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[Applause]

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hi<00:00:10.950><c> everyone</c><00:00:11.840><c> hi</c><00:00:14.900><c> welcome</c><00:00:15.900><c> to</c><00:00:16.049><c> DEFCON</c><00:00:16.289><c> 5</c><00:00:16.880><c> thank</c>

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hi everyone hi welcome to DEFCON 5 thank
 

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hi everyone hi welcome to DEFCON 5 thank
you<00:00:18.000><c> so</c><00:00:18.390><c> much</c><00:00:18.539><c> for</c><00:00:18.660><c> coming</c><00:00:18.930><c> through</c><00:00:19.199><c> for</c><00:00:19.859><c> this</c>

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you so much for coming through for this
 

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you so much for coming through for this
workshop<00:00:20.279><c> today</c><00:00:20.400><c> my</c><00:00:20.789><c> name</c><00:00:20.939><c> is</c><00:00:20.999><c> Paul</c><00:00:21.150><c> cos</c><00:00:21.679><c> I'm</c>

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workshop today my name is Paul cos I'm
 

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workshop today my name is Paul cos I'm
going<00:00:22.859><c> to</c><00:00:22.919><c> introduce</c><00:00:23.220><c> this</c><00:00:23.460><c> amazing</c>

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going to introduce this amazing
 

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going to introduce this amazing
gentleman<00:00:24.390><c> in</c><00:00:24.810><c> a</c><00:00:24.990><c> second</c><00:00:25.489><c> so</c><00:00:26.489><c> the</c><00:00:26.609><c> topic</c><00:00:27.029><c> for</c>

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gentleman in a second so the topic for
 

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gentleman in a second so the topic for
today's<00:00:27.419><c> workshop</c><00:00:27.749><c> is</c><00:00:28.169><c> funding</c><00:00:28.890><c> as</c><00:00:29.130><c> a</c><00:00:29.189><c> medium</c>

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today's workshop is funding as a medium
 

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today's workshop is funding as a medium
and<00:00:29.640><c> a</c><00:00:29.730><c> message</c><00:00:30.380><c> how</c><00:00:31.380><c> we</c><00:00:31.439><c> get</c><00:00:31.619><c> capital</c><00:00:32.040><c> and</c><00:00:32.250><c> the</c>

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and a message how we get capital and the
 

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and a message how we get capital and the
influence<00:00:33.720><c> that</c><00:00:33.750><c> it</c><00:00:33.960><c> has</c><00:00:34.140><c> on</c><00:00:34.470><c> what</c><00:00:34.770><c> we</c><00:00:34.860><c> built</c>

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influence that it has on what we built
 

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influence that it has on what we built
the<00:00:36.660><c> reason</c><00:00:36.960><c> I</c><00:00:36.990><c> chose</c><00:00:37.200><c> this</c><00:00:37.350><c> topic</c><00:00:37.410><c> was</c>

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the reason I chose this topic was
 

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the reason I chose this topic was
because<00:00:38.100><c> it</c><00:00:38.220><c> came</c><00:00:38.370><c> making</c><00:00:39.270><c> a</c><00:00:39.300><c> very</c><00:00:39.510><c> personal</c>

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because it came making a very personal
 

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because it came making a very personal
topic<00:00:40.260><c> for</c><00:00:40.560><c> me</c><00:00:40.620><c> as</c><00:00:40.740><c> well</c><00:00:40.890><c> I</c><00:00:41.160><c> saw</c><00:00:42.000><c> other</c><00:00:42.360><c> kind</c><00:00:43.200><c> of</c>

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topic for me as well I saw other kind of
 

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topic for me as well I saw other kind of
funding<00:00:43.770><c> scenarios</c><00:00:44.400><c> involving</c><00:00:44.570><c> for</c><00:00:45.570><c> system</c>

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funding scenarios involving for system
 

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funding scenarios involving for system
over<00:00:46.310><c> over</c><00:00:47.310><c> time</c><00:00:47.490><c> and</c><00:00:47.670><c> I</c><00:00:47.700><c> think</c><00:00:47.760><c> it's</c><00:00:48.060><c> pretty</c>

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over over time and I think it's pretty
 

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over over time and I think it's pretty
important<00:00:48.900><c> topic</c><00:00:49.050><c> stacks</c><00:00:49.500><c> the</c><00:00:49.710><c> address</c><00:00:50.010><c> we're</c>

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important topic stacks the address we're
 

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important topic stacks the address we're
opening<00:00:50.670><c> what</c><00:00:51.390><c> are</c><00:00:51.420><c> the</c><00:00:51.570><c> different</c><00:00:51.870><c> sources</c>

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opening what are the different sources
 

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opening what are the different sources
of<00:00:52.320><c> capital</c><00:00:52.470><c> where</c><00:00:53.220><c> does</c><00:00:53.310><c> kind</c><00:00:53.490><c> of</c><00:00:53.520><c> come</c><00:00:53.640><c> from</c>

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of capital where does kind of come from
 

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of capital where does kind of come from
what<00:00:55.020><c> are</c><00:00:55.110><c> the</c><00:00:55.140><c> incentives</c><00:00:55.470><c> that</c><00:00:55.740><c> come</c><00:00:55.920><c> with</c>

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what are the incentives that come with
 

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what are the incentives that come with
it<00:00:56.160><c> and</c><00:00:56.310><c> how</c><00:00:57.270><c> do</c><00:00:57.330><c> we</c><00:00:57.450><c> decide</c><00:00:58.050><c> where</c><00:00:58.410><c> to</c><00:00:58.440><c> get</c><00:00:58.860><c> it</c>

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it and how do we decide where to get it
 

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it and how do we decide where to get it
from<00:00:59.160><c> 58</c><00:00:59.700><c> oh</c><00:01:01.730><c> cool</c><00:01:02.730><c> so</c><00:01:02.970><c> I'll</c><00:01:03.120><c> just</c><00:01:03.300><c> quickly</c>

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from 58 oh cool so I'll just quickly
 

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from 58 oh cool so I'll just quickly
konnichiwa<00:01:04.500><c> konnichiwa</c><00:01:06.890><c> our</c><00:01:07.890><c> goals</c><00:01:08.250><c> for</c>

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konnichiwa konnichiwa our goals for
 

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konnichiwa konnichiwa our goals for
today<00:01:08.430><c> are</c><00:01:08.610><c> really</c><00:01:08.850><c> to</c><00:01:09.090><c> first</c><00:01:09.330><c> to</c><00:01:09.870><c> foster</c><00:01:10.230><c> an</c>

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today are really to first to foster an
 

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today are really to first to foster an
open<00:01:10.560><c> conversation</c><00:01:11.270><c> to</c><00:01:12.270><c> explore</c><00:01:12.720><c> the</c><00:01:12.990><c> world</c>

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open conversation to explore the world
 

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open conversation to explore the world
of<00:01:13.260><c> funding</c><00:01:13.620><c> and</c><00:01:13.740><c> habitats</c><00:01:14.310><c> where</c><00:01:14.460><c> three</c>

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of funding and habitats where three
 

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of funding and habitats where three
specifically<00:01:16.020><c> in</c><00:01:16.110><c> funding</c><00:01:16.470><c> with</c><00:01:16.620><c> three</c>

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specifically in funding with three
 

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specifically in funding with three
infrastructure<00:01:17.430><c> we</c><00:01:18.420><c> want</c><00:01:18.600><c> to</c><00:01:18.690><c> look</c><00:01:18.750><c> at</c>

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infrastructure we want to look at
 

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infrastructure we want to look at
different<00:01:19.229><c> sources</c><00:01:19.590><c> of</c><00:01:20.010><c> funding</c><00:01:20.520><c> and</c><00:01:20.700><c> in</c>

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different sources of funding and in
 

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different sources of funding and in
Senate<00:01:21.330><c> design</c><00:01:21.890><c> we're</c><00:01:22.890><c> going</c><00:01:22.920><c> to</c><00:01:23.100><c> go</c><00:01:23.280><c> from</c>

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Senate design we're going to go from
 

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Senate design we're going to go from
centralized<00:01:24.060><c> model</c><00:01:24.330><c> to</c><00:01:24.780><c> very</c><00:01:24.960><c> decentralized</c>

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centralized model to very decentralized
 

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centralized model to very decentralized
models<00:01:26.100><c> that</c><00:01:26.220><c> button</c><00:01:26.720><c> and</c><00:01:27.720><c> then</c><00:01:27.930><c> what</c><00:01:28.380><c> we</c>

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models that button and then what we
 

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models that button and then what we
really<00:01:28.800><c> want</c><00:01:28.979><c> to</c><00:01:29.010><c> try</c><00:01:29.159><c> and</c><00:01:29.220><c> do</c><00:01:29.430><c> is</c><00:01:29.670><c> make</c><00:01:29.700><c> this</c><00:01:30.030><c> a</c>

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really want to try and do is make this a
 

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really want to try and do is make this a
very<00:01:30.360><c> good</c><00:01:30.479><c> platform</c><00:01:30.960><c> for</c><00:01:31.920><c> you</c><00:01:32.250><c> guys</c><00:01:32.430><c> to</c><00:01:32.580><c> share</c>

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very good platform for you guys to share
 

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very good platform for you guys to share
your<00:01:32.940><c> experiences</c><00:01:33.979><c> discuss</c><00:01:34.979><c> the</c><00:01:35.100><c> problems</c>

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your experiences discuss the problems
 

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your experiences discuss the problems
that<00:01:35.549><c> you</c><00:01:35.729><c> encounter</c><00:01:35.760><c> to</c><00:01:36.450><c> ask</c><00:01:36.600><c> questions</c><00:01:38.150><c> yes</c>

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that you encounter to ask questions yes
 

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that you encounter to ask questions yes
so<00:01:39.330><c> that's</c><00:01:39.420><c> one</c><00:01:39.600><c> of</c><00:01:39.630><c> their</c><00:01:39.810><c> core</c><00:01:40.049><c> goals</c><00:01:40.260><c> of</c><00:01:40.380><c> the</c>

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so that's one of their core goals of the
 

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so that's one of their core goals of the
workshop<00:01:40.740><c> we</c><00:01:40.830><c> really</c><00:01:41.040><c> want</c><00:01:41.190><c> to</c><00:01:41.250><c> try</c><00:01:41.430><c> and</c><00:01:41.520><c> make</c>

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workshop we really want to try and make
 

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workshop we really want to try and make
this<00:01:41.760><c> as</c><00:01:41.970><c> a</c><00:01:42.000><c> drag</c>

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this as a drag
 

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this as a drag
so<00:01:43.579><c> please</c><00:01:43.759><c> feel</c><00:01:43.939><c> free</c><00:01:44.000><c> to</c><00:01:44.119><c> engage</c><00:01:44.360><c> US</c>

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so please feel free to engage US
 

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so please feel free to engage US
presidents<00:01:45.740><c> interrupt</c><00:01:46.509><c> it</c><00:01:47.509><c> really</c><00:01:47.780><c> should</c><00:01:47.960><c> be</c>

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presidents interrupt it really should be
 

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presidents interrupt it really should be
like<00:01:48.320><c> a</c><00:01:48.350><c> very</c><00:01:48.560><c> kind</c><00:01:48.890><c> of</c><00:01:48.979><c> front</c><00:01:49.250><c> facing</c><00:01:50.140><c> what's</c>

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like a very kind of front facing what's
 

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like a very kind of front facing what's
up<00:01:51.759><c> cool</c><00:01:52.840><c> our</c><00:01:53.840><c> workshop</c><00:01:54.409><c> challenge</c><00:01:54.860><c> for</c><00:01:55.039><c> today</c>

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up cool our workshop challenge for today
 

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up cool our workshop challenge for today
are<00:01:55.899><c> energies</c><00:01:56.899><c> from</c><00:01:57.110><c> demo</c><00:01:57.350><c> compo</c>

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fortunately<00:02:07.070><c> or</c><00:02:07.189><c> unfortunately</c><00:02:07.220><c> I've</c><00:02:07.909><c> been</c>

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fortunately or unfortunately I've been
 

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fortunately or unfortunately I've been
raising<00:02:08.390><c> money</c><00:02:08.660><c> I</c><00:02:09.050><c> feel</c><00:02:09.590><c> like</c><00:02:09.769><c> most</c><00:02:10.069><c> of</c><00:02:10.280><c> my</c>

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raising money I feel like most of my
 

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raising money I feel like most of my
adult<00:02:10.489><c> career</c><00:02:12.040><c> first</c><00:02:13.040><c> at</c><00:02:13.819><c> a</c><00:02:13.880><c> tech</c><00:02:14.209><c> startup</c>

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adult career first at a tech startup
 

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adult career first at a tech startup
with<00:02:16.340><c> the</c><00:02:16.580><c> consensus</c><00:02:17.620><c> I</c><00:02:18.620><c> raise</c><00:02:19.400><c> money</c><00:02:19.610><c> for</c><00:02:19.910><c> the</c>

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with the consensus I raise money for the
 

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with the consensus I raise money for the
launch<00:02:20.569><c> of</c><00:02:20.720><c> the</c><00:02:20.870><c> enterprise</c><00:02:21.260><c> appearing</c>

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launch of the enterprise appearing
 

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launch of the enterprise appearing
Alliance<00:02:21.950><c> so</c><00:02:22.190><c> in</c>

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Alliance so in
 

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Alliance so in
the<00:02:23.180><c> open</c><00:02:23.420><c> source</c><00:02:23.770><c> standards</c><00:02:24.770><c> world</c><00:02:25.640><c> and</c>

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the open source standards world and
 

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the open source standards world and
recently<00:02:26.930><c> at</c><00:02:27.620><c> dharma</c><00:02:27.950><c> temple</c><00:02:28.280><c> where</c><00:02:28.490><c> we</c>

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recently at dharma temple where we
 

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recently at dharma temple where we
managed<00:02:30.170><c> I</c><00:02:30.500><c> think</c><00:02:31.040><c> the</c><00:02:31.250><c> largest</c><00:02:31.580><c> actively</c>

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managed I think the largest actively
 

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managed I think the largest actively
managed<00:02:32.420><c> the</c><00:02:32.720><c> very</c><00:02:32.960><c> fun</c><00:02:33.260><c> hundred</c><00:02:34.160><c> fifty</c>

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managed the very fun hundred fifty
 

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managed the very fun hundred fifty
million<00:02:34.610><c> dollars</c><00:02:34.850><c> opening</c><00:02:35.180><c> permit</c><00:02:35.830><c> and</c><00:02:36.830><c> I</c>

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million dollars opening permit and I
 

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million dollars opening permit and I
think<00:02:38.090><c> that</c><00:02:38.240><c> can</c><00:02:38.420><c> speak</c><00:02:38.740><c> to</c><00:02:39.740><c> some</c><00:02:40.220><c> of</c><00:02:40.340><c> the</c>

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think that can speak to some of the
 

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think that can speak to some of the
issues<00:02:40.760><c> with</c><00:02:41.420><c> institutional</c><00:02:42.200><c> allocators</c>

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issues with institutional allocators
 

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issues with institutional allocators
open<00:02:44.060><c> source</c><00:02:44.560><c> grants</c><00:02:45.560><c> and</c><00:02:46.060><c> venture</c>

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next<00:02:51.580><c> up</c><00:02:51.700><c> we</c><00:02:51.850><c> have</c><00:02:51.880><c> a</c><00:02:52.480><c> meeting</c><00:02:52.840><c> so</c><00:02:52.990><c> money</c><00:02:53.260><c> a</c>

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next up we have a meeting so money a
 

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next up we have a meeting so money a
little<00:02:55.840><c> money</c>

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little money
 

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little money
I've<00:02:58.720><c> been</c><00:02:59.439><c> the</c><00:02:59.680><c> recipient</c><00:03:00.310><c> of</c><00:03:00.540><c> grants</c><00:03:01.540><c> on</c><00:03:01.629><c> the</c>

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I've been the recipient of grants on the
 

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I've been the recipient of grants on the
floor<00:03:01.870><c> from</c><00:03:02.170><c> Jeff</c><00:03:02.620><c> to</c><00:03:02.950><c> channels</c><00:03:03.819><c> and</c><00:03:03.970><c> stuff</c>

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floor from Jeff to channels and stuff
 

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floor from Jeff to channels and stuff
and<00:03:04.930><c> also</c><00:03:05.079><c> summoner</c><00:03:06.040><c> of</c><00:03:06.340><c> Moloch</c><00:03:07.090><c> Tao</c><00:03:07.269><c> which</c>

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and also summoner of Moloch Tao which
 

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and also summoner of Moloch Tao which
are<00:03:08.739><c> open</c><00:03:09.129><c> source</c><00:03:09.459><c> a</c><00:03:09.640><c> mystery</c><00:03:15.510><c> everybody</c>

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are open source a mystery everybody
 

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are open source a mystery everybody
working<00:03:16.750><c> on</c><00:03:17.049><c> a</c><00:03:17.079><c> project</c><00:03:17.470><c> called</c><00:03:17.829><c> the</c><00:03:17.920><c> common</c>

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working on a project called the common
 

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working on a project called the common
stack<00:03:18.549><c> which</c><00:03:18.819><c> is</c><00:03:18.970><c> a</c><00:03:19.000><c> collaboration</c><00:03:19.480><c> between</c>

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stack which is a collaboration between
 

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stack which is a collaboration between
giveth<00:03:21.069><c> and</c><00:03:21.250><c> block</c><00:03:21.909><c> science</c><00:03:22.299><c> and</c><00:03:22.569><c> we're</c>

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giveth and block science and we're
 

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giveth and block science and we're
pushing<00:03:23.049><c> forward</c><00:03:23.500><c> open</c><00:03:24.310><c> source</c><00:03:24.519><c> token</c>

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pushing forward open source token
 

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pushing forward open source token
engineering<00:03:25.359><c> and</c><00:03:26.159><c> robust</c><00:03:27.159><c> design</c><00:03:27.579><c> in</c>

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engineering and robust design in
 

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engineering and robust design in
economic<00:03:28.810><c> systems</c><00:03:29.200><c> and</c><00:03:29.409><c> the</c><00:03:30.040><c> first</c><00:03:30.280><c> component</c>

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economic systems and the first component
 

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economic systems and the first component
we're<00:03:30.819><c> building</c><00:03:31.120><c> as</c><00:03:31.209><c> an</c><00:03:31.329><c> Augmented</c><00:03:31.599><c> body</c>

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we're building as an Augmented body
 

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we're building as an Augmented body
meter<00:03:32.230><c> which</c><00:03:32.560><c> is</c><00:03:32.590><c> a</c><00:03:32.769><c> funding</c><00:03:33.280><c> mechanism</c><00:03:33.400><c> with</c>

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meter which is a funding mechanism with
 

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meter which is a funding mechanism with
continuous<00:03:34.329><c> funding</c><00:03:34.629><c> mechanism</c><00:03:35.079><c> for</c><00:03:35.109><c> open</c>

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continuous funding mechanism for open
 

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continuous funding mechanism for open
source<00:03:36.069><c> projects</c><00:03:36.670><c> or</c><00:03:36.849><c> for</c><00:03:36.879><c> communities</c>

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source projects or for communities
 

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source projects or for communities
around<00:03:38.260><c> the</c><00:03:38.500><c> cosmos</c>

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I<00:03:41.980><c> want</c><00:03:42.909><c> to</c><00:03:43.000><c> give</c><00:03:43.090><c> a</c><00:03:43.150><c> brief</c><00:03:45.329><c> introduction</c><00:03:46.329><c> to</c>

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I want to give a brief introduction to
 

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I want to give a brief introduction to
statement<00:03:47.109><c> often</c><00:03:47.670><c> we're</c><00:03:48.670><c> going</c><00:03:48.879><c> to</c><00:03:48.940><c> try</c><00:03:49.120><c> and</c>

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statement often we're going to try and
 

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statement often we're going to try and
cover<00:03:49.420><c> a</c><00:03:49.540><c> host</c><00:03:49.840><c> of</c><00:03:50.049><c> topics</c><00:03:50.260><c> in</c><00:03:50.769><c> this</c><00:03:51.129><c> Marcel</c><00:03:51.489><c> I</c>

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cover a host of topics in this Marcel I
 

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cover a host of topics in this Marcel I
always<00:03:53.260><c> feel</c><00:03:53.500><c> like</c><00:03:53.530><c> to</c><00:03:53.920><c> say</c><00:03:54.099><c> I'd</c><00:03:54.250><c> like</c><00:03:54.340><c> to</c><00:03:54.400><c> say</c>

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always feel like to say I'd like to say
 

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always feel like to say I'd like to say
I'm<00:03:54.670><c> not</c><00:03:54.819><c> qualified</c><00:03:55.030><c> to</c><00:03:55.299><c> talk</c><00:03:55.450><c> about</c><00:03:55.510><c> any</c><00:03:55.780><c> of</c>

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I'm not qualified to talk about any of
 

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I'm not qualified to talk about any of
these<00:03:56.019><c> topics</c><00:03:56.230><c> but</c><00:03:56.920><c> I've</c><00:03:57.190><c> learned</c><00:03:57.459><c> so</c><00:03:57.609><c> much</c>

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these topics but I've learned so much
 

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these topics but I've learned so much
over<00:03:57.909><c> the</c><00:03:58.030><c> time</c><00:03:58.269><c> and</c><00:03:58.480><c> what</c><00:03:58.659><c> I'm</c><00:03:58.780><c> really</c><00:03:58.870><c> trying</c>

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over the time and what I'm really trying
 

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over the time and what I'm really trying
to<00:03:59.200><c> do</c><00:03:59.349><c> is</c><00:03:59.379><c> really</c><00:03:59.680><c> just</c><00:03:59.739><c> share</c><00:04:00.329><c> share</c><00:04:01.329><c> my</c>

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to do is really just share share my
 

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to do is really just share share my
experiences<00:04:02.069><c> give</c><00:04:03.069><c> you</c><00:04:03.190><c> a</c><00:04:03.220><c> very</c><00:04:03.400><c> brief</c>

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experiences give you a very brief
 

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experiences give you a very brief
background<00:04:03.819><c> about</c><00:04:04.060><c> myself</c>

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background about myself
 

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background about myself
I<00:04:04.930><c> first</c><00:04:05.500><c> got</c><00:04:05.859><c> into</c><00:04:06.069><c> doors</c><00:04:06.280><c> point</c><00:04:06.579><c> in</c><00:04:06.819><c> May</c><00:04:07.569><c> 2013</c>

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I first got into doors point in May 2013
 

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I first got into doors point in May 2013
but<00:04:08.709><c> being</c><00:04:08.919><c> interested</c><00:04:09.280><c> in</c><00:04:09.310><c> kinetics</c><00:04:10.269><c> and</c><00:04:10.540><c> the</c>

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but being interested in kinetics and the
 

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but being interested in kinetics and the
first<00:04:11.049><c> community</c><00:04:11.410><c> comments</c><00:04:11.889><c> like</c><00:04:12.010><c> the</c><00:04:12.819><c> doors</c>

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first community comments like the doors
 

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first community comments like the doors
point<00:04:13.299><c> I</c><00:04:13.510><c> think</c><00:04:13.840><c> no</c><00:04:14.139><c> crypto</c><00:04:14.739><c> presentation</c><00:04:15.280><c> was</c>

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point I think no crypto presentation was
 

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point I think no crypto presentation was
ever

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I<00:04:18.989><c> studied</c><00:04:19.989><c> economics</c><00:04:20.350><c> in</c><00:04:20.919><c> Switzerland</c><00:04:21.400><c> Cape</c>

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I studied economics in Switzerland Cape
 

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I studied economics in Switzerland Cape
Town's

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Town's
 

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Town's
really<00:04:23.259><c> fell</c><00:04:23.470><c> down</c><00:04:23.710><c> the</c><00:04:23.860><c> rabbit</c><00:04:24.160><c> hole</c><00:04:24.490><c> in</c><00:04:24.729><c> late</c>

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really fell down the rabbit hole in late
 

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really fell down the rabbit hole in late
2015

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2015
 

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2015
some<00:04:27.400><c> people</c><00:04:27.910><c> little</c><00:04:28.180><c> mouths</c><00:04:28.360><c> worked</c><00:04:29.320><c> on</c><00:04:29.740><c> an</c>

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some people little mouths worked on an
 

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some people little mouths worked on an
identity<00:04:30.220><c> put</c><00:04:30.460><c> the</c><00:04:30.550><c> group</c><00:04:30.669><c> UNICEF</c><00:04:31.090><c> went</c><00:04:31.720><c> to</c>

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identity put the group UNICEF went to
 

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identity put the group UNICEF went to
Denmark<00:04:31.960><c> to</c><00:04:32.289><c> met</c><00:04:33.190><c> a</c><00:04:33.220><c> lot</c><00:04:33.370><c> of</c><00:04:33.430><c> people</c><00:04:33.520><c> at</c>

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Denmark to met a lot of people at
 

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Denmark to met a lot of people at
consensus<00:04:34.240><c> join</c><00:04:35.139><c> consensus</c><00:04:35.590><c> for</c><00:04:35.710><c> the</c><00:04:35.770><c> first</c>

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consensus join consensus for the first
 

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consensus join consensus for the first
time<00:04:36.190><c> worked</c><00:04:36.669><c> on</c><00:04:36.820><c> you</c><00:04:36.910><c> point</c><00:04:37.150><c> that</c><00:04:37.330><c> left</c>

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time worked on you point that left
 

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time worked on you point that left
consensus<00:04:38.199><c> and</c><00:04:38.410><c> under</c><00:04:38.919><c> the</c><00:04:39.070><c> income</c><00:04:39.430><c> people</c>

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consensus and under the income people
 

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consensus and under the income people
Pollock<00:04:40.000><c> Germans</c><00:04:40.380><c> were</c><00:04:41.380><c> aiming</c><00:04:41.650><c> to</c><00:04:41.889><c> redesign</c>

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Pollock Germans were aiming to redesign
 

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Pollock Germans were aiming to redesign
the<00:04:42.639><c> way</c><00:04:42.789><c> that</c><00:04:43.120><c> essentially</c><00:04:43.990><c> centralizes</c><00:04:44.710><c> the</c>

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the way that essentially centralizes the
 

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the way that essentially centralizes the
drug<00:04:45.099><c> development</c><00:04:45.220><c> provided</c><00:04:45.880><c> to</c><00:04:45.970><c> confront</c>

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drug development provided to confront
 

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drug development provided to confront
we're<00:04:47.320><c> launching</c><00:04:47.590><c> our</c><00:04:47.650><c> first</c><00:04:47.830><c> back</c><00:04:48.099><c> and</c><00:04:48.340><c> the</c>

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we're launching our first back and the
 

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we're launching our first back and the
fundraising<00:04:49.270><c> topic</c><00:04:49.660><c> for</c><00:04:49.810><c> meeting</c><00:04:50.080><c> and</c><00:04:50.229><c> became</c>

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fundraising topic for meeting and became
 

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fundraising topic for meeting and became
very<00:04:50.620><c> prominent</c><00:04:51.810><c> this</c><00:04:52.810><c> year</c><00:04:53.050><c> we</c><00:04:53.289><c> got</c><00:04:53.320><c> into</c>

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very prominent this year we got into
 

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very prominent this year we got into
fundraising<00:04:53.830><c> mode</c><00:04:54.160><c> I</c><00:04:54.490><c> had</c><00:04:55.000><c> to</c><00:04:55.120><c> kind</c><00:04:55.300><c> of</c><00:04:55.330><c> go</c>

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fundraising mode I had to kind of go
 

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fundraising mode I had to kind of go
through<00:04:55.539><c> a</c><00:04:55.720><c> lot</c><00:04:55.870><c> of</c><00:04:55.900><c> these</c><00:04:56.050><c> the</c><00:04:56.560><c> challenges</c>

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through a lot of these the challenges
 

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through a lot of these the challenges
like<00:04:57.130><c> with</c><00:04:57.310><c> fundraising</c><00:04:57.789><c> as</c><00:04:57.880><c> well</c><00:04:57.910><c> as</c><00:04:58.180><c> the</c>

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like with fundraising as well as the
 

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like with fundraising as well as the
good<00:04:59.259><c> sons</c>

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good sons
 

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good sons
Sarika<00:05:00.940><c> Teixeira</c><00:05:01.720><c> or</c><00:05:01.900><c> would</c><00:05:02.050><c> you</c><00:05:02.199><c> also</c>

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Sarika Teixeira or would you also
 

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Sarika Teixeira or would you also
previously<00:05:03.070><c> received</c><00:05:03.580><c> a</c><00:05:03.820><c> grant</c><00:05:04.210><c> maker</c><00:05:05.460><c> been</c>

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previously received a grant maker been
 

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previously received a grant maker been
involved<00:05:06.729><c> in</c><00:05:06.910><c> a</c><00:05:07.000><c> lot</c><00:05:07.150><c> of</c><00:05:07.240><c> fundraising</c>

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involved in a lot of fundraising
 

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involved in a lot of fundraising
initiatives<00:05:08.050><c> with</c><00:05:08.199><c> Toby</c><00:05:08.440><c> self</c><00:05:09.389><c> yes</c>

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initiatives with Toby self yes
 

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initiatives with Toby self yes
cool<00:05:11.349><c> so</c><00:05:12.070><c> funny</c><00:05:14.460><c> maybe</c><00:05:15.460><c> quick</c><00:05:15.820><c> question</c><00:05:16.330><c> into</c>

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cool so funny maybe quick question into
 

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cool so funny maybe quick question into
the<00:05:16.570><c> room</c><00:05:17.099><c> who</c><00:05:18.099><c> has</c><00:05:18.460><c> received</c><00:05:18.940><c> funding</c><00:05:19.539><c> before</c>

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the room who has received funding before
 

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the room who has received funding before
in<00:05:20.229><c> any</c><00:05:20.409><c> other</c><00:05:20.650><c> form</c>

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yeah<00:05:24.280><c> it's</c><00:05:24.729><c> a</c><00:05:24.790><c> lot</c><00:05:24.850><c> of</c><00:05:24.970><c> people</c><00:05:25.740><c> which</c><00:05:26.740><c> is</c><00:05:26.860><c> great</c>

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yeah it's a lot of people which is great
 

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yeah it's a lot of people which is great
so<00:05:27.490><c> you</c><00:05:27.520><c> can</c><00:05:27.940><c> all</c><00:05:28.150><c> kind</c><00:05:28.389><c> of</c><00:05:28.419><c> join</c><00:05:28.660><c> individual</c>

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so you can all kind of join individual
 

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so you can all kind of join individual
topics<00:05:31.030><c> later</c><00:05:31.120><c> on</c><00:05:31.350><c> maybe</c><00:05:32.350><c> and</c><00:05:32.560><c> has</c><00:05:32.680><c> a</c><00:05:32.710><c> quiz</c>

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topics later on maybe and has a quiz
 

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topics later on maybe and has a quiz
received<00:05:33.430><c> VC</c><00:05:33.940><c> funding</c><00:05:41.280><c> well</c><00:05:42.280><c> get</c><00:05:42.430><c> it</c><00:05:42.550><c> is</c><00:05:42.729><c> so</c>

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received VC funding well get it is so
 

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received VC funding well get it is so
the<00:05:43.000><c> structure</c><00:05:43.300><c> the</c><00:05:43.389><c> worst</c><00:05:43.539><c> of</c><00:05:43.690><c> the</c><00:05:43.810><c> expense</c>

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the structure the worst of the expense
 

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the structure the worst of the expense
missing<00:05:44.470><c> in</c><00:05:44.560><c> about</c><00:05:44.860><c> well</c><00:05:45.039><c> what</c><00:05:45.460><c> can</c><00:05:45.580><c> it</c><00:05:45.729><c> go</c>

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missing in about well what can it go
 

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missing in about well what can it go
into<00:05:46.180><c> each</c><00:05:46.530><c> funding</c><00:05:47.530><c> category</c><00:05:48.009><c> so</c><00:05:49.000><c> the</c><00:05:49.090><c> money</c>

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into each funding category so the money
 

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into each funding category so the money
categories<00:05:49.750><c> of</c><00:05:49.990><c> DC</c><00:05:50.820><c> mm</c><00:05:51.930><c> to</c><00:05:52.930><c> target</c><00:05:53.259><c> sales</c>

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categories of DC mm to target sales
 

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categories of DC mm to target sales
maybe<00:05:54.910><c> hands</c><00:05:55.240><c> up</c><00:05:55.330><c> with</c><00:05:55.570><c> who's</c><00:05:56.110><c> received</c>

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maybe hands up with who's received
 

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maybe hands up with who's received
funding<00:05:56.919><c> by</c><00:05:57.160><c> doing</c><00:05:57.460><c> a</c><00:05:57.639><c> token</c><00:05:57.970><c> sale</c><00:06:03.990><c> so</c><00:06:04.990><c> that's</c>

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funding by doing a token sale so that's
 

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funding by doing a token sale so that's
interesting<00:06:05.560><c> array</c><00:06:05.949><c> that's</c><00:06:06.160><c> about</c><00:06:06.340><c> nest</c>

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interesting array that's about nest
 

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interesting array that's about nest
equipment<00:06:06.880><c> VC</c><00:06:07.210><c> which</c><00:06:07.449><c> is</c><00:06:07.830><c> yeah</c><00:06:08.830><c> I</c><00:06:08.860><c> think</c>

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equipment VC which is yeah I think
 

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equipment VC which is yeah I think
that's<00:06:09.490><c> maybe</c><00:06:09.639><c> states</c><00:06:10.060><c> made</c><00:06:10.270><c> we</c><00:06:10.810><c> received</c><00:06:11.229><c> a</c>

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that's maybe states made we received a
 

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that's maybe states made we received a
grant<00:06:11.650><c> before</c><00:06:12.010><c> from</c><00:06:12.430><c> any</c><00:06:12.610><c> kind</c><00:06:12.789><c> of</c><00:06:12.880><c> Bradley</c>

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grant before from any kind of Bradley
 

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grant before from any kind of Bradley
string<00:06:14.580><c> 33</c><00:06:15.580><c> dinners</c><00:06:15.970><c> Wow</c>

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string 33 dinners Wow
 

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string 33 dinners Wow
I<00:06:17.169><c> suppose</c><00:06:17.710><c> that's</c><00:06:17.800><c> more</c><00:06:18.099><c> people</c><00:06:18.400><c> that</c><00:06:18.810><c> that</c>

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I suppose that's more people that that
 

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I suppose that's more people that that
we<00:06:19.990><c> had</c><00:06:20.169><c> with</c><00:06:20.500><c> with</c><00:06:21.509><c> we're</c><00:06:22.509><c> talking</c><00:06:22.780><c> sales</c>

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we had with with we're talking sales
 

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we had with with we're talking sales
less<00:06:23.199><c> people</c><00:06:23.380><c> that</c><00:06:23.620><c> we</c><00:06:23.770><c> see</c><00:06:24.210><c> who</c><00:06:25.210><c> is</c><00:06:25.330><c> received</c>

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less people that we see who is received
 

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less people that we see who is received
funding<00:06:27.280><c> from</c><00:06:27.340><c> the</c><00:06:27.490><c> table</c><00:06:27.699><c> before</c>

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funding from the table before
 

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funding from the table before
nice

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nice
 

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nice
okay<00:06:34.010><c> maybe</c><00:06:35.010><c> that</c><00:06:35.390><c> hunts</c><00:06:36.390><c> like</c><00:06:36.750><c> an</c><00:06:36.900><c> open</c>

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okay maybe that hunts like an open
 

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okay maybe that hunts like an open
question<00:06:37.680><c> to</c><00:06:37.980><c> the</c><00:06:38.070><c> pro</c><00:06:38.190><c> why</c><00:06:38.610><c> do</c><00:06:38.670><c> you</c><00:06:38.790><c> guys</c><00:06:38.910><c> feel</c>

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question to the pro why do you guys feel
 

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question to the pro why do you guys feel
that<00:06:39.180><c> funding</c><00:06:39.720><c> off</c><00:06:39.870><c> the</c><00:06:40.110><c> deals</c><00:06:40.320><c> I</c><00:06:40.470><c> could</c><00:06:40.650><c> have</c>

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that funding off the deals I could have
 

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that funding off the deals I could have
a<00:06:41.670><c> taboo</c><00:06:42.600><c> topic</c><00:06:42.930><c> to</c><00:06:43.470><c> talk</c><00:06:44.370><c> about</c><00:06:44.430><c> McCauley</c>

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a taboo topic to talk about McCauley
 

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a taboo topic to talk about McCauley
thank<00:06:45.870><c> you</c>

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thank you
 

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thank you
do<00:06:46.830><c> you</c><00:06:46.920><c> guys</c><00:06:47.010><c> feel</c><00:06:47.220><c> like</c><00:06:47.280><c> it</c><00:06:47.460><c> is</c><00:06:47.610><c> a</c><00:06:47.640><c> tough</c>

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do you guys feel like it is a tough
 

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do you guys feel like it is a tough
topic<00:06:50.330><c> okay</c><00:06:51.330><c> so</c><00:06:51.390><c> the</c><00:06:51.720><c> funding</c><00:06:52.050><c> is</c><00:06:52.170><c> very</c><00:06:52.380><c> overly</c>

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topic okay so the funding is very overly
 

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topic okay so the funding is very overly
discussed<00:06:53.070><c> in</c><00:06:53.400><c> the</c><00:06:53.580><c> eServices</c>

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discussed in the eServices
 

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discussed in the eServices
where<00:06:56.520><c> we</c><00:06:56.640><c> all</c><00:06:56.790><c> say</c><00:06:56.970><c> yes</c><00:06:57.210><c> to</c><00:06:57.360><c> that</c><00:07:02.600><c> persistent</c>

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where we all say yes to that persistent
 

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where we all say yes to that persistent
part<00:07:04.680><c> of</c><00:07:04.740><c> it</c><00:07:05.900><c> so</c><00:07:06.900><c> our</c><00:07:07.260><c> grant</c><00:07:07.890><c> funding</c><00:07:08.250><c> I</c><00:07:08.340><c> think</c>

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part of it so our grant funding I think
 

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part of it so our grant funding I think
for<00:07:08.669><c> example</c><00:07:08.730><c> of</c><00:07:08.970><c> a</c><00:07:09.180><c> two</c><00:07:09.240><c> experiments</c><00:07:09.900><c> really</c>

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for example of a two experiments really
 

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for example of a two experiments really
discuss<00:07:10.590><c> probably</c><00:07:11.400><c> things</c><00:07:11.640><c> like</c><00:07:11.760><c> VC</c><00:07:12.090><c> funding</c>

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discuss probably things like VC funding
 

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discuss probably things like VC funding
less<00:07:12.570><c> so</c><00:07:12.780><c> it's</c><00:07:13.020><c> kind</c><00:07:13.169><c> of</c><00:07:13.230><c> moving</c>

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less so it's kind of moving
 

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less so it's kind of moving
it's<00:07:13.980><c> almost</c><00:07:14.340><c> moving</c><00:07:14.550><c> in</c><00:07:14.760><c> from</c><00:07:15.180><c> the</c><00:07:15.210><c> scale</c>

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it's almost moving in from the scale
 

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it's almost moving in from the scale
from<00:07:16.460><c> nonprofit</c><00:07:17.460><c> perform</c><00:07:18.090><c> profit</c><00:07:18.650><c> which</c><00:07:19.650><c> also</c>

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from nonprofit perform profit which also
 

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from nonprofit perform profit which also
changes<00:07:20.010><c> the</c><00:07:20.370><c> scale</c><00:07:20.669><c> in</c><00:07:20.790><c> terms</c><00:07:20.820><c> of</c><00:07:21.060><c> its</c><00:07:21.330><c> grants</c>

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there's<00:07:24.189><c> almost</c><00:07:24.339><c> me</c><00:07:24.609><c> like</c><00:07:24.759><c> that's</c><00:07:24.909><c> a</c><00:07:24.939><c> great</c>

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there's almost me like that's a great
 

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there's almost me like that's a great
opportunity<00:07:25.599><c> gives</c><00:07:26.259><c> us</c><00:07:26.379><c> that</c><00:07:26.559><c> was</c><00:07:26.679><c> really</c>

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opportunity gives us that was really
 

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opportunity gives us that was really
hard<00:07:27.189><c> to</c><00:07:27.249><c> understand</c><00:07:27.819><c> how</c><00:07:28.119><c> any</c><00:07:28.809><c> of</c><00:07:28.899><c> these</c>

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hard to understand how any of these
 

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hard to understand how any of these
companies<00:07:29.319><c> got</c><00:07:29.559><c> VC</c><00:07:29.889><c> funding</c><00:07:30.159><c> borders</c><00:07:30.399><c> because</c>

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companies got VC funding borders because
 

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companies got VC funding borders because
of<00:07:30.729><c> level</c><00:07:30.999><c> with</c><00:07:31.089><c> the</c><00:07:31.179><c> incentive</c><00:07:31.629><c> the</c><00:07:31.689><c> VC</c><00:07:31.959><c> how</c>

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of level with the incentive the VC how
 

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of level with the incentive the VC how
does<00:07:32.529><c> the</c><00:07:32.619><c> round</c><00:07:32.829><c> structure</c><00:07:33.309><c> work</c><00:07:33.489><c> valuation</c>

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does the round structure work valuation
 

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does the round structure work valuation
in<00:07:34.659><c> Turkey</c>

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in Turkey
 

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in Turkey
yeah<00:07:37.059><c> but</c><00:07:37.209><c> maybe</c><00:07:37.329><c> that's</c><00:07:37.569><c> what</c><00:07:37.689><c> about</c><00:07:37.989><c> this</c>

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yeah but maybe that's what about this
 

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yeah but maybe that's what about this
that's<00:07:38.469><c> really</c><00:07:40.529><c> cool</c><00:07:41.529><c> so</c><00:07:41.859><c> why</c><00:07:42.369><c> is</c><00:07:42.429><c> funding</c><00:07:42.849><c> a</c>

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that's really cool so why is funding a
 

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that's really cool so why is funding a
core<00:07:43.179><c> tool</c><00:07:43.689><c> to</c><00:07:44.349><c> build</c><00:07:44.439><c> anything</c>

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core tool to build anything
 

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core tool to build anything
well<00:07:46.149><c> you've</c><00:07:46.359><c> got</c><00:07:46.449><c> to</c><00:07:46.539><c> pay</c><00:07:46.659><c> yourself</c><00:07:47.019><c> you</c><00:07:47.319><c> want</c>

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well you've got to pay yourself you want
 

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well you've got to pay yourself you want
to<00:07:47.529><c> grow</c><00:07:47.649><c> your</c><00:07:47.859><c> team</c><00:07:48.009><c> and</c><00:07:48.309><c> your</c><00:07:48.399><c> product</c><00:07:48.869><c> legal</c>

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to grow your team and your product legal
 

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to grow your team and your product legal
expenses<00:07:50.439><c> community</c><00:07:51.309><c> building</c><00:07:51.609><c> marketing</c>

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expenses community building marketing
 

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expenses community building marketing
and<00:07:52.149><c> awareness</c><00:07:52.649><c> but</c><00:07:53.649><c> what's</c><00:07:53.799><c> really</c>

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and awareness but what's really
 

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and awareness but what's really
important<00:07:54.339><c> to</c><00:07:54.369><c> realize</c><00:07:54.669><c> is</c><00:07:54.699><c> that</c><00:07:55.029><c> the</c><00:07:55.149><c> source</c>

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important to realize is that the source
 

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important to realize is that the source
of<00:07:55.539><c> funding</c><00:07:55.839><c> is</c><00:07:55.959><c> fundamentally</c><00:07:56.469><c> define</c><00:07:56.589><c> point</c>

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of funding is fundamentally define point
 

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of funding is fundamentally define point
bill<00:07:57.539><c> how</c><00:07:58.539><c> you</c><00:07:58.599><c> monetize</c><00:07:58.899><c> it</c><00:07:59.349><c> any</c><00:07:59.529><c> one</c><00:07:59.709><c> time</c><00:07:59.919><c> to</c>

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bill how you monetize it any one time to
 

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bill how you monetize it any one time to
do<00:08:00.339><c> that</c><00:08:01.049><c> so</c><00:08:02.049><c> getting</c><00:08:02.379><c> a</c><00:08:02.469><c> grant</c><00:08:02.709><c> to</c><00:08:03.189><c> fund</c><00:08:03.399><c> your</c>

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do that so getting a grant to fund your
 

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do that so getting a grant to fund your
town<00:08:04.649><c> it</c><00:08:05.649><c> has</c><00:08:05.709><c> very</c><00:08:06.039><c> different</c><00:08:06.219><c> implications</c>

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town it has very different implications
 

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town it has very different implications
that<00:08:06.909><c> getting</c><00:08:07.329><c> of</c><00:08:07.449><c> trying</c><00:08:07.809><c> to</c><00:08:07.839><c> get</c><00:08:07.989><c> to</c><00:08:08.019><c> a</c><00:08:08.139><c> VC</c><00:08:08.349><c> to</c>

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that getting of trying to get to a VC to
 

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that getting of trying to get to a VC to
fund<00:08:08.769><c> it</c><00:08:08.859><c> up</c><00:08:08.979><c> and</c><00:08:09.369><c> it's</c><00:08:09.549><c> really</c><00:08:09.699><c> important</c><00:08:10.119><c> to</c>

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fund it up and it's really important to
 

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fund it up and it's really important to
understand<00:08:10.599><c> what</c><00:08:10.869><c> are</c><00:08:10.959><c> the</c><00:08:11.049><c> different</c>

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understand what are the different
 

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understand what are the different
incentives<00:08:12.339><c> for</c><00:08:12.489><c> those</c><00:08:12.609><c> different</c><00:08:13.649><c> issue</c><00:08:14.649><c> of</c>

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incentives for those different issue of
 

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incentives for those different issue of
authority<00:08:16.139><c> cool</c><00:08:17.139><c> so</c><00:08:17.469><c> this</c><00:08:17.649><c> is</c><00:08:17.769><c> kind</c><00:08:17.949><c> of</c><00:08:17.979><c> a</c>

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authority cool so this is kind of a
 

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authority cool so this is kind of a
general<00:08:18.339><c> framework</c><00:08:18.819><c> that</c><00:08:19.029><c> we're</c><00:08:19.179><c> going</c><00:08:19.269><c> to</c>

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general framework that we're going to
 

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general framework that we're going to
follow<00:08:19.509><c> going</c><00:08:19.929><c> through</c><00:08:20.109><c> each</c><00:08:20.289><c> of</c><00:08:20.439><c> these</c>

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follow going through each of these
 

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follow going through each of these
topics

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topics
 

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topics
and<00:08:23.349><c> as</c><00:08:23.559><c> I</c><00:08:23.679><c> said</c><00:08:23.739><c> before</c><00:08:23.889><c> feel</c><00:08:24.369><c> free</c><00:08:24.549><c> to</c><00:08:24.579><c> drop</c>

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and as I said before feel free to drop
 

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and as I said before feel free to drop
oh<00:08:25.119><c> by</c><00:08:25.959><c> the</c><00:08:25.989><c> way</c><00:08:26.079><c> if</c><00:08:26.259><c> you</c><00:08:26.349><c> wanted</c><00:08:26.529><c> to</c><00:08:26.649><c> come</c><00:08:27.309><c> up</c>

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oh by the way if you wanted to come up
 

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oh by the way if you wanted to come up
and<00:08:27.489><c> sit</c><00:08:27.669><c> down</c><00:08:28.169><c> there's</c><00:08:29.169><c> no</c><00:08:29.319><c> spaces</c><00:08:29.589><c> here</c><00:08:29.860><c> in</c>

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and sit down there's no spaces here in
 

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and sit down there's no spaces here in
front

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thank<00:09:16.140><c> you</c><00:09:16.200><c> so</c><00:09:16.290><c> much</c><00:09:16.350><c> for</c><00:09:16.500><c> joining</c><00:09:16.620><c> us</c>

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thank you so much for joining us
 

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thank you so much for joining us
she<00:09:17.940><c> also</c><00:09:18.089><c> the</c><00:09:18.330><c> other</c><00:09:19.760><c> champions</c><00:09:20.760><c> I've</c>

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she also the other champions I've
 

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she also the other champions I've
already<00:09:21.270><c> introduced</c><00:09:21.540><c> themselves</c><00:09:21.690><c> do</c><00:09:22.320><c> you</c>

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already introduced themselves do you
 

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already introduced themselves do you
want<00:09:22.529><c> to</c><00:09:22.589><c> give</c><00:09:22.680><c> me</c><00:09:22.740><c> a</c><00:09:22.770><c> quick</c><00:09:22.920><c> intro</c><00:09:24.140><c> yeah</c><00:09:25.140><c> sure</c>

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want to give me a quick intro yeah sure
 

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want to give me a quick intro yeah sure
so<00:09:25.830><c> hi</c><00:09:26.010><c> I'm</c><00:09:26.160><c> Kevin</c><00:09:26.400><c> o</c><00:09:26.550><c> makki</c><00:09:26.700><c> I'm</c><00:09:27.000><c> one</c><00:09:27.150><c> of</c><00:09:27.270><c> the</c>

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so hi I'm Kevin o makki I'm one of the
 

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so hi I'm Kevin o makki I'm one of the
cofounders<00:09:27.540><c> of</c><00:09:27.990><c> get</c><00:09:28.620><c> coins</c><00:09:28.800><c> our</c><00:09:29.250><c> mission</c><00:09:29.760><c> is</c>

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cofounders of get coins our mission is
 

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cofounders of get coins our mission is
to<00:09:30.029><c> grow</c><00:09:30.720><c> and</c><00:09:30.900><c> sustain</c><00:09:31.050><c> open</c><00:09:31.710><c> source</c><00:09:31.950><c> software</c>

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to grow and sustain open source software
 

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to grow and sustain open source software
a<00:09:32.670><c> software</c><00:09:33.120><c> platform</c><00:09:33.600><c> that</c><00:09:34.080><c> connects</c>

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a software platform that connects
 

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a software platform that connects
funders<00:09:35.220><c> to</c><00:09:35.250><c> coders</c><00:09:35.850><c> when</c><00:09:36.480><c> access</c><00:09:36.810><c> to</c><00:09:36.930><c> funding</c>

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funders to coders when access to funding
 

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funders to coders when access to funding
and<00:09:37.440><c> vice</c><00:09:37.560><c> versa</c><00:09:37.860><c> and</c><00:09:38.460><c> I</c><00:09:39.089><c> guess</c><00:09:39.270><c> our</c><00:09:39.750><c> most</c>

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and vice versa and I guess our most
 

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and vice versa and I guess our most
recent<00:09:40.760><c> funding</c><00:09:41.760><c> stuff</c><00:09:42.270><c> we</c><00:09:42.390><c> did</c><00:09:42.540><c> an</c><00:09:42.600><c> ecosystem</c>

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recent funding stuff we did an ecosystem
 

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recent funding stuff we did an ecosystem
was<00:09:43.530><c> kick</c><00:09:44.280><c> point</c><00:09:44.430><c> grants</c><00:09:44.880><c> which</c><00:09:45.330><c> just</c><00:09:46.170><c> round</c>

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was kick point grants which just round
 

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was kick point grants which just round
three<00:09:47.010><c> raised</c><00:09:47.250><c> just</c><00:09:48.120><c> under</c><00:09:48.300><c> 300</c><00:09:49.080><c> k</c><00:09:49.260><c> 4</c><00:09:49.860><c> e</c><00:09:50.160><c> 2.0</c>

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three raised just under 300 k 4 e 2.0
 

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three raised just under 300 k 4 e 2.0
prolixity<00:09:51.980><c> mrs.</c><00:09:52.370><c> to</c><00:09:52.520><c> and</c><00:09:52.850><c> explained</c><00:09:53.210><c> the</c>

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prolixity mrs. to and explained the
 

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prolixity mrs. to and explained the
matching<00:09:53.780><c> yes</c><00:09:54.710><c> this</c><00:09:55.070><c> is</c><00:09:55.280><c> so</c><00:09:55.460><c> rad</c>

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matching yes this is so rad
 

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matching yes this is so rad
yes<00:09:56.720><c> Oh</c><00:09:56.930><c> Glenn</c><00:09:57.440><c> while</c><00:09:58.010><c> and</c><00:09:58.310><c> metallic</c>

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yes Oh Glenn while and metallic
 

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yes Oh Glenn while and metallic
published<00:09:59.180><c> his</c><00:09:59.300><c> post</c><00:09:59.570><c> called</c><00:09:59.870><c> constrain</c>

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published his post called constrain
 

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published his post called constrain
capital<00:10:00.770><c> liberal</c><00:10:01.070><c> radicalism</c><00:10:01.520><c> which</c><00:10:02.390><c> is</c>

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capital liberal radicalism which is
 

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capital liberal radicalism which is
basically<00:10:03.110><c> you</c><00:10:03.620><c> have</c><00:10:03.650><c> a</c><00:10:03.830><c> pool</c><00:10:04.100><c> of</c><00:10:04.130><c> matching</c>

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basically you have a pool of matching
 

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basically you have a pool of matching
funds<00:10:05.030><c> that</c><00:10:05.810><c> will</c><00:10:06.200><c> be</c><00:10:06.380><c> distributed</c><00:10:06.980><c> to</c>

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funds that will be distributed to
 

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funds that will be distributed to
projects<00:10:07.820><c> that</c><00:10:08.180><c> get</c><00:10:08.780><c> crowd</c><00:10:08.990><c> fund</c>

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projects that get crowd fund
 

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projects that get crowd fund
contributions<00:10:09.800><c> and</c><00:10:10.100><c> instead</c><00:10:10.310><c> of</c><00:10:10.370><c> a</c>

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contributions and instead of a
 

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contributions and instead of a
one-to-one<00:10:10.850><c> match</c><00:10:11.240><c> where</c><00:10:12.080><c> if</c><00:10:12.850><c> Andrew</c><00:10:13.850><c> gives</c><00:10:14.090><c> a</c>

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one-to-one match where if Andrew gives a
 

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one-to-one match where if Andrew gives a
hundred<00:10:14.600><c> dollars</c><00:10:14.930><c> to</c><00:10:15.200><c> project</c><00:10:15.650><c> it'll</c><00:10:16.040><c> get</c>

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hundred dollars to project it'll get
 

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hundred dollars to project it'll get
matched<00:10:16.430><c> by</c><00:10:16.700><c> a</c><00:10:16.730><c> hundred</c><00:10:17.060><c> dollars</c><00:10:17.360><c> from</c><00:10:17.600><c> the</c>

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matched by a hundred dollars from the
 

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matched by a hundred dollars from the
matching<00:10:18.110><c> fund</c><00:10:18.380><c> that's</c><00:10:19.220><c> distributed</c>

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matching fund that's distributed
 

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matching fund that's distributed
according<00:10:20.660><c> to</c><00:10:21.020><c> the</c><00:10:21.170><c> breadth</c><00:10:21.410><c> of</c>

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according to the breadth of
 

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according to the breadth of
contributions<00:10:22.640><c> not</c><00:10:22.820><c> just</c><00:10:23.060><c> the</c><00:10:23.180><c> depth</c>

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contributions not just the depth
 

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contributions not just the depth
so<00:10:24.080><c> if</c><00:10:24.290><c> project</c><00:10:24.710><c> a</c><00:10:24.830><c> raises</c><00:10:25.250><c> a</c><00:10:25.280><c> hundred</c><00:10:25.580><c> dollars</c>

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so if project a raises a hundred dollars
 

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so if project a raises a hundred dollars
from<00:10:25.940><c> one</c><00:10:26.180><c> donor</c><00:10:26.510><c> then</c><00:10:27.170><c> it'll</c><00:10:27.560><c> get</c><00:10:27.680><c> matched</c>

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from one donor then it'll get matched
 

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from one donor then it'll get matched
less<00:10:28.370><c> than</c><00:10:28.670><c> project</c><00:10:29.180><c> B</c><00:10:29.540><c> that</c><00:10:30.320><c> got</c><00:10:31.600><c> ten</c><00:10:32.600><c> dollars</c>

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less than project B that got ten dollars
 

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less than project B that got ten dollars
from<00:10:33.380><c> ten</c><00:10:33.650><c> different</c><00:10:33.950><c> donors</c><00:10:34.280><c> so</c><00:10:34.520><c> both</c>

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from ten different donors so both
 

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from ten different donors so both
projects<00:10:35.630><c> raised</c><00:10:35.840><c> a</c><00:10:36.230><c> hundred</c><00:10:36.500><c> dollars</c><00:10:36.950><c> but</c>

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projects raised a hundred dollars but
 

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projects raised a hundred dollars but
the<00:10:37.370><c> second</c><00:10:37.700><c> had</c><00:10:37.790><c> much</c><00:10:37.970><c> broader</c><00:10:38.270><c> base</c><00:10:38.630><c> of</c>

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the second had much broader base of
 

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the second had much broader base of
support<00:10:39.200><c> and</c><00:10:39.470><c> so</c><00:10:40.070><c> with</c><00:10:40.550><c> quadratic</c><00:10:41.150><c> matching</c>

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support and so with quadratic matching
 

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support and so with quadratic matching
which<00:10:42.050><c> is</c><00:10:42.170><c> another</c><00:10:42.380><c> word</c><00:10:42.590><c> for</c><00:10:42.650><c> constraint</c>

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which is another word for constraint
 

00:10:43.400 --> 00:10:46.510 align:start position:0%
which is another word for constraint
capital<00:10:43.850><c> or</c><00:10:43.940><c> liberal</c><00:10:44.570><c> radicalism</c><00:10:45.310><c> you</c><00:10:46.310><c> can</c>

00:10:46.510 --> 00:10:46.520 align:start position:0%
capital or liberal radicalism you can
 

00:10:46.520 --> 00:10:48.670 align:start position:0%
capital or liberal radicalism you can
have<00:10:46.940><c> some</c><00:10:47.450><c> of</c><00:10:47.570><c> the</c><00:10:47.780><c> projects</c><00:10:48.230><c> like</c><00:10:48.350><c> nickel</c><00:10:48.620><c> in</c>

00:10:48.670 --> 00:10:48.680 align:start position:0%
have some of the projects like nickel in
 

00:10:48.680 --> 00:10:51.310 align:start position:0%
have some of the projects like nickel in
grants<00:10:49.040><c> would</c><00:10:49.660><c> you</c><00:10:50.660><c> with</c><00:10:50.870><c> a</c><00:10:50.900><c> one</c><00:10:51.110><c> dollar</c>

00:10:51.310 --> 00:10:51.320 align:start position:0%
grants would you with a one dollar
 

00:10:51.320 --> 00:10:54.100 align:start position:0%
grants would you with a one dollar
contribution<00:10:52.100><c> would</c><00:10:52.250><c> get</c><00:10:52.400><c> $200</c><00:10:53.240><c> worth</c><00:10:53.840><c> of</c>

00:10:54.100 --> 00:10:54.110 align:start position:0%
contribution would get $200 worth of
 

00:10:54.110 --> 00:10:55.990 align:start position:0%
contribution would get $200 worth of
matching<00:10:54.620><c> just</c><00:10:55.100><c> because</c><00:10:55.370><c> they</c><00:10:55.490><c> it's</c><00:10:55.700><c> a</c><00:10:55.760><c> broad</c>

00:10:55.990 --> 00:10:56.000 align:start position:0%
matching just because they it's a broad
 

00:10:56.000 --> 00:10:58.720 align:start position:0%
matching just because they it's a broad
base<00:10:56.240><c> of</c><00:10:56.270><c> support</c><00:10:56.480><c> so</c><00:10:57.380><c> it's</c><00:10:57.530><c> a</c><00:10:57.740><c> according</c><00:10:58.460><c> to</c>

00:10:58.720 --> 00:10:58.730 align:start position:0%
base of support so it's a according to
 

00:10:58.730 --> 00:11:00.970 align:start position:0%
base of support so it's a according to
Glenn<00:10:58.940><c> a</c><00:10:58.970><c> while</c><00:10:59.180><c> the</c><00:10:59.420><c> mathematically</c><00:11:00.110><c> optimal</c>

00:11:00.970 --> 00:11:00.980 align:start position:0%
Glenn a while the mathematically optimal
 

00:11:00.980 --> 00:11:03.100 align:start position:0%
Glenn a while the mathematically optimal
way<00:11:01.130><c> to</c><00:11:01.160><c> fund</c><00:11:02.150><c> public</c><00:11:02.330><c> goods</c><00:11:02.690><c> that</c><00:11:02.960><c> the</c>

00:11:03.100 --> 00:11:03.110 align:start position:0%
way to fund public goods that the
 

00:11:03.110 --> 00:11:05.650 align:start position:0%
way to fund public goods that the
ecosystem<00:11:03.260><c> cares</c><00:11:03.800><c> about</c><00:11:04.040><c> I</c><00:11:04.360><c> think</c><00:11:05.360><c> that's</c><00:11:05.540><c> why</c>

00:11:05.650 --> 00:11:05.660 align:start position:0%
ecosystem cares about I think that's why
 

00:11:05.660 --> 00:11:12.610 align:start position:0%
ecosystem cares about I think that's why
I<00:11:05.690><c> drew</c><00:11:05.990><c> and</c><00:11:06.260><c> I</c><00:11:06.350><c> do</c><00:11:06.410><c> up</c><00:11:06.620><c> here</c>

00:11:12.610 --> 00:11:12.620 align:start position:0%
 
 

00:11:12.620 --> 00:11:15.170 align:start position:0%
 
okay<00:11:13.620><c> cool</c><00:11:13.800><c> so</c><00:11:13.860><c> as</c><00:11:14.370><c> we</c><00:11:14.639><c> move</c><00:11:14.760><c> through</c><00:11:15.060><c> these</c>

00:11:15.170 --> 00:11:15.180 align:start position:0%
okay cool so as we move through these
 

00:11:15.180 --> 00:11:16.910 align:start position:0%
okay cool so as we move through these
different<00:11:15.389><c> topics</c><00:11:15.839><c> we'll</c><00:11:16.320><c> look</c><00:11:16.440><c> at</c><00:11:16.649><c> what</c><00:11:16.829><c> is</c>

00:11:16.910 --> 00:11:16.920 align:start position:0%
different topics we'll look at what is
 

00:11:16.920 --> 00:11:18.710 align:start position:0%
different topics we'll look at what is
they<00:11:17.040><c> funded</c><00:11:17.430><c> what</c><00:11:17.579><c> is</c><00:11:17.670><c> they</c><00:11:17.760><c> often</c><00:11:17.970><c> is</c><00:11:18.450><c> this</c><00:11:18.660><c> a</c>

00:11:18.710 --> 00:11:18.720 align:start position:0%
they funded what is they often is this a
 

00:11:18.720 --> 00:11:20.920 align:start position:0%
they funded what is they often is this a
for-profit<00:11:19.170><c> model</c><00:11:19.320><c> or</c><00:11:19.740><c> nonprofit</c><00:11:19.920><c> another</c>

00:11:20.920 --> 00:11:20.930 align:start position:0%
for-profit model or nonprofit another
 

00:11:20.930 --> 00:11:23.060 align:start position:0%
for-profit model or nonprofit another
governance<00:11:22.019><c> who</c><00:11:22.200><c> makes</c><00:11:22.380><c> the</c><00:11:22.560><c> decision</c><00:11:22.950><c> on</c>

00:11:23.060 --> 00:11:23.070 align:start position:0%
governance who makes the decision on
 

00:11:23.070 --> 00:11:25.490 align:start position:0%
governance who makes the decision on
what<00:11:23.579><c> gets</c><00:11:23.820><c> funded</c><00:11:23.880><c> no</c><00:11:24.180><c> one</c><00:11:24.329><c> doesn't</c><00:11:24.540><c> the</c>

00:11:25.490 --> 00:11:25.500 align:start position:0%
what gets funded no one doesn't the
 

00:11:25.500 --> 00:11:27.500 align:start position:0%
what gets funded no one doesn't the
incentives<00:11:26.040><c> or</c><00:11:26.310><c> benefits</c><00:11:26.820><c> from</c><00:11:27.060><c> the</c><00:11:27.209><c> funding</c>

00:11:27.500 --> 00:11:27.510 align:start position:0%
incentives or benefits from the funding
 

00:11:27.510 --> 00:11:29.360 align:start position:0%
incentives or benefits from the funding
and<00:11:28.350><c> then</c><00:11:28.470><c> what</c><00:11:28.649><c> are</c><00:11:28.709><c> the</c><00:11:28.800><c> key</c><00:11:28.829><c> issues</c><00:11:29.010><c> that</c>

00:11:29.360 --> 00:11:29.370 align:start position:0%
and then what are the key issues that
 

00:11:29.370 --> 00:11:33.889 align:start position:0%
and then what are the key issues that
that<00:11:30.180><c> can</c><00:11:30.360><c> come</c><00:11:32.360><c> we</c><00:11:33.360><c> have</c><00:11:33.449><c> this</c><00:11:33.570><c> question</c>

00:11:33.889 --> 00:11:33.899 align:start position:0%
that can come we have this question
 

00:11:33.899 --> 00:11:36.889 align:start position:0%
that can come we have this question
already<00:11:33.959><c> who</c><00:11:34.199><c> is</c><00:11:34.320><c> a</c><00:11:34.440><c> planet</c><00:11:34.769><c> before</c><00:11:35.899><c> I'm</c>

00:11:36.889 --> 00:11:36.899 align:start position:0%
already who is a planet before I'm
 

00:11:36.899 --> 00:11:39.710 align:start position:0%
already who is a planet before I'm
actually<00:11:37.079><c> really</c><00:11:37.410><c> glad</c><00:11:37.889><c> that</c><00:11:38.209><c> you</c><00:11:39.209><c> joined</c><00:11:39.269><c> so</c>

00:11:39.710 --> 00:11:39.720 align:start position:0%
actually really glad that you joined so
 

00:11:39.720 --> 00:11:41.240 align:start position:0%
actually really glad that you joined so
I<00:11:39.750><c> think</c><00:11:39.870><c> one</c><00:11:40.139><c> of</c><00:11:40.170><c> the</c><00:11:40.350><c> core</c><00:11:40.589><c> questions</c><00:11:40.829><c> that</c>

00:11:41.240 --> 00:11:41.250 align:start position:0%
I think one of the core questions that
 

00:11:41.250 --> 00:11:43.490 align:start position:0%
I think one of the core questions that
we<00:11:41.370><c> have</c><00:11:41.490><c> in</c><00:11:41.610><c> this</c><00:11:41.670><c> ecosystem</c><00:11:42.110><c> and</c><00:11:43.110><c> that</c><00:11:43.139><c> keeps</c>

00:11:43.490 --> 00:11:43.500 align:start position:0%
we have in this ecosystem and that keeps
 

00:11:43.500 --> 00:11:45.769 align:start position:0%
we have in this ecosystem and that keeps
coming<00:11:43.769><c> up</c><00:11:43.860><c> again</c><00:11:43.949><c> is</c><00:11:44.339><c> like</c><00:11:44.519><c> funding</c><00:11:45.389><c> how</c><00:11:45.720><c> do</c>

00:11:45.769 --> 00:11:45.779 align:start position:0%
coming up again is like funding how do
 

00:11:45.779 --> 00:11:47.500 align:start position:0%
coming up again is like funding how do
we<00:11:45.870><c> fund</c><00:11:46.079><c> to</c><00:11:46.320><c> open</c><00:11:46.589><c> source</c><00:11:46.800><c> infrastructure</c>

00:11:47.500 --> 00:11:47.510 align:start position:0%
we fund to open source infrastructure
 

00:11:47.510 --> 00:11:49.670 align:start position:0%
we fund to open source infrastructure
and<00:11:48.510><c> it's</c><00:11:48.720><c> kind</c><00:11:48.839><c> of</c><00:11:48.870><c> the</c><00:11:48.990><c> strategy</c><00:11:49.410><c> of</c><00:11:49.440><c> the</c>

00:11:49.670 --> 00:11:49.680 align:start position:0%
and it's kind of the strategy of the
 

00:11:49.680 --> 00:11:54.410 align:start position:0%
and it's kind of the strategy of the
comments<00:11:50.070><c> problem</c><00:11:52.279><c> yeah</c><00:11:53.279><c> like</c><00:11:54.089><c> how</c><00:11:54.269><c> do</c><00:11:54.329><c> we</c>

00:11:54.410 --> 00:11:54.420 align:start position:0%
comments problem yeah like how do we
 

00:11:54.420 --> 00:11:55.759 align:start position:0%
comments problem yeah like how do we
fund<00:11:54.600><c> open</c><00:11:54.930><c> source</c><00:11:55.110><c> infrastructure</c><00:11:55.500><c> there's</c>

00:11:55.759 --> 00:11:55.769 align:start position:0%
fund open source infrastructure there's
 

00:11:55.769 --> 00:11:57.860 align:start position:0%
fund open source infrastructure there's
a<00:11:55.829><c> lot</c><00:11:55.949><c> of</c><00:11:56.010><c> expectation</c><00:11:56.670><c> that</c><00:11:57.120><c> funding</c><00:11:57.690><c> goes</c>

00:11:57.860 --> 00:11:57.870 align:start position:0%
a lot of expectation that funding goes
 

00:11:57.870 --> 00:11:59.629 align:start position:0%
a lot of expectation that funding goes
into<00:11:58.260><c> the</c><00:11:58.350><c> base</c><00:11:58.500><c> protocol</c><00:11:58.949><c> layer</c><00:11:59.130><c> once</c><00:11:59.459><c> it's</c>

00:11:59.629 --> 00:11:59.639 align:start position:0%
into the base protocol layer once it's
 

00:11:59.639 --> 00:12:03.949 align:start position:0%
into the base protocol layer once it's
deployed<00:12:01.070><c> but</c><00:12:02.070><c> we</c><00:12:02.850><c> haven't</c><00:12:03.060><c> we've</c><00:12:03.329><c> develop</c><00:12:03.839><c> I</c>

00:12:03.949 --> 00:12:03.959 align:start position:0%
deployed but we haven't we've develop I
 

00:12:03.959 --> 00:12:05.960 align:start position:0%
deployed but we haven't we've develop I
think<00:12:03.990><c> good</c><00:12:04.350><c> models</c><00:12:04.740><c> yet</c><00:12:04.920><c> to</c><00:12:05.250><c> to</c><00:12:05.519><c> scale</c><00:12:05.790><c> that</c>

00:12:05.960 --> 00:12:05.970 align:start position:0%
think good models yet to to scale that
 

00:12:05.970 --> 00:12:07.490 align:start position:0%
think good models yet to to scale that
up<00:12:06.120><c> and</c><00:12:06.300><c> I</c><00:12:06.630><c> think</c><00:12:06.839><c> that's</c><00:12:06.990><c> why</c><00:12:07.170><c> we're</c><00:12:07.320><c> seeing</c>

00:12:07.490 --> 00:12:07.500 align:start position:0%
up and I think that's why we're seeing
 

00:12:07.500 --> 00:12:09.530 align:start position:0%
up and I think that's why we're seeing
so<00:12:07.769><c> much</c><00:12:07.949><c> investment</c><00:12:08.370><c> and</c><00:12:08.670><c> so</c><00:12:09.120><c> much</c><00:12:09.300><c> kind</c><00:12:09.480><c> of</c>

00:12:09.530 --> 00:12:09.540 align:start position:0%
so much investment and so much kind of
 

00:12:09.540 --> 00:12:11.660 align:start position:0%
so much investment and so much kind of
scaling<00:12:09.959><c> away</c><00:12:10.139><c> from</c><00:12:10.500><c> the</c><00:12:10.620><c> core</c><00:12:10.889><c> layer</c><00:12:11.070><c> to</c>

00:12:11.660 --> 00:12:11.670 align:start position:0%
scaling away from the core layer to
 

00:12:11.670 --> 00:12:13.460 align:start position:0%
scaling away from the core layer to
monetize<00:12:12.120><c> on</c><00:12:12.300><c> other</c><00:12:12.480><c> day</c><00:12:12.690><c> is</c><00:12:12.810><c> like</c><00:12:12.959><c> monetizing</c>

00:12:13.460 --> 00:12:13.470 align:start position:0%
monetize on other day is like monetizing
 

00:12:13.470 --> 00:12:17.810 align:start position:0%
monetize on other day is like monetizing
day<00:12:13.589><c> a</c><00:12:13.620><c> 1</c><00:12:13.860><c> and</c><00:12:14.040><c> a</c><00:12:14.130><c> 2</c><00:12:14.360><c> and</c><00:12:15.360><c> so</c><00:12:15.750><c> on</c><00:12:16.130><c> and</c><00:12:17.130><c> of</c><00:12:17.790><c> course</c>

00:12:17.810 --> 00:12:17.820 align:start position:0%
day a 1 and a 2 and so on and of course
 

00:12:17.820 --> 00:12:21.030 align:start position:0%
day a 1 and a 2 and so on and of course
thing<00:12:18.180><c> that</c><00:12:18.300><c> I</c><00:12:18.360><c> want</c><00:12:18.540><c> to</c><00:12:18.600><c> get</c><00:12:18.750><c> into</c><00:12:18.930><c> this</c><00:12:19.050><c> is</c>

00:12:21.030 --> 00:12:21.040 align:start position:0%
thing that I want to get into this is
 

00:12:21.040 --> 00:12:22.830 align:start position:0%
thing that I want to get into this is
well<00:12:21.640><c> kind</c><00:12:22.060><c> of</c><00:12:22.090><c> this</c><00:12:22.300><c> is</c><00:12:22.450><c> kind</c><00:12:22.540><c> of</c><00:12:22.630><c> what</c><00:12:22.750><c> we're</c>

00:12:22.830 --> 00:12:22.840 align:start position:0%
well kind of this is kind of what we're
 

00:12:22.840 --> 00:12:25.470 align:start position:0%
well kind of this is kind of what we're
trying<00:12:22.960><c> to</c><00:12:23.110><c> do</c><00:12:23.640><c> you</c><00:12:24.640><c> guys</c><00:12:24.820><c> not</c><00:12:25.000><c> see</c><00:12:25.060><c> it</c><00:12:25.300><c> it's</c>

00:12:25.470 --> 00:12:25.480 align:start position:0%
trying to do you guys not see it it's
 

00:12:25.480 --> 00:12:29.190 align:start position:0%
trying to do you guys not see it it's
just<00:12:25.540><c> the</c><00:12:25.810><c> public</c><00:12:26.110><c> works</c><00:12:27.720><c> entertain</c><00:12:28.720><c> in</c><00:12:29.050><c> the</c>

00:12:29.190 --> 00:12:29.200 align:start position:0%
just the public works entertain in the
 

00:12:29.200 --> 00:12:32.610 align:start position:0%
just the public works entertain in the
kind<00:12:29.470><c> of</c><00:12:29.500><c> current</c><00:12:30.130><c> society</c><00:12:30.780><c> we</c><00:12:31.780><c> pay</c><00:12:31.900><c> taxes</c><00:12:32.380><c> in</c>

00:12:32.610 --> 00:12:32.620 align:start position:0%
kind of current society we pay taxes in
 

00:12:32.620 --> 00:12:34.080 align:start position:0%
kind of current society we pay taxes in
order<00:12:32.920><c> to</c><00:12:33.070><c> like</c><00:12:33.220><c> pay</c><00:12:33.460><c> for</c><00:12:33.700><c> the</c><00:12:33.760><c> roads</c><00:12:33.880><c> to</c><00:12:34.060><c> be</c>

00:12:34.080 --> 00:12:34.090 align:start position:0%
order to like pay for the roads to be
 

00:12:34.090 --> 00:12:36.960 align:start position:0%
order to like pay for the roads to be
done<00:12:34.980><c> the</c><00:12:35.980><c> kind</c><00:12:36.250><c> of</c><00:12:36.310><c> state</c><00:12:36.490><c> was</c><00:12:36.610><c> having</c><00:12:36.850><c> pain</c>

00:12:36.960 --> 00:12:36.970 align:start position:0%
done the kind of state was having pain
 

00:12:36.970 --> 00:12:38.970 align:start position:0%
done the kind of state was having pain
taxes<00:12:37.420><c> to</c><00:12:37.570><c> use</c><00:12:37.750><c> these</c><00:12:37.900><c> theorem</c><00:12:38.320><c> to</c><00:12:38.530><c> the</c><00:12:38.620><c> finest</c>

00:12:38.970 --> 00:12:38.980 align:start position:0%
taxes to use these theorem to the finest
 

00:12:38.980 --> 00:12:41.670 align:start position:0%
taxes to use these theorem to the finest
but<00:12:39.610><c> that</c><00:12:39.880><c> the</c><00:12:40.240><c> miners</c><00:12:40.570><c> don't</c><00:12:40.840><c> kind</c><00:12:41.050><c> of</c><00:12:41.200><c> invest</c>

00:12:41.670 --> 00:12:41.680 align:start position:0%
but that the miners don't kind of invest
 

00:12:41.680 --> 00:12:43.950 align:start position:0%
but that the miners don't kind of invest
back<00:12:41.950><c> into</c><00:12:42.280><c> that</c><00:12:42.460><c> continuous</c><00:12:42.910><c> development</c><00:12:43.060><c> of</c>

00:12:43.950 --> 00:12:43.960 align:start position:0%
back into that continuous development of
 

00:12:43.960 --> 00:12:47.820 align:start position:0%
back into that continuous development of
the<00:12:44.200><c> rows</c><00:12:44.410><c> of</c><00:12:44.740><c> the</c><00:12:44.860><c> base</c><00:12:45.010><c> there</c><00:12:46.290><c> so</c><00:12:47.290><c> if</c><00:12:47.650><c> we</c>

00:12:47.820 --> 00:12:47.830 align:start position:0%
the rows of the base there so if we
 

00:12:47.830 --> 00:12:51.810 align:start position:0%
the rows of the base there so if we
don't<00:12:48.130><c> kind</c><00:12:48.940><c> of</c><00:12:49.030><c> find</c><00:12:49.420><c> good</c><00:12:49.750><c> ways</c><00:12:49.960><c> to</c><00:12:50.820><c> invest</c>

00:12:51.810 --> 00:12:51.820 align:start position:0%
don't kind of find good ways to invest
 

00:12:51.820 --> 00:12:54.150 align:start position:0%
don't kind of find good ways to invest
in<00:12:52.030><c> public</c><00:12:52.150><c> works</c><00:12:52.510><c> will</c><00:12:52.810><c> it</c><00:12:52.900><c> be</c><00:12:53.410><c> like</c>

00:12:54.150 --> 00:12:54.160 align:start position:0%
in public works will it be like
 

00:12:54.160 --> 00:12:55.800 align:start position:0%
in public works will it be like
refundable<00:12:54.670><c> capital</c><00:12:55.060><c> into</c><00:12:55.270><c> public</c><00:12:55.600><c> works</c>

00:12:55.800 --> 00:12:55.810 align:start position:0%
refundable capital into public works
 

00:12:55.810 --> 00:13:00.120 align:start position:0%
refundable capital into public works
then<00:12:56.680><c> we</c><00:12:56.830><c> end</c><00:12:57.010><c> up</c><00:12:57.220><c> like</c><00:12:57.820><c> us</c><00:12:58.440><c> like</c><00:12:59.440><c> shitty</c><00:12:59.770><c> fun</c>

00:13:00.120 --> 00:13:00.130 align:start position:0%
then we end up like us like shitty fun
 

00:13:00.130 --> 00:13:03.360 align:start position:0%
then we end up like us like shitty fun
whole<00:13:00.340><c> throats</c><00:13:01.050><c> and</c><00:13:02.050><c> this</c><00:13:02.710><c> is</c><00:13:02.860><c> a</c><00:13:02.890><c> really</c><00:13:03.220><c> big</c>

00:13:03.360 --> 00:13:03.370 align:start position:0%
whole throats and this is a really big
 

00:13:03.370 --> 00:13:05.460 align:start position:0%
whole throats and this is a really big
problem<00:13:03.580><c> I</c><00:13:03.820><c> think</c><00:13:03.900><c> not</c><00:13:04.900><c> just</c><00:13:04.930><c> a</c><00:13:05.140><c> problem</c><00:13:05.320><c> that</c>

00:13:05.460 --> 00:13:05.470 align:start position:0%
problem I think not just a problem that
 

00:13:05.470 --> 00:13:08.030 align:start position:0%
problem I think not just a problem that
we<00:13:05.680><c> have</c><00:13:05.830><c> in</c><00:13:06.040><c> I</c><00:13:06.460><c> think</c><00:13:06.970><c> the</c><00:13:07.090><c> current</c><00:13:07.420><c> open</c>

00:13:08.030 --> 00:13:08.040 align:start position:0%
we have in I think the current open
 

00:13:08.040 --> 00:13:10.740 align:start position:0%
we have in I think the current open
watching<00:13:09.040><c> space</c><00:13:09.400><c> but</c><00:13:10.060><c> it's</c><00:13:10.180><c> a</c><00:13:10.270><c> problem</c><00:13:10.450><c> an</c>

00:13:10.740 --> 00:13:10.750 align:start position:0%
watching space but it's a problem an
 

00:13:10.750 --> 00:13:15.189 align:start position:0%
watching space but it's a problem an
open<00:13:11.050><c> source</c><00:13:11.640><c> maintained</c><00:13:12.640><c> man</c><00:13:12.790><c> in</c><00:13:12.910><c> general</c>

00:13:15.189 --> 00:13:15.199 align:start position:0%
 
 

00:13:15.199 --> 00:13:17.829 align:start position:0%
 
Kevin<00:13:15.859><c> maybe</c><00:13:16.040><c> you</c><00:13:16.279><c> have</c><00:13:16.489><c> or</c><00:13:16.819><c> lacking</c><00:13:16.999><c> any</c><00:13:17.629><c> of</c>

00:13:17.829 --> 00:13:17.839 align:start position:0%
Kevin maybe you have or lacking any of
 

00:13:17.839 --> 00:13:20.619 align:start position:0%
Kevin maybe you have or lacking any of
you<00:13:18.019><c> I</c><00:13:18.769><c> I</c><00:13:19.459><c> know</c><00:13:19.730><c> it's</c><00:13:20.059><c> really</c><00:13:20.359><c> really</c>

00:13:20.619 --> 00:13:20.629 align:start position:0%
you I I know it's really really
 

00:13:20.629 --> 00:13:22.479 align:start position:0%
you I I know it's really really
difficult<00:13:20.809><c> to</c><00:13:21.079><c> be</c><00:13:21.170><c> maintained</c><00:13:21.559><c> to</c><00:13:21.769><c> be</c><00:13:22.009><c> paid</c><00:13:22.309><c> as</c>

00:13:22.479 --> 00:13:22.489 align:start position:0%
difficult to be maintained to be paid as
 

00:13:22.489 --> 00:13:24.789 align:start position:0%
difficult to be maintained to be paid as
an<00:13:22.609><c> open-source</c><00:13:22.910><c> maintainer</c><00:13:23.379><c> for</c><00:13:24.379><c> any</c><00:13:24.559><c> kind</c>

00:13:24.789 --> 00:13:24.799 align:start position:0%
an open-source maintainer for any kind
 

00:13:24.799 --> 00:13:30.329 align:start position:0%
an open-source maintainer for any kind
of<00:13:24.859><c> project</c><00:13:27.819><c> yet</c><00:13:28.819><c> so</c><00:13:28.939><c> I</c><00:13:28.999><c> mean</c><00:13:29.149><c> I</c><00:13:29.269><c> think</c><00:13:29.569><c> that</c>

00:13:30.329 --> 00:13:30.339 align:start position:0%
of project yet so I mean I think that
 

00:13:30.339 --> 00:13:32.769 align:start position:0%
of project yet so I mean I think that
our<00:13:31.339><c> mission</c><00:13:31.639><c> is</c><00:13:31.759><c> to</c><00:13:31.790><c> crowd</c><00:13:32.119><c> sustainable</c>

00:13:32.769 --> 00:13:32.779 align:start position:0%
our mission is to crowd sustainable
 

00:13:32.779 --> 00:13:34.179 align:start position:0%
our mission is to crowd sustainable
sources<00:13:33.109><c> whatever</c><00:13:33.350><c> went</c><00:13:33.529><c> up</c><00:13:33.619><c> here</c><00:13:33.829><c> has</c><00:13:34.009><c> an</c>

00:13:34.179 --> 00:13:34.189 align:start position:0%
sources whatever went up here has an
 

00:13:34.189 --> 00:13:37.119 align:start position:0%
sources whatever went up here has an
interesting<00:13:34.759><c> model</c><00:13:35.029><c> that</c><00:13:35.779><c> could</c><00:13:36.649><c> be</c><00:13:36.769><c> used</c><00:13:36.949><c> to</c>

00:13:37.119 --> 00:13:37.129 align:start position:0%
interesting model that could be used to
 

00:13:37.129 --> 00:13:38.710 align:start position:0%
interesting model that could be used to
solve<00:13:37.519><c> the</c><00:13:37.669><c> coordination</c><00:13:38.179><c> problem</c><00:13:38.569><c> of</c>

00:13:38.710 --> 00:13:38.720 align:start position:0%
solve the coordination problem of
 

00:13:38.720 --> 00:13:41.030 align:start position:0%
solve the coordination problem of
funding

00:13:41.030 --> 00:13:41.040 align:start position:0%
funding
 

00:13:41.040 --> 00:13:44.900 align:start position:0%
funding
,<00:13:41.490><c> sack</c><00:13:41.790><c> full</c><00:13:42.510><c> of</c><00:13:42.570><c> dal</c><00:13:43.490><c> Congrats</c><00:13:44.490><c> I</c><00:13:44.640><c> know</c><00:13:44.790><c> we're</c>

00:13:44.900 --> 00:13:44.910 align:start position:0%
, sack full of dal Congrats I know we're
 

00:13:44.910 --> 00:13:47.840 align:start position:0%
, sack full of dal Congrats I know we're
all<00:13:45.030><c> experimenting</c><00:13:45.660><c> with</c><00:13:45.930><c> space</c><00:13:46.470><c> and</c><00:13:46.770><c> so</c><00:13:46.980><c> I</c>

00:13:47.840 --> 00:13:47.850 align:start position:0%
all experimenting with space and so I
 

00:13:47.850 --> 00:13:49.670 align:start position:0%
all experimenting with space and so I
think<00:13:48.180><c> a</c><00:13:48.330><c> diversification</c><00:13:48.870><c> of</c><00:13:49.350><c> funding</c>

00:13:49.670 --> 00:13:49.680 align:start position:0%
think a diversification of funding
 

00:13:49.680 --> 00:13:51.260 align:start position:0%
think a diversification of funding
models<00:13:49.980><c> it</c><00:13:50.310><c> will</c><00:13:50.490><c> make</c><00:13:50.640><c> me</c><00:13:50.790><c> miss</c><00:13:50.970><c> system</c>

00:13:51.260 --> 00:13:51.270 align:start position:0%
models it will make me miss system
 

00:13:51.270 --> 00:13:52.550 align:start position:0%
models it will make me miss system
stronger<00:13:51.540><c> so</c><00:13:51.870><c> it</c><00:13:51.930><c> look</c><00:13:52.080><c> to</c><00:13:52.170><c> hear</c><00:13:52.320><c> from</c><00:13:52.410><c> the</c>

00:13:52.550 --> 00:13:52.560 align:start position:0%
stronger so it look to hear from the
 

00:13:52.560 --> 00:13:57.380 align:start position:0%
stronger so it look to hear from the
others<00:13:52.770><c> on</c><00:13:53.010><c> the</c><00:13:53.070><c> panel</c><00:13:53.100><c> Jim</c><00:13:56.060><c> we'll</c><00:13:57.060><c> get</c><00:13:57.210><c> into</c>

00:13:57.380 --> 00:13:57.390 align:start position:0%
others on the panel Jim we'll get into
 

00:13:57.390 --> 00:13:59.990 align:start position:0%
others on the panel Jim we'll get into
that<00:13:57.510><c> each</c><00:13:57.780><c> of</c><00:13:57.810><c> the</c><00:13:58.050><c> models</c><00:13:58.800><c> you're</c><00:13:59.730><c> not</c><00:13:59.820><c> just</c>

00:13:59.990 --> 00:14:00.000 align:start position:0%
that each of the models you're not just
 

00:14:00.000 --> 00:14:02.030 align:start position:0%
that each of the models you're not just
like<00:14:00.210><c> as</c><00:14:00.330><c> a</c><00:14:00.360><c> base</c><00:14:00.540><c> open</c><00:14:00.750><c> it</c><00:14:00.930><c> okay</c><00:14:01.710><c> so</c><00:14:01.770><c> we</c><00:14:01.920><c> don't</c>

00:14:02.030 --> 00:14:02.040 align:start position:0%
like as a base open it okay so we don't
 

00:14:02.040 --> 00:14:04.460 align:start position:0%
like as a base open it okay so we don't
like<00:14:02.220><c> this</c><00:14:02.600><c> so</c><00:14:03.600><c> we</c><00:14:03.720><c> need</c><00:14:03.870><c> better</c><00:14:04.050><c> funding</c>

00:14:04.460 --> 00:14:04.470 align:start position:0%
like this so we need better funding
 

00:14:04.470 --> 00:14:06.980 align:start position:0%
like this so we need better funding
models<00:14:04.710><c> for</c><00:14:04.830><c> the</c><00:14:04.890><c> Commons</c><00:14:05.720><c> which</c><00:14:06.720><c> would</c><00:14:06.900><c> be</c>

00:14:06.980 --> 00:14:06.990 align:start position:0%
models for the Commons which would be
 

00:14:06.990 --> 00:14:08.120 align:start position:0%
models for the Commons which would be
want<00:14:07.140><c> to</c><00:14:07.200><c> make</c><00:14:07.290><c> sure</c><00:14:07.410><c> that</c><00:14:07.590><c> we</c><00:14:07.710><c> get</c><00:14:07.770><c> to</c><00:14:07.920><c> the</c><00:14:08.040><c> end</c>

00:14:08.120 --> 00:14:08.130 align:start position:0%
want to make sure that we get to the end
 

00:14:08.130 --> 00:14:11.650 align:start position:0%
want to make sure that we get to the end
we<00:14:08.850><c> also</c><00:14:09.030><c> don't</c><00:14:09.330><c> want</c><00:14:09.510><c> this</c><00:14:10.250><c> so</c><00:14:11.250><c> this</c><00:14:11.460><c> is</c>

00:14:11.650 --> 00:14:11.660 align:start position:0%
we also don't want this so this is
 

00:14:11.660 --> 00:14:18.920 align:start position:0%
we also don't want this so this is
tollgate<00:14:12.660><c> in</c><00:14:12.810><c> China</c><00:14:13.820><c> and</c><00:14:16.250><c> so</c><00:14:17.510><c> like</c><00:14:18.510><c> other</c><00:14:18.750><c> ones</c>

00:14:18.920 --> 00:14:18.930 align:start position:0%
tollgate in China and so like other ones
 

00:14:18.930 --> 00:14:20.270 align:start position:0%
tollgate in China and so like other ones
that<00:14:19.110><c> we</c><00:14:19.230><c> have</c><00:14:19.350><c> free</c><00:14:19.560><c> roads</c><00:14:19.800><c> but</c><00:14:20.010><c> if</c><00:14:20.100><c> they're</c>

00:14:20.270 --> 00:14:20.280 align:start position:0%
that we have free roads but if they're
 

00:14:20.280 --> 00:14:21.740 align:start position:0%
that we have free roads but if they're
not<00:14:20.430><c> maintained</c><00:14:20.910><c> well</c><00:14:21.090><c> they're</c><00:14:21.300><c> gonna</c><00:14:21.420><c> end</c><00:14:21.630><c> up</c>

00:14:21.740 --> 00:14:21.750 align:start position:0%
not maintained well they're gonna end up
 

00:14:21.750 --> 00:14:24.530 align:start position:0%
not maintained well they're gonna end up
like<00:14:21.900><c> this</c><00:14:22.190><c> and</c><00:14:23.190><c> on</c><00:14:23.460><c> the</c><00:14:23.550><c> other</c><00:14:23.730><c> side</c><00:14:23.850><c> this</c>

00:14:24.530 --> 00:14:24.540 align:start position:0%
like this and on the other side this
 

00:14:24.540 --> 00:14:26.000 align:start position:0%
like this and on the other side this
kind<00:14:24.900><c> of</c><00:14:24.990><c> reminds</c><00:14:25.320><c> me</c><00:14:25.350><c> of</c><00:14:25.440><c> some</c><00:14:25.650><c> of</c><00:14:25.680><c> the</c><00:14:25.770><c> day</c><00:14:25.890><c> or</c>

00:14:26.000 --> 00:14:26.010 align:start position:0%
kind of reminds me of some of the day or
 

00:14:26.010 --> 00:14:27.410 align:start position:0%
kind of reminds me of some of the day or
one<00:14:26.190><c> solutions</c><00:14:26.670><c> that</c><00:14:26.790><c> are</c><00:14:26.880><c> being</c><00:14:27.060><c> built</c><00:14:27.210><c> up</c>

00:14:27.410 --> 00:14:27.420 align:start position:0%
one solutions that are being built up
 

00:14:27.420 --> 00:14:28.910 align:start position:0%
one solutions that are being built up
it's<00:14:27.840><c> like</c><00:14:27.960><c> if</c><00:14:28.080><c> we</c><00:14:28.200><c> start</c><00:14:28.440><c> monetizing</c>

00:14:28.910 --> 00:14:28.920 align:start position:0%
it's like if we start monetizing
 

00:14:28.920 --> 00:14:32.030 align:start position:0%
it's like if we start monetizing
scalability<00:14:29.880><c> too</c><00:14:30.090><c> hard</c><00:14:30.420><c> then</c><00:14:31.230><c> essentially</c><00:14:31.830><c> it</c>

00:14:32.030 --> 00:14:32.040 align:start position:0%
scalability too hard then essentially it
 

00:14:32.040 --> 00:14:34.580 align:start position:0%
scalability too hard then essentially it
become<00:14:32.310><c> click</c><00:14:32.570><c> like</c><00:14:33.570><c> using</c><00:14:33.870><c> a</c><00:14:34.110><c> theater</c><00:14:34.440><c> will</c>

00:14:34.580 --> 00:14:34.590 align:start position:0%
become click like using a theater will
 

00:14:34.590 --> 00:14:36.490 align:start position:0%
become click like using a theater will
be<00:14:34.620><c> like</c><00:14:34.830><c> pausing</c><00:14:35.190><c> from</c><00:14:35.310><c> toll</c><00:14:35.520><c> gate</c><00:14:35.670><c> to</c><00:14:35.820><c> target</c>

00:14:36.490 --> 00:14:36.500 align:start position:0%
be like pausing from toll gate to target
 

00:14:36.500 --> 00:14:38.450 align:start position:0%
be like pausing from toll gate to target
that's<00:14:37.500><c> also</c><00:14:37.800><c> something</c><00:14:37.980><c> that</c><00:14:38.100><c> we</c><00:14:38.250><c> want</c><00:14:38.430><c> to</c>

00:14:38.450 --> 00:14:38.460 align:start position:0%
that's also something that we want to
 

00:14:38.460 --> 00:14:46.370 align:start position:0%
that's also something that we want to
avoid<00:14:40.190><c> okay</c><00:14:41.240><c> so</c><00:14:44.330><c> over</c><00:14:45.330><c> the</c><00:14:45.510><c> next</c><00:14:45.690><c> half</c><00:14:45.960><c> hour</c>

00:14:46.370 --> 00:14:46.380 align:start position:0%
avoid okay so over the next half hour
 

00:14:46.380 --> 00:14:49.160 align:start position:0%
avoid okay so over the next half hour
plus<00:14:47.300><c> we're</c><00:14:48.300><c> really</c><00:14:48.480><c> gonna</c><00:14:48.630><c> kind</c><00:14:48.900><c> of</c><00:14:48.930><c> take</c><00:14:49.050><c> the</c>

00:14:49.160 --> 00:14:49.170 align:start position:0%
plus we're really gonna kind of take the
 

00:14:49.170 --> 00:14:51.620 align:start position:0%
plus we're really gonna kind of take the
journey<00:14:49.380><c> from</c><00:14:49.700><c> different</c><00:14:50.700><c> for-profit</c><00:14:51.330><c> models</c>

00:14:51.620 --> 00:14:51.630 align:start position:0%
journey from different for-profit models
 

00:14:51.630 --> 00:14:54.440 align:start position:0%
journey from different for-profit models
into<00:14:51.900><c> nonprofit</c><00:14:52.080><c> models</c><00:14:52.760><c> and</c><00:14:53.760><c> then</c><00:14:53.940><c> finally</c>

00:14:54.440 --> 00:14:54.450 align:start position:0%
into nonprofit models and then finally
 

00:14:54.450 --> 00:14:56.570 align:start position:0%
into nonprofit models and then finally
to<00:14:54.570><c> their</c><00:14:54.690><c> comments</c><00:14:55.070><c> the</c><00:14:56.070><c> first</c><00:14:56.310><c> one</c><00:14:56.490><c> that</c>

00:14:56.570 --> 00:14:56.580 align:start position:0%
to their comments the first one that
 

00:14:56.580 --> 00:14:58.040 align:start position:0%
to their comments the first one that
we're<00:14:56.700><c> going</c><00:14:56.790><c> to</c><00:14:56.850><c> start</c><00:14:57.090><c> with</c><00:14:57.240><c> is</c><00:14:57.270><c> venture</c>

00:14:58.040 --> 00:14:58.050 align:start position:0%
we're going to start with is venture
 

00:14:58.050 --> 00:15:01.010 align:start position:0%
we're going to start with is venture
capital<00:14:58.880><c> one</c><00:14:59.880><c> of</c><00:14:59.940><c> the</c><00:15:00.000><c> oldest</c><00:15:00.390><c> funding</c><00:15:00.720><c> models</c>

00:15:01.010 --> 00:15:01.020 align:start position:0%
capital one of the oldest funding models
 

00:15:01.020 --> 00:15:04.190 align:start position:0%
capital one of the oldest funding models
in<00:15:01.560><c> existence</c><00:15:02.040><c> I</c><00:15:03.000><c> think</c><00:15:03.690><c> compared</c><00:15:04.020><c> to</c><00:15:04.050><c> the</c>

00:15:04.190 --> 00:15:04.200 align:start position:0%
in existence I think compared to the
 

00:15:04.200 --> 00:15:07.360 align:start position:0%
in existence I think compared to the
other<00:15:04.320><c> ones</c><00:15:04.470><c> about</c>

00:15:07.360 --> 00:15:07.370 align:start position:0%
 
 

00:15:07.370 --> 00:15:12.040 align:start position:0%
 
cool<00:15:08.370><c> so</c><00:15:09.320><c> let's</c><00:15:10.320><c> talk</c><00:15:10.470><c> about</c><00:15:10.530><c> in</c><00:15:10.800><c> Chicago</c><00:15:11.100><c> I</c>

00:15:12.040 --> 00:15:12.050 align:start position:0%
cool so let's talk about in Chicago I
 

00:15:12.050 --> 00:15:15.320 align:start position:0%
cool so let's talk about in Chicago I
think<00:15:13.050><c> going</c><00:15:13.710><c> back</c><00:15:13.830><c> to</c><00:15:14.010><c> Ellie</c><00:15:14.370><c> I</c><00:15:14.520><c> saw</c><00:15:15.000><c> the</c><00:15:15.060><c> most</c>

00:15:15.320 --> 00:15:15.330 align:start position:0%
think going back to Ellie I saw the most
 

00:15:15.330 --> 00:15:17.420 align:start position:0%
think going back to Ellie I saw the most
amount<00:15:15.570><c> intact</c><00:15:15.960><c> up</c><00:15:16.170><c> for</c><00:15:16.470><c> people</c><00:15:17.220><c> that</c><00:15:17.310><c> had</c>

00:15:17.420 --> 00:15:17.430 align:start position:0%
amount intact up for people that had
 

00:15:17.430 --> 00:15:19.190 align:start position:0%
amount intact up for people that had
previously<00:15:17.760><c> received</c><00:15:17.940><c> VC</c><00:15:18.420><c> because</c><00:15:19.050><c> my</c>

00:15:19.190 --> 00:15:19.200 align:start position:0%
previously received VC because my
 

00:15:19.200 --> 00:15:22.920 align:start position:0%
previously received VC because my
phrasing<00:15:19.530><c> you</c><00:15:19.590><c> have</c><00:15:19.710><c> again</c>

00:15:22.920 --> 00:15:22.930 align:start position:0%
 
 

00:15:22.930 --> 00:15:25.350 align:start position:0%
 
okay<00:15:23.499><c> does</c><00:15:24.459><c> anyone</c><00:15:24.670><c> want</c><00:15:24.939><c> to</c><00:15:24.999><c> speak</c><00:15:25.240><c> about</c>

00:15:25.350 --> 00:15:25.360 align:start position:0%
okay does anyone want to speak about
 

00:15:25.360 --> 00:15:27.660 align:start position:0%
okay does anyone want to speak about
their<00:15:25.899><c> experience</c><00:15:26.680><c> chants</c><00:15:27.279><c> prints</c><00:15:27.490><c> that</c>

00:15:27.660 --> 00:15:27.670 align:start position:0%
their experience chants prints that
 

00:15:27.670 --> 00:15:29.970 align:start position:0%
their experience chants prints that
haven't<00:15:27.910><c> DC</c><00:15:28.319><c> maybe</c><00:15:29.319><c> some</c><00:15:29.470><c> additions</c><00:15:29.860><c> they</c>

00:15:29.970 --> 00:15:29.980 align:start position:0%
haven't DC maybe some additions they
 

00:15:29.980 --> 00:15:34.710 align:start position:0%
haven't DC maybe some additions they
encountered<00:15:32.040><c> yeah</c><00:15:33.040><c> the</c><00:15:33.790><c> only</c><00:15:33.999><c> language</c><00:15:34.240><c> be</c>

00:15:34.710 --> 00:15:34.720 align:start position:0%
encountered yeah the only language be
 

00:15:34.720 --> 00:15:36.040 align:start position:0%
encountered yeah the only language be
seen

00:15:36.040 --> 00:15:36.050 align:start position:0%
seen
 

00:15:36.050 --> 00:15:38.829 align:start position:0%
seen
so<00:15:36.980><c> you</c><00:15:37.670><c> haven't</c><00:15:37.879><c> seen</c><00:15:37.999><c> one</c><00:15:38.239><c> lineman</c><00:15:38.689><c> ever</c>

00:15:38.829 --> 00:15:38.839 align:start position:0%
so you haven't seen one lineman ever
 

00:15:38.839 --> 00:15:41.640 align:start position:0%
so you haven't seen one lineman ever
watch<00:15:39.079><c> that</c>

00:15:41.640 --> 00:15:41.650 align:start position:0%
 
 

00:15:41.650 --> 00:15:43.440 align:start position:0%
 
so<00:15:42.160><c> the</c><00:15:42.280><c> only</c><00:15:42.520><c> way</c><00:15:42.730><c> I</c><00:15:42.760><c> got</c><00:15:42.940><c> to</c><00:15:43.060><c> be</c><00:15:43.150><c> seen</c><00:15:43.360><c> to</c>

00:15:43.440 --> 00:15:43.450 align:start position:0%
so the only way I got to be seen to
 

00:15:43.450 --> 00:15:44.160 align:start position:0%
so the only way I got to be seen to
invest

00:15:44.160 --> 00:15:44.170 align:start position:0%
invest
 

00:15:44.170 --> 00:15:47.160 align:start position:0%
invest
basically<00:15:45.130><c> governance</c><00:15:45.640><c> and</c><00:15:46.000><c> ground</c><00:15:46.420><c> roll</c><00:15:46.810><c> and</c>

00:15:47.160 --> 00:15:47.170 align:start position:0%
basically governance and ground roll and
 

00:15:47.170 --> 00:15:49.630 align:start position:0%
basically governance and ground roll and
weaker<00:15:47.800><c> UN</c>

00:15:49.630 --> 00:15:49.640 align:start position:0%
weaker UN
 

00:15:49.640 --> 00:15:57.380 align:start position:0%
weaker UN
and<00:15:51.910><c> that</c><00:15:52.910><c> was</c><00:15:53.230><c> have</c><00:15:54.230><c> to</c><00:15:54.440><c> show</c><00:15:54.710><c> that</c><00:15:55.100><c> there</c><00:15:56.000><c> is</c>

00:15:57.380 --> 00:15:57.390 align:start position:0%
and that was have to show that there is
 

00:15:57.390 --> 00:16:00.229 align:start position:0%
and that was have to show that there is
yeah<00:15:57.839><c> or</c><00:15:58.740><c> you</c><00:15:58.860><c> may</c><00:15:58.980><c> get</c><00:15:59.100><c> funding</c>

00:16:00.229 --> 00:16:00.239 align:start position:0%
yeah or you may get funding
 

00:16:00.239 --> 00:16:03.819 align:start position:0%
yeah or you may get funding
Here<00:16:01.239><c> I</c><00:16:01.269><c> am</c><00:16:01.389><c> any</c><00:16:01.809><c> good</c><00:16:02.139><c> your</c><00:16:02.470><c> mom</c>

00:16:03.819 --> 00:16:03.829 align:start position:0%
Here I am any good your mom
 

00:16:03.829 --> 00:16:07.940 align:start position:0%
Here I am any good your mom
that<00:16:04.309><c> doesn't</c><00:16:05.029><c> really</c><00:16:05.149><c> cut</c><00:16:05.449><c> it</c>

00:16:07.940 --> 00:16:07.950 align:start position:0%
 
 

00:16:07.950 --> 00:16:10.400 align:start position:0%
 
that's<00:16:08.220><c> a</c><00:16:08.310><c> field</c><00:16:08.550><c> imager</c>

00:16:10.400 --> 00:16:10.410 align:start position:0%
that's a field imager
 

00:16:10.410 --> 00:16:12.590 align:start position:0%
that's a field imager
thanks<00:16:11.410><c> to</c><00:16:11.470><c> their</c><00:16:11.679><c> and</c>

00:16:12.590 --> 00:16:12.600 align:start position:0%
thanks to their and
 

00:16:12.600 --> 00:16:14.880 align:start position:0%
thanks to their and
one<00:16:13.500><c> other</c>

00:16:14.880 --> 00:16:14.890 align:start position:0%
one other
 

00:16:14.890 --> 00:16:21.680 align:start position:0%
one other
is<00:16:15.100><c> like</c><00:16:15.540><c> the</c><00:16:16.540><c> environment</c><00:16:17.230><c> was</c><00:16:17.380><c> very</c>

00:16:21.680 --> 00:16:21.690 align:start position:0%
 
 

00:16:21.690 --> 00:16:27.300 align:start position:0%
 
it's<00:16:22.560><c> so</c><00:16:22.830><c> easy</c><00:16:23.220><c> to</c><00:16:23.370><c> raise</c><00:16:23.640><c> like</c><00:16:24.260><c> 27</c>

00:16:27.300 --> 00:16:27.310 align:start position:0%
 
 

00:16:27.310 --> 00:16:29.280 align:start position:0%
 
and<00:16:28.089><c> when</c><00:16:28.209><c> we</c><00:16:28.329><c> tried</c><00:16:28.569><c> to</c><00:16:28.600><c> raise</c><00:16:28.839><c> like</c><00:16:29.139><c> a</c>

00:16:29.280 --> 00:16:29.290 align:start position:0%
and when we tried to raise like a
 

00:16:29.290 --> 00:16:33.890 align:start position:0%
and when we tried to raise like a
serious<00:16:29.889><c> I</c><00:16:29.980><c> can</c><00:16:30.129><c> completely</c><00:16:30.579><c> different</c><00:16:31.029><c> eight</c>

00:16:33.890 --> 00:16:33.900 align:start position:0%
 
 

00:16:33.900 --> 00:16:37.079 align:start position:0%
 
so<00:16:34.350><c> I</c><00:16:34.380><c> think</c><00:16:34.529><c> alive</c>

00:16:37.079 --> 00:16:37.089 align:start position:0%
 
 

00:16:37.089 --> 00:16:38.909 align:start position:0%
 
you<00:16:37.569><c> see</c><00:16:37.719><c> that</c><00:16:37.839><c> from</c><00:16:38.019><c> the</c><00:16:38.139><c> ground</c><00:16:38.289><c> sizes</c><00:16:38.709><c> why</c>

00:16:38.909 --> 00:16:38.919 align:start position:0%
you see that from the ground sizes why
 

00:16:38.919 --> 00:16:40.859 align:start position:0%
you see that from the ground sizes why
me<00:16:39.129><c> ground</c><00:16:39.339><c> sizes</c><00:16:39.729><c> were</c><00:16:39.849><c> like</c><00:16:40.059><c> doesn't</c><00:16:40.749><c> have</c>

00:16:40.859 --> 00:16:40.869 align:start position:0%
me ground sizes were like doesn't have
 

00:16:40.869 --> 00:16:43.379 align:start position:0%
me ground sizes were like doesn't have
now<00:16:41.049><c> there</c><00:16:41.259><c> are</c><00:16:41.349><c> not</c><00:16:41.559><c> to</c><00:16:41.739><c> my</c><00:16:41.829><c> very</c><00:16:42.389><c> major</c>

00:16:43.379 --> 00:16:43.389 align:start position:0%
now there are not to my very major
 

00:16:43.389 --> 00:16:44.909 align:start position:0%
now there are not to my very major
others<00:16:43.869><c> I</c><00:16:44.079><c> think</c><00:16:44.199><c> that</c><00:16:44.439><c> speaks</c><00:16:44.619><c> to</c><00:16:44.739><c> exactly</c>

00:16:44.909 --> 00:16:44.919 align:start position:0%
others I think that speaks to exactly
 

00:16:44.919 --> 00:16:48.659 align:start position:0%
others I think that speaks to exactly
what<00:16:45.549><c> your</c><00:16:46.449><c> penis</c><00:16:46.739><c> is</c><00:16:47.739><c> said</c><00:16:47.949><c> it's</c><00:16:48.099><c> like</c><00:16:48.249><c> so</c>

00:16:48.659 --> 00:16:48.669 align:start position:0%
what your penis is said it's like so
 

00:16:48.669 --> 00:16:53.069 align:start position:0%
what your penis is said it's like so
much<00:16:48.819><c> decreased</c><00:16:49.209><c> a</c><00:16:49.299><c> lot</c><00:16:49.419><c> of</c><00:16:49.599><c> twists</c><00:16:51.929><c> I'm</c><00:16:52.929><c> going</c>

00:16:53.069 --> 00:16:53.079 align:start position:0%
much decreased a lot of twists I'm going
 

00:16:53.079 --> 00:16:58.860 align:start position:0%
much decreased a lot of twists I'm going
to<00:16:53.169><c> say</c><00:16:53.379><c> something</c><00:16:53.829><c> similar</c><00:16:54.219><c> but</c>

00:16:58.860 --> 00:16:58.870 align:start position:0%
 
 

00:16:58.870 --> 00:17:03.540 align:start position:0%
 
their<00:17:00.779><c> deal</c>

00:17:03.540 --> 00:17:03.550 align:start position:0%
their deal
 

00:17:03.550 --> 00:17:06.090 align:start position:0%
their deal
so<00:17:04.360><c> environments</c><00:17:05.290><c> before</c><00:17:05.410><c> me</c><00:17:05.620><c> but</c><00:17:05.740><c> else</c><00:17:05.890><c> that</c>

00:17:06.090 --> 00:17:06.100 align:start position:0%
so environments before me but else that
 

00:17:06.100 --> 00:17:06.949 align:start position:0%
so environments before me but else that
I've<00:17:06.280><c> been</c><00:17:06.400><c> teased</c>

00:17:06.949 --> 00:17:06.959 align:start position:0%
I've been teased
 

00:17:06.959 --> 00:17:12.049 align:start position:0%
I've been teased
okay<00:17:09.649><c> coming</c><00:17:10.649><c> from</c><00:17:10.860><c> the</c><00:17:11.129><c> VC</c><00:17:11.490><c> side</c><00:17:11.699><c> work</c>

00:17:12.049 --> 00:17:12.059 align:start position:0%
okay coming from the VC side work
 

00:17:12.059 --> 00:17:15.660 align:start position:0%
okay coming from the VC side work
Adebisi

00:17:15.660 --> 00:17:15.670 align:start position:0%
 
 

00:17:15.670 --> 00:17:17.980 align:start position:0%
 
although<00:17:16.670><c> I</c><00:17:16.730><c> think</c><00:17:16.850><c> that</c>

00:17:17.980 --> 00:17:17.990 align:start position:0%
although I think that
 

00:17:17.990 --> 00:17:21.180 align:start position:0%
although I think that
you<00:17:18.339><c> know</c><00:17:19.339><c> I</c><00:17:19.550><c> think</c><00:17:19.699><c> that</c><00:17:19.939><c> also</c><00:17:20.329><c> some</c>

00:17:21.180 --> 00:17:21.190 align:start position:0%
you know I think that also some
 

00:17:21.190 --> 00:17:23.069 align:start position:0%
you know I think that also some
really<00:17:21.520><c> great</c><00:17:21.730><c> in</c><00:17:21.970><c> a</c><00:17:22.060><c> lot</c><00:17:22.180><c> of</c><00:17:22.210><c> ways</c>

00:17:23.069 --> 00:17:23.079 align:start position:0%
really great in a lot of ways
 

00:17:23.079 --> 00:17:25.170 align:start position:0%
really great in a lot of ways
issue<00:17:23.199><c> is</c><00:17:23.439><c> that</c>

00:17:25.170 --> 00:17:25.180 align:start position:0%
issue is that
 

00:17:25.180 --> 00:17:27.690 align:start position:0%
issue is that
maybe<00:17:25.690><c> there's</c><00:17:26.080><c> no</c><00:17:26.200><c> way</c><00:17:26.530><c> different</c><00:17:27.010><c> than</c><00:17:27.100><c> vici</c>

00:17:27.690 --> 00:17:27.700 align:start position:0%
maybe there's no way different than vici
 

00:17:27.700 --> 00:17:30.000 align:start position:0%
maybe there's no way different than vici
obsessed<00:17:28.060><c> right</c><00:17:28.570><c> so</c><00:17:29.260><c> a</c><00:17:29.290><c> venture</c><00:17:29.680><c> capital</c>

00:17:30.000 --> 00:17:30.010 align:start position:0%
obsessed right so a venture capital
 

00:17:30.010 --> 00:17:31.740 align:start position:0%
obsessed right so a venture capital
works<00:17:30.160><c> for</c><00:17:30.550><c> a</c><00:17:30.580><c> lot</c><00:17:30.760><c> of</c><00:17:30.880><c> models</c><00:17:31.240><c> but</c><00:17:31.480><c> a</c><00:17:31.540><c> lot</c><00:17:31.720><c> of</c>

00:17:31.740 --> 00:17:31.750 align:start position:0%
works for a lot of models but a lot of
 

00:17:31.750 --> 00:17:33.070 align:start position:0%
works for a lot of models but a lot of
the<00:17:31.990><c> business</c>

00:17:33.070 --> 00:17:33.080 align:start position:0%
the business
 

00:17:33.080 --> 00:17:34.749 align:start position:0%
the business
and<00:17:33.289><c> projects</c><00:17:33.950><c> that</c><00:17:34.009><c> we're</c><00:17:34.279><c> building</c><00:17:34.429><c> right</c>

00:17:34.749 --> 00:17:34.759 align:start position:0%
and projects that we're building right
 

00:17:34.759 --> 00:17:37.119 align:start position:0%
and projects that we're building right
now<00:17:34.999><c> in</c><00:17:35.179><c> crypto</c><00:17:35.570><c> aren't</c><00:17:36.320><c> served</c><00:17:36.619><c> but</c><00:17:36.980><c> in</c>

00:17:37.119 --> 00:17:37.129 align:start position:0%
now in crypto aren't served but in
 

00:17:37.129 --> 00:17:38.649 align:start position:0%
now in crypto aren't served but in
traditional<00:17:37.489><c> venture</c><00:17:37.669><c> capital</c><00:17:38.299><c> return</c>

00:17:38.649 --> 00:17:38.659 align:start position:0%
traditional venture capital return
 

00:17:38.659 --> 00:17:41.560 align:start position:0%
traditional venture capital return
structures<00:17:39.080><c> and</c><00:17:39.619><c> as</c><00:17:39.739><c> the</c><00:17:39.860><c> process</c><00:17:40.340><c> and</c><00:17:41.330><c> just</c>

00:17:41.560 --> 00:17:41.570 align:start position:0%
structures and as the process and just
 

00:17:41.570 --> 00:17:44.080 align:start position:0%
structures and as the process and just
in<00:17:41.720><c> federal</c><00:17:42.049><c> like</c><00:17:42.259><c> Jesus</c><00:17:42.679><c> is</c><00:17:43.249><c> overseeing</c><00:17:43.850><c> this</c>

00:17:44.080 --> 00:17:44.090 align:start position:0%
in federal like Jesus is overseeing this
 

00:17:44.090 --> 00:17:45.940 align:start position:0%
in federal like Jesus is overseeing this
disassociation<00:17:44.779><c> with</c><00:17:44.989><c> how</c><00:17:45.259><c> Bichir</c><00:17:45.559><c> capital</c>

00:17:45.940 --> 00:17:45.950 align:start position:0%
disassociation with how Bichir capital
 

00:17:45.950 --> 00:17:48.369 align:start position:0%
disassociation with how Bichir capital
can<00:17:46.100><c> be</c><00:17:46.129><c> applied</c><00:17:46.519><c> to</c><00:17:46.850><c> prove</c><00:17:47.299><c> to</c><00:17:47.389><c> projects</c><00:17:47.869><c> and</c>

00:17:48.369 --> 00:17:48.379 align:start position:0%
can be applied to prove to projects and
 

00:17:48.379 --> 00:17:49.840 align:start position:0%
can be applied to prove to projects and
that's<00:17:48.529><c> on</c><00:17:48.919><c> the</c><00:17:49.039><c> other</c><00:17:49.159><c> question</c><00:17:49.549><c> like</c><00:17:49.700><c> how</c>

00:17:49.840 --> 00:17:49.850 align:start position:0%
that's on the other question like how
 

00:17:49.850 --> 00:17:51.639 align:start position:0%
that's on the other question like how
private<00:17:50.059><c> capital</c><00:17:50.539><c> is</c><00:17:50.600><c> being</c><00:17:50.779><c> funneled</c><00:17:51.049><c> to</c>

00:17:51.639 --> 00:17:51.649 align:start position:0%
private capital is being funneled to
 

00:17:51.649 --> 00:17:54.570 align:start position:0%
private capital is being funneled to
early<00:17:52.580><c> tech</c><00:17:52.759><c> invasion</c><00:17:53.179><c> in</c><00:17:53.269><c> other</c><00:17:53.419><c> words</c>

00:17:54.570 --> 00:17:54.580 align:start position:0%
early tech invasion in other words
 

00:17:54.580 --> 00:17:58.509 align:start position:0%
early tech invasion in other words
really<00:17:55.580><c> really</c><00:17:56.029><c> interesting</c><00:17:56.450><c> comic</c><00:17:56.779><c> I</c><00:17:57.519><c> think</c>

00:17:58.509 --> 00:17:58.519 align:start position:0%
really really interesting comic I think
 

00:17:58.519 --> 00:17:59.470 align:start position:0%
really really interesting comic I think
something<00:17:58.879><c> that</c><00:17:58.999><c> will</c><00:17:59.210><c> be</c><00:17:59.330><c> very</c><00:17:59.360><c> interesting</c>

00:17:59.470 --> 00:17:59.480 align:start position:0%
something that will be very interesting
 

00:17:59.480 --> 00:18:01.149 align:start position:0%
something that will be very interesting
to<00:17:59.840><c> see</c><00:17:59.899><c> play</c><00:18:00.230><c> out</c><00:18:00.259><c> there's</c><00:18:00.619><c> a</c><00:18:00.710><c> lot</c><00:18:00.860><c> of</c><00:18:00.980><c> thing</c><00:18:01.100><c> a</c>

00:18:01.149 --> 00:18:01.159 align:start position:0%
to see play out there's a lot of thing a
 

00:18:01.159 --> 00:18:02.379 align:start position:0%
to see play out there's a lot of thing a
lot<00:18:01.279><c> of</c><00:18:01.369><c> it</c><00:18:01.489><c> a</c><00:18:01.639><c> lot</c><00:18:01.669><c> of</c><00:18:01.789><c> companies</c><00:18:02.119><c> that</c><00:18:02.149><c> be</c>

00:18:02.379 --> 00:18:02.389 align:start position:0%
lot of it a lot of companies that be
 

00:18:02.389 --> 00:18:03.609 align:start position:0%
lot of it a lot of companies that be
planning<00:18:02.659><c> at</c><00:18:02.749><c> the</c><00:18:02.840><c> moment</c><00:18:03.230><c> that</c><00:18:03.350><c> they</c><00:18:03.440><c> don't</c>

00:18:03.609 --> 00:18:03.619 align:start position:0%
planning at the moment that they don't
 

00:18:03.619 --> 00:18:05.289 align:start position:0%
planning at the moment that they don't
have<00:18:03.769><c> a</c><00:18:03.799><c> business</c><00:18:04.100><c> together</c><00:18:04.220><c> and</c><00:18:05.149><c> we've</c><00:18:05.269><c> been</c>

00:18:05.289 --> 00:18:05.299 align:start position:0%
have a business together and we've been
 

00:18:05.299 --> 00:18:07.090 align:start position:0%
have a business together and we've been
interesting<00:18:05.779><c> to</c><00:18:05.869><c> see</c><00:18:05.899><c> at</c><00:18:06.109><c> some</c><00:18:06.139><c> point</c><00:18:06.619><c> if</c><00:18:06.919><c> if</c>

00:18:07.090 --> 00:18:07.100 align:start position:0%
interesting to see at some point if if
 

00:18:07.100 --> 00:18:09.580 align:start position:0%
interesting to see at some point if if
kind<00:18:07.909><c> of</c><00:18:07.970><c> like</c><00:18:08.509><c> healthy</c><00:18:08.899><c> pressure</c><00:18:09.169><c> starts</c>

00:18:09.580 --> 00:18:09.590 align:start position:0%
kind of like healthy pressure starts
 

00:18:09.590 --> 00:18:11.289 align:start position:0%
kind of like healthy pressure starts
rising<00:18:09.769><c> on</c><00:18:10.399><c> investments</c><00:18:11.090><c> that</c><00:18:11.149><c> were</c><00:18:11.269><c> made</c>

00:18:11.289 --> 00:18:11.299 align:start position:0%
rising on investments that were made
 

00:18:11.299 --> 00:18:13.210 align:start position:0%
rising on investments that were made
that<00:18:11.539><c> have</c><00:18:11.690><c> large</c><00:18:11.899><c> user</c><00:18:12.139><c> bases</c><00:18:12.590><c> that</c><00:18:12.980><c> people</c>

00:18:13.210 --> 00:18:13.220 align:start position:0%
that have large user bases that people
 

00:18:13.220 --> 00:18:14.229 align:start position:0%
that have large user bases that people
are<00:18:13.279><c> now</c><00:18:13.369><c> using</c><00:18:13.609><c> that</c><00:18:13.759><c> have</c><00:18:13.909><c> created</c><00:18:14.029><c> the</c>

00:18:14.229 --> 00:18:14.239 align:start position:0%
are now using that have created the
 

00:18:14.239 --> 00:18:16.659 align:start position:0%
are now using that have created the
slogan<00:18:14.539><c> infrastructure</c><00:18:15.109><c> but</c><00:18:15.649><c> that</c><00:18:16.279><c> not</c><00:18:16.489><c> need</c>

00:18:16.659 --> 00:18:16.669 align:start position:0%
slogan infrastructure but that not need
 

00:18:16.669 --> 00:18:17.859 align:start position:0%
slogan infrastructure but that not need
to<00:18:16.759><c> start</c><00:18:16.909><c> monetizing</c><00:18:17.359><c> that</c><00:18:17.570><c> open</c>

00:18:17.859 --> 00:18:17.869 align:start position:0%
to start monetizing that open
 

00:18:17.869 --> 00:18:19.450 align:start position:0%
to start monetizing that open
infrastructure<00:18:18.440><c> which</c><00:18:18.889><c> might</c><00:18:19.100><c> kill</c><00:18:19.309><c> those</c>

00:18:19.450 --> 00:18:19.460 align:start position:0%
infrastructure which might kill those
 

00:18:19.460 --> 00:18:22.119 align:start position:0%
infrastructure which might kill those
user<00:18:19.639><c> bases</c><00:18:20.409><c> they'll</c><00:18:21.409><c> be</c><00:18:21.529><c> interesting</c><00:18:21.889><c> to</c><00:18:21.950><c> see</c>

00:18:22.119 --> 00:18:22.129 align:start position:0%
user bases they'll be interesting to see
 

00:18:22.129 --> 00:18:23.970 align:start position:0%
user bases they'll be interesting to see
really<00:18:22.759><c> interesting</c><00:18:23.059><c> inevitable</c><00:18:23.629><c> together</c>

00:18:23.970 --> 00:18:23.980 align:start position:0%
really interesting inevitable together
 

00:18:23.980 --> 00:18:27.580 align:start position:0%
really interesting inevitable together
these<00:18:25.539><c> patterns</c><00:18:26.539><c> successful</c><00:18:27.200><c> in</c><00:18:27.289><c> the</c><00:18:27.350><c> past</c>

00:18:27.580 --> 00:18:27.590 align:start position:0%
these patterns successful in the past
 

00:18:27.590 --> 00:18:31.370 align:start position:0%
these patterns successful in the past
and<00:18:28.070><c> they</c><00:18:28.190><c> apply</c><00:18:28.879><c> that</c><00:18:28.909><c> moving</c><00:18:29.359><c> forward</c>

00:18:31.370 --> 00:18:31.380 align:start position:0%
and they apply that moving forward
 

00:18:31.380 --> 00:18:37.460 align:start position:0%
and they apply that moving forward
bathroom

00:18:37.460 --> 00:18:37.470 align:start position:0%
 
 

00:18:37.470 --> 00:18:40.970 align:start position:0%
 
yeah<00:18:37.950><c> general</c><00:18:38.309><c> students</c>

00:18:40.970 --> 00:18:40.980 align:start position:0%
 
 

00:18:40.980 --> 00:18:43.250 align:start position:0%
 
we<00:18:41.250><c> detect</c><00:18:41.580><c> ups</c><00:18:41.970><c> I've</c><00:18:42.750><c> just</c><00:18:42.900><c> heard</c><00:18:42.990><c> a</c><00:18:43.050><c> lot</c><00:18:43.200><c> of</c>

00:18:43.250 --> 00:18:43.260 align:start position:0%
we detect ups I've just heard a lot of
 

00:18:43.260 --> 00:18:45.290 align:start position:0%
we detect ups I've just heard a lot of
stories<00:18:43.770><c> where</c><00:18:44.130><c> there's</c><00:18:44.340><c> been</c><00:18:44.550><c> the</c><00:18:44.760><c> author</c><00:18:44.940><c> of</c>

00:18:45.290 --> 00:18:45.300 align:start position:0%
stories where there's been the author of
 

00:18:45.300 --> 00:18:47.660 align:start position:0%
stories where there's been the author of
investor<00:18:45.840><c> that</c><00:18:45.870><c> had</c><00:18:46.200><c> some</c><00:18:46.500><c> power</c><00:18:47.250><c> to</c><00:18:47.520><c> do</c>

00:18:47.660 --> 00:18:47.670 align:start position:0%
investor that had some power to do
 

00:18:47.670 --> 00:18:50.200 align:start position:0%
investor that had some power to do
something<00:18:48.150><c> wrong</c>

00:18:50.200 --> 00:18:50.210 align:start position:0%
something wrong
 

00:18:50.210 --> 00:18:54.690 align:start position:0%
something wrong
yeah<00:18:51.080><c> basically</c><00:18:51.499><c> try</c><00:18:51.950><c> to</c><00:18:52.149><c> maintain</c>

00:18:54.690 --> 00:18:54.700 align:start position:0%
yeah basically try to maintain
 

00:18:54.700 --> 00:18:57.130 align:start position:0%
yeah basically try to maintain
yeah<00:18:55.700><c> I've</c><00:18:55.940><c> just</c><00:18:55.970><c> had</c><00:18:56.270><c> times</c><00:18:56.480><c> I'm</c><00:18:56.720><c> in</c><00:18:56.900><c> the</c><00:18:57.020><c> old</c>

00:18:57.130 --> 00:18:57.140 align:start position:0%
yeah I've just had times I'm in the old
 

00:18:57.140 --> 00:18:59.050 align:start position:0%
yeah I've just had times I'm in the old
story<00:18:57.500><c> of</c><00:18:57.620><c> the</c><00:18:57.740><c> one</c><00:18:58.280><c> who</c><00:18:58.460><c> invested</c><00:18:58.970><c> the</c>

00:18:59.050 --> 00:18:59.060 align:start position:0%
story of the one who invested the
 

00:18:59.060 --> 00:19:00.910 align:start position:0%
story of the one who invested the
mississipp<00:18:59.510><c> for</c><00:18:59.660><c> everyone</c><00:18:59.990><c> and</c><00:19:00.440><c> then</c><00:19:00.740><c> there's</c>

00:19:00.910 --> 00:19:00.920 align:start position:0%
mississipp for everyone and then there's
 

00:19:00.920 --> 00:19:02.860 align:start position:0%
mississipp for everyone and then there's
a<00:19:00.980><c> lot</c><00:19:01.130><c> of</c><00:19:01.280><c> pain</c><00:19:01.850><c> and</c><00:19:02.060><c> torture</c><00:19:02.270><c> in</c><00:19:02.420><c> getting</c><00:19:02.750><c> rid</c>

00:19:02.860 --> 00:19:02.870 align:start position:0%
a lot of pain and torture in getting rid
 

00:19:02.870 --> 00:19:04.950 align:start position:0%
a lot of pain and torture in getting rid
of<00:19:02.960><c> that</c>

00:19:04.950 --> 00:19:04.960 align:start position:0%
of that
 

00:19:04.960 --> 00:19:10.270 align:start position:0%
of that
that's<00:19:06.750><c> awesome</c>

00:19:10.270 --> 00:19:10.280 align:start position:0%
 
 

00:19:10.280 --> 00:19:14.230 align:start position:0%
 
I<00:19:10.310><c> think</c><00:19:10.730><c> another</c><00:19:10.910><c> generalization</c><00:19:11.570><c> is</c><00:19:13.240><c> what</c>

00:19:14.230 --> 00:19:14.240 align:start position:0%
I think another generalization is what
 

00:19:14.240 --> 00:19:15.960 align:start position:0%
I think another generalization is what
we're<00:19:14.480><c> seeing</c><00:19:14.720><c> right</c><00:19:14.990><c> now</c><00:19:15.050><c> with</c><00:19:15.290><c> with</c>

00:19:15.960 --> 00:19:15.970 align:start position:0%
we're seeing right now with with
 

00:19:15.970 --> 00:19:18.480 align:start position:0%
we're seeing right now with with
entities<00:19:16.970><c> that</c><00:19:17.510><c> try</c><00:19:17.690><c> to</c><00:19:17.750><c> become</c><00:19:18.110><c> ubiquitous</c>

00:19:18.480 --> 00:19:18.490 align:start position:0%
entities that try to become ubiquitous
 

00:19:18.490 --> 00:19:22.390 align:start position:0%
entities that try to become ubiquitous
like<00:19:19.490><c> we</c><00:19:19.670><c> work</c><00:19:19.910><c> in</c><00:19:20.210><c> Newberg</c><00:19:20.750><c> that</c><00:19:21.440><c> wanted</c><00:19:22.250><c> to</c>

00:19:22.390 --> 00:19:22.400 align:start position:0%
like we work in Newberg that wanted to
 

00:19:22.400 --> 00:19:26.950 align:start position:0%
like we work in Newberg that wanted to
grow<00:19:22.880><c> as</c><00:19:23.300><c> quickly</c><00:19:23.600><c> as</c><00:19:23.810><c> possible</c><00:19:25.030><c> that</c><00:19:26.030><c> didn't</c>

00:19:26.950 --> 00:19:26.960 align:start position:0%
grow as quickly as possible that didn't
 

00:19:26.960 --> 00:19:28.390 align:start position:0%
grow as quickly as possible that didn't
necessarily<00:19:27.020><c> consider</c><00:19:27.740><c> the</c><00:19:27.890><c> balance</c><00:19:28.040><c> sheets</c>

00:19:28.390 --> 00:19:28.400 align:start position:0%
necessarily consider the balance sheets
 

00:19:28.400 --> 00:19:30.610 align:start position:0%
necessarily consider the balance sheets
and<00:19:29.180><c> we're</c><00:19:29.600><c> seeing</c><00:19:29.810><c> that</c><00:19:29.900><c> kind</c><00:19:30.260><c> of</c><00:19:30.320><c> unwind</c>

00:19:30.610 --> 00:19:30.620 align:start position:0%
and we're seeing that kind of unwind
 

00:19:30.620 --> 00:19:32.980 align:start position:0%
and we're seeing that kind of unwind
right<00:19:30.890><c> now</c><00:19:31.040><c> and</c><00:19:31.760><c> that</c><00:19:31.970><c> was</c><00:19:32.120><c> driven</c><00:19:32.510><c> primarily</c>

00:19:32.980 --> 00:19:32.990 align:start position:0%
right now and that was driven primarily
 

00:19:32.990 --> 00:19:36.930 align:start position:0%
right now and that was driven primarily
by<00:19:33.320><c> investor</c><00:19:34.040><c> pressure</c><00:19:34.330><c> and</c><00:19:35.330><c> and</c><00:19:35.660><c> uh</c><00:19:35.750><c> kind</c><00:19:36.440><c> of</c>

00:19:36.930 --> 00:19:36.940 align:start position:0%
by investor pressure and and uh kind of
 

00:19:36.940 --> 00:19:39.340 align:start position:0%
by investor pressure and and uh kind of
balancing<00:19:37.940><c> actually</c><00:19:38.900><c> building</c><00:19:39.260><c> a</c>

00:19:39.340 --> 00:19:39.350 align:start position:0%
balancing actually building a
 

00:19:39.350 --> 00:19:42.820 align:start position:0%
balancing actually building a
sustainable<00:19:39.560><c> business</c><00:19:40.240><c> with</c><00:19:41.380><c> if</c><00:19:42.380><c> I</c><00:19:42.620><c> put</c><00:19:42.800><c> a</c>

00:19:42.820 --> 00:19:42.830 align:start position:0%
sustainable business with if I put a
 

00:19:42.830 --> 00:19:45.270 align:start position:0%
sustainable business with if I put a
dollar<00:19:43.040><c> in</c><00:19:43.340><c> we</c><00:19:43.760><c> get</c><00:19:43.880><c> five</c><00:19:44.120><c> dollars</c><00:19:44.300><c> out</c><00:19:44.660><c> and</c>

00:19:45.270 --> 00:19:45.280 align:start position:0%
dollar in we get five dollars out and
 

00:19:45.280 --> 00:19:48.940 align:start position:0%
dollar in we get five dollars out and
and<00:19:46.280><c> recognizing</c><00:19:47.030><c> that</c><00:19:47.060><c> that</c><00:19:48.050><c> we</c><00:19:48.260><c> actually</c><00:19:48.500><c> do</c>

00:19:48.940 --> 00:19:48.950 align:start position:0%
and recognizing that that we actually do
 

00:19:48.950 --> 00:19:56.159 align:start position:0%
and recognizing that that we actually do
mean<00:19:49.480><c> baljeets</c><00:19:50.480><c> in</c><00:19:50.900><c> the</c><00:19:51.050><c> end</c>

00:19:56.159 --> 00:19:56.169 align:start position:0%
 
 

00:19:56.169 --> 00:19:58.200 align:start position:0%
 
before<00:19:57.009><c> everyone</c><00:19:57.279><c> was</c><00:19:57.490><c> kind</c><00:19:57.669><c> of</c><00:19:57.700><c> born</c><00:19:57.909><c> new</c><00:19:58.059><c> to</c>

00:19:58.200 --> 00:19:58.210 align:start position:0%
before everyone was kind of born new to
 

00:19:58.210 --> 00:19:59.610 align:start position:0%
before everyone was kind of born new to
the<00:19:58.299><c> topic</c><00:19:58.450><c> I</c><00:19:58.600><c> want</c><00:19:58.750><c> to</c><00:19:58.809><c> give</c><00:19:58.899><c> a</c><00:19:58.990><c> very</c><00:19:59.019><c> quick</c>

00:19:59.610 --> 00:19:59.620 align:start position:0%
the topic I want to give a very quick
 

00:19:59.620 --> 00:20:03.119 align:start position:0%
the topic I want to give a very quick
overview<00:20:00.480><c> so</c><00:20:01.480><c> this</c><00:20:01.750><c> is</c><00:20:01.960><c> general</c><00:20:02.379><c> for</c><00:20:02.679><c> college</c>

00:20:03.119 --> 00:20:03.129 align:start position:0%
overview so this is general for college
 

00:20:03.129 --> 00:20:05.700 align:start position:0%
overview so this is general for college
funding<00:20:03.399><c> model</c><00:20:03.700><c> B</c><00:20:04.539><c> C's</c><00:20:04.809><c> invests</c><00:20:05.350><c> to</c><00:20:05.559><c> make</c>

00:20:05.700 --> 00:20:05.710 align:start position:0%
funding model B C's invests to make
 

00:20:05.710 --> 00:20:08.730 align:start position:0%
funding model B C's invests to make
money<00:20:06.039><c> like</c><00:20:06.629><c> and</c><00:20:07.629><c> and</c><00:20:08.049><c> that's</c><00:20:08.470><c> a</c><00:20:08.590><c> big</c>

00:20:08.730 --> 00:20:08.740 align:start position:0%
money like and and that's a big
 

00:20:08.740 --> 00:20:09.749 align:start position:0%
money like and and that's a big
confusion<00:20:09.039><c> that's</c><00:20:09.250><c> understood</c><00:20:09.549><c> we</c><00:20:09.639><c> can</c>

00:20:09.749 --> 00:20:09.759 align:start position:0%
confusion that's understood we can
 

00:20:09.759 --> 00:20:11.220 align:start position:0%
confusion that's understood we can
happen<00:20:10.000><c> if</c><00:20:10.090><c> you're</c><00:20:10.210><c> like</c><00:20:10.360><c> building</c><00:20:10.899><c> this</c><00:20:10.960><c> cool</c>

00:20:11.220 --> 00:20:11.230 align:start position:0%
happen if you're like building this cool
 

00:20:11.230 --> 00:20:12.960 align:start position:0%
happen if you're like building this cool
open<00:20:11.559><c> source</c><00:20:11.799><c> projects</c><00:20:12.370><c> on</c><00:20:12.519><c> the</c><00:20:12.580><c> walked</c><00:20:12.789><c> in</c>

00:20:12.960 --> 00:20:12.970 align:start position:0%
open source projects on the walked in
 

00:20:12.970 --> 00:20:14.879 align:start position:0%
open source projects on the walked in
and<00:20:13.149><c> see</c><00:20:13.240><c> centralized</c><00:20:13.720><c> like</c><00:20:14.200><c> does</c><00:20:14.679><c> it</c><00:20:14.769><c> make</c>

00:20:14.879 --> 00:20:14.889 align:start position:0%
and see centralized like does it make
 

00:20:14.889 --> 00:20:17.789 align:start position:0%
and see centralized like does it make
money<00:20:15.100><c> know</c><00:20:15.659><c> if</c><00:20:16.659><c> it</c><00:20:16.840><c> doesn't</c><00:20:17.169><c> then</c><00:20:17.379><c> like</c>

00:20:17.789 --> 00:20:17.799 align:start position:0%
money know if it doesn't then like
 

00:20:17.799 --> 00:20:19.460 align:start position:0%
money know if it doesn't then like
that's<00:20:18.159><c> a</c><00:20:18.279><c> hard</c><00:20:18.490><c> pitch</c>

00:20:19.460 --> 00:20:19.470 align:start position:0%
that's a hard pitch
 

00:20:19.470 --> 00:20:21.450 align:start position:0%
that's a hard pitch
unless<00:20:20.470><c> you</c><00:20:20.620><c> can</c><00:20:20.769><c> convince</c><00:20:20.889><c> someone</c><00:20:21.250><c> that</c>

00:20:21.450 --> 00:20:21.460 align:start position:0%
unless you can convince someone that
 

00:20:21.460 --> 00:20:22.769 align:start position:0%
unless you can convince someone that
you're<00:20:21.580><c> going</c><00:20:21.700><c> to</c><00:20:21.730><c> grow</c><00:20:22.000><c> to</c><00:20:22.029><c> enormous</c><00:20:22.419><c> user</c>

00:20:22.769 --> 00:20:22.779 align:start position:0%
you're going to grow to enormous user
 

00:20:22.779 --> 00:20:24.240 align:start position:0%
you're going to grow to enormous user
base<00:20:22.929><c> and</c><00:20:23.110><c> somehow</c><00:20:23.320><c> be</c><00:20:23.559><c> able</c><00:20:23.620><c> to</c><00:20:23.769><c> monitor</c><00:20:23.889><c> the</c>

00:20:24.240 --> 00:20:24.250 align:start position:0%
base and somehow be able to monitor the
 

00:20:24.250 --> 00:20:27.240 align:start position:0%
base and somehow be able to monitor the
news<00:20:24.370><c> against</c><00:20:24.639><c> them</c><00:20:25.200><c> that</c><00:20:26.200><c> was</c><00:20:26.320><c> some</c><00:20:26.500><c> learning</c>

00:20:27.240 --> 00:20:27.250 align:start position:0%
news against them that was some learning
 

00:20:27.250 --> 00:20:28.680 align:start position:0%
news against them that was some learning
from<00:20:27.429><c> you</c><00:20:27.580><c> coming</c><00:20:28.059><c> out</c><00:20:28.149><c> of</c><00:20:28.210><c> their</c><00:20:28.450><c> open</c><00:20:28.659><c> source</c>

00:20:28.680 --> 00:20:28.690 align:start position:0%
from you coming out of their open source
 

00:20:28.690 --> 00:20:31.649 align:start position:0%
from you coming out of their open source
watching<00:20:29.440><c> space</c><00:20:29.710><c> it's</c><00:20:30.070><c> like</c><00:20:30.419><c> people</c><00:20:31.419><c> that</c>

00:20:31.649 --> 00:20:31.659 align:start position:0%
watching space it's like people that
 

00:20:31.659 --> 00:20:32.879 align:start position:0%
watching space it's like people that
make<00:20:31.840><c> money</c><00:20:31.870><c> and</c><00:20:32.320><c> if</c><00:20:32.409><c> you</c><00:20:32.440><c> don't</c><00:20:32.649><c> make</c><00:20:32.740><c> the</c>

00:20:32.879 --> 00:20:32.889 align:start position:0%
make money and if you don't make the
 

00:20:32.889 --> 00:20:37.889 align:start position:0%
make money and if you don't make the
money<00:20:33.100><c> together</c><00:20:36.269><c> it's</c><00:20:37.269><c> generally</c><00:20:37.809><c> in</c>

00:20:37.889 --> 00:20:37.899 align:start position:0%
money together it's generally in
 

00:20:37.899 --> 00:20:39.720 align:start position:0%
money together it's generally in
exchange<00:20:38.259><c> for</c><00:20:38.320><c> company</c><00:20:38.679><c> equity</c><00:20:39.009><c> we've</c><00:20:39.519><c> seen</c><00:20:39.700><c> a</c>

00:20:39.720 --> 00:20:39.730 align:start position:0%
exchange for company equity we've seen a
 

00:20:39.730 --> 00:20:41.249 align:start position:0%
exchange for company equity we've seen a
lot<00:20:39.940><c> of</c><00:20:39.970><c> South</c><00:20:40.269><c> bottles</c><00:20:40.720><c> evolve</c><00:20:41.019><c> over</c><00:20:41.110><c> time</c>

00:20:41.249 --> 00:20:41.259 align:start position:0%
lot of South bottles evolve over time
 

00:20:41.259 --> 00:20:45.090 align:start position:0%
lot of South bottles evolve over time
there's<00:20:42.129><c> also</c><00:20:42.309><c> an</c><00:20:42.490><c> increasing</c><00:20:44.009><c> there's</c><00:20:45.009><c> an</c>

00:20:45.090 --> 00:20:45.100 align:start position:0%
there's also an increasing there's an
 

00:20:45.100 --> 00:20:46.919 align:start position:0%
there's also an increasing there's an
increasing<00:20:45.370><c> trend</c><00:20:45.639><c> back</c><00:20:46.000><c> to</c><00:20:46.179><c> equity</c><00:20:46.539><c> and</c><00:20:46.570><c> then</c>

00:20:46.919 --> 00:20:46.929 align:start position:0%
increasing trend back to equity and then
 

00:20:46.929 --> 00:20:49.830 align:start position:0%
increasing trend back to equity and then
they<00:20:47.139><c> go</c><00:20:47.200><c> maybe</c><00:20:47.470><c> into</c><00:20:47.830><c> South</c><00:20:48.009><c> once</c><00:20:48.279><c> again</c><00:20:48.840><c> but</c>

00:20:49.830 --> 00:20:49.840 align:start position:0%
they go maybe into South once again but
 

00:20:49.840 --> 00:20:52.379 align:start position:0%
they go maybe into South once again but
the<00:20:49.899><c> other</c><00:20:49.929><c> generally</c><00:20:51.029><c> generally</c><00:20:52.029><c> how</c><00:20:52.269><c> it</c>

00:20:52.379 --> 00:20:52.389 align:start position:0%
the other generally generally how it
 

00:20:52.389 --> 00:20:53.700 align:start position:0%
the other generally generally how it
works<00:20:52.570><c> if</c><00:20:52.720><c> you</c><00:20:52.779><c> don't</c><00:20:53.019><c> have</c><00:20:53.169><c> a</c><00:20:53.200><c> company</c><00:20:53.590><c> if</c>

00:20:53.700 --> 00:20:53.710 align:start position:0%
works if you don't have a company if
 

00:20:53.710 --> 00:20:54.810 align:start position:0%
works if you don't have a company if
you're<00:20:53.769><c> tiny</c><00:20:54.009><c> ways</c><00:20:54.220><c> we</c><00:20:54.370><c> see</c><00:20:54.549><c> and</c><00:20:54.730><c> you</c><00:20:54.789><c> don't</c>

00:20:54.810 --> 00:20:54.820 align:start position:0%
you're tiny ways we see and you don't
 

00:20:54.820 --> 00:20:58.350 align:start position:0%
you're tiny ways we see and you don't
have<00:20:55.059><c> a</c><00:20:55.120><c> company</c><00:20:55.389><c> yet</c><00:20:55.830><c> and</c><00:20:57.210><c> decentralized</c><00:20:58.210><c> t</c>

00:20:58.350 --> 00:20:58.360 align:start position:0%
have a company yet and decentralized t
 

00:20:58.360 --> 00:21:00.240 align:start position:0%
have a company yet and decentralized t
aim<00:20:58.539><c> of</c><00:20:58.809><c> go-getters</c><00:20:59.289><c> and</c><00:20:59.470><c> you</c><00:20:59.710><c> making</c><00:20:59.950><c> it</c><00:21:00.070><c> work</c>

00:21:00.240 --> 00:21:00.250 align:start position:0%
aim of go-getters and you making it work
 

00:21:00.250 --> 00:21:03.029 align:start position:0%
aim of go-getters and you making it work
it's<00:21:00.970><c> gonna</c><00:21:01.149><c> be</c><00:21:01.269><c> hard</c><00:21:01.480><c> to</c><00:21:01.509><c> raisers</c><00:21:01.840><c> in</c><00:21:02.110><c> taking</c>

00:21:03.029 --> 00:21:03.039 align:start position:0%
it's gonna be hard to raisers in taking
 

00:21:03.039 --> 00:21:05.159 align:start position:0%
it's gonna be hard to raisers in taking
before<00:21:03.220><c> staff</c><00:21:03.669><c> are</c><00:21:04.059><c> we</c><00:21:04.210><c> familiar</c><00:21:04.389><c> with</c><00:21:04.779><c> Y</c>

00:21:05.159 --> 00:21:05.169 align:start position:0%
before staff are we familiar with Y
 

00:21:05.169 --> 00:21:07.320 align:start position:0%
before staff are we familiar with Y
Combinator<00:21:05.679><c> state</c><00:21:06.149><c> standard</c><00:21:07.149><c> agreement</c>

00:21:07.320 --> 00:21:07.330 align:start position:0%
Combinator state standard agreement
 

00:21:07.330 --> 00:21:10.080 align:start position:0%
Combinator state standard agreement
feature<00:21:07.720><c> ok</c><00:21:08.080><c> so</c><00:21:08.590><c> like</c><00:21:09.190><c> that's</c><00:21:09.370><c> even</c><00:21:10.059><c> more</c>

00:21:10.080 --> 00:21:10.090 align:start position:0%
feature ok so like that's even more
 

00:21:10.090 --> 00:21:11.960 align:start position:0%
feature ok so like that's even more
nuance<00:21:10.690><c> the</c>

00:21:11.960 --> 00:21:11.970 align:start position:0%
nuance the
 

00:21:11.970 --> 00:21:14.330 align:start position:0%
nuance the
get<00:21:12.659><c> spoken</c><00:21:13.110><c> part</c><00:21:13.350><c> versus</c><00:21:13.830><c> the</c><00:21:13.980><c> actual</c><00:21:14.129><c> I</c>

00:21:14.330 --> 00:21:14.340 align:start position:0%
get spoken part versus the actual I
 

00:21:14.340 --> 00:21:17.119 align:start position:0%
get spoken part versus the actual I
agree<00:21:14.669><c> that</c><00:21:14.700><c> created</c><00:21:15.419><c> yeah</c><00:21:15.929><c> but</c><00:21:16.590><c> it's</c><00:21:16.919><c> a</c><00:21:16.980><c> great</c>

00:21:17.119 --> 00:21:17.129 align:start position:0%
agree that created yeah but it's a great
 

00:21:17.129 --> 00:21:19.730 align:start position:0%
agree that created yeah but it's a great
comment<00:21:17.519><c> so</c><00:21:17.669><c> just</c><00:21:18.480><c> as</c><00:21:18.600><c> a</c><00:21:18.690><c> quick</c><00:21:18.720><c> recap</c><00:21:19.139><c> company</c>

00:21:19.730 --> 00:21:19.740 align:start position:0%
comment so just as a quick recap company
 

00:21:19.740 --> 00:21:21.350 align:start position:0%
comment so just as a quick recap company
a<00:21:19.980><c> company</c><00:21:20.399><c> normally</c><00:21:20.700><c> has</c><00:21:20.850><c> equity</c><00:21:21.240><c> equity</c>

00:21:21.350 --> 00:21:21.360 align:start position:0%
a company normally has equity equity
 

00:21:21.360 --> 00:21:24.110 align:start position:0%
a company normally has equity equity
shares<00:21:21.929><c> that</c><00:21:22.200><c> to</c><00:21:22.320><c> be</c><00:21:22.409><c> issue</c><00:21:22.559><c> the</c><00:21:23.309><c> easiest</c><00:21:23.759><c> ways</c>

00:21:24.110 --> 00:21:24.120 align:start position:0%
shares that to be issue the easiest ways
 

00:21:24.120 --> 00:21:27.139 align:start position:0%
shares that to be issue the easiest ways
to<00:21:24.149><c> raise</c><00:21:24.629><c> early</c><00:21:25.139><c> stage</c><00:21:25.350><c> financing</c><00:21:26.149><c> either</c>

00:21:27.139 --> 00:21:27.149 align:start position:0%
to raise early stage financing either
 

00:21:27.149 --> 00:21:28.759 align:start position:0%
to raise early stage financing either
through<00:21:27.509><c> a</c><00:21:27.539><c> safe</c><00:21:27.840><c> which</c><00:21:28.200><c> is</c><00:21:28.230><c> a</c><00:21:28.379><c> simple</c>

00:21:28.759 --> 00:21:28.769 align:start position:0%
through a safe which is a simple
 

00:21:28.769 --> 00:21:30.860 align:start position:0%
through a safe which is a simple
agreement<00:21:28.980><c> for</c><00:21:29.309><c> future</c><00:21:29.580><c> equity</c><00:21:29.909><c> or</c><00:21:30.570><c> through</c>

00:21:30.860 --> 00:21:30.870 align:start position:0%
agreement for future equity or through
 

00:21:30.870 --> 00:21:32.240 align:start position:0%
agreement for future equity or through
something<00:21:31.110><c> called</c><00:21:31.259><c> a</c><00:21:31.559><c> convertible</c><00:21:32.009><c> note</c>

00:21:32.240 --> 00:21:32.250 align:start position:0%
something called a convertible note
 

00:21:32.250 --> 00:21:34.249 align:start position:0%
something called a convertible note
convertible<00:21:33.149><c> known</c><00:21:33.299><c> as</c><00:21:33.419><c> a</c><00:21:33.450><c> death</c><00:21:33.720><c> instrument</c>

00:21:34.249 --> 00:21:34.259 align:start position:0%
convertible known as a death instrument
 

00:21:34.259 --> 00:21:36.710 align:start position:0%
convertible known as a death instrument
that<00:21:34.440><c> can</c><00:21:34.620><c> be</c><00:21:34.740><c> converted</c><00:21:35.100><c> into</c><00:21:35.820><c> equity</c><00:21:36.149><c> at</c><00:21:36.690><c> a</c>

00:21:36.710 --> 00:21:36.720 align:start position:0%
that can be converted into equity at a
 

00:21:36.720 --> 00:21:37.430 align:start position:0%
that can be converted into equity at a
later

00:21:37.430 --> 00:21:37.440 align:start position:0%
later
 

00:21:37.440 --> 00:21:39.499 align:start position:0%
later
liquidation<00:21:38.100><c> stage</c><00:21:38.549><c> so</c><00:21:39.059><c> you</c><00:21:39.179><c> could</c><00:21:39.330><c> say</c><00:21:39.450><c> for</c>

00:21:39.499 --> 00:21:39.509 align:start position:0%
liquidation stage so you could say for
 

00:21:39.509 --> 00:21:41.990 align:start position:0%
liquidation stage so you could say for
example<00:21:40.080><c> you're</c><00:21:41.039><c> now</c><00:21:41.220><c> you</c><00:21:41.279><c> guys</c><00:21:41.730><c> are</c><00:21:41.850><c> just</c>

00:21:41.990 --> 00:21:42.000 align:start position:0%
example you're now you guys are just
 

00:21:42.000 --> 00:21:43.249 align:start position:0%
example you're now you guys are just
starting<00:21:42.210><c> out</c><00:21:42.570><c> you</c><00:21:42.600><c> have</c><00:21:42.840><c> an</c><00:21:42.899><c> early</c><00:21:43.049><c> stage</c>

00:21:43.249 --> 00:21:43.259 align:start position:0%
starting out you have an early stage
 

00:21:43.259 --> 00:21:45.799 align:start position:0%
starting out you have an early stage
team<00:21:43.559><c> you've</c><00:21:44.279><c> created</c><00:21:44.549><c> your</c><00:21:44.759><c> company</c><00:21:45.120><c> and</c><00:21:45.330><c> now</c>

00:21:45.799 --> 00:21:45.809 align:start position:0%
team you've created your company and now
 

00:21:45.809 --> 00:21:47.450 align:start position:0%
team you've created your company and now
if<00:21:45.960><c> you</c><00:21:46.049><c> seduce</c><00:21:46.470><c> for</c><00:21:46.860><c> example</c><00:21:47.159><c> you're</c><00:21:47.279><c> raising</c>

00:21:47.450 --> 00:21:47.460 align:start position:0%
if you seduce for example you're raising
 

00:21:47.460 --> 00:21:49.399 align:start position:0%
if you seduce for example you're raising
two<00:21:47.820><c> hundred</c><00:21:48.029><c> thousand</c><00:21:48.330><c> in</c><00:21:48.419><c> financing</c><00:21:48.960><c> buy</c><00:21:49.379><c> a</c>

00:21:49.399 --> 00:21:49.409 align:start position:0%
two hundred thousand in financing buy a
 

00:21:49.409 --> 00:21:51.710 align:start position:0%
two hundred thousand in financing buy a
convertible<00:21:49.980><c> note</c><00:21:50.279><c> so</c><00:21:50.909><c> that's</c><00:21:51.120><c> essentially</c><00:21:51.570><c> a</c>

00:21:51.710 --> 00:21:51.720 align:start position:0%
convertible note so that's essentially a
 

00:21:51.720 --> 00:21:53.509 align:start position:0%
convertible note so that's essentially a
debt<00:21:51.990><c> that</c><00:21:52.350><c> comes</c><00:21:52.470><c> out</c><00:21:52.649><c> to</c><00:21:52.679><c> about</c><00:21:52.830><c> chain</c><00:21:53.279><c> and</c>

00:21:53.509 --> 00:21:53.519 align:start position:0%
debt that comes out to about chain and
 

00:21:53.519 --> 00:21:55.940 align:start position:0%
debt that comes out to about chain and
then<00:21:53.909><c> depth</c><00:21:54.179><c> you</c><00:21:55.019><c> would</c><00:21:55.139><c> then</c><00:21:55.259><c> say</c><00:21:55.470><c> to</c><00:21:55.500><c> the</c><00:21:55.679><c> VC</c>

00:21:55.940 --> 00:21:55.950 align:start position:0%
then depth you would then say to the VC
 

00:21:55.950 --> 00:21:58.159 align:start position:0%
then depth you would then say to the VC
cool<00:21:56.279><c> let</c><00:21:56.490><c> me</c><00:21:56.610><c> look</c><00:21:56.700><c> into</c><00:21:56.940><c> a</c><00:21:56.970><c> civilian</c><00:21:57.389><c> in</c><00:21:57.779><c> here</c>

00:21:58.159 --> 00:21:58.169 align:start position:0%
cool let me look into a civilian in here
 

00:21:58.169 --> 00:21:59.960 align:start position:0%
cool let me look into a civilian in here
once<00:21:58.440><c> we</c><00:21:58.559><c> put</c><00:21:58.740><c> those</c><00:21:58.860><c> milestones</c><00:21:59.100><c> and</c><00:21:59.820><c> when</c>

00:21:59.960 --> 00:21:59.970 align:start position:0%
once we put those milestones and when
 

00:21:59.970 --> 00:22:02.629 align:start position:0%
once we put those milestones and when
she<00:22:00.090><c> wears</c><00:22:00.210><c> that</c><00:22:00.360><c> million</c><00:22:00.840><c> that</c><00:22:01.309><c> depth</c><00:22:02.309><c> Thank</c>

00:22:02.629 --> 00:22:02.639 align:start position:0%
she wears that million that depth Thank
 

00:22:02.639 --> 00:22:06.610 align:start position:0%
she wears that million that depth Thank
You<00:22:02.759><c> burns</c><00:22:03.000><c> is</c><00:22:03.769><c> a</c><00:22:04.769><c> little</c><00:22:05.190><c> bit</c><00:22:05.279><c> about</c>

00:22:06.610 --> 00:22:06.620 align:start position:0%
You burns is a little bit about
 

00:22:06.620 --> 00:22:08.810 align:start position:0%
You burns is a little bit about
generally<00:22:07.620><c> it's</c><00:22:08.070><c> based</c><00:22:08.340><c> on</c><00:22:08.460><c> consecutive</c>

00:22:08.810 --> 00:22:08.820 align:start position:0%
generally it's based on consecutive
 

00:22:08.820 --> 00:22:11.419 align:start position:0%
generally it's based on consecutive
funding<00:22:09.330><c> rounds</c><00:22:09.659><c> based</c><00:22:09.929><c> on</c><00:22:10.139><c> progress</c><00:22:10.429><c> and</c>

00:22:11.419 --> 00:22:11.429 align:start position:0%
funding rounds based on progress and
 

00:22:11.429 --> 00:22:13.039 align:start position:0%
funding rounds based on progress and
it's<00:22:11.639><c> kind</c><00:22:11.820><c> of</c><00:22:11.850><c> like</c><00:22:12.000><c> leveling</c><00:22:12.389><c> up</c><00:22:12.570><c> which</c>

00:22:13.039 --> 00:22:13.049 align:start position:0%
it's kind of like leveling up which
 

00:22:13.049 --> 00:22:14.450 align:start position:0%
it's kind of like leveling up which
makes<00:22:13.440><c> a</c><00:22:13.529><c> lot</c><00:22:13.620><c> of</c><00:22:13.679><c> sense</c><00:22:13.919><c> imagine</c><00:22:14.279><c> it's</c><00:22:14.399><c> a</c>

00:22:14.450 --> 00:22:14.460 align:start position:0%
makes a lot of sense imagine it's a
 

00:22:14.460 --> 00:22:15.889 align:start position:0%
makes a lot of sense imagine it's a
video<00:22:14.700><c> game</c><00:22:14.909><c> you're</c><00:22:15.120><c> moving</c><00:22:15.389><c> from</c><00:22:15.480><c> level</c><00:22:15.779><c> to</c>

00:22:15.889 --> 00:22:15.899 align:start position:0%
video game you're moving from level to
 

00:22:15.899 --> 00:22:17.749 align:start position:0%
video game you're moving from level to
level<00:22:15.929><c> the</c><00:22:16.590><c> bosses</c><00:22:16.919><c> become</c><00:22:17.190><c> harder</c><00:22:17.549><c> it</c>

00:22:17.749 --> 00:22:17.759 align:start position:0%
level the bosses become harder it
 

00:22:17.759 --> 00:22:21.350 align:start position:0%
level the bosses become harder it
becomes<00:22:18.000><c> like</c><00:22:18.210><c> more</c><00:22:18.450><c> and</c><00:22:18.600><c> more</c><00:22:19.970><c> and</c><00:22:20.970><c> generally</c>

00:22:21.350 --> 00:22:21.360 align:start position:0%
becomes like more and more and generally
 

00:22:21.360 --> 00:22:22.669 align:start position:0%
becomes like more and more and generally
you<00:22:21.450><c> go</c><00:22:21.570><c> from</c><00:22:21.750><c> a</c><00:22:21.809><c> friends-and-family</c><00:22:22.110><c> round</c>

00:22:22.669 --> 00:22:22.679 align:start position:0%
you go from a friends-and-family round
 

00:22:22.679 --> 00:22:25.220 align:start position:0%
you go from a friends-and-family round
to<00:22:23.100><c> a</c><00:22:23.129><c> proceed</c><00:22:23.639><c> round</c><00:22:23.909><c> to</c><00:22:24.330><c> a</c><00:22:24.360><c> seed</c><00:22:24.659><c> round</c><00:22:24.870><c> and</c>

00:22:25.220 --> 00:22:25.230 align:start position:0%
to a proceed round to a seed round and
 

00:22:25.230 --> 00:22:27.460 align:start position:0%
to a proceed round to a seed round and
then<00:22:25.440><c> series</c><00:22:25.799><c> a/b</c><00:22:26.519><c> c/d</c>

00:22:27.460 --> 00:22:27.470 align:start position:0%
then series a/b c/d
 

00:22:27.470 --> 00:22:29.870 align:start position:0%
then series a/b c/d
this<00:22:28.470><c> very</c><00:22:28.740><c> few</c><00:22:28.950><c> companies</c><00:22:29.129><c> in</c><00:22:29.309><c> the</c><00:22:29.460><c> chorus</c>

00:22:29.870 --> 00:22:29.880 align:start position:0%
this very few companies in the chorus
 

00:22:29.880 --> 00:22:32.390 align:start position:0%
this very few companies in the chorus
made<00:22:30.570><c> it</c><00:22:30.720><c> into</c><00:22:31.110><c> like</c><00:22:31.140><c> this</c><00:22:31.560><c> range</c><00:22:31.800><c> like</c><00:22:32.370><c> a</c>

00:22:32.390 --> 00:22:32.400 align:start position:0%
made it into like this range like a
 

00:22:32.400 --> 00:22:34.060 align:start position:0%
made it into like this range like a
quite<00:22:32.760><c> basement</c><00:22:33.240><c> here</c>

00:22:34.060 --> 00:22:34.070 align:start position:0%
quite basement here
 

00:22:34.070 --> 00:22:36.920 align:start position:0%
quite basement here
most<00:22:35.070><c> companies</c><00:22:35.370><c> encompass</c><00:22:36.000><c> most</c><00:22:36.630><c> companies</c>

00:22:36.920 --> 00:22:36.930 align:start position:0%
most companies encompass most companies
 

00:22:36.930 --> 00:22:39.320 align:start position:0%
most companies encompass most companies
that<00:22:37.020><c> we've</c><00:22:37.530><c> seen</c><00:22:37.740><c> the</c><00:22:37.830><c> seed</c><00:22:38.040><c> stage</c><00:22:38.280><c> a</c><00:22:38.670><c> lot</c><00:22:39.240><c> of</c>

00:22:39.320 --> 00:22:39.330 align:start position:0%
that we've seen the seed stage a lot of
 

00:22:39.330 --> 00:22:41.270 align:start position:0%
that we've seen the seed stage a lot of
companies<00:22:39.600><c> are</c><00:22:39.750><c> in</c><00:22:39.810><c> series</c><00:22:40.050><c> 8</c><00:22:40.200><c> in</c><00:22:40.530><c> series</c>

00:22:41.270 --> 00:22:41.280 align:start position:0%
companies are in series 8 in series
 

00:22:41.280 --> 00:22:43.010 align:start position:0%
companies are in series 8 in series
debut<00:22:41.730><c> nobody</c><00:22:42.030><c> want</c><00:22:42.240><c> serious</c><00:22:42.690><c> kind</c><00:22:42.960><c> of</c>

00:22:43.010 --> 00:22:43.020 align:start position:0%
debut nobody want serious kind of
 

00:22:43.020 --> 00:22:45.620 align:start position:0%
debut nobody want serious kind of
customer<00:22:43.650><c> interaction</c><00:22:44.360><c> so</c><00:22:45.360><c> like</c><00:22:45.510><c> your</c>

00:22:45.620 --> 00:22:45.630 align:start position:0%
customer interaction so like your
 

00:22:45.630 --> 00:22:47.900 align:start position:0%
customer interaction so like your
business<00:22:45.780><c> is</c><00:22:46.020><c> starting</c><00:22:46.350><c> to</c><00:22:46.590><c> work</c><00:22:46.800><c> starting</c><00:22:47.790><c> to</c>

00:22:47.900 --> 00:22:47.910 align:start position:0%
business is starting to work starting to
 

00:22:47.910 --> 00:22:50.150 align:start position:0%
business is starting to work starting to
generate<00:22:48.090><c> revenue</c><00:22:48.810><c> in</c><00:22:49.170><c> general</c><00:22:49.740><c> it's</c><00:22:49.920><c> only</c>

00:22:50.150 --> 00:22:50.160 align:start position:0%
generate revenue in general it's only
 

00:22:50.160 --> 00:22:53.120 align:start position:0%
generate revenue in general it's only
reading<00:22:50.580><c> exchanges</c><00:22:51.440><c> in</c><00:22:52.440><c> my</c><00:22:52.650><c> opinion</c><00:22:53.040><c> that</c>

00:22:53.120 --> 00:22:53.130 align:start position:0%
reading exchanges in my opinion that
 

00:22:53.130 --> 00:22:54.290 align:start position:0%
reading exchanges in my opinion that
have<00:22:53.250><c> made</c><00:22:53.460><c> an</c><00:22:53.610><c> intellect</c>

00:22:54.290 --> 00:22:54.300 align:start position:0%
have made an intellect
 

00:22:54.300 --> 00:22:56.830 align:start position:0%
have made an intellect
it's<00:22:54.600><c> like</c><00:22:54.870><c> further</c><00:22:55.290><c> for</c><00:22:55.920><c> the</c><00:22:56.010><c> office</c><00:22:56.250><c> line</c>

00:22:56.830 --> 00:22:56.840 align:start position:0%
it's like further for the office line
 

00:22:56.840 --> 00:23:02.900 align:start position:0%
it's like further for the office line
and<00:22:57.840><c> read</c><00:22:58.020><c> it</c><00:22:58.170><c> I</c><00:22:58.230><c> feel</c><00:23:00.320><c> okay</c><00:23:01.320><c> maybe</c><00:23:02.160><c> maybe</c><00:23:02.700><c> to</c>

00:23:02.900 --> 00:23:02.910 align:start position:0%
and read it I feel okay maybe maybe to
 

00:23:02.910 --> 00:23:05.090 align:start position:0%
and read it I feel okay maybe maybe to
give<00:23:03.030><c> you</c><00:23:03.090><c> guys</c><00:23:03.270><c> a</c><00:23:03.300><c> range</c><00:23:03.750><c> as</c><00:23:04.020><c> well</c><00:23:04.230><c> so</c><00:23:04.950><c> maybe</c>

00:23:05.090 --> 00:23:05.100 align:start position:0%
give you guys a range as well so maybe
 

00:23:05.100 --> 00:23:07.100 align:start position:0%
give you guys a range as well so maybe
friends<00:23:05.640><c> and</c><00:23:05.850><c> family</c><00:23:06.180><c> routes</c><00:23:06.420><c> tend</c><00:23:06.840><c> to</c><00:23:06.960><c> be</c>

00:23:07.100 --> 00:23:07.110 align:start position:0%
friends and family routes tend to be
 

00:23:07.110 --> 00:23:08.990 align:start position:0%
friends and family routes tend to be
like<00:23:07.320><c> you're</c><00:23:07.830><c> really</c><00:23:07.980><c> just</c><00:23:08.490><c> raising</c>

00:23:08.990 --> 00:23:09.000 align:start position:0%
like you're really just raising
 

00:23:09.000 --> 00:23:11.270 align:start position:0%
like you're really just raising
early-stage<00:23:09.480><c> money</c><00:23:09.870><c> to</c><00:23:10.050><c> get</c><00:23:10.140><c> going</c><00:23:10.560><c> maybe</c><00:23:11.070><c> up</c>

00:23:11.270 --> 00:23:11.280 align:start position:0%
early-stage money to get going maybe up
 

00:23:11.280 --> 00:23:13.490 align:start position:0%
early-stage money to get going maybe up
to<00:23:11.370><c> like</c><00:23:11.490><c> 50,000</c><00:23:12.270><c> or</c><00:23:12.390><c> 100,000</c><00:23:13.110><c> it</c><00:23:13.230><c> really</c>

00:23:13.490 --> 00:23:13.500 align:start position:0%
to like 50,000 or 100,000 it really
 

00:23:13.500 --> 00:23:15.640 align:start position:0%
to like 50,000 or 100,000 it really
depends<00:23:13.830><c> on</c><00:23:13.890><c> your</c><00:23:14.010><c> obviously</c><00:23:14.340><c> on</c><00:23:14.910><c> your</c>

00:23:15.640 --> 00:23:15.650 align:start position:0%
depends on your obviously on your
 

00:23:15.650 --> 00:23:30.590 align:start position:0%
depends on your obviously on your
different<00:23:16.650><c> system</c><00:23:17.280><c> it</c><00:23:17.460><c> is</c><00:23:17.730><c> a</c><00:23:17.820><c> horrible</c><00:23:18.120><c> idea</c>

00:23:30.590 --> 00:23:30.600 align:start position:0%
 
 

00:23:30.600 --> 00:24:03.750 align:start position:0%
 
yes<00:23:57.030><c> sir</c><00:24:01.950><c> procedures</c><00:24:02.950><c> in</c><00:24:03.070><c> general</c><00:24:03.490><c> anything</c>

00:24:03.750 --> 00:24:03.760 align:start position:0%
yes sir procedures in general anything
 

00:24:03.760 --> 00:24:06.840 align:start position:0%
yes sir procedures in general anything
that<00:24:04.060><c> you</c><00:24:04.180><c> refer</c><00:24:04.480><c> to</c><00:24:05.010><c> the</c><00:24:06.010><c> first</c><00:24:06.340><c> kind</c><00:24:06.670><c> of</c>

00:24:06.840 --> 00:24:06.850 align:start position:0%
that you refer to the first kind of
 

00:24:06.850 --> 00:24:09.300 align:start position:0%
that you refer to the first kind of
institutional<00:24:07.540><c> money</c><00:24:07.890><c> so</c><00:24:08.890><c> this</c><00:24:09.040><c> could</c><00:24:09.190><c> be</c><00:24:09.220><c> a</c>

00:24:09.300 --> 00:24:09.310 align:start position:0%
institutional money so this could be a
 

00:24:09.310 --> 00:24:11.040 align:start position:0%
institutional money so this could be a
very<00:24:09.580><c> early</c><00:24:09.640><c> stage</c><00:24:10.060><c> button</c><00:24:10.450><c> and</c><00:24:10.630><c> a</c><00:24:10.750><c> couple</c><00:24:10.930><c> of</c>

00:24:11.040 --> 00:24:11.050 align:start position:0%
very early stage button and a couple of
 

00:24:11.050 --> 00:24:12.300 align:start position:0%
very early stage button and a couple of
angels<00:24:11.200><c> it</c><00:24:11.560><c> could</c><00:24:11.680><c> also</c><00:24:11.830><c> be</c><00:24:11.950><c> a</c><00:24:12.040><c> couple</c><00:24:12.190><c> of</c>

00:24:12.300 --> 00:24:12.310 align:start position:0%
angels it could also be a couple of
 

00:24:12.310 --> 00:24:14.700 align:start position:0%
angels it could also be a couple of
angels<00:24:12.490><c> this</c><00:24:13.210><c> range</c><00:24:13.930><c> would</c><00:24:14.170><c> be</c><00:24:14.230><c> anywhere</c><00:24:14.650><c> from</c>

00:24:14.700 --> 00:24:14.710 align:start position:0%
angels this range would be anywhere from
 

00:24:14.710 --> 00:24:16.740 align:start position:0%
angels this range would be anywhere from
like<00:24:14.980><c> a</c><00:24:15.130><c> hundred</c><00:24:15.280><c> through</c><00:24:15.820><c> up</c><00:24:15.970><c> to</c><00:24:16.150><c> like</c><00:24:16.540><c> up</c><00:24:16.720><c> to</c>

00:24:16.740 --> 00:24:16.750 align:start position:0%
like a hundred through up to like up to
 

00:24:16.750 --> 00:24:19.170 align:start position:0%
like a hundred through up to like up to
a<00:24:16.870><c> million</c><00:24:17.400><c> there's</c><00:24:18.400><c> even</c><00:24:18.700><c> like</c><00:24:18.760><c> one</c><00:24:19.000><c> of</c><00:24:19.090><c> the</c>

00:24:19.170 --> 00:24:19.180 align:start position:0%
a million there's even like one of the
 

00:24:19.180 --> 00:24:20.810 align:start position:0%
a million there's even like one of the
half<00:24:19.330><c> million</c><00:24:19.660><c> dollar</c><00:24:19.810><c> receive</c><00:24:20.230><c> grants</c><00:24:20.530><c> now</c>

00:24:20.810 --> 00:24:20.820 align:start position:0%
half million dollar receive grants now
 

00:24:20.820 --> 00:24:23.550 align:start position:0%
half million dollar receive grants now
but<00:24:21.820><c> this</c><00:24:21.940><c> is</c><00:24:22.000><c> intensity</c><00:24:22.600><c> the</c><00:24:22.720><c> range</c><00:24:22.900><c> then</c><00:24:23.230><c> see</c>

00:24:23.550 --> 00:24:23.560 align:start position:0%
but this is intensity the range then see
 

00:24:23.560 --> 00:24:26.280 align:start position:0%
but this is intensity the range then see
now<00:24:24.520><c> starts</c><00:24:25.180><c> when</c><00:24:25.390><c> he</c><00:24:25.510><c> starts</c><00:24:25.750><c> out</c><00:24:25.930><c> with</c><00:24:26.110><c> of</c>

00:24:26.280 --> 00:24:26.290 align:start position:0%
now starts when he starts out with of
 

00:24:26.290 --> 00:24:29.250 align:start position:0%
now starts when he starts out with of
like<00:24:26.440><c> 750</c><00:24:27.100><c> to</c><00:24:27.280><c> a</c><00:24:27.310><c> million</c><00:24:27.700><c> and</c><00:24:28.660><c> then</c><00:24:28.870><c> goes</c><00:24:29.050><c> up</c>

00:24:29.250 --> 00:24:29.260 align:start position:0%
like 750 to a million and then goes up
 

00:24:29.260 --> 00:24:31.260 align:start position:0%
like 750 to a million and then goes up
top<00:24:29.560><c> to</c><00:24:29.710><c> pit</c><00:24:29.950><c> so</c><00:24:30.310><c> there's</c><00:24:30.490><c> seed</c><00:24:30.700><c> rounds</c><00:24:31.090><c> up</c><00:24:31.240><c> to</c>

00:24:31.260 --> 00:24:31.270 align:start position:0%
top to pit so there's seed rounds up to
 

00:24:31.270 --> 00:24:34.230 align:start position:0%
top to pit so there's seed rounds up to
fortified<00:24:31.870><c> light</c><00:24:32.080><c> a</c><00:24:32.860><c> lot</c><00:24:33.700><c> of</c><00:24:33.760><c> this</c><00:24:33.970><c> is</c><00:24:34.120><c> very</c>

00:24:34.230 --> 00:24:34.240 align:start position:0%
fortified light a lot of this is very
 

00:24:34.240 --> 00:24:37.470 align:start position:0%
fortified light a lot of this is very
flexible<00:24:34.590><c> the</c><00:24:35.590><c> numbers</c><00:24:36.310><c> from</c><00:24:36.460><c> the</c><00:24:36.670><c> past</c><00:24:36.970><c> two</c>

00:24:37.470 --> 00:24:37.480 align:start position:0%
flexible the numbers from the past two
 

00:24:37.480 --> 00:24:38.940 align:start position:0%
flexible the numbers from the past two
or<00:24:37.510><c> three</c><00:24:37.660><c> years</c><00:24:38.050><c> have</c><00:24:38.230><c> just</c><00:24:38.380><c> been</c><00:24:38.530><c> going</c><00:24:38.650><c> up</c>

00:24:38.940 --> 00:24:38.950 align:start position:0%
or three years have just been going up
 

00:24:38.950 --> 00:24:40.860 align:start position:0%
or three years have just been going up
up<00:24:39.130><c> up</c><00:24:39.250><c> so</c><00:24:39.490><c> companies</c><00:24:40.360><c> raise</c><00:24:40.540><c> more</c><00:24:40.840><c> money</c>

00:24:40.860 --> 00:24:40.870 align:start position:0%
up up so companies raise more money
 

00:24:40.870 --> 00:24:44.070 align:start position:0%
up up so companies raise more money
under<00:24:41.320><c> various</c><00:24:41.680><c> state</c><00:24:42.300><c> which</c><00:24:43.300><c> is</c><00:24:43.420><c> part</c><00:24:43.750><c> of</c>

00:24:44.070 --> 00:24:44.080 align:start position:0%
under various state which is part of
 

00:24:44.080 --> 00:24:45.570 align:start position:0%
under various state which is part of
like<00:24:44.260><c> I</c><00:24:44.380><c> think</c><00:24:44.590><c> we're</c><00:24:44.740><c> seeing</c><00:24:44.920><c> end</c><00:24:45.220><c> to</c><00:24:45.430><c> end</c>

00:24:45.570 --> 00:24:45.580 align:start position:0%
like I think we're seeing end to end
 

00:24:45.580 --> 00:24:48.620 align:start position:0%
like I think we're seeing end to end
this<00:24:45.700><c> really</c><00:24:46.060><c> big</c><00:24:46.330><c> just</c><00:24:46.990><c> excess</c><00:24:47.440><c> in</c><00:24:47.590><c> capital</c>

00:24:48.620 --> 00:24:48.630 align:start position:0%
this really big just excess in capital
 

00:24:48.630 --> 00:24:50.910 align:start position:0%
this really big just excess in capital
which<00:24:49.630><c> is</c><00:24:49.690><c> also</c><00:24:49.960><c> starting</c><00:24:50.110><c> to</c><00:24:50.320><c> flip</c><00:24:50.530><c> not</c><00:24:50.680><c> as</c><00:24:50.860><c> a</c>

00:24:50.910 --> 00:24:50.920 align:start position:0%
which is also starting to flip not as a
 

00:24:50.920 --> 00:24:52.890 align:start position:0%
which is also starting to flip not as a
have<00:24:51.070><c> we</c><00:24:51.190><c> said</c><00:24:51.370><c> earlier</c><00:24:51.640><c> with</c><00:24:51.850><c> like</c><00:24:52.090><c> IPOs</c><00:24:52.630><c> been</c>

00:24:52.890 --> 00:24:52.900 align:start position:0%
have we said earlier with like IPOs been
 

00:24:52.900 --> 00:24:55.810 align:start position:0%
have we said earlier with like IPOs been
going<00:24:53.470><c> to</c><00:24:53.560><c> awesome</c>

00:24:55.810 --> 00:24:55.820 align:start position:0%
 
 

00:24:55.820 --> 00:24:59.500 align:start position:0%
 
so<00:24:56.620><c> really</c><00:24:57.620><c> you</c><00:24:58.220><c> want</c><00:24:58.250><c> to</c><00:24:58.550><c> start</c><00:24:59.120><c> making</c><00:24:59.270><c> money</c>

00:24:59.500 --> 00:24:59.510 align:start position:0%
so really you want to start making money
 

00:24:59.510 --> 00:25:02.680 align:start position:0%
so really you want to start making money
within<00:24:59.840><c> three</c><00:25:00.170><c> to</c><00:25:00.200><c> five</c><00:25:00.500><c> years</c><00:25:00.770><c> minimum</c><00:25:01.690><c> this</c>

00:25:02.680 --> 00:25:02.690 align:start position:0%
within three to five years minimum this
 

00:25:02.690 --> 00:25:05.620 align:start position:0%
within three to five years minimum this
few<00:25:03.080><c> businesses</c><00:25:03.830><c> like</c><00:25:04.130><c> that</c><00:25:04.310><c> I</c><00:25:04.610><c> mean</c><00:25:05.270><c> there's</c>

00:25:05.620 --> 00:25:05.630 align:start position:0%
few businesses like that I mean there's
 

00:25:05.630 --> 00:25:08.980 align:start position:0%
few businesses like that I mean there's
very<00:25:06.350><c> long</c><00:25:06.680><c> term</c><00:25:06.860><c> big</c><00:25:07.100><c> project</c><00:25:07.520><c> companies</c><00:25:07.990><c> but</c>

00:25:08.980 --> 00:25:08.990 align:start position:0%
very long term big project companies but
 

00:25:08.990 --> 00:25:11.020 align:start position:0%
very long term big project companies but
that<00:25:09.140><c> doesn't</c><00:25:09.440><c> apply</c><00:25:09.500><c> it</c><00:25:09.740><c> to</c><00:25:10.100><c> like</c><00:25:10.580><c> to</c><00:25:10.880><c> cook</c>

00:25:11.020 --> 00:25:11.030 align:start position:0%
that doesn't apply it to like to cook
 

00:25:11.030 --> 00:25:14.680 align:start position:0%
that doesn't apply it to like to cook
our<00:25:11.240><c> general</c><00:25:13.090><c> it's</c><00:25:14.090><c> very</c><00:25:14.150><c> centralized</c>

00:25:14.680 --> 00:25:14.690 align:start position:0%
our general it's very centralized
 

00:25:14.690 --> 00:25:16.810 align:start position:0%
our general it's very centralized
decision-making<00:25:15.190><c> so</c><00:25:16.190><c> one</c><00:25:16.400><c> thing</c><00:25:16.640><c> that</c><00:25:16.670><c> you</c>

00:25:16.810 --> 00:25:16.820 align:start position:0%
decision-making so one thing that you
 

00:25:16.820 --> 00:25:18.610 align:start position:0%
decision-making so one thing that you
have<00:25:16.910><c> to</c><00:25:16.940><c> remember</c><00:25:17.180><c> is</c><00:25:17.420><c> selling</c><00:25:18.110><c> equity</c><00:25:18.260><c> means</c>

00:25:18.610 --> 00:25:18.620 align:start position:0%
have to remember is selling equity means
 

00:25:18.620 --> 00:25:20.020 align:start position:0%
have to remember is selling equity means
you're<00:25:18.770><c> selling</c><00:25:19.100><c> stake</c><00:25:19.790><c> in</c><00:25:19.910><c> your</c><00:25:19.970><c> company</c>

00:25:20.020 --> 00:25:20.030 align:start position:0%
you're selling stake in your company
 

00:25:20.030 --> 00:25:21.790 align:start position:0%
you're selling stake in your company
which<00:25:20.480><c> means</c><00:25:20.660><c> others</c><00:25:21.080><c> people</c><00:25:21.350><c> have</c><00:25:21.530><c> a</c><00:25:21.560><c> say</c>

00:25:21.790 --> 00:25:21.800 align:start position:0%
which means others people have a say
 

00:25:21.800 --> 00:25:24.220 align:start position:0%
which means others people have a say
over<00:25:21.830><c> the</c><00:25:22.550><c> government's</c><00:25:23.120><c> and</c><00:25:23.300><c> how</c><00:25:23.900><c> you</c><00:25:23.960><c> money</c>

00:25:24.220 --> 00:25:24.230 align:start position:0%
over the government's and how you money
 

00:25:24.230 --> 00:25:24.670 align:start position:0%
over the government's and how you money
probably

00:25:24.670 --> 00:25:24.680 align:start position:0%
probably
 

00:25:24.680 --> 00:25:27.790 align:start position:0%
probably
so<00:25:25.130><c> there's</c><00:25:25.310><c> many</c><00:25:25.430><c> examples</c><00:25:26.530><c> kind</c><00:25:27.530><c> of</c><00:25:27.590><c> horror</c>

00:25:27.790 --> 00:25:27.800 align:start position:0%
so there's many examples kind of horror
 

00:25:27.800 --> 00:25:30.220 align:start position:0%
so there's many examples kind of horror
stories<00:25:27.890><c> enough</c><00:25:28.370><c> like</c><00:25:28.520><c> if</c><00:25:29.150><c> a</c><00:25:29.390><c> VC</c><00:25:29.720><c> doesn't</c><00:25:30.080><c> like</c>

00:25:30.220 --> 00:25:30.230 align:start position:0%
stories enough like if a VC doesn't like
 

00:25:30.230 --> 00:25:31.750 align:start position:0%
stories enough like if a VC doesn't like
the<00:25:30.410><c> way</c><00:25:30.560><c> that</c><00:25:30.710><c> you</c><00:25:30.860><c> lead</c><00:25:31.040><c> your</c><00:25:31.250><c> company</c><00:25:31.640><c> or</c>

00:25:31.750 --> 00:25:31.760 align:start position:0%
the way that you lead your company or
 

00:25:31.760 --> 00:25:34.000 align:start position:0%
the way that you lead your company or
your<00:25:31.880><c> team</c><00:25:32.090><c> they</c><00:25:32.960><c> might</c><00:25:33.170><c> just</c><00:25:33.410><c> replace</c><00:25:33.770><c> you</c>

00:25:34.000 --> 00:25:34.010 align:start position:0%
your team they might just replace you
 

00:25:34.010 --> 00:25:36.850 align:start position:0%
your team they might just replace you
you<00:25:34.040><c> know</c><00:25:34.570><c> at</c><00:25:35.570><c> work</c><00:25:35.810><c> the</c><00:25:36.140><c> board</c><00:25:36.410><c> will</c><00:25:36.620><c> try</c><00:25:36.830><c> to</c>

00:25:36.850 --> 00:25:36.860 align:start position:0%
you know at work the board will try to
 

00:25:36.860 --> 00:25:39.220 align:start position:0%
you know at work the board will try to
push<00:25:37.130><c> you</c><00:25:37.310><c> out</c><00:25:37.460><c> doesn't</c><00:25:38.450><c> have</c><00:25:38.540><c> we</c><00:25:38.900><c> have</c><00:25:39.020><c> really</c>

00:25:39.220 --> 00:25:39.230 align:start position:0%
push you out doesn't have we have really
 

00:25:39.230 --> 00:25:41.380 align:start position:0%
push you out doesn't have we have really
seen<00:25:39.380><c> that</c><00:25:39.440><c> yet</c><00:25:39.680><c> mentioning</c><00:25:40.130><c> in</c><00:25:40.280><c> crypto</c><00:25:40.580><c> but</c>

00:25:41.380 --> 00:25:41.390 align:start position:0%
seen that yet mentioning in crypto but
 

00:25:41.390 --> 00:25:42.820 align:start position:0%
seen that yet mentioning in crypto but
it<00:25:41.480><c> is</c><00:25:41.600><c> something</c><00:25:41.840><c> to</c><00:25:42.080><c> consider</c><00:25:42.200><c> just</c><00:25:42.680><c> from</c><00:25:42.800><c> a</c>

00:25:42.820 --> 00:25:42.830 align:start position:0%
it is something to consider just from a
 

00:25:42.830 --> 00:25:45.850 align:start position:0%
it is something to consider just from a
governance<00:25:43.190><c> system</c><00:25:43.870><c> then</c><00:25:44.870><c> this</c><00:25:45.470><c> is</c><00:25:45.620><c> a</c><00:25:45.650><c> really</c>

00:25:45.850 --> 00:25:45.860 align:start position:0%
governance system then this is a really
 

00:25:45.860 --> 00:25:48.100 align:start position:0%
governance system then this is a really
looking<00:25:46.160><c> for</c><00:25:46.280><c> 10x</c><00:25:46.640><c> business</c><00:25:46.970><c> models</c><00:25:47.270><c> so</c><00:25:47.960><c> if</c>

00:25:48.100 --> 00:25:48.110 align:start position:0%
looking for 10x business models so if
 

00:25:48.110 --> 00:25:50.440 align:start position:0%
looking for 10x business models so if
you<00:25:48.200><c> can't</c><00:25:48.470><c> demonstrate</c><00:25:48.830><c> how</c><00:25:49.520><c> this</c><00:25:50.210><c> is</c><00:25:50.330><c> going</c>

00:25:50.440 --> 00:25:50.450 align:start position:0%
you can't demonstrate how this is going
 

00:25:50.450 --> 00:25:53.170 align:start position:0%
you can't demonstrate how this is going
to<00:25:50.540><c> have</c><00:25:50.690><c> like</c><00:25:50.810><c> 10x</c><00:25:51.730><c> in</c><00:25:52.730><c> terms</c><00:25:52.970><c> of</c><00:25:53.090><c> an</c>

00:25:53.170 --> 00:25:53.180 align:start position:0%
to have like 10x in terms of an
 

00:25:53.180 --> 00:25:54.610 align:start position:0%
to have like 10x in terms of an
investment<00:25:53.270><c> if</c><00:25:53.690><c> they</c><00:25:53.810><c> invest</c><00:25:54.080><c> the</c><00:25:54.260><c> billion</c>

00:25:54.610 --> 00:25:54.620 align:start position:0%
investment if they invest the billion
 

00:25:54.620 --> 00:25:56.740 align:start position:0%
investment if they invest the billion
they<00:25:54.830><c> want</c><00:25:55.040><c> to</c><00:25:55.130><c> exit</c><00:25:55.580><c> with</c><00:25:55.730><c> ten</c><00:25:55.910><c> million</c><00:25:56.090><c> which</c>

00:25:56.740 --> 00:25:56.750 align:start position:0%
they want to exit with ten million which
 

00:25:56.750 --> 00:25:57.850 align:start position:0%
they want to exit with ten million which
means<00:25:56.930><c> resolve</c><00:25:57.290><c> your</c><00:25:57.440><c> business</c><00:25:57.710><c> at</c><00:25:57.830><c> that</c>

00:25:57.850 --> 00:25:57.860 align:start position:0%
means resolve your business at that
 

00:25:57.860 --> 00:26:01.510 align:start position:0%
means resolve your business at that
point<00:25:57.980><c> needs</c><00:25:58.280><c> to</c><00:25:58.370><c> be</c><00:25:58.460><c> it's</c><00:25:58.790><c> a</c><00:25:58.910><c> really</c><00:25:59.120><c> grow</c><00:26:00.520><c> to</c>

00:26:01.510 --> 00:26:01.520 align:start position:0%
point needs to be it's a really grow to
 

00:26:01.520 --> 00:26:04.240 align:start position:0%
point needs to be it's a really grow to
match<00:26:01.670><c> those</c><00:26:01.880><c> numbers</c><00:26:03.040><c> valuations</c><00:26:04.040><c> and</c>

00:26:04.240 --> 00:26:04.250 align:start position:0%
match those numbers valuations and
 

00:26:04.250 --> 00:26:06.970 align:start position:0%
match those numbers valuations and
terpenes<00:26:04.870><c> so</c><00:26:05.870><c> valuation</c><00:26:06.380><c> is</c><00:26:06.440><c> basically</c><00:26:06.710><c> once</c>

00:26:06.970 --> 00:26:06.980 align:start position:0%
terpenes so valuation is basically once
 

00:26:06.980 --> 00:26:09.880 align:start position:0%
terpenes so valuation is basically once
you<00:26:07.100><c> go</c><00:26:07.220><c> to</c><00:26:07.250><c> VC</c><00:26:07.760><c> or</c><00:26:08.720><c> give</c><00:26:08.990><c> it</c><00:26:09.110><c> to</c><00:26:09.200><c> an</c><00:26:09.320><c> angel</c><00:26:09.530><c> once</c>

00:26:09.880 --> 00:26:09.890 align:start position:0%
you go to VC or give it to an angel once
 

00:26:09.890 --> 00:26:11.230 align:start position:0%
you go to VC or give it to an angel once
you<00:26:09.980><c> select</c><00:26:10.280><c> early</c><00:26:10.490><c> you're</c><00:26:10.730><c> going</c><00:26:10.940><c> to</c><00:26:11.000><c> try</c><00:26:11.210><c> and</c>

00:26:11.230 --> 00:26:11.240 align:start position:0%
you select early you're going to try and
 

00:26:11.240 --> 00:26:13.750 align:start position:0%
you select early you're going to try and
want<00:26:11.510><c> to</c><00:26:11.540><c> get</c><00:26:11.720><c> to</c><00:26:11.780><c> evaluation</c><00:26:12.550><c> which</c><00:26:13.550><c> means</c>

00:26:13.750 --> 00:26:13.760 align:start position:0%
want to get to evaluation which means
 

00:26:13.760 --> 00:26:14.920 align:start position:0%
want to get to evaluation which means
you<00:26:13.880><c> need</c><00:26:14.000><c> to</c><00:26:14.060><c> now</c><00:26:14.240><c> put</c><00:26:14.450><c> a</c><00:26:14.480><c> price</c><00:26:14.750><c> on</c><00:26:14.780><c> your</c>

00:26:14.920 --> 00:26:14.930 align:start position:0%
you need to now put a price on your
 

00:26:14.930 --> 00:26:16.450 align:start position:0%
you need to now put a price on your
company<00:26:15.320><c> which</c><00:26:15.800><c> not</c><00:26:15.980><c> means</c><00:26:16.190><c> you</c><00:26:16.310><c> need</c><00:26:16.400><c> to</c>

00:26:16.450 --> 00:26:16.460 align:start position:0%
company which not means you need to
 

00:26:16.460 --> 00:26:17.920 align:start position:0%
company which not means you need to
evaluate<00:26:16.790><c> and</c><00:26:17.120><c> how</c><00:26:17.240><c> much</c><00:26:17.390><c> money</c><00:26:17.540><c> could</c><00:26:17.780><c> this</c>

00:26:17.920 --> 00:26:17.930 align:start position:0%
evaluate and how much money could this
 

00:26:17.930 --> 00:26:21.640 align:start position:0%
evaluate and how much money could this
company<00:26:18.380><c> make</c><00:26:18.620><c> in</c><00:26:19.100><c> some</c><00:26:19.310><c> place</c><00:26:19.520><c> and</c><00:26:20.330><c> then</c><00:26:20.690><c> the</c>

00:26:21.640 --> 00:26:21.650 align:start position:0%
company make in some place and then the
 

00:26:21.650 --> 00:26:23.230 align:start position:0%
company make in some place and then the
idea<00:26:21.920><c> you</c><00:26:22.130><c> want</c><00:26:22.280><c> to</c><00:26:22.340><c> get</c><00:26:22.460><c> to</c><00:26:22.550><c> a</c><00:26:22.610><c> term</c><00:26:22.820><c> seen</c><00:26:23.030><c> a</c>

00:26:23.230 --> 00:26:23.240 align:start position:0%
idea you want to get to a term seen a
 

00:26:23.240 --> 00:26:25.150 align:start position:0%
idea you want to get to a term seen a
term<00:26:23.750><c> sheet</c><00:26:23.990><c> is</c><00:26:24.170><c> kind</c><00:26:24.440><c> of</c><00:26:24.500><c> the</c><00:26:24.590><c> offer</c><00:26:24.800><c> from</c><00:26:25.070><c> the</c>

00:26:25.150 --> 00:26:25.160 align:start position:0%
term sheet is kind of the offer from the
 

00:26:25.160 --> 00:26:26.830 align:start position:0%
term sheet is kind of the offer from the
me<00:26:25.340><c> see</c><00:26:25.550><c> how</c><00:26:26.210><c> much</c><00:26:26.390><c> they're</c><00:26:26.600><c> willing</c><00:26:26.660><c> to</c>

00:26:26.830 --> 00:26:26.840 align:start position:0%
me see how much they're willing to
 

00:26:26.840 --> 00:26:30.110 align:start position:0%
me see how much they're willing to
invest<00:26:26.960><c> any</c><00:26:27.890><c> one</c><00:26:28.160><c> terms</c>

00:26:30.110 --> 00:26:30.120 align:start position:0%
invest any one terms
 

00:26:30.120 --> 00:26:33.830 align:start position:0%
invest any one terms
go<00:26:30.809><c> and</c><00:26:31.020><c> then</c><00:26:31.140><c> there</c><00:26:31.320><c> is</c><00:26:31.500><c> best</c><00:26:31.950><c> thing</c><00:26:32.840><c> which</c>

00:26:33.830 --> 00:26:33.840 align:start position:0%
go and then there is best thing which
 

00:26:33.840 --> 00:26:35.360 align:start position:0%
go and then there is best thing which
this<00:26:34.110><c> supplement</c><00:26:34.500><c> is</c><00:26:34.650><c> often</c><00:26:35.070><c> forgotten</c>

00:26:35.360 --> 00:26:35.370 align:start position:0%
this supplement is often forgotten
 

00:26:35.370 --> 00:26:36.529 align:start position:0%
this supplement is often forgotten
crypto<00:26:35.760><c> we'll</c><00:26:35.880><c> get</c><00:26:36.029><c> to</c><00:26:36.150><c> that</c><00:26:36.179><c> a</c><00:26:36.299><c> little</c><00:26:36.390><c> bit</c>

00:26:36.529 --> 00:26:36.539 align:start position:0%
crypto we'll get to that a little bit
 

00:26:36.539 --> 00:26:38.779 align:start position:0%
crypto we'll get to that a little bit
later<00:26:36.779><c> but</c><00:26:37.200><c> it's</c><00:26:37.350><c> essentially</c><00:26:37.740><c> how</c><00:26:38.010><c> your</c><00:26:38.580><c> own</c>

00:26:38.779 --> 00:26:38.789 align:start position:0%
later but it's essentially how your own
 

00:26:38.789 --> 00:26:41.360 align:start position:0%
later but it's essentially how your own
shares<00:26:39.120><c> of</c><00:26:39.299><c> the</c><00:26:39.390><c> company</c><00:26:39.799><c> or</c><00:26:40.799><c> your</c><00:26:40.980><c> employees</c>

00:26:41.360 --> 00:26:41.370 align:start position:0%
shares of the company or your employees
 

00:26:41.370 --> 00:26:45.649 align:start position:0%
shares of the company or your employees
chairs<00:26:41.610><c> invest</c><00:26:42.029><c> over</c><00:26:42.270><c> time</c><00:26:44.360><c> so</c><00:26:45.360><c> this</c><00:26:45.539><c> is</c>

00:26:45.649 --> 00:26:45.659 align:start position:0%
chairs invest over time so this is
 

00:26:45.659 --> 00:26:47.510 align:start position:0%
chairs invest over time so this is
really<00:26:45.840><c> just</c><00:26:45.960><c> to</c><00:26:46.200><c> cover</c><00:26:46.350><c> the</c><00:26:46.500><c> basis</c><00:26:46.860><c> I</c><00:26:47.070><c> know</c>

00:26:47.510 --> 00:26:47.520 align:start position:0%
really just to cover the basis I know
 

00:26:47.520 --> 00:26:49.909 align:start position:0%
really just to cover the basis I know
you<00:26:47.880><c> want</c><00:26:48.120><c> to</c><00:26:48.210><c> make</c><00:26:48.480><c> this</c><00:26:48.630><c> like</c><00:26:48.870><c> open</c><00:26:49.320><c> kind</c><00:26:49.860><c> of</c>

00:26:49.909 --> 00:26:49.919 align:start position:0%
you want to make this like open kind of
 

00:26:49.919 --> 00:26:51.289 align:start position:0%
you want to make this like open kind of
discussion<00:26:50.309><c> around</c><00:26:50.400><c> to</c><00:26:50.669><c> discuss</c><00:26:50.940><c> worst</c><00:26:51.210><c> of</c>

00:26:51.289 --> 00:26:51.299 align:start position:0%
discussion around to discuss worst of
 

00:26:51.299 --> 00:26:53.210 align:start position:0%
discussion around to discuss worst of
all<00:26:51.390><c> the</c><00:26:51.510><c> VCS</c><00:26:51.779><c> and</c><00:26:51.929><c> funding</c><00:26:52.289><c> he</c><00:26:52.830><c> centralized</c>

00:26:53.210 --> 00:26:53.220 align:start position:0%
all the VCS and funding he centralized
 

00:26:53.220 --> 00:26:55.399 align:start position:0%
all the VCS and funding he centralized
open<00:26:53.460><c> infrastructure</c><00:26:53.970><c> but</c><00:26:54.750><c> also</c><00:26:54.809><c> the</c><00:26:55.230><c> polar</c>

00:26:55.399 --> 00:26:55.409 align:start position:0%
open infrastructure but also the polar
 

00:26:55.409 --> 00:26:58.640 align:start position:0%
open infrastructure but also the polar
pcs<00:26:55.799><c> in</c><00:26:55.919><c> like</c><00:26:56.070><c> funding</c><00:26:57.470><c> projects</c><00:26:58.470><c> in</c><00:26:58.559><c> the</c>

00:26:58.640 --> 00:26:58.650 align:start position:0%
pcs in like funding projects in the
 

00:26:58.650 --> 00:27:02.090 align:start position:0%
pcs in like funding projects in the
space<00:26:58.860><c> of</c><00:26:58.890><c> general</c><00:27:00.320><c> Abby</c><00:27:01.320><c> just</c><00:27:01.529><c> had</c><00:27:01.830><c> a</c><00:27:01.860><c> great</c>

00:27:02.090 --> 00:27:02.100 align:start position:0%
space of general Abby just had a great
 

00:27:02.100 --> 00:27:03.440 align:start position:0%
space of general Abby just had a great
comment<00:27:02.279><c> earlier</c><00:27:02.460><c> that</c><00:27:02.700><c> I</c><00:27:02.850><c> think</c><00:27:02.940><c> for</c><00:27:03.270><c> a</c><00:27:03.330><c> lot</c>

00:27:03.440 --> 00:27:03.450 align:start position:0%
comment earlier that I think for a lot
 

00:27:03.450 --> 00:27:05.419 align:start position:0%
comment earlier that I think for a lot
of<00:27:03.570><c> open</c><00:27:03.870><c> source</c><00:27:03.960><c> business</c><00:27:04.200><c> models</c><00:27:04.679><c> VC</c>

00:27:05.419 --> 00:27:05.429 align:start position:0%
of open source business models VC
 

00:27:05.429 --> 00:27:08.570 align:start position:0%
of open source business models VC
funding<00:27:05.850><c> doesn't</c><00:27:06.659><c> actually</c><00:27:06.779><c> work</c><00:27:07.049><c> off</c><00:27:07.580><c> and</c>

00:27:08.570 --> 00:27:08.580 align:start position:0%
funding doesn't actually work off and
 

00:27:08.580 --> 00:27:11.180 align:start position:0%
funding doesn't actually work off and
yeah<00:27:09.000><c> maybe</c><00:27:09.179><c> to</c><00:27:09.330><c> kick</c><00:27:09.510><c> it</c><00:27:09.600><c> off</c><00:27:09.720><c> I</c><00:27:09.870><c> want</c><00:27:10.049><c> to</c><00:27:10.190><c> hand</c>

00:27:11.180 --> 00:27:11.190 align:start position:0%
yeah maybe to kick it off I want to hand
 

00:27:11.190 --> 00:27:12.350 align:start position:0%
yeah maybe to kick it off I want to hand
it<00:27:11.220><c> over</c><00:27:11.309><c> to</c><00:27:11.549><c> you</c><00:27:11.640><c> guys</c><00:27:11.820><c> in</c><00:27:12.090><c> terms</c><00:27:12.210><c> of</c>

00:27:12.350 --> 00:27:12.360 align:start position:0%
it over to you guys in terms of
 

00:27:12.360 --> 00:27:15.930 align:start position:0%
it over to you guys in terms of
experiences<00:27:12.990><c> in</c><00:27:13.380><c> terms</c><00:27:13.620><c> of</c>

00:27:15.930 --> 00:27:15.940 align:start position:0%
 
 

00:27:15.940 --> 00:27:19.389 align:start position:0%
 
that's<00:27:16.940><c> that's</c><00:27:17.120><c> one</c><00:27:17.360><c> thing</c><00:27:17.570><c> we've</c><00:27:17.720><c> come</c><00:27:18.019><c> up</c><00:27:18.399><c> in</c>

00:27:19.389 --> 00:27:19.399 align:start position:0%
that's that's one thing we've come up in
 

00:27:19.399 --> 00:27:21.519 align:start position:0%
that's that's one thing we've come up in
the<00:27:19.789><c> common</c><00:27:20.090><c> stack</c><00:27:20.330><c> looking</c><00:27:20.690><c> for</c><00:27:20.899><c> funding</c><00:27:21.380><c> to</c>

00:27:21.519 --> 00:27:21.529 align:start position:0%
the common stack looking for funding to
 

00:27:21.529 --> 00:27:23.169 align:start position:0%
the common stack looking for funding to
build<00:27:21.620><c> the</c><00:27:21.830><c> common</c><00:27:22.100><c> stack</c><00:27:22.340><c> I'm</c><00:27:22.669><c> looking</c><00:27:23.090><c> at</c>

00:27:23.169 --> 00:27:23.179 align:start position:0%
build the common stack I'm looking at
 

00:27:23.179 --> 00:27:24.519 align:start position:0%
build the common stack I'm looking at
VCS<00:27:23.600><c> and</c><00:27:23.870><c> the</c><00:27:23.929><c> first</c><00:27:24.110><c> question</c><00:27:24.289><c> of</c>

00:27:24.519 --> 00:27:24.529 align:start position:0%
VCS and the first question of
 

00:27:24.529 --> 00:27:26.230 align:start position:0%
VCS and the first question of
supplements<00:27:25.010><c> or</c><00:27:25.100><c> profit</c><00:27:25.429><c> model</c><00:27:25.730><c> we're</c>

00:27:26.230 --> 00:27:26.240 align:start position:0%
supplements or profit model we're
 

00:27:26.240 --> 00:27:28.060 align:start position:0%
supplements or profit model we're
building<00:27:26.570><c> open</c><00:27:27.019><c> source</c><00:27:27.230><c> components</c><00:27:27.799><c> for</c>

00:27:28.060 --> 00:27:28.070 align:start position:0%
building open source components for
 

00:27:28.070 --> 00:27:30.340 align:start position:0%
building open source components for
communities<00:27:28.549><c> to</c><00:27:28.580><c> use</c><00:27:28.789><c> basically</c><00:27:29.720><c> like</c><00:27:29.870><c> a</c><00:27:29.899><c> you</c>

00:27:30.340 --> 00:27:30.350 align:start position:0%
communities to use basically like a you
 

00:27:30.350 --> 00:27:33.519 align:start position:0%
communities to use basically like a you
know<00:27:30.440><c> an</c><00:27:30.529><c> SDK</c><00:27:31.010><c> for</c><00:27:31.789><c> dows</c><00:27:32.000><c> we</c><00:27:32.720><c> don't</c><00:27:33.320><c> have</c><00:27:33.500><c> a</c>

00:27:33.519 --> 00:27:33.529 align:start position:0%
know an SDK for dows we don't have a
 

00:27:33.529 --> 00:27:35.350 align:start position:0%
know an SDK for dows we don't have a
profit<00:27:33.919><c> bot</c><00:27:34.039><c> we</c><00:27:34.250><c> don't</c><00:27:34.399><c> want</c><00:27:34.669><c> a</c><00:27:34.700><c> profit</c><00:27:34.909><c> model</c>

00:27:35.350 --> 00:27:35.360 align:start position:0%
profit bot we don't want a profit model
 

00:27:35.360 --> 00:27:38.049 align:start position:0%
profit bot we don't want a profit model
and<00:27:36.019><c> that</c><00:27:36.169><c> makes</c><00:27:36.380><c> the</c><00:27:37.130><c> VC</c><00:27:37.490><c> Road</c><00:27:37.730><c> very</c>

00:27:38.049 --> 00:27:38.059 align:start position:0%
and that makes the VC Road very
 

00:27:38.059 --> 00:27:40.480 align:start position:0%
and that makes the VC Road very
difficult<00:27:38.630><c> route</c><00:27:39.230><c> to</c><00:27:39.409><c> walk</c><00:27:39.649><c> for</c><00:27:39.950><c> an</c><00:27:40.220><c> open</c>

00:27:40.480 --> 00:27:40.490 align:start position:0%
difficult route to walk for an open
 

00:27:40.490 --> 00:27:44.649 align:start position:0%
difficult route to walk for an open
source<00:27:40.640><c> project</c><00:27:40.909><c> like</c><00:27:41.330><c> the</c><00:27:41.539><c> contact</c><00:27:43.659><c> projects</c>

00:27:44.649 --> 00:27:44.659 align:start position:0%
source project like the contact projects
 

00:27:44.659 --> 00:27:46.480 align:start position:0%
source project like the contact projects
that<00:27:44.870><c> seem</c><00:27:45.169><c> to</c><00:27:45.409><c> have</c><00:27:45.500><c> had</c><00:27:45.679><c> some</c><00:27:46.010><c> success</c>

00:27:46.480 --> 00:27:46.490 align:start position:0%
that seem to have had some success
 

00:27:46.490 --> 00:27:50.409 align:start position:0%
that seem to have had some success
raising<00:27:46.820><c> theses</c><00:27:47.720><c> our</c><00:27:48.710><c> projects</c><00:27:49.190><c> that</c><00:27:49.490><c> they</c>

00:27:50.409 --> 00:27:50.419 align:start position:0%
raising theses our projects that they
 

00:27:50.419 --> 00:27:52.299 align:start position:0%
raising theses our projects that they
might<00:27:50.630><c> have</c><00:27:50.840><c> an</c><00:27:51.049><c> open</c><00:27:51.289><c> source</c><00:27:51.470><c> construction</c>

00:27:52.299 --> 00:27:52.309 align:start position:0%
might have an open source construction
 

00:27:52.309 --> 00:27:54.850 align:start position:0%
might have an open source construction
but<00:27:52.909><c> they</c><00:27:53.059><c> you</c><00:27:53.659><c> know</c><00:27:53.690><c> are</c><00:27:54.169><c> going</c><00:27:54.350><c> to</c><00:27:54.470><c> bend</c>

00:27:54.850 --> 00:27:54.860 align:start position:0%
but they you know are going to bend
 

00:27:54.860 --> 00:28:00.750 align:start position:0%
but they you know are going to bend
figure<00:27:55.760><c> out</c><00:27:57.399><c> to</c><00:27:58.399><c> come</c><00:27:58.880><c> to</c><00:27:59.029><c> mind</c><00:27:59.210><c> that</c>

00:28:00.750 --> 00:28:00.760 align:start position:0%
figure out to come to mind that
 

00:28:00.760 --> 00:28:03.290 align:start position:0%
figure out to come to mind that
recently<00:28:01.269><c> one</c><00:28:01.929><c> in</c>

00:28:03.290 --> 00:28:03.300 align:start position:0%
recently one in
 

00:28:03.300 --> 00:28:08.100 align:start position:0%
recently one in
project<00:28:04.050><c> one</c><00:28:04.380><c> is</c><00:28:04.530><c> the</c><00:28:04.950><c> swamp</c>

00:28:08.100 --> 00:28:08.110 align:start position:0%
 
 

00:28:08.110 --> 00:28:12.120 align:start position:0%
 
Sabrina<00:28:09.110><c> swap</c><00:28:09.380><c> Hispanic</c><00:28:10.340><c> annuity</c><00:28:10.700><c> office</c>

00:28:12.120 --> 00:28:12.130 align:start position:0%
Sabrina swap Hispanic annuity office
 

00:28:12.130 --> 00:28:14.259 align:start position:0%
Sabrina swap Hispanic annuity office
medical<00:28:13.130><c> it's</c><00:28:13.220><c> not</c><00:28:13.340><c> happening</c><00:28:13.669><c> it's</c><00:28:13.730><c> like</c><00:28:13.909><c> one</c>

00:28:14.259 --> 00:28:14.269 align:start position:0%
medical it's not happening it's like one
 

00:28:14.269 --> 00:28:15.880 align:start position:0%
medical it's not happening it's like one
of<00:28:14.299><c> the</c><00:28:14.419><c> coolest</c><00:28:14.570><c> exchanges</c><00:28:15.230><c> on</c><00:28:15.470><c> aetherium</c>

00:28:15.880 --> 00:28:15.890 align:start position:0%
of the coolest exchanges on aetherium
 

00:28:15.890 --> 00:28:18.669 align:start position:0%
of the coolest exchanges on aetherium
these<00:28:16.730><c> bonding</c><00:28:17.570><c> curves</c><00:28:17.809><c> and</c><00:28:18.169><c> it's</c><00:28:18.590><c> a</c>

00:28:18.669 --> 00:28:18.679 align:start position:0%
these bonding curves and it's a
 

00:28:18.679 --> 00:28:20.470 align:start position:0%
these bonding curves and it's a
automated<00:28:19.130><c> parking</c><00:28:19.250><c> maker</c><00:28:19.610><c> that's</c><00:28:20.299><c> where</c>

00:28:20.470 --> 00:28:20.480 align:start position:0%
automated parking maker that's where
 

00:28:20.480 --> 00:28:21.970 align:start position:0%
automated parking maker that's where
it's<00:28:20.570><c> me</c><00:28:20.690><c> nothing</c><00:28:20.990><c> to</c><00:28:21.110><c> you</c><00:28:21.169><c> it</c><00:28:21.260><c> doesn't</c><00:28:21.409><c> matter</c>

00:28:21.970 --> 00:28:21.980 align:start position:0%
it's me nothing to you it doesn't matter
 

00:28:21.980 --> 00:28:23.380 align:start position:0%
it's me nothing to you it doesn't matter
it<00:28:22.130><c> just</c><00:28:22.309><c> means</c><00:28:22.460><c> that</c><00:28:22.580><c> you</c><00:28:22.850><c> can</c><00:28:22.970><c> always</c><00:28:23.179><c> trade</c>

00:28:23.380 --> 00:28:23.390 align:start position:0%
it just means that you can always trade
 

00:28:23.390 --> 00:28:24.140 align:start position:0%
it just means that you can always trade
against<00:28:23.600><c> it</c>

00:28:24.140 --> 00:28:24.150 align:start position:0%
against it
 

00:28:24.150 --> 00:28:26.030 align:start position:0%
against it
I'll<00:28:24.330><c> always</c><00:28:24.480><c> trade</c><00:28:24.810><c> back</c><00:28:24.990><c> with</c><00:28:25.170><c> you</c><00:28:25.260><c> you</c><00:28:25.890><c> can</c>

00:28:26.030 --> 00:28:26.040 align:start position:0%
I'll always trade back with you you can
 

00:28:26.040 --> 00:28:28.550 align:start position:0%
I'll always trade back with you you can
put<00:28:26.340><c> money</c><00:28:26.490><c> there</c><00:28:26.720><c> it</c><00:28:27.720><c> doesn't</c><00:28:28.140><c> actually</c><00:28:28.230><c> take</c>

00:28:28.550 --> 00:28:28.560 align:start position:0%
put money there it doesn't actually take
 

00:28:28.560 --> 00:28:29.970 align:start position:0%
put money there it doesn't actually take
anything<00:28:28.830><c> use</c><00:28:29.040><c> it</c>

00:28:29.970 --> 00:28:29.980 align:start position:0%
anything use it
 

00:28:29.980 --> 00:28:32.280 align:start position:0%
anything use it
but<00:28:30.340><c> the</c><00:28:30.730><c> team</c><00:28:31.059><c> is</c><00:28:31.270><c> building</c><00:28:31.600><c> services</c><00:28:31.990><c> around</c>

00:28:32.280 --> 00:28:32.290 align:start position:0%
but the team is building services around
 

00:28:32.290 --> 00:28:35.549 align:start position:0%
but the team is building services around
them<00:28:32.470><c> and</c><00:28:32.679><c> there</c><00:28:33.160><c> isn't</c><00:28:34.080><c> on</c><00:28:35.080><c> the</c><00:28:35.230><c> premise</c><00:28:35.530><c> that</c>

00:28:35.549 --> 00:28:35.559 align:start position:0%
them and there isn't on the premise that
 

00:28:35.559 --> 00:28:37.580 align:start position:0%
them and there isn't on the premise that
those<00:28:35.830><c> services</c><00:28:36.010><c> would</c><00:28:36.309><c> be</c><00:28:36.370><c> valuable</c>

00:28:37.580 --> 00:28:37.590 align:start position:0%
those services would be valuable
 

00:28:37.590 --> 00:28:40.320 align:start position:0%
those services would be valuable
insta-death<00:28:38.650><c> on</c><00:28:38.890><c> the</c><00:28:38.980><c> other</c><00:28:39.100><c> hand</c><00:28:39.370><c> it</c><00:28:40.120><c> allows</c>

00:28:40.320 --> 00:28:40.330 align:start position:0%
insta-death on the other hand it allows
 

00:28:40.330 --> 00:28:45.570 align:start position:0%
insta-death on the other hand it allows
you<00:28:40.600><c> to</c><00:28:40.840><c> better</c><00:28:41.260><c> manage</c><00:28:41.350><c> your</c><00:28:43.620><c> CDP's</c><00:28:44.620><c> so</c><00:28:45.280><c> who</c>

00:28:45.570 --> 00:28:45.580 align:start position:0%
you to better manage your CDP's so who
 

00:28:45.580 --> 00:28:48.120 align:start position:0%
you to better manage your CDP's so who
here<00:28:45.760><c> knows</c><00:28:45.940><c> what</c><00:28:46.000><c> make</c><00:28:46.540><c> your</c><00:28:46.720><c> downs</c><00:28:46.900><c> and</c><00:28:47.410><c> die</c>

00:28:48.120 --> 00:28:48.130 align:start position:0%
here knows what make your downs and die
 

00:28:48.130 --> 00:28:51.900 align:start position:0%
here knows what make your downs and die
thankful<00:28:49.059><c> almost</c><00:28:49.840><c> all</c><00:28:49.960><c> day</c><00:28:50.110><c> so</c><00:28:50.650><c> you</c><00:28:51.640><c> can</c><00:28:51.730><c> take</c>

00:28:51.900 --> 00:28:51.910 align:start position:0%
thankful almost all day so you can take
 

00:28:51.910 --> 00:28:53.350 align:start position:0%
thankful almost all day so you can take
a<00:28:51.940><c> loan</c><00:28:52.240><c> and</c>

00:28:53.350 --> 00:28:53.360 align:start position:0%
a loan and
 

00:28:53.360 --> 00:28:55.900 align:start position:0%
a loan and
interest<00:28:54.020><c> but</c><00:28:54.230><c> maybe</c><00:28:54.470><c> there's</c><00:28:54.920><c> compound</c>

00:28:55.900 --> 00:28:55.910 align:start position:0%
interest but maybe there's compound
 

00:28:55.910 --> 00:28:57.160 align:start position:0%
interest but maybe there's compound
which<00:28:56.120><c> is</c><00:28:56.240><c> another</c><00:28:56.450><c> platform</c><00:28:56.900><c> where</c><00:28:57.020><c> you</c><00:28:57.080><c> can</c>

00:28:57.160 --> 00:28:57.170 align:start position:0%
which is another platform where you can
 

00:28:57.170 --> 00:28:59.200 align:start position:0%
which is another platform where you can
take<00:28:57.380><c> a</c><00:28:57.410><c> loan</c><00:28:57.620><c> and</c><00:28:58.010><c> that</c><00:28:58.610><c> gives</c><00:28:58.910><c> you</c><00:28:59.000><c> a</c><00:28:59.059><c> better</c>

00:28:59.200 --> 00:28:59.210 align:start position:0%
take a loan and that gives you a better
 

00:28:59.210 --> 00:29:02.049 align:start position:0%
take a loan and that gives you a better
interest<00:28:59.600><c> rate</c><00:28:59.690><c> and</c><00:29:00.049><c> the</c><00:29:00.710><c> process</c><00:29:01.640><c> of</c><00:29:01.790><c> moving</c>

00:29:02.049 --> 00:29:02.059 align:start position:0%
interest rate and the process of moving
 

00:29:02.059 --> 00:29:04.270 align:start position:0%
interest rate and the process of moving
your<00:29:02.690><c> debt</c><00:29:03.110><c> over</c><00:29:03.500><c> one</c><00:29:03.890><c> of</c><00:29:03.980><c> those</c><00:29:04.070><c> platforms</c>

00:29:04.270 --> 00:29:04.280 align:start position:0%
your debt over one of those platforms
 

00:29:04.280 --> 00:29:07.000 align:start position:0%
your debt over one of those platforms
the<00:29:04.580><c> other</c><00:29:04.730><c> is</c><00:29:04.910><c> actually</c><00:29:05.260><c> quite</c><00:29:06.260><c> annoying</c><00:29:06.620><c> and</c>

00:29:07.000 --> 00:29:07.010 align:start position:0%
the other is actually quite annoying and
 

00:29:07.010 --> 00:29:09.160 align:start position:0%
the other is actually quite annoying and
like<00:29:07.190><c> crunch</c><00:29:07.460><c> an</c><00:29:07.610><c> error</c><00:29:07.790><c> and</c><00:29:08.179><c> so</c><00:29:08.540><c> they</c><00:29:08.840><c> provide</c>

00:29:09.160 --> 00:29:09.170 align:start position:0%
like crunch an error and so they provide
 

00:29:09.170 --> 00:29:10.840 align:start position:0%
like crunch an error and so they provide
a<00:29:09.200><c> valuable</c><00:29:09.559><c> service</c><00:29:09.830><c> and</c><00:29:10.250><c> then</c><00:29:10.400><c> take</c><00:29:10.580><c> a</c><00:29:10.610><c> fee</c>

00:29:10.840 --> 00:29:10.850 align:start position:0%
a valuable service and then take a fee
 

00:29:10.850 --> 00:29:12.220 align:start position:0%
a valuable service and then take a fee
for<00:29:11.120><c> doing</c><00:29:11.390><c> that</c><00:29:11.510><c> because</c><00:29:11.750><c> something</c><00:29:11.990><c> like</c>

00:29:12.220 --> 00:29:12.230 align:start position:0%
for doing that because something like
 

00:29:12.230 --> 00:29:14.350 align:start position:0%
for doing that because something like
point<00:29:12.380><c> five</c><00:29:12.590><c> percent</c><00:29:12.880><c> for</c><00:29:13.880><c> being</c><00:29:14.090><c> able</c><00:29:14.179><c> to</c>

00:29:14.350 --> 00:29:14.360 align:start position:0%
point five percent for being able to
 

00:29:14.360 --> 00:29:18.430 align:start position:0%
point five percent for being able to
migrate<00:29:15.290><c> your</c><00:29:15.940><c> your</c><00:29:16.940><c> loan</c><00:29:17.150><c> over</c><00:29:17.600><c> and</c><00:29:17.929><c> that's</c>

00:29:18.430 --> 00:29:18.440 align:start position:0%
migrate your your loan over and that's
 

00:29:18.440 --> 00:29:24.380 align:start position:0%
migrate your your loan over and that's
been<00:29:19.040><c> an</c><00:29:19.280><c> investable</c><00:29:19.760><c> business</c><00:29:20.240><c> model</c>

00:29:24.380 --> 00:29:24.390 align:start position:0%
 
 

00:29:24.390 --> 00:29:26.640 align:start position:0%
 
nice

00:29:26.640 --> 00:29:26.650 align:start position:0%
nice
 

00:29:26.650 --> 00:29:29.700 align:start position:0%
nice
so<00:29:27.220><c> to</c><00:29:27.280><c> answer</c><00:29:27.580><c> this</c><00:29:27.910><c> question</c><00:29:28.450><c> I</c><00:29:28.710><c> really</c>

00:29:29.700 --> 00:29:29.710 align:start position:0%
so to answer this question I really
 

00:29:29.710 --> 00:29:34.170 align:start position:0%
so to answer this question I really
think<00:29:30.420><c> there</c><00:29:31.420><c> has</c><00:29:31.720><c> been</c><00:29:31.750><c> a</c><00:29:32.440><c> role</c><00:29:33.190><c> and</c><00:29:33.640><c> VC's</c><00:29:34.150><c> in</c>

00:29:34.170 --> 00:29:34.180 align:start position:0%
think there has been a role and VC's in
 

00:29:34.180 --> 00:29:36.660 align:start position:0%
think there has been a role and VC's in
funding<00:29:34.950><c> decentralized</c><00:29:35.950><c> open</c>

00:29:36.660 --> 00:29:36.670 align:start position:0%
funding decentralized open
 

00:29:36.670 --> 00:29:40.260 align:start position:0%
funding decentralized open
infrastructure<00:29:37.510><c> and</c><00:29:37.870><c> I</c><00:29:38.290><c> think</c><00:29:38.590><c> that</c><00:29:39.270><c> the</c>

00:29:40.260 --> 00:29:40.270 align:start position:0%
infrastructure and I think that the
 

00:29:40.270 --> 00:29:43.830 align:start position:0%
infrastructure and I think that the
notion<00:29:40.510><c> of</c><00:29:41.880><c> decentralized</c><00:29:42.880><c> open</c>

00:29:43.830 --> 00:29:43.840 align:start position:0%
notion of decentralized open
 

00:29:43.840 --> 00:29:46.590 align:start position:0%
notion of decentralized open
infrastructure<00:29:44.500><c> being</c><00:29:44.770><c> funded</c><00:29:45.370><c> by</c><00:29:45.400><c> a</c><00:29:45.910><c> small</c>

00:29:46.590 --> 00:29:46.600 align:start position:0%
infrastructure being funded by a small
 

00:29:46.600 --> 00:29:49.980 align:start position:0%
infrastructure being funded by a small
beekeeper<00:29:47.470><c> really</c><00:29:48.370><c> juxtaposes</c><00:29:49.270><c> the</c><00:29:49.570><c> notion</c>

00:29:49.980 --> 00:29:49.990 align:start position:0%
beekeeper really juxtaposes the notion
 

00:29:49.990 --> 00:29:55.250 align:start position:0%
beekeeper really juxtaposes the notion
of<00:29:50.080><c> what</c><00:29:50.290><c> we're</c><00:29:50.470><c> trying</c><00:29:50.650><c> to</c><00:29:50.920><c> do</c><00:29:51.870><c> or</c><00:29:52.870><c> what</c><00:29:53.440><c> that</c>

00:29:55.250 --> 00:29:55.260 align:start position:0%
of what we're trying to do or what that
 

00:29:55.260 --> 00:29:57.180 align:start position:0%
of what we're trying to do or what that
infrastructure<00:29:56.260><c> is</c><00:29:56.500><c> trying</c><00:29:56.740><c> to</c><00:29:56.860><c> do</c><00:29:56.950><c> and</c><00:29:57.130><c> I</c>

00:29:57.180 --> 00:29:57.190 align:start position:0%
infrastructure is trying to do and I
 

00:29:57.190 --> 00:29:58.830 align:start position:0%
infrastructure is trying to do and I
think<00:29:57.400><c> that</c><00:29:57.520><c> was</c><00:29:57.700><c> kind</c><00:29:57.880><c> of</c><00:29:58.000><c> the</c><00:29:58.120><c> on</c><00:29:58.450><c> moment</c>

00:29:58.830 --> 00:29:58.840 align:start position:0%
think that was kind of the on moment
 

00:29:58.840 --> 00:30:02.160 align:start position:0%
think that was kind of the on moment
with<00:29:59.440><c> I</c><00:29:59.710><c> would</c><00:30:00.400><c> say</c><00:30:00.429><c> the</c><00:30:00.730><c> imperium</c><00:30:01.179><c> token</c><00:30:01.900><c> sale</c>

00:30:02.160 --> 00:30:02.170 align:start position:0%
with I would say the imperium token sale
 

00:30:02.170 --> 00:30:06.720 align:start position:0%
with I would say the imperium token sale
the<00:30:02.980><c> is</c><00:30:03.280><c> that</c><00:30:03.429><c> it</c><00:30:03.520><c> wasn't</c><00:30:03.880><c> a</c><00:30:04.710><c> bunch</c><00:30:05.710><c> of</c><00:30:05.980><c> people</c>

00:30:06.720 --> 00:30:06.730 align:start position:0%
the is that it wasn't a bunch of people
 

00:30:06.730 --> 00:30:09.210 align:start position:0%
the is that it wasn't a bunch of people
on<00:30:07.090><c> Sand</c><00:30:07.420><c> Hill</c><00:30:07.630><c> Road</c><00:30:07.660><c> that</c><00:30:08.320><c> would</c><00:30:08.530><c> hate</c><00:30:08.800><c> papers</c>

00:30:09.210 --> 00:30:09.220 align:start position:0%
on Sand Hill Road that would hate papers
 

00:30:09.220 --> 00:30:11.760 align:start position:0%
on Sand Hill Road that would hate papers
with<00:30:09.460><c> us</c><00:30:09.640><c> and</c><00:30:09.850><c> I</c><00:30:09.940><c> think</c><00:30:09.970><c> that</c><00:30:10.300><c> was</c><00:30:10.510><c> kind</c><00:30:11.500><c> of</c><00:30:11.590><c> the</c>

00:30:11.760 --> 00:30:11.770 align:start position:0%
with us and I think that was kind of the
 

00:30:11.770 --> 00:30:15.030 align:start position:0%
with us and I think that was kind of the
aha<00:30:12.160><c> moment</c><00:30:12.580><c> of</c><00:30:12.790><c> the</c><00:30:13.120><c> token</c><00:30:13.510><c> sale</c><00:30:13.809><c> although</c><00:30:14.590><c> a</c>

00:30:15.030 --> 00:30:15.040 align:start position:0%
aha moment of the token sale although a
 

00:30:15.040 --> 00:30:21.900 align:start position:0%
aha moment of the token sale although a
little<00:30:16.200><c> silly</c><00:30:19.020><c> token</c><00:30:20.020><c> sales</c><00:30:20.230><c> in</c><00:30:20.380><c> general</c><00:30:20.910><c> but</c>

00:30:21.900 --> 00:30:21.910 align:start position:0%
little silly token sales in general but
 

00:30:21.910 --> 00:30:27.070 align:start position:0%
little silly token sales in general but
but<00:30:22.150><c> I</c><00:30:22.240><c> mean</c><00:30:22.420><c> this</c><00:30:23.340><c> the</c><00:30:24.340><c> future</c><00:30:24.610><c> of</c><00:30:24.850><c> Finance</c><00:30:25.390><c> is</c>

00:30:27.070 --> 00:30:27.080 align:start position:0%
but I mean this the future of Finance is
 

00:30:27.080 --> 00:30:30.220 align:start position:0%
but I mean this the future of Finance is
we're<00:30:27.649><c> witnessing</c><00:30:27.860><c> it</c><00:30:28.309><c> where</c><00:30:29.179><c> you</c><00:30:29.419><c> can</c><00:30:29.600><c> where</c>

00:30:30.220 --> 00:30:30.230 align:start position:0%
we're witnessing it where you can where
 

00:30:30.230 --> 00:30:35.080 align:start position:0%
we're witnessing it where you can where
you<00:30:30.289><c> don't</c><00:30:30.559><c> need</c><00:30:30.769><c> the</c><00:30:30.950><c> visas</c><00:30:33.489><c> for</c><00:30:34.489><c> everyone</c><00:30:34.940><c> to</c>

00:30:35.080 --> 00:30:35.090 align:start position:0%
you don't need the visas for everyone to
 

00:30:35.090 --> 00:30:43.880 align:start position:0%
you don't need the visas for everyone to
come<00:30:35.210><c> seduce</c><00:30:35.570><c> you</c>

00:30:43.880 --> 00:30:43.890 align:start position:0%
 
 

00:30:43.890 --> 00:30:47.600 align:start position:0%
 
how<00:30:44.760><c> do</c><00:30:44.820><c> you</c><00:30:44.970><c> guys</c><00:30:45.059><c> feel</c><00:30:45.330><c> though</c><00:30:45.800><c> so</c><00:30:46.800><c> you</c><00:30:47.190><c> see</c><00:30:47.370><c> I</c>

00:30:47.600 --> 00:30:47.610 align:start position:0%
how do you guys feel though so you see I
 

00:30:47.610 --> 00:30:49.220 align:start position:0%
how do you guys feel though so you see I
think<00:30:48.030><c> we've</c><00:30:48.120><c> got</c><00:30:48.300><c> to</c><00:30:48.420><c> we</c><00:30:48.690><c> got</c><00:30:48.720><c> to</c><00:30:48.900><c> target</c>

00:30:49.220 --> 00:30:49.230 align:start position:0%
think we've got to we got to target
 

00:30:49.230 --> 00:30:50.630 align:start position:0%
think we've got to we got to target
sales<00:30:49.380><c> just</c><00:30:49.559><c> as</c><00:30:49.830><c> well</c><00:30:49.980><c> I</c><00:30:50.100><c> think</c><00:30:50.190><c> we've</c><00:30:50.429><c> largely</c>

00:30:50.630 --> 00:30:50.640 align:start position:0%
sales just as well I think we've largely
 

00:30:50.640 --> 00:30:54.230 align:start position:0%
sales just as well I think we've largely
seen<00:30:51.059><c> to</c><00:30:51.240><c> excel</c><00:30:51.570><c> disappear</c><00:30:52.280><c> and</c><00:30:53.280><c> now</c><00:30:53.970><c> there</c>

00:30:54.230 --> 00:30:54.240 align:start position:0%
seen to excel disappear and now there
 

00:30:54.240 --> 00:30:56.960 align:start position:0%
seen to excel disappear and now there
seems<00:30:54.600><c> to</c><00:30:54.720><c> be</c><00:30:54.809><c> a</c><00:30:54.929><c> big</c><00:30:55.140><c> gap</c><00:30:55.410><c> as</c><00:30:55.650><c> well</c><00:30:55.800><c> in</c><00:30:56.100><c> terms</c>

00:30:56.960 --> 00:30:56.970 align:start position:0%
seems to be a big gap as well in terms
 

00:30:56.970 --> 00:30:58.250 align:start position:0%
seems to be a big gap as well in terms
of<00:30:57.150><c> because</c><00:30:57.390><c> now</c><00:30:57.540><c> a</c><00:30:57.570><c> lot</c><00:30:57.780><c> of</c><00:30:57.809><c> people</c><00:30:57.929><c> are</c><00:30:58.140><c> going</c>

00:30:58.250 --> 00:30:58.260 align:start position:0%
of because now a lot of people are going
 

00:30:58.260 --> 00:31:00.919 align:start position:0%
of because now a lot of people are going
back<00:30:58.350><c> to</c><00:30:58.650><c> the</c><00:30:58.740><c> VCS</c><00:30:59.070><c> for</c><00:30:59.490><c> example</c><00:30:59.929><c> projects</c>

00:31:00.919 --> 00:31:00.929 align:start position:0%
back to the VCS for example projects
 

00:31:00.929 --> 00:31:02.540 align:start position:0%
back to the VCS for example projects
like<00:31:01.050><c> the</c><00:31:01.140><c> comments</c><00:31:01.470><c> that</c><00:31:01.650><c> I</c><00:31:01.860><c> think</c><00:31:02.309><c> you</c><00:31:02.429><c> guys</c>

00:31:02.540 --> 00:31:02.550 align:start position:0%
like the comments that I think you guys
 

00:31:02.550 --> 00:31:05.600 align:start position:0%
like the comments that I think you guys
would<00:31:02.790><c> totally</c><00:31:03.179><c> go</c><00:31:03.360><c> to</c><00:31:03.390><c> the</c><00:31:03.600><c> option</c><00:31:03.929><c> of</c><00:31:04.610><c> like</c>

00:31:05.600 --> 00:31:05.610 align:start position:0%
would totally go to the option of like
 

00:31:05.610 --> 00:31:09.110 align:start position:0%
would totally go to the option of like
raising<00:31:06.150><c> from</c><00:31:06.559><c> everyone</c><00:31:07.559><c> as</c><00:31:07.679><c> a</c><00:31:07.710><c> VC</c><00:31:08.160><c> but</c><00:31:08.880><c> the</c>

00:31:09.110 --> 00:31:09.120 align:start position:0%
raising from everyone as a VC but the
 

00:31:09.120 --> 00:31:10.490 align:start position:0%
raising from everyone as a VC but the
market<00:31:09.450><c> isn't</c><00:31:09.570><c> there</c><00:31:09.809><c> anyone</c><00:31:10.140><c> that</c><00:31:10.200><c> it</c>

00:31:10.490 --> 00:31:10.500 align:start position:0%
market isn't there anyone that it
 

00:31:10.500 --> 00:31:18.100 align:start position:0%
market isn't there anyone that it
couldn't<00:31:10.710><c> be</c><00:31:10.770><c> isn't</c><00:31:11.040><c> there</c><00:31:13.940><c> yeah</c>

00:31:18.100 --> 00:31:18.110 align:start position:0%
 
 

00:31:18.110 --> 00:31:19.630 align:start position:0%
 
and<00:31:18.230><c> who</c><00:31:18.380><c> tweeted</c><00:31:18.830><c> this</c><00:31:19.039><c> just</c><00:31:19.309><c> a</c><00:31:19.340><c> couple</c><00:31:19.490><c> weeks</c>

00:31:19.630 --> 00:31:19.640 align:start position:0%
and who tweeted this just a couple weeks
 

00:31:19.640 --> 00:31:20.769 align:start position:0%
and who tweeted this just a couple weeks
ago<00:31:19.789><c> and</c><00:31:19.909><c> they</c><00:31:19.970><c> said</c><00:31:20.149><c> the</c><00:31:20.240><c> internet</c><00:31:20.539><c> turned</c>

00:31:20.769 --> 00:31:20.779 align:start position:0%
ago and they said the internet turned
 

00:31:20.779 --> 00:31:24.399 align:start position:0%
ago and they said the internet turned
everyone<00:31:21.110><c> into</c><00:31:21.279><c> micro</c><00:31:22.279><c> bloggers</c><00:31:22.730><c> and</c><00:31:23.409><c> the</c>

00:31:24.399 --> 00:31:24.409 align:start position:0%
everyone into micro bloggers and the
 

00:31:24.409 --> 00:31:26.169 align:start position:0%
everyone into micro bloggers and the
blockchain<00:31:24.649><c> will</c><00:31:24.950><c> turn</c><00:31:25.100><c> everyone</c><00:31:25.490><c> into</c><00:31:25.640><c> micro</c>

00:31:26.169 --> 00:31:26.179 align:start position:0%
blockchain will turn everyone into micro
 

00:31:26.179 --> 00:31:29.169 align:start position:0%
blockchain will turn everyone into micro
investors<00:31:26.690><c> and</c><00:31:27.529><c> we</c><00:31:27.830><c> see</c><00:31:28.100><c> with</c><00:31:28.460><c> the</c><00:31:28.880><c> common</c>

00:31:29.169 --> 00:31:29.179 align:start position:0%
investors and we see with the common
 

00:31:29.179 --> 00:31:32.080 align:start position:0%
investors and we see with the common
stack<00:31:29.390><c> a</c><00:31:29.630><c> future</c><00:31:30.019><c> of</c><00:31:30.230><c> kind</c><00:31:30.830><c> of</c><00:31:31.090><c> communities</c>

00:31:32.080 --> 00:31:32.090 align:start position:0%
stack a future of kind of communities
 

00:31:32.090 --> 00:31:34.810 align:start position:0%
stack a future of kind of communities
subscription<00:31:32.690><c> models</c><00:31:33.019><c> or</c><00:31:33.370><c> the</c><00:31:34.370><c> investment</c>

00:31:34.810 --> 00:31:34.820 align:start position:0%
subscription models or the investment
 

00:31:34.820 --> 00:31:36.730 align:start position:0%
subscription models or the investment
models<00:31:35.240><c> where</c><00:31:35.480><c> you</c><00:31:36.049><c> are</c><00:31:36.230><c> paying</c><00:31:36.470><c> a</c>

00:31:36.730 --> 00:31:36.740 align:start position:0%
models where you are paying a
 

00:31:36.740 --> 00:31:39.039 align:start position:0%
models where you are paying a
subscription<00:31:37.309><c> fee</c><00:31:37.760><c> and</c><00:31:37.970><c> you</c><00:31:38.090><c> receive</c><00:31:38.480><c> you</c>

00:31:39.039 --> 00:31:39.049 align:start position:0%
subscription fee and you receive you
 

00:31:39.049 --> 00:31:40.539 align:start position:0%
subscription fee and you receive you
know<00:31:39.169><c> a</c><00:31:39.200><c> token</c><00:31:39.649><c> and</c><00:31:39.799><c> asset</c><00:31:40.100><c> which</c><00:31:40.250><c> gives</c><00:31:40.460><c> you</c>

00:31:40.539 --> 00:31:40.549 align:start position:0%
know a token and asset which gives you
 

00:31:40.549 --> 00:31:42.730 align:start position:0%
know a token and asset which gives you
governance<00:31:41.000><c> in</c><00:31:41.149><c> that</c><00:31:41.269><c> community</c><00:31:41.750><c> and</c><00:31:42.529><c> also</c>

00:31:42.730 --> 00:31:42.740 align:start position:0%
governance in that community and also
 

00:31:42.740 --> 00:31:45.220 align:start position:0%
governance in that community and also
provides<00:31:43.390><c> capital</c><00:31:44.390><c> to</c><00:31:44.510><c> that</c><00:31:44.630><c> community</c><00:31:45.019><c> to</c>

00:31:45.220 --> 00:31:45.230 align:start position:0%
provides capital to that community to
 

00:31:45.230 --> 00:31:47.139 align:start position:0%
provides capital to that community to
continue<00:31:45.679><c> doing</c><00:31:45.919><c> good</c><00:31:46.100><c> work</c><00:31:46.309><c> so</c><00:31:46.820><c> kind</c><00:31:47.059><c> of</c>

00:31:47.139 --> 00:31:47.149 align:start position:0%
continue doing good work so kind of
 

00:31:47.149 --> 00:31:50.580 align:start position:0%
continue doing good work so kind of
merging<00:31:47.960><c> these</c><00:31:48.140><c> for-profit</c><00:31:48.980><c> and</c><00:31:49.429><c> nonprofit</c>

00:31:50.580 --> 00:31:50.590 align:start position:0%
merging these for-profit and nonprofit
 

00:31:50.590 --> 00:31:52.899 align:start position:0%
merging these for-profit and nonprofit
actually<00:31:51.590><c> going</c><00:31:51.740><c> back</c><00:31:51.919><c> to</c><00:31:51.950><c> the</c><00:31:52.190><c> point</c><00:31:52.820><c> you</c>

00:31:52.899 --> 00:31:52.909 align:start position:0%
actually going back to the point you
 

00:31:52.909 --> 00:31:55.450 align:start position:0%
actually going back to the point you
made<00:31:53.059><c> earlier</c><00:31:53.090><c> about</c><00:31:53.659><c> public</c><00:31:54.230><c> works</c><00:31:54.470><c> the</c><00:31:55.340><c> way</c>

00:31:55.450 --> 00:31:55.460 align:start position:0%
made earlier about public works the way
 

00:31:55.460 --> 00:31:58.840 align:start position:0%
made earlier about public works the way
we<00:31:55.639><c> get</c><00:31:55.789><c> things</c><00:31:56.000><c> down</c><00:31:56.299><c> as</c><00:31:56.809><c> a</c><00:31:57.260><c> human</c><00:31:58.190><c> society</c><00:31:58.340><c> as</c>

00:31:58.840 --> 00:31:58.850 align:start position:0%
we get things down as a human society as
 

00:31:58.850 --> 00:32:01.029 align:start position:0%
we get things down as a human society as
we<00:31:59.059><c> pool</c><00:31:59.539><c> any</c><00:31:59.779><c> hospital</c><00:32:00.169><c> and</c><00:32:00.289><c> then</c><00:32:00.409><c> allocated</c>

00:32:01.029 --> 00:32:01.039 align:start position:0%
we pool any hospital and then allocated
 

00:32:01.039 --> 00:32:03.279 align:start position:0%
we pool any hospital and then allocated
towards<00:32:01.460><c> what's</c><00:32:02.000><c> best</c><00:32:02.210><c> now</c><00:32:02.539><c> we</c><00:32:03.080><c> do</c><00:32:03.200><c> that</c>

00:32:03.279 --> 00:32:03.289 align:start position:0%
towards what's best now we do that
 

00:32:03.289 --> 00:32:04.930 align:start position:0%
towards what's best now we do that
through<00:32:03.559><c> taxes</c><00:32:04.010><c> that</c><00:32:04.250><c> isn't</c><00:32:04.519><c> necessarily</c>

00:32:04.930 --> 00:32:04.940 align:start position:0%
through taxes that isn't necessarily
 

00:32:04.940 --> 00:32:06.970 align:start position:0%
through taxes that isn't necessarily
efficient<00:32:05.570><c> we</c><00:32:05.929><c> do</c><00:32:06.080><c> that</c><00:32:06.260><c> through</c><00:32:06.559><c> the</c><00:32:06.740><c> stock</c>

00:32:06.970 --> 00:32:06.980 align:start position:0%
efficient we do that through the stock
 

00:32:06.980 --> 00:32:09.820 align:start position:0%
efficient we do that through the stock
market<00:32:07.429><c> global</c><00:32:08.299><c> calendar</c><00:32:08.630><c> tools</c><00:32:08.929><c> to</c><00:32:09.320><c> provide</c>

00:32:09.820 --> 00:32:09.830 align:start position:0%
market global calendar tools to provide
 

00:32:09.830 --> 00:32:13.899 align:start position:0%
market global calendar tools to provide
the<00:32:10.159><c> Trinity</c><00:32:10.580><c> for</c><00:32:11.200><c> for</c><00:32:12.200><c> profits</c><00:32:12.649><c> to</c><00:32:12.950><c> do</c><00:32:13.460><c> work</c>

00:32:13.899 --> 00:32:13.909 align:start position:0%
the Trinity for for profits to do work
 

00:32:13.909 --> 00:32:16.330 align:start position:0%
the Trinity for for profits to do work
and<00:32:14.149><c> grow</c><00:32:14.690><c> the</c><00:32:15.110><c> value</c><00:32:15.260><c> of</c><00:32:15.620><c> what</c><00:32:15.799><c> we</c><00:32:15.919><c> gave</c><00:32:16.130><c> them</c>

00:32:16.330 --> 00:32:16.340 align:start position:0%
and grow the value of what we gave them
 

00:32:16.340 --> 00:32:18.669 align:start position:0%
and grow the value of what we gave them
but<00:32:17.179><c> we</c><00:32:17.299><c> don't</c><00:32:17.510><c> have</c><00:32:17.750><c> this</c><00:32:18.019><c> for</c><00:32:18.320><c> the</c><00:32:18.529><c> non</c>

00:32:18.669 --> 00:32:18.679 align:start position:0%
but we don't have this for the non
 

00:32:18.679 --> 00:32:21.909 align:start position:0%
but we don't have this for the non
profit<00:32:19.190><c> open</c><00:32:19.730><c> source</c><00:32:20.679><c> infrastructure</c><00:32:21.679><c> that</c>

00:32:21.909 --> 00:32:21.919 align:start position:0%
profit open source infrastructure that
 

00:32:21.919 --> 00:32:23.379 align:start position:0%
profit open source infrastructure that
doesn't<00:32:22.250><c> have</c><00:32:22.370><c> a</c><00:32:22.399><c> revenue</c><00:32:22.820><c> model</c><00:32:22.850><c> so</c><00:32:23.269><c> I</c><00:32:23.330><c> think</c>

00:32:23.379 --> 00:32:23.389 align:start position:0%
doesn't have a revenue model so I think
 

00:32:23.389 --> 00:32:25.470 align:start position:0%
doesn't have a revenue model so I think
that's<00:32:23.720><c> we're</c><00:32:24.169><c> really</c><00:32:24.350><c> on</c><00:32:24.500><c> the</c><00:32:24.529><c> cusp</c><00:32:24.830><c> of</c>

00:32:25.470 --> 00:32:25.480 align:start position:0%
that's we're really on the cusp of
 

00:32:25.480 --> 00:32:28.269 align:start position:0%
that's we're really on the cusp of
figuring<00:32:26.480><c> that</c><00:32:26.600><c> out</c><00:32:26.679><c> and</c><00:32:27.679><c> that's</c><00:32:27.860><c> what</c><00:32:28.070><c> we're</c>

00:32:28.269 --> 00:32:28.279 align:start position:0%
figuring that out and that's what we're
 

00:32:28.279 --> 00:32:29.980 align:start position:0%
figuring that out and that's what we're
really<00:32:28.429><c> excited</c><00:32:28.760><c> about</c><00:32:28.940><c> the</c><00:32:29.269><c> common</c><00:32:29.570><c> stack</c><00:32:29.779><c> is</c>

00:32:29.980 --> 00:32:29.990 align:start position:0%
really excited about the common stack is
 

00:32:29.990 --> 00:32:32.500 align:start position:0%
really excited about the common stack is
basically<00:32:30.380><c> creating</c><00:32:30.980><c> that</c><00:32:31.159><c> capital</c><00:32:31.909><c> pool</c><00:32:32.090><c> for</c>

00:32:32.500 --> 00:32:32.510 align:start position:0%
basically creating that capital pool for
 

00:32:32.510 --> 00:32:35.899 align:start position:0%
basically creating that capital pool for
a<00:32:32.870><c> non-profit</c><00:32:33.289><c> open</c><00:32:34.220><c> source</c><00:32:34.460><c> infrastructure</c>

00:32:35.899 --> 00:32:35.909 align:start position:0%
a non-profit open source infrastructure
 

00:32:35.909 --> 00:32:41.169 align:start position:0%
a non-profit open source infrastructure
to<00:32:36.239><c> survive</c><00:32:36.749><c> and</c><00:32:36.959><c> thrive</c>

00:32:41.169 --> 00:32:41.179 align:start position:0%
 
 

00:32:41.179 --> 00:32:45.680 align:start position:0%
 
yeah<00:32:42.179><c> I</c><00:32:42.209><c> hope</c><00:32:42.479><c> the</c><00:32:42.709><c> questions</c><00:32:43.889><c> yeah</c><00:32:44.449><c> even</c><00:32:45.449><c> if</c>

00:32:45.680 --> 00:32:45.690 align:start position:0%
yeah I hope the questions yeah even if
 

00:32:45.690 --> 00:32:49.069 align:start position:0%
yeah I hope the questions yeah even if
you<00:32:45.839><c> say</c><00:32:46.079><c> that</c><00:32:46.999><c> the</c><00:32:47.999><c> internet</c><00:32:48.629><c> took</c><00:32:48.929><c> a</c>

00:32:49.069 --> 00:32:49.079 align:start position:0%
you say that the internet took a
 

00:32:49.079 --> 00:32:50.449 align:start position:0%
you say that the internet took a
blockchain<00:32:49.319><c> which</c><00:32:49.529><c> other</c><00:32:49.919><c> potential</c>

00:32:50.449 --> 00:32:50.459 align:start position:0%
blockchain which other potential
 

00:32:50.459 --> 00:32:53.629 align:start position:0%
blockchain which other potential
creating<00:32:50.999><c> making</c><00:32:51.509><c> people</c><00:32:52.289><c> micro</c><00:32:52.919><c> investors</c>

00:32:53.629 --> 00:32:53.639 align:start position:0%
creating making people micro investors
 

00:32:53.639 --> 00:32:57.559 align:start position:0%
creating making people micro investors
right<00:32:53.940><c> we</c><00:32:54.479><c> most</c><00:32:55.289><c> people</c><00:32:55.709><c> are</c><00:32:56.569><c> conditioned</c>

00:32:57.559 --> 00:32:57.569 align:start position:0%
right we most people are conditioned
 

00:32:57.569 --> 00:32:59.779 align:start position:0%
right we most people are conditioned
okay<00:32:58.199><c> that</c><00:32:58.559><c> I'm</c><00:32:58.979><c> going</c><00:32:59.159><c> to</c><00:32:59.219><c> invest</c><00:32:59.609><c> my</c><00:32:59.759><c> money</c>

00:32:59.779 --> 00:32:59.789 align:start position:0%
okay that I'm going to invest my money
 

00:32:59.789 --> 00:33:04.489 align:start position:0%
okay that I'm going to invest my money
okay<00:33:00.779><c> I</c><00:33:01.019><c> want</c><00:33:01.829><c> this</c><00:33:02.239><c> to</c><00:33:03.239><c> make</c><00:33:03.509><c> a</c><00:33:03.539><c> return</c><00:33:03.989><c> so</c>

00:33:04.489 --> 00:33:04.499 align:start position:0%
okay I want this to make a return so
 

00:33:04.499 --> 00:33:07.279 align:start position:0%
okay I want this to make a return so
they<00:33:05.309><c> are</c><00:33:05.789><c> thinking</c><00:33:06.269><c> like</c><00:33:06.299><c> the</c><00:33:06.539><c> beauty</c><00:33:06.899><c> they</c>

00:33:07.279 --> 00:33:07.289 align:start position:0%
they are thinking like the beauty they
 

00:33:07.289 --> 00:33:09.229 align:start position:0%
they are thinking like the beauty they
are<00:33:07.469><c> thinking</c><00:33:07.859><c> invader</c><00:33:08.249><c> how</c><00:33:08.579><c> can</c><00:33:08.789><c> an</c><00:33:08.909><c> open</c>

00:33:09.229 --> 00:33:09.239 align:start position:0%
are thinking invader how can an open
 

00:33:09.239 --> 00:33:13.969 align:start position:0%
are thinking invader how can an open
source<00:33:10.369><c> generate</c><00:33:11.369><c> returns</c><00:33:11.579><c> for</c><00:33:12.119><c> me</c><00:33:12.319><c> so</c><00:33:13.319><c> how</c><00:33:13.529><c> do</c>

00:33:13.969 --> 00:33:13.979 align:start position:0%
source generate returns for me so how do
 

00:33:13.979 --> 00:33:18.409 align:start position:0%
source generate returns for me so how do
you<00:33:14.959><c> monetize</c><00:33:15.959><c> forever</c><00:33:16.469><c> so</c><00:33:17.269><c> appreciate</c><00:33:18.269><c> your</c>

00:33:18.409 --> 00:33:18.419 align:start position:0%
you monetize forever so appreciate your
 

00:33:18.419 --> 00:33:21.539 align:start position:0%
you monetize forever so appreciate your
views

00:33:21.539 --> 00:33:21.549 align:start position:0%
 
 

00:33:21.549 --> 00:33:25.169 align:start position:0%
 
it's<00:33:21.789><c> like</c><00:33:21.940><c> VCS</c><00:33:23.159><c> literally</c><00:33:24.159><c> ten</c><00:33:24.789><c> hundred</c>

00:33:25.169 --> 00:33:25.179 align:start position:0%
it's like VCS literally ten hundred
 

00:33:25.179 --> 00:33:27.600 align:start position:0%
it's like VCS literally ten hundred
thousand<00:33:25.659><c> extra</c><00:33:25.929><c> turns</c><00:33:26.140><c> absolutely</c><00:33:26.980><c> they're</c>

00:33:27.600 --> 00:33:27.610 align:start position:0%
thousand extra turns absolutely they're
 

00:33:27.610 --> 00:33:29.159 align:start position:0%
thousand extra turns absolutely they're
doing<00:33:27.850><c> look</c><00:33:28.029><c> like</c><00:33:28.210><c> angar</c><00:33:28.510><c> Singh</c><00:33:28.779><c> they're</c><00:33:29.020><c> like</c>

00:33:29.159 --> 00:33:29.169 align:start position:0%
doing look like angar Singh they're like
 

00:33:29.169 --> 00:33:30.600 align:start position:0%
doing look like angar Singh they're like
pushing<00:33:29.470><c> me</c><00:33:29.529><c> to</c><00:33:29.620><c> go</c><00:33:29.740><c> through</c><00:33:29.919><c> there</c><00:33:30.220><c> explode</c>

00:33:30.600 --> 00:33:30.610 align:start position:0%
pushing me to go through there explode
 

00:33:30.610 --> 00:33:32.220 align:start position:0%
pushing me to go through there explode
capacity<00:33:31.059><c> yeah</c><00:33:31.390><c> you</c><00:33:31.659><c> know</c><00:33:31.750><c> get</c><00:33:31.929><c> their</c><00:33:32.080><c> money</c>

00:33:32.220 --> 00:33:32.230 align:start position:0%
capacity yeah you know get their money
 

00:33:32.230 --> 00:33:33.630 align:start position:0%
capacity yeah you know get their money
out<00:33:32.320><c> stop</c><00:33:32.590><c> wasting</c><00:33:32.890><c> time</c><00:33:32.980><c> to</c><00:33:33.220><c> move</c><00:33:33.370><c> on</c><00:33:33.490><c> to</c><00:33:33.520><c> the</c>

00:33:33.630 --> 00:33:33.640 align:start position:0%
out stop wasting time to move on to the
 

00:33:33.640 --> 00:33:35.490 align:start position:0%
out stop wasting time to move on to the
next<00:33:33.820><c> project</c><00:33:33.970><c> right</c><00:33:34.390><c> but</c><00:33:35.020><c> like</c><00:33:35.169><c> if</c><00:33:35.409><c> you're</c>

00:33:35.490 --> 00:33:35.500 align:start position:0%
next project right but like if you're
 

00:33:35.500 --> 00:33:37.680 align:start position:0%
next project right but like if you're
trying<00:33:35.710><c> to</c><00:33:35.740><c> build</c><00:33:35.919><c> a</c><00:33:35.980><c> community</c><00:33:36.330><c> you</c><00:33:37.330><c> might</c>

00:33:37.680 --> 00:33:37.690 align:start position:0%
trying to build a community you might
 

00:33:37.690 --> 00:33:40.320 align:start position:0%
trying to build a community you might
not<00:33:37.899><c> want</c><00:33:38.440><c> to</c><00:33:38.860><c> go</c><00:33:39.159><c> that</c><00:33:39.309><c> way</c><00:33:39.370><c> right</c><00:33:40.000><c> you</c><00:33:40.149><c> might</c>

00:33:40.320 --> 00:33:40.330 align:start position:0%
not want to go that way right you might
 

00:33:40.330 --> 00:33:44.370 align:start position:0%
not want to go that way right you might
want<00:33:40.690><c> to</c><00:33:40.960><c> focus</c><00:33:41.679><c> on</c><00:33:41.919><c> like</c><00:33:42.039><c> 2x</c><00:33:42.549><c> returns</c><00:33:43.200><c> or</c><00:33:44.200><c> like</c>

00:33:44.370 --> 00:33:44.380 align:start position:0%
want to focus on like 2x returns or like
 

00:33:44.380 --> 00:33:45.450 align:start position:0%
want to focus on like 2x returns or like
something<00:33:44.679><c> you</c><00:33:44.740><c> know</c><00:33:44.860><c> something</c><00:33:45.100><c> that</c><00:33:45.220><c> might</c>

00:33:45.450 --> 00:33:45.460 align:start position:0%
something you know something that might
 

00:33:45.460 --> 00:33:47.250 align:start position:0%
something you know something that might
get<00:33:45.669><c> you</c><00:33:45.760><c> back</c><00:33:45.940><c> over</c>

00:33:47.250 --> 00:33:47.260 align:start position:0%
get you back over
 

00:33:47.260 --> 00:33:49.710 align:start position:0%
get you back over
our<00:33:47.710><c> timeline</c><00:33:47.920><c> right</c><00:33:48.700><c> all</c><00:33:49.300><c> right</c><00:33:49.450><c> but</c><00:33:49.570><c> it's</c>

00:33:49.710 --> 00:33:49.720 align:start position:0%
our timeline right all right but it's
 

00:33:49.720 --> 00:33:52.080 align:start position:0%
our timeline right all right but it's
also<00:33:49.840><c> potentially</c><00:33:50.320><c> less</c><00:33:50.860><c> risky</c><00:33:51.190><c> right</c><00:33:51.790><c> right</c>

00:33:52.080 --> 00:33:52.090 align:start position:0%
also potentially less risky right right
 

00:33:52.090 --> 00:33:53.710 align:start position:0%
also potentially less risky right right
and<00:33:52.300><c> so</c><00:33:52.450><c> there's</c><00:33:52.630><c> different</c><00:33:52.750><c> ways</c>

00:33:53.710 --> 00:33:53.720 align:start position:0%
and so there's different ways
 

00:33:53.720 --> 00:33:57.020 align:start position:0%
and so there's different ways
you<00:33:54.720><c> know</c><00:33:54.840><c> thinking</c><00:33:55.440><c> like</c><00:33:55.620><c> a</c><00:33:55.650><c> VC</c><00:33:56.100><c> is</c><00:33:56.190><c> sort</c><00:33:56.610><c> of</c><00:33:56.640><c> a</c>

00:33:57.020 --> 00:33:57.030 align:start position:0%
you know thinking like a VC is sort of a
 

00:33:57.030 --> 00:33:58.580 align:start position:0%
you know thinking like a VC is sort of a
box<00:33:57.420><c> where</c><00:33:57.750><c> it's</c><00:33:57.870><c> like</c><00:33:57.990><c> you</c><00:33:58.110><c> could</c><00:33:58.230><c> think</c><00:33:58.380><c> like</c>

00:33:58.580 --> 00:33:58.590 align:start position:0%
box where it's like you could think like
 

00:33:58.590 --> 00:34:01.010 align:start position:0%
box where it's like you could think like
a<00:33:58.620><c> capitalist</c><00:33:59.370><c> but</c><00:33:59.640><c> not</c><00:33:59.940><c> necessarily</c><00:34:00.420><c> a</c><00:34:00.570><c> PC</c>

00:34:01.010 --> 00:34:01.020 align:start position:0%
a capitalist but not necessarily a PC
 

00:34:01.020 --> 00:34:06.040 align:start position:0%
a capitalist but not necessarily a PC
okay

00:34:06.040 --> 00:34:06.050 align:start position:0%
 
 

00:34:06.050 --> 00:34:09.230 align:start position:0%
 
any<00:34:07.050><c> other</c><00:34:07.410><c> burning</c><00:34:07.980><c> questions</c><00:34:08.159><c> about</c><00:34:08.700><c> visa</c>

00:34:09.230 --> 00:34:09.240 align:start position:0%
any other burning questions about visa
 

00:34:09.240 --> 00:34:11.399 align:start position:0%
any other burning questions about visa
funny

00:34:11.399 --> 00:34:11.409 align:start position:0%
funny
 

00:34:11.409 --> 00:34:13.159 align:start position:0%
funny
I<00:34:11.440><c> would</c><00:34:12.009><c> just</c><00:34:12.159><c> say</c><00:34:12.309><c> one</c><00:34:12.549><c> thing</c><00:34:12.759><c> about</c>

00:34:13.159 --> 00:34:13.169 align:start position:0%
I would just say one thing about
 

00:34:13.169 --> 00:34:16.559 align:start position:0%
I would just say one thing about
corporate<00:34:14.169><c> structures</c><00:34:14.649><c> in</c><00:34:15.069><c> the</c><00:34:15.309><c> space</c><00:34:15.579><c> I</c>

00:34:16.559 --> 00:34:16.569 align:start position:0%
corporate structures in the space I
 

00:34:16.569 --> 00:34:21.569 align:start position:0%
corporate structures in the space I
think<00:34:17.139><c> bring</c><00:34:17.470><c> consensus</c><00:34:18.240><c> and</c><00:34:19.240><c> I</c><00:34:20.169><c> think</c><00:34:20.579><c> with</c>

00:34:21.569 --> 00:34:21.579 align:start position:0%
think bring consensus and I think with
 

00:34:21.579 --> 00:34:25.769 align:start position:0%
think bring consensus and I think with
respect<00:34:21.609><c> to</c><00:34:22.089><c> venture</c><00:34:22.750><c> capital</c><00:34:23.700><c> since</c><00:34:24.700><c> this</c><00:34:24.849><c> is</c>

00:34:25.769 --> 00:34:25.779 align:start position:0%
respect to venture capital since this is
 

00:34:25.779 --> 00:34:29.549 align:start position:0%
respect to venture capital since this is
no<00:34:26.259><c> surprise</c><00:34:26.589><c> or</c><00:34:27.009><c> secret</c><00:34:27.369><c> that</c><00:34:27.519><c> they</c><00:34:28.559><c> have</c>

00:34:29.549 --> 00:34:29.559 align:start position:0%
no surprise or secret that they have
 

00:34:29.559 --> 00:34:34.069 align:start position:0%
no surprise or secret that they have
tried<00:34:30.369><c> or</c><00:34:30.700><c> trying</c><00:34:31.329><c> to</c><00:34:31.539><c> raise</c><00:34:31.720><c> capital</c><00:34:31.960><c> and</c>

00:34:34.069 --> 00:34:34.079 align:start position:0%
tried or trying to raise capital and
 

00:34:34.079 --> 00:34:37.980 align:start position:0%
tried or trying to raise capital and
when<00:34:35.099><c> having</c><00:34:36.099><c> these</c><00:34:36.220><c> conversations</c><00:34:36.990><c> there</c>

00:34:37.980 --> 00:34:37.990 align:start position:0%
when having these conversations there
 

00:34:37.990 --> 00:34:41.839 align:start position:0%
when having these conversations there
were<00:34:38.200><c> lots</c><00:34:38.619><c> of</c><00:34:39.029><c> businesses</c><00:34:40.029><c> where</c><00:34:40.899><c> the</c><00:34:41.169><c> value</c>

00:34:41.839 --> 00:34:41.849 align:start position:0%
were lots of businesses where the value
 

00:34:41.849 --> 00:34:45.329 align:start position:0%
were lots of businesses where the value
essentially<00:34:42.849><c> improved</c><00:34:43.299><c> to</c><00:34:43.659><c> the</c><00:34:44.470><c> protocols</c><00:34:45.129><c> of</c>

00:34:45.329 --> 00:34:45.339 align:start position:0%
essentially improved to the protocols of
 

00:34:45.339 --> 00:34:48.960 align:start position:0%
essentially improved to the protocols of
the<00:34:45.700><c> theory</c><00:34:46.259><c> things</c><00:34:47.259><c> like</c><00:34:47.500><c> education</c><00:34:48.099><c> of</c>

00:34:48.960 --> 00:34:48.970 align:start position:0%
the theory things like education of
 

00:34:48.970 --> 00:34:52.019 align:start position:0%
the theory things like education of
things<00:34:49.269><c> like</c><00:34:49.569><c> the</c><00:34:50.139><c> funding</c><00:34:50.919><c> research</c><00:34:51.220><c> but</c>

00:34:52.019 --> 00:34:52.029 align:start position:0%
things like the funding research but
 

00:34:52.029 --> 00:34:54.809 align:start position:0%
things like the funding research but
that<00:34:52.059><c> didn't</c><00:34:52.720><c> fit</c><00:34:53.019><c> into</c><00:34:53.230><c> the</c><00:34:53.470><c> box</c><00:34:53.710><c> of</c><00:34:54.039><c> if</c><00:34:54.369><c> I</c><00:34:54.519><c> put</c>

00:34:54.809 --> 00:34:54.819 align:start position:0%
that didn't fit into the box of if I put
 

00:34:54.819 --> 00:34:57.480 align:start position:0%
that didn't fit into the box of if I put
a<00:34:54.849><c> dollar</c><00:34:55.059><c> in</c><00:34:55.329><c> I</c><00:34:55.480><c> get</c><00:34:55.629><c> five</c><00:34:55.809><c> dollars</c><00:34:55.960><c> out</c><00:34:56.289><c> so</c><00:34:57.099><c> so</c>

00:34:57.480 --> 00:34:57.490 align:start position:0%
a dollar in I get five dollars out so so
 

00:34:57.490 --> 00:35:00.029 align:start position:0%
a dollar in I get five dollars out so so
I<00:34:57.519><c> think</c><00:34:57.910><c> one</c><00:34:58.539><c> one</c><00:34:59.200><c> other</c><00:34:59.380><c> piece</c><00:34:59.680><c> that</c><00:34:59.710><c> I</c><00:34:59.980><c> would</c>

00:35:00.029 --> 00:35:00.039 align:start position:0%
I think one one other piece that I would
 

00:35:00.039 --> 00:35:02.400 align:start position:0%
I think one one other piece that I would
say<00:35:00.400><c> is</c><00:35:00.609><c> that</c><00:35:00.849><c> when</c><00:35:01.509><c> we</c><00:35:01.660><c> are</c><00:35:01.839><c> talking</c><00:35:02.049><c> about</c>

00:35:02.400 --> 00:35:02.410 align:start position:0%
say is that when we are talking about
 

00:35:02.410 --> 00:35:05.579 align:start position:0%
say is that when we are talking about
your<00:35:02.559><c> capital</c><00:35:02.980><c> if</c><00:35:03.400><c> there</c><00:35:04.000><c> is</c><00:35:04.170><c> in</c><00:35:05.170><c> many</c><00:35:05.500><c> cases</c>

00:35:05.579 --> 00:35:05.589 align:start position:0%
your capital if there is in many cases
 

00:35:05.589 --> 00:35:08.130 align:start position:0%
your capital if there is in many cases
kind<00:35:06.279><c> of</c><00:35:06.339><c> like</c><00:35:06.480><c> product</c><00:35:07.480><c> markets</c><00:35:07.869><c> there</c>

00:35:08.130 --> 00:35:08.140 align:start position:0%
kind of like product markets there
 

00:35:08.140 --> 00:35:11.549 align:start position:0%
kind of like product markets there
modeling<00:35:08.980><c> if</c><00:35:09.430><c> I</c><00:35:09.640><c> put</c><00:35:09.880><c> one</c><00:35:10.779><c> dollar</c><00:35:10.930><c> and</c><00:35:11.259><c> how</c><00:35:11.500><c> do</c>

00:35:11.549 --> 00:35:11.559 align:start position:0%
modeling if I put one dollar and how do
 

00:35:11.559 --> 00:35:14.460 align:start position:0%
modeling if I put one dollar and how do
I<00:35:11.710><c> do</c><00:35:11.769><c> this</c><00:35:12.009><c> by</c><00:35:12.220><c> the</c><00:35:12.279><c> $10</c><00:35:12.880><c> cell</c><00:35:13.180><c> and</c><00:35:13.450><c> there</c><00:35:14.349><c> is</c>

00:35:14.460 --> 00:35:14.470 align:start position:0%
I do this by the $10 cell and there is
 

00:35:14.470 --> 00:35:17.809 align:start position:0%
I do this by the $10 cell and there is
not<00:35:14.710><c> too</c><00:35:15.190><c> much</c><00:35:15.430><c> and</c><00:35:15.819><c> what</c><00:35:16.599><c> I've</c><00:35:16.809><c> experienced</c>

00:35:17.809 --> 00:35:17.819 align:start position:0%
not too much and what I've experienced
 

00:35:17.819 --> 00:35:21.839 align:start position:0%
not too much and what I've experienced
room<00:35:18.819><c> for</c><00:35:19.059><c> creativity</c><00:35:19.539><c> and</c><00:35:20.309><c> and</c><00:35:21.309><c> I</c><00:35:21.369><c> think</c><00:35:21.430><c> that</c>

00:35:21.839 --> 00:35:21.849 align:start position:0%
room for creativity and and I think that
 

00:35:21.849 --> 00:35:24.160 align:start position:0%
room for creativity and and I think that
it

00:35:24.160 --> 00:35:24.170 align:start position:0%
 
 

00:35:24.170 --> 00:35:26.200 align:start position:0%
 
one<00:35:24.530><c> has</c><00:35:24.770><c> to</c><00:35:24.800><c> have</c><00:35:24.980><c> you</c><00:35:25.580><c> know</c><00:35:25.700><c> a</c><00:35:25.730><c> serious</c>

00:35:26.200 --> 00:35:26.210 align:start position:0%
one has to have you know a serious
 

00:35:26.210 --> 00:35:29.230 align:start position:0%
one has to have you know a serious
conversation<00:35:26.530><c> on</c><00:35:27.530><c> it</c><00:35:28.130><c> it's</c><00:35:28.610><c> if</c><00:35:28.880><c> my</c><00:35:29.030><c> business</c>

00:35:29.230 --> 00:35:29.240 align:start position:0%
conversation on it it's if my business
 

00:35:29.240 --> 00:35:32.140 align:start position:0%
conversation on it it's if my business
is<00:35:29.630><c> going</c><00:35:29.840><c> to</c><00:35:29.930><c> improve</c><00:35:30.350><c> to</c><00:35:30.500><c> a</c><00:35:30.530><c> token</c><00:35:30.980><c> word</c><00:35:31.610><c> to</c>

00:35:32.140 --> 00:35:32.150 align:start position:0%
is going to improve to a token word to
 

00:35:32.150 --> 00:35:39.940 align:start position:0%
is going to improve to a token word to
be<00:35:32.270><c> enterprise</c><00:35:32.690><c> value</c>

00:35:39.940 --> 00:35:39.950 align:start position:0%
 
 

00:35:39.950 --> 00:35:42.580 align:start position:0%
 
maybe<00:35:40.490><c> personal</c><00:35:41.210><c> experience</c><00:35:41.570><c> from</c><00:35:41.660><c> Electra</c>

00:35:42.580 --> 00:35:42.590 align:start position:0%
maybe personal experience from Electra
 

00:35:42.590 --> 00:35:45.220 align:start position:0%
maybe personal experience from Electra
myself<00:35:42.950><c> look</c><00:35:43.220><c> I</c><00:35:43.490><c> found</c><00:35:44.060><c> I</c><00:35:44.450><c> found</c><00:35:44.930><c> the</c>

00:35:45.220 --> 00:35:45.230 align:start position:0%
myself look I found I found the
 

00:35:45.230 --> 00:35:47.110 align:start position:0%
myself look I found I found the
experience<00:35:45.320><c> of</c><00:35:45.830><c> interacting</c><00:35:46.160><c> with</c><00:35:46.490><c> VCS</c><00:35:46.940><c> at</c>

00:35:47.110 --> 00:35:47.120 align:start position:0%
experience of interacting with VCS at
 

00:35:47.120 --> 00:35:49.060 align:start position:0%
experience of interacting with VCS at
least<00:35:47.300><c> the</c><00:35:47.420><c> ones</c><00:35:47.600><c> that</c><00:35:47.660><c> would</c><00:35:48.290><c> general</c><00:35:48.950><c> that's</c>

00:35:49.060 --> 00:35:49.070 align:start position:0%
least the ones that would general that's
 

00:35:49.070 --> 00:35:52.510 align:start position:0%
least the ones that would general that's
not<00:35:49.220><c> like</c><00:35:49.490><c> super</c><00:35:49.940><c> deep</c><00:35:50.240><c> crypto</c><00:35:50.780><c> small</c><00:35:51.200><c> TV</c><00:35:51.520><c> very</c>

00:35:52.510 --> 00:35:52.520 align:start position:0%
not like super deep crypto small TV very
 

00:35:52.520 --> 00:35:55.240 align:start position:0%
not like super deep crypto small TV very
small<00:35:52.790><c> fun</c><00:35:53.000><c> so</c><00:35:53.840><c> the</c><00:35:53.960><c> more</c><00:35:54.140><c> general</c><00:35:54.560><c> big</c><00:35:54.770><c> PC</c><00:35:54.980><c> is</c>

00:35:55.240 --> 00:35:55.250 align:start position:0%
small fun so the more general big PC is
 

00:35:55.250 --> 00:35:56.730 align:start position:0%
small fun so the more general big PC is
I<00:35:55.400><c> always</c><00:35:55.730><c> found</c><00:35:55.880><c> them</c><00:35:56.090><c> to</c><00:35:56.210><c> very</c>

00:35:56.730 --> 00:35:56.740 align:start position:0%
I always found them to very
 

00:35:56.740 --> 00:35:59.440 align:start position:0%
I always found them to very
disillusioning<00:35:57.740><c> experienced</c><00:35:58.400><c> like</c><00:35:59.120><c> these</c>

00:35:59.440 --> 00:35:59.450 align:start position:0%
disillusioning experienced like these
 

00:35:59.450 --> 00:36:01.240 align:start position:0%
disillusioning experienced like these
can<00:35:59.810><c> be</c><00:35:59.900><c> very</c><00:36:00.020><c> smart</c><00:36:00.470><c> but</c><00:36:00.590><c> they</c><00:36:00.710><c> can</c><00:36:00.830><c> also</c><00:36:00.980><c> just</c>

00:36:01.240 --> 00:36:01.250 align:start position:0%
can be very smart but they can also just
 

00:36:01.250 --> 00:36:04.300 align:start position:0%
can be very smart but they can also just
be<00:36:01.400><c> extremely</c><00:36:01.820><c> like</c><00:36:02.230><c> close-minded</c><00:36:03.230><c> and</c><00:36:03.560><c> you</c>

00:36:04.300 --> 00:36:04.310 align:start position:0%
be extremely like close-minded and you
 

00:36:04.310 --> 00:36:05.500 align:start position:0%
be extremely like close-minded and you
come<00:36:04.520><c> in</c><00:36:04.640><c> there</c><00:36:04.790><c> and</c><00:36:05.030><c> you</c><00:36:05.120><c> like</c><00:36:05.270><c> you</c><00:36:05.390><c> how</c><00:36:05.480><c> to</c>

00:36:05.500 --> 00:36:05.510 align:start position:0%
come in there and you like you how to
 

00:36:05.510 --> 00:36:06.760 align:start position:0%
come in there and you like you how to
speak<00:36:05.750><c> minute</c><00:36:05.990><c> that</c><00:36:06.110><c> you're</c><00:36:06.230><c> not</c><00:36:06.350><c> cool</c><00:36:06.560><c> this</c>

00:36:06.760 --> 00:36:06.770 align:start position:0%
speak minute that you're not cool this
 

00:36:06.770 --> 00:36:07.750 align:start position:0%
speak minute that you're not cool this
is<00:36:06.860><c> what</c><00:36:06.950><c> we're</c><00:36:07.070><c> trying</c><00:36:07.130><c> to</c><00:36:07.250><c> do</c><00:36:07.370><c> this</c><00:36:07.580><c> is</c><00:36:07.640><c> all</c>

00:36:07.750 --> 00:36:07.760 align:start position:0%
is what we're trying to do this is all
 

00:36:07.760 --> 00:36:09.640 align:start position:0%
is what we're trying to do this is all
the<00:36:07.850><c> cool</c><00:36:08.000><c> things</c><00:36:08.240><c> and</c><00:36:08.540><c> you</c><00:36:08.870><c> get</c><00:36:09.050><c> boiled</c><00:36:09.320><c> down</c>

00:36:09.640 --> 00:36:09.650 align:start position:0%
the cool things and you get boiled down
 

00:36:09.650 --> 00:36:11.740 align:start position:0%
the cool things and you get boiled down
to<00:36:09.710><c> like</c><00:36:10.040><c> this</c><00:36:10.190><c> very</c><00:36:10.430><c> narrow</c><00:36:11.240><c> set</c><00:36:11.720><c> of</c>

00:36:11.740 --> 00:36:11.750 align:start position:0%
to like this very narrow set of
 

00:36:11.750 --> 00:36:14.050 align:start position:0%
to like this very narrow set of
questions<00:36:12.260><c> or</c><00:36:13.010><c> like</c><00:36:13.130><c> very</c><00:36:13.370><c> kind</c><00:36:13.700><c> of</c><00:36:13.760><c> a</c><00:36:13.820><c> very</c>

00:36:14.050 --> 00:36:14.060 align:start position:0%
questions or like very kind of a very
 

00:36:14.060 --> 00:36:16.090 align:start position:0%
questions or like very kind of a very
narrow<00:36:14.330><c> view</c><00:36:14.480><c> on</c><00:36:14.960><c> the</c><00:36:15.020><c> world</c><00:36:15.200><c> that</c><00:36:15.890><c> also</c>

00:36:16.090 --> 00:36:16.100 align:start position:0%
narrow view on the world that also
 

00:36:16.100 --> 00:36:17.740 align:start position:0%
narrow view on the world that also
doesn't<00:36:16.430><c> fit</c><00:36:16.760><c> I</c><00:36:16.790><c> think</c><00:36:16.910><c> with</c><00:36:17.300><c> a</c><00:36:17.330><c> lot</c><00:36:17.540><c> of</c><00:36:17.570><c> these</c>

00:36:17.740 --> 00:36:17.750 align:start position:0%
doesn't fit I think with a lot of these
 

00:36:17.750 --> 00:36:19.720 align:start position:0%
doesn't fit I think with a lot of these
new<00:36:17.960><c> business</c><00:36:18.260><c> models</c><00:36:18.590><c> that</c><00:36:18.620><c> we</c><00:36:18.830><c> are</c><00:36:18.920><c> kind</c><00:36:19.550><c> of</c>

00:36:19.720 --> 00:36:19.730 align:start position:0%
new business models that we are kind of
 

00:36:19.730 --> 00:36:23.140 align:start position:0%
new business models that we are kind of
BC's<00:36:20.690><c> are</c><00:36:20.870><c> also</c><00:36:21.020><c> like</c><00:36:21.770><c> put</c><00:36:22.040><c> the</c><00:36:22.220><c> bulky</c><00:36:22.580><c> pcs</c><00:36:22.910><c> in</c>

00:36:23.140 --> 00:36:23.150 align:start position:0%
BC's are also like put the bulky pcs in
 

00:36:23.150 --> 00:36:24.790 align:start position:0%
BC's are also like put the bulky pcs in
historically<00:36:23.600><c> late</c><00:36:23.870><c> to</c><00:36:24.020><c> the</c><00:36:24.110><c> party</c><00:36:24.140><c> and</c><00:36:24.620><c> like</c>

00:36:24.790 --> 00:36:24.800 align:start position:0%
historically late to the party and like
 

00:36:24.800 --> 00:36:25.990 align:start position:0%
historically late to the party and like
tend<00:36:25.100><c> to</c><00:36:25.190><c> be</c><00:36:25.280><c> on</c><00:36:25.370><c> the</c><00:36:25.460><c> wrong</c><00:36:25.580><c> side</c><00:36:25.790><c> of</c><00:36:25.850><c> the</c>

00:36:25.990 --> 00:36:26.000 align:start position:0%
tend to be on the wrong side of the
 

00:36:26.000 --> 00:36:27.940 align:start position:0%
tend to be on the wrong side of the
spectrum<00:36:26.210><c> there's</c><00:36:26.810><c> really</c><00:36:26.960><c> very</c><00:36:27.050><c> few</c><00:36:27.260><c> VCS</c>

00:36:27.940 --> 00:36:27.950 align:start position:0%
spectrum there's really very few VCS
 

00:36:27.950 --> 00:36:30.180 align:start position:0%
spectrum there's really very few VCS
that<00:36:28.070><c> actually</c><00:36:28.550><c> applies</c><00:36:29.000><c> in</c><00:36:29.330><c> their</c>

00:36:30.180 --> 00:36:30.190 align:start position:0%
that actually applies in their
 

00:36:30.190 --> 00:36:32.560 align:start position:0%
that actually applies in their
respective<00:36:31.190><c> fields</c><00:36:31.310><c> but</c><00:36:31.940><c> at</c><00:36:32.030><c> the</c><00:36:32.150><c> same</c><00:36:32.300><c> time</c>

00:36:32.560 --> 00:36:32.570 align:start position:0%
respective fields but at the same time
 

00:36:32.570 --> 00:36:35.500 align:start position:0%
respective fields but at the same time
being<00:36:33.050><c> a</c><00:36:33.200><c> VC</c><00:36:33.620><c> like</c><00:36:34.010><c> a</c><00:36:34.250><c> partner</c><00:36:34.670><c> analyst</c><00:36:35.240><c> I</c>

00:36:35.500 --> 00:36:35.510 align:start position:0%
being a VC like a partner analyst I
 

00:36:35.510 --> 00:36:37.330 align:start position:0%
being a VC like a partner analyst I
don't<00:36:36.290><c> know</c><00:36:36.350><c> why</c><00:36:36.560><c> B</c><00:36:36.740><c> for</c><00:36:36.890><c> some</c><00:36:36.980><c> reason</c><00:36:37.220><c> it's</c>

00:36:37.330 --> 00:36:37.340 align:start position:0%
don't know why B for some reason it's
 

00:36:37.340 --> 00:36:42.130 align:start position:0%
don't know why B for some reason it's
such<00:36:37.490><c> a</c><00:36:37.550><c> prestigious</c><00:36:39.250><c> job</c><00:36:40.250><c> title</c><00:36:40.640><c> to</c><00:36:40.760><c> help</c><00:36:41.140><c> so</c>

00:36:42.130 --> 00:36:42.140 align:start position:0%
such a prestigious job title to help so
 

00:36:42.140 --> 00:36:43.890 align:start position:0%
such a prestigious job title to help so
there's<00:36:42.320><c> also</c><00:36:42.500><c> this</c><00:36:42.680><c> vanity</c><00:36:43.040><c> detail</c><00:36:43.460><c> video</c>

00:36:43.890 --> 00:36:43.900 align:start position:0%
there's also this vanity detail video
 

00:36:43.900 --> 00:36:46.390 align:start position:0%
there's also this vanity detail video
that<00:36:44.900><c> comes</c><00:36:45.200><c> with</c><00:36:45.500><c> the</c><00:36:45.650><c> culture</c><00:36:46.070><c> of</c><00:36:46.250><c> like</c>

00:36:46.390 --> 00:36:46.400 align:start position:0%
that comes with the culture of like
 

00:36:46.400 --> 00:36:49.150 align:start position:0%
that comes with the culture of like
being<00:36:46.640><c> a</c><00:36:46.760><c> VC</c><00:36:47.090><c> being</c><00:36:47.870><c> funded</c><00:36:48.350><c> by</c><00:36:48.380><c> a</c><00:36:48.500><c> VC</c><00:36:48.890><c> into</c>

00:36:49.150 --> 00:36:49.160 align:start position:0%
being a VC being funded by a VC into
 

00:36:49.160 --> 00:36:53.860 align:start position:0%
being a VC being funded by a VC into
activity<00:36:49.820><c> C</c><00:36:50.590><c> that's</c><00:36:52.120><c> yeah</c><00:36:53.120><c> I</c><00:36:53.150><c> found</c><00:36:53.690><c> it</c><00:36:53.810><c> a</c>

00:36:53.860 --> 00:36:53.870 align:start position:0%
activity C that's yeah I found it a
 

00:36:53.870 --> 00:36:55.870 align:start position:0%
activity C that's yeah I found it a
little<00:36:54.020><c> bit</c><00:36:54.170><c> all</c><00:36:54.320><c> always</c><00:36:54.610><c> disillusioning</c><00:36:55.610><c> to</c>

00:36:55.870 --> 00:36:55.880 align:start position:0%
little bit all always disillusioning to
 

00:36:55.880 --> 00:36:59.010 align:start position:0%
little bit all always disillusioning to
to<00:36:56.330><c> be</c><00:36:56.480><c> to</c><00:36:56.930><c> be</c><00:36:57.050><c> interacting</c><00:36:57.470><c> with</c><00:36:57.500><c> oh</c><00:36:57.770><c> I</c><00:36:58.130><c> guess</c>

00:36:59.010 --> 00:36:59.020 align:start position:0%
to be to be interacting with oh I guess
 

00:36:59.020 --> 00:37:01.300 align:start position:0%
to be to be interacting with oh I guess
it's<00:37:00.020><c> a</c><00:37:00.140><c> really</c><00:37:00.350><c> high</c><00:37:00.470><c> experience</c><00:37:00.950><c> like</c><00:37:01.040><c> a</c><00:37:01.070><c> few</c>

00:37:01.300 --> 00:37:01.310 align:start position:0%
it's a really high experience like a few
 

00:37:01.310 --> 00:37:02.770 align:start position:0%
it's a really high experience like a few
guys<00:37:01.460><c> have</c><00:37:01.730><c> I</c><00:37:01.820><c> get</c><00:37:01.970><c> to</c><00:37:02.060><c> the</c><00:37:02.150><c> point</c><00:37:02.270><c> is</c><00:37:02.480><c> also</c>

00:37:02.770 --> 00:37:02.780 align:start position:0%
guys have I get to the point is also
 

00:37:02.780 --> 00:37:04.750 align:start position:0%
guys have I get to the point is also
feed<00:37:02.960><c> on</c><00:37:03.050><c> experience</c><00:37:03.500><c> of</c><00:37:03.560><c> a</c><00:37:03.650><c> pinch</c><00:37:04.220><c> to</c><00:37:04.370><c> someone</c>

00:37:04.750 --> 00:37:04.760 align:start position:0%
feed on experience of a pinch to someone
 

00:37:04.760 --> 00:37:07.150 align:start position:0%
feed on experience of a pinch to someone
to<00:37:04.910><c> like</c><00:37:05.030><c> give</c><00:37:05.390><c> them</c><00:37:05.570><c> money</c><00:37:06.110><c> and</c><00:37:06.230><c> kind</c><00:37:06.800><c> of</c><00:37:06.830><c> go</c>

00:37:07.150 --> 00:37:07.160 align:start position:0%
to like give them money and kind of go
 

00:37:07.160 --> 00:37:08.110 align:start position:0%
to like give them money and kind of go
through<00:37:07.220><c> those</c>

00:37:08.110 --> 00:37:08.120 align:start position:0%
through those
 

00:37:08.120 --> 00:37:11.890 align:start position:0%
through those
continues<00:37:08.510><c> pitches</c><00:37:08.900><c> for</c><00:37:09.200><c> Franco</c><00:37:09.530><c> kids</c><00:37:10.870><c> yeah</c>

00:37:11.890 --> 00:37:11.900 align:start position:0%
continues pitches for Franco kids yeah
 

00:37:11.900 --> 00:37:13.600 align:start position:0%
continues pitches for Franco kids yeah
his<00:37:12.320><c> extra</c><00:37:12.650><c> be</c><00:37:12.770><c> interesting</c><00:37:13.190><c> to</c><00:37:13.250><c> see</c><00:37:13.400><c> if</c><00:37:13.520><c> I</c>

00:37:13.600 --> 00:37:13.610 align:start position:0%
his extra be interesting to see if I
 

00:37:13.610 --> 00:37:15.220 align:start position:0%
his extra be interesting to see if I
compare<00:37:13.910><c> like</c><00:37:14.090><c> early</c><00:37:14.300><c> slide</c><00:37:14.600><c> Tex</c><00:37:14.810><c> that</c><00:37:14.870><c> I</c><00:37:15.050><c> mean</c>

00:37:15.220 --> 00:37:15.230 align:start position:0%
compare like early slide Tex that I mean
 

00:37:15.230 --> 00:37:17.140 align:start position:0%
compare like early slide Tex that I mean
to<00:37:15.740><c> like</c><00:37:15.920><c> to</c><00:37:16.460><c> like</c><00:37:16.490><c> going</c><00:37:16.880><c> through</c><00:37:16.940><c> the</c>

00:37:17.140 --> 00:37:17.150 align:start position:0%
to like to like going through the
 

00:37:17.150 --> 00:37:18.940 align:start position:0%
to like to like going through the
experience<00:37:17.660><c> and</c><00:37:17.840><c> then</c><00:37:17.960><c> like</c><00:37:18.080><c> data</c><00:37:18.290><c> statistics</c>

00:37:18.940 --> 00:37:18.950 align:start position:0%
experience and then like data statistics
 

00:37:18.950 --> 00:37:20.230 align:start position:0%
experience and then like data statistics
you'll<00:37:19.100><c> see</c><00:37:19.250><c> how</c><00:37:19.400><c> you</c><00:37:19.460><c> keep</c><00:37:19.730><c> boiling</c><00:37:19.940><c> it</c><00:37:20.210><c> down</c>

00:37:20.230 --> 00:37:20.240 align:start position:0%
you'll see how you keep boiling it down
 

00:37:20.240 --> 00:37:25.070 align:start position:0%
you'll see how you keep boiling it down
to<00:37:20.510><c> play</c><00:37:20.660><c> just</c><00:37:21.200><c> core</c><00:37:21.470><c> questions</c><00:37:21.860><c> like</c>

00:37:25.070 --> 00:37:25.080 align:start position:0%
 
 

00:37:25.080 --> 00:37:29.810 align:start position:0%
 
okay

00:37:29.810 --> 00:37:29.820 align:start position:0%
 
 

00:37:29.820 --> 00:37:34.240 align:start position:0%
 
but<00:37:30.150><c> in</c><00:37:30.360><c> any</c><00:37:30.750><c> experience</c><00:37:32.000><c> relating</c><00:37:33.110><c> getting</c>

00:37:34.240 --> 00:37:34.250 align:start position:0%
but in any experience relating getting
 

00:37:34.250 --> 00:37:36.920 align:start position:0%
but in any experience relating getting
support<00:37:35.250><c> from</c><00:37:35.400><c> venture</c><00:37:35.910><c> capital</c><00:37:36.390><c> but</c><00:37:36.630><c> from</c>

00:37:36.920 --> 00:37:36.930 align:start position:0%
support from venture capital but from
 

00:37:36.930 --> 00:37:40.790 align:start position:0%
support from venture capital but from
maybe<00:37:37.470><c> corporations</c><00:37:38.430><c> like</c><00:37:39.410><c> offered</c><00:37:40.410><c> to</c><00:37:40.590><c> them</c>

00:37:40.790 --> 00:37:40.800 align:start position:0%
maybe corporations like offered to them
 

00:37:40.800 --> 00:37:47.799 align:start position:0%
maybe corporations like offered to them
impact<00:37:41.460><c> instead</c><00:37:42.210><c> of</c><00:37:42.510><c> 10x</c>

00:37:47.799 --> 00:37:47.809 align:start position:0%
 
 

00:37:47.809 --> 00:37:52.870 align:start position:0%
 
experience<00:37:49.130><c> that</c><00:37:50.130><c> he</c><00:37:50.249><c> knows</c><00:37:51.499><c> ain't</c><00:37:52.499><c> them</c>

00:37:52.870 --> 00:37:52.880 align:start position:0%
experience that he knows ain't them
 

00:37:52.880 --> 00:37:55.940 align:start position:0%
experience that he knows ain't them
polska<00:37:53.880><c> saying</c><00:37:54.660><c> hey</c><00:37:54.930><c> you</c><00:37:54.990><c> know</c><00:37:55.200><c> you're</c><00:37:55.769><c> gonna</c>

00:37:55.940 --> 00:37:55.950 align:start position:0%
polska saying hey you know you're gonna
 

00:37:55.950 --> 00:37:58.370 align:start position:0%
polska saying hey you know you're gonna
have<00:37:56.130><c> this</c><00:37:56.519><c> impact</c><00:37:56.970><c> and</c><00:37:57.569><c> you're</c><00:37:58.049><c> gonna</c><00:37:58.259><c> have</c>

00:37:58.370 --> 00:37:58.380 align:start position:0%
have this impact and you're gonna have
 

00:37:58.380 --> 00:38:00.890 align:start position:0%
have this impact and you're gonna have
to<00:37:58.470><c> give</c><00:37:58.650><c> that</c><00:37:58.680><c> to</c><00:37:58.980><c> the</c><00:37:59.220><c> people</c><00:38:00.180><c> at</c><00:38:00.599><c> the</c><00:38:00.630><c> big</c>

00:38:00.890 --> 00:38:00.900 align:start position:0%
to give that to the people at the big
 

00:38:00.900 --> 00:38:03.670 align:start position:0%
to give that to the people at the big
operation<00:38:01.440><c> platform</c><00:38:02.039><c> where</c><00:38:02.609><c> you</c><00:38:02.910><c> will</c><00:38:03.119><c> have</c>

00:38:03.670 --> 00:38:03.680 align:start position:0%
operation platform where you will have
 

00:38:03.680 --> 00:38:07.039 align:start position:0%
operation platform where you will have
benefit<00:38:04.680><c> from</c><00:38:04.859><c> that</c><00:38:05.119><c> it's</c><00:38:06.119><c> not</c><00:38:06.420><c> necessarily</c>

00:38:07.039 --> 00:38:07.049 align:start position:0%
benefit from that it's not necessarily
 

00:38:07.049 --> 00:38:12.680 align:start position:0%
benefit from that it's not necessarily
economic<00:38:08.150><c> so</c><00:38:09.150><c> so</c><00:38:09.599><c> the</c><00:38:09.720><c> like</c><00:38:10.190><c> most</c><00:38:11.690><c> fortune</c>

00:38:12.680 --> 00:38:12.690 align:start position:0%
economic so so the like most fortune
 

00:38:12.690 --> 00:38:15.710 align:start position:0%
economic so so the like most fortune
500s<00:38:13.259><c> now</c><00:38:13.470><c> have</c><00:38:13.710><c> corporate</c><00:38:14.099><c> entry</c><00:38:14.569><c> and</c><00:38:15.569><c> you're</c>

00:38:15.710 --> 00:38:15.720 align:start position:0%
500s now have corporate entry and you're
 

00:38:15.720 --> 00:38:17.509 align:start position:0%
500s now have corporate entry and you're
seeing<00:38:15.960><c> a</c><00:38:16.049><c> lot</c><00:38:16.200><c> of</c><00:38:16.259><c> it</c><00:38:16.529><c> in</c><00:38:16.740><c> the</c><00:38:16.950><c> financial</c>

00:38:17.509 --> 00:38:17.519 align:start position:0%
seeing a lot of it in the financial
 

00:38:17.519 --> 00:38:20.950 align:start position:0%
seeing a lot of it in the financial
sector<00:38:17.730><c> where</c><00:38:18.599><c> with</c><00:38:19.230><c> things</c><00:38:19.559><c> like</c><00:38:19.710><c> that</c><00:38:19.769><c> Frank</c>

00:38:20.950 --> 00:38:20.960 align:start position:0%
sector where with things like that Frank
 

00:38:20.960 --> 00:38:23.359 align:start position:0%
sector where with things like that Frank
most<00:38:21.960><c> banks</c><00:38:22.289><c> are</c><00:38:22.380><c> just</c><00:38:22.559><c> kind</c><00:38:22.740><c> of</c><00:38:22.799><c> keeping</c><00:38:23.099><c> the</c>

00:38:23.359 --> 00:38:23.369 align:start position:0%
most banks are just kind of keeping the
 

00:38:23.369 --> 00:38:25.460 align:start position:0%
most banks are just kind of keeping the
lights<00:38:23.549><c> on</c><00:38:23.730><c> with</c><00:38:24.359><c> their</c><00:38:24.539><c> budgets</c><00:38:24.930><c> and</c><00:38:25.140><c> they</c>

00:38:25.460 --> 00:38:25.470 align:start position:0%
lights on with their budgets and they
 

00:38:25.470 --> 00:38:30.920 align:start position:0%
lights on with their budgets and they
have<00:38:25.650><c> to</c><00:38:25.799><c> look</c><00:38:25.920><c> fire</c><00:38:28.220><c> with</c><00:38:29.220><c> that</c><00:38:29.609><c> in</c><00:38:30.509><c> to</c><00:38:30.809><c> your</c>

00:38:30.920 --> 00:38:30.930 align:start position:0%
have to look fire with that in to your
 

00:38:30.930 --> 00:38:35.239 align:start position:0%
have to look fire with that in to your
point<00:38:31.519><c> it</c><00:38:32.519><c> has</c><00:38:33.089><c> to</c><00:38:33.119><c> solve</c><00:38:33.720><c> a</c><00:38:34.200><c> specific</c><00:38:34.769><c> problem</c>

00:38:35.239 --> 00:38:35.249 align:start position:0%
point it has to solve a specific problem
 

00:38:35.249 --> 00:38:41.450 align:start position:0%
point it has to solve a specific problem
or<00:38:36.240><c> that's</c><00:38:37.109><c> entity</c><00:38:39.410><c> and</c><00:38:40.410><c> really</c><00:38:40.859><c> think</c><00:38:41.220><c> they</c>

00:38:41.450 --> 00:38:41.460 align:start position:0%
or that's entity and really think they
 

00:38:41.460 --> 00:38:47.210 align:start position:0%
or that's entity and really think they
are<00:38:41.519><c> very</c><00:38:42.650><c> so</c><00:38:43.650><c> if</c><00:38:44.339><c> if</c><00:38:44.759><c> you</c><00:38:44.970><c> are</c><00:38:45.210><c> you</c><00:38:45.569><c> know</c>

00:38:47.210 --> 00:38:47.220 align:start position:0%
are very so if if you are you know
 

00:38:47.220 --> 00:38:50.250 align:start position:0%
are very so if if you are you know
building<00:38:48.220><c> the</c><00:38:48.400><c> next</c><00:38:48.760><c> best</c><00:38:49.210><c> thing</c><00:38:49.510><c> wailing</c>

00:38:50.250 --> 00:38:50.260 align:start position:0%
building the next best thing wailing
 

00:38:50.260 --> 00:38:54.900 align:start position:0%
building the next best thing wailing
gasps<00:38:50.559><c> maybe</c><00:38:51.099><c> ExxonMobil</c><00:38:52.029><c> will</c><00:38:52.240><c> help</c><00:38:52.720><c> but</c><00:38:53.910><c> it</c>

00:38:54.900 --> 00:38:54.910 align:start position:0%
gasps maybe ExxonMobil will help but it
 

00:38:54.910 --> 00:38:57.750 align:start position:0%
gasps maybe ExxonMobil will help but it
has<00:38:55.329><c> to</c><00:38:55.480><c> be</c><00:38:55.630><c> very</c><00:38:56.020><c> specific</c><00:38:56.799><c> to</c><00:38:57.160><c> the</c>

00:38:57.750 --> 00:38:57.760 align:start position:0%
has to be very specific to the
 

00:38:57.760 --> 00:39:03.180 align:start position:0%
has to be very specific to the
industries<00:38:58.240><c> that</c><00:38:58.960><c> there's</c><00:38:59.829><c> hope</c>

00:39:03.180 --> 00:39:03.190 align:start position:0%
 
 

00:39:03.190 --> 00:39:06.390 align:start position:0%
 
and<00:39:03.750><c> it</c><00:39:04.750><c> also</c><00:39:04.960><c> ties</c><00:39:05.349><c> in</c><00:39:05.530><c> basic</c><00:39:05.890><c> sanity</c><00:39:06.130><c> to</c><00:39:06.280><c> that</c>

00:39:06.390 --> 00:39:06.400 align:start position:0%
and it also ties in basic sanity to that
 

00:39:06.400 --> 00:39:08.370 align:start position:0%
and it also ties in basic sanity to that
company<00:39:06.730><c> but</c><00:39:07.359><c> you</c><00:39:07.450><c> might</c><00:39:07.599><c> not</c><00:39:07.750><c> mean</c><00:39:07.990><c> that</c><00:39:08.020><c> you</c>

00:39:08.370 --> 00:39:08.380 align:start position:0%
company but you might not mean that you
 

00:39:08.380 --> 00:39:09.930 align:start position:0%
company but you might not mean that you
essentially<00:39:08.890><c> become</c><00:39:09.160><c> that</c><00:39:09.280><c> company's</c><00:39:09.670><c> butter</c>

00:39:09.930 --> 00:39:09.940 align:start position:0%
essentially become that company's butter
 

00:39:09.940 --> 00:39:12.900 align:start position:0%
essentially become that company's butter
well<00:39:10.750><c> through</c><00:39:10.930><c> them</c><00:39:11.200><c> and</c><00:39:11.500><c> it</c><00:39:12.310><c> might</c><00:39:12.460><c> mean</c><00:39:12.730><c> like</c>

00:39:12.900 --> 00:39:12.910 align:start position:0%
well through them and it might mean like
 

00:39:12.910 --> 00:39:14.339 align:start position:0%
well through them and it might mean like
if<00:39:13.000><c> you</c><00:39:13.089><c> get</c><00:39:13.210><c> funded</c><00:39:13.359><c> by</c><00:39:13.510><c> Exxon</c><00:39:13.810><c> for</c><00:39:13.839><c> example</c>

00:39:14.339 --> 00:39:14.349 align:start position:0%
if you get funded by Exxon for example
 

00:39:14.349 --> 00:39:15.930 align:start position:0%
if you get funded by Exxon for example
that<00:39:14.500><c> Chevron</c><00:39:15.069><c> or</c><00:39:15.160><c> anyone</c><00:39:15.460><c> says</c><00:39:15.670><c> before</c>

00:39:15.930 --> 00:39:15.940 align:start position:0%
that Chevron or anyone says before
 

00:39:15.940 --> 00:39:18.690 align:start position:0%
that Chevron or anyone says before
justice<00:39:16.680><c> which</c><00:39:17.680><c> it'll</c><00:39:17.890><c> be</c><00:39:18.010><c> well</c><00:39:18.160><c> a</c><00:39:18.190><c> stager</c>

00:39:18.690 --> 00:39:18.700 align:start position:0%
justice which it'll be well a stager
 

00:39:18.700 --> 00:39:31.740 align:start position:0%
justice which it'll be well a stager
yeah<00:39:20.369><c> okay</c><00:39:21.369><c> okay</c><00:39:29.790><c> yes</c><00:39:30.790><c> I'm</c><00:39:31.089><c> surprised</c><00:39:31.540><c> by</c><00:39:31.690><c> the</c>

00:39:31.740 --> 00:39:31.750 align:start position:0%
yeah okay okay yes I'm surprised by the
 

00:39:31.750 --> 00:39:33.230 align:start position:0%
yeah okay okay yes I'm surprised by the
person<00:39:32.349><c> that's</c><00:39:32.500><c> being</c><00:39:32.650><c> drawn</c><00:39:32.980><c> between</c>

00:39:33.230 --> 00:39:33.240 align:start position:0%
person that's being drawn between
 

00:39:33.240 --> 00:39:35.849 align:start position:0%
person that's being drawn between
traditional<00:39:34.240><c> VC</c><00:39:34.450><c> and</c><00:39:34.990><c> token</c><00:39:35.440><c> cells</c><00:39:35.680><c> as</c>

00:39:35.849 --> 00:39:35.859 align:start position:0%
traditional VC and token cells as
 

00:39:35.859 --> 00:39:37.260 align:start position:0%
traditional VC and token cells as
they're<00:39:35.980><c> being</c><00:39:36.160><c> defined</c><00:39:36.490><c> on</c><00:39:36.640><c> his</c><00:39:36.760><c> panel</c><00:39:37.119><c> which</c>

00:39:37.260 --> 00:39:37.270 align:start position:0%
they're being defined on his panel which
 

00:39:37.270 --> 00:39:39.930 align:start position:0%
they're being defined on his panel which
are<00:39:37.569><c> seemed</c><00:39:37.900><c> seemed</c><00:39:38.290><c> to</c><00:39:38.410><c> be</c><00:39:38.530><c> just</c><00:39:38.680><c> ICM</c><00:39:39.250><c> utility</c>

00:39:39.930 --> 00:39:39.940 align:start position:0%
are seemed seemed to be just ICM utility
 

00:39:39.940 --> 00:39:41.390 align:start position:0%
are seemed seemed to be just ICM utility
companies<00:39:40.390><c> but</c><00:39:40.599><c> there's</c><00:39:40.780><c> no</c>

00:39:41.390 --> 00:39:41.400 align:start position:0%
companies but there's no
 

00:39:41.400 --> 00:39:43.640 align:start position:0%
companies but there's no
the<00:39:41.520><c> tokenize</c><00:39:42.330><c> securities</c><00:39:42.840><c> and</c><00:39:43.020><c> how</c><00:39:43.140><c> that</c><00:39:43.380><c> is</c>

00:39:43.640 --> 00:39:43.650 align:start position:0%
the tokenize securities and how that is
 

00:39:43.650 --> 00:39:46.280 align:start position:0%
the tokenize securities and how that is
actually<00:39:43.860><c> a</c><00:39:44.430><c> more</c><00:39:44.940><c> or</c><00:39:45.210><c> let's</c><00:39:45.540><c> say</c><00:39:45.690><c> digitized</c>

00:39:46.280 --> 00:39:46.290 align:start position:0%
actually a more or let's say digitized
 

00:39:46.290 --> 00:39:48.620 align:start position:0%
actually a more or let's say digitized
form<00:39:46.620><c> cowboy</c><00:39:47.160><c> racing</c><00:39:47.220><c> words</c><00:39:47.700><c> I</c><00:39:47.940><c> see</c><00:39:48.210><c> us</c><00:39:48.390><c> with</c>

00:39:48.620 --> 00:39:48.630 align:start position:0%
form cowboy racing words I see us with
 

00:39:48.630 --> 00:39:50.630 align:start position:0%
form cowboy racing words I see us with
community<00:39:49.320><c> building</c><00:39:49.650><c> since</c><00:39:50.280><c> they</c><00:39:50.460><c> don't</c>

00:39:50.630 --> 00:39:50.640 align:start position:0%
community building since they don't
 

00:39:50.640 --> 00:39:52.670 align:start position:0%
community building since they don't
actually<00:39:50.880><c> offer</c><00:39:51.210><c> people</c><00:39:51.780><c> equity</c><00:39:52.350><c> to</c><00:39:52.410><c> most</c>

00:39:52.670 --> 00:39:52.680 align:start position:0%
actually offer people equity to most
 

00:39:52.680 --> 00:39:55.800 align:start position:0%
actually offer people equity to most
companies<00:39:52.850><c> what</c><00:39:53.850><c> does</c><00:39:53.970><c> the</c><00:39:54.090><c> panel</c>

00:39:55.800 --> 00:39:55.810 align:start position:0%
companies what does the panel
 

00:39:55.810 --> 00:39:59.410 align:start position:0%
companies what does the panel
my<00:39:56.810><c> securities</c><00:39:57.410><c> and</c><00:39:57.770><c> their</c><00:39:58.210><c> comparison</c><00:39:59.210><c> to</c>

00:39:59.410 --> 00:39:59.420 align:start position:0%
my securities and their comparison to
 

00:39:59.420 --> 00:40:03.420 align:start position:0%
my securities and their comparison to
sort<00:39:59.630><c> of</c><00:39:59.660><c> traditional</c><00:40:00.110><c> is</c><00:40:00.230><c> it</c><00:40:00.820><c> great</c><00:40:01.820><c> question</c>

00:40:03.420 --> 00:40:03.430 align:start position:0%
sort of traditional is it great question
 

00:40:03.430 --> 00:40:05.130 align:start position:0%
sort of traditional is it great question
I<00:40:03.460><c> don't</c><00:40:03.700><c> think</c><00:40:03.730><c> we</c><00:40:03.970><c> define</c><00:40:04.510><c> good</c><00:40:04.809><c> I</c><00:40:05.079><c> don't</c>

00:40:05.130 --> 00:40:05.140 align:start position:0%
I don't think we define good I don't
 

00:40:05.140 --> 00:40:06.329 align:start position:0%
I don't think we define good I don't
think<00:40:05.440><c> we</c><00:40:05.529><c> even</c><00:40:05.559><c> started</c><00:40:06.010><c> talking</c><00:40:06.279><c> about</c>

00:40:06.329 --> 00:40:06.339 align:start position:0%
think we even started talking about
 

00:40:06.339 --> 00:40:09.750 align:start position:0%
think we even started talking about
offense<00:40:06.789><c> buddy</c><00:40:07.029><c> but</c><00:40:07.410><c> I</c><00:40:08.410><c> think</c><00:40:09.069><c> that</c><00:40:09.369><c> right</c><00:40:09.700><c> now</c>

00:40:09.750 --> 00:40:09.760 align:start position:0%
offense buddy but I think that right now
 

00:40:09.760 --> 00:40:12.960 align:start position:0%
offense buddy but I think that right now
the<00:40:10.720><c> capital</c><00:40:11.140><c> markets</c><00:40:11.529><c> don't</c><00:40:11.970><c> necessarily</c>

00:40:12.960 --> 00:40:12.970 align:start position:0%
the capital markets don't necessarily
 

00:40:12.970 --> 00:40:16.109 align:start position:0%
the capital markets don't necessarily
have<00:40:13.240><c> the</c><00:40:14.049><c> appetite</c><00:40:14.529><c> for</c><00:40:14.920><c> them</c><00:40:15.700><c> we're</c><00:40:15.880><c> seeing</c>

00:40:16.109 --> 00:40:16.119 align:start position:0%
have the appetite for them we're seeing
 

00:40:16.119 --> 00:40:17.880 align:start position:0%
have the appetite for them we're seeing
them<00:40:16.240><c> as</c><00:40:16.359><c> basically</c><00:40:16.750><c> in</c><00:40:17.349><c> my</c><00:40:17.500><c> opinion</c>

00:40:17.880 --> 00:40:17.890 align:start position:0%
them as basically in my opinion
 

00:40:17.890 --> 00:40:20.880 align:start position:0%
them as basically in my opinion
glorified<00:40:18.760><c> you</c><00:40:18.940><c> sheets</c><00:40:19.240><c> where</c><00:40:19.720><c> it</c><00:40:20.140><c> was</c><00:40:20.319><c> maybe</c>

00:40:20.880 --> 00:40:20.890 align:start position:0%
glorified you sheets where it was maybe
 

00:40:20.890 --> 00:40:23.910 align:start position:0%
glorified you sheets where it was maybe
five<00:40:21.250><c> ten</c><00:40:21.490><c> million</c><00:40:21.670><c> dollars</c><00:40:22.000><c> raised</c><00:40:22.920><c> what</c>

00:40:23.910 --> 00:40:23.920 align:start position:0%
five ten million dollars raised what
 

00:40:23.920 --> 00:40:26.789 align:start position:0%
five ten million dollars raised what
would<00:40:24.279><c> I</c><00:40:24.309><c> do</c><00:40:25.059><c> agree</c><00:40:25.359><c> if</c><00:40:25.990><c> you're</c><00:40:26.140><c> a</c><00:40:26.170><c> finance</c><00:40:26.529><c> I</c>

00:40:26.789 --> 00:40:26.799 align:start position:0%
would I do agree if you're a finance I
 

00:40:26.799 --> 00:40:30.210 align:start position:0%
would I do agree if you're a finance I
would<00:40:27.430><c> just</c><00:40:27.579><c> like</c><00:40:27.789><c> to</c><00:40:28.140><c> see</c><00:40:29.140><c> corporations</c><00:40:29.950><c> or</c>

00:40:30.210 --> 00:40:30.220 align:start position:0%
would just like to see corporations or
 

00:40:30.220 --> 00:40:32.819 align:start position:0%
would just like to see corporations or
investors<00:40:30.789><c> be</c><00:40:30.940><c> able</c><00:40:31.089><c> to</c><00:40:31.210><c> pull</c><00:40:31.329><c> them</c><00:40:31.589><c> easily</c><00:40:32.589><c> on</c>

00:40:32.819 --> 00:40:32.829 align:start position:0%
investors be able to pull them easily on
 

00:40:32.829 --> 00:40:34.589 align:start position:0%
investors be able to pull them easily on
their<00:40:33.250><c> balance</c><00:40:33.609><c> sheets</c><00:40:33.819><c> and</c><00:40:34.000><c> I</c><00:40:34.059><c> think</c><00:40:34.240><c> things</c>

00:40:34.589 --> 00:40:34.599 align:start position:0%
their balance sheets and I think things
 

00:40:34.599 --> 00:40:36.870 align:start position:0%
their balance sheets and I think things
like<00:40:34.690><c> custody</c><00:40:35.230><c> or</c><00:40:35.440><c> fertile</c><00:40:35.829><c> stood</c><00:40:36.069><c> up</c><00:40:36.190><c> right</c>

00:40:36.870 --> 00:40:36.880 align:start position:0%
like custody or fertile stood up right
 

00:40:36.880 --> 00:40:40.690 align:start position:0%
like custody or fertile stood up right
now

00:40:40.690 --> 00:40:40.700 align:start position:0%
 
 

00:40:40.700 --> 00:40:42.980 align:start position:0%
 
with<00:40:41.700><c> securities</c><00:40:42.270><c> that</c><00:40:42.450><c> are</c><00:40:42.510><c> getting</c><00:40:42.720><c> took</c>

00:40:42.980 --> 00:40:42.990 align:start position:0%
with securities that are getting took
 

00:40:42.990 --> 00:40:48.600 align:start position:0%
with securities that are getting took
knives<00:40:43.260><c> darling</c>

00:40:48.600 --> 00:40:48.610 align:start position:0%
 
 

00:40:48.610 --> 00:40:52.380 align:start position:0%
 
[Music]

00:40:52.380 --> 00:40:52.390 align:start position:0%
 
 

00:40:52.390 --> 00:40:56.200 align:start position:0%
 
so

00:40:56.200 --> 00:40:56.210 align:start position:0%
 
 

00:40:56.210 --> 00:41:00.820 align:start position:0%
 
for<00:40:56.690><c> that</c>

00:41:00.820 --> 00:41:00.830 align:start position:0%
 
 

00:41:00.830 --> 00:41:02.560 align:start position:0%
 
I'm<00:41:01.520><c> gonna</c><00:41:01.700><c> get</c><00:41:01.850><c> you</c><00:41:01.970><c> what</c><00:41:02.180><c> I</c><00:41:02.210><c> think</c><00:41:02.510><c> is</c>

00:41:02.560 --> 00:41:02.570 align:start position:0%
I'm gonna get you what I think is
 

00:41:02.570 --> 00:41:03.970 align:start position:0%
I'm gonna get you what I think is
important<00:41:02.990><c> to</c><00:41:03.020><c> differentiate</c><00:41:03.410><c> you</c><00:41:03.740><c> can</c><00:41:03.860><c> have</c>

00:41:03.970 --> 00:41:03.980 align:start position:0%
important to differentiate you can have
 

00:41:03.980 --> 00:41:05.260 align:start position:0%
important to differentiate you can have
tokens<00:41:04.340><c> and</c><00:41:04.520><c> then</c><00:41:04.670><c> even</c><00:41:04.850><c> have</c><00:41:04.940><c> tokens</c>

00:41:05.260 --> 00:41:05.270 align:start position:0%
tokens and then even have tokens
 

00:41:05.270 --> 00:41:08.560 align:start position:0%
tokens and then even have tokens
representing<00:41:05.870><c> equity</c><00:41:06.290><c> which</c><00:41:07.240><c> benefits</c><00:41:08.240><c> just</c>

00:41:08.560 --> 00:41:08.570 align:start position:0%
representing equity which benefits just
 

00:41:08.570 --> 00:41:14.860 align:start position:0%
representing equity which benefits just
as<00:41:08.690><c> well</c><00:41:08.840><c> into</c><00:41:09.020><c> the</c><00:41:09.110><c> venture</c><00:41:09.320><c> capital</c><00:41:13.870><c> great</c>

00:41:14.860 --> 00:41:14.870 align:start position:0%
as well into the venture capital great
 

00:41:14.870 --> 00:41:17.950 align:start position:0%
as well into the venture capital great
colleges<00:41:15.940><c> lasting</c><00:41:16.940><c> change</c><00:41:17.780><c> your</c>

00:41:17.950 --> 00:41:17.960 align:start position:0%
colleges lasting change your
 

00:41:17.960 --> 00:41:22.739 align:start position:0%
colleges lasting change your
philanthropy<00:41:18.200><c> or</c><00:41:18.590><c> a</c><00:41:18.710><c> venue</c><00:41:19.100><c> for</c>

00:41:22.739 --> 00:41:22.749 align:start position:0%
 
 

00:41:22.749 --> 00:41:25.569 align:start position:0%
 
we'll<00:41:23.749><c> have</c><00:41:23.930><c> people</c><00:41:24.859><c> willing</c><00:41:25.249><c> to</c><00:41:25.279><c> put</c><00:41:25.430><c> money</c>

00:41:25.569 --> 00:41:25.579 align:start position:0%
we'll have people willing to put money
 

00:41:25.579 --> 00:41:27.279 align:start position:0%
we'll have people willing to put money
behind<00:41:25.819><c> something</c><00:41:26.420><c> from</c><00:41:26.569><c> a</c><00:41:26.599><c> venture</c><00:41:26.930><c> capital</c>

00:41:27.279 --> 00:41:27.289 align:start position:0%
behind something from a venture capital
 

00:41:27.289 --> 00:41:29.230 align:start position:0%
behind something from a venture capital
perspective<00:41:27.440><c> maybe</c><00:41:27.950><c> this</c><00:41:28.309><c> capital</c><00:41:28.700><c> recycling</c>

00:41:29.230 --> 00:41:29.240 align:start position:0%
perspective maybe this capital recycling
 

00:41:29.240 --> 00:41:32.650 align:start position:0%
perspective maybe this capital recycling
as<00:41:29.660><c> opposed</c><00:41:30.049><c> to</c><00:41:30.140><c> getting</c><00:41:30.470><c> something</c><00:41:30.710><c> back</c><00:41:31.660><c> we</c>

00:41:32.650 --> 00:41:32.660 align:start position:0%
as opposed to getting something back we
 

00:41:32.660 --> 00:41:35.710 align:start position:0%
as opposed to getting something back we
also<00:41:32.869><c> have</c><00:41:33.170><c> these</c><00:41:33.609><c> donor</c><00:41:34.609><c> advised</c><00:41:34.940><c> funds</c><00:41:35.390><c> and</c>

00:41:35.710 --> 00:41:35.720 align:start position:0%
also have these donor advised funds and
 

00:41:35.720 --> 00:41:37.890 align:start position:0%
also have these donor advised funds and
you're<00:41:35.839><c> kind</c><00:41:36.049><c> of</c><00:41:36.079><c> like</c><00:41:36.289><c> a</c><00:41:36.319><c> tease</c>

00:41:37.890 --> 00:41:37.900 align:start position:0%
you're kind of like a tease
 

00:41:37.900 --> 00:41:39.420 align:start position:0%
you're kind of like a tease
these<00:41:38.230><c> guys</c><00:41:38.410><c> all</c><00:41:38.680><c> they</c><00:41:38.800><c> want</c><00:41:38.980><c> babies</c><00:41:39.310><c> to</c>

00:41:39.420 --> 00:41:39.430 align:start position:0%
these guys all they want babies to
 

00:41:39.430 --> 00:41:41.400 align:start position:0%
these guys all they want babies to
recycle<00:41:39.850><c> their</c><00:41:39.970><c> capital</c><00:41:40.390><c> and</c><00:41:40.870><c> that's</c><00:41:41.050><c> a</c><00:41:41.140><c> huge</c>

00:41:41.400 --> 00:41:41.410 align:start position:0%
recycle their capital and that's a huge
 

00:41:41.410 --> 00:41:43.370 align:start position:0%
recycle their capital and that's a huge
subset<00:41:42.040><c> of</c><00:41:42.280><c> the</c><00:41:42.760><c> kind</c><00:41:42.970><c> of</c>

00:41:43.370 --> 00:41:43.380 align:start position:0%
subset of the kind of
 

00:41:43.380 --> 00:41:44.870 align:start position:0%
subset of the kind of
money<00:41:43.770><c> that</c><00:41:43.860><c> goes</c><00:41:44.130><c> to</c><00:41:44.190><c> these</c><00:41:44.370><c> open</c><00:41:44.700><c> source</c>

00:41:44.870 --> 00:41:44.880 align:start position:0%
money that goes to these open source
 

00:41:44.880 --> 00:41:47.510 align:start position:0%
money that goes to these open source
also<00:41:45.780><c> like</c><00:41:46.050><c> UNICEF</c><00:41:46.350><c> they</c><00:41:46.890><c> have</c><00:41:47.070><c> a</c><00:41:47.100><c> venture</c>

00:41:47.510 --> 00:41:47.520 align:start position:0%
also like UNICEF they have a venture
 

00:41:47.520 --> 00:41:49.400 align:start position:0%
also like UNICEF they have a venture
capital<00:41:47.940><c> type</c><00:41:48.180><c> fund</c><00:41:48.480><c> which</c><00:41:49.020><c> is</c><00:41:49.050><c> you</c><00:41:49.290><c> know</c>

00:41:49.400 --> 00:41:49.410 align:start position:0%
capital type fund which is you know
 

00:41:49.410 --> 00:41:52.430 align:start position:0%
capital type fund which is you know
focus<00:41:49.800><c> on</c><00:41:49.920><c> out</c><00:41:50.300><c> open</c><00:41:51.300><c> source</c><00:41:51.540><c> and</c><00:41:52.080><c> they're</c>

00:41:52.430 --> 00:41:52.440 align:start position:0%
focus on out open source and they're
 

00:41:52.440 --> 00:41:53.870 align:start position:0%
focus on out open source and they're
good<00:41:52.590><c> one</c><00:41:52.740><c> problem</c><00:41:53.130><c> that</c><00:41:53.160><c> they</c><00:41:53.490><c> want</c><00:41:53.670><c> to</c><00:41:53.700><c> hold</c>

00:41:53.870 --> 00:41:53.880 align:start position:0%
good one problem that they want to hold
 

00:41:53.880 --> 00:41:59.570 align:start position:0%
good one problem that they want to hold
that<00:41:54.060><c> the</c><00:41:54.240><c> ID</c>

00:41:59.570 --> 00:41:59.580 align:start position:0%
 
 

00:41:59.580 --> 00:42:01.550 align:start position:0%
 
took<00:42:00.060><c> a</c><00:42:00.120><c> great</c><00:42:00.360><c> great</c><00:42:00.750><c> fanatic</c><00:42:01.110><c> on</c><00:42:01.230><c> it</c><00:42:01.500><c> or</c>

00:42:01.550 --> 00:42:01.560 align:start position:0%
took a great great fanatic on it or
 

00:42:01.560 --> 00:42:03.080 align:start position:0%
took a great great fanatic on it or
maybe<00:42:01.710><c> I</c><00:42:01.800><c> think</c><00:42:02.130><c> to</c><00:42:02.280><c> context</c><00:42:02.550><c> classify</c><00:42:02.970><c> it's</c>

00:42:03.080 --> 00:42:03.090 align:start position:0%
maybe I think to context classify it's
 

00:42:03.090 --> 00:42:07.420 align:start position:0%
maybe I think to context classify it's
very<00:42:03.240><c> easy</c><00:42:03.420><c> to</c><00:42:03.540><c> pass</c><00:42:03.840><c> b2c</c><00:42:04.940><c> but</c><00:42:05.940><c> I</c><00:42:06.330><c> think</c><00:42:06.900><c> these</c>

00:42:07.420 --> 00:42:07.430 align:start position:0%
very easy to pass b2c but I think these
 

00:42:07.430 --> 00:42:10.070 align:start position:0%
very easy to pass b2c but I think these
BC<00:42:08.430><c> can</c><00:42:08.610><c> have</c><00:42:08.730><c> a</c><00:42:08.760><c> ton</c><00:42:09.120><c> of</c><00:42:09.180><c> value</c><00:42:09.660><c> to</c><00:42:09.900><c> your</c>

00:42:10.070 --> 00:42:10.080 align:start position:0%
BC can have a ton of value to your
 

00:42:10.080 --> 00:42:11.660 align:start position:0%
BC can have a ton of value to your
startup<00:42:10.440><c> just</c><00:42:10.890><c> have</c><00:42:11.040><c> to</c><00:42:11.130><c> know</c><00:42:11.250><c> that</c><00:42:11.430><c> you're</c>

00:42:11.660 --> 00:42:11.670 align:start position:0%
startup just have to know that you're
 

00:42:11.670 --> 00:42:13.370 align:start position:0%
startup just have to know that you're
kind<00:42:11.880><c> of</c><00:42:12.000><c> that</c><00:42:12.180><c> you</c><00:42:12.300><c> fit</c><00:42:12.570><c> into</c><00:42:12.780><c> like</c><00:42:13.020><c> that</c><00:42:13.170><c> box</c>

00:42:13.370 --> 00:42:13.380 align:start position:0%
kind of that you fit into like that box
 

00:42:13.380 --> 00:42:14.900 align:start position:0%
kind of that you fit into like that box
so<00:42:13.560><c> that</c><00:42:13.590><c> you</c><00:42:13.740><c> don't</c><00:42:14.010><c> move</c><00:42:14.190><c> too</c><00:42:14.400><c> far</c><00:42:14.640><c> a</c><00:42:14.670><c> lot</c><00:42:14.850><c> of</c>

00:42:14.900 --> 00:42:14.910 align:start position:0%
so that you don't move too far a lot of
 

00:42:14.910 --> 00:42:17.390 align:start position:0%
so that you don't move too far a lot of
bucks<00:42:15.230><c> and</c><00:42:16.230><c> then</c><00:42:16.470><c> it's</c><00:42:16.770><c> gonna</c><00:42:16.920><c> add</c><00:42:17.100><c> a</c><00:42:17.130><c> ton</c><00:42:17.370><c> of</c>

00:42:17.390 --> 00:42:17.400 align:start position:0%
bucks and then it's gonna add a ton of
 

00:42:17.400 --> 00:42:19.850 align:start position:0%
bucks and then it's gonna add a ton of
value<00:42:17.520><c> like</c><00:42:17.970><c> in</c><00:42:18.810><c> terms</c><00:42:19.110><c> of</c><00:42:19.230><c> like</c><00:42:19.380><c> I've</c><00:42:19.620><c> seen</c>

00:42:19.850 --> 00:42:19.860 align:start position:0%
value like in terms of like I've seen
 

00:42:19.860 --> 00:42:21.680 align:start position:0%
value like in terms of like I've seen
like<00:42:19.980><c> very</c><00:42:20.190><c> young</c><00:42:20.430><c> inexperienced</c><00:42:20.880><c> he'd</c><00:42:21.450><c> get</c>

00:42:21.680 --> 00:42:21.690 align:start position:0%
like very young inexperienced he'd get
 

00:42:21.690 --> 00:42:24.020 align:start position:0%
like very young inexperienced he'd get
VC<00:42:21.990><c> funding</c><00:42:22.320><c> and</c><00:42:22.530><c> whether</c><00:42:22.890><c> PC</c><00:42:23.430><c> really</c><00:42:23.700><c> tries</c>

00:42:24.020 --> 00:42:24.030 align:start position:0%
VC funding and whether PC really tries
 

00:42:24.030 --> 00:42:26.770 align:start position:0%
VC funding and whether PC really tries
to<00:42:24.060><c> help</c><00:42:24.330><c> you</c><00:42:24.450><c> out</c><00:42:24.600><c> do</c><00:42:25.320><c> an</c><00:42:25.440><c> executive</c><00:42:25.620><c> coaching</c>

00:42:26.770 --> 00:42:26.780 align:start position:0%
to help you out do an executive coaching
 

00:42:26.780 --> 00:42:28.730 align:start position:0%
to help you out do an executive coaching
make<00:42:27.780><c> sure</c><00:42:27.930><c> you</c><00:42:28.050><c> got</c><00:42:28.200><c> stay</c><00:42:28.350><c> on</c><00:42:28.470><c> the</c><00:42:28.560><c> track</c>

00:42:28.730 --> 00:42:28.740 align:start position:0%
make sure you got stay on the track
 

00:42:28.740 --> 00:42:30.500 align:start position:0%
make sure you got stay on the track
really<00:42:28.980><c> revamp</c><00:42:29.490><c> marketing</c><00:42:29.940><c> think</c><00:42:30.210><c> about</c><00:42:30.420><c> you</c>

00:42:30.500 --> 00:42:30.510 align:start position:0%
really revamp marketing think about you
 

00:42:30.510 --> 00:42:33.230 align:start position:0%
really revamp marketing think about you
going<00:42:30.660><c> to</c><00:42:30.750><c> market</c><00:42:31.250><c> so</c><00:42:32.250><c> V</c><00:42:32.430><c> sees</c><00:42:32.670><c> also</c><00:42:32.940><c> I</c><00:42:33.120><c> think</c>

00:42:33.230 --> 00:42:33.240 align:start position:0%
going to market so V sees also I think
 

00:42:33.240 --> 00:42:34.970 align:start position:0%
going to market so V sees also I think
especially<00:42:33.900><c> to</c><00:42:34.020><c> the</c><00:42:34.140><c> theorem</c><00:42:34.500><c> space</c><00:42:34.740><c> and</c>

00:42:34.970 --> 00:42:34.980 align:start position:0%
especially to the theorem space and
 

00:42:34.980 --> 00:42:36.110 align:start position:0%
especially to the theorem space and
different<00:42:35.340><c> service</c><00:42:35.580><c> that</c><00:42:35.700><c> could</c><00:42:35.760><c> come</c><00:42:35.970><c> that</c>

00:42:36.110 --> 00:42:36.120 align:start position:0%
different service that could come that
 

00:42:36.120 --> 00:42:37.820 align:start position:0%
different service that could come that
have<00:42:36.450><c> not</c><00:42:36.630><c> done</c><00:42:36.780><c> an</c><00:42:36.900><c> enormous</c><00:42:37.230><c> amount</c><00:42:37.560><c> of</c>

00:42:37.820 --> 00:42:37.830 align:start position:0%
have not done an enormous amount of
 

00:42:37.830 --> 00:42:40.010 align:start position:0%
have not done an enormous amount of
rationalization<00:42:38.580><c> in</c><00:42:39.270><c> the</c><00:42:39.450><c> space</c><00:42:39.720><c> I</c><00:42:39.900><c> think</c>

00:42:40.010 --> 00:42:40.020 align:start position:0%
rationalization in the space I think
 

00:42:40.020 --> 00:42:42.080 align:start position:0%
rationalization in the space I think
that<00:42:40.170><c> specifically</c><00:42:40.620><c> content</c><00:42:41.070><c> in</c><00:42:41.160><c> T</c><00:42:41.280><c> but</c><00:42:41.490><c> we</c>

00:42:42.080 --> 00:42:42.090 align:start position:0%
that specifically content in T but we
 

00:42:42.090 --> 00:42:44.300 align:start position:0%
that specifically content in T but we
need<00:42:42.270><c> that</c><00:42:42.740><c> professionalisation</c><00:42:43.740><c> because</c><00:42:44.220><c> we</c>

00:42:44.300 --> 00:42:44.310 align:start position:0%
need that professionalisation because we
 

00:42:44.310 --> 00:42:46.160 align:start position:0%
need that professionalisation because we
come<00:42:44.520><c> build</c><00:42:45.060><c> everything</c><00:42:45.360><c> of</c><00:42:45.630><c> its</c><00:42:45.780><c> source</c><00:42:45.990><c> of</c>

00:42:46.160 --> 00:42:46.170 align:start position:0%
come build everything of its source of
 

00:42:46.170 --> 00:42:48.230 align:start position:0%
come build everything of its source of
all<00:42:46.410><c> X's</c><00:42:46.740><c> and</c><00:42:46.890><c> Y's</c><00:42:46.950><c> we</c><00:42:47.460><c> want</c><00:42:47.640><c> to</c><00:42:47.700><c> service</c><00:42:47.970><c> real</c>

00:42:48.230 --> 00:42:48.240 align:start position:0%
all X's and Y's we want to service real
 

00:42:48.240 --> 00:42:50.690 align:start position:0%
all X's and Y's we want to service real
customers<00:42:48.780><c> like</c><00:42:49.290><c> real</c><00:42:49.560><c> people</c><00:42:50.040><c> that</c><00:42:50.220><c> need</c>

00:42:50.690 --> 00:42:50.700 align:start position:0%
customers like real people that need
 

00:42:50.700 --> 00:42:52.820 align:start position:0%
customers like real people that need
professional<00:42:51.240><c> product</c><00:42:51.570><c> and</c><00:42:51.720><c> these</c><00:42:52.170><c> do</c><00:42:52.740><c> an</c>

00:42:52.820 --> 00:42:52.830 align:start position:0%
professional product and these do an
 

00:42:52.830 --> 00:42:54.620 align:start position:0%
professional product and these do an
enormous<00:42:53.100><c> amount</c><00:42:53.340><c> to</c><00:42:53.640><c> like</c><00:42:53.790><c> push</c><00:42:54.300><c> was</c><00:42:54.480><c> there</c>

00:42:54.620 --> 00:42:54.630 align:start position:0%
enormous amount to like push was there
 

00:42:54.630 --> 00:42:57.530 align:start position:0%
enormous amount to like push was there
as<00:42:54.780><c> an</c><00:42:54.900><c> ecosystem</c><00:42:55.110><c> as</c><00:42:55.470><c> well</c><00:42:55.700><c> and</c><00:42:56.700><c> then</c><00:42:57.210><c> I</c><00:42:57.300><c> think</c>

00:42:57.530 --> 00:42:57.540 align:start position:0%
as an ecosystem as well and then I think
 

00:42:57.540 --> 00:43:00.290 align:start position:0%
as an ecosystem as well and then I think
without<00:42:57.690><c> VC</c><00:42:58.170><c> funding</c><00:42:58.530><c> the</c><00:42:59.220><c> same</c><00:42:59.640><c> space</c><00:43:00.000><c> in</c>

00:43:00.290 --> 00:43:00.300 align:start position:0%
without VC funding the same space in
 

00:43:00.300 --> 00:43:01.700 align:start position:0%
without VC funding the same space in
terms<00:43:00.630><c> of</c><00:43:00.810><c> growth</c><00:43:01.050><c> would</c><00:43:01.320><c> have</c><00:43:01.410><c> struggled</c>

00:43:01.700 --> 00:43:01.710 align:start position:0%
terms of growth would have struggled
 

00:43:01.710 --> 00:43:03.740 align:start position:0%
terms of growth would have struggled
enormously<00:43:02.220><c> over</c><00:43:02.460><c> the</c><00:43:02.640><c> past</c><00:43:02.970><c> one</c><00:43:03.570><c> of</c><00:43:03.660><c> the</c>

00:43:03.740 --> 00:43:03.750 align:start position:0%
enormously over the past one of the
 

00:43:03.750 --> 00:43:06.170 align:start position:0%
enormously over the past one of the
fears<00:43:04.110><c> just</c><00:43:04.380><c> as</c><00:43:04.950><c> like</c><00:43:05.430><c> any</c><00:43:05.610><c> other</c><00:43:05.820><c> form</c><00:43:06.120><c> of</c>

00:43:06.170 --> 00:43:06.180 align:start position:0%
fears just as like any other form of
 

00:43:06.180 --> 00:43:09.350 align:start position:0%
fears just as like any other form of
financing<00:43:06.660><c> essentially</c><00:43:07.050><c> fell</c><00:43:08.210><c> into</c><00:43:09.210><c> the</c>

00:43:09.350 --> 00:43:09.360 align:start position:0%
financing essentially fell into the
 

00:43:09.360 --> 00:43:10.550 align:start position:0%
financing essentially fell into the
trough<00:43:09.540><c> into</c><00:43:09.900><c> the</c><00:43:09.960><c> winter</c><00:43:10.110><c> they</c><00:43:10.290><c> were</c><00:43:10.350><c> seen</c>

00:43:10.550 --> 00:43:10.560 align:start position:0%
trough into the winter they were seen
 

00:43:10.560 --> 00:43:13.450 align:start position:0%
trough into the winter they were seen
cool<00:43:11.250><c> next</c><00:43:12.240><c> up</c><00:43:12.390><c> tokens</c>

00:43:13.450 --> 00:43:13.460 align:start position:0%
cool next up tokens
 

00:43:13.460 --> 00:43:17.030 align:start position:0%
cool next up tokens
who<00:43:14.460><c> has</c><00:43:15.000><c> I</c><00:43:15.240><c> saw</c><00:43:15.450><c> less</c><00:43:16.290><c> heads</c><00:43:16.530><c> up</c><00:43:16.710><c> there</c><00:43:16.890><c> from</c>

00:43:17.030 --> 00:43:17.040 align:start position:0%
who has I saw less heads up there from
 

00:43:17.040 --> 00:43:19.930 align:start position:0%
who has I saw less heads up there from
DC<00:43:17.340><c> who</c><00:43:18.090><c> has</c><00:43:18.240><c> received</c>

00:43:19.930 --> 00:43:19.940 align:start position:0%
DC who has received
 

00:43:19.940 --> 00:43:26.920 align:start position:0%
DC who has received
funding<00:43:20.690><c> from</c><00:43:20.930><c> a</c><00:43:21.260><c> token</c><00:43:21.650><c> octagon</c><00:43:25.750><c> do</c><00:43:26.750><c> you</c><00:43:26.839><c> guys</c>

00:43:26.920 --> 00:43:26.930 align:start position:0%
funding from a token octagon do you guys
 

00:43:26.930 --> 00:43:28.420 align:start position:0%
funding from a token octagon do you guys
wanna<00:43:27.170><c> does</c><00:43:27.680><c> anyone</c><00:43:27.920><c> want</c><00:43:28.099><c> to</c><00:43:28.160><c> share</c><00:43:28.339><c> an</c>

00:43:28.420 --> 00:43:28.430 align:start position:0%
wanna does anyone want to share an
 

00:43:28.430 --> 00:43:30.279 align:start position:0%
wanna does anyone want to share an
experience<00:43:28.609><c> what</c><00:43:29.480><c> was</c><00:43:29.599><c> it</c><00:43:29.720><c> like</c><00:43:29.839><c> breakthrough</c>

00:43:30.279 --> 00:43:30.289 align:start position:0%
experience what was it like breakthrough
 

00:43:30.289 --> 00:43:31.720 align:start position:0%
experience what was it like breakthrough
that<00:43:30.440><c> maybe</c><00:43:30.829><c> at</c><00:43:30.950><c> one</c><00:43:31.069><c> point</c><00:43:31.250><c> did</c><00:43:31.430><c> you</c><00:43:31.520><c> launch</c>

00:43:31.720 --> 00:43:31.730 align:start position:0%
that maybe at one point did you launch
 

00:43:31.730 --> 00:43:33.640 align:start position:0%
that maybe at one point did you launch
what<00:43:32.630><c> is</c><00:43:32.720><c> it</c><00:43:32.839><c> like</c><00:43:33.109><c> engaging</c><00:43:33.440><c> with</c><00:43:33.619><c> that</c>

00:43:33.640 --> 00:43:33.650 align:start position:0%
what is it like engaging with that
 

00:43:33.650 --> 00:43:36.970 align:start position:0%
what is it like engaging with that
community<00:43:34.039><c> of</c><00:43:34.160><c> investors</c><00:43:35.470><c> is</c><00:43:36.470><c> it</c><00:43:36.619><c> public</c>

00:43:36.970 --> 00:43:36.980 align:start position:0%
community of investors is it public
 

00:43:36.980 --> 00:43:40.140 align:start position:0%
community of investors is it public
is<00:43:37.160><c> it</c><00:43:37.309><c> still</c><00:43:37.849><c> private</c>

00:43:40.140 --> 00:43:40.150 align:start position:0%
is it still private
 

00:43:40.150 --> 00:43:42.600 align:start position:0%
is it still private
let's<00:43:40.540><c> share</c><00:43:40.810><c> a</c><00:43:40.840><c> little</c><00:43:41.020><c> bit</c><00:43:41.260><c> together</c><00:43:41.470><c> we</c><00:43:42.100><c> we</c>

00:43:42.600 --> 00:43:42.610 align:start position:0%
let's share a little bit together we we
 

00:43:42.610 --> 00:43:46.020 align:start position:0%
let's share a little bit together we we
read<00:43:42.910><c> he</c><00:43:43.540><c> goes</c><00:43:43.750><c> through</c><00:43:44.020><c> the</c><00:43:44.200><c> bc</c><00:43:44.680><c> first</c><00:43:45.030><c> and</c>

00:43:46.020 --> 00:43:46.030 align:start position:0%
read he goes through the bc first and
 

00:43:46.030 --> 00:43:50.430 align:start position:0%
read he goes through the bc first and
then<00:43:46.240><c> we</c><00:43:46.620><c> realize</c><00:43:47.620><c> here</c><00:43:47.920><c> which</c><00:43:48.880><c> is</c><00:43:49.350><c> it's</c><00:43:50.350><c> a</c>

00:43:50.430 --> 00:43:50.440 align:start position:0%
then we realize here which is it's a
 

00:43:50.440 --> 00:44:00.780 align:start position:0%
then we realize here which is it's a
very<00:43:50.620><c> mixed</c><00:43:54.270><c> it</c><00:43:55.270><c> was</c><00:43:55.510><c> in</c><00:43:56.790><c> February</c><00:43:59.340><c> 18</c><00:44:00.340><c> which</c>

00:44:00.780 --> 00:44:00.790 align:start position:0%
very mixed it was in February 18 which
 

00:44:00.790 --> 00:44:13.410 align:start position:0%
very mixed it was in February 18 which
is<00:44:00.970><c> very</c><00:44:01.630><c> good</c><00:44:10.800><c> yeah</c><00:44:11.830><c> so</c><00:44:12.070><c> therefore</c><00:44:12.880><c> the</c><00:44:13.240><c> other</c>

00:44:13.410 --> 00:44:13.420 align:start position:0%
is very good yeah so therefore the other
 

00:44:13.420 --> 00:44:16.230 align:start position:0%
is very good yeah so therefore the other
running<00:44:14.080><c> a</c><00:44:14.170><c> startup</c><00:44:14.590><c> Buda</c><00:44:15.010><c> Buda</c><00:44:15.250><c> project</c><00:44:15.820><c> and</c>

00:44:16.230 --> 00:44:16.240 align:start position:0%
running a startup Buda Buda project and
 

00:44:16.240 --> 00:44:20.850 align:start position:0%
running a startup Buda Buda project and
so<00:44:17.610><c> the</c><00:44:18.610><c> matter</c><00:44:18.820><c> is</c><00:44:18.970><c> the</c><00:44:19.690><c> BCE</c><00:44:20.110><c> or</c><00:44:20.260><c> for</c><00:44:20.650><c> knives</c>

00:44:20.850 --> 00:44:20.860 align:start position:0%
so the matter is the BCE or for knives
 

00:44:20.860 --> 00:44:23.040 align:start position:0%
so the matter is the BCE or for knives
here<00:44:21.130><c> if</c><00:44:22.120><c> you</c><00:44:22.270><c> need</c><00:44:22.420><c> the</c><00:44:22.510><c> real</c><00:44:22.630><c> money</c><00:44:22.900><c> good</c>

00:44:23.040 --> 00:44:23.050 align:start position:0%
here if you need the real money good
 

00:44:23.050 --> 00:44:27.510 align:start position:0%
here if you need the real money good
money<00:44:23.770><c> this</c><00:44:24.220><c> money</c><00:44:24.850><c> for</c><00:44:25.180><c> you</c><00:44:25.620><c> know</c><00:44:26.620><c> but</c><00:44:27.370><c> ever</c>

00:44:27.510 --> 00:44:27.520 align:start position:0%
money this money for you know but ever
 

00:44:27.520 --> 00:44:31.500 align:start position:0%
money this money for you know but ever
startup<00:44:28.060><c> giving</c><00:44:28.930><c> these</c><00:44:29.110><c> guys</c><00:44:29.350><c> here</c><00:44:29.770><c> I</c><00:44:30.510><c> say</c>

00:44:31.500 --> 00:44:31.510 align:start position:0%
startup giving these guys here I say
 

00:44:31.510 --> 00:44:36.000 align:start position:0%
startup giving these guys here I say
definitely<00:44:31.750><c> cost</c><00:44:32.230><c> a</c><00:44:33.540><c> lot</c><00:44:34.540><c> of</c><00:44:34.720><c> energies</c><00:44:35.530><c> to</c><00:44:35.830><c> be</c>

00:44:36.000 --> 00:44:36.010 align:start position:0%
definitely cost a lot of energies to be
 

00:44:36.010 --> 00:44:40.290 align:start position:0%
definitely cost a lot of energies to be
the<00:44:36.070><c> leading</c><00:44:36.400><c> to</c><00:44:37.770><c> worry</c><00:44:38.770><c> about</c><00:44:38.980><c> to</c><00:44:39.370><c> debase</c><00:44:39.700><c> se</c>

00:44:40.290 --> 00:44:40.300 align:start position:0%
the leading to worry about to debase se
 

00:44:40.300 --> 00:44:43.530 align:start position:0%
the leading to worry about to debase se
C's<00:44:40.540><c> do</c><00:44:40.750><c> too</c><00:44:41.050><c> after</c><00:44:41.860><c> you</c><00:44:42.070><c> I</c><00:44:42.340><c> worry</c><00:44:43.000><c> about</c><00:44:43.150><c> to</c>

00:44:43.530 --> 00:44:43.540 align:start position:0%
C's do too after you I worry about to
 

00:44:43.540 --> 00:44:44.420 align:start position:0%
C's do too after you I worry about to
what

00:44:44.420 --> 00:44:44.430 align:start position:0%
what
 

00:44:44.430 --> 00:44:46.490 align:start position:0%
what
but<00:44:44.550><c> this</c><00:44:44.730><c> inversely</c><00:44:45.240><c> defer</c><00:44:45.780><c> the</c><00:44:45.960><c> repetition</c>

00:44:46.490 --> 00:44:46.500 align:start position:0%
but this inversely defer the repetition
 

00:44:46.500 --> 00:44:49.910 align:start position:0%
but this inversely defer the repetition
of<00:44:46.590><c> the</c><00:44:46.680><c> project</c><00:44:47.130><c> and</c><00:44:47.990><c> I</c><00:44:48.990><c> think</c><00:44:49.380><c> the</c><00:44:49.650><c> even</c>

00:44:49.910 --> 00:44:49.920 align:start position:0%
of the project and I think the even
 

00:44:49.920 --> 00:44:55.420 align:start position:0%
of the project and I think the even
worse<00:44:50.160><c> these</c><00:44:50.400><c> later</c><00:44:52.550><c> donors</c>

00:44:55.420 --> 00:44:55.430 align:start position:0%
worse these later donors
 

00:44:55.430 --> 00:44:59.690 align:start position:0%
worse these later donors
not<00:44:56.430><c> necessarily</c><00:44:57.650><c> understand</c><00:44:58.650><c> more</c><00:44:58.890><c> of</c><00:44:59.460><c> any</c>

00:44:59.690 --> 00:44:59.700 align:start position:0%
not necessarily understand more of any
 

00:44:59.700 --> 00:45:02.810 align:start position:0%
not necessarily understand more of any
visions<00:45:00.380><c> for</c><00:45:01.380><c> your</c><00:45:01.440><c> project</c><00:45:02.010><c> they</c><00:45:02.640><c> just</c>

00:45:02.810 --> 00:45:02.820 align:start position:0%
visions for your project they just
 

00:45:02.820 --> 00:45:05.090 align:start position:0%
visions for your project they just
because<00:45:03.210><c> of</c><00:45:03.330><c> the</c><00:45:03.420><c> pain</c><00:45:03.690><c> people</c><00:45:04.590><c> just</c><00:45:04.740><c> want</c><00:45:05.010><c> to</c>

00:45:05.090 --> 00:45:05.100 align:start position:0%
because of the pain people just want to
 

00:45:05.100 --> 00:45:07.730 align:start position:0%
because of the pain people just want to
make<00:45:05.250><c> big</c><00:45:05.430><c> money</c><00:45:05.720><c> but</c><00:45:06.720><c> the</c><00:45:06.810><c> way</c><00:45:06.930><c> the</c><00:45:07.110><c> market</c><00:45:07.560><c> is</c>

00:45:07.730 --> 00:45:07.740 align:start position:0%
make big money but the way the market is
 

00:45:07.740 --> 00:45:12.320 align:start position:0%
make big money but the way the market is
going<00:45:07.920><c> down</c><00:45:09.320><c> we</c><00:45:10.320><c> and</c><00:45:10.620><c> we</c><00:45:10.800><c> myself</c><00:45:11.400><c> spent</c><00:45:11.700><c> a</c><00:45:12.030><c> lot</c>

00:45:12.320 --> 00:45:12.330 align:start position:0%
going down we and we myself spent a lot
 

00:45:12.330 --> 00:45:14.030 align:start position:0%
going down we and we myself spent a lot
of<00:45:12.360><c> time</c><00:45:12.570><c> trying</c><00:45:12.930><c> to</c><00:45:13.140><c> get</c><00:45:13.380><c> a</c><00:45:13.410><c> comparability</c>

00:45:14.030 --> 00:45:14.040 align:start position:0%
of time trying to get a comparability
 

00:45:14.040 --> 00:45:16.880 align:start position:0%
of time trying to get a comparability
threat<00:45:14.610><c> to</c><00:45:14.760><c> communicate</c><00:45:15.690><c> with</c><00:45:15.930><c> reason</c><00:45:16.380><c> so</c>

00:45:16.880 --> 00:45:16.890 align:start position:0%
threat to communicate with reason so
 

00:45:16.890 --> 00:45:24.859 align:start position:0%
threat to communicate with reason so
these<00:45:17.010><c> I</c><00:45:17.490><c> have</c><00:45:17.910><c> to</c><00:45:18.030><c> say</c><00:45:18.150><c> these</c><00:45:18.330><c> are</c><00:45:18.390><c> too</c><00:45:18.660><c> much</c>

00:45:24.859 --> 00:45:24.869 align:start position:0%
 
 

00:45:24.869 --> 00:45:28.969 align:start position:0%
 
some<00:45:25.380><c> really</c><00:45:25.619><c> really</c><00:45:25.769><c> good</c><00:45:26.279><c> cars</c><00:45:26.519><c> yeah</c><00:45:27.979><c> any</c>

00:45:28.969 --> 00:45:28.979 align:start position:0%
some really really good cars yeah any
 

00:45:28.979 --> 00:45:31.249 align:start position:0%
some really really good cars yeah any
anyone<00:45:29.369><c> just</c><00:45:29.700><c> did</c><00:45:29.849><c> to</c><00:45:29.999><c> dismiss</c><00:45:30.749><c> me</c>

00:45:31.249 --> 00:45:31.259 align:start position:0%
anyone just did to dismiss me
 

00:45:31.259 --> 00:45:42.289 align:start position:0%
anyone just did to dismiss me
obviously<00:45:31.950><c> -</c><00:45:32.660><c> so</c><00:45:39.650><c> like</c><00:45:40.650><c> I</c><00:45:41.279><c> was</c><00:45:41.759><c> like</c><00:45:41.910><c> self-help</c>

00:45:42.289 --> 00:45:42.299 align:start position:0%
obviously - so like I was like self-help
 

00:45:42.299 --> 00:45:50.779 align:start position:0%
obviously - so like I was like self-help
group<00:45:42.690><c> before</c><00:45:42.989><c> like</c><00:45:48.710><c> honestly</c><00:45:49.710><c> I</c><00:45:49.739><c> have</c><00:45:50.249><c> a</c>

00:45:50.779 --> 00:45:50.789 align:start position:0%
group before like honestly I have a
 

00:45:50.789 --> 00:45:52.640 align:start position:0%
group before like honestly I have a
friend<00:45:51.329><c> who</c><00:45:51.630><c> did</c><00:45:51.839><c> they</c><00:45:51.989><c> do</c><00:45:52.049><c> the</c><00:45:52.229><c> tour</c><00:45:52.410><c> itself</c>

00:45:52.640 --> 00:45:52.650 align:start position:0%
friend who did they do the tour itself
 

00:45:52.650 --> 00:45:54.259 align:start position:0%
friend who did they do the tour itself
and<00:45:52.890><c> like</c><00:45:52.979><c> you've</c><00:45:53.130><c> got</c><00:45:53.369><c> like</c><00:45:53.609><c> death</c><00:45:53.910><c> threats</c>

00:45:54.259 --> 00:45:54.269 align:start position:0%
and like you've got like death threats
 

00:45:54.269 --> 00:45:56.959 align:start position:0%
and like you've got like death threats
like<00:45:55.019><c> for</c><00:45:55.259><c> multiple</c><00:45:55.680><c> different</c><00:45:55.799><c> accounts</c><00:45:56.460><c> and</c>

00:45:56.959 --> 00:45:56.969 align:start position:0%
like for multiple different accounts and
 

00:45:56.969 --> 00:45:58.910 align:start position:0%
like for multiple different accounts and
when<00:45:57.749><c> the</c><00:45:57.869><c> whole</c><00:45:58.049><c> market</c><00:45:58.380><c> is</c><00:45:58.440><c> crashing</c><00:45:58.890><c> and</c>

00:45:58.910 --> 00:45:58.920 align:start position:0%
when the whole market is crashing and
 

00:45:58.920 --> 00:46:01.670 align:start position:0%
when the whole market is crashing and
you're<00:45:59.279><c> getting</c><00:45:59.400><c> desperate</c><00:45:59.960><c> from</c><00:46:00.960><c> like</c><00:46:01.170><c> your</c>

00:46:01.670 --> 00:46:01.680 align:start position:0%
you're getting desperate from like your
 

00:46:01.680 --> 00:46:05.660 align:start position:0%
you're getting desperate from like your
best<00:46:02.670><c> unis</c><00:46:03.380><c> and</c><00:46:04.380><c> that's</c><00:46:04.769><c> an</c><00:46:04.890><c> enormous</c><00:46:05.160><c> amount</c>

00:46:05.660 --> 00:46:05.670 align:start position:0%
best unis and that's an enormous amount
 

00:46:05.670 --> 00:46:07.489 align:start position:0%
best unis and that's an enormous amount
of<00:46:05.880><c> like</c><00:46:06.059><c> and</c><00:46:06.359><c> then</c><00:46:06.390><c> you</c><00:46:06.749><c> don't</c><00:46:06.960><c> even</c><00:46:07.109><c> know</c><00:46:07.289><c> if</c>

00:46:07.489 --> 00:46:07.499 align:start position:0%
of like and then you don't even know if
 

00:46:07.499 --> 00:46:09.049 align:start position:0%
of like and then you don't even know if
like<00:46:07.680><c> yes</c><00:46:07.920><c> he's</c><00:46:08.249><c> gonna</c><00:46:08.369><c> come</c><00:46:08.549><c> after</c><00:46:08.670><c> you</c><00:46:08.910><c> like</c>

00:46:09.049 --> 00:46:09.059 align:start position:0%
like yes he's gonna come after you like
 

00:46:09.059 --> 00:46:10.579 align:start position:0%
like yes he's gonna come after you like
you<00:46:09.180><c> said</c><00:46:09.390><c> that's</c><00:46:09.660><c> an</c><00:46:09.839><c> enormous</c><00:46:10.079><c> amount</c><00:46:10.469><c> of</c>

00:46:10.579 --> 00:46:10.589 align:start position:0%
you said that's an enormous amount of
 

00:46:10.589 --> 00:46:13.549 align:start position:0%
you said that's an enormous amount of
psychological<00:46:11.249><c> pressure</c><00:46:11.989><c> which</c><00:46:12.989><c> i</c><00:46:13.229><c> think</c><00:46:13.349><c> is</c>

00:46:13.549 --> 00:46:13.559 align:start position:0%
psychological pressure which i think is
 

00:46:13.559 --> 00:46:15.019 align:start position:0%
psychological pressure which i think is
a<00:46:13.589><c> lot</c><00:46:13.829><c> that</c><00:46:14.009><c> that</c><00:46:14.190><c> that's</c><00:46:14.339><c> not</c><00:46:14.579><c> at</c><00:46:14.880><c> that</c><00:46:14.969><c> stage</c>

00:46:15.019 --> 00:46:15.029 align:start position:0%
a lot that that that's not at that stage
 

00:46:15.029 --> 00:46:19.670 align:start position:0%
a lot that that that's not at that stage
yeah<00:46:15.769><c> yeah</c><00:46:16.769><c> I</c><00:46:17.130><c> thought</c><00:46:17.729><c> that</c><00:46:18.289><c> remains</c><00:46:19.289><c> handed</c>

00:46:19.670 --> 00:46:19.680 align:start position:0%
yeah yeah I thought that remains handed
 

00:46:19.680 --> 00:46:22.999 align:start position:0%
yeah yeah I thought that remains handed
but<00:46:19.799><c> I</c><00:46:19.920><c> decided</c><00:46:20.190><c> I</c><00:46:20.789><c> guess</c><00:46:21.200><c> for</c><00:46:22.200><c> some</c><00:46:22.229><c> insights</c>

00:46:22.999 --> 00:46:23.009 align:start position:0%
but I decided I guess for some insights
 

00:46:23.009 --> 00:46:26.959 align:start position:0%
but I decided I guess for some insights
those<00:46:23.279><c> who</c><00:46:23.579><c> I'm</c><00:46:24.539><c> from</c><00:46:24.719><c> golden</c><00:46:25.049><c> so</c><00:46:25.440><c> we</c><00:46:25.680><c> did</c><00:46:26.609><c> one</c>

00:46:26.959 --> 00:46:26.969 align:start position:0%
those who I'm from golden so we did one
 

00:46:26.969 --> 00:46:32.059 align:start position:0%
those who I'm from golden so we did one
the<00:46:27.529><c> early</c><00:46:28.700><c> token</c><00:46:29.700><c> sales</c><00:46:29.940><c> back</c><00:46:30.420><c> in</c><00:46:30.599><c> 2016</c><00:46:31.380><c> and</c>

00:46:32.059 --> 00:46:32.069 align:start position:0%
the early token sales back in 2016 and
 

00:46:32.069 --> 00:46:35.599 align:start position:0%
the early token sales back in 2016 and
honestly<00:46:32.849><c> but</c><00:46:33.329><c> then</c><00:46:33.509><c> I</c><00:46:33.739><c> thought</c><00:46:34.739><c> that</c><00:46:35.039><c> this</c><00:46:35.430><c> is</c>

00:46:35.599 --> 00:46:35.609 align:start position:0%
honestly but then I thought that this is
 

00:46:35.609 --> 00:46:39.229 align:start position:0%
honestly but then I thought that this is
a<00:46:35.640><c> very</c><00:46:36.089><c> natural</c><00:46:36.479><c> path</c><00:46:37.249><c> -</c><00:46:38.249><c> that</c><00:46:38.789><c> type</c><00:46:39.059><c> of</c>

00:46:39.229 --> 00:46:39.239 align:start position:0%
a very natural path - that type of
 

00:46:39.239 --> 00:46:43.420 align:start position:0%
a very natural path - that type of
project<00:46:39.769><c> exactly</c><00:46:40.769><c> because</c><00:46:41.069><c> there</c><00:46:41.519><c> is</c><00:46:41.609><c> like</c><00:46:41.819><c> a</c>

00:46:43.420 --> 00:46:43.430 align:start position:0%
project exactly because there is like a
 

00:46:43.430 --> 00:46:46.729 align:start position:0%
project exactly because there is like a
very<00:46:44.430><c> deep</c><00:46:44.670><c> conflict</c><00:46:45.210><c> between</c><00:46:45.630><c> funding</c><00:46:46.469><c> and</c>

00:46:46.729 --> 00:46:46.739 align:start position:0%
very deep conflict between funding and
 

00:46:46.739 --> 00:46:49.700 align:start position:0%
very deep conflict between funding and
infrastructure<00:46:47.640><c> part</c><00:46:47.940><c> of</c><00:46:48.299><c> the</c><00:46:48.569><c> source</c><00:46:48.869><c> part</c>

00:46:49.700 --> 00:46:49.710 align:start position:0%
infrastructure part of the source part
 

00:46:49.710 --> 00:46:53.420 align:start position:0%
infrastructure part of the source part
of<00:46:50.249><c> the</c><00:46:50.460><c> stock</c><00:46:50.759><c> and</c><00:46:51.029><c> venture</c><00:46:52.019><c> panic</c><00:46:52.440><c> like</c><00:46:53.369><c> that</c>

00:46:53.420 --> 00:46:53.430 align:start position:0%
of the stock and venture panic like that
 

00:46:53.430 --> 00:46:55.609 align:start position:0%
of the stock and venture panic like that
to<00:46:53.789><c> me</c><00:46:53.910><c> it</c><00:46:54.119><c> is</c><00:46:54.239><c> obvious</c><00:46:54.420><c> and</c><00:46:54.839><c> I</c><00:46:54.989><c> and</c><00:46:55.229><c> I</c><00:46:55.319><c> believe</c>

00:46:55.609 --> 00:46:55.619 align:start position:0%
to me it is obvious and I and I believe
 

00:46:55.619 --> 00:46:57.589 align:start position:0%
to me it is obvious and I and I believe
this<00:46:55.769><c> is</c><00:46:55.890><c> still</c><00:46:56.130><c> like</c><00:46:56.640><c> that</c><00:46:56.700><c> of</c><00:46:57.299><c> course</c><00:46:57.450><c> you</c>

00:46:57.589 --> 00:46:57.599 align:start position:0%
this is still like that of course you
 

00:46:57.599 --> 00:47:00.289 align:start position:0%
this is still like that of course you
can<00:46:57.779><c> do</c><00:46:58.380><c> a</c><00:46:58.410><c> venture</c><00:46:58.979><c> funding</c><00:46:59.460><c> ability</c><00:46:59.999><c> things</c>

00:47:00.289 --> 00:47:00.299 align:start position:0%
can do a venture funding ability things
 

00:47:00.299 --> 00:47:02.180 align:start position:0%
can do a venture funding ability things
like<00:47:00.539><c> that</c><00:47:00.930><c> on</c><00:47:01.049><c> the</c><00:47:01.079><c> on</c><00:47:01.259><c> the</c><00:47:01.349><c> higher</c><00:47:01.589><c> level</c>

00:47:02.180 --> 00:47:02.190 align:start position:0%
like that on the on the higher level
 

00:47:02.190 --> 00:47:05.200 align:start position:0%
like that on the on the higher level
like<00:47:02.369><c> I</c><00:47:02.609><c> can</c><00:47:02.819><c> perfectly</c><00:47:03.329><c> imagine</c><00:47:03.900><c> like</c><00:47:04.019><c> a</c>

00:47:05.200 --> 00:47:05.210 align:start position:0%
like I can perfectly imagine like a
 

00:47:05.210 --> 00:47:08.349 align:start position:0%
like I can perfectly imagine like a
consumer-oriented

00:47:08.349 --> 00:47:08.359 align:start position:0%
 
 

00:47:08.359 --> 00:47:11.120 align:start position:0%
 
project<00:47:09.359><c> building</c><00:47:09.839><c> on</c><00:47:09.989><c> top</c><00:47:10.200><c> of</c><00:47:10.259><c> local</c><00:47:10.920><c> chains</c>

00:47:11.120 --> 00:47:11.130 align:start position:0%
project building on top of local chains
 

00:47:11.130 --> 00:47:13.670 align:start position:0%
project building on top of local chains
of<00:47:11.339><c> infrastructure</c><00:47:11.910><c> project</c><00:47:12.509><c> that</c><00:47:12.539><c> has</c><00:47:12.930><c> taken</c>

00:47:13.670 --> 00:47:13.680 align:start position:0%
of infrastructure project that has taken
 

00:47:13.680 --> 00:47:15.759 align:start position:0%
of infrastructure project that has taken
venture<00:47:14.009><c> funding</c><00:47:14.400><c> but</c><00:47:14.549><c> not</c><00:47:14.759><c> for</c><00:47:15.029><c> the</c><00:47:15.150><c> lower</c>

00:47:15.759 --> 00:47:15.769 align:start position:0%
venture funding but not for the lower
 

00:47:15.769 --> 00:47:19.219 align:start position:0%
venture funding but not for the lower
levels<00:47:16.769><c> projects</c><00:47:17.549><c> but</c><00:47:18.119><c> then</c><00:47:18.269><c> a</c><00:47:18.450><c> perfectly</c><00:47:18.930><c> the</c>

00:47:19.219 --> 00:47:19.229 align:start position:0%
levels projects but then a perfectly the
 

00:47:19.229 --> 00:47:21.709 align:start position:0%
levels projects but then a perfectly the
D<00:47:19.440><c> holyday</c><00:47:19.890><c> idea</c><00:47:20.279><c> of</c><00:47:20.759><c> token</c><00:47:21.180><c> sales</c><00:47:21.390><c> of</c><00:47:21.569><c> that</c>

00:47:21.709 --> 00:47:21.719 align:start position:0%
D holyday idea of token sales of that
 

00:47:21.719 --> 00:47:25.760 align:start position:0%
D holyday idea of token sales of that
type<00:47:22.019><c> of</c><00:47:22.670><c> funding</c><00:47:23.670><c> products</c><00:47:24.239><c> got</c><00:47:24.479><c> derailed</c>

00:47:25.760 --> 00:47:25.770 align:start position:0%
type of funding products got derailed
 

00:47:25.770 --> 00:47:31.870 align:start position:0%
type of funding products got derailed
2017<00:47:26.670><c> when</c><00:47:27.420><c> we</c><00:47:27.600><c> have</c><00:47:27.810><c> like</c><00:47:28.050><c> a</c><00:47:29.330><c> dating</c><00:47:30.330><c> app</c>

00:47:31.870 --> 00:47:31.880 align:start position:0%
2017 when we have like a dating app
 

00:47:31.880 --> 00:47:35.420 align:start position:0%
2017 when we have like a dating app
tokenized<00:47:32.880><c> products</c><00:47:33.780><c> doing</c><00:47:34.110><c> SEO</c><00:47:34.650><c> send</c><00:47:35.190><c> them</c>

00:47:35.420 --> 00:47:35.430 align:start position:0%
tokenized products doing SEO send them
 

00:47:35.430 --> 00:47:39.500 align:start position:0%
tokenized products doing SEO send them
other<00:47:36.770><c> things</c><00:47:37.770><c> like</c><00:47:37.950><c> that</c><00:47:38.010><c> which</c><00:47:38.610><c> like</c><00:47:39.150><c> to</c><00:47:39.390><c> me</c>

00:47:39.500 --> 00:47:39.510 align:start position:0%
other things like that which like to me
 

00:47:39.510 --> 00:47:42.230 align:start position:0%
other things like that which like to me
it<00:47:40.350><c> was</c><00:47:40.530><c> especially</c><00:47:40.770><c> like</c><00:47:41.430><c> painful</c><00:47:42.000><c> to</c><00:47:42.120><c> look</c>

00:47:42.230 --> 00:47:42.240 align:start position:0%
it was especially like painful to look
 

00:47:42.240 --> 00:47:44.600 align:start position:0%
it was especially like painful to look
at<00:47:42.420><c> that</c><00:47:42.570><c> because</c><00:47:42.810><c> I</c><00:47:43.140><c> felt</c><00:47:43.470><c> like</c><00:47:43.590><c> I</c><00:47:43.830><c> do</c><00:47:44.430><c> this</c>

00:47:44.600 --> 00:47:44.610 align:start position:0%
at that because I felt like I do this
 

00:47:44.610 --> 00:47:48.590 align:start position:0%
at that because I felt like I do this
and<00:47:45.030><c> now</c><00:47:45.240><c> a</c><00:47:45.270><c> part</c><00:47:45.660><c> of</c><00:47:45.780><c> that</c><00:47:46.730><c> well</c><00:47:47.730><c> really</c><00:47:48.300><c> you</c>

00:47:48.590 --> 00:47:48.600 align:start position:0%
and now a part of that well really you
 

00:47:48.600 --> 00:47:51.230 align:start position:0%
and now a part of that well really you
know<00:47:48.750><c> in</c><00:47:48.930><c> we</c><00:47:49.800><c> really</c><00:47:50.160><c> did</c><00:47:50.310><c> the</c><00:47:50.460><c> sailing</c><00:47:50.970><c> in</c>

00:47:51.230 --> 00:47:51.240 align:start position:0%
know in we really did the sailing in
 

00:47:51.240 --> 00:47:55.610 align:start position:0%
know in we really did the sailing in
November<00:47:52.130><c> 2016</c><00:47:53.130><c> that</c><00:47:53.970><c> looked</c><00:47:54.900><c> like</c><00:47:55.020><c> like</c>

00:47:55.610 --> 00:47:55.620 align:start position:0%
November 2016 that looked like like
 

00:47:55.620 --> 00:47:58.070 align:start position:0%
November 2016 that looked like like
really<00:47:55.950><c> a</c><00:47:56.340><c> way</c><00:47:56.580><c> of</c><00:47:56.910><c> collecting</c><00:47:57.450><c> they</c><00:47:57.900><c> get</c>

00:47:58.070 --> 00:47:58.080 align:start position:0%
really a way of collecting they get
 

00:47:58.080 --> 00:48:02.750 align:start position:0%
really a way of collecting they get
their<00:47:58.320><c> very</c><00:47:58.470><c> very</c><00:47:58.650><c> special</c><00:47:59.900><c> type</c><00:48:00.900><c> of</c><00:48:01.760><c> funding</c>

00:48:02.750 --> 00:48:02.760 align:start position:0%
their very very special type of funding
 

00:48:02.760 --> 00:48:05.360 align:start position:0%
their very very special type of funding
for<00:48:03.000><c> very</c><00:48:03.360><c> special</c><00:48:04.050><c> type</c><00:48:04.350><c> of</c><00:48:04.530><c> projects</c><00:48:05.100><c> like</c>

00:48:05.360 --> 00:48:05.370 align:start position:0%
for very special type of projects like
 

00:48:05.370 --> 00:48:09.440 align:start position:0%
for very special type of projects like
not<00:48:05.640><c> thing</c><00:48:06.620><c> and</c><00:48:07.620><c> an</c><00:48:08.280><c> easy</c><00:48:08.550><c> tool</c><00:48:08.880><c> for</c><00:48:09.150><c> everyone</c>

00:48:09.440 --> 00:48:09.450 align:start position:0%
not thing and an easy tool for everyone
 

00:48:09.450 --> 00:48:14.030 align:start position:0%
not thing and an easy tool for everyone
to<00:48:09.840><c> get</c><00:48:10.020><c> money</c><00:48:10.770><c> for</c><00:48:11.040><c> whatever</c><00:48:11.340><c> and</c><00:48:12.210><c> and</c><00:48:13.140><c> at</c><00:48:13.920><c> the</c>

00:48:14.030 --> 00:48:14.040 align:start position:0%
to get money for whatever and and at the
 

00:48:14.040 --> 00:48:15.950 align:start position:0%
to get money for whatever and and at the
same<00:48:14.220><c> time</c><00:48:14.460><c> I</c><00:48:14.670><c> believe</c><00:48:15.180><c> that</c><00:48:15.390><c> that's</c><00:48:15.600><c> really</c>

00:48:15.950 --> 00:48:15.960 align:start position:0%
same time I believe that that's really
 

00:48:15.960 --> 00:48:18.800 align:start position:0%
same time I believe that that's really
appealing<00:48:16.470><c> at</c><00:48:16.680><c> what</c><00:48:16.860><c> happened</c><00:48:17.370><c> in</c><00:48:17.570><c> 2017</c><00:48:18.570><c> like</c>

00:48:18.800 --> 00:48:18.810 align:start position:0%
appealing at what happened in 2017 like
 

00:48:18.810 --> 00:48:21.520 align:start position:0%
appealing at what happened in 2017 like
discredited<00:48:19.650><c> the</c><00:48:20.190><c> whole</c><00:48:20.400><c> idea</c><00:48:20.760><c> because</c>

00:48:21.520 --> 00:48:21.530 align:start position:0%
discredited the whole idea because
 

00:48:21.530 --> 00:48:24.290 align:start position:0%
discredited the whole idea because
exactly<00:48:22.530><c> because</c><00:48:22.860><c> of</c><00:48:22.950><c> that</c><00:48:23.190><c> we</c><00:48:24.060><c> have</c><00:48:24.270><c> a</c>

00:48:24.290 --> 00:48:24.300 align:start position:0%
exactly because of that we have a
 

00:48:24.300 --> 00:48:26.870 align:start position:0%
exactly because of that we have a
problem<00:48:24.660><c> you</c><00:48:24.900><c> mentioned</c><00:48:25.410><c> of</c><00:48:25.590><c> the</c><00:48:25.800><c> funding</c><00:48:26.610><c> for</c>

00:48:26.870 --> 00:48:26.880 align:start position:0%
problem you mentioned of the funding for
 

00:48:26.880 --> 00:48:29.660 align:start position:0%
problem you mentioned of the funding for
Acurio<00:48:27.510><c> mikkel</c><00:48:28.020><c> system</c><00:48:28.410><c> other</c><00:48:28.920><c> other</c><00:48:29.220><c> parts</c>

00:48:29.660 --> 00:48:29.670 align:start position:0%
Acurio mikkel system other other parts
 

00:48:29.670 --> 00:48:32.170 align:start position:0%
Acurio mikkel system other other parts
of<00:48:29.760><c> the</c><00:48:29.880><c> decentralized</c><00:48:30.480><c> in</c><00:48:30.750><c> the</c><00:48:30.870><c> system</c><00:48:31.230><c> that</c>

00:48:32.170 --> 00:48:32.180 align:start position:0%
of the decentralized in the system that
 

00:48:32.180 --> 00:48:36.710 align:start position:0%
of the decentralized in the system that
and<00:48:33.180><c> then</c><00:48:33.780><c> that</c><00:48:34.620><c> DC</c><00:48:35.340><c> finally</c><00:48:35.760><c> cannot</c><00:48:36.090><c> solve</c><00:48:36.420><c> I</c>

00:48:36.710 --> 00:48:36.720 align:start position:0%
and then that DC finally cannot solve I
 

00:48:36.720 --> 00:48:39.620 align:start position:0%
and then that DC finally cannot solve I
believe<00:48:37.350><c> that</c><00:48:37.560><c> even</c><00:48:38.190><c> today</c><00:48:38.730><c> we</c><00:48:39.090><c> can</c><00:48:39.150><c> see</c><00:48:39.450><c> maybe</c>

00:48:39.620 --> 00:48:39.630 align:start position:0%
believe that even today we can see maybe
 

00:48:39.630 --> 00:48:42.320 align:start position:0%
believe that even today we can see maybe
not<00:48:40.380><c> exactly</c><00:48:40.890><c> in</c><00:48:41.160><c> the</c><00:48:41.520><c> current</c><00:48:41.910><c> urine</c>

00:48:42.320 --> 00:48:42.330 align:start position:0%
not exactly in the current urine
 

00:48:42.330 --> 00:48:46.160 align:start position:0%
not exactly in the current urine
community<00:48:42.990><c> but</c><00:48:43.290><c> in</c><00:48:43.920><c> a</c><00:48:44.910><c> burglar</c><00:48:45.360><c> locked</c><00:48:45.990><c> a</c>

00:48:46.160 --> 00:48:46.170 align:start position:0%
community but in a burglar locked a
 

00:48:46.170 --> 00:48:49.190 align:start position:0%
community but in a burglar locked a
space<00:48:46.470><c> that</c><00:48:46.830><c> but</c><00:48:47.070><c> I</c><00:48:47.220><c> have</c><00:48:47.760><c> a</c><00:48:47.790><c> feeling</c><00:48:48.030><c> I</c><00:48:48.300><c> have</c>

00:48:49.190 --> 00:48:49.200 align:start position:0%
space that but I have a feeling I have
 

00:48:49.200 --> 00:48:51.470 align:start position:0%
space that but I have a feeling I have
like<00:48:49.380><c> I</c><00:48:49.500><c> mean</c><00:48:49.740><c> I</c><00:48:49.980><c> heard</c><00:48:50.520><c> a</c><00:48:50.760><c> done</c><00:48:51.000><c> that</c><00:48:51.240><c> maybe</c>

00:48:51.470 --> 00:48:51.480 align:start position:0%
like I mean I heard a done that maybe
 

00:48:51.480 --> 00:48:54.290 align:start position:0%
like I mean I heard a done that maybe
someone<00:48:52.140><c> from</c><00:48:52.290><c> this</c><00:48:52.890><c> comment</c><00:48:53.760><c> on</c><00:48:53.880><c> that</c>

00:48:54.290 --> 00:48:54.300 align:start position:0%
someone from this comment on that
 

00:48:54.300 --> 00:48:56.930 align:start position:0%
someone from this comment on that
statement<00:48:54.840><c> but</c><00:48:55.170><c> if</c><00:48:55.290><c> I</c><00:48:55.380><c> think</c><00:48:55.530><c> like</c><00:48:55.800><c> we</c><00:48:56.040><c> started</c>

00:48:56.930 --> 00:48:56.940 align:start position:0%
statement but if I think like we started
 

00:48:56.940 --> 00:49:00.170 align:start position:0%
statement but if I think like we started
now<00:48:57.090><c> the</c><00:48:57.120><c> the</c><00:48:57.630><c> race</c><00:48:57.870><c> they</c><00:48:58.230><c> bring</c><00:48:58.620><c> worry</c><00:48:59.430><c> that</c>

00:49:00.170 --> 00:49:00.180 align:start position:0%
now the the race they bring worry that
 

00:49:00.180 --> 00:49:01.520 align:start position:0%
now the the race they bring worry that
they<00:49:00.360><c> think</c><00:49:00.420><c> it</c><00:49:00.690><c> it</c><00:49:00.930><c> kind</c><00:49:01.200><c> of</c><00:49:01.290><c> like</c><00:49:01.500><c> a</c>

00:49:01.520 --> 00:49:01.530 align:start position:0%
they think it it kind of like a
 

00:49:01.530 --> 00:49:04.520 align:start position:0%
they think it it kind of like a
blockchain<00:49:02.210><c> maximally</c><00:49:03.240><c> but</c><00:49:03.690><c> but</c><00:49:03.930><c> driven</c><00:49:04.200><c> by</c>

00:49:04.520 --> 00:49:04.530 align:start position:0%
blockchain maximally but but driven by
 

00:49:04.530 --> 00:49:07.820 align:start position:0%
blockchain maximally but but driven by
the<00:49:04.590><c> by</c><00:49:05.190><c> the</c><00:49:05.250><c> Vista</c><00:49:06.210><c> funding</c><00:49:06.480><c> said</c><00:49:07.020><c> that</c><00:49:07.230><c> that</c>

00:49:07.820 --> 00:49:07.830 align:start position:0%
the by the Vista funding said that that
 

00:49:07.830 --> 00:49:09.950 align:start position:0%
the by the Vista funding said that that
the<00:49:08.040><c> now</c><00:49:08.310><c> the</c><00:49:08.370><c> approach</c><00:49:08.820><c> is</c><00:49:09.000><c> that</c><00:49:09.120><c> that</c><00:49:09.630><c> you</c>

00:49:09.950 --> 00:49:09.960 align:start position:0%
the now the approach is that that you
 

00:49:09.960 --> 00:49:14.240 align:start position:0%
the now the approach is that that you
know<00:49:10.080><c> the</c><00:49:10.350><c> real</c><00:49:11.310><c> document</c><00:49:12.240><c> will</c><00:49:12.600><c> be</c><00:49:12.630><c> for</c><00:49:13.590><c> for</c><00:49:14.220><c> a</c>

00:49:14.240 --> 00:49:14.250 align:start position:0%
know the real document will be for for a
 

00:49:14.250 --> 00:49:17.360 align:start position:0%
know the real document will be for for a
VC<00:49:14.760><c> funded</c><00:49:15.510><c> project</c><00:49:16.080><c> that</c><00:49:16.380><c> who</c><00:49:16.560><c> feels</c><00:49:17.130><c> they're</c>

00:49:17.360 --> 00:49:17.370 align:start position:0%
VC funded project that who feels they're
 

00:49:17.370 --> 00:49:18.150 align:start position:0%
VC funded project that who feels they're
like<00:49:17.520><c> the</c><00:49:17.640><c> clothes</c>

00:49:18.150 --> 00:49:18.160 align:start position:0%
like the clothes
 

00:49:18.160 --> 00:49:22.200 align:start position:0%
like the clothes
that<00:49:18.609><c> everyone</c><00:49:18.819><c> who's</c><00:49:19.299><c> using</c><00:49:20.250><c> that</c><00:49:21.250><c> the</c><00:49:21.940><c> kind</c>

00:49:22.200 --> 00:49:22.210 align:start position:0%
that everyone who's using that the kind
 

00:49:22.210 --> 00:49:24.960 align:start position:0%
that everyone who's using that the kind
of<00:49:22.329><c> technologies</c><00:49:23.049><c> that</c><00:49:23.079><c> we</c><00:49:23.680><c> worked</c><00:49:23.890><c> in</c><00:49:24.010><c> love</c>

00:49:24.960 --> 00:49:24.970 align:start position:0%
of technologies that we worked in love
 

00:49:24.970 --> 00:49:29.700 align:start position:0%
of technologies that we worked in love
so<00:49:25.569><c> yeah</c><00:49:26.410><c> dude</c><00:49:26.799><c> just</c><00:49:27.789><c> summarize</c><00:49:28.299><c> III</c><00:49:29.079><c> believe</c>

00:49:29.700 --> 00:49:29.710 align:start position:0%
so yeah dude just summarize III believe
 

00:49:29.710 --> 00:49:33.150 align:start position:0%
so yeah dude just summarize III believe
that<00:49:30.069><c> you</c><00:49:30.220><c> know</c><00:49:30.369><c> pokken</c><00:49:30.819><c> is</c><00:49:31.539><c> a</c><00:49:32.260><c> great</c><00:49:32.559><c> way</c><00:49:32.859><c> to</c>

00:49:33.150 --> 00:49:33.160 align:start position:0%
that you know pokken is a great way to
 

00:49:33.160 --> 00:49:35.579 align:start position:0%
that you know pokken is a great way to
do<00:49:33.549><c> finance</c><00:49:34.000><c> take</c><00:49:34.240><c> a</c><00:49:34.359><c> very</c><00:49:34.630><c> special</c><00:49:35.170><c> type</c><00:49:35.380><c> of</c>

00:49:35.579 --> 00:49:35.589 align:start position:0%
do finance take a very special type of
 

00:49:35.589 --> 00:49:37.920 align:start position:0%
do finance take a very special type of
product<00:49:35.980><c> also</c><00:49:36.819><c> I</c><00:49:37.059><c> don't</c><00:49:37.150><c> think</c><00:49:37.390><c> this</c><00:49:37.660><c> is</c><00:49:37.690><c> like</c>

00:49:37.920 --> 00:49:37.930 align:start position:0%
product also I don't think this is like
 

00:49:37.930 --> 00:49:40.079 align:start position:0%
product also I don't think this is like
really<00:49:38.349><c> discoverable</c><00:49:39.309><c> for</c><00:49:39.579><c> the</c><00:49:39.730><c> meeting</c>

00:49:40.079 --> 00:49:40.089 align:start position:0%
really discoverable for the meeting
 

00:49:40.089 --> 00:49:41.910 align:start position:0%
really discoverable for the meeting
today<00:49:40.240><c> but</c><00:49:40.660><c> I</c><00:49:40.690><c> think</c><00:49:41.140><c> that</c><00:49:41.260><c> we</c><00:49:41.410><c> have</c><00:49:41.650><c> like</c><00:49:41.890><c> a</c>

00:49:41.910 --> 00:49:41.920 align:start position:0%
today but I think that we have like a
 

00:49:41.920 --> 00:49:46.109 align:start position:0%
today but I think that we have like a
problem<00:49:42.460><c> with</c><00:49:42.670><c> E</c><00:49:42.789><c> we</c><00:49:43.510><c> didn't</c><00:49:44.380><c> token</c><00:49:45.119><c> economies</c>

00:49:46.109 --> 00:49:46.119 align:start position:0%
problem with E we didn't token economies
 

00:49:46.119 --> 00:49:49.020 align:start position:0%
problem with E we didn't token economies
in<00:49:46.650><c> general</c><00:49:47.650><c> so</c><00:49:47.890><c> we</c><00:49:48.069><c> need</c><00:49:48.280><c> they</c><00:49:48.520><c> like</c><00:49:48.670><c> have</c>

00:49:49.020 --> 00:49:49.030 align:start position:0%
in general so we need they like have
 

00:49:49.030 --> 00:49:52.140 align:start position:0%
in general so we need they like have
much<00:49:49.569><c> more</c><00:49:50.099><c> exciting</c><00:49:51.099><c> ways</c><00:49:51.339><c> tokens</c><00:49:51.940><c> can</c><00:49:52.089><c> be</c>

00:49:52.140 --> 00:49:52.150 align:start position:0%
much more exciting ways tokens can be
 

00:49:52.150 --> 00:49:54.990 align:start position:0%
much more exciting ways tokens can be
used<00:49:52.510><c> I</c><00:49:52.809><c> think</c><00:49:53.200><c> that</c><00:49:53.650><c> that</c><00:49:53.859><c> like</c><00:49:54.460><c> they</c><00:49:54.609><c> did</c><00:49:54.880><c> the</c>

00:49:54.990 --> 00:49:55.000 align:start position:0%
used I think that that like they did the
 

00:49:55.000 --> 00:49:57.960 align:start position:0%
used I think that that like they did the
whole<00:49:55.180><c> idea</c><00:49:55.660><c> of</c><00:49:56.200><c> protocols</c><00:49:56.859><c> is</c><00:49:57.190><c> not</c>

00:49:57.960 --> 00:49:57.970 align:start position:0%
whole idea of protocols is not
 

00:49:57.970 --> 00:50:00.510 align:start position:0%
whole idea of protocols is not
really<00:49:58.359><c> working</c><00:49:58.599><c> it</c><00:49:58.990><c> may</c><00:49:59.650><c> be</c><00:49:59.710><c> apart</c><00:50:00.130><c> from</c><00:50:00.309><c> like</c>

00:50:00.510 --> 00:50:00.520 align:start position:0%
really working it may be apart from like
 

00:50:00.520 --> 00:50:03.210 align:start position:0%
really working it may be apart from like
a<00:50:00.549><c> very</c><00:50:00.880><c> special</c><00:50:01.420><c> low</c><00:50:02.200><c> level</c><00:50:02.619><c> cases</c><00:50:02.980><c> like</c><00:50:03.069><c> in</c>

00:50:03.210 --> 00:50:03.220 align:start position:0%
a very special low level cases like in
 

00:50:03.220 --> 00:50:06.329 align:start position:0%
a very special low level cases like in
Korea<00:50:03.549><c> for</c><00:50:03.700><c> example</c><00:50:04.230><c> but</c><00:50:05.230><c> not</c><00:50:05.289><c> forty</c><00:50:05.859><c> forty</c>

00:50:06.329 --> 00:50:06.339 align:start position:0%
Korea for example but not forty forty
 

00:50:06.339 --> 00:50:08.520 align:start position:0%
Korea for example but not forty forty
many<00:50:06.520><c> projects</c><00:50:07.089><c> how</c><00:50:07.930><c> you</c><00:50:07.990><c> are</c><00:50:08.140><c> in</c><00:50:08.200><c> this</c><00:50:08.289><c> time</c>

00:50:08.520 --> 00:50:08.530 align:start position:0%
many projects how you are in this time
 

00:50:08.530 --> 00:50:11.640 align:start position:0%
many projects how you are in this time
so<00:50:09.280><c> so</c><00:50:09.520><c> and</c><00:50:10.089><c> I</c><00:50:10.150><c> think</c><00:50:10.420><c> that</c><00:50:10.539><c> that</c><00:50:10.869><c> really</c><00:50:11.109><c> like</c>

00:50:11.640 --> 00:50:11.650 align:start position:0%
so so and I think that that really like
 

00:50:11.650 --> 00:50:15.569 align:start position:0%
so so and I think that that really like
things<00:50:11.980><c> like</c><00:50:12.220><c> like</c><00:50:13.589><c> like</c><00:50:14.589><c> for</c><00:50:14.920><c> example</c><00:50:15.039><c> like</c>

00:50:15.569 --> 00:50:15.579 align:start position:0%
things like like like for example like
 

00:50:15.579 --> 00:50:17.819 align:start position:0%
things like like like for example like
you<00:50:15.609><c> discussed</c><00:50:16.569><c> in</c><00:50:16.720><c> radical</c><00:50:16.930><c> targets</c><00:50:17.650><c> of</c>

00:50:17.819 --> 00:50:17.829 align:start position:0%
you discussed in radical targets of
 

00:50:17.829 --> 00:50:19.980 align:start position:0%
you discussed in radical targets of
there<00:50:18.099><c> are</c><00:50:18.190><c> a</c><00:50:18.339><c> lot</c><00:50:18.549><c> of</c><00:50:18.579><c> ideas</c><00:50:19.270><c> that</c><00:50:19.299><c> the</c>

00:50:19.980 --> 00:50:19.990 align:start position:0%
there are a lot of ideas that the
 

00:50:19.990 --> 00:50:23.130 align:start position:0%
there are a lot of ideas that the
funding<00:50:20.799><c> in</c><00:50:21.099><c> reputation</c><00:50:21.970><c> in</c><00:50:22.299><c> governance</c><00:50:22.900><c> that</c>

00:50:23.130 --> 00:50:23.140 align:start position:0%
funding in reputation in governance that
 

00:50:23.140 --> 00:50:25.170 align:start position:0%
funding in reputation in governance that
can<00:50:23.349><c> be</c><00:50:23.500><c> used</c><00:50:23.710><c> built</c><00:50:24.069><c> around</c><00:50:24.369><c> tokens</c><00:50:24.910><c> and</c><00:50:25.059><c> I</c>

00:50:25.170 --> 00:50:25.180 align:start position:0%
can be used built around tokens and I
 

00:50:25.180 --> 00:50:27.180 align:start position:0%
can be used built around tokens and I
think<00:50:25.480><c> it's</c><00:50:25.660><c> we</c><00:50:25.869><c> were</c><00:50:25.960><c> only</c><00:50:26.529><c> the</c><00:50:26.829><c> start</c><00:50:27.130><c> that</c>

00:50:27.180 --> 00:50:27.190 align:start position:0%
think it's we were only the start that
 

00:50:27.190 --> 00:50:30.390 align:start position:0%
think it's we were only the start that
way<00:50:27.520><c> so</c><00:50:27.910><c> that's</c><00:50:28.480><c> for</c><00:50:28.869><c> sure</c><00:50:29.049><c> needs</c><00:50:29.289><c> to</c><00:50:29.500><c> be</c><00:50:29.650><c> taken</c>

00:50:30.390 --> 00:50:30.400 align:start position:0%
way so that's for sure needs to be taken
 

00:50:30.400 --> 00:50:33.450 align:start position:0%
way so that's for sure needs to be taken
care<00:50:30.430><c> of</c><00:50:30.700><c> to</c><00:50:31.270><c> come</c><00:50:32.020><c> out</c><00:50:32.200><c> move</c><00:50:32.829><c> on</c><00:50:33.010><c> with</c><00:50:33.250><c> with</c>

00:50:33.450 --> 00:50:33.460 align:start position:0%
care of to come out move on with with
 

00:50:33.460 --> 00:50:36.059 align:start position:0%
care of to come out move on with with
with<00:50:33.670><c> tokens</c><00:50:33.970><c> and</c><00:50:34.839><c> of</c><00:50:35.020><c> course</c><00:50:35.200><c> a</c><00:50:35.319><c> cool</c><00:50:35.920><c> idea</c>

00:50:36.059 --> 00:50:36.069 align:start position:0%
with tokens and of course a cool idea
 

00:50:36.069 --> 00:50:40.410 align:start position:0%
with tokens and of course a cool idea
that<00:50:36.549><c> compared</c><00:50:36.940><c> Campari</c><00:50:38.190><c> Dow</c><00:50:39.190><c> approach</c><00:50:39.849><c> the</c>

00:50:40.410 --> 00:50:40.420 align:start position:0%
that compared Campari Dow approach the
 

00:50:40.420 --> 00:50:42.539 align:start position:0%
that compared Campari Dow approach the
with<00:50:40.809><c> the</c><00:50:40.930><c> IC</c><00:50:41.260><c> o----</c><00:50:41.289><c> approach</c><00:50:41.829><c> that</c><00:50:42.099><c> you</c><00:50:42.279><c> have</c>

00:50:42.539 --> 00:50:42.549 align:start position:0%
with the IC o---- approach that you have
 

00:50:42.549 --> 00:50:45.480 align:start position:0%
with the IC o---- approach that you have
some<00:50:42.849><c> control</c><00:50:43.450><c> over</c><00:50:43.480><c> the</c><00:50:44.140><c> poly</c><00:50:44.500><c> Malik's</c><00:50:45.010><c> panic</c>

00:50:45.480 --> 00:50:45.490 align:start position:0%
some control over the poly Malik's panic
 

00:50:45.490 --> 00:50:47.519 align:start position:0%
some control over the poly Malik's panic
and<00:50:45.670><c> terminated</c><00:50:46.270><c> funding</c><00:50:46.690><c> to</c><00:50:46.839><c> the</c><00:50:46.990><c> teams</c><00:50:47.260><c> they</c>

00:50:47.519 --> 00:50:47.529 align:start position:0%
and terminated funding to the teams they
 

00:50:47.529 --> 00:50:48.400 align:start position:0%
and terminated funding to the teams they
ceased

00:50:48.400 --> 00:50:48.410 align:start position:0%
ceased
 

00:50:48.410 --> 00:50:51.640 align:start position:0%
ceased
anything<00:50:49.279><c> and</c><00:50:49.490><c> so</c><00:50:49.670><c> on</c><00:50:49.880><c> that's</c><00:50:50.690><c> also</c><00:50:51.200><c> important</c>

00:50:51.640 --> 00:50:51.650 align:start position:0%
anything and so on that's also important
 

00:50:51.650 --> 00:50:56.230 align:start position:0%
anything and so on that's also important
and<00:50:52.099><c> I</c><00:50:53.049><c> don't</c><00:50:54.049><c> really</c><00:50:54.410><c> know</c><00:50:54.710><c> about</c><00:50:55.160><c> VC</c><00:50:55.849><c> how</c>

00:50:56.230 --> 00:50:56.240 align:start position:0%
and I don't really know about VC how
 

00:50:56.240 --> 00:50:58.839 align:start position:0%
and I don't really know about VC how
that<00:50:56.809><c> can</c><00:50:57.019><c> be</c><00:50:57.079><c> recurrent</c><00:50:57.619><c> and</c><00:50:57.920><c> that</c><00:50:58.220><c> you</c><00:50:58.460><c> mean</c>

00:50:58.839 --> 00:50:58.849 align:start position:0%
that can be recurrent and that you mean
 

00:50:58.849 --> 00:51:01.660 align:start position:0%
that can be recurrent and that you mean
so<00:50:59.000><c> yeah</c><00:50:59.210><c> III</c><00:50:59.569><c> think</c><00:51:00.170><c> you</c><00:51:00.589><c> are</c><00:51:01.069><c> talking</c><00:51:01.460><c> to</c>

00:51:01.660 --> 00:51:01.670 align:start position:0%
so yeah III think you are talking to
 

00:51:01.670 --> 00:51:04.329 align:start position:0%
so yeah III think you are talking to
luck<00:51:01.970><c> sir</c><00:51:02.210><c> I</c><00:51:02.349><c> know</c><00:51:03.349><c> I</c><00:51:03.380><c> just</c><00:51:03.710><c> wanted</c><00:51:04.009><c> to</c><00:51:04.130><c> thank</c>

00:51:04.329 --> 00:51:04.339 align:start position:0%
luck sir I know I just wanted to thank
 

00:51:04.339 --> 00:51:05.829 align:start position:0%
luck sir I know I just wanted to thank
you<00:51:04.430><c> so</c><00:51:04.579><c> much</c><00:51:04.730><c> I</c><00:51:04.819><c> think</c><00:51:04.940><c> that</c><00:51:05.180><c> shows</c><00:51:05.420><c> really</c>

00:51:05.829 --> 00:51:05.839 align:start position:0%
you so much I think that shows really
 

00:51:05.839 --> 00:51:10.269 align:start position:0%
you so much I think that shows really
great<00:51:05.990><c> comment</c><00:51:06.289><c> savory</c><00:51:07.250><c> previous</c><00:51:08.650><c> speaker</c><00:51:09.650><c> I</c>

00:51:10.269 --> 00:51:10.279 align:start position:0%
great comment savory previous speaker I
 

00:51:10.279 --> 00:51:12.099 align:start position:0%
great comment savory previous speaker I
want<00:51:10.730><c> to</c><00:51:10.940><c> add</c><00:51:11.059><c> to</c><00:51:11.180><c> that</c><00:51:11.210><c> so</c><00:51:11.690><c> specifically</c>

00:51:12.099 --> 00:51:12.109 align:start position:0%
want to add to that so specifically
 

00:51:12.109 --> 00:51:14.230 align:start position:0%
want to add to that so specifically
those<00:51:12.289><c> early</c><00:51:12.680><c> token</c><00:51:13.400><c> sales</c><00:51:13.640><c> I</c><00:51:13.759><c> think</c><00:51:13.789><c> fully</c>

00:51:14.230 --> 00:51:14.240 align:start position:0%
those early token sales I think fully
 

00:51:14.240 --> 00:51:15.910 align:start position:0%
those early token sales I think fully
follow<00:51:14.539><c> the</c><00:51:14.720><c> ethos</c><00:51:15.140><c> of</c><00:51:15.170><c> what</c><00:51:15.559><c> we</c><00:51:15.680><c> were</c><00:51:15.769><c> trying</c>

00:51:15.910 --> 00:51:15.920 align:start position:0%
follow the ethos of what we were trying
 

00:51:15.920 --> 00:51:18.220 align:start position:0%
follow the ethos of what we were trying
to<00:51:16.009><c> do</c><00:51:16.160><c> and</c><00:51:16.309><c> then</c><00:51:16.400><c> later</c><00:51:17.210><c> on</c><00:51:17.299><c> we</c><00:51:17.630><c> got</c><00:51:17.779><c> dating</c>

00:51:18.220 --> 00:51:18.230 align:start position:0%
to do and then later on we got dating
 

00:51:18.230 --> 00:51:20.470 align:start position:0%
to do and then later on we got dating
apps<00:51:18.410><c> and</c><00:51:18.710><c> all</c><00:51:18.890><c> kinds</c><00:51:19.250><c> of</c><00:51:19.309><c> stuff</c><00:51:19.519><c> I</c><00:51:19.789><c> still</c>

00:51:20.470 --> 00:51:20.480 align:start position:0%
apps and all kinds of stuff I still
 

00:51:20.480 --> 00:51:22.420 align:start position:0%
apps and all kinds of stuff I still
think<00:51:20.720><c> if</c><00:51:20.900><c> that</c><00:51:21.140><c> if</c><00:51:21.319><c> we</c><00:51:21.440><c> would</c><00:51:21.619><c> have</c><00:51:21.680><c> if</c><00:51:22.190><c> the</c>

00:51:22.420 --> 00:51:22.430 align:start position:0%
think if that if we would have if the
 

00:51:22.430 --> 00:51:24.609 align:start position:0%
think if that if we would have if the
Dow<00:51:22.670><c> that</c><00:51:23.269><c> original</c><00:51:23.750><c> of</c><00:51:23.839><c> the</c><00:51:23.960><c> Dow</c><00:51:24.140><c> would</c><00:51:24.529><c> have</c>

00:51:24.609 --> 00:51:24.619 align:start position:0%
Dow that original of the Dow would have
 

00:51:24.619 --> 00:51:26.529 align:start position:0%
Dow that original of the Dow would have
survived<00:51:25.039><c> I</c><00:51:25.460><c> think</c><00:51:26.029><c> it</c><00:51:26.119><c> would</c><00:51:26.240><c> have</c><00:51:26.329><c> put</c><00:51:26.509><c> a</c>

00:51:26.529 --> 00:51:26.539 align:start position:0%
survived I think it would have put a
 

00:51:26.539 --> 00:51:28.420 align:start position:0%
survived I think it would have put a
stop<00:51:26.900><c> to</c><00:51:27.140><c> a</c><00:51:27.259><c> lot</c><00:51:27.470><c> of</c><00:51:27.500><c> that</c><00:51:27.680><c> madness</c><00:51:27.920><c> that</c><00:51:28.309><c> was</c>

00:51:28.420 --> 00:51:28.430 align:start position:0%
stop to a lot of that madness that was
 

00:51:28.430 --> 00:51:30.309 align:start position:0%
stop to a lot of that madness that was
going<00:51:28.700><c> on</c><00:51:28.849><c> because</c><00:51:29.329><c> the</c><00:51:29.630><c> DA</c><00:51:29.779><c> would</c><00:51:30.049><c> have</c><00:51:30.170><c> been</c>

00:51:30.309 --> 00:51:30.319 align:start position:0%
going on because the DA would have been
 

00:51:30.319 --> 00:51:32.190 align:start position:0%
going on because the DA would have been
this<00:51:30.440><c> could</c><00:51:30.980><c> have</c><00:51:31.069><c> been</c><00:51:31.220><c> this</c><00:51:31.339><c> collective</c>

00:51:32.190 --> 00:51:32.200 align:start position:0%
this could have been this collective
 

00:51:32.200 --> 00:51:34.660 align:start position:0%
this could have been this collective
efficient<00:51:33.200><c> capital</c><00:51:33.380><c> allocation</c><00:51:34.220><c> mechanism</c>

00:51:34.660 --> 00:51:34.670 align:start position:0%
efficient capital allocation mechanism
 

00:51:34.670 --> 00:51:36.490 align:start position:0%
efficient capital allocation mechanism
into<00:51:34.819><c> good</c><00:51:35.119><c> projects</c><00:51:35.630><c> forcing</c><00:51:36.349><c> them</c><00:51:36.470><c> to</c>

00:51:36.490 --> 00:51:36.500 align:start position:0%
into good projects forcing them to
 

00:51:36.500 --> 00:51:38.650 align:start position:0%
into good projects forcing them to
action<00:51:36.710><c> if</c><00:51:37.130><c> you</c><00:51:37.309><c> diligence</c><00:51:37.789><c> how</c><00:51:38.210><c> they</c><00:51:38.390><c> spend</c>

00:51:38.650 --> 00:51:38.660 align:start position:0%
action if you diligence how they spend
 

00:51:38.660 --> 00:51:41.109 align:start position:0%
action if you diligence how they spend
their<00:51:38.750><c> furthest</c><00:51:39.140><c> all</c><00:51:39.319><c> of</c><00:51:39.440><c> that</c><00:51:39.910><c> rather</c><00:51:40.910><c> than</c>

00:51:41.109 --> 00:51:41.119 align:start position:0%
their furthest all of that rather than
 

00:51:41.119 --> 00:51:43.240 align:start position:0%
their furthest all of that rather than
everyone<00:51:41.509><c> just</c><00:51:41.690><c> slapping</c><00:51:42.109><c> like</c><00:51:42.710><c> a</c><00:51:42.890><c> smart</c>

00:51:43.240 --> 00:51:43.250 align:start position:0%
everyone just slapping like a smart
 

00:51:43.250 --> 00:51:45.549 align:start position:0%
everyone just slapping like a smart
contract<00:51:43.400><c> on</c><00:51:43.759><c> to</c><00:51:43.880><c> me</c><00:51:44.000><c> and</c><00:51:44.299><c> let</c><00:51:44.420><c> me</c><00:51:44.539><c> exit</c><00:51:45.019><c> sent</c>

00:51:45.549 --> 00:51:45.559 align:start position:0%
contract on to me and let me exit sent
 

00:51:45.559 --> 00:51:47.920 align:start position:0%
contract on to me and let me exit sent
funds<00:51:45.829><c> to</c><00:51:45.980><c> this</c><00:51:46.099><c> address</c><00:51:46.309><c> we</c><00:51:46.940><c> decided</c><00:51:47.569><c> to</c><00:51:47.660><c> do</c>

00:51:47.920 --> 00:51:47.930 align:start position:0%
funds to this address we decided to do
 

00:51:47.930 --> 00:51:51.039 align:start position:0%
funds to this address we decided to do
the<00:51:48.109><c> token</c><00:51:48.380><c> say</c><00:51:48.559><c> laughter</c><00:51:49.039><c> now</c><00:51:49.700><c> lastly</c><00:51:50.329><c> the</c>

00:51:51.039 --> 00:51:51.049 align:start position:0%
the token say laughter now lastly the
 

00:51:51.049 --> 00:51:52.990 align:start position:0%
the token say laughter now lastly the
you<00:51:51.170><c> know</c><00:51:51.289><c> that</c><00:51:51.470><c> we</c><00:51:51.650><c> were</c><00:51:52.220><c> preparing</c><00:51:52.759><c> with</c>

00:51:52.990 --> 00:51:53.000 align:start position:0%
you know that we were preparing with
 

00:51:53.000 --> 00:51:55.450 align:start position:0%
you know that we were preparing with
proposal<00:51:53.599><c> for</c><00:51:53.809><c> me</c><00:51:53.930><c> down</c><00:51:54.109><c> I</c><00:51:54.410><c> think</c><00:51:54.799><c> I</c><00:51:54.980><c> just</c>

00:51:55.450 --> 00:51:55.460 align:start position:0%
proposal for me down I think I just
 

00:51:55.460 --> 00:51:57.400 align:start position:0%
proposal for me down I think I just
think<00:51:55.759><c> in</c><00:51:55.880><c> terms</c><00:51:55.910><c> of</c><00:51:56.269><c> the</c><00:51:56.660><c> madness</c><00:51:57.140><c> that</c><00:51:57.170><c> we</c>

00:51:57.400 --> 00:51:57.410 align:start position:0%
think in terms of the madness that we
 

00:51:57.410 --> 00:51:59.140 align:start position:0%
think in terms of the madness that we
saw<00:51:57.619><c> I</c><00:51:57.650><c> think</c><00:51:57.829><c> if</c><00:51:58.430><c> that</c><00:51:58.640><c> I</c><00:51:58.759><c> haven't</c><00:51:59.000><c> been</c>

00:51:59.140 --> 00:51:59.150 align:start position:0%
saw I think if that I haven't been
 

00:51:59.150 --> 00:52:00.460 align:start position:0%
saw I think if that I haven't been
having<00:51:59.269><c> the</c><00:51:59.480><c> Dom</c><00:51:59.660><c> itself</c><00:51:59.960><c> was</c><00:52:00.170><c> complete</c>

00:52:00.460 --> 00:52:00.470 align:start position:0%
having the Dom itself was complete
 

00:52:00.470 --> 00:52:03.490 align:start position:0%
having the Dom itself was complete
madness<00:52:00.680><c> like</c><00:52:01.210><c> right</c><00:52:02.210><c> there</c><00:52:02.480><c> but</c><00:52:03.049><c> like</c><00:52:03.170><c> if</c><00:52:03.349><c> it</c>

00:52:03.490 --> 00:52:03.500 align:start position:0%
madness like right there but like if it
 

00:52:03.500 --> 00:52:05.349 align:start position:0%
madness like right there but like if it
had<00:52:03.740><c> worked</c><00:52:04.009><c> then</c><00:52:04.730><c> I</c><00:52:04.849><c> think</c><00:52:05.029><c> it</c><00:52:05.180><c> would</c><00:52:05.240><c> have</c>

00:52:05.349 --> 00:52:05.359 align:start position:0%
had worked then I think it would have
 

00:52:05.359 --> 00:52:07.779 align:start position:0%
had worked then I think it would have
been<00:52:05.480><c> a</c><00:52:05.509><c> great</c><00:52:05.779><c> filter</c><00:52:06.430><c> correct</c><00:52:07.430><c> price</c><00:52:07.609><c> so</c><00:52:07.759><c> you</c>

00:52:07.779 --> 00:52:07.789 align:start position:0%
been a great filter correct price so you
 

00:52:07.789 --> 00:52:09.309 align:start position:0%
been a great filter correct price so you
not<00:52:08.150><c> even</c><00:52:08.269><c> you</c><00:52:08.390><c> have</c><00:52:08.509><c> a</c><00:52:08.539><c> lot</c><00:52:08.750><c> to</c><00:52:08.779><c> write</c><00:52:09.049><c> I</c><00:52:09.079><c> had</c><00:52:09.289><c> a</c>

00:52:09.309 --> 00:52:09.319 align:start position:0%
not even you have a lot to write I had a
 

00:52:09.319 --> 00:52:10.990 align:start position:0%
not even you have a lot to write I had a
beginning<00:52:09.500><c> so</c><00:52:10.190><c> gross</c><00:52:10.400><c> was</c><00:52:10.549><c> actually</c><00:52:10.849><c> one</c><00:52:10.970><c> of</c>

00:52:10.990 --> 00:52:11.000 align:start position:0%
beginning so gross was actually one of
 

00:52:11.000 --> 00:52:13.569 align:start position:0%
beginning so gross was actually one of
the<00:52:11.150><c> original</c><00:52:11.650><c> lets</c><00:52:12.650><c> a</c><00:52:12.769><c> collaborator</c><00:52:13.220><c> so</c><00:52:13.430><c> they</c>

00:52:13.569 --> 00:52:13.579 align:start position:0%
the original lets a collaborator so they
 

00:52:13.579 --> 00:52:16.960 align:start position:0%
the original lets a collaborator so they
are<00:52:14.000><c> yeah</c><00:52:14.240><c> I</c><00:52:14.480><c> was</c><00:52:15.309><c> one</c><00:52:16.309><c> of</c><00:52:16.339><c> the</c><00:52:16.460><c> five</c><00:52:16.640><c> employees</c>

00:52:16.960 --> 00:52:16.970 align:start position:0%
are yeah I was one of the five employees
 

00:52:16.970 --> 00:52:22.109 align:start position:0%
are yeah I was one of the five employees
of<00:52:17.359><c> sloppy</c><00:52:17.769><c> so</c>

00:52:22.109 --> 00:52:22.119 align:start position:0%
 
 

00:52:22.119 --> 00:52:24.129 align:start position:0%
 
yeah<00:52:23.119><c> they</c><00:52:23.329><c> definitely</c><00:52:23.539><c> change</c><00:52:23.989><c> that</c>

00:52:24.129 --> 00:52:24.139 align:start position:0%
yeah they definitely change that
 

00:52:24.139 --> 00:52:25.809 align:start position:0%
yeah they definitely change that
everyone<00:52:24.439><c> kind</c><00:52:24.589><c> of</c><00:52:24.679><c> had</c><00:52:24.829><c> an</c><00:52:24.949><c> excuse</c><00:52:25.399><c> to</c><00:52:25.669><c> not</c>

00:52:25.809 --> 00:52:25.819 align:start position:0%
everyone kind of had an excuse to not
 

00:52:25.819 --> 00:52:29.739 align:start position:0%
everyone kind of had an excuse to not
put<00:52:26.589><c> some</c><00:52:27.589><c> accountability</c><00:52:28.489><c> on</c><00:52:28.969><c> chain</c><00:52:29.239><c> play</c>

00:52:29.739 --> 00:52:29.749 align:start position:0%
put some accountability on chain play
 

00:52:29.749 --> 00:52:31.479 align:start position:0%
put some accountability on chain play
well<00:52:29.959><c> the</c><00:52:30.139><c> doubt</c><00:52:30.319><c> with</c><00:52:30.499><c> fact</c><00:52:30.709><c> so</c><00:52:30.979><c> put</c><00:52:31.399><c> the</c>

00:52:31.479 --> 00:52:31.489 align:start position:0%
well the doubt with fact so put the
 

00:52:31.489 --> 00:52:35.099 align:start position:0%
well the doubt with fact so put the
money<00:52:31.639><c> my</c><00:52:31.819><c> multi</c><00:52:32.119><c> say</c><00:52:32.299><c> Oh</c><00:52:32.329><c> fancy</c><00:52:32.689><c> and</c><00:52:33.369><c> yeah</c>

00:52:35.099 --> 00:52:35.109 align:start position:0%
money my multi say Oh fancy and yeah
 

00:52:35.109 --> 00:52:38.559 align:start position:0%
money my multi say Oh fancy and yeah
this<00:52:36.109><c> kind</c><00:52:36.409><c> of</c><00:52:36.639><c> do</c><00:52:37.639><c> what</c><00:52:37.879><c> was</c><00:52:38.029><c> in</c><00:52:38.179><c> your</c><00:52:38.359><c> best</c>

00:52:38.559 --> 00:52:38.569 align:start position:0%
this kind of do what was in your best
 

00:52:38.569 --> 00:52:42.239 align:start position:0%
this kind of do what was in your best
interest

00:52:42.239 --> 00:52:42.249 align:start position:0%
 
 

00:52:42.249 --> 00:52:45.699 align:start position:0%
 
there's<00:52:43.249><c> an</c><00:52:44.059><c> interesting</c><00:52:44.419><c> evolution</c><00:52:44.749><c> that</c><00:52:45.679><c> I</c>

00:52:45.699 --> 00:52:45.709 align:start position:0%
there's an interesting evolution that I
 

00:52:45.709 --> 00:52:49.659 align:start position:0%
there's an interesting evolution that I
think<00:52:46.039><c> is</c><00:52:46.129><c> happening</c><00:52:48.189><c> there's</c><00:52:49.189><c> a</c><00:52:49.249><c> group</c><00:52:49.549><c> out</c>

00:52:49.659 --> 00:52:49.669 align:start position:0%
think is happening there's a group out
 

00:52:49.669 --> 00:52:52.359 align:start position:0%
think is happening there's a group out
of<00:52:49.729><c> consensus</c><00:52:50.299><c> called</c><00:52:50.569><c> Tobin</c><00:52:51.019><c> which</c><00:52:51.829><c> which</c>

00:52:52.359 --> 00:52:52.369 align:start position:0%
of consensus called Tobin which which
 

00:52:52.369 --> 00:52:54.429 align:start position:0%
of consensus called Tobin which which
takes<00:52:52.759><c> the</c><00:52:53.029><c> concept</c><00:52:53.299><c> of</c><00:52:53.839><c> a</c><00:52:53.959><c> two-and-twenty</c>

00:52:54.429 --> 00:52:54.439 align:start position:0%
takes the concept of a two-and-twenty
 

00:52:54.439 --> 00:52:57.459 align:start position:0%
takes the concept of a two-and-twenty
carrier<00:52:54.999><c> let's</c><00:52:55.999><c> just</c><00:52:56.179><c> say</c><00:52:56.299><c> the</c><00:52:56.989><c> fees</c><00:52:57.229><c> that</c>

00:52:57.459 --> 00:52:57.469 align:start position:0%
carrier let's just say the fees that
 

00:52:57.469 --> 00:53:00.489 align:start position:0%
carrier let's just say the fees that
would<00:52:57.589><c> accrue</c><00:52:57.919><c> to</c><00:52:58.039><c> a</c><00:52:58.639><c> venture</c><00:52:59.059><c> fund</c><00:52:59.299><c> and</c><00:52:59.659><c> and</c>

00:53:00.489 --> 00:53:00.499 align:start position:0%
would accrue to a venture fund and and
 

00:53:00.499 --> 00:53:05.769 align:start position:0%
would accrue to a venture fund and and
basically<00:53:00.889><c> parses</c><00:53:01.819><c> it</c><00:53:01.849><c> by</c><00:53:04.209><c> the</c><00:53:05.209><c> person</c><00:53:05.599><c> who</c>

00:53:05.769 --> 00:53:05.779 align:start position:0%
basically parses it by the person who
 

00:53:05.779 --> 00:53:09.369 align:start position:0%
basically parses it by the person who
sources<00:53:06.289><c> the</c><00:53:06.409><c> deal</c><00:53:06.879><c> could</c><00:53:07.879><c> receive</c><00:53:08.209><c> 10%</c><00:53:08.809><c> of</c><00:53:09.259><c> 10</c>

00:53:09.369 --> 00:53:09.379 align:start position:0%
sources the deal could receive 10% of 10
 

00:53:09.379 --> 00:53:11.829 align:start position:0%
sources the deal could receive 10% of 10
to<00:53:09.529><c> 20</c><00:53:09.949><c> the</c><00:53:10.549><c> people</c><00:53:10.909><c> that</c><00:53:11.059><c> do</c><00:53:11.239><c> the</c><00:53:11.359><c> testicle</c>

00:53:11.829 --> 00:53:11.839 align:start position:0%
to 20 the people that do the testicle
 

00:53:11.839 --> 00:53:13.599 align:start position:0%
to 20 the people that do the testicle
due<00:53:11.959><c> diligence</c><00:53:12.439><c> the</c><00:53:12.649><c> business</c><00:53:12.979><c> due</c><00:53:13.159><c> diligence</c>

00:53:13.599 --> 00:53:13.609 align:start position:0%
due diligence the business due diligence
 

00:53:13.609 --> 00:53:16.209 align:start position:0%
due diligence the business due diligence
the<00:53:13.819><c> legal</c><00:53:14.209><c> due</c><00:53:14.359><c> diligence</c><00:53:14.869><c> could</c><00:53:15.469><c> receive</c><00:53:15.799><c> a</c>

00:53:16.209 --> 00:53:16.219 align:start position:0%
the legal due diligence could receive a
 

00:53:16.219 --> 00:53:19.329 align:start position:0%
the legal due diligence could receive a
part<00:53:16.579><c> of</c><00:53:16.639><c> that</c><00:53:16.819><c> two-and-twenty</c><00:53:17.359><c> and</c><00:53:17.719><c> if</c><00:53:18.409><c> you</c>

00:53:19.329 --> 00:53:19.339 align:start position:0%
part of that two-and-twenty and if you
 

00:53:19.339 --> 00:53:22.809 align:start position:0%
part of that two-and-twenty and if you
source<00:53:19.669><c> the</c><00:53:19.969><c> deal</c><00:53:20.179><c> and</c><00:53:21.039><c> no</c><00:53:22.039><c> one</c><00:53:22.219><c> wants</c><00:53:22.489><c> to</c><00:53:22.609><c> fund</c>

00:53:22.809 --> 00:53:22.819 align:start position:0%
source the deal and no one wants to fund
 

00:53:22.819 --> 00:53:25.509 align:start position:0%
source the deal and no one wants to fund
it<00:53:23.029><c> you</c><00:53:23.299><c> could</c><00:53:23.539><c> actually</c><00:53:23.719><c> lose</c><00:53:24.169><c> your</c><00:53:24.229><c> stake</c><00:53:24.799><c> so</c>

00:53:25.509 --> 00:53:25.519 align:start position:0%
it you could actually lose your stake so
 

00:53:25.519 --> 00:53:27.309 align:start position:0%
it you could actually lose your stake so
there<00:53:25.729><c> are</c><00:53:25.819><c> these</c><00:53:25.909><c> kind</c><00:53:26.179><c> of</c><00:53:26.239><c> next</c><00:53:26.569><c> generation</c>

00:53:27.309 --> 00:53:27.319 align:start position:0%
there are these kind of next generation
 

00:53:27.319 --> 00:53:30.459 align:start position:0%
there are these kind of next generation
in<00:53:27.679><c> theoretical</c><00:53:28.509><c> models</c><00:53:29.509><c> that</c><00:53:29.719><c> are</c><00:53:29.839><c> kind</c><00:53:30.409><c> of</c>

00:53:30.459 --> 00:53:30.469 align:start position:0%
in theoretical models that are kind of
 

00:53:30.469 --> 00:53:33.189 align:start position:0%
in theoretical models that are kind of
creating<00:53:30.919><c> the</c><00:53:30.979><c> hybrid</c><00:53:31.569><c> with</c><00:53:32.569><c> venture</c><00:53:32.779><c> and</c>

00:53:33.189 --> 00:53:33.199 align:start position:0%
creating the hybrid with venture and
 

00:53:33.199 --> 00:53:35.079 align:start position:0%
creating the hybrid with venture and
tokenization<00:53:33.589><c> which</c><00:53:34.339><c> I</c><00:53:34.459><c> think</c><00:53:34.669><c> there</c><00:53:34.849><c> are</c>

00:53:35.079 --> 00:53:35.089 align:start position:0%
tokenization which I think there are
 

00:53:35.089 --> 00:53:37.599 align:start position:0%
tokenization which I think there are
kind<00:53:35.929><c> of</c><00:53:36.019><c> the</c><00:53:36.139><c> evolution</c><00:53:36.349><c> of</c><00:53:36.889><c> what</c><00:53:37.369><c> could</c>

00:53:37.599 --> 00:53:37.609 align:start position:0%
kind of the evolution of what could
 

00:53:37.609 --> 00:53:39.969 align:start position:0%
kind of the evolution of what could
happen<00:53:37.939><c> and</c><00:53:38.059><c> with</c><00:53:38.629><c> that</c><00:53:38.869><c> you</c><00:53:39.229><c> have</c><00:53:39.499><c> kind</c><00:53:39.859><c> of</c>

00:53:39.969 --> 00:53:39.979 align:start position:0%
happen and with that you have kind of
 

00:53:39.979 --> 00:53:42.129 align:start position:0%
happen and with that you have kind of
this<00:53:40.129><c> broader</c><00:53:40.969><c> sense</c><00:53:41.389><c> of</c><00:53:41.569><c> your</c><00:53:41.719><c> diligence</c>

00:53:42.129 --> 00:53:42.139 align:start position:0%
this broader sense of your diligence
 

00:53:42.139 --> 00:53:44.999 align:start position:0%
this broader sense of your diligence
where<00:53:42.409><c> you</c><00:53:43.159><c> could</c><00:53:43.339><c> see</c><00:53:43.549><c> in</c><00:53:43.699><c> the</c><00:53:43.819><c> future</c><00:53:43.849><c> state</c>

00:53:44.999 --> 00:53:45.009 align:start position:0%
where you could see in the future state
 

00:53:45.009 --> 00:53:47.739 align:start position:0%
where you could see in the future state
anybody<00:53:46.009><c> could</c><00:53:46.459><c> do</c><00:53:46.789><c> that</c><00:53:47.119><c> technical</c>

00:53:47.739 --> 00:53:47.749 align:start position:0%
anybody could do that technical
 

00:53:47.749 --> 00:53:49.599 align:start position:0%
anybody could do that technical
abilities<00:53:48.229><c> and</c><00:53:48.529><c> and</c><00:53:49.249><c> you</c><00:53:49.339><c> can</c><00:53:49.489><c> have</c>

00:53:49.599 --> 00:53:49.609 align:start position:0%
abilities and and you can have
 

00:53:49.609 --> 00:53:52.899 align:start position:0%
abilities and and you can have
reputation<00:53:50.269><c> and</c><00:53:50.599><c> if</c><00:53:50.959><c> you're</c><00:53:51.469><c> great</c><00:53:52.099><c> at</c><00:53:52.279><c> this</c>

00:53:52.899 --> 00:53:52.909 align:start position:0%
reputation and if you're great at this
 

00:53:52.909 --> 00:53:55.470 align:start position:0%
reputation and if you're great at this
you<00:53:53.209><c> get</c><00:53:53.569><c> a</c><00:53:53.629><c> score</c><00:53:54.259><c> and</c><00:53:54.769><c> they</c>

00:53:55.470 --> 00:53:55.480 align:start position:0%
you get a score and they
 

00:53:55.480 --> 00:53:57.780 align:start position:0%
you get a score and they
become<00:53:55.840><c> someone</c><00:53:56.740><c> that</c><00:53:56.770><c> sought-after</c><00:53:57.130><c> to</c><00:53:57.640><c> do</c>

00:53:57.780 --> 00:53:57.790 align:start position:0%
become someone that sought-after to do
 

00:53:57.790 --> 00:53:59.940 align:start position:0%
become someone that sought-after to do
technically<00:53:58.420><c> diligence</c><00:53:58.840><c> so</c><00:53:59.500><c> you</c><00:53:59.560><c> can</c><00:53:59.770><c> really</c>

00:53:59.940 --> 00:53:59.950 align:start position:0%
technically diligence so you can really
 

00:53:59.950 --> 00:54:02.370 align:start position:0%
technically diligence so you can really
kind<00:54:00.220><c> of</c><00:54:00.250><c> decentralize</c><00:54:01.030><c> the</c><00:54:01.359><c> concept</c><00:54:02.050><c> of</c>

00:54:02.370 --> 00:54:02.380 align:start position:0%
kind of decentralize the concept of
 

00:54:02.380 --> 00:54:05.760 align:start position:0%
kind of decentralize the concept of
venture<00:54:03.100><c> funding</c><00:54:03.430><c> I</c><00:54:04.109><c> try</c><00:54:05.109><c> to</c><00:54:05.170><c> get</c><00:54:05.380><c> a</c><00:54:05.410><c> sense</c><00:54:05.680><c> of</c>

00:54:05.760 --> 00:54:05.770 align:start position:0%
venture funding I try to get a sense of
 

00:54:05.770 --> 00:54:10.839 align:start position:0%
venture funding I try to get a sense of
the<00:54:05.830><c> room</c><00:54:06.010><c> who</c><00:54:06.940><c> bought</c><00:54:07.300><c> tokens</c>

00:54:10.839 --> 00:54:10.849 align:start position:0%
 
 

00:54:10.849 --> 00:54:15.460 align:start position:0%
 
who<00:54:11.299><c> are</c><00:54:11.449><c> tokens</c><00:54:11.660><c> in</c><00:54:12.499><c> 2017</c>

00:54:15.460 --> 00:54:15.470 align:start position:0%
 
 

00:54:15.470 --> 00:54:20.230 align:start position:0%
 
and<00:54:16.000><c> who</c><00:54:17.000><c> who</c><00:54:17.990><c> in</c><00:54:18.170><c> 2017</c><00:54:18.950><c> or</c><00:54:19.160><c> 18</c><00:54:19.520><c> thought</c><00:54:19.940><c> that</c>

00:54:20.230 --> 00:54:20.240 align:start position:0%
and who who in 2017 or 18 thought that
 

00:54:20.240 --> 00:54:23.290 align:start position:0%
and who who in 2017 or 18 thought that
like<00:54:20.420><c> tokenization</c><00:54:20.930><c> was</c><00:54:21.470><c> the</c><00:54:21.740><c> future</c><00:54:22.300><c> and</c>

00:54:23.290 --> 00:54:23.300 align:start position:0%
like tokenization was the future and
 

00:54:23.300 --> 00:54:25.599 align:start position:0%
like tokenization was the future and
then<00:54:23.480><c> we</c><00:54:23.690><c> were</c><00:54:23.810><c> like</c><00:54:23.990><c> totally</c><00:54:24.829><c> owning</c><00:54:25.339><c> the</c>

00:54:25.599 --> 00:54:25.609 align:start position:0%
then we were like totally owning the
 

00:54:25.609 --> 00:54:27.730 align:start position:0%
then we were like totally owning the
messiest

00:54:27.730 --> 00:54:27.740 align:start position:0%
messiest
 

00:54:27.740 --> 00:54:36.550 align:start position:0%
messiest
right<00:54:28.740><c> it</c><00:54:29.730><c> was</c><00:54:29.880><c> still</c><00:54:30.120><c> thinks</c><00:54:30.450><c> that</c><00:54:33.590><c> right</c><00:54:34.590><c> so</c>

00:54:36.550 --> 00:54:36.560 align:start position:0%
right it was still thinks that right so
 

00:54:36.560 --> 00:54:39.140 align:start position:0%
right it was still thinks that right so
it<00:54:37.560><c> was</c><00:54:37.680><c> also</c><00:54:37.800><c> pretty</c><00:54:38.340><c> case-specific</c>

00:54:39.140 --> 00:54:39.150 align:start position:0%
it was also pretty case-specific
 

00:54:39.150 --> 00:54:41.540 align:start position:0%
it was also pretty case-specific
right<00:54:39.420><c> people</c><00:54:40.320><c> launched</c><00:54:40.620><c> a</c><00:54:40.800><c> lot</c><00:54:41.040><c> of</c><00:54:41.160><c> different</c>

00:54:41.540 --> 00:54:41.550 align:start position:0%
right people launched a lot of different
 

00:54:41.550 --> 00:54:45.230 align:start position:0%
right people launched a lot of different
kinds<00:54:42.150><c> of</c><00:54:42.180><c> targets</c><00:54:43.190><c> many</c><00:54:44.190><c> of</c><00:54:44.340><c> the</c><00:54:44.490><c> tokens</c><00:54:44.850><c> made</c>

00:54:45.230 --> 00:54:45.240 align:start position:0%
kinds of targets many of the tokens made
 

00:54:45.240 --> 00:54:46.910 align:start position:0%
kinds of targets many of the tokens made
absolutely<00:54:45.900><c> no</c><00:54:46.080><c> sense</c><00:54:46.320><c> from</c><00:54:46.800><c> an</c><00:54:46.860><c> economic</c>

00:54:46.910 --> 00:54:46.920 align:start position:0%
absolutely no sense from an economic
 

00:54:46.920 --> 00:54:49.610 align:start position:0%
absolutely no sense from an economic
standpoint<00:54:47.490><c> you</c><00:54:47.760><c> said</c><00:54:48.210><c> your</c><00:54:48.330><c> goal</c><00:54:48.600><c> right</c><00:54:48.960><c> yeah</c>

00:54:49.610 --> 00:54:49.620 align:start position:0%
standpoint you said your goal right yeah
 

00:54:49.620 --> 00:54:52.010 align:start position:0%
standpoint you said your goal right yeah
so<00:54:50.550><c> your</c><00:54:50.970><c> token</c><00:54:51.330><c> was</c><00:54:51.480><c> a</c><00:54:51.510><c> two-sided</c>

00:54:52.010 --> 00:54:52.020 align:start position:0%
so your token was a two-sided
 

00:54:52.020 --> 00:54:54.170 align:start position:0%
so your token was a two-sided
marketplace<00:54:52.620><c> that</c><00:54:53.070><c> was</c><00:54:53.220><c> used</c><00:54:53.580><c> to</c><00:54:53.700><c> transact</c>

00:54:54.170 --> 00:54:54.180 align:start position:0%
marketplace that was used to transact
 

00:54:54.180 --> 00:54:55.610 align:start position:0%
marketplace that was used to transact
makes<00:54:54.660><c> no</c><00:54:55.140><c> sense</c>

00:54:55.610 --> 00:54:55.620 align:start position:0%
makes no sense
 

00:54:55.620 --> 00:54:58.850 align:start position:0%
makes no sense
thank<00:54:56.310><c> you</c>

00:54:58.850 --> 00:54:58.860 align:start position:0%
 
 

00:54:58.860 --> 00:55:01.160 align:start position:0%
 
and<00:54:59.340><c> some</c><00:54:59.610><c> people</c><00:54:59.880><c> launched</c><00:55:00.420><c> token</c><00:55:00.960><c> cells</c>

00:55:01.160 --> 00:55:01.170 align:start position:0%
and some people launched token cells
 

00:55:01.170 --> 00:55:03.260 align:start position:0%
and some people launched token cells
that<00:55:01.350><c> were</c><00:55:01.500><c> like</c><00:55:01.680><c> super</c><00:55:02.190><c> exploited</c><00:55:02.940><c> and</c><00:55:03.090><c> tried</c>

00:55:03.260 --> 00:55:03.270 align:start position:0%
that were like super exploited and tried
 

00:55:03.270 --> 00:55:05.810 align:start position:0%
that were like super exploited and tried
to<00:55:03.300><c> get</c><00:55:03.450><c> as</c><00:55:03.630><c> much</c><00:55:03.840><c> money</c><00:55:03.900><c> as</c><00:55:04.290><c> possible</c><00:55:04.820><c> maybe</c>

00:55:05.810 --> 00:55:05.820 align:start position:0%
to get as much money as possible maybe
 

00:55:05.820 --> 00:55:10.610 align:start position:0%
to get as much money as possible maybe
this<00:55:06.030><c> guy</c><00:55:06.210><c> who's</c><00:55:06.450><c> trying</c><00:55:07.380><c> to</c><00:55:07.530><c> come</c><00:55:07.740><c> her</c><00:55:09.290><c> I</c><00:55:10.290><c> see</c>

00:55:10.610 --> 00:55:10.620 align:start position:0%
this guy who's trying to come her I see
 

00:55:10.620 --> 00:55:13.280 align:start position:0%
this guy who's trying to come her I see
her<00:55:10.800><c> buyers</c><00:55:11.040><c> I</c><00:55:11.540><c> launched</c><00:55:12.540><c> worse</c><00:55:12.810><c> than</c><00:55:13.200><c> a</c>

00:55:13.280 --> 00:55:13.290 align:start position:0%
her buyers I launched worse than a
 

00:55:13.290 --> 00:55:15.770 align:start position:0%
her buyers I launched worse than a
dating<00:55:13.620><c> token</c><00:55:14.070><c> I</c><00:55:14.280><c> run</c><00:55:14.790><c> a</c><00:55:14.820><c> porn</c><00:55:15.210><c> company</c><00:55:15.270><c> it's</c>

00:55:15.770 --> 00:55:15.780 align:start position:0%
dating token I run a porn company it's
 

00:55:15.780 --> 00:55:18.830 align:start position:0%
dating token I run a porn company it's
called<00:55:15.840><c> spanking</c><00:55:16.590><c> right</c><00:55:17.070><c> so</c><00:55:18.030><c> I</c><00:55:18.270><c> watched</c><00:55:18.570><c> I</c><00:55:18.780><c> see</c>

00:55:18.830 --> 00:55:18.840 align:start position:0%
called spanking right so I watched I see
 

00:55:18.840 --> 00:55:20.840 align:start position:0%
called spanking right so I watched I see
Joe<00:55:19.050><c> and</c><00:55:19.350><c> I</c><00:55:19.440><c> raised</c><00:55:19.830><c> six</c><00:55:20.220><c> and</c><00:55:20.370><c> a</c><00:55:20.400><c> half</c><00:55:20.430><c> million</c>

00:55:20.840 --> 00:55:20.850 align:start position:0%
Joe and I raised six and a half million
 

00:55:20.850 --> 00:55:23.270 align:start position:0%
Joe and I raised six and a half million
dollars<00:55:21.210><c> the</c><00:55:21.390><c> global</c><00:55:21.840><c> public</c><00:55:22.170><c> auction</c><00:55:22.920><c> for</c>

00:55:23.270 --> 00:55:23.280 align:start position:0%
dollars the global public auction for
 

00:55:23.280 --> 00:55:25.640 align:start position:0%
dollars the global public auction for
spanked<00:55:23.730><c> tokens</c><00:55:24.420><c> and</c><00:55:25.170><c> the</c><00:55:25.290><c> premise</c><00:55:25.470><c> behind</c>

00:55:25.640 --> 00:55:25.650 align:start position:0%
spanked tokens and the premise behind
 

00:55:25.650 --> 00:55:28.190 align:start position:0%
spanked tokens and the premise behind
spank<00:55:26.190><c> tokens</c><00:55:26.670><c> is</c><00:55:27.090><c> that</c><00:55:27.330><c> you</c><00:55:27.420><c> can</c><00:55:27.600><c> stake</c><00:55:27.930><c> them</c>

00:55:28.190 --> 00:55:28.200 align:start position:0%
spank tokens is that you can stake them
 

00:55:28.200 --> 00:55:29.900 align:start position:0%
spank tokens is that you can stake them
in<00:55:28.680><c> the</c><00:55:28.890><c> spank</c><00:55:29.280><c> bank</c>

00:55:29.900 --> 00:55:29.910 align:start position:0%
in the spank bank
 

00:55:29.910 --> 00:55:31.640 align:start position:0%
in the spank bank
which<00:55:30.120><c> is</c><00:55:30.270><c> our</c><00:55:30.420><c> algorithmic</c><00:55:30.900><c> central</c><00:55:31.470><c> bank</c>

00:55:31.640 --> 00:55:31.650 align:start position:0%
which is our algorithmic central bank
 

00:55:31.650 --> 00:55:34.110 align:start position:0%
which is our algorithmic central bank
that<00:55:31.980><c> means</c><00:55:32.220><c> booty</c><00:55:32.790><c> tokens</c>

00:55:34.110 --> 00:55:34.120 align:start position:0%
that means booty tokens
 

00:55:34.120 --> 00:55:37.080 align:start position:0%
that means booty tokens
and<00:55:35.050><c> so</c><00:55:35.200><c> it</c><00:55:35.320><c> actually</c><00:55:35.470><c> powers</c><00:55:36.460><c> the</c><00:55:36.490><c> circular</c>

00:55:37.080 --> 00:55:37.090 align:start position:0%
and so it actually powers the circular
 

00:55:37.090 --> 00:55:41.310 align:start position:0%
and so it actually powers the circular
economy<00:55:37.240><c> that</c><00:55:38.110><c> makes</c><00:55:38.410><c> sense</c><00:55:39.400><c> right</c><00:55:39.730><c> now</c><00:55:40.320><c> the</c>

00:55:41.310 --> 00:55:41.320 align:start position:0%
economy that makes sense right now the
 

00:55:41.320 --> 00:55:42.990 align:start position:0%
economy that makes sense right now the
execution<00:55:41.860><c> you</c><00:55:42.070><c> know</c><00:55:42.190><c> falling</c><00:55:42.700><c> market</c>

00:55:42.990 --> 00:55:43.000 align:start position:0%
execution you know falling market
 

00:55:43.000 --> 00:55:44.400 align:start position:0%
execution you know falling market
whatever<00:55:43.240><c> you're</c><00:55:43.480><c> like</c><00:55:43.630><c> it's</c><00:55:43.870><c> been</c><00:55:44.020><c> hard</c><00:55:44.230><c> for</c>

00:55:44.400 --> 00:55:44.410 align:start position:0%
whatever you're like it's been hard for
 

00:55:44.410 --> 00:55:47.160 align:start position:0%
whatever you're like it's been hard for
us<00:55:44.500><c> to</c><00:55:44.650><c> get</c><00:55:44.740><c> traction</c><00:55:44.980><c> and</c><00:55:45.430><c> but</c><00:55:45.760><c> like</c><00:55:45.970><c> as</c><00:55:46.630><c> you</c>

00:55:47.160 --> 00:55:47.170 align:start position:0%
us to get traction and but like as you
 

00:55:47.170 --> 00:55:50.090 align:start position:0%
us to get traction and but like as you
know<00:55:47.260><c> as</c><00:55:47.800><c> we</c><00:55:47.860><c> continue</c><00:55:48.460><c> to</c><00:55:48.490><c> grow</c><00:55:48.730><c> the</c><00:55:48.790><c> company</c>

00:55:50.090 --> 00:55:50.100 align:start position:0%
know as we continue to grow the company
 

00:55:50.100 --> 00:55:53.430 align:start position:0%
know as we continue to grow the company
the<00:55:51.100><c> turkey</c><00:55:51.640><c> holders</c><00:55:51.970><c> like</c><00:55:52.660><c> will</c><00:55:52.960><c> benefit</c>

00:55:53.430 --> 00:55:53.440 align:start position:0%
the turkey holders like will benefit
 

00:55:53.440 --> 00:55:55.170 align:start position:0%
the turkey holders like will benefit
from<00:55:53.470><c> the</c><00:55:53.770><c> growth</c><00:55:53.980><c> of</c><00:55:54.130><c> our</c><00:55:54.280><c> economy</c><00:55:54.310><c> right</c>

00:55:55.170 --> 00:55:55.180 align:start position:0%
from the growth of our economy right
 

00:55:55.180 --> 00:55:57.780 align:start position:0%
from the growth of our economy right
like<00:55:55.720><c> that</c><00:55:55.960><c> there</c><00:55:56.530><c> is</c><00:55:56.560><c> value</c><00:55:56.800><c> capture</c><00:55:57.220><c> present</c>

00:55:57.780 --> 00:55:57.790 align:start position:0%
like that there is value capture present
 

00:55:57.790 --> 00:56:00.450 align:start position:0%
like that there is value capture present
in<00:55:57.880><c> the</c><00:55:58.000><c> protocol</c><00:55:58.390><c> right</c><00:55:59.050><c> and</c><00:55:59.260><c> further</c><00:56:00.040><c> the</c>

00:56:00.450 --> 00:56:00.460 align:start position:0%
in the protocol right and further the
 

00:56:00.460 --> 00:56:02.790 align:start position:0%
in the protocol right and further the
way<00:56:00.970><c> that</c><00:56:01.270><c> we've</c><00:56:01.420><c> launched</c><00:56:01.810><c> the</c><00:56:02.020><c> the</c><00:56:02.290><c> sole</c><00:56:02.620><c> the</c>

00:56:02.790 --> 00:56:02.800 align:start position:0%
way that we've launched the the sole the
 

00:56:02.800 --> 00:56:05.070 align:start position:0%
way that we've launched the the sole the
target<00:56:03.160><c> specifically</c><00:56:03.670><c> was</c><00:56:04.300><c> was</c><00:56:04.780><c> not</c>

00:56:05.070 --> 00:56:05.080 align:start position:0%
target specifically was was not
 

00:56:05.080 --> 00:56:07.350 align:start position:0%
target specifically was was not
intending<00:56:05.800><c> to</c><00:56:05.830><c> capture</c><00:56:06.460><c> as</c><00:56:06.550><c> much</c><00:56:06.790><c> of</c><00:56:06.850><c> the</c>

00:56:07.350 --> 00:56:07.360 align:start position:0%
intending to capture as much of the
 

00:56:07.360 --> 00:56:09.000 align:start position:0%
intending to capture as much of the
possible<00:56:07.900><c> value</c><00:56:08.230><c> on</c><00:56:08.380><c> the</c><00:56:08.470><c> table</c>

00:56:09.000 --> 00:56:09.010 align:start position:0%
possible value on the table
 

00:56:09.010 --> 00:56:11.820 align:start position:0%
possible value on the table
I<00:56:09.040><c> actually</c><00:56:09.700><c> launched</c><00:56:10.210><c> the</c><00:56:10.330><c> most</c><00:56:10.600><c> fair</c><00:56:11.140><c> I</c><00:56:11.410><c> CEO</c>

00:56:11.820 --> 00:56:11.830 align:start position:0%
I actually launched the most fair I CEO
 

00:56:11.830 --> 00:56:18.090 align:start position:0%
I actually launched the most fair I CEO
ever<00:56:12.780><c> and</c><00:56:13.780><c> I</c><00:56:14.230><c> could</c><00:56:14.350><c> say</c><00:56:14.470><c> that</c><00:56:14.620><c> it's</c><00:56:15.340><c> true</c><00:56:17.100><c> so</c>

00:56:18.090 --> 00:56:18.100 align:start position:0%
ever and I could say that it's true so
 

00:56:18.100 --> 00:56:21.120 align:start position:0%
ever and I could say that it's true so
the<00:56:18.520><c> way</c><00:56:18.910><c> we</c><00:56:19.120><c> designed</c><00:56:19.450><c> it</c><00:56:19.630><c> was</c><00:56:20.140><c> it</c><00:56:20.710><c> was</c><00:56:20.830><c> a</c>

00:56:21.120 --> 00:56:21.130 align:start position:0%
the way we designed it was it was a
 

00:56:21.130 --> 00:56:25.890 align:start position:0%
the way we designed it was it was a
single<00:56:21.820><c> round</c><00:56:22.090><c> blind</c><00:56:23.220><c> auction</c><00:56:24.220><c> and</c><00:56:24.790><c> so</c><00:56:25.480><c> you</c>

00:56:25.890 --> 00:56:25.900 align:start position:0%
single round blind auction and so you
 

00:56:25.900 --> 00:56:30.150 align:start position:0%
single round blind auction and so you
would<00:56:26.080><c> submit</c><00:56:26.350><c> the</c><00:56:28.050><c> series</c><00:56:29.050><c> of</c><00:56:29.320><c> bits</c><00:56:29.590><c> so</c><00:56:29.950><c> we</c>

00:56:30.150 --> 00:56:30.160 align:start position:0%
would submit the series of bits so we
 

00:56:30.160 --> 00:56:31.650 align:start position:0%
would submit the series of bits so we
actually<00:56:30.280><c> sort</c><00:56:30.610><c> of</c><00:56:30.700><c> used</c><00:56:30.880><c> state</c><00:56:31.090><c> channels</c><00:56:31.450><c> for</c>

00:56:31.650 --> 00:56:31.660 align:start position:0%
actually sort of used state channels for
 

00:56:31.660 --> 00:56:33.920 align:start position:0%
actually sort of used state channels for
this<00:56:31.840><c> outlet</c><00:56:32.080><c> state</c><00:56:32.350><c> channel</c><00:56:32.590><c> guide</c><00:56:32.770><c> census</c>

00:56:33.920 --> 00:56:33.930 align:start position:0%
this outlet state channel guide census
 

00:56:33.930 --> 00:56:36.120 align:start position:0%
this outlet state channel guide census
so<00:56:34.930><c> you</c><00:56:34.990><c> and</c><00:56:35.200><c> you</c><00:56:35.260><c> would</c><00:56:35.380><c> deposit</c><00:56:35.680><c> a</c><00:56:35.890><c> bunch</c><00:56:36.040><c> of</c>

00:56:36.120 --> 00:56:36.130 align:start position:0%
so you and you would deposit a bunch of
 

00:56:36.130 --> 00:56:38.090 align:start position:0%
so you and you would deposit a bunch of
your<00:56:36.280><c> either</c><00:56:36.430><c> on</c><00:56:36.790><c> to</c><00:56:36.940><c> the</c><00:56:37.060><c> contract</c><00:56:37.480><c> and</c>

00:56:38.090 --> 00:56:38.100 align:start position:0%
your either on to the contract and
 

00:56:38.100 --> 00:56:40.500 align:start position:0%
your either on to the contract and
afterwards<00:56:39.100><c> you</c><00:56:39.220><c> would</c><00:56:39.310><c> place</c><00:56:39.520><c> bids</c><00:56:39.880><c> which</c><00:56:40.390><c> we</c>

00:56:40.500 --> 00:56:40.510 align:start position:0%
afterwards you would place bids which we
 

00:56:40.510 --> 00:56:42.660 align:start position:0%
afterwards you would place bids which we
have<00:56:40.660><c> the</c><00:56:40.750><c> price</c><00:56:40.990><c> and</c><00:56:41.260><c> the</c><00:56:41.320><c> quantity</c><00:56:41.560><c> and</c><00:56:42.520><c> so</c>

00:56:42.660 --> 00:56:42.670 align:start position:0%
have the price and the quantity and so
 

00:56:42.670 --> 00:56:44.160 align:start position:0%
have the price and the quantity and so
it'd<00:56:42.940><c> be</c><00:56:43.090><c> the</c><00:56:43.180><c> amount</c><00:56:43.510><c> of</c><00:56:43.600><c> spank</c><00:56:43.870><c> that</c><00:56:44.080><c> you</c>

00:56:44.160 --> 00:56:44.170 align:start position:0%
it'd be the amount of spank that you
 

00:56:44.170 --> 00:56:46.420 align:start position:0%
it'd be the amount of spank that you
wanted<00:56:44.500><c> and</c><00:56:44.770><c> the</c><00:56:45.160><c> price</c><00:56:45.340><c> of</c><00:56:45.490><c> rolling</c><00:56:45.760><c> paper</c>

00:56:46.420 --> 00:56:46.430 align:start position:0%
wanted and the price of rolling paper
 

00:56:46.430 --> 00:56:49.480 align:start position:0%
wanted and the price of rolling paper
many<00:56:47.030><c> of</c><00:56:47.180><c> those</c><00:56:47.329><c> up</c><00:56:47.630><c> to</c><00:56:47.900><c> the</c><00:56:48.170><c> total</c><00:56:48.589><c> deposit</c><00:56:49.220><c> in</c>

00:56:49.480 --> 00:56:49.490 align:start position:0%
many of those up to the total deposit in
 

00:56:49.490 --> 00:56:51.640 align:start position:0%
many of those up to the total deposit in
place<00:56:49.700><c> and</c><00:56:50.000><c> not</c><00:56:50.390><c> approximated</c><00:56:51.109><c> your</c><00:56:51.230><c> demand</c>

00:56:51.640 --> 00:56:51.650 align:start position:0%
place and not approximated your demand
 

00:56:51.650 --> 00:56:54.130 align:start position:0%
place and not approximated your demand
curve<00:56:52.010><c> right</c><00:56:52.760><c> and</c><00:56:53.000><c> so</c><00:56:53.390><c> then</c><00:56:53.540><c> what</c><00:56:53.599><c> we</c><00:56:53.750><c> did</c><00:56:53.900><c> is</c>

00:56:54.130 --> 00:56:54.140 align:start position:0%
curve right and so then what we did is
 

00:56:54.140 --> 00:56:57.270 align:start position:0%
curve right and so then what we did is
we<00:56:54.460><c> we</c><00:56:55.460><c> got</c><00:56:55.609><c> all</c><00:56:55.819><c> of</c><00:56:55.940><c> those</c><00:56:56.059><c> bids</c><00:56:56.329><c> together</c><00:56:56.660><c> and</c>

00:56:57.270 --> 00:56:57.280 align:start position:0%
we we got all of those bids together and
 

00:56:57.280 --> 00:57:00.700 align:start position:0%
we we got all of those bids together and
we<00:56:58.280><c> we</c><00:56:59.180><c> had</c><00:56:59.329><c> our</c><00:56:59.450><c> own</c><00:56:59.569><c> supply</c><00:56:59.960><c> curve</c><00:57:00.230><c> which</c><00:57:00.559><c> was</c>

00:57:00.700 --> 00:57:00.710 align:start position:0%
we we had our own supply curve which was
 

00:57:00.710 --> 00:57:02.049 align:start position:0%
we we had our own supply curve which was
the<00:57:01.040><c> amount</c><00:57:01.280><c> of</c><00:57:01.339><c> tokens</c><00:57:01.700><c> that</c><00:57:01.819><c> we</c><00:57:01.970><c> were</c>

00:57:02.049 --> 00:57:02.059 align:start position:0%
the amount of tokens that we were
 

00:57:02.059 --> 00:57:04.030 align:start position:0%
the amount of tokens that we were
willing<00:57:02.359><c> to</c><00:57:02.390><c> sell</c><00:57:02.720><c> at</c><00:57:02.750><c> each</c><00:57:02.960><c> price</c><00:57:03.260><c> we</c><00:57:03.740><c> figured</c>

00:57:04.030 --> 00:57:04.040 align:start position:0%
willing to sell at each price we figured
 

00:57:04.040 --> 00:57:06.130 align:start position:0%
willing to sell at each price we figured
out<00:57:04.160><c> where</c><00:57:04.339><c> those</c><00:57:04.460><c> matched</c><00:57:04.880><c> we</c><00:57:05.569><c> picked</c><00:57:05.900><c> a</c>

00:57:06.130 --> 00:57:06.140 align:start position:0%
out where those matched we picked a
 

00:57:06.140 --> 00:57:08.290 align:start position:0%
out where those matched we picked a
strike<00:57:06.800><c> price</c><00:57:06.950><c> and</c><00:57:07.309><c> then</c><00:57:07.640><c> we</c><00:57:07.760><c> gave</c><00:57:07.940><c> everybody</c>

00:57:08.290 --> 00:57:08.300 align:start position:0%
strike price and then we gave everybody
 

00:57:08.300 --> 00:57:12.280 align:start position:0%
strike price and then we gave everybody
the<00:57:08.630><c> same</c><00:57:08.780><c> price</c><00:57:09.050><c> and</c><00:57:09.530><c> so</c><00:57:10.430><c> we</c><00:57:10.819><c> resold</c><00:57:11.569><c> 30%</c><00:57:12.230><c> of</c>

00:57:12.280 --> 00:57:12.290 align:start position:0%
the same price and so we resold 30% of
 

00:57:12.290 --> 00:57:14.859 align:start position:0%
the same price and so we resold 30% of
the<00:57:12.349><c> tokens</c><00:57:12.710><c> and</c><00:57:13.670><c> raised</c><00:57:14.329><c> six</c><00:57:14.690><c> and</c><00:57:14.809><c> a</c><00:57:14.839><c> half</c>

00:57:14.859 --> 00:57:14.869 align:start position:0%
the tokens and raised six and a half
 

00:57:14.869 --> 00:57:17.710 align:start position:0%
the tokens and raised six and a half
million<00:57:15.170><c> dollars</c><00:57:15.440><c> and</c><00:57:16.000><c> the</c><00:57:17.000><c> benefit</c><00:57:17.540><c> of</c><00:57:17.630><c> doing</c>

00:57:17.710 --> 00:57:17.720 align:start position:0%
million dollars and the benefit of doing
 

00:57:17.720 --> 00:57:20.049 align:start position:0%
million dollars and the benefit of doing
it<00:57:17.900><c> that</c><00:57:17.960><c> way</c><00:57:18.109><c> is</c><00:57:18.230><c> it</c><00:57:18.470><c> you</c><00:57:18.859><c> know</c><00:57:18.950><c> even</c><00:57:19.339><c> it</c><00:57:19.460><c> like</c>

00:57:20.049 --> 00:57:20.059 align:start position:0%
it that way is it you know even it like
 

00:57:20.059 --> 00:57:22.569 align:start position:0%
it that way is it you know even it like
in<00:57:20.180><c> the</c><00:57:20.300><c> best</c><00:57:20.450><c> case</c><00:57:20.720><c> the</c><00:57:20.960><c> tokens</c><00:57:21.319><c> up</c><00:57:21.440><c> 30x</c><00:57:21.950><c> from</c>

00:57:22.569 --> 00:57:22.579 align:start position:0%
in the best case the tokens up 30x from
 

00:57:22.579 --> 00:57:25.059 align:start position:0%
in the best case the tokens up 30x from
the<00:57:23.000><c> sale</c><00:57:23.240><c> and</c><00:57:24.020><c> in</c><00:57:24.200><c> the</c><00:57:24.290><c> worst</c><00:57:24.500><c> case</c><00:57:24.710><c> it's</c><00:57:24.920><c> down</c>

00:57:25.059 --> 00:57:25.069 align:start position:0%
the sale and in the worst case it's down
 

00:57:25.069 --> 00:57:27.790 align:start position:0%
the sale and in the worst case it's down
about<00:57:25.339><c> 4x</c><00:57:25.790><c> right</c><00:57:26.569><c> and</c><00:57:26.750><c> so</c><00:57:26.869><c> it's</c><00:57:26.990><c> like</c><00:57:27.109><c> you</c><00:57:27.770><c> know</c>

00:57:27.790 --> 00:57:27.800 align:start position:0%
about 4x right and so it's like you know
 

00:57:27.800 --> 00:57:30.250 align:start position:0%
about 4x right and so it's like you know
you<00:57:28.010><c> give</c><00:57:28.400><c> some</c><00:57:28.700><c> token</c><00:57:29.210><c> sales</c><00:57:29.480><c> that</c><00:57:29.780><c> were</c><00:57:29.900><c> so</c>

00:57:30.250 --> 00:57:30.260 align:start position:0%
you give some token sales that were so
 

00:57:30.260 --> 00:57:31.059 align:start position:0%
you give some token sales that were so
exploitive

00:57:31.059 --> 00:57:31.069 align:start position:0%
exploitive
 

00:57:31.069 --> 00:57:34.930 align:start position:0%
exploitive
that<00:57:31.670><c> they're</c><00:57:32.059><c> down</c><00:57:33.160><c> 99%</c><00:57:34.160><c> from</c><00:57:34.460><c> the</c><00:57:34.640><c> point</c><00:57:34.880><c> of</c>

00:57:34.930 --> 00:57:34.940 align:start position:0%
that they're down 99% from the point of
 

00:57:34.940 --> 00:57:39.460 align:start position:0%
that they're down 99% from the point of
the<00:57:35.089><c> sale</c><00:57:35.300><c> and</c><00:57:35.630><c> so</c><00:57:36.559><c> you</c><00:57:37.250><c> know</c><00:57:38.260><c> what</c><00:57:39.260><c> when</c>

00:57:39.460 --> 00:57:39.470 align:start position:0%
the sale and so you know what when
 

00:57:39.470 --> 00:57:40.690 align:start position:0%
the sale and so you know what when
you're<00:57:39.680><c> talking</c><00:57:40.010><c> about</c><00:57:40.099><c> these</c><00:57:40.280><c> don't</c><00:57:40.460><c> try</c><00:57:40.640><c> to</c>

00:57:40.690 --> 00:57:40.700 align:start position:0%
you're talking about these don't try to
 

00:57:40.700 --> 00:57:43.150 align:start position:0%
you're talking about these don't try to
lump<00:57:40.970><c> everything</c><00:57:41.329><c> into</c><00:57:41.630><c> a</c><00:57:41.660><c> category</c><00:57:42.020><c> even</c><00:57:42.829><c> if</c>

00:57:43.150 --> 00:57:43.160 align:start position:0%
lump everything into a category even if
 

00:57:43.160 --> 00:57:46.170 align:start position:0%
lump everything into a category even if
it<00:57:43.309><c> is</c><00:57:43.430><c> a</c><00:57:43.970><c> dating</c><00:57:44.869><c> app</c><00:57:44.990><c> or</c>

00:57:46.170 --> 00:57:46.180 align:start position:0%
it is a dating app or
 

00:57:46.180 --> 00:57:51.069 align:start position:0%
it is a dating app or
and<00:57:47.180><c> just</c><00:57:47.359><c> just</c><00:57:47.869><c> add</c><00:57:48.079><c> on</c><00:57:48.290><c> that</c><00:57:49.869><c> based</c><00:57:50.869><c> on</c>

00:57:51.069 --> 00:57:51.079 align:start position:0%
and just just add on that based on
 

00:57:51.079 --> 00:57:53.549 align:start position:0%
and just just add on that based on
Twitter<00:57:51.440><c> about</c><00:57:51.920><c> two</c><00:57:52.190><c> months</c><00:57:52.460><c> ago</c><00:57:52.520><c> about</c><00:57:52.880><c> how</c>

00:57:53.549 --> 00:57:53.559 align:start position:0%
Twitter about two months ago about how
 

00:57:53.559 --> 00:57:56.589 align:start position:0%
Twitter about two months ago about how
all<00:57:54.559><c> tickets</c><00:57:55.010><c> are</c><00:57:55.130><c> not</c><00:57:55.280><c> equal</c><00:57:55.700><c> and</c><00:57:55.910><c> we</c><00:57:56.359><c> really</c>

00:57:56.589 --> 00:57:56.599 align:start position:0%
all tickets are not equal and we really
 

00:57:56.599 --> 00:57:59.349 align:start position:0%
all tickets are not equal and we really
need<00:57:56.750><c> a</c><00:57:57.079><c> decentralized</c><00:57:57.920><c> rating</c><00:57:58.369><c> agency</c><00:57:58.940><c> to</c>

00:57:59.349 --> 00:57:59.359 align:start position:0%
need a decentralized rating agency to
 

00:57:59.359 --> 00:58:03.329 align:start position:0%
need a decentralized rating agency to
raid<00:57:59.960><c> the</c><00:58:00.290><c> triple-a</c><00:58:01.240><c> checkpoints</c><00:58:02.240><c> from</c><00:58:02.540><c> the</c>

00:58:03.329 --> 00:58:03.339 align:start position:0%
raid the triple-a checkpoints from the
 

00:58:03.339 --> 00:58:07.210 align:start position:0%
raid the triple-a checkpoints from the
horseshit<00:58:04.339><c> coins</c><00:58:04.869><c> and</c><00:58:05.869><c> and</c><00:58:06.319><c> so</c><00:58:06.799><c> the</c><00:58:06.890><c> problem</c>

00:58:07.210 --> 00:58:07.220 align:start position:0%
horseshit coins and and so the problem
 

00:58:07.220 --> 00:58:08.650 align:start position:0%
horseshit coins and and so the problem
with<00:58:07.369><c> that</c><00:58:07.520><c> is</c><00:58:07.760><c> when</c><00:58:07.940><c> you</c><00:58:08.030><c> create</c><00:58:08.210><c> a</c><00:58:08.240><c> ratings</c>

00:58:08.650 --> 00:58:08.660 align:start position:0%
with that is when you create a ratings
 

00:58:08.660 --> 00:58:11.349 align:start position:0%
with that is when you create a ratings
agency<00:58:09.200><c> well</c><00:58:09.349><c> how</c><00:58:09.500><c> do</c><00:58:09.559><c> you</c><00:58:09.819><c> prevent</c><00:58:10.819><c> capture</c>

00:58:11.349 --> 00:58:11.359 align:start position:0%
agency well how do you prevent capture
 

00:58:11.359 --> 00:58:14.140 align:start position:0%
agency well how do you prevent capture
of<00:58:11.510><c> that</c><00:58:11.540><c> ratings</c><00:58:12.109><c> agency</c><00:58:12.740><c> to</c><00:58:13.220><c> you</c><00:58:13.970><c> know</c><00:58:14.059><c> you</c>

00:58:14.140 --> 00:58:14.150 align:start position:0%
of that ratings agency to you know you
 

00:58:14.150 --> 00:58:17.109 align:start position:0%
of that ratings agency to you know you
give<00:58:14.960><c> them</c><00:58:15.140><c> a</c><00:58:15.200><c> bribe</c><00:58:15.440><c> and</c><00:58:15.799><c> they</c><00:58:16.670><c> rate</c><00:58:16.880><c> your</c>

00:58:17.109 --> 00:58:17.119 align:start position:0%
give them a bribe and they rate your
 

00:58:17.119 --> 00:58:18.670 align:start position:0%
give them a bribe and they rate your
your<00:58:17.690><c> clean</c>

00:58:18.670 --> 00:58:18.680 align:start position:0%
your clean
 

00:58:18.680 --> 00:58:23.410 align:start position:0%
your clean
higher<00:58:19.549><c> and</c><00:58:20.240><c> so</c><00:58:21.430><c> so</c><00:58:22.430><c> I</c><00:58:22.730><c> think</c><00:58:23.150><c> it</c><00:58:23.240><c> would</c><00:58:23.329><c> be</c>

00:58:23.410 --> 00:58:23.420 align:start position:0%
higher and so so I think it would be
 

00:58:23.420 --> 00:58:25.390 align:start position:0%
higher and so so I think it would be
interesting<00:58:23.749><c> to</c><00:58:24.200><c> see</c><00:58:24.380><c> a</c><00:58:24.710><c> trusted</c><00:58:25.249><c> community</c>

00:58:25.390 --> 00:58:25.400 align:start position:0%
interesting to see a trusted community
 

00:58:25.400 --> 00:58:29.380 align:start position:0%
interesting to see a trusted community
source<00:58:25.999><c> then</c><00:58:26.420><c> that</c><00:58:26.839><c> can</c><00:58:26.990><c> separate</c><00:58:27.589><c> the</c><00:58:28.390><c> the</c>

00:58:29.380 --> 00:58:29.390 align:start position:0%
source then that can separate the the
 

00:58:29.390 --> 00:58:31.029 align:start position:0%
source then that can separate the the
worst<00:58:29.569><c> chickens</c><00:58:30.019><c> from</c><00:58:30.259><c> the</c><00:58:30.380><c> best</c><00:58:30.559><c> ones</c><00:58:30.769><c> and</c>

00:58:31.029 --> 00:58:31.039 align:start position:0%
worst chickens from the best ones and
 

00:58:31.039 --> 00:58:33.370 align:start position:0%
worst chickens from the best ones and
you<00:58:31.970><c> know</c><00:58:32.059><c> I</c><00:58:32.119><c> think</c><00:58:32.210><c> it</c><00:58:32.420><c> means</c><00:58:32.599><c> the</c><00:58:33.019><c> way</c><00:58:33.170><c> being</c>

00:58:33.370 --> 00:58:33.380 align:start position:0%
you know I think it means the way being
 

00:58:33.380 --> 00:58:35.380 align:start position:0%
you know I think it means the way being
framed<00:58:33.619><c> it</c><00:58:33.829><c> as</c><00:58:33.950><c> being</c><00:58:34.519><c> down</c><00:58:34.670><c> for</c><00:58:34.940><c> X</c><00:58:35.089><c> it's</c><00:58:35.299><c> way</c>

00:58:35.380 --> 00:58:35.390 align:start position:0%
framed it as being down for X it's way
 

00:58:35.390 --> 00:58:36.549 align:start position:0%
framed it as being down for X it's way
different<00:58:35.539><c> than</c><00:58:35.749><c> being</c><00:58:35.960><c> down</c><00:58:36.200><c> then</c><00:58:36.410><c> you</c><00:58:36.529><c> know</c>

00:58:36.549 --> 00:58:36.559 align:start position:0%
different than being down then you know
 

00:58:36.559 --> 00:58:38.650 align:start position:0%
different than being down then you know
percent<00:58:37.099><c> and</c><00:58:37.220><c> I</c><00:58:37.249><c> agree</c><00:58:37.490><c> with</c><00:58:37.519><c> that</c><00:58:37.730><c> the</c><00:58:38.420><c> UM</c>

00:58:38.650 --> 00:58:38.660 align:start position:0%
percent and I agree with that the UM
 

00:58:38.660 --> 00:58:40.450 align:start position:0%
percent and I agree with that the UM
someone<00:58:39.319><c> I</c><00:58:39.470><c> was</c><00:58:39.529><c> talking</c><00:58:39.829><c> someone</c><00:58:40.009><c> to</c><00:58:40.099><c> do</c><00:58:40.220><c> for</c>

00:58:40.450 --> 00:58:40.460 align:start position:0%
someone I was talking someone to do for
 

00:58:40.460 --> 00:58:42.839 align:start position:0%
someone I was talking someone to do for
Lynn<00:58:40.609><c> who</c><00:58:40.849><c> is</c><00:58:40.999><c> saying</c><00:58:41.240><c> Oh</c><00:58:41.509><c> multi-floral</c><00:58:42.499><c> die</c>

00:58:42.839 --> 00:58:42.849 align:start position:0%
Lynn who is saying Oh multi-floral die
 

00:58:42.849 --> 00:58:45.900 align:start position:0%
Lynn who is saying Oh multi-floral die
with<00:58:43.849><c> maker</c><00:58:44.119><c> is</c><00:58:44.299><c> gonna</c><00:58:44.569><c> be</c><00:58:44.749><c> that</c><00:58:44.960><c> so</c><00:58:45.710><c> basically</c>

00:58:45.900 --> 00:58:45.910 align:start position:0%
with maker is gonna be that so basically
 

00:58:45.910 --> 00:58:48.940 align:start position:0%
with maker is gonna be that so basically
right<00:58:46.910><c> now</c><00:58:46.970><c> the</c><00:58:47.150><c> collateral</c><00:58:47.869><c> in</c><00:58:48.200><c> maker</c><00:58:48.440><c> that</c>

00:58:48.940 --> 00:58:48.950 align:start position:0%
right now the collateral in maker that
 

00:58:48.950 --> 00:58:51.489 align:start position:0%
right now the collateral in maker that
that<00:58:49.430><c> makes</c><00:58:49.670><c> die</c><00:58:49.910><c> into</c><00:58:50.539><c> a</c><00:58:50.569><c> simple</c><00:58:50.900><c> gland</c><00:58:51.140><c> is</c><00:58:51.289><c> he</c>

00:58:51.489 --> 00:58:51.499 align:start position:0%
that makes die into a simple gland is he
 

00:58:51.499 --> 00:58:54.970 align:start position:0%
that makes die into a simple gland is he
and<00:58:51.799><c> that</c><00:58:52.759><c> single</c><00:58:53.180><c> collateral</c><00:58:53.390><c> died</c><00:58:53.779><c> and</c><00:58:54.259><c> in</c>

00:58:54.970 --> 00:58:54.980 align:start position:0%
and that single collateral died and in
 

00:58:54.980 --> 00:58:58.539 align:start position:0%
and that single collateral died and in
the<00:58:55.190><c> future</c><00:58:55.549><c> we're</c><00:58:56.150><c> gonna</c><00:58:56.240><c> have</c><00:58:56.569><c> logger</c><00:58:57.200><c> or</c><00:58:57.799><c> I</c>

00:58:58.539 --> 00:58:58.549 align:start position:0%
the future we're gonna have logger or I
 

00:58:58.549 --> 00:59:00.339 align:start position:0%
the future we're gonna have logger or I
forget<00:58:59.059><c> what</c><00:58:59.480><c> what</c><00:58:59.690><c> tokens</c><00:59:00.049><c> are</c><00:59:00.140><c> gonna</c><00:59:00.230><c> be</c>

00:59:00.339 --> 00:59:00.349 align:start position:0%
forget what what tokens are gonna be
 

00:59:00.349 --> 00:59:02.170 align:start position:0%
forget what what tokens are gonna be
launched<00:59:00.650><c> in</c><00:59:00.740><c> multi</c><00:59:01.009><c> collateral</c><00:59:01.430><c> die</c><00:59:01.609><c> but</c><00:59:02.119><c> you</c>

00:59:02.170 --> 00:59:02.180 align:start position:0%
launched in multi collateral die but you
 

00:59:02.180 --> 00:59:05.289 align:start position:0%
launched in multi collateral die but you
can<00:59:02.329><c> basically</c><00:59:02.509><c> look</c><00:59:03.019><c> as</c><00:59:03.890><c> as</c><00:59:04.430><c> more</c><00:59:04.819><c> tokens</c><00:59:05.180><c> or</c>

00:59:05.289 --> 00:59:05.299 align:start position:0%
can basically look as as more tokens or
 

00:59:05.299 --> 00:59:08.319 align:start position:0%
can basically look as as more tokens or
States<00:59:05.569><c> to</c><00:59:06.019><c> create</c><00:59:06.259><c> diet</c><00:59:06.740><c> and</c><00:59:07.329><c> makers</c>

00:59:08.319 --> 00:59:08.329 align:start position:0%
States to create diet and makers
 

00:59:08.329 --> 00:59:11.769 align:start position:0%
States to create diet and makers
economics<00:59:08.930><c> at</c><00:59:09.890><c> the</c><00:59:10.490><c> different</c><00:59:10.970><c> attributes</c><00:59:11.509><c> of</c>

00:59:11.769 --> 00:59:11.779 align:start position:0%
economics at the different attributes of
 

00:59:11.779 --> 00:59:14.259 align:start position:0%
economics at the different attributes of
of<00:59:12.200><c> those</c><00:59:13.009><c> markets</c><00:59:13.519><c> and</c><00:59:13.759><c> then</c><00:59:13.880><c> you</c><00:59:13.970><c> can</c><00:59:14.089><c> use</c>

00:59:14.259 --> 00:59:14.269 align:start position:0%
of those markets and then you can use
 

00:59:14.269 --> 00:59:17.079 align:start position:0%
of those markets and then you can use
that<00:59:14.299><c> to</c><00:59:15.079><c> approximate</c><00:59:15.680><c> a</c><00:59:15.710><c> rating</c><00:59:16.190><c> for</c><00:59:16.640><c> each</c><00:59:16.849><c> of</c>

00:59:17.079 --> 00:59:17.089 align:start position:0%
that to approximate a rating for each of
 

00:59:17.089 --> 00:59:20.529 align:start position:0%
that to approximate a rating for each of
those<00:59:17.210><c> tokens</c><00:59:17.509><c> based</c><00:59:18.380><c> off</c><00:59:18.619><c> volume</c><00:59:19.069><c> and</c><00:59:19.539><c> the</c>

00:59:20.529 --> 00:59:20.539 align:start position:0%
those tokens based off volume and the
 

00:59:20.539 --> 00:59:23.140 align:start position:0%
those tokens based off volume and the
flow<00:59:20.779><c> of</c><00:59:20.809><c> the</c><00:59:21.140><c> tokens</c><00:59:21.499><c> in</c><00:59:21.710><c> multi</c><00:59:22.039><c> bundles</c><00:59:22.430><c> I</c><00:59:22.549><c> so</c>

00:59:23.140 --> 00:59:23.150 align:start position:0%
flow of the tokens in multi bundles I so
 

00:59:23.150 --> 00:59:26.319 align:start position:0%
flow of the tokens in multi bundles I so
I<00:59:23.869><c> guess</c><00:59:24.529><c> the</c><00:59:24.710><c> to</c><00:59:25.430><c> some</c><00:59:25.670><c> of</c><00:59:25.759><c> my</c><00:59:25.880><c> point</c><00:59:26.119><c> two</c>

00:59:26.319 --> 00:59:26.329 align:start position:0%
I guess the to some of my point two
 

00:59:26.329 --> 00:59:29.079 align:start position:0%
I guess the to some of my point two
points<00:59:26.829><c> decentralized</c><00:59:27.829><c> rating</c><00:59:28.220><c> agency</c><00:59:28.789><c> will</c>

00:59:29.079 --> 00:59:29.089 align:start position:0%
points decentralized rating agency will
 

00:59:29.089 --> 00:59:31.960 align:start position:0%
points decentralized rating agency will
be<00:59:29.210><c> important</c><00:59:29.720><c> it</c><00:59:30.230><c> will</c><00:59:30.589><c> and</c><00:59:31.069><c> making</c><00:59:31.849><c> sure</c>

00:59:31.960 --> 00:59:31.970 align:start position:0%
be important it will and making sure
 

00:59:31.970 --> 00:59:33.640 align:start position:0%
be important it will and making sure
that<00:59:32.119><c> it's</c><00:59:32.299><c> not</c><00:59:32.720><c> capturable</c><00:59:33.259><c> will</c><00:59:33.529><c> be</c>

00:59:33.640 --> 00:59:33.650 align:start position:0%
that it's not capturable will be
 

00:59:33.650 --> 00:59:35.229 align:start position:0%
that it's not capturable will be
important<00:59:34.069><c> and</c><00:59:34.249><c> maybe</c><00:59:34.369><c> multi</c><00:59:34.789><c> collateral</c>

00:59:35.229 --> 00:59:35.239 align:start position:0%
important and maybe multi collateral
 

00:59:35.239 --> 00:59:36.849 align:start position:0%
important and maybe multi collateral
died<00:59:35.390><c> couldn't</c><00:59:36.019><c> do</c><00:59:36.079><c> that</c>

00:59:36.849 --> 00:59:36.859 align:start position:0%
died couldn't do that
 

00:59:36.859 --> 00:59:39.440 align:start position:0%
died couldn't do that
it<00:59:37.859><c> already</c><00:59:38.010><c> started</c><00:59:38.220><c> it's</c><00:59:38.760><c> not</c><00:59:38.970><c> facility</c>

00:59:39.440 --> 00:59:39.450 align:start position:0%
it already started it's not facility
 

00:59:39.450 --> 00:59:42.320 align:start position:0%
it already started it's not facility
centralized<00:59:39.990><c> but</c><00:59:40.550><c> he</c><00:59:41.550><c> was</c><00:59:41.670><c> two</c><00:59:41.849><c> weeks</c><00:59:42.000><c> ago</c>

00:59:42.320 --> 00:59:42.330 align:start position:0%
centralized but he was two weeks ago
 

00:59:42.330 --> 00:59:45.230 align:start position:0%
centralized but he was two weeks ago
when<00:59:43.140><c> they</c><00:59:43.320><c> said</c><00:59:43.530><c> Hall</c><00:59:43.740><c> is</c><00:59:44.119><c> creating</c><00:59:45.119><c> a</c>

00:59:45.230 --> 00:59:45.240 align:start position:0%
when they said Hall is creating a
 

00:59:45.240 --> 00:59:48.890 align:start position:0%
when they said Hall is creating a
reading<00:59:45.599><c> to</c><00:59:46.560><c> define</c><00:59:47.070><c> if</c><00:59:47.970><c> something's</c><00:59:48.450><c> the</c>

00:59:48.890 --> 00:59:48.900 align:start position:0%
reading to define if something's the
 

00:59:48.900 --> 00:59:52.370 align:start position:0%
reading to define if something's the
utility<00:59:49.410><c> or</c><00:59:49.619><c> security</c><00:59:50.400><c> and</c><00:59:51.060><c> I</c><00:59:51.450><c> think</c><00:59:51.660><c> that's</c><00:59:52.020><c> a</c>

00:59:52.370 --> 00:59:52.380 align:start position:0%
utility or security and I think that's a
 

00:59:52.380 --> 00:59:58.150 align:start position:0%
utility or security and I think that's a
step<00:59:53.070><c> in</c><00:59:53.099><c> the</c><00:59:53.280><c> right</c><00:59:53.369><c> direction</c>

00:59:58.150 --> 00:59:58.160 align:start position:0%
 
 

00:59:58.160 --> 01:00:00.530 align:start position:0%
 
that<00:59:59.160><c> was</c><00:59:59.310><c> ridiculous</c><00:59:59.700><c> now</c><01:00:00.090><c> that</c><01:00:00.240><c> he's</c><01:00:00.359><c> not</c>

01:00:00.530 --> 01:00:00.540 align:start position:0%
that was ridiculous now that he's not
 

01:00:00.540 --> 01:00:04.670 align:start position:0%
that was ridiculous now that he's not
very<01:00:00.690><c> much</c>

01:00:04.670 --> 01:00:04.680 align:start position:0%
 
 

01:00:04.680 --> 01:00:08.310 align:start position:0%
 
from<01:00:05.680><c> a</c><01:00:05.770><c> high</c><01:00:05.890><c> level</c><01:00:06.510><c> interesting</c><01:00:07.510><c> you</c><01:00:08.230><c> know</c>

01:00:08.310 --> 01:00:08.320 align:start position:0%
from a high level interesting you know
 

01:00:08.320 --> 01:00:09.750 align:start position:0%
from a high level interesting you know
just<01:00:08.650><c> supposing</c><01:00:09.160><c> it's</c><01:00:09.310><c> our</c><01:00:09.460><c> previous</c>

01:00:09.750 --> 01:00:09.760 align:start position:0%
just supposing it's our previous
 

01:00:09.760 --> 01:00:12.990 align:start position:0%
just supposing it's our previous
discussion<01:00:10.270><c> of</c><01:00:10.359><c> PCs</c><01:00:10.750><c> and</c><01:00:10.900><c> happened</c><01:00:11.230><c> a</c><01:00:11.349><c> fine</c>

01:00:12.990 --> 01:00:13.000 align:start position:0%
discussion of PCs and happened a fine
 

01:00:13.000 --> 01:00:15.060 align:start position:0%
discussion of PCs and happened a fine
sois<01:00:13.810><c> not</c><01:00:14.170><c> necessary</c>

01:00:15.060 --> 01:00:15.070 align:start position:0%
sois not necessary
 

01:00:15.070 --> 01:00:17.580 align:start position:0%
sois not necessary
model-driven<01:00:15.760><c> yeah</c><01:00:16.300><c> I</c><01:00:16.900><c> think</c><01:00:17.410><c> it's</c>

01:00:17.580 --> 01:00:17.590 align:start position:0%
model-driven yeah I think it's
 

01:00:17.590 --> 01:00:18.350 align:start position:0%
model-driven yeah I think it's
interesting

01:00:18.350 --> 01:00:18.360 align:start position:0%
interesting
 

01:00:18.360 --> 01:00:21.610 align:start position:0%
interesting
20<01:00:18.570><c> over</c><01:00:18.780><c> 11</c><01:00:19.260><c> Toki</c><01:00:19.890><c> prices</c><01:00:20.370><c> like</c><01:00:20.550><c> you</c>

01:00:21.610 --> 01:00:21.620 align:start position:0%
20 over 11 Toki prices like you
 

01:00:21.620 --> 01:00:24.700 align:start position:0%
20 over 11 Toki prices like you
a<01:00:21.850><c> token</c><01:00:22.850><c> model</c><01:00:23.180><c> I</c><01:00:23.390><c> think</c><01:00:24.050><c> that</c><01:00:24.200><c> really</c><01:00:24.590><c> goes</c>

01:00:24.700 --> 01:00:24.710 align:start position:0%
a token model I think that really goes
 

01:00:24.710 --> 01:00:28.270 align:start position:0%
a token model I think that really goes
against<01:00:25.250><c> what</c><01:00:25.460><c> we're</c><01:00:25.640><c> saying</c><01:00:25.820><c> we're</c><01:00:26.150><c> token</c>

01:00:28.270 --> 01:00:28.280 align:start position:0%
against what we're saying we're token
 

01:00:28.280 --> 01:00:33.740 align:start position:0%
against what we're saying we're token
like<01:00:28.670><c> I</c><01:00:29.270><c> need</c><01:00:29.450><c> is</c><01:00:29.630><c> good</c><01:00:29.960><c> or</c><01:00:30.800><c> you</c><01:00:31.670><c> know</c>

01:00:33.740 --> 01:00:33.750 align:start position:0%
like I need is good or you know
 

01:00:33.750 --> 01:00:35.540 align:start position:0%
like I need is good or you know
really<01:00:33.960><c> in</c><01:00:34.080><c> fact</c><01:00:34.349><c> people</c><01:00:34.710><c> who</c><01:00:34.950><c> are</c><01:00:35.040><c> funny</c>

01:00:35.540 --> 01:00:35.550 align:start position:0%
really in fact people who are funny
 

01:00:35.550 --> 01:00:37.520 align:start position:0%
really in fact people who are funny
are<01:00:35.970><c> they</c><01:00:36.090><c> just</c><01:00:36.240><c> looking</c><01:00:36.390><c> for</c><01:00:36.690><c> a</c><01:00:36.720><c> return</c><01:00:37.020><c> that</c>

01:00:37.520 --> 01:00:37.530 align:start position:0%
are they just looking for a return that
 

01:00:37.530 --> 01:00:41.990 align:start position:0%
are they just looking for a return that
went<01:00:37.710><c> to</c><01:00:37.770><c> bring</c><01:00:37.920><c> expectant</c><01:00:38.490><c> mothers</c><01:00:40.700><c> and</c><01:00:41.700><c> so</c><01:00:41.970><c> I</c>

01:00:41.990 --> 01:00:42.000 align:start position:0%
went to bring expectant mothers and so I
 

01:00:42.000 --> 01:00:44.740 align:start position:0%
went to bring expectant mothers and so I
think<01:00:42.300><c> it's</c><01:00:42.660><c> very</c><01:00:43.280><c> important</c><01:00:44.280><c> to</c><01:00:44.310><c> think</c><01:00:44.550><c> about</c>

01:00:44.740 --> 01:00:44.750 align:start position:0%
think it's very important to think about
 

01:00:44.750 --> 01:00:48.730 align:start position:0%
think it's very important to think about
why<01:00:45.750><c> you're</c><01:00:45.960><c> raising</c><01:00:46.200><c> money</c>

01:00:48.730 --> 01:00:48.740 align:start position:0%
 
 

01:00:48.740 --> 01:00:51.849 align:start position:0%
 
that's<01:00:49.310><c> expected</c><01:00:49.760><c> a</c><01:00:50.060><c> Western</c><01:00:50.930><c> think</c><01:00:51.530><c> you</c><01:00:51.650><c> are</c>

01:00:51.849 --> 01:00:51.859 align:start position:0%
that's expected a Western think you are
 

01:00:51.859 --> 01:00:53.390 align:start position:0%
that's expected a Western think you are
and<01:00:52.160><c> you</c><01:00:52.220><c> can't</c><01:00:52.430><c> sell</c>

01:00:53.390 --> 01:00:53.400 align:start position:0%
and you can't sell
 

01:00:53.400 --> 01:00:57.000 align:start position:0%
and you can't sell
please

01:00:57.000 --> 01:00:57.010 align:start position:0%
 
 

01:00:57.010 --> 01:01:01.009 align:start position:0%
 
I<01:00:57.180><c> think</c><01:00:58.180><c> from</c><01:00:58.300><c> that</c><01:00:58.330><c> level</c>

01:01:01.009 --> 01:01:01.019 align:start position:0%
 
 

01:01:01.019 --> 01:01:06.460 align:start position:0%
 
chest

01:01:06.460 --> 01:01:06.470 align:start position:0%
 
 

01:01:06.470 --> 01:01:10.900 align:start position:0%
 
I<01:01:06.500><c> think</c><01:01:07.250><c> a</c><01:01:07.310><c> great</c><01:01:07.520><c> comment</c><01:01:07.970><c> as</c><01:01:08.030><c> well</c><01:01:08.829><c> how</c><01:01:09.910><c> just</c>

01:01:10.900 --> 01:01:10.910 align:start position:0%
I think a great comment as well how just
 

01:01:10.910 --> 01:01:12.760 align:start position:0%
I think a great comment as well how just
we<01:01:11.240><c> talk</c><01:01:11.450><c> to</c><01:01:11.599><c> kind</c><01:01:11.780><c> of</c><01:01:11.839><c> question</c><01:01:12.109><c> how</c><01:01:12.349><c> does</c><01:01:12.619><c> he</c>

01:01:12.760 --> 01:01:12.770 align:start position:0%
we talk to kind of question how does he
 

01:01:12.770 --> 01:01:14.670 align:start position:0%
we talk to kind of question how does he
theorem<01:01:13.160><c> you</c><01:01:13.460><c> can</c><01:01:13.490><c> we</c><01:01:13.609><c> fit</c><01:01:13.790><c> into</c><01:01:13.910><c> that</c><01:01:14.119><c> model</c>

01:01:14.670 --> 01:01:14.680 align:start position:0%
theorem you can we fit into that model
 

01:01:14.680 --> 01:01:19.569 align:start position:0%
theorem you can we fit into that model
like<01:01:15.680><c> days</c><01:01:15.890><c> Democrats</c><01:01:16.460><c> up</c>

01:01:19.569 --> 01:01:19.579 align:start position:0%
 
 

01:01:19.579 --> 01:01:23.089 align:start position:0%
 
yeah<01:01:20.579><c> uh-huh</c><01:01:21.030><c> I</c><01:01:21.329><c> don't</c><01:01:21.900><c> personally</c><01:01:22.470><c> I</c><01:01:22.829><c> don't</c>

01:01:23.089 --> 01:01:23.099 align:start position:0%
yeah uh-huh I don't personally I don't
 

01:01:23.099 --> 01:01:32.670 align:start position:0%
yeah uh-huh I don't personally I don't
think<01:01:23.280><c> they</c><01:01:23.400><c> at</c><01:01:23.520><c> lunch</c><01:01:23.730><c> ever</c><01:01:24.180><c> come</c><01:01:24.569><c> to</c>

01:01:32.670 --> 01:01:32.680 align:start position:0%
 
 

01:01:32.680 --> 01:01:42.900 align:start position:0%
 
sass<01:01:32.950><c> model</c>

01:01:42.900 --> 01:01:42.910 align:start position:0%
 
 

01:01:42.910 --> 01:01:50.390 align:start position:0%
 
he's<01:01:43.360><c> an</c><01:01:43.510><c> avid</c><01:01:43.780><c> ship</c>

01:01:50.390 --> 01:01:50.400 align:start position:0%
 
 

01:01:50.400 --> 01:01:51.750 align:start position:0%
 
so<01:01:50.579><c> that</c>

01:01:51.750 --> 01:01:51.760 align:start position:0%
so that
 

01:01:51.760 --> 01:01:53.640 align:start position:0%
so that
I<01:01:51.790><c> probably</c><01:01:52.570><c> doesn't</c><01:01:53.230><c> than</c><01:01:53.380><c> you're</c><01:01:53.530><c> always</c>

01:01:53.640 --> 01:01:53.650 align:start position:0%
I probably doesn't than you're always
 

01:01:53.650 --> 01:01:57.240 align:start position:0%
I probably doesn't than you're always
like<01:01:54.220><c> the</c><01:01:54.430><c> dollars</c><01:01:54.820><c> Tish</c><01:01:55.859><c> like</c><01:01:56.859><c> if</c><01:01:57.100><c> your</c>

01:01:57.240 --> 01:01:57.250 align:start position:0%
like the dollars Tish like if your
 

01:01:57.250 --> 01:01:59.460 align:start position:0%
like the dollars Tish like if your
protocol<01:01:57.940><c> depends</c><01:01:58.359><c> on</c><01:01:58.510><c> the</c><01:01:58.630><c> stable</c><01:01:59.320><c> value</c>

01:01:59.460 --> 01:01:59.470 align:start position:0%
protocol depends on the stable value
 

01:01:59.470 --> 01:02:01.650 align:start position:0%
protocol depends on the stable value
without<01:01:59.890><c> it</c><01:02:00.100><c> you</c><01:02:00.520><c> could</c><01:02:00.670><c> never</c><01:02:00.880><c> operate</c><01:02:01.480><c> and</c>

01:02:01.650 --> 01:02:01.660 align:start position:0%
without it you could never operate and
 

01:02:01.660 --> 01:02:08.099 align:start position:0%
without it you could never operate and
I'm<01:02:02.320><c> not</c><01:02:02.470><c> saying</c><01:02:02.710><c> sometime</c><01:02:03.369><c> you're</c><01:02:03.550><c> saying</c>

01:02:08.099 --> 01:02:08.109 align:start position:0%
 
 

01:02:08.109 --> 01:02:11.230 align:start position:0%
 
okay

01:02:11.230 --> 01:02:11.240 align:start position:0%
 
 

01:02:11.240 --> 01:02:14.650 align:start position:0%
 
okay<01:02:11.869><c> for</c><01:02:12.170><c> the</c><01:02:12.230><c> same</c><01:02:12.410><c> time</c><01:02:13.060><c> move</c><01:02:14.060><c> on</c>

01:02:14.650 --> 01:02:14.660 align:start position:0%
okay for the same time move on
 

01:02:14.660 --> 01:02:16.150 align:start position:0%
okay for the same time move on
we<01:02:15.170><c> kind</c><01:02:15.380><c> of</c><01:02:15.440><c> went</c><01:02:15.589><c> through</c><01:02:15.800><c> a</c><01:02:15.830><c> lot</c><01:02:15.980><c> of</c><01:02:16.010><c> this</c>

01:02:16.150 --> 01:02:16.160 align:start position:0%
we kind of went through a lot of this
 

01:02:16.160 --> 01:02:18.250 align:start position:0%
we kind of went through a lot of this
but<01:02:16.460><c> yeah</c><01:02:16.760><c> okay</c><01:02:17.150><c> so</c><01:02:17.210><c> this</c><01:02:17.599><c> is</c><01:02:17.720><c> what</c><01:02:17.869><c> we</c><01:02:17.960><c> saw</c><01:02:18.080><c> by</c>

01:02:18.250 --> 01:02:18.260 align:start position:0%
but yeah okay so this is what we saw by
 

01:02:18.260 --> 01:02:33.579 align:start position:0%
but yeah okay so this is what we saw by
the<01:02:25.540><c> white</c><01:02:26.540><c> paper</c><01:02:26.780><c> I</c><01:02:31.839><c> think</c><01:02:32.839><c> you</c><01:02:32.960><c> saw</c><01:02:33.140><c> a</c><01:02:33.170><c> ton</c><01:02:33.560><c> of</c>

01:02:33.579 --> 01:02:33.589 align:start position:0%
the white paper I think you saw a ton of
 

01:02:33.589 --> 01:02:36.220 align:start position:0%
the white paper I think you saw a ton of
this<01:02:33.830><c> which</c><01:02:34.670><c> also</c><01:02:34.910><c> discredited</c><01:02:35.839><c> the</c><01:02:35.990><c> whole</c>

01:02:36.220 --> 01:02:36.230 align:start position:0%
this which also discredited the whole
 

01:02:36.230 --> 01:02:40.060 align:start position:0%
this which also discredited the whole
block<01:02:36.980><c> chain</c><01:02:37.190><c> space</c><01:02:38.859><c> unfortunately</c><01:02:39.859><c> but</c><01:02:40.010><c> I</c>

01:02:40.060 --> 01:02:40.070 align:start position:0%
block chain space unfortunately but I
 

01:02:40.070 --> 01:02:41.440 align:start position:0%
block chain space unfortunately but I
think<01:02:40.310><c> about</c><01:02:40.490><c> a</c><01:02:40.520><c> man</c><01:02:40.640><c> who</c><01:02:40.730><c> President</c><01:02:40.970><c> had</c><01:02:41.270><c> made</c>

01:02:41.440 --> 01:02:41.450 align:start position:0%
think about a man who President had made
 

01:02:41.450 --> 01:02:44.079 align:start position:0%
think about a man who President had made
the<01:02:41.599><c> 360</c><01:02:42.109><c> circle</c><01:02:42.470><c> come</c><01:02:42.680><c> come</c><01:02:43.190><c> to</c><01:02:43.310><c> realize</c><01:02:43.609><c> like</c>

01:02:44.079 --> 01:02:44.089 align:start position:0%
the 360 circle come come to realize like
 

01:02:44.089 --> 01:02:46.210 align:start position:0%
the 360 circle come come to realize like
it's<01:02:44.240><c> brother</c><01:02:44.510><c> space</c><01:02:44.810><c> be</c><01:02:45.349><c> very</c><01:02:45.589><c> disillusioned</c>

01:02:46.210 --> 01:02:46.220 align:start position:0%
it's brother space be very disillusioned
 

01:02:46.220 --> 01:02:47.290 align:start position:0%
it's brother space be very disillusioned
but<01:02:46.369><c> they've</c><01:02:46.520><c> come</c><01:02:46.700><c> to</c><01:02:46.820><c> realize</c><01:02:46.849><c> okay</c><01:02:47.119><c> there</c>

01:02:47.290 --> 01:02:47.300 align:start position:0%
but they've come to realize okay there
 

01:02:47.300 --> 01:02:51.430 align:start position:0%
but they've come to realize okay there
is<01:02:47.420><c> actual</c><01:02:47.810><c> value</c><01:02:49.119><c> to</c><01:02:50.119><c> be</c><01:02:50.780><c> delivered</c><01:02:51.170><c> quotes</c>

01:02:51.430 --> 01:02:51.440 align:start position:0%
is actual value to be delivered quotes
 

01:02:51.440 --> 01:02:54.220 align:start position:0%
is actual value to be delivered quotes
to<01:02:51.950><c> show</c><01:02:52.070><c> it</c><01:02:52.190><c> to</c><01:02:52.280><c> anything</c><01:02:52.520><c> and</c><01:02:53.089><c> yeah</c><01:02:53.960><c> and</c><01:02:54.170><c> the</c>

01:02:54.220 --> 01:02:54.230 align:start position:0%
to show it to anything and yeah and the
 

01:02:54.230 --> 01:02:57.550 align:start position:0%
to show it to anything and yeah and the
half<01:02:54.380><c> cycle</c><01:02:55.570><c> and</c><01:02:56.570><c> we</c><01:02:56.720><c> saw</c><01:02:56.900><c> a</c><01:02:56.930><c> lot</c><01:02:57.140><c> of</c><01:02:57.200><c> this</c><01:02:57.410><c> as</c>

01:02:57.550 --> 01:02:57.560 align:start position:0%
half cycle and we saw a lot of this as
 

01:02:57.560 --> 01:02:58.960 align:start position:0%
half cycle and we saw a lot of this as
well<01:02:57.740><c> what</c><01:02:57.980><c> is</c><01:02:58.099><c> your</c><01:02:58.250><c> business</c><01:02:58.400><c> I</c><01:02:58.670><c> think</c><01:02:58.730><c> what</c>

01:02:58.960 --> 01:02:58.970 align:start position:0%
well what is your business I think what
 

01:02:58.970 --> 01:03:00.130 align:start position:0%
well what is your business I think what
is<01:02:59.060><c> the</c><01:02:59.150><c> non</c><01:02:59.300><c> capture</c><01:02:59.630><c> for</c><01:02:59.750><c> the</c><01:02:59.780><c> token</c><01:02:59.990><c> I</c><01:03:00.050><c> think</c>

01:03:00.130 --> 01:03:00.140 align:start position:0%
is the non capture for the token I think
 

01:03:00.140 --> 01:03:03.490 align:start position:0%
is the non capture for the token I think
95<01:03:00.890><c> percent</c><01:03:01.220><c> of</c><01:03:01.250><c> tokens</c><01:03:01.640><c> that</c><01:03:02.630><c> are</c><01:03:03.050><c> one</c><01:03:03.290><c> for</c>

01:03:03.490 --> 01:03:03.500 align:start position:0%
95 percent of tokens that are one for
 

01:03:03.500 --> 01:03:05.020 align:start position:0%
95 percent of tokens that are one for
American<01:03:03.800><c> Catholic</c><01:03:04.220><c> feminity</c><01:03:04.520><c> don't</c><01:03:04.820><c> have</c>

01:03:05.020 --> 01:03:05.030 align:start position:0%
American Catholic feminity don't have
 

01:03:05.030 --> 01:03:07.540 align:start position:0%
American Catholic feminity don't have
like<01:03:05.300><c> there's</c><01:03:05.690><c> no</c><01:03:05.839><c> working</c><01:03:06.260><c> model</c><01:03:06.589><c> does</c><01:03:06.770><c> be</c>

01:03:07.540 --> 01:03:07.550 align:start position:0%
like there's no working model does be
 

01:03:07.550 --> 01:03:09.400 align:start position:0%
like there's no working model does be
gone<01:03:07.790><c> like</c><01:03:08.060><c> there's</c><01:03:08.270><c> a</c><01:03:08.359><c> limited</c><01:03:08.630><c> supply</c><01:03:08.690><c> and</c>

01:03:09.400 --> 01:03:09.410 align:start position:0%
gone like there's a limited supply and
 

01:03:09.410 --> 01:03:13.030 align:start position:0%
gone like there's a limited supply and
it's<01:03:09.589><c> listed</c><01:03:09.980><c> summer</c><01:03:11.290><c> okay</c><01:03:12.290><c> we</c><01:03:12.650><c> went</c><01:03:12.830><c> through</c>

01:03:13.030 --> 01:03:13.040 align:start position:0%
it's listed summer okay we went through
 

01:03:13.040 --> 01:03:15.010 align:start position:0%
it's listed summer okay we went through
a<01:03:13.099><c> lot</c><01:03:13.280><c> of</c><01:03:13.310><c> this</c><01:03:13.490><c> I'm</c><01:03:13.730><c> not</c><01:03:13.910><c> gonna</c><01:03:14.060><c> I'm</c><01:03:14.960><c> not</c>

01:03:15.010 --> 01:03:15.020 align:start position:0%
a lot of this I'm not gonna I'm not
 

01:03:15.020 --> 01:03:17.560 align:start position:0%
a lot of this I'm not gonna I'm not
gonna<01:03:15.200><c> go</c><01:03:15.410><c> into</c><01:03:15.680><c> that</c><01:03:15.710><c> again</c><01:03:16.089><c> and</c><01:03:17.089><c> maybe</c><01:03:17.330><c> some</c>

01:03:17.560 --> 01:03:17.570 align:start position:0%
gonna go into that again and maybe some
 

01:03:17.570 --> 01:03:19.300 align:start position:0%
gonna go into that again and maybe some
of<01:03:17.630><c> the</c><01:03:17.720><c> important</c><01:03:18.170><c> things</c><01:03:18.410><c> to</c><01:03:18.680><c> differentiate</c>

01:03:19.300 --> 01:03:19.310 align:start position:0%
of the important things to differentiate
 

01:03:19.310 --> 01:03:21.520 align:start position:0%
of the important things to differentiate
with<01:03:19.490><c> token</c><01:03:19.820><c> models</c><01:03:20.180><c> I</c><01:03:20.630><c> think</c><01:03:21.170><c> there's</c><01:03:21.320><c> both</c>

01:03:21.520 --> 01:03:21.530 align:start position:0%
with token models I think there's both
 

01:03:21.530 --> 01:03:23.200 align:start position:0%
with token models I think there's both
for-profit<01:03:21.859><c> and</c><01:03:22.280><c> nonprofit</c><01:03:22.400><c> in</c><01:03:22.910><c> separate</c>

01:03:23.200 --> 01:03:23.210 align:start position:0%
for-profit and nonprofit in separate
 

01:03:23.210 --> 01:03:27.099 align:start position:0%
for-profit and nonprofit in separate
models<01:03:25.270><c> something</c><01:03:26.270><c> that</c><01:03:26.390><c> Andrew</c><01:03:26.750><c> mentioned</c>

01:03:27.099 --> 01:03:27.109 align:start position:0%
models something that Andrew mentioned
 

01:03:27.109 --> 01:03:28.660 align:start position:0%
models something that Andrew mentioned
hey<01:03:27.440><c> I</c><01:03:27.530><c> think</c><01:03:27.680><c> we</c><01:03:27.890><c> need</c><01:03:28.220><c> to</c><01:03:28.430><c> strongly</c>

01:03:28.660 --> 01:03:28.670 align:start position:0%
hey I think we need to strongly
 

01:03:28.670 --> 01:03:30.940 align:start position:0%
hey I think we need to strongly
differentiating<01:03:29.330><c> token</c><01:03:29.690><c> models</c><01:03:29.990><c> or</c><01:03:30.349><c> token</c>

01:03:30.940 --> 01:03:30.950 align:start position:0%
differentiating token models or token
 

01:03:30.950 --> 01:03:32.740 align:start position:0%
differentiating token models or token
sales<01:03:31.609><c> of</c><01:03:31.820><c> token</c><01:03:32.089><c> as</c><01:03:32.210><c> business</c><01:03:32.480><c> models</c>

01:03:32.740 --> 01:03:32.750 align:start position:0%
sales of token as business models
 

01:03:32.750 --> 01:03:35.040 align:start position:0%
sales of token as business models
between<01:03:32.930><c> an</c><01:03:33.290><c> application</c><01:03:33.859><c> here</c><01:03:34.070><c> token</c>

01:03:35.040 --> 01:03:35.050 align:start position:0%
between an application here token
 

01:03:35.050 --> 01:03:43.200 align:start position:0%
between an application here token
I<01:03:38.490><c> think</c><01:03:39.490><c> that's</c><01:03:39.670><c> fair</c><01:03:40.650><c> one</c><01:03:41.650><c> thing</c><01:03:41.950><c> to</c><01:03:42.760><c> go</c><01:03:43.030><c> back</c>

01:03:43.200 --> 01:03:43.210 align:start position:0%
I think that's fair one thing to go back
 

01:03:43.210 --> 01:03:45.240 align:start position:0%
I think that's fair one thing to go back
to<01:03:43.420><c> the</c><01:03:43.540><c> etherion</c><01:03:43.960><c> crowd</c><01:03:44.170><c> sale</c><01:03:44.410><c> that</c><01:03:44.680><c> I</c><01:03:44.860><c> think</c>

01:03:45.240 --> 01:03:45.250 align:start position:0%
to the etherion crowd sale that I think
 

01:03:45.250 --> 01:03:47.820 align:start position:0%
to the etherion crowd sale that I think
triggered<01:03:46.180><c> me</c><01:03:46.420><c> was</c><01:03:47.200><c> that</c><01:03:47.380><c> there</c><01:03:47.620><c> was</c><01:03:47.710><c> no</c>

01:03:47.820 --> 01:03:47.830 align:start position:0%
triggered me was that there was no
 

01:03:47.830 --> 01:03:52.860 align:start position:0%
triggered me was that there was no
vesting<01:03:48.480><c> the</c><01:03:50.130><c> metallic</c><01:03:51.130><c> is</c><01:03:51.280><c> still</c><01:03:51.870><c> grunting</c>

01:03:52.860 --> 01:03:52.870 align:start position:0%
vesting the metallic is still grunting
 

01:03:52.870 --> 01:03:57.480 align:start position:0%
vesting the metallic is still grunting
away<01:03:53.170><c> and</c><01:03:55.170><c> nine-tenths</c><01:03:56.170><c> of</c><01:03:56.410><c> the</c><01:03:56.560><c> other</c><01:03:56.680><c> people</c>

01:03:57.480 --> 01:03:57.490 align:start position:0%
away and nine-tenths of the other people
 

01:03:57.490 --> 01:04:01.530 align:start position:0%
away and nine-tenths of the other people
they've<01:03:57.670><c> got</c><01:03:57.700><c> what</c><01:03:58.150><c> 15</c><01:03:58.300><c> million</c><01:03:58.870><c> ether</c><01:03:59.230><c> or</c><01:04:00.540><c> off</c>

01:04:01.530 --> 01:04:01.540 align:start position:0%
they've got what 15 million ether or off
 

01:04:01.540 --> 01:04:04.230 align:start position:0%
they've got what 15 million ether or off
to<01:04:02.050><c> raise</c><01:04:02.740><c> another</c><01:04:02.980><c> token</c><01:04:03.250><c> or</c><01:04:03.670><c> we</c><01:04:03.790><c> run</c><01:04:03.940><c> at</c><01:04:04.180><c> a</c>

01:04:04.230 --> 01:04:04.240 align:start position:0%
to raise another token or we run at a
 

01:04:04.240 --> 01:04:08.520 align:start position:0%
to raise another token or we run at a
competing<01:04:04.660><c> protocol</c><01:04:05.230><c> level</c><01:04:05.650><c> etc</c><01:04:07.410><c> you</c><01:04:08.410><c> know</c>

01:04:08.520 --> 01:04:08.530 align:start position:0%
competing protocol level etc you know
 

01:04:08.530 --> 01:04:11.400 align:start position:0%
competing protocol level etc you know
making<01:04:09.160><c> that</c><01:04:09.490><c> type</c><01:04:09.760><c> of</c><01:04:10.030><c> behavioral</c><01:04:10.930><c> economic</c>

01:04:11.400 --> 01:04:11.410 align:start position:0%
making that type of behavioral economic
 

01:04:11.410 --> 01:04:13.530 align:start position:0%
making that type of behavioral economic
incentives<01:04:12.190><c> makes</c><01:04:12.910><c> a</c><01:04:13.000><c> lot</c><01:04:13.090><c> of</c><01:04:13.120><c> sense</c><01:04:13.390><c> I</c><01:04:13.510><c> think</c>

01:04:13.530 --> 01:04:13.540 align:start position:0%
incentives makes a lot of sense I think
 

01:04:13.540 --> 01:04:15.240 align:start position:0%
incentives makes a lot of sense I think
block<01:04:13.990><c> stream</c><01:04:14.320><c> is</c><01:04:14.500><c> an</c><01:04:14.620><c> example</c><01:04:14.890><c> with</c><01:04:15.220><c> a</c>

01:04:15.240 --> 01:04:15.250 align:start position:0%
block stream is an example with a
 

01:04:15.250 --> 01:04:20.840 align:start position:0%
block stream is an example with a
Bitcoin<01:04:15.790><c> where</c><01:04:16.450><c> they</c><01:04:16.630><c> they</c><01:04:17.190><c> invest</c>

01:04:20.840 --> 01:04:20.850 align:start position:0%
 
 

01:04:20.850 --> 01:04:24.420 align:start position:0%
 
time-release<01:04:21.880><c> bitcoins</c><01:04:23.070><c> and</c><01:04:24.070><c> obviously</c>

01:04:24.420 --> 01:04:24.430 align:start position:0%
time-release bitcoins and obviously
 

01:04:24.430 --> 01:04:26.370 align:start position:0%
time-release bitcoins and obviously
that's<01:04:24.610><c> a</c><01:04:24.760><c> little</c><01:04:24.970><c> bit</c><01:04:25.120><c> of</c><01:04:25.210><c> a</c><01:04:25.270><c> different</c><01:04:25.600><c> it's</c>

01:04:26.370 --> 01:04:26.380 align:start position:0%
that's a little bit of a different it's
 

01:04:26.380 --> 01:04:29.400 align:start position:0%
that's a little bit of a different it's
a<01:04:26.440><c> for-profit</c><01:04:26.740><c> entity</c><01:04:27.310><c> but</c><01:04:27.970><c> kind</c><01:04:28.930><c> of</c><01:04:28.990><c> baking</c>

01:04:29.400 --> 01:04:29.410 align:start position:0%
a for-profit entity but kind of baking
 

01:04:29.410 --> 01:04:32.940 align:start position:0%
a for-profit entity but kind of baking
in<01:04:30.090><c> typical</c><01:04:31.090><c> concepts</c><01:04:31.990><c> like</c><01:04:32.140><c> best</c><01:04:32.350><c> things</c><01:04:32.620><c> in</c>

01:04:32.940 --> 01:04:32.950 align:start position:0%
in typical concepts like best things in
 

01:04:32.950 --> 01:04:35.610 align:start position:0%
in typical concepts like best things in
a<01:04:33.010><c> corporation</c><01:04:33.570><c> I</c><01:04:34.570><c> think</c><01:04:35.080><c> and</c><01:04:35.260><c> I</c><01:04:35.320><c> think</c><01:04:35.530><c> if</c>

01:04:35.610 --> 01:04:35.620 align:start position:0%
a corporation I think and I think if
 

01:04:35.620 --> 01:04:38.690 align:start position:0%
a corporation I think and I think if
there's<01:04:36.160><c> a</c><01:04:36.250><c> huge</c><01:04:36.940><c> tragedy</c><01:04:37.270><c> of</c><01:04:37.630><c> the</c><01:04:37.720><c> commons</c>

01:04:38.690 --> 01:04:38.700 align:start position:0%
there's a huge tragedy of the commons
 

01:04:38.700 --> 01:04:41.490 align:start position:0%
there's a huge tragedy of the commons
issue<01:04:39.700><c> you</c><01:04:40.510><c> know</c><01:04:40.600><c> think</c><01:04:41.080><c> about</c><01:04:41.260><c> all</c><01:04:41.410><c> the</c>

01:04:41.490 --> 01:04:41.500 align:start position:0%
issue you know think about all the
 

01:04:41.500 --> 01:04:48.900 align:start position:0%
issue you know think about all the
people<01:04:41.620><c> that</c><01:04:41.770><c> were</c><01:04:41.980><c> County</c><01:04:42.310><c> 2.0</c><01:04:43.740><c> vs.</c><01:04:46.200><c> gap</c><01:04:47.910><c> or</c>

01:04:48.900 --> 01:04:48.910 align:start position:0%
people that were County 2.0 vs. gap or
 

01:04:48.910 --> 01:04:52.800 align:start position:0%
people that were County 2.0 vs. gap or
work<01:04:49.330><c> or</c><01:04:49.690><c> Jeff</c><01:04:50.140><c> Wilkie</c><01:04:50.530><c> who</c><01:04:51.100><c> I</c><01:04:51.490><c> think</c><01:04:52.300><c> added</c>

01:04:52.800 --> 01:04:52.810 align:start position:0%
work or Jeff Wilkie who I think added
 

01:04:52.810 --> 01:04:55.820 align:start position:0%
work or Jeff Wilkie who I think added
value<01:04:53.170><c> to</c><01:04:53.200><c> you</c><01:04:53.950><c> know</c><01:04:54.040><c> you</c><01:04:54.340><c> won't</c><01:04:54.550><c> point</c><01:04:54.790><c> out</c>

01:04:55.820 --> 01:04:55.830 align:start position:0%
value to you know you won't point out
 

01:04:55.830 --> 01:05:01.260 align:start position:0%
value to you know you won't point out
but<01:04:57.030><c> 300,000</c><01:04:58.030><c> ether</c><01:04:58.330><c> of</c><01:04:58.510><c> it</c><01:04:58.660><c> hanging</c><01:05:00.240><c> so</c><01:05:01.240><c> I</c>

01:05:01.260 --> 01:05:01.270 align:start position:0%
but 300,000 ether of it hanging so I
 

01:05:01.270 --> 01:05:03.060 align:start position:0%
but 300,000 ether of it hanging so I
think<01:05:01.390><c> thinking</c><01:05:02.230><c> about</c><01:05:02.440><c> those</c><01:05:02.710><c> types</c><01:05:02.980><c> of</c>

01:05:03.060 --> 01:05:03.070 align:start position:0%
think thinking about those types of
 

01:05:03.070 --> 01:05:04.010 align:start position:0%
think thinking about those types of
tragedy<01:05:03.460><c> the</c><01:05:03.490><c> Commons</c>

01:05:04.010 --> 01:05:04.020 align:start position:0%
tragedy the Commons
 

01:05:04.020 --> 01:05:08.420 align:start position:0%
tragedy the Commons
shoes<01:05:04.230><c> is</c><01:05:04.650><c> very</c><01:05:05.250><c> important</c><01:05:05.700><c> I</c><01:05:06.980><c> think</c><01:05:07.980><c> there</c><01:05:08.160><c> I</c>

01:05:08.420 --> 01:05:08.430 align:start position:0%
shoes is very important I think there I
 

01:05:08.430 --> 01:05:10.310 align:start position:0%
shoes is very important I think there I
think<01:05:08.970><c> there</c><01:05:09.150><c> was</c><01:05:09.480><c> a</c><01:05:09.570><c> lot</c><01:05:09.810><c> of</c><01:05:09.840><c> like</c><01:05:10.080><c> miss</c>

01:05:10.310 --> 01:05:10.320 align:start position:0%
think there was a lot of like miss
 

01:05:10.320 --> 01:05:12.080 align:start position:0%
think there was a lot of like miss
raised<01:05:10.620><c> funds</c><01:05:10.980><c> right</c><01:05:11.310><c> talking</c><01:05:11.610><c> cells</c><01:05:11.820><c> at</c><01:05:12.000><c> the</c>

01:05:12.080 --> 01:05:12.090 align:start position:0%
raised funds right talking cells at the
 

01:05:12.090 --> 01:05:14.030 align:start position:0%
raised funds right talking cells at the
application<01:05:12.600><c> layer</c><01:05:12.720><c> which</c><01:05:13.320><c> fundamentally</c><01:05:13.650><c> be</c>

01:05:14.030 --> 01:05:14.040 align:start position:0%
application layer which fundamentally be
 

01:05:14.040 --> 01:05:16.700 align:start position:0%
application layer which fundamentally be
should<01:05:14.250><c> have</c><01:05:14.340><c> been</c><01:05:14.690><c> maybe</c><01:05:15.690><c> like</c><01:05:16.050><c> ideally</c><01:05:16.560><c> like</c>

01:05:16.700 --> 01:05:16.710 align:start position:0%
should have been maybe like ideally like
 

01:05:16.710 --> 01:05:18.410 align:start position:0%
should have been maybe like ideally like
maybe<01:05:17.160><c> we</c><01:05:17.370><c> catch</c><01:05:17.550><c> the</c><01:05:17.730><c> positive</c><01:05:18.060><c> businesses</c>

01:05:18.410 --> 01:05:18.420 align:start position:0%
maybe we catch the positive businesses
 

01:05:18.420 --> 01:05:21.200 align:start position:0%
maybe we catch the positive businesses
bootstrap<01:05:18.840><c> or</c><01:05:19.020><c> VC</c><01:05:19.320><c> funded</c><01:05:19.680><c> if</c><01:05:20.280><c> they</c><01:05:20.550><c> happen</c><01:05:20.940><c> if</c>

01:05:21.200 --> 01:05:21.210 align:start position:0%
bootstrap or VC funded if they happen if
 

01:05:21.210 --> 01:05:22.700 align:start position:0%
bootstrap or VC funded if they happen if
they<01:05:21.360><c> have</c><01:05:21.480><c> tried</c><01:05:21.630><c> again</c><01:05:21.840><c> pcs</c><01:05:22.080><c> money</c><01:05:22.260><c> probably</c>

01:05:22.700 --> 01:05:22.710 align:start position:0%
they have tried again pcs money probably
 

01:05:22.710 --> 01:05:24.740 align:start position:0%
they have tried again pcs money probably
a<01:05:23.010><c> lot</c><01:05:23.430><c> of</c><01:05:23.550><c> that</c><01:05:23.670><c> space</c><01:05:23.970><c> a</c><01:05:24.210><c> lot</c><01:05:24.390><c> of</c><01:05:24.480><c> the</c><01:05:24.540><c> coins</c>

01:05:24.740 --> 01:05:24.750 align:start position:0%
a lot of that space a lot of the coins
 

01:05:24.750 --> 01:05:26.320 align:start position:0%
a lot of that space a lot of the coins
that<01:05:24.930><c> we</c><01:05:25.050><c> see</c><01:05:25.170><c> the</c><01:05:25.290><c> support</c><01:05:25.620><c> existed</c><01:05:26.010><c> it</c>

01:05:26.320 --> 01:05:26.330 align:start position:0%
that we see the support existed it
 

01:05:26.330 --> 01:05:28.040 align:start position:0%
that we see the support existed it
vertically<01:05:27.330><c> and</c><01:05:27.420><c> I</c><01:05:27.480><c> think</c><01:05:27.600><c> it's</c><01:05:27.720><c> great</c><01:05:27.810><c> to</c>

01:05:28.040 --> 01:05:28.050 align:start position:0%
vertically and I think it's great to
 

01:05:28.050 --> 01:05:30.200 align:start position:0%
vertically and I think it's great to
think<01:05:28.200><c> just</c><01:05:28.950><c> some</c><01:05:29.310><c> general</c><01:05:29.550><c> mozzie</c><01:05:29.790><c> things</c><01:05:30.090><c> in</c>

01:05:30.200 --> 01:05:30.210 align:start position:0%
think just some general mozzie things in
 

01:05:30.210 --> 01:05:31.970 align:start position:0%
think just some general mozzie things in
in<01:05:30.360><c> general</c><01:05:30.720><c> we</c><01:05:30.870><c> do</c><01:05:30.960><c> it</c><01:05:31.080><c> open</c><01:05:31.320><c> sale</c><01:05:31.470><c> to</c>

01:05:31.970 --> 01:05:31.980 align:start position:0%
in general we do it open sale to
 

01:05:31.980 --> 01:05:34.190 align:start position:0%
in general we do it open sale to
exchange<01:05:32.160><c> for</c><01:05:32.700><c> Network</c><01:05:33.030><c> statement</c><01:05:33.570><c> assets</c><01:05:33.960><c> so</c>

01:05:34.190 --> 01:05:34.200 align:start position:0%
exchange for Network statement assets so
 

01:05:34.200 --> 01:05:36.560 align:start position:0%
exchange for Network statement assets so
that<01:05:34.230><c> goes</c><01:05:34.560><c> into</c><01:05:34.740><c> was</c><01:05:35.400><c> raised</c><01:05:35.640><c> with</c><01:05:36.480><c> the</c>

01:05:36.560 --> 01:05:36.570 align:start position:0%
that goes into was raised with the
 

01:05:36.570 --> 01:05:38.990 align:start position:0%
that goes into was raised with the
security<01:05:36.930><c> over</c><01:05:37.080><c> here</c><01:05:37.220><c> it's</c><01:05:38.220><c> often</c><01:05:38.640><c> impossible</c>

01:05:38.990 --> 01:05:39.000 align:start position:0%
security over here it's often impossible
 

01:05:39.000 --> 01:05:41.390 align:start position:0%
security over here it's often impossible
that<01:05:39.360><c> bumps</c><01:05:39.600><c> on</c><01:05:39.780><c> financing</c><01:05:40.350><c> it's</c><01:05:40.920><c> also</c><01:05:41.070><c> comes</c>

01:05:41.390 --> 01:05:41.400 align:start position:0%
that bumps on financing it's also comes
 

01:05:41.400 --> 01:05:44.090 align:start position:0%
that bumps on financing it's also comes
with<01:05:41.460><c> a</c><01:05:41.580><c> lot</c><01:05:41.730><c> of</c><01:05:41.820><c> issues</c><01:05:41.940><c> so</c><01:05:42.450><c> we'll</c><01:05:42.930><c> use</c><01:05:43.410><c> twenty</c>

01:05:44.090 --> 01:05:44.100 align:start position:0%
with a lot of issues so we'll use twenty
 

01:05:44.100 --> 01:05:46.190 align:start position:0%
with a lot of issues so we'll use twenty
million<01:05:44.250><c> dollars</c><01:05:44.690><c> how</c><01:05:45.690><c> are</c><01:05:45.840><c> you</c><01:05:45.930><c> going</c><01:05:46.110><c> to</c>

01:05:46.190 --> 01:05:46.200 align:start position:0%
million dollars how are you going to
 

01:05:46.200 --> 01:05:48.440 align:start position:0%
million dollars how are you going to
they<01:05:46.770><c> cut</c><01:05:47.040><c> you</c><01:05:47.190><c> dispersed</c><01:05:47.700><c> that</c><01:05:47.850><c> over</c><01:05:48.030><c> time</c><01:05:48.210><c> in</c>

01:05:48.440 --> 01:05:48.450 align:start position:0%
they cut you dispersed that over time in
 

01:05:48.450 --> 01:05:50.510 align:start position:0%
they cut you dispersed that over time in
like<01:05:49.110><c> with</c><01:05:49.410><c> that</c><01:05:49.650><c> there</c><01:05:49.890><c> hasn't</c><01:05:50.100><c> been</c><01:05:50.340><c> like</c>

01:05:50.510 --> 01:05:50.520 align:start position:0%
like with that there hasn't been like
 

01:05:50.520 --> 01:05:52.730 align:start position:0%
like with that there hasn't been like
the<01:05:51.060><c> same</c><01:05:51.240><c> experience</c><01:05:51.690><c> as</c><01:05:51.780><c> you</c><01:05:51.870><c> have</c><01:05:51.960><c> we</c><01:05:52.260><c> DC</c>

01:05:52.730 --> 01:05:52.740 align:start position:0%
the same experience as you have we DC
 

01:05:52.740 --> 01:05:57.490 align:start position:0%
the same experience as you have we DC
which<01:05:52.890><c> is</c><01:05:52.920><c> that</c><01:05:53.190><c> kind</c><01:05:53.250><c> of</c><01:05:53.370><c> leveling</c><01:05:53.730><c> up</c><01:05:53.940><c> aspect</c>

01:05:57.490 --> 01:05:57.500 align:start position:0%
 
 

01:05:57.500 --> 01:05:58.839 align:start position:0%
 
kind<01:05:57.800><c> of</c><01:05:57.859><c> a</c><01:05:57.920><c> more</c><01:05:58.070><c> decentralized</c><01:05:58.369><c> decision</c>

01:05:58.839 --> 01:05:58.849 align:start position:0%
kind of a more decentralized decision
 

01:05:58.849 --> 01:06:01.330 align:start position:0%
kind of a more decentralized decision
making<01:05:59.210><c> that</c><01:05:59.270><c> pundits</c><01:05:59.660><c> like</c><01:05:59.859><c> or</c><01:06:00.859><c> what</c><01:06:01.010><c> he</c><01:06:01.130><c> said</c>

01:06:01.330 --> 01:06:01.340 align:start position:0%
making that pundits like or what he said
 

01:06:01.340 --> 01:06:04.690 align:start position:0%
making that pundits like or what he said
like<01:06:01.730><c> everyone's</c><01:06:02.150><c> Avicii</c><01:06:02.980><c> there's</c><01:06:03.980><c> various</c>

01:06:04.690 --> 01:06:04.700 align:start position:0%
like everyone's Avicii there's various
 

01:06:04.700 --> 01:06:06.099 align:start position:0%
like everyone's Avicii there's various
business<01:06:05.119><c> operating</c><01:06:05.599><c> models</c><01:06:05.869><c> we've</c><01:06:05.960><c> run</c>

01:06:06.099 --> 01:06:06.109 align:start position:0%
business operating models we've run
 

01:06:06.109 --> 01:06:07.839 align:start position:0%
business operating models we've run
through<01:06:06.230><c> that</c><01:06:06.440><c> I</c><01:06:06.619><c> think</c><01:06:06.920><c> the</c><01:06:07.220><c> key</c><01:06:07.430><c> problems</c>

01:06:07.839 --> 01:06:07.849 align:start position:0%
through that I think the key problems
 

01:06:07.849 --> 01:06:09.280 align:start position:0%
through that I think the key problems
that<01:06:08.000><c> a</c><01:06:08.030><c> lot</c><01:06:08.210><c> of</c><01:06:08.240><c> companies</c><01:06:08.570><c> are</c><01:06:08.720><c> faces</c><01:06:09.109><c> like</c>

01:06:09.280 --> 01:06:09.290 align:start position:0%
that a lot of companies are faces like
 

01:06:09.290 --> 01:06:12.160 align:start position:0%
that a lot of companies are faces like
the<01:06:09.440><c> legal</c><01:06:09.800><c> incentives</c><01:06:10.790><c> other</c><01:06:11.599><c> funders</c><01:06:11.960><c> and</c>

01:06:12.160 --> 01:06:12.170 align:start position:0%
the legal incentives other funders and
 

01:06:12.170 --> 01:06:16.780 align:start position:0%
the legal incentives other funders and
then<01:06:12.290><c> there</c><01:06:12.470><c> the</c><01:06:12.740><c> token</c><01:06:13.070><c> models</c><01:06:14.080><c> cool</c><01:06:15.790><c> maybe</c>

01:06:16.780 --> 01:06:16.790 align:start position:0%
then there the token models cool maybe
 

01:06:16.790 --> 01:06:19.570 align:start position:0%
then there the token models cool maybe
as<01:06:16.970><c> a</c><01:06:17.000><c> last</c><01:06:17.300><c> question</c><01:06:18.040><c> before</c><01:06:19.040><c> we</c><01:06:19.070><c> close</c><01:06:19.160><c> the</c>

01:06:19.570 --> 01:06:19.580 align:start position:0%
as a last question before we close the
 

01:06:19.580 --> 01:06:22.030 align:start position:0%
as a last question before we close the
talker<01:06:19.790><c> topic</c><01:06:20.200><c> to</c><01:06:21.200><c> come</c><01:06:21.380><c> back</c><01:06:21.560><c> again</c><01:06:21.830><c> what</c>

01:06:22.030 --> 01:06:22.040 align:start position:0%
talker topic to come back again what
 

01:06:22.040 --> 01:06:23.200 align:start position:0%
talker topic to come back again what
what<01:06:22.310><c> do</c><01:06:22.369><c> you</c><01:06:22.430><c> guys</c><01:06:22.520><c> feel</c><01:06:22.580><c> is</c><01:06:22.880><c> the</c><01:06:23.000><c> role</c><01:06:23.180><c> of</c>

01:06:23.200 --> 01:06:23.210 align:start position:0%
what do you guys feel is the role of
 

01:06:23.210 --> 01:06:25.030 align:start position:0%
what do you guys feel is the role of
tokens<01:06:23.690><c> and</c><01:06:23.840><c> funding</c><01:06:24.230><c> he</c><01:06:24.530><c> says</c><01:06:24.710><c> urban</c>

01:06:25.030 --> 01:06:25.040 align:start position:0%
tokens and funding he says urban
 

01:06:25.040 --> 01:06:31.860 align:start position:0%
tokens and funding he says urban
infrastructure

01:06:31.860 --> 01:06:31.870 align:start position:0%
 
 

01:06:31.870 --> 01:06:33.550 align:start position:0%
 
building

01:06:33.550 --> 01:06:33.560 align:start position:0%
building
 

01:06:33.560 --> 01:06:39.160 align:start position:0%
building
I<01:06:34.460><c> got</c><01:06:37.240><c> especially</c><01:06:38.240><c> healthy</c><01:06:38.600><c> Achebe's</c><01:06:38.990><c> as</c>

01:06:39.160 --> 01:06:39.170 align:start position:0%
I got especially healthy Achebe's as
 

01:06:39.170 --> 01:06:44.560 align:start position:0%
I got especially healthy Achebe's as
well<01:06:40.600><c> like</c><01:06:41.600><c> get</c><01:06:42.530><c> warning</c><01:06:43.330><c> confusion</c><01:06:44.330><c> she</c>

01:06:44.560 --> 01:06:44.570 align:start position:0%
well like get warning confusion she
 

01:06:44.570 --> 01:06:46.810 align:start position:0%
well like get warning confusion she
listened<01:06:44.930><c> and</c><01:06:45.470><c> then</c><01:06:45.830><c> after</c><01:06:46.220><c> one</c><01:06:46.430><c> good</c><01:06:46.670><c> she</c>

01:06:46.810 --> 01:06:46.820 align:start position:0%
listened and then after one good she
 

01:06:46.820 --> 01:06:51.040 align:start position:0%
listened and then after one good she
Pierce's<01:06:47.330><c> mantra</c><01:06:47.900><c> more</c><01:06:48.100><c> rapidly</c><01:06:49.750><c> instead</c><01:06:50.750><c> of</c>

01:06:51.040 --> 01:06:51.050 align:start position:0%
Pierce's mantra more rapidly instead of
 

01:06:51.050 --> 01:06:55.710 align:start position:0%
Pierce's mantra more rapidly instead of
using<01:06:51.770><c> too</c><01:06:52.040><c> huge</c><01:06:52.520><c> first</c><01:06:52.880><c> then</c><01:06:54.520><c> absolutely</c>

01:06:55.710 --> 01:06:55.720 align:start position:0%
using too huge first then absolutely
 

01:06:55.720 --> 01:06:58.140 align:start position:0%
using too huge first then absolutely
yeah

01:06:58.140 --> 01:06:58.150 align:start position:0%
yeah
 

01:06:58.150 --> 01:07:00.670 align:start position:0%
yeah
and<01:06:59.150><c> I</c><01:06:59.270><c> mean</c><01:06:59.390><c> if</c><01:06:59.510><c> you</c><01:06:59.660><c> if</c><01:06:59.990><c> you</c><01:07:00.200><c> can</c><01:07:00.350><c> build</c><01:07:00.500><c> the</c>

01:07:00.670 --> 01:07:00.680 align:start position:0%
and I mean if you if you can build the
 

01:07:00.680 --> 01:07:02.860 align:start position:0%
and I mean if you if you can build the
utility<01:07:01.160><c> without</c><01:07:01.670><c> raising</c><01:07:02.330><c> a</c><01:07:02.390><c> token</c><01:07:02.690><c> that</c><01:07:02.720><c> you</c>

01:07:02.860 --> 01:07:02.870 align:start position:0%
utility without raising a token that you
 

01:07:02.870 --> 01:07:04.390 align:start position:0%
utility without raising a token that you
probably<01:07:03.170><c> should</c><01:07:03.470><c> integrate</c><01:07:03.770><c> a</c><01:07:03.920><c> token</c><01:07:04.280><c> into</c>

01:07:04.390 --> 01:07:04.400 align:start position:0%
probably should integrate a token into
 

01:07:04.400 --> 01:07:06.370 align:start position:0%
probably should integrate a token into
the<01:07:04.550><c> model</c><01:07:04.760><c> later</c><01:07:04.910><c> on</c><01:07:05.090><c> unless</c><01:07:05.690><c> it</c><01:07:05.870><c> souls</c><01:07:06.110><c> like</c>

01:07:06.370 --> 01:07:06.380 align:start position:0%
the model later on unless it souls like
 

01:07:06.380 --> 01:07:08.590 align:start position:0%
the model later on unless it souls like
a<01:07:06.410><c> fundamental</c><01:07:07.100><c> or</c><01:07:07.270><c> Katniss</c><01:07:08.270><c> it's</c><01:07:08.450><c> also</c>

01:07:08.590 --> 01:07:08.600 align:start position:0%
a fundamental or Katniss it's also
 

01:07:08.600 --> 01:07:12.329 align:start position:0%
a fundamental or Katniss it's also
fundamental<01:07:09.080><c> problem</c>

01:07:12.329 --> 01:07:12.339 align:start position:0%
 
 

01:07:12.339 --> 01:07:16.140 align:start position:0%
 
I<01:07:13.339><c> guess</c><01:07:13.670><c> I'll</c><01:07:13.849><c> chime</c><01:07:13.999><c> in</c><01:07:14.059><c> and</c><01:07:14.359><c> say</c><01:07:14.420><c> that</c>

01:07:16.140 --> 01:07:16.150 align:start position:0%
I guess I'll chime in and say that
 

01:07:16.150 --> 01:07:20.079 align:start position:0%
I guess I'll chime in and say that
several<01:07:17.150><c> months</c><01:07:17.359><c> ago</c><01:07:17.479><c> I</c><01:07:18.229><c> offered</c><01:07:18.979><c> any</c><01:07:19.489><c> IP</c><01:07:19.670><c> that</c>

01:07:20.079 --> 01:07:20.089 align:start position:0%
several months ago I offered any IP that
 

01:07:20.089 --> 01:07:24.009 align:start position:0%
several months ago I offered any IP that
twice<01:07:20.299><c> out</c><01:07:20.569><c> using</c><01:07:20.809><c> inflation</c><01:07:21.499><c> funding</c><01:07:23.019><c> the</c>

01:07:24.009 --> 01:07:24.019 align:start position:0%
twice out using inflation funding the
 

01:07:24.019 --> 01:07:29.499 align:start position:0%
twice out using inflation funding the
etherium<01:07:24.469><c> made</c><01:07:25.160><c> that</c><01:07:25.369><c> and</c><01:07:27.969><c> but</c><01:07:28.969><c> the</c><01:07:29.239><c> current</c>

01:07:29.499 --> 01:07:29.509 align:start position:0%
etherium made that and but the current
 

01:07:29.509 --> 01:07:31.749 align:start position:0%
etherium made that and but the current
controversy<01:07:30.079><c> is</c><01:07:30.140><c> prog</c><01:07:30.410><c> pal</c><01:07:30.679><c> I</c><01:07:30.979><c> guess</c><01:07:31.309><c> five</c>

01:07:31.749 --> 01:07:31.759 align:start position:0%
controversy is prog pal I guess five
 

01:07:31.759 --> 01:07:33.699 align:start position:0%
controversy is prog pal I guess five
months<01:07:32.059><c> ago</c><01:07:32.179><c> the</c><01:07:32.599><c> controversy</c><01:07:33.349><c> was</c><01:07:33.469><c> blocked</c>

01:07:33.699 --> 01:07:33.709 align:start position:0%
months ago the controversy was blocked
 

01:07:33.709 --> 01:07:38.439 align:start position:0%
months ago the controversy was blocked
or<01:07:33.859><c> worth</c><01:07:34.009><c> something</c><01:07:34.489><c> and</c><01:07:36.670><c> you</c><01:07:37.670><c> know</c><01:07:37.759><c> the</c>

01:07:38.439 --> 01:07:38.449 align:start position:0%
or worth something and you know the
 

01:07:38.449 --> 01:07:42.009 align:start position:0%
or worth something and you know the
whole<01:07:38.569><c> problem</c><01:07:38.809><c> is</c><01:07:39.170><c> is</c><01:07:39.619><c> basically</c><01:07:40.479><c> with</c><01:07:41.479><c> if</c>

01:07:42.009 --> 01:07:42.019 align:start position:0%
whole problem is is basically with if
 

01:07:42.019 --> 01:07:43.839 align:start position:0%
whole problem is is basically with if
you<01:07:42.140><c> create</c><01:07:42.439><c> inflation</c><01:07:42.829><c> funding</c><01:07:43.219><c> at</c><01:07:43.579><c> that</c>

01:07:43.839 --> 01:07:43.849 align:start position:0%
you create inflation funding at that
 

01:07:43.849 --> 01:07:46.870 align:start position:0%
you create inflation funding at that
layer<01:07:44.059><c> one</c><01:07:44.329><c> of</c><01:07:44.599><c> a</c><01:07:44.689><c> protocol</c><01:07:45.199><c> then</c><01:07:45.499><c> then</c><01:07:46.339><c> how</c><01:07:46.819><c> do</c>

01:07:46.870 --> 01:07:46.880 align:start position:0%
layer one of a protocol then then how do
 

01:07:46.880 --> 01:07:48.669 align:start position:0%
layer one of a protocol then then how do
you<01:07:46.999><c> prevent</c><01:07:47.239><c> capture</c><01:07:47.809><c> of</c><01:07:47.959><c> that</c><01:07:47.989><c> inflation</c>

01:07:48.669 --> 01:07:48.679 align:start position:0%
you prevent capture of that inflation
 

01:07:48.679 --> 01:07:52.290 align:start position:0%
you prevent capture of that inflation
funding<01:07:48.859><c> I</c><01:07:49.249><c> I</c><01:07:50.140><c> by</c><01:07:51.140><c> people</c><01:07:51.529><c> who</c>

01:07:52.290 --> 01:07:52.300 align:start position:0%
funding I I by people who
 

01:07:52.300 --> 01:07:53.820 align:start position:0%
funding I I by people who
just<01:07:52.450><c> want</c><01:07:52.660><c> to</c><01:07:52.750><c> be</c><01:07:52.900><c> with</c><01:07:53.020><c> oligarchs</c><01:07:53.650><c> in</c><01:07:53.710><c> the</c>

01:07:53.820 --> 01:07:53.830 align:start position:0%
just want to be with oligarchs in the
 

01:07:53.830 --> 01:07:56.760 align:start position:0%
just want to be with oligarchs in the
network<01:07:54.160><c> fins</c><01:07:54.960><c> bass</c><01:07:55.960><c> booth</c><01:07:56.260><c> proof-of-work</c>

01:07:56.760 --> 01:07:56.770 align:start position:0%
network fins bass booth proof-of-work
 

01:07:56.770 --> 01:07:58.740 align:start position:0%
network fins bass booth proof-of-work
you<01:07:57.160><c> can</c><01:07:57.400><c> improve</c><01:07:57.790><c> that</c><01:07:57.850><c> minors</c><01:07:58.420><c> are</c><01:07:58.600><c> at</c><01:07:58.720><c> a</c>

01:07:58.740 --> 01:07:58.750 align:start position:0%
you can improve that minors are at a
 

01:07:58.750 --> 01:08:00.890 align:start position:0%
you can improve that minors are at a
guide<01:07:58.990><c> to</c><01:07:59.230><c> the</c><01:07:59.320><c> network</c><01:07:59.620><c> because</c><01:08:00.070><c> there's</c>

01:08:00.890 --> 01:08:00.900 align:start position:0%
guide to the network because there's
 

01:08:00.900 --> 01:08:03.180 align:start position:0%
guide to the network because there's
consensus<01:08:01.900><c> algorithm</c><01:08:02.170><c> that</c><01:08:02.650><c> says</c><01:08:02.860><c> that</c>

01:08:03.180 --> 01:08:03.190 align:start position:0%
consensus algorithm that says that
 

01:08:03.190 --> 01:08:05.640 align:start position:0%
consensus algorithm that says that
minors<01:08:03.550><c> riding</c><01:08:03.910><c> bikes</c><01:08:04.090><c> the</c><01:08:04.270><c> network</c><01:08:04.600><c> but</c><01:08:04.990><c> with</c>

01:08:05.640 --> 01:08:05.650 align:start position:0%
minors riding bikes the network but with
 

01:08:05.650 --> 01:08:08.850 align:start position:0%
minors riding bikes the network but with
software<01:08:06.580><c> development</c><01:08:07.110><c> the</c><01:08:08.110><c> value</c>

01:08:08.850 --> 01:08:08.860 align:start position:0%
software development the value
 

01:08:08.860 --> 01:08:11.480 align:start position:0%
software development the value
proposition<01:08:09.400><c> is</c><01:08:09.520><c> inherently</c><01:08:09.940><c> abstracts</c><01:08:10.660><c> and</c>

01:08:11.480 --> 01:08:11.490 align:start position:0%
proposition is inherently abstracts and
 

01:08:11.490 --> 01:08:14.160 align:start position:0%
proposition is inherently abstracts and
you<01:08:12.490><c> know</c><01:08:12.580><c> the</c><01:08:13.180><c> software</c><01:08:13.720><c> developers</c><01:08:14.140><c> are</c>

01:08:14.160 --> 01:08:14.170 align:start position:0%
you know the software developers are
 

01:08:14.170 --> 01:08:16.110 align:start position:0%
you know the software developers are
sometimes<01:08:14.560><c> not</c><01:08:14.710><c> great</c><01:08:15.010><c> communicators</c><01:08:15.640><c> and</c><01:08:15.910><c> I</c>

01:08:16.110 --> 01:08:16.120 align:start position:0%
sometimes not great communicators and I
 

01:08:16.120 --> 01:08:18.150 align:start position:0%
sometimes not great communicators and I
don't<01:08:16.180><c> even</c><01:08:16.390><c> know</c><01:08:16.660><c> if</c><01:08:16.960><c> the</c><01:08:17.290><c> projects</c><01:08:17.770><c> that</c><01:08:17.799><c> I</c>

01:08:18.150 --> 01:08:18.160 align:start position:0%
don't even know if the projects that I
 

01:08:18.160 --> 01:08:19.440 align:start position:0%
don't even know if the projects that I
worked<01:08:18.400><c> on</c><01:08:18.520><c> for</c><01:08:18.670><c> the</c><01:08:18.700><c> last</c><01:08:18.790><c> month</c><01:08:19.120><c> that</c><01:08:19.359><c> we</c>

01:08:19.440 --> 01:08:19.450 align:start position:0%
worked on for the last month that we
 

01:08:19.450 --> 01:08:20.760 align:start position:0%
worked on for the last month that we
don't<01:08:19.690><c> intend</c><01:08:19.900><c> on</c><01:08:20.109><c> is</c><01:08:20.290><c> going</c><01:08:20.470><c> to</c><01:08:20.530><c> have</c><01:08:20.620><c> any</c>

01:08:20.760 --> 01:08:20.770 align:start position:0%
don't intend on is going to have any
 

01:08:20.770 --> 01:08:23.490 align:start position:0%
don't intend on is going to have any
value<01:08:21.069><c> to</c><01:08:21.100><c> the</c><01:08:21.400><c> community</c><01:08:22.000><c> this</c><01:08:22.500><c> diet</c>

01:08:23.490 --> 01:08:23.500 align:start position:0%
value to the community this diet
 

01:08:23.500 --> 01:08:26.309 align:start position:0%
value to the community this diet
propositions<01:08:24.069><c> are</c><01:08:24.270><c> subjective</c><01:08:25.270><c> and</c><01:08:25.960><c> so</c>

01:08:26.309 --> 01:08:26.319 align:start position:0%
propositions are subjective and so
 

01:08:26.319 --> 01:08:29.370 align:start position:0%
propositions are subjective and so
there's<01:08:27.100><c> the</c><01:08:27.280><c> room</c><01:08:27.520><c> for</c><01:08:27.700><c> capture</c><01:08:28.150><c> of</c><01:08:28.380><c> funding</c>

01:08:29.370 --> 01:08:29.380 align:start position:0%
there's the room for capture of funding
 

01:08:29.380 --> 01:08:32.760 align:start position:0%
there's the room for capture of funding
of<01:08:30.060><c> open</c><01:08:31.060><c> source</c><01:08:31.410><c> infrastructure</c><01:08:32.410><c> buta</c>

01:08:32.760 --> 01:08:32.770 align:start position:0%
of open source infrastructure buta
 

01:08:32.770 --> 01:08:34.890 align:start position:0%
of open source infrastructure buta
inflation<01:08:33.160><c> funding</c><01:08:33.280><c> the</c><01:08:34.000><c> toxins</c><01:08:34.450><c> that</c><01:08:34.630><c> sums</c>

01:08:34.890 --> 01:08:34.900 align:start position:0%
inflation funding the toxins that sums
 

01:08:34.900 --> 01:08:37.230 align:start position:0%
inflation funding the toxins that sums
up<01:08:35.080><c> really</c><01:08:35.410><c> nicely</c><01:08:35.620><c> in</c><01:08:35.859><c> his</c><01:08:36.010><c> blog</c><01:08:36.670><c> post</c><01:08:36.970><c> on</c>

01:08:37.230 --> 01:08:37.240 align:start position:0%
up really nicely in his blog post on
 

01:08:37.240 --> 01:08:39.150 align:start position:0%
up really nicely in his blog post on
Volusion<01:08:37.750><c> which</c><01:08:37.930><c> is</c><01:08:38.020><c> on</c><01:08:38.140><c> this</c><01:08:38.230><c> website</c><01:08:38.440><c> there</c>

01:08:39.150 --> 01:08:39.160 align:start position:0%
Volusion which is on this website there
 

01:08:39.160 --> 01:08:42.390 align:start position:0%
Volusion which is on this website there
is<01:08:39.220><c> a</c><01:08:40.500><c> inescapable</c><01:08:41.500><c> trade-off</c><01:08:41.950><c> between</c>

01:08:42.390 --> 01:08:42.400 align:start position:0%
is a inescapable trade-off between
 

01:08:42.400 --> 01:08:44.520 align:start position:0%
is a inescapable trade-off between
failure<01:08:43.060><c> to</c><01:08:43.299><c> fund</c><01:08:43.480><c> legitimate</c><01:08:43.990><c> public</c><01:08:44.319><c> goods</c>

01:08:44.520 --> 01:08:44.530 align:start position:0%
failure to fund legitimate public goods
 

01:08:44.530 --> 01:08:48.630 align:start position:0%
failure to fund legitimate public goods
and<01:08:44.740><c> enabling</c><01:08:45.640><c> a</c><01:08:45.760><c> plutocracy</c><01:08:46.180><c> and</c><01:08:47.339><c> I</c><01:08:48.339><c> think</c>

01:08:48.630 --> 01:08:48.640 align:start position:0%
and enabling a plutocracy and I think
 

01:08:48.640 --> 01:08:50.960 align:start position:0%
and enabling a plutocracy and I think
that<01:08:48.850><c> that's</c><01:08:49.089><c> why</c><01:08:49.390><c> the</c><01:08:49.480><c> block</c><01:08:49.720><c> award</c><01:08:50.020><c> funding</c>

01:08:50.960 --> 01:08:50.970 align:start position:0%
that that's why the block award funding
 

01:08:50.970 --> 01:08:55.980 align:start position:0%
that that's why the block award funding
be<01:08:51.970><c> varying</c><01:08:52.330><c> from</c><01:08:52.980><c> a</c><01:08:53.980><c> net</c><01:08:54.220><c> that</c><01:08:54.630><c> that</c><01:08:55.630><c> yep</c><01:08:55.839><c> he</c>

01:08:55.980 --> 01:08:55.990 align:start position:0%
be varying from a net that that yep he
 

01:08:55.990 --> 01:08:59.160 align:start position:0%
be varying from a net that that yep he
is<01:08:56.020><c> dead</c><01:08:56.290><c> and</c><01:08:56.549><c> and</c><01:08:57.549><c> maybe</c><01:08:58.540><c> we'll</c><01:08:58.750><c> see</c><01:08:58.780><c> it</c><01:08:59.020><c> on</c><01:08:59.109><c> a</c>

01:08:59.160 --> 01:08:59.170 align:start position:0%
is dead and and maybe we'll see it on a
 

01:08:59.170 --> 01:09:01.230 align:start position:0%
is dead and and maybe we'll see it on a
on<01:08:59.589><c> a</c><01:08:59.650><c> side</c><01:08:59.920><c> network</c><01:09:00.310><c> or</c><01:09:00.609><c> maybe</c><01:09:00.850><c> it's</c><01:09:01.089><c> a</c>

01:09:01.230 --> 01:09:01.240 align:start position:0%
on a side network or maybe it's a
 

01:09:01.240 --> 01:09:03.690 align:start position:0%
on a side network or maybe it's a
testament<01:09:01.990><c> that</c><01:09:02.140><c> has</c><01:09:02.260><c> value</c><01:09:02.620><c> or</c><01:09:02.859><c> some</c><01:09:03.520><c> other</c>

01:09:03.690 --> 01:09:03.700 align:start position:0%
testament that has value or some other
 

01:09:03.700 --> 01:09:05.730 align:start position:0%
testament that has value or some other
platform<01:09:04.299><c> but</c><01:09:04.600><c> we're</c><01:09:05.140><c> not</c><01:09:05.290><c> going</c><01:09:05.440><c> to</c><01:09:05.470><c> see</c><01:09:05.650><c> it</c>

01:09:05.730 --> 01:09:05.740 align:start position:0%
platform but we're not going to see it
 

01:09:05.740 --> 01:09:09.390 align:start position:0%
platform but we're not going to see it
on<01:09:05.830><c> the</c><01:09:05.859><c> theory</c><01:09:06.160><c> at</c><01:09:06.400><c> a</c><01:09:06.430><c> time</c><01:09:06.609><c> soon</c><01:09:06.819><c> enough</c>

01:09:09.390 --> 01:09:09.400 align:start position:0%
 
 

01:09:09.400 --> 01:09:12.060 align:start position:0%
 
name<01:09:09.910><c> a</c><01:09:10.060><c> showmance</c><01:09:10.450><c> quiz</c><01:09:10.870><c> for</c><01:09:11.200><c> inflation</c>

01:09:12.060 --> 01:09:12.070 align:start position:0%
name a showmance quiz for inflation
 

01:09:12.070 --> 01:09:17.670 align:start position:0%
name a showmance quiz for inflation
funding<01:09:13.740><c> but</c><01:09:14.740><c> in</c><01:09:15.040><c> what</c><01:09:15.190><c> context</c><01:09:15.780><c> in</c><01:09:16.780><c> the</c>

01:09:17.670 --> 01:09:17.680 align:start position:0%
funding but in what context in the
 

01:09:17.680 --> 01:09:20.280 align:start position:0%
funding but in what context in the
context<01:09:17.980><c> that</c><01:09:18.040><c> you</c><01:09:18.190><c> just</c><01:09:18.340><c> described</c><01:09:19.260><c> so</c><01:09:20.260><c> I</c>

01:09:20.280 --> 01:09:20.290 align:start position:0%
context that you just described so I
 

01:09:20.290 --> 01:09:22.500 align:start position:0%
context that you just described so I
mean<01:09:20.470><c> like</c><01:09:20.590><c> the</c><01:09:21.460><c> picture</c><01:09:21.760><c> of</c><01:09:21.880><c> the</c><01:09:22.000><c> horse</c><01:09:22.150><c> that</c>

01:09:22.500 --> 01:09:22.510 align:start position:0%
mean like the picture of the horse that
 

01:09:22.510 --> 01:09:24.690 align:start position:0%
mean like the picture of the horse that
you<01:09:22.600><c> had</c><01:09:22.780><c> like</c><01:09:23.350><c> being</c><01:09:24.190><c> drawn</c><01:09:24.460><c> out</c>

01:09:24.690 --> 01:09:24.700 align:start position:0%
you had like being drawn out
 

01:09:24.700 --> 01:09:27.030 align:start position:0%
you had like being drawn out
progressively<01:09:25.480><c> is</c><01:09:25.810><c> sort</c><01:09:26.410><c> of</c><01:09:26.440><c> relevant</c><01:09:26.860><c> here</c>

01:09:27.030 --> 01:09:27.040 align:start position:0%
progressively is sort of relevant here
 

01:09:27.040 --> 01:09:29.760 align:start position:0%
progressively is sort of relevant here
I'm<01:09:27.250><c> my</c><01:09:27.520><c> VIP</c><01:09:28.090><c> was</c><01:09:28.840><c> broken</c><01:09:29.170><c> up</c><01:09:29.290><c> into</c><01:09:29.440><c> three</c>

01:09:29.760 --> 01:09:29.770 align:start position:0%
I'm my VIP was broken up into three
 

01:09:29.770 --> 01:09:31.590 align:start position:0%
I'm my VIP was broken up into three
sections<01:09:30.010><c> the</c><01:09:30.340><c> first</c><01:09:30.700><c> is</c><01:09:30.970><c> that</c><01:09:31.150><c> software</c>

01:09:31.590 --> 01:09:31.600 align:start position:0%
sections the first is that software
 

01:09:31.600 --> 01:09:34.890 align:start position:0%
sections the first is that software
development<01:09:32.080><c> is</c><01:09:32.260><c> is</c><01:09:32.830><c> valuable</c><01:09:33.790><c> the</c><01:09:34.420><c> second</c>

01:09:34.890 --> 01:09:34.900 align:start position:0%
development is is valuable the second
 

01:09:34.900 --> 01:09:37.500 align:start position:0%
development is is valuable the second
was<01:09:35.440><c> that</c><01:09:35.490><c> current</c><01:09:36.490><c> methods</c><01:09:36.820><c> of</c><01:09:36.940><c> funding</c><01:09:37.120><c> open</c>

01:09:37.500 --> 01:09:37.510 align:start position:0%
was that current methods of funding open
 

01:09:37.510 --> 01:09:39.450 align:start position:0%
was that current methods of funding open
source<01:09:37.690><c> infrastructure</c><01:09:38.140><c> are</c><01:09:38.800><c> not</c><01:09:39.010><c> working</c>

01:09:39.450 --> 01:09:39.460 align:start position:0%
source infrastructure are not working
 

01:09:39.460 --> 01:09:41.460 align:start position:0%
source infrastructure are not working
and<01:09:39.700><c> the</c><01:09:40.210><c> third</c><01:09:40.450><c> is</c><01:09:40.660><c> we</c><01:09:40.900><c> should</c><01:09:41.080><c> explore</c>

01:09:41.460 --> 01:09:41.470 align:start position:0%
and the third is we should explore
 

01:09:41.470 --> 01:09:43.350 align:start position:0%
and the third is we should explore
blockwork<01:09:41.920><c> funding</c><01:09:42.460><c> it</c><01:09:42.580><c> was</c><01:09:42.760><c> designed</c><01:09:43.150><c> to</c><01:09:43.270><c> be</c>

01:09:43.350 --> 01:09:43.360 align:start position:0%
blockwork funding it was designed to be
 

01:09:43.360 --> 01:09:46.470 align:start position:0%
blockwork funding it was designed to be
a<01:09:43.480><c> gradient</c><01:09:43.840><c> of</c><01:09:44.230><c> contour</c><01:09:44.980><c> of</c><01:09:45.250><c> a</c><01:09:45.460><c> fully</c><01:09:46.210><c> baked</c>

01:09:46.470 --> 01:09:46.480 align:start position:0%
a gradient of contour of a fully baked
 

01:09:46.480 --> 01:09:48.690 align:start position:0%
a gradient of contour of a fully baked
inocent<01:09:46.870><c> controversy</c><01:09:47.530><c> where</c><01:09:47.770><c> I</c><01:09:48.100><c> don't</c><01:09:48.460><c> think</c>

01:09:48.690 --> 01:09:48.700 align:start position:0%
inocent controversy where I don't think
 

01:09:48.700 --> 01:09:51.480 align:start position:0%
inocent controversy where I don't think
I<01:09:48.850><c> think</c><01:09:49.090><c> in</c><01:09:49.300><c> this</c><01:09:49.480><c> room</c><01:09:49.720><c> people</c><01:09:49.930><c> would</c><01:09:50.490><c> how</c>

01:09:51.480 --> 01:09:51.490 align:start position:0%
I think in this room people would how
 

01:09:51.490 --> 01:09:53.160 align:start position:0%
I think in this room people would how
many<01:09:51.640><c> people</c><01:09:51.880><c> agree</c><01:09:52.300><c> that</c><01:09:52.390><c> software</c>

01:09:53.160 --> 01:09:53.170 align:start position:0%
many people agree that software
 

01:09:53.170 --> 01:09:55.790 align:start position:0%
many people agree that software
development<01:09:53.680><c> is</c><01:09:53.830><c> valuable</c><01:09:54.370><c> to</c><01:09:54.910><c> etherium</c>

01:09:55.790 --> 01:09:55.800 align:start position:0%
development is valuable to etherium
 

01:09:55.800 --> 01:09:57.750 align:start position:0%
development is valuable to etherium
all<01:09:56.800><c> right</c><01:09:56.920><c> how</c><01:09:57.040><c> many</c><01:09:57.190><c> people</c><01:09:57.460><c> think</c><01:09:57.610><c> that</c>

01:09:57.750 --> 01:09:57.760 align:start position:0%
all right how many people think that
 

01:09:57.760 --> 01:10:00.990 align:start position:0%
all right how many people think that
current<01:09:58.330><c> mechanisms</c><01:09:58.840><c> are</c><01:09:59.020><c> not</c><01:09:59.170><c> working</c><01:10:00.000><c> how</c>

01:10:00.990 --> 01:10:01.000 align:start position:0%
current mechanisms are not working how
 

01:10:01.000 --> 01:10:02.310 align:start position:0%
current mechanisms are not working how
many<01:10:01.180><c> people</c><01:10:01.480><c> think</c><01:10:01.690><c> that</c><01:10:01.750><c> we</c><01:10:01.930><c> should</c><01:10:02.140><c> use</c>

01:10:02.310 --> 01:10:02.320 align:start position:0%
many people think that we should use
 

01:10:02.320 --> 01:10:06.750 align:start position:0%
many people think that we should use
inflation<01:10:03.070><c> funding</c><01:10:04.260><c> to</c><01:10:05.260><c> deploy</c><01:10:05.980><c> capital</c><01:10:06.010><c> to</c>

01:10:06.750 --> 01:10:06.760 align:start position:0%
inflation funding to deploy capital to
 

01:10:06.760 --> 01:10:11.100 align:start position:0%
inflation funding to deploy capital to
you<01:10:07.210><c> to</c><01:10:07.480><c> put</c><01:10:07.690><c> out</c><01:10:07.810><c> clients</c><01:10:08.670><c> information</c><01:10:10.110><c> there</c>

01:10:11.100 --> 01:10:11.110 align:start position:0%
you to put out clients information there
 

01:10:11.110 --> 01:10:12.330 align:start position:0%
you to put out clients information there
you<01:10:11.170><c> go</c><01:10:11.290><c> so</c><01:10:11.560><c> that's</c><01:10:11.680><c> the</c><01:10:11.890><c> gradient</c><01:10:12.100><c> right</c>

01:10:12.330 --> 01:10:12.340 align:start position:0%
you go so that's the gradient right
 

01:10:12.340 --> 01:10:18.640 align:start position:0%
you go so that's the gradient right
there<01:10:15.120><c> variation</c><01:10:16.120><c> like</c><01:10:16.300><c> probably</c>

01:10:18.640 --> 01:10:18.650 align:start position:0%
there variation like probably
 

01:10:18.650 --> 01:10:24.320 align:start position:0%
there variation like probably
if<01:10:19.650><c> it's</c><01:10:19.830><c> out</c><01:10:20.190><c> sure</c><01:10:20.489><c> that's</c><01:10:20.880><c> wicked</c><01:10:21.060><c> -</c><01:10:23.330><c> it's</c>

01:10:24.320 --> 01:10:24.330 align:start position:0%
if it's out sure that's wicked - it's
 

01:10:24.330 --> 01:10:26.209 align:start position:0%
if it's out sure that's wicked - it's
just<01:10:24.510><c> like</c><01:10:24.840><c> that</c><01:10:25.050><c> I</c><01:10:25.320><c> know</c><01:10:25.560><c> that's</c><01:10:25.739><c> being</c><01:10:25.980><c> done</c>

01:10:26.209 --> 01:10:26.219 align:start position:0%
just like that I know that's being done
 

01:10:26.219 --> 01:10:28.250 align:start position:0%
just like that I know that's being done
are<01:10:26.430><c> they</c><01:10:26.520><c> completely</c><01:10:26.790><c> Mitchell</c><01:10:27.420><c> Michelina</c>

01:10:28.250 --> 01:10:28.260 align:start position:0%
are they completely Mitchell Michelina
 

01:10:28.260 --> 01:10:30.680 align:start position:0%
are they completely Mitchell Michelina
protocol<01:10:28.830><c> this</c><01:10:29.610><c> is</c><01:10:29.760><c> like</c><01:10:29.940><c> a</c><01:10:29.969><c> really</c><01:10:30.270><c> fun</c>

01:10:30.680 --> 01:10:30.690 align:start position:0%
protocol this is like a really fun
 

01:10:30.690 --> 01:10:32.479 align:start position:0%
protocol this is like a really fun
conversation<01:10:31.380><c> having</c><01:10:31.590><c> the</c><01:10:31.770><c> abstract</c><01:10:32.250><c> and</c>

01:10:32.479 --> 01:10:32.489 align:start position:0%
conversation having the abstract and
 

01:10:32.489 --> 01:10:34.520 align:start position:0%
conversation having the abstract and
Kevin<01:10:33.060><c> process</c><01:10:33.750><c> it</c><01:10:33.930><c> just</c><01:10:33.960><c> later</c>

01:10:34.520 --> 01:10:34.530 align:start position:0%
Kevin process it just later
 

01:10:34.530 --> 01:10:36.680 align:start position:0%
Kevin process it just later
bulldozing<01:10:35.040><c> ahead</c><01:10:35.430><c> and</c><01:10:35.760><c> putting</c><01:10:36.360><c> it</c><01:10:36.480><c> into</c>

01:10:36.680 --> 01:10:36.690 align:start position:0%
bulldozing ahead and putting it into
 

01:10:36.690 --> 01:10:39.590 align:start position:0%
bulldozing ahead and putting it into
practice<01:10:37.370><c> and</c><01:10:38.370><c> so</c><01:10:38.580><c> people</c><01:10:38.850><c> like</c><01:10:38.969><c> it's</c><01:10:39.210><c> can</c><01:10:39.480><c> of</c>

01:10:39.590 --> 01:10:39.600 align:start position:0%
practice and so people like it's can of
 

01:10:39.600 --> 01:10:41.030 align:start position:0%
practice and so people like it's can of
worms<01:10:39.719><c> don't</c><01:10:40.080><c> open</c><01:10:40.320><c> it</c><01:10:40.350><c> we're</c><01:10:40.650><c> like</c><01:10:40.800><c> let's</c>

01:10:41.030 --> 01:10:41.040 align:start position:0%
worms don't open it we're like let's
 

01:10:41.040 --> 01:10:47.540 align:start position:0%
worms don't open it we're like let's
just<01:10:41.160><c> take</c><01:10:41.460><c> a</c><01:10:41.610><c> look</c><01:10:45.590><c> so</c><01:10:46.590><c> like</c><01:10:46.770><c> we</c><01:10:46.949><c> look</c><01:10:47.190><c> to</c>

01:10:47.540 --> 01:10:47.550 align:start position:0%
just take a look so like we look to
 

01:10:47.550 --> 01:10:49.750 align:start position:0%
just take a look so like we look to
found<01:10:48.480><c> the</c><01:10:48.570><c> works</c>

01:10:49.750 --> 01:10:49.760 align:start position:0%
found the works
 

01:10:49.760 --> 01:10:52.130 align:start position:0%
found the works
you<01:10:50.760><c> made</c><01:10:51.030><c> a</c><01:10:51.060><c> telegram</c><01:10:51.540><c> group</c><01:10:51.810><c> there's</c><01:10:52.080><c> a</c>

01:10:52.130 --> 01:10:52.140 align:start position:0%
you made a telegram group there's a
 

01:10:52.140 --> 01:10:53.990 align:start position:0%
you made a telegram group there's a
couple<01:10:52.440><c> hundred</c><01:10:52.620><c> people</c><01:10:53.010><c> in</c><01:10:53.130><c> it</c><01:10:53.280><c> with</c><01:10:53.580><c> like</c><01:10:53.820><c> a</c>

01:10:53.990 --> 01:10:54.000 align:start position:0%
couple hundred people in it with like a
 

01:10:54.000 --> 01:10:56.540 align:start position:0%
couple hundred people in it with like a
lot<01:10:54.180><c> of</c><01:10:54.300><c> people</c><01:10:54.510><c> came</c><01:10:54.719><c> in</c><01:10:54.900><c> and</c><01:10:55.260><c> like</c><01:10:55.550><c> started</c>

01:10:56.540 --> 01:10:56.550 align:start position:0%
lot of people came in and like started
 

01:10:56.550 --> 01:10:59.000 align:start position:0%
lot of people came in and like started
being<01:10:56.760><c> all</c><01:10:57.330><c> I</c><01:10:57.630><c> think</c><01:10:57.750><c> the</c><01:10:58.140><c> Chordettes</c><01:10:58.620><c> should</c>

01:10:59.000 --> 01:10:59.010 align:start position:0%
being all I think the Chordettes should
 

01:10:59.010 --> 01:11:01.330 align:start position:0%
being all I think the Chordettes should
be<01:10:59.219><c> responsible</c><01:10:59.640><c> for</c><01:10:59.940><c> distributing</c><01:11:00.540><c> funding</c>

01:11:01.330 --> 01:11:01.340 align:start position:0%
be responsible for distributing funding
 

01:11:01.340 --> 01:11:04.189 align:start position:0%
be responsible for distributing funding
because<01:11:02.340><c> we</c><01:11:02.370><c> know</c><01:11:02.670><c> best</c><01:11:02.940><c> right</c><01:11:03.630><c> and</c><01:11:03.900><c> then</c><01:11:04.020><c> like</c>

01:11:04.189 --> 01:11:04.199 align:start position:0%
because we know best right and then like
 

01:11:04.199 --> 01:11:05.750 align:start position:0%
because we know best right and then like
Aragon<01:11:04.680><c> comes</c><01:11:04.920><c> it's</c><01:11:05.130><c> like</c><01:11:05.160><c> well</c><01:11:05.460><c> we</c><01:11:05.610><c> should</c>

01:11:05.750 --> 01:11:05.760 align:start position:0%
Aragon comes it's like well we should
 

01:11:05.760 --> 01:11:07.280 align:start position:0%
Aragon comes it's like well we should
put<01:11:05.910><c> the</c><01:11:06.030><c> money</c><01:11:06.150><c> in</c><01:11:06.390><c> an</c><01:11:06.480><c> arrogant</c><01:11:06.870><c> down</c>

01:11:07.280 --> 01:11:07.290 align:start position:0%
put the money in an arrogant down
 

01:11:07.290 --> 01:11:09.770 align:start position:0%
put the money in an arrogant down
because<01:11:07.710><c> you</c><01:11:08.460><c> know</c><01:11:08.520><c> and</c><01:11:09.030><c> then</c><01:11:09.180><c> I'm</c><01:11:09.300><c> like</c><01:11:09.480><c> well</c>

01:11:09.770 --> 01:11:09.780 align:start position:0%
because you know and then I'm like well
 

01:11:09.780 --> 01:11:17.170 align:start position:0%
because you know and then I'm like well
I<01:11:09.810><c> should</c><01:11:10.110><c> be</c><01:11:10.500><c> in</c><01:11:10.680><c> charge</c><01:11:10.710><c> you</c><01:11:12.890><c> know</c><01:11:14.180><c> I'm</c><01:11:15.180><c> right</c>

01:11:17.170 --> 01:11:17.180 align:start position:0%
I should be in charge you know I'm right
 

01:11:17.180 --> 01:11:20.060 align:start position:0%
I should be in charge you know I'm right
the<01:11:18.180><c> point</c><01:11:18.449><c> is</c><01:11:18.540><c> is</c><01:11:18.690><c> like</c><01:11:18.840><c> by</c><01:11:19.230><c> the</c><01:11:19.560><c> virtue</c><01:11:19.890><c> that</c>

01:11:20.060 --> 01:11:20.070 align:start position:0%
the point is is like by the virtue that
 

01:11:20.070 --> 01:11:22.610 align:start position:0%
the point is is like by the virtue that
nobody<01:11:20.910><c> else</c><01:11:21.060><c> wants</c><01:11:21.480><c> to</c><01:11:21.630><c> you</c><01:11:21.960><c> know</c><01:11:22.020><c> to</c><01:11:22.230><c> give</c><01:11:22.469><c> me</c>

01:11:22.610 --> 01:11:22.620 align:start position:0%
nobody else wants to you know to give me
 

01:11:22.620 --> 01:11:24.029 align:start position:0%
nobody else wants to you know to give me
the<01:11:22.770><c> legitimacy</c>

01:11:24.029 --> 01:11:24.039 align:start position:0%
the legitimacy
 

01:11:24.039 --> 01:11:25.709 align:start position:0%
the legitimacy
even<01:11:24.340><c> if</c><01:11:24.429><c> I</c><01:11:24.579><c> think</c><01:11:24.849><c> I</c><01:11:24.940><c> think</c><01:11:25.329><c> it's</c><01:11:25.449><c> the</c><01:11:25.539><c> same</c>

01:11:25.709 --> 01:11:25.719 align:start position:0%
even if I think I think it's the same
 

01:11:25.719 --> 01:11:27.479 align:start position:0%
even if I think I think it's the same
exact<01:11:26.079><c> way</c><01:11:26.440><c> I'm</c><01:11:26.650><c> thinking</c><01:11:26.829><c> about</c><01:11:27.130><c> other</c>

01:11:27.479 --> 01:11:27.489 align:start position:0%
exact way I'm thinking about other
 

01:11:27.489 --> 01:11:28.950 align:start position:0%
exact way I'm thinking about other
people<01:11:27.880><c> trying</c><01:11:28.150><c> to</c><01:11:28.239><c> spend</c><01:11:28.389><c> the</c><01:11:28.480><c> money</c><01:11:28.570><c> and</c><01:11:28.690><c> so</c>

01:11:28.950 --> 01:11:28.960 align:start position:0%
people trying to spend the money and so
 

01:11:28.960 --> 01:11:31.439 align:start position:0%
people trying to spend the money and so
it's<01:11:29.110><c> a</c><01:11:29.170><c> deadlock</c><01:11:29.559><c> right</c><01:11:29.949><c> and</c><01:11:30.159><c> it's</c><01:11:30.579><c> devolve</c>

01:11:31.439 --> 01:11:31.449 align:start position:0%
it's a deadlock right and it's devolve
 

01:11:31.449 --> 01:11:33.209 align:start position:0%
it's a deadlock right and it's devolve
into<01:11:31.659><c> this</c><01:11:31.900><c> sort</c><01:11:32.110><c> of</c><01:11:32.170><c> like</c><01:11:32.380><c> political</c>

01:11:33.209 --> 01:11:33.219 align:start position:0%
into this sort of like political
 

01:11:33.219 --> 01:11:37.020 align:start position:0%
into this sort of like political
power<01:11:33.640><c> struggle</c><01:11:34.620><c> and</c><01:11:35.620><c> then</c><01:11:35.830><c> that's</c><01:11:36.820><c> when</c><01:11:37.000><c> I</c>

01:11:37.020 --> 01:11:37.030 align:start position:0%
power struggle and then that's when I
 

01:11:37.030 --> 01:11:39.330 align:start position:0%
power struggle and then that's when I
Ridge<01:11:37.690><c> but</c><01:11:37.900><c> that</c><01:11:38.140><c> whole</c><01:11:38.320><c> thing</c><01:11:38.530><c> and</c><01:11:39.130><c> I</c><01:11:39.250><c> was</c>

01:11:39.330 --> 01:11:39.340 align:start position:0%
Ridge but that whole thing and I was
 

01:11:39.340 --> 01:11:42.479 align:start position:0%
Ridge but that whole thing and I was
like<01:11:39.400><c> I'm</c><01:11:39.730><c> outta</c><01:11:39.880><c> here</c><01:11:39.940><c> I</c><01:11:40.600><c> see</c><01:11:41.080><c> the</c><01:11:41.199><c> words</c><01:11:41.489><c> it</c>

01:11:42.479 --> 01:11:42.489 align:start position:0%
like I'm outta here I see the words it
 

01:11:42.489 --> 01:11:44.880 align:start position:0%
like I'm outta here I see the words it
was<01:11:42.610><c> that</c><01:11:42.760><c> I</c><01:11:42.790><c> think</c><01:11:43.080><c> this</c><01:11:44.080><c> is</c><01:11:44.290><c> this</c><01:11:44.530><c> is</c><01:11:44.590><c> what</c>

01:11:44.880 --> 01:11:44.890 align:start position:0%
was that I think this is this is what
 

01:11:44.890 --> 01:11:46.800 align:start position:0%
was that I think this is this is what
people<01:11:45.160><c> want</c><01:11:45.400><c> you</c><01:11:45.550><c> about</c><01:11:45.790><c> right</c><01:11:46.090><c> it's</c><01:11:46.330><c> that</c>

01:11:46.800 --> 01:11:46.810 align:start position:0%
people want you about right it's that
 

01:11:46.810 --> 01:11:48.570 align:start position:0%
people want you about right it's that
the<01:11:47.080><c> whole</c><01:11:47.110><c> thing</c><01:11:47.590><c> could</c><01:11:47.620><c> was</c><01:11:47.949><c> legitimacy</c>

01:11:48.570 --> 01:11:48.580 align:start position:0%
the whole thing could was legitimacy
 

01:11:48.580 --> 01:11:50.760 align:start position:0%
the whole thing could was legitimacy
because<01:11:48.820><c> people</c><01:11:49.540><c> could</c><01:11:49.690><c> leave</c><01:11:49.929><c> that</c><01:11:50.380><c> it</c><01:11:50.650><c> has</c>

01:11:50.760 --> 01:11:50.770 align:start position:0%
because people could leave that it has
 

01:11:50.770 --> 01:11:52.979 align:start position:0%
because people could leave that it has
been<01:11:50.949><c> captured</c><01:11:51.370><c> by</c><01:11:51.910><c> some</c><01:11:52.179><c> special</c><01:11:52.390><c> interests</c>

01:11:52.979 --> 01:11:52.989 align:start position:0%
been captured by some special interests
 

01:11:52.989 --> 01:11:55.229 align:start position:0%
been captured by some special interests
and<01:11:53.080><c> that</c><01:11:53.739><c> potentially</c><01:11:54.400><c> is</c><01:11:54.520><c> more</c><01:11:54.760><c> damaging</c><01:11:55.210><c> to</c>

01:11:55.229 --> 01:11:55.239 align:start position:0%
and that potentially is more damaging to
 

01:11:55.239 --> 01:11:57.270 align:start position:0%
and that potentially is more damaging to
the<01:11:55.390><c> project</c><01:11:55.870><c> and</c><01:11:56.050><c> the</c><01:11:56.500><c> value</c><01:11:57.040><c> that</c><01:11:57.070><c> the</c>

01:11:57.270 --> 01:11:57.280 align:start position:0%
the project and the value that the
 

01:11:57.280 --> 01:12:00.010 align:start position:0%
the project and the value that the
funding

01:12:00.010 --> 01:12:00.020 align:start position:0%
 
 

01:12:00.020 --> 01:12:03.740 align:start position:0%
 
I'll<01:12:01.020><c> say</c><01:12:01.290><c> that</c><01:12:01.500><c> the</c><01:12:01.920><c> architecture</c><01:12:02.730><c> Motel</c><01:12:03.570><c> is</c>

01:12:03.740 --> 01:12:03.750 align:start position:0%
I'll say that the architecture Motel is
 

01:12:03.750 --> 01:12:05.870 align:start position:0%
I'll say that the architecture Motel is
quite<01:12:03.990><c> elegant</c><01:12:04.140><c> where</c><01:12:04.680><c> the</c><01:12:05.460><c> amount</c><01:12:05.790><c> of</c>

01:12:05.870 --> 01:12:05.880 align:start position:0%
quite elegant where the amount of
 

01:12:05.880 --> 01:12:07.340 align:start position:0%
quite elegant where the amount of
influence<01:12:06.180><c> that</c><01:12:06.420><c> you</c><01:12:06.480><c> have</c><01:12:06.660><c> is</c><01:12:06.780><c> only</c><01:12:06.930><c> relative</c>

01:12:07.340 --> 01:12:07.350 align:start position:0%
influence that you have is only relative
 

01:12:07.350 --> 01:12:11.210 align:start position:0%
influence that you have is only relative
to<01:12:07.710><c> the</c><01:12:07.830><c> amount</c><01:12:08.010><c> of</c><01:12:08.690><c> tokens</c><01:12:09.690><c> that</c><01:12:09.780><c> you've</c><01:12:10.220><c> was</c>

01:12:11.210 --> 01:12:11.220 align:start position:0%
to the amount of tokens that you've was
 

01:12:11.220 --> 01:12:13.010 align:start position:0%
to the amount of tokens that you've was
it<01:12:11.370><c> like</c><01:12:11.580><c> staked</c><01:12:12.210><c> or</c><01:12:12.420><c> I</c><01:12:12.480><c> guess</c><01:12:12.630><c> you're</c><01:12:12.780><c> called</c>

01:12:13.010 --> 01:12:13.020 align:start position:0%
it like staked or I guess you're called
 

01:12:13.020 --> 01:12:15.470 align:start position:0%
it like staked or I guess you're called
we<01:12:13.410><c> tribute</c><01:12:13.830><c> and</c><01:12:14.100><c> walked</c><01:12:14.760><c> out</c><01:12:14.970><c> and</c><01:12:15.180><c> so</c>

01:12:15.470 --> 01:12:15.480 align:start position:0%
we tribute and walked out and so
 

01:12:15.480 --> 01:12:17.780 align:start position:0%
we tribute and walked out and so
basically<01:12:16.100><c> no</c><01:12:17.100><c> one</c><01:12:17.220><c> will</c><01:12:17.310><c> ever</c><01:12:17.430><c> have</c><01:12:17.640><c> more</c>

01:12:17.780 --> 01:12:17.790 align:start position:0%
basically no one will ever have more
 

01:12:17.790 --> 01:12:19.340 align:start position:0%
basically no one will ever have more
influence<01:12:18.090><c> than</c><01:12:18.360><c> the</c><01:12:18.540><c> value</c><01:12:18.900><c> they</c><01:12:19.020><c> brought</c><01:12:19.200><c> to</c>

01:12:19.340 --> 01:12:19.350 align:start position:0%
influence than the value they brought to
 

01:12:19.350 --> 01:12:20.570 align:start position:0%
influence than the value they brought to
the<01:12:19.410><c> table</c><01:12:19.590><c> in</c><01:12:19.800><c> the</c><01:12:19.920><c> first</c><01:12:19.980><c> place</c><01:12:20.220><c> whereas</c>

01:12:20.570 --> 01:12:20.580 align:start position:0%
the table in the first place whereas
 

01:12:20.580 --> 01:12:23.710 align:start position:0%
the table in the first place whereas
with<01:12:20.820><c> block</c><01:12:21.030><c> rewards</c><01:12:21.420><c> funding</c><01:12:21.870><c> it</c><01:12:22.610><c> the</c>

01:12:23.710 --> 01:12:23.720 align:start position:0%
with block rewards funding it the
 

01:12:23.720 --> 01:12:25.760 align:start position:0%
with block rewards funding it the
funding<01:12:24.720><c> is</c><01:12:24.810><c> being</c><01:12:24.960><c> created</c><01:12:25.260><c> on</c><01:12:25.350><c> a</c><01:12:25.440><c> thin</c><01:12:25.650><c> air</c>

01:12:25.760 --> 01:12:25.770 align:start position:0%
funding is being created on a thin air
 

01:12:25.770 --> 01:12:27.170 align:start position:0%
funding is being created on a thin air
by<01:12:25.950><c> inflation</c><01:12:26.490><c> and</c><01:12:26.610><c> therefore</c><01:12:26.970><c> you</c><01:12:27.090><c> don't</c>

01:12:27.170 --> 01:12:27.180 align:start position:0%
by inflation and therefore you don't
 

01:12:27.180 --> 01:12:29.510 align:start position:0%
by inflation and therefore you don't
have<01:12:27.420><c> that</c><01:12:27.660><c> sort</c><01:12:27.960><c> of</c><01:12:28.110><c> mechanism</c><01:12:28.920><c> yeah</c><01:12:29.250><c> I</c><01:12:29.280><c> want</c>

01:12:29.510 --> 01:12:29.520 align:start position:0%
have that sort of mechanism yeah I want
 

01:12:29.520 --> 01:12:33.140 align:start position:0%
have that sort of mechanism yeah I want
to<01:12:29.550><c> copy</c><01:12:29.790><c> out</c><01:12:29.940><c> this</c><01:12:30.120><c> too</c><01:12:30.360><c> but</c><01:12:31.070><c> we</c><01:12:32.070><c> started</c><01:12:32.970><c> the</c>

01:12:33.140 --> 01:12:33.150 align:start position:0%
to copy out this too but we started the
 

01:12:33.150 --> 01:12:36.110 align:start position:0%
to copy out this too but we started the
conversation<01:12:33.810><c> with</c><01:12:34.500><c> the</c><01:12:34.650><c> goal</c><01:12:34.830><c> of</c><01:12:34.860><c> like</c><01:12:35.370><c> you</c>

01:12:36.110 --> 01:12:36.120 align:start position:0%
conversation with the goal of like you
 

01:12:36.120 --> 01:12:37.850 align:start position:0%
conversation with the goal of like you
know<01:12:36.150><c> kind</c><01:12:36.420><c> of</c><01:12:36.510><c> a</c><01:12:36.720><c> little</c><01:12:37.020><c> noble</c><01:12:37.440><c> goal</c><01:12:37.620><c> it's</c>

01:12:37.850 --> 01:12:37.860 align:start position:0%
know kind of a little noble goal it's
 

01:12:37.860 --> 01:12:39.380 align:start position:0%
know kind of a little noble goal it's
like<01:12:37.980><c> long-term</c><01:12:38.370><c> how</c><01:12:39.030><c> are</c><01:12:39.120><c> we</c><01:12:39.240><c> going</c><01:12:39.330><c> to</c>

01:12:39.380 --> 01:12:39.390 align:start position:0%
like long-term how are we going to
 

01:12:39.390 --> 01:12:42.020 align:start position:0%
like long-term how are we going to
sustain<01:12:39.570><c> this</c><01:12:39.810><c> forever</c><01:12:40.260><c> right</c><01:12:41.130><c> like</c><01:12:41.520><c> in</c><01:12:41.700><c> five</c>

01:12:42.020 --> 01:12:42.030 align:start position:0%
sustain this forever right like in five
 

01:12:42.030 --> 01:12:43.610 align:start position:0%
sustain this forever right like in five
years<01:12:42.060><c> how</c><01:12:42.540><c> are</c><01:12:42.630><c> we</c><01:12:42.750><c> going</c><01:12:42.840><c> to</c><01:12:42.930><c> fund</c><01:12:43.080><c> apps</c><01:12:43.380><c> like</c>

01:12:43.610 --> 01:12:43.620 align:start position:0%
years how are we going to fund apps like
 

01:12:43.620 --> 01:12:44.090 align:start position:0%
years how are we going to fund apps like
yes

01:12:44.090 --> 01:12:44.100 align:start position:0%
yes
 

01:12:44.100 --> 01:12:46.340 align:start position:0%
yes
you<01:12:44.610><c> know</c><01:12:44.730><c> runs</c><01:12:45.120><c> out</c><01:12:45.300><c> of</c><01:12:45.330><c> money</c><01:12:45.480><c> whatever</c><01:12:45.930><c> like</c>

01:12:46.340 --> 01:12:46.350 align:start position:0%
you know runs out of money whatever like
 

01:12:46.350 --> 01:12:47.600 align:start position:0%
you know runs out of money whatever like
we<01:12:46.500><c> still</c><01:12:46.680><c> wanted</c><01:12:47.010><c> what</c><01:12:47.100><c> you're</c><01:12:47.220><c> doing</c><01:12:47.490><c> this</c>

01:12:47.600 --> 01:12:47.610 align:start position:0%
we still wanted what you're doing this
 

01:12:47.610 --> 01:12:51.500 align:start position:0%
we still wanted what you're doing this
right<01:12:47.880><c> so</c><01:12:48.570><c> the</c><01:12:49.410><c> fat</c><01:12:49.710><c> part</c><01:12:50.100><c> I'm</c><01:12:50.550><c> still</c><01:12:51.060><c> in</c><01:12:51.300><c> favor</c>

01:12:51.500 --> 01:12:51.510 align:start position:0%
right so the fat part I'm still in favor
 

01:12:51.510 --> 01:12:53.630 align:start position:0%
right so the fat part I'm still in favor
of<01:12:51.750><c> like</c><01:12:51.930><c> I</c><01:12:52.110><c> believe</c><01:12:52.800><c> that</c><01:12:53.070><c> we</c><01:12:53.220><c> should</c><01:12:53.250><c> I'm</c>

01:12:53.630 --> 01:12:53.640 align:start position:0%
of like I believe that we should I'm
 

01:12:53.640 --> 01:12:54.950 align:start position:0%
of like I believe that we should I'm
optimistic<01:12:53.970><c> that</c><01:12:54.180><c> we'll</c><01:12:54.420><c> you</c><01:12:54.630><c> know</c><01:12:54.660><c> come</c><01:12:54.930><c> up</c>

01:12:54.950 --> 01:12:54.960 align:start position:0%
optimistic that we'll you know come up
 

01:12:54.960 --> 01:12:56.960 align:start position:0%
optimistic that we'll you know come up
with<01:12:55.200><c> something</c><01:12:55.620><c> and</c><01:12:55.860><c> maybe</c><01:12:56.220><c> be</c><01:12:56.430><c> able</c><01:12:56.460><c> to</c><01:12:56.820><c> do</c>

01:12:56.960 --> 01:12:56.970 align:start position:0%
with something and maybe be able to do
 

01:12:56.970 --> 01:12:59.060 align:start position:0%
with something and maybe be able to do
it<01:12:57.120><c> but</c><01:12:57.630><c> I</c><01:12:57.690><c> think</c><01:12:57.750><c> that</c><01:12:58.170><c> the</c><01:12:58.380><c> bar</c><01:12:58.620><c> is</c><01:12:58.650><c> really</c>

01:12:59.060 --> 01:12:59.070 align:start position:0%
it but I think that the bar is really
 

01:12:59.070 --> 01:13:01.659 align:start position:0%
it but I think that the bar is really
high<01:12:59.250><c> so</c><01:12:59.730><c> our</c><01:13:00.150><c> legitimacy</c>

01:13:01.659 --> 01:13:01.669 align:start position:0%
high so our legitimacy
 

01:13:01.669 --> 01:13:03.369 align:start position:0%
high so our legitimacy
to<01:13:01.969><c> drive</c><01:13:02.179><c> that</c><01:13:02.329><c> conversation</c><01:13:02.899><c> great</c><01:13:03.050><c> and</c>

01:13:03.369 --> 01:13:03.379 align:start position:0%
to drive that conversation great and
 

01:13:03.379 --> 01:13:05.589 align:start position:0%
to drive that conversation great and
we're<01:13:04.099><c> like</c><01:13:04.280><c> the</c><01:13:04.729><c> proposals</c><01:13:05.179><c> are</c><01:13:05.269><c> like</c><01:13:05.389><c> let's</c>

01:13:05.589 --> 01:13:05.599 align:start position:0%
we're like the proposals are like let's
 

01:13:05.599 --> 01:13:07.599 align:start position:0%
we're like the proposals are like let's
just<01:13:05.780><c> put</c><01:13:05.929><c> it</c><01:13:06.050><c> in</c><01:13:06.139><c> and</c><01:13:06.289><c> out</c><01:13:06.499><c> really</c><01:13:07.039><c> yes</c>

01:13:07.599 --> 01:13:07.609 align:start position:0%
just put it in and out really yes
 

01:13:07.609 --> 01:13:10.629 align:start position:0%
just put it in and out really yes
whatever<01:13:07.909><c> happened</c><01:13:08.179><c> last</c><01:13:08.300><c> time</c><01:13:08.510><c> Lee</c><01:13:08.719><c> and</c><01:13:09.679><c> and</c>

01:13:10.629 --> 01:13:10.639 align:start position:0%
whatever happened last time Lee and and
 

01:13:10.639 --> 01:13:12.849 align:start position:0%
whatever happened last time Lee and and
like<01:13:11.119><c> we</c><01:13:11.359><c> as</c><01:13:11.599><c> a</c><01:13:11.629><c> community</c><01:13:11.899><c> haven't</c><01:13:12.530><c> even</c>

01:13:12.849 --> 01:13:12.859 align:start position:0%
like we as a community haven't even
 

01:13:12.859 --> 01:13:14.799 align:start position:0%
like we as a community haven't even
participated<01:13:13.849><c> and</c><01:13:13.969><c> downs</c><01:13:14.209><c> because</c><01:13:14.389><c> we're</c><01:13:14.689><c> not</c>

01:13:14.799 --> 01:13:14.809 align:start position:0%
participated and downs because we're not
 

01:13:14.809 --> 01:13:16.419 align:start position:0%
participated and downs because we're not
used<01:13:15.199><c> to</c><01:13:15.409><c> this</c><01:13:15.530><c> like</c><01:13:15.829><c> we</c><01:13:15.919><c> haven't</c><01:13:16.129><c> learned</c>

01:13:16.419 --> 01:13:16.429 align:start position:0%
used to this like we haven't learned
 

01:13:16.429 --> 01:13:19.209 align:start position:0%
used to this like we haven't learned
from<01:13:16.789><c> your</c><01:13:17.239><c> experience</c><01:13:17.809><c> of</c><01:13:18.050><c> managing</c><01:13:18.709><c> funds</c>

01:13:19.209 --> 01:13:19.219 align:start position:0%
from your experience of managing funds
 

01:13:19.219 --> 01:13:20.189 align:start position:0%
from your experience of managing funds
it's<01:13:19.399><c> where</c><01:13:19.519><c> we</c><01:13:19.609><c> haven't</c><01:13:19.760><c> made</c><01:13:19.939><c> mistakes</c>

01:13:20.189 --> 01:13:20.199 align:start position:0%
it's where we haven't made mistakes
 

01:13:20.199 --> 01:13:23.619 align:start position:0%
it's where we haven't made mistakes
right<01:13:21.199><c> so</c><01:13:21.739><c> my</c><01:13:22.639><c> take</c><01:13:22.849><c> on</c><01:13:22.879><c> this</c><01:13:23.089><c> was</c><01:13:23.209><c> like</c><01:13:23.359><c> let's</c>

01:13:23.619 --> 01:13:23.629 align:start position:0%
right so my take on this was like let's
 

01:13:23.629 --> 01:13:25.079 align:start position:0%
right so my take on this was like let's
run<01:13:23.869><c> a</c><01:13:23.899><c> bunch</c><01:13:24.079><c> of</c><01:13:24.199><c> controlled</c><01:13:24.469><c> experiments</c>

01:13:25.079 --> 01:13:25.089 align:start position:0%
run a bunch of controlled experiments
 

01:13:25.089 --> 01:13:28.540 align:start position:0%
run a bunch of controlled experiments
and<01:13:26.089><c> so</c><01:13:26.510><c> I</c><01:13:26.649><c> summoned</c><01:13:27.649><c> Moloch</c><01:13:27.889><c> down</c><01:13:28.070><c> and</c><01:13:28.369><c> you</c>

01:13:28.540 --> 01:13:28.550 align:start position:0%
and so I summoned Moloch down and you
 

01:13:28.550 --> 01:13:31.089 align:start position:0%
and so I summoned Moloch down and you
can<01:13:28.669><c> talk</c><01:13:28.849><c> more</c><01:13:29.239><c> about</c><01:13:29.300><c> that</c><01:13:29.510><c> later</c><01:13:29.659><c> but</c><01:13:30.559><c> like</c>

01:13:31.089 --> 01:13:31.099 align:start position:0%
can talk more about that later but like
 

01:13:31.099 --> 01:13:33.790 align:start position:0%
can talk more about that later but like
it's<01:13:31.969><c> it's</c><01:13:32.359><c> still</c><01:13:32.719><c> possible</c><01:13:32.989><c> for</c><01:13:33.289><c> this</c><01:13:33.559><c> to</c><01:13:33.709><c> be</c>

01:13:33.790 --> 01:13:33.800 align:start position:0%
it's it's still possible for this to be
 

01:13:33.800 --> 01:13:35.589 align:start position:0%
it's it's still possible for this to be
involved<01:13:34.099><c> in</c><01:13:34.280><c> the</c><01:13:34.339><c> direction</c><01:13:34.639><c> where</c><01:13:34.969><c> some</c><01:13:35.449><c> now</c>

01:13:35.589 --> 01:13:35.599 align:start position:0%
involved in the direction where some now
 

01:13:35.599 --> 01:13:38.349 align:start position:0%
involved in the direction where some now
like<01:13:35.780><c> structure</c><01:13:36.139><c> doesn't</c><01:13:37.129><c> play</c><01:13:37.219><c> it</c><01:13:37.369><c> out</c><01:13:37.519><c> other</c>

01:13:38.349 --> 01:13:38.359 align:start position:0%
like structure doesn't play it out other
 

01:13:38.359 --> 01:13:40.540 align:start position:0%
like structure doesn't play it out other
people<01:13:38.719><c> want</c><01:13:38.989><c> it</c><01:13:39.079><c> to</c><01:13:39.199><c> like</c><01:13:39.379><c> use</c><01:13:40.070><c> the</c><01:13:40.219><c> money</c><01:13:40.399><c> to</c>

01:13:40.540 --> 01:13:40.550 align:start position:0%
people want it to like use the money to
 

01:13:40.550 --> 01:13:44.020 align:start position:0%
people want it to like use the money to
pay<01:13:40.669><c> for</c><01:13:40.699><c> quartets</c><01:13:41.179><c> immediately</c><01:13:41.800><c> and</c><01:13:43.030><c> the</c>

01:13:44.020 --> 01:13:44.030 align:start position:0%
pay for quartets immediately and the
 

01:13:44.030 --> 01:13:45.339 align:start position:0%
pay for quartets immediately and the
situation<01:13:44.510><c> there</c><01:13:44.659><c> is</c><01:13:44.749><c> like</c><01:13:44.869><c> youth</c><01:13:45.019><c> was</c><01:13:45.169><c> like</c>

01:13:45.339 --> 01:13:45.349 align:start position:0%
situation there is like youth was like
 

01:13:45.349 --> 01:13:50.899 align:start position:0%
situation there is like youth was like
$100<01:13:46.809><c> yeah</c><01:13:47.839><c> front</c><01:13:48.109><c> plate</c><01:13:48.289><c> was</c><01:13:48.469><c> like</c><01:13:48.649><c> you</c><01:13:49.309><c> know</c>

01:13:50.899 --> 01:13:50.909 align:start position:0%
$100 yeah front plate was like you know
 

01:13:50.909 --> 01:13:53.360 align:start position:0%
$100 yeah front plate was like you know
and<01:13:51.060><c> people</c><01:13:51.719><c> were</c><01:13:51.810><c> definitely</c><01:13:51.960><c> concerned</c><01:13:52.530><c> but</c>

01:13:53.360 --> 01:13:53.370 align:start position:0%
and people were definitely concerned but
 

01:13:53.370 --> 01:13:56.000 align:start position:0%
and people were definitely concerned but
then<01:13:53.550><c> like</c><01:13:53.699><c> a</c><01:13:53.880><c> few</c><01:13:53.940><c> throws</c><01:13:54.389><c> immediacy</c><01:13:55.290><c> of</c><01:13:55.469><c> the</c>

01:13:56.000 --> 01:13:56.010 align:start position:0%
then like a few throws immediacy of the
 

01:13:56.010 --> 01:13:59.149 align:start position:0%
then like a few throws immediacy of the
the<01:13:56.730><c> need</c><01:13:56.969><c> was</c><01:13:57.449><c> sort</c><01:13:57.870><c> of</c><01:13:57.929><c> faded</c><01:13:58.260><c> away</c><01:13:58.320><c> right</c>

01:13:59.149 --> 01:13:59.159 align:start position:0%
the need was sort of faded away right
 

01:13:59.159 --> 01:14:01.189 align:start position:0%
the need was sort of faded away right
and<01:13:59.370><c> it</c><01:13:59.730><c> means</c><01:13:59.909><c> that</c><01:14:00.120><c> like</c><01:14:00.389><c> we</c><01:14:00.630><c> shouldn't</c><01:14:00.900><c> take</c>

01:14:01.189 --> 01:14:01.199 align:start position:0%
and it means that like we shouldn't take
 

01:14:01.199 --> 01:14:02.750 align:start position:0%
and it means that like we shouldn't take
an<01:14:01.380><c> insane</c><01:14:01.650><c> risk</c><01:14:01.949><c> we</c><01:14:02.190><c> should</c><01:14:02.219><c> we</c><01:14:02.429><c> should</c><01:14:02.460><c> try</c>

01:14:02.750 --> 01:14:02.760 align:start position:0%
an insane risk we should we should try
 

01:14:02.760 --> 01:14:05.840 align:start position:0%
an insane risk we should we should try
to<01:14:02.790><c> work</c><01:14:03.540><c> up</c><01:14:04.050><c> to</c><01:14:04.260><c> it</c><01:14:04.290><c> right</c><01:14:04.590><c> that's</c><01:14:05.370><c> that's</c><01:14:05.670><c> my</c>

01:14:05.840 --> 01:14:05.850 align:start position:0%
to work up to it right that's that's my
 

01:14:05.850 --> 01:14:09.410 align:start position:0%
to work up to it right that's that's my
thought<01:14:06.030><c> so</c><01:14:06.179><c> um</c><01:14:06.830><c> I</c><01:14:07.830><c> think</c><01:14:08.370><c> it's</c><01:14:09.179><c> still</c><01:14:09.300><c> an</c>

01:14:09.410 --> 01:14:09.420 align:start position:0%
thought so um I think it's still an
 

01:14:09.420 --> 01:14:12.140 align:start position:0%
thought so um I think it's still an
important<01:14:09.960><c> thing</c><01:14:10.440><c> to</c><01:14:10.800><c> consider</c><01:14:11.010><c> very</c><01:14:11.639><c> slowly</c>

01:14:12.140 --> 01:14:12.150 align:start position:0%
important thing to consider very slowly
 

01:14:12.150 --> 01:14:14.709 align:start position:0%
important thing to consider very slowly
maybe<01:14:12.540><c> if</c><01:14:12.780><c> we</c><01:14:12.929><c> overly</c><01:14:13.260><c> can</c><01:14:13.440><c> right</c><01:14:13.800><c> honey</c>

01:14:14.709 --> 01:14:14.719 align:start position:0%
maybe if we overly can right honey
 

01:14:14.719 --> 01:14:20.110 align:start position:0%
maybe if we overly can right honey
figure<01:14:15.719><c> it</c><01:14:15.780><c> out</c><01:14:18.139><c> speaking</c><01:14:19.139><c> of</c><01:14:19.230><c> experiments</c>

01:14:20.110 --> 01:14:20.120 align:start position:0%
figure it out speaking of experiments
 

01:14:20.120 --> 01:14:22.459 align:start position:0%
figure it out speaking of experiments
here<01:14:21.120><c> we</c><01:14:21.239><c> are</c><01:14:21.360><c> experimenting</c><01:14:22.050><c> with</c><01:14:22.350><c> different</c>

01:14:22.459 --> 01:14:22.469 align:start position:0%
here we are experimenting with different
 

01:14:22.469 --> 01:14:24.410 align:start position:0%
here we are experimenting with different
funding<01:14:22.949><c> levels</c><01:14:23.310><c> right</c><01:14:23.820><c> we'll</c><01:14:24.090><c> work</c><01:14:24.210><c> our</c><01:14:24.389><c> way</c>

01:14:24.410 --> 01:14:24.420 align:start position:0%
funding levels right we'll work our way
 

01:14:24.420 --> 01:14:29.030 align:start position:0%
funding levels right we'll work our way
to<01:14:25.110><c> explain</c><01:14:25.350><c> matching</c><01:14:25.770><c> is</c><01:14:25.949><c> I</c><01:14:26.310><c> love</c><01:14:26.820><c> it</c><01:14:27.060><c> like</c><01:14:28.040><c> I</c>

01:14:29.030 --> 01:14:29.040 align:start position:0%
to explain matching is I love it like I
 

01:14:29.040 --> 01:14:31.760 align:start position:0%
to explain matching is I love it like I
think<01:14:29.880><c> this</c><01:14:30.090><c> is</c><01:14:30.150><c> the</c><01:14:30.420><c> perfect</c><01:14:31.080><c> segue</c><01:14:31.440><c> into</c>

01:14:31.760 --> 01:14:31.770 align:start position:0%
think this is the perfect segue into
 

01:14:31.770 --> 01:14:34.760 align:start position:0%
think this is the perfect segue into
next<01:14:32.250><c> topic</c><01:14:33.210><c> we</c><01:14:33.510><c> talk</c><01:14:33.750><c> for</c><01:14:34.320><c> just</c><01:14:34.380><c> going</c><01:14:34.620><c> to</c><01:14:34.710><c> be</c>

01:14:34.760 --> 01:14:34.770 align:start position:0%
next topic we talk for just going to be
 

01:14:34.770 --> 01:14:36.470 align:start position:0%
next topic we talk for just going to be
talked<01:14:34.949><c> about</c><01:14:35.130><c> investing</c><01:14:35.250><c> maybe</c><01:14:36.030><c> one</c><01:14:36.330><c> last</c>

01:14:36.470 --> 01:14:36.480 align:start position:0%
talked about investing maybe one last
 

01:14:36.480 --> 01:14:38.330 align:start position:0%
talked about investing maybe one last
thing<01:14:36.750><c> that</c><01:14:37.230><c> we</c><01:14:37.620><c> haven't</c><01:14:37.770><c> talked</c><01:14:37.980><c> about</c><01:14:38.100><c> that</c>

01:14:38.330 --> 01:14:38.340 align:start position:0%
thing that we haven't talked about that
 

01:14:38.340 --> 01:14:40.370 align:start position:0%
thing that we haven't talked about that
like<01:14:38.460><c> and</c><01:14:38.760><c> but</c><01:14:39.330><c> after</c><01:14:39.870><c> actually</c><01:14:40.139><c> we</c><01:14:40.230><c> should</c>

01:14:40.370 --> 01:14:40.380 align:start position:0%
like and but after actually we should
 

01:14:40.380 --> 01:14:43.189 align:start position:0%
like and but after actually we should
mention<01:14:40.500><c> it</c><01:14:40.710><c> like</c><01:14:40.980><c> VC</c><01:14:41.340><c> token</c><01:14:41.790><c> launches</c><01:14:42.199><c> and</c>

01:14:43.189 --> 01:14:43.199 align:start position:0%
mention it like VC token launches and
 

01:14:43.199 --> 01:14:45.649 align:start position:0%
mention it like VC token launches and
just<01:14:43.949><c> something</c><01:14:44.280><c> like</c><01:14:44.610><c> to</c><01:14:44.790><c> quickly</c><01:14:45.030><c> mention</c>

01:14:45.649 --> 01:14:45.659 align:start position:0%
just something like to quickly mention
 

01:14:45.659 --> 01:14:48.110 align:start position:0%
just something like to quickly mention
here<01:14:46.050><c> it's</c><01:14:46.770><c> a</c><01:14:46.920><c> very</c><01:14:47.130><c> common</c><01:14:47.520><c> problem</c><01:14:47.670><c> of</c><01:14:48.000><c> like</c>

01:14:48.110 --> 01:14:48.120 align:start position:0%
here it's a very common problem of like
 

01:14:48.120 --> 01:14:49.700 align:start position:0%
here it's a very common problem of like
private<01:14:48.510><c> capital</c><01:14:48.929><c> versus</c><01:14:49.170><c> public</c><01:14:49.560><c> capital</c>

01:14:49.700 --> 01:14:49.710 align:start position:0%
private capital versus public capital
 

01:14:49.710 --> 01:14:52.250 align:start position:0%
private capital versus public capital
valuations<01:14:50.370><c> and</c><01:14:50.580><c> we</c><01:14:51.510><c> now</c><01:14:51.659><c> see</c><01:14:51.960><c> this</c><01:14:52.080><c> with</c>

01:14:52.250 --> 01:14:52.260 align:start position:0%
valuations and we now see this with
 

01:14:52.260 --> 01:14:55.070 align:start position:0%
valuations and we now see this with
companies<01:14:52.590><c> like</c><01:14:52.620><c> Google</c><01:14:53.040><c> we</c><01:14:53.280><c> work</c><01:14:54.080><c> going</c>

01:14:55.070 --> 01:14:55.080 align:start position:0%
companies like Google we work going
 

01:14:55.080 --> 01:14:58.490 align:start position:0%
companies like Google we work going
public<01:14:55.280><c> I</c><01:14:56.280><c> think</c><01:14:57.000><c> with</c><01:14:57.239><c> there's</c><01:14:57.870><c> many</c><01:14:58.170><c> recent</c>

01:14:58.490 --> 01:14:58.500 align:start position:0%
public I think with there's many recent
 

01:14:58.500 --> 01:15:02.390 align:start position:0%
public I think with there's many recent
examples<01:14:59.130><c> in</c><01:14:59.250><c> crypto</c><01:14:59.670><c> where</c><01:15:00.270><c> VC</c><01:15:01.400><c> extremely</c>

01:15:02.390 --> 01:15:02.400 align:start position:0%
examples in crypto where VC extremely
 

01:15:02.400 --> 01:15:04.550 align:start position:0%
examples in crypto where VC extremely
decent<01:15:02.790><c> by</c><01:15:02.969><c> the</c><01:15:03.030><c> point</c><01:15:03.389><c> Trust</c><01:15:03.690><c> goes</c><01:15:03.780><c> public</c>

01:15:04.550 --> 01:15:04.560 align:start position:0%
decent by the point Trust goes public
 

01:15:04.560 --> 01:15:06.500 align:start position:0%
decent by the point Trust goes public
and<01:15:04.860><c> then</c><01:15:05.370><c> loses</c><01:15:05.760><c> the</c><01:15:05.880><c> majority</c><01:15:06.270><c> of</c><01:15:06.300><c> its</c>

01:15:06.500 --> 01:15:06.510 align:start position:0%
and then loses the majority of its
 

01:15:06.510 --> 01:15:09.680 align:start position:0%
and then loses the majority of its
valuation<01:15:06.989><c> to</c><01:15:07.469><c> the</c><01:15:07.560><c> public</c><01:15:07.860><c> market</c><01:15:08.159><c> so</c><01:15:08.690><c> maybe</c>

01:15:09.680 --> 01:15:09.690 align:start position:0%
valuation to the public market so maybe
 

01:15:09.690 --> 01:15:12.759 align:start position:0%
valuation to the public market so maybe
as<01:15:09.840><c> Abbas</c><01:15:10.110><c> caveat</c><01:15:11.010><c> here</c>

01:15:12.759 --> 01:15:12.769 align:start position:0%
as Abbas caveat here
 

01:15:12.769 --> 01:15:15.579 align:start position:0%
as Abbas caveat here
but<01:15:13.339><c> this</c><01:15:14.059><c> tune</c><01:15:14.359><c> there's</c><01:15:14.599><c> too</c><01:15:14.809><c> many</c><01:15:15.019><c> things</c><01:15:15.169><c> to</c>

01:15:15.579 --> 01:15:15.589 align:start position:0%
but this tune there's too many things to
 

01:15:15.589 --> 01:15:19.959 align:start position:0%
but this tune there's too many things to
bring<01:15:16.010><c> up</c><01:15:16.159><c> just</c><01:15:17.079><c> what</c><01:15:18.079><c> is</c><01:15:18.289><c> C</c><01:15:19.249><c> cash</c><01:15:19.459><c> and</c><01:15:19.879><c> the</c>

01:15:19.959 --> 01:15:19.969 align:start position:0%
bring up just what is C cash and the
 

01:15:19.969 --> 01:15:22.449 align:start position:0%
bring up just what is C cash and the
other<01:15:20.089><c> isn't</c><01:15:20.299><c> green</c><01:15:20.539><c> yeah</c><01:15:20.839><c> see</c><01:15:21.799><c> catch</c><01:15:21.979><c> you</c><01:15:22.159><c> who</c>

01:15:22.449 --> 01:15:22.459 align:start position:0%
other isn't green yeah see catch you who
 

01:15:22.459 --> 01:15:25.629 align:start position:0%
other isn't green yeah see catch you who
here<01:15:22.699><c> knows</c><01:15:23.030><c> what</c><01:15:23.209><c> C</c><01:15:23.449><c> terminus</c><01:15:24.219><c> everybody</c><01:15:25.219><c> I</c>

01:15:25.629 --> 01:15:25.639 align:start position:0%
here knows what C terminus everybody I
 

01:15:25.639 --> 01:15:27.369 align:start position:0%
here knows what C terminus everybody I
think<01:15:25.939><c> here</c><01:15:26.059><c> notice</c><01:15:26.299><c> that</c><01:15:26.389><c> is</c><01:15:26.629><c> he</c><01:15:26.719><c> has</c><01:15:27.109><c> 20</c>

01:15:27.369 --> 01:15:27.379 align:start position:0%
think here notice that is he has 20
 

01:15:27.379 --> 01:15:30.520 align:start position:0%
think here notice that is he has 20
percent<01:15:27.469><c> inflation</c><01:15:27.769><c> funding</c><01:15:28.959><c> so</c><01:15:29.959><c> they</c><01:15:30.319><c> put</c>

01:15:30.520 --> 01:15:30.530 align:start position:0%
percent inflation funding so they put
 

01:15:30.530 --> 01:15:32.139 align:start position:0%
percent inflation funding so they put
that<01:15:30.649><c> into</c><01:15:30.859><c> the</c><01:15:31.010><c> beginning</c><01:15:31.280><c> they</c><01:15:32.119><c> said</c>

01:15:32.139 --> 01:15:32.149 align:start position:0%
that into the beginning they said
 

01:15:32.149 --> 01:15:33.729 align:start position:0%
that into the beginning they said
working<01:15:32.539><c> for</c><01:15:32.780><c> 3</c><01:15:32.989><c> years</c><01:15:33.229><c> we're</c><01:15:33.439><c> gonna</c><01:15:33.530><c> give</c>

01:15:33.729 --> 01:15:33.739 align:start position:0%
working for 3 years we're gonna give
 

01:15:33.739 --> 01:15:37.899 align:start position:0%
working for 3 years we're gonna give
developer<01:15:34.699><c> fun</c><01:15:35.119><c> 20</c><01:15:35.899><c> percent</c><01:15:36.199><c> of</c><01:15:36.379><c> the</c><01:15:36.909><c> protocol</c>

01:15:37.899 --> 01:15:37.909 align:start position:0%
developer fun 20 percent of the protocol
 

01:15:37.909 --> 01:15:40.179 align:start position:0%
developer fun 20 percent of the protocol
rewards<01:15:38.299><c> to</c><01:15:38.929><c> pay</c><01:15:39.079><c> for</c><01:15:39.319><c> development</c><01:15:39.739><c> right</c>

01:15:40.179 --> 01:15:40.189 align:start position:0%
rewards to pay for development right
 

01:15:40.189 --> 01:15:44.459 align:start position:0%
rewards to pay for development right
that<01:15:41.030><c> works</c><01:15:41.359><c> when</c><01:15:41.929><c> you</c><01:15:42.049><c> do</c><01:15:42.229><c> it</c><01:15:42.379><c> bidding</c>

01:15:44.459 --> 01:15:44.469 align:start position:0%
that works when you do it bidding
 

01:15:44.469 --> 01:15:46.569 align:start position:0%
that works when you do it bidding
doesn't<01:15:45.469><c> quite</c><01:15:45.709><c> work</c><01:15:45.919><c> when</c><01:15:46.129><c> you</c><01:15:46.219><c> try</c><01:15:46.249><c> to</c><01:15:46.399><c> add</c>

01:15:46.569 --> 01:15:46.579 align:start position:0%
doesn't quite work when you try to add
 

01:15:46.579 --> 01:15:49.089 align:start position:0%
doesn't quite work when you try to add
it<01:15:46.609><c> later</c><01:15:47.199><c> as</c><01:15:48.199><c> we're</c><01:15:48.409><c> seeing</c><01:15:48.530><c> and</c><01:15:48.739><c> he</c><01:15:48.799><c> sounded</c>

01:15:49.089 --> 01:15:49.099 align:start position:0%
it later as we're seeing and he sounded
 

01:15:49.099 --> 01:15:51.129 align:start position:0%
it later as we're seeing and he sounded
like<01:15:49.159><c> a</c><01:15:49.280><c> source</c><01:15:49.489><c> of</c><01:15:49.579><c> contract</c><01:15:49.999><c> like</c><01:15:50.209><c> okay</c><01:15:50.659><c> it's</c>

01:15:51.129 --> 01:15:51.139 align:start position:0%
like a source of contract like okay it's
 

01:15:51.139 --> 01:15:53.020 align:start position:0%
like a source of contract like okay it's
can<01:15:51.289><c> you</c><01:15:51.319><c> opt</c><01:15:51.619><c> into</c><01:15:51.829><c> the</c><01:15:52.039><c> in</c><01:15:52.489><c> the</c><01:15:52.609><c> beginning</c><01:15:52.939><c> of</c>

01:15:53.020 --> 01:15:53.030 align:start position:0%
can you opt into the in the beginning of
 

01:15:53.030 --> 01:15:55.359 align:start position:0%
can you opt into the in the beginning of
the<01:15:53.119><c> movie</c><01:15:53.329><c> a</c><01:15:53.449><c> minute</c><01:15:53.659><c> but</c><01:15:53.839><c> once</c><01:15:54.409><c> later</c><01:15:54.709><c> if</c><01:15:55.249><c> you</c>

01:15:55.359 --> 01:15:55.369 align:start position:0%
the movie a minute but once later if you
 

01:15:55.369 --> 01:15:57.039 align:start position:0%
the movie a minute but once later if you
try<01:15:55.519><c> to</c><01:15:55.579><c> change</c><01:15:55.819><c> the</c><01:15:55.969><c> contact</c><01:15:56.299><c> later</c><01:15:56.510><c> on</c><01:15:56.809><c> then</c>

01:15:57.039 --> 01:15:57.049 align:start position:0%
try to change the contact later on then
 

01:15:57.049 --> 01:15:57.909 align:start position:0%
try to change the contact later on then
you<01:15:57.349><c> got</c><01:15:57.530><c> for</c><01:15:57.769><c> me</c>

01:15:57.909 --> 01:15:57.919 align:start position:0%
you got for me
 

01:15:57.919 --> 01:16:01.449 align:start position:0%
you got for me
right<01:15:58.609><c> and</c><01:15:59.569><c> the</c><01:16:00.169><c> other</c><01:16:00.199><c> thing</c><01:16:00.379><c> is</c><01:16:00.739><c> this</c><01:16:01.010><c> friend</c>

01:16:01.449 --> 01:16:01.459 align:start position:0%
right and the other thing is this friend
 

01:16:01.459 --> 01:16:03.790 align:start position:0%
right and the other thing is this friend
and<01:16:01.760><c> Brin</c><01:16:02.209><c> raised</c><01:16:02.569><c> so</c><01:16:02.719><c> much</c><01:16:02.809><c> money</c><01:16:02.869><c> and</c><01:16:03.409><c> it</c>

01:16:03.790 --> 01:16:03.800 align:start position:0%
and Brin raised so much money and it
 

01:16:03.800 --> 01:16:06.400 align:start position:0%
and Brin raised so much money and it
like<01:16:04.000><c> touted</c><01:16:05.000><c> by</c><01:16:05.030><c> all</c><01:16:05.420><c> the</c><01:16:05.600><c> me</c><01:16:05.720><c> seasons</c><01:16:06.200><c> like</c>

01:16:06.400 --> 01:16:06.410 align:start position:0%
like touted by all the me seasons like
 

01:16:06.410 --> 01:16:08.340 align:start position:0%
like touted by all the me seasons like
fair<01:16:06.800><c> money</c><01:16:07.040><c> creature</c><01:16:07.340><c> knows</c><01:16:07.490><c> what</c><01:16:07.610><c> greatness</c>

01:16:08.340 --> 01:16:08.350 align:start position:0%
fair money creature knows what greatness
 

01:16:08.350 --> 01:16:13.180 align:start position:0%
fair money creature knows what greatness
like<01:16:09.350><c> happy</c><01:16:09.620><c> and</c><01:16:10.540><c> they</c><01:16:11.540><c> had</c><01:16:12.140><c> no</c><01:16:12.560><c> inflation</c>

01:16:13.180 --> 01:16:13.190 align:start position:0%
like happy and they had no inflation
 

01:16:13.190 --> 01:16:15.220 align:start position:0%
like happy and they had no inflation
funding<01:16:13.520><c> for</c><01:16:13.910><c> Deb's</c><01:16:14.090><c> they</c><01:16:14.270><c> had</c><01:16:14.420><c> no</c><01:16:14.540><c> depth</c><01:16:14.900><c> well</c>

01:16:15.220 --> 01:16:15.230 align:start position:0%
funding for Deb's they had no depth well
 

01:16:15.230 --> 01:16:16.720 align:start position:0%
funding for Deb's they had no depth well
they're<01:16:15.500><c> like</c><01:16:15.710><c> everybody</c><01:16:16.130><c> makes</c><01:16:16.460><c> money</c><01:16:16.610><c> off</c>

01:16:16.720 --> 01:16:16.730 align:start position:0%
they're like everybody makes money off
 

01:16:16.730 --> 01:16:20.440 align:start position:0%
they're like everybody makes money off
this<01:16:16.970><c> past</c><01:16:17.210><c> mine</c><01:16:17.710><c> and</c><01:16:18.710><c> what</c><01:16:19.550><c> happened</c><01:16:20.000><c> was</c>

01:16:20.440 --> 01:16:20.450 align:start position:0%
this past mine and what happened was
 

01:16:20.450 --> 01:16:22.870 align:start position:0%
this past mine and what happened was
like<01:16:20.720><c> the</c><01:16:21.170><c> most</c><01:16:21.470><c> predictable</c><01:16:22.160><c> tragedy</c><01:16:22.550><c> the</c>

01:16:22.870 --> 01:16:22.880 align:start position:0%
like the most predictable tragedy the
 

01:16:22.880 --> 01:16:25.240 align:start position:0%
like the most predictable tragedy the
comments<01:16:23.270><c> effort</c><01:16:23.570><c> which</c><01:16:24.020><c> is</c><01:16:24.050><c> like</c><01:16:24.320><c> one</c><01:16:24.590><c> all</c>

01:16:25.240 --> 01:16:25.250 align:start position:0%
comments effort which is like one all
 

01:16:25.250 --> 01:16:27.190 align:start position:0%
comments effort which is like one all
the<01:16:25.370><c> people</c><01:16:25.640><c> who</c><01:16:25.760><c> are</c><01:16:26.210><c> operating</c><01:16:26.600><c> first</c><01:16:27.140><c> of</c>

01:16:27.190 --> 01:16:27.200 align:start position:0%
the people who are operating first of
 

01:16:27.200 --> 01:16:30.850 align:start position:0%
the people who are operating first of
all<01:16:27.290><c> of</c><01:16:27.380><c> our</c><01:16:27.500><c> pcs</c><01:16:27.950><c> were</c><01:16:28.430><c> greedy</c><01:16:28.700><c> and</c><01:16:29.390><c> and</c><01:16:30.260><c> -</c><01:16:30.500><c> you</c>

01:16:30.850 --> 01:16:30.860 align:start position:0%
all of our pcs were greedy and and - you
 

01:16:30.860 --> 01:16:32.740 align:start position:0%
all of our pcs were greedy and and - you
have<01:16:30.890><c> no</c><01:16:31.400><c> money</c><01:16:31.640><c> set</c><01:16:31.940><c> for</c><01:16:32.090><c> death</c><01:16:32.210><c> certificate</c>

01:16:32.740 --> 01:16:32.750 align:start position:0%
have no money set for death certificate
 

01:16:32.750 --> 01:16:36.250 align:start position:0%
have no money set for death certificate
the<01:16:33.110><c> devs</c><01:16:33.410><c> were</c><01:16:33.730><c> like</c><01:16:34.730><c> broke</c><01:16:35.240><c> and</c><01:16:35.540><c> trying</c><01:16:35.960><c> to</c>

01:16:36.250 --> 01:16:36.260 align:start position:0%
the devs were like broke and trying to
 

01:16:36.260 --> 01:16:39.670 align:start position:0%
the devs were like broke and trying to
like<01:16:36.740><c> you</c><01:16:37.010><c> know</c><01:16:37.250><c> plead</c><01:16:37.880><c> with</c><01:16:38.210><c> the</c><01:16:38.390><c> PCs</c><01:16:38.780><c> to</c><01:16:39.470><c> pay</c>

01:16:39.670 --> 01:16:39.680 align:start position:0%
like you know plead with the PCs to pay
 

01:16:39.680 --> 01:16:42.760 align:start position:0%
like you know plead with the PCs to pay
them<01:16:39.980><c> to</c><01:16:40.580><c> continue</c><01:16:41.030><c> doing</c><01:16:41.300><c> work</c><01:16:41.450><c> and</c><01:16:41.770><c> barely</c>

01:16:42.760 --> 01:16:42.770 align:start position:0%
them to continue doing work and barely
 

01:16:42.770 --> 01:16:46.090 align:start position:0%
them to continue doing work and barely
any<01:16:42.950><c> of</c><01:16:43.130><c> the</c><01:16:43.220><c> PCs</c><01:16:43.550><c> wanted</c><01:16:44.240><c> to</c><01:16:44.300><c> do</c><01:16:44.420><c> it</c><01:16:44.770><c> and</c><01:16:45.770><c> I</c>

01:16:46.090 --> 01:16:46.100 align:start position:0%
any of the PCs wanted to do it and I
 

01:16:46.100 --> 01:16:48.070 align:start position:0%
any of the PCs wanted to do it and I
don't<01:16:47.090><c> really</c><01:16:47.270><c> know</c><01:16:47.480><c> how</c><01:16:47.600><c> that</c><01:16:47.630><c> went</c><01:16:47.930><c> I</c>

01:16:48.070 --> 01:16:48.080 align:start position:0%
don't really know how that went I
 

01:16:48.080 --> 01:16:49.630 align:start position:0%
don't really know how that went I
stopped<01:16:48.260><c> following</c><01:16:48.440><c> it</c>

01:16:49.630 --> 01:16:49.640 align:start position:0%
stopped following it
 

01:16:49.640 --> 01:16:51.310 align:start position:0%
stopped following it
which<01:16:50.270><c> fundamentally</c><01:16:50.540><c> doesn't</c><01:16:50.900><c> make</c><01:16:51.110><c> sense</c>

01:16:51.310 --> 01:16:51.320 align:start position:0%
which fundamentally doesn't make sense
 

01:16:51.320 --> 01:16:52.810 align:start position:0%
which fundamentally doesn't make sense
but<01:16:51.470><c> that's</c><01:16:51.710><c> the</c><01:16:51.830><c> classic</c><01:16:52.220><c> tragedy</c><01:16:52.580><c> of</c><01:16:52.700><c> the</c>

01:16:52.810 --> 01:16:52.820 align:start position:0%
but that's the classic tragedy of the
 

01:16:52.820 --> 01:16:54.220 align:start position:0%
but that's the classic tragedy of the
Commons<01:16:53.120><c> probably</c><01:16:53.390><c> a</c><01:16:53.420><c> bunch</c><01:16:53.690><c> of</c><01:16:53.810><c> PCs</c><01:16:54.080><c> that</c>

01:16:54.220 --> 01:16:54.230 align:start position:0%
Commons probably a bunch of PCs that
 

01:16:54.230 --> 01:16:56.080 align:start position:0%
Commons probably a bunch of PCs that
invested<01:16:54.620><c> into</c><01:16:54.800><c> the</c><01:16:54.890><c> miners</c><01:16:55.280><c> but</c><01:16:55.700><c> no</c><01:16:55.880><c> one's</c>

01:16:56.080 --> 01:16:56.090 align:start position:0%
invested into the miners but no one's
 

01:16:56.090 --> 01:16:58.090 align:start position:0%
invested into the miners but no one's
going<01:16:56.360><c> to</c><01:16:56.450><c> continue</c><01:16:57.020><c> funding</c><01:16:57.500><c> the</c><01:16:57.710><c> actual</c>

01:16:58.090 --> 01:16:58.100 align:start position:0%
going to continue funding the actual
 

01:16:58.100 --> 01:16:59.740 align:start position:0%
going to continue funding the actual
protocol<01:16:58.430><c> Alvin</c><01:16:58.790><c> right</c><01:16:59.090><c> it</c><01:16:59.150><c> doesn't</c><01:16:59.300><c> make</c><01:16:59.540><c> any</c>

01:16:59.740 --> 01:16:59.750 align:start position:0%
protocol Alvin right it doesn't make any
 

01:16:59.750 --> 01:17:03.040 align:start position:0%
protocol Alvin right it doesn't make any
cognitive<01:16:59.990><c> sense</c><01:17:00.470><c> but</c><01:17:01.040><c> if</c><01:17:01.310><c> I</c><01:17:01.430><c> gets</c><01:17:01.610><c> this</c><01:17:02.050><c> yeah</c>

01:17:03.040 --> 01:17:03.050 align:start position:0%
cognitive sense but if I gets this yeah
 

01:17:03.050 --> 01:17:05.050 align:start position:0%
cognitive sense but if I gets this yeah
it's<01:17:03.230><c> like</c><01:17:03.350><c> from</c><01:17:03.590><c> the</c><01:17:03.680><c> single</c><01:17:03.980><c> act</c><01:17:04.160><c> from</c><01:17:05.000><c> a</c>

01:17:05.050 --> 01:17:05.060 align:start position:0%
it's like from the single act from a
 

01:17:05.060 --> 01:17:06.220 align:start position:0%
it's like from the single act from a
single<01:17:05.330><c> actors</c><01:17:05.600><c> perspective</c><01:17:06.050><c> you're</c><01:17:06.140><c> like</c>

01:17:06.220 --> 01:17:06.230 align:start position:0%
single actors perspective you're like
 

01:17:06.230 --> 01:17:07.930 align:start position:0%
single actors perspective you're like
well<01:17:06.380><c> then</c><01:17:06.530><c> somebody</c><01:17:06.950><c> else</c><01:17:07.340><c> about</c><01:17:07.580><c> that</c>

01:17:07.930 --> 01:17:07.940 align:start position:0%
well then somebody else about that
 

01:17:07.940 --> 01:17:09.670 align:start position:0%
well then somebody else about that
why<01:17:08.240><c> should</c><01:17:08.450><c> be</c><01:17:08.570><c> from</c><01:17:08.780><c> them</c><01:17:08.930><c> I</c><01:17:09.140><c> think</c><01:17:09.560><c> that's</c>

01:17:09.670 --> 01:17:09.680 align:start position:0%
why should be from them I think that's
 

01:17:09.680 --> 01:17:11.860 align:start position:0%
why should be from them I think that's
one<01:17:09.830><c> of</c><01:17:09.860><c> the</c><01:17:09.980><c> reasons</c><01:17:10.310><c> why</c><01:17:10.460><c> I</c><01:17:10.760><c> think</c><01:17:11.450><c> in</c><01:17:11.780><c> the</c>

01:17:11.860 --> 01:17:11.870 align:start position:0%
one of the reasons why I think in the
 

01:17:11.870 --> 01:17:13.630 align:start position:0%
one of the reasons why I think in the
buggy<01:17:12.080><c> movies</c><01:17:12.470><c> you</c><01:17:12.620><c> saw</c><01:17:12.800><c> the</c><01:17:12.860><c> creation</c><01:17:13.220><c> of</c>

01:17:13.630 --> 01:17:13.640 align:start position:0%
buggy movies you saw the creation of
 

01:17:13.640 --> 01:17:16.540 align:start position:0%
buggy movies you saw the creation of
these<01:17:14.300><c> community</c><01:17:14.960><c> funds</c><01:17:15.170><c> like</c><01:17:15.920><c> a</c><01:17:15.950><c> lot</c><01:17:16.220><c> of</c><01:17:16.250><c> big</c>

01:17:16.540 --> 01:17:16.550 align:start position:0%
these community funds like a lot of big
 

01:17:16.550 --> 01:17:17.920 align:start position:0%
these community funds like a lot of big
of<01:17:16.700><c> the</c><01:17:16.850><c> of</c><01:17:17.150><c> the</c><01:17:17.300><c> bigger</c><01:17:17.510><c> projects</c>

01:17:17.920 --> 01:17:17.930 align:start position:0%
of the of the bigger projects
 

01:17:17.930 --> 01:17:19.900 align:start position:0%
of the of the bigger projects
simultaneously<01:17:18.200><c> also</c><01:17:18.920><c> raise</c><01:17:19.220><c> their</c><01:17:19.430><c> own</c><01:17:19.460><c> easy</c>

01:17:19.900 --> 01:17:19.910 align:start position:0%
simultaneously also raise their own easy
 

01:17:19.910 --> 01:17:22.990 align:start position:0%
simultaneously also raise their own easy
fund<01:17:20.300><c> to</c><01:17:20.900><c> support</c><01:17:21.080><c> their</c><01:17:21.530><c> community</c><01:17:22.010><c> which</c>

01:17:22.990 --> 01:17:23.000 align:start position:0%
fund to support their community which
 

01:17:23.000 --> 01:17:24.880 align:start position:0%
fund to support their community which
now<01:17:23.210><c> obviously</c><01:17:23.780><c> operated</c><01:17:24.200><c> under</c><01:17:24.440><c> much</c><01:17:24.620><c> best</c>

01:17:24.880 --> 01:17:24.890 align:start position:0%
now obviously operated under much best
 

01:17:24.890 --> 01:17:28.570 align:start position:0%
now obviously operated under much best
kind<01:17:25.100><c> of</c><01:17:25.540><c> narrow-minded</c><01:17:26.540><c> okay</c><01:17:27.290><c> but</c><01:17:27.830><c> before</c><01:17:28.490><c> we</c>

01:17:28.570 --> 01:17:28.580 align:start position:0%
kind of narrow-minded okay but before we
 

01:17:28.580 --> 01:17:30.070 align:start position:0%
kind of narrow-minded okay but before we
get<01:17:28.700><c> too</c><01:17:28.910><c> deep</c><01:17:29.120><c> into</c><01:17:29.480><c> the</c><01:17:29.630><c> little</c><01:17:29.810><c> things</c><01:17:29.960><c> I</c>

01:17:30.070 --> 01:17:30.080 align:start position:0%
get too deep into the little things I
 

01:17:30.080 --> 01:17:32.320 align:start position:0%
get too deep into the little things I
want<01:17:30.200><c> to</c><01:17:30.230><c> talk</c><01:17:30.410><c> about</c><01:17:30.470><c> maths</c><01:17:31.330><c> scientists</c>

01:17:32.320 --> 01:17:32.330 align:start position:0%
want to talk about maths scientists
 

01:17:32.330 --> 01:17:34.240 align:start position:0%
want to talk about maths scientists
actually<01:17:32.600><c> the</c><01:17:32.900><c> last</c><01:17:33.560><c> few</c><01:17:33.800><c> comments</c><01:17:34.070><c> are</c><01:17:34.220><c> a</c>

01:17:34.240 --> 01:17:34.250 align:start position:0%
actually the last few comments are a
 

01:17:34.250 --> 01:17:37.540 align:start position:0%
actually the last few comments are a
great<01:17:34.580><c> segue</c><01:17:34.940><c> from</c><01:17:35.710><c> from</c><01:17:36.710><c> tokens</c><01:17:37.070><c> not</c><01:17:37.340><c> to</c>

01:17:37.540 --> 01:17:37.550 align:start position:0%
great segue from from tokens not to
 

01:17:37.550 --> 01:17:39.700 align:start position:0%
great segue from from tokens not to
graphs<01:17:37.790><c> as</c><01:17:38.090><c> the</c><01:17:38.270><c> funding</c><01:17:38.510><c> option</c><01:17:38.840><c> after</c><01:17:39.320><c> -</c>

01:17:39.700 --> 01:17:39.710 align:start position:0%
graphs as the funding option after -
 

01:17:39.710 --> 01:17:41.610 align:start position:0%
graphs as the funding option after -
after<01:17:39.980><c> tokens</c><01:17:40.490><c> we're</c><01:17:40.670><c> going</c><01:17:40.820><c> to</c><01:17:40.880><c> go</c><01:17:41.000><c> into</c>

01:17:41.610 --> 01:17:41.620 align:start position:0%
after tokens we're going to go into
 

01:17:41.620 --> 01:17:46.330 align:start position:0%
after tokens we're going to go into
dowels<01:17:42.620><c> and</c><01:17:42.950><c> then</c><01:17:43.280><c> kind</c><01:17:44.150><c> of</c><01:17:44.180><c> -</c><01:17:44.390><c> well</c><01:17:45.340><c> how's</c>

01:17:46.330 --> 01:17:46.340 align:start position:0%
dowels and then kind of - well how's
 

01:17:46.340 --> 01:17:48.940 align:start position:0%
dowels and then kind of - well how's
everybody<01:17:46.820><c> doing</c><01:17:47.180><c> with</c><01:17:47.420><c> like</c><01:17:47.650><c> should</c><01:17:48.650><c> we</c><01:17:48.680><c> take</c>

01:17:48.940 --> 01:17:48.950 align:start position:0%
everybody doing with like should we take
 

01:17:48.950 --> 01:17:50.590 align:start position:0%
everybody doing with like should we take
a<01:17:48.980><c> really</c><01:17:49.310><c> break</c><01:17:49.550><c> or</c><01:17:49.850><c> should</c><01:17:50.090><c> we</c><01:17:50.150><c> just</c><01:17:50.180><c> keep</c><01:17:50.480><c> it</c>

01:17:50.590 --> 01:17:50.600 align:start position:0%
a really break or should we just keep it
 

01:17:50.600 --> 01:17:53.770 align:start position:0%
a really break or should we just keep it
going<01:17:50.930><c> I</c><01:17:51.080><c> figure</c><01:17:51.920><c> you</c><01:17:52.040><c> take</c><01:17:52.190><c> a</c><01:17:52.220><c> break</c><01:17:52.780><c> my</c>

01:17:53.770 --> 01:17:53.780 align:start position:0%
going I figure you take a break my
 

01:17:53.780 --> 01:17:55.900 align:start position:0%
going I figure you take a break my
disperse<01:17:54.230><c> -</c><01:17:54.440><c> fun</c><01:17:54.890><c> cool</c><01:17:55.190><c> that's</c><01:17:55.610><c> our</c><01:17:55.760><c> bug</c>

01:17:55.900 --> 01:17:55.910 align:start position:0%
disperse - fun cool that's our bug
 

01:17:55.910 --> 01:18:01.899 align:start position:0%
disperse - fun cool that's our bug
that's<01:17:56.090><c> who's</c><01:17:56.960><c> received</c><01:17:57.320><c> a</c><01:17:57.380><c> grant</c>

01:18:01.899 --> 01:18:01.909 align:start position:0%
 
 

01:18:01.909 --> 01:18:03.850 align:start position:0%
 
what<01:18:02.630><c> so</c><01:18:02.840><c> maybe</c><01:18:03.110><c> someone</c><01:18:03.409><c> in</c><01:18:03.500><c> the</c><01:18:03.560><c> vacuum</c>

01:18:03.850 --> 01:18:03.860 align:start position:0%
what so maybe someone in the vacuum
 

01:18:03.860 --> 01:18:09.300 align:start position:0%
what so maybe someone in the vacuum
business<01:18:03.949><c> permit</c><01:18:04.840><c> was</c><01:18:05.840><c> your</c><01:18:05.989><c> experience</c>

01:18:09.300 --> 01:18:09.310 align:start position:0%
 
 

01:18:09.310 --> 01:18:12.049 align:start position:0%
 
Oh

01:18:12.049 --> 01:18:12.059 align:start position:0%
 
 

01:18:12.059 --> 01:18:16.039 align:start position:0%
 
-<01:18:12.629><c> that's</c><01:18:12.839><c> apart</c><01:18:13.229><c> but</c><01:18:14.069><c> to</c><01:18:15.029><c> a</c><01:18:15.059><c> liner</c><01:18:15.329><c> go</c><01:18:15.629><c> inside</c>

01:18:16.039 --> 01:18:16.049 align:start position:0%
- that's apart but to a liner go inside
 

01:18:16.049 --> 01:18:21.290 align:start position:0%
- that's apart but to a liner go inside
the<01:18:16.169><c> bunker</c>

01:18:21.290 --> 01:18:21.300 align:start position:0%
 
 

01:18:21.300 --> 01:18:26.070 align:start position:0%
 
quite<01:18:21.810><c> as</c><01:18:22.020><c> opposed</c>

01:18:26.070 --> 01:18:26.080 align:start position:0%
 
 

01:18:26.080 --> 01:18:33.490 align:start position:0%
 
you're<01:18:27.080><c> always</c><01:18:27.590><c> delivering</c><01:18:28.070><c> and</c><01:18:31.000><c> quite</c><01:18:32.500><c> so</c>

01:18:33.490 --> 01:18:33.500 align:start position:0%
you're always delivering and quite so
 

01:18:33.500 --> 01:18:35.950 align:start position:0%
you're always delivering and quite so
like<01:18:33.680><c> you</c><01:18:33.800><c> guys</c><01:18:33.950><c> around</c><01:18:34.130><c> a</c><01:18:34.310><c> little</c><01:18:34.420><c> bit</c><01:18:35.420><c> more</c><01:18:35.660><c> I</c>

01:18:35.950 --> 01:18:35.960 align:start position:0%
like you guys around a little bit more I
 

01:18:35.960 --> 01:18:40.580 align:start position:0%
like you guys around a little bit more I
think<01:18:36.050><c> Austin's</c><01:18:36.710><c> right</c>

01:18:40.580 --> 01:18:40.590 align:start position:0%
 
 

01:18:40.590 --> 01:18:45.140 align:start position:0%
 
that<01:18:41.040><c> going</c><01:18:41.810><c> forward</c><01:18:42.810><c> there</c><01:18:43.230><c> should</c><01:18:43.410><c> be</c><01:18:44.150><c> clear</c>

01:18:45.140 --> 01:18:45.150 align:start position:0%
that going forward there should be clear
 

01:18:45.150 --> 01:18:47.060 align:start position:0%
that going forward there should be clear
mechanisms<01:18:45.990><c> for</c><01:18:46.200><c> the</c><01:18:46.380><c> same</c><01:18:46.590><c> mouthful</c>

01:18:47.060 --> 01:18:47.070 align:start position:0%
mechanisms for the same mouthful
 

01:18:47.070 --> 01:18:53.030 align:start position:0%
mechanisms for the same mouthful
difference<01:18:48.860><c> and</c><01:18:49.860><c> also</c><01:18:51.860><c> accountability</c><01:18:52.860><c> for</c>

01:18:53.030 --> 01:18:53.040 align:start position:0%
difference and also accountability for
 

01:18:53.040 --> 01:18:54.710 align:start position:0%
difference and also accountability for
using<01:18:53.340><c> those</c><01:18:53.490><c> will</c><01:18:53.880><c> also</c><01:18:54.210><c> help</c><01:18:54.420><c> with</c><01:18:54.510><c> that</c>

01:18:54.710 --> 01:18:54.720 align:start position:0%
using those will also help with that
 

01:18:54.720 --> 01:18:57.230 align:start position:0%
using those will also help with that
process<01:18:54.960><c> because</c><01:18:55.580><c> often</c><01:18:56.580><c> people</c><01:18:56.730><c> are</c><01:18:56.940><c> saying</c>

01:18:57.230 --> 01:18:57.240 align:start position:0%
process because often people are saying
 

01:18:57.240 --> 01:18:59.390 align:start position:0%
process because often people are saying
they<01:18:57.360><c> want</c><01:18:57.510><c> to</c><01:18:57.600><c> see</c><01:18:57.690><c> the</c><01:18:57.780><c> value</c><01:18:58.110><c> on</c><01:18:58.320><c> what</c><01:18:59.280><c> they</c>

01:18:59.390 --> 01:18:59.400 align:start position:0%
they want to see the value on what they
 

01:18:59.400 --> 01:19:03.560 align:start position:0%
they want to see the value on what they
are<01:18:59.430><c> paying</c><01:18:59.670><c> for</c><01:18:59.760><c> I</c><01:19:02.060><c> thought</c><01:19:03.060><c> maybe</c><01:19:03.450><c> just</c>

01:19:03.560 --> 01:19:03.570 align:start position:0%
are paying for I thought maybe just
 

01:19:03.570 --> 01:19:06.110 align:start position:0%
are paying for I thought maybe just
doesn't<01:19:04.080><c> and</c><01:19:04.200><c> I</c><01:19:04.320><c> think</c><01:19:04.560><c> almost</c><01:19:05.370><c> like</c><01:19:05.670><c> I've</c>

01:19:06.110 --> 01:19:06.120 align:start position:0%
doesn't and I think almost like I've
 

01:19:06.120 --> 01:19:08.030 align:start position:0%
doesn't and I think almost like I've
seen<01:19:06.360><c> some</c><01:19:06.660><c> grant</c><01:19:06.960><c> funding</c><01:19:07.050><c> processes</c><01:19:07.800><c> to</c><01:19:07.890><c> be</c>

01:19:08.030 --> 01:19:08.040 align:start position:0%
seen some grant funding processes to be
 

01:19:08.040 --> 01:19:11.240 align:start position:0%
seen some grant funding processes to be
like<01:19:08.190><c> more</c><01:19:08.640><c> stringent</c><01:19:09.240><c> than</c><01:19:09.920><c> the</c><01:19:10.920><c> much</c>

01:19:11.240 --> 01:19:11.250 align:start position:0%
like more stringent than the much
 

01:19:11.250 --> 01:19:12.830 align:start position:0%
like more stringent than the much
smaller<01:19:11.400><c> amounts</c><01:19:12.000><c> but</c><01:19:12.150><c> much</c><01:19:12.360><c> more</c><01:19:12.570><c> stringent</c>

01:19:12.830 --> 01:19:12.840 align:start position:0%
smaller amounts but much more stringent
 

01:19:12.840 --> 01:19:16.190 align:start position:0%
smaller amounts but much more stringent
see<01:19:13.170><c> in</c><01:19:13.320><c> chapter</c><01:19:14.600><c> that</c><01:19:15.600><c> the</c><01:19:15.750><c> situating</c>

01:19:16.190 --> 01:19:16.200 align:start position:0%
see in chapter that the situating
 

01:19:16.200 --> 01:19:18.470 align:start position:0%
see in chapter that the situating
process<01:19:16.590><c> in</c><01:19:16.710><c> terms</c><01:19:16.830><c> of</c><01:19:16.950><c> the</c><01:19:17.040><c> pasta</c><01:19:17.430><c> I</c><01:19:17.730><c> guess</c>

01:19:18.470 --> 01:19:18.480 align:start position:0%
process in terms of the pasta I guess
 

01:19:18.480 --> 01:19:19.460 align:start position:0%
process in terms of the pasta I guess
it's<01:19:18.660><c> a</c><01:19:18.750><c> very</c><01:19:18.960><c> different</c><01:19:19.110><c> accountability</c>

01:19:19.460 --> 01:19:19.470 align:start position:0%
it's a very different accountability
 

01:19:19.470 --> 01:19:21.080 align:start position:0%
it's a very different accountability
layer<01:19:19.920><c> as</c><01:19:20.100><c> well</c><01:19:20.280><c> because</c><01:19:20.610><c> there</c><01:19:20.760><c> is</c><01:19:20.910><c> no</c>

01:19:21.080 --> 01:19:21.090 align:start position:0%
layer as well because there is no
 

01:19:21.090 --> 01:19:22.790 align:start position:0%
layer as well because there is no
investment<01:19:21.750><c> being</c><01:19:21.900><c> made</c><01:19:21.990><c> so</c><01:19:22.380><c> it</c><01:19:22.440><c> has</c><01:19:22.590><c> to</c><01:19:22.710><c> be</c><01:19:22.770><c> a</c>

01:19:22.790 --> 01:19:22.800 align:start position:0%
investment being made so it has to be a
 

01:19:22.800 --> 01:19:26.180 align:start position:0%
investment being made so it has to be a
general<01:19:23.070><c> person</c><01:19:23.900><c> it</c><01:19:24.900><c> does</c><01:19:25.140><c> anyone</c><01:19:25.350><c> else</c><01:19:25.560><c> when</c>

01:19:26.180 --> 01:19:26.190 align:start position:0%
general person it does anyone else when
 

01:19:26.190 --> 01:19:27.020 align:start position:0%
general person it does anyone else when
I<01:19:26.220><c> add</c><01:19:26.400><c> something</c>

01:19:27.020 --> 01:19:27.030 align:start position:0%
I add something
 

01:19:27.030 --> 01:19:29.270 align:start position:0%
I add something
they<01:19:27.420><c> experience</c><01:19:27.840><c> yes</c><01:19:28.530><c> grants</c><01:19:29.070><c> are</c><01:19:29.130><c> like</c>

01:19:29.270 --> 01:19:29.280 align:start position:0%
they experience yes grants are like
 

01:19:29.280 --> 01:19:31.670 align:start position:0%
they experience yes grants are like
bandits<01:19:29.760><c> you</c><01:19:30.030><c> know</c><01:19:30.150><c> they</c><01:19:30.300><c> give</c><01:19:30.480><c> you</c><01:19:30.600><c> like</c><01:19:30.810><c> okay</c>

01:19:31.670 --> 01:19:31.680 align:start position:0%
bandits you know they give you like okay
 

01:19:31.680 --> 01:19:34.490 align:start position:0%
bandits you know they give you like okay
I<01:19:32.030><c> have</c><01:19:33.030><c> a</c><01:19:33.060><c> problem</c><01:19:33.600><c> I</c><01:19:33.900><c> don't</c><01:19:33.960><c> have</c><01:19:34.170><c> any</c>

01:19:34.490 --> 01:19:34.500 align:start position:0%
I have a problem I don't have any
 

01:19:34.500 --> 01:19:36.200 align:start position:0%
I have a problem I don't have any
economic<01:19:35.070><c> model</c><01:19:35.490><c> I</c><01:19:35.610><c> wanted</c><01:19:35.850><c> through</c><01:19:36.090><c> this</c>

01:19:36.200 --> 01:19:36.210 align:start position:0%
economic model I wanted through this
 

01:19:36.210 --> 01:19:39.620 align:start position:0%
economic model I wanted through this
value<01:19:36.660><c> but</c><01:19:37.350><c> the</c><01:19:37.620><c> value</c><01:19:37.980><c> isn't</c><01:19:38.190><c> valued</c><01:19:38.820><c> by</c><01:19:39.210><c> like</c>

01:19:39.620 --> 01:19:39.630 align:start position:0%
value but the value isn't valued by like
 

01:19:39.630 --> 01:19:42.920 align:start position:0%
value but the value isn't valued by like
the<01:19:40.230><c> market</c><01:19:40.650><c> so</c><01:19:41.250><c> like</c><01:19:41.940><c> give</c><01:19:42.510><c> me</c><01:19:42.600><c> some</c><01:19:42.810><c> money</c>

01:19:42.920 --> 01:19:42.930 align:start position:0%
the market so like give me some money
 

01:19:42.930 --> 01:19:44.900 align:start position:0%
the market so like give me some money
I'll<01:19:43.230><c> do</c><01:19:43.440><c> it</c><01:19:43.530><c> for</c><01:19:43.710><c> a</c><01:19:43.770><c> while</c><01:19:43.920><c> until</c><01:19:44.280><c> the</c><01:19:44.730><c> grant</c>

01:19:44.900 --> 01:19:44.910 align:start position:0%
I'll do it for a while until the grant
 

01:19:44.910 --> 01:19:48.770 align:start position:0%
I'll do it for a while until the grant
funding<01:19:45.210><c> runs</c><01:19:45.300><c> out</c><01:19:45.540><c> and</c><01:19:45.780><c> then</c>

01:19:48.770 --> 01:19:48.780 align:start position:0%
 
 

01:19:48.780 --> 01:19:52.980 align:start position:0%
 
it's<01:19:49.780><c> a</c><01:19:49.930><c> sad</c><01:19:50.590><c> thing</c><01:19:51.360><c> that's</c><01:19:52.360><c> why</c><01:19:52.510><c> I</c><01:19:52.540><c> love</c><01:19:52.810><c> get</c>

01:19:52.980 --> 01:19:52.990 align:start position:0%
it's a sad thing that's why I love get
 

01:19:52.990 --> 01:19:55.080 align:start position:0%
it's a sad thing that's why I love get
point<01:19:53.230><c> grants</c><01:19:53.590><c> they're</c><01:19:54.430><c> not</c><01:19:54.580><c> like</c><01:19:54.760><c> grants</c>

01:19:55.080 --> 01:19:55.090 align:start position:0%
point grants they're not like grants
 

01:19:55.090 --> 01:19:57.630 align:start position:0%
point grants they're not like grants
it's<01:19:55.750><c> like</c><01:19:55.900><c> a</c><01:19:55.930><c> continuous</c><01:19:56.620><c> funny</c><01:19:57.010><c> you</c><01:19:57.220><c> even</c>

01:19:57.630 --> 01:19:57.640 align:start position:0%
it's like a continuous funny you even
 

01:19:57.640 --> 01:20:00.690 align:start position:0%
it's like a continuous funny you even
you<01:19:57.820><c> can</c><01:19:58.000><c> start</c><01:19:58.270><c> making</c><01:19:58.570><c> plans</c><01:19:59.160><c> when</c><01:20:00.160><c> you</c><01:20:00.280><c> rely</c>

01:20:00.690 --> 01:20:00.700 align:start position:0%
you can start making plans when you rely
 

01:20:00.700 --> 01:20:03.480 align:start position:0%
you can start making plans when you rely
on<01:20:00.730><c> both</c><01:20:01.270><c> Frank's</c><01:20:01.990><c> at</c><01:20:02.350><c> the</c><01:20:02.560><c> beginning</c><01:20:02.890><c> it's</c>

01:20:03.480 --> 01:20:03.490 align:start position:0%
on both Frank's at the beginning it's
 

01:20:03.490 --> 01:20:05.370 align:start position:0%
on both Frank's at the beginning it's
like<01:20:03.730><c> you</c><01:20:04.330><c> have</c><01:20:04.420><c> to</c><01:20:04.540><c> use</c><01:20:04.720><c> that</c><01:20:04.750><c> money</c><01:20:05.110><c> to</c>

01:20:05.370 --> 01:20:05.380 align:start position:0%
like you have to use that money to
 

01:20:05.380 --> 01:20:06.540 align:start position:0%
like you have to use that money to
figure<01:20:05.590><c> out</c><01:20:05.680><c> how</c><01:20:05.830><c> you're</c><01:20:05.950><c> going</c><01:20:06.040><c> to</c><01:20:06.130><c> get</c><01:20:06.310><c> your</c>

01:20:06.540 --> 01:20:06.550 align:start position:0%
figure out how you're going to get your
 

01:20:06.550 --> 01:20:09.450 align:start position:0%
figure out how you're going to get your
next<01:20:06.730><c> money</c><01:20:07.420><c> you</c><01:20:08.050><c> know</c><01:20:08.170><c> it's</c><01:20:09.040><c> almost</c><01:20:09.280><c> like</c>

01:20:09.450 --> 01:20:09.460 align:start position:0%
next money you know it's almost like
 

01:20:09.460 --> 01:20:12.060 align:start position:0%
next money you know it's almost like
it's<01:20:10.000><c> kind</c><01:20:10.270><c> of</c><01:20:10.330><c> wasted</c><01:20:10.810><c> just</c><01:20:11.020><c> on</c><01:20:11.470><c> playing</c><01:20:11.890><c> a</c>

01:20:12.060 --> 01:20:12.070 align:start position:0%
it's kind of wasted just on playing a
 

01:20:12.070 --> 01:20:14.240 align:start position:0%
it's kind of wasted just on playing a
grant<01:20:12.310><c> circuit</c><01:20:12.730><c> if</c><01:20:13.240><c> you</c><01:20:13.390><c> can</c><01:20:13.570><c> actually</c><01:20:13.720><c> have</c><01:20:14.020><c> a</c>

01:20:14.240 --> 01:20:14.250 align:start position:0%
grant circuit if you can actually have a
 

01:20:14.250 --> 01:20:17.340 align:start position:0%
grant circuit if you can actually have a
residual<01:20:15.250><c> income</c><01:20:15.400><c> coming</c><01:20:15.940><c> in</c><01:20:16.360><c> and</c><01:20:17.020><c> you</c><01:20:17.170><c> can</c>

01:20:17.340 --> 01:20:17.350 align:start position:0%
residual income coming in and you can
 

01:20:17.350 --> 01:20:19.230 align:start position:0%
residual income coming in and you can
count<01:20:17.740><c> on</c><01:20:17.920><c> that</c><01:20:17.950><c> you</c><01:20:18.280><c> can</c><01:20:18.430><c> hire</c><01:20:18.670><c> a</c><01:20:18.700><c> developer</c>

01:20:19.230 --> 01:20:19.240 align:start position:0%
count on that you can hire a developer
 

01:20:19.240 --> 01:20:20.910 align:start position:0%
count on that you can hire a developer
and<01:20:19.660><c> you</c><01:20:20.050><c> know</c><01:20:20.200><c> where</c><01:20:20.350><c> they're</c><01:20:20.470><c> getting</c><01:20:20.560><c> paid</c>

01:20:20.910 --> 01:20:20.920 align:start position:0%
and you know where they're getting paid
 

01:20:20.920 --> 01:20:22.050 align:start position:0%
and you know where they're getting paid
every<01:20:21.460><c> month</c>

01:20:22.050 --> 01:20:22.060 align:start position:0%
every month
 

01:20:22.060 --> 01:20:23.610 align:start position:0%
every month
you<01:20:22.180><c> know</c><01:20:22.300><c> I'd</c><01:20:22.780><c> sell</c><01:20:23.020><c> of</c><01:20:23.110><c> course</c><01:20:23.230><c> that</c><01:20:23.440><c> one's</c>

01:20:23.610 --> 01:20:23.620 align:start position:0%
you know I'd sell of course that one's
 

01:20:23.620 --> 01:20:27.030 align:start position:0%
you know I'd sell of course that one's
out<01:20:23.800><c> but</c><01:20:24.360><c> that</c><01:20:25.360><c> helps</c><01:20:25.690><c> a</c><01:20:25.780><c> lot</c><01:20:25.960><c> this</c><01:20:26.740><c> is</c><01:20:26.920><c> the</c>

01:20:27.030 --> 01:20:27.040 align:start position:0%
out but that helps a lot this is the
 

01:20:27.040 --> 01:20:29.100 align:start position:0%
out but that helps a lot this is the
opportunity<01:20:27.610><c> cost</c><01:20:27.850><c> of</c><01:20:28.090><c> the</c><01:20:28.390><c> nonprofit</c><01:20:29.020><c> space</c>

01:20:29.100 --> 01:20:29.110 align:start position:0%
opportunity cost of the nonprofit space
 

01:20:29.110 --> 01:20:31.830 align:start position:0%
opportunity cost of the nonprofit space
in<01:20:29.440><c> general</c><01:20:29.620><c> is</c><01:20:30.100><c> grants</c><01:20:30.700><c> are</c><01:20:30.880><c> time-consuming</c>

01:20:31.830 --> 01:20:31.840 align:start position:0%
in general is grants are time-consuming
 

01:20:31.840 --> 01:20:34.590 align:start position:0%
in general is grants are time-consuming
process<01:20:32.500><c> you</c><01:20:33.130><c> have</c><01:20:33.340><c> to</c><01:20:33.370><c> conform</c><01:20:34.090><c> to</c><01:20:34.240><c> each</c>

01:20:34.590 --> 01:20:34.600 align:start position:0%
process you have to conform to each
 

01:20:34.600 --> 01:20:37.710 align:start position:0%
process you have to conform to each
different<01:20:35.410><c> grant</c><01:20:35.740><c> making</c><01:20:36.370><c> body</c><01:20:36.580><c> and</c><01:20:37.000><c> fill</c><01:20:37.540><c> out</c>

01:20:37.710 --> 01:20:37.720 align:start position:0%
different grant making body and fill out
 

01:20:37.720 --> 01:20:39.360 align:start position:0%
different grant making body and fill out
their<01:20:37.930><c> application</c><01:20:37.990><c> you</c><01:20:38.890><c> know</c><01:20:38.980><c> dude</c><01:20:39.190><c> the</c>

01:20:39.360 --> 01:20:39.370 align:start position:0%
their application you know dude the
 

01:20:39.370 --> 01:20:41.820 align:start position:0%
their application you know dude the
whole<01:20:39.520><c> thing</c><01:20:39.700><c> that</c><01:20:40.000><c> is</c><01:20:40.060><c> time</c><01:20:40.450><c> spent</c><01:20:40.960><c> applying</c>

01:20:41.820 --> 01:20:41.830 align:start position:0%
whole thing that is time spent applying
 

01:20:41.830 --> 01:20:44.010 align:start position:0%
whole thing that is time spent applying
for<01:20:42.070><c> money</c><01:20:42.250><c> that</c><01:20:42.840><c> governments</c><01:20:43.840><c> and</c>

01:20:44.010 --> 01:20:44.020 align:start position:0%
for money that governments and
 

01:20:44.020 --> 01:20:46.290 align:start position:0%
for money that governments and
for-profits<01:20:44.770><c> have</c><01:20:44.920><c> supplied</c><01:20:45.520><c> to</c><01:20:45.700><c> them</c><01:20:45.820><c> in</c>

01:20:46.290 --> 01:20:46.300 align:start position:0%
for-profits have supplied to them in
 

01:20:46.300 --> 01:20:48.450 align:start position:0%
for-profits have supplied to them in
spades<01:20:46.720><c> in</c><01:20:47.110><c> capital</c><01:20:47.590><c> markets</c><01:20:48.010><c> and</c><01:20:48.160><c> were</c><01:20:48.310><c> in</c>

01:20:48.450 --> 01:20:48.460 align:start position:0%
spades in capital markets and were in
 

01:20:48.460 --> 01:20:50.850 align:start position:0%
spades in capital markets and were in
the<01:20:48.580><c> tax</c><01:20:48.820><c> pools</c><01:20:49.120><c> so</c><01:20:49.720><c> this</c><01:20:49.870><c> is</c><01:20:50.050><c> where</c><01:20:50.260><c> the</c><01:20:50.650><c> the</c>

01:20:50.850 --> 01:20:50.860 align:start position:0%
the tax pools so this is where the the
 

01:20:50.860 --> 01:20:53.550 align:start position:0%
the tax pools so this is where the the
nonprofit<01:20:51.490><c> is</c><01:20:51.610><c> really</c><01:20:51.970><c> like</c><01:20:52.210><c> as</c><01:20:53.080><c> a</c><01:20:53.110><c> huge</c>

01:20:53.550 --> 01:20:53.560 align:start position:0%
nonprofit is really like as a huge
 

01:20:53.560 --> 01:20:55.710 align:start position:0%
nonprofit is really like as a huge
opportunity<01:20:53.740><c> cost</c><01:20:54.400><c> in</c><01:20:54.670><c> and</c><01:20:55.000><c> continually</c>

01:20:55.710 --> 01:20:55.720 align:start position:0%
opportunity cost in and continually
 

01:20:55.720 --> 01:20:57.270 align:start position:0%
opportunity cost in and continually
trying<01:20:55.990><c> to</c><01:20:56.200><c> find</c><01:20:56.440><c> these</c><01:20:56.680><c> grants</c><01:20:57.160><c> and</c>

01:20:57.270 --> 01:20:57.280 align:start position:0%
trying to find these grants and
 

01:20:57.280 --> 01:20:58.920 align:start position:0%
trying to find these grants and
donations<01:20:57.400><c> rather</c><01:20:58.120><c> than</c>

01:20:58.920 --> 01:20:58.930 align:start position:0%
donations rather than
 

01:20:58.930 --> 01:21:01.720 align:start position:0%
donations rather than
changing<01:20:59.930><c> the</c><01:20:59.990><c> world</c><01:21:00.350><c> yeah</c><01:21:00.770><c> I</c><01:21:00.800><c> think</c><01:21:01.610><c> as</c><01:21:01.700><c> a</c>

01:21:01.720 --> 01:21:01.730 align:start position:0%
changing the world yeah I think as a
 

01:21:01.730 --> 01:21:05.200 align:start position:0%
changing the world yeah I think as a
business<01:21:02.050><c> being</c><01:21:03.160><c> dependent</c><01:21:04.160><c> on</c><01:21:04.280><c> like</c><01:21:04.670><c> grant</c>

01:21:05.200 --> 01:21:05.210 align:start position:0%
business being dependent on like grant
 

01:21:05.210 --> 01:21:06.820 align:start position:0%
business being dependent on like grant
funding<01:21:05.660><c> on</c><01:21:05.780><c> a</c><01:21:05.810><c> continuous</c><01:21:06.260><c> level</c><01:21:06.410><c> must</c><01:21:06.710><c> be</c>

01:21:06.820 --> 01:21:06.830 align:start position:0%
funding on a continuous level must be
 

01:21:06.830 --> 01:21:10.320 align:start position:0%
funding on a continuous level must be
like<01:21:07.360><c> must</c><01:21:08.360><c> be</c><01:21:08.480><c> extremely</c><01:21:08.780><c> stressful</c><01:21:09.080><c> I</c><01:21:09.560><c> mean</c>

01:21:10.320 --> 01:21:10.330 align:start position:0%
like must be extremely stressful I mean
 

01:21:10.330 --> 01:21:14.530 align:start position:0%
like must be extremely stressful I mean
like<01:21:11.330><c> BBC's</c><01:21:11.840><c> mother</c><01:21:12.050><c> distressful</c><01:21:13.540><c> actually</c>

01:21:14.530 --> 01:21:14.540 align:start position:0%
like BBC's mother distressful actually
 

01:21:14.540 --> 01:21:16.510 align:start position:0%
like BBC's mother distressful actually
probably<01:21:14.750><c> any</c><01:21:15.020><c> type</c><01:21:15.260><c> of</c><01:21:15.290><c> funding</c><01:21:15.770><c> if</c><01:21:16.370><c> you're</c>

01:21:16.510 --> 01:21:16.520 align:start position:0%
probably any type of funding if you're
 

01:21:16.520 --> 01:21:18.130 align:start position:0%
probably any type of funding if you're
not<01:21:16.670><c> running</c><01:21:16.970><c> a</c><01:21:17.030><c> sustainable</c><01:21:17.540><c> businesses</c><01:21:17.960><c> and</c>

01:21:18.130 --> 01:21:18.140 align:start position:0%
not running a sustainable businesses and
 

01:21:18.140 --> 01:21:26.230 align:start position:0%
not running a sustainable businesses and
safety<01:21:18.440><c> stress</c><01:21:18.800><c> this</c><01:21:23.920><c> economy</c><01:21:25.090><c> could</c><01:21:26.090><c> you're</c>

01:21:26.230 --> 01:21:26.240 align:start position:0%
safety stress this economy could you're
 

01:21:26.240 --> 01:21:28.120 align:start position:0%
safety stress this economy could you're
gonna<01:21:26.360><c> feel</c><01:21:26.540><c> like</c><01:21:26.630><c> a</c><01:21:26.690><c> week</c><01:21:26.900><c> recap</c><01:21:27.410><c> again</c><01:21:27.530><c> it's</c>

01:21:28.120 --> 01:21:28.130 align:start position:0%
gonna feel like a week recap again it's
 

01:21:28.130 --> 01:21:30.940 align:start position:0%
gonna feel like a week recap again it's
clearly<01:21:28.660><c> mother</c><01:21:29.660><c> who</c><01:21:30.260><c> mean</c><01:21:30.470><c> grant</c><01:21:30.770><c> said</c>

01:21:30.940 --> 01:21:30.950 align:start position:0%
clearly mother who mean grant said
 

01:21:30.950 --> 01:21:32.860 align:start position:0%
clearly mother who mean grant said
nobody<01:21:31.280><c> in</c><01:21:31.370><c> exchange</c><01:21:31.700><c> for</c><01:21:31.760><c> services</c><01:21:32.330><c> for</c><01:21:32.690><c> like</c>

01:21:32.860 --> 01:21:32.870 align:start position:0%
nobody in exchange for services for like
 

01:21:32.870 --> 01:21:34.390 align:start position:0%
nobody in exchange for services for like
a<01:21:32.960><c> community</c><01:21:33.320><c> so</c><01:21:33.500><c> build</c><01:21:33.770><c> something</c><01:21:34.160><c> to</c><01:21:34.280><c> the</c>

01:21:34.390 --> 01:21:34.400 align:start position:0%
a community so build something to the
 

01:21:34.400 --> 01:21:35.800 align:start position:0%
a community so build something to the
read<01:21:34.550><c> specific</c><01:21:34.940><c> service</c><01:21:35.240><c> that</c><01:21:35.420><c> serves</c><01:21:35.660><c> the</c>

01:21:35.800 --> 01:21:35.810 align:start position:0%
read specific service that serves the
 

01:21:35.810 --> 01:21:36.850 align:start position:0%
read specific service that serves the
common<01:21:35.960><c> good</c>

01:21:36.850 --> 01:21:36.860 align:start position:0%
common good
 

01:21:36.860 --> 01:21:38.620 align:start position:0%
common good
nobody<01:21:37.730><c> it's</c><01:21:37.880><c> payment</c><01:21:38.210><c> on</c><01:21:38.270><c> that</c><01:21:38.300><c> they</c><01:21:38.480><c> read</c>

01:21:38.620 --> 01:21:38.630 align:start position:0%
nobody it's payment on that they read
 

01:21:38.630 --> 01:21:40.240 align:start position:0%
nobody it's payment on that they read
what<01:21:38.750><c> I've</c><01:21:38.900><c> seen</c><01:21:39.080><c> it's</c><01:21:39.320><c> like</c><01:21:39.470><c> it's</c><01:21:39.950><c> like</c><01:21:39.980><c> very</c>

01:21:40.240 --> 01:21:40.250 align:start position:0%
what I've seen it's like it's like very
 

01:21:40.250 --> 01:21:42.430 align:start position:0%
what I've seen it's like it's like very
milestone<01:21:40.760><c> based</c><01:21:41.030><c> payments</c><01:21:41.570><c> not</c><01:21:41.990><c> on</c><01:21:42.200><c> full</c>

01:21:42.430 --> 01:21:42.440 align:start position:0%
milestone based payments not on full
 

01:21:42.440 --> 01:21:43.990 align:start position:0%
milestone based payments not on full
delivery<01:21:42.680><c> but</c><01:21:42.980><c> it's</c><01:21:43.160><c> like</c><01:21:43.280><c> to</c><01:21:43.550><c> the</c><01:21:43.640><c> one</c><01:21:43.790><c> thing</c>

01:21:43.990 --> 01:21:44.000 align:start position:0%
delivery but it's like to the one thing
 

01:21:44.000 --> 01:21:47.500 align:start position:0%
delivery but it's like to the one thing
you<01:21:44.210><c> gotta</c><01:21:44.360><c> do</c><01:21:44.690><c> the</c><01:21:44.900><c> other</c><01:21:45.050><c> thing</c><01:21:46.120><c> in</c><01:21:47.120><c> general</c>

01:21:47.500 --> 01:21:47.510 align:start position:0%
you gotta do the other thing in general
 

01:21:47.510 --> 01:21:48.850 align:start position:0%
you gotta do the other thing in general
fund<01:21:47.870><c> infrastructure</c><01:21:48.380><c> community</c>

01:21:48.850 --> 01:21:48.860 align:start position:0%
fund infrastructure community
 

01:21:48.860 --> 01:21:50.650 align:start position:0%
fund infrastructure community
initiatives<01:21:49.310><c> it's</c><01:21:49.850><c> generally</c><01:21:50.270><c> very</c><01:21:50.300><c> small</c>

01:21:50.650 --> 01:21:50.660 align:start position:0%
initiatives it's generally very small
 

01:21:50.660 --> 01:21:53.590 align:start position:0%
initiatives it's generally very small
amounts<01:21:51.590><c> compared</c><01:21:52.040><c> to</c><01:21:52.130><c> VC</c><01:21:52.490><c> and</c><01:21:52.640><c> tokens</c><01:21:53.000><c> and</c><01:21:53.150><c> I</c>

01:21:53.590 --> 01:21:53.600 align:start position:0%
amounts compared to VC and tokens and I
 

01:21:53.600 --> 01:21:55.540 align:start position:0%
amounts compared to VC and tokens and I
think<01:21:53.840><c> maybe</c><01:21:53.990><c> that's</c><01:21:54.290><c> where</c><01:21:54.560><c> the</c><01:21:55.100><c> whole</c><01:21:55.280><c> model</c>

01:21:55.540 --> 01:21:55.550 align:start position:0%
think maybe that's where the whole model
 

01:21:55.550 --> 01:21:57.190 align:start position:0%
think maybe that's where the whole model
again<01:21:55.940><c> of</c><01:21:56.090><c> like</c><01:21:56.270><c> how</c><01:21:56.450><c> can</c><01:21:56.510><c> we</c><01:21:56.660><c> brothers</c><01:21:56.840><c> open</c>

01:21:57.190 --> 01:21:57.200 align:start position:0%
again of like how can we brothers open
 

01:21:57.200 --> 01:21:58.810 align:start position:0%
again of like how can we brothers open
source<01:21:57.380><c> infrastructure</c><01:21:57.830><c> false</c><01:21:58.190><c> show</c><01:21:58.760><c> it</c>

01:21:58.810 --> 01:21:58.820 align:start position:0%
source infrastructure false show it
 

01:21:58.820 --> 01:22:00.580 align:start position:0%
source infrastructure false show it
pumping<01:21:59.510><c> so</c><01:21:59.690><c> much</c><01:21:59.840><c> money</c><01:22:00.080><c> into</c><01:22:00.290><c> the</c><01:22:00.440><c> one</c>

01:22:00.580 --> 01:22:00.590 align:start position:0%
pumping so much money into the one
 

01:22:00.590 --> 01:22:03.130 align:start position:0%
pumping so much money into the one
direction<01:22:00.920><c> for</c><01:22:01.190><c> for-profit</c><01:22:01.460><c> policy</c><01:22:01.970><c> not</c><01:22:02.480><c> like</c>

01:22:03.130 --> 01:22:03.140 align:start position:0%
direction for for-profit policy not like
 

01:22:03.140 --> 01:22:05.510 align:start position:0%
direction for for-profit policy not like
nearly<01:22:03.470><c> enough</c>

01:22:05.510 --> 01:22:05.520 align:start position:0%
nearly enough
 

01:22:05.520 --> 01:22:07.760 align:start position:0%
nearly enough
into<01:22:06.030><c> the</c><01:22:06.120><c> other</c><01:22:06.180><c> direction</c><01:22:06.560><c> how</c><01:22:07.560><c> I</c><01:22:07.590><c> have</c><01:22:07.740><c> a</c>

01:22:07.760 --> 01:22:07.770 align:start position:0%
into the other direction how I have a
 

01:22:07.770 --> 01:22:09.680 align:start position:0%
into the other direction how I have a
lot<01:22:08.010><c> of</c><01:22:08.130><c> value</c><01:22:08.430><c> who's</c><01:22:08.760><c> to</c><01:22:09.030><c> the</c><01:22:09.120><c> protocol</c><01:22:09.510><c> later</c>

01:22:09.680 --> 01:22:09.690 align:start position:0%
lot of value who's to the protocol later
 

01:22:09.690 --> 01:22:12.410 align:start position:0%
lot of value who's to the protocol later
here<01:22:10.130><c> in</c><01:22:11.130><c> centralized</c><01:22:11.610><c> decision-making</c><01:22:12.030><c> and</c>

01:22:12.410 --> 01:22:12.420 align:start position:0%
here in centralized decision-making and
 

01:22:12.420 --> 01:22:14.390 align:start position:0%
here in centralized decision-making and
centralized<01:22:13.050><c> governance</c><01:22:13.350><c> in</c><01:22:13.590><c> many</c><01:22:13.980><c> cases</c>

01:22:14.390 --> 01:22:14.400 align:start position:0%
centralized governance in many cases
 

01:22:14.400 --> 01:22:15.860 align:start position:0%
centralized governance in many cases
what<01:22:14.640><c> it</c><01:22:14.730><c> feels</c><01:22:14.970><c> like</c><01:22:15.060><c> even</c><01:22:15.300><c> if</c><01:22:15.450><c> it's</c><01:22:15.600><c> a</c><01:22:15.660><c> cream</c>

01:22:15.860 --> 01:22:15.870 align:start position:0%
what it feels like even if it's a cream
 

01:22:15.870 --> 01:22:18.860 align:start position:0%
what it feels like even if it's a cream
iam<01:22:16.670><c> I've</c><01:22:17.670><c> heard</c><01:22:17.910><c> it</c><01:22:18.060><c> can</c><01:22:18.210><c> take</c><01:22:18.360><c> a</c><01:22:18.390><c> really</c><01:22:18.840><c> long</c>

01:22:18.860 --> 01:22:18.870 align:start position:0%
iam I've heard it can take a really long
 

01:22:18.870 --> 01:22:21.740 align:start position:0%
iam I've heard it can take a really long
time<01:22:19.220><c> to</c><01:22:20.220><c> like</c><01:22:20.730><c> to</c><01:22:20.880><c> hear</c><01:22:21.180><c> from</c><01:22:21.390><c> the</c><01:22:21.480><c> ground</c>

01:22:21.740 --> 01:22:21.750 align:start position:0%
time to like to hear from the ground
 

01:22:21.750 --> 01:22:24.770 align:start position:0%
time to like to hear from the ground
because<01:22:22.080><c> I</c><01:22:22.520><c> we</c><01:22:23.520><c> go</c><01:22:23.640><c> to</c><01:22:23.700><c> crap</c><01:22:23.970><c> once</c><01:22:24.240><c> ourselves</c>

01:22:24.770 --> 01:22:24.780 align:start position:0%
because I we go to crap once ourselves
 

01:22:24.780 --> 01:22:27.080 align:start position:0%
because I we go to crap once ourselves
and<01:22:24.990><c> to</c><01:22:25.890><c> this</c><01:22:26.040><c> date</c><01:22:26.310><c> still</c><01:22:26.700><c> haven't</c><01:22:26.970><c> received</c>

01:22:27.080 --> 01:22:27.090 align:start position:0%
and to this date still haven't received
 

01:22:27.090 --> 01:22:29.570 align:start position:0%
and to this date still haven't received
to<01:22:27.570><c> second</c><01:22:27.960><c> favorite</c><01:22:28.350><c> of</c><01:22:28.470><c> the</c><01:22:28.560><c> crowd</c><01:22:28.770><c> and</c><01:22:29.190><c> just</c>

01:22:29.570 --> 01:22:29.580 align:start position:0%
to second favorite of the crowd and just
 

01:22:29.580 --> 01:22:31.700 align:start position:0%
to second favorite of the crowd and just
be<01:22:29.760><c> mad</c><01:22:29.970><c> yeah</c><01:22:30.270><c> when</c><01:22:30.810><c> is</c><01:22:30.960><c> it</c><01:22:31.080><c> coming</c><01:22:31.260><c> when</c><01:22:31.500><c> is</c><01:22:31.620><c> to</c>

01:22:31.700 --> 01:22:31.710 align:start position:0%
be mad yeah when is it coming when is to
 

01:22:31.710 --> 01:22:33.950 align:start position:0%
be mad yeah when is it coming when is to
come<01:22:31.890><c> in</c><01:22:32.040><c> and</c><01:22:32.310><c> just</c><01:22:33.240><c> be</c><01:22:33.360><c> like</c><01:22:33.450><c> oh</c><01:22:33.630><c> yeah</c><01:22:33.750><c> it'll</c>

01:22:33.950 --> 01:22:33.960 align:start position:0%
come in and just be like oh yeah it'll
 

01:22:33.960 --> 01:22:35.900 align:start position:0%
come in and just be like oh yeah it'll
come<01:22:34.140><c> up</c><01:22:34.230><c> in</c><01:22:34.350><c> the</c><01:22:34.440><c> next</c><01:22:34.560><c> batch</c><01:22:34.830><c> and</c><01:22:35.460><c> this</c><01:22:35.790><c> is</c>

01:22:35.900 --> 01:22:35.910 align:start position:0%
come up in the next batch and this is
 

01:22:35.910 --> 01:22:38.410 align:start position:0%
come up in the next batch and this is
like<01:22:36.030><c> a</c><01:22:36.060><c> very</c><01:22:36.240><c> would</c><01:22:36.450><c> not</c><01:22:36.600><c> grant</c><01:22:37.470><c> funding</c>

01:22:38.410 --> 01:22:38.420 align:start position:0%
like a very would not grant funding
 

01:22:38.420 --> 01:22:41.300 align:start position:0%
like a very would not grant funding
coming<01:22:39.420><c> company</c><01:22:39.980><c> foundation</c><01:22:40.980><c> in</c><01:22:41.130><c> these</c>

01:22:41.300 --> 01:22:41.310 align:start position:0%
coming company foundation in these
 

01:22:41.310 --> 01:22:45.470 align:start position:0%
coming company foundation in these
namespace<01:22:41.930><c> we</c><01:22:42.930><c> still</c><01:22:43.200><c> have</c><01:22:43.380><c> government</c><01:22:44.480><c> and</c>

01:22:45.470 --> 01:22:45.480 align:start position:0%
namespace we still have government and
 

01:22:45.480 --> 01:22:47.720 align:start position:0%
namespace we still have government and
if<01:22:45.660><c> we</c><01:22:45.780><c> were</c><01:22:45.930><c> relying</c><01:22:46.290><c> on</c><01:22:46.440><c> that</c><01:22:46.620><c> as</c><01:22:46.740><c> business</c><01:22:47.340><c> I</c>

01:22:47.720 --> 01:22:47.730 align:start position:0%
if we were relying on that as business I
 

01:22:47.730 --> 01:22:49.850 align:start position:0%
if we were relying on that as business I
mean<01:22:48.060><c> the</c><01:22:48.120><c> grandmas</c><01:22:48.450><c> recruits</c><01:22:48.750><c> like</c><01:22:48.810><c> not</c><01:22:49.740><c> to</c>

01:22:49.850 --> 01:22:49.860 align:start position:0%
mean the grandmas recruits like not to
 

01:22:49.860 --> 01:22:51.680 align:start position:0%
mean the grandmas recruits like not to
go<01:22:50.010><c> and</c><01:22:50.280><c> then</c><01:22:50.610><c> the</c><01:22:50.700><c> first</c><01:22:50.940><c> payment</c><01:22:51.120><c> came</c><01:22:51.390><c> about</c>

01:22:51.680 --> 01:22:51.690 align:start position:0%
go and then the first payment came about
 

01:22:51.690 --> 01:22:56.780 align:start position:0%
go and then the first payment came about
after<01:22:51.960><c> and</c><01:22:53.570><c> we</c><01:22:54.570><c> still</c><01:22:54.780><c> do</c><01:22:54.900><c> the</c><01:22:55.110><c> rest</c>

01:22:56.780 --> 01:22:56.790 align:start position:0%
after and we still do the rest
 

01:22:56.790 --> 01:22:58.250 align:start position:0%
after and we still do the rest
it's<01:22:57.060><c> like</c><01:22:57.300><c> we're</c><01:22:57.450><c> super</c><01:22:57.660><c> dependent</c><01:22:58.020><c> on</c><01:22:58.110><c> it</c>

01:22:58.250 --> 01:22:58.260 align:start position:0%
it's like we're super dependent on it
 

01:22:58.260 --> 01:23:00.560 align:start position:0%
it's like we're super dependent on it
for<01:22:58.410><c> like</c><01:22:58.500><c> party</c><01:22:58.950><c> emails</c><01:22:59.250><c> angry</c><01:22:59.610><c> and</c><01:23:00.180><c> I'm</c><01:23:00.480><c> a</c>

01:23:00.560 --> 01:23:00.570 align:start position:0%
for like party emails angry and I'm a
 

01:23:00.570 --> 01:23:02.459 align:start position:0%
for like party emails angry and I'm a
objected

01:23:02.459 --> 01:23:02.469 align:start position:0%
objected
 

01:23:02.469 --> 01:23:05.040 align:start position:0%
objected
big<01:23:03.040><c> migrants</c><01:23:03.520><c> is</c><01:23:03.610><c> pushing</c><01:23:04.150><c> to</c><01:23:04.360><c> decentralize</c>

01:23:05.040 --> 01:23:05.050 align:start position:0%
big migrants is pushing to decentralize
 

01:23:05.050 --> 01:23:08.220 align:start position:0%
big migrants is pushing to decentralize
decision-making<01:23:05.770><c> about</c><01:23:06.400><c> grants</c><01:23:06.940><c> to</c><01:23:07.780><c> an</c>

01:23:08.220 --> 01:23:08.230 align:start position:0%
decision-making about grants to an
 

01:23:08.230 --> 01:23:10.979 align:start position:0%
decision-making about grants to an
algorithm<01:23:08.710><c> on</c><01:23:09.219><c> the</c><01:23:09.340><c> CL</c><01:23:09.610><c> art</c><01:23:09.790><c> stuff</c><01:23:10.060><c> so</c><01:23:10.300><c> it's</c>

01:23:10.979 --> 01:23:10.989 align:start position:0%
algorithm on the CL art stuff so it's
 

01:23:10.989 --> 01:23:13.530 align:start position:0%
algorithm on the CL art stuff so it's
not<01:23:11.199><c> all</c><01:23:11.410><c> of</c><01:23:11.560><c> them</c><01:23:11.739><c> are</c><01:23:11.770><c> decentralized</c><01:23:12.430><c> if</c><01:23:13.030><c> our</c>

01:23:13.530 --> 01:23:13.540 align:start position:0%
not all of them are decentralized if our
 

01:23:13.540 --> 01:23:14.670 align:start position:0%
not all of them are decentralized if our
artisan<01:23:13.989><c> tries</c>

01:23:14.670 --> 01:23:14.680 align:start position:0%
artisan tries
 

01:23:14.680 --> 01:23:17.160 align:start position:0%
artisan tries
I'd<01:23:15.100><c> also</c><01:23:15.219><c> say</c><01:23:15.460><c> the</c><01:23:15.550><c> vault</c><01:23:15.790><c> au</c><01:23:16.000><c> has</c><01:23:16.930><c> a</c>

01:23:17.160 --> 01:23:17.170 align:start position:0%
I'd also say the vault au has a
 

01:23:17.170 --> 01:23:19.590 align:start position:0%
I'd also say the vault au has a
decentralized<01:23:18.010><c> decision</c><01:23:18.520><c> making</c><01:23:18.940><c> process</c><01:23:19.570><c> so</c>

01:23:19.590 --> 01:23:19.600 align:start position:0%
decentralized decision making process so
 

01:23:19.600 --> 01:23:25.870 align:start position:0%
decentralized decision making process so
people<01:23:20.110><c> are</c><01:23:20.199><c> pushing</c><01:23:21.070><c> pushing</c>

01:23:25.870 --> 01:23:25.880 align:start position:0%
 
 

01:23:25.880 --> 01:23:30.299 align:start position:0%
 
that's<01:23:26.780><c> sweet</c>

01:23:30.299 --> 01:23:30.309 align:start position:0%
 
 

01:23:30.309 --> 01:23:32.790 align:start position:0%
 
as<01:23:30.639><c> I</c><01:23:31.210><c> kind</c><01:23:31.360><c> of</c><01:23:31.479><c> not</c><01:23:32.019><c> reading</c><01:23:32.409><c> a</c><01:23:32.469><c> grant-funded</c>

01:23:32.790 --> 01:23:32.800 align:start position:0%
as I kind of not reading a grant-funded
 

01:23:32.800 --> 01:23:36.930 align:start position:0%
as I kind of not reading a grant-funded
follow<01:23:33.159><c> but</c><01:23:33.550><c> I</c><01:23:33.940><c> wanted</c><01:23:34.389><c> to</c><01:23:35.190><c> add</c><01:23:36.190><c> it</c><01:23:36.340><c> to</c><01:23:36.579><c> give</c><01:23:36.849><c> it</c>

01:23:36.930 --> 01:23:36.940 align:start position:0%
follow but I wanted to add it to give it
 

01:23:36.940 --> 01:23:37.919 align:start position:0%
follow but I wanted to add it to give it
a<01:23:36.999><c> new</c><01:23:37.090><c> chance</c><01:23:37.300><c> to</c><01:23:37.420><c> talk</c><01:23:37.570><c> a</c><01:23:37.599><c> little</c><01:23:37.780><c> bit</c><01:23:37.900><c> about</c>

01:23:37.919 --> 01:23:37.929 align:start position:0%
a new chance to talk a little bit about
 

01:23:37.929 --> 01:23:39.810 align:start position:0%
a new chance to talk a little bit about
consensus<01:23:38.590><c> as</c><01:23:38.710><c> I</c><01:23:38.739><c> thought</c><01:23:38.979><c> I</c><01:23:39.159><c> think</c><01:23:39.219><c> it</c><01:23:39.429><c> census</c>

01:23:39.810 --> 01:23:39.820 align:start position:0%
consensus as I thought I think it census
 

01:23:39.820 --> 01:23:42.180 align:start position:0%
consensus as I thought I think it census
did<01:23:40.030><c> so</c><01:23:40.329><c> much</c><01:23:40.570><c> in</c><01:23:40.630><c> DTM</c><01:23:41.139><c> spaces</c><01:23:41.559><c> early</c><01:23:41.829><c> on</c><01:23:41.979><c> and</c>

01:23:42.180 --> 01:23:42.190 align:start position:0%
did so much in DTM spaces early on and
 

01:23:42.190 --> 01:23:44.790 align:start position:0%
did so much in DTM spaces early on and
really<01:23:42.849><c> invested</c><01:23:43.809><c> a</c><01:23:43.869><c> lot</c><01:23:44.079><c> at</c><01:23:44.289><c> the</c><01:23:44.409><c> protocol</c>

01:23:44.790 --> 01:23:44.800 align:start position:0%
really invested a lot at the protocol
 

01:23:44.800 --> 01:23:47.430 align:start position:0%
really invested a lot at the protocol
data<01:23:44.979><c> it's</c><01:23:45.429><c> definitely</c><01:23:46.059><c> like</c><01:23:46.269><c> grant</c><01:23:47.050><c> funding</c>

01:23:47.430 --> 01:23:47.440 align:start position:0%
data it's definitely like grant funding
 

01:23:47.440 --> 01:23:49.649 align:start position:0%
data it's definitely like grant funding
lot<01:23:47.860><c> of</c><01:23:48.010><c> fun</c><01:23:48.309><c> although</c><01:23:48.760><c> they</c><01:23:49.030><c> have</c><01:23:49.329><c> a</c><01:23:49.360><c> grant</c>

01:23:49.649 --> 01:23:49.659 align:start position:0%
lot of fun although they have a grant
 

01:23:49.659 --> 01:23:54.479 align:start position:0%
lot of fun although they have a grant
funding<01:23:52.499><c> Jeff</c><01:23:53.499><c> do</c><01:23:53.590><c> you</c><01:23:53.619><c> wanna</c><01:23:53.800><c> talk</c><01:23:54.190><c> a</c><01:23:54.249><c> little</c>

01:23:54.479 --> 01:23:54.489 align:start position:0%
funding Jeff do you wanna talk a little
 

01:23:54.489 --> 01:23:59.719 align:start position:0%
funding Jeff do you wanna talk a little
bit<01:23:54.610><c> about</c><01:23:54.639><c> that</c><01:23:54.969><c> and</c><01:23:56.699><c> Senate</c><01:23:57.719><c> but</c><01:23:58.719><c> basically</c>

01:23:59.719 --> 01:23:59.729 align:start position:0%
bit about that and Senate but basically
 

01:23:59.729 --> 01:24:02.370 align:start position:0%
bit about that and Senate but basically
compared<01:24:00.729><c> to</c><01:24:00.940><c> traditional</c><01:24:01.360><c> venture</c><01:24:01.900><c> where</c>

01:24:02.370 --> 01:24:02.380 align:start position:0%
compared to traditional venture where
 

01:24:02.380 --> 01:24:04.290 align:start position:0%
compared to traditional venture where
the<01:24:03.039><c> dollar</c><01:24:03.280><c> rating</c><01:24:03.610><c> of</c><01:24:03.699><c> five</c><01:24:03.880><c> dollars</c><01:24:04.059><c> out</c>

01:24:04.290 --> 01:24:04.300 align:start position:0%
the dollar rating of five dollars out
 

01:24:04.300 --> 01:24:07.080 align:start position:0%
the dollar rating of five dollars out
here's<01:24:04.719><c> our</c><01:24:04.900><c> product</c><01:24:05.199><c> here</c><01:24:05.409><c> sir</c><01:24:05.880><c> here's</c><01:24:06.880><c> our</c>

01:24:07.080 --> 01:24:07.090 align:start position:0%
here's our product here sir here's our
 

01:24:07.090 --> 01:24:10.560 align:start position:0%
here's our product here sir here's our
contraption<01:24:08.849><c> consensus</c><01:24:09.849><c> had</c><01:24:10.059><c> lots</c><01:24:10.389><c> of</c>

01:24:10.560 --> 01:24:10.570 align:start position:0%
contraption consensus had lots of
 

01:24:10.570 --> 01:24:14.220 align:start position:0%
contraption consensus had lots of
different

01:24:14.220 --> 01:24:14.230 align:start position:0%
 
 

01:24:14.230 --> 01:24:17.260 align:start position:0%
 
tentacles<01:24:15.230><c> independent</c><01:24:16.220><c> and</c><01:24:16.490><c> in</c><01:24:16.820><c> some</c><01:24:17.150><c> of</c>

01:24:17.260 --> 01:24:17.270 align:start position:0%
tentacles independent and in some of
 

01:24:17.270 --> 01:24:20.620 align:start position:0%
tentacles independent and in some of
them<01:24:17.480><c> the</c><01:24:18.080><c> value</c><01:24:18.560><c> would</c><01:24:18.860><c> accrue</c><01:24:19.190><c> to</c><01:24:19.310><c> the</c><01:24:20.180><c> ether</c>

01:24:20.620 --> 01:24:20.630 align:start position:0%
them the value would accrue to the ether
 

01:24:20.630 --> 01:24:22.870 align:start position:0%
them the value would accrue to the ether
token<01:24:21.020><c> things</c><01:24:21.470><c> like</c><01:24:21.710><c> consensus</c><01:24:22.400><c> diligent</c>

01:24:22.870 --> 01:24:22.880 align:start position:0%
token things like consensus diligent
 

01:24:22.880 --> 01:24:27.810 align:start position:0%
token things like consensus diligent
incisional<01:24:23.240><c> things</c><01:24:23.540><c> like</c><01:24:25.540><c> education</c><01:24:26.540><c> and</c>

01:24:27.810 --> 01:24:27.820 align:start position:0%
incisional things like education and
 

01:24:27.820 --> 01:24:30.010 align:start position:0%
incisional things like education and
things<01:24:28.820><c> like</c><01:24:28.940><c> was</c><01:24:29.120><c> marketing</c><01:24:29.570><c> for</c><01:24:29.840><c> awareness</c>

01:24:30.010 --> 01:24:30.020 align:start position:0%
things like was marketing for awareness
 

01:24:30.020 --> 01:24:34.120 align:start position:0%
things like was marketing for awareness
and<01:24:31.540><c> and</c><01:24:32.540><c> those</c><01:24:32.990><c> we</c><01:24:33.290><c> necessarily</c><01:24:33.590><c> lose</c>

01:24:34.120 --> 01:24:34.130 align:start position:0%
and and those we necessarily lose
 

01:24:34.130 --> 01:24:35.680 align:start position:0%
and and those we necessarily lose
something<01:24:34.400><c> that</c><01:24:34.520><c> would</c><01:24:34.640><c> be</c><01:24:34.760><c> venture</c><01:24:35.180><c> festival</c>

01:24:35.680 --> 01:24:35.690 align:start position:0%
something that would be venture festival
 

01:24:35.690 --> 01:24:39.010 align:start position:0%
something that would be venture festival
so<01:24:36.410><c> just</c><01:24:36.890><c> defining</c><01:24:37.610><c> that</c><01:24:38.270><c> but</c><01:24:38.690><c> but</c><01:24:38.900><c> I</c><01:24:38.960><c> think</c>

01:24:39.010 --> 01:24:39.020 align:start position:0%
so just defining that but but I think
 

01:24:39.020 --> 01:24:44.430 align:start position:0%
so just defining that but but I think
that<01:24:39.380><c> consensus</c><01:24:40.040><c> did</c><01:24:40.220><c> not</c><01:24:40.730><c> shirking</c>

01:24:44.430 --> 01:24:44.440 align:start position:0%
 
 

01:24:44.440 --> 01:24:47.450 align:start position:0%
 
economies

01:24:47.450 --> 01:24:47.460 align:start position:0%
 
 

01:24:47.460 --> 01:24:50.330 align:start position:0%
 
I<01:24:48.020><c> think</c><01:24:49.020><c> I</c><01:24:49.170><c> think</c><01:24:49.350><c> grant</c><01:24:49.560><c> served</c><01:24:49.800><c> an</c>

01:24:50.330 --> 01:24:50.340 align:start position:0%
I think I think grant served an
 

01:24:50.340 --> 01:24:53.109 align:start position:0%
I think I think grant served an
important<01:24:50.760><c> part</c><01:24:51.060><c> of</c><01:24:51.150><c> the</c><01:24:51.300><c> penny</c><01:24:51.630><c> ecosystem</c>

01:24:53.109 --> 01:24:53.119 align:start position:0%
important part of the penny ecosystem
 

01:24:53.119 --> 01:24:55.330 align:start position:0%
important part of the penny ecosystem
because<01:24:53.810><c> like</c><01:24:54.469><c> if</c><01:24:54.679><c> you</c><01:24:54.770><c> have</c><01:24:54.949><c> a</c><01:24:54.980><c> vested</c>

01:24:55.330 --> 01:24:55.340 align:start position:0%
because like if you have a vested
 

01:24:55.340 --> 01:25:00.219 align:start position:0%
because like if you have a vested
interest

01:25:00.219 --> 01:25:00.229 align:start position:0%
 
 

01:25:00.229 --> 01:25:04.890 align:start position:0%
 
like<01:25:00.440><c> yeah</c><01:25:01.039><c> spend</c><01:25:01.489><c> money</c>

01:25:04.890 --> 01:25:04.900 align:start position:0%
 
 

01:25:04.900 --> 01:25:10.670 align:start position:0%
 
we<01:25:05.350><c> I</c><01:25:06.010><c> received</c><01:25:06.640><c> a</c><01:25:06.700><c> grant</c><01:25:06.880><c> from</c><01:25:07.090><c> the</c><01:25:07.210><c> f</c><01:25:07.390><c> was</c><01:25:07.660><c> 420</c>

01:25:10.670 --> 01:25:10.680 align:start position:0%
 
 

01:25:10.680 --> 01:25:15.530 align:start position:0%
 
we're<01:25:13.040><c> playing</c><01:25:14.040><c> is</c><01:25:14.190><c> that</c><01:25:14.430><c> better</c>

01:25:15.530 --> 01:25:15.540 align:start position:0%
we're playing is that better
 

01:25:15.540 --> 01:25:17.700 align:start position:0%
we're playing is that better
connects<01:25:15.960><c> team</c><01:25:16.230><c> we</c><01:25:16.560><c> work</c><01:25:16.920><c> with</c><01:25:17.100><c> them</c>

01:25:17.700 --> 01:25:17.710 align:start position:0%
connects team we work with them
 

01:25:17.710 --> 01:25:21.030 align:start position:0%
connects team we work with them
to<01:25:18.220><c> play</c><01:25:18.810><c> and</c><01:25:19.810><c> that's</c><01:25:19.900><c> like</c><01:25:20.170><c> you</c><01:25:20.380><c> know</c><01:25:20.410><c> source</c>

01:25:21.030 --> 01:25:21.040 align:start position:0%
to play and that's like you know source
 

01:25:21.040 --> 01:25:24.300 align:start position:0%
to play and that's like you know source
infrastructure<01:25:21.670><c> for</c><01:25:22.090><c> the</c><01:25:22.360><c> hold</c><01:25:22.540><c> space</c><01:25:23.310><c> some</c>

01:25:24.300 --> 01:25:24.310 align:start position:0%
infrastructure for the hold space some
 

01:25:24.310 --> 01:25:26.220 align:start position:0%
infrastructure for the hold space some
of<01:25:24.460><c> that</c><01:25:24.580><c> work</c><01:25:24.850><c> it</c><01:25:25.270><c> was</c><01:25:25.690><c> like</c><01:25:25.900><c> research</c>

01:25:26.220 --> 01:25:26.230 align:start position:0%
of that work it was like research
 

01:25:26.230 --> 01:25:27.280 align:start position:0%
of that work it was like research
oriented<01:25:26.470><c> because</c>

01:25:27.280 --> 01:25:27.290 align:start position:0%
oriented because
 

01:25:27.290 --> 01:25:30.280 align:start position:0%
oriented because
first<01:25:27.620><c> wants</c><01:25:27.800><c> to</c><01:25:27.890><c> do</c><01:25:27.980><c> it</c><01:25:28.130><c> and</c><01:25:28.870><c> it's</c><01:25:29.870><c> hard</c><01:25:30.230><c> to</c>

01:25:30.280 --> 01:25:30.290 align:start position:0%
first wants to do it and it's hard to
 

01:25:30.290 --> 01:25:32.830 align:start position:0%
first wants to do it and it's hard to
you<01:25:31.130><c> know</c><01:25:31.190><c> take</c><01:25:31.520><c> that</c><01:25:31.550><c> kind</c><01:25:31.910><c> of</c><01:25:31.940><c> risk</c><01:25:32.120><c> if</c><01:25:32.480><c> you</c>

01:25:32.830 --> 01:25:32.840 align:start position:0%
you know take that kind of risk if you
 

01:25:32.840 --> 01:25:34.750 align:start position:0%
you know take that kind of risk if you
are

01:25:34.750 --> 01:25:34.760 align:start position:0%
are
 

01:25:34.760 --> 01:25:37.000 align:start position:0%
are
whereas<01:25:35.540><c> like</c><01:25:35.750><c> you</c><01:25:36.170><c> know</c><01:25:36.260><c> that</c><01:25:36.560><c> they're</c><01:25:36.770><c> still</c>

01:25:37.000 --> 01:25:37.010 align:start position:0%
whereas like you know that they're still
 

01:25:37.010 --> 01:25:38.920 align:start position:0%
whereas like you know that they're still
making<01:25:37.220><c> a</c><01:25:37.520><c> venture</c><01:25:37.880><c> funded</c><01:25:38.270><c> business</c><01:25:38.690><c> out</c><01:25:38.900><c> of</c>

01:25:38.920 --> 01:25:38.930 align:start position:0%
making a venture funded business out of
 

01:25:38.930 --> 01:25:41.170 align:start position:0%
making a venture funded business out of
that<01:25:39.080><c> but</c><01:25:39.800><c> like</c><01:25:39.980><c> we're</c><01:25:40.250><c> able</c><01:25:40.490><c> to</c><01:25:40.880><c> build</c><01:25:41.090><c> a</c>

01:25:41.170 --> 01:25:41.180 align:start position:0%
that but like we're able to build a
 

01:25:41.180 --> 01:25:43.000 align:start position:0%
that but like we're able to build a
better<01:25:41.300><c> product</c><01:25:41.630><c> for</c><01:25:41.810><c> aetherium</c><01:25:42.230><c> because</c><01:25:42.770><c> of</c>

01:25:43.000 --> 01:25:43.010 align:start position:0%
better product for aetherium because of
 

01:25:43.010 --> 01:25:45.919 align:start position:0%
better product for aetherium because of
the<01:25:43.250><c> grants</c><01:25:43.610><c> that</c><01:25:43.820><c> we</c><01:25:44.510><c> receive</c>

01:25:45.919 --> 01:25:45.929 align:start position:0%
the grants that we receive
 

01:25:45.929 --> 01:25:47.660 align:start position:0%
the grants that we receive
also<01:25:46.620><c> receive</c><01:25:46.920><c> leading</c><01:25:47.130><c> the</c><01:25:47.219><c> end</c><01:25:47.370><c> rupees</c>

01:25:47.660 --> 01:25:47.670 align:start position:0%
also receive leading the end rupees
 

01:25:47.670 --> 01:25:50.750 align:start position:0%
also receive leading the end rupees
grant<01:25:48.650><c> so</c><01:25:49.650><c> this</c><01:25:49.770><c> was</c><01:25:50.010><c> you</c><01:25:50.400><c> know</c><01:25:50.520><c> I</c><01:25:50.550><c> was</c><01:25:50.640><c> like</c>

01:25:50.750 --> 01:25:50.760 align:start position:0%
grant so this was you know I was like
 

01:25:50.760 --> 01:25:52.400 align:start position:0%
grant so this was you know I was like
broke<01:25:51.030><c> it</c><01:25:51.210><c> working</c>

01:25:52.400 --> 01:25:52.410 align:start position:0%
broke it working
 

01:25:52.410 --> 01:25:54.050 align:start position:0%
broke it working
let<01:25:52.740><c> me</c><01:25:52.830><c> crash</c><01:25:53.040><c> his</c><01:25:53.250><c> house</c><01:25:53.400><c> for</c><01:25:53.640><c> mobile</c><01:25:53.970><c> he</c>

01:25:54.050 --> 01:25:54.060 align:start position:0%
let me crash his house for mobile he
 

01:25:54.060 --> 01:25:56.209 align:start position:0%
let me crash his house for mobile he
wasn't<01:25:54.270><c> trying</c><01:25:54.390><c> to</c><01:25:54.480><c> raise</c><01:25:54.690><c> money</c>

01:25:56.209 --> 01:25:56.219 align:start position:0%
wasn't trying to raise money
 

01:25:56.219 --> 01:25:58.879 align:start position:0%
wasn't trying to raise money
you<01:25:56.820><c> know</c><01:25:56.909><c> people</c><01:25:57.719><c> are</c><01:25:57.809><c> really</c><01:25:57.840><c> helpful</c><01:25:58.260><c> you</c>

01:25:58.879 --> 01:25:58.889 align:start position:0%
you know people are really helpful you
 

01:25:58.889 --> 01:26:01.399 align:start position:0%
you know people are really helpful you
know<01:25:58.949><c> you're</c><01:25:59.880><c> also</c><01:26:00.210><c> trying</c><01:26:00.840><c> to</c><01:26:00.900><c> help</c><01:26:00.960><c> that</c>

01:26:01.399 --> 01:26:01.409 align:start position:0%
know you're also trying to help that
 

01:26:01.409 --> 01:26:06.379 align:start position:0%
know you're also trying to help that
succeed

01:26:06.379 --> 01:26:06.389 align:start position:0%
 
 

01:26:06.389 --> 01:26:08.030 align:start position:0%
 
something<01:26:07.139><c> that</c><01:26:07.230><c> I've</c><01:26:07.409><c> noticed</c><01:26:07.710><c> with</c><01:26:07.770><c> threats</c>

01:26:08.030 --> 01:26:08.040 align:start position:0%
something that I've noticed with threats
 

01:26:08.040 --> 01:26:10.459 align:start position:0%
something that I've noticed with threats
as<01:26:08.159><c> well</c><01:26:08.310><c> like</c><01:26:09.080><c> personalities</c><01:26:10.080><c> still</c><01:26:10.320><c> that</c>

01:26:10.459 --> 01:26:10.469 align:start position:0%
as well like personalities still that
 

01:26:10.469 --> 01:26:12.109 align:start position:0%
as well like personalities still that
are<01:26:10.590><c> a</c><01:26:10.619><c> lot</c><01:26:10.860><c> at</c><01:26:11.130><c> building</c><01:26:11.730><c> every</c><01:26:11.909><c> good</c>

01:26:12.109 --> 01:26:12.119 align:start position:0%
are a lot at building every good
 

01:26:12.119 --> 01:26:13.280 align:start position:0%
are a lot at building every good
relationship<01:26:12.210><c> with</c><01:26:12.719><c> a</c><01:26:12.840><c> grant</c><01:26:13.020><c> funding</c>

01:26:13.280 --> 01:26:13.290 align:start position:0%
relationship with a grant funding
 

01:26:13.290 --> 01:26:15.530 align:start position:0%
relationship with a grant funding
Authority<01:26:13.350><c> it</c><01:26:13.949><c> may</c><01:26:14.280><c> seem</c><01:26:14.580><c> like</c><01:26:14.610><c> you're</c>

01:26:15.530 --> 01:26:15.540 align:start position:0%
Authority it may seem like you're
 

01:26:15.540 --> 01:26:18.020 align:start position:0%
Authority it may seem like you're
applying<01:26:15.869><c> to</c><01:26:16.230><c> the</c><01:26:16.469><c> for</c><01:26:17.310><c> example</c><01:26:17.580><c> to</c><01:26:17.639><c> the</c><01:26:17.730><c> ETF</c>

01:26:18.020 --> 01:26:18.030 align:start position:0%
applying to the for example to the ETF
 

01:26:18.030 --> 01:26:20.120 align:start position:0%
applying to the for example to the ETF
and<01:26:18.300><c> like</c><01:26:18.540><c> it's</c><01:26:19.199><c> a</c><01:26:19.380><c> very</c><01:26:19.590><c> technical</c><01:26:20.100><c> thing</c>

01:26:20.120 --> 01:26:20.130 align:start position:0%
and like it's a very technical thing
 

01:26:20.130 --> 01:26:21.500 align:start position:0%
and like it's a very technical thing
that<01:26:20.369><c> happens</c><01:26:20.670><c> you</c><01:26:20.730><c> must</c><01:26:20.850><c> be</c><01:26:21.030><c> funded</c><01:26:21.239><c> and</c>

01:26:21.500 --> 01:26:21.510 align:start position:0%
that happens you must be funded and
 

01:26:21.510 --> 01:26:23.090 align:start position:0%
that happens you must be funded and
someone<01:26:21.810><c> else</c><01:26:21.960><c> gets</c><01:26:22.020><c> funded</c><01:26:22.469><c> before</c><01:26:22.770><c> you</c><01:26:22.860><c> and</c>

01:26:23.090 --> 01:26:23.100 align:start position:0%
someone else gets funded before you and
 

01:26:23.100 --> 01:26:25.100 align:start position:0%
someone else gets funded before you and
it<01:26:23.489><c> is</c><01:26:23.730><c> still</c><01:26:24.030><c> very</c><01:26:24.060><c> relationship</c><01:26:24.780><c> that's</c>

01:26:25.100 --> 01:26:25.110 align:start position:0%
it is still very relationship that's
 

01:26:25.110 --> 01:26:26.450 align:start position:0%
it is still very relationship that's
that's<01:26:25.469><c> an</c><01:26:25.679><c> expense</c><01:26:26.040><c> that</c><01:26:26.100><c> I've</c><01:26:26.310><c> been</c>

01:26:26.450 --> 01:26:26.460 align:start position:0%
that's an expense that I've been
 

01:26:26.460 --> 01:26:29.169 align:start position:0%
that's an expense that I've been
listening<01:26:26.940><c> because</c><01:26:27.540><c> the</c><01:26:27.690><c> space</c><01:26:27.929><c> is</c><01:26:28.080><c> small</c>

01:26:29.169 --> 01:26:29.179 align:start position:0%
listening because the space is small
 

01:26:29.179 --> 01:26:48.919 align:start position:0%
listening because the space is small
yeah<01:26:30.179><c> I</c><01:26:30.449><c> was</c><01:26:31.199><c> super</c><01:26:31.469><c> super</c><01:26:46.940><c> cool</c><01:26:47.940><c> let's</c><01:26:48.719><c> talk</c>

01:26:48.919 --> 01:26:48.929 align:start position:0%
yeah I was super super cool let's talk
 

01:26:48.929 --> 01:26:49.760 align:start position:0%
yeah I was super super cool let's talk
about<01:26:49.050><c> that</c>

01:26:49.760 --> 01:26:49.770 align:start position:0%
about that
 

01:26:49.770 --> 01:26:52.520 align:start position:0%
about that
it's<01:26:50.670><c> getting</c><01:26:51.000><c> to</c><01:26:51.119><c> King</c><01:26:51.360><c> so</c><01:26:51.630><c> we</c><01:26:51.750><c> can</c><01:26:52.139><c> make</c><01:26:52.469><c> you</c>

01:26:52.520 --> 01:26:52.530 align:start position:0%
it's getting to King so we can make you
 

01:26:52.530 --> 01:26:54.709 align:start position:0%
it's getting to King so we can make you
through<01:26:52.679><c> this</c><01:26:52.860><c> whole</c><01:26:53.070><c> like</c><01:26:53.280><c> for-profit</c><01:26:53.940><c> older</c>

01:26:54.709 --> 01:26:54.719 align:start position:0%
through this whole like for-profit older
 

01:26:54.719 --> 01:26:57.350 align:start position:0%
through this whole like for-profit older
models<01:26:55.080><c> into</c><01:26:55.409><c> like</c><01:26:55.530><c> none</c><01:26:55.710><c> and</c><01:26:56.010><c> to</c><01:26:56.190><c> the</c><01:26:56.360><c> models</c>

01:26:57.350 --> 01:26:57.360 align:start position:0%
models into like none and to the models
 

01:26:57.360 --> 01:26:59.240 align:start position:0%
models into like none and to the models
into<01:26:57.540><c> the</c><01:26:57.659><c> profits</c><01:26:58.110><c> and</c><01:26:58.260><c> now</c><01:26:58.350><c> activate</c><01:26:58.739><c> you</c>

01:26:59.240 --> 01:26:59.250 align:start position:0%
into the profits and now activate you
 

01:26:59.250 --> 01:27:06.709 align:start position:0%
into the profits and now activate you
don't<01:26:59.520><c> have</c><01:26:59.670><c> the</c><01:26:59.760><c> models</c><01:27:03.800><c> exactly</c><01:27:04.909><c> -</c><01:27:05.909><c> we'll</c>

01:27:06.709 --> 01:27:06.719 align:start position:0%
don't have the models exactly - we'll
 

01:27:06.719 --> 01:27:09.080 align:start position:0%
don't have the models exactly - we'll
get<01:27:06.869><c> into</c><01:27:07.080><c> like</c><01:27:07.320><c> the</c><01:27:07.350><c> last</c><01:27:07.980><c> section</c><01:27:08.730><c> of</c><01:27:09.030><c> the</c>

01:27:09.080 --> 01:27:09.090 align:start position:0%
get into like the last section of the
 

01:27:09.090 --> 01:27:10.640 align:start position:0%
get into like the last section of the
watchtower<01:27:09.480><c> just</c><01:27:09.750><c> just</c><01:27:09.960><c> discussing</c><01:27:10.530><c> new</c>

01:27:10.640 --> 01:27:10.650 align:start position:0%
watchtower just just discussing new
 

01:27:10.650 --> 01:27:12.979 align:start position:0%
watchtower just just discussing new
hybrid<01:27:11.010><c> models</c><01:27:11.340><c> so</c><01:27:11.850><c> slapping</c><01:27:12.360><c> about</c><01:27:12.600><c> bonding</c>

01:27:12.979 --> 01:27:12.989 align:start position:0%
hybrid models so slapping about bonding
 

01:27:12.989 --> 01:27:15.890 align:start position:0%
hybrid models so slapping about bonding
here<01:27:13.110><c> want</c><01:27:13.320><c> a</c><01:27:13.409><c> job</c><01:27:13.619><c> see</c><01:27:14.340><c> what</c><01:27:14.460><c> happens</c><01:27:14.900><c> but</c>

01:27:15.890 --> 01:27:15.900 align:start position:0%
here want a job see what happens but
 

01:27:15.900 --> 01:27:19.490 align:start position:0%
here want a job see what happens but
here<01:27:16.050><c> let's</c><01:27:16.230><c> talk</c><01:27:16.380><c> about</c><01:27:16.500><c> ours</c><01:27:16.830><c> were</c><01:27:18.500><c> more</c>

01:27:19.490 --> 01:27:19.500 align:start position:0%
here let's talk about ours were more
 

01:27:19.500 --> 01:27:23.810 align:start position:0%
here let's talk about ours were more
generally<01:27:20.340><c> initially</c><01:27:20.730><c> I</c><01:27:22.250><c> want</c><01:27:23.250><c> to</c><01:27:23.340><c> open</c><01:27:23.610><c> it</c><01:27:23.670><c> up</c>

01:27:23.810 --> 01:27:23.820 align:start position:0%
generally initially I want to open it up
 

01:27:23.820 --> 01:27:27.260 align:start position:0%
generally initially I want to open it up
to<01:27:23.909><c> the</c><01:27:23.940><c> audience</c><01:27:24.150><c> again</c><01:27:25.100><c> audience</c><01:27:26.119><c> works</c><01:27:27.119><c> out</c>

01:27:27.260 --> 01:27:27.270 align:start position:0%
to the audience again audience works out
 

01:27:27.270 --> 01:27:30.140 align:start position:0%
to the audience again audience works out
for<01:27:27.780><c> me</c>

01:27:30.140 --> 01:27:30.150 align:start position:0%
 
 

01:27:30.150 --> 01:27:31.729 align:start position:0%
 
you<01:27:30.510><c> guys</c><01:27:30.630><c> are</c><01:27:30.780><c> the</c><01:27:30.840><c> base</c><01:27:30.989><c> nice</c><01:27:31.230><c> what</c><01:27:31.710><c> about</c>

01:27:31.729 --> 01:27:31.739 align:start position:0%
you guys are the base nice what about
 

01:27:31.739 --> 01:27:33.169 align:start position:0%
you guys are the base nice what about
the<01:27:31.949><c> time</c><01:27:32.100><c> have</c><01:27:32.310><c> you</c><01:27:32.400><c> received</c><01:27:32.670><c> planning</c><01:27:33.060><c> from</c>

01:27:33.169 --> 01:27:33.179 align:start position:0%
the time have you received planning from
 

01:27:33.179 --> 01:27:36.240 align:start position:0%
the time have you received planning from
down<01:27:33.650><c> and</c><01:27:34.650><c> I</c>

01:27:36.240 --> 01:27:36.250 align:start position:0%
down and I
 

01:27:36.250 --> 01:27:39.360 align:start position:0%
down and I
say<01:27:36.400><c> that</c><01:27:36.580><c> I'm</c><01:27:36.670><c> a</c><01:27:36.820><c> bad</c><01:27:37.060><c> actor</c><01:27:37.690><c> I</c><01:27:38.200><c> am</c><01:27:38.920><c> part</c><01:27:39.310><c> of</c>

01:27:39.360 --> 01:27:39.370 align:start position:0%
say that I'm a bad actor I am part of
 

01:27:39.370 --> 01:27:41.610 align:start position:0%
say that I'm a bad actor I am part of
the<01:27:39.520><c> molecule</c><01:27:39.730><c> and</c><01:27:40.390><c> I</c><01:27:40.930><c> think</c><01:27:41.170><c> that's</c><01:27:41.320><c> our</c><01:27:41.440><c> have</c>

01:27:41.610 --> 01:27:41.620 align:start position:0%
the molecule and I think that's our have
 

01:27:41.620 --> 01:27:44.700 align:start position:0%
the molecule and I think that's our have
a<01:27:41.650><c> core</c><01:27:41.860><c> part</c><01:27:42.040><c> of</c><01:27:42.070><c> our</c><01:27:42.220><c> town</c><01:27:42.930><c> and</c><01:27:43.930><c> I</c><01:27:44.380><c> haven't</c>

01:27:44.700 --> 01:27:44.710 align:start position:0%
a core part of our town and I haven't
 

01:27:44.710 --> 01:27:48.450 align:start position:0%
a core part of our town and I haven't
voted<01:27:45.010><c> yet</c><01:27:45.190><c> and</c><01:27:45.820><c> I</c><01:27:46.090><c> think</c><01:27:46.120><c> that</c><01:27:47.220><c> with</c><01:27:48.220><c> respect</c>

01:27:48.450 --> 01:27:48.460 align:start position:0%
voted yet and I think that with respect
 

01:27:48.460 --> 01:27:54.020 align:start position:0%
voted yet and I think that with respect
to<01:27:48.910><c> these</c><01:27:49.330><c> let's</c><01:27:49.840><c> say</c><01:27:49.960><c> common</c><01:27:51.690><c> utilities</c>

01:27:54.020 --> 01:27:54.030 align:start position:0%
to these let's say common utilities
 

01:27:54.030 --> 01:27:59.810 align:start position:0%
to these let's say common utilities
governance<01:27:55.030><c> is</c><01:27:55.480><c> is</c><01:27:56.110><c> not</c><01:27:56.470><c> necessarily</c>

01:27:59.810 --> 01:27:59.820 align:start position:0%
 
 

01:27:59.820 --> 01:28:05.040 align:start position:0%
 
prioritized<01:28:01.620><c> or</c><01:28:02.620><c> incentivized</c><01:28:03.460><c> and</c><01:28:03.880><c> and</c><01:28:04.660><c> you</c>

01:28:05.040 --> 01:28:05.050 align:start position:0%
prioritized or incentivized and and you
 

01:28:05.050 --> 01:28:08.700 align:start position:0%
prioritized or incentivized and and you
know<01:28:05.200><c> I'm</c><01:28:06.190><c> a</c><01:28:06.700><c> proxy</c><01:28:07.210><c> vote</c><01:28:07.390><c> I</c><01:28:07.720><c> just</c><01:28:08.410><c> had</c><01:28:08.590><c> to</c>

01:28:08.700 --> 01:28:08.710 align:start position:0%
know I'm a proxy vote I just had to
 

01:28:08.710 --> 01:28:14.030 align:start position:0%
know I'm a proxy vote I just had to
trust<01:28:08.950><c> a</c><01:28:09.400><c> mean</c><01:28:10.240><c> kind</c><01:28:10.780><c> of</c><01:28:10.870><c> sort</c><01:28:11.110><c> of</c><01:28:11.790><c> himself</c><01:28:12.790><c> and</c>

01:28:14.030 --> 01:28:14.040 align:start position:0%
trust a mean kind of sort of himself and
 

01:28:14.040 --> 01:28:18.360 align:start position:0%
trust a mean kind of sort of himself and
and<01:28:15.040><c> I</c><01:28:15.430><c> think</c><01:28:15.640><c> that</c><01:28:15.820><c> that's</c><01:28:16.360><c> an</c><01:28:17.110><c> issue</c><01:28:17.370><c> with</c>

01:28:18.360 --> 01:28:18.370 align:start position:0%
and I think that that's an issue with
 

01:28:18.370 --> 01:28:19.980 align:start position:0%
and I think that that's an issue with
like<01:28:18.640><c> a</c><01:28:18.670><c> public</c><01:28:19.120><c> utility</c><01:28:19.150><c> like</c><01:28:19.690><c> a</c><01:28:19.720><c> doubt</c><01:28:19.960><c> like</c>

01:28:19.980 --> 01:28:19.990 align:start position:0%
like a public utility like a doubt like
 

01:28:19.990 --> 01:28:24.450 align:start position:0%
like a public utility like a doubt like
governance<01:28:20.800><c> and</c><01:28:21.370><c> funky-looking</c><01:28:22.030><c> I</c><01:28:23.250><c> mean</c><01:28:24.250><c> you</c>

01:28:24.450 --> 01:28:24.460 align:start position:0%
governance and funky-looking I mean you
 

01:28:24.460 --> 01:28:27.690 align:start position:0%
governance and funky-looking I mean you
just<01:28:24.700><c> create</c><01:28:25.060><c> Monica</c><01:28:25.720><c> I</c><01:28:25.990><c> know</c><01:28:26.620><c> today's</c><01:28:27.160><c> bang</c>

01:28:27.690 --> 01:28:27.700 align:start position:0%
just create Monica I know today's bang
 

01:28:27.700 --> 01:28:31.470 align:start position:0%
just create Monica I know today's bang
grenades<01:28:28.380><c> I</c><01:28:29.380><c> found</c><01:28:30.010><c> personally</c><01:28:30.280><c> in</c>

01:28:31.470 --> 01:28:31.480 align:start position:0%
grenades I found personally in
 

01:28:31.480 --> 01:28:35.700 align:start position:0%
grenades I found personally in
the<01:28:31.840><c> doubt</c><01:28:32.050><c> and</c><01:28:32.770><c> then</c><01:28:32.920><c> our</c><01:28:33.280><c> limitations</c><01:28:34.710><c> like</c>

01:28:35.700 --> 01:28:35.710 align:start position:0%
the doubt and then our limitations like
 

01:28:35.710 --> 01:28:38.729 align:start position:0%
the doubt and then our limitations like
I<01:28:35.860><c> said</c><01:28:36.030><c> before</c><01:28:37.030><c> either</c>

01:28:38.729 --> 01:28:38.739 align:start position:0%
I said before either
 

01:28:38.739 --> 01:28:42.750 align:start position:0%
I said before either
she's<01:28:38.920><c> like</c><01:28:39.100><c> yeah</c><01:28:41.160><c> but</c><01:28:42.160><c> then</c><01:28:42.219><c> I</c><01:28:42.340><c> reach</c><01:28:42.550><c> but</c>

01:28:42.750 --> 01:28:42.760 align:start position:0%
she's like yeah but then I reach but
 

01:28:42.760 --> 01:28:48.470 align:start position:0%
she's like yeah but then I reach but
that<01:28:42.910><c> work</c><01:28:43.120><c> it's</c><01:28:44.020><c> a</c>

01:28:48.470 --> 01:28:48.480 align:start position:0%
 
 

01:28:48.480 --> 01:28:51.330 align:start position:0%
 
okay

01:28:51.330 --> 01:28:51.340 align:start position:0%
 
 

01:28:51.340 --> 01:28:53.460 align:start position:0%
 
can<01:28:51.940><c> you</c><01:28:52.000><c> talking</c><01:28:52.360><c> about</c><01:28:52.540><c> like</c><01:28:52.810><c> the</c><01:28:53.020><c> project</c>

01:28:53.460 --> 01:28:53.470 align:start position:0%
can you talking about like the project
 

01:28:53.470 --> 01:28:54.690 align:start position:0%
can you talking about like the project
loading<01:28:53.830><c> they're</c><01:28:54.040><c> talking</c><01:28:54.310><c> about</c><01:28:54.460><c> all</c><01:28:54.580><c> this</c>

01:28:54.690 --> 01:28:54.700 align:start position:0%
loading they're talking about all this
 

01:28:54.700 --> 01:28:58.380 align:start position:0%
loading they're talking about all this
stuff<01:28:54.760><c> yeah</c><01:28:55.180><c> so</c><01:28:55.680><c> all</c><01:28:56.680><c> who</c><01:28:57.430><c> hears</c><01:28:57.670><c> her</c><01:28:57.940><c> tomalak</c>

01:28:58.380 --> 01:28:58.390 align:start position:0%
stuff yeah so all who hears her tomalak
 

01:28:58.390 --> 01:29:03.450 align:start position:0%
stuff yeah so all who hears her tomalak
doubt<01:28:58.890><c> all</c><01:28:59.890><c> right</c>

01:29:03.450 --> 01:29:03.460 align:start position:0%
 
 

01:29:03.460 --> 01:29:07.390 align:start position:0%
 
it's<01:29:04.460><c> and</c><01:29:05.060><c> I</c><01:29:05.410><c> got</c><01:29:06.410><c> a</c><01:29:06.440><c> grant</c><01:29:06.710><c> from</c><01:29:06.860><c> the</c><01:29:07.010><c> app</c><01:29:07.130><c> as</c><01:29:07.370><c> a</c>

01:29:07.390 --> 01:29:07.400 align:start position:0%
it's and I got a grant from the app as a
 

01:29:07.400 --> 01:29:09.760 align:start position:0%
it's and I got a grant from the app as a
little<01:29:07.610><c> frustrated</c><01:29:08.060><c> about</c><01:29:08.150><c> how</c><01:29:08.770><c> inefficient</c>

01:29:09.760 --> 01:29:09.770 align:start position:0%
little frustrated about how inefficient
 

01:29:09.770 --> 01:29:12.310 align:start position:0%
little frustrated about how inefficient
that<01:29:10.100><c> process</c><01:29:10.610><c> was</c><01:29:10.790><c> so</c><01:29:11.630><c> I</c><01:29:11.660><c> decided</c><01:29:11.989><c> to</c><01:29:12.200><c> launch</c>

01:29:12.310 --> 01:29:12.320 align:start position:0%
that process was so I decided to launch
 

01:29:12.320 --> 01:29:15.850 align:start position:0%
that process was so I decided to launch
a<01:29:12.680><c> competing</c><01:29:13.460><c> grants</c><01:29:13.910><c> organization</c><01:29:14.540><c> or</c><01:29:15.440><c> you</c>

01:29:15.850 --> 01:29:15.860 align:start position:0%
a competing grants organization or you
 

01:29:15.860 --> 01:29:17.979 align:start position:0%
a competing grants organization or you
know<01:29:15.950><c> walk</c><01:29:16.370><c> curry</c>

01:29:17.979 --> 01:29:17.989 align:start position:0%
know walk curry
 

01:29:17.989 --> 01:29:23.100 align:start position:0%
know walk curry
so<01:29:18.620><c> wait</c><01:29:19.340><c> while</c><01:29:19.520><c> looked</c><01:29:19.670><c> at</c><01:29:19.820><c> works</c><01:29:20.090><c> is</c><01:29:20.950><c> you</c><01:29:21.950><c> can</c>

01:29:23.100 --> 01:29:23.110 align:start position:0%
so wait while looked at works is you can
 

01:29:23.110 --> 01:29:26.229 align:start position:0%
so wait while looked at works is you can
put<01:29:24.110><c> money</c><01:29:24.260><c> in</c><01:29:24.470><c> and</c><01:29:25.190><c> you</c><01:29:25.340><c> buy</c><01:29:25.520><c> shares</c><01:29:25.820><c> you</c><01:29:26.150><c> have</c>

01:29:26.229 --> 01:29:26.239 align:start position:0%
put money in and you buy shares you have
 

01:29:26.239 --> 01:29:27.790 align:start position:0%
put money in and you buy shares you have
to<01:29:26.330><c> be</c><01:29:26.450><c> voted</c><01:29:26.600><c> in</c><01:29:26.840><c> by</c><01:29:26.989><c> the</c><01:29:27.050><c> existing</c><01:29:27.500><c> members</c>

01:29:27.790 --> 01:29:27.800 align:start position:0%
to be voted in by the existing members
 

01:29:27.800 --> 01:29:30.910 align:start position:0%
to be voted in by the existing members
and<01:29:28.280><c> you</c><01:29:28.700><c> get</c><01:29:28.910><c> voting</c><01:29:29.840><c> power</c><01:29:30.080><c> proportional</c><01:29:30.770><c> to</c>

01:29:30.910 --> 01:29:30.920 align:start position:0%
and you get voting power proportional to
 

01:29:30.920 --> 01:29:33.190 align:start position:0%
and you get voting power proportional to
the<01:29:31.010><c> amount</c><01:29:31.100><c> of</c><01:29:31.310><c> money</c><01:29:31.430><c> that</c><01:29:31.640><c> you</c><01:29:31.730><c> put</c><01:29:31.850><c> in</c><01:29:32.200><c> and</c>

01:29:33.190 --> 01:29:33.200 align:start position:0%
the amount of money that you put in and
 

01:29:33.200 --> 01:29:35.740 align:start position:0%
the amount of money that you put in and
the<01:29:33.950><c> only</c><01:29:34.130><c> way</c><01:29:34.460><c> that</c><01:29:34.489><c> the</c><01:29:35.030><c> doubting</c><01:29:35.239><c> spent</c>

01:29:35.740 --> 01:29:35.750 align:start position:0%
the only way that the doubting spent
 

01:29:35.750 --> 01:29:40.120 align:start position:0%
the only way that the doubting spent
money<01:29:35.989><c> is</c><01:29:36.950><c> to</c><01:29:37.460><c> make</c><01:29:37.820><c> new</c><01:29:38.330><c> shares</c><01:29:38.660><c> and</c><01:29:38.989><c> so</c><01:29:39.739><c> if</c>

01:29:40.120 --> 01:29:40.130 align:start position:0%
money is to make new shares and so if
 

01:29:40.130 --> 01:29:42.220 align:start position:0%
money is to make new shares and so if
you<01:29:40.460><c> want</c><01:29:40.730><c> a</c><01:29:40.850><c> grant</c><01:29:41.120><c> from</c><01:29:41.300><c> the</c><01:29:41.480><c> Dow</c><01:29:41.660><c> you</c><01:29:42.080><c> will</c>

01:29:42.220 --> 01:29:42.230 align:start position:0%
you want a grant from the Dow you will
 

01:29:42.230 --> 01:29:45.130 align:start position:0%
you want a grant from the Dow you will
say<01:29:42.380><c> I</c><01:29:42.620><c> want</c><01:29:42.920><c> you</c><01:29:43.160><c> know</c><01:29:43.250><c> X</c><01:29:43.850><c> shares</c><01:29:44.330><c> and</c><01:29:44.720><c> the</c>

01:29:45.130 --> 01:29:45.140 align:start position:0%
say I want you know X shares and the
 

01:29:45.140 --> 01:29:46.510 align:start position:0%
say I want you know X shares and the
ground<01:29:45.380><c> will</c><01:29:45.500><c> mint</c><01:29:45.739><c> those</c><01:29:45.920><c> shares</c><01:29:46.160><c> and</c><01:29:46.250><c> that</c>

01:29:46.510 --> 01:29:46.520 align:start position:0%
ground will mint those shares and that
 

01:29:46.520 --> 01:29:48.130 align:start position:0%
ground will mint those shares and that
proportionally<01:29:47.270><c> dilutes</c><01:29:47.690><c> all</c><01:29:47.870><c> of</c><01:29:48.020><c> the</c>

01:29:48.130 --> 01:29:48.140 align:start position:0%
proportionally dilutes all of the
 

01:29:48.140 --> 01:29:50.140 align:start position:0%
proportionally dilutes all of the
existing<01:29:48.380><c> members</c><01:29:48.890><c> so</c><01:29:49.489><c> that</c><01:29:49.520><c> the</c><01:29:49.760><c> money</c><01:29:49.940><c> comes</c>

01:29:50.140 --> 01:29:50.150 align:start position:0%
existing members so that the money comes
 

01:29:50.150 --> 01:29:53.489 align:start position:0%
existing members so that the money comes
from<01:29:50.300><c> everybody</c>

01:29:53.489 --> 01:29:53.499 align:start position:0%
 
 

01:29:53.499 --> 01:29:56.189 align:start position:0%
 
you<01:29:53.829><c> if</c><01:29:54.340><c> the</c><01:29:54.519><c> Dow</c><01:29:54.670><c> has</c><01:29:54.699><c> for</c><01:29:55.179><c> example</c><01:29:55.239><c> you</c><01:29:56.110><c> know</c>

01:29:56.189 --> 01:29:56.199 align:start position:0%
you if the Dow has for example you know
 

01:29:56.199 --> 01:29:59.040 align:start position:0%
you if the Dow has for example you know
a<01:29:56.229><c> thousand</c><01:29:56.679><c> ether</c><01:29:57.210><c> you</c><01:29:58.210><c> want</c><01:29:58.479><c> any</c><01:29:58.809><c> of</c><01:29:58.900><c> their</c>

01:29:59.040 --> 01:29:59.050 align:start position:0%
a thousand ether you want any of their
 

01:29:59.050 --> 01:30:02.310 align:start position:0%
a thousand ether you want any of their
grant<01:29:59.289><c> it</c><01:30:00.219><c> will</c><01:30:00.479><c> if</c><01:30:01.479><c> it</c><01:30:01.630><c> has</c><01:30:01.749><c> like</c><01:30:01.960><c> a</c><01:30:01.989><c> thousand</c>

01:30:02.310 --> 01:30:02.320 align:start position:0%
grant it will if it has like a thousand
 

01:30:02.320 --> 01:30:03.689 align:start position:0%
grant it will if it has like a thousand
shares<01:30:02.499><c> but</c><01:30:02.739><c> when</c><01:30:02.920><c> the</c><01:30:03.039><c> temperatures</c><01:30:03.400><c> and</c>

01:30:03.689 --> 01:30:03.699 align:start position:0%
shares but when the temperatures and
 

01:30:03.699 --> 01:30:07.709 align:start position:0%
shares but when the temperatures and
then<01:30:03.960><c> those</c><01:30:04.960><c> temperatures</c><01:30:05.710><c> you</c><01:30:06.579><c> can</c><01:30:06.729><c> Rachel</c>

01:30:07.709 --> 01:30:07.719 align:start position:0%
then those temperatures you can Rachel
 

01:30:07.719 --> 01:30:10.529 align:start position:0%
then those temperatures you can Rachel
it<01:30:07.840><c> so</c><01:30:08.679><c> two</c><01:30:08.979><c> other</c><01:30:09.070><c> mechanisms</c><01:30:09.639><c> there's</c><01:30:10.479><c> a</c>

01:30:10.529 --> 01:30:10.539 align:start position:0%
it so two other mechanisms there's a
 

01:30:10.539 --> 01:30:12.390 align:start position:0%
it so two other mechanisms there's a
there's<01:30:10.840><c> a</c><01:30:10.900><c> seven-day</c><01:30:11.320><c> of</c><01:30:11.469><c> voting</c><01:30:11.679><c> period</c><01:30:12.070><c> and</c>

01:30:12.390 --> 01:30:12.400 align:start position:0%
there's a seven-day of voting period and
 

01:30:12.400 --> 01:30:14.370 align:start position:0%
there's a seven-day of voting period and
a<01:30:12.849><c> seven-day</c><01:30:13.269><c> grace</c><01:30:13.300><c> period</c><01:30:13.570><c> so</c><01:30:14.079><c> during</c><01:30:14.289><c> the</c>

01:30:14.370 --> 01:30:14.380 align:start position:0%
a seven-day grace period so during the
 

01:30:14.380 --> 01:30:16.229 align:start position:0%
a seven-day grace period so during the
voting<01:30:14.530><c> period</c><01:30:14.739><c> everybody</c><01:30:15.190><c> can</c><01:30:15.369><c> vote</c><01:30:15.400><c> and</c>

01:30:16.229 --> 01:30:16.239 align:start position:0%
voting period everybody can vote and
 

01:30:16.239 --> 01:30:17.310 align:start position:0%
voting period everybody can vote and
that<01:30:16.389><c> vote</c><01:30:16.570><c> is</c><01:30:16.659><c> final</c>

01:30:17.310 --> 01:30:17.320 align:start position:0%
that vote is final
 

01:30:17.320 --> 01:30:21.049 align:start position:0%
that vote is final
and<01:30:17.820><c> before</c><01:30:18.820><c> the</c><01:30:19.150><c> money</c><01:30:19.510><c> is</c><01:30:19.630><c> actually</c><01:30:20.320><c> spent</c>

01:30:21.049 --> 01:30:21.059 align:start position:0%
and before the money is actually spent
 

01:30:21.059 --> 01:30:25.080 align:start position:0%
and before the money is actually spent
everybody<01:30:22.059><c> who</c><01:30:22.449><c> didn't</c><01:30:22.960><c> vote</c><01:30:23.380><c> yes</c><01:30:23.940><c> has</c><01:30:24.940><c> the</c>

01:30:25.080 --> 01:30:25.090 align:start position:0%
everybody who didn't vote yes has the
 

01:30:25.090 --> 01:30:27.120 align:start position:0%
everybody who didn't vote yes has the
opportunity<01:30:25.360><c> to</c><01:30:26.079><c> withdraw</c><01:30:26.320><c> all</c><01:30:26.800><c> of</c><01:30:26.949><c> their</c>

01:30:27.120 --> 01:30:27.130 align:start position:0%
opportunity to withdraw all of their
 

01:30:27.130 --> 01:30:29.339 align:start position:0%
opportunity to withdraw all of their
funds<01:30:27.369><c> and</c><01:30:28.360><c> they</c><01:30:28.510><c> were</c><01:30:28.570><c> basically</c><01:30:28.809><c> everybody</c>

01:30:29.339 --> 01:30:29.349 align:start position:0%
funds and they were basically everybody
 

01:30:29.349 --> 01:30:32.759 align:start position:0%
funds and they were basically everybody
else<01:30:29.670><c> to</c><01:30:30.670><c> pay</c><01:30:31.090><c> for</c><01:30:31.360><c> it</c><01:30:31.449><c> and</c><01:30:31.570><c> it's</c><01:30:31.719><c> and</c><01:30:32.050><c> it</c><01:30:32.530><c> makes</c>

01:30:32.759 --> 01:30:32.769 align:start position:0%
else to pay for it and it's and it makes
 

01:30:32.769 --> 01:30:34.770 align:start position:0%
else to pay for it and it's and it makes
it<01:30:32.920><c> so</c><01:30:33.070><c> that</c><01:30:33.099><c> if</c><01:30:33.460><c> you</c><01:30:33.820><c> disagree</c><01:30:34.479><c> strongly</c>

01:30:34.770 --> 01:30:34.780 align:start position:0%
it so that if you disagree strongly
 

01:30:34.780 --> 01:30:38.640 align:start position:0%
it so that if you disagree strongly
enough<01:30:35.460><c> with</c><01:30:36.460><c> the</c><01:30:36.909><c> way</c><01:30:37.719><c> that</c><01:30:37.989><c> the</c><01:30:38.139><c> doubt</c><01:30:38.349><c> is</c>

01:30:38.640 --> 01:30:38.650 align:start position:0%
enough with the way that the doubt is
 

01:30:38.650 --> 01:30:40.709 align:start position:0%
enough with the way that the doubt is
going<01:30:38.889><c> to</c><01:30:39.039><c> spend</c><01:30:39.309><c> your</c><01:30:39.519><c> money</c><01:30:39.699><c> you</c><01:30:40.360><c> can</c><01:30:40.389><c> take</c>

01:30:40.709 --> 01:30:40.719 align:start position:0%
going to spend your money you can take
 

01:30:40.719 --> 01:30:42.839 align:start position:0%
going to spend your money you can take
your<01:30:40.840><c> money</c><01:30:41.019><c> and</c><01:30:41.139><c> leave</c><01:30:41.440><c> alright</c><01:30:42.159><c> so</c><01:30:42.369><c> the</c>

01:30:42.839 --> 01:30:42.849 align:start position:0%
your money and leave alright so the
 

01:30:42.849 --> 01:30:44.819 align:start position:0%
your money and leave alright so the
thing<01:30:43.030><c> is</c><01:30:43.059><c> you</c><01:30:43.510><c> know</c><01:30:43.630><c> it's</c><01:30:44.139><c> not</c><01:30:44.199><c> really</c><01:30:44.499><c> a</c><01:30:44.619><c> bad</c>

01:30:44.819 --> 01:30:44.829 align:start position:0%
thing is you know it's not really a bad
 

01:30:44.829 --> 01:30:47.009 align:start position:0%
thing is you know it's not really a bad
actor<01:30:45.159><c> and</c><01:30:45.369><c> it's</c><01:30:45.550><c> just</c><01:30:45.699><c> like</c><01:30:46.019><c> implicitly</c>

01:30:47.009 --> 01:30:47.019 align:start position:0%
actor and it's just like implicitly
 

01:30:47.019 --> 01:30:49.049 align:start position:0%
actor and it's just like implicitly
trusting<01:30:47.559><c> the</c><01:30:47.710><c> people</c><01:30:47.860><c> who</c><01:30:48.249><c> are</c><01:30:48.400><c> voting</c><01:30:48.610><c> to</c>

01:30:49.049 --> 01:30:49.059 align:start position:0%
trusting the people who are voting to
 

01:30:49.059 --> 01:30:51.000 align:start position:0%
trusting the people who are voting to
make<01:30:49.090><c> decent</c><01:30:49.690><c> decisions</c><01:30:50.260><c> and</c><01:30:50.530><c> if</c><01:30:50.590><c> he's</c><01:30:50.710><c> ever</c>

01:30:51.000 --> 01:30:51.010 align:start position:0%
make decent decisions and if he's ever
 

01:30:51.010 --> 01:30:53.879 align:start position:0%
make decent decisions and if he's ever
made<01:30:51.579><c> aware</c><01:30:51.880><c> of</c><01:30:52.269><c> the</c><01:30:53.199><c> people</c><01:30:53.530><c> who</c><01:30:53.710><c> are</c>

01:30:53.879 --> 01:30:53.889 align:start position:0%
made aware of the people who are
 

01:30:53.889 --> 01:30:56.040 align:start position:0%
made aware of the people who are
actually<01:30:54.249><c> going</c><01:30:54.760><c> to</c><01:30:54.909><c> spend</c><01:30:55.059><c> the</c><01:30:55.269><c> money</c><01:30:55.389><c> not</c>

01:30:56.040 --> 01:30:56.050 align:start position:0%
actually going to spend the money not
 

01:30:56.050 --> 01:30:57.930 align:start position:0%
actually going to spend the money not
making<01:30:56.559><c> decisions</c><01:30:57.280><c> that</c><01:30:57.460><c> he</c><01:30:57.579><c> thinks</c><01:30:57.729><c> are</c>

01:30:57.930 --> 01:30:57.940 align:start position:0%
making decisions that he thinks are
 

01:30:57.940 --> 01:31:00.419 align:start position:0%
making decisions that he thinks are
reasonable<01:30:58.449><c> he</c><01:30:58.869><c> can</c><01:30:59.079><c> pull</c><01:30:59.559><c> he</c><01:30:59.739><c> has</c><01:30:59.860><c> a</c><01:30:59.889><c> week</c><01:31:00.190><c> to</c>

01:31:00.419 --> 01:31:00.429 align:start position:0%
reasonable he can pull he has a week to
 

01:31:00.429 --> 01:31:04.020 align:start position:0%
reasonable he can pull he has a week to
pull<01:31:00.610><c> out</c><01:31:00.760><c> his</c><01:31:00.969><c> money</c><01:31:01.320><c> but</c><01:31:02.320><c> before</c><01:31:02.789><c> that</c><01:31:03.789><c> money</c>

01:31:04.020 --> 01:31:04.030 align:start position:0%
pull out his money but before that money
 

01:31:04.030 --> 01:31:06.600 align:start position:0%
pull out his money but before that money
gets<01:31:04.239><c> spent</c><01:31:04.449><c> and</c><01:31:05.010><c> that's</c><01:31:06.010><c> pretty</c><01:31:06.190><c> powerful</c>

01:31:06.600 --> 01:31:06.610 align:start position:0%
gets spent and that's pretty powerful
 

01:31:06.610 --> 01:31:07.560 align:start position:0%
gets spent and that's pretty powerful
because<01:31:06.729><c> it</c><01:31:06.969><c> means</c><01:31:07.119><c> he</c><01:31:07.269><c> always</c><01:31:07.389><c> has</c>

01:31:07.560 --> 01:31:07.570 align:start position:0%
because it means he always has
 

01:31:07.570 --> 01:31:09.629 align:start position:0%
because it means he always has
sovereignty<01:31:08.019><c> over</c><01:31:08.409><c> his</c><01:31:09.309><c> month</c>

01:31:09.629 --> 01:31:09.639 align:start position:0%
sovereignty over his month
 

01:31:09.639 --> 01:31:11.279 align:start position:0%
sovereignty over his month
unlike<01:31:09.909><c> some</c><01:31:10.119><c> days</c><01:31:10.300><c> were</c><01:31:10.570><c> like</c><01:31:10.719><c> if</c><01:31:10.960><c> you</c><01:31:11.110><c> want</c>

01:31:11.279 --> 01:31:11.289 align:start position:0%
unlike some days were like if you want
 

01:31:11.289 --> 01:31:12.009 align:start position:0%
unlike some days were like if you want
to<01:31:11.349><c> take</c>

01:31:12.009 --> 01:31:12.019 align:start position:0%
to take
 

01:31:12.019 --> 01:31:13.359 align:start position:0%
to take
you<01:31:12.559><c> actually</c><01:31:12.710><c> have</c><01:31:12.920><c> to</c><01:31:13.039><c> submit</c><01:31:13.249><c> a</c><01:31:13.309><c> proposal</c>

01:31:13.359 --> 01:31:13.369 align:start position:0%
you actually have to submit a proposal
 

01:31:13.369 --> 01:31:15.790 align:start position:0%
you actually have to submit a proposal
and<01:31:13.940><c> get</c><01:31:14.059><c> everybody</c><01:31:14.389><c> else</c><01:31:14.449><c> to</c><01:31:14.599><c> vote</c><01:31:14.719><c> to</c><01:31:15.559><c> let</c>

01:31:15.790 --> 01:31:15.800 align:start position:0%
and get everybody else to vote to let
 

01:31:15.800 --> 01:31:17.470 align:start position:0%
and get everybody else to vote to let
you<01:31:15.949><c> pull</c><01:31:16.159><c> out</c><01:31:16.219><c> your</c><01:31:16.429><c> money</c><01:31:16.550><c> and</c><01:31:17.059><c> so</c><01:31:17.179><c> if</c><01:31:17.329><c> that</c>

01:31:17.470 --> 01:31:17.480 align:start position:0%
you pull out your money and so if that
 

01:31:17.480 --> 01:31:18.850 align:start position:0%
you pull out your money and so if that
doubt<01:31:17.690><c> gets</c><01:31:17.869><c> captured</c>

01:31:18.850 --> 01:31:18.860 align:start position:0%
doubt gets captured
 

01:31:18.860 --> 01:31:22.930 align:start position:0%
doubt gets captured
you<01:31:19.159><c> can</c><01:31:19.340><c> potentially</c><01:31:19.880><c> never</c><01:31:20.179><c> again</c><01:31:20.559><c> I</c><01:31:21.940><c> think</c>

01:31:22.930 --> 01:31:22.940 align:start position:0%
you can potentially never again I think
 

01:31:22.940 --> 01:31:27.910 align:start position:0%
you can potentially never again I think
that<01:31:23.329><c> was</c><01:31:23.570><c> safe</c><01:31:23.749><c> so</c><01:31:25.239><c> so</c><01:31:26.239><c> far</c><01:31:26.619><c> that</c><01:31:27.619><c> that's</c><01:31:27.769><c> like</c>

01:31:27.910 --> 01:31:27.920 align:start position:0%
that was safe so so far that that's like
 

01:31:27.920 --> 01:31:30.700 align:start position:0%
that was safe so so far that that's like
the<01:31:28.010><c> mechanism</c><01:31:28.519><c> of</c><01:31:28.820><c> moloch</c><01:31:29.150><c> but</c><01:31:30.019><c> we</c><01:31:30.170><c> launched</c>

01:31:30.700 --> 01:31:30.710 align:start position:0%
the mechanism of moloch but we launched
 

01:31:30.710 --> 01:31:35.140 align:start position:0%
the mechanism of moloch but we launched
it<01:31:30.860><c> in</c><01:31:31.159><c> February</c><01:31:31.420><c> we</c><01:31:32.420><c> raised</c><01:31:33.880><c> right</c><01:31:34.880><c> now</c><01:31:35.030><c> it</c>

01:31:35.140 --> 01:31:35.150 align:start position:0%
it in February we raised right now it
 

01:31:35.150 --> 01:31:37.390 align:start position:0%
it in February we raised right now it
has<01:31:35.269><c> about</c><01:31:35.420><c> a</c><01:31:35.480><c> million</c><01:31:35.690><c> dollars</c><01:31:36.079><c> has</c><01:31:37.010><c> there's</c>

01:31:37.390 --> 01:31:37.400 align:start position:0%
has about a million dollars has there's
 

01:31:37.400 --> 01:31:38.979 align:start position:0%
has about a million dollars has there's
about<01:31:37.519><c> 20</c><01:31:37.909><c> of</c><01:31:37.940><c> us</c><01:31:38.090><c> that</c><01:31:38.360><c> were</c><01:31:38.420><c> crazy</c><01:31:38.599><c> enough</c><01:31:38.869><c> to</c>

01:31:38.979 --> 01:31:38.989 align:start position:0%
about 20 of us that were crazy enough to
 

01:31:38.989 --> 01:31:41.319 align:start position:0%
about 20 of us that were crazy enough to
put<01:31:39.230><c> in</c><01:31:39.320><c> 100</c><01:31:39.650><c> ether</c><01:31:39.889><c> at</c><01:31:40.099><c> the</c><01:31:40.190><c> beginning</c><01:31:40.429><c> we're</c>

01:31:41.319 --> 01:31:41.329 align:start position:0%
put in 100 ether at the beginning we're
 

01:31:41.329 --> 01:31:43.270 align:start position:0%
put in 100 ether at the beginning we're
just<01:31:41.719><c> like</c><01:31:41.869><c> you</c><01:31:41.900><c> know</c><01:31:42.110><c> no</c><01:31:42.800><c> idea</c><01:31:42.920><c> where</c><01:31:43.190><c> this</c>

01:31:43.270 --> 01:31:43.280 align:start position:0%
just like you know no idea where this
 

01:31:43.280 --> 01:31:44.830 align:start position:0%
just like you know no idea where this
should<01:31:43.610><c> we</c><01:31:43.699><c> go</c><01:31:43.849><c> but</c><01:31:44.179><c> like</c><01:31:44.269><c> it</c><01:31:44.449><c> seems</c><01:31:44.630><c> like</c><01:31:44.780><c> a</c>

01:31:44.830 --> 01:31:44.840 align:start position:0%
should we go but like it seems like a
 

01:31:44.840 --> 01:31:47.140 align:start position:0%
should we go but like it seems like a
good<01:31:44.960><c> idea</c><01:31:45.050><c> that</c><01:31:45.349><c> striveth</c><01:31:45.679><c> and</c><01:31:46.670><c> then</c>

01:31:47.140 --> 01:31:47.150 align:start position:0%
good idea that striveth and then
 

01:31:47.150 --> 01:31:49.419 align:start position:0%
good idea that striveth and then
eventually<01:31:47.630><c> we</c><01:31:48.019><c> proved</c><01:31:48.559><c> that</c><01:31:48.860><c> we</c><01:31:49.039><c> could</c>

01:31:49.419 --> 01:31:49.429 align:start position:0%
eventually we proved that we could
 

01:31:49.429 --> 01:31:51.580 align:start position:0%
eventually we proved that we could
coordinate<01:31:49.760><c> and</c><01:31:50.150><c> font</c><01:31:50.420><c> grants</c><01:31:50.719><c> per</c><01:31:50.900><c> we</c><01:31:51.289><c> funded</c>

01:31:51.580 --> 01:31:51.590 align:start position:0%
coordinate and font grants per we funded
 

01:31:51.590 --> 01:31:54.399 align:start position:0%
coordinate and font grants per we funded
these<01:31:51.860><c> two</c><01:31:52.159><c> reports</c><01:31:52.360><c> we</c><01:31:53.360><c> funded</c><01:31:53.749><c> b2</c>

01:31:54.399 --> 01:31:54.409 align:start position:0%
these two reports we funded b2
 

01:31:54.409 --> 01:31:59.140 align:start position:0%
these two reports we funded b2
development<01:31:55.039><c> we</c><01:31:55.849><c> funded</c><01:31:57.340><c> we</c><01:31:58.340><c> funded</c><01:31:58.639><c> a</c><01:31:58.699><c> mixer</c>

01:31:59.140 --> 01:31:59.150 align:start position:0%
development we funded we funded a mixer
 

01:31:59.150 --> 01:32:02.709 align:start position:0%
development we funded we funded a mixer
recently<01:32:00.400><c> what</c><01:32:01.400><c> funded</c><01:32:01.699><c> a</c><01:32:01.760><c> bunch</c><01:32:01.940><c> of</c><01:32:02.059><c> core</c>

01:32:02.709 --> 01:32:02.719 align:start position:0%
recently what funded a bunch of core
 

01:32:02.719 --> 01:32:05.109 align:start position:0%
recently what funded a bunch of core
infrastructure<01:32:03.170><c> audits</c><01:32:04.130><c> or</c><01:32:04.429><c> the</c><01:32:04.820><c> payment</c>

01:32:05.109 --> 01:32:05.119 align:start position:0%
infrastructure audits or the payment
 

01:32:05.119 --> 01:32:08.040 align:start position:0%
infrastructure audits or the payment
channels<01:32:05.360><c> that</c><01:32:05.480><c> connects</c><01:32:05.749><c> this</c><01:32:05.929><c> building</c><01:32:06.380><c> and</c>

01:32:08.040 --> 01:32:08.050 align:start position:0%
channels that connects this building and
 

01:32:08.050 --> 01:32:10.359 align:start position:0%
channels that connects this building and
you<01:32:09.050><c> know</c><01:32:09.170><c> sort</c><01:32:09.590><c> of</c><01:32:09.619><c> the</c><01:32:09.739><c> highest</c><01:32:10.039><c> moment</c><01:32:10.190><c> of</c>

01:32:10.359 --> 01:32:10.369 align:start position:0%
you know sort of the highest moment of
 

01:32:10.369 --> 01:32:12.459 align:start position:0%
you know sort of the highest moment of
this<01:32:10.489><c> was</c><01:32:10.639><c> like</c><01:32:10.789><c> when</c><01:32:10.940><c> metallic</c><01:32:11.599><c> and</c><01:32:11.900><c> Joe</c><01:32:12.139><c> and</c>

01:32:12.459 --> 01:32:12.469 align:start position:0%
this was like when metallic and Joe and
 

01:32:12.469 --> 01:32:14.140 align:start position:0%
this was like when metallic and Joe and
consensus<01:32:12.949><c> in</c><01:32:13.070><c> the</c><01:32:13.130><c> up</c><01:32:13.249><c> each</c><01:32:13.460><c> decided</c><01:32:13.820><c> to</c><01:32:13.999><c> put</c>

01:32:14.140 --> 01:32:14.150 align:start position:0%
consensus in the up each decided to put
 

01:32:14.150 --> 01:32:17.830 align:start position:0%
consensus in the up each decided to put
in<01:32:14.239><c> 2000</c><01:32:14.679><c> also</c><01:32:15.679><c> and</c><01:32:16.190><c> really</c><01:32:16.610><c> give</c><01:32:17.449><c> us</c><01:32:17.599><c> a</c><01:32:17.780><c> lot</c>

01:32:17.830 --> 01:32:17.840 align:start position:0%
in 2000 also and really give us a lot
 

01:32:17.840 --> 01:32:20.830 align:start position:0%
in 2000 also and really give us a lot
more<01:32:18.019><c> firepower</c><01:32:18.670><c> to</c><01:32:19.670><c> be</c><01:32:20.119><c> able</c><01:32:20.210><c> to</c><01:32:20.360><c> not</c><01:32:20.809><c> only</c>

01:32:20.830 --> 01:32:20.840 align:start position:0%
more firepower to be able to not only
 

01:32:20.840 --> 01:32:21.750 align:start position:0%
more firepower to be able to not only
like<01:32:21.199><c> engage</c>

01:32:21.750 --> 01:32:21.760 align:start position:0%
like engage
 

01:32:21.760 --> 01:32:24.540 align:start position:0%
like engage
well<01:32:21.880><c> the</c><01:32:22.000><c> community</c><01:32:22.180><c> to</c><01:32:23.460><c> you</c><01:32:24.460><c> know</c>

01:32:24.540 --> 01:32:24.550 align:start position:0%
well the community to you know
 

01:32:24.550 --> 01:32:26.910 align:start position:0%
well the community to you know
potentially<01:32:25.170><c> execute</c><01:32:26.170><c> grants</c><01:32:26.620><c> that</c><01:32:26.770><c> we</c>

01:32:26.910 --> 01:32:26.920 align:start position:0%
potentially execute grants that we
 

01:32:26.920 --> 01:32:30.600 align:start position:0%
potentially execute grants that we
wanted<01:32:27.160><c> to</c><01:32:27.570><c> see</c><01:32:28.570><c> see</c><01:32:28.989><c> done</c><01:32:29.200><c> but</c><01:32:30.160><c> also</c><01:32:30.280><c> just</c>

01:32:30.600 --> 01:32:30.610 align:start position:0%
wanted to see see done but also just
 

01:32:30.610 --> 01:32:32.460 align:start position:0%
wanted to see see done but also just
amplifies<01:32:31.450><c> the</c><01:32:31.630><c> amount</c><01:32:31.810><c> of</c><01:32:31.870><c> value</c><01:32:32.200><c> that</c><01:32:32.350><c> we</c>

01:32:32.460 --> 01:32:32.470 align:start position:0%
amplifies the amount of value that we
 

01:32:32.470 --> 01:32:35.550 align:start position:0%
amplifies the amount of value that we
have<01:32:32.620><c> to</c><01:32:33.310><c> spend</c><01:32:33.550><c> and</c><01:32:33.820><c> so</c><01:32:34.780><c> far</c><01:32:35.020><c> that's</c><01:32:35.410><c> been</c>

01:32:35.550 --> 01:32:35.560 align:start position:0%
have to spend and so far that's been
 

01:32:35.560 --> 01:32:38.729 align:start position:0%
have to spend and so far that's been
going<01:32:36.040><c> really</c><01:32:36.250><c> well</c><01:32:36.340><c> I</c><01:32:36.730><c> think</c><01:32:37.720><c> one</c><01:32:38.290><c> of</c><01:32:38.320><c> the</c><01:32:38.440><c> key</c>

01:32:38.729 --> 01:32:38.739 align:start position:0%
going really well I think one of the key
 

01:32:38.739 --> 01:32:40.170 align:start position:0%
going really well I think one of the key
things<01:32:39.040><c> that's</c><01:32:39.280><c> really</c><01:32:39.400><c> cool</c><01:32:39.550><c> about</c><01:32:39.790><c> it</c><01:32:40.060><c> is</c>

01:32:40.170 --> 01:32:40.180 align:start position:0%
things that's really cool about it is
 

01:32:40.180 --> 01:32:42.300 align:start position:0%
things that's really cool about it is
just<01:32:40.210><c> how</c><01:32:40.600><c> efficient</c><01:32:41.110><c> the</c><01:32:41.560><c> whole</c><01:32:41.739><c> process</c><01:32:42.010><c> is</c>

01:32:42.300 --> 01:32:42.310 align:start position:0%
just how efficient the whole process is
 

01:32:42.310 --> 01:32:45.750 align:start position:0%
just how efficient the whole process is
right<01:32:43.650><c> from</c><01:32:44.650><c> the</c><01:32:44.890><c> time</c><01:32:45.130><c> that</c><01:32:45.160><c> you</c><01:32:45.430><c> submit</c><01:32:45.730><c> a</c>

01:32:45.750 --> 01:32:45.760 align:start position:0%
right from the time that you submit a
 

01:32:45.760 --> 01:32:47.460 align:start position:0%
right from the time that you submit a
proposal<01:32:45.820><c> you</c><01:32:46.390><c> will</c><01:32:46.540><c> have</c><01:32:46.690><c> your</c><01:32:46.870><c> answer</c><01:32:47.260><c> in</c><01:32:47.380><c> a</c>

01:32:47.460 --> 01:32:47.470 align:start position:0%
proposal you will have your answer in a
 

01:32:47.470 --> 01:32:48.750 align:start position:0%
proposal you will have your answer in a
week<01:32:47.650><c> and</c><01:32:47.830><c> you</c><01:32:47.950><c> will</c><01:32:48.070><c> get</c><01:32:48.160><c> your</c><01:32:48.340><c> money</c><01:32:48.489><c> in</c><01:32:48.730><c> a</c>

01:32:48.750 --> 01:32:48.760 align:start position:0%
week and you will get your money in a
 

01:32:48.760 --> 01:32:52.260 align:start position:0%
week and you will get your money in a
week<01:32:48.940><c> after</c><01:32:49.270><c> that</c><01:32:49.560><c> right</c><01:32:50.560><c> if</c><01:32:51.340><c> it</c><01:32:51.670><c> passes</c><01:32:51.880><c> and</c>

01:32:52.260 --> 01:32:52.270 align:start position:0%
week after that right if it passes and
 

01:32:52.270 --> 01:32:53.910 align:start position:0%
week after that right if it passes and
so<01:32:52.750><c> you</c><01:32:53.140><c> know</c><01:32:53.230><c> that</c><01:32:53.380><c> there's</c><01:32:53.650><c> some</c><01:32:53.800><c> do</c>

01:32:53.910 --> 01:32:53.920 align:start position:0%
so you know that there's some do
 

01:32:53.920 --> 01:32:55.740 align:start position:0%
so you know that there's some do
diligence<01:32:54.070><c> you</c><01:32:54.880><c> know</c><01:32:54.970><c> going</c><01:32:55.150><c> back</c><01:32:55.239><c> and</c><01:32:55.540><c> forth</c>

01:32:55.740 --> 01:32:55.750 align:start position:0%
diligence you know going back and forth
 

01:32:55.750 --> 01:32:58.610 align:start position:0%
diligence you know going back and forth
negotiating<01:32:56.440><c> process</c><01:32:56.820><c> before</c><01:32:57.820><c> you</c><01:32:58.030><c> submit</c><01:32:58.330><c> it</c>

01:32:58.610 --> 01:32:58.620 align:start position:0%
negotiating process before you submit it
 

01:32:58.620 --> 01:33:01.770 align:start position:0%
negotiating process before you submit it
but<01:32:59.620><c> like</c><01:33:00.280><c> that</c><01:33:00.850><c> will</c><01:33:01.060><c> think</c><01:33:01.239><c> the</c><01:33:01.330><c> fastest</c><01:33:01.660><c> we</c>

01:33:01.770 --> 01:33:01.780 align:start position:0%
but like that will think the fastest we
 

01:33:01.780 --> 01:33:04.650 align:start position:0%
but like that will think the fastest we
ever<01:33:01.900><c> ran</c><01:33:02.110><c> this</c><01:33:02.350><c> was</c><01:33:02.560><c> like</c><01:33:02.710><c> I</c><01:33:02.890><c> do</c><01:33:03.030><c> we</c><01:33:04.030><c> need</c><01:33:04.210><c> you</c>

01:33:04.650 --> 01:33:04.660 align:start position:0%
ever ran this was like I do we need you
 

01:33:04.660 --> 01:33:07.080 align:start position:0%
ever ran this was like I do we need you
to<01:33:04.930><c> test</c><01:33:05.230><c> runner</c><01:33:05.470><c> so</c><01:33:05.980><c> that</c><01:33:06.160><c> the</c><01:33:06.370><c> client</c><01:33:06.790><c> teams</c>

01:33:07.080 --> 01:33:07.090 align:start position:0%
to test runner so that the client teams
 

01:33:07.090 --> 01:33:09.090 align:start position:0%
to test runner so that the client teams
can<01:33:07.450><c> run</c><01:33:07.780><c> tests</c><01:33:08.080><c> against</c><01:33:08.410><c> their</c><01:33:08.650><c> bills</c>

01:33:09.090 --> 01:33:09.100 align:start position:0%
can run tests against their bills
 

01:33:09.100 --> 01:33:10.680 align:start position:0%
can run tests against their bills
make<01:33:09.310><c> sure</c><01:33:09.430><c> that</c><01:33:09.460><c> like</c><01:33:09.760><c> if</c><01:33:09.940><c> something</c><01:33:10.360><c> changes</c>

01:33:10.680 --> 01:33:10.690 align:start position:0%
make sure that like if something changes
 

01:33:10.690 --> 01:33:12.630 align:start position:0%
make sure that like if something changes
you<01:33:10.960><c> know</c><01:33:11.110><c> they</c><01:33:11.260><c> know</c><01:33:11.440><c> it</c><01:33:11.950><c> broke</c><01:33:12.220><c> something</c>

01:33:12.630 --> 01:33:12.640 align:start position:0%
you know they know it broke something
 

01:33:12.640 --> 01:33:16.560 align:start position:0%
you know they know it broke something
and<01:33:12.989><c> the</c><01:33:13.989><c> next</c><01:33:14.350><c> day</c><01:33:14.560><c> it</c><01:33:14.890><c> guys</c><01:33:15.040><c> like</c><01:33:15.340><c> I'll</c><01:33:15.520><c> do</c><01:33:15.640><c> it</c>

01:33:16.560 --> 01:33:16.570 align:start position:0%
and the next day it guys like I'll do it
 

01:33:16.570 --> 01:33:18.720 align:start position:0%
and the next day it guys like I'll do it
earlier<01:33:17.290><c> we</c><01:33:17.500><c> interview</c><01:33:17.860><c> him</c><01:33:17.890><c> the</c><01:33:18.460><c> next</c><01:33:18.640><c> day</c>

01:33:18.720 --> 01:33:18.730 align:start position:0%
earlier we interview him the next day
 

01:33:18.730 --> 01:33:21.810 align:start position:0%
earlier we interview him the next day
after<01:33:19.000><c> that</c><01:33:19.210><c> you're</c><01:33:19.750><c> like</c><01:33:19.870><c> variable</c><01:33:20.820><c> seems</c>

01:33:21.810 --> 01:33:21.820 align:start position:0%
after that you're like variable seems
 

01:33:21.820 --> 01:33:24.320 align:start position:0%
after that you're like variable seems
good<01:33:22.000><c> and</c><01:33:22.989><c> so</c><01:33:23.170><c> we</c><01:33:23.320><c> used</c><01:33:23.500><c> to</c><01:33:23.590><c> the</c><01:33:23.860><c> proposal</c>

01:33:24.320 --> 01:33:24.330 align:start position:0%
good and so we used to the proposal
 

01:33:24.330 --> 01:33:28.200 align:start position:0%
good and so we used to the proposal
$20,000<01:33:25.330><c> now</c><01:33:25.450><c> under</c><01:33:26.350><c> he</c><01:33:26.560><c> beat</c><01:33:27.490><c> so</c><01:33:27.760><c> we</c><01:33:28.000><c> worked</c>

01:33:28.200 --> 01:33:28.210 align:start position:0%
$20,000 now under he beat so we worked
 

01:33:28.210 --> 01:33:30.300 align:start position:0%
$20,000 now under he beat so we worked
with<01:33:28.300><c> him</c><01:33:28.510><c> to</c><01:33:28.690><c> form</c><01:33:28.930><c> the</c><01:33:29.050><c> proposal</c><01:33:29.500><c> because</c><01:33:30.010><c> it</c>

01:33:30.300 --> 01:33:30.310 align:start position:0%
with him to form the proposal because it
 

01:33:30.310 --> 01:33:32.040 align:start position:0%
with him to form the proposal because it
was<01:33:30.400><c> our</c><01:33:30.520><c> idea</c><01:33:30.550><c> and</c><01:33:31.180><c> then</c><01:33:31.420><c> it</c><01:33:31.540><c> was</c><01:33:31.660><c> you</c><01:33:31.990><c> know</c>

01:33:32.040 --> 01:33:32.050 align:start position:0%
was our idea and then it was you know
 

01:33:32.050 --> 01:33:33.540 align:start position:0%
was our idea and then it was you know
and<01:33:32.230><c> and</c><01:33:32.440><c> so</c><01:33:32.500><c> on</c><01:33:32.650><c> it's</c><01:33:32.770><c> not</c><01:33:32.860><c> the</c><01:33:32.980><c> CTO</c><01:33:33.310><c> of</c><01:33:33.370><c> white</c>

01:33:33.540 --> 01:33:33.550 align:start position:0%
and and so on it's not the CTO of white
 

01:33:33.550 --> 01:33:35.760 align:start position:0%
and and so on it's not the CTO of white
lucky<01:33:33.970><c> he</c><01:33:34.210><c> came</c><01:33:34.360><c> on</c><01:33:34.510><c> to</c><01:33:34.690><c> help</c><01:33:35.110><c> execute</c><01:33:35.380><c> it</c><01:33:35.650><c> was</c>

01:33:35.760 --> 01:33:35.770 align:start position:0%
lucky he came on to help execute it was
 

01:33:35.770 --> 01:33:37.290 align:start position:0%
lucky he came on to help execute it was
like<01:33:35.860><c> a</c><01:33:36.040><c> one</c><01:33:36.250><c> you</c><01:33:36.550><c> know</c><01:33:36.670><c> one</c><01:33:36.880><c> month</c><01:33:37.030><c> project</c>

01:33:37.290 --> 01:33:37.300 align:start position:0%
like a one you know one month project
 

01:33:37.300 --> 01:33:41.900 align:start position:0%
like a one you know one month project
great<01:33:38.020><c> the</c><01:33:38.890><c> key</c><01:33:39.250><c> thing</c><01:33:39.430><c> is</c><01:33:39.460><c> like</c><01:33:39.760><c> a</c><01:33:40.380><c> one</c><01:33:41.380><c> month</c>

01:33:41.900 --> 01:33:41.910 align:start position:0%
great the key thing is like a one month
 

01:33:41.910 --> 01:33:44.130 align:start position:0%
great the key thing is like a one month
contract<01:33:42.910><c> work</c><01:33:43.150><c> it's</c><01:33:43.360><c> like</c><01:33:43.420><c> not</c><01:33:43.690><c> even</c><01:33:43.810><c> worth</c>

01:33:44.130 --> 01:33:44.140 align:start position:0%
contract work it's like not even worth
 

01:33:44.140 --> 01:33:46.050 align:start position:0%
contract work it's like not even worth
doing<01:33:44.800><c> it's</c><01:33:45.190><c> not</c><01:33:45.220><c> even</c><01:33:45.460><c> worth</c><01:33:45.580><c> thinking</c><01:33:45.730><c> about</c>

01:33:46.050 --> 01:33:46.060 align:start position:0%
doing it's not even worth thinking about
 

01:33:46.060 --> 01:33:47.340 align:start position:0%
doing it's not even worth thinking about
for<01:33:46.240><c> like</c><01:33:46.330><c> going</c><01:33:46.720><c> to</c><01:33:46.750><c> the</c><01:33:46.870><c> yet</c><01:33:47.050><c> for</c><01:33:47.200><c> money</c>

01:33:47.340 --> 01:33:47.350 align:start position:0%
for like going to the yet for money
 

01:33:47.350 --> 01:33:48.990 align:start position:0%
for like going to the yet for money
because<01:33:47.680><c> the</c><01:33:48.100><c> amount</c><01:33:48.340><c> of</c><01:33:48.430><c> time</c><01:33:48.610><c> and</c><01:33:48.790><c> effort</c>

01:33:48.990 --> 01:33:49.000 align:start position:0%
because the amount of time and effort
 

01:33:49.000 --> 01:33:50.850 align:start position:0%
because the amount of time and effort
you<01:33:49.030><c> have</c><01:33:49.090><c> to</c><01:33:49.240><c> spend</c><01:33:49.600><c> just</c><01:33:50.500><c> to</c><01:33:50.620><c> get</c><01:33:50.740><c> the</c>

01:33:50.850 --> 01:33:50.860 align:start position:0%
you have to spend just to get the
 

01:33:50.860 --> 01:33:53.910 align:start position:0%
you have to spend just to get the
proposal<01:33:51.190><c> through</c><01:33:51.970><c> is</c><01:33:52.300><c> like</c><01:33:52.390><c> more</c><01:33:53.290><c> tough</c><01:33:53.740><c> you</c>

01:33:53.910 --> 01:33:53.920 align:start position:0%
proposal through is like more tough you
 

01:33:53.920 --> 01:33:56.610 align:start position:0%
proposal through is like more tough you
know<01:33:54.040><c> value</c><01:33:54.880><c> than</c><01:33:55.060><c> the</c><01:33:55.330><c> whole</c><01:33:55.480><c> grant</c><01:33:55.750><c> right</c>

01:33:56.610 --> 01:33:56.620 align:start position:0%
know value than the whole grant right
 

01:33:56.620 --> 01:33:58.550 align:start position:0%
know value than the whole grant right
and<01:33:56.830><c> so</c><01:33:57.010><c> being</c><01:33:57.220><c> able</c><01:33:57.340><c> to</c><01:33:57.550><c> have</c><01:33:57.700><c> like</c><01:33:57.820><c> fast</c>

01:33:58.550 --> 01:33:58.560 align:start position:0%
and so being able to have like fast
 

01:33:58.560 --> 01:34:03.170 align:start position:0%
and so being able to have like fast
efficient<01:33:59.560><c> grants</c><01:33:59.950><c> as</c><01:34:00.100><c> I</c><01:34:00.190><c> think</c><01:34:00.670><c> a</c><01:34:00.880><c> nice</c><01:34:01.270><c> slate</c>

01:34:03.170 --> 01:34:03.180 align:start position:0%
efficient grants as I think a nice slate
 

01:34:03.180 --> 01:34:06.600 align:start position:0%
efficient grants as I think a nice slate
complimentary<01:34:04.180><c> aspected</c><01:34:04.750><c> City</c><01:34:05.110><c> F</c><01:34:05.230><c> grants</c><01:34:05.610><c> and</c>

01:34:06.600 --> 01:34:06.610 align:start position:0%
complimentary aspected City F grants and
 

01:34:06.610 --> 01:34:08.490 align:start position:0%
complimentary aspected City F grants and
I<01:34:06.700><c> think</c><01:34:06.940><c> that</c><01:34:07.120><c> the</c><01:34:07.300><c> model</c><01:34:07.690><c> has</c><01:34:07.720><c> sort</c><01:34:08.290><c> of</c><01:34:08.350><c> taken</c>

01:34:08.490 --> 01:34:08.500 align:start position:0%
I think that the model has sort of taken
 

01:34:08.500 --> 01:34:10.470 align:start position:0%
I think that the model has sort of taken
off<01:34:08.710><c> also</c><01:34:09.010><c> because</c><01:34:09.430><c> we're</c><01:34:09.580><c> seeing</c><01:34:09.730><c> the</c><01:34:09.880><c> same</c>

01:34:10.470 --> 01:34:10.480 align:start position:0%
off also because we're seeing the same
 

01:34:10.480 --> 01:34:11.370 align:start position:0%
off also because we're seeing the same
code

01:34:11.370 --> 01:34:11.380 align:start position:0%
code
 

01:34:11.380 --> 01:34:14.160 align:start position:0%
code
or<01:34:11.940><c> getting</c><01:34:12.940><c> doubt</c><01:34:13.180><c> which</c><01:34:13.390><c> is</c><01:34:13.480><c> like</c><01:34:13.690><c> a</c><01:34:13.720><c> super</c>

01:34:14.160 --> 01:34:14.170 align:start position:0%
or getting doubt which is like a super
 

01:34:14.170 --> 01:34:17.340 align:start position:0%
or getting doubt which is like a super
PAC<01:34:14.500><c> to</c><01:34:14.530><c> fund</c><01:34:15.130><c> and</c><01:34:15.430><c> your</c><01:34:15.610><c> yang</c><01:34:15.790><c> beams</c><01:34:16.060><c> and</c><01:34:17.020><c> like</c>

01:34:17.340 --> 01:34:17.350 align:start position:0%
PAC to fund and your yang beams and like
 

01:34:17.350 --> 01:34:19.170 align:start position:0%
PAC to fund and your yang beams and like
meta<01:34:17.950><c> cartel</c><01:34:18.370><c> which</c><01:34:18.580><c> is</c><01:34:18.700><c> like</c><01:34:18.880><c> a</c><01:34:18.910><c> bunch</c><01:34:19.090><c> of</c>

01:34:19.170 --> 01:34:19.180 align:start position:0%
meta cartel which is like a bunch of
 

01:34:19.180 --> 01:34:21.330 align:start position:0%
meta cartel which is like a bunch of
application-layer<01:34:19.990><c> developers</c><01:34:20.920><c> coming</c><01:34:21.250><c> up</c>

01:34:21.330 --> 01:34:21.340 align:start position:0%
application-layer developers coming up
 

01:34:21.340 --> 01:34:24.900 align:start position:0%
application-layer developers coming up
on<01:34:21.700><c> application-layer</c><01:34:22.360><c> infrastructure</c><01:34:23.910><c> and</c>

01:34:24.900 --> 01:34:24.910 align:start position:0%
on application-layer infrastructure and
 

01:34:24.910 --> 01:34:26.430 align:start position:0%
on application-layer infrastructure and
like<01:34:25.420><c> Church</c><01:34:25.840><c> of</c><01:34:25.990><c> doubters</c><01:34:26.140><c> and</c><01:34:26.290><c> our</c>

01:34:26.430 --> 01:34:26.440 align:start position:0%
like Church of doubters and our
 

01:34:26.440 --> 01:34:28.210 align:start position:0%
like Church of doubters and our
collective

01:34:28.210 --> 01:34:28.220 align:start position:0%
collective
 

01:34:28.220 --> 01:34:30.850 align:start position:0%
collective
they're<01:34:28.610><c> different</c><01:34:28.880><c> story</c><01:34:29.180><c> but</c><01:34:30.110><c> I</c><01:34:30.350><c> think</c><01:34:30.560><c> that</c>

01:34:30.850 --> 01:34:30.860 align:start position:0%
they're different story but I think that
 

01:34:30.860 --> 01:34:33.130 align:start position:0%
they're different story but I think that
it<01:34:31.100><c> also</c><01:34:31.250><c> presents</c><01:34:31.490><c> a</c><01:34:31.760><c> model</c><01:34:32.060><c> for</c><01:34:32.330><c> the</c><01:34:32.690><c> yet</c><01:34:32.930><c> to</c>

01:34:33.130 --> 01:34:33.140 align:start position:0%
it also presents a model for the yet to
 

01:34:33.140 --> 01:34:36.220 align:start position:0%
it also presents a model for the yet to
incredibly<01:34:33.560><c> decentralize</c><01:34:34.450><c> their</c><01:34:35.450><c> funding</c><01:34:36.020><c> so</c>

01:34:36.220 --> 01:34:36.230 align:start position:0%
incredibly decentralize their funding so
 

01:34:36.230 --> 01:34:40.390 align:start position:0%
incredibly decentralize their funding so
they<01:34:36.890><c> get</c><01:34:37.250><c> criticisms</c><01:34:37.850><c> because</c><01:34:38.240><c> they</c><01:34:39.400><c> you</c>

01:34:40.390 --> 01:34:40.400 align:start position:0%
they get criticisms because they you
 

01:34:40.400 --> 01:34:42.400 align:start position:0%
they get criticisms because they you
know<01:34:40.490><c> they're</c><01:34:41.210><c> like</c><01:34:41.420><c> how</c><01:34:41.900><c> do</c><01:34:41.960><c> you</c><01:34:42.080><c> guys</c><01:34:42.260><c> make</c>

01:34:42.400 --> 01:34:42.410 align:start position:0%
know they're like how do you guys make
 

01:34:42.410 --> 01:34:44.230 align:start position:0%
know they're like how do you guys make
your<01:34:42.590><c> decisions</c><01:34:43.100><c> or</c><01:34:43.520><c> how</c><01:34:43.700><c> do</c><01:34:43.760><c> you</c><01:34:43.820><c> decide</c><01:34:44.060><c> the</c>

01:34:44.230 --> 01:34:44.240 align:start position:0%
your decisions or how do you decide the
 

01:34:44.240 --> 01:34:46.180 align:start position:0%
your decisions or how do you decide the
fritz<01:34:44.540><c> but</c><01:34:44.570><c> their</c><01:34:44.780><c> money</c><01:34:44.960><c> all</c><01:34:45.590><c> this</c><01:34:45.710><c> stuff</c><01:34:45.920><c> and</c>

01:34:46.180 --> 01:34:46.190 align:start position:0%
fritz but their money all this stuff and
 

01:34:46.190 --> 01:34:48.250 align:start position:0%
fritz but their money all this stuff and
it's<01:34:46.280><c> like</c><01:34:46.340><c> well</c><01:34:46.940><c> if</c><01:34:47.180><c> they</c><01:34:47.420><c> could</c><01:34:47.750><c> put</c><01:34:47.960><c> more</c><01:34:48.140><c> of</c>

01:34:48.250 --> 01:34:48.260 align:start position:0%
it's like well if they could put more of
 

01:34:48.260 --> 01:34:49.780 align:start position:0%
it's like well if they could put more of
their<01:34:48.410><c> money</c><01:34:48.440><c> into</c><01:34:48.830><c> denounce</c><01:34:49.310><c> for</c><01:34:49.670><c> like</c>

01:34:49.780 --> 01:34:49.790 align:start position:0%
their money into denounce for like
 

01:34:49.790 --> 01:34:52.150 align:start position:0%
their money into denounce for like
specific<01:34:50.420><c> areas</c><01:34:50.780><c> of</c><01:34:51.050><c> the</c><01:34:51.170><c> ecosystem</c><01:34:51.860><c> then</c>

01:34:52.150 --> 01:34:52.160 align:start position:0%
specific areas of the ecosystem then
 

01:34:52.160 --> 01:34:55.150 align:start position:0%
specific areas of the ecosystem then
they<01:34:52.880><c> would</c><01:34:53.060><c> be</c><01:34:53.210><c> engaging</c><01:34:53.600><c> the</c><01:34:54.560><c> other</c>

01:34:55.150 --> 01:34:55.160 align:start position:0%
they would be engaging the other
 

01:34:55.160 --> 01:34:59.020 align:start position:0%
they would be engaging the other
ecosystem<01:34:55.700><c> stakeholders</c><01:34:56.180><c> and</c><01:34:57.820><c> being</c><01:34:58.820><c> able</c><01:34:58.910><c> to</c>

01:34:59.020 --> 01:34:59.030 align:start position:0%
ecosystem stakeholders and being able to
 

01:34:59.030 --> 01:35:00.190 align:start position:0%
ecosystem stakeholders and being able to
collaborate<01:34:59.240><c> on</c><01:34:59.450><c> making</c><01:34:59.810><c> these</c><01:34:59.900><c> decisions</c>

01:35:00.190 --> 01:35:00.200 align:start position:0%
collaborate on making these decisions
 

01:35:00.200 --> 01:35:02.170 align:start position:0%
collaborate on making these decisions
and<01:35:00.620><c> do</c><01:35:00.740><c> it</c><01:35:00.860><c> in</c><01:35:00.950><c> a</c><01:35:01.040><c> transparent</c><01:35:01.250><c> way</c><01:35:01.670><c> it's</c><01:35:02.090><c> all</c>

01:35:02.170 --> 01:35:02.180 align:start position:0%
and do it in a transparent way it's all
 

01:35:02.180 --> 01:35:07.840 align:start position:0%
and do it in a transparent way it's all
the<01:35:02.360><c> stuff</c><01:35:02.510><c> is</c><01:35:02.630><c> on</c><01:35:02.750><c> chain</c><01:35:04.780><c> funding</c><01:35:06.610><c> that's</c><01:35:07.610><c> the</c>

01:35:07.840 --> 01:35:07.850 align:start position:0%
the stuff is on chain funding that's the
 

01:35:07.850 --> 01:35:11.380 align:start position:0%
the stuff is on chain funding that's the
mullet<01:35:08.210><c> primer</c><01:35:08.450><c> I</c><01:35:08.920><c> think</c><01:35:09.920><c> it's</c><01:35:10.010><c> a</c><01:35:10.280><c> nice</c><01:35:11.210><c> much</c>

01:35:11.380 --> 01:35:11.390 align:start position:0%
mullet primer I think it's a nice much
 

01:35:11.390 --> 01:35:13.270 align:start position:0%
mullet primer I think it's a nice much
for<01:35:11.540><c> that</c><01:35:11.630><c> again</c><01:35:11.840><c> I</c><01:35:12.140><c> think</c><01:35:12.470><c> it's</c><01:35:12.770><c> one</c><01:35:13.040><c> of</c><01:35:13.130><c> the</c>

01:35:13.270 --> 01:35:13.280 align:start position:0%
for that again I think it's one of the
 

01:35:13.280 --> 01:35:16.570 align:start position:0%
for that again I think it's one of the
biggest<01:35:14.150><c> contributions</c><01:35:14.510><c> in</c><01:35:15.020><c> the</c><01:35:15.140><c> space</c><01:35:15.580><c> like</c>

01:35:16.570 --> 01:35:16.580 align:start position:0%
biggest contributions in the space like
 

01:35:16.580 --> 01:35:18.580 align:start position:0%
biggest contributions in the space like
that<01:35:16.760><c> I've</c><01:35:16.850><c> seen</c><01:35:17.030><c> it</c><01:35:17.150><c> like</c><01:35:17.270><c> for</c><01:35:17.960><c> the</c><01:35:18.020><c> pasta</c><01:35:18.350><c> I</c>

01:35:18.580 --> 01:35:18.590 align:start position:0%
that I've seen it like for the pasta I
 

01:35:18.590 --> 01:35:20.560 align:start position:0%
that I've seen it like for the pasta I
think<01:35:18.800><c> the</c><01:35:19.280><c> amount</c><01:35:19.460><c> of</c><01:35:19.580><c> bring</c><01:35:20.060><c> the</c><01:35:20.150><c> coolest</c>

01:35:20.560 --> 01:35:20.570 align:start position:0%
think the amount of bring the coolest
 

01:35:20.570 --> 01:35:22.450 align:start position:0%
think the amount of bring the coolest
one<01:35:21.290><c> of</c><01:35:21.320><c> the</c><01:35:21.440><c> things</c><01:35:21.590><c> that</c><01:35:21.710><c> I</c><01:35:21.830><c> love</c><01:35:22.040><c> most</c><01:35:22.070><c> about</c>

01:35:22.450 --> 01:35:22.460 align:start position:0%
one of the things that I love most about
 

01:35:22.460 --> 01:35:24.280 align:start position:0%
one of the things that I love most about
Moloch<01:35:22.940><c> is</c><01:35:23.120><c> the</c><01:35:23.270><c> way</c><01:35:23.420><c> that</c><01:35:23.570><c> their</c><01:35:23.810><c> actual</c>

01:35:24.280 --> 01:35:24.290 align:start position:0%
Moloch is the way that their actual
 

01:35:24.290 --> 01:35:26.440 align:start position:0%
Moloch is the way that their actual
contract<01:35:24.770><c> starts</c><01:35:25.100><c> look</c><01:35:25.760><c> at</c><01:35:25.880><c> it</c><01:35:26.000><c> it</c><01:35:26.120><c> says</c><01:35:26.270><c> like</c>

01:35:26.440 --> 01:35:26.450 align:start position:0%
contract starts look at it it says like
 

01:35:26.450 --> 01:35:29.230 align:start position:0%
contract starts look at it it says like
please<01:35:26.690><c> steal</c><01:35:26.990><c> this</c><01:35:27.170><c> code</c><01:35:27.790><c> which</c><01:35:28.790><c> is</c><01:35:28.970><c> like</c><01:35:29.090><c> one</c>

01:35:29.230 --> 01:35:29.240 align:start position:0%
please steal this code which is like one
 

01:35:29.240 --> 01:35:30.700 align:start position:0%
please steal this code which is like one
of<01:35:29.330><c> the</c><01:35:29.420><c> guiding</c><01:35:29.810><c> principles</c><01:35:30.260><c> of</c><01:35:30.350><c> open</c><01:35:30.590><c> source</c>

01:35:30.700 --> 01:35:30.710 align:start position:0%
of the guiding principles of open source
 

01:35:30.710 --> 01:35:32.560 align:start position:0%
of the guiding principles of open source
but<01:35:31.010><c> like</c><01:35:31.160><c> since</c><01:35:31.310><c> weeks</c><01:35:31.580><c> since</c><01:35:32.060><c> Mallen</c><01:35:32.420><c> came</c>

01:35:32.560 --> 01:35:32.570 align:start position:0%
but like since weeks since Mallen came
 

01:35:32.570 --> 01:35:34.210 align:start position:0%
but like since weeks since Mallen came
out<01:35:32.660><c> we've</c><01:35:32.840><c> seen</c><01:35:33.020><c> so</c><01:35:33.290><c> many</c><01:35:33.470><c> iterations</c><01:35:33.710><c> of</c>

01:35:34.210 --> 01:35:34.220 align:start position:0%
out we've seen so many iterations of
 

01:35:34.220 --> 01:35:36.340 align:start position:0%
out we've seen so many iterations of
that<01:35:34.280><c> and</c><01:35:34.550><c> so</c><01:35:34.760><c> quickly</c><01:35:35.120><c> like</c><01:35:35.630><c> the</c><01:35:35.810><c> space</c><01:35:36.110><c> is</c>

01:35:36.340 --> 01:35:36.350 align:start position:0%
that and so quickly like the space is
 

01:35:36.350 --> 01:35:38.890 align:start position:0%
that and so quickly like the space is
literally<01:35:36.710><c> exploding</c><01:35:37.220><c> with</c><01:35:37.340><c> ideas</c><01:35:37.900><c> and</c>

01:35:38.890 --> 01:35:38.900 align:start position:0%
literally exploding with ideas and
 

01:35:38.900 --> 01:35:40.540 align:start position:0%
literally exploding with ideas and
that's<01:35:39.350><c> something</c><01:35:39.860><c> that</c><01:35:40.100><c> is</c><01:35:40.190><c> really</c>

01:35:40.540 --> 01:35:40.550 align:start position:0%
that's something that is really
 

01:35:40.550 --> 01:35:41.860 align:start position:0%
that's something that is really
important<01:35:40.880><c> at</c><01:35:40.970><c> this</c><01:35:41.030><c> point</c><01:35:41.120><c> that</c><01:35:41.420><c> we</c><01:35:41.510><c> iterate</c>

01:35:41.860 --> 01:35:41.870 align:start position:0%
important at this point that we iterate
 

01:35:41.870 --> 01:35:44.020 align:start position:0%
important at this point that we iterate
and<01:35:41.990><c> that</c><01:35:42.110><c> we</c><01:35:42.200><c> test</c><01:35:42.410><c> cookie</c><01:35:42.770><c> I</c><01:35:43.520><c> think</c><01:35:43.970><c> he</c>

01:35:44.020 --> 01:35:44.030 align:start position:0%
and that we test cookie I think he
 

01:35:44.030 --> 01:35:45.520 align:start position:0%
and that we test cookie I think he
wouldn't<01:35:44.270><c> be</c><01:35:44.360><c> gone</c><01:35:44.510><c> before</c><01:35:44.720><c> calling</c><01:35:45.200><c> itself</c>

01:35:45.520 --> 01:35:45.530 align:start position:0%
wouldn't be gone before calling itself
 

01:35:45.530 --> 01:35:47.470 align:start position:0%
wouldn't be gone before calling itself
is<01:35:45.680><c> trying</c><01:35:45.830><c> to</c><01:35:45.950><c> cheat</c><01:35:46.250><c> the</c><01:35:46.700><c> code</c><01:35:46.970><c> itself</c><01:35:47.330><c> has</c>

01:35:47.470 --> 01:35:47.480 align:start position:0%
is trying to cheat the code itself has
 

01:35:47.480 --> 01:35:50.860 align:start position:0%
is trying to cheat the code itself has
taken<01:35:47.810><c> on</c><01:35:47.900><c> its</c><01:35:48.080><c> own</c><01:35:48.230><c> life</c><01:35:48.950><c> form</c><01:35:49.510><c> and</c><01:35:50.510><c> things</c>

01:35:50.860 --> 01:35:50.870 align:start position:0%
taken on its own life form and things
 

01:35:50.870 --> 01:35:53.410 align:start position:0%
taken on its own life form and things
like<01:35:50.990><c> meta</c><01:35:51.230><c> cartel</c><01:35:51.650><c> is</c><01:35:52.550><c> anyone</c><01:35:52.970><c> from</c><01:35:53.060><c> Erica</c>

01:35:53.410 --> 01:35:53.420 align:start position:0%
like meta cartel is anyone from Erica
 

01:35:53.420 --> 01:35:56.080 align:start position:0%
like meta cartel is anyone from Erica
Tyler<01:35:53.770><c> yeah</c><01:35:54.800><c> the</c><01:35:55.280><c> anyone</c><01:35:55.550><c> that</c><01:35:55.670><c> can</c><01:35:55.760><c> explain</c>

01:35:56.080 --> 01:35:56.090 align:start position:0%
Tyler yeah the anyone that can explain
 

01:35:56.090 --> 01:35:59.050 align:start position:0%
Tyler yeah the anyone that can explain
this<01:35:56.270><c> a</c><01:35:56.390><c> hotel</c><01:35:56.570><c> yeah</c><01:35:57.020><c> yeah</c><01:35:57.290><c> okay</c><01:35:58.100><c> she</c><01:35:58.880><c> took</c>

01:35:59.050 --> 01:35:59.060 align:start position:0%
this a hotel yeah yeah okay she took
 

01:35:59.060 --> 01:36:00.860 align:start position:0%
this a hotel yeah yeah okay she took
that

01:36:00.860 --> 01:36:00.870 align:start position:0%
that
 

01:36:00.870 --> 01:36:03.950 align:start position:0%
that
second<01:36:01.650><c> cell</c><01:36:02.030><c> basically</c><01:36:03.030><c> predicted</c><01:36:03.810><c> by</c>

01:36:03.950 --> 01:36:03.960 align:start position:0%
second cell basically predicted by
 

01:36:03.960 --> 01:36:05.990 align:start position:0%
second cell basically predicted by
Monica<01:36:04.410><c> think</c><01:36:04.650><c> you</c><01:36:04.830><c> tried</c><01:36:05.040><c> together</c><01:36:05.310><c> grab</c><01:36:05.790><c> her</c>

01:36:05.990 --> 01:36:06.000 align:start position:0%
Monica think you tried together grab her
 

01:36:06.000 --> 01:36:07.650 align:start position:0%
Monica think you tried together grab her
molecule<01:36:06.450><c> right</c><01:36:06.780><c> join</c><01:36:07.140><c> as</c><01:36:07.260><c> a</c><01:36:07.290><c> member</c>

01:36:07.650 --> 01:36:07.660 align:start position:0%
molecule right join as a member
 

01:36:07.660 --> 01:36:09.510 align:start position:0%
molecule right join as a member
right<01:36:07.930><c> I</c><01:36:08.080><c> tried</c><01:36:08.320><c> to</c><01:36:08.410><c> get</c><01:36:08.500><c> him</c><01:36:08.590><c> in</c><01:36:08.740><c> the</c><01:36:08.920><c> rest</c><01:36:09.430><c> of</c>

01:36:09.510 --> 01:36:09.520 align:start position:0%
right I tried to get him in the rest of
 

01:36:09.520 --> 01:36:13.350 align:start position:0%
right I tried to get him in the rest of
the<01:36:09.580><c> to</c><01:36:09.760><c> that</c><01:36:10.150><c> first</c><01:36:10.330><c> look</c><01:36:10.540><c> like</c><01:36:10.690><c> now</c><01:36:12.210><c> so</c><01:36:13.210><c> they</c>

01:36:13.350 --> 01:36:13.360 align:start position:0%
the to that first look like now so they
 

01:36:13.360 --> 01:36:15.240 align:start position:0%
the to that first look like now so they
you<01:36:13.960><c> don't</c><01:36:14.110><c> reject</c><01:36:14.380><c> it</c><01:36:14.530><c> you've</c><01:36:14.710><c> got</c><01:36:14.830><c> a</c><01:36:14.920><c> seems</c>

01:36:15.240 --> 01:36:15.250 align:start position:0%
you don't reject it you've got a seems
 

01:36:15.250 --> 01:36:16.740 align:start position:0%
you don't reject it you've got a seems
like<01:36:15.400><c> right</c><01:36:15.580><c> I'm</c><01:36:15.790><c> gonna</c><01:36:15.910><c> have</c><01:36:16.420><c> a</c><01:36:16.540><c> hood</c>

01:36:16.740 --> 01:36:16.750 align:start position:0%
like right I'm gonna have a hood
 

01:36:16.750 --> 01:36:18.390 align:start position:0%
like right I'm gonna have a hood
and<01:36:16.990><c> so</c><01:36:17.440><c> these</c><01:36:17.650><c> are</c><01:36:17.830><c> the</c><01:36:17.950><c> next</c><01:36:18.220><c> on</c><01:36:18.370><c> a</c>

01:36:18.390 --> 01:36:18.400 align:start position:0%
and so these are the next on a
 

01:36:18.400 --> 01:36:20.220 align:start position:0%
and so these are the next on a
background<01:36:18.670><c> so</c><01:36:19.150><c> it's</c><01:36:19.270><c> really</c><01:36:19.540><c> more</c><01:36:19.990><c> in</c><01:36:20.140><c> the</c>

01:36:20.220 --> 01:36:20.230 align:start position:0%
background so it's really more in the
 

01:36:20.230 --> 01:36:23.760 align:start position:0%
background so it's really more in the
application<01:36:20.350><c> there</c><01:36:21.090><c> dux</c><01:36:22.090><c> and</c><01:36:22.420><c> so</c><01:36:22.620><c> meta</c><01:36:23.620><c> car</c>

01:36:23.760 --> 01:36:23.770 align:start position:0%
application there dux and so meta car
 

01:36:23.770 --> 01:36:25.260 align:start position:0%
application there dux and so meta car
travel<01:36:23.980><c> is</c><01:36:24.070><c> basically</c><01:36:24.190><c> he</c><01:36:24.520><c> was</c><01:36:24.640><c> saying</c><01:36:24.700><c> primer</c>

01:36:25.260 --> 01:36:25.270 align:start position:0%
travel is basically he was saying primer
 

01:36:25.270 --> 01:36:27.150 align:start position:0%
travel is basically he was saying primer
has<01:36:25.420><c> more</c><01:36:25.690><c> but</c><01:36:26.050><c> to</c><01:36:26.260><c> fund</c><01:36:26.560><c> the</c><01:36:26.650><c> application</c>

01:36:27.150 --> 01:36:27.160 align:start position:0%
has more but to fund the application
 

01:36:27.160 --> 01:36:30.210 align:start position:0%
has more but to fund the application
later<01:36:27.460><c> and</c><01:36:28.500><c> but</c><01:36:29.500><c> as</c><01:36:29.590><c> a</c><01:36:29.620><c> different</c><01:36:29.950><c> story</c><01:36:30.160><c> that</c>

01:36:30.210 --> 01:36:30.220 align:start position:0%
later and but as a different story that
 

01:36:30.220 --> 01:36:32.910 align:start position:0%
later and but as a different story that
model<01:36:30.610><c> because</c><01:36:30.850><c> Monica</c><01:36:31.030><c> since</c><01:36:31.450><c> its</c><01:36:31.920><c> funding</c>

01:36:32.910 --> 01:36:32.920 align:start position:0%
model because Monica since its funding
 

01:36:32.920 --> 01:36:35.640 align:start position:0%
model because Monica since its funding
to<01:36:33.520><c> is</c><01:36:34.120><c> seed</c><01:36:34.420><c> grants</c><01:36:34.660><c> giving</c><01:36:35.080><c> but</c><01:36:35.320><c> may</c><01:36:35.410><c> take</c><01:36:35.440><c> a</c>

01:36:35.640 --> 01:36:35.650 align:start position:0%
to is seed grants giving but may take a
 

01:36:35.650 --> 01:36:37.980 align:start position:0%
to is seed grants giving but may take a
cell<01:36:35.860><c> makes</c><01:36:36.070><c> more</c><01:36:36.250><c> sense</c><01:36:36.580><c> to</c><01:36:36.700><c> maybe</c><01:36:37.150><c> switch</c><01:36:37.600><c> to</c>

01:36:37.980 --> 01:36:37.990 align:start position:0%
cell makes more sense to maybe switch to
 

01:36:37.990 --> 01:36:40.440 align:start position:0%
cell makes more sense to maybe switch to
the<01:36:38.140><c> for-profit</c><01:36:38.350><c> and</c><01:36:38.920><c> so</c><01:36:39.400><c> it</c><01:36:39.490><c> is</c><01:36:39.580><c> going</c><01:36:39.790><c> to</c><01:36:39.880><c> is</c>

01:36:40.440 --> 01:36:40.450 align:start position:0%
the for-profit and so it is going to is
 

01:36:40.450 --> 01:36:42.750 align:start position:0%
the for-profit and so it is going to is
like<01:36:40.660><c> an</c><01:36:40.750><c> ongoing</c><01:36:40.870><c> discussion</c><01:36:41.170><c> is</c><01:36:41.760><c> probably</c>

01:36:42.750 --> 01:36:42.760 align:start position:0%
like an ongoing discussion is probably
 

01:36:42.760 --> 01:36:44.820 align:start position:0%
like an ongoing discussion is probably
like<01:36:42.970><c> finalized</c><01:36:43.480><c> because</c><01:36:43.960><c> the</c><01:36:44.230><c> first</c><01:36:44.470><c> wave</c><01:36:44.800><c> of</c>

01:36:44.820 --> 01:36:44.830 align:start position:0%
like finalized because the first wave of
 

01:36:44.830 --> 01:36:47.190 align:start position:0%
like finalized because the first wave of
grants<01:36:45.340><c> so</c><01:36:45.760><c> Francis</c><01:36:46.180><c> a</c><01:36:46.300><c> quick</c><01:36:46.480><c> front</c><01:36:46.690><c> in</c>

01:36:47.190 --> 01:36:47.200 align:start position:0%
grants so Francis a quick front in
 

01:36:47.200 --> 01:36:49.200 align:start position:0%
grants so Francis a quick front in
basically<01:36:47.770><c> package</c><01:36:48.130><c> like</c><01:36:48.400><c> event</c><01:36:48.820><c> occurring</c>

01:36:49.200 --> 01:36:49.210 align:start position:0%
basically package like event occurring
 

01:36:49.210 --> 01:36:53.540 align:start position:0%
basically package like event occurring
an<01:36:50.020><c> MTS</c><01:36:50.470><c> for</c><01:36:50.970><c> taking</c><01:36:51.970><c> Monica</c><01:36:52.510><c> thing</c><01:36:52.720><c> and</c>

01:36:53.540 --> 01:36:53.550 align:start position:0%
an MTS for taking Monica thing and
 

01:36:53.550 --> 01:36:56.460 align:start position:0%
an MTS for taking Monica thing and
basically<01:36:54.720><c> they're</c><01:36:55.720><c> like</c><01:36:56.080><c> starting</c><01:36:56.440><c> to</c>

01:36:56.460 --> 01:36:56.470 align:start position:0%
basically they're like starting to
 

01:36:56.470 --> 01:36:58.560 align:start position:0%
basically they're like starting to
incorporate<01:36:56.740><c> and</c><01:36:57.190><c> so</c><01:36:57.550><c> maybe</c><01:36:57.910><c> we're</c><01:36:58.090><c> gonna</c><01:36:58.330><c> do</c>

01:36:58.560 --> 01:36:58.570 align:start position:0%
incorporate and so maybe we're gonna do
 

01:36:58.570 --> 01:37:02.580 align:start position:0%
incorporate and so maybe we're gonna do
another<01:36:59.380><c> tau</c><01:36:59.770><c> structure</c><01:37:00.810><c> to</c><01:37:01.810><c> kind</c><01:37:02.140><c> of</c><01:37:02.200><c> get</c>

01:37:02.580 --> 01:37:02.590 align:start position:0%
another tau structure to kind of get
 

01:37:02.590 --> 01:37:04.650 align:start position:0%
another tau structure to kind of get
maybe<01:37:03.040><c> system</c><01:37:03.550><c> and</c><01:37:03.640><c> investors</c><01:37:04.030><c> or</c><01:37:04.390><c> other</c>

01:37:04.650 --> 01:37:04.660 align:start position:0%
maybe system and investors or other
 

01:37:04.660 --> 01:37:06.480 align:start position:0%
maybe system and investors or other
support<01:37:05.200><c> so</c><01:37:05.440><c> anyways</c><01:37:06.070><c> like</c><01:37:06.220><c> recording</c>

01:37:06.480 --> 01:37:06.490 align:start position:0%
support so anyways like recording
 

01:37:06.490 --> 01:37:08.130 align:start position:0%
support so anyways like recording
business<01:37:06.640><c> follows</c><01:37:07.120><c> is</c><01:37:07.570><c> different</c><01:37:08.050><c> from</c>

01:37:08.130 --> 01:37:08.140 align:start position:0%
business follows is different from
 

01:37:08.140 --> 01:37:11.520 align:start position:0%
business follows is different from
Moloch<01:37:09.070><c> which</c><01:37:09.220><c> is</c><01:37:09.340><c> to</c><01:37:09.460><c> like</c><01:37:09.640><c> a</c><01:37:09.820><c> charity</c><01:37:10.410><c> and</c><01:37:11.410><c> we</c>

01:37:11.520 --> 01:37:11.530 align:start position:0%
Moloch which is to like a charity and we
 

01:37:11.530 --> 01:37:13.650 align:start position:0%
Moloch which is to like a charity and we
might<01:37:11.710><c> switch</c><01:37:11.920><c> to</c><01:37:12.100><c> for-profit</c><01:37:12.450><c> there</c><01:37:13.450><c> so</c><01:37:13.570><c> he</c>

01:37:13.650 --> 01:37:13.660 align:start position:0%
might switch to for-profit there so he
 

01:37:13.660 --> 01:37:15.810 align:start position:0%
might switch to for-profit there so he
elicited<01:37:13.840><c> cyclic</c><01:37:14.650><c> for</c><01:37:14.920><c> the</c><01:37:15.400><c> application</c>

01:37:15.810 --> 01:37:15.820 align:start position:0%
elicited cyclic for the application
 

01:37:15.820 --> 01:37:18.020 align:start position:0%
elicited cyclic for the application
layer

01:37:18.020 --> 01:37:18.030 align:start position:0%
 
 

01:37:18.030 --> 01:37:22.670 align:start position:0%
 
Super<01:37:18.630><c> Bowl</c><01:37:18.720><c> and</c><01:37:19.080><c> like</c><01:37:19.440><c> now</c><01:37:20.060><c> great</c><01:37:21.650><c> segue</c><01:37:22.650><c> into</c>

01:37:22.670 --> 01:37:22.680 align:start position:0%
Super Bowl and like now great segue into
 

01:37:22.680 --> 01:37:24.590 align:start position:0%
Super Bowl and like now great segue into
the<01:37:22.920><c> next</c><01:37:22.950><c> topic</c><01:37:23.250><c> as</c><01:37:23.400><c> well</c><01:37:23.550><c> but</c><01:37:23.640><c> like</c><01:37:23.790><c> we're</c>

01:37:24.590 --> 01:37:24.600 align:start position:0%
the next topic as well but like we're
 

01:37:24.600 --> 01:37:26.480 align:start position:0%
the next topic as well but like we're
seeing<01:37:24.810><c> like</c><01:37:25.200><c> a</c><01:37:25.380><c> lot</c><01:37:25.680><c> of</c><01:37:25.770><c> expectation</c><01:37:26.370><c> and</c>

01:37:26.480 --> 01:37:26.490 align:start position:0%
seeing like a lot of expectation and
 

01:37:26.490 --> 01:37:28.010 align:start position:0%
seeing like a lot of expectation and
people<01:37:26.790><c> actually</c><01:37:26.850><c> moving</c><01:37:27.210><c> for</c><01:37:27.450><c> nonprofit</c>

01:37:28.010 --> 01:37:28.020 align:start position:0%
people actually moving for nonprofit
 

01:37:28.020 --> 01:37:29.540 align:start position:0%
people actually moving for nonprofit
balls<01:37:28.170><c> again</c><01:37:28.440><c> into</c><01:37:28.650><c> for-profit</c><01:37:29.130><c> models</c><01:37:29.430><c> which</c>

01:37:29.540 --> 01:37:29.550 align:start position:0%
balls again into for-profit models which
 

01:37:29.550 --> 01:37:33.500 align:start position:0%
balls again into for-profit models which
is<01:37:29.580><c> being</c><01:37:29.850><c> quality</c><01:37:30.510><c> good</c><01:37:30.720><c> so</c><01:37:31.680><c> I</c><01:37:31.710><c> think</c><01:37:32.010><c> I</c><01:37:32.510><c> think</c>

01:37:33.500 --> 01:37:33.510 align:start position:0%
is being quality good so I think I think
 

01:37:33.510 --> 01:37:35.150 align:start position:0%
is being quality good so I think I think
what<01:37:33.900><c> we'll</c><01:37:34.020><c> see</c><01:37:34.050><c> over</c><01:37:34.350><c> the</c><01:37:34.440><c> next</c><01:37:34.470><c> six</c><01:37:34.980><c> months</c>

01:37:35.150 --> 01:37:35.160 align:start position:0%
what we'll see over the next six months
 

01:37:35.160 --> 01:37:36.410 align:start position:0%
what we'll see over the next six months
in<01:37:35.430><c> here</c><01:37:35.580><c> as</c><01:37:35.670><c> well</c><01:37:35.820><c> is</c><01:37:36.060><c> like</c><01:37:36.150><c> the</c>

01:37:36.410 --> 01:37:36.420 align:start position:0%
in here as well is like the
 

01:37:36.420 --> 01:37:38.990 align:start position:0%
in here as well is like the
reinvigoration<01:37:37.200><c> of</c><01:37:37.370><c> models</c><01:37:38.370><c> like</c><01:37:38.610><c> what</c><01:37:38.880><c> the</c>

01:37:38.990 --> 01:37:39.000 align:start position:0%
reinvigoration of models like what the
 

01:37:39.000 --> 01:37:41.420 align:start position:0%
reinvigoration of models like what the
dow<01:37:39.180><c> were</c><01:37:39.480><c> originally</c><01:37:39.900><c> trying</c><01:37:40.110><c> to</c><01:37:40.200><c> do</c><01:37:40.370><c> and</c><01:37:41.370><c> I</c>

01:37:41.420 --> 01:37:41.430 align:start position:0%
dow were originally trying to do and I
 

01:37:41.430 --> 01:37:43.250 align:start position:0%
dow were originally trying to do and I
can't<01:37:41.730><c> wait</c><01:37:41.940><c> for</c><01:37:41.970><c> like</c><01:37:42.360><c> a</c><01:37:42.450><c> VC</c><01:37:42.810><c> to</c><01:37:42.960><c> actually</c>

01:37:43.250 --> 01:37:43.260 align:start position:0%
can't wait for like a VC to actually
 

01:37:43.260 --> 01:37:44.750 align:start position:0%
can't wait for like a VC to actually
whether<01:37:43.620><c> we'll</c><01:37:43.860><c> be</c><01:37:43.980><c> seen</c><01:37:44.130><c> come</c><01:37:44.340><c> along</c><01:37:44.520><c> with</c><01:37:44.640><c> it</c>

01:37:44.750 --> 01:37:44.760 align:start position:0%
whether we'll be seen come along with it
 

01:37:44.760 --> 01:37:45.350 align:start position:0%
whether we'll be seen come along with it
but<01:37:44.970><c> actually</c>

01:37:45.350 --> 01:37:45.360 align:start position:0%
but actually
 

01:37:45.360 --> 01:37:47.570 align:start position:0%
but actually
let's<01:37:45.900><c> allocate</c><01:37:46.380><c> capital</c><01:37:46.530><c> into</c><01:37:47.040><c> the</c><01:37:47.070><c> sub</c><01:37:47.400><c> now</c>

01:37:47.570 --> 01:37:47.580 align:start position:0%
let's allocate capital into the sub now
 

01:37:47.580 --> 01:37:48.950 align:start position:0%
let's allocate capital into the sub now
that<01:37:47.820><c> will</c><01:37:47.940><c> then</c><01:37:48.030><c> invest</c><01:37:48.390><c> into</c><01:37:48.570><c> like</c><01:37:48.780><c> these</c>

01:37:48.950 --> 01:37:48.960 align:start position:0%
that will then invest into like these
 

01:37:48.960 --> 01:37:51.770 align:start position:0%
that will then invest into like these
these<01:37:49.500><c> set</c><01:37:49.710><c> of</c><01:37:49.800><c> projects</c><01:37:50.450><c> which</c><01:37:51.450><c> is</c><01:37:51.570><c> going</c><01:37:51.720><c> to</c>

01:37:51.770 --> 01:37:51.780 align:start position:0%
these set of projects which is going to
 

01:37:51.780 --> 01:37:54.530 align:start position:0%
these set of projects which is going to
be<01:37:51.840><c> really</c><01:37:52.080><c> yeah</c><01:37:52.680><c> exactly</c><01:37:53.520><c> actually</c><01:37:54.330><c> also</c>

01:37:54.530 --> 01:37:54.540 align:start position:0%
be really yeah exactly actually also
 

01:37:54.540 --> 01:37:57.080 align:start position:0%
be really yeah exactly actually also
playing<01:37:55.530><c> twister</c><01:37:55.950><c> is</c><01:37:56.250><c> cohort-based</c>

01:37:57.080 --> 01:37:57.090 align:start position:0%
playing twister is cohort-based
 

01:37:57.090 --> 01:37:59.960 align:start position:0%
playing twister is cohort-based
funding<01:37:57.450><c> so</c><01:37:58.050><c> kind</c><01:37:58.260><c> of</c><01:37:58.320><c> like</c><01:37:58.670><c> going</c><01:37:59.670><c> towards</c>

01:37:59.960 --> 01:37:59.970 align:start position:0%
funding so kind of like going towards
 

01:37:59.970 --> 01:38:02.150 align:start position:0%
funding so kind of like going towards
like<01:38:00.120><c> a</c><01:38:00.150><c> mini</c><01:38:00.630><c> white</c><01:38:01.050><c> linen</c><01:38:01.440><c> or</c><01:38:01.590><c> kind</c><01:38:01.890><c> of</c><01:38:01.950><c> thing</c>

01:38:02.150 --> 01:38:02.160 align:start position:0%
like a mini white linen or kind of thing
 

01:38:02.160 --> 01:38:07.280 align:start position:0%
like a mini white linen or kind of thing
about<01:38:02.490><c> coming</c><01:38:03.000><c> next</c><01:38:03.150><c> year</c><01:38:03.800><c> possibly</c><01:38:04.800><c> I</c><01:38:06.290><c> think</c>

01:38:07.280 --> 01:38:07.290 align:start position:0%
about coming next year possibly I think
 

01:38:07.290 --> 01:38:08.810 align:start position:0%
about coming next year possibly I think
there's<01:38:07.620><c> been</c><01:38:07.770><c> some</c><01:38:07.800><c> really</c><01:38:08.220><c> really</c><01:38:08.550><c> great</c>

01:38:08.810 --> 01:38:08.820 align:start position:0%
there's been some really really great
 

01:38:08.820 --> 01:38:10.850 align:start position:0%
there's been some really really great
experiments<01:38:09.480><c> so</c><01:38:09.630><c> far</c><01:38:09.900><c> with</c><01:38:10.080><c> doubts</c><01:38:10.320><c> but</c><01:38:10.770><c> I</c>

01:38:10.850 --> 01:38:10.860 align:start position:0%
experiments so far with doubts but I
 

01:38:10.860 --> 01:38:11.930 align:start position:0%
experiments so far with doubts but I
think<01:38:11.070><c> we're</c><01:38:11.220><c> still</c><01:38:11.430><c> in</c><01:38:11.490><c> the</c><01:38:11.700><c> very</c><01:38:11.850><c> early</c>

01:38:11.930 --> 01:38:11.940 align:start position:0%
think we're still in the very early
 

01:38:11.940 --> 01:38:14.060 align:start position:0%
think we're still in the very early
stages<01:38:12.540><c> of</c><01:38:12.720><c> this</c><01:38:12.960><c> experimentation</c><01:38:13.620><c> as</c><01:38:13.920><c> you</c>

01:38:14.060 --> 01:38:14.070 align:start position:0%
stages of this experimentation as you
 

01:38:14.070 --> 01:38:16.670 align:start position:0%
stages of this experimentation as you
pointed<01:38:14.760><c> out</c><01:38:14.880><c> I</c><01:38:15.270><c> think</c><01:38:15.590><c> centralization</c><01:38:16.590><c> of</c>

01:38:16.670 --> 01:38:16.680 align:start position:0%
pointed out I think centralization of
 

01:38:16.680 --> 01:38:19.340 align:start position:0%
pointed out I think centralization of
decentralization<01:38:17.460><c> is</c><01:38:17.940><c> still</c><01:38:18.150><c> a</c><01:38:18.180><c> spectrum</c><01:38:18.660><c> you</c>

01:38:19.340 --> 01:38:19.350 align:start position:0%
decentralization is still a spectrum you
 

01:38:19.350 --> 01:38:21.530 align:start position:0%
decentralization is still a spectrum you
know<01:38:19.680><c> you</c><01:38:19.950><c> can</c><01:38:20.100><c> have</c><01:38:20.280><c> without</c><01:38:20.730><c> being</c><01:38:21.180><c> more</c>

01:38:21.530 --> 01:38:21.540 align:start position:0%
know you can have without being more
 

01:38:21.540 --> 01:38:23.990 align:start position:0%
know you can have without being more
decentralized<01:38:21.900><c> but</c><01:38:22.620><c> also</c><01:38:23.160><c> here</c><01:38:23.520><c> than</c><01:38:23.790><c> me</c><01:38:23.910><c> and</c>

01:38:23.990 --> 01:38:24.000 align:start position:0%
decentralized but also here than me and
 

01:38:24.000 --> 01:38:25.040 align:start position:0%
decentralized but also here than me and
say<01:38:24.180><c> if</c><01:38:24.300><c> there's</c><01:38:24.480><c> something</c><01:38:24.780><c> you</c><01:38:24.930><c> know</c><01:38:25.020><c> that</c>

01:38:25.040 --> 01:38:25.050 align:start position:0%
say if there's something you know that
 

01:38:25.050 --> 01:38:26.750 align:start position:0%
say if there's something you know that
might<01:38:25.320><c> you</c><01:38:25.500><c> know</c><01:38:25.590><c> he'll</c><01:38:25.800><c> make</c><01:38:26.250><c> a</c><01:38:26.280><c> couple</c><01:38:26.550><c> calls</c>

01:38:26.750 --> 01:38:26.760 align:start position:0%
might you know he'll make a couple calls
 

01:38:26.760 --> 01:38:28.460 align:start position:0%
might you know he'll make a couple calls
and<01:38:27.090><c> like</c><01:38:27.180><c> that's</c><01:38:27.360><c> not</c><01:38:27.510><c> gonna</c><01:38:27.660><c> pass</c><01:38:27.900><c> where</c><01:38:28.380><c> is</c>

01:38:28.460 --> 01:38:28.470 align:start position:0%
and like that's not gonna pass where is
 

01:38:28.470 --> 01:38:29.510 align:start position:0%
and like that's not gonna pass where is
Tommy

01:38:29.510 --> 01:38:29.520 align:start position:0%
Tommy
 

01:38:29.520 --> 01:38:34.410 align:start position:0%
Tommy
zatia<01:38:30.520><c> in</c><01:38:32.310><c> the</c><01:38:33.310><c> ending</c><01:38:33.940><c> how</c><01:38:34.030><c> they're</c><01:38:34.210><c> set</c><01:38:34.390><c> up</c>

01:38:34.410 --> 01:38:34.420 align:start position:0%
zatia in the ending how they're set up
 

01:38:34.420 --> 01:38:36.360 align:start position:0%
zatia in the ending how they're set up
so<01:38:34.660><c> there</c><01:38:34.840><c> are</c><01:38:34.900><c> certain</c><01:38:35.320><c> aspects</c><01:38:35.740><c> of</c><01:38:35.890><c> Dallas</c>

01:38:36.360 --> 01:38:36.370 align:start position:0%
so there are certain aspects of Dallas
 

01:38:36.370 --> 01:38:41.040 align:start position:0%
so there are certain aspects of Dallas
where<01:38:37.110><c> governance</c><01:38:38.110><c> is</c><01:38:38.320><c> one</c><01:38:38.800><c> question</c><01:38:39.310><c> of</c><01:38:40.050><c> how</c>

01:38:41.040 --> 01:38:41.050 align:start position:0%
where governance is one question of how
 

01:38:41.050 --> 01:38:43.050 align:start position:0%
where governance is one question of how
do<01:38:41.110><c> we</c><01:38:41.260><c> make</c><01:38:41.560><c> decisions</c><01:38:41.590><c> so</c><01:38:42.430><c> that</c><01:38:42.460><c> you</c><01:38:42.940><c> know</c>

01:38:43.050 --> 01:38:43.060 align:start position:0%
do we make decisions so that you know
 

01:38:43.060 --> 01:38:44.340 align:start position:0%
do we make decisions so that you know
they're<01:38:43.240><c> they're</c><01:38:43.270><c> representative</c><01:38:44.110><c> of</c><01:38:44.200><c> the</c>

01:38:44.340 --> 01:38:44.350 align:start position:0%
they're they're representative of the
 

01:38:44.350 --> 01:38:46.890 align:start position:0%
they're they're representative of the
group<01:38:44.560><c> how</c><01:38:45.400><c> do</c><01:38:45.460><c> we</c><01:38:45.640><c> address</c><01:38:46.000><c> on</c><01:38:46.330><c> chain</c><01:38:46.600><c> voting</c>

01:38:46.890 --> 01:38:46.900 align:start position:0%
group how do we address on chain voting
 

01:38:46.900 --> 01:38:48.870 align:start position:0%
group how do we address on chain voting
issues<01:38:47.200><c> with</c><01:38:47.470><c> people</c><01:38:47.740><c> who</c><01:38:48.100><c> are</c><01:38:48.370><c> not</c><01:38:48.520><c> voting</c>

01:38:48.870 --> 01:38:48.880 align:start position:0%
issues with people who are not voting
 

01:38:48.880 --> 01:38:51.150 align:start position:0%
issues with people who are not voting
and<01:38:49.660><c> is</c><01:38:50.110><c> that</c><01:38:50.320><c> really</c><01:38:50.650><c> a</c><01:38:50.680><c> representative</c>

01:38:51.150 --> 01:38:51.160 align:start position:0%
and is that really a representative
 

01:38:51.160 --> 01:38:53.640 align:start position:0%
and is that really a representative
decision<01:38:51.700><c> or</c><01:38:51.970><c> these</c><01:38:52.600><c> stakeholders</c><01:38:53.200><c> actually</c>

01:38:53.640 --> 01:38:53.650 align:start position:0%
decision or these stakeholders actually
 

01:38:53.650 --> 01:38:54.990 align:start position:0%
decision or these stakeholders actually
checked<01:38:53.920><c> out</c><01:38:54.130><c> and</c><01:38:54.400><c> not</c><01:38:54.520><c> really</c><01:38:54.790><c> paying</c>

01:38:54.990 --> 01:38:55.000 align:start position:0%
checked out and not really paying
 

01:38:55.000 --> 01:38:58.200 align:start position:0%
checked out and not really paying
attention<01:38:55.570><c> to</c><01:38:56.440><c> these</c><01:38:56.530><c> voting</c><01:38:56.800><c> systems</c><01:38:57.340><c> also</c>

01:38:58.200 --> 01:38:58.210 align:start position:0%
attention to these voting systems also
 

01:38:58.210 --> 01:39:00.860 align:start position:0%
attention to these voting systems also
long-term<01:38:58.510><c> sustainability</c><01:38:59.500><c> and</c><01:38:59.830><c> scalability</c>

01:39:00.860 --> 01:39:00.870 align:start position:0%
long-term sustainability and scalability
 

01:39:00.870 --> 01:39:03.150 align:start position:0%
long-term sustainability and scalability
all<01:39:01.870><c> ecumenical</c><01:39:02.500><c> tell</c><01:39:02.710><c> these</c><01:39:02.860><c> are</c><01:39:03.010><c> great</c>

01:39:03.150 --> 01:39:03.160 align:start position:0%
all ecumenical tell these are great
 

01:39:03.160 --> 01:39:05.870 align:start position:0%
all ecumenical tell these are great
examples<01:39:03.310><c> but</c><01:39:03.850><c> they're</c><01:39:04.030><c> still</c><01:39:04.800><c> deflating</c>

01:39:05.870 --> 01:39:05.880 align:start position:0%
examples but they're still deflating
 

01:39:05.880 --> 01:39:09.570 align:start position:0%
examples but they're still deflating
continuously<01:39:06.880><c> deflating</c><01:39:07.420><c> the</c><01:39:08.280><c> state</c><01:39:09.280><c> of</c>

01:39:09.570 --> 01:39:09.580 align:start position:0%
continuously deflating the state of
 

01:39:09.580 --> 01:39:11.670 align:start position:0%
continuously deflating the state of
everyone<01:39:10.120><c> involved</c><01:39:10.390><c> so</c><01:39:11.020><c> if</c><01:39:11.140><c> you</c><01:39:11.260><c> carry</c><01:39:11.530><c> this</c>

01:39:11.670 --> 01:39:11.680 align:start position:0%
everyone involved so if you carry this
 

01:39:11.680 --> 01:39:14.010 align:start position:0%
everyone involved so if you carry this
up<01:39:11.890><c> to</c><01:39:12.010><c> its</c><01:39:12.160><c> logical</c><01:39:12.340><c> conclusion</c><01:39:12.630><c> once</c><01:39:13.630><c> maulik</c>

01:39:14.010 --> 01:39:14.020 align:start position:0%
up to its logical conclusion once maulik
 

01:39:14.020 --> 01:39:16.050 align:start position:0%
up to its logical conclusion once maulik
has<01:39:14.200><c> spent</c><01:39:14.440><c> all</c><01:39:14.620><c> this</c><01:39:14.740><c> money</c><01:39:14.800><c> the</c><01:39:15.460><c> next</c><01:39:15.610><c> person</c>

01:39:16.050 --> 01:39:16.060 align:start position:0%
has spent all this money the next person
 

01:39:16.060 --> 01:39:17.910 align:start position:0%
has spent all this money the next person
to<01:39:16.090><c> come</c><01:39:16.150><c> in</c><01:39:16.450><c> puts</c><01:39:16.750><c> in</c><01:39:16.840><c> 100</c><01:39:17.170><c> E</c><01:39:17.260><c> and</c><01:39:17.470><c> they</c>

01:39:17.910 --> 01:39:17.920 align:start position:0%
to come in puts in 100 E and they
 

01:39:17.920 --> 01:39:19.710 align:start position:0%
to come in puts in 100 E and they
suddenly<01:39:18.130><c> have</c><01:39:18.400><c> a</c><01:39:18.430><c> very</c><01:39:18.700><c> small</c><01:39:19.090><c> proportion</c><01:39:19.330><c> of</c>

01:39:19.710 --> 01:39:19.720 align:start position:0%
suddenly have a very small proportion of
 

01:39:19.720 --> 01:39:21.630 align:start position:0%
suddenly have a very small proportion of
governance<01:39:20.170><c> over</c><01:39:20.350><c> their</c><01:39:20.680><c> money</c><01:39:20.950><c> and</c>

01:39:21.630 --> 01:39:21.640 align:start position:0%
governance over their money and
 

01:39:21.640 --> 01:39:23.460 align:start position:0%
governance over their money and
meanwhile<01:39:22.270><c> everyone</c><01:39:22.720><c> who</c><01:39:22.840><c> is</c><01:39:22.960><c> in</c><01:39:23.110><c> moment</c>

01:39:23.460 --> 01:39:23.470 align:start position:0%
meanwhile everyone who is in moment
 

01:39:23.470 --> 01:39:25.410 align:start position:0%
meanwhile everyone who is in moment
before<01:39:23.620><c> who</c><01:39:24.070><c> spent</c><01:39:24.340><c> all</c><01:39:24.580><c> of</c><01:39:24.640><c> all</c><01:39:24.910><c> its</c><01:39:25.060><c> old</c>

01:39:25.410 --> 01:39:25.420 align:start position:0%
before who spent all of all its old
 

01:39:25.420 --> 01:39:28.230 align:start position:0%
before who spent all of all its old
money<01:39:25.720><c> now</c><01:39:26.530><c> has</c><01:39:26.830><c> an</c><01:39:27.100><c> equal</c><01:39:27.370><c> say</c><01:39:27.580><c> over</c><01:39:27.970><c> the</c><01:39:28.090><c> new</c>

01:39:28.230 --> 01:39:28.240 align:start position:0%
money now has an equal say over the new
 

01:39:28.240 --> 01:39:29.940 align:start position:0%
money now has an equal say over the new
money<01:39:28.450><c> coming</c><01:39:28.660><c> in</c><01:39:28.930><c> so</c><01:39:29.140><c> if</c><01:39:29.230><c> you</c><01:39:29.350><c> take</c><01:39:29.560><c> this</c><01:39:29.740><c> to</c>

01:39:29.940 --> 01:39:29.950 align:start position:0%
money coming in so if you take this to
 

01:39:29.950 --> 01:39:32.670 align:start position:0%
money coming in so if you take this to
the<01:39:30.070><c> long</c><01:39:30.280><c> term</c><01:39:30.580><c> it</c><01:39:31.480><c> still</c><01:39:31.840><c> has</c><01:39:32.050><c> a</c><01:39:32.080><c> question</c><01:39:32.350><c> of</c>

01:39:32.670 --> 01:39:32.680 align:start position:0%
the long term it still has a question of
 

01:39:32.680 --> 01:39:34.600 align:start position:0%
the long term it still has a question of
sustainability<01:39:32.890><c> and</c><01:39:33.580><c> scalability</c><01:39:33.820><c> of</c>

01:39:34.600 --> 01:39:34.610 align:start position:0%
sustainability and scalability of
 

01:39:34.610 --> 01:39:36.520 align:start position:0%
sustainability and scalability of
which<01:39:35.150><c> is</c><01:39:35.329><c> I</c><01:39:35.510><c> think</c><01:39:35.540><c> the</c><01:39:35.780><c> problem</c><01:39:36.199><c> that</c><01:39:36.230><c> we're</c>

01:39:36.520 --> 01:39:36.530 align:start position:0%
which is I think the problem that we're
 

01:39:36.530 --> 01:39:38.589 align:start position:0%
which is I think the problem that we're
here<01:39:36.829><c> to</c><01:39:36.949><c> discuss</c><01:39:37.309><c> is</c><01:39:38.119><c> they're</c><01:39:38.270><c> all</c><01:39:38.360><c> valid</c>

01:39:38.589 --> 01:39:38.599 align:start position:0%
here to discuss is they're all valid
 

01:39:38.599 --> 01:39:43.209 align:start position:0%
here to discuss is they're all valid
criticisms<01:39:39.230><c> but</c><01:39:39.409><c> I</c><01:39:41.619><c> think</c><01:39:42.619><c> one</c><01:39:42.829><c> thing</c><01:39:43.070><c> to</c>

01:39:43.209 --> 01:39:43.219 align:start position:0%
criticisms but I think one thing to
 

01:39:43.219 --> 01:39:44.620 align:start position:0%
criticisms but I think one thing to
remember<01:39:43.309><c> with</c><01:39:43.639><c> all</c><01:39:43.820><c> of</c><01:39:43.969><c> these</c><01:39:44.030><c> decentralized</c>

01:39:44.620 --> 01:39:44.630 align:start position:0%
remember with all of these decentralized
 

01:39:44.630 --> 01:39:46.810 align:start position:0%
remember with all of these decentralized
models<01:39:44.960><c> is</c><01:39:45.110><c> that</c><01:39:45.290><c> humans</c><01:39:46.190><c> and</c><01:39:46.400><c> human</c><01:39:46.730><c> nature</c>

01:39:46.810 --> 01:39:46.820 align:start position:0%
models is that humans and human nature
 

01:39:46.820 --> 01:39:49.209 align:start position:0%
models is that humans and human nature
naturally<01:39:47.510><c> tend</c><01:39:47.900><c> to</c><01:39:48.469><c> flock</c><01:39:48.710><c> or</c><01:39:49.010><c> look</c><01:39:49.190><c> for</c>

01:39:49.209 --> 01:39:49.219 align:start position:0%
naturally tend to flock or look for
 

01:39:49.219 --> 01:39:52.299 align:start position:0%
naturally tend to flock or look for
leadership<01:39:49.940><c> and</c><01:39:50.179><c> intend</c><01:39:51.079><c> to</c><01:39:51.230><c> look</c><01:39:51.949><c> for</c>

01:39:52.299 --> 01:39:52.309 align:start position:0%
leadership and intend to look for
 

01:39:52.309 --> 01:39:54.609 align:start position:0%
leadership and intend to look for
leaders<01:39:52.730><c> even</c><01:39:53.480><c> in</c><01:39:53.719><c> the</c><01:39:53.809><c> sense</c><01:39:54.050><c> that</c><01:39:54.110><c> systems</c>

01:39:54.609 --> 01:39:54.619 align:start position:0%
leaders even in the sense that systems
 

01:39:54.619 --> 01:39:57.310 align:start position:0%
leaders even in the sense that systems
and<01:39:55.130><c> so</c><01:39:55.429><c> you</c><01:39:56.179><c> can</c><01:39:56.300><c> see</c><01:39:56.449><c> what</c><01:39:56.570><c> you</c><01:39:56.719><c> want</c><01:39:56.750><c> but</c>

01:39:57.310 --> 01:39:57.320 align:start position:0%
and so you can see what you want but
 

01:39:57.320 --> 01:39:59.169 align:start position:0%
and so you can see what you want but
like<01:39:57.530><c> I</c><01:39:57.739><c> mean</c><01:39:58.070><c> kind</c><01:39:58.550><c> of</c><01:39:58.670><c> an</c><01:39:58.820><c> eerie</c><01:39:58.969><c> electronic</c>

01:39:59.169 --> 01:39:59.179 align:start position:0%
like I mean kind of an eerie electronic
 

01:39:59.179 --> 01:40:00.790 align:start position:0%
like I mean kind of an eerie electronic
table<01:39:59.840><c> let's</c><01:39:59.989><c> say</c><01:40:00.079><c> that</c><01:40:00.349><c> there's</c><01:40:00.619><c> a</c><01:40:00.650><c> lot</c><01:40:00.770><c> of</c>

01:40:00.790 --> 01:40:00.800 align:start position:0%
table let's say that there's a lot of
 

01:40:00.800 --> 01:40:02.740 align:start position:0%
table let's say that there's a lot of
things<01:40:01.040><c> that's</c><01:40:01.250><c> wanted</c><01:40:01.610><c> that</c><01:40:01.849><c> didn't</c><01:40:02.389><c> happen</c>

01:40:02.740 --> 01:40:02.750 align:start position:0%
things that's wanted that didn't happen
 

01:40:02.750 --> 01:40:05.919 align:start position:0%
things that's wanted that didn't happen
and<01:40:03.739><c> also</c><01:40:04.070><c> just</c><01:40:04.520><c> to</c><01:40:04.639><c> be</c><01:40:04.849><c> clear</c><01:40:05.059><c> right</c><01:40:05.449><c> and</c><01:40:05.690><c> like</c>

01:40:05.919 --> 01:40:05.929 align:start position:0%
and also just to be clear right and like
 

01:40:05.929 --> 01:40:07.359 align:start position:0%
and also just to be clear right and like
there's<01:40:06.110><c> a</c><01:40:06.170><c> couple</c><01:40:06.320><c> things</c><01:40:06.559><c> where</c><01:40:06.800><c> like</c><01:40:06.980><c> I</c><01:40:07.159><c> had</c>

01:40:07.359 --> 01:40:07.369 align:start position:0%
there's a couple things where like I had
 

01:40:07.369 --> 01:40:09.490 align:start position:0%
there's a couple things where like I had
to<01:40:07.579><c> bring</c><01:40:07.790><c> all</c><01:40:08.000><c> my</c><01:40:08.030><c> shares</c><01:40:08.630><c> to</c><01:40:08.960><c> bear</c><01:40:09.170><c> right</c>

01:40:09.490 --> 01:40:09.500 align:start position:0%
to bring all my shares to bear right
 

01:40:09.500 --> 01:40:11.109 align:start position:0%
to bring all my shares to bear right
like<01:40:09.739><c> there's</c><01:40:10.070><c> a</c><01:40:10.159><c> lot</c><01:40:10.429><c> of</c><01:40:10.520><c> people</c><01:40:10.730><c> who</c><01:40:10.790><c> didn't</c>

01:40:11.109 --> 01:40:11.119 align:start position:0%
like there's a lot of people who didn't
 

01:40:11.119 --> 01:40:12.700 align:start position:0%
like there's a lot of people who didn't
want<01:40:11.300><c> hang</c><01:40:11.570><c> down</c><01:40:11.809><c> to</c><01:40:11.989><c> get</c><01:40:12.139><c> funding</c><01:40:12.559><c> for</c>

01:40:12.700 --> 01:40:12.710 align:start position:0%
want hang down to get funding for
 

01:40:12.710 --> 01:40:14.830 align:start position:0%
want hang down to get funding for
bowling<01:40:13.070><c> and</c><01:40:13.309><c> I</c><01:40:13.460><c> really</c><01:40:14.000><c> wanted</c><01:40:14.360><c> gang</c><01:40:14.599><c> now</c>

01:40:14.830 --> 01:40:14.840 align:start position:0%
bowling and I really wanted gang now
 

01:40:14.840 --> 01:40:16.510 align:start position:0%
bowling and I really wanted gang now
it's<01:40:15.050><c> very</c><01:40:15.230><c> metabolic</c><01:40:15.980><c> so</c><01:40:16.130><c> I</c><01:40:16.190><c> voted</c><01:40:16.489><c> with</c>

01:40:16.510 --> 01:40:16.520 align:start position:0%
it's very metabolic so I voted with
 

01:40:16.520 --> 01:40:19.899 align:start position:0%
it's very metabolic so I voted with
every<01:40:17.000><c> single</c><01:40:17.360><c> one</c><01:40:17.480><c> of</c><01:40:17.540><c> my</c><01:40:17.889><c> 601</c><01:40:18.889><c> shares</c><01:40:19.309><c> to</c>

01:40:19.899 --> 01:40:19.909 align:start position:0%
every single one of my 601 shares to
 

01:40:19.909 --> 01:40:22.120 align:start position:0%
every single one of my 601 shares to
make<01:40:20.090><c> sure</c><01:40:20.329><c> you</c><01:40:20.449><c> get</c><01:40:21.230><c> one</c><01:40:21.380><c> sumner</c><01:40:21.679><c> share</c><01:40:21.889><c> at</c><01:40:22.099><c> a</c>

01:40:22.120 --> 01:40:22.130 align:start position:0%
make sure you get one sumner share at a
 

01:40:22.130 --> 01:40:24.520 align:start position:0%
make sure you get one sumner share at a
hundred<01:40:22.340><c> personally</c><01:40:22.730><c> to</c><01:40:23.360><c> make</c><01:40:23.719><c> sure</c><01:40:23.869><c> that</c><01:40:24.050><c> an</c>

01:40:24.520 --> 01:40:24.530 align:start position:0%
hundred personally to make sure that an
 

01:40:24.530 --> 01:40:26.229 align:start position:0%
hundred personally to make sure that an
egg<01:40:24.710><c> now</c><01:40:24.889><c> went</c><01:40:25.219><c> through</c><01:40:25.460><c> and</c><01:40:25.670><c> some</c><01:40:25.969><c> people</c>

01:40:26.229 --> 01:40:26.239 align:start position:0%
egg now went through and some people
 

01:40:26.239 --> 01:40:28.510 align:start position:0%
egg now went through and some people
were<01:40:26.420><c> like</c><01:40:26.449><c> it's</c><01:40:27.199><c> so</c><01:40:27.530><c> upset</c><01:40:27.920><c> about</c><01:40:28.040><c> that</c><01:40:28.309><c> but</c>

01:40:28.510 --> 01:40:28.520 align:start position:0%
were like it's so upset about that but
 

01:40:28.520 --> 01:40:30.879 align:start position:0%
were like it's so upset about that but
they<01:40:28.699><c> almost</c><01:40:28.969><c> rage</c><01:40:29.449><c> quit</c><01:40:29.780><c> and</c><01:40:30.590><c> took</c><01:40:30.739><c> their</c>

01:40:30.879 --> 01:40:30.889 align:start position:0%
they almost rage quit and took their
 

01:40:30.889 --> 01:40:33.160 align:start position:0%
they almost rage quit and took their
money<01:40:31.010><c> and</c><01:40:31.309><c> went</c><01:40:31.520><c> home</c><01:40:31.670><c> but</c><01:40:32.270><c> then</c><01:40:32.480><c> you</c><01:40:33.050><c> know</c>

01:40:33.160 --> 01:40:33.170 align:start position:0%
money and went home but then you know
 

01:40:33.170 --> 01:40:35.680 align:start position:0%
money and went home but then you know
they<01:40:33.409><c> decided</c><01:40:34.040><c> not</c><01:40:34.159><c> to</c><01:40:34.360><c> and</c><01:40:35.360><c> that's</c>

01:40:35.680 --> 01:40:35.690 align:start position:0%
they decided not to and that's
 

01:40:35.690 --> 01:40:37.120 align:start position:0%
they decided not to and that's
interesting<01:40:36.020><c> because</c><01:40:36.320><c> they</c><01:40:36.679><c> have</c><01:40:36.920><c> that</c>

01:40:37.120 --> 01:40:37.130 align:start position:0%
interesting because they have that
 

01:40:37.130 --> 01:40:40.180 align:start position:0%
interesting because they have that
option<01:40:37.460><c> right</c><01:40:38.420><c> and</c><01:40:38.659><c> so</c><01:40:39.079><c> you</c><01:40:39.139><c> can</c><01:40:39.440><c> say</c><01:40:39.650><c> maybe</c><01:40:40.040><c> I</c>

01:40:40.180 --> 01:40:40.190 align:start position:0%
option right and so you can say maybe I
 

01:40:40.190 --> 01:40:42.280 align:start position:0%
option right and so you can say maybe I
anticipated<01:40:41.090><c> that</c><01:40:41.239><c> it</c><01:40:41.690><c> would</c><01:40:41.750><c> piss</c><01:40:42.110><c> people</c>

01:40:42.280 --> 01:40:42.290 align:start position:0%
anticipated that it would piss people
 

01:40:42.290 --> 01:40:48.070 align:start position:0%
anticipated that it would piss people
off<01:40:42.590><c> just</c><01:40:42.860><c> enough</c><01:40:43.630><c> that</c><01:40:44.630><c> they</c><01:40:44.809><c> wouldn't</c><01:40:45.290><c> leave</c>

01:40:48.070 --> 01:40:48.080 align:start position:0%
 
 

01:40:48.080 --> 01:40:50.170 align:start position:0%
 
but<01:40:48.440><c> that's</c><01:40:48.770><c> you</c><01:40:49.160><c> know</c><01:40:49.280><c> ended</c><01:40:49.670><c> up</c><01:40:49.730><c> and</c><01:40:49.910><c> I</c><01:40:49.940><c> think</c>

01:40:50.170 --> 01:40:50.180 align:start position:0%
but that's you know ended up and I think
 

01:40:50.180 --> 01:40:52.710 align:start position:0%
but that's you know ended up and I think
actually<01:40:50.390><c> most</c><01:40:50.780><c> of</c><01:40:50.960><c> the</c><01:40:51.020><c> members</c><01:40:51.350><c> are</c><01:40:51.650><c> in</c>

01:40:52.710 --> 01:40:52.720 align:start position:0%
actually most of the members are in
 

01:40:52.720 --> 01:40:54.550 align:start position:0%
actually most of the members are in
retrospect<01:40:53.720><c> happy</c><01:40:54.200><c> with</c><01:40:54.320><c> that</c><01:40:54.410><c> decision</c>

01:40:54.550 --> 01:40:54.560 align:start position:0%
retrospect happy with that decision
 

01:40:54.560 --> 01:40:55.930 align:start position:0%
retrospect happy with that decision
because<01:40:54.950><c> the</c><01:40:55.160><c> people</c><01:40:55.310><c> who</c><01:40:55.550><c> try</c><01:40:55.730><c> and</c><01:40:55.760><c> have</c>

01:40:55.930 --> 01:40:55.940 align:start position:0%
because the people who try and have
 

01:40:55.940 --> 01:40:57.790 align:start position:0%
because the people who try and have
people<01:40:56.120><c> who</c><01:40:56.390><c> like</c><01:40:56.840><c> Peter</c><01:40:57.140><c> Pan</c><01:40:57.320><c> who</c><01:40:57.530><c> now</c><01:40:57.650><c> runs</c>

01:40:57.790 --> 01:40:57.800 align:start position:0%
people who like Peter Pan who now runs
 

01:40:57.800 --> 01:40:59.830 align:start position:0%
people who like Peter Pan who now runs
mana<01:40:58.370><c> cartel</c><01:40:58.730><c> who</c><01:40:58.820><c> was</c><01:40:58.940><c> doing</c><01:40:59.150><c> the</c>

01:40:59.830 --> 01:40:59.840 align:start position:0%
mana cartel who was doing the
 

01:40:59.840 --> 01:41:02.830 align:start position:0%
mana cartel who was doing the
coordination<01:41:00.500><c> for</c><01:41:00.620><c> Yangon</c><01:41:00.980><c> and</c><01:41:01.450><c> that</c><01:41:02.450><c> just</c><01:41:02.690><c> it</c>

01:41:02.830 --> 01:41:02.840 align:start position:0%
coordination for Yangon and that just it
 

01:41:02.840 --> 01:41:04.540 align:start position:0%
coordination for Yangon and that just it
was<01:41:02.960><c> the</c><01:41:03.260><c> young</c><01:41:03.560><c> us</c><01:41:03.740><c> to</c><01:41:03.950><c> use</c><01:41:04.100><c> the</c><01:41:04.250><c> same</c><01:41:04.400><c> code</c>

01:41:04.540 --> 01:41:04.550 align:start position:0%
was the young us to use the same code
 

01:41:04.550 --> 01:41:06.070 align:start position:0%
was the young us to use the same code
there<01:41:04.760><c> they're</c><01:41:05.150><c> actually</c><01:41:05.570><c> what</c><01:41:05.870><c> we</c><01:41:05.960><c> were</c>

01:41:06.070 --> 01:41:06.080 align:start position:0%
there they're actually what we were
 

01:41:06.080 --> 01:41:10.270 align:start position:0%
there they're actually what we were
funding<01:41:06.440><c> was</c><01:41:06.650><c> the</c><01:41:07.090><c> mobile</c><01:41:08.090><c> app</c><01:41:08.980><c> about</c><01:41:09.980><c> mobile</c>

01:41:10.270 --> 01:41:10.280 align:start position:0%
funding was the mobile app about mobile
 

01:41:10.280 --> 01:41:12.850 align:start position:0%
funding was the mobile app about mobile
UI<01:41:10.460><c> for</c><01:41:11.020><c> our</c><01:41:12.020><c> small</c><01:41:12.290><c> town</c><01:41:12.500><c> could</c><01:41:12.650><c> eventually</c>

01:41:12.850 --> 01:41:12.860 align:start position:0%
UI for our small town could eventually
 

01:41:12.860 --> 01:41:15.940 align:start position:0%
UI for our small town could eventually
use<01:41:13.040><c> also</c><01:41:13.550><c> right</c><01:41:14.420><c> and</c><01:41:15.050><c> he's</c><01:41:15.590><c> also</c><01:41:15.710><c> planning</c>

01:41:15.940 --> 01:41:15.950 align:start position:0%
use also right and he's also planning
 

01:41:15.950 --> 01:41:17.920 align:start position:0%
use also right and he's also planning
building<01:41:16.550><c> Dow</c><01:41:16.820><c> house</c><01:41:17.060><c> which</c><01:41:17.330><c> now</c><01:41:17.510><c> can</c><01:41:17.750><c> like</c>

01:41:17.920 --> 01:41:17.930 align:start position:0%
building Dow house which now can like
 

01:41:17.930 --> 01:41:19.450 align:start position:0%
building Dow house which now can like
you<01:41:18.110><c> can</c><01:41:18.170><c> spit</c><01:41:18.530><c> up</c><01:41:18.620><c> your</c><01:41:18.740><c> own</c><01:41:18.830><c> ball</c><01:41:18.980><c> of</c><01:41:19.100><c> talent</c>

01:41:19.450 --> 01:41:19.460 align:start position:0%
you can spit up your own ball of talent
 

01:41:19.460 --> 01:41:21.250 align:start position:0%
you can spit up your own ball of talent
and<01:41:19.610><c> see</c><01:41:19.910><c> all</c><01:41:20.000><c> the</c><01:41:20.270><c> dashboard</c><01:41:20.870><c> of</c><01:41:20.930><c> all</c><01:41:21.080><c> the</c>

01:41:21.250 --> 01:41:21.260 align:start position:0%
and see all the dashboard of all the
 

01:41:21.260 --> 01:41:24.670 align:start position:0%
and see all the dashboard of all the
motels<01:41:21.650><c> I</c><01:41:22.720><c> think</c><01:41:23.720><c> that's</c><01:41:23.870><c> maybe</c><01:41:24.050><c> one</c><01:41:24.290><c> aspect</c>

01:41:24.670 --> 01:41:24.680 align:start position:0%
motels I think that's maybe one aspect
 

01:41:24.680 --> 01:41:26.920 align:start position:0%
motels I think that's maybe one aspect
of<01:41:24.830><c> dowels</c><01:41:25.100><c> that</c><01:41:25.490><c> in</c><01:41:25.700><c> this</c><01:41:25.910><c> large</c><01:41:26.510><c> chain</c><01:41:26.690><c> space</c>

01:41:26.920 --> 01:41:26.930 align:start position:0%
of dowels that in this large chain space
 

01:41:26.930 --> 01:41:28.720 align:start position:0%
of dowels that in this large chain space
where<01:41:27.170><c> there's</c><01:41:27.470><c> a</c><01:41:27.530><c> large</c><01:41:27.830><c> ethos</c><01:41:28.190><c> of</c><01:41:28.340><c> code</c><01:41:28.580><c> is</c>

01:41:28.720 --> 01:41:28.730 align:start position:0%
where there's a large ethos of code is
 

01:41:28.730 --> 01:41:30.640 align:start position:0%
where there's a large ethos of code is
law<01:41:28.940><c> we</c><01:41:29.600><c> often</c><01:41:29.960><c> forget</c><01:41:30.110><c> that</c><01:41:30.410><c> there's</c><01:41:30.590><c> a</c>

01:41:30.640 --> 01:41:30.650 align:start position:0%
law we often forget that there's a
 

01:41:30.650 --> 01:41:32.350 align:start position:0%
law we often forget that there's a
cultural<01:41:31.070><c> aspect</c><01:41:31.340><c> to</c><01:41:31.580><c> these</c><01:41:31.670><c> as</c><01:41:31.910><c> well</c><01:41:32.090><c> and</c>

01:41:32.350 --> 01:41:32.360 align:start position:0%
cultural aspect to these as well and
 

01:41:32.360 --> 01:41:36.160 align:start position:0%
cultural aspect to these as well and
having<01:41:32.560><c> mean</c><01:41:33.560><c> as</c><01:41:33.740><c> the</c><01:41:33.890><c> steward</c><01:41:34.280><c> of</c><01:41:34.430><c> Moloch</c><01:41:35.170><c> and</c>

01:41:36.160 --> 01:41:36.170 align:start position:0%
having mean as the steward of Moloch and
 

01:41:36.170 --> 01:41:38.500 align:start position:0%
having mean as the steward of Moloch and
I<01:41:36.860><c> mean</c><01:41:37.010><c> each</c><01:41:37.190><c> now</c><01:41:37.400><c> kind</c><01:41:37.760><c> of</c><01:41:37.820><c> has</c><01:41:37.970><c> this</c><01:41:38.210><c> leader</c>

01:41:38.500 --> 01:41:38.510 align:start position:0%
I mean each now kind of has this leader
 

01:41:38.510 --> 01:41:41.950 align:start position:0%
I mean each now kind of has this leader
or<01:41:39.040><c> group</c><01:41:40.040><c> of</c><01:41:40.310><c> people</c><01:41:40.610><c> that</c><01:41:40.910><c> that</c><01:41:41.300><c> the</c>

01:41:41.950 --> 01:41:41.960 align:start position:0%
or group of people that that the
 

01:41:41.960 --> 01:41:43.900 align:start position:0%
or group of people that that the
community<01:41:42.410><c> looks</c><01:41:42.680><c> to</c><01:41:42.920><c> to</c><01:41:43.250><c> steward</c><01:41:43.670><c> these</c>

01:41:43.900 --> 01:41:43.910 align:start position:0%
community looks to to steward these
 

01:41:43.910 --> 01:41:45.760 align:start position:0%
community looks to to steward these
towels<01:41:44.270><c> in</c><01:41:44.600><c> the</c><01:41:44.690><c> right</c><01:41:44.810><c> direction</c><01:41:44.960><c> and</c><01:41:45.590><c> that's</c>

01:41:45.760 --> 01:41:45.770 align:start position:0%
towels in the right direction and that's
 

01:41:45.770 --> 01:41:46.990 align:start position:0%
towels in the right direction and that's
not<01:41:45.920><c> necessarily</c><01:41:46.430><c> a</c><01:41:46.550><c> bad</c><01:41:46.610><c> thing</c>

01:41:46.990 --> 01:41:47.000 align:start position:0%
not necessarily a bad thing
 

01:41:47.000 --> 01:41:48.640 align:start position:0%
not necessarily a bad thing
that's<01:41:47.330><c> a</c><01:41:47.510><c> decentralization</c><01:41:48.320><c> is</c><01:41:48.560><c> the</c>

01:41:48.640 --> 01:41:48.650 align:start position:0%
that's a decentralization is the
 

01:41:48.650 --> 01:41:50.590 align:start position:0%
that's a decentralization is the
spectrum<01:41:49.130><c> and</c><01:41:49.400><c> we</c><01:41:49.670><c> are</c><01:41:49.730><c> at</c><01:41:49.850><c> one</c><01:41:50.030><c> point</c><01:41:50.240><c> on</c><01:41:50.420><c> that</c>

01:41:50.590 --> 01:41:50.600 align:start position:0%
spectrum and we are at one point on that
 

01:41:50.600 --> 01:41:51.850 align:start position:0%
spectrum and we are at one point on that
spectrum<01:41:50.870><c> and</c><01:41:51.080><c> hopefully</c><01:41:51.440><c> we</c><01:41:51.530><c> can</c><01:41:51.560><c> move</c>

01:41:51.850 --> 01:41:51.860 align:start position:0%
spectrum and hopefully we can move
 

01:41:51.860 --> 01:41:53.800 align:start position:0%
spectrum and hopefully we can move
further<01:41:52.100><c> towards</c><01:41:52.610><c> that</c><01:41:52.760><c> decentralization</c><01:41:53.540><c> of</c>

01:41:53.800 --> 01:41:53.810 align:start position:0%
further towards that decentralization of
 

01:41:53.810 --> 01:41:55.690 align:start position:0%
further towards that decentralization of
there<01:41:53.990><c> are</c><01:41:54.080><c> certain</c><01:41:54.620><c> puzzle</c><01:41:54.950><c> pieces</c><01:41:55.160><c> we</c><01:41:55.460><c> need</c>

01:41:55.690 --> 01:41:55.700 align:start position:0%
there are certain puzzle pieces we need
 

01:41:55.700 --> 01:41:58.660 align:start position:0%
there are certain puzzle pieces we need
before<01:41:56.210><c> we</c><01:41:56.540><c> can</c><01:41:56.690><c> continue</c><01:41:56.840><c> moving</c><01:41:57.260><c> down</c><01:41:57.670><c> down</c>

01:41:58.660 --> 01:41:58.670 align:start position:0%
before we can continue moving down down
 

01:41:58.670 --> 01:42:00.940 align:start position:0%
before we can continue moving down down
that<01:41:58.880><c> speculative</c><01:41:59.780><c> so</c><01:42:00.020><c> also</c><01:42:00.260><c> a</c><01:42:00.560><c> little</c><01:42:00.830><c> more</c>

01:42:00.940 --> 01:42:00.950 align:start position:0%
that speculative so also a little more
 

01:42:00.950 --> 01:42:01.500 align:start position:0%
that speculative so also a little more
things

01:42:01.500 --> 01:42:01.510 align:start position:0%
things
 

01:42:01.510 --> 01:42:05.330 align:start position:0%
things
I'm<01:42:02.260><c> actually</c><01:42:03.000><c> taking</c><01:42:04.000><c> a</c><01:42:04.180><c> step</c><01:42:04.330><c> back</c><01:42:04.540><c> from</c><01:42:04.570><c> my</c>

01:42:05.330 --> 01:42:05.340 align:start position:0%
I'm actually taking a step back from my
 

01:42:05.340 --> 01:42:08.460 align:start position:0%
I'm actually taking a step back from my
sort<01:42:06.340><c> of</c><01:42:06.400><c> active</c><01:42:06.760><c> participation</c><01:42:07.480><c> in</c><01:42:08.020><c> public</c>

01:42:08.460 --> 01:42:08.470 align:start position:0%
sort of active participation in public
 

01:42:08.470 --> 01:42:10.800 align:start position:0%
sort of active participation in public
doubt<01:42:08.830><c> in</c><01:42:09.610><c> terms</c><01:42:09.850><c> of</c><01:42:10.060><c> just</c><01:42:10.300><c> like</c><01:42:10.450><c> a</c><01:42:10.480><c> lot</c><01:42:10.660><c> of</c><01:42:10.750><c> the</c>

01:42:10.800 --> 01:42:10.810 align:start position:0%
doubt in terms of just like a lot of the
 

01:42:10.810 --> 01:42:14.250 align:start position:0%
doubt in terms of just like a lot of the
coordination<01:42:11.290><c> work</c><01:42:11.910><c> due</c><01:42:12.910><c> diligence</c><01:42:13.390><c> some</c><01:42:14.140><c> of</c>

01:42:14.250 --> 01:42:14.260 align:start position:0%
coordination work due diligence some of
 

01:42:14.260 --> 01:42:16.650 align:start position:0%
coordination work due diligence some of
that<01:42:14.380><c> and</c><01:42:14.680><c> we're</c><01:42:15.489><c> excited</c><01:42:16.000><c> to</c><01:42:16.210><c> see</c><01:42:16.360><c> how</c><01:42:16.510><c> it's</c>

01:42:16.650 --> 01:42:16.660 align:start position:0%
that and we're excited to see how it's
 

01:42:16.660 --> 01:42:18.120 align:start position:0%
that and we're excited to see how it's
going<01:42:16.810><c> to</c><01:42:16.870><c> move</c><01:42:16.930><c> all</c><01:42:17.140><c> of</c><01:42:17.170><c> us</c><01:42:17.410><c> other</c><01:42:17.830><c> members</c>

01:42:18.120 --> 01:42:18.130 align:start position:0%
going to move all of us other members
 

01:42:18.130 --> 01:42:21.229 align:start position:0%
going to move all of us other members
step<01:42:18.580><c> up</c><01:42:18.760><c> and</c><01:42:19.000><c> fill</c><01:42:19.510><c> the</c><01:42:19.660><c> void</c><01:42:19.830><c> that</c><01:42:20.830><c> we</c><01:42:21.010><c> were</c>

01:42:21.229 --> 01:42:21.239 align:start position:0%
step up and fill the void that we were
 

01:42:21.239 --> 01:42:24.420 align:start position:0%
step up and fill the void that we were
that<01:42:22.239><c> I</c><01:42:22.330><c> was</c><01:42:22.450><c> doing</c><01:42:22.660><c> to</c><01:42:22.750><c> the</c><01:42:22.840><c> court</c><01:42:23.070><c> so</c><01:42:24.070><c> I'm</c>

01:42:24.420 --> 01:42:24.430 align:start position:0%
that I was doing to the court so I'm
 

01:42:24.430 --> 01:42:25.490 align:start position:0%
that I was doing to the court so I'm
gonna

01:42:25.490 --> 01:42:25.500 align:start position:0%
gonna
 

01:42:25.500 --> 01:42:28.649 align:start position:0%
gonna
maybe

01:42:28.649 --> 01:42:28.659 align:start position:0%
 
 

01:42:28.659 --> 01:42:32.790 align:start position:0%
 
there's<01:42:29.659><c> a</c><01:42:29.719><c> lot</c><01:42:29.809><c> of</c><01:42:29.840><c> people</c><01:42:30.170><c> who</c>

01:42:32.790 --> 01:42:32.800 align:start position:0%
 
 

01:42:32.800 --> 01:42:37.939 align:start position:0%
 
building<01:42:33.130><c> websites</c><01:42:33.490><c> and</c><01:42:33.760><c> like</c><01:42:33.970><c> popular</c><01:42:34.420><c> teams</c>

01:42:37.939 --> 01:42:37.949 align:start position:0%
 
 

01:42:37.949 --> 01:42:39.410 align:start position:0%
 
during<01:42:38.340><c> middleware</c><01:42:38.640><c> a</c><01:42:38.670><c> platform</c><01:42:39.120><c> is</c><01:42:39.210><c> going</c><01:42:39.360><c> to</c>

01:42:39.410 --> 01:42:39.420 align:start position:0%
during middleware a platform is going to
 

01:42:39.420 --> 01:42:42.760 align:start position:0%
during middleware a platform is going to
work

01:42:42.760 --> 01:42:42.770 align:start position:0%
 
 

01:42:42.770 --> 01:42:45.130 align:start position:0%
 
cool<01:42:43.310><c> I'm</c><01:42:43.550><c> gonna</c><01:42:43.640><c> move</c><01:42:44.060><c> to</c><01:42:44.090><c> the</c><01:42:44.300><c> I</c><01:42:44.690><c> think</c><01:42:44.900><c> we've</c>

01:42:45.130 --> 01:42:45.140 align:start position:0%
cool I'm gonna move to the I think we've
 

01:42:45.140 --> 01:42:47.260 align:start position:0%
cool I'm gonna move to the I think we've
discussed<01:42:45.620><c> this</c><01:42:45.770><c> again</c><01:42:46.010><c> one</c><01:42:46.880><c> of</c><01:42:46.910><c> them</c><01:42:47.090><c> to</c><01:42:47.180><c> the</c>

01:42:47.260 --> 01:42:47.270 align:start position:0%
discussed this again one of them to the
 

01:42:47.270 --> 01:42:49.090 align:start position:0%
discussed this again one of them to the
last<01:42:47.480><c> topic</c><01:42:47.690><c> I</c><01:42:48.140><c> think</c><01:42:48.650><c> it's</c><01:42:48.860><c> really</c><01:42:49.040><c> exciting</c>

01:42:49.090 --> 01:42:49.100 align:start position:0%
last topic I think it's really exciting
 

01:42:49.100 --> 01:42:50.920 align:start position:0%
last topic I think it's really exciting
and<01:42:49.430><c> guys</c><01:42:49.640><c> thanks</c><01:42:50.180><c> a</c><01:42:50.270><c> lot</c><01:42:50.420><c> for</c><01:42:50.540><c> bearing</c><01:42:50.900><c> with</c>

01:42:50.920 --> 01:42:50.930 align:start position:0%
and guys thanks a lot for bearing with
 

01:42:50.930 --> 01:42:54.010 align:start position:0%
and guys thanks a lot for bearing with
us<01:42:51.170><c> it's</c><01:42:52.070><c> been</c><01:42:52.190><c> entertaining</c><01:42:52.900><c> through</c><01:42:53.900><c> those</c>

01:42:54.010 --> 01:42:54.020 align:start position:0%
us it's been entertaining through those
 

01:42:54.020 --> 01:42:56.740 align:start position:0%
us it's been entertaining through those
pretty<01:42:54.290><c> long</c><01:42:54.440><c> parts</c><01:42:54.680><c> up</c><01:42:54.800><c> and</c><01:42:55.270><c> cool</c><01:42:56.270><c> the</c><01:42:56.600><c> last</c>

01:42:56.740 --> 01:42:56.750 align:start position:0%
pretty long parts up and cool the last
 

01:42:56.750 --> 01:42:58.270 align:start position:0%
pretty long parts up and cool the last
thing<01:42:57.020><c> to</c><01:42:57.110><c> really</c><01:42:57.320><c> talk</c><01:42:57.470><c> about</c><01:42:57.530><c> our</c><01:42:57.920><c> new</c>

01:42:58.270 --> 01:42:58.280 align:start position:0%
thing to really talk about our new
 

01:42:58.280 --> 01:43:00.780 align:start position:0%
thing to really talk about our new
hybrid<01:42:58.730><c> models</c><01:42:59.090><c> that</c><01:42:59.210><c> are</c><01:42:59.300><c> emerging</c>

01:43:00.780 --> 01:43:00.790 align:start position:0%
hybrid models that are emerging
 

01:43:00.790 --> 01:43:02.800 align:start position:0%
hybrid models that are emerging
personally<01:43:01.790><c> something</c><01:43:02.060><c> that</c><01:43:02.180><c> I</c><01:43:02.210><c> think</c><01:43:02.510><c> is</c>

01:43:02.800 --> 01:43:02.810 align:start position:0%
personally something that I think is
 

01:43:02.810 --> 01:43:04.600 align:start position:0%
personally something that I think is
really<01:43:03.020><c> really</c><01:43:03.290><c> interesting</c><01:43:03.470><c> and</c><01:43:03.890><c> I</c><01:43:04.430><c> just</c>

01:43:04.600 --> 01:43:04.610 align:start position:0%
really really interesting and I just
 

01:43:04.610 --> 01:43:06.240 align:start position:0%
really really interesting and I just
want<01:43:04.730><c> to</c><01:43:04.790><c> ask</c><01:43:04.940><c> it</c><01:43:05.150><c> to</c><01:43:05.240><c> the</c><01:43:05.330><c> audience</c><01:43:05.600><c> is</c><01:43:05.870><c> anyone</c>

01:43:06.240 --> 01:43:06.250 align:start position:0%
want to ask it to the audience is anyone
 

01:43:06.250 --> 01:43:09.010 align:start position:0%
want to ask it to the audience is anyone
will<01:43:07.250><c> expand</c><01:43:07.790><c> a</c><01:43:07.850><c> little</c><01:43:08.030><c> bit</c><01:43:08.240><c> well</c><01:43:08.390><c> is</c><01:43:08.600><c> anyone</c>

01:43:09.010 --> 01:43:09.020 align:start position:0%
will expand a little bit well is anyone
 

01:43:09.020 --> 01:43:11.440 align:start position:0%
will expand a little bit well is anyone
already<01:43:09.350><c> familiar</c><01:43:09.740><c> with</c><01:43:09.970><c> models</c><01:43:10.970><c> like</c><01:43:11.180><c> the</c>

01:43:11.440 --> 01:43:11.450 align:start position:0%
already familiar with models like the
 

01:43:11.450 --> 01:43:14.940 align:start position:0%
already familiar with models like the
con<01:43:11.660><c> stack</c><01:43:12.050><c> or</c><01:43:12.950><c> the</c><01:43:13.370><c> Eragon</c><01:43:13.880><c> fundraising</c><01:43:14.600><c> out</c>

01:43:14.940 --> 01:43:14.950 align:start position:0%
con stack or the Eragon fundraising out
 

01:43:14.950 --> 01:43:17.590 align:start position:0%
con stack or the Eragon fundraising out
or<01:43:16.000><c> something</c><01:43:17.000><c> like</c><01:43:17.090><c> continuous</c>

01:43:17.590 --> 01:43:17.600 align:start position:0%
or something like continuous
 

01:43:17.600 --> 01:43:20.460 align:start position:0%
or something like continuous
organizations

01:43:20.460 --> 01:43:20.470 align:start position:0%
 
 

01:43:20.470 --> 01:43:22.570 align:start position:0%
 
that's<01:43:21.470><c> up</c><01:43:21.650><c> okay</c><01:43:21.890><c> I've</c><01:43:22.010><c> got</c><01:43:22.190><c> a</c><01:43:22.220><c> half</c><01:43:22.370><c> of</c><01:43:22.490><c> the</c>

01:43:22.570 --> 01:43:22.580 align:start position:0%
that's up okay I've got a half of the
 

01:43:22.580 --> 01:43:26.369 align:start position:0%
that's up okay I've got a half of the
room<01:43:22.760><c> cool</c>

01:43:26.369 --> 01:43:26.379 align:start position:0%
 
 

01:43:26.379 --> 01:43:28.080 align:start position:0%
 
maybe<01:43:26.979><c> tone</c><01:43:27.249><c> that</c><01:43:27.459><c> the</c><01:43:27.550><c> person</c><01:43:27.849><c> meant</c><01:43:27.999><c> to</c>

01:43:28.080 --> 01:43:28.090 align:start position:0%
maybe tone that the person meant to
 

01:43:28.090 --> 01:43:30.659 align:start position:0%
maybe tone that the person meant to
those<01:43:28.239><c> people</c><01:43:28.389><c> raised</c><01:43:28.689><c> their</c><01:43:28.719><c> hand</c><01:43:29.669><c> would</c>

01:43:30.659 --> 01:43:30.669 align:start position:0%
those people raised their hand would
 

01:43:30.669 --> 01:43:32.399 align:start position:0%
those people raised their hand would
might<01:43:30.879><c> you</c><01:43:31.030><c> explain</c><01:43:31.449><c> it</c><01:43:31.629><c> to</c><01:43:31.809><c> the</c><01:43:31.929><c> rest</c><01:43:32.139><c> of</c><01:43:32.260><c> us</c>

01:43:32.399 --> 01:43:32.409 align:start position:0%
might you explain it to the rest of us
 

01:43:32.409 --> 01:43:39.779 align:start position:0%
might you explain it to the rest of us
simpletons<01:43:33.369><c> yes</c><01:43:37.979><c> of</c><01:43:38.979><c> me</c><01:43:39.189><c> when</c><01:43:39.369><c> these</c><01:43:39.489><c> two</c>

01:43:39.779 --> 01:43:39.789 align:start position:0%
simpletons yes of me when these two
 

01:43:39.789 --> 01:43:42.330 align:start position:0%
simpletons yes of me when these two
bottles<01:43:40.179><c> really</c><01:43:40.419><c> come</c><01:43:40.599><c> with</c><01:43:41.590><c> these</c><01:43:41.739><c> two</c><01:43:41.859><c> one</c>

01:43:42.330 --> 01:43:42.340 align:start position:0%
bottles really come with these two one
 

01:43:42.340 --> 01:43:44.759 align:start position:0%
bottles really come with these two one
was<01:43:42.489><c> really</c><01:43:42.669><c> combined</c><01:43:43.119><c> higher</c><01:43:43.419><c> now</c><01:43:43.769><c> combining</c>

01:43:44.759 --> 01:43:44.769 align:start position:0%
was really combined higher now combining
 

01:43:44.769 --> 01:43:46.469 align:start position:0%
was really combined higher now combining
governance<01:43:45.309><c> and</c><01:43:45.550><c> our</c><01:43:45.699><c> structures</c><01:43:46.179><c> with</c>

01:43:46.469 --> 01:43:46.479 align:start position:0%
governance and our structures with
 

01:43:46.479 --> 01:43:49.229 align:start position:0%
governance and our structures with
fundraising<01:43:47.289><c> and</c><01:43:47.499><c> and</c><01:43:47.979><c> target</c><01:43:48.309><c> cells</c><01:43:48.519><c> but</c><01:43:49.090><c> the</c>

01:43:49.229 --> 01:43:49.239 align:start position:0%
fundraising and and target cells but the
 

01:43:49.239 --> 01:43:51.869 align:start position:0%
fundraising and and target cells but the
main<01:43:49.629><c> I</c><01:43:49.959><c> think</c><01:43:50.139><c> a</c><01:43:50.229><c> key</c><01:43:50.439><c> difference</c><01:43:50.889><c> between</c>

01:43:51.869 --> 01:43:51.879 align:start position:0%
main I think a key difference between
 

01:43:51.879 --> 01:43:53.639 align:start position:0%
main I think a key difference between
these<01:43:52.119><c> two</c><01:43:52.389><c> is</c><01:43:52.419><c> that</c><01:43:52.809><c> these</c><01:43:52.989><c> are</c><01:43:53.139><c> now</c><01:43:53.260><c> they're</c>

01:43:53.639 --> 01:43:53.649 align:start position:0%
these two is that these are now they're
 

01:43:53.649 --> 01:43:54.989 align:start position:0%
these two is that these are now they're
looking<01:43:53.889><c> at</c><01:43:53.979><c> continues</c><01:43:54.429><c> financing</c>

01:43:54.989 --> 01:43:54.999 align:start position:0%
looking at continues financing
 

01:43:54.999 --> 01:43:56.969 align:start position:0%
looking at continues financing
mechanisms<01:43:55.510><c> and</c><01:43:55.719><c> a</c><01:43:56.289><c> lot</c><01:43:56.469><c> of</c><01:43:56.619><c> them</c><01:43:56.739><c> are</c><01:43:56.889><c> looking</c>

01:43:56.969 --> 01:43:56.979 align:start position:0%
mechanisms and a lot of them are looking
 

01:43:56.979 --> 01:43:58.500 align:start position:0%
mechanisms and a lot of them are looking
through<01:43:57.280><c> financing</c><01:43:57.909><c> mechanisms</c><01:43:58.359><c> through</c>

01:43:58.500 --> 01:43:58.510 align:start position:0%
through financing mechanisms through
 

01:43:58.510 --> 01:44:00.569 align:start position:0%
through financing mechanisms through
bonding<01:43:58.899><c> curves</c><01:43:59.139><c> which</c><01:43:59.829><c> are</c><01:43:59.949><c> instead</c><01:44:00.280><c> of</c><01:44:00.399><c> just</c>

01:44:00.569 --> 01:44:00.579 align:start position:0%
bonding curves which are instead of just
 

01:44:00.579 --> 01:44:04.109 align:start position:0%
bonding curves which are instead of just
issuing<01:44:00.909><c> a</c><01:44:01.239><c> lump</c><01:44:01.479><c> sum</c><01:44:01.539><c> of</c><01:44:01.840><c> tokens</c><01:44:02.429><c> you</c><01:44:03.429><c> really</c>

01:44:04.109 --> 01:44:04.119 align:start position:0%
issuing a lump sum of tokens you really
 

01:44:04.119 --> 01:44:06.229 align:start position:0%
issuing a lump sum of tokens you really
issue<01:44:04.389><c> them</c><01:44:04.689><c> continuously</c><01:44:05.289><c> over</c><01:44:05.590><c> time</c>

01:44:06.229 --> 01:44:06.239 align:start position:0%
issue them continuously over time
 

01:44:06.239 --> 01:44:08.159 align:start position:0%
issue them continuously over time
according<01:44:07.239><c> to</c><01:44:07.269><c> supply</c><01:44:07.659><c> and</c><01:44:07.780><c> demand</c><01:44:08.019><c> in</c><01:44:08.109><c> the</c>

01:44:08.159 --> 01:44:08.169 align:start position:0%
according to supply and demand in the
 

01:44:08.169 --> 01:44:10.799 align:start position:0%
according to supply and demand in the
market<01:44:08.519><c> in</c><01:44:09.519><c> exchange</c><01:44:09.969><c> for</c><01:44:10.030><c> funding</c><01:44:10.510><c> there's</c>

01:44:10.799 --> 01:44:10.809 align:start position:0%
market in exchange for funding there's
 

01:44:10.809 --> 01:44:13.739 align:start position:0%
market in exchange for funding there's
taxation<01:44:11.320><c> mechanisms</c><01:44:12.300><c> that</c><01:44:13.300><c> we</c><01:44:13.449><c> can</c><01:44:13.570><c> filled</c>

01:44:13.739 --> 01:44:13.749 align:start position:0%
taxation mechanisms that we can filled
 

01:44:13.749 --> 01:44:17.459 align:start position:0%
taxation mechanisms that we can filled
into<01:44:13.929><c> the</c><01:44:14.050><c> curves</c><01:44:15.329><c> yet</c><01:44:16.329><c> so</c><01:44:16.599><c> for</c><01:44:16.809><c> me</c><01:44:16.929><c> the</c><01:44:17.139><c> hybrid</c>

01:44:17.459 --> 01:44:17.469 align:start position:0%
into the curves yet so for me the hybrid
 

01:44:17.469 --> 01:44:18.989 align:start position:0%
into the curves yet so for me the hybrid
models<01:44:17.800><c> kind</c><01:44:17.919><c> of</c><01:44:18.039><c> our</c><01:44:18.159><c> continuous</c><01:44:18.669><c> by</c><01:44:18.789><c> raising</c>

01:44:18.989 --> 01:44:18.999 align:start position:0%
models kind of our continuous by raising
 

01:44:18.999 --> 01:44:21.750 align:start position:0%
models kind of our continuous by raising
models<01:44:19.329><c> for</c><01:44:19.539><c> dollars</c><01:44:20.129><c> which</c><01:44:21.129><c> is</c><01:44:21.309><c> ours</c><01:44:21.669><c> the</c>

01:44:21.750 --> 01:44:21.760 align:start position:0%
models for dollars which is ours the
 

01:44:21.760 --> 01:44:24.060 align:start position:0%
models for dollars which is ours the
first<01:44:21.969><c> Olympics</c><01:44:22.329><c> financing</c><01:44:22.749><c> that</c><01:44:23.409><c> we</c><01:44:23.829><c> put</c>

01:44:24.060 --> 01:44:24.070 align:start position:0%
first Olympics financing that we put
 

01:44:24.070 --> 01:44:25.979 align:start position:0%
first Olympics financing that we put
here<01:44:24.309><c> doesn't</c><01:44:25.209><c> know</c><01:44:25.239><c> where</c><01:44:25.599><c> to</c><01:44:25.629><c> talk</c><01:44:25.869><c> about</c>

01:44:25.979 --> 01:44:25.989 align:start position:0%
here doesn't know where to talk about
 

01:44:25.989 --> 01:44:29.379 align:start position:0%
here doesn't know where to talk about
occur<01:44:26.379><c> is</c>

01:44:29.379 --> 01:44:29.389 align:start position:0%
 
 

01:44:29.389 --> 01:44:38.139 align:start position:0%
 
but<01:44:29.959><c> you</c><01:44:30.169><c> know</c><01:44:30.289><c> what</c><01:44:30.409><c> populate</c><01:44:36.729><c> okay</c><01:44:37.729><c> I'm</c>

01:44:38.139 --> 01:44:38.149 align:start position:0%
but you know what populate okay I'm
 

01:44:38.149 --> 01:44:39.459 align:start position:0%
but you know what populate okay I'm
assuming<01:44:38.269><c> I'm</c><01:44:38.689><c> assuming</c><01:44:38.989><c> most</c><01:44:39.079><c> people</c><01:44:39.349><c> know</c>

01:44:39.459 --> 01:44:39.469 align:start position:0%
assuming I'm assuming most people know
 

01:44:39.469 --> 01:44:47.049 align:start position:0%
assuming I'm assuming most people know
but<01:44:39.499><c> I'll</c><01:44:40.010><c> just</c><01:44:40.070><c> just</c><01:44:40.579><c> expand</c><01:44:45.729><c> 500ms</c><01:44:46.729><c> market</c>

01:44:47.049 --> 01:44:47.059 align:start position:0%
but I'll just just expand 500ms market
 

01:44:47.059 --> 01:44:49.029 align:start position:0%
but I'll just just expand 500ms market
maker<01:44:47.239><c> what</c><01:44:47.869><c> do</c><01:44:47.959><c> me</c><01:44:48.079><c> with</c><01:44:48.260><c> autonomous</c><01:44:48.739><c> market</c>

01:44:49.029 --> 01:44:49.039 align:start position:0%
maker what do me with autonomous market
 

01:44:49.039 --> 01:44:51.879 align:start position:0%
maker what do me with autonomous market
maker<01:44:49.189><c> so</c><01:44:49.399><c> normally</c><01:44:49.729><c> if</c><01:44:50.209><c> you</c><01:44:50.449><c> the</c><01:44:51.349><c> previous</c>

01:44:51.879 --> 01:44:51.889 align:start position:0%
maker so normally if you the previous
 

01:44:51.889 --> 01:44:53.350 align:start position:0%
maker so normally if you the previous
store<01:44:52.039><c> manage</c><01:44:52.280><c> that</c><01:44:52.489><c> we</c><01:44:52.579><c> seen</c><01:44:52.760><c> someone</c><01:44:53.090><c> makes</c>

01:44:53.350 --> 01:44:53.360 align:start position:0%
store manage that we seen someone makes
 

01:44:53.360 --> 01:44:54.909 align:start position:0%
store manage that we seen someone makes
the<01:44:53.599><c> smart</c><01:44:53.840><c> contract</c><01:44:53.989><c> and</c><01:44:54.320><c> issues</c><01:44:54.590><c> all</c><01:44:54.769><c> the</c>

01:44:54.909 --> 01:44:54.919 align:start position:0%
the smart contract and issues all the
 

01:44:54.919 --> 01:44:59.049 align:start position:0%
the smart contract and issues all the
total<01:44:55.309><c> at</c><01:44:55.789><c> once</c><01:44:57.130><c> in</c><01:44:58.130><c> this</c><01:44:58.309><c> case</c><01:44:58.579><c> the</c><01:44:58.760><c> targets</c>

01:44:59.049 --> 01:44:59.059 align:start position:0%
total at once in this case the targets
 

01:44:59.059 --> 01:45:02.500 align:start position:0%
total at once in this case the targets
are<01:44:59.149><c> continuously</c><01:44:59.749><c> issues</c><01:45:00.169><c> through</c><01:45:01.449><c> kind</c><01:45:02.449><c> of</c>

01:45:02.500 --> 01:45:02.510 align:start position:0%
are continuously issues through kind of
 

01:45:02.510 --> 01:45:04.719 align:start position:0%
are continuously issues through kind of
marketing<01:45:03.139><c> and</c><01:45:03.590><c> what</c><01:45:03.800><c> the</c><01:45:03.979><c> speeds</c><01:45:04.189><c> also</c><01:45:04.399><c> it's</c>

01:45:04.719 --> 01:45:04.729 align:start position:0%
marketing and what the speeds also it's
 

01:45:04.729 --> 01:45:07.029 align:start position:0%
marketing and what the speeds also it's
not<01:45:05.090><c> just</c><01:45:05.149><c> a</c><01:45:05.300><c> token</c><01:45:05.449><c> issues</c><01:45:05.780><c> but</c><01:45:05.989><c> it's</c><01:45:06.110><c> also</c><01:45:06.229><c> an</c>

01:45:07.029 --> 01:45:07.039 align:start position:0%
not just a token issues but it's also an
 

01:45:07.039 --> 01:45:10.540 align:start position:0%
not just a token issues but it's also an
exchange<01:45:07.340><c> and</c><01:45:07.820><c> liquidity</c><01:45:08.239><c> provider</c><01:45:08.800><c> and</c><01:45:09.800><c> this</c>

01:45:10.540 --> 01:45:10.550 align:start position:0%
exchange and liquidity provider and this
 

01:45:10.550 --> 01:45:12.549 align:start position:0%
exchange and liquidity provider and this
is<01:45:10.669><c> the</c><01:45:10.760><c> most</c><01:45:10.969><c> the</c><01:45:11.419><c> stereotypical</c><01:45:12.019><c> design</c>

01:45:12.549 --> 01:45:12.559 align:start position:0%
is the most the stereotypical design
 

01:45:12.559 --> 01:45:13.750 align:start position:0%
is the most the stereotypical design
that<01:45:12.709><c> you</c><01:45:12.800><c> see</c><01:45:12.979><c> a</c><01:45:13.010><c> lot</c><01:45:13.249><c> of</c><01:45:13.369><c> the</c><01:45:13.429><c> time</c><01:45:13.579><c> we'll</c>

01:45:13.750 --> 01:45:13.760 align:start position:0%
that you see a lot of the time we'll
 

01:45:13.760 --> 01:45:15.189 align:start position:0%
that you see a lot of the time we'll
just<01:45:13.939><c> pictured</c><01:45:14.570><c> the</c><01:45:14.659><c> representative</c><01:45:15.139><c> is</c>

01:45:15.189 --> 01:45:15.199 align:start position:0%
just pictured the representative is
 

01:45:15.199 --> 01:45:16.270 align:start position:0%
just pictured the representative is
actually<01:45:15.469><c> a</c><01:45:15.499><c> terrible</c><01:45:15.889><c> way</c><01:45:16.010><c> to</c><01:45:16.039><c> represent</c>

01:45:16.270 --> 01:45:16.280 align:start position:0%
actually a terrible way to represent
 

01:45:16.280 --> 01:45:18.729 align:start position:0%
actually a terrible way to represent
body<01:45:16.669><c> groups</c><01:45:16.939><c> but</c><01:45:17.869><c> it's</c><01:45:18.019><c> what</c><01:45:18.169><c> the</c><01:45:18.289><c> use</c><01:45:18.409><c> T</c><01:45:18.619><c> is</c>

01:45:18.729 --> 01:45:18.739 align:start position:0%
body groups but it's what the use T is
 

01:45:18.739 --> 01:45:20.589 align:start position:0%
body groups but it's what the use T is
positive<01:45:19.130><c> so</c><01:45:19.880><c> this</c><01:45:19.909><c> is</c><01:45:20.149><c> the</c><01:45:20.239><c> supply</c><01:45:20.479><c> to</c>

01:45:20.589 --> 01:45:20.599 align:start position:0%
positive so this is the supply to
 

01:45:20.599 --> 01:45:22.659 align:start position:0%
positive so this is the supply to
monitor<01:45:21.050><c> for</c><01:45:21.320><c> my</c><01:45:21.409><c> big</c><01:45:21.709><c> night</c><01:45:21.949><c> we</c><01:45:22.429><c> have</c><01:45:22.550><c> the</c>

01:45:22.659 --> 01:45:22.669 align:start position:0%
monitor for my big night we have the
 

01:45:22.669 --> 01:45:24.310 align:start position:0%
monitor for my big night we have the
price<01:45:22.909><c> at</c><01:45:23.149><c> one</c><01:45:23.329><c> side</c><01:45:23.539><c> and</c><01:45:23.719><c> then</c><01:45:23.840><c> the</c><01:45:23.869><c> supplies</c>

01:45:24.310 --> 01:45:24.320 align:start position:0%
price at one side and then the supplies
 

01:45:24.320 --> 01:45:26.830 align:start position:0%
price at one side and then the supplies
bottom<01:45:24.769><c> and</c><01:45:25.729><c> then</c><01:45:25.880><c> you</c><01:45:25.999><c> have</c><01:45:26.149><c> a</c><01:45:26.179><c> curve</c><01:45:26.510><c> that</c>

01:45:26.830 --> 01:45:26.840 align:start position:0%
bottom and then you have a curve that
 

01:45:26.840 --> 01:45:29.469 align:start position:0%
bottom and then you have a curve that
governs<01:45:27.380><c> the</c><01:45:27.559><c> issuance</c><01:45:27.919><c> it's</c><01:45:28.579><c> essentially</c><01:45:28.909><c> a</c>

01:45:29.469 --> 01:45:29.479 align:start position:0%
governs the issuance it's essentially a
 

01:45:29.479 --> 01:45:31.959 align:start position:0%
governs the issuance it's essentially a
function<01:45:30.309><c> mathematical</c><01:45:31.309><c> functions</c><01:45:31.729><c> can</c><01:45:31.939><c> be</c>

01:45:31.959 --> 01:45:31.969 align:start position:0%
function mathematical functions can be
 

01:45:31.969 --> 01:45:34.000 align:start position:0%
function mathematical functions can be
exponential<01:45:32.539><c> or</c><01:45:32.630><c> conducive</c><01:45:32.989><c> point</c><01:45:33.199><c> that</c><01:45:33.829><c> gets</c>

01:45:34.000 --> 01:45:34.010 align:start position:0%
exponential or conducive point that gets
 

01:45:34.010 --> 01:45:37.330 align:start position:0%
exponential or conducive point that gets
encoded<01:45:34.369><c> into</c><01:45:34.669><c> this</c><01:45:34.820><c> markup</c><01:45:35.300><c> and</c><01:45:36.289><c> so</c><01:45:36.619><c> has</c><01:45:36.949><c> more</c>

01:45:37.330 --> 01:45:37.340 align:start position:0%
encoded into this markup and so has more
 

01:45:37.340 --> 01:45:39.729 align:start position:0%
encoded into this markup and so has more
focus<01:45:37.999><c> in</c><01:45:38.119><c> issue</c><01:45:38.329><c> the</c><01:45:38.749><c> price</c><01:45:39.229><c> increases</c>

01:45:39.729 --> 01:45:39.739 align:start position:0%
focus in issue the price increases
 

01:45:39.739 --> 01:45:43.209 align:start position:0%
focus in issue the price increases
according<01:45:40.369><c> to</c><01:45:40.399><c> that</c><01:45:40.579><c> curve</c><01:45:41.289><c> if</c><01:45:42.289><c> people</c><01:45:43.130><c> can</c>

01:45:43.209 --> 01:45:43.219 align:start position:0%
according to that curve if people can
 

01:45:43.219 --> 01:45:44.529 align:start position:0%
according to that curve if people can
also<01:45:43.340><c> prepare</c><01:45:43.610><c> took</c><01:45:43.880><c> it's</c><01:45:44.059><c> by</c><01:45:44.149><c> just</c><01:45:44.360><c> sending</c>

01:45:44.529 --> 01:45:44.539 align:start position:0%
also prepare took it's by just sending
 

01:45:44.539 --> 01:45:45.759 align:start position:0%
also prepare took it's by just sending
the<01:45:44.719><c> back</c><01:45:44.869><c> to</c><01:45:45.019><c> the</c><01:45:45.110><c> content</c><01:45:45.469><c> and</c><01:45:45.590><c> then</c><01:45:45.709><c> the</c>

01:45:45.759 --> 01:45:45.769 align:start position:0%
the back to the content and then the
 

01:45:45.769 --> 01:45:46.870 align:start position:0%
the back to the content and then the
price<01:45:45.979><c> decreases</c><01:45:46.399><c> again</c>

01:45:46.870 --> 01:45:46.880 align:start position:0%
price decreases again
 

01:45:46.880 --> 01:45:48.429 align:start position:0%
price decreases again
so<01:45:47.209><c> essentially</c><01:45:47.510><c> people</c><01:45:48.050><c> are</c><01:45:48.260><c> always</c>

01:45:48.429 --> 01:45:48.439 align:start position:0%
so essentially people are always
 

01:45:48.439 --> 01:45:51.040 align:start position:0%
so essentially people are always
training<01:45:48.860><c> on</c><01:45:49.159><c> this</c><01:45:49.309><c> girl</c><01:45:49.749><c> does</c><01:45:50.749><c> it</c><01:45:50.780><c> mean</c>

01:45:51.040 --> 01:45:51.050 align:start position:0%
training on this girl does it mean
 

01:45:51.050 --> 01:45:52.509 align:start position:0%
training on this girl does it mean
though<01:45:51.229><c> that</c><01:45:51.260><c> the</c><01:45:51.619><c> actual</c><01:45:51.919><c> trading</c><01:45:52.189><c> looks</c>

01:45:52.509 --> 01:45:52.519 align:start position:0%
though that the actual trading looks
 

01:45:52.519 --> 01:45:53.709 align:start position:0%
though that the actual trading looks
like<01:45:52.669><c> that</c><01:45:52.820><c> the</c><01:45:53.149><c> training</c><01:45:53.449><c> can</c><01:45:53.570><c> look</c><01:45:53.689><c> very</c>

01:45:53.709 --> 01:45:53.719 align:start position:0%
like that the training can look very
 

01:45:53.719 --> 01:45:57.429 align:start position:0%
like that the training can look very
much<01:45:53.989><c> like</c><01:45:54.439><c> a</c><01:45:54.739><c> normal</c><01:45:54.829><c> chart</c><01:45:55.599><c> so</c><01:45:56.599><c> remember</c>

01:45:57.429 --> 01:45:57.439 align:start position:0%
much like a normal chart so remember
 

01:45:57.439 --> 01:45:59.620 align:start position:0%
much like a normal chart so remember
that<01:45:57.469><c> this</c><01:45:57.709><c> is</c><01:45:57.860><c> the</c><01:45:57.979><c> supply</c><01:45:58.309><c> and</c><01:45:58.760><c> it's</c><01:45:59.300><c> kind</c><01:45:59.570><c> of</c>

01:45:59.620 --> 01:45:59.630 align:start position:0%
that this is the supply and it's kind of
 

01:45:59.630 --> 01:46:02.080 align:start position:0%
that this is the supply and it's kind of
time<01:46:00.189><c> so</c><01:46:01.189><c> it's</c><01:46:01.280><c> a</c><01:46:01.340><c> really</c><01:46:01.610><c> interesting</c><01:46:01.820><c> new</c>

01:46:02.080 --> 01:46:02.090 align:start position:0%
time so it's a really interesting new
 

01:46:02.090 --> 01:46:04.120 align:start position:0%
time so it's a really interesting new
mechanism<01:46:02.570><c> because</c><01:46:03.349><c> it</c><01:46:03.590><c> provides</c><01:46:03.919><c> the</c>

01:46:04.120 --> 01:46:04.130 align:start position:0%
mechanism because it provides the
 

01:46:04.130 --> 01:46:06.040 align:start position:0%
mechanism because it provides the
quiddity<01:46:04.459><c> instantaneously</c><01:46:05.300><c> and</c><01:46:05.630><c> it</c><01:46:05.749><c> provides</c>

01:46:06.040 --> 01:46:06.050 align:start position:0%
quiddity instantaneously and it provides
 

01:46:06.050 --> 01:46:08.709 align:start position:0%
quiddity instantaneously and it provides
really<01:46:06.469><c> great</c><01:46:06.649><c> feedback</c><01:46:07.039><c> loops</c><01:46:07.459><c> to</c><01:46:08.209><c> whatever</c>

01:46:08.709 --> 01:46:08.719 align:start position:0%
really great feedback loops to whatever
 

01:46:08.719 --> 01:46:11.639 align:start position:0%
really great feedback loops to whatever
that<01:46:09.070><c> combinations</c><01:46:10.070><c> mechanism</c><01:46:10.550><c> represents</c>

01:46:11.639 --> 01:46:11.649 align:start position:0%
that combinations mechanism represents
 

01:46:11.649 --> 01:46:14.080 align:start position:0%
that combinations mechanism represents
so<01:46:12.649><c> a</c><01:46:12.679><c> lot</c><01:46:12.889><c> of</c><01:46:12.919><c> these</c><01:46:13.130><c> let's</c><01:46:13.459><c> say</c><01:46:13.550><c> hybrid</c>

01:46:14.080 --> 01:46:14.090 align:start position:0%
so a lot of these let's say hybrid
 

01:46:14.090 --> 01:46:16.209 align:start position:0%
so a lot of these let's say hybrid
funding<01:46:14.630><c> models</c><01:46:15.079><c> or</c><01:46:15.289><c> hybrid</c><01:46:15.619><c> organizations</c>

01:46:16.209 --> 01:46:16.219 align:start position:0%
funding models or hybrid organizations
 

01:46:16.219 --> 01:46:18.250 align:start position:0%
funding models or hybrid organizations
I'm<01:46:16.760><c> looking</c><01:46:17.119><c> at</c><01:46:17.269><c> the</c><01:46:17.389><c> terminal</c><01:46:17.840><c> representing</c>

01:46:18.250 --> 01:46:18.260 align:start position:0%
I'm looking at the terminal representing
 

01:46:18.260 --> 01:46:20.080 align:start position:0%
I'm looking at the terminal representing
membership<01:46:18.849><c> but</c><01:46:19.849><c> they're</c><01:46:19.969><c> obviously</c>

01:46:20.080 --> 01:46:20.090 align:start position:0%
membership but they're obviously
 

01:46:20.090 --> 01:46:21.699 align:start position:0%
membership but they're obviously
membership<01:46:20.719><c> but</c><01:46:20.869><c> also</c><01:46:21.050><c> first</c><01:46:21.349><c> off</c><01:46:21.559><c> what</c>

01:46:21.699 --> 01:46:21.709 align:start position:0%
membership but also first off what
 

01:46:21.709 --> 01:46:23.370 align:start position:0%
membership but also first off what
equates<01:46:21.979><c> to</c>

01:46:23.370 --> 01:46:23.380 align:start position:0%
equates to
 

01:46:23.380 --> 01:46:26.100 align:start position:0%
equates to
that<01:46:23.740><c> are</c><01:46:23.860><c> generated</c><01:46:24.400><c> by</c><01:46:24.580><c> that</c><01:46:25.110><c> containers</c>

01:46:26.100 --> 01:46:26.110 align:start position:0%
that are generated by that containers
 

01:46:26.110 --> 01:46:31.560 align:start position:0%
that are generated by that containers
organization<01:46:28.140><c> and</c><01:46:29.910><c> we</c><01:46:30.910><c> have</c><01:46:30.940><c> champion</c><01:46:31.420><c> from</c>

01:46:31.560 --> 01:46:31.570 align:start position:0%
organization and we have champion from
 

01:46:31.570 --> 01:46:34.740 align:start position:0%
organization and we have champion from
the<01:46:31.690><c> Cossack</c><01:46:32.140><c> as</c><01:46:32.320><c> well</c><01:46:32.500><c> as</c><01:46:32.620><c> Griff</c><01:46:33.360><c> and</c><01:46:34.360><c> I</c><01:46:34.570><c> think</c>

01:46:34.740 --> 01:46:34.750 align:start position:0%
the Cossack as well as Griff and I think
 

01:46:34.750 --> 01:46:35.730 align:start position:0%
the Cossack as well as Griff and I think
the<01:46:34.810><c> comics</c><01:46:35.140><c> egg</c><01:46:35.230><c> is</c><01:46:35.350><c> one</c><01:46:35.440><c> of</c><01:46:35.530><c> the</c><01:46:35.590><c> most</c>

01:46:35.730 --> 01:46:35.740 align:start position:0%
the comics egg is one of the most
 

01:46:35.740 --> 01:46:38.520 align:start position:0%
the comics egg is one of the most
exciting<01:46:36.310><c> projects</c><01:46:36.940><c> that</c><01:46:37.110><c> I've</c><01:46:38.110><c> seen</c><01:46:38.320><c> in</c><01:46:38.440><c> the</c>

01:46:38.520 --> 01:46:38.530 align:start position:0%
exciting projects that I've seen in the
 

01:46:38.530 --> 01:46:39.990 align:start position:0%
exciting projects that I've seen in the
space<01:46:38.710><c> come</c><01:46:38.920><c> about</c><01:46:39.100><c> that</c><01:46:39.340><c> is</c><01:46:39.430><c> really</c><01:46:39.700><c> pursuing</c>

01:46:39.990 --> 01:46:40.000 align:start position:0%
space come about that is really pursuing
 

01:46:40.000 --> 01:46:44.040 align:start position:0%
space come about that is really pursuing
these<01:46:40.660><c> hybrid</c><01:46:41.170><c> tub</c><01:46:41.350><c> models</c><01:46:41.850><c> and</c><01:46:43.050><c> specifically</c>

01:46:44.040 --> 01:46:44.050 align:start position:0%
these hybrid tub models and specifically
 

01:46:44.050 --> 01:46:45.690 align:start position:0%
these hybrid tub models and specifically
interesting<01:46:44.530><c> in</c><01:46:44.680><c> the</c><01:46:44.770><c> context</c><01:46:45.100><c> of</c><01:46:45.220><c> funding</c>

01:46:45.690 --> 01:46:45.700 align:start position:0%
interesting in the context of funding
 

01:46:45.700 --> 01:46:52.020 align:start position:0%
interesting in the context of funding
open<01:46:45.970><c> source</c><01:46:46.150><c> infrastructure</c><01:46:50.790><c> so</c><01:46:51.790><c> I</c><01:46:51.820><c> think</c>

01:46:52.020 --> 01:46:52.030 align:start position:0%
open source infrastructure so I think
 

01:46:52.030 --> 01:46:54.480 align:start position:0%
open source infrastructure so I think
we've<01:46:52.510><c> touched</c><01:46:53.230><c> on</c><01:46:53.410><c> these</c><01:46:53.590><c> topics</c><01:46:53.860><c> multiple</c>

01:46:54.480 --> 01:46:54.490 align:start position:0%
we've touched on these topics multiple
 

01:46:54.490 --> 01:46:57.600 align:start position:0%
we've touched on these topics multiple
times<01:46:55.200><c> throughout</c><01:46:56.200><c> the</c><01:46:56.350><c> day</c><01:46:56.380><c> and</c><01:46:57.190><c> I</c><01:46:57.310><c> think</c>

01:46:57.600 --> 01:46:57.610 align:start position:0%
times throughout the day and I think
 

01:46:57.610 --> 01:46:59.940 align:start position:0%
times throughout the day and I think
that<01:46:57.790><c> we</c><01:46:57.940><c> really</c><01:46:57.970><c> need</c><01:46:58.600><c> to</c><01:46:58.870><c> need</c><01:46:59.320><c> to</c><01:46:59.350><c> close</c><01:46:59.710><c> the</c>

01:46:59.940 --> 01:46:59.950 align:start position:0%
that we really need to need to close the
 

01:46:59.950 --> 01:47:03.330 align:start position:0%
that we really need to need to close the
loop<01:46:59.980><c> from</c><01:47:00.690><c> raising</c><01:47:01.690><c> funds</c><01:47:02.160><c> allocating</c><01:47:03.160><c> those</c>

01:47:03.330 --> 01:47:03.340 align:start position:0%
loop from raising funds allocating those
 

01:47:03.340 --> 01:47:07.080 align:start position:0%
loop from raising funds allocating those
funds<01:47:04.260><c> making</c><01:47:05.260><c> decisions</c><01:47:05.680><c> as</c><01:47:05.980><c> a</c><01:47:06.010><c> group</c><01:47:06.100><c> and</c>

01:47:07.080 --> 01:47:07.090 align:start position:0%
funds making decisions as a group and
 

01:47:07.090 --> 01:47:08.730 align:start position:0%
funds making decisions as a group and
then<01:47:07.240><c> measuring</c><01:47:07.570><c> impact</c><01:47:07.930><c> without</c><01:47:08.560><c> those</c>

01:47:08.730 --> 01:47:08.740 align:start position:0%
then measuring impact without those
 

01:47:08.740 --> 01:47:11.220 align:start position:0%
then measuring impact without those
though<01:47:09.190><c> that</c><01:47:09.520><c> full</c><01:47:09.850><c> loop</c><01:47:10.120><c> we</c><01:47:10.840><c> have</c><01:47:10.870><c> a</c><01:47:10.960><c> really</c>

01:47:11.220 --> 01:47:11.230 align:start position:0%
though that full loop we have a really
 

01:47:11.230 --> 01:47:13.740 align:start position:0%
though that full loop we have a really
hard<01:47:11.410><c> time</c><01:47:11.640><c> basically</c><01:47:12.640><c> governing</c><01:47:13.210><c> how</c><01:47:13.510><c> we're</c>

01:47:13.740 --> 01:47:13.750 align:start position:0%
hard time basically governing how we're
 

01:47:13.750 --> 01:47:15.800 align:start position:0%
hard time basically governing how we're
going<01:47:14.020><c> to</c><01:47:14.200><c> raise</c><01:47:14.530><c> and</c><01:47:14.740><c> allocate</c><01:47:15.100><c> those</c><01:47:15.250><c> funds</c>

01:47:15.800 --> 01:47:15.810 align:start position:0%
going to raise and allocate those funds
 

01:47:15.810 --> 01:47:18.540 align:start position:0%
going to raise and allocate those funds
so<01:47:16.810><c> we</c><01:47:16.990><c> look</c><01:47:17.350><c> at</c><01:47:17.470><c> Moloch</c><01:47:17.740><c> now</c><01:47:17.890><c> we</c><01:47:18.100><c> see</c><01:47:18.280><c> this</c><01:47:18.400><c> as</c>

01:47:18.540 --> 01:47:18.550 align:start position:0%
so we look at Moloch now we see this as
 

01:47:18.550 --> 01:47:20.280 align:start position:0%
so we look at Moloch now we see this as
an<01:47:18.700><c> amazing</c><01:47:19.180><c> community</c><01:47:19.630><c> of</c><01:47:19.780><c> people</c><01:47:19.960><c> who</c><01:47:20.110><c> have</c>

01:47:20.280 --> 01:47:20.290 align:start position:0%
an amazing community of people who have
 

01:47:20.290 --> 01:47:22.740 align:start position:0%
an amazing community of people who have
come<01:47:20.500><c> together</c><01:47:20.940><c> basically</c><01:47:21.940><c> contributed</c>

01:47:22.740 --> 01:47:22.750 align:start position:0%
come together basically contributed
 

01:47:22.750 --> 01:47:24.600 align:start position:0%
come together basically contributed
their<01:47:22.870><c> funds</c><01:47:23.170><c> into</c><01:47:23.500><c> a</c><01:47:23.560><c> pool</c><01:47:23.770><c> and</c><01:47:24.130><c> then</c><01:47:24.430><c> make</c>

01:47:24.600 --> 01:47:24.610 align:start position:0%
their funds into a pool and then make
 

01:47:24.610 --> 01:47:26.060 align:start position:0%
their funds into a pool and then make
decisions<01:47:24.640><c> based</c><01:47:25.420><c> on</c><01:47:25.600><c> the</c><01:47:25.720><c> amount</c>

01:47:26.060 --> 01:47:26.070 align:start position:0%
decisions based on the amount
 

01:47:26.070 --> 01:47:28.640 align:start position:0%
decisions based on the amount
contributed<01:47:27.070><c> on</c><01:47:27.220><c> how</c><01:47:27.400><c> those</c><01:47:27.580><c> should</c><01:47:27.820><c> be</c><01:47:27.850><c> spent</c>

01:47:28.640 --> 01:47:28.650 align:start position:0%
contributed on how those should be spent
 

01:47:28.650 --> 01:47:31.770 align:start position:0%
contributed on how those should be spent
the<01:47:29.650><c> issues</c><01:47:29.920><c> with</c><01:47:30.130><c> it</c><01:47:30.280><c> long</c><01:47:30.580><c> term</c><01:47:30.850><c> the</c><01:47:31.540><c> fund</c>

01:47:31.770 --> 01:47:31.780 align:start position:0%
the issues with it long term the fund
 

01:47:31.780 --> 01:47:33.780 align:start position:0%
the issues with it long term the fund
slowly<01:47:32.190><c> deflate</c><01:47:33.190><c> so</c><01:47:33.220><c> you</c><01:47:33.430><c> have</c><01:47:33.550><c> more</c><01:47:33.730><c> people</c>

01:47:33.780 --> 01:47:33.790 align:start position:0%
slowly deflate so you have more people
 

01:47:33.790 --> 01:47:36.120 align:start position:0%
slowly deflate so you have more people
joining<01:47:34.330><c> contributing</c><01:47:34.960><c> funds</c><01:47:35.200><c> but</c><01:47:35.980><c> there's</c>

01:47:36.120 --> 01:47:36.130 align:start position:0%
joining contributing funds but there's
 

01:47:36.130 --> 01:47:37.860 align:start position:0%
joining contributing funds but there's
less<01:47:36.280><c> funds</c><01:47:36.520><c> to</c><01:47:36.700><c> be</c><01:47:36.790><c> spent</c><01:47:36.820><c> over</c><01:47:37.270><c> time</c><01:47:37.630><c> because</c>

01:47:37.860 --> 01:47:37.870 align:start position:0%
less funds to be spent over time because
 

01:47:37.870 --> 01:47:39.780 align:start position:0%
less funds to be spent over time because
those<01:47:38.020><c> funds</c><01:47:38.290><c> are</c><01:47:38.470><c> continually</c><01:47:39.040><c> being</c><01:47:39.280><c> spent</c>

01:47:39.780 --> 01:47:39.790 align:start position:0%
those funds are continually being spent
 

01:47:39.790 --> 01:47:41.610 align:start position:0%
those funds are continually being spent
when<01:47:40.630><c> you</c><01:47:40.720><c> introduce</c><01:47:41.140><c> something</c><01:47:41.350><c> like</c>

01:47:41.610 --> 01:47:41.620 align:start position:0%
when you introduce something like
 

01:47:41.620 --> 01:47:43.590 align:start position:0%
when you introduce something like
bonding<01:47:42.070><c> curve</c><01:47:42.340><c> and</c>

01:47:43.590 --> 01:47:43.600 align:start position:0%
bonding curve and
 

01:47:43.600 --> 01:47:46.680 align:start position:0%
bonding curve and
the<01:47:44.460><c> basic</c><01:47:45.460><c> auditing</c><01:47:46.120><c> curve</c><01:47:46.300><c> that</c><01:47:46.480><c> Paul</c>

01:47:46.680 --> 01:47:46.690 align:start position:0%
the basic auditing curve that Paul
 

01:47:46.690 --> 01:47:48.510 align:start position:0%
the basic auditing curve that Paul
described<01:47:47.170><c> here</c><01:47:47.440><c> and</c><01:47:47.680><c> a</c><01:47:47.890><c> lot</c><01:47:48.010><c> of</c><01:47:48.040><c> people</c><01:47:48.370><c> have</c>

01:47:48.510 --> 01:47:48.520 align:start position:0%
described here and a lot of people have
 

01:47:48.520 --> 01:47:50.190 align:start position:0%
described here and a lot of people have
criticisms<01:47:49.090><c> of</c><01:47:49.210><c> it</c><01:47:49.360><c> and</c><01:47:49.540><c> that</c><01:47:49.690><c> it</c><01:47:49.900><c> could</c><01:47:50.050><c> be</c>

01:47:50.190 --> 01:47:50.200 align:start position:0%
criticisms of it and that it could be
 

01:47:50.200 --> 01:47:52.260 align:start position:0%
criticisms of it and that it could be
considered<01:47:50.740><c> a</c><01:47:50.920><c> Ponzi</c><01:47:51.220><c> scheme</c><01:47:51.270><c> basically</c>

01:47:52.260 --> 01:47:52.270 align:start position:0%
considered a Ponzi scheme basically
 

01:47:52.270 --> 01:47:54.960 align:start position:0%
considered a Ponzi scheme basically
people<01:47:52.780><c> put</c><01:47:53.650><c> money</c><01:47:53.800><c> in</c><01:47:54.040><c> when</c><01:47:54.520><c> someone</c><01:47:54.850><c> else</c>

01:47:54.960 --> 01:47:54.970 align:start position:0%
people put money in when someone else
 

01:47:54.970 --> 01:47:56.820 align:start position:0%
people put money in when someone else
puts<01:47:55.210><c> money</c><01:47:55.390><c> in</c><01:47:55.630><c> that</c><01:47:55.840><c> first</c><01:47:56.110><c> person</c><01:47:56.470><c> can</c><01:47:56.590><c> sell</c>

01:47:56.820 --> 01:47:56.830 align:start position:0%
puts money in that first person can sell
 

01:47:56.830 --> 01:47:58.470 align:start position:0%
puts money in that first person can sell
and<01:47:57.010><c> make</c><01:47:57.040><c> a</c><01:47:57.130><c> profit</c><01:47:57.400><c> so</c><01:47:57.940><c> this</c><01:47:58.090><c> is</c><01:47:58.240><c> an</c><01:47:58.360><c> issue</c>

01:47:58.470 --> 01:47:58.480 align:start position:0%
and make a profit so this is an issue
 

01:47:58.480 --> 01:48:01.140 align:start position:0%
and make a profit so this is an issue
but<01:47:59.200><c> if</c><01:47:59.290><c> we</c><01:47:59.440><c> give</c><01:47:59.620><c> that</c><01:47:59.830><c> token</c><01:48:00.310><c> multiple</c><01:48:00.790><c> forms</c>

01:48:01.140 --> 01:48:01.150 align:start position:0%
but if we give that token multiple forms
 

01:48:01.150 --> 01:48:03.180 align:start position:0%
but if we give that token multiple forms
of<01:48:01.330><c> value</c><01:48:01.750><c> so</c><01:48:02.050><c> with</c><01:48:02.200><c> the</c><01:48:02.350><c> in</c><01:48:02.590><c> the</c><01:48:02.650><c> common</c><01:48:02.980><c> stack</c>

01:48:03.180 --> 01:48:03.190 align:start position:0%
of value so with the in the common stack
 

01:48:03.190 --> 01:48:04.860 align:start position:0%
of value so with the in the common stack
we're<01:48:03.460><c> working</c><01:48:03.790><c> on</c><01:48:03.910><c> a</c><01:48:03.940><c> token</c><01:48:04.450><c> bottom</c><01:48:04.720><c> curve</c>

01:48:04.860 --> 01:48:04.870 align:start position:0%
we're working on a token bottom curve
 

01:48:04.870 --> 01:48:06.240 align:start position:0%
we're working on a token bottom curve
model<01:48:05.170><c> we're</c><01:48:05.350><c> calling</c><01:48:05.590><c> the</c><01:48:05.680><c> Augmented</c>

01:48:06.240 --> 01:48:06.250 align:start position:0%
model we're calling the Augmented
 

01:48:06.250 --> 01:48:08.190 align:start position:0%
model we're calling the Augmented
bonding<01:48:06.550><c> curve</c><01:48:06.760><c> and</c><01:48:07.330><c> that</c><01:48:07.360><c> token</c><01:48:07.900><c> is</c><01:48:07.990><c> not</c>

01:48:08.190 --> 01:48:08.200 align:start position:0%
bonding curve and that token is not
 

01:48:08.200 --> 01:48:10.530 align:start position:0%
bonding curve and that token is not
worth<01:48:08.470><c> just</c><01:48:09.100><c> a</c><01:48:09.460><c> claim</c><01:48:09.820><c> on</c><01:48:10.000><c> the</c><01:48:10.090><c> collateral</c>

01:48:10.530 --> 01:48:10.540 align:start position:0%
worth just a claim on the collateral
 

01:48:10.540 --> 01:48:12.450 align:start position:0%
worth just a claim on the collateral
pool<01:48:10.750><c> in</c><01:48:11.200><c> law</c><01:48:11.350><c> like</c><01:48:11.410><c> if</c><01:48:11.680><c> your</c><01:48:11.830><c> age</c><01:48:12.010><c> great</c><01:48:12.310><c> you</c>

01:48:12.450 --> 01:48:12.460 align:start position:0%
pool in law like if your age great you
 

01:48:12.460 --> 01:48:14.340 align:start position:0%
pool in law like if your age great you
take<01:48:12.700><c> your</c><01:48:12.910><c> portion</c><01:48:13.480><c> or</c><01:48:13.660><c> what's</c><01:48:13.840><c> left</c><01:48:13.930><c> of</c><01:48:14.230><c> it</c>

01:48:14.340 --> 01:48:14.350 align:start position:0%
take your portion or what's left of it
 

01:48:14.350 --> 01:48:17.850 align:start position:0%
take your portion or what's left of it
out<01:48:15.060><c> but</c><01:48:16.060><c> we</c><01:48:16.240><c> also</c><01:48:16.420><c> give</c><01:48:16.720><c> it</c><01:48:16.840><c> another</c><01:48:17.020><c> value</c><01:48:17.590><c> in</c>

01:48:17.850 --> 01:48:17.860 align:start position:0%
out but we also give it another value in
 

01:48:17.860 --> 01:48:21.270 align:start position:0%
out but we also give it another value in
the<01:48:18.220><c> governance</c><01:48:19.180><c> of</c><01:48:19.840><c> how</c><01:48:20.350><c> those</c><01:48:20.530><c> tokens</c><01:48:21.130><c> are</c>

01:48:21.270 --> 01:48:21.280 align:start position:0%
the governance of how those tokens are
 

01:48:21.280 --> 01:48:24.150 align:start position:0%
the governance of how those tokens are
spent<01:48:21.520><c> so</c><01:48:22.000><c> when</c><01:48:22.120><c> you</c><01:48:22.210><c> go</c><01:48:22.390><c> when</c><01:48:23.130><c> more</c><01:48:24.130><c> people</c>

01:48:24.150 --> 01:48:24.160 align:start position:0%
spent so when you go when more people
 

01:48:24.160 --> 01:48:26.600 align:start position:0%
spent so when you go when more people
buy<01:48:24.580><c> in</c><01:48:24.760><c> the</c><01:48:24.940><c> price</c><01:48:25.120><c> of</c><01:48:25.300><c> the</c><01:48:25.390><c> token</c><01:48:25.720><c> goes</c><01:48:25.900><c> up</c>

01:48:26.600 --> 01:48:26.610 align:start position:0%
buy in the price of the token goes up
 

01:48:26.610 --> 01:48:29.400 align:start position:0%
buy in the price of the token goes up
some<01:48:27.610><c> people</c><01:48:27.910><c> may</c><01:48:28.030><c> want</c><01:48:28.150><c> to</c><01:48:28.300><c> sell</c><01:48:28.600><c> and</c><01:48:28.960><c> this</c><01:48:29.230><c> is</c>

01:48:29.400 --> 01:48:29.410 align:start position:0%
some people may want to sell and this is
 

01:48:29.410 --> 01:48:31.410 align:start position:0%
some people may want to sell and this is
where<01:48:29.590><c> the</c><01:48:29.770><c> race</c><01:48:30.220><c> to</c><01:48:30.430><c> the</c><01:48:30.520><c> exit</c><01:48:30.880><c> the</c><01:48:31.030><c> Ponzi</c>

01:48:31.410 --> 01:48:31.420 align:start position:0%
where the race to the exit the Ponzi
 

01:48:31.420 --> 01:48:33.330 align:start position:0%
where the race to the exit the Ponzi
scheme<01:48:31.720><c> of</c><01:48:32.020><c> a</c><01:48:32.110><c> traditional</c><01:48:32.830><c> bonding</c><01:48:33.160><c> curve</c>

01:48:33.330 --> 01:48:33.340 align:start position:0%
scheme of a traditional bonding curve
 

01:48:33.340 --> 01:48:35.520 align:start position:0%
scheme of a traditional bonding curve
comes<01:48:33.640><c> in</c><01:48:33.820><c> but</c><01:48:34.480><c> with</c><01:48:34.690><c> the</c><01:48:34.810><c> Augmented</c><01:48:35.260><c> bonding</c>

01:48:35.520 --> 01:48:35.530 align:start position:0%
comes in but with the Augmented bonding
 

01:48:35.530 --> 01:48:37.590 align:start position:0%
comes in but with the Augmented bonding
curve<01:48:35.710><c> as</c><01:48:35.890><c> the</c><01:48:35.920><c> price</c><01:48:36.280><c> as</c><01:48:36.850><c> people</c><01:48:37.210><c> sell</c><01:48:37.450><c> them</c>

01:48:37.590 --> 01:48:37.600 align:start position:0%
curve as the price as people sell them
 

01:48:37.600 --> 01:48:39.300 align:start position:0%
curve as the price as people sell them
if<01:48:37.810><c> you're</c><01:48:38.020><c> the</c><01:48:38.170><c> last</c><01:48:38.350><c> person</c><01:48:38.650><c> on</c><01:48:38.980><c> holding</c>

01:48:39.300 --> 01:48:39.310 align:start position:0%
if you're the last person on holding
 

01:48:39.310 --> 01:48:43.140 align:start position:0%
if you're the last person on holding
tokens<01:48:39.780><c> in</c><01:48:40.780><c> holic</c><01:48:41.230><c> you're</c><01:48:41.940><c> holding</c><01:48:42.940><c> the</c><01:48:43.000><c> bag</c>

01:48:43.140 --> 01:48:43.150 align:start position:0%
tokens in holic you're holding the bag
 

01:48:43.150 --> 01:48:45.120 align:start position:0%
tokens in holic you're holding the bag
basically<01:48:43.810><c> and</c><01:48:44.260><c> the</c><01:48:44.380><c> Augmented</c><01:48:44.830><c> bonding</c>

01:48:45.120 --> 01:48:45.130 align:start position:0%
basically and the Augmented bonding
 

01:48:45.130 --> 01:48:47.100 align:start position:0%
basically and the Augmented bonding
curve<01:48:45.370><c> you</c><01:48:45.640><c> are</c><01:48:45.670><c> holding</c><01:48:46.450><c> all</c><01:48:46.570><c> the</c><01:48:46.750><c> governance</c>

01:48:47.100 --> 01:48:47.110 align:start position:0%
curve you are holding all the governance
 

01:48:47.110 --> 01:48:49.320 align:start position:0%
curve you are holding all the governance
power<01:48:47.350><c> of</c><01:48:47.710><c> that</c><01:48:47.860><c> community</c><01:48:48.340><c> so</c><01:48:48.910><c> we</c><01:48:49.120><c> have</c><01:48:49.300><c> a</c>

01:48:49.320 --> 01:48:49.330 align:start position:0%
power of that community so we have a
 

01:48:49.330 --> 01:48:51.270 align:start position:0%
power of that community so we have a
special<01:48:50.140><c> mechanism</c><01:48:50.290><c> called</c><01:48:50.800><c> the</c><01:48:50.950><c> exit</c>

01:48:51.270 --> 01:48:51.280 align:start position:0%
special mechanism called the exit
 

01:48:51.280 --> 01:48:53.490 align:start position:0%
special mechanism called the exit
tribute<01:48:51.640><c> when</c><01:48:51.880><c> people</c><01:48:52.210><c> exit</c><01:48:52.600><c> the</c><01:48:52.720><c> curve</c><01:48:52.960><c> you</c>

01:48:53.490 --> 01:48:53.500 align:start position:0%
tribute when people exit the curve you
 

01:48:53.500 --> 01:48:56.010 align:start position:0%
tribute when people exit the curve you
pay<01:48:53.710><c> a</c><01:48:53.740><c> small</c><01:48:54.210><c> tribute</c><01:48:55.210><c> to</c><01:48:55.450><c> the</c><01:48:55.540><c> community</c>

01:48:56.010 --> 01:48:56.020 align:start position:0%
pay a small tribute to the community
 

01:48:56.020 --> 01:48:57.900 align:start position:0%
pay a small tribute to the community
which<01:48:56.470><c> is</c><01:48:56.680><c> kind</c><01:48:56.950><c> of</c><01:48:57.040><c> like</c><01:48:57.220><c> we</c><01:48:57.550><c> talked</c><01:48:57.790><c> about</c>

01:48:57.900 --> 01:48:57.910 align:start position:0%
which is kind of like we talked about
 

01:48:57.910 --> 01:49:00.240 align:start position:0%
which is kind of like we talked about
before<01:48:58.120><c> the</c><01:48:58.510><c> opt-in</c><01:48:59.140><c> agreement</c><01:48:59.710><c> you</c><01:49:00.070><c> know</c><01:49:00.160><c> if</c>

01:49:00.240 --> 01:49:00.250 align:start position:0%
before the opt-in agreement you know if
 

01:49:00.250 --> 01:49:01.380 align:start position:0%
before the opt-in agreement you know if
you<01:49:00.370><c> are</c><01:49:00.490><c> going</c><01:49:00.700><c> to</c><01:49:00.820><c> do</c><01:49:00.940><c> in</c><01:49:01.060><c> this</c><01:49:01.180><c> community</c>

01:49:01.380 --> 01:49:01.390 align:start position:0%
you are going to do in this community
 

01:49:01.390 --> 01:49:03.390 align:start position:0%
you are going to do in this community
you<01:49:01.720><c> understand</c><01:49:02.410><c> that</c><01:49:02.620><c> when</c><01:49:02.740><c> you</c><01:49:02.890><c> sell</c><01:49:03.160><c> this</c>

01:49:03.390 --> 01:49:03.400 align:start position:0%
you understand that when you sell this
 

01:49:03.400 --> 01:49:06.330 align:start position:0%
you understand that when you sell this
token<01:49:03.760><c> you're</c><01:49:03.910><c> going</c><01:49:04.150><c> to</c><01:49:04.240><c> pay</c><01:49:04.470><c> 5%</c><01:49:05.470><c> or</c><01:49:05.590><c> 10%</c><01:49:05.620><c> to</c>

01:49:06.330 --> 01:49:06.340 align:start position:0%
token you're going to pay 5% or 10% to
 

01:49:06.340 --> 01:49:08.310 align:start position:0%
token you're going to pay 5% or 10% to
the<01:49:06.460><c> community</c><01:49:06.910><c> this</c><01:49:07.330><c> goes</c><01:49:07.630><c> a</c><01:49:07.660><c> communal</c>

01:49:08.310 --> 01:49:08.320 align:start position:0%
the community this goes a communal
 

01:49:08.320 --> 01:49:10.590 align:start position:0%
the community this goes a communal
funding<01:49:08.680><c> pool</c><01:49:08.890><c> and</c><01:49:09.190><c> then</c><01:49:09.550><c> if</c><01:49:09.880><c> you</c><01:49:10.090><c> help</c><01:49:10.360><c> hold</c>

01:49:10.590 --> 01:49:10.600 align:start position:0%
funding pool and then if you help hold
 

01:49:10.600 --> 01:49:12.150 align:start position:0%
funding pool and then if you help hold
on<01:49:10.780><c> all</c><01:49:10.900><c> those</c><01:49:11.020><c> tokens</c><01:49:11.470><c> you</c><01:49:11.620><c> basically</c><01:49:11.950><c> have</c>

01:49:12.150 --> 01:49:12.160 align:start position:0%
on all those tokens you basically have
 

01:49:12.160 --> 01:49:12.580 align:start position:0%
on all those tokens you basically have
covered

01:49:12.580 --> 01:49:12.590 align:start position:0%
covered
 

01:49:12.590 --> 01:49:15.220 align:start position:0%
covered
/<01:49:12.830><c> that</c><01:49:12.980><c> funding</c><01:49:13.280><c> so</c><01:49:14.060><c> this</c><01:49:14.330><c> also</c><01:49:14.659><c> encourages</c>

01:49:15.220 --> 01:49:15.230 align:start position:0%
/ that funding so this also encourages
 

01:49:15.230 --> 01:49:18.010 align:start position:0%
/ that funding so this also encourages
the<01:49:15.639><c> opposite</c><01:49:16.639><c> pressure</c><01:49:16.820><c> more</c><01:49:17.389><c> people</c><01:49:17.690><c> to</c><01:49:17.840><c> buy</c>

01:49:18.010 --> 01:49:18.020 align:start position:0%
the opposite pressure more people to buy
 

01:49:18.020 --> 01:49:20.500 align:start position:0%
the opposite pressure more people to buy
so<01:49:18.679><c> you</c><01:49:18.710><c> have</c><01:49:18.920><c> this</c><01:49:19.040><c> interplay</c><01:49:19.699><c> of</c><01:49:19.730><c> people</c>

01:49:20.500 --> 01:49:20.510 align:start position:0%
so you have this interplay of people
 

01:49:20.510 --> 01:49:22.720 align:start position:0%
so you have this interplay of people
wanting<01:49:20.780><c> to</c><01:49:20.900><c> sell</c><01:49:21.139><c> to</c><01:49:21.530><c> fake</c><01:49:22.159><c> returns</c>

01:49:22.720 --> 01:49:22.730 align:start position:0%
wanting to sell to fake returns
 

01:49:22.730 --> 01:49:24.939 align:start position:0%
wanting to sell to fake returns
people<01:49:23.300><c> wanting</c><01:49:23.570><c> to</c><01:49:23.599><c> buy</c><01:49:23.840><c> for</c><01:49:24.530><c> governments</c>

01:49:24.939 --> 01:49:24.949 align:start position:0%
people wanting to buy for governments
 

01:49:24.949 --> 01:49:27.280 align:start position:0%
people wanting to buy for governments
over<01:49:25.250><c> that</c><01:49:25.369><c> collateral</c><01:49:25.639><c> pool</c><01:49:26.090><c> and</c><01:49:26.840><c> that</c><01:49:27.020><c> that</c>

01:49:27.280 --> 01:49:27.290 align:start position:0%
over that collateral pool and that that
 

01:49:27.290 --> 01:49:29.290 align:start position:0%
over that collateral pool and that that
creates<01:49:27.710><c> a</c><01:49:27.920><c> natural</c><01:49:28.099><c> volatility</c><01:49:29.030><c> on</c><01:49:29.179><c> the</c>

01:49:29.290 --> 01:49:29.300 align:start position:0%
creates a natural volatility on the
 

01:49:29.300 --> 01:49:31.300 align:start position:0%
creates a natural volatility on the
curve<01:49:29.510><c> and</c><01:49:29.960><c> that</c><01:49:29.989><c> creates</c><01:49:30.469><c> continuous</c>

01:49:31.300 --> 01:49:31.310 align:start position:0%
curve and that creates continuous
 

01:49:31.310 --> 01:49:33.490 align:start position:0%
curve and that creates continuous
funding<01:49:31.489><c> for</c><01:49:31.940><c> the</c><01:49:32.030><c> project</c><01:49:32.480><c> through</c><01:49:33.020><c> the</c><01:49:33.110><c> exit</c>

01:49:33.490 --> 01:49:33.500 align:start position:0%
funding for the project through the exit
 

01:49:33.500 --> 01:49:34.089 align:start position:0%
funding for the project through the exit
Tribune

01:49:34.089 --> 01:49:34.099 align:start position:0%
Tribune
 

01:49:34.099 --> 01:49:36.220 align:start position:0%
Tribune
so<01:49:34.280><c> this</c><01:49:34.429><c> is</c><01:49:34.580><c> just</c><01:49:34.730><c> one</c><01:49:35.060><c> type</c><01:49:35.449><c> of</c><01:49:35.750><c> mechanism</c>

01:49:36.220 --> 01:49:36.230 align:start position:0%
so this is just one type of mechanism
 

01:49:36.230 --> 01:49:37.959 align:start position:0%
so this is just one type of mechanism
the<01:49:36.349><c> bonding</c><01:49:36.650><c> curves</c><01:49:36.860><c> are</c><01:49:37.070><c> a</c><01:49:37.280><c> very</c><01:49:37.760><c> new</c>

01:49:37.959 --> 01:49:37.969 align:start position:0%
the bonding curves are a very new
 

01:49:37.969 --> 01:49:40.089 align:start position:0%
the bonding curves are a very new
concept<01:49:38.179><c> with</c><01:49:38.599><c> solutions</c><01:49:39.080><c> based</c><01:49:39.290><c> is</c><01:49:39.500><c> very</c>

01:49:40.089 --> 01:49:40.099 align:start position:0%
concept with solutions based is very
 

01:49:40.099 --> 01:49:42.729 align:start position:0%
concept with solutions based is very
open<01:49:40.580><c> and</c><01:49:40.730><c> I</c><01:49:41.510><c> think</c><01:49:41.780><c> we've</c><01:49:42.260><c> designed</c><01:49:42.590><c> the</c>

01:49:42.729 --> 01:49:42.739 align:start position:0%
open and I think we've designed the
 

01:49:42.739 --> 01:49:44.500 align:start position:0%
open and I think we've designed the
Augmented<01:49:43.190><c> money</c><01:49:43.369><c> curve</c><01:49:43.610><c> for</c><01:49:43.969><c> a</c><01:49:44.000><c> non</c><01:49:44.270><c> profit</c>

01:49:44.500 --> 01:49:44.510 align:start position:0%
Augmented money curve for a non profit
 

01:49:44.510 --> 01:49:46.270 align:start position:0%
Augmented money curve for a non profit
model<01:49:45.020><c> you</c><01:49:45.440><c> could</c><01:49:45.560><c> have</c><01:49:45.739><c> all</c><01:49:45.860><c> sorts</c><01:49:46.190><c> of</c>

01:49:46.270 --> 01:49:46.280 align:start position:0%
model you could have all sorts of
 

01:49:46.280 --> 01:49:48.100 align:start position:0%
model you could have all sorts of
different<01:49:46.489><c> mechanisms</c><01:49:46.810><c> included</c><01:49:47.810><c> there</c><01:49:47.960><c> you</c>

01:49:48.100 --> 01:49:48.110 align:start position:0%
different mechanisms included there you
 

01:49:48.110 --> 01:49:50.680 align:start position:0%
different mechanisms included there you
can<01:49:48.260><c> include</c><01:49:48.590><c> quadratic</c><01:49:49.159><c> voting</c><01:49:50.090><c> or</c><01:49:50.239><c> CLR</c>

01:49:50.680 --> 01:49:50.690 align:start position:0%
can include quadratic voting or CLR
 

01:49:50.690 --> 01:49:53.350 align:start position:0%
can include quadratic voting or CLR
matching<01:49:51.230><c> you</c><01:49:52.040><c> could</c><01:49:52.280><c> and</c><01:49:52.790><c> this</c><01:49:52.880><c> is</c><01:49:53.090><c> kind</c><01:49:53.330><c> of</c>

01:49:53.350 --> 01:49:53.360 align:start position:0%
matching you could and this is kind of
 

01:49:53.360 --> 01:49:54.790 align:start position:0%
matching you could and this is kind of
the<01:49:53.449><c> approach</c><01:49:53.719><c> of</c><01:49:53.750><c> the</c><01:49:54.020><c> common</c><01:49:54.349><c> stack</c><01:49:54.590><c> as</c>

01:49:54.790 --> 01:49:54.800 align:start position:0%
the approach of the common stack as
 

01:49:54.800 --> 01:49:56.620 align:start position:0%
the approach of the common stack as
we're<01:49:54.980><c> coming</c><01:49:55.219><c> at</c><01:49:55.310><c> this</c><01:49:55.489><c> from</c><01:49:55.630><c> modular</c>

01:49:56.620 --> 01:49:56.630 align:start position:0%
we're coming at this from modular
 

01:49:56.630 --> 01:49:58.689 align:start position:0%
we're coming at this from modular
component<01:49:57.170><c> approach</c><01:49:57.469><c> so</c><01:49:58.070><c> you</c><01:49:58.130><c> can</c><01:49:58.340><c> have</c><01:49:58.489><c> all</c>

01:49:58.689 --> 01:49:58.699 align:start position:0%
component approach so you can have all
 

01:49:58.699 --> 01:50:00.310 align:start position:0%
component approach so you can have all
sorts<01:49:59.119><c> of</c><01:49:59.210><c> different</c><01:49:59.449><c> mechanisms</c><01:50:00.139><c> that</c><01:50:00.260><c> you</c>

01:50:00.310 --> 01:50:00.320 align:start position:0%
sorts of different mechanisms that you
 

01:50:00.320 --> 01:50:02.050 align:start position:0%
sorts of different mechanisms that you
could<01:50:00.500><c> build</c><01:50:00.650><c> into</c><01:50:00.920><c> those</c><01:50:01.159><c> bonding</c><01:50:01.550><c> curves</c><01:50:01.820><c> to</c>

01:50:02.050 --> 01:50:02.060 align:start position:0%
could build into those bonding curves to
 

01:50:02.060 --> 01:50:06.220 align:start position:0%
could build into those bonding curves to
suit<01:50:02.330><c> that</c><01:50:02.540><c> to</c><01:50:02.810><c> each</c><01:50:02.989><c> nice</c><01:50:03.590><c> use</c><01:50:03.860><c> case</c><01:50:04.130><c> on</c><01:50:05.230><c> top</c>

01:50:06.220 --> 01:50:06.230 align:start position:0%
suit that to each nice use case on top
 

01:50:06.230 --> 01:50:08.260 align:start position:0%
suit that to each nice use case on top
of<01:50:06.380><c> that</c><01:50:06.500><c> we</c><01:50:06.710><c> are</c><01:50:07.099><c> working</c><01:50:07.280><c> on</c><01:50:07.550><c> some</c><01:50:07.880><c> novel</c>

01:50:08.260 --> 01:50:08.270 align:start position:0%
of that we are working on some novel
 

01:50:08.270 --> 01:50:10.660 align:start position:0%
of that we are working on some novel
governance<01:50:08.750><c> processes</c><01:50:09.260><c> that</c><01:50:09.739><c> we</c><01:50:10.159><c> see</c><01:50:10.369><c> a</c><01:50:10.400><c> lot</c>

01:50:10.660 --> 01:50:10.670 align:start position:0%
governance processes that we see a lot
 

01:50:10.670 --> 01:50:12.220 align:start position:0%
governance processes that we see a lot
of<01:50:10.820><c> problems</c><01:50:11.210><c> with</c><01:50:11.330><c> Unchained</c><01:50:11.780><c> governance</c>

01:50:12.220 --> 01:50:12.230 align:start position:0%
of problems with Unchained governance
 

01:50:12.230 --> 01:50:16.000 align:start position:0%
of problems with Unchained governance
mostly<01:50:13.219><c> apathy</c><01:50:13.969><c> or</c><01:50:14.409><c> you</c><01:50:15.409><c> know</c><01:50:15.500><c> people</c><01:50:15.650><c> being</c>

01:50:16.000 --> 01:50:16.010 align:start position:0%
mostly apathy or you know people being
 

01:50:16.010 --> 01:50:17.770 align:start position:0%
mostly apathy or you know people being
busy<01:50:16.340><c> or</c><01:50:16.460><c> people</c><01:50:16.790><c> not</c><01:50:16.940><c> you</c><01:50:17.210><c> know</c><01:50:17.300><c> following</c><01:50:17.690><c> up</c>

01:50:17.770 --> 01:50:17.780 align:start position:0%
busy or people not you know following up
 

01:50:17.780 --> 01:50:19.270 align:start position:0%
busy or people not you know following up
how<01:50:17.929><c> many</c><01:50:18.110><c> dollars</c><01:50:18.440><c> are</c><01:50:18.590><c> you</c><01:50:18.710><c> a</c><01:50:18.739><c> part</c><01:50:19.010><c> of</c><01:50:19.099><c> you</c>

01:50:19.270 --> 01:50:19.280 align:start position:0%
how many dollars are you a part of you
 

01:50:19.280 --> 01:50:21.310 align:start position:0%
how many dollars are you a part of you
know<01:50:19.400><c> are</c><01:50:20.119><c> you</c><01:50:20.270><c> checking</c><01:50:20.540><c> in</c><01:50:20.750><c> with</c><01:50:20.900><c> each</c><01:50:21.139><c> of</c>

01:50:21.310 --> 01:50:21.320 align:start position:0%
know are you checking in with each of
 

01:50:21.320 --> 01:50:22.750 align:start position:0%
know are you checking in with each of
them<01:50:21.469><c> do</c><01:50:21.619><c> you</c><01:50:21.679><c> know</c><01:50:21.830><c> in</c><01:50:22.010><c> each</c><01:50:22.190><c> of</c><01:50:22.369><c> those</c><01:50:22.489><c> votes</c>

01:50:22.750 --> 01:50:22.760 align:start position:0%
them do you know in each of those votes
 

01:50:22.760 --> 01:50:25.120 align:start position:0%
them do you know in each of those votes
is<01:50:23.000><c> going</c><01:50:23.270><c> on</c><01:50:23.420><c> the</c><01:50:23.840><c> user</c><01:50:24.050><c> interface</c><01:50:24.199><c> is</c><01:50:24.800><c> always</c>

01:50:25.120 --> 01:50:25.130 align:start position:0%
is going on the user interface is always
 

01:50:25.130 --> 01:50:27.160 align:start position:0%
is going on the user interface is always
great<01:50:25.369><c> in</c><01:50:25.670><c> these</c><01:50:25.790><c> early</c><01:50:26.179><c> experiments</c><01:50:26.690><c> so</c>

01:50:27.160 --> 01:50:27.170 align:start position:0%
great in these early experiments so
 

01:50:27.170 --> 01:50:29.020 align:start position:0%
great in these early experiments so
we're<01:50:27.710><c> working</c><01:50:27.830><c> on</c><01:50:28.130><c> a</c><01:50:28.159><c> governance</c><01:50:28.580><c> process</c>

01:50:29.020 --> 01:50:29.030 align:start position:0%
we're working on a governance process
 

01:50:29.030 --> 01:50:31.270 align:start position:0%
we're working on a governance process
called<01:50:29.360><c> conviction</c><01:50:29.989><c> voting</c><01:50:30.320><c> which</c><01:50:30.710><c> is</c><01:50:30.889><c> less</c>

01:50:31.270 --> 01:50:31.280 align:start position:0%
called conviction voting which is less
 

01:50:31.280 --> 01:50:34.680 align:start position:0%
called conviction voting which is less
of<01:50:31.310><c> a</c><01:50:31.610><c> voting</c><01:50:32.119><c> system</c><01:50:32.420><c> but</c><01:50:32.960><c> more</c><01:50:33.110><c> of</c><01:50:33.260><c> a</c>

01:50:34.680 --> 01:50:34.690 align:start position:0%
of a voting system but more of a
 

01:50:34.690 --> 01:50:36.879 align:start position:0%
of a voting system but more of a
preference<01:50:35.690><c> broadcast</c><01:50:36.409><c> you're</c><01:50:36.679><c> always</c>

01:50:36.879 --> 01:50:36.889 align:start position:0%
preference broadcast you're always
 

01:50:36.889 --> 01:50:39.290 align:start position:0%
preference broadcast you're always
signaling<01:50:37.699><c> what</c><01:50:37.969><c> you</c><01:50:38.119><c> want</c><01:50:38.389><c> to</c><01:50:38.540><c> see</c><01:50:38.750><c> done</c>

01:50:39.290 --> 01:50:39.300 align:start position:0%
signaling what you want to see done
 

01:50:39.300 --> 01:50:42.230 align:start position:0%
signaling what you want to see done
in<01:50:39.360><c> the</c><01:50:39.540><c> ecosystem</c><01:50:40.230><c> and</c><01:50:40.890><c> that</c><01:50:41.240><c> conviction</c>

01:50:42.230 --> 01:50:42.240 align:start position:0%
in the ecosystem and that conviction
 

01:50:42.240 --> 01:50:45.670 align:start position:0%
in the ecosystem and that conviction
grows<01:50:42.750><c> over</c><01:50:43.140><c> time</c><01:50:43.170><c> so</c><01:50:43.950><c> this</c><01:50:44.130><c> also</c><01:50:44.340><c> gives</c>

01:50:45.670 --> 01:50:45.680 align:start position:0%
grows over time so this also gives
 

01:50:45.680 --> 01:50:48.770 align:start position:0%
grows over time so this also gives
long-standing<01:50:46.680><c> minorities</c><01:50:47.550><c> more</c><01:50:48.510><c> weight</c>

01:50:48.770 --> 01:50:48.780 align:start position:0%
long-standing minorities more weight
 

01:50:48.780 --> 01:50:51.020 align:start position:0%
long-standing minorities more weight
over<01:50:49.320><c> a</c><01:50:49.590><c> last</c><01:50:49.890><c> minute</c><01:50:50.070><c> whale</c><01:50:50.370><c> that</c><01:50:50.610><c> comes</c><01:50:50.850><c> in</c>

01:50:51.020 --> 01:50:51.030 align:start position:0%
over a last minute whale that comes in
 

01:50:51.030 --> 01:50:52.580 align:start position:0%
over a last minute whale that comes in
and<01:50:51.210><c> says</c><01:50:51.240><c> no</c><01:50:51.600><c> this</c><01:50:51.780><c> is</c><01:50:51.960><c> how</c><01:50:52.080><c> the</c><01:50:52.140><c> vote</c><01:50:52.350><c> should</c>

01:50:52.580 --> 01:50:52.590 align:start position:0%
and says no this is how the vote should
 

01:50:52.590 --> 01:50:55.130 align:start position:0%
and says no this is how the vote should
go<01:50:52.770><c> which</c><01:50:53.250><c> we</c><01:50:53.400><c> also</c><01:50:53.550><c> see</c><01:50:53.940><c> in</c><01:50:54.270><c> Unchained</c>

01:50:55.130 --> 01:50:55.140 align:start position:0%
go which we also see in Unchained
 

01:50:55.140 --> 01:50:57.350 align:start position:0%
go which we also see in Unchained
governance<01:50:55.560><c> if</c><01:50:56.400><c> there's</c><01:50:56.730><c> a</c><01:50:56.820><c> certain</c><01:50:57.210><c> vote</c>

01:50:57.350 --> 01:50:57.360 align:start position:0%
governance if there's a certain vote
 

01:50:57.360 --> 01:50:59.690 align:start position:0%
governance if there's a certain vote
maybe<01:50:57.630><c> a</c><01:50:57.780><c> mola</c><01:50:58.080><c> maybe</c><01:50:59.010><c> there's</c><01:50:59.250><c> someone</c><01:50:59.550><c> with</c>

01:50:59.690 --> 01:50:59.700 align:start position:0%
maybe a mola maybe there's someone with
 

01:50:59.700 --> 01:51:00.920 align:start position:0%
maybe a mola maybe there's someone with
a<01:50:59.730><c> lot</c><01:50:59.910><c> of</c><01:50:59.940><c> tokens</c><01:51:00.360><c> who</c><01:51:00.420><c> doesn't</c><01:51:00.660><c> want</c><01:51:00.780><c> to</c><01:51:00.840><c> see</c>

01:51:00.920 --> 01:51:00.930 align:start position:0%
a lot of tokens who doesn't want to see
 

01:51:00.930 --> 01:51:02.210 align:start position:0%
a lot of tokens who doesn't want to see
that<01:51:00.960><c> go</c><01:51:01.230><c> through</c><01:51:01.440><c> and</c><01:51:01.650><c> last</c><01:51:01.830><c> minute</c><01:51:01.980><c> they</c>

01:51:02.210 --> 01:51:02.220 align:start position:0%
that go through and last minute they
 

01:51:02.220 --> 01:51:06.370 align:start position:0%
that go through and last minute they
come<01:51:02.400><c> in</c><01:51:02.550><c> and</c><01:51:02.700><c> just</c><01:51:02.820><c> squash</c><01:51:03.030><c> it</c><01:51:03.090><c> I</c><01:51:03.480><c> mean</c><01:51:05.120><c> yeah</c>

01:51:06.370 --> 01:51:06.380 align:start position:0%
come in and just squash it I mean yeah
 

01:51:06.380 --> 01:51:08.870 align:start position:0%
come in and just squash it I mean yeah
there<01:51:07.380><c> are</c><01:51:07.500><c> protections</c><01:51:07.740><c> against</c><01:51:08.460><c> it</c><01:51:08.550><c> but</c><01:51:08.700><c> we</c>

01:51:08.870 --> 01:51:08.880 align:start position:0%
there are protections against it but we
 

01:51:08.880 --> 01:51:11.240 align:start position:0%
there are protections against it but we
just<01:51:09.120><c> want</c><01:51:09.300><c> to</c><01:51:09.480><c> see</c><01:51:09.900><c> sort</c><01:51:10.320><c> of</c><01:51:10.470><c> this</c><01:51:10.740><c> this</c>

01:51:11.240 --> 01:51:11.250 align:start position:0%
just want to see sort of this this
 

01:51:11.250 --> 01:51:14.450 align:start position:0%
just want to see sort of this this
balance<01:51:11.760><c> of</c><01:51:12.050><c> a</c><01:51:13.050><c> long-standing</c><01:51:13.500><c> minority</c>

01:51:14.450 --> 01:51:14.460 align:start position:0%
balance of a long-standing minority
 

01:51:14.460 --> 01:51:17.240 align:start position:0%
balance of a long-standing minority
having<01:51:14.820><c> some</c><01:51:15.030><c> weight</c><01:51:15.330><c> against</c><01:51:15.990><c> a</c><01:51:16.410><c> late</c><01:51:16.980><c> whale</c>

01:51:17.240 --> 01:51:17.250 align:start position:0%
having some weight against a late whale
 

01:51:17.250 --> 01:51:18.620 align:start position:0%
having some weight against a late whale
coming<01:51:17.550><c> in</c><01:51:17.760><c> and</c><01:51:17.910><c> saying</c><01:51:18.090><c> this</c><01:51:18.270><c> is</c><01:51:18.420><c> how</c><01:51:18.450><c> much</c>

01:51:18.620 --> 01:51:18.630 align:start position:0%
coming in and saying this is how much
 

01:51:18.630 --> 01:51:20.180 align:start position:0%
coming in and saying this is how much
should<01:51:18.750><c> go</c><01:51:18.870><c> now</c><01:51:19.200><c> that</c><01:51:19.380><c> that's</c><01:51:19.500><c> a</c><01:51:19.650><c> bad</c><01:51:19.800><c> thing</c><01:51:20.010><c> in</c>

01:51:20.180 --> 01:51:20.190 align:start position:0%
should go now that that's a bad thing in
 

01:51:20.190 --> 01:51:22.460 align:start position:0%
should go now that that's a bad thing in
the<01:51:20.580><c> small</c><01:51:20.850><c> ecosystem</c><01:51:21.570><c> that</c><01:51:21.690><c> we're</c><01:51:21.900><c> working</c>

01:51:22.460 --> 01:51:22.470 align:start position:0%
the small ecosystem that we're working
 

01:51:22.470 --> 01:51:24.710 align:start position:0%
the small ecosystem that we're working
with<01:51:22.800><c> today</c><01:51:22.950><c> we</c><01:51:23.760><c> do</c><01:51:23.940><c> want</c><01:51:24.240><c> these</c><01:51:24.390><c> safeguards</c>

01:51:24.710 --> 01:51:24.720 align:start position:0%
with today we do want these safeguards
 

01:51:24.720 --> 01:51:26.840 align:start position:0%
with today we do want these safeguards
these<01:51:25.230><c> people</c><01:51:25.560><c> who</c><01:51:25.680><c> know</c><01:51:25.920><c> what's</c><01:51:26.520><c> best</c><01:51:26.730><c> for</c>

01:51:26.840 --> 01:51:26.850 align:start position:0%
these people who know what's best for
 

01:51:26.850 --> 01:51:28.340 align:start position:0%
these people who know what's best for
these<01:51:27.060><c> communities</c><01:51:27.540><c> but</c><01:51:27.750><c> when</c><01:51:27.900><c> we're</c><01:51:28.050><c> looking</c>

01:51:28.340 --> 01:51:28.350 align:start position:0%
these communities but when we're looking
 

01:51:28.350 --> 01:51:31.490 align:start position:0%
these communities but when we're looking
at<01:51:28.500><c> long-term</c><01:51:29.040><c> scaling</c><01:51:29.910><c> this</c><01:51:30.090><c> into</c><01:51:31.080><c> larger</c>

01:51:31.490 --> 01:51:31.500 align:start position:0%
at long-term scaling this into larger
 

01:51:31.500 --> 01:51:33.650 align:start position:0%
at long-term scaling this into larger
ecosystems<01:51:32.220><c> we</c><01:51:32.940><c> want</c><01:51:33.150><c> to</c><01:51:33.210><c> make</c><01:51:33.300><c> sure</c><01:51:33.330><c> that</c>

01:51:33.650 --> 01:51:33.660 align:start position:0%
ecosystems we want to make sure that
 

01:51:33.660 --> 01:51:35.720 align:start position:0%
ecosystems we want to make sure that
there's<01:51:33.900><c> proper</c><01:51:34.530><c> community</c><01:51:35.340><c> representation</c>

01:51:35.720 --> 01:51:35.730 align:start position:0%
there's proper community representation
 

01:51:35.730 --> 01:51:38.780 align:start position:0%
there's proper community representation
and<01:51:36.480><c> governance</c><01:51:37.310><c> so</c><01:51:38.310><c> yeah</c><01:51:38.490><c> so</c><01:51:38.670><c> that's</c>

01:51:38.780 --> 01:51:38.790 align:start position:0%
and governance so yeah so that's
 

01:51:38.790 --> 01:51:42.110 align:start position:0%
and governance so yeah so that's
basically<01:51:39.330><c> basically</c><01:51:39.750><c> the</c><01:51:40.910><c> long</c><01:51:41.910><c> in</c><01:51:42.060><c> the</c>

01:51:42.110 --> 01:51:42.120 align:start position:0%
basically basically the long in the
 

01:51:42.120 --> 01:51:43.880 align:start position:0%
basically basically the long in the
short<01:51:42.360><c> of</c><01:51:42.390><c> the</c><01:51:42.480><c> common</c><01:51:42.810><c> snack</c><01:51:43.050><c> there</c><01:51:43.710><c> are</c>

01:51:43.880 --> 01:51:43.890 align:start position:0%
short of the common snack there are
 

01:51:43.890 --> 01:51:45.650 align:start position:0%
short of the common snack there are
we're<01:51:44.580><c> basically</c><01:51:44.790><c> looking</c><01:51:45.180><c> to</c><01:51:45.300><c> build</c><01:51:45.420><c> a</c>

01:51:45.650 --> 01:51:45.660 align:start position:0%
we're basically looking to build a
 

01:51:45.660 --> 01:51:48.260 align:start position:0%
we're basically looking to build a
library<01:51:46.470><c> of</c><01:51:46.590><c> components</c><01:51:47.520><c> that</c><01:51:47.550><c> can</c><01:51:47.850><c> be</c><01:51:47.910><c> used</c>

01:51:48.260 --> 01:51:48.270 align:start position:0%
library of components that can be used
 

01:51:48.270 --> 01:51:50.060 align:start position:0%
library of components that can be used
to<01:51:48.510><c> build</c><01:51:48.660><c> dowels</c><01:51:49.050><c> for</c><01:51:49.380><c> all</c><01:51:49.590><c> sorts</c><01:51:49.860><c> of</c>

01:51:50.060 --> 01:51:50.070 align:start position:0%
to build dowels for all sorts of
 

01:51:50.070 --> 01:51:52.610 align:start position:0%
to build dowels for all sorts of
different<01:51:50.130><c> use</c><01:51:50.700><c> cases</c><01:51:51.020><c> there</c><01:51:52.020><c> is</c><01:51:52.110><c> no</c><01:51:52.290><c> one</c>

01:51:52.610 --> 01:51:52.620 align:start position:0%
different use cases there is no one
 

01:51:52.620 --> 01:51:55.760 align:start position:0%
different use cases there is no one
answer<01:51:53.010><c> to</c><01:51:53.040><c> how</c><01:51:53.790><c> do</c><01:51:53.850><c> we</c><01:51:54.090><c> cover</c><01:51:54.690><c> the</c><01:51:54.960><c> economies</c>

01:51:55.760 --> 01:51:55.770 align:start position:0%
answer to how do we cover the economies
 

01:51:55.770 --> 01:51:59.450 align:start position:0%
answer to how do we cover the economies
you<01:51:56.340><c> know</c><01:51:56.760><c> an</c><01:51:57.240><c> economy</c><01:51:57.720><c> around</c><01:51:57.840><c> e</c><01:51:58.260><c> 2.0</c><01:51:58.860><c> may</c><01:51:59.400><c> be</c>

01:51:59.450 --> 01:51:59.460 align:start position:0%
you know an economy around e 2.0 may be
 

01:51:59.460 --> 01:52:00.950 align:start position:0%
you know an economy around e 2.0 may be
very<01:51:59.760><c> different</c><01:52:00.000><c> from</c><01:52:00.270><c> an</c><01:52:00.420><c> economy</c><01:52:00.840><c> around</c>

01:52:00.950 --> 01:52:00.960 align:start position:0%
very different from an economy around
 

01:52:00.960 --> 01:52:03.880 align:start position:0%
very different from an economy around
trash<01:52:01.380><c> cleanup</c><01:52:01.770><c> may</c><01:52:02.220><c> be</c><01:52:02.280><c> very</c><01:52:02.550><c> different</c><01:52:02.790><c> from</c>

01:52:03.880 --> 01:52:03.890 align:start position:0%
trash cleanup may be very different from
 

01:52:03.890 --> 01:52:06.380 align:start position:0%
trash cleanup may be very different from
community<01:52:04.890><c> economies</c><01:52:05.400><c> so</c><01:52:05.580><c> we</c><01:52:05.700><c> have</c><01:52:05.880><c> all</c><01:52:06.060><c> sorts</c>

01:52:06.380 --> 01:52:06.390 align:start position:0%
community economies so we have all sorts
 

01:52:06.390 --> 01:52:09.290 align:start position:0%
community economies so we have all sorts
of<01:52:06.480><c> different</c><01:52:07.100><c> components</c><01:52:08.100><c> that</c><01:52:08.550><c> you</c><01:52:09.090><c> can</c>

01:52:09.290 --> 01:52:09.300 align:start position:0%
of different components that you can
 

01:52:09.300 --> 01:52:11.570 align:start position:0%
of different components that you can
basically<01:52:09.630><c> combine</c><01:52:10.350><c> and</c><01:52:10.740><c> create</c><01:52:11.340><c> your</c><01:52:11.520><c> own</c>

01:52:11.570 --> 01:52:11.580 align:start position:0%
basically combine and create your own
 

01:52:11.580 --> 01:52:14.990 align:start position:0%
basically combine and create your own
endow<01:52:12.120><c> suited</c><01:52:12.810><c> for</c><01:52:12.960><c> your</c><01:52:13.110><c> ecosystem</c><01:52:13.790><c> and</c><01:52:14.790><c> one</c>

01:52:14.990 --> 01:52:15.000 align:start position:0%
endow suited for your ecosystem and one
 

01:52:15.000 --> 01:52:16.310 align:start position:0%
endow suited for your ecosystem and one
other<01:52:15.150><c> really</c><01:52:15.540><c> important</c><01:52:16.020><c> part</c><01:52:16.170><c> of</c><01:52:16.230><c> the</c>

01:52:16.310 --> 01:52:16.320 align:start position:0%
other really important part of the
 

01:52:16.320 --> 01:52:17.630 align:start position:0%
other really important part of the
common<01:52:16.650><c> stack</c>

01:52:17.630 --> 01:52:17.640 align:start position:0%
common stack
 

01:52:17.640 --> 01:52:20.180 align:start position:0%
common stack
the<01:52:17.820><c> simulation</c><01:52:18.750><c> so</c><01:52:19.200><c> if</c><01:52:19.500><c> every</c><01:52:19.770><c> president</c><01:52:20.130><c> has</c>

01:52:20.180 --> 01:52:20.190 align:start position:0%
the simulation so if every president has
 

01:52:20.190 --> 01:52:22.040 align:start position:0%
the simulation so if every president has
anyone<01:52:20.520><c> heard</c><01:52:20.640><c> Cat</c><01:52:20.940><c> Cat</c><01:52:21.150><c> here</c><01:52:21.450><c> show</c><01:52:21.780><c> of</c><01:52:21.870><c> hands</c>

01:52:22.040 --> 01:52:22.050 align:start position:0%
anyone heard Cat Cat here show of hands
 

01:52:22.050 --> 01:52:25.550 align:start position:0%
anyone heard Cat Cat here show of hands
quickly<01:52:23.360><c> so</c><01:52:24.360><c> this</c><01:52:24.480><c> is</c><01:52:24.630><c> a</c><01:52:24.660><c> simulation</c><01:52:25.170><c> tool</c>

01:52:25.550 --> 01:52:25.560 align:start position:0%
quickly so this is a simulation tool
 

01:52:25.560 --> 01:52:27.920 align:start position:0%
quickly so this is a simulation tool
that<01:52:25.920><c> is</c><01:52:26.190><c> just</c><01:52:26.730><c> going</c><01:52:26.850><c> from</c><01:52:27.180><c> block</c><01:52:27.450><c> grants</c><01:52:27.840><c> it</c>

01:52:27.920 --> 01:52:27.930 align:start position:0%
that is just going from block grants it
 

01:52:27.930 --> 01:52:29.900 align:start position:0%
that is just going from block grants it
was<01:52:28.050><c> just</c><01:52:28.260><c> open-source</c><01:52:28.830><c> through</c><01:52:29.250><c> the</c><01:52:29.610><c> common</c>

01:52:29.900 --> 01:52:29.910 align:start position:0%
was just open-source through the common
 

01:52:29.910 --> 01:52:33.290 align:start position:0%
was just open-source through the common
stack<01:52:30.120><c> month</c><01:52:30.930><c> ago</c><01:52:31.200><c> and</c><01:52:32.130><c> the</c><01:52:32.400><c> cool</c><01:52:33.000><c> thing</c><01:52:33.270><c> about</c>

01:52:33.290 --> 01:52:33.300 align:start position:0%
stack month ago and the cool thing about
 

01:52:33.300 --> 01:52:35.180 align:start position:0%
stack month ago and the cool thing about
the<01:52:33.750><c> common</c><01:52:33.990><c> sack</c><01:52:34.200><c> components</c><01:52:34.740><c> is</c><01:52:34.860><c> all</c><01:52:35.040><c> of</c>

01:52:35.180 --> 01:52:35.190 align:start position:0%
the common sack components is all of
 

01:52:35.190 --> 01:52:37.130 align:start position:0%
the common sack components is all of
these<01:52:35.370><c> will</c><01:52:35.610><c> be</c><01:52:35.640><c> rigorously</c><01:52:36.540><c> designed</c><01:52:36.960><c> from</c>

01:52:37.130 --> 01:52:37.140 align:start position:0%
these will be rigorously designed from
 

01:52:37.140 --> 01:52:38.960 align:start position:0%
these will be rigorously designed from
mathematical<01:52:37.800><c> first</c><01:52:38.010><c> principles</c><01:52:38.490><c> so</c><01:52:38.670><c> you</c><01:52:38.730><c> can</c>

01:52:38.960 --> 01:52:38.970 align:start position:0%
mathematical first principles so you can
 

01:52:38.970 --> 01:52:40.970 align:start position:0%
mathematical first principles so you can
just<01:52:39.180><c> take</c><01:52:39.660><c> them</c><01:52:39.810><c> off</c><01:52:39.990><c> the</c><01:52:40.140><c> shelf</c><01:52:40.380><c> combine</c>

01:52:40.970 --> 01:52:40.980 align:start position:0%
just take them off the shelf combine
 

01:52:40.980 --> 01:52:42.980 align:start position:0%
just take them off the shelf combine
them<01:52:41.280><c> plug</c><01:52:41.730><c> them</c><01:52:41.910><c> into</c><01:52:42.060><c> the</c><01:52:42.210><c> simulator</c><01:52:42.690><c> and</c>

01:52:42.980 --> 01:52:42.990 align:start position:0%
them plug them into the simulator and
 

01:52:42.990 --> 01:52:45.470 align:start position:0%
them plug them into the simulator and
see<01:52:43.500><c> how</c><01:52:43.770><c> your</c><01:52:44.040><c> token</c><01:52:44.400><c> network</c><01:52:44.730><c> will</c><01:52:44.970><c> respond</c>

01:52:45.470 --> 01:52:45.480 align:start position:0%
see how your token network will respond
 

01:52:45.480 --> 01:52:48.260 align:start position:0%
see how your token network will respond
to<01:52:45.840><c> stress</c><01:52:46.470><c> test</c><01:52:46.740><c> before</c><01:52:47.310><c> you</c><01:52:47.340><c> start</c><01:52:48.090><c> coding</c>

01:52:48.260 --> 01:52:48.270 align:start position:0%
to stress test before you start coding
 

01:52:48.270 --> 01:52:51.140 align:start position:0%
to stress test before you start coding
and<01:52:49.140><c> we</c><01:52:49.290><c> can</c><01:52:49.530><c> go</c><01:52:49.890><c> away</c><01:52:50.010><c> from</c><01:52:50.160><c> this</c><01:52:50.490><c> whole</c><01:52:50.730><c> idea</c>

01:52:51.140 --> 01:52:51.150 align:start position:0%
and we can go away from this whole idea
 

01:52:51.150 --> 01:52:53.510 align:start position:0%
and we can go away from this whole idea
of<01:52:51.390><c> I</c><01:52:51.870><c> have</c><01:52:52.320><c> an</c><01:52:52.440><c> idea</c><01:52:52.710><c> I'm</c><01:52:52.950><c> gonna</c><01:52:53.160><c> read</c><01:52:53.340><c> white</c>

01:52:53.510 --> 01:52:53.520 align:start position:0%
of I have an idea I'm gonna read white
 

01:52:53.520 --> 01:52:55.490 align:start position:0%
of I have an idea I'm gonna read white
paper<01:52:53.910><c> and</c><01:52:54.060><c> I</c><01:52:54.150><c> now</c><01:52:54.300><c> launch</c><01:52:54.570><c> this</c><01:52:54.810><c> economy</c><01:52:55.320><c> and</c>

01:52:55.490 --> 01:52:55.500 align:start position:0%
paper and I now launch this economy and
 

01:52:55.500 --> 01:52:57.440 align:start position:0%
paper and I now launch this economy and
then<01:52:55.650><c> we'll</c><01:52:55.800><c> see</c><01:52:55.980><c> what</c><01:52:56.160><c> happens</c><01:52:56.520><c> which</c><01:52:57.240><c> could</c>

01:52:57.440 --> 01:52:57.450 align:start position:0%
then we'll see what happens which could
 

01:52:57.450 --> 01:52:59.600 align:start position:0%
then we'll see what happens which could
have<01:52:57.630><c> disastrous</c><01:52:58.140><c> consequences</c><01:52:58.460><c> when</c><01:52:59.460><c> we're</c>

01:52:59.600 --> 01:52:59.610 align:start position:0%
have disastrous consequences when we're
 

01:52:59.610 --> 01:53:01.130 align:start position:0%
have disastrous consequences when we're
talking<01:52:59.940><c> about</c><01:53:00.030><c> a</c><01:53:00.180><c> billion</c><01:53:00.420><c> dollar</c><01:53:00.750><c> public</c>

01:53:01.130 --> 01:53:01.140 align:start position:0%
talking about a billion dollar public
 

01:53:01.140 --> 01:53:02.510 align:start position:0%
talking about a billion dollar public
infrastructure<01:53:01.710><c> which</c><01:53:01.980><c> is</c><01:53:02.100><c> really</c><01:53:02.370><c> what</c>

01:53:02.510 --> 01:53:02.520 align:start position:0%
infrastructure which is really what
 

01:53:02.520 --> 01:53:07.340 align:start position:0%
infrastructure which is really what
we're<01:53:02.670><c> building</c><01:53:03.270><c> there</c><01:53:05.390><c> you're</c><01:53:06.390><c> it's</c><01:53:06.930><c> our</c><01:53:07.140><c> go</c>

01:53:07.340 --> 01:53:07.350 align:start position:0%
we're building there you're it's our go
 

01:53:07.350 --> 01:53:10.370 align:start position:0%
we're building there you're it's our go
yeah<01:53:08.190><c> it's</c><01:53:08.970><c> old</c><01:53:09.120><c> thing</c><01:53:09.270><c> is</c><01:53:09.480><c> like</c><01:53:09.660><c> it's</c><01:53:10.050><c> really</c>

01:53:10.370 --> 01:53:10.380 align:start position:0%
yeah it's old thing is like it's really
 

01:53:10.380 --> 01:53:12.290 align:start position:0%
yeah it's old thing is like it's really
fun<01:53:10.620><c> watching</c><01:53:10.890><c> you</c><01:53:11.220><c> play</c><01:53:11.400><c> up</c><01:53:11.640><c> the</c><01:53:11.880><c> explore</c>

01:53:12.290 --> 01:53:12.300 align:start position:0%
fun watching you play up the explore
 

01:53:12.300 --> 01:53:15.450 align:start position:0%
fun watching you play up the explore
apartment<01:53:12.870><c> mics</c>

01:53:15.450 --> 01:53:15.460 align:start position:0%
 
 

01:53:15.460 --> 01:53:17.970 align:start position:0%
 
because<01:53:15.700><c> you</c><01:53:16.180><c> know</c><01:53:16.300><c> we're</c><01:53:16.930><c> you</c><01:53:17.500><c> know</c><01:53:17.590><c> I</c><01:53:17.770><c> didn't</c>

01:53:17.970 --> 01:53:17.980 align:start position:0%
because you know we're you know I didn't
 

01:53:17.980 --> 01:53:20.250 align:start position:0%
because you know we're you know I didn't
do<01:53:18.040><c> this</c><01:53:18.210><c> we</c><01:53:19.210><c> didn't</c><01:53:19.450><c> start</c><01:53:19.600><c> Moloch</c><01:53:19.930><c> to</c><01:53:20.080><c> like</c>

01:53:20.250 --> 01:53:20.260 align:start position:0%
do this we didn't start Moloch to like
 

01:53:20.260 --> 01:53:22.770 align:start position:0%
do this we didn't start Moloch to like
save<01:53:20.980><c> the</c><01:53:21.010><c> world</c><01:53:21.400><c> right</c><01:53:22.180><c> we</c><01:53:22.360><c> just</c><01:53:22.510><c> wanted</c><01:53:22.719><c> to</c>

01:53:22.770 --> 01:53:22.780 align:start position:0%
save the world right we just wanted to
 

01:53:22.780 --> 01:53:26.430 align:start position:0%
save the world right we just wanted to
fund<01:53:23.080><c> it</c><01:53:23.440><c> to</c><01:53:23.620><c> stuff</c><01:53:23.920><c> like</c><01:53:24.310><c> that</c><01:53:25.290><c> continued</c><01:53:26.290><c> to</c>

01:53:26.430 --> 01:53:26.440 align:start position:0%
fund it to stuff like that continued to
 

01:53:26.440 --> 01:53:32.910 align:start position:0%
fund it to stuff like that continued to
fund<01:53:26.770><c> it</c><01:53:27.010><c> so</c><01:53:27.880><c> we</c><01:53:28.660><c> kind</c><01:53:29.500><c> of</c><01:53:30.870><c> you</c><01:53:31.870><c> know</c><01:53:31.920><c> practice</c>

01:53:32.910 --> 01:53:32.920 align:start position:0%
fund it so we kind of you know practice
 

01:53:32.920 --> 01:53:34.950 align:start position:0%
fund it so we kind of you know practice
meme<01:53:33.250><c> driven</c><01:53:33.730><c> development</c>

01:53:34.950 --> 01:53:34.960 align:start position:0%
meme driven development
 

01:53:34.960 --> 01:53:37.380 align:start position:0%
meme driven development
so<01:53:35.739><c> we</c><01:53:36.219><c> with</c><01:53:37.000><c> Paula</c>

01:53:37.380 --> 01:53:37.390 align:start position:0%
so we with Paula
 

01:53:37.390 --> 01:53:40.050 align:start position:0%
so we with Paula
we<01:53:37.630><c> have</c><01:53:37.840><c> beamed</c><01:53:38.200><c> the</c><01:53:38.860><c> evaluated</c><01:53:39.730><c> pool</c><01:53:39.910><c> again</c>

01:53:40.050 --> 01:53:40.060 align:start position:0%
we have beamed the evaluated pool again
 

01:53:40.060 --> 01:53:43.080 align:start position:0%
we have beamed the evaluated pool again
and<01:53:41.050><c> you</c><01:53:42.010><c> know</c><01:53:42.100><c> people</c><01:53:42.340><c> want</c><01:53:42.610><c> to</c><01:53:42.670><c> join</c><01:53:42.850><c> them</c>

01:53:43.080 --> 01:53:43.090 align:start position:0%
and you know people want to join them
 

01:53:43.090 --> 01:53:44.820 align:start position:0%
and you know people want to join them
and<01:53:43.390><c> we've</c><01:53:43.810><c> all</c><01:53:43.930><c> been</c><01:53:43.960><c> able</c><01:53:44.200><c> to</c><01:53:44.320><c> learn</c><01:53:44.590><c> from</c>

01:53:44.820 --> 01:53:44.830 align:start position:0%
and we've all been able to learn from
 

01:53:44.830 --> 01:53:46.979 align:start position:0%
and we've all been able to learn from
this<01:53:44.980><c> experience</c><01:53:45.040><c> and</c><01:53:45.760><c> and</c><01:53:46.420><c> we're</c><01:53:46.719><c> all</c><01:53:46.840><c> sort</c>

01:53:46.979 --> 01:53:46.989 align:start position:0%
this experience and and we're all sort
 

01:53:46.989 --> 01:53:49.740 align:start position:0%
this experience and and we're all sort
of<01:53:47.110><c> inspired</c><01:53:47.560><c> by</c><01:53:47.830><c> them</c><01:53:48.060><c> and</c><01:53:49.060><c> everybody</c><01:53:49.480><c> who's</c>

01:53:49.740 --> 01:53:49.750 align:start position:0%
of inspired by them and everybody who's
 

01:53:49.750 --> 01:53:52.500 align:start position:0%
of inspired by them and everybody who's
in<01:53:49.930><c> the</c><01:53:50.110><c> Dow</c><01:53:50.260><c> will</c><01:53:50.980><c> take</c><01:53:51.460><c> that</c><01:53:51.640><c> with</c><01:53:51.910><c> any</c><01:53:52.360><c> other</c>

01:53:52.500 --> 01:53:52.510 align:start position:0%
in the Dow will take that with any other
 

01:53:52.510 --> 01:53:54.959 align:start position:0%
in the Dow will take that with any other
doubt<01:53:52.750><c> that</c><01:53:52.930><c> they</c><01:53:53.050><c> join</c><01:53:53.320><c> and</c><01:53:54.219><c> have</c><01:53:54.760><c> that</c>

01:53:54.959 --> 01:53:54.969 align:start position:0%
doubt that they join and have that
 

01:53:54.969 --> 01:53:57.920 align:start position:0%
doubt that they join and have that
knowledge<01:53:55.239><c> and</c><01:53:55.930><c> bring</c><01:53:56.290><c> it</c><01:53:56.469><c> to</c><01:53:56.830><c> other</c><01:53:57.370><c> other</c>

01:53:57.920 --> 01:53:57.930 align:start position:0%
knowledge and bring it to other other
 

01:53:57.930 --> 01:54:01.380 align:start position:0%
knowledge and bring it to other other
projects<01:53:58.930><c> as</c><01:53:59.080><c> well</c><01:53:59.370><c> so</c><01:54:00.370><c> it's</c><01:54:00.520><c> it's</c><01:54:00.730><c> fun</c><01:54:00.940><c> you</c>

01:54:01.380 --> 01:54:01.390 align:start position:0%
projects as well so it's it's fun you
 

01:54:01.390 --> 01:54:05.760 align:start position:0%
projects as well so it's it's fun you
know<01:54:01.450><c> to</c><01:54:01.900><c> have</c><01:54:02.290><c> this</c><01:54:02.500><c> kinds</c><01:54:02.860><c> of</c><01:54:04.469><c> there's</c><01:54:05.469><c> like</c>

01:54:05.760 --> 01:54:05.770 align:start position:0%
know to have this kinds of there's like
 

01:54:05.770 --> 01:54:07.350 align:start position:0%
know to have this kinds of there's like
there<01:54:06.610><c> always</c><01:54:06.700><c> needs</c><01:54:06.820><c> to</c><01:54:06.969><c> be</c><01:54:07.030><c> something</c><01:54:07.210><c> to</c>

01:54:07.350 --> 01:54:07.360 align:start position:0%
there always needs to be something to
 

01:54:07.360 --> 01:54:09.270 align:start position:0%
there always needs to be something to
this<01:54:07.420><c> first</c><01:54:07.660><c> like</c><01:54:08.260><c> just</c><01:54:08.469><c> to</c><01:54:08.530><c> try</c><01:54:08.739><c> something</c>

01:54:09.270 --> 01:54:09.280 align:start position:0%
this first like just to try something
 

01:54:09.280 --> 01:54:11.670 align:start position:0%
this first like just to try something
you're<01:54:10.239><c> not</c><01:54:10.360><c> doing</c><01:54:10.630><c> it</c><01:54:10.719><c> for</c><01:54:10.989><c> all</c><01:54:11.320><c> the</c><01:54:11.500><c> use</c>

01:54:11.670 --> 01:54:11.680 align:start position:0%
you're not doing it for all the use
 

01:54:11.680 --> 01:54:13.260 align:start position:0%
you're not doing it for all the use
cases<01:54:11.890><c> and</c><01:54:12.100><c> then</c><01:54:12.250><c> other</c><01:54:12.489><c> people</c>

01:54:13.260 --> 01:54:13.270 align:start position:0%
cases and then other people
 

01:54:13.270 --> 01:54:15.360 align:start position:0%
cases and then other people
use<01:54:13.930><c> that</c><01:54:14.140><c> as</c><01:54:14.290><c> like</c><01:54:14.440><c> a</c><01:54:14.500><c> research</c><01:54:14.860><c> project</c><01:54:15.040><c> in</c>

01:54:15.360 --> 01:54:15.370 align:start position:0%
use that as like a research project in
 

01:54:15.370 --> 01:54:18.180 align:start position:0%
use that as like a research project in
order<01:54:15.580><c> to</c><01:54:16.440><c> learn</c><01:54:17.440><c> from</c><01:54:17.650><c> that</c><01:54:17.830><c> and</c><01:54:18.040><c> hope</c>

01:54:18.180 --> 01:54:18.190 align:start position:0%
order to learn from that and hope
 

01:54:18.190 --> 01:54:20.580 align:start position:0%
order to learn from that and hope
something<01:54:18.490><c> that</c><01:54:18.820><c> might</c><01:54:19.000><c> be</c><01:54:19.480><c> able</c><01:54:19.840><c> to</c><01:54:20.080><c> be</c><01:54:20.230><c> taken</c>

01:54:20.580 --> 01:54:20.590 align:start position:0%
something that might be able to be taken
 

01:54:20.590 --> 01:54:23.130 align:start position:0%
something that might be able to be taken
to<01:54:20.620><c> the</c><01:54:20.890><c> broader</c><01:54:21.430><c> market</c><01:54:21.850><c> and</c><01:54:22.750><c> market</c><01:54:23.050><c> so</c>

01:54:23.130 --> 01:54:23.140 align:start position:0%
to the broader market and market so
 

01:54:23.140 --> 01:54:24.950 align:start position:0%
to the broader market and market so
people<01:54:23.260><c> might</c><01:54:23.620><c> not</c><01:54:23.800><c> have</c><01:54:23.950><c> even</c><01:54:24.010><c> anticipated</c>

01:54:24.950 --> 01:54:24.960 align:start position:0%
people might not have even anticipated
 

01:54:24.960 --> 01:54:31.770 align:start position:0%
people might not have even anticipated
that<01:54:25.960><c> that</c><01:54:26.200><c> may</c><01:54:26.320><c> be</c><01:54:26.470><c> smart</c><01:54:26.770><c> so</c>

01:54:31.770 --> 01:54:31.780 align:start position:0%
 
 

01:54:31.780 --> 01:54:36.270 align:start position:0%
 
katkat<01:54:33.690><c> doesn't</c><01:54:34.690><c> attempt</c><01:54:35.380><c> to</c><01:54:35.469><c> simulate</c><01:54:35.679><c> human</c>

01:54:36.270 --> 01:54:36.280 align:start position:0%
katkat doesn't attempt to simulate human
 

01:54:36.280 --> 01:54:37.340 align:start position:0%
katkat doesn't attempt to simulate human
behavior

01:54:37.340 --> 01:54:37.350 align:start position:0%
behavior
 

01:54:37.350 --> 01:54:38.960 align:start position:0%
behavior
I've<01:54:37.770><c> seen</c><01:54:38.040><c> in</c><01:54:38.160><c> the</c><01:54:38.250><c> hits</c><01:54:38.430><c> the</c><01:54:38.580><c> Explorer</c>

01:54:38.960 --> 01:54:38.970 align:start position:0%
I've seen in the hits the Explorer
 

01:54:38.970 --> 01:54:41.160 align:start position:0%
I've seen in the hits the Explorer
exploit

01:54:41.160 --> 01:54:41.170 align:start position:0%
exploit
 

01:54:41.170 --> 01:54:43.530 align:start position:0%
exploit
I'm<01:54:41.350><c> just</c><01:54:41.619><c> wondering</c><01:54:41.920><c> how</c><01:54:42.210><c> some</c><01:54:43.210><c> sort</c><01:54:43.389><c> of</c><01:54:43.449><c> how</c>

01:54:43.530 --> 01:54:43.540 align:start position:0%
I'm just wondering how some sort of how
 

01:54:43.540 --> 01:54:46.830 align:start position:0%
I'm just wondering how some sort of how
does<01:54:43.690><c> that</c><01:54:43.780><c> work</c>

01:54:46.830 --> 01:54:46.840 align:start position:0%
 
 

01:54:46.840 --> 01:54:49.319 align:start position:0%
 
based<01:54:47.840><c> on</c><01:54:47.959><c> theory</c>

01:54:49.319 --> 01:54:49.329 align:start position:0%
based on theory
 

01:54:49.329 --> 01:54:50.709 align:start position:0%
based on theory
just<01:54:49.719><c> greedy</c><01:54:49.929><c> algorithms</c>

01:54:50.709 --> 01:54:50.719 align:start position:0%
just greedy algorithms
 

01:54:50.719 --> 01:54:53.680 align:start position:0%
just greedy algorithms
sure<01:54:51.290><c> so</c><01:54:51.800><c> cat</c><01:54:52.400><c> cat</c><01:54:52.640><c> stands</c><01:54:52.969><c> for</c><01:54:53.239><c> complex</c>

01:54:53.680 --> 01:54:53.690 align:start position:0%
sure so cat cat stands for complex
 

01:54:53.690 --> 01:54:55.840 align:start position:0%
sure so cat cat stands for complex
adaptive<01:54:54.020><c> dynamics</c><01:54:54.830><c> computer-aided</c><01:54:55.430><c> design</c>

01:54:55.840 --> 01:54:55.850 align:start position:0%
adaptive dynamics computer-aided design
 

01:54:55.850 --> 01:54:58.240 align:start position:0%
adaptive dynamics computer-aided design
so<01:54:56.570><c> economies</c><01:54:57.020><c> are</c><01:54:57.140><c> complex</c><01:54:57.530><c> systems</c><01:54:57.980><c> when</c>

01:54:58.240 --> 01:54:58.250 align:start position:0%
so economies are complex systems when
 

01:54:58.250 --> 01:55:00.520 align:start position:0%
so economies are complex systems when
you<01:54:58.370><c> embed</c><01:54:58.730><c> humans</c><01:54:59.570><c> and</c><01:54:59.870><c> actually</c><01:55:00.199><c> it's</c><01:55:00.350><c> a</c>

01:55:00.520 --> 01:55:00.530 align:start position:0%
you embed humans and actually it's a
 

01:55:00.530 --> 01:55:02.560 align:start position:0%
you embed humans and actually it's a
cybernetic<01:55:01.520><c> governance</c><01:55:02.030><c> system</c><01:55:02.330><c> and</c><01:55:02.449><c> also</c>

01:55:02.560 --> 01:55:02.570 align:start position:0%
cybernetic governance system and also
 

01:55:02.570 --> 01:55:04.510 align:start position:0%
cybernetic governance system and also
second-order<01:55:03.350><c> cybernetic</c><01:55:04.130><c> governance</c>

01:55:04.510 --> 01:55:04.520 align:start position:0%
second-order cybernetic governance
 

01:55:04.520 --> 01:55:07.030 align:start position:0%
second-order cybernetic governance
system<01:55:04.910><c> where</c><01:55:05.390><c> we</c><01:55:05.690><c> are</c><01:55:05.719><c> part</c><01:55:06.350><c> of</c><01:55:06.560><c> the</c><01:55:06.710><c> system</c>

01:55:07.030 --> 01:55:07.040 align:start position:0%
system where we are part of the system
 

01:55:07.040 --> 01:55:08.979 align:start position:0%
system where we are part of the system
that<01:55:07.100><c> we're</c><01:55:07.400><c> trying</c><01:55:07.610><c> to</c><01:55:07.969><c> govern</c><01:55:08.120><c> so</c><01:55:08.719><c> it</c><01:55:08.810><c> makes</c>

01:55:08.979 --> 01:55:08.989 align:start position:0%
that we're trying to govern so it makes
 

01:55:08.989 --> 01:55:11.380 align:start position:0%
that we're trying to govern so it makes
it<01:55:09.110><c> a</c><01:55:09.170><c> really</c><01:55:09.320><c> tricky</c><01:55:09.620><c> problem</c><01:55:10.190><c> yeah</c><01:55:10.370><c> the</c><01:55:11.270><c> only</c>

01:55:11.380 --> 01:55:11.390 align:start position:0%
it a really tricky problem yeah the only
 

01:55:11.390 --> 01:55:14.290 align:start position:0%
it a really tricky problem yeah the only
and<01:55:11.810><c> I</c><01:55:11.900><c> mean</c><01:55:12.050><c> we</c><01:55:12.199><c> definitely</c><01:55:12.969><c> get</c><01:55:13.969><c> a</c><01:55:14.000><c> lot</c><01:55:14.060><c> of</c>

01:55:14.290 --> 01:55:14.300 align:start position:0%
and I mean we definitely get a lot of
 

01:55:14.300 --> 01:55:15.910 align:start position:0%
and I mean we definitely get a lot of
skepticism<01:55:14.930><c> when</c><01:55:15.050><c> we</c><01:55:15.170><c> say</c><01:55:15.380><c> we're</c><01:55:15.590><c> simulating</c>

01:55:15.910 --> 01:55:15.920 align:start position:0%
skepticism when we say we're simulating
 

01:55:15.920 --> 01:55:18.550 align:start position:0%
skepticism when we say we're simulating
economic<01:55:16.640><c> behavior</c><01:55:17.090><c> because</c><01:55:17.989><c> humans</c><01:55:18.410><c> are</c>

01:55:18.550 --> 01:55:18.560 align:start position:0%
economic behavior because humans are
 

01:55:18.560 --> 01:55:21.760 align:start position:0%
economic behavior because humans are
predictable<01:55:19.460><c> that</c><01:55:19.760><c> is</c><01:55:19.940><c> not</c><01:55:20.120><c> a</c><01:55:20.770><c> rational</c>

01:55:21.760 --> 01:55:21.770 align:start position:0%
predictable that is not a rational
 

01:55:21.770 --> 01:55:24.459 align:start position:0%
predictable that is not a rational
economic<01:55:22.190><c> actor</c><01:55:23.000><c> that</c><01:55:23.180><c> we</c><01:55:23.300><c> can</c><01:55:23.510><c> predict</c>

01:55:24.459 --> 01:55:24.469 align:start position:0%
economic actor that we can predict
 

01:55:24.469 --> 01:55:27.550 align:start position:0%
economic actor that we can predict
behavior<01:55:25.010><c> but</c><01:55:25.670><c> when</c><01:55:25.820><c> we</c><01:55:25.940><c> put</c><01:55:26.150><c> human</c><01:55:27.080><c> behavior</c>

01:55:27.550 --> 01:55:27.560 align:start position:0%
behavior but when we put human behavior
 

01:55:27.560 --> 01:55:29.860 align:start position:0%
behavior but when we put human behavior
on<01:55:27.770><c> a</c><01:55:27.800><c> blockchain</c><01:55:28.130><c> you</c><01:55:28.520><c> only</c><01:55:28.790><c> have</c><01:55:29.090><c> a</c><01:55:29.420><c> certain</c>

01:55:29.860 --> 01:55:29.870 align:start position:0%
on a blockchain you only have a certain
 

01:55:29.870 --> 01:55:33.070 align:start position:0%
on a blockchain you only have a certain
number<01:55:30.050><c> of</c><01:55:30.320><c> love</c><01:55:30.620><c> actions</c><01:55:31.100><c> so</c><01:55:31.910><c> in</c><01:55:32.060><c> for</c><01:55:32.780><c> example</c>

01:55:33.070 --> 01:55:33.080 align:start position:0%
number of love actions so in for example
 

01:55:33.080 --> 01:55:35.260 align:start position:0%
number of love actions so in for example
to<01:55:33.199><c> myself</c><01:55:33.380><c> very</c><01:55:34.010><c> basic</c><01:55:34.370><c> network</c><01:55:34.699><c> in</c><01:55:35.090><c> other</c>

01:55:35.260 --> 01:55:35.270 align:start position:0%
to myself very basic network in other
 

01:55:35.270 --> 01:55:36.910 align:start position:0%
to myself very basic network in other
networks<01:55:35.840><c> there</c><01:55:36.080><c> might</c><01:55:36.199><c> be</c><01:55:36.230><c> governance</c><01:55:36.739><c> there</c>

01:55:36.910 --> 01:55:36.920 align:start position:0%
networks there might be governance there
 

01:55:36.920 --> 01:55:38.140 align:start position:0%
networks there might be governance there
might<01:55:37.040><c> be</c><01:55:37.070><c> voting</c><01:55:37.520><c> there</c><01:55:37.670><c> might</c><01:55:37.760><c> be</c><01:55:37.790><c> different</c>

01:55:38.140 --> 01:55:38.150 align:start position:0%
might be voting there might be different
 

01:55:38.150 --> 01:55:39.370 align:start position:0%
might be voting there might be different
things<01:55:38.330><c> but</c><01:55:38.540><c> still</c><01:55:38.630><c> you</c><01:55:38.870><c> have</c><01:55:39.020><c> a</c><01:55:39.050><c> very</c>

01:55:39.370 --> 01:55:39.380 align:start position:0%
things but still you have a very
 

01:55:39.380 --> 01:55:42.130 align:start position:0%
things but still you have a very
well-defined<01:55:40.190><c> set</c><01:55:40.699><c> of</c><01:55:40.820><c> actions</c><01:55:41.210><c> and</c><01:55:41.750><c> because</c>

01:55:42.130 --> 01:55:42.140 align:start position:0%
well-defined set of actions and because
 

01:55:42.140 --> 01:55:45.250 align:start position:0%
well-defined set of actions and because
on<01:55:42.620><c> a</c><01:55:42.739><c> blockchain</c><01:55:43.040><c> economic</c><01:55:43.840><c> Kovach</c><01:55:44.840><c> or</c><01:55:45.110><c> the</c>

01:55:45.250 --> 01:55:45.260 align:start position:0%
on a blockchain economic Kovach or the
 

01:55:45.260 --> 01:55:47.680 align:start position:0%
on a blockchain economic Kovach or the
code<01:55:45.469><c> is</c><01:55:45.920><c> what</c><01:55:46.340><c> you</c><01:55:46.430><c> have</c><01:55:46.610><c> to</c><01:55:46.760><c> follow</c><01:55:46.969><c> in</c><01:55:47.570><c> our</c>

01:55:47.680 --> 01:55:47.690 align:start position:0%
code is what you have to follow in our
 

01:55:47.690 --> 01:55:49.240 align:start position:0%
code is what you have to follow in our
in<01:55:47.930><c> our</c><01:55:47.989><c> real</c><01:55:48.230><c> economies</c><01:55:48.739><c> we</c><01:55:48.890><c> have</c><01:55:49.040><c> gray</c>

01:55:49.240 --> 01:55:49.250 align:start position:0%
in our real economies we have gray
 

01:55:49.250 --> 01:55:50.740 align:start position:0%
in our real economies we have gray
markets<01:55:49.670><c> we</c><01:55:49.790><c> have</c><01:55:49.969><c> black</c><01:55:50.180><c> markets</c><01:55:50.570><c> we</c><01:55:50.719><c> have</c>

01:55:50.740 --> 01:55:50.750 align:start position:0%
markets we have black markets we have
 

01:55:50.750 --> 01:55:52.990 align:start position:0%
markets we have black markets we have
cash<01:55:51.080><c> transactions</c><01:55:51.830><c> this</c><01:55:52.010><c> can</c><01:55:52.219><c> be</c><01:55:52.430><c> captured</c>

01:55:52.990 --> 01:55:53.000 align:start position:0%
cash transactions this can be captured
 

01:55:53.000 --> 01:55:54.910 align:start position:0%
cash transactions this can be captured
but<01:55:53.960><c> when</c><01:55:54.110><c> you</c><01:55:54.199><c> put</c><01:55:54.350><c> it</c><01:55:54.440><c> all</c><01:55:54.500><c> on</c><01:55:54.680><c> a</c><01:55:54.710><c> blockchain</c>

01:55:54.910 --> 01:55:54.920 align:start position:0%
but when you put it all on a blockchain
 

01:55:54.920 --> 01:55:56.890 align:start position:0%
but when you put it all on a blockchain
you<01:55:55.250><c> kind</c><01:55:55.460><c> of</c><01:55:55.489><c> get</c><01:55:55.640><c> this</c><01:55:55.760><c> economic</c><01:55:56.420><c> big</c><01:55:56.600><c> data</c>

01:55:56.890 --> 01:55:56.900 align:start position:0%
you kind of get this economic big data
 

01:55:56.900 --> 01:56:00.880 align:start position:0%
you kind of get this economic big data
and<01:55:57.530><c> you</c><01:55:57.620><c> can</c><01:55:57.790><c> define</c><01:55:58.790><c> agents</c><01:55:59.540><c> that</c><01:55:59.750><c> pursue</c><01:56:00.440><c> a</c>

01:56:00.880 --> 01:56:00.890 align:start position:0%
and you can define agents that pursue a
 

01:56:00.890 --> 01:56:03.130 align:start position:0%
and you can define agents that pursue a
profit<01:56:01.430><c> extractive</c><01:56:01.969><c> behavior</c><01:56:02.810><c> for</c><01:56:03.110><c> example</c>

01:56:03.130 --> 01:56:03.140 align:start position:0%
profit extractive behavior for example
 

01:56:03.140 --> 01:56:05.830 align:start position:0%
profit extractive behavior for example
and<01:56:03.890><c> when</c><01:56:04.010><c> you</c><01:56:04.130><c> run</c><01:56:04.370><c> Monte</c><01:56:05.030><c> Carlo</c><01:56:05.330><c> analyses</c>

01:56:05.830 --> 01:56:05.840 align:start position:0%
and when you run Monte Carlo analyses
 

01:56:05.840 --> 01:56:07.570 align:start position:0%
and when you run Monte Carlo analyses
and<01:56:06.050><c> parameters</c><01:56:06.320><c> sweeps</c><01:56:06.800><c> you</c><01:56:07.250><c> can</c><01:56:07.430><c> get</c><01:56:07.550><c> a</c>

01:56:07.570 --> 01:56:07.580 align:start position:0%
and parameters sweeps you can get a
 

01:56:07.580 --> 01:56:10.209 align:start position:0%
and parameters sweeps you can get a
pretty<01:56:07.820><c> good</c><01:56:08.060><c> at</c><01:56:08.989><c> least</c><01:56:09.410><c> envelope</c><01:56:10.010><c> of</c>

01:56:10.209 --> 01:56:10.219 align:start position:0%
pretty good at least envelope of
 

01:56:10.219 --> 01:56:12.390 align:start position:0%
pretty good at least envelope of
behavior<01:56:10.699><c> you</c><01:56:10.760><c> can</c><01:56:11.000><c> see</c><01:56:11.270><c> where</c><01:56:11.570><c> your</c><01:56:11.780><c> system</c>

01:56:12.390 --> 01:56:12.400 align:start position:0%
behavior you can see where your system
 

01:56:12.400 --> 01:56:15.070 align:start position:0%
behavior you can see where your system
fails<01:56:13.400><c> systemically</c><01:56:14.150><c> before</c><01:56:14.660><c> you</c><01:56:14.810><c> start</c>

01:56:15.070 --> 01:56:15.080 align:start position:0%
fails systemically before you start
 

01:56:15.080 --> 01:56:16.600 align:start position:0%
fails systemically before you start
coding<01:56:15.320><c> so</c><01:56:15.860><c> it's</c><01:56:15.980><c> not</c><01:56:16.100><c> necessarily</c>

01:56:16.600 --> 01:56:16.610 align:start position:0%
coding so it's not necessarily
 

01:56:16.610 --> 01:56:18.729 align:start position:0%
coding so it's not necessarily
predictive<01:56:17.330><c> saying</c><01:56:17.690><c> someone</c><01:56:18.110><c> is</c><01:56:18.230><c> going</c><01:56:18.410><c> to</c><01:56:18.530><c> do</c>

01:56:18.729 --> 01:56:18.739 align:start position:0%
predictive saying someone is going to do
 

01:56:18.739 --> 01:56:21.760 align:start position:0%
predictive saying someone is going to do
this<01:56:18.920><c> it's</c><01:56:19.460><c> saying</c><01:56:19.670><c> this</c><01:56:19.910><c> is</c><01:56:20.150><c> the</c><01:56:20.719><c> list</c><01:56:21.590><c> of</c>

01:56:21.760 --> 01:56:21.770 align:start position:0%
this it's saying this is the list of
 

01:56:21.770 --> 01:56:23.820 align:start position:0%
this it's saying this is the list of
allowed<01:56:21.860><c> behaviors</c><01:56:22.520><c> and</c><01:56:23.000><c> if</c><01:56:23.120><c> we</c><01:56:23.239><c> throw</c><01:56:23.449><c> in</c>

01:56:23.820 --> 01:56:23.830 align:start position:0%
allowed behaviors and if we throw in
 

01:56:23.830 --> 01:56:26.380 align:start position:0%
allowed behaviors and if we throw in
10,000<01:56:24.830><c> agents</c><01:56:25.219><c> with</c><01:56:25.400><c> 10,000</c><01:56:26.090><c> different</c>

01:56:26.380 --> 01:56:26.390 align:start position:0%
10,000 agents with 10,000 different
 

01:56:26.390 --> 01:56:29.080 align:start position:0%
10,000 agents with 10,000 different
objectives<01:56:26.900><c> and</c><01:56:27.110><c> run</c><01:56:27.530><c> Monte</c><01:56:27.860><c> Carlo</c><01:56:28.160><c> analyses</c>

01:56:29.080 --> 01:56:29.090 align:start position:0%
objectives and run Monte Carlo analyses
 

01:56:29.090 --> 01:56:31.720 align:start position:0%
objectives and run Monte Carlo analyses
sweets<01:56:29.360><c> really</c><01:56:29.719><c> use</c><01:56:29.869><c> the</c><01:56:30.050><c> big</c><01:56:30.230><c> data</c><01:56:30.730><c> crunching</c>

01:56:31.720 --> 01:56:31.730 align:start position:0%
sweets really use the big data crunching
 

01:56:31.730 --> 01:56:33.850 align:start position:0%
sweets really use the big data crunching
algorithms<01:56:32.389><c> and</c><01:56:32.570><c> say</c><01:56:32.719><c> this</c><01:56:32.960><c> is</c><01:56:33.170><c> where</c><01:56:33.679><c> the</c>

01:56:33.850 --> 01:56:33.860 align:start position:0%
algorithms and say this is where the
 

01:56:33.860 --> 01:56:35.770 align:start position:0%
algorithms and say this is where the
system<01:56:34.190><c> can</c><01:56:34.369><c> fail</c><01:56:34.610><c> it's</c><01:56:35.210><c> not</c><01:56:35.270><c> saying</c><01:56:35.570><c> we're</c>

01:56:35.770 --> 01:56:35.780 align:start position:0%
system can fail it's not saying we're
 

01:56:35.780 --> 01:56:37.899 align:start position:0%
system can fail it's not saying we're
going<01:56:35.900><c> to</c><01:56:36.020><c> capture</c><01:56:36.380><c> everything</c><01:56:36.739><c> I</c><01:56:37.280><c> mean</c><01:56:37.639><c> when</c>

01:56:37.899 --> 01:56:37.909 align:start position:0%
going to capture everything I mean when
 

01:56:37.909 --> 01:56:40.060 align:start position:0%
going to capture everything I mean when
when<01:56:38.270><c> we</c><01:56:38.389><c> started</c><01:56:38.659><c> simulating</c><01:56:39.199><c> bridges</c><01:56:39.619><c> you</c>

01:56:40.060 --> 01:56:40.070 align:start position:0%
when we started simulating bridges you
 

01:56:40.070 --> 01:56:41.530 align:start position:0%
when we started simulating bridges you
know<01:56:40.159><c> someone</c><01:56:40.460><c> forgot</c><01:56:40.760><c> to</c><01:56:40.790><c> include</c><01:56:41.179><c> her</c><01:56:41.330><c> body</c>

01:56:41.530 --> 01:56:41.540 align:start position:0%
know someone forgot to include her body
 

01:56:41.540 --> 01:56:44.680 align:start position:0%
know someone forgot to include her body
residents<01:56:42.110><c> and</c><01:56:42.230><c> until</c><01:56:43.000><c> Tacoma</c><01:56:44.000><c> Narrows</c><01:56:44.090><c> and</c>

01:56:44.680 --> 01:56:44.690 align:start position:0%
residents and until Tacoma Narrows and
 

01:56:44.690 --> 01:56:46.479 align:start position:0%
residents and until Tacoma Narrows and
now<01:56:44.840><c> we've</c><01:56:45.050><c> built</c><01:56:45.320><c> that</c><01:56:45.409><c> into</c><01:56:45.860><c> our</c><01:56:45.889><c> lives</c><01:56:46.219><c> so</c>

01:56:46.479 --> 01:56:46.489 align:start position:0%
now we've built that into our lives so
 

01:56:46.489 --> 01:56:49.540 align:start position:0%
now we've built that into our lives so
this<01:56:46.610><c> is</c><01:56:46.820><c> turning</c><01:56:47.260><c> crypto</c><01:56:48.260><c> economic</c><01:56:49.219><c> design</c>

01:56:49.540 --> 01:56:49.550 align:start position:0%
this is turning crypto economic design
 

01:56:49.550 --> 01:56:52.060 align:start position:0%
this is turning crypto economic design
into<01:56:50.119><c> an</c><01:56:50.630><c> engineering</c><01:56:51.080><c> discipline</c><01:56:51.590><c> basically</c>

01:56:52.060 --> 01:56:52.070 align:start position:0%
into an engineering discipline basically
 

01:56:52.070 --> 01:56:53.500 align:start position:0%
into an engineering discipline basically
that<01:56:52.219><c> we</c><01:56:52.280><c> can</c><01:56:52.460><c> continue</c><01:56:52.880><c> improving</c><01:56:53.030><c> that</c>

01:56:53.500 --> 01:56:53.510 align:start position:0%
that we can continue improving that
 

01:56:53.510 --> 01:56:58.000 align:start position:0%
that we can continue improving that
model<01:56:53.900><c> the</c><01:56:54.230><c> more</c><01:56:54.409><c> we</c><01:56:54.590><c> learn</c><01:56:56.770><c> thank</c><01:56:57.770><c> you</c><01:56:57.860><c> so</c>

01:56:58.000 --> 01:56:58.010 align:start position:0%
model the more we learn thank you so
 

01:56:58.010 --> 01:57:01.600 align:start position:0%
model the more we learn thank you so
much<01:56:59.170><c> I</c><01:57:00.170><c> think</c><01:57:00.590><c> maybe</c><01:57:00.949><c> the</c><01:57:01.130><c> last</c><01:57:01.250><c> moment</c><01:57:01.489><c> for</c>

01:57:01.600 --> 01:57:01.610 align:start position:0%
much I think maybe the last moment for
 

01:57:01.610 --> 01:57:03.160 align:start position:0%
much I think maybe the last moment for
me<01:57:01.670><c> I</c><01:57:01.790><c> think</c><01:57:01.849><c> we're</c><01:57:02.540><c> kind</c><01:57:02.750><c> of</c><01:57:02.810><c> been</c><01:57:02.929><c> well</c>

01:57:03.160 --> 01:57:03.170 align:start position:0%
me I think we're kind of been well
 

01:57:03.170 --> 01:57:04.959 align:start position:0%
me I think we're kind of been well
Whitney<01:57:03.469><c> another</c><01:57:03.710><c> workshop</c><01:57:04.010><c> we</c><01:57:04.489><c> did</c><01:57:04.520><c> kind</c><01:57:04.880><c> of</c>

01:57:04.959 --> 01:57:04.969 align:start position:0%
Whitney another workshop we did kind of
 

01:57:04.969 --> 01:57:07.240 align:start position:0%
Whitney another workshop we did kind of
a<01:57:05.090><c> full</c><01:57:05.330><c> and</c><01:57:06.080><c> then</c><01:57:06.230><c> almost</c><01:57:06.380><c> like</c><01:57:06.560><c> a</c><01:57:06.619><c> 360</c><01:57:07.219><c> around</c>

01:57:07.240 --> 01:57:07.250 align:start position:0%
a full and then almost like a 360 around
 

01:57:07.250 --> 01:57:08.740 align:start position:0%
a full and then almost like a 360 around
them<01:57:07.520><c> going</c><01:57:07.699><c> from</c><01:57:07.969><c> traditional</c><01:57:08.449><c> for-profit</c>

01:57:08.740 --> 01:57:08.750 align:start position:0%
them going from traditional for-profit
 

01:57:08.750 --> 01:57:11.080 align:start position:0%
them going from traditional for-profit
models<01:57:09.380><c> into</c><01:57:09.770><c> the</c><01:57:09.949><c> token</c><01:57:10.369><c> icos</c>

01:57:11.080 --> 01:57:11.090 align:start position:0%
models into the token icos
 

01:57:11.090 --> 01:57:14.740 align:start position:0%
models into the token icos
craze<01:57:11.900><c> that</c><01:57:12.170><c> we</c><01:57:12.260><c> saw</c><01:57:12.849><c> then</c><01:57:13.849><c> to</c><01:57:14.150><c> grant</c><01:57:14.389><c> funding</c>

01:57:14.740 --> 01:57:14.750 align:start position:0%
craze that we saw then to grant funding
 

01:57:14.750 --> 01:57:16.270 align:start position:0%
craze that we saw then to grant funding
facility<01:57:15.139><c> infrastructure</c><01:57:15.560><c> always</c><01:57:15.949><c> guiding</c>

01:57:16.270 --> 01:57:16.280 align:start position:0%
facility infrastructure always guiding
 

01:57:16.280 --> 01:57:17.740 align:start position:0%
facility infrastructure always guiding
with<01:57:16.400><c> us</c><01:57:16.550><c> questions</c><01:57:16.909><c> like</c><01:57:17.060><c> how</c><01:57:17.239><c> can</c><01:57:17.300><c> we</c><01:57:17.510><c> fund</c>

01:57:17.740 --> 01:57:17.750 align:start position:0%
with us questions like how can we fund
 

01:57:17.750 --> 01:57:20.800 align:start position:0%
with us questions like how can we fund
in<01:57:17.900><c> the</c><01:57:18.020><c> comments</c><01:57:18.820><c> what</c><01:57:19.820><c> model</c><01:57:20.210><c> is</c><01:57:20.330><c> right</c><01:57:20.540><c> for</c>

01:57:20.800 --> 01:57:20.810 align:start position:0%
in the comments what model is right for
 

01:57:20.810 --> 01:57:23.290 align:start position:0%
in the comments what model is right for
which<01:57:21.020><c> business</c><01:57:21.380><c> case</c><01:57:21.590><c> I</c><01:57:22.250><c> think</c><01:57:22.550><c> if</c><01:57:22.849><c> we</c><01:57:22.969><c> are</c><01:57:23.000><c> to</c>

01:57:23.290 --> 01:57:23.300 align:start position:0%
which business case I think if we are to
 

01:57:23.300 --> 01:57:26.160 align:start position:0%
which business case I think if we are to
every<01:57:23.540><c> see</c><01:57:23.750><c> kind</c><01:57:24.020><c> of</c><01:57:24.110><c> like</c><01:57:24.440><c> a</c><01:57:24.469><c> revival</c><01:57:25.310><c> of</c><01:57:25.340><c> like</c>

01:57:26.160 --> 01:57:26.170 align:start position:0%
every see kind of like a revival of like
 

01:57:26.170 --> 01:57:29.109 align:start position:0%
every see kind of like a revival of like
very<01:57:27.170><c> large-scale</c><01:57:27.679><c> open</c><01:57:28.639><c> source</c><01:57:28.849><c> funding</c>

01:57:29.109 --> 01:57:29.119 align:start position:0%
very large-scale open source funding
 

01:57:29.119 --> 01:57:31.240 align:start position:0%
very large-scale open source funding
like<01:57:29.480><c> we</c><01:57:29.630><c> did</c><01:57:29.810><c> with</c><01:57:29.960><c> the</c><01:57:30.020><c> early</c><01:57:30.260><c> i</c><01:57:30.290><c> ciose</c><01:57:30.710><c> it</c>

01:57:31.240 --> 01:57:31.250 align:start position:0%
like we did with the early i ciose it
 

01:57:31.250 --> 01:57:33.040 align:start position:0%
like we did with the early i ciose it
will<01:57:31.400><c> probably</c><01:57:31.610><c> be</c><01:57:32.060><c> through</c><01:57:32.389><c> models</c><01:57:32.810><c> and</c><01:57:32.989><c> as</c>

01:57:33.040 --> 01:57:33.050 align:start position:0%
will probably be through models and as
 

01:57:33.050 --> 01:57:34.930 align:start position:0%
will probably be through models and as
Landgraf<01:57:33.530><c> is</c><01:57:33.710><c> describing</c><01:57:34.250><c> which</c><01:57:34.760><c> are</c>

01:57:34.930 --> 01:57:34.940 align:start position:0%
Landgraf is describing which are
 

01:57:34.940 --> 01:57:37.540 align:start position:0%
Landgraf is describing which are
incredibly<01:57:35.420><c> new</c><01:57:36.199><c> thoughtful</c><01:57:37.010><c> ways</c><01:57:37.190><c> of</c>

01:57:37.540 --> 01:57:37.550 align:start position:0%
incredibly new thoughtful ways of
 

01:57:37.550 --> 01:57:39.850 align:start position:0%
incredibly new thoughtful ways of
reading<01:57:37.790><c> using</c><01:57:38.659><c> simulation</c><01:57:39.170><c> design</c><01:57:39.469><c> to</c><01:57:39.679><c> build</c>

01:57:39.850 --> 01:57:39.860 align:start position:0%
reading using simulation design to build
 

01:57:39.860 --> 01:57:42.879 align:start position:0%
reading using simulation design to build
these<01:57:39.949><c> economies</c><01:57:40.429><c> and</c><01:57:40.730><c> using</c><01:57:41.560><c> kind</c><01:57:42.560><c> of</c><01:57:42.619><c> I</c>

01:57:42.879 --> 01:57:42.889 align:start position:0%
these economies and using kind of I
 

01:57:42.889 --> 01:57:47.050 align:start position:0%
these economies and using kind of I
think<01:57:44.080><c> these</c><01:57:45.080><c> moniker</c><01:57:45.590><c> type</c><01:57:45.830><c> models</c><01:57:46.219><c> are</c><01:57:46.730><c> much</c>

01:57:47.050 --> 01:57:47.060 align:start position:0%
think these moniker type models are much
 

01:57:47.060 --> 01:57:49.330 align:start position:0%
think these moniker type models are much
closer<01:57:47.659><c> and</c><01:57:47.900><c> incentive</c><01:57:48.530><c> design</c><01:57:48.679><c> as</c><01:57:49.010><c> to</c><01:57:49.159><c> what</c>

01:57:49.330 --> 01:57:49.340 align:start position:0%
closer and incentive design as to what
 

01:57:49.340 --> 01:57:52.030 align:start position:0%
closer and incentive design as to what
you<01:57:49.489><c> might</c><01:57:49.670><c> see</c><01:57:49.940><c> in</c><01:57:50.000><c> like</c><01:57:50.270><c> in</c><01:57:50.719><c> like</c><01:57:51.530><c> pinch</c><01:57:51.830><c> of</c>

01:57:52.030 --> 01:57:52.040 align:start position:0%
you might see in like in like pinch of
 

01:57:52.040 --> 01:57:54.520 align:start position:0%
you might see in like in like pinch of
venture<01:57:52.340><c> capital</c><01:57:52.670><c> funding</c><01:57:52.909><c> runs</c><01:57:53.260><c> really</c><01:57:54.260><c> like</c>

01:57:54.520 --> 01:57:54.530 align:start position:0%
venture capital funding runs really like
 

01:57:54.530 --> 01:57:56.620 align:start position:0%
venture capital funding runs really like
leveling<01:57:55.010><c> up</c><01:57:55.159><c> going</c><01:57:55.550><c> from</c><01:57:55.670><c> stage</c><01:57:55.969><c> to</c><01:57:56.000><c> stage</c><01:57:56.270><c> to</c>

01:57:56.620 --> 01:57:56.630 align:start position:0%
leveling up going from stage to stage to
 

01:57:56.630 --> 01:58:00.430 align:start position:0%
leveling up going from stage to stage to
stage<01:57:57.340><c> so</c><01:57:58.340><c> I</c><01:57:58.580><c> think</c><01:57:58.699><c> we're</c><01:57:59.030><c> making</c><01:57:59.290><c> like</c><01:58:00.290><c> the</c>

01:58:00.430 --> 01:58:00.440 align:start position:0%
stage so I think we're making like the
 

01:58:00.440 --> 01:58:03.339 align:start position:0%
stage so I think we're making like the
best<01:58:00.650><c> of</c><01:58:00.860><c> tools</c><01:58:01.250><c> together</c><01:58:01.639><c> at</c><01:58:01.940><c> this</c><01:58:02.090><c> stage</c><01:58:02.349><c> I'm</c>

01:58:03.339 --> 01:58:03.349 align:start position:0%
best of tools together at this stage I'm
 

01:58:03.349 --> 01:58:05.260 align:start position:0%
best of tools together at this stage I'm
really<01:58:03.679><c> really</c><01:58:03.800><c> excited</c><01:58:03.949><c> to</c><01:58:04.310><c> see</c><01:58:04.460><c> keep</c><01:58:05.060><c> and</c>

01:58:05.260 --> 01:58:05.270 align:start position:0%
really really excited to see keep and
 

01:58:05.270 --> 01:58:06.850 align:start position:0%
really really excited to see keep and
given<01:58:05.480><c> I</c><01:58:05.599><c> have</c><01:58:05.630><c> all</c><01:58:06.050><c> these</c><01:58:06.260><c> initiatives</c>

01:58:06.850 --> 01:58:06.860 align:start position:0%
given I have all these initiatives
 

01:58:06.860 --> 01:58:09.630 align:start position:0%
given I have all these initiatives
continue

01:58:09.630 --> 01:58:09.640 align:start position:0%
 
 

01:58:09.640 --> 01:58:12.160 align:start position:0%
 
specifically<01:58:10.640><c> as</c><01:58:11.300><c> they</c><01:58:11.540><c> are</c><01:58:11.660><c> we</c><01:58:11.840><c> kind</c><01:58:12.110><c> of</c>

01:58:12.160 --> 01:58:12.170 align:start position:0%
specifically as they are we kind of
 

01:58:12.170 --> 01:58:14.650 align:start position:0%
specifically as they are we kind of
pushing<01:58:12.470><c> the</c><01:58:12.560><c> space</c><01:58:12.770><c> boarded</c><01:58:13.100><c> up</c><01:58:13.250><c> and</c><01:58:13.850><c> then</c><01:58:14.480><c> I</c>

01:58:14.650 --> 01:58:14.660 align:start position:0%
pushing the space boarded up and then I
 

01:58:14.660 --> 01:58:16.600 align:start position:0%
pushing the space boarded up and then I
want<01:58:14.840><c> to</c><01:58:14.960><c> give</c><01:58:15.050><c> a</c><01:58:15.140><c> huge</c><01:58:15.350><c> thank</c><01:58:15.470><c> you</c><01:58:15.800><c> to</c><01:58:16.190><c> all</c><01:58:16.430><c> of</c>

01:58:16.600 --> 01:58:16.610 align:start position:0%
want to give a huge thank you to all of
 

01:58:16.610 --> 01:58:18.520 align:start position:0%
want to give a huge thank you to all of
you<01:58:16.760><c> for</c><01:58:17.750><c> sitting</c><01:58:17.930><c> in</c><01:58:18.140><c> this</c><01:58:18.290><c> two-hour</c>

01:58:18.520 --> 01:58:18.530 align:start position:0%
you for sitting in this two-hour
 

01:58:18.530 --> 01:58:20.800 align:start position:0%
you for sitting in this two-hour
workshop<01:58:19.000><c> and</c><01:58:20.000><c> for</c><01:58:20.060><c> bringing</c><01:58:20.330><c> all</c><01:58:20.630><c> these</c>

01:58:20.800 --> 01:58:20.810 align:start position:0%
workshop and for bringing all these
 

01:58:20.810 --> 01:58:42.040 align:start position:0%
workshop and for bringing all these
amazing<01:58:40.090><c> massive</c><01:58:41.090><c> thank</c><01:58:41.300><c> you</c><01:58:41.390><c> to</c><01:58:41.540><c> add</c><01:58:41.840><c> you</c>

01:58:42.040 --> 01:58:42.050 align:start position:0%
amazing massive thank you to add you
 

01:58:42.050 --> 01:58:44.140 align:start position:0%
amazing massive thank you to add you
Jeff<01:58:42.770><c> and</c><01:58:43.010><c> a</c><01:58:43.100><c> mean</c><01:58:43.310><c> for</c><01:58:43.610><c> all</c><01:58:43.820><c> of</c><01:58:43.850><c> their</c>

01:58:44.140 --> 01:58:44.150 align:start position:0%
Jeff and a mean for all of their
 

01:58:44.150 --> 01:58:50.740 align:start position:0%
Jeff and a mean for all of their
insights<01:58:45.040><c> thank</c><01:58:46.040><c> you</c><01:58:46.130><c> guys</c><01:58:46.280><c> so</c><01:58:46.400><c> much</c>

01:58:50.740 --> 01:58:50.750 align:start position:0%
 
 

01:58:50.750 --> 01:58:57.430 align:start position:0%
 
[Applause]

01:58:57.430 --> 01:58:57.440 align:start position:0%
 
 

01:58:57.440 --> 01:58:58.420 align:start position:0%
 
you

01:58:58.420 --> 01:58:58.430 align:start position:0%
you
 

01:58:58.430 --> 01:59:01.489 align:start position:0%
you
[Music]