WEBVTT Kind: captions Language: en 00:00:00.030 --> 00:00:02.090 align:start position:0% really<00:00:00.989> the<00:00:01.110> point<00:00:01.230> of<00:00:01.350> this<00:00:01.439> talk<00:00:01.650> is<00:00:01.890> how<00:00:01.920> do 00:00:02.090 --> 00:00:02.100 align:start position:0% really the point of this talk is how do 00:00:02.100 --> 00:00:04.329 align:start position:0% really the point of this talk is how do you<00:00:02.250> evaluate<00:00:02.490> privacy<00:00:03.360> in<00:00:03.629> cryptocurrencies 00:00:04.329 --> 00:00:04.339 align:start position:0% you evaluate privacy in cryptocurrencies 00:00:04.339 --> 00:00:07.220 align:start position:0% you evaluate privacy in cryptocurrencies the<00:00:05.339> point<00:00:05.549> is<00:00:05.670> not<00:00:05.759> the<00:00:05.819> shells<00:00:06.270> e-cash<00:00:06.720> I<00:00:07.020> am 00:00:07.220 --> 00:00:07.230 align:start position:0% the point is not the shells e-cash I am 00:00:07.230 --> 00:00:08.930 align:start position:0% the point is not the shells e-cash I am one<00:00:07.440> of<00:00:07.470> the<00:00:07.560> cofounders<00:00:07.710> of<00:00:08.069> Z<00:00:08.220> cash<00:00:08.429> I<00:00:08.670> am<00:00:08.820> on 00:00:08.930 --> 00:00:08.940 align:start position:0% one of the cofounders of Z cash I am on 00:00:08.940 --> 00:00:10.430 align:start position:0% one of the cofounders of Z cash I am on the<00:00:09.090> board<00:00:09.240> of<00:00:09.300> directors<00:00:09.660> of<00:00:09.900> the<00:00:10.320> foundation 00:00:10.430 --> 00:00:10.440 align:start position:0% the board of directors of the foundation 00:00:10.440 --> 00:00:13.039 align:start position:0% the board of directors of the foundation but<00:00:10.920> that's<00:00:11.099> not<00:00:11.340> why<00:00:11.519> I'm<00:00:11.730> here<00:00:11.910> today<00:00:12.059> the 00:00:13.039 --> 00:00:13.049 align:start position:0% but that's not why I'm here today the 00:00:13.049 --> 00:00:15.110 align:start position:0% but that's not why I'm here today the point<00:00:13.320> is<00:00:13.500> that<00:00:13.980> we<00:00:14.190> as<00:00:14.309> a<00:00:14.340> community<00:00:14.519> have 00:00:15.110 --> 00:00:15.120 align:start position:0% point is that we as a community have 00:00:15.120 --> 00:00:17.599 align:start position:0% point is that we as a community have done<00:00:15.269> a<00:00:15.299> very<00:00:15.480> poor<00:00:15.599> job<00:00:16.039> evaluating<00:00:17.039> privacy 00:00:17.599 --> 00:00:17.609 align:start position:0% done a very poor job evaluating privacy 00:00:17.609 --> 00:00:20.029 align:start position:0% done a very poor job evaluating privacy approaches<00:00:18.090> for<00:00:18.330> cryptocurrencies<00:00:18.720> and<00:00:19.230> the 00:00:20.029 --> 00:00:20.039 align:start position:0% approaches for cryptocurrencies and the 00:00:20.039 --> 00:00:21.710 align:start position:0% approaches for cryptocurrencies and the problem<00:00:20.430> is<00:00:20.580> that<00:00:20.910> we<00:00:20.970> need<00:00:21.119> to<00:00:21.210> get<00:00:21.330> better<00:00:21.510> at 00:00:21.710 --> 00:00:21.720 align:start position:0% problem is that we need to get better at 00:00:21.720 --> 00:00:23.150 align:start position:0% problem is that we need to get better at it<00:00:21.750> and<00:00:21.930> we<00:00:22.020> need<00:00:22.170> to<00:00:22.230> get<00:00:22.320> better<00:00:22.470> at<00:00:22.710> it<00:00:22.740> now 00:00:23.150 --> 00:00:23.160 align:start position:0% it and we need to get better at it now 00:00:23.160 --> 00:00:26.179 align:start position:0% it and we need to get better at it now because<00:00:23.970> at<00:00:24.810> least<00:00:25.050> one<00:00:25.289> of<00:00:25.410> these<00:00:25.500> aetherium 00:00:26.179 --> 00:00:26.189 align:start position:0% because at least one of these aetherium 00:00:26.189 --> 00:00:28.310 align:start position:0% because at least one of these aetherium bitcoins<00:00:26.820> e-cash<00:00:27.449> something<00:00:28.050> that<00:00:28.170> all<00:00:28.230> of<00:00:28.289> us 00:00:28.310 --> 00:00:28.320 align:start position:0% bitcoins e-cash something that all of us 00:00:28.320 --> 00:00:30.679 align:start position:0% bitcoins e-cash something that all of us have<00:00:28.439> ever<00:00:28.560> heard<00:00:28.800> of<00:00:28.949> maybe<00:00:29.519> dogecoin<00:00:30.480> I 00:00:30.679 --> 00:00:30.689 align:start position:0% have ever heard of maybe dogecoin I 00:00:30.689 --> 00:00:32.330 align:start position:0% have ever heard of maybe dogecoin I don't<00:00:30.869> know<00:00:30.990> is<00:00:31.199> going<00:00:31.679> to<00:00:31.740> be<00:00:31.800> the<00:00:31.920> future<00:00:32.070> of 00:00:32.330 --> 00:00:32.340 align:start position:0% don't know is going to be the future of 00:00:32.340 --> 00:00:35.540 align:start position:0% don't know is going to be the future of payments<00:00:32.809> and<00:00:33.809> it's<00:00:33.899> gonna<00:00:34.020> take<00:00:34.230> a<00:00:34.260> while<00:00:34.550> but 00:00:35.540 --> 00:00:35.550 align:start position:0% payments and it's gonna take a while but 00:00:35.550 --> 00:00:36.770 align:start position:0% payments and it's gonna take a while but at<00:00:35.700> some<00:00:35.850> point<00:00:36.090> when<00:00:36.180> this<00:00:36.300> happens<00:00:36.660> we're 00:00:36.770 --> 00:00:36.780 align:start position:0% at some point when this happens we're 00:00:36.780 --> 00:00:37.729 align:start position:0% at some point when this happens we're gonna<00:00:36.870> realize<00:00:37.170> that<00:00:37.200> this<00:00:37.410> is<00:00:37.530> a<00:00:37.559> major 00:00:37.729 --> 00:00:37.739 align:start position:0% gonna realize that this is a major 00:00:37.739 --> 00:00:39.920 align:start position:0% gonna realize that this is a major privacy<00:00:38.250> problem<00:00:38.520> we<00:00:39.090> wait<00:00:39.270> until<00:00:39.540> then<00:00:39.719> to 00:00:39.920 --> 00:00:39.930 align:start position:0% privacy problem we wait until then to 00:00:39.930 --> 00:00:42.049 align:start position:0% privacy problem we wait until then to actually<00:00:40.680> address<00:00:40.860> it<00:00:40.980> it<00:00:41.430> will<00:00:41.550> be<00:00:41.670> far<00:00:41.879> too 00:00:42.049 --> 00:00:42.059 align:start position:0% actually address it it will be far too 00:00:42.059 --> 00:00:44.900 align:start position:0% actually address it it will be far too late<00:00:42.410> so<00:00:43.410> I've<00:00:43.500> been<00:00:43.649> working<00:00:44.040> on<00:00:44.250> privacy<00:00:44.820> and 00:00:44.900 --> 00:00:44.910 align:start position:0% late so I've been working on privacy and 00:00:44.910 --> 00:00:47.360 align:start position:0% late so I've been working on privacy and cryptocurrencies<00:00:45.360> since<00:00:45.870> 2011<00:00:46.559> for 00:00:47.360 --> 00:00:47.370 align:start position:0% cryptocurrencies since 2011 for 00:00:47.370 --> 00:00:49.010 align:start position:0% cryptocurrencies since 2011 for precisely<00:00:47.700> that<00:00:47.850> reason<00:00:48.000> it<00:00:48.539> wasn't<00:00:48.840> clear<00:00:48.989> to 00:00:49.010 --> 00:00:49.020 align:start position:0% precisely that reason it wasn't clear to 00:00:49.020 --> 00:00:50.990 align:start position:0% precisely that reason it wasn't clear to me<00:00:49.140> that<00:00:49.350> Bitcoin<00:00:49.739> was<00:00:49.890> gonna<00:00:49.980> succeed<00:00:50.430> but<00:00:50.940> it 00:00:50.990 --> 00:00:51.000 align:start position:0% me that Bitcoin was gonna succeed but it 00:00:51.000 --> 00:00:52.310 align:start position:0% me that Bitcoin was gonna succeed but it was<00:00:51.149> clear<00:00:51.360> to<00:00:51.390> me<00:00:51.480> that<00:00:51.660> if<00:00:51.750> it<00:00:51.870> did<00:00:52.050> it<00:00:52.230> was 00:00:52.310 --> 00:00:52.320 align:start position:0% was clear to me that if it did it was 00:00:52.320 --> 00:00:53.660 align:start position:0% was clear to me that if it did it was gonna<00:00:52.410> have<00:00:52.590> a<00:00:52.620> pretty<00:00:52.800> big<00:00:52.949> privacy<00:00:53.340> problem 00:00:53.660 --> 00:00:53.670 align:start position:0% gonna have a pretty big privacy problem 00:00:53.670 --> 00:00:55.939 align:start position:0% gonna have a pretty big privacy problem and<00:00:53.879> at<00:00:54.420> the<00:00:54.539> time<00:00:54.840> everyone<00:00:55.469> basically 00:00:55.939 --> 00:00:55.949 align:start position:0% and at the time everyone basically 00:00:55.949 --> 00:00:57.830 align:start position:0% and at the time everyone basically believed<00:00:56.219> it<00:00:56.399> was<00:00:56.520> private<00:00:56.760> this<00:00:57.090> was<00:00:57.570> sort<00:00:57.750> of 00:00:57.830 --> 00:00:57.840 align:start position:0% believed it was private this was sort of 00:00:57.840 --> 00:01:00.349 align:start position:0% believed it was private this was sort of the<00:00:58.020> best<00:00:58.230> logic<00:00:58.739> that<00:00:58.859> everybody<00:00:59.190> had<00:00:59.430> and<00:00:59.850> of 00:01:00.349 --> 00:01:00.359 align:start position:0% the best logic that everybody had and of 00:01:00.359 --> 00:01:02.660 align:start position:0% the best logic that everybody had and of course<00:01:00.510> we<00:01:00.809> know<00:01:00.989> now<00:01:01.530> how<00:01:01.559> laughable<00:01:02.340> that<00:01:02.489> is 00:01:02.660 --> 00:01:02.670 align:start position:0% course we know now how laughable that is 00:01:02.670 --> 00:01:06.200 align:start position:0% course we know now how laughable that is not<00:01:03.090> only<00:01:03.449> are<00:01:03.780> there<00:01:04.019> a<00:01:04.049> bunch<00:01:04.140> of<00:01:05.210> academic 00:01:06.200 --> 00:01:06.210 align:start position:0% not only are there a bunch of academic 00:01:06.210 --> 00:01:08.120 align:start position:0% not only are there a bunch of academic research<00:01:06.630> that<00:01:06.990> identifies<00:01:07.080> privacy<00:01:07.950> flaws 00:01:08.120 --> 00:01:08.130 align:start position:0% research that identifies privacy flaws 00:01:08.130 --> 00:01:10.330 align:start position:0% research that identifies privacy flaws in<00:01:08.900> Bitcoin<00:01:09.900> and<00:01:09.930> other<00:01:10.110> cryptocurrencies 00:01:10.330 --> 00:01:10.340 align:start position:0% in Bitcoin and other cryptocurrencies 00:01:10.340 --> 00:01:12.530 align:start position:0% in Bitcoin and other cryptocurrencies there<00:01:11.340> are<00:01:11.400> actually<00:01:11.670> commercial<00:01:12.119> companies 00:01:12.530 --> 00:01:12.540 align:start position:0% there are actually commercial companies 00:01:12.540 --> 00:01:14.179 align:start position:0% there are actually commercial companies in<00:01:12.750> the<00:01:12.810> business<00:01:13.110> of<00:01:13.229> doing<00:01:13.350> analytics<00:01:13.950> and 00:01:14.179 --> 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align:start position:0% in fact far from being you know anonymous<00:01:21.479> it<00:01:22.200> is<00:01:22.350> in<00:01:22.439> fact 00:01:22.880 --> 00:01:22.890 align:start position:0% anonymous it is in fact 00:01:22.890 --> 00:01:24.109 align:start position:0% anonymous it is in fact Twitter<00:01:23.189> for<00:01:23.400> your<00:01:23.490> bank<00:01:23.640> account<00:01:23.970> right 00:01:24.109 --> 00:01:24.119 align:start position:0% Twitter for your bank account right 00:01:24.119 --> 00:01:25.820 align:start position:0% Twitter for your bank account right cryptocurrencies<00:01:24.689> expose<00:01:25.290> all<00:01:25.500> of<00:01:25.560> your 00:01:25.820 --> 00:01:25.830 align:start position:0% cryptocurrencies expose all of your 00:01:25.830 --> 00:01:28.340 align:start position:0% cryptocurrencies expose all of your spending<00:01:26.100> habits<00:01:26.250> to<00:01:26.850> everybody<00:01:27.479> right<00:01:28.170> and 00:01:28.340 --> 00:01:28.350 align:start position:0% spending habits to everybody right and 00:01:28.350 --> 00:01:30.170 align:start position:0% spending habits to everybody right and by<00:01:28.439> everybody<00:01:28.829> I<00:01:28.890> mean<00:01:29.280> everybody<00:01:29.490> your 00:01:30.170 --> 00:01:30.180 align:start position:0% by everybody I mean everybody your 00:01:30.180 --> 00:01:32.690 align:start position:0% by everybody I mean everybody your creepy<00:01:30.509> ex<00:01:30.750> girlfriend<00:01:31.229> or<00:01:31.350> boyfriend<00:01:31.700> your 00:01:32.690 --> 00:01:32.700 align:start position:0% creepy ex girlfriend or boyfriend your 00:01:32.700 --> 00:01:34.370 align:start position:0% creepy ex girlfriend or boyfriend your business<00:01:33.060> competitors<00:01:33.659> right<00:01:34.079> if<00:01:34.259> you're 00:01:34.370 --> 00:01:34.380 align:start position:0% business competitors right if you're 00:01:34.380 --> 00:01:36.080 align:start position:0% business competitors right if you're trying<00:01:34.619> to<00:01:34.710> compete<00:01:34.950> with<00:01:35.100> someone<00:01:35.340> they<00:01:35.939> can 00:01:36.080 --> 00:01:36.090 align:start position:0% trying to compete with someone they can 00:01:36.090 --> 00:01:37.490 align:start position:0% trying to compete with someone they can figure<00:01:36.210> out<00:01:36.329> what<00:01:36.450> your<00:01:36.570> supply<00:01:36.810> chain<00:01:37.079> is<00:01:37.229> how 00:01:37.490 --> 00:01:37.500 align:start position:0% figure out what your supply chain is how 00:01:37.500 --> 00:01:39.050 align:start position:0% figure out what your supply chain is how much<00:01:37.680> you're<00:01:38.070> paying<00:01:38.220> your<00:01:38.340> employees<00:01:38.790> use 00:01:39.050 --> 00:01:39.060 align:start position:0% much you're paying your employees use 00:01:39.060 --> 00:01:41.719 align:start position:0% much you're paying your employees use that<00:01:39.240> to<00:01:39.360> poach<00:01:39.540> them<00:01:39.810> etc<00:01:40.380> right<00:01:40.950> everybody 00:01:41.719 --> 00:01:41.729 align:start position:0% that to poach them etc right everybody 00:01:41.729 --> 00:01:43.639 align:start position:0% that to poach them etc right everybody right<00:01:42.150> if<00:01:42.299> your<00:01:42.720> government<00:01:42.960> right<00:01:43.409> and<00:01:43.439> you 00:01:43.639 --> 00:01:43.649 align:start position:0% right if your government right and you 00:01:43.649 --> 00:01:45.170 align:start position:0% right if your government right and you think<00:01:43.829> you<00:01:43.950> want<00:01:44.159> you<00:01:44.549> don't<00:01:44.640> want<00:01:44.759> privacy 00:01:45.170 --> 00:01:45.180 align:start position:0% think you want you don't want privacy 00:01:45.180 --> 00:01:46.969 align:start position:0% think you want you don't want privacy for<00:01:45.420> crypto<00:01:45.659> currencies<00:01:46.079> think<00:01:46.680> again 00:01:46.969 --> 00:01:46.979 align:start position:0% for crypto currencies think again 00:01:46.979 --> 00:01:49.100 align:start position:0% for crypto currencies think again because<00:01:47.460> there<00:01:48.210> are<00:01:48.299> other<00:01:48.450> governments<00:01:48.990> out 00:01:49.100 --> 00:01:49.110 align:start position:0% because there are other governments out 00:01:49.110 --> 00:01:50.539 align:start position:0% because there are other governments out there<00:01:49.290> that<00:01:49.439> don't<00:01:49.619> like<00:01:49.829> your<00:01:50.100> government<00:01:50.490> I 00:01:50.539 --> 00:01:50.549 align:start position:0% there that don't like your government I 00:01:50.549 --> 00:01:51.679 align:start position:0% there that don't like your government I don't<00:01:50.700> care<00:01:50.850> if<00:01:50.909> you<00:01:50.970> the<00:01:51.119> Chinese<00:01:51.329> the 00:01:51.679 --> 00:01:51.689 align:start position:0% don't care if you the Chinese the 00:01:51.689 --> 00:01:53.149 align:start position:0% don't care if you the Chinese the Russians<00:01:51.720> or<00:01:52.110> the<00:01:52.140> Americans<00:01:52.200> somewhere<00:01:53.070> in 00:01:53.149 --> 00:01:53.159 align:start position:0% Russians or the Americans somewhere in 00:01:53.159 --> 00:01:55.069 align:start position:0% Russians or the Americans somewhere in that<00:01:53.189> triangle<00:01:53.790> there's<00:01:54.390> someone<00:01:54.689> out<00:01:54.810> to<00:01:54.930> get 00:01:55.069 --> 00:01:55.079 align:start position:0% that triangle there's someone out to get 00:01:55.079 --> 00:01:57.260 align:start position:0% that triangle there's someone out to get you<00:01:55.200> and<00:01:55.409> they<00:01:56.280> also<00:01:56.490> would<00:01:56.820> love<00:01:56.969> to<00:01:57.149> have 00:01:57.260 --> 00:01:57.270 align:start position:0% you and they also would love to have 00:01:57.270 --> 00:01:58.609 align:start position:0% you and they also would love to have economic<00:01:57.509> information<00:01:58.259> about<00:01:58.439> how<00:01:58.560> to 00:01:58.609 --> 00:01:58.619 align:start position:0% economic information about how to 00:01:58.619 --> 00:02:00.410 align:start position:0% economic information about how to you<00:01:59.070> so<00:01:59.310> nobody<00:01:59.909> wants<00:02:00.270> this 00:02:00.410 --> 00:02:00.420 align:start position:0% you so nobody wants this 00:02:00.420 --> 00:02:02.060 align:start position:0% you so nobody wants this information<00:02:01.020> to<00:02:01.110> be<00:02:01.140> public<00:02:01.500> to<00:02:01.680> everybody 00:02:02.060 --> 00:02:02.070 align:start position:0% information to be public to everybody 00:02:02.070 --> 00:02:04.760 align:start position:0% information to be public to everybody and<00:02:02.280> it<00:02:02.610> really<00:02:02.820> is<00:02:03.119> today<00:02:03.479> that's<00:02:03.750> the<00:02:04.170> nature 00:02:04.760 --> 00:02:04.770 align:start position:0% and it really is today that's the nature 00:02:04.770 --> 00:02:08.540 align:start position:0% and it really is today that's the nature of<00:02:04.890> a<00:02:04.979> blockchain<00:02:05.250> and<00:02:05.810> so<00:02:07.039> as<00:02:08.039> we<00:02:08.220> thought<00:02:08.399> of 00:02:08.540 --> 00:02:08.550 align:start position:0% of a blockchain and so as we thought of 00:02:08.550 --> 00:02:09.889 align:start position:0% of a blockchain and so as we thought of this<00:02:08.640> there<00:02:08.849> have<00:02:08.940> been<00:02:09.000> a<00:02:09.060> lot<00:02:09.300> of<00:02:09.450> proposals 00:02:09.889 --> 00:02:09.899 align:start position:0% this there have been a lot of proposals 00:02:09.899 --> 00:02:11.420 align:start position:0% this there have been a lot of proposals on<00:02:10.229> how<00:02:10.259> to 00:02:11.420 --> 00:02:11.430 align:start position:0% on how to 00:02:11.430 --> 00:02:12.979 align:start position:0% on how to add<00:02:11.549> some<00:02:12.060> amount<00:02:12.390> of<00:02:12.510> privacy<00:02:12.959> to 00:02:12.979 --> 00:02:12.989 align:start position:0% add some amount of privacy to 00:02:12.989 --> 00:02:15.500 align:start position:0% add some amount of privacy to cryptocurrencies<00:02:13.860> and<00:02:14.370> these<00:02:15.120> range<00:02:15.329> from 00:02:15.500 --> 00:02:15.510 align:start position:0% cryptocurrencies and these range from 00:02:15.510 --> 00:02:17.960 align:start position:0% cryptocurrencies and these range from very<00:02:15.870> mundane<00:02:16.110> systems<00:02:16.890> that<00:02:17.129> have<00:02:17.519> no<00:02:17.730> chance 00:02:17.960 --> 00:02:17.970 align:start position:0% very mundane systems that have no chance 00:02:17.970 --> 00:02:19.490 align:start position:0% very mundane systems that have no chance of<00:02:18.060> actually<00:02:18.239> working<00:02:18.810> all<00:02:19.019> the<00:02:19.140> way<00:02:19.170> up<00:02:19.349> to 00:02:19.490 --> 00:02:19.500 align:start position:0% of actually working all the way up to 00:02:19.500 --> 00:02:21.589 align:start position:0% of actually working all the way up to very<00:02:19.769> sophisticated<00:02:20.129> ones<00:02:20.640> zero<00:02:21.090> cash<00:02:21.329> on 00:02:21.589 --> 00:02:21.599 align:start position:0% very sophisticated ones zero cash on 00:02:21.599 --> 00:02:23.630 align:start position:0% very sophisticated ones zero cash on there<00:02:21.870> was<00:02:22.349> actually<00:02:22.650> my<00:02:22.769> doctoral<00:02:23.220> thesis 00:02:23.630 --> 00:02:23.640 align:start position:0% there was actually my doctoral thesis 00:02:23.640 --> 00:02:25.069 align:start position:0% there was actually my doctoral thesis route<00:02:23.819> took<00:02:23.939> me<00:02:24.090> about<00:02:24.239> five<00:02:24.510> years<00:02:24.720> to<00:02:24.930> finish 00:02:25.069 --> 00:02:25.079 align:start position:0% route took me about five years to finish 00:02:25.079 --> 00:02:28.460 align:start position:0% route took me about five years to finish all<00:02:25.439> the<00:02:25.709> details<00:02:26.010> of<00:02:26.159> it<00:02:26.959> the<00:02:27.959> question<00:02:28.319> is 00:02:28.460 --> 00:02:28.470 align:start position:0% all the details of it the question is 00:02:28.470 --> 00:02:30.199 align:start position:0% all the details of it the question is how<00:02:28.709> old<00:02:28.950> are<00:02:29.040> these<00:02:29.129> things<00:02:29.370> work<00:02:29.609> because<00:02:30.090> no 00:02:30.199 --> 00:02:30.209 align:start position:0% how old are these things work because no 00:02:30.209 --> 00:02:31.729 align:start position:0% how old are these things work because no matter<00:02:30.299> who<00:02:30.480> you<00:02:30.659> are<00:02:30.689> if<00:02:31.079> you're<00:02:31.260> designing<00:02:31.409> a 00:02:31.729 --> 00:02:31.739 align:start position:0% matter who you are if you're designing a 00:02:31.739 --> 00:02:33.440 align:start position:0% matter who you are if you're designing a cryptocurrency<00:02:32.040> at<00:02:32.489> some<00:02:32.700> point<00:02:32.939> you're 00:02:33.440 --> 00:02:33.450 align:start position:0% cryptocurrency at some point you're 00:02:33.450 --> 00:02:35.119 align:start position:0% cryptocurrency at some point you're gonna<00:02:33.540> need<00:02:33.810> to<00:02:33.900> add<00:02:34.019> privacy<00:02:34.590> to<00:02:34.709> it<00:02:34.799> and<00:02:34.980> you 00:02:35.119 --> 00:02:35.129 align:start position:0% gonna need to add privacy to it and you 00:02:35.129 --> 00:02:36.199 align:start position:0% gonna need to add privacy to it and you really<00:02:35.310> need<00:02:35.430> to<00:02:35.459> use<00:02:35.700> one<00:02:36.030> of<00:02:36.060> these 00:02:36.199 --> 00:02:36.209 align:start position:0% really need to use one of these 00:02:36.209 --> 00:02:38.360 align:start position:0% really need to use one of these techniques<00:02:36.629> or<00:02:37.260> something<00:02:37.530> else<00:02:37.680> that's<00:02:38.099> come 00:02:38.360 --> 00:02:38.370 align:start position:0% techniques or something else that's come 00:02:38.370 --> 00:02:39.979 align:start position:0% techniques or something else that's come along<00:02:38.640> I<00:02:38.849> need<00:02:39.269> to<00:02:39.359> know<00:02:39.480> if<00:02:39.569> it's<00:02:39.689> actually 00:02:39.979 --> 00:02:39.989 align:start position:0% along I need to know if it's actually 00:02:39.989 --> 00:02:45.259 align:start position:0% along I need to know if it's actually private<00:02:40.170> and<00:02:42.500> this<00:02:43.500> is<00:02:43.650> hard<00:02:44.269> evaluating 00:02:45.259 --> 00:02:45.269 align:start position:0% private and this is hard evaluating 00:02:45.269 --> 00:02:47.089 align:start position:0% private and this is hard evaluating privacy<00:02:45.690> for<00:02:45.870> cryptocurrencies<00:02:46.230> is<00:02:46.650> not<00:02:46.829> easy 00:02:47.089 --> 00:02:47.099 align:start position:0% privacy for cryptocurrencies is not easy 00:02:47.099 --> 00:02:48.979 align:start position:0% privacy for cryptocurrencies is not easy right<00:02:47.430> to<00:02:47.579> do<00:02:47.700> it<00:02:47.819> empirically<00:02:48.180> would<00:02:48.569> be<00:02:48.720> akin 00:02:48.979 --> 00:02:48.989 align:start position:0% right to do it empirically would be akin 00:02:48.989 --> 00:02:51.740 align:start position:0% right to do it empirically would be akin to<00:02:49.049> trying<00:02:49.409> to<00:02:49.470> evaluate<00:02:49.709> privacy<00:02:50.400> for<00:02:50.760> the 00:02:51.740 --> 00:02:51.750 align:start position:0% to trying to evaluate privacy for the 00:02:51.750 --> 00:02:53.720 align:start position:0% to trying to evaluate privacy for the internet<00:02:52.079> in<00:02:52.260> 1992<00:02:53.069> when<00:02:53.340> everything<00:02:53.639> was 00:02:53.720 --> 00:02:53.730 align:start position:0% internet in 1992 when everything was 00:02:53.730 --> 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we don't<00:02:59.549> have<00:03:00.109> really<00:03:01.109> real-world<00:03:01.620> usage<00:03:01.920> that 00:03:02.300 --> 00:03:02.310 align:start position:0% don't have really real-world usage that 00:03:02.310 --> 00:03:03.949 align:start position:0% don't have really real-world usage that isn't<00:03:02.519> too<00:03:02.579> speculative<00:03:03.030> right<00:03:03.720> we<00:03:03.840> don't 00:03:03.949 --> 00:03:03.959 align:start position:0% isn't too speculative right we don't 00:03:03.959 --> 00:03:05.809 align:start position:0% isn't too speculative right we don't have<00:03:04.109> day-to-day<00:03:04.799> usage<00:03:05.069> we<00:03:05.400> don't<00:03:05.549> have<00:03:05.700> this 00:03:05.809 --> 00:03:05.819 align:start position:0% have day-to-day usage we don't have this 00:03:05.819 --> 00:03:08.390 align:start position:0% have day-to-day usage we don't have this rich<00:03:06.090> tapestry<00:03:06.750> of<00:03:06.780> data<00:03:07.260> where<00:03:07.650> I<00:03:07.889> buy<00:03:08.370> a 00:03:08.390 --> 00:03:08.400 align:start position:0% rich tapestry of data where I buy a 00:03:08.400 --> 00:03:10.309 align:start position:0% rich tapestry of data where I buy a coffee<00:03:08.700> I<00:03:09.060> go<00:03:09.209> to<00:03:09.299> the<00:03:09.389> subway<00:03:09.750> I<00:03:09.780> could<00:03:10.139> check 00:03:10.309 --> 00:03:10.319 align:start position:0% coffee I go to the subway I could check 00:03:10.319 --> 00:03:11.750 align:start position:0% coffee I go to the subway I could check into<00:03:10.470> the<00:03:10.590> metro<00:03:10.859> then<00:03:11.040> I<00:03:11.099> buy<00:03:11.220> stuff<00:03:11.430> at<00:03:11.579> lunch 00:03:11.750 --> 00:03:11.760 align:start position:0% into the metro then I buy stuff at lunch 00:03:11.760 --> 00:03:13.640 align:start position:0% into the metro then I buy stuff at lunch which<00:03:12.090> has<00:03:12.269> some<00:03:12.510> structure<00:03:12.870> none<00:03:13.530> of<00:03:13.620> that 00:03:13.640 --> 00:03:13.650 align:start position:0% which has some structure none of that 00:03:13.650 --> 00:03:15.319 align:start position:0% which has some structure none of that exists<00:03:14.189> so<00:03:14.430> there<00:03:14.549> was<00:03:14.639> no<00:03:14.790> way<00:03:14.939> to<00:03:14.970> do<00:03:15.180> this 00:03:15.319 --> 00:03:15.329 align:start position:0% exists so there was no way to do this 00:03:15.329 --> 00:03:17.119 align:start position:0% exists so there was no way to do this empirically<00:03:15.810> and<00:03:16.199> more<00:03:16.530> of<00:03:16.620> our<00:03:16.709> I<00:03:16.769> as<00:03:17.099> a 00:03:17.119 --> 00:03:17.129 align:start position:0% empirically and more of our I as a 00:03:17.129 --> 00:03:19.099 align:start position:0% empirically and more of our I as a researcher<00:03:17.699> even<00:03:18.359> what<00:03:18.510> little<00:03:18.750> data<00:03:18.930> there 00:03:19.099 --> 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limitations I have ethics limitations I can't<00:03:23.639> buy<00:03:23.879> these<00:03:23.940> third-party<00:03:24.359> data<00:03:24.750> sets 00:03:25.069 --> 00:03:25.079 align:start position:0% can't buy these third-party data sets 00:03:25.079 --> 00:03:27.740 align:start position:0% can't buy these third-party data sets that<00:03:25.139> Chan<00:03:25.440> alysus<00:03:25.889> and<00:03:26.099> other<00:03:26.609> people<00:03:26.940> use<00:03:27.150> so 00:03:27.740 --> 00:03:27.750 align:start position:0% that Chan alysus and other people use so 00:03:27.750 --> 00:03:29.030 align:start position:0% that Chan alysus and other people use so we<00:03:27.870> really<00:03:28.169> have<00:03:28.470> no<00:03:28.650> way<00:03:28.680> to<00:03:28.799> do<00:03:28.949> this 00:03:29.030 --> 00:03:29.040 align:start position:0% we really have no way to do this 00:03:29.040 --> 00:03:30.949 align:start position:0% we really have no way to do this empirically<00:03:29.579> and<00:03:29.790> as<00:03:30.209> a<00:03:30.239> result<00:03:30.540> what<00:03:30.780> we<00:03:30.840> have 00:03:30.949 --> 00:03:30.959 align:start position:0% empirically and as a result what we have 00:03:30.959 --> 00:03:32.240 align:start position:0% empirically and as a result what we have to<00:03:31.049> do<00:03:31.169> is<00:03:31.409> we<00:03:31.530> have<00:03:31.620> to<00:03:31.709> result<00:03:31.889> the<00:03:32.069> thought 00:03:32.240 --> 00:03:32.250 align:start position:0% to do is we have to result the thought 00:03:32.250 --> 00:03:33.830 align:start position:0% to do is we have to result the thought experiments<00:03:32.819> and<00:03:33.150> this<00:03:33.299> is<00:03:33.449> somewhat 00:03:33.830 --> 00:03:33.840 align:start position:0% experiments and this is somewhat 00:03:33.840 --> 00:03:36.020 align:start position:0% experiments and this is somewhat unsatisfactory<00:03:34.349> because<00:03:35.310> it's<00:03:35.879> not 00:03:36.020 --> 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position:0% point Twitter will probably start going on<00:03:41.790> about<00:03:42.000> that<00:03:42.269> you<00:03:42.479> know<00:03:42.599> as<00:03:42.720> people<00:03:42.870> start 00:03:43.219 --> 00:03:43.229 align:start position:0% on about that you know as people start 00:03:43.229 --> 00:03:45.439 align:start position:0% on about that you know as people start tweeting<00:03:43.530> slides<00:03:43.799> right<00:03:44.040> now<00:03:44.250> about<00:03:44.430> me<00:03:44.729> but 00:03:45.439 --> 00:03:45.449 align:start position:0% tweeting slides right now about me but 00:03:45.449 --> 00:03:47.210 align:start position:0% tweeting slides right now about me but it's<00:03:45.569> the<00:03:45.629> only<00:03:45.750> thing<00:03:45.840> we<00:03:46.049> have<00:03:46.229> right<00:03:46.530> and<00:03:47.129> to 00:03:47.210 --> 00:03:47.220 align:start position:0% it's the only thing we have right and to 00:03:47.220 --> 00:03:49.580 align:start position:0% it's the only thing we have right and to do<00:03:47.370> that<00:03:47.549> you<00:03:47.819> need<00:03:47.970> to<00:03:48.419> understand<00:03:48.959> what 00:03:49.580 --> 00:03:49.590 align:start position:0% do that you need to understand what 00:03:49.590 --> 00:03:51.050 align:start position:0% do that you need to understand what attacks<00:03:49.919> really<00:03:50.129> look<00:03:50.370> like<00:03:50.579> and<00:03:50.760> we<00:03:50.819> need<00:03:50.970> to 00:03:51.050 --> 00:03:51.060 align:start position:0% attacks really look like and we need to 00:03:51.060 --> 00:03:52.610 align:start position:0% attacks really look like and we need to look<00:03:51.239> to<00:03:51.510> other<00:03:51.750> things<00:03:52.109> where<00:03:52.349> you've<00:03:52.470> had 00:03:52.610 --> 00:03:52.620 align:start position:0% look to other things where you've had 00:03:52.620 --> 00:03:54.680 align:start position:0% look to other things where you've had privacy<00:03:52.949> problems<00:03:53.370> as<00:03:53.579> inspiration<00:03:54.569> because 00:03:54.680 --> 00:03:54.690 align:start position:0% privacy problems as inspiration because 00:03:54.690 --> 00:03:57.020 align:start position:0% privacy problems as inspiration because we're<00:03:55.349> looking<00:03:55.680> 10<00:03:55.979> 20<00:03:56.370> years<00:03:56.400> down<00:03:56.639> the<00:03:56.879> line 00:03:57.020 --> 00:03:57.030 align:start position:0% we're looking 10 20 years down the line 00:03:57.030 --> 00:03:58.219 align:start position:0% we're looking 10 20 years down the line for<00:03:57.269> this<00:03:57.389> since<00:03:57.599> we<00:03:57.750> can't<00:03:57.989> look<00:03:58.079> at 00:03:58.219 --> 00:03:58.229 align:start position:0% for this since we can't look at 00:03:58.229 --> 00:03:59.659 align:start position:0% for this since we can't look at cryptocurrency<00:03:58.590> today<00:03:59.040> to<00:03:59.099> find<00:03:59.430> out<00:03:59.549> what 00:03:59.659 --> 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position:0% the easiest thing to look at is what 00:04:08.639 --> 00:04:10.369 align:start position:0% the easiest thing to look at is what advertisers<00:04:09.209> do<00:04:09.449> with<00:04:09.599> payment<00:04:09.930> data<00:04:10.019> so 00:04:10.369 --> 00:04:10.379 align:start position:0% advertisers do with payment data so 00:04:10.379 --> 00:04:12.199 align:start position:0% advertisers do with payment data so where<00:04:10.470> you've<00:04:10.590> seen<00:04:10.940> advertisers<00:04:11.940> such<00:04:12.090> as 00:04:12.199 --> 00:04:12.209 align:start position:0% where you've seen advertisers such as 00:04:12.209 --> 00:04:13.789 align:start position:0% where you've seen advertisers such as Google<00:04:12.540> collecting<00:04:13.109> all<00:04:13.349> kinds<00:04:13.379> of<00:04:13.739> data 00:04:13.789 --> 00:04:13.799 align:start position:0% Google collecting all kinds of data 00:04:13.799 --> 00:04:16.099 align:start position:0% Google collecting all kinds of data about<00:04:14.250> payments<00:04:14.699> you<00:04:14.790> make<00:04:14.940> not<00:04:15.569> just<00:04:15.870> online 00:04:16.099 --> 00:04:16.109 align:start position:0% about payments you make not just online 00:04:16.109 --> 00:04:17.810 align:start position:0% about payments you make not just online but<00:04:16.680> these<00:04:16.829> are<00:04:16.979> actually<00:04:17.340> trying<00:04:17.549> to<00:04:17.669> get 00:04:17.810 --> 00:04:17.820 align:start position:0% but these are actually trying to get 00:04:17.820 --> 00:04:19.219 align:start position:0% but these are actually trying to get real-world<00:04:18.180> payments<00:04:18.780> you<00:04:18.870> make<00:04:18.989> when<00:04:19.139> you 00:04:19.219 --> 00:04:19.229 align:start position:0% real-world payments you make when you 00:04:19.229 --> 00:04:20.940 align:start position:0% real-world payments you make when you walk<00:04:19.409> into<00:04:19.769> Walmart 00:04:20.940 --> 00:04:20.950 align:start position:0% walk into Walmart 00:04:20.950 --> 00:04:23.010 align:start position:0% walk into Walmart all<00:04:21.760> two-year<00:04:22.060> something<00:04:22.480> and<00:04:22.660> try<00:04:22.780> to<00:04:22.840> make<00:04:22.990> a 00:04:23.010 --> 00:04:23.020 align:start position:0% all two-year something and try to make a 00:04:23.020 --> 00:04:25.050 align:start position:0% all two-year something and try to make a purchase<00:04:23.230> and<00:04:23.620> Google's<00:04:24.550> gotten<00:04:24.820> a<00:04:24.850> lot<00:04:24.940> of 00:04:25.050 --> 00:04:25.060 align:start position:0% purchase and Google's gotten a lot of 00:04:25.060 --> 00:04:27.030 align:start position:0% purchase and Google's gotten a lot of headlines<00:04:25.240> about<00:04:25.690> this<00:04:25.930> because<00:04:26.440> hey<00:04:26.650> Google 00:04:27.030 --> 00:04:27.040 align:start position:0% headlines about this because hey Google 00:04:27.040 --> 00:04:29.040 align:start position:0% headlines about this because hey Google is<00:04:27.130> evil<00:04:27.430> it's<00:04:27.550> a<00:04:27.580> very<00:04:27.730> good<00:04:27.910> one<00:04:28.060> but<00:04:28.630> reality 00:04:29.040 --> 00:04:29.050 align:start position:0% is evil it's a very good one but reality 00:04:29.050 --> 00:04:31.050 align:start position:0% is evil it's a very good one but reality the<00:04:29.140> matter<00:04:29.320> is<00:04:29.500> everybody's<00:04:30.400> doing<00:04:30.640> this<00:04:30.790> and 00:04:31.050 --> 00:04:31.060 align:start position:0% the matter is everybody's doing this and 00:04:31.060 --> 00:04:32.610 align:start position:0% the matter is everybody's doing this and in<00:04:31.180> fact<00:04:31.330> Google<00:04:31.750> is<00:04:31.870> probably<00:04:32.050> one<00:04:32.470> of<00:04:32.500> the 00:04:32.610 --> 00:04:32.620 align:start position:0% in fact Google is probably one of the 00:04:32.620 --> 00:04:34.080 align:start position:0% in fact Google is probably one of the more<00:04:32.710> scrupulous<00:04:33.010> people<00:04:33.580> at<00:04:33.700> the<00:04:33.820> moment 00:04:34.080 --> 00:04:34.090 align:start position:0% more scrupulous people at the moment 00:04:34.090 --> 00:04:36.000 align:start position:0% more scrupulous people at the moment that<00:04:34.180> they're<00:04:34.330> doing<00:04:34.510> it<00:04:34.750> you<00:04:34.900> can<00:04:34.930> be<00:04:35.230> assured 00:04:36.000 --> 00:04:36.010 align:start position:0% that they're doing it you can be assured 00:04:36.010 --> 00:04:37.320 align:start position:0% that they're doing it you can be assured that<00:04:36.070> there<00:04:36.340> are<00:04:36.400> people<00:04:36.610> doing<00:04:36.730> far<00:04:37.030> sketch 00:04:37.320 --> 00:04:37.330 align:start position:0% that there are people doing far sketch 00:04:37.330 --> 00:04:40.020 align:start position:0% that there are people doing far sketch you<00:04:37.450> of<00:04:37.570> things<00:04:37.690> with<00:04:37.930> this<00:04:38.020> data<00:04:38.290> right<00:04:39.130> and 00:04:40.020 --> 00:04:40.030 align:start position:0% you of things with this data right and 00:04:40.030 --> 00:04:42.180 align:start position:0% you of things with this data right and what<00:04:40.390> can<00:04:40.570> you<00:04:40.660> do<00:04:40.780> with<00:04:40.930> that<00:04:41.080> well<00:04:41.320> one<00:04:41.980> thing 00:04:42.180 --> 00:04:42.190 align:start position:0% what can you do with that well one thing 00:04:42.190 --> 00:04:44.100 align:start position:0% what can you do with that well one thing that<00:04:42.220> actually<00:04:42.460> is<00:04:42.700> a<00:04:42.730> pretty<00:04:43.120> old<00:04:43.330> story<00:04:43.660> you 00:04:44.100 --> 00:04:44.110 align:start position:0% that actually is a pretty old story you 00:04:44.110 --> 00:04:46.080 align:start position:0% that actually is a pretty old story you can<00:04:44.290> use<00:04:44.500> payment<00:04:45.100> shopping<00:04:45.460> data<00:04:45.640> to<00:04:45.850> figure 00:04:46.080 --> 00:04:46.090 align:start position:0% can use payment shopping data to figure 00:04:46.090 --> 00:04:47.550 align:start position:0% can use payment shopping data to figure out<00:04:46.240> for<00:04:46.450> example<00:04:46.810> when<00:04:46.960> someone<00:04:47.230> is<00:04:47.320> pregnant 00:04:47.550 --> 00:04:47.560 align:start position:0% out for example when someone is pregnant 00:04:47.560 --> 00:04:50.790 align:start position:0% out for example when someone is pregnant in<00:04:48.190> this<00:04:48.280> case<00:04:48.520> you<00:04:48.670> can<00:04:48.930> target<00:04:49.930> was<00:04:50.350> building 00:04:50.790 --> 00:04:50.800 align:start position:0% in this case you can target was building 00:04:50.800 --> 00:04:52.620 align:start position:0% in this case you can target was building up<00:04:50.920> profiles<00:04:51.250> based<00:04:51.730> on<00:04:51.970> customer<00:04:52.480> loyalty 00:04:52.620 --> 00:04:52.630 align:start position:0% up profiles based on customer loyalty 00:04:52.630 --> 00:04:54.900 align:start position:0% up profiles based on customer loyalty cards<00:04:53.200> of<00:04:53.350> who<00:04:53.560> bought<00:04:53.800> what<00:04:54.070> and<00:04:54.310> then<00:04:54.760> they 00:04:54.900 --> 00:04:54.910 align:start position:0% cards of who bought what and then they 00:04:54.910 --> 00:04:56.670 align:start position:0% cards of who bought what and then they were<00:04:54.970> identified<00:04:55.870> for<00:04:55.900> example<00:04:56.320> pregnant 00:04:56.670 --> 00:04:56.680 align:start position:0% were identified for example pregnant 00:04:56.680 --> 00:04:58.860 align:start position:0% were identified for example pregnant women<00:04:56.950> and<00:04:57.070> send<00:04:57.730> them<00:04:57.970> ads<00:04:58.300> for<00:04:58.720> baby 00:04:58.860 --> 00:04:58.870 align:start position:0% women and send them ads for baby 00:04:58.870 --> 00:05:01.050 align:start position:0% women and send them ads for baby products<00:04:59.320> and<00:04:59.560> in<00:05:00.220> this<00:05:00.370> particular<00:05:00.640> case 00:05:01.050 --> 00:05:01.060 align:start position:0% products and in this particular case 00:05:01.060 --> 00:05:03.570 align:start position:0% products and in this particular case they<00:05:01.270> did<00:05:01.450> this<00:05:01.570> to<00:05:01.840> a<00:05:01.870> teenager<00:05:02.590> sent<00:05:03.340> the<00:05:03.430> ads 00:05:03.570 --> 00:05:03.580 align:start position:0% they did this to a teenager sent the ads 00:05:03.580 --> 00:05:05.610 align:start position:0% they did this to a teenager sent the ads drawer<00:05:03.850> house<00:05:04.090> her<00:05:04.570> father<00:05:04.840> saw<00:05:05.200> them<00:05:05.410> and 00:05:05.610 --> 00:05:05.620 align:start position:0% drawer house her father saw them and 00:05:05.620 --> 00:05:08.010 align:start position:0% drawer house her father saw them and from<00:05:06.100> there<00:05:06.280> well<00:05:06.700> father<00:05:07.420> found<00:05:07.690> out<00:05:07.870> that 00:05:08.010 --> 00:05:08.020 align:start position:0% from there well father found out that 00:05:08.020 --> 00:05:09.900 align:start position:0% from there well father found out that her<00:05:08.110> daughter<00:05:08.230> whose<00:05:09.130> daughter<00:05:09.460> was<00:05:09.550> having 00:05:09.900 --> 00:05:09.910 align:start position:0% her daughter whose daughter was having 00:05:09.910 --> 00:05:12.150 align:start position:0% her daughter whose daughter was having sex<00:05:10.180> and<00:05:10.420> was<00:05:10.540> pregnant<00:05:10.780> kind<00:05:11.290> of<00:05:11.410> a<00:05:11.590> problem 00:05:12.150 --> 00:05:12.160 align:start position:0% sex and was pregnant kind of a problem 00:05:12.160 --> 00:05:13.860 align:start position:0% sex and was pregnant kind of a problem and<00:05:12.370> so<00:05:12.910> this<00:05:13.030> is<00:05:13.180> the<00:05:13.330> kind<00:05:13.510> of<00:05:13.570> thing<00:05:13.720> we're 00:05:13.860 --> 00:05:13.870 align:start position:0% and so this is the kind of thing we're 00:05:13.870 --> 00:05:15.780 align:start position:0% and so this is the kind of thing we're looking<00:05:14.110> at<00:05:14.290> and<00:05:14.530> in<00:05:14.950> fact<00:05:15.100> we've<00:05:15.370> seen<00:05:15.550> stuff 00:05:15.780 --> 00:05:15.790 align:start position:0% looking at and in fact we've seen stuff 00:05:15.790 --> 00:05:17.520 align:start position:0% looking at and in fact we've seen stuff closer<00:05:16.150> to<00:05:16.330> home<00:05:16.510> with<00:05:16.690> payment<00:05:17.200> systems 00:05:17.520 --> 00:05:17.530 align:start position:0% closer to home with payment systems 00:05:17.530 --> 00:05:19.530 align:start position:0% closer to home with payment systems where<00:05:17.920> venmo<00:05:18.250> which<00:05:18.820> for<00:05:19.060> those<00:05:19.150> of<00:05:19.210> you<00:05:19.420> who 00:05:19.530 --> 00:05:19.540 align:start position:0% where venmo which for those of you who 00:05:19.540 --> 00:05:20.880 align:start position:0% where venmo which for those of you who don't<00:05:19.750> know<00:05:19.810> there<00:05:20.200> know<00:05:20.350> is<00:05:20.470> a<00:05:20.500> way<00:05:20.650> that<00:05:20.800> you 00:05:20.880 --> 00:05:20.890 align:start position:0% don't know there know is a way that you 00:05:20.890 --> 00:05:23.760 align:start position:0% don't know there know is a way that you can<00:05:21.070> pay<00:05:21.640> your<00:05:22.210> friends<00:05:22.630> for<00:05:22.810> example<00:05:22.900> for 00:05:23.760 --> 00:05:23.770 align:start position:0% can pay your friends for example for 00:05:23.770 --> 00:05:25.410 align:start position:0% can pay your friends for example for dinner<00:05:23.950> in<00:05:24.310> common<00:05:24.730> in<00:05:24.820> the<00:05:24.880> states<00:05:25.120> when<00:05:25.330> we 00:05:25.410 --> 00:05:25.420 align:start position:0% dinner in common in the states when we 00:05:25.420 --> 00:05:27.090 align:start position:0% dinner in common in the states when we don't<00:05:25.600> have<00:05:25.780> very<00:05:26.230> effective<00:05:26.560> payment 00:05:27.090 --> 00:05:27.100 align:start position:0% don't have very effective payment 00:05:27.100 --> 00:05:29.520 align:start position:0% don't have very effective payment systems<00:05:27.370> like<00:05:27.520> European<00:05:28.270> banking<00:05:28.600> but<00:05:28.810> anyway 00:05:29.520 --> 00:05:29.530 align:start position:0% systems like European banking but anyway 00:05:29.530 --> 00:05:32.880 align:start position:0% systems like European banking but anyway VIN<00:05:30.100> Moe<00:05:30.280> US<00:05:31.120> start-up<00:05:31.480> had<00:05:32.020> a<00:05:32.050> social<00:05:32.620> feed 00:05:32.880 --> 00:05:32.890 align:start position:0% VIN Moe US start-up had a social feed 00:05:32.890 --> 00:05:34.620 align:start position:0% VIN Moe US start-up had a social feed because<00:05:33.280> everything<00:05:33.820> is<00:05:33.940> social<00:05:34.300> these<00:05:34.420> days 00:05:34.620 --> 00:05:34.630 align:start position:0% because everything is social these days 00:05:34.630 --> 00:05:37.740 align:start position:0% because everything is social these days of<00:05:34.980> payments<00:05:35.980> you<00:05:36.100> made<00:05:36.280> of<00:05:36.460> who<00:05:36.700> from<00:05:37.270> who<00:05:37.420> to 00:05:37.740 --> 00:05:37.750 align:start position:0% of payments you made of who from who to 00:05:37.750 --> 00:05:40.350 align:start position:0% of payments you made of who from who to who<00:05:37.930> and<00:05:38.170> why<00:05:38.470> and<00:05:38.860> this<00:05:39.610> was<00:05:39.790> by<00:05:39.970> default 00:05:40.350 --> 00:05:40.360 align:start position:0% who and why and this was by default 00:05:40.360 --> 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guide to how to stack the<00:05:46.300> stock<00:05:46.570> your<00:05:46.780> ex-boyfriend<00:05:47.470> and<00:05:47.770> of 00:05:48.120 --> 00:05:48.130 align:start position:0% the stock your ex-boyfriend and of 00:05:48.130 --> 00:05:49.650 align:start position:0% the stock your ex-boyfriend and of course<00:05:48.310> this<00:05:48.520> is<00:05:48.700> you<00:05:48.910> know<00:05:49.000> kind<00:05:49.300> of<00:05:49.360> cute 00:05:49.650 --> 00:05:49.660 align:start position:0% course this is you know kind of cute 00:05:49.660 --> 00:05:51.750 align:start position:0% course this is you know kind of cute it's<00:05:49.870> got<00:05:49.990> a<00:05:50.020> fun<00:05:50.230> laughy<00:05:50.620> picture<00:05:50.920> but<00:05:51.580> if<00:05:51.670> I 00:05:51.750 --> 00:05:51.760 align:start position:0% it's got a fun laughy picture but if I 00:05:51.760 --> 00:05:53.280 align:start position:0% it's got a fun laughy picture but if I flip<00:05:52.000> the<00:05:52.120> genders<00:05:52.420> on<00:05:52.570> this<00:05:52.780> or<00:05:53.020> you<00:05:53.170> know 00:05:53.280 --> 00:05:53.290 align:start position:0% flip the genders on this or you know 00:05:53.290 --> 00:05:55.170 align:start position:0% flip the genders on this or you know really<00:05:54.190> gave<00:05:54.340> it<00:05:54.460> any<00:05:54.550> kind<00:05:54.820> of<00:05:54.850> appropriate 00:05:55.170 --> 00:05:55.180 align:start position:0% really gave it any kind of appropriate 00:05:55.180 --> 00:05:56.640 align:start position:0% really gave it any kind of appropriate treatment<00:05:55.630> you<00:05:55.690> draw<00:05:55.840> this<00:05:56.050> it's<00:05:56.230> completely 00:05:56.640 --> 00:05:56.650 align:start position:0% treatment you draw this it's completely 00:05:56.650 --> 00:05:58.350 align:start position:0% treatment you draw this it's completely creepy<00:05:56.860> right<00:05:57.430> and<00:05:57.580> this<00:05:57.670> is<00:05:57.790> really<00:05:58.030> someone 00:05:58.350 --> 00:05:58.360 align:start position:0% creepy right and this is really someone 00:05:58.360 --> 00:05:59.580 align:start position:0% creepy right and this is really someone actually<00:05:58.690> doing<00:05:58.930> this<00:05:59.020> not<00:05:59.230> tongue-in-cheek 00:05:59.580 --> 00:05:59.590 align:start position:0% actually doing this not tongue-in-cheek 00:05:59.590 --> 00:06:02.700 align:start position:0% actually doing this not tongue-in-cheek and<00:06:00.540> so<00:06:01.540> no<00:06:01.690> later<00:06:01.900> if<00:06:02.080> we<00:06:02.140> keep<00:06:02.320> doing<00:06:02.500> this 00:06:02.700 --> 00:06:02.710 align:start position:0% and so no later if we keep doing this 00:06:02.710 --> 00:06:03.900 align:start position:0% and so no later if we keep doing this you<00:06:02.890> end<00:06:02.980> up<00:06:03.100> with<00:06:03.220> the<00:06:03.280> same<00:06:03.400> thing<00:06:03.460> but<00:06:03.820> how 00:06:03.900 --> 00:06:03.910 align:start position:0% you end up with the same thing but how 00:06:03.910 --> 00:06:06.210 align:start position:0% you end up with the same thing but how to<00:06:03.970> stock<00:06:04.240> your<00:06:04.270> ex<00:06:04.840> using<00:06:05.290> aetherium<00:06:05.980> or 00:06:06.210 --> 00:06:06.220 align:start position:0% to stock your ex using aetherium or 00:06:06.220 --> 00:06:09.990 align:start position:0% to stock your ex using aetherium or Bitcoin<00:06:06.670> or<00:06:06.910> whatever<00:06:07.830> and<00:06:08.830> this<00:06:09.760> is<00:06:09.940> the 00:06:09.990 --> 00:06:10.000 align:start position:0% Bitcoin or whatever and this is the 00:06:10.000 --> 00:06:12.960 align:start position:0% Bitcoin or whatever and this is the problem<00:06:10.210> right<00:06:10.540> so<00:06:11.730> what<00:06:12.730> I<00:06:12.760> said 00:06:12.960 --> 00:06:12.970 align:start position:0% problem right so what I said 00:06:12.970 --> 00:06:14.430 align:start position:0% problem right so what I said cryptocurrency<00:06:13.360> was<00:06:13.720> Twitter<00:06:13.960> for<00:06:14.170> your<00:06:14.290> bank 00:06:14.430 --> 00:06:14.440 align:start position:0% cryptocurrency was Twitter for your bank 00:06:14.440 --> 00:06:16.620 align:start position:0% cryptocurrency was Twitter for your bank account<00:06:14.770> it's<00:06:15.640> an<00:06:15.730> accurate<00:06:16.000> statement<00:06:16.270> but 00:06:16.620 --> 00:06:16.630 align:start position:0% account it's an accurate statement but 00:06:16.630 --> 00:06:18.090 align:start position:0% account it's an accurate statement but it<00:06:16.750> doesn't<00:06:17.020> entirely<00:06:17.290> tell<00:06:17.650> you<00:06:17.770> how<00:06:17.920> things 00:06:18.090 --> 00:06:18.100 align:start position:0% it doesn't entirely tell you how things 00:06:18.100 --> 00:06:20.100 align:start position:0% it doesn't entirely tell you how things go<00:06:18.340> wrong<00:06:18.550> and<00:06:18.880> I<00:06:18.940> think<00:06:19.120> one<00:06:19.720> of<00:06:19.750> the<00:06:19.900> things 00:06:20.100 --> 00:06:20.110 align:start position:0% go wrong and I think one of the things 00:06:20.110 --> 00:06:21.210 align:start position:0% go wrong and I think one of the things you<00:06:20.260> should<00:06:20.290> think<00:06:20.560> of<00:06:20.770> is<00:06:20.890> that<00:06:20.920> it's<00:06:21.160> a 00:06:21.210 --> 00:06:21.220 align:start position:0% you should think of is that it's a 00:06:21.220 --> 00:06:23.400 align:start position:0% you should think of is that it's a tracking<00:06:21.730> cookie<00:06:22.180> in<00:06:22.330> real<00:06:22.720> life<00:06:22.900> right<00:06:23.140> so 00:06:23.400 --> 00:06:23.410 align:start position:0% tracking cookie in real life right so 00:06:23.410 --> 00:06:24.990 align:start position:0% tracking cookie in real life right so we're<00:06:23.560> used<00:06:23.710> to<00:06:23.800> these<00:06:24.010> notions<00:06:24.190> of<00:06:24.460> we<00:06:24.880> are 00:06:24.990 --> 00:06:25.000 align:start position:0% we're used to these notions of we are 00:06:25.000 --> 00:06:26.550 align:start position:0% we're used to these notions of we are tracked<00:06:25.270> on<00:06:25.420> the<00:06:25.540> internet<00:06:25.840> everything<00:06:26.350> we<00:06:26.440> do 00:06:26.550 --> 00:06:26.560 align:start position:0% tracked on the internet everything we do 00:06:26.560 --> 00:06:28.770 align:start position:0% tracked on the internet everything we do on<00:06:26.590> a<00:06:26.740> day<00:06:26.890> to<00:06:26.950> day<00:06:27.040> basis<00:06:27.520> is<00:06:27.700> catalogued<00:06:28.630> by 00:06:28.770 --> 00:06:28.780 align:start position:0% on a day to day basis is catalogued by 00:06:28.780 --> 00:06:31.020 align:start position:0% on a day to day basis is catalogued by Google<00:06:29.170> by<00:06:29.320> double-click<00:06:29.800> by<00:06:29.950> Facebook<00:06:30.400> well 00:06:31.020 --> 00:06:31.030 align:start position:0% Google by double-click by Facebook well 00:06:31.030 --> 00:06:33.020 align:start position:0% Google by double-click by Facebook well cryptocurrency<00:06:31.600> takes<00:06:32.050> that<00:06:32.230> and 00:06:33.020 --> 00:06:33.030 align:start position:0% cryptocurrency takes that and 00:06:33.030 --> 00:06:36.220 align:start position:0% cryptocurrency takes that and it's<00:06:33.660> like<00:06:33.840> web<00:06:34.020> 3.0<00:06:34.530> but<00:06:34.770> in<00:06:35.220> reality<00:06:35.790> and 00:06:36.220 --> 00:06:36.230 align:start position:0% it's like web 3.0 but in reality and 00:06:36.230 --> 00:06:38.960 align:start position:0% it's like web 3.0 but in reality and this<00:06:37.230> is<00:06:37.440> clearly<00:06:38.040> incredibly<00:06:38.820> problematic 00:06:38.960 --> 00:06:38.970 align:start position:0% this is clearly incredibly problematic 00:06:38.970 --> 00:06:42.560 align:start position:0% this is clearly incredibly problematic so<00:06:39.540> we<00:06:39.720> really<00:06:40.410> need<00:06:40.620> to<00:06:40.890> get<00:06:41.250> this<00:06:41.430> to<00:06:41.550> work<00:06:41.670> to 00:06:42.560 --> 00:06:42.570 align:start position:0% so we really need to get this to work to 00:06:42.570 --> 00:06:44.390 align:start position:0% so we really need to get this to work to stop<00:06:42.780> this<00:06:42.960> and<00:06:43.230> so<00:06:43.710> how<00:06:43.830> do<00:06:43.890> we<00:06:43.950> do<00:06:44.070> that<00:06:44.190> what 00:06:44.390 --> 00:06:44.400 align:start position:0% stop this and so how do we do that what 00:06:44.400 --> 00:06:47.330 align:start position:0% stop this and so how do we do that what are<00:06:44.430> the<00:06:44.550> defenses<00:06:44.970> well<00:06:45.810> the<00:06:46.710> first<00:06:46.950> thing<00:06:47.190> if 00:06:47.330 --> 00:06:47.340 align:start position:0% are the defenses well the first thing if 00:06:47.340 --> 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seen that video going<00:06:53.400> around<00:06:53.520> on<00:06:53.820> Twitter<00:06:53.940> from<00:06:54.240> the<00:06:54.510> train 00:06:54.740 --> 00:06:54.750 align:start position:0% going around on Twitter from the train 00:06:54.750 --> 00:06:57.110 align:start position:0% going around on Twitter from the train in<00:06:54.870> China<00:06:55.080> and<00:06:56.010> targeted<00:06:56.700> advertising 00:06:57.110 --> 00:06:57.120 align:start position:0% in China and targeted advertising 00:06:57.120 --> 00:06:59.510 align:start position:0% in China and targeted advertising plausible<00:06:58.110> deniability<00:06:58.350> is<00:06:58.830> not<00:06:59.070> a<00:06:59.340> plausible 00:06:59.510 --> 00:06:59.520 align:start position:0% plausible deniability is not a plausible 00:06:59.520 --> 00:07:02.900 align:start position:0% plausible deniability is not a plausible defense<00:07:00.120> right<00:07:00.930> so<00:07:01.470> the<00:07:01.950> original<00:07:02.370> model<00:07:02.730> for 00:07:02.900 --> 00:07:02.910 align:start position:0% defense right so the original model for 00:07:02.910 --> 00:07:04.940 align:start position:0% defense right so the original model for privacy<00:07:03.240> and<00:07:03.480> Bitcoin<00:07:03.870> in<00:07:03.990> particular<00:07:04.230> was 00:07:04.940 --> 00:07:04.950 align:start position:0% privacy and Bitcoin in particular was 00:07:04.950 --> 00:07:07.100 align:start position:0% privacy and Bitcoin in particular was this<00:07:05.040> idea<00:07:05.220> of<00:07:05.580> if<00:07:06.030> someone<00:07:06.360> shows<00:07:06.690> up<00:07:06.900> and 00:07:07.100 --> 00:07:07.110 align:start position:0% this idea of if someone shows up and 00:07:07.110 --> 00:07:09.140 align:start position:0% this idea of if someone shows up and says<00:07:07.200> hey<00:07:07.260> did<00:07:07.740> you<00:07:07.830> buy<00:07:07.980> weed<00:07:08.310> at<00:07:08.580> you<00:07:09.030> know<00:07:09.120> a 00:07:09.140 --> 00:07:09.150 align:start position:0% says hey did you buy weed at you know a 00:07:09.150 --> 00:07:11.360 align:start position:0% says hey did you buy weed at you know a corner<00:07:09.510> store<00:07:09.750> or<00:07:09.780> whatever<00:07:10.110> you<00:07:10.950> can<00:07:11.100> point 00:07:11.360 --> 00:07:11.370 align:start position:0% corner store or whatever you can point 00:07:11.370 --> 00:07:12.800 align:start position:0% corner store or whatever you can point to<00:07:11.520> and<00:07:11.669> go<00:07:11.790> oh<00:07:11.970> well<00:07:12.210> you<00:07:12.300> can't<00:07:12.540> prove<00:07:12.780> that 00:07:12.800 --> 00:07:12.810 align:start position:0% to and go oh well you can't prove that 00:07:12.810 --> 00:07:15.260 align:start position:0% to and go oh well you can't prove that transaction<00:07:13.500> was<00:07:13.620> mine<00:07:13.830> and<00:07:14.130> this<00:07:14.790> is<00:07:14.940> sort<00:07:15.180> of 00:07:15.260 --> 00:07:15.270 align:start position:0% transaction was mine and this is sort of 00:07:15.270 --> 00:07:17.060 align:start position:0% transaction was mine and this is sort of the<00:07:15.419> kind<00:07:15.600> of<00:07:15.780> mentality<00:07:16.050> that<00:07:16.590> someone<00:07:16.950> who 00:07:17.060 --> 00:07:17.070 align:start position:0% the kind of mentality that someone who 00:07:17.070 --> 00:07:19.159 align:start position:0% the kind of mentality that someone who lives<00:07:17.370> in<00:07:17.640> their<00:07:17.880> parents<00:07:18.270> basement<00:07:18.720> and<00:07:18.960> been 00:07:19.159 --> 00:07:19.169 align:start position:0% lives in their parents basement and been 00:07:19.169 --> 00:07:20.690 align:start position:0% lives in their parents basement and been mining<00:07:19.500> cryptocurrency<00:07:19.650> and<00:07:20.220> what<00:07:20.400> they<00:07:20.520> used 00:07:20.690 --> 00:07:20.700 align:start position:0% mining cryptocurrency and what they used 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work in reality now and it didn't<00:07:26.340> work<00:07:26.640> in<00:07:26.820> reality<00:07:27.270> then<00:07:27.540> right 00:07:27.860 --> 00:07:27.870 align:start position:0% didn't work in reality then right 00:07:27.870 --> 00:07:29.659 align:start position:0% didn't work in reality then right because<00:07:28.260> look<00:07:28.950> if<00:07:29.130> the<00:07:29.280> police<00:07:29.490> are<00:07:29.610> gonna 00:07:29.659 --> 00:07:29.669 align:start position:0% because look if the police are gonna 00:07:29.669 --> 00:07:30.950 align:start position:0% because look if the police are gonna show<00:07:29.910> up<00:07:30.000> at<00:07:30.120> your<00:07:30.150> door<00:07:30.450> and<00:07:30.540> ask<00:07:30.630> you<00:07:30.810> what 00:07:30.950 --> 00:07:30.960 align:start position:0% show up at your door and ask you what 00:07:30.960 --> 00:07:31.670 align:start position:0% show up at your door and ask you what you<00:07:31.050> were<00:07:31.140> doing 00:07:31.670 --> 00:07:31.680 align:start position:0% you were doing 00:07:31.680 --> 00:07:33.530 align:start position:0% you were doing plausible<00:07:32.400> deniability<00:07:32.850> isn't<00:07:33.300> gonna<00:07:33.390> get 00:07:33.530 --> 00:07:33.540 align:start position:0% plausible deniability isn't gonna get 00:07:33.540 --> 00:07:34.640 align:start position:0% plausible deniability isn't gonna get you<00:07:33.660> out<00:07:33.750> of<00:07:33.780> a<00:07:33.870> search<00:07:34.080> warrant<00:07:34.290> isn't<00:07:34.560> gonna 00:07:34.640 --> 00:07:34.650 align:start position:0% you out of a search warrant isn't gonna 00:07:34.650 --> 00:07:35.810 align:start position:0% you out of a search warrant isn't gonna get<00:07:34.800> you<00:07:34.890> out<00:07:35.040> of<00:07:35.190> what<00:07:35.280> they<00:07:35.370> find<00:07:35.550> and<00:07:35.730> they 00:07:35.810 --> 00:07:35.820 align:start position:0% get you out of what they find and they 00:07:35.820 --> 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trying to do so 00:07:40.890 --> 00:07:42.890 align:start position:0% was what people were trying to do so don't<00:07:41.280> do<00:07:41.430> that<00:07:41.580> do<00:07:42.419> something<00:07:42.630> at<00:07:42.870> least 00:07:42.890 --> 00:07:42.900 align:start position:0% don't do that do something at least 00:07:42.900 --> 00:07:46.400 align:start position:0% don't do that do something at least slightly<00:07:43.260> better<00:07:43.760> and<00:07:44.900> the<00:07:45.900> problem<00:07:46.229> with 00:07:46.400 --> 00:07:46.410 align:start position:0% slightly better and the problem with 00:07:46.410 --> 00:07:47.870 align:start position:0% slightly better and the problem with what<00:07:46.620> is<00:07:46.740> better<00:07:46.979> is<00:07:47.250> that<00:07:47.280> blockchain 00:07:47.870 --> 00:07:47.880 align:start position:0% what is better is that blockchain 00:07:47.880 --> 00:07:50.240 align:start position:0% what is better is that blockchain privacy<00:07:48.270> is<00:07:48.330> in<00:07:48.479> fact<00:07:48.660> not<00:07:48.990> intuitive<00:07:49.620> right 00:07:50.240 --> 00:07:50.250 align:start position:0% privacy is in fact not intuitive right 00:07:50.250 --> 00:07:52.010 align:start position:0% privacy is in fact not intuitive right cryptocurrencies<00:07:50.790> broadcast<00:07:51.570> all<00:07:51.810> of<00:07:51.930> your 00:07:52.010 --> 00:07:52.020 align:start position:0% cryptocurrencies broadcast all of your 00:07:52.020 --> 00:07:54.230 align:start position:0% cryptocurrencies broadcast all of your transactions<00:07:52.650> to<00:07:52.830> everybody<00:07:53.250> and<00:07:53.460> this<00:07:54.180> is 00:07:54.230 --> 00:07:54.240 align:start position:0% transactions to everybody and this is 00:07:54.240 --> 00:07:56.870 align:start position:0% transactions to everybody and this is the<00:07:54.930> thing<00:07:55.110> that<00:07:55.140> people<00:07:55.290> sort<00:07:55.680> of<00:07:55.740> revolt<00:07:56.700> on 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00:08:02.330 --> 00:08:02.340 align:start position:0% turns out to be easy enough to obscure 00:08:02.340 --> 00:08:04.550 align:start position:0% turns out to be easy enough to obscure the<00:08:02.550> data<00:08:02.729> on<00:08:02.880> a<00:08:02.910> blockchain<00:08:03.210> from<00:08:04.110> passive 00:08:04.550 --> 00:08:04.560 align:start position:0% the data on a blockchain from passive 00:08:04.560 --> 00:08:05.960 align:start position:0% the data on a blockchain from passive observers<00:08:05.040> who<00:08:05.190> have<00:08:05.280> nothing<00:08:05.460> to<00:08:05.700> do<00:08:05.820> with 00:08:05.960 --> 00:08:05.970 align:start position:0% observers who have nothing to do with 00:08:05.970 --> 00:08:07.730 align:start position:0% observers who have nothing to do with you<00:08:06.090> and<00:08:06.240> know<00:08:06.330> nothing<00:08:06.479> about<00:08:06.840> you<00:08:07.020> it's<00:08:07.560> not 00:08:07.730 --> 00:08:07.740 align:start position:0% you and know nothing about you it's not 00:08:07.740 --> 00:08:09.460 align:start position:0% you and know nothing about you it's not easy<00:08:08.070> to<00:08:08.220> do<00:08:08.280> perfectly<00:08:08.640> but<00:08:08.820> you<00:08:08.910> can<00:08:09.060> do<00:08:09.180> it 00:08:09.460 --> 00:08:09.470 align:start position:0% easy to do perfectly but you can do it 00:08:09.470 --> 00:08:12.320 align:start position:0% easy to do perfectly but you can do it but<00:08:10.470> that's<00:08:10.620> not<00:08:11.070> who<00:08:11.490> you<00:08:11.610> need<00:08:11.790> privacy<00:08:11.970> from 00:08:12.320 --> 00:08:12.330 align:start position:0% but that's not who you need privacy from 00:08:12.330 --> 00:08:14.210 align:start position:0% but that's not who you need privacy from you<00:08:12.510> need<00:08:12.660> privacy<00:08:13.080> from<00:08:13.560> people<00:08:13.830> who<00:08:13.919> send 00:08:14.210 --> 00:08:14.220 align:start position:0% you need privacy from people who send 00:08:14.220 --> 00:08:15.980 align:start position:0% you need privacy from people who send you<00:08:14.370> payments<00:08:14.910> and<00:08:15.090> people<00:08:15.540> you<00:08:15.690> send 00:08:15.980 --> 00:08:15.990 align:start position:0% you payments and people you send 00:08:15.990 --> 00:08:18.409 align:start position:0% you payments and people you send payments<00:08:16.440> to<00:08:16.620> right<00:08:17.040> merchants<00:08:17.790> you<00:08:18.270> don't 00:08:18.409 --> 00:08:18.419 align:start position:0% payments to right merchants you don't 00:08:18.419 --> 00:08:19.580 align:start position:0% payments to right merchants you don't want<00:08:18.540> to<00:08:18.600> be<00:08:18.660> able<00:08:18.720> to<00:08:18.870> track<00:08:19.020> you<00:08:19.200> you<00:08:19.440> don't 00:08:19.580 --> 00:08:19.590 align:start position:0% want to be able to track you you don't 00:08:19.590 --> 00:08:21.080 align:start position:0% want to be able to track you you don't want<00:08:19.740> people<00:08:19.860> to<00:08:20.040> identify<00:08:20.520> you<00:08:20.700> based<00:08:20.940> on 00:08:21.080 --> 00:08:21.090 align:start position:0% want people to identify you based on 00:08:21.090 --> 00:08:22.490 align:start position:0% want people to identify you based on putting<00:08:21.419> payment<00:08:21.840> information<00:08:22.229> up<00:08:22.350> online 00:08:22.490 --> 00:08:22.500 align:start position:0% putting payment information up online 00:08:22.500 --> 00:08:26.330 align:start position:0% putting payment information up online and<00:08:23.510> once<00:08:24.510> you<00:08:24.690> get<00:08:24.780> to<00:08:24.930> that<00:08:25.340> hiding 00:08:26.330 --> 00:08:26.340 align:start position:0% and once you get to that hiding 00:08:26.340 --> 00:08:28.460 align:start position:0% and once you get to that hiding transaction<00:08:26.910> values<00:08:27.470> confidential 00:08:28.460 --> 00:08:28.470 align:start position:0% transaction values confidential 00:08:28.470 --> 00:08:30.469 align:start position:0% transaction values confidential transactions<00:08:29.040> or<00:08:29.700> whatever<00:08:29.940> or<00:08:30.150> hiding<00:08:30.360> your 00:08:30.469 --> 00:08:30.479 align:start position:0% transactions or whatever or hiding your 00:08:30.479 --> 00:08:32.029 align:start position:0% transactions or whatever or hiding your IP<00:08:30.750> address<00:08:30.840> isn't<00:08:31.140> enough<00:08:31.440> you<00:08:31.470> need<00:08:31.650> to<00:08:31.860> hide 00:08:32.029 --> 00:08:32.039 align:start position:0% IP address isn't enough you need to hide 00:08:32.039 --> 00:08:33.589 align:start position:0% IP address isn't enough you need to hide the<00:08:32.159> transaction<00:08:32.700> graph<00:08:32.789> and<00:08:33.120> this<00:08:33.240> turns<00:08:33.479> out 00:08:33.589 --> 00:08:33.599 align:start position:0% the transaction graph and this turns out 00:08:33.599 --> 00:08:36.380 align:start position:0% the transaction graph and this turns out to<00:08:33.659> be<00:08:34.339> really<00:08:35.339> what<00:08:35.640> a<00:08:35.669> lot<00:08:35.880> of<00:08:36.000> the<00:08:36.150> more 00:08:36.380 --> 00:08:36.390 align:start position:0% to be really what a lot of the more 00:08:36.390 --> 00:08:38.870 align:start position:0% to be really what a lot of the more promising<00:08:37.349> things<00:08:37.530> in<00:08:37.680> here<00:08:37.830> focus<00:08:38.190> on<00:08:38.370> but 00:08:38.870 --> 00:08:38.880 align:start position:0% promising things in here focus on but 00:08:38.880 --> 00:08:40.520 align:start position:0% promising things in here focus on but even<00:08:39.000> then<00:08:39.270> they<00:08:39.419> don't<00:08:39.539> do<00:08:39.960> that<00:08:40.140> good<00:08:40.260> a<00:08:40.320> job 00:08:40.520 --> 00:08:40.530 align:start position:0% even then they don't do that good a job 00:08:40.530 --> 00:08:42.589 align:start position:0% even then they don't do that good a job right<00:08:41.459> so<00:08:41.610> there's<00:08:41.760> sort<00:08:41.849> of<00:08:41.910> three<00:08:42.120> sets<00:08:42.450> of 00:08:42.589 --> 00:08:42.599 align:start position:0% right so there's sort of three sets of 00:08:42.599 --> 00:08:45.020 align:start position:0% right so there's sort of three sets of approaches<00:08:43.080> to<00:08:43.160> privacy<00:08:44.160> you<00:08:44.610> can<00:08:44.640> think<00:08:44.910> of 00:08:45.020 --> 00:08:45.030 align:start position:0% approaches to privacy you can think of 00:08:45.030 --> 00:08:46.370 align:start position:0% approaches to privacy you can think of there's<00:08:45.270> Bitcoin 00:08:46.370 --> 00:08:46.380 align:start position:0% there's Bitcoin 00:08:46.380 --> 00:08:48.710 align:start position:0% there's Bitcoin atheria<00:08:47.100> etc<00:08:47.550> where<00:08:47.820> you<00:08:48.270> just<00:08:48.420> explicitly 00:08:48.710 --> 00:08:48.720 align:start position:0% atheria etc where you just explicitly 00:08:48.720 --> 00:08:50.390 align:start position:0% atheria etc where you just explicitly identify<00:08:49.380> the<00:08:49.440> origin<00:08:49.890> of<00:08:49.950> your<00:08:50.010> payment 00:08:50.390 --> 00:08:50.400 align:start position:0% identify the origin of your payment 00:08:50.400 --> 00:08:52.400 align:start position:0% identify the origin of your payment either<00:08:50.520> of<00:08:50.730> you<00:08:50.880> TXO<00:08:51.300> or<00:08:51.480> the<00:08:51.570> account<00:08:51.900> and 00:08:52.400 --> 00:08:52.410 align:start position:0% either of you TXO or the account and 00:08:52.410 --> 00:08:53.540 align:start position:0% either of you TXO or the account and this<00:08:52.530> leaks<00:08:52.800> the<00:08:52.950> transaction<00:08:53.460> graph 00:08:53.540 --> 00:08:53.550 align:start position:0% this leaks the transaction graph 00:08:53.550 --> 00:08:55.730 align:start position:0% this leaks the transaction graph completely<00:08:54.120> there<00:08:54.300> is<00:08:54.420> no<00:08:54.540> privacy<00:08:54.900> right 00:08:55.730 --> 00:08:55.740 align:start position:0% completely there is no privacy right 00:08:55.740 --> 00:08:57.320 align:start position:0% completely there is no privacy right then<00:08:56.190> there<00:08:56.370> are<00:08:56.430> the<00:08:56.580> so-called<00:08:56.760> decoy 00:08:57.320 --> 00:08:57.330 align:start position:0% then there are the so-called decoy 00:08:57.330 --> 00:08:59.090 align:start position:0% then there are the so-called decoy transaction<00:08:57.930> based<00:08:58.110> systems<00:08:58.560> which<00:08:58.800> try<00:08:59.040> to 00:08:59.090 --> 00:08:59.100 align:start position:0% transaction based systems which try to 00:08:59.100 --> 00:09:01.160 align:start position:0% transaction based systems which try to obscure<00:08:59.760> the<00:09:00.000> transaction<00:09:00.540> graph<00:09:00.690> these<00:09:00.960> look 00:09:01.160 --> 00:09:01.170 align:start position:0% obscure the transaction graph these look 00:09:01.170 --> 00:09:02.840 align:start position:0% obscure the transaction graph these look like<00:09:01.380> something<00:09:02.100> will<00:09:02.220> you<00:09:02.310> pick<00:09:02.550> five 00:09:02.840 --> 00:09:02.850 align:start position:0% like something will you pick five 00:09:02.850 --> 00:09:05.540 align:start position:0% like something will you pick five possible<00:09:03.600> decoy<00:09:03.960> sources<00:09:04.500> and<00:09:04.680> say<00:09:05.100> look<00:09:05.310> this 00:09:05.540 --> 00:09:05.550 align:start position:0% possible decoy sources and say look this 00:09:05.550 --> 00:09:07.760 align:start position:0% possible decoy sources and say look this is<00:09:05.610> the<00:09:05.820> real<00:09:05.850> origin<00:09:06.390> for<00:09:06.540> my<00:09:06.600> payment<00:09:06.810> but 00:09:07.760 --> 00:09:07.770 align:start position:0% is the real origin for my payment but 00:09:07.770 --> 00:09:09.530 align:start position:0% is the real origin for my payment but here<00:09:08.220> are<00:09:08.370> five<00:09:08.790> other<00:09:08.970> things<00:09:09.060> which<00:09:09.390> it 00:09:09.530 --> 00:09:09.540 align:start position:0% here are five other things which it 00:09:09.540 --> 00:09:10.910 align:start position:0% here are five other things which it could<00:09:09.660> have<00:09:09.750> been<00:09:09.870> and<00:09:10.140> no<00:09:10.320> one<00:09:10.470> knows<00:09:10.680> which 00:09:10.910 --> 00:09:10.920 align:start position:0% could have been and no one knows which 00:09:10.920 --> 00:09:14.090 align:start position:0% could have been and no one knows which ones<00:09:11.160> which<00:09:11.370> it's<00:09:11.610> just<00:09:11.670> sort<00:09:11.940> of<00:09:12.030> a<00:09:12.120> mess<00:09:13.100> and 00:09:14.090 --> 00:09:14.100 align:start position:0% ones which it's just sort of a mess and 00:09:14.100 --> 00:09:15.890 align:start position:0% ones which it's just sort of a mess and this<00:09:14.250> looks<00:09:14.460> like<00:09:14.520> coin<00:09:14.820> join<00:09:15.090> nimble<00:09:15.540> Wimble 00:09:15.890 --> 00:09:15.900 align:start position:0% this looks like coin join nimble Wimble 00:09:15.900 --> 00:09:19.880 align:start position:0% this looks like coin join nimble Wimble etc<00:09:16.650> or<00:09:16.890> crypto<00:09:17.610> runo<00:09:17.880> ring<00:09:18.210> CT<00:09:18.420> Manero<00:09:18.930> and<00:09:19.770> so 00:09:19.880 --> 00:09:19.890 align:start position:0% etc or crypto runo ring CT Manero and so 00:09:19.890 --> 00:09:20.990 align:start position:0% etc or crypto runo ring CT Manero and so that's<00:09:20.040> one<00:09:20.190> set<00:09:20.370> of<00:09:20.430> approaches<00:09:20.790> and<00:09:20.820> then 00:09:20.990 --> 00:09:21.000 align:start position:0% that's one set of approaches and then 00:09:21.000 --> 00:09:22.310 align:start position:0% that's one set of approaches and then finally<00:09:21.330> though<00:09:21.480> the<00:09:21.600> approaches<00:09:21.990> of<00:09:22.110> zero 00:09:22.310 --> 00:09:22.320 align:start position:0% finally though the approaches of zero 00:09:22.320 --> 00:09:24.050 align:start position:0% finally though the approaches of zero coin<00:09:22.560> in<00:09:22.680> zero<00:09:22.890> cash<00:09:23.100> are<00:09:23.550> deployed<00:09:23.940> in<00:09:24.030> a 00:09:24.050 --> 00:09:24.060 align:start position:0% coin in zero cash are deployed in a 00:09:24.060 --> 00:09:25.270 align:start position:0% coin in zero cash are deployed in a couple<00:09:24.270> of<00:09:24.330> different<00:09:24.540> Kippur<00:09:24.720> currencies 00:09:25.270 --> 00:09:25.280 align:start position:0% couple of different Kippur currencies 00:09:25.280 --> 00:09:27.650 align:start position:0% couple of different Kippur currencies where<00:09:26.280> you<00:09:26.490> don't<00:09:26.700> identify<00:09:26.820> the<00:09:27.150> origin<00:09:27.540> at 00:09:27.650 --> 00:09:27.660 align:start position:0% where you don't identify the origin at 00:09:27.660 --> 00:09:29.750 align:start position:0% where you don't identify the origin at all<00:09:27.810> and<00:09:28.140> you<00:09:28.320> have<00:09:28.590> no<00:09:28.860> transaction<00:09:29.430> graph<00:09:29.580> to 00:09:29.750 --> 00:09:29.760 align:start position:0% all and you have no transaction graph to 00:09:29.760 --> 00:09:31.280 align:start position:0% all and you have no transaction graph to recover<00:09:30.060> at<00:09:30.540> least<00:09:30.780> if<00:09:30.930> you<00:09:31.020> use<00:09:31.170> the 00:09:31.280 --> 00:09:31.290 align:start position:0% recover at least if you use the 00:09:31.290 --> 00:09:33.560 align:start position:0% recover at least if you use the privacy-preserving<00:09:31.650> transactions<00:09:32.460> right<00:09:33.300> so 00:09:33.560 --> 00:09:33.570 align:start position:0% privacy-preserving transactions right so 00:09:33.570 --> 00:09:34.790 align:start position:0% privacy-preserving transactions right so what<00:09:33.780> does<00:09:33.840> this<00:09:33.930> look<00:09:34.080> like<00:09:34.170> visually<00:09:34.620> well 00:09:34.790 --> 00:09:34.800 align:start position:0% what does this look like visually well 00:09:34.800 --> 00:09:36.230 align:start position:0% what does this look like visually well in<00:09:34.890> Bitcoin<00:09:35.220> you<00:09:35.460> have<00:09:35.580> to<00:09:35.700> if<00:09:35.940> you're<00:09:36.030> paying 00:09:36.230 --> 00:09:36.240 align:start position:0% in Bitcoin you have to if you're paying 00:09:36.240 --> 00:09:38.690 align:start position:0% in Bitcoin you have to if you're paying a<00:09:36.360> merchant<00:09:36.720> you<00:09:36.930> have<00:09:37.050> to<00:09:37.170> identify<00:09:37.700> the 00:09:38.690 --> 00:09:38.700 align:start position:0% a merchant you have to identify the 00:09:38.700 --> 00:09:42.320 align:start position:0% a merchant you have to identify the exact<00:09:39.000> origin<00:09:40.130> in<00:09:41.130> decoyroid<00:09:41.640> system<00:09:42.150> such<00:09:42.300> as 00:09:42.320 --> 00:09:42.330 align:start position:0% exact origin in decoyroid system such as 00:09:42.330 --> 00:09:44.330 align:start position:0% exact origin in decoyroid system such as Manero<00:09:42.720> same<00:09:43.560> thing<00:09:43.800> you<00:09:43.980> have<00:09:44.100> to<00:09:44.190> identify 00:09:44.330 --> 00:09:44.340 align:start position:0% Manero same thing you have to identify 00:09:44.340 --> 00:09:47.030 align:start position:0% Manero same thing you have to identify the<00:09:44.580> origin<00:09:45.120> but<00:09:45.330> it<00:09:45.480> hides<00:09:45.690> amongst<00:09:46.140> a<00:09:46.500> couple 00:09:47.030 --> 00:09:47.040 align:start position:0% the origin but it hides amongst a couple 00:09:47.040 --> 00:09:49.610 align:start position:0% the origin but it hides amongst a couple of<00:09:47.100> different<00:09:47.400> locations<00:09:47.720> right<00:09:48.720> and<00:09:48.900> then 00:09:49.610 --> 00:09:49.620 align:start position:0% of different locations right and then 00:09:49.620 --> 00:09:52.010 align:start position:0% of different locations right and then that's<00:09:50.550> sort<00:09:50.850> of<00:09:50.910> this<00:09:51.510> is<00:09:51.630> what<00:09:51.750> you're<00:09:51.840> doing 00:09:52.010 --> 00:09:52.020 align:start position:0% that's sort of this is what you're doing 00:09:52.020 --> 00:09:53.240 align:start position:0% that's sort of this is what you're doing you're<00:09:52.110> adding<00:09:52.320> noise<00:09:52.530> right<00:09:52.800> it's<00:09:52.980> chaff 00:09:53.240 --> 00:09:53.250 align:start position:0% you're adding noise right it's chaff 00:09:53.250 --> 00:09:55.040 align:start position:0% you're adding noise right it's chaff right<00:09:53.520> the<00:09:53.670> real<00:09:53.850> transaction<00:09:54.720> is<00:09:54.840> somewhere 00:09:55.040 --> 00:09:55.050 align:start position:0% right the real transaction is somewhere 00:09:55.050 --> 00:09:56.960 align:start position:0% right the real transaction is somewhere in<00:09:55.170> there<00:09:55.350> but<00:09:55.560> hopefully<00:09:55.950> if<00:09:56.220> you<00:09:56.640> don't<00:09:56.820> have 00:09:56.960 --> 00:09:56.970 align:start position:0% in there but hopefully if you don't have 00:09:56.970 --> 00:09:58.310 align:start position:0% in there but hopefully if you don't have very<00:09:57.000> good<00:09:57.210> vision<00:09:57.450> you<00:09:57.780> can't<00:09:58.020> figure<00:09:58.170> out 00:09:58.310 --> 00:09:58.320 align:start position:0% very good vision you can't figure out 00:09:58.320 --> 00:10:01.130 align:start position:0% very good vision you can't figure out where<00:09:58.530> it<00:09:58.620> is<00:09:59.000> and<00:10:00.000> then<00:10:00.810> there<00:10:00.930> are<00:10:01.020> things 00:10:01.130 --> 00:10:01.140 align:start position:0% where it is and then there are things 00:10:01.140 --> 00:10:03.770 align:start position:0% where it is and then there are things like<00:10:01.350> zero<00:10:01.530> cash<00:10:01.830> z<00:10:02.370> cash<00:10:02.580> where<00:10:03.060> this<00:10:03.570> data 00:10:03.770 --> 00:10:03.780 align:start position:0% like zero cash z cash where this data 00:10:03.780 --> 00:10:06.350 align:start position:0% like zero cash z cash where this data just<00:10:04.020> is<00:10:04.110> not<00:10:04.230> there<00:10:04.440> right<00:10:05.250> and<00:10:05.400> so<00:10:05.730> we<00:10:06.180> know 00:10:06.350 --> 00:10:06.360 align:start position:0% just is not there right and so we know 00:10:06.360 --> 00:10:09.350 align:start position:0% just is not there right and so we know that<00:10:06.390> Bitcoin<00:10:07.020> isn't<00:10:07.200> private<00:10:08.030> we<00:10:09.030> there's 00:10:09.350 --> 00:10:09.360 align:start position:0% that Bitcoin isn't private we there's 00:10:09.360 --> 00:10:10.910 align:start position:0% that Bitcoin isn't private we there's been<00:10:09.480> a<00:10:09.510> lot<00:10:09.690> of<00:10:09.720> analysis<00:10:10.200> on<00:10:10.320> zero<00:10:10.530> cash<00:10:10.740> grow 00:10:10.910 --> 00:10:10.920 align:start position:0% been a lot of analysis on zero cash grow 00:10:10.920 --> 00:10:12.710 align:start position:0% been a lot of analysis on zero cash grow academically<00:10:11.790> and<00:10:11.970> empirically<00:10:12.420> we<00:10:12.600> know 00:10:12.710 --> 00:10:12.720 align:start position:0% academically and empirically we know 00:10:12.720 --> 00:10:14.690 align:start position:0% academically and empirically we know that<00:10:12.900> the<00:10:13.170> privacy<00:10:13.470> holds<00:10:13.740> up<00:10:13.860> if<00:10:14.070> you<00:10:14.310> use<00:10:14.340> the 00:10:14.690 --> 00:10:14.700 align:start position:0% that the privacy holds up if you use the 00:10:14.700 --> 00:10:17.120 align:start position:0% that the privacy holds up if you use the shielded<00:10:15.030> features<00:10:15.360> and<00:10:15.630> use<00:10:15.990> them<00:10:16.170> well<00:10:16.320> the 00:10:17.120 --> 00:10:17.130 align:start position:0% shielded features and use them well the 00:10:17.130 --> 00:10:18.410 align:start position:0% shielded features and use them well the question<00:10:17.460> is<00:10:17.580> do<00:10:17.730> these<00:10:17.850> decoy<00:10:18.180> based 00:10:18.410 --> 00:10:18.420 align:start position:0% question is do these decoy based 00:10:18.420 --> 00:10:20.690 align:start position:0% question is do these decoy based approaches<00:10:18.840> work<00:10:19.080> and<00:10:19.770> spoilers<00:10:20.310> the<00:10:20.460> answer 00:10:20.690 --> 00:10:20.700 align:start position:0% approaches work and spoilers the answer 00:10:20.700 --> 00:10:24.710 align:start position:0% approaches work and spoilers the answer is<00:10:20.820> no<00:10:21.740> but<00:10:22.740> are<00:10:22.950> they<00:10:23.100> private<00:10:23.370> and<00:10:23.760> the 00:10:24.710 --> 00:10:24.720 align:start position:0% is no but are they private and the 00:10:24.720 --> 00:10:26.450 align:start position:0% is no but are they private and the reason<00:10:25.110> they<00:10:25.260> aren't<00:10:25.530> is<00:10:25.860> because<00:10:26.250> there's 00:10:26.450 --> 00:10:26.460 align:start position:0% reason they aren't is because there's 00:10:26.460 --> 00:10:27.980 align:start position:0% reason they aren't is because there's some<00:10:26.550> interesting<00:10:26.970> structure<00:10:27.510> you<00:10:27.660> can<00:10:27.840> get 00:10:27.980 --> 00:10:27.990 align:start position:0% some interesting structure you can get 00:10:27.990 --> 00:10:30.380 align:start position:0% some interesting structure you can get out<00:10:28.110> of<00:10:28.260> this<00:10:28.410> right<00:10:29.190> when<00:10:30.030> you<00:10:30.150> make<00:10:30.360> a 00:10:30.380 --> 00:10:30.390 align:start position:0% out of this right when you make a 00:10:30.390 --> 00:10:33.050 align:start position:0% out of this right when you make a payment<00:10:30.710> to<00:10:31.710> a<00:10:31.740> merchant<00:10:32.130> what<00:10:32.550> they<00:10:32.700> see<00:10:32.760> is 00:10:33.050 --> 00:10:33.060 align:start position:0% payment to a merchant what they see is 00:10:33.060 --> 00:10:35.870 align:start position:0% payment to a merchant what they see is not<00:10:33.240> these<00:10:33.780> three<00:10:34.200> decoys<00:10:34.620> they<00:10:35.280> see<00:10:35.340> those 00:10:35.870 --> 00:10:35.880 align:start position:0% not these three decoys they see those 00:10:35.880 --> 00:10:37.670 align:start position:0% not these three decoys they see those decoys<00:10:36.330> and<00:10:36.570> their<00:10:36.780> possible<00:10:37.230> origins<00:10:37.560> as 00:10:37.670 --> 00:10:37.680 align:start position:0% decoys and their possible origins as 00:10:37.680 --> 00:10:39.980 align:start position:0% decoys and their possible origins as well<00:10:37.860> right<00:10:38.160> there's<00:10:38.430> you<00:10:39.030> know<00:10:39.060> each<00:10:39.780> payment 00:10:39.980 --> 00:10:39.990 align:start position:0% well right there's you know each payment 00:10:39.990 --> 00:10:41.570 align:start position:0% well right there's you know each payment is<00:10:40.170> a<00:10:40.200> possible<00:10:40.560> source<00:10:40.710> each<00:10:41.190> one<00:10:41.340> of<00:10:41.430> those 00:10:41.570 --> 00:10:41.580 align:start position:0% is a possible source each one of those 00:10:41.580 --> 00:10:43.550 align:start position:0% is a possible source each one of those has<00:10:41.760> three<00:10:41.970> possible<00:10:42.120> sources<00:10:42.660> of<00:10:42.720> five<00:10:43.020> or<00:10:43.230> 11 00:10:43.550 --> 00:10:43.560 align:start position:0% has three possible sources of five or 11 00:10:43.560 --> 00:10:44.870 align:start position:0% has three possible sources of five or 11 or<00:10:43.590> whatever<00:10:43.890> it<00:10:43.950> is<00:10:44.040> and<00:10:44.190> sort<00:10:44.280> of<00:10:44.400> fans<00:10:44.670> out 00:10:44.870 --> 00:10:44.880 align:start position:0% or whatever it is and sort of fans out 00:10:44.880 --> 00:10:46.580 align:start position:0% or whatever it is and sort of fans out backwards<00:10:45.150> and<00:10:45.480> this<00:10:45.570> sort<00:10:45.750> of<00:10:45.780> tree<00:10:46.350> of 00:10:46.580 --> 00:10:46.590 align:start position:0% backwards and this sort of tree of 00:10:46.590 --> 00:10:47.780 align:start position:0% backwards and this sort of tree of possible<00:10:47.100> things<00:10:47.340> that<00:10:47.580> you<00:10:47.640> weren't 00:10:47.780 --> 00:10:47.790 align:start position:0% possible things that you weren't 00:10:47.790 --> 00:10:49.760 align:start position:0% possible things that you weren't interacted<00:10:48.390> with<00:10:48.510> you<00:10:49.230> can<00:10:49.320> call<00:10:49.470> it<00:10:49.560> I<00:10:49.620> could 00:10:49.760 --> 00:10:49.770 align:start position:0% interacted with you can call it I could 00:10:49.770 --> 00:10:52.460 align:start position:0% interacted with you can call it I could think<00:10:50.070> of<00:10:50.130> it<00:10:50.220> as<00:10:50.250> a<00:10:50.340> taint<00:10:50.580> tree<00:10:51.230> and<00:10:52.230> you<00:10:52.350> can 00:10:52.460 --> 00:10:52.470 align:start position:0% think of it as a taint tree and you can 00:10:52.470 --> 00:10:54.230 align:start position:0% think of it as a taint tree and you can also<00:10:52.590> use<00:10:52.890> this<00:10:53.070> going<00:10:53.340> forwards<00:10:53.760> right<00:10:53.970> if<00:10:54.120> I 00:10:54.230 --> 00:10:54.240 align:start position:0% also use this going forwards right if I 00:10:54.240 --> 00:10:56.450 align:start position:0% also use this going forwards right if I pay<00:10:54.510> emergent<00:10:54.990> right<00:10:55.530> I<00:10:55.740> see<00:10:56.100> where<00:10:56.190> the<00:10:56.280> money 00:10:56.450 --> 00:10:56.460 align:start position:0% pay emergent right I see where the money 00:10:56.460 --> 00:10:58.580 align:start position:0% pay emergent right I see where the money goes<00:10:56.520> and<00:10:56.910> then<00:10:57.570> I<00:10:57.750> see<00:10:57.960> everyone<00:10:58.260> who<00:10:58.350> tries 00:10:58.580 --> 00:10:58.590 align:start position:0% goes and then I see everyone who tries 00:10:58.590 --> 00:10:59.330 align:start position:0% goes and then I see everyone who tries to<00:10:58.620> spend<00:10:59.040> that 00:10:59.330 --> 00:10:59.340 align:start position:0% to spend that 00:10:59.340 --> 00:11:00.860 align:start position:0% to spend that and<00:10:59.730> some<00:11:00.000> of<00:11:00.090> those<00:11:00.210> people<00:11:00.450> are<00:11:00.630> gonna<00:11:00.750> be 00:11:00.860 --> 00:11:00.870 align:start position:0% and some of those people are gonna be 00:11:00.870 --> 00:11:02.360 align:start position:0% and some of those people are gonna be spending<00:11:01.170> it<00:11:01.260> as<00:11:01.350> a<00:11:01.410> decoy<00:11:01.710> right<00:11:01.980> it<00:11:02.100> won't<00:11:02.190> be 00:11:02.360 --> 00:11:02.370 align:start position:0% spending it as a decoy right it won't be 00:11:02.370 --> 00:11:04.040 align:start position:0% spending it as a decoy right it won't be legitimately<00:11:02.910> theirs<00:11:03.150> but<00:11:03.600> one<00:11:03.840> of<00:11:03.870> those 00:11:04.040 --> 00:11:04.050 align:start position:0% legitimately theirs but one of those 00:11:04.050 --> 00:11:05.420 align:start position:0% legitimately theirs but one of those will<00:11:04.290> be<00:11:04.320> the<00:11:04.440> merchants<00:11:04.860> and<00:11:05.040> again<00:11:05.279> this 00:11:05.420 --> 00:11:05.430 align:start position:0% will be the merchants and again this 00:11:05.430 --> 00:11:07.340 align:start position:0% will be the merchants and again this fans<00:11:05.700> out<00:11:05.910> right<00:11:06.180> there<00:11:06.750> are<00:11:06.810> three<00:11:06.840> possible 00:11:07.340 --> 00:11:07.350 align:start position:0% fans out right there are three possible 00:11:07.350 --> 00:11:08.630 align:start position:0% fans out right there are three possible things<00:11:07.380> that<00:11:07.620> were<00:11:07.770> spent<00:11:08.010> in<00:11:08.130> each<00:11:08.370> one<00:11:08.550> of 00:11:08.630 --> 00:11:08.640 align:start position:0% things that were spent in each one of 00:11:08.640 --> 00:11:09.980 align:start position:0% things that were spent in each one of those<00:11:08.760> as<00:11:09.000> three<00:11:09.180> possible<00:11:09.600> things<00:11:09.630> that<00:11:09.870> were 00:11:09.980 --> 00:11:09.990 align:start position:0% those as three possible things that were 00:11:09.990 --> 00:11:11.570 align:start position:0% those as three possible things that were spent<00:11:10.230> and<00:11:10.410> we<00:11:10.500> just<00:11:10.650> keep<00:11:10.770> going<00:11:11.040> forward<00:11:11.250> so 00:11:11.570 --> 00:11:11.580 align:start position:0% spent and we just keep going forward so 00:11:11.580 --> 00:11:14.060 align:start position:0% spent and we just keep going forward so it's<00:11:11.730> cone<00:11:12.210> going<00:11:12.510> back<00:11:12.690> cone<00:11:13.410> going<00:11:13.710> forwards 00:11:14.060 --> 00:11:14.070 align:start position:0% it's cone going back cone going forwards 00:11:14.070 --> 00:11:17.600 align:start position:0% it's cone going back cone going forwards and<00:11:14.510> so<00:11:15.510> this<00:11:15.690> has<00:11:15.990> a<00:11:16.020> couple<00:11:16.410> of<00:11:16.610> immediate 00:11:17.600 --> 00:11:17.610 align:start position:0% and so this has a couple of immediate 00:11:17.610 --> 00:11:19.670 align:start position:0% and so this has a couple of immediate problems<00:11:18.089> that<00:11:18.480> should<00:11:19.230> make<00:11:19.320> it<00:11:19.380> clear<00:11:19.500> that 00:11:19.670 --> 00:11:19.680 align:start position:0% problems that should make it clear that 00:11:19.680 --> 00:11:22.370 align:start position:0% problems that should make it clear that you<00:11:20.040> know<00:11:20.600> things<00:11:21.600> are<00:11:21.750> not<00:11:21.870> what<00:11:22.050> you<00:11:22.080> think 00:11:22.370 --> 00:11:22.380 align:start position:0% you know things are not what you think 00:11:22.380 --> 00:11:23.720 align:start position:0% you know things are not what you think things<00:11:22.560> are<00:11:22.680> not<00:11:22.800> completely<00:11:23.190> private<00:11:23.520> right 00:11:23.720 --> 00:11:23.730 align:start position:0% things are not completely private right 00:11:23.730 --> 00:11:25.880 align:start position:0% things are not completely private right and<00:11:23.940> so<00:11:24.420> the<00:11:24.540> most<00:11:24.660> obvious<00:11:25.080> one<00:11:25.290> is<00:11:25.470> what<00:11:25.770> I'm 00:11:25.880 --> 00:11:25.890 align:start position:0% and so the most obvious one is what I'm 00:11:25.890 --> 00:11:27.230 align:start position:0% and so the most obvious one is what I'm going<00:11:26.040> to<00:11:26.100> call<00:11:26.220> an<00:11:26.310> overseer<00:11:26.730> attack<00:11:27.029> which 00:11:27.230 --> 00:11:27.240 align:start position:0% going to call an overseer attack which 00:11:27.240 --> 00:11:28.940 align:start position:0% going to call an overseer attack which is<00:11:27.270> suppose<00:11:27.750> your<00:11:28.080> merchants<00:11:28.529> say<00:11:28.800> your 00:11:28.940 --> 00:11:28.950 align:start position:0% is suppose your merchants say your 00:11:28.950 --> 00:11:31.370 align:start position:0% is suppose your merchants say your Starbucks<00:11:29.400> and<00:11:29.640> you<00:11:30.270> have<00:11:30.480> someone<00:11:30.870> coming<00:11:31.230> in 00:11:31.370 --> 00:11:31.380 align:start position:0% Starbucks and you have someone coming in 00:11:31.380 --> 00:11:33.980 align:start position:0% Starbucks and you have someone coming in and<00:11:31.640> buying<00:11:32.640> coffee<00:11:33.000> every<00:11:33.330> day<00:11:33.480> and<00:11:33.720> they're 00:11:33.980 --> 00:11:33.990 align:start position:0% and buying coffee every day and they're 00:11:33.990 --> 00:11:35.090 align:start position:0% and buying coffee every day and they're buying<00:11:34.110> it<00:11:34.290> with<00:11:34.380> the<00:11:34.440> cryptocurrency<00:11:34.680> that's 00:11:35.090 --> 00:11:35.100 align:start position:0% buying it with the cryptocurrency that's 00:11:35.100 --> 00:11:36.860 align:start position:0% buying it with the cryptocurrency that's private<00:11:35.279> should<00:11:36.060> Starbucks<00:11:36.510> be<00:11:36.630> able<00:11:36.779> to 00:11:36.860 --> 00:11:36.870 align:start position:0% private should Starbucks be able to 00:11:36.870 --> 00:11:38.210 align:start position:0% private should Starbucks be able to build<00:11:37.050> a<00:11:37.110> profile<00:11:37.500> of<00:11:37.710> how<00:11:37.860> much<00:11:38.010> caffeine 00:11:38.210 --> 00:11:38.220 align:start position:0% build a profile of how much caffeine 00:11:38.220 --> 00:11:39.950 align:start position:0% build a profile of how much caffeine you're<00:11:38.520> drinking<00:11:38.850> on<00:11:38.940> a<00:11:38.970> week<00:11:39.120> maybe<00:11:39.540> sell<00:11:39.839> it 00:11:39.950 --> 00:11:39.960 align:start position:0% you're drinking on a week maybe sell it 00:11:39.960 --> 00:11:41.150 align:start position:0% you're drinking on a week maybe sell it to<00:11:40.020> your<00:11:40.110> health<00:11:40.320> insurance<00:11:40.410> company<00:11:41.040> or 00:11:41.150 --> 00:11:41.160 align:start position:0% to your health insurance company or 00:11:41.160 --> 00:11:44.390 align:start position:0% to your health insurance company or something<00:11:42.500> ideally<00:11:43.500> no<00:11:43.710> right<00:11:43.980> privacy 00:11:44.390 --> 00:11:44.400 align:start position:0% something ideally no right privacy 00:11:44.400 --> 00:11:45.980 align:start position:0% something ideally no right privacy should<00:11:44.460> mean<00:11:44.700> that's<00:11:44.910> not<00:11:45.360> possible<00:11:45.839> they 00:11:45.980 --> 00:11:45.990 align:start position:0% should mean that's not possible they 00:11:45.990 --> 00:11:47.090 align:start position:0% should mean that's not possible they learned<00:11:46.230> nothing<00:11:46.440> should<00:11:46.650> be<00:11:46.710> as<00:11:46.770> private<00:11:46.890> as 00:11:47.090 --> 00:11:47.100 align:start position:0% learned nothing should be as private as 00:11:47.100 --> 00:11:48.829 align:start position:0% learned nothing should be as private as cash<00:11:47.279> except<00:11:47.970> that's<00:11:48.089> not<00:11:48.210> true<00:11:48.570> right 00:11:48.829 --> 00:11:48.839 align:start position:0% cash except that's not true right 00:11:48.839 --> 00:11:50.000 align:start position:0% cash except that's not true right because<00:11:49.050> if<00:11:49.140> you<00:11:49.230> make<00:11:49.350> one<00:11:49.560> payment<00:11:49.740> to 00:11:50.000 --> 00:11:50.010 align:start position:0% because if you make one payment to 00:11:50.010 --> 00:11:52.220 align:start position:0% because if you make one payment to Starbucks<00:11:50.370> and<00:11:50.550> then<00:11:51.360> you<00:11:51.480> make<00:11:51.600> another<00:11:51.630> and 00:11:52.220 --> 00:11:52.230 align:start position:0% Starbucks and then you make another and 00:11:52.230 --> 00:11:54.560 align:start position:0% Starbucks and then you make another and you<00:11:52.860> make<00:11:53.010> a<00:11:53.040> third<00:11:53.339> they're<00:11:53.910> gonna<00:11:54.060> see<00:11:54.330> these 00:11:54.560 --> 00:11:54.570 align:start position:0% you make a third they're gonna see these 00:11:54.570 --> 00:11:55.940 align:start position:0% you make a third they're gonna see these different<00:11:54.990> taint<00:11:55.200> trees<00:11:55.470> for<00:11:55.650> each<00:11:55.740> one<00:11:55.920> of 00:11:55.940 --> 00:11:55.950 align:start position:0% different taint trees for each one of 00:11:55.950 --> 00:11:57.950 align:start position:0% different taint trees for each one of these<00:11:56.450> transactions<00:11:57.450> and<00:11:57.630> there's<00:11:57.839> no 00:11:57.950 --> 00:11:57.960 align:start position:0% these transactions and there's no 00:11:57.960 --> 00:11:59.780 align:start position:0% these transactions and there's no immediate<00:11:58.500> linkage<00:11:59.010> between<00:11:59.190> them<00:11:59.550> so<00:11:59.730> you 00:11:59.780 --> 00:11:59.790 align:start position:0% immediate linkage between them so you 00:11:59.790 --> 00:12:01.300 align:start position:0% immediate linkage between them so you might<00:12:00.000> think<00:12:00.060> it's<00:12:00.360> private<00:12:00.720> but<00:12:00.900> of<00:12:01.020> course 00:12:01.300 --> 00:12:01.310 align:start position:0% might think it's private but of course 00:12:01.310 --> 00:12:04.040 align:start position:0% might think it's private but of course if<00:12:02.310> you<00:12:02.760> look<00:12:03.000> through<00:12:03.300> this<00:12:03.450> entire<00:12:03.720> graph 00:12:04.040 --> 00:12:04.050 align:start position:0% if you look through this entire graph 00:12:04.050 --> 00:12:05.570 align:start position:0% if you look through this entire graph you're<00:12:04.440> gonna<00:12:04.530> see<00:12:04.740> intersections<00:12:05.339> in<00:12:05.460> it 00:12:05.570 --> 00:12:05.580 align:start position:0% you're gonna see intersections in it 00:12:05.580 --> 00:12:07.100 align:start position:0% you're gonna see intersections in it because<00:12:06.300> the<00:12:06.450> payments<00:12:06.780> are<00:12:06.839> going<00:12:06.960> to<00:12:07.020> have 00:12:07.100 --> 00:12:07.110 align:start position:0% because the payments are going to have 00:12:07.110 --> 00:12:08.510 align:start position:0% because the payments are going to have common<00:12:07.440> origins<00:12:07.860> right<00:12:08.160> you're<00:12:08.250> gonna<00:12:08.370> have 00:12:08.510 --> 00:12:08.520 align:start position:0% common origins right you're gonna have 00:12:08.520 --> 00:12:09.829 align:start position:0% common origins right you're gonna have loaded<00:12:08.760> all<00:12:09.000> the<00:12:09.150> funds<00:12:09.390> off<00:12:09.570> of<00:12:09.690> some 00:12:09.829 --> 00:12:09.839 align:start position:0% loaded all the funds off of some 00:12:09.839 --> 00:12:11.480 align:start position:0% loaded all the funds off of some transaction<00:12:10.350> on<00:12:10.440> coinbase<00:12:10.770> or<00:12:11.070> shape-shift 00:12:11.480 --> 00:12:11.490 align:start position:0% transaction on coinbase or shape-shift 00:12:11.490 --> 00:12:13.760 align:start position:0% transaction on coinbase or shape-shift or<00:12:11.610> whatever<00:12:11.880> at<00:12:12.210> one<00:12:12.660> point<00:12:12.900> or<00:12:13.170> you<00:12:13.530> change 00:12:13.760 --> 00:12:13.770 align:start position:0% or whatever at one point or you change 00:12:13.770 --> 00:12:15.530 align:start position:0% or whatever at one point or you change transactions<00:12:14.460> every<00:12:14.820> use<00:12:15.000> so<00:12:15.240> this<00:12:15.390> is<00:12:15.510> a 00:12:15.530 --> 00:12:15.540 align:start position:0% transactions every use so this is a 00:12:15.540 --> 00:12:19.510 align:start position:0% transactions every use so this is a basic<00:12:15.720> intersection<00:12:16.550> right<00:12:17.839> so<00:12:18.839> there's<00:12:19.230> that 00:12:19.510 --> 00:12:19.520 align:start position:0% basic intersection right so there's that 00:12:19.520 --> 00:12:21.770 align:start position:0% basic intersection right so there's that here's<00:12:20.520> another<00:12:20.610> one<00:12:20.940> let's<00:12:21.360> suppose<00:12:21.600> you 00:12:21.770 --> 00:12:21.780 align:start position:0% here's another one let's suppose you 00:12:21.780 --> 00:12:23.870 align:start position:0% here's another one let's suppose you were<00:12:21.870> dissident<00:12:22.380> right<00:12:22.740> in<00:12:22.920> Saudi<00:12:23.250> Arabia<00:12:23.610> you 00:12:23.870 --> 00:12:23.880 align:start position:0% were dissident right in Saudi Arabia you 00:12:23.880 --> 00:12:26.390 align:start position:0% were dissident right in Saudi Arabia you have<00:12:24.450> a<00:12:24.839> website<00:12:25.200> on<00:12:25.440> the<00:12:25.710> dark<00:12:25.890> web<00:12:25.980> that<00:12:26.310> you 00:12:26.390 --> 00:12:26.400 align:start position:0% have a website on the dark web that you 00:12:26.400 --> 00:12:28.940 align:start position:0% have a website on the dark web that you use<00:12:26.580> to<00:12:26.730> take<00:12:26.880> donations<00:12:27.630> right<00:12:27.990> poor<00:12:28.350> right 00:12:28.940 --> 00:12:28.950 align:start position:0% use to take donations right poor right 00:12:28.950 --> 00:12:30.740 align:start position:0% use to take donations right poor right taking<00:12:29.640> anonymous<00:12:30.030> put<00:12:30.180> another<00:12:30.300> to<00:12:30.420> dress<00:12:30.570> up 00:12:30.740 --> 00:12:30.750 align:start position:0% taking anonymous put another to dress up 00:12:30.750 --> 00:12:32.480 align:start position:0% taking anonymous put another to dress up your<00:12:31.080> anonymous<00:12:31.500> you<00:12:31.920> should<00:12:32.100> be<00:12:32.190> completely 00:12:32.480 --> 00:12:32.490 align:start position:0% your anonymous you should be completely 00:12:32.490 --> 00:12:33.050 align:start position:0% your anonymous you should be completely safe 00:12:33.050 --> 00:12:33.060 align:start position:0% safe 00:12:33.060 --> 00:12:34.160 align:start position:0% safe they're<00:12:33.390> never<00:12:33.510> gonna<00:12:33.630> figure<00:12:33.839> out<00:12:33.930> who<00:12:34.050> you 00:12:34.160 --> 00:12:34.170 align:start position:0% they're never gonna figure out who you 00:12:34.170 --> 00:12:36.020 align:start position:0% they're never gonna figure out who you are<00:12:34.200> and<00:12:34.560> so<00:12:35.250> because<00:12:35.580> you<00:12:35.730> think<00:12:35.850> it's 00:12:36.020 --> 00:12:36.030 align:start position:0% are and so because you think it's 00:12:36.030 --> 00:12:37.430 align:start position:0% are and so because you think it's private<00:12:36.390> you<00:12:36.420> take<00:12:36.720> that<00:12:36.960> money<00:12:37.170> and<00:12:37.290> you 00:12:37.430 --> 00:12:37.440 align:start position:0% private you take that money and you 00:12:37.440 --> 00:12:39.260 align:start position:0% private you take that money and you immediately<00:12:37.620> deposit<00:12:38.370> it<00:12:38.700> in<00:12:39.150> a 00:12:39.260 --> 00:12:39.270 align:start position:0% immediately deposit it in a 00:12:39.270 --> 00:12:40.880 align:start position:0% immediately deposit it in a cryptocurrency<00:12:39.960> exchange<00:12:40.500> in<00:12:40.620> the<00:12:40.680> Mideast 00:12:40.880 --> 00:12:40.890 align:start position:0% cryptocurrency exchange in the Mideast 00:12:40.890 --> 00:12:42.860 align:start position:0% cryptocurrency exchange in the Mideast that<00:12:41.220> actually<00:12:41.520> has<00:12:41.670> all<00:12:41.910> your<00:12:42.030> kyc<00:12:42.480> data<00:12:42.690> they 00:12:42.860 --> 00:12:42.870 align:start position:0% that actually has all your kyc data they 00:12:42.870 --> 00:12:44.570 align:start position:0% that actually has all your kyc data they know<00:12:42.990> who<00:12:43.140> you<00:12:43.170> are<00:12:43.339> because<00:12:44.339> of<00:12:44.370> things 00:12:44.570 --> 00:12:44.580 align:start position:0% know who you are because of things 00:12:44.580 --> 00:12:46.210 align:start position:0% know who you are because of things private<00:12:44.970> no<00:12:45.150> one<00:12:45.330> should<00:12:45.510> be<00:12:45.570> able<00:12:45.660> to<00:12:45.750> blink 00:12:46.210 --> 00:12:46.220 align:start position:0% private no one should be able to blink 00:12:46.220 --> 00:12:48.380 align:start position:0% private no one should be able to blink the<00:12:47.220> address<00:12:47.520> online<00:12:47.730> that's<00:12:48.120> receiving 00:12:48.380 --> 00:12:48.390 align:start position:0% the address online that's receiving 00:12:48.390 --> 00:12:51.770 align:start position:0% the address online that's receiving payments<00:12:48.870> with<00:12:49.530> your<00:12:50.310> deposits<00:12:50.790> that<00:12:51.630> would 00:12:51.770 --> 00:12:51.780 align:start position:0% payments with your deposits that would 00:12:51.780 --> 00:12:52.910 align:start position:0% payments with your deposits that would be<00:12:51.870> another<00:12:52.050> thing<00:12:52.260> you'd<00:12:52.380> expect<00:12:52.440> from<00:12:52.800> a 00:12:52.910 --> 00:12:52.920 align:start position:0% be another thing you'd expect from a 00:12:52.920 --> 00:12:54.310 align:start position:0% be another thing you'd expect from a private<00:12:53.220> cryptocurrency<00:12:53.580> yeah 00:12:54.310 --> 00:12:54.320 align:start position:0% private cryptocurrency yeah 00:12:54.320 --> 00:12:58.340 align:start position:0% private cryptocurrency yeah and<00:12:55.320> well<00:12:55.709> you<00:12:55.980> don't<00:12:56.070> get<00:12:56.220> it<00:12:56.339> here<00:12:57.180> a<00:12:57.350> reason 00:12:58.340 --> 00:12:58.350 align:start position:0% and well you don't get it here a reason 00:12:58.350 --> 00:13:01.100 align:start position:0% and well you don't get it here a reason for<00:12:58.470> this<00:12:58.620> is<00:12:58.860> that<00:12:59.450> say<00:13:00.450> Bob<00:13:00.750> is<00:13:00.779> this 00:13:01.100 --> 00:13:01.110 align:start position:0% for this is that say Bob is this 00:13:01.110 --> 00:13:03.410 align:start position:0% for this is that say Bob is this dissident<00:13:01.560> and<00:13:01.740> he's<00:13:01.950> taking<00:13:02.279> funds<00:13:02.550> and<00:13:02.820> he's 00:13:03.410 --> 00:13:03.420 align:start position:0% dissident and he's taking funds and he's 00:13:03.420 --> 00:13:05.300 align:start position:0% dissident and he's taking funds and he's going<00:13:03.720> to<00:13:03.900> deposit<00:13:04.200> all<00:13:04.470> of<00:13:04.560> them<00:13:04.709> right<00:13:04.890> again 00:13:05.300 --> 00:13:05.310 align:start position:0% going to deposit all of them right again 00:13:05.310 --> 00:13:08.120 align:start position:0% going to deposit all of them right again when<00:13:05.640> you<00:13:05.820> if<00:13:06.480> you<00:13:06.630> pay<00:13:06.839> Bob<00:13:07.020> two<00:13:07.650> or<00:13:07.800> three<00:13:07.950> or 00:13:08.120 --> 00:13:08.130 align:start position:0% when you if you pay Bob two or three or 00:13:08.130 --> 00:13:10.579 align:start position:0% when you if you pay Bob two or three or four<00:13:08.400> times<00:13:08.670> and<00:13:09.180> you<00:13:09.260> deposit<00:13:10.260> these<00:13:10.350> things 00:13:10.579 --> 00:13:10.589 align:start position:0% four times and you deposit these things 00:13:10.589 --> 00:13:11.820 align:start position:0% four times and you deposit these things and<00:13:10.740> you<00:13:10.800> look<00:13:10.980> at<00:13:11.160> 13 00:13:11.820 --> 00:13:11.830 align:start position:0% and you look at 13 00:13:11.830 --> 00:13:13.560 align:start position:0% and you look at 13 right<00:13:12.130> if<00:13:12.250> you<00:13:12.370> are<00:13:12.670> the<00:13:13.000> Saudis<00:13:13.360> and<00:13:13.510> you 00:13:13.560 --> 00:13:13.570 align:start position:0% right if you are the Saudis and you 00:13:13.570 --> 00:13:15.360 align:start position:0% right if you are the Saudis and you compromise<00:13:14.110> this<00:13:14.290> exchange<00:13:14.500> you<00:13:14.890> subpoena<00:13:15.220> it 00:13:15.360 --> 00:13:15.370 align:start position:0% compromise this exchange you subpoena it 00:13:15.370 --> 00:13:17.790 align:start position:0% compromise this exchange you subpoena it you<00:13:15.580> hack<00:13:15.790> into<00:13:16.030> it<00:13:16.240> whatever<00:13:16.420> it<00:13:16.660> is<00:13:16.800> you're 00:13:17.790 --> 00:13:17.800 align:start position:0% you hack into it whatever it is you're 00:13:17.800 --> 00:13:19.320 align:start position:0% you hack into it whatever it is you're gonna<00:13:17.890> get<00:13:18.130> for<00:13:18.430> every<00:13:18.670> customer 00:13:19.320 --> 00:13:19.330 align:start position:0% gonna get for every customer 00:13:19.330 --> 00:13:21.180 align:start position:0% gonna get for every customer these<00:13:19.960> taint<00:13:20.260> trees<00:13:20.530> of<00:13:20.650> every<00:13:20.860> possible 00:13:21.180 --> 00:13:21.190 align:start position:0% these taint trees of every possible 00:13:21.190 --> 00:13:23.490 align:start position:0% these taint trees of every possible payment<00:13:21.520> they<00:13:21.640> got<00:13:21.820> and<00:13:22.030> if<00:13:22.780> you<00:13:22.870> see<00:13:23.080> someone 00:13:23.490 --> 00:13:23.500 align:start position:0% payment they got and if you see someone 00:13:23.500 --> 00:13:24.930 align:start position:0% payment they got and if you see someone who<00:13:23.530> got<00:13:23.950> one<00:13:24.220> of<00:13:24.310> these<00:13:24.430> like<00:13:24.640> tracking 00:13:24.930 --> 00:13:24.940 align:start position:0% who got one of these like tracking 00:13:24.940 --> 00:13:26.400 align:start position:0% who got one of these like tracking payments<00:13:25.420> you<00:13:25.480> made<00:13:25.630> say<00:13:25.900> the<00:13:26.020> green<00:13:26.200> one 00:13:26.400 --> 00:13:26.410 align:start position:0% payments you made say the green one 00:13:26.410 --> 00:13:28.170 align:start position:0% payments you made say the green one they're<00:13:26.950> gonna<00:13:27.070> be<00:13:27.220> a<00:13:27.250> couple<00:13:27.670> of<00:13:27.790> people<00:13:28.090> who 00:13:28.170 --> 00:13:28.180 align:start position:0% they're gonna be a couple of people who 00:13:28.180 --> 00:13:30.090 align:start position:0% they're gonna be a couple of people who got<00:13:28.330> those<00:13:28.570> right<00:13:28.900> because<00:13:29.140> everyone<00:13:29.830> picks 00:13:30.090 --> 00:13:30.100 align:start position:0% got those right because everyone picks 00:13:30.100 --> 00:13:32.040 align:start position:0% got those right because everyone picks decoys<00:13:30.460> at<00:13:30.610> random<00:13:30.970> someone<00:13:31.630> might<00:13:31.780> have<00:13:31.900> just 00:13:32.040 --> 00:13:32.050 align:start position:0% decoys at random someone might have just 00:13:32.050 --> 00:13:34.320 align:start position:0% decoys at random someone might have just picked<00:13:32.260> that<00:13:32.380> by<00:13:32.500> accident<00:13:32.710> right<00:13:33.700> and<00:13:33.970> at 00:13:34.320 --> 00:13:34.330 align:start position:0% picked that by accident right and at 00:13:34.330 --> 00:13:36.030 align:start position:0% picked that by accident right and at least<00:13:34.360> right<00:13:34.720> now<00:13:34.960> things<00:13:35.440> aren't<00:13:35.620> bad<00:13:35.770> enough 00:13:36.030 --> 00:13:36.040 align:start position:0% least right now things aren't bad enough 00:13:36.040 --> 00:13:37.470 align:start position:0% least right now things aren't bad enough you're<00:13:36.250> willing<00:13:36.460> to<00:13:36.550> just<00:13:36.700> go<00:13:36.760> shoot<00:13:37.090> anyone 00:13:37.470 --> 00:13:37.480 align:start position:0% you're willing to just go shoot anyone 00:13:37.480 --> 00:13:38.760 align:start position:0% you're willing to just go shoot anyone based<00:13:37.660> on<00:13:37.840> me<00:13:37.960> like<00:13:38.140> five<00:13:38.380> percent<00:13:38.740> chance 00:13:38.760 --> 00:13:38.770 align:start position:0% based on me like five percent chance 00:13:38.770 --> 00:13:40.430 align:start position:0% based on me like five percent chance that<00:13:39.160> they<00:13:39.220> were<00:13:39.280> actually<00:13:39.670> your<00:13:39.790> target 00:13:40.430 --> 00:13:40.440 align:start position:0% that they were actually your target 00:13:40.440 --> 00:13:43.230 align:start position:0% that they were actually your target however<00:13:41.440> you<00:13:41.650> didn't<00:13:41.890> send<00:13:42.070> one<00:13:42.160> payment<00:13:42.520> you 00:13:43.230 --> 00:13:43.240 align:start position:0% however you didn't send one payment you 00:13:43.240 --> 00:13:44.790 align:start position:0% however you didn't send one payment you sent<00:13:43.510> a<00:13:43.630> bunch<00:13:43.840> and<00:13:44.170> so<00:13:44.380> what<00:13:44.530> are<00:13:44.620> the<00:13:44.680> odds 00:13:44.790 --> 00:13:44.800 align:start position:0% sent a bunch and so what are the odds 00:13:44.800 --> 00:13:46.800 align:start position:0% sent a bunch and so what are the odds that<00:13:45.010> some<00:13:45.310> person<00:13:45.700> has<00:13:45.940> all<00:13:46.240> of<00:13:46.300> those 00:13:46.800 --> 00:13:46.810 align:start position:0% that some person has all of those 00:13:46.810 --> 00:13:49.050 align:start position:0% that some person has all of those payments<00:13:47.140> in<00:13:47.560> their<00:13:48.220> taint<00:13:48.430> trees<00:13:48.640> right<00:13:48.910> that 00:13:49.050 --> 00:13:49.060 align:start position:0% payments in their taint trees right that 00:13:49.060 --> 00:13:50.400 align:start position:0% payments in their taint trees right that all<00:13:49.240> of<00:13:49.390> these<00:13:49.480> things<00:13:49.540> are<00:13:49.870> deposited<00:13:50.320> in 00:13:50.400 --> 00:13:50.410 align:start position:0% all of these things are deposited in 00:13:50.410 --> 00:13:52.710 align:start position:0% all of these things are deposited in their<00:13:50.530> account<00:13:50.770> no<00:13:51.670> approximately<00:13:52.240> zero<00:13:52.480> and 00:13:52.710 --> 00:13:52.720 align:start position:0% their account no approximately zero and 00:13:52.720 --> 00:13:53.820 align:start position:0% their account no approximately zero and so<00:13:52.900> now<00:13:53.020> you<00:13:53.080> have<00:13:53.320> with<00:13:53.440> high<00:13:53.620> probability 00:13:53.820 --> 00:13:53.830 align:start position:0% so now you have with high probability 00:13:53.830 --> 00:13:56.040 align:start position:0% so now you have with high probability identified<00:13:54.640> the<00:13:54.760> person<00:13:55.060> and<00:13:55.450> so<00:13:55.720> this<00:13:55.870> is 00:13:56.040 --> 00:13:56.050 align:start position:0% identified the person and so this is 00:13:56.050 --> 00:13:57.480 align:start position:0% identified the person and so this is really<00:13:56.260> bad<00:13:56.650> this<00:13:56.920> is<00:13:57.040> going<00:13:57.190> to<00:13:57.250> get<00:13:57.370> you 00:13:57.480 --> 00:13:57.490 align:start position:0% really bad this is going to get you 00:13:57.490 --> 00:14:02.040 align:start position:0% really bad this is going to get you arrested<00:13:57.760> or<00:13:58.390> worse<00:14:00.150> again<00:14:01.150> you<00:14:01.810> thought<00:14:01.960> it 00:14:02.040 --> 00:14:02.050 align:start position:0% arrested or worse again you thought it 00:14:02.050 --> 00:14:04.080 align:start position:0% arrested or worse again you thought it was<00:14:02.140> private<00:14:02.320> that's<00:14:02.590> not<00:14:02.770> right<00:14:03.580> and<00:14:03.730> so<00:14:03.940> it 00:14:04.080 --> 00:14:04.090 align:start position:0% was private that's not right and so it 00:14:04.090 --> 00:14:05.610 align:start position:0% was private that's not right and so it turns<00:14:04.270> out<00:14:04.390> they<00:14:04.600> repeated<00:14:05.020> interactions 00:14:05.610 --> 00:14:05.620 align:start position:0% turns out they repeated interactions 00:14:05.620 --> 00:14:06.900 align:start position:0% turns out they repeated interactions with<00:14:05.710> a<00:14:05.800> cinder<00:14:06.100> or<00:14:06.220> a<00:14:06.250> recipient<00:14:06.700> are 00:14:06.900 --> 00:14:06.910 align:start position:0% with a cinder or a recipient are 00:14:06.910 --> 00:14:08.760 align:start position:0% with a cinder or a recipient are dangerous<00:14:07.420> alright<00:14:08.080> and<00:14:08.200> this<00:14:08.290> is<00:14:08.410> where<00:14:08.530> most 00:14:08.760 --> 00:14:08.770 align:start position:0% dangerous alright and this is where most 00:14:08.770 --> 00:14:11.850 align:start position:0% dangerous alright and this is where most privacy<00:14:09.250> coins<00:14:09.550> break<00:14:10.170> right<00:14:11.170> and<00:14:11.320> this<00:14:11.770> is 00:14:11.850 --> 00:14:11.860 align:start position:0% privacy coins break right and this is 00:14:11.860 --> 00:14:13.020 align:start position:0% privacy coins break right and this is just<00:14:12.010> because<00:14:12.160> no<00:14:12.400> one<00:14:12.580> is<00:14:12.700> thinking<00:14:12.910> about 00:14:13.020 --> 00:14:13.030 align:start position:0% just because no one is thinking about 00:14:13.030 --> 00:14:14.100 align:start position:0% just because no one is thinking about these<00:14:13.210> things<00:14:13.270> in<00:14:13.540> the<00:14:13.600> context<00:14:13.990> they're 00:14:14.100 --> 00:14:14.110 align:start position:0% these things in the context they're 00:14:14.110 --> 00:14:15.870 align:start position:0% these things in the context they're really<00:14:14.290> gonna<00:14:14.380> be<00:14:14.530> used<00:14:14.740> but<00:14:15.370> that's<00:14:15.490> not<00:14:15.670> even 00:14:15.870 --> 00:14:15.880 align:start position:0% really gonna be used but that's not even 00:14:15.880 --> 00:14:17.820 align:start position:0% really gonna be used but that's not even the<00:14:15.970> worst<00:14:16.090> thing<00:14:16.240> you<00:14:16.450> can<00:14:16.630> do<00:14:16.750> right<00:14:17.620> so 00:14:17.820 --> 00:14:17.830 align:start position:0% the worst thing you can do right so 00:14:17.830 --> 00:14:19.500 align:start position:0% the worst thing you can do right so remember<00:14:18.820> I<00:14:18.940> said<00:14:19.000> there's<00:14:19.270> at<00:14:19.330> Aintree 00:14:19.500 --> 00:14:19.510 align:start position:0% remember I said there's at Aintree 00:14:19.510 --> 00:14:21.210 align:start position:0% remember I said there's at Aintree you're<00:14:20.050> looking<00:14:20.440> backwards<00:14:20.860> you<00:14:20.950> can<00:14:21.070> see 00:14:21.210 --> 00:14:21.220 align:start position:0% you're looking backwards you can see 00:14:21.220 --> 00:14:22.650 align:start position:0% you're looking backwards you can see what<00:14:21.370> where<00:14:21.520> the<00:14:21.670> coins<00:14:21.880> have<00:14:22.030> gone<00:14:22.210> well<00:14:22.540> I'm 00:14:22.650 --> 00:14:22.660 align:start position:0% what where the coins have gone well I'm 00:14:22.660 --> 00:14:24.030 align:start position:0% what where the coins have gone well I'm also<00:14:22.870> looking<00:14:23.200> forward<00:14:23.680> when<00:14:23.770> you<00:14:23.890> pay 00:14:24.030 --> 00:14:24.040 align:start position:0% also looking forward when you pay 00:14:24.040 --> 00:14:25.560 align:start position:0% also looking forward when you pay someone<00:14:24.340> as<00:14:24.460> I<00:14:24.550> mentioned<00:14:24.880> you<00:14:25.000> can<00:14:25.150> see<00:14:25.330> where 00:14:25.560 --> 00:14:25.570 align:start position:0% someone as I mentioned you can see where 00:14:25.570 --> 00:14:27.600 align:start position:0% someone as I mentioned you can see where payments<00:14:25.990> may<00:14:26.170> have<00:14:26.350> gone<00:14:26.560> and<00:14:27.010> this<00:14:27.250> is<00:14:27.370> again 00:14:27.600 --> 00:14:27.610 align:start position:0% payments may have gone and this is again 00:14:27.610 --> 00:14:29.010 align:start position:0% payments may have gone and this is again it's<00:14:27.760> uncertain<00:14:28.180> it's<00:14:28.360> some<00:14:28.510> kind<00:14:28.690> of<00:14:28.750> sort<00:14:28.960> of 00:14:29.010 --> 00:14:29.020 align:start position:0% it's uncertain it's some kind of sort of 00:14:29.020 --> 00:14:30.960 align:start position:0% it's uncertain it's some kind of sort of weird<00:14:29.410> quantum<00:14:29.740> foam<00:14:30.220> but<00:14:30.520> there's<00:14:30.700> a<00:14:30.760> little 00:14:30.960 --> 00:14:30.970 align:start position:0% weird quantum foam but there's a little 00:14:30.970 --> 00:14:34.650 align:start position:0% weird quantum foam but there's a little bit<00:14:31.060> of<00:14:31.120> information<00:14:31.300> in<00:14:31.720> there<00:14:31.840> and<00:14:33.480> what<00:14:34.480> can 00:14:34.650 --> 00:14:34.660 align:start position:0% bit of information in there and what can 00:14:34.660 --> 00:14:37.470 align:start position:0% bit of information in there and what can happen<00:14:34.870> is<00:14:35.580> let's<00:14:36.580> suppose<00:14:36.880> you<00:14:37.090> want<00:14:37.120> to<00:14:37.300> find 00:14:37.470 --> 00:14:37.480 align:start position:0% happen is let's suppose you want to find 00:14:37.480 --> 00:14:38.730 align:start position:0% happen is let's suppose you want to find out<00:14:37.630> if<00:14:37.810> a<00:14:37.930> friend<00:14:38.140> of<00:14:38.230> yours<00:14:38.410> is<00:14:38.590> making 00:14:38.730 --> 00:14:38.740 align:start position:0% out if a friend of yours is making 00:14:38.740 --> 00:14:40.380 align:start position:0% out if a friend of yours is making repeated<00:14:39.580> payments<00:14:40.030> to<00:14:40.150> our<00:14:40.180> particular 00:14:40.380 --> 00:14:40.390 align:start position:0% repeated payments to our particular 00:14:40.390 --> 00:14:42.990 align:start position:0% repeated payments to our particular merchant<00:14:40.930> so<00:14:41.860> you<00:14:41.920> send<00:14:42.280> the<00:14:42.340> merchant<00:14:42.760> one 00:14:42.990 --> 00:14:43.000 align:start position:0% merchant so you send the merchant one 00:14:43.000 --> 00:14:45.060 align:start position:0% merchant so you send the merchant one transaction<00:14:43.390> and<00:14:43.750> you<00:14:44.110> send<00:14:44.350> your<00:14:44.410> friend<00:14:44.710> one 00:14:45.060 --> 00:14:45.070 align:start position:0% transaction and you send your friend one 00:14:45.070 --> 00:14:46.950 align:start position:0% transaction and you send your friend one transaction<00:14:45.430> and<00:14:45.700> these<00:14:45.790> can<00:14:45.970> be<00:14:46.060> dust<00:14:46.360> right 00:14:46.950 --> 00:14:46.960 align:start position:0% transaction and these can be dust right 00:14:46.960 --> 00:14:49.110 align:start position:0% transaction and these can be dust right little<00:14:47.260> tiny<00:14:47.500> amounts<00:14:47.890> and<00:14:48.640> you're<00:14:48.760> gonna<00:14:48.880> see 00:14:49.110 --> 00:14:49.120 align:start position:0% little tiny amounts and you're gonna see 00:14:49.120 --> 00:14:51.240 align:start position:0% little tiny amounts and you're gonna see these<00:14:49.300> two<00:14:49.510> sort<00:14:49.900> of<00:14:49.990> things<00:14:50.200> fan<00:14:50.740> out<00:14:50.950> over 00:14:51.240 --> 00:14:51.250 align:start position:0% these two sort of things fan out over 00:14:51.250 --> 00:14:53.280 align:start position:0% these two sort of things fan out over time<00:14:51.460> of<00:14:51.640> where<00:14:51.760> the<00:14:51.850> money<00:14:52.030> goes<00:14:52.090> and<00:14:52.510> then 00:14:53.280 --> 00:14:53.290 align:start position:0% time of where the money goes and then 00:14:53.290 --> 00:14:55.080 align:start position:0% time of where the money goes and then you<00:14:53.860> don't<00:14:54.010> learn<00:14:54.160> anything<00:14:54.400> until<00:14:54.670> maybe 00:14:55.080 --> 00:14:55.090 align:start position:0% you don't learn anything until maybe 00:14:55.090 --> 00:14:56.700 align:start position:0% you don't learn anything until maybe some<00:14:55.660> of<00:14:55.780> the<00:14:55.840> money<00:14:55.990> you<00:14:56.110> paid<00:14:56.320> your<00:14:56.440> friend 00:14:56.700 --> 00:14:56.710 align:start position:0% some of the money you paid your friend 00:14:56.710 --> 00:14:59.310 align:start position:0% some of the money you paid your friend ends<00:14:57.040> up<00:14:57.130> in<00:14:57.310> the<00:14:57.460> same<00:14:57.670> address<00:14:57.880> as<00:14:58.320> somewhat 00:14:59.310 --> 00:14:59.320 align:start position:0% ends up in the same address as somewhat 00:14:59.320 --> 00:15:00.480 align:start position:0% ends up in the same address as somewhat something<00:14:59.680> you<00:14:59.740> paid<00:14:59.920> the<00:15:00.010> merchants<00:15:00.340> and 00:15:00.480 --> 00:15:00.490 align:start position:0% something you paid the merchants and 00:15:00.490 --> 00:15:02.760 align:start position:0% something you paid the merchants and this<00:15:01.120> doesn't<00:15:01.510> tell<00:15:01.660> you<00:15:01.780> much<00:15:01.810> it<00:15:02.260> could<00:15:02.650> be 00:15:02.760 --> 00:15:02.770 align:start position:0% this doesn't tell you much it could be 00:15:02.770 --> 00:15:04.290 align:start position:0% this doesn't tell you much it could be that<00:15:02.920> did<00:15:03.100> someone<00:15:03.550> just<00:15:03.580> pick<00:15:03.880> the<00:15:03.970> decoy 00:15:04.290 --> 00:15:04.300 align:start position:0% that did someone just pick the decoy 00:15:04.300 --> 00:15:06.060 align:start position:0% that did someone just pick the decoy that<00:15:04.510> happened<00:15:04.780> to<00:15:04.840> overlap<00:15:05.200> it<00:15:05.650> could<00:15:05.950> be 00:15:06.060 --> 00:15:06.070 align:start position:0% that happened to overlap it could be 00:15:06.070 --> 00:15:07.770 align:start position:0% that happened to overlap it could be that<00:15:06.220> the<00:15:06.340> merchant<00:15:06.670> that<00:15:07.120> your<00:15:07.330> friend<00:15:07.570> paid 00:15:07.770 --> 00:15:07.780 align:start position:0% that the merchant that your friend paid 00:15:07.780 --> 00:15:09.450 align:start position:0% that the merchant that your friend paid the<00:15:07.930> merchant<00:15:08.290> and<00:15:08.500> was<00:15:08.950> moving<00:15:09.220> their<00:15:09.340> money 00:15:09.450 --> 00:15:09.460 align:start position:0% the merchant and was moving their money 00:15:09.460 --> 00:15:12.420 align:start position:0% the merchant and was moving their money into<00:15:10.060> off<00:15:10.870> of<00:15:11.170> their<00:15:11.530> hot<00:15:11.710> wall<00:15:11.890> into<00:15:12.160> a<00:15:12.190> cold 00:15:12.420 --> 00:15:12.430 align:start position:0% into off of their hot wall into a cold 00:15:12.430 --> 00:15:14.220 align:start position:0% into off of their hot wall into a cold store<00:15:12.700> or<00:15:12.820> something<00:15:13.000> you<00:15:13.960> don't<00:15:14.110> know 00:15:14.220 --> 00:15:14.230 align:start position:0% store or something you don't know 00:15:14.230 --> 00:15:15.420 align:start position:0% store or something you don't know there's<00:15:14.470> not<00:15:14.560> enough<00:15:14.800> information<00:15:15.070> here<00:15:15.340> to 00:15:15.420 --> 00:15:15.430 align:start position:0% there's not enough information here to 00:15:15.430 --> 00:15:17.010 align:start position:0% there's not enough information here to really<00:15:15.640> count<00:15:15.850> but<00:15:16.240> you<00:15:16.330> suggest<00:15:16.660> something 00:15:17.010 --> 00:15:17.020 align:start position:0% really count but you suggest something 00:15:17.020 --> 00:15:19.380 align:start position:0% really count but you suggest something might<00:15:17.170> be<00:15:17.260> going<00:15:17.380> on<00:15:17.670> okay<00:15:18.670> but<00:15:18.940> what<00:15:19.060> happens 00:15:19.380 --> 00:15:19.390 align:start position:0% might be going on okay but what happens 00:15:19.390 --> 00:15:21.990 align:start position:0% might be going on okay but what happens if<00:15:19.480> this<00:15:19.570> again<00:15:19.810> happens<00:15:20.200> multiple<00:15:20.830> times<00:15:21.100> now 00:15:21.990 --> 00:15:22.000 align:start position:0% if this again happens multiple times now 00:15:22.000 --> 00:15:23.790 align:start position:0% if this again happens multiple times now you<00:15:22.060> know<00:15:22.600> that<00:15:22.870> something<00:15:23.170> is<00:15:23.260> wrong<00:15:23.410> now<00:15:23.740> you 00:15:23.790 --> 00:15:23.800 align:start position:0% you know that something is wrong now you 00:15:23.800 --> 00:15:25.360 align:start position:0% you know that something is wrong now you actually<00:15:24.220> have<00:15:24.400> information<00:15:24.790> these 00:15:25.360 --> 00:15:25.370 align:start position:0% actually have information these 00:15:25.370 --> 00:15:27.310 align:start position:0% actually have information these the<00:15:25.640> odds<00:15:25.790> of<00:15:26.029> this<00:15:26.150> happening<00:15:26.320> by 00:15:27.310 --> 00:15:27.320 align:start position:0% the odds of this happening by 00:15:27.320 --> 00:15:28.900 align:start position:0% the odds of this happening by happenstance<00:15:27.770> because<00:15:28.430> it's<00:15:28.580> repeated 00:15:28.900 --> 00:15:28.910 align:start position:0% happenstance because it's repeated 00:15:28.910 --> 00:15:30.820 align:start position:0% happenstance because it's repeated interactions<00:15:29.420> are<00:15:29.589> approximately<00:15:30.589> zero 00:15:30.820 --> 00:15:30.830 align:start position:0% interactions are approximately zero 00:15:30.830 --> 00:15:32.650 align:start position:0% interactions are approximately zero right<00:15:31.610> and<00:15:31.850> then<00:15:32.089> you<00:15:32.150> can<00:15:32.270> watch<00:15:32.420> this<00:15:32.510> happen 00:15:32.650 --> 00:15:32.660 align:start position:0% right and then you can watch this happen 00:15:32.660 --> 00:15:35.290 align:start position:0% right and then you can watch this happen 3<00:15:32.960> 4<00:15:33.320> 5<00:15:33.620> 10<00:15:34.010> 20<00:15:34.400> times<00:15:34.580> and<00:15:34.850> now<00:15:34.970> you<00:15:35.029> really 00:15:35.290 --> 00:15:35.300 align:start position:0% 3 4 5 10 20 times and now you really 00:15:35.300 --> 00:15:38.470 align:start position:0% 3 4 5 10 20 times and now you really know<00:15:35.510> for<00:15:35.660> sure<00:15:35.720> and<00:15:36.279> so<00:15:37.279> for<00:15:37.730> example<00:15:38.180> you 00:15:38.470 --> 00:15:38.480 align:start position:0% know for sure and so for example you 00:15:38.480 --> 00:15:40.360 align:start position:0% know for sure and so for example you could<00:15:38.660> use<00:15:38.930> this<00:15:39.200> to<00:15:39.529> you<00:15:39.980> know<00:15:40.100> if<00:15:40.220> the 00:15:40.360 --> 00:15:40.370 align:start position:0% could use this to you know if the 00:15:40.370 --> 00:15:42.460 align:start position:0% could use this to you know if the merchant<00:15:40.700> was<00:15:40.850> pornhub<00:15:41.330> you<00:15:42.110> would<00:15:42.230> use<00:15:42.350> this 00:15:42.460 --> 00:15:42.470 align:start position:0% merchant was pornhub you would use this 00:15:42.470 --> 00:15:43.810 align:start position:0% merchant was pornhub you would use this to<00:15:42.620> confirm<00:15:42.920> that<00:15:43.070> your<00:15:43.190> friend<00:15:43.430> was<00:15:43.520> in<00:15:43.670> fact 00:15:43.810 --> 00:15:43.820 align:start position:0% to confirm that your friend was in fact 00:15:43.820 --> 00:15:45.640 align:start position:0% to confirm that your friend was in fact subscribing<00:15:44.450> to<00:15:44.540> pornhub<00:15:44.930> and<00:15:45.170> that<00:15:45.350> would<00:15:45.500> be 00:15:45.640 --> 00:15:45.650 align:start position:0% subscribing to pornhub and that would be 00:15:45.650 --> 00:15:47.200 align:start position:0% subscribing to pornhub and that would be somewhat<00:15:45.920> embarrassing<00:15:46.400> right<00:15:46.610> hey<00:15:46.850> he's 00:15:47.200 --> 00:15:47.210 align:start position:0% somewhat embarrassing right hey he's 00:15:47.210 --> 00:15:49.480 align:start position:0% somewhat embarrassing right hey he's looking<00:15:47.360> at<00:15:47.570> porn<00:15:47.810> be<00:15:48.440> he's<00:15:48.770> paying<00:15:49.040> for<00:15:49.130> porn 00:15:49.480 --> 00:15:49.490 align:start position:0% looking at porn be he's paying for porn 00:15:49.490 --> 00:15:52.769 align:start position:0% looking at porn be he's paying for porn and<00:15:49.670> I<00:15:50.210> guess<00:15:50.390> worse<00:15:50.720> actually 00:15:52.769 --> 00:15:52.779 align:start position:0% and I guess worse actually 00:15:52.779 --> 00:15:55.720 align:start position:0% and I guess worse actually he's<00:15:53.779> probably<00:15:54.170> paying<00:15:54.380> for<00:15:54.890> porn<00:15:55.130> with<00:15:55.310> Verge 00:15:55.720 --> 00:15:55.730 align:start position:0% he's probably paying for porn with Verge 00:15:55.730 --> 00:15:59.620 align:start position:0% he's probably paying for porn with Verge which<00:15:56.620> really<00:15:57.620> like<00:15:57.950> you<00:15:58.700> have<00:15:58.850> get<00:15:59.420> better 00:15:59.620 --> 00:15:59.630 align:start position:0% which really like you have get better 00:15:59.630 --> 00:16:04.150 align:start position:0% which really like you have get better taste<00:15:59.930> taste<00:16:00.380> and<00:16:00.560> friends<00:16:02.470> so<00:16:03.470> again<00:16:03.680> this<00:16:03.980> is 00:16:04.150 --> 00:16:04.160 align:start position:0% taste taste and friends so again this is 00:16:04.160 --> 00:16:05.829 align:start position:0% taste taste and friends so again this is again<00:16:04.550> I<00:16:04.580> think<00:16:04.790> fundamentally<00:16:05.120> violates 00:16:05.829 --> 00:16:05.839 align:start position:0% again I think fundamentally violates 00:16:05.839 --> 00:16:07.090 align:start position:0% again I think fundamentally violates what<00:16:05.990> you'd<00:16:06.110> expect<00:16:06.200> from<00:16:06.470> a<00:16:06.560> privacy<00:16:06.860> coin 00:16:07.090 --> 00:16:07.100 align:start position:0% what you'd expect from a privacy coin 00:16:07.100 --> 00:16:08.260 align:start position:0% what you'd expect from a privacy coin right<00:16:07.279> it<00:16:07.430> shouldn't<00:16:07.700> be<00:16:07.790> the<00:16:07.880> case<00:16:07.910> that 00:16:08.260 --> 00:16:08.270 align:start position:0% right it shouldn't be the case that 00:16:08.270 --> 00:16:10.180 align:start position:0% right it shouldn't be the case that random<00:16:08.720> people<00:16:09.050> by<00:16:09.230> sending<00:16:09.529> you<00:16:09.770> know 00:16:10.180 --> 00:16:10.190 align:start position:0% random people by sending you know 00:16:10.190 --> 00:16:11.590 align:start position:0% random people by sending you know tainted<00:16:10.670> dust<00:16:10.940> to<00:16:11.210> a<00:16:11.240> bunch<00:16:11.450> of<00:16:11.510> different 00:16:11.590 --> 00:16:11.600 align:start position:0% tainted dust to a bunch of different 00:16:11.600 --> 00:16:13.660 align:start position:0% tainted dust to a bunch of different addresses<00:16:12.140> can<00:16:12.529> recover<00:16:12.830> how<00:16:13.310> things<00:16:13.550> are 00:16:13.660 --> 00:16:13.670 align:start position:0% addresses can recover how things are 00:16:13.670 --> 00:16:15.430 align:start position:0% addresses can recover how things are being<00:16:13.730> spent<00:16:14.089> but<00:16:14.510> in<00:16:14.630> fact<00:16:14.779> you<00:16:15.020> can<00:16:15.200> do<00:16:15.290> that 00:16:15.430 --> 00:16:15.440 align:start position:0% being spent but in fact you can do that 00:16:15.440 --> 00:16:18.100 align:start position:0% being spent but in fact you can do that right<00:16:16.310> and<00:16:16.490> so<00:16:16.850> our<00:16:17.150> decoy<00:16:17.510> based<00:16:17.750> systems 00:16:18.100 --> 00:16:18.110 align:start position:0% right and so our decoy based systems 00:16:18.110 --> 00:16:20.380 align:start position:0% right and so our decoy based systems private<00:16:18.529> the<00:16:18.770> answer<00:16:19.100> is<00:16:19.310> no<00:16:19.730> right<00:16:20.000> with<00:16:20.360> a 00:16:20.380 --> 00:16:20.390 align:start position:0% private the answer is no right with a 00:16:20.390 --> 00:16:21.910 align:start position:0% private the answer is no right with a little<00:16:20.810> bit<00:16:20.960> of<00:16:20.990> thought<00:16:21.230> and<00:16:21.440> I<00:16:21.529> emphasize 00:16:21.910 --> 00:16:21.920 align:start position:0% little bit of thought and I emphasize 00:16:21.920 --> 00:16:23.740 align:start position:0% little bit of thought and I emphasize this<00:16:22.100> is<00:16:22.220> a<00:16:22.250> little<00:16:22.670> bit<00:16:22.790> of<00:16:22.910> thought<00:16:23.089> right 00:16:23.740 --> 00:16:23.750 align:start position:0% this is a little bit of thought right 00:16:23.750 --> 00:16:25.210 align:start position:0% this is a little bit of thought right we've<00:16:23.960> come<00:16:24.140> up<00:16:24.170> with<00:16:24.260> three<00:16:24.589> plausible 00:16:25.210 --> 00:16:25.220 align:start position:0% we've come up with three plausible 00:16:25.220 --> 00:16:26.410 align:start position:0% we've come up with three plausible attacks<00:16:25.490> that<00:16:25.700> can<00:16:25.820> break<00:16:25.940> these<00:16:26.150> things 00:16:26.410 --> 00:16:26.420 align:start position:0% attacks that can break these things 00:16:26.420 --> 00:16:27.880 align:start position:0% attacks that can break these things right<00:16:26.720> and<00:16:26.870> I'm<00:16:27.020> not<00:16:27.050> saying<00:16:27.170> you<00:16:27.529> can<00:16:27.650> execute 00:16:27.880 --> 00:16:27.890 align:start position:0% right and I'm not saying you can execute 00:16:27.890 --> 00:16:30.250 align:start position:0% right and I'm not saying you can execute these<00:16:28.100> in<00:16:28.250> practice<00:16:28.610> in<00:16:28.730> every<00:16:28.850> case<00:16:29.180> again<00:16:30.080> we 00:16:30.250 --> 00:16:30.260 align:start position:0% these in practice in every case again we 00:16:30.260 --> 00:16:31.570 align:start position:0% these in practice in every case again we don't<00:16:30.380> have<00:16:30.650> enough<00:16:30.890> empirical<00:16:31.339> data<00:16:31.430> to 00:16:31.570 --> 00:16:31.580 align:start position:0% don't have enough empirical data to 00:16:31.580 --> 00:16:33.490 align:start position:0% don't have enough empirical data to evaluate<00:16:31.820> any<00:16:32.300> of<00:16:32.480> these<00:16:32.570> things<00:16:32.870> but<00:16:33.380> at 00:16:33.490 --> 00:16:33.500 align:start position:0% evaluate any of these things but at 00:16:33.500 --> 00:16:34.900 align:start position:0% evaluate any of these things but at least<00:16:33.589> as<00:16:33.800> hypotheticals<00:16:34.430> these<00:16:34.670> things 00:16:34.900 --> 00:16:34.910 align:start position:0% least as hypotheticals these things 00:16:34.910 --> 00:16:36.790 align:start position:0% least as hypotheticals these things don't<00:16:35.270> pass<00:16:35.660> the<00:16:35.900> smell<00:16:36.080> test<00:16:36.140> and<00:16:36.589> so<00:16:36.680> we 00:16:36.790 --> 00:16:36.800 align:start position:0% don't pass the smell test and so we 00:16:36.800 --> 00:16:40.720 align:start position:0% don't pass the smell test and so we shouldn't<00:16:37.130> be<00:16:37.310> using<00:16:37.339> them<00:16:38.170> and<00:16:39.170> so<00:16:39.920> why<00:16:40.520> is<00:16:40.580> it 00:16:40.720 --> 00:16:40.730 align:start position:0% shouldn't be using them and so why is it 00:16:40.730 --> 00:16:42.850 align:start position:0% shouldn't be using them and so why is it that<00:16:40.970> these<00:16:41.209> things<00:16:41.450> are<00:16:41.810> used<00:16:42.140> why<00:16:42.529> is<00:16:42.589> it 00:16:42.850 --> 00:16:42.860 align:start position:0% that these things are used why is it 00:16:42.860 --> 00:16:44.740 align:start position:0% that these things are used why is it that<00:16:42.980> these<00:16:43.220> are<00:16:43.430> regarded<00:16:44.180> by<00:16:44.330> credible 00:16:44.740 --> 00:16:44.750 align:start position:0% that these are regarded by credible 00:16:44.750 --> 00:16:47.040 align:start position:0% that these are regarded by credible people<00:16:44.959> as<00:16:45.350> viable<00:16:45.920> approaches<00:16:46.430> to<00:16:46.550> privacy 00:16:47.040 --> 00:16:47.050 align:start position:0% people as viable approaches to privacy 00:16:47.050 --> 00:16:49.269 align:start position:0% people as viable approaches to privacy right<00:16:48.050> like<00:16:48.320> I<00:16:48.440> basically<00:16:48.800> disturbed<00:16:49.160> you 00:16:49.269 --> 00:16:49.279 align:start position:0% right like I basically disturbed you 00:16:49.279 --> 00:16:51.430 align:start position:0% right like I basically disturbed you like<00:16:49.430> Satoshi<00:16:49.850> really<00:16:50.240> has<00:16:50.450> no<00:16:50.690> clothes<00:16:51.020> so<00:16:51.290> oh 00:16:51.430 --> 00:16:51.440 align:start position:0% like Satoshi really has no clothes so oh 00:16:51.440 --> 00:16:53.170 align:start position:0% like Satoshi really has no clothes so oh god<00:16:51.740> that's<00:16:51.890> a<00:16:52.100> horrible<00:16:52.459> overlap<00:16:52.820> or<00:16:52.970> phrase 00:16:53.170 --> 00:16:53.180 align:start position:0% god that's a horrible overlap or phrase 00:16:53.180 --> 00:16:58.030 align:start position:0% god that's a horrible overlap or phrase with<00:16:53.390> that<00:16:53.510> slide<00:16:53.750> but<00:16:56.650> why<00:16:57.650> are<00:16:57.709> we<00:16:57.830> still 00:16:58.030 --> 00:16:58.040 align:start position:0% with that slide but why are we still 00:16:58.040 --> 00:17:00.070 align:start position:0% with that slide but why are we still using<00:16:58.100> them<00:16:58.490> and<00:16:58.670> the<00:16:58.850> answer<00:16:59.180> is<00:16:59.600> in<00:16:59.839> part 00:17:00.070 --> 00:17:00.080 align:start position:0% using them and the answer is in part 00:17:00.080 --> 00:17:02.590 align:start position:0% using them and the answer is in part because<00:17:00.529> privacy<00:17:01.070> is<00:17:01.160> hard<00:17:01.790> it's<00:17:02.060> hard<00:17:02.420> to 00:17:02.590 --> 00:17:02.600 align:start position:0% because privacy is hard it's hard to 00:17:02.600 --> 00:17:03.790 align:start position:0% because privacy is hard it's hard to understand<00:17:03.050> the<00:17:03.260> people<00:17:03.500> who<00:17:03.589> are<00:17:03.680> building 00:17:03.790 --> 00:17:03.800 align:start position:0% understand the people who are building 00:17:03.800 --> 00:17:05.079 align:start position:0% understand the people who are building these<00:17:04.040> things<00:17:04.100> are<00:17:04.459> trying<00:17:04.760> really<00:17:04.970> hard 00:17:05.079 --> 00:17:05.089 align:start position:0% these things are trying really hard 00:17:05.089 --> 00:17:07.210 align:start position:0% these things are trying really hard they're<00:17:05.839> doing<00:17:06.110> very<00:17:06.140> impressive<00:17:06.980> things 00:17:07.210 --> 00:17:07.220 align:start position:0% they're doing very impressive things 00:17:07.220 --> 00:17:09.400 align:start position:0% they're doing very impressive things right<00:17:07.970> it's<00:17:08.150> building<00:17:08.900> up<00:17:08.959> impressive 00:17:09.400 --> 00:17:09.410 align:start position:0% right it's building up impressive 00:17:09.410 --> 00:17:11.380 align:start position:0% right it's building up impressive communities<00:17:09.860> but<00:17:10.040> if<00:17:10.699> you<00:17:10.819> don't<00:17:11.000> understand 00:17:11.380 --> 00:17:11.390 align:start position:0% communities but if you don't understand 00:17:11.390 --> 00:17:12.490 align:start position:0% communities but if you don't understand privacy<00:17:11.540> it's<00:17:11.870> a<00:17:11.929> little<00:17:12.140> tricky<00:17:12.319> to<00:17:12.380> get 00:17:12.490 --> 00:17:12.500 align:start position:0% privacy it's a little tricky to get 00:17:12.500 --> 00:17:14.439 align:start position:0% privacy it's a little tricky to get right<00:17:12.740> so<00:17:13.370> that's<00:17:13.550> just<00:17:13.730> you<00:17:13.880> know<00:17:13.939> to<00:17:14.059> err<00:17:14.300> is 00:17:14.439 --> 00:17:14.449 align:start position:0% right so that's just you know to err is 00:17:14.449 --> 00:17:16.840 align:start position:0% right so that's just you know to err is human<00:17:14.480> but<00:17:15.470> part<00:17:15.829> of<00:17:15.920> it<00:17:16.040> is<00:17:16.220> the<00:17:16.370> way<00:17:16.490> that<00:17:16.670> you 00:17:16.840 --> 00:17:16.850 align:start position:0% human but part of it is the way that you 00:17:16.850 --> 00:17:18.010 align:start position:0% human but part of it is the way that you know<00:17:16.939> self-promotion<00:17:17.660> works<00:17:17.839> and 00:17:18.010 --> 00:17:18.020 align:start position:0% know self-promotion works and 00:17:18.020 --> 00:17:19.480 align:start position:0% know self-promotion works and cryptocurrencies<00:17:18.410> right<00:17:18.920> that<00:17:19.100> we<00:17:19.189> have<00:17:19.339> this 00:17:19.480 --> 00:17:19.490 align:start position:0% cryptocurrencies right that we have this 00:17:19.490 --> 00:17:20.919 align:start position:0% cryptocurrencies right that we have this like<00:17:19.760> you've<00:17:20.089> got<00:17:20.300> to<00:17:20.390> be<00:17:20.420> better<00:17:20.630> than<00:17:20.780> the 00:17:20.919 --> 00:17:20.929 align:start position:0% like you've got to be better than the 00:17:20.929 --> 00:17:22.840 align:start position:0% like you've got to be better than the other<00:17:21.050> one<00:17:21.290> kind<00:17:21.530> of<00:17:21.620> thing<00:17:21.800> and<00:17:22.010> this<00:17:22.400> ends<00:17:22.730> up 00:17:22.840 --> 00:17:22.850 align:start position:0% other one kind of thing and this ends up 00:17:22.850 --> 00:17:25.000 align:start position:0% other one kind of thing and this ends up with<00:17:23.030> sort<00:17:23.209> of<00:17:23.300> privacy<00:17:23.750> fear<00:17:24.079> right<00:17:24.620> one<00:17:24.920> of 00:17:25.000 --> 00:17:25.010 align:start position:0% with sort of privacy fear right one of 00:17:25.010 --> 00:17:27.040 align:start position:0% with sort of privacy fear right one of the<00:17:25.130> typical<00:17:25.370> things<00:17:25.610> that<00:17:26.000> happens<00:17:26.390> when<00:17:26.959> you 00:17:27.040 --> 00:17:27.050 align:start position:0% the typical things that happens when you 00:17:27.050 --> 00:17:28.600 align:start position:0% the typical things that happens when you interact<00:17:27.439> with<00:17:27.620> someone<00:17:28.130> who's<00:17:28.370> an<00:17:28.520> advocate 00:17:28.600 --> 00:17:28.610 align:start position:0% interact with someone who's an advocate 00:17:28.610 --> 00:17:30.940 align:start position:0% interact with someone who's an advocate for<00:17:28.970> a<00:17:29.030> privacy<00:17:29.390> coin<00:17:29.830> particularly<00:17:30.830> on 00:17:30.940 --> 00:17:30.950 align:start position:0% for a privacy coin particularly on 00:17:30.950 --> 00:17:32.830 align:start position:0% for a privacy coin particularly on Twitter<00:17:31.250> which<00:17:31.610> I<00:17:31.760> guess<00:17:31.880> is<00:17:32.059> not<00:17:32.450> a<00:17:32.510> good<00:17:32.720> way 00:17:32.830 --> 00:17:32.840 align:start position:0% Twitter which I guess is not a good way 00:17:32.840 --> 00:17:35.830 align:start position:0% Twitter which I guess is not a good way to<00:17:32.900> get<00:17:33.050> normal<00:17:33.350> behavior<00:17:33.800> but<00:17:33.980> whatever<00:17:34.840> is 00:17:35.830 --> 00:17:35.840 align:start position:0% to get normal behavior but whatever is 00:17:35.840 --> 00:17:37.000 align:start position:0% to get normal behavior but whatever is that<00:17:36.050> they'll<00:17:36.140> give<00:17:36.260> you<00:17:36.380> these<00:17:36.500> lists<00:17:36.800> of 00:17:37.000 --> 00:17:37.010 align:start position:0% that they'll give you these lists of 00:17:37.010 --> 00:17:38.410 align:start position:0% that they'll give you these lists of features<00:17:37.460> at<00:17:37.670> the<00:17:37.760> coin 00:17:38.410 --> 00:17:38.420 align:start position:0% features at the coin 00:17:38.420 --> 00:17:39.970 align:start position:0% features at the coin that's<00:17:38.600> right<00:17:38.750> it<00:17:38.870> has<00:17:39.020> stealth<00:17:39.320> addresses<00:17:39.860> it 00:17:39.970 --> 00:17:39.980 align:start position:0% that's right it has stealth addresses it 00:17:39.980 --> 00:17:41.710 align:start position:0% that's right it has stealth addresses it has<00:17:40.100> rings<00:17:40.370> signatures<00:17:40.820> it<00:17:40.940> has<00:17:41.090> cut<00:17:41.390> throughs 00:17:41.710 --> 00:17:41.720 align:start position:0% has rings signatures it has cut throughs 00:17:41.720 --> 00:17:44.440 align:start position:0% has rings signatures it has cut throughs it<00:17:42.110> has<00:17:42.260> ZK<00:17:42.620> snarks<00:17:43.070> it<00:17:43.220> uses<00:17:43.490> VPN<00:17:43.910> sort<00:17:44.270> or 00:17:44.440 --> 00:17:44.450 align:start position:0% it has ZK snarks it uses VPN sort or 00:17:44.450 --> 00:17:46.330 align:start position:0% it has ZK snarks it uses VPN sort or right<00:17:45.170> and<00:17:45.350> this<00:17:45.410> whole<00:17:45.620> list<00:17:45.830> of<00:17:45.980> features 00:17:46.330 --> 00:17:46.340 align:start position:0% right and this whole list of features 00:17:46.340 --> 00:17:48.280 align:start position:0% right and this whole list of features right<00:17:46.640> doesn't<00:17:47.570> tell<00:17:47.750> you<00:17:47.870> anything<00:17:47.990> about 00:17:48.280 --> 00:17:48.290 align:start position:0% right doesn't tell you anything about 00:17:48.290 --> 00:17:49.900 align:start position:0% right doesn't tell you anything about what<00:17:48.440> actual<00:17:48.800> privacy<00:17:49.100> you<00:17:49.220> get<00:17:49.400> but<00:17:49.790> it 00:17:49.900 --> 00:17:49.910 align:start position:0% what actual privacy you get but it 00:17:49.910 --> 00:17:53.260 align:start position:0% what actual privacy you get but it sounds<00:17:50.450> really<00:17:50.930> impressive<00:17:51.260> and<00:17:52.030> this<00:17:53.030> is<00:17:53.180> the 00:17:53.260 --> 00:17:53.270 align:start position:0% sounds really impressive and this is the 00:17:53.270 --> 00:17:54.790 align:start position:0% sounds really impressive and this is the thing<00:17:53.420> that<00:17:53.450> we<00:17:53.720> just<00:17:54.020> need<00:17:54.170> to<00:17:54.260> stop<00:17:54.470> doing 00:17:54.790 --> 00:17:54.800 align:start position:0% thing that we just need to stop doing 00:17:54.800 --> 00:17:56.470 align:start position:0% thing that we just need to stop doing right<00:17:55.130> and<00:17:55.280> this<00:17:55.340> applies<00:17:55.640> you<00:17:56.000> know<00:17:56.120> to<00:17:56.180> some 00:17:56.470 --> 00:17:56.480 align:start position:0% right and this applies you know to some 00:17:56.480 --> 00:17:57.670 align:start position:0% right and this applies you know to some of<00:17:56.570> these<00:17:56.630> techniques<00:17:56.900> really<00:17:57.140> don't<00:17:57.380> work<00:17:57.560> at 00:17:57.670 --> 00:17:57.680 align:start position:0% of these techniques really don't work at 00:17:57.680 --> 00:17:59.620 align:start position:0% of these techniques really don't work at all<00:17:57.830> to<00:17:58.070> other<00:17:58.220> ones<00:17:58.460> like<00:17:58.700> ZK<00:17:59.120> snarks<00:17:59.510> are 00:17:59.620 --> 00:17:59.630 align:start position:0% all to other ones like ZK snarks are 00:17:59.630 --> 00:18:02.410 align:start position:0% all to other ones like ZK snarks are quite<00:17:59.780> promising<00:18:00.140> but<00:18:01.070> the<00:18:01.640> technique<00:18:02.000> isn't 00:18:02.410 --> 00:18:02.420 align:start position:0% quite promising but the technique isn't 00:18:02.420 --> 00:18:03.940 align:start position:0% quite promising but the technique isn't the<00:18:02.510> solution<00:18:02.930> right<00:18:03.140> this<00:18:03.440> is<00:18:03.560> a<00:18:03.590> technique 00:18:03.940 --> 00:18:03.950 align:start position:0% the solution right this is a technique 00:18:03.950 --> 00:18:05.590 align:start position:0% the solution right this is a technique the<00:18:04.220> whole<00:18:04.430> protocol<00:18:04.970> is<00:18:05.090> what<00:18:05.210> you<00:18:05.300> actually 00:18:05.590 --> 00:18:05.600 align:start position:0% the whole protocol is what you actually 00:18:05.600 --> 00:18:07.510 align:start position:0% the whole protocol is what you actually have<00:18:05.690> to<00:18:05.780> build<00:18:05.930> and<00:18:06.290> when<00:18:06.830> you<00:18:06.950> build<00:18:07.220> a<00:18:07.340> whole 00:18:07.510 --> 00:18:07.520 align:start position:0% have to build and when you build a whole 00:18:07.520 --> 00:18:08.800 align:start position:0% have to build and when you build a whole protocol<00:18:07.970> you<00:18:08.150> need<00:18:08.270> to<00:18:08.330> actually<00:18:08.450> evaluate 00:18:08.800 --> 00:18:08.810 align:start position:0% protocol you need to actually evaluate 00:18:08.810 --> 00:18:10.870 align:start position:0% protocol you need to actually evaluate it<00:18:09.200> not<00:18:09.410> based<00:18:09.680> on<00:18:09.830> the<00:18:09.950> features<00:18:10.310> it<00:18:10.430> has<00:18:10.580> but 00:18:10.870 --> 00:18:10.880 align:start position:0% it not based on the features it has but 00:18:10.880 --> 00:18:12.330 align:start position:0% it not based on the features it has but based<00:18:11.120> on<00:18:11.210> you<00:18:11.330> know<00:18:11.390> what<00:18:11.630> it<00:18:11.720> actually<00:18:11.750> does 00:18:12.330 --> 00:18:12.340 align:start position:0% based on you know what it actually does 00:18:12.340 --> 00:18:14.350 align:start position:0% based on you know what it actually does what<00:18:13.340> does<00:18:13.460> it<00:18:13.550> use<00:18:13.760> and<00:18:14.060> so<00:18:14.120> you<00:18:14.180> should 00:18:14.350 --> 00:18:14.360 align:start position:0% what does it use and so you should 00:18:14.360 --> 00:18:15.820 align:start position:0% what does it use and so you should really<00:18:14.480> ask<00:18:14.720> yourself<00:18:14.870> like<00:18:15.290> here's<00:18:15.680> all 00:18:15.820 --> 00:18:15.830 align:start position:0% really ask yourself like here's all 00:18:15.830 --> 00:18:17.380 align:start position:0% really ask yourself like here's all these<00:18:15.980> features<00:18:16.190> what<00:18:16.610> are<00:18:16.670> they<00:18:16.760> hiding<00:18:17.030> and 00:18:17.380 --> 00:18:17.390 align:start position:0% these features what are they hiding and 00:18:17.390 --> 00:18:19.630 align:start position:0% these features what are they hiding and do<00:18:17.870> they<00:18:17.960> actually<00:18:18.170> accomplish<00:18:18.740> it<00:18:18.890> and<00:18:19.100> the 00:18:19.630 --> 00:18:19.640 align:start position:0% do they actually accomplish it and the 00:18:19.640 --> 00:18:21.520 align:start position:0% do they actually accomplish it and the answer<00:18:19.790> was<00:18:20.000> typically<00:18:20.360> they<00:18:21.140> don't<00:18:21.290> hide 00:18:21.520 --> 00:18:21.530 align:start position:0% answer was typically they don't hide 00:18:21.530 --> 00:18:22.690 align:start position:0% answer was typically they don't hide much<00:18:21.740> and<00:18:21.980> they<00:18:22.040> don't<00:18:22.190> actually<00:18:22.310> hide<00:18:22.580> it 00:18:22.690 --> 00:18:22.700 align:start position:0% much and they don't actually hide it 00:18:22.700 --> 00:18:24.040 align:start position:0% much and they don't actually hide it very<00:18:22.730> well 00:18:24.040 --> 00:18:24.050 align:start position:0% very well 00:18:24.050 --> 00:18:26.350 align:start position:0% very well does<00:18:24.410> it<00:18:24.500> hide<00:18:24.710> everything<00:18:25.190> else<00:18:25.370> and<00:18:25.670> the 00:18:26.350 --> 00:18:26.360 align:start position:0% does it hide everything else and the 00:18:26.360 --> 00:18:27.790 align:start position:0% does it hide everything else and the answer<00:18:26.570> there<00:18:26.690> is<00:18:26.840> almost<00:18:27.050> certainly<00:18:27.380> not 00:18:27.790 --> 00:18:27.800 align:start position:0% answer there is almost certainly not 00:18:27.800 --> 00:18:29.170 align:start position:0% answer there is almost certainly not and<00:18:27.890> then<00:18:28.160> like<00:18:28.400> really<00:18:28.670> how<00:18:28.790> is<00:18:28.910> this<00:18:29.000> thing 00:18:29.170 --> 00:18:29.180 align:start position:0% and then like really how is this thing 00:18:29.180 --> 00:18:31.960 align:start position:0% and then like really how is this thing being<00:18:29.420> used<00:18:29.690> and<00:18:30.370> the<00:18:31.370> answer<00:18:31.610> there<00:18:31.730> is<00:18:31.880> going 00:18:31.960 --> 00:18:31.970 align:start position:0% being used and the answer there is going 00:18:31.970 --> 00:18:33.780 align:start position:0% being used and the answer there is going to<00:18:32.030> be<00:18:32.090> in<00:18:32.390> a<00:18:32.450> way<00:18:32.570> that<00:18:32.750> probably<00:18:32.930> isn't<00:18:33.260> safe 00:18:33.780 --> 00:18:33.790 align:start position:0% to be in a way that probably isn't safe 00:18:33.790 --> 00:18:37.150 align:start position:0% to be in a way that probably isn't safe right<00:18:34.790> and<00:18:35.410> what<00:18:36.410> this<00:18:36.560> comes<00:18:36.770> down<00:18:36.920> to<00:18:36.980> is 00:18:37.150 --> 00:18:37.160 align:start position:0% right and what this comes down to is 00:18:37.160 --> 00:18:38.710 align:start position:0% right and what this comes down to is cryptocurrency<00:18:37.850> is<00:18:38.090> Twitter<00:18:38.330> for<00:18:38.510> your<00:18:38.600> bank 00:18:38.710 --> 00:18:38.720 align:start position:0% cryptocurrency is Twitter for your bank 00:18:38.720 --> 00:18:40.540 align:start position:0% cryptocurrency is Twitter for your bank account<00:18:39.020> it's<00:18:39.260> a<00:18:39.350> total<00:18:39.620> privacy<00:18:39.980> void<00:18:40.250> it's<00:18:40.490> a 00:18:40.540 --> 00:18:40.550 align:start position:0% account it's a total privacy void it's a 00:18:40.550 --> 00:18:42.820 align:start position:0% account it's a total privacy void it's a vacuum<00:18:40.760> the<00:18:41.150> thing<00:18:41.360> everything<00:18:42.110> is<00:18:42.320> broadcast 00:18:42.820 --> 00:18:42.830 align:start position:0% vacuum the thing everything is broadcast 00:18:42.830 --> 00:18:45.400 align:start position:0% vacuum the thing everything is broadcast to<00:18:42.980> everybody<00:18:43.580> right<00:18:44.510> this<00:18:44.690> is<00:18:44.810> the<00:18:44.900> akin<00:18:45.230> to 00:18:45.400 --> 00:18:45.410 align:start position:0% to everybody right this is the akin to 00:18:45.410 --> 00:18:46.720 align:start position:0% to everybody right this is the akin to me<00:18:45.530> telling<00:18:45.740> you<00:18:45.860> you<00:18:46.040> were<00:18:46.160> standing<00:18:46.220> naked 00:18:46.720 --> 00:18:46.730 align:start position:0% me telling you you were standing naked 00:18:46.730 --> 00:18:49.360 align:start position:0% me telling you you were standing naked in<00:18:46.940> Times<00:18:47.240> Square<00:18:47.390> right<00:18:48.350> and<00:18:48.560> what<00:18:48.950> most<00:18:49.190> of 00:18:49.360 --> 00:18:49.370 align:start position:0% in Times Square right and what most of 00:18:49.370 --> 00:18:50.830 align:start position:0% in Times Square right and what most of these<00:18:49.460> privacy<00:18:49.880> coins<00:18:50.180> want<00:18:50.330> to<00:18:50.390> do<00:18:50.480> is<00:18:50.630> hand 00:18:50.830 --> 00:18:50.840 align:start position:0% these privacy coins want to do is hand 00:18:50.840 --> 00:18:53.680 align:start position:0% these privacy coins want to do is hand you<00:18:50.960> a<00:18:50.990> band-aid<00:18:51.620> right<00:18:52.400> and<00:18:52.580> like<00:18:53.270> given<00:18:53.660> the 00:18:53.680 --> 00:18:53.690 align:start position:0% you a band-aid right and like given the 00:18:53.690 --> 00:18:55.390 align:start position:0% you a band-aid right and like given the magnitude<00:18:53.990> of<00:18:54.320> exposure<00:18:54.710> right<00:18:55.010> that<00:18:55.310> you 00:18:55.390 --> 00:18:55.400 align:start position:0% magnitude of exposure right that you 00:18:55.400 --> 00:18:56.560 align:start position:0% magnitude of exposure right that you know<00:18:55.430> that's<00:18:55.730> not<00:18:55.940> really<00:18:56.240> gonna<00:18:56.360> cover 00:18:56.560 --> 00:18:56.570 align:start position:0% know that's not really gonna cover 00:18:56.570 --> 00:18:57.790 align:start position:0% know that's not really gonna cover everything<00:18:56.810> that<00:18:57.200> doesn't<00:18:57.350> really<00:18:57.560> work 00:18:57.790 --> 00:18:57.800 align:start position:0% everything that doesn't really work 00:18:57.800 --> 00:19:00.910 align:start position:0% everything that doesn't really work right<00:18:58.070> and<00:18:59.020> it's<00:19:00.020> you<00:19:00.350> know<00:19:00.410> it's<00:19:00.590> like<00:19:00.620> trying 00:19:00.910 --> 00:19:00.920 align:start position:0% right and it's you know it's like trying 00:19:00.920 --> 00:19:02.410 align:start position:0% right and it's you know it's like trying to<00:19:01.010> build<00:19:01.160> a<00:19:01.310> space<00:19:01.550> shoot<00:19:01.760> without<00:19:02.000> a<00:19:02.150> duct 00:19:02.410 --> 00:19:02.420 align:start position:0% to build a space shoot without a duct 00:19:02.420 --> 00:19:04.090 align:start position:0% to build a space shoot without a duct tape<00:19:02.600> and<00:19:02.840> overalls<00:19:03.170> right<00:19:03.500> that's<00:19:03.740> not<00:19:03.890> how 00:19:04.090 --> 00:19:04.100 align:start position:0% tape and overalls right that's not how 00:19:04.100 --> 00:19:05.710 align:start position:0% tape and overalls right that's not how you<00:19:04.160> go<00:19:04.340> about<00:19:04.460> protecting<00:19:04.970> yourself<00:19:05.030> from<00:19:05.450> a 00:19:05.710 --> 00:19:05.720 align:start position:0% you go about protecting yourself from a 00:19:05.720 --> 00:19:07.150 align:start position:0% you go about protecting yourself from a very<00:19:05.960> hostile<00:19:06.440> and<00:19:06.620> very<00:19:06.770> exposed 00:19:07.150 --> 00:19:07.160 align:start position:0% very hostile and very exposed 00:19:07.160 --> 00:19:09.040 align:start position:0% very hostile and very exposed environment<00:19:07.760> you<00:19:08.360> need<00:19:08.510> to<00:19:08.630> actually<00:19:08.870> do<00:19:08.960> this 00:19:09.040 --> 00:19:09.050 align:start position:0% environment you need to actually do this 00:19:09.050 --> 00:19:10.900 align:start position:0% environment you need to actually do this from<00:19:09.230> the<00:19:09.290> ground<00:19:09.440> up<00:19:09.680> and<00:19:09.890> we<00:19:10.460> do<00:19:10.640> actually 00:19:10.900 --> 00:19:10.910 align:start position:0% from the ground up and we do actually 00:19:10.910 --> 00:19:13.540 align:start position:0% from the ground up and we do actually have<00:19:11.270> strong<00:19:11.720> approaches<00:19:12.200> to<00:19:12.320> do<00:19:12.440> that<00:19:12.620> I<00:19:12.800> said 00:19:13.540 --> 00:19:13.550 align:start position:0% have strong approaches to do that I said 00:19:13.550 --> 00:19:15.070 align:start position:0% have strong approaches to do that I said the<00:19:13.670> point<00:19:13.850> wasn't<00:19:14.030> to<00:19:14.150> shell<00:19:14.360> Zee<00:19:14.540> cash<00:19:14.750> but<00:19:15.050> I 00:19:15.070 --> 00:19:15.080 align:start position:0% the point wasn't to shell Zee cash but I 00:19:15.080 --> 00:19:17.230 align:start position:0% the point wasn't to shell Zee cash but I am<00:19:15.230> going<00:19:15.530> to<00:19:15.680> for<00:19:15.890> just<00:19:16.040> a<00:19:16.130> second<00:19:16.430> because 00:19:17.230 --> 00:19:17.240 align:start position:0% am going to for just a second because 00:19:17.240 --> 00:19:19.090 align:start position:0% am going to for just a second because you<00:19:17.390> can<00:19:17.720> use<00:19:17.840> these<00:19:17.960> two<00:19:18.170> techniques<00:19:18.710> -<00:19:18.980> and 00:19:19.090 --> 00:19:19.100 align:start position:0% you can use these two techniques - and 00:19:19.100 --> 00:19:20.590 align:start position:0% you can use these two techniques - and your<00:19:19.190> cryptocurrency<00:19:19.610> right<00:19:20.090> we've<00:19:20.240> gotten 00:19:20.590 --> 00:19:20.600 align:start position:0% your cryptocurrency right we've gotten 00:19:20.600 --> 00:19:22.780 align:start position:0% your cryptocurrency right we've gotten no<00:19:20.990> strong<00:19:21.380> privacy<00:19:21.950> that's<00:19:22.280> actually<00:19:22.580> quick 00:19:22.780 --> 00:19:22.790 align:start position:0% no strong privacy that's actually quick 00:19:22.790 --> 00:19:24.310 align:start position:0% no strong privacy that's actually quick less<00:19:23.330> than<00:19:23.510> two<00:19:23.660> seconds<00:19:24.020> to<00:19:24.110> create<00:19:24.290> a 00:19:24.310 --> 00:19:24.320 align:start position:0% less than two seconds to create a 00:19:24.320 --> 00:19:26.290 align:start position:0% less than two seconds to create a transaction<00:19:24.650> less<00:19:25.490> than<00:19:25.640> 40<00:19:25.850> megabytes<00:19:26.150> of 00:19:26.290 --> 00:19:26.300 align:start position:0% transaction less than 40 megabytes of 00:19:26.300 --> 00:19:28.780 align:start position:0% transaction less than 40 megabytes of memory<00:19:26.360> this<00:19:26.810> went<00:19:27.110> live<00:19:27.640> sometime<00:19:28.640> in<00:19:28.730> the 00:19:28.780 --> 00:19:28.790 align:start position:0% memory this went live sometime in the 00:19:28.790 --> 00:19:30.100 align:start position:0% memory this went live sometime in the last<00:19:28.910> two<00:19:29.150> days<00:19:29.270> I<00:19:29.630> haven't<00:19:29.840> gotten<00:19:29.960> much 00:19:30.100 --> 00:19:30.110 align:start position:0% last two days I haven't gotten much 00:19:30.110 --> 00:19:33.640 align:start position:0% last two days I haven't gotten much sleep<00:19:30.290> so<00:19:30.740> not<00:19:31.430> sure<00:19:31.610> what<00:19:31.790> day<00:19:31.940> it<00:19:32.060> is<00:19:32.090> and<00:19:32.750> we 00:19:33.640 --> 00:19:33.650 align:start position:0% sleep so not sure what day it is and we 00:19:33.650 --> 00:19:35.290 align:start position:0% sleep so not sure what day it is and we also<00:19:33.800> have<00:19:33.980> strong<00:19:34.220> privacy<00:19:34.550> techniques<00:19:34.940> for 00:19:35.290 --> 00:19:35.300 align:start position:0% also have strong privacy techniques for 00:19:35.300 --> 00:19:36.610 align:start position:0% also have strong privacy techniques for other<00:19:35.420> things<00:19:35.510> these<00:19:35.900> aren't<00:19:36.050> deployed<00:19:36.350> yet 00:19:36.610 --> 00:19:36.620 align:start position:0% other things these aren't deployed yet 00:19:36.620 --> 00:19:38.350 align:start position:0% other things these aren't deployed yet but<00:19:36.920> you<00:19:37.070> know<00:19:37.100> zero<00:19:37.580> cache<00:19:37.790> for<00:19:37.970> layer<00:19:38.120> one 00:19:38.350 --> 00:19:38.360 align:start position:0% but you know zero cache for layer one 00:19:38.360 --> 00:19:39.520 align:start position:0% but you know zero cache for layer one again<00:19:38.780> use<00:19:39.170> this<00:19:39.290> and<00:19:39.410> whatever 00:19:39.520 --> 00:19:39.530 align:start position:0% again use this and whatever 00:19:39.530 --> 00:19:41.380 align:start position:0% again use this and whatever cryptocurrency<00:19:39.920> you<00:19:40.220> want<00:19:40.550> we<00:19:40.940> have<00:19:41.090> vault 00:19:41.380 --> 00:19:41.390 align:start position:0% cryptocurrency you want we have vault 00:19:41.390 --> 00:19:43.300 align:start position:0% cryptocurrency you want we have vault blind<00:19:41.840> off<00:19:42.050> chain<00:19:42.350> lightweight<00:19:42.710> transactions 00:19:43.300 --> 00:19:43.310 align:start position:0% blind off chain lightweight transactions 00:19:43.310 --> 00:19:46.470 align:start position:0% blind off chain lightweight transactions this<00:19:43.490> is<00:19:43.670> strongly<00:19:44.300> private<00:19:44.780> layer<00:19:44.930> two<00:19:45.340> and 00:19:46.470 --> 00:19:46.480 align:start position:0% this is strongly private layer two and 00:19:46.480 --> 00:19:48.610 align:start position:0% this is strongly private layer two and thing<00:19:47.480> called<00:19:47.660> bolte<00:19:47.840> labs<00:19:48.080> that<00:19:48.380> were<00:19:48.470> in<00:19:48.530> the 00:19:48.610 --> 00:19:48.620 align:start position:0% thing called bolte labs that were in the 00:19:48.620 --> 00:19:49.990 align:start position:0% thing called bolte labs that were in the process<00:19:48.890> of<00:19:49.070> setting<00:19:49.280> up<00:19:49.370> and<00:19:49.580> then<00:19:49.670> lastly 00:19:49.990 --> 00:19:50.000 align:start position:0% process of setting up and then lastly 00:19:50.000 --> 00:19:51.580 align:start position:0% process of setting up and then lastly this<00:19:50.180> is<00:19:50.240> actually<00:19:50.570> academic<00:19:50.990> work<00:19:51.170> serafall 00:19:51.580 --> 00:19:51.590 align:start position:0% this is actually academic work serafall 00:19:51.590 --> 00:19:52.280 align:start position:0% this is actually academic work serafall I<00:19:51.830> think 00:19:52.280 --> 00:19:52.290 align:start position:0% I think 00:19:52.290 --> 00:19:54.800 align:start position:0% I think called<00:19:52.470> Z<00:19:52.680> Exe<00:19:53.220> which<00:19:53.850> enables<00:19:54.300> decentralized 00:19:54.800 --> 00:19:54.810 align:start position:0% called Z Exe which enables decentralized 00:19:54.810 --> 00:19:56.900 align:start position:0% called Z Exe which enables decentralized private<00:19:55.170> communication<00:19:56.040> both<00:19:56.520> of<00:19:56.700> these<00:19:56.760> are 00:19:56.900 --> 00:19:56.910 align:start position:0% private communication both of these are 00:19:56.910 --> 00:20:01.880 align:start position:0% private communication both of these are papers<00:19:57.240> those<00:19:57.510> QR<00:19:57.750> codes<00:19:58.080> go<00:19:58.890> to<00:19:58.950> them<00:19:59.250> and<00:20:00.890> the 00:20:01.880 --> 00:20:01.890 align:start position:0% papers those QR codes go to them and the 00:20:01.890 --> 00:20:03.590 align:start position:0% papers those QR codes go to them and the point<00:20:02.070> is<00:20:02.250> there<00:20:02.490> really<00:20:02.610> isn't<00:20:02.880> an<00:20:03.120> excuse 00:20:03.590 --> 00:20:03.600 align:start position:0% point is there really isn't an excuse 00:20:03.600 --> 00:20:05.930 align:start position:0% point is there really isn't an excuse these<00:20:04.050> days<00:20:04.350> for<00:20:04.920> using<00:20:05.280> weak<00:20:05.460> privacy 00:20:05.930 --> 00:20:05.940 align:start position:0% these days for using weak privacy 00:20:05.940 --> 00:20:07.940 align:start position:0% these days for using weak privacy techniques<00:20:06.570> we<00:20:06.780> have<00:20:06.810> strong<00:20:07.410> ones<00:20:07.620> we<00:20:07.860> have 00:20:07.940 --> 00:20:07.950 align:start position:0% techniques we have strong ones we have 00:20:07.950 --> 00:20:10.130 align:start position:0% techniques we have strong ones we have strong<00:20:08.190> ones<00:20:08.370> that<00:20:08.520> uck<00:20:08.910> snarks<00:20:09.330> you<00:20:09.810> could<00:20:09.960> do 00:20:10.130 --> 00:20:10.140 align:start position:0% strong ones that uck snarks you could do 00:20:10.140 --> 00:20:11.240 align:start position:0% strong ones that uck snarks you could do these<00:20:10.260> with<00:20:10.440> bullet<00:20:10.710> proof<00:20:10.830> so<00:20:11.010> you<00:20:11.040> could<00:20:11.160> use 00:20:11.240 --> 00:20:11.250 align:start position:0% these with bullet proof so you could use 00:20:11.250 --> 00:20:14.570 align:start position:0% these with bullet proof so you could use these<00:20:11.430> other<00:20:11.850> crypto<00:20:12.590> and<00:20:13.590> you<00:20:14.340> should<00:20:14.520> do 00:20:14.570 --> 00:20:14.580 align:start position:0% these other crypto and you should do 00:20:14.580 --> 00:20:15.440 align:start position:0% these other crypto and you should do them<00:20:14.730> you<00:20:14.880> shouldn't<00:20:15.180> be<00:20:15.270> using 00:20:15.440 --> 00:20:15.450 align:start position:0% them you shouldn't be using 00:20:15.450 --> 00:20:17.060 align:start position:0% them you shouldn't be using half-measures<00:20:16.140> and<00:20:16.710> you<00:20:16.800> shouldn't<00:20:17.010> be 00:20:17.060 --> 00:20:17.070 align:start position:0% half-measures and you shouldn't be 00:20:17.070 --> 00:20:18.110 align:start position:0% half-measures and you shouldn't be telling<00:20:17.370> people<00:20:17.400> your<00:20:17.670> things<00:20:17.820> are<00:20:17.940> private 00:20:18.110 --> 00:20:18.120 align:start position:0% telling people your things are private 00:20:18.120 --> 00:20:20.480 align:start position:0% telling people your things are private when<00:20:18.390> they're<00:20:18.510> not<00:20:19.070> I'd<00:20:20.070> like<00:20:20.100> to<00:20:20.370> briefly 00:20:20.480 --> 00:20:20.490 align:start position:0% when they're not I'd like to briefly 00:20:20.490 --> 00:20:22.640 align:start position:0% when they're not I'd like to briefly touch<00:20:20.820> on<00:20:20.910> a<00:20:21.000> different<00:20:21.300> problem<00:20:21.630> because<00:20:22.320> I 00:20:22.640 --> 00:20:22.650 align:start position:0% touch on a different problem because I 00:20:22.650 --> 00:20:24.860 align:start position:0% touch on a different problem because I said<00:20:23.040> I<00:20:23.100> wasn't<00:20:23.250> gonna<00:20:23.570> cryptocurrencies<00:20:24.570> I'm 00:20:24.860 --> 00:20:24.870 align:start position:0% said I wasn't gonna cryptocurrencies I'm 00:20:24.870 --> 00:20:26.660 align:start position:0% said I wasn't gonna cryptocurrencies I'm not<00:20:25.020> gonna<00:20:25.170> call<00:20:25.350> anyone<00:20:25.530> out<00:20:25.650> by<00:20:25.800> name<00:20:25.980> but 00:20:26.660 --> 00:20:26.670 align:start position:0% not gonna call anyone out by name but 00:20:26.670 --> 00:20:28.940 align:start position:0% not gonna call anyone out by name but usability<00:20:27.480> is<00:20:27.750> particular<00:20:28.380> as<00:20:28.440> a<00:20:28.530> problem<00:20:28.830> and 00:20:28.940 --> 00:20:28.950 align:start position:0% usability is particular as a problem and 00:20:28.950 --> 00:20:30.500 align:start position:0% usability is particular as a problem and it's<00:20:29.040> actually<00:20:29.280> one<00:20:29.400> that<00:20:29.520> we<00:20:29.730> d'caché<00:20:30.300> have 00:20:30.500 --> 00:20:30.510 align:start position:0% it's actually one that we d'caché have 00:20:30.510 --> 00:20:32.300 align:start position:0% it's actually one that we d'caché have had<00:20:30.630> issues<00:20:30.750> with<00:20:31.020> ourselves<00:20:31.200> right<00:20:31.710> turns 00:20:32.300 --> 00:20:32.310 align:start position:0% had issues with ourselves right turns 00:20:32.310 --> 00:20:34.100 align:start position:0% had issues with ourselves right turns out<00:20:32.490> if<00:20:32.610> you<00:20:32.700> have<00:20:32.880> strong<00:20:33.210> privacy<00:20:33.600> that 00:20:34.100 --> 00:20:34.110 align:start position:0% out if you have strong privacy that 00:20:34.110 --> 00:20:35.920 align:start position:0% out if you have strong privacy that isn't<00:20:34.380> enough<00:20:34.560> you<00:20:34.860> actually<00:20:35.160> need<00:20:35.310> good<00:20:35.580> UX 00:20:35.920 --> 00:20:35.930 align:start position:0% isn't enough you actually need good UX 00:20:35.930 --> 00:20:38.210 align:start position:0% isn't enough you actually need good UX you<00:20:36.930> need<00:20:37.080> also<00:20:37.260> to<00:20:37.410> discourage<00:20:37.920> people<00:20:37.950> from 00:20:38.210 --> 00:20:38.220 align:start position:0% you need also to discourage people from 00:20:38.220 --> 00:20:40.270 align:start position:0% you need also to discourage people from doing<00:20:38.580> meaningless<00:20:38.910> behavior<00:20:39.480> like<00:20:39.720> say 00:20:40.270 --> 00:20:40.280 align:start position:0% doing meaningless behavior like say 00:20:40.280 --> 00:20:43.580 align:start position:0% doing meaningless behavior like say shape-shifting<00:20:41.280> in<00:20:41.430> five<00:20:41.960> 3.52<00:20:42.960> cents<00:20:43.320> into 00:20:43.580 --> 00:20:43.590 align:start position:0% shape-shifting in five 3.52 cents into 00:20:43.590 --> 00:20:45.620 align:start position:0% shape-shifting in five 3.52 cents into shape-shift<00:20:44.010> and<00:20:44.220> to<00:20:44.520> say<00:20:44.790> Manero<00:20:45.150> zeke<00:20:45.480> ash 00:20:45.620 --> 00:20:45.630 align:start position:0% shape-shift and to say Manero zeke ash 00:20:45.630 --> 00:20:47.180 align:start position:0% shape-shift and to say Manero zeke ash to<00:20:45.870> ash<00:20:45.900> whatever<00:20:46.440> and<00:20:46.680> then<00:20:47.040> immediately 00:20:47.180 --> 00:20:47.190 align:start position:0% to ash whatever and then immediately 00:20:47.190 --> 00:20:49.070 align:start position:0% to ash whatever and then immediately shifting<00:20:47.820> it<00:20:47.910> shape-shifting<00:20:48.690> it<00:20:48.780> back<00:20:48.900> out 00:20:49.070 --> 00:20:49.080 align:start position:0% shifting it shape-shifting it back out 00:20:49.080 --> 00:20:51.230 align:start position:0% shifting it shape-shifting it back out because<00:20:49.800> that<00:20:50.190> gets<00:20:50.400> you<00:20:50.520> no<00:20:50.640> privacy<00:20:51.090> right 00:20:51.230 --> 00:20:51.240 align:start position:0% because that gets you no privacy right 00:20:51.240 --> 00:20:52.460 align:start position:0% because that gets you no privacy right you<00:20:51.330> sit<00:20:51.540> there<00:20:51.660> and<00:20:51.720> you<00:20:51.810> look<00:20:51.990> and<00:20:52.170> anyone 00:20:52.460 --> 00:20:52.470 align:start position:0% you sit there and you look and anyone 00:20:52.470 --> 00:20:54.290 align:start position:0% you sit there and you look and anyone can<00:20:52.620> see<00:20:52.710> what<00:20:52.860> happened<00:20:53.190> and<00:20:53.370> yet<00:20:53.820> people<00:20:54.060> do 00:20:54.290 --> 00:20:54.300 align:start position:0% can see what happened and yet people do 00:20:54.300 --> 00:20:55.520 align:start position:0% can see what happened and yet people do this<00:20:54.480> right<00:20:54.720> we've<00:20:54.900> seen<00:20:55.050> this<00:20:55.200> happening 00:20:55.520 --> 00:20:55.530 align:start position:0% this right we've seen this happening 00:20:55.530 --> 00:20:56.810 align:start position:0% this right we've seen this happening across<00:20:55.740> the<00:20:55.830> number<00:20:56.100> of<00:20:56.190> crypto<00:20:56.430> currencies 00:20:56.810 --> 00:20:56.820 align:start position:0% across the number of crypto currencies 00:20:56.820 --> 00:20:58.700 align:start position:0% across the number of crypto currencies and<00:20:57.000> that<00:20:57.120> isn't<00:20:57.330> their<00:20:57.600> fault<00:20:57.810> but<00:20:58.290> you<00:20:58.560> need 00:20:58.700 --> 00:20:58.710 align:start position:0% and that isn't their fault but you need 00:20:58.710 --> 00:21:00.950 align:start position:0% and that isn't their fault but you need to<00:20:58.800> educate<00:20:58.860> users<00:20:59.330> right<00:21:00.330> you<00:21:00.570> need<00:21:00.750> to<00:21:00.840> have 00:21:00.950 --> 00:21:00.960 align:start position:0% to educate users right you need to have 00:21:00.960 --> 00:21:02.840 align:start position:0% to educate users right you need to have full<00:21:01.140> privacy<00:21:01.590> on<00:21:01.680> mobile<00:21:01.980> right<00:21:02.460> that's<00:21:02.700> a 00:21:02.840 --> 00:21:02.850 align:start position:0% full privacy on mobile right that's a 00:21:02.850 --> 00:21:04.850 align:start position:0% full privacy on mobile right that's a protocol<00:21:03.270> issue<00:21:03.450> and<00:21:04.350> you<00:21:04.440> can't<00:21:04.620> require 00:21:04.850 --> 00:21:04.860 align:start position:0% protocol issue and you can't require 00:21:04.860 --> 00:21:06.170 align:start position:0% protocol issue and you can't require people<00:21:05.040> syncing<00:21:05.460> the<00:21:05.520> whole<00:21:05.640> database<00:21:06.000> just 00:21:06.170 --> 00:21:06.180 align:start position:0% people syncing the whole database just 00:21:06.180 --> 00:21:07.670 align:start position:0% people syncing the whole database just to<00:21:06.300> get<00:21:06.420> privacy<00:21:06.720> private<00:21:07.200> payments<00:21:07.530> and<00:21:07.620> this 00:21:07.670 --> 00:21:07.680 align:start position:0% to get privacy private payments and this 00:21:07.680 --> 00:21:08.990 align:start position:0% to get privacy private payments and this is<00:21:07.890> really<00:21:08.130> important<00:21:08.460> this<00:21:08.580> is<00:21:08.670> probably 00:21:08.990 --> 00:21:09.000 align:start position:0% is really important this is probably 00:21:09.000 --> 00:21:11.390 align:start position:0% is really important this is probably actually<00:21:09.150> the<00:21:09.360> hardest<00:21:09.660> thing<00:21:09.960> that<00:21:10.680> we<00:21:11.250> have 00:21:11.390 --> 00:21:11.400 align:start position:0% actually the hardest thing that we have 00:21:11.400 --> 00:21:13.280 align:start position:0% actually the hardest thing that we have left<00:21:11.670> for<00:21:11.970> building<00:21:12.240> privacy<00:21:12.750> is<00:21:12.990> getting 00:21:13.280 --> 00:21:13.290 align:start position:0% left for building privacy is getting 00:21:13.290 --> 00:21:15.170 align:start position:0% left for building privacy is getting good<00:21:13.650> usability<00:21:14.160> and<00:21:14.340> getting<00:21:14.520> good<00:21:14.700> answers 00:21:15.170 --> 00:21:15.180 align:start position:0% good usability and getting good answers 00:21:15.180 --> 00:21:17.420 align:start position:0% good usability and getting good answers on<00:21:15.300> mobile<00:21:15.600> the<00:21:15.750> core<00:21:15.930> protocols<00:21:16.440> in<00:21:17.280> my 00:21:17.420 --> 00:21:17.430 align:start position:0% on mobile the core protocols in my 00:21:17.430 --> 00:21:19.070 align:start position:0% on mobile the core protocols in my admittedly<00:21:17.730> somewhat<00:21:18.270> biased<00:21:18.480> opinion<00:21:18.990> are 00:21:19.070 --> 00:21:19.080 align:start position:0% admittedly somewhat biased opinion are 00:21:19.080 --> 00:21:20.930 align:start position:0% admittedly somewhat biased opinion are mostly<00:21:19.560> done<00:21:19.800> you<00:21:20.040> can<00:21:20.190> do<00:21:20.280> tweaks<00:21:20.610> to<00:21:20.820> make 00:21:20.930 --> 00:21:20.940 align:start position:0% mostly done you can do tweaks to make 00:21:20.940 --> 00:21:22.580 align:start position:0% mostly done you can do tweaks to make them<00:21:21.090> more<00:21:21.180> performant<00:21:21.690> you<00:21:21.810> can<00:21:21.990> develop 00:21:22.580 --> 00:21:22.590 align:start position:0% them more performant you can develop 00:21:22.590 --> 00:21:24.890 align:start position:0% them more performant you can develop novel<00:21:22.800> new<00:21:23.130> cryptographic<00:21:23.840> underpinnings<00:21:24.840> to 00:21:24.890 --> 00:21:24.900 align:start position:0% novel new cryptographic underpinnings to 00:21:24.900 --> 00:21:26.600 align:start position:0% novel new cryptographic underpinnings to make<00:21:25.080> them<00:21:25.260> faster<00:21:26.010> or<00:21:26.100> have<00:21:26.220> better<00:21:26.370> trust 00:21:26.600 --> 00:21:26.610 align:start position:0% make them faster or have better trust 00:21:26.610 --> 00:21:28.250 align:start position:0% make them faster or have better trust assumptions<00:21:27.030> but<00:21:27.180> we<00:21:27.330> know<00:21:27.540> basically<00:21:28.140> how<00:21:28.230> to 00:21:28.250 --> 00:21:28.260 align:start position:0% assumptions but we know basically how to 00:21:28.260 --> 00:21:29.900 align:start position:0% assumptions but we know basically how to build<00:21:28.500> these<00:21:28.620> things<00:21:28.800> we<00:21:29.010> know<00:21:29.130> the<00:21:29.160> basic 00:21:29.900 --> 00:21:29.910 align:start position:0% build these things we know the basic 00:21:29.910 --> 00:21:33.020 align:start position:0% build these things we know the basic parts<00:21:30.150> you<00:21:30.270> want<00:21:30.420> to<00:21:30.480> assemble<00:21:30.870> right 00:21:33.020 --> 00:21:33.030 align:start position:0% parts you want to assemble right 00:21:33.030 --> 00:21:34.820 align:start position:0% parts you want to assemble right so<00:21:33.360> in<00:21:33.510> conclusion<00:21:33.660> um<00:21:34.200> we<00:21:34.590> need<00:21:34.740> to 00:21:34.820 --> 00:21:34.830 align:start position:0% so in conclusion um we need to 00:21:34.830 --> 00:21:36.050 align:start position:0% so in conclusion um we need to critically<00:21:35.250> evaluate<00:21:35.340> privacy 00:21:36.050 --> 00:21:36.060 align:start position:0% critically evaluate privacy 00:21:36.060 --> 00:21:37.040 align:start position:0% critically evaluate privacy vulnerabilities<00:21:36.540> and<00:21:36.660> cryptocurrencies 00:21:37.040 --> 00:21:37.050 align:start position:0% vulnerabilities and cryptocurrencies 00:21:37.050 --> 00:21:38.900 align:start position:0% vulnerabilities and cryptocurrencies right<00:21:37.650> most<00:21:38.250> privacy<00:21:38.760> preserving 00:21:38.900 --> 00:21:38.910 align:start position:0% right most privacy preserving 00:21:38.910 --> 00:21:41.030 align:start position:0% right most privacy preserving cryptocurrencies<00:21:39.450> have<00:21:39.930> terrible<00:21:40.530> privacy 00:21:41.030 --> 00:21:41.040 align:start position:0% cryptocurrencies have terrible privacy 00:21:41.040 --> 00:21:43.130 align:start position:0% cryptocurrencies have terrible privacy right<00:21:41.340> like<00:21:41.910> merchants<00:21:42.390> can't<00:21:42.630> race<00:21:42.810> you<00:21:42.990> when 00:21:43.130 --> 00:21:43.140 align:start position:0% right like merchants can't race you when 00:21:43.140 --> 00:21:44.750 align:start position:0% right like merchants can't race you when you<00:21:43.200> make<00:21:43.320> payments<00:21:43.740> governments<00:21:44.640> can 00:21:44.750 --> 00:21:44.760 align:start position:0% you make payments governments can 00:21:44.760 --> 00:21:46.460 align:start position:0% you make payments governments can identify<00:21:44.880> who<00:21:45.270> you<00:21:45.570> are<00:21:45.750> if<00:21:45.930> you<00:21:46.020> put<00:21:46.200> a<00:21:46.230> single 00:21:46.460 --> 00:21:46.470 align:start position:0% identify who you are if you put a single 00:21:46.470 --> 00:21:48.080 align:start position:0% identify who you are if you put a single address<00:21:46.740> up<00:21:46.980> online<00:21:47.340> I<00:21:47.550> mean<00:21:47.700> that<00:21:47.970> would 00:21:48.080 --> 00:21:48.090 align:start position:0% address up online I mean that would 00:21:48.090 --> 00:21:49.850 align:start position:0% address up online I mean that would really<00:21:48.120> surprise<00:21:48.600> a<00:21:48.810> bunch<00:21:49.140> of<00:21:49.230> people<00:21:49.530> for 00:21:49.850 --> 00:21:49.860 align:start position:0% really surprise a bunch of people for 00:21:49.860 --> 00:21:52.610 align:start position:0% really surprise a bunch of people for how<00:21:49.920> these<00:21:50.040> things<00:21:50.160> are<00:21:50.310> getting<00:21:50.490> used<00:21:51.620> right 00:21:52.610 --> 00:21:52.620 align:start position:0% how these things are getting used right 00:21:52.620 --> 00:21:53.780 align:start position:0% how these things are getting used right your<00:21:52.860> friends<00:21:53.130> can<00:21:53.280> find<00:21:53.460> out<00:21:53.580> if<00:21:53.670> you're 00:21:53.780 --> 00:21:53.790 align:start position:0% your friends can find out if you're 00:21:53.790 --> 00:21:55.640 align:start position:0% your friends can find out if you're making<00:21:54.330> repeated<00:21:54.690> payments<00:21:55.170> to<00:21:55.230> pornhub 00:21:55.640 --> 00:21:55.650 align:start position:0% making repeated payments to pornhub 00:21:55.650 --> 00:21:57.890 align:start position:0% making repeated payments to pornhub that's<00:21:56.400> kind<00:21:56.640> of<00:21:56.670> embarrassing 00:21:57.890 --> 00:21:57.900 align:start position:0% that's kind of embarrassing 00:21:57.900 --> 00:22:00.200 align:start position:0% that's kind of embarrassing these<00:21:58.590> decoy<00:21:58.920> based<00:21:59.130> approaches<00:21:59.550> just<00:21:59.760> don't 00:22:00.200 --> 00:22:00.210 align:start position:0% these decoy based approaches just don't 00:22:00.210 --> 00:22:04.070 align:start position:0% these decoy based approaches just don't work<00:22:00.600> right<00:22:01.500> and<00:22:01.910> in<00:22:02.910> general<00:22:03.480> we<00:22:03.750> need<00:22:03.870> to<00:22:03.960> get 00:22:04.070 --> 00:22:04.080 align:start position:0% work right and in general we need to get 00:22:04.080 --> 00:22:05.330 align:start position:0% work right and in general we need to get better<00:22:04.170> at<00:22:04.350> evaluating<00:22:04.710> these<00:22:04.860> things<00:22:05.100> we 00:22:05.330 --> 00:22:05.340 align:start position:0% better at evaluating these things we 00:22:05.340 --> 00:22:05.690 align:start position:0% better at evaluating these things we need 00:22:05.690 --> 00:22:05.700 align:start position:0% need 00:22:05.700 --> 00:22:07.700 align:start position:0% need like<00:22:05.910> avoid<00:22:06.270> having<00:22:06.660> people<00:22:06.990> do<00:22:07.200> privacy 00:22:07.700 --> 00:22:07.710 align:start position:0% like avoid having people do privacy 00:22:07.710 --> 00:22:08.810 align:start position:0% like avoid having people do privacy theater<00:22:08.070> right<00:22:08.340> a<00:22:08.370> lot<00:22:08.580> of<00:22:08.730> these 00:22:08.810 --> 00:22:08.820 align:start position:0% theater right a lot of these 00:22:08.820 --> 00:22:10.850 align:start position:0% theater right a lot of these cryptocurrencies<00:22:09.270> are<00:22:09.540> effectively<00:22:10.260> like 00:22:10.850 --> 00:22:10.860 align:start position:0% cryptocurrencies are effectively like 00:22:10.860 --> 00:22:12.980 align:start position:0% cryptocurrencies are effectively like the<00:22:10.890> TSA<00:22:11.220> right<00:22:12.090> they<00:22:12.270> have<00:22:12.390> a<00:22:12.420> lot<00:22:12.600> of<00:22:12.630> things 00:22:12.980 --> 00:22:12.990 align:start position:0% the TSA right they have a lot of things 00:22:12.990 --> 00:22:14.240 align:start position:0% the TSA right they have a lot of things that<00:22:13.200> look<00:22:13.320> really<00:22:13.650> shiny 00:22:14.240 --> 00:22:14.250 align:start position:0% that look really shiny 00:22:14.250 --> 00:22:15.950 align:start position:0% that look really shiny they<00:22:14.640> make<00:22:14.820> you<00:22:14.940> maybe<00:22:15.150> feel<00:22:15.420> a<00:22:15.450> little<00:22:15.720> safer 00:22:15.950 --> 00:22:15.960 align:start position:0% they make you maybe feel a little safer 00:22:15.960 --> 00:22:17.750 align:start position:0% they make you maybe feel a little safer but<00:22:16.470> at<00:22:16.590> the<00:22:16.680> end<00:22:16.710> of<00:22:16.890> the<00:22:16.950> day<00:22:17.100> they<00:22:17.520> don't 00:22:17.750 --> 00:22:17.760 align:start position:0% but at the end of the day they don't 00:22:17.760 --> 00:22:19.310 align:start position:0% but at the end of the day they don't actually<00:22:18.030> fix<00:22:18.480> the<00:22:18.540> problem<00:22:18.630> they<00:22:19.140> don't 00:22:19.310 --> 00:22:19.320 align:start position:0% actually fix the problem they don't 00:22:19.320 --> 00:22:22.400 align:start position:0% actually fix the problem they don't actually<00:22:19.530> give<00:22:19.830> you<00:22:19.950> protections<00:22:20.600> and<00:22:21.600> that's 00:22:22.400 --> 00:22:22.410 align:start position:0% actually give you protections and that's 00:22:22.410 --> 00:22:23.120 align:start position:0% actually give you protections and that's just<00:22:22.710> bad 00:22:23.120 --> 00:22:23.130 align:start position:0% just bad 00:22:23.130 --> 00:22:25.040 align:start position:0% just bad and<00:22:23.220> lastly<00:22:23.820> usability<00:22:24.390> is<00:22:24.480> important<00:22:24.900> and 00:22:25.040 --> 00:22:25.050 align:start position:0% and lastly usability is important and 00:22:25.050 --> 00:22:26.900 align:start position:0% and lastly usability is important and that<00:22:25.110> really<00:22:25.410> is<00:22:25.560> probably<00:22:26.130> the<00:22:26.370> the<00:22:26.700> thing 00:22:26.900 --> 00:22:26.910 align:start position:0% that really is probably the the thing 00:22:26.910 --> 00:22:28.460 align:start position:0% that really is probably the the thing that<00:22:27.120> we<00:22:27.420> need<00:22:27.510> a<00:22:27.570> lot<00:22:27.780> of<00:22:27.870> work<00:22:27.990> on<00:22:28.110> the<00:22:28.320> space 00:22:28.460 --> 00:22:28.470 align:start position:0% that we need a lot of work on the space 00:22:28.470 --> 00:22:29.390 align:start position:0% that we need a lot of work on the space more<00:22:28.740> than<00:22:28.890> anything<00:22:29.070> else 00:22:29.390 --> 00:22:29.400 align:start position:0% more than anything else 00:22:29.400 --> 00:22:32.000 align:start position:0% more than anything else and<00:22:29.810> so<00:22:30.810> with<00:22:31.140> that<00:22:31.170> I'll<00:22:31.590> take<00:22:31.800> questions 00:22:32.000 --> 00:22:32.010 align:start position:0% and so with that I'll take questions 00:22:32.010 --> 00:22:38.930 align:start position:0% and so with that I'll take questions comments<00:22:32.880> Rotten<00:22:33.270> Tomatoes<00:22:33.300> whatever<00:22:37.940> I'm 00:22:38.930 --> 00:22:38.940 align:start position:0% comments Rotten Tomatoes whatever I'm 00:22:38.940 --> 00:22:43.160 align:start position:0% comments Rotten Tomatoes whatever I'm curious<00:22:39.270> about<00:22:39.590> grin<00:22:40.590> specifically<00:22:41.250> and<00:22:42.170> as 00:22:43.160 --> 00:22:43.170 align:start position:0% curious about grin specifically and as 00:22:43.170 --> 00:22:45.410 align:start position:0% curious about grin specifically and as as<00:22:43.590> far<00:22:43.890> as<00:22:44.100> I<00:22:44.280> know<00:22:44.340> with<00:22:44.790> like<00:22:45.000> the<00:22:45.150> decoy 00:22:45.410 --> 00:22:45.420 align:start position:0% as far as I know with like the decoy 00:22:45.420 --> 00:22:49.060 align:start position:0% as far as I know with like the decoy based<00:22:45.690> approach<00:22:46.160> that<00:22:47.160> uses<00:22:47.400> like<00:22:47.880> different 00:22:49.060 --> 00:22:49.070 align:start position:0% based approach that uses like different 00:22:49.070 --> 00:22:51.980 align:start position:0% based approach that uses like different different<00:22:50.070> blinding<00:22:50.640> factors<00:22:51.480> for<00:22:51.840> each 00:22:51.980 --> 00:22:51.990 align:start position:0% different blinding factors for each 00:22:51.990 --> 00:22:54.550 align:start position:0% different blinding factors for each transaction<00:22:52.380> right<00:22:53.070> I'm<00:22:53.520> curious<00:22:53.880> if<00:22:54.090> that 00:22:54.550 --> 00:22:54.560 align:start position:0% transaction right I'm curious if that 00:22:54.560 --> 00:22:56.750 align:start position:0% transaction right I'm curious if that changes<00:22:55.560> at<00:22:55.770> all<00:22:55.860> like<00:22:56.070> an<00:22:56.250> improvement<00:22:56.550> over 00:22:56.750 --> 00:22:56.760 align:start position:0% changes at all like an improvement over 00:22:56.760 --> 00:22:58.790 align:start position:0% changes at all like an improvement over if<00:22:57.030> not<00:22:57.420> even<00:22:57.660> talking<00:22:57.840> about<00:22:58.050> the<00:22:58.380> coin<00:22:58.560> joint 00:22:58.790 --> 00:22:58.800 align:start position:0% if not even talking about the coin joint 00:22:58.800 --> 00:23:00.590 align:start position:0% if not even talking about the coin joint aspect<00:22:59.250> of<00:22:59.520> the<00:22:59.610> transactions<00:23:00.180> just<00:23:00.420> with<00:23:00.540> the 00:23:00.590 --> 00:23:00.600 align:start position:0% aspect of the transactions just with the 00:23:00.600 --> 00:23:02.480 align:start position:0% aspect of the transactions just with the planning<00:23:00.930> factors<00:23:01.260> does<00:23:01.440> that<00:23:01.620> change<00:23:01.980> at<00:23:02.340> all 00:23:02.480 --> 00:23:02.490 align:start position:0% planning factors does that change at all 00:23:02.490 --> 00:23:05.180 align:start position:0% planning factors does that change at all the<00:23:02.700> privacy<00:23:03.000> symptoms<00:23:03.510> not<00:23:04.320> really<00:23:04.860> so<00:23:05.070> the 00:23:05.180 --> 00:23:05.190 align:start position:0% the privacy symptoms not really so the 00:23:05.190 --> 00:23:07.910 align:start position:0% the privacy symptoms not really so the problem<00:23:05.640> with<00:23:05.850> member<00:23:06.630> raynbow<00:23:06.870> and<00:23:07.110> grins<00:23:07.440> so 00:23:07.910 --> 00:23:07.920 align:start position:0% problem with member raynbow and grins so 00:23:07.920 --> 00:23:10.010 align:start position:0% problem with member raynbow and grins so far<00:23:08.190> it's<00:23:08.640> really<00:23:08.940> promising<00:23:09.360> techniques<00:23:09.750> for 00:23:10.010 --> 00:23:10.020 align:start position:0% far it's really promising techniques for 00:23:10.020 --> 00:23:12.800 align:start position:0% far it's really promising techniques for compression<00:23:10.380> is<00:23:10.790> that<00:23:11.790> a<00:23:12.000> member<00:23:12.540> Wimble 00:23:12.800 --> 00:23:12.810 align:start position:0% compression is that a member Wimble 00:23:12.810 --> 00:23:15.410 align:start position:0% compression is that a member Wimble transaction<00:23:13.440> is<00:23:13.650> you<00:23:14.460> identify<00:23:14.850> the<00:23:14.910> you<00:23:15.030> TXO 00:23:15.410 --> 00:23:15.420 align:start position:0% transaction is you identify the you TXO 00:23:15.420 --> 00:23:16.730 align:start position:0% transaction is you identify the you TXO your<00:23:15.570> spending<00:23:15.960> and<00:23:16.080> you<00:23:16.230> generate<00:23:16.560> a<00:23:16.590> new 00:23:16.730 --> 00:23:16.740 align:start position:0% your spending and you generate a new 00:23:16.740 --> 00:23:18.380 align:start position:0% your spending and you generate a new output<00:23:17.070> you<00:23:17.460> hide<00:23:17.640> the<00:23:17.760> values<00:23:18.060> or<00:23:18.180> hide<00:23:18.300> the 00:23:18.380 --> 00:23:18.390 align:start position:0% output you hide the values or hide the 00:23:18.390 --> 00:23:19.760 align:start position:0% output you hide the values or hide the addresses<00:23:18.750> but<00:23:18.870> the<00:23:18.960> transaction<00:23:19.440> graph<00:23:19.530> is 00:23:19.760 --> 00:23:19.770 align:start position:0% addresses but the transaction graph is 00:23:19.770 --> 00:23:21.920 align:start position:0% addresses but the transaction graph is still<00:23:19.950> there<00:23:20.100> the<00:23:20.790> way<00:23:20.940> they<00:23:21.120> get<00:23:21.270> privacy<00:23:21.810> is 00:23:21.920 --> 00:23:21.930 align:start position:0% still there the way they get privacy is 00:23:21.930 --> 00:23:24.140 align:start position:0% still there the way they get privacy is in<00:23:22.050> theory<00:23:22.320> you<00:23:23.160> can<00:23:23.310> not<00:23:23.580> interactively 00:23:24.140 --> 00:23:24.150 align:start position:0% in theory you can not interactively 00:23:24.150 --> 00:23:25.670 align:start position:0% in theory you can not interactively aggregate<00:23:24.660> all<00:23:24.870> those<00:23:25.080> transactions 00:23:25.670 --> 00:23:25.680 align:start position:0% aggregate all those transactions 00:23:25.680 --> 00:23:27.830 align:start position:0% aggregate all those transactions together<00:23:25.800> and<00:23:26.130> get<00:23:26.280> a<00:23:26.310> bigger<00:23:26.520> mix<00:23:26.840> the 00:23:27.830 --> 00:23:27.840 align:start position:0% together and get a bigger mix the 00:23:27.840 --> 00:23:32.000 align:start position:0% together and get a bigger mix the problem<00:23:28.320> is<00:23:28.500> that<00:23:30.410> those<00:23:31.410> transactions<00:23:31.950> are 00:23:32.000 --> 00:23:32.010 align:start position:0% problem is that those transactions are 00:23:32.010 --> 00:23:33.230 align:start position:0% problem is that those transactions are broadcast<00:23:32.430> to<00:23:32.550> our<00:23:32.640> open<00:23:32.910> peer<00:23:33.090> to<00:23:33.150> peer 00:23:33.230 --> 00:23:33.240 align:start position:0% broadcast to our open peer to peer 00:23:33.240 --> 00:23:34.910 align:start position:0% broadcast to our open peer to peer network<00:23:33.360> and<00:23:33.720> anyone<00:23:33.930> who<00:23:34.020> connects<00:23:34.350> can<00:23:34.650> just 00:23:34.910 --> 00:23:34.920 align:start position:0% network and anyone who connects can just 00:23:34.920 --> 00:23:36.830 align:start position:0% network and anyone who connects can just download<00:23:35.220> and<00:23:35.820> see<00:23:36.030> every<00:23:36.300> individual 00:23:36.830 --> 00:23:36.840 align:start position:0% download and see every individual 00:23:36.840 --> 00:23:38.270 align:start position:0% download and see every individual transaction<00:23:37.410> and<00:23:37.560> cover<00:23:37.680> the<00:23:37.800> transaction 00:23:38.270 --> 00:23:38.280 align:start position:0% transaction and cover the transaction 00:23:38.280 --> 00:23:39.770 align:start position:0% transaction and cover the transaction graph<00:23:38.370> if<00:23:38.610> you're<00:23:38.790> a<00:23:38.850> researcher<00:23:39.330> this<00:23:39.660> is 00:23:39.770 --> 00:23:39.780 align:start position:0% graph if you're a researcher this is 00:23:39.780 --> 00:23:41.180 align:start position:0% graph if you're a researcher this is easy<00:23:39.960> if<00:23:40.140> you're<00:23:40.260> an<00:23:40.380> intelligent<00:23:40.860> service 00:23:41.180 --> 00:23:41.190 align:start position:0% easy if you're an intelligent service 00:23:41.190 --> 00:23:45.200 align:start position:0% easy if you're an intelligent service this<00:23:41.340> is<00:23:41.400> really<00:23:41.730> easy<00:23:42.860> it<00:23:43.860> just<00:23:43.920> that's<00:23:44.910> not<00:23:45.180> a 00:23:45.200 --> 00:23:45.210 align:start position:0% this is really easy it just that's not a 00:23:45.210 --> 00:23:46.970 align:start position:0% this is really easy it just that's not a privacy<00:23:45.660> answer<00:23:45.900> yet<00:23:46.080> they<00:23:46.320> need<00:23:46.500> an<00:23:46.620> answer 00:23:46.970 --> 00:23:46.980 align:start position:0% privacy answer yet they need an answer 00:23:46.980 --> 00:23:56.110 align:start position:0% privacy answer yet they need an answer for<00:23:47.250> that<00:23:47.310> and<00:23:47.490> they<00:23:47.550> don't<00:23:47.700> have<00:23:47.850> one<00:23:47.970> so<00:23:48.150> far 00:23:56.110 --> 00:23:56.120 align:start position:0% 00:23:56.120 --> 00:23:58.180 align:start position:0% you