WEBVTT Kind: captions Language: en 00:00:04.720 --> 00:00:09.549 align:start position:0% hi<00:00:05.720> I'm<00:00:06.590> not<00:00:06.950> I<00:00:07.690> founded<00:00:08.690> a<00:00:08.809> Bitcoin<00:00:09.200> company 00:00:09.549 --> 00:00:09.559 align:start position:0% hi I'm not I founded a Bitcoin company 00:00:09.559 --> 00:00:11.370 align:start position:0% hi I'm not I founded a Bitcoin company in<00:00:09.650> 2014<00:00:10.010> been<00:00:10.549> doing<00:00:10.730> this<00:00:10.790> for<00:00:10.969> a<00:00:11.000> little<00:00:11.090> bit 00:00:11.370 --> 00:00:11.380 align:start position:0% in 2014 been doing this for a little bit 00:00:11.380 --> 00:00:15.730 align:start position:0% in 2014 been doing this for a little bit got<00:00:12.380> into<00:00:12.650> aetherium<00:00:13.040> early<00:00:14.000> 2017<00:00:14.330> and<00:00:14.870> I<00:00:15.559> want 00:00:15.730 --> 00:00:15.740 align:start position:0% got into aetherium early 2017 and I want 00:00:15.740 --> 00:00:17.170 align:start position:0% got into aetherium early 2017 and I want to<00:00:15.800> talk<00:00:15.950> to<00:00:16.070> you<00:00:16.189> about<00:00:16.279> a<00:00:16.400> project<00:00:16.670> called 00:00:17.170 --> 00:00:17.180 align:start position:0% to talk to you about a project called 00:00:17.180 --> 00:00:19.720 align:start position:0% to talk to you about a project called TBD<00:00:17.900> see<00:00:18.080> where<00:00:18.650> we're<00:00:18.830> bridging<00:00:19.040> Bitcoin<00:00:19.580> in 00:00:19.720 --> 00:00:19.730 align:start position:0% TBD see where we're bridging Bitcoin in 00:00:19.730 --> 00:00:21.850 align:start position:0% TBD see where we're bridging Bitcoin in aetherium<00:00:20.150> it<00:00:20.930> we're<00:00:21.260> doing<00:00:21.529> this<00:00:21.650> in 00:00:21.850 --> 00:00:21.860 align:start position:0% aetherium it we're doing this in 00:00:21.860 --> 00:00:24.070 align:start position:0% aetherium it we're doing this in collaboration<00:00:22.160> with<00:00:22.869> what<00:00:23.869> we're<00:00:23.990> calling 00:00:24.070 --> 00:00:24.080 align:start position:0% collaboration with what we're calling 00:00:24.080 --> 00:00:25.930 align:start position:0% collaboration with what we're calling the<00:00:24.289> cross<00:00:24.500> chain<00:00:24.770> group<00:00:24.980> James<00:00:25.400> press<00:00:25.699> which 00:00:25.930 --> 00:00:25.940 align:start position:0% the cross chain group James press which 00:00:25.940 --> 00:00:31.179 align:start position:0% the cross chain group James press which Summa<00:00:26.480> and<00:00:27.410> a<00:00:27.680> couple<00:00:27.859> other<00:00:28.039> folks<00:00:29.410> so<00:00:30.410> why 00:00:31.179 --> 00:00:31.189 align:start position:0% Summa and a couple other folks so why 00:00:31.189 --> 00:00:34.210 align:start position:0% Summa and a couple other folks so why are<00:00:31.250> we<00:00:31.400> all<00:00:31.490> here<00:00:32.140> I<00:00:33.140> know<00:00:33.379> some<00:00:33.739> of<00:00:33.769> us<00:00:33.920> came 00:00:34.210 --> 00:00:34.220 align:start position:0% are we all here I know some of us came 00:00:34.220 --> 00:00:37.299 align:start position:0% are we all here I know some of us came for<00:00:34.489> the<00:00:34.610> unstoppable<00:00:35.480> code<00:00:35.920> some<00:00:36.920> of<00:00:37.010> us<00:00:37.129> came 00:00:37.299 --> 00:00:37.309 align:start position:0% for the unstoppable code some of us came 00:00:37.309 --> 00:00:39.369 align:start position:0% for the unstoppable code some of us came for<00:00:37.550> the<00:00:37.610> world<00:00:37.760> computer<00:00:38.120> but<00:00:38.809> the<00:00:39.140> latest 00:00:39.369 --> 00:00:39.379 align:start position:0% for the world computer but the latest 00:00:39.379 --> 00:00:44.890 align:start position:0% for the world computer but the latest meme<00:00:39.769> is<00:00:39.979> D<00:00:40.460> Phi<00:00:42.190> so<00:00:43.190> D<00:00:43.760> Phi<00:00:43.970> is<00:00:44.150> around<00:00:44.629> a<00:00:44.750> half 00:00:44.890 --> 00:00:44.900 align:start position:0% meme is D Phi so D Phi is around a half 00:00:44.900 --> 00:00:46.360 align:start position:0% meme is D Phi so D Phi is around a half billion<00:00:45.140> dollar<00:00:45.350> market<00:00:45.710> give<00:00:45.920> or<00:00:46.040> take<00:00:46.190> the 00:00:46.360 --> 00:00:46.370 align:start position:0% billion dollar market give or take the 00:00:46.370 --> 00:00:49.000 align:start position:0% billion dollar market give or take the last<00:00:46.549> month's<00:00:46.940> market<00:00:47.180> gyrations<00:00:48.010> and 00:00:49.000 --> 00:00:49.010 align:start position:0% last month's market gyrations and 00:00:49.010 --> 00:00:51.130 align:start position:0% last month's market gyrations and there's<00:00:49.640> this<00:00:49.850> like<00:00:50.030> I<00:00:50.360> think<00:00:50.600> we're<00:00:50.870> excited 00:00:51.130 --> 00:00:51.140 align:start position:0% there's this like I think we're excited 00:00:51.140 --> 00:00:54.119 align:start position:0% there's this like I think we're excited there's<00:00:51.500> a<00:00:51.559> new<00:00:51.739> there's<00:00:52.100> a<00:00:52.159> new<00:00:52.309> narrative 00:00:54.119 --> 00:00:54.129 align:start position:0% there's a new there's a new narrative 00:00:54.129 --> 00:00:58.060 align:start position:0% there's a new there's a new narrative but<00:00:55.129> I<00:00:55.489> guess<00:00:55.970> my<00:00:56.180> question<00:00:56.239> is<00:00:56.659> is<00:00:56.900> is<00:00:57.650> d<00:00:57.920> Phi 00:00:58.060 --> 00:00:58.070 align:start position:0% but I guess my question is is is d Phi 00:00:58.070 --> 00:01:00.160 align:start position:0% but I guess my question is is is d Phi growing<00:00:58.549> and<00:00:58.699> as<00:00:58.879> D<00:00:59.089> Phi<00:00:59.269> as<00:00:59.449> exciting<00:00:59.930> as<00:01:00.019> we 00:01:00.160 --> 00:01:00.170 align:start position:0% growing and as D Phi as exciting as we 00:01:00.170 --> 00:01:03.520 align:start position:0% growing and as D Phi as exciting as we think<00:01:01.720> because<00:01:02.720> when<00:01:02.960> you<00:01:03.049> look<00:01:03.170> at<00:01:03.260> half<00:01:03.470> a 00:01:03.520 --> 00:01:03.530 align:start position:0% think because when you look at half a 00:01:03.530 --> 00:01:04.800 align:start position:0% think because when you look at half a billion<00:01:03.710> dollars<00:01:04.040> and<00:01:04.159> you<00:01:04.220> compare<00:01:04.519> it<00:01:04.610> to 00:01:04.800 --> 00:01:04.810 align:start position:0% billion dollars and you compare it to 00:01:04.810 --> 00:01:07.090 align:start position:0% billion dollars and you compare it to again<00:01:05.810> these<00:01:05.990> are<00:01:06.140> old<00:01:06.260> numbers<00:01:06.530> the<00:01:06.710> 24 00:01:07.090 --> 00:01:07.100 align:start position:0% again these are old numbers the 24 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to hit a ceiling soon and so when you<00:01:14.329> look<00:01:14.359> at<00:01:14.570> projects<00:01:14.960> like<00:01:15.079> maker<00:01:15.289> you<00:01:15.560> look 00:01:15.670 --> 00:01:15.680 align:start position:0% you look at projects like maker you look 00:01:15.680 --> 00:01:16.870 align:start position:0% you look at projects like maker you look at<00:01:15.740> other<00:01:15.859> the<00:01:16.039> other<00:01:16.250> projects<00:01:16.700> that<00:01:16.759> are 00:01:16.870 --> 00:01:16.880 align:start position:0% at other the other projects that are 00:01:16.880 --> 00:01:18.700 align:start position:0% at other the other projects that are limited<00:01:17.270> by<00:01:17.390> collateral<00:01:17.719> we're<00:01:18.380> all<00:01:18.469> kind<00:01:18.649> of 00:01:18.700 --> 00:01:18.710 align:start position:0% limited by collateral we're all kind of 00:01:18.710 --> 00:01:21.190 align:start position:0% limited by collateral we're all kind of thinking<00:01:19.039> how<00:01:19.340> how<00:01:19.880> can<00:01:19.939> we<00:01:20.299> get<00:01:20.509> access<00:01:20.990> to 00:01:21.190 --> 00:01:21.200 align:start position:0% thinking how how can we get access to 00:01:21.200 --> 00:01:23.740 align:start position:0% thinking how how can we get access to more<00:01:21.439> value<00:01:21.920> on<00:01:21.950> this<00:01:22.250> chain<00:01:22.579> up<00:01:23.240> to<00:01:23.479> do<00:01:23.630> more 00:01:23.740 --> 00:01:23.750 align:start position:0% more value on this chain up to do more 00:01:23.750 --> 00:01:26.620 align:start position:0% more value on this chain up to do more define<00:01:24.159> so<00:01:25.159> some<00:01:26.030> people<00:01:26.149> are<00:01:26.329> interested<00:01:26.450> in 00:01:26.620 --> 00:01:26.630 align:start position:0% define so some people are interested in 00:01:26.630 --> 00:01:28.810 align:start position:0% define so some people are interested in security<00:01:27.020> tokens<00:01:27.409> or<00:01:27.590> real<00:01:27.829> estate<00:01:27.859> I'm<00:01:28.340> not 00:01:28.810 --> 00:01:28.820 align:start position:0% security tokens or real estate I'm not 00:01:28.820 --> 00:01:31.569 align:start position:0% security tokens or real estate I'm not I'm<00:01:29.750> interested<00:01:30.259> in<00:01:30.320> trustless<00:01:30.649> assets<00:01:31.100> so 00:01:31.569 --> 00:01:31.579 align:start position:0% I'm interested in trustless assets so 00:01:31.579 --> 00:01:33.340 align:start position:0% I'm interested in trustless assets so for<00:01:31.820> me<00:01:31.909> the<00:01:32.090> next<00:01:32.420> obvious<00:01:32.630> pool<00:01:33.200> of 00:01:33.340 --> 00:01:33.350 align:start position:0% for me the next obvious pool of 00:01:33.350 --> 00:01:35.830 align:start position:0% for me the next obvious pool of collateral<00:01:33.649> is<00:01:34.100> Bitcoin<00:01:34.549> which<00:01:35.329> is<00:01:35.479> a<00:01:35.509> little 00:01:35.830 --> 00:01:35.840 align:start position:0% collateral is Bitcoin which is a little 00:01:35.840 --> 00:01:40.929 align:start position:0% collateral is Bitcoin which is a little bit<00:01:35.960> bigger<00:01:36.530> than<00:01:36.950> than<00:01:37.369> the<00:01:37.520> other<00:01:37.640> two<00:01:39.939> so 00:01:40.929 --> 00:01:40.939 align:start position:0% bit bigger than than the other two so 00:01:40.939 --> 00:01:43.239 align:start position:0% bit bigger than than the other two so one<00:01:41.869> way<00:01:42.049> to<00:01:42.079> frame<00:01:42.409> this<00:01:42.530> discussion<00:01:43.009> is<00:01:43.100> how 00:01:43.239 --> 00:01:43.249 align:start position:0% one way to frame this discussion is how 00:01:43.249 --> 00:01:48.219 align:start position:0% one way to frame this discussion is how can<00:01:43.520> we<00:01:43.640> bring<00:01:43.999> defy<00:01:44.539> to<00:01:44.600> Bitcoin<00:01:47.170> that's<00:01:48.170> a 00:01:48.219 --> 00:01:48.229 align:start position:0% can we bring defy to Bitcoin that's a 00:01:48.229 --> 00:01:49.840 align:start position:0% can we bring defy to Bitcoin that's a little<00:01:48.380> paternalistic<00:01:49.069> I<00:01:49.280> think<00:01:49.609> a<00:01:49.670> lot<00:01:49.819> of 00:01:49.840 --> 00:01:49.850 align:start position:0% little paternalistic I think a lot of 00:01:49.850 --> 00:01:51.700 align:start position:0% little paternalistic I think a lot of big<00:01:50.060> corners<00:01:50.390> who<00:01:50.780> may<00:01:51.229> or<00:01:51.319> may<00:01:51.409> not<00:01:51.530> be 00:01:51.700 --> 00:01:51.710 align:start position:0% big corners who may or may not be 00:01:51.710 --> 00:01:52.749 align:start position:0% big corners who may or may not be watching<00:01:51.829> this<00:01:52.100> would<00:01:52.249> be<00:01:52.310> like<00:01:52.399> Bitcoin 00:01:52.749 --> 00:01:52.759 align:start position:0% watching this would be like Bitcoin 00:01:52.759 --> 00:01:54.819 align:start position:0% watching this would be like Bitcoin doesn't<00:01:52.939> need<00:01:53.240> Defy<00:01:53.659> but<00:01:54.439> another<00:01:54.619> way<00:01:54.770> to 00:01:54.819 --> 00:01:54.829 align:start position:0% doesn't need Defy but another way to 00:01:54.829 --> 00:01:56.830 align:start position:0% doesn't need Defy but another way to look<00:01:55.039> at<00:01:55.189> it<00:01:55.310> is<00:01:55.399> you<00:01:55.549> know<00:01:55.670> Bitcoin<00:01:56.119> was<00:01:56.390> was 00:01:56.830 --> 00:01:56.840 align:start position:0% look at it is you know Bitcoin was was 00:01:56.840 --> 00:01:58.929 align:start position:0% look at it is you know Bitcoin was was the<00:01:57.079> first<00:01:57.289> defy<00:01:57.679> be<00:01:57.920> run<00:01:58.159> bank<00:01:58.399> now<00:01:58.640> we<00:01:58.700> have 00:01:58.929 --> 00:01:58.939 align:start position:0% the first defy be run bank now we have 00:01:58.939 --> 00:02:01.569 align:start position:0% the first defy be run bank now we have cash<00:01:59.179> how<00:01:59.509> can<00:01:59.689> we<00:01:59.749> get<00:01:59.899> loans<00:02:00.109> so<00:02:01.009> I<00:02:01.280> actually 00:02:01.569 --> 00:02:01.579 align:start position:0% cash how can we get loans so I actually 00:02:01.579 --> 00:02:04.899 align:start position:0% cash how can we get loans so I actually went<00:02:02.299> to<00:02:02.389> buy<00:02:02.509> a<00:02:02.539> house<00:02:02.719> recently<00:02:02.960> and<00:02:03.439> I<00:02:04.369> knew 00:02:04.899 --> 00:02:04.909 align:start position:0% went to buy a house recently and I knew 00:02:04.909 --> 00:02:08.230 align:start position:0% went to buy a house recently and I knew okay<00:02:05.539> my<00:02:06.259> most<00:02:06.649> of<00:02:06.829> my<00:02:06.979> life's<00:02:07.280> work<00:02:07.609> is<00:02:07.819> crypto 00:02:08.230 --> 00:02:08.240 align:start position:0% okay my most of my life's work is crypto 00:02:08.240 --> 00:02:09.340 align:start position:0% okay my most of my life's work is crypto this<00:02:08.660> is<00:02:08.750> going<00:02:08.899> to<00:02:08.960> be<00:02:09.050> an<00:02:09.140> interesting 00:02:09.340 --> 00:02:09.350 align:start position:0% this is going to be an interesting 00:02:09.350 --> 00:02:11.200 align:start position:0% this is going to be an interesting experience<00:02:10.009> and<00:02:10.130> so<00:02:10.310> I<00:02:10.340> started<00:02:10.640> looking<00:02:10.789> for 00:02:11.200 --> 00:02:11.210 align:start position:0% experience and so I started looking for 00:02:11.210 --> 00:02:13.930 align:start position:0% experience and so I started looking for what<00:02:11.810> Lindner<00:02:12.200> could<00:02:12.410> help<00:02:12.590> me<00:02:12.739> out<00:02:12.860> and<00:02:13.430> keep 00:02:13.930 --> 00:02:13.940 align:start position:0% what Lindner could help me out and keep 00:02:13.940 --> 00:02:15.940 align:start position:0% what Lindner could help me out and keep me<00:02:14.060> from<00:02:14.209> having<00:02:14.360> to<00:02:14.540> sell<00:02:14.900> my<00:02:15.019> crypto<00:02:15.379> so<00:02:15.920> I 00:02:15.940 --> 00:02:15.950 align:start position:0% me from having to sell my crypto so I 00:02:15.950 --> 00:02:17.170 align:start position:0% me from having to sell my crypto so I finally<00:02:16.280> found<00:02:16.430> someone<00:02:16.700> I<00:02:16.819> got<00:02:16.970> really 00:02:17.170 --> 00:02:17.180 align:start position:0% finally found someone I got really 00:02:17.180 --> 00:02:18.339 align:start position:0% finally found someone I got really excited 00:02:18.339 --> 00:02:18.349 align:start position:0% excited 00:02:18.349 --> 00:02:19.809 align:start position:0% excited and<00:02:18.499> so<00:02:18.650> I<00:02:18.680> talked<00:02:19.310> to<00:02:19.370> this<00:02:19.519> mortgage 00:02:19.809 --> 00:02:19.819 align:start position:0% and so I talked to this mortgage 00:02:19.819 --> 00:02:21.399 align:start position:0% and so I talked to this mortgage provider<00:02:20.150> and<00:02:20.450> they<00:02:20.659> were<00:02:20.719> like<00:02:20.959> oh<00:02:21.109> yeah 00:02:21.399 --> 00:02:21.409 align:start position:0% provider and they were like oh yeah 00:02:21.409 --> 00:02:22.989 align:start position:0% provider and they were like oh yeah we're<00:02:21.560> totally<00:02:21.709> crypto<00:02:22.249> friendly<00:02:22.609> we're<00:02:22.760> so 00:02:22.989 --> 00:02:22.999 align:start position:0% we're totally crypto friendly we're so 00:02:22.999 --> 00:02:25.569 align:start position:0% we're totally crypto friendly we're so glad<00:02:23.420> that<00:02:23.569> you<00:02:23.930> came<00:02:24.139> to<00:02:24.349> us<00:02:24.469> and<00:02:25.219> so<00:02:25.340> I<00:02:25.400> said 00:02:25.569 --> 00:02:25.579 align:start position:0% glad that you came to us and so I said 00:02:25.579 --> 00:02:26.470 align:start position:0% glad that you came to us and so I said cool<00:02:25.730> what<00:02:25.939> do<00:02:25.999> I<00:02:26.090> do 00:02:26.470 --> 00:02:26.480 align:start position:0% cool what do I do 00:02:26.480 --> 00:02:28.629 align:start position:0% cool what do I do and<00:02:26.599> I<00:02:26.689> said<00:02:26.900> sell<00:02:27.200> your<00:02:27.379> crypto<00:02:27.709> just<00:02:28.370> sell<00:02:28.609> it 00:02:28.629 --> 00:02:28.639 align:start position:0% and I said sell your crypto just sell it 00:02:28.639 --> 00:02:30.640 align:start position:0% and I said sell your crypto just sell it and<00:02:28.909> come<00:02:29.450> back<00:02:29.480> in<00:02:29.719> 30<00:02:29.930> days<00:02:30.139> we'll<00:02:30.379> pretend 00:02:30.640 --> 00:02:30.650 align:start position:0% and come back in 30 days we'll pretend 00:02:30.650 --> 00:02:31.449 align:start position:0% and come back in 30 days we'll pretend like<00:02:30.739> we<00:02:30.889> didn't<00:02:31.040> have<00:02:31.159> this<00:02:31.280> conversation 00:02:31.449 --> 00:02:31.459 align:start position:0% like we didn't have this conversation 00:02:31.459 --> 00:02:36.220 align:start position:0% like we didn't have this conversation and<00:02:32.030> then<00:02:32.450> you<00:02:32.540> can<00:02:32.659> buy<00:02:32.749> a<00:02:32.780> house<00:02:33.760> no<00:02:34.900> so<00:02:35.900> well 00:02:36.220 --> 00:02:36.230 align:start position:0% and then you can buy a house no so well 00:02:36.230 --> 00:02:37.869 align:start position:0% and then you can buy a house no so well you<00:02:36.409> know<00:02:36.530> one<00:02:36.680> way<00:02:36.799> is<00:02:36.920> how<00:02:37.040> can<00:02:37.189> we<00:02:37.219> bring<00:02:37.459> one 00:02:37.869 --> 00:02:37.879 align:start position:0% you know one way is how can we bring one 00:02:37.879 --> 00:02:38.890 align:start position:0% you know one way is how can we bring one way<00:02:38.000> to<00:02:38.060> look<00:02:38.209> at<00:02:38.299> this<00:02:38.389> is<00:02:38.569> how<00:02:38.719> do<00:02:38.780> we 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this<00:02:46.159> opportunity<00:02:46.849> to<00:02:47.120> be<00:02:47.329> an<00:02:47.599> interrupt<00:02:48.079> to 00:02:48.520 --> 00:02:48.530 align:start position:0% this opportunity to be an interrupt to 00:02:48.530 --> 00:02:51.129 align:start position:0% this opportunity to be an interrupt to bring<00:02:49.159> assets<00:02:49.909> on<00:02:50.090> to<00:02:50.359> the<00:02:50.480> chain<00:02:50.719> to<00:02:50.989> work 00:02:51.129 --> 00:02:51.139 align:start position:0% bring assets on to the chain to work 00:02:51.139 --> 00:02:53.199 align:start position:0% bring assets on to the chain to work with<00:02:51.319> defy<00:02:51.680> today<00:02:51.980> how<00:02:52.459> can<00:02:52.669> we<00:02:52.790> make<00:02:52.969> Bitcoin 00:02:53.199 --> 00:02:53.209 align:start position:0% with defy today how can we make Bitcoin 00:02:53.209 --> 00:02:56.080 align:start position:0% with defy today how can we make Bitcoin one<00:02:53.510> of<00:02:53.629> those<00:02:53.719> assets<00:02:54.459> but<00:02:55.459> you<00:02:55.730> know<00:02:55.849> for<00:02:56.030> the 00:02:56.080 --> 00:02:56.090 align:start position:0% one of those assets but you know for the 00:02:56.090 --> 00:02:57.369 align:start position:0% one of those assets but you know for the engineers<00:02:56.419> in<00:02:56.480> the<00:02:56.569> room<00:02:56.629> also<00:02:56.930> just<00:02:57.290> like 00:02:57.369 --> 00:02:57.379 align:start position:0% engineers in the room also just like 00:02:57.379 --> 00:03:00.399 align:start position:0% engineers in the room also just like wind<00:02:57.859> side<00:02:58.069> chains<00:02:58.599> so<00:02:59.599> we've<00:02:59.900> been<00:03:00.079> talking 00:03:00.399 --> 00:03:00.409 align:start position:0% wind side chains so we've been talking 00:03:00.409 --> 00:03:01.990 align:start position:0% wind side chains so we've been talking about<00:03:00.469> side<00:03:00.829> chains<00:03:01.129> and<00:03:01.280> interrupts<00:03:01.699> since 00:03:01.990 --> 00:03:02.000 align:start position:0% about side chains and interrupts since 00:03:02.000 --> 00:03:04.509 align:start position:0% about side chains and interrupts since at<00:03:02.120> least<00:03:02.329> 2014<00:03:02.780> probably<00:03:03.500> earlier<00:03:03.799> and<00:03:04.010> so 00:03:04.509 --> 00:03:04.519 align:start position:0% at least 2014 probably earlier and so 00:03:04.519 --> 00:03:06.069 align:start position:0% at least 2014 probably earlier and so far<00:03:04.699> they've<00:03:04.879> been<00:03:05.060> for<00:03:05.599> the<00:03:05.659> most<00:03:05.840> part 00:03:06.069 --> 00:03:06.079 align:start position:0% far they've been for the most part 00:03:06.079 --> 00:03:08.439 align:start position:0% far they've been for the most part vaporware<00:03:06.500> a<00:03:06.859> bunch<00:03:07.489> of<00:03:07.639> El<00:03:07.819> ones<00:03:08.060> right<00:03:08.329> now 00:03:08.439 --> 00:03:08.449 align:start position:0% vaporware a bunch of El ones right now 00:03:08.449 --> 00:03:10.119 align:start position:0% vaporware a bunch of El ones right now are<00:03:08.689> working<00:03:09.109> on<00:03:09.230> bringing<00:03:09.469> out<00:03:09.739> something 00:03:10.119 --> 00:03:10.129 align:start position:0% are working on bringing out something 00:03:10.129 --> 00:03:11.199 align:start position:0% are working on bringing out something new<00:03:10.280> but<00:03:10.459> it<00:03:10.639> would<00:03:10.730> just<00:03:10.879> be<00:03:11.000> really 00:03:11.199 --> 00:03:11.209 align:start position:0% new but it would just be really 00:03:11.209 --> 00:03:14.349 align:start position:0% new but it would just be really intellectually<00:03:11.959> satisfying<00:03:12.169> to<00:03:12.799> see<00:03:12.829> a<00:03:13.819> side 00:03:14.349 --> 00:03:14.359 align:start position:0% intellectually satisfying to see a side 00:03:14.359 --> 00:03:16.059 align:start position:0% intellectually satisfying to see a side chain<00:03:14.689> between<00:03:14.900> Bitcoin<00:03:15.500> and<00:03:15.650> aetherium 00:03:16.059 --> 00:03:16.069 align:start position:0% chain between Bitcoin and aetherium 00:03:16.069 --> 00:03:20.439 align:start position:0% chain between Bitcoin and aetherium today<00:03:17.919> so<00:03:18.919> people<00:03:19.819> have<00:03:20.060> been<00:03:20.090> trying<00:03:20.329> to 00:03:20.439 --> 00:03:20.449 align:start position:0% today so people have been trying to 00:03:20.449 --> 00:03:22.689 align:start position:0% today so people have been trying to solve<00:03:20.599> this<00:03:20.750> problem<00:03:21.219> mostly<00:03:22.219> through<00:03:22.489> hacks 00:03:22.689 --> 00:03:22.699 align:start position:0% solve this problem mostly through hacks 00:03:22.699 --> 00:03:25.420 align:start position:0% solve this problem mostly through hacks so<00:03:23.629> the<00:03:23.750> first<00:03:23.989> big<00:03:24.379> hack<00:03:24.739> that<00:03:25.040> people<00:03:25.310> have 00:03:25.420 --> 00:03:25.430 align:start position:0% so the first big hack that people have 00:03:25.430 --> 00:03:27.640 align:start position:0% so the first big hack that people have used<00:03:25.459> our<00:03:25.939> Federation's<00:03:26.720> if<00:03:27.199> you<00:03:27.349> guys<00:03:27.470> are 00:03:27.640 --> 00:03:27.650 align:start position:0% used our Federation's if you guys are 00:03:27.650 --> 00:03:29.530 align:start position:0% used our Federation's if you guys are familiar<00:03:27.769> with<00:03:28.040> WBT<00:03:28.729> see<00:03:28.909> in<00:03:29.060> the<00:03:29.150> etherium 00:03:29.530 --> 00:03:29.540 align:start position:0% familiar with WBT see in the etherium 00:03:29.540 --> 00:03:32.740 align:start position:0% familiar with WBT see in the etherium space<00:03:29.949> liquid<00:03:30.949> in<00:03:31.040> the<00:03:31.129> Bitcoin<00:03:31.430> space<00:03:31.750> and 00:03:32.740 --> 00:03:32.750 align:start position:0% space liquid in the Bitcoin space and 00:03:32.750 --> 00:03:36.009 align:start position:0% space liquid in the Bitcoin space and the<00:03:32.930> basic<00:03:33.290> idea<00:03:33.409> behind<00:03:33.859> a<00:03:34.099> federation<00:03:35.019> is 00:03:36.009 --> 00:03:36.019 align:start position:0% the basic idea behind a federation is 00:03:36.019 --> 00:03:38.140 align:start position:0% the basic idea behind a federation is that<00:03:36.470> you<00:03:36.769> have<00:03:36.979> a<00:03:37.009> bunch<00:03:37.220> of<00:03:37.340> folks<00:03:37.939> that<00:03:38.120> come 00:03:38.140 --> 00:03:38.150 align:start position:0% that you have a bunch of folks that come 00:03:38.150 --> 00:03:40.659 align:start position:0% that you have a bunch of folks that come together<00:03:38.389> you<00:03:38.689> trust<00:03:39.079> them<00:03:39.409> they<00:03:40.280> hold<00:03:40.459> your 00:03:40.659 --> 00:03:40.669 align:start position:0% together you trust them they hold your 00:03:40.669 --> 00:03:42.429 align:start position:0% together you trust them they hold your Bitcoin<00:03:41.060> and<00:03:41.359> then<00:03:41.930> you<00:03:42.109> know<00:03:42.199> they'll 00:03:42.429 --> 00:03:42.439 align:start position:0% Bitcoin and then you know they'll 00:03:42.439 --> 00:03:44.499 align:start position:0% Bitcoin and then you know they'll they'll<00:03:42.709> validate<00:03:43.189> somewhere<00:03:43.759> else<00:03:43.879> so 00:03:44.499 --> 00:03:44.509 align:start position:0% they'll validate somewhere else so 00:03:44.509 --> 00:03:46.210 align:start position:0% they'll validate somewhere else so what's<00:03:44.870> great<00:03:45.019> about<00:03:45.139> Federation's<00:03:45.799> you<00:03:46.040> get 00:03:46.210 --> 00:03:46.220 align:start position:0% what's great about Federation's you get 00:03:46.220 --> 00:03:48.399 align:start position:0% what's great about Federation's you get your<00:03:46.340> price<00:03:46.519> exposure<00:03:46.970> that<00:03:47.419> defy<00:03:48.109> is<00:03:48.169> so 00:03:48.399 --> 00:03:48.409 align:start position:0% your price exposure that defy is so 00:03:48.409 --> 00:03:50.140 align:start position:0% your price exposure that defy is so interested<00:03:48.829> in<00:03:48.949> and<00:03:49.129> you<00:03:49.430> have<00:03:49.579> a<00:03:49.609> super 00:03:50.140 --> 00:03:50.150 align:start position:0% interested in and you have a super 00:03:50.150 --> 00:03:53.649 align:start position:0% interested in and you have a super simple<00:03:50.750> implementation<00:03:51.530> okay<00:03:52.280> so<00:03:52.879> anyone<00:03:53.479> in 00:03:53.649 --> 00:03:53.659 align:start position:0% simple implementation okay so anyone in 00:03:53.659 --> 00:03:56.140 align:start position:0% simple implementation okay so anyone in this<00:03:53.780> room<00:03:53.930> I<00:03:54.319> imagine<00:03:55.099> who<00:03:55.699> has<00:03:55.909> touch 00:03:56.140 --> 00:03:56.150 align:start position:0% this room I imagine who has touch 00:03:56.150 --> 00:03:58.089 align:start position:0% this room I imagine who has touch solidity<00:03:56.540> before<00:03:56.959> could<00:03:57.349> create<00:03:57.680> something 00:03:58.089 --> 00:03:58.099 align:start position:0% solidity before could create something 00:03:58.099 --> 00:04:04.449 align:start position:0% solidity before could create something similar<00:03:58.310> to<00:03:58.549> W<00:03:58.879> BTC<00:03:59.299> today<00:04:01.989> which<00:04:02.989> is<00:04:03.019> great<00:04:03.459> so 00:04:04.449 --> 00:04:04.459 align:start position:0% similar to W BTC today which is great so 00:04:04.459 --> 00:04:07.749 align:start position:0% similar to W BTC today which is great so why<00:04:04.579> are<00:04:04.639> we<00:04:04.729> here<00:04:04.879> so<00:04:06.370> the<00:04:07.370> reason<00:04:07.609> that<00:04:07.639> I 00:04:07.749 --> 00:04:07.759 align:start position:0% why are we here so the reason that I 00:04:07.759 --> 00:04:10.599 align:start position:0% why are we here so the reason that I joined<00:04:07.790> crypto<00:04:08.349> was<00:04:09.349> to<00:04:09.769> own<00:04:09.889> my<00:04:10.069> own<00:04:10.099> money<00:04:10.400> I 00:04:10.599 --> 00:04:10.609 align:start position:0% joined crypto was to own my own money I 00:04:10.609 --> 00:04:12.640 align:start position:0% joined crypto was to own my own money I don't<00:04:11.299> know<00:04:11.419> if<00:04:11.509> you<00:04:11.599> guys<00:04:11.719> saw<00:04:11.930> Taylor's<00:04:12.409> talk 00:04:12.640 --> 00:04:12.650 align:start position:0% don't know if you guys saw Taylor's talk 00:04:12.650 --> 00:04:14.649 align:start position:0% don't know if you guys saw Taylor's talk from<00:04:12.829> my<00:04:12.979> crypto<00:04:13.310> the<00:04:13.430> other<00:04:13.549> day<00:04:13.759> but<00:04:14.479> it<00:04:14.569> was 00:04:14.649 --> 00:04:14.659 align:start position:0% from my crypto the other day but it was 00:04:14.659 --> 00:04:16.120 align:start position:0% from my crypto the other day but it was a<00:04:14.689> little<00:04:14.840> bit<00:04:14.959> about<00:04:15.109> back<00:04:15.439> to<00:04:15.590> basics<00:04:15.949> why 00:04:16.120 --> 00:04:16.130 align:start position:0% a little bit about back to basics why 00:04:16.130 --> 00:04:17.860 align:start position:0% a little bit about back to basics why are<00:04:16.190> we<00:04:16.400> all<00:04:16.549> here<00:04:16.579> we're<00:04:17.449> here<00:04:17.659> for 00:04:17.860 --> 00:04:17.870 align:start position:0% are we all here we're here for 00:04:17.870 --> 00:04:19.749 align:start position:0% are we all here we're here for individual<00:04:18.380> ownership<00:04:18.680> consent<00:04:19.549> and 00:04:19.749 --> 00:04:19.759 align:start position:0% individual ownership consent and 00:04:19.759 --> 00:04:22.480 align:start position:0% individual ownership consent and sovereignty<00:04:20.359> and<00:04:20.690> the<00:04:21.229> second<00:04:21.769> you<00:04:21.919> take<00:04:22.460> a 00:04:22.480 --> 00:04:22.490 align:start position:0% sovereignty and the second you take a 00:04:22.490 --> 00:04:25.600 align:start position:0% sovereignty and the second you take a peg<00:04:22.849> a<00:04:23.120> Federation<00:04:23.750> based<00:04:23.990> peg<00:04:24.349> that's<00:04:24.949> that's 00:04:25.600 --> 00:04:25.610 align:start position:0% peg a Federation based peg that's that's 00:04:25.610 --> 00:04:27.610 align:start position:0% peg a Federation based peg that's that's trustful<00:04:26.389> you've<00:04:26.719> lost<00:04:26.960> that<00:04:27.229> so<00:04:27.380> you've<00:04:27.500> lost 00:04:27.610 --> 00:04:27.620 align:start position:0% trustful you've lost that so you've lost 00:04:27.620 --> 00:04:30.490 align:start position:0% trustful you've lost that so you've lost seizure<00:04:27.979> resistance<00:04:28.550> you've<00:04:29.210> lost<00:04:29.539> you've 00:04:30.490 --> 00:04:30.500 align:start position:0% seizure resistance you've lost you've 00:04:30.500 --> 00:04:32.110 align:start position:0% seizure resistance you've lost you've lost<00:04:30.770> any<00:04:31.130> sort<00:04:31.400> of<00:04:31.460> like<00:04:31.639> trust 00:04:32.110 --> 00:04:32.120 align:start position:0% lost any sort of like trust 00:04:32.120 --> 00:04:35.020 align:start position:0% lost any sort of like trust nests<00:04:32.389> of<00:04:32.510> this<00:04:32.630> system<00:04:33.669> so<00:04:34.669> the<00:04:34.790> other<00:04:34.940> big 00:04:35.020 --> 00:04:35.030 align:start position:0% nests of this system so the other big 00:04:35.030 --> 00:04:36.460 align:start position:0% nests of this system so the other big approach<00:04:35.479> the<00:04:35.660> people<00:04:35.930> are<00:04:36.020> using<00:04:36.199> to<00:04:36.350> get 00:04:36.460 --> 00:04:36.470 align:start position:0% approach the people are using to get 00:04:36.470 --> 00:04:37.750 align:start position:0% approach the people are using to get price<00:04:36.650> exposure<00:04:37.070> on<00:04:37.220> aetherium<00:04:37.550> their 00:04:37.750 --> 00:04:37.760 align:start position:0% price exposure on aetherium their 00:04:37.760 --> 00:04:41.140 align:start position:0% price exposure on aetherium their synthetics<00:04:39.400> basic<00:04:40.400> idea<00:04:40.699> you<00:04:40.880> guys<00:04:41.000> are 00:04:41.140 --> 00:04:41.150 align:start position:0% synthetics basic idea you guys are 00:04:41.150 --> 00:04:42.820 align:start position:0% synthetics basic idea you guys are probably<00:04:41.479> familiar<00:04:41.690> as<00:04:42.050> we<00:04:42.229> lock<00:04:42.410> up<00:04:42.440> a<00:04:42.650> bunch 00:04:42.820 --> 00:04:42.830 align:start position:0% probably familiar as we lock up a bunch 00:04:42.830 --> 00:04:43.960 align:start position:0% probably familiar as we lock up a bunch of<00:04:42.889> eath<00:04:43.040> and<00:04:43.310> then<00:04:43.430> there's<00:04:43.580> some<00:04:43.760> sort<00:04:43.910> of 00:04:43.960 --> 00:04:43.970 align:start position:0% of eath and then there's some sort of 00:04:43.970 --> 00:04:45.460 align:start position:0% of eath and then there's some sort of algorithm<00:04:44.419> does<00:04:44.600> something<00:04:44.960> with<00:04:45.110> it<00:04:45.139> so<00:04:45.440> that 00:04:45.460 --> 00:04:45.470 align:start position:0% algorithm does something with it so that 00:04:45.470 --> 00:04:48.219 align:start position:0% algorithm does something with it so that you<00:04:45.620> peg<00:04:45.889> a<00:04:45.919> price<00:04:46.250> to<00:04:46.850> an<00:04:46.970> external<00:04:47.240> asset<00:04:47.720> so 00:04:48.219 --> 00:04:48.229 align:start position:0% you peg a price to an external asset so 00:04:48.229 --> 00:04:49.180 align:start position:0% you peg a price to an external asset so synthetics<00:04:48.680> are<00:04:48.800> great 00:04:49.180 --> 00:04:49.190 align:start position:0% synthetics are great 00:04:49.190 --> 00:04:51.939 align:start position:0% synthetics are great there's<00:04:49.669> censorship<00:04:50.150> resistant<00:04:50.660> so<00:04:51.590> for 00:04:51.939 --> 00:04:51.949 align:start position:0% there's censorship resistant so for 00:04:51.949 --> 00:04:53.020 align:start position:0% there's censorship resistant so for example<00:04:52.280> if<00:04:52.370> you<00:04:52.460> have<00:04:52.639> like<00:04:52.820> something 00:04:53.020 --> 00:04:53.030 align:start position:0% example if you have like something 00:04:53.030 --> 00:04:54.610 align:start position:0% example if you have like something that's<00:04:53.240> pegged<00:04:53.570> to<00:04:53.720> a<00:04:53.750> stock<00:04:54.050> on<00:04:54.260> aetherium 00:04:54.610 --> 00:04:54.620 align:start position:0% that's pegged to a stock on aetherium 00:04:54.620 --> 00:04:56.200 align:start position:0% that's pegged to a stock on aetherium you<00:04:54.949> can<00:04:55.100> be<00:04:55.220> confident<00:04:55.760> that<00:04:55.790> that's<00:04:55.940> not 00:04:56.200 --> 00:04:56.210 align:start position:0% you can be confident that that's not 00:04:56.210 --> 00:04:58.300 align:start position:0% you can be confident that that's not going<00:04:56.360> to<00:04:56.449> be<00:04:56.630> seized<00:04:56.900> from<00:04:57.110> you<00:04:57.290> you<00:04:57.949> get<00:04:58.160> your 00:04:58.300 --> 00:04:58.310 align:start position:0% going to be seized from you you get your 00:04:58.310 --> 00:05:01.450 align:start position:0% going to be seized from you you get your price<00:04:58.490> exposure<00:04:59.889> and<00:05:00.889> of<00:05:01.040> course<00:05:01.220> there<00:05:01.370> are 00:05:01.450 --> 00:05:01.460 align:start position:0% price exposure and of course there are 00:05:01.460 --> 00:05:05.260 align:start position:0% price exposure and of course there are downsides<00:05:02.860> so<00:05:03.860> there<00:05:04.460> are<00:05:04.520> two<00:05:04.639> that<00:05:04.760> I<00:05:04.850> see<00:05:05.060> so 00:05:05.260 --> 00:05:05.270 align:start position:0% downsides so there are two that I see so 00:05:05.270 --> 00:05:08.200 align:start position:0% downsides so there are two that I see so one<00:05:05.479> is<00:05:05.780> is<00:05:06.320> just<00:05:06.650> that<00:05:06.830> it's<00:05:07.190> dangerous<00:05:07.430> the 00:05:08.200 --> 00:05:08.210 align:start position:0% one is is just that it's dangerous the 00:05:08.210 --> 00:05:10.930 align:start position:0% one is is just that it's dangerous the more<00:05:08.389> synthetics<00:05:08.900> you<00:05:09.020> stack<00:05:09.320> the<00:05:09.919> more<00:05:09.949> FX 00:05:10.930 --> 00:05:10.940 align:start position:0% more synthetics you stack the more FX 00:05:10.940 --> 00:05:12.490 align:start position:0% more synthetics you stack the more FX risk<00:05:11.210> you<00:05:11.389> stack<00:05:11.690> and<00:05:11.930> the<00:05:11.990> more<00:05:12.139> of<00:05:12.260> a<00:05:12.289> chance 00:05:12.490 --> 00:05:12.500 align:start position:0% risk you stack and the more of a chance 00:05:12.500 --> 00:05:14.050 align:start position:0% risk you stack and the more of a chance of<00:05:12.680> like<00:05:12.800> a<00:05:12.830> Black<00:05:13.100> Swan<00:05:13.370> event<00:05:13.400> happening 00:05:14.050 --> 00:05:14.060 align:start position:0% of like a Black Swan event happening 00:05:14.060 --> 00:05:16.480 align:start position:0% of like a Black Swan event happening through<00:05:14.510> all<00:05:14.660> of<00:05:14.690> our<00:05:14.870> defy<00:05:15.199> systems<00:05:15.590> so<00:05:16.160> if<00:05:16.370> I 00:05:16.480 --> 00:05:16.490 align:start position:0% through all of our defy systems so if I 00:05:16.490 --> 00:05:18.640 align:start position:0% through all of our defy systems so if I asked<00:05:16.789> you<00:05:16.880> guys<00:05:17.060> how<00:05:17.510> much<00:05:17.810> eath<00:05:18.110> would<00:05:18.500> you 00:05:18.640 --> 00:05:18.650 align:start position:0% asked you guys how much eath would you 00:05:18.650 --> 00:05:21.100 align:start position:0% asked you guys how much eath would you be<00:05:18.800> willing<00:05:19.039> to<00:05:19.310> lock<00:05:19.520> up<00:05:19.760> to<00:05:20.150> be<00:05:20.300> confident 00:05:21.100 --> 00:05:21.110 align:start position:0% be willing to lock up to be confident 00:05:21.110 --> 00:05:22.960 align:start position:0% be willing to lock up to be confident that<00:05:21.410> that<00:05:21.770> amount<00:05:22.130> was<00:05:22.370> going<00:05:22.580> to<00:05:22.669> be<00:05:22.760> more 00:05:22.960 --> 00:05:22.970 align:start position:0% that that amount was going to be more 00:05:22.970 --> 00:05:26.770 align:start position:0% that that amount was going to be more than<00:05:23.150> one<00:05:23.419> Bitcoin<00:05:23.690> in<00:05:24.020> six<00:05:24.320> months<00:05:24.710> I<00:05:25.780> think 00:05:26.770 --> 00:05:26.780 align:start position:0% than one Bitcoin in six months I think 00:05:26.780 --> 00:05:28.029 align:start position:0% than one Bitcoin in six months I think we<00:05:26.900> would<00:05:27.020> all<00:05:27.110> have<00:05:27.289> different<00:05:27.590> opinions<00:05:27.650> on 00:05:28.029 --> 00:05:28.039 align:start position:0% we would all have different opinions on 00:05:28.039 --> 00:05:29.560 align:start position:0% we would all have different opinions on what<00:05:28.280> that<00:05:28.550> is<00:05:28.610> it's<00:05:29.000> it's<00:05:29.210> a<00:05:29.360> difficult 00:05:29.560 --> 00:05:29.570 align:start position:0% what that is it's it's a difficult 00:05:29.570 --> 00:05:31.750 align:start position:0% what that is it's it's a difficult problem<00:05:29.870> and<00:05:30.800> then<00:05:31.280> the<00:05:31.340> other<00:05:31.490> thing<00:05:31.669> with 00:05:31.750 --> 00:05:31.760 align:start position:0% problem and then the other thing with 00:05:31.760 --> 00:05:33.310 align:start position:0% problem and then the other thing with synthetics<00:05:32.120> is<00:05:32.240> you<00:05:32.360> can't<00:05:32.660> redeem<00:05:32.930> them<00:05:33.139> for 00:05:33.310 --> 00:05:33.320 align:start position:0% synthetics is you can't redeem them for 00:05:33.320 --> 00:05:35.529 align:start position:0% synthetics is you can't redeem them for Bitcoin<00:05:33.680> so<00:05:34.280> if<00:05:34.430> I'm<00:05:34.550> trying<00:05:34.699> to<00:05:34.910> convince<00:05:35.180> my 00:05:35.529 --> 00:05:35.539 align:start position:0% Bitcoin so if I'm trying to convince my 00:05:35.539 --> 00:05:38.770 align:start position:0% Bitcoin so if I'm trying to convince my my<00:05:36.380> Bitcoin<00:05:36.979> friends<00:05:37.400> from<00:05:37.580> from<00:05:38.060> the<00:05:38.330> earlier 00:05:38.770 --> 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--> 00:05:48.730 align:start position:0% synthetics they want to know they're using<00:05:45.650> Bitcoin<00:05:46.010> on<00:05:46.220> aetherium<00:05:47.349> so<00:05:48.349> what's<00:05:48.590> my 00:05:48.730 --> 00:05:48.740 align:start position:0% using Bitcoin on aetherium so what's my 00:05:48.740 --> 00:05:51.460 align:start position:0% using Bitcoin on aetherium so what's my desire<00:05:49.250> what<00:05:49.490> do<00:05:49.550> I<00:05:49.639> really<00:05:49.940> want<00:05:50.229> that<00:05:51.229> I'm 00:05:51.460 --> 00:05:51.470 align:start position:0% desire what do I really want that I'm 00:05:51.470 --> 00:05:53.800 align:start position:0% desire what do I really want that I'm not<00:05:51.650> getting<00:05:51.800> from<00:05:52.070> these<00:05:52.160> two<00:05:52.370> systems<00:05:52.880> I'd 00:05:53.800 --> 00:05:53.810 align:start position:0% not getting from these two systems I'd 00:05:53.810 --> 00:05:55.900 align:start position:0% not getting from these two systems I'd like<00:05:54.020> a<00:05:54.139> censorship<00:05:54.680> resistant<00:05:55.400> fully 00:05:55.900 --> 00:05:55.910 align:start position:0% like a censorship resistant fully 00:05:55.910 --> 00:05:59.379 align:start position:0% like a censorship resistant fully Bitcoin<00:05:56.479> backed<00:05:56.750> ERC<00:05:57.349> 20<00:05:57.620> token<00:05:57.979> so<00:05:58.550> no<00:05:59.030> trust 00:05:59.379 --> 00:05:59.389 align:start position:0% Bitcoin backed ERC 20 token so no trust 00:05:59.389 --> 00:06:02.860 align:start position:0% Bitcoin backed ERC 20 token so no trust no<00:05:59.830> kyc<00:06:00.880> confident<00:06:01.880> that<00:06:01.970> any<00:06:02.150> attacker<00:06:02.599> is 00:06:02.860 --> 00:06:02.870 align:start position:0% no kyc confident that any attacker is 00:06:02.870 --> 00:06:04.659 align:start position:0% no kyc confident that any attacker is going<00:06:03.110> to<00:06:03.199> lose<00:06:03.440> money<00:06:03.740> and<00:06:04.010> that<00:06:04.460> you<00:06:04.520> can 00:06:04.659 --> 00:06:04.669 align:start position:0% going to lose money and that you can 00:06:04.669 --> 00:06:10.330 align:start position:0% going to lose money and that you can always<00:06:05.030> get<00:06:05.270> back<00:06:05.419> to<00:06:05.570> your<00:06:05.630> Bitcoin<00:06:07.210> how<00:06:09.340> so 00:06:10.330 --> 00:06:10.340 align:start position:0% always get back to your Bitcoin how so 00:06:10.340 --> 00:06:11.589 align:start position:0% always get back to your Bitcoin how so before<00:06:10.699> I<00:06:10.729> dive<00:06:10.940> into<00:06:11.180> the<00:06:11.389> sidechain 00:06:11.589 --> 00:06:11.599 align:start position:0% before I dive into the sidechain 00:06:11.599 --> 00:06:13.089 align:start position:0% before I dive into the sidechain mechanism<00:06:12.260> I'm<00:06:12.380> actually<00:06:12.560> going<00:06:12.770> to<00:06:12.830> give<00:06:12.979> you 00:06:13.089 --> 00:06:13.099 align:start position:0% mechanism I'm actually going to give you 00:06:13.099 --> 00:06:15.490 align:start position:0% mechanism I'm actually going to give you guys<00:06:13.220> a<00:06:13.639> super<00:06:14.330> quick<00:06:14.510> demo<00:06:14.870> what<00:06:15.050> we<00:06:15.169> got<00:06:15.320> so 00:06:15.490 --> 00:06:15.500 align:start position:0% guys a super quick demo what we got so 00:06:15.500 --> 00:06:17.020 align:start position:0% guys a super quick demo what we got so far<00:06:15.530> just<00:06:15.889> to<00:06:15.979> kind<00:06:16.220> of<00:06:16.280> like<00:06:16.430> make<00:06:17.000> it 00:06:17.020 --> 00:06:17.030 align:start position:0% far just to kind of like make it 00:06:17.030 --> 00:06:19.510 align:start position:0% far just to kind of like make it concrete<00:06:17.410> the<00:06:18.410> way<00:06:18.530> that<00:06:18.680> we've<00:06:18.800> piled<00:06:19.370> up 00:06:19.510 --> 00:06:19.520 align:start position:0% concrete the way that we've piled up 00:06:19.520 --> 00:06:23.529 align:start position:0% concrete the way that we've piled up these<00:06:19.639> videos<00:06:19.789> we'll<00:06:20.210> see<00:06:20.360> how<00:06:20.449> it<00:06:20.539> goes<00:06:22.539> so 00:06:23.529 --> 00:06:23.539 align:start position:0% these videos we'll see how it goes so 00:06:23.539 --> 00:06:26.140 align:start position:0% these videos we'll see how it goes so this<00:06:23.960> is<00:06:24.110> T<00:06:24.229> BTC<00:06:24.820> it's<00:06:25.820> a<00:06:26.000> pretty 00:06:26.140 --> 00:06:26.150 align:start position:0% this is T BTC it's a pretty 00:06:26.150 --> 00:06:27.670 align:start position:0% this is T BTC it's a pretty straightforward<00:06:26.449> app<00:06:26.900> experience<00:06:27.500> it's 00:06:27.670 --> 00:06:27.680 align:start position:0% straightforward app experience it's 00:06:27.680 --> 00:06:30.129 align:start position:0% straightforward app experience it's actually<00:06:28.070> a<00:06:28.280> cross<00:06:28.699> aetherium<00:06:29.539> and<00:06:29.690> bitcoin 00:06:30.129 --> 00:06:30.139 align:start position:0% actually a cross aetherium and bitcoin 00:06:30.139 --> 00:06:35.620 align:start position:0% actually a cross aetherium and bitcoin dap<00:06:30.669> you<00:06:31.669> open<00:06:32.030> up<00:06:32.120> a<00:06:32.210> deposit<00:06:32.360> here<00:06:34.300> you<00:06:35.300> you 00:06:35.620 --> 00:06:35.630 align:start position:0% dap you open up a deposit here you you 00:06:35.630 --> 00:06:38.290 align:start position:0% dap you open up a deposit here you you fetch<00:06:36.020> a<00:06:36.139> BTC<00:06:36.590> address<00:06:36.919> so<00:06:37.729> you<00:06:37.789> actually<00:06:38.030> get 00:06:38.290 --> 00:06:38.300 align:start position:0% fetch a BTC address so you actually get 00:06:38.300 --> 00:06:40.029 align:start position:0% fetch a BTC address so you actually get someone<00:06:38.630> off<00:06:38.660> chain<00:06:39.110> to<00:06:39.349> give<00:06:39.500> you<00:06:39.650> a<00:06:39.680> public 00:06:40.029 --> 00:06:40.039 align:start position:0% someone off chain to give you a public 00:06:40.039 --> 00:06:43.900 align:start position:0% someone off chain to give you a public key<00:06:40.340> hatch 00:06:43.900 --> 00:06:43.910 align:start position:0% 00:06:43.910 --> 00:06:48.230 align:start position:0% and<00:06:45.080> then<00:06:46.080> you<00:06:46.620> pay<00:06:46.830> one<00:06:47.009> BTC<00:06:47.430> you<00:06:47.759> can<00:06:47.940> use<00:06:48.060> any 00:06:48.230 --> 00:06:48.240 align:start position:0% and then you pay one BTC you can use any 00:06:48.240 --> 00:06:50.210 align:start position:0% and then you pay one BTC you can use any wallet<00:06:48.479> in<00:06:48.930> this<00:06:49.110> example<00:06:49.470> we<00:06:49.740> use<00:06:49.770> green 00:06:50.210 --> 00:06:50.220 align:start position:0% wallet in this example we use green 00:06:50.220 --> 00:06:52.969 align:start position:0% wallet in this example we use green wallet<00:06:50.630> it's<00:06:51.630> I<00:06:51.870> guess<00:06:52.050> not<00:06:52.289> any<00:06:52.470> wallet<00:06:52.830> it<00:06:52.949> is 00:06:52.969 --> 00:06:52.979 align:start position:0% wallet it's I guess not any wallet it is 00:06:52.979 --> 00:06:54.980 align:start position:0% wallet it's I guess not any wallet it is seg<00:06:53.370> wit<00:06:53.550> we<00:06:54.000> would<00:06:54.150> rather<00:06:54.300> not<00:06:54.449> stick<00:06:54.810> with 00:06:54.980 --> 00:06:54.990 align:start position:0% seg wit we would rather not stick with 00:06:54.990 --> 00:06:59.749 align:start position:0% seg wit we would rather not stick with legacy<00:06:55.380> BTC<00:06:55.880> and<00:06:57.860> once<00:06:58.860> this<00:06:59.009> confirms<00:06:59.520> I'm 00:06:59.749 --> 00:06:59.759 align:start position:0% legacy BTC and once this confirms I'm 00:06:59.759 --> 00:07:01.700 align:start position:0% legacy BTC and once this confirms I'm pretty<00:06:59.970> sure<00:07:00.180> I<00:07:00.210> see<00:07:01.050> there<00:07:01.229> we<00:07:01.320> go<00:07:01.440> good<00:07:01.620> you 00:07:01.700 --> 00:07:01.710 align:start position:0% pretty sure I see there we go good you 00:07:01.710 --> 00:07:03.020 align:start position:0% pretty sure I see there we go good you don't<00:07:01.800> have<00:07:01.889> to<00:07:02.039> wait<00:07:02.160> on<00:07:02.220> the<00:07:02.340> full<00:07:02.550> 10<00:07:02.759> minute 00:07:03.020 --> 00:07:03.030 align:start position:0% don't have to wait on the full 10 minute 00:07:03.030 --> 00:07:04.909 align:start position:0% don't have to wait on the full 10 minute confirmation<00:07:03.900> for<00:07:04.050> this<00:07:04.169> particular<00:07:04.680> video 00:07:04.909 --> 00:07:04.919 align:start position:0% confirmation for this particular video 00:07:04.919 --> 00:07:07.850 align:start position:0% confirmation for this particular video you<00:07:05.699> submit<00:07:06.180> an<00:07:06.300> SP<00:07:06.690> V<00:07:06.840> proof<00:07:07.110> to<00:07:07.320> the<00:07:07.410> etherium 00:07:07.850 --> 00:07:07.860 align:start position:0% you submit an SP V proof to the etherium 00:07:07.860 --> 00:07:09.770 align:start position:0% you submit an SP V proof to the etherium chain<00:07:08.130> showing<00:07:08.910> that<00:07:09.060> you<00:07:09.150> made<00:07:09.330> a<00:07:09.360> Bitcoin 00:07:09.770 --> 00:07:09.780 align:start position:0% chain showing that you made a Bitcoin 00:07:09.780 --> 00:07:13.159 align:start position:0% chain showing that you made a Bitcoin deposit<00:07:10.259> and<00:07:10.380> it's<00:07:10.889> actually<00:07:11.310> safe<00:07:11.639> for<00:07:12.240> for 00:07:13.159 --> 00:07:13.169 align:start position:0% deposit and it's actually safe for for 00:07:13.169 --> 00:07:16.689 align:start position:0% deposit and it's actually safe for for us<00:07:13.289> to<00:07:13.530> mint<00:07:13.770> tea<00:07:14.100> BTC<00:07:14.520> on<00:07:14.669> the<00:07:14.789> etherium<00:07:15.150> side 00:07:16.689 --> 00:07:16.699 align:start position:0% us to mint tea BTC on the etherium side 00:07:16.699 --> 00:07:21.580 align:start position:0% us to mint tea BTC on the etherium side voila<00:07:18.440> so<00:07:19.440> what's<00:07:19.800> the<00:07:19.889> idea<00:07:19.919> behind<00:07:20.250> that 00:07:21.580 --> 00:07:21.590 align:start position:0% voila so what's the idea behind that 00:07:21.590 --> 00:07:24.170 align:start position:0% voila so what's the idea behind that we're<00:07:22.590> calling<00:07:22.919> it<00:07:23.009> a<00:07:23.130> bonded<00:07:23.639> multi 00:07:24.170 --> 00:07:24.180 align:start position:0% we're calling it a bonded multi 00:07:24.180 --> 00:07:26.900 align:start position:0% we're calling it a bonded multi federated<00:07:24.720> peg<00:07:24.990> which<00:07:25.710> is<00:07:26.039> a<00:07:26.250> whole<00:07:26.550> bunch<00:07:26.789> of 00:07:26.900 --> 00:07:26.910 align:start position:0% federated peg which is a whole bunch of 00:07:26.910 --> 00:07:29.290 align:start position:0% federated peg which is a whole bunch of words<00:07:27.150> relative<00:07:27.690> to<00:07:27.810> a<00:07:27.840> pretty<00:07:28.110> simple<00:07:28.440> demo 00:07:29.290 --> 00:07:29.300 align:start position:0% words relative to a pretty simple demo 00:07:29.300 --> 00:07:32.779 align:start position:0% words relative to a pretty simple demo the<00:07:30.300> idea<00:07:30.630> is<00:07:30.870> that<00:07:30.900> side<00:07:31.830> chains<00:07:32.130> have<00:07:32.400> talked 00:07:32.779 --> 00:07:32.789 align:start position:0% the idea is that side chains have talked 00:07:32.789 --> 00:07:36.230 align:start position:0% the idea is that side chains have talked about<00:07:32.910> this<00:07:33.210> two-way<00:07:33.960> peg<00:07:34.229> for<00:07:35.099> years<00:07:35.340> there 00:07:36.230 --> 00:07:36.240 align:start position:0% about this two-way peg for years there 00:07:36.240 --> 00:07:37.790 align:start position:0% about this two-way peg for years there are<00:07:36.419> a<00:07:36.449> lot<00:07:36.630> of<00:07:36.660> problems<00:07:37.050> with<00:07:37.199> Federation's 00:07:37.790 --> 00:07:37.800 align:start position:0% are a lot of problems with Federation's 00:07:37.800 --> 00:07:39.140 align:start position:0% are a lot of problems with Federation's that<00:07:37.949> I've<00:07:38.039> already<00:07:38.280> talked<00:07:38.490> about<00:07:38.610> so<00:07:39.030> how 00:07:39.140 --> 00:07:39.150 align:start position:0% that I've already talked about so how 00:07:39.150 --> 00:07:41.390 align:start position:0% that I've already talked about so how can<00:07:39.210> we<00:07:39.419> fix<00:07:39.630> them<00:07:39.810> at<00:07:40.229> one<00:07:40.650> you<00:07:41.009> can<00:07:41.190> actually 00:07:41.390 --> 00:07:41.400 align:start position:0% can we fix them at one you can actually 00:07:41.400 --> 00:07:43.189 align:start position:0% can we fix them at one you can actually watch<00:07:41.699> the<00:07:41.910> Bitcoin<00:07:42.240> chain<00:07:42.509> too 00:07:43.189 --> 00:07:43.199 align:start position:0% watch the Bitcoin chain too 00:07:43.199 --> 00:07:45.469 align:start position:0% watch the Bitcoin chain too you<00:07:43.530> should<00:07:43.740> not<00:07:43.919> trust<00:07:44.190> entire<00:07:44.639> economies<00:07:45.270> to 00:07:45.469 --> 00:07:45.479 align:start position:0% you should not trust entire economies to 00:07:45.479 --> 00:07:48.770 align:start position:0% you should not trust entire economies to 11<00:07:45.840> of<00:07:45.930> 15<00:07:46.110> multi<00:07:46.710> 6<00:07:46.949> and<00:07:47.190> 3<00:07:47.880> if<00:07:48.150> you're<00:07:48.599> going 00:07:48.770 --> 00:07:48.780 align:start position:0% 11 of 15 multi 6 and 3 if you're going 00:07:48.780 --> 00:07:50.870 align:start position:0% 11 of 15 multi 6 and 3 if you're going to<00:07:48.930> have<00:07:49.110> to<00:07:49.260> trust<00:07:49.560> someone<00:07:49.800> get<00:07:50.400> them<00:07:50.580> to<00:07:50.699> put 00:07:50.870 --> 00:07:50.880 align:start position:0% to have to trust someone get them to put 00:07:50.880 --> 00:07:54.140 align:start position:0% to have to trust someone get them to put down<00:07:50.909> a<00:07:51.060> deposit<00:07:51.180> first<00:07:52.610> so<00:07:53.610> going<00:07:53.880> into<00:07:54.060> that 00:07:54.140 --> 00:07:54.150 align:start position:0% down a deposit first so going into that 00:07:54.150 --> 00:07:56.360 align:start position:0% down a deposit first so going into that in<00:07:54.270> a<00:07:54.300> little<00:07:54.419> bit<00:07:54.510> more<00:07:54.720> detail<00:07:55.050> in<00:07:55.260> T<00:07:55.889> BTC 00:07:56.360 --> 00:07:56.370 align:start position:0% in a little bit more detail in T BTC 00:07:56.370 --> 00:07:59.029 align:start position:0% in a little bit more detail in T BTC every<00:07:57.060> Bitcoin<00:07:57.360> that<00:07:57.990> is<00:07:58.110> deposited<00:07:58.409> has<00:07:59.010> a 00:07:59.029 --> 00:07:59.039 align:start position:0% every Bitcoin that is deposited has a 00:07:59.039 --> 00:08:01.820 align:start position:0% every Bitcoin that is deposited has a new<00:07:59.460> dynamic<00:08:00.530> Federation<00:08:01.530> that's<00:08:01.680> been 00:08:01.820 --> 00:08:01.830 align:start position:0% new dynamic Federation that's been 00:08:01.830 --> 00:08:03.560 align:start position:0% new dynamic Federation that's been created<00:08:02.010> so<00:08:02.760> we<00:08:02.909> actually<00:08:03.090> have<00:08:03.389> our<00:08:03.419> own 00:08:03.560 --> 00:08:03.570 align:start position:0% created so we actually have our own 00:08:03.570 --> 00:08:05.390 align:start position:0% created so we actually have our own random<00:08:04.020> beacon<00:08:04.470> that<00:08:04.590> we<00:08:04.680> built<00:08:04.889> on<00:08:05.070> aetherium 00:08:05.390 --> 00:08:05.400 align:start position:0% random beacon that we built on aetherium 00:08:05.400 --> 00:08:07.430 align:start position:0% random beacon that we built on aetherium and<00:08:06.330> that<00:08:06.599> is<00:08:06.720> then<00:08:06.870> going<00:08:06.900> to<00:08:07.199> sample 00:08:07.430 --> 00:08:07.440 align:start position:0% and that is then going to sample 00:08:07.440 --> 00:08:09.080 align:start position:0% and that is then going to sample validators<00:08:08.130> and<00:08:08.340> they're<00:08:08.610> going<00:08:08.820> to<00:08:08.909> come 00:08:09.080 --> 00:08:09.090 align:start position:0% validators and they're going to come 00:08:09.090 --> 00:08:10.430 align:start position:0% validators and they're going to come together<00:08:09.240> and<00:08:09.510> they're<00:08:09.630> gonna<00:08:09.720> create<00:08:10.110> a<00:08:10.199> new 00:08:10.430 --> 00:08:10.440 align:start position:0% together and they're gonna create a new 00:08:10.440 --> 00:08:11.800 align:start position:0% together and they're gonna create a new wallet 00:08:11.800 --> 00:08:11.810 align:start position:0% wallet 00:08:11.810 --> 00:08:14.510 align:start position:0% wallet to<00:08:12.810> bond<00:08:13.229> all<00:08:13.560> the<00:08:13.770> Federation<00:08:14.250> members 00:08:14.510 --> 00:08:14.520 align:start position:0% to bond all the Federation members 00:08:14.520 --> 00:08:15.920 align:start position:0% to bond all the Federation members obviously<00:08:14.880> you<00:08:15.330> guys<00:08:15.479> know<00:08:15.690> what<00:08:15.780> we're<00:08:15.870> gonna 00:08:15.920 --> 00:08:15.930 align:start position:0% obviously you guys know what we're gonna 00:08:15.930 --> 00:08:18.620 align:start position:0% obviously you guys know what we're gonna do<00:08:16.169> with<00:08:16.349> the<00:08:16.470> bond<00:08:16.849> but<00:08:17.849> the<00:08:18.000> basic<00:08:18.300> idea<00:08:18.570> is 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Bitcoin history so again if you're 00:08:26.610 --> 00:08:28.189 align:start position:0% read Bitcoin history so again if you're familiar<00:08:26.820> with<00:08:27.060> solidity<00:08:27.419> obviously<00:08:28.050> we're 00:08:28.189 --> 00:08:28.199 align:start position:0% familiar with solidity obviously we're 00:08:28.199 --> 00:08:29.719 align:start position:0% familiar with solidity obviously we're not<00:08:28.289> really<00:08:28.620> reading<00:08:28.800> Bitcoin<00:08:29.220> history<00:08:29.580> what 00:08:29.719 --> 00:08:29.729 align:start position:0% not really reading Bitcoin history what 00:08:29.729 --> 00:08:32.659 align:start position:0% not really reading Bitcoin history what I<00:08:29.759> mean<00:08:30.000> is<00:08:30.210> someone<00:08:30.900> off<00:08:31.199> chain<00:08:31.530> is<00:08:31.770> providing 00:08:32.659 --> 00:08:32.669 align:start position:0% I mean is someone off chain is providing 00:08:32.669 --> 00:08:34.969 align:start position:0% I mean is someone off chain is providing SPV<00:08:33.209> proofs<00:08:33.510> from<00:08:33.810> the<00:08:34.020> Bitcoin<00:08:34.200> chain<00:08:34.680> to 00:08:34.969 --> 00:08:34.979 align:start position:0% SPV proofs from the Bitcoin chain to 00:08:34.979 --> 00:08:35.449 align:start position:0% SPV proofs from the Bitcoin chain to aetherium 00:08:35.449 --> 00:08:35.459 align:start position:0% aetherium 00:08:35.459 --> 00:08:38.690 align:start position:0% aetherium and<00:08:36.680> then<00:08:37.680> finally<00:08:37.979> what<00:08:38.190> are<00:08:38.279> we<00:08:38.370> gonna<00:08:38.490> do 00:08:38.690 --> 00:08:38.700 align:start position:0% and then finally what are we gonna do 00:08:38.700 --> 00:08:41.029 align:start position:0% and then finally what are we gonna do with<00:08:38.820> that<00:08:38.849> bond<00:08:39.240> so<00:08:39.510> if<00:08:40.110> someone<00:08:40.440> misbehaves 00:08:41.029 --> 00:08:41.039 align:start position:0% with that bond so if someone misbehaves 00:08:41.039 --> 00:08:43.219 align:start position:0% with that bond so if someone misbehaves we<00:08:41.550> slash<00:08:41.880> but<00:08:42.510> typically<00:08:42.870> when<00:08:43.079> you're 00:08:43.219 --> 00:08:43.229 align:start position:0% we slash but typically when you're 00:08:43.229 --> 00:08:45.050 align:start position:0% we slash but typically when you're talking<00:08:43.560> about<00:08:43.620> slashing<00:08:44.310> at<00:08:44.399> the<00:08:44.520> consensus 00:08:45.050 --> 00:08:45.060 align:start position:0% talking about slashing at the consensus 00:08:45.060 --> 00:08:46.940 align:start position:0% talking about slashing at the consensus level<00:08:45.390> you<00:08:45.990> just<00:08:46.020> want<00:08:46.320> to<00:08:46.350> like<00:08:46.470> burn<00:08:46.709> it<00:08:46.860> to 00:08:46.940 --> 00:08:46.950 align:start position:0% level you just want to like burn it to 00:08:46.950 --> 00:08:47.449 align:start position:0% level you just want to like burn it to the<00:08:46.980> ground 00:08:47.449 --> 00:08:47.459 align:start position:0% the ground 00:08:47.459 --> 00:08:49.550 align:start position:0% the ground right<00:08:47.820> you<00:08:48.180> don't<00:08:48.390> want<00:08:48.570> that<00:08:48.720> token<00:08:49.110> to<00:08:49.230> exist 00:08:49.550 --> 00:08:49.560 align:start position:0% right you don't want that token to exist 00:08:49.560 --> 00:08:51.019 align:start position:0% right you don't want that token to exist anymore<00:08:49.800> and<00:08:49.980> you<00:08:50.279> want<00:08:50.430> the<00:08:50.610> person<00:08:51.000> who 00:08:51.019 --> 00:08:51.029 align:start position:0% anymore and you want the person who 00:08:51.029 --> 00:08:54.920 align:start position:0% anymore and you want the person who misbehave<00:08:51.690> to<00:08:51.990> feel<00:08:52.560> it<00:08:52.730> but<00:08:53.730> here<00:08:54.089> slashings 00:08:54.920 --> 00:08:54.930 align:start position:0% misbehave to feel it but here slashings 00:08:54.930 --> 00:08:56.000 align:start position:0% misbehave to feel it but here slashings not<00:08:55.050> just<00:08:55.260> punitive 00:08:56.000 --> 00:08:56.010 align:start position:0% not just punitive 00:08:56.010 --> 00:08:57.530 align:start position:0% not just punitive we<00:08:56.100> actually<00:08:56.339> use<00:08:56.820> the<00:08:57.029> funds<00:08:57.269> that<00:08:57.480> are 00:08:57.530 --> 00:08:57.540 align:start position:0% we actually use the funds that are 00:08:57.540 --> 00:09:01.189 align:start position:0% we actually use the funds that are slashed<00:08:57.899> to<00:08:58.560> make<00:08:58.800> sure<00:08:59.130> that<00:08:59.550> that<00:09:00.420> the<00:09:00.690> peg 00:09:01.189 --> 00:09:01.199 align:start position:0% slashed to make sure that that the peg 00:09:01.199 --> 00:09:03.769 align:start position:0% slashed to make sure that that the peg is<00:09:01.380> hole<00:09:01.620> so<00:09:02.220> if<00:09:02.399> someone<00:09:02.760> does<00:09:03.000> misbehave<00:09:03.630> in 00:09:03.769 --> 00:09:03.779 align:start position:0% is hole so if someone does misbehave in 00:09:03.779 --> 00:09:06.350 align:start position:0% is hole so if someone does misbehave in a<00:09:03.839> system<00:09:04.170> like<00:09:04.290> this<00:09:04.519> not<00:09:05.519> only<00:09:05.910> do<00:09:06.060> we<00:09:06.149> take 00:09:06.350 --> 00:09:06.360 align:start position:0% a system like this not only do we take 00:09:06.360 --> 00:09:07.610 align:start position:0% a system like this not only do we take their<00:09:06.510> money<00:09:06.630> we<00:09:06.810> take<00:09:07.050> their<00:09:07.199> money<00:09:07.320> we<00:09:07.500> use 00:09:07.610 --> 00:09:07.620 align:start position:0% their money we take their money we use 00:09:07.620 --> 00:09:09.650 align:start position:0% their money we take their money we use that<00:09:07.769> to<00:09:07.920> buy<00:09:08.100> bhakti<00:09:08.519> BTC<00:09:08.970> and<00:09:09.000> maintain<00:09:09.540> the 00:09:09.650 --> 00:09:09.660 align:start position:0% that to buy bhakti BTC and maintain the 00:09:09.660 --> 00:09:13.250 align:start position:0% that to buy bhakti BTC and maintain the supply<00:09:09.930> pack<00:09:10.430> so<00:09:11.430> I<00:09:12.300> don't<00:09:12.839> have<00:09:12.930> a<00:09:13.019> slide<00:09:13.230> for 00:09:13.250 --> 00:09:13.260 align:start position:0% supply pack so I don't have a slide for 00:09:13.260 --> 00:09:15.769 align:start position:0% supply pack so I don't have a slide for this<00:09:13.500> going<00:09:13.949> off<00:09:14.040> script<00:09:14.160> a<00:09:14.370> little<00:09:14.430> bit<00:09:14.779> but 00:09:15.769 --> 00:09:15.779 align:start position:0% this going off script a little bit but 00:09:15.779 --> 00:09:18.350 align:start position:0% this going off script a little bit but what<00:09:16.709> do<00:09:16.769> we<00:09:16.860> need<00:09:17.010> here<00:09:17.250> we<00:09:17.760> obviously<00:09:18.269> we 00:09:18.350 --> 00:09:18.360 align:start position:0% what do we need here we obviously we 00:09:18.360 --> 00:09:22.519 align:start position:0% what do we need here we obviously we need<00:09:18.510> a<00:09:18.540> price<00:09:18.779> feed<00:09:19.550> so<00:09:20.959> originally<00:09:21.959> the<00:09:22.260> the 00:09:22.519 --> 00:09:22.529 align:start position:0% need a price feed so originally the the 00:09:22.529 --> 00:09:25.759 align:start position:0% need a price feed so originally the the v1<00:09:22.920> spec<00:09:23.370> of<00:09:23.550> TB<00:09:23.940> TC<00:09:24.269> just<00:09:25.019> has<00:09:25.170> a<00:09:25.199> centralized 00:09:25.759 --> 00:09:25.769 align:start position:0% v1 spec of TB TC just has a centralized 00:09:25.769 --> 00:09:27.470 align:start position:0% v1 spec of TB TC just has a centralized price<00:09:26.010> feed<00:09:26.190> it's<00:09:26.339> even<00:09:26.579> simpler<00:09:26.970> than<00:09:27.000> makers 00:09:27.470 --> 00:09:27.480 align:start position:0% price feed it's even simpler than makers 00:09:27.480 --> 00:09:31.340 align:start position:0% price feed it's even simpler than makers makers<00:09:28.260> v1<00:09:28.649> median<00:09:29.010> Iser<00:09:29.190> right<00:09:29.459> and<00:09:30.420> I<00:09:31.110> put 00:09:31.340 --> 00:09:31.350 align:start position:0% makers v1 median Iser right and I put 00:09:31.350 --> 00:09:33.139 align:start position:0% makers v1 median Iser right and I put that<00:09:31.380> out<00:09:31.680> and<00:09:31.889> I<00:09:32.010> knew<00:09:32.220> I<00:09:32.250> felt<00:09:32.579> bad<00:09:32.850> as<00:09:33.120> a 00:09:33.139 --> 00:09:33.149 align:start position:0% that out and I knew I felt bad as a 00:09:33.149 --> 00:09:34.910 align:start position:0% that out and I knew I felt bad as a system<00:09:33.540> designer<00:09:33.810> we<00:09:34.050> were<00:09:34.110> all<00:09:34.199> unhappy<00:09:34.740> but 00:09:34.910 --> 00:09:34.920 align:start position:0% system designer we were all unhappy but 00:09:34.920 --> 00:09:36.110 align:start position:0% system designer we were all unhappy but you<00:09:35.130> know<00:09:35.250> we<00:09:35.370> wanted<00:09:35.579> to<00:09:35.639> get<00:09:35.730> the<00:09:35.850> main<00:09:36.000> that 00:09:36.110 --> 00:09:36.120 align:start position:0% you know we wanted to get the main that 00:09:36.120 --> 00:09:38.500 align:start position:0% you know we wanted to get the main that faster<00:09:36.540> but<00:09:37.199> it<00:09:37.290> was<00:09:37.380> a<00:09:37.410> lightning<00:09:37.709> rod<00:09:38.070> for 00:09:38.500 --> 00:09:38.510 align:start position:0% faster but it was a lightning rod for 00:09:38.510 --> 00:09:40.699 align:start position:0% faster but it was a lightning rod for Bitcoin<00:09:39.510> depositors<00:09:40.019> they<00:09:40.170> just<00:09:40.410> could<00:09:40.589> not 00:09:40.699 --> 00:09:40.709 align:start position:0% Bitcoin depositors they just could not 00:09:40.709 --> 00:09:42.650 align:start position:0% Bitcoin depositors they just could not stand<00:09:41.010> the<00:09:41.190> idea<00:09:41.310> of<00:09:41.550> a<00:09:41.910> centralized<00:09:42.420> price 00:09:42.650 --> 00:09:42.660 align:start position:0% stand the idea of a centralized price 00:09:42.660 --> 00:09:44.960 align:start position:0% stand the idea of a centralized price feed<00:09:43.100> so<00:09:44.100> since<00:09:44.339> then<00:09:44.519> I<00:09:44.610> don't<00:09:44.670> know<00:09:44.790> if<00:09:44.880> you 00:09:44.960 --> 00:09:44.970 align:start position:0% feed so since then I don't know if you 00:09:44.970 --> 00:09:46.819 align:start position:0% feed so since then I don't know if you guys<00:09:45.060> were<00:09:45.240> around<00:09:45.510> a<00:09:45.870> couple<00:09:46.440> days<00:09:46.589> ago<00:09:46.740> on 00:09:46.819 --> 00:09:46.829 align:start position:0% guys were around a couple days ago on 00:09:46.829 --> 00:09:47.930 align:start position:0% guys were around a couple days ago on floor<00:09:47.190> 6<00:09:47.399> we've<00:09:47.550> actually<00:09:47.699> been 00:09:47.930 --> 00:09:47.940 align:start position:0% floor 6 we've actually been 00:09:47.940 --> 00:09:50.060 align:start position:0% floor 6 we've actually been whiteboarding<00:09:48.510> a<00:09:48.600> decentralized<00:09:49.170> price<00:09:49.829> feed 00:09:50.060 --> 00:09:50.070 align:start position:0% whiteboarding a decentralized price feed 00:09:50.070 --> 00:09:51.560 align:start position:0% whiteboarding a decentralized price feed alternative<00:09:50.639> we're<00:09:50.790> calling<00:09:51.029> it<00:09:51.089> feed<00:09:51.329> list 00:09:51.560 --> 00:09:51.570 align:start position:0% alternative we're calling it feed list 00:09:51.570 --> 00:09:55.460 align:start position:0% alternative we're calling it feed list feeds<00:09:52.639> so<00:09:53.639> interested<00:09:54.360> excited<00:09:55.139> really<00:09:55.380> to 00:09:55.460 --> 00:09:55.470 align:start position:0% feeds so interested excited really to 00:09:55.470 --> 00:09:56.569 align:start position:0% feeds so interested excited really to share<00:09:55.649> a<00:09:55.709> little<00:09:55.860> bit<00:09:55.949> more<00:09:56.070> with<00:09:56.339> you<00:09:56.430> guys 00:09:56.569 --> 00:09:56.579 align:start position:0% share a little bit more with you guys 00:09:56.579 --> 00:09:58.400 align:start position:0% share a little bit more with you guys about<00:09:56.820> that<00:09:56.880> but<00:09:57.540> I'm<00:09:57.630> not<00:09:57.660> going<00:09:57.899> to<00:09:57.930> go<00:09:58.050> too 00:09:58.400 --> 00:09:58.410 align:start position:0% about that but I'm not going to go too 00:09:58.410 --> 00:10:01.790 align:start position:0% about that but I'm not going to go too far<00:09:58.589> into<00:09:58.740> it<00:09:58.860> now<00:09:59.040> so<00:10:00.470> the<00:10:01.470> other<00:10:01.589> question 00:10:01.790 --> 00:10:01.800 align:start position:0% far into it now so the other question 00:10:01.800 --> 00:10:03.730 align:start position:0% far into it now so the other question that<00:10:02.069> this<00:10:02.490> brings<00:10:02.790> forward<00:10:03.060> is<00:10:03.240> collateral 00:10:03.730 --> 00:10:03.740 align:start position:0% that this brings forward is collateral 00:10:03.740 --> 00:10:07.639 align:start position:0% that this brings forward is collateral so<00:10:04.740> there's<00:10:04.920> a<00:10:05.220> a<00:10:05.850> 2.5<00:10:06.750> x<00:10:07.079> collateral 00:10:07.639 --> 00:10:07.649 align:start position:0% so there's a a 2.5 x collateral 00:10:07.649 --> 00:10:10.430 align:start position:0% so there's a a 2.5 x collateral requirement<00:10:08.190> for<00:10:08.279> this<00:10:08.430> naively<00:10:09.089> I<00:10:09.269> say<00:10:09.839> 2.5 00:10:10.430 --> 00:10:10.440 align:start position:0% requirement for this naively I say 2.5 00:10:10.440 --> 00:10:11.900 align:start position:0% requirement for this naively I say 2.5 because<00:10:10.800> I<00:10:10.889> wanted<00:10:11.130> to<00:10:11.190> be<00:10:11.250> honest<00:10:11.610> and<00:10:11.760> choose 00:10:11.900 --> 00:10:11.910 align:start position:0% because I wanted to be honest and choose 00:10:11.910 --> 00:10:13.490 align:start position:0% because I wanted to be honest and choose the<00:10:12.060> big<00:10:12.209> number<00:10:12.540> but<00:10:12.660> if<00:10:12.779> you<00:10:12.870> think<00:10:13.079> about<00:10:13.230> it 00:10:13.490 --> 00:10:13.500 align:start position:0% the big number but if you think about it 00:10:13.500 --> 00:10:15.590 align:start position:0% the big number but if you think about it it's<00:10:13.620> really<00:10:13.649> more<00:10:14.010> like<00:10:14.190> 1.5<00:10:14.430> X<00:10:15.060> collateral 00:10:15.590 --> 00:10:15.600 align:start position:0% it's really more like 1.5 X collateral 00:10:15.600 --> 00:10:17.090 align:start position:0% it's really more like 1.5 X collateral because<00:10:15.779> there's<00:10:16.110> liquidity<00:10:16.649> on<00:10:16.829> the 00:10:17.090 --> 00:10:17.100 align:start position:0% because there's liquidity on the 00:10:17.100 --> 00:10:20.120 align:start position:0% because there's liquidity on the etherium<00:10:17.490> side<00:10:18.019> but<00:10:19.019> actually<00:10:19.529> through<00:10:19.920> some 00:10:20.120 --> 00:10:20.130 align:start position:0% etherium side but actually through some 00:10:20.130 --> 00:10:22.490 align:start position:0% etherium side but actually through some cleverness<00:10:20.459> and<00:10:20.819> by<00:10:21.360> allowing<00:10:21.660> the<00:10:22.050> Bitcoin 00:10:22.490 --> 00:10:22.500 align:start position:0% cleverness and by allowing the Bitcoin 00:10:22.500 --> 00:10:24.470 align:start position:0% cleverness and by allowing the Bitcoin depositors<00:10:23.250> to<00:10:23.490> collateralize<00:10:23.970> against<00:10:24.360> each 00:10:24.470 --> 00:10:24.480 align:start position:0% depositors to collateralize against each 00:10:24.480 --> 00:10:26.059 align:start position:0% depositors to collateralize against each other<00:10:24.660> you<00:10:24.839> can<00:10:24.990> get<00:10:25.110> it<00:10:25.199> down<00:10:25.350> closer<00:10:25.740> to<00:10:26.040> a 00:10:26.059 --> 00:10:26.069 align:start position:0% other you can get it down closer to a 00:10:26.069 --> 00:10:29.809 align:start position:0% other you can get it down closer to a 1.4<00:10:26.899> total<00:10:27.899> collateral<00:10:28.490> so<00:10:29.490> some<00:10:29.699> takeaways 00:10:29.809 --> 00:10:29.819 align:start position:0% 1.4 total collateral so some takeaways 00:10:29.819 --> 00:10:33.829 align:start position:0% 1.4 total collateral so some takeaways from<00:10:30.240> this<00:10:31.100> it<00:10:32.100> is<00:10:32.160> expensive<00:10:32.670> to<00:10:32.850> run<00:10:33.149> it's 00:10:33.829 --> 00:10:33.839 align:start position:0% from this it is expensive to run it's 00:10:33.839 --> 00:10:36.439 align:start position:0% from this it is expensive to run it's more<00:10:34.170> expensive<00:10:34.709> than<00:10:34.980> getting<00:10:35.339> GOx<00:10:35.579> t'<00:10:35.790> or 00:10:36.439 --> 00:10:36.449 align:start position:0% more expensive than getting GOx t' or 00:10:36.449 --> 00:10:37.850 align:start position:0% more expensive than getting GOx t' or sorry<00:10:36.690> less<00:10:36.870> expensive<00:10:37.350> thing<00:10:37.470> getting<00:10:37.620> Cox 00:10:37.850 --> 00:10:37.860 align:start position:0% sorry less expensive thing getting Cox 00:10:37.860 --> 00:10:41.030 align:start position:0% sorry less expensive thing getting Cox Cox<00:10:38.040> is<00:10:38.279> very<00:10:38.490> expensive<00:10:38.750> and<00:10:39.750> it<00:10:40.620> should<00:10:40.920> be 00:10:41.030 --> 00:10:41.040 align:start position:0% Cox is very expensive and it should be 00:10:41.040 --> 00:10:42.290 align:start position:0% Cox is very expensive and it should be good<00:10:41.190> for<00:10:41.370> youth<00:10:41.459> as<00:10:41.610> well<00:10:41.639> we<00:10:41.940> are<00:10:42.060> still 00:10:42.290 --> 00:10:42.300 align:start position:0% good for youth as well we are still 00:10:42.300 --> 00:10:45.139 align:start position:0% good for youth as well we are still walking<00:10:42.480> up<00:10:42.779> eath<00:10:42.990> and<00:10:43.589> we<00:10:43.980> do<00:10:44.160> fall<00:10:44.519> back<00:10:44.790> to<00:10:45.120> a 00:10:45.139 --> 00:10:45.149 align:start position:0% walking up eath and we do fall back to a 00:10:45.149 --> 00:10:49.490 align:start position:0% walking up eath and we do fall back to a synthetic<00:10:45.449> in<00:10:45.899> the<00:10:46.110> case<00:10:46.290> of<00:10:46.440> misbehavior<00:10:48.500> so 00:10:49.490 --> 00:10:49.500 align:start position:0% synthetic in the case of misbehavior so 00:10:49.500 --> 00:10:51.920 align:start position:0% synthetic in the case of misbehavior so you<00:10:49.949> know<00:10:50.040> it's<00:10:50.399> Def<00:10:50.639> Con<00:10:50.880> they're<00:10:51.329> devs<00:10:51.660> here 00:10:51.920 --> 00:10:51.930 align:start position:0% you know it's Def Con they're devs here 00:10:51.930 --> 00:10:54.319 align:start position:0% you know it's Def Con they're devs here I<00:10:52.050> want<00:10:52.829> to<00:10:52.860> invite<00:10:53.250> you<00:10:53.430> guys<00:10:53.459> to<00:10:53.670> check<00:10:54.149> out 00:10:54.319 --> 00:10:54.329 align:start position:0% I want to invite you guys to check out 00:10:54.329 --> 00:10:57.110 align:start position:0% I want to invite you guys to check out TBT<00:10:54.779> seed<00:10:54.990> Network<00:10:55.470> if<00:10:56.250> you<00:10:56.490> are<00:10:56.579> interested 00:10:57.110 --> 00:10:57.120 align:start position:0% TBT seed Network if you are interested 00:10:57.120 --> 00:10:59.720 align:start position:0% TBT seed Network if you are interested in<00:10:57.240> building<00:10:57.660> gaps<00:10:58.019> on<00:10:58.230> Bitcoin<00:10:58.519> if<00:10:59.519> you're 00:10:59.720 --> 00:10:59.730 align:start position:0% in building gaps on Bitcoin if you're 00:10:59.730 --> 00:11:01.280 align:start position:0% in building gaps on Bitcoin if you're interested<00:11:00.300> in<00:11:00.389> using<00:11:00.630> Bitcoin<00:11:01.139> is 00:11:01.280 --> 00:11:01.290 align:start position:0% interested in using Bitcoin is 00:11:01.290 --> 00:11:03.019 align:start position:0% interested in using Bitcoin is collateral<00:11:01.589> and<00:11:01.920> your<00:11:02.010> defy<00:11:02.310> project<00:11:02.790> please 00:11:03.019 --> 00:11:03.029 align:start position:0% collateral and your defy project please 00:11:03.029 --> 00:11:05.750 align:start position:0% collateral and your defy project please come<00:11:03.389> talk<00:11:03.600> to<00:11:03.660> me<00:11:04.010> talk<00:11:05.010> to<00:11:05.040> James<00:11:05.310> pres<00:11:05.579> rich 00:11:05.750 --> 00:11:05.760 align:start position:0% come talk to me talk to James pres rich 00:11:05.760 --> 00:11:07.400 align:start position:0% come talk to me talk to James pres rich or<00:11:05.850> one<00:11:05.939> of<00:11:06.029> these<00:11:06.089> other<00:11:06.209> guys<00:11:06.480> who<00:11:06.750> are<00:11:06.779> all 00:11:07.400 --> 00:11:07.410 align:start position:0% or one of these other guys who are all 00:11:07.410 --> 00:11:09.780 align:start position:0% or one of these other guys who are all kind<00:11:07.680> of<00:11:07.709> involved<00:11:08.069> with<00:11:08.160> this<00:11:08.279> project 00:11:09.780 --> 00:11:09.790 align:start position:0% kind of involved with this project 00:11:09.790 --> 00:11:13.600 align:start position:0% kind of involved with this project it's<00:11:10.790> gonna<00:11:10.910> be<00:11:11.060> sweet<00:11:11.330> and<00:11:12.310> thanks<00:11:13.310> a<00:11:13.340> lot<00:11:13.400> my 00:11:13.600 --> 00:11:13.610 align:start position:0% it's gonna be sweet and thanks a lot my 00:11:13.610 --> 00:11:15.820 align:start position:0% it's gonna be sweet and thanks a lot my name's<00:11:13.790> Matt<00:11:14.000> Longo<00:11:14.480> you<00:11:15.170> can<00:11:15.350> follow<00:11:15.560> up<00:11:15.740> a 00:11:15.820 --> 00:11:15.830 align:start position:0% name's Matt Longo you can follow up a 00:11:15.830 --> 00:11:17.050 align:start position:0% name's Matt Longo you can follow up a little<00:11:15.890> bit<00:11:16.130> more<00:11:16.280> with<00:11:16.490> the<00:11:16.520> cross<00:11:16.820> chain 00:11:17.050 --> 00:11:17.060 align:start position:0% little bit more with the cross chain 00:11:17.060 --> 00:11:18.250 align:start position:0% little bit more with the cross chain group<00:11:17.240> as<00:11:17.390> well 00:11:18.250 --> 00:11:18.260 align:start position:0% group as well 00:11:18.260 --> 00:11:19.840 align:start position:0% group as well so<00:11:18.560> we've<00:11:18.740> got<00:11:18.920> three<00:11:19.160> minutes<00:11:19.310> guys<00:11:19.610> if 00:11:19.840 --> 00:11:19.850 align:start position:0% so we've got three minutes guys if 00:11:19.850 --> 00:11:21.700 align:start position:0% so we've got three minutes guys if anyone<00:11:20.150> has<00:11:20.390> any<00:11:20.600> questions<00:11:20.930> around<00:11:21.110> t<00:11:21.320> v--<00:11:21.440> TC 00:11:21.700 --> 00:11:21.710 align:start position:0% anyone has any questions around t v-- TC 00:11:21.710 --> 00:11:23.800 align:start position:0% anyone has any questions around t v-- TC i'm<00:11:21.890> happy<00:11:22.310> to<00:11:22.550> give<00:11:23.420> you<00:11:23.450> guys<00:11:23.660> some<00:11:23.780> more 00:11:23.800 --> 00:11:23.810 align:start position:0% i'm happy to give you guys some more 00:11:23.810 --> 00:11:27.880 align:start position:0% i'm happy to give you guys some more details<00:11:25.150> ok<00:11:26.150> guys<00:11:26.360> well<00:11:27.320> that's<00:11:27.650> everything 00:11:27.880 --> 00:11:27.890 align:start position:0% details ok guys well that's everything 00:11:27.890 --> 00:11:29.800 align:start position:0% details ok guys well that's everything I've<00:11:28.070> got<00:11:28.280> so<00:11:28.610> thanks<00:11:29.060> a<00:11:29.120> lot<00:11:29.270> looking<00:11:29.570> forward 00:11:29.800 --> 00:11:29.810 align:start position:0% I've got so thanks a lot looking forward 00:11:29.810 --> 00:11:40.850 align:start position:0% I've got so thanks a lot looking forward to<00:11:29.900> talking<00:11:29.990> to<00:11:30.170> you<00:11:30.230> after 00:11:40.850 --> 00:11:40.860 align:start position:0% 00:11:40.860 --> 00:11:42.920 align:start position:0% you