WEBVTT Kind: captions Language: en 00:00:00.060 --> 00:00:03.490 align:start position:0% let's<00:00:00.450> begin<00:00:00.690> this<00:00:00.930> is<00:00:01.079> me<00:00:01.310> my<00:00:02.310> name<00:00:02.429> is<00:00:02.520> Rhys<00:00:02.700> I 00:00:03.490 --> 00:00:03.500 align:start position:0% let's begin this is me my name is Rhys I 00:00:03.500 --> 00:00:05.869 align:start position:0% let's begin this is me my name is Rhys I work<00:00:04.500> for<00:00:04.710> the<00:00:04.799> digital<00:00:04.950> currency<00:00:05.250> initiative 00:00:05.869 --> 00:00:05.879 align:start position:0% work for the digital currency initiative 00:00:05.879 --> 00:00:10.669 align:start position:0% work for the digital currency initiative at<00:00:06.450> the<00:00:06.569> MIT<00:00:07.049> Media<00:00:07.410> Lab<00:00:07.440> and<00:00:07.830> I<00:00:08.189> helped<00:00:09.679> helped 00:00:10.669 --> 00:00:10.679 align:start position:0% at the MIT Media Lab and I helped helped 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position:0% twitter handle so as I said these are the<00:00:19.529> five<00:00:19.830> talks<00:00:20.699> that<00:00:20.880> we're<00:00:21.000> going<00:00:21.119> to<00:00:21.180> be 00:00:21.290 --> 00:00:21.300 align:start position:0% the five talks that we're going to be 00:00:21.300 --> 00:00:26.870 align:start position:0% the five talks that we're going to be chatting<00:00:21.660> about<00:00:21.779> today<00:00:22.340> and<00:00:24.019> we<00:00:25.019> will<00:00:25.730> yeah<00:00:26.730> a 00:00:26.870 --> 00:00:26.880 align:start position:0% chatting about today and we will yeah a 00:00:26.880 --> 00:00:28.700 align:start position:0% chatting about today and we will yeah a way<00:00:27.150> that<00:00:27.390> I<00:00:27.420> like<00:00:27.779> to<00:00:27.960> think<00:00:27.990> about<00:00:28.380> them<00:00:28.560> is 00:00:28.700 --> 00:00:28.710 align:start position:0% way that I like to think about them is 00:00:28.710 --> 00:00:31.009 align:start position:0% way that I like to think about them is that<00:00:28.859> the<00:00:28.949> top<00:00:29.220> three<00:00:29.670> and<00:00:30.599> I'll<00:00:30.720> discuss<00:00:30.960> a 00:00:31.009 --> 00:00:31.019 align:start position:0% that the top three and I'll discuss a 00:00:31.019 --> 00:00:33.380 align:start position:0% that the top three and I'll discuss a bit<00:00:31.349> the<00:00:31.470> top<00:00:31.679> three<00:00:31.980> are<00:00:32.250> about<00:00:32.669> how<00:00:33.030> things 00:00:33.380 --> 00:00:33.390 align:start position:0% bit the top three are about how things 00:00:33.390 --> 00:00:37.100 align:start position:0% bit the top three are about how things are<00:00:34.260> affecting<00:00:34.680> kind<00:00:34.890> of<00:00:34.980> personal<00:00:35.940> like<00:00:36.840> kind 00:00:37.100 --> 00:00:37.110 align:start position:0% are affecting kind of personal like kind 00:00:37.110 --> 00:00:38.420 align:start position:0% are affecting kind of personal like kind of<00:00:37.140> at<00:00:37.260> the<00:00:37.350> micro<00:00:37.620> personal<00:00:37.950> level<00:00:38.190> while<00:00:38.340> the 00:00:38.420 --> 00:00:38.430 align:start position:0% of at the micro personal level while the 00:00:38.430 --> 00:00:39.860 align:start position:0% of at the micro personal level while the bottom<00:00:38.700> two<00:00:38.879> thinking<00:00:39.480> about<00:00:39.660> international 00:00:39.860 --> 00:00:39.870 align:start position:0% bottom two thinking about international 00:00:39.870 --> 00:00:41.389 align:start position:0% bottom two thinking about international law<00:00:40.230> and<00:00:40.559> thinking<00:00:40.770> about<00:00:40.860> nation<00:00:41.250> state 00:00:41.389 --> 00:00:41.399 align:start position:0% law and thinking about nation state 00:00:41.399 --> 00:00:43.190 align:start position:0% law and thinking about nation state governments<00:00:41.820> are<00:00:41.940> thinking<00:00:42.450> about<00:00:42.540> kind<00:00:43.170> of 00:00:43.190 --> 00:00:43.200 align:start position:0% governments are thinking about kind of 00:00:43.200 --> 00:00:45.729 align:start position:0% governments are thinking about kind of macro<00:00:43.530> institutional<00:00:44.520> macro<00:00:44.850> societal<00:00:45.329> so 00:00:45.729 --> 00:00:45.739 align:start position:0% macro institutional macro societal so 00:00:45.739 --> 00:00:47.450 align:start position:0% macro institutional macro societal so that's<00:00:46.739> what<00:00:46.890> we're<00:00:46.980> gonna<00:00:47.070> be<00:00:47.219> chatting 00:00:47.450 --> 00:00:47.460 align:start position:0% that's what we're gonna be chatting 00:00:47.460 --> 00:00:50.750 align:start position:0% that's what we're gonna be chatting about<00:00:47.670> today<00:00:48.020> and<00:00:49.020> I<00:00:49.200> just<00:00:49.260> want<00:00:49.469> to<00:00:49.760> remind 00:00:50.750 --> 00:00:50.760 align:start position:0% about today and I just want to remind 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that's<00:00:59.489> kind<00:00:59.670> of<00:00:59.699> a<00:00:59.789> difficult<00:01:00.090> thing<00:01:00.120> to 00:01:00.349 --> 00:01:00.359 align:start position:0% that's kind of a difficult thing to 00:01:00.359 --> 00:01:02.389 align:start position:0% that's kind of a difficult thing to understand<00:01:00.809> and<00:01:01.079> hasn't<00:01:01.859> it<00:01:02.129> doesn't<00:01:02.309> have 00:01:02.389 --> 00:01:02.399 align:start position:0% understand and hasn't it doesn't have 00:01:02.399 --> 00:01:03.590 align:start position:0% understand and hasn't it doesn't have that<00:01:02.489> much<00:01:02.640> texture<00:01:03.120> on<00:01:03.210> it<00:01:03.239> you<00:01:03.359> could<00:01:03.480> be 00:01:03.590 --> 00:01:03.600 align:start position:0% that much texture on it you could be 00:01:03.600 --> 00:01:04.670 align:start position:0% that much texture on it you could be like<00:01:03.690> what<00:01:03.899> is<00:01:03.989> philosophy<00:01:04.439> you<00:01:04.530> want<00:01:04.650> a 00:01:04.670 --> 00:01:04.680 align:start position:0% like what is philosophy you want a 00:01:04.680 --> 00:01:06.410 align:start position:0% like what is philosophy you want a society<00:01:05.070> how<00:01:05.159> does<00:01:05.250> it<00:01:05.339> impact<00:01:05.580> so<00:01:06.240> I<00:01:06.299> just 00:01:06.410 --> 00:01:06.420 align:start position:0% society how does it impact so I just 00:01:06.420 --> 00:01:07.640 align:start position:0% society how does it impact so I just wanna<00:01:06.540> be<00:01:06.869> clear<00:01:07.170> about<00:01:07.290> what<00:01:07.530> we're 00:01:07.640 --> 00:01:07.650 align:start position:0% wanna be clear about what we're 00:01:07.650 --> 00:01:10.460 align:start position:0% wanna be clear about what we're discussing<00:01:07.979> today<00:01:08.460> and<00:01:08.670> where<00:01:09.060> it<00:01:09.150> fits<00:01:09.330> in<00:01:09.540> so 00:01:10.460 --> 00:01:10.470 align:start position:0% discussing today and where it fits in so 00:01:10.470 --> 00:01:12.590 align:start position:0% discussing today and where it fits in so if<00:01:10.830> you<00:01:11.010> saw<00:01:11.159> the<00:01:11.220> thing<00:01:12.119> that<00:01:12.240> I<00:01:12.299> gave<00:01:12.450> at<00:01:12.570> the 00:01:12.590 --> 00:01:12.600 align:start position:0% if you saw the thing that I gave at the 00:01:12.600 --> 00:01:14.660 align:start position:0% if you saw the thing that I gave at the opening<00:01:12.840> keynote<00:01:13.020> the<00:01:13.560> a<00:01:13.590> general<00:01:14.070> idea<00:01:14.159> here 00:01:14.660 --> 00:01:14.670 align:start position:0% opening keynote the a general idea here 00:01:14.670 --> 00:01:18.740 align:start position:0% opening keynote the a general idea here is<00:01:14.820> that<00:01:14.850> we<00:01:15.450> have<00:01:15.720> oh<00:01:17.360> yeah<00:01:18.360> so<00:01:18.509> we<00:01:18.600> have 00:01:18.740 --> 00:01:18.750 align:start position:0% is that we have oh yeah so we have 00:01:18.750 --> 00:01:20.660 align:start position:0% is that we have oh yeah so we have Biddle<00:01:19.350> in<00:01:19.530> the<00:01:19.710> middle<00:01:19.979> which<00:01:20.189> is<00:01:20.220> the<00:01:20.369> tech 00:01:20.660 --> 00:01:20.670 align:start position:0% Biddle in the middle which is the tech 00:01:20.670 --> 00:01:22.100 align:start position:0% Biddle in the middle which is the tech side<00:01:20.909> of<00:01:20.939> things<00:01:21.090> where<00:01:21.840> we're<00:01:21.960> building 00:01:22.100 --> 00:01:22.110 align:start position:0% side of things where we're building 00:01:22.110 --> 00:01:25.640 align:start position:0% side of things where we're building things<00:01:22.790> the<00:01:23.790> wide<00:01:24.090> Biddle<00:01:24.509> piece<00:01:24.750> is<00:01:25.049> asking 00:01:25.640 --> 00:01:25.650 align:start position:0% things the wide Biddle piece is asking 00:01:25.650 --> 00:01:27.350 align:start position:0% things the wide Biddle piece is asking yourself<00:01:25.920> why<00:01:26.490> are<00:01:26.549> you<00:01:26.790> building<00:01:27.060> these 00:01:27.350 --> 00:01:27.360 align:start position:0% yourself why are you building these 00:01:27.360 --> 00:01:28.910 align:start position:0% yourself why are you building these things<00:01:27.600> what<00:01:27.930> is<00:01:28.080> your<00:01:28.259> mindset<00:01:28.590> what<00:01:28.860> are 00:01:28.910 --> 00:01:28.920 align:start position:0% things what is your mindset what are 00:01:28.920 --> 00:01:30.710 align:start position:0% things what is your mindset what are your<00:01:29.040> goals<00:01:29.340> what<00:01:29.549> are<00:01:29.640> your<00:01:29.700> values<00:01:29.939> that 00:01:30.710 --> 00:01:30.720 align:start position:0% your goals what are your values that 00:01:30.720 --> 00:01:32.539 align:start position:0% your goals what are your values that happens<00:01:31.079> kind<00:01:31.259> of<00:01:31.350> before<00:01:31.500> you<00:01:32.369> actually 00:01:32.539 --> 00:01:32.549 align:start position:0% happens kind of before you actually 00:01:32.549 --> 00:01:36.289 align:start position:0% happens kind of before you actually start<00:01:33.000> building<00:01:33.560> and<00:01:34.560> we've<00:01:35.400> had<00:01:35.610> discussions 00:01:36.289 --> 00:01:36.299 align:start position:0% start building and we've had discussions 00:01:36.299 --> 00:01:38.060 align:start position:0% start building and we've had discussions there's<00:01:36.810> a<00:01:36.900> values<00:01:37.229> breakout<00:01:37.560> this<00:01:37.680> morning 00:01:38.060 --> 00:01:38.070 align:start position:0% there's a values breakout this morning 00:01:38.070 --> 00:01:39.260 align:start position:0% there's a values breakout this morning there<00:01:38.250> have<00:01:38.340> been<00:01:38.400> discussions<00:01:38.729> about<00:01:38.909> goals 00:01:39.260 --> 00:01:39.270 align:start position:0% there have been discussions about goals 00:01:39.270 --> 00:01:40.870 align:start position:0% there have been discussions about goals and<00:01:39.420> how<00:01:39.570> to<00:01:39.630> think<00:01:39.689> about<00:01:39.930> high<00:01:40.110> impact 00:01:40.870 --> 00:01:40.880 align:start position:0% and how to think about high impact 00:01:40.880 --> 00:01:43.370 align:start position:0% and how to think about high impact before<00:01:41.880> and<00:01:42.150> then<00:01:42.750> but<00:01:42.899> we're<00:01:43.110> gonna<00:01:43.200> be 00:01:43.370 --> 00:01:43.380 align:start position:0% before and then but we're gonna be 00:01:43.380 --> 00:01:45.740 align:start position:0% before and then but we're gonna be chatting<00:01:43.590> out<00:01:43.829> today<00:01:44.130> is<00:01:44.520> actually<00:01:45.360> sets<00:01:45.630> in 00:01:45.740 --> 00:01:45.750 align:start position:0% chatting out today is actually sets in 00:01:45.750 --> 00:01:47.389 align:start position:0% chatting out today is actually sets in the<00:01:45.840> other<00:01:45.960> tracks<00:01:46.229> we're<00:01:46.890> trying<00:01:47.220> about 00:01:47.389 --> 00:01:47.399 align:start position:0% the other tracks we're trying about 00:01:47.399 --> 00:01:49.389 align:start position:0% the other tracks we're trying about today<00:01:47.579> is<00:01:47.640> the<00:01:47.880> impact<00:01:48.240> side<00:01:48.570> the<00:01:48.810> impact<00:01:49.140> dole 00:01:49.389 --> 00:01:49.399 align:start position:0% today is the impact side the impact dole 00:01:49.399 --> 00:01:52.670 align:start position:0% today is the impact side the impact dole which<00:01:50.399> is<00:01:50.579> kind<00:01:50.759> of<00:01:50.790> dumb<00:01:50.970> but<00:01:51.689> thinking<00:01:52.649> about 00:01:52.670 --> 00:01:52.680 align:start position:0% which is kind of dumb but thinking about 00:01:52.680 --> 00:01:54.590 align:start position:0% which is kind of dumb but thinking about when<00:01:53.130> we<00:01:53.369> actually<00:01:53.729> make<00:01:53.880> the<00:01:54.000> tech<00:01:54.180> how<00:01:54.450> does 00:01:54.590 --> 00:01:54.600 align:start position:0% when we actually make the tech how does 00:01:54.600 --> 00:01:57.889 align:start position:0% when we actually make the tech how does it<00:01:54.689> impact<00:01:54.810> society<00:01:55.590> okay<00:01:55.920> so<00:01:56.640> that's<00:01:57.630> how<00:01:57.840> you 00:01:57.889 --> 00:01:57.899 align:start position:0% it impact society okay so that's how you 00:01:57.899 --> 00:01:59.330 align:start position:0% it impact society okay so that's how you should<00:01:58.020> kind<00:01:58.229> of<00:01:58.320> buck<00:01:58.530> it<00:01:58.619> in<00:01:58.740> your<00:01:58.860> mind<00:01:59.070> as 00:01:59.330 --> 00:01:59.340 align:start position:0% should kind of buck it in your mind as 00:01:59.340 --> 00:02:01.130 align:start position:0% should kind of buck it in your mind as example<00:02:00.060> this<00:02:00.180> when<00:02:00.390> vitalik<00:02:00.869> when<00:02:01.079> he 00:02:01.130 --> 00:02:01.140 align:start position:0% example this when vitalik when he 00:02:01.140 --> 00:02:02.899 align:start position:0% example this when vitalik when he tweeted<00:02:01.290> the<00:02:01.560> stuff<00:02:01.799> I<00:02:01.920> guess<00:02:02.100> December<00:02:02.700> of 00:02:02.899 --> 00:02:02.909 align:start position:0% tweeted the stuff I guess December of 00:02:02.909 --> 00:02:04.969 align:start position:0% tweeted the stuff I guess December of last<00:02:02.939> year<00:02:03.479> this<00:02:04.229> he<00:02:04.560> was<00:02:04.680> thinking<00:02:04.920> about 00:02:04.969 --> 00:02:04.979 align:start position:0% last year this he was thinking about 00:02:04.979 --> 00:02:06.880 align:start position:0% last year this he was thinking about this<00:02:05.159> impactful<00:02:05.759> thing<00:02:05.939> thinking<00:02:06.329> about<00:02:06.540> like 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right that's not a 00:02:13.200 --> 00:02:15.320 align:start position:0% impact question right that's not a that<00:02:14.069> is<00:02:14.160> not<00:02:14.310> a<00:02:14.340> values<00:02:14.940> question 00:02:15.320 --> 00:02:15.330 align:start position:0% that is not a values question 00:02:15.330 --> 00:02:19.580 align:start position:0% that is not a values question necessarily<00:02:15.840> so<00:02:16.670> in<00:02:17.670> terms<00:02:18.150> of<00:02:18.330> impact<00:02:18.780> and 00:02:19.580 --> 00:02:19.590 align:start position:0% necessarily so in terms of impact and 00:02:19.590 --> 00:02:21.020 align:start position:0% necessarily so in terms of impact and again<00:02:19.890> in<00:02:19.980> a<00:02:20.040> quick<00:02:20.280> reminder<00:02:20.580> here<00:02:20.910> for 00:02:21.020 --> 00:02:21.030 align:start position:0% again in a quick reminder here for 00:02:21.030 --> 00:02:23.059 align:start position:0% again in a quick reminder here for everybody<00:02:21.269> that<00:02:21.300> this<00:02:21.510> is<00:02:21.690> in<00:02:21.900> a<00:02:22.140> this<00:02:22.830> is<00:02:22.980> an 00:02:23.059 --> 00:02:23.069 align:start position:0% everybody that this is in a this is an 00:02:23.069 --> 00:02:24.470 align:start position:0% everybody that this is in a this is an ax<00:02:23.129> loop<00:02:23.310> there's<00:02:23.640> a<00:02:23.700> reinforcing<00:02:24.150> loop<00:02:24.330> here 00:02:24.470 --> 00:02:24.480 align:start position:0% ax loop there's a reinforcing loop here 00:02:24.480 --> 00:02:26.270 align:start position:0% ax loop there's a reinforcing loop here where<00:02:24.629> after<00:02:25.200> you<00:02:25.290> have<00:02:25.410> impact<00:02:25.890> on<00:02:26.040> the<00:02:26.129> world 00:02:26.270 --> 00:02:26.280 align:start position:0% where after you have impact on the world 00:02:26.280 --> 00:02:28.970 align:start position:0% where after you have impact on the world then<00:02:26.459> you<00:02:26.550> re-evaluate<00:02:27.120> and<00:02:27.660> go<00:02:28.110> back<00:02:28.290> to<00:02:28.560> Y 00:02:28.970 --> 00:02:28.980 align:start position:0% then you re-evaluate and go back to Y 00:02:28.980 --> 00:02:35.720 align:start position:0% then you re-evaluate and go back to Y pedal<00:02:29.340> and<00:02:29.459> then<00:02:29.550> Reda<00:02:34.220> terminus<00:02:35.220> is<00:02:35.430> kind<00:02:35.670> of 00:02:35.720 --> 00:02:35.730 align:start position:0% pedal and then Reda terminus is kind of 00:02:35.730 --> 00:02:39.890 align:start position:0% pedal and then Reda terminus is kind of sad<00:02:36.000> I've<00:02:36.390> had<00:02:36.599> emoji<00:02:37.140> issues<00:02:37.590> recently<00:02:38.900> the 00:02:39.890 --> 00:02:39.900 align:start position:0% sad I've had emoji issues recently the 00:02:39.900 --> 00:02:42.320 align:start position:0% sad I've had emoji issues recently the in<00:02:40.140> between<00:02:40.799> that<00:02:41.069> supposed<00:02:42.060> to<00:02:42.150> be<00:02:42.209> a 00:02:42.320 --> 00:02:42.330 align:start position:0% in between that supposed to be a 00:02:42.330 --> 00:02:45.860 align:start position:0% in between that supposed to be a beautiful<00:02:42.890> systems<00:02:43.890> emoji<00:02:44.450> that<00:02:45.450> says<00:02:45.630> tech 00:02:45.860 --> 00:02:45.870 align:start position:0% beautiful systems emoji that says tech 00:02:45.870 --> 00:02:49.839 align:start position:0% beautiful systems emoji that says tech impact<00:02:46.260> society<00:02:46.650> society<00:02:47.040> impacts<00:02:47.340> tech<00:02:48.680> and 00:02:49.839 --> 00:02:49.849 align:start position:0% impact society society impacts tech and 00:02:49.849 --> 00:02:52.309 align:start position:0% impact society society impacts tech and as<00:02:50.849> I<00:02:51.060> said<00:02:51.120> this<00:02:51.420> in<00:02:51.660> the<00:02:51.690> the<00:02:52.019> kind<00:02:52.200> of<00:02:52.260> the 00:02:52.309 --> 00:02:52.319 align:start position:0% as I said this in the the kind of the 00:02:52.319 --> 00:02:54.080 align:start position:0% as I said this in the the kind of the intro<00:02:52.650> as<00:02:52.769> well<00:02:52.980> it<00:02:53.310> this<00:02:53.579> is<00:02:53.700> a<00:02:53.730> question<00:02:54.030> of 00:02:54.080 --> 00:02:54.090 align:start position:0% intro as well it this is a question of 00:02:54.090 --> 00:02:55.479 align:start position:0% intro as well it this is a question of why<00:02:54.269> should<00:02:54.329> we<00:02:54.630> care<00:02:54.810> about<00:02:54.870> these<00:02:55.170> things 00:02:55.479 --> 00:02:55.489 align:start position:0% why should we care about these things 00:02:55.489 --> 00:02:59.360 align:start position:0% why should we care about these things there<00:02:56.489> was<00:02:56.849> after<00:02:57.120> I<00:02:57.660> gave<00:02:57.750> my<00:02:58.220> thing<00:02:59.220> during 00:02:59.360 --> 00:02:59.370 align:start position:0% there was after I gave my thing during 00:02:59.370 --> 00:03:00.979 align:start position:0% there was after I gave my thing during the<00:02:59.489> opening<00:02:59.790> kind<00:03:00.120> of<00:03:00.180> keynote<00:03:00.480> area<00:03:00.750> there 00:03:00.979 --> 00:03:00.989 align:start position:0% the opening kind of keynote area there 00:03:00.989 --> 00:03:03.830 align:start position:0% the opening kind of keynote area there was<00:03:01.170> someone<00:03:01.739> said<00:03:01.920> hey<00:03:02.209> it's<00:03:03.209> important<00:03:03.780> to 00:03:03.830 --> 00:03:03.840 align:start position:0% was someone said hey it's important to 00:03:03.840 --> 00:03:05.900 align:start position:0% was someone said hey it's important to care<00:03:03.989> about<00:03:04.140> these<00:03:04.260> things<00:03:04.319> but<00:03:04.769> or<00:03:05.549> else<00:03:05.760> just 00:03:05.900 --> 00:03:05.910 align:start position:0% care about these things but or else just 00:03:05.910 --> 00:03:07.430 align:start position:0% care about these things but or else just trying<00:03:06.150> to<00:03:06.239> like<00:03:06.450> build<00:03:06.750> deep<00:03:07.170> level 00:03:07.430 --> 00:03:07.440 align:start position:0% trying to like build deep level 00:03:07.440 --> 00:03:09.020 align:start position:0% trying to like build deep level infrastructure<00:03:07.769> actually<00:03:08.099> get<00:03:08.310> like<00:03:08.489> actual 00:03:09.020 --> 00:03:09.030 align:start position:0% infrastructure actually get like actual 00:03:09.030 --> 00:03:11.330 align:start position:0% infrastructure actually get like actual like<00:03:09.269> many<00:03:10.019> daily<00:03:10.290> active<00:03:10.769> users<00:03:11.069> you<00:03:11.310> don't 00:03:11.330 --> 00:03:11.340 align:start position:0% like many daily active users you don't 00:03:11.340 --> 00:03:13.430 align:start position:0% like many daily active users you don't have<00:03:11.579> right<00:03:11.730> now<00:03:11.760> but<00:03:12.630> we<00:03:12.720> should<00:03:12.750> begin<00:03:13.260> to 00:03:13.430 --> 00:03:13.440 align:start position:0% have right now but we should begin to 00:03:13.440 --> 00:03:14.780 align:start position:0% have right now but we should begin to care<00:03:13.739> about<00:03:13.829> how<00:03:14.099> our<00:03:14.250> tech<00:03:14.400> will<00:03:14.549> impact 00:03:14.780 --> 00:03:14.790 align:start position:0% care about how our tech will impact 00:03:14.790 --> 00:03:16.430 align:start position:0% care about how our tech will impact society<00:03:15.209> because<00:03:15.420> we're<00:03:15.540> building<00:03:15.660> pretty 00:03:16.430 --> 00:03:16.440 align:start position:0% society because we're building pretty 00:03:16.440 --> 00:03:19.699 align:start position:0% society because we're building pretty powerful<00:03:16.799> technology<00:03:17.220> here<00:03:17.400> and<00:03:18.530> when<00:03:19.530> that 00:03:19.699 --> 00:03:19.709 align:start position:0% powerful technology here and when that 00:03:19.709 --> 00:03:21.110 align:start position:0% powerful technology here and when that technology<00:03:19.859> goes<00:03:20.489> out<00:03:20.639> into<00:03:20.730> the<00:03:20.790> world<00:03:20.970> it 00:03:21.110 --> 00:03:21.120 align:start position:0% technology goes out into the world it 00:03:21.120 --> 00:03:22.460 align:start position:0% technology goes out into the world it will<00:03:21.180> have<00:03:21.299> big<00:03:21.480> impact<00:03:21.870> so<00:03:21.959> we<00:03:22.079> can<00:03:22.200> see<00:03:22.319> this 00:03:22.460 --> 00:03:22.470 align:start position:0% will have big impact so we can see this 00:03:22.470 --> 00:03:24.890 align:start position:0% will have big impact so we can see this with<00:03:22.680> the<00:03:22.829> web<00:03:22.980> 2.0<00:03:23.459> world<00:03:23.730> with<00:03:24.359> stuff<00:03:24.690> like 00:03:24.890 --> 00:03:24.900 align:start position:0% with the web 2.0 world with stuff like 00:03:24.900 --> 00:03:26.270 align:start position:0% with the web 2.0 world with stuff like the<00:03:25.019> Arab<00:03:25.260> Spring<00:03:25.590> and<00:03:25.799> that's<00:03:25.980> to<00:03:26.130> here 00:03:26.270 --> 00:03:26.280 align:start position:0% the Arab Spring and that's to here 00:03:26.280 --> 00:03:29.240 align:start position:0% the Arab Spring and that's to here square<00:03:26.900> where<00:03:27.900> the<00:03:28.109> technology<00:03:28.590> enabled<00:03:29.100> to 00:03:29.240 --> 00:03:29.250 align:start position:0% square where the technology enabled to 00:03:29.250 --> 00:03:31.490 align:start position:0% square where the technology enabled to some<00:03:29.430> extent<00:03:29.819> some<00:03:30.750> of<00:03:30.870> the<00:03:30.959> protests<00:03:31.440> that 00:03:31.490 --> 00:03:31.500 align:start position:0% some extent some of the protests that 00:03:31.500 --> 00:03:32.750 align:start position:0% some extent some of the protests that happened<00:03:31.829> there<00:03:31.980> and<00:03:32.190> then<00:03:32.489> something<00:03:32.730> like 00:03:32.750 --> 00:03:32.760 align:start position:0% happened there and then something like 00:03:32.760 --> 00:03:34.129 align:start position:0% happened there and then something like surveillance<00:03:33.420> capitalism<00:03:33.930> were<00:03:34.019> the 00:03:34.129 --> 00:03:34.139 align:start position:0% surveillance capitalism were the 00:03:34.139 --> 00:03:36.650 align:start position:0% surveillance capitalism were the incentives<00:03:34.769> in<00:03:34.980> the<00:03:35.130> affordances<00:03:35.760> of<00:03:35.819> web<00:03:36.209> 2.0 00:03:36.650 --> 00:03:36.660 align:start position:0% incentives in the affordances of web 2.0 00:03:36.660 --> 00:03:39.319 align:start position:0% incentives in the affordances of web 2.0 technology<00:03:37.250> gave<00:03:38.250> birth<00:03:38.579> to<00:03:38.609> the<00:03:38.880> rise<00:03:39.030> of 00:03:39.319 --> 00:03:39.329 align:start position:0% technology gave birth to the rise of 00:03:39.329 --> 00:03:43.090 align:start position:0% technology gave birth to the rise of surveillance<00:03:39.840> and<00:03:40.170> addiction<00:03:40.739> capitalism<00:03:41.959> so 00:03:43.090 --> 00:03:43.100 align:start position:0% surveillance and addiction capitalism so 00:03:43.100 --> 00:03:45.740 align:start position:0% surveillance and addiction capitalism so for<00:03:44.100> a<00:03:44.130> easy<00:03:44.579> example<00:03:45.060> of<00:03:45.150> this<00:03:45.269> happening 00:03:45.740 --> 00:03:45.750 align:start position:0% for a easy example of this happening 00:03:45.750 --> 00:03:48.740 align:start position:0% for a easy example of this happening already<00:03:46.079> within<00:03:46.350> the<00:03:46.650> Bitcoin<00:03:47.609> in<00:03:48.030> aetherium 00:03:48.740 --> 00:03:48.750 align:start position:0% already within the Bitcoin in aetherium 00:03:48.750 --> 00:03:51.080 align:start position:0% already within the Bitcoin in aetherium world<00:03:48.930> the<00:03:49.769> blockchain<00:03:49.950> world<00:03:50.280> this<00:03:50.790> is<00:03:51.060> the 00:03:51.080 --> 00:03:51.090 align:start position:0% world the blockchain world this is the 00:03:51.090 --> 00:03:54.949 align:start position:0% world the blockchain world this is the classic<00:03:52.019> energy<00:03:52.829> consumption<00:03:53.600> graph<00:03:54.600> where 00:03:54.949 --> 00:03:54.959 align:start position:0% classic energy consumption graph where 00:03:54.959 --> 00:03:57.259 align:start position:0% classic energy consumption graph where proof-of-work<00:03:55.500> is<00:03:55.709> a<00:03:55.739> very<00:03:55.950> expensive<00:03:56.489> is 00:03:57.259 --> 00:03:57.269 align:start position:0% proof-of-work is a very expensive is 00:03:57.269 --> 00:03:59.059 align:start position:0% proof-of-work is a very expensive is very<00:03:57.510> energy<00:03:57.840> intensive<00:03:57.959> thing<00:03:58.380> and<00:03:58.620> so<00:03:59.010> you 00:03:59.059 --> 00:03:59.069 align:start position:0% very energy intensive thing and so you 00:03:59.069 --> 00:04:01.759 align:start position:0% very energy intensive thing and so you can<00:03:59.190> see<00:03:59.310> right<00:03:59.519> now<00:03:59.730> the<00:04:00.660> theorem<00:04:01.019> uses<00:04:01.319> about 00:04:01.759 --> 00:04:01.769 align:start position:0% can see right now the theorem uses about 00:04:01.769 --> 00:04:04.300 align:start position:0% can see right now the theorem uses about twenty<00:04:02.359> terawatt<00:04:03.359> hours<00:04:03.660> per<00:04:03.840> year<00:04:04.109> of 00:04:04.300 --> 00:04:04.310 align:start position:0% twenty terawatt hours per year of 00:04:04.310 --> 00:04:07.160 align:start position:0% twenty terawatt hours per year of electricity<00:04:05.310> which<00:04:05.489> is<00:04:05.519> in<00:04:06.090> between<00:04:06.389> Iceland 00:04:07.160 --> 00:04:07.170 align:start position:0% electricity which is in between Iceland 00:04:07.170 --> 00:04:10.339 align:start position:0% electricity which is in between Iceland and<00:04:07.260> Azerbaijan<00:04:08.329> so<00:04:09.329> this<00:04:09.870> is<00:04:09.959> an<00:04:10.019> example 00:04:10.339 --> 00:04:10.349 align:start position:0% and Azerbaijan so this is an example 00:04:10.349 --> 00:04:11.539 align:start position:0% and Azerbaijan so this is an example where<00:04:10.470> you<00:04:10.500> just<00:04:10.620> put<00:04:10.829> some<00:04:10.980> incentives<00:04:11.459> out 00:04:11.539 --> 00:04:11.549 align:start position:0% where you just put some incentives out 00:04:11.549 --> 00:04:13.789 align:start position:0% where you just put some incentives out into<00:04:11.760> the<00:04:11.849> world<00:04:11.970> and<00:04:12.299> in<00:04:12.630> the<00:04:12.720> world<00:04:12.900> kind<00:04:13.769> of 00:04:13.789 --> 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consensus of a global blockchain<00:04:20.310> state<00:04:20.579> so<00:04:21.570> this<00:04:21.780> is<00:04:21.930> why<00:04:22.049> we 00:04:22.190 --> 00:04:22.200 align:start position:0% blockchain state so this is why we 00:04:22.200 --> 00:04:24.219 align:start position:0% blockchain state so this is why we should<00:04:22.349> care<00:04:22.530> is<00:04:22.800> because<00:04:23.580> it<00:04:23.700> will<00:04:23.820> impact 00:04:24.219 --> 00:04:24.229 align:start position:0% should care is because it will impact 00:04:24.229 --> 00:04:26.160 align:start position:0% should care is because it will impact society 00:04:26.160 --> 00:04:26.170 align:start position:0% society 00:04:26.170 --> 00:04:27.960 align:start position:0% society we<00:04:26.290> think<00:04:26.410> about<00:04:26.560> it<00:04:26.830> as<00:04:26.950> I<00:04:27.100> said<00:04:27.310> I<00:04:27.520> think<00:04:27.760> it's 00:04:27.960 --> 00:04:27.970 align:start position:0% we think about it as I said I think it's 00:04:27.970 --> 00:04:30.540 align:start position:0% we think about it as I said I think it's very<00:04:28.090> helpful<00:04:28.330> both<00:04:28.690> as<00:04:28.900> we<00:04:29.520> try<00:04:30.520> to 00:04:30.540 --> 00:04:30.550 align:start position:0% very helpful both as we try to 00:04:30.550 --> 00:04:33.210 align:start position:0% very helpful both as we try to understand<00:04:31.030> it<00:04:31.120> in<00:04:31.210> terms<00:04:31.420> of<00:04:31.630> the<00:04:32.620> the<00:04:32.950> talks 00:04:33.210 --> 00:04:33.220 align:start position:0% understand it in terms of the the talks 00:04:33.220 --> 00:04:34.710 align:start position:0% understand it in terms of the the talks that<00:04:33.280> were<00:04:33.400> gonna<00:04:33.520> listen<00:04:33.670> to<00:04:33.820> today<00:04:34.150> but<00:04:34.210> also 00:04:34.710 --> 00:04:34.720 align:start position:0% that were gonna listen to today but also 00:04:34.720 --> 00:04:37.290 align:start position:0% that were gonna listen to today but also just<00:04:34.990> in<00:04:35.140> general<00:04:35.770> thinking<00:04:36.580> about<00:04:36.760> wind<00:04:37.090> tech 00:04:37.290 --> 00:04:37.300 align:start position:0% just in general thinking about wind tech 00:04:37.300 --> 00:04:39.150 align:start position:0% just in general thinking about wind tech impact<00:04:37.720> society<00:04:38.230> especially<00:04:38.560> the<00:04:38.800> impact 00:04:39.150 --> 00:04:39.160 align:start position:0% impact society especially the impact 00:04:39.160 --> 00:04:42.210 align:start position:0% impact society especially the impact side<00:04:39.750> thinking<00:04:40.750> about<00:04:41.020> this<00:04:41.680> from<00:04:41.860> a<00:04:41.980> kind<00:04:42.130> of 00:04:42.210 --> 00:04:42.220 align:start position:0% side thinking about this from a kind of 00:04:42.220 --> 00:04:44.310 align:start position:0% side thinking about this from a kind of a<00:04:42.280> macro<00:04:42.550> systemic<00:04:43.210> or<00:04:43.330> macro<00:04:43.660> institutional 00:04:44.310 --> 00:04:44.320 align:start position:0% a macro systemic or macro institutional 00:04:44.320 --> 00:04:46.140 align:start position:0% a macro systemic or macro institutional perspective<00:04:44.470> but<00:04:44.980> also<00:04:45.130> from<00:04:45.370> a<00:04:45.730> micro 00:04:46.140 --> 00:04:46.150 align:start position:0% perspective but also from a micro 00:04:46.150 --> 00:04:48.420 align:start position:0% perspective but also from a micro personal<00:04:46.570> perspective<00:04:47.110> so<00:04:47.710> here's<00:04:48.250> what<00:04:48.400> I 00:04:48.420 --> 00:04:48.430 align:start position:0% personal perspective so here's what I 00:04:48.430 --> 00:04:50.310 align:start position:0% personal perspective so here's what I mean<00:04:48.520> by<00:04:48.760> each<00:04:49.240> of<00:04:49.390> those<00:04:49.480> so<00:04:49.750> from<00:04:49.930> a<00:04:50.020> macro 00:04:50.310 --> 00:04:50.320 align:start position:0% mean by each of those so from a macro 00:04:50.320 --> 00:04:53.610 align:start position:0% mean by each of those so from a macro systemic<00:04:50.770> perspective<00:04:52.620> institutional 00:04:53.610 --> 00:04:53.620 align:start position:0% systemic perspective institutional 00:04:53.620 --> 00:04:56.090 align:start position:0% systemic perspective institutional coevolution<00:04:54.270> and<00:04:55.270> what<00:04:55.360> I<00:04:55.390> mean<00:04:55.570> by<00:04:55.690> that<00:04:55.720> is 00:04:56.090 --> 00:04:56.100 align:start position:0% coevolution and what I mean by that is 00:04:56.100 --> 00:04:58.320 align:start position:0% coevolution and what I mean by that is if<00:04:57.100> you<00:04:57.220> think<00:04:57.280> about<00:04:57.430> the<00:04:57.670> institutions<00:04:58.270> that 00:04:58.320 --> 00:04:58.330 align:start position:0% if you think about the institutions that 00:04:58.330 --> 00:05:00.090 align:start position:0% if you think about the institutions that existed<00:04:58.870> before<00:04:59.410> the<00:04:59.860> information 00:05:00.090 --> 00:05:00.100 align:start position:0% existed before the information 00:05:00.100 --> 00:05:04.830 align:start position:0% existed before the information revolution<00:05:01.470> we<00:05:02.470> had<00:05:02.710> stuff<00:05:03.040> like<00:05:03.190> markets<00:05:03.840> and 00:05:04.830 --> 00:05:04.840 align:start position:0% revolution we had stuff like markets and 00:05:04.840 --> 00:05:06.420 align:start position:0% revolution we had stuff like markets and we<00:05:04.960> had<00:05:05.110> things<00:05:05.230> like<00:05:05.350> religion<00:05:05.860> and<00:05:06.040> States 00:05:06.420 --> 00:05:06.430 align:start position:0% we had things like religion and States 00:05:06.430 --> 00:05:10.080 align:start position:0% we had things like religion and States and<00:05:06.760> firms<00:05:07.150> and<00:05:07.480> these<00:05:08.200> were<00:05:08.980> things<00:05:09.340> that<00:05:09.610> and 00:05:10.080 --> 00:05:10.090 align:start position:0% and firms and these were things that and 00:05:10.090 --> 00:05:12.060 align:start position:0% and firms and these were things that and they<00:05:10.270> are<00:05:10.540> on<00:05:10.750> this<00:05:10.900> axis<00:05:11.470> of<00:05:11.620> how<00:05:11.800> good<00:05:11.980> they 00:05:12.060 --> 00:05:12.070 align:start position:0% they are on this axis of how good they 00:05:12.070 --> 00:05:13.680 align:start position:0% they are on this axis of how good they are<00:05:12.100> coordinating<00:05:12.760> people<00:05:13.090> and<00:05:13.390> how<00:05:13.540> good 00:05:13.680 --> 00:05:13.690 align:start position:0% are coordinating people and how good 00:05:13.690 --> 00:05:15.450 align:start position:0% are coordinating people and how good they<00:05:13.810> are<00:05:13.840> at<00:05:13.960> motivating<00:05:14.470> people<00:05:14.620> so<00:05:15.310> there's 00:05:15.450 --> 00:05:15.460 align:start position:0% they are at motivating people so there's 00:05:15.460 --> 00:05:18.210 align:start position:0% they are at motivating people so there's something<00:05:15.640> called<00:05:16.000> the<00:05:16.150> goose<00:05:16.510> kosis<00:05:17.260> Ronald 00:05:18.210 --> 00:05:18.220 align:start position:0% something called the goose kosis Ronald 00:05:18.220 --> 00:05:21.330 align:start position:0% something called the goose kosis Ronald Coase<00:05:18.430> his<00:05:18.610> theory<00:05:18.850> of<00:05:19.000> the<00:05:19.120> firm<00:05:19.800> says<00:05:20.800> hey 00:05:21.330 --> 00:05:21.340 align:start position:0% Coase his theory of the firm says hey 00:05:21.340 --> 00:05:23.310 align:start position:0% Coase his theory of the firm says hey why<00:05:22.060> do<00:05:22.120> firms<00:05:22.480> exist<00:05:22.630> why<00:05:22.900> isn't<00:05:23.140> everything 00:05:23.310 --> 00:05:23.320 align:start position:0% why do firms exist why isn't everything 00:05:23.320 --> 00:05:25.380 align:start position:0% why do firms exist why isn't everything a<00:05:23.470> market<00:05:23.800> well<00:05:23.980> it's<00:05:24.100> because<00:05:24.400> firms<00:05:25.000> are 00:05:25.380 --> 00:05:25.390 align:start position:0% a market well it's because firms are 00:05:25.390 --> 00:05:26.730 align:start position:0% a market well it's because firms are really<00:05:25.780> good<00:05:25.930> at<00:05:26.020> coordinating<00:05:26.230> people 00:05:26.730 --> 00:05:26.740 align:start position:0% really good at coordinating people 00:05:26.740 --> 00:05:29.460 align:start position:0% really good at coordinating people together<00:05:27.420> in<00:05:28.420> the<00:05:28.570> transaction<00:05:29.080> cost<00:05:29.230> within 00:05:29.460 --> 00:05:29.470 align:start position:0% together in the transaction cost within 00:05:29.470 --> 00:05:30.900 align:start position:0% together in the transaction cost within the<00:05:29.590> firm<00:05:29.710> or<00:05:29.830> less<00:05:29.950> so<00:05:30.250> these<00:05:30.580> are<00:05:30.700> the<00:05:30.760> kind 00:05:30.900 --> 00:05:30.910 align:start position:0% the firm or less so these are the kind 00:05:30.910 --> 00:05:32.190 align:start position:0% the firm or less so these are the kind of<00:05:30.940> institutions<00:05:31.570> that<00:05:31.660> existed<00:05:31.990> pre 00:05:32.190 --> 00:05:32.200 align:start position:0% of institutions that existed pre 00:05:32.200 --> 00:05:36.570 align:start position:0% of institutions that existed pre information<00:05:32.740> revolution<00:05:33.280> but<00:05:35.280> those<00:05:36.280> were 00:05:36.570 --> 00:05:36.580 align:start position:0% information revolution but those were 00:05:36.580 --> 00:05:39.300 align:start position:0% information revolution but those were not<00:05:36.730> always<00:05:36.910> true<00:05:37.270> so<00:05:37.530> has<00:05:38.530> anybody<00:05:38.830> in<00:05:39.190> this 00:05:39.300 --> 00:05:39.310 align:start position:0% not always true so has anybody in this 00:05:39.310 --> 00:05:42.090 align:start position:0% not always true so has anybody in this room<00:05:39.400> read<00:05:39.790> the<00:05:39.970> sovereign<00:05:40.360> individual<00:05:41.100> nice 00:05:42.090 --> 00:05:42.100 align:start position:0% room read the sovereign individual nice 00:05:42.100 --> 00:05:46.650 align:start position:0% room read the sovereign individual nice we<00:05:42.640> got<00:05:43.980> so<00:05:44.980> this<00:05:45.760> is<00:05:45.940> essentially<00:05:46.330> from<00:05:46.510> that 00:05:46.650 --> 00:05:46.660 align:start position:0% we got so this is essentially from that 00:05:46.660 --> 00:05:49.170 align:start position:0% we got so this is essentially from that book<00:05:46.870> where<00:05:47.050> it<00:05:47.110> said<00:05:47.260> hey<00:05:47.500> when<00:05:48.340> we<00:05:48.550> had<00:05:48.820> these 00:05:49.170 --> 00:05:49.180 align:start position:0% book where it said hey when we had these 00:05:49.180 --> 00:05:51.360 align:start position:0% book where it said hey when we had these institutions<00:05:49.930> they<00:05:50.410> can<00:05:50.590> leverage<00:05:50.890> a<00:05:51.160> couple 00:05:51.360 --> 00:05:51.370 align:start position:0% institutions they can leverage a couple 00:05:51.370 --> 00:05:53.340 align:start position:0% institutions they can leverage a couple different<00:05:51.610> things<00:05:51.640> and<00:05:52.080> one<00:05:53.080> of<00:05:53.140> them<00:05:53.260> that 00:05:53.340 --> 00:05:53.350 align:start position:0% different things and one of them that 00:05:53.350 --> 00:05:54.990 align:start position:0% different things and one of them that they<00:05:53.470> can<00:05:53.620> leverage<00:05:53.830> is<00:05:54.130> the<00:05:54.160> information<00:05:54.910> in 00:05:54.990 --> 00:05:55.000 align:start position:0% they can leverage is the information in 00:05:55.000 --> 00:05:57.030 align:start position:0% they can leverage is the information in the<00:05:55.120> myths<00:05:55.330> right<00:05:55.840> and<00:05:56.080> so<00:05:56.500> at<00:05:56.830> the<00:05:56.920> beginning 00:05:57.030 --> 00:05:57.040 align:start position:0% the myths right and so at the beginning 00:05:57.040 --> 00:06:00.900 align:start position:0% the myths right and so at the beginning of<00:05:57.580> the<00:05:58.890> when<00:05:59.890> the<00:05:59.980> printing<00:06:00.310> press<00:06:00.520> came<00:06:00.550> out 00:06:00.900 --> 00:06:00.910 align:start position:0% of the when the printing press came out 00:06:00.910 --> 00:06:03.240 align:start position:0% of the when the printing press came out at<00:06:01.120> that<00:06:01.450> time<00:06:01.690> the<00:06:02.080> church<00:06:02.410> essentially<00:06:03.100> had 00:06:03.240 --> 00:06:03.250 align:start position:0% at that time the church essentially had 00:06:03.250 --> 00:06:06.630 align:start position:0% at that time the church essentially had a<00:06:03.280> monopoly<00:06:03.850> on<00:06:04.000> the<00:06:04.840> written<00:06:05.620> word<00:06:05.830> and<00:06:06.520> on 00:06:06.630 --> 00:06:06.640 align:start position:0% a monopoly on the written word and on 00:06:06.640 --> 00:06:08.490 align:start position:0% a monopoly on the written word and on the<00:06:06.730> Word<00:06:06.880> of<00:06:07.000> God<00:06:07.030> but<00:06:07.780> as<00:06:08.020> you<00:06:08.140> can<00:06:08.260> see<00:06:08.410> from 00:06:08.490 --> 00:06:08.500 align:start position:0% the Word of God but as you can see from 00:06:08.500 --> 00:06:10.920 align:start position:0% the Word of God but as you can see from this<00:06:08.650> graph<00:06:08.710> on<00:06:09.040> the<00:06:09.130> Left<00:06:09.450> boom<00:06:10.450> the<00:06:10.630> printing 00:06:10.920 --> 00:06:10.930 align:start position:0% this graph on the Left boom the printing 00:06:10.930 --> 00:06:12.450 align:start position:0% this graph on the Left boom the printing press<00:06:11.110> came<00:06:11.140> out<00:06:11.470> and<00:06:11.680> then<00:06:11.800> there<00:06:12.190> are<00:06:12.280> so 00:06:12.450 --> 00:06:12.460 align:start position:0% press came out and then there are so 00:06:12.460 --> 00:06:14.370 align:start position:0% press came out and then there are so many<00:06:12.640> more<00:06:12.790> printed<00:06:13.210> books<00:06:13.450> and<00:06:13.840> that's<00:06:14.170> crazy 00:06:14.370 --> 00:06:14.380 align:start position:0% many more printed books and that's crazy 00:06:14.380 --> 00:06:16.530 align:start position:0% many more printed books and that's crazy and<00:06:14.680> that<00:06:14.770> essentially<00:06:15.360> took<00:06:16.360> this 00:06:16.530 --> 00:06:16.540 align:start position:0% and that essentially took this 00:06:16.540 --> 00:06:18.360 align:start position:0% and that essentially took this defensible<00:06:17.140> monopoly<00:06:17.620> that<00:06:17.650> the<00:06:17.920> church<00:06:18.130> had 00:06:18.360 --> 00:06:18.370 align:start position:0% defensible monopoly that the church had 00:06:18.370 --> 00:06:21.000 align:start position:0% defensible monopoly that the church had around<00:06:18.730> information<00:06:19.180> and<00:06:19.600> myths<00:06:19.810> and<00:06:20.110> broke 00:06:21.000 --> 00:06:21.010 align:start position:0% around information and myths and broke 00:06:21.010 --> 00:06:22.410 align:start position:0% around information and myths and broke that<00:06:21.160> monopoly<00:06:21.670> and<00:06:21.730> said<00:06:21.910> you<00:06:22.000> don't<00:06:22.090> have<00:06:22.240> us 00:06:22.410 --> 00:06:22.420 align:start position:0% that monopoly and said you don't have us 00:06:22.420 --> 00:06:24.900 align:start position:0% that monopoly and said you don't have us anymore<00:06:22.630> and<00:06:22.930> in<00:06:23.710> the<00:06:24.280> Crick<00:06:24.460> I'd<00:06:24.640> love<00:06:24.790> this 00:06:24.900 --> 00:06:24.910 align:start position:0% anymore and in the Crick I'd love this 00:06:24.910 --> 00:06:28.140 align:start position:0% anymore and in the Crick I'd love this stat<00:06:25.570> from<00:06:25.930> in<00:06:26.380> the<00:06:26.620> early<00:06:26.830> 1500<00:06:27.340> from<00:06:27.430> 15<00:06:27.790> 18 00:06:28.140 --> 00:06:28.150 align:start position:0% stat from in the early 1500 from 15 18 00:06:28.150 --> 00:06:31.200 align:start position:0% stat from in the early 1500 from 15 18 15<00:06:28.750> 25<00:06:29.080> Luther's<00:06:29.890> works<00:06:30.190> accounted<00:06:30.910> for<00:06:30.940> no 00:06:31.200 --> 00:06:31.210 align:start position:0% 15 25 Luther's works accounted for no 00:06:31.210 --> 00:06:32.850 align:start position:0% 15 25 Luther's works accounted for no less<00:06:31.420> than<00:06:31.450> a<00:06:31.690> third<00:06:31.930> of<00:06:32.110> all<00:06:32.230> German<00:06:32.410> language 00:06:32.850 --> 00:06:32.860 align:start position:0% less than a third of all German language 00:06:32.860 --> 00:06:35.130 align:start position:0% less than a third of all German language books<00:06:33.100> sold<00:06:33.340> that's<00:06:34.300> just<00:06:34.480> like<00:06:34.570> an<00:06:34.690> example 00:06:35.130 --> 00:06:35.140 align:start position:0% books sold that's just like an example 00:06:35.140 --> 00:06:37.590 align:start position:0% books sold that's just like an example of<00:06:35.230> your<00:06:35.740> release<00:06:35.950> this<00:06:36.130> into<00:06:36.400> the<00:06:36.490> wild<00:06:36.850> it 00:06:37.590 --> 00:06:37.600 align:start position:0% of your release this into the wild it 00:06:37.600 --> 00:06:39.030 align:start position:0% of your release this into the wild it changes<00:06:37.930> the<00:06:38.020> way<00:06:38.110> that<00:06:38.260> information<00:06:38.380> flows 00:06:39.030 --> 00:06:39.040 align:start position:0% changes the way that information flows 00:06:39.040 --> 00:06:39.730 align:start position:0% changes the way that information flows in<00:06:39.310> the 00:06:39.730 --> 00:06:39.740 align:start position:0% in the 00:06:39.740 --> 00:06:41.080 align:start position:0% in the myths<00:06:39.949> that<00:06:40.160> people<00:06:40.220> can<00:06:40.580> create<00:06:40.880> with<00:06:41.060> that 00:06:41.080 --> 00:06:41.090 align:start position:0% myths that people can create with that 00:06:41.090 --> 00:06:42.820 align:start position:0% myths that people can create with that information<00:06:41.660> just<00:06:42.199> create<00:06:42.410> a<00:06:42.440> competition 00:06:42.820 --> 00:06:42.830 align:start position:0% information just create a competition 00:06:42.830 --> 00:06:44.890 align:start position:0% information just create a competition essentially<00:06:43.550> among<00:06:43.910> there's<00:06:44.419> an<00:06:44.509> example<00:06:44.750> of 00:06:44.890 --> 00:06:44.900 align:start position:0% essentially among there's an example of 00:06:44.900 --> 00:06:47.770 align:start position:0% essentially among there's an example of institutional<00:06:45.889> coevolution<00:06:46.310> where<00:06:47.180> there's 00:06:47.770 --> 00:06:47.780 align:start position:0% institutional coevolution where there's 00:06:47.780 --> 00:06:49.719 align:start position:0% institutional coevolution where there's competition<00:06:48.500> among<00:06:48.889> Catholic<00:06:49.580> and 00:06:49.719 --> 00:06:49.729 align:start position:0% competition among Catholic and 00:06:49.729 --> 00:06:51.730 align:start position:0% competition among Catholic and Protestant<00:06:50.060> religions<00:06:50.419> as<00:06:50.539> a<00:06:50.599> result<00:06:51.139> of<00:06:51.319> the 00:06:51.730 --> 00:06:51.740 align:start position:0% Protestant religions as a result of the 00:06:51.740 --> 00:06:55.450 align:start position:0% Protestant religions as a result of the technology<00:06:52.310> the<00:06:52.580> printing<00:06:52.910> press<00:06:53.110> so<00:06:54.340> we<00:06:55.340> can 00:06:55.450 --> 00:06:55.460 align:start position:0% technology the printing press so we can 00:06:55.460 --> 00:06:57.129 align:start position:0% technology the printing press so we can kind<00:06:55.639> of<00:06:55.669> use<00:06:56.090> a<00:06:56.120> similar<00:06:56.569> mindset<00:06:56.870> but 00:06:57.129 --> 00:06:57.139 align:start position:0% kind of use a similar mindset but 00:06:57.139 --> 00:06:59.379 align:start position:0% kind of use a similar mindset but instead<00:06:57.349> to<00:06:57.470> think<00:06:57.620> about<00:06:57.830> post<00:06:58.819> information 00:06:59.379 --> 00:06:59.389 align:start position:0% instead to think about post information 00:06:59.389 --> 00:07:02.589 align:start position:0% instead to think about post information revolution<00:06:59.539> so<00:07:00.639> if<00:07:01.639> you<00:07:01.789> saw<00:07:01.970> the<00:07:02.030> first<00:07:02.449> one 00:07:02.589 --> 00:07:02.599 align:start position:0% revolution so if you saw the first one 00:07:02.599 --> 00:07:05.350 align:start position:0% revolution so if you saw the first one in<00:07:02.870> here<00:07:03.289> there<00:07:03.770> were<00:07:03.889> about<00:07:04.069> four<00:07:04.460> things<00:07:04.819> and 00:07:05.350 --> 00:07:05.360 align:start position:0% in here there were about four things and 00:07:05.360 --> 00:07:09.779 align:start position:0% in here there were about four things and now<00:07:05.930> we<00:07:05.990> have<00:07:06.380> I've<00:07:06.770> added<00:07:07.039> three<00:07:08.380> so<00:07:09.380> now 00:07:09.779 --> 00:07:09.789 align:start position:0% now we have I've added three so now 00:07:09.789 --> 00:07:11.890 align:start position:0% now we have I've added three so now after<00:07:10.789> the<00:07:10.880> information<00:07:11.270> revolution<00:07:11.389> after 00:07:11.890 --> 00:07:11.900 align:start position:0% after the information revolution after 00:07:11.900 --> 00:07:14.020 align:start position:0% after the information revolution after we<00:07:12.139> have<00:07:12.319> these<00:07:12.560> digital<00:07:13.340> computers<00:07:13.789> and 00:07:14.020 --> 00:07:14.030 align:start position:0% we have these digital computers and 00:07:14.030 --> 00:07:16.809 align:start position:0% we have these digital computers and networked<00:07:14.509> computers<00:07:14.930> the<00:07:15.080> interwebs<00:07:15.819> we 00:07:16.809 --> 00:07:16.819 align:start position:0% networked computers the interwebs we 00:07:16.819 --> 00:07:19.029 align:start position:0% networked computers the interwebs we have<00:07:17.030> things<00:07:17.300> like<00:07:17.360> networks<00:07:18.289> these<00:07:18.800> are<00:07:18.919> like 00:07:19.029 --> 00:07:19.039 align:start position:0% have things like networks these are like 00:07:19.039 --> 00:07:21.249 align:start position:0% have things like networks these are like Airbnb<00:07:19.389> Facebook<00:07:20.389> uber<00:07:20.780> things<00:07:21.050> of<00:07:21.169> that 00:07:21.249 --> 00:07:21.259 align:start position:0% Airbnb Facebook uber things of that 00:07:21.259 --> 00:07:24.279 align:start position:0% Airbnb Facebook uber things of that variety<00:07:21.440> that<00:07:22.130> connect<00:07:22.490> people<00:07:22.870> at<00:07:23.870> these<00:07:24.080> big 00:07:24.279 --> 00:07:24.289 align:start position:0% variety that connect people at these big 00:07:24.289 --> 00:07:26.350 align:start position:0% variety that connect people at these big massive<00:07:24.409> platform<00:07:25.069> these<00:07:25.220> aggregators<00:07:25.699> we 00:07:26.350 --> 00:07:26.360 align:start position:0% massive platform these aggregators we 00:07:26.360 --> 00:07:27.610 align:start position:0% massive platform these aggregators we have<00:07:26.509> things<00:07:26.720> like<00:07:26.780> block<00:07:27.050> chains<00:07:27.319> which 00:07:27.610 --> 00:07:27.620 align:start position:0% have things like block chains which 00:07:27.620 --> 00:07:29.290 align:start position:0% have things like block chains which we're<00:07:28.190> gonna<00:07:28.250> talk<00:07:28.490> about<00:07:28.610> some<00:07:28.909> extent<00:07:29.210> today 00:07:29.290 --> 00:07:29.300 align:start position:0% we're gonna talk about some extent today 00:07:29.300 --> 00:07:31.659 align:start position:0% we're gonna talk about some extent today which<00:07:29.599> are<00:07:29.690> new<00:07:29.960> ways<00:07:30.949> to<00:07:31.159> coordinate<00:07:31.340> and 00:07:31.659 --> 00:07:31.669 align:start position:0% which are new ways to coordinate and 00:07:31.669 --> 00:07:33.339 align:start position:0% which are new ways to coordinate and motivate<00:07:32.000> people<00:07:32.120> and<00:07:32.449> then<00:07:33.020> we<00:07:33.080> also<00:07:33.199> have 00:07:33.339 --> 00:07:33.349 align:start position:0% motivate people and then we also have 00:07:33.349 --> 00:07:35.080 align:start position:0% motivate people and then we also have things<00:07:33.470> like<00:07:33.620> memes<00:07:34.039> and<00:07:34.550> this<00:07:34.699> is<00:07:34.819> kind<00:07:34.970> of<00:07:35.000> a 00:07:35.080 --> 00:07:35.090 align:start position:0% things like memes and this is kind of a 00:07:35.090 --> 00:07:36.939 align:start position:0% things like memes and this is kind of a weird<00:07:35.240> one<00:07:35.419> but<00:07:35.659> this<00:07:35.810> you<00:07:36.560> can<00:07:36.590> think<00:07:36.889> of 00:07:36.939 --> 00:07:36.949 align:start position:0% weird one but this you can think of 00:07:36.949 --> 00:07:38.860 align:start position:0% weird one but this you can think of something<00:07:37.250> like<00:07:37.669> I<00:07:37.970> think<00:07:38.389> I<00:07:38.449> say<00:07:38.659> this<00:07:38.720> in 00:07:38.860 --> 00:07:38.870 align:start position:0% something like I think I say this in 00:07:38.870 --> 00:07:41.439 align:start position:0% something like I think I say this in this<00:07:38.990> next<00:07:39.259> graph<00:07:39.669> yeah<00:07:40.669> something<00:07:41.000> like<00:07:41.030> me 00:07:41.439 --> 00:07:41.449 align:start position:0% this next graph yeah something like me 00:07:41.449 --> 00:07:44.140 align:start position:0% this next graph yeah something like me to<00:07:41.750> is<00:07:42.139> a<00:07:42.259> great<00:07:43.190> interesting<00:07:43.580> example<00:07:43.969> of<00:07:44.030> a 00:07:44.140 --> 00:07:44.150 align:start position:0% to is a great interesting example of a 00:07:44.150 --> 00:07:47.709 align:start position:0% to is a great interesting example of a meme<00:07:44.860> this<00:07:45.860> is<00:07:46.159> a<00:07:46.400> this<00:07:47.060> shows<00:07:47.300> the<00:07:47.449> power<00:07:47.659> of 00:07:47.709 --> 00:07:47.719 align:start position:0% meme this is a this shows the power of 00:07:47.719 --> 00:07:49.570 align:start position:0% meme this is a this shows the power of the<00:07:47.780> mean<00:07:47.930> this<00:07:48.050> is<00:07:48.169> a<00:07:48.349> history<00:07:49.130> within<00:07:49.370> the 00:07:49.570 --> 00:07:49.580 align:start position:0% the mean this is a history within the 00:07:49.580 --> 00:07:51.550 align:start position:0% the mean this is a history within the United<00:07:49.820> States<00:07:49.880> of<00:07:50.090> America<00:07:50.479> of<00:07:50.659> reasons<00:07:51.289> why 00:07:51.550 --> 00:07:51.560 align:start position:0% United States of America of reasons why 00:07:51.560 --> 00:07:54.070 align:start position:0% United States of America of reasons why people<00:07:52.340> in<00:07:52.580> Congress<00:07:53.000> resigned<00:07:53.449> over<00:07:53.750> time 00:07:54.070 --> 00:07:54.080 align:start position:0% people in Congress resigned over time 00:07:54.080 --> 00:07:56.649 align:start position:0% people in Congress resigned over time and<00:07:54.889> you<00:07:54.949> can<00:07:55.070> see<00:07:55.219> in<00:07:55.370> the<00:07:55.550> back<00:07:56.210> in<00:07:56.389> the<00:07:56.479> day 00:07:56.649 --> 00:07:56.659 align:start position:0% and you can see in the back in the day 00:07:56.659 --> 00:07:58.659 align:start position:0% and you can see in the back in the day in<00:07:57.020> the<00:07:57.139> 1900s<00:07:57.830> there's<00:07:58.190> some<00:07:58.430> things<00:07:58.610> that 00:07:58.659 --> 00:07:58.669 align:start position:0% in the 1900s there's some things that 00:07:58.669 --> 00:08:00.760 align:start position:0% in the 1900s there's some things that happened<00:07:59.120> and<00:07:59.389> then<00:07:59.840> like<00:08:00.020> in<00:08:00.199> World<00:08:00.380> War<00:08:00.500> two 00:08:00.760 --> 00:08:00.770 align:start position:0% happened and then like in World War two 00:08:00.770 --> 00:08:02.980 align:start position:0% happened and then like in World War two a<00:08:00.800> bunch<00:08:01.099> of<00:08:01.190> them<00:08:01.310> went<00:08:01.490> to<00:08:01.810> left<00:08:02.810> for 00:08:02.980 --> 00:08:02.990 align:start position:0% a bunch of them went to left for 00:08:02.990 --> 00:08:04.779 align:start position:0% a bunch of them went to left for military<00:08:03.289> service<00:08:03.530> you<00:08:03.919> go<00:08:04.280> further<00:08:04.520> to<00:08:04.699> the 00:08:04.779 --> 00:08:04.789 align:start position:0% military service you go further to the 00:08:04.789 --> 00:08:06.010 align:start position:0% military service you go further to the right<00:08:04.909> for<00:08:05.150> the<00:08:05.210> to<00:08:05.300> the<00:08:05.360> right<00:08:05.509> changes<00:08:05.870> in 00:08:06.010 --> 00:08:06.020 align:start position:0% right for the to the right changes in 00:08:06.020 --> 00:08:07.899 align:start position:0% right for the to the right changes in pension<00:08:06.380> laws<00:08:06.560> whatever<00:08:06.740> but<00:08:07.370> the<00:08:07.460> far<00:08:07.669> right 00:08:07.899 --> 00:08:07.909 align:start position:0% pension laws whatever but the far right 00:08:07.909 --> 00:08:11.740 align:start position:0% pension laws whatever but the far right there<00:08:08.150> me<00:08:08.780> too<00:08:09.020> me<00:08:09.620> too<00:08:09.650> as<00:08:10.009> a<00:08:10.039> meme<00:08:10.750> was 00:08:11.740 --> 00:08:11.750 align:start position:0% there me too me too as a meme was 00:08:11.750 --> 00:08:14.680 align:start position:0% there me too me too as a meme was something<00:08:12.020> that<00:08:12.169> was<00:08:12.380> able<00:08:12.889> to<00:08:13.159> was<00:08:13.849> created<00:08:14.539> a 00:08:14.680 --> 00:08:14.690 align:start position:0% something that was able to was created a 00:08:14.690 --> 00:08:16.480 align:start position:0% something that was able to was created a bunch<00:08:14.840> of<00:08:14.960> congressional<00:08:15.530> resignations<00:08:16.130> so 00:08:16.480 --> 00:08:16.490 align:start position:0% bunch of congressional resignations so 00:08:16.490 --> 00:08:18.159 align:start position:0% bunch of congressional resignations so as<00:08:16.610> we<00:08:16.729> see<00:08:16.880> stuff<00:08:17.030> like<00:08:17.090> me<00:08:17.360> -<00:08:17.569> or<00:08:17.810> black<00:08:17.900> lives 00:08:18.159 --> 00:08:18.169 align:start position:0% as we see stuff like me - or black lives 00:08:18.169 --> 00:08:21.969 align:start position:0% as we see stuff like me - or black lives matter<00:08:18.469> or<00:08:18.740> make<00:08:19.550> America<00:08:19.940> great<00:08:19.969> again<00:08:20.979> those 00:08:21.969 --> 00:08:21.979 align:start position:0% matter or make America great again those 00:08:21.979 --> 00:08:23.499 align:start position:0% matter or make America great again those kinds<00:08:22.280> of<00:08:22.340> memes<00:08:22.550> are<00:08:22.729> powerful<00:08:23.240> and 00:08:23.499 --> 00:08:23.509 align:start position:0% kinds of memes are powerful and 00:08:23.509 --> 00:08:25.659 align:start position:0% kinds of memes are powerful and institutions<00:08:24.289> that<00:08:24.440> people<00:08:24.680> can<00:08:24.860> coordinate 00:08:25.659 --> 00:08:25.669 align:start position:0% institutions that people can coordinate 00:08:25.669 --> 00:08:27.550 align:start position:0% institutions that people can coordinate and<00:08:26.090> motivate<00:08:26.630> around<00:08:26.960> and<00:08:27.229> with<00:08:27.409> something 00:08:27.550 --> 00:08:27.560 align:start position:0% and motivate around and with something 00:08:27.560 --> 00:08:30.820 align:start position:0% and motivate around and with something like<00:08:27.650> Biddle<00:08:28.069> as<00:08:28.250> another<00:08:28.759> example<00:08:28.909> so<00:08:29.830> this 00:08:30.820 --> 00:08:30.830 align:start position:0% like Biddle as another example so this 00:08:30.830 --> 00:08:31.990 align:start position:0% like Biddle as another example so this is<00:08:30.919> what<00:08:31.009> we<00:08:31.099> mean<00:08:31.250> by<00:08:31.310> institutional 00:08:31.990 --> 00:08:32.000 align:start position:0% is what we mean by institutional 00:08:32.000 --> 00:08:33.610 align:start position:0% is what we mean by institutional coevolution<00:08:32.360> it's<00:08:32.779> these<00:08:32.930> institutions<00:08:33.500> code 00:08:33.610 --> 00:08:33.620 align:start position:0% coevolution it's these institutions code 00:08:33.620 --> 00:08:36.459 align:start position:0% coevolution it's these institutions code following<00:08:33.979> with<00:08:34.130> each<00:08:34.250> other<00:08:34.490> and<00:08:35.479> as<00:08:35.990> we 00:08:36.459 --> 00:08:36.469 align:start position:0% following with each other and as we 00:08:36.469 --> 00:08:38.139 align:start position:0% following with each other and as we listen<00:08:36.770> to<00:08:36.950> some<00:08:37.399> of<00:08:37.430> the<00:08:37.520> talks<00:08:37.700> today<00:08:37.820> think 00:08:38.139 --> 00:08:38.149 align:start position:0% listen to some of the talks today think 00:08:38.149 --> 00:08:41.139 align:start position:0% listen to some of the talks today think about<00:08:38.360> the<00:08:38.810> new<00:08:39.020> ways<00:08:39.649> that<00:08:40.149> blockchain 00:08:41.139 --> 00:08:41.149 align:start position:0% about the new ways that blockchain 00:08:41.149 --> 00:08:43.360 align:start position:0% about the new ways that blockchain enables<00:08:41.599> information<00:08:42.440> especially<00:08:42.680> capital 00:08:43.360 --> 00:08:43.370 align:start position:0% enables information especially capital 00:08:43.370 --> 00:08:45.579 align:start position:0% enables information especially capital to<00:08:43.669> move<00:08:43.820> around<00:08:43.959> and<00:08:44.959> how<00:08:45.079> that<00:08:45.230> enables<00:08:45.560> new 00:08:45.579 --> 00:08:45.589 align:start position:0% to move around and how that enables new 00:08:45.589 --> 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Internet<00:08:54.810> enabled<00:08:54.960> businesses<00:08:55.560> Co 00:08:56.060 --> 00:08:56.070 align:start position:0% these new Internet enabled businesses Co 00:08:56.070 --> 00:08:57.350 align:start position:0% these new Internet enabled businesses Co evolving<00:08:56.550> from<00:08:56.640> an<00:08:56.790> institutional<00:08:57.330> level 00:08:57.350 --> 00:08:57.360 align:start position:0% evolving from an institutional level 00:08:57.360 --> 00:08:59.360 align:start position:0% evolving from an institutional level this<00:08:58.170> is<00:08:58.290> just<00:08:58.440> a<00:08:58.530> tweet<00:08:58.740> from<00:08:58.980> this<00:08:59.190> person 00:08:59.360 --> 00:08:59.370 align:start position:0% this is just a tweet from this person 00:08:59.370 --> 00:09:01.700 align:start position:0% this is just a tweet from this person who<00:08:59.550> I<00:08:59.610> don't<00:08:59.700> know<00:08:59.910> but<00:09:00.120> he<00:09:00.180> says<00:09:00.390> so<00:09:01.170> how<00:09:01.380> long 00:09:01.700 --> 00:09:01.710 align:start position:0% who I don't know but he says so how long 00:09:01.710 --> 00:09:03.980 align:start position:0% who I don't know but he says so how long until<00:09:02.070> GoFundMe<00:09:02.910> is<00:09:03.150> our<00:09:03.270> nation's<00:09:03.660> leading 00:09:03.980 --> 00:09:03.990 align:start position:0% until GoFundMe is our nation's leading 00:09:03.990 --> 00:09:06.080 align:start position:0% until GoFundMe is our nation's leading healthcare<00:09:04.380> provider<00:09:04.890> and<00:09:05.130> that's<00:09:05.820> kind<00:09:06.060> of 00:09:06.080 --> 00:09:06.090 align:start position:0% healthcare provider and that's kind of 00:09:06.090 --> 00:09:07.610 align:start position:0% healthcare provider and that's kind of funny<00:09:06.300> kind<00:09:06.510> of<00:09:06.570> sad<00:09:06.720> but<00:09:06.960> the<00:09:07.260> reason<00:09:07.500> why<00:09:07.560> he 00:09:07.610 --> 00:09:07.620 align:start position:0% funny kind of sad but the reason why he 00:09:07.620 --> 00:09:11.510 align:start position:0% funny kind of sad but the reason why he says<00:09:07.800> is<00:09:07.950> because<00:09:08.220> in<00:09:08.480> 2017<00:09:09.680> GoFundMe<00:09:10.680> hosted 00:09:11.510 --> 00:09:11.520 align:start position:0% says is because in 2017 GoFundMe hosted 00:09:11.520 --> 00:09:14.180 align:start position:0% says is because in 2017 GoFundMe hosted more<00:09:11.790> than<00:09:12.050> 250,000<00:09:13.050> medical<00:09:13.740> campaigns 00:09:14.180 --> 00:09:14.190 align:start position:0% more than 250,000 medical campaigns 00:09:14.190 --> 00:09:16.640 align:start position:0% more than 250,000 medical campaigns which<00:09:14.670> raised<00:09:14.970> over<00:09:15.450> 650<00:09:16.350> million<00:09:16.530> dollars 00:09:16.640 --> 00:09:16.650 align:start position:0% which raised over 650 million dollars 00:09:16.650 --> 00:09:18.890 align:start position:0% which raised over 650 million dollars combined<00:09:17.220> so<00:09:17.730> what<00:09:17.880> traditionally<00:09:18.570> was<00:09:18.780> an 00:09:18.890 --> 00:09:18.900 align:start position:0% combined so what traditionally was an 00:09:18.900 --> 00:09:21.020 align:start position:0% combined so what traditionally was an institution<00:09:19.560> the<00:09:19.680> nation<00:09:19.980> state<00:09:20.250> providing<00:09:20.970> a 00:09:21.020 --> 00:09:21.030 align:start position:0% institution the nation state providing a 00:09:21.030 --> 00:09:22.460 align:start position:0% institution the nation state providing a public<00:09:21.360> good<00:09:21.510> something<00:09:21.960> like<00:09:22.140> health<00:09:22.290> care 00:09:22.460 --> 00:09:22.470 align:start position:0% public good something like health care 00:09:22.470 --> 00:09:24.980 align:start position:0% public good something like health care now<00:09:23.040> something<00:09:23.880> like<00:09:24.000> GoFundMe<00:09:24.600> one<00:09:24.810> of<00:09:24.870> these 00:09:24.980 --> 00:09:24.990 align:start position:0% now something like GoFundMe one of these 00:09:24.990 --> 00:09:26.390 align:start position:0% now something like GoFundMe one of these Internet<00:09:25.350> enabled<00:09:25.500> platforms<00:09:26.160> are<00:09:26.280> these 00:09:26.390 --> 00:09:26.400 align:start position:0% Internet enabled platforms are these 00:09:26.400 --> 00:09:28.520 align:start position:0% Internet enabled platforms are these internet<00:09:26.670> in<00:09:26.730> the<00:09:26.820> able<00:09:26.940> businesses<00:09:27.450> now<00:09:28.080> is 00:09:28.520 --> 00:09:28.530 align:start position:0% internet in the able businesses now is 00:09:28.530 --> 00:09:30.380 align:start position:0% internet in the able businesses now is is<00:09:29.070> providing<00:09:29.490> that<00:09:29.640> public<00:09:29.970> good<00:09:30.000> so<00:09:30.270> it's 00:09:30.380 --> 00:09:30.390 align:start position:0% is providing that public good so it's 00:09:30.390 --> 00:09:32.210 align:start position:0% is providing that public good so it's kind<00:09:30.510> of<00:09:30.540> a<00:09:30.630> competition<00:09:31.170> or<00:09:31.590> coevolution 00:09:32.210 --> 00:09:32.220 align:start position:0% kind of a competition or coevolution 00:09:32.220 --> 00:09:34.580 align:start position:0% kind of a competition or coevolution among<00:09:32.850> who's<00:09:33.600> gonna<00:09:33.810> provide<00:09:34.050> the<00:09:34.200> public 00:09:34.580 --> 00:09:34.590 align:start position:0% among who's gonna provide the public 00:09:34.590 --> 00:09:36.590 align:start position:0% among who's gonna provide the public good<00:09:34.850> another<00:09:35.850> example<00:09:36.240> this<00:09:36.360> is<00:09:36.420> something 00:09:36.590 --> 00:09:36.600 align:start position:0% good another example this is something 00:09:36.600 --> 00:09:39.470 align:start position:0% good another example this is something like<00:09:37.380> this<00:09:37.560> lady<00:09:37.740> who<00:09:37.890> says<00:09:38.070> hey<00:09:38.280> a<00:09:38.580> ten<00:09:39.390> dollar 00:09:39.470 --> 00:09:39.480 align:start position:0% like this lady who says hey a ten dollar 00:09:39.480 --> 00:09:42.170 align:start position:0% like this lady who says hey a ten dollar override<00:09:39.990> is<00:09:40.230> a<00:09:40.260> lot<00:09:40.620> a<00:09:40.650> lot<00:09:40.980> cheaper<00:09:41.340> than 00:09:42.170 --> 00:09:42.180 align:start position:0% override is a lot a lot cheaper than 00:09:42.180 --> 00:09:43.850 align:start position:0% override is a lot a lot cheaper than three<00:09:42.930> thousand<00:09:43.260> dollars<00:09:43.440> for<00:09:43.470> an<00:09:43.650> ambulance 00:09:43.850 --> 00:09:43.860 align:start position:0% three thousand dollars for an ambulance 00:09:43.860 --> 00:09:45.590 align:start position:0% three thousand dollars for an ambulance and<00:09:44.280> this<00:09:44.640> is<00:09:44.790> because<00:09:45.060> of<00:09:45.150> the<00:09:45.240> study<00:09:45.480> that 00:09:45.590 --> 00:09:45.600 align:start position:0% and this is because of the study that 00:09:45.600 --> 00:09:47.960 align:start position:0% and this is because of the study that she's<00:09:45.870> referencing<00:09:46.050> here<00:09:46.650> where<00:09:47.160> they<00:09:47.760> showed 00:09:47.960 --> 00:09:47.970 align:start position:0% she's referencing here where they showed 00:09:47.970 --> 00:09:49.730 align:start position:0% she's referencing here where they showed that<00:09:48.090> when<00:09:48.210> uber<00:09:48.570> came<00:09:48.720> into<00:09:48.900> a<00:09:48.990> city<00:09:49.230> the 00:09:49.730 --> 00:09:49.740 align:start position:0% that when uber came into a city the 00:09:49.740 --> 00:09:52.670 align:start position:0% that when uber came into a city the amount<00:09:50.340> of<00:09:50.550> people<00:09:50.760> that<00:09:50.910> took<00:09:51.180> boobers<00:09:51.680> for 00:09:52.670 --> 00:09:52.680 align:start position:0% amount of people that took boobers for 00:09:52.680 --> 00:09:56.030 align:start position:0% amount of people that took boobers for ambulance<00:09:53.160> visits<00:09:53.520> went<00:09:53.820> way<00:09:54.000> up<00:09:54.830> because<00:09:55.830> hey 00:09:56.030 --> 00:09:56.040 align:start position:0% ambulance visits went way up because hey 00:09:56.040 --> 00:09:58.250 align:start position:0% ambulance visits went way up because hey something<00:09:56.400> like<00:09:56.520> these<00:09:56.670> new<00:09:56.820> platforms<00:09:57.330> can 00:09:58.250 --> 00:09:58.260 align:start position:0% something like these new platforms can 00:09:58.260 --> 00:09:59.600 align:start position:0% something like these new platforms can compete<00:09:58.680> with<00:09:58.890> something<00:09:59.340> like<00:09:59.520> the 00:09:59.600 --> 00:09:59.610 align:start position:0% compete with something like the 00:09:59.610 --> 00:10:02.420 align:start position:0% compete with something like the traditional<00:09:59.970> nation<00:10:00.330> state<00:10:00.600> government<00:10:01.430> way 00:10:02.420 --> 00:10:02.430 align:start position:0% traditional nation state government way 00:10:02.430 --> 00:10:04.670 align:start position:0% traditional nation state government way to<00:10:02.870> provide<00:10:03.870> a<00:10:03.900> public<00:10:04.230> good<00:10:04.320> of<00:10:04.440> like<00:10:04.560> an 00:10:04.670 --> 00:10:04.680 align:start position:0% to provide a public good of like an 00:10:04.680 --> 00:10:07.640 align:start position:0% to provide a public good of like an ambulance<00:10:05.990> Jonathan<00:10:06.990> Zittrain<00:10:07.140> who's<00:10:07.620> a 00:10:07.640 --> 00:10:07.650 align:start position:0% ambulance Jonathan Zittrain who's a 00:10:07.650 --> 00:10:10.070 align:start position:0% ambulance Jonathan Zittrain who's a great<00:10:08.130> person<00:10:08.520> from<00:10:08.730> the<00:10:09.480> Berkman<00:10:09.840> Kline 00:10:10.070 --> 00:10:10.080 align:start position:0% great person from the Berkman Kline 00:10:10.080 --> 00:10:11.870 align:start position:0% great person from the Berkman Kline Center<00:10:10.530> at<00:10:10.680> Harvard<00:10:10.920> which<00:10:11.340> studies<00:10:11.670> how 00:10:11.870 --> 00:10:11.880 align:start position:0% Center at Harvard which studies how 00:10:11.880 --> 00:10:13.820 align:start position:0% Center at Harvard which studies how internet<00:10:12.210> it's<00:10:12.720> an<00:10:12.840> Internet<00:10:13.170> Society<00:10:13.350> Center 00:10:13.820 --> 00:10:13.830 align:start position:0% internet it's an Internet Society Center 00:10:13.830 --> 00:10:18.650 align:start position:0% internet it's an Internet Society Center at<00:10:13.920> Harvard<00:10:14.240> he<00:10:15.240> he<00:10:16.310> captures<00:10:17.310> this<00:10:17.460> well<00:10:17.700> this 00:10:18.650 --> 00:10:18.660 align:start position:0% at Harvard he he captures this well this 00:10:18.660 --> 00:10:20.450 align:start position:0% at Harvard he he captures this well this is<00:10:18.810> at<00:10:18.960> Davos<00:10:19.440> and<00:10:19.590> says<00:10:19.770> what<00:10:19.980> if<00:10:20.100> public 00:10:20.450 --> 00:10:20.460 align:start position:0% is at Davos and says what if public 00:10:20.460 --> 00:10:22.160 align:start position:0% is at Davos and says what if public infrastructure<00:10:21.000> was<00:10:21.300> funded<00:10:21.690> by<00:10:21.720> the<00:10:21.870> crowd 00:10:22.160 --> 00:10:22.170 align:start position:0% infrastructure was funded by the crowd 00:10:22.170 --> 00:10:24.920 align:start position:0% infrastructure was funded by the crowd would<00:10:22.710> that<00:10:22.890> be<00:10:23.010> so<00:10:23.160> crazy<00:10:23.460> and<00:10:23.700> cool<00:10:23.880> like<00:10:24.390> or 00:10:24.920 --> 00:10:24.930 align:start position:0% would that be so crazy and cool like or 00:10:24.930 --> 00:10:27.260 align:start position:0% would that be so crazy and cool like or some<00:10:25.170> would<00:10:25.290> call<00:10:25.380> it<00:10:25.440> taxes<00:10:26.100> these<00:10:27.000> are<00:10:27.150> all 00:10:27.260 --> 00:10:27.270 align:start position:0% some would call it taxes these are all 00:10:27.270 --> 00:10:29.540 align:start position:0% some would call it taxes these are all just<00:10:27.450> ways<00:10:27.720> to<00:10:27.900> think<00:10:28.110> about<00:10:28.170> how<00:10:28.980> these 00:10:29.540 --> 00:10:29.550 align:start position:0% just ways to think about how these 00:10:29.550 --> 00:10:30.920 align:start position:0% just ways to think about how these institutions<00:10:30.360> these<00:10:30.450> new<00:10:30.600> internet-enabled 00:10:30.920 --> 00:10:30.930 align:start position:0% institutions these new internet-enabled 00:10:30.930 --> 00:10:32.480 align:start position:0% institutions these new internet-enabled institutions<00:10:31.650> are<00:10:31.770> Co<00:10:31.920> evolving<00:10:32.340> with 00:10:32.480 --> 00:10:32.490 align:start position:0% institutions are Co evolving with 00:10:32.490 --> 00:10:35.000 align:start position:0% institutions are Co evolving with existing<00:10:33.050> with<00:10:34.050> existing<00:10:34.350> kind<00:10:34.920> of 00:10:35.000 --> 00:10:35.010 align:start position:0% existing with existing kind of 00:10:35.010 --> 00:10:39.050 align:start position:0% existing with existing kind of pre-internet<00:10:35.780> institutions<00:10:37.580> as<00:10:38.580> an<00:10:38.760> example 00:10:39.050 --> 00:10:39.060 align:start position:0% pre-internet institutions as an example 00:10:39.060 --> 00:10:41.180 align:start position:0% pre-internet institutions as an example of<00:10:39.270> this<00:10:39.390> you<00:10:39.540> can<00:10:39.690> think<00:10:39.810> like<00:10:40.190> which 00:10:41.180 --> 00:10:41.190 align:start position:0% of this you can think like which 00:10:41.190 --> 00:10:45.140 align:start position:0% of this you can think like which institution<00:10:41.880> has<00:10:42.030> more<00:10:42.330> power<00:10:42.600> and<00:10:43.970> so<00:10:44.970> on<00:10:45.030> the 00:10:45.140 --> 00:10:45.150 align:start position:0% institution has more power and so on the 00:10:45.150 --> 00:10:46.820 align:start position:0% institution has more power and so on the left<00:10:45.300> side<00:10:45.420> are<00:10:45.600> all<00:10:45.810> the<00:10:45.840> institutions<00:10:46.560> and 00:10:46.820 --> 00:10:46.830 align:start position:0% left side are all the institutions and 00:10:46.830 --> 00:10:48.080 align:start position:0% left side are all the institutions and different<00:10:46.860> types<00:10:47.400> of<00:10:47.520> institutions<00:10:47.700> on<00:10:48.030> the 00:10:48.080 --> 00:10:48.090 align:start position:0% different types of institutions on the 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not the shared metric<00:10:55.170> unfortunately<00:10:55.770> but<00:10:55.920> like<00:10:56.040> suddenly 00:10:56.420 --> 00:10:56.430 align:start position:0% metric unfortunately but like suddenly 00:10:56.430 --> 00:10:58.400 align:start position:0% metric unfortunately but like suddenly Christianity<00:10:57.000> the<00:10:57.150> religion<00:10:57.180> has<00:10:57.810> 2.4 00:10:58.400 --> 00:10:58.410 align:start position:0% Christianity the religion has 2.4 00:10:58.410 --> 00:11:00.410 align:start position:0% Christianity the religion has 2.4 billion<00:10:58.590> people<00:10:58.950> that<00:10:59.130> is<00:10:59.640> an<00:10:59.760> institution 00:11:00.410 --> 00:11:00.420 align:start position:0% billion people that is an institution 00:11:00.420 --> 00:11:02.060 align:start position:0% billion people that is an institution something<00:11:01.020> like<00:11:01.110> Facebook<00:11:01.530> is<00:11:01.650> a<00:11:01.680> network<00:11:01.950> has 00:11:02.060 --> 00:11:02.070 align:start position:0% something like Facebook is a network has 00:11:02.070 --> 00:11:04.160 align:start position:0% something like Facebook is a network has 2.2<00:11:02.580> billion<00:11:02.790> monthly<00:11:03.000> active<00:11:03.180> users<00:11:03.510> that 00:11:04.160 --> 00:11:04.170 align:start position:0% 2.2 billion monthly active users that 00:11:04.170 --> 00:11:04.820 align:start position:0% 2.2 billion monthly active users that more<00:11:04.440> or<00:11:04.500> less 00:11:04.820 --> 00:11:04.830 align:start position:0% more or less 00:11:04.830 --> 00:11:06.680 align:start position:0% more or less holdin<00:11:05.280> Christianity<00:11:05.790> something<00:11:06.300> like<00:11:06.420> China 00:11:06.680 --> 00:11:06.690 align:start position:0% holdin Christianity something like China 00:11:06.690 --> 00:11:09.140 align:start position:0% holdin Christianity something like China the<00:11:06.960> nation<00:11:07.200> state<00:11:07.410> has<00:11:07.620> 1.2<00:11:08.280> 1.4<00:11:08.910> billion 00:11:09.140 --> 00:11:09.150 align:start position:0% the nation state has 1.2 1.4 billion 00:11:09.150 --> 00:11:11.420 align:start position:0% the nation state has 1.2 1.4 billion people<00:11:09.620> something<00:11:10.620> like<00:11:10.740> the<00:11:10.920> Bitcoin<00:11:11.250> as<00:11:11.400> a 00:11:11.420 --> 00:11:11.430 align:start position:0% people something like the Bitcoin as a 00:11:11.430 --> 00:11:13.730 align:start position:0% people something like the Bitcoin as a blockchain<00:11:11.700> has<00:11:12.090> a<00:11:12.120> you<00:11:12.450> know<00:11:12.540> large<00:11:13.050> 125 00:11:13.730 --> 00:11:13.740 align:start position:0% blockchain has a you know large 125 00:11:13.740 --> 00:11:15.260 align:start position:0% blockchain has a you know large 125 billion<00:11:14.010> dollar<00:11:14.130> market<00:11:14.400> cap<00:11:14.460> and<00:11:14.910> something 00:11:15.260 --> 00:11:15.270 align:start position:0% billion dollar market cap and something 00:11:15.270 --> 00:11:17.120 align:start position:0% billion dollar market cap and something like<00:11:15.360> black<00:11:15.540> lives<00:11:15.720> matter<00:11:15.990> that<00:11:16.080> meme<00:11:16.530> had 00:11:17.120 --> 00:11:17.130 align:start position:0% like black lives matter that meme had 00:11:17.130 --> 00:11:20.150 align:start position:0% like black lives matter that meme had 300<00:11:17.760> million<00:11:18.000> tweets<00:11:18.180> into<00:11:18.900> 2017<00:11:19.530> these<00:11:20.010> are 00:11:20.150 --> 00:11:20.160 align:start position:0% 300 million tweets into 2017 these are 00:11:20.160 --> 00:11:24.740 align:start position:0% 300 million tweets into 2017 these are examples<00:11:20.520> like<00:11:20.550> hmm<00:11:21.060> what<00:11:23.330> who<00:11:24.330> has<00:11:24.540> more 00:11:24.740 --> 00:11:24.750 align:start position:0% examples like hmm what who has more 00:11:24.750 --> 00:11:29.210 align:start position:0% examples like hmm what who has more power<00:11:25.020> here<00:11:25.350> is<00:11:25.800> difficult<00:11:26.280> to<00:11:26.340> say<00:11:27.740> one<00:11:28.740> final 00:11:29.210 --> 00:11:29.220 align:start position:0% power here is difficult to say one final 00:11:29.220 --> 00:11:33.770 align:start position:0% power here is difficult to say one final note<00:11:29.760> here<00:11:30.360> is<00:11:31.970> so<00:11:32.970> especially<00:11:33.390> think<00:11:33.600> about 00:11:33.770 --> 00:11:33.780 align:start position:0% note here is so especially think about 00:11:33.780 --> 00:11:35.390 align:start position:0% note here is so especially think about this<00:11:33.900> institutional<00:11:34.470> coevolution<00:11:34.890> during 00:11:35.390 --> 00:11:35.400 align:start position:0% this institutional coevolution during 00:11:35.400 --> 00:11:37.130 align:start position:0% this institutional coevolution during the<00:11:35.490> fifth<00:11:35.700> talk<00:11:35.940> today<00:11:36.150> during<00:11:36.480> Santiago 00:11:37.130 --> 00:11:37.140 align:start position:0% the fifth talk today during Santiago 00:11:37.140 --> 00:11:41.450 align:start position:0% the fifth talk today during Santiago series<00:11:37.470> talk<00:11:37.710> at<00:11:37.890> the<00:11:38.010> end<00:11:39.800> one<00:11:40.800> but<00:11:41.040> one 00:11:41.450 --> 00:11:41.460 align:start position:0% series talk at the end one but one 00:11:41.460 --> 00:11:44.000 align:start position:0% series talk at the end one but one before<00:11:41.820> his<00:11:42.230> Catherine<00:11:43.230> from<00:11:43.380> masari's<00:11:43.860> gonna 00:11:44.000 --> 00:11:44.010 align:start position:0% before his Catherine from masari's gonna 00:11:44.010 --> 00:11:46.310 align:start position:0% before his Catherine from masari's gonna be<00:11:44.130> talking<00:11:44.370> about<00:11:44.460> law<00:11:44.790> and<00:11:45.210> law<00:11:45.810> is<00:11:45.870> another 00:11:46.310 --> 00:11:46.320 align:start position:0% be talking about law and law is another 00:11:46.320 --> 00:11:49.100 align:start position:0% be talking about law and law is another way<00:11:46.620> that<00:11:46.980> these<00:11:47.940> institutions<00:11:48.750> and 00:11:49.100 --> 00:11:49.110 align:start position:0% way that these institutions and 00:11:49.110 --> 00:11:50.780 align:start position:0% way that these institutions and especially<00:11:49.290> the<00:11:49.740> digital<00:11:50.250> space<00:11:50.370> kind<00:11:50.670> of 00:11:50.780 --> 00:11:50.790 align:start position:0% especially the digital space kind of 00:11:50.790 --> 00:11:53.450 align:start position:0% especially the digital space kind of co-evolved<00:11:51.360> with<00:11:51.390> with<00:11:51.900> meatspace<00:11:52.470> and<00:11:52.860> this 00:11:53.450 --> 00:11:53.460 align:start position:0% co-evolved with with meatspace and this 00:11:53.460 --> 00:11:54.380 align:start position:0% co-evolved with with meatspace and this is<00:11:53.610> something<00:11:53.880> that<00:11:53.910> was<00:11:54.210> referenced 00:11:54.380 --> 00:11:54.390 align:start position:0% is something that was referenced 00:11:54.390 --> 00:11:57.350 align:start position:0% is something that was referenced yesterday<00:11:54.990> by<00:11:55.140> Cory<00:11:55.470> Doctorow<00:11:55.700> was<00:11:56.700> this<00:11:57.150> guy 00:11:57.350 --> 00:11:57.360 align:start position:0% yesterday by Cory Doctorow was this guy 00:11:57.360 --> 00:11:58.940 align:start position:0% yesterday by Cory Doctorow was this guy Lawrence<00:11:57.750> Lessig<00:11:58.140> who<00:11:58.350> also<00:11:58.500> works<00:11:58.770> at<00:11:58.920> that 00:11:58.940 --> 00:11:58.950 align:start position:0% Lawrence Lessig who also works at that 00:11:58.950 --> 00:12:01.130 align:start position:0% Lawrence Lessig who also works at that Berkman<00:11:59.340> clients<00:11:59.670> in<00:11:59.760> Harvard<00:12:00.270> he<00:12:00.810> has<00:12:00.990> this 00:12:01.130 --> 00:12:01.140 align:start position:0% Berkman clients in Harvard he has this 00:12:01.140 --> 00:12:03.290 align:start position:0% Berkman clients in Harvard he has this pathetic<00:12:01.470> dot<00:12:01.860> and<00:12:02.040> he<00:12:02.310> says<00:12:02.520> these<00:12:03.090> are 00:12:03.290 --> 00:12:03.300 align:start position:0% pathetic dot and he says these are 00:12:03.300 --> 00:12:06.170 align:start position:0% pathetic dot and he says these are essentially<00:12:03.750> the<00:12:03.840> things<00:12:04.170> that<00:12:04.530> can<00:12:04.710> change<00:12:05.280> a 00:12:06.170 --> 00:12:06.180 align:start position:0% essentially the things that can change a 00:12:06.180 --> 00:12:09.470 align:start position:0% essentially the things that can change a given<00:12:06.780> outcome<00:12:06.960> in<00:12:07.260> the<00:12:07.350> world<00:12:07.880> and<00:12:08.880> there<00:12:09.450> are 00:12:09.470 --> 00:12:09.480 align:start position:0% given outcome in the world and there are 00:12:09.480 --> 00:12:11.720 align:start position:0% given outcome in the world and there are by<00:12:10.380> architecture<00:12:11.100> on<00:12:11.190> the<00:12:11.280> left<00:12:11.430> he<00:12:11.580> means 00:12:11.720 --> 00:12:11.730 align:start position:0% by architecture on the left he means 00:12:11.730 --> 00:12:12.980 align:start position:0% by architecture on the left he means Coates<00:12:12.000> you<00:12:12.300> can<00:12:12.420> actually<00:12:12.660> have<00:12:12.750> code<00:12:12.960> that 00:12:12.980 --> 00:12:12.990 align:start position:0% Coates you can actually have code that 00:12:12.990 --> 00:12:14.990 align:start position:0% Coates you can actually have code that changes<00:12:13.680> how<00:12:13.770> things<00:12:14.040> occur<00:12:14.280> you<00:12:14.760> can<00:12:14.880> have 00:12:14.990 --> 00:12:15.000 align:start position:0% changes how things occur you can have 00:12:15.000 --> 00:12:16.850 align:start position:0% changes how things occur you can have the<00:12:15.150> market<00:12:15.510> or<00:12:15.660> incentives<00:12:16.200> that<00:12:16.440> change<00:12:16.710> how 00:12:16.850 --> 00:12:16.860 align:start position:0% the market or incentives that change how 00:12:16.860 --> 00:12:20.480 align:start position:0% the market or incentives that change how things<00:12:17.040> happen<00:12:17.760> you<00:12:18.540> can<00:12:18.660> have<00:12:18.810> law<00:12:19.490> that 00:12:20.480 --> 00:12:20.490 align:start position:0% things happen you can have law that 00:12:20.490 --> 00:12:22.580 align:start position:0% things happen you can have law that constrains<00:12:21.090> how<00:12:21.300> people<00:12:21.630> kind<00:12:21.780> of<00:12:21.840> operate<00:12:22.230> or 00:12:22.580 --> 00:12:22.590 align:start position:0% constrains how people kind of operate or 00:12:22.590 --> 00:12:23.900 align:start position:0% constrains how people kind of operate or you<00:12:22.710> can<00:12:22.830> have<00:12:22.950> norms<00:12:23.400> I'm<00:12:23.550> kind<00:12:23.730> of<00:12:23.760> like<00:12:23.880> the 00:12:23.900 --> 00:12:23.910 align:start position:0% you can have norms I'm kind of like the 00:12:23.910 --> 00:12:26.720 align:start position:0% you can have norms I'm kind of like the mindset<00:12:24.270> piece<00:12:24.680> and<00:12:25.680> so<00:12:26.340> this<00:12:26.490> is<00:12:26.610> just 00:12:26.720 --> 00:12:26.730 align:start position:0% mindset piece and so this is just 00:12:26.730 --> 00:12:31.880 align:start position:0% mindset piece and so this is just another<00:12:28.460> yeah<00:12:29.460> so<00:12:29.610> this<00:12:29.730> is<00:12:30.650> another<00:12:31.650> way<00:12:31.860> to 00:12:31.880 --> 00:12:31.890 align:start position:0% another yeah so this is another way to 00:12:31.890 --> 00:12:33.830 align:start position:0% another yeah so this is another way to think<00:12:31.980> about<00:12:32.130> this<00:12:32.370> is<00:12:32.550> in<00:12:33.270> there's 00:12:33.830 --> 00:12:33.840 align:start position:0% think about this is in there's 00:12:33.840 --> 00:12:35.690 align:start position:0% think about this is in there's institutional<00:12:34.170> coevolution<00:12:34.800> and<00:12:35.250> there's<00:12:35.640> a 00:12:35.690 --> 00:12:35.700 align:start position:0% institutional coevolution and there's a 00:12:35.700 --> 00:12:37.700 align:start position:0% institutional coevolution and there's a question<00:12:35.940> of<00:12:36.000> how<00:12:36.180> does<00:12:36.240> the<00:12:36.510> law<00:12:36.690> respond<00:12:37.530> to 00:12:37.700 --> 00:12:37.710 align:start position:0% question of how does the law respond to 00:12:37.710 --> 00:12:39.590 align:start position:0% question of how does the law respond to things<00:12:37.920> so<00:12:38.220> the<00:12:38.760> tech<00:12:39.000> that<00:12:39.240> we're<00:12:39.390> building 00:12:39.590 --> 00:12:39.600 align:start position:0% things so the tech that we're building 00:12:39.600 --> 00:12:42.050 align:start position:0% things so the tech that we're building is<00:12:39.990> all<00:12:40.890> on<00:12:41.130> the<00:12:41.250> architecture<00:12:41.760> side<00:12:41.940> the 00:12:42.050 --> 00:12:42.060 align:start position:0% is all on the architecture side the 00:12:42.060 --> 00:12:43.520 align:start position:0% is all on the architecture side the coding<00:12:42.300> architecture<00:12:42.660> side<00:12:42.810> and<00:12:43.080> on<00:12:43.410> the 00:12:43.520 --> 00:12:43.530 align:start position:0% coding architecture side and on the 00:12:43.530 --> 00:12:45.250 align:start position:0% coding architecture side and on the market<00:12:43.830> side<00:12:44.010> the<00:12:44.130> new<00:12:44.250> incentive<00:12:44.700> side 00:12:45.250 --> 00:12:45.260 align:start position:0% market side the new incentive side 00:12:45.260 --> 00:12:48.320 align:start position:0% market side the new incentive side different<00:12:46.260> than<00:12:46.380> that<00:12:46.530> is<00:12:46.770> the<00:12:47.460> wide<00:12:47.940> Biddle 00:12:48.320 --> 00:12:48.330 align:start position:0% different than that is the wide Biddle 00:12:48.330 --> 00:12:49.940 align:start position:0% different than that is the wide Biddle side<00:12:48.540> which<00:12:48.720> are<00:12:48.810> the<00:12:48.990> norms<00:12:49.350> what<00:12:49.500> norms<00:12:49.860> are 00:12:49.940 --> 00:12:49.950 align:start position:0% side which are the norms what norms are 00:12:49.950 --> 00:12:51.830 align:start position:0% side which are the norms what norms are we<00:12:50.010> trying<00:12:50.190> to<00:12:50.280> create<00:12:50.490> and<00:12:50.640> then<00:12:51.030> also<00:12:51.270> how 00:12:51.830 --> 00:12:51.840 align:start position:0% we trying to create and then also how 00:12:51.840 --> 00:12:58.000 align:start position:0% we trying to create and then also how does<00:12:51.990> the<00:12:52.080> law<00:12:52.260> kind<00:12:52.560> of<00:12:52.620> constrain<00:12:53.070> this<00:12:54.290> so 00:12:58.000 --> 00:12:58.010 align:start position:0% 00:12:58.010 --> 00:13:00.200 align:start position:0% when<00:12:59.010> we<00:12:59.100> talk<00:12:59.250> about<00:12:59.280> the<00:12:59.580> two<00:12:59.760> buckets<00:13:00.150> of 00:13:00.200 --> 00:13:00.210 align:start position:0% when we talk about the two buckets of 00:13:00.210 --> 00:13:01.880 align:start position:0% when we talk about the two buckets of impact<00:13:00.660> there's<00:13:00.900> the<00:13:01.020> big<00:13:01.260> bucket<00:13:01.620> of<00:13:01.710> the 00:13:01.880 --> 00:13:01.890 align:start position:0% impact there's the big bucket of the 00:13:01.890 --> 00:13:04.010 align:start position:0% impact there's the big bucket of the macro<00:13:02.340> systemic<00:13:02.910> macro<00:13:03.300> institutional 00:13:04.010 --> 00:13:04.020 align:start position:0% macro systemic macro institutional 00:13:04.020 --> 00:13:06.470 align:start position:0% macro systemic macro institutional bucket<00:13:04.320> and<00:13:04.590> we<00:13:05.070> chat<00:13:05.280> about<00:13:05.430> that<00:13:05.670> here<00:13:05.910> but 00:13:06.470 --> 00:13:06.480 align:start position:0% bucket and we chat about that here but 00:13:06.480 --> 00:13:07.910 align:start position:0% bucket and we chat about that here but remember<00:13:06.810> that<00:13:06.840> that<00:13:07.110> bucket<00:13:07.560> which<00:13:07.680> is<00:13:07.710> on 00:13:07.910 --> 00:13:07.920 align:start position:0% remember that that bucket which is on 00:13:07.920 --> 00:13:09.410 align:start position:0% remember that that bucket which is on the<00:13:08.010> left<00:13:08.220> here<00:13:08.490> we<00:13:08.640> don't<00:13:09.090> actually<00:13:09.270> care 00:13:09.410 --> 00:13:09.420 align:start position:0% the left here we don't actually care 00:13:09.420 --> 00:13:10.880 align:start position:0% the left here we don't actually care about<00:13:09.720> that<00:13:10.020> bucket<00:13:10.380> and<00:13:10.470> what<00:13:10.620> I<00:13:10.650> mean<00:13:10.800> by 00:13:10.880 --> 00:13:10.890 align:start position:0% about that bucket and what I mean by 00:13:10.890 --> 00:13:15.050 align:start position:0% about that bucket and what I mean by that<00:13:10.980> is<00:13:11.130> we<00:13:11.520> don't<00:13:11.610> care<00:13:11.730> what<00:13:12.270> happens<00:13:12.330> to<00:13:14.060> in 00:13:15.050 --> 00:13:15.060 align:start position:0% that is we don't care what happens to in 00:13:15.060 --> 00:13:17.480 align:start position:0% that is we don't care what happens to in the<00:13:15.660> end<00:13:15.840> we<00:13:15.960> care<00:13:16.110> about<00:13:16.200> people<00:13:16.310> right<00:13:17.310> we 00:13:17.480 --> 00:13:17.490 align:start position:0% the end we care about people right we 00:13:17.490 --> 00:13:18.410 align:start position:0% the end we care about people right we don't<00:13:17.610> that<00:13:17.940> a 00:13:18.410 --> 00:13:18.420 align:start position:0% don't that a 00:13:18.420 --> 00:13:20.360 align:start position:0% don't that a company<00:13:18.810> does<00:13:19.019> not<00:13:19.050> have<00:13:19.230> a<00:13:19.740> company<00:13:20.160> cannot 00:13:20.360 --> 00:13:20.370 align:start position:0% company does not have a company cannot 00:13:20.370 --> 00:13:22.569 align:start position:0% company does not have a company cannot be<00:13:20.550> hurt<00:13:20.760> a<00:13:21.060> company<00:13:21.480> does<00:13:21.630> not<00:13:21.660> have<00:13:21.810> dopamine 00:13:22.569 --> 00:13:22.579 align:start position:0% be hurt a company does not have dopamine 00:13:22.579 --> 00:13:24.860 align:start position:0% be hurt a company does not have dopamine receptors<00:13:23.579> a<00:13:23.610> company<00:13:23.940> does<00:13:24.060> not<00:13:24.089> have<00:13:24.209> pain 00:13:24.860 --> 00:13:24.870 align:start position:0% receptors a company does not have pain 00:13:24.870 --> 00:13:26.030 align:start position:0% receptors a company does not have pain or<00:13:25.110> suffering<00:13:25.320> or<00:13:25.589> those<00:13:25.709> kinds<00:13:25.920> of<00:13:25.980> things 00:13:26.030 --> 00:13:26.040 align:start position:0% or suffering or those kinds of things 00:13:26.040 --> 00:13:28.220 align:start position:0% or suffering or those kinds of things and<00:13:26.399> so<00:13:26.880> in<00:13:27.089> the<00:13:27.209> end<00:13:27.329> we<00:13:27.540> care<00:13:27.720> about<00:13:27.810> people 00:13:28.220 --> 00:13:28.230 align:start position:0% and so in the end we care about people 00:13:28.230 --> 00:13:30.079 align:start position:0% and so in the end we care about people and<00:13:28.350> people<00:13:28.950> exist<00:13:29.250> in<00:13:29.339> institutions<00:13:29.880> to<00:13:30.000> try 00:13:30.079 --> 00:13:30.089 align:start position:0% and people exist in institutions to try 00:13:30.089 --> 00:13:32.840 align:start position:0% and people exist in institutions to try to<00:13:30.269> care<00:13:30.480> about<00:13:30.570> them<00:13:30.839> but<00:13:31.440> we<00:13:31.920> should<00:13:32.100> also<00:13:32.279> be 00:13:32.840 --> 00:13:32.850 align:start position:0% to care about them but we should also be 00:13:32.850 --> 00:13:34.310 align:start position:0% to care about them but we should also be deeply<00:13:33.149> thinking<00:13:33.389> about<00:13:33.540> the<00:13:33.720> kind<00:13:33.899> of<00:13:33.930> micro 00:13:34.310 --> 00:13:34.320 align:start position:0% deeply thinking about the kind of micro 00:13:34.320 --> 00:13:36.170 align:start position:0% deeply thinking about the kind of micro personal<00:13:34.769> side<00:13:34.949> as<00:13:35.130> well<00:13:35.279> so<00:13:35.610> let's<00:13:35.820> make<00:13:35.970> sure 00:13:36.170 --> 00:13:36.180 align:start position:0% personal side as well so let's make sure 00:13:36.180 --> 00:13:38.150 align:start position:0% personal side as well so let's make sure we<00:13:36.329> understand<00:13:37.050> that<00:13:37.199> too 00:13:38.150 --> 00:13:38.160 align:start position:0% we understand that too 00:13:38.160 --> 00:13:40.250 align:start position:0% we understand that too so<00:13:38.850> on<00:13:38.970> the<00:13:39.060> Micro<00:13:39.329> personal<00:13:39.720> side<00:13:39.899> there 00:13:40.250 --> 00:13:40.260 align:start position:0% so on the Micro personal side there 00:13:40.260 --> 00:13:42.139 align:start position:0% so on the Micro personal side there couple<00:13:40.470> I<00:13:40.800> like<00:13:41.310> to<00:13:41.430> bucket<00:13:41.730> this<00:13:41.820> in<00:13:41.970> like 00:13:42.139 --> 00:13:42.149 align:start position:0% couple I like to bucket this in like 00:13:42.149 --> 00:13:43.900 align:start position:0% couple I like to bucket this in like three<00:13:42.360> main<00:13:42.510> categories<00:13:42.690> the<00:13:43.139> first<00:13:43.170> is<00:13:43.500> power 00:13:43.900 --> 00:13:43.910 align:start position:0% three main categories the first is power 00:13:43.910 --> 00:13:48.410 align:start position:0% three main categories the first is power and<00:13:44.910> how<00:13:46.220> new<00:13:47.220> kinds<00:13:47.550> of<00:13:47.610> technology<00:13:48.089> change 00:13:48.410 --> 00:13:48.420 align:start position:0% and how new kinds of technology change 00:13:48.420 --> 00:13:51.230 align:start position:0% and how new kinds of technology change your<00:13:48.660> relationship<00:13:49.110> with<00:13:49.230> power<00:13:49.380> so<00:13:50.089> as<00:13:51.089> an 00:13:51.230 --> 00:13:51.240 align:start position:0% your relationship with power so as an 00:13:51.240 --> 00:13:54.620 align:start position:0% your relationship with power so as an example<00:13:51.300> of<00:13:51.690> this<00:13:52.040> within<00:13:53.040> the<00:13:53.630> general 00:13:54.620 --> 00:13:54.630 align:start position:0% example of this within the general 00:13:54.630 --> 00:13:56.810 align:start position:0% example of this within the general blockchain<00:13:55.380> ecosystem<00:13:55.889> we<00:13:56.010> talked<00:13:56.220> about<00:13:56.339> the 00:13:56.810 --> 00:13:56.820 align:start position:0% blockchain ecosystem we talked about the 00:13:56.820 --> 00:13:58.310 align:start position:0% blockchain ecosystem we talked about the decentralization<00:13:57.510> of<00:13:57.750> all<00:13:57.870> the<00:13:57.959> things<00:13:58.170> and 00:13:58.310 --> 00:13:58.320 align:start position:0% decentralization of all the things and 00:13:58.320 --> 00:13:59.569 align:start position:0% decentralization of all the things and especially<00:13:58.500> the<00:13:58.709> decentralization<00:13:59.339> of<00:13:59.490> power 00:13:59.569 --> 00:13:59.579 align:start position:0% especially the decentralization of power 00:13:59.579 --> 00:14:02.090 align:start position:0% especially the decentralization of power or<00:14:00.000> wealth<00:14:00.209> and<00:14:01.170> this<00:14:01.290> is<00:14:01.440> this<00:14:01.620> great<00:14:01.860> graph 00:14:02.090 --> 00:14:02.100 align:start position:0% or wealth and this is this great graph 00:14:02.100 --> 00:14:05.600 align:start position:0% or wealth and this is this great graph from<00:14:02.899> Balaji<00:14:03.899> from<00:14:04.230> the<00:14:04.589> CTO<00:14:04.980> of<00:14:05.040> coinbase 00:14:05.600 --> 00:14:05.610 align:start position:0% from Balaji from the CTO of coinbase 00:14:05.610 --> 00:14:08.300 align:start position:0% from Balaji from the CTO of coinbase that<00:14:06.089> looks<00:14:06.300> at<00:14:06.480> the<00:14:06.720> Gini<00:14:07.079> coefficients<00:14:07.769> over 00:14:08.300 --> 00:14:08.310 align:start position:0% that looks at the Gini coefficients over 00:14:08.310 --> 00:14:11.509 align:start position:0% that looks at the Gini coefficients over time<00:14:08.519> of<00:14:09.260> various<00:14:10.260> different<00:14:10.380> block<00:14:11.279> chains 00:14:11.509 --> 00:14:11.519 align:start position:0% time of various different block chains 00:14:11.519 --> 00:14:13.340 align:start position:0% time of various different block chains and<00:14:11.699> here's<00:14:11.940> the<00:14:12.300> one<00:14:12.480> for<00:14:12.720> the<00:14:12.870> four 00:14:13.340 --> 00:14:13.350 align:start position:0% and here's the one for the four 00:14:13.350 --> 00:14:13.879 align:start position:0% and here's the one for the four aetherium 00:14:13.879 --> 00:14:13.889 align:start position:0% aetherium 00:14:13.889 --> 00:14:15.980 align:start position:0% aetherium so<00:14:14.130> the<00:14:14.639> ideal<00:14:14.880> line<00:14:15.089> of<00:14:15.180> decentralization<00:14:15.750> if 00:14:15.980 --> 00:14:15.990 align:start position:0% so the ideal line of decentralization if 00:14:15.990 --> 00:14:18.650 align:start position:0% so the ideal line of decentralization if everybody<00:14:16.410> had<00:14:16.620> the<00:14:16.769> same<00:14:16.800> I<00:14:17.329> said<00:14:18.329> the<00:14:18.449> amount 00:14:18.650 --> 00:14:18.660 align:start position:0% everybody had the same I said the amount 00:14:18.660 --> 00:14:20.629 align:start position:0% everybody had the same I said the amount of<00:14:18.690> wealth<00:14:18.959> then<00:14:19.410> that<00:14:19.620> would<00:14:19.740> be<00:14:19.889> correlate 00:14:20.629 --> 00:14:20.639 align:start position:0% of wealth then that would be correlate 00:14:20.639 --> 00:14:22.850 align:start position:0% of wealth then that would be correlate with<00:14:20.730> that<00:14:20.880> yellow<00:14:21.570> line<00:14:21.839> but<00:14:22.320> in<00:14:22.410> fact<00:14:22.560> it's 00:14:22.850 --> 00:14:22.860 align:start position:0% with that yellow line but in fact it's 00:14:22.860 --> 00:14:24.439 align:start position:0% with that yellow line but in fact it's much<00:14:23.070> worse<00:14:23.250> we<00:14:23.459> have<00:14:23.490> a<00:14:23.610> very<00:14:23.880> bad<00:14:24.060> Gini 00:14:24.439 --> 00:14:24.449 align:start position:0% much worse we have a very bad Gini 00:14:24.449 --> 00:14:26.150 align:start position:0% much worse we have a very bad Gini coefficient<00:14:24.990> I<00:14:25.079> think<00:14:25.260> the<00:14:25.350> top<00:14:25.560> 100 00:14:26.150 --> 00:14:26.160 align:start position:0% coefficient I think the top 100 00:14:26.160 --> 00:14:29.810 align:start position:0% coefficient I think the top 100 addresses<00:14:26.730> control<00:14:27.600> I<00:14:28.110> think<00:14:28.440> it's<00:14:28.820> 39 00:14:29.810 --> 00:14:29.820 align:start position:0% addresses control I think it's 39 00:14:29.820 --> 00:14:31.939 align:start position:0% addresses control I think it's 39 percent<00:14:30.300> or<00:14:30.540> 50<00:14:31.019> percent<00:14:31.050> of<00:14:31.589> all<00:14:31.769> the 00:14:31.939 --> 00:14:31.949 align:start position:0% percent or 50 percent of all the 00:14:31.949 --> 00:14:35.060 align:start position:0% percent or 50 percent of all the etherium<00:14:32.399> so<00:14:33.410> we<00:14:34.410> should<00:14:34.560> think<00:14:34.649> about<00:14:34.740> this 00:14:35.060 --> 00:14:35.070 align:start position:0% etherium so we should think about this 00:14:35.070 --> 00:14:36.920 align:start position:0% etherium so we should think about this as<00:14:35.279> our<00:14:35.430> relationship<00:14:35.970> with<00:14:36.089> power<00:14:36.300> and<00:14:36.660> how 00:14:36.920 --> 00:14:36.930 align:start position:0% as our relationship with power and how 00:14:36.930 --> 00:14:38.240 align:start position:0% as our relationship with power and how something<00:14:37.260> like<00:14:37.380> these<00:14:37.529> new<00:14:37.860> blockchain 00:14:38.240 --> 00:14:38.250 align:start position:0% something like these new blockchain 00:14:38.250 --> 00:14:39.889 align:start position:0% something like these new blockchain networks<00:14:38.550> change<00:14:39.029> our<00:14:39.240> relationship<00:14:39.750> with 00:14:39.889 --> 00:14:39.899 align:start position:0% networks change our relationship with 00:14:39.899 --> 00:14:42.139 align:start position:0% networks change our relationship with power<00:14:40.079> and<00:14:41.040> wealth<00:14:41.310> is<00:14:41.519> always<00:14:41.730> a<00:14:41.790> good<00:14:41.940> way<00:14:42.089> to 00:14:42.139 --> 00:14:42.149 align:start position:0% power and wealth is always a good way to 00:14:42.149 --> 00:14:45.470 align:start position:0% power and wealth is always a good way to think<00:14:42.240> about<00:14:42.570> that<00:14:43.970> another<00:14:44.970> way<00:14:45.209> to<00:14:45.269> think 00:14:45.470 --> 00:14:45.480 align:start position:0% think about that another way to think 00:14:45.480 --> 00:14:50.420 align:start position:0% think about that another way to think about<00:14:45.600> power<00:14:46.050> is<00:14:47.810> kind<00:14:48.810> of<00:14:48.870> what<00:14:49.110> the<00:14:49.399> what<00:14:50.399> the 00:14:50.420 --> 00:14:50.430 align:start position:0% about power is kind of what the what the 00:14:50.430 --> 00:14:52.810 align:start position:0% about power is kind of what the what the technology<00:14:50.820> gives<00:14:51.480> us<00:14:51.630> the<00:14:51.750> ability<00:14:51.959> to<00:14:52.170> do<00:14:52.529> in 00:14:52.810 --> 00:14:52.820 align:start position:0% technology gives us the ability to do in 00:14:52.820 --> 00:14:55.519 align:start position:0% technology gives us the ability to do in the<00:14:53.820> academic<00:14:54.690> world<00:14:54.899> kind<00:14:55.140> of<00:14:55.199> calls<00:14:55.380> these 00:14:55.519 --> 00:14:55.529 align:start position:0% the academic world kind of calls these 00:14:55.529 --> 00:14:56.480 align:start position:0% the academic world kind of calls these affordances 00:14:56.480 --> 00:14:56.490 align:start position:0% affordances 00:14:56.490 --> 00:14:59.000 align:start position:0% affordances so<00:14:56.730> when<00:14:56.850> you<00:14:56.910> have<00:14:57.060> the<00:14:57.209> new<00:14:57.360> technology<00:14:58.010> what 00:14:59.000 --> 00:14:59.010 align:start position:0% so when you have the new technology what 00:14:59.010 --> 00:15:00.170 align:start position:0% so when you have the new technology what does<00:14:59.160> it<00:14:59.279> allow<00:14:59.519> you<00:14:59.579> to<00:14:59.760> do<00:14:59.880> what<00:14:59.910> does<00:15:00.089> it 00:15:00.170 --> 00:15:00.180 align:start position:0% does it allow you to do what does it 00:15:00.180 --> 00:15:02.389 align:start position:0% does it allow you to do what does it afford<00:15:00.540> you<00:15:00.690> to<00:15:00.720> do<00:15:00.990> and<00:15:01.920> there's<00:15:02.100> a<00:15:02.160> great 00:15:02.389 --> 00:15:02.399 align:start position:0% afford you to do and there's a great 00:15:02.399 --> 00:15:04.069 align:start position:0% afford you to do and there's a great book<00:15:02.579> by<00:15:02.850> Zeynep<00:15:03.209> -<00:15:03.329> Fekete<00:15:03.660> called<00:15:03.839> Twitter 00:15:04.069 --> 00:15:04.079 align:start position:0% book by Zeynep - Fekete called Twitter 00:15:04.079 --> 00:15:06.769 align:start position:0% book by Zeynep - Fekete called Twitter and<00:15:04.230> teargas<00:15:04.640> the<00:15:05.640> power<00:15:05.880> and<00:15:06.180> fragility<00:15:06.390> of 00:15:06.769 --> 00:15:06.779 align:start position:0% and teargas the power and fragility of 00:15:06.779 --> 00:15:09.949 align:start position:0% and teargas the power and fragility of networked<00:15:07.170> protest<00:15:07.940> and<00:15:08.940> in<00:15:09.209> that<00:15:09.390> she<00:15:09.720> talks 00:15:09.949 --> 00:15:09.959 align:start position:0% networked protest and in that she talks 00:15:09.959 --> 00:15:13.280 align:start position:0% networked protest and in that she talks about<00:15:10.110> how<00:15:10.529> the<00:15:11.250> internet<00:15:11.670> with<00:15:12.329> its<00:15:12.569> zero 00:15:13.280 --> 00:15:13.290 align:start position:0% about how the internet with its zero 00:15:13.290 --> 00:15:15.800 align:start position:0% about how the internet with its zero marginal<00:15:13.680> cost<00:15:13.740> of<00:15:14.810> transmitting 00:15:15.800 --> 00:15:15.810 align:start position:0% marginal cost of transmitting 00:15:15.810 --> 00:15:17.480 align:start position:0% marginal cost of transmitting information<00:15:15.959> allowed<00:15:16.829> people<00:15:17.160> to<00:15:17.250> come 00:15:17.480 --> 00:15:17.490 align:start position:0% information allowed people to come 00:15:17.490 --> 00:15:20.000 align:start position:0% information allowed people to come together<00:15:17.699> around<00:15:18.690> and<00:15:19.110> have<00:15:19.319> a<00:15:19.620> hundred 00:15:20.000 --> 00:15:20.010 align:start position:0% together around and have a hundred 00:15:20.010 --> 00:15:21.379 align:start position:0% together around and have a hundred thousand<00:15:20.370> person<00:15:20.579> protest<00:15:20.970> in<00:15:21.149> a<00:15:21.209> much 00:15:21.379 --> 00:15:21.389 align:start position:0% thousand person protest in a much 00:15:21.389 --> 00:15:23.500 align:start position:0% thousand person protest in a much cheaper<00:15:21.420> way<00:15:21.930> than<00:15:22.350> they<00:15:22.470> were<00:15:22.500> before<00:15:22.709> so 00:15:23.500 --> 00:15:23.510 align:start position:0% cheaper way than they were before so 00:15:23.510 --> 00:15:25.819 align:start position:0% cheaper way than they were before so that's<00:15:24.510> another<00:15:24.870> way<00:15:25.019> to<00:15:25.050> think<00:15:25.260> about<00:15:25.350> powers 00:15:25.819 --> 00:15:25.829 align:start position:0% that's another way to think about powers 00:15:25.829 --> 00:15:27.530 align:start position:0% that's another way to think about powers these<00:15:26.069> affordances<00:15:26.579> can<00:15:26.880> kind<00:15:27.060> of<00:15:27.089> empower 00:15:27.530 --> 00:15:27.540 align:start position:0% these affordances can kind of empower 00:15:27.540 --> 00:15:29.600 align:start position:0% these affordances can kind of empower people<00:15:27.870> within<00:15:28.589> these<00:15:28.740> systems<00:15:28.920> to<00:15:29.310> do<00:15:29.430> new 00:15:29.600 --> 00:15:29.610 align:start position:0% people within these systems to do new 00:15:29.610 --> 00:15:31.280 align:start position:0% people within these systems to do new kinds<00:15:29.910> of<00:15:29.940> things<00:15:30.000> so<00:15:30.300> start<00:15:31.019> thinking<00:15:31.199> about 00:15:31.280 --> 00:15:31.290 align:start position:0% kinds of things so start thinking about 00:15:31.290 --> 00:15:32.009 align:start position:0% kinds of things so start thinking about that<00:15:31.560> as<00:15:31.769> we 00:15:32.009 --> 00:15:32.019 align:start position:0% that as we 00:15:32.019 --> 00:15:34.410 align:start position:0% that as we hear<00:15:32.170> from<00:15:33.009> our<00:15:33.129> speakers<00:15:33.339> later<00:15:33.639> today<00:15:33.819> how 00:15:34.410 --> 00:15:34.420 align:start position:0% hear from our speakers later today how 00:15:34.420 --> 00:15:36.269 align:start position:0% hear from our speakers later today how do<00:15:34.480> these<00:15:35.050> new<00:15:35.350> kinds<00:15:35.679> of<00:15:35.739> blockchain<00:15:36.129> and<00:15:36.220> the 00:15:36.269 --> 00:15:36.279 align:start position:0% do these new kinds of blockchain and the 00:15:36.279 --> 00:15:38.400 align:start position:0% do these new kinds of blockchain and the abled<00:15:36.429> systems<00:15:36.759> empower<00:15:37.449> us<00:15:37.720> and<00:15:37.959> give<00:15:38.230> and 00:15:38.400 --> 00:15:38.410 align:start position:0% abled systems empower us and give and 00:15:38.410 --> 00:15:43.109 align:start position:0% abled systems empower us and give and afford<00:15:38.709> us<00:15:38.829> new<00:15:39.309> kinds<00:15:39.579> of<00:15:39.670> power<00:15:41.100> another<00:15:42.119> so 00:15:43.109 --> 00:15:43.119 align:start position:0% afford us new kinds of power another so 00:15:43.119 --> 00:15:44.939 align:start position:0% afford us new kinds of power another so if<00:15:43.360> powers<00:15:43.660> one<00:15:43.839> bucket<00:15:44.170> another<00:15:44.439> bucket<00:15:44.769> here 00:15:44.939 --> 00:15:44.949 align:start position:0% if powers one bucket another bucket here 00:15:44.949 --> 00:15:48.960 align:start position:0% if powers one bucket another bucket here is<00:15:45.040> needs<00:15:45.670> and<00:15:46.119> how<00:15:46.720> a<00:15:47.079> given<00:15:47.730> how<00:15:48.730> given 00:15:48.960 --> 00:15:48.970 align:start position:0% is needs and how a given how given 00:15:48.970 --> 00:15:51.150 align:start position:0% is needs and how a given how given technology<00:15:49.119> verse<00:15:49.629> changes<00:15:50.499> our<00:15:50.649> our<00:15:50.860> needs 00:15:51.150 --> 00:15:51.160 align:start position:0% technology verse changes our our needs 00:15:51.160 --> 00:15:53.759 align:start position:0% technology verse changes our our needs so<00:15:51.749> when<00:15:52.749> I'm<00:15:53.110> talking<00:15:53.170> about<00:15:53.290> needs<00:15:53.589> I'm 00:15:53.759 --> 00:15:53.769 align:start position:0% so when I'm talking about needs I'm 00:15:53.769 --> 00:15:54.929 align:start position:0% so when I'm talking about needs I'm mostly<00:15:53.949> talking<00:15:54.040> about<00:15:54.339> like<00:15:54.489> Maslow's 00:15:54.929 --> 00:15:54.939 align:start position:0% mostly talking about like Maslow's 00:15:54.939 --> 00:15:58.019 align:start position:0% mostly talking about like Maslow's hierarchy<00:15:54.970> of<00:15:55.480> needs<00:15:56.069> with<00:15:57.069> physiological<00:15:57.970> at 00:15:58.019 --> 00:15:58.029 align:start position:0% hierarchy of needs with physiological at 00:15:58.029 --> 00:15:59.579 align:start position:0% hierarchy of needs with physiological at the<00:15:58.119> bottom<00:15:58.449> ie<00:15:58.629> your<00:15:58.899> basic<00:15:59.230> needs<00:15:59.410> and 00:15:59.579 --> 00:15:59.589 align:start position:0% the bottom ie your basic needs and 00:15:59.589 --> 00:16:01.169 align:start position:0% the bottom ie your basic needs and something<00:15:59.829> like<00:15:59.970> self-actualization<00:16:00.970> at<00:16:01.089> the 00:16:01.169 --> 00:16:01.179 align:start position:0% something like self-actualization at the 00:16:01.179 --> 00:16:07.379 align:start position:0% something like self-actualization at the top<00:16:01.920> and<00:16:03.239> this<00:16:04.239> is<00:16:04.299> a<00:16:04.389> good<00:16:04.720> funny<00:16:06.059> graph<00:16:07.059> of<00:16:07.329> a 00:16:07.379 --> 00:16:07.389 align:start position:0% top and this is a good funny graph of a 00:16:07.389 --> 00:16:10.799 align:start position:0% top and this is a good funny graph of a funny<00:16:07.989> pyramid<00:16:08.439> of<00:16:08.619> different<00:16:09.360> startups<00:16:10.360> that 00:16:10.799 --> 00:16:10.809 align:start position:0% funny pyramid of different startups that 00:16:10.809 --> 00:16:13.829 align:start position:0% funny pyramid of different startups that have<00:16:11.799> that<00:16:12.339> that<00:16:12.610> that<00:16:12.819> go<00:16:13.480> for<00:16:13.749> different 00:16:13.829 --> 00:16:13.839 align:start position:0% have that that that go for different 00:16:13.839 --> 00:16:15.479 align:start position:0% have that that that go for different levels<00:16:14.110> on<00:16:14.319> Maslow's<00:16:14.709> hierarchy<00:16:14.739> of<00:16:15.129> needs 00:16:15.479 --> 00:16:15.489 align:start position:0% levels on Maslow's hierarchy of needs 00:16:15.489 --> 00:16:17.249 align:start position:0% levels on Maslow's hierarchy of needs so<00:16:15.670> something<00:16:15.999> like<00:16:16.179> at<00:16:16.600> the<00:16:16.749> bottom<00:16:17.079> here 00:16:17.249 --> 00:16:17.259 align:start position:0% so something like at the bottom here 00:16:17.259 --> 00:16:19.139 align:start position:0% so something like at the bottom here something<00:16:17.619> like<00:16:17.649> Yelp<00:16:18.129> is<00:16:18.309> really<00:16:18.819> good<00:16:18.970> for 00:16:19.139 --> 00:16:19.149 align:start position:0% something like Yelp is really good for 00:16:19.149 --> 00:16:21.109 align:start position:0% something like Yelp is really good for finding<00:16:19.569> your<00:16:19.929> base<00:16:20.110> level<00:16:20.290> needs<00:16:20.679> of<00:16:20.799> food 00:16:21.109 --> 00:16:21.119 align:start position:0% finding your base level needs of food 00:16:21.119 --> 00:16:23.569 align:start position:0% finding your base level needs of food while<00:16:22.119> something<00:16:22.360> at<00:16:22.540> the<00:16:22.629> very<00:16:22.779> top<00:16:23.019> like 00:16:23.569 --> 00:16:23.579 align:start position:0% while something at the very top like 00:16:23.579 --> 00:16:25.889 align:start position:0% while something at the very top like Kickstarter<00:16:24.579> is<00:16:24.790> better<00:16:25.269> for<00:16:25.540> like<00:16:25.749> the 00:16:25.889 --> 00:16:25.899 align:start position:0% Kickstarter is better for like the 00:16:25.899 --> 00:16:27.600 align:start position:0% Kickstarter is better for like the self-actualization<00:16:26.379> needs<00:16:27.040> of<00:16:27.309> like<00:16:27.429> I'm 00:16:27.600 --> 00:16:27.610 align:start position:0% self-actualization needs of like I'm 00:16:27.610 --> 00:16:30.569 align:start position:0% self-actualization needs of like I'm gonna<00:16:27.699> do<00:16:27.850> this<00:16:27.879> creative<00:16:28.329> project<00:16:29.009> so<00:16:30.009> with 00:16:30.569 --> 00:16:30.579 align:start position:0% gonna do this creative project so with 00:16:30.579 --> 00:16:33.269 align:start position:0% gonna do this creative project so with that<00:16:30.790> in<00:16:30.910> mind<00:16:30.970> think<00:16:31.509> about<00:16:31.569> how<00:16:32.279> the 00:16:33.269 --> 00:16:33.279 align:start position:0% that in mind think about how the 00:16:33.279 --> 00:16:36.079 align:start position:0% that in mind think about how the blockchain<00:16:33.579> ecosystem<00:16:34.420> what<00:16:34.959> kinds<00:16:35.410> of<00:16:35.529> needs 00:16:36.079 --> 00:16:36.089 align:start position:0% blockchain ecosystem what kinds of needs 00:16:36.089 --> 00:16:39.239 align:start position:0% blockchain ecosystem what kinds of needs from<00:16:37.089> from<00:16:37.509> a<00:16:37.569> personal<00:16:37.929> level<00:16:38.249> blockchain 00:16:39.239 --> 00:16:39.249 align:start position:0% from from a personal level blockchain 00:16:39.249 --> 00:16:41.280 align:start position:0% from from a personal level blockchain technology<00:16:39.759> allows<00:16:40.360> you<00:16:40.540> to<00:16:40.749> kind<00:16:40.929> of<00:16:40.959> meet 00:16:41.280 --> 00:16:41.290 align:start position:0% technology allows you to kind of meet 00:16:41.290 --> 00:16:44.009 align:start position:0% technology allows you to kind of meet what<00:16:41.679> needs<00:16:41.949> does<00:16:42.220> block<00:16:42.399> to<00:16:42.519> UI<00:16:42.670> to<00:16:42.730> meet<00:16:43.019> and 00:16:44.009 --> 00:16:44.019 align:start position:0% what needs does block to UI to meet and 00:16:44.019 --> 00:16:46.289 align:start position:0% what needs does block to UI to meet and then<00:16:44.860> the<00:16:44.980> final<00:16:45.279> piece<00:16:45.399> here<00:16:45.639> is<00:16:45.819> so<00:16:46.209> if 00:16:46.289 --> 00:16:46.299 align:start position:0% then the final piece here is so if 00:16:46.299 --> 00:16:48.090 align:start position:0% then the final piece here is so if there's<00:16:46.449> power<00:16:46.660> and<00:16:46.990> then<00:16:47.559> there's<00:16:47.740> need 00:16:48.090 --> 00:16:48.100 align:start position:0% there's power and then there's need 00:16:48.100 --> 00:16:50.549 align:start position:0% there's power and then there's need meeting<00:16:48.610> and<00:16:48.819> there's<00:16:48.999> also<00:16:49.240> identity<00:16:50.049> is<00:16:50.290> the 00:16:50.549 --> 00:16:50.559 align:start position:0% meeting and there's also identity is the 00:16:50.559 --> 00:16:53.699 align:start position:0% meeting and there's also identity is the final<00:16:50.860> one<00:16:50.980> here<00:16:51.329> an<00:16:52.350> identity<00:16:53.350> and<00:16:53.529> let<00:16:53.649> me 00:16:53.699 --> 00:16:53.709 align:start position:0% final one here an identity and let me 00:16:53.709 --> 00:16:55.379 align:start position:0% final one here an identity and let me see<00:16:53.860> if<00:16:53.889> I<00:16:54.009> have<00:16:54.040> this<00:16:54.339> No 00:16:55.379 --> 00:16:55.389 align:start position:0% see if I have this No 00:16:55.389 --> 00:16:59.939 align:start position:0% see if I have this No so<00:16:56.110> identity<00:16:56.949> is<00:16:57.220> uh<00:16:58.110> yeah<00:16:59.110> it's<00:16:59.290> pretty<00:16:59.470> is<00:16:59.829> a 00:16:59.939 --> 00:16:59.949 align:start position:0% so identity is uh yeah it's pretty is a 00:16:59.949 --> 00:17:03.539 align:start position:0% so identity is uh yeah it's pretty is a pretty<00:17:00.279> humm<00:17:01.149> or<00:17:02.110> what<00:17:02.259> I<00:17:02.290> say<00:17:02.439> it<00:17:02.649> is<00:17:02.829> it<00:17:03.129> has 00:17:03.539 --> 00:17:03.549 align:start position:0% pretty humm or what I say it is it has 00:17:03.549 --> 00:17:05.519 align:start position:0% pretty humm or what I say it is it has lots<00:17:03.939> of<00:17:04.120> there's<00:17:04.870> lots<00:17:04.959> of<00:17:05.139> stuff<00:17:05.319> wrapped 00:17:05.519 --> 00:17:05.529 align:start position:0% lots of there's lots of stuff wrapped 00:17:05.529 --> 00:17:08.250 align:start position:0% lots of there's lots of stuff wrapped into<00:17:05.770> identity<00:17:06.309> and<00:17:07.179> you<00:17:07.809> can<00:17:07.959> see<00:17:08.139> this 00:17:08.250 --> 00:17:08.260 align:start position:0% into identity and you can see this 00:17:08.260 --> 00:17:12.329 align:start position:0% into identity and you can see this happening<00:17:08.439> on<00:17:08.799> the<00:17:08.980> web<00:17:09.639> 2.0<00:17:10.059> world<00:17:10.299> with<00:17:11.339> the 00:17:12.329 --> 00:17:12.339 align:start position:0% happening on the web 2.0 world with the 00:17:12.339 --> 00:17:14.399 align:start position:0% happening on the web 2.0 world with the internet<00:17:12.669> essentially<00:17:13.209> enabling<00:17:13.779> filter 00:17:14.399 --> 00:17:14.409 align:start position:0% internet essentially enabling filter 00:17:14.409 --> 00:17:16.799 align:start position:0% internet essentially enabling filter bubbles<00:17:14.740> and<00:17:15.039> things<00:17:15.279> of<00:17:15.429> that<00:17:15.459> variety<00:17:15.880> that 00:17:16.799 --> 00:17:16.809 align:start position:0% bubbles and things of that variety that 00:17:16.809 --> 00:17:18.809 align:start position:0% bubbles and things of that variety that deeply<00:17:17.350> change<00:17:17.649> people's<00:17:18.010> identity<00:17:18.490> and<00:17:18.669> get 00:17:18.809 --> 00:17:18.819 align:start position:0% deeply change people's identity and get 00:17:18.819 --> 00:17:21.569 align:start position:0% deeply change people's identity and get them<00:17:19.000> you<00:17:19.649> get<00:17:20.649> them<00:17:20.829> in<00:17:20.919> these<00:17:21.039> new<00:17:21.250> kinds<00:17:21.520> of 00:17:21.569 --> 00:17:21.579 align:start position:0% them you get them in these new kinds of 00:17:21.579 --> 00:17:22.949 align:start position:0% them you get them in these new kinds of identity<00:17:21.939> that<00:17:22.029> they<00:17:22.120> did<00:17:22.240> not<00:17:22.329> have<00:17:22.600> ten 00:17:22.949 --> 00:17:22.959 align:start position:0% identity that they did not have ten 00:17:22.959 --> 00:17:26.909 align:start position:0% identity that they did not have ten years<00:17:23.049> before<00:17:25.169> identity<00:17:26.169> also<00:17:26.409> exists<00:17:26.770> within 00:17:26.909 --> 00:17:26.919 align:start position:0% years before identity also exists within 00:17:26.919 --> 00:17:28.680 align:start position:0% years before identity also exists within the<00:17:27.189> crypto<00:17:27.490> world<00:17:27.699> as<00:17:27.789> we<00:17:27.909> well<00:17:28.089> know<00:17:28.120> we<00:17:28.569> are 00:17:28.680 --> 00:17:28.690 align:start position:0% the crypto world as we well know we are 00:17:28.690 --> 00:17:31.110 align:start position:0% the crypto world as we well know we are here<00:17:28.840> at<00:17:28.929> an<00:17:29.020> ethereal<00:17:29.440> conference<00:17:29.889> and<00:17:30.820> Layne 00:17:31.110 --> 00:17:31.120 align:start position:0% here at an ethereal conference and Layne 00:17:31.120 --> 00:17:34.049 align:start position:0% here at an ethereal conference and Layne Reddick<00:17:31.480> gave<00:17:31.690> a<00:17:31.720> great<00:17:31.990> talk<00:17:32.049> on<00:17:32.830> day<00:17:33.639> one 00:17:34.049 --> 00:17:34.059 align:start position:0% Reddick gave a great talk on day one 00:17:34.059 --> 00:17:37.680 align:start position:0% Reddick gave a great talk on day one about<00:17:35.049> how<00:17:35.980> like<00:17:36.340> I<00:17:36.460> am<00:17:36.700> an<00:17:36.820> etherion<00:17:37.360> so 00:17:37.680 --> 00:17:37.690 align:start position:0% about how like I am an etherion so 00:17:37.690 --> 00:17:38.850 align:start position:0% about how like I am an etherion so that's<00:17:37.870> like<00:17:37.990> it<00:17:38.110> a<00:17:38.139> part<00:17:38.440> of<00:17:38.559> your<00:17:38.770> identity 00:17:38.850 --> 00:17:38.860 align:start position:0% that's like it a part of your identity 00:17:38.860 --> 00:17:42.149 align:start position:0% that's like it a part of your identity he's<00:17:39.279> like<00:17:39.399> oh<00:17:39.549> I<00:17:39.580> I<00:17:40.500> am<00:17:41.500> connected<00:17:41.980> to<00:17:42.070> the 00:17:42.149 --> 00:17:42.159 align:start position:0% he's like oh I I am connected to the 00:17:42.159 --> 00:17:43.830 align:start position:0% he's like oh I I am connected to the etherium<00:17:42.460> ecosystem<00:17:42.909> I<00:17:43.029> am<00:17:43.120> defining<00:17:43.450> myself 00:17:43.830 --> 00:17:43.840 align:start position:0% etherium ecosystem I am defining myself 00:17:43.840 --> 00:17:45.430 align:start position:0% etherium ecosystem I am defining myself as<00:17:43.990> in<00:17:44.080> the<00:17:44.169> theory<00:17:44.440> in 00:17:45.430 --> 00:17:45.440 align:start position:0% as in the theory in 00:17:45.440 --> 00:17:46.509 align:start position:0% as in the theory in and<00:17:45.739> so<00:17:45.919> you<00:17:45.980> have<00:17:46.129> all<00:17:46.249> these<00:17:46.399> different 00:17:46.509 --> 00:17:46.519 align:start position:0% and so you have all these different 00:17:46.519 --> 00:17:47.769 align:start position:0% and so you have all these different identities<00:17:46.999> that<00:17:47.090> show<00:17:47.269> up<00:17:47.359> whether<00:17:47.539> it's<00:17:47.690> the 00:17:47.769 --> 00:17:47.779 align:start position:0% identities that show up whether it's the 00:17:47.779 --> 00:17:49.659 align:start position:0% identities that show up whether it's the doge<00:17:47.960> whether<00:17:48.289> you<00:17:48.409> love<00:17:48.559> the<00:17:48.710> Doge<00:17:48.919> meme<00:17:49.190> and 00:17:49.659 --> 00:17:49.669 align:start position:0% doge whether you love the Doge meme and 00:17:49.669 --> 00:17:52.389 align:start position:0% doge whether you love the Doge meme and that<00:17:50.090> is<00:17:50.179> now<00:17:50.359> part<00:17:50.600> of<00:17:50.659> your<00:17:50.720> identity<00:17:51.399> so 00:17:52.389 --> 00:17:52.399 align:start position:0% that is now part of your identity so 00:17:52.399 --> 00:17:53.950 align:start position:0% that is now part of your identity so this<00:17:52.519> is<00:17:52.580> the<00:17:52.639> final<00:17:52.999> piece<00:17:53.210> years<00:17:53.480> as<00:17:53.659> we 00:17:53.950 --> 00:17:53.960 align:start position:0% this is the final piece years as we 00:17:53.960 --> 00:17:56.619 align:start position:0% this is the final piece years as we think<00:17:54.139> about<00:17:54.230> these<00:17:54.859> technologies<00:17:55.600> they<00:17:56.600> are 00:17:56.619 --> 00:17:56.629 align:start position:0% think about these technologies they are 00:17:56.629 --> 00:17:58.419 align:start position:0% think about these technologies they are they<00:17:57.230> will<00:17:57.590> almost<00:17:57.739> certainly<00:17:57.950> then<00:17:58.279> be 00:17:58.419 --> 00:17:58.429 align:start position:0% they will almost certainly then be 00:17:58.429 --> 00:18:01.090 align:start position:0% they will almost certainly then be connected<00:17:58.999> into<00:17:59.389> your<00:17:59.539> identity<00:18:00.080> as<00:18:00.799> you<00:18:00.980> go 00:18:01.090 --> 00:18:01.100 align:start position:0% connected into your identity as you go 00:18:01.100 --> 00:18:08.760 align:start position:0% connected into your identity as you go forth 00:18:08.760 --> 00:18:08.770 align:start position:0% 00:18:08.770 --> 00:18:10.830 align:start position:0% you