WEBVTT Kind: captions Language: en 00:00:00.290 --> 00:00:03.999 align:start position:0% [Music] 00:00:03.999 --> 00:00:04.009 align:start position:0% [Music] 00:00:04.009 --> 00:00:07.519 align:start position:0% [Music] hello<00:00:05.009> everybody<00:00:05.810> my<00:00:06.810> name<00:00:06.839> is<00:00:07.109> Andy 00:00:07.519 --> 00:00:07.529 align:start position:0% hello everybody my name is Andy 00:00:07.529 --> 00:00:10.549 align:start position:0% hello everybody my name is Andy Millennia's<00:00:08.010> and<00:00:08.280> I'm<00:00:08.580> here<00:00:09.000> from<00:00:09.330> Maker<00:00:10.260> Dao 00:00:10.549 --> 00:00:10.559 align:start position:0% Millennia's and I'm here from Maker Dao 00:00:10.559 --> 00:00:12.980 align:start position:0% Millennia's and I'm here from Maker Dao one<00:00:11.550> of<00:00:11.639> the<00:00:11.730> oldest<00:00:12.300> and<00:00:12.509> most<00:00:12.570> ambitious 00:00:12.980 --> 00:00:12.990 align:start position:0% one of the oldest and most ambitious 00:00:12.990 --> 00:00:15.589 align:start position:0% one of the oldest and most ambitious projects<00:00:13.650> in<00:00:13.799> aetherium<00:00:14.309> and<00:00:14.549> today<00:00:15.330> I'm 00:00:15.589 --> 00:00:15.599 align:start position:0% projects in aetherium and today I'm 00:00:15.599 --> 00:00:17.840 align:start position:0% projects in aetherium and today I'm gonna<00:00:15.719> be<00:00:15.870> talking<00:00:16.230> about<00:00:16.320> the<00:00:17.070> prospect<00:00:17.699> of 00:00:17.840 --> 00:00:17.850 align:start position:0% gonna be talking about the prospect of 00:00:17.850 --> 00:00:21.470 align:start position:0% gonna be talking about the prospect of financial<00:00:18.449> reform<00:00:18.570> in<00:00:19.380> the<00:00:19.529> 21st<00:00:19.980> century<00:00:20.480> and 00:00:21.470 --> 00:00:21.480 align:start position:0% financial reform in the 21st century and 00:00:21.480 --> 00:00:24.500 align:start position:0% financial reform in the 21st century and to<00:00:21.720> do<00:00:21.960> that<00:00:22.170> I<00:00:22.500> have<00:00:23.070> to<00:00:23.250> bring<00:00:23.430> it<00:00:23.580> back<00:00:23.760> to 00:00:24.500 --> 00:00:24.510 align:start position:0% to do that I have to bring it back to 00:00:24.510 --> 00:00:28.730 align:start position:0% to do that I have to bring it back to basics<00:00:26.449> in<00:00:27.449> a<00:00:27.539> few<00:00:27.750> months<00:00:27.930> the<00:00:28.410> Bitcoin 00:00:28.730 --> 00:00:28.740 align:start position:0% basics in a few months the Bitcoin 00:00:28.740 --> 00:00:30.769 align:start position:0% basics in a few months the Bitcoin Genesis<00:00:29.160> block<00:00:29.400> will<00:00:29.640> turn<00:00:29.789> ten<00:00:30.179> years<00:00:30.480> old 00:00:30.769 --> 00:00:30.779 align:start position:0% Genesis block will turn ten years old 00:00:30.779 --> 00:00:34.310 align:start position:0% Genesis block will turn ten years old and<00:00:31.369> I<00:00:32.369> think<00:00:32.669> that<00:00:33.270> it<00:00:33.360> will<00:00:33.450> be<00:00:33.630> remembered 00:00:34.310 --> 00:00:34.320 align:start position:0% and I think that it will be remembered 00:00:34.320 --> 00:00:37.459 align:start position:0% and I think that it will be remembered as<00:00:34.469> one<00:00:34.920> of<00:00:34.950> the<00:00:35.160> few<00:00:35.750> monumental<00:00:36.750> events<00:00:37.260> of 00:00:37.459 --> 00:00:37.469 align:start position:0% as one of the few monumental events of 00:00:37.469 --> 00:00:41.060 align:start position:0% as one of the few monumental events of the<00:00:38.250> first<00:00:38.520> decade<00:00:38.730> of<00:00:39.090> the<00:00:39.180> 21st<00:00:39.600> century<00:00:40.070> and 00:00:41.060 --> 00:00:41.070 align:start position:0% the first decade of the 21st century and 00:00:41.070 --> 00:00:44.750 align:start position:0% the first decade of the 21st century and that<00:00:41.219> is<00:00:41.309> because<00:00:41.640> it<00:00:41.820> is<00:00:41.879> so<00:00:42.300> cool<00:00:43.309> it<00:00:44.309> is<00:00:44.460> such 00:00:44.750 --> 00:00:44.760 align:start position:0% that is because it is so cool it is such 00:00:44.760 --> 00:00:47.270 align:start position:0% that is because it is so cool it is such an<00:00:44.940> interesting<00:00:45.390> and<00:00:45.750> fascinating<00:00:46.280> example 00:00:47.270 --> 00:00:47.280 align:start position:0% an interesting and fascinating example 00:00:47.280 --> 00:00:50.569 align:start position:0% an interesting and fascinating example of<00:00:47.989> internet-enabled<00:00:49.160> global<00:00:50.160> coordination 00:00:50.569 --> 00:00:50.579 align:start position:0% of internet-enabled global coordination 00:00:50.579 --> 00:00:53.630 align:start position:0% of internet-enabled global coordination right<00:00:51.329> a<00:00:51.480> peer-to-peer<00:00:52.370> electronic<00:00:53.370> cash 00:00:53.630 --> 00:00:53.640 align:start position:0% right a peer-to-peer electronic cash 00:00:53.640 --> 00:00:56.660 align:start position:0% right a peer-to-peer electronic cash system<00:00:54.559> and<00:00:55.559> we've<00:00:55.680> all<00:00:55.829> heard<00:00:55.980> this<00:00:56.100> tagline 00:00:56.660 --> 00:00:56.670 align:start position:0% system and we've all heard this tagline 00:00:56.670 --> 00:00:59.689 align:start position:0% system and we've all heard this tagline so<00:00:57.300> many<00:00:57.480> times<00:00:57.780> it<00:00:58.680> seems<00:00:58.980> very<00:00:59.070> familiar<00:00:59.309> at 00:00:59.689 --> 00:00:59.699 align:start position:0% so many times it seems very familiar at 00:00:59.699 --> 00:01:01.910 align:start position:0% so many times it seems very familiar at this<00:00:59.850> point<00:01:00.120> peer-to-peer<00:01:00.800> it's<00:01:01.800> our 00:01:01.910 --> 00:01:01.920 align:start position:0% this point peer-to-peer it's our 00:01:01.920 --> 00:01:04.609 align:start position:0% this point peer-to-peer it's our bread-and-butter<00:01:03.049> electronic<00:01:04.049> we<00:01:04.290> spend<00:01:04.530> our 00:01:04.609 --> 00:01:04.619 align:start position:0% bread-and-butter electronic we spend our 00:01:04.619 --> 00:01:07.640 align:start position:0% bread-and-butter electronic we spend our entire<00:01:04.650> lives<00:01:04.949> and<00:01:05.729> electronic<00:01:06.240> spaces<00:01:06.659> but<00:01:07.590> I 00:01:07.640 --> 00:01:07.650 align:start position:0% entire lives and electronic spaces but I 00:01:07.650 --> 00:01:10.910 align:start position:0% entire lives and electronic spaces but I actually<00:01:07.890> think<00:01:08.460> cash<00:01:09.390> system<00:01:09.990> goes<00:01:10.470> a<00:01:10.500> bit 00:01:10.910 --> 00:01:10.920 align:start position:0% actually think cash system goes a bit 00:01:10.920 --> 00:01:14.090 align:start position:0% actually think cash system goes a bit unexamined<00:01:11.460> in<00:01:11.760> this<00:01:12.210> space<00:01:12.740> and<00:01:13.740> that<00:01:13.920> is<00:01:14.010> the 00:01:14.090 --> 00:01:14.100 align:start position:0% unexamined in this space and that is the 00:01:14.100 --> 00:01:15.679 align:start position:0% unexamined in this space and that is the part<00:01:14.280> that<00:01:14.310> I<00:01:14.430> want<00:01:14.610> to<00:01:14.729> talk<00:01:14.880> about<00:01:15.060> today 00:01:15.679 --> 00:01:15.689 align:start position:0% part that I want to talk about today 00:01:15.689 --> 00:01:18.320 align:start position:0% part that I want to talk about today what<00:01:16.650> is<00:01:16.770> it<00:01:16.950> that<00:01:17.070> makes<00:01:17.250> Bitcoin<00:01:17.610> a<00:01:18.060> cash 00:01:18.320 --> 00:01:18.330 align:start position:0% what is it that makes Bitcoin a cash 00:01:18.330 --> 00:01:21.580 align:start position:0% what is it that makes Bitcoin a cash system<00:01:19.009> right 00:01:21.580 --> 00:01:21.590 align:start position:0% system right 00:01:21.590 --> 00:01:24.740 align:start position:0% system right Bitcoin<00:01:22.590> at<00:01:23.189> least<00:01:23.369> in<00:01:23.460> my<00:01:23.610> opinion<00:01:23.750> takes 00:01:24.740 --> 00:01:24.750 align:start position:0% Bitcoin at least in my opinion takes 00:01:24.750 --> 00:01:27.520 align:start position:0% Bitcoin at least in my opinion takes advantage<00:01:25.140> of<00:01:25.170> a<00:01:25.380> very<00:01:25.560> ancient<00:01:26.180> concept 00:01:27.520 --> 00:01:27.530 align:start position:0% advantage of a very ancient concept 00:01:27.530 --> 00:01:30.800 align:start position:0% advantage of a very ancient concept called<00:01:28.530> commodity<00:01:29.100> money<00:01:29.360> right<00:01:30.360> this<00:01:30.659> is<00:01:30.780> a 00:01:30.800 --> 00:01:30.810 align:start position:0% called commodity money right this is a 00:01:30.810 --> 00:01:33.410 align:start position:0% called commodity money right this is a concept<00:01:31.229> that<00:01:31.320> is<00:01:31.439> at<00:01:32.189> least<00:01:32.610> nine<00:01:32.939> thousand 00:01:33.410 --> 00:01:33.420 align:start position:0% concept that is at least nine thousand 00:01:33.420 --> 00:01:35.390 align:start position:0% concept that is at least nine thousand years<00:01:33.570> old<00:01:33.829> corresponding<00:01:34.829> with<00:01:34.950> the<00:01:35.070> rise<00:01:35.220> of 00:01:35.390 --> 00:01:35.400 align:start position:0% years old corresponding with the rise of 00:01:35.400 --> 00:01:38.390 align:start position:0% years old corresponding with the rise of Agriculture<00:01:35.820> and<00:01:36.470> it<00:01:37.470> allowed<00:01:37.740> groups<00:01:38.250> of 00:01:38.390 --> 00:01:38.400 align:start position:0% Agriculture and it allowed groups of 00:01:38.400 --> 00:01:39.980 align:start position:0% Agriculture and it allowed groups of people<00:01:38.579> that<00:01:38.909> otherwise<00:01:39.299> didn't<00:01:39.720> know<00:01:39.840> each 00:01:39.980 --> 00:01:39.990 align:start position:0% people that otherwise didn't know each 00:01:39.990 --> 00:01:42.410 align:start position:0% people that otherwise didn't know each other<00:01:40.229> to<00:01:40.770> interact<00:01:41.220> and<00:01:41.460> coordinate<00:01:42.150> and 00:01:42.410 --> 00:01:42.420 align:start position:0% other to interact and coordinate and 00:01:42.420 --> 00:01:45.530 align:start position:0% other to interact and coordinate and share<00:01:43.079> resources<00:01:43.110> right<00:01:44.040> using<00:01:44.909> a<00:01:45.000> medium<00:01:45.420> of 00:01:45.530 --> 00:01:45.540 align:start position:0% share resources right using a medium of 00:01:45.540 --> 00:01:48.200 align:start position:0% share resources right using a medium of exchange<00:01:45.630> that<00:01:46.259> had<00:01:46.680> value<00:01:46.970> because<00:01:47.970> of<00:01:48.090> its 00:01:48.200 --> 00:01:48.210 align:start position:0% exchange that had value because of its 00:01:48.210 --> 00:01:51.649 align:start position:0% exchange that had value because of its underlying<00:01:49.009> usefulness<00:01:50.090> just<00:01:51.090> like<00:01:51.210> Bitcoin 00:01:51.649 --> 00:01:51.659 align:start position:0% underlying usefulness just like Bitcoin 00:01:51.659 --> 00:01:54.350 align:start position:0% underlying usefulness just like Bitcoin was<00:01:52.290> originally<00:01:52.920> attractive<00:01:53.520> because<00:01:54.000> of<00:01:54.180> its 00:01:54.350 --> 00:01:54.360 align:start position:0% was originally attractive because of its 00:01:54.360 --> 00:01:56.450 align:start position:0% was originally attractive because of its underlying<00:01:54.750> usefulness<00:01:55.619> in<00:01:55.950> the<00:01:56.100> form<00:01:56.310> of 00:01:56.450 --> 00:01:56.460 align:start position:0% underlying usefulness in the form of 00:01:56.460 --> 00:01:58.730 align:start position:0% underlying usefulness in the form of digital<00:01:56.670> Portability<00:01:57.420> and<00:01:57.590> uncensor<00:01:58.590> bull 00:01:58.730 --> 00:01:58.740 align:start position:0% digital Portability and uncensor bull 00:01:58.740 --> 00:02:03.440 align:start position:0% digital Portability and uncensor bull nature<00:01:59.040> and<00:02:01.250> like<00:02:02.250> a<00:02:02.280> commodity<00:02:02.670> bitcoins 00:02:03.440 --> 00:02:03.450 align:start position:0% nature and like a commodity bitcoins 00:02:03.450 --> 00:02:06.130 align:start position:0% nature and like a commodity bitcoins fixed<00:02:03.869> supply<00:02:04.200> and<00:02:04.530> predictable<00:02:05.490> inflation 00:02:06.130 --> 00:02:06.140 align:start position:0% fixed supply and predictable inflation 00:02:06.140 --> 00:02:10.760 align:start position:0% fixed supply and predictable inflation allows<00:02:07.140> it<00:02:07.380> to<00:02:07.560> behave<00:02:08.009> in<00:02:08.340> a<00:02:08.459> way<00:02:08.489> that<00:02:09.770> takes 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when<00:02:17.040> we<00:02:17.160> look<00:02:17.370> at<00:02:17.580> the<00:02:17.910> historical<00:02:18.390> record 00:02:18.850 --> 00:02:18.860 align:start position:0% when we look at the historical record 00:02:18.860 --> 00:02:21.320 align:start position:0% when we look at the historical record because<00:02:19.860> commodity<00:02:20.310> money<00:02:20.430> has<00:02:20.760> not<00:02:21.000> been 00:02:21.320 --> 00:02:21.330 align:start position:0% because commodity money has not been 00:02:21.330 --> 00:02:24.440 align:start position:0% because commodity money has not been used<00:02:21.630> as<00:02:22.020> a<00:02:22.460> dominant<00:02:23.460> cash<00:02:23.700> system<00:02:23.970> for<00:02:24.390> the 00:02:24.440 --> 00:02:24.450 align:start position:0% used as a dominant cash system for the 00:02:24.450 --> 00:02:26.930 align:start position:0% used as a dominant cash system for the majority<00:02:24.780> of<00:02:24.990> human<00:02:25.350> history<00:02:25.680> and<00:02:25.920> with<00:02:26.850> the 00:02:26.930 --> 00:02:26.940 align:start position:0% majority of human history and with the 00:02:26.940 --> 00:02:29.540 align:start position:0% majority of human history and with the appearance<00:02:27.180> of<00:02:27.390> aetherium<00:02:28.040> we<00:02:29.040> have<00:02:29.430> an 00:02:29.540 --> 00:02:29.550 align:start position:0% appearance of aetherium we have an 00:02:29.550 --> 00:02:32.120 align:start position:0% appearance of aetherium we have an opportunity<00:02:29.790> to<00:02:30.180> explore<00:02:30.480> new<00:02:31.110> types<00:02:31.470> of<00:02:31.620> cash 00:02:32.120 --> 00:02:32.130 align:start position:0% opportunity to explore new types of cash 00:02:32.130 --> 00:02:34.790 align:start position:0% opportunity to explore new types of cash systems<00:02:32.870> and<00:02:33.870> that's<00:02:33.960> where<00:02:34.170> we<00:02:34.260> get<00:02:34.410> to<00:02:34.560> die 00:02:34.790 --> 00:02:34.800 align:start position:0% systems and that's where we get to die 00:02:34.800 --> 00:02:37.880 align:start position:0% systems and that's where we get to die see<00:02:35.580> areum's<00:02:35.910> peer-to-peer<00:02:36.650> electronic<00:02:37.650> cash 00:02:37.880 --> 00:02:37.890 align:start position:0% see areum's peer-to-peer electronic cash 00:02:37.890 --> 00:02:40.040 align:start position:0% see areum's peer-to-peer electronic cash system<00:02:38.370> what<00:02:39.210> is<00:02:39.300> it<00:02:39.450> what<00:02:39.630> makes<00:02:39.870> it 00:02:40.040 --> 00:02:40.050 align:start position:0% system what is it what makes it 00:02:40.050 --> 00:02:43.760 align:start position:0% system what is it what makes it different<00:02:40.730> it<00:02:41.730> is<00:02:41.940> based<00:02:42.210> on<00:02:42.480> the<00:02:43.110> concept<00:02:43.680> of 00:02:43.760 --> 00:02:43.770 align:start position:0% different it is based on the concept of 00:02:43.770 --> 00:02:48.440 align:start position:0% different it is based on the concept of credit<00:02:45.500> it's<00:02:46.500> a<00:02:46.560> much<00:02:46.860> much<00:02:47.280> older<00:02:47.520> tradition 00:02:48.440 --> 00:02:48.450 align:start position:0% credit it's a much much older tradition 00:02:48.450 --> 00:02:49.970 align:start position:0% credit it's a much much older tradition that<00:02:48.600> spreads<00:02:48.930> back<00:02:49.080> even<00:02:49.440> farther<00:02:49.680> than 00:02:49.970 --> 00:02:49.980 align:start position:0% that spreads back even farther than 00:02:49.980 --> 00:02:51.920 align:start position:0% that spreads back even farther than commodity<00:02:50.460> money<00:02:50.580> and<00:02:51.210> it<00:02:51.300> is<00:02:51.390> very<00:02:51.540> powerful 00:02:51.920 --> 00:02:51.930 align:start position:0% commodity money and it is very powerful 00:02:51.930 --> 00:02:54.140 align:start position:0% commodity money and it is very powerful and<00:02:52.200> foundational<00:02:52.860> to<00:02:53.040> what<00:02:53.340> makes<00:02:53.550> us<00:02:53.730> human 00:02:54.140 --> 00:02:54.150 align:start position:0% and foundational to what makes us human 00:02:54.150 --> 00:02:57.020 align:start position:0% and foundational to what makes us human and<00:02:54.270> it<00:02:55.230> starts<00:02:55.740> with<00:02:56.220> the<00:02:56.340> principle<00:02:56.850> of 00:02:57.020 --> 00:02:57.030 align:start position:0% and it starts with the principle of 00:02:57.030 --> 00:03:01.280 align:start position:0% and it starts with the principle of mutual<00:02:57.660> credit<00:02:58.940> this<00:02:59.940> is<00:03:00.210> even<00:03:00.870> older<00:03:01.260> than 00:03:01.280 --> 00:03:01.290 align:start position:0% mutual credit this is even older than 00:03:01.290 --> 00:03:02.720 align:start position:0% mutual credit this is even older than the<00:03:01.500> rise<00:03:01.650> of<00:03:01.770> Agriculture<00:03:02.190> and<00:03:02.460> in<00:03:02.550> fact 00:03:02.720 --> 00:03:02.730 align:start position:0% the rise of Agriculture and in fact 00:03:02.730 --> 00:03:04.460 align:start position:0% the rise of Agriculture and in fact spreads<00:03:03.150> back<00:03:03.330> at<00:03:03.600> least<00:03:03.780> to<00:03:03.990> the<00:03:04.080> appearance 00:03:04.460 --> 00:03:04.470 align:start position:0% spreads back at least to the appearance 00:03:04.470 --> 00:03:06.770 align:start position:0% spreads back at least to the appearance of<00:03:04.710> modern<00:03:05.100> human<00:03:05.430> behavior<00:03:05.880> and<00:03:06.120> the 00:03:06.770 --> 00:03:06.780 align:start position:0% of modern human behavior and the 00:03:06.780 --> 00:03:08.420 align:start position:0% of modern human behavior and the principle<00:03:07.170> is<00:03:07.260> simple<00:03:07.500> I<00:03:07.830> know<00:03:07.860> you<00:03:08.100> will<00:03:08.280> find 00:03:08.420 --> 00:03:08.430 align:start position:0% principle is simple I know you will find 00:03:08.430 --> 00:03:10.550 align:start position:0% principle is simple I know you will find it<00:03:08.610> similar<00:03:08.970> because<00:03:09.420> it<00:03:09.690> is<00:03:09.780> the<00:03:09.930> simple<00:03:10.320> idea 00:03:10.550 --> 00:03:10.560 align:start position:0% it similar because it is the simple idea 00:03:10.560 --> 00:03:12.670 align:start position:0% it similar because it is the simple idea of<00:03:10.790> thanks<00:03:11.790> I<00:03:11.910> owe<00:03:12.000> you<00:03:12.180> one 00:03:12.670 --> 00:03:12.680 align:start position:0% of thanks I owe you one 00:03:12.680 --> 00:03:15.800 align:start position:0% of thanks I owe you one right<00:03:13.680> this<00:03:13.980> is<00:03:14.100> probably<00:03:14.550> how<00:03:15.180> you<00:03:15.240> interact 00:03:15.800 --> 00:03:15.810 align:start position:0% right this is probably how you interact 00:03:15.810 --> 00:03:17.300 align:start position:0% right this is probably how you interact with<00:03:15.990> your<00:03:16.290> close<00:03:16.620> friends<00:03:17.010> and<00:03:17.100> loved<00:03:17.280> ones 00:03:17.300 --> 00:03:17.310 align:start position:0% with your close friends and loved ones 00:03:17.310 --> 00:03:19.699 align:start position:0% with your close friends and loved ones thanks<00:03:18.090> I<00:03:18.209> owe<00:03:18.300> you<00:03:18.480> one<00:03:18.660> right<00:03:19.110> if<00:03:19.230> I<00:03:19.320> do<00:03:19.380> you<00:03:19.680> a 00:03:19.699 --> 00:03:19.709 align:start position:0% thanks I owe you one right if I do you a 00:03:19.709 --> 00:03:23.120 align:start position:0% thanks I owe you one right if I do you a favor<00:03:20.040> and<00:03:20.340> you<00:03:21.209> do<00:03:21.360> Bob<00:03:21.540> a<00:03:21.570> favor<00:03:21.930> and<00:03:22.230> Bob 00:03:23.120 --> 00:03:23.130 align:start position:0% favor and you do Bob a favor and Bob 00:03:23.130 --> 00:03:25.250 align:start position:0% favor and you do Bob a favor and Bob does<00:03:23.370> me<00:03:23.580> a<00:03:23.640> favor<00:03:23.880> then<00:03:24.540> a<00:03:24.570> whole<00:03:24.840> bunch<00:03:25.140> of 00:03:25.250 --> 00:03:25.260 align:start position:0% does me a favor then a whole bunch of 00:03:25.260 --> 00:03:26.840 align:start position:0% does me a favor then a whole bunch of work<00:03:25.500> got<00:03:25.740> done<00:03:25.770> and<00:03:26.130> we<00:03:26.220> didn't<00:03:26.490> even<00:03:26.550> need 00:03:26.840 --> 00:03:26.850 align:start position:0% work got done and we didn't even need 00:03:26.850 --> 00:03:29.330 align:start position:0% work got done and we didn't even need any<00:03:27.030> money<00:03:27.270> at<00:03:27.420> all<00:03:27.540> and<00:03:27.840> this<00:03:28.650> is<00:03:28.800> how<00:03:28.920> humans 00:03:29.330 --> 00:03:29.340 align:start position:0% any money at all and this is how humans 00:03:29.340 --> 00:03:31.730 align:start position:0% any money at all and this is how humans primarily<00:03:30.060> interact<00:03:30.660> at<00:03:30.930> the<00:03:31.140> human<00:03:31.560> scale 00:03:31.730 --> 00:03:31.740 align:start position:0% primarily interact at the human scale 00:03:31.740 --> 00:03:33.350 align:start position:0% primarily interact at the human scale when<00:03:32.130> everybody<00:03:32.430> knows<00:03:32.670> each<00:03:32.700> other<00:03:33.060> and<00:03:33.270> it 00:03:33.350 --> 00:03:33.360 align:start position:0% when everybody knows each other and it 00:03:33.360 --> 00:03:36.710 align:start position:0% when everybody knows each other and it works<00:03:33.540> really<00:03:33.720> well<00:03:34.250> but<00:03:35.450> we<00:03:36.450> want<00:03:36.570> to 00:03:36.710 --> 00:03:36.720 align:start position:0% works really well but we want to 00:03:36.720 --> 00:03:39.440 align:start position:0% works really well but we want to coordinate<00:03:36.900> at<00:03:37.320> larger<00:03:37.860> scales<00:03:38.450> something 00:03:39.440 --> 00:03:39.450 align:start position:0% coordinate at larger scales something 00:03:39.450 --> 00:03:40.850 align:start position:0% coordinate at larger scales something has<00:03:39.570> to<00:03:39.690> change<00:03:39.720> right<00:03:40.230> and<00:03:40.440> that's<00:03:40.650> where 00:03:40.850 --> 00:03:40.860 align:start position:0% has to change right and that's where 00:03:40.860 --> 00:03:43.310 align:start position:0% has to change right and that's where money<00:03:41.070> comes<00:03:41.280> into<00:03:41.520> the<00:03:41.670> equation<00:03:42.060> and<00:03:42.320> thanks 00:03:43.310 --> 00:03:43.320 align:start position:0% money comes into the equation and thanks 00:03:43.320 --> 00:03:44.090 align:start position:0% money comes into the equation and thanks I<00:03:43.470> owe<00:03:43.500> you<00:03:43.709> one 00:03:44.090 --> 00:03:44.100 align:start position:0% I owe you one 00:03:44.100 --> 00:03:47.900 align:start position:0% I owe you one evolves<00:03:45.000> into<00:03:45.209> IOU<00:03:45.870> five<00:03:46.350> of<00:03:46.590> something<00:03:46.910> right 00:03:47.900 --> 00:03:47.910 align:start position:0% evolves into IOU five of something right 00:03:47.910 --> 00:03:50.330 align:start position:0% evolves into IOU five of something right becomes<00:03:48.270> quantifiable<00:03:49.200> and<00:03:49.350> that<00:03:49.920> is<00:03:50.160> when 00:03:50.330 --> 00:03:50.340 align:start position:0% becomes quantifiable and that is when 00:03:50.340 --> 00:03:52.460 align:start position:0% becomes quantifiable and that is when the<00:03:50.430> project<00:03:50.820> of<00:03:50.970> civilization<00:03:51.690> begins<00:03:51.989> five 00:03:52.460 --> 00:03:52.470 align:start position:0% the project of civilization begins five 00:03:52.470 --> 00:03:54.590 align:start position:0% the project of civilization begins five thousand<00:03:52.980> years<00:03:53.100> ago<00:03:53.220> and<00:03:53.640> we<00:03:54.060> see<00:03:54.239> the<00:03:54.390> first 00:03:54.590 --> 00:03:54.600 align:start position:0% thousand years ago and we see the first 00:03:54.600 --> 00:03:58.670 align:start position:0% thousand years ago and we see the first credit<00:03:55.350> backed<00:03:55.830> ledger<00:03:56.520> money<00:03:56.880> as<00:03:57.320> the<00:03:58.320> city's 00:03:58.670 --> 00:03:58.680 align:start position:0% credit backed ledger money as the city's 00:03:58.680 --> 00:04:01.070 align:start position:0% credit backed ledger money as the city's arise<00:03:59.280> in<00:03:59.730> the<00:04:00.150> Fertile<00:04:00.480> Crescent<00:04:00.630> and<00:04:01.020> the 00:04:01.070 --> 00:04:01.080 align:start position:0% arise in the Fertile Crescent and the 00:04:01.080 --> 00:04:03.320 align:start position:0% arise in the Fertile Crescent and the first<00:04:01.290> temples<00:04:01.739> are<00:04:01.890> built<00:04:01.920> we<00:04:02.370> see<00:04:02.610> that<00:04:03.180> they 00:04:03.320 --> 00:04:03.330 align:start position:0% first temples are built we see that they 00:04:03.330 --> 00:04:04.910 align:start position:0% first temples are built we see that they serve<00:04:03.570> a<00:04:03.600> function<00:04:04.110> as<00:04:04.200> the<00:04:04.320> first<00:04:04.560> debt 00:04:04.910 --> 00:04:04.920 align:start position:0% serve a function as the first debt 00:04:04.920 --> 00:04:07.820 align:start position:0% serve a function as the first debt clearing<00:04:05.489> houses<00:04:05.700> in<00:04:06.140> the<00:04:07.140> first<00:04:07.380> writing 00:04:07.820 --> 00:04:07.830 align:start position:0% clearing houses in the first writing 00:04:07.830 --> 00:04:09.860 align:start position:0% clearing houses in the first writing that<00:04:08.010> we<00:04:08.100> see<00:04:08.310> on<00:04:08.520> the<00:04:08.610> Kuna<00:04:08.880> farm<00:04:09.180> tablets<00:04:09.660> are 00:04:09.860 --> 00:04:09.870 align:start position:0% that we see on the Kuna farm tablets are 00:04:09.870 --> 00:04:13.130 align:start position:0% that we see on the Kuna farm tablets are actually<00:04:10.500> debt<00:04:10.830> agreements<00:04:11.520> so<00:04:12.300> these<00:04:12.450> forms 00:04:13.130 --> 00:04:13.140 align:start position:0% actually debt agreements so these forms 00:04:13.140 --> 00:04:16.190 align:start position:0% actually debt agreements so these forms of<00:04:13.290> commodity<00:04:13.860> money<00:04:13.890> are<00:04:14.310> laid<00:04:15.120> up<00:04:15.360> in<00:04:15.600> temple 00:04:16.190 --> 00:04:16.200 align:start position:0% of commodity money are laid up in temple 00:04:16.200 --> 00:04:18.530 align:start position:0% of commodity money are laid up in temple warehouses<00:04:16.770> and<00:04:16.919> debt<00:04:17.459> is<00:04:17.700> issued<00:04:18.120> against 00:04:18.530 --> 00:04:18.540 align:start position:0% warehouses and debt is issued against 00:04:18.540 --> 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instruments<00:04:25.890> that<00:04:26.310> appear 00:04:27.500 --> 00:04:27.510 align:start position:0% instruments that appear 00:04:27.510 --> 00:04:29.180 align:start position:0% instruments that appear as<00:04:27.600> the<00:04:27.750> historical<00:04:28.290> record<00:04:28.590> comes<00:04:28.830> online 00:04:29.180 --> 00:04:29.190 align:start position:0% as the historical record comes online 00:04:29.190 --> 00:04:31.280 align:start position:0% as the historical record comes online whether<00:04:29.520> it's<00:04:29.580> long<00:04:30.300> term<00:04:30.510> debt<00:04:30.750> agreements 00:04:31.280 --> 00:04:31.290 align:start position:0% whether it's long term debt agreements 00:04:31.290 --> 00:04:34.190 align:start position:0% whether it's long term debt agreements annual<00:04:32.130> crop<00:04:32.400> finance<00:04:32.880> or<00:04:33.210> most<00:04:33.720> importantly 00:04:34.190 --> 00:04:34.200 align:start position:0% annual crop finance or most importantly 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money<00:04:41.670> a<00:04:41.880> very<00:04:42.690> very<00:04:43.230> old<00:04:43.440> concept<00:04:43.860> right<00:04:44.760> and 00:04:45.020 --> 00:04:45.030 align:start position:0% money a very very old concept right and 00:04:45.030 --> 00:04:48.290 align:start position:0% money a very very old concept right and credit<00:04:45.960> systems<00:04:46.410> are<00:04:46.800> essential<00:04:47.640> to<00:04:47.970> what 00:04:48.290 --> 00:04:48.300 align:start position:0% credit systems are essential to what 00:04:48.300 --> 00:04:51.200 align:start position:0% credit systems are essential to what makes<00:04:48.600> civilization<00:04:49.320> possible<00:04:49.830> and<00:04:50.210> the 00:04:51.200 --> 00:04:51.210 align:start position:0% makes civilization possible and the 00:04:51.210 --> 00:04:53.450 align:start position:0% makes civilization possible and the together<00:04:51.660> credit<00:04:52.290> systems<00:04:52.680> and<00:04:52.860> civilization 00:04:53.450 --> 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becomes<00:05:01.020> the<00:05:01.170> modern<00:05:01.500> commercial<00:05:01.920> credit 00:05:02.180 --> 00:05:02.190 align:start position:0% it becomes the modern commercial credit 00:05:02.190 --> 00:05:06.350 align:start position:0% it becomes the modern commercial credit system<00:05:02.570> and<00:05:04.070> this<00:05:05.070> does<00:05:05.460> not<00:05:05.490> coincidentally 00:05:06.350 --> 00:05:06.360 align:start position:0% system and this does not coincidentally 00:05:06.360 --> 00:05:08.330 align:start position:0% system and this does not coincidentally correspond<00:05:07.050> to<00:05:07.260> the<00:05:07.440> rise<00:05:07.680> of<00:05:08.040> capitalism 00:05:08.330 --> 00:05:08.340 align:start position:0% correspond to the rise of capitalism 00:05:08.340 --> 00:05:11.330 align:start position:0% correspond to the rise of capitalism right<00:05:09.210> there<00:05:09.960> are<00:05:10.050> two<00:05:10.080> main<00:05:10.770> characteristics 00:05:11.330 --> 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reserve banking 00:05:16.410 --> 00:05:19.300 align:start position:0% the rise of fractional reserve banking and<00:05:16.770> to<00:05:16.980> the<00:05:17.610> issuance<00:05:18.030> of<00:05:18.210> paper<00:05:18.450> banknotes 00:05:19.300 --> 00:05:19.310 align:start position:0% and to the issuance of paper banknotes 00:05:19.310 --> 00:05:22.790 align:start position:0% and to the issuance of paper banknotes and<00:05:20.310> this<00:05:20.460> was<00:05:20.580> so<00:05:21.000> useful<00:05:21.330> so<00:05:21.810> adaptable<00:05:22.620> and 00:05:22.790 --> 00:05:22.800 align:start position:0% and this was so useful so adaptable and 00:05:22.800 --> 00:05:25.070 align:start position:0% and this was so useful so adaptable and so<00:05:22.950> decentralized<00:05:23.610> that<00:05:24.240> it<00:05:24.390> was<00:05:24.510> able<00:05:24.780> to 00:05:25.070 --> 00:05:25.080 align:start position:0% so decentralized that it was able to 00:05:25.080 --> 00:05:28.720 align:start position:0% so decentralized that it was able to keep<00:05:25.320> pace<00:05:25.680> with<00:05:25.760> the<00:05:26.760> all<00:05:27.630> of<00:05:27.690> the<00:05:28.170> different 00:05:28.720 --> 00:05:28.730 align:start position:0% keep pace with the all of the different 00:05:28.730 --> 00:05:30.530 align:start position:0% keep pace with the all of the different discoveries<00:05:29.730> and<00:05:29.970> innovations<00:05:30.060> that 00:05:30.530 --> 00:05:30.540 align:start position:0% discoveries and innovations that 00:05:30.540 --> 00:05:31.940 align:start position:0% discoveries and innovations that attended<00:05:31.020> the<00:05:31.080> rise<00:05:31.260> of<00:05:31.410> the<00:05:31.530> scientific 00:05:31.940 --> 00:05:31.950 align:start position:0% attended the rise of the scientific 00:05:31.950 --> 00:05:34.310 align:start position:0% attended the rise of the scientific method<00:05:32.540> and<00:05:33.540> because<00:05:33.630> it<00:05:33.900> was<00:05:33.960> so<00:05:34.110> useful 00:05:34.310 --> 00:05:34.320 align:start position:0% method and because it was so useful 00:05:34.320 --> 00:05:37.430 align:start position:0% method and because it was so useful adaptable<00:05:35.070> and<00:05:35.220> decentralized<00:05:36.110> it<00:05:37.110> basically 00:05:37.430 --> 00:05:37.440 align:start position:0% adaptable and decentralized it basically 00:05:37.440 --> 00:05:38.900 align:start position:0% adaptable and decentralized it basically remained<00:05:37.800> in<00:05:38.010> place<00:05:38.130> and<00:05:38.640> didn't<00:05:38.790> really 00:05:38.900 --> 00:05:38.910 align:start position:0% remained in place and didn't really 00:05:38.910 --> 00:05:41.390 align:start position:0% remained in place and didn't really change<00:05:39.210> for<00:05:39.450> most<00:05:40.260> of<00:05:40.560> the<00:05:40.830> history<00:05:41.280> of 00:05:41.390 --> 00:05:41.400 align:start position:0% change for most of the history of 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transformations in the way<00:05:49.440> that<00:05:49.710> humans<00:05:50.100> relate<00:05:50.520> to<00:05:50.700> credit<00:05:51.000> systems 00:05:51.380 --> 00:05:51.390 align:start position:0% way that humans relate to credit systems 00:05:51.390 --> 00:05:54.290 align:start position:0% way that humans relate to credit systems whether<00:05:51.780> it's<00:05:52.020> the<00:05:52.230> rise<00:05:52.380> of<00:05:52.530> ATMs<00:05:53.300> credit 00:05:54.290 --> 00:05:54.300 align:start position:0% whether it's the rise of ATMs credit 00:05:54.300 --> 00:05:56.780 align:start position:0% whether it's the rise of ATMs credit card<00:05:54.480> networks<00:05:54.810> or<00:05:55.140> e-commerce<00:05:55.650> all<00:05:56.340> of<00:05:56.700> this 00:05:56.780 --> 00:05:56.790 align:start position:0% card networks or e-commerce all of this 00:05:56.790 --> 00:06:00.260 align:start position:0% card networks or e-commerce all of this stuff<00:05:57.060> is<00:05:57.300> enabled<00:05:57.870> by<00:05:58.020> the<00:05:58.080> Internet<00:05:59.270> but 00:06:00.260 --> 00:06:00.270 align:start position:0% stuff is enabled by the Internet but 00:06:00.270 --> 00:06:02.330 align:start position:0% stuff is enabled by the Internet but most<00:06:01.200> of<00:06:01.410> these<00:06:01.500> networks<00:06:01.680> the<00:06:01.950> three<00:06:02.160> that<00:06:02.310> I 00:06:02.330 --> 00:06:02.340 align:start position:0% most of these networks the three that I 00:06:02.340 --> 00:06:05.420 align:start position:0% most of these networks the three that I just<00:06:02.580> detailed<00:06:03.360> there<00:06:03.630> talked<00:06:04.530> about<00:06:04.890> how<00:06:05.370> we 00:06:05.420 --> 00:06:05.430 align:start position:0% just detailed there talked about how we 00:06:05.430 --> 00:06:07.370 align:start position:0% just detailed there talked about how we can<00:06:05.670> use<00:06:05.820> the<00:06:06.000> Internet<00:06:06.330> to<00:06:06.870> connect<00:06:07.230> to 00:06:07.370 --> 00:06:07.380 align:start position:0% can use the Internet to connect to 00:06:07.380 --> 00:06:08.990 align:start position:0% can use the Internet to connect to legacy<00:06:07.890> networks<00:06:08.250> whether<00:06:08.550> it's<00:06:08.730> the<00:06:08.820> visa 00:06:08.990 --> 00:06:09.000 align:start position:0% legacy networks whether it's the visa 00:06:09.000 --> 00:06:10.910 align:start position:0% legacy networks whether it's the visa Network<00:06:09.390> or<00:06:09.630> the<00:06:09.720> New<00:06:09.840> York<00:06:09.990> Stock<00:06:10.200> Exchange<00:06:10.230> a 00:06:10.910 --> 00:06:10.920 align:start position:0% Network or the New York Stock Exchange a 00:06:10.920 --> 00:06:12.650 align:start position:0% Network or the New York Stock Exchange a lot<00:06:11.370> of<00:06:11.490> times<00:06:11.730> they're<00:06:12.120> enabled<00:06:12.540> by 00:06:12.650 --> 00:06:12.660 align:start position:0% lot of times they're enabled by 00:06:12.660 --> 00:06:14.390 align:start position:0% lot of times they're enabled by cyberspace<00:06:13.290> but<00:06:13.500> they<00:06:13.710> are<00:06:13.800> rooted<00:06:14.190> in<00:06:14.310> the 00:06:14.390 --> 00:06:14.400 align:start position:0% cyberspace but they are rooted in the 00:06:14.400 --> 00:06:17.270 align:start position:0% cyberspace but they are rooted in the logic<00:06:14.790> of<00:06:14.880> previous<00:06:15.480> systems<00:06:15.930> and<00:06:16.770> it<00:06:16.890> isn't 00:06:17.270 --> 00:06:17.280 align:start position:0% logic of previous systems and it isn't 00:06:17.280 --> 00:06:19.910 align:start position:0% logic of previous systems and it isn't until<00:06:17.610> we<00:06:17.940> see<00:06:18.120> cryptocurrency<00:06:18.750> that<00:06:19.200> we<00:06:19.710> see 00:06:19.910 --> 00:06:19.920 align:start position:0% until we see cryptocurrency that we see 00:06:19.920 --> 00:06:21.400 align:start position:0% until we see cryptocurrency that we see a<00:06:19.950> financial<00:06:20.430> system<00:06:20.760> that<00:06:20.790> is<00:06:21.090> completely 00:06:21.400 --> 00:06:21.410 align:start position:0% a financial system that is completely 00:06:21.410 --> 00:06:24.140 align:start position:0% a financial system that is completely endogenous<00:06:22.410> to<00:06:22.740> the<00:06:22.830> Internet<00:06:23.190> and<00:06:23.400> can<00:06:23.910> only 00:06:24.140 --> 00:06:24.150 align:start position:0% endogenous to the Internet and can only 00:06:24.150 --> 00:06:27.740 align:start position:0% endogenous to the Internet and can only exist<00:06:24.600> within<00:06:24.870> the<00:06:25.170> logic<00:06:25.470> of<00:06:25.560> cyberspace<00:06:26.750> and 00:06:27.740 --> 00:06:27.750 align:start position:0% exist within the logic of cyberspace and 00:06:27.750 --> 00:06:29.990 align:start position:0% exist within the logic of cyberspace and so<00:06:28.320> how<00:06:28.470> these<00:06:28.650> cryptocurrency<00:06:29.460> relate<00:06:29.880> to 00:06:29.990 --> 00:06:30.000 align:start position:0% so how these cryptocurrency relate to 00:06:30.000 --> 00:06:33.020 align:start position:0% so how these cryptocurrency relate to credit<00:06:30.270> systems<00:06:30.740> well<00:06:31.740> that<00:06:31.920> is<00:06:32.220> where<00:06:32.460> die 00:06:33.020 --> 00:06:33.030 align:start position:0% credit systems well that is where die 00:06:33.030 --> 00:06:35.810 align:start position:0% credit systems well that is where die comes<00:06:33.330> in<00:06:33.540> the<00:06:33.870> die<00:06:34.140> credit<00:06:34.650> system<00:06:35.040> has<00:06:35.640> been 00:06:35.810 --> 00:06:35.820 align:start position:0% comes in the die credit system has been 00:06:35.820 --> 00:06:43.600 align:start position:0% comes in the die credit system has been live<00:06:36.030> for<00:06:36.360> almost<00:06:36.870> one<00:06:37.200> year 00:06:43.600 --> 00:06:43.610 align:start position:0% 00:06:43.610 --> 00:06:46.820 align:start position:0% if<00:06:44.610> you<00:06:44.759> look<00:06:45.030> at<00:06:45.509> this<00:06:45.660> diagram<00:06:45.930> it<00:06:46.500> should 00:06:46.820 --> 00:06:46.830 align:start position:0% if you look at this diagram it should 00:06:46.830 --> 00:06:49.219 align:start position:0% if you look at this diagram it should look<00:06:47.009> very<00:06:47.039> familiar<00:06:47.570> right<00:06:48.570> it's<00:06:49.139> because 00:06:49.219 --> 00:06:49.229 align:start position:0% look very familiar right it's because 00:06:49.229 --> 00:06:50.420 align:start position:0% look very familiar right it's because we're<00:06:49.530> dealing<00:06:49.680> with<00:06:49.889> five 00:06:50.420 --> 00:06:50.430 align:start position:0% we're dealing with five 00:06:50.430 --> 00:06:52.370 align:start position:0% we're dealing with five thousand-year-old<00:06:50.910> concepts<00:06:51.600> here<00:06:51.840> we're 00:06:52.370 --> 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position:0% assets oddly all diamond-shaped in<00:07:00.210> the<00:07:00.360> center<00:07:00.720> we've<00:07:01.500> got<00:07:01.770> again<00:07:02.729> a<00:07:03.030> credit 00:07:03.740 --> 00:07:03.750 align:start position:0% in the center we've got again a credit 00:07:03.750 --> 00:07:05.600 align:start position:0% in the center we've got again a credit Clearing<00:07:04.139> House<00:07:04.320> this<00:07:04.830> time<00:07:05.100> a<00:07:05.130> smart 00:07:05.600 --> 00:07:05.610 align:start position:0% Clearing House this time a smart 00:07:05.610 --> 00:07:07.909 align:start position:0% Clearing House this time a smart contract<00:07:06.120> something<00:07:06.330> that<00:07:07.139> we<00:07:07.199> can<00:07:07.320> all<00:07:07.530> trust 00:07:07.909 --> 00:07:07.919 align:start position:0% contract something that we can all trust 00:07:07.919 --> 00:07:09.499 align:start position:0% contract something that we can all trust on<00:07:08.160> a<00:07:08.220> global<00:07:08.460> scale<00:07:08.759> and<00:07:08.940> then<00:07:09.150> on<00:07:09.240> the<00:07:09.330> right 00:07:09.499 --> 00:07:09.509 align:start position:0% on a global scale and then on the right 00:07:09.509 --> 00:07:12.230 align:start position:0% on a global scale and then on the right coming<00:07:10.050> out<00:07:10.169> as<00:07:10.350> debt<00:07:10.680> against<00:07:11.610> these<00:07:11.729> assets 00:07:12.230 --> 00:07:12.240 align:start position:0% coming out as debt against these assets 00:07:12.240 --> 00:07:15.770 align:start position:0% coming out as debt against these assets is<00:07:12.449> die<00:07:13.250> very<00:07:14.250> very<00:07:14.669> familiar<00:07:15.090> very<00:07:15.360> easy<00:07:15.570> to 00:07:15.770 --> 00:07:15.780 align:start position:0% is die very very familiar very easy to 00:07:15.780 --> 00:07:17.840 align:start position:0% is die very very familiar very easy to understand<00:07:16.260> right<00:07:16.770> and<00:07:17.010> we<00:07:17.400> can<00:07:17.550> go<00:07:17.639> deeper 00:07:17.840 --> 00:07:17.850 align:start position:0% understand right and we can go deeper 00:07:17.850 --> 00:07:20.240 align:start position:0% understand right and we can go deeper how<00:07:18.180> does<00:07:18.330> this<00:07:18.419> actually<00:07:18.630> work<00:07:18.810> on<00:07:19.289> the<00:07:19.860> micro 00:07:20.240 --> 00:07:20.250 align:start position:0% how does this actually work on the micro 00:07:20.250 --> 00:07:22.879 align:start position:0% how does this actually work on the micro scale<00:07:20.550> on<00:07:20.850> the<00:07:20.940> micro<00:07:21.210> economic<00:07:21.630> scale<00:07:21.889> well 00:07:22.879 --> 00:07:22.889 align:start position:0% scale on the micro economic scale well 00:07:22.889 --> 00:07:25.850 align:start position:0% scale on the micro economic scale well it<00:07:23.520> deals<00:07:23.729> with<00:07:23.880> the<00:07:24.150> concept<00:07:24.570> of<00:07:24.860> secured 00:07:25.850 --> 00:07:25.860 align:start position:0% it deals with the concept of secured 00:07:25.860 --> 00:07:29.659 align:start position:0% it deals with the concept of secured debt<00:07:27.590> most<00:07:28.590> of<00:07:28.770> the<00:07:28.860> debt<00:07:29.010> in<00:07:29.190> the<00:07:29.280> world<00:07:29.430> is 00:07:29.659 --> 00:07:29.669 align:start position:0% debt most of the debt in the world is 00:07:29.669 --> 00:07:31.430 align:start position:0% debt most of the debt in the world is secured<00:07:30.120> against<00:07:30.539> assets<00:07:30.960> like<00:07:31.139> I<00:07:31.260> keep 00:07:31.430 --> 00:07:31.440 align:start position:0% secured against assets like I keep 00:07:31.440 --> 00:07:34.250 align:start position:0% secured against assets like I keep saying<00:07:31.800> and<00:07:31.949> if<00:07:32.099> you<00:07:32.160> see<00:07:32.400> here<00:07:32.820> what<00:07:33.389> the 00:07:34.250 --> 00:07:34.260 align:start position:0% saying and if you see here what the 00:07:34.260 --> 00:07:35.810 align:start position:0% saying and if you see here what the diagram<00:07:34.650> they<00:07:34.830> have<00:07:34.979> on<00:07:35.070> the<00:07:35.160> screen<00:07:35.370> is 00:07:35.810 --> 00:07:35.820 align:start position:0% diagram they have on the screen is 00:07:35.820 --> 00:07:37.629 align:start position:0% diagram they have on the screen is what's<00:07:36.120> called<00:07:36.300> a<00:07:36.449> collateralized<00:07:37.229> debt 00:07:37.629 --> 00:07:37.639 align:start position:0% what's called a collateralized debt 00:07:37.639 --> 00:07:43.310 align:start position:0% what's called a collateralized debt position<00:07:38.639> a<00:07:39.199> CDP<00:07:40.199> in<00:07:40.470> maker<00:07:41.130> lingo<00:07:41.520> and<00:07:42.320> like 00:07:43.310 --> 00:07:43.320 align:start position:0% position a CDP in maker lingo and like 00:07:43.320 --> 00:07:46.550 align:start position:0% position a CDP in maker lingo and like all<00:07:43.500> secured<00:07:43.979> debt<00:07:44.190> when<00:07:44.910> a<00:07:44.970> user<00:07:45.260> takes<00:07:46.260> their 00:07:46.550 --> 00:07:46.560 align:start position:0% all secured debt when a user takes their 00:07:46.560 --> 00:07:49.070 align:start position:0% all secured debt when a user takes their assets<00:07:46.979> and<00:07:47.130> escrows<00:07:47.910> them<00:07:48.210> into<00:07:48.690> the<00:07:48.780> maker's 00:07:49.070 --> 00:07:49.080 align:start position:0% assets and escrows them into the maker's 00:07:49.080 --> 00:07:51.379 align:start position:0% assets and escrows them into the maker's mark<00:07:49.289> contract<00:07:49.710> system<00:07:49.889> they<00:07:50.610> can<00:07:50.669> issue<00:07:51.000> die 00:07:51.379 --> 00:07:51.389 align:start position:0% mark contract system they can issue die 00:07:51.389 --> 00:07:53.629 align:start position:0% mark contract system they can issue die against<00:07:52.320> them<00:07:52.440> as<00:07:52.620> debt<00:07:52.860> but<00:07:53.160> they<00:07:53.250> can<00:07:53.400> never 00:07:53.629 --> 00:07:53.639 align:start position:0% against them as debt but they can never 00:07:53.639 --> 00:07:56.240 align:start position:0% against them as debt but they can never issue<00:07:53.970> more<00:07:54.840> or<00:07:54.930> die<00:07:55.169> than<00:07:55.620> the<00:07:55.770> value<00:07:56.039> of<00:07:56.159> the 00:07:56.240 --> 00:07:56.250 align:start position:0% issue more or die than the value of the 00:07:56.250 --> 00:07:59.029 align:start position:0% issue more or die than the value of the asset<00:07:56.610> itself<00:07:56.940> this<00:07:57.720> is<00:07:57.870> just<00:07:58.080> a<00:07:58.229> rule<00:07:58.740> about 00:07:59.029 --> 00:07:59.039 align:start position:0% asset itself this is just a rule about 00:07:59.039 --> 00:08:01.610 align:start position:0% asset itself this is just a rule about all<00:07:59.400> secured<00:07:59.880> debt<00:08:00.030> nobody<00:08:00.510> anywhere<00:08:01.440> in<00:08:01.530> the 00:08:01.610 --> 00:08:01.620 align:start position:0% all secured debt nobody anywhere in the 00:08:01.620 --> 00:08:02.990 align:start position:0% all secured debt nobody anywhere in the world<00:08:01.770> of<00:08:01.919> secured<00:08:02.250> debt<00:08:02.400> ever<00:08:02.610> lets<00:08:02.940> you 00:08:02.990 --> 00:08:03.000 align:start position:0% world of secured debt ever lets you 00:08:03.000 --> 00:08:05.689 align:start position:0% world of secured debt ever lets you issue<00:08:03.210> more<00:08:03.990> value<00:08:04.530> than<00:08:04.740> the<00:08:05.220> value<00:08:05.520> of<00:08:05.550> the 00:08:05.689 --> 00:08:05.699 align:start position:0% issue more value than the value of the 00:08:05.699 --> 00:08:07.100 align:start position:0% issue more value than the value of the collateral<00:08:05.849> that<00:08:06.180> you've<00:08:06.300> locked<00:08:06.539> up<00:08:06.750> in<00:08:06.990> this 00:08:07.100 --> 00:08:07.110 align:start position:0% collateral that you've locked up in this 00:08:07.110 --> 00:08:09.439 align:start position:0% collateral that you've locked up in this case<00:08:07.349> eath<00:08:07.909> right<00:08:08.909> and<00:08:09.120> if<00:08:09.180> you<00:08:09.240> want<00:08:09.360> an 00:08:09.439 --> 00:08:09.449 align:start position:0% case eath right and if you want an 00:08:09.449 --> 00:08:13.790 align:start position:0% case eath right and if you want an example<00:08:09.870> very<00:08:10.110> simple<00:08:10.409> example<00:08:10.949> consider<00:08:12.800> the 00:08:13.790 --> 00:08:13.800 align:start position:0% example very simple example consider the 00:08:13.800 --> 00:08:17.029 align:start position:0% example very simple example consider the humble<00:08:14.070> mortgage<00:08:15.409> if<00:08:16.409> you<00:08:16.530> want<00:08:16.680> to<00:08:16.740> buy<00:08:16.830> a 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downpayment making up 00:08:23.520 --> 00:08:25.520 align:start position:0% to do it with the downpayment making up the<00:08:23.639> difference<00:08:23.750> here<00:08:24.750> on<00:08:24.930> the<00:08:25.020> right<00:08:25.199> we<00:08:25.500> see 00:08:25.520 --> 00:08:25.530 align:start position:0% the difference here on the right we see 00:08:25.530 --> 00:08:28.820 align:start position:0% the difference here on the right we see our<00:08:25.740> CDP<00:08:26.430> with<00:08:26.760> eath<00:08:27.060> and<00:08:27.360> died<00:08:28.320> and<00:08:28.590> the<00:08:28.680> only 00:08:28.820 --> 00:08:28.830 align:start position:0% our CDP with eath and died and the only 00:08:28.830 --> 00:08:32.420 align:start position:0% our CDP with eath and died and the only difference<00:08:29.190> is<00:08:30.180> that<00:08:30.360> the<00:08:30.510> ratio<00:08:30.750> of<00:08:31.020> die<00:08:31.590> to 00:08:32.420 --> 00:08:32.430 align:start position:0% difference is that the ratio of die to 00:08:32.430 --> 00:08:35.180 align:start position:0% difference is that the ratio of die to eath<00:08:32.700> is<00:08:33.599> a<00:08:33.659> little<00:08:34.050> bit<00:08:34.200> different<00:08:34.890> than<00:08:35.070> the 00:08:35.180 --> 00:08:35.190 align:start position:0% eath is a little bit different than the 00:08:35.190 --> 00:08:37.760 align:start position:0% eath is a little bit different than the ratio<00:08:35.520> of<00:08:35.550> dollars<00:08:36.300> to<00:08:36.750> house<00:08:36.930> now<00:08:37.560> why<00:08:37.709> is 00:08:37.760 --> 00:08:37.770 align:start position:0% ratio of dollars to house now why is 00:08:37.770 --> 00:08:41.360 align:start position:0% ratio of dollars to house now why is that<00:08:37.890> it<00:08:38.520> is<00:08:39.390> entirely<00:08:39.839> a<00:08:40.110> function<00:08:40.529> of<00:08:40.680> risk 00:08:41.360 --> 00:08:41.370 align:start position:0% that it is entirely a function of risk 00:08:41.370 --> 00:08:44.570 align:start position:0% that it is entirely a function of risk and<00:08:41.669> volatility<00:08:42.240> in<00:08:42.630> the<00:08:42.719> marketplace<00:08:43.580> now 00:08:44.570 --> 00:08:44.580 align:start position:0% and volatility in the marketplace now 00:08:44.580 --> 00:08:46.819 align:start position:0% and volatility in the marketplace now unfortunately<00:08:44.880> I<00:08:45.450> think<00:08:46.440> that<00:08:46.529> we<00:08:46.620> can<00:08:46.740> all 00:08:46.819 --> 00:08:46.829 align:start position:0% unfortunately I think that we can all 00:08:46.829 --> 00:08:48.530 align:start position:0% unfortunately I think that we can all admit<00:08:46.980> that<00:08:47.339> cryptocurrency<00:08:47.940> is<00:08:48.180> a<00:08:48.270> little 00:08:48.530 --> 00:08:48.540 align:start position:0% admit that cryptocurrency is a little 00:08:48.540 --> 00:08:51.470 align:start position:0% admit that cryptocurrency is a little bit<00:08:48.660> more<00:08:48.810> risky<00:08:49.410> than<00:08:49.890> real<00:08:50.130> estate<00:08:50.160> and<00:08:50.700> so 00:08:51.470 --> 00:08:51.480 align:start position:0% bit more risky than real estate and so 00:08:51.480 --> 00:08:52.310 align:start position:0% bit more risky than real estate and so you<00:08:51.570> cannot<00:08:51.750> issue<00:08:51.959> as 00:08:52.310 --> 00:08:52.320 align:start position:0% you cannot issue as 00:08:52.320 --> 00:08:54.350 align:start position:0% you cannot issue as much<00:08:52.470> died<00:08:52.740> against<00:08:53.400> it<00:08:53.520> as<00:08:53.700> you<00:08:54.000> can<00:08:54.180> issue 00:08:54.350 --> 00:08:54.360 align:start position:0% much died against it as you can issue 00:08:54.360 --> 00:08:57.740 align:start position:0% much died against it as you can issue dollars<00:08:54.870> against<00:08:55.710> real<00:08:55.890> estate<00:08:56.600> but<00:08:57.600> how<00:08:57.690> do 00:08:57.740 --> 00:08:57.750 align:start position:0% dollars against real estate but how do 00:08:57.750 --> 00:08:59.500 align:start position:0% dollars against real estate but how do we<00:08:57.870> know<00:08:58.170> this<00:08:58.410> though<00:08:58.650> how<00:08:58.800> do<00:08:58.860> we<00:08:58.950> actually 00:08:59.500 --> 00:08:59.510 align:start position:0% we know this though how do we actually 00:08:59.510 --> 00:09:02.300 align:start position:0% we know this though how do we actually make<00:09:00.510> this<00:09:00.780> decision<00:09:01.410> you<00:09:01.950> know<00:09:02.040> more 00:09:02.300 --> 00:09:02.310 align:start position:0% make this decision you know more 00:09:02.310 --> 00:09:04.820 align:start position:0% make this decision you know more importantly<00:09:02.640> who<00:09:02.910> makes<00:09:03.210> this<00:09:03.420> decision<00:09:03.830> and 00:09:04.820 --> 00:09:04.830 align:start position:0% importantly who makes this decision and 00:09:04.830 --> 00:09:07.160 align:start position:0% importantly who makes this decision and that<00:09:04.950> is<00:09:05.010> where<00:09:05.220> we<00:09:05.280> get<00:09:05.400> into<00:09:05.760> the<00:09:06.420> mkr 00:09:07.160 --> 00:09:07.170 align:start position:0% that is where we get into the mkr 00:09:07.170 --> 00:09:08.740 align:start position:0% that is where we get into the mkr holders 00:09:08.740 --> 00:09:08.750 align:start position:0% holders 00:09:08.750 --> 00:09:11.510 align:start position:0% holders MKR<00:09:09.900> is<00:09:10.020> a<00:09:10.080> second<00:09:10.710> token<00:09:10.890> it<00:09:11.220> is<00:09:11.400> the 00:09:11.510 --> 00:09:11.520 align:start position:0% MKR is a second token it is the 00:09:11.520 --> 00:09:13.340 align:start position:0% MKR is a second token it is the administrative<00:09:12.270> token<00:09:12.660> of<00:09:12.750> the<00:09:12.810> system<00:09:13.170> and 00:09:13.340 --> 00:09:13.350 align:start position:0% administrative token of the system and 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the<00:09:22.770> nature<00:09:23.040> of<00:09:23.070> risk<00:09:23.520> in 00:09:23.750 --> 00:09:23.760 align:start position:0% nature of reality the nature of risk in 00:09:23.760 --> 00:09:26.960 align:start position:0% nature of reality the nature of risk in the<00:09:24.030> marketplace<00:09:25.130> they<00:09:26.130> are<00:09:26.430> tasked<00:09:26.730> with 00:09:26.960 --> 00:09:26.970 align:start position:0% the marketplace they are tasked with 00:09:26.970 --> 00:09:30.170 align:start position:0% the marketplace they are tasked with coming<00:09:27.420> to<00:09:27.540> consensus<00:09:28.110> about<00:09:28.820> which<00:09:29.820> types<00:09:30.090> of 00:09:30.170 --> 00:09:30.180 align:start position:0% coming to consensus about which types of 00:09:30.180 --> 00:09:32.450 align:start position:0% coming to consensus about which types of assets<00:09:30.570> can<00:09:30.780> be<00:09:30.810> used<00:09:31.320> as<00:09:31.530> collateral<00:09:31.560> in<00:09:32.130> the 00:09:32.450 --> 00:09:32.460 align:start position:0% assets can be used as collateral in the 00:09:32.460 --> 00:09:36.410 align:start position:0% assets can be used as collateral in the system<00:09:32.850> and<00:09:33.980> the<00:09:34.980> ratio<00:09:35.370> of<00:09:35.610> dye<00:09:36.000> that<00:09:36.180> can<00:09:36.330> be 00:09:36.410 --> 00:09:36.420 align:start position:0% system and the ratio of dye that can be 00:09:36.420 --> 00:09:38.540 align:start position:0% system and the ratio of dye that can be issued<00:09:36.600> against<00:09:36.780> those<00:09:36.870> assets<00:09:37.140> and<00:09:37.530> the<00:09:38.040> fee 00:09:38.540 --> 00:09:38.550 align:start position:0% issued against those assets and the fee 00:09:38.550 --> 00:09:40.550 align:start position:0% issued against those assets and the fee whenever<00:09:39.030> somebody<00:09:39.270> locks<00:09:39.840> their<00:09:40.170> collateral 00:09:40.550 --> 00:09:40.560 align:start position:0% whenever somebody locks their collateral 00:09:40.560 --> 00:09:42.830 align:start position:0% whenever somebody locks their collateral up<00:09:40.890> into<00:09:41.220> the<00:09:41.310> system<00:09:41.700> if<00:09:42.420> they<00:09:42.570> want<00:09:42.750> to 00:09:42.830 --> 00:09:42.840 align:start position:0% up into the system if they want to 00:09:42.840 --> 00:09:45.260 align:start position:0% up into the system if they want to retrieve<00:09:43.260> it<00:09:43.410> later<00:09:43.560> they<00:09:44.400> have<00:09:44.640> to<00:09:44.790> return 00:09:45.260 --> 00:09:45.270 align:start position:0% retrieve it later they have to return 00:09:45.270 --> 00:09:47.090 align:start position:0% retrieve it later they have to return the<00:09:45.600> dye<00:09:45.720> that<00:09:45.930> they<00:09:46.050> issued<00:09:46.350> plus<00:09:46.740> a<00:09:46.770> fee 00:09:47.090 --> 00:09:47.100 align:start position:0% the dye that they issued plus a fee 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00:09:58.130 align:start position:0% aggregate value of mkr as a reward for their<00:09:56.760> services<00:09:57.270> right<00:09:57.810> because<00:09:58.020> they're 00:09:58.130 --> 00:09:58.140 align:start position:0% their services right because they're 00:09:58.140 --> 00:10:00.290 align:start position:0% their services right because they're very<00:09:58.320> much<00:09:58.470> providing<00:09:59.340> a<00:09:59.430> service<00:09:59.700> to<00:10:00.180> the 00:10:00.290 --> 00:10:00.300 align:start position:0% very much providing a service to the 00:10:00.300 --> 00:10:04.340 align:start position:0% very much providing a service to the network<00:10:00.630> and<00:10:00.900> in<00:10:01.710> exchange<00:10:01.950> no<00:10:02.640> sorry<00:10:03.090> on<00:10:03.750> the 00:10:04.340 --> 00:10:04.350 align:start position:0% network and in exchange no sorry on the 00:10:04.350 --> 00:10:06.770 align:start position:0% network and in exchange no sorry on the other<00:10:04.500> side<00:10:04.890> if<00:10:05.190> they<00:10:05.790> make<00:10:05.940> a<00:10:05.970> mistake<00:10:06.120> and 00:10:06.770 --> 00:10:06.780 align:start position:0% other side if they make a mistake and 00:10:06.780 --> 00:10:09.200 align:start position:0% other side if they make a mistake and they<00:10:06.930> misjudge<00:10:07.650> risk<00:10:08.250> in<00:10:08.550> the<00:10:08.700> marketplace 00:10:09.200 --> 00:10:09.210 align:start position:0% they misjudge risk in the marketplace 00:10:09.210 --> 00:10:12.080 align:start position:0% they misjudge risk in the marketplace then<00:10:09.900> the<00:10:10.020> aggregate<00:10:10.200> value<00:10:10.560> of<00:10:10.920> MKR<00:10:11.670> is 00:10:12.080 --> 00:10:12.090 align:start position:0% then the aggregate value of MKR is 00:10:12.090 --> 00:10:13.820 align:start position:0% then the aggregate value of MKR is actually<00:10:12.420> used<00:10:12.600> to<00:10:12.810> protect<00:10:13.230> the<00:10:13.530> integrity 00:10:13.820 --> 00:10:13.830 align:start position:0% actually used to protect the integrity 00:10:13.830 --> 00:10:17.240 align:start position:0% actually used to protect the integrity of<00:10:14.100> dye<00:10:14.490> and<00:10:15.360> this<00:10:15.960> is<00:10:16.080> very<00:10:16.350> very<00:10:16.710> important 00:10:17.240 --> 00:10:17.250 align:start position:0% of dye and this is very very important 00:10:17.250 --> 00:10:19.720 align:start position:0% of dye and this is very very important right<00:10:17.400> because<00:10:17.490> if<00:10:17.730> we<00:10:17.820> look<00:10:18.060> at<00:10:18.360> the 00:10:19.720 --> 00:10:19.730 align:start position:0% right because if we look at the 00:10:19.730 --> 00:10:22.550 align:start position:0% right because if we look at the responsibilities<00:10:20.730> in<00:10:20.850> the<00:10:20.940> roles<00:10:21.210> of<00:10:21.540> MKR<00:10:22.140> at 00:10:22.550 --> 00:10:22.560 align:start position:0% responsibilities in the roles of MKR at 00:10:22.560 --> 00:10:24.830 align:start position:0% responsibilities in the roles of MKR at the<00:10:22.800> macro<00:10:23.250> level<00:10:23.510> then<00:10:24.510> what<00:10:24.690> they're 00:10:24.830 --> 00:10:24.840 align:start position:0% the macro level then what they're 00:10:24.840 --> 00:10:25.850 align:start position:0% the macro level then what they're responsible<00:10:25.140> for<00:10:25.320> doing<00:10:25.620> is<00:10:25.710> actually 00:10:25.850 --> 00:10:25.860 align:start position:0% responsible for doing is actually 00:10:25.860 --> 00:10:27.680 align:start position:0% responsible for doing is actually protecting<00:10:26.490> the<00:10:26.580> integrity<00:10:26.790> of<00:10:27.030> dye<00:10:27.210> and 00:10:27.680 --> 00:10:27.690 align:start position:0% protecting the integrity of dye and 00:10:27.690 --> 00:10:29.870 align:start position:0% protecting the integrity of dye and protecting<00:10:28.110> its<00:10:28.230> stability<00:10:28.710> and<00:10:29.250> usefulness 00:10:29.870 --> 00:10:29.880 align:start position:0% protecting its stability and usefulness 00:10:29.880 --> 00:10:31.310 align:start position:0% protecting its stability and usefulness in<00:10:30.270> the<00:10:30.450> marketplace<00:10:30.840> we<00:10:30.960> wanted<00:10:31.170> to<00:10:31.230> be<00:10:31.290> a 00:10:31.310 --> 00:10:31.320 align:start position:0% in the marketplace we wanted to be a 00:10:31.320 --> 00:10:33.530 align:start position:0% in the marketplace we wanted to be a useful<00:10:31.650> cash<00:10:32.100> system<00:10:32.370> right<00:10:32.880> it's<00:10:33.030> very<00:10:33.090> very 00:10:33.530 --> 00:10:33.540 align:start position:0% useful cash system right it's very very 00:10:33.540 --> 00:10:36.140 align:start position:0% useful cash system right it's very very important<00:10:33.990> and<00:10:34.130> so<00:10:35.130> when<00:10:35.550> we<00:10:35.640> look<00:10:35.880> at<00:10:36.000> the 00:10:36.140 --> 00:10:36.150 align:start position:0% important and so when we look at the 00:10:36.150 --> 00:10:38.540 align:start position:0% important and so when we look at the macro<00:10:36.330> level<00:10:36.480> the<00:10:37.110> job<00:10:37.410> of<00:10:37.650> the<00:10:37.740> MKR<00:10:38.130> holders 00:10:38.540 --> 00:10:38.550 align:start position:0% macro level the job of the MKR holders 00:10:38.550 --> 00:10:41.810 align:start position:0% macro level the job of the MKR holders because<00:10:39.030> dye<00:10:39.360> is<00:10:39.420> a<00:10:39.570> unique<00:10:40.050> currency<00:10:40.890> the<00:10:41.580> job 00:10:41.810 --> 00:10:41.820 align:start position:0% because dye is a unique currency the job 00:10:41.820 --> 00:10:43.550 align:start position:0% because dye is a unique currency the job of<00:10:41.940> the<00:10:42.030> EM<00:10:42.120> care<00:10:42.360> holders<00:10:42.690> actually<00:10:43.260> looks<00:10:43.440> a 00:10:43.550 --> 00:10:43.560 align:start position:0% of the EM care holders actually looks a 00:10:43.560 --> 00:10:46.430 align:start position:0% of the EM care holders actually looks a lot<00:10:43.830> like<00:10:44.040> central<00:10:44.400> bankers<00:10:44.820> and<00:10:45.540> so<00:10:46.200> we<00:10:46.290> can 00:10:46.430 --> 00:10:46.440 align:start position:0% lot like central bankers and so we can 00:10:46.440 --> 00:10:49.940 align:start position:0% lot like central bankers and so we can learn<00:10:46.650> lessons<00:10:46.710> from<00:10:47.520> central<00:10:48.240> bankers<00:10:48.950> when 00:10:49.940 --> 00:10:49.950 align:start position:0% learn lessons from central bankers when 00:10:49.950 --> 00:10:52.280 align:start position:0% learn lessons from central bankers when the<00:10:50.280> MKR<00:10:50.640> holders<00:10:50.850> do<00:10:50.970> their<00:10:51.120> job<00:10:51.300> and<00:10:51.840> the 00:10:52.280 --> 00:10:52.290 align:start position:0% the MKR holders do their job and the 00:10:52.290 --> 00:10:54.140 align:start position:0% the MKR holders do their job and the most<00:10:52.440> important<00:10:52.800> one<00:10:52.920> I<00:10:52.950> think<00:10:53.040> that<00:10:53.910> really 00:10:54.140 --> 00:10:54.150 align:start position:0% most important one I think that really 00:10:54.150 --> 00:10:56.690 align:start position:0% most important one I think that really has<00:10:54.330> a<00:10:54.560> significant<00:10:55.560> impact<00:10:55.800> is<00:10:56.040> this<00:10:56.250> idea<00:10:56.520> of 00:10:56.690 --> 00:10:56.700 align:start position:0% has a significant impact is this idea of 00:10:56.700 --> 00:11:00.680 align:start position:0% has a significant impact is this idea of central<00:10:57.540> bank<00:10:57.780> independence<00:10:58.230> a<00:10:59.570> few<00:11:00.570> decades 00:11:00.680 --> 00:11:00.690 align:start position:0% central bank independence a few decades 00:11:00.690 --> 00:11:03.390 align:start position:0% central bank independence a few decades ago<00:11:00.930> it<00:11:01.320> was<00:11:01.380> discovered<00:11:01.500> that 00:11:03.390 --> 00:11:03.400 align:start position:0% ago it was discovered that 00:11:03.400 --> 00:11:07.260 align:start position:0% ago it was discovered that by<00:11:04.300> making<00:11:04.570> central<00:11:05.080> banks<00:11:05.290> independent<00:11:06.270> from 00:11:07.260 --> 00:11:07.270 align:start position:0% by making central banks independent from 00:11:07.270 --> 00:11:10.170 align:start position:0% by making central banks independent from the<00:11:07.390> electoral<00:11:08.290> cycles<00:11:09.220> then<00:11:09.910> they<00:11:10.029> could 00:11:10.170 --> 00:11:10.180 align:start position:0% the electoral cycles then they could 00:11:10.180 --> 00:11:12.210 align:start position:0% the electoral cycles then they could make<00:11:10.300> more<00:11:10.540> long-term<00:11:10.900> decisions<00:11:11.710> that<00:11:12.100> would 00:11:12.210 --> 00:11:12.220 align:start position:0% make more long-term decisions that would 00:11:12.220 --> 00:11:13.380 align:start position:0% make more long-term decisions that would be<00:11:12.279> beneficial<00:11:12.460> for<00:11:12.880> the<00:11:13.000> health<00:11:13.180> of<00:11:13.270> the 00:11:13.380 --> 00:11:13.390 align:start position:0% be beneficial for the health of the 00:11:13.390 --> 00:11:15.750 align:start position:0% be beneficial for the health of the economy<00:11:13.450> and<00:11:13.960> I<00:11:14.830> think<00:11:15.160> that<00:11:15.279> the<00:11:15.370> principle 00:11:15.750 --> 00:11:15.760 align:start position:0% economy and I think that the principle 00:11:15.760 --> 00:11:17.190 align:start position:0% economy and I think that the principle sort<00:11:16.210> of<00:11:16.270> makes<00:11:16.450> sense<00:11:16.660> if<00:11:16.779> you<00:11:16.810> think<00:11:16.900> about 00:11:17.190 --> 00:11:17.200 align:start position:0% sort of makes sense if you think about 00:11:17.200 --> 00:11:19.290 align:start position:0% sort of makes sense if you think about it<00:11:17.320> right<00:11:17.470> if<00:11:17.620> a<00:11:17.740> politician<00:11:18.180> wants<00:11:19.180> to<00:11:19.240> be 00:11:19.290 --> 00:11:19.300 align:start position:0% it right if a politician wants to be 00:11:19.300 --> 00:11:21.810 align:start position:0% it right if a politician wants to be reelected<00:11:19.750> they<00:11:20.710> might<00:11:20.950> make<00:11:21.220> short-term 00:11:21.810 --> 00:11:21.820 align:start position:0% reelected they might make short-term 00:11:21.820 --> 00:11:24.090 align:start position:0% reelected they might make short-term decisions<00:11:22.450> to<00:11:22.600> kind<00:11:22.779> of<00:11:22.839> gas<00:11:23.470> up<00:11:23.710> the<00:11:23.740> economy 00:11:24.090 --> 00:11:24.100 align:start position:0% decisions to kind of gas up the economy 00:11:24.100 --> 00:11:26.640 align:start position:0% decisions to kind of gas up the economy to<00:11:24.910> the<00:11:25.000> detriment<00:11:25.510> of<00:11:25.570> long<00:11:26.050> of<00:11:26.350> the<00:11:26.380> long 00:11:26.640 --> 00:11:26.650 align:start position:0% to the detriment of long of the long 00:11:26.650 --> 00:11:28.829 align:start position:0% to the detriment of long of the long term<00:11:26.860> right<00:11:27.520> and<00:11:27.670> so<00:11:27.730> this<00:11:27.880> idea<00:11:28.000> of<00:11:28.150> central 00:11:28.829 --> 00:11:28.839 align:start position:0% term right and so this idea of central 00:11:28.839 --> 00:11:31.200 align:start position:0% term right and so this idea of central bank<00:11:29.020> independence<00:11:29.550> was<00:11:30.550> introduced<00:11:31.029> as<00:11:31.180> a 00:11:31.200 --> 00:11:31.210 align:start position:0% bank independence was introduced as a 00:11:31.210 --> 00:11:33.269 align:start position:0% bank independence was introduced as a tool<00:11:31.510> in<00:11:31.750> their<00:11:31.870> toolbox<00:11:32.110> to<00:11:32.740> allow<00:11:32.920> them<00:11:33.160> to 00:11:33.269 --> 00:11:33.279 align:start position:0% tool in their toolbox to allow them to 00:11:33.279 --> 00:11:36.420 align:start position:0% tool in their toolbox to allow them to do<00:11:33.400> their<00:11:33.520> job<00:11:33.790> and<00:11:34.170> maker<00:11:35.170> takes<00:11:36.070> it<00:11:36.279> a<00:11:36.400> step 00:11:36.420 --> 00:11:36.430 align:start position:0% do their job and maker takes it a step 00:11:36.430 --> 00:11:39.300 align:start position:0% do their job and maker takes it a step further<00:11:37.060> because<00:11:37.990> not<00:11:38.350> only<00:11:38.380> are<00:11:38.740> we<00:11:38.770> separate 00:11:39.300 --> 00:11:39.310 align:start position:0% further because not only are we separate 00:11:39.310 --> 00:11:42.300 align:start position:0% further because not only are we separate from<00:11:39.610> any<00:11:39.910> one<00:11:40.180> country's<00:11:40.839> electoral<00:11:41.800> cycle 00:11:42.300 --> 00:11:42.310 align:start position:0% from any one country's electoral cycle 00:11:42.310 --> 00:11:43.740 align:start position:0% from any one country's electoral cycle but<00:11:42.730> we<00:11:42.820> are<00:11:42.940> independent<00:11:43.420> from<00:11:43.510> all 00:11:43.740 --> 00:11:43.750 align:start position:0% but we are independent from all 00:11:43.750 --> 00:11:46.710 align:start position:0% but we are independent from all countries<00:11:44.529> electoral<00:11:45.010> cycles<00:11:45.430> right<00:11:45.700> in<00:11:46.450> my 00:11:46.710 --> 00:11:46.720 align:start position:0% countries electoral cycles right in my 00:11:46.720 --> 00:11:50.970 align:start position:0% countries electoral cycles right in my opinion<00:11:47.260> maker<00:11:47.830> Dow<00:11:48.130> died<00:11:48.610> and<00:11:49.000> MKR<00:11:49.540> is<00:11:50.260> one<00:11:50.770> of 00:11:50.970 --> 00:11:50.980 align:start position:0% opinion maker Dow died and MKR is one of 00:11:50.980 --> 00:11:54.269 align:start position:0% opinion maker Dow died and MKR is one of the<00:11:51.070> most<00:11:51.330> international<00:11:52.330> ideas<00:11:52.839> of<00:11:53.279> the 00:11:54.269 --> 00:11:54.279 align:start position:0% the most international ideas of the 00:11:54.279 --> 00:11:57.240 align:start position:0% the most international ideas of the decade<00:11:54.870> was<00:11:55.870> literally<00:11:56.260> started<00:11:56.830> in<00:11:56.950> a<00:11:57.040> chat 00:11:57.240 --> 00:11:57.250 align:start position:0% decade was literally started in a chat 00:11:57.250 --> 00:11:59.190 align:start position:0% decade was literally started in a chat forum<00:11:57.610> in<00:11:57.790> cyberspace<00:11:58.240> in<00:11:59.020> this 00:11:59.190 --> 00:11:59.200 align:start position:0% forum in cyberspace in this 00:11:59.200 --> 00:12:00.930 align:start position:0% forum in cyberspace in this non-jurisdictional<00:11:59.800> space<00:12:00.520> that<00:12:00.730> we<00:12:00.790> call 00:12:00.930 --> 00:12:00.940 align:start position:0% non-jurisdictional space that we call 00:12:00.940 --> 00:12:03.060 align:start position:0% non-jurisdictional space that we call the<00:12:01.060> blockchain<00:12:01.270> right<00:12:01.810> and<00:12:02.050> died<00:12:02.260> and<00:12:02.620> mkr 00:12:03.060 --> 00:12:03.070 align:start position:0% the blockchain right and died and mkr 00:12:03.070 --> 00:12:05.760 align:start position:0% the blockchain right and died and mkr exists<00:12:03.970> on<00:12:04.180> every<00:12:04.630> inhabited<00:12:05.140> continent<00:12:05.620> and 00:12:05.760 --> 00:12:05.770 align:start position:0% exists on every inhabited continent and 00:12:05.770 --> 00:12:08.670 align:start position:0% exists on every inhabited continent and they<00:12:06.610> are<00:12:06.850> entirely<00:12:07.600> in<00:12:07.990> the<00:12:08.200> space<00:12:08.470> in 00:12:08.670 --> 00:12:08.680 align:start position:0% they are entirely in the space in 00:12:08.680 --> 00:12:11.579 align:start position:0% they are entirely in the space in between<00:12:09.150> these<00:12:10.150> countries<00:12:10.390> right<00:12:10.839> it's<00:12:11.200> such 00:12:11.579 --> 00:12:11.589 align:start position:0% between these countries right it's such 00:12:11.589 --> 00:12:13.140 align:start position:0% between these countries right it's such an<00:12:11.740> international<00:12:12.070> coalition<00:12:12.880> that<00:12:12.910> we've 00:12:13.140 --> 00:12:13.150 align:start position:0% an international coalition that we've 00:12:13.150 --> 00:12:16.170 align:start position:0% an international coalition that we've built<00:12:13.360> here<00:12:13.510> and<00:12:13.839> that<00:12:14.770> is<00:12:15.070> a<00:12:15.310> tremendous<00:12:15.520> that 00:12:16.170 --> 00:12:16.180 align:start position:0% built here and that is a tremendous that 00:12:16.180 --> 00:12:18.360 align:start position:0% built here and that is a tremendous that provides<00:12:16.540> tremendous<00:12:16.750> value<00:12:17.589> to<00:12:17.830> the 00:12:18.360 --> 00:12:18.370 align:start position:0% provides tremendous value to the 00:12:18.370 --> 00:12:20.790 align:start position:0% provides tremendous value to the integrity<00:12:19.120> of<00:12:19.330> the<00:12:19.420> project<00:12:19.839> and<00:12:20.080> it's<00:12:20.680> not 00:12:20.790 --> 00:12:20.800 align:start position:0% integrity of the project and it's not 00:12:20.800 --> 00:12:23.070 align:start position:0% integrity of the project and it's not just<00:12:21.040> like<00:12:21.310> a<00:12:21.459> nice<00:12:21.640> aesthetic<00:12:21.970> it<00:12:22.810> actually 00:12:23.070 --> 00:12:23.080 align:start position:0% just like a nice aesthetic it actually 00:12:23.080 --> 00:12:25.699 align:start position:0% just like a nice aesthetic it actually goes<00:12:23.200> a<00:12:23.230> step<00:12:23.380> further<00:12:23.670> because<00:12:24.670> there<00:12:24.940> are 00:12:25.699 --> 00:12:25.709 align:start position:0% goes a step further because there are 00:12:25.709 --> 00:12:28.320 align:start position:0% goes a step further because there are economic<00:12:26.709> forces<00:12:27.160> that<00:12:27.700> we<00:12:27.820> can<00:12:28.000> use<00:12:28.120> to<00:12:28.150> our 00:12:28.320 --> 00:12:28.330 align:start position:0% economic forces that we can use to our 00:12:28.330 --> 00:12:30.570 align:start position:0% economic forces that we can use to our benefit<00:12:28.779> the<00:12:28.990> most<00:12:29.080> important<00:12:29.560> one<00:12:29.740> my 00:12:30.570 --> 00:12:30.580 align:start position:0% benefit the most important one my 00:12:30.580 --> 00:12:34.980 align:start position:0% benefit the most important one my opinion<00:12:30.970> is<00:12:31.120> the<00:12:31.779> trifid<00:12:32.290> dilemma<00:12:33.630> the<00:12:34.630> trifid 00:12:34.980 --> 00:12:34.990 align:start position:0% opinion is the trifid dilemma the trifid 00:12:34.990 --> 00:12:37.860 align:start position:0% opinion is the trifid dilemma the trifid dilemma<00:12:35.320> there<00:12:36.250> is<00:12:36.310> a<00:12:36.370> natural<00:12:36.700> tension<00:12:37.240> that 00:12:37.860 --> 00:12:37.870 align:start position:0% dilemma there is a natural tension that 00:12:37.870 --> 00:12:40.470 align:start position:0% dilemma there is a natural tension that emerges<00:12:38.350> when<00:12:39.070> one<00:12:39.339> currency<00:12:39.820> is<00:12:40.089> doing 00:12:40.470 --> 00:12:40.480 align:start position:0% emerges when one currency is doing 00:12:40.480 --> 00:12:43.380 align:start position:0% emerges when one currency is doing double-duty<00:12:41.160> both<00:12:42.160> as<00:12:42.430> a<00:12:42.700> national<00:12:43.240> currency 00:12:43.380 --> 00:12:43.390 align:start position:0% double-duty both as a national currency 00:12:43.390 --> 00:12:46.140 align:start position:0% double-duty both as a national currency for<00:12:43.959> some<00:12:44.350> specific<00:12:44.560> country<00:12:45.130> and<00:12:45.310> as<00:12:45.790> a<00:12:45.820> world 00:12:46.140 --> 00:12:46.150 align:start position:0% for some specific country and as a world 00:12:46.150 --> 00:12:48.000 align:start position:0% for some specific country and as a world reserve<00:12:46.600> currency<00:12:46.660> the<00:12:47.410> currency<00:12:47.440> that 00:12:48.000 --> 00:12:48.010 align:start position:0% reserve currency the currency that 00:12:48.010 --> 00:12:50.010 align:start position:0% reserve currency the currency that countries<00:12:48.700> use<00:12:49.000> when<00:12:49.360> they<00:12:49.420> interact<00:12:49.720> with 00:12:50.010 --> 00:12:50.020 align:start position:0% countries use when they interact with 00:12:50.020 --> 00:12:53.610 align:start position:0% countries use when they interact with each<00:12:50.140> other<00:12:51.089> whether<00:12:52.089> it's<00:12:52.180> the<00:12:52.360> US<00:12:52.480> dollar<00:12:52.839> or 00:12:53.610 --> 00:12:53.620 align:start position:0% each other whether it's the US dollar or 00:12:53.620 --> 00:12:54.990 align:start position:0% each other whether it's the US dollar or the<00:12:53.650> British<00:12:53.950> Pound<00:12:54.160> Sterling<00:12:54.250> or<00:12:54.730> the<00:12:54.820> Dutch 00:12:54.990 --> 00:12:55.000 align:start position:0% the British Pound Sterling or the Dutch 00:12:55.000 --> 00:12:57.510 align:start position:0% the British Pound Sterling or the Dutch Guilder<00:12:55.420> many<00:12:55.779> many<00:12:56.200> national<00:12:57.100> currencies 00:12:57.510 --> 00:12:57.520 align:start position:0% Guilder many many national currencies 00:12:57.520 --> 00:12:58.920 align:start position:0% Guilder many many national currencies have<00:12:57.700> been<00:12:57.820> world<00:12:58.000> reserve<00:12:58.270> currencies<00:12:58.779> and 00:12:58.920 --> 00:12:58.930 align:start position:0% have been world reserve currencies and 00:12:58.930 --> 00:13:00.900 align:start position:0% have been world reserve currencies and they<00:12:59.050> have<00:12:59.140> all<00:12:59.410> suffered<00:12:59.860> from<00:13:00.370> the<00:13:00.520> tripping 00:13:00.900 --> 00:13:00.910 align:start position:0% they have all suffered from the tripping 00:13:00.910 --> 00:13:03.630 align:start position:0% they have all suffered from the tripping dilemma<00:13:01.209> and<00:13:01.930> this<00:13:02.110> tension<00:13:02.740> exists<00:13:03.279> in<00:13:03.490> the 00:13:03.630 --> 00:13:03.640 align:start position:0% dilemma and this tension exists in the 00:13:03.640 --> 00:13:05.870 align:start position:0% dilemma and this tension exists in the space<00:13:03.730> between<00:13:04.120> the<00:13:04.930> desire<00:13:05.230> to<00:13:05.440> curb 00:13:05.870 --> 00:13:05.880 align:start position:0% space between the desire to curb 00:13:05.880 --> 00:13:08.550 align:start position:0% space between the desire to curb domestic<00:13:06.880> inflation<00:13:07.110> it's<00:13:08.110> basically<00:13:08.470> a 00:13:08.550 --> 00:13:08.560 align:start position:0% domestic inflation it's basically a 00:13:08.560 --> 00:13:10.980 align:start position:0% domestic inflation it's basically a desire<00:13:08.830> to<00:13:09.070> control<00:13:10.000> the<00:13:10.450> money<00:13:10.540> supply<00:13:10.779> and 00:13:10.980 --> 00:13:10.990 align:start position:0% desire to control the money supply and 00:13:10.990 --> 00:13:13.530 align:start position:0% desire to control the money supply and put<00:13:11.350> a<00:13:11.560> dampening<00:13:12.220> on<00:13:12.370> it<00:13:12.550> make<00:13:13.180> sure<00:13:13.300> that<00:13:13.420> it 00:13:13.530 --> 00:13:13.540 align:start position:0% put a dampening on it make sure that it 00:13:13.540 --> 00:13:15.240 align:start position:0% put a dampening on it make sure that it doesn't<00:13:13.780> overheat<00:13:13.930> and<00:13:14.410> over<00:13:14.620> expand<00:13:15.010> and 00:13:15.240 --> 00:13:15.250 align:start position:0% doesn't overheat and over expand and 00:13:15.250 --> 00:13:17.310 align:start position:0% doesn't overheat and over expand and this<00:13:15.910> global<00:13:16.570> demand 00:13:17.310 --> 00:13:17.320 align:start position:0% this global demand 00:13:17.320 --> 00:13:19.980 align:start position:0% this global demand four<00:13:17.529> dollars<00:13:18.180> bre<00:13:19.180> four<00:13:19.449> world<00:13:19.779> reserve 00:13:19.980 --> 00:13:19.990 align:start position:0% four dollars bre four world reserve 00:13:19.990 --> 00:13:22.319 align:start position:0% four dollars bre four world reserve currency<00:13:20.050> because<00:13:20.920> if<00:13:21.279> everybody<00:13:21.850> in<00:13:22.060> other 00:13:22.319 --> 00:13:22.329 align:start position:0% currency because if everybody in other 00:13:22.329 --> 00:13:24.389 align:start position:0% currency because if everybody in other countries<00:13:22.839> is<00:13:23.050> using<00:13:23.380> it<00:13:23.470> to<00:13:23.560> interact<00:13:23.740> then 00:13:24.389 --> 00:13:24.399 align:start position:0% countries is using it to interact then 00:13:24.399 --> 00:13:26.100 align:start position:0% countries is using it to interact then they<00:13:24.610> need<00:13:24.820> it<00:13:24.970> they<00:13:25.360> need<00:13:25.540> to<00:13:25.570> actually<00:13:25.810> get 00:13:26.100 --> 00:13:26.110 align:start position:0% they need it they need to actually get 00:13:26.110 --> 00:13:27.480 align:start position:0% they need it they need to actually get it<00:13:26.259> and<00:13:26.440> they<00:13:26.560> want<00:13:26.709> to<00:13:26.769> expand<00:13:27.220> the<00:13:27.399> money 00:13:27.480 --> 00:13:27.490 align:start position:0% it and they want to expand the money 00:13:27.490 --> 00:13:28.949 align:start position:0% it and they want to expand the money supply<00:13:27.610> to<00:13:27.910> get<00:13:28.180> it<00:13:28.300> so<00:13:28.389> there's<00:13:28.570> global 00:13:28.949 --> 00:13:28.959 align:start position:0% supply to get it so there's global 00:13:28.959 --> 00:13:31.110 align:start position:0% supply to get it so there's global demand<00:13:29.290> for<00:13:29.769> this<00:13:29.829> currency<00:13:30.279> and<00:13:30.459> there's 00:13:31.110 --> 00:13:31.120 align:start position:0% demand for this currency and there's 00:13:31.120 --> 00:13:33.090 align:start position:0% demand for this currency and there's national<00:13:31.420> desire<00:13:31.930> to<00:13:32.500> keep<00:13:32.680> it<00:13:32.860> under<00:13:33.070> control 00:13:33.090 --> 00:13:33.100 align:start position:0% national desire to keep it under control 00:13:33.100 --> 00:13:37.470 align:start position:0% national desire to keep it under control and<00:13:33.730> this<00:13:33.970> tension<00:13:34.810> has<00:13:35.709> pulled<00:13:36.100> apart<00:13:36.519> every 00:13:37.470 --> 00:13:37.480 align:start position:0% and this tension has pulled apart every 00:13:37.480 --> 00:13:39.360 align:start position:0% and this tension has pulled apart every single<00:13:37.509> currency<00:13:38.199> that<00:13:38.800> has<00:13:38.949> done<00:13:39.190> this 00:13:39.360 --> 00:13:39.370 align:start position:0% single currency that has done this 00:13:39.370 --> 00:13:42.449 align:start position:0% single currency that has done this double<00:13:39.730> duty<00:13:40.000> it's<00:13:40.899> widely<00:13:41.259> understood<00:13:41.459> that 00:13:42.449 --> 00:13:42.459 align:start position:0% double duty it's widely understood that 00:13:42.459 --> 00:13:43.829 align:start position:0% double duty it's widely understood that it's<00:13:42.579> responsible<00:13:43.089> for<00:13:43.269> killing<00:13:43.420> the<00:13:43.600> Bretton 00:13:43.829 --> 00:13:43.839 align:start position:0% it's responsible for killing the Bretton 00:13:43.839 --> 00:13:46.050 align:start position:0% it's responsible for killing the Bretton Woods<00:13:43.990> system<00:13:44.079> this<00:13:44.829> rigid<00:13:45.399> system<00:13:45.880> of 00:13:46.050 --> 00:13:46.060 align:start position:0% Woods system this rigid system of 00:13:46.060 --> 00:13:48.319 align:start position:0% Woods system this rigid system of exchange<00:13:46.180> between<00:13:46.810> gold<00:13:47.230> and<00:13:47.410> dollars<00:13:47.829> and 00:13:48.319 --> 00:13:48.329 align:start position:0% exchange between gold and dollars and 00:13:48.329 --> 00:13:50.309 align:start position:0% exchange between gold and dollars and when<00:13:49.329> dollars<00:13:49.750> were<00:13:49.870> used<00:13:49.899> as<00:13:50.199> an 00:13:50.309 --> 00:13:50.319 align:start position:0% when dollars were used as an 00:13:50.319 --> 00:13:51.660 align:start position:0% when dollars were used as an international<00:13:50.889> reserve<00:13:51.100> currency<00:13:51.459> there<00:13:51.579> was 00:13:51.660 --> 00:13:51.670 align:start position:0% international reserve currency there was 00:13:51.670 --> 00:13:53.910 align:start position:0% international reserve currency there was simply<00:13:51.880> too<00:13:52.029> much<00:13:52.360> demand<00:13:52.750> for<00:13:53.589> the<00:13:53.649> amount<00:13:53.860> of 00:13:53.910 --> 00:13:53.920 align:start position:0% simply too much demand for the amount of 00:13:53.920 --> 00:13:57.870 align:start position:0% simply too much demand for the amount of gold<00:13:54.069> that<00:13:54.220> there<00:13:54.370> was<00:13:56.250> but<00:13:57.250> this<00:13:57.399> is<00:13:57.519> not<00:13:57.639> just 00:13:57.870 --> 00:13:57.880 align:start position:0% gold that there was but this is not just 00:13:57.880 --> 00:14:01.379 align:start position:0% gold that there was but this is not just a<00:13:58.029> historical<00:13:59.069> fun<00:14:00.069> fact<00:14:00.399> it<00:14:00.790> actually<00:14:00.819> has 00:14:01.379 --> 00:14:01.389 align:start position:0% a historical fun fact it actually has 00:14:01.389 --> 00:14:05.280 align:start position:0% a historical fun fact it actually has real<00:14:01.959> effect<00:14:02.380> in<00:14:02.649> the<00:14:03.130> modern<00:14:03.399> day<00:14:03.579> and<00:14:04.540> if<00:14:05.199> I 00:14:05.280 --> 00:14:05.290 align:start position:0% real effect in the modern day and if I 00:14:05.290 --> 00:14:08.999 align:start position:0% real effect in the modern day and if I may<00:14:05.560> quote<00:14:06.430> directly<00:14:07.240> from<00:14:07.839> dr.<00:14:08.050> Zhao<00:14:08.800> Xiao 00:14:08.999 --> 00:14:09.009 align:start position:0% may quote directly from dr. Zhao Xiao 00:14:09.009 --> 00:14:13.050 align:start position:0% may quote directly from dr. Zhao Xiao chuan<00:14:09.120> of<00:14:10.800> the<00:14:11.800> governor<00:14:12.250> the<00:14:12.639> governor<00:14:12.940> of 00:14:13.050 --> 00:14:13.060 align:start position:0% chuan of the governor the governor of 00:14:13.060 --> 00:14:14.160 align:start position:0% chuan of the governor the governor of the<00:14:13.149> People's<00:14:13.480> Bank<00:14:13.540> of<00:14:13.750> China 00:14:14.160 --> 00:14:14.170 align:start position:0% the People's Bank of China 00:14:14.170 --> 00:14:18.569 align:start position:0% the People's Bank of China he<00:14:14.620> says<00:14:15.300> the<00:14:16.300> desirable<00:14:16.959> goal<00:14:17.230> of<00:14:17.579> reforming 00:14:18.569 --> 00:14:18.579 align:start position:0% he says the desirable goal of reforming 00:14:18.579 --> 00:14:21.210 align:start position:0% he says the desirable goal of reforming the<00:14:18.730> international<00:14:19.449> monetary<00:14:19.839> system<00:14:19.980> is<00:14:20.980> to 00:14:21.210 --> 00:14:21.220 align:start position:0% the international monetary system is to 00:14:21.220 --> 00:14:23.610 align:start position:0% the international monetary system is to create<00:14:21.579> an<00:14:21.819> international<00:14:22.300> reserve<00:14:23.019> currency 00:14:23.610 --> 00:14:23.620 align:start position:0% create an international reserve currency 00:14:23.620 --> 00:14:26.309 align:start position:0% create an international reserve currency that<00:14:24.190> is<00:14:24.339> disconnected<00:14:25.120> from<00:14:25.600> individual 00:14:26.309 --> 00:14:26.319 align:start position:0% that is disconnected from individual 00:14:26.319 --> 00:14:28.829 align:start position:0% that is disconnected from individual nations<00:14:26.709> and<00:14:26.980> is<00:14:27.250> able<00:14:27.490> to<00:14:27.670> remain<00:14:28.060> stable<00:14:28.480> in 00:14:28.829 --> 00:14:28.839 align:start position:0% nations and is able to remain stable in 00:14:28.839 --> 00:14:32.129 align:start position:0% nations and is able to remain stable in the<00:14:28.990> long<00:14:29.199> run<00:14:29.519> thus<00:14:30.519> removing<00:14:31.089> the<00:14:31.569> inherent 00:14:32.129 --> 00:14:32.139 align:start position:0% the long run thus removing the inherent 00:14:32.139 --> 00:14:34.650 align:start position:0% the long run thus removing the inherent deficiencies<00:14:32.769> caused<00:14:33.519> by<00:14:33.850> using<00:14:34.089> credit 00:14:34.650 --> 00:14:34.660 align:start position:0% deficiencies caused by using credit 00:14:34.660 --> 00:14:38.730 align:start position:0% deficiencies caused by using credit based<00:14:34.899> national<00:14:35.860> currencies<00:14:36.339> I<00:14:37.350> have<00:14:38.350> simply 00:14:38.730 --> 00:14:38.740 align:start position:0% based national currencies I have simply 00:14:38.740 --> 00:14:41.790 align:start position:0% based national currencies I have simply never<00:14:39.069> heard<00:14:39.459> a<00:14:39.730> stronger<00:14:40.389> call<00:14:40.690> for<00:14:41.319> exactly 00:14:41.790 --> 00:14:41.800 align:start position:0% never heard a stronger call for exactly 00:14:41.800 --> 00:14:45.329 align:start position:0% never heard a stronger call for exactly what<00:14:42.040> maker<00:14:42.279> is<00:14:42.490> trying<00:14:42.819> to<00:14:43.000> do<00:14:43.920> if<00:14:44.920> you<00:14:45.040> look 00:14:45.329 --> 00:14:45.339 align:start position:0% what maker is trying to do if you look 00:14:45.339 --> 00:14:48.090 align:start position:0% what maker is trying to do if you look at<00:14:45.670> the<00:14:45.880> date<00:14:46.149> there<00:14:46.510> you<00:14:47.290> said<00:14:47.500> it's<00:14:47.680> in<00:14:47.769> March 00:14:48.090 --> 00:14:48.100 align:start position:0% at the date there you said it's in March 00:14:48.100 --> 00:14:51.120 align:start position:0% at the date there you said it's in March of<00:14:48.310> 2009<00:14:49.089> that<00:14:49.480> is<00:14:49.600> incredibly<00:14:50.529> important 00:14:51.120 --> 00:14:51.130 align:start position:0% of 2009 that is incredibly important 00:14:51.130 --> 00:14:52.650 align:start position:0% of 2009 that is incredibly important right<00:14:51.850> because<00:14:52.060> that<00:14:52.180> was<00:14:52.269> one<00:14:52.389> of<00:14:52.480> the<00:14:52.540> most 00:14:52.650 --> 00:14:52.660 align:start position:0% right because that was one of the most 00:14:52.660 --> 00:14:55.439 align:start position:0% right because that was one of the most hopeless<00:14:52.959> moments<00:14:53.649> of<00:14:53.769> the<00:14:54.370> financial<00:14:55.089> crisis 00:14:55.439 --> 00:14:55.449 align:start position:0% hopeless moments of the financial crisis 00:14:55.449 --> 00:14:58.680 align:start position:0% hopeless moments of the financial crisis of<00:14:55.480> 2008<00:14:56.139> and<00:14:56.350> 2009<00:14:56.829> this<00:14:57.819> is<00:14:57.970> when<00:14:58.149> this<00:14:58.389> idea 00:14:58.680 --> 00:14:58.690 align:start position:0% of 2008 and 2009 this is when this idea 00:14:58.690 --> 00:15:01.980 align:start position:0% of 2008 and 2009 this is when this idea first<00:14:59.230> appears<00:14:59.800> right<00:15:00.490> and<00:15:01.300> I<00:15:01.420> think<00:15:01.480> that 00:15:01.980 --> 00:15:01.990 align:start position:0% first appears right and I think that 00:15:01.990 --> 00:15:05.519 align:start position:0% first appears right and I think that this<00:15:02.709> sentiment<00:15:03.300> sort<00:15:04.300> of<00:15:04.389> kicks<00:15:04.959> off<00:15:05.170> a<00:15:05.500> new 00:15:05.519 --> 00:15:05.529 align:start position:0% this sentiment sort of kicks off a new 00:15:05.529 --> 00:15:08.550 align:start position:0% this sentiment sort of kicks off a new age<00:15:06.189> in<00:15:06.670> global<00:15:07.540> human<00:15:07.839> coordination<00:15:08.350> and<00:15:08.439> I 00:15:08.550 --> 00:15:08.560 align:start position:0% age in global human coordination and I 00:15:08.560 --> 00:15:11.340 align:start position:0% age in global human coordination and I call<00:15:08.769> it<00:15:08.889> the<00:15:08.920> financial<00:15:09.550> Reformation<00:15:10.290> and<00:15:11.290> I 00:15:11.340 --> 00:15:11.350 align:start position:0% call it the financial Reformation and I 00:15:11.350 --> 00:15:13.259 align:start position:0% call it the financial Reformation and I call<00:15:11.620> it<00:15:11.740> that<00:15:11.889> because<00:15:12.459> I<00:15:12.579> believe<00:15:12.850> it<00:15:13.029> bears 00:15:13.259 --> 00:15:13.269 align:start position:0% call it that because I believe it bears 00:15:13.269 --> 00:15:15.689 align:start position:0% call it that because I believe it bears a<00:15:13.540> lot<00:15:13.810> of<00:15:13.870> resemblance<00:15:14.740> to<00:15:15.399> the<00:15:15.490> Protestant 00:15:15.689 --> 00:15:15.699 align:start position:0% a lot of resemblance to the Protestant 00:15:15.699 --> 00:15:17.939 align:start position:0% a lot of resemblance to the Protestant Reformation<00:15:16.089> if<00:15:16.750> you<00:15:16.870> think<00:15:17.110> back<00:15:17.290> to<00:15:17.680> history 00:15:17.939 --> 00:15:17.949 align:start position:0% Reformation if you think back to history 00:15:17.949 --> 00:15:19.800 align:start position:0% Reformation if you think back to history the<00:15:18.189> Protestant<00:15:18.939> Reformation<00:15:19.000> was<00:15:19.540> kicked 00:15:19.800 --> 00:15:19.810 align:start position:0% the Protestant Reformation was kicked 00:15:19.810 --> 00:15:22.259 align:start position:0% the Protestant Reformation was kicked off<00:15:19.959> on<00:15:20.230> Martin<00:15:20.529> Luther<00:15:20.790> indignantly<00:15:21.790> nailed 00:15:22.259 --> 00:15:22.269 align:start position:0% off on Martin Luther indignantly nailed 00:15:22.269 --> 00:15:24.840 align:start position:0% off on Martin Luther indignantly nailed a<00:15:22.600> public<00:15:23.290> message<00:15:23.500> onto<00:15:23.860> the<00:15:24.069> front<00:15:24.550> door<00:15:24.730> of 00:15:24.840 --> 00:15:24.850 align:start position:0% a public message onto the front door of 00:15:24.850 --> 00:15:26.759 align:start position:0% a public message onto the front door of his<00:15:24.939> church<00:15:25.269> and<00:15:25.540> we<00:15:26.050> see<00:15:26.319> the<00:15:26.470> same<00:15:26.709> thing 00:15:26.759 --> 00:15:26.769 align:start position:0% his church and we see the same thing 00:15:26.769 --> 00:15:29.009 align:start position:0% his church and we see the same thing with<00:15:27.370> Bitcoin<00:15:27.819> right<00:15:28.060> the<00:15:28.180> Bitcoin<00:15:28.600> Genesis 00:15:29.009 --> 00:15:29.019 align:start position:0% with Bitcoin right the Bitcoin Genesis 00:15:29.019 --> 00:15:30.020 align:start position:0% with Bitcoin right the Bitcoin Genesis blog<00:15:29.230> has<00:15:29.709> this 00:15:30.020 --> 00:15:30.030 align:start position:0% blog has this 00:15:30.030 --> 00:15:33.110 align:start position:0% blog has this Dignan<00:15:30.540> inscription<00:15:31.110> on<00:15:31.290> the<00:15:31.830> first<00:15:32.130> message 00:15:33.110 --> 00:15:33.120 align:start position:0% Dignan inscription on the first message 00:15:33.120 --> 00:15:35.480 align:start position:0% Dignan inscription on the first message what<00:15:33.240> is<00:15:33.330> the<00:15:33.390> first<00:15:33.690> idea<00:15:33.870> of<00:15:34.140> Bitcoin<00:15:34.490> the 00:15:35.480 --> 00:15:35.490 align:start position:0% what is the first idea of Bitcoin the 00:15:35.490 --> 00:15:40.190 align:start position:0% what is the first idea of Bitcoin the times<00:15:35.820> o<00:15:36.180> 1<00:15:37.110> o<00:15:37.580> 309<00:15:38.630> Chancellor<00:15:39.630> on<00:15:39.780> brink<00:15:40.080> of 00:15:40.190 --> 00:15:40.200 align:start position:0% times o 1 o 309 Chancellor on brink of 00:15:40.200 --> 00:15:43.700 align:start position:0% times o 1 o 309 Chancellor on brink of second<00:15:40.620> bailout<00:15:40.800> for<00:15:41.130> banks<00:15:41.490> right<00:15:42.560> like<00:15:43.560> the 00:15:43.700 --> 00:15:43.710 align:start position:0% second bailout for banks right like the 00:15:43.710 --> 00:15:47.600 align:start position:0% second bailout for banks right like the Protestant<00:15:44.130> Reformation<00:15:46.430> people<00:15:47.430> who<00:15:47.520> are 00:15:47.600 --> 00:15:47.610 align:start position:0% Protestant Reformation people who are 00:15:47.610 --> 00:15:48.890 align:start position:0% Protestant Reformation people who are involved<00:15:47.940> in<00:15:48.000> the<00:15:48.060> financial<00:15:48.360> Reformation 00:15:48.890 --> 00:15:48.900 align:start position:0% involved in the financial Reformation 00:15:48.900 --> 00:15:51.350 align:start position:0% involved in the financial Reformation are<00:15:49.050> not<00:15:49.230> asking<00:15:49.890> permission<00:15:50.360> nor 00:15:51.350 --> 00:15:51.360 align:start position:0% are not asking permission nor 00:15:51.360 --> 00:15:53.510 align:start position:0% are not asking permission nor forgiveness<00:15:51.990> from<00:15:52.320> the<00:15:52.470> large<00:15:52.710> institutions 00:15:53.510 --> 00:15:53.520 align:start position:0% forgiveness from the large institutions 00:15:53.520 --> 00:15:55.370 align:start position:0% forgiveness from the large institutions that<00:15:53.940> they<00:15:54.090> take<00:15:54.270> issue<00:15:54.420> with<00:15:54.630> they<00:15:55.320> are 00:15:55.370 --> 00:15:55.380 align:start position:0% that they take issue with they are 00:15:55.380 --> 00:15:58.220 align:start position:0% that they take issue with they are simply<00:15:56.060> reorganizing<00:15:57.060> their<00:15:57.180> society<00:15:57.750> at<00:15:57.960> the 00:15:58.220 --> 00:15:58.230 align:start position:0% simply reorganizing their society at the 00:15:58.230 --> 00:16:00.470 align:start position:0% simply reorganizing their society at the grassroots<00:15:58.740> level<00:15:59.070> in<00:15:59.190> a<00:15:59.490> way<00:15:59.520> that<00:16:00.120> they<00:16:00.300> can 00:16:00.470 --> 00:16:00.480 align:start position:0% grassroots level in a way that they can 00:16:00.480 --> 00:16:02.960 align:start position:0% grassroots level in a way that they can have<00:16:00.660> direct<00:16:01.320> interaction<00:16:01.590> with<00:16:02.280> these 00:16:02.960 --> 00:16:02.970 align:start position:0% have direct interaction with these 00:16:02.970 --> 00:16:07.030 align:start position:0% have direct interaction with these forces<00:16:03.270> that<00:16:03.900> organize<00:16:04.380> their<00:16:04.620> lives<00:16:05.510> right 00:16:07.030 --> 00:16:07.040 align:start position:0% forces that organize their lives right 00:16:07.040 --> 00:16:09.740 align:start position:0% forces that organize their lives right it<00:16:08.040> was<00:16:08.220> incredibly<00:16:08.730> important<00:16:09.300> this<00:16:09.450> era 00:16:09.740 --> 00:16:09.750 align:start position:0% it was incredibly important this era 00:16:09.750 --> 00:16:11.450 align:start position:0% it was incredibly important this era that<00:16:10.020> has<00:16:10.170> begun<00:16:10.380> you<00:16:10.770> know<00:16:10.860> I<00:16:10.890> think<00:16:11.190> that<00:16:11.370> we 00:16:11.450 --> 00:16:11.460 align:start position:0% that has begun you know I think that we 00:16:11.460 --> 00:16:14.990 align:start position:0% that has begun you know I think that we don't<00:16:11.640> actually<00:16:11.940> give<00:16:12.330> it<00:16:12.950> enough<00:16:14.000> explicit 00:16:14.990 --> 00:16:15.000 align:start position:0% don't actually give it enough explicit 00:16:15.000 --> 00:16:17.360 align:start position:0% don't actually give it enough explicit respect<00:16:15.420> when<00:16:15.600> we<00:16:15.690> talk<00:16:15.900> about<00:16:15.930> we're<00:16:16.800> at<00:16:17.100> and 00:16:17.360 --> 00:16:17.370 align:start position:0% respect when we talk about we're at and 00:16:17.370 --> 00:16:20.110 align:start position:0% respect when we talk about we're at and why<00:16:17.760> we're<00:16:18.030> doing<00:16:18.150> what<00:16:18.300> we're<00:16:18.540> doing<00:16:18.570> because 00:16:20.110 --> 00:16:20.120 align:start position:0% why we're doing what we're doing because 00:16:20.120 --> 00:16:23.960 align:start position:0% why we're doing what we're doing because the<00:16:21.120> alternative<00:16:21.720> is<00:16:22.070> very<00:16:23.070> very<00:16:23.310> dire<00:16:23.580> the 00:16:23.960 --> 00:16:23.970 align:start position:0% the alternative is very very dire the 00:16:23.970 --> 00:16:26.000 align:start position:0% the alternative is very very dire the stakes<00:16:24.270> are<00:16:24.480> very<00:16:24.510> high<00:16:24.990> we<00:16:25.290> all<00:16:25.470> can<00:16:25.710> admit<00:16:25.980> it 00:16:26.000 --> 00:16:26.010 align:start position:0% stakes are very high we all can admit it 00:16:26.010 --> 00:16:27.860 align:start position:0% stakes are very high we all can admit it the<00:16:26.250> stakes<00:16:26.460> are<00:16:26.610> very<00:16:26.640> high<00:16:27.090> when<00:16:27.450> we<00:16:27.480> look<00:16:27.750> at 00:16:27.860 --> 00:16:27.870 align:start position:0% the stakes are very high when we look at 00:16:27.870 --> 00:16:29.660 align:start position:0% the stakes are very high when we look at global<00:16:28.200> problems<00:16:28.590> and<00:16:28.710> challenges<00:16:29.100> today<00:16:29.280> and 00:16:29.660 --> 00:16:29.670 align:start position:0% global problems and challenges today and 00:16:29.670 --> 00:16:32.840 align:start position:0% global problems and challenges today and the<00:16:30.630> fact<00:16:30.810> is<00:16:31.050> if<00:16:31.260> we<00:16:31.530> miss<00:16:31.830> this<00:16:32.070> chance<00:16:32.130> at 00:16:32.840 --> 00:16:32.850 align:start position:0% the fact is if we miss this chance at 00:16:32.850 --> 00:16:35.150 align:start position:0% the fact is if we miss this chance at financial<00:16:33.690> Reformation<00:16:34.260> then<00:16:35.040> the 00:16:35.150 --> 00:16:35.160 align:start position:0% financial Reformation then the 00:16:35.160 --> 00:16:38.000 align:start position:0% financial Reformation then the alternative<00:16:35.700> is<00:16:36.140> unspeakable<00:16:37.200> we<00:16:37.770> simply 00:16:38.000 --> 00:16:38.010 align:start position:0% alternative is unspeakable we simply 00:16:38.010 --> 00:16:40.160 align:start position:0% alternative is unspeakable we simply cannot<00:16:38.520> miss<00:16:38.790> this<00:16:38.970> chance<00:16:39.030> and<00:16:39.510> we<00:16:39.690> need<00:16:39.960> to 00:16:40.160 --> 00:16:40.170 align:start position:0% cannot miss this chance and we need to 00:16:40.170 --> 00:16:42.380 align:start position:0% cannot miss this chance and we need to seize<00:16:40.380> this<00:16:40.530> opportunity<00:16:40.680> and<00:16:41.390> reorganize 00:16:42.380 --> 00:16:42.390 align:start position:0% seize this opportunity and reorganize 00:16:42.390 --> 00:16:45.710 align:start position:0% seize this opportunity and reorganize our<00:16:42.600> lives<00:16:43.070> right<00:16:44.070> I<00:16:44.280> don't<00:16:44.820> even<00:16:45.000> want<00:16:45.330> to 00:16:45.710 --> 00:16:45.720 align:start position:0% our lives right I don't even want to 00:16:45.720 --> 00:16:47.540 align:start position:0% our lives right I don't even want to comment<00:16:45.990> on<00:16:46.320> the<00:16:46.770> alternative<00:16:47.220> and<00:16:47.400> if<00:16:47.490> you 00:16:47.540 --> 00:16:47.550 align:start position:0% comment on the alternative and if you 00:16:47.550 --> 00:16:49.130 align:start position:0% comment on the alternative and if you look<00:16:47.790> at<00:16:47.910> history<00:16:48.240> you<00:16:48.420> will<00:16:48.720> see<00:16:48.780> for 00:16:49.130 --> 00:16:49.140 align:start position:0% look at history you will see for 00:16:49.140 --> 00:16:52.010 align:start position:0% look at history you will see for yourself<00:16:49.340> what<00:16:50.340> happens<00:16:50.760> when<00:16:51.120> humans<00:16:51.540> miss 00:16:52.010 --> 00:16:52.020 align:start position:0% yourself what happens when humans miss 00:16:52.020 --> 00:16:56.300 align:start position:0% yourself what happens when humans miss an<00:16:52.260> opportunity<00:16:52.920> at<00:16:53.490> Reformation<00:16:55.190> now<00:16:56.190> this 00:16:56.300 --> 00:16:56.310 align:start position:0% an opportunity at Reformation now this 00:16:56.310 --> 00:16:57.950 align:start position:0% an opportunity at Reformation now this financial<00:16:56.700> Reformation<00:16:57.300> is<00:16:57.420> where<00:16:57.600> maker<00:16:57.840> I 00:16:57.950 --> 00:16:57.960 align:start position:0% financial Reformation is where maker I 00:16:57.960 --> 00:17:00.080 align:start position:0% financial Reformation is where maker I think<00:16:58.290> comes<00:16:59.100> in<00:16:59.310> the<00:16:59.400> most<00:16:59.610> and<00:16:59.760> becomes<00:16:59.970> the 00:17:00.080 --> 00:17:00.090 align:start position:0% think comes in the most and becomes the 00:17:00.090 --> 00:17:02.810 align:start position:0% think comes in the most and becomes the most<00:17:00.360> relevant<00:17:01.350> and<00:17:01.530> I<00:17:02.310> think<00:17:02.550> that<00:17:02.670> there<00:17:02.790> are 00:17:02.810 --> 00:17:02.820 align:start position:0% most relevant and I think that there are 00:17:02.820 --> 00:17:06.650 align:start position:0% most relevant and I think that there are three<00:17:03.180> main<00:17:04.020> areas<00:17:04.610> that<00:17:05.610> actually<00:17:06.180> highlight 00:17:06.650 --> 00:17:06.660 align:start position:0% three main areas that actually highlight 00:17:06.660 --> 00:17:09.680 align:start position:0% three main areas that actually highlight the<00:17:07.440> strong<00:17:07.860> use<00:17:08.610> case<00:17:08.850> for<00:17:08.880> blockchains 00:17:09.680 --> 00:17:09.690 align:start position:0% the strong use case for blockchains 00:17:09.690 --> 00:17:13.670 align:start position:0% the strong use case for blockchains in<00:17:09.810> the<00:17:10.440> maker<00:17:10.620> Duff<00:17:10.860> system<00:17:11.630> the<00:17:12.630> first<00:17:12.930> is 00:17:13.670 --> 00:17:13.680 align:start position:0% in the maker Duff system the first is 00:17:13.680 --> 00:17:15.680 align:start position:0% in the maker Duff system the first is transparency<00:17:14.460> this<00:17:14.820> is<00:17:15.000> the<00:17:15.090> key<00:17:15.390> innovation 00:17:15.680 --> 00:17:15.690 align:start position:0% transparency this is the key innovation 00:17:15.690 --> 00:17:18.410 align:start position:0% transparency this is the key innovation in<00:17:16.410> my<00:17:16.650> opinion<00:17:17.070> and<00:17:17.250> it<00:17:17.700> is<00:17:17.790> actually<00:17:18.150> I<00:17:18.300> think 00:17:18.410 --> 00:17:18.420 align:start position:0% in my opinion and it is actually I think 00:17:18.420 --> 00:17:20.210 align:start position:0% in my opinion and it is actually I think a<00:17:18.660> bit<00:17:18.780> underappreciated<00:17:19.590> in<00:17:19.740> black<00:17:19.950> chains 00:17:20.210 --> 00:17:20.220 align:start position:0% a bit underappreciated in black chains 00:17:20.220 --> 00:17:23.660 align:start position:0% a bit underappreciated in black chains but<00:17:21.180> it<00:17:21.270> is<00:17:21.330> entirely<00:17:21.930> essential<00:17:22.830> to<00:17:23.370> what 00:17:23.660 --> 00:17:23.670 align:start position:0% but it is entirely essential to what 00:17:23.670 --> 00:17:27.590 align:start position:0% but it is entirely essential to what makes<00:17:24.000> maker<00:17:24.390> a<00:17:24.660> compelling<00:17:25.080> project<00:17:26.600> this 00:17:27.590 --> 00:17:27.600 align:start position:0% makes maker a compelling project this 00:17:27.600 --> 00:17:30.920 align:start position:0% makes maker a compelling project this idea<00:17:27.900> of<00:17:28.080> real-time<00:17:28.800> auditability<00:17:29.660> this<00:17:30.660> idea 00:17:30.920 --> 00:17:30.930 align:start position:0% idea of real-time auditability this idea 00:17:30.930 --> 00:17:33.170 align:start position:0% idea of real-time auditability this idea that<00:17:31.080> anybody<00:17:31.680> in<00:17:31.860> the<00:17:31.980> world<00:17:32.250> any<00:17:32.610> potential 00:17:33.170 --> 00:17:33.180 align:start position:0% that anybody in the world any potential 00:17:33.180 --> 00:17:35.150 align:start position:0% that anybody in the world any potential customer<00:17:33.630> of<00:17:33.720> the<00:17:33.810> system<00:17:34.200> can<00:17:34.680> look<00:17:34.980> for 00:17:35.150 --> 00:17:35.160 align:start position:0% customer of the system can look for 00:17:35.160 --> 00:17:37.700 align:start position:0% customer of the system can look for themselves<00:17:35.310> and<00:17:35.910> see<00:17:36.570> every<00:17:37.170> single<00:17:37.350> feature 00:17:37.700 --> 00:17:37.710 align:start position:0% themselves and see every single feature 00:17:37.710 --> 00:17:41.230 align:start position:0% themselves and see every single feature every<00:17:38.550> single<00:17:38.880> modern<00:17:39.780> or<00:17:40.080> sorry<00:17:40.350> current 00:17:41.230 --> 00:17:41.240 align:start position:0% every single modern or sorry current 00:17:41.240 --> 00:17:42.780 align:start position:0% every single modern or sorry current condition<00:17:42.240> of<00:17:42.360> the 00:17:42.780 --> 00:17:42.790 align:start position:0% condition of the 00:17:42.790 --> 00:17:45.090 align:start position:0% condition of the and<00:17:43.210> verify<00:17:43.930> for<00:17:43.990> themselves<00:17:44.590> that<00:17:44.710> it<00:17:44.830> is<00:17:44.950> in 00:17:45.090 --> 00:17:45.100 align:start position:0% and verify for themselves that it is in 00:17:45.100 --> 00:17:47.310 align:start position:0% and verify for themselves that it is in fact<00:17:45.250> trustworthy<00:17:45.850> if<00:17:46.660> I<00:17:46.810> went<00:17:47.080> to<00:17:47.290> a 00:17:47.310 --> 00:17:47.320 align:start position:0% fact trustworthy if I went to a 00:17:47.320 --> 00:17:50.520 align:start position:0% fact trustworthy if I went to a commercial<00:17:47.620> bank<00:17:47.980> today<00:17:48.570> and<00:17:49.570> I<00:17:49.630> said<00:17:49.690> show<00:17:50.500> me 00:17:50.520 --> 00:17:50.530 align:start position:0% commercial bank today and I said show me 00:17:50.530 --> 00:17:52.680 align:start position:0% commercial bank today and I said show me your<00:17:50.890> entire<00:17:51.280> loan<00:17:51.520> book<00:17:51.760> I'm<00:17:52.210> gonna<00:17:52.360> see<00:17:52.510> all 00:17:52.680 --> 00:17:52.690 align:start position:0% your entire loan book I'm gonna see all 00:17:52.690 --> 00:17:54.270 align:start position:0% your entire loan book I'm gonna see all the<00:17:52.870> assets<00:17:53.260> under<00:17:53.410> management<00:17:53.560> I<00:17:54.070> want<00:17:54.220> to 00:17:54.270 --> 00:17:54.280 align:start position:0% the assets under management I want to 00:17:54.280 --> 00:17:56.070 align:start position:0% the assets under management I want to see<00:17:54.340> your<00:17:54.490> whole<00:17:54.640> risk<00:17:54.910> profile<00:17:55.390> and<00:17:55.660> I<00:17:55.930> want 00:17:56.070 --> 00:17:56.080 align:start position:0% see your whole risk profile and I want 00:17:56.080 --> 00:17:58.590 align:start position:0% see your whole risk profile and I want to<00:17:56.140> see<00:17:56.230> it<00:17:56.320> real<00:17:56.620> time<00:17:57.090> they<00:17:58.090> tell<00:17:58.330> me<00:17:58.360> to<00:17:58.450> get 00:17:58.590 --> 00:17:58.600 align:start position:0% to see it real time they tell me to get 00:17:58.600 --> 00:17:59.190 align:start position:0% to see it real time they tell me to get lost 00:17:59.190 --> 00:17:59.200 align:start position:0% lost 00:17:59.200 --> 00:18:02.550 align:start position:0% lost right<00:18:00.090> but<00:18:01.090> in<00:18:01.180> maker<00:18:01.390> this<00:18:01.660> is<00:18:01.780> entirely<00:18:02.290> the 00:18:02.550 --> 00:18:02.560 align:start position:0% right but in maker this is entirely the 00:18:02.560 --> 00:18:05.730 align:start position:0% right but in maker this is entirely the logic<00:18:02.920> of<00:18:03.070> what's<00:18:03.280> happening<00:18:04.560> there's<00:18:05.560> no 00:18:05.730 --> 00:18:05.740 align:start position:0% logic of what's happening there's no 00:18:05.740 --> 00:18:07.380 align:start position:0% logic of what's happening there's no other<00:18:05.980> way<00:18:06.250> that<00:18:06.280> the<00:18:06.700> system<00:18:07.030> can<00:18:07.180> even 00:18:07.380 --> 00:18:07.390 align:start position:0% other way that the system can even 00:18:07.390 --> 00:18:11.430 align:start position:0% other way that the system can even possibly<00:18:08.050> exist<00:18:09.240> it's<00:18:10.240> incredibly<00:18:10.870> important 00:18:11.430 --> 00:18:11.440 align:start position:0% possibly exist it's incredibly important 00:18:11.440 --> 00:18:14.430 align:start position:0% possibly exist it's incredibly important when<00:18:11.530> we<00:18:11.590> talk<00:18:11.800> about<00:18:12.420> financial<00:18:13.440> Reformation 00:18:14.430 --> 00:18:14.440 align:start position:0% when we talk about financial Reformation 00:18:14.440 --> 00:18:15.870 align:start position:0% when we talk about financial Reformation right<00:18:14.800> but<00:18:14.950> it<00:18:15.040> doesn't<00:18:15.130> just<00:18:15.460> stay<00:18:15.670> with<00:18:15.850> the 00:18:15.870 --> 00:18:15.880 align:start position:0% right but it doesn't just stay with the 00:18:15.880 --> 00:18:18.210 align:start position:0% right but it doesn't just stay with the technology<00:18:16.510> it<00:18:16.660> actually<00:18:16.840> bubbles<00:18:17.290> up<00:18:17.470> into 00:18:18.210 --> 00:18:18.220 align:start position:0% technology it actually bubbles up into 00:18:18.220 --> 00:18:21.500 align:start position:0% technology it actually bubbles up into the<00:18:18.340> culture<00:18:18.900> and<00:18:19.900> that's<00:18:20.110> where<00:18:20.320> we<00:18:20.380> get<00:18:20.560> to 00:18:21.500 --> 00:18:21.510 align:start position:0% the culture and that's where we get to 00:18:21.510 --> 00:18:25.310 align:start position:0% the culture and that's where we get to decentralize<00:18:22.510> scientific<00:18:23.410> risk<00:18:23.890> assessment 00:18:25.310 --> 00:18:25.320 align:start position:0% decentralize scientific risk assessment 00:18:25.320 --> 00:18:28.500 align:start position:0% decentralize scientific risk assessment awhile<00:18:26.320> back<00:18:26.560> I<00:18:26.800> said<00:18:26.920> that<00:18:27.520> the<00:18:27.580> MKR<00:18:28.150> holders 00:18:28.500 --> 00:18:28.510 align:start position:0% awhile back I said that the MKR holders 00:18:28.510 --> 00:18:30.750 align:start position:0% awhile back I said that the MKR holders are<00:18:28.720> responsible<00:18:29.380> for<00:18:29.770> coming<00:18:30.100> to<00:18:30.190> consensus 00:18:30.750 --> 00:18:30.760 align:start position:0% are responsible for coming to consensus 00:18:30.760 --> 00:18:34.710 align:start position:0% are responsible for coming to consensus on<00:18:30.940> the<00:18:31.360> nature<00:18:31.630> of<00:18:31.780> reality<00:18:32.490> right<00:18:33.720> that 00:18:34.710 --> 00:18:34.720 align:start position:0% on the nature of reality right that 00:18:34.720 --> 00:18:35.880 align:start position:0% on the nature of reality right that means<00:18:34.810> that<00:18:34.900> they<00:18:35.050> have<00:18:35.140> to<00:18:35.230> share<00:18:35.560> knowledge 00:18:35.880 --> 00:18:35.890 align:start position:0% means that they have to share knowledge 00:18:35.890 --> 00:18:39.840 align:start position:0% means that they have to share knowledge and<00:18:36.540> agree<00:18:37.540> on<00:18:37.930> what<00:18:38.770> is<00:18:38.860> the<00:18:38.950> truth<00:18:39.190> if<00:18:39.460> we 00:18:39.840 --> 00:18:39.850 align:start position:0% and agree on what is the truth if we 00:18:39.850 --> 00:18:44.520 align:start position:0% and agree on what is the truth if we look<00:18:40.330> in<00:18:40.740> history<00:18:41.740> at<00:18:43.530> decentralized 00:18:44.520 --> 00:18:44.530 align:start position:0% look in history at decentralized 00:18:44.530 --> 00:18:46.830 align:start position:0% look in history at decentralized knowledge<00:18:45.190> sharing<00:18:45.640> systems<00:18:46.090> in<00:18:46.210> the<00:18:46.300> past<00:18:46.480> we 00:18:46.830 --> 00:18:46.840 align:start position:0% knowledge sharing systems in the past we 00:18:46.840 --> 00:18:49.110 align:start position:0% knowledge sharing systems in the past we quickly<00:18:47.080> arrived<00:18:47.500> at<00:18:47.830> the<00:18:48.160> academic<00:18:48.700> system 00:18:49.110 --> 00:18:49.120 align:start position:0% quickly arrived at the academic system 00:18:49.120 --> 00:18:52.380 align:start position:0% quickly arrived at the academic system the<00:18:49.840> scientific<00:18:50.380> method<00:18:50.740> the<00:18:50.890> system<00:18:51.790> of<00:18:52.060> peer 00:18:52.380 --> 00:18:52.390 align:start position:0% the scientific method the system of peer 00:18:52.390 --> 00:18:54.990 align:start position:0% the scientific method the system of peer review<00:18:52.840> right<00:18:53.440> this<00:18:53.770> is<00:18:53.980> what<00:18:54.400> the<00:18:54.520> mkr 00:18:54.990 --> 00:18:55.000 align:start position:0% review right this is what the mkr 00:18:55.000 --> 00:18:57.390 align:start position:0% review right this is what the mkr holders<00:18:55.390> are<00:18:55.570> currently<00:18:56.080> realizing<00:18:56.830> that 00:18:57.390 --> 00:18:57.400 align:start position:0% holders are currently realizing that 00:18:57.400 --> 00:18:59.310 align:start position:0% holders are currently realizing that they<00:18:57.730> need<00:18:58.090> to<00:18:58.540> interact<00:18:58.690> with<00:18:58.990> each<00:18:59.080> other 00:18:59.310 --> 00:18:59.320 align:start position:0% they need to interact with each other 00:18:59.320 --> 00:19:00.810 align:start position:0% they need to interact with each other because<00:18:59.590> this<00:19:00.100> is<00:19:00.190> a<00:19:00.220> far-flung 00:19:00.810 --> 00:19:00.820 align:start position:0% because this is a far-flung 00:19:00.820 --> 00:19:02.550 align:start position:0% because this is a far-flung international<00:19:01.690> coalition<00:19:02.170> who<00:19:02.260> talked<00:19:02.470> to 00:19:02.550 --> 00:19:02.560 align:start position:0% international coalition who talked to 00:19:02.560 --> 00:19:04.320 align:start position:0% international coalition who talked to each<00:19:02.650> other<00:19:02.770> online<00:19:03.100> remotely<00:19:04.000> over<00:19:04.120> the 00:19:04.320 --> 00:19:04.330 align:start position:0% each other online remotely over the 00:19:04.330 --> 00:19:04.710 align:start position:0% each other online remotely over the Internet 00:19:04.710 --> 00:19:04.720 align:start position:0% Internet 00:19:04.720 --> 00:19:08.010 align:start position:0% Internet possibly<00:19:05.140> never<00:19:05.710> having<00:19:06.130> met<00:19:06.160> in<00:19:06.460> person<00:19:07.020> how 00:19:08.010 --> 00:19:08.020 align:start position:0% possibly never having met in person how 00:19:08.020 --> 00:19:09.180 align:start position:0% possibly never having met in person how are<00:19:08.170> these<00:19:08.260> people<00:19:08.320> going<00:19:08.710> to<00:19:08.830> talk<00:19:09.010> to<00:19:09.100> each 00:19:09.180 --> 00:19:09.190 align:start position:0% are these people going to talk to each 00:19:09.190 --> 00:19:10.770 align:start position:0% are these people going to talk to each other<00:19:09.370> and<00:19:09.520> come<00:19:10.030> to<00:19:10.150> consensus<00:19:10.570> on<00:19:10.690> the 00:19:10.770 --> 00:19:10.780 align:start position:0% other and come to consensus on the 00:19:10.780 --> 00:19:12.830 align:start position:0% other and come to consensus on the nature<00:19:10.990> of<00:19:11.110> reality<00:19:11.200> it<00:19:11.830> has<00:19:12.100> to<00:19:12.340> be 00:19:12.830 --> 00:19:12.840 align:start position:0% nature of reality it has to be 00:19:12.840 --> 00:19:16.500 align:start position:0% nature of reality it has to be evidence-based<00:19:14.310> rational<00:19:15.510> repeatable 00:19:16.500 --> 00:19:16.510 align:start position:0% evidence-based rational repeatable 00:19:16.510 --> 00:19:20.250 align:start position:0% evidence-based rational repeatable articulate<00:19:17.500> and<00:19:17.880> candid<00:19:18.880> right<00:19:19.780> this<00:19:19.960> is<00:19:20.080> how 00:19:20.250 --> 00:19:20.260 align:start position:0% articulate and candid right this is how 00:19:20.260 --> 00:19:22.590 align:start position:0% articulate and candid right this is how the<00:19:20.320> MKR<00:19:20.890> holders<00:19:21.250> have<00:19:21.610> already<00:19:22.210> committed 00:19:22.590 --> 00:19:22.600 align:start position:0% the MKR holders have already committed 00:19:22.600 --> 00:19:27.540 align:start position:0% the MKR holders have already committed to<00:19:23.670> coordinate<00:19:24.670> amongst<00:19:25.180> each<00:19:25.300> other<00:19:26.490> this<00:19:27.490> is 00:19:27.540 --> 00:19:27.550 align:start position:0% to coordinate amongst each other this is 00:19:27.550 --> 00:19:30.690 align:start position:0% to coordinate amongst each other this is so<00:19:28.330> important<00:19:29.290> right<00:19:29.620> because<00:19:30.550> the 00:19:30.690 --> 00:19:30.700 align:start position:0% so important right because the 00:19:30.700 --> 00:19:32.970 align:start position:0% so important right because the alternative<00:19:31.300> to<00:19:31.480> this<00:19:31.630> the<00:19:32.410> alternative<00:19:32.860> to 00:19:32.970 --> 00:19:32.980 align:start position:0% alternative to this the alternative to 00:19:32.980 --> 00:19:34.860 align:start position:0% alternative to this the alternative to this<00:19:33.100> commitment<00:19:33.640> to<00:19:34.000> articulate<00:19:34.750> to 00:19:34.860 --> 00:19:34.870 align:start position:0% this commitment to articulate to 00:19:34.870 --> 00:19:37.890 align:start position:0% this commitment to articulate to communication<00:19:35.650> is<00:19:36.480> incoherence<00:19:37.480> and 00:19:37.890 --> 00:19:37.900 align:start position:0% communication is incoherence and 00:19:37.900 --> 00:19:40.680 align:start position:0% communication is incoherence and obscurity<00:19:38.710> and<00:19:39.130> I<00:19:39.490> think<00:19:39.700> that<00:19:39.820> this<00:19:40.210> culture 00:19:40.680 --> 00:19:40.690 align:start position:0% obscurity and I think that this culture 00:19:40.690 --> 00:19:43.230 align:start position:0% obscurity and I think that this culture is<00:19:40.870> actually<00:19:41.110> what<00:19:41.650> a<00:19:41.860> lot<00:19:42.310> of<00:19:42.340> what<00:19:42.790> made<00:19:43.090> the 00:19:43.230 --> 00:19:43.240 align:start position:0% is actually what a lot of what made the 00:19:43.240 --> 00:19:46.290 align:start position:0% is actually what a lot of what made the financial<00:19:43.690> crisis<00:19:44.050> of<00:19:44.080> 2008<00:19:44.710> possible<00:19:45.550> right 00:19:46.290 --> 00:19:46.300 align:start position:0% financial crisis of 2008 possible right 00:19:46.300 --> 00:19:48.840 align:start position:0% financial crisis of 2008 possible right it<00:19:46.450> was<00:19:46.540> this<00:19:46.660> culture<00:19:47.530> of<00:19:47.710> obscurity<00:19:48.400> that<00:19:48.670> we 00:19:48.840 --> 00:19:48.850 align:start position:0% it was this culture of obscurity that we 00:19:48.850 --> 00:19:51.180 align:start position:0% it was this culture of obscurity that we saw<00:19:49.030> in<00:19:49.180> Wall<00:19:49.420> Street<00:19:49.450> this<00:19:50.040> collusion<00:19:51.040> with 00:19:51.180 --> 00:19:51.190 align:start position:0% saw in Wall Street this collusion with 00:19:51.190 --> 00:19:53.070 align:start position:0% saw in Wall Street this collusion with the<00:19:51.280> credit<00:19:51.610> rating<00:19:51.940> agencies<00:19:52.420> this 00:19:53.070 --> 00:19:53.080 align:start position:0% the credit rating agencies this 00:19:53.080 --> 00:19:54.210 align:start position:0% the credit rating agencies this corporate<00:19:53.530> doublespeak 00:19:54.210 --> 00:19:54.220 align:start position:0% corporate doublespeak 00:19:54.220 --> 00:19:55.769 align:start position:0% corporate doublespeak euphemisms<00:19:55.180> this<00:19:55.510> in 00:19:55.769 --> 00:19:55.779 align:start position:0% euphemisms this in 00:19:55.779 --> 00:19:58.320 align:start position:0% euphemisms this in same<00:19:56.019> concept<00:19:56.320> of<00:19:56.679> moving<00:19:57.279> risk<00:19:57.789> off<00:19:58.059> the 00:19:58.320 --> 00:19:58.330 align:start position:0% same concept of moving risk off the 00:19:58.330 --> 00:20:00.690 align:start position:0% same concept of moving risk off the books<00:19:58.599> how<00:19:59.259> they<00:19:59.379> would<00:19:59.469> shake<00:19:59.830> quantum 00:20:00.690 --> 00:20:00.700 align:start position:0% books how they would shake quantum 00:20:00.700 --> 00:20:02.129 align:start position:0% books how they would shake quantum models<00:20:00.999> in<00:20:01.119> your<00:20:01.210> face<00:20:01.479> if<00:20:01.719> you<00:20:01.749> ask<00:20:01.960> too<00:20:02.080> many 00:20:02.129 --> 00:20:02.139 align:start position:0% models in your face if you ask too many 00:20:02.139 --> 00:20:04.409 align:start position:0% models in your face if you ask too many difficult<00:20:02.619> questions<00:20:03.039> and<00:20:03.309> it<00:20:03.969> was<00:20:04.059> in<00:20:04.269> this 00:20:04.409 --> 00:20:04.419 align:start position:0% difficult questions and it was in this 00:20:04.419 --> 00:20:06.180 align:start position:0% difficult questions and it was in this culture<00:20:04.809> that<00:20:04.840> we<00:20:04.989> could<00:20:05.139> have<00:20:05.289> an<00:20:05.529> insane 00:20:06.180 --> 00:20:06.190 align:start position:0% culture that we could have an insane 00:20:06.190 --> 00:20:09.419 align:start position:0% culture that we could have an insane phrase<00:20:06.999> like<00:20:07.749> super<00:20:08.440> senior<00:20:08.859> tranches<00:20:09.369> of 00:20:09.419 --> 00:20:09.429 align:start position:0% phrase like super senior tranches of 00:20:09.429 --> 00:20:13.200 align:start position:0% phrase like super senior tranches of high-grade<00:20:10.200> multi-sector<00:20:11.200> CDOs<00:20:12.210> literally 00:20:13.200 --> 00:20:13.210 align:start position:0% high-grade multi-sector CDOs literally 00:20:13.210 --> 00:20:17.339 align:start position:0% high-grade multi-sector CDOs literally mean<00:20:13.389> the<00:20:13.690> exact<00:20:14.139> opposite<00:20:15.210> right<00:20:16.210> and<00:20:16.690> what 00:20:17.339 --> 00:20:17.349 align:start position:0% mean the exact opposite right and what 00:20:17.349 --> 00:20:19.979 align:start position:0% mean the exact opposite right and what we<00:20:17.440> got<00:20:17.649> was<00:20:18.580> an<00:20:18.700> imperfect<00:20:19.239> picture<00:20:19.809> of 00:20:19.979 --> 00:20:19.989 align:start position:0% we got was an imperfect picture of 00:20:19.989 --> 00:20:22.560 align:start position:0% we got was an imperfect picture of reality<00:20:20.469> where<00:20:21.190> financial<00:20:21.489> engineers<00:20:22.239> were 00:20:22.560 --> 00:20:22.570 align:start position:0% reality where financial engineers were 00:20:22.570 --> 00:20:25.979 align:start position:0% reality where financial engineers were hailed<00:20:22.869> as<00:20:23.200> masters<00:20:23.830> of<00:20:24.009> the<00:20:24.099> universe<00:20:24.989> when 00:20:25.979 --> 00:20:25.989 align:start position:0% hailed as masters of the universe when 00:20:25.989 --> 00:20:27.629 align:start position:0% hailed as masters of the universe when it<00:20:26.080> turns<00:20:26.289> out<00:20:26.559> they<00:20:27.099> didn't<00:20:27.369> know<00:20:27.429> what<00:20:27.549> they 00:20:27.629 --> 00:20:27.639 align:start position:0% it turns out they didn't know what they 00:20:27.639 --> 00:20:31.919 align:start position:0% it turns out they didn't know what they were<00:20:27.729> doing<00:20:27.969> at<00:20:28.089> all<00:20:30.419> it<00:20:31.419> was<00:20:31.509> monkey<00:20:31.809> business 00:20:31.919 --> 00:20:31.929 align:start position:0% were doing at all it was monkey business 00:20:31.929 --> 00:20:43.469 align:start position:0% were doing at all it was monkey business the<00:20:32.289> entire<00:20:32.379> time<00:20:41.369> this<00:20:42.369> monkey<00:20:42.789> business<00:20:42.909> had 00:20:43.469 --> 00:20:43.479 align:start position:0% the entire time this monkey business had 00:20:43.479 --> 00:20:46.739 align:start position:0% the entire time this monkey business had dire<00:20:43.899> consequences<00:20:44.919> right<00:20:45.219> we<00:20:45.879> quickly<00:20:46.210> Swit 00:20:46.739 --> 00:20:46.749 align:start position:0% dire consequences right we quickly Swit 00:20:46.749 --> 00:20:50.039 align:start position:0% dire consequences right we quickly Swit slipped<00:20:47.619> into<00:20:48.279> moral<00:20:48.789> hazard<00:20:49.269> territory<00:20:49.779> and 00:20:50.039 --> 00:20:50.049 align:start position:0% slipped into moral hazard territory and 00:20:50.049 --> 00:20:52.829 align:start position:0% slipped into moral hazard territory and this<00:20:50.289> the<00:20:50.950> taxpayers<00:20:51.879> had<00:20:52.119> to<00:20:52.210> step<00:20:52.450> in<00:20:52.659> and 00:20:52.829 --> 00:20:52.839 align:start position:0% this the taxpayers had to step in and 00:20:52.839 --> 00:20:55.709 align:start position:0% this the taxpayers had to step in and bail<00:20:53.529> out<00:20:53.559> all<00:20:53.889> these<00:20:54.070> banks<00:20:54.489> the<00:20:55.119> bailouts<00:20:55.599> of 00:20:55.709 --> 00:20:55.719 align:start position:0% bail out all these banks the bailouts of 00:20:55.719 --> 00:20:57.869 align:start position:0% bail out all these banks the bailouts of I<00:20:55.869> remember<00:20:56.349> the<00:20:56.440> bailouts<00:20:56.799> of<00:20:56.919> 2009<00:20:57.549> and<00:20:57.789> I 00:20:57.869 --> 00:20:57.879 align:start position:0% I remember the bailouts of 2009 and I 00:20:57.879 --> 00:20:59.450 align:start position:0% I remember the bailouts of 2009 and I remember<00:20:58.299> them<00:20:58.419> as<00:20:58.599> some<00:20:58.989> of<00:20:59.109> the<00:20:59.229> most 00:20:59.450 --> 00:20:59.460 align:start position:0% remember them as some of the most 00:20:59.460 --> 00:21:03.529 align:start position:0% remember them as some of the most profoundly<00:21:00.460> unfair<00:21:01.289> experiences<00:21:02.289> of<00:21:02.440> my<00:21:02.769> life 00:21:03.529 --> 00:21:03.539 align:start position:0% profoundly unfair experiences of my life 00:21:03.539 --> 00:21:06.959 align:start position:0% profoundly unfair experiences of my life right<00:21:04.570> it<00:21:04.779> was<00:21:04.929> amazing<00:21:05.349> this<00:21:05.969> indoctrination 00:21:06.959 --> 00:21:06.969 align:start position:0% right it was amazing this indoctrination 00:21:06.969 --> 00:21:09.389 align:start position:0% right it was amazing this indoctrination of<00:21:07.179> free-market<00:21:07.629> ideology<00:21:08.049> for<00:21:08.830> decades<00:21:09.219> and 00:21:09.389 --> 00:21:09.399 align:start position:0% of free-market ideology for decades and 00:21:09.399 --> 00:21:11.450 align:start position:0% of free-market ideology for decades and decades<00:21:09.549> and<00:21:09.940> decades<00:21:10.200> suddenly 00:21:11.450 --> 00:21:11.460 align:start position:0% decades and decades suddenly 00:21:11.460 --> 00:21:14.430 align:start position:0% decades and decades suddenly conveniently<00:21:12.460> suspended<00:21:13.119> when<00:21:13.989> everything 00:21:14.430 --> 00:21:14.440 align:start position:0% conveniently suspended when everything 00:21:14.440 --> 00:21:14.849 align:start position:0% conveniently suspended when everything went<00:21:14.559> wrong 00:21:14.849 --> 00:21:14.859 align:start position:0% went wrong 00:21:14.859 --> 00:21:17.519 align:start position:0% went wrong and<00:21:15.129> profits<00:21:15.669> after<00:21:16.089> being<00:21:16.509> privatized<00:21:17.080> for 00:21:17.519 --> 00:21:17.529 align:start position:0% and profits after being privatized for 00:21:17.529 --> 00:21:20.729 align:start position:0% and profits after being privatized for decades<00:21:18.039> and<00:21:18.309> decades<00:21:18.700> and<00:21:19.179> decades<00:21:19.739> were 00:21:20.729 --> 00:21:20.739 align:start position:0% decades and decades and decades were 00:21:20.739 --> 00:21:22.589 align:start position:0% decades and decades and decades were suddenly<00:21:21.129> turned<00:21:21.369> into<00:21:21.489> socialized<00:21:22.149> losses 00:21:22.589 --> 00:21:22.599 align:start position:0% suddenly turned into socialized losses 00:21:22.599 --> 00:21:26.810 align:start position:0% suddenly turned into socialized losses overnight<00:21:23.580> right<00:21:24.580> this<00:21:25.059> was<00:21:25.210> very<00:21:25.599> unfair<00:21:26.289> and 00:21:26.810 --> 00:21:26.820 align:start position:0% overnight right this was very unfair and 00:21:26.820 --> 00:21:29.849 align:start position:0% overnight right this was very unfair and I<00:21:27.820> don't<00:21:27.879> even<00:21:28.119> blame<00:21:28.679> the<00:21:29.679> government 00:21:29.849 --> 00:21:29.859 align:start position:0% I don't even blame the government 00:21:29.859 --> 00:21:32.070 align:start position:0% I don't even blame the government regulators<00:21:30.639> and<00:21:30.909> the<00:21:31.119> agencies<00:21:31.690> that<00:21:31.839> did 00:21:32.070 --> 00:21:32.080 align:start position:0% regulators and the agencies that did 00:21:32.080 --> 00:21:34.049 align:start position:0% regulators and the agencies that did what<00:21:32.259> they<00:21:32.379> had<00:21:32.559> to<00:21:32.769> do<00:21:32.979> I<00:21:33.249> understand<00:21:33.969> that 00:21:34.049 --> 00:21:34.059 align:start position:0% what they had to do I understand that 00:21:34.059 --> 00:21:36.539 align:start position:0% what they had to do I understand that the<00:21:34.210> way<00:21:34.419> that<00:21:34.779> the<00:21:34.899> system<00:21:35.139> is<00:21:35.440> set<00:21:35.679> up<00:21:35.739> left 00:21:36.539 --> 00:21:36.549 align:start position:0% the way that the system is set up left 00:21:36.549 --> 00:21:38.909 align:start position:0% the way that the system is set up left them<00:21:36.759> with<00:21:36.909> no<00:21:37.119> other<00:21:37.299> choice<00:21:37.599> but<00:21:37.929> make<00:21:38.710> no 00:21:38.909 --> 00:21:38.919 align:start position:0% them with no other choice but make no 00:21:38.919 --> 00:21:41.759 align:start position:0% them with no other choice but make no mistake<00:21:38.950> the<00:21:39.849> problem<00:21:40.239> did<00:21:40.389> not<00:21:40.419> go<00:21:40.899> away<00:21:41.320> and 00:21:41.759 --> 00:21:41.769 align:start position:0% mistake the problem did not go away and 00:21:41.769 --> 00:21:43.589 align:start position:0% mistake the problem did not go away and if<00:21:42.279> we<00:21:42.489> don't<00:21:42.669> take<00:21:42.999> advantage<00:21:43.269> of<00:21:43.479> this 00:21:43.589 --> 00:21:43.599 align:start position:0% if we don't take advantage of this 00:21:43.599 --> 00:21:46.529 align:start position:0% if we don't take advantage of this opportunity<00:21:43.719> to<00:21:44.259> reform<00:21:44.799> the<00:21:45.039> system<00:21:45.549> then<00:21:46.509> it 00:21:46.529 --> 00:21:46.539 align:start position:0% opportunity to reform the system then it 00:21:46.539 --> 00:21:49.619 align:start position:0% opportunity to reform the system then it will<00:21:46.809> come<00:21:47.049> back<00:21:47.580> because<00:21:48.580> that<00:21:48.969> is<00:21:49.389> what<00:21:49.599> a 00:21:49.619 --> 00:21:49.629 align:start position:0% will come back because that is what a 00:21:49.629 --> 00:21:51.629 align:start position:0% will come back because that is what a moral<00:21:49.989> hazard<00:21:50.139> is<00:21:50.559> exactly<00:21:51.099> right<00:21:51.309> like<00:21:51.519> it 00:21:51.629 --> 00:21:51.639 align:start position:0% moral hazard is exactly right like it 00:21:51.639 --> 00:21:54.599 align:start position:0% moral hazard is exactly right like it doesn't<00:21:51.999> go<00:21:52.239> away<00:21:52.919> unless<00:21:53.919> you<00:21:54.039> take<00:21:54.190> a<00:21:54.339> new 00:21:54.599 --> 00:21:54.609 align:start position:0% doesn't go away unless you take a new 00:21:54.609 --> 00:21:57.989 align:start position:0% doesn't go away unless you take a new look<00:21:54.639> at<00:21:55.179> how<00:21:55.239> you're<00:21:55.779> organizing<00:21:56.940> that<00:21:57.940> I 00:21:57.989 --> 00:21:57.999 align:start position:0% look at how you're organizing that I 00:21:57.999 --> 00:22:00.839 align:start position:0% look at how you're organizing that I think<00:21:58.359> is<00:21:58.509> the<00:21:58.719> second<00:21:59.169> point<00:21:59.379> that<00:21:59.649> maker<00:22:00.369> can 00:22:00.839 --> 00:22:00.849 align:start position:0% think is the second point that maker can 00:22:00.849 --> 00:22:02.940 align:start position:0% think is the second point that maker can really<00:22:01.269> bring<00:22:01.479> an<00:22:01.690> opportunity<00:22:02.440> for<00:22:02.859> in 00:22:02.940 --> 00:22:02.950 align:start position:0% really bring an opportunity for in 00:22:02.950 --> 00:22:06.479 align:start position:0% really bring an opportunity for in financial<00:22:03.489> reform<00:22:03.789> and<00:22:04.389> it's<00:22:05.169> this<00:22:05.379> idea<00:22:05.559> that 00:22:06.479 --> 00:22:06.489 align:start position:0% financial reform and it's this idea that 00:22:06.489 --> 00:22:08.639 align:start position:0% financial reform and it's this idea that we<00:22:06.669> are<00:22:06.700> bound<00:22:07.149> by<00:22:07.629> our<00:22:07.839> rules 00:22:08.639 --> 00:22:08.649 align:start position:0% we are bound by our rules 00:22:08.649 --> 00:22:11.669 align:start position:0% we are bound by our rules this<00:22:09.159> idea<00:22:09.489> of<00:22:09.549> code<00:22:10.029> is<00:22:10.299> law<00:22:10.570> it's<00:22:11.320> so 00:22:11.669 --> 00:22:11.679 align:start position:0% this idea of code is law it's so 00:22:11.679 --> 00:22:13.589 align:start position:0% this idea of code is law it's so familiar<00:22:11.950> but<00:22:12.669> when<00:22:12.789> you<00:22:12.849> apply<00:22:12.970> it<00:22:13.239> to<00:22:13.359> maker 00:22:13.589 --> 00:22:13.599 align:start position:0% familiar but when you apply it to maker 00:22:13.599 --> 00:22:15.239 align:start position:0% familiar but when you apply it to maker it<00:22:13.839> makes<00:22:14.080> so<00:22:14.289> much<00:22:14.470> sense<00:22:14.499> because<00:22:14.889> we're 00:22:15.239 --> 00:22:15.249 align:start position:0% it makes so much sense because we're 00:22:15.249 --> 00:22:17.460 align:start position:0% it makes so much sense because we're talking<00:22:15.609> about<00:22:15.729> aligning<00:22:16.629> incentives<00:22:16.749> and 00:22:17.460 --> 00:22:17.470 align:start position:0% talking about aligning incentives and 00:22:17.470 --> 00:22:19.320 align:start position:0% talking about aligning incentives and we're<00:22:17.559> talking<00:22:17.710> about<00:22:17.979> a<00:22:18.249> rational<00:22:19.119> system 00:22:19.320 --> 00:22:19.330 align:start position:0% we're talking about a rational system 00:22:19.330 --> 00:22:21.119 align:start position:0% we're talking about a rational system where<00:22:19.809> we<00:22:19.899> can<00:22:20.019> understand<00:22:20.619> the<00:22:20.710> rules<00:22:20.919> up 00:22:21.119 --> 00:22:21.129 align:start position:0% where we can understand the rules up 00:22:21.129 --> 00:22:24.570 align:start position:0% where we can understand the rules up front<00:22:21.509> and<00:22:22.509> MKR<00:22:23.249> restricts<00:22:24.249> itself 00:22:24.570 --> 00:22:24.580 align:start position:0% front and MKR restricts itself 00:22:24.580 --> 00:22:27.060 align:start position:0% front and MKR restricts itself intentionally<00:22:25.539> and<00:22:25.690> it<00:22:26.259> can't<00:22:26.559> do<00:22:26.799> a<00:22:26.830> lot<00:22:27.009> of 00:22:27.060 --> 00:22:27.070 align:start position:0% intentionally and it can't do a lot of 00:22:27.070 --> 00:22:30.289 align:start position:0% intentionally and it can't do a lot of things<00:22:27.779> that<00:22:28.779> normal<00:22:29.229> banks<00:22:29.499> can<00:22:29.619> actually<00:22:29.859> do 00:22:30.289 --> 00:22:30.299 align:start position:0% things that normal banks can actually do 00:22:30.299 --> 00:22:34.049 align:start position:0% things that normal banks can actually do MKR<00:22:31.450> holders<00:22:32.049> cannot<00:22:32.649> repos<00:22:33.070> repossess<00:22:33.909> the 00:22:34.049 --> 00:22:34.059 align:start position:0% MKR holders cannot repos repossess the 00:22:34.059 --> 00:22:36.599 align:start position:0% MKR holders cannot repos repossess the collateral<00:22:34.509> they<00:22:35.320> cannot<00:22:35.559> move<00:22:35.859> debt<00:22:36.190> off<00:22:36.399> the 00:22:36.599 --> 00:22:36.609 align:start position:0% collateral they cannot move debt off the 00:22:36.609 --> 00:22:39.019 align:start position:0% collateral they cannot move debt off the books<00:22:36.820> they<00:22:37.479> cannot<00:22:37.690> create<00:22:38.019> die 00:22:39.019 --> 00:22:39.029 align:start position:0% books they cannot create die 00:22:39.029 --> 00:22:44.249 align:start position:0% books they cannot create die unilaterally<00:22:40.029> against<00:22:40.889> without<00:22:43.259> without 00:22:44.249 --> 00:22:44.259 align:start position:0% unilaterally against without without 00:22:44.259 --> 00:22:46.560 align:start position:0% unilaterally against without without following<00:22:45.129> the<00:22:45.220> rules<00:22:45.460> of<00:22:45.580> the<00:22:45.669> system<00:22:46.059> right 00:22:46.560 --> 00:22:46.570 align:start position:0% following the rules of the system right 00:22:46.570 --> 00:22:50.099 align:start position:0% following the rules of the system right these<00:22:46.839> rules<00:22:47.849> clear<00:22:48.849> as<00:22:49.149> day<00:22:49.419> and<00:22:49.720> written 00:22:50.099 --> 00:22:50.109 align:start position:0% these rules clear as day and written 00:22:50.109 --> 00:22:52.049 align:start position:0% these rules clear as day and written inscribed<00:22:50.619> on<00:22:50.769> the<00:22:50.889> blockchain<00:22:51.070> are<00:22:51.460> what 00:22:52.049 --> 00:22:52.059 align:start position:0% inscribed on the blockchain are what 00:22:52.059 --> 00:22:55.169 align:start position:0% inscribed on the blockchain are what make<00:22:52.450> the<00:22:53.049> system<00:22:53.580> trustworthy<00:22:54.580> on<00:22:54.789> a<00:22:54.849> global 00:22:55.169 --> 00:22:55.179 align:start position:0% make the system trustworthy on a global 00:22:55.179 --> 00:22:57.389 align:start position:0% make the system trustworthy on a global scale<00:22:55.419> because<00:22:55.869> anybody<00:22:56.229> knows<00:22:56.619> no<00:22:57.249> matter 00:22:57.389 --> 00:22:57.399 align:start position:0% scale because anybody knows no matter 00:22:57.399 --> 00:23:00.119 align:start position:0% scale because anybody knows no matter where<00:22:57.639> you're<00:22:57.789> from<00:22:57.820> no<00:22:58.029> matter<00:22:58.330> what<00:22:59.070> walk<00:23:00.070> of 00:23:00.119 --> 00:23:00.129 align:start position:0% where you're from no matter what walk of 00:23:00.129 --> 00:23:02.310 align:start position:0% where you're from no matter what walk of life<00:23:00.309> you<00:23:00.519> are<00:23:01.029> from<00:23:01.389> you<00:23:01.809> are<00:23:01.929> going<00:23:02.139> to<00:23:02.229> be 00:23:02.310 --> 00:23:02.320 align:start position:0% life you are from you are going to be 00:23:02.320 --> 00:23:04.889 align:start position:0% life you are from you are going to be treated<00:23:02.710> fairly<00:23:03.419> according<00:23:04.419> to<00:23:04.570> the<00:23:04.690> rules 00:23:04.889 --> 00:23:04.899 align:start position:0% treated fairly according to the rules 00:23:04.899 --> 00:23:06.210 align:start position:0% treated fairly according to the rules and<00:23:05.049> you<00:23:05.109> have<00:23:05.139> enough<00:23:05.349> VM<00:23:05.529> Care<00:23:05.769> holders 00:23:06.210 --> 00:23:06.220 align:start position:0% and you have enough VM Care holders 00:23:06.220 --> 00:23:08.369 align:start position:0% and you have enough VM Care holders undertake<00:23:07.089> to<00:23:07.179> change<00:23:07.450> the<00:23:07.629> rules<00:23:07.869> that<00:23:08.049> too 00:23:08.369 --> 00:23:08.379 align:start position:0% undertake to change the rules that too 00:23:08.379 --> 00:23:09.659 align:start position:0% undertake to change the rules that too is<00:23:08.649> bound<00:23:09.039> by<00:23:09.249> rules 00:23:09.659 --> 00:23:09.669 align:start position:0% is bound by rules 00:23:09.669 --> 00:23:11.279 align:start position:0% is bound by rules it<00:23:09.940> is<00:23:10.059> rules<00:23:10.330> all<00:23:10.570> the<00:23:10.690> way<00:23:10.809> down<00:23:11.049> and<00:23:11.200> these 00:23:11.279 --> 00:23:11.289 align:start position:0% it is rules all the way down and these 00:23:11.289 --> 00:23:14.369 align:start position:0% it is rules all the way down and these rules<00:23:12.190> based<00:23:12.580> systems<00:23:13.149> are<00:23:13.359> such<00:23:13.899> a<00:23:13.929> huge 00:23:14.369 --> 00:23:14.379 align:start position:0% rules based systems are such a huge 00:23:14.379 --> 00:23:16.169 align:start position:0% rules based systems are such a huge opportunity<00:23:14.559> to<00:23:15.129> create<00:23:15.639> global 00:23:16.169 --> 00:23:16.179 align:start position:0% opportunity to create global 00:23:16.179 --> 00:23:18.180 align:start position:0% opportunity to create global coordination<00:23:16.929> mechanisms<00:23:17.859> that<00:23:18.070> are 00:23:18.180 --> 00:23:18.190 align:start position:0% coordination mechanisms that are 00:23:18.190 --> 00:23:23.069 align:start position:0% coordination mechanisms that are trustworthy<00:23:18.580> and<00:23:20.879> this<00:23:21.879> is<00:23:22.149> really<00:23:22.629> important 00:23:23.069 --> 00:23:23.079 align:start position:0% trustworthy and this is really important 00:23:23.079 --> 00:23:25.289 align:start position:0% trustworthy and this is really important because<00:23:23.169> it<00:23:23.409> brings<00:23:23.619> my<00:23:24.190> third<00:23:24.549> point<00:23:24.909> of 00:23:25.289 --> 00:23:25.299 align:start position:0% because it brings my third point of 00:23:25.299 --> 00:23:27.299 align:start position:0% because it brings my third point of financial<00:23:25.899> Reformation<00:23:26.409> and<00:23:26.829> it's<00:23:26.950> this<00:23:27.099> idea 00:23:27.299 --> 00:23:27.309 align:start position:0% financial Reformation and it's this idea 00:23:27.309 --> 00:23:30.180 align:start position:0% financial Reformation and it's this idea that<00:23:27.700> die<00:23:28.239> is<00:23:28.299> globally<00:23:29.049> accessible<00:23:29.379> die 00:23:30.180 --> 00:23:30.190 align:start position:0% that die is globally accessible die 00:23:30.190 --> 00:23:32.639 align:start position:0% that die is globally accessible die needs<00:23:30.549> to<00:23:30.700> be<00:23:30.789> trustworthy<00:23:31.440> but<00:23:32.440> more 00:23:32.639 --> 00:23:32.649 align:start position:0% needs to be trustworthy but more 00:23:32.649 --> 00:23:34.529 align:start position:0% needs to be trustworthy but more importantly<00:23:33.070> die<00:23:33.489> needs<00:23:33.820> to<00:23:33.940> be<00:23:34.029> globally 00:23:34.529 --> 00:23:34.539 align:start position:0% importantly die needs to be globally 00:23:34.539 --> 00:23:38.700 align:start position:0% importantly die needs to be globally accessible<00:23:35.609> this<00:23:36.609> is<00:23:37.029> another<00:23:37.629> cool<00:23:37.989> sort<00:23:38.649> of 00:23:38.700 --> 00:23:38.710 align:start position:0% accessible this is another cool sort of 00:23:38.710 --> 00:23:40.529 align:start position:0% accessible this is another cool sort of fact<00:23:38.979> about<00:23:39.579> blockchain<00:23:40.029> is<00:23:40.059> a<00:23:40.149> cool<00:23:40.299> sort<00:23:40.509> of 00:23:40.529 --> 00:23:40.539 align:start position:0% fact about blockchain is a cool sort of 00:23:40.539 --> 00:23:42.839 align:start position:0% fact about blockchain is a cool sort of feature<00:23:40.779> this<00:23:41.470> idea<00:23:41.829> that<00:23:42.009> anybody<00:23:42.339> I<00:23:42.579> love 00:23:42.839 --> 00:23:42.849 align:start position:0% feature this idea that anybody I love 00:23:42.849 --> 00:23:44.609 align:start position:0% feature this idea that anybody I love this<00:23:43.029> about<00:23:43.239> Bachchan's<00:23:43.929> this<00:23:44.139> idea<00:23:44.470> that 00:23:44.609 --> 00:23:44.619 align:start position:0% this about Bachchan's this idea that 00:23:44.619 --> 00:23:47.009 align:start position:0% this about Bachchan's this idea that anybody<00:23:44.950> in<00:23:45.190> the<00:23:45.249> world<00:23:45.539> matter<00:23:46.539> where<00:23:46.839> you're 00:23:47.009 --> 00:23:47.019 align:start position:0% anybody in the world matter where you're 00:23:47.019 --> 00:23:49.139 align:start position:0% anybody in the world matter where you're from<00:23:47.289> if<00:23:47.829> you<00:23:48.279> found<00:23:48.519> out<00:23:48.639> about<00:23:48.700> a<00:23:48.879> blockchain 00:23:49.139 --> 00:23:49.149 align:start position:0% from if you found out about a blockchain 00:23:49.149 --> 00:23:51.299 align:start position:0% from if you found out about a blockchain if<00:23:49.690> you<00:23:49.839> found<00:23:49.960> out<00:23:50.019> the<00:23:50.649> blockchain<00:23:51.129> and 00:23:51.299 --> 00:23:51.309 align:start position:0% if you found out the blockchain and 00:23:51.309 --> 00:23:53.219 align:start position:0% if you found out the blockchain and thought<00:23:52.210> it<00:23:52.299> was<00:23:52.389> cool<00:23:52.509> and<00:23:52.570> understood<00:23:53.109> what 00:23:53.219 --> 00:23:53.229 align:start position:0% thought it was cool and understood what 00:23:53.229 --> 00:23:54.419 align:start position:0% thought it was cool and understood what was<00:23:53.320> going<00:23:53.379> on<00:23:53.679> then<00:23:53.859> you<00:23:53.979> could<00:23:54.159> participate 00:23:54.419 --> 00:23:54.429 align:start position:0% was going on then you could participate 00:23:54.429 --> 00:23:56.609 align:start position:0% was going on then you could participate nobody<00:23:55.029> could<00:23:55.179> stop<00:23:55.359> you<00:23:55.570> you<00:23:55.839> were<00:23:55.989> invited 00:23:56.609 --> 00:23:56.619 align:start position:0% nobody could stop you you were invited 00:23:56.619 --> 00:23:58.619 align:start position:0% nobody could stop you you were invited to<00:23:56.769> participate<00:23:57.039> and<00:23:57.639> share<00:23:58.179> in<00:23:58.359> the<00:23:58.479> wealth 00:23:58.619 --> 00:23:58.629 align:start position:0% to participate and share in the wealth 00:23:58.629 --> 00:24:02.039 align:start position:0% to participate and share in the wealth that<00:23:59.200> we're<00:23:59.320> all<00:23:59.469> creating<00:24:00.389> this<00:24:01.389> is<00:24:01.570> really 00:24:02.039 --> 00:24:02.049 align:start position:0% that we're all creating this is really 00:24:02.049 --> 00:24:04.859 align:start position:0% that we're all creating this is really really<00:24:02.710> important<00:24:03.279> because<00:24:03.460> a<00:24:03.849> large<00:24:04.359> amount 00:24:04.859 --> 00:24:04.869 align:start position:0% really important because a large amount 00:24:04.869 --> 00:24:07.200 align:start position:0% really important because a large amount of<00:24:05.049> economic<00:24:05.619> activity<00:24:06.070> is<00:24:06.219> not<00:24:06.789> being 00:24:07.200 --> 00:24:07.210 align:start position:0% of economic activity is not being 00:24:07.210 --> 00:24:09.749 align:start position:0% of economic activity is not being welcomed<00:24:07.929> and<00:24:08.139> included<00:24:08.679> to<00:24:09.219> participate 00:24:09.749 --> 00:24:09.759 align:start position:0% welcomed and included to participate 00:24:09.759 --> 00:24:12.149 align:start position:0% welcomed and included to participate sixty-one<00:24:10.719> percent<00:24:10.749> of<00:24:11.259> all<00:24:11.469> workers<00:24:11.829> in<00:24:11.979> the 00:24:12.149 --> 00:24:12.159 align:start position:0% sixty-one percent of all workers in the 00:24:12.159 --> 00:24:14.310 align:start position:0% sixty-one percent of all workers in the world<00:24:12.279> are<00:24:12.579> not<00:24:13.089> formally<00:24:13.720> employed<00:24:13.809> that's 00:24:14.310 --> 00:24:14.320 align:start position:0% world are not formally employed that's 00:24:14.320 --> 00:24:16.560 align:start position:0% world are not formally employed that's two<00:24:14.589> billion<00:24:15.039> people<00:24:15.460> that<00:24:15.609> were<00:24:16.089> not<00:24:16.329> on 00:24:16.560 --> 00:24:16.570 align:start position:0% two billion people that were not on 00:24:16.570 --> 00:24:18.919 align:start position:0% two billion people that were not on boarded<00:24:17.379> into<00:24:17.859> the<00:24:17.979> global<00:24:18.279> financial<00:24:18.549> system 00:24:18.919 --> 00:24:18.929 align:start position:0% boarded into the global financial system 00:24:18.929 --> 00:24:21.690 align:start position:0% boarded into the global financial system they<00:24:19.929> just<00:24:19.960> were<00:24:20.440> never<00:24:20.619> invited<00:24:21.129> right<00:24:21.519> and 00:24:21.690 --> 00:24:21.700 align:start position:0% they just were never invited right and 00:24:21.700 --> 00:24:22.499 align:start position:0% they just were never invited right and it<00:24:21.789> is<00:24:21.879> clear 00:24:22.499 --> 00:24:22.509 align:start position:0% it is clear 00:24:22.509 --> 00:24:24.359 align:start position:0% it is clear after<00:24:22.719> all<00:24:22.869> this<00:24:23.049> time<00:24:23.349> that<00:24:23.949> the<00:24:24.099> top-down 00:24:24.359 --> 00:24:24.369 align:start position:0% after all this time that the top-down 00:24:24.369 --> 00:24:27.060 align:start position:0% after all this time that the top-down pyramid-shaped<00:24:25.299> system<00:24:26.139> of<00:24:26.379> nation<00:24:26.859> state 00:24:27.060 --> 00:24:27.070 align:start position:0% pyramid-shaped system of nation state 00:24:27.070 --> 00:24:28.979 align:start position:0% pyramid-shaped system of nation state capitalism<00:24:27.459> that<00:24:27.729> we<00:24:27.820> have<00:24:27.969> today<00:24:28.179> is<00:24:28.719> simply 00:24:28.979 --> 00:24:28.989 align:start position:0% capitalism that we have today is simply 00:24:28.989 --> 00:24:31.289 align:start position:0% capitalism that we have today is simply not<00:24:29.199> adequate<00:24:29.469> to<00:24:30.039> get<00:24:30.459> these<00:24:30.639> people<00:24:30.849> on<00:24:31.059> line 00:24:31.289 --> 00:24:31.299 align:start position:0% not adequate to get these people on line 00:24:31.299 --> 00:24:33.449 align:start position:0% not adequate to get these people on line we<00:24:31.539> didn't<00:24:31.779> we<00:24:32.049> need<00:24:32.199> a<00:24:32.229> new<00:24:32.529> type<00:24:32.859> of<00:24:32.889> thinking 00:24:33.449 --> 00:24:33.459 align:start position:0% we didn't we need a new type of thinking 00:24:33.459 --> 00:24:35.549 align:start position:0% we didn't we need a new type of thinking if<00:24:33.609> these<00:24:34.149> people<00:24:34.329> are<00:24:34.599> ever<00:24:34.869> going<00:24:35.320> to<00:24:35.349> be 00:24:35.549 --> 00:24:35.559 align:start position:0% if these people are ever going to be 00:24:35.559 --> 00:24:37.079 align:start position:0% if these people are ever going to be included<00:24:36.159> in<00:24:36.219> the<00:24:36.339> global<00:24:36.669> financial<00:24:36.789> system 00:24:37.079 --> 00:24:37.089 align:start position:0% included in the global financial system 00:24:37.089 --> 00:24:40.109 align:start position:0% included in the global financial system and<00:24:37.659> all<00:24:38.529> of<00:24:38.799> their<00:24:38.919> productivity<00:24:39.339> and<00:24:39.519> all<00:24:39.849> of 00:24:40.109 --> 00:24:40.119 align:start position:0% and all of their productivity and all of 00:24:40.119 --> 00:24:42.509 align:start position:0% and all of their productivity and all of their<00:24:40.269> hard<00:24:40.509> work<00:24:40.719> will<00:24:41.079> never<00:24:41.739> be<00:24:41.889> recognized 00:24:42.509 --> 00:24:42.519 align:start position:0% their hard work will never be recognized 00:24:42.519 --> 00:24:44.219 align:start position:0% their hard work will never be recognized and<00:24:42.729> they<00:24:42.789> will<00:24:42.969> never<00:24:43.119> have<00:24:43.449> the<00:24:43.719> financial 00:24:44.219 --> 00:24:44.229 align:start position:0% and they will never have the financial 00:24:44.229 --> 00:24:46.319 align:start position:0% and they will never have the financial tools<00:24:44.499> to<00:24:45.219> take<00:24:45.399> control<00:24:45.669> of<00:24:45.759> their<00:24:45.969> own<00:24:45.999> lives 00:24:46.319 --> 00:24:46.329 align:start position:0% tools to take control of their own lives 00:24:46.329 --> 00:24:48.329 align:start position:0% tools to take control of their own lives until<00:24:47.199> we<00:24:47.259> start<00:24:47.649> thinking<00:24:47.889> in<00:24:48.190> a<00:24:48.309> different 00:24:48.329 --> 00:24:48.339 align:start position:0% until we start thinking in a different 00:24:48.339 --> 00:24:51.089 align:start position:0% until we start thinking in a different way<00:24:48.839> and<00:24:49.839> that<00:24:49.989> is<00:24:50.079> not<00:24:50.349> an<00:24:50.589> insignificant 00:24:51.089 --> 00:24:51.099 align:start position:0% way and that is not an insignificant 00:24:51.099 --> 00:24:54.389 align:start position:0% way and that is not an insignificant amount<00:24:51.669> of<00:24:51.729> productivity<00:24:52.799> we<00:24:53.799> leave<00:24:53.979> 10 00:24:54.389 --> 00:24:54.399 align:start position:0% amount of productivity we leave 10 00:24:54.399 --> 00:24:56.309 align:start position:0% amount of productivity we leave 10 trillion<00:24:54.849> dollars<00:24:55.449> on<00:24:55.479> the<00:24:55.719> table 00:24:56.309 --> 00:24:56.319 align:start position:0% trillion dollars on the table 00:24:56.319 --> 00:24:58.439 align:start position:0% trillion dollars on the table by<00:24:56.829> not<00:24:57.190> treating<00:24:57.639> these<00:24:57.879> people<00:24:58.059> with<00:24:58.359> the 00:24:58.439 --> 00:24:58.449 align:start position:0% by not treating these people with the 00:24:58.449 --> 00:25:01.709 align:start position:0% by not treating these people with the respect<00:24:58.869> that<00:24:58.929> they<00:24:59.139> deserve<00:25:00.329> the<00:25:01.329> people<00:25:01.629> of 00:25:01.709 --> 00:25:01.719 align:start position:0% respect that they deserve the people of 00:25:01.719 --> 00:25:03.629 align:start position:0% respect that they deserve the people of the<00:25:01.809> informal<00:25:02.409> economy<00:25:02.469> right 00:25:03.629 --> 00:25:03.639 align:start position:0% the informal economy right 00:25:03.639 --> 00:25:05.969 align:start position:0% the informal economy right informal<00:25:04.389> economy<00:25:04.809> in<00:25:05.019> aggregate<00:25:05.679> is<00:25:05.859> the 00:25:05.969 --> 00:25:05.979 align:start position:0% informal economy in aggregate is the 00:25:05.979 --> 00:25:09.269 align:start position:0% informal economy in aggregate is the world's<00:25:06.339> third<00:25:06.729> biggest<00:25:06.969> economy<00:25:07.899> and<00:25:08.279> these 00:25:09.269 --> 00:25:09.279 align:start position:0% world's third biggest economy and these 00:25:09.279 --> 00:25:14.219 align:start position:0% world's third biggest economy and these if<00:25:09.669> we<00:25:10.269> can<00:25:11.129> endeavor<00:25:12.129> to<00:25:13.059> come<00:25:13.989> up<00:25:14.079> with<00:25:14.169> a 00:25:14.219 --> 00:25:14.229 align:start position:0% if we can endeavor to come up with a 00:25:14.229 --> 00:25:16.709 align:start position:0% if we can endeavor to come up with a system<00:25:14.709> that<00:25:14.940> respects<00:25:15.940> the<00:25:16.089> sovereignty<00:25:16.329> of 00:25:16.709 --> 00:25:16.719 align:start position:0% system that respects the sovereignty of 00:25:16.719 --> 00:25:19.649 align:start position:0% system that respects the sovereignty of the<00:25:17.349> workers<00:25:17.889> of<00:25:18.039> the<00:25:18.190> informal<00:25:18.639> economy<00:25:18.699> then 00:25:19.649 --> 00:25:19.659 align:start position:0% the workers of the informal economy then 00:25:19.659 --> 00:25:23.930 align:start position:0% the workers of the informal economy then global<00:25:20.199> productivity<00:25:20.709> will<00:25:21.269> only<00:25:22.269> benefit 00:25:23.930 --> 00:25:23.940 align:start position:0% global productivity will only benefit 00:25:23.940 --> 00:25:26.249 align:start position:0% global productivity will only benefit right<00:25:24.940> so<00:25:25.179> how<00:25:25.329> does<00:25:25.389> the<00:25:25.569> informal<00:25:25.899> economy 00:25:26.249 --> 00:25:26.259 align:start position:0% right so how does the informal economy 00:25:26.259 --> 00:25:28.769 align:start position:0% right so how does the informal economy actually<00:25:26.739> relate<00:25:27.190> to<00:25:27.789> us<00:25:27.969> sitting<00:25:28.569> in<00:25:28.719> this 00:25:28.769 --> 00:25:28.779 align:start position:0% actually relate to us sitting in this 00:25:28.779 --> 00:25:30.029 align:start position:0% actually relate to us sitting in this conference<00:25:29.229> hall<00:25:29.379> right<00:25:29.559> now<00:25:29.679> well<00:25:29.919> it's 00:25:30.029 --> 00:25:30.039 align:start position:0% conference hall right now well it's 00:25:30.039 --> 00:25:32.039 align:start position:0% conference hall right now well it's typically<00:25:30.489> through<00:25:31.389> the<00:25:31.479> global<00:25:31.869> supply 00:25:32.039 --> 00:25:32.049 align:start position:0% typically through the global supply 00:25:32.049 --> 00:25:35.009 align:start position:0% typically through the global supply chain<00:25:32.529> this<00:25:32.919> is<00:25:33.039> how<00:25:33.190> it<00:25:33.639> interacts<00:25:34.029> a<00:25:34.359> lot<00:25:34.779> of 00:25:35.009 --> 00:25:35.019 align:start position:0% chain this is how it interacts a lot of 00:25:35.019 --> 00:25:36.779 align:start position:0% chain this is how it interacts a lot of goods<00:25:35.229> are<00:25:35.529> created<00:25:35.859> informally<00:25:36.429> at<00:25:36.669> the 00:25:36.779 --> 00:25:36.789 align:start position:0% goods are created informally at the 00:25:36.789 --> 00:25:38.519 align:start position:0% goods are created informally at the bottom<00:25:37.059> of<00:25:37.119> the<00:25:37.209> global<00:25:37.449> supply<00:25:37.719> chain<00:25:37.959> and 00:25:38.519 --> 00:25:38.529 align:start position:0% bottom of the global supply chain and 00:25:38.529 --> 00:25:39.959 align:start position:0% bottom of the global supply chain and then<00:25:38.679> they<00:25:38.799> bubble<00:25:39.009> up<00:25:39.249> to<00:25:39.279> the<00:25:39.519> market<00:25:39.789> places 00:25:39.959 --> 00:25:39.969 align:start position:0% then they bubble up to the market places 00:25:39.969 --> 00:25:41.669 align:start position:0% then they bubble up to the market places like<00:25:40.149> where<00:25:40.659> we're<00:25:40.809> sitting<00:25:41.079> here<00:25:41.109> in<00:25:41.349> Europe 00:25:41.669 --> 00:25:41.679 align:start position:0% like where we're sitting here in Europe 00:25:41.679 --> 00:25:46.529 align:start position:0% like where we're sitting here in Europe and<00:25:42.479> this<00:25:43.479> brings<00:25:43.779> us<00:25:43.959> back<00:25:44.169> to<00:25:44.859> history<00:25:45.389> if<00:25:46.389> we 00:25:46.529 --> 00:25:46.539 align:start position:0% and this brings us back to history if we 00:25:46.539 --> 00:25:48.029 align:start position:0% and this brings us back to history if we look<00:25:46.719> at<00:25:46.809> the<00:25:46.929> history<00:25:47.349> of<00:25:47.379> credit<00:25:47.709> systems 00:25:48.029 --> 00:25:48.039 align:start position:0% look at the history of credit systems 00:25:48.039 --> 00:25:50.399 align:start position:0% look at the history of credit systems then<00:25:48.699> it<00:25:49.119> is<00:25:49.269> almost<00:25:49.599> always<00:25:49.869> the<00:25:50.079> case<00:25:50.199> that 00:25:50.399 --> 00:25:50.409 align:start position:0% then it is almost always the case that 00:25:50.409 --> 00:25:53.249 align:start position:0% then it is almost always the case that credit<00:25:51.099> systems<00:25:51.459> experience<00:25:52.329> initial 00:25:53.249 --> 00:25:53.259 align:start position:0% credit systems experience initial 00:25:53.259 --> 00:25:55.139 align:start position:0% credit systems experience initial traction<00:25:53.559> around<00:25:54.309> the<00:25:54.369> concept<00:25:54.699> of<00:25:54.819> trade 00:25:55.139 --> 00:25:55.149 align:start position:0% traction around the concept of trade 00:25:55.149 --> 00:25:57.930 align:start position:0% traction around the concept of trade finance<00:25:55.709> trade<00:25:56.709> finance<00:25:57.129> is<00:25:57.369> very<00:25:57.729> much 00:25:57.930 --> 00:25:57.940 align:start position:0% finance trade finance is very much 00:25:57.940 --> 00:25:59.969 align:start position:0% finance trade finance is very much related<00:25:58.389> to<00:25:58.629> the<00:25:59.079> global<00:25:59.199> supply<00:25:59.739> chain 00:25:59.969 --> 00:25:59.979 align:start position:0% related to the global supply chain 00:25:59.979 --> 00:26:02.609 align:start position:0% related to the global supply chain because<00:26:00.249> it's<00:26:00.399> all<00:26:00.609> about<00:26:00.879> moving<00:26:01.599> goods<00:26:01.869> from 00:26:02.609 --> 00:26:02.619 align:start position:0% because it's all about moving goods from 00:26:02.619 --> 00:26:03.869 align:start position:0% because it's all about moving goods from where<00:26:02.769> they're<00:26:02.889> produced<00:26:03.190> to<00:26:03.609> where<00:26:03.639> they're 00:26:03.869 --> 00:26:03.879 align:start position:0% where they're produced to where they're 00:26:03.879 --> 00:26:05.399 align:start position:0% where they're produced to where they're sold<00:26:04.119> moving<00:26:04.569> goods<00:26:04.749> to<00:26:04.869> market<00:26:05.199> this<00:26:05.349> is 00:26:05.399 --> 00:26:05.409 align:start position:0% sold moving goods to market this is 00:26:05.409 --> 00:26:07.469 align:start position:0% sold moving goods to market this is exactly<00:26:05.919> what<00:26:06.159> the<00:26:06.249> global<00:26:06.729> supply<00:26:06.909> chain<00:26:07.299> is 00:26:07.469 --> 00:26:07.479 align:start position:0% exactly what the global supply chain is 00:26:07.479 --> 00:26:11.119 align:start position:0% exactly what the global supply chain is all<00:26:07.719> about<00:26:08.019> and<00:26:08.919> the<00:26:09.639> fact<00:26:09.849> that<00:26:10.109> these 00:26:11.119 --> 00:26:11.129 align:start position:0% all about and the fact that these 00:26:11.129 --> 00:26:13.680 align:start position:0% all about and the fact that these historical<00:26:12.129> credit<00:26:12.429> systems<00:26:12.789> see<00:26:13.149> traction 00:26:13.680 --> 00:26:13.690 align:start position:0% historical credit systems see traction 00:26:13.690 --> 00:26:16.549 align:start position:0% historical credit systems see traction around<00:26:13.959> here<00:26:14.349> around<00:26:14.859> this<00:26:15.099> type<00:26:15.369> of 00:26:16.549 --> 00:26:16.559 align:start position:0% around here around this type of 00:26:16.559 --> 00:26:19.739 align:start position:0% around here around this type of financial<00:26:17.559> activity<00:26:18.099> gives<00:26:18.699> me<00:26:18.849> a<00:26:19.089> lot<00:26:19.659> of 00:26:19.739 --> 00:26:19.749 align:start position:0% financial activity gives me a lot of 00:26:19.749 --> 00:26:21.239 align:start position:0% financial activity gives me a lot of hope<00:26:19.959> and<00:26:20.079> makes<00:26:20.289> me<00:26:20.409> very<00:26:20.589> excited<00:26:21.099> about 00:26:21.239 --> 00:26:21.249 align:start position:0% hope and makes me very excited about 00:26:21.249 --> 00:26:22.859 align:start position:0% hope and makes me very excited about some<00:26:21.729> of<00:26:21.759> the<00:26:21.879> partnerships<00:26:22.359> that<00:26:22.509> we've<00:26:22.659> made 00:26:22.859 --> 00:26:22.869 align:start position:0% some of the partnerships that we've made 00:26:22.869 --> 00:26:25.999 align:start position:0% some of the partnerships that we've made in<00:26:23.169> 2018<00:26:23.889> whether<00:26:24.609> it's<00:26:24.819> with<00:26:24.969> trade<00:26:25.449> shift<00:26:25.719> a 00:26:25.999 --> 00:26:26.009 align:start position:0% in 2018 whether it's with trade shift a 00:26:26.009 --> 00:26:28.199 align:start position:0% in 2018 whether it's with trade shift a platform<00:26:27.009> that<00:26:27.549> is<00:26:27.639> trying<00:26:27.879> to<00:26:27.940> digitize 00:26:28.199 --> 00:26:28.209 align:start position:0% platform that is trying to digitize 00:26:28.209 --> 00:26:30.389 align:start position:0% platform that is trying to digitize supply<00:26:28.899> chain<00:26:29.169> interactions<00:26:29.769> and<00:26:29.949> has 00:26:30.389 --> 00:26:30.399 align:start position:0% supply chain interactions and has 00:26:30.399 --> 00:26:34.019 align:start position:0% supply chain interactions and has already<00:26:30.869> 1.5<00:26:31.869> million<00:26:32.469> businesses<00:26:33.099> signed<00:26:33.879> up 00:26:34.019 --> 00:26:34.029 align:start position:0% already 1.5 million businesses signed up 00:26:34.029 --> 00:26:36.240 align:start position:0% already 1.5 million businesses signed up or<00:26:34.690> if<00:26:35.079> it's<00:26:35.229> wire 00:26:36.240 --> 00:26:36.250 align:start position:0% or if it's wire 00:26:36.250 --> 00:26:38.220 align:start position:0% or if it's wire which<00:26:36.760> makes<00:26:36.970> it<00:26:37.090> easy<00:26:37.299> to<00:26:37.419> translate<00:26:37.960> dye 00:26:38.220 --> 00:26:38.230 align:start position:0% which makes it easy to translate dye 00:26:38.230 --> 00:26:41.279 align:start position:0% which makes it easy to translate dye into<00:26:38.620> over<00:26:38.890> 30<00:26:39.250> national<00:26:39.730> currencies<00:26:40.289> these 00:26:41.279 --> 00:26:41.289 align:start position:0% into over 30 national currencies these 00:26:41.289 --> 00:26:43.380 align:start position:0% into over 30 national currencies these are<00:26:41.440> huge<00:26:41.799> opportunities<00:26:42.640> and<00:26:42.909> more 00:26:43.380 --> 00:26:43.390 align:start position:0% are huge opportunities and more 00:26:43.390 --> 00:26:45.360 align:start position:0% are huge opportunities and more importantly<00:26:43.900> they're<00:26:44.350> opportunities<00:26:44.980> that 00:26:45.360 --> 00:26:45.370 align:start position:0% importantly they're opportunities that 00:26:45.370 --> 00:26:47.850 align:start position:0% importantly they're opportunities that have<00:26:45.549> a<00:26:45.580> historical<00:26:46.240> track<00:26:46.539> record<00:26:46.960> of<00:26:47.049> giving 00:26:47.850 --> 00:26:47.860 align:start position:0% have a historical track record of giving 00:26:47.860 --> 00:26:49.710 align:start position:0% have a historical track record of giving traction<00:26:48.370> to<00:26:48.789> these<00:26:48.909> new<00:26:49.120> types<00:26:49.330> of<00:26:49.450> credit 00:26:49.710 --> 00:26:49.720 align:start position:0% traction to these new types of credit 00:26:49.720 --> 00:26:52.919 align:start position:0% traction to these new types of credit systems<00:26:50.049> and<00:26:50.700> this<00:26:51.700> brings<00:26:52.000> me<00:26:52.090> I<00:26:52.179> think<00:26:52.299> to<00:26:52.809> my 00:26:52.919 --> 00:26:52.929 align:start position:0% systems and this brings me I think to my 00:26:52.929 --> 00:26:56.390 align:start position:0% systems and this brings me I think to my final<00:26:53.320> point<00:26:54.419> possibly<00:26:55.419> the<00:26:55.539> most<00:26:55.630> important 00:26:56.390 --> 00:26:56.400 align:start position:0% final point possibly the most important 00:26:56.400 --> 00:27:01.680 align:start position:0% final point possibly the most important it's<00:26:57.400> this<00:26:57.549> idea<00:26:57.730> that<00:26:58.179> maker<00:26:59.850> symbiotic<00:27:00.850> with 00:27:01.680 --> 00:27:01.690 align:start position:0% it's this idea that maker symbiotic with 00:27:01.690 --> 00:27:05.340 align:start position:0% it's this idea that maker symbiotic with all<00:27:01.990> other<00:27:02.440> DAPs<00:27:02.740> in<00:27:03.130> the<00:27:03.400> ecosystem<00:27:04.169> this<00:27:05.169> is 00:27:05.340 --> 00:27:05.350 align:start position:0% all other DAPs in the ecosystem this is 00:27:05.350 --> 00:27:08.630 align:start position:0% all other DAPs in the ecosystem this is huge<00:27:05.740> we<00:27:06.130> need<00:27:06.460> each<00:27:06.640> other<00:27:07.140> because<00:27:08.140> maker 00:27:08.630 --> 00:27:08.640 align:start position:0% huge we need each other because maker 00:27:08.640 --> 00:27:10.620 align:start position:0% huge we need each other because maker needs<00:27:09.640> other<00:27:10.000> daps 00:27:10.620 --> 00:27:10.630 align:start position:0% needs other daps 00:27:10.630 --> 00:27:13.740 align:start position:0% needs other daps to<00:27:11.110> create<00:27:11.380> wealth<00:27:11.740> and<00:27:12.070> utility<00:27:13.000> and<00:27:13.210> useful 00:27:13.740 --> 00:27:13.750 align:start position:0% to create wealth and utility and useful 00:27:13.750 --> 00:27:15.779 align:start position:0% to create wealth and utility and useful crypto<00:27:14.049> assets<00:27:14.440> to<00:27:14.620> serve<00:27:14.830> as<00:27:14.980> the<00:27:15.100> base<00:27:15.309> of 00:27:15.779 --> 00:27:15.789 align:start position:0% crypto assets to serve as the base of 00:27:15.789 --> 00:27:19.320 align:start position:0% crypto assets to serve as the base of Di's<00:27:16.120> monetary<00:27:16.690> supply<00:27:17.789> and<00:27:18.789> all<00:27:19.059> of<00:27:19.210> these 00:27:19.320 --> 00:27:19.330 align:start position:0% Di's monetary supply and all of these 00:27:19.330 --> 00:27:19.830 align:start position:0% Di's monetary supply and all of these DAPs 00:27:19.830 --> 00:27:19.840 align:start position:0% DAPs 00:27:19.840 --> 00:27:23.760 align:start position:0% DAPs need<00:27:20.440> maker<00:27:20.740> to<00:27:21.490> issue<00:27:21.669> to<00:27:22.230> come<00:27:23.230> together<00:27:23.409> and 00:27:23.760 --> 00:27:23.770 align:start position:0% need maker to issue to come together and 00:27:23.770 --> 00:27:26.460 align:start position:0% need maker to issue to come together and coordinate<00:27:24.039> a<00:27:24.429> useful<00:27:24.970> cash<00:27:25.240> system<00:27:25.570> for<00:27:26.380> the 00:27:26.460 --> 00:27:26.470 align:start position:0% coordinate a useful cash system for the 00:27:26.470 --> 00:27:30.990 align:start position:0% coordinate a useful cash system for the etherion<00:27:26.830> blockchain<00:27:28.110> so<00:27:29.110> we<00:27:29.260> are<00:27:29.350> so<00:27:29.710> in<00:27:30.250> this 00:27:30.990 --> 00:27:31.000 align:start position:0% etherion blockchain so we are so in this 00:27:31.000 --> 00:27:33.299 align:start position:0% etherion blockchain so we are so in this together<00:27:31.270> and<00:27:31.720> I<00:27:31.809> feel<00:27:32.049> like<00:27:32.260> this<00:27:32.710> year<00:27:33.130> was 00:27:33.299 --> 00:27:33.309 align:start position:0% together and I feel like this year was 00:27:33.309 --> 00:27:36.000 align:start position:0% together and I feel like this year was the<00:27:33.340> year<00:27:33.730> that<00:27:33.970> the<00:27:34.480> flywheel<00:27:35.020> started<00:27:35.919> to 00:27:36.000 --> 00:27:36.010 align:start position:0% the year that the flywheel started to 00:27:36.010 --> 00:27:38.010 align:start position:0% the year that the flywheel started to get<00:27:36.159> going<00:27:36.190> you<00:27:36.730> know<00:27:36.850> there's<00:27:37.150> so<00:27:37.480> many<00:27:37.630> gaps 00:27:38.010 --> 00:27:38.020 align:start position:0% get going you know there's so many gaps 00:27:38.020 --> 00:27:39.810 align:start position:0% get going you know there's so many gaps that<00:27:38.650> came<00:27:38.919> out<00:27:39.070> this<00:27:39.250> year<00:27:39.309> that<00:27:39.789> I 00:27:39.810 --> 00:27:39.820 align:start position:0% that came out this year that I 00:27:39.820 --> 00:27:41.930 align:start position:0% that came out this year that I encountered<00:27:40.450> that<00:27:40.960> simply<00:27:41.289> could<00:27:41.470> not<00:27:41.679> exist 00:27:41.930 --> 00:27:41.940 align:start position:0% encountered that simply could not exist 00:27:41.940 --> 00:27:45.539 align:start position:0% encountered that simply could not exist without<00:27:42.940> having<00:27:43.539> died<00:27:43.780> as<00:27:44.140> a<00:27:44.470> useful<00:27:44.860> medium 00:27:45.539 --> 00:27:45.549 align:start position:0% without having died as a useful medium 00:27:45.549 --> 00:27:49.830 align:start position:0% without having died as a useful medium of<00:27:45.700> exchange<00:27:46.200> to<00:27:47.200> make<00:27:47.350> everything<00:27:47.559> work<00:27:48.840> and 00:27:49.830 --> 00:27:49.840 align:start position:0% of exchange to make everything work and 00:27:49.840 --> 00:27:51.450 align:start position:0% of exchange to make everything work and it's<00:27:50.020> so<00:27:50.200> exciting<00:27:50.559> we've<00:27:50.860> interacted<00:27:51.159> with 00:27:51.450 --> 00:27:51.460 align:start position:0% it's so exciting we've interacted with 00:27:51.460 --> 00:27:53.370 align:start position:0% it's so exciting we've interacted with these<00:27:51.580> daffs<00:27:51.880> and<00:27:52.090> we're<00:27:52.179> so<00:27:52.510> committed<00:27:53.080> to 00:27:53.370 --> 00:27:53.380 align:start position:0% these daffs and we're so committed to 00:27:53.380 --> 00:27:55.560 align:start position:0% these daffs and we're so committed to incubating<00:27:54.190> this<00:27:54.309> ecosystem<00:27:54.610> because<00:27:55.210> it<00:27:55.419> is 00:27:55.560 --> 00:27:55.570 align:start position:0% incubating this ecosystem because it is 00:27:55.570 --> 00:27:57.659 align:start position:0% incubating this ecosystem because it is exactly<00:27:56.169> where<00:27:56.409> we<00:27:56.440> are<00:27:56.710> placing<00:27:57.039> our<00:27:57.429> faith 00:27:57.659 --> 00:27:57.669 align:start position:0% exactly where we are placing our faith 00:27:57.669 --> 00:28:00.120 align:start position:0% exactly where we are placing our faith and<00:27:57.850> our<00:27:57.940> trust<00:27:58.000> so<00:27:58.900> if<00:27:59.110> you<00:27:59.230> have<00:27:59.500> an<00:27:59.679> idea<00:27:59.950> and 00:28:00.120 --> 00:28:00.130 align:start position:0% and our trust so if you have an idea and 00:28:00.130 --> 00:28:02.430 align:start position:0% and our trust so if you have an idea and you<00:28:00.250> know<00:28:00.789> how<00:28:01.120> you<00:28:01.600> can<00:28:01.780> take<00:28:01.929> advantage<00:28:02.320> of 00:28:02.430 --> 00:28:02.440 align:start position:0% you know how you can take advantage of 00:28:02.440 --> 00:28:04.350 align:start position:0% you know how you can take advantage of all<00:28:02.559> the<00:28:02.710> work<00:28:02.919> that<00:28:03.400> we've<00:28:03.640> been<00:28:03.669> doing<00:28:03.909> on 00:28:04.350 --> 00:28:04.360 align:start position:0% all the work that we've been doing on 00:28:04.360 --> 00:28:07.440 align:start position:0% all the work that we've been doing on die<00:28:04.630> then<00:28:05.200> please<00:28:05.530> reach<00:28:05.919> out<00:28:06.159> and<00:28:06.400> come<00:28:07.150> and 00:28:07.440 --> 00:28:07.450 align:start position:0% die then please reach out and come and 00:28:07.450 --> 00:28:10.200 align:start position:0% die then please reach out and come and contact<00:28:08.049> us<00:28:08.140> because<00:28:08.320> we<00:28:08.830> are<00:28:08.950> so<00:28:09.280> so 00:28:10.200 --> 00:28:10.210 align:start position:0% contact us because we are so so 00:28:10.210 --> 00:28:13.159 align:start position:0% contact us because we are so so incentivized<00:28:11.200> to<00:28:11.590> make<00:28:12.010> it<00:28:12.159> work<00:28:12.280> for<00:28:12.460> you 00:28:13.159 --> 00:28:13.169 align:start position:0% incentivized to make it work for you 00:28:13.169 --> 00:28:18.779 align:start position:0% incentivized to make it work for you right<00:28:14.460> so<00:28:15.460> please<00:28:15.700> come<00:28:16.690> to<00:28:16.720> our<00:28:17.049> booth<00:28:17.500> up<00:28:18.490> on 00:28:18.779 --> 00:28:18.789 align:start position:0% right so please come to our booth up on 00:28:18.789 --> 00:28:20.700 align:start position:0% right so please come to our booth up on the<00:28:18.880> third<00:28:19.059> floor<00:28:19.330> and<00:28:19.720> say<00:28:19.960> hello<00:28:20.200> if<00:28:20.559> you 00:28:20.700 --> 00:28:20.710 align:start position:0% the third floor and say hello if you 00:28:20.710 --> 00:28:22.620 align:start position:0% the third floor and say hello if you have<00:28:20.830> any<00:28:21.010> ideas<00:28:21.159> at<00:28:21.490> all<00:28:21.580> because<00:28:21.940> we<00:28:22.240> really 00:28:22.620 --> 00:28:22.630 align:start position:0% have any ideas at all because we really 00:28:22.630 --> 00:28:25.620 align:start position:0% have any ideas at all because we really want<00:28:22.840> to<00:28:22.929> be<00:28:23.169> at<00:28:24.130> the<00:28:24.340> center<00:28:24.760> of<00:28:24.789> where<00:28:25.120> all<00:28:25.299> of 00:28:25.620 --> 00:28:25.630 align:start position:0% want to be at the center of where all of 00:28:25.630 --> 00:28:29.390 align:start position:0% want to be at the center of where all of the<00:28:25.750> activity<00:28:26.169> is<00:28:26.260> happening<00:28:26.740> on<00:28:27.100> aetherium<00:28:27.940> I 00:28:29.390 --> 00:28:29.400 align:start position:0% the activity is happening on aetherium I 00:28:29.400 --> 00:28:34.020 align:start position:0% the activity is happening on aetherium I think<00:28:30.400> this<00:28:32.010> is<00:28:33.010> a<00:28:33.070> good<00:28:33.250> place<00:28:33.460> to<00:28:33.640> conclude 00:28:34.020 --> 00:28:34.030 align:start position:0% think this is a good place to conclude 00:28:34.030 --> 00:28:36.960 align:start position:0% think this is a good place to conclude right<00:28:34.419> because<00:28:35.020> what<00:28:35.169> I'm<00:28:35.260> seeing<00:28:35.650> this<00:28:36.549> year 00:28:36.960 --> 00:28:36.970 align:start position:0% right because what I'm seeing this year 00:28:36.970 --> 00:28:39.960 align:start position:0% right because what I'm seeing this year with<00:28:37.179> the<00:28:37.270> rise<00:28:37.419> of<00:28:37.600> maker<00:28:37.840> and<00:28:38.409> all<00:28:38.880> of<00:28:39.880> the 00:28:39.960 --> 00:28:39.970 align:start position:0% with the rise of maker and all of the 00:28:39.970 --> 00:28:41.039 align:start position:0% with the rise of maker and all of the growth<00:28:40.179> that<00:28:40.210> we've<00:28:40.539> been<00:28:40.690> doing<00:28:40.900> in<00:28:40.990> the 00:28:41.039 --> 00:28:41.049 align:start position:0% growth that we've been doing in the 00:28:41.049 --> 00:28:43.409 align:start position:0% growth that we've been doing in the etherium<00:28:41.409> ecosystem<00:28:41.980> is<00:28:42.159> this<00:28:42.970> idea<00:28:43.330> that 00:28:43.409 --> 00:28:43.419 align:start position:0% etherium ecosystem is this idea that 00:28:43.419 --> 00:28:45.720 align:start position:0% etherium ecosystem is this idea that we're<00:28:44.230> finally<00:28:44.649> beginning<00:28:44.740> to<00:28:44.950> unlock<00:28:45.549> our 00:28:45.720 --> 00:28:45.730 align:start position:0% we're finally beginning to unlock our 00:28:45.730 --> 00:28:47.400 align:start position:0% we're finally beginning to unlock our potential<00:28:46.120> there's<00:28:46.750> so<00:28:46.990> much 00:28:47.400 --> 00:28:47.410 align:start position:0% potential there's so much 00:28:47.410 --> 00:28:49.560 align:start position:0% potential there's so much potential<00:28:47.800> in<00:28:48.580> what<00:28:48.850> we're<00:28:48.970> doing<00:28:49.240> here<00:28:49.420> and<00:28:49.510> I 00:28:49.560 --> 00:28:49.570 align:start position:0% potential in what we're doing here and I 00:28:49.570 --> 00:28:52.320 align:start position:0% potential in what we're doing here and I think<00:28:49.630> that<00:28:50.020> with<00:28:50.680> maker<00:28:50.950> and<00:28:51.370> all<00:28:51.910> of<00:28:52.270> the 00:28:52.320 --> 00:28:52.330 align:start position:0% think that with maker and all of the 00:28:52.330 --> 00:28:53.430 align:start position:0% think that with maker and all of the interesting<00:28:52.750> projects<00:28:53.200> that<00:28:53.320> we<00:28:53.410> are 00:28:53.430 --> 00:28:53.440 align:start position:0% interesting projects that we are 00:28:53.440 --> 00:28:55.050 align:start position:0% interesting projects that we are enabling<00:28:53.830> and<00:28:54.040> working<00:28:54.310> with<00:28:54.430> I<00:28:54.580> think<00:28:54.910> that 00:28:55.050 --> 00:28:55.060 align:start position:0% enabling and working with I think that 00:28:55.060 --> 00:28:56.640 align:start position:0% enabling and working with I think that that<00:28:55.180> potential<00:28:55.690> is<00:28:55.780> finally<00:28:56.140> being<00:28:56.290> unlocked 00:28:56.640 --> 00:28:56.650 align:start position:0% that potential is finally being unlocked 00:28:56.650 --> 00:28:58.980 align:start position:0% that potential is finally being unlocked so<00:28:57.190> if<00:28:57.280> you're<00:28:57.430> ready<00:28:57.670> to<00:28:57.880> be<00:28:58.480> a<00:28:58.510> part<00:28:58.780> of<00:28:58.870> this 00:28:58.980 --> 00:28:58.990 align:start position:0% so if you're ready to be a part of this 00:28:58.990 --> 00:29:00.630 align:start position:0% so if you're ready to be a part of this and<00:28:59.230> unlock<00:28:59.680> your<00:28:59.830> potential<00:29:00.190> then<00:29:00.400> please 00:29:00.630 --> 00:29:00.640 align:start position:0% and unlock your potential then please 00:29:00.640 --> 00:29:02.940 align:start position:0% and unlock your potential then please reach<00:29:00.940> out<00:29:01.150> and<00:29:01.390> get<00:29:01.540> in<00:29:01.660> touch<00:29:01.840> and<00:29:02.140> thank<00:29:02.860> you 00:29:02.940 --> 00:29:02.950 align:start position:0% reach out and get in touch and thank you 00:29:02.950 --> 00:29:05.340 align:start position:0% reach out and get in touch and thank you so<00:29:03.190> much<00:29:03.480> I'm<00:29:04.480> very<00:29:04.540> excited<00:29:05.110> about<00:29:05.170> the 00:29:05.340 --> 00:29:05.350 align:start position:0% so much I'm very excited about the 00:29:05.350 --> 00:29:13.450 align:start position:0% so much I'm very excited about the future 00:29:13.450 --> 00:29:13.460 align:start position:0% 00:29:13.460 --> 00:29:22.300 align:start position:0% you 00:29:22.300 --> 00:29:22.310 align:start position:0% 00:29:22.310 --> 00:29:24.370 align:start position:0% you