.870 --> 00:10:29.880 align:start position:0% use that asset just to see it increase 00:10:29.880 --> 00:10:32.750 align:start position:0% use that asset just to see it increase in<00:10:30.210> value<00:10:30.390> and<00:10:30.900> that<00:10:31.740> ends<00:10:32.100> up<00:10:32.190> leading<00:10:32.400> to 00:10:32.750 --> 00:10:32.760 align:start position:0% in value and that ends up leading to 00:10:32.760 --> 00:10:35.720 align:start position:0% in value and that ends up leading to poor<00:10:33.570> uses<00:10:34.020> of<00:10:34.170> assets<00:10:34.560> two<00:10:35.160> concentrations 00:10:35.720 --> 00:10:35.730 align:start position:0% poor uses of assets two concentrations 00:10:35.730 --> 00:10:39.560 align:start position:0% poor uses of assets two concentrations of<00:10:36.300> power<00:10:36.510> and<00:10:36.870> in<00:10:37.650> the<00:10:38.220> process<00:10:38.700> undermines 00:10:39.560 --> 00:10:39.570 align:start position:0% of power and in the process undermines 00:10:39.570 --> 00:10:41.960 align:start position:0% of power and in the process undermines the<00:10:39.780> whole<00:10:39.810> liberal<00:10:40.200> project<00:10:40.890> that<00:10:41.460> motivated 00:10:41.960 --> 00:10:41.970 align:start position:0% the whole liberal project that motivated 00:10:41.970 --> 00:10:45.170 align:start position:0% the whole liberal project that motivated in<00:10:42.090> the<00:10:42.180> first<00:10:42.420> place<00:10:43.130> so<00:10:44.130> how<00:10:44.580> do<00:10:44.640> we<00:10:44.790> solve 00:10:45.170 --> 00:10:45.180 align:start position:0% in the first place so how do we solve 00:10:45.180 --> 00:10:48.260 align:start position:0% in the first place so how do we solve that<00:10:45.380> well<00:10:46.380> in<00:10:46.650> this<00:10:46.800> work<00:10:47.100> with<00:10:47.370> Anthony<00:10:48.060> Lee 00:10:48.260 --> 00:10:48.270 align:start position:0% that well in this work with Anthony Lee 00:10:48.270 --> 00:10:50.870 align:start position:0% that well in this work with Anthony Lee Zeng<00:10:48.600> who's<00:10:48.900> a<00:10:49.100> Stanford<00:10:50.100> graduate<00:10:50.580> student 00:10:50.870 --> 00:10:50.880 align:start position:0% Zeng who's a Stanford graduate student 00:10:50.880 --> 00:10:52.840 align:start position:0% Zeng who's a Stanford graduate student of<00:10:50.940> Business<00:10:51.390> School<00:10:51.600> of<00:10:51.690> Business<00:10:51.840> student 00:10:52.840 --> 00:10:52.850 align:start position:0% of Business School of Business student 00:10:52.850 --> 00:10:55.720 align:start position:0% of Business School of Business student we<00:10:53.850> argue<00:10:54.270> for<00:10:54.510> at<00:10:54.600> least<00:10:54.750> partly<00:10:55.380> replaced 00:10:55.720 --> 00:10:55.730 align:start position:0% we argue for at least partly replaced 00:10:55.730 --> 00:10:59.180 align:start position:0% we argue for at least partly replaced replacing<00:10:56.730> private<00:10:57.300> property<00:10:58.140> an<00:10:58.320> absolute 00:10:59.180 --> 00:10:59.190 align:start position:0% replacing private property an absolute 00:10:59.190 --> 00:11:02.480 align:start position:0% replacing private property an absolute right<00:10:59.460> to<00:10:59.490> hold<00:10:59.910> on<00:11:00.090> to<00:11:00.330> something<00:11:00.770> unless<00:11:01.770> you 00:11:02.480 --> 00:11:02.490 align:start position:0% right to hold on to something unless you 00:11:02.490 --> 00:11:04.940 align:start position:0% right to hold on to something unless you voluntarily<00:11:02.970> agree<00:11:03.690> to<00:11:04.020> give<00:11:04.140> it<00:11:04.260> up<00:11:04.380> with<00:11:04.920> a 00:11:04.940 --> 00:11:04.950 align:start position:0% voluntarily agree to give it up with a 00:11:04.950 --> 00:11:08.000 align:start position:0% voluntarily agree to give it up with a system<00:11:05.400> of<00:11:05.580> auctions<00:11:06.330> where<00:11:07.230> people<00:11:07.650> have<00:11:07.860> to 00:11:08.000 --> 00:11:08.010 align:start position:0% system of auctions where people have to 00:11:08.010 --> 00:11:08.540 align:start position:0% system of auctions where people have to bid 00:11:08.540 --> 00:11:08.550 align:start position:0% bid 00:11:08.550 --> 00:11:10.160 align:start position:0% bid in<00:11:08.610> order<00:11:08.880> to<00:11:08.970> maintain<00:11:09.120> control<00:11:09.630> of<00:11:09.870> assets 00:11:10.160 --> 00:11:10.170 align:start position:0% in order to maintain control of assets 00:11:10.170 --> 00:11:12.800 align:start position:0% in order to maintain control of assets and<00:11:10.710> have<00:11:11.250> to<00:11:11.400> stand<00:11:11.670> ready<00:11:12.000> to<00:11:12.150> surrender 00:11:12.800 --> 00:11:12.810 align:start position:0% and have to stand ready to surrender 00:11:12.810 --> 00:11:14.780 align:start position:0% and have to stand ready to surrender that<00:11:13.140> asset<00:11:13.590> back<00:11:13.800> to<00:11:13.980> the<00:11:14.100> Commons<00:11:14.520> if 00:11:14.780 --> 00:11:14.790 align:start position:0% that asset back to the Commons if 00:11:14.790 --> 00:11:17.030 align:start position:0% that asset back to the Commons if someone<00:11:15.600> else<00:11:15.690> out<00:11:15.990> bids<00:11:16.290> them<00:11:16.530> for<00:11:16.710> control 00:11:17.030 --> 00:11:17.040 align:start position:0% someone else out bids them for control 00:11:17.040 --> 00:11:19.610 align:start position:0% someone else out bids them for control of<00:11:17.070> it<00:11:17.310> with<00:11:17.790> the<00:11:17.940> revenue<00:11:18.450> that<00:11:18.690> is<00:11:19.080> thereby 00:11:19.610 --> 00:11:19.620 align:start position:0% of it with the revenue that is thereby 00:11:19.620 --> 00:11:22.790 align:start position:0% of it with the revenue that is thereby generated<00:11:20.460> being<00:11:21.270> distributed<00:11:22.080> not<00:11:22.530> through 00:11:22.790 --> 00:11:22.800 align:start position:0% generated being distributed not through 00:11:22.800 --> 00:11:24.680 align:start position:0% generated being distributed not through a<00:11:22.860> state<00:11:23.220> but<00:11:23.880> through<00:11:24.090> some<00:11:24.300> sort<00:11:24.570> of 00:11:24.680 --> 00:11:24.690 align:start position:0% a state but through some sort of 00:11:24.690 --> 00:11:27.440 align:start position:0% a state but through some sort of protocol<00:11:25.500> in<00:11:25.800> an<00:11:26.070> egalitarian<00:11:26.300> fashion<00:11:27.300> and 00:11:27.440 --> 00:11:27.450 align:start position:0% protocol in an egalitarian fashion and 00:11:27.450 --> 00:11:29.720 align:start position:0% protocol in an egalitarian fashion and I'll<00:11:27.540> talk<00:11:27.750> about<00:11:27.780> one<00:11:28.770> way<00:11:28.980> we<00:11:29.310> envision 00:11:29.720 --> 00:11:29.730 align:start position:0% I'll talk about one way we envision 00:11:29.730 --> 00:11:31.880 align:start position:0% I'll talk about one way we envision doing<00:11:29.970> that<00:11:30.240> in<00:11:30.330> just<00:11:30.360> one<00:11:30.720> second<00:11:31.200> but<00:11:31.320> what 00:11:31.880 --> 00:11:31.890 align:start position:0% doing that in just one second but what 00:11:31.890 --> 00:11:35.750 align:start position:0% doing that in just one second but what this<00:11:32.100> system<00:11:32.640> does<00:11:33.210> is<00:11:34.110> it<00:11:34.950> maintains<00:11:35.160> two 00:11:35.750 --> 00:11:35.760 align:start position:0% this system does is it maintains two 00:11:35.760 --> 00:11:38.900 align:start position:0% this system does is it maintains two centralization<00:11:37.340> because<00:11:38.340> everything<00:11:38.790> is 00:11:38.900 --> 00:11:38.910 align:start position:0% centralization because everything is 00:11:38.910 --> 00:11:41.300 align:start position:0% centralization because everything is determined<00:11:39.330> by<00:11:39.420> individual<00:11:39.990> bidding<00:11:40.380> but<00:11:41.160> it 00:11:41.300 --> 00:11:41.310 align:start position:0% determined by individual bidding but it 00:11:41.310 --> 00:11:44.330 align:start position:0% determined by individual bidding but it also<00:11:41.550> maintains<00:11:42.410> equality<00:11:43.410> not<00:11:43.620> just<00:11:43.650> in<00:11:44.130> the 00:11:44.330 --> 00:11:44.340 align:start position:0% also maintains equality not just in the 00:11:44.340 --> 00:11:45.980 align:start position:0% also maintains equality not just in the total<00:11:44.580> number<00:11:44.700> of<00:11:44.940> resources<00:11:45.300> people<00:11:45.810> have 00:11:45.980 --> 00:11:45.990 align:start position:0% total number of resources people have 00:11:45.990 --> 00:11:48.260 align:start position:0% total number of resources people have but<00:11:46.530> in<00:11:46.590> the<00:11:46.680> access<00:11:47.340> that<00:11:47.370> they<00:11:47.700> have<00:11:47.880> to 00:11:48.260 --> 00:11:48.270 align:start position:0% but in the access that they have to 00:11:48.270 --> 00:11:51.110 align:start position:0% but in the access that they have to compete<00:11:48.630> for<00:11:48.690> control<00:11:49.070> over<00:11:50.070> assets<00:11:50.460> and<00:11:50.730> you 00:11:51.110 --> 00:11:51.120 align:start position:0% compete for control over assets and you 00:11:51.120 --> 00:11:52.910 align:start position:0% compete for control over assets and you can<00:11:51.240> read<00:11:51.420> more<00:11:51.570> about<00:11:51.630> this<00:11:51.990> idea<00:11:52.320> in<00:11:52.530> our 00:11:52.910 --> 00:11:52.920 align:start position:0% can read more about this idea in our 00:11:52.920 --> 00:12:00.220 align:start position:0% can read more about this idea in our book<00:11:53.190> radical<00:11:53.670> markets<00:11:54.890> now<00:11:57.860> another 00:12:00.220 --> 00:12:00.230 align:start position:0% book radical markets now another 00:12:00.230 --> 00:12:04.160 align:start position:0% book radical markets now another fundamental<00:12:01.230> problem<00:12:01.890> is<00:12:02.070> that<00:12:02.340> even<00:12:02.730> if<00:12:03.210> you 00:12:04.160 --> 00:12:04.170 align:start position:0% fundamental problem is that even if you 00:12:04.170 --> 00:12:08.660 align:start position:0% fundamental problem is that even if you have<00:12:04.470> these<00:12:06.980> competitive<00:12:07.980> mechanisms<00:12:08.520> for 00:12:08.660 --> 00:12:08.670 align:start position:0% have these competitive mechanisms for 00:12:08.670 --> 00:12:11.360 align:start position:0% have these competitive mechanisms for allocating<00:12:09.240> property<00:12:09.830> there's<00:12:10.830> still<00:12:11.190> the 00:12:11.360 --> 00:12:11.370 align:start position:0% allocating property there's still the 00:12:11.370 --> 00:12:14.900 align:start position:0% allocating property there's still the issue<00:12:11.520> that<00:12:12.180> most<00:12:12.660> things<00:12:13.470> in<00:12:13.830> the<00:12:14.010> world<00:12:14.220> by 00:12:14.900 --> 00:12:14.910 align:start position:0% issue that most things in the world by 00:12:14.910 --> 00:12:17.270 align:start position:0% issue that most things in the world by their<00:12:15.150> very<00:12:15.360> structure<00:12:16.080> are<00:12:17.010> not 00:12:17.270 --> 00:12:17.280 align:start position:0% their very structure are not 00:12:17.280 --> 00:12:20.120 align:start position:0% their very structure are not appropriately<00:12:18.030> supplied<00:12:18.540> by<00:12:19.050> capitalism<00:12:19.980> or 00:12:20.120 --> 00:12:20.130 align:start position:0% appropriately supplied by capitalism or 00:12:20.130 --> 00:12:22.880 align:start position:0% appropriately supplied by capitalism or a<00:12:20.190> competitive<00:12:20.970> mechanism<00:12:21.570> most<00:12:22.260> things<00:12:22.650> are 00:12:22.880 --> 00:12:22.890 align:start position:0% a competitive mechanism most things are 00:12:22.890 --> 00:12:25.700 align:start position:0% a competitive mechanism most things are in<00:12:23.040> fact<00:12:23.510> increasing<00:12:24.510> returns<00:12:24.960> to<00:12:25.080> scale<00:12:25.200> what 00:12:25.700 --> 00:12:25.710 align:start position:0% in fact increasing returns to scale what 00:12:25.710 --> 00:12:28.220 align:start position:0% in fact increasing returns to scale what does<00:12:25.830> that<00:12:25.860> mean<00:12:26.250> that<00:12:26.970> means<00:12:27.120> that<00:12:27.390> all<00:12:27.810> of<00:12:27.870> us 00:12:28.220 --> 00:12:28.230 align:start position:0% does that mean that means that all of us 00:12:28.230 --> 00:12:30.100 align:start position:0% does that mean that means that all of us can<00:12:28.410> get<00:12:28.590> more<00:12:28.800> if<00:12:28.950> we<00:12:29.100> do<00:12:29.220> it<00:12:29.310> all<00:12:29.430> together 00:12:30.100 --> 00:12:30.110 align:start position:0% can get more if we do it all together 00:12:30.110 --> 00:12:33.550 align:start position:0% can get more if we do it all together than<00:12:31.110> if<00:12:31.230> we<00:12:31.350> did<00:12:31.530> it<00:12:31.650> each<00:12:31.920> separately<00:12:32.610> and 00:12:33.550 --> 00:12:33.560 align:start position:0% than if we did it each separately and 00:12:33.560 --> 00:12:35.990 align:start position:0% than if we did it each separately and that's<00:12:34.560> kind<00:12:34.770> of<00:12:34.860> obvious<00:12:35.190> if<00:12:35.850> you<00:12:35.880> think 00:12:35.990 --> 00:12:36.000 align:start position:0% that's kind of obvious if you think 00:12:36.000 --> 00:12:37.790 align:start position:0% that's kind of obvious if you think about<00:12:36.480> it<00:12:36.660> that's<00:12:36.930> why<00:12:37.140> most<00:12:37.320> of<00:12:37.500> us<00:12:37.590> don't 00:12:37.790 --> 00:12:37.800 align:start position:0% about it that's why most of us don't 00:12:37.800 --> 00:12:40.940 align:start position:0% about it that's why most of us don't live<00:12:38.130> in<00:12:38.400> a<00:12:38.550> shack<00:12:39.210> in<00:12:39.240> the<00:12:39.540> woods<00:12:39.710> most<00:12:40.710> of<00:12:40.860> us 00:12:40.940 --> 00:12:40.950 align:start position:0% live in a shack in the woods most of us 00:12:40.950 --> 00:12:43.700 align:start position:0% live in a shack in the woods most of us live<00:12:41.130> in<00:12:41.370> cities<00:12:41.430> and<00:12:42.150> with<00:12:42.660> other<00:12:42.960> people<00:12:43.530> and 00:12:43.700 --> 00:12:43.710 align:start position:0% live in cities and with other people and 00:12:43.710 --> 00:12:45.980 align:start position:0% live in cities and with other people and we<00:12:44.040> rely<00:12:44.400> on<00:12:44.430> the<00:12:44.640> ideas<00:12:45.120> that<00:12:45.150> they<00:12:45.480> create<00:12:45.780> in 00:12:45.980 --> 00:12:45.990 align:start position:0% we rely on the ideas that they create in 00:12:45.990 --> 00:12:47.690 align:start position:0% we rely on the ideas that they create in fact<00:12:46.200> the<00:12:46.290> whole<00:12:46.440> principle<00:12:46.770> of<00:12:46.950> civilization 00:12:47.690 --> 00:12:47.700 align:start position:0% fact the whole principle of civilization 00:12:47.700 --> 00:12:50.270 align:start position:0% fact the whole principle of civilization is<00:12:47.990> increasing<00:12:48.990> returns<00:12:49.290> to<00:12:49.380> scale<00:12:49.500> that<00:12:50.160> we 00:12:50.270 --> 00:12:50.280 align:start position:0% is increasing returns to scale that we 00:12:50.280 --> 00:12:52.250 align:start position:0% is increasing returns to scale that we can<00:12:50.460> do<00:12:50.640> more<00:12:50.880> together<00:12:51.060> than<00:12:51.750> we<00:12:51.900> can<00:12:51.930> alone 00:12:52.250 --> 00:12:52.260 align:start position:0% can do more together than we can alone 00:12:52.260 --> 00:12:55.400 align:start position:0% can do more together than we can alone and<00:12:53.210> capitalism<00:12:54.210> because<00:12:54.510> it's<00:12:54.660> not<00:12:54.960> built<00:12:55.290> on 00:12:55.400 --> 00:12:55.410 align:start position:0% and capitalism because it's not built on 00:12:55.410 --> 00:12:56.870 align:start position:0% and capitalism because it's not built on a<00:12:55.470> principle<00:12:55.860> of<00:12:56.130> public<00:12:56.490> goods<00:12:56.700> or 00:12:56.870 --> 00:12:56.880 align:start position:0% a principle of public goods or 00:12:56.880 --> 00:12:58.610 align:start position:0% a principle of public goods or increasing<00:12:57.300> returns<00:12:57.570> to<00:12:57.660> scale<00:12:57.720> it's<00:12:58.320> built 00:12:58.610 --> 00:12:58.620 align:start position:0% increasing returns to scale it's built 00:12:58.620 --> 00:13:04.270 align:start position:0% increasing returns to scale it's built on<00:12:58.770> a<00:12:58.830> principle<00:12:59.490> of<00:13:01.010> individual<00:13:02.330> payment 00:13:04.270 --> 00:13:04.280 align:start position:0% on a principle of individual payment 00:13:04.280 --> 00:13:07.010 align:start position:0% on a principle of individual payment tends<00:13:05.280> to<00:13:05.430> atomize<00:13:05.850> people<00:13:06.330> this<00:13:06.690> is<00:13:06.870> one<00:13:06.990> of 00:13:07.010 --> 00:13:07.020 align:start position:0% tends to atomize people this is one of 00:13:07.020 --> 00:13:08.930 align:start position:0% tends to atomize people this is one of the<00:13:07.170> oldest<00:13:07.500> points<00:13:07.830> in<00:13:07.980> sociology<00:13:08.310> it<00:13:08.730> leaves 00:13:08.930 --> 00:13:08.940 align:start position:0% the oldest points in sociology it leaves 00:13:08.940 --> 00:13:11.540 align:start position:0% the oldest points in sociology it leaves them<00:13:09.180> isolated<00:13:09.720> and<00:13:10.350> it<00:13:10.650> leads<00:13:10.830> to<00:13:10.980> dramatic 00:13:11.540 --> 00:13:11.550 align:start position:0% them isolated and it leads to dramatic 00:13:11.550 --> 00:13:13.460 align:start position:0% them isolated and it leads to dramatic under<00:13:11.910> provision<00:13:12.480> of<00:13:12.630> public<00:13:12.840> goods<00:13:13.050> as 00:13:13.460 --> 00:13:13.470 align:start position:0% under provision of public goods as 00:13:13.470 --> 00:13:14.930 align:start position:0% under provision of public goods as epitomized<00:13:14.220> by<00:13:14.370> the<00:13:14.460> crumbling 00:13:14.930 --> 00:13:14.940 align:start position:0% epitomized by the crumbling 00:13:14.940 --> 00:13:16.700 align:start position:0% epitomized by the crumbling infrastructure<00:13:15.420> we<00:13:15.600> see<00:13:15.780> so<00:13:15.990> liberal 00:13:16.700 --> 00:13:16.710 align:start position:0% infrastructure we see so liberal 00:13:16.710 --> 00:13:18.320 align:start position:0% infrastructure we see so liberal societies<00:13:17.340> have<00:13:17.490> recognized<00:13:17.970> that<00:13:18.090> from<00:13:18.240> the 00:13:18.320 --> 00:13:18.330 align:start position:0% societies have recognized that from the 00:13:18.330 --> 00:13:19.580 align:start position:0% societies have recognized that from the beginning<00:13:18.420> it's<00:13:18.780> one<00:13:18.900> of<00:13:18.990> the<00:13:19.050> oldest 00:13:19.580 --> 00:13:19.590 align:start position:0% beginning it's one of the oldest 00:13:19.590 --> 00:13:22.340 align:start position:0% beginning it's one of the oldest arguments<00:13:20.520> that<00:13:20.610> we<00:13:20.730> can't<00:13:21.060> do<00:13:21.360> without 00:13:22.340 --> 00:13:22.350 align:start position:0% arguments that we can't do without 00:13:22.350 --> 00:13:24.410 align:start position:0% arguments that we can't do without sort<00:13:22.800> of<00:13:22.950> collective<00:13:23.490> organization<00:13:24.150> and 00:13:24.410 --> 00:13:24.420 align:start position:0% sort of collective organization and 00:13:24.420 --> 00:13:26.840 align:start position:0% sort of collective organization and they've<00:13:25.080> sought<00:13:25.290> to<00:13:25.530> solve<00:13:25.740> that<00:13:26.070> with<00:13:26.550> things 00:13:26.840 --> 00:13:26.850 align:start position:0% they've sought to solve that with things 00:13:26.850 --> 00:13:28.910 align:start position:0% they've sought to solve that with things like<00:13:27.060> the<00:13:27.420> democratically<00:13:28.170> governed<00:13:28.470> nation 00:13:28.910 --> 00:13:28.920 align:start position:0% like the democratically governed nation 00:13:28.920 --> 00:13:33.620 align:start position:0% like the democratically governed nation state<00:13:29.220> but<00:13:31.130> demmick<00:13:32.130> democracy<00:13:32.970> is<00:13:33.180> based<00:13:33.390> on 00:13:33.620 --> 00:13:33.630 align:start position:0% state but demmick democracy is based on 00:13:33.630 --> 00:13:36.520 align:start position:0% state but demmick democracy is based on a<00:13:33.660> principle<00:13:33.900> of<00:13:34.430> majority<00:13:35.430> rule<00:13:35.640> and 00:13:36.520 --> 00:13:36.530 align:start position:0% a principle of majority rule and 00:13:36.530 --> 00:13:39.590 align:start position:0% a principle of majority rule and especially<00:13:37.580> increasingly<00:13:38.600> wealthy 00:13:39.590 --> 00:13:39.600 align:start position:0% especially increasingly wealthy 00:13:39.600 --> 00:13:41.060 align:start position:0% especially increasingly wealthy societies<00:13:40.230> are<00:13:40.350> diverse 00:13:41.060 --> 00:13:41.070 align:start position:0% societies are diverse 00:13:41.070 --> 00:13:43.310 align:start position:0% societies are diverse there<00:13:41.760> are<00:13:41.910> earth<00:13:42.150> no<00:13:42.480> racial<00:13:42.810> minorities 00:13:43.310 --> 00:13:43.320 align:start position:0% there are earth no racial minorities 00:13:43.320 --> 00:13:44.840 align:start position:0% there are earth no racial minorities there<00:13:43.500> are<00:13:43.590> sexual<00:13:44.010> minorities<00:13:44.490> there<00:13:44.700> are 00:13:44.840 --> 00:13:44.850 align:start position:0% there are sexual minorities there are 00:13:44.850 --> 00:13:47.810 align:start position:0% there are sexual minorities there are all<00:13:45.240> sorts<00:13:46.140> of<00:13:46.290> different<00:13:46.500> groups<00:13:46.860> that<00:13:47.640> would 00:13:47.810 --> 00:13:47.820 align:start position:0% all sorts of different groups that would 00:13:47.820 --> 00:13:49.820 align:start position:0% all sorts of different groups that would be<00:13:47.940> oppressed<00:13:48.360> if<00:13:48.690> we<00:13:48.870> allowed<00:13:49.230> a<00:13:49.260> simple 00:13:49.820 --> 00:13:49.830 align:start position:0% be oppressed if we allowed a simple 00:13:49.830 --> 00:13:52.960 align:start position:0% be oppressed if we allowed a simple principle<00:13:50.070> of<00:13:50.460> one-person<00:13:51.210> one-vote<00:13:51.390> to<00:13:51.990> rule 00:13:52.960 --> 00:13:52.970 align:start position:0% principle of one-person one-vote to rule 00:13:52.970 --> 00:13:57.110 align:start position:0% principle of one-person one-vote to rule and<00:13:53.970> so<00:13:54.900> both<00:13:55.710> of<00:13:55.740> these<00:13:56.130> liberal<00:13:56.580> solutions 00:13:57.110 --> 00:13:57.120 align:start position:0% and so both of these liberal solutions 00:13:57.120 --> 00:13:59.750 align:start position:0% and so both of these liberal solutions either<00:13:57.800> capitalist<00:13:58.800> applying<00:13:59.400> things<00:13:59.580> in<00:13:59.700> a 00:13:59.750 --> 00:13:59.760 align:start position:0% either capitalist applying things in a 00:13:59.760 --> 00:14:05.000 align:start position:0% either capitalist applying things in a capitalist<00:14:00.360> way<00:14:00.540> or<00:14:00.990> democracy<00:14:01.700> fail<00:14:03.530> so<00:14:04.530> in 00:14:05.000 --> 00:14:05.010 align:start position:0% capitalist way or democracy fail so in 00:14:05.010 --> 00:14:06.740 align:start position:0% capitalist way or democracy fail so in work<00:14:05.790> with 00:14:06.740 --> 00:14:06.750 align:start position:0% work with 00:14:06.750 --> 00:14:10.120 align:start position:0% work with Vitalik<00:14:07.590> and<00:14:07.830> with<00:14:08.130> Zoey<00:14:09.030> hits<00:14:09.360> igloos<00:14:09.870> a 00:14:10.120 --> 00:14:10.130 align:start position:0% Vitalik and with Zoey hits igloos a 00:14:10.130 --> 00:14:14.050 align:start position:0% Vitalik and with Zoey hits igloos a philosophy<00:14:11.130> and<00:14:11.400> economics<00:14:11.850> PhD<00:14:12.510> student<00:14:13.290> at 00:14:14.050 --> 00:14:14.060 align:start position:0% philosophy and economics PhD student at 00:14:14.060 --> 00:14:17.060 align:start position:0% philosophy and economics PhD student at Harvard<00:14:15.060> we<00:14:15.810> propose<00:14:16.170> a<00:14:16.200> solution<00:14:16.500> to<00:14:16.950> this 00:14:17.060 --> 00:14:17.070 align:start position:0% Harvard we propose a solution to this 00:14:17.070 --> 00:14:18.890 align:start position:0% Harvard we propose a solution to this problem<00:14:17.270> which<00:14:18.270> is<00:14:18.420> called<00:14:18.630> liberal 00:14:18.890 --> 00:14:18.900 align:start position:0% problem which is called liberal 00:14:18.900 --> 00:14:21.080 align:start position:0% problem which is called liberal radicalism<00:14:19.590> and<00:14:19.920> is<00:14:20.130> available<00:14:20.610> in<00:14:20.700> our<00:14:20.790> joint 00:14:21.080 --> 00:14:21.090 align:start position:0% radicalism and is available in our joint 00:14:21.090 --> 00:14:24.320 align:start position:0% radicalism and is available in our joint white<00:14:21.690> paper<00:14:21.930> and<00:14:22.880> before<00:14:23.880> I<00:14:23.910> go<00:14:24.090> into<00:14:24.240> the 00:14:24.320 --> 00:14:24.330 align:start position:0% white paper and before I go into the 00:14:24.330 --> 00:14:25.910 align:start position:0% white paper and before I go into the mathematics<00:14:24.480> around<00:14:25.170> it<00:14:25.320> let<00:14:25.500> me<00:14:25.530> give<00:14:25.740> you<00:14:25.830> an 00:14:25.910 --> 00:14:25.920 align:start position:0% mathematics around it let me give you an 00:14:25.920 --> 00:14:29.650 align:start position:0% mathematics around it let me give you an illustration<00:14:26.510> think<00:14:27.510> about<00:14:27.960> news<00:14:28.770> media<00:14:29.130> I 00:14:29.650 --> 00:14:29.660 align:start position:0% illustration think about news media I 00:14:29.660 --> 00:14:32.390 align:start position:0% illustration think about news media I think<00:14:30.660> all<00:14:30.870> of<00:14:30.900> us<00:14:31.170> realize<00:14:31.410> that<00:14:31.920> it's<00:14:32.310> a 00:14:32.390 --> 00:14:32.400 align:start position:0% think all of us realize that it's a 00:14:32.400 --> 00:14:35.900 align:start position:0% think all of us realize that it's a ridiculous<00:14:33.330> way<00:14:33.600> to<00:14:34.170> supply<00:14:34.470> news<00:14:34.920> to<00:14:35.640> have<00:14:35.760> it 00:14:35.900 --> 00:14:35.910 align:start position:0% ridiculous way to supply news to have it 00:14:35.910 --> 00:14:37.520 align:start position:0% ridiculous way to supply news to have it just<00:14:36.030> be<00:14:36.150> funded<00:14:36.630> through<00:14:36.660> private<00:14:37.170> markets 00:14:37.520 --> 00:14:37.530 align:start position:0% just be funded through private markets 00:14:37.530 --> 00:14:39.320 align:start position:0% just be funded through private markets you<00:14:37.710> think<00:14:37.890> about<00:14:38.100> if<00:14:38.280> somebody<00:14:38.790> were<00:14:39.180> to 00:14:39.320 --> 00:14:39.330 align:start position:0% you think about if somebody were to 00:14:39.330 --> 00:14:42.560 align:start position:0% you think about if somebody were to discover<00:14:39.780> that<00:14:40.500> Donald<00:14:40.980> you<00:14:41.190> know<00:14:41.570> completely 00:14:42.560 --> 00:14:42.570 align:start position:0% discover that Donald you know completely 00:14:42.570 --> 00:14:43.880 align:start position:0% discover that Donald you know completely clear<00:14:42.810> evidence<00:14:43.170> that<00:14:43.230> Donald<00:14:43.590> Trump<00:14:43.770> was 00:14:43.880 --> 00:14:43.890 align:start position:0% clear evidence that Donald Trump was 00:14:43.890 --> 00:14:47.000 align:start position:0% clear evidence that Donald Trump was literally<00:14:44.340> owned<00:14:44.580> by<00:14:45.240> Vladimir<00:14:45.960> Putin<00:14:46.260> that 00:14:47.000 --> 00:14:47.010 align:start position:0% literally owned by Vladimir Putin that 00:14:47.010 --> 00:14:49.670 align:start position:0% literally owned by Vladimir Putin that would<00:14:48.000> obviously<00:14:48.450> have<00:14:48.660> a<00:14:48.810> huge<00:14:49.140> effect<00:14:49.560> on 00:14:49.670 --> 00:14:49.680 align:start position:0% would obviously have a huge effect on 00:14:49.680 --> 00:14:51.080 align:start position:0% would obviously have a huge effect on world<00:14:49.890> politics<00:14:50.220> a<00:14:50.340> huge<00:14:50.490> amount<00:14:50.670> of<00:14:50.730> value 00:14:51.080 --> 00:14:51.090 align:start position:0% world politics a huge amount of value 00:14:51.090 --> 00:14:52.730 align:start position:0% world politics a huge amount of value and<00:14:51.240> yet<00:14:51.660> the<00:14:51.810> number<00:14:52.110> of<00:14:52.380> times<00:14:52.650> someone 00:14:52.730 --> 00:14:52.740 align:start position:0% and yet the number of times someone 00:14:52.740 --> 00:14:54.470 align:start position:0% and yet the number of times someone would<00:14:52.980> actually<00:14:53.250> read<00:14:53.550> that<00:14:53.760> newspaper<00:14:54.270> and 00:14:54.470 --> 00:14:54.480 align:start position:0% would actually read that newspaper and 00:14:54.480 --> 00:14:56.390 align:start position:0% would actually read that newspaper and watch<00:14:54.720> whatever<00:14:54.990> ad<00:14:55.320> they<00:14:55.620> put<00:14:55.800> aside<00:14:56.100> it 00:14:56.390 --> 00:14:56.400 align:start position:0% watch whatever ad they put aside it 00:14:56.400 --> 00:14:59.060 align:start position:0% watch whatever ad they put aside it bears<00:14:57.240> almost<00:14:57.450> no<00:14:57.780> relationship<00:14:58.530> to<00:14:58.740> the 00:14:59.060 --> 00:14:59.070 align:start position:0% bears almost no relationship to the 00:14:59.070 --> 00:15:01.250 align:start position:0% bears almost no relationship to the value<00:14:59.580> that<00:14:59.790> was<00:14:59.940> created<00:15:00.360> so<00:15:00.690> clearly<00:15:00.960> it's<00:15:01.170> a 00:15:01.250 --> 00:15:01.260 align:start position:0% value that was created so clearly it's a 00:15:01.260 --> 00:15:04.600 align:start position:0% value that was created so clearly it's a public<00:15:01.590> good<00:15:02.090> but<00:15:03.090> on<00:15:03.270> the<00:15:03.480> other<00:15:03.630> hand<00:15:03.960> and 00:15:04.600 --> 00:15:04.610 align:start position:0% public good but on the other hand and 00:15:04.610 --> 00:15:07.160 align:start position:0% public good but on the other hand and that's<00:15:05.610> the<00:15:05.820> nature<00:15:06.000> of<00:15:06.120> society<00:15:06.300> most<00:15:06.840> good 00:15:07.160 --> 00:15:07.170 align:start position:0% that's the nature of society most good 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news the whole point of news is to<00:15:13.170> be<00:15:13.290> a<00:15:13.320> check<00:15:13.590> on<00:15:13.770> the<00:15:13.890> government<00:15:14.810> so 00:15:16.180 --> 00:15:16.190 align:start position:0% to be a check on the government so 00:15:16.190 --> 00:15:18.460 align:start position:0% to be a check on the government so imagine<00:15:17.190> that<00:15:17.310> we<00:15:17.370> had<00:15:17.490> a<00:15:17.520> system<00:15:17.790> where 00:15:18.460 --> 00:15:18.470 align:start position:0% imagine that we had a system where 00:15:18.470 --> 00:15:21.470 align:start position:0% imagine that we had a system where through<00:15:19.470> some<00:15:19.740> public<00:15:20.130> process<00:15:20.640> like<00:15:21.030> the<00:15:21.240> tax 00:15:21.470 --> 00:15:21.480 align:start position:0% through some public process like the tax 00:15:21.480 --> 00:15:23.270 align:start position:0% through some public process like the tax revenue<00:15:21.930> that<00:15:21.960> we<00:15:22.170> raised<00:15:22.410> from<00:15:22.950> this<00:15:23.070> system 00:15:23.270 --> 00:15:23.280 align:start position:0% revenue that we raised from this system 00:15:23.280 --> 00:15:25.760 align:start position:0% revenue that we raised from this system that<00:15:23.520> I<00:15:23.580> was<00:15:23.700> just<00:15:23.910> describing<00:15:24.410> from<00:15:25.410> bidding 00:15:25.760 --> 00:15:25.770 align:start position:0% that I was just describing from bidding 00:15:25.770 --> 00:15:29.360 align:start position:0% that I was just describing from bidding for<00:15:25.950> these<00:15:26.100> control<00:15:26.580> of<00:15:26.730> these<00:15:26.850> assets<00:15:28.370> there 00:15:29.360 --> 00:15:29.370 align:start position:0% for these control of these assets there 00:15:29.370 --> 00:15:31.610 align:start position:0% for these control of these assets there was<00:15:29.490> matching<00:15:29.760> funds<00:15:30.270> where<00:15:30.930> individuals 00:15:31.610 --> 00:15:31.620 align:start position:0% was matching funds where individuals 00:15:31.620 --> 00:15:34.480 align:start position:0% was matching funds where individuals could<00:15:31.770> make<00:15:31.950> charitable<00:15:32.280> contributions<00:15:33.270> and 00:15:34.480 --> 00:15:34.490 align:start position:0% could make charitable contributions and 00:15:34.490 --> 00:15:35.810 align:start position:0% could make charitable contributions and these<00:15:35.490> would<00:15:35.670> be 00:15:35.810 --> 00:15:35.820 align:start position:0% these would be 00:15:35.820 --> 00:15:39.320 align:start position:0% these would be matched<00:15:36.060> by<00:15:36.660> some<00:15:36.960> common<00:15:37.290> resources<00:15:38.330> smaller 00:15:39.320 --> 00:15:39.330 align:start position:0% matched by some common resources smaller 00:15:39.330 --> 00:15:41.210 align:start position:0% matched by some common resources smaller contributions<00:15:39.780> would<00:15:40.200> be<00:15:40.320> matched<00:15:40.530> more<00:15:40.980> and 00:15:41.210 --> 00:15:41.220 align:start position:0% contributions would be matched more and 00:15:41.220 --> 00:15:43.010 align:start position:0% contributions would be matched more and the<00:15:41.820> more<00:15:42.000> people<00:15:42.240> that<00:15:42.480> contributed<00:15:42.960> to 00:15:43.010 --> 00:15:43.020 align:start position:0% the more people that contributed to 00:15:43.020 --> 00:15:44.960 align:start position:0% the more people that contributed to something<00:15:43.470> it<00:15:43.680> would<00:15:43.830> be<00:15:43.950> matched<00:15:44.130> more<00:15:44.490> so 00:15:44.960 --> 00:15:44.970 align:start position:0% something it would be matched more so 00:15:44.970 --> 00:15:46.370 align:start position:0% something it would be matched more so that<00:15:45.150> you<00:15:45.240> would<00:15:45.390> never<00:15:45.540> have<00:15:45.780> the<00:15:45.810> attitude 00:15:46.370 --> 00:15:46.380 align:start position:0% that you would never have the attitude 00:15:46.380 --> 00:15:49.700 align:start position:0% that you would never have the attitude that<00:15:47.060> I<00:15:48.060> would<00:15:48.750> contribute<00:15:49.050> if<00:15:49.290> everyone<00:15:49.620> else 00:15:49.700 --> 00:15:49.710 align:start position:0% that I would contribute if everyone else 00:15:49.710 --> 00:15:51.440 align:start position:0% that I would contribute if everyone else would<00:15:49.950> contribute<00:15:50.430> but<00:15:51.120> given<00:15:51.360> that 00:15:51.440 --> 00:15:51.450 align:start position:0% would contribute but given that 00:15:51.450 --> 00:15:52.880 align:start position:0% would contribute but given that everybody<00:15:51.780> else<00:15:51.930> isn't<00:15:52.170> going<00:15:52.320> to<00:15:52.590> contribute 00:15:52.880 --> 00:15:52.890 align:start position:0% everybody else isn't going to contribute 00:15:52.890 --> 00:15:58.340 align:start position:0% everybody else isn't going to contribute I'm<00:15:53.610> gonna<00:15:54.350> slack<00:15:55.350> off<00:15:55.560> and<00:15:56.870> it<00:15:57.870> turns<00:15:58.170> out 00:15:58.340 --> 00:15:58.350 align:start position:0% I'm gonna slack off and it turns out 00:15:58.350 --> 00:16:00.410 align:start position:0% I'm gonna slack off and it turns out that<00:15:58.650> you<00:15:59.070> can<00:15:59.280> perfectly<00:15:59.820> solve<00:16:00.210> that 00:16:00.410 --> 00:16:00.420 align:start position:0% that you can perfectly solve that 00:16:00.420 --> 00:16:03.530 align:start position:0% that you can perfectly solve that problem<00:16:00.810> mathematically<00:16:01.680> using<00:16:02.430> a<00:16:02.670> formula 00:16:03.530 --> 00:16:03.540 align:start position:0% problem mathematically using a formula 00:16:03.540 --> 00:16:06.110 align:start position:0% problem mathematically using a formula that<00:16:03.570> Vitalik<00:16:04.470> Zoe<00:16:04.650> and<00:16:04.860> I<00:16:04.890> derived<00:16:05.250> which<00:16:05.940> is 00:16:06.110 --> 00:16:06.120 align:start position:0% that Vitalik Zoe and I derived which is 00:16:06.120 --> 00:16:09.070 align:start position:0% that Vitalik Zoe and I derived which is shown<00:16:06.330> up<00:16:06.510> here<00:16:06.870> where<00:16:07.470> the<00:16:07.940> contributions 00:16:09.070 --> 00:16:09.080 align:start position:0% shown up here where the contributions 00:16:09.080 --> 00:16:12.920 align:start position:0% shown up here where the contributions that<00:16:10.430> the<00:16:11.430> the<00:16:11.730> amount<00:16:11.940> of<00:16:12.090> funding<00:16:12.600> that<00:16:12.870> a 00:16:12.920 --> 00:16:12.930 align:start position:0% that the the amount of funding that a 00:16:12.930 --> 00:16:15.890 align:start position:0% that the the amount of funding that a charity<00:16:13.470> or<00:16:13.650> organization<00:16:13.700> receives<00:16:14.900> rather 00:16:15.890 --> 00:16:15.900 align:start position:0% charity or organization receives rather 00:16:15.900 --> 00:16:17.540 align:start position:0% charity or organization receives rather than<00:16:16.140> being<00:16:16.320> the<00:16:16.380> sum<00:16:16.710> of<00:16:16.740> the<00:16:16.980> contributions 00:16:17.540 --> 00:16:17.550 align:start position:0% than being the sum of the contributions 00:16:17.550 --> 00:16:20.240 align:start position:0% than being the sum of the contributions made<00:16:17.640> to<00:16:17.940> it<00:16:18.060> are<00:16:18.300> equal<00:16:18.990> to<00:16:19.320> the<00:16:19.470> square<00:16:19.920> of 00:16:20.240 --> 00:16:20.250 align:start position:0% made to it are equal to the square of 00:16:20.250 --> 00:16:22.310 align:start position:0% made to it are equal to the square of the<00:16:20.880> sum<00:16:21.060> of<00:16:21.120> the<00:16:21.360> square<00:16:21.600> roots<00:16:21.630> of<00:16:22.140> the 00:16:22.310 --> 00:16:22.320 align:start position:0% the sum of the square roots of the 00:16:22.320 --> 00:16:24.230 align:start position:0% the sum of the square roots of the contributions<00:16:22.860> made<00:16:22.950> to<00:16:23.070> it<00:16:23.340> so<00:16:23.790> again<00:16:24.060> we 00:16:24.230 --> 00:16:24.240 align:start position:0% contributions made to it so again we 00:16:24.240 --> 00:16:26.540 align:start position:0% contributions made to it so again we match<00:16:24.420> more<00:16:24.950> contributions<00:16:25.950> by<00:16:26.070> more<00:16:26.370> people 00:16:26.540 --> 00:16:26.550 align:start position:0% match more contributions by more people 00:16:26.550 --> 00:16:29.270 align:start position:0% match more contributions by more people and<00:16:27.110> smaller<00:16:28.110> contributions<00:16:28.530> because<00:16:29.070> those 00:16:29.270 --> 00:16:29.280 align:start position:0% and smaller contributions because those 00:16:29.280 --> 00:16:30.440 align:start position:0% and smaller contributions because those are<00:16:29.460> the<00:16:29.490> ones<00:16:29.700> where<00:16:29.910> someone<00:16:30.120> is<00:16:30.210> most 00:16:30.440 --> 00:16:30.450 align:start position:0% are the ones where someone is most 00:16:30.450 --> 00:16:32.300 align:start position:0% are the ones where someone is most likely<00:16:30.750> to<00:16:31.110> feel<00:16:31.470> that<00:16:31.650> they're<00:16:31.770> a<00:16:31.800> small<00:16:32.070> part 00:16:32.300 --> 00:16:32.310 align:start position:0% likely to feel that they're a small part 00:16:32.310 --> 00:16:34.100 align:start position:0% likely to feel that they're a small part of<00:16:32.370> a<00:16:32.460> big<00:16:32.610> community<00:16:33.060> and<00:16:33.300> therefore<00:16:33.900> have<00:16:34.020> an 00:16:34.100 --> 00:16:34.110 align:start position:0% of a big community and therefore have an 00:16:34.110 --> 00:16:36.320 align:start position:0% of a big community and therefore have an incentive<00:16:34.410> to<00:16:34.560> freeride<00:16:35.280> on<00:16:35.520> everybody<00:16:36.120> else 00:16:36.320 --> 00:16:36.330 align:start position:0% incentive to freeride on everybody else 00:16:36.330 --> 00:16:40.690 align:start position:0% incentive to freeride on everybody else and<00:16:36.600> in<00:16:37.200> fact<00:16:37.230> this<00:16:37.980> instantiates<00:16:38.940> a<00:16:39.270> notion 00:16:40.690 --> 00:16:40.700 align:start position:0% and in fact this instantiates a notion 00:16:40.700 --> 00:16:44.150 align:start position:0% and in fact this instantiates a notion that<00:16:41.870> comes<00:16:42.870> out<00:16:43.020> of<00:16:43.050> philosophy<00:16:43.740> which<00:16:44.130> is 00:16:44.150 --> 00:16:44.160 align:start position:0% that comes out of philosophy which is 00:16:44.160 --> 00:16:46.370 align:start position:0% that comes out of philosophy which is called<00:16:44.460> the<00:16:44.580> categorical<00:16:45.270> imperative<00:16:45.380> which 00:16:46.370 --> 00:16:46.380 align:start position:0% called the categorical imperative which 00:16:46.380 --> 00:16:49.280 align:start position:0% called the categorical imperative which says<00:16:46.650> you<00:16:46.860> should<00:16:47.040> always<00:16:47.190> act<00:16:47.610> as<00:16:47.880> if<00:16:48.570> by<00:16:49.020> your 00:16:49.280 --> 00:16:49.290 align:start position:0% says you should always act as if by your 00:16:49.290 --> 00:16:53.750 align:start position:0% says you should always act as if by your action<00:16:49.820> everybody<00:16:50.820> else<00:16:51.560> would<00:16:52.560> also<00:16:52.890> act<00:16:53.490> in 00:16:53.750 --> 00:16:53.760 align:start position:0% action everybody else would also act in 00:16:53.760 --> 00:16:58.460 align:start position:0% action everybody else would also act in the<00:16:53.880> same<00:16:54.060> way<00:16:54.180> that<00:16:54.300> you<00:16:54.420> did<00:16:55.940> and<00:16:57.470> for 00:16:58.460 --> 00:16:58.470 align:start position:0% the same way that you did and for 00:16:58.470 --> 00:17:00.950 align:start position:0% the same way that you did and for selfish<00:16:58.980> people<00:16:59.220> who<00:16:59.850> don't<00:17:00.180> act<00:17:00.510> according 00:17:00.950 --> 00:17:00.960 align:start position:0% selfish people who don't act according 00:17:00.960 --> 00:17:02.150 align:start position:0% selfish people who don't act according to<00:17:00.990> that<00:17:01.080> principle<00:17:01.380> you<00:17:01.860> can<00:17:01.980> actually 00:17:02.150 --> 00:17:02.160 align:start position:0% to that principle you can actually 00:17:02.160 --> 00:17:04.160 align:start position:0% to that principle you can actually through<00:17:02.520> economic<00:17:03.030> incentives<00:17:03.510> recreate 00:17:04.160 --> 00:17:04.170 align:start position:0% through economic incentives recreate 00:17:04.170 --> 00:17:07.370 align:start position:0% through economic incentives recreate that<00:17:04.410> using<00:17:05.220> this<00:17:05.339> formula<00:17:05.820> as<00:17:06.000> we've<00:17:06.380> proven 00:17:07.370 --> 00:17:07.380 align:start position:0% that using this formula as we've proven 00:17:07.380 --> 00:17:10.630 align:start position:0% that using this formula as we've proven in<00:17:07.500> this<00:17:07.589> paper<00:17:08.150> now<00:17:09.150> there<00:17:09.540> is<00:17:09.660> a<00:17:09.689> fundamental 00:17:10.630 --> 00:17:10.640 align:start position:0% in this paper now there is a fundamental 00:17:10.640 --> 00:17:16.179 align:start position:0% in this paper now there is a fundamental problem<00:17:11.640> with<00:17:12.060> this<00:17:12.300> however<00:17:13.820> which<00:17:14.820> is<00:17:15.150> that 00:17:16.179 --> 00:17:16.189 align:start position:0% problem with this however which is that 00:17:16.189 --> 00:17:20.689 align:start position:0% problem with this however which is that you<00:17:17.189> can<00:17:17.400> Sybil<00:17:18.030> attack<00:17:18.300> this<00:17:19.110> system<00:17:19.640> why<00:17:20.640> is 00:17:20.689 --> 00:17:20.699 align:start position:0% you can Sybil attack this system why is 00:17:20.699 --> 00:17:21.020 align:start position:0% you can Sybil attack this system why is that 00:17:21.020 --> 00:17:21.030 align:start position:0% that 00:17:21.030 --> 00:17:25.340 align:start position:0% that well<00:17:21.620> the<00:17:23.420> quadratic<00:17:24.420> function<00:17:24.930> is<00:17:25.110> not 00:17:25.340 --> 00:17:25.350 align:start position:0% well the quadratic function is not 00:17:25.350 --> 00:17:28.700 align:start position:0% well the quadratic function is not linear<00:17:25.770> and<00:17:26.240> because<00:17:27.240> it's<00:17:27.480> not<00:17:27.689> linear<00:17:27.990> you 00:17:28.700 --> 00:17:28.710 align:start position:0% linear and because it's not linear you 00:17:28.710 --> 00:17:31.010 align:start position:0% linear and because it's not linear you can<00:17:28.920> do<00:17:29.100> much<00:17:29.310> better<00:17:29.640> if<00:17:29.910> you<00:17:30.030> can<00:17:30.180> pretend<00:17:30.720> to 00:17:31.010 --> 00:17:31.020 align:start position:0% can do much better if you can pretend to 00:17:31.020 --> 00:17:33.800 align:start position:0% can do much better if you can pretend to be<00:17:31.320> many<00:17:31.710> people<00:17:32.040> rather<00:17:32.850> than<00:17:33.060> just<00:17:33.300> to<00:17:33.660> be 00:17:33.800 --> 00:17:33.810 align:start position:0% be many people rather than just to be 00:17:33.810 --> 00:17:36.770 align:start position:0% be many people rather than just to be one<00:17:33.990> and<00:17:34.730> this<00:17:35.730> is<00:17:35.790> much<00:17:36.090> the<00:17:36.300> same<00:17:36.480> problem 00:17:36.770 --> 00:17:36.780 align:start position:0% one and this is much the same problem 00:17:36.780 --> 00:17:38.300 align:start position:0% one and this is much the same problem that<00:17:36.900> happens<00:17:37.110> in<00:17:37.200> democracy<00:17:37.770> where<00:17:38.130> if<00:17:38.220> you 00:17:38.300 --> 00:17:38.310 align:start position:0% that happens in democracy where if you 00:17:38.310 --> 00:17:39.740 align:start position:0% that happens in democracy where if you can<00:17:38.460> pretend<00:17:38.760> to<00:17:38.850> be<00:17:38.940> many<00:17:39.180> people<00:17:39.270> you<00:17:39.630> can 00:17:39.740 --> 00:17:39.750 align:start position:0% can pretend to be many people you can 00:17:39.750 --> 00:17:42.440 align:start position:0% can pretend to be many people you can commit<00:17:39.990> voter<00:17:40.200> fraud<00:17:40.590> and<00:17:40.860> you<00:17:41.610> can<00:17:41.850> control 00:17:42.440 --> 00:17:42.450 align:start position:0% commit voter fraud and you can control 00:17:42.450 --> 00:17:47.630 align:start position:0% commit voter fraud and you can control the<00:17:42.570> democratic<00:17:43.080> system<00:17:45.380> however 00:17:47.630 --> 00:17:47.640 align:start position:0% the democratic system however 00:17:47.640 --> 00:17:51.070 align:start position:0% the democratic system however in<00:17:48.240> trying<00:17:48.600> to<00:17:48.720> solve<00:17:49.020> this<00:17:49.320> identity<00:17:49.830> problem 00:17:51.070 --> 00:17:51.080 align:start position:0% in trying to solve this identity problem 00:17:51.080 --> 00:17:54.740 align:start position:0% in trying to solve this identity problem many<00:17:52.080> have<00:17:52.500> I<00:17:52.530> think<00:17:52.710> incorrectly<00:17:53.670> taken<00:17:54.660> an 00:17:54.740 --> 00:17:54.750 align:start position:0% many have I think incorrectly taken an 00:17:54.750 --> 00:17:57.770 align:start position:0% many have I think incorrectly taken an approach<00:17:54.990> which<00:17:55.890> ignores<00:17:56.400> the<00:17:57.120> lessons<00:17:57.600> of 00:17:57.770 --> 00:17:57.780 align:start position:0% approach which ignores the lessons of 00:17:57.780 --> 00:17:59.450 align:start position:0% approach which ignores the lessons of democracy<00:17:58.380> which<00:17:58.559> is<00:17:58.710> that<00:17:58.860> identity<00:17:59.340> is 00:17:59.450 --> 00:17:59.460 align:start position:0% democracy which is that identity is 00:17:59.460 --> 00:18:02.780 align:start position:0% democracy which is that identity is fundamentally<00:18:00.150> social<00:18:01.340> identity<00:18:02.340> is<00:18:02.460> not 00:18:02.780 --> 00:18:02.790 align:start position:0% fundamentally social identity is not 00:18:02.790 --> 00:18:06.200 align:start position:0% fundamentally social identity is not something<00:18:03.510> that<00:18:03.690> can<00:18:04.140> be<00:18:04.350> meaningfully<00:18:05.210> can 00:18:06.200 --> 00:18:06.210 align:start position:0% something that can be meaningfully can 00:18:06.210 --> 00:18:08.480 align:start position:0% something that can be meaningfully can meaningfully<00:18:06.390> belong<00:18:07.049> to<00:18:07.650> just<00:18:08.220> an 00:18:08.480 --> 00:18:08.490 align:start position:0% meaningfully belong to just an 00:18:08.490 --> 00:18:11.840 align:start position:0% meaningfully belong to just an individual<00:18:09.059> in<00:18:09.620> fact<00:18:10.620> almost<00:18:10.890> all<00:18:11.429> the 00:18:11.840 --> 00:18:11.850 align:start position:0% individual in fact almost all the 00:18:11.850 --> 00:18:13.840 align:start position:0% individual in fact almost all the information<00:18:11.970> that<00:18:12.390> we<00:18:12.570> call<00:18:12.809> private<00:18:13.559> or 00:18:13.840 --> 00:18:13.850 align:start position:0% information that we call private or 00:18:13.850 --> 00:18:18.070 align:start position:0% information that we call private or intamin<00:18:15.080> is<00:18:16.080> private<00:18:16.860> or<00:18:17.010> intimate<00:18:17.549> in 00:18:18.070 --> 00:18:18.080 align:start position:0% intamin is private or intimate in 00:18:18.080 --> 00:18:20.840 align:start position:0% intamin is private or intimate in relationship<00:18:19.080> to<00:18:19.110> other<00:18:19.380> people<00:18:19.890> you<00:18:20.610> even 00:18:20.840 --> 00:18:20.850 align:start position:0% relationship to other people you even 00:18:20.850 --> 00:18:23.539 align:start position:0% relationship to other people you even think<00:18:21.090> about<00:18:21.179> the<00:18:21.720> you<00:18:22.620> know<00:18:22.740> most<00:18:23.100> intimate 00:18:23.539 --> 00:18:23.549 align:start position:0% think about the you know most intimate 00:18:23.549 --> 00:18:25.460 align:start position:0% think about the you know most intimate things<00:18:23.760> like<00:18:23.970> your<00:18:24.120> sexual<00:18:24.480> history<00:18:24.660> most<00:18:25.290> of 00:18:25.460 --> 00:18:25.470 align:start position:0% things like your sexual history most of 00:18:25.470 --> 00:18:27.340 align:start position:0% things like your sexual history most of that<00:18:25.590> was<00:18:25.679> experienced<00:18:26.370> with<00:18:26.580> someone<00:18:27.000> else 00:18:27.340 --> 00:18:27.350 align:start position:0% that was experienced with someone else 00:18:27.350 --> 00:18:30.740 align:start position:0% that was experienced with someone else right<00:18:28.350> and<00:18:28.500> that's<00:18:29.130> the<00:18:29.309> whole<00:18:29.460> point<00:18:29.940> the 00:18:30.740 --> 00:18:30.750 align:start position:0% right and that's the whole point the 00:18:30.750 --> 00:18:33.770 align:start position:0% right and that's the whole point the whole<00:18:30.900> point<00:18:31.260> is<00:18:31.470> that<00:18:31.880> things<00:18:32.880> are<00:18:33.179> social 00:18:33.770 --> 00:18:33.780 align:start position:0% whole point is that things are social 00:18:33.780 --> 00:18:36.020 align:start position:0% whole point is that things are social fundamentally<00:18:34.679> all<00:18:34.830> of<00:18:35.160> our<00:18:35.280> identities<00:18:35.790> all 00:18:36.020 --> 00:18:36.030 align:start position:0% fundamentally all of our identities all 00:18:36.030 --> 00:18:37.909 align:start position:0% fundamentally all of our identities all the<00:18:36.210> things<00:18:36.419> about<00:18:36.690> us<00:18:36.929> are<00:18:37.169> defined<00:18:37.740> in 00:18:37.909 --> 00:18:37.919 align:start position:0% the things about us are defined in 00:18:37.919 --> 00:18:42.260 align:start position:0% the things about us are defined in relation<00:18:38.490> to<00:18:38.809> others<00:18:40.040> so<00:18:41.040> it's<00:18:41.820> not<00:18:41.970> even 00:18:42.260 --> 00:18:42.270 align:start position:0% relation to others so it's not even 00:18:42.270 --> 00:18:46.190 align:start position:0% relation to others so it's not even meaningful<00:18:43.049> to<00:18:43.530> think<00:18:43.860> of<00:18:44.010> a<00:18:44.340> in<00:18:44.610> an<00:18:45.570> isolated 00:18:46.190 --> 00:18:46.200 align:start position:0% meaningful to think of a in an isolated 00:18:46.200 --> 00:18:48.320 align:start position:0% meaningful to think of a in an isolated ultra<00:18:46.799> individualistic<00:18:47.700> completely 00:18:48.320 --> 00:18:48.330 align:start position:0% ultra individualistic completely 00:18:48.330 --> 00:18:52.000 align:start position:0% ultra individualistic completely trustless<00:18:48.809> way<00:18:49.020> self<00:18:49.799> sovereign<00:18:50.669> identity 00:18:52.000 --> 00:18:52.010 align:start position:0% trustless way self sovereign identity 00:18:52.010 --> 00:18:54.830 align:start position:0% trustless way self sovereign identity but<00:18:53.010> on<00:18:53.130> the<00:18:53.280> other<00:18:53.429> hand<00:18:53.790> we<00:18:54.120> certainly<00:18:54.570> don't 00:18:54.830 --> 00:18:54.840 align:start position:0% but on the other hand we certainly don't 00:18:54.840 --> 00:18:57.740 align:start position:0% but on the other hand we certainly don't want<00:18:55.020> some<00:18:55.860> single<00:18:56.429> central<00:18:57.299> trusted 00:18:57.740 --> 00:18:57.750 align:start position:0% want some single central trusted 00:18:57.750 --> 00:19:00.650 align:start position:0% want some single central trusted Authority<00:18:58.760> running<00:18:59.760> a<00:18:59.970> whole<00:19:00.480> identity 00:19:00.650 --> 00:19:00.660 align:start position:0% Authority running a whole identity 00:19:00.660 --> 00:19:04.280 align:start position:0% Authority running a whole identity system<00:19:01.350> and<00:19:01.669> I<00:19:02.669> think<00:19:02.910> that<00:19:03.030> if<00:19:03.150> we<00:19:03.330> think 00:19:04.280 --> 00:19:04.290 align:start position:0% system and I think that if we think 00:19:04.290 --> 00:19:06.350 align:start position:0% system and I think that if we think about<00:19:04.470> things<00:19:04.890> in<00:19:05.070> this<00:19:05.220> way<00:19:05.429> it<00:19:05.910> again 00:19:06.350 --> 00:19:06.360 align:start position:0% about things in this way it again 00:19:06.360 --> 00:19:08.930 align:start position:0% about things in this way it again naturally<00:19:07.350> select<00:19:07.740> suggest<00:19:08.220> a<00:19:08.309> solution<00:19:08.490> how 00:19:08.930 --> 00:19:08.940 align:start position:0% naturally select suggest a solution how 00:19:08.940 --> 00:19:11.240 align:start position:0% naturally select suggest a solution how can<00:19:09.120> we<00:19:09.270> get<00:19:09.510> a<00:19:09.540> notion<00:19:09.840> of<00:19:10.020> identity<00:19:10.169> so<00:19:11.100> that 00:19:11.240 --> 00:19:11.250 align:start position:0% can we get a notion of identity so that 00:19:11.250 --> 00:19:13.039 align:start position:0% can we get a notion of identity so that we<00:19:11.340> can't<00:19:11.610> get<00:19:12.059> civil<00:19:12.360> attacks<00:19:12.660> in<00:19:12.870> this 00:19:13.039 --> 00:19:13.049 align:start position:0% we can't get civil attacks in this 00:19:13.049 --> 00:19:15.650 align:start position:0% we can't get civil attacks in this without<00:19:13.919> relying<00:19:14.400> on<00:19:14.549> some<00:19:15.000> central 00:19:15.650 --> 00:19:15.660 align:start position:0% without relying on some central 00:19:15.660 --> 00:19:17.720 align:start position:0% without relying on some central authority<00:19:15.750> well<00:19:16.620> we<00:19:16.740> have<00:19:16.860> to<00:19:16.980> recognize<00:19:17.520> this 00:19:17.720 --> 00:19:17.730 align:start position:0% authority well we have to recognize this 00:19:17.730 --> 00:19:19.190 align:start position:0% authority well we have to recognize this social<00:19:18.120> nature<00:19:18.330> of<00:19:18.450> identity<00:19:18.600> which<00:19:19.020> we're 00:19:19.190 --> 00:19:19.200 align:start position:0% social nature of identity which we're 00:19:19.200 --> 00:19:20.930 align:start position:0% social nature of identity which we're doing<00:19:19.470> in<00:19:19.620> this<00:19:19.740> work<00:19:19.950> with<00:19:20.160> Matt<00:19:20.340> Jax<00:19:20.669> and<00:19:20.850> a 00:19:20.930 --> 00:19:20.940 align:start position:0% doing in this work with Matt Jax and a 00:19:20.940 --> 00:19:22.880 align:start position:0% doing in this work with Matt Jax and a Stanford<00:19:21.390> professor<00:19:21.679> which<00:19:22.679> we'll<00:19:22.860> be 00:19:22.880 --> 00:19:22.890 align:start position:0% Stanford professor which we'll be 00:19:22.890 --> 00:19:26.419 align:start position:0% Stanford professor which we'll be releasing<00:19:23.250> soon<00:19:23.660> which<00:19:25.040> recognizes<00:19:26.040> that<00:19:26.220> all 00:19:26.419 --> 00:19:26.429 align:start position:0% releasing soon which recognizes that all 00:19:26.429 --> 00:19:28.430 align:start position:0% releasing soon which recognizes that all that<00:19:26.940> really<00:19:27.150> goes<00:19:27.330> on<00:19:27.510> in<00:19:27.570> in<00:19:27.900> a<00:19:28.140> quote 00:19:28.430 --> 00:19:28.440 align:start position:0% that really goes on in in a quote 00:19:28.440 --> 00:19:31.310 align:start position:0% that really goes on in in a quote centralized<00:19:29.340> unquote<00:19:30.120> identity<00:19:30.690> system<00:19:31.110> is 00:19:31.310 --> 00:19:31.320 align:start position:0% centralized unquote identity system is 00:19:31.320 --> 00:19:33.169 align:start position:0% centralized unquote identity system is that<00:19:32.100> someone<00:19:32.520> who's<00:19:32.640> trying<00:19:32.850> to<00:19:32.910> verify 00:19:33.169 --> 00:19:33.179 align:start position:0% that someone who's trying to verify 00:19:33.179 --> 00:19:35.360 align:start position:0% that someone who's trying to verify someone<00:19:33.780> else<00:19:33.929> trusts<00:19:34.770> a<00:19:34.890> central<00:19:35.250> authority 00:19:35.360 --> 00:19:35.370 align:start position:0% someone else trusts a central authority 00:19:35.370 --> 00:19:38.120 align:start position:0% someone else trusts a central authority and<00:19:35.940> that<00:19:36.330> central<00:19:36.840> authority<00:19:37.350> trusts<00:19:37.919> the 00:19:38.120 --> 00:19:38.130 align:start position:0% and that central authority trusts the 00:19:38.130 --> 00:19:40.490 align:start position:0% and that central authority trusts the individual<00:19:38.610> being<00:19:38.730> verified<00:19:39.290> but<00:19:40.290> that's 00:19:40.490 --> 00:19:40.500 align:start position:0% individual being verified but that's 00:19:40.500 --> 00:19:42.860 align:start position:0% individual being verified but that's just<00:19:40.740> one<00:19:41.100> special<00:19:41.700> case<00:19:41.940> of<00:19:42.150> a<00:19:42.510> much<00:19:42.690> more 00:19:42.860 --> 00:19:42.870 align:start position:0% just one special case of a much more 00:19:42.870 --> 00:19:45.890 align:start position:0% just one special case of a much more general<00:19:43.380> structure<00:19:44.000> where<00:19:45.000> we<00:19:45.299> all<00:19:45.480> trust 00:19:45.890 --> 00:19:45.900 align:start position:0% general structure where we all trust 00:19:45.900 --> 00:19:48.049 align:start position:0% general structure where we all trust some<00:19:46.140> people<00:19:46.169> and<00:19:46.740> those<00:19:47.160> people<00:19:47.220> trust<00:19:47.820> some 00:19:48.049 --> 00:19:48.059 align:start position:0% some people and those people trust some 00:19:48.059 --> 00:19:49.789 align:start position:0% some people and those people trust some people<00:19:48.090> and<00:19:48.630> those<00:19:49.020> people<00:19:49.230> trust<00:19:49.590> some 00:19:49.789 --> 00:19:49.799 align:start position:0% people and those people trust some 00:19:49.799 --> 00:19:51.560 align:start position:0% people and those people trust some people<00:19:50.130> and<00:19:50.309> they<00:19:50.640> know<00:19:50.850> things<00:19:51.150> about<00:19:51.390> other 00:19:51.560 --> 00:19:51.570 align:start position:0% people and they know things about other 00:19:51.570 --> 00:19:54.320 align:start position:0% people and they know things about other people<00:19:51.630> and<00:19:52.230> you<00:19:52.950> can<00:19:53.130> imagine<00:19:53.400> every<00:19:53.880> time 00:19:54.320 --> 00:19:54.330 align:start position:0% people and you can imagine every time 00:19:54.330 --> 00:19:56.210 align:start position:0% people and you can imagine every time you<00:19:54.630> need<00:19:54.720> to<00:19:54.780> verify<00:19:55.320> a<00:19:55.350> property<00:19:56.010> of<00:19:56.130> a 00:19:56.210 --> 00:19:56.220 align:start position:0% you need to verify a property of a 00:19:56.220 --> 00:19:58.700 align:start position:0% you need to verify a property of a person<00:19:56.429> sending<00:19:57.419> a<00:19:57.540> message<00:19:58.050> along<00:19:58.470> this 00:19:58.700 --> 00:19:58.710 align:start position:0% person sending a message along this 00:19:58.710 --> 00:20:00.440 align:start position:0% person sending a message along this network<00:19:59.160> which<00:19:59.760> doesn't<00:20:00.179> need<00:20:00.270> to<00:20:00.360> be 00:20:00.440 --> 00:20:00.450 align:start position:0% network which doesn't need to be 00:20:00.450 --> 00:20:01.460 align:start position:0% network which doesn't need to be centrally<00:20:00.900> stored 00:20:01.460 --> 00:20:01.470 align:start position:0% centrally stored 00:20:01.470 --> 00:20:04.490 align:start position:0% centrally stored it<00:20:01.590> can<00:20:01.799> be<00:20:01.950> a<00:20:02.190> lot<00:20:02.520> like<00:20:02.780> tcp/ip<00:20:03.780> protocols 00:20:04.490 --> 00:20:04.500 align:start position:0% it can be a lot like tcp/ip protocols 00:20:04.500 --> 00:20:06.649 align:start position:0% it can be a lot like tcp/ip protocols work<00:20:04.799> actually<00:20:05.070> locally<00:20:06.059> stored<00:20:06.299> and<00:20:06.480> you<00:20:06.539> can 00:20:06.649 --> 00:20:06.659 align:start position:0% work actually locally stored and you can 00:20:06.659 --> 00:20:08.240 align:start position:0% work actually locally stored and you can do<00:20:06.750> local<00:20:07.230> graph<00:20:07.440> search<00:20:07.770> to<00:20:08.070> find 00:20:08.240 --> 00:20:08.250 align:start position:0% do local graph search to find 00:20:08.250 --> 00:20:10.010 align:start position:0% do local graph search to find connections<00:20:08.490> along<00:20:08.909> that<00:20:09.059> network<00:20:09.360> and<00:20:09.570> then 00:20:10.010 --> 00:20:10.020 align:start position:0% connections along that network and then 00:20:10.020 --> 00:20:13.310 align:start position:0% connections along that network and then you<00:20:10.110> can<00:20:10.289> send<00:20:10.559> messages<00:20:11.039> of<00:20:12.320> verification 00:20:13.310 --> 00:20:13.320 align:start position:0% you can send messages of verification 00:20:13.320 --> 00:20:15.649 align:start position:0% you can send messages of verification along<00:20:13.559> that<00:20:13.740> Network<00:20:14.070> and<00:20:14.250> you<00:20:14.909> can<00:20:15.090> use<00:20:15.360> these 00:20:15.649 --> 00:20:15.659 align:start position:0% along that Network and you can use these 00:20:15.659 --> 00:20:18.289 align:start position:0% along that Network and you can use these even<00:20:16.200> without<00:20:16.429> cryptography<00:20:17.429> to 00:20:18.289 --> 00:20:18.299 align:start position:0% even without cryptography to 00:20:18.299 --> 00:20:21.350 align:start position:0% even without cryptography to disambiguate<00:20:19.159> different<00:20:20.159> individuals<00:20:20.820> by 00:20:21.350 --> 00:20:21.360 align:start position:0% disambiguate different individuals by 00:20:21.360 --> 00:20:23.899 align:start position:0% disambiguate different individuals by asking<00:20:22.020> enough<00:20:22.350> questions<00:20:22.490> that<00:20:23.490> with<00:20:23.640> high 00:20:23.899 --> 00:20:23.909 align:start position:0% asking enough questions that with high 00:20:23.909 --> 00:20:26.390 align:start position:0% asking enough questions that with high probability<00:20:24.679> there<00:20:25.679> will<00:20:25.799> not<00:20:25.950> be<00:20:25.980> two 00:20:26.390 --> 00:20:26.400 align:start position:0% probability there will not be two 00:20:26.400 --> 00:20:30.620 align:start position:0% probability there will not be two different<00:20:26.549> people<00:20:27.049> that<00:20:28.049> are<00:20:28.400> the<00:20:29.400> same<00:20:29.640> that 00:20:30.620 --> 00:20:30.630 align:start position:0% different people that are the same that 00:20:30.630 --> 00:20:33.409 align:start position:0% different people that are the same that that<00:20:30.960> will<00:20:31.640> according<00:20:32.640> to<00:20:32.730> that<00:20:32.850> set<00:20:33.390> of 00:20:33.409 --> 00:20:33.419 align:start position:0% that will according to that set of 00:20:33.419 --> 00:20:35.060 align:start position:0% that will according to that set of questions<00:20:33.900> and<00:20:34.080> at<00:20:34.409> the<00:20:34.500> same<00:20:34.679> time<00:20:34.919> is 00:20:35.060 --> 00:20:35.070 align:start position:0% questions and at the same time is 00:20:35.070 --> 00:20:36.710 align:start position:0% questions and at the same time is there's<00:20:35.250> so<00:20:35.429> many<00:20:35.549> things<00:20:35.820> about<00:20:36.059> us<00:20:36.330> that<00:20:36.659> we 00:20:36.710 --> 00:20:36.720 align:start position:0% there's so many things about us that we 00:20:36.720 --> 00:20:37.940 align:start position:0% there's so many things about us that we share<00:20:37.049> with<00:20:37.230> so<00:20:37.409> many<00:20:37.530> different<00:20:37.710> people 00:20:37.940 --> 00:20:37.950 align:start position:0% share with so many different people 00:20:37.950 --> 00:20:42.770 align:start position:0% share with so many different people within<00:20:38.940> our<00:20:39.150> communities<00:20:41.179> we<00:20:42.179> can<00:20:42.210> do<00:20:42.630> that 00:20:42.770 --> 00:20:42.780 align:start position:0% within our communities we can do that 00:20:42.780 --> 00:20:44.840 align:start position:0% within our communities we can do that without<00:20:43.080> ever<00:20:43.260> telling<00:20:43.710> the<00:20:44.340> person<00:20:44.520> trying 00:20:44.840 --> 00:20:44.850 align:start position:0% without ever telling the person trying 00:20:44.850 --> 00:20:46.640 align:start position:0% without ever telling the person trying to<00:20:44.970> verify<00:20:45.150> very<00:20:45.900> much<00:20:46.140> that's<00:20:46.409> very 00:20:46.640 --> 00:20:46.650 align:start position:0% to verify very much that's very 00:20:46.650 --> 00:20:51.919 align:start position:0% to verify very much that's very meaningful<00:20:46.830> about<00:20:47.429> us<00:20:49.130> so<00:20:50.480> taking<00:20:51.480> that<00:20:51.510> view 00:20:51.919 --> 00:20:51.929 align:start position:0% meaningful about us so taking that view 00:20:51.929 --> 00:20:54.529 align:start position:0% meaningful about us so taking that view that<00:20:52.169> actually<00:20:53.100> your<00:20:53.429> identity<00:20:54.030> is<00:20:54.480> a 00:20:54.529 --> 00:20:54.539 align:start position:0% that actually your identity is a 00:20:54.539 --> 00:20:56.270 align:start position:0% that actually your identity is a property<00:20:55.289> of<00:20:55.380> all<00:20:55.470> the<00:20:55.590> communities<00:20:56.070> you're 00:20:56.270 --> 00:20:56.280 align:start position:0% property of all the communities you're 00:20:56.280 --> 00:20:58.010 align:start position:0% property of all the communities you're part<00:20:56.520> of<00:20:56.640> you<00:20:57.210> actually<00:20:57.510> get<00:20:57.630> a<00:20:57.659> far<00:20:57.990> more 00:20:58.010 --> 00:20:58.020 align:start position:0% part of you actually get a far more 00:20:58.020 --> 00:21:01.669 align:start position:0% part of you actually get a far more robust<00:20:58.890> sense<00:20:59.780> than<00:21:00.780> you<00:21:00.929> do<00:21:01.110> if<00:21:01.260> you<00:21:01.380> try<00:21:01.559> to 00:21:01.669 --> 00:21:01.679 align:start position:0% robust sense than you do if you try to 00:21:01.679 --> 00:21:05.680 align:start position:0% robust sense than you do if you try to think<00:21:01.890> of<00:21:02.130> a<00:21:02.270> individual<00:21:03.270> on<00:21:03.480> their<00:21:03.809> own 00:21:05.680 --> 00:21:05.690 align:start position:0% think of a individual on their own 00:21:05.690 --> 00:21:10.100 align:start position:0% think of a individual on their own owning<00:21:06.690> or<00:21:07.110> controlling<00:21:07.650> their<00:21:07.770> identity<00:21:09.110> now 00:21:10.100 --> 00:21:10.110 align:start position:0% owning or controlling their identity now 00:21:10.110 --> 00:21:14.260 align:start position:0% owning or controlling their identity now these<00:21:11.100> are<00:21:11.340> all<00:21:12.470> ambitious<00:21:13.470> long-term 00:21:14.260 --> 00:21:14.270 align:start position:0% these are all ambitious long-term 00:21:14.270 --> 00:21:17.330 align:start position:0% these are all ambitious long-term visions<00:21:15.270> of<00:21:15.480> how<00:21:15.630> we<00:21:15.690> can<00:21:15.990> transform<00:21:16.830> basic 00:21:17.330 --> 00:21:17.340 align:start position:0% visions of how we can transform basic 00:21:17.340 --> 00:21:19.430 align:start position:0% visions of how we can transform basic social<00:21:17.730> structures<00:21:18.240> in<00:21:18.450> order<00:21:18.990> to<00:21:19.110> make<00:21:19.260> a 00:21:19.430 --> 00:21:19.440 align:start position:0% social structures in order to make a 00:21:19.440 --> 00:21:21.620 align:start position:0% social structures in order to make a decentralized<00:21:19.860> world<00:21:20.429> but<00:21:21.000> we're<00:21:21.120> facing<00:21:21.330> a 00:21:21.620 --> 00:21:21.630 align:start position:0% decentralized world but we're facing a 00:21:21.630 --> 00:21:23.210 align:start position:0% decentralized world but we're facing a more<00:21:21.809> near-term<00:21:22.320> problem<00:21:22.740> than<00:21:22.890> that<00:21:22.919> at<00:21:23.190> this 00:21:23.210 --> 00:21:23.220 align:start position:0% more near-term problem than that at this 00:21:23.220 --> 00:21:26.600 align:start position:0% more near-term problem than that at this moment<00:21:23.659> right<00:21:24.659> now<00:21:25.010> we<00:21:26.010> are<00:21:26.159> in<00:21:26.309> one<00:21:26.340> of<00:21:26.490> the 00:21:26.600 --> 00:21:26.610 align:start position:0% moment right now we are in one of the 00:21:26.610 --> 00:21:28.970 align:start position:0% moment right now we are in one of the most<00:21:26.730> centralized<00:21:27.390> periods<00:21:28.350> of<00:21:28.470> power<00:21:28.679> in 00:21:28.970 --> 00:21:28.980 align:start position:0% most centralized periods of power in 00:21:28.980 --> 00:21:34.430 align:start position:0% most centralized periods of power in human<00:21:29.280> history<00:21:29.960> a<00:21:30.960> few<00:21:31.830> global<00:21:33.440> platforms 00:21:34.430 --> 00:21:34.440 align:start position:0% human history a few global platforms 00:21:34.440 --> 00:21:36.830 align:start position:0% human history a few global platforms have<00:21:34.980> established<00:21:35.309> a<00:21:35.640> control<00:21:36.090> over<00:21:36.330> the 00:21:36.830 --> 00:21:36.840 align:start position:0% have established a control over the 00:21:36.840 --> 00:21:39.049 align:start position:0% have established a control over the digital<00:21:37.200> ecosystem<00:21:37.980> that<00:21:38.520> really<00:21:38.789> is<00:21:38.909> no 00:21:39.049 --> 00:21:39.059 align:start position:0% digital ecosystem that really is no 00:21:39.059 --> 00:21:41.570 align:start position:0% digital ecosystem that really is no parallel<00:21:39.419> and<00:21:39.780> I<00:21:40.020> felt<00:21:40.679> this<00:21:40.830> before<00:21:41.159> myself 00:21:41.570 --> 00:21:41.580 align:start position:0% parallel and I felt this before myself 00:21:41.580 --> 00:21:43.760 align:start position:0% parallel and I felt this before myself but<00:21:42.120> travelling<00:21:42.600> around<00:21:42.840> Europe<00:21:43.110> in<00:21:43.500> the<00:21:43.590> last 00:21:43.760 --> 00:21:43.770 align:start position:0% but travelling around Europe in the last 00:21:43.770 --> 00:21:45.950 align:start position:0% but travelling around Europe in the last week<00:21:43.950> I<00:21:44.070> was<00:21:44.220> really<00:21:44.760> amazed<00:21:45.299> by<00:21:45.419> this<00:21:45.539> clear 00:21:45.950 --> 00:21:45.960 align:start position:0% week I was really amazed by this clear 00:21:45.960 --> 00:21:48.529 align:start position:0% week I was really amazed by this clear across<00:21:46.260> the<00:21:46.470> political<00:21:46.590> spectrum<00:21:46.890> in<00:21:47.549> Norway 00:21:48.529 --> 00:21:48.539 align:start position:0% across the political spectrum in Norway 00:21:48.539 --> 00:21:50.840 align:start position:0% across the political spectrum in Norway I<00:21:48.570> heard<00:21:49.260> almost<00:21:49.679> everyone<00:21:50.220> I<00:21:50.250> talked<00:21:50.580> to<00:21:50.669> use 00:21:50.840 --> 00:21:50.850 align:start position:0% I heard almost everyone I talked to use 00:21:50.850 --> 00:21:53.240 align:start position:0% I heard almost everyone I talked to use the<00:21:50.940> word<00:21:51.090> totalitarian<00:21:52.020> in<00:21:52.220> referring<00:21:53.220> to 00:21:53.240 --> 00:21:53.250 align:start position:0% the word totalitarian in referring to 00:21:53.250 --> 00:21:54.500 align:start position:0% the word totalitarian in referring to their<00:21:53.429> fears<00:21:53.760> about<00:21:54.059> what<00:21:54.240> was<00:21:54.360> going<00:21:54.480> to 00:21:54.500 --> 00:21:54.510 align:start position:0% their fears about what was going to 00:21:54.510 --> 00:21:58.510 align:start position:0% their fears about what was going to happen<00:21:54.720> with<00:21:54.960> these<00:21:55.140> digital<00:21:55.320> platforms<00:21:57.320> and 00:21:58.510 --> 00:21:58.520 align:start position:0% happen with these digital platforms and 00:21:58.520 --> 00:22:02.330 align:start position:0% happen with these digital platforms and we<00:21:59.520> need<00:21:59.789> things<00:22:00.210> that<00:22:01.110> start<00:22:01.559> to<00:22:01.650> push<00:22:02.039> back 00:22:02.330 --> 00:22:02.340 align:start position:0% we need things that start to push back 00:22:02.340 --> 00:22:05.750 align:start position:0% we need things that start to push back and<00:22:02.669> reduce<00:22:03.000> that<00:22:03.179> power<00:22:03.390> today<00:22:04.730> not<00:22:05.730> just 00:22:05.750 --> 00:22:05.760 align:start position:0% and reduce that power today not just 00:22:05.760 --> 00:22:08.419 align:start position:0% and reduce that power today not just things<00:22:06.390> that<00:22:06.570> maybe<00:22:07.289> we<00:22:07.590> can<00:22:07.740> test<00:22:07.980> out<00:22:08.220> and 00:22:08.419 --> 00:22:08.429 align:start position:0% things that maybe we can test out and 00:22:08.429 --> 00:22:09.919 align:start position:0% things that maybe we can test out and eventually<00:22:08.669> scale<00:22:09.270> we<00:22:09.600> need<00:22:09.630> ways<00:22:09.899> to 00:22:09.919 --> 00:22:09.929 align:start position:0% eventually scale we need ways to 00:22:09.929 --> 00:22:12.590 align:start position:0% eventually scale we need ways to organize<00:22:10.260> today<00:22:10.799> to<00:22:11.520> reduce<00:22:11.730> that<00:22:11.909> power<00:22:12.149> or 00:22:12.590 --> 00:22:12.600 align:start position:0% organize today to reduce that power or 00:22:12.600 --> 00:22:14.090 align:start position:0% organize today to reduce that power or there's<00:22:12.840> not<00:22:12.960> going<00:22:13.140> to<00:22:13.200> be<00:22:13.289> the<00:22:13.409> space 00:22:14.090 --> 00:22:14.100 align:start position:0% there's not going to be the space 00:22:14.100 --> 00:22:21.909 align:start position:0% there's not going to be the space to<00:22:14.520> build<00:22:14.700> a<00:22:14.820> better<00:22:14.850> decentralized<00:22:15.919> future 00:22:21.909 --> 00:22:21.919 align:start position:0% 00:22:21.919 --> 00:22:26.630 align:start position:0% and<00:22:22.919> so<00:22:23.460> in<00:22:23.730> the<00:22:23.970> interim<00:22:24.890> until<00:22:25.890> we<00:22:26.250> can<00:22:26.429> build 00:22:26.630 --> 00:22:26.640 align:start position:0% and so in the interim until we can build 00:22:26.640 --> 00:22:28.430 align:start position:0% and so in the interim until we can build these<00:22:26.760> systems<00:22:27.210> and<00:22:27.390> and<00:22:27.660> I<00:22:27.809> love<00:22:28.080> all<00:22:28.320> the 00:22:28.430 --> 00:22:28.440 align:start position:0% these systems and and I love all the 00:22:28.440 --> 00:22:29.570 align:start position:0% these systems and and I love all the work<00:22:28.559> that<00:22:28.620> we're<00:22:28.950> doing<00:22:28.980> in<00:22:29.280> building<00:22:29.520> the 00:22:29.570 --> 00:22:29.580 align:start position:0% work that we're doing in building the 00:22:29.580 --> 00:22:30.650 align:start position:0% work that we're doing in building the system<00:22:29.820> that's<00:22:29.970> what<00:22:30.059> I<00:22:30.090> spend<00:22:30.330> most<00:22:30.450> of<00:22:30.600> my 00:22:30.650 --> 00:22:30.660 align:start position:0% system that's what I spend most of my 00:22:30.660 --> 00:22:34.340 align:start position:0% system that's what I spend most of my time<00:22:30.900> on<00:22:31.309> we<00:22:32.309> need<00:22:32.580> to<00:22:32.640> find<00:22:33.030> a<00:22:33.600> form<00:22:34.200> of 00:22:34.340 --> 00:22:34.350 align:start position:0% time on we need to find a form of 00:22:34.350 --> 00:22:37.610 align:start position:0% time on we need to find a form of organization<00:22:35.010> that<00:22:35.700> is<00:22:35.850> inspired<00:22:36.600> by<00:22:37.049> the 00:22:37.610 --> 00:22:37.620 align:start position:0% organization that is inspired by the 00:22:37.620 --> 00:22:40.580 align:start position:0% organization that is inspired by the ideas<00:22:38.250> coming<00:22:39.000> out<00:22:39.210> of<00:22:39.390> this<00:22:39.690> other<00:22:39.870> tradition 00:22:40.580 --> 00:22:40.590 align:start position:0% ideas coming out of this other tradition 00:22:40.590 --> 00:22:43.520 align:start position:0% ideas coming out of this other tradition but<00:22:41.190> that<00:22:41.390> doesn't<00:22:42.390> rely<00:22:42.780> on<00:22:42.809> as<00:22:43.350> much 00:22:43.520 --> 00:22:43.530 align:start position:0% but that doesn't rely on as much 00:22:43.530 --> 00:22:45.350 align:start position:0% but that doesn't rely on as much speculative<00:22:44.250> technology<00:22:44.850> to<00:22:45.059> make<00:22:45.179> them 00:22:45.350 --> 00:22:45.360 align:start position:0% speculative technology to make them 00:22:45.360 --> 00:22:48.940 align:start position:0% speculative technology to make them happen<00:22:45.539> and<00:22:45.900> in<00:22:46.830> work<00:22:47.039> with<00:22:47.250> Jaron<00:22:47.640> Lanier 00:22:48.940 --> 00:22:48.950 align:start position:0% happen and in work with Jaron Lanier 00:22:48.950 --> 00:22:53.510 align:start position:0% happen and in work with Jaron Lanier we've<00:22:49.950> proposed<00:22:50.460> a<00:22:51.679> framework<00:22:52.679> along<00:22:53.370> these 00:22:53.510 --> 00:22:53.520 align:start position:0% we've proposed a framework along these 00:22:53.520 --> 00:22:57.230 align:start position:0% we've proposed a framework along these lines<00:22:53.960> called<00:22:55.520> mediators<00:22:56.520> of<00:22:56.549> individual 00:22:57.230 --> 00:22:57.240 align:start position:0% lines called mediators of individual 00:22:57.240 --> 00:23:00.770 align:start position:0% lines called mediators of individual data<00:22:57.419> these<00:22:58.350> would<00:22:58.530> be<00:22:58.650> organizations<00:22:59.429> a<00:23:00.179> bit 00:23:00.770 --> 00:23:00.780 align:start position:0% data these would be organizations a bit 00:23:00.780 --> 00:23:04.480 align:start position:0% data these would be organizations a bit like<00:23:01.020> the<00:23:01.650> way<00:23:01.770> that<00:23:01.950> unions<00:23:02.429> were<00:23:02.700> in<00:23:03.080> the 00:23:04.480 --> 00:23:04.490 align:start position:0% like the way that unions were in the 00:23:04.490 --> 00:23:08.090 align:start position:0% like the way that unions were in the late<00:23:05.490> 19th<00:23:06.030> and<00:23:06.330> mid<00:23:06.480> 20th<00:23:06.870> centuries<00:23:07.380> that 00:23:08.090 --> 00:23:08.100 align:start position:0% late 19th and mid 20th centuries that 00:23:08.100 --> 00:23:10.490 align:start position:0% late 19th and mid 20th centuries that would<00:23:08.220> serve<00:23:08.490> three<00:23:08.909> roles<00:23:09.480> that<00:23:10.140> we<00:23:10.260> think 00:23:10.490 --> 00:23:10.500 align:start position:0% would serve three roles that we think 00:23:10.500 --> 00:23:13.460 align:start position:0% would serve three roles that we think are<00:23:10.710> really<00:23:11.669> important<00:23:12.120> first<00:23:12.900> they<00:23:13.320> would 00:23:13.460 --> 00:23:13.470 align:start position:0% are really important first they would 00:23:13.470 --> 00:23:14.750 align:start position:0% are really important first they would act<00:23:13.650> as<00:23:13.830> collective<00:23:14.340> bargaining 00:23:14.750 --> 00:23:14.760 align:start position:0% act as collective bargaining 00:23:14.760 --> 00:23:16.640 align:start position:0% act as collective bargaining organizations<00:23:15.419> to<00:23:15.630> protect<00:23:15.780> the<00:23:16.140> value<00:23:16.500> of 00:23:16.640 --> 00:23:16.650 align:start position:0% organizations to protect the value of 00:23:16.650 --> 00:23:18.799 align:start position:0% organizations to protect the value of data<00:23:16.830> and<00:23:17.100> to<00:23:17.400> ensure<00:23:17.669> that<00:23:17.700> a<00:23:17.850> fair<00:23:18.179> share<00:23:18.780> of 00:23:18.799 --> 00:23:18.809 align:start position:0% data and to ensure that a fair share of 00:23:18.809 --> 00:23:21.950 align:start position:0% data and to ensure that a fair share of the<00:23:19.049> value<00:23:19.350> of<00:23:19.380> that<00:23:19.500> data<00:23:19.860> goes<00:23:20.400> back<00:23:20.429> to<00:23:21.419> the 00:23:21.950 --> 00:23:21.960 align:start position:0% the value of that data goes back to the 00:23:21.960 --> 00:23:24.380 align:start position:0% the value of that data goes back to the people<00:23:22.200> who<00:23:22.289> produce<00:23:22.409> a<00:23:22.740> second<00:23:23.580> they<00:23:24.270> would 00:23:24.380 --> 00:23:24.390 align:start position:0% people who produce a second they would 00:23:24.390 --> 00:23:25.880 align:start position:0% people who produce a second they would play<00:23:24.630> a<00:23:24.659> lot<00:23:24.900> of<00:23:25.020> the<00:23:25.080> roles<00:23:25.289> in<00:23:25.500> these 00:23:25.880 --> 00:23:25.890 align:start position:0% play a lot of the roles in these 00:23:25.890 --> 00:23:26.899 align:start position:0% play a lot of the roles in these discussions<00:23:26.429> we're<00:23:26.549> having<00:23:26.760> about 00:23:26.899 --> 00:23:26.909 align:start position:0% discussions we're having about 00:23:26.909 --> 00:23:29.060 align:start position:0% discussions we're having about information<00:23:27.600> quality<00:23:27.870> and<00:23:28.260> fake<00:23:28.470> news<00:23:28.710> and<00:23:28.919> so 00:23:29.060 --> 00:23:29.070 align:start position:0% information quality and fake news and so 00:23:29.070 --> 00:23:31.669 align:start position:0% information quality and fake news and so forth<00:23:29.370> we<00:23:29.820> can't<00:23:30.240> allow<00:23:30.510> those<00:23:30.960> decisions<00:23:31.530> to 00:23:31.669 --> 00:23:31.679 align:start position:0% forth we can't allow those decisions to 00:23:31.679 --> 00:23:34.549 align:start position:0% forth we can't allow those decisions to be<00:23:31.770> made<00:23:31.799> in<00:23:32.309> a<00:23:32.760> central<00:23:33.480> set<00:23:33.900> of<00:23:33.990> platforms<00:23:34.440> in 00:23:34.549 --> 00:23:34.559 align:start position:0% be made in a central set of platforms in 00:23:34.559 --> 00:23:36.590 align:start position:0% be made in a central set of platforms in Silicon<00:23:34.919> Valley<00:23:34.950> and<00:23:35.400> we<00:23:35.789> can't<00:23:36.090> allow<00:23:36.390> them 00:23:36.590 --> 00:23:36.600 align:start position:0% Silicon Valley and we can't allow them 00:23:36.600 --> 00:23:39.770 align:start position:0% Silicon Valley and we can't allow them to<00:23:36.750> be<00:23:36.870> made<00:23:37.110> by<00:23:37.950> governments<00:23:38.789> and<00:23:38.940> if<00:23:39.630> we 00:23:39.770 --> 00:23:39.780 align:start position:0% to be made by governments and if we 00:23:39.780 --> 00:23:41.810 align:start position:0% to be made by governments and if we don't<00:23:39.900> come<00:23:40.169> up<00:23:40.230> with<00:23:40.350> a<00:23:40.559> civil<00:23:40.980> society<00:23:41.159> based 00:23:41.810 --> 00:23:41.820 align:start position:0% don't come up with a civil society based 00:23:41.820 --> 00:23:43.580 align:start position:0% don't come up with a civil society based alternative<00:23:42.690> to<00:23:42.809> that<00:23:42.900> that<00:23:43.320> is<00:23:43.440> not 00:23:43.580 --> 00:23:43.590 align:start position:0% alternative to that that is not 00:23:43.590 --> 00:23:45.380 align:start position:0% alternative to that that is not implementable<00:23:44.250> in<00:23:44.429> ten<00:23:44.640> years<00:23:44.820> scalable<00:23:45.299> in 00:23:45.380 --> 00:23:45.390 align:start position:0% implementable in ten years scalable in 00:23:45.390 --> 00:23:47.600 align:start position:0% implementable in ten years scalable in ten<00:23:45.539> years<00:23:45.690> but<00:23:45.990> scalable<00:23:46.740> in<00:23:46.919> the<00:23:47.159> next<00:23:47.400> two 00:23:47.600 --> 00:23:47.610 align:start position:0% ten years but scalable in the next two 00:23:47.610 --> 00:23:49.159 align:start position:0% ten years but scalable in the next two or<00:23:47.760> three<00:23:47.789> years<00:23:47.970> that's<00:23:48.780> what's<00:23:48.990> going<00:23:49.140> to 00:23:49.159 --> 00:23:49.169 align:start position:0% or three years that's what's going to 00:23:49.169 --> 00:23:51.230 align:start position:0% or three years that's what's going to happen<00:23:49.590> and<00:23:49.740> the<00:23:50.370> moment<00:23:50.700> that<00:23:50.730> marine<00:23:51.030> lepen 00:23:51.230 --> 00:23:51.240 align:start position:0% happen and the moment that marine lepen 00:23:51.240 --> 00:23:55.310 align:start position:0% happen and the moment that marine lepen gets<00:23:51.659> elected<00:23:52.110> the<00:23:52.200> moment<00:23:52.559> that<00:23:53.870> you<00:23:54.870> get<00:23:55.110> a 00:23:55.310 --> 00:23:55.320 align:start position:0% gets elected the moment that you get a 00:23:55.320 --> 00:23:58.909 align:start position:0% gets elected the moment that you get a strong<00:23:56.929> extremist<00:23:57.929> government<00:23:58.380> they<00:23:58.740> are 00:23:58.909 --> 00:23:58.919 align:start position:0% strong extremist government they are 00:23:58.919 --> 00:24:01.399 align:start position:0% strong extremist government they are going<00:23:59.039> to<00:23:59.159> take<00:23:59.400> that<00:23:59.429> power<00:23:59.909> and<00:24:00.320> they<00:24:01.320> are 00:24:01.399 --> 00:24:01.409 align:start position:0% going to take that power and they are 00:24:01.409 --> 00:24:03.770 align:start position:0% going to take that power and they are going<00:24:01.530> to<00:24:01.620> use<00:24:01.860> it<00:24:02.070> to<00:24:02.520> establish<00:24:03.090> potentially 00:24:03.770 --> 00:24:03.780 align:start position:0% going to use it to establish potentially 00:24:03.780 --> 00:24:07.850 align:start position:0% going to use it to establish potentially much<00:24:04.350> more<00:24:04.610> frightening<00:24:06.860> totalitarian 00:24:07.850 --> 00:24:07.860 align:start position:0% much more frightening totalitarian 00:24:07.860 --> 00:24:09.260 align:start position:0% much more frightening totalitarian systems<00:24:08.220> than<00:24:08.340> we've<00:24:08.490> ever<00:24:08.580> seen<00:24:08.909> before 00:24:09.260 --> 00:24:09.270 align:start position:0% systems than we've ever seen before 00:24:09.270 --> 00:24:12.409 align:start position:0% systems than we've ever seen before so<00:24:09.900> we<00:24:10.049> need<00:24:10.380> to<00:24:11.010> create<00:24:11.610> these<00:24:11.940> new<00:24:12.120> civil 00:24:12.409 --> 00:24:12.419 align:start position:0% so we need to create these new civil 00:24:12.419 --> 00:24:13.730 align:start position:0% so we need to create these new civil society<00:24:12.780> organizations<00:24:13.350> that<00:24:13.500> can<00:24:13.620> be 00:24:13.730 --> 00:24:13.740 align:start position:0% society organizations that can be 00:24:13.740 --> 00:24:15.110 align:start position:0% society organizations that can be repositories<00:24:14.280> not<00:24:14.429> just<00:24:14.669> of<00:24:14.789> this<00:24:14.909> economic 00:24:15.110 --> 00:24:15.120 align:start position:0% repositories not just of this economic 00:24:15.120 --> 00:24:17.120 align:start position:0% repositories not just of this economic value<00:24:15.659> and<00:24:15.750> these<00:24:15.840> privacy<00:24:16.230> issues<00:24:16.559> but<00:24:16.980> also 00:24:17.120 --> 00:24:17.130 align:start position:0% value and these privacy issues but also 00:24:17.130 --> 00:24:18.470 align:start position:0% value and these privacy issues but also of<00:24:17.370> the<00:24:17.460> information<00:24:17.970> that<00:24:18.120> we're<00:24:18.240> getting 00:24:18.470 --> 00:24:18.480 align:start position:0% of the information that we're getting 00:24:18.480 --> 00:24:20.210 align:start position:0% of the information that we're getting and<00:24:18.600> certifying<00:24:19.140> that<00:24:19.590> information<00:24:20.100> is 00:24:20.210 --> 00:24:20.220 align:start position:0% and certifying that information is 00:24:20.220 --> 00:24:22.640 align:start position:0% and certifying that information is writing<00:24:20.520> and<00:24:20.669> as<00:24:21.120> quality<00:24:21.659> rather<00:24:22.230> than<00:24:22.530> at 00:24:22.640 --> 00:24:22.650 align:start position:0% writing and as quality rather than at 00:24:22.650 --> 00:24:26.000 align:start position:0% writing and as quality rather than at all<00:24:22.830> being<00:24:23.100> done<00:24:23.309> in<00:24:23.549> some<00:24:23.970> central<00:24:24.360> way<00:24:24.510> and 00:24:26.000 --> 00:24:26.010 align:start position:0% all being done in some central way and 00:24:26.010 --> 00:24:27.680 align:start position:0% all being done in some central way and these<00:24:26.250> are<00:24:26.550> gonna<00:24:26.670> have<00:24:26.910> to<00:24:27.060> help<00:24:27.180> people<00:24:27.540> deal 00:24:27.680 --> 00:24:27.690 align:start position:0% these are gonna have to help people deal 00:24:27.690 --> 00:24:29.420 align:start position:0% these are gonna have to help people deal with<00:24:27.750> the<00:24:27.990> tension<00:24:28.200> there's<00:24:28.650> a<00:24:28.740> huge<00:24:29.100> problem 00:24:29.420 --> 00:24:29.430 align:start position:0% with the tension there's a huge problem 00:24:29.430 --> 00:24:31.130 align:start position:0% with the tension there's a huge problem with<00:24:29.730> attention<00:24:30.300> hacking<00:24:30.810> by<00:24:30.960> these 00:24:31.130 --> 00:24:31.140 align:start position:0% with attention hacking by these 00:24:31.140 --> 00:24:33.980 align:start position:0% with attention hacking by these platforms<00:24:31.830> and<00:24:32.010> we<00:24:32.430> can't<00:24:32.730> just<00:24:32.970> rely<00:24:33.270> on<00:24:33.300> the 00:24:33.980 --> 00:24:33.990 align:start position:0% platforms and we can't just rely on the 00:24:33.990 --> 00:24:36.050 align:start position:0% platforms and we can't just rely on the state<00:24:34.290> or<00:24:34.320> even<00:24:34.620> a<00:24:34.800> single<00:24:35.130> civil<00:24:35.760> society 00:24:36.050 --> 00:24:36.060 align:start position:0% state or even a single civil society 00:24:36.060 --> 00:24:37.220 align:start position:0% state or even a single civil society organization<00:24:36.570> to<00:24:36.660> give<00:24:36.750> us<00:24:36.840> the<00:24:36.960> right<00:24:37.200> answer 00:24:37.220 --> 00:24:37.230 align:start position:0% organization to give us the right answer 00:24:37.230 --> 00:24:39.260 align:start position:0% organization to give us the right answer in<00:24:37.650> this<00:24:37.770> there<00:24:37.890> is<00:24:38.010> no<00:24:38.190> right<00:24:38.370> answer<00:24:38.580> we<00:24:39.120> need 00:24:39.260 --> 00:24:39.270 align:start position:0% in this there is no right answer we need 00:24:39.270 --> 00:24:41.420 align:start position:0% in this there is no right answer we need to<00:24:39.330> find<00:24:39.570> a<00:24:39.690> new<00:24:39.930> way<00:24:40.170> for<00:24:40.710> people<00:24:40.890> to<00:24:41.100> organize 00:24:41.420 --> 00:24:41.430 align:start position:0% to find a new way for people to organize 00:24:41.430 --> 00:24:46.970 align:start position:0% to find a new way for people to organize collectively<00:24:42.290> in<00:24:43.340> order<00:24:44.340> to<00:24:44.820> manage<00:24:45.980> their 00:24:46.970 --> 00:24:46.980 align:start position:0% collectively in order to manage their 00:24:46.980 --> 00:24:50.420 align:start position:0% collectively in order to manage their own<00:24:47.570> agency<00:24:48.570> and<00:24:48.890> this<00:24:49.890> is<00:24:50.070> starting<00:24:50.400> to 00:24:50.420 --> 00:24:50.430 align:start position:0% own agency and this is starting to 00:24:50.430 --> 00:24:52.490 align:start position:0% own agency and this is starting to happen<00:24:50.640> this<00:24:51.330> is<00:24:51.630> something<00:24:52.050> that<00:24:52.170> can<00:24:52.290> happen 00:24:52.490 --> 00:24:52.500 align:start position:0% happen this is something that can happen 00:24:52.500 --> 00:24:55.570 align:start position:0% happen this is something that can happen in<00:24:52.800> the<00:24:53.100> near<00:24:53.220> term<00:24:53.460> there<00:24:53.940> are<00:24:54.120> hundreds<00:24:54.960> of 00:24:55.570 --> 00:24:55.580 align:start position:0% in the near term there are hundreds of 00:24:55.580 --> 00:24:57.860 align:start position:0% in the near term there are hundreds of startups<00:24:56.580> that<00:24:56.970> are<00:24:57.030> trying<00:24:57.360> to<00:24:57.510> do<00:24:57.600> things 00:24:57.860 --> 00:24:57.870 align:start position:0% startups that are trying to do things 00:24:57.870 --> 00:24:59.840 align:start position:0% startups that are trying to do things like<00:24:58.050> this<00:24:58.260> and<00:24:58.500> and<00:24:58.710> there<00:24:58.890> are<00:24:59.010> pluses<00:24:59.580> and 00:24:59.840 --> 00:24:59.850 align:start position:0% like this and and there are pluses and 00:24:59.850 --> 00:25:01.160 align:start position:0% like this and and there are pluses and minuses<00:25:00.240> we<00:25:00.360> have<00:25:00.450> a<00:25:00.480> piece<00:25:00.690> in<00:25:00.720> the<00:25:00.930> Harvard 00:25:01.160 --> 00:25:01.170 align:start position:0% minuses we have a piece in the Harvard 00:25:01.170 --> 00:25:02.510 align:start position:0% minuses we have a piece in the Harvard Business<00:25:01.200> Review<00:25:01.620> called<00:25:01.980> a<00:25:02.040> blueprint<00:25:02.400> for 00:25:02.510 --> 00:25:02.520 align:start position:0% Business Review called a blueprint for 00:25:02.520 --> 00:25:04.720 align:start position:0% Business Review called a blueprint for better<00:25:02.760> digital<00:25:03.000> society<00:25:03.390> that<00:25:04.200> tries<00:25:04.410> to 00:25:04.720 --> 00:25:04.730 align:start position:0% better digital society that tries to 00:25:04.730 --> 00:25:06.830 align:start position:0% better digital society that tries to discuss<00:25:05.730> some<00:25:06.180> of<00:25:06.210> the<00:25:06.300> principles<00:25:06.720> they 00:25:06.830 --> 00:25:06.840 align:start position:0% discuss some of the principles they 00:25:06.840 --> 00:25:08.360 align:start position:0% discuss some of the principles they should<00:25:06.990> obey<00:25:07.260> but<00:25:07.620> it's<00:25:07.770> happening<00:25:08.160> and 00:25:08.360 --> 00:25:08.370 align:start position:0% should obey but it's happening and 00:25:08.370 --> 00:25:10.580 align:start position:0% should obey but it's happening and Angola<00:25:08.970> Merck<00:25:09.240> will<00:25:09.390> give<00:25:09.540> a<00:25:09.570> speech<00:25:09.870> talking 00:25:10.580 --> 00:25:10.590 align:start position:0% Angola Merck will give a speech talking 00:25:10.590 --> 00:25:12.860 align:start position:0% Angola Merck will give a speech talking very<00:25:10.890> much<00:25:11.040> along<00:25:11.580> these<00:25:11.760> lines<00:25:12.060> and<00:25:12.300> even<00:25:12.780> the 00:25:12.860 --> 00:25:12.870 align:start position:0% very much along these lines and even the 00:25:12.870 --> 00:25:14.600 align:start position:0% very much along these lines and even the large<00:25:13.050> tech<00:25:13.320> companies<00:25:13.680> are<00:25:13.800> increasingly 00:25:14.600 --> 00:25:14.610 align:start position:0% large tech companies are increasingly 00:25:14.610 --> 00:25:16.790 align:start position:0% large tech companies are increasingly thinking<00:25:15.240> about<00:25:15.690> this<00:25:15.870> because<00:25:16.080> they<00:25:16.350> see<00:25:16.410> the 00:25:16.790 --> 00:25:16.800 align:start position:0% thinking about this because they see the 00:25:16.800 --> 00:25:18.770 align:start position:0% thinking about this because they see the unsustainability<00:25:17.580> of<00:25:17.820> the<00:25:18.240> extreme<00:25:18.600> power 00:25:18.770 --> 00:25:18.780 align:start position:0% unsustainability of the extreme power 00:25:18.780 --> 00:25:20.270 align:start position:0% unsustainability of the extreme power that's<00:25:19.080> being<00:25:19.230> put<00:25:19.380> in<00:25:19.470> their<00:25:19.590> hands<00:25:19.770> and<00:25:19.890> the 00:25:20.270 --> 00:25:20.280 align:start position:0% that's being put in their hands and the 00:25:20.280 --> 00:25:22.730 align:start position:0% that's being put in their hands and the risks<00:25:20.730> of<00:25:20.820> that<00:25:21.240> being<00:25:21.480> co-opted<00:25:22.260> by<00:25:22.320> someone 00:25:22.730 --> 00:25:22.740 align:start position:0% risks of that being co-opted by someone 00:25:22.740 --> 00:25:29.030 align:start position:0% risks of that being co-opted by someone else<00:25:23.510> but<00:25:24.650> we're<00:25:25.650> also<00:25:27.410> trying<00:25:28.410> to<00:25:28.500> build<00:25:28.740> a 00:25:29.030 --> 00:25:29.040 align:start position:0% else but we're also trying to build a 00:25:29.040 --> 00:25:32.990 align:start position:0% else but we're also trying to build a movement<00:25:29.610> of<00:25:29.910> people<00:25:31.100> around<00:25:32.100> these<00:25:32.730> things 00:25:32.990 --> 00:25:33.000 align:start position:0% movement of people around these things 00:25:33.000 --> 00:25:35.000 align:start position:0% movement of people around these things both<00:25:33.300> near-term<00:25:33.810> and<00:25:33.870> long-term<00:25:34.020> to<00:25:34.800> allow 00:25:35.000 --> 00:25:35.010 align:start position:0% both near-term and long-term to allow 00:25:35.010 --> 00:25:36.590 align:start position:0% both near-term and long-term to allow them<00:25:35.250> to<00:25:35.370> communicate<00:25:35.550> and<00:25:36.150> talk<00:25:36.300> and<00:25:36.510> to 00:25:36.590 --> 00:25:36.600 align:start position:0% them to communicate and talk and to 00:25:36.600 --> 00:25:39.710 align:start position:0% them to communicate and talk and to start<00:25:36.840> to<00:25:36.930> transform<00:25:37.440> people's<00:25:37.890> ideas<00:25:38.720> so 00:25:39.710 --> 00:25:39.720 align:start position:0% start to transform people's ideas so 00:25:39.720 --> 00:25:42.910 align:start position:0% start to transform people's ideas so that<00:25:39.990> they<00:25:40.200> can<00:25:40.410> embrace<00:25:40.560> these<00:25:41.490> radical 00:25:42.910 --> 00:25:42.920 align:start position:0% that they can embrace these radical 00:25:42.920 --> 00:25:46.600 align:start position:0% that they can embrace these radical decentralized<00:25:44.000> visions<00:25:45.000> of<00:25:45.120> the<00:25:45.270> world<00:25:45.300> and 00:25:46.600 --> 00:25:46.610 align:start position:0% decentralized visions of the world and 00:25:46.610 --> 00:25:49.940 align:start position:0% decentralized visions of the world and this<00:25:47.610> is<00:25:47.850> what<00:25:48.480> we<00:25:48.600> called<00:25:48.870> radical<00:25:49.500> exchange 00:25:49.940 --> 00:25:49.950 align:start position:0% this is what we called radical exchange 00:25:49.950 --> 00:25:52.990 align:start position:0% this is what we called radical exchange this<00:25:50.880> is<00:25:51.030> going<00:25:51.270> to<00:25:51.360> be<00:25:51.540> a<00:25:51.870> conference<00:25:52.590> about 00:25:52.990 --> 00:25:53.000 align:start position:0% this is going to be a conference about 00:25:53.000 --> 00:25:57.530 align:start position:0% this is going to be a conference about 1/5<00:25:54.000> the<00:25:54.240> size<00:25:54.390> of<00:25:54.990> Def<00:25:55.530> Con<00:25:55.850> in<00:25:56.850> March<00:25:57.240> and 00:25:57.530 --> 00:25:57.540 align:start position:0% 1/5 the size of Def Con in March and 00:25:57.540 --> 00:26:01.010 align:start position:0% 1/5 the size of Def Con in March and it's<00:25:58.110> led<00:25:58.320> by<00:25:58.350> jeffrey<00:25:59.100> lea<00:25:59.930> who's<00:26:00.930> the 00:26:01.010 --> 00:26:01.020 align:start position:0% it's led by jeffrey lea who's the 00:26:01.020 --> 00:26:04.670 align:start position:0% it's led by jeffrey lea who's the executive<00:26:01.410> director<00:26:01.740> and<00:26:02.100> it<00:26:02.730> is<00:26:03.510> a<00:26:03.680> community 00:26:04.670 --> 00:26:04.680 align:start position:0% executive director and it is a community 00:26:04.680 --> 00:26:06.710 align:start position:0% executive director and it is a community to<00:26:04.830> bring<00:26:04.980> together<00:26:05.240> so<00:26:06.240> many<00:26:06.450> different 00:26:06.710 --> 00:26:06.720 align:start position:0% to bring together so many different 00:26:06.720 --> 00:26:09.730 align:start position:0% to bring together so many different types<00:26:06.900> of<00:26:07.050> people<00:26:07.380> there<00:26:07.890> have<00:26:08.070> been<00:26:08.570> enormous 00:26:09.730 --> 00:26:09.740 align:start position:0% types of people there have been enormous 00:26:09.740 --> 00:26:12.200 align:start position:0% types of people there have been enormous investments<00:26:10.740> dozens<00:26:11.430> of<00:26:11.580> startups<00:26:11.910> I'm<00:26:12.000> sure 00:26:12.200 --> 00:26:12.210 align:start position:0% investments dozens of startups I'm sure 00:26:12.210 --> 00:26:13.430 align:start position:0% investments dozens of startups I'm sure there's<00:26:12.360> many<00:26:12.480> people<00:26:12.630> in<00:26:12.810> this<00:26:12.900> room<00:26:13.050> who<00:26:13.350> are 00:26:13.430 --> 00:26:13.440 align:start position:0% there's many people in this room who are 00:26:13.440 --> 00:26:15.050 align:start position:0% there's many people in this room who are doing<00:26:13.710> things<00:26:13.890> related<00:26:14.250> to<00:26:14.280> radical<00:26:14.760> markets 00:26:15.050 --> 00:26:15.060 align:start position:0% doing things related to radical markets 00:26:15.060 --> 00:26:16.280 align:start position:0% doing things related to radical markets within<00:26:15.240> entrepreneurship<00:26:16.020> and<00:26:16.170> technology 00:26:16.280 --> 00:26:16.290 align:start position:0% within entrepreneurship and technology 00:26:16.290 --> 00:26:18.410 align:start position:0% within entrepreneurship and technology there's<00:26:17.160> all<00:26:17.310> sorts<00:26:17.580> of<00:26:17.640> research<00:26:17.970> going<00:26:18.240> on 00:26:18.410 --> 00:26:18.420 align:start position:0% there's all sorts of research going on 00:26:18.420 --> 00:26:20.150 align:start position:0% there's all sorts of research going on but<00:26:18.780> there's<00:26:18.930> also<00:26:19.200> wonderful<00:26:19.650> artists 00:26:20.150 --> 00:26:20.160 align:start position:0% but there's also wonderful artists 00:26:20.160 --> 00:26:22.760 align:start position:0% but there's also wonderful artists making<00:26:20.850> things<00:26:21.180> around<00:26:21.420> this<00:26:21.600> and<00:26:21.780> art<00:26:22.290> is<00:26:22.470> so 00:26:22.760 --> 00:26:22.770 align:start position:0% making things around this and art is so 00:26:22.770 --> 00:26:24.290 align:start position:0% making things around this and art is so critically<00:26:23.280> important<00:26:23.670> because<00:26:23.760> the<00:26:24.000> truth 00:26:24.290 --> 00:26:24.300 align:start position:0% critically important because the truth 00:26:24.300 --> 00:26:27.530 align:start position:0% critically important because the truth is<00:26:24.600> in<00:26:24.870> a<00:26:25.230> decentralized<00:26:25.710> world<00:26:26.280> power<00:26:27.000> comes 00:26:27.530 --> 00:26:27.540 align:start position:0% is in a decentralized world power comes 00:26:27.540 --> 00:26:29.750 align:start position:0% is in a decentralized world power comes from<00:26:27.870> people's<00:26:28.170> ideas<00:26:28.590> and<00:26:28.800> their<00:26:29.250> senses<00:26:29.640> of 00:26:29.750 --> 00:26:29.760 align:start position:0% from people's ideas and their senses of 00:26:29.760 --> 00:26:33.050 align:start position:0% from people's ideas and their senses of legitimacy<00:26:30.270> not<00:26:31.050> from<00:26:31.590> central<00:26:31.970> authority<00:26:32.970> so 00:26:33.050 --> 00:26:33.060 align:start position:0% legitimacy not from central authority so 00:26:33.060 --> 00:26:34.670 align:start position:0% legitimacy not from central authority so we<00:26:33.180> can't<00:26:33.420> just<00:26:33.600> go<00:26:33.720> to<00:26:33.780> policymakers<00:26:34.560> and 00:26:34.670 --> 00:26:34.680 align:start position:0% we can't just go to policymakers and 00:26:34.680 --> 00:26:36.350 align:start position:0% we can't just go to policymakers and make<00:26:34.800> them<00:26:34.950> implement<00:26:35.340> this<00:26:35.490> we<00:26:35.790> have<00:26:35.940> to<00:26:36.120> be 00:26:36.350 --> 00:26:36.360 align:start position:0% make them implement this we have to be 00:26:36.360 --> 00:26:39.170 align:start position:0% make them implement this we have to be the<00:26:36.600> change<00:26:36.930> we<00:26:37.200> want<00:26:37.380> to<00:26:37.530> see<00:26:37.770> by<00:26:38.640> actually 00:26:39.170 --> 00:26:39.180 align:start position:0% the change we want to see by actually 00:26:39.180 --> 00:26:39.919 align:start position:0% the change we want to see by actually helping<00:26:39.540> these<00:26:39.600> idea 00:26:39.919 --> 00:26:39.929 align:start position:0% helping these idea 00:26:39.929 --> 00:26:44.090 align:start position:0% helping these idea pervade<00:26:40.470> the<00:26:41.179> feeling<00:26:42.179> of<00:26:42.389> life<00:26:43.019> of<00:26:43.289> the<00:26:43.830> broad 00:26:44.090 --> 00:26:44.100 align:start position:0% pervade the feeling of life of the broad 00:26:44.100 --> 00:26:47.539 align:start position:0% pervade the feeling of life of the broad public<00:26:44.669> not<00:26:44.999> just<00:26:45.029> tech<00:26:45.570> nerds<00:26:45.840> and<00:26:46.549> we're 00:26:47.539 --> 00:26:47.549 align:start position:0% public not just tech nerds and we're 00:26:47.549 --> 00:26:50.450 align:start position:0% public not just tech nerds and we're also<00:26:48.110> engaging<00:26:49.110> we're<00:26:49.559> building<00:26:49.860> all<00:26:50.039> sorts 00:26:50.450 --> 00:26:50.460 align:start position:0% also engaging we're building all sorts 00:26:50.460 --> 00:26:52.009 align:start position:0% also engaging we're building all sorts of<00:26:50.610> activist<00:26:51.269> organizations<00:26:51.899> these 00:26:52.009 --> 00:26:52.019 align:start position:0% of activist organizations these 00:26:52.019 --> 00:26:53.539 align:start position:0% of activist organizations these organizations<00:26:52.529> are<00:26:52.619> popping<00:26:52.980> up<00:26:53.070> on<00:26:53.220> college 00:26:53.539 --> 00:26:53.549 align:start position:0% organizations are popping up on college 00:26:53.549 --> 00:26:56.029 align:start position:0% organizations are popping up on college campuses<00:26:54.059> in<00:26:54.779> countries<00:26:55.289> all<00:26:55.529> over<00:26:55.559> the<00:26:55.919> world 00:26:56.029 --> 00:26:56.039 align:start position:0% campuses in countries all over the world 00:26:56.039 --> 00:26:58.700 align:start position:0% campuses in countries all over the world and<00:26:56.549> we<00:26:57.240> have<00:26:57.360> an<00:26:57.450> incredibly<00:26:57.899> diverse<00:26:58.110> range 00:26:58.700 --> 00:26:58.710 align:start position:0% and we have an incredibly diverse range 00:26:58.710 --> 00:26:59.989 align:start position:0% and we have an incredibly diverse range of<00:26:58.860> people<00:26:59.039> involved<00:26:59.639> with<00:26:59.820> it<00:26:59.850> because 00:26:59.989 --> 00:26:59.999 align:start position:0% of people involved with it because 00:26:59.999 --> 00:27:03.049 align:start position:0% of people involved with it because that's<00:27:00.419> what<00:27:00.629> we<00:27:00.749> need<00:27:00.779> to<00:27:01.679> have<00:27:02.460> robust 00:27:03.049 --> 00:27:03.059 align:start position:0% that's what we need to have robust 00:27:03.059 --> 00:27:05.509 align:start position:0% that's what we need to have robust systems<00:27:03.539> that<00:27:03.720> take<00:27:03.869> into<00:27:04.019> account<00:27:04.460> all<00:27:05.460> of 00:27:05.509 --> 00:27:05.519 align:start position:0% systems that take into account all of 00:27:05.519 --> 00:27:07.759 align:start position:0% systems that take into account all of the<00:27:06.149> social<00:27:06.899> problems<00:27:07.230> that<00:27:07.259> are<00:27:07.409> necessary 00:27:07.759 --> 00:27:07.769 align:start position:0% the social problems that are necessary 00:27:07.769 --> 00:27:10.129 align:start position:0% the social problems that are necessary to<00:27:07.799> really<00:27:08.129> build<00:27:08.480> decentralized<00:27:09.480> future 00:27:10.129 --> 00:27:10.139 align:start position:0% to really build decentralized future 00:27:10.139 --> 00:27:12.169 align:start position:0% to really build decentralized future leading<00:27:10.710> our<00:27:10.830> ideas<00:27:11.159> and<00:27:11.309> research<00:27:11.549> track<00:27:11.970> is 00:27:12.169 --> 00:27:12.179 align:start position:0% leading our ideas and research track is 00:27:12.179 --> 00:27:14.239 align:start position:0% leading our ideas and research track is not<00:27:12.509> another<00:27:12.869> economist<00:27:13.710> like<00:27:13.889> me<00:27:14.129> or<00:27:14.190> a 00:27:14.239 --> 00:27:14.249 align:start position:0% not another economist like me or a 00:27:14.249 --> 00:27:16.159 align:start position:0% not another economist like me or a computer<00:27:14.730> scientists<00:27:15.389> it's<00:27:15.749> a<00:27:15.869> Nonya 00:27:16.159 --> 00:27:16.169 align:start position:0% computer scientists it's a Nonya 00:27:16.169 --> 00:27:18.649 align:start position:0% computer scientists it's a Nonya Chakravarthi<00:27:16.799> a<00:27:16.830> post-colonial<00:27:17.659> historian 00:27:18.649 --> 00:27:18.659 align:start position:0% Chakravarthi a post-colonial historian 00:27:18.659 --> 00:27:22.220 align:start position:0% Chakravarthi a post-colonial historian at<00:27:18.929> Georgetown<00:27:19.919> University<00:27:21.230> leading 00:27:22.220 --> 00:27:22.230 align:start position:0% at Georgetown University leading 00:27:22.230 --> 00:27:24.859 align:start position:0% at Georgetown University leading entrepreneurship<00:27:23.159> and<00:27:23.279> technology<00:27:23.399> is<00:27:24.090> your 00:27:24.859 --> 00:27:24.869 align:start position:0% entrepreneurship and technology is your 00:27:24.869 --> 00:27:28.460 align:start position:0% entrepreneurship and technology is your beloved<00:27:25.379> Mamie<00:27:25.950> Rheingold<00:27:26.330> who<00:27:27.330> is<00:27:28.139> leading 00:27:28.460 --> 00:27:28.470 align:start position:0% beloved Mamie Rheingold who is leading 00:27:28.470 --> 00:27:30.049 align:start position:0% beloved Mamie Rheingold who is leading Devcon<00:27:28.950> this<00:27:29.220> year<00:27:29.399> yeah<00:27:29.549> let's<00:27:29.700> give<00:27:29.820> a<00:27:29.850> hand 00:27:30.049 --> 00:27:30.059 align:start position:0% Devcon this year yeah let's give a hand 00:27:30.059 --> 00:27:33.289 align:start position:0% Devcon this year yeah let's give a hand for<00:27:30.119> Mamie<00:27:30.480> she's<00:27:30.629> done<00:27:30.779> an<00:27:30.869> amazing<00:27:31.080> job<00:27:32.299> and 00:27:33.289 --> 00:27:33.299 align:start position:0% for Mamie she's done an amazing job and 00:27:33.299 --> 00:27:34.730 align:start position:0% for Mamie she's done an amazing job and we're<00:27:33.570> so<00:27:33.749> lucky<00:27:33.929> to<00:27:34.139> get<00:27:34.320> some<00:27:34.529> of<00:27:34.649> her 00:27:34.730 --> 00:27:34.740 align:start position:0% we're so lucky to get some of her 00:27:34.740 --> 00:27:36.830 align:start position:0% we're so lucky to get some of her attention<00:27:35.070> going<00:27:35.399> forward<00:27:35.970> for<00:27:36.419> radical 00:27:36.830 --> 00:27:36.840 align:start position:0% attention going forward for radical 00:27:36.840 --> 00:27:39.769 align:start position:0% attention going forward for radical exchange<00:27:37.259> and<00:27:38.330> we've<00:27:39.330> got<00:27:39.450> a<00:27:39.480> wonderful 00:27:39.769 --> 00:27:39.779 align:start position:0% exchange and we've got a wonderful 00:27:39.779 --> 00:27:41.539 align:start position:0% exchange and we've got a wonderful artist<00:27:40.379> Jennifer<00:27:40.559> Lin<00:27:40.889> Marone<00:27:41.159> who's<00:27:41.369> been 00:27:41.539 --> 00:27:41.549 align:start position:0% artist Jennifer Lin Marone who's been 00:27:41.549 --> 00:27:43.759 align:start position:0% artist Jennifer Lin Marone who's been doing<00:27:41.789> great<00:27:41.970> work<00:27:42.269> on<00:27:42.419> data<00:27:42.990> slavery<00:27:43.499> and<00:27:43.649> the 00:27:43.759 --> 00:27:43.769 align:start position:0% doing great work on data slavery and the 00:27:43.769 --> 00:27:46.340 align:start position:0% doing great work on data slavery and the way<00:27:43.860> in<00:27:44.009> which<00:27:44.159> people<00:27:44.549> are<00:27:44.960> oppressed<00:27:45.960> by<00:27:46.169> the 00:27:46.340 --> 00:27:46.350 align:start position:0% way in which people are oppressed by the 00:27:46.350 --> 00:27:50.389 align:start position:0% way in which people are oppressed by the corporate<00:27:47.009> form<00:27:47.869> but<00:27:48.869> it's<00:27:49.230> not<00:27:49.379> just<00:27:49.619> lefty 00:27:50.389 --> 00:27:50.399 align:start position:0% corporate form but it's not just lefty 00:27:50.399 --> 00:27:53.029 align:start position:0% corporate form but it's not just lefty people<00:27:50.789> these<00:27:51.330> ideas<00:27:51.869> speak<00:27:52.169> to<00:27:52.289> libertarians 00:27:53.029 --> 00:27:53.039 align:start position:0% people these ideas speak to libertarians 00:27:53.039 --> 00:27:56.239 align:start position:0% people these ideas speak to libertarians and<00:27:53.369> they<00:27:53.789> speak<00:27:54.090> to<00:27:54.559> socialists<00:27:55.559> they<00:27:55.980> speak 00:27:56.239 --> 00:27:56.249 align:start position:0% and they speak to socialists they speak 00:27:56.249 --> 00:27:58.820 align:start position:0% and they speak to socialists they speak to<00:27:56.460> centrist<00:27:57.029> and<00:27:57.299> they<00:27:57.840> speak<00:27:58.080> to<00:27:58.139> populist 00:27:58.820 --> 00:27:58.830 align:start position:0% to centrist and they speak to populist 00:27:58.830 --> 00:28:01.340 align:start position:0% to centrist and they speak to populist these<00:27:59.039> are<00:27:59.159> ideas<00:27:59.549> that<00:27:59.580> can<00:27:59.970> connect<00:28:00.450> so<00:28:01.110> many 00:28:01.340 --> 00:28:01.350 align:start position:0% these are ideas that can connect so many 00:28:01.350 --> 00:28:03.019 align:start position:0% these are ideas that can connect so many of<00:28:01.499> these<00:28:01.619> different<00:28:01.860> visions<00:28:02.340> because<00:28:02.879> they 00:28:03.019 --> 00:28:03.029 align:start position:0% of these different visions because they 00:28:03.029 --> 00:28:05.720 align:start position:0% of these different visions because they embrace<00:28:03.570> the<00:28:04.110> challenges<00:28:04.710> of<00:28:04.860> liberalism<00:28:05.249> but 00:28:05.720 --> 00:28:05.730 align:start position:0% embrace the challenges of liberalism but 00:28:05.730 --> 00:28:07.789 align:start position:0% embrace the challenges of liberalism but seek<00:28:06.059> for<00:28:06.360> a<00:28:06.389> liberal<00:28:06.690> society<00:28:07.200> and<00:28:07.379> so 00:28:07.789 --> 00:28:07.799 align:start position:0% seek for a liberal society and so 00:28:07.799 --> 00:28:09.320 align:start position:0% seek for a liberal society and so leaning<00:28:08.249> our<00:28:08.340> activism<00:28:08.669> and<00:28:08.909> government 00:28:09.320 --> 00:28:09.330 align:start position:0% leaning our activism and government 00:28:09.330 --> 00:28:11.840 align:start position:0% leaning our activism and government track<00:28:09.809> we've<00:28:10.110> got<00:28:10.320> one<00:28:10.619> of<00:28:10.740> the<00:28:10.799> largest<00:28:10.919> most 00:28:11.840 --> 00:28:11.850 align:start position:0% track we've got one of the largest most 00:28:11.850 --> 00:28:14.029 align:start position:0% track we've got one of the largest most the<00:28:11.970> most<00:28:12.149> important<00:28:12.570> activists<00:28:13.350> for<00:28:13.590> charter 00:28:14.029 --> 00:28:14.039 align:start position:0% the most important activists for charter 00:28:14.039 --> 00:28:16.879 align:start position:0% the most important activists for charter cities<00:28:14.340> Marc<00:28:14.700> letter<00:28:15.289> and<00:28:16.289> I<00:28:16.409> hope<00:28:16.590> some<00:28:16.860> of 00:28:16.879 --> 00:28:16.889 align:start position:0% cities Marc letter and I hope some of 00:28:16.889 --> 00:28:19.009 align:start position:0% cities Marc letter and I hope some of you<00:28:17.159> out<00:28:17.190> here<00:28:18.029> will<00:28:18.509> consider<00:28:18.869> getting 00:28:19.009 --> 00:28:19.019 align:start position:0% you out here will consider getting 00:28:19.019 --> 00:28:20.869 align:start position:0% you out here will consider getting involved<00:28:19.409> with<00:28:19.769> this<00:28:19.919> if<00:28:20.159> you<00:28:20.309> really<00:28:20.580> believe 00:28:20.869 --> 00:28:20.879 align:start position:0% involved with this if you really believe 00:28:20.879 --> 00:28:22.759 align:start position:0% involved with this if you really believe in<00:28:21.029> the<00:28:21.119> principles<00:28:21.539> of<00:28:21.629> decentralization<00:28:22.230> we 00:28:22.759 --> 00:28:22.769 align:start position:0% in the principles of decentralization we 00:28:22.769 --> 00:28:26.299 align:start position:0% in the principles of decentralization we need<00:28:23.039> not<00:28:23.369> just<00:28:23.399> the<00:28:24.619> cryptography<00:28:25.619> we<00:28:26.100> need 00:28:26.299 --> 00:28:26.309 align:start position:0% need not just the cryptography we need 00:28:26.309 --> 00:28:30.230 align:start position:0% need not just the cryptography we need not<00:28:26.580> just<00:28:26.610> the<00:28:28.369> technology<00:28:29.369> not<00:28:29.940> just<00:28:29.970> the 00:28:30.230 --> 00:28:30.240 align:start position:0% not just the technology not just the 00:28:30.240 --> 00:28:32.600 align:start position:0% not just the technology not just the data<00:28:30.450> we<00:28:30.659> need<00:28:30.690> the<00:28:31.259> social<00:28:31.710> technology<00:28:32.519> we 00:28:32.600 --> 00:28:32.610 align:start position:0% data we need the social technology we 00:28:32.610 --> 00:28:34.850 align:start position:0% data we need the social technology we need<00:28:32.730> the<00:28:32.850> social<00:28:33.360> organization<00:28:33.509> we<00:28:34.470> need<00:28:34.679> the 00:28:34.850 --> 00:28:34.860 align:start position:0% need the social organization we need the 00:28:34.860 --> 00:28:36.789 align:start position:0% need the social organization we need the institutions<00:28:35.850> that<00:28:36.240> can<00:28:36.450> maintain 00:28:36.789 --> 00:28:36.799 align:start position:0% institutions that can maintain 00:28:36.799 --> 00:28:38.200 align:start position:0% institutions that can maintain decentralisation 00:28:38.200 --> 00:28:38.210 align:start position:0% decentralisation 00:28:38.210 --> 00:28:40.489 align:start position:0% decentralisation persistently<00:28:39.210> so<00:28:39.570> it<00:28:39.720> doesn't<00:28:40.019> degenerate 00:28:40.489 --> 00:28:40.499 align:start position:0% persistently so it doesn't degenerate 00:28:40.499 --> 00:28:43.580 align:start position:0% persistently so it doesn't degenerate into<00:28:40.740> the<00:28:41.009> plutocracy<00:28:41.399> that<00:28:42.119> I<00:28:42.149> fear<00:28:42.990> the 00:28:43.580 --> 00:28:43.590 align:start position:0% into the plutocracy that I fear the 00:28:43.590 --> 00:28:48.619 align:start position:0% into the plutocracy that I fear the naive<00:28:45.379> principles<00:28:46.379> that<00:28:47.240> ended<00:28:48.240> up<00:28:48.299> getting 00:28:48.619 --> 00:28:48.629 align:start position:0% naive principles that ended up getting 00:28:48.629 --> 00:28:50.480 align:start position:0% naive principles that ended up getting embodied<00:28:49.049> into<00:28:49.289> a<00:28:49.320> lot<00:28:49.499> of<00:28:49.649> block<00:28:49.859> chains<00:28:50.220> are 00:28:50.480 --> 00:28:50.490 align:start position:0% embodied into a lot of block chains are 00:28:50.490 --> 00:28:56.430 align:start position:0% embodied into a lot of block chains are leading<00:28:51.119> us<00:28:51.240> towards<00:28:51.720> so 00:28:56.430 --> 00:28:56.440 align:start position:0% 00:28:56.440 --> 00:29:00.190 align:start position:0% with<00:28:57.440> that<00:28:57.679> I<00:28:58.190> I<00:28:58.760> guess<00:28:59.360> I<00:28:59.450> have<00:28:59.570> one<00:28:59.600> minute<00:28:59.929> so 00:29:00.190 --> 00:29:00.200 align:start position:0% with that I I guess I have one minute so 00:29:00.200 --> 00:29:01.810 align:start position:0% with that I I guess I have one minute so if<00:29:00.289> there's<00:29:00.470> one<00:29:00.679> question<00:29:00.950> I'd<00:29:01.340> be<00:29:01.399> happy<00:29:01.789> to 00:29:01.810 --> 00:29:01.820 align:start position:0% if there's one question I'd be happy to 00:29:01.820 --> 00:29:04.810 align:start position:0% if there's one question I'd be happy to take<00:29:02.120> it<00:29:02.179> and<00:29:02.750> I'd<00:29:03.289> love<00:29:03.590> it<00:29:03.799> if<00:29:03.919> it<00:29:04.070> was<00:29:04.279> from<00:29:04.639> a 00:29:04.810 --> 00:29:04.820 align:start position:0% take it and I'd love it if it was from a 00:29:04.820 --> 00:29:06.250 align:start position:0% take it and I'd love it if it was from a woman<00:29:04.909> or<00:29:05.570> someone<00:29:05.630> from<00:29:06.110> an 00:29:06.250 --> 00:29:06.260 align:start position:0% woman or someone from an 00:29:06.260 --> 00:29:18.450 align:start position:0% woman or someone from an underrepresented<00:29:06.529> community<00:29:14.649> anyone<00:29:16.539> okay 00:29:18.450 --> 00:29:18.460 align:start position:0% underrepresented community anyone okay 00:29:18.460 --> 00:29:27.610 align:start position:0% underrepresented community anyone okay go<00:29:19.460> ahead 00:29:27.610 --> 00:29:27.620 align:start position:0% 00:29:27.620 --> 00:29:29.620 align:start position:0% sorry<00:29:28.309> for<00:29:28.520> not<00:29:28.640> being<00:29:28.790> a<00:29:28.940> woman<00:29:29.210> yeah<00:29:29.420> I<00:29:29.450> know 00:29:29.620 --> 00:29:29.630 align:start position:0% sorry for not being a woman yeah I know 00:29:29.630 --> 00:29:38.680 align:start position:0% sorry for not being a woman yeah I know it's<00:29:29.809> fine<00:29:30.020> don't<00:29:30.590> worry<00:29:30.740> about<00:29:30.860> it<00:29:37.690> so 00:29:38.680 --> 00:29:38.690 align:start position:0% it's fine don't worry about it so 00:29:38.690 --> 00:29:40.480 align:start position:0% it's fine don't worry about it so unfortunately<00:29:39.140> I<00:29:39.800> haven't<00:29:40.070> read<00:29:40.309> your<00:29:40.430> book 00:29:40.480 --> 00:29:40.490 align:start position:0% unfortunately I haven't read your book 00:29:40.490 --> 00:29:43.299 align:start position:0% unfortunately I haven't read your book yet<00:29:40.850> yeah<00:29:41.090> but<00:29:41.960> I<00:29:42.080> did<00:29:42.290> read<00:29:42.500> about<00:29:42.530> harberger 00:29:43.299 --> 00:29:43.309 align:start position:0% yet yeah but I did read about harberger 00:29:43.309 --> 00:29:46.540 align:start position:0% yet yeah but I did read about harberger stacks<00:29:43.640> yeah<00:29:44.000> and<00:29:44.300> your<00:29:44.690> solution<00:29:44.930> for<00:29:45.550> the 00:29:46.540 --> 00:29:46.550 align:start position:0% stacks yeah and your solution for the 00:29:46.550 --> 00:29:49.180 align:start position:0% stacks yeah and your solution for the monopolizing<00:29:47.620> assets<00:29:48.620> yeah 00:29:49.180 --> 00:29:49.190 align:start position:0% monopolizing assets yeah 00:29:49.190 --> 00:29:51.750 align:start position:0% monopolizing assets yeah concretely<00:29:49.790> real<00:29:50.630> estate<00:29:50.900> for<00:29:51.050> example<00:29:51.470> and 00:29:51.750 --> 00:29:51.760 align:start position:0% concretely real estate for example and 00:29:51.760 --> 00:29:55.180 align:start position:0% concretely real estate for example and is<00:29:52.760> it<00:29:52.940> applicable<00:29:53.240> in<00:29:53.720> these<00:29:54.559> cases<00:29:54.830> for 00:29:55.180 --> 00:29:55.190 align:start position:0% is it applicable in these cases for 00:29:55.190 --> 00:29:58.870 align:start position:0% is it applicable in these cases for social<00:29:56.180> networks<00:29:56.570> and<00:29:57.700> marketplaces<00:29:58.700> which 00:29:58.870 --> 00:29:58.880 align:start position:0% social networks and marketplaces which 00:29:58.880 --> 00:30:02.230 align:start position:0% social networks and marketplaces which basically<00:29:59.330> are<00:29:59.480> also<00:29:59.690> can<00:30:00.530> be<00:30:00.679> concerned<00:30:01.240> seen 00:30:02.230 --> 00:30:02.240 align:start position:0% basically are also can be concerned seen 00:30:02.240 --> 00:30:04.780 align:start position:0% basically are also can be concerned seen as<00:30:02.420> a<00:30:02.450> common<00:30:03.230> good<00:30:03.350> yeah<00:30:03.860> yeah<00:30:04.640> absolutely 00:30:04.780 --> 00:30:04.790 align:start position:0% as a common good yeah yeah absolutely 00:30:04.790 --> 00:30:08.710 align:start position:0% as a common good yeah yeah absolutely and<00:30:05.390> I<00:30:05.480> think<00:30:05.750> I<00:30:05.990> think<00:30:06.980> that<00:30:07.300> this<00:30:08.300> can<00:30:08.540> be 00:30:08.710 --> 00:30:08.720 align:start position:0% and I think I think that this can be 00:30:08.720 --> 00:30:10.690 align:start position:0% and I think I think that this can be applied<00:30:09.080> to<00:30:09.470> the<00:30:09.559> ownership<00:30:09.830> of<00:30:10.160> intellectual 00:30:10.690 --> 00:30:10.700 align:start position:0% applied to the ownership of intellectual 00:30:10.700 --> 00:30:11.950 align:start position:0% applied to the ownership of intellectual property<00:30:10.760> it<00:30:11.240> can<00:30:11.360> be<00:30:11.450> applied<00:30:11.809> to<00:30:11.840> the 00:30:11.950 --> 00:30:11.960 align:start position:0% property it can be applied to the 00:30:11.960 --> 00:30:14.200 align:start position:0% property it can be applied to the ownership<00:30:12.140> of<00:30:12.350> corporations<00:30:12.920> but<00:30:13.460> also<00:30:13.640> we 00:30:14.200 --> 00:30:14.210 align:start position:0% ownership of corporations but also we 00:30:14.210 --> 00:30:15.970 align:start position:0% ownership of corporations but also we can<00:30:14.390> seek<00:30:14.660> even<00:30:14.840> more<00:30:15.140> radically<00:30:15.620> than<00:30:15.800> that 00:30:15.970 --> 00:30:15.980 align:start position:0% can seek even more radically than that 00:30:15.980 --> 00:30:17.950 align:start position:0% can seek even more radically than that to<00:30:16.370> fund<00:30:16.610> organizations<00:30:16.880> that<00:30:17.510> are<00:30:17.630> not<00:30:17.780> based 00:30:17.950 --> 00:30:17.960 align:start position:0% to fund organizations that are not based 00:30:17.960 --> 00:30:20.350 align:start position:0% to fund organizations that are not based on<00:30:18.170> a<00:30:18.230> monopoly<00:30:18.830> for<00:30:19.070> profit<00:30:19.580> principle<00:30:20.059> but 00:30:20.350 --> 00:30:20.360 align:start position:0% on a monopoly for profit principle but 00:30:20.360 --> 00:30:21.820 align:start position:0% on a monopoly for profit principle but are<00:30:20.450> based<00:30:20.630> on<00:30:20.750> a<00:30:20.780> principle<00:30:21.230> of<00:30:21.350> the<00:30:21.410> public 00:30:21.820 --> 00:30:21.830 align:start position:0% are based on a principle of the public 00:30:21.830 --> 00:30:23.080 align:start position:0% are based on a principle of the public good<00:30:21.860> that<00:30:22.130> they<00:30:22.250> bring<00:30:22.400> to<00:30:22.580> people<00:30:22.820> which<00:30:22.940> is 00:30:23.080 --> 00:30:23.090 align:start position:0% good that they bring to people which is 00:30:23.090 --> 00:30:25.090 align:start position:0% good that they bring to people which is the<00:30:23.240> idea<00:30:23.510> of<00:30:23.570> behind<00:30:23.929> liberal<00:30:24.530> radicalism<00:30:24.890> so 00:30:25.090 --> 00:30:25.100 align:start position:0% the idea of behind liberal radicalism so 00:30:25.100 --> 00:30:27.340 align:start position:0% the idea of behind liberal radicalism so could<00:30:25.250> also<00:30:25.400> fund<00:30:25.820> alternative<00:30:26.720> new<00:30:26.929> forms<00:30:27.260> of 00:30:27.340 --> 00:30:27.350 align:start position:0% could also fund alternative new forms of 00:30:27.350 --> 00:30:29.290 align:start position:0% could also fund alternative new forms of organization<00:30:28.040> that<00:30:28.400> are<00:30:28.520> actually<00:30:28.850> based<00:30:29.120> on 00:30:29.290 --> 00:30:29.300 align:start position:0% organization that are actually based on 00:30:29.300 --> 00:30:31.180 align:start position:0% organization that are actually based on this<00:30:29.420> principle<00:30:29.570> of<00:30:29.960> public<00:30:30.290> good<00:30:30.470> with<00:30:31.040> that 00:30:31.180 --> 00:30:31.190 align:start position:0% this principle of public good with that 00:30:31.190 --> 00:30:33.820 align:start position:0% this principle of public good with that I<00:30:31.220> will<00:30:31.640> leave<00:30:32.360> things<00:30:32.660> thank<00:30:33.290> you<00:30:33.440> so<00:30:33.620> much 00:30:33.820 --> 00:30:33.830 align:start position:0% I will leave things thank you so much 00:30:33.830 --> 00:30:34.990 align:start position:0% I will leave things thank you so much and<00:30:34.040> I'm<00:30:34.100> looking<00:30:34.340> forward<00:30:34.640> to<00:30:34.670> working<00:30:34.820> with 00:30:34.990 --> 00:30:35.000 align:start position:0% and I'm looking forward to working with 00:30:35.000 --> 00:30:40.520 align:start position:0% and I'm looking forward to working with all<00:30:35.210> of<00:30:35.240> you<00:30:35.390> in<00:30:35.480> the<00:30:35.570> future 00:30:40.520 --> 00:30:40.530 align:start position:0% 00:30:40.530 --> 00:30:49.680 align:start position:0% you 00:30:49.680 --> 00:30:49.690 align:start position:0% 00:30:49.690 --> 00:30:51.750 align:start position:0% you