WEBVTT Kind: captions Language: en 00:00:05.280 --> 00:00:10.110 align:start position:0% okay<00:00:06.390> can<00:00:07.390> everyone<00:00:07.570> hear<00:00:07.660> me<00:00:08.760> good<00:00:09.760> morning 00:00:10.110 --> 00:00:10.120 align:start position:0% okay can everyone hear me good morning 00:00:10.120 --> 00:00:12.629 align:start position:0% okay can everyone hear me good morning I'm<00:00:10.480> very<00:00:11.410> glad<00:00:11.590> that<00:00:11.710> you<00:00:12.040> will<00:00:12.190> manage<00:00:12.490> to 00:00:12.629 --> 00:00:12.639 align:start position:0% I'm very glad that you will manage to 00:00:12.639 --> 00:00:14.700 align:start position:0% I'm very glad that you will manage to find<00:00:12.820> seats<00:00:13.150> thank<00:00:13.810> you<00:00:13.990> for<00:00:14.170> making<00:00:14.260> it<00:00:14.530> here 00:00:14.700 --> 00:00:14.710 align:start position:0% find seats thank you for making it here 00:00:14.710 --> 00:00:18.510 align:start position:0% find seats thank you for making it here early<00:00:15.480> so<00:00:16.480> welcome<00:00:17.110> to<00:00:17.410> this<00:00:17.710> morning's<00:00:18.189> panel 00:00:18.510 --> 00:00:18.520 align:start position:0% early so welcome to this morning's panel 00:00:18.520 --> 00:00:21.089 align:start position:0% early so welcome to this morning's panel on<00:00:18.849> emerging<00:00:19.630> technology<00:00:20.230> and<00:00:20.260> social 00:00:21.089 --> 00:00:21.099 align:start position:0% on emerging technology and social 00:00:21.099 --> 00:00:23.760 align:start position:0% on emerging technology and social progress<00:00:21.689> so<00:00:22.689> we'll<00:00:22.840> be<00:00:22.930> discussing<00:00:23.050> some<00:00:23.410> key 00:00:23.760 --> 00:00:23.770 align:start position:0% progress so we'll be discussing some key 00:00:23.770 --> 00:00:25.859 align:start position:0% progress so we'll be discussing some key challenges<00:00:24.460> in<00:00:24.700> the<00:00:24.910> humanitarian<00:00:25.660> sector 00:00:25.859 --> 00:00:25.869 align:start position:0% challenges in the humanitarian sector 00:00:25.869 --> 00:00:28.830 align:start position:0% challenges in the humanitarian sector and<00:00:26.290> the<00:00:26.770> global<00:00:27.160> financial<00:00:27.189> system<00:00:27.700> and<00:00:28.300> how 00:00:28.830 --> 00:00:28.840 align:start position:0% and the global financial system and how 00:00:28.840 --> 00:00:30.780 align:start position:0% and the global financial system and how innovative<00:00:29.439> finance<00:00:29.860> initiatives<00:00:30.430> can<00:00:30.610> offer 00:00:30.780 --> 00:00:30.790 align:start position:0% innovative finance initiatives can offer 00:00:30.790 --> 00:00:33.870 align:start position:0% innovative finance initiatives can offer solutions<00:00:31.149> to<00:00:31.630> some<00:00:31.840> of<00:00:31.869> these<00:00:32.079> problems<00:00:32.880> I'm 00:00:33.870 --> 00:00:33.880 align:start position:0% solutions to some of these problems I'm 00:00:33.880 --> 00:00:36.210 align:start position:0% solutions to some of these problems I'm Nathalie<00:00:34.390> Cargill<00:00:34.840> I'm<00:00:35.050> the<00:00:35.530> founder<00:00:36.190> and 00:00:36.210 --> 00:00:36.220 align:start position:0% Nathalie Cargill I'm the founder and 00:00:36.220 --> 00:00:38.580 align:start position:0% Nathalie Cargill I'm the founder and executive<00:00:36.460> director<00:00:37.420> of<00:00:37.449> a<00:00:37.660> nonprofit<00:00:37.870> called 00:00:38.580 --> 00:00:38.590 align:start position:0% executive director of a nonprofit called 00:00:38.590 --> 00:00:41.009 align:start position:0% executive director of a nonprofit called effective<00:00:39.070> giving<00:00:39.430> we<00:00:40.180> work<00:00:40.480> with<00:00:40.719> major 00:00:41.009 --> 00:00:41.019 align:start position:0% effective giving we work with major 00:00:41.019 --> 00:00:43.110 align:start position:0% effective giving we work with major philanthropists<00:00:41.949> who<00:00:42.070> want<00:00:42.280> to<00:00:42.370> maximize 00:00:43.110 --> 00:00:43.120 align:start position:0% philanthropists who want to maximize 00:00:43.120 --> 00:00:45.720 align:start position:0% philanthropists who want to maximize their<00:00:43.329> positive<00:00:43.809> impact<00:00:44.289> on<00:00:44.530> the<00:00:44.649> world<00:00:44.730> we 00:00:45.720 --> 00:00:45.730 align:start position:0% their positive impact on the world we 00:00:45.730 --> 00:00:47.549 align:start position:0% their positive impact on the world we work<00:00:45.940> closely<00:00:46.210> with<00:00:46.480> researchers<00:00:47.170> from<00:00:47.469> the 00:00:47.549 --> 00:00:47.559 align:start position:0% work closely with researchers from the 00:00:47.559 --> 00:00:49.770 align:start position:0% work closely with researchers from the University<00:00:48.280> of<00:00:48.309> Oxford<00:00:48.550> and<00:00:49.059> we<00:00:49.660> are 00:00:49.770 --> 00:00:49.780 align:start position:0% University of Oxford and we are 00:00:49.780 --> 00:00:52.049 align:start position:0% University of Oxford and we are currently<00:00:50.109> advising<00:00:50.890> that<00:00:50.920> Mexico<00:00:51.609> found<00:00:51.879> at 00:00:52.049 --> 00:00:52.059 align:start position:0% currently advising that Mexico found at 00:00:52.059 --> 00:00:55.439 align:start position:0% currently advising that Mexico found at vendee<00:00:52.480> low<00:00:52.660> on<00:00:52.899> his<00:00:53.289> philanthropy<00:00:54.449> joining 00:00:55.439 --> 00:00:55.449 align:start position:0% vendee low on his philanthropy joining 00:00:55.449 --> 00:00:57.930 align:start position:0% vendee low on his philanthropy joining me<00:00:55.539> on<00:00:55.690> the<00:00:55.809> panel<00:00:56.019> today<00:00:56.289> are<00:00:56.670> here<00:00:57.670> we<00:00:57.760> have 00:00:57.930 --> 00:00:57.940 align:start position:0% me on the panel today are here we have 00:00:57.940 --> 00:00:59.880 align:start position:0% me on the panel today are here we have will<00:00:58.269> Roddick<00:00:58.749> founder<00:00:59.440> and<00:00:59.649> executive 00:00:59.880 --> 00:00:59.890 align:start position:0% will Roddick founder and executive 00:00:59.890 --> 00:01:02.849 align:start position:0% will Roddick founder and executive director<00:01:00.820> of<00:01:00.850> the<00:01:01.390> grassroots<00:01:02.199> economics 00:01:02.849 --> 00:01:02.859 align:start position:0% director of the grassroots economics 00:01:02.859 --> 00:01:05.550 align:start position:0% director of the grassroots economics foundation<00:01:03.659> grassroots<00:01:04.659> economics<00:01:05.260> is<00:01:05.500> a 00:01:05.550 --> 00:01:05.560 align:start position:0% foundation grassroots economics is a 00:01:05.560 --> 00:01:07.560 align:start position:0% foundation grassroots economics is a non-profit<00:01:06.040> foundation<00:01:06.580> that<00:01:07.150> seeks<00:01:07.390> to 00:01:07.560 --> 00:01:07.570 align:start position:0% non-profit foundation that seeks to 00:01:07.570 --> 00:01:09.450 align:start position:0% non-profit foundation that seeks to empower<00:01:07.900> people<00:01:08.200> in<00:01:08.590> the<00:01:08.770> developing<00:01:09.220> world 00:01:09.450 --> 00:01:09.460 align:start position:0% empower people in the developing world 00:01:09.460 --> 00:01:11.540 align:start position:0% empower people in the developing world by<00:01:10.060> giving<00:01:10.210> them<00:01:10.450> more<00:01:10.600> financial<00:01:11.200> autonomy 00:01:11.540 --> 00:01:11.550 align:start position:0% by giving them more financial autonomy 00:01:11.550 --> 00:01:14.280 align:start position:0% by giving them more financial autonomy the<00:01:12.550> organization<00:01:13.180> develops<00:01:13.540> new<00:01:13.750> currencies 00:01:14.280 --> 00:01:14.290 align:start position:0% the organization develops new currencies 00:01:14.290 --> 00:01:16.650 align:start position:0% the organization develops new currencies for<00:01:14.560> marginalized<00:01:15.160> communities<00:01:15.730> allowing 00:01:16.650 --> 00:01:16.660 align:start position:0% for marginalized communities allowing 00:01:16.660 --> 00:01:18.780 align:start position:0% for marginalized communities allowing small<00:01:17.110> businesses<00:01:17.650> and<00:01:17.890> local<00:01:18.040> people<00:01:18.580> to 00:01:18.780 --> 00:01:18.790 align:start position:0% small businesses and local people to 00:01:18.790 --> 00:01:20.880 align:start position:0% small businesses and local people to trade<00:01:19.150> within<00:01:19.390> the<00:01:19.600> community<00:01:20.080> and<00:01:20.350> build 00:01:20.880 --> 00:01:20.890 align:start position:0% trade within the community and build 00:01:20.890 --> 00:01:23.580 align:start position:0% trade within the community and build their<00:01:21.070> own<00:01:21.220> economy<00:01:22.080> grassroots<00:01:23.080> economics 00:01:23.580 --> 00:01:23.590 align:start position:0% their own economy grassroots economics 00:01:23.590 --> 00:01:25.260 align:start position:0% their own economy grassroots economics are<00:01:23.710> currently<00:01:24.040> working<00:01:24.250> on<00:01:24.700> creating<00:01:25.180> a 00:01:25.260 --> 00:01:25.270 align:start position:0% are currently working on creating a 00:01:25.270 --> 00:01:27.150 align:start position:0% are currently working on creating a system<00:01:25.450> that<00:01:25.810> lets<00:01:26.020> communities<00:01:26.590> make<00:01:26.950> their 00:01:27.150 --> 00:01:27.160 align:start position:0% system that lets communities make their 00:01:27.160 --> 00:01:29.220 align:start position:0% system that lets communities make their own<00:01:27.190> digital<00:01:27.760> currencies<00:01:28.240> and<00:01:28.510> trade<00:01:29.020> with 00:01:29.220 --> 00:01:29.230 align:start position:0% own digital currencies and trade with 00:01:29.230 --> 00:01:32.250 align:start position:0% own digital currencies and trade with neighboring<00:01:29.620> communities<00:01:30.120> in<00:01:31.120> the<00:01:31.990> middle 00:01:32.250 --> 00:01:32.260 align:start position:0% neighboring communities in the middle 00:01:32.260 --> 00:01:35.160 align:start position:0% neighboring communities in the middle here<00:01:32.500> we<00:01:32.530> have<00:01:32.890> Lucas<00:01:33.370> Geiger<00:01:33.810> Lucas<00:01:34.810> is<00:01:34.990> the 00:01:35.160 --> 00:01:35.170 align:start position:0% here we have Lucas Geiger Lucas is the 00:01:35.170 --> 00:01:37.440 align:start position:0% here we have Lucas Geiger Lucas is the co-founder<00:01:35.380> of<00:01:35.800> Y<00:01:36.220> line<00:01:36.460> and<00:01:36.730> principal<00:01:37.300> at 00:01:37.440 --> 00:01:37.450 align:start position:0% co-founder of Y line and principal at 00:01:37.450 --> 00:01:40.530 align:start position:0% co-founder of Y line and principal at open<00:01:37.930> Libre<00:01:38.430> open<00:01:39.430> Libre<00:01:39.700> is<00:01:39.880> an<00:01:40.000> alternative 00:01:40.530 --> 00:01:40.540 align:start position:0% open Libre open Libre is an alternative 00:01:40.540 --> 00:01:42.330 align:start position:0% open Libre open Libre is an alternative network<00:01:40.990> to<00:01:41.230> Facebook's<00:01:41.680> Libre<00:01:42.070> prat 00:01:42.330 --> 00:01:42.340 align:start position:0% network to Facebook's Libre prat 00:01:42.340 --> 00:01:44.610 align:start position:0% network to Facebook's Libre prat platform<00:01:42.910> the<00:01:43.540> platform<00:01:43.690> aims<00:01:44.260> to<00:01:44.500> be 00:01:44.610 --> 00:01:44.620 align:start position:0% platform the platform aims to be 00:01:44.620 --> 00:01:46.590 align:start position:0% platform the platform aims to be technically<00:01:45.160> and<00:01:45.340> financially<00:01:45.600> compatible 00:01:46.590 --> 00:01:46.600 align:start position:0% technically and financially compatible 00:01:46.600 --> 00:01:48.360 align:start position:0% technically and financially compatible with<00:01:46.750> Libre<00:01:47.080> but<00:01:47.650> will<00:01:47.770> be<00:01:47.890> permissionless 00:01:48.360 --> 00:01:48.370 align:start position:0% with Libre but will be permissionless 00:01:48.370 --> 00:01:50.790 align:start position:0% with Libre but will be permissionless censorship<00:01:49.330> resistant<00:01:49.840> and<00:01:50.050> governed<00:01:50.560> by 00:01:50.790 --> 00:01:50.800 align:start position:0% censorship resistant and governed by 00:01:50.800 --> 00:01:54.390 align:start position:0% censorship resistant and governed by users<00:01:52.020> finally<00:01:53.020> we<00:01:53.230> have<00:01:53.440> adam<00:01:53.920> Bornstein 00:01:54.390 --> 00:01:54.400 align:start position:0% users finally we have adam Bornstein 00:01:54.400 --> 00:01:55.610 align:start position:0% users finally we have adam Bornstein here<00:01:54.790> on<00:01:54.970> the<00:01:55.120> end 00:01:55.610 --> 00:01:55.620 align:start position:0% here on the end 00:01:55.620 --> 00:01:58.380 align:start position:0% here on the end adam<00:01:56.620> is<00:01:56.800> the<00:01:57.130> global<00:01:57.610> finance<00:01:58.090> and 00:01:58.380 --> 00:01:58.390 align:start position:0% adam is the global finance and 00:01:58.390 --> 00:02:00.240 align:start position:0% adam is the global finance and transformation<00:01:59.140> lead<00:01:59.320> at<00:01:59.590> the<00:01:59.680> Danish<00:02:00.010> Red 00:02:00.240 --> 00:02:00.250 align:start position:0% transformation lead at the Danish Red 00:02:00.250 --> 00:02:03.000 align:start position:0% transformation lead at the Danish Red Cross<00:02:00.720> Adams<00:02:01.720> role<00:02:01.930> at<00:02:02.050> the<00:02:02.140> Red<00:02:02.290> Cross<00:02:02.320> is<00:02:02.800> to 00:02:03.000 --> 00:02:03.010 align:start position:0% Cross Adams role at the Red Cross is to 00:02:03.010 --> 00:02:05.040 align:start position:0% Cross Adams role at the Red Cross is to identify<00:02:03.580> and<00:02:03.730> implement<00:02:03.850> new<00:02:04.240> opportunities 00:02:05.040 --> 00:02:05.050 align:start position:0% identify and implement new opportunities 00:02:05.050 --> 00:02:07.230 align:start position:0% identify and implement new opportunities to<00:02:05.080> improve<00:02:05.650> the<00:02:05.950> efficiency<00:02:06.160> of<00:02:06.700> traditional 00:02:07.230 --> 00:02:07.240 align:start position:0% to improve the efficiency of traditional 00:02:07.240 --> 00:02:09.960 align:start position:0% to improve the efficiency of traditional humanitarian<00:02:07.990> assistance<00:02:08.729> Adams<00:02:09.729> team 00:02:09.960 --> 00:02:09.970 align:start position:0% humanitarian assistance Adams team 00:02:09.970 --> 00:02:11.970 align:start position:0% humanitarian assistance Adams team identify<00:02:10.629> solutions<00:02:11.140> that<00:02:11.379> focus<00:02:11.769> on 00:02:11.970 --> 00:02:11.980 align:start position:0% identify solutions that focus on 00:02:11.980 --> 00:02:13.710 align:start position:0% identify solutions that focus on technical<00:02:12.400> innovation<00:02:13.090> including 00:02:13.710 --> 00:02:13.720 align:start position:0% technical innovation including 00:02:13.720 --> 00:02:16.140 align:start position:0% technical innovation including blockchain<00:02:14.620> enables<00:02:15.070> community<00:02:15.640> currencies 00:02:16.140 --> 00:02:16.150 align:start position:0% blockchain enables community currencies 00:02:16.150 --> 00:02:18.410 align:start position:0% blockchain enables community currencies insurance<00:02:17.140> link<00:02:17.350> securities 00:02:18.410 --> 00:02:18.420 align:start position:0% insurance link securities 00:02:18.420 --> 00:02:21.350 align:start position:0% insurance link securities and<00:02:18.560> micro-finance<00:02:19.560> so<00:02:20.459> thank<00:02:20.910> you<00:02:21.030> very<00:02:21.180> much 00:02:21.350 --> 00:02:21.360 align:start position:0% and micro-finance so thank you very much 00:02:21.360 --> 00:02:24.199 align:start position:0% and micro-finance so thank you very much for<00:02:21.599> being<00:02:21.750> here<00:02:21.810> with<00:02:22.050> us<00:02:22.140> this<00:02:22.590> morning<00:02:23.209> so 00:02:24.199 --> 00:02:24.209 align:start position:0% for being here with us this morning so 00:02:24.209 --> 00:02:27.050 align:start position:0% for being here with us this morning so we'll<00:02:24.330> start<00:02:24.630> off<00:02:24.810> by<00:02:25.160> each<00:02:26.160> of<00:02:26.370> the<00:02:26.459> panelists 00:02:27.050 --> 00:02:27.060 align:start position:0% we'll start off by each of the panelists 00:02:27.060 --> 00:02:28.970 align:start position:0% we'll start off by each of the panelists introducing<00:02:27.750> themselves<00:02:27.900> and<00:02:28.530> a<00:02:28.650> little<00:02:28.860> bit 00:02:28.970 --> 00:02:28.980 align:start position:0% introducing themselves and a little bit 00:02:28.980 --> 00:02:30.559 align:start position:0% introducing themselves and a little bit about<00:02:29.160> why<00:02:29.400> they've<00:02:29.610> got<00:02:29.730> involved<00:02:30.239> in<00:02:30.360> this 00:02:30.559 --> 00:02:30.569 align:start position:0% about why they've got involved in this 00:02:30.569 --> 00:02:33.140 align:start position:0% about why they've got involved in this type<00:02:30.780> of<00:02:30.840> work<00:02:31.170> I'll<00:02:31.620> then<00:02:32.400> divide<00:02:32.760> the<00:02:32.970> rest 00:02:33.140 --> 00:02:33.150 align:start position:0% type of work I'll then divide the rest 00:02:33.150 --> 00:02:35.500 align:start position:0% type of work I'll then divide the rest of<00:02:33.390> the<00:02:33.480> panel<00:02:33.810> into<00:02:34.140> three<00:02:34.410> broad<00:02:34.860> sections 00:02:35.500 --> 00:02:35.510 align:start position:0% of the panel into three broad sections 00:02:35.510 --> 00:02:38.570 align:start position:0% of the panel into three broad sections so<00:02:36.510> firstly<00:02:36.900> we'll<00:02:37.140> focus<00:02:37.500> on<00:02:37.680> what<00:02:38.040> problem 00:02:38.570 --> 00:02:38.580 align:start position:0% so firstly we'll focus on what problem 00:02:38.580 --> 00:02:41.120 align:start position:0% so firstly we'll focus on what problem are<00:02:38.760> each<00:02:38.970> of<00:02:39.120> you<00:02:39.239> trying<00:02:39.510> to<00:02:39.630> solve<00:02:39.840> and<00:02:40.260> I'll 00:02:41.120 --> 00:02:41.130 align:start position:0% are each of you trying to solve and I'll 00:02:41.130 --> 00:02:43.220 align:start position:0% are each of you trying to solve and I'll push<00:02:41.850> you<00:02:42.060> during<00:02:42.330> that<00:02:42.360> section<00:02:42.870> to<00:02:43.020> be<00:02:43.110> as 00:02:43.220 --> 00:02:43.230 align:start position:0% push you during that section to be as 00:02:43.230 --> 00:02:45.559 align:start position:0% push you during that section to be as specific<00:02:43.350> as<00:02:43.830> possible<00:02:43.890> about<00:02:44.850> exactly<00:02:45.209> what 00:02:45.559 --> 00:02:45.569 align:start position:0% specific as possible about exactly what 00:02:45.569 --> 00:02:47.449 align:start position:0% specific as possible about exactly what it<00:02:45.720> is<00:02:45.840> you're<00:02:46.140> hoping<00:02:46.680> to<00:02:46.739> tackle<00:02:47.160> with<00:02:47.250> your 00:02:47.449 --> 00:02:47.459 align:start position:0% it is you're hoping to tackle with your 00:02:47.459 --> 00:02:50.420 align:start position:0% it is you're hoping to tackle with your work<00:02:48.019> we'll<00:02:49.019> then<00:02:49.200> move<00:02:49.230> on<00:02:49.560> to<00:02:49.739> how<00:02:50.190> each<00:02:50.400> of 00:02:50.420 --> 00:02:50.430 align:start position:0% work we'll then move on to how each of 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other<00:02:57.120> potential<00:02:57.780> approaches 00:02:58.309 --> 00:02:58.319 align:start position:0% approach over other potential approaches 00:02:58.319 --> 00:03:00.800 align:start position:0% approach over other potential approaches what<00:02:59.220> challenges<00:02:59.819> do<00:02:59.970> you<00:03:00.030> expect<00:03:00.360> your<00:03:00.569> face 00:03:00.800 --> 00:03:00.810 align:start position:0% what challenges do you expect your face 00:03:00.810 --> 00:03:02.920 align:start position:0% what challenges do you expect your face and<00:03:01.140> do<00:03:01.319> you<00:03:01.410> expect<00:03:01.650> to<00:03:01.890> overcome<00:03:02.340> them<00:03:02.549> and 00:03:02.920 --> 00:03:02.930 align:start position:0% and do you expect to overcome them and 00:03:02.930 --> 00:03:05.150 align:start position:0% and do you expect to overcome them and it<00:03:03.930> will<00:03:04.049> be<00:03:04.140> interesting<00:03:04.319> also<00:03:04.799> to<00:03:04.860> talk 00:03:05.150 --> 00:03:05.160 align:start position:0% it will be interesting also to talk 00:03:05.160 --> 00:03:07.820 align:start position:0% it will be interesting also to talk about<00:03:05.220> what<00:03:05.640> success<00:03:05.850> looks<00:03:06.510> like<00:03:06.750> if<00:03:07.110> we<00:03:07.500> if 00:03:07.820 --> 00:03:07.830 align:start position:0% about what success looks like if we if 00:03:07.830 --> 00:03:10.009 align:start position:0% about what success looks like if we if and<00:03:08.100> when<00:03:08.220> we<00:03:08.370> get<00:03:08.549> there<00:03:08.760> and<00:03:08.970> then<00:03:09.750> for<00:03:09.959> the 00:03:10.009 --> 00:03:10.019 align:start position:0% and when we get there and then for the 00:03:10.019 --> 00:03:11.570 align:start position:0% and when we get there and then for the final<00:03:10.350> section<00:03:10.530> of<00:03:10.769> the<00:03:10.890> panel<00:03:11.190> we'll<00:03:11.459> be 00:03:11.570 --> 00:03:11.580 align:start position:0% final section of the panel we'll be 00:03:11.580 --> 00:03:14.390 align:start position:0% final section of the panel we'll be looking<00:03:12.030> ahead<00:03:12.150> to<00:03:12.840> take<00:03:13.049> a<00:03:13.080> a<00:03:13.470> broader<00:03:14.130> look 00:03:14.390 --> 00:03:14.400 align:start position:0% looking ahead to take a a broader look 00:03:14.400 --> 00:03:16.520 align:start position:0% looking ahead to take a a broader look at<00:03:14.459> where<00:03:15.030> we<00:03:15.150> see<00:03:15.299> this<00:03:15.450> sector<00:03:15.780> going<00:03:15.959> over 00:03:16.520 --> 00:03:16.530 align:start position:0% at where we see this sector going over 00:03:16.530 --> 00:03:18.710 align:start position:0% at where we see this sector going over the<00:03:16.650> coming<00:03:16.860> years<00:03:17.190> and<00:03:17.430> how<00:03:17.670> individuals<00:03:18.360> can 00:03:18.710 --> 00:03:18.720 align:start position:0% the coming years and how individuals can 00:03:18.720 --> 00:03:22.280 align:start position:0% the coming years and how individuals can be<00:03:18.750> involved<00:03:19.549> so<00:03:20.549> um<00:03:20.819> well<00:03:21.660> would<00:03:21.930> you<00:03:22.019> like<00:03:22.170> to 00:03:22.280 --> 00:03:22.290 align:start position:0% be involved so um well would you like to 00:03:22.290 --> 00:03:23.780 align:start position:0% be involved so um well would you like to start<00:03:22.470> us<00:03:22.560> off<00:03:22.680> with<00:03:22.890> a<00:03:22.950> brief<00:03:23.310> introduction 00:03:23.780 --> 00:03:23.790 align:start position:0% start us off with a brief introduction 00:03:23.790 --> 00:03:28.580 align:start position:0% start us off with a brief introduction Thanks<00:03:24.530> so<00:03:25.530> I<00:03:25.890> was<00:03:26.459> a<00:03:26.489> physicist<00:03:27.290> about<00:03:28.290> 20 00:03:28.580 --> 00:03:28.590 align:start position:0% Thanks so I was a physicist about 20 00:03:28.590 --> 00:03:30.800 align:start position:0% Thanks so I was a physicist about 20 years<00:03:28.739> ago<00:03:28.859> working<00:03:29.790> at<00:03:29.970> Stanford<00:03:30.450> and<00:03:30.630> I 00:03:30.800 --> 00:03:30.810 align:start position:0% years ago working at Stanford and I 00:03:30.810 --> 00:03:32.830 align:start position:0% years ago working at Stanford and I started<00:03:31.470> doing<00:03:31.680> agent-based<00:03:31.980> modeling<00:03:32.519> and 00:03:32.830 --> 00:03:32.840 align:start position:0% started doing agent-based modeling and 00:03:32.840 --> 00:03:35.210 align:start position:0% started doing agent-based modeling and there's<00:03:33.840> a<00:03:33.930> thing<00:03:34.079> called<00:03:34.109> econo<00:03:34.560> physics<00:03:34.980> and 00:03:35.210 --> 00:03:35.220 align:start position:0% there's a thing called econo physics and 00:03:35.220 --> 00:03:37.009 align:start position:0% there's a thing called econo physics and there<00:03:35.790> was<00:03:35.880> this<00:03:36.000> theoretical<00:03:36.540> model<00:03:36.840> where 00:03:37.009 --> 00:03:37.019 align:start position:0% there was this theoretical model where 00:03:37.019 --> 00:03:39.830 align:start position:0% there was this theoretical model where if<00:03:37.290> you<00:03:37.470> could<00:03:37.620> start<00:03:37.829> tweaking<00:03:38.480> who<00:03:39.480> gets<00:03:39.720> to 00:03:39.830 --> 00:03:39.840 align:start position:0% if you could start tweaking who gets to 00:03:39.840 --> 00:03:41.420 align:start position:0% if you could start tweaking who gets to issue<00:03:39.989> money<00:03:40.320> and<00:03:40.620> what<00:03:40.829> are<00:03:40.920> the<00:03:40.980> rules<00:03:41.160> on 00:03:41.420 --> 00:03:41.430 align:start position:0% issue money and what are the rules on 00:03:41.430 --> 00:03:44.000 align:start position:0% issue money and what are the rules on that<00:03:41.760> money<00:03:42.150> you<00:03:42.690> could<00:03:42.900> drastically<00:03:43.620> change 00:03:44.000 --> 00:03:44.010 align:start position:0% that money you could drastically change 00:03:44.010 --> 00:03:47.120 align:start position:0% that money you could drastically change these<00:03:44.489> these<00:03:44.790> models<00:03:45.269> in<00:03:45.510> theory<00:03:45.900> and<00:03:46.130> it 00:03:47.120 --> 00:03:47.130 align:start position:0% these these models in theory and it 00:03:47.130 --> 00:03:48.890 align:start position:0% these these models in theory and it turned<00:03:47.370> out<00:03:47.489> as<00:03:48.090> I<00:03:48.239> found<00:03:48.450> out<00:03:48.660> there<00:03:48.750> was<00:03:48.870> a 00:03:48.890 --> 00:03:48.900 align:start position:0% turned out as I found out there was a 00:03:48.900 --> 00:03:51.920 align:start position:0% turned out as I found out there was a movement<00:03:49.310> about<00:03:50.310> creating<00:03:51.269> local<00:03:51.420> currencies 00:03:51.920 --> 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passionate I left 00:03:58.109 --> 00:04:00.530 align:start position:0% world so I got really passionate I left a<00:03:58.400> physics<00:03:59.400> went<00:03:59.549> into<00:03:59.730> economics<00:04:00.150> and 00:04:00.530 --> 00:04:00.540 align:start position:0% a physics went into economics and 00:04:00.540 --> 00:04:02.780 align:start position:0% a physics went into economics and started<00:04:00.780> studying<00:04:00.959> this<00:04:01.230> stuff<00:04:01.470> and<00:04:01.650> that<00:04:01.859> led 00:04:02.780 --> 00:04:02.790 align:start position:0% started studying this stuff and that led 00:04:02.790 --> 00:04:06.430 align:start position:0% started studying this stuff and that led me<00:04:02.819> to<00:04:03.019> eventually<00:04:04.019> coming<00:04:04.230> to<00:04:04.350> Kenya<00:04:04.769> and 00:04:06.430 --> 00:04:06.440 align:start position:0% me to eventually coming to Kenya and 00:04:06.440 --> 00:04:08.720 align:start position:0% me to eventually coming to Kenya and starting<00:04:07.440> to<00:04:07.560> work<00:04:07.799> with<00:04:07.829> community<00:04:08.459> groups 00:04:08.720 --> 00:04:08.730 align:start position:0% starting to work with community groups 00:04:08.730 --> 00:04:11.059 align:start position:0% starting to work with community groups to<00:04:09.000> get<00:04:09.780> them<00:04:09.959> to<00:04:10.170> come<00:04:10.380> up<00:04:10.530> with<00:04:10.680> their<00:04:10.859> own 00:04:11.059 --> 00:04:11.069 align:start position:0% to get them to come up with their own 00:04:11.069 --> 00:04:13.599 align:start position:0% to get them to come up with their own rules<00:04:11.670> and<00:04:11.970> I<00:04:12.090> started<00:04:12.750> with<00:04:12.900> pieces<00:04:13.170> of<00:04:13.319> paper 00:04:13.599 --> 00:04:13.609 align:start position:0% rules and I started with pieces of paper 00:04:13.609 --> 00:04:17.120 align:start position:0% rules and I started with pieces of paper they<00:04:14.870> started<00:04:15.870> really<00:04:16.139> taking<00:04:16.380> off<00:04:16.650> in<00:04:16.709> Kenya 00:04:17.120 --> 00:04:17.130 align:start position:0% they started really taking off in Kenya 00:04:17.130 --> 00:04:19.029 align:start position:0% they started really taking off in Kenya these<00:04:17.250> little<00:04:17.489> voucher<00:04:18.090> systems<00:04:18.450> and 00:04:19.029 --> 00:04:19.039 align:start position:0% these little voucher systems and 00:04:19.039 --> 00:04:21.890 align:start position:0% these little voucher systems and eventually<00:04:20.039> the<00:04:20.250> central<00:04:21.030> bank<00:04:21.209> put<00:04:21.630> us<00:04:21.750> all 00:04:21.890 --> 00:04:21.900 align:start position:0% eventually the central bank put us all 00:04:21.900 --> 00:04:26.150 align:start position:0% eventually the central bank put us all in<00:04:21.930> jail<00:04:22.260> and<00:04:22.620> we<00:04:23.610> ended<00:04:23.970> up<00:04:24.740> fighting<00:04:25.740> that<00:04:26.010> in 00:04:26.150 --> 00:04:26.160 align:start position:0% in jail and we ended up fighting that in 00:04:26.160 --> 00:04:28.580 align:start position:0% in jail and we ended up fighting that in court<00:04:26.460> and<00:04:26.789> since<00:04:27.510> then<00:04:27.750> we've<00:04:27.960> been<00:04:27.990> just 00:04:28.580 --> 00:04:28.590 align:start position:0% court and since then we've been just 00:04:28.590 --> 00:04:30.409 align:start position:0% court and since then we've been just steadily<00:04:28.979> pushing<00:04:29.310> on<00:04:29.610> and<00:04:29.849> just<00:04:30.090> this<00:04:30.240> last 00:04:30.409 --> 00:04:30.419 align:start position:0% steadily pushing on and just this last 00:04:30.419 --> 00:04:32.210 align:start position:0% steadily pushing on and just this last year<00:04:30.599> now<00:04:30.840> we've<00:04:31.020> gone<00:04:31.200> into<00:04:31.560> you 00:04:32.210 --> 00:04:32.220 align:start position:0% year now we've gone into you 00:04:32.220 --> 00:04:34.520 align:start position:0% year now we've gone into you the<00:04:32.280> blockchain<00:04:32.760> and<00:04:33.030> that<00:04:33.630> has<00:04:33.900> really 00:04:34.520 --> 00:04:34.530 align:start position:0% the blockchain and that has really 00:04:34.530 --> 00:04:36.940 align:start position:0% the blockchain and that has really started<00:04:34.890> to<00:04:35.040> give<00:04:35.250> us<00:04:35.400> some<00:04:35.640> ability<00:04:36.330> to<00:04:36.480> scale 00:04:36.940 --> 00:04:36.950 align:start position:0% started to give us some ability to scale 00:04:36.950 --> 00:04:40.670 align:start position:0% started to give us some ability to scale Thank<00:04:37.950> You<00:04:38.160> Lucas<00:04:39.140> yes<00:04:40.140> sir<00:04:40.320> I've<00:04:40.500> been 00:04:40.670 --> 00:04:40.680 align:start position:0% Thank You Lucas yes sir I've been 00:04:40.680 --> 00:04:42.440 align:start position:0% Thank You Lucas yes sir I've been working<00:04:41.010> in<00:04:41.100> technology<00:04:41.730> probably<00:04:41.970> for<00:04:42.210> 15 00:04:42.440 --> 00:04:42.450 align:start position:0% working in technology probably for 15 00:04:42.450 --> 00:04:48.050 align:start position:0% working in technology probably for 15 years<00:04:42.930> as<00:04:43.440> an<00:04:43.590> entrepreneur<00:04:45.260> my<00:04:46.970> recently<00:04:47.970> I 00:04:48.050 --> 00:04:48.060 align:start position:0% years as an entrepreneur my recently I 00:04:48.060 --> 00:04:50.060 align:start position:0% years as an entrepreneur my recently I was<00:04:48.660> part<00:04:48.900> of<00:04:48.960> key<00:04:49.290> scores<00:04:49.620> which<00:04:49.830> was<00:04:49.980> the 00:04:50.060 --> 00:04:50.070 align:start position:0% was part of key scores which was the 00:04:50.070 --> 00:04:52.400 align:start position:0% was part of key scores which was the data<00:04:50.220> analytics<00:04:50.850> startup<00:04:51.780> that<00:04:51.810> we<00:04:52.230> did 00:04:52.400 --> 00:04:52.410 align:start position:0% data analytics startup that we did 00:04:52.410 --> 00:04:54.440 align:start position:0% data analytics startup that we did analytics<00:04:53.310> with<00:04:53.430> iOS<00:04:53.730> Google<00:04:54.000> Play<00:04:54.270> and 00:04:54.440 --> 00:04:54.450 align:start position:0% analytics with iOS Google Play and 00:04:54.450 --> 00:04:57.440 align:start position:0% analytics with iOS Google Play and Amazon<00:04:54.570> Appstore<00:04:55.470> so<00:04:55.710> we<00:04:55.800> had<00:04:56.450> familiarity 00:04:57.440 --> 00:04:57.450 align:start position:0% Amazon Appstore so we had familiarity 00:04:57.450 --> 00:04:59.270 align:start position:0% Amazon Appstore so we had familiarity with<00:04:57.570> a<00:04:57.840> lot<00:04:57.990> of<00:04:58.080> FinTech<00:04:58.260> technology<00:04:59.010> and 00:04:59.270 --> 00:04:59.280 align:start position:0% with a lot of FinTech technology and 00:04:59.280 --> 00:05:01.700 align:start position:0% with a lot of FinTech technology and after<00:05:00.030> I<00:05:00.060> exited<00:05:00.750> that<00:05:00.900> company<00:05:01.320> I<00:05:01.350> started 00:05:01.700 --> 00:05:01.710 align:start position:0% after I exited that company I started 00:05:01.710 --> 00:05:04.580 align:start position:0% after I exited that company I started working<00:05:01.920> with<00:05:02.700> a<00:05:03.300> lot<00:05:03.840> of<00:05:03.900> experiments<00:05:04.380> on<00:05:04.470> the 00:05:04.580 --> 00:05:04.590 align:start position:0% working with a lot of experiments on the 00:05:04.590 --> 00:05:06.980 align:start position:0% working with a lot of experiments on the etherium<00:05:05.090> because<00:05:06.090> that<00:05:06.240> would<00:05:06.330> really<00:05:06.450> blew 00:05:06.980 --> 00:05:06.990 align:start position:0% etherium because that would really blew 00:05:06.990 --> 00:05:08.900 align:start position:0% etherium because that would really blew my<00:05:07.140> mind<00:05:07.170> into<00:05:07.590> how<00:05:07.830> you<00:05:08.550> know<00:05:08.670> we<00:05:08.790> could 00:05:08.900 --> 00:05:08.910 align:start position:0% my mind into how you know we could 00:05:08.910 --> 00:05:11.680 align:start position:0% my mind into how you know we could actually<00:05:09.060> have<00:05:09.330> a<00:05:09.360> neutral<00:05:10.320> arbiter<00:05:10.980> of 00:05:11.680 --> 00:05:11.690 align:start position:0% actually have a neutral arbiter of 00:05:11.690 --> 00:05:14.540 align:start position:0% actually have a neutral arbiter of agreements<00:05:12.690> and<00:05:13.320> that<00:05:13.770> could<00:05:14.130> be<00:05:14.250> a<00:05:14.280> real 00:05:14.540 --> 00:05:14.550 align:start position:0% agreements and that could be a real 00:05:14.550 --> 00:05:16.730 align:start position:0% agreements and that could be a real powerful<00:05:15.150> tool<00:05:15.780> for<00:05:16.080> us<00:05:16.170> to<00:05:16.200> create<00:05:16.530> a 00:05:16.730 --> 00:05:16.740 align:start position:0% powerful tool for us to create a 00:05:16.740 --> 00:05:19.250 align:start position:0% powerful tool for us to create a different<00:05:17.310> financial<00:05:17.580> and<00:05:18.210> after<00:05:18.420> system<00:05:18.750> so 00:05:19.250 --> 00:05:19.260 align:start position:0% different financial and after system so 00:05:19.260 --> 00:05:20.840 align:start position:0% different financial and after system so I<00:05:19.530> think<00:05:19.830> I'm<00:05:19.890> preaching<00:05:20.160> to<00:05:20.190> the<00:05:20.340> choir<00:05:20.430> here 00:05:20.840 --> 00:05:20.850 align:start position:0% I think I'm preaching to the choir here 00:05:20.850 --> 00:05:23.659 align:start position:0% I think I'm preaching to the choir here for<00:05:21.060> this<00:05:21.180> audience<00:05:21.740> and<00:05:22.740> then<00:05:23.010> through<00:05:23.370> some 00:05:23.659 --> 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application and censorship resistant set of<00:05:31.950> applications<00:05:32.490> would<00:05:32.640> look<00:05:32.790> like<00:05:33.000> and<00:05:33.300> so<00:05:33.450> I 00:05:33.770 --> 00:05:33.780 align:start position:0% of applications would look like and so I 00:05:33.780 --> 00:05:35.780 align:start position:0% of applications would look like and so I started<00:05:34.320> wireline<00:05:34.740> with<00:05:34.950> my<00:05:35.130> co-founder<00:05:35.340> rich 00:05:35.780 --> 00:05:35.790 align:start position:0% started wireline with my co-founder rich 00:05:35.790 --> 00:05:38.510 align:start position:0% started wireline with my co-founder rich burden<00:05:36.240> we've<00:05:37.230> got<00:05:37.440> a<00:05:37.470> wonderful<00:05:37.919> demo<00:05:38.280> here 00:05:38.510 --> 00:05:38.520 align:start position:0% burden we've got a wonderful demo here 00:05:38.520 --> 00:05:40.280 align:start position:0% burden we've got a wonderful demo here in<00:05:38.610> the<00:05:38.669> last<00:05:38.820> couple<00:05:38.970> days<00:05:39.210> ago<00:05:39.390> check<00:05:40.110> that 00:05:40.280 --> 00:05:40.290 align:start position:0% in the last couple days ago check that 00:05:40.290 --> 00:05:43.670 align:start position:0% in the last couple days ago check that out<00:05:40.730> but<00:05:41.730> in<00:05:41.880> the<00:05:41.970> process<00:05:42.419> of<00:05:42.570> wireline<00:05:43.440> I<00:05:43.470> was 00:05:43.670 --> 00:05:43.680 align:start position:0% out but in the process of wireline I was 00:05:43.680 --> 00:05:47.120 align:start position:0% out but in the process of wireline I was working<00:05:44.070> on<00:05:44.900> the<00:05:45.900> economic<00:05:46.020> design<00:05:46.710> at<00:05:47.010> the 00:05:47.120 --> 00:05:47.130 align:start position:0% working on the economic design at the 00:05:47.130 --> 00:05:49.760 align:start position:0% working on the economic design at the wireline<00:05:47.490> Network<00:05:48.000> and<00:05:48.240> we<00:05:48.470> really<00:05:49.470> intrigued 00:05:49.760 --> 00:05:49.770 align:start position:0% wireline Network and we really intrigued 00:05:49.770 --> 00:05:51.680 align:start position:0% wireline Network and we really intrigued by<00:05:49.830> stable<00:05:50.340> coins<00:05:50.580> and<00:05:50.940> and<00:05:51.180> what<00:05:51.540> that 00:05:51.680 --> 00:05:51.690 align:start position:0% by stable coins and and what that 00:05:51.690 --> 00:05:54.380 align:start position:0% by stable coins and and what that actually<00:05:51.720> means<00:05:52.110> for<00:05:52.760> censorship<00:05:53.760> resistance 00:05:54.380 --> 00:05:54.390 align:start position:0% actually means for censorship resistance 00:05:54.390 --> 00:05:57.650 align:start position:0% actually means for censorship resistance and<00:05:54.870> permissionless<00:05:55.590> systems<00:05:56.160> and<00:05:56.610> who<00:05:57.510> might 00:05:57.650 --> 00:05:57.660 align:start position:0% and permissionless systems and who might 00:05:57.660 --> 00:05:59.570 align:start position:0% and permissionless systems and who might benefit<00:05:58.050> from<00:05:58.110> these<00:05:58.560> and<00:05:58.860> as<00:05:59.220> we<00:05:59.310> started 00:05:59.570 --> 00:05:59.580 align:start position:0% benefit from these and as we started 00:05:59.580 --> 00:06:00.650 align:start position:0% benefit from these and as we started hearing<00:05:59.729> about<00:05:59.820> Libre 00:06:00.650 --> 00:06:00.660 align:start position:0% hearing about Libre 00:06:00.660 --> 00:06:02.900 align:start position:0% hearing about Libre just<00:06:01.080> in<00:06:01.200> the<00:06:01.530> background<00:06:01.919> the<00:06:02.370> rumors<00:06:02.700> we 00:06:02.900 --> 00:06:02.910 align:start position:0% just in the background the rumors we 00:06:02.910 --> 00:06:07.280 align:start position:0% just in the background the rumors we heard<00:06:03.290> that<00:06:04.580> that<00:06:05.580> design<00:06:06.479> started<00:06:07.080> to<00:06:07.140> make<00:06:07.229> a 00:06:07.280 --> 00:06:07.290 align:start position:0% heard that that design started to make a 00:06:07.290 --> 00:06:09.320 align:start position:0% heard that that design started to make a lot<00:06:07.470> of<00:06:07.500> sense<00:06:07.740> to<00:06:07.890> me<00:06:08.040> or<00:06:08.370> especially<00:06:09.030> for 00:06:09.320 --> 00:06:09.330 align:start position:0% lot of sense to me or especially for 00:06:09.330 --> 00:06:11.690 align:start position:0% lot of sense to me or especially for developing<00:06:09.720> nations<00:06:10.169> so<00:06:10.979> I<00:06:11.040> grew<00:06:11.220> up<00:06:11.280> in<00:06:11.430> in 00:06:11.690 --> 00:06:11.700 align:start position:0% developing nations so I grew up in in 00:06:11.700 --> 00:06:15.140 align:start position:0% developing nations so I grew up in in Brazil<00:06:12.120> where<00:06:12.450> you<00:06:13.290> know<00:06:13.440> the<00:06:14.280> US<00:06:14.550> dollar<00:06:14.850> is<00:06:15.120> a 00:06:15.140 --> 00:06:15.150 align:start position:0% Brazil where you know the US dollar is a 00:06:15.150 --> 00:06:17.030 align:start position:0% Brazil where you know the US dollar is a type<00:06:15.419> of<00:06:15.450> investment<00:06:16.440> you<00:06:16.650> know<00:06:16.830> people 00:06:17.030 --> 00:06:17.040 align:start position:0% type of investment you know people 00:06:17.040 --> 00:06:18.980 align:start position:0% type of investment you know people considering<00:06:18.000> the<00:06:18.090> newspaper<00:06:18.419> it's<00:06:18.780> in<00:06:18.930> the 00:06:18.980 --> 00:06:18.990 align:start position:0% considering the newspaper it's in the 00:06:18.990 --> 00:06:20.960 align:start position:0% considering the newspaper it's in the investment<00:06:19.590> section<00:06:20.070> so<00:06:20.610> it's<00:06:20.729> a<00:06:20.790> very 00:06:20.960 --> 00:06:20.970 align:start position:0% investment section so it's a very 00:06:20.970 --> 00:06:23.030 align:start position:0% investment section so it's a very important<00:06:21.360> store<00:06:21.930> of<00:06:22.020> value<00:06:22.050> for<00:06:22.560> for<00:06:23.010> a 00:06:23.030 --> 00:06:23.040 align:start position:0% important store of value for for a 00:06:23.040 --> 00:06:25.370 align:start position:0% important store of value for for a certain<00:06:23.310> you<00:06:24.030> know<00:06:24.150> it's<00:06:24.900> the<00:06:25.020> sectors<00:06:25.290> of 00:06:25.370 --> 00:06:25.380 align:start position:0% certain you know it's the sectors of 00:06:25.380 --> 00:06:27.140 align:start position:0% certain you know it's the sectors of community<00:06:25.680> that<00:06:25.770> can<00:06:25.860> afford<00:06:26.160> it<00:06:26.340> and<00:06:26.520> so<00:06:27.030> the 00:06:27.140 --> 00:06:27.150 align:start position:0% community that can afford it and so the 00:06:27.150 --> 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redemptions<00:06:36.390> that<00:06:37.050> can<00:06:37.800> be 00:06:37.880 --> 00:06:37.890 align:start position:0% instant redemptions that can be 00:06:37.890 --> 00:06:39.590 align:start position:0% instant redemptions that can be transferred<00:06:38.400> to<00:06:38.520> people<00:06:38.640> as<00:06:38.790> if<00:06:38.940> it<00:06:39.060> was<00:06:39.210> cash 00:06:39.590 --> 00:06:39.600 align:start position:0% transferred to people as if it was cash 00:06:39.600 --> 00:06:42.320 align:start position:0% transferred to people as if it was cash is<00:06:40.289> a<00:06:40.620> quite<00:06:40.860> a<00:06:40.890> compelling<00:06:41.220> idea 00:06:42.320 --> 00:06:42.330 align:start position:0% is a quite a compelling idea 00:06:42.330 --> 00:06:44.089 align:start position:0% is a quite a compelling idea but<00:06:42.990> as<00:06:43.110> we<00:06:43.319> started<00:06:43.680> hearing<00:06:43.800> more<00:06:43.889> about 00:06:44.089 --> 00:06:44.099 align:start position:0% but as we started hearing more about 00:06:44.099 --> 00:06:45.650 align:start position:0% but as we started hearing more about Facebook<00:06:45.000> and<00:06:45.150> how<00:06:45.210> they're<00:06:45.389> planning<00:06:45.630> to 00:06:45.650 --> 00:06:45.660 align:start position:0% Facebook and how they're planning to 00:06:45.660 --> 00:06:48.800 align:start position:0% Facebook and how they're planning to launch<00:06:45.780> then<00:06:46.500> sort<00:06:46.889> of<00:06:46.949> the<00:06:47.069> crypto<00:06:47.810> dystopia 00:06:48.800 --> 00:06:48.810 align:start position:0% launch then sort of the crypto dystopia 00:06:48.810 --> 00:06:51.710 align:start position:0% launch then sort of the crypto dystopia started<00:06:49.380> to<00:06:49.470> become<00:06:49.740> clear<00:06:50.669> where<00:06:51.030> this<00:06:51.539> is 00:06:51.710 --> 00:06:51.720 align:start position:0% started to become clear where this is 00:06:51.720 --> 00:06:54.409 align:start position:0% started to become clear where this is going<00:06:51.990> to<00:06:52.110> be<00:06:52.289> a<00:06:52.620> cartel<00:06:53.400> of<00:06:53.639> the<00:06:54.060> largest 00:06:54.409 --> 00:06:54.419 align:start position:0% going to be a cartel of the largest 00:06:54.419 --> 00:06:57.110 align:start position:0% going to be a cartel of the largest corporations<00:06:54.930> in<00:06:55.050> the<00:06:55.169> world<00:06:55.970> running<00:06:56.970> a 00:06:57.110 --> 00:06:57.120 align:start position:0% corporations in the world running a 00:06:57.120 --> 00:06:59.480 align:start position:0% corporations in the world running a effectively<00:06:57.780> a<00:06:57.810> bank<00:06:58.050> that's<00:06:58.470> too<00:06:59.190> big<00:06:59.370> to 00:06:59.480 --> 00:06:59.490 align:start position:0% effectively a bank that's too big to 00:06:59.490 --> 00:07:02.779 align:start position:0% effectively a bank that's too big to fail<00:06:59.900> and<00:07:01.190> there<00:07:02.190> won't<00:07:02.250> be<00:07:02.370> a<00:07:02.460> government 00:07:02.779 --> 00:07:02.789 align:start position:0% fail and there won't be a government 00:07:02.789 --> 00:07:05.360 align:start position:0% fail and there won't be a government that<00:07:02.849> can<00:07:03.000> bail<00:07:03.120> it<00:07:03.240> out<00:07:03.389> in<00:07:03.990> the<00:07:04.190> extreme<00:07:05.190> case 00:07:05.360 --> 00:07:05.370 align:start position:0% that can bail it out in the extreme case 00:07:05.370 --> 00:07:08.629 align:start position:0% that can bail it out in the extreme case so<00:07:06.229> what<00:07:07.229> does<00:07:07.349> that<00:07:07.380> actually<00:07:07.620> mean<00:07:07.770> for<00:07:07.919> the 00:07:08.629 --> 00:07:08.639 align:start position:0% so what does that actually mean for the 00:07:08.639 --> 00:07:11.089 align:start position:0% so what does that actually mean for the people<00:07:08.970> that<00:07:09.000> libres<00:07:09.539> intended<00:07:10.199> to<00:07:10.289> serve<00:07:10.470> for 00:07:11.089 --> 00:07:11.099 align:start position:0% people that libres intended to serve for 00:07:11.099 --> 00:07:12.290 align:start position:0% people that libres intended to serve for the<00:07:11.190> developing<00:07:11.610> for<00:07:11.940> people<00:07:12.120> in<00:07:12.210> developing 00:07:12.290 --> 00:07:12.300 align:start position:0% the developing for people in developing 00:07:12.300 --> 00:07:14.719 align:start position:0% the developing for people in developing nations<00:07:12.690> and<00:07:13.110> so<00:07:13.740> we<00:07:14.099> got<00:07:14.220> a<00:07:14.250> group<00:07:14.400> of<00:07:14.520> people 00:07:14.719 --> 00:07:14.729 align:start position:0% nations and so we got a group of people 00:07:14.729 --> 00:07:16.610 align:start position:0% nations and so we got a group of people from<00:07:15.060> from<00:07:15.509> crypto<00:07:15.930> together<00:07:16.199> some<00:07:16.409> of<00:07:16.470> my 00:07:16.610 --> 00:07:16.620 align:start position:0% from from crypto together some of my 00:07:16.620 --> 00:07:17.899 align:start position:0% from from crypto together some of my friends<00:07:16.979> and<00:07:17.099> thought<00:07:17.250> leaders<00:07:17.520> in<00:07:17.550> the<00:07:17.789> space 00:07:17.899 --> 00:07:17.909 align:start position:0% friends and thought leaders in the space 00:07:17.909 --> 00:07:19.219 align:start position:0% friends and thought leaders in the space sort<00:07:18.479> of<00:07:18.539> think<00:07:18.659> about<00:07:18.810> what<00:07:18.990> would<00:07:19.110> be<00:07:19.139> a 00:07:19.219 --> 00:07:19.229 align:start position:0% sort of think about what would be a 00:07:19.229 --> 00:07:21.050 align:start position:0% sort of think about what would be a strategy<00:07:19.710> that<00:07:19.740> we<00:07:19.889> could<00:07:20.039> either<00:07:20.130> steer 00:07:21.050 --> 00:07:21.060 align:start position:0% strategy that we could either steer 00:07:21.060 --> 00:07:22.909 align:start position:0% strategy that we could either steer Facebook<00:07:21.659> in<00:07:21.750> the<00:07:21.840> right<00:07:21.960> direction<00:07:22.139> as 00:07:22.909 --> 00:07:22.919 align:start position:0% Facebook in the right direction as 00:07:22.919 --> 00:07:25.730 align:start position:0% Facebook in the right direction as unlikely<00:07:23.310> as<00:07:23.520> that<00:07:23.550> sounds<00:07:24.000> or<00:07:24.620> create<00:07:25.620> an 00:07:25.730 --> 00:07:25.740 align:start position:0% unlikely as that sounds or create an 00:07:25.740 --> 00:07:26.990 align:start position:0% unlikely as that sounds or create an alternative<00:07:26.159> platform<00:07:26.550> this<00:07:26.639> perfect 00:07:26.990 --> 00:07:27.000 align:start position:0% alternative platform this perfect 00:07:27.000 --> 00:07:28.790 align:start position:0% alternative platform this perfect compatible<00:07:27.509> a<00:07:27.720> stable<00:07:28.229> coin<00:07:28.380> that<00:07:28.500> would<00:07:28.710> be 00:07:28.790 --> 00:07:28.800 align:start position:0% compatible a stable coin that would be 00:07:28.800 --> 00:07:30.379 align:start position:0% compatible a stable coin that would be compatible<00:07:29.039> in<00:07:29.220> the<00:07:29.340> event<00:07:29.580> of<00:07:29.789> facebook 00:07:30.379 --> 00:07:30.389 align:start position:0% compatible in the event of facebook 00:07:30.389 --> 00:07:33.200 align:start position:0% compatible in the event of facebook launching<00:07:30.720> their<00:07:30.840> coin<00:07:31.080> or<00:07:31.729> one<00:07:32.729> that<00:07:32.849> has<00:07:33.060> the 00:07:33.200 --> 00:07:33.210 align:start position:0% launching their coin or one that has the 00:07:33.210 --> 00:07:35.600 align:start position:0% launching their coin or one that has the same<00:07:33.389> properties<00:07:33.840> and<00:07:34.139> same<00:07:34.860> guarantees<00:07:35.250> and 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position:0% who have concerns about about Libra to 00:07:42.720 --> 00:07:44.659 align:start position:0% who have concerns about about Libra to try<00:07:43.289> and<00:07:43.380> influence<00:07:43.500> the<00:07:43.889> the<00:07:44.130> governance<00:07:44.490> and 00:07:44.659 --> 00:07:44.669 align:start position:0% try and influence the the governance and 00:07:44.669 --> 00:07:48.110 align:start position:0% try and influence the the governance and the<00:07:44.759> direction<00:07:45.270> of<00:07:45.419> this<00:07:46.490> ecosystem<00:07:47.490> and<00:07:48.030> so 00:07:48.110 --> 00:07:48.120 align:start position:0% the direction of this ecosystem and so 00:07:48.120 --> 00:07:50.629 align:start position:0% the direction of this ecosystem and so we<00:07:48.210> call<00:07:48.360> that<00:07:48.389> hope<00:07:48.630> in<00:07:48.780> Libra<00:07:49.520> thank<00:07:50.520> you 00:07:50.629 --> 00:07:50.639 align:start position:0% we call that hope in Libra thank you 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00:08:03.830 --> 00:08:03.840 align:start position:0% work on an innovative financing but as 00:08:03.840 --> 00:08:07.070 align:start position:0% work on an innovative financing but as well<00:08:04.020> as<00:08:04.259> looking<00:08:04.590> at<00:08:04.710> transformation<00:08:06.050> how<00:08:07.050> I 00:08:07.070 --> 00:08:07.080 align:start position:0% well as looking at transformation how I 00:08:07.080 --> 00:08:09.140 align:start position:0% well as looking at transformation how I got<00:08:07.440> to<00:08:07.530> the<00:08:07.620> Red<00:08:07.770> Cross<00:08:07.949> was<00:08:08.159> through<00:08:08.460> venture 00:08:09.140 --> 00:08:09.150 align:start position:0% got to the Red Cross was through venture 00:08:09.150 --> 00:08:12.529 align:start position:0% got to the Red Cross was through venture capital<00:08:09.710> about<00:08:10.710> 20<00:08:11.039> years<00:08:11.130> in<00:08:11.370> Asia<00:08:11.550> also<00:08:12.509> I 00:08:12.529 --> 00:08:12.539 align:start position:0% capital about 20 years in Asia also I 00:08:12.539 --> 00:08:14.540 align:start position:0% capital about 20 years in Asia also I was<00:08:13.169> an<00:08:13.259> equity<00:08:13.560> in<00:08:13.650> us<00:08:13.770> for<00:08:13.889> a<00:08:13.949> little<00:08:14.069> while 00:08:14.540 --> 00:08:14.550 align:start position:0% was an equity in us for a little while 00:08:14.550 --> 00:08:17.689 align:start position:0% was an equity in us for a little while and<00:08:15.500> I've<00:08:16.500> worked<00:08:16.620> at<00:08:16.770> the<00:08:16.830> World<00:08:16.979> Bank<00:08:17.069> u.s. 00:08:17.689 --> 00:08:17.699 align:start position:0% and I've worked at the World Bank u.s. 00:08:17.699 --> 00:08:22.490 align:start position:0% and I've worked at the World Bank u.s. ID<00:08:18.139> and<00:08:19.139> a<00:08:19.229> few<00:08:19.409> other<00:08:19.560> organizations<00:08:19.620> and<00:08:21.500> my 00:08:22.490 --> 00:08:22.500 align:start position:0% ID and a few other organizations and my 00:08:22.500 --> 00:08:24.890 align:start position:0% ID and a few other organizations and my colleagues<00:08:22.949> and<00:08:23.099> I<00:08:23.219> within<00:08:23.639> the<00:08:23.819> Red<00:08:24.000> Cross<00:08:24.240> we 00:08:24.890 --> 00:08:24.900 align:start position:0% colleagues and I within the Red Cross we 00:08:24.900 --> 00:08:27.890 align:start position:0% colleagues and I within the Red Cross we looked<00:08:25.199> to<00:08:25.500> support<00:08:26.460> the<00:08:26.610> Red<00:08:26.729> Cross<00:08:26.909> as<00:08:27.270> it<00:08:27.719> as 00:08:27.890 --> 00:08:27.900 align:start position:0% looked to support the Red Cross as it as 00:08:27.900 --> 00:08:32.029 align:start position:0% looked to support the Red Cross as it as it<00:08:29.180> matures<00:08:30.180> and<00:08:30.539> migrates<00:08:31.229> and<00:08:31.440> moves<00:08:31.680> and 00:08:32.029 --> 00:08:32.039 align:start position:0% it matures and migrates and moves and 00:08:32.039 --> 00:08:34.550 align:start position:0% it matures and migrates and moves and develops<00:08:32.729> into<00:08:32.969> like<00:08:33.300> a<00:08:33.450> new<00:08:33.719> paradigm<00:08:34.260> a<00:08:34.289> new 00:08:34.550 --> 00:08:34.560 align:start position:0% develops into like a new paradigm a new 00:08:34.560 --> 00:08:37.040 align:start position:0% develops into like a new paradigm a new world<00:08:35.120> where<00:08:36.120> organizations<00:08:36.779> need<00:08:36.930> to<00:08:36.959> be 00:08:37.040 --> 00:08:37.050 align:start position:0% world where organizations need to be 00:08:37.050 --> 00:08:40.940 align:start position:0% world where organizations need to be more<00:08:37.260> proactive<00:08:37.500> as<00:08:38.490> opposed<00:08:38.880> to<00:08:38.969> reactive<00:08:39.950> so 00:08:40.940 --> 00:08:40.950 align:start position:0% more proactive as opposed to reactive so 00:08:40.950 --> 00:08:42.409 align:start position:0% more proactive as opposed to reactive so it<00:08:41.039> might<00:08:41.159> surprise<00:08:41.370> you<00:08:41.760> that<00:08:41.789> the<00:08:42.029> Red<00:08:42.180> Cross 00:08:42.409 --> 00:08:42.419 align:start position:0% it might surprise you that the Red Cross 00:08:42.419 --> 00:08:45.470 align:start position:0% it might surprise you that the Red Cross is<00:08:42.690> not<00:08:42.839> only<00:08:43.200> a<00:08:43.649> non-profit<00:08:44.550> but<00:08:44.940> it's<00:08:45.120> also<00:08:45.300> a 00:08:45.470 --> 00:08:45.480 align:start position:0% is not only a non-profit but it's also a 00:08:45.480 --> 00:08:48.170 align:start position:0% is not only a non-profit but it's also a for-profit<00:08:46.050> and<00:08:46.529> it's<00:08:47.160> a<00:08:47.310> quasi<00:08:47.730> government 00:08:48.170 --> 00:08:48.180 align:start position:0% for-profit and it's a quasi government 00:08:48.180 --> 00:08:50.240 align:start position:0% for-profit and it's a quasi government entity<00:08:48.570> and<00:08:48.860> what's<00:08:49.860> really<00:08:50.010> interesting 00:08:50.240 --> 00:08:50.250 align:start position:0% entity and what's really interesting 00:08:50.250 --> 00:08:53.569 align:start position:0% entity and what's really interesting about<00:08:50.520> that<00:08:50.699> is<00:08:51.120> that<00:08:51.540> the<00:08:51.630> Red<00:08:51.810> Cross<00:08:52.579> in 00:08:53.569 --> 00:08:53.579 align:start position:0% about that is that the Red Cross in 00:08:53.579 --> 00:08:55.850 align:start position:0% about that is that the Red Cross in various<00:08:54.329> societies 00:08:55.850 --> 00:08:55.860 align:start position:0% various societies 00:08:55.860 --> 00:08:57.710 align:start position:0% various societies she's<00:08:55.980> around<00:08:56.100> the<00:08:56.220> world<00:08:56.399> 191<00:08:57.300> national 00:08:57.710 --> 00:08:57.720 align:start position:0% she's around the world 191 national 00:08:57.720 --> 00:09:00.560 align:start position:0% she's around the world 191 national societies<00:08:58.230> around<00:08:58.380> the<00:08:58.560> world<00:08:58.730> we<00:08:59.730> have<00:08:59.940> 1 00:09:00.560 --> 00:09:00.570 align:start position:0% societies around the world we have 1 00:09:00.570 --> 00:09:03.139 align:start position:0% societies around the world we have 1 million<00:09:01.170> almost<00:09:01.860> 1<00:09:02.160> million<00:09:02.370> full-time<00:09:02.850> staff 00:09:03.139 --> 00:09:03.149 align:start position:0% million almost 1 million full-time staff 00:09:03.149 --> 00:09:07.009 align:start position:0% million almost 1 million full-time staff and<00:09:03.600> 14<00:09:04.529> million<00:09:05.240> volunteers<00:09:06.240> is<00:09:06.570> by<00:09:06.720> far<00:09:06.990> the 00:09:07.009 --> 00:09:07.019 align:start position:0% and 14 million volunteers is by far the 00:09:07.019 --> 00:09:10.250 align:start position:0% and 14 million volunteers is by far the world's<00:09:07.290> largest<00:09:07.649> organization<00:09:09.140> under<00:09:10.140> an 00:09:10.250 --> 00:09:10.260 align:start position:0% world's largest organization under an 00:09:10.260 --> 00:09:12.340 align:start position:0% world's largest organization under an umbrella<00:09:10.589> for<00:09:11.190> example<00:09:11.640> the<00:09:11.730> UN's<00:09:12.029> around 00:09:12.340 --> 00:09:12.350 align:start position:0% umbrella for example the UN's around 00:09:12.350 --> 00:09:15.290 align:start position:0% umbrella for example the UN's around 44,000<00:09:13.350> in<00:09:14.190> our<00:09:14.339> annual<00:09:14.640> budget<00:09:14.760> surrounding 00:09:15.290 --> 00:09:15.300 align:start position:0% 44,000 in our annual budget surrounding 00:09:15.300 --> 00:09:18.290 align:start position:0% 44,000 in our annual budget surrounding 25<00:09:15.690> billion<00:09:16.050> dollars<00:09:16.670> and<00:09:17.670> so<00:09:17.850> if<00:09:18.029> you<00:09:18.120> can 00:09:18.290 --> 00:09:18.300 align:start position:0% 25 billion dollars and so if you can 00:09:18.300 --> 00:09:20.300 align:start position:0% 25 billion dollars and so if you can imagine<00:09:18.510> having<00:09:18.810> an<00:09:19.350> organization<00:09:19.980> which<00:09:20.160> is 00:09:20.300 --> 00:09:20.310 align:start position:0% imagine having an organization which is 00:09:20.310 --> 00:09:24.380 align:start position:0% imagine having an organization which is more<00:09:20.519> dynamic<00:09:20.940> and<00:09:21.720> engaging<00:09:22.940> and<00:09:23.940> still 00:09:24.380 --> 00:09:24.390 align:start position:0% more dynamic and engaging and still 00:09:24.390 --> 00:09:25.759 align:start position:0% more dynamic and engaging and still follows<00:09:24.810> our<00:09:24.959> principles<00:09:25.470> which<00:09:25.649> is 00:09:25.759 --> 00:09:25.769 align:start position:0% follows our principles which is 00:09:25.769 --> 00:09:30.250 align:start position:0% follows our principles which is neutrality<00:09:26.459> impartiality<00:09:29.120> neutrality 00:09:30.250 --> 00:09:30.260 align:start position:0% neutrality impartiality neutrality 00:09:30.260 --> 00:09:33.199 align:start position:0% neutrality impartiality neutrality that's<00:09:31.260> that's<00:09:31.560> a<00:09:31.649> really<00:09:31.829> powerful<00:09:32.209> powerful 00:09:33.199 --> 00:09:33.209 align:start position:0% that's that's a really powerful powerful 00:09:33.209 --> 00:09:35.630 align:start position:0% that's that's a really powerful powerful platform<00:09:33.839> so<00:09:34.110> we<00:09:34.140> can<00:09:34.380> we<00:09:34.829> can<00:09:34.860> uplift<00:09:35.339> more 00:09:35.630 --> 00:09:35.640 align:start position:0% platform so we can we can uplift more 00:09:35.640 --> 00:09:38.300 align:start position:0% platform so we can we can uplift more than<00:09:35.790> we<00:09:35.910> do<00:09:36.120> even<00:09:36.899> today<00:09:37.140> and<00:09:37.740> especially<00:09:37.890> as 00:09:38.300 --> 00:09:38.310 align:start position:0% than we do even today and especially as 00:09:38.310 --> 00:09:41.690 align:start position:0% than we do even today and especially as things<00:09:38.519> get<00:09:38.670> more<00:09:39.470> more<00:09:40.470> localized<00:09:41.040> and<00:09:41.459> we 00:09:41.690 --> 00:09:41.700 align:start position:0% things get more more localized and we 00:09:41.700 --> 00:09:45.199 align:start position:0% things get more more localized and we try<00:09:42.000> to<00:09:42.500> give<00:09:43.500> agency<00:09:44.130> to<00:09:44.760> vulnerable 00:09:45.199 --> 00:09:45.209 align:start position:0% try to give agency to vulnerable 00:09:45.209 --> 00:09:48.470 align:start position:0% try to give agency to vulnerable communities<00:09:45.600> on<00:09:45.750> the<00:09:45.779> ground<00:09:45.870> and<00:09:46.470> so<00:09:47.250> my<00:09:48.209> role 00:09:48.470 --> 00:09:48.480 align:start position:0% communities on the ground and so my role 00:09:48.480 --> 00:09:50.690 align:start position:0% communities on the ground and so my role or<00:09:48.750> my<00:09:48.990> team's<00:09:49.260> role<00:09:49.560> and<00:09:49.829> my<00:09:50.100> colleagues<00:09:50.519> we 00:09:50.690 --> 00:09:50.700 align:start position:0% or my team's role and my colleagues we 00:09:50.700 --> 00:09:52.400 align:start position:0% or my team's role and my colleagues we look<00:09:50.880> to<00:09:51.000> do<00:09:51.149> a<00:09:51.180> few<00:09:51.510> things<00:09:51.540> one<00:09:51.899> is<00:09:52.079> risk 00:09:52.400 --> 00:09:52.410 align:start position:0% look to do a few things one is risk 00:09:52.410 --> 00:09:54.230 align:start position:0% look to do a few things one is risk transfer<00:09:52.709> transfer<00:09:53.220> risk<00:09:53.430> to<00:09:53.640> private<00:09:53.940> sector 00:09:54.230 --> 00:09:54.240 align:start position:0% transfer transfer risk to private sector 00:09:54.240 --> 00:09:56.930 align:start position:0% transfer transfer risk to private sector capital<00:09:54.420> markets<00:09:54.959> but<00:09:55.529> also<00:09:55.589> we<00:09:56.459> look<00:09:56.700> to 00:09:56.930 --> 00:09:56.940 align:start position:0% capital markets but also we look to 00:09:56.940 --> 00:09:59.090 align:start position:0% capital markets but also we look to become<00:09:57.720> more<00:09:57.930> effective<00:09:58.170> and<00:09:58.500> efficient<00:09:58.950> and 00:09:59.090 --> 00:09:59.100 align:start position:0% become more effective and efficient and 00:09:59.100 --> 00:10:02.449 align:start position:0% become more effective and efficient and so<00:09:59.940> I<00:10:00.839> have<00:10:01.199> a<00:10:01.230> really<00:10:01.529> unique<00:10:01.560> pleasure<00:10:02.130> of 00:10:02.449 --> 00:10:02.459 align:start position:0% so I have a really unique pleasure of 00:10:02.459 --> 00:10:05.180 align:start position:0% so I have a really unique pleasure of being<00:10:02.880> able<00:10:02.970> to<00:10:03.120> work<00:10:03.360> both<00:10:03.660> with<00:10:04.529> Lucas<00:10:04.949> on 00:10:05.180 --> 00:10:05.190 align:start position:0% being able to work both with Lucas on 00:10:05.190 --> 00:10:08.540 align:start position:0% being able to work both with Lucas on the<00:10:05.250> the<00:10:05.970> open<00:10:06.269> Libre<00:10:06.649> as<00:10:07.649> well<00:10:07.980> as<00:10:08.130> with<00:10:08.339> will 00:10:08.540 --> 00:10:08.550 align:start position:0% the the open Libre as well as with will 00:10:08.550 --> 00:10:11.329 align:start position:0% the the open Libre as well as with will on<00:10:08.850> community<00:10:09.480> currencies<00:10:09.959> and<00:10:10.260> it<00:10:11.070> will<00:10:11.220> be 00:10:11.329 --> 00:10:11.339 align:start position:0% on community currencies and it will be 00:10:11.339 --> 00:10:13.790 align:start position:0% on community currencies and it will be talking<00:10:11.579> more<00:10:11.730> about<00:10:11.880> that<00:10:12.620> thank<00:10:13.620> you<00:10:13.709> very 00:10:13.790 --> 00:10:13.800 align:start position:0% talking more about that thank you very 00:10:13.800 --> 00:10:16.160 align:start position:0% talking more about that thank you very much<00:10:14.160> okay<00:10:14.699> so<00:10:14.760> we'll<00:10:15.000> now<00:10:15.089> kick<00:10:15.449> off<00:10:15.660> with<00:10:15.899> the 00:10:16.160 --> 00:10:16.170 align:start position:0% much okay so we'll now kick off with the 00:10:16.170 --> 00:10:18.829 align:start position:0% much okay so we'll now kick off with the discussion<00:10:16.949> session<00:10:17.430> of<00:10:17.850> section<00:10:18.600> of<00:10:18.690> this 00:10:18.829 --> 00:10:18.839 align:start position:0% discussion session of section of this 00:10:18.839 --> 00:10:20.360 align:start position:0% discussion session of section of this panel<00:10:19.050> if<00:10:19.649> any<00:10:19.890> of<00:10:19.980> you<00:10:20.070> have<00:10:20.190> questions 00:10:20.360 --> 00:10:20.370 align:start position:0% panel if any of you have questions 00:10:20.370 --> 00:10:22.160 align:start position:0% panel if any of you have questions please<00:10:20.910> feel<00:10:21.390> free<00:10:21.420> to<00:10:21.600> come<00:10:21.810> up<00:10:21.990> to<00:10:22.079> this 00:10:22.160 --> 00:10:22.170 align:start position:0% please feel free to come up to this 00:10:22.170 --> 00:10:24.050 align:start position:0% please feel free to come up to this microphone<00:10:22.230> here<00:10:22.890> and<00:10:23.040> would<00:10:23.579> be<00:10:23.670> very<00:10:23.699> happy 00:10:24.050 --> 00:10:24.060 align:start position:0% microphone here and would be very happy 00:10:24.060 --> 00:10:27.500 align:start position:0% microphone here and would be very happy to<00:10:24.269> take<00:10:24.420> them<00:10:24.690> so<00:10:25.500> kicking<00:10:25.800> off<00:10:25.920> just<00:10:26.160> to<00:10:26.510> get 00:10:27.500 --> 00:10:27.510 align:start position:0% to take them so kicking off just to get 00:10:27.510 --> 00:10:29.360 align:start position:0% to take them so kicking off just to get a<00:10:27.540> clearer<00:10:27.959> sense<00:10:28.440> of<00:10:28.649> the<00:10:28.800> problem<00:10:29.130> each<00:10:29.250> of 00:10:29.360 --> 00:10:29.370 align:start position:0% a clearer sense of the problem each of 00:10:29.370 --> 00:10:30.800 align:start position:0% a clearer sense of the problem each of you<00:10:29.459> are<00:10:29.550> trying<00:10:29.699> to<00:10:29.820> solve 00:10:30.800 --> 00:10:30.810 align:start position:0% you are trying to solve 00:10:30.810 --> 00:10:33.079 align:start position:0% you are trying to solve well<00:10:31.350> I<00:10:31.560> suppose<00:10:31.829> an<00:10:32.100> outsider<00:10:32.550> could<00:10:32.850> say 00:10:33.079 --> 00:10:33.089 align:start position:0% well I suppose an outsider could say 00:10:33.089 --> 00:10:35.380 align:start position:0% well I suppose an outsider could say well<00:10:33.839> poverty<00:10:34.230> is<00:10:34.290> a<00:10:34.350> very<00:10:34.529> complex<00:10:34.890> problem 00:10:35.380 --> 00:10:35.390 align:start position:0% well poverty is a very complex problem 00:10:35.390 --> 00:10:38.210 align:start position:0% well poverty is a very complex problem but<00:10:36.390> fundamentally<00:10:37.199> perhaps<00:10:37.649> what<00:10:37.860> people<00:10:38.100> in 00:10:38.210 --> 00:10:38.220 align:start position:0% but fundamentally perhaps what people in 00:10:38.220 --> 00:10:41.000 align:start position:0% but fundamentally perhaps what people in poor<00:10:38.610> countries<00:10:38.640> need<00:10:39.240> is<00:10:39.540> more<00:10:40.050> money<00:10:40.199> and<00:10:40.560> we 00:10:41.000 --> 00:10:41.010 align:start position:0% poor countries need is more money and we 00:10:41.010 --> 00:10:42.590 align:start position:0% poor countries need is more money and we can<00:10:41.160> do<00:10:41.339> that<00:10:41.519> as<00:10:41.670> an<00:10:41.790> individual<00:10:42.329> through 00:10:42.590 --> 00:10:42.600 align:start position:0% can do that as an individual through 00:10:42.600 --> 00:10:44.689 align:start position:0% can do that as an individual through organizations<00:10:43.350> such<00:10:43.560> as<00:10:43.589> give<00:10:43.890> directly<00:10:44.370> we 00:10:44.689 --> 00:10:44.699 align:start position:0% organizations such as give directly we 00:10:44.699 --> 00:10:46.400 align:start position:0% organizations such as give directly we can<00:10:44.730> send<00:10:45.089> more<00:10:45.300> money<00:10:45.480> to<00:10:45.870> people<00:10:45.990> in<00:10:46.320> the 00:10:46.400 --> 00:10:46.410 align:start position:0% can send more money to people in the 00:10:46.410 --> 00:10:48.949 align:start position:0% can send more money to people in the poorest<00:10:46.769> places<00:10:47.370> on<00:10:47.459> earth<00:10:47.490> we<00:10:48.329> can<00:10:48.449> also<00:10:48.660> do 00:10:48.949 --> 00:10:48.959 align:start position:0% poorest places on earth we can also do 00:10:48.959 --> 00:10:50.600 align:start position:0% poorest places on earth we can also do it<00:10:49.079> through<00:10:49.110> things<00:10:49.440> like<00:10:49.680> lobbying<00:10:50.310> for 00:10:50.600 --> 00:10:50.610 align:start position:0% it through things like lobbying for 00:10:50.610 --> 00:10:53.689 align:start position:0% it through things like lobbying for policy<00:10:51.000> and<00:10:51.149> form<00:10:51.360> etc<00:10:51.870> etc<00:10:52.190> why<00:10:53.190> is<00:10:53.250> it<00:10:53.579> that 00:10:53.689 --> 00:10:53.699 align:start position:0% policy and form etc etc why is it that 00:10:53.699 --> 00:10:55.220 align:start position:0% policy and form etc etc why is it that the<00:10:53.790> world's<00:10:54.060> poorest<00:10:54.449> people<00:10:54.600> need<00:10:54.959> new 00:10:55.220 --> 00:10:55.230 align:start position:0% the world's poorest people need new 00:10:55.230 --> 00:10:57.259 align:start position:0% the world's poorest people need new currencies<00:10:55.740> or<00:10:55.949> new<00:10:56.070> tokens<00:10:56.519> rather<00:10:56.970> than 00:10:57.259 --> 00:10:57.269 align:start position:0% currencies or new tokens rather than 00:10:57.269 --> 00:11:00.199 align:start position:0% currencies or new tokens rather than just<00:10:57.709> access<00:10:58.709> to<00:10:58.949> more<00:10:59.399> resources<00:10:59.430> why<00:11:00.149> this 00:11:00.199 --> 00:11:00.209 align:start position:0% just access to more resources why this 00:11:00.209 --> 00:11:03.829 align:start position:0% just access to more resources why this approach<00:11:00.690> right<00:11:01.260> well<00:11:02.160> if<00:11:02.790> you<00:11:03.149> had<00:11:03.360> one 00:11:03.829 --> 00:11:03.839 align:start position:0% approach right well if you had one 00:11:03.839 --> 00:11:06.470 align:start position:0% approach right well if you had one dollar<00:11:04.740> and<00:11:05.160> you<00:11:05.550> can<00:11:05.730> move<00:11:05.880> that<00:11:06.060> dollar<00:11:06.329> at 00:11:06.470 --> 00:11:06.480 align:start position:0% dollar and you can move that dollar at 00:11:06.480 --> 00:11:08.180 align:start position:0% dollar and you can move that dollar at the<00:11:06.569> speed<00:11:06.810> of<00:11:06.930> light<00:11:07.110> that's<00:11:07.800> all<00:11:07.980> you<00:11:08.100> would 00:11:08.180 --> 00:11:08.190 align:start position:0% the speed of light that's all you would 00:11:08.190 --> 00:11:09.960 align:start position:0% the speed of light that's all you would need<00:11:08.339> right<00:11:08.970> I<00:11:09.000> mean<00:11:09.329> we 00:11:09.960 --> 00:11:09.970 align:start position:0% need right I mean we 00:11:09.970 --> 00:11:13.290 align:start position:0% need right I mean we in<00:11:10.529> rural<00:11:11.529> areas<00:11:11.769> in<00:11:12.370> very<00:11:12.699> poor<00:11:12.939> ears<00:11:13.089> there's 00:11:13.290 --> 00:11:13.300 align:start position:0% in rural areas in very poor ears there's 00:11:13.300 --> 00:11:15.300 align:start position:0% in rural areas in very poor ears there's lots<00:11:13.629> of<00:11:13.870> goods<00:11:14.110> and<00:11:14.230> services<00:11:14.290> actually<00:11:14.980> on 00:11:15.300 --> 00:11:15.310 align:start position:0% lots of goods and services actually on 00:11:15.310 --> 00:11:18.090 align:start position:0% lots of goods and services actually on offer<00:11:15.490> and<00:11:16.000> you<00:11:16.329> get<00:11:16.600> these<00:11:16.810> stagnant<00:11:17.709> markets 00:11:18.090 --> 00:11:18.100 align:start position:0% offer and you get these stagnant markets 00:11:18.100 --> 00:11:20.670 align:start position:0% offer and you get these stagnant markets constantly<00:11:18.819> where<00:11:19.060> the<00:11:19.540> current<00:11:20.259> system<00:11:20.560> is 00:11:20.670 --> 00:11:20.680 align:start position:0% constantly where the current system is 00:11:20.680 --> 00:11:22.009 align:start position:0% constantly where the current system is just<00:11:20.800> not<00:11:21.009> reaching<00:11:21.399> them<00:11:21.550> it's<00:11:21.759> not 00:11:22.009 --> 00:11:22.019 align:start position:0% just not reaching them it's not 00:11:22.019 --> 00:11:24.300 align:start position:0% just not reaching them it's not diffusing<00:11:23.019> enough<00:11:23.259> and<00:11:23.529> and<00:11:23.829> there's<00:11:24.009> certain 00:11:24.300 --> 00:11:24.310 align:start position:0% diffusing enough and and there's certain 00:11:24.310 --> 00:11:26.220 align:start position:0% diffusing enough and and there's certain mechanics<00:11:25.089> around<00:11:25.389> the<00:11:25.540> money<00:11:25.689> supply<00:11:25.870> that 00:11:26.220 --> 00:11:26.230 align:start position:0% mechanics around the money supply that 00:11:26.230 --> 00:11:28.199 align:start position:0% mechanics around the money supply that just<00:11:26.410> even<00:11:26.709> if<00:11:27.009> you<00:11:27.100> do<00:11:27.279> dump<00:11:27.610> money<00:11:27.970> on 00:11:28.199 --> 00:11:28.209 align:start position:0% just even if you do dump money on 00:11:28.209 --> 00:11:29.009 align:start position:0% just even if you do dump money on communities 00:11:29.009 --> 00:11:29.019 align:start position:0% communities 00:11:29.019 --> 00:11:31.530 align:start position:0% communities it<00:11:29.290> ends<00:11:29.620> up<00:11:29.680> within<00:11:29.949> a<00:11:30.310> month<00:11:30.850> outside<00:11:31.120> that 00:11:31.530 --> 00:11:31.540 align:start position:0% it ends up within a month outside that 00:11:31.540 --> 00:11:33.929 align:start position:0% it ends up within a month outside that community<00:11:31.930> forever<00:11:32.230> it<00:11:32.560> doesn't<00:11:33.040> stay<00:11:33.670> and 00:11:33.929 --> 00:11:33.939 align:start position:0% community forever it doesn't stay and 00:11:33.939 --> 00:11:36.660 align:start position:0% community forever it doesn't stay and circulate<00:11:34.480> and<00:11:34.689> so<00:11:35.040> engineering<00:11:36.040> economies 00:11:36.660 --> 00:11:36.670 align:start position:0% circulate and so engineering economies 00:11:36.670 --> 00:11:38.939 align:start position:0% circulate and so engineering economies and<00:11:36.970> engineering<00:11:37.420> tokens<00:11:37.870> and<00:11:38.170> and<00:11:38.589> money<00:11:38.740> in 00:11:38.939 --> 00:11:38.949 align:start position:0% and engineering tokens and and money in 00:11:38.949 --> 00:11:41.040 align:start position:0% and engineering tokens and and money in a<00:11:39.040> way<00:11:39.220> that<00:11:39.550> causes<00:11:40.120> that<00:11:40.420> money<00:11:40.629> to<00:11:40.779> sink 00:11:41.040 --> 00:11:41.050 align:start position:0% a way that causes that money to sink 00:11:41.050 --> 00:11:42.780 align:start position:0% a way that causes that money to sink into<00:11:41.199> communities<00:11:41.740> and<00:11:41.949> also<00:11:42.490> gives<00:11:42.670> the 00:11:42.780 --> 00:11:42.790 align:start position:0% into communities and also gives the 00:11:42.790 --> 00:11:44.550 align:start position:0% into communities and also gives the communities<00:11:43.149> to<00:11:43.209> leverage<00:11:43.689> their<00:11:43.899> own<00:11:44.110> assets 00:11:44.550 --> 00:11:44.560 align:start position:0% communities to leverage their own assets 00:11:44.560 --> 00:11:46.170 align:start position:0% communities to leverage their own assets and<00:11:44.769> their<00:11:44.860> own<00:11:44.949> goods<00:11:45.220> and<00:11:45.370> services<00:11:45.730> so<00:11:45.970> I 00:11:46.170 --> 00:11:46.180 align:start position:0% and their own goods and services so I 00:11:46.180 --> 00:11:48.960 align:start position:0% and their own goods and services so I mean<00:11:46.569> that<00:11:46.689> the<00:11:46.930> general<00:11:47.319> problem<00:11:47.800> here<00:11:48.069> can 00:11:48.960 --> 00:11:48.970 align:start position:0% mean that the general problem here can 00:11:48.970 --> 00:11:50.519 align:start position:0% mean that the general problem here can be<00:11:49.089> phrased<00:11:49.329> that<00:11:49.509> the<00:11:49.569> U<00:11:49.689> n<00:11:49.839> phrases<00:11:50.230> it<00:11:50.379> well 00:11:50.519 --> 00:11:50.529 align:start position:0% be phrased that the U n phrases it well 00:11:50.529 --> 00:11:52.699 align:start position:0% be phrased that the U n phrases it well they<00:11:50.709> say<00:11:50.889> well<00:11:51.069> look<00:11:51.220> we<00:11:51.790> need<00:11:52.000> two<00:11:52.269> point 00:11:52.699 --> 00:11:52.709 align:start position:0% they say well look we need two point 00:11:52.709 --> 00:11:55.439 align:start position:0% they say well look we need two point five<00:11:53.709> or<00:11:54.009> two<00:11:54.100> point<00:11:54.279> six<00:11:54.550> trillion<00:11:54.939> dollars 00:11:55.439 --> 00:11:55.449 align:start position:0% five or two point six trillion dollars 00:11:55.449 --> 00:11:57.960 align:start position:0% five or two point six trillion dollars to<00:11:55.839> to<00:11:56.410> fill<00:11:56.649> the<00:11:56.829> gap<00:11:57.040> for<00:11:57.399> sustainable 00:11:57.960 --> 00:11:57.970 align:start position:0% to to fill the gap for sustainable 00:11:57.970 --> 00:12:00.119 align:start position:0% to to fill the gap for sustainable development<00:11:58.060> funding<00:11:58.660> and<00:11:58.779> that's<00:11:58.899> for<00:11:59.199> all 00:12:00.119 --> 00:12:00.129 align:start position:0% development funding and that's for all 00:12:00.129 --> 00:12:01.650 align:start position:0% development funding and that's for all sorts<00:12:00.430> of<00:12:00.519> stuff<00:12:00.579> like<00:12:00.730> food<00:12:01.000> security<00:12:01.149> for 00:12:01.650 --> 00:12:01.660 align:start position:0% sorts of stuff like food security for 00:12:01.660 --> 00:12:04.319 align:start position:0% sorts of stuff like food security for instance<00:12:01.990> and<00:12:02.199> there's<00:12:03.100> no<00:12:03.490> source<00:12:03.879> of<00:12:04.089> that 00:12:04.319 --> 00:12:04.329 align:start position:0% instance and there's no source of that 00:12:04.329 --> 00:12:06.720 align:start position:0% instance and there's no source of that money<00:12:04.600> anywhere<00:12:05.019> and<00:12:05.259> and<00:12:05.560> if<00:12:06.069> they<00:12:06.459> were<00:12:06.519> to 00:12:06.720 --> 00:12:06.730 align:start position:0% money anywhere and and if they were to 00:12:06.730 --> 00:12:09.960 align:start position:0% money anywhere and and if they were to pull<00:12:06.970> 2.5<00:12:07.870> trillion<00:12:08.199> from<00:12:08.529> typical<00:12:09.430> banking 00:12:09.960 --> 00:12:09.970 align:start position:0% pull 2.5 trillion from typical banking 00:12:09.970 --> 00:12:12.059 align:start position:0% pull 2.5 trillion from typical banking interest<00:12:10.360> then<00:12:10.569> we<00:12:10.779> would<00:12:11.170> just<00:12:11.319> be<00:12:11.379> creating 00:12:12.059 --> 00:12:12.069 align:start position:0% interest then we would just be creating 00:12:12.069 --> 00:12:15.420 align:start position:0% interest then we would just be creating that<00:12:12.699> much<00:12:12.759> debt<00:12:13.600> in<00:12:13.959> the<00:12:14.170> world<00:12:14.379> and<00:12:14.680> to<00:12:15.220> pay 00:12:15.420 --> 00:12:15.430 align:start position:0% that much debt in the world and to pay 00:12:15.430 --> 00:12:17.480 align:start position:0% that much debt in the world and to pay off<00:12:15.579> that<00:12:15.610> debt<00:12:16.029> we'd<00:12:16.240> be<00:12:16.420> in<00:12:16.569> an<00:12:16.689> in<00:12:17.079> another 00:12:17.480 --> 00:12:17.490 align:start position:0% off that debt we'd be in an in another 00:12:17.490 --> 00:12:19.829 align:start position:0% off that debt we'd be in an in another situation<00:12:18.490> of<00:12:18.610> just<00:12:18.819> compounded<00:12:19.569> interest 00:12:19.829 --> 00:12:19.839 align:start position:0% situation of just compounded interest 00:12:19.839 --> 00:12:22.829 align:start position:0% situation of just compounded interest and<00:12:20.110> so<00:12:20.199> this<00:12:20.769> idea<00:12:20.980> that<00:12:21.569> communities<00:12:22.569> are 00:12:22.829 --> 00:12:22.839 align:start position:0% and so this idea that communities are 00:12:22.839 --> 00:12:24.689 align:start position:0% and so this idea that communities are the<00:12:23.110> source<00:12:23.379> they<00:12:23.649> can<00:12:23.680> be<00:12:24.160> the<00:12:24.279> source<00:12:24.430> of 00:12:24.689 --> 00:12:24.699 align:start position:0% the source they can be the source of 00:12:24.699 --> 00:12:26.999 align:start position:0% the source they can be the source of their<00:12:24.819> own<00:12:25.059> credit<00:12:25.569> they<00:12:26.230> can<00:12:26.410> have<00:12:26.709> social 00:12:26.999 --> 00:12:27.009 align:start position:0% their own credit they can have social 00:12:27.009 --> 00:12:29.249 align:start position:0% their own credit they can have social backing<00:12:27.610> and<00:12:27.730> social<00:12:28.059> collateral<00:12:28.509> and<00:12:28.660> feel 00:12:29.249 --> 00:12:29.259 align:start position:0% backing and social collateral and feel 00:12:29.259 --> 00:12:31.379 align:start position:0% backing and social collateral and feel that<00:12:29.529> credit<00:12:29.860> gap<00:12:30.040> they<00:12:30.339> can<00:12:30.519> fill<00:12:30.699> the<00:12:30.850> SDG 00:12:31.379 --> 00:12:31.389 align:start position:0% that credit gap they can fill the SDG 00:12:31.389 --> 00:12:33.629 align:start position:0% that credit gap they can fill the SDG gap<00:12:31.600> as<00:12:31.779> well<00:12:31.930> as<00:12:31.990> this<00:12:32.319> gap<00:12:32.589> of<00:12:32.800> you<00:12:33.430> know<00:12:33.519> the 00:12:33.629 --> 00:12:33.639 align:start position:0% gap as well as this gap of you know the 00:12:33.639 --> 00:12:35.160 align:start position:0% gap as well as this gap of you know the World<00:12:33.819> Bank<00:12:34.059> would<00:12:34.180> also<00:12:34.300> say<00:12:34.540> it's<00:12:34.689> about<00:12:34.809> two 00:12:35.160 --> 00:12:35.170 align:start position:0% World Bank would also say it's about two 00:12:35.170 --> 00:12:36.540 align:start position:0% World Bank would also say it's about two point<00:12:35.379> six<00:12:35.559> trillion<00:12:35.800> dollars<00:12:36.100> and<00:12:36.250> credit 00:12:36.540 --> 00:12:36.550 align:start position:0% point six trillion dollars and credit 00:12:36.550 --> 00:12:37.879 align:start position:0% point six trillion dollars and credit that's<00:12:36.699> missing<00:12:37.029> in<00:12:37.120> the<00:12:37.209> world<00:12:37.300> right<00:12:37.600> now 00:12:37.879 --> 00:12:37.889 align:start position:0% that's missing in the world right now 00:12:37.889 --> 00:12:40.350 align:start position:0% that's missing in the world right now are<00:12:38.889> there<00:12:39.040> any<00:12:39.100> projects<00:12:39.790> that<00:12:39.939> you<00:12:40.059> think 00:12:40.350 --> 00:12:40.360 align:start position:0% are there any projects that you think 00:12:40.360 --> 00:12:43.019 align:start position:0% are there any projects that you think that<00:12:41.350> are<00:12:41.439> already<00:12:41.649> operating<00:12:42.519> that<00:12:42.790> come 00:12:43.019 --> 00:12:43.029 align:start position:0% that are already operating that come 00:12:43.029 --> 00:12:45.329 align:start position:0% that are already operating that come somewhere<00:12:43.629> close<00:12:43.930> to<00:12:43.959> to<00:12:44.949> this<00:12:45.040> kind<00:12:45.279> of 00:12:45.329 --> 00:12:45.339 align:start position:0% somewhere close to to this kind of 00:12:45.339 --> 00:12:46.679 align:start position:0% somewhere close to to this kind of system<00:12:45.610> that<00:12:45.639> you're<00:12:45.790> talking<00:12:46.059> about<00:12:46.149> which 00:12:46.679 --> 00:12:46.689 align:start position:0% system that you're talking about which 00:12:46.689 --> 00:12:47.879 align:start position:0% system that you're talking about which success<00:12:47.079> stories<00:12:47.379> would<00:12:47.559> you<00:12:47.620> hope<00:12:47.769> to 00:12:47.879 --> 00:12:47.889 align:start position:0% success stories would you hope to 00:12:47.889 --> 00:12:50.040 align:start position:0% success stories would you hope to emulate<00:12:48.100> so<00:12:48.759> right<00:12:49.209> now<00:12:49.329> we're<00:12:49.600> working<00:12:49.930> with 00:12:50.040 --> 00:12:50.050 align:start position:0% emulate so right now we're working with 00:12:50.050 --> 00:12:53.100 align:start position:0% emulate so right now we're working with about<00:12:50.160> 6,000<00:12:51.240> small-scale<00:12:52.240> businesses<00:12:52.899> and 00:12:53.100 --> 00:12:53.110 align:start position:0% about 6,000 small-scale businesses and 00:12:53.110 --> 00:12:56.069 align:start position:0% about 6,000 small-scale businesses and farmers<00:12:53.439> across<00:12:53.920> Kenya<00:12:54.370> we've<00:12:54.910> got<00:12:55.149> 12 00:12:56.069 --> 00:12:56.079 align:start position:0% farmers across Kenya we've got 12 00:12:56.079 --> 00:12:58.710 align:start position:0% farmers across Kenya we've got 12 different<00:12:56.589> tokens<00:12:57.550> that<00:12:57.850> those<00:12:58.180> communities 00:12:58.710 --> 00:12:58.720 align:start position:0% different tokens that those communities 00:12:58.720 --> 00:13:00.720 align:start position:0% different tokens that those communities have<00:12:58.839> created<00:12:59.379> and<00:12:59.559> they've<00:13:00.069> backed<00:13:00.430> it<00:13:00.699> with 00:13:00.720 --> 00:13:00.730 align:start position:0% have created and they've backed it with 00:13:00.730 --> 00:13:05.429 align:start position:0% have created and they've backed it with their<00:13:01.059> own<00:13:01.180> social<00:13:02.069> capacity<00:13:03.149> and<00:13:04.259> right<00:13:05.259> now 00:13:05.429 --> 00:13:05.439 align:start position:0% their own social capacity and right now 00:13:05.439 --> 00:13:07.530 align:start position:0% their own social capacity and right now they're<00:13:06.040> doing<00:13:06.399> about<00:13:06.610> you<00:13:07.120> know<00:13:07.209> a<00:13:07.240> hundred 00:13:07.530 --> 00:13:07.540 align:start position:0% they're doing about you know a hundred 00:13:07.540 --> 00:13:09.360 align:start position:0% they're doing about you know a hundred and<00:13:07.720> twenty<00:13:07.930> thousand<00:13:08.379> dollars<00:13:09.339> of 00:13:09.360 --> 00:13:09.370 align:start position:0% and twenty thousand dollars of 00:13:09.370 --> 00:13:11.309 align:start position:0% and twenty thousand dollars of transactions<00:13:10.300> just<00:13:10.600> in<00:13:10.779> the<00:13:10.870> last<00:13:11.050> five 00:13:11.309 --> 00:13:11.319 align:start position:0% transactions just in the last five 00:13:11.319 --> 00:13:12.960 align:start position:0% transactions just in the last five months<00:13:11.529> about<00:13:12.189> seventy<00:13:12.519> thousand 00:13:12.960 --> 00:13:12.970 align:start position:0% months about seventy thousand 00:13:12.970 --> 00:13:14.819 align:start position:0% months about seventy thousand transactions<00:13:13.480> they're<00:13:13.930> using<00:13:14.410> the 00:13:14.819 --> 00:13:14.829 align:start position:0% transactions they're using the 00:13:14.829 --> 00:13:17.610 align:start position:0% transactions they're using the blockchain<00:13:15.069> using<00:13:15.930> feature<00:13:16.930> phones<00:13:17.259> with<00:13:17.470> no 00:13:17.610 --> 00:13:17.620 align:start position:0% blockchain using feature phones with no 00:13:17.620 --> 00:13:19.799 align:start position:0% blockchain using feature phones with no internet<00:13:18.040> so<00:13:18.250> we<00:13:18.399> use<00:13:18.579> a<00:13:18.610> server<00:13:19.449> sitting 00:13:19.799 --> 00:13:19.809 align:start position:0% internet so we use a server sitting 00:13:19.809 --> 00:13:21.720 align:start position:0% internet so we use a server sitting there<00:13:19.929> at<00:13:20.050> the<00:13:20.079> telecom<00:13:20.559> and<00:13:20.769> so 00:13:21.720 --> 00:13:21.730 align:start position:0% there at the telecom and so 00:13:21.730 --> 00:13:23.400 align:start position:0% there at the telecom and so the<00:13:22.239> the<00:13:22.480> blockchain<00:13:22.660> is<00:13:22.929> solving<00:13:23.319> this 00:13:23.400 --> 00:13:23.410 align:start position:0% the the blockchain is solving this 00:13:23.410 --> 00:13:25.859 align:start position:0% the the blockchain is solving this problem<00:13:23.859> of<00:13:24.009> saying<00:13:24.249> well<00:13:24.519> can<00:13:24.790> people<00:13:25.600> can 00:13:25.859 --> 00:13:25.869 align:start position:0% problem of saying well can people can 00:13:25.869 --> 00:13:27.629 align:start position:0% problem of saying well can people can groups<00:13:26.199> create<00:13:26.619> their<00:13:26.739> own<00:13:26.769> endogenous<00:13:27.489> their 00:13:27.629 --> 00:13:27.639 align:start position:0% groups create their own endogenous their 00:13:27.639 --> 00:13:29.939 align:start position:0% groups create their own endogenous their own<00:13:27.730> local<00:13:28.089> money<00:13:28.269> sources<00:13:28.660> can<00:13:29.350> they<00:13:29.529> connect 00:13:29.939 --> 00:13:29.949 align:start position:0% own local money sources can they connect 00:13:29.949 --> 00:13:32.069 align:start position:0% own local money sources can they connect them<00:13:30.100> together<00:13:30.309> create<00:13:31.269> relative<00:13:31.779> prices 00:13:32.069 --> 00:13:32.079 align:start position:0% them together create relative prices 00:13:32.079 --> 00:13:34.199 align:start position:0% them together create relative prices among<00:13:32.559> them<00:13:32.709> and<00:13:32.919> also<00:13:33.040> back<00:13:33.759> it<00:13:33.939> up<00:13:34.029> with 00:13:34.199 --> 00:13:34.209 align:start position:0% among them and also back it up with 00:13:34.209 --> 00:13:36.780 align:start position:0% among them and also back it up with collateral<00:13:34.540> and<00:13:34.929> so<00:13:35.079> the<00:13:35.589> there's<00:13:36.309> some<00:13:36.459> next 00:13:36.780 --> 00:13:36.790 align:start position:0% collateral and so the there's some next 00:13:36.790 --> 00:13:39.239 align:start position:0% collateral and so the there's some next steps<00:13:36.819> here<00:13:37.299> for<00:13:37.540> us<00:13:37.629> and<00:13:37.809> that<00:13:37.989> is<00:13:38.249> allowing 00:13:39.239 --> 00:13:39.249 align:start position:0% steps here for us and that is allowing 00:13:39.249 --> 00:13:41.460 align:start position:0% steps here for us and that is allowing communities<00:13:39.639> to<00:13:39.910> actually<00:13:40.089> now<00:13:40.419> take<00:13:41.199> those 00:13:41.460 --> 00:13:41.470 align:start position:0% communities to actually now take those 00:13:41.470 --> 00:13:43.949 align:start position:0% communities to actually now take those those<00:13:42.040> community<00:13:42.549> currencies<00:13:43.059> you<00:13:43.839> know 00:13:43.949 --> 00:13:43.959 align:start position:0% those community currencies you know 00:13:43.959 --> 00:13:46.590 align:start position:0% those community currencies you know imagine<00:13:44.529> we<00:13:44.799> create<00:13:45.069> 2.5<00:13:45.699> trillion<00:13:46.209> dollars 00:13:46.590 --> 00:13:46.600 align:start position:0% imagine we create 2.5 trillion dollars 00:13:46.600 --> 00:13:49.079 align:start position:0% imagine we create 2.5 trillion dollars of<00:13:46.720> community<00:13:47.079> currency<00:13:47.379> well<00:13:47.699> what<00:13:48.699> you<00:13:48.999> know 00:13:49.079 --> 00:13:49.089 align:start position:0% of community currency well what you know 00:13:49.089 --> 00:13:51.239 align:start position:0% of community currency well what you know we<00:13:49.209> if<00:13:49.389> we<00:13:49.540> have<00:13:49.629> a<00:13:49.660> social<00:13:50.139> peg<00:13:50.379> to<00:13:50.769> those<00:13:50.919> and 00:13:51.239 --> 00:13:51.249 align:start position:0% we if we have a social peg to those and 00:13:51.249 --> 00:13:52.169 align:start position:0% we if we have a social peg to those and they're<00:13:51.339> all<00:13:51.429> connected<00:13:51.819> with<00:13:51.970> each<00:13:51.999> other 00:13:52.169 --> 00:13:52.179 align:start position:0% they're all connected with each other 00:13:52.179 --> 00:13:54.329 align:start position:0% they're all connected with each other that's<00:13:52.480> one<00:13:52.720> thing<00:13:52.899> but<00:13:53.049> to<00:13:53.109> have<00:13:53.499> actual 00:13:54.329 --> 00:13:54.339 align:start position:0% that's one thing but to have actual 00:13:54.339 --> 00:13:56.280 align:start position:0% that's one thing but to have actual collateral<00:13:55.029> in<00:13:55.239> the<00:13:55.359> sense<00:13:55.569> of<00:13:55.689> connecting<00:13:56.199> it 00:13:56.280 --> 00:13:56.290 align:start position:0% collateral in the sense of connecting it 00:13:56.290 --> 00:13:59.309 align:start position:0% collateral in the sense of connecting it to<00:13:56.350> financial<00:13:56.919> markets<00:13:57.279> is<00:13:57.489> sort<00:13:57.699> of<00:13:57.790> the<00:13:58.319> next 00:13:59.309 --> 00:13:59.319 align:start position:0% to financial markets is sort of the next 00:13:59.319 --> 00:14:01.379 align:start position:0% to financial markets is sort of the next stage<00:13:59.919> and<00:14:00.249> that's<00:14:00.339> you<00:14:00.790> know<00:14:00.819> what's<00:14:01.029> really 00:14:01.379 --> 00:14:01.389 align:start position:0% stage and that's you know what's really 00:14:01.389 --> 00:14:03.119 align:start position:0% stage and that's you know what's really exciting<00:14:01.629> to<00:14:01.899> be<00:14:02.019> here<00:14:02.290> with<00:14:02.410> with<00:14:02.649> adam<00:14:03.069> and 00:14:03.119 --> 00:14:03.129 align:start position:0% exciting to be here with with adam and 00:14:03.129 --> 00:14:05.729 align:start position:0% exciting to be here with with adam and lucas<00:14:03.459> because<00:14:03.819> in<00:14:04.720> order<00:14:04.929> to<00:14:05.079> make<00:14:05.559> those 00:14:05.729 --> 00:14:05.739 align:start position:0% lucas because in order to make those 00:14:05.739 --> 00:14:08.340 align:start position:0% lucas because in order to make those solutions<00:14:06.399> really<00:14:07.119> viable<00:14:07.480> there<00:14:07.899> has<00:14:08.109> to<00:14:08.139> be 00:14:08.340 --> 00:14:08.350 align:start position:0% solutions really viable there has to be 00:14:08.350 --> 00:14:11.189 align:start position:0% solutions really viable there has to be some<00:14:08.679> sort<00:14:08.859> of<00:14:09.119> common<00:14:10.119> reserve<00:14:10.480> some<00:14:10.899> sort<00:14:11.139> of 00:14:11.189 --> 00:14:11.199 align:start position:0% some sort of common reserve some sort of 00:14:11.199 --> 00:14:12.949 align:start position:0% some sort of common reserve some sort of common<00:14:11.679> way<00:14:11.889> for<00:14:11.919> communities<00:14:12.699> to<00:14:12.790> establish 00:14:12.949 --> 00:14:12.959 align:start position:0% common way for communities to establish 00:14:12.959 --> 00:14:15.389 align:start position:0% common way for communities to establish relative<00:14:13.959> pricing<00:14:14.350> with<00:14:14.470> each<00:14:14.589> other<00:14:14.799> and<00:14:15.009> in 00:14:15.389 --> 00:14:15.399 align:start position:0% relative pricing with each other and in 00:14:15.399 --> 00:14:19.429 align:start position:0% relative pricing with each other and in create<00:14:15.910> that<00:14:16.029> credit<00:14:16.359> supply<00:14:17.189> thank<00:14:18.189> you<00:14:18.459> and 00:14:19.429 --> 00:14:19.439 align:start position:0% create that credit supply thank you and 00:14:19.439 --> 00:14:22.289 align:start position:0% create that credit supply thank you and lucas<00:14:20.439> sort<00:14:20.889> of<00:14:20.980> similar<00:14:21.790> question<00:14:22.149> from 00:14:22.289 --> 00:14:22.299 align:start position:0% lucas sort of similar question from 00:14:22.299 --> 00:14:24.389 align:start position:0% lucas sort of similar question from outsider<00:14:22.660> fee<00:14:23.139> could<00:14:23.529> be<00:14:23.709> okay 00:14:24.389 --> 00:14:24.399 align:start position:0% outsider fee could be okay 00:14:24.399 --> 00:14:27.179 align:start position:0% outsider fee could be okay so<00:14:24.579> there<00:14:25.480> are<00:14:25.509> lots<00:14:25.689> of<00:14:25.779> problems<00:14:26.169> with<00:14:26.319> libra 00:14:27.179 --> 00:14:27.189 align:start position:0% so there are lots of problems with libra 00:14:27.189 --> 00:14:30.150 align:start position:0% so there are lots of problems with libra they're<00:14:27.609> pretty<00:14:27.970> easy<00:14:28.179> to<00:14:28.359> imagine<00:14:28.779> but<00:14:29.769> a 00:14:30.150 --> 00:14:30.160 align:start position:0% they're pretty easy to imagine but a 00:14:30.160 --> 00:14:31.499 align:start position:0% they're pretty easy to imagine but a person<00:14:30.609> could<00:14:30.759> say<00:14:30.879> well<00:14:31.029> if<00:14:31.089> you<00:14:31.179> don't<00:14:31.299> like 00:14:31.499 --> 00:14:31.509 align:start position:0% person could say well if you don't like 00:14:31.509 --> 00:14:33.659 align:start position:0% person could say well if you don't like it<00:14:31.720> don't<00:14:31.959> use<00:14:32.169> it<00:14:32.199> you<00:14:32.709> won't<00:14:32.889> have<00:14:33.100> to<00:14:33.279> use<00:14:33.309> it 00:14:33.659 --> 00:14:33.669 align:start position:0% it don't use it you won't have to use it 00:14:33.669 --> 00:14:36.029 align:start position:0% it don't use it you won't have to use it there<00:14:34.179> are<00:14:34.419> existing<00:14:34.899> fiat<00:14:35.470> currencies<00:14:35.919> you 00:14:36.029 --> 00:14:36.039 align:start position:0% there are existing fiat currencies you 00:14:36.039 --> 00:14:37.799 align:start position:0% there are existing fiat currencies you can<00:14:36.220> use<00:14:36.429> there<00:14:36.639> are<00:14:36.669> also<00:14:36.850> existing<00:14:37.449> crypto 00:14:37.799 --> 00:14:37.809 align:start position:0% can use there are also existing crypto 00:14:37.809 --> 00:14:40.259 align:start position:0% can use there are also existing crypto currencies<00:14:38.289> you<00:14:38.470> can<00:14:38.619> use<00:14:38.859> why<00:14:39.639> start<00:14:40.029> this 00:14:40.259 --> 00:14:40.269 align:start position:0% currencies you can use why start this 00:14:40.269 --> 00:14:43.619 align:start position:0% currencies you can use why start this extremely<00:14:40.929> ambitious<00:14:41.319> project<00:14:42.299> that<00:14:43.299> in<00:14:43.419> many 00:14:43.619 --> 00:14:43.629 align:start position:0% extremely ambitious project that in many 00:14:43.629 --> 00:14:45.509 align:start position:0% extremely ambitious project that in many senses<00:14:44.139> you<00:14:44.289> could<00:14:44.439> say<00:14:44.619> the<00:14:45.039> bases<00:14:45.369> have<00:14:45.459> been 00:14:45.509 --> 00:14:45.519 align:start position:0% senses you could say the bases have been 00:14:45.519 --> 00:14:47.549 align:start position:0% senses you could say the bases have been covered<00:14:45.910> elsewhere<00:14:46.139> it's<00:14:47.139> a<00:14:47.199> really<00:14:47.439> good 00:14:47.549 --> 00:14:47.559 align:start position:0% covered elsewhere it's a really good 00:14:47.559 --> 00:14:50.400 align:start position:0% covered elsewhere it's a really good question<00:14:47.709> i<00:14:48.459> think<00:14:49.149> the<00:14:49.389> there's<00:14:50.350> a 00:14:50.400 --> 00:14:50.410 align:start position:0% question i think the there's a 00:14:50.410 --> 00:14:54.029 align:start position:0% question i think the there's a misunderstanding<00:14:51.160> that<00:14:51.369> if<00:14:51.989> you<00:14:52.989> know<00:14:53.109> the 00:14:54.029 --> 00:14:54.039 align:start position:0% misunderstanding that if you know the 00:14:54.039 --> 00:14:56.759 align:start position:0% misunderstanding that if you know the colibri<00:14:54.399> launches<00:14:55.109> it'll<00:14:56.109> be<00:14:56.169> sufficient<00:14:56.379> for 00:14:56.759 --> 00:14:56.769 align:start position:0% colibri launches it'll be sufficient for 00:14:56.769 --> 00:15:01.529 align:start position:0% colibri launches it'll be sufficient for you<00:14:56.859> not<00:14:57.039> to<00:14:57.220> use<00:14:57.429> libra<00:15:00.029> you'll<00:15:01.029> be<00:15:01.149> fine<00:15:01.359> i 00:15:01.529 --> 00:15:01.539 align:start position:0% you not to use libra you'll be fine i 00:15:01.539 --> 00:15:02.999 align:start position:0% you not to use libra you'll be fine i think<00:15:01.929> there<00:15:02.079> actually<00:15:02.289> is<00:15:02.529> a<00:15:02.589> pretty 00:15:02.999 --> 00:15:03.009 align:start position:0% think there actually is a pretty 00:15:03.009 --> 00:15:05.129 align:start position:0% think there actually is a pretty significant<00:15:03.669> systemic<00:15:04.179> risk<00:15:04.449> that<00:15:04.779> will 00:15:05.129 --> 00:15:05.139 align:start position:0% significant systemic risk that will 00:15:05.139 --> 00:15:07.799 align:start position:0% significant systemic risk that will emerge<00:15:05.379> from<00:15:06.089> libra<00:15:07.089> launching<00:15:07.539> in<00:15:07.629> the<00:15:07.720> way 00:15:07.799 --> 00:15:07.809 align:start position:0% emerge from libra launching in the way 00:15:07.809 --> 00:15:11.759 align:start position:0% emerge from libra launching in the way it's<00:15:07.959> designed<00:15:08.850> because<00:15:09.850> if<00:15:10.209> this<00:15:11.079> currency 00:15:11.759 --> 00:15:11.769 align:start position:0% it's designed because if this currency 00:15:11.769 --> 00:15:14.579 align:start position:0% it's designed because if this currency goes<00:15:11.949> out<00:15:12.160> you<00:15:13.119> don't<00:15:13.269> need<00:15:13.509> the<00:15:13.959> currency<00:15:14.470> to 00:15:14.579 --> 00:15:14.589 align:start position:0% goes out you don't need the currency to 00:15:14.589 --> 00:15:16.319 align:start position:0% goes out you don't need the currency to go<00:15:14.649> up<00:15:14.709> to<00:15:15.309> the<00:15:15.399> 4<00:15:15.609> billion<00:15:15.850> people<00:15:16.149> that 00:15:16.319 --> 00:15:16.329 align:start position:0% go up to the 4 billion people that 00:15:16.329 --> 00:15:19.139 align:start position:0% go up to the 4 billion people that facebook<00:15:16.899> and<00:15:17.049> the<00:15:17.109> association<00:15:17.679> members<00:15:18.149> can 00:15:19.139 --> 00:15:19.149 align:start position:0% facebook and the association members can 00:15:19.149 --> 00:15:20.789 align:start position:0% facebook and the association members can reach<00:15:19.359> you<00:15:19.899> just<00:15:20.109> need<00:15:20.259> them<00:15:20.410> to<00:15:20.559> start 00:15:20.789 --> 00:15:20.799 align:start position:0% reach you just need them to start 00:15:20.799 --> 00:15:23.369 align:start position:0% reach you just need them to start considering<00:15:21.309> it<00:15:21.399> as<00:15:21.609> a<00:15:21.639> unit<00:15:21.939> of<00:15:21.999> account<00:15:22.379> so 00:15:23.369 --> 00:15:23.379 align:start position:0% considering it as a unit of account so 00:15:23.379 --> 00:15:24.329 align:start position:0% considering it as a unit of account so people<00:15:23.619> don't<00:15:23.739> actually<00:15:23.829> have<00:15:24.009> to<00:15:24.129> take 00:15:24.329 --> 00:15:24.339 align:start position:0% people don't actually have to take 00:15:24.339 --> 00:15:26.879 align:start position:0% people don't actually have to take possession<00:15:24.699> of<00:15:25.119> the<00:15:25.389> Libra<00:15:25.660> coin<00:15:25.899> but<00:15:26.470> if<00:15:26.739> they 00:15:26.879 --> 00:15:26.889 align:start position:0% possession of the Libra coin but if they 00:15:26.889 --> 00:15:29.369 align:start position:0% possession of the Libra coin but if they see<00:15:26.949> it<00:15:27.160> on<00:15:27.339> their<00:15:27.519> feed<00:15:27.850> and<00:15:28.209> they<00:15:29.139> start 00:15:29.369 --> 00:15:29.379 align:start position:0% see it on their feed and they start 00:15:29.379 --> 00:15:31.199 align:start position:0% see it on their feed and they start using<00:15:29.470> that<00:15:29.679> as<00:15:29.799> a<00:15:29.829> reference<00:15:30.069> coin<00:15:30.819> to 00:15:31.199 --> 00:15:31.209 align:start position:0% using that as a reference coin to 00:15:31.209 --> 00:15:33.679 align:start position:0% using that as a reference coin to something<00:15:31.889> then<00:15:32.889> we<00:15:33.129> start<00:15:33.399> getting 00:15:33.679 --> 00:15:33.689 align:start position:0% something then we start getting 00:15:33.689 --> 00:15:35.449 align:start position:0% something then we start getting basically 00:15:35.449 --> 00:15:35.459 align:start position:0% basically 00:15:35.459 --> 00:15:38.040 align:start position:0% basically everybody<00:15:36.459> who<00:15:36.610> sees<00:15:36.879> that<00:15:37.060> feed<00:15:37.329> to<00:15:37.540> consider 00:15:38.040 --> 00:15:38.050 align:start position:0% everybody who sees that feed to consider 00:15:38.050 --> 00:15:43.559 align:start position:0% everybody who sees that feed to consider it<00:15:38.170> an<00:15:38.709> asset<00:15:39.540> and<00:15:40.769> so<00:15:42.000> how<00:15:43.000> do<00:15:43.060> we<00:15:43.209> how<00:15:43.360> do<00:15:43.420> we 00:15:43.559 --> 00:15:43.569 align:start position:0% it an asset and so how do we how do we 00:15:43.569 --> 00:15:46.019 align:start position:0% it an asset and so how do we how do we get<00:15:43.839> that<00:15:44.230> asset<00:15:44.920> and<00:15:45.069> store<00:15:45.250> value<00:15:45.639> to<00:15:45.819> be 00:15:46.019 --> 00:15:46.029 align:start position:0% get that asset and store value to be 00:15:46.029 --> 00:15:49.379 align:start position:0% get that asset and store value to be part<00:15:46.750> of<00:15:46.839> a<00:15:46.899> greater<00:15:47.170> ecosystem<00:15:47.500> not<00:15:48.279> just<00:15:48.639> the 00:15:49.379 --> 00:15:49.389 align:start position:0% part of a greater ecosystem not just the 00:15:49.389 --> 00:15:51.800 align:start position:0% part of a greater ecosystem not just the the<00:15:49.660> permissioned<00:15:50.079> Facebook<00:15:50.709> Niebuhr<00:15:51.009> chain 00:15:51.800 --> 00:15:51.810 align:start position:0% the permissioned Facebook Niebuhr chain 00:15:51.810 --> 00:15:54.530 align:start position:0% the permissioned Facebook Niebuhr chain so<00:15:52.810> the<00:15:52.930> important<00:15:53.259> message<00:15:53.740> there<00:15:53.949> is<00:15:53.980> that 00:15:54.530 --> 00:15:54.540 align:start position:0% so the important message there is that 00:15:54.540 --> 00:15:56.069 align:start position:0% so the important message there is that many<00:15:55.540> people<00:15:55.660> don't<00:15:55.779> know<00:15:55.930> this<00:15:55.990> about 00:15:56.069 --> 00:15:56.079 align:start position:0% many people don't know this about 00:15:56.079 --> 00:15:58.740 align:start position:0% many people don't know this about facebook's<00:15:56.649> design<00:15:56.980> but<00:15:57.480> facebook<00:15:58.480> can't 00:15:58.740 --> 00:15:58.750 align:start position:0% facebook's design but facebook can't 00:15:58.750 --> 00:16:00.480 align:start position:0% facebook's design but facebook can't guarantee<00:15:59.290> right<00:15:59.529> now<00:15:59.709> and<00:16:00.009> the<00:16:00.279> Liebherr 00:16:00.480 --> 00:16:00.490 align:start position:0% guarantee right now and the Liebherr 00:16:00.490 --> 00:16:01.850 align:start position:0% guarantee right now and the Liebherr association<00:16:01.000> can't<00:16:01.240> guarantee<00:16:01.750> that 00:16:01.850 --> 00:16:01.860 align:start position:0% association can't guarantee that 00:16:01.860 --> 00:16:04.050 align:start position:0% association can't guarantee that non-custodial<00:16:02.860> wallets<00:16:03.550> are<00:16:03.730> going<00:16:03.879> to<00:16:03.939> work 00:16:04.050 --> 00:16:04.060 align:start position:0% non-custodial wallets are going to work 00:16:04.060 --> 00:16:08.160 align:start position:0% non-custodial wallets are going to work a<00:16:04.300> chain<00:16:04.810> meaning<00:16:05.769> the<00:16:06.310> only<00:16:06.579> the<00:16:07.060> only<00:16:07.329> way<00:16:08.110> to 00:16:08.160 --> 00:16:08.170 align:start position:0% a chain meaning the only the only way to 00:16:08.170 --> 00:16:10.740 align:start position:0% a chain meaning the only the only way to hold<00:16:08.560> a<00:16:09.009> Libra<00:16:09.550> point<00:16:09.759> is<00:16:10.029> to<00:16:10.149> have<00:16:10.269> this<00:16:10.569> key 00:16:10.740 --> 00:16:10.750 align:start position:0% hold a Libra point is to have this key 00:16:10.750 --> 00:16:13.470 align:start position:0% hold a Libra point is to have this key an<00:16:10.839> entity<00:16:11.199> custody<00:16:11.740> it<00:16:11.829> for<00:16:12.069> you<00:16:12.220> and<00:16:13.209> that 00:16:13.470 --> 00:16:13.480 align:start position:0% an entity custody it for you and that 00:16:13.480 --> 00:16:15.600 align:start position:0% an entity custody it for you and that might<00:16:13.689> be<00:16:13.720> subject<00:16:14.139> to<00:16:14.199> seizure<00:16:15.040> or 00:16:15.600 --> 00:16:15.610 align:start position:0% might be subject to seizure or 00:16:15.610 --> 00:16:19.860 align:start position:0% might be subject to seizure or forfeiture<00:16:15.970> for<00:16:17.490> reasons<00:16:18.490> that<00:16:18.610> the<00:16:18.790> Terms<00:16:19.779> of 00:16:19.860 --> 00:16:19.870 align:start position:0% forfeiture for reasons that the Terms of 00:16:19.870 --> 00:16:22.110 align:start position:0% forfeiture for reasons that the Terms of Service<00:16:19.930> of<00:16:20.319> the<00:16:20.500> Association<00:16:21.490> for<00:16:21.519> said<00:16:21.759> that 00:16:22.110 --> 00:16:22.120 align:start position:0% Service of the Association for said that 00:16:22.120 --> 00:16:23.850 align:start position:0% Service of the Association for said that does<00:16:22.269> not<00:16:22.389> give<00:16:22.629> security<00:16:23.050> to<00:16:23.290> the<00:16:23.589> people 00:16:23.850 --> 00:16:23.860 align:start position:0% does not give security to the people 00:16:23.860 --> 00:16:26.550 align:start position:0% does not give security to the people this<00:16:24.399> is<00:16:24.459> designed<00:16:24.879> for<00:16:25.089> so<00:16:25.389> you<00:16:26.139> look<00:16:26.290> at<00:16:26.410> the 00:16:26.550 --> 00:16:26.560 align:start position:0% this is designed for so you look at the 00:16:26.560 --> 00:16:29.129 align:start position:0% this is designed for so you look at the libras<00:16:26.860> claims<00:16:27.360> and<00:16:28.360> I<00:16:28.449> tend<00:16:28.720> to<00:16:28.839> agree<00:16:28.930> that 00:16:29.129 --> 00:16:29.139 align:start position:0% libras claims and I tend to agree that 00:16:29.139 --> 00:16:31.379 align:start position:0% libras claims and I tend to agree that this<00:16:29.259> this<00:16:29.560> design<00:16:30.069> of<00:16:30.189> this<00:16:30.610> coin<00:16:30.910> design<00:16:31.180> is 00:16:31.379 --> 00:16:31.389 align:start position:0% this this design of this coin design is 00:16:31.389 --> 00:16:33.090 align:start position:0% this this design of this coin design is quite<00:16:31.689> useful<00:16:32.079> for<00:16:32.110> people<00:16:32.620> in<00:16:32.680> developing 00:16:33.090 --> 00:16:33.100 align:start position:0% quite useful for people in developing 00:16:33.100 --> 00:16:35.189 align:start position:0% quite useful for people in developing nations<00:16:33.730> you're<00:16:34.629> not<00:16:34.779> giving<00:16:35.019> them<00:16:35.079> more 00:16:35.189 --> 00:16:35.199 align:start position:0% nations you're not giving them more 00:16:35.199 --> 00:16:37.530 align:start position:0% nations you're not giving them more security<00:16:35.740> that<00:16:35.889> way<00:16:36.009> and<00:16:36.730> so<00:16:37.060> this<00:16:37.389> is<00:16:37.509> a 00:16:37.530 --> 00:16:37.540 align:start position:0% security that way and so this is a 00:16:37.540 --> 00:16:40.650 align:start position:0% security that way and so this is a problem<00:16:37.810> so<00:16:38.649> the<00:16:39.040> open<00:16:39.339> organization<00:16:40.060> you 00:16:40.650 --> 00:16:40.660 align:start position:0% problem so the open organization you 00:16:40.660 --> 00:16:41.879 align:start position:0% problem so the open organization you know<00:16:40.750> we're<00:16:40.990> an<00:16:41.050> umbrella<00:16:41.380> project<00:16:41.800> where 00:16:41.879 --> 00:16:41.889 align:start position:0% know we're an umbrella project where 00:16:41.889 --> 00:16:42.929 align:start position:0% know we're an umbrella project where we're<00:16:42.009> looking<00:16:42.100> at<00:16:42.279> different<00:16:42.579> ways<00:16:42.699> that<00:16:42.819> we 00:16:42.929 --> 00:16:42.939 align:start position:0% we're looking at different ways that we 00:16:42.939 --> 00:16:44.519 align:start position:0% we're looking at different ways that we can<00:16:43.060> create<00:16:43.149> either<00:16:43.720> a<00:16:43.839> balance<00:16:44.139> of<00:16:44.259> power 00:16:44.519 --> 00:16:44.529 align:start position:0% can create either a balance of power 00:16:44.529 --> 00:16:47.280 align:start position:0% can create either a balance of power with<00:16:45.009> with<00:16:45.370> Facebook<00:16:45.819> by<00:16:46.149> expanding<00:16:47.139> the 00:16:47.280 --> 00:16:47.290 align:start position:0% with with Facebook by expanding the 00:16:47.290 --> 00:16:49.949 align:start position:0% with with Facebook by expanding the ecosystem<00:16:47.889> and<00:16:48.100> use<00:16:48.519> cases<00:16:48.880> of<00:16:49.029> it<00:16:49.120> but<00:16:49.839> also 00:16:49.949 --> 00:16:49.959 align:start position:0% ecosystem and use cases of it but also 00:16:49.959 --> 00:16:51.240 align:start position:0% ecosystem and use cases of it but also making<00:16:50.410> sure<00:16:50.500> that<00:16:50.709> there<00:16:50.920> are<00:16:51.009> credible 00:16:51.240 --> 00:16:51.250 align:start position:0% making sure that there are credible 00:16:51.250 --> 00:16:53.460 align:start position:0% making sure that there are credible alternatives<00:16:51.970> people<00:16:52.389> want<00:16:52.689> to<00:16:52.810> use<00:16:52.930> a<00:16:52.959> stable 00:16:53.460 --> 00:16:53.470 align:start position:0% alternatives people want to use a stable 00:16:53.470 --> 00:16:54.179 align:start position:0% alternatives people want to use a stable coin<00:16:53.620> that's<00:16:53.769> similar 00:16:54.179 --> 00:16:54.189 align:start position:0% coin that's similar 00:16:54.189 --> 00:16:56.249 align:start position:0% coin that's similar either<00:16:54.639> pegged<00:16:54.970> to<00:16:55.240> leave<00:16:55.389> with<00:16:55.959> this<00:16:56.139> in 00:16:56.249 --> 00:16:56.259 align:start position:0% either pegged to leave with this in 00:16:56.259 --> 00:16:58.350 align:start position:0% either pegged to leave with this in their<00:16:56.380> characteristics<00:16:56.920> or<00:16:57.370> use<00:16:57.610> chains<00:16:58.000> that 00:16:58.350 --> 00:16:58.360 align:start position:0% their characteristics or use chains that 00:16:58.360 --> 00:17:01.050 align:start position:0% their characteristics or use chains that are<00:16:58.509> similar<00:16:58.899> to<00:16:59.189> an<00:17:00.189> operation<00:17:00.970> and 00:17:01.050 --> 00:17:01.060 align:start position:0% are similar to an operation and 00:17:01.060 --> 00:17:03.720 align:start position:0% are similar to an operation and technically<00:17:01.509> to<00:17:01.779> the<00:17:01.990> Libra<00:17:02.439> chain<00:17:02.680> and<00:17:03.639> this 00:17:03.720 --> 00:17:03.730 align:start position:0% technically to the Libra chain and this 00:17:03.730 --> 00:17:05.460 align:start position:0% technically to the Libra chain and this is<00:17:03.880> the<00:17:03.970> way<00:17:04.030> that<00:17:04.150> we<00:17:04.240> can<00:17:04.419> possibly<00:17:04.929> do<00:17:05.350> this 00:17:05.460 --> 00:17:05.470 align:start position:0% is the way that we can possibly do this 00:17:05.470 --> 00:17:06.899 align:start position:0% is the way that we can possibly do this and<00:17:05.620> right<00:17:05.740> so<00:17:05.860> actually<00:17:05.919> do<00:17:06.189> security<00:17:06.819> to 00:17:06.899 --> 00:17:06.909 align:start position:0% and right so actually do security to 00:17:06.909 --> 00:17:08.730 align:start position:0% and right so actually do security to people<00:17:07.030> that<00:17:07.270> are<00:17:07.449> in<00:17:07.569> love<00:17:07.689> gonna<00:17:07.929> be<00:17:08.140> using 00:17:08.730 --> 00:17:08.740 align:start position:0% people that are in love gonna be using 00:17:08.740 --> 00:17:10.649 align:start position:0% people that are in love gonna be using this<00:17:08.980> coin<00:17:09.280> I'll<00:17:09.789> say<00:17:09.939> one<00:17:10.120> last<00:17:10.150> point 00:17:10.649 --> 00:17:10.659 align:start position:0% this coin I'll say one last point 00:17:10.659 --> 00:17:12.419 align:start position:0% this coin I'll say one last point because<00:17:10.780> I<00:17:10.959> think<00:17:11.140> this<00:17:11.260> happened<00:17:11.740> this<00:17:11.860> is<00:17:12.250> a 00:17:12.419 --> 00:17:12.429 align:start position:0% because I think this happened this is a 00:17:12.429 --> 00:17:13.949 align:start position:0% because I think this happened this is a conversation<00:17:12.970> happens<00:17:13.299> here<00:17:13.600> in<00:17:13.900> the 00:17:13.949 --> 00:17:13.959 align:start position:0% conversation happens here in the 00:17:13.959 --> 00:17:17.549 align:start position:0% conversation happens here in the etherium<00:17:14.439> I<00:17:15.309> my<00:17:16.299> personal<00:17:16.809> view<00:17:17.020> is<00:17:17.079> that<00:17:17.199> I 00:17:17.549 --> 00:17:17.559 align:start position:0% etherium I my personal view is that I 00:17:17.559 --> 00:17:19.590 align:start position:0% etherium I my personal view is that I don't<00:17:18.309> think<00:17:18.459> it's<00:17:18.579> enough<00:17:18.789> to<00:17:18.970> hope<00:17:19.150> for 00:17:19.590 --> 00:17:19.600 align:start position:0% don't think it's enough to hope for 00:17:19.600 --> 00:17:22.890 align:start position:0% don't think it's enough to hope for government<00:17:20.110> to<00:17:20.559> do<00:17:20.949> something<00:17:21.309> about<00:17:21.400> I<00:17:22.270> think 00:17:22.890 --> 00:17:22.900 align:start position:0% government to do something about I think 00:17:22.900 --> 00:17:26.130 align:start position:0% government to do something about I think that<00:17:23.049> that's<00:17:23.169> not<00:17:23.829> a<00:17:23.890> strategy<00:17:24.360> the<00:17:25.360> way<00:17:25.539> I<00:17:25.569> see 00:17:26.130 --> 00:17:26.140 align:start position:0% that that's not a strategy the way I see 00:17:26.140 --> 00:17:28.230 align:start position:0% that that's not a strategy the way I see it<00:17:26.169> happening<00:17:26.530> I<00:17:26.650> think<00:17:26.860> Facebook<00:17:27.520> is<00:17:28.000> going 00:17:28.230 --> 00:17:28.240 align:start position:0% it happening I think Facebook is going 00:17:28.240 --> 00:17:30.029 align:start position:0% it happening I think Facebook is going to<00:17:28.449> eventually<00:17:28.990> become<00:17:29.230> regulated<00:17:29.679> as<00:17:29.740> a<00:17:29.799> bank 00:17:30.029 --> 00:17:30.039 align:start position:0% to eventually become regulated as a bank 00:17:30.039 --> 00:17:32.070 align:start position:0% to eventually become regulated as a bank and<00:17:30.280> their<00:17:31.240> blockchain<00:17:31.600> is<00:17:31.630> basically<00:17:31.960> just 00:17:32.070 --> 00:17:32.080 align:start position:0% and their blockchain is basically just 00:17:32.080 --> 00:17:34.409 align:start position:0% and their blockchain is basically just gonna<00:17:32.350> be<00:17:32.409> an<00:17:32.470> automation<00:17:32.860> of<00:17:33.520> the<00:17:33.909> bank<00:17:34.150> I 00:17:34.409 --> 00:17:34.419 align:start position:0% gonna be an automation of the bank I 00:17:34.419 --> 00:17:36.480 align:start position:0% gonna be an automation of the bank I think<00:17:35.140> that<00:17:35.260> would<00:17:35.409> be<00:17:35.440> quite<00:17:36.100> a<00:17:36.130> bad<00:17:36.280> outcome 00:17:36.480 --> 00:17:36.490 align:start position:0% think that would be quite a bad outcome 00:17:36.490 --> 00:17:39.810 align:start position:0% think that would be quite a bad outcome if<00:17:36.820> if<00:17:37.179> that<00:17:37.650> was<00:17:38.650> the<00:17:38.830> only<00:17:38.860> ecosystem<00:17:39.700> that 00:17:39.810 --> 00:17:39.820 align:start position:0% if if that was the only ecosystem that 00:17:39.820 --> 00:17:43.660 align:start position:0% if if that was the only ecosystem that this<00:17:40.470> stable<00:17:41.470> coin<00:17:41.650> was 00:17:43.660 --> 00:17:43.670 align:start position:0% this stable coin was 00:17:43.670 --> 00:17:45.530 align:start position:0% this stable coin was sorry<00:17:44.670> please<00:17:44.880> go<00:17:45.090> ahead<00:17:45.150> with<00:17:45.420> your<00:17:45.450> question 00:17:45.530 --> 00:17:45.540 align:start position:0% sorry please go ahead with your question 00:17:45.540 --> 00:17:47.540 align:start position:0% sorry please go ahead with your question yeah<00:17:46.290> it's<00:17:46.470> not<00:17:46.620> so<00:17:46.740> much<00:17:46.860> as<00:17:47.010> a<00:17:47.040> question<00:17:47.400> as<00:17:47.520> a 00:17:47.540 --> 00:17:47.550 align:start position:0% yeah it's not so much as a question as a 00:17:47.550 --> 00:17:50.330 align:start position:0% yeah it's not so much as a question as a way<00:17:48.450> of<00:17:48.480> posing<00:17:48.900> the<00:17:49.080> problem<00:17:49.290> otherwise<00:17:49.590> it 00:17:50.330 --> 00:17:50.340 align:start position:0% way of posing the problem otherwise it 00:17:50.340 --> 00:17:52.670 align:start position:0% way of posing the problem otherwise it was<00:17:50.460> about<00:17:50.640> you<00:17:50.760> know<00:17:51.140> 2.3<00:17:52.140> trillion<00:17:52.380> a 00:17:52.670 --> 00:17:52.680 align:start position:0% was about you know 2.3 trillion a 00:17:52.680 --> 00:17:55.160 align:start position:0% was about you know 2.3 trillion a quantity<00:17:53.340> of<00:17:53.430> money<00:17:53.610> but<00:17:54.270> I'd<00:17:54.660> like<00:17:54.840> to<00:17:54.900> draw 00:17:55.160 --> 00:17:55.170 align:start position:0% quantity of money but I'd like to draw 00:17:55.170 --> 00:17:57.080 align:start position:0% quantity of money but I'd like to draw your<00:17:55.260> attention<00:17:55.320> to<00:17:55.740> what<00:17:56.640> I<00:17:56.670> think<00:17:56.760> is<00:17:56.940> the 00:17:57.080 --> 00:17:57.090 align:start position:0% your attention to what I think is the 00:17:57.090 --> 00:17:58.460 align:start position:0% your attention to what I think is the fundamental<00:17:57.270> aberration<00:17:58.050> when<00:17:58.200> we<00:17:58.290> think 00:17:58.460 --> 00:17:58.470 align:start position:0% fundamental aberration when we think 00:17:58.470 --> 00:18:02.330 align:start position:0% fundamental aberration when we think about<00:17:58.650> money<00:17:58.860> is<00:17:59.190> that<00:17:59.880> money<00:18:00.090> is<00:18:00.750> debt<00:18:01.340> that's 00:18:02.330 --> 00:18:02.340 align:start position:0% about money is that money is debt that's 00:18:02.340 --> 00:18:03.830 align:start position:0% about money is that money is debt that's a<00:18:02.430> historical<00:18:02.970> aberration<00:18:03.090> but<00:18:03.570> that's<00:18:03.720> the 00:18:03.830 --> 00:18:03.840 align:start position:0% a historical aberration but that's the 00:18:03.840 --> 00:18:06.680 align:start position:0% a historical aberration but that's the truth<00:18:04.020> of<00:18:04.170> it<00:18:04.260> and<00:18:04.670> I<00:18:05.670> think<00:18:05.730> this<00:18:06.090> is<00:18:06.300> what<00:18:06.510> we 00:18:06.680 --> 00:18:06.690 align:start position:0% truth of it and I think this is what we 00:18:06.690 --> 00:18:08.510 align:start position:0% truth of it and I think this is what we need<00:18:06.810> to<00:18:06.900> address<00:18:07.080> because<00:18:07.560> we're<00:18:08.280> talking 00:18:08.510 --> 00:18:08.520 align:start position:0% need to address because we're talking 00:18:08.520 --> 00:18:10.160 align:start position:0% need to address because we're talking about<00:18:08.610> preserving<00:18:09.150> people's<00:18:09.630> wealth<00:18:09.930> and 00:18:10.160 --> 00:18:10.170 align:start position:0% about preserving people's wealth and 00:18:10.170 --> 00:18:12.560 align:start position:0% about preserving people's wealth and value<00:18:10.200> and<00:18:10.980> I<00:18:11.010> agree<00:18:11.250> with<00:18:11.370> you<00:18:11.460> that<00:18:11.570> what 00:18:12.560 --> 00:18:12.570 align:start position:0% value and I agree with you that what 00:18:12.570 --> 00:18:14.210 align:start position:0% value and I agree with you that what people<00:18:12.750> we<00:18:12.990> could<00:18:13.110> call<00:18:13.500> the<00:18:13.620> underserved<00:18:14.070> in 00:18:14.210 --> 00:18:14.220 align:start position:0% people we could call the underserved in 00:18:14.220 --> 00:18:16.310 align:start position:0% people we could call the underserved in Financial<00:18:14.610> Inclusion<00:18:14.900> every<00:18:15.900> day<00:18:16.020> they<00:18:16.170> wake 00:18:16.310 --> 00:18:16.320 align:start position:0% Financial Inclusion every day they wake 00:18:16.320 --> 00:18:19.490 align:start position:0% Financial Inclusion every day they wake up<00:18:16.560> you<00:18:17.130> know<00:18:17.250> they<00:18:17.460> they<00:18:18.060> do<00:18:18.660> food<00:18:18.960> on<00:18:19.200> the 00:18:19.490 --> 00:18:19.500 align:start position:0% up you know they they do food on the 00:18:19.500 --> 00:18:20.900 align:start position:0% up you know they they do food on the streets<00:18:19.740> or<00:18:19.830> whatever<00:18:19.980> they<00:18:20.340> generate<00:18:20.730> wealth 00:18:20.900 --> 00:18:20.910 align:start position:0% streets or whatever they generate wealth 00:18:20.910 --> 00:18:24.110 align:start position:0% streets or whatever they generate wealth but<00:18:21.750> right<00:18:21.990> now<00:18:22.230> they<00:18:22.770> are<00:18:22.920> captive<00:18:23.400> and<00:18:23.670> they 00:18:24.110 --> 00:18:24.120 align:start position:0% but right now they are captive and they 00:18:24.120 --> 00:18:25.520 align:start position:0% but right now they are captive and they are<00:18:24.240> forced<00:18:24.570> to<00:18:24.630> convert<00:18:24.840> that<00:18:25.050> wealth<00:18:25.290> into 00:18:25.520 --> 00:18:25.530 align:start position:0% are forced to convert that wealth into 00:18:25.530 --> 00:18:29.240 align:start position:0% are forced to convert that wealth into debt<00:18:25.740> and<00:18:26.300> we<00:18:27.300> cannot<00:18:27.540> think<00:18:27.780> about<00:18:28.080> money<00:18:28.980> in 00:18:29.240 --> 00:18:29.250 align:start position:0% debt and we cannot think about money in 00:18:29.250 --> 00:18:30.890 align:start position:0% debt and we cannot think about money in this<00:18:29.700> community<00:18:30.060> which<00:18:30.300> is<00:18:30.420> a<00:18:30.450> topic<00:18:30.720> that<00:18:30.750> we 00:18:30.890 --> 00:18:30.900 align:start position:0% this community which is a topic that we 00:18:30.900 --> 00:18:34.610 align:start position:0% this community which is a topic that we have<00:18:31.140> without<00:18:31.850> grasping<00:18:32.850> the<00:18:33.690> implication<00:18:34.440> of 00:18:34.610 --> 00:18:34.620 align:start position:0% have without grasping the implication of 00:18:34.620 --> 00:18:37.610 align:start position:0% have without grasping the implication of this<00:18:34.890> aberration<00:18:35.340> that<00:18:36.120> for<00:18:36.570> the<00:18:36.690> first<00:18:37.380> time 00:18:37.610 --> 00:18:37.620 align:start position:0% this aberration that for the first time 00:18:37.620 --> 00:18:40.310 align:start position:0% this aberration that for the first time in<00:18:37.830> the<00:18:37.950> history<00:18:38.220> of<00:18:38.310> mankind<00:18:38.990> on<00:18:39.990> such<00:18:40.290> a 00:18:40.310 --> 00:18:40.320 align:start position:0% in the history of mankind on such a 00:18:40.320 --> 00:18:44.090 align:start position:0% in the history of mankind on such a scale<00:18:40.650> and<00:18:40.860> with<00:18:41.040> such<00:18:42.410> force<00:18:43.410> it<00:18:43.770> has<00:18:43.830> been 00:18:44.090 --> 00:18:44.100 align:start position:0% scale and with such force it has been 00:18:44.100 --> 00:18:47.420 align:start position:0% scale and with such force it has been imposed<00:18:44.520> without<00:18:44.910> consensus<00:18:45.690> that<00:18:46.410> money<00:18:47.160> is 00:18:47.420 --> 00:18:47.430 align:start position:0% imposed without consensus that money is 00:18:47.430 --> 00:18:48.790 align:start position:0% imposed without consensus that money is no<00:18:47.760> longer<00:18:47.790> an<00:18:48.090> asset<00:18:48.390> but<00:18:48.540> the<00:18:48.600> layer 00:18:48.790 --> 00:18:48.800 align:start position:0% no longer an asset but the layer 00:18:48.800 --> 00:18:51.740 align:start position:0% no longer an asset but the layer reliability<00:18:49.800> and<00:18:50.490> that<00:18:51.240> has<00:18:51.450> profound 00:18:51.740 --> 00:18:51.750 align:start position:0% reliability and that has profound 00:18:51.750 --> 00:18:54.230 align:start position:0% reliability and that has profound economic<00:18:52.560> political<00:18:53.490> and<00:18:54.060> social 00:18:54.230 --> 00:18:54.240 align:start position:0% economic political and social 00:18:54.240 --> 00:18:55.910 align:start position:0% economic political and social implications<00:18:54.540> I<00:18:55.020> think<00:18:55.230> that's<00:18:55.440> the<00:18:55.740> point 00:18:55.910 --> 00:18:55.920 align:start position:0% implications I think that's the point 00:18:55.920 --> 00:18:57.160 align:start position:0% implications I think that's the point when<00:18:56.160> we're<00:18:56.310> thinking<00:18:56.430> about<00:18:56.610> what 00:18:57.160 --> 00:18:57.170 align:start position:0% when we're thinking about what 00:18:57.170 --> 00:19:00.370 align:start position:0% when we're thinking about what blockchain<00:18:58.170> FinTech<00:18:58.800> are<00:18:58.950> about<00:18:59.370> money<00:18:59.640> is 00:19:00.370 --> 00:19:00.380 align:start position:0% blockchain FinTech are about money is 00:19:00.380 --> 00:19:03.500 align:start position:0% blockchain FinTech are about money is freedom<00:19:01.380> for<00:19:01.830> people<00:19:01.980> is<00:19:02.340> the<00:19:02.670> right<00:19:02.910> to<00:19:03.330> own 00:19:03.500 --> 00:19:03.510 align:start position:0% freedom for people is the right to own 00:19:03.510 --> 00:19:05.890 align:start position:0% freedom for people is the right to own your<00:19:03.690> wealth<00:19:03.960> and<00:19:04.260> your<00:19:04.920> wealth<00:19:05.190> is<00:19:05.400> not<00:19:05.580> debt 00:19:05.890 --> 00:19:05.900 align:start position:0% your wealth and your wealth is not debt 00:19:05.900 --> 00:19:08.630 align:start position:0% your wealth and your wealth is not debt because<00:19:06.900> a<00:19:07.110> debt<00:19:07.500> is<00:19:07.710> the<00:19:07.890> absence<00:19:08.280> of<00:19:08.400> money 00:19:08.630 --> 00:19:08.640 align:start position:0% because a debt is the absence of money 00:19:08.640 --> 00:19:11.660 align:start position:0% because a debt is the absence of money is<00:19:08.940> a<00:19:09.000> promise<00:19:09.480> to<00:19:09.570> have<00:19:09.720> money<00:19:09.920> so<00:19:10.920> money<00:19:11.490> is<00:19:11.550> a 00:19:11.660 --> 00:19:11.670 align:start position:0% is a promise to have money so money is a 00:19:11.670 --> 00:19:13.100 align:start position:0% is a promise to have money so money is a promise<00:19:12.000> to<00:19:12.090> have<00:19:12.210> money<00:19:12.360> it's<00:19:12.540> irrational 00:19:13.100 --> 00:19:13.110 align:start position:0% promise to have money it's irrational 00:19:13.110 --> 00:19:15.110 align:start position:0% promise to have money it's irrational it's<00:19:13.830> an<00:19:13.950> aberration<00:19:14.130> and<00:19:14.610> it<00:19:14.760> leads<00:19:15.000> to 00:19:15.110 --> 00:19:15.120 align:start position:0% it's an aberration and it leads to 00:19:15.120 --> 00:19:17.540 align:start position:0% it's an aberration and it leads to immorality<00:19:15.510> because<00:19:16.110> once<00:19:16.350> money<00:19:17.190> becomes 00:19:17.540 --> 00:19:17.550 align:start position:0% immorality because once money becomes 00:19:17.550 --> 00:19:19.580 align:start position:0% immorality because once money becomes that<00:19:17.820> the<00:19:18.420> governing<00:19:18.900> force<00:19:19.110> how<00:19:19.350> do<00:19:19.410> you 00:19:19.580 --> 00:19:19.590 align:start position:0% that the governing force how do you 00:19:19.590 --> 00:19:21.110 align:start position:0% that the governing force how do you interest<00:19:19.860> people<00:19:20.040> in<00:19:20.220> holding<00:19:20.520> debt<00:19:20.700> by 00:19:21.110 --> 00:19:21.120 align:start position:0% interest people in holding debt by 00:19:21.120 --> 00:19:24.350 align:start position:0% interest people in holding debt by interest<00:19:21.630> but<00:19:22.050> we<00:19:22.260> know<00:19:22.440> that<00:19:23.120> interest<00:19:24.120> works 00:19:24.350 --> 00:19:24.360 align:start position:0% interest but we know that interest works 00:19:24.360 --> 00:19:26.810 align:start position:0% interest but we know that interest works in<00:19:24.570> the<00:19:24.780> interest<00:19:25.470> of<00:19:25.530> the<00:19:25.650> user<00:19:25.830> and<00:19:26.250> it's<00:19:26.730> a 00:19:26.810 --> 00:19:26.820 align:start position:0% in the interest of the user and it's a 00:19:26.820 --> 00:19:29.090 align:start position:0% in the interest of the user and it's a tiny<00:19:27.030> elite<00:19:27.390> and<00:19:27.690> the<00:19:28.470> interesting<00:19:28.950> thing 00:19:29.090 --> 00:19:29.100 align:start position:0% tiny elite and the interesting thing 00:19:29.100 --> 00:19:30.650 align:start position:0% tiny elite and the interesting thing when<00:19:29.250> you<00:19:29.340> put<00:19:29.820> the<00:19:29.910> quite<00:19:30.120> the<00:19:30.300> focus<00:19:30.570> the 00:19:30.650 --> 00:19:30.660 align:start position:0% when you put the quite the focus the 00:19:30.660 --> 00:19:32.570 align:start position:0% when you put the quite the focus the question<00:19:30.900> like<00:19:31.020> this<00:19:31.200> going<00:19:31.920> back<00:19:32.100> to<00:19:32.160> Libre 00:19:32.570 --> 00:19:32.580 align:start position:0% question like this going back to Libre 00:19:32.580 --> 00:19:35.690 align:start position:0% question like this going back to Libre and<00:19:32.760> your<00:19:33.000> point<00:19:33.270> is<00:19:33.480> that<00:19:34.580> there<00:19:35.580> will<00:19:35.670> be 00:19:35.690 --> 00:19:35.700 align:start position:0% and your point is that there will be 00:19:35.700 --> 00:19:38.330 align:start position:0% and your point is that there will be another<00:19:35.910> financial<00:19:36.150> crisis<00:19:36.860> the<00:19:37.860> anger<00:19:38.220> of 00:19:38.330 --> 00:19:38.340 align:start position:0% another financial crisis the anger of 00:19:38.340 --> 00:19:39.650 align:start position:0% another financial crisis the anger of people<00:19:38.610> will<00:19:38.730> be<00:19:38.820> addressed<00:19:39.090> to<00:19:39.210> the<00:19:39.300> banks 00:19:39.650 --> 00:19:39.660 align:start position:0% people will be addressed to the banks 00:19:39.660 --> 00:19:42.740 align:start position:0% people will be addressed to the banks but<00:19:40.350> the<00:19:40.530> driving<00:19:40.830> force<00:19:41.280> is<00:19:41.490> usury<00:19:42.030> and<00:19:42.240> we 00:19:42.740 --> 00:19:42.750 align:start position:0% but the driving force is usury and we 00:19:42.750 --> 00:19:45.050 align:start position:0% but the driving force is usury and we are<00:19:42.870> seeing<00:19:43.080> already<00:19:43.230> a<00:19:43.800> shift<00:19:44.580> whereby<00:19:45.000> the 00:19:45.050 --> 00:19:45.060 align:start position:0% are seeing already a shift whereby the 00:19:45.060 --> 00:19:47.240 align:start position:0% are seeing already a shift whereby the banks<00:19:45.480> are<00:19:45.630> no<00:19:45.750> longer<00:19:45.780> the<00:19:46.200> vehicle<00:19:46.590> of<00:19:46.740> that 00:19:47.240 --> 00:19:47.250 align:start position:0% banks are no longer the vehicle of that 00:19:47.250 --> 00:19:49.790 align:start position:0% banks are no longer the vehicle of that active<00:19:48.030> principle<00:19:48.630> and<00:19:48.870> it<00:19:49.230> is<00:19:49.380> shifting 00:19:49.790 --> 00:19:49.800 align:start position:0% active principle and it is shifting 00:19:49.800 --> 00:19:53.080 align:start position:0% active principle and it is shifting towards<00:19:50.250> the<00:19:50.370> hands<00:19:50.700> of<00:19:50.880> the<00:19:51.390> tech<00:19:52.170> companies 00:19:53.080 --> 00:19:53.090 align:start position:0% towards the hands of the tech companies 00:19:53.090 --> 00:19:55.980 align:start position:0% towards the hands of the tech companies Amazon<00:19:54.090> Google<00:19:54.930> face 00:19:55.980 --> 00:19:55.990 align:start position:0% Amazon Google face 00:19:55.990 --> 00:19:58.980 align:start position:0% Amazon Google face all<00:19:56.320> those<00:19:56.559> guys<00:19:56.770> and<00:19:57.190> to<00:19:58.000> me<00:19:58.150> it's<00:19:58.750> not<00:19:58.870> about 00:19:58.980 --> 00:19:58.990 align:start position:0% all those guys and to me it's not about 00:19:58.990 --> 00:20:01.410 align:start position:0% all those guys and to me it's not about pointing<00:19:59.770> out<00:19:59.890> the<00:20:00.010> finger<00:20:00.250> to<00:20:00.400> people<00:20:00.760> but 00:20:01.410 --> 00:20:01.420 align:start position:0% pointing out the finger to people but 00:20:01.420 --> 00:20:03.450 align:start position:0% pointing out the finger to people but it's<00:20:01.660> that<00:20:01.900> principle<00:20:02.530> it's<00:20:02.679> on<00:20:02.800> an<00:20:02.890> ethical 00:20:03.450 --> 00:20:03.460 align:start position:0% it's that principle it's on an ethical 00:20:03.460 --> 00:20:06.660 align:start position:0% it's that principle it's on an ethical level<00:20:03.870> that<00:20:04.870> is<00:20:05.080> money<00:20:05.470> usually<00:20:06.250> governs 00:20:06.660 --> 00:20:06.670 align:start position:0% level that is money usually governs 00:20:06.670 --> 00:20:08.700 align:start position:0% level that is money usually governs money<00:20:06.910> and<00:20:07.150> as<00:20:07.540> such<00:20:07.900> the<00:20:08.200> people<00:20:08.440> who<00:20:08.559> hold 00:20:08.700 --> 00:20:08.710 align:start position:0% money and as such the people who hold 00:20:08.710 --> 00:20:11.070 align:start position:0% money and as such the people who hold money<00:20:08.950> concentrated<00:20:09.670> and<00:20:09.850> financed<00:20:10.330> rather 00:20:11.070 --> 00:20:11.080 align:start position:0% money concentrated and financed rather 00:20:11.080 --> 00:20:13.169 align:start position:0% money concentrated and financed rather than<00:20:11.260> become<00:20:11.530> a<00:20:11.559> service<00:20:12.370> to<00:20:12.520> industrious 00:20:13.169 --> 00:20:13.179 align:start position:0% than become a service to industrious 00:20:13.179 --> 00:20:16.230 align:start position:0% than become a service to industrious people<00:20:13.570> is<00:20:14.470> becoming<00:20:15.040> an<00:20:15.280> industry<00:20:15.820> of<00:20:15.850> itself 00:20:16.230 --> 00:20:16.240 align:start position:0% people is becoming an industry of itself 00:20:16.240 --> 00:20:18.090 align:start position:0% people is becoming an industry of itself and<00:20:16.450> it's<00:20:16.630> literally<00:20:17.350> concentrating 00:20:18.090 --> 00:20:18.100 align:start position:0% and it's literally concentrating 00:20:18.100 --> 00:20:19.160 align:start position:0% and it's literally concentrating everything<00:20:18.460> to<00:20:18.550> the<00:20:18.670> point<00:20:18.850> that<00:20:18.940> every 00:20:19.160 --> 00:20:19.170 align:start position:0% everything to the point that every 00:20:19.170 --> 00:20:21.299 align:start position:0% everything to the point that every sector<00:20:20.170> of<00:20:20.230> activity<00:20:20.590> is<00:20:20.679> actually<00:20:20.830> a<00:20:20.980> cartel 00:20:21.299 --> 00:20:21.309 align:start position:0% sector of activity is actually a cartel 00:20:21.309 --> 00:20:23.580 align:start position:0% sector of activity is actually a cartel and<00:20:21.640> the<00:20:22.360> cartel<00:20:22.660> that<00:20:22.780> rules<00:20:23.020> them<00:20:23.200> all<00:20:23.320> is 00:20:23.580 --> 00:20:23.590 align:start position:0% and the cartel that rules them all is 00:20:23.590 --> 00:20:25.680 align:start position:0% and the cartel that rules them all is the<00:20:23.620> cutter<00:20:23.920> that<00:20:24.190> can<00:20:24.340> launder<00:20:25.150> money<00:20:25.420> for 00:20:25.680 --> 00:20:25.690 align:start position:0% the cutter that can launder money for 00:20:25.690 --> 00:20:28.830 align:start position:0% the cutter that can launder money for the<00:20:25.809> you<00:20:26.650> know<00:20:26.679> the<00:20:26.950> cartels<00:20:27.520> in<00:20:28.030> Mexico<00:20:28.600> and 00:20:28.830 --> 00:20:28.840 align:start position:0% the you know the cartels in Mexico and 00:20:28.840 --> 00:20:32.280 align:start position:0% the you know the cartels in Mexico and be<00:20:29.170> called<00:20:29.350> HSBC<00:20:29.980> and<00:20:30.220> do<00:20:30.670> so<00:20:31.020> factoring<00:20:32.020> in 00:20:32.280 --> 00:20:32.290 align:start position:0% be called HSBC and do so factoring in 00:20:32.290 --> 00:20:34.020 align:start position:0% be called HSBC and do so factoring in that<00:20:32.559> they<00:20:32.740> will<00:20:32.860> pay<00:20:33.040> you<00:20:33.100> know<00:20:33.250> 1.2<00:20:33.850> billion 00:20:34.020 --> 00:20:34.030 align:start position:0% that they will pay you know 1.2 billion 00:20:34.030 --> 00:20:35.730 align:start position:0% that they will pay you know 1.2 billion settlement<00:20:34.270> which<00:20:34.960> they<00:20:35.080> probably<00:20:35.230> pushed<00:20:35.590> in 00:20:35.730 --> 00:20:35.740 align:start position:0% settlement which they probably pushed in 00:20:35.740 --> 00:20:37.799 align:start position:0% settlement which they probably pushed in their<00:20:35.860> risk<00:20:36.010> assessment<00:20:36.220> on<00:20:36.790> to<00:20:37.360> the<00:20:37.450> cartel 00:20:37.799 --> 00:20:37.809 align:start position:0% their risk assessment on to the cartel 00:20:37.809 --> 00:20:39.690 align:start position:0% their risk assessment on to the cartel and<00:20:38.050> nobody<00:20:38.710> goes<00:20:38.890> to<00:20:38.920> jail<00:20:39.250> and<00:20:39.460> the<00:20:39.550> world 00:20:39.690 --> 00:20:39.700 align:start position:0% and nobody goes to jail and the world 00:20:39.700 --> 00:20:45.419 align:start position:0% and nobody goes to jail and the world keeps<00:20:39.880> on<00:20:40.000> going<00:20:40.320> and<00:20:41.320> so<00:20:42.600> just<00:20:43.890> before<00:20:44.890> will 00:20:45.419 --> 00:20:45.429 align:start position:0% keeps on going and so just before will 00:20:45.429 --> 00:20:47.580 align:start position:0% keeps on going and so just before will and<00:20:45.730> Lucas<00:20:46.210> answers<00:20:46.570> that<00:20:46.720> let's<00:20:47.110> put<00:20:47.320> this<00:20:47.410> in 00:20:47.580 --> 00:20:47.590 align:start position:0% and Lucas answers that let's put this in 00:20:47.590 --> 00:20:49.530 align:start position:0% and Lucas answers that let's put this in context<00:20:48.160> that<00:20:48.400> was<00:20:48.580> a<00:20:48.640> great<00:20:48.790> question<00:20:49.210> and<00:20:49.390> I 00:20:49.530 --> 00:20:49.540 align:start position:0% context that was a great question and I 00:20:49.540 --> 00:20:51.419 align:start position:0% context that was a great question and I think<00:20:49.780> it's<00:20:49.900> a<00:20:49.960> good<00:20:50.080> lead-in<00:20:50.290> to<00:20:50.620> context 00:20:51.419 --> 00:20:51.429 align:start position:0% think it's a good lead-in to context 00:20:51.429 --> 00:20:53.970 align:start position:0% think it's a good lead-in to context which<00:20:51.580> is<00:20:52.170> when<00:20:53.170> you<00:20:53.260> talk<00:20:53.440> about<00:20:53.470> social 00:20:53.970 --> 00:20:53.980 align:start position:0% which is when you talk about social 00:20:53.980 --> 00:20:55.680 align:start position:0% which is when you talk about social progress<00:20:54.400> there's<00:20:54.670> social<00:20:54.970> progress<00:20:55.330> in<00:20:55.510> like 00:20:55.680 --> 00:20:55.690 align:start position:0% progress there's social progress in like 00:20:55.690 --> 00:20:57.450 align:start position:0% progress there's social progress in like the<00:20:56.050> first<00:20:56.320> developed<00:20:56.860> world<00:20:57.070> and<00:20:57.280> then 00:20:57.450 --> 00:20:57.460 align:start position:0% the first developed world and then 00:20:57.460 --> 00:20:59.610 align:start position:0% the first developed world and then there's<00:20:57.670> everybody<00:20:57.910> else<00:20:58.120> right<00:20:58.929> and<00:20:59.140> people 00:20:59.610 --> 00:20:59.620 align:start position:0% there's everybody else right and people 00:20:59.620 --> 00:21:00.780 align:start position:0% there's everybody else right and people that<00:20:59.860> are<00:20:59.980> living<00:21:00.250> in<00:21:00.370> vulnerable 00:21:00.780 --> 00:21:00.790 align:start position:0% that are living in vulnerable 00:21:00.790 --> 00:21:03.780 align:start position:0% that are living in vulnerable communities<00:21:01.270> which<00:21:01.780> you<00:21:02.260> know<00:21:02.350> 80%<00:21:02.710> of<00:21:03.160> a<00:21:03.640> lot 00:21:03.780 --> 00:21:03.790 align:start position:0% communities which you know 80% of a lot 00:21:03.790 --> 00:21:05.910 align:start position:0% communities which you know 80% of a lot of<00:21:03.910> the<00:21:03.970> workers<00:21:04.120> in<00:21:04.390> the<00:21:04.450> world<00:21:04.660> are<00:21:05.530> living 00:21:05.910 --> 00:21:05.920 align:start position:0% of the workers in the world are living 00:21:05.920 --> 00:21:07.650 align:start position:0% of the workers in the world are living in<00:21:06.010> communities<00:21:06.520> where<00:21:07.300> they're<00:21:07.480> earning 00:21:07.650 --> 00:21:07.660 align:start position:0% in communities where they're earning 00:21:07.660 --> 00:21:09.690 align:start position:0% in communities where they're earning pretty<00:21:08.140> much<00:21:08.230> nothing<00:21:08.710> at<00:21:08.830> all<00:21:08.980> and<00:21:09.220> actually 00:21:09.690 --> 00:21:09.700 align:start position:0% pretty much nothing at all and actually 00:21:09.700 --> 00:21:12.060 align:start position:0% pretty much nothing at all and actually have<00:21:09.910> no<00:21:10.179> money<00:21:10.360> to<00:21:10.570> start<00:21:10.840> with<00:21:10.990> so<00:21:11.620> in<00:21:11.920> order 00:21:12.060 --> 00:21:12.070 align:start position:0% have no money to start with so in order 00:21:12.070 --> 00:21:14.310 align:start position:0% have no money to start with so in order to<00:21:12.190> actually<00:21:12.370> have<00:21:12.820> that<00:21:13.390> debt<00:21:13.660> and<00:21:13.960> it<00:21:14.200> could 00:21:14.310 --> 00:21:14.320 align:start position:0% to actually have that debt and it could 00:21:14.320 --> 00:21:15.390 align:start position:0% to actually have that debt and it could be<00:21:14.410> a<00:21:14.440> social<00:21:14.650> debtor<00:21:15.040> it<00:21:15.160> could<00:21:15.280> be<00:21:15.340> a 00:21:15.390 --> 00:21:15.400 align:start position:0% be a social debtor it could be a 00:21:15.400 --> 00:21:17.070 align:start position:0% be a social debtor it could be a monetary<00:21:15.730> debt<00:21:15.940> they<00:21:16.390> need<00:21:16.570> to<00:21:16.630> have<00:21:16.780> some 00:21:17.070 --> 00:21:17.080 align:start position:0% monetary debt they need to have some 00:21:17.080 --> 00:21:19.350 align:start position:0% monetary debt they need to have some kind<00:21:17.320> of<00:21:17.410> commodity<00:21:18.070> or<00:21:18.340> some<00:21:18.520> sort<00:21:18.730> of<00:21:18.760> social 00:21:19.350 --> 00:21:19.360 align:start position:0% kind of commodity or some sort of social 00:21:19.360 --> 00:21:21.450 align:start position:0% kind of commodity or some sort of social currency<00:21:19.870> or<00:21:20.500> some<00:21:20.770> monetary<00:21:21.040> currency<00:21:21.370> of 00:21:21.450 --> 00:21:21.460 align:start position:0% currency or some monetary currency of 00:21:21.460 --> 00:21:22.490 align:start position:0% currency or some monetary currency of exchange<00:21:21.790> and<00:21:21.880> they<00:21:21.970> don't<00:21:22.090> even<00:21:22.179> have<00:21:22.390> that 00:21:22.490 --> 00:21:22.500 align:start position:0% exchange and they don't even have that 00:21:22.500 --> 00:21:25.980 align:start position:0% exchange and they don't even have that so<00:21:23.500> so<00:21:24.429> I<00:21:24.460> think<00:21:24.610> that<00:21:24.970> you're<00:21:25.540> talking<00:21:25.870> about 00:21:25.980 --> 00:21:25.990 align:start position:0% so so I think that you're talking about 00:21:25.990 --> 00:21:28.740 align:start position:0% so so I think that you're talking about a<00:21:26.080> first<00:21:26.320> world<00:21:26.590> problem<00:21:26.650> in<00:21:27.130> some<00:21:27.340> ways<00:21:27.750> yeah 00:21:28.740 --> 00:21:28.750 align:start position:0% a first world problem in some ways yeah 00:21:28.750 --> 00:21:30.990 align:start position:0% a first world problem in some ways yeah well<00:21:29.260> okay<00:21:29.650> that<00:21:29.800> that's<00:21:29.890> cool<00:21:30.130> I<00:21:30.370> mean<00:21:30.790> but 00:21:30.990 --> 00:21:31.000 align:start position:0% well okay that that's cool I mean but 00:21:31.000 --> 00:21:33.120 align:start position:0% well okay that that's cool I mean but maybe<00:21:31.179> I'll<00:21:31.510> let<00:21:31.660> will<00:21:31.870> talk<00:21:32.260> in<00:21:32.500> Lukas<00:21:32.950> but<00:21:33.100> I 00:21:33.120 --> 00:21:33.130 align:start position:0% maybe I'll let will talk in Lukas but I 00:21:33.130 --> 00:21:34.770 align:start position:0% maybe I'll let will talk in Lukas but I think<00:21:33.580> he<00:21:33.670> had<00:21:33.760> to<00:21:33.820> put<00:21:33.940> in<00:21:34.030> that<00:21:34.090> context<00:21:34.660> of 00:21:34.770 --> 00:21:34.780 align:start position:0% think he had to put in that context of 00:21:34.780 --> 00:21:36.120 align:start position:0% think he had to put in that context of war<00:21:34.960> were<00:21:35.110> thinking<00:21:35.530> I<00:21:35.679> mean<00:21:35.860> it's<00:21:35.980> a<00:21:36.010> good 00:21:36.120 --> 00:21:36.130 align:start position:0% war were thinking I mean it's a good 00:21:36.130 --> 00:21:37.860 align:start position:0% war were thinking I mean it's a good topic<00:21:36.309> because<00:21:36.610> it's<00:21:36.970> so<00:21:37.059> imagine<00:21:37.480> like<00:21:37.660> we're 00:21:37.860 --> 00:21:37.870 align:start position:0% topic because it's so imagine like we're 00:21:37.870 --> 00:21:40.140 align:start position:0% topic because it's so imagine like we're a<00:21:37.900> group<00:21:38.140> of<00:21:38.320> women<00:21:38.500> and<00:21:38.920> we're<00:21:39.490> coming 00:21:40.140 --> 00:21:40.150 align:start position:0% a group of women and we're coming 00:21:40.150 --> 00:21:41.640 align:start position:0% a group of women and we're coming together<00:21:40.360> and<00:21:40.660> we<00:21:40.780> have<00:21:40.929> goods<00:21:41.200> and<00:21:41.320> services 00:21:41.640 --> 00:21:41.650 align:start position:0% together and we have goods and services 00:21:41.650 --> 00:21:43.860 align:start position:0% together and we have goods and services we<00:21:41.800> trade<00:21:41.980> were<00:21:42.100> farmers<00:21:42.580> were<00:21:43.030> teachers<00:21:43.360> and 00:21:43.860 --> 00:21:43.870 align:start position:0% we trade were farmers were teachers and 00:21:43.870 --> 00:21:45.299 align:start position:0% we trade were farmers were teachers and we<00:21:44.320> come<00:21:44.590> together<00:21:44.740> and<00:21:44.950> we<00:21:45.040> come<00:21:45.190> in 00:21:45.299 --> 00:21:45.309 align:start position:0% we come together and we come in 00:21:45.309 --> 00:21:46.770 align:start position:0% we come together and we come in agreement<00:21:45.550> say<00:21:45.820> let's<00:21:46.300> create<00:21:46.450> a<00:21:46.600> credit 00:21:46.770 --> 00:21:46.780 align:start position:0% agreement say let's create a credit 00:21:46.780 --> 00:21:48.540 align:start position:0% agreement say let's create a credit amongst<00:21:47.320> ourselves<00:21:47.410> there's<00:21:47.920> no<00:21:48.070> we<00:21:48.400> don't 00:21:48.540 --> 00:21:48.550 align:start position:0% amongst ourselves there's no we don't 00:21:48.550 --> 00:21:50.010 align:start position:0% amongst ourselves there's no we don't have<00:21:48.640> to<00:21:48.820> start<00:21:49.090> it<00:21:49.150> with<00:21:49.270> any<00:21:49.390> debt<00:21:49.660> involved 00:21:50.010 --> 00:21:50.020 align:start position:0% have to start it with any debt involved 00:21:50.020 --> 00:21:52.919 align:start position:0% have to start it with any debt involved exactly<00:21:50.590> and<00:21:50.800> we<00:21:51.460> all<00:21:51.580> airdrop<00:21:52.450> to<00:21:52.630> each<00:21:52.750> other 00:21:52.919 --> 00:21:52.929 align:start position:0% exactly and we all airdrop to each other 00:21:52.929 --> 00:21:54.330 align:start position:0% exactly and we all airdrop to each other we<00:21:53.080> all<00:21:53.110> start<00:21:53.440> with<00:21:53.530> let's<00:21:53.710> say<00:21:53.800> a<00:21:53.830> thousand 00:21:54.330 --> 00:21:54.340 align:start position:0% we all start with let's say a thousand 00:21:54.340 --> 00:21:55.799 align:start position:0% we all start with let's say a thousand of<00:21:54.429> these<00:21:54.580> these<00:21:54.940> units<00:21:55.360> and<00:21:55.480> we<00:21:55.570> start 00:21:55.799 --> 00:21:55.809 align:start position:0% of these these units and we start 00:21:55.809 --> 00:21:57.660 align:start position:0% of these these units and we start trading<00:21:56.500> them<00:21:56.770> with<00:21:56.890> each<00:21:57.010> other<00:21:57.160> so<00:21:57.460> sort<00:21:57.640> of 00:21:57.660 --> 00:21:57.670 align:start position:0% trading them with each other so sort of 00:21:57.670 --> 00:21:59.910 align:start position:0% trading them with each other so sort of like<00:21:57.790> a<00:21:57.820> barter<00:21:58.300> trade<00:21:58.570> if<00:21:58.809> you<00:21:58.960> will 00:21:59.910 --> 00:21:59.920 align:start position:0% like a barter trade if you will 00:21:59.920 --> 00:22:02.490 align:start position:0% like a barter trade if you will well<00:22:00.760> that<00:22:00.940> that<00:22:01.330> essentially<00:22:01.720> does<00:22:01.990> work<00:22:02.290> but 00:22:02.490 --> 00:22:02.500 align:start position:0% well that that essentially does work but 00:22:02.500 --> 00:22:03.990 align:start position:0% well that that essentially does work but there's<00:22:02.679> there's<00:22:02.890> a<00:22:03.040> lot<00:22:03.070> of<00:22:03.280> limitations<00:22:03.700> to 00:22:03.990 --> 00:22:04.000 align:start position:0% there's there's a lot of limitations to 00:22:04.000 --> 00:22:05.669 align:start position:0% there's there's a lot of limitations to it<00:22:04.300> right<00:22:04.510> and<00:22:04.630> so<00:22:04.720> when<00:22:05.110> we<00:22:05.260> say<00:22:05.380> you<00:22:05.559> know 00:22:05.669 --> 00:22:05.679 align:start position:0% it right and so when we say you know 00:22:05.679 --> 00:22:07.230 align:start position:0% it right and so when we say you know there's<00:22:05.860> a<00:22:05.919> lot<00:22:06.040> of<00:22:06.070> these<00:22:06.220> ideas<00:22:06.400> that<00:22:06.700> I<00:22:07.059> you 00:22:07.230 --> 00:22:07.240 align:start position:0% there's a lot of these ideas that I you 00:22:07.240 --> 00:22:08.330 align:start position:0% there's a lot of these ideas that I you know<00:22:07.419> even<00:22:07.570> the<00:22:07.809> movement<00:22:08.050> that 00:22:08.330 --> 00:22:08.340 align:start position:0% know even the movement that 00:22:08.340 --> 00:22:09.560 align:start position:0% know even the movement that I'm<00:22:08.400> from<00:22:08.610> Missouri<00:22:08.730> round<00:22:09.090> community 00:22:09.560 --> 00:22:09.570 align:start position:0% I'm from Missouri round community 00:22:09.570 --> 00:22:11.570 align:start position:0% I'm from Missouri round community currencies<00:22:10.020> has<00:22:10.529> this<00:22:10.740> beautiful<00:22:11.159> idea<00:22:11.250> that 00:22:11.570 --> 00:22:11.580 align:start position:0% currencies has this beautiful idea that 00:22:11.580 --> 00:22:14.510 align:start position:0% currencies has this beautiful idea that well<00:22:12.179> money<00:22:13.020> is<00:22:13.110> about<00:22:13.289> trust<00:22:13.650> right<00:22:14.010> like<00:22:14.400> we 00:22:14.510 --> 00:22:14.520 align:start position:0% well money is about trust right like we 00:22:14.520 --> 00:22:16.220 align:start position:0% well money is about trust right like we can<00:22:14.669> we<00:22:14.880> if<00:22:15.059> we<00:22:15.270> trust<00:22:15.570> each<00:22:15.720> other<00:22:15.840> we<00:22:16.110> can 00:22:16.220 --> 00:22:16.230 align:start position:0% can we if we trust each other we can 00:22:16.230 --> 00:22:18.919 align:start position:0% can we if we trust each other we can create<00:22:16.470> systems<00:22:16.950> to<00:22:17.460> trade<00:22:17.789> or<00:22:18.240> and<00:22:18.600> share 00:22:18.919 --> 00:22:18.929 align:start position:0% create systems to trade or and share 00:22:18.929 --> 00:22:20.390 align:start position:0% create systems to trade or and share with<00:22:19.080> each<00:22:19.230> other<00:22:19.440> and<00:22:19.620> we<00:22:19.740> shouldn't<00:22:20.010> really 00:22:20.390 --> 00:22:20.400 align:start position:0% with each other and we shouldn't really 00:22:20.400 --> 00:22:22.240 align:start position:0% with each other and we shouldn't really have<00:22:20.610> limitations<00:22:21.270> like<00:22:21.570> money<00:22:21.779> is<00:22:21.929> like<00:22:22.110> a 00:22:22.240 --> 00:22:22.250 align:start position:0% have limitations like money is like a 00:22:22.250 --> 00:22:24.620 align:start position:0% have limitations like money is like a measurement<00:22:23.250> tool<00:22:23.520> right<00:22:23.760> like<00:22:23.909> so<00:22:24.120> if<00:22:24.360> if 00:22:24.620 --> 00:22:24.630 align:start position:0% measurement tool right like so if if 00:22:24.630 --> 00:22:26.480 align:start position:0% measurement tool right like so if if your<00:22:24.900> builder<00:22:25.260> says<00:22:25.500> I'm<00:22:25.650> I<00:22:25.860> ran<00:22:26.190> out<00:22:26.370> of 00:22:26.480 --> 00:22:26.490 align:start position:0% your builder says I'm I ran out of 00:22:26.490 --> 00:22:28.220 align:start position:0% your builder says I'm I ran out of centimeters<00:22:27.000> that<00:22:27.450> doesn't<00:22:27.720> make<00:22:27.779> sense 00:22:28.220 --> 00:22:28.230 align:start position:0% centimeters that doesn't make sense 00:22:28.230 --> 00:22:29.779 align:start position:0% centimeters that doesn't make sense you<00:22:28.440> can<00:22:28.559> run<00:22:28.710> out<00:22:28.830> of<00:22:28.860> wood<00:22:29.159> you<00:22:29.429> can<00:22:29.549> run<00:22:29.700> out 00:22:29.779 --> 00:22:29.789 align:start position:0% you can run out of wood you can run out 00:22:29.789 --> 00:22:31.070 align:start position:0% you can run out of wood you can run out of<00:22:29.850> inches<00:22:30.210> but<00:22:30.240> you<00:22:30.480> can't<00:22:30.690> run<00:22:30.840> out<00:22:30.870> of 00:22:31.070 --> 00:22:31.080 align:start position:0% of inches but you can't run out of 00:22:31.080 --> 00:22:32.000 align:start position:0% of inches but you can't run out of centimeters<00:22:31.559> right 00:22:32.000 --> 00:22:32.010 align:start position:0% centimeters right 00:22:32.010 --> 00:22:33.950 align:start position:0% centimeters right and<00:22:32.190> so<00:22:32.429> if<00:22:32.700> money<00:22:33.150> is<00:22:33.270> about<00:22:33.539> trust<00:22:33.840> it's 00:22:33.950 --> 00:22:33.960 align:start position:0% and so if money is about trust it's 00:22:33.960 --> 00:22:35.750 align:start position:0% and so if money is about trust it's about<00:22:34.020> measuring<00:22:34.409> reciprocity<00:22:35.070> in<00:22:35.640> a 00:22:35.750 --> 00:22:35.760 align:start position:0% about measuring reciprocity in a 00:22:35.760 --> 00:22:38.120 align:start position:0% about measuring reciprocity in a community<00:22:36.150> well<00:22:36.270> that's<00:22:36.740> that<00:22:37.740> makes<00:22:37.919> sense 00:22:38.120 --> 00:22:38.130 align:start position:0% community well that's that makes sense 00:22:38.130 --> 00:22:40.130 align:start position:0% community well that's that makes sense we<00:22:38.250> can<00:22:38.460> create<00:22:38.820> these<00:22:39.120> money<00:22:39.390> supplies<00:22:39.779> based 00:22:40.130 --> 00:22:40.140 align:start position:0% we can create these money supplies based 00:22:40.140 --> 00:22:42.830 align:start position:0% we can create these money supplies based on<00:22:40.289> trust<00:22:40.590> but<00:22:40.679> now<00:22:40.890> we<00:22:40.950> need<00:22:41.190> systems<00:22:41.840> to 00:22:42.830 --> 00:22:42.840 align:start position:0% on trust but now we need systems to 00:22:42.840 --> 00:22:45.470 align:start position:0% on trust but now we need systems to trust<00:22:43.770> those<00:22:44.220> trusted<00:22:44.700> parties<00:22:45.059> right<00:22:45.330> so 00:22:45.470 --> 00:22:45.480 align:start position:0% trust those trusted parties right so 00:22:45.480 --> 00:22:47.870 align:start position:0% trust those trusted parties right so this<00:22:45.659> whole<00:22:45.809> idea<00:22:45.929> of<00:22:46.279> you<00:22:47.279> know<00:22:47.399> mutually 00:22:47.870 --> 00:22:47.880 align:start position:0% this whole idea of you know mutually 00:22:47.880 --> 00:22:50.180 align:start position:0% this whole idea of you know mutually suspicious<00:22:48.480> actors<00:22:48.990> coming<00:22:49.470> together<00:22:49.649> and 00:22:50.180 --> 00:22:50.190 align:start position:0% suspicious actors coming together and 00:22:50.190 --> 00:22:52.310 align:start position:0% suspicious actors coming together and saying<00:22:50.399> well<00:22:50.669> we've<00:22:51.539> created<00:22:51.779> a<00:22:51.960> currency 00:22:52.310 --> 00:22:52.320 align:start position:0% saying well we've created a currency 00:22:52.320 --> 00:22:53.810 align:start position:0% saying well we've created a currency over<00:22:52.500> here<00:22:52.679> we've<00:22:52.919> created<00:22:53.159> one<00:22:53.399> over<00:22:53.520> here 00:22:53.810 --> 00:22:53.820 align:start position:0% over here we've created one over here 00:22:53.820 --> 00:22:55.940 align:start position:0% over here we've created one over here how<00:22:54.090> how<00:22:54.630> do<00:22:54.690> they<00:22:54.929> reach<00:22:55.110> consensus<00:22:55.679> what<00:22:55.860> are 00:22:55.940 --> 00:22:55.950 align:start position:0% how how do they reach consensus what are 00:22:55.950 --> 00:22:58.310 align:start position:0% how how do they reach consensus what are those<00:22:56.039> protocols<00:22:56.669> that<00:22:57.659> give<00:22:57.960> them<00:22:58.169> the 00:22:58.310 --> 00:22:58.320 align:start position:0% those protocols that give them the 00:22:58.320 --> 00:23:00.350 align:start position:0% those protocols that give them the ability<00:22:58.409> to<00:22:58.710> reach<00:22:58.950> consensus<00:22:59.549> and<00:22:59.789> and<00:23:00.210> so 00:23:00.350 --> 00:23:00.360 align:start position:0% ability to reach consensus and and so 00:23:00.360 --> 00:23:01.639 align:start position:0% ability to reach consensus and and so that's<00:23:00.480> what's<00:23:00.779> really<00:23:01.080> exciting<00:23:01.289> about 00:23:01.639 --> 00:23:01.649 align:start position:0% that's what's really exciting about 00:23:01.649 --> 00:23:03.560 align:start position:0% that's what's really exciting about blockchain<00:23:01.950> is<00:23:02.250> that<00:23:02.429> well<00:23:02.820> we<00:23:02.940> can<00:23:03.120> pin<00:23:03.390> those 00:23:03.560 --> 00:23:03.570 align:start position:0% blockchain is that well we can pin those 00:23:03.570 --> 00:23:05.480 align:start position:0% blockchain is that well we can pin those down<00:23:03.809> we<00:23:04.049> can<00:23:04.169> write<00:23:04.440> those<00:23:04.649> into<00:23:04.919> a<00:23:04.950> contract 00:23:05.480 --> 00:23:05.490 align:start position:0% down we can write those into a contract 00:23:05.490 --> 00:23:07.700 align:start position:0% down we can write those into a contract we<00:23:05.970> can<00:23:06.120> actually<00:23:06.299> say<00:23:06.720> okay<00:23:07.110> we're<00:23:07.590> gonna 00:23:07.700 --> 00:23:07.710 align:start position:0% we can actually say okay we're gonna 00:23:07.710 --> 00:23:09.769 align:start position:0% we can actually say okay we're gonna create<00:23:08.070> a<00:23:08.130> basic<00:23:08.520> layer<00:23:08.730> that<00:23:09.029> every 00:23:09.769 --> 00:23:09.779 align:start position:0% create a basic layer that every 00:23:09.779 --> 00:23:11.720 align:start position:0% create a basic layer that every community<00:23:10.289> across<00:23:10.380> Red<00:23:10.830> Cross<00:23:11.070> you<00:23:11.460> know<00:23:11.549> that 00:23:11.720 --> 00:23:11.730 align:start position:0% community across Red Cross you know that 00:23:11.730 --> 00:23:13.730 align:start position:0% community across Red Cross you know that across<00:23:12.090> the<00:23:12.270> world<00:23:12.480> like<00:23:12.659> post<00:23:12.899> cash<00:23:13.260> transfer 00:23:13.730 --> 00:23:13.740 align:start position:0% across the world like post cash transfer 00:23:13.740 --> 00:23:15.230 align:start position:0% across the world like post cash transfer programs<00:23:14.130> for<00:23:14.309> instance<00:23:14.549> and<00:23:14.700> Adam<00:23:14.970> can<00:23:15.090> talk 00:23:15.230 --> 00:23:15.240 align:start position:0% programs for instance and Adam can talk 00:23:15.240 --> 00:23:16.730 align:start position:0% programs for instance and Adam can talk about<00:23:15.419> that<00:23:15.539> but<00:23:15.659> how<00:23:16.169> are<00:23:16.440> all<00:23:16.649> these 00:23:16.730 --> 00:23:16.740 align:start position:0% about that but how are all these 00:23:16.740 --> 00:23:18.470 align:start position:0% about that but how are all these communities<00:23:17.130> gonna<00:23:17.279> frickin<00:23:17.820> agree<00:23:18.240> with 00:23:18.470 --> 00:23:18.480 align:start position:0% communities gonna frickin agree with 00:23:18.480 --> 00:23:20.210 align:start position:0% communities gonna frickin agree with each<00:23:18.600> other<00:23:18.809> on<00:23:19.020> how<00:23:19.529> to<00:23:19.590> create<00:23:20.070> their 00:23:20.210 --> 00:23:20.220 align:start position:0% each other on how to create their 00:23:20.220 --> 00:23:22.399 align:start position:0% each other on how to create their currencies<00:23:20.669> and<00:23:20.940> and<00:23:21.600> a<00:23:21.720> big<00:23:21.899> piece<00:23:22.169> of<00:23:22.200> that 00:23:22.399 --> 00:23:22.409 align:start position:0% currencies and and a big piece of that 00:23:22.409 --> 00:23:25.880 align:start position:0% currencies and and a big piece of that is<00:23:22.830> the<00:23:23.100> idea<00:23:23.429> of<00:23:24.049> reserve<00:23:25.049> is<00:23:25.320> still<00:23:25.529> there 00:23:25.880 --> 00:23:25.890 align:start position:0% is the idea of reserve is still there 00:23:25.890 --> 00:23:27.200 align:start position:0% is the idea of reserve is still there there's<00:23:26.130> this<00:23:26.309> still<00:23:26.520> idea<00:23:26.789> of<00:23:26.880> like<00:23:27.000> what 00:23:27.200 --> 00:23:27.210 align:start position:0% there's this still idea of like what 00:23:27.210 --> 00:23:29.149 align:start position:0% there's this still idea of like what collateral<00:23:27.510> arises<00:23:28.140> that<00:23:28.260> what<00:23:28.529> what<00:23:28.919> is<00:23:29.010> that 00:23:29.149 --> 00:23:29.159 align:start position:0% collateral arises that what what is that 00:23:29.159 --> 00:23:31.490 align:start position:0% collateral arises that what what is that trust<00:23:29.399> based<00:23:29.700> on<00:23:29.970> and<00:23:30.210> so<00:23:30.690> there's<00:23:30.929> you<00:23:31.409> know 00:23:31.490 --> 00:23:31.500 align:start position:0% trust based on and so there's you know 00:23:31.500 --> 00:23:33.769 align:start position:0% trust based on and so there's you know there<00:23:31.679> in<00:23:32.610> some<00:23:32.909> cases<00:23:33.090> you<00:23:33.299> might<00:23:33.450> call<00:23:33.600> it<00:23:33.690> a 00:23:33.769 --> 00:23:33.779 align:start position:0% there in some cases you might call it a 00:23:33.779 --> 00:23:35.149 align:start position:0% there in some cases you might call it a kind<00:23:33.899> of<00:23:33.960> a<00:23:34.049> bootstrapping<00:23:34.529> problem<00:23:34.980> but 00:23:35.149 --> 00:23:35.159 align:start position:0% kind of a bootstrapping problem but 00:23:35.159 --> 00:23:38.419 align:start position:0% kind of a bootstrapping problem but essentially<00:23:36.090> if<00:23:36.450> if<00:23:36.990> the<00:23:37.500> trust<00:23:37.799> is<00:23:37.950> based<00:23:38.190> on 00:23:38.419 --> 00:23:38.429 align:start position:0% essentially if if the trust is based on 00:23:38.429 --> 00:23:42.080 align:start position:0% essentially if if the trust is based on this<00:23:38.640> group<00:23:39.210> here<00:23:39.570> and<00:23:40.730> you<00:23:41.730> know<00:23:41.850> this 00:23:42.080 --> 00:23:42.090 align:start position:0% this group here and you know this 00:23:42.090 --> 00:23:44.060 align:start position:0% this group here and you know this gentleman<00:23:42.330> hears<00:23:42.779> business<00:23:43.200> breaks<00:23:43.440> down<00:23:43.679> and 00:23:44.060 --> 00:23:44.070 align:start position:0% gentleman hears business breaks down and 00:23:44.070 --> 00:23:45.950 align:start position:0% gentleman hears business breaks down and it<00:23:44.190> was<00:23:44.340> the<00:23:44.580> key<00:23:44.850> element<00:23:45.149> holding<00:23:45.809> that 00:23:45.950 --> 00:23:45.960 align:start position:0% it was the key element holding that 00:23:45.960 --> 00:23:47.720 align:start position:0% it was the key element holding that trust<00:23:46.320> together<00:23:46.679> things<00:23:47.279> can<00:23:47.460> fall<00:23:47.640> apart 00:23:47.720 --> 00:23:47.730 align:start position:0% trust together things can fall apart 00:23:47.730 --> 00:23:49.610 align:start position:0% trust together things can fall apart quite<00:23:48.059> quickly<00:23:48.330> and<00:23:48.539> so<00:23:48.659> the<00:23:48.990> concept<00:23:49.529> of 00:23:49.610 --> 00:23:49.620 align:start position:0% quite quickly and so the concept of 00:23:49.620 --> 00:23:51.799 align:start position:0% quite quickly and so the concept of collateral<00:23:50.010> like<00:23:50.429> all<00:23:50.669> Unchained<00:23:51.270> collateral 00:23:51.799 --> 00:23:51.809 align:start position:0% collateral like all Unchained collateral 00:23:51.809 --> 00:23:53.269 align:start position:0% collateral like all Unchained collateral like<00:23:51.960> Garrett<00:23:52.350> like<00:23:52.500> if<00:23:52.710> I'm<00:23:52.860> holding<00:23:53.070> this 00:23:53.269 --> 00:23:53.279 align:start position:0% like Garrett like if I'm holding this 00:23:53.279 --> 00:23:54.500 align:start position:0% like Garrett like if I'm holding this piece<00:23:53.460> of<00:23:53.610> paper<00:23:53.789> and<00:23:53.970> we<00:23:54.059> used<00:23:54.179> to<00:23:54.210> print 00:23:54.500 --> 00:23:54.510 align:start position:0% piece of paper and we used to print 00:23:54.510 --> 00:23:56.480 align:start position:0% piece of paper and we used to print newspaper<00:23:54.929> like<00:23:55.529> a<00:23:55.559> 20<00:23:55.919> shilling<00:23:56.220> note<00:23:56.340> we 00:23:56.480 --> 00:23:56.490 align:start position:0% newspaper like a 20 shilling note we 00:23:56.490 --> 00:23:57.980 align:start position:0% newspaper like a 20 shilling note we would<00:23:56.610> print<00:23:56.789> them<00:23:56.909> ourselves<00:23:57.330> right<00:23:57.480> they 00:23:57.980 --> 00:23:57.990 align:start position:0% would print them ourselves right they 00:23:57.990 --> 00:23:59.659 align:start position:0% would print them ourselves right they would<00:23:58.140> change<00:23:58.320> hands<00:23:58.559> twice<00:23:58.799> a<00:23:58.830> day<00:23:59.039> that<00:23:59.220> one 00:23:59.659 --> 00:23:59.669 align:start position:0% would change hands twice a day that one 00:23:59.669 --> 00:24:02.389 align:start position:0% would change hands twice a day that one 20<00:24:00.210> shillings<00:24:00.480> was<00:24:00.779> providing<00:24:01.409> 700<00:24:01.919> meals<00:24:02.100> a 00:24:02.389 --> 00:24:02.399 align:start position:0% 20 shillings was providing 700 meals a 00:24:02.399 --> 00:24:03.830 align:start position:0% 20 shillings was providing 700 meals a year<00:24:02.610> which<00:24:02.700> is<00:24:02.730> insane<00:24:03.240> to<00:24:03.270> think<00:24:03.630> about 00:24:03.830 --> 00:24:03.840 align:start position:0% year which is insane to think about 00:24:03.840 --> 00:24:05.299 align:start position:0% year which is insane to think about people<00:24:04.470> are<00:24:04.559> not<00:24:04.710> eating<00:24:04.890> because<00:24:05.190> they're 00:24:05.299 --> 00:24:05.309 align:start position:0% people are not eating because they're 00:24:05.309 --> 00:24:07.279 align:start position:0% people are not eating because they're missing<00:24:05.669> a<00:24:05.730> piece<00:24:05.850> of<00:24:05.909> paper<00:24:06.120> right<00:24:06.630> now<00:24:06.809> like 00:24:07.279 --> 00:24:07.289 align:start position:0% missing a piece of paper right now like 00:24:07.289 --> 00:24:10.370 align:start position:0% missing a piece of paper right now like billions<00:24:08.010> of<00:24:08.220> people<00:24:08.549> are<00:24:08.730> not<00:24:09.480> sending<00:24:10.169> their 00:24:10.370 --> 00:24:10.380 align:start position:0% billions of people are not sending their 00:24:10.380 --> 00:24:11.510 align:start position:0% billions of people are not sending their kids<00:24:10.500> to<00:24:10.620> school<00:24:10.679> because<00:24:10.950> they're<00:24:11.159> missing 00:24:11.510 --> 00:24:11.520 align:start position:0% kids to school because they're missing 00:24:11.520 --> 00:24:13.130 align:start position:0% kids to school because they're missing pieces<00:24:11.700> of<00:24:11.820> paper<00:24:12.120> it's<00:24:12.419> it's<00:24:12.809> really<00:24:12.990> a<00:24:13.020> weird 00:24:13.130 --> 00:24:13.140 align:start position:0% pieces of paper it's it's really a weird 00:24:13.140 --> 00:24:15.680 align:start position:0% pieces of paper it's it's really a weird thing<00:24:13.440> but<00:24:13.980> if<00:24:14.279> he<00:24:14.580> Britain<00:24:15.000> backs<00:24:15.299> out<00:24:15.539> of 00:24:15.680 --> 00:24:15.690 align:start position:0% thing but if he Britain backs out of 00:24:15.690 --> 00:24:18.830 align:start position:0% thing but if he Britain backs out of that<00:24:15.809> system<00:24:16.100> well<00:24:17.100> what's<00:24:17.730> the<00:24:17.909> risk<00:24:18.149> now<00:24:18.659> so 00:24:18.830 --> 00:24:18.840 align:start position:0% that system well what's the risk now so 00:24:18.840 --> 00:24:21.770 align:start position:0% that system well what's the risk now so that<00:24:19.169> we<00:24:19.679> need<00:24:19.799> to<00:24:19.980> sort<00:24:20.159> of<00:24:20.780> collateralize 00:24:21.770 --> 00:24:21.780 align:start position:0% that we need to sort of collateralize 00:24:21.780 --> 00:24:22.100 align:start position:0% that we need to sort of collateralize that 00:24:22.100 --> 00:24:22.110 align:start position:0% that 00:24:22.110 --> 00:24:23.990 align:start position:0% that risk<00:24:22.260> somehow<00:24:22.830> and<00:24:23.100> come<00:24:23.370> up<00:24:23.490> with<00:24:23.580> agreement 00:24:23.990 --> 00:24:24.000 align:start position:0% risk somehow and come up with agreement 00:24:24.000 --> 00:24:25.220 align:start position:0% risk somehow and come up with agreement so<00:24:24.120> there's<00:24:24.270> there's<00:24:24.660> a<00:24:24.720> set<00:24:24.929> of<00:24:25.020> protocols 00:24:25.220 --> 00:24:25.230 align:start position:0% so there's there's a set of protocols 00:24:25.230 --> 00:24:27.169 align:start position:0% so there's there's a set of protocols that<00:24:25.710> we're<00:24:25.830> working<00:24:25.980> with<00:24:26.220> they're<00:24:26.910> they're 00:24:27.169 --> 00:24:27.179 align:start position:0% that we're working with they're they're 00:24:27.179 --> 00:24:28.490 align:start position:0% that we're working with they're they're based<00:24:27.330> on<00:24:27.450> what<00:24:27.600> are<00:24:27.660> called<00:24:27.690> bonding<00:24:28.200> curves 00:24:28.490 --> 00:24:28.500 align:start position:0% based on what are called bonding curves 00:24:28.500 --> 00:24:31.549 align:start position:0% based on what are called bonding curves so<00:24:28.770> the<00:24:29.370> the<00:24:29.640> the<00:24:29.670> credit<00:24:30.420> the<00:24:30.900> credit<00:24:31.290> that<00:24:31.320> we 00:24:31.549 --> 00:24:31.559 align:start position:0% so the the the credit the credit that we 00:24:31.559 --> 00:24:33.950 align:start position:0% so the the the credit the credit that we create<00:24:31.980> is<00:24:32.220> elastic<00:24:33.059> around<00:24:33.210> something<00:24:33.660> you 00:24:33.950 --> 00:24:33.960 align:start position:0% create is elastic around something you 00:24:33.960 --> 00:24:37.100 align:start position:0% create is elastic around something you know<00:24:34.290> it's<00:24:34.440> elastic<00:24:34.770> around<00:24:35.900> Tomatoes<00:24:36.900> in 00:24:37.100 --> 00:24:37.110 align:start position:0% know it's elastic around Tomatoes in 00:24:37.110 --> 00:24:38.720 align:start position:0% know it's elastic around Tomatoes in terms<00:24:37.290> of<00:24:37.410> a<00:24:37.470> social<00:24:37.650> credit<00:24:38.130> but<00:24:38.460> it's<00:24:38.580> also 00:24:38.720 --> 00:24:38.730 align:start position:0% terms of a social credit but it's also 00:24:38.730 --> 00:24:40.460 align:start position:0% terms of a social credit but it's also elastic<00:24:39.150> around<00:24:39.480> some<00:24:39.780> sort<00:24:39.960> of<00:24:39.990> reserve<00:24:40.290> and 00:24:40.460 --> 00:24:40.470 align:start position:0% elastic around some sort of reserve and 00:24:40.470 --> 00:24:42.830 align:start position:0% elastic around some sort of reserve and as<00:24:41.040> a<00:24:41.220> default<00:24:41.790> right<00:24:42.030> now<00:24:42.210> we're<00:24:42.720> basically 00:24:42.830 --> 00:24:42.840 align:start position:0% as a default right now we're basically 00:24:42.840 --> 00:24:45.080 align:start position:0% as a default right now we're basically using<00:24:43.200> Kenyan<00:24:44.160> shillings<00:24:44.340> we're<00:24:44.670> converting 00:24:45.080 --> 00:24:45.090 align:start position:0% using Kenyan shillings we're converting 00:24:45.090 --> 00:24:47.390 align:start position:0% using Kenyan shillings we're converting that<00:24:45.179> to<00:24:45.330> die<00:24:45.540> right<00:24:45.870> now<00:24:46.049> as<00:24:46.320> a<00:24:46.620> piece<00:24:47.100> of<00:24:47.309> that 00:24:47.390 --> 00:24:47.400 align:start position:0% that to die right now as a piece of that 00:24:47.400 --> 00:24:49.460 align:start position:0% that to die right now as a piece of that collateral<00:24:47.790> red<00:24:48.480> cross<00:24:48.720> is<00:24:48.960> involved<00:24:49.350> in 00:24:49.460 --> 00:24:49.470 align:start position:0% collateral red cross is involved in 00:24:49.470 --> 00:24:51.680 align:start position:0% collateral red cross is involved in coming<00:24:50.010> in<00:24:50.130> ceding<00:24:50.670> some<00:24:50.880> of<00:24:51.030> that<00:24:51.150> in<00:24:51.450> some<00:24:51.600> of 00:24:51.680 --> 00:24:51.690 align:start position:0% coming in ceding some of that in some of 00:24:51.690 --> 00:24:52.970 align:start position:0% coming in ceding some of that in some of these<00:24:51.750> community<00:24:52.290> can<00:24:52.440> also<00:24:52.530> contribute 00:24:52.970 --> 00:24:52.980 align:start position:0% these community can also contribute 00:24:52.980 --> 00:24:54.409 align:start position:0% these community can also contribute their<00:24:53.250> own<00:24:53.280> so<00:24:53.490> this<00:24:53.610> is<00:24:53.760> sort<00:24:54.240> of<00:24:54.330> a 00:24:54.409 --> 00:24:54.419 align:start position:0% their own so this is sort of a 00:24:54.419 --> 00:24:57.020 align:start position:0% their own so this is sort of a bootstrapping<00:24:54.900> mechanism<00:24:55.500> now<00:24:56.000> reaching<00:24:57.000> the 00:24:57.020 --> 00:24:57.030 align:start position:0% bootstrapping mechanism now reaching the 00:24:57.030 --> 00:24:59.150 align:start position:0% bootstrapping mechanism now reaching the scale<00:24:57.960> of<00:24:58.230> things<00:24:58.470> like<00:24:58.710> two<00:24:58.860> point<00:24:59.070> five 00:24:59.150 --> 00:24:59.160 align:start position:0% scale of things like two point five 00:24:59.160 --> 00:25:00.680 align:start position:0% scale of things like two point five trillion<00:24:59.460> certainly<00:24:59.940> we<00:25:00.090> don't<00:25:00.210> want<00:25:00.419> that<00:25:00.540> in 00:25:00.680 --> 00:25:00.690 align:start position:0% trillion certainly we don't want that in 00:25:00.690 --> 00:25:02.210 align:start position:0% trillion certainly we don't want that in terms<00:25:00.870> of<00:25:01.020> debt<00:25:01.200> but<00:25:01.590> there's<00:25:01.740> got<00:25:01.919> to<00:25:02.010> be<00:25:02.040> some 00:25:02.210 --> 00:25:02.220 align:start position:0% terms of debt but there's got to be some 00:25:02.220 --> 00:25:04.190 align:start position:0% terms of debt but there's got to be some sort<00:25:02.370> of<00:25:02.520> trust<00:25:02.940> and<00:25:03.150> collateral<00:25:03.690> mechanisms 00:25:04.190 --> 00:25:04.200 align:start position:0% sort of trust and collateral mechanisms 00:25:04.200 --> 00:25:06.470 align:start position:0% sort of trust and collateral mechanisms to<00:25:04.440> that<00:25:04.650> and<00:25:04.890> so<00:25:05.250> as<00:25:05.460> we<00:25:05.700> start<00:25:05.730> scaling<00:25:06.179> these 00:25:06.470 --> 00:25:06.480 align:start position:0% to that and so as we start scaling these 00:25:06.480 --> 00:25:08.240 align:start position:0% to that and so as we start scaling these things<00:25:06.780> up<00:25:06.929> we<00:25:07.049> have<00:25:07.140> to<00:25:07.260> think<00:25:07.500> ahead<00:25:07.830> the<00:25:08.190> you 00:25:08.240 --> 00:25:08.250 align:start position:0% things up we have to think ahead the you 00:25:08.250 --> 00:25:10.070 align:start position:0% things up we have to think ahead the you know<00:25:08.370> the<00:25:08.460> next<00:25:08.640> five<00:25:08.880> years<00:25:08.910> how<00:25:09.780> do<00:25:09.840> we 00:25:10.070 --> 00:25:10.080 align:start position:0% know the next five years how do we 00:25:10.080 --> 00:25:12.950 align:start position:0% know the next five years how do we create<00:25:10.320> those<00:25:11.250> scales<00:25:11.790> within<00:25:12.270> communities 00:25:12.950 --> 00:25:12.960 align:start position:0% create those scales within communities 00:25:12.960 --> 00:25:15.049 align:start position:0% create those scales within communities and<00:25:13.260> how<00:25:13.860> do<00:25:13.919> we<00:25:14.070> create<00:25:14.250> the<00:25:14.370> trust<00:25:14.610> and<00:25:14.970> the 00:25:15.049 --> 00:25:15.059 align:start position:0% and how do we create the trust and the 00:25:15.059 --> 00:25:16.340 align:start position:0% and how do we create the trust and the protocols<00:25:15.540> that<00:25:15.690> connect<00:25:15.990> them<00:25:16.080> to<00:25:16.260> each 00:25:16.340 --> 00:25:16.350 align:start position:0% protocols that connect them to each 00:25:16.350 --> 00:25:18.380 align:start position:0% protocols that connect them to each other<00:25:16.470> thank<00:25:17.220> you<00:25:17.400> I'd<00:25:17.730> like<00:25:17.850> to<00:25:17.910> ask<00:25:18.090> each<00:25:18.240> of 00:25:18.380 --> 00:25:18.390 align:start position:0% other thank you I'd like to ask each of 00:25:18.390 --> 00:25:21.409 align:start position:0% other thank you I'd like to ask each of you<00:25:18.450> and<00:25:18.840> the<00:25:19.530> same<00:25:19.710> question<00:25:20.220> I<00:25:20.429> guess<00:25:21.120> just 00:25:21.409 --> 00:25:21.419 align:start position:0% you and the same question I guess just 00:25:21.419 --> 00:25:23.690 align:start position:0% you and the same question I guess just before<00:25:21.900> that<00:25:22.049> a<00:25:22.080> note<00:25:22.380> on<00:25:22.410> on<00:25:22.890> trust<00:25:23.340> this 00:25:23.690 --> 00:25:23.700 align:start position:0% before that a note on on trust this 00:25:23.700 --> 00:25:26.240 align:start position:0% before that a note on on trust this seems<00:25:23.940> to<00:25:24.150> be<00:25:24.270> something<00:25:24.540> that<00:25:24.809> all<00:25:25.350> of<00:25:25.919> you 00:25:26.240 --> 00:25:26.250 align:start position:0% seems to be something that all of you 00:25:26.250 --> 00:25:28.640 align:start position:0% seems to be something that all of you are<00:25:26.280> concerned<00:25:27.090> with<00:25:27.270> and<00:25:27.570> again<00:25:28.169> an<00:25:28.290> outsider 00:25:28.640 --> 00:25:28.650 align:start position:0% are concerned with and again an outsider 00:25:28.650 --> 00:25:29.750 align:start position:0% are concerned with and again an outsider could<00:25:28.890> say<00:25:29.040> well<00:25:29.190> there's<00:25:29.370> nothing 00:25:29.750 --> 00:25:29.760 align:start position:0% could say well there's nothing 00:25:29.760 --> 00:25:33.230 align:start position:0% could say well there's nothing inherently<00:25:30.480> a<00:25:31.700> blockchain<00:25:32.700> does<00:25:33.090> not 00:25:33.230 --> 00:25:33.240 align:start position:0% inherently a blockchain does not 00:25:33.240 --> 00:25:35.090 align:start position:0% inherently a blockchain does not necessarily<00:25:33.720> create<00:25:33.990> trust<00:25:34.410> you<00:25:34.740> can<00:25:34.919> put 00:25:35.090 --> 00:25:35.100 align:start position:0% necessarily create trust you can put 00:25:35.100 --> 00:25:36.409 align:start position:0% necessarily create trust you can put lies<00:25:35.250> on<00:25:35.460> the<00:25:35.549> blockchain<00:25:35.760> you<00:25:36.059> can<00:25:36.179> deceive 00:25:36.409 --> 00:25:36.419 align:start position:0% lies on the blockchain you can deceive 00:25:36.419 --> 00:25:38.120 align:start position:0% lies on the blockchain you can deceive people<00:25:36.750> using<00:25:37.020> a<00:25:37.080> blockchain<00:25:37.290> all<00:25:37.590> of<00:25:37.740> the<00:25:37.860> the 00:25:38.120 --> 00:25:38.130 align:start position:0% people using a blockchain all of the the 00:25:38.130 --> 00:25:39.560 align:start position:0% people using a blockchain all of the the problems<00:25:38.580> that<00:25:38.730> the<00:25:38.970> SAP<00:25:39.150> social 00:25:39.560 --> 00:25:39.570 align:start position:0% problems that the SAP social 00:25:39.570 --> 00:25:41.539 align:start position:0% problems that the SAP social institutions<00:25:40.140> or<00:25:40.290> groups<00:25:40.470> of<00:25:40.590> people<00:25:40.740> can 00:25:41.539 --> 00:25:41.549 align:start position:0% institutions or groups of people can 00:25:41.549 --> 00:25:44.210 align:start position:0% institutions or groups of people can happen<00:25:41.940> on<00:25:42.090> or<00:25:42.330> off<00:25:42.510> a<00:25:42.540> blockchain<00:25:43.220> that's 00:25:44.210 --> 00:25:44.220 align:start position:0% happen on or off a blockchain that's 00:25:44.220 --> 00:25:46.070 align:start position:0% happen on or off a blockchain that's sort<00:25:44.549> of<00:25:44.610> one<00:25:45.179> of<00:25:45.210> the<00:25:45.390> key<00:25:45.540> problems<00:25:45.900> I<00:25:46.020> think 00:25:46.070 --> 00:25:46.080 align:start position:0% sort of one of the key problems I think 00:25:46.080 --> 00:25:48.190 align:start position:0% sort of one of the key problems I think and<00:25:46.590> also<00:25:47.190> there's<00:25:47.429> this<00:25:47.580> tension<00:25:47.880> between 00:25:48.190 --> 00:25:48.200 align:start position:0% and also there's this tension between 00:25:48.200 --> 00:25:50.659 align:start position:0% and also there's this tension between separating<00:25:49.200> from<00:25:49.410> traditional<00:25:50.190> financial 00:25:50.659 --> 00:25:50.669 align:start position:0% separating from traditional financial 00:25:50.669 --> 00:25:52.970 align:start position:0% separating from traditional financial systems<00:25:51.179> but<00:25:51.780> then<00:25:51.900> having<00:25:52.320> a<00:25:52.380> reserve<00:25:52.650> that's 00:25:52.970 --> 00:25:52.980 align:start position:0% systems but then having a reserve that's 00:25:52.980 --> 00:25:54.710 align:start position:0% systems but then having a reserve that's based<00:25:53.190> very<00:25:53.460> much<00:25:53.700> in<00:25:53.910> those<00:25:54.030> systems<00:25:54.419> in<00:25:54.600> Bray 00:25:54.710 --> 00:25:54.720 align:start position:0% based very much in those systems in Bray 00:25:54.720 --> 00:25:56.659 align:start position:0% based very much in those systems in Bray is<00:25:54.900> similarly<00:25:55.770> dependent<00:25:56.250> on<00:25:56.340> those<00:25:56.460> systems 00:25:56.659 --> 00:25:56.669 align:start position:0% is similarly dependent on those systems 00:25:56.669 --> 00:25:59.900 align:start position:0% is similarly dependent on those systems and<00:25:57.919> that<00:25:58.919> will<00:25:59.010> be<00:25:59.100> one<00:25:59.220> observation<00:25:59.460> I 00:25:59.900 --> 00:25:59.910 align:start position:0% and that will be one observation I 00:25:59.910 --> 00:26:01.400 align:start position:0% and that will be one observation I imagine<00:26:00.299> people<00:26:00.330> I'm<00:26:00.720> familiar<00:26:00.900> with<00:26:01.230> this 00:26:01.400 --> 00:26:01.410 align:start position:0% imagine people I'm familiar with this 00:26:01.410 --> 00:26:03.799 align:start position:0% imagine people I'm familiar with this technology<00:26:02.400> would<00:26:02.490> make<00:26:02.669> I'd<00:26:03.360> like<00:26:03.540> to<00:26:03.660> ask 00:26:03.799 --> 00:26:03.809 align:start position:0% technology would make I'd like to ask 00:26:03.809 --> 00:26:06.169 align:start position:0% technology would make I'd like to ask each<00:26:03.990> of<00:26:04.049> you<00:26:04.230> and<00:26:04.820> imagine<00:26:05.820> it's<00:26:05.940> two<00:26:06.090> years 00:26:06.169 --> 00:26:06.179 align:start position:0% each of you and imagine it's two years 00:26:06.179 --> 00:26:07.820 align:start position:0% each of you and imagine it's two years down<00:26:06.390> the<00:26:06.570> line<00:26:06.600> and<00:26:06.990> you're<00:26:07.679> no<00:26:07.799> longer 00:26:07.820 --> 00:26:07.830 align:start position:0% down the line and you're no longer 00:26:07.830 --> 00:26:09.470 align:start position:0% down the line and you're no longer working<00:26:08.160> on<00:26:08.400> your<00:26:08.549> current<00:26:08.790> projects<00:26:09.270> your 00:26:09.470 --> 00:26:09.480 align:start position:0% working on your current projects your 00:26:09.480 --> 00:26:12.500 align:start position:0% working on your current projects your current<00:26:09.720> projects<00:26:10.110> failed<00:26:10.790> what<00:26:11.790> were<00:26:12.390> the 00:26:12.500 --> 00:26:12.510 align:start position:0% current projects failed what were the 00:26:12.510 --> 00:26:13.880 align:start position:0% current projects failed what were the reasons<00:26:12.690> that<00:26:13.049> you<00:26:13.140> would<00:26:13.260> expect<00:26:13.559> would<00:26:13.799> have 00:26:13.880 --> 00:26:13.890 align:start position:0% reasons that you would expect would have 00:26:13.890 --> 00:26:17.500 align:start position:0% reasons that you would expect would have been<00:26:14.070> most<00:26:14.429> likely<00:26:14.580> to<00:26:14.880> cause<00:26:15.030> that<00:26:15.210> failure 00:26:17.500 --> 00:26:17.510 align:start position:0% 00:26:17.510 --> 00:26:23.630 align:start position:0% well<00:26:18.510> I'm<00:26:18.809> back<00:26:19.290> in<00:26:19.470> jail<00:26:22.490> that'd<00:26:23.490> be<00:26:23.520> the 00:26:23.630 --> 00:26:23.640 align:start position:0% well I'm back in jail that'd be the 00:26:23.640 --> 00:26:25.400 align:start position:0% well I'm back in jail that'd be the default<00:26:24.090> answer<00:26:24.270> but<00:26:24.630> I<00:26:24.660> you<00:26:24.990> know<00:26:25.080> so<00:26:25.260> this 00:26:25.400 --> 00:26:25.410 align:start position:0% default answer but I you know so this 00:26:25.410 --> 00:26:27.049 align:start position:0% default answer but I you know so this for<00:26:25.830> me<00:26:25.950> that's<00:26:26.190> the<00:26:26.340> biggest<00:26:26.520> thing<00:26:26.730> it's 00:26:27.049 --> 00:26:27.059 align:start position:0% for me that's the biggest thing it's 00:26:27.059 --> 00:26:29.780 align:start position:0% for me that's the biggest thing it's like<00:26:27.210> well<00:26:27.450> how<00:26:27.690> do<00:26:28.110> we<00:26:28.440> how<00:26:29.250> do<00:26:29.309> we<00:26:29.460> bring 00:26:29.780 --> 00:26:29.790 align:start position:0% like well how do we how do we bring 00:26:29.790 --> 00:26:32.000 align:start position:0% like well how do we how do we bring along<00:26:30.090> how<00:26:30.750> do<00:26:30.809> we<00:26:30.929> integrate<00:26:31.169> in<00:26:31.620> other<00:26:31.800> words 00:26:32.000 --> 00:26:32.010 align:start position:0% along how do we integrate in other words 00:26:32.010 --> 00:26:33.950 align:start position:0% along how do we integrate in other words like<00:26:32.280> a<00:26:32.809> part<00:26:33.809> of 00:26:33.950 --> 00:26:33.960 align:start position:0% like a part of 00:26:33.960 --> 00:26:35.269 align:start position:0% like a part of this<00:26:34.080> movement<00:26:34.409> that<00:26:34.470> I've<00:26:34.590> been<00:26:34.770> part<00:26:35.039> of<00:26:35.190> it 00:26:35.269 --> 00:26:35.279 align:start position:0% this movement that I've been part of it 00:26:35.279 --> 00:26:36.769 align:start position:0% this movement that I've been part of it has<00:26:35.549> just<00:26:35.580> been<00:26:35.820> about<00:26:36.000> a<00:26:36.059> lot<00:26:36.330> of<00:26:36.419> its<00:26:36.570> in<00:26:36.750> the 00:26:36.769 --> 00:26:36.779 align:start position:0% has just been about a lot of its in the 00:26:36.779 --> 00:26:38.779 align:start position:0% has just been about a lot of its in the house<00:26:37.140> has<00:26:37.289> been<00:26:37.409> about<00:26:37.590> isolation<00:26:37.980> and<00:26:38.279> like 00:26:38.779 --> 00:26:38.789 align:start position:0% house has been about isolation and like 00:26:38.789 --> 00:26:41.590 align:start position:0% house has been about isolation and like creating<00:26:39.240> little<00:26:39.390> pocket<00:26:39.779> economies<00:26:40.320> so 00:26:41.590 --> 00:26:41.600 align:start position:0% creating little pocket economies so 00:26:41.600 --> 00:26:44.180 align:start position:0% creating little pocket economies so those<00:26:42.600> aren't<00:26:42.809> welcomed<00:26:43.350> so<00:26:43.590> much<00:26:43.830> you<00:26:44.100> know 00:26:44.180 --> 00:26:44.190 align:start position:0% those aren't welcomed so much you know 00:26:44.190 --> 00:26:45.769 align:start position:0% those aren't welcomed so much you know and<00:26:44.340> especially<00:26:44.940> like<00:26:45.120> we're<00:26:45.480> talking<00:26:45.600> about 00:26:45.769 --> 00:26:45.779 align:start position:0% and especially like we're talking about 00:26:45.779 --> 00:26:47.360 align:start position:0% and especially like we're talking about dealing<00:26:46.020> with<00:26:46.110> refugee<00:26:46.590> crisis<00:26:47.010> right<00:26:47.220> now 00:26:47.360 --> 00:26:47.370 align:start position:0% dealing with refugee crisis right now 00:26:47.370 --> 00:26:49.010 align:start position:0% dealing with refugee crisis right now and<00:26:47.610> you<00:26:47.940> don't<00:26:48.120> want<00:26:48.270> to<00:26:48.330> put<00:26:48.450> those<00:26:48.539> refugees 00:26:49.010 --> 00:26:49.020 align:start position:0% and you don't want to put those refugees 00:26:49.020 --> 00:26:50.539 align:start position:0% and you don't want to put those refugees into<00:26:49.260> bubbles<00:26:49.620> you<00:26:49.770> want<00:26:49.919> to<00:26:49.980> integrate<00:26:50.370> them 00:26:50.539 --> 00:26:50.549 align:start position:0% into bubbles you want to integrate them 00:26:50.549 --> 00:26:53.269 align:start position:0% into bubbles you want to integrate them and<00:26:50.730> so<00:26:51.090> the<00:26:51.270> the<00:26:51.510> the<00:26:52.230> work<00:26:52.890> that<00:26:53.100> we've<00:26:53.250> been 00:26:53.269 --> 00:26:53.279 align:start position:0% and so the the the work that we've been 00:26:53.279 --> 00:26:55.100 align:start position:0% and so the the the work that we've been starting<00:26:53.669> is<00:26:53.880> called<00:26:54.029> community<00:26:54.480> inclusion 00:26:55.100 --> 00:26:55.110 align:start position:0% starting is called community inclusion 00:26:55.110 --> 00:26:57.080 align:start position:0% starting is called community inclusion currencies<00:26:55.830> so<00:26:56.460> we've<00:26:56.610> been<00:26:56.730> really<00:26:56.940> pushing 00:26:57.080 --> 00:26:57.090 align:start position:0% currencies so we've been really pushing 00:26:57.090 --> 00:27:00.260 align:start position:0% currencies so we've been really pushing this<00:26:57.299> idea<00:26:57.659> that<00:26:57.899> well<00:26:58.279> to<00:26:59.279> fund<00:26:59.580> refugee 00:27:00.260 --> 00:27:00.270 align:start position:0% this idea that well to fund refugee 00:27:00.270 --> 00:27:01.909 align:start position:0% this idea that well to fund refugee movements<00:27:00.750> and<00:27:00.899> things<00:27:01.049> like<00:27:01.169> this<00:27:01.320> we<00:27:01.500> can<00:27:01.649> we 00:27:01.909 --> 00:27:01.919 align:start position:0% movements and things like this we can we 00:27:01.919 --> 00:27:05.210 align:start position:0% movements and things like this we can we can<00:27:02.070> really<00:27:02.309> create<00:27:02.850> inclusive<00:27:04.220> credit 00:27:05.210 --> 00:27:05.220 align:start position:0% can really create inclusive credit 00:27:05.220 --> 00:27:07.010 align:start position:0% can really create inclusive credit supply<00:27:05.490> and<00:27:05.789> money<00:27:05.970> supply<00:27:06.360> that<00:27:06.630> could 00:27:07.010 --> 00:27:07.020 align:start position:0% supply and money supply that could 00:27:07.020 --> 00:27:09.289 align:start position:0% supply and money supply that could actually<00:27:07.200> bring<00:27:07.649> communities<00:27:08.370> together<00:27:08.549> so 00:27:09.289 --> 00:27:09.299 align:start position:0% actually bring communities together so 00:27:09.299 --> 00:27:11.450 align:start position:0% actually bring communities together so that's<00:27:09.960> my<00:27:10.080> biggest<00:27:10.289> worry<00:27:10.559> is<00:27:10.620> how<00:27:10.980> do<00:27:11.039> we 00:27:11.450 --> 00:27:11.460 align:start position:0% that's my biggest worry is how do we 00:27:11.460 --> 00:27:13.669 align:start position:0% that's my biggest worry is how do we integrate<00:27:11.940> with<00:27:12.120> national<00:27:13.080> governments<00:27:13.350> how 00:27:13.669 --> 00:27:13.679 align:start position:0% integrate with national governments how 00:27:13.679 --> 00:27:15.529 align:start position:0% integrate with national governments how do<00:27:13.740> we<00:27:13.950> integrate<00:27:14.360> specifically<00:27:15.360> I<00:27:15.390> mean 00:27:15.529 --> 00:27:15.539 align:start position:0% do we integrate specifically I mean 00:27:15.539 --> 00:27:17.389 align:start position:0% do we integrate specifically I mean that's<00:27:15.779> kind<00:27:15.929> of<00:27:16.020> the<00:27:16.080> biggest<00:27:16.350> elephant<00:27:17.130> in 00:27:17.389 --> 00:27:17.399 align:start position:0% that's kind of the biggest elephant in 00:27:17.399 --> 00:27:21.320 align:start position:0% that's kind of the biggest elephant in the<00:27:17.490> room<00:27:17.779> and<00:27:18.779> there's<00:27:19.590> some<00:27:20.330> there's 00:27:21.320 --> 00:27:21.330 align:start position:0% the room and there's some there's 00:27:21.330 --> 00:27:23.450 align:start position:0% the room and there's some there's potential<00:27:21.929> in<00:27:22.140> that<00:27:22.169> in<00:27:22.500> that<00:27:22.740> realm<00:27:23.010> in<00:27:23.220> terms 00:27:23.450 --> 00:27:23.460 align:start position:0% potential in that in that realm in terms 00:27:23.460 --> 00:27:26.840 align:start position:0% potential in that in that realm in terms of<00:27:23.730> this<00:27:24.270> concept<00:27:24.899> of<00:27:25.049> the<00:27:25.740> space<00:27:26.159> of<00:27:26.460> reserve 00:27:26.840 --> 00:27:26.850 align:start position:0% of this concept of the space of reserve 00:27:26.850 --> 00:27:28.669 align:start position:0% of this concept of the space of reserve the<00:27:26.970> space<00:27:27.149> of<00:27:27.299> trust<00:27:27.570> and<00:27:28.049> government<00:27:28.529> does 00:27:28.669 --> 00:27:28.679 align:start position:0% the space of trust and government does 00:27:28.679 --> 00:27:31.370 align:start position:0% the space of trust and government does hold<00:27:28.980> the<00:27:29.039> space<00:27:29.279> of<00:27:29.460> trust<00:27:29.730> if<00:27:30.360> we<00:27:30.600> can<00:27:30.809> put 00:27:31.370 --> 00:27:31.380 align:start position:0% hold the space of trust if we can put 00:27:31.380 --> 00:27:33.350 align:start position:0% hold the space of trust if we can put that<00:27:31.529> trust<00:27:31.799> on<00:27:31.980> chain<00:27:32.279> in<00:27:32.700> a<00:27:32.909> way<00:27:33.029> and<00:27:33.210> make 00:27:33.350 --> 00:27:33.360 align:start position:0% that trust on chain in a way and make 00:27:33.360 --> 00:27:35.570 align:start position:0% that trust on chain in a way and make them<00:27:33.539> responsible<00:27:34.289> in<00:27:34.470> holding<00:27:34.950> part<00:27:35.520> of 00:27:35.570 --> 00:27:35.580 align:start position:0% them responsible in holding part of 00:27:35.580 --> 00:27:38.539 align:start position:0% them responsible in holding part of those<00:27:35.730> roles<00:27:36.120> and<00:27:36.480> integrate<00:27:37.230> them<00:27:37.440> into<00:27:37.710> you 00:27:38.539 --> 00:27:38.549 align:start position:0% those roles and integrate them into you 00:27:38.549 --> 00:27:41.029 align:start position:0% those roles and integrate them into you know<00:27:38.700> CDP's<00:27:39.480> or<00:27:39.659> other<00:27:39.809> sort<00:27:40.169> of<00:27:40.230> collateral 00:27:41.029 --> 00:27:41.039 align:start position:0% know CDP's or other sort of collateral 00:27:41.039 --> 00:27:44.120 align:start position:0% know CDP's or other sort of collateral mechanisms<00:27:42.320> there's<00:27:43.320> there's<00:27:43.830> some<00:27:44.010> movement 00:27:44.120 --> 00:27:44.130 align:start position:0% mechanisms there's there's some movement 00:27:44.130 --> 00:27:46.700 align:start position:0% mechanisms there's there's some movement so<00:27:45.090> you<00:27:45.179> think<00:27:45.419> this<00:27:45.539> would<00:27:45.720> have<00:27:45.840> most<00:27:46.350> likely 00:27:46.700 --> 00:27:46.710 align:start position:0% so you think this would have most likely 00:27:46.710 --> 00:27:47.570 align:start position:0% so you think this would have most likely fail<00:27:46.860> your<00:27:47.039> point<00:27:47.250> would<00:27:47.429> be<00:27:47.460> that 00:27:47.570 --> 00:27:47.580 align:start position:0% fail your point would be that 00:27:47.580 --> 00:27:49.580 align:start position:0% fail your point would be that governments<00:27:48.330> wouldn't<00:27:48.840> be<00:27:48.929> willing<00:27:49.200> to<00:27:49.350> adopt 00:27:49.580 --> 00:27:49.590 align:start position:0% governments wouldn't be willing to adopt 00:27:49.590 --> 00:27:52.760 align:start position:0% governments wouldn't be willing to adopt UC<00:27:50.220> systems<00:27:50.610> I<00:27:51.020> feel<00:27:52.020> like<00:27:52.200> what<00:27:52.620> we're<00:27:52.740> doing 00:27:52.760 --> 00:27:52.770 align:start position:0% UC systems I feel like what we're doing 00:27:52.770 --> 00:27:54.409 align:start position:0% UC systems I feel like what we're doing is<00:27:53.010> inevitable<00:27:53.520> to<00:27:53.580> some<00:27:53.850> degree<00:27:54.029> but<00:27:54.149> I<00:27:54.210> think 00:27:54.409 --> 00:27:54.419 align:start position:0% is inevitable to some degree but I think 00:27:54.419 --> 00:27:55.940 align:start position:0% is inevitable to some degree but I think they<00:27:54.480> can<00:27:54.539> really<00:27:54.779> slow<00:27:55.020> things<00:27:55.260> down<00:27:55.350> and<00:27:55.679> if 00:27:55.940 --> 00:27:55.950 align:start position:0% they can really slow things down and if 00:27:55.950 --> 00:27:57.409 align:start position:0% they can really slow things down and if we<00:27:56.100> really<00:27:56.340> want<00:27:56.549> to<00:27:56.610> move<00:27:56.730> on<00:27:56.940> things<00:27:57.270> like 00:27:57.409 --> 00:27:57.419 align:start position:0% we really want to move on things like 00:27:57.419 --> 00:27:59.389 align:start position:0% we really want to move on things like climate<00:27:57.779> change<00:27:57.809> and<00:27:58.230> produce<00:27:58.590> sustainable 00:27:59.389 --> 00:27:59.399 align:start position:0% climate change and produce sustainable 00:27:59.399 --> 00:28:01.399 align:start position:0% climate change and produce sustainable funding<00:27:59.700> mechanisms<00:28:00.240> for<00:28:00.390> these<00:28:00.480> things<00:28:00.750> like 00:28:01.399 --> 00:28:01.409 align:start position:0% funding mechanisms for these things like 00:28:01.409 --> 00:28:03.350 align:start position:0% funding mechanisms for these things like we<00:28:01.559> need<00:28:01.710> to<00:28:01.799> sort<00:28:02.010> of<00:28:02.070> make<00:28:02.669> things<00:28:02.940> happen 00:28:03.350 --> 00:28:03.360 align:start position:0% we need to sort of make things happen 00:28:03.360 --> 00:28:04.850 align:start position:0% we need to sort of make things happen right<00:28:03.510> now<00:28:03.570> you<00:28:04.080> know<00:28:04.169> in<00:28:04.289> the<00:28:04.380> next<00:28:04.590> few<00:28:04.830> years 00:28:04.850 --> 00:28:04.860 align:start position:0% right now you know in the next few years 00:28:04.860 --> 00:28:07.370 align:start position:0% right now you know in the next few years and<00:28:05.490> you<00:28:05.970> know<00:28:06.059> like<00:28:06.210> that<00:28:06.659> budget<00:28:07.110> for<00:28:07.140> the 00:28:07.370 --> 00:28:07.380 align:start position:0% and you know like that budget for the 00:28:07.380 --> 00:28:08.899 align:start position:0% and you know like that budget for the the<00:28:07.740> UN<00:28:08.010> like<00:28:08.220> it's<00:28:08.399> not<00:28:08.549> just<00:28:08.760> gonna 00:28:08.899 --> 00:28:08.909 align:start position:0% the UN like it's not just gonna 00:28:08.909 --> 00:28:10.940 align:start position:0% the UN like it's not just gonna materialize<00:28:09.480> and<00:28:09.840> if<00:28:09.990> we<00:28:10.140> wait<00:28:10.320> another<00:28:10.649> five 00:28:10.940 --> 00:28:10.950 align:start position:0% materialize and if we wait another five 00:28:10.950 --> 00:28:12.500 align:start position:0% materialize and if we wait another five years<00:28:11.190> in<00:28:11.309> the<00:28:11.429> five<00:28:11.580> years<00:28:11.820> it's<00:28:11.970> just<00:28:12.000> it's 00:28:12.500 --> 00:28:12.510 align:start position:0% years in the five years it's just it's 00:28:12.510 --> 00:28:14.389 align:start position:0% years in the five years it's just it's it's<00:28:12.840> kind<00:28:13.080> of<00:28:13.110> like<00:28:13.230> a<00:28:13.260> running<00:28:13.590> joke<00:28:13.770> like<00:28:14.159> oh 00:28:14.389 --> 00:28:14.399 align:start position:0% it's kind of like a running joke like oh 00:28:14.399 --> 00:28:15.649 align:start position:0% it's kind of like a running joke like oh we<00:28:14.610> need<00:28:14.730> this<00:28:14.880> money<00:28:15.090> to<00:28:15.270> solve<00:28:15.419> climate 00:28:15.649 --> 00:28:15.659 align:start position:0% we need this money to solve climate 00:28:15.659 --> 00:28:17.000 align:start position:0% we need this money to solve climate change<00:28:16.080> but<00:28:16.260> where's<00:28:16.440> the<00:28:16.559> money<00:28:16.679> gonna<00:28:16.860> come 00:28:17.000 --> 00:28:17.010 align:start position:0% change but where's the money gonna come 00:28:17.010 --> 00:28:19.220 align:start position:0% change but where's the money gonna come from<00:28:17.159> let's<00:28:17.640> but<00:28:18.059> you<00:28:18.240> know<00:28:18.360> like<00:28:18.539> it's<00:28:18.750> you 00:28:19.220 --> 00:28:19.230 align:start position:0% from let's but you know like it's you 00:28:19.230 --> 00:28:20.419 align:start position:0% from let's but you know like it's you know<00:28:19.350> I<00:28:19.380> just<00:28:19.830> don't<00:28:20.010> think<00:28:20.159> it's<00:28:20.250> ever<00:28:20.340> gonna 00:28:20.419 --> 00:28:20.429 align:start position:0% know I just don't think it's ever gonna 00:28:20.429 --> 00:28:23.210 align:start position:0% know I just don't think it's ever gonna happen<00:28:20.730> that<00:28:20.940> way<00:28:21.210> so<00:28:21.270> we<00:28:22.260> need<00:28:22.409> to<00:28:22.500> push<00:28:22.710> in<00:28:23.039> a 00:28:23.210 --> 00:28:23.220 align:start position:0% happen that way so we need to push in a 00:28:23.220 --> 00:28:25.220 align:start position:0% happen that way so we need to push in a way<00:28:23.340> as<00:28:23.490> fast<00:28:23.669> as<00:28:23.909> we<00:28:24.029> possibly<00:28:24.059> can<00:28:24.600> and<00:28:24.659> that 00:28:25.220 --> 00:28:25.230 align:start position:0% way as fast as we possibly can and that 00:28:25.230 --> 00:28:27.320 align:start position:0% way as fast as we possibly can and that technology<00:28:25.799> we<00:28:25.950> we<00:28:26.220> have<00:28:26.460> you<00:28:26.970> know<00:28:27.090> in<00:28:27.210> this 00:28:27.320 --> 00:28:27.330 align:start position:0% technology we we have you know in this 00:28:27.330 --> 00:28:29.600 align:start position:0% technology we we have you know in this in<00:28:27.570> this<00:28:27.779> room<00:28:28.020> in<00:28:28.200> this<00:28:28.289> community<00:28:28.799> is<00:28:28.980> it's 00:28:29.600 --> 00:28:29.610 align:start position:0% in this room in this community is it's 00:28:29.610 --> 00:28:31.399 align:start position:0% in this room in this community is it's already<00:28:29.820> enough<00:28:30.090> to<00:28:30.299> do<00:28:30.480> this<00:28:30.809> stuff<00:28:31.140> like 00:28:31.399 --> 00:28:31.409 align:start position:0% already enough to do this stuff like 00:28:31.409 --> 00:28:33.350 align:start position:0% already enough to do this stuff like we're<00:28:31.740> technically<00:28:32.159> able<00:28:32.850> to<00:28:32.970> do<00:28:33.090> all<00:28:33.240> these 00:28:33.350 --> 00:28:33.360 align:start position:0% we're technically able to do all these 00:28:33.360 --> 00:28:35.419 align:start position:0% we're technically able to do all these things<00:28:33.419> right<00:28:33.870> now<00:28:33.899> it's<00:28:34.649> just<00:28:34.950> spreading 00:28:35.419 --> 00:28:35.429 align:start position:0% things right now it's just spreading 00:28:35.429 --> 00:28:37.399 align:start position:0% things right now it's just spreading that<00:28:35.669> information<00:28:36.210> getting<00:28:36.720> organizations 00:28:37.399 --> 00:28:37.409 align:start position:0% that information getting organizations 00:28:37.409 --> 00:28:38.779 align:start position:0% that information getting organizations like<00:28:37.559> red<00:28:37.740> cross<00:28:37.980> to<00:28:38.010> start<00:28:38.370> saying<00:28:38.580> well 00:28:38.779 --> 00:28:38.789 align:start position:0% like red cross to start saying well 00:28:38.789 --> 00:28:40.490 align:start position:0% like red cross to start saying well let's<00:28:39.240> just<00:28:39.510> stop<00:28:39.659> dumping<00:28:39.870> money<00:28:40.200> on<00:28:40.350> people 00:28:40.490 --> 00:28:40.500 align:start position:0% let's just stop dumping money on people 00:28:40.500 --> 00:28:42.379 align:start position:0% let's just stop dumping money on people instead<00:28:40.950> let's<00:28:41.159> let<00:28:41.399> them<00:28:41.580> create<00:28:42.149> their<00:28:42.360> own 00:28:42.379 --> 00:28:42.389 align:start position:0% instead let's let them create their own 00:28:42.389 --> 00:28:44.629 align:start position:0% instead let's let them create their own connect<00:28:43.260> them<00:28:43.380> together<00:28:43.590> and<00:28:44.010> we<00:28:44.460> need 00:28:44.629 --> 00:28:44.639 align:start position:0% connect them together and we need 00:28:44.639 --> 00:28:46.770 align:start position:0% connect them together and we need systems<00:28:45.450> of<00:28:45.809> reserve<00:28:46.139> that<00:28:46.169> can 00:28:46.770 --> 00:28:46.780 align:start position:0% systems of reserve that can 00:28:46.780 --> 00:28:48.780 align:start position:0% systems of reserve that can to<00:28:46.900> those<00:28:47.080> and<00:28:47.440> bring<00:28:47.890> governments<00:28:48.460> on<00:28:48.580> as 00:28:48.780 --> 00:28:48.790 align:start position:0% to those and bring governments on as 00:28:48.790 --> 00:28:51.810 align:start position:0% to those and bring governments on as well<00:28:49.170> Thank<00:28:50.170> You<00:28:50.230> Lucas<00:28:50.920> why<00:28:51.370> would<00:28:51.520> you<00:28:51.610> fail 00:28:51.810 --> 00:28:51.820 align:start position:0% well Thank You Lucas why would you fail 00:28:51.820 --> 00:28:56.970 align:start position:0% well Thank You Lucas why would you fail why<00:28:52.540> it<00:28:52.600> didn't<00:28:52.930> work<00:28:53.140> well<00:28:53.880> Facebook<00:28:55.830> give<00:28:56.830> us 00:28:56.970 --> 00:28:56.980 align:start position:0% why it didn't work well Facebook give us 00:28:56.980 --> 00:29:02.000 align:start position:0% why it didn't work well Facebook give us give<00:28:57.430> us<00:28:57.550> brief<00:28:57.990> and<00:28:59.310> possibly<00:29:00.310> the<00:29:01.000> idea<00:29:01.330> of 00:29:02.000 --> 00:29:02.010 align:start position:0% give us brief and possibly the idea of 00:29:02.010 --> 00:29:03.750 align:start position:0% give us brief and possibly the idea of non-governmental<00:29:03.010> coins 00:29:03.750 --> 00:29:03.760 align:start position:0% non-governmental coins 00:29:03.760 --> 00:29:06.090 align:start position:0% non-governmental coins generally<00:29:04.360> speaking<00:29:04.860> gets<00:29:05.860> shut<00:29:06.070> down 00:29:06.090 --> 00:29:06.100 align:start position:0% generally speaking gets shut down 00:29:06.100 --> 00:29:09.930 align:start position:0% generally speaking gets shut down because<00:29:06.640> of<00:29:06.910> the<00:29:07.030> emergence<00:29:07.450> of<00:29:08.730> central<00:29:09.730> bank 00:29:09.930 --> 00:29:09.940 align:start position:0% because of the emergence of central bank 00:29:09.940 --> 00:29:13.280 align:start position:0% because of the emergence of central bank crypto<00:29:10.750> like<00:29:11.350> is<00:29:11.710> going<00:29:11.920> on<00:29:12.070> in<00:29:12.250> China<00:29:12.280> and 00:29:13.280 --> 00:29:13.290 align:start position:0% crypto like is going on in China and 00:29:13.290 --> 00:29:15.410 align:start position:0% crypto like is going on in China and developments<00:29:14.290> in<00:29:14.350> Europe<00:29:14.530> and<00:29:14.860> you<00:29:15.340> know 00:29:15.410 --> 00:29:15.420 align:start position:0% developments in Europe and you know 00:29:15.420 --> 00:29:18.030 align:start position:0% developments in Europe and you know speculation<00:29:16.420> the<00:29:16.480> US<00:29:16.720> will<00:29:16.900> do<00:29:16.990> that<00:29:17.170> I<00:29:17.380> think 00:29:18.030 --> 00:29:18.040 align:start position:0% speculation the US will do that I think 00:29:18.040 --> 00:29:19.560 align:start position:0% speculation the US will do that I think that's<00:29:18.280> generally<00:29:18.670> I<00:29:18.760> think<00:29:18.820> you<00:29:19.480> know 00:29:19.560 --> 00:29:19.570 align:start position:0% that's generally I think you know 00:29:19.570 --> 00:29:22.020 align:start position:0% that's generally I think you know probably<00:29:19.840> folks<00:29:20.140> in<00:29:20.320> your<00:29:21.250> and<00:29:21.370> if<00:29:21.460> you<00:29:21.550> really 00:29:22.020 --> 00:29:22.030 align:start position:0% probably folks in your and if you really 00:29:22.030 --> 00:29:24.090 align:start position:0% probably folks in your and if you really don't<00:29:22.150> like<00:29:22.330> hearing<00:29:22.660> that<00:29:22.750> but<00:29:23.080> I<00:29:23.350> think<00:29:23.650> the 00:29:24.090 --> 00:29:24.100 align:start position:0% don't like hearing that but I think the 00:29:24.100 --> 00:29:26.880 align:start position:0% don't like hearing that but I think the greatest<00:29:24.880> the<00:29:25.360> single<00:29:25.690> greatest<00:29:25.780> risk<00:29:26.350> if 00:29:26.880 --> 00:29:26.890 align:start position:0% greatest the single greatest risk if 00:29:26.890 --> 00:29:28.500 align:start position:0% greatest the single greatest risk if you're<00:29:27.100> even<00:29:27.250> public<00:29:27.640> blockchains 00:29:28.500 --> 00:29:28.510 align:start position:0% you're even public blockchains 00:29:28.510 --> 00:29:30.660 align:start position:0% you're even public blockchains there<00:29:29.440> are<00:29:29.590> you<00:29:30.070> know<00:29:30.160> permissionless 00:29:30.660 --> 00:29:30.670 align:start position:0% there are you know permissionless 00:29:30.670 --> 00:29:32.870 align:start position:0% there are you know permissionless censorship<00:29:31.240> resistant<00:29:31.720> are<00:29:32.140> these 00:29:32.870 --> 00:29:32.880 align:start position:0% censorship resistant are these 00:29:32.880 --> 00:29:35.970 align:start position:0% censorship resistant are these government<00:29:33.880> Tripp<00:29:34.540> dose<00:29:34.750> and<00:29:35.080> large 00:29:35.970 --> 00:29:35.980 align:start position:0% government Tripp dose and large 00:29:35.980 --> 00:29:38.360 align:start position:0% government Tripp dose and large corporate<00:29:36.430> cryptos<00:29:36.850> because<00:29:37.480> all<00:29:37.960> of<00:29:38.020> the 00:29:38.360 --> 00:29:38.370 align:start position:0% corporate cryptos because all of the 00:29:38.370 --> 00:29:40.800 align:start position:0% corporate cryptos because all of the let's<00:29:39.370> say<00:29:39.550> I<00:29:40.120> hate<00:29:40.510> to<00:29:40.600> use<00:29:40.660> the<00:29:40.780> word 00:29:40.800 --> 00:29:40.810 align:start position:0% let's say I hate to use the word 00:29:40.810 --> 00:29:43.020 align:start position:0% let's say I hate to use the word legitimate<00:29:41.440> but<00:29:41.620> all<00:29:41.830> the<00:29:42.010> kind<00:29:42.970> of 00:29:43.020 --> 00:29:43.030 align:start position:0% legitimate but all the kind of 00:29:43.030 --> 00:29:44.910 align:start position:0% legitimate but all the kind of upstanding<00:29:43.690> businesses<00:29:44.230> that<00:29:44.380> are<00:29:44.530> afraid<00:29:44.770> of 00:29:44.910 --> 00:29:44.920 align:start position:0% upstanding businesses that are afraid of 00:29:44.920 --> 00:29:46.620 align:start position:0% upstanding businesses that are afraid of government<00:29:45.490> that<00:29:45.790> want<00:29:46.030> to<00:29:46.210> use<00:29:46.390> these 00:29:46.620 --> 00:29:46.630 align:start position:0% government that want to use these 00:29:46.630 --> 00:29:49.170 align:start position:0% government that want to use these systems<00:29:47.610> that<00:29:48.610> want<00:29:48.760> to<00:29:48.880> use<00:29:48.970> financial 00:29:49.170 --> 00:29:49.180 align:start position:0% systems that want to use financial 00:29:49.180 --> 00:29:52.680 align:start position:0% systems that want to use financial automation<00:29:49.930> and<00:29:50.380> you<00:29:51.160> know<00:29:51.300> you<00:29:52.300> know<00:29:52.390> fast 00:29:52.680 --> 00:29:52.690 align:start position:0% automation and you know you know fast 00:29:52.690 --> 00:29:54.840 align:start position:0% automation and you know you know fast settlement<00:29:53.140> medium<00:29:53.440> of<00:29:53.500> exchanges<00:29:54.040> they're 00:29:54.840 --> 00:29:54.850 align:start position:0% settlement medium of exchanges they're 00:29:54.850 --> 00:29:57.360 align:start position:0% settlement medium of exchanges they're gonna<00:29:54.970> go<00:29:55.210> to<00:29:55.270> the<00:29:56.020> large<00:29:56.320> corporate<00:29:56.890> block 00:29:57.360 --> 00:29:57.370 align:start position:0% gonna go to the large corporate block 00:29:57.370 --> 00:29:58.590 align:start position:0% gonna go to the large corporate block chains<00:29:57.610> and<00:29:57.700> they're<00:29:57.820> gonna<00:29:57.910> go<00:29:58.090> to<00:29:58.150> the 00:29:58.590 --> 00:29:58.600 align:start position:0% chains and they're gonna go to the 00:29:58.600 --> 00:30:01.650 align:start position:0% chains and they're gonna go to the central<00:29:59.320> bank<00:29:59.490> kryptos<00:30:00.490> and<00:30:01.000> that's<00:30:01.180> a<00:30:01.270> really 00:30:01.650 --> 00:30:01.660 align:start position:0% central bank kryptos and that's a really 00:30:01.660 --> 00:30:03.930 align:start position:0% central bank kryptos and that's a really big<00:30:01.810> risk<00:30:01.990> for<00:30:02.320> everybody<00:30:02.920> in<00:30:03.250> the<00:30:03.430> in<00:30:03.820> the 00:30:03.930 --> 00:30:03.940 align:start position:0% big risk for everybody in the in the 00:30:03.940 --> 00:30:07.410 align:start position:0% big risk for everybody in the in the industry<00:30:04.060> not<00:30:04.510> just<00:30:04.540> what<00:30:05.380> we're<00:30:05.530> doing<00:30:05.770> so<00:30:06.640> I 00:30:07.410 --> 00:30:07.420 align:start position:0% industry not just what we're doing so I 00:30:07.420 --> 00:30:09.540 align:start position:0% industry not just what we're doing so I think<00:30:08.020> that's<00:30:08.350> going<00:30:08.500> to<00:30:08.590> be<00:30:08.710> probably<00:30:09.310> the 00:30:09.540 --> 00:30:09.550 align:start position:0% think that's going to be probably the 00:30:09.550 --> 00:30:13.200 align:start position:0% think that's going to be probably the ultimate<00:30:11.040> saying<00:30:12.040> that<00:30:12.160> that<00:30:12.340> makes<00:30:13.150> a 00:30:13.200 --> 00:30:13.210 align:start position:0% ultimate saying that that makes a 00:30:13.210 --> 00:30:14.910 align:start position:0% ultimate saying that that makes a difference<00:30:13.410> maybe<00:30:14.410> I'll<00:30:14.530> say<00:30:14.650> a<00:30:14.680> little<00:30:14.800> bit 00:30:14.910 --> 00:30:14.920 align:start position:0% difference maybe I'll say a little bit 00:30:14.920 --> 00:30:17.270 align:start position:0% difference maybe I'll say a little bit more<00:30:14.980> about<00:30:15.190> that<00:30:15.250> which<00:30:15.700> is<00:30:15.880> if<00:30:16.390> all<00:30:17.110> these 00:30:17.270 --> 00:30:17.280 align:start position:0% more about that which is if all these 00:30:17.280 --> 00:30:20.000 align:start position:0% more about that which is if all these businesses<00:30:18.280> that<00:30:18.520> have<00:30:18.760> fear<00:30:19.630> of<00:30:19.780> government 00:30:20.000 --> 00:30:20.010 align:start position:0% businesses that have fear of government 00:30:20.010 --> 00:30:24.200 align:start position:0% businesses that have fear of government crackdown<00:30:21.360> and<00:30:22.360> are<00:30:22.690> more<00:30:23.260> less<00:30:23.440> legitimate 00:30:24.200 --> 00:30:24.210 align:start position:0% crackdown and are more less legitimate 00:30:24.210 --> 00:30:26.250 align:start position:0% crackdown and are more less legitimate registered<00:30:25.210> businesses<00:30:25.600> go<00:30:25.960> to<00:30:26.020> these 00:30:26.250 --> 00:30:26.260 align:start position:0% registered businesses go to these 00:30:26.260 --> 00:30:26.940 align:start position:0% registered businesses go to these platforms 00:30:26.940 --> 00:30:26.950 align:start position:0% platforms 00:30:26.950 --> 00:30:28.500 align:start position:0% platforms it<00:30:27.280> means<00:30:27.550> we're<00:30:27.730> only<00:30:28.060> how<00:30:28.150> it<00:30:28.240> gonna<00:30:28.330> have 00:30:28.500 --> 00:30:28.510 align:start position:0% it means we're only how it gonna have 00:30:28.510 --> 00:30:32.790 align:start position:0% it means we're only how it gonna have renegade<00:30:28.960> to<00:30:29.110> use<00:30:29.230> cases<00:30:29.470> on<00:30:30.540> chains<00:30:31.560> and<00:30:32.560> then 00:30:32.790 --> 00:30:32.800 align:start position:0% renegade to use cases on chains and then 00:30:32.800 --> 00:30:34.380 align:start position:0% renegade to use cases on chains and then it<00:30:32.950> makes<00:30:33.100> it<00:30:33.250> makes<00:30:33.640> much<00:30:33.910> easier<00:30:34.150> to<00:30:34.270> go 00:30:34.380 --> 00:30:34.390 align:start position:0% it makes it makes much easier to go 00:30:34.390 --> 00:30:42.000 align:start position:0% it makes it makes much easier to go after<00:30:34.540> those<00:30:38.130> I<00:30:39.130> worry<00:30:40.030> about<00:30:40.180> relevancy<00:30:41.050> I'm 00:30:42.000 --> 00:30:42.010 align:start position:0% after those I worry about relevancy I'm 00:30:42.010 --> 00:30:43.530 align:start position:0% after those I worry about relevancy I'm the<00:30:42.550> Red<00:30:42.730> Cross<00:30:42.910> obviously<00:30:43.390> is<00:30:43.450> a<00:30:43.510> huge 00:30:43.530 --> 00:30:43.540 align:start position:0% the Red Cross obviously is a huge 00:30:43.540 --> 00:30:47.610 align:start position:0% the Red Cross obviously is a huge organization<00:30:45.060> but<00:30:46.230> when<00:30:47.230> we<00:30:47.350> think<00:30:47.380> about 00:30:47.610 --> 00:30:47.620 align:start position:0% organization but when we think about 00:30:47.620 --> 00:30:50.010 align:start position:0% organization but when we think about cash<00:30:48.130> transfer<00:30:48.730> and<00:30:49.000> so<00:30:49.180> the<00:30:49.390> Red<00:30:49.540> Cross<00:30:49.780> and 00:30:50.010 --> 00:30:50.020 align:start position:0% cash transfer and so the Red Cross and 00:30:50.020 --> 00:30:52.110 align:start position:0% cash transfer and so the Red Cross and the<00:30:50.080> UN<00:30:50.140> together<00:30:51.040> account<00:30:51.430> for<00:30:51.550> almost<00:30:51.790> five 00:30:52.110 --> 00:30:52.120 align:start position:0% the UN together account for almost five 00:30:52.120 --> 00:30:54.080 align:start position:0% the UN together account for almost five billion<00:30:52.540> dollars<00:30:53.110> in<00:30:53.140> cash<00:30:53.500> transfer 00:30:54.080 --> 00:30:54.090 align:start position:0% billion dollars in cash transfer 00:30:54.090 --> 00:30:56.190 align:start position:0% billion dollars in cash transfer annually<00:30:55.090> and<00:30:55.270> this<00:30:55.450> is<00:30:55.570> basically<00:30:55.780> us 00:30:56.190 --> 00:30:56.200 align:start position:0% annually and this is basically us 00:30:56.200 --> 00:30:58.650 align:start position:0% annually and this is basically us handing<00:30:56.620> cash<00:30:56.800> out<00:30:57.070> to<00:30:57.100> individuals<00:30:57.760> the 00:30:58.650 --> 00:30:58.660 align:start position:0% handing cash out to individuals the 00:30:58.660 --> 00:31:00.090 align:start position:0% handing cash out to individuals the effectiveness<00:30:59.200> of<00:30:59.410> this<00:30:59.560> is<00:30:59.740> like 00:31:00.090 --> 00:31:00.100 align:start position:0% effectiveness of this is like 00:31:00.100 --> 00:31:03.600 align:start position:0% effectiveness of this is like three<00:31:00.280> percent<00:31:00.809> so<00:31:01.809> three<00:31:02.559> dollars<00:31:02.919> is<00:31:03.160> for 00:31:03.600 --> 00:31:03.610 align:start position:0% three percent so three dollars is for 00:31:03.610 --> 00:31:05.610 align:start position:0% three percent so three dollars is for every<00:31:04.000> hundred<00:31:04.990> dollars<00:31:05.020> is<00:31:05.380> kind<00:31:05.590> of 00:31:05.610 --> 00:31:05.620 align:start position:0% every hundred dollars is kind of 00:31:05.620 --> 00:31:07.380 align:start position:0% every hundred dollars is kind of reaching<00:31:06.070> where<00:31:06.400> it<00:31:06.490> needs<00:31:06.700> to<00:31:06.850> be<00:31:07.000> and<00:31:07.150> isn't 00:31:07.380 --> 00:31:07.390 align:start position:0% reaching where it needs to be and isn't 00:31:07.390 --> 00:31:09.180 align:start position:0% reaching where it needs to be and isn't impactful<00:31:07.900> and<00:31:08.140> it's<00:31:08.530> a<00:31:08.590> report<00:31:08.950> that<00:31:09.039> came 00:31:09.180 --> 00:31:09.190 align:start position:0% impactful and it's a report that came 00:31:09.190 --> 00:31:12.090 align:start position:0% impactful and it's a report that came out<00:31:09.309> a<00:31:09.370> couple<00:31:09.460> days<00:31:09.760> ago<00:31:10.200> and<00:31:11.200> in<00:31:11.710> that<00:31:11.890> and 00:31:12.090 --> 00:31:12.100 align:start position:0% out a couple days ago and in that and 00:31:12.100 --> 00:31:14.520 align:start position:0% out a couple days ago and in that and that<00:31:12.309> worries<00:31:12.669> me<00:31:12.880> that<00:31:13.179> at<00:31:14.169> the<00:31:14.230> Red<00:31:14.500> Cross 00:31:14.520 --> 00:31:14.530 align:start position:0% that worries me that at the Red Cross 00:31:14.530 --> 00:31:18.390 align:start position:0% that worries me that at the Red Cross can't<00:31:15.490> use<00:31:15.940> technology<00:31:16.630> and<00:31:16.870> we<00:31:17.320> can't<00:31:17.620> engage 00:31:18.390 --> 00:31:18.400 align:start position:0% can't use technology and we can't engage 00:31:18.400 --> 00:31:20.940 align:start position:0% can't use technology and we can't engage locally<00:31:19.120> and<00:31:19.360> allow<00:31:19.809> the<00:31:19.870> local<00:31:20.320> communities 00:31:20.940 --> 00:31:20.950 align:start position:0% locally and allow the local communities 00:31:20.950 --> 00:31:24.600 align:start position:0% locally and allow the local communities to<00:31:21.220> be<00:31:21.880> able<00:31:22.059> to<00:31:22.270> own<00:31:22.480> to<00:31:23.230> own<00:31:23.380> these<00:31:23.950> processes 00:31:24.600 --> 00:31:24.610 align:start position:0% to be able to own to own these processes 00:31:24.610 --> 00:31:27.570 align:start position:0% to be able to own to own these processes and<00:31:24.789> I<00:31:24.850> think<00:31:25.030> that's<00:31:25.210> the<00:31:25.510> the<00:31:26.340> emphasis<00:31:27.340> and 00:31:27.570 --> 00:31:27.580 align:start position:0% and I think that's the the emphasis and 00:31:27.580 --> 00:31:29.250 align:start position:0% and I think that's the the emphasis and the<00:31:27.910> reason<00:31:28.299> why<00:31:28.419> we're<00:31:28.660> working<00:31:28.960> with<00:31:29.080> you 00:31:29.250 --> 00:31:29.260 align:start position:0% the reason why we're working with you 00:31:29.260 --> 00:31:32.399 align:start position:0% the reason why we're working with you know<00:31:29.380> Lucas<00:31:30.370> and<00:31:30.580> and<00:31:30.820> will<00:31:31.419> is<00:31:32.020> because<00:31:32.200> we 00:31:32.399 --> 00:31:32.409 align:start position:0% know Lucas and and will is because we 00:31:32.409 --> 00:31:36.090 align:start position:0% know Lucas and and will is because we want<00:31:32.590> to<00:31:32.679> hand<00:31:33.340> back<00:31:33.490> the<00:31:34.090> authority<00:31:34.679> to<00:31:35.679> the 00:31:36.090 --> 00:31:36.100 align:start position:0% want to hand back the authority to the 00:31:36.100 --> 00:31:38.430 align:start position:0% want to hand back the authority to the communities<00:31:36.610> for<00:31:37.299> example<00:31:37.750> just<00:31:37.960> just<00:31:38.289> real 00:31:38.430 --> 00:31:38.440 align:start position:0% communities for example just just real 00:31:38.440 --> 00:31:42.090 align:start position:0% communities for example just just real quick<00:31:38.620> the<00:31:38.770> idea<00:31:39.250> is<00:31:39.370> that<00:31:39.690> if<00:31:40.690> we<00:31:41.100> transfer 00:31:42.090 --> 00:31:42.100 align:start position:0% quick the idea is that if we transfer 00:31:42.100 --> 00:31:45.659 align:start position:0% quick the idea is that if we transfer cash<00:31:42.340> to<00:31:42.820> a<00:31:43.150> community<00:31:44.020> in<00:31:44.370> Zimbabwe<00:31:45.370> and 00:31:45.659 --> 00:31:45.669 align:start position:0% cash to a community in Zimbabwe and 00:31:45.669 --> 00:31:48.240 align:start position:0% cash to a community in Zimbabwe and we've<00:31:46.150> been<00:31:46.299> doing<00:31:46.450> this<00:31:46.630> for<00:31:46.720> 50<00:31:47.169> years<00:31:47.409> how 00:31:48.240 --> 00:31:48.250 align:start position:0% we've been doing this for 50 years how 00:31:48.250 --> 00:31:50.399 align:start position:0% we've been doing this for 50 years how do<00:31:48.309> we<00:31:48.460> stop<00:31:48.760> that<00:31:48.940> cycle<00:31:49.210> right<00:31:50.049> how<00:31:50.260> do<00:31:50.320> we 00:31:50.399 --> 00:31:50.409 align:start position:0% do we stop that cycle right how do we 00:31:50.409 --> 00:31:53.100 align:start position:0% do we stop that cycle right how do we stop<00:31:50.740> doing<00:31:51.070> what<00:31:51.640> we<00:31:51.760> do<00:31:51.940> every<00:31:52.600> single<00:31:52.870> day 00:31:53.100 --> 00:31:53.110 align:start position:0% stop doing what we do every single day 00:31:53.110 --> 00:31:55.620 align:start position:0% stop doing what we do every single day and<00:31:53.710> if<00:31:54.250> we<00:31:54.340> don't<00:31:54.520> stop<00:31:54.789> doing<00:31:55.120> that 00:31:55.620 --> 00:31:55.630 align:start position:0% and if we don't stop doing that 00:31:55.630 --> 00:31:57.600 align:start position:0% and if we don't stop doing that it's<00:31:56.200> going<00:31:56.350> to<00:31:56.409> become<00:31:56.650> less<00:31:56.830> relevant<00:31:57.400> over 00:31:57.600 --> 00:31:57.610 align:start position:0% it's going to become less relevant over 00:31:57.610 --> 00:31:59.130 align:start position:0% it's going to become less relevant over time<00:31:57.789> and<00:31:58.059> I<00:31:58.120> just<00:31:58.299> want<00:31:58.450> to<00:31:58.480> show<00:31:58.630> one<00:31:58.840> one 00:31:59.130 --> 00:31:59.140 align:start position:0% time and I just want to show one one 00:31:59.140 --> 00:32:01.590 align:start position:0% time and I just want to show one one quick<00:31:59.350> slide<00:31:59.500> to<00:31:59.770> give<00:32:00.190> you<00:32:00.309> an<00:32:00.400> example<00:32:00.700> so 00:32:01.590 --> 00:32:01.600 align:start position:0% quick slide to give you an example so 00:32:01.600 --> 00:32:04.740 align:start position:0% quick slide to give you an example so this<00:32:02.590> is<00:32:02.740> basically<00:32:03.190> funding<00:32:03.850> flow<00:32:04.150> that<00:32:04.510> goes 00:32:04.740 --> 00:32:04.750 align:start position:0% this is basically funding flow that goes 00:32:04.750 --> 00:32:06.690 align:start position:0% this is basically funding flow that goes to<00:32:04.990> like<00:32:05.380> middle<00:32:05.650> and<00:32:05.830> low-income<00:32:06.100> countries 00:32:06.690 --> 00:32:06.700 align:start position:0% to like middle and low-income countries 00:32:06.700 --> 00:32:09.570 align:start position:0% to like middle and low-income countries the<00:32:07.240> the<00:32:07.809> dark<00:32:08.080> blue<00:32:08.380> line<00:32:08.409> on<00:32:08.799> the<00:32:08.890> bottom<00:32:09.250> is 00:32:09.570 --> 00:32:09.580 align:start position:0% the the dark blue line on the bottom is 00:32:09.580 --> 00:32:12.180 align:start position:0% the the dark blue line on the bottom is Oda<00:32:10.390> which<00:32:10.870> is<00:32:11.020> basically<00:32:11.470> you<00:32:12.130> know 00:32:12.180 --> 00:32:12.190 align:start position:0% Oda which is basically you know 00:32:12.190 --> 00:32:14.669 align:start position:0% Oda which is basically you know Development<00:32:12.789> Assistance<00:32:13.110> the<00:32:14.110> humanitarian 00:32:14.669 --> 00:32:14.679 align:start position:0% Development Assistance the humanitarian 00:32:14.679 --> 00:32:17.669 align:start position:0% Development Assistance the humanitarian aspect<00:32:15.340> of<00:32:15.460> that<00:32:15.580> is<00:32:15.880> like<00:32:16.360> 3%<00:32:16.840> when<00:32:17.380> it's<00:32:17.559> all 00:32:17.669 --> 00:32:17.679 align:start position:0% aspect of that is like 3% when it's all 00:32:17.679 --> 00:32:19.860 align:start position:0% aspect of that is like 3% when it's all blended<00:32:17.890> in<00:32:18.330> everything<00:32:19.330> else<00:32:19.480> there<00:32:19.840> is 00:32:19.860 --> 00:32:19.870 align:start position:0% blended in everything else there is 00:32:19.870 --> 00:32:22.340 align:start position:0% blended in everything else there is private<00:32:20.740> equity<00:32:21.070> financing<00:32:21.700> remittance 00:32:22.340 --> 00:32:22.350 align:start position:0% private equity financing remittance 00:32:22.350 --> 00:32:25.320 align:start position:0% private equity financing remittance foreign<00:32:23.350> direct<00:32:23.620> investment<00:32:24.220> and<00:32:24.490> the<00:32:25.150> Red 00:32:25.320 --> 00:32:25.330 align:start position:0% foreign direct investment and the Red 00:32:25.330 --> 00:32:26.399 align:start position:0% foreign direct investment and the Red Cross<00:32:25.570> and<00:32:25.840> humanitarian<00:32:26.380> organizations 00:32:26.399 --> 00:32:26.409 align:start position:0% Cross and humanitarian organizations 00:32:26.409 --> 00:32:29.730 align:start position:0% Cross and humanitarian organizations don't<00:32:27.309> touch<00:32:27.730> any<00:32:28.059> of<00:32:28.360> that<00:32:28.539> above<00:32:29.230> that<00:32:29.440> dark 00:32:29.730 --> 00:32:29.740 align:start position:0% don't touch any of that above that dark 00:32:29.740 --> 00:32:32.430 align:start position:0% don't touch any of that above that dark blue<00:32:29.919> line<00:32:30.159> and<00:32:30.760> so<00:32:31.270> how<00:32:31.809> do<00:32:31.870> we<00:32:32.020> get<00:32:32.169> into<00:32:32.350> that 00:32:32.430 --> 00:32:32.440 align:start position:0% blue line and so how do we get into that 00:32:32.440 --> 00:32:34.230 align:start position:0% blue line and so how do we get into that Nexus<00:32:32.950> how<00:32:33.159> do<00:32:33.220> we<00:32:33.309> start<00:32:33.490> playing<00:32:33.850> in<00:32:34.090> that 00:32:34.230 --> 00:32:34.240 align:start position:0% Nexus how do we start playing in that 00:32:34.240 --> 00:32:36.750 align:start position:0% Nexus how do we start playing in that realm<00:32:34.570> right<00:32:35.350> you<00:32:35.530> know<00:32:35.620> we<00:32:35.770> don't<00:32:35.980> we're 00:32:36.750 --> 00:32:36.760 align:start position:0% realm right you know we don't we're 00:32:36.760 --> 00:32:38.460 align:start position:0% realm right you know we don't we're losing<00:32:37.120> out<00:32:37.240> which<00:32:37.630> means<00:32:37.870> we<00:32:37.990> can't<00:32:38.200> provide 00:32:38.460 --> 00:32:38.470 align:start position:0% losing out which means we can't provide 00:32:38.470 --> 00:32:40.140 align:start position:0% losing out which means we can't provide more<00:32:38.770> money<00:32:39.039> but<00:32:39.250> even<00:32:39.520> if<00:32:39.610> we<00:32:39.700> do<00:32:39.850> have<00:32:39.880> more 00:32:40.140 --> 00:32:40.150 align:start position:0% more money but even if we do have more 00:32:40.150 --> 00:32:41.460 align:start position:0% more money but even if we do have more money<00:32:40.270> we<00:32:40.450> have<00:32:40.600> to<00:32:40.630> be<00:32:40.720> more<00:32:40.900> effective<00:32:41.350> and 00:32:41.460 --> 00:32:41.470 align:start position:0% money we have to be more effective and 00:32:41.470 --> 00:32:44.159 align:start position:0% money we have to be more effective and more<00:32:41.590> efficient<00:32:42.039> and<00:32:42.190> so<00:32:42.940> to<00:32:43.539> me<00:32:43.690> that<00:32:43.720> that 00:32:44.159 --> 00:32:44.169 align:start position:0% more efficient and so to me that that 00:32:44.169 --> 00:32:45.779 align:start position:0% more efficient and so to me that that really<00:32:44.440> bought<00:32:44.710> worries<00:32:45.130> me<00:32:45.309> and<00:32:45.520> I<00:32:45.580> think 00:32:45.779 --> 00:32:45.789 align:start position:0% really bought worries me and I think 00:32:45.789 --> 00:32:47.250 align:start position:0% really bought worries me and I think that's<00:32:45.970> why<00:32:46.179> we're<00:32:46.659> doing<00:32:46.780> these<00:32:47.049> type<00:32:47.230> of 00:32:47.250 --> 00:32:47.260 align:start position:0% that's why we're doing these type of 00:32:47.260 --> 00:32:50.730 align:start position:0% that's why we're doing these type of things<00:32:47.850> thank<00:32:48.850> you<00:32:49.090> we<00:32:49.870> have<00:32:50.260> about<00:32:50.409> five 00:32:50.730 --> 00:32:50.740 align:start position:0% things thank you we have about five 00:32:50.740 --> 00:32:52.560 align:start position:0% things thank you we have about five minutes<00:32:50.770> left<00:32:51.190> I'd<00:32:51.669> like<00:32:51.850> to<00:32:52.000> invite<00:32:52.210> anyone 00:32:52.560 --> 00:32:52.570 align:start position:0% minutes left I'd like to invite anyone 00:32:52.570 --> 00:32:54.840 align:start position:0% minutes left I'd like to invite anyone who<00:32:52.960> has<00:32:53.140> any<00:32:53.559> outstanding<00:32:53.830> questions<00:32:54.520> to 00:32:54.840 --> 00:32:54.850 align:start position:0% who has any outstanding questions to 00:32:54.850 --> 00:32:58.340 align:start position:0% who has any outstanding questions to come<00:32:55.240> and<00:32:55.390> ask<00:32:55.450> them<00:32:55.659> now<00:32:55.780> thank<00:32:56.140> you 00:32:58.340 --> 00:32:58.350 align:start position:0% 00:32:58.350 --> 00:33:02.700 align:start position:0% hi<00:32:59.350> thanks<00:33:00.100> so<00:33:00.159> much<00:33:00.280> for<00:33:00.549> the<00:33:00.610> panel<00:33:00.880> um<00:33:01.289> so<00:33:02.289> in 00:33:02.700 --> 00:33:02.710 align:start position:0% hi thanks so much for the panel um so in 00:33:02.710 --> 00:33:05.789 align:start position:0% hi thanks so much for the panel um so in the<00:33:03.059> International<00:33:04.059> Development<00:33:04.799> Theory 00:33:05.789 --> 00:33:05.799 align:start position:0% the International Development Theory 00:33:05.799 --> 00:33:07.370 align:start position:0% the International Development Theory there<00:33:06.100> is<00:33:06.190> a<00:33:06.220> process<00:33:06.669> and<00:33:06.760> constant 00:33:07.370 --> 00:33:07.380 align:start position:0% there is a process and constant 00:33:07.380 --> 00:33:09.750 align:start position:0% there is a process and constant distributing<00:33:08.380> and<00:33:08.530> giving<00:33:08.860> away<00:33:09.159> free<00:33:09.220> goods 00:33:09.750 --> 00:33:09.760 align:start position:0% distributing and giving away free goods 00:33:09.760 --> 00:33:13.110 align:start position:0% distributing and giving away free goods to<00:33:10.330> the<00:33:10.510> rising<00:33:10.900> economy<00:33:11.470> and<00:33:11.740> then 00:33:13.110 --> 00:33:13.120 align:start position:0% to the rising economy and then 00:33:13.120 --> 00:33:14.990 align:start position:0% to the rising economy and then what<00:33:13.900> do<00:33:13.960> you<00:33:14.020> think<00:33:14.230> of<00:33:14.380> actually 00:33:14.990 --> 00:33:15.000 align:start position:0% what do you think of actually 00:33:15.000 --> 00:33:18.120 align:start position:0% what do you think of actually distributing<00:33:16.000> their<00:33:16.350> tokens<00:33:17.350> in<00:33:17.740> there<00:33:17.950> as<00:33:18.100> a 00:33:18.120 --> 00:33:18.130 align:start position:0% distributing their tokens in there as a 00:33:18.130 --> 00:33:21.240 align:start position:0% distributing their tokens in there as a way<00:33:18.400> of<00:33:18.430> the<00:33:19.030> bootstraps<00:33:19.810> to<00:33:20.380> introducing<00:33:21.130> in 00:33:21.240 --> 00:33:21.250 align:start position:0% way of the bootstraps to introducing in 00:33:21.250 --> 00:33:24.540 align:start position:0% way of the bootstraps to introducing in new<00:33:21.430> technologies<00:33:22.150> as<00:33:22.470> you<00:33:23.470> know<00:33:23.590> there<00:33:23.860> are<00:33:24.220> a 00:33:24.540 --> 00:33:24.550 align:start position:0% new technologies as you know there are a 00:33:24.550 --> 00:33:28.140 align:start position:0% new technologies as you know there are a you<00:33:25.180> know<00:33:25.270> new<00:33:25.750> things<00:33:25.780> for<00:33:26.740> their<00:33:26.920> users<00:33:27.160> and 00:33:28.140 --> 00:33:28.150 align:start position:0% you know new things for their users and 00:33:28.150 --> 00:33:30.480 align:start position:0% you know new things for their users and then<00:33:28.690> what<00:33:28.960> will<00:33:29.110> be<00:33:29.200> the<00:33:29.230> next<00:33:29.440> step<00:33:29.830> if<00:33:30.040> you 00:33:30.480 --> 00:33:30.490 align:start position:0% then what will be the next step if you 00:33:30.490 --> 00:33:35.040 align:start position:0% then what will be the next step if you think<00:33:31.380> introducing<00:33:32.790> by<00:33:33.790> air-dropping<00:33:34.690> the 00:33:35.040 --> 00:33:35.050 align:start position:0% think introducing by air-dropping the 00:33:35.050 --> 00:33:38.310 align:start position:0% think introducing by air-dropping the talkin<00:33:35.440> to<00:33:35.590> the<00:33:35.710> users<00:33:36.840> what's<00:33:37.840> the<00:33:37.930> next<00:33:38.110> step 00:33:38.310 --> 00:33:38.320 align:start position:0% talkin to the users what's the next step 00:33:38.320 --> 00:33:44.700 align:start position:0% talkin to the users what's the next step after<00:33:38.470> that<00:33:38.680> thank<00:33:39.100> you<00:33:40.890> okay<00:33:41.890> Stickley<00:33:43.710> I'll 00:33:44.700 --> 00:33:44.710 align:start position:0% after that thank you okay Stickley I'll 00:33:44.710 --> 00:33:46.560 align:start position:0% after that thank you okay Stickley I'll try<00:33:44.950> okay<00:33:45.190> so<00:33:45.760> if<00:33:45.880> you<00:33:45.970> could<00:33:46.120> summarize<00:33:46.270> the 00:33:46.560 --> 00:33:46.570 align:start position:0% try okay so if you could summarize the 00:33:46.570 --> 00:33:49.560 align:start position:0% try okay so if you could summarize the question<00:33:46.930> but<00:33:47.110> I'm<00:33:47.380> basically<00:33:48.330> if<00:33:49.330> you<00:33:49.540> can 00:33:49.560 --> 00:33:49.570 align:start position:0% question but I'm basically if you can 00:33:49.570 --> 00:33:52.500 align:start position:0% question but I'm basically if you can airdrop<00:33:50.110> tokens<00:33:50.470> to<00:33:50.650> users<00:33:50.980> and<00:33:51.370> that<00:33:52.240> can<00:33:52.420> be 00:33:52.500 --> 00:33:52.510 align:start position:0% airdrop tokens to users and that can be 00:33:52.510 --> 00:33:54.090 align:start position:0% airdrop tokens to users and that can be tied<00:33:52.750> into<00:33:52.930> new<00:33:53.230> technologies<00:33:53.830> and<00:33:53.950> using 00:33:54.090 --> 00:33:54.100 align:start position:0% tied into new technologies and using 00:33:54.100 --> 00:33:55.350 align:start position:0% tied into new technologies and using those<00:33:54.340> technologies<00:33:54.610> like<00:33:54.970> what's<00:33:55.180> the<00:33:55.330> next 00:33:55.350 --> 00:33:55.360 align:start position:0% those technologies like what's the next 00:33:55.360 --> 00:33:57.330 align:start position:0% those technologies like what's the next step<00:33:55.720> for<00:33:55.780> that<00:33:56.020> is<00:33:56.290> basically<00:33:56.890> the<00:33:57.040> question 00:33:57.330 --> 00:33:57.340 align:start position:0% step for that is basically the question 00:33:57.340 --> 00:34:00.300 align:start position:0% step for that is basically the question if<00:33:57.910> we<00:33:58.180> go<00:33:58.300> back<00:33:58.480> tie<00:33:58.810> that<00:33:58.990> into<00:33:59.200> also<00:34:00.130> any 00:34:00.300 --> 00:34:00.310 align:start position:0% if we go back tie that into also any 00:34:00.310 --> 00:34:02.190 align:start position:0% if we go back tie that into also any closing<00:34:00.790> remarks<00:34:00.820> you<00:34:01.330> have<00:34:01.540> about<00:34:01.960> how 00:34:02.190 --> 00:34:02.200 align:start position:0% closing remarks you have about how 00:34:02.200 --> 00:34:03.720 align:start position:0% closing remarks you have about how people<00:34:02.590> can<00:34:02.710> become<00:34:02.980> involved<00:34:03.220> in<00:34:03.400> this<00:34:03.550> type 00:34:03.720 --> 00:34:03.730 align:start position:0% people can become involved in this type 00:34:03.730 --> 00:34:05.850 align:start position:0% people can become involved in this type of<00:34:03.760> work<00:34:04.060> and<00:34:04.750> your<00:34:05.410> hopes<00:34:05.590> for<00:34:05.770> the<00:34:05.830> future 00:34:05.850 --> 00:34:05.860 align:start position:0% of work and your hopes for the future 00:34:05.860 --> 00:34:08.940 align:start position:0% of work and your hopes for the future yeah<00:34:06.850> I<00:34:07.000> I<00:34:07.330> was<00:34:07.750> really<00:34:07.780> disappointed<00:34:08.740> with 00:34:08.940 --> 00:34:08.950 align:start position:0% yeah I I was really disappointed with 00:34:08.950 --> 00:34:10.950 align:start position:0% yeah I I was really disappointed with Bitcoin<00:34:09.640> when<00:34:09.850> it<00:34:09.940> came<00:34:10.090> out<00:34:10.240> and<00:34:10.630> you<00:34:10.870> know 00:34:10.950 --> 00:34:10.960 align:start position:0% Bitcoin when it came out and you know 00:34:10.960 --> 00:34:12.720 align:start position:0% Bitcoin when it came out and you know this<00:34:11.050> is<00:34:11.200> coming<00:34:11.320> from<00:34:11.500> a<00:34:11.950> you<00:34:12.370> know<00:34:12.460> history 00:34:12.720 --> 00:34:12.730 align:start position:0% this is coming from a you know history 00:34:12.730 --> 00:34:15.030 align:start position:0% this is coming from a you know history of<00:34:12.850> yeah<00:34:13.240> creating<00:34:14.170> currencies<00:34:14.620> and<00:34:14.830> I<00:34:14.890> ain't 00:34:15.030 --> 00:34:15.040 align:start position:0% of yeah creating currencies and I ain't 00:34:15.040 --> 00:34:17.010 align:start position:0% of yeah creating currencies and I ain't thought<00:34:15.280> well<00:34:15.580> geez<00:34:15.880> you<00:34:16.510> know<00:34:16.540> here's<00:34:16.960> a 00:34:17.010 --> 00:34:17.020 align:start position:0% thought well geez you know here's a 00:34:17.020 --> 00:34:18.630 align:start position:0% thought well geez you know here's a group<00:34:17.830> that's<00:34:18.010> just<00:34:18.190> gonna<00:34:18.340> create<00:34:18.580> a 00:34:18.630 --> 00:34:18.640 align:start position:0% group that's just gonna create a 00:34:18.640 --> 00:34:21.180 align:start position:0% group that's just gonna create a currency<00:34:18.960> err<00:34:19.960> you<00:34:20.350> know<00:34:20.440> airdrop<00:34:20.830> a<00:34:20.860> bit<00:34:21.100> of 00:34:21.180 --> 00:34:21.190 align:start position:0% currency err you know airdrop a bit of 00:34:21.190 --> 00:34:22.800 align:start position:0% currency err you know airdrop a bit of it<00:34:21.310> into<00:34:21.490> the<00:34:21.670> community<00:34:22.060> and<00:34:22.150> expect<00:34:22.540> it<00:34:22.690> to 00:34:22.800 --> 00:34:22.810 align:start position:0% it into the community and expect it to 00:34:22.810 --> 00:34:25.680 align:start position:0% it into the community and expect it to you<00:34:23.500> to<00:34:23.680> gain<00:34:23.830> in<00:34:23.980> value<00:34:24.340> and<00:34:24.550> so<00:34:24.700> I<00:34:24.730> I'm<00:34:25.240> really 00:34:25.680 --> 00:34:25.690 align:start position:0% you to gain in value and so I I'm really 00:34:25.690 --> 00:34:27.900 align:start position:0% you to gain in value and so I I'm really excited<00:34:25.960> about<00:34:26.230> getting<00:34:26.710> people<00:34:27.220> to<00:34:27.430> to<00:34:27.730> come 00:34:27.900 --> 00:34:27.910 align:start position:0% excited about getting people to to come 00:34:27.910 --> 00:34:30.450 align:start position:0% excited about getting people to to come together<00:34:28.090> and<00:34:28.360> say<00:34:28.510> well<00:34:28.720> we<00:34:29.500> actually<00:34:29.650> do<00:34:30.280> do 00:34:30.450 --> 00:34:30.460 align:start position:0% together and say well we actually do do 00:34:30.460 --> 00:34:33.120 align:start position:0% together and say well we actually do do something<00:34:30.730> and<00:34:31.150> that<00:34:31.510> can<00:34:31.900> be<00:34:32.170> the<00:34:32.410> collateral 00:34:33.120 --> 00:34:33.130 align:start position:0% something and that can be the collateral 00:34:33.130 --> 00:34:34.860 align:start position:0% something and that can be the collateral that<00:34:33.250> is<00:34:33.400> the<00:34:33.550> backing<00:34:33.760> like<00:34:34.090> when<00:34:34.450> I<00:34:34.480> create<00:34:34.840> a 00:34:34.860 --> 00:34:34.870 align:start position:0% that is the backing like when I create a 00:34:34.870 --> 00:34:36.810 align:start position:0% that is the backing like when I create a currency<00:34:35.170> it<00:34:35.350> is<00:34:35.440> a<00:34:35.470> guarantee<00:34:35.980> against<00:34:36.460> X 00:34:36.810 --> 00:34:36.820 align:start position:0% currency it is a guarantee against X 00:34:36.820 --> 00:34:39.780 align:start position:0% currency it is a guarantee against X right<00:34:37.600> and<00:34:37.630> now<00:34:37.870> if<00:34:38.170> that<00:34:38.350> X<00:34:38.710> is<00:34:39.220> a<00:34:39.550> new 00:34:39.780 --> 00:34:39.790 align:start position:0% right and now if that X is a new 00:34:39.790 --> 00:34:42.480 align:start position:0% right and now if that X is a new technology<00:34:40.180> that<00:34:40.660> you're<00:34:41.140> issuing<00:34:41.260> well<00:34:42.070> doc 00:34:42.480 --> 00:34:42.490 align:start position:0% technology that you're issuing well doc 00:34:42.490 --> 00:34:44.610 align:start position:0% technology that you're issuing well doc that<00:34:42.850> can<00:34:43.000> be<00:34:43.090> a<00:34:43.120> wonderful<00:34:43.630> source<00:34:44.260> but<00:34:44.500> that 00:34:44.610 --> 00:34:44.620 align:start position:0% that can be a wonderful source but that 00:34:44.620 --> 00:34:46.470 align:start position:0% that can be a wonderful source but that it<00:34:44.860> really<00:34:45.070> needs<00:34:45.250> to<00:34:45.370> be<00:34:45.550> articulated<00:34:45.700> and 00:34:46.470 --> 00:34:46.480 align:start position:0% it really needs to be articulated and 00:34:46.480 --> 00:34:48.990 align:start position:0% it really needs to be articulated and guaranteed<00:34:47.080> in<00:34:47.350> a<00:34:47.500> way<00:34:47.620> like<00:34:47.920> it<00:34:48.100> I<00:34:48.370> feel<00:34:48.850> like 00:34:48.990 --> 00:34:49.000 align:start position:0% guaranteed in a way like it I feel like 00:34:49.000 --> 00:34:51.450 align:start position:0% guaranteed in a way like it I feel like you<00:34:49.360> know<00:34:49.450> the<00:34:49.600> backing<00:34:50.560> it<00:34:50.680> with<00:34:50.830> Tomatoes 00:34:51.450 --> 00:34:51.460 align:start position:0% you know the backing it with Tomatoes 00:34:51.460 --> 00:34:53.070 align:start position:0% you know the backing it with Tomatoes well<00:34:51.640> those<00:34:51.910> tomatoes<00:34:52.300> can<00:34:52.450> quite<00:34:52.750> often<00:34:52.900> be 00:34:53.070 --> 00:34:53.080 align:start position:0% well those tomatoes can quite often be 00:34:53.080 --> 00:34:55.770 align:start position:0% well those tomatoes can quite often be rotten<00:34:53.410> and<00:34:53.560> so<00:34:54.340> can<00:34:54.550> the<00:34:54.670> technology<00:34:54.820> right 00:34:55.770 --> 00:34:55.780 align:start position:0% rotten and so can the technology right 00:34:55.780 --> 00:34:58.230 align:start position:0% rotten and so can the technology right and<00:34:55.960> so<00:34:56.110> really<00:34:56.920> thinking<00:34:57.190> about<00:34:57.280> you<00:34:57.790> know<00:34:57.910> on 00:34:58.230 --> 00:34:58.240 align:start position:0% and so really thinking about you know on 00:34:58.240 --> 00:35:00.840 align:start position:0% and so really thinking about you know on chain<00:34:58.870> collateral<00:34:59.470> in<00:35:00.070> a<00:35:00.190> real<00:35:00.400> way<00:35:00.580> that 00:35:00.840 --> 00:35:00.850 align:start position:0% chain collateral in a real way that 00:35:00.850 --> 00:35:03.390 align:start position:0% chain collateral in a real way that gives<00:35:01.060> people<00:35:01.240> guarantees<00:35:01.870> against<00:35:02.650> you<00:35:03.280> know 00:35:03.390 --> 00:35:03.400 align:start position:0% gives people guarantees against you know 00:35:03.400 --> 00:35:05.130 align:start position:0% gives people guarantees against you know what<00:35:03.610> that<00:35:04.120> is<00:35:04.360> you<00:35:04.690> know<00:35:04.780> if<00:35:04.840> I'm<00:35:04.930> holding 00:35:05.130 --> 00:35:05.140 align:start position:0% what that is you know if I'm holding 00:35:05.140 --> 00:35:06.480 align:start position:0% what that is you know if I'm holding this<00:35:05.350> token<00:35:05.650> there<00:35:05.770> should<00:35:05.920> be<00:35:06.010> no<00:35:06.280> question 00:35:06.480 --> 00:35:06.490 align:start position:0% this token there should be no question 00:35:06.490 --> 00:35:08.640 align:start position:0% this token there should be no question that<00:35:06.970> there<00:35:07.570> is<00:35:07.690> a<00:35:07.720> backer<00:35:08.020> of<00:35:08.170> last<00:35:08.470> resort 00:35:08.640 --> 00:35:08.650 align:start position:0% that there is a backer of last resort 00:35:08.650 --> 00:35:11.400 align:start position:0% that there is a backer of last resort and<00:35:09.130> I<00:35:09.670> and<00:35:10.000> I<00:35:10.090> think<00:35:10.330> you<00:35:10.570> know<00:35:10.690> as<00:35:10.810> we<00:35:10.840> talked 00:35:11.400 --> 00:35:11.410 align:start position:0% and I and I think you know as we talked 00:35:11.410 --> 00:35:13.110 align:start position:0% and I and I think you know as we talked about<00:35:11.560> creating<00:35:11.860> two<00:35:12.220> point<00:35:12.490> six<00:35:12.790> trillion 00:35:13.110 --> 00:35:13.120 align:start position:0% about creating two point six trillion 00:35:13.120 --> 00:35:15.840 align:start position:0% about creating two point six trillion dollars<00:35:13.630> for<00:35:14.110> all<00:35:14.830> these<00:35:15.190> things<00:35:15.370> it's<00:35:15.670> not 00:35:15.840 --> 00:35:15.850 align:start position:0% dollars for all these things it's not 00:35:15.850 --> 00:35:18.690 align:start position:0% dollars for all these things it's not like<00:35:16.180> we're<00:35:16.480> just<00:35:16.510> gonna<00:35:16.720> airdrop<00:35:17.350> that<00:35:17.700> and 00:35:18.690 --> 00:35:18.700 align:start position:0% like we're just gonna airdrop that and 00:35:18.700 --> 00:35:21.480 align:start position:0% like we're just gonna airdrop that and expect<00:35:19.240> those<00:35:20.080> monies<00:35:20.470> to<00:35:20.620> have<00:35:20.770> value<00:35:21.130> the 00:35:21.480 --> 00:35:21.490 align:start position:0% expect those monies to have value the 00:35:21.490 --> 00:35:23.130 align:start position:0% expect those monies to have value the communities<00:35:22.000> actually<00:35:22.180> give<00:35:22.480> it<00:35:22.600> value<00:35:22.900> and 00:35:23.130 --> 00:35:23.140 align:start position:0% communities actually give it value and 00:35:23.140 --> 00:35:24.930 align:start position:0% communities actually give it value and the<00:35:23.320> communities<00:35:23.650> have<00:35:23.830> value<00:35:24.340> all<00:35:24.820> right 00:35:24.930 --> 00:35:24.940 align:start position:0% the communities have value all right 00:35:24.940 --> 00:35:26.610 align:start position:0% the communities have value all right these<00:35:25.120> women<00:35:25.480> trading<00:35:25.900> there 00:35:26.610 --> 00:35:26.620 align:start position:0% these women trading there 00:35:26.620 --> 00:35:27.990 align:start position:0% these women trading there their<00:35:26.770> goods<00:35:26.980> and<00:35:27.100> services<00:35:27.490> and<00:35:27.670> doing<00:35:27.880> their 00:35:27.990 --> 00:35:28.000 align:start position:0% their goods and services and doing their 00:35:28.000 --> 00:35:30.210 align:start position:0% their goods and services and doing their farm<00:35:28.180> work<00:35:28.300> that<00:35:28.690> is<00:35:28.840> real<00:35:29.200> value<00:35:29.440> and<00:35:29.860> in<00:35:30.190> fact 00:35:30.210 --> 00:35:30.220 align:start position:0% farm work that is real value and in fact 00:35:30.220 --> 00:35:31.980 align:start position:0% farm work that is real value and in fact that<00:35:31.000> you<00:35:31.330> know<00:35:31.420> the<00:35:31.540> whole<00:35:31.690> idea<00:35:31.720> of 00:35:31.980 --> 00:35:31.990 align:start position:0% that you know the whole idea of 00:35:31.990 --> 00:35:34.290 align:start position:0% that you know the whole idea of grassroots<00:35:32.350> economics<00:35:33.310> is<00:35:33.490> about<00:35:33.760> that<00:35:34.150> at 00:35:34.290 --> 00:35:34.300 align:start position:0% grassroots economics is about that at 00:35:34.300 --> 00:35:35.490 align:start position:0% grassroots economics is about that at building<00:35:34.660> things<00:35:34.810> from<00:35:34.900> the<00:35:35.050> grassroots<00:35:35.230> up 00:35:35.490 --> 00:35:35.500 align:start position:0% building things from the grassroots up 00:35:35.500 --> 00:35:37.590 align:start position:0% building things from the grassroots up so<00:35:35.650> I'm<00:35:35.950> really<00:35:36.250> hesitant<00:35:36.550> about<00:35:37.060> these<00:35:37.270> these 00:35:37.590 --> 00:35:37.600 align:start position:0% so I'm really hesitant about these these 00:35:37.600 --> 00:35:39.630 align:start position:0% so I'm really hesitant about these these schemes<00:35:37.960> that<00:35:38.170> go<00:35:38.260> out<00:35:38.380> and<00:35:38.500> say<00:35:38.590> drop<00:35:39.130> our<00:35:39.310> ubi 00:35:39.630 --> 00:35:39.640 align:start position:0% schemes that go out and say drop our ubi 00:35:39.640 --> 00:35:41.550 align:start position:0% schemes that go out and say drop our ubi token<00:35:40.240> for<00:35:40.600> everyone<00:35:41.050> and<00:35:41.230> that's<00:35:41.290> somehow 00:35:41.550 --> 00:35:41.560 align:start position:0% token for everyone and that's somehow 00:35:41.560 --> 00:35:43.320 align:start position:0% token for everyone and that's somehow valuables<00:35:42.040> like<00:35:42.160> know<00:35:42.310> these<00:35:42.730> people<00:35:42.880> they 00:35:43.320 --> 00:35:43.330 align:start position:0% valuables like know these people they 00:35:43.330 --> 00:35:45.630 align:start position:0% valuables like know these people they have<00:35:43.600> their<00:35:43.870> own<00:35:43.900> value<00:35:44.740> already<00:35:45.130> let<00:35:45.490> them 00:35:45.630 --> 00:35:45.640 align:start position:0% have their own value already let them 00:35:45.640 --> 00:35:47.460 align:start position:0% have their own value already let them just<00:35:45.910> liquidate<00:35:46.690> that<00:35:46.870> value<00:35:47.200> let<00:35:47.350> them 00:35:47.460 --> 00:35:47.470 align:start position:0% just liquidate that value let them 00:35:47.470 --> 00:35:49.170 align:start position:0% just liquidate that value let them create<00:35:47.830> tokens<00:35:48.280> on<00:35:48.400> it<00:35:48.580> and<00:35:48.730> create 00:35:49.170 --> 00:35:49.180 align:start position:0% create tokens on it and create 00:35:49.180 --> 00:35:52.140 align:start position:0% create tokens on it and create collateral<00:35:49.840> systems<00:35:50.140> behind<00:35:50.470> it<00:35:50.940> thank<00:35:51.940> you 00:35:52.140 --> 00:35:52.150 align:start position:0% collateral systems behind it thank you 00:35:52.150 --> 00:35:55.170 align:start position:0% collateral systems behind it thank you yeah<00:35:53.140> echoing<00:35:53.650> what<00:35:54.070> we<00:35:54.460> all<00:35:54.520> said<00:35:54.820> I<00:35:54.850> think<00:35:55.120> we 00:35:55.170 --> 00:35:55.180 align:start position:0% yeah echoing what we all said I think we 00:35:55.180 --> 00:35:59.010 align:start position:0% yeah echoing what we all said I think we need<00:35:55.330> to<00:35:55.390> be<00:35:55.980> mindful<00:35:56.980> of<00:35:57.250> what<00:35:58.210> is<00:35:58.870> it<00:35:58.990> that 00:35:59.010 --> 00:35:59.020 align:start position:0% need to be mindful of what is it that 00:35:59.020 --> 00:36:01.620 align:start position:0% need to be mindful of what is it that we're<00:35:59.320> trying<00:35:59.560> to<00:35:59.650> accomplish<00:36:00.190> in<00:36:00.760> these 00:36:01.620 --> 00:36:01.630 align:start position:0% we're trying to accomplish in these 00:36:01.630 --> 00:36:03.810 align:start position:0% we're trying to accomplish in these vulnerable<00:36:02.470> markets<00:36:03.070> and<00:36:03.310> developing 00:36:03.810 --> 00:36:03.820 align:start position:0% vulnerable markets and developing 00:36:03.820 --> 00:36:07.320 align:start position:0% vulnerable markets and developing nations<00:36:04.530> these<00:36:05.530> these<00:36:06.010> places<00:36:06.280> lack<00:36:06.760> well 00:36:07.320 --> 00:36:07.330 align:start position:0% nations these these places lack well 00:36:07.330 --> 00:36:09.180 align:start position:0% nations these these places lack well these<00:36:07.780> places<00:36:07.960> have<00:36:08.290> markets<00:36:08.920> that<00:36:09.160> are 00:36:09.180 --> 00:36:09.190 align:start position:0% these places have markets that are 00:36:09.190 --> 00:36:11.100 align:start position:0% these places have markets that are dormant<00:36:09.610> and<00:36:09.880> if<00:36:10.240> we<00:36:10.390> can<00:36:10.540> find<00:36:10.750> a<00:36:10.930> ways<00:36:11.080> to 00:36:11.100 --> 00:36:11.110 align:start position:0% dormant and if we can find a ways to 00:36:11.110 --> 00:36:13.320 align:start position:0% dormant and if we can find a ways to activate<00:36:11.890> those<00:36:12.040> markets<00:36:12.520> that's<00:36:13.120> the 00:36:13.320 --> 00:36:13.330 align:start position:0% activate those markets that's the 00:36:13.330 --> 00:36:16.080 align:start position:0% activate those markets that's the fastest<00:36:14.080> way<00:36:14.230> to<00:36:14.500> growth<00:36:14.890> and<00:36:15.190> community 00:36:16.080 --> 00:36:16.090 align:start position:0% fastest way to growth and community 00:36:16.090 --> 00:36:18.990 align:start position:0% fastest way to growth and community currencies<00:36:16.660> or<00:36:16.930> one<00:36:17.290> way<00:36:17.410> of<00:36:17.530> doing<00:36:17.860> it<00:36:18.040> and 00:36:18.990 --> 00:36:19.000 align:start position:0% currencies or one way of doing it and 00:36:19.000 --> 00:36:20.610 align:start position:0% currencies or one way of doing it and and<00:36:19.360> there's<00:36:19.780> this<00:36:19.900> other<00:36:20.080> financial 00:36:20.610 --> 00:36:20.620 align:start position:0% and there's this other financial 00:36:20.620 --> 00:36:22.260 align:start position:0% and there's this other financial products<00:36:20.980> that<00:36:21.130> need<00:36:21.190> to<00:36:21.310> be<00:36:21.340> introduced<00:36:21.940> and 00:36:22.260 --> 00:36:22.270 align:start position:0% products that need to be introduced and 00:36:22.270 --> 00:36:25.410 align:start position:0% products that need to be introduced and I<00:36:22.480> think<00:36:22.690> us<00:36:22.870> in<00:36:23.140> in<00:36:23.470> rich<00:36:23.850> countries<00:36:24.850> we 00:36:25.410 --> 00:36:25.420 align:start position:0% I think us in in rich countries we 00:36:25.420 --> 00:36:27.000 align:start position:0% I think us in in rich countries we actually<00:36:25.660> have<00:36:25.780> an<00:36:25.900> overabundance<00:36:26.200> of 00:36:27.000 --> 00:36:27.010 align:start position:0% actually have an overabundance of 00:36:27.010 --> 00:36:27.990 align:start position:0% actually have an overabundance of financial<00:36:27.490> products<00:36:27.790> you<00:36:27.850> have<00:36:27.940> an 00:36:27.990 --> 00:36:28.000 align:start position:0% financial products you have an 00:36:28.000 --> 00:36:30.270 align:start position:0% financial products you have an overabundance<00:36:28.270> of<00:36:28.630> debt<00:36:29.160> overabundance<00:36:30.160> of 00:36:30.270 --> 00:36:30.280 align:start position:0% overabundance of debt overabundance of 00:36:30.280 --> 00:36:32.550 align:start position:0% overabundance of debt overabundance of insurance<00:36:30.970> like<00:36:31.390> I<00:36:31.690> think<00:36:31.930> many<00:36:32.170> people<00:36:32.290> don't 00:36:32.550 --> 00:36:32.560 align:start position:0% insurance like I think many people don't 00:36:32.560 --> 00:36:33.930 align:start position:0% insurance like I think many people don't know<00:36:32.710> this<00:36:32.830> like<00:36:33.010> your<00:36:33.310> credit<00:36:33.580> card<00:36:33.790> has 00:36:33.930 --> 00:36:33.940 align:start position:0% know this like your credit card has 00:36:33.940 --> 00:36:36.060 align:start position:0% know this like your credit card has purchased<00:36:34.330> protections<00:36:35.050> so<00:36:35.260> next<00:36:35.770> time<00:36:35.980> you 00:36:36.060 --> 00:36:36.070 align:start position:0% purchased protections so next time you 00:36:36.070 --> 00:36:37.860 align:start position:0% purchased protections so next time you drop<00:36:36.250> your<00:36:36.460> phone<00:36:36.490> and<00:36:37.330> have<00:36:37.480> the<00:36:37.570> credit<00:36:37.840> card 00:36:37.860 --> 00:36:37.870 align:start position:0% drop your phone and have the credit card 00:36:37.870 --> 00:36:39.840 align:start position:0% drop your phone and have the credit card pay<00:36:38.200> for<00:36:38.380> it<00:36:38.500> so<00:36:38.860> we<00:36:38.980> have<00:36:39.130> insurance<00:36:39.670> that<00:36:39.760> we 00:36:39.840 --> 00:36:39.850 align:start position:0% pay for it so we have insurance that we 00:36:39.850 --> 00:36:42.210 align:start position:0% pay for it so we have insurance that we don't<00:36:40.000> even<00:36:40.090> know<00:36:40.240> about<00:36:40.330> sometimes<00:36:40.960> and<00:36:41.770> in 00:36:42.210 --> 00:36:42.220 align:start position:0% don't even know about sometimes and in 00:36:42.220 --> 00:36:44.310 align:start position:0% don't even know about sometimes and in developing<00:36:42.670> countries<00:36:43.330> there's<00:36:44.020> just<00:36:44.200> an 00:36:44.310 --> 00:36:44.320 align:start position:0% developing countries there's just an 00:36:44.320 --> 00:36:45.750 align:start position:0% developing countries there's just an absolute<00:36:44.650> lack<00:36:44.860> of<00:36:45.010> that<00:36:45.160> so<00:36:45.340> how<00:36:45.430> can<00:36:45.580> we 00:36:45.750 --> 00:36:45.760 align:start position:0% absolute lack of that so how can we 00:36:45.760 --> 00:36:49.490 align:start position:0% absolute lack of that so how can we start<00:36:46.360> to<00:36:46.450> introduce<00:36:47.220> accessible<00:36:48.220> and<00:36:48.640> cheap 00:36:49.490 --> 00:36:49.500 align:start position:0% start to introduce accessible and cheap 00:36:49.500 --> 00:36:55.520 align:start position:0% start to introduce accessible and cheap financial<00:36:50.500> instruments<00:36:50.890> and<00:36:51.630> market 00:36:55.520 --> 00:36:55.530 align:start position:0% 00:36:55.530 --> 00:36:58.710 align:start position:0% liquidity<00:36:56.530> issue<00:36:57.040> too<00:36:57.340> in<00:36:58.210> terms<00:36:58.510> of<00:36:58.630> like 00:36:58.710 --> 00:36:58.720 align:start position:0% liquidity issue too in terms of like 00:36:58.720 --> 00:37:00.990 align:start position:0% liquidity issue too in terms of like fractional<00:36:59.200> reserve<00:36:59.530> and<00:36:59.890> you<00:37:00.700> know<00:37:00.790> how<00:37:00.940> do 00:37:00.990 --> 00:37:01.000 align:start position:0% fractional reserve and you know how do 00:37:01.000 --> 00:37:04.800 align:start position:0% fractional reserve and you know how do we<00:37:01.150> take<00:37:01.390> say<00:37:02.200> ten<00:37:02.740> thousand<00:37:03.400> euros<00:37:04.390> and<00:37:04.750> how 00:37:04.800 --> 00:37:04.810 align:start position:0% we take say ten thousand euros and how 00:37:04.810 --> 00:37:06.980 align:start position:0% we take say ten thousand euros and how do<00:37:04.870> we<00:37:04.990> multiply<00:37:05.110> that<00:37:05.440> into<00:37:05.500> maybe<00:37:06.100> five<00:37:06.460> acts 00:37:06.980 --> 00:37:06.990 align:start position:0% do we multiply that into maybe five acts 00:37:06.990 --> 00:37:09.390 align:start position:0% do we multiply that into maybe five acts and<00:37:07.990> why<00:37:08.170> would<00:37:08.350> you<00:37:08.380> want<00:37:08.620> to<00:37:08.680> do<00:37:08.770> that<00:37:08.920> you 00:37:09.390 --> 00:37:09.400 align:start position:0% and why would you want to do that you 00:37:09.400 --> 00:37:11.220 align:start position:0% and why would you want to do that you want<00:37:09.580> to<00:37:09.640> introduce<00:37:09.820> more<00:37:10.180> liquidity<00:37:10.360> and<00:37:10.810> and 00:37:11.220 --> 00:37:11.230 align:start position:0% want to introduce more liquidity and and 00:37:11.230 --> 00:37:12.960 align:start position:0% want to introduce more liquidity and and and<00:37:11.620> in<00:37:11.860> some<00:37:12.070> ways<00:37:12.220> you're<00:37:12.370> not<00:37:12.520> increasing 00:37:12.960 --> 00:37:12.970 align:start position:0% and in some ways you're not increasing 00:37:12.970 --> 00:37:14.640 align:start position:0% and in some ways you're not increasing the<00:37:13.330> monetary<00:37:13.750> supply<00:37:14.050> you're<00:37:14.410> increasing 00:37:14.640 --> 00:37:14.650 align:start position:0% the monetary supply you're increasing 00:37:14.650 --> 00:37:16.620 align:start position:0% the monetary supply you're increasing the<00:37:14.980> liquidity<00:37:15.460> with<00:37:15.700> the<00:37:16.030> credit<00:37:16.360> supply 00:37:16.620 --> 00:37:16.630 align:start position:0% the liquidity with the credit supply 00:37:16.630 --> 00:37:19.680 align:start position:0% the liquidity with the credit supply within<00:37:16.960> that<00:37:17.200> within<00:37:17.770> that<00:37:18.010> community<00:37:18.690> and 00:37:19.680 --> 00:37:19.690 align:start position:0% within that within that community and 00:37:19.690 --> 00:37:21.060 align:start position:0% within that within that community and that's<00:37:19.870> really<00:37:20.050> important<00:37:20.590> when<00:37:20.920> you're 00:37:21.060 --> 00:37:21.070 align:start position:0% that's really important when you're 00:37:21.070 --> 00:37:22.440 align:start position:0% that's really important when you're trying<00:37:21.280> to<00:37:21.400> fill<00:37:21.700> some<00:37:21.910> of<00:37:21.940> these<00:37:22.030> funding 00:37:22.440 --> 00:37:22.450 align:start position:0% trying to fill some of these funding 00:37:22.450 --> 00:37:23.790 align:start position:0% trying to fill some of these funding gaps<00:37:22.660> that<00:37:22.840> I<00:37:22.900> mentioned<00:37:23.350> up<00:37:23.470> there<00:37:23.620> before 00:37:23.790 --> 00:37:23.800 align:start position:0% gaps that I mentioned up there before 00:37:23.800 --> 00:37:25.980 align:start position:0% gaps that I mentioned up there before but<00:37:24.520> it's<00:37:24.700> also<00:37:24.880> really<00:37:25.150> interesting<00:37:25.270> to<00:37:25.840> when 00:37:25.980 --> 00:37:25.990 align:start position:0% but it's also really interesting to when 00:37:25.990 --> 00:37:28.260 align:start position:0% but it's also really interesting to when you<00:37:26.080> think<00:37:26.290> about<00:37:26.610> emergency<00:37:27.610> assistance<00:37:27.880> in 00:37:28.260 --> 00:37:28.270 align:start position:0% you think about emergency assistance in 00:37:28.270 --> 00:37:31.080 align:start position:0% you think about emergency assistance in disaster<00:37:28.870> so<00:37:29.260> for<00:37:29.410> example<00:37:29.940> some<00:37:30.940> of<00:37:30.970> the 00:37:31.080 --> 00:37:31.090 align:start position:0% disaster so for example some of the 00:37:31.090 --> 00:37:32.340 align:start position:0% disaster so for example some of the stuff<00:37:31.240> the<00:37:31.360> Red<00:37:31.510> Cross<00:37:31.660> looks<00:37:31.930> at<00:37:32.080> is<00:37:32.170> around 00:37:32.340 --> 00:37:32.350 align:start position:0% stuff the Red Cross looks at is around 00:37:32.350 --> 00:37:34.200 align:start position:0% stuff the Red Cross looks at is around parametric<00:37:33.100> triggers<00:37:33.490> and<00:37:33.640> we<00:37:33.730> do<00:37:33.850> katashi 00:37:34.200 --> 00:37:34.210 align:start position:0% parametric triggers and we do katashi 00:37:34.210 --> 00:37:36.000 align:start position:0% parametric triggers and we do katashi bonds<00:37:34.600> which<00:37:34.870> is<00:37:34.990> a<00:37:35.020> basically<00:37:35.470> an<00:37:35.590> insurance 00:37:36.000 --> 00:37:36.010 align:start position:0% bonds which is a basically an insurance 00:37:36.010 --> 00:37:39.060 align:start position:0% bonds which is a basically an insurance link<00:37:36.550> security<00:37:37.060> that<00:37:37.570> fund<00:37:38.260> that<00:37:38.590> funding<00:37:38.980> is 00:37:39.060 --> 00:37:39.070 align:start position:0% link security that fund that funding is 00:37:39.070 --> 00:37:40.080 align:start position:0% link security that fund that funding is triggered<00:37:39.430> once<00:37:39.670> you<00:37:39.790> hit 00:37:40.080 --> 00:37:40.090 align:start position:0% triggered once you hit 00:37:40.090 --> 00:37:42.180 align:start position:0% triggered once you hit kind<00:37:40.330> of<00:37:40.450> you<00:37:40.900> know<00:37:41.020> like<00:37:41.290> peril<00:37:41.710> or<00:37:41.830> something 00:37:42.180 --> 00:37:42.190 align:start position:0% kind of you know like peril or something 00:37:42.190 --> 00:37:46.050 align:start position:0% kind of you know like peril or something so<00:37:42.340> in<00:37:42.460> eruption<00:37:42.910> of<00:37:43.000> a<00:37:43.090> volcano<00:37:44.550> but<00:37:45.550> this<00:37:45.880> is 00:37:46.050 --> 00:37:46.060 align:start position:0% so in eruption of a volcano but this is 00:37:46.060 --> 00:37:47.640 align:start position:0% so in eruption of a volcano but this is a<00:37:46.090> really<00:37:46.390> interesting<00:37:46.600> system<00:37:47.200> because<00:37:47.470> if 00:37:47.640 --> 00:37:47.650 align:start position:0% a really interesting system because if 00:37:47.650 --> 00:37:48.960 align:start position:0% a really interesting system because if you<00:37:47.740> start<00:37:47.980> to<00:37:48.130> get<00:37:48.220> indicators<00:37:48.700> that<00:37:48.730> there's 00:37:48.960 --> 00:37:48.970 align:start position:0% you start to get indicators that there's 00:37:48.970 --> 00:37:50.640 align:start position:0% you start to get indicators that there's droughts<00:37:49.270> you<00:37:49.720> can<00:37:49.870> then<00:37:50.020> increase<00:37:50.320> the 00:37:50.640 --> 00:37:50.650 align:start position:0% droughts you can then increase the 00:37:50.650 --> 00:37:52.590 align:start position:0% droughts you can then increase the credit<00:37:50.920> supply<00:37:51.250> without<00:37:52.120> actually 00:37:52.590 --> 00:37:52.600 align:start position:0% credit supply without actually 00:37:52.600 --> 00:37:54.240 align:start position:0% credit supply without actually transferring<00:37:53.080> any<00:37:53.230> money<00:37:53.410> and<00:37:53.830> if<00:37:53.980> there<00:37:54.130> is 00:37:54.240 --> 00:37:54.250 align:start position:0% transferring any money and if there is 00:37:54.250 --> 00:37:56.400 align:start position:0% transferring any money and if there is like<00:37:54.460> a<00:37:54.490> false<00:37:54.790> positive<00:37:55.030> and<00:37:55.660> then<00:37:56.110> actually 00:37:56.400 --> 00:37:56.410 align:start position:0% like a false positive and then actually 00:37:56.410 --> 00:37:57.960 align:start position:0% like a false positive and then actually there<00:37:56.530> is<00:37:56.650> no<00:37:56.800> drought<00:37:57.100> then<00:37:57.550> you<00:37:57.700> can<00:37:57.820> burn 00:37:57.960 --> 00:37:57.970 align:start position:0% there is no drought then you can burn 00:37:57.970 --> 00:38:01.020 align:start position:0% there is no drought then you can burn off<00:37:58.210> the<00:37:58.450> tokens<00:37:58.900> or<00:37:59.050> what<00:37:59.800> you<00:37:59.920> have<00:38:00.100> and<00:38:00.550> then 00:38:01.020 --> 00:38:01.030 align:start position:0% off the tokens or what you have and then 00:38:01.030 --> 00:38:03.330 align:start position:0% off the tokens or what you have and then bring<00:38:01.270> it<00:38:01.360> back<00:38:01.510> down<00:38:01.690> to<00:38:01.750> some<00:38:02.230> stability<00:38:02.440> so 00:38:03.330 --> 00:38:03.340 align:start position:0% bring it back down to some stability so 00:38:03.340 --> 00:38:06.260 align:start position:0% bring it back down to some stability so it's<00:38:03.460> kind<00:38:03.700> of<00:38:03.790> like<00:38:03.970> a<00:38:04.000> central<00:38:04.540> bank<00:38:04.870> ish 00:38:06.260 --> 00:38:06.270 align:start position:0% it's kind of like a central bank ish 00:38:06.270 --> 00:38:09.780 align:start position:0% it's kind of like a central bank ish strategy<00:38:07.270> I<00:38:08.230> would<00:38:08.800> just<00:38:09.040> add<00:38:09.280> like<00:38:09.520> the 00:38:09.780 --> 00:38:09.790 align:start position:0% strategy I would just add like the 00:38:09.790 --> 00:38:11.820 align:start position:0% strategy I would just add like the negative<00:38:10.570> feedback<00:38:10.720> is<00:38:11.050> super<00:38:11.320> important<00:38:11.740> too 00:38:11.820 --> 00:38:11.830 align:start position:0% negative feedback is super important too 00:38:11.830 --> 00:38:14.070 align:start position:0% negative feedback is super important too and<00:38:12.040> so<00:38:12.190> like<00:38:12.370> if<00:38:12.640> a<00:38:13.030> token<00:38:13.360> is<00:38:13.840> supposed<00:38:14.050> to 00:38:14.070 --> 00:38:14.080 align:start position:0% and so like if a token is supposed to 00:38:14.080 --> 00:38:15.300 align:start position:0% and so like if a token is supposed to have<00:38:14.230> some<00:38:14.410> collateral<00:38:14.620> behind<00:38:15.070> it<00:38:15.190> and 00:38:15.300 --> 00:38:15.310 align:start position:0% have some collateral behind it and 00:38:15.310 --> 00:38:17.430 align:start position:0% have some collateral behind it and doesn't<00:38:15.670> well<00:38:16.060> then<00:38:16.270> you<00:38:16.900> know<00:38:16.990> that<00:38:17.110> token 00:38:17.430 --> 00:38:17.440 align:start position:0% doesn't well then you know that token 00:38:17.440 --> 00:38:18.870 align:start position:0% doesn't well then you know that token should<00:38:17.560> go<00:38:17.680> away<00:38:17.800> like<00:38:18.370> and<00:38:18.580> there<00:38:18.670> should<00:38:18.790> be 00:38:18.870 --> 00:38:18.880 align:start position:0% should go away like and there should be 00:38:18.880 --> 00:38:21.180 align:start position:0% should go away like and there should be systems<00:38:19.210> that<00:38:19.870> allow<00:38:20.260> that<00:38:20.320> to<00:38:20.680> happen<00:38:20.800> in<00:38:21.100> a 00:38:21.180 --> 00:38:21.190 align:start position:0% systems that allow that to happen in a 00:38:21.190 --> 00:38:23.040 align:start position:0% systems that allow that to happen in a safe<00:38:21.400> way<00:38:21.640> where<00:38:21.910> if<00:38:22.300> there<00:38:22.510> was<00:38:22.660> collateral 00:38:23.040 --> 00:38:23.050 align:start position:0% safe way where if there was collateral 00:38:23.050 --> 00:38:26.310 align:start position:0% safe way where if there was collateral behind<00:38:23.470> it<00:38:23.560> can<00:38:23.740> move<00:38:23.950> to<00:38:24.160> other<00:38:24.190> tokens<00:38:25.320> thank 00:38:26.310 --> 00:38:26.320 align:start position:0% behind it can move to other tokens thank 00:38:26.320 --> 00:38:28.110 align:start position:0% behind it can move to other tokens thank you<00:38:26.440> very<00:38:26.590> much<00:38:26.800> to<00:38:27.130> all<00:38:27.310> of<00:38:27.400> you<00:38:27.790> we 00:38:28.110 --> 00:38:28.120 align:start position:0% you very much to all of you we 00:38:28.120 --> 00:38:29.970 align:start position:0% you very much to all of you we unfortunately<00:38:28.540> have<00:38:28.990> to<00:38:29.110> draw<00:38:29.260> this<00:38:29.410> panel<00:38:29.740> to 00:38:29.970 --> 00:38:29.980 align:start position:0% unfortunately have to draw this panel to 00:38:29.980 --> 00:38:32.640 align:start position:0% unfortunately have to draw this panel to a<00:38:30.010> close<00:38:30.280> but<00:38:30.640> please<00:38:31.300> do<00:38:31.480> drop<00:38:31.600> us<00:38:31.720> all<00:38:32.290> an 00:38:32.640 --> 00:38:32.650 align:start position:0% a close but please do drop us all an 00:38:32.650 --> 00:38:34.830 align:start position:0% a close but please do drop us all an email<00:38:32.800> if<00:38:33.160> you'd<00:38:33.460> like<00:38:33.850> to<00:38:34.000> know<00:38:34.120> more<00:38:34.300> I<00:38:34.630> feel 00:38:34.830 --> 00:38:34.840 align:start position:0% email if you'd like to know more I feel 00:38:34.840 --> 00:38:37.020 align:start position:0% email if you'd like to know more I feel there<00:38:35.020> are<00:38:35.110> still<00:38:35.350> many<00:38:36.040> unresolved<00:38:36.400> in<00:38:36.760> and 00:38:37.020 --> 00:38:37.030 align:start position:0% there are still many unresolved in and 00:38:37.030 --> 00:38:39.600 align:start position:0% there are still many unresolved in and open<00:38:37.330> questions<00:38:37.750> in<00:38:37.960> this<00:38:38.230> area<00:38:38.590> so<00:38:38.980> thank<00:38:39.490> you 00:38:39.600 --> 00:38:39.610 align:start position:0% open questions in this area so thank you 00:38:39.610 --> 00:38:40.700 align:start position:0% open questions in this area so thank you very<00:38:39.640> much<00:38:39.880> for<00:38:40.030> family 00:38:40.700 --> 00:38:40.710 align:start position:0% very much for family 00:38:40.710 --> 00:38:51.330 align:start position:0% very much for family [Applause] 00:38:51.330 --> 00:38:51.340 align:start position:0% 00:38:51.340 --> 00:38:53.400 align:start position:0% you