WEBVTT
Kind: captions
Language: en

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[Applause]

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everyone<00:00:12.340><c> my</c><00:00:12.460><c> name</c><00:00:12.639><c> is</c><00:00:13.139><c> everybody</c><00:00:14.139><c> I'm</c><00:00:14.559><c> a</c>

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everyone my name is everybody I'm a
 

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everyone my name is everybody I'm a
researcher<00:00:15.340><c> and</c><00:00:15.700><c> a</c><00:00:15.879><c> product</c><00:00:16.270><c> market</c>

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researcher and a product market
 

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researcher and a product market
consensus<00:00:17.290><c> builder</c><00:00:18.220><c> being</c><00:00:18.430><c> here</c><00:00:18.630><c> I'm</c><00:00:19.630><c> Ally</c><00:00:19.930><c> a</c>

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consensus builder being here I'm Ally a
 

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consensus builder being here I'm Ally a
person<00:00:20.380><c> of</c><00:00:20.590><c> my</c><00:00:20.710><c> age</c><00:00:23.820><c> so</c><00:00:24.820><c> over</c><00:00:25.270><c> the</c><00:00:25.390><c> last</c><00:00:25.509><c> couple</c>

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person of my age so over the last couple
 

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person of my age so over the last couple
months<00:00:25.930><c> we've</c><00:00:26.440><c> been</c><00:00:26.680><c> trying</c><00:00:27.130><c> to</c><00:00:27.220><c> figure</c><00:00:27.490><c> out</c>

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months we've been trying to figure out
 

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months we've been trying to figure out
ways<00:00:27.850><c> to</c><00:00:27.910><c> measure</c><00:00:28.570><c> and</c><00:00:28.990><c> define</c><00:00:29.230><c> the</c>

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ways to measure and define the
 

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ways to measure and define the
decentralization

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generally<00:00:33.530><c> in</c><00:00:33.620><c> the</c><00:00:33.680><c> most</c><00:00:33.829><c> popular</c>

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generally in the most popular
 

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generally in the most popular
comparative<00:00:34.969><c> metric</c><00:00:35.360><c> between</c><00:00:35.570><c> for</c><00:00:36.079><c> the</c>

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comparative metric between for the
 

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comparative metric between for the
tallest<00:00:36.590><c> is</c><00:00:36.800><c> Rupa</c><00:00:37.480><c> most</c><00:00:38.480><c> of</c><00:00:38.629><c> us</c><00:00:38.750><c> know</c><00:00:39.050><c> that</c>

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tallest is Rupa most of us know that
 

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tallest is Rupa most of us know that
work<00:00:39.710><c> decentralized</c><00:00:40.370><c> in</c><00:00:40.610><c> spirit</c><00:00:41.030><c> watching</c><00:00:41.149><c> as</c>

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work decentralized in spirit watching as
 

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work decentralized in spirit watching as
the<00:00:41.840><c> lower</c><00:00:42.019><c> the</c><00:00:42.230><c> throughput</c><00:00:42.620><c> at</c><00:00:43.370><c> least</c><00:00:43.579><c> at</c>

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the lower the throughput at least at
 

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the lower the throughput at least at
this<00:00:44.090><c> stage</c><00:00:44.149><c> of</c><00:00:44.510><c> the</c><00:00:44.629><c> text</c><00:00:44.899><c> evolution</c><00:00:45.379><c> so</c>

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this stage of the text evolution so
 

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this stage of the text evolution so
transactions<00:00:46.760><c> percent</c><00:00:47.149><c> in</c><00:00:47.269><c> there</c><00:00:47.449><c> not</c><00:00:47.690><c> a</c><00:00:47.900><c> very</c>

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transactions percent in there not a very
 

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transactions percent in there not a very
effective<00:00:48.409><c> measurement</c><00:00:49.690><c> so</c><00:00:50.690><c> what</c><00:00:51.230><c> we</c>

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effective measurement so what we
 

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effective measurement so what we
actually<00:00:51.649><c> talk</c><00:00:52.129><c> about</c><00:00:52.159><c> when</c><00:00:52.579><c> we</c><00:00:52.670><c> talk</c><00:00:52.699><c> about</c>

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actually talk about when we talk about
 

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actually talk about when we talk about
decentralization<00:00:54.100><c> how</c><00:00:55.100><c> can</c><00:00:55.339><c> we</c><00:00:55.519><c> objectively</c>

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decentralization how can we objectively
 

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decentralization how can we objectively
measure<00:00:56.540><c> its</c><00:00:56.780><c> extent</c><00:00:57.199><c> and</c><00:00:57.440><c> to</c><00:00:57.710><c> monitor</c><00:00:58.070><c> its</c>

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measure its extent and to monitor its
 

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measure its extent and to monitor its
evolution<00:00:58.640><c> over</c><00:00:58.729><c> time</c><00:00:59.379><c> obviously</c><00:01:00.379><c> these</c>

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evolution over time obviously these
 

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evolution over time obviously these
undulation<00:01:01.460><c> of</c><00:01:01.760><c> decentralization</c><00:01:02.659><c> is</c><00:01:02.960><c> that</c>

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undulation of decentralization is that
 

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undulation of decentralization is that
the<00:01:03.229><c> binary</c><00:01:03.710><c> is</c><00:01:03.829><c> or</c><00:01:04.100><c> is</c><00:01:04.220><c> the</c><00:01:04.339><c> condition</c><00:01:04.850><c> but</c><00:01:05.149><c> a</c>

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the binary is or is the condition but a
 

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the binary is or is the condition but a
very<00:01:05.479><c> complex</c><00:01:05.899><c> and</c><00:01:06.229><c> emergent</c><00:01:06.619><c> process</c><00:01:06.830><c> that</c>

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very complex and emergent process that
 

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very complex and emergent process that
will<00:01:07.460><c> change</c><00:01:07.759><c> this</c><00:01:07.970><c> never</c><00:01:08.240><c> grace</c><00:01:09.130><c> what</c><00:01:10.130><c> David</c>

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will change this never grace what David
 

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will change this never grace what David
could<00:01:10.700><c> me</c><00:01:10.820><c> man</c>

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could me man
 

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could me man
objectively<00:01:11.890><c> originally</c><00:01:12.890><c> we</c><00:01:13.070><c> set</c><00:01:13.250><c> out</c><00:01:13.369><c> to</c>

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objectively originally we set out to
 

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objectively originally we set out to
define<00:01:14.060><c> a</c><00:01:14.090><c> cushion</c><00:01:14.630><c> or</c><00:01:14.869><c> some</c><00:01:15.050><c> standard</c>

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define a cushion or some standard
 

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define a cushion or some standard
measurement<00:01:16.130><c> that</c><00:01:16.670><c> replaced</c><00:01:17.179><c> throughput</c><00:01:17.600><c> as</c>

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measurement that replaced throughput as
 

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measurement that replaced throughput as
compared<00:01:18.229><c> to</c><00:01:18.259><c> data</c><00:01:18.470><c> plan</c><00:01:19.210><c> club</c><00:01:20.210><c> we</c><00:01:20.330><c> quickly</c>

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compared to data plan club we quickly
 

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compared to data plan club we quickly
realized<00:01:20.960><c> that</c><00:01:21.229><c> we</c><00:01:21.410><c> get</c><00:01:22.399><c> into</c><00:01:22.759><c> apples</c><00:01:23.330><c> oranges</c>

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realized that we get into apples oranges
 

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realized that we get into apples oranges
pretty<00:01:23.990><c> fast</c><00:01:24.259><c> when</c><00:01:24.500><c> we</c><00:01:24.649><c> try</c><00:01:24.830><c> to</c><00:01:24.860><c> compare</c><00:01:25.280><c> most</c>

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pretty fast when we try to compare most
 

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pretty fast when we try to compare most
of<00:01:25.850><c> these</c><00:01:25.940><c> metrics</c><00:01:26.300><c> across</c><00:01:26.450><c> protocols</c><00:01:28.960><c> so</c><00:01:29.960><c> we</c>

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of these metrics across protocols so we
 

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of these metrics across protocols so we
never<00:01:30.229><c> focus</c><00:01:30.710><c> a</c><00:01:30.740><c> bit</c><00:01:30.950><c> to</c><00:01:31.130><c> say</c><00:01:31.369><c> what</c><00:01:32.119><c> can</c><00:01:32.270><c> we</c>

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never focus a bit to say what can we
 

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never focus a bit to say what can we
effectively<00:01:32.810><c> measure</c><00:01:33.110><c> on</c><00:01:33.319><c> tea</c><00:01:33.530><c> room</c><00:01:33.679><c> right</c>

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effectively measure on tea room right
 

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effectively measure on tea room right
now<00:01:34.100><c> and</c><00:01:34.460><c> watch</c><00:01:34.640><c> Jam</c><00:01:34.970><c> over</c><00:01:35.000><c> time</c><00:01:35.450><c> what's</c>

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now and watch Jam over time what's
 

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now and watch Jam over time what's
actually<00:01:36.649><c> happened</c><00:01:37.130><c> on</c><00:01:37.220><c> main</c><00:01:37.460><c> net</c><00:01:37.670><c> and</c><00:01:37.939><c> what</c>

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actually happened on main net and what
 

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actually happened on main net and what
does<00:01:38.119><c> it</c><00:01:38.149><c> tell</c><00:01:38.270><c> us</c><00:01:38.420><c> about</c><00:01:38.509><c> the</c><00:01:38.810><c> progress</c><00:01:39.020><c> we're</c>

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does it tell us about the progress we're
 

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does it tell us about the progress we're
making<00:01:39.409><c> or</c><00:01:39.920><c> not</c><00:01:40.040><c> making</c><00:01:40.630><c> so</c><00:01:41.630><c> here</c><00:01:41.780><c> the</c>

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making or not making so here the
 

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making or not making so here the
questions<00:01:42.229><c> we</c><00:01:42.409><c> set</c><00:01:42.590><c> up</c><00:01:42.680><c> answer</c><00:01:43.040><c> this</c><00:01:44.030><c> etherium</c>

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questions we set up answer this etherium
 

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questions we set up answer this etherium
actually<00:01:45.020><c> getting</c><00:01:45.350><c> where</c><00:01:45.530><c> these</c>

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actually getting where these
 

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actually getting where these
part<00:01:47.650><c> of</c><00:01:47.680><c> their</c><00:01:47.830><c> metrics</c><00:01:48.070><c> so</c><00:01:48.520><c> the</c><00:01:48.640><c> net</c><00:01:48.790><c> worth</c>

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part of their metrics so the net worth
 

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part of their metrics so the net worth
getting<00:01:49.210><c> more</c><00:01:49.420><c> centralized</c><00:01:50.490><c> does</c><00:01:51.490><c> the</c><00:01:51.729><c> data</c>

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getting more centralized does the data
 

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getting more centralized does the data
reveal<00:01:52.240><c> areas</c><00:01:52.450><c> we</c><00:01:52.750><c> need</c><00:01:52.810><c> to</c><00:01:52.869><c> focus</c><00:01:52.960><c> on</c>

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reveal areas we need to focus on
 

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reveal areas we need to focus on
addressing<00:01:54.040><c> our</c><00:01:54.280><c> changing</c><00:01:55.470><c> give</c><00:01:56.470><c> that</c><00:01:56.680><c> some</c>

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addressing our changing give that some
 

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addressing our changing give that some
of<00:01:57.040><c> the</c><00:01:57.100><c> trends</c><00:01:57.400><c> were</c><00:01:57.490><c> observing</c><00:01:57.909><c> can</c><00:01:58.150><c> we</c><00:01:58.270><c> make</c>

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of the trends were observing can we make
 

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of the trends were observing can we make
any<00:01:58.690><c> meaningful</c><00:01:59.049><c> predictions</c><00:01:59.560><c> about</c><00:01:59.680><c> the</c>

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any meaningful predictions about the
 

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any meaningful predictions about the
future<00:01:59.920><c> and</c><00:02:00.759><c> which</c><00:02:01.659><c> of</c><00:02:01.840><c> these</c><00:02:01.990><c> metrics</c><00:02:02.200><c> can</c><00:02:02.619><c> be</c>

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future and which of these metrics can be
 

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future and which of these metrics can be
very<00:02:03.700><c> possible</c><00:02:05.670><c> so</c><00:02:06.670><c> our</c><00:02:07.360><c> approach</c><00:02:07.960><c> to</c>

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very possible so our approach to
 

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very possible so our approach to
measuring<00:02:08.590><c> the</c><00:02:09.190><c> entity</c><00:02:09.520><c> civilization</c><00:02:10.119><c> over</c>

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measuring the entity civilization over
 

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measuring the entity civilization over
time<00:02:10.800><c> began</c><00:02:11.800><c> with</c><00:02:12.040><c> determining</c><00:02:12.640><c> which</c>

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time began with determining which
 

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time began with determining which
elements<00:02:13.630><c> of</c><00:02:13.780><c> appearance</c><00:02:14.170><c> architecture</c><00:02:14.830><c> both</c>

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elements of appearance architecture both
 

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elements of appearance architecture both
on<00:02:15.550><c> and</c><00:02:15.940><c> off</c><00:02:16.150><c> chain</c><00:02:16.480><c> most</c><00:02:17.290><c> significantly</c>

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on and off chain most significantly
 

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on and off chain most significantly
impacted<00:02:18.730><c> space</c><00:02:18.970><c> optimization</c><00:02:19.630><c> so</c><00:02:20.590><c> let's</c><00:02:20.769><c> run</c>

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impacted space optimization so let's run
 

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impacted space optimization so let's run
off<00:02:21.010><c> with</c><00:02:21.220><c> at</c><00:02:21.340><c> this</c><00:02:21.489><c> stage</c><00:02:21.730><c> of</c><00:02:21.760><c> the</c><00:02:21.940><c> research</c>

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off with at this stage of the research
 

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off with at this stage of the research
we<00:02:22.540><c> did</c><00:02:22.660><c> by</c><00:02:22.930><c> nineteen</c><00:02:23.530><c> key</c><00:02:23.860><c> subsystems</c><00:02:24.610><c> spread</c>

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we did by nineteen key subsystems spread
 

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we did by nineteen key subsystems spread
across<00:02:25.569><c> four</c><00:02:25.989><c> different</c><00:02:26.019><c> categories</c><00:02:26.440><c> to</c>

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across four different categories to
 

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across four different categories to
investigate<00:02:27.420><c> we</c><00:02:28.420><c> attempted</c><00:02:28.930><c> to</c><00:02:28.959><c> anchor</c><00:02:29.680><c> our</c>

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investigate we attempted to anchor our
 

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investigate we attempted to anchor our
conclusions<00:02:31.000><c> in</c><00:02:31.300><c> as</c><00:02:31.420><c> much</c><00:02:31.569><c> launching</c><00:02:32.140><c> and</c>

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conclusions in as much launching and
 

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conclusions in as much launching and
objective<00:02:32.800><c> data</c><00:02:32.830><c> as</c><00:02:33.130><c> possible</c><00:02:33.340><c> which</c><00:02:33.760><c> can</c><00:02:33.940><c> get</c>

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objective data as possible which can get
 

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objective data as possible which can get
tricky<00:02:34.410><c> and</c><00:02:35.410><c> it's</c><00:02:35.560><c> also</c><00:02:35.709><c> important</c><00:02:36.069><c> to</c><00:02:36.100><c> note</c>

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tricky and it's also important to note
 

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tricky and it's also important to note
that<00:02:36.340><c> there</c><00:02:36.700><c> are</c><00:02:36.730><c> hard</c><00:02:37.090><c> data</c><00:02:37.269><c> points</c><00:02:37.660><c> that</c><00:02:37.720><c> we</c>

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that there are hard data points that we
 

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that there are hard data points that we
have<00:02:38.140><c> not</c><00:02:38.319><c> covered</c><00:02:38.560><c> that</c><00:02:39.549><c> we</c><00:02:39.640><c> wish</c><00:02:39.790><c> we</c><00:02:39.819><c> could</c>

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have not covered that we wish we could
 

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have not covered that we wish we could
because<00:02:40.989><c> there's</c><00:02:41.170><c> an</c><00:02:41.319><c> important</c><00:02:41.799><c> but</c><00:02:42.400><c> not</c>

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because there's an important but not
 

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because there's an important but not
necessarily<00:02:43.030><c> on</c><00:02:43.150><c> chain</c><00:02:43.630><c> and</c><00:02:44.290><c> there</c><00:02:44.560><c> they</c><00:02:44.860><c> can</c>

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necessarily on chain and there they can
 

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necessarily on chain and there they can
be<00:02:45.069><c> very</c><00:02:45.220><c> difficult</c><00:02:45.430><c> to</c><00:02:45.700><c> quantify</c><00:02:46.269><c> those</c>

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be very difficult to quantify those
 

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be very difficult to quantify those
include<00:02:47.230><c> concepts</c><00:02:47.709><c> like</c><00:02:47.890><c> the</c><00:02:47.950><c> strength</c><00:02:48.910><c> and</c>

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include concepts like the strength and
 

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include concepts like the strength and
distribution<00:02:49.630><c> of</c><00:02:49.690><c> power</c><00:02:49.959><c> grids</c><00:02:50.290><c> on</c><00:02:50.560><c> which</c>

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distribution of power grids on which
 

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distribution of power grids on which
notes

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notes
 

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notes
run<00:02:51.790><c> and</c><00:02:52.120><c> legal</c><00:02:52.989><c> jurisdictions</c><00:02:53.620><c> and</c><00:02:53.920><c> relative</c>

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run and legal jurisdictions and relative
 

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run and legal jurisdictions and relative
stability<00:02:54.519><c> of</c><00:02:54.910><c> countries</c><00:02:55.329><c> on</c><00:02:55.600><c> which</c><00:02:55.810><c> a</c><00:02:56.310><c> large</c>

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stability of countries on which a large
 

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stability of countries on which a large
thumbs<00:02:57.640><c> and</c><00:02:57.790><c> notes</c><00:02:57.940><c> are</c><00:02:58.120><c> posted</c><00:02:58.620><c> so</c><00:02:59.620><c> whereas</c>

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thumbs and notes are posted so whereas
 

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thumbs and notes are posted so whereas
many<00:03:00.070><c> of</c><00:03:00.130><c> these</c><00:03:00.220><c> data</c><00:03:00.459><c> points</c><00:03:00.610><c> as</c><00:03:00.790><c> possible</c><00:03:00.850><c> we</c>

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many of these data points as possible we
 

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many of these data points as possible we
track<00:03:02.109><c> the</c><00:03:02.260><c> revolution</c><00:03:02.709><c> the</c><00:03:02.769><c> corner</c><00:03:03.130><c> reporter</c>

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track the revolution the corner reporter
 

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track the revolution the corner reporter
as<00:03:04.000><c> far</c><00:03:04.269><c> back</c><00:03:04.420><c> as</c><00:03:04.480><c> possible</c><00:03:04.780><c> essentially</c><00:03:05.560><c> from</c>

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as far back as possible essentially from
 

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as far back as possible essentially from
the<00:03:05.799><c> earliest</c><00:03:06.220><c> days</c><00:03:06.430><c> of</c><00:03:06.459><c> theory</c><00:03:06.850><c> through</c>

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the earliest days of theory through
 

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the earliest days of theory through
gradual<00:03:08.079><c> adoption</c><00:03:08.400><c> rampant</c><00:03:09.400><c> speculation</c>

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gradual adoption rampant speculation
 

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gradual adoption rampant speculation
hacks<00:03:10.690><c> cryptokeys</c><00:03:11.440><c> bubble</c><00:03:12.130><c> and</c><00:03:12.670><c> sort</c><00:03:12.910><c> of</c><00:03:12.940><c> the</c>

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hacks cryptokeys bubble and sort of the
 

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hacks cryptokeys bubble and sort of the
subsequent<00:03:13.540><c> course</c><00:03:13.780><c> correction</c>

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subsequent course correction
 

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subsequent course correction
see<00:03:14.800><c> the</c><00:03:14.980><c> path</c><00:03:15.160><c> yourself</c><00:03:15.970><c> so</c><00:03:16.810><c> we</c><00:03:17.050><c> magically</c>

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see the path yourself so we magically
 

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see the path yourself so we magically
charted<00:03:17.890><c> about</c><00:03:18.100><c> 20</c><00:03:18.760><c> or</c><00:03:18.850><c> so</c><00:03:18.910><c> different</c><00:03:19.390><c> metrics</c>

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charted about 20 or so different metrics
 

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charted about 20 or so different metrics
obviously<00:03:20.140><c> no</c><00:03:20.260><c> time</c><00:03:20.590><c> to</c><00:03:20.740><c> run</c><00:03:20.860><c> through</c><00:03:20.920><c> all</c>

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obviously no time to run through all
 

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obviously no time to run through all
those<00:03:21.280><c> dead</c><00:03:21.640><c> so</c><00:03:22.300><c> we</c><00:03:22.420><c> chose</c><00:03:22.569><c> a</c><00:03:22.630><c> few</c><00:03:22.959><c> of</c><00:03:23.050><c> the</c>

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those dead so we chose a few of the
 

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those dead so we chose a few of the
spread<00:03:23.560><c> across</c><00:03:23.770><c> these</c><00:03:23.980><c> different</c><00:03:24.160><c> categories</c>

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spread across these different categories
 

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spread across these different categories
that<00:03:25.330><c> we're</c><00:03:25.630><c> gonna</c><00:03:25.720><c> talk</c><00:03:25.900><c> about</c><00:03:25.930><c> a</c><00:03:26.170><c> bit</c><00:03:27.780><c> so</c>

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that we're gonna talk about a bit so
 

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that we're gonna talk about a bit so
looking<00:03:29.020><c> an</c><00:03:29.110><c> account</c><00:03:29.440><c> growth</c><00:03:29.680><c> we</c><00:03:29.980><c> looked</c><00:03:30.160><c> at</c>

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looking an account growth we looked at
 

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looking an account growth we looked at
start<00:03:30.819><c> off</c><00:03:30.910><c> looking</c><00:03:31.120><c> at</c><00:03:31.330><c> total</c><00:03:31.510><c> come</c><00:03:31.930><c> from</c>

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start off looking at total come from
 

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start off looking at total come from
over<00:03:32.440><c> time</c><00:03:32.620><c> compared</c><00:03:33.130><c> to</c><00:03:33.160><c> active</c><00:03:33.850><c> count</c>

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over time compared to active count
 

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over time compared to active count
growth<00:03:34.750><c> over</c><00:03:34.959><c> time</c><00:03:34.989><c> so</c><00:03:35.890><c> the</c><00:03:36.459><c> x-axis</c><00:03:36.790><c> is</c>

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growth over time so the x-axis is
 

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growth over time so the x-axis is
quarter<00:03:37.900><c> a</c><00:03:37.930><c> reporter</c><00:03:38.380><c> across</c><00:03:38.860><c> the</c><00:03:39.010><c> past</c><00:03:39.250><c> four</c>

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quarter a reporter across the past four
 

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quarter a reporter across the past four
years<00:03:39.550><c> will</c><00:03:40.060><c> be</c><00:03:40.180><c> on</c><00:03:40.330><c> most</c><00:03:40.660><c> of</c><00:03:40.750><c> the</c><00:03:40.840><c> charts</c><00:03:41.140><c> that</c>

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years will be on most of the charts that
 

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years will be on most of the charts that
we<00:03:41.380><c> see</c><00:03:41.590><c> and</c><00:03:42.580><c> then</c><00:03:42.730><c> the</c><00:03:42.970><c> blue</c><00:03:43.390><c> line</c><00:03:43.630><c> is</c><00:03:43.989><c> to</c>

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we see and then the blue line is to
 

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we see and then the blue line is to
either<00:03:44.380><c> grow</c><00:03:44.770><c> over</c><00:03:45.100><c> time</c><00:03:45.130><c> and</c><00:03:45.340><c> the</c><00:03:45.700><c> red</c><00:03:45.819><c> line</c>

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either grow over time and the red line
 

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either grow over time and the red line
is<00:03:46.330><c> active</c><00:03:46.840><c> addresses</c><00:03:47.560><c> which</c><00:03:48.250><c> we</c><00:03:48.459><c> define</c><00:03:48.820><c> as</c><00:03:48.850><c> a</c>

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is active addresses which we define as a
 

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is active addresses which we define as a
versus<00:03:49.870><c> a</c><00:03:49.959><c> transact</c><00:03:50.590><c> at</c><00:03:50.769><c> least</c><00:03:50.920><c> once</c><00:03:51.510><c> and</c><00:03:52.510><c> that</c>

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versus a transact at least once and that
 

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versus a transact at least once and that
spike<00:03:53.650><c> in</c><00:03:53.860><c> q2</c><00:03:54.250><c> is</c><00:03:54.489><c> the</c><00:03:54.880><c> Shanghai</c><00:03:55.239><c> PAC</c><00:03:55.480><c> that</c>

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spike in q2 is the Shanghai PAC that
 

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spike in q2 is the Shanghai PAC that
come<00:03:56.830><c> to</c><00:03:57.040><c> so</c><00:03:57.910><c> we</c><00:03:58.000><c> see</c><00:03:58.180><c> a</c><00:03:58.209><c> conference</c>

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come to so we see a conference
 

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come to so we see a conference
increasing<00:03:59.319><c> steadily</c><00:03:59.500><c> over</c><00:04:00.010><c> time</c><00:04:00.130><c> but</c><00:04:00.700><c> we</c><00:04:00.760><c> see</c>

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increasing steadily over time but we see
 

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increasing steadily over time but we see
active<00:04:01.360><c> addresses</c><00:04:01.840><c> more</c><00:04:02.530><c> or</c><00:04:02.650><c> less</c><00:04:02.800><c> starting</c>

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active addresses more or less starting
 

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active addresses more or less starting
to<00:04:03.310><c> flatten</c><00:04:03.630><c> after</c><00:04:04.630><c> the</c><00:04:04.720><c> bubble</c><00:04:04.900><c> so</c><00:04:05.680><c> as</c><00:04:05.800><c> it</c>

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to flatten after the bubble so as it
 

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to flatten after the bubble so as it
wasn't<00:04:06.100><c> used</c><00:04:06.370><c> to</c><00:04:06.459><c> know</c><00:04:06.670><c> what</c><00:04:06.880><c> what</c><00:04:07.030><c> this</c><00:04:07.209><c> is</c>

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wasn't used to know what what this is
 

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wasn't used to know what what this is
the<00:04:07.720><c> growing</c><00:04:07.989><c> Delta</c><00:04:08.590><c> between</c><00:04:09.040><c> the</c><00:04:09.130><c> two</c><00:04:09.250><c> lines</c>

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the growing Delta between the two lines
 

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the growing Delta between the two lines
over<00:04:09.819><c> time</c><00:04:10.230><c> which</c><00:04:11.230><c> likely</c><00:04:11.590><c> is</c><00:04:11.709><c> due</c><00:04:11.890><c> to</c><00:04:11.980><c> the</c>

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over time which likely is due to the
 

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over time which likely is due to the
increase<00:04:12.430><c> in</c><00:04:12.700><c> smart</c><00:04:13.030><c> monarchic</c><00:04:13.510><c> to</c><00:04:13.600><c> be</c><00:04:13.690><c> on</c><00:04:13.870><c> the</c>

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increase in smart monarchic to be on the
 

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increase in smart monarchic to be on the
network<00:04:14.110><c> rather</c><00:04:14.800><c> than</c><00:04:15.010><c> just</c><00:04:15.340><c> simple</c><00:04:15.610><c> p2p</c>

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network rather than just simple p2p
 

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network rather than just simple p2p
value<00:04:16.389><c> transfers</c>

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value transfers
 

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value transfers
here's<00:04:19.870><c> another</c><00:04:19.989><c> account</c><00:04:20.709><c> growth</c><00:04:20.919><c> graph</c><00:04:21.270><c> this</c>

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here's another account growth graph this
 

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here's another account growth graph this
one<00:04:22.479><c> shows</c><00:04:22.780><c> account</c><00:04:23.740><c> growth</c><00:04:23.950><c> over</c><00:04:24.250><c> time</c><00:04:24.280><c> by</c>

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one shows account growth over time by
 

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one shows account growth over time by
total<00:04:25.330><c> addresses</c><00:04:25.840><c> and</c><00:04:26.140><c> gray</c><00:04:26.760><c> versus</c><00:04:27.760><c> the</c>

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total addresses and gray versus the
 

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total addresses and gray versus the
dresses<00:04:28.270><c> with</c><00:04:28.450><c> a</c><00:04:28.540><c> nonzero</c><00:04:28.720><c> peak</c><00:04:29.229><c> balance</c><00:04:29.620><c> and</c>

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dresses with a nonzero peak balance and
 

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dresses with a nonzero peak balance and
orange<00:04:31.110><c> so</c><00:04:32.110><c> what</c><00:04:32.229><c> we</c><00:04:32.350><c> see</c><00:04:32.530><c> is</c><00:04:32.650><c> a</c><00:04:32.680><c> fairly</c><00:04:33.130><c> steady</c>

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orange so what we see is a fairly steady
 

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orange so what we see is a fairly steady
and<00:04:34.639><c> not</c><00:04:35.449><c> server</c><00:04:35.719><c> addresses</c><00:04:36.050><c> on</c><00:04:36.289><c> the</c><00:04:36.409><c> network</c>

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and not server addresses on the network
 

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and not server addresses on the network
with<00:04:36.949><c> no</c><00:04:37.159><c> major</c><00:04:37.580><c> bumps</c><00:04:38.509><c> even</c><00:04:39.139><c> during</c><00:04:39.319><c> the</c>

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with no major bumps even during the
 

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with no major bumps even during the
dramatic<00:04:40.039><c> price</c><00:04:40.279><c> fluctuations</c><00:04:41.080><c> we</c><00:04:42.080><c> can't</c>

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dramatic price fluctuations we can't
 

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dramatic price fluctuations we can't
necessarily<00:04:42.439><c> say</c><00:04:43.189><c> this</c><00:04:43.459><c> music</c><00:04:43.849><c> spent</c><00:04:44.149><c> a</c>

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necessarily say this music spent a
 

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necessarily say this music spent a
steady<00:04:44.539><c> increase</c><00:04:44.899><c> in</c><00:04:45.319><c> the</c><00:04:45.769><c> number</c><00:04:46.129><c> of</c>

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steady increase in the number of
 

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steady increase in the number of
individuals<00:04:46.369><c> who</c><00:04:46.939><c> leave</c><00:04:47.300><c> because</c><00:04:47.569><c> the</c>

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individuals who leave because the
 

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individuals who leave because the
addresses<00:04:48.499><c> are</c><00:04:48.619><c> sooo</c><00:04:48.800><c> not</c><00:04:48.919><c> synonymous</c><00:04:49.599><c> but</c>

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addresses are sooo not synonymous but
 

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addresses are sooo not synonymous but
what<00:04:50.869><c> we</c><00:04:50.989><c> should</c><00:04:51.199><c> consider</c><00:04:51.499><c> again</c><00:04:52.009><c> is</c><00:04:52.219><c> the</c>

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what we should consider again is the
 

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what we should consider again is the
bring<00:04:52.550><c> bells</c><00:04:52.759><c> between</c><00:04:53.149><c> the</c><00:04:53.269><c> new</c><00:04:53.419><c> addresses</c>

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bring bells between the new addresses
 

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bring bells between the new addresses
and<00:04:54.019><c> the</c><00:04:54.110><c> new</c><00:04:54.259><c> non-zero</c><00:04:54.800><c> addresses</c><00:04:55.249><c> that</c><00:04:55.999><c> is</c>

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and the new non-zero addresses that is
 

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and the new non-zero addresses that is
getting<00:04:56.569><c> suddenly</c><00:04:56.959><c> wider</c><00:04:57.199><c> that's</c><00:04:57.619><c> worse</c><00:04:57.860><c> than</c>

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getting suddenly wider that's worse than
 

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getting suddenly wider that's worse than
our<00:04:58.159><c> contracts</c><00:04:58.610><c> emerge</c><00:04:58.849><c> smart</c><00:04:59.569><c> contract</c>

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our contracts emerge smart contract
 

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our contracts emerge smart contract
addresses<00:05:00.349><c> have</c><00:05:00.559><c> to</c><00:05:00.769><c> know</c><00:05:00.860><c> any</c><00:05:01.039><c> balance</c><00:05:01.779><c> we're</c>

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addresses have to know any balance we're
 

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addresses have to know any balance we're
seeing<00:05:02.989><c> a</c><00:05:03.019><c> pretty</c><00:05:03.259><c> clear</c><00:05:03.469><c> increase</c><00:05:03.860><c> in</c><00:05:04.009><c> both</c>

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seeing a pretty clear increase in both
 

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seeing a pretty clear increase in both
nonzero<00:05:04.819><c> addresses</c><00:05:05.269><c> bands</c><00:05:05.509><c> from</c><00:05:05.659><c> our</c>

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nonzero addresses bands from our
 

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nonzero addresses bands from our
contract<00:05:06.229><c> addresses</c><00:05:06.589><c> over</c><00:05:06.769><c> time</c><00:05:07.179><c> the</c>

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contract addresses over time the
 

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contract addresses over time the
aleutian<00:05:08.779><c> could</c><00:05:08.990><c> indicate</c><00:05:09.259><c> a</c><00:05:09.439><c> network</c><00:05:09.919><c> is</c>

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aleutian could indicate a network is
 

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aleutian could indicate a network is
supporting<00:05:10.519><c> more</c><00:05:10.849><c> diverse</c><00:05:11.119><c> investment</c><00:05:11.509><c> or</c>

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supporting more diverse investment or
 

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supporting more diverse investment or
decentralized<00:05:12.619><c> Texas</c><00:05:13.099><c> business</c><00:05:13.580><c> logic</c>

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decentralized Texas business logic
 

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decentralized Texas business logic
[Applause]

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this<00:05:21.080><c> following</c><00:05:21.409><c> graph</c><00:05:21.589><c> illustrates</c><00:05:22.129><c> each</c>

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this following graph illustrates each
 

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this following graph illustrates each
ownership<00:05:22.969><c> of</c><00:05:23.179><c> the</c><00:05:23.689><c> top</c><00:05:23.929><c> ten</c><00:05:24.729><c> 101,000</c>

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ownership of the top ten 101,000
 

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ownership of the top ten 101,000
addresses<00:05:26.209><c> compared</c><00:05:26.959><c> to</c><00:05:27.050><c> total</c><00:05:27.259><c> supply</c><00:05:27.679><c> of</c>

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addresses compared to total supply of
 

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addresses compared to total supply of
your<00:05:27.949><c> time</c><00:05:28.189><c> so</c><00:05:28.759><c> the</c><00:05:28.849><c> bottom</c><00:05:29.149><c> in</c><00:05:29.240><c> red</c><00:05:29.269><c> the</c><00:05:29.689><c> top</c>

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your time so the bottom in red the top
 

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your time so the bottom in red the top
ten<00:05:30.139><c> and</c><00:05:30.439><c> then</c><00:05:30.740><c> yellow</c><00:05:31.069><c> our</c><00:05:31.219><c> top</c><00:05:31.399><c> 11</c><00:05:31.909><c> 200</c><00:05:32.329><c> and</c>

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ten and then yellow our top 11 200 and
 

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ten and then yellow our top 11 200 and
then<00:05:32.839><c> top</c><00:05:33.469><c> 101</c><00:05:33.919><c> to</c><00:05:34.099><c> a</c><00:05:34.129><c> thousand</c><00:05:34.519><c> and</c><00:05:34.759><c> all</c><00:05:35.300><c> the</c>

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then top 101 to a thousand and all the
 

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then top 101 to a thousand and all the
way<00:05:35.419><c> up</c><00:05:35.509><c> to</c><00:05:35.599><c> hundred</c><00:05:35.899><c> percent</c><00:05:36.249><c> so</c><00:05:37.249><c> the</c><00:05:37.399><c> story</c>

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way up to hundred percent so the story
 

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way up to hundred percent so the story
that<00:05:37.759><c> is</c><00:05:37.939><c> tells</c><00:05:38.209><c> it's</c><00:05:39.139><c> fairly</c><00:05:39.979><c> obvious</c><00:05:40.129><c> we</c><00:05:40.610><c> see</c>

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that is tells it's fairly obvious we see
 

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that is tells it's fairly obvious we see
the<00:05:40.909><c> top</c><00:05:41.119><c> 10</c><00:05:41.569><c> and</c><00:05:41.749><c> 100</c><00:05:42.169><c> addresses</c><00:05:42.619><c> on</c><00:05:42.769><c> the</c><00:05:42.829><c> 8th</c>

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the top 10 and 100 addresses on the 8th
 

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the top 10 and 100 addresses on the 8th
your<00:05:43.039><c> network</c><00:05:43.369><c> don't</c><00:05:43.999><c> any</c><00:05:44.240><c> steadily</c><00:05:44.719><c> lower</c>

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your network don't any steadily lower
 

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your network don't any steadily lower
percentage<00:05:45.889><c> of</c><00:05:46.099><c> the</c><00:05:46.219><c> total</c><00:05:46.369><c> of</c><00:05:46.669><c> holding</c><00:05:47.029><c> that</c>

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percentage of the total of holding that
 

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percentage of the total of holding that
could<00:05:48.259><c> just</c><00:05:48.439><c> be</c><00:05:48.499><c> like</c><00:05:48.709><c> you</c><00:05:48.889><c> do</c><00:05:49.039><c> the</c><00:05:49.219><c> as</c><00:05:49.729><c> a</c>

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could just be like you do the as a
 

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could just be like you do the as a
passive<00:05:50.300><c> result</c><00:05:50.599><c> of</c><00:05:50.749><c> increase</c><00:05:51.079><c> in</c><00:05:51.259><c> supply</c>

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passive result of increase in supply
 

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passive result of increase in supply
over<00:05:51.769><c> time</c><00:05:52.300><c> we</c><00:05:53.300><c> do</c><00:05:53.449><c> see</c><00:05:53.689><c> some</c><00:05:53.869><c> of</c><00:05:53.990><c> these</c><00:05:54.079><c> larger</c>

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over time we do see some of these larger
 

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over time we do see some of these larger
accounts<00:05:55.309><c> possibly</c><00:05:55.669><c> be</c><00:05:55.819><c> pushed</c><00:05:56.179><c> into</c><00:05:56.539><c> down</c>

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accounts possibly be pushed into down
 

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accounts possibly be pushed into down
into<00:05:57.919><c> lower</c><00:05:58.099><c> tiers</c><00:05:58.490><c> of</c><00:05:58.669><c> ownership</c><00:05:58.939><c> while</c>

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into lower tiers of ownership while
 

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into lower tiers of ownership while
others<00:06:00.169><c> took</c><00:06:00.379><c> their</c><00:06:00.889><c> place</c><00:06:01.129><c> which</c><00:06:01.789><c> also</c><00:06:01.969><c> can</c>

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others took their place which also can
 

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others took their place which also can
account<00:06:02.389><c> for</c><00:06:02.539><c> the</c><00:06:02.659><c> recent</c><00:06:02.990><c> uptick</c><00:06:03.379><c> we</c><00:06:03.559><c> see</c><00:06:03.740><c> and</c>

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account for the recent uptick we see and
 

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account for the recent uptick we see and
the<00:06:03.979><c> percentage</c><00:06:04.459><c> of</c><00:06:04.669><c> each</c><00:06:04.939><c> of</c><00:06:05.569><c> a</c><00:06:05.749><c> 1000</c>

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the percentage of each of a 1000
 

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the percentage of each of a 1000
addresses<00:06:07.129><c> in</c><00:06:07.369><c> the</c><00:06:07.459><c> past</c><00:06:07.669><c> few</c><00:06:08.479><c> port</c><00:06:10.809><c> when</c>

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addresses in the past few port when
 

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addresses in the past few port when
we're<00:06:11.959><c> looking</c><00:06:12.019><c> at</c><00:06:12.349><c> the</c><00:06:13.159><c> trend</c><00:06:13.519><c> of</c><00:06:13.610><c> ownership</c>

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we're looking at the trend of ownership
 

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we're looking at the trend of ownership
since<00:06:15.620><c> 2015</c><00:06:16.520><c> we</c><00:06:17.270><c> see</c><00:06:17.449><c> that</c><00:06:17.569><c> the</c><00:06:17.720><c> ownership</c><00:06:18.050><c> is</c>

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since 2015 we see that the ownership is
 

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since 2015 we see that the ownership is
becoming<00:06:18.740><c> more</c><00:06:19.220><c> diverse</c><00:06:19.400><c> across</c><00:06:19.879><c> practices</c>

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becoming more diverse across practices
 

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becoming more diverse across practices
we<00:06:21.440><c> can't</c><00:06:21.710><c> assume</c><00:06:22.099><c> that</c><00:06:22.610><c> more</c><00:06:22.909><c> new</c><00:06:23.180><c> addresses</c>

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we can't assume that more new addresses
 

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we can't assume that more new addresses
means<00:06:23.990><c> more</c><00:06:24.379><c> new</c><00:06:24.680><c> unique</c><00:06:25.190><c> individuals</c>

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means more new unique individuals
 

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means more new unique individuals
participating<00:06:27.050><c> the</c><00:06:27.110><c> network</c><00:06:27.409><c> however</c><00:06:28.190><c> we</c><00:06:28.490><c> can</c>

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participating the network however we can
 

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participating the network however we can
see<00:06:29.060><c> that</c><00:06:29.300><c> the</c><00:06:29.750><c> number</c><00:06:29.990><c> of</c><00:06:30.050><c> nonzero</c><00:06:30.289><c> addresses</c>

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see that the number of nonzero addresses
 

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see that the number of nonzero addresses
are<00:06:31.190><c> increasing</c><00:06:31.729><c> and</c><00:06:31.940><c> the</c><00:06:32.389><c> concentration</c><00:06:33.050><c> of</c>

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are increasing and the concentration of
 

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are increasing and the concentration of
the<00:06:33.229><c> top</c><00:06:33.409><c> 10</c><00:06:33.650><c> and</c><00:06:33.770><c> 100</c><00:06:34.190><c> are</c><00:06:34.280><c> decreasing</c>

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the top 10 and 100 are decreasing
 

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the top 10 and 100 are decreasing
alongside<00:06:35.120><c> each</c><00:06:35.479><c> other</c><00:06:35.629><c> over</c><00:06:36.349><c> time</c><00:06:36.789><c> this</c>

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alongside each other over time this
 

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alongside each other over time this
could<00:06:38.060><c> possibly</c><00:06:38.509><c> suggest</c><00:06:39.110><c> that</c><00:06:39.229><c> contrary</c><00:06:39.740><c> to</c>

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could possibly suggest that contrary to
 

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could possibly suggest that contrary to
popular<00:06:40.069><c> area</c><00:06:40.669><c> bicker</c><00:06:41.360><c> the</c><00:06:41.509><c> bubble</c><00:06:41.780><c> was</c><00:06:41.840><c> not</c>

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popular area bicker the bubble was not
 

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popular area bicker the bubble was not
overwhelmingly<00:06:42.680><c> followed</c><00:06:43.190><c> by</c><00:06:43.520><c> Wales</c><00:06:44.419><c> and</c>

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overwhelmingly followed by Wales and
 

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overwhelmingly followed by Wales and
holders<00:06:44.930><c> buying</c><00:06:45.229><c> back</c><00:06:45.530><c> crypto</c><00:06:46.129><c> at</c><00:06:46.400><c> those</c><00:06:46.639><c> lows</c>

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holders buying back crypto at those lows
 

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holders buying back crypto at those lows
just<00:06:47.330><c> to</c><00:06:47.419><c> make</c><00:06:47.569><c> a</c><00:06:47.599><c> buck</c><00:06:47.900><c> what</c><00:06:48.860><c> would</c><00:06:49.039><c> be</c><00:06:49.159><c> the</c>

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just to make a buck what would be the
 

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just to make a buck what would be the
eventual<00:06:49.580><c> market</c><00:06:50.120><c> uptick</c><00:06:50.650><c> rather</c><00:06:51.650><c> this</c>

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eventual market uptick rather this
 

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eventual market uptick rather this
negative<00:06:52.219><c> correlation</c><00:06:52.789><c> could</c><00:06:53.150><c> suggest</c><00:06:53.599><c> that</c>

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negative correlation could suggest that
 

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negative correlation could suggest that
more<00:06:54.020><c> and</c><00:06:54.110><c> more</c><00:06:54.169><c> new</c><00:06:54.469><c> people</c><00:06:54.919><c> began</c>

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more and more new people began
 

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more and more new people began
accumulating<00:06:55.789><c> at</c><00:06:56.509><c> a</c><00:06:56.539><c> steady</c><00:06:56.870><c> rate</c><00:06:57.199><c> after</c><00:06:57.949><c> the</c>

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accumulating at a steady rate after the
 

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accumulating at a steady rate after the
bubble<00:06:58.370><c> which</c><00:06:59.300><c> alongside</c><00:06:59.810><c> grown</c><00:07:00.319><c> in</c>

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bubble which alongside grown in
 

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bubble which alongside grown in
circulation<00:07:01.250><c> could</c><00:07:02.060><c> have</c><00:07:02.150><c> been</c><00:07:02.300><c> reducing</c><00:07:02.840><c> the</c>

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circulation could have been reducing the
 

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circulation could have been reducing the
percentage<00:07:03.469><c> of</c><00:07:03.560><c> concentration</c><00:07:04.159><c> of</c><00:07:04.280><c> these</c><00:07:04.430><c> top</c>

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percentage of concentration of these top
 

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percentage of concentration of these top
10<00:07:04.940><c> and</c><00:07:05.210><c> 100</c><00:07:05.690><c> well</c><00:07:05.870><c> holders</c><00:07:08.050><c> so</c><00:07:09.050><c> the</c><00:07:09.710><c> ecosystem</c>

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10 and 100 well holders so the ecosystem
 

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10 and 100 well holders so the ecosystem
being<00:07:10.610><c> as</c><00:07:10.789><c> young</c><00:07:11.030><c> as</c><00:07:11.150><c> it</c><00:07:11.300><c> is</c><00:07:11.509><c> the</c><00:07:12.050><c> unequal</c>

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being as young as it is the unequal
 

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being as young as it is the unequal
concentration<00:07:13.400><c> of</c><00:07:13.490><c> wealth</c><00:07:13.669><c> isn't</c>

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concentration of wealth isn't
 

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concentration of wealth isn't
necessarily<00:07:14.780><c> a</c><00:07:14.930><c> huge</c><00:07:15.229><c> red</c><00:07:15.500><c> flag</c><00:07:15.740><c> for</c>

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necessarily a huge red flag for
 

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necessarily a huge red flag for
decentralization<00:07:16.789><c> in</c><00:07:17.090><c> the</c><00:07:17.180><c> long</c><00:07:17.330><c> term</c><00:07:17.599><c> even</c>

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decentralization in the long term even
 

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decentralization in the long term even
with<00:07:18.680><c> the</c><00:07:18.800><c> still</c><00:07:19.039><c> large</c><00:07:19.460><c> concentration</c><00:07:20.270><c> of</c>

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with the still large concentration of
 

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with the still large concentration of
wealth<00:07:20.509><c> by</c><00:07:21.080><c> Wales</c>

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wealth by Wales
 

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wealth by Wales
etherium<00:07:22.190><c> is</c><00:07:22.340><c> still</c><00:07:22.550><c> pretty</c><00:07:22.819><c> far</c><00:07:22.969><c> ahead</c>

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etherium is still pretty far ahead
 

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etherium is still pretty far ahead
compared<00:07:23.569><c> to</c><00:07:23.659><c> other</c><00:07:23.810><c> watching</c><00:07:24.259><c> protocols</c><00:07:24.740><c> at</c>

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compared to other watching protocols at
 

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compared to other watching protocols at
least<00:07:25.130><c> on</c><00:07:25.490><c> this</c><00:07:25.639><c> metric</c><00:07:26.349><c> looking</c><00:07:27.349><c> ahead</c><00:07:27.440><c> of</c>

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least on this metric looking ahead of
 

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least on this metric looking ahead of
our<00:07:27.860><c> birth</c><00:07:28.130><c> concentration</c><00:07:29.060><c> in</c><00:07:29.210><c> the</c><00:07:29.300><c> hands</c><00:07:29.539><c> of</c>

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our birth concentration in the hands of
 

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our birth concentration in the hands of
a<00:07:29.659><c> few</c><00:07:29.690><c> becomes</c><00:07:30.380><c> more</c><00:07:30.740><c> of</c><00:07:30.830><c> a</c><00:07:30.919><c> concern</c><00:07:31.310><c> when</c><00:07:31.580><c> we</c>

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a few becomes more of a concern when we
 

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a few becomes more of a concern when we
shift<00:07:31.940><c> to</c><00:07:32.180><c> proof</c><00:07:32.569><c> of</c><00:07:32.690><c> state</c><00:07:32.900><c> and</c><00:07:33.199><c> influence</c><00:07:34.069><c> on</c>

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shift to proof of state and influence on
 

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shift to proof of state and influence on
the<00:07:34.340><c> network</c><00:07:34.610><c> becomes</c><00:07:34.969><c> more</c><00:07:35.210><c> closely</c>

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the network becomes more closely
 

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the network becomes more closely
correlated<00:07:35.960><c> with</c><00:07:36.380><c> inertia</c><00:07:37.000><c> as</c><00:07:38.000><c> the</c><00:07:38.150><c> beacon</c>

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correlated with inertia as the beacon
 

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correlated with inertia as the beacon
chain<00:07:38.569><c> gets</c><00:07:38.810><c> emotional</c><00:07:39.440><c> and</c><00:07:39.620><c> SPOs</c><00:07:40.039><c> replaces</c>

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chain gets emotional and SPOs replaces
 

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chain gets emotional and SPOs replaces
proof<00:07:40.969><c> of</c><00:07:41.120><c> work</c><00:07:41.300><c> it</c><00:07:41.990><c> will</c><00:07:42.169><c> be</c><00:07:42.289><c> important</c><00:07:42.770><c> to</c>

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proof of work it will be important to
 

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proof of work it will be important to
watch<00:07:43.039><c> out</c><00:07:43.250><c> for</c><00:07:43.520><c> the</c><00:07:43.789><c> speaking</c><00:07:44.060><c> power</c>

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watch out for the speaking power
 

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watch out for the speaking power
concentrating<00:07:45.229><c> in</c><00:07:45.440><c> the</c><00:07:45.710><c> hands</c><00:07:45.919><c> of</c><00:07:46.099><c> you</c>

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so<00:07:51.760><c> this</c><00:07:52.270><c> graph</c><00:07:52.540><c> shows</c><00:07:52.570><c> the</c><00:07:53.290><c> total</c>

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so this graph shows the total
 

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so this graph shows the total
circulating<00:07:54.400><c> vitamin</c><00:07:54.790><c> e</c><00:07:54.940><c> is</c><00:07:55.180><c> compared</c><00:07:55.660><c> to</c><00:07:55.750><c> the</c>

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circulating vitamin e is compared to the
 

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circulating vitamin e is compared to the
circulating<00:07:56.470><c> volume</c><00:07:56.740><c> of</c><00:07:57.010><c> select</c><00:07:57.310><c> PRC</c><00:07:57.790><c> 20</c>

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circulating volume of select PRC 20
 

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circulating volume of select PRC 20
tokens<00:07:58.510><c> which</c><00:07:58.900><c> are</c><00:07:59.050><c> shown</c><00:07:59.230><c> as</c><00:07:59.470><c> to</c><00:07:59.740><c> evaluate</c><00:08:00.250><c> an</c>

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tokens which are shown as to evaluate an
 

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tokens which are shown as to evaluate an
equal<00:08:00.850><c> so</c><00:08:01.750><c> this</c><00:08:02.200><c> green</c><00:08:02.560><c> line</c><00:08:02.800><c> shows</c><00:08:03.400><c> the</c><00:08:03.430><c> total</c>

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equal so this green line shows the total
 

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equal so this green line shows the total
amount<00:08:04.420><c> of</c><00:08:04.600><c> circulating</c><00:08:04.900><c> ie</c><00:08:05.770><c> moving</c><00:08:06.730><c> between</c>

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amount of circulating ie moving between
 

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amount of circulating ie moving between
addresses<00:08:07.600><c> for</c><00:08:07.960><c> a</c><00:08:07.990><c> reporter</c><00:08:09.090><c> it's</c>

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addresses for a reporter it's
 

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addresses for a reporter it's
essentially<00:08:10.420><c> correlated</c><00:08:11.320><c> with</c><00:08:11.440><c> the</c><00:08:11.560><c> price</c><00:08:11.740><c> of</c>

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essentially correlated with the price of
 

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essentially correlated with the price of
beef<00:08:12.070><c> with</c><00:08:12.430><c> the</c><00:08:12.790><c> spike</c><00:08:13.090><c> and</c><00:08:13.360><c> circulating</c><00:08:14.050><c> beef</c>

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beef with the spike and circulating beef
 

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beef with the spike and circulating beef
aligning<00:08:14.710><c> with</c><00:08:14.800><c> the</c><00:08:14.860><c> price</c><00:08:15.160><c> high</c><00:08:15.370><c> and</c><00:08:15.700><c> late</c>

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aligning with the price high and late
 

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aligning with the price high and late
2017<00:08:16.300><c> in</c><00:08:16.690><c> her</c><00:08:16.810><c> name</c><00:08:16.960><c> to</c><00:08:17.080><c> maintain</c><00:08:17.640><c> and</c><00:08:18.640><c> then</c>

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2017 in her name to maintain and then
 

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2017 in her name to maintain and then
the<00:08:18.970><c> bar</c><00:08:19.150><c> chart</c><00:08:19.450><c> shows</c><00:08:19.690><c> the</c><00:08:19.720><c> value</c><00:08:20.170><c> of</c><00:08:20.290><c> a</c>

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the bar chart shows the value of a
 

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the bar chart shows the value of a
select<00:08:20.650><c> few</c><00:08:20.980><c> eat</c><00:08:21.640><c> RC</c><00:08:21.940><c> 20</c><00:08:22.210><c> tokens</c><00:08:22.750><c> circulating</c>

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select few eat RC 20 tokens circulating
 

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select few eat RC 20 tokens circulating
quarter<00:08:24.130><c> reporter</c><00:08:24.640><c> we</c><00:08:25.030><c> looked</c><00:08:25.240><c> at</c><00:08:25.540><c> the</c><00:08:25.810><c> top</c><00:08:25.960><c> 10</c>

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quarter reporter we looked at the top 10
 

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quarter reporter we looked at the top 10
by<00:08:26.380><c> market</c><00:08:26.740><c> cap</c><00:08:26.920><c> plus</c><00:08:27.670><c> a</c><00:08:27.700><c> few</c><00:08:27.940><c> interesting</c>

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by market cap plus a few interesting
 

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by market cap plus a few interesting
months<00:08:28.720><c> we</c><00:08:28.840><c> want</c><00:08:28.990><c> to</c><00:08:29.230><c> look</c><00:08:29.290><c> at</c><00:08:29.530><c> like</c><00:08:29.970><c> diox</c>

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months we want to look at like diox
 

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months we want to look at like diox
Matic<00:08:31.630><c> Ansley</c><00:08:33.539><c> the</c><00:08:34.539><c> purpose</c><00:08:34.870><c> of</c><00:08:34.990><c> this</c><00:08:35.169><c> graph</c>

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Matic Ansley the purpose of this graph
 

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Matic Ansley the purpose of this graph
is<00:08:35.740><c> to</c><00:08:35.919><c> see</c><00:08:36.219><c> effectivity</c><00:08:36.909><c> Americas</c><00:08:37.419><c> they</c><00:08:37.570><c> were</c>

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is to see effectivity Americas they were
 

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is to see effectivity Americas they were
diverse<00:08:38.260><c> from</c><00:08:38.860><c> both</c><00:08:39.159><c> the</c><00:08:39.310><c> utility</c><00:08:39.460><c> and</c><00:08:40.000><c> the</c>

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diverse from both the utility and the
 

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diverse from both the utility and the
speculation<00:08:40.690><c> perspective</c><00:08:41.469><c> what</c><00:08:42.370><c> we</c><00:08:42.490><c> think</c><00:08:42.700><c> it</c>

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speculation perspective what we think it
 

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speculation perspective what we think it
shows<00:08:43.090><c> that</c><00:08:43.510><c> displayed</c><00:08:43.900><c> a</c><00:08:43.930><c> relatively</c>

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shows that displayed a relatively
 

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shows that displayed a relatively
stagnant<00:08:44.860><c> Heath</c><00:08:45.430><c> price</c><00:08:45.820><c> recently</c><00:08:46.150><c> the</c><00:08:46.630><c> diet</c>

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stagnant Heath price recently the diet
 

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stagnant Heath price recently the diet
and<00:08:47.320><c> circulating</c><00:08:47.860><c> tokens</c><00:08:48.280><c> is</c><00:08:48.430><c> increasing</c>

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and circulating tokens is increasing
 

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and circulating tokens is increasing
dramatically<00:08:49.360><c> and</c><00:08:49.840><c> not</c><00:08:50.800><c> only</c><00:08:50.950><c> is</c><00:08:51.100><c> the</c>

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dramatically and not only is the
 

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dramatically and not only is the
circulating<00:08:51.790><c> value</c><00:08:52.060><c> increasing</c><00:08:52.540><c> of</c><00:08:52.720><c> the</c>

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circulating value increasing of the
 

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circulating value increasing of the
diversity<00:08:53.230><c> and</c><00:08:53.350><c> market</c><00:08:54.100><c> share</c><00:08:54.280><c> of</c><00:08:54.310><c> tokens</c><00:08:54.760><c> are</c>

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diversity and market share of tokens are
 

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diversity and market share of tokens are
increasing<00:08:55.360><c> to</c><00:08:55.800><c> suggesting</c><00:08:56.800><c> that</c><00:08:56.890><c> users</c><00:08:57.190><c> are</c>

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increasing to suggesting that users are
 

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increasing to suggesting that users are
using<00:08:57.460><c> more</c><00:08:58.089><c> AR</c><00:08:58.420><c> c22</c><00:08:58.870><c> events</c><00:08:59.290><c> and</c>

00:09:05.710 --> 00:09:05.720 align:start position:0%
 
 

00:09:05.720 --> 00:09:08.220 align:start position:0%
 
these<00:09:06.050><c> two</c><00:09:06.260><c> graphs</c><00:09:06.500><c> one</c><00:09:07.250><c> the</c><00:09:07.370><c> top</c><00:09:07.520><c> one</c><00:09:07.550><c> log</c>

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these two graphs one the top one log
 

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these two graphs one the top one log
shows<00:09:09.230><c> the</c><00:09:09.380><c> growing</c><00:09:09.680><c> concentration</c><00:09:10.340><c> of</c><00:09:10.430><c> mind</c>

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shows the growing concentration of mind
 

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shows the growing concentration of mind
polls<00:09:11.029><c> over</c><00:09:11.360><c> time</c><00:09:11.690><c> as</c><00:09:12.290><c> measured</c><00:09:12.770><c> by</c>

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polls over time as measured by
 

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polls over time as measured by
percentage<00:09:13.700><c> of</c><00:09:13.940><c> total</c><00:09:14.180><c> block</c><00:09:14.570><c> production</c><00:09:15.200><c> on</c>

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percentage of total block production on
 

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percentage of total block production on
the<00:09:15.620><c> top</c><00:09:15.860><c> and</c><00:09:16.339><c> the</c><00:09:16.550><c> percentage</c><00:09:17.120><c> of</c><00:09:17.390><c> the</c><00:09:18.050><c> total</c>

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the top and the percentage of the total
 

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the top and the percentage of the total
minors<00:09:18.800><c> already</c><00:09:19.160><c> paid</c><00:09:19.430><c> out</c><00:09:19.610><c> on</c><00:09:20.240><c> the</c><00:09:20.300><c> bottom</c>

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minors already paid out on the bottom
 

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minors already paid out on the bottom
and<00:09:20.900><c> in</c><00:09:21.560><c> each</c><00:09:21.770><c> of</c><00:09:21.890><c> these</c><00:09:22.010><c> graphs</c><00:09:22.250><c> each</c><00:09:22.820><c> color</c>

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and in each of these graphs each color
 

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and in each of these graphs each color
corresponds<00:09:24.080><c> to</c><00:09:24.230><c> the</c><00:09:24.380><c> same</c><00:09:24.589><c> mining</c><00:09:24.950><c> pool</c><00:09:25.160><c> so</c>

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corresponds to the same mining pool so
 

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corresponds to the same mining pool so
for<00:09:26.029><c> instance</c><00:09:26.330><c> the</c><00:09:26.510><c> green</c><00:09:26.750><c> that's</c><00:09:27.050><c> on</c><00:09:27.230><c> the</c>

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for instance the green that's on the
 

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for instance the green that's on the
bottom<00:09:27.470><c> of</c><00:09:27.770><c> each</c><00:09:27.890><c> rep</c><00:09:28.160><c> it</c><00:09:28.700><c> is</c><00:09:28.850><c> either</c><00:09:29.060><c> mine</c><00:09:29.360><c> and</c>

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bottom of each rep it is either mine and
 

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bottom of each rep it is either mine and
so<00:09:30.020><c> on</c><00:09:30.170><c> the</c><00:09:30.440><c> rest</c><00:09:31.150><c> so</c><00:09:32.150><c> over</c><00:09:32.540><c> time</c><00:09:32.720><c> we</c><00:09:32.900><c> see</c><00:09:33.080><c> that</c>

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so on the rest so over time we see that
 

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so on the rest so over time we see that
four<00:09:33.620><c> pools</c><00:09:33.890><c> have</c><00:09:34.370><c> really</c><00:09:34.640><c> started</c><00:09:34.940><c> to</c>

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four pools have really started to
 

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four pools have really started to
dominated<00:09:35.570><c> by</c><00:09:35.660><c> a</c><00:09:35.690><c> pool</c><00:09:35.990><c> landscape</c><00:09:36.500><c> those</c><00:09:36.980><c> are</c>

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dominated by a pool landscape those are
 

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dominated by a pool landscape those are
either<00:09:37.250><c> my</c><00:09:37.550><c> knife</c><00:09:37.850><c> to</c><00:09:38.000><c> pool</c><00:09:38.270><c> our</c><00:09:38.300><c> pool</c><00:09:38.900><c> and</c>

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either my knife to pool our pool and
 

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either my knife to pool our pool and
animal<00:09:40.000><c> collectively</c><00:09:41.000><c> they</c><00:09:41.630><c> edged</c><00:09:41.930><c> up</c><00:09:42.080><c> pasts</c>

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animal collectively they edged up pasts
 

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animal collectively they edged up pasts
previous<00:09:43.010><c> competitors</c><00:09:43.310><c> like</c><00:09:43.790><c> buying</c><00:09:44.060><c> a</c><00:09:44.150><c> pool</c>

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previous competitors like buying a pool
 

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previous competitors like buying a pool
tub<00:09:44.600><c> and</c><00:09:44.900><c> and</c><00:09:45.620><c> indoor</c><00:09:46.460><c> pool</c><00:09:46.790><c> which</c><00:09:46.970><c> are</c><00:09:47.350><c> can</c>

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tub and and indoor pool which are can
 

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tub and and indoor pool which are can
see<00:09:48.740><c> their</c><00:09:48.860><c> sincerity</c><00:09:49.670><c> see</c><00:09:50.180><c> their</c><00:09:50.420><c> their</c>

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see their sincerity see their their
 

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see their sincerity see their their
importance<00:09:51.410><c> in</c><00:09:51.680><c> that's</c><00:09:52.190><c> three</c><00:09:52.520><c> quarters</c><00:09:53.800><c> so</c>

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importance in that's three quarters so
 

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importance in that's three quarters so
those<00:09:55.970><c> four</c><00:09:56.360><c> rules</c><00:09:56.690><c> or</c><00:09:57.110><c> maybe</c><00:09:57.320><c> pools</c><00:09:57.620><c> now</c>

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those four rules or maybe pools now
 

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those four rules or maybe pools now
account<00:09:58.160><c> for</c><00:09:58.250><c> over</c><00:09:58.400><c> 72%</c><00:09:59.120><c> of</c><00:09:59.630><c> quarterly</c><00:10:00.020><c> block</c>

00:10:00.310 --> 00:10:00.320 align:start position:0%
account for over 72% of quarterly block
 

00:10:00.320 --> 00:10:03.370 align:start position:0%
account for over 72% of quarterly block
production<00:10:00.860><c> again</c><00:10:01.640><c> the</c><00:10:01.790><c> top</c><00:10:02.210><c> graph</c><00:10:02.450><c> and</c><00:10:02.690><c> in</c><00:10:03.200><c> a</c>

00:10:03.370 --> 00:10:03.380 align:start position:0%
production again the top graph and in a
 

00:10:03.380 --> 00:10:05.410 align:start position:0%
production again the top graph and in a
up<00:10:03.529><c> to</c><00:10:03.560><c> about</c><00:10:03.860><c> 82</c><00:10:04.250><c> percent</c><00:10:04.430><c> of</c><00:10:04.940><c> the</c><00:10:05.030><c> minors</c>

00:10:05.410 --> 00:10:05.420 align:start position:0%
up to about 82 percent of the minors
 

00:10:05.420 --> 00:10:07.780 align:start position:0%
up to about 82 percent of the minors
across<00:10:05.810><c> mining</c><00:10:06.230><c> pools</c><00:10:06.500><c> McGinnis</c><00:10:07.250><c> that's</c><00:10:07.580><c> the</c>

00:10:07.780 --> 00:10:07.790 align:start position:0%
across mining pools McGinnis that's the
 

00:10:07.790 --> 00:10:11.260 align:start position:0%
across mining pools McGinnis that's the
bottom<00:10:08.270><c> graph</c><00:10:08.620><c> so</c><00:10:09.620><c> in</c><00:10:09.830><c> particular</c><00:10:10.520><c> received</c>

00:10:11.260 --> 00:10:11.270 align:start position:0%
bottom graph so in particular received
 

00:10:11.270 --> 00:10:13.720 align:start position:0%
bottom graph so in particular received
complete<00:10:11.690><c> concern</c><00:10:12.110><c> but</c><00:10:12.920><c> possibly</c><00:10:13.339><c> concerned</c>

00:10:13.720 --> 00:10:13.730 align:start position:0%
complete concern but possibly concerned
 

00:10:13.730 --> 00:10:15.190 align:start position:0%
complete concern but possibly concerned
dominance<00:10:14.180><c> and</c><00:10:14.330><c> block</c><00:10:14.570><c> reduction</c><00:10:15.050><c> between</c>

00:10:15.190 --> 00:10:15.200 align:start position:0%
dominance and block reduction between
 

00:10:15.200 --> 00:10:17.710 align:start position:0%
dominance and block reduction between
ether<00:10:15.770><c> line</c><00:10:15.950><c> and</c><00:10:16.190><c> start</c><00:10:16.430><c> pool</c><00:10:16.670><c> which</c><00:10:17.450><c> today</c>

00:10:17.710 --> 00:10:17.720 align:start position:0%
ether line and start pool which today
 

00:10:17.720 --> 00:10:19.480 align:start position:0%
ether line and start pool which today
account<00:10:18.080><c> for</c><00:10:18.230><c> just</c><00:10:18.260><c> under</c><00:10:18.620><c> 50</c><00:10:18.950><c> percent</c><00:10:19.280><c> of</c>

00:10:19.480 --> 00:10:19.490 align:start position:0%
account for just under 50 percent of
 

00:10:19.490 --> 00:10:22.360 align:start position:0%
account for just under 50 percent of
lots<00:10:19.700><c> produced</c><00:10:20.089><c> reporter</c><00:10:20.630><c> and</c><00:10:21.190><c> together</c><00:10:22.190><c> we</c>

00:10:22.360 --> 00:10:22.370 align:start position:0%
lots produced reporter and together we
 

00:10:22.370 --> 00:10:24.220 align:start position:0%
lots produced reporter and together we
see<00:10:22.520><c> keep</c><00:10:22.820><c> in</c><00:10:22.940><c> mind</c><00:10:23.120><c> an</c><00:10:23.240><c> annual</c><00:10:23.839><c> payout</c><00:10:24.080><c> of</c>

00:10:24.220 --> 00:10:24.230 align:start position:0%
see keep in mind an annual payout of
 

00:10:24.230 --> 00:10:26.350 align:start position:0%
see keep in mind an annual payout of
nearly<00:10:24.500><c> seventy</c><00:10:25.250><c> percent</c><00:10:25.280><c> of</c><00:10:25.760><c> the</c><00:10:25.880><c> miners</c><00:10:26.180><c> on</c>

00:10:26.350 --> 00:10:26.360 align:start position:0%
nearly seventy percent of the miners on
 

00:10:26.360 --> 00:10:32.140 align:start position:0%
nearly seventy percent of the miners on
chain<00:10:28.300><c> so</c><00:10:29.300><c> the</c><00:10:30.580><c> concentration</c><00:10:31.580><c> of</c><00:10:31.670><c> influence</c>

00:10:32.140 --> 00:10:32.150 align:start position:0%
chain so the concentration of influence
 

00:10:32.150 --> 00:10:34.750 align:start position:0%
chain so the concentration of influence
among<00:10:32.360><c> a</c><00:10:32.390><c> few</c><00:10:32.600><c> mining</c><00:10:32.900><c> pools</c><00:10:33.170><c> is</c><00:10:33.760><c> definitely</c>

00:10:34.750 --> 00:10:34.760 align:start position:0%
among a few mining pools is definitely
 

00:10:34.760 --> 00:10:36.940 align:start position:0%
among a few mining pools is definitely
not<00:10:34.940><c> ideal</c><00:10:35.240><c> but</c><00:10:35.990><c> it's</c><00:10:36.050><c> not</c><00:10:36.320><c> necessarily</c><00:10:36.830><c> a</c>

00:10:36.940 --> 00:10:36.950 align:start position:0%
not ideal but it's not necessarily a
 

00:10:36.950 --> 00:10:38.610 align:start position:0%
not ideal but it's not necessarily a
major<00:10:37.190><c> concern</c><00:10:37.580><c> by</c><00:10:37.820><c> itself</c>

00:10:38.610 --> 00:10:38.620 align:start position:0%
major concern by itself
 

00:10:38.620 --> 00:10:41.140 align:start position:0%
major concern by itself
miners<00:10:39.620><c> are</c><00:10:39.740><c> people</c><00:10:40.280><c> agnostic</c><00:10:40.820><c> they</c><00:10:41.000><c> will</c>

00:10:41.140 --> 00:10:41.150 align:start position:0%
miners are people agnostic they will
 

00:10:41.150 --> 00:10:43.240 align:start position:0%
miners are people agnostic they will
migrate<00:10:41.300><c> to</c><00:10:41.570><c> whatever</c><00:10:42.440><c> the</c><00:10:42.620><c> pool</c><00:10:42.770><c> offers</c><00:10:43.130><c> the</c>

00:10:43.240 --> 00:10:43.250 align:start position:0%
migrate to whatever the pool offers the
 

00:10:43.250 --> 00:10:45.180 align:start position:0%
migrate to whatever the pool offers the
best<00:10:43.400><c> incentives</c><00:10:43.970><c> and</c><00:10:44.150><c> if</c><00:10:44.750><c> we</c><00:10:44.900><c> assume</c>

00:10:45.180 --> 00:10:45.190 align:start position:0%
best incentives and if we assume
 

00:10:45.190 --> 00:10:48.790 align:start position:0%
best incentives and if we assume
rational<00:10:46.190><c> behavior</c><00:10:46.700><c> by</c><00:10:47.209><c> miners</c><00:10:47.630><c> as</c><00:10:48.350><c> a</c><00:10:48.470><c> single</c>

00:10:48.790 --> 00:10:48.800 align:start position:0%
rational behavior by miners as a single
 

00:10:48.800 --> 00:10:50.620 align:start position:0%
rational behavior by miners as a single
order<00:10:49.190><c> to</c><00:10:49.339><c> reach</c><00:10:49.490><c> a</c><00:10:49.610><c> half</c><00:10:49.790><c> day</c><00:10:49.970><c> close</c><00:10:50.240><c> to</c><00:10:50.360><c> 50</c>

00:10:50.620 --> 00:10:50.630 align:start position:0%
order to reach a half day close to 50
 

00:10:50.630 --> 00:10:52.410 align:start position:0%
order to reach a half day close to 50
percent<00:10:50.990><c> or</c><00:10:51.530><c> start</c><00:10:51.830><c> a</c><00:10:51.920><c> basically</c>

00:10:52.410 --> 00:10:52.420 align:start position:0%
percent or start a basically
 

00:10:52.420 --> 00:10:54.860 align:start position:0%
percent or start a basically
with<00:10:52.839><c> other</c><00:10:53.050><c> rules</c><00:10:53.380><c> to</c><00:10:53.649><c> mount</c><00:10:53.829><c> a</c><00:10:53.980><c> 51%</c><00:10:54.370><c> attack</c>

00:10:54.860 --> 00:10:54.870 align:start position:0%
with other rules to mount a 51% attack
 

00:10:54.870 --> 00:10:57.389 align:start position:0%
with other rules to mount a 51% attack
it's<00:10:55.870><c> not</c><00:10:56.079><c> outside</c><00:10:56.589><c> of</c><00:10:56.680><c> the</c><00:10:56.740><c> possibility</c><00:10:57.370><c> to</c>

00:10:57.389 --> 00:10:57.399 align:start position:0%
it's not outside of the possibility to
 

00:10:57.399 --> 00:10:59.850 align:start position:0%
it's not outside of the possibility to
presume<00:10:58.000><c> that</c><00:10:58.029><c> minors</c><00:10:58.570><c> would</c><00:10:58.810><c> abandon</c><00:10:59.470><c> those</c>

00:10:59.850 --> 00:10:59.860 align:start position:0%
presume that minors would abandon those
 

00:10:59.860 --> 00:11:01.710 align:start position:0%
presume that minors would abandon those
fools<00:11:00.220><c> to</c><00:11:00.430><c> protect</c><00:11:00.760><c> their</c><00:11:00.880><c> income</c><00:11:01.240><c> and</c><00:11:01.450><c> switch</c>

00:11:01.710 --> 00:11:01.720 align:start position:0%
fools to protect their income and switch
 

00:11:01.720 --> 00:11:04.259 align:start position:0%
fools to protect their income and switch
to<00:11:01.839><c> other</c><00:11:01.930><c> rules</c><00:11:02.339><c> however</c><00:11:03.339><c> when</c><00:11:03.880><c> we</c><00:11:04.000><c> look</c><00:11:04.180><c> at</c>

00:11:04.259 --> 00:11:04.269 align:start position:0%
to other rules however when we look at
 

00:11:04.269 --> 00:11:05.970 align:start position:0%
to other rules however when we look at
the<00:11:04.389><c> number</c><00:11:04.630><c> of</c><00:11:04.660><c> buying</c><00:11:04.990><c> goals</c><00:11:05.320><c> of</c><00:11:05.500><c> -</c><00:11:05.769><c> over</c>

00:11:05.970 --> 00:11:05.980 align:start position:0%
the number of buying goals of - over
 

00:11:05.980 --> 00:11:08.639 align:start position:0%
the number of buying goals of - over
time<00:11:06.190><c> as</c><00:11:06.579><c> shown</c><00:11:06.760><c> by</c><00:11:06.970><c> this</c><00:11:07.630><c> graph</c><00:11:07.959><c> with</c><00:11:08.290><c> mining</c>

00:11:08.639 --> 00:11:08.649 align:start position:0%
time as shown by this graph with mining
 

00:11:08.649 --> 00:11:11.129 align:start position:0%
time as shown by this graph with mining
pools<00:11:08.860><c> in</c><00:11:09.010><c> the</c><00:11:09.100><c> orange</c><00:11:09.459><c> and</c><00:11:09.639><c> miners</c><00:11:10.000><c> in</c><00:11:10.209><c> in</c><00:11:10.839><c> red</c>

00:11:11.129 --> 00:11:11.139 align:start position:0%
pools in the orange and miners in in red
 

00:11:11.139 --> 00:11:14.189 align:start position:0%
pools in the orange and miners in in red
we<00:11:11.920><c> see</c><00:11:12.130><c> the</c><00:11:12.310><c> steep</c><00:11:12.519><c> decline</c><00:11:12.670><c> and</c><00:11:13.329><c> both</c><00:11:13.810><c> over</c>

00:11:14.189 --> 00:11:14.199 align:start position:0%
we see the steep decline and both over
 

00:11:14.199 --> 00:11:16.530 align:start position:0%
we see the steep decline and both over
the<00:11:14.290><c> past</c><00:11:14.500><c> year</c><00:11:14.800><c> in</c><00:11:15.579><c> short</c><00:11:15.970><c> what</c><00:11:16.180><c> this</c><00:11:16.329><c> means</c>

00:11:16.530 --> 00:11:16.540 align:start position:0%
the past year in short what this means
 

00:11:16.540 --> 00:11:19.379 align:start position:0%
the past year in short what this means
that<00:11:16.810><c> we</c><00:11:16.930><c> had</c><00:11:17.019><c> fewer</c><00:11:17.320><c> minors</c><00:11:17.800><c> that</c><00:11:18.490><c> are</c><00:11:18.940><c> active</c>

00:11:19.379 --> 00:11:19.389 align:start position:0%
that we had fewer minors that are active
 

00:11:19.389 --> 00:11:22.110 align:start position:0%
that we had fewer minors that are active
on<00:11:19.660><c> fewer</c><00:11:20.019><c> mining</c><00:11:20.410><c> pools</c><00:11:20.649><c> and</c><00:11:20.980><c> fewer</c><00:11:21.760><c> mining</c>

00:11:22.110 --> 00:11:22.120 align:start position:0%
on fewer mining pools and fewer mining
 

00:11:22.120 --> 00:11:23.639 align:start position:0%
on fewer mining pools and fewer mining
pools<00:11:22.389><c> being</c><00:11:22.660><c> responsible</c><00:11:23.139><c> for</c><00:11:23.380><c> network</c>

00:11:23.639 --> 00:11:23.649 align:start position:0%
pools being responsible for network
 

00:11:23.649 --> 00:11:26.040 align:start position:0%
pools being responsible for network
maintenance<00:11:24.209><c> that's</c><00:11:25.209><c> a</c><00:11:25.329><c> quick</c><00:11:25.510><c> note</c><00:11:25.750><c> it's</c>

00:11:26.040 --> 00:11:26.050 align:start position:0%
maintenance that's a quick note it's
 

00:11:26.050 --> 00:11:28.319 align:start position:0%
maintenance that's a quick note it's
important<00:11:26.470><c> to</c><00:11:26.649><c> say</c><00:11:27.430><c> that</c><00:11:27.459><c> the</c><00:11:27.699><c> number</c><00:11:27.940><c> of</c><00:11:27.970><c> -</c>

00:11:28.319 --> 00:11:28.329 align:start position:0%
important to say that the number of -
 

00:11:28.329 --> 00:11:31.800 align:start position:0%
important to say that the number of -
red<00:11:28.660><c> is</c><00:11:28.709><c> not</c><00:11:29.709><c> entirely</c><00:11:30.310><c> accurate</c><00:11:30.730><c> we</c><00:11:31.269><c> based</c>

00:11:31.800 --> 00:11:31.810 align:start position:0%
red is not entirely accurate we based
 

00:11:31.810 --> 00:11:33.720 align:start position:0%
red is not entirely accurate we based
the<00:11:31.990><c> number</c><00:11:32.230><c> of</c><00:11:32.350><c> miners</c><00:11:32.649><c> my</c><00:11:32.889><c> pool</c><00:11:33.250><c> space</c><00:11:33.519><c> off</c>

00:11:33.720 --> 00:11:33.730 align:start position:0%
the number of miners my pool space off
 

00:11:33.730 --> 00:11:37.410 align:start position:0%
the number of miners my pool space off
on<00:11:34.000><c> chain</c><00:11:34.449><c> mail</c><00:11:34.720><c> addresses</c><00:11:35.320><c> but</c><00:11:36.310><c> some</c><00:11:36.610><c> but</c><00:11:37.209><c> my</c>

00:11:37.410 --> 00:11:37.420 align:start position:0%
on chain mail addresses but some but my
 

00:11:37.420 --> 00:11:39.150 align:start position:0%
on chain mail addresses but some but my
impulse<00:11:37.810><c> pay</c><00:11:37.959><c> out</c><00:11:38.170><c> there</c><00:11:38.380><c> might</c><00:11:38.560><c> have</c><00:11:38.709><c> off</c>

00:11:39.150 --> 00:11:39.160 align:start position:0%
impulse pay out there might have off
 

00:11:39.160 --> 00:11:40.889 align:start position:0%
impulse pay out there might have off
changes<00:11:39.760><c> through</c><00:11:40.000><c> more</c><00:11:40.180><c> traditional</c><00:11:40.360><c> bank</c>

00:11:40.889 --> 00:11:40.899 align:start position:0%
changes through more traditional bank
 

00:11:40.899 --> 00:11:44.340 align:start position:0%
changes through more traditional bank
deposits<00:11:41.470><c> so</c><00:11:41.620><c> these</c><00:11:42.160><c> numbers</c><00:11:42.490><c> will</c><00:11:42.639><c> be</c><00:11:43.350><c> that</c>

00:11:44.340 --> 00:11:44.350 align:start position:0%
deposits so these numbers will be that
 

00:11:44.350 --> 00:11:45.600 align:start position:0%
deposits so these numbers will be that
although<00:11:44.529><c> we</c><00:11:44.800><c> can't</c><00:11:45.010><c> tell</c><00:11:45.190><c> those</c><00:11:45.339><c> off</c><00:11:45.490><c> to</c>

00:11:45.600 --> 00:11:45.610 align:start position:0%
although we can't tell those off to
 

00:11:45.610 --> 00:11:48.750 align:start position:0%
although we can't tell those off to
numbers<00:11:46.380><c> so</c><00:11:47.380><c> you</c><00:11:47.620><c> know</c><00:11:47.740><c> overall</c><00:11:48.070><c> mining</c><00:11:48.459><c> pools</c>

00:11:48.750 --> 00:11:48.760 align:start position:0%
numbers so you know overall mining pools
 

00:11:48.760 --> 00:11:50.280 align:start position:0%
numbers so you know overall mining pools
could<00:11:49.120><c> be</c><00:11:49.240><c> an</c><00:11:49.300><c> area</c><00:11:49.480><c> of</c><00:11:49.660><c> increasing</c>

00:11:50.280 --> 00:11:50.290 align:start position:0%
could be an area of increasing
 

00:11:50.290 --> 00:11:52.470 align:start position:0%
could be an area of increasing
centralization<00:11:50.529><c> on</c><00:11:51.220><c> the</c><00:11:51.310><c> theory</c><00:11:51.550><c> we</c><00:11:52.389><c> have</c>

00:11:52.470 --> 00:11:52.480 align:start position:0%
centralization on the theory we have
 

00:11:52.480 --> 00:11:54.449 align:start position:0%
centralization on the theory we have
lower<00:11:52.630><c> each</c><00:11:52.839><c> prices</c><00:11:53.320><c> reduce</c><00:11:53.560><c> block</c><00:11:53.920><c> rewards</c>

00:11:54.449 --> 00:11:54.459 align:start position:0%
lower each prices reduce block rewards
 

00:11:54.459 --> 00:11:57.090 align:start position:0%
lower each prices reduce block rewards
and<00:11:54.670><c> a</c><00:11:54.730><c> fairly</c><00:11:55.000><c> stagnant</c><00:11:55.300><c> -</c><00:11:55.660><c> great</c><00:11:55.990><c> that</c><00:11:56.829><c> could</c>

00:11:57.090 --> 00:11:57.100 align:start position:0%
and a fairly stagnant - great that could
 

00:11:57.100 --> 00:12:01.560 align:start position:0%
and a fairly stagnant - great that could
be<00:11:57.399><c> the</c><00:11:58.120><c> reason</c><00:11:58.240><c> /</c><00:11:58.600><c> -</c><00:11:59.529><c> not</c><00:11:59.740><c> joining</c><00:12:00.040><c> the</c><00:12:00.570><c> mining</c>

00:12:01.560 --> 00:12:01.570 align:start position:0%
be the reason / - not joining the mining
 

00:12:01.570 --> 00:12:03.150 align:start position:0%
be the reason / - not joining the mining
pools<00:12:01.810><c> recently</c><00:12:02.170><c> and</c><00:12:02.320><c> also</c><00:12:02.680><c> we</c><00:12:02.800><c> just</c><00:12:02.829><c> have</c><00:12:03.130><c> a</c>

00:12:03.150 --> 00:12:03.160 align:start position:0%
pools recently and also we just have a
 

00:12:03.160 --> 00:12:04.769 align:start position:0%
pools recently and also we just have a
loss<00:12:03.399><c> of</c><00:12:03.550><c> efficiency</c><00:12:03.760><c> concentrating</c><00:12:04.690><c> the</c>

00:12:04.769 --> 00:12:04.779 align:start position:0%
loss of efficiency concentrating the
 

00:12:04.779 --> 00:12:07.199 align:start position:0%
loss of efficiency concentrating the
power<00:12:04.990><c> of</c><00:12:05.529><c> mining</c><00:12:05.920><c> pools</c><00:12:06.190><c> in</c><00:12:06.640><c> fewer</c><00:12:06.970><c> and</c><00:12:07.120><c> fewer</c>

00:12:07.199 --> 00:12:07.209 align:start position:0%
power of mining pools in fewer and fewer
 

00:12:07.209 --> 00:12:10.439 align:start position:0%
power of mining pools in fewer and fewer
mining<00:12:07.570><c> pools</c><00:12:07.890><c> so</c><00:12:08.890><c> with</c><00:12:09.730><c> an</c><00:12:09.850><c> eye</c><00:12:09.910><c> towards</c><00:12:10.420><c> the</c>

00:12:10.439 --> 00:12:10.449 align:start position:0%
mining pools so with an eye towards the
 

00:12:10.449 --> 00:12:11.759 align:start position:0%
mining pools so with an eye towards the
future<00:12:10.510><c> the</c><00:12:10.930><c> eventual</c><00:12:11.290><c> switch</c><00:12:11.500><c> to</c><00:12:11.649><c> groov</c>

00:12:11.759 --> 00:12:11.769 align:start position:0%
future the eventual switch to groov
 

00:12:11.769 --> 00:12:13.740 align:start position:0%
future the eventual switch to groov
mistake<00:12:12.130><c> will</c><00:12:12.430><c> redefine</c><00:12:12.790><c> the</c><00:12:13.269><c> symmetric</c><00:12:13.690><c> of</c>

00:12:13.740 --> 00:12:13.750 align:start position:0%
mistake will redefine the symmetric of
 

00:12:13.750 --> 00:12:15.840 align:start position:0%
mistake will redefine the symmetric of
centralization<00:12:14.140><c> but</c><00:12:15.010><c> until</c><00:12:15.250><c> then</c><00:12:15.430><c> it's</c>

00:12:15.840 --> 00:12:15.850 align:start position:0%
centralization but until then it's
 

00:12:15.850 --> 00:12:18.900 align:start position:0%
centralization but until then it's
fairly<00:12:16.210><c> prudent</c><00:12:16.630><c> that</c><00:12:16.810><c> we</c><00:12:16.960><c> keep</c><00:12:17.200><c> an</c><00:12:17.350><c> eye</c><00:12:17.910><c> how</c>

00:12:18.900 --> 00:12:18.910 align:start position:0%
fairly prudent that we keep an eye how
 

00:12:18.910 --> 00:12:20.430 align:start position:0%
fairly prudent that we keep an eye how
this<00:12:19.060><c> concentration</c><00:12:19.690><c> of</c><00:12:19.750><c> mining</c><00:12:20.050><c> pools</c><00:12:20.290><c> and</c>

00:12:20.430 --> 00:12:20.440 align:start position:0%
this concentration of mining pools and
 

00:12:20.440 --> 00:12:22.440 align:start position:0%
this concentration of mining pools and
miners<00:12:20.740><c> in</c><00:12:20.980><c> the</c><00:12:21.010><c> relative</c><00:12:21.400><c> network</c><00:12:21.760><c> evolved</c>

00:12:22.440 --> 00:12:22.450 align:start position:0%
miners in the relative network evolved
 

00:12:22.450 --> 00:12:29.040 align:start position:0%
miners in the relative network evolved
over<00:12:22.930><c> time</c><00:12:26.010><c> so</c><00:12:27.010><c> next</c><00:12:27.520><c> one</c><00:12:27.760><c> look</c><00:12:28.000><c> at</c><00:12:28.210><c> at</c><00:12:28.450><c> no</c>

00:12:29.040 --> 00:12:29.050 align:start position:0%
over time so next one look at at no
 

00:12:29.050 --> 00:12:31.710 align:start position:0%
over time so next one look at at no
diversity<00:12:29.470><c> so</c><00:12:30.190><c> this</c><00:12:30.400><c> data</c><00:12:30.670><c> is</c><00:12:30.760><c> from</c><00:12:31.300><c> no</c>

00:12:31.710 --> 00:12:31.720 align:start position:0%
diversity so this data is from no
 

00:12:31.720 --> 00:12:34.260 align:start position:0%
diversity so this data is from no
tracker<00:12:32.080><c> on</c><00:12:32.860><c> your</c><00:12:33.220><c> stance</c><00:12:33.520><c> and</c><00:12:33.790><c> shows</c><00:12:34.060><c> that</c>

00:12:34.260 --> 00:12:34.270 align:start position:0%
tracker on your stance and shows that
 

00:12:34.270 --> 00:12:36.420 align:start position:0%
tracker on your stance and shows that
they'll<00:12:34.420><c> account</c><00:12:34.750><c> by</c><00:12:34.960><c> country</c><00:12:35.410><c> starting</c><00:12:35.800><c> 2018</c>

00:12:36.420 --> 00:12:36.430 align:start position:0%
they'll account by country starting 2018
 

00:12:36.430 --> 00:12:39.030 align:start position:0%
they'll account by country starting 2018
which<00:12:37.180><c> is</c><00:12:37.440><c> unfortunately</c><00:12:38.440><c> only</c><00:12:38.500><c> as</c><00:12:38.680><c> far</c><00:12:38.890><c> back</c>

00:12:39.030 --> 00:12:39.040 align:start position:0%
which is unfortunately only as far back
 

00:12:39.040 --> 00:12:42.870 align:start position:0%
which is unfortunately only as far back
as<00:12:39.310><c> the</c><00:12:39.610><c> data</c><00:12:39.820><c> goes</c><00:12:40.620><c> it's</c><00:12:41.620><c> event</c><00:12:42.250><c> so</c><00:12:42.520><c> the</c><00:12:42.640><c> warm</c>

00:12:42.870 --> 00:12:42.880 align:start position:0%
as the data goes it's event so the warm
 

00:12:42.880 --> 00:12:45.210 align:start position:0%
as the data goes it's event so the warm
colors<00:12:43.240><c> are</c><00:12:43.600><c> the</c><00:12:43.780><c> highest</c><00:12:44.290><c> that</c><00:12:44.500><c> counts</c><00:12:45.070><c> and</c>

00:12:45.210 --> 00:12:45.220 align:start position:0%
colors are the highest that counts and
 

00:12:45.220 --> 00:12:47.760 align:start position:0%
colors are the highest that counts and
the<00:12:46.030><c> cooler</c><00:12:46.330><c> color</c><00:12:46.660><c> the</c><00:12:46.900><c> lower</c><00:12:47.080><c> note</c><00:12:47.350><c> counts</c>

00:12:47.760 --> 00:12:47.770 align:start position:0%
the cooler color the lower note counts
 

00:12:47.770 --> 00:12:50.970 align:start position:0%
the cooler color the lower note counts
and<00:12:47.980><c> in</c><00:12:48.970><c> general</c><00:12:49.270><c> we</c><00:12:49.590><c> definitely</c><00:12:50.590><c> see</c><00:12:50.710><c> some</c><00:12:50.860><c> an</c>

00:12:50.970 --> 00:12:50.980 align:start position:0%
and in general we definitely see some an
 

00:12:50.980 --> 00:12:53.040 align:start position:0%
and in general we definitely see some an
unfortunate<00:12:51.700><c> bear</c><00:12:51.940><c> areas</c><00:12:52.390><c> that</c><00:12:52.570><c> stay</c><00:12:52.810><c> pretty</c>

00:12:53.040 --> 00:12:53.050 align:start position:0%
unfortunate bear areas that stay pretty
 

00:12:53.050 --> 00:12:55.980 align:start position:0%
unfortunate bear areas that stay pretty
consistent<00:12:53.680><c> over</c><00:12:53.770><c> time</c><00:12:54.360><c> such</c><00:12:55.360><c> as</c><00:12:55.510><c> the</c><00:12:55.630><c> African</c>

00:12:55.980 --> 00:12:55.990 align:start position:0%
consistent over time such as the African
 

00:12:55.990 --> 00:12:58.290 align:start position:0%
consistent over time such as the African
continent<00:12:56.350><c> but</c><00:12:56.920><c> we</c><00:12:57.010><c> do</c><00:12:57.160><c> see</c><00:12:57.370><c> pretty</c><00:12:57.790><c> uniform</c>

00:12:58.290 --> 00:12:58.300 align:start position:0%
continent but we do see pretty uniform
 

00:12:58.300 --> 00:13:00.270 align:start position:0%
continent but we do see pretty uniform
fluctuations<00:12:58.990><c> rather</c><00:12:59.320><c> than</c><00:12:59.590><c> random</c><00:12:59.740><c> seven</c>

00:13:00.270 --> 00:13:00.280 align:start position:0%
fluctuations rather than random seven
 

00:13:00.280 --> 00:13:02.130 align:start position:0%
fluctuations rather than random seven
spikes<00:13:00.520><c> and</c><00:13:00.880><c> in</c><00:13:01.030><c> different</c><00:13:01.240><c> geographical</c>

00:13:02.130 --> 00:13:02.140 align:start position:0%
spikes and in different geographical
 

00:13:02.140 --> 00:13:04.140 align:start position:0%
spikes and in different geographical
areas<00:13:02.290><c> that</c><00:13:02.920><c> are</c><00:13:03.070><c> on</c><00:13:03.190><c> the</c><00:13:03.280><c> Wolfram</c><00:13:03.670><c> sort</c><00:13:04.060><c> of</c>

00:13:04.140 --> 00:13:04.150 align:start position:0%
areas that are on the Wolfram sort of
 

00:13:04.150 --> 00:13:07.170 align:start position:0%
areas that are on the Wolfram sort of
other<00:13:05.140><c> countries</c><00:13:05.650><c> and</c><00:13:06.070><c> it's</c><00:13:06.700><c> also</c><00:13:06.820><c> helpful</c><00:13:07.090><c> to</c>

00:13:07.170 --> 00:13:07.180 align:start position:0%
other countries and it's also helpful to
 

00:13:07.180 --> 00:13:08.730 align:start position:0%
other countries and it's also helpful to
see<00:13:07.360><c> that</c><00:13:07.510><c> the</c><00:13:07.570><c> network</c><00:13:07.750><c> is</c><00:13:08.020><c> physically</c><00:13:08.560><c> quite</c>

00:13:08.730 --> 00:13:08.740 align:start position:0%
see that the network is physically quite
 

00:13:08.740 --> 00:13:10.980 align:start position:0%
see that the network is physically quite
constricted<00:13:09.250><c> into</c><00:13:09.820><c> centralized</c><00:13:10.300><c> across</c><00:13:10.810><c> the</c>

00:13:10.980 --> 00:13:10.990 align:start position:0%
constricted into centralized across the
 

00:13:10.990 --> 00:13:13.410 align:start position:0%
constricted into centralized across the
globe<00:13:11.230><c> and</c><00:13:11.800><c> across</c><00:13:12.070><c> a</c><00:13:12.100><c> variety</c><00:13:12.430><c> of</c><00:13:12.760><c> legal</c><00:13:13.000><c> and</c>

00:13:13.410 --> 00:13:13.420 align:start position:0%
globe and across a variety of legal and
 

00:13:13.420 --> 00:13:20.760 align:start position:0%
globe and across a variety of legal and
political<00:13:14.200><c> systems</c><00:13:18.240><c> so</c><00:13:19.240><c> these</c><00:13:19.870><c> two</c><00:13:20.470><c> graphs</c>

00:13:20.760 --> 00:13:20.770 align:start position:0%
political systems so these two graphs
 

00:13:20.770 --> 00:13:25.910 align:start position:0%
political systems so these two graphs
look<00:13:21.040><c> at</c><00:13:21.420><c> the</c><00:13:22.420><c> known</c><00:13:22.630><c> science</c><00:13:23.140><c> vs.</c><00:13:23.560><c> pricing</c>

00:13:25.910 --> 00:13:25.920 align:start position:0%
look at the known science vs. pricing
 

00:13:25.920 --> 00:13:28.140 align:start position:0%
look at the known science vs. pricing
there's<00:13:26.920><c> been</c><00:13:27.070><c> a</c><00:13:27.100><c> lot</c><00:13:27.280><c> of</c><00:13:27.310><c> fluctuation</c><00:13:28.060><c> and</c>

00:13:28.140 --> 00:13:28.150 align:start position:0%
there's been a lot of fluctuation and
 

00:13:28.150 --> 00:13:30.120 align:start position:0%
there's been a lot of fluctuation and
the<00:13:28.270><c> total</c><00:13:28.750><c> council</c><00:13:29.290><c> notes</c><00:13:29.470><c> running</c><00:13:29.890><c> if</c>

00:13:30.120 --> 00:13:30.130 align:start position:0%
the total council notes running if
 

00:13:30.130 --> 00:13:32.190 align:start position:0%
the total council notes running if
you're<00:13:30.280><c> in</c><00:13:30.400><c> network</c><00:13:30.750><c> right</c><00:13:31.750><c> now</c><00:13:31.810><c> for</c><00:13:32.140><c> example</c>

00:13:32.190 --> 00:13:32.200 align:start position:0%
you're in network right now for example
 

00:13:32.200 --> 00:13:34.470 align:start position:0%
you're in network right now for example
I<00:13:32.620><c> think</c><00:13:32.710><c> the</c><00:13:32.920><c> number</c><00:13:33.160><c> is</c><00:13:33.190><c> about</c><00:13:33.370><c> half</c><00:13:33.640><c> of</c><00:13:33.880><c> what</c>

00:13:34.470 --> 00:13:34.480 align:start position:0%
I think the number is about half of what
 

00:13:34.480 --> 00:13:37.139 align:start position:0%
I think the number is about half of what
this<00:13:34.959><c> time</c><00:13:35.139><c> last</c><00:13:35.380><c> year</c><00:13:35.610><c> so</c><00:13:36.610><c> I'm</c><00:13:36.670><c> surprised</c>

00:13:37.139 --> 00:13:37.149 align:start position:0%
this time last year so I'm surprised
 

00:13:37.149 --> 00:13:39.060 align:start position:0%
this time last year so I'm surprised
that<00:13:37.180><c> looks</c><00:13:37.630><c> a</c><00:13:37.690><c> lot</c><00:13:37.779><c> like</c><00:13:37.839><c> civilization</c><00:13:38.740><c> there</c>

00:13:39.060 --> 00:13:39.070 align:start position:0%
that looks a lot like civilization there
 

00:13:39.070 --> 00:13:41.639 align:start position:0%
that looks a lot like civilization there
are<00:13:39.250><c> fewer</c><00:13:39.579><c> notes</c><00:13:40.029><c> overall</c><00:13:40.480><c> and</c><00:13:40.870><c> presumably</c>

00:13:41.639 --> 00:13:41.649 align:start position:0%
are fewer notes overall and presumably
 

00:13:41.649 --> 00:13:44.579 align:start position:0%
are fewer notes overall and presumably
fewer<00:13:42.160><c> people</c><00:13:42.399><c> running</c><00:13:42.820><c> notes</c><00:13:43.470><c> there</c><00:13:44.470><c> are</c><00:13:44.560><c> a</c>

00:13:44.579 --> 00:13:44.589 align:start position:0%
fewer people running notes there are a
 

00:13:44.589 --> 00:13:46.259 align:start position:0%
fewer people running notes there are a
lot<00:13:44.709><c> of</c><00:13:44.740><c> reasons</c><00:13:45.160><c> why</c><00:13:45.279><c> that</c><00:13:45.310><c> could</c><00:13:45.639><c> be</c><00:13:45.880><c> you</c><00:13:46.029><c> but</c>

00:13:46.259 --> 00:13:46.269 align:start position:0%
lot of reasons why that could be you but
 

00:13:46.269 --> 00:13:48.930 align:start position:0%
lot of reasons why that could be you but
these<00:13:46.899><c> graphs</c><00:13:47.139><c> show</c><00:13:47.230><c> two</c><00:13:47.529><c> factors</c><00:13:47.980><c> we</c><00:13:48.760><c> don't</c>

00:13:48.930 --> 00:13:48.940 align:start position:0%
these graphs show two factors we don't
 

00:13:48.940 --> 00:13:51.180 align:start position:0%
these graphs show two factors we don't
have<00:13:49.060><c> to</c><00:13:49.209><c> see</c><00:13:49.360><c> if</c><00:13:49.420><c> there's</c><00:13:49.600><c> a</c><00:13:49.660><c> correlation</c><00:13:50.190><c> so</c>

00:13:51.180 --> 00:13:51.190 align:start position:0%
have to see if there's a correlation so
 

00:13:51.190 --> 00:13:54.090 align:start position:0%
have to see if there's a correlation so
on<00:13:51.610><c> the</c><00:13:51.730><c> Left</c><00:13:52.199><c> we're</c><00:13:53.199><c> comparing</c><00:13:53.649><c> the</c><00:13:53.860><c> number</c>

00:13:54.090 --> 00:13:54.100 align:start position:0%
on the Left we're comparing the number
 

00:13:54.100 --> 00:13:56.189 align:start position:0%
on the Left we're comparing the number
of<00:13:54.190><c> active</c><00:13:54.490><c> nodes</c><00:13:54.730><c> to</c><00:13:55.089><c> the</c><00:13:55.360><c> average</c><00:13:55.690><c> keith</c>

00:13:56.189 --> 00:13:56.199 align:start position:0%
of active nodes to the average keith
 

00:13:56.199 --> 00:13:58.620 align:start position:0%
of active nodes to the average keith
kreis<00:13:56.500><c> for</c><00:13:56.889><c> no</c><00:13:56.980><c> reporter</c><00:13:57.399><c> actually</c><00:13:58.029><c> this</c><00:13:58.449><c> is</c><00:13:58.600><c> a</c>

00:13:58.620 --> 00:13:58.630 align:start position:0%
kreis for no reporter actually this is a
 

00:13:58.630 --> 00:14:02.519 align:start position:0%
kreis for no reporter actually this is a
week<00:13:58.810><c> over</c><00:13:59.019><c> week</c><00:14:00.510><c> so</c><00:14:01.510><c> maybe</c><00:14:01.990><c> even</c><00:14:02.079><c> the</c><00:14:02.290><c> price</c>

00:14:02.519 --> 00:14:02.529 align:start position:0%
week over week so maybe even the price
 

00:14:02.529 --> 00:14:05.220 align:start position:0%
week over week so maybe even the price
is<00:14:02.709><c> high</c><00:14:03.070><c> it's</c><00:14:04.000><c> a</c><00:14:04.120><c> common</c><00:14:04.420><c> belief</c><00:14:04.510><c> that</c><00:14:04.720><c> more</c>

00:14:05.220 --> 00:14:05.230 align:start position:0%
is high it's a common belief that more
 

00:14:05.230 --> 00:14:07.370 align:start position:0%
is high it's a common belief that more
people<00:14:05.470><c> think</c><00:14:05.829><c> it's</c><00:14:05.980><c> worth</c><00:14:06.160><c> it</c><00:14:06.339><c> to</c><00:14:06.370><c> run</c><00:14:06.880><c> those</c>

00:14:07.370 --> 00:14:07.380 align:start position:0%
people think it's worth it to run those
 

00:14:07.380 --> 00:14:09.629 align:start position:0%
people think it's worth it to run those
that<00:14:08.380><c> doesn't</c><00:14:08.709><c> actually</c><00:14:08.889><c> seem</c><00:14:09.310><c> to</c><00:14:09.430><c> be</c><00:14:09.519><c> the</c>

00:14:09.629 --> 00:14:09.639 align:start position:0%
that doesn't actually seem to be the
 

00:14:09.639 --> 00:14:11.970 align:start position:0%
that doesn't actually seem to be the
case<00:14:09.910><c> at</c><00:14:10.240><c> least</c><00:14:10.420><c> over</c><00:14:10.750><c> the</c><00:14:10.779><c> person</c><00:14:11.170><c> 2019</c><00:14:11.709><c> which</c>

00:14:11.970 --> 00:14:11.980 align:start position:0%
case at least over the person 2019 which
 

00:14:11.980 --> 00:14:14.629 align:start position:0%
case at least over the person 2019 which
is<00:14:12.130><c> again</c><00:14:12.519><c> all</c><00:14:12.760><c> the</c><00:14:12.880><c> data</c><00:14:13.089><c> we</c><00:14:13.209><c> are</c><00:14:13.269><c> able</c><00:14:13.480><c> to</c><00:14:13.630><c> get</c>

00:14:14.629 --> 00:14:14.639 align:start position:0%
is again all the data we are able to get
 

00:14:14.639 --> 00:14:16.949 align:start position:0%
is again all the data we are able to get
when<00:14:15.639><c> we</c><00:14:15.730><c> look</c><00:14:15.910><c> at</c><00:14:16.000><c> them</c><00:14:16.180><c> to</c><00:14:16.300><c> account</c><00:14:16.600><c> in</c><00:14:16.899><c> the</c>

00:14:16.949 --> 00:14:16.959 align:start position:0%
when we look at them to account in the
 

00:14:16.959 --> 00:14:19.470 align:start position:0%
when we look at them to account in the
same<00:14:17.170><c> graph</c><00:14:17.470><c> in</c><00:14:17.769><c> blue</c><00:14:17.800><c> as</c><00:14:18.370><c> the</c><00:14:18.430><c> egress</c><00:14:19.000><c> in</c>

00:14:19.470 --> 00:14:19.480 align:start position:0%
same graph in blue as the egress in
 

00:14:19.480 --> 00:14:20.939 align:start position:0%
same graph in blue as the egress in
green<00:14:19.779><c> and</c><00:14:19.959><c> it</c><00:14:20.019><c> looks</c><00:14:20.199><c> like</c><00:14:20.290><c> there's</c><00:14:20.589><c> actually</c>

00:14:20.939 --> 00:14:20.949 align:start position:0%
green and it looks like there's actually
 

00:14:20.949 --> 00:14:23.699 align:start position:0%
green and it looks like there's actually
a<00:14:21.010><c> medial</c><00:14:21.370><c> correlation</c><00:14:21.940><c> the</c><00:14:22.810><c> new</c><00:14:23.110><c> account</c><00:14:23.470><c> was</c>

00:14:23.699 --> 00:14:23.709 align:start position:0%
a medial correlation the new account was
 

00:14:23.709 --> 00:14:26.250 align:start position:0%
a medial correlation the new account was
one<00:14:23.949><c> of</c><00:14:24.040><c> the</c><00:14:24.130><c> slowest</c><00:14:24.519><c> plants</c><00:14:25.000><c> in</c><00:14:25.449><c> June</c><00:14:25.779><c> when</c>

00:14:26.250 --> 00:14:26.260 align:start position:0%
one of the slowest plants in June when
 

00:14:26.260 --> 00:14:28.620 align:start position:0%
one of the slowest plants in June when
the<00:14:26.290><c> price</c><00:14:26.560><c> is</c><00:14:26.709><c> the</c><00:14:26.829><c> highest</c><00:14:27.190><c> and</c><00:14:27.550><c> the</c><00:14:27.970><c> count</c>

00:14:28.620 --> 00:14:28.630 align:start position:0%
the price is the highest and the count
 

00:14:28.630 --> 00:14:30.329 align:start position:0%
the price is the highest and the count
was<00:14:28.779><c> quite</c><00:14:29.019><c> high</c><00:14:29.290><c> during</c><00:14:29.649><c> the</c><00:14:29.740><c> price</c><00:14:29.980><c> tip</c><00:14:30.190><c> at</c>

00:14:30.329 --> 00:14:30.339 align:start position:0%
was quite high during the price tip at
 

00:14:30.339 --> 00:14:32.759 align:start position:0%
was quite high during the price tip at
the<00:14:30.370><c> end</c><00:14:30.430><c> of</c><00:14:30.610><c> the</c><00:14:30.670><c> summer</c><00:14:31.199><c> so</c><00:14:32.199><c> even</c><00:14:32.560><c> if</c><00:14:32.620><c> this</c>

00:14:32.759 --> 00:14:32.769 align:start position:0%
the end of the summer so even if this
 

00:14:32.769 --> 00:14:33.960 align:start position:0%
the end of the summer so even if this
correlation<00:14:33.130><c> might</c><00:14:33.579><c> have</c><00:14:33.699><c> been</c><00:14:33.820><c> true</c>

00:14:33.960 --> 00:14:33.970 align:start position:0%
correlation might have been true
 

00:14:33.970 --> 00:14:36.120 align:start position:0%
correlation might have been true
historically<00:14:34.449><c> and</c><00:14:34.720><c> that's</c><00:14:34.899><c> why</c><00:14:35.019><c> people</c><00:14:35.199><c> think</c>

00:14:36.120 --> 00:14:36.130 align:start position:0%
historically and that's why people think
 

00:14:36.130 --> 00:14:37.650 align:start position:0%
historically and that's why people think
it<00:14:36.250><c> exists</c><00:14:36.730><c> it</c><00:14:36.820><c> doesn't</c><00:14:36.850><c> seem</c><00:14:37.269><c> to</c><00:14:37.360><c> be</c><00:14:37.449><c> true</c>

00:14:37.650 --> 00:14:37.660 align:start position:0%
it exists it doesn't seem to be true
 

00:14:37.660 --> 00:14:41.490 align:start position:0%
it exists it doesn't seem to be true
right<00:14:38.380><c> now</c><00:14:39.899><c> so</c><00:14:40.899><c> then</c><00:14:41.050><c> on</c><00:14:41.170><c> the</c><00:14:41.290><c> right</c><00:14:41.470><c> we</c>

00:14:41.490 --> 00:14:41.500 align:start position:0%
right now so then on the right we
 

00:14:41.500 --> 00:14:42.990 align:start position:0%
right now so then on the right we
checked<00:14:41.920><c> with</c><00:14:42.069><c> no</c><00:14:42.220><c> account</c><00:14:42.550><c> against</c><00:14:42.819><c> the</c>

00:14:42.990 --> 00:14:43.000 align:start position:0%
checked with no account against the
 

00:14:43.000 --> 00:14:45.780 align:start position:0%
checked with no account against the
total<00:14:43.360><c> size</c><00:14:43.540><c> of</c><00:14:43.959><c> a</c><00:14:44.079><c> default</c><00:14:44.440><c> note</c><00:14:44.649><c> of</c><00:14:44.769><c> my</c><00:14:44.920><c> death</c>

00:14:45.780 --> 00:14:45.790 align:start position:0%
total size of a default note of my death
 

00:14:45.790 --> 00:14:47.939 align:start position:0%
total size of a default note of my death
which<00:14:46.269><c> is</c><00:14:46.300><c> the</c><00:14:46.449><c> red</c><00:14:46.779><c> line</c><00:14:46.959><c> and</c><00:14:47.230><c> a</c><00:14:47.380><c> parody</c><00:14:47.800><c> which</c>

00:14:47.939 --> 00:14:47.949 align:start position:0%
which is the red line and a parody which
 

00:14:47.949 --> 00:14:52.470 align:start position:0%
which is the red line and a parody which
is<00:14:48.069><c> the</c><00:14:48.160><c> orange</c><00:14:48.370><c> line</c><00:14:49.470><c> about</c><00:14:50.940><c> 97%</c><00:14:51.940><c> of</c><00:14:52.149><c> all</c><00:14:52.420><c> the</c>

00:14:52.470 --> 00:14:52.480 align:start position:0%
is the orange line about 97% of all the
 

00:14:52.480 --> 00:14:53.910 align:start position:0%
is the orange line about 97% of all the
things<00:14:52.779><c> on</c><00:14:52.959><c> the</c><00:14:53.079><c> network</c><00:14:53.170><c> arrangement</c><00:14:53.860><c> of</c>

00:14:53.910 --> 00:14:53.920 align:start position:0%
things on the network arrangement of
 

00:14:53.920 --> 00:14:56.370 align:start position:0%
things on the network arrangement of
those<00:14:54.069><c> two</c><00:14:54.220><c> clients</c><00:14:54.490><c> and</c><00:14:54.910><c> about</c><00:14:55.120><c> 95</c><00:14:56.019><c> percent</c>

00:14:56.370 --> 00:14:56.380 align:start position:0%
those two clients and about 95 percent
 

00:14:56.380 --> 00:14:58.620 align:start position:0%
those two clients and about 95 percent
of<00:14:56.410><c> the</c><00:14:56.529><c> notes</c><00:14:56.649><c> on</c><00:14:57.490><c> the</c><00:14:57.550><c> network</c><00:14:58.060><c> or</c><00:14:58.240><c> to</c><00:14:58.360><c> fall</c>

00:14:58.620 --> 00:14:58.630 align:start position:0%
of the notes on the network or to fall
 

00:14:58.630 --> 00:14:59.490 align:start position:0%
of the notes on the network or to fall
notes<00:14:58.899><c> and</c>

00:14:59.490 --> 00:14:59.500 align:start position:0%
notes and
 

00:14:59.500 --> 00:15:02.100 align:start position:0%
notes and
to<00:14:59.770><c> excellence</c><00:15:00.520><c> which</c><00:15:00.760><c> recipe</c><00:15:01.540><c> much</c><00:15:01.900><c> fair</c>

00:15:02.100 --> 00:15:02.110 align:start position:0%
to excellence which recipe much fair
 

00:15:02.110 --> 00:15:04.580 align:start position:0%
to excellence which recipe much fair
game<00:15:02.140><c> for</c><00:15:02.410><c> them</c>

00:15:04.580 --> 00:15:04.590 align:start position:0%
game for them
 

00:15:04.590 --> 00:15:06.540 align:start position:0%
game for them
obviously<00:15:05.590><c> the</c><00:15:05.710><c> average</c><00:15:06.010><c> you</c><00:15:06.100><c> know</c><00:15:06.130><c> that</c><00:15:06.250><c> size</c>

00:15:06.540 --> 00:15:06.550 align:start position:0%
obviously the average you know that size
 

00:15:06.550 --> 00:15:08.220 align:start position:0%
obviously the average you know that size
is<00:15:06.820><c> more</c><00:15:07.000><c> or</c><00:15:07.120><c> less</c><00:15:07.150><c> increased</c><00:15:07.690><c> over</c><00:15:07.990><c> time</c><00:15:08.020><c> as</c>

00:15:08.220 --> 00:15:08.230 align:start position:0%
is more or less increased over time as
 

00:15:08.230 --> 00:15:11.490 align:start position:0%
is more or less increased over time as
boxer<00:15:08.800><c> mind</c><00:15:09.270><c> it</c><00:15:10.270><c> seems</c><00:15:10.420><c> reasonable</c><00:15:10.720><c> to</c><00:15:11.350><c> assume</c>

00:15:11.490 --> 00:15:11.500 align:start position:0%
boxer mind it seems reasonable to assume
 

00:15:11.500 --> 00:15:13.830 align:start position:0%
boxer mind it seems reasonable to assume
that<00:15:11.710><c> is</c><00:15:12.010><c> the</c><00:15:12.040><c> default</c><00:15:12.850><c> note</c><00:15:13.270><c> size</c><00:15:13.510><c> gets</c>

00:15:13.830 --> 00:15:13.840 align:start position:0%
that is the default note size gets
 

00:15:13.840 --> 00:15:16.530 align:start position:0%
that is the default note size gets
bigger<00:15:13.950><c> it</c><00:15:14.950><c> gets</c><00:15:15.190><c> much</c><00:15:15.550><c> spensive</c><00:15:16.030><c> and</c><00:15:16.300><c> takes</c>

00:15:16.530 --> 00:15:16.540 align:start position:0%
bigger it gets much spensive and takes
 

00:15:16.540 --> 00:15:18.630 align:start position:0%
bigger it gets much spensive and takes
more<00:15:16.930><c> energy</c><00:15:17.140><c> to</c><00:15:17.470><c> keep</c><00:15:17.770><c> snow</c><00:15:18.010><c> running</c><00:15:18.310><c> and</c>

00:15:18.630 --> 00:15:18.640 align:start position:0%
more energy to keep snow running and
 

00:15:18.640 --> 00:15:21.150 align:start position:0%
more energy to keep snow running and
keep<00:15:18.820><c> it</c><00:15:18.970><c> synced</c><00:15:19.390><c> so</c><00:15:19.570><c> maybe</c><00:15:20.260><c> sure</c><00:15:20.530><c> people</c><00:15:20.920><c> are</c>

00:15:21.150 --> 00:15:21.160 align:start position:0%
keep it synced so maybe sure people are
 

00:15:21.160 --> 00:15:23.880 align:start position:0%
keep it synced so maybe sure people are
doing<00:15:21.460><c> so</c><00:15:21.640><c> and</c><00:15:22.260><c> that</c><00:15:23.260><c> looks</c><00:15:23.440><c> like</c><00:15:23.590><c> it's</c><00:15:23.770><c> the</c>

00:15:23.880 --> 00:15:23.890 align:start position:0%
doing so and that looks like it's the
 

00:15:23.890 --> 00:15:25.260 align:start position:0%
doing so and that looks like it's the
case<00:15:24.070><c> when</c><00:15:24.340><c> we</c><00:15:24.370><c> look</c><00:15:24.460><c> at</c><00:15:24.700><c> the</c><00:15:24.790><c> graph</c><00:15:24.970><c> on</c><00:15:25.120><c> the</c>

00:15:25.260 --> 00:15:25.270 align:start position:0%
case when we look at the graph on the
 

00:15:25.270 --> 00:15:27.300 align:start position:0%
case when we look at the graph on the
right<00:15:25.300><c> or</c><00:15:25.690><c> at</c><00:15:25.750><c> least</c><00:15:25.810><c> we</c><00:15:26.140><c> see</c><00:15:26.350><c> a</c><00:15:26.710><c> clear</c>

00:15:27.300 --> 00:15:27.310 align:start position:0%
right or at least we see a clear
 

00:15:27.310 --> 00:15:29.220 align:start position:0%
right or at least we see a clear
relationship<00:15:28.000><c> than</c><00:15:28.420><c> there</c><00:15:28.570><c> is</c><00:15:28.600><c> with</c><00:15:28.750><c> the</c>

00:15:29.220 --> 00:15:29.230 align:start position:0%
relationship than there is with the
 

00:15:29.230 --> 00:15:33.000 align:start position:0%
relationship than there is with the
price<00:15:29.440><c> of</c><00:15:29.590><c> these</c><00:15:30.750><c> as</c><00:15:31.750><c> we</c><00:15:31.990><c> move</c><00:15:32.110><c> toward</c><00:15:32.350><c> Kos</c><00:15:32.740><c> and</c>

00:15:33.000 --> 00:15:33.010 align:start position:0%
price of these as we move toward Kos and
 

00:15:33.010 --> 00:15:35.070 align:start position:0%
price of these as we move toward Kos and
charting<00:15:33.520><c> the</c><00:15:33.610><c> network</c><00:15:33.910><c> the</c><00:15:34.630><c> notes</c><00:15:34.870><c> I</c>

00:15:35.070 --> 00:15:35.080 align:start position:0%
charting the network the notes I
 

00:15:35.080 --> 00:15:37.080 align:start position:0%
charting the network the notes I
Ferdinand<00:15:35.590><c> won't</c><00:15:35.920><c> have</c><00:15:36.340><c> to</c><00:15:36.550><c> be</c><00:15:36.670><c> as</c><00:15:36.760><c> much</c><00:15:36.940><c> an</c>

00:15:37.080 --> 00:15:37.090 align:start position:0%
Ferdinand won't have to be as much an
 

00:15:37.090 --> 00:15:40.350 align:start position:0%
Ferdinand won't have to be as much an
issue<00:15:37.740><c> so</c><00:15:38.740><c> maybe</c><00:15:39.070><c> this</c><00:15:39.400><c> patrician</c><00:15:40.120><c> will</c>

00:15:40.350 --> 00:15:40.360 align:start position:0%
issue so maybe this patrician will
 

00:15:40.360 --> 00:15:42.270 align:start position:0%
issue so maybe this patrician will
continue<00:15:40.810><c> on</c><00:15:40.930><c> the</c><00:15:41.020><c> same</c><00:15:41.260><c> trend</c><00:15:41.650><c> into</c><00:15:42.070><c> next</c>

00:15:42.270 --> 00:15:42.280 align:start position:0%
continue on the same trend into next
 

00:15:42.280 --> 00:15:44.330 align:start position:0%
continue on the same trend into next
year<00:15:42.630><c> there</c><00:15:43.630><c> are</c><00:15:43.720><c> also</c><00:15:43.810><c> some</c><00:15:44.110><c> interesting</c>

00:15:44.330 --> 00:15:44.340 align:start position:0%
year there are also some interesting
 

00:15:44.340 --> 00:15:46.290 align:start position:0%
year there are also some interesting
experiments<00:15:45.340><c> happening</c><00:15:45.970><c> around</c><00:15:46.090><c> the</c>

00:15:46.290 --> 00:15:46.300 align:start position:0%
experiments happening around the
 

00:15:46.300 --> 00:15:48.630 align:start position:0%
experiments happening around the
ecosystem<00:15:46.960><c> to</c><00:15:47.260><c> find</c><00:15:47.500><c> ways</c><00:15:47.770><c> to</c><00:15:47.800><c> make</c><00:15:48.100><c> bringing</c>

00:15:48.630 --> 00:15:48.640 align:start position:0%
ecosystem to find ways to make bringing
 

00:15:48.640 --> 00:15:51.930 align:start position:0%
ecosystem to find ways to make bringing
a<00:15:48.730><c> know</c><00:15:48.880><c> easier</c><00:15:49.270><c> and</c><00:15:49.480><c> cheaper</c><00:15:50.190><c> so</c><00:15:51.190><c> we</c><00:15:51.640><c> want</c><00:15:51.880><c> to</c>

00:15:51.930 --> 00:15:51.940 align:start position:0%
a know easier and cheaper so we want to
 

00:15:51.940 --> 00:16:01.470 align:start position:0%
a know easier and cheaper so we want to
keep<00:15:52.060><c> tracking</c><00:15:58.440><c> so</c><00:15:59.440><c> we</c><00:15:59.740><c> set</c><00:16:00.280><c> up</c><00:16:00.310><c> to</c><00:16:00.700><c> start</c>

00:16:01.470 --> 00:16:01.480 align:start position:0%
keep tracking so we set up to start
 

00:16:01.480 --> 00:16:03.660 align:start position:0%
keep tracking so we set up to start
measuring<00:16:01.690><c> decentralization</c><00:16:02.380><c> we</c><00:16:02.890><c> of</c><00:16:03.430><c> course</c>

00:16:03.660 --> 00:16:03.670 align:start position:0%
measuring decentralization we of course
 

00:16:03.670 --> 00:16:06.360 align:start position:0%
measuring decentralization we of course
envision<00:16:04.120><c> this</c><00:16:04.330><c> your</c><00:16:05.230><c> fabulous</c><00:16:05.710><c> graph</c><00:16:06.010><c> or</c>

00:16:06.360 --> 00:16:06.370 align:start position:0%
envision this your fabulous graph or
 

00:16:06.370 --> 00:16:08.640 align:start position:0%
envision this your fabulous graph or
tracker<00:16:06.790><c> that</c><00:16:07.090><c> would</c><00:16:07.240><c> compare</c><00:16:07.650><c> pretty</c>

00:16:08.640 --> 00:16:08.650 align:start position:0%
tracker that would compare pretty
 

00:16:08.650 --> 00:16:10.290 align:start position:0%
tracker that would compare pretty
consistent<00:16:09.100><c> decentralization</c><00:16:09.700><c> metrics</c>

00:16:10.290 --> 00:16:10.300 align:start position:0%
consistent decentralization metrics
 

00:16:10.300 --> 00:16:12.900 align:start position:0%
consistent decentralization metrics
across<00:16:10.510><c> protocols</c><00:16:11.260><c> that</c><00:16:12.160><c> very</c><00:16:12.400><c> quickly</c><00:16:12.700><c> as</c>

00:16:12.900 --> 00:16:12.910 align:start position:0%
across protocols that very quickly as
 

00:16:12.910 --> 00:16:14.190 align:start position:0%
across protocols that very quickly as
balanced<00:16:13.300><c> as</c><00:16:13.360><c> the</c><00:16:13.480><c> beginning</c><00:16:13.840><c> sort</c><00:16:14.050><c> of</c>

00:16:14.190 --> 00:16:14.200 align:start position:0%
balanced as the beginning sort of
 

00:16:14.200 --> 00:16:16.230 align:start position:0%
balanced as the beginning sort of
evolved<00:16:15.160><c> into</c><00:16:15.220><c> comparing</c><00:16:15.850><c> apples</c><00:16:16.000><c> and</c>

00:16:16.230 --> 00:16:16.240 align:start position:0%
evolved into comparing apples and
 

00:16:16.240 --> 00:16:18.540 align:start position:0%
evolved into comparing apples and
oranges<00:16:16.330><c> and</c><00:16:17.230><c> we</c><00:16:17.560><c> of</c><00:16:17.650><c> course</c><00:16:17.860><c> recognize</c><00:16:18.010><c> that</c>

00:16:18.540 --> 00:16:18.550 align:start position:0%
oranges and we of course recognize that
 

00:16:18.550 --> 00:16:20.850 align:start position:0%
oranges and we of course recognize that
based<00:16:19.330><c> off</c><00:16:19.480><c> the</c><00:16:19.690><c> consensus</c><00:16:20.230><c> algorithm</c><00:16:20.530><c> you</c>

00:16:20.850 --> 00:16:20.860 align:start position:0%
based off the consensus algorithm you
 

00:16:20.860 --> 00:16:23.580 align:start position:0%
based off the consensus algorithm you
can't<00:16:21.100><c> compare</c><00:16:21.490><c> the</c><00:16:21.640><c> same</c><00:16:21.880><c> metrics</c><00:16:22.590><c> across</c>

00:16:23.580 --> 00:16:23.590 align:start position:0%
can't compare the same metrics across
 

00:16:23.590 --> 00:16:25.730 align:start position:0%
can't compare the same metrics across
protocols<00:16:24.310><c> and</c><00:16:24.490><c> so</c><00:16:24.580><c> we</c><00:16:24.700><c> took</c><00:16:24.880><c> that</c><00:16:24.940><c> original</c>

00:16:25.730 --> 00:16:25.740 align:start position:0%
protocols and so we took that original
 

00:16:25.740 --> 00:16:27.990 align:start position:0%
protocols and so we took that original
nineteen<00:16:26.740><c> subsystems</c><00:16:27.340><c> that</c><00:16:27.460><c> we</c><00:16:27.580><c> showed</c><00:16:27.790><c> we</c>

00:16:27.990 --> 00:16:28.000 align:start position:0%
nineteen subsystems that we showed we
 

00:16:28.000 --> 00:16:28.889 align:start position:0%
nineteen subsystems that we showed we
said<00:16:28.210><c> hey</c><00:16:28.360><c> what</c>

00:16:28.889 --> 00:16:28.899 align:start position:0%
said hey what
 

00:16:28.899 --> 00:16:30.420 align:start position:0%
said hey what
once<00:16:29.170><c> will</c><00:16:29.350><c> be</c><00:16:29.439><c> possibly</c><00:16:29.829><c> a</c><00:16:29.920><c> competently</c>

00:16:30.420 --> 00:16:30.430 align:start position:0%
once will be possibly a competently
 

00:16:30.430 --> 00:16:35.900 align:start position:0%
once will be possibly a competently
compare<00:16:30.790><c> across</c><00:16:31.029><c> at</c><00:16:31.300><c> least</c><00:16:31.509><c> 50</c><00:16:31.869><c> protocols</c><00:16:32.730><c> and</c>

00:16:35.900 --> 00:16:35.910 align:start position:0%
 
 

00:16:35.910 --> 00:16:37.920 align:start position:0%
 
via<00:16:36.910><c> for</c><00:16:37.119><c> instance</c><00:16:37.360><c> have</c><00:16:37.449><c> a</c><00:16:37.600><c> proof</c><00:16:37.809><c> of</c>

00:16:37.920 --> 00:16:37.930 align:start position:0%
via for instance have a proof of
 

00:16:37.930 --> 00:16:39.689 align:start position:0%
via for instance have a proof of
authority<00:16:38.319><c> or</c><00:16:38.499><c> a</c><00:16:38.559><c> tune</c><00:16:39.009><c> of</c><00:16:39.189><c> a</c><00:16:39.279><c> Buick</c><00:16:39.490><c> law</c>

00:16:39.689 --> 00:16:39.699 align:start position:0%
authority or a tune of a Buick law
 

00:16:39.699 --> 00:16:41.069 align:start position:0%
authority or a tune of a Buick law
change<00:16:39.970><c> very</c><00:16:40.300><c> different</c><00:16:40.629><c> than</c><00:16:40.720><c> it</c><00:16:40.809><c> would</c><00:16:40.899><c> for</c>

00:16:41.069 --> 00:16:41.079 align:start position:0%
change very different than it would for
 

00:16:41.079 --> 00:16:44.040 align:start position:0%
change very different than it would for
a<00:16:41.430><c> report</c><00:16:42.430><c> of</c><00:16:42.459><c> state</c><00:16:42.670><c> law</c><00:16:42.819><c> change</c><00:16:43.119><c> and</c><00:16:43.509><c> so</c><00:16:43.959><c> the</c>

00:16:44.040 --> 00:16:44.050 align:start position:0%
a report of state law change and so the
 

00:16:44.050 --> 00:17:38.250 align:start position:0%
a report of state law change and so the
next<00:16:44.230><c> step</c><00:16:44.470><c> would</c><00:16:44.619><c> be</c><00:16:44.819><c> this</c><00:17:03.809><c> first</c><00:17:37.260><c> third</c>

00:17:38.250 --> 00:17:38.260 align:start position:0%
next step would be this first third
 

00:17:38.260 --> 00:17:41.460 align:start position:0%
next step would be this first third
conclusion<00:17:38.610><c> we're</c><00:17:39.610><c> not</c><00:17:39.730><c> a</c><00:17:39.940><c> large</c><00:17:40.929><c> appointment</c>

00:17:41.460 --> 00:17:41.470 align:start position:0%
conclusion we're not a large appointment
 

00:17:41.470 --> 00:17:44.269 align:start position:0%
conclusion we're not a large appointment
not<00:17:41.529><c> so</c><00:17:41.740><c> not</c><00:17:42.190><c> necessarily</c><00:17:42.580><c> trying</c><00:17:42.909><c> to</c><00:17:42.970><c> make</c><00:17:43.179><c> a</c>

00:17:44.269 --> 00:17:44.279 align:start position:0%
not so not necessarily trying to make a
 

00:17:44.279 --> 00:17:46.919 align:start position:0%
not so not necessarily trying to make a
decision<00:17:45.279><c> about</c><00:17:45.370><c> if</c><00:17:45.789><c> these</c><00:17:45.940><c> is</c><00:17:46.360><c> doing</c><00:17:46.510><c> a</c><00:17:46.750><c> good</c>

00:17:46.919 --> 00:17:46.929 align:start position:0%
decision about if these is doing a good
 

00:17:46.929 --> 00:17:49.500 align:start position:0%
decision about if these is doing a good
or<00:17:47.169><c> bad</c><00:17:47.260><c> job</c><00:17:47.409><c> decent</c><00:17:48.159><c> rising</c><00:17:48.490><c> theory</c><00:17:48.789><c> where</c>

00:17:49.500 --> 00:17:49.510 align:start position:0%
or bad job decent rising theory where
 

00:17:49.510 --> 00:17:50.940 align:start position:0%
or bad job decent rising theory where
you<00:17:49.570><c> can</c><00:17:49.690><c> make</c><00:17:49.840><c> any</c><00:17:50.080><c> value</c><00:17:50.409><c> judgment</c>

00:17:50.940 --> 00:17:50.950 align:start position:0%
you can make any value judgment
 

00:17:50.950 --> 00:17:52.830 align:start position:0%
you can make any value judgment
it's<00:17:51.429><c> obviously</c><00:17:51.789><c> activity</c><00:17:52.419><c> on</c><00:17:52.539><c> your</c><00:17:52.659><c> theory</c>

00:17:52.830 --> 00:17:52.840 align:start position:0%
it's obviously activity on your theory
 

00:17:52.840 --> 00:17:55.230 align:start position:0%
it's obviously activity on your theory
is<00:17:53.380><c> getting</c><00:17:53.710><c> more</c><00:17:53.860><c> diverse</c><00:17:53.980><c> that</c><00:17:54.760><c> develop</c>

00:17:55.230 --> 00:17:55.240 align:start position:0%
is getting more diverse that develop
 

00:17:55.240 --> 00:17:56.400 align:start position:0%
is getting more diverse that develop
their<00:17:55.360><c> minds</c><00:17:55.570><c> for</c><00:17:55.779><c> action</c>

00:17:56.400 --> 00:17:56.410 align:start position:0%
their minds for action
 

00:17:56.410 --> 00:17:58.860 align:start position:0%
their minds for action
growing<00:17:56.770><c> the</c><00:17:56.980><c> Romanian</c><00:17:57.910><c> steady</c><00:17:58.150><c> progress</c><00:17:58.420><c> on</c>

00:17:58.860 --> 00:17:58.870 align:start position:0%
growing the Romanian steady progress on
 

00:17:58.870 --> 00:18:01.020 align:start position:0%
growing the Romanian steady progress on
security<00:17:59.500><c> and</c><00:17:59.740><c> on</c><00:18:00.250><c> the</c><00:18:00.370><c> introduction</c><00:18:00.790><c> abuse</c>

00:18:01.020 --> 00:18:01.030 align:start position:0%
security and on the introduction abuse
 

00:18:01.030 --> 00:18:03.300 align:start position:0%
security and on the introduction abuse
cases<00:18:01.240><c> like</c><00:18:01.480><c> defy</c><00:18:01.900><c> have</c><00:18:02.530><c> objected</c><00:18:02.950><c> a</c><00:18:02.980><c> lot</c><00:18:03.190><c> of</c>

00:18:03.300 --> 00:18:03.310 align:start position:0%
cases like defy have objected a lot of
 

00:18:03.310 --> 00:18:05.310 align:start position:0%
cases like defy have objected a lot of
factors<00:18:03.730><c> of</c><00:18:03.760><c> into</c><00:18:04.390><c> destabilization</c><00:18:05.200><c> and</c>

00:18:05.310 --> 00:18:05.320 align:start position:0%
factors of into destabilization and
 

00:18:05.320 --> 00:18:06.990 align:start position:0%
factors of into destabilization and
activities<00:18:05.830><c> that</c><00:18:05.950><c> we've</c><00:18:06.100><c> done</c><00:18:06.190><c> necessarily</c>

00:18:06.990 --> 00:18:07.000 align:start position:0%
activities that we've done necessarily
 

00:18:07.000 --> 00:18:11.280 align:start position:0%
activities that we've done necessarily
have<00:18:07.270><c> time</c><00:18:08.110><c> to</c><00:18:08.380><c> analyze</c><00:18:08.950><c> yet</c><00:18:09.190><c> so</c><00:18:10.150><c> it's</c><00:18:10.480><c> safe</c><00:18:11.260><c> to</c>

00:18:11.280 --> 00:18:11.290 align:start position:0%
have time to analyze yet so it's safe to
 

00:18:11.290 --> 00:18:13.290 align:start position:0%
have time to analyze yet so it's safe to
argue<00:18:11.710><c> that</c><00:18:11.830><c> aetherium</c><00:18:12.190><c> is</c><00:18:12.580><c> far</c><00:18:12.820><c> ahead</c><00:18:12.940><c> most</c>

00:18:13.290 --> 00:18:13.300 align:start position:0%
argue that aetherium is far ahead most
 

00:18:13.300 --> 00:18:15.240 align:start position:0%
argue that aetherium is far ahead most
of<00:18:13.420><c> the</c><00:18:13.480><c> protocols</c><00:18:13.990><c> in</c><00:18:14.260><c> terms</c><00:18:14.530><c> of</c><00:18:14.830><c> sort</c><00:18:15.160><c> of</c>

00:18:15.240 --> 00:18:15.250 align:start position:0%
of the protocols in terms of sort of
 

00:18:15.250 --> 00:18:17.460 align:start position:0%
of the protocols in terms of sort of
this<00:18:15.430><c> you</c><00:18:16.060><c> know</c><00:18:16.180><c> network</c><00:18:16.600><c> an</c><00:18:16.720><c> ecosystem</c><00:18:17.140><c> of</c>

00:18:17.460 --> 00:18:17.470 align:start position:0%
this you know network an ecosystem of
 

00:18:17.470 --> 00:18:21.930 align:start position:0%
this you know network an ecosystem of
decent<00:18:18.040><c> utilization</c><00:18:20.040><c> fourth</c><00:18:21.040><c> division</c><00:18:21.640><c> is</c>

00:18:21.930 --> 00:18:21.940 align:start position:0%
decent utilization fourth division is
 

00:18:21.940 --> 00:18:24.270 align:start position:0%
decent utilization fourth division is
that<00:18:22.270><c> over</c><00:18:22.660><c> the</c><00:18:22.780><c> next</c><00:18:22.810><c> over</c><00:18:23.710><c> the</c><00:18:23.860><c> lifetime</c><00:18:24.040><c> of</c>

00:18:24.270 --> 00:18:24.280 align:start position:0%
that over the next over the lifetime of
 

00:18:24.280 --> 00:18:26.190 align:start position:0%
that over the next over the lifetime of
the<00:18:24.520><c> network</c><00:18:24.850><c> we've</c><00:18:25.120><c> seen</c><00:18:25.330><c> a</c><00:18:25.360><c> much</c><00:18:25.960><c> greater</c>

00:18:26.190 --> 00:18:26.200 align:start position:0%
the network we've seen a much greater
 

00:18:26.200 --> 00:18:28.440 align:start position:0%
the network we've seen a much greater
complexity<00:18:26.770><c> and</c><00:18:27.190><c> more</c><00:18:27.460><c> layers</c><00:18:27.850><c> of</c><00:18:27.940><c> activity</c>

00:18:28.440 --> 00:18:28.450 align:start position:0%
complexity and more layers of activity
 

00:18:28.450 --> 00:18:30.810 align:start position:0%
complexity and more layers of activity
happening<00:18:28.780><c> off</c><00:18:28.990><c> chain</c><00:18:29.230><c> which</c><00:18:29.650><c> we</c><00:18:30.160><c> can</c><00:18:30.640><c> see</c>

00:18:30.810 --> 00:18:30.820 align:start position:0%
happening off chain which we can see
 

00:18:30.820 --> 00:18:33.780 align:start position:0%
happening off chain which we can see
here<00:18:31.170><c> that</c><00:18:32.170><c> will</c><00:18:32.410><c> just</c><00:18:32.650><c> get</c><00:18:32.770><c> worse</c><00:18:32.830><c> over</c><00:18:33.520><c> time</c>

00:18:33.780 --> 00:18:33.790 align:start position:0%
here that will just get worse over time
 

00:18:33.790 --> 00:18:35.760 align:start position:0%
here that will just get worse over time
so<00:18:34.270><c> in</c><00:18:34.390><c> some</c><00:18:34.600><c> sense</c><00:18:34.870><c> this</c><00:18:35.080><c> doesn't</c><00:18:35.500><c> make</c><00:18:35.560><c> that</c>

00:18:35.760 --> 00:18:35.770 align:start position:0%
so in some sense this doesn't make that
 

00:18:35.770 --> 00:18:38.640 align:start position:0%
so in some sense this doesn't make that
a<00:18:35.980><c> perfect</c><00:18:36.400><c> track</c><00:18:36.700><c> but</c><00:18:37.180><c> that</c><00:18:37.450><c> also</c><00:18:38.170><c> makes</c><00:18:38.410><c> the</c>

00:18:38.640 --> 00:18:38.650 align:start position:0%
a perfect track but that also makes the
 

00:18:38.650 --> 00:18:40.740 align:start position:0%
a perfect track but that also makes the
security<00:18:39.160><c> and</c><00:18:39.400><c> decentralization</c><00:18:40.150><c> of</c><00:18:40.360><c> the</c>

00:18:40.740 --> 00:18:40.750 align:start position:0%
security and decentralization of the
 

00:18:40.750 --> 00:18:42.300 align:start position:0%
security and decentralization of the
base<00:18:40.900><c> settlement</c><00:18:41.410><c> layer</c><00:18:41.560><c> that</c><00:18:41.950><c> much</c><00:18:42.130><c> more</c>

00:18:42.300 --> 00:18:42.310 align:start position:0%
base settlement layer that much more
 

00:18:42.310 --> 00:18:45.720 align:start position:0%
base settlement layer that much more
important<00:18:42.730><c> to</c><00:18:42.820><c> watch</c><00:18:42.970><c> of</c><00:18:43.120><c> the</c><00:18:43.180><c> map</c><00:18:44.550><c> we</c><00:18:45.550><c> also</c>

00:18:45.720 --> 00:18:45.730 align:start position:0%
important to watch of the map we also
 

00:18:45.730 --> 00:18:48.000 align:start position:0%
important to watch of the map we also
wanted<00:18:46.060><c> to</c><00:18:46.120><c> point</c><00:18:46.480><c> out</c><00:18:46.630><c> that</c><00:18:46.960><c> it's</c><00:18:47.650><c> really</c>

00:18:48.000 --> 00:18:48.010 align:start position:0%
wanted to point out that it's really
 

00:18:48.010 --> 00:18:49.740 align:start position:0%
wanted to point out that it's really
important<00:18:48.430><c> to</c><00:18:48.520><c> have</c><00:18:48.670><c> this</c><00:18:48.940><c> historical</c><00:18:49.300><c> data</c>

00:18:49.740 --> 00:18:49.750 align:start position:0%
important to have this historical data
 

00:18:49.750 --> 00:18:51.990 align:start position:0%
important to have this historical data
of<00:18:49.930><c> the</c><00:18:50.350><c> network</c><00:18:50.650><c> so</c><00:18:50.680><c> we</c><00:18:51.010><c> can</c><00:18:51.160><c> all</c><00:18:51.460><c> watch</c><00:18:51.730><c> these</c>

00:18:51.990 --> 00:18:52.000 align:start position:0%
of the network so we can all watch these
 

00:18:52.000 --> 00:18:55.890 align:start position:0%
of the network so we can all watch these
metrics<00:18:52.480><c> continue</c><00:18:52.960><c> to</c><00:18:53.140><c> evolve</c><00:18:54.630><c> during</c><00:18:55.630><c> this</c>

00:18:55.890 --> 00:18:55.900 align:start position:0%
metrics continue to evolve during this
 

00:18:55.900 --> 00:18:58.920 align:start position:0%
metrics continue to evolve during this
it's<00:18:56.230><c> much</c><00:18:56.740><c> better</c><00:18:57.010><c> at</c><00:18:57.330><c> tracking</c><00:18:58.330><c> Gator</c><00:18:58.690><c> than</c>

00:18:58.920 --> 00:18:58.930 align:start position:0%
it's much better at tracking Gator than
 

00:18:58.930 --> 00:19:00.450 align:start position:0%
it's much better at tracking Gator than
any<00:18:59.140><c> other</c><00:18:59.290><c> critical</c><00:18:59.800><c> but</c><00:18:59.980><c> it</c><00:19:00.100><c> can</c><00:19:00.220><c> still</c><00:19:00.430><c> be</c>

00:19:00.450 --> 00:19:00.460 align:start position:0%
any other critical but it can still be
 

00:19:00.460 --> 00:19:03.990 align:start position:0%
any other critical but it can still be
surprisingly<00:19:01.150><c> hard</c><00:19:01.360><c> to</c><00:19:01.480><c> find</c><00:19:01.720><c> let</c><00:19:02.650><c> alone</c><00:19:03.000><c> make</c>

00:19:03.990 --> 00:19:04.000 align:start position:0%
surprisingly hard to find let alone make
 

00:19:04.000 --> 00:19:05.670 align:start position:0%
surprisingly hard to find let alone make
sense<00:19:04.270><c> of</c><00:19:04.450><c> this</c><00:19:04.570><c> very</c><00:19:04.630><c> soon</c><00:19:05.020><c> you</c><00:19:05.110><c> know</c><00:19:05.230><c> big</c>

00:19:05.670 --> 00:19:05.680 align:start position:0%
sense of this very soon you know big
 

00:19:05.680 --> 00:19:09.210 align:start position:0%
sense of this very soon you know big
picture<00:19:06.040><c> and</c><00:19:06.190><c> stuff</c><00:19:06.870><c> so</c><00:19:07.870><c> ether</c><00:19:08.320><c> scam</c><00:19:08.590><c> shared</c>

00:19:09.210 --> 00:19:09.220 align:start position:0%
picture and stuff so ether scam shared
 

00:19:09.220 --> 00:19:12.360 align:start position:0%
picture and stuff so ether scam shared
some<00:19:09.850><c> of</c><00:19:10.630><c> their</c><00:19:11.170><c> non-public</c><00:19:11.800><c> historical</c>

00:19:12.360 --> 00:19:12.370 align:start position:0%
some of their non-public historical
 

00:19:12.370 --> 00:19:13.980 align:start position:0%
some of their non-public historical
didn't<00:19:12.640><c> record</c><00:19:12.820><c> data</c><00:19:13.060><c> with</c><00:19:13.330><c> us</c><00:19:13.480><c> which</c><00:19:13.750><c> we</c>

00:19:13.980 --> 00:19:13.990 align:start position:0%
didn't record data with us which we
 

00:19:13.990 --> 00:19:16.590 align:start position:0%
didn't record data with us which we
really<00:19:14.860><c> appreciate</c><00:19:15.310><c> them</c><00:19:15.580><c> we</c><00:19:16.090><c> also</c><00:19:16.240><c> want</c><00:19:16.510><c> to</c>

00:19:16.590 --> 00:19:16.600 align:start position:0%
really appreciate them we also want to
 

00:19:16.600 --> 00:19:18.030 align:start position:0%
really appreciate them we also want to
say<00:19:16.720><c> thanks</c><00:19:17.020><c> to</c><00:19:17.140><c> our</c><00:19:17.170><c> colleagues</c><00:19:17.470><c> they</c><00:19:17.860><c> like</c>

00:19:18.030 --> 00:19:18.040 align:start position:0%
say thanks to our colleagues they like
 

00:19:18.040 --> 00:19:18.480 align:start position:0%
say thanks to our colleagues they like
you

00:19:18.480 --> 00:19:18.490 align:start position:0%
you
 

00:19:18.490 --> 00:19:20.490 align:start position:0%
you
especially<00:19:19.060><c> Phenix</c><00:19:19.450><c> we</c><00:19:19.660><c> meant</c><00:19:19.990><c> no</c><00:19:20.380><c> more</c>

00:19:20.490 --> 00:19:20.500 align:start position:0%
especially Phenix we meant no more
 

00:19:20.500 --> 00:19:23.370 align:start position:0%
especially Phenix we meant no more
rocket<00:19:20.890><c> for</c><00:19:21.600><c> helping</c><00:19:22.600><c> us</c><00:19:22.720><c> follow</c><00:19:22.960><c> this</c><00:19:23.140><c> data</c>

00:19:23.370 --> 00:19:23.380 align:start position:0%
rocket for helping us follow this data
 

00:19:23.380 --> 00:19:28.890 align:start position:0%
rocket for helping us follow this data
increase<00:19:24.120><c> efficiency</c><00:19:26.730><c> so</c><00:19:27.730><c> as</c><00:19:28.540><c> you</c><00:19:28.750><c> mentioned</c>

00:19:28.890 --> 00:19:28.900 align:start position:0%
increase efficiency so as you mentioned
 

00:19:28.900 --> 00:19:30.810 align:start position:0%
increase efficiency so as you mentioned
we<00:19:29.200><c> didn't</c><00:19:29.410><c> have</c><00:19:29.500><c> time</c><00:19:29.680><c> to</c><00:19:29.740><c> go</c><00:19:29.980><c> over</c><00:19:30.100><c> a</c><00:19:30.310><c> lot</c><00:19:30.670><c> of</c>

00:19:30.810 --> 00:19:30.820 align:start position:0%
we didn't have time to go over a lot of
 

00:19:30.820 --> 00:19:33.510 align:start position:0%
we didn't have time to go over a lot of
the<00:19:31.060><c> other</c><00:19:31.330><c> graphs</c><00:19:31.630><c> that</c><00:19:31.810><c> we</c><00:19:32.190><c> pulled</c><00:19:33.190><c> the</c><00:19:33.310><c> name</c>

00:19:33.510 --> 00:19:33.520 align:start position:0%
the other graphs that we pulled the name
 

00:19:33.520 --> 00:19:35.940 align:start position:0%
the other graphs that we pulled the name
and<00:19:33.880><c> analyze</c><00:19:34.330><c> for</c><00:19:34.780><c> sort</c><00:19:35.320><c> of</c><00:19:35.350><c> the</c><00:19:35.440><c> study</c><00:19:35.710><c> of</c><00:19:35.770><c> D</c>

00:19:35.940 --> 00:19:35.950 align:start position:0%
and analyze for sort of the study of D
 

00:19:35.950 --> 00:19:38.610 align:start position:0%
and analyze for sort of the study of D
civilization<00:19:36.600><c> so</c><00:19:37.600><c> we</c><00:19:37.690><c> have</c><00:19:37.810><c> about</c><00:19:37.990><c> a</c><00:19:38.050><c> dozen</c><00:19:38.230><c> or</c>

00:19:38.610 --> 00:19:38.620 align:start position:0%
civilization so we have about a dozen or
 

00:19:38.620 --> 00:19:40.590 align:start position:0%
civilization so we have about a dozen or
so<00:19:38.650><c> more</c><00:19:39.040><c> than</c><00:19:39.280><c> that</c><00:19:39.550><c> time</c><00:19:39.730><c> to</c><00:19:39.880><c> look</c><00:19:40.060><c> but</c><00:19:40.450><c> we're</c>

00:19:40.590 --> 00:19:40.600 align:start position:0%
so more than that time to look but we're
 

00:19:40.600 --> 00:19:43.410 align:start position:0%
so more than that time to look but we're
going<00:19:40.750><c> to</c><00:19:40.900><c> build</c><00:19:41.140><c> a</c><00:19:41.350><c> page</c><00:19:41.590><c> on</c><00:19:42.150><c> Alessio</c><00:19:43.150><c> which</c>

00:19:43.410 --> 00:19:43.420 align:start position:0%
going to build a page on Alessio which
 

00:19:43.420 --> 00:19:45.420 align:start position:0%
going to build a page on Alessio which
is<00:19:43.540><c> a</c><00:19:43.570><c> data</c><00:19:43.870><c> analytics</c><00:19:44.380><c> platform</c><00:19:44.860><c> where</c>

00:19:45.420 --> 00:19:45.430 align:start position:0%
is a data analytics platform where
 

00:19:45.430 --> 00:19:47.040 align:start position:0%
is a data analytics platform where
anyone<00:19:45.460><c> interested</c><00:19:46.270><c> can</c><00:19:46.300><c> view</c><00:19:46.630><c> those</c><00:19:46.780><c> graphs</c>

00:19:47.040 --> 00:19:47.050 align:start position:0%
anyone interested can view those graphs
 

00:19:47.050 --> 00:19:49.260 align:start position:0%
anyone interested can view those graphs
and<00:19:47.320><c> then</c><00:19:47.590><c> hopefully</c><00:19:48.370><c> in</c><00:19:48.640><c> the</c><00:19:48.970><c> near</c><00:19:49.090><c> future</c>

00:19:49.260 --> 00:19:49.270 align:start position:0%
and then hopefully in the near future
 

00:19:49.270 --> 00:19:50.910 align:start position:0%
and then hopefully in the near future
we'll<00:19:49.570><c> have</c><00:19:49.780><c> a</c><00:19:49.960><c> lot</c><00:19:50.170><c> of</c><00:19:50.200><c> tracker</c><00:19:50.530><c> of</c><00:19:50.800><c> these</c>

00:19:50.910 --> 00:19:50.920 align:start position:0%
we'll have a lot of tracker of these
 

00:19:50.920 --> 00:19:52.500 align:start position:0%
we'll have a lot of tracker of these
metrics<00:19:51.160><c> over</c><00:19:51.640><c> time</c><00:19:51.820><c> this</c><00:19:52.000><c> will</c><00:19:52.060><c> have</c><00:19:52.390><c> to</c>

00:19:52.500 --> 00:19:52.510 align:start position:0%
metrics over time this will have to
 

00:19:52.510 --> 00:19:54.570 align:start position:0%
metrics over time this will have to
constantly<00:19:52.960><c> I'll</c><00:19:53.110><c> take</c><00:19:53.320><c> them</c><00:19:53.530><c> and</c><00:19:54.070><c> reanalyze</c>

00:19:54.570 --> 00:19:54.580 align:start position:0%
constantly I'll take them and reanalyze
 

00:19:54.580 --> 00:19:57.300 align:start position:0%
constantly I'll take them and reanalyze
them<00:19:54.790><c> so</c><00:19:55.630><c> this</c><00:19:56.080><c> is</c><00:19:56.260><c> just</c><00:19:56.470><c> a</c><00:19:56.680><c> few</c><00:19:57.010><c> of</c><00:19:57.100><c> the</c><00:19:57.160><c> other</c>

00:19:57.300 --> 00:19:57.310 align:start position:0%
them so this is just a few of the other
 

00:19:57.310 --> 00:19:58.980 align:start position:0%
them so this is just a few of the other
graphs<00:19:57.550><c> we</c><00:19:57.670><c> have</c><00:19:57.790><c> time</c><00:19:58.000><c> to</c><00:19:58.120><c> analyze</c><00:19:58.450><c> including</c>

00:19:58.980 --> 00:19:58.990 align:start position:0%
graphs we have time to analyze including
 

00:19:58.990 --> 00:20:01.320 align:start position:0%
graphs we have time to analyze including
function<00:19:59.410><c> calls</c><00:19:59.650><c> on</c><00:20:00.640><c> the</c><00:20:00.730><c> top</c><00:20:00.940><c> left</c><00:20:01.240><c> that</c>

00:20:01.320 --> 00:20:01.330 align:start position:0%
function calls on the top left that
 

00:20:01.330 --> 00:20:03.540 align:start position:0%
function calls on the top left that
smaller<00:20:01.690><c> one</c><00:20:01.780><c> does</c><00:20:02.110><c> include</c><00:20:02.470><c> transfer</c><00:20:02.980><c> on</c><00:20:03.520><c> the</c>

00:20:03.540 --> 00:20:03.550 align:start position:0%
smaller one does include transfer on the
 

00:20:03.550 --> 00:20:05.280 align:start position:0%
smaller one does include transfer on the
bottom<00:20:03.850><c> right</c><00:20:04.000><c> just</c><00:20:04.270><c> remove</c><00:20:04.600><c> transfer</c><00:20:05.080><c> it</c><00:20:05.170><c> get</c>

00:20:05.280 --> 00:20:05.290 align:start position:0%
bottom right just remove transfer it get
 

00:20:05.290 --> 00:20:07.070 align:start position:0%
bottom right just remove transfer it get
it<00:20:05.410><c> clear</c><00:20:05.590><c> review</c><00:20:05.830><c> the</c><00:20:05.980><c> other</c><00:20:06.160><c> function</c><00:20:06.520><c> calls</c>

00:20:07.070 --> 00:20:07.080 align:start position:0%
it clear review the other function calls
 

00:20:07.080 --> 00:20:09.780 align:start position:0%
it clear review the other function calls
looked<00:20:08.080><c> at</c><00:20:08.200><c> each</c><00:20:08.380><c> trading</c><00:20:08.710><c> volume</c><00:20:09.070><c> over</c><00:20:09.310><c> Texas</c>

00:20:09.780 --> 00:20:09.790 align:start position:0%
looked at each trading volume over Texas
 

00:20:09.790 --> 00:20:12.060 align:start position:0%
looked at each trading volume over Texas
and<00:20:10.000><c> then</c><00:20:10.480><c> gas</c><00:20:11.140><c> fees</c><00:20:11.470><c> and</c><00:20:11.740><c> then</c><00:20:11.830><c> just</c><00:20:11.980><c> a</c>

00:20:12.060 --> 00:20:12.070 align:start position:0%
and then gas fees and then just a
 

00:20:12.070 --> 00:20:14.160 align:start position:0%
and then gas fees and then just a
different<00:20:12.430><c> way</c><00:20:12.490><c> of</c><00:20:12.520><c> looking</c><00:20:12.880><c> at</c><00:20:12.970><c> the</c><00:20:13.090><c> top</c><00:20:13.300><c> the</c>

00:20:14.160 --> 00:20:14.170 align:start position:0%
different way of looking at the top the
 

00:20:14.170 --> 00:20:17.940 align:start position:0%
different way of looking at the top the
top<00:20:14.320><c> address</c><00:20:14.740><c> concentration</c><00:20:16.020><c> so</c><00:20:17.020><c> we</c><00:20:17.710><c> really</c>

00:20:17.940 --> 00:20:17.950 align:start position:0%
top address concentration so we really
 

00:20:17.950 --> 00:20:19.320 align:start position:0%
top address concentration so we really
hope<00:20:18.070><c> this</c><00:20:18.310><c> is</c><00:20:18.460><c> something</c><00:20:18.730><c> of</c><00:20:18.790><c> interest</c><00:20:18.970><c> to</c>

00:20:19.320 --> 00:20:19.330 align:start position:0%
hope this is something of interest to
 

00:20:19.330 --> 00:20:21.150 align:start position:0%
hope this is something of interest to
the<00:20:19.420><c> network</c><00:20:19.750><c> that</c><00:20:20.080><c> people</c><00:20:20.260><c> continue</c><00:20:20.980><c> to</c><00:20:21.010><c> ask</c>

00:20:21.150 --> 00:20:21.160 align:start position:0%
the network that people continue to ask
 

00:20:21.160 --> 00:20:22.470 align:start position:0%
the network that people continue to ask
some<00:20:21.340><c> questions</c><00:20:21.370><c> about</c><00:20:21.760><c> it</c><00:20:22.060><c> continue</c>

00:20:22.470 --> 00:20:22.480 align:start position:0%
some questions about it continue
 

00:20:22.480 --> 00:20:24.570 align:start position:0%
some questions about it continue
exploring<00:20:22.810><c> it</c><00:20:23.050><c> suggest</c><00:20:24.010><c> some</c><00:20:24.160><c> additional</c>

00:20:24.570 --> 00:20:24.580 align:start position:0%
exploring it suggest some additional
 

00:20:24.580 --> 00:20:28.170 align:start position:0%
exploring it suggest some additional
metrics<00:20:25.030><c> or</c><00:20:25.210><c> ways</c><00:20:25.360><c> to</c><00:20:26.880><c> quantify</c><00:20:27.880><c> those</c>

00:20:28.170 --> 00:20:28.180 align:start position:0%
metrics or ways to quantify those
 

00:20:28.180 --> 00:20:30.240 align:start position:0%
metrics or ways to quantify those
subsystems<00:20:28.600><c> over</c><00:20:28.960><c> time</c><00:20:29.170><c> and</c><00:20:29.920><c> if</c><00:20:30.010><c> you</c><00:20:30.070><c> have</c><00:20:30.160><c> any</c>

00:20:30.240 --> 00:20:30.250 align:start position:0%
subsystems over time and if you have any
 

00:20:30.250 --> 00:20:32.460 align:start position:0%
subsystems over time and if you have any
questions<00:20:30.640><c> please</c><00:20:31.570><c> definitely</c><00:20:32.020><c> reach</c><00:20:32.170><c> out</c><00:20:32.320><c> to</c>

00:20:32.460 --> 00:20:32.470 align:start position:0%
questions please definitely reach out to
 

00:20:32.470 --> 00:20:38.320 align:start position:0%
questions please definitely reach out to
us<00:20:32.590><c> and</c><00:20:33.090><c> enjoy</c><00:20:34.090><c> the</c><00:20:34.270><c> rest</c><00:20:34.300><c> of</c><00:20:34.540><c> death</c>

00:20:38.320 --> 00:20:38.330 align:start position:0%
 
 

00:20:38.330 --> 00:20:44.859 align:start position:0%
 
[Applause]