WEBVTT Kind: captions Language: en 00:00:04.610 --> 00:00:06.670 align:start position:0% I'd<00:00:05.120> like<00:00:05.270> to<00:00:05.390> start<00:00:05.630> off<00:00:05.690> with<00:00:05.960> introductions 00:00:06.670 --> 00:00:06.680 align:start position:0% I'd like to start off with introductions 00:00:06.680 --> 00:00:08.620 align:start position:0% I'd like to start off with introductions so<00:00:06.830> my<00:00:07.160> name<00:00:07.279> is<00:00:07.370> Eva<00:00:07.640> as<00:00:07.700> mentioned<00:00:08.180> I<00:00:08.330> work<00:00:08.480> on 00:00:08.620 --> 00:00:08.630 align:start position:0% so my name is Eva as mentioned I work on 00:00:08.630 --> 00:00:09.850 align:start position:0% so my name is Eva as mentioned I work on various<00:00:08.660> projects<00:00:09.320> in<00:00:09.440> the<00:00:09.530> etherium 00:00:09.850 --> 00:00:09.860 align:start position:0% various projects in the etherium 00:00:09.860 --> 00:00:12.879 align:start position:0% various projects in the etherium ecosystem<00:00:10.340> and<00:00:10.580> super<00:00:11.210> close<00:00:11.389> with<00:00:11.420> GFI<00:00:11.900> and 00:00:12.879 --> 00:00:12.889 align:start position:0% ecosystem and super close with GFI and 00:00:12.889 --> 00:00:14.619 align:start position:0% ecosystem and super close with GFI and maybe<00:00:13.070> if<00:00:13.190> you<00:00:13.250> guys<00:00:13.369> can<00:00:13.580> start<00:00:13.789> and<00:00:13.969> say<00:00:14.150> what 00:00:14.619 --> 00:00:14.629 align:start position:0% maybe if you guys can start and say what 00:00:14.629 --> 00:00:15.730 align:start position:0% maybe if you guys can start and say what you're<00:00:14.750> working<00:00:14.990> on<00:00:15.080> and<00:00:15.260> how<00:00:15.350> that<00:00:15.500> relates 00:00:15.730 --> 00:00:15.740 align:start position:0% you're working on and how that relates 00:00:15.740 --> 00:00:19.930 align:start position:0% you're working on and how that relates to<00:00:15.830> stable<00:00:16.190> coins<00:00:18.010> sure<00:00:19.010> so<00:00:19.220> I'm<00:00:19.369> Victor 00:00:19.930 --> 00:00:19.940 align:start position:0% to stable coins sure so I'm Victor 00:00:19.940 --> 00:00:21.340 align:start position:0% to stable coins sure so I'm Victor Rourke<00:00:20.180> that<00:00:20.330> I<00:00:20.359> work<00:00:20.570> with<00:00:20.750> the<00:00:20.900> our<00:00:21.080> dive 00:00:21.340 --> 00:00:21.350 align:start position:0% Rourke that I work with the our dive 00:00:21.350 --> 00:00:23.230 align:start position:0% Rourke that I work with the our dive project<00:00:22.010> and<00:00:22.580> for<00:00:22.700> those<00:00:22.820> of<00:00:22.910> you<00:00:23.000> that<00:00:23.150> are 00:00:23.230 --> 00:00:23.240 align:start position:0% project and for those of you that are 00:00:23.240 --> 00:00:26.200 align:start position:0% project and for those of you that are familiar<00:00:23.390> it's<00:00:23.870> an<00:00:23.990> open<00:00:24.320> source<00:00:25.210> non-profit 00:00:26.200 --> 00:00:26.210 align:start position:0% familiar it's an open source non-profit 00:00:26.210 --> 00:00:28.330 align:start position:0% familiar it's an open source non-profit money<00:00:26.600> lego<00:00:26.990> protocol<00:00:27.680> that's<00:00:27.920> created<00:00:28.310> by 00:00:28.330 --> 00:00:28.340 align:start position:0% money lego protocol that's created by 00:00:28.340 --> 00:00:30.730 align:start position:0% money lego protocol that's created by Francesco<00:00:29.060> Renzi<00:00:29.510> and<00:00:29.780> me<00:00:30.080> Alistair<00:00:30.380> Chang 00:00:30.730 --> 00:00:30.740 align:start position:0% Francesco Renzi and me Alistair Chang 00:00:30.740 --> 00:00:34.389 align:start position:0% Francesco Renzi and me Alistair Chang earlier<00:00:31.070> this<00:00:31.220> summer<00:00:31.539> it's<00:00:32.539> sort<00:00:32.870> of<00:00:33.399> one 00:00:34.389 --> 00:00:34.399 align:start position:0% earlier this summer it's sort of one 00:00:34.399 --> 00:00:36.580 align:start position:0% earlier this summer it's sort of one sentence<00:00:34.850> pitches<00:00:35.270> programmable<00:00:36.020> interest 00:00:36.580 --> 00:00:36.590 align:start position:0% sentence pitches programmable interest 00:00:36.590 --> 00:00:39.430 align:start position:0% sentence pitches programmable interest payments<00:00:37.010> it<00:00:37.520> takes<00:00:37.910> dye<00:00:38.630> as<00:00:39.020> the<00:00:39.200> underlying 00:00:39.430 --> 00:00:39.440 align:start position:0% payments it takes dye as the underlying 00:00:39.440 --> 00:00:44.139 align:start position:0% payments it takes dye as the underlying asset<00:00:40.040> and<00:00:40.310> invests<00:00:40.850> in<00:00:41.140> no<00:00:42.140> loss<00:00:43.149> lending 00:00:44.139 --> 00:00:44.149 align:start position:0% asset and invests in no loss lending 00:00:44.149 --> 00:00:46.420 align:start position:0% asset and invests in no loss lending pools<00:00:44.360> like<00:00:44.600> compound<00:00:45.110> dy/dx<00:00:45.739> our<00:00:46.070> fulcrum 00:00:46.420 --> 00:00:46.430 align:start position:0% pools like compound dy/dx our fulcrum 00:00:46.430 --> 00:00:48.069 align:start position:0% pools like compound dy/dx our fulcrum and<00:00:46.640> then<00:00:47.090> takes<00:00:47.329> that<00:00:47.570> interest<00:00:47.930> that's 00:00:48.069 --> 00:00:48.079 align:start position:0% and then takes that interest that's 00:00:48.079 --> 00:00:49.900 align:start position:0% and then takes that interest that's streaming<00:00:48.320> back<00:00:48.590> to<00:00:48.800> the<00:00:48.950> user<00:00:49.309> account<00:00:49.670> and 00:00:49.900 --> 00:00:49.910 align:start position:0% streaming back to the user account and 00:00:49.910 --> 00:00:51.850 align:start position:0% streaming back to the user account and allows<00:00:50.149> the<00:00:50.390> user<00:00:50.420> that<00:00:50.899> holds<00:00:51.200> the<00:00:51.290> die<00:00:51.440> to 00:00:51.850 --> 00:00:51.860 align:start position:0% allows the user that holds the die to 00:00:51.860 --> 00:00:53.590 align:start position:0% allows the user that holds the die to direct<00:00:52.190> that<00:00:52.309> interest<00:00:52.640> outside<00:00:53.210> of<00:00:53.480> their 00:00:53.590 --> 00:00:53.600 align:start position:0% direct that interest outside of their 00:00:53.600 --> 00:00:55.959 align:start position:0% direct that interest outside of their own<00:00:53.630> account<00:00:54.050> so<00:00:54.320> you<00:00:54.350> can<00:00:54.530> use<00:00:54.739> it<00:00:54.890> to<00:00:54.980> pay<00:00:55.160> for 00:00:55.959 --> 00:00:55.969 align:start position:0% own account so you can use it to pay for 00:00:55.969 --> 00:00:58.330 align:start position:0% own account so you can use it to pay for services<00:00:56.750> you<00:00:57.230> can<00:00:57.380> direct<00:00:57.710> it<00:00:57.770> to<00:00:57.890> charities 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--> 00:01:14.830 align:start position:0% come out the other end and you start saying<00:01:13.280> things<00:01:13.459> like<00:01:13.579> fiat<00:01:13.969> money<00:01:13.999> instead<00:01:14.659> of 00:01:14.830 --> 00:01:14.840 align:start position:0% saying things like fiat money instead of 00:01:14.840 --> 00:01:17.800 align:start position:0% saying things like fiat money instead of dollar<00:01:15.380> bills<00:01:15.670> and<00:01:16.670> then<00:01:16.850> my<00:01:16.969> second<00:01:17.359> trip 00:01:17.800 --> 00:01:17.810 align:start position:0% dollar bills and then my second trip 00:01:17.810 --> 00:01:18.910 align:start position:0% dollar bills and then my second trip down<00:01:17.959> the<00:01:18.049> rabbit<00:01:18.319> hole<00:01:18.350> is<00:01:18.560> learning<00:01:18.770> about 00:01:18.910 --> 00:01:18.920 align:start position:0% down the rabbit hole is learning about 00:01:18.920 --> 00:01:21.279 align:start position:0% down the rabbit hole is learning about maker<00:01:19.280> Dow<00:01:19.539> understanding<00:01:20.539> how<00:01:20.659> those<00:01:20.810> kinds 00:01:21.279 --> 00:01:21.289 align:start position:0% maker Dow understanding how those kinds 00:01:21.289 --> 00:01:23.709 align:start position:0% maker Dow understanding how those kinds of<00:01:21.409> systems<00:01:22.279> which<00:01:22.520> seem<00:01:22.759> incredibly<00:01:23.270> complex 00:01:23.709 --> 00:01:23.719 align:start position:0% of systems which seem incredibly complex 00:01:23.719 --> 00:01:25.800 align:start position:0% of systems which seem incredibly complex can<00:01:24.079> result<00:01:24.469> in<00:01:24.649> this<00:01:24.709> really<00:01:25.039> wonderful 00:01:25.800 --> 00:01:25.810 align:start position:0% can result in this really wonderful 00:01:25.810 --> 00:01:28.269 align:start position:0% can result in this really wonderful system<00:01:26.810> that<00:01:27.139> that<00:01:27.499> opens<00:01:27.770> up<00:01:27.859> all<00:01:27.979> kinds<00:01:28.219> of 00:01:28.269 --> 00:01:28.279 align:start position:0% system that that opens up all kinds of 00:01:28.279 --> 00:01:30.099 align:start position:0% system that that opens up all kinds of new<00:01:28.340> affordances<00:01:28.969> for<00:01:29.029> human<00:01:29.990> financial 00:01:30.099 --> 00:01:30.109 align:start position:0% new affordances for human financial 00:01:30.109 --> 00:01:31.840 align:start position:0% new affordances for human financial behavior<00:01:30.740> and<00:01:30.979> then<00:01:31.159> the<00:01:31.310> money<00:01:31.490> Legos<00:01:31.819> that 00:01:31.840 --> 00:01:31.850 align:start position:0% behavior and then the money Legos that 00:01:31.850 --> 00:01:34.510 align:start position:0% behavior and then the money Legos that are<00:01:32.119> built<00:01:32.240> on<00:01:32.389> top<00:01:32.569> of<00:01:32.630> it<00:01:32.899> are<00:01:33.679> fascinating 00:01:34.510 --> 00:01:34.520 align:start position:0% are built on top of it are fascinating 00:01:34.520 --> 00:01:36.370 align:start position:0% are built on top of it are fascinating and<00:01:34.729> so<00:01:34.789> when<00:01:35.389> I<00:01:35.450> when<00:01:35.689> I<00:01:35.749> heard<00:01:35.899> about<00:01:35.959> our<00:01:36.200> die 00:01:36.370 --> 00:01:36.380 align:start position:0% and so when I when I heard about our die 00:01:36.380 --> 00:01:38.469 align:start position:0% and so when I when I heard about our die I<00:01:36.709> started<00:01:37.219> building<00:01:37.369> on<00:01:37.609> it<00:01:37.759> and<00:01:37.939> I 00:01:38.469 --> 00:01:38.479 align:start position:0% I started building on it and I 00:01:38.479 --> 00:01:39.910 align:start position:0% I started building on it and I recognized<00:01:38.929> that<00:01:39.049> it's<00:01:39.259> not<00:01:39.349> only<00:01:39.439> a<00:01:39.590> cool 00:01:39.910 --> 00:01:39.920 align:start position:0% recognized that it's not only a cool 00:01:39.920 --> 00:01:42.870 align:start position:0% recognized that it's not only a cool money<00:01:40.459> Lego<00:01:40.880> but<00:01:41.119> it<00:01:41.209> actually<00:01:41.389> kind<00:01:41.749> of<00:01:41.869> hurts 00:01:42.870 --> 00:01:42.880 align:start position:0% money Lego but it actually kind of hurts 00:01:42.880 --> 00:01:46.690 align:start position:0% money Lego but it actually kind of hurts a<00:01:44.200> cognitive<00:01:45.200> bias<00:01:45.439> that<00:01:45.799> are<00:01:45.979> sort<00:01:46.609> of 00:01:46.690 --> 00:01:46.700 align:start position:0% a cognitive bias that are sort of 00:01:46.700 --> 00:01:48.699 align:start position:0% a cognitive bias that are sort of circumnavigates<00:01:47.539> a<00:01:47.659> cognitive<00:01:48.109> bias<00:01:48.319> that 00:01:48.699 --> 00:01:48.709 align:start position:0% circumnavigates a cognitive bias that 00:01:48.709 --> 00:01:50.289 align:start position:0% circumnavigates a cognitive bias that we've<00:01:48.829> always<00:01:49.009> had<00:01:49.369> whenever<00:01:49.789> we<00:01:49.939> pay<00:01:50.090> for 00:01:50.289 --> 00:01:50.299 align:start position:0% we've always had whenever we pay for 00:01:50.299 --> 00:01:51.669 align:start position:0% we've always had whenever we pay for things<00:01:50.389> out<00:01:50.599> of<00:01:50.719> pocket<00:01:51.079> which<00:01:51.259> is<00:01:51.409> lost 00:01:51.669 --> 00:01:51.679 align:start position:0% things out of pocket which is lost 00:01:51.679 --> 00:01:54.099 align:start position:0% things out of pocket which is lost version<00:01:52.189> doesn't<00:01:53.060> feel<00:01:53.209> good<00:01:53.419> to<00:01:53.599> see<00:01:53.810> your 00:01:54.099 --> 00:01:54.109 align:start position:0% version doesn't feel good to see your 00:01:54.109 --> 00:01:55.970 align:start position:0% version doesn't feel good to see your number<00:01:54.950> go<00:01:55.099> down<00:01:55.310> and<00:01:55.609> your<00:01:55.700> bang 00:01:55.970 --> 00:01:55.980 align:start position:0% number go down and your bang 00:01:55.980 --> 00:01:57.770 align:start position:0% number go down and your bang and<00:01:56.700> so<00:01:56.850> anything<00:01:57.060> you<00:01:57.210> pay<00:01:57.330> for<00:01:57.390> you<00:01:57.600> have<00:01:57.690> to 00:01:57.770 --> 00:01:57.780 align:start position:0% and so anything you pay for you have to 00:01:57.780 --> 00:02:00.200 align:start position:0% and so anything you pay for you have to overcome<00:01:57.900> that<00:01:58.290> obstacle<00:01:58.350> so<00:01:59.100> our<00:01:59.610> die<00:01:59.940> when 00:02:00.200 --> 00:02:00.210 align:start position:0% overcome that obstacle so our die when 00:02:00.210 --> 00:02:01.760 align:start position:0% overcome that obstacle so our die when you<00:02:00.300> can<00:02:00.450> direct<00:02:00.780> interest<00:02:01.260> to<00:02:01.410> things<00:02:01.620> that 00:02:01.760 --> 00:02:01.770 align:start position:0% you can direct interest to things that 00:02:01.770 --> 00:02:04.400 align:start position:0% you can direct interest to things that you<00:02:01.980> support<00:02:02.430> it<00:02:02.970> seems<00:02:03.240> to<00:02:03.420> alleviate<00:02:04.110> some 00:02:04.400 --> 00:02:04.410 align:start position:0% you support it seems to alleviate some 00:02:04.410 --> 00:02:06.020 align:start position:0% you support it seems to alleviate some of<00:02:04.440> that<00:02:04.590> loss<00:02:04.830> aversion<00:02:05.160> that<00:02:05.460> it<00:02:05.520> thinks<00:02:05.700> and 00:02:06.020 --> 00:02:06.030 align:start position:0% of that loss aversion that it thinks and 00:02:06.030 --> 00:02:07.820 align:start position:0% of that loss aversion that it thinks and you<00:02:06.270> know<00:02:06.360> kind<00:02:06.630> of<00:02:06.660> gets<00:02:07.260> me<00:02:07.440> spinning 00:02:07.820 --> 00:02:07.830 align:start position:0% you know kind of gets me spinning 00:02:07.830 --> 00:02:08.630 align:start position:0% you know kind of gets me spinning thinking<00:02:08.100> about<00:02:08.250> the<00:02:08.340> different 00:02:08.630 --> 00:02:08.640 align:start position:0% thinking about the different 00:02:08.640 --> 00:02:10.940 align:start position:0% thinking about the different possibilities<00:02:09.270> that<00:02:09.540> you<00:02:10.110> can<00:02:10.500> build<00:02:10.740> out<00:02:10.920> a 00:02:10.940 --> 00:02:10.950 align:start position:0% possibilities that you can build out a 00:02:10.950 --> 00:02:13.030 align:start position:0% possibilities that you can build out a payment<00:02:11.220> system<00:02:11.790> and<00:02:12.060> a<00:02:12.180> payment<00:02:12.540> network 00:02:13.030 --> 00:02:13.040 align:start position:0% payment system and a payment network 00:02:13.040 --> 00:02:15.530 align:start position:0% payment system and a payment network that<00:02:14.040> is<00:02:14.130> an<00:02:14.220> entirely<00:02:14.550> different<00:02:14.730> structure 00:02:15.530 --> 00:02:15.540 align:start position:0% that is an entirely different structure 00:02:15.540 --> 00:02:18.400 align:start position:0% that is an entirely different structure with<00:02:15.720> a<00:02:15.750> lot<00:02:15.990> more<00:02:16.230> fluidity<00:02:16.560> and<00:02:17.010> a<00:02:17.070> lot<00:02:17.220> more 00:02:18.400 --> 00:02:18.410 align:start position:0% with a lot more fluidity and a lot more 00:02:18.410 --> 00:02:20.480 align:start position:0% with a lot more fluidity and a lot more possibility<00:02:19.410> for<00:02:19.560> supporting<00:02:19.980> things<00:02:20.130> that 00:02:20.480 --> 00:02:20.490 align:start position:0% possibility for supporting things that 00:02:20.490 --> 00:02:22.880 align:start position:0% possibility for supporting things that we<00:02:20.580> think<00:02:20.910> of<00:02:21.090> now<00:02:21.360> as<00:02:21.410> these<00:02:22.410> kinds<00:02:22.740> of<00:02:22.770> you 00:02:22.880 --> 00:02:22.890 align:start position:0% we think of now as these kinds of you 00:02:22.890 --> 00:02:24.170 align:start position:0% we think of now as these kinds of you need<00:02:23.010> to<00:02:23.040> add<00:02:23.190> support<00:02:23.640> models<00:02:23.970> or 00:02:24.170 --> 00:02:24.180 align:start position:0% need to add support models or 00:02:24.180 --> 00:02:25.940 align:start position:0% need to add support models or surveillance<00:02:24.450> capitalism<00:02:25.170> the<00:02:25.260> support<00:02:25.650> but 00:02:25.940 --> 00:02:25.950 align:start position:0% surveillance capitalism the support but 00:02:25.950 --> 00:02:27.830 align:start position:0% surveillance capitalism the support but with<00:02:26.460> the<00:02:26.610> directed<00:02:26.970> interest<00:02:27.300> micropayment 00:02:27.830 --> 00:02:27.840 align:start position:0% with the directed interest micropayment 00:02:27.840 --> 00:02:30.590 align:start position:0% with the directed interest micropayment kind<00:02:28.320> of<00:02:28.440> platform<00:02:28.890> like<00:02:29.040> our<00:02:29.190> die<00:02:29.450> you<00:02:30.450> really 00:02:30.590 --> 00:02:30.600 align:start position:0% kind of platform like our die you really 00:02:30.600 --> 00:02:32.480 align:start position:0% kind of platform like our die you really do<00:02:30.840> have<00:02:31.050> some<00:02:31.410> really<00:02:31.830> neat<00:02:32.010> models<00:02:32.370> that 00:02:32.480 --> 00:02:32.490 align:start position:0% do have some really neat models that 00:02:32.490 --> 00:02:33.980 align:start position:0% do have some really neat models that come<00:02:32.670> out<00:02:32.760> of<00:02:32.790> that<00:02:32.910> so<00:02:33.240> excited<00:02:33.870> to<00:02:33.930> build 00:02:33.980 --> 00:02:33.990 align:start position:0% come out of that so excited to build 00:02:33.990 --> 00:02:35.420 align:start position:0% come out of that so excited to build it's<00:02:34.200> not<00:02:34.320> on<00:02:34.470> main<00:02:34.680> men<00:02:34.830> yet<00:02:35.010> but<00:02:35.220> that'll<00:02:35.400> be 00:02:35.420 --> 00:02:35.430 align:start position:0% it's not on main men yet but that'll be 00:02:35.430 --> 00:02:37.670 align:start position:0% it's not on main men yet but that'll be a<00:02:35.490> couple<00:02:35.790> of<00:02:35.820> months<00:02:35.940> away<00:02:36.150> so<00:02:36.600> I<00:02:37.380> encourage 00:02:37.670 --> 00:02:37.680 align:start position:0% a couple of months away so I encourage 00:02:37.680 --> 00:02:38.960 align:start position:0% a couple of months away so I encourage everybody<00:02:37.920> to<00:02:38.070> check<00:02:38.160> it<00:02:38.340> out<00:02:38.430> hopefully<00:02:38.820> you 00:02:38.960 --> 00:02:38.970 align:start position:0% everybody to check it out hopefully you 00:02:38.970 --> 00:02:40.340 align:start position:0% everybody to check it out hopefully you make<00:02:39.240> me<00:02:39.330> fall<00:02:39.450> down<00:02:39.600> the<00:02:39.750> same<00:02:39.900> rabbit<00:02:40.200> hole<00:02:40.320> I 00:02:40.340 --> 00:02:40.350 align:start position:0% make me fall down the same rabbit hole I 00:02:40.350 --> 00:02:46.040 align:start position:0% make me fall down the same rabbit hole I did<00:02:42.290> yeah<00:02:43.350> rune<00:02:43.890> Kristensen<00:02:44.660> CEO<00:02:45.660> of<00:02:45.780> the<00:02:45.870> mega 00:02:46.040 --> 00:02:46.050 align:start position:0% did yeah rune Kristensen CEO of the mega 00:02:46.050 --> 00:02:49.070 align:start position:0% did yeah rune Kristensen CEO of the mega foundation<00:02:46.650> and<00:02:47.480> for<00:02:48.480> those<00:02:48.630> of<00:02:48.810> you<00:02:48.930> that 00:02:49.070 --> 00:02:49.080 align:start position:0% foundation and for those of you that 00:02:49.080 --> 00:02:50.720 align:start position:0% foundation and for those of you that didn't<00:02:49.320> hear<00:02:49.470> it<00:02:49.590> yesterday<00:02:50.370> we<00:02:50.700> just 00:02:50.720 --> 00:02:50.730 align:start position:0% didn't hear it yesterday we just 00:02:50.730 --> 00:02:54.890 align:start position:0% didn't hear it yesterday we just announced<00:02:51.330> that<00:02:51.620> full<00:02:52.620> version<00:02:53.040> of<00:02:53.070> die<00:02:54.030> x 00:02:54.890 --> 00:02:54.900 align:start position:0% announced that full version of die x 00:02:54.900 --> 00:02:57.790 align:start position:0% announced that full version of die x that<00:02:55.560> also<00:02:55.710> includes<00:02:56.190> the<00:02:56.460> die<00:02:56.730> savings<00:02:57.240> rate 00:02:57.790 --> 00:02:57.800 align:start position:0% that also includes the die savings rate 00:02:57.800 --> 00:03:08.240 align:start position:0% that also includes the die savings rate is<00:02:58.800> launching<00:02:59.160> of<00:02:59.310> the<00:02:59.400> memory<00:02:59.670> team<00:03:07.010> I'm<00:03:08.010> Dan 00:03:08.240 --> 00:03:08.250 align:start position:0% is launching of the memory team I'm Dan 00:03:08.250 --> 00:03:10.699 align:start position:0% is launching of the memory team I'm Dan Robinson<00:03:08.760> I'm<00:03:08.910> a<00:03:08.970> research<00:03:09.360> partner<00:03:09.750> paradigm 00:03:10.699 --> 00:03:10.709 align:start position:0% Robinson I'm a research partner paradigm 00:03:10.709 --> 00:03:12.110 align:start position:0% Robinson I'm a research partner paradigm which<00:03:10.890> is<00:03:10.920> a<00:03:11.040> crypto<00:03:11.310> asset<00:03:11.580> investment<00:03:11.970> firm 00:03:12.110 --> 00:03:12.120 align:start position:0% which is a crypto asset investment firm 00:03:12.120 --> 00:03:13.550 align:start position:0% which is a crypto asset investment firm but<00:03:12.330> I'm<00:03:12.390> here<00:03:12.540> representing<00:03:12.870> my<00:03:13.200> own<00:03:13.320> views 00:03:13.550 --> 00:03:13.560 align:start position:0% but I'm here representing my own views 00:03:13.560 --> 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recently published a paper called<00:03:23.760> the<00:03:23.970> yield<00:03:24.150> protocol<00:03:24.630> which<00:03:25.500> is<00:03:25.590> about 00:03:25.699 --> 00:03:25.709 align:start position:0% called the yield protocol which is about 00:03:25.709 --> 00:03:27.440 align:start position:0% called the yield protocol which is about a<00:03:25.770> way<00:03:25.950> to<00:03:26.010> do<00:03:26.220> essentially<00:03:26.550> secured<00:03:27.030> zero 00:03:27.440 --> 00:03:27.450 align:start position:0% a way to do essentially secured zero 00:03:27.450 --> 00:03:30.830 align:start position:0% a way to do essentially secured zero coupon<00:03:27.690> bonds<00:03:28.500> on<00:03:29.430> ethereum<00:03:29.730> so<00:03:30.150> for<00:03:30.510> example 00:03:30.830 --> 00:03:30.840 align:start position:0% coupon bonds on ethereum so for example 00:03:30.840 --> 00:03:33.860 align:start position:0% coupon bonds on ethereum so for example one<00:03:31.020> wide<00:03:31.680> eye<00:03:32.000> is<00:03:33.000> where<00:03:33.239> it<00:03:33.390> is<00:03:33.480> the<00:03:33.600> demon 00:03:33.860 --> 00:03:33.870 align:start position:0% one wide eye is where it is the demon 00:03:33.870 --> 00:03:37.010 align:start position:0% one wide eye is where it is the demon bull<00:03:33.989> for<00:03:34.200> one<00:03:34.500> die<00:03:34.940> at<00:03:35.940> a<00:03:36.420> particular<00:03:36.630> future 00:03:37.010 --> 00:03:37.020 align:start position:0% bull for one die at a particular future 00:03:37.020 --> 00:03:39.410 align:start position:0% bull for one die at a particular future date<00:03:37.320> and<00:03:37.530> is<00:03:38.160> secured<00:03:38.520> by<00:03:38.610> some<00:03:39.030> to<00:03:39.270> youth 00:03:39.410 --> 00:03:39.420 align:start position:0% date and is secured by some to youth 00:03:39.420 --> 00:03:43.699 align:start position:0% date and is secured by some to youth collateral<00:03:39.989> so<00:03:40.890> unlike<00:03:41.459> unlike<00:03:41.700> I<00:03:42.470> die<00:03:43.470> I'm 00:03:43.699 --> 00:03:43.709 align:start position:0% collateral so unlike unlike I die I'm 00:03:43.709 --> 00:03:47.270 align:start position:0% collateral so unlike unlike I die I'm like<00:03:43.860> unlike<00:03:44.160> it's<00:03:44.970> it's<00:03:45.510> not<00:03:45.750> a<00:03:46.040> petrol<00:03:47.040> and 00:03:47.270 --> 00:03:47.280 align:start position:0% like unlike it's it's not a petrol and 00:03:47.280 --> 00:03:49.820 align:start position:0% like unlike it's it's not a petrol and it's<00:03:47.670> also<00:03:47.880> not<00:03:48.239> meant<00:03:48.450> to<00:03:48.510> target<00:03:48.830> stability 00:03:49.820 --> 00:03:49.830 align:start position:0% it's also not meant to target stability 00:03:49.830 --> 00:03:53.600 align:start position:0% it's also not meant to target stability so<00:03:50.840> it's<00:03:51.840> a<00:03:51.930> way<00:03:52.050> to<00:03:52.080> get<00:03:52.350> to<00:03:52.590> rehab<00:03:52.890> to<00:03:53.070> the<00:03:53.250> the 00:03:53.600 --> 00:03:53.610 align:start position:0% so it's a way to get to rehab to the the 00:03:53.610 --> 00:03:55.640 align:start position:0% so it's a way to get to rehab to the the wide<00:03:54.060> I<00:03:54.090> traded<00:03:54.480> some<00:03:54.600> discount<00:03:55.140> and<00:03:55.350> you<00:03:55.530> can 00:03:55.640 --> 00:03:55.650 align:start position:0% wide I traded some discount and you can 00:03:55.650 --> 00:03:57.260 align:start position:0% wide I traded some discount and you can infer<00:03:55.890> from<00:03:55.950> the<00:03:56.250> discount<00:03:56.550> what<00:03:56.790> the<00:03:56.910> implied 00:03:57.260 --> 00:03:57.270 align:start position:0% infer from the discount what the implied 00:03:57.270 --> 00:03:58.880 align:start position:0% infer from the discount what the implied interest<00:03:57.600> rate<00:03:57.780> is<00:03:57.930> that<00:03:58.140> the<00:03:58.200> market<00:03:58.500> sets<00:03:58.709> on 00:03:58.880 --> 00:03:58.890 align:start position:0% interest rate is that the market sets on 00:03:58.890 --> 00:04:03.050 align:start position:0% interest rate is that the market sets on this<00:03:59.040> particular<00:04:00.350> maturity<00:04:01.350> of<00:04:01.500> debt<00:04:02.459> and<00:04:02.670> so 00:04:03.050 --> 00:04:03.060 align:start position:0% this particular maturity of debt and so 00:04:03.060 --> 00:04:04.880 align:start position:0% this particular maturity of debt and so it's<00:04:03.270> it's<00:04:03.480> a<00:04:03.660> protocol<00:04:04.380> essentially<00:04:04.769> for 00:04:04.880 --> 00:04:04.890 align:start position:0% it's it's a protocol essentially for 00:04:04.890 --> 00:04:06.759 align:start position:0% it's it's a protocol essentially for interest<00:04:05.130> rate<00:04:05.220> discovery<00:04:05.609> on<00:04:05.850> it<00:04:05.940> there 00:04:06.759 --> 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align:start position:0% the interest rate that people can earn right<00:04:20.400> so<00:04:20.579> these<00:04:20.760> opportunities<00:04:21.540> that<00:04:21.870> for 00:04:22.129 --> 00:04:22.139 align:start position:0% right so these opportunities that for 00:04:22.139 --> 00:04:23.420 align:start position:0% right so these opportunities that for example<00:04:22.350> hence<00:04:22.620> adapt<00:04:22.860> is<00:04:23.010> creating 00:04:23.420 --> 00:04:23.430 align:start position:0% example hence adapt is creating 00:04:23.430 --> 00:04:25.219 align:start position:0% example hence adapt is creating arbitrage<00:04:23.910> between<00:04:24.090> a<00:04:24.300> maker<00:04:24.510> CDP<00:04:24.990> and 00:04:25.219 --> 00:04:25.229 align:start position:0% arbitrage between a maker CDP and 00:04:25.229 --> 00:04:27.439 align:start position:0% arbitrage between a maker CDP and lending<00:04:25.530> a<00:04:25.590> compound<00:04:26.010> but<00:04:26.940> how<00:04:27.090> do<00:04:27.150> you<00:04:27.300> guys 00:04:27.439 --> 00:04:27.449 align:start position:0% lending a compound but how do you guys 00:04:27.449 --> 00:04:29.780 align:start position:0% lending a compound but how do you guys see<00:04:27.780> interest<00:04:28.290> rates<00:04:28.530> evolving<00:04:29.070> as<00:04:29.280> our 00:04:29.780 --> 00:04:29.790 align:start position:0% see interest rates evolving as our 00:04:29.790 --> 00:04:31.490 align:start position:0% see interest rates evolving as our ecosystem<00:04:30.389> involves<00:04:30.780> and<00:04:30.930> maybe<00:04:31.050> Dan<00:04:31.350> will 00:04:31.490 --> 00:04:31.500 align:start position:0% ecosystem involves and maybe Dan will 00:04:31.500 --> 00:04:33.230 align:start position:0% ecosystem involves and maybe Dan will start<00:04:31.710> with<00:04:31.800> you<00:04:31.949> given<00:04:32.220> Y<00:04:32.430> tokens<00:04:32.850> are<00:04:33.030> a 00:04:33.230 --> 00:04:33.240 align:start position:0% start with you given Y tokens are a 00:04:33.240 --> 00:04:34.430 align:start position:0% start with you given Y tokens are a little<00:04:33.479> bit<00:04:33.660> relevant 00:04:34.430 --> 00:04:34.440 align:start position:0% little bit relevant 00:04:34.440 --> 00:04:37.460 align:start position:0% little bit relevant sure<00:04:34.919> yes<00:04:35.250> and<00:04:35.460> so<00:04:35.840> wider<00:04:36.840> exam<00:04:37.080> obviously 00:04:37.460 --> 00:04:37.470 align:start position:0% sure yes and so wider exam obviously 00:04:37.470 --> 00:04:39.650 align:start position:0% sure yes and so wider exam obviously hasn't<00:04:37.620> been<00:04:37.889> implemented<00:04:38.190> yet<00:04:38.389> but<00:04:39.389> once<00:04:39.539> you 00:04:39.650 --> 00:04:39.660 align:start position:0% hasn't been implemented yet but once you 00:04:39.660 --> 00:04:42.230 align:start position:0% hasn't been implemented yet but once you do<00:04:39.919> just<00:04:40.919> from<00:04:41.010> sort<00:04:41.220> of<00:04:41.250> the<00:04:41.310> market<00:04:41.729> on<00:04:41.880> chain 00:04:42.230 --> 00:04:42.240 align:start position:0% do just from sort of the market on chain 00:04:42.240 --> 00:04:44.210 align:start position:0% do just from sort of the market on chain you<00:04:42.419> can<00:04:42.570> get<00:04:42.870> what<00:04:43.050> the<00:04:43.169> markets<00:04:43.530> just<00:04:43.650> for 00:04:44.210 --> 00:04:44.220 align:start position:0% you can get what the markets just for 00:04:44.220 --> 00:04:46.189 align:start position:0% you can get what the markets just for the<00:04:44.280> prices<00:04:44.729> of<00:04:44.850> various<00:04:45.090> maturities<00:04:45.510> you<00:04:45.990> can 00:04:46.189 --> 00:04:46.199 align:start position:0% the prices of various maturities you can 00:04:46.199 --> 00:04:48.379 align:start position:0% the prices of various maturities you can infer<00:04:47.130> what<00:04:47.340> the<00:04:47.370> market<00:04:47.789> predicts<00:04:48.090> the<00:04:48.210> term 00:04:48.379 --> 00:04:48.389 align:start position:0% infer what the market predicts the term 00:04:48.389 --> 00:04:49.370 align:start position:0% infer what the market predicts the term structure<00:04:48.750> of<00:04:48.780> interest<00:04:48.870> rates<00:04:49.199> will<00:04:49.350> be 00:04:49.370 --> 00:04:49.380 align:start position:0% structure of interest rates will be 00:04:49.380 --> 00:04:50.990 align:start position:0% structure of interest rates will be which<00:04:49.979> is<00:04:50.100> the<00:04:50.190> two-threes<00:04:50.520> of<00:04:50.669> the<00:04:50.729> future 00:04:50.990 --> 00:04:51.000 align:start position:0% which is the two-threes of the future 00:04:51.000 --> 00:04:53.000 align:start position:0% which is the two-threes of the future path<00:04:51.150> of<00:04:51.330> interest<00:04:51.539> rates<00:04:51.810> I<00:04:52.080> think<00:04:52.350> if<00:04:52.889> you 00:04:53.000 --> 00:04:53.010 align:start position:0% path of interest rates I think if you 00:04:53.010 --> 00:04:54.560 align:start position:0% path of interest rates I think if you did<00:04:53.220> that<00:04:53.250> now<00:04:53.610> and<00:04:53.729> this<00:04:53.820> is<00:04:53.940> a<00:04:54.030> very<00:04:54.240> sort<00:04:54.539> of 00:04:54.560 --> 00:04:54.570 align:start position:0% did that now and this is a very sort of 00:04:54.570 --> 00:04:55.939 align:start position:0% did that now and this is a very sort of unjustified<00:04:54.900> opinion<00:04:55.229> I<00:04:55.320> think<00:04:55.380> it<00:04:55.770> would<00:04:55.860> be 00:04:55.939 --> 00:04:55.949 align:start position:0% unjustified opinion I think it would be 00:04:55.949 --> 00:04:57.350 align:start position:0% unjustified opinion I think it would be an<00:04:56.010> inverted<00:04:56.400> yield<00:04:56.460> curve<00:04:56.639> in<00:04:57.000> that<00:04:57.180> I<00:04:57.240> think 00:04:57.350 --> 00:04:57.360 align:start position:0% an inverted yield curve in that I think 00:04:57.360 --> 00:05:00.529 align:start position:0% an inverted yield curve in that I think people<00:04:57.780> think<00:04:57.960> that<00:04:58.080> the<00:04:58.380> current<00:04:58.620> yields<00:04:59.539> are 00:05:00.529 --> 00:05:00.539 align:start position:0% people think that the current yields are 00:05:00.539 --> 00:05:03.620 align:start position:0% people think that the current yields are gonna<00:05:00.990> go<00:05:01.169> down<00:05:01.350> in<00:05:01.500> the<00:05:01.560> future<00:05:02.510> that<00:05:03.510> would 00:05:03.620 --> 00:05:03.630 align:start position:0% gonna go down in the future that would 00:05:03.630 --> 00:05:04.730 align:start position:0% gonna go down in the future that would be<00:05:03.720> that<00:05:03.870> would<00:05:03.930> be<00:05:03.990> probably<00:05:04.320> my<00:05:04.380> guess<00:05:04.500> maybe 00:05:04.730 --> 00:05:04.740 align:start position:0% be that would be probably my guess maybe 00:05:04.740 --> 00:05:05.750 align:start position:0% be that would be probably my guess maybe I'm<00:05:04.889> not<00:05:04.949> sure<00:05:05.070> if<00:05:05.130> the<00:05:05.190> other<00:05:05.310> panel<00:05:05.520> if<00:05:05.580> it<00:05:05.669> is 00:05:05.750 --> 00:05:05.760 align:start position:0% I'm not sure if the other panel if it is 00:05:05.760 --> 00:05:11.839 align:start position:0% I'm not sure if the other panel if it is gray<00:05:07.880> yeah<00:05:08.880> I<00:05:09.360> mean<00:05:09.690> I<00:05:09.930> I<00:05:10.490> really<00:05:11.490> have<00:05:11.669> no 00:05:11.839 --> 00:05:11.849 align:start position:0% gray yeah I mean I I really have no 00:05:11.849 --> 00:05:13.580 align:start position:0% gray yeah I mean I I really have no action<00:05:12.330> we<00:05:12.450> talked<00:05:12.660> about<00:05:12.870> it<00:05:12.960> yesterday<00:05:13.080> like 00:05:13.580 --> 00:05:13.590 align:start position:0% action we talked about it yesterday like 00:05:13.590 --> 00:05:17.480 align:start position:0% action we talked about it yesterday like I<00:05:14.120> really<00:05:15.120> have<00:05:15.300> no<00:05:15.510> idea<00:05:15.870> what<00:05:16.800> the<00:05:17.280> yield 00:05:17.480 --> 00:05:17.490 align:start position:0% I really have no idea what the yield 00:05:17.490 --> 00:05:18.800 align:start position:0% I really have no idea what the yield curve<00:05:17.700> would<00:05:17.849> look<00:05:17.910> like<00:05:18.150> if<00:05:18.330> there<00:05:18.450> is<00:05:18.570> one 00:05:18.800 --> 00:05:18.810 align:start position:0% curve would look like if there is one 00:05:18.810 --> 00:05:20.540 align:start position:0% curve would look like if there is one and<00:05:19.139> also<00:05:19.950> I<00:05:20.039> think<00:05:20.130> it<00:05:20.250> would<00:05:20.340> be<00:05:20.430> really 00:05:20.540 --> 00:05:20.550 align:start position:0% and also I think it would be really 00:05:20.550 --> 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do<00:05:26.849> get<00:05:27.030> to<00:05:27.150> that<00:05:27.300> level<00:05:27.510> of<00:05:27.690> liquidity<00:05:28.700> that 00:05:29.950 --> 00:05:29.960 align:start position:0% do get to that level of liquidity that 00:05:29.960 --> 00:05:32.360 align:start position:0% do get to that level of liquidity that you<00:05:30.960> know<00:05:31.080> the<00:05:31.260> economy<00:05:31.349> has<00:05:31.740> stabilized<00:05:32.220> a 00:05:32.360 --> 00:05:32.370 align:start position:0% you know the economy has stabilized a 00:05:32.370 --> 00:05:32.810 align:start position:0% you know the economy has stabilized a little<00:05:32.580> bit 00:05:32.810 --> 00:05:32.820 align:start position:0% little bit 00:05:32.820 --> 00:05:35.870 align:start position:0% little bit and<00:05:33.419> who<00:05:34.050> knows<00:05:34.200> it'll<00:05:34.470> still<00:05:34.710> be<00:05:34.919> inverted 00:05:35.870 --> 00:05:35.880 align:start position:0% and who knows it'll still be inverted 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position:0% really interesting is that with what the dye<00:05:51.539> savings<00:05:51.990> rate<00:05:52.229> is<00:05:52.410> going<00:05:52.979> to<00:05:53.160> add<00:05:53.310> now 00:05:53.510 --> 00:05:53.520 align:start position:0% dye savings rate is going to add now 00:05:53.520 --> 00:05:55.850 align:start position:0% dye savings rate is going to add now this<00:05:54.479> would<00:05:54.630> be<00:05:54.750> the<00:05:54.840> first<00:05:55.020> time<00:05:55.260> a<00:05:55.289> defy<00:05:55.680> that 00:05:55.850 --> 00:05:55.860 align:start position:0% this would be the first time a defy that 00:05:55.860 --> 00:05:58.490 align:start position:0% this would be the first time a defy that you<00:05:55.949> can<00:05:56.099> get<00:05:56.280> a<00:05:56.490> type<00:05:56.849> of<00:05:56.880> yield<00:05:57.270> that<00:05:57.599> doesn't 00:05:58.490 --> 00:05:58.500 align:start position:0% you can get a type of yield that doesn't 00:05:58.500 --> 00:06:00.290 align:start position:0% you can get a type of yield that doesn't add<00:05:58.650> any<00:05:58.949> additional<00:05:59.610> risk<00:05:59.820> to<00:06:00.180> the 00:06:00.290 --> 00:06:00.300 align:start position:0% add any additional risk to the 00:06:00.300 --> 00:06:04.010 align:start position:0% add any additional risk to the underlying<00:06:00.720> stable<00:06:01.169> point<00:06:01.349> and<00:06:02.539> and<00:06:03.539> yeah<00:06:03.870> and 00:06:04.010 --> 00:06:04.020 align:start position:0% underlying stable point and and yeah and 00:06:04.020 --> 00:06:05.390 align:start position:0% underlying stable point and and yeah and I<00:06:04.080> think<00:06:04.320> that<00:06:04.440> will<00:06:04.590> really<00:06:04.620> allow<00:06:04.949> for<00:06:05.280> even 00:06:05.390 --> 00:06:05.400 align:start position:0% I think that will really allow for even 00:06:05.400 --> 00:06:08.839 align:start position:0% I think that will really allow for even more<00:06:05.789> types<00:06:06.539> of<00:06:06.780> of<00:06:07.280> innovation<00:06:08.280> like<00:06:08.460> this<00:06:08.639> or 00:06:08.839 --> 00:06:08.849 align:start position:0% more types of of innovation like this or 00:06:08.849 --> 00:06:10.250 align:start position:0% more types of of innovation like this or at<00:06:08.940> least<00:06:09.120> it'll<00:06:09.300> make<00:06:09.479> people<00:06:09.510> feel<00:06:09.990> a<00:06:10.020> lot 00:06:10.250 --> 00:06:10.260 align:start position:0% at least it'll make people feel a lot 00:06:10.260 --> 00:06:12.920 align:start position:0% at least it'll make people feel a lot more<00:06:10.289> safe<00:06:11.070> doing<00:06:11.340> it<00:06:11.550> because<00:06:12.479> for<00:06:12.660> instance 00:06:12.920 --> 00:06:12.930 align:start position:0% more safe doing it because for instance 00:06:12.930 --> 00:06:14.360 align:start position:0% more safe doing it because for instance if<00:06:13.050> you<00:06:13.139> wanted<00:06:13.380> to<00:06:13.530> use<00:06:13.680> something<00:06:14.039> like<00:06:14.070> our 00:06:14.360 --> 00:06:14.370 align:start position:0% if you wanted to use something like our 00:06:14.370 --> 00:06:18.770 align:start position:0% if you wanted to use something like our die<00:06:14.580> and<00:06:14.909> donate<00:06:15.900> it<00:06:15.990> to<00:06:16.020> charity<00:06:17.539> if<00:06:18.539> you're 00:06:18.770 --> 00:06:18.780 align:start position:0% die and donate it to charity if you're 00:06:18.780 --> 00:06:19.730 align:start position:0% die and donate it to charity if you're using<00:06:18.960> compound<00:06:19.440> right 00:06:19.730 --> 00:06:19.740 align:start position:0% using compound right 00:06:19.740 --> 00:06:22.070 align:start position:0% using compound right you<00:06:19.890> actually<00:06:20.070> alike<00:06:20.600> like<00:06:21.600> you're<00:06:21.720> not<00:06:21.870> just 00:06:22.070 --> 00:06:22.080 align:start position:0% you actually alike like you're not just 00:06:22.080 --> 00:06:24.170 align:start position:0% you actually alike like you're not just donating<00:06:22.500> money<00:06:22.620> to<00:06:22.860> charity<00:06:23.280> for<00:06:23.910> free 00:06:24.170 --> 00:06:24.180 align:start position:0% donating money to charity for free 00:06:24.180 --> 00:06:25.970 align:start position:0% donating money to charity for free because<00:06:24.660> you<00:06:24.870> are<00:06:24.990> taking<00:06:25.170> some<00:06:25.470> risk<00:06:25.710> and 00:06:25.970 --> 00:06:25.980 align:start position:0% because you are taking some risk and 00:06:25.980 --> 00:06:27.950 align:start position:0% because you are taking some risk and there<00:06:26.130> are<00:06:26.220> some<00:06:26.370> real<00:06:26.670> nuns<00:06:27.270> your<00:06:27.480> risk<00:06:27.720> that 00:06:27.950 --> 00:06:27.960 align:start position:0% there are some real nuns your risk that 00:06:27.960 --> 00:06:30.490 align:start position:0% there are some real nuns your risk that you<00:06:28.740> could<00:06:28.890> you<00:06:29.310> could<00:06:29.430> end<00:06:29.580> up<00:06:29.700> with<00:06:29.760> a<00:06:29.910> loss 00:06:30.490 --> 00:06:30.500 align:start position:0% you could you could end up with a loss 00:06:30.500 --> 00:06:34.550 align:start position:0% you could you could end up with a loss because<00:06:31.500> of<00:06:31.680> compound<00:06:32.900> having<00:06:33.900> like<00:06:34.050> a<00:06:34.080> you 00:06:34.550 --> 00:06:34.560 align:start position:0% because of compound having like a you 00:06:34.560 --> 00:06:36.020 align:start position:0% because of compound having like a you know<00:06:34.680> nothing<00:06:34.980> you<00:06:35.010> could<00:06:35.220> cover<00:06:35.340> liquidation 00:06:36.020 --> 00:06:36.030 align:start position:0% know nothing you could cover liquidation 00:06:36.030 --> 00:06:38.420 align:start position:0% know nothing you could cover liquidation and<00:06:36.300> that's<00:06:37.050> where<00:06:37.290> the<00:06:37.440> die<00:06:37.560> savings<00:06:38.010> rate<00:06:38.250> is 00:06:38.420 --> 00:06:38.430 align:start position:0% and that's where the die savings rate is 00:06:38.430 --> 00:06:41.090 align:start position:0% and that's where the die savings rate is it's<00:06:38.640> really<00:06:38.940> interesting<00:06:39.780> embedded<00:06:40.290> you 00:06:41.090 --> 00:06:41.100 align:start position:0% it's really interesting embedded you 00:06:41.100 --> 00:06:45.500 align:start position:0% it's really interesting embedded you know<00:06:42.710> there<00:06:43.710> really<00:06:43.740> is<00:06:44.010> no<00:06:44.160> downside<00:06:44.400> to<00:06:44.880> to 00:06:45.500 --> 00:06:45.510 align:start position:0% know there really is no downside to to 00:06:45.510 --> 00:06:47.240 align:start position:0% know there really is no downside to to like<00:06:45.720> sending<00:06:46.200> it<00:06:46.320> out<00:06:46.410> so<00:06:46.560> it<00:06:46.650> really<00:06:46.830> is<00:06:47.010> like 00:06:47.240 --> 00:06:47.250 align:start position:0% like sending it out so it really is like 00:06:47.250 --> 00:06:49.520 align:start position:0% like sending it out so it really is like free<00:06:47.610> money<00:06:47.850> in<00:06:48.300> a<00:06:48.450> way<00:06:48.600> that<00:06:48.930> you<00:06:49.050> can<00:06:49.260> also 00:06:49.520 --> 00:06:49.530 align:start position:0% free money in a way that you can also 00:06:49.530 --> 00:06:52.370 align:start position:0% free money in a way that you can also give<00:06:49.950> away<00:06:50.070> and<00:06:50.400> really<00:06:50.670> have<00:06:51.510> no<00:06:51.720> sense<00:06:51.960> of<00:06:52.230> no 00:06:52.370 --> 00:06:52.380 align:start position:0% give away and really have no sense of no 00:06:52.380 --> 00:06:58.400 align:start position:0% give away and really have no sense of no no<00:06:53.330> possibility<00:06:54.330> of<00:06:54.360> a<00:06:54.810> loss<00:06:56.870> so<00:06:57.870> yeah<00:06:58.050> also<00:06:58.200> I 00:06:58.400 --> 00:06:58.410 align:start position:0% no possibility of a loss so yeah also I 00:06:58.410 --> 00:07:00.560 align:start position:0% no possibility of a loss so yeah also I this<00:06:58.950> is<00:06:59.100> not<00:06:59.130> the<00:06:59.370> boxing<00:06:59.760> match<00:06:59.910> part<00:07:00.360> of<00:07:00.480> the 00:07:00.560 --> 00:07:00.570 align:start position:0% this is not the boxing match part of the 00:07:00.570 --> 00:07:02.480 align:start position:0% this is not the boxing match part of the panel<00:07:01.080> this<00:07:01.230> is<00:07:01.290> not<00:07:01.530> me<00:07:01.620> really<00:07:02.130> fighting 00:07:02.480 --> 00:07:02.490 align:start position:0% panel this is not me really fighting 00:07:02.490 --> 00:07:03.950 align:start position:0% panel this is not me really fighting with<00:07:02.640> each<00:07:02.700> other<00:07:02.820> I<00:07:02.970> agree<00:07:03.450> that<00:07:03.480> the<00:07:03.750> rates 00:07:03.950 --> 00:07:03.960 align:start position:0% with each other I agree that the rates 00:07:03.960 --> 00:07:05.540 align:start position:0% with each other I agree that the rates are<00:07:04.140> artificially<00:07:04.770> high<00:07:04.920> now<00:07:05.070> because<00:07:05.370> of<00:07:05.490> all 00:07:05.540 --> 00:07:05.550 align:start position:0% are artificially high now because of all 00:07:05.550 --> 00:07:08.870 align:start position:0% are artificially high now because of all kinds<00:07:05.910> of<00:07:06.000> sort<00:07:06.720> of<00:07:06.810> one<00:07:07.050> time<00:07:07.290> or<00:07:07.790> you<00:07:08.790> know 00:07:08.870 --> 00:07:08.880 align:start position:0% kinds of sort of one time or you know 00:07:08.880 --> 00:07:10.850 align:start position:0% kinds of sort of one time or you know system<00:07:09.480> issues<00:07:09.810> with<00:07:10.050> the<00:07:10.200> platform<00:07:10.440> risk 00:07:10.850 --> 00:07:10.860 align:start position:0% system issues with the platform risk 00:07:10.860 --> 00:07:13.670 align:start position:0% system issues with the platform risk it's<00:07:11.490> more<00:07:11.610> contract<00:07:12.030> risk<00:07:12.240> with<00:07:12.900> compound 00:07:13.670 --> 00:07:13.680 align:start position:0% it's more contract risk with compound 00:07:13.680 --> 00:07:15.940 align:start position:0% it's more contract risk with compound being<00:07:14.100> on<00:07:14.580> the<00:07:14.730> level<00:07:15.090> and<00:07:15.180> the<00:07:15.450> fact<00:07:15.780> that 00:07:15.940 --> 00:07:15.950 align:start position:0% being on the level and the fact that 00:07:15.950 --> 00:07:17.960 align:start position:0% being on the level and the fact that died<00:07:16.950> savings<00:07:17.280> rates<00:07:17.460> coming<00:07:17.700> out<00:07:17.760> I<00:07:17.790> think 00:07:17.960 --> 00:07:17.970 align:start position:0% died savings rates coming out I think 00:07:17.970 --> 00:07:19.160 align:start position:0% died savings rates coming out I think we're<00:07:18.060> gonna<00:07:18.150> see<00:07:18.300> a<00:07:18.330> massive<00:07:18.630> kind<00:07:19.020> of 00:07:19.160 --> 00:07:19.170 align:start position:0% we're gonna see a massive kind of 00:07:19.170 --> 00:07:21.260 align:start position:0% we're gonna see a massive kind of paroxysm<00:07:19.770> those<00:07:20.310> kinds<00:07:20.640> of<00:07:20.670> rates<00:07:20.880> and<00:07:21.120> things 00:07:21.260 --> 00:07:21.270 align:start position:0% paroxysm those kinds of rates and things 00:07:21.270 --> 00:07:24.320 align:start position:0% paroxysm those kinds of rates and things will<00:07:21.510> stabilize<00:07:21.930> in<00:07:22.340> number<00:07:23.340> of<00:07:23.370> months<00:07:24.210> if 00:07:24.320 --> 00:07:24.330 align:start position:0% will stabilize in number of months if 00:07:24.330 --> 00:07:26.180 align:start position:0% will stabilize in number of months if not<00:07:24.450> years<00:07:24.510> but<00:07:25.470> I<00:07:25.500> don't<00:07:25.680> think<00:07:25.920> that<00:07:26.040> this<00:07:26.130> is 00:07:26.180 --> 00:07:26.190 align:start position:0% not years but I don't think that this is 00:07:26.190 --> 00:07:28.940 align:start position:0% not years but I don't think that this is sustainable<00:07:26.850> at<00:07:27.660> the<00:07:27.900> current<00:07:28.470> levels<00:07:28.770> but<00:07:28.890> I 00:07:28.940 --> 00:07:28.950 align:start position:0% sustainable at the current levels but I 00:07:28.950 --> 00:07:30.980 align:start position:0% sustainable at the current levels but I think<00:07:29.190> that<00:07:29.280> there<00:07:29.400> still<00:07:29.640> is<00:07:29.820> a<00:07:30.360> very<00:07:30.420> high 00:07:30.980 --> 00:07:30.990 align:start position:0% think that there still is a very high 00:07:30.990 --> 00:07:32.930 align:start position:0% think that there still is a very high probability<00:07:31.170> that<00:07:31.530> these<00:07:31.890> defy<00:07:32.370> technologies 00:07:32.930 --> 00:07:32.940 align:start position:0% probability that these defy technologies 00:07:32.940 --> 00:07:35.660 align:start position:0% probability that these defy technologies will<00:07:33.150> enable<00:07:33.450> you<00:07:34.110> know<00:07:34.230> some<00:07:34.590> sort<00:07:34.770> of<00:07:34.890> above 00:07:35.660 --> 00:07:35.670 align:start position:0% will enable you know some sort of above 00:07:35.670 --> 00:07:38.450 align:start position:0% will enable you know some sort of above inflation<00:07:36.510> type<00:07:37.230> interest<00:07:38.010> rates<00:07:38.190> that<00:07:38.400> uh 00:07:38.450 --> 00:07:38.460 align:start position:0% inflation type interest rates that uh 00:07:38.460 --> 00:07:40.400 align:start position:0% inflation type interest rates that uh that<00:07:39.240> could<00:07:39.360> be<00:07:39.420> quite<00:07:39.570> useful<00:07:39.630> for<00:07:39.990> going<00:07:40.350> to 00:07:40.400 --> 00:07:40.410 align:start position:0% that could be quite useful for going to 00:07:40.410 --> 00:07:42.440 align:start position:0% that could be quite useful for going to the<00:07:40.470> protocols<00:07:40.860> awesome<00:07:41.730> yeah<00:07:42.240> I<00:07:42.270> think 00:07:42.440 --> 00:07:42.450 align:start position:0% the protocols awesome yeah I think 00:07:42.450 --> 00:07:44.150 align:start position:0% the protocols awesome yeah I think something<00:07:42.870> that's<00:07:43.050> cool<00:07:43.530> and<00:07:43.770> it<00:07:43.890> sort<00:07:44.040> of<00:07:44.070> the 00:07:44.150 --> 00:07:44.160 align:start position:0% something that's cool and it sort of the 00:07:44.160 --> 00:07:45.800 align:start position:0% something that's cool and it sort of the elephant<00:07:44.520> in<00:07:44.550> the<00:07:44.610> room<00:07:44.700> is<00:07:45.060> that<00:07:45.240> the<00:07:45.480> makers 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lending 00:07:51.600 --> 00:07:53.630 align:start position:0% know how is the compound lending interest<00:07:51.990> rate<00:07:52.200> dictated<00:07:53.040> and<00:07:53.190> really<00:07:53.400> that's 00:07:53.630 --> 00:07:53.640 align:start position:0% interest rate dictated and really that's 00:07:53.640 --> 00:07:55.340 align:start position:0% interest rate dictated and really that's probably<00:07:53.970> a<00:07:54.060> new<00:07:54.180> proxy<00:07:54.420> to<00:07:54.750> what<00:07:54.960> makers 00:07:55.340 --> 00:07:55.350 align:start position:0% probably a new proxy to what makers 00:07:55.350 --> 00:07:57.830 align:start position:0% probably a new proxy to what makers stability<00:07:55.710> fees<00:07:55.890> today<00:07:56.220> maybe<00:07:57.150> when<00:07:57.570> you<00:07:57.720> can 00:07:57.830 --> 00:07:57.840 align:start position:0% stability fees today maybe when you can 00:07:57.840 --> 00:08:00.020 align:start position:0% stability fees today maybe when you can speak<00:07:58.020> a<00:07:58.110> little<00:07:58.200> more<00:07:58.320> to<00:07:58.620> how<00:07:58.800> the<00:07:58.860> DSR<00:07:59.460> will 00:08:00.020 --> 00:08:00.030 align:start position:0% speak a little more to how the DSR will 00:08:00.030 --> 00:08:02.120 align:start position:0% speak a little more to how the DSR will be<00:08:00.150> decided<00:08:00.600> and<00:08:00.780> how<00:08:00.900> the<00:08:00.960> stability<00:08:01.470> fee<00:08:01.680> has 00:08:02.120 --> 00:08:02.130 align:start position:0% be decided and how the stability fee has 00:08:02.130 --> 00:08:03.560 align:start position:0% be decided and how the stability fee has also<00:08:02.280> been<00:08:02.490> decided<00:08:02.880> lately<00:08:03.120> just<00:08:03.240> for<00:08:03.390> those 00:08:03.560 --> 00:08:03.570 align:start position:0% also been decided lately just for those 00:08:03.570 --> 00:08:04.640 align:start position:0% also been decided lately just for those in<00:08:03.720> the<00:08:03.780> room<00:08:03.810> who<00:08:03.960> aren't<00:08:04.230> aware<00:08:04.470> that 00:08:04.640 --> 00:08:04.650 align:start position:0% in the room who aren't aware that 00:08:04.650 --> 00:08:07.250 align:start position:0% in the room who aren't aware that process<00:08:05.010> yes<00:08:05.880> so<00:08:06.210> right<00:08:06.840> so<00:08:06.990> the<00:08:07.080> maker 00:08:07.250 --> 00:08:07.260 align:start position:0% process yes so right so the maker 00:08:07.260 --> 00:08:09.470 align:start position:0% process yes so right so the maker stability<00:08:07.770> fee<00:08:07.980> is<00:08:08.550> what<00:08:08.850> you<00:08:08.970> have<00:08:09.090> to<00:08:09.240> pay 00:08:09.470 --> 00:08:09.480 align:start position:0% stability fee is what you have to pay 00:08:09.480 --> 00:08:13.040 align:start position:0% stability fee is what you have to pay right<00:08:09.720> now<00:08:10.280> in<00:08:11.280> order<00:08:11.610> to<00:08:11.730> generate<00:08:11.910> die<00:08:12.330> by 00:08:13.040 --> 00:08:13.050 align:start position:0% right now in order to generate die by 00:08:13.050 --> 00:08:16.900 align:start position:0% right now in order to generate die by putting<00:08:13.380> a<00:08:13.560> collateral<00:08:14.070> into<00:08:14.460> to<00:08:14.880> maker<00:08:15.090> and 00:08:16.900 --> 00:08:16.910 align:start position:0% putting a collateral into to maker and 00:08:16.910 --> 00:08:20.120 align:start position:0% putting a collateral into to maker and it<00:08:17.910> started<00:08:18.360> out<00:08:18.480> at<00:08:18.660> a<00:08:18.690> half<00:08:18.960> percent<00:08:19.410> when 00:08:20.120 --> 00:08:20.130 align:start position:0% it started out at a half percent when 00:08:20.130 --> 00:08:22.820 align:start position:0% it started out at a half percent when they<00:08:20.340> launched<00:08:20.790> two<00:08:21.030> years<00:08:21.060> ago<00:08:21.300> and<00:08:21.900> it 00:08:22.820 --> 00:08:22.830 align:start position:0% they launched two years ago and it 00:08:22.830 --> 00:08:24.740 align:start position:0% they launched two years ago and it stayed<00:08:23.100> stable<00:08:23.430> at<00:08:23.760> a<00:08:23.790> half<00:08:24.030> percent<00:08:24.420> for<00:08:24.570> like 00:08:24.740 --> 00:08:24.750 align:start position:0% stayed stable at a half percent for like 00:08:24.750 --> 00:08:27.380 align:start position:0% stayed stable at a half percent for like I<00:08:25.170> think<00:08:25.770> almost<00:08:26.070> a<00:08:26.280> year<00:08:26.580> like<00:08:26.820> very<00:08:27.090> clearly 00:08:27.380 --> 00:08:27.390 align:start position:0% I think almost a year like very clearly 00:08:27.390 --> 00:08:28.679 align:start position:0% I think almost a year like very clearly in<00:08:27.810> very<00:08:28.050> in<00:08:28.200> that<00:08:28.380> state 00:08:28.679 --> 00:08:28.689 align:start position:0% in very in that state 00:08:28.689 --> 00:08:31.229 align:start position:0% in very in that state very<00:08:28.929> low<00:08:29.080> rate<00:08:29.319> for<00:08:29.529> almost<00:08:29.679> a<00:08:29.799> year<00:08:30.069> and<00:08:30.309> then 00:08:31.229 --> 00:08:31.239 align:start position:0% very low rate for almost a year and then 00:08:31.239 --> 00:08:34.319 align:start position:0% very low rate for almost a year and then suddenly<00:08:31.979> last<00:08:32.979> spring<00:08:33.370> it<00:08:33.550> just<00:08:33.729> like<00:08:33.879> shut 00:08:34.319 --> 00:08:34.329 align:start position:0% suddenly last spring it just like shut 00:08:34.329 --> 00:08:37.199 align:start position:0% suddenly last spring it just like shut up<00:08:34.360> and<00:08:34.719> became<00:08:35.139> like<00:08:36.069> hit<00:08:36.519> a<00:08:36.550> high<00:08:36.789> point<00:08:37.029> of 00:08:37.199 --> 00:08:37.209 align:start position:0% up and became like hit a high point of 00:08:37.209 --> 00:08:40.079 align:start position:0% up and became like hit a high point of twenty<00:08:37.899> and<00:08:37.930> a<00:08:38.050> half<00:08:38.229> percent<00:08:38.439> of<00:08:38.680> it<00:08:38.800> and<00:08:39.089> the 00:08:40.079 --> 00:08:40.089 align:start position:0% twenty and a half percent of it and the 00:08:40.089 --> 00:08:43.740 align:start position:0% twenty and a half percent of it and the reason<00:08:40.419> why<00:08:40.599> it<00:08:41.349> changes<00:08:41.829> at<00:08:41.949> all<00:08:42.750> it's 00:08:43.740 --> 00:08:43.750 align:start position:0% reason why it changes at all it's 00:08:43.750 --> 00:08:45.689 align:start position:0% reason why it changes at all it's because<00:08:43.949> it's<00:08:44.949> actually<00:08:45.220> cooler<00:08:45.459> so<00:08:45.610> it's 00:08:45.689 --> 00:08:45.699 align:start position:0% because it's actually cooler so it's 00:08:45.699 --> 00:08:47.400 align:start position:0% because it's actually cooler so it's empty<00:08:46.000> our<00:08:46.120> was<00:08:46.389> it's<00:08:46.540> a<00:08:46.629> governance<00:08:47.019> of<00:08:47.170> maker 00:08:47.400 --> 00:08:47.410 align:start position:0% empty our was it's a governance of maker 00:08:47.410 --> 00:08:49.499 align:start position:0% empty our was it's a governance of maker that<00:08:47.680> decides<00:08:48.069> what<00:08:48.250> disability<00:08:48.519> is<00:08:49.089> and<00:08:49.360> they 00:08:49.499 --> 00:08:49.509 align:start position:0% that decides what disability is and they 00:08:49.509 --> 00:08:51.660 align:start position:0% that decides what disability is and they have<00:08:49.660> like<00:08:49.810> this<00:08:49.930> weekly<00:08:50.670> decision-making 00:08:51.660 --> 00:08:51.670 align:start position:0% have like this weekly decision-making 00:08:51.670 --> 00:08:53.699 align:start position:0% have like this weekly decision-making process<00:08:52.209> that<00:08:52.240> sets<00:08:52.930> a<00:08:53.019> new<00:08:53.170> one<00:08:53.319> every<00:08:53.470> week 00:08:53.699 --> 00:08:53.709 align:start position:0% process that sets a new one every week 00:08:53.709 --> 00:08:57.360 align:start position:0% process that sets a new one every week but<00:08:54.550> that<00:08:54.910> decision<00:08:55.360> is<00:08:55.509> made<00:08:55.949> entirely<00:08:56.949> based 00:08:57.360 --> 00:08:57.370 align:start position:0% but that decision is made entirely based 00:08:57.370 --> 00:09:01.139 align:start position:0% but that decision is made entirely based on<00:08:57.629> data<00:08:58.829> on<00:08:59.829> the<00:09:00.160> price<00:09:00.430> of<00:09:00.639> died<00:09:00.790> in<00:09:01.060> the 00:09:01.139 --> 00:09:01.149 align:start position:0% on data on the price of died in the 00:09:01.149 --> 00:09:03.660 align:start position:0% on data on the price of died in the market<00:09:01.449> because<00:09:01.779> what<00:09:02.709> you<00:09:02.829> use<00:09:03.040> rates<00:09:03.370> for<00:09:03.579> is 00:09:03.660 --> 00:09:03.670 align:start position:0% market because what you use rates for is 00:09:03.670 --> 00:09:05.879 align:start position:0% market because what you use rates for is you<00:09:03.819> really<00:09:04.029> use<00:09:04.180> that<00:09:04.209> to<00:09:04.480> stabilize<00:09:04.990> the 00:09:05.879 --> 00:09:05.889 align:start position:0% you really use that to stabilize the 00:09:05.889 --> 00:09:07.920 align:start position:0% you really use that to stabilize the died<00:09:06.040> estate<00:09:06.339> upon<00:09:06.490> itself<00:09:06.790> and<00:09:07.029> make<00:09:07.449> it<00:09:07.600> as 00:09:07.920 --> 00:09:07.930 align:start position:0% died estate upon itself and make it as 00:09:07.930 --> 00:09:10.280 align:start position:0% died estate upon itself and make it as stable<00:09:08.529> against<00:09:08.800> the<00:09:08.889> US<00:09:09.189> dollar<00:09:09.220> as<00:09:09.579> possible 00:09:10.280 --> 00:09:10.290 align:start position:0% stable against the US dollar as possible 00:09:10.290 --> 00:09:12.929 align:start position:0% stable against the US dollar as possible and<00:09:11.290> this<00:09:11.439> is<00:09:11.589> actually<00:09:12.009> analogous<00:09:12.550> to<00:09:12.730> how 00:09:12.929 --> 00:09:12.939 align:start position:0% and this is actually analogous to how 00:09:12.939 --> 00:09:15.720 align:start position:0% and this is actually analogous to how central<00:09:13.899> bank's<00:09:14.230> that<00:09:14.620> that<00:09:15.009> manage<00:09:15.339> affect 00:09:15.720 --> 00:09:15.730 align:start position:0% central bank's that that manage affect 00:09:15.730 --> 00:09:17.490 align:start position:0% central bank's that that manage affect currency<00:09:16.240> they<00:09:16.449> have<00:09:16.660> to<00:09:16.810> always<00:09:17.019> modify 00:09:17.490 --> 00:09:17.500 align:start position:0% currency they have to always modify 00:09:17.500 --> 00:09:19.079 align:start position:0% currency they have to always modify their<00:09:17.829> rates<00:09:18.040> so<00:09:18.279> that<00:09:18.310> they<00:09:18.550> can<00:09:18.699> keep<00:09:18.879> their 00:09:19.079 --> 00:09:19.089 align:start position:0% their rates so that they can keep their 00:09:19.089 --> 00:09:24.900 align:start position:0% their rates so that they can keep their pigs<00:09:20.910> and<00:09:21.910> it's<00:09:22.629> a<00:09:22.689> really<00:09:23.410> the<00:09:23.529> very<00:09:24.459> basic 00:09:24.900 --> 00:09:24.910 align:start position:0% pigs and it's a really the very basic 00:09:24.910 --> 00:09:27.869 align:start position:0% pigs and it's a really the very basic logic<00:09:25.240> is<00:09:25.389> that<00:09:26.009> if<00:09:27.009> you're<00:09:27.250> currently<00:09:27.490> if<00:09:27.790> you 00:09:27.869 --> 00:09:27.879 align:start position:0% logic is that if you're currently if you 00:09:27.879 --> 00:09:29.369 align:start position:0% logic is that if you're currently if you want<00:09:28.060> your<00:09:28.180> currency<00:09:28.449> to<00:09:28.540> go<00:09:28.750> up<00:09:28.899> in<00:09:29.050> value<00:09:29.079> you 00:09:29.369 --> 00:09:29.379 align:start position:0% want your currency to go up in value you 00:09:29.379 --> 00:09:33.240 align:start position:0% want your currency to go up in value you have<00:09:29.709> to<00:09:29.829> increase<00:09:30.069> the<00:09:30.339> rates<00:09:30.550> in<00:09:30.910> maker<00:09:32.250> what 00:09:33.240 --> 00:09:33.250 align:start position:0% have to increase the rates in maker what 00:09:33.250 --> 00:09:36.809 align:start position:0% have to increase the rates in maker what happened<00:09:33.639> was<00:09:33.879> that<00:09:34.649> around<00:09:35.649> spring<00:09:36.550> this 00:09:36.809 --> 00:09:36.819 align:start position:0% happened was that around spring this 00:09:36.819 --> 00:09:39.660 align:start position:0% happened was that around spring this year<00:09:37.439> the<00:09:38.439> diaper<00:09:38.680> I<00:09:38.860> suddenly<00:09:39.160> fell<00:09:39.490> below 00:09:39.660 --> 00:09:39.670 align:start position:0% year the diaper I suddenly fell below 00:09:39.670 --> 00:09:41.639 align:start position:0% year the diaper I suddenly fell below like<00:09:39.970> filter<00:09:40.269> like<00:09:40.389> 96<00:09:40.839> cents<00:09:41.170> or<00:09:41.350> something 00:09:41.639 --> 00:09:41.649 align:start position:0% like filter like 96 cents or something 00:09:41.649 --> 00:09:42.809 align:start position:0% like filter like 96 cents or something and<00:09:41.800> what<00:09:41.949> was<00:09:42.069> happening<00:09:42.399> is<00:09:42.490> too<00:09:42.670> many 00:09:42.809 --> 00:09:42.819 align:start position:0% and what was happening is too many 00:09:42.819 --> 00:09:44.429 align:start position:0% and what was happening is too many people<00:09:43.180> were<00:09:43.300> taking<00:09:43.569> advantage<00:09:43.629> of<00:09:44.110> the<00:09:44.259> fact 00:09:44.429 --> 00:09:44.439 align:start position:0% people were taking advantage of the fact 00:09:44.439 --> 00:09:46.439 align:start position:0% people were taking advantage of the fact that<00:09:44.529> they<00:09:44.709> could<00:09:44.860> borrow<00:09:45.100> divert<00:09:45.819> cheaply 00:09:46.439 --> 00:09:46.449 align:start position:0% that they could borrow divert cheaply 00:09:46.449 --> 00:09:48.389 align:start position:0% that they could borrow divert cheaply and<00:09:46.779> then<00:09:46.930> sell<00:09:47.170> it<00:09:47.199> more<00:09:47.620> Eve<00:09:47.769> and<00:09:48.100> then<00:09:48.220> dead 00:09:48.389 --> 00:09:48.399 align:start position:0% and then sell it more Eve and then dead 00:09:48.399 --> 00:09:51.509 align:start position:0% and then sell it more Eve and then dead like<00:09:48.610> better<00:09:49.180> exposure<00:09:49.600> to<00:09:49.750> eat<00:09:49.980> so<00:09:50.980> the 00:09:51.509 --> 00:09:51.519 align:start position:0% like better exposure to eat so the 00:09:51.519 --> 00:09:53.100 align:start position:0% like better exposure to eat so the response<00:09:51.939> of<00:09:52.120> the<00:09:52.209> government<00:09:52.240> was<00:09:52.809> to<00:09:52.839> then 00:09:53.100 --> 00:09:53.110 align:start position:0% response of the government was to then 00:09:53.110 --> 00:09:55.530 align:start position:0% response of the government was to then just<00:09:53.319> increase<00:09:53.769> the<00:09:54.009> rate<00:09:54.220> until<00:09:54.939> peeps 00:09:55.530 --> 00:09:55.540 align:start position:0% just increase the rate until peeps 00:09:55.540 --> 00:09:58.710 align:start position:0% just increase the rate until peeps double<00:09:56.050> stop<00:09:56.500> borrowing<00:09:57.069> that<00:09:57.879> much<00:09:58.149> dye 00:09:58.710 --> 00:09:58.720 align:start position:0% double stop borrowing that much dye 00:09:58.720 --> 00:10:02.040 align:start position:0% double stop borrowing that much dye right<00:09:59.079> and<00:09:59.699> so<00:10:00.699> basically<00:10:01.000> like<00:10:01.149> the<00:10:01.540> supply 00:10:02.040 --> 00:10:02.050 align:start position:0% right and so basically like the supply 00:10:02.050 --> 00:10:03.720 align:start position:0% right and so basically like the supply was<00:10:02.199> going<00:10:02.439> up<00:10:02.559> too<00:10:02.709> much<00:10:02.860> demand<00:10:03.339> was<00:10:03.490> only 00:10:03.720 --> 00:10:03.730 align:start position:0% was going up too much demand was only 00:10:03.730 --> 00:10:05.670 align:start position:0% was going up too much demand was only like<00:10:03.910> staying<00:10:04.600> at<00:10:04.720> this<00:10:04.899> level<00:10:05.110> I<00:10:05.290> guess<00:10:05.439> you 00:10:05.670 --> 00:10:05.680 align:start position:0% like staying at this level I guess you 00:10:05.680 --> 00:10:07.049 align:start position:0% like staying at this level I guess you could<00:10:05.800> say<00:10:05.920> rather<00:10:06.069> than<00:10:06.189> the<00:10:06.610> high<00:10:06.790> rates 00:10:07.049 --> 00:10:07.059 align:start position:0% could say rather than the high rates 00:10:07.059 --> 00:10:09.360 align:start position:0% could say rather than the high rates like<00:10:07.269> push<00:10:07.600> the<00:10:07.779> supply<00:10:08.110> back<00:10:08.439> down<00:10:08.649> to<00:10:09.160> be<00:10:09.309> in 00:10:09.360 --> 00:10:09.370 align:start position:0% like push the supply back down to be in 00:10:09.370 --> 00:10:11.460 align:start position:0% like push the supply back down to be in line<00:10:09.550> with<00:10:09.579> demand<00:10:10.029> so<00:10:10.779> the<00:10:10.959> price<00:10:11.230> could 00:10:11.460 --> 00:10:11.470 align:start position:0% line with demand so the price could 00:10:11.470 --> 00:10:14.910 align:start position:0% line with demand so the price could remain<00:10:11.680> stable<00:10:12.809> so<00:10:13.809> and<00:10:14.230> what's<00:10:14.680> happening 00:10:14.910 --> 00:10:14.920 align:start position:0% remain stable so and what's happening 00:10:14.920 --> 00:10:16.350 align:start position:0% remain stable so and what's happening now<00:10:14.980> is<00:10:15.220> the<00:10:15.309> rates<00:10:15.490> are<00:10:15.610> going<00:10:15.699> back<00:10:15.879> down<00:10:16.089> and 00:10:16.350 --> 00:10:16.360 align:start position:0% now is the rates are going back down and 00:10:16.360 --> 00:10:17.790 align:start position:0% now is the rates are going back down and that's<00:10:16.600> basically<00:10:16.959> actually<00:10:17.290> I<00:10:17.620> think 00:10:17.790 --> 00:10:17.800 align:start position:0% that's basically actually I think 00:10:17.800 --> 00:10:21.179 align:start position:0% that's basically actually I think because<00:10:18.430> of<00:10:18.639> this<00:10:19.329> new<00:10:19.949> dimension<00:10:20.949> of<00:10:21.009> dye 00:10:21.179 --> 00:10:21.189 align:start position:0% because of this new dimension of dye 00:10:21.189 --> 00:10:22.740 align:start position:0% because of this new dimension of dye demand<00:10:21.519> where<00:10:21.699> people<00:10:22.000> buy<00:10:22.120> dyes<00:10:22.360> and<00:10:22.629> they 00:10:22.740 --> 00:10:22.750 align:start position:0% demand where people buy dyes and they 00:10:22.750 --> 00:10:25.069 align:start position:0% demand where people buy dyes and they can<00:10:22.870> put<00:10:23.019> into<00:10:23.170> compound<00:10:23.709> into<00:10:24.189> like<00:10:24.370> these 00:10:25.069 --> 00:10:25.079 align:start position:0% can put into compound into like these 00:10:25.079 --> 00:10:28.590 align:start position:0% can put into compound into like these derivative<00:10:26.079> by<00:10:26.290> type<00:10:27.040> of<00:10:27.069> products<00:10:27.550> and<00:10:27.850> then 00:10:28.590 --> 00:10:28.600 align:start position:0% derivative by type of products and then 00:10:28.600 --> 00:10:30.660 align:start position:0% derivative by type of products and then itself<00:10:28.930> is<00:10:29.139> then<00:10:29.350> dragging<00:10:30.250> the<00:10:30.309> rates<00:10:30.490> down 00:10:30.660 --> 00:10:30.670 align:start position:0% itself is then dragging the rates down 00:10:30.670 --> 00:10:32.369 align:start position:0% itself is then dragging the rates down and<00:10:30.910> I<00:10:31.149> think<00:10:31.329> that<00:10:31.449> really<00:10:31.629> shows<00:10:31.930> to<00:10:32.170> hold 00:10:32.369 --> 00:10:32.379 align:start position:0% and I think that really shows to hold 00:10:32.379 --> 00:10:35.670 align:start position:0% and I think that really shows to hold the<00:10:32.529> nature<00:10:32.920> of<00:10:32.980> the<00:10:33.430> feedback<00:10:34.059> loop<00:10:34.680> they're 00:10:35.670 --> 00:10:35.680 align:start position:0% the nature of the feedback loop they're 00:10:35.680 --> 00:10:37.559 align:start position:0% the nature of the feedback loop they're like<00:10:35.889> as<00:10:36.069> there's<00:10:36.339> more<00:10:36.759> demand<00:10:37.059> for<00:10:37.120> CDP's 00:10:37.559 --> 00:10:37.569 align:start position:0% like as there's more demand for CDP's 00:10:37.569 --> 00:10:39.629 align:start position:0% like as there's more demand for CDP's the<00:10:37.779> more<00:10:37.899> amenable<00:10:38.199> for<00:10:38.949> borrowing<00:10:39.279> because 00:10:39.629 --> 00:10:39.639 align:start position:0% the more amenable for borrowing because 00:10:39.639 --> 00:10:41.790 align:start position:0% the more amenable for borrowing because the<00:10:39.730> rate<00:10:39.880> is<00:10:40.000> so<00:10:40.089> low<00:10:40.199> the<00:10:41.199> raid<00:10:41.380> on<00:10:41.410> Amanda 00:10:41.790 --> 00:10:41.800 align:start position:0% the rate is so low the raid on Amanda 00:10:41.800 --> 00:10:42.180 align:start position:0% the rate is so low the raid on Amanda goes 00:10:42.180 --> 00:10:42.190 align:start position:0% goes 00:10:42.190 --> 00:10:44.550 align:start position:0% goes and<00:10:42.279> now<00:10:42.819> there's<00:10:43.029> all<00:10:43.180> this<00:10:43.300> demand<00:10:43.720> for 00:10:44.550 --> 00:10:44.560 align:start position:0% and now there's all this demand for 00:10:44.560 --> 00:10:47.280 align:start position:0% and now there's all this demand for compound<00:10:45.040> and<00:10:45.459> like<00:10:45.579> for<00:10:45.759> all<00:10:45.879> of<00:10:45.970> these<00:10:46.290> ways 00:10:47.280 --> 00:10:47.290 align:start position:0% compound and like for all of these ways 00:10:47.290 --> 00:10:49.920 align:start position:0% compound and like for all of these ways to<00:10:47.500> earn<00:10:47.649> an<00:10:47.829> it<00:10:47.949> like<00:10:48.250> a<00:10:48.310> return<00:10:48.940> on<00:10:49.209> your<00:10:49.269> on 00:10:49.920 --> 00:10:49.930 align:start position:0% to earn an it like a return on your on 00:10:49.930 --> 00:10:51.900 align:start position:0% to earn an it like a return on your on your<00:10:50.079> on<00:10:50.410> your<00:10:50.800> own<00:10:50.860> stable<00:10:51.370> points<00:10:51.639> and 00:10:51.900 --> 00:10:51.910 align:start position:0% your on your own stable points and 00:10:51.910 --> 00:10:54.569 align:start position:0% your on your own stable points and they're<00:10:52.720> those<00:10:53.019> rates<00:10:53.290> then<00:10:53.470> go<00:10:53.620> down<00:10:53.769> and<00:10:54.009> I 00:10:54.569 --> 00:10:54.579 align:start position:0% they're those rates then go down and I 00:10:54.579 --> 00:10:56.639 align:start position:0% they're those rates then go down and I think<00:10:54.790> once<00:10:55.449> we<00:10:55.600> get<00:10:55.750> into<00:10:55.990> the<00:10:56.110> I<00:10:56.199> savings 00:10:56.639 --> 00:10:56.649 align:start position:0% think once we get into the I savings 00:10:56.649 --> 00:10:58.619 align:start position:0% think once we get into the I savings rate<00:10:56.860> and<00:10:57.100> once<00:10:57.370> the<00:10:57.550> ego<00:10:57.850> system<00:10:58.180> matures<00:10:58.480> a 00:10:58.619 --> 00:10:58.629 align:start position:0% rate and once the ego system matures a 00:10:58.629 --> 00:11:01.230 align:start position:0% rate and once the ego system matures a bit<00:10:58.839> more<00:10:59.160> we<00:11:00.160> might<00:11:00.339> finally<00:11:00.610> get<00:11:00.850> to<00:11:01.029> a<00:11:01.060> point 00:11:01.230 --> 00:11:01.240 align:start position:0% bit more we might finally get to a point 00:11:01.240 --> 00:11:03.840 align:start position:0% bit more we might finally get to a point where<00:11:01.629> the<00:11:02.050> rates<00:11:02.290> in<00:11:02.500> general<00:11:02.889> start<00:11:03.220> being<00:11:03.519> a 00:11:03.840 --> 00:11:03.850 align:start position:0% where the rates in general start being a 00:11:03.850 --> 00:11:06.329 align:start position:0% where the rates in general start being a bit<00:11:04.720> more<00:11:04.930> stabilized<00:11:05.529> because<00:11:05.889> I<00:11:06.220> think 00:11:06.329 --> 00:11:06.339 align:start position:0% bit more stabilized because I think 00:11:06.339 --> 00:11:07.860 align:start position:0% bit more stabilized because I think really<00:11:06.699> the<00:11:07.000> whole<00:11:07.180> journey<00:11:07.480> we've<00:11:07.720> been 00:11:07.860 --> 00:11:07.870 align:start position:0% really the whole journey we've been 00:11:07.870 --> 00:11:09.929 align:start position:0% really the whole journey we've been through<00:11:08.139> like<00:11:08.379> this<00:11:08.529> extremely<00:11:09.430> high<00:11:09.579> like 00:11:09.929 --> 00:11:09.939 align:start position:0% through like this extremely high like 00:11:09.939 --> 00:11:11.340 align:start position:0% through like this extremely high like extremely<00:11:10.269> low<00:11:10.420> raise<00:11:10.660> to<00:11:10.899> extremely<00:11:11.170> high 00:11:11.340 --> 00:11:11.350 align:start position:0% extremely low raise to extremely high 00:11:11.350 --> 00:11:14.400 align:start position:0% extremely low raise to extremely high rates<00:11:11.740> and<00:11:11.889> then<00:11:11.980> coming<00:11:12.819> back<00:11:12.850> down<00:11:13.199> that<00:11:14.199> is 00:11:14.400 --> 00:11:14.410 align:start position:0% rates and then coming back down that is 00:11:14.410 --> 00:11:16.559 align:start position:0% rates and then coming back down that is like<00:11:14.639> exactly<00:11:15.639> what<00:11:15.819> you<00:11:15.939> would<00:11:16.120> expect<00:11:16.149> from 00:11:16.559 --> 00:11:16.569 align:start position:0% like exactly what you would expect from 00:11:16.569 --> 00:11:18.929 align:start position:0% like exactly what you would expect from like<00:11:16.779> a<00:11:16.810> brand<00:11:17.199> new<00:11:17.439> economy<00:11:18.399> right<00:11:18.610> like<00:11:18.819> it 00:11:18.929 --> 00:11:18.939 align:start position:0% like a brand new economy right like it 00:11:18.939 --> 00:11:21.269 align:start position:0% like a brand new economy right like it doesn't<00:11:19.149> really<00:11:19.620> people<00:11:20.620> kind<00:11:20.980> of<00:11:21.100> like 00:11:21.269 --> 00:11:21.279 align:start position:0% doesn't really people kind of like 00:11:21.279 --> 00:11:23.220 align:start position:0% doesn't really people kind of like making<00:11:21.939> having<00:11:22.480> the<00:11:22.540> wrong<00:11:22.689> assumptions 00:11:23.220 --> 00:11:23.230 align:start position:0% making having the wrong assumptions 00:11:23.230 --> 00:11:25.559 align:start position:0% making having the wrong assumptions sometimes<00:11:23.620> like<00:11:23.920> trying<00:11:24.519> to<00:11:24.579> extrapolating 00:11:25.559 --> 00:11:25.569 align:start position:0% sometimes like trying to extrapolating 00:11:25.569 --> 00:11:27.840 align:start position:0% sometimes like trying to extrapolating the<00:11:25.660> wrong<00:11:25.839> things<00:11:26.110> and<00:11:26.379> over<00:11:26.800> time<00:11:27.040> as<00:11:27.370> the 00:11:27.840 --> 00:11:27.850 align:start position:0% the wrong things and over time as the 00:11:27.850 --> 00:11:30.090 align:start position:0% the wrong things and over time as the market<00:11:28.720> goes<00:11:28.959> through<00:11:29.290> this<00:11:29.589> like<00:11:29.740> a<00:11:29.769> learning 00:11:30.090 --> 00:11:30.100 align:start position:0% market goes through this like a learning 00:11:30.100 --> 00:11:32.249 align:start position:0% market goes through this like a learning process<00:11:30.550> I<00:11:30.730> think<00:11:31.300> she's<00:11:31.480> stabilized<00:11:31.930> a<00:11:31.959> lot 00:11:32.249 --> 00:11:32.259 align:start position:0% process I think she's stabilized a lot 00:11:32.259 --> 00:11:34.290 align:start position:0% process I think she's stabilized a lot more<00:11:32.439> agreed<00:11:33.399> I<00:11:33.430> think<00:11:33.759> that<00:11:33.939> some<00:11:34.149> of<00:11:34.240> the 00:11:34.290 --> 00:11:34.300 align:start position:0% more agreed I think that some of the 00:11:34.300 --> 00:11:36.210 align:start position:0% more agreed I think that some of the factors<00:11:34.689> that<00:11:34.720> dictate<00:11:35.019> that<00:11:35.379> our<00:11:35.589> eath<00:11:35.920> price 00:11:36.210 --> 00:11:36.220 align:start position:0% factors that dictate that our eath price 00:11:36.220 --> 00:11:38.460 align:start position:0% factors that dictate that our eath price maker<00:11:36.879> decision<00:11:37.689> making<00:11:37.959> and<00:11:38.139> then<00:11:38.230> also 00:11:38.460 --> 00:11:38.470 align:start position:0% maker decision making and then also 00:11:38.470 --> 00:11:40.590 align:start position:0% maker decision making and then also organic<00:11:38.800> demand<00:11:39.250> for<00:11:39.490> dye<00:11:39.639> that<00:11:40.300> will<00:11:40.420> dictate 00:11:40.590 --> 00:11:40.600 align:start position:0% organic demand for dye that will dictate 00:11:40.600 --> 00:11:42.900 align:start position:0% organic demand for dye that will dictate these<00:11:41.139> interest<00:11:41.470> rates<00:11:41.649> but<00:11:42.100> dan<00:11:42.370> in<00:11:42.639> your 00:11:42.900 --> 00:11:42.910 align:start position:0% these interest rates but dan in your 00:11:42.910 --> 00:11:45.059 align:start position:0% these interest rates but dan in your protocol<00:11:43.420> like<00:11:43.629> what<00:11:43.899> variables<00:11:44.800> were<00:11:44.980> you 00:11:45.059 --> 00:11:45.069 align:start position:0% protocol like what variables were you 00:11:45.069 --> 00:11:46.050 align:start position:0% protocol like what variables were you taking<00:11:45.339> into<00:11:45.459> account<00:11:45.519> when<00:11:45.910> you<00:11:45.970> were 00:11:46.050 --> 00:11:46.060 align:start position:0% taking into account when you were 00:11:46.060 --> 00:11:48.110 align:start position:0% taking into account when you were building<00:11:46.240> your<00:11:46.389> yields<00:11:46.810> group<00:11:46.959> sure<00:11:47.470> yeah<00:11:47.680> so 00:11:48.110 --> 00:11:48.120 align:start position:0% building your yields group sure yeah so 00:11:48.120 --> 00:11:50.309 align:start position:0% building your yields group sure yeah so spending<00:11:49.120> those<00:11:49.269> panel<00:11:49.779> with<00:11:49.870> stable<00:11:50.170> coins 00:11:50.309 --> 00:11:50.319 align:start position:0% spending those panel with stable coins 00:11:50.319 --> 00:11:51.990 align:start position:0% spending those panel with stable coins because<00:11:50.529> basically<00:11:51.250> that<00:11:51.459> the<00:11:51.759> defining 00:11:51.990 --> 00:11:52.000 align:start position:0% because basically that the defining 00:11:52.000 --> 00:11:53.309 align:start position:0% because basically that the defining feature<00:11:52.360> in<00:11:52.420> the<00:11:52.509> useful<00:11:52.720> feature<00:11:52.870> about<00:11:53.139> wide 00:11:53.309 --> 00:11:53.319 align:start position:0% feature in the useful feature about wide 00:11:53.319 --> 00:11:56.179 align:start position:0% feature in the useful feature about wide perkins<00:11:53.740> is<00:11:54.639> that<00:11:54.759> they're<00:11:54.880> not<00:11:54.970> stable<00:11:55.420> so 00:11:56.179 --> 00:11:56.189 align:start position:0% perkins is that they're not stable so 00:11:56.189 --> 00:11:59.819 align:start position:0% perkins is that they're not stable so Meeker<00:11:57.220> you<00:11:57.910> know<00:11:58.019> through<00:11:59.019> a<00:11:59.350> really<00:11:59.620> really 00:11:59.819 --> 00:11:59.829 align:start position:0% Meeker you know through a really really 00:11:59.829 --> 00:12:01.829 align:start position:0% Meeker you know through a really really sort<00:12:00.069> of<00:12:00.100> ingenious<00:12:00.310> mechanisms<00:12:01.060> I<00:12:01.269> managed 00:12:01.829 --> 00:12:01.839 align:start position:0% sort of ingenious mechanisms I managed 00:12:01.839 --> 00:12:03.509 align:start position:0% sort of ingenious mechanisms I managed to<00:12:01.899> achieve<00:12:02.050> these<00:12:02.410> two<00:12:02.560> things<00:12:02.829> perpetuity 00:12:03.509 --> 00:12:03.519 align:start position:0% to achieve these two things perpetuity 00:12:03.519 --> 00:12:05.340 align:start position:0% to achieve these two things perpetuity and<00:12:03.819> stability<00:12:04.329> that<00:12:04.660> are<00:12:04.959> really<00:12:05.170> necessary 00:12:05.340 --> 00:12:05.350 align:start position:0% and stability that are really necessary 00:12:05.350 --> 00:12:10.439 align:start position:0% and stability that are really necessary to<00:12:05.709> have<00:12:05.860> a<00:12:06.240> $1<00:12:07.240> in<00:12:07.420> change<00:12:07.660> and<00:12:08.670> I'm<00:12:09.670> buttering 00:12:10.439 --> 00:12:10.449 align:start position:0% to have a $1 in change and I'm buttering 00:12:10.449 --> 00:12:11.790 align:start position:0% to have a $1 in change and I'm buttering up<00:12:10.810> now<00:12:10.959> because<00:12:11.139> I<00:12:11.259> think<00:12:11.350> we're<00:12:11.500> gonna<00:12:11.589> we're 00:12:11.790 --> 00:12:11.800 align:start position:0% up now because I think we're gonna we're 00:12:11.800 --> 00:12:13.559 align:start position:0% up now because I think we're gonna we're gonna<00:12:11.860> come<00:12:12.069> close<00:12:12.310> a<00:12:12.370> little<00:12:12.550> more<00:12:12.790> later<00:12:13.449> on 00:12:13.559 --> 00:12:13.569 align:start position:0% gonna come close a little more later on 00:12:13.569 --> 00:12:17.910 align:start position:0% gonna come close a little more later on an<00:12:13.899> attack<00:12:14.350> I<00:12:14.649> I<00:12:15.519> think<00:12:16.380> what<00:12:17.380> wide<00:12:17.560> open<00:12:17.800> does 00:12:17.910 --> 00:12:17.920 align:start position:0% an attack I I think what wide open does 00:12:17.920 --> 00:12:19.829 align:start position:0% an attack I I think what wide open does is<00:12:18.009> just<00:12:18.160> just<00:12:18.399> abandons<00:12:19.089> us<00:12:19.209> says<00:12:19.509> this<00:12:19.630> is<00:12:19.720> no 00:12:19.829 --> 00:12:19.839 align:start position:0% is just just abandons us says this is no 00:12:19.839 --> 00:12:21.629 align:start position:0% is just just abandons us says this is no longer<00:12:19.959> perpetual<00:12:20.560> it's<00:12:20.800> and<00:12:21.370> we're<00:12:21.519> not 00:12:21.629 --> 00:12:21.639 align:start position:0% longer perpetual it's and we're not 00:12:21.639 --> 00:12:23.249 align:start position:0% longer perpetual it's and we're not gonna<00:12:21.790> talk<00:12:21.970> its<00:12:22.149> ability<00:12:22.509> but<00:12:22.930> as<00:12:23.050> a<00:12:23.110> result 00:12:23.249 --> 00:12:23.259 align:start position:0% gonna talk its ability but as a result 00:12:23.259 --> 00:12:26.370 align:start position:0% gonna talk its ability but as a result you<00:12:23.649> actually<00:12:23.680> get<00:12:24.569> quite<00:12:25.569> by<00:12:25.809> removing<00:12:26.259> these 00:12:26.370 --> 00:12:26.380 align:start position:0% you actually get quite by removing these 00:12:26.380 --> 00:12:27.840 align:start position:0% you actually get quite by removing these four<00:12:26.559> these<00:12:26.649> parameters<00:12:27.189> from<00:12:27.399> from<00:12:27.759> the 00:12:27.840 --> 00:12:27.850 align:start position:0% four these parameters from from the 00:12:27.850 --> 00:12:29.939 align:start position:0% four these parameters from from the system<00:12:28.149> and<00:12:28.990> just<00:12:29.050> letting<00:12:29.439> the<00:12:29.529> price<00:12:29.709> quote 00:12:29.939 --> 00:12:29.949 align:start position:0% system and just letting the price quote 00:12:29.949 --> 00:12:31.439 align:start position:0% system and just letting the price quote freely<00:12:30.370> you<00:12:30.519> actually<00:12:30.850> at<00:12:30.939> the<00:12:31.029> market<00:12:31.360> to 00:12:31.439 --> 00:12:31.449 align:start position:0% freely you actually at the market to 00:12:31.449 --> 00:12:32.879 align:start position:0% freely you actually at the market to tell<00:12:31.630> you<00:12:31.809> what<00:12:32.110> it<00:12:32.230> thinks<00:12:32.259> the<00:12:32.589> interest 00:12:32.879 --> 00:12:32.889 align:start position:0% tell you what it thinks the interest 00:12:32.889 --> 00:12:35.970 align:start position:0% tell you what it thinks the interest rate<00:12:33.009> is<00:12:33.160> for<00:12:34.059> this<00:12:34.180> particular<00:12:34.360> tenor<00:12:34.860> and<00:12:35.860> I 00:12:35.970 --> 00:12:35.980 align:start position:0% rate is for this particular tenor and I 00:12:35.980 --> 00:12:37.259 align:start position:0% rate is for this particular tenor and I think<00:12:36.160> that's<00:12:36.339> that's<00:12:36.610> useful<00:12:36.939> it's<00:12:37.059> useful 00:12:37.259 --> 00:12:37.269 align:start position:0% think that's that's useful it's useful 00:12:37.269 --> 00:12:38.639 align:start position:0% think that's that's useful it's useful potentially<00:12:37.660> as<00:12:37.750> an<00:12:37.870> input<00:12:38.110> into<00:12:38.350> systems 00:12:38.639 --> 00:12:38.649 align:start position:0% potentially as an input into systems 00:12:38.649 --> 00:12:40.170 align:start position:0% potentially as an input into systems like<00:12:38.769> maker<00:12:38.949> compound<00:12:39.490> to<00:12:39.610> help<00:12:39.759> inform<00:12:40.029> their 00:12:40.170 --> 00:12:40.180 align:start position:0% like maker compound to help inform their 00:12:40.180 --> 00:12:42.809 align:start position:0% like maker compound to help inform their formulas<00:12:41.139> or<00:12:41.259> governess<00:12:41.559> decisions<00:12:41.949> and 00:12:42.809 --> 00:12:42.819 align:start position:0% formulas or governess decisions and 00:12:42.819 --> 00:12:44.340 align:start position:0% formulas or governess decisions and Italy<00:12:43.360> usually<00:12:43.629> somebody<00:12:43.809> looking<00:12:44.139> for<00:12:44.199> a 00:12:44.340 --> 00:12:44.350 align:start position:0% Italy usually somebody looking for a 00:12:44.350 --> 00:12:46.410 align:start position:0% Italy usually somebody looking for a fixed<00:12:44.589> term<00:12:44.709> loan<00:12:45.639> for<00:12:45.790> the<00:12:45.879> amount<00:12:46.149> of<00:12:46.209> time 00:12:46.410 --> 00:12:46.420 align:start position:0% fixed term loan for the amount of time 00:12:46.420 --> 00:12:48.920 align:start position:0% fixed term loan for the amount of time but<00:12:47.019> but<00:12:47.740> ultimately<00:12:48.040> no<00:12:48.160> depends<00:12:48.519> I<00:12:48.579> think<00:12:48.610> on 00:12:48.920 --> 00:12:48.930 align:start position:0% but but ultimately no depends I think on 00:12:48.930 --> 00:12:50.300 align:start position:0% but but ultimately no depends I think on this<00:12:49.230> kind<00:12:49.410> of<00:12:49.440> rock-solid<00:12:49.740> unit<00:12:50.070> of<00:12:50.160> account 00:12:50.300 --> 00:12:50.310 align:start position:0% this kind of rock-solid unit of account 00:12:50.310 --> 00:12:53.750 align:start position:0% this kind of rock-solid unit of account look<00:12:50.520> died<00:12:50.670> I<00:12:51.000> was<00:12:51.450> becoming<00:12:52.550> interesting<00:12:53.550> I 00:12:53.750 --> 00:12:53.760 align:start position:0% look died I was becoming interesting I 00:12:53.760 --> 00:12:55.100 align:start position:0% look died I was becoming interesting I feel<00:12:54.120> like<00:12:54.240> this<00:12:54.390> is<00:12:54.510> the<00:12:54.660> time<00:12:54.839> that<00:12:54.870> we 00:12:55.100 --> 00:12:55.110 align:start position:0% feel like this is the time that we 00:12:55.110 --> 00:12:57.650 align:start position:0% feel like this is the time that we should<00:12:55.290> switch<00:12:55.500> gears<00:12:55.860> so<00:12:56.730> the<00:12:56.850> hot<00:12:57.029> topic<00:12:57.450> is 00:12:57.650 --> 00:12:57.660 align:start position:0% should switch gears so the hot topic is 00:12:57.660 --> 00:13:00.290 align:start position:0% should switch gears so the hot topic is multi<00:12:58.140> collateral<00:12:58.529> die<00:12:58.710> and<00:12:59.610> so<00:12:59.790> figuring<00:13:00.089> out 00:13:00.290 --> 00:13:00.300 align:start position:0% multi collateral die and so figuring out 00:13:00.300 --> 00:13:01.670 align:start position:0% multi collateral die and so figuring out what<00:13:00.510> is<00:13:00.600> the<00:13:00.720> process<00:13:01.140> and<00:13:01.380> what<00:13:01.500> will<00:13:01.589> be 00:13:01.670 --> 00:13:01.680 align:start position:0% what is the process and what will be 00:13:01.680 --> 00:13:04.900 align:start position:0% what is the process and what will be included<00:13:02.130> and<00:13:02.970> maybe<00:13:03.149> ruin<00:13:03.899> if<00:13:03.990> you<00:13:04.080> have<00:13:04.260> any 00:13:04.900 --> 00:13:04.910 align:start position:0% included and maybe ruin if you have any 00:13:04.910 --> 00:13:06.860 align:start position:0% included and maybe ruin if you have any context<00:13:05.910> you<00:13:06.000> can<00:13:06.089> provide<00:13:06.330> about<00:13:06.540> what<00:13:06.750> we 00:13:06.860 --> 00:13:06.870 align:start position:0% context you can provide about what we 00:13:06.870 --> 00:13:08.300 align:start position:0% context you can provide about what we know<00:13:07.050> of<00:13:07.230> how<00:13:07.440> the<00:13:07.500> process<00:13:07.800> is<00:13:08.070> gonna<00:13:08.190> be 00:13:08.300 --> 00:13:08.310 align:start position:0% know of how the process is gonna be 00:13:08.310 --> 00:13:11.570 align:start position:0% know of how the process is gonna be bootstrapped<00:13:08.760> that<00:13:09.060> might<00:13:09.209> be<00:13:09.300> useful<00:13:10.580> yeah 00:13:11.570 --> 00:13:11.580 align:start position:0% bootstrapped that might be useful yeah 00:13:11.580 --> 00:13:15.730 align:start position:0% bootstrapped that might be useful yeah so<00:13:11.850> maker<00:13:12.300> maker<00:13:12.839> governance<00:13:13.290> is<00:13:13.440> notoriously 00:13:15.730 --> 00:13:15.740 align:start position:0% so maker maker governance is notoriously 00:13:15.740 --> 00:13:18.380 align:start position:0% so maker maker governance is notoriously complex<00:13:16.760> because<00:13:17.760> we're<00:13:17.970> really<00:13:18.089> talking 00:13:18.380 --> 00:13:18.390 align:start position:0% complex because we're really talking 00:13:18.390 --> 00:13:20.870 align:start position:0% complex because we're really talking about<00:13:18.720> like<00:13:18.980> governance<00:13:19.980> aware<00:13:20.310> of<00:13:20.490> a<00:13:20.520> full 00:13:20.870 --> 00:13:20.880 align:start position:0% about like governance aware of a full 00:13:20.880 --> 00:13:23.420 align:start position:0% about like governance aware of a full monetary<00:13:21.420> system<00:13:21.750> so<00:13:22.130> we<00:13:23.130> have<00:13:23.279> this 00:13:23.420 --> 00:13:23.430 align:start position:0% monetary system so we have this 00:13:23.430 --> 00:13:25.910 align:start position:0% monetary system so we have this extremely<00:13:23.910> dedicated<00:13:24.270> core<00:13:25.260> community<00:13:25.680> that 00:13:25.910 --> 00:13:25.920 align:start position:0% extremely dedicated core community that 00:13:25.920 --> 00:13:28.449 align:start position:0% extremely dedicated core community that actually<00:13:26.100> spent<00:13:26.610> the<00:13:26.820> time<00:13:27.029> it<00:13:27.209> takes<00:13:27.390> to<00:13:27.720> like 00:13:28.449 --> 00:13:28.459 align:start position:0% actually spent the time it takes to like 00:13:28.459 --> 00:13:31.220 align:start position:0% actually spent the time it takes to like you<00:13:29.459> know<00:13:29.580> follow<00:13:29.880> all<00:13:30.149> the<00:13:30.360> sort<00:13:30.990> of<00:13:31.020> the<00:13:31.080> the 00:13:31.220 --> 00:13:31.230 align:start position:0% you know follow all the sort of the the 00:13:31.230 --> 00:13:33.590 align:start position:0% you know follow all the sort of the the most<00:13:31.890> detailed<00:13:32.339> research<00:13:32.820> and<00:13:33.089> actually<00:13:33.209> even 00:13:33.590 --> 00:13:33.600 align:start position:0% most detailed research and actually even 00:13:33.600 --> 00:13:36.769 align:start position:0% most detailed research and actually even creating<00:13:33.959> research<00:13:34.260> themselves<00:13:34.580> so<00:13:35.630> there<00:13:36.630> is 00:13:36.769 --> 00:13:36.779 align:start position:0% creating research themselves so there is 00:13:36.779 --> 00:13:41.540 align:start position:0% creating research themselves so there is actually<00:13:36.990> a<00:13:37.260> very<00:13:37.620> well<00:13:39.560> liked<00:13:40.560> thought<00:13:41.310> out 00:13:41.540 --> 00:13:41.550 align:start position:0% actually a very well liked thought out 00:13:41.550 --> 00:13:44.420 align:start position:0% actually a very well liked thought out like<00:13:41.790> like<00:13:42.600> base<00:13:42.870> level<00:13:43.560> theory<00:13:43.980> around<00:13:44.220> the 00:13:44.420 --> 00:13:44.430 align:start position:0% like like base level theory around the 00:13:44.430 --> 00:13:46.340 align:start position:0% like like base level theory around the whole<00:13:44.610> the<00:13:45.240> whole<00:13:45.420> concept<00:13:45.870> of<00:13:46.020> how<00:13:46.170> we're 00:13:46.340 --> 00:13:46.350 align:start position:0% whole the whole concept of how we're 00:13:46.350 --> 00:13:48.199 align:start position:0% whole the whole concept of how we're gonna<00:13:46.470> do<00:13:46.709> make<00:13:47.610> your<00:13:47.730> governments<00:13:48.120> and 00:13:48.199 --> 00:13:48.209 align:start position:0% gonna do make your governments and 00:13:48.209 --> 00:13:50.110 align:start position:0% gonna do make your governments and multilateral<00:13:48.720> die 00:13:50.110 --> 00:13:50.120 align:start position:0% multilateral die 00:13:50.120 --> 00:13:52.699 align:start position:0% multilateral die that<00:13:51.120> has<00:13:51.270> been<00:13:51.450> worked<00:13:51.690> on<00:13:51.810> for<00:13:52.320> years<00:13:52.350> at 00:13:52.699 --> 00:13:52.709 align:start position:0% that has been worked on for years at 00:13:52.709 --> 00:13:55.340 align:start position:0% that has been worked on for years at this<00:13:52.800> point<00:13:52.860> and<00:13:53.570> the<00:13:54.570> foundation<00:13:55.050> has<00:13:55.170> then 00:13:55.340 --> 00:13:55.350 align:start position:0% this point and the foundation has then 00:13:55.350 --> 00:13:57.890 align:start position:0% this point and the foundation has then like<00:13:56.029> contributed<00:13:57.029> a<00:13:57.089> lot<00:13:57.240> to<00:13:57.540> this 00:13:57.890 --> 00:13:57.900 align:start position:0% like contributed a lot to this 00:13:57.900 --> 00:13:59.360 align:start position:0% like contributed a lot to this conversation<00:13:58.410> of<00:13:58.740> selves<00:13:59.070> and<00:13:59.220> then 00:13:59.360 --> 00:13:59.370 align:start position:0% conversation of selves and then 00:13:59.370 --> 00:14:02.320 align:start position:0% conversation of selves and then ultimately<00:13:59.490> also<00:13:59.940> to<00:14:00.360> seem<00:14:00.600> like<00:14:00.810> the<00:14:01.470> organic 00:14:02.320 --> 00:14:02.330 align:start position:0% ultimately also to seem like the organic 00:14:02.330 --> 00:14:04.550 align:start position:0% ultimately also to seem like the organic conversation<00:14:03.330> coming<00:14:03.900> out<00:14:04.050> of<00:14:04.140> the<00:14:04.200> community 00:14:04.550 --> 00:14:04.560 align:start position:0% conversation coming out of the community 00:14:04.560 --> 00:14:07.730 align:start position:0% conversation coming out of the community and<00:14:04.650> all<00:14:04.770> the<00:14:04.860> ideas<00:14:05.390> and<00:14:06.390> then<00:14:06.870> like 00:14:07.730 --> 00:14:07.740 align:start position:0% and all the ideas and then like 00:14:07.740 --> 00:14:10.130 align:start position:0% and all the ideas and then like formulated<00:14:08.430> a<00:14:08.550> very<00:14:08.820> basic<00:14:09.510> you<00:14:09.810> know<00:14:09.930> what 00:14:10.130 --> 00:14:10.140 align:start position:0% formulated a very basic you know what 00:14:10.140 --> 00:14:11.720 align:start position:0% formulated a very basic you know what we're<00:14:10.260> calling<00:14:10.380> an<00:14:10.589> interim<00:14:11.100> kind<00:14:11.550> of<00:14:11.610> like 00:14:11.720 --> 00:14:11.730 align:start position:0% we're calling an interim kind of like 00:14:11.730 --> 00:14:14.300 align:start position:0% we're calling an interim kind of like just<00:14:12.000> like<00:14:12.089> an<00:14:12.510> initial<00:14:13.080> framework<00:14:13.950> that's 00:14:14.300 --> 00:14:14.310 align:start position:0% just like an initial framework that's 00:14:14.310 --> 00:14:17.240 align:start position:0% just like an initial framework that's that<00:14:15.029> should<00:14:15.600> work<00:14:16.110> for<00:14:16.380> the<00:14:16.500> very<00:14:16.709> early 00:14:17.240 --> 00:14:17.250 align:start position:0% that should work for the very early 00:14:17.250 --> 00:14:20.990 align:start position:0% that should work for the very early stages<00:14:17.459> right<00:14:17.760> and<00:14:18.320> and<00:14:19.320> we<00:14:20.220> really<00:14:20.880> just 00:14:20.990 --> 00:14:21.000 align:start position:0% stages right and and we really just 00:14:21.000 --> 00:14:22.640 align:start position:0% stages right and and we really just extrapolating<00:14:21.690> what's<00:14:21.870> already<00:14:22.080> there<00:14:22.260> which 00:14:22.640 --> 00:14:22.650 align:start position:0% extrapolating what's already there which 00:14:22.650 --> 00:14:25.699 align:start position:0% extrapolating what's already there which is<00:14:22.830> the<00:14:23.070> this<00:14:23.400> weekly<00:14:23.880> cycle<00:14:24.330> that<00:14:24.779> sets<00:14:25.110> the 00:14:25.699 --> 00:14:25.709 align:start position:0% is the this weekly cycle that sets the 00:14:25.709 --> 00:14:28.699 align:start position:0% is the this weekly cycle that sets the rates<00:14:25.980> in<00:14:26.130> your<00:14:26.220> system<00:14:26.550> and<00:14:26.990> then<00:14:27.990> creating<00:14:28.620> a 00:14:28.699 --> 00:14:28.709 align:start position:0% rates in your system and then creating a 00:14:28.709 --> 00:14:31.790 align:start position:0% rates in your system and then creating a new<00:14:29.360> monthly<00:14:30.360> cycle<00:14:30.750> because<00:14:31.230> it's<00:14:31.410> more<00:14:31.620> it 00:14:31.790 --> 00:14:31.800 align:start position:0% new monthly cycle because it's more it 00:14:31.800 --> 00:14:33.680 align:start position:0% new monthly cycle because it's more it deals<00:14:32.370> with<00:14:32.430> nothing<00:14:32.730> more<00:14:32.880> advanced<00:14:33.089> so<00:14:33.329> it's 00:14:33.680 --> 00:14:33.690 align:start position:0% deals with nothing more advanced so it's 00:14:33.690 --> 00:14:34.910 align:start position:0% deals with nothing more advanced so it's going<00:14:33.839> to<00:14:33.959> be<00:14:34.020> on<00:14:34.110> a<00:14:34.170> monthly<00:14:34.410> basis<00:14:34.800> and 00:14:34.910 --> 00:14:34.920 align:start position:0% going to be on a monthly basis and 00:14:34.920 --> 00:14:37.010 align:start position:0% going to be on a monthly basis and actually<00:14:35.040> in<00:14:35.339> addition<00:14:35.850> to<00:14:36.060> the<00:14:36.209> already 00:14:37.010 --> 00:14:37.020 align:start position:0% actually in addition to the already 00:14:37.020 --> 00:14:39.140 align:start position:0% actually in addition to the already existing<00:14:37.500> weekly<00:14:38.100> cycle<00:14:38.430> that<00:14:38.640> will<00:14:38.730> continue 00:14:39.140 --> 00:14:39.150 align:start position:0% existing weekly cycle that will continue 00:14:39.150 --> 00:14:40.490 align:start position:0% existing weekly cycle that will continue to<00:14:39.209> exist<00:14:39.480> and<00:14:39.660> that's<00:14:39.810> how<00:14:39.990> the<00:14:40.050> rates<00:14:40.320> will 00:14:40.490 --> 00:14:40.500 align:start position:0% to exist and that's how the rates will 00:14:40.500 --> 00:14:43.069 align:start position:0% to exist and that's how the rates will continue<00:14:40.860> to<00:14:40.980> be<00:14:41.130> set<00:14:41.339> in<00:14:42.209> some<00:14:42.510> of<00:14:42.600> the<00:14:42.690> in<00:14:42.930> the 00:14:43.069 --> 00:14:43.079 align:start position:0% continue to be set in some of the in the 00:14:43.079 --> 00:14:46.760 align:start position:0% continue to be set in some of the in the short<00:14:43.290> term<00:14:44.029> but<00:14:45.029> then<00:14:45.180> in<00:14:45.329> this<00:14:45.770> every 00:14:46.760 --> 00:14:46.770 align:start position:0% short term but then in this every 00:14:46.770 --> 00:14:50.150 align:start position:0% short term but then in this every monthly<00:14:47.100> cycle<00:14:47.579> you<00:14:47.940> have<00:14:48.240> this<00:14:49.170> like<00:14:49.440> end<00:14:49.770> to 00:14:50.150 --> 00:14:50.160 align:start position:0% monthly cycle you have this like end to 00:14:50.160 --> 00:14:52.100 align:start position:0% monthly cycle you have this like end to end<00:14:50.310> process<00:14:50.579> of<00:14:50.880> like<00:14:51.000> evaluating<00:14:51.899> new 00:14:52.100 --> 00:14:52.110 align:start position:0% end process of like evaluating new 00:14:52.110 --> 00:14:54.650 align:start position:0% end process of like evaluating new collateral<00:14:53.040> tokens<00:14:53.459> and<00:14:53.700> also<00:14:54.240> evaluate 00:14:54.650 --> 00:14:54.660 align:start position:0% collateral tokens and also evaluate 00:14:54.660 --> 00:14:57.350 align:start position:0% collateral tokens and also evaluate existing<00:14:55.050> collateral<00:14:55.560> tools<00:14:55.950> seeing<00:14:56.850> whether 00:14:57.350 --> 00:14:57.360 align:start position:0% existing collateral tools seeing whether 00:14:57.360 --> 00:14:59.150 align:start position:0% existing collateral tools seeing whether you<00:14:57.540> want<00:14:57.690> to<00:14:57.750> unfold<00:14:58.140> new<00:14:58.440> collateral<00:14:58.950> and 00:14:59.150 --> 00:14:59.160 align:start position:0% you want to unfold new collateral and 00:14:59.160 --> 00:15:01.530 align:start position:0% you want to unfold new collateral and and<00:14:59.490> also<00:14:59.940> how<00:15:00.630> you<00:15:00.660> want<00:15:01.020> to 00:15:01.530 --> 00:15:01.540 align:start position:0% and also how you want to 00:15:01.540 --> 00:15:03.420 align:start position:0% and also how you want to the<00:15:02.050> parameters<00:15:02.500> for<00:15:02.680> existing<00:15:03.070> collateral 00:15:03.420 --> 00:15:03.430 align:start position:0% the parameters for existing collateral 00:15:03.430 --> 00:15:06.210 align:start position:0% the parameters for existing collateral types<00:15:03.700> and<00:15:04.170> the<00:15:05.170> goal<00:15:05.350> is<00:15:05.380> always<00:15:05.710> to<00:15:05.860> try<00:15:06.010> to 00:15:06.210 --> 00:15:06.220 align:start position:0% types and the goal is always to try to 00:15:06.220 --> 00:15:08.190 align:start position:0% types and the goal is always to try to get<00:15:06.400> as<00:15:06.520> much<00:15:06.730> like<00:15:07.030> as<00:15:07.240> broad<00:15:07.570> discussion 00:15:08.190 --> 00:15:08.200 align:start position:0% get as much like as broad discussion 00:15:08.200 --> 00:15:10.880 align:start position:0% get as much like as broad discussion it's<00:15:08.410> kind<00:15:08.590> of<00:15:08.650> I<00:15:08.710> guess<00:15:08.770> as<00:15:09.100> rational<00:15:09.670> and<00:15:09.970> and 00:15:10.880 --> 00:15:10.890 align:start position:0% it's kind of I guess as rational and and 00:15:10.890 --> 00:15:13.440 align:start position:0% it's kind of I guess as rational and and as<00:15:11.890> little<00:15:12.220> as<00:15:12.400> possible<00:15:12.670> of<00:15:13.000> kind<00:15:13.210> of<00:15:13.270> like<00:15:13.360> a 00:15:13.440 --> 00:15:13.450 align:start position:0% as little as possible of kind of like a 00:15:13.450 --> 00:15:15.210 align:start position:0% as little as possible of kind of like a popularity<00:15:13.810> contest<00:15:14.020> so<00:15:14.530> we<00:15:14.560> actually<00:15:14.770> try<00:15:15.190> to 00:15:15.210 --> 00:15:15.220 align:start position:0% popularity contest so we actually try to 00:15:15.220 --> 00:15:20.010 align:start position:0% popularity contest so we actually try to in<00:15:15.520> a<00:15:15.610> way<00:15:15.760> like<00:15:16.440> actively<00:15:17.910> prevent<00:15:19.020> NPI 00:15:20.010 --> 00:15:20.020 align:start position:0% in a way like actively prevent NPI 00:15:20.020 --> 00:15:21.510 align:start position:0% in a way like actively prevent NPI holders<00:15:20.350> from<00:15:20.470> having<00:15:20.860> too<00:15:21.130> much<00:15:21.250> influence 00:15:21.510 --> 00:15:21.520 align:start position:0% holders from having too much influence 00:15:21.520 --> 00:15:23.750 align:start position:0% holders from having too much influence at<00:15:21.940> the<00:15:21.970> granular<00:15:22.450> level<00:15:22.780> so<00:15:22.900> it's<00:15:23.050> just<00:15:23.230> like 00:15:23.750 --> 00:15:23.760 align:start position:0% at the granular level so it's just like 00:15:23.760 --> 00:15:27.000 align:start position:0% at the granular level so it's just like you<00:15:24.760> know<00:15:24.850> whoever<00:15:25.350> whatever<00:15:26.350> an<00:15:26.470> NPI<00:15:26.770> will 00:15:27.000 --> 00:15:27.010 align:start position:0% you know whoever whatever an NPI will 00:15:27.010 --> 00:15:29.340 align:start position:0% you know whoever whatever an NPI will like<00:15:27.460> whatever<00:15:27.760> random<00:15:28.480> coin<00:15:28.840> that<00:15:29.020> they<00:15:29.140> like 00:15:29.340 --> 00:15:29.350 align:start position:0% like whatever random coin that they like 00:15:29.350 --> 00:15:31.620 align:start position:0% like whatever random coin that they like gets<00:15:29.950> like<00:15:30.190> the<00:15:30.730> special<00:15:31.090> treatment<00:15:31.330> right 00:15:31.620 --> 00:15:31.630 align:start position:0% gets like the special treatment right 00:15:31.630 --> 00:15:33.560 align:start position:0% gets like the special treatment right but<00:15:31.840> instead<00:15:32.140> having<00:15:32.320> it<00:15:32.500> all<00:15:32.590> focused<00:15:32.980> on 00:15:33.560 --> 00:15:33.570 align:start position:0% but instead having it all focused on 00:15:33.570 --> 00:15:36.810 align:start position:0% but instead having it all focused on like<00:15:34.570> always<00:15:34.900> getting<00:15:35.890> a<00:15:35.950> hold<00:15:36.130> of<00:15:36.190> data<00:15:36.520> and 00:15:36.810 --> 00:15:36.820 align:start position:0% like always getting a hold of data and 00:15:36.820 --> 00:15:38.640 align:start position:0% like always getting a hold of data and then<00:15:37.000> applying<00:15:37.720> like<00:15:38.020> models<00:15:38.440> that<00:15:38.560> have 00:15:38.640 --> 00:15:38.650 align:start position:0% then applying like models that have 00:15:38.650 --> 00:15:40.590 align:start position:0% then applying like models that have already<00:15:38.770> been<00:15:39.010> agreed<00:15:39.190> on<00:15:39.460> and<00:15:39.820> then<00:15:40.270> through 00:15:40.590 --> 00:15:40.600 align:start position:0% already been agreed on and then through 00:15:40.600 --> 00:15:42.840 align:start position:0% already been agreed on and then through that<00:15:40.810> coming<00:15:41.500> to<00:15:41.590> like<00:15:41.770> this<00:15:41.920> this<00:15:42.490> common 00:15:42.840 --> 00:15:42.850 align:start position:0% that coming to like this this common 00:15:42.850 --> 00:15:45.300 align:start position:0% that coming to like this this common understanding<00:15:43.450> of<00:15:43.630> how<00:15:44.470> we<00:15:44.530> can<00:15:44.770> securely 00:15:45.300 --> 00:15:45.310 align:start position:0% understanding of how we can securely 00:15:45.310 --> 00:15:48.300 align:start position:0% understanding of how we can securely include<00:15:45.850> new<00:15:46.150> collateral<00:15:46.570> types<00:15:46.780> right<00:15:47.310> so 00:15:48.300 --> 00:15:48.310 align:start position:0% include new collateral types right so 00:15:48.310 --> 00:15:50.190 align:start position:0% include new collateral types right so essentially<00:15:48.760> there's<00:15:48.970> two<00:15:49.300> facets<00:15:49.750> to<00:15:49.990> how 00:15:50.190 --> 00:15:50.200 align:start position:0% essentially there's two facets to how 00:15:50.200 --> 00:15:51.960 align:start position:0% essentially there's two facets to how you're<00:15:50.380> deciding<00:15:50.830> multi<00:15:51.130> collateral<00:15:51.520> die<00:15:51.640> one 00:15:51.960 --> 00:15:51.970 align:start position:0% you're deciding multi collateral die one 00:15:51.970 --> 00:15:54.270 align:start position:0% you're deciding multi collateral die one is<00:15:52.120> the<00:15:52.660> degree<00:15:52.810> of<00:15:52.990> collateral<00:15:53.350> summing 00:15:54.270 --> 00:15:54.280 align:start position:0% is the degree of collateral summing 00:15:54.280 --> 00:15:56.040 align:start position:0% is the degree of collateral summing victor<00:15:54.550> sedums<00:15:54.880> interesting<00:15:55.300> is<00:15:55.450> having 00:15:56.040 --> 00:15:56.050 align:start position:0% victor sedums interesting is having 00:15:56.050 --> 00:15:57.780 align:start position:0% victor sedums interesting is having different<00:15:56.230> types<00:15:56.620> of<00:15:56.830> eath<00:15:57.100> like<00:15:57.430> ethos<00:15:57.760> the 00:15:57.780 --> 00:15:57.790 align:start position:0% different types of eath like ethos the 00:15:57.790 --> 00:15:58.920 align:start position:0% different types of eath like ethos the collateral<00:15:58.270> but<00:15:58.390> different<00:15:58.630> collateral 00:15:58.920 --> 00:15:58.930 align:start position:0% collateral but different collateral 00:15:58.930 --> 00:16:01.590 align:start position:0% collateral but different collateral rates<00:15:59.140> and<00:15:59.650> also<00:15:59.950> the<00:16:00.130> asset<00:16:00.550> and<00:16:01.360> so<00:16:01.390> the 00:16:01.590 --> 00:16:01.600 align:start position:0% rates and also the asset and so the 00:16:01.600 --> 00:16:02.820 align:start position:0% rates and also the asset and so the fundamental<00:16:02.050> question<00:16:02.080> is<00:16:02.410> should<00:16:02.650> we<00:16:02.680> be 00:16:02.820 --> 00:16:02.830 align:start position:0% fundamental question is should we be 00:16:02.830 --> 00:16:05.280 align:start position:0% fundamental question is should we be including<00:16:03.400> trusted<00:16:03.910> assets<00:16:04.450> in<00:16:04.720> multi 00:16:05.280 --> 00:16:05.290 align:start position:0% including trusted assets in multi 00:16:05.290 --> 00:16:07.290 align:start position:0% including trusted assets in multi collateral<00:16:05.650> die<00:16:05.770> and<00:16:06.610> I<00:16:06.700> know<00:16:06.760> there's<00:16:07.060> a<00:16:07.120> bit 00:16:07.290 --> 00:16:07.300 align:start position:0% collateral die and I know there's a bit 00:16:07.300 --> 00:16:08.850 align:start position:0% collateral die and I know there's a bit there's<00:16:07.900> a<00:16:07.930> bit<00:16:08.050> of<00:16:08.110> controversy<00:16:08.380> so<00:16:08.710> maybe 00:16:08.850 --> 00:16:08.860 align:start position:0% there's a bit of controversy so maybe 00:16:08.860 --> 00:16:10.470 align:start position:0% there's a bit of controversy so maybe we'll<00:16:09.070> start<00:16:09.250> with<00:16:09.400> Dan<00:16:09.610> on<00:16:10.120> your<00:16:10.270> perspective 00:16:10.470 --> 00:16:10.480 align:start position:0% we'll start with Dan on your perspective 00:16:10.480 --> 00:16:14.160 align:start position:0% we'll start with Dan on your perspective on<00:16:10.810> that<00:16:10.930> sure<00:16:11.470> yeah<00:16:11.680> so<00:16:11.860> I<00:16:11.890> think<00:16:12.750> as<00:16:13.750> you<00:16:13.990> said 00:16:14.160 --> 00:16:14.170 align:start position:0% on that sure yeah so I think as you said 00:16:14.170 --> 00:16:16.740 align:start position:0% on that sure yeah so I think as you said you<00:16:14.350> know<00:16:14.440> major<00:16:15.100> governance<00:16:15.580> is<00:16:15.760> extremely 00:16:16.740 --> 00:16:16.750 align:start position:0% you know major governance is extremely 00:16:16.750 --> 00:16:19.890 align:start position:0% you know major governance is extremely complex<00:16:17.560> process<00:16:18.040> and<00:16:18.310> right<00:16:19.000> now<00:16:19.210> it's<00:16:19.540> as 00:16:19.890 --> 00:16:19.900 align:start position:0% complex process and right now it's as 00:16:19.900 --> 00:16:21.360 align:start position:0% complex process and right now it's as far<00:16:20.110> as<00:16:20.200> active<00:16:20.500> governance<00:16:20.860> decisions<00:16:21.220> it's 00:16:21.360 --> 00:16:21.370 align:start position:0% far as active governance decisions it's 00:16:21.370 --> 00:16:22.830 align:start position:0% far as active governance decisions it's basically<00:16:21.610> just<00:16:21.730> setting<00:16:22.120> one<00:16:22.270> number<00:16:22.600> right 00:16:22.830 --> 00:16:22.840 align:start position:0% basically just setting one number right 00:16:22.840 --> 00:16:24.360 align:start position:0% basically just setting one number right and<00:16:23.020> it's<00:16:23.680> still<00:16:23.860> it's<00:16:24.040> still<00:16:24.160> like<00:16:24.280> a 00:16:24.360 --> 00:16:24.370 align:start position:0% and it's still it's still like a 00:16:24.370 --> 00:16:26.010 align:start position:0% and it's still it's still like a relatively<00:16:25.000> hard<00:16:25.180> to<00:16:25.270> get<00:16:25.390> this<00:16:25.540> right<00:16:25.780> and 00:16:26.010 --> 00:16:26.020 align:start position:0% relatively hard to get this right and 00:16:26.020 --> 00:16:29.070 align:start position:0% relatively hard to get this right and the<00:16:26.500> mechanisms<00:16:27.010> for<00:16:27.070> it<00:16:27.340> um<00:16:27.520> I<00:16:28.030> think<00:16:28.330> I<00:16:28.540> still 00:16:29.070 --> 00:16:29.080 align:start position:0% the mechanisms for it um I think I still 00:16:29.080 --> 00:16:30.810 align:start position:0% the mechanisms for it um I think I still sort<00:16:29.230> of<00:16:29.260> like<00:16:29.320> being<00:16:29.560> involved<00:16:29.800> and<00:16:30.130> and 00:16:30.810 --> 00:16:30.820 align:start position:0% sort of like being involved and and 00:16:30.820 --> 00:16:33.570 align:start position:0% sort of like being involved and and improved<00:16:31.210> and<00:16:31.480> so<00:16:32.200> by<00:16:32.890> at<00:16:33.070> you<00:16:33.160> know<00:16:33.220> by<00:16:33.370> moving 00:16:33.570 --> 00:16:33.580 align:start position:0% improved and so by at you know by moving 00:16:33.580 --> 00:16:34.950 align:start position:0% improved and so by at you know by moving to<00:16:33.700> all<00:16:33.790> the<00:16:33.850> collateral<00:16:34.000> dies<00:16:34.300> it<00:16:34.510> doesn't 00:16:34.950 --> 00:16:34.960 align:start position:0% to all the collateral dies it doesn't 00:16:34.960 --> 00:16:36.510 align:start position:0% to all the collateral dies it doesn't recognize<00:16:35.380> you<00:16:35.470> know<00:16:35.560> that<00:16:35.710> you're<00:16:35.920> really 00:16:36.510 --> 00:16:36.520 align:start position:0% recognize you know that you're really 00:16:36.520 --> 00:16:38.100 align:start position:0% recognize you know that you're really dramatically<00:16:37.270> increasing<00:16:37.750> the<00:16:37.810> number<00:16:38.050> of 00:16:38.100 --> 00:16:38.110 align:start position:0% dramatically increasing the number of 00:16:38.110 --> 00:16:39.510 align:start position:0% dramatically increasing the number of decisions<00:16:38.320> of<00:16:38.590> this<00:16:38.680> but<00:16:38.920> this<00:16:39.040> process<00:16:39.190> has 00:16:39.510 --> 00:16:39.520 align:start position:0% decisions of this but this process has 00:16:39.520 --> 00:16:42.270 align:start position:0% decisions of this but this process has to<00:16:39.700> has<00:16:40.480> to<00:16:40.630> make<00:16:40.780> and<00:16:41.050> in<00:16:41.770> my<00:16:41.980> view<00:16:42.190> I<00:16:42.250> think 00:16:42.270 --> 00:16:42.280 align:start position:0% to has to make and in my view I think 00:16:42.280 --> 00:16:44.430 align:start position:0% to has to make and in my view I think that<00:16:42.490> that<00:16:43.000> quite<00:16:43.600> possibly<00:16:43.630> increases<00:16:44.320> the 00:16:44.430 --> 00:16:44.440 align:start position:0% that that quite possibly increases the 00:16:44.440 --> 00:16:47.310 align:start position:0% that that quite possibly increases the risk<00:16:45.570> much<00:16:46.570> more<00:16:46.840> so<00:16:47.080> than<00:16:47.260> the 00:16:47.310 --> 00:16:47.320 align:start position:0% risk much more so than the 00:16:47.320 --> 00:16:49.470 align:start position:0% risk much more so than the diversification<00:16:48.010> maybe<00:16:48.220> maybe<00:16:48.910> reduces<00:16:49.360> it 00:16:49.470 --> 00:16:49.480 align:start position:0% diversification maybe maybe reduces it 00:16:49.480 --> 00:16:51.270 align:start position:0% diversification maybe maybe reduces it and<00:16:49.780> then<00:16:49.960> as<00:16:50.080> even<00:16:50.470> mentions<00:16:50.740> there's 00:16:51.270 --> 00:16:51.280 align:start position:0% and then as even mentions there's 00:16:51.280 --> 00:16:54.020 align:start position:0% and then as even mentions there's there's<00:16:51.550> also<00:16:51.730> this<00:16:52.260> there's<00:16:53.260> risk 00:16:54.020 --> 00:16:54.030 align:start position:0% there's also this there's risk 00:16:54.030 --> 00:16:55.950 align:start position:0% there's also this there's risk regulatory<00:16:55.030> risk<00:16:55.210> that<00:16:55.360> comes<00:16:55.510> in<00:16:55.720> if<00:16:55.810> you're 00:16:55.950 --> 00:16:55.960 align:start position:0% regulatory risk that comes in if you're 00:16:55.960 --> 00:16:57.750 align:start position:0% regulatory risk that comes in if you're starting<00:16:56.140> to<00:16:56.290> use<00:16:56.410> tokens<00:16:57.190> that<00:16:57.370> can<00:16:57.550> be<00:16:57.610> that 00:16:57.750 --> 00:16:57.760 align:start position:0% starting to use tokens that can be that 00:16:57.760 --> 00:16:59.790 align:start position:0% starting to use tokens that can be that can<00:16:57.820> be<00:16:57.910> prison<00:16:58.300> by<00:16:58.390> government<00:16:58.780> or<00:16:58.870> custodial 00:16:59.790 --> 00:16:59.800 align:start position:0% can be prison by government or custodial 00:16:59.800 --> 00:17:02.210 align:start position:0% can be prison by government or custodial risk<00:16:59.980> if<00:17:00.160> it's<00:17:00.280> something<00:17:00.820> that's<00:17:00.910> backed<00:17:01.120> by 00:17:02.210 --> 00:17:02.220 align:start position:0% risk if it's something that's backed by 00:17:02.220 --> 00:17:05.160 align:start position:0% risk if it's something that's backed by by<00:17:03.220> actual<00:17:03.790> asset<00:17:04.150> being<00:17:04.570> held<00:17:04.720> by<00:17:04.870> a<00:17:04.900> PI 00:17:05.160 --> 00:17:05.170 align:start position:0% by actual asset being held by a PI 00:17:05.170 --> 00:17:08.100 align:start position:0% by actual asset being held by a PI custodian<00:17:06.089> but<00:17:07.089> I<00:17:07.150> think<00:17:07.660> maybe<00:17:07.839> most 00:17:08.100 --> 00:17:08.110 align:start position:0% custodian but I think maybe most 00:17:08.110 --> 00:17:09.689 align:start position:0% custodian but I think maybe most important<00:17:08.440> to<00:17:08.500> me<00:17:08.560> anything<00:17:08.829> is<00:17:08.949> model<00:17:09.520> risk 00:17:09.689 --> 00:17:09.699 align:start position:0% important to me anything is model risk 00:17:09.699 --> 00:17:11.670 align:start position:0% important to me anything is model risk it's<00:17:10.030> just<00:17:10.209> the<00:17:10.570> idea<00:17:11.050> what<00:17:11.260> if<00:17:11.290> maker 00:17:11.670 --> 00:17:11.680 align:start position:0% it's just the idea what if maker 00:17:11.680 --> 00:17:14.199 align:start position:0% it's just the idea what if maker governance<00:17:12.449> isn't<00:17:13.449> up<00:17:13.510> to<00:17:13.540> the<00:17:13.660> task 00:17:14.199 --> 00:17:14.209 align:start position:0% governance isn't up to the task 00:17:14.209 --> 00:17:16.359 align:start position:0% governance isn't up to the task evaluating<00:17:14.929> this<00:17:15.470> ability<00:17:15.709> and<00:17:15.980> relevant 00:17:16.359 --> 00:17:16.369 align:start position:0% evaluating this ability and relevant 00:17:16.369 --> 00:17:19.149 align:start position:0% evaluating this ability and relevant sort<00:17:16.730> of<00:17:16.789> relative<00:17:17.419> risks<00:17:17.689> of<00:17:17.779> a<00:17:18.199> really 00:17:19.149 --> 00:17:19.159 align:start position:0% sort of relative risks of a really 00:17:19.159 --> 00:17:20.829 align:start position:0% sort of relative risks of a really diverse<00:17:19.309> before<00:17:19.699> portfolio<00:17:20.389> of<00:17:20.449> assets<00:17:20.569> and 00:17:20.829 --> 00:17:20.839 align:start position:0% diverse before portfolio of assets and 00:17:20.839 --> 00:17:21.879 align:start position:0% diverse before portfolio of assets and maybe<00:17:20.990> it's<00:17:21.110> worth<00:17:21.199> talking<00:17:21.319> about<00:17:21.499> sir 00:17:21.879 --> 00:17:21.889 align:start position:0% maybe it's worth talking about sir 00:17:21.889 --> 00:17:24.759 align:start position:0% maybe it's worth talking about sir what<00:17:22.189> you<00:17:22.309> see<00:17:22.459> as<00:17:22.850> in<00:17:23.119> the<00:17:23.600> future<00:17:24.499> these 00:17:24.759 --> 00:17:24.769 align:start position:0% what you see as in the future these 00:17:24.769 --> 00:17:25.840 align:start position:0% what you see as in the future these assets<00:17:25.129> being<00:17:25.279> because<00:17:25.519> I<00:17:25.549> think<00:17:25.639> is<00:17:25.759> not 00:17:25.840 --> 00:17:25.850 align:start position:0% assets being because I think is not 00:17:25.850 --> 00:17:27.249 align:start position:0% assets being because I think is not great<00:17:26.119> it's<00:17:26.240> not<00:17:26.329> just<00:17:26.509> on<00:17:26.629> chain<00:17:26.839> assets<00:17:27.169> as 00:17:27.249 --> 00:17:27.259 align:start position:0% great it's not just on chain assets as 00:17:27.259 --> 00:17:30.399 align:start position:0% great it's not just on chain assets as you<00:17:27.350> said<00:17:27.820> and<00:17:28.820> I<00:17:29.269> think<00:17:29.330> you<00:17:29.659> know<00:17:29.749> that's<00:17:29.960> I 00:17:30.399 --> 00:17:30.409 align:start position:0% you said and I think you know that's I 00:17:30.409 --> 00:17:32.200 align:start position:0% you said and I think you know that's I think<00:17:30.860> that<00:17:31.129> kind<00:17:31.369> of<00:17:31.460> risk<00:17:31.639> is<00:17:31.850> maybe<00:17:31.970> what 00:17:32.200 --> 00:17:32.210 align:start position:0% think that kind of risk is maybe what 00:17:32.210 --> 00:17:33.850 align:start position:0% think that kind of risk is maybe what scariest<00:17:32.570> to<00:17:32.629> me<00:17:32.749> because<00:17:33.110> that's<00:17:33.470> that's<00:17:33.799> the 00:17:33.850 --> 00:17:33.860 align:start position:0% scariest to me because that's that's the 00:17:33.860 --> 00:17:35.169 align:start position:0% scariest to me because that's that's the kind<00:17:34.009> of<00:17:34.039> thing<00:17:34.159> that<00:17:34.190> caused<00:17:34.490> the<00:17:34.519> 2008 00:17:35.169 --> 00:17:35.179 align:start position:0% kind of thing that caused the 2008 00:17:35.179 --> 00:17:37.419 align:start position:0% kind of thing that caused the 2008 financial<00:17:35.269> crisis<00:17:35.929> where<00:17:36.470> you<00:17:37.039> know<00:17:37.129> there's 00:17:37.419 --> 00:17:37.429 align:start position:0% financial crisis where you know there's 00:17:37.429 --> 00:17:39.850 align:start position:0% financial crisis where you know there's the<00:17:37.519> smartest<00:17:37.909> people<00:17:38.029> in<00:17:38.240> the<00:17:38.299> world<00:17:38.860> had 00:17:39.850 --> 00:17:39.860 align:start position:0% the smartest people in the world had 00:17:39.860 --> 00:17:41.379 align:start position:0% the smartest people in the world had models<00:17:40.190> that<00:17:40.309> was<00:17:40.399> fundamentally<00:17:40.940> wrong<00:17:41.119> and 00:17:41.379 --> 00:17:41.389 align:start position:0% models that was fundamentally wrong and 00:17:41.389 --> 00:17:42.940 align:start position:0% models that was fundamentally wrong and things<00:17:41.809> that<00:17:41.929> they<00:17:42.080> thought<00:17:42.320> were<00:17:42.379> like 00:17:42.940 --> 00:17:42.950 align:start position:0% things that they thought were like 00:17:42.950 --> 00:17:45.249 align:start position:0% things that they thought were like triple-a<00:17:43.700> rated<00:17:44.090> debt<00:17:44.419> were<00:17:44.570> actually<00:17:44.929> zeros 00:17:45.249 --> 00:17:45.259 align:start position:0% triple-a rated debt were actually zeros 00:17:45.259 --> 00:17:49.119 align:start position:0% triple-a rated debt were actually zeros and<00:17:45.559> that<00:17:46.519> doesn't<00:17:47.149> that<00:17:47.629> kind<00:17:48.440> of<00:17:48.619> going<00:17:48.889> from 00:17:49.119 --> 00:17:49.129 align:start position:0% and that doesn't that kind of going from 00:17:49.129 --> 00:17:51.190 align:start position:0% and that doesn't that kind of going from going<00:17:49.610> from<00:17:49.669> valuable<00:17:50.059> there's<00:17:50.210> nothing<00:17:50.659> you 00:17:51.190 --> 00:17:51.200 align:start position:0% going from valuable there's nothing you 00:17:51.200 --> 00:17:52.840 align:start position:0% going from valuable there's nothing you see<00:17:51.470> that<00:17:51.619> happen<00:17:51.860> a<00:17:51.950> lot<00:17:51.980> in<00:17:52.429> these<00:17:52.639> more 00:17:52.840 --> 00:17:52.850 align:start position:0% see that happen a lot in these more 00:17:52.850 --> 00:17:54.730 align:start position:0% see that happen a lot in these more complex<00:17:53.090> instruments<00:17:53.659> I<00:17:53.840> don't<00:17:54.350> think<00:17:54.590> that's 00:17:54.730 --> 00:17:54.740 align:start position:0% complex instruments I don't think that's 00:17:54.740 --> 00:17:56.379 align:start position:0% complex instruments I don't think that's likely<00:17:54.919> to<00:17:55.190> happen<00:17:55.340> in<00:17:55.610> an<00:17:55.700> in<00:17:55.820> a<00:17:55.879> simple<00:17:56.119> asset 00:17:56.379 --> 00:17:56.389 align:start position:0% likely to happen in an in a simple asset 00:17:56.389 --> 00:17:58.269 align:start position:0% likely to happen in an in a simple asset like<00:17:56.659> aetherium<00:17:57.110> so<00:17:57.559> that's<00:17:57.740> why<00:17:57.919> I'd<00:17:58.070> say<00:17:58.249> I 00:17:58.269 --> 00:17:58.279 align:start position:0% like aetherium so that's why I'd say I 00:17:58.279 --> 00:18:00.489 align:start position:0% like aetherium so that's why I'd say I think<00:17:58.369> the<00:17:58.759> when<00:17:59.690> you<00:17:59.779> see<00:17:59.869> appearance<00:18:00.409> would 00:18:00.489 --> 00:18:00.499 align:start position:0% think the when you see appearance would 00:18:00.499 --> 00:18:02.320 align:start position:0% think the when you see appearance would drive<00:18:00.619> down<00:18:00.649> we<00:18:00.950> saw<00:18:01.070> an<00:18:01.249> maker<00:18:01.669> destiny 00:18:02.320 --> 00:18:02.330 align:start position:0% drive down we saw an maker destiny 00:18:02.330 --> 00:18:04.960 align:start position:0% drive down we saw an maker destiny survived<00:18:02.809> a<00:18:03.220> 95%<00:18:04.220> almost<00:18:04.309> dry<00:18:04.580> down<00:18:04.639> in<00:18:04.909> the 00:18:04.960 --> 00:18:04.970 align:start position:0% survived a 95% almost dry down in the 00:18:04.970 --> 00:18:07.480 align:start position:0% survived a 95% almost dry down in the price<00:18:05.119> of<00:18:05.240> you<00:18:05.769> when<00:18:06.769> you<00:18:06.830> see<00:18:06.980> this<00:18:07.100> happen 00:18:07.480 --> 00:18:07.490 align:start position:0% price of you when you see this happen 00:18:07.490 --> 00:18:09.759 align:start position:0% price of you when you see this happen like<00:18:07.700> it<00:18:08.389> happens<00:18:08.629> gradually<00:18:08.809> enough<00:18:09.320> that 00:18:09.759 --> 00:18:09.769 align:start position:0% like it happens gradually enough that 00:18:09.769 --> 00:18:11.019 align:start position:0% like it happens gradually enough that the<00:18:09.889> system<00:18:10.159> actually<00:18:10.309> is<00:18:10.460> able<00:18:10.580> to<00:18:10.730> handle<00:18:10.879> it 00:18:11.019 --> 00:18:11.029 align:start position:0% the system actually is able to handle it 00:18:11.029 --> 00:18:13.419 align:start position:0% the system actually is able to handle it to<00:18:11.149> liquidations<00:18:11.919> whereas<00:18:12.919> again<00:18:13.100> if<00:18:13.340> you 00:18:13.419 --> 00:18:13.429 align:start position:0% to liquidations whereas again if you 00:18:13.429 --> 00:18:14.649 align:start position:0% to liquidations whereas again if you would<00:18:13.519> have<00:18:13.700> an<00:18:13.879> event<00:18:14.119> like<00:18:14.179> the<00:18:14.299> 2008 00:18:14.649 --> 00:18:14.659 align:start position:0% would have an event like the 2008 00:18:14.659 --> 00:18:17.259 align:start position:0% would have an event like the 2008 financial<00:18:14.749> crisis<00:18:15.369> and<00:18:16.369> a<00:18:16.519> lot<00:18:16.700> of<00:18:16.730> this<00:18:16.970> sort 00:18:17.259 --> 00:18:17.269 align:start position:0% financial crisis and a lot of this sort 00:18:17.269 --> 00:18:18.129 align:start position:0% financial crisis and a lot of this sort of<00:18:17.360> like<00:18:17.480> I<00:18:17.509> don't<00:18:17.749> know<00:18:17.809> what<00:18:17.929> behind 00:18:18.129 --> 00:18:18.139 align:start position:0% of like I don't know what behind 00:18:18.139 --> 00:18:19.440 align:start position:0% of like I don't know what behind mortgages<00:18:18.529> that<00:18:18.590> you<00:18:18.679> would<00:18:18.799> have<00:18:18.889> back<00:18:19.039> in<00:18:19.159> it 00:18:19.440 --> 00:18:19.450 align:start position:0% mortgages that you would have back in it 00:18:19.450 --> 00:18:22.899 align:start position:0% mortgages that you would have back in it where<00:18:20.450> did<00:18:20.509> your<00:18:20.659> not<00:18:20.749> be<00:18:20.869> zeros<00:18:21.610> that<00:18:22.610> seems 00:18:22.899 --> 00:18:22.909 align:start position:0% where did your not be zeros that seems 00:18:22.909 --> 00:18:24.369 align:start position:0% where did your not be zeros that seems like<00:18:23.059> I<00:18:23.119> was<00:18:23.179> like<00:18:23.299> I<00:18:23.389> likely<00:18:23.869> different<00:18:24.230> data 00:18:24.369 --> 00:18:24.379 align:start position:0% like I was like I likely different data 00:18:24.379 --> 00:18:27.609 align:start position:0% like I was like I likely different data crisis<00:18:25.419> yeah<00:18:26.419> okay<00:18:26.960> so<00:18:27.019> there<00:18:27.200> was<00:18:27.320> a<00:18:27.350> lot<00:18:27.529> of 00:18:27.609 --> 00:18:27.619 align:start position:0% crisis yeah okay so there was a lot of 00:18:27.619 --> 00:18:30.009 align:start position:0% crisis yeah okay so there was a lot of points<00:18:27.919> and<00:18:28.129> I'll<00:18:28.730> try<00:18:28.999> to<00:18:29.059> like<00:18:29.299> I<00:18:29.570> mean<00:18:29.840> I 00:18:30.009 --> 00:18:30.019 align:start position:0% points and I'll try to like I mean I 00:18:30.019 --> 00:18:32.019 align:start position:0% points and I'll try to like I mean I think<00:18:30.110> learning<00:18:30.590> the<00:18:30.710> the<00:18:30.980> fundamental<00:18:31.279> point 00:18:32.019 --> 00:18:32.029 align:start position:0% think learning the the fundamental point 00:18:32.029 --> 00:18:33.369 align:start position:0% think learning the the fundamental point are<00:18:32.240> like<00:18:32.360> one<00:18:32.480> of<00:18:32.509> the<00:18:32.659> really<00:18:32.869> crucial 00:18:33.369 --> 00:18:33.379 align:start position:0% are like one of the really crucial 00:18:33.379 --> 00:18:36.279 align:start position:0% are like one of the really crucial fundamental<00:18:34.369> points<00:18:34.669> is<00:18:34.820> this<00:18:35.149> like<00:18:35.360> this 00:18:36.279 --> 00:18:36.289 align:start position:0% fundamental points is this like this 00:18:36.289 --> 00:18:38.470 align:start position:0% fundamental points is this like this question<00:18:36.769> of<00:18:36.889> the<00:18:37.009> complexity<00:18:37.639> of<00:18:37.669> governance 00:18:38.470 --> 00:18:38.480 align:start position:0% question of the complexity of governance 00:18:38.480 --> 00:18:41.859 align:start position:0% question of the complexity of governance and<00:18:38.720> finance<00:18:39.409> in<00:18:39.590> general<00:18:39.950> and<00:18:40.240> I<00:18:41.240> mean<00:18:41.570> I 00:18:41.859 --> 00:18:41.869 align:start position:0% and finance in general and I mean I 00:18:41.869 --> 00:18:44.649 align:start position:0% and finance in general and I mean I think<00:18:42.590> the<00:18:42.830> most<00:18:42.980> basic<00:18:43.460> thing<00:18:43.669> to<00:18:43.940> understand 00:18:44.649 --> 00:18:44.659 align:start position:0% think the most basic thing to understand 00:18:44.659 --> 00:18:46.899 align:start position:0% think the most basic thing to understand is<00:18:44.749> that<00:18:44.779> that<00:18:44.929> risk<00:18:45.740> is<00:18:45.950> is<00:18:46.190> always<00:18:46.490> there 00:18:46.899 --> 00:18:46.909 align:start position:0% is that that risk is is always there 00:18:46.909 --> 00:18:49.409 align:start position:0% is that that risk is is always there right<00:18:47.090> like<00:18:47.210> finance<00:18:47.629> and<00:18:47.899> money<00:18:48.499> it's<00:18:48.830> just 00:18:49.409 --> 00:18:49.419 align:start position:0% right like finance and money it's just 00:18:49.419 --> 00:18:52.149 align:start position:0% right like finance and money it's just incredibly<00:18:50.419> complex<00:18:50.840> and<00:18:51.679> just<00:18:51.799> because<00:18:52.039> you 00:18:52.149 --> 00:18:52.159 align:start position:0% incredibly complex and just because you 00:18:52.159 --> 00:18:54.269 align:start position:0% incredibly complex and just because you because<00:18:52.669> you<00:18:52.700> ignore<00:18:53.119> the<00:18:53.269> complexity<00:18:53.840> or 00:18:54.269 --> 00:18:54.279 align:start position:0% because you ignore the complexity or 00:18:54.279 --> 00:18:56.889 align:start position:0% because you ignore the complexity or don't<00:18:55.279> address<00:18:55.549> it<00:18:55.669> doesn't<00:18:56.509> mean<00:18:56.600> it<00:18:56.720> goes 00:18:56.889 --> 00:18:56.899 align:start position:0% don't address it doesn't mean it goes 00:18:56.899 --> 00:19:01.149 align:start position:0% don't address it doesn't mean it goes away<00:18:57.610> and<00:18:58.899> and<00:18:59.899> there's<00:19:00.200> actually<00:19:00.619> no<00:19:00.830> like 00:19:01.149 --> 00:19:01.159 align:start position:0% away and and there's actually no like 00:19:01.159 --> 00:19:03.850 align:start position:0% away and and there's actually no like when<00:19:02.149> you<00:19:02.240> think<00:19:02.419> about<00:19:02.570> like<00:19:02.720> models<00:19:03.169> and<00:19:03.499> and 00:19:03.850 --> 00:19:03.860 align:start position:0% when you think about like models and and 00:19:03.860 --> 00:19:05.379 align:start position:0% when you think about like models and and sort<00:19:04.009> of<00:19:04.070> like<00:19:04.279> how<00:19:04.460> to<00:19:04.519> think<00:19:04.820> about<00:19:04.879> risk<00:19:05.240> and 00:19:05.379 --> 00:19:05.389 align:start position:0% sort of like how to think about risk and 00:19:05.389 --> 00:19:07.480 align:start position:0% sort of like how to think about risk and so<00:19:05.509> it<00:19:05.600> like<00:19:05.720> that<00:19:05.899> the<00:19:06.679> truth<00:19:06.950> is<00:19:07.070> a<00:19:07.100> sector 00:19:07.480 --> 00:19:07.490 align:start position:0% so it like that the truth is a sector 00:19:07.490 --> 00:19:09.999 align:start position:0% so it like that the truth is a sector that<00:19:07.519> like<00:19:07.820> there's<00:19:08.029> never<00:19:08.830> there's<00:19:09.830> never 00:19:09.999 --> 00:19:10.009 align:start position:0% that like there's never there's never 00:19:10.009 --> 00:19:11.889 align:start position:0% that like there's never there's never like<00:19:10.100> and<00:19:10.429> anyway<00:19:11.090> to<00:19:11.149> kind<00:19:11.360> of<00:19:11.450> solve<00:19:11.720> this 00:19:11.889 --> 00:19:11.899 align:start position:0% like and anyway to kind of solve this 00:19:11.899 --> 00:19:13.239 align:start position:0% like and anyway to kind of solve this problem<00:19:12.350> I<00:19:12.409> said<00:19:12.470> you<00:19:12.679> just<00:19:12.830> like<00:19:12.950> make<00:19:13.129> it 00:19:13.239 --> 00:19:13.249 align:start position:0% problem I said you just like make it 00:19:13.249 --> 00:19:14.499 align:start position:0% problem I said you just like make it good<00:19:13.399> enough<00:19:13.490> model<00:19:13.970> or<00:19:14.090> something<00:19:14.360> like<00:19:14.450> that 00:19:14.499 --> 00:19:14.509 align:start position:0% good enough model or something like that 00:19:14.509 --> 00:19:15.000 align:start position:0% good enough model or something like that and<00:19:14.779> that's 00:19:15.000 --> 00:19:15.010 align:start position:0% and that's 00:19:15.010 --> 00:19:16.800 align:start position:0% and that's kind<00:19:15.160> of<00:19:15.190> like<00:19:15.340> solid<00:19:15.820> solid<00:19:16.240> prop<00:19:16.480> in<00:19:16.600> fact 00:19:16.800 --> 00:19:16.810 align:start position:0% kind of like solid solid prop in fact 00:19:16.810 --> 00:19:19.800 align:start position:0% kind of like solid solid prop in fact sometimes<00:19:18.150> thinking<00:19:19.150> that<00:19:19.330> you've<00:19:19.510> you<00:19:19.690> know 00:19:19.800 --> 00:19:19.810 align:start position:0% sometimes thinking that you've you know 00:19:19.810 --> 00:19:21.720 align:start position:0% sometimes thinking that you've you know the<00:19:20.020> biggest<00:19:20.230> risk<00:19:20.530> is<00:19:20.680> thinking<00:19:21.070> that<00:19:21.250> you've 00:19:21.720 --> 00:19:21.730 align:start position:0% the biggest risk is thinking that you've 00:19:21.730 --> 00:19:23.310 align:start position:0% the biggest risk is thinking that you've solved<00:19:22.030> the<00:19:22.060> problem<00:19:22.480> risk<00:19:22.690> and<00:19:22.930> now<00:19:23.110> there's 00:19:23.310 --> 00:19:23.320 align:start position:0% solved the problem risk and now there's 00:19:23.320 --> 00:19:25.950 align:start position:0% solved the problem risk and now there's no<00:19:23.440> longer<00:19:23.620> any<00:19:23.710> more<00:19:23.980> risk<00:19:24.220> right<00:19:24.490> and<00:19:24.810> in<00:19:25.810> my 00:19:25.950 --> 00:19:25.960 align:start position:0% no longer any more risk right and in my 00:19:25.960 --> 00:19:28.050 align:start position:0% no longer any more risk right and in my opinion<00:19:26.290> that<00:19:26.320> really<00:19:26.440> is<00:19:26.830> there's<00:19:27.520> really<00:19:27.820> is 00:19:28.050 --> 00:19:28.060 align:start position:0% opinion that really is there's really is 00:19:28.060 --> 00:19:31.290 align:start position:0% opinion that really is there's really is only<00:19:28.480> sort<00:19:28.990> of<00:19:29.340> like<00:19:30.340> only<00:19:30.700> one<00:19:30.880> sort<00:19:31.090> of<00:19:31.150> like 00:19:31.290 --> 00:19:31.300 align:start position:0% only sort of like only one sort of like 00:19:31.300 --> 00:19:33.990 align:start position:0% only sort of like only one sort of like rock-solid<00:19:31.870> truth<00:19:32.290> that<00:19:33.070> you<00:19:33.190> can<00:19:33.370> grasp<00:19:33.670> onto 00:19:33.990 --> 00:19:34.000 align:start position:0% rock-solid truth that you can grasp onto 00:19:34.000 --> 00:19:36.350 align:start position:0% rock-solid truth that you can grasp onto and<00:19:34.750> that<00:19:34.780> you<00:19:35.080> can<00:19:35.230> depend<00:19:35.500> on<00:19:35.650> and<00:19:35.830> that<00:19:36.070> is 00:19:36.350 --> 00:19:36.360 align:start position:0% and that you can depend on and that is 00:19:36.360 --> 00:19:39.450 align:start position:0% and that you can depend on and that is that<00:19:37.360> diversification<00:19:37.810> helps<00:19:38.620> with<00:19:39.190> risk 00:19:39.450 --> 00:19:39.460 align:start position:0% that diversification helps with risk 00:19:39.460 --> 00:19:41.670 align:start position:0% that diversification helps with risk right<00:19:39.700> that's<00:19:39.970> because<00:19:40.260> in<00:19:41.260> the<00:19:41.440> end<00:19:41.530> if<00:19:41.650> you 00:19:41.670 --> 00:19:41.680 align:start position:0% right that's because in the end if you 00:19:41.680 --> 00:19:43.950 align:start position:0% right that's because in the end if you think<00:19:42.040> about<00:19:42.130> risk<00:19:42.490> as<00:19:42.700> like<00:19:42.910> you<00:19:43.480> know<00:19:43.510> purely 00:19:43.950 --> 00:19:43.960 align:start position:0% think about risk as like you know purely 00:19:43.960 --> 00:19:45.810 align:start position:0% think about risk as like you know purely in<00:19:44.020> terms<00:19:44.050> of<00:19:44.260> blacks<00:19:44.560> ornaments<00:19:45.040> so<00:19:45.640> like 00:19:45.810 --> 00:19:45.820 align:start position:0% in terms of blacks ornaments so like 00:19:45.820 --> 00:19:49.410 align:start position:0% in terms of blacks ornaments so like that<00:19:46.030> you<00:19:46.750> never<00:19:46.900> know<00:19:47.170> if<00:19:47.730> whatever<00:19:48.730> Bitcoin 00:19:49.410 --> 00:19:49.420 align:start position:0% that you never know if whatever Bitcoin 00:19:49.420 --> 00:19:51.780 align:start position:0% that you never know if whatever Bitcoin or<00:19:49.660> you<00:19:49.870> or<00:19:50.050> etherium<00:19:50.500> or<00:19:50.740> housing<00:19:51.520> or 00:19:51.780 --> 00:19:51.790 align:start position:0% or you or etherium or housing or 00:19:51.790 --> 00:19:53.250 align:start position:0% or you or etherium or housing or anything<00:19:52.270> like<00:19:52.540> you<00:19:52.660> never<00:19:52.780> know<00:19:52.930> if<00:19:53.020> it's<00:19:53.140> all 00:19:53.250 --> 00:19:53.260 align:start position:0% anything like you never know if it's all 00:19:53.260 --> 00:19:56.250 align:start position:0% anything like you never know if it's all just<00:19:53.680> like<00:19:53.860> a<00:19:54.130> big<00:19:54.790> lie<00:19:55.180> and<00:19:55.660> it's<00:19:55.780> all<00:19:55.960> you 00:19:56.250 --> 00:19:56.260 align:start position:0% just like a big lie and it's all you 00:19:56.260 --> 00:19:57.540 align:start position:0% just like a big lie and it's all you know<00:19:56.380> it<00:19:56.680> doesn't<00:19:56.860> make<00:19:57.040> sense<00:19:57.070> at<00:19:57.370> all<00:19:57.520> and 00:19:57.540 --> 00:19:57.550 align:start position:0% know it doesn't make sense at all and 00:19:57.550 --> 00:19:59.850 align:start position:0% know it doesn't make sense at all and everyone<00:19:58.330> was<00:19:58.930> just<00:19:58.960> getting<00:19:59.320> really<00:19:59.410> excited 00:19:59.850 --> 00:19:59.860 align:start position:0% everyone was just getting really excited 00:19:59.860 --> 00:20:02.280 align:start position:0% everyone was just getting really excited about<00:20:00.010> something<00:20:00.250> that<00:20:00.430> really<00:20:01.200> didn't<00:20:02.200> make 00:20:02.280 --> 00:20:02.290 align:start position:0% about something that really didn't make 00:20:02.290 --> 00:20:04.260 align:start position:0% about something that really didn't make sense<00:20:02.470> at<00:20:02.650> all<00:20:02.770> right<00:20:03.010> or<00:20:03.220> whatever<00:20:04.000> there 00:20:04.260 --> 00:20:04.270 align:start position:0% sense at all right or whatever there 00:20:04.270 --> 00:20:05.430 align:start position:0% sense at all right or whatever there could<00:20:04.390> be<00:20:04.420> some<00:20:04.720> hidden<00:20:05.110> financial 00:20:05.430 --> 00:20:05.440 align:start position:0% could be some hidden financial 00:20:05.440 --> 00:20:07.230 align:start position:0% could be some hidden financial engineering<00:20:06.130> build-up<00:20:06.610> that's<00:20:06.790> gonna<00:20:07.000> make 00:20:07.230 --> 00:20:07.240 align:start position:0% engineering build-up that's gonna make 00:20:07.240 --> 00:20:09.000 align:start position:0% engineering build-up that's gonna make it<00:20:07.270> all<00:20:07.450> pop<00:20:08.080> or<00:20:08.290> something<00:20:08.410> like<00:20:08.710> that<00:20:08.830> right 00:20:09.000 --> 00:20:09.010 align:start position:0% it all pop or something like that right 00:20:09.010 --> 00:20:11.430 align:start position:0% it all pop or something like that right and<00:20:09.190> if<00:20:09.580> you<00:20:10.360> assume<00:20:10.750> that<00:20:10.780> that<00:20:10.990> could<00:20:11.350> happen 00:20:11.430 --> 00:20:11.440 align:start position:0% and if you assume that that could happen 00:20:11.440 --> 00:20:12.960 align:start position:0% and if you assume that that could happen to<00:20:11.560> anything<00:20:11.920> and<00:20:12.100> there's<00:20:12.250> no<00:20:12.340> way<00:20:12.640> you<00:20:12.700> can 00:20:12.960 --> 00:20:12.970 align:start position:0% to anything and there's no way you can 00:20:12.970 --> 00:20:15.800 align:start position:0% to anything and there's no way you can ever<00:20:13.440> prevent<00:20:14.440> that<00:20:14.590> or<00:20:14.650> like<00:20:14.920> predict<00:20:15.520> that 00:20:15.800 --> 00:20:15.810 align:start position:0% ever prevent that or like predict that 00:20:15.810 --> 00:20:18.390 align:start position:0% ever prevent that or like predict that then<00:20:16.810> the<00:20:16.960> only<00:20:17.110> way<00:20:17.560> you<00:20:17.950> can<00:20:18.160> defend 00:20:18.390 --> 00:20:18.400 align:start position:0% then the only way you can defend 00:20:18.400 --> 00:20:21.270 align:start position:0% then the only way you can defend yourself<00:20:18.750> is<00:20:19.750> by<00:20:20.050> making<00:20:20.410> sure<00:20:20.440> that<00:20:20.650> you<00:20:21.130> can 00:20:21.270 --> 00:20:21.280 align:start position:0% yourself is by making sure that you can 00:20:21.280 --> 00:20:23.820 align:start position:0% yourself is by making sure that you can survive<00:20:21.640> that<00:20:21.850> happening<00:20:22.360> to<00:20:23.080> like<00:20:23.290> a<00:20:23.320> piece 00:20:23.820 --> 00:20:23.830 align:start position:0% survive that happening to like a piece 00:20:23.830 --> 00:20:25.980 align:start position:0% survive that happening to like a piece of<00:20:23.860> the<00:20:24.100> portfolio<00:20:24.970> of<00:20:25.120> that<00:20:25.330> right<00:20:25.600> so<00:20:25.840> that 00:20:25.980 --> 00:20:25.990 align:start position:0% of the portfolio of that right so that 00:20:25.990 --> 00:20:29.010 align:start position:0% of the portfolio of that right so that even<00:20:26.950> if<00:20:27.130> all<00:20:27.430> real<00:20:27.790> estate<00:20:27.910> takes<00:20:28.450> completely 00:20:29.010 --> 00:20:29.020 align:start position:0% even if all real estate takes completely 00:20:29.020 --> 00:20:31.350 align:start position:0% even if all real estate takes completely that<00:20:29.710> shouldn't<00:20:30.070> take<00:20:30.310> that<00:20:30.820> right<00:20:31.090> or<00:20:31.210> even 00:20:31.350 --> 00:20:31.360 align:start position:0% that shouldn't take that right or even 00:20:31.360 --> 00:20:33.780 align:start position:0% that shouldn't take that right or even if<00:20:31.660> all<00:20:31.870> of<00:20:31.900> crypto<00:20:32.410> goes<00:20:32.860> to<00:20:33.010> zero<00:20:33.220> that<00:20:33.430> also 00:20:33.780 --> 00:20:33.790 align:start position:0% if all of crypto goes to zero that also 00:20:33.790 --> 00:20:35.640 align:start position:0% if all of crypto goes to zero that also shouldn't<00:20:34.030> kill<00:20:34.570> the<00:20:34.720> system<00:20:35.050> right<00:20:35.170> or<00:20:35.380> and 00:20:35.640 --> 00:20:35.650 align:start position:0% shouldn't kill the system right or and 00:20:35.650 --> 00:20:38.520 align:start position:0% shouldn't kill the system right or and and<00:20:36.310> the<00:20:37.180> most<00:20:37.390> important<00:20:37.870> like<00:20:38.290> what<00:20:38.440> you 00:20:38.520 --> 00:20:38.530 align:start position:0% and the most important like what you 00:20:38.530 --> 00:20:39.690 align:start position:0% and the most important like what you really<00:20:38.680> want<00:20:38.890> to<00:20:39.010> achieve<00:20:39.100> is<00:20:39.490> like<00:20:39.670> a 00:20:39.690 --> 00:20:39.700 align:start position:0% really want to achieve is like a 00:20:39.700 --> 00:20:42.510 align:start position:0% really want to achieve is like a situation<00:20:40.480> where<00:20:40.750> you<00:20:41.590> can<00:20:41.710> have<00:20:41.890> several<00:20:42.250> of 00:20:42.510 --> 00:20:42.520 align:start position:0% situation where you can have several of 00:20:42.520 --> 00:20:43.950 align:start position:0% situation where you can have several of these<00:20:42.610> scenarios<00:20:42.910> happening<00:20:43.570> at<00:20:43.660> the<00:20:43.780> same 00:20:43.950 --> 00:20:43.960 align:start position:0% these scenarios happening at the same 00:20:43.960 --> 00:20:45.510 align:start position:0% these scenarios happening at the same time<00:20:44.200> sort<00:20:44.530> of<00:20:44.620> stacking<00:20:44.950> on<00:20:45.160> top<00:20:45.340> of<00:20:45.460> each 00:20:45.510 --> 00:20:45.520 align:start position:0% time sort of stacking on top of each 00:20:45.520 --> 00:20:46.980 align:start position:0% time sort of stacking on top of each other<00:20:45.670> and<00:20:45.910> the<00:20:46.030> system<00:20:46.390> can<00:20:46.540> still<00:20:46.750> survive 00:20:46.980 --> 00:20:46.990 align:start position:0% other and the system can still survive 00:20:46.990 --> 00:20:50.760 align:start position:0% other and the system can still survive because<00:20:48.270> this<00:20:49.270> like<00:20:49.810> the<00:20:50.230> other<00:20:50.380> critical 00:20:50.760 --> 00:20:50.770 align:start position:0% because this like the other critical 00:20:50.770 --> 00:20:52.530 align:start position:0% because this like the other critical point<00:20:51.010> of<00:20:51.100> this<00:20:51.220> is<00:20:51.430> like<00:20:51.580> is<00:20:51.790> maker 00:20:52.530 --> 00:20:52.540 align:start position:0% point of this is like is maker 00:20:52.540 --> 00:20:54.660 align:start position:0% point of this is like is maker governance<00:20:52.990> up<00:20:53.140> to<00:20:53.290> the<00:20:53.380> test<00:20:53.650> right<00:20:53.980> like 00:20:54.660 --> 00:20:54.670 align:start position:0% governance up to the test right like 00:20:54.670 --> 00:20:56.280 align:start position:0% governance up to the test right like maybe<00:20:54.880> even<00:20:55.630> though<00:20:55.780> you<00:20:56.080> know<00:20:56.170> the 00:20:56.280 --> 00:20:56.290 align:start position:0% maybe even though you know the 00:20:56.290 --> 00:20:57.360 align:start position:0% maybe even though you know the foundation<00:20:56.410> has<00:20:56.800> obviously<00:20:57.130> been<00:20:57.310> very 00:20:57.360 --> 00:20:57.370 align:start position:0% foundation has obviously been very 00:20:57.370 --> 00:21:00.090 align:start position:0% foundation has obviously been very careful<00:20:58.180> in<00:20:58.270> how<00:20:58.480> all<00:20:59.410> them<00:20:59.740> cow<00:20:59.950> is 00:21:00.090 --> 00:21:00.100 align:start position:0% careful in how all them cow is 00:21:00.100 --> 00:21:03.450 align:start position:0% careful in how all them cow is distributed<00:21:00.700> and<00:21:01.590> really<00:21:02.590> like<00:21:02.920> and<00:21:03.130> in<00:21:03.250> terms 00:21:03.450 --> 00:21:03.460 align:start position:0% distributed and really like and in terms 00:21:03.460 --> 00:21:05.400 align:start position:0% distributed and really like and in terms of<00:21:03.610> like<00:21:03.760> them<00:21:03.940> the<00:21:04.270> models<00:21:04.660> until<00:21:04.840> the<00:21:05.110> model 00:21:05.400 --> 00:21:05.410 align:start position:0% of like them the models until the model 00:21:05.410 --> 00:21:08.340 align:start position:0% of like them the models until the model risking<00:21:05.740> like<00:21:05.890> the<00:21:06.510> like<00:21:07.510> just<00:21:07.750> like<00:21:07.930> them<00:21:08.110> the 00:21:08.340 --> 00:21:08.350 align:start position:0% risking like the like just like them the 00:21:08.350 --> 00:21:10.620 align:start position:0% risking like the like just like them the methodology<00:21:09.070> the<00:21:09.640> focus<00:21:10.030> has<00:21:10.180> always<00:21:10.300> been<00:21:10.480> on 00:21:10.620 --> 00:21:10.630 align:start position:0% methodology the focus has always been on 00:21:10.630 --> 00:21:13.110 align:start position:0% methodology the focus has always been on trying<00:21:11.080> to<00:21:11.170> get<00:21:11.880> experts<00:21:12.880> from<00:21:13.000> the 00:21:13.110 --> 00:21:13.120 align:start position:0% trying to get experts from the 00:21:13.120 --> 00:21:15.030 align:start position:0% trying to get experts from the traditional<00:21:13.570> space<00:21:13.840> but<00:21:14.140> like<00:21:14.320> very<00:21:14.470> you<00:21:15.010> know 00:21:15.030 --> 00:21:15.040 align:start position:0% traditional space but like very you know 00:21:15.040 --> 00:21:17.100 align:start position:0% traditional space but like very you know very<00:21:15.160> broadly<00:21:15.820> and<00:21:16.180> like<00:21:16.330> very<00:21:16.510> diverse<00:21:16.840> but 00:21:17.100 --> 00:21:17.110 align:start position:0% very broadly and like very diverse but 00:21:17.110 --> 00:21:20.370 align:start position:0% very broadly and like very diverse but but<00:21:17.320> ultimately<00:21:17.740> like<00:21:17.980> at<00:21:18.970> least<00:21:19.300> rely<00:21:20.230> as 00:21:20.370 --> 00:21:20.380 align:start position:0% but ultimately like at least rely as 00:21:20.380 --> 00:21:22.290 align:start position:0% but ultimately like at least rely as much<00:21:20.560> as<00:21:20.680> possible<00:21:20.860> in<00:21:21.130> traditional<00:21:21.610> models 00:21:22.290 --> 00:21:22.300 align:start position:0% much as possible in traditional models 00:21:22.300 --> 00:21:23.760 align:start position:0% much as possible in traditional models so<00:21:22.510> that's<00:21:22.690> just<00:21:22.900> at<00:21:23.110> least<00:21:23.530> there's 00:21:23.760 --> 00:21:23.770 align:start position:0% so that's just at least there's 00:21:23.770 --> 00:21:25.220 align:start position:0% so that's just at least there's something<00:21:24.130> already<00:21:24.340> there<00:21:24.730> that<00:21:24.760> can 00:21:25.220 --> 00:21:25.230 align:start position:0% something already there that can 00:21:25.230 --> 00:21:28.580 align:start position:0% something already there that can don't<00:21:26.070> ABBA<00:21:26.580> but<00:21:27.450> even<00:21:27.720> if<00:21:27.809> that<00:21:27.840> turns<00:21:28.169> out<00:21:28.350> to 00:21:28.580 --> 00:21:28.590 align:start position:0% don't ABBA but even if that turns out to 00:21:28.590 --> 00:21:32.299 align:start position:0% don't ABBA but even if that turns out to not<00:21:28.980> work<00:21:29.370> so<00:21:29.549> well<00:21:30.350> the<00:21:31.350> whole<00:21:31.559> like<00:21:31.980> the 00:21:32.299 --> 00:21:32.309 align:start position:0% not work so well the whole like the 00:21:32.309 --> 00:21:34.430 align:start position:0% not work so well the whole like the whole<00:21:32.730> concept<00:21:33.360> of<00:21:33.600> maker<00:21:33.809> is<00:21:34.049> that<00:21:34.080> when 00:21:34.430 --> 00:21:34.440 align:start position:0% whole concept of maker is that when 00:21:34.440 --> 00:21:36.409 align:start position:0% whole concept of maker is that when there<00:21:34.590> is<00:21:34.620> a<00:21:34.710> loss<00:21:34.980> they<00:21:35.820> pee<00:21:36.030> ah<00:21:36.059> homeless 00:21:36.409 --> 00:21:36.419 align:start position:0% there is a loss they pee ah homeless 00:21:36.419 --> 00:21:38.480 align:start position:0% there is a loss they pee ah homeless they<00:21:36.630> have<00:21:37.470> to<00:21:37.590> have<00:21:37.679> salt<00:21:37.919> that<00:21:38.040> loss<00:21:38.220> right 00:21:38.480 --> 00:21:38.490 align:start position:0% they have to have salt that loss right 00:21:38.490 --> 00:21:41.299 align:start position:0% they have to have salt that loss right and<00:21:38.760> that<00:21:39.270> actually<00:21:39.830> creates<00:21:40.830> this<00:21:41.250> dynamic 00:21:41.299 --> 00:21:41.309 align:start position:0% and that actually creates this dynamic 00:21:41.309 --> 00:21:43.820 align:start position:0% and that actually creates this dynamic that<00:21:41.910> over<00:21:42.210> time<00:21:42.450> you<00:21:42.750> can<00:21:42.929> see<00:21:43.200> makers<00:21:43.620> this 00:21:43.820 --> 00:21:43.830 align:start position:0% that over time you can see makers this 00:21:43.830 --> 00:21:47.539 align:start position:0% that over time you can see makers this like<00:21:44.010> evolutionary<00:21:44.700> system<00:21:45.150> that<00:21:46.549> rather 00:21:47.539 --> 00:21:47.549 align:start position:0% like evolutionary system that rather 00:21:47.549 --> 00:21:49.130 align:start position:0% like evolutionary system that rather than<00:21:47.790> just<00:21:47.970> like<00:21:48.120> thinking<00:21:48.450> really<00:21:48.630> hard<00:21:48.720> and 00:21:49.130 --> 00:21:49.140 align:start position:0% than just like thinking really hard and 00:21:49.140 --> 00:21:51.740 align:start position:0% than just like thinking really hard and like<00:21:49.429> totally<00:21:50.429> like<00:21:50.730> solving<00:21:50.970> risk<00:21:51.330> and<00:21:51.630> that 00:21:51.740 --> 00:21:51.750 align:start position:0% like totally like solving risk and that 00:21:51.750 --> 00:21:52.970 align:start position:0% like totally like solving risk and that sort<00:21:51.960> of<00:21:51.990> problem<00:21:52.169> it<00:21:52.350> won't<00:21:52.470> be<00:21:52.620> just<00:21:52.710> be<00:21:52.830> so 00:21:52.970 --> 00:21:52.980 align:start position:0% sort of problem it won't be just be so 00:21:52.980 --> 00:21:55.490 align:start position:0% sort of problem it won't be just be so smart<00:21:53.220> which<00:21:54.090> is<00:21:54.240> unlikely<00:21:54.540> to<00:21:54.690> be<00:21:54.809> how<00:21:55.080> things 00:21:55.490 --> 00:21:55.500 align:start position:0% smart which is unlikely to be how things 00:21:55.500 --> 00:21:57.770 align:start position:0% smart which is unlikely to be how things play<00:21:55.740> out<00:21:55.770> right<00:21:56.120> it'll<00:21:57.120> be<00:21:57.240> basically<00:21:57.510> this 00:21:57.770 --> 00:21:57.780 align:start position:0% play out right it'll be basically this 00:21:57.780 --> 00:22:01.010 align:start position:0% play out right it'll be basically this like<00:21:57.960> process<00:21:58.410> of<00:21:58.530> trial<00:21:59.340> and<00:21:59.460> error<00:21:59.669> and<00:22:00.020> like 00:22:01.010 --> 00:22:01.020 align:start position:0% like process of trial and error and like 00:22:01.020 --> 00:22:03.830 align:start position:0% like process of trial and error and like very<00:22:01.260> real<00:22:01.620> consequences<00:22:02.059> of<00:22:03.059> errors<00:22:03.600> that 00:22:03.830 --> 00:22:03.840 align:start position:0% very real consequences of errors that 00:22:03.840 --> 00:22:06.950 align:start position:0% very real consequences of errors that then<00:22:04.320> make<00:22:04.590> it<00:22:04.740> very<00:22:04.950> clear<00:22:05.190> that<00:22:05.630> you<00:22:06.630> know<00:22:06.750> it 00:22:06.950 --> 00:22:06.960 align:start position:0% then make it very clear that you know it 00:22:06.960 --> 00:22:08.510 align:start position:0% then make it very clear that you know it is<00:22:07.080> there's<00:22:07.380> a<00:22:07.440> big<00:22:07.679> advantage<00:22:08.100> to<00:22:08.130> actually 00:22:08.510 --> 00:22:08.520 align:start position:0% is there's a big advantage to actually 00:22:08.520 --> 00:22:11.570 align:start position:0% is there's a big advantage to actually getting<00:22:08.760> it<00:22:08.850> right<00:22:09.000> and<00:22:09.650> and<00:22:10.650> making<00:22:11.250> sure 00:22:11.570 --> 00:22:11.580 align:start position:0% getting it right and and making sure 00:22:11.580 --> 00:22:13.700 align:start position:0% getting it right and and making sure that<00:22:11.760> this<00:22:12.540> system<00:22:12.780> evolves<00:22:13.410> in<00:22:13.470> the<00:22:13.500> right 00:22:13.700 --> 00:22:13.710 align:start position:0% that this system evolves in the right 00:22:13.710 --> 00:22:16.909 align:start position:0% that this system evolves in the right direction<00:22:14.000> is<00:22:15.000> our<00:22:15.690> concern<00:22:16.260> for<00:22:16.320> me 00:22:16.909 --> 00:22:16.919 align:start position:0% direction is our concern for me 00:22:16.919 --> 00:22:18.409 align:start position:0% direction is our concern for me in<00:22:16.980> terms<00:22:17.250> of<00:22:17.370> trusted<00:22:17.669> assets<00:22:18.000> is<00:22:18.120> if<00:22:18.240> we<00:22:18.360> were 00:22:18.409 --> 00:22:18.419 align:start position:0% in terms of trusted assets is if we were 00:22:18.419 --> 00:22:20.120 align:start position:0% in terms of trusted assets is if we were to<00:22:18.540> play<00:22:18.690> this<00:22:18.840> out<00:22:19.049> right<00:22:19.380> let's<00:22:19.710> say<00:22:19.830> using 00:22:20.120 --> 00:22:20.130 align:start position:0% to play this out right let's say using 00:22:20.130 --> 00:22:22.789 align:start position:0% to play this out right let's say using token<00:22:20.520> s<00:22:20.669> real<00:22:20.880> estate<00:22:21.179> from<00:22:21.570> you<00:22:22.110> know<00:22:22.200> that 00:22:22.789 --> 00:22:22.799 align:start position:0% token s real estate from you know that 00:22:22.799 --> 00:22:25.820 align:start position:0% token s real estate from you know that was<00:22:22.890> underwritten<00:22:23.250> by<00:22:24.710> investment<00:22:25.710> banks 00:22:25.820 --> 00:22:25.830 align:start position:0% was underwritten by investment banks 00:22:25.830 --> 00:22:28.580 align:start position:0% was underwritten by investment banks like<00:22:26.100> Goldman<00:22:26.160> you<00:22:27.150> know<00:22:27.660> the<00:22:28.140> financial 00:22:28.580 --> 00:22:28.590 align:start position:0% like Goldman you know the financial 00:22:28.590 --> 00:22:30.590 align:start position:0% like Goldman you know the financial crisis<00:22:29.010> the<00:22:29.130> problem<00:22:29.549> was<00:22:29.730> these<00:22:30.059> assets<00:22:30.510> were 00:22:30.590 --> 00:22:30.600 align:start position:0% crisis the problem was these assets were 00:22:30.600 --> 00:22:33.020 align:start position:0% crisis the problem was these assets were mis<00:22:30.750> appropriately<00:22:31.350> tagged<00:22:31.980> right<00:22:32.400> and 00:22:33.020 --> 00:22:33.030 align:start position:0% mis appropriately tagged right and 00:22:33.030 --> 00:22:34.549 align:start position:0% mis appropriately tagged right and that's<00:22:33.179> an<00:22:33.270> incentive<00:22:33.510> problem<00:22:33.900> really<00:22:34.260> these 00:22:34.549 --> 00:22:34.559 align:start position:0% that's an incentive problem really these 00:22:34.559 --> 00:22:36.860 align:start position:0% that's an incentive problem really these banks<00:22:35.010> were<00:22:35.160> more<00:22:35.340> incentivized<00:22:35.940> to<00:22:36.120> do<00:22:36.780> it 00:22:36.860 --> 00:22:36.870 align:start position:0% banks were more incentivized to do it 00:22:36.870 --> 00:22:38.690 align:start position:0% banks were more incentivized to do it incorrectly<00:22:37.350> than<00:22:37.620> then<00:22:38.010> accurately<00:22:38.160> and 00:22:38.690 --> 00:22:38.700 align:start position:0% incorrectly than then accurately and 00:22:38.700 --> 00:22:41.270 align:start position:0% incorrectly than then accurately and even<00:22:39.419> if<00:22:39.540> we<00:22:39.660> have<00:22:39.900> this<00:22:40.140> very<00:22:40.380> open<00:22:40.650> decision 00:22:41.270 --> 00:22:41.280 align:start position:0% even if we have this very open decision 00:22:41.280 --> 00:22:42.650 align:start position:0% even if we have this very open decision making<00:22:41.640> you<00:22:41.790> know<00:22:41.880> transparent<00:22:42.480> maker 00:22:42.650 --> 00:22:42.660 align:start position:0% making you know transparent maker 00:22:42.660 --> 00:22:44.539 align:start position:0% making you know transparent maker process<00:22:43.200> we<00:22:43.679> aren't<00:22:43.890> necessarily<00:22:44.250> going<00:22:44.490> to 00:22:44.539 --> 00:22:44.549 align:start position:0% process we aren't necessarily going to 00:22:44.549 --> 00:22:46.310 align:start position:0% process we aren't necessarily going to go<00:22:44.730> all<00:22:44.940> the<00:22:44.970> way<00:22:45.090> down<00:22:45.390> to<00:22:45.630> the<00:22:45.840> way<00:22:45.929> that<00:22:46.110> that 00:22:46.310 --> 00:22:46.320 align:start position:0% go all the way down to the way that that 00:22:46.320 --> 00:22:47.780 align:start position:0% go all the way down to the way that that debt<00:22:46.590> or<00:22:46.770> real<00:22:46.919> estate<00:22:46.950> the<00:22:47.340> mortgage<00:22:47.640> was 00:22:47.780 --> 00:22:47.790 align:start position:0% debt or real estate the mortgage was 00:22:47.790 --> 00:22:50.240 align:start position:0% debt or real estate the mortgage was issued<00:22:48.150> and<00:22:48.390> so<00:22:48.780> how<00:22:48.990> do<00:22:49.049> you<00:22:49.200> see<00:22:49.470> that 00:22:50.240 --> 00:22:50.250 align:start position:0% issued and so how do you see that 00:22:50.250 --> 00:22:52.400 align:start position:0% issued and so how do you see that counterparty<00:22:50.940> risk<00:22:51.150> playing<00:22:51.480> in<00:22:51.750> or<00:22:52.020> make<00:22:52.230> or 00:22:52.400 --> 00:22:52.410 align:start position:0% counterparty risk playing in or make or 00:22:52.410 --> 00:22:54.440 align:start position:0% counterparty risk playing in or make or even<00:22:52.650> maybe<00:22:52.919> a<00:22:53.010> leaving<00:22:53.340> like<00:22:53.940> are<00:22:54.210> you<00:22:54.299> going 00:22:54.440 --> 00:22:54.450 align:start position:0% even maybe a leaving like are you going 00:22:54.450 --> 00:22:56.060 align:start position:0% even maybe a leaving like are you going to<00:22:54.540> start<00:22:54.690> creating<00:22:54.960> risk<00:22:55.200> teams<00:22:55.470> that<00:22:55.710> go<00:22:55.860> all 00:22:56.060 --> 00:22:56.070 align:start position:0% to start creating risk teams that go all 00:22:56.070 --> 00:22:58.070 align:start position:0% to start creating risk teams that go all the<00:22:56.190> way<00:22:56.220> downstream<00:22:56.760> to<00:22:57.390> how<00:22:57.570> the<00:22:57.630> asset<00:22:57.990> was 00:22:58.070 --> 00:22:58.080 align:start position:0% the way downstream to how the asset was 00:22:58.080 --> 00:23:00.590 align:start position:0% the way downstream to how the asset was created<00:22:58.470> or<00:22:58.860> simply<00:22:59.549> at<00:22:59.730> the<00:22:59.820> level<00:23:00.090> of<00:23:00.210> what 00:23:00.590 --> 00:23:00.600 align:start position:0% created or simply at the level of what 00:23:00.600 --> 00:23:02.030 align:start position:0% created or simply at the level of what assets<00:23:00.990> should<00:23:01.049> be<00:23:01.169> included<00:23:01.650> in<00:23:01.740> multi 00:23:02.030 --> 00:23:02.040 align:start position:0% assets should be included in multi 00:23:02.040 --> 00:23:04.370 align:start position:0% assets should be included in multi collateral<00:23:02.510> well<00:23:03.510> I<00:23:03.540> certainly<00:23:03.750> think<00:23:03.929> that 00:23:04.370 --> 00:23:04.380 align:start position:0% collateral well I certainly think that 00:23:04.380 --> 00:23:05.990 align:start position:0% collateral well I certainly think that that<00:23:04.740> exact<00:23:05.040> problem<00:23:05.190> is<00:23:05.580> something<00:23:05.880> where 00:23:05.990 --> 00:23:06.000 align:start position:0% that exact problem is something where 00:23:06.000 --> 00:23:08.210 align:start position:0% that exact problem is something where blockchain<00:23:06.510> gives<00:23:07.260> us<00:23:07.380> the<00:23:07.530> best<00:23:07.679> shot<00:23:07.890> ever 00:23:08.210 --> 00:23:08.220 align:start position:0% blockchain gives us the best shot ever 00:23:08.220 --> 00:23:12.680 align:start position:0% blockchain gives us the best shot ever at<00:23:08.520> getting<00:23:09.210> you<00:23:09.809> know<00:23:09.929> very<00:23:10.200> granular<00:23:10.650> data 00:23:12.680 --> 00:23:12.690 align:start position:0% at getting you know very granular data 00:23:12.690 --> 00:23:15.320 align:start position:0% at getting you know very granular data but<00:23:13.260> I<00:23:13.290> also<00:23:13.470> but<00:23:13.740> actually<00:23:14.040> I<00:23:14.100> think<00:23:14.220> and<00:23:14.429> such 00:23:15.320 --> 00:23:15.330 align:start position:0% but I also but actually I think and such 00:23:15.330 --> 00:23:16.789 align:start position:0% but I also but actually I think and such an<00:23:15.480> important<00:23:15.900> point<00:23:16.049> right<00:23:16.350> is<00:23:16.500> that<00:23:16.559> if<00:23:16.710> you 00:23:16.789 --> 00:23:16.799 align:start position:0% an important point right is that if you 00:23:16.799 --> 00:23:17.990 align:start position:0% an important point right is that if you look<00:23:16.950> at<00:23:17.070> something<00:23:17.250> like<00:23:17.370> the<00:23:17.580> financial 00:23:17.990 --> 00:23:18.000 align:start position:0% look at something like the financial 00:23:18.000 --> 00:23:20.299 align:start position:0% look at something like the financial crisis<00:23:18.410> it<00:23:19.410> really<00:23:19.770> was<00:23:20.010> like<00:23:20.250> the 00:23:20.299 --> 00:23:20.309 align:start position:0% crisis it really was like the 00:23:20.309 --> 00:23:22.280 align:start position:0% crisis it really was like the fundamental<00:23:20.669> thing<00:23:21.570> that<00:23:21.720> went<00:23:21.840> wrong<00:23:21.929> was 00:23:22.280 --> 00:23:22.290 align:start position:0% fundamental thing that went wrong was 00:23:22.290 --> 00:23:25.150 align:start position:0% fundamental thing that went wrong was really<00:23:22.500> greed<00:23:22.799> right<00:23:23.340> and<00:23:23.700> like<00:23:24.059> and<00:23:24.299> like 00:23:25.150 --> 00:23:25.160 align:start position:0% really greed right and like and like 00:23:25.160 --> 00:23:27.530 align:start position:0% really greed right and like and like misaligned<00:23:26.160> incentives<00:23:26.250> but<00:23:26.850> more<00:23:27.090> than<00:23:27.330> that 00:23:27.530 --> 00:23:27.540 align:start position:0% misaligned incentives but more than that 00:23:27.540 --> 00:23:29.870 align:start position:0% misaligned incentives but more than that really<00:23:27.780> like<00:23:28.049> greed<00:23:28.350> and<00:23:28.860> and<00:23:29.100> bad<00:23:29.400> culture 00:23:29.870 --> 00:23:29.880 align:start position:0% really like greed and and bad culture 00:23:29.880 --> 00:23:33.020 align:start position:0% really like greed and and bad culture and<00:23:30.830> that's<00:23:31.830> where<00:23:32.100> I<00:23:32.130> think<00:23:32.250> I<00:23:32.580> mean<00:23:32.820> what 00:23:33.020 --> 00:23:33.030 align:start position:0% and that's where I think I mean what 00:23:33.030 --> 00:23:35.180 align:start position:0% and that's where I think I mean what make<00:23:33.929> him<00:23:34.049> realize<00:23:34.320> on<00:23:34.590> in<00:23:34.860> this 00:23:35.180 --> 00:23:35.190 align:start position:0% make him realize on in this 00:23:35.190 --> 00:23:38.150 align:start position:0% make him realize on in this it's<00:23:35.550> like<00:23:35.760> lots<00:23:36.570> of<00:23:36.720> Russian<00:23:37.050> very<00:23:37.560> very 00:23:38.150 --> 00:23:38.160 align:start position:0% it's like lots of Russian very very 00:23:38.160 --> 00:23:40.370 align:start position:0% it's like lots of Russian very very basic<00:23:38.640> psychology<00:23:39.570> of<00:23:39.660> like<00:23:39.840> yeah<00:23:40.020> you<00:23:40.080> might 00:23:40.370 --> 00:23:40.380 align:start position:0% basic psychology of like yeah you might 00:23:40.380 --> 00:23:41.690 align:start position:0% basic psychology of like yeah you might be<00:23:40.410> greedy<00:23:40.800> but<00:23:40.890> then<00:23:41.220> you're<00:23:41.370> gonna<00:23:41.490> get 00:23:41.690 --> 00:23:41.700 align:start position:0% be greedy but then you're gonna get 00:23:41.700 --> 00:23:44.480 align:start position:0% be greedy but then you're gonna get slept<00:23:42.120> with<00:23:42.360> you<00:23:43.350> know<00:23:43.470> the<00:23:43.770> entire<00:23:44.100> loss<00:23:44.340> that 00:23:44.480 --> 00:23:44.490 align:start position:0% slept with you know the entire loss that 00:23:44.490 --> 00:23:46.940 align:start position:0% slept with you know the entire loss that you<00:23:44.610> create<00:23:44.910> right<00:23:45.120> whereas<00:23:46.110> the<00:23:46.620> bankers 00:23:46.940 --> 00:23:46.950 align:start position:0% you create right whereas the bankers 00:23:46.950 --> 00:23:48.500 align:start position:0% you create right whereas the bankers they<00:23:47.130> knew<00:23:47.280> that<00:23:47.460> the<00:23:47.820> government<00:23:48.240> had<00:23:48.390> to 00:23:48.500 --> 00:23:48.510 align:start position:0% they knew that the government had to 00:23:48.510 --> 00:23:49.670 align:start position:0% they knew that the government had to deal<00:23:48.660> with<00:23:48.870> the<00:23:48.960> fallout 00:23:49.670 --> 00:23:49.680 align:start position:0% deal with the fallout 00:23:49.680 --> 00:23:52.370 align:start position:0% deal with the fallout right<00:23:49.860> which<00:23:50.010> is<00:23:50.040> this<00:23:50.280> like<00:23:50.460> horrible<00:23:51.380> you 00:23:52.370 --> 00:23:52.380 align:start position:0% right which is this like horrible you 00:23:52.380 --> 00:23:54.320 align:start position:0% right which is this like horrible you know<00:23:52.500> like<00:23:52.740> perfect<00:23:53.100> storm<00:23:53.340> of<00:23:53.490> like<00:23:53.640> Reid<00:23:53.940> and 00:23:54.320 --> 00:23:54.330 align:start position:0% know like perfect storm of like Reid and 00:23:54.330 --> 00:23:56.210 align:start position:0% know like perfect storm of like Reid and bad<00:23:54.570> incentives<00:23:55.080> and<00:23:55.290> that<00:23:55.470> structure<00:23:55.950> and<00:23:56.070> so 00:23:56.210 --> 00:23:56.220 align:start position:0% bad incentives and that structure and so 00:23:56.220 --> 00:24:01.970 align:start position:0% bad incentives and that structure and so on<00:23:56.370> right<00:23:57.350> but<00:23:58.520> like<00:23:59.600> but<00:24:00.600> actually<00:24:01.020> to<00:24:01.560> like 00:24:01.970 --> 00:24:01.980 align:start position:0% on right but like but actually to like 00:24:01.980 --> 00:24:03.650 align:start position:0% on right but like but actually to like the<00:24:02.400> only<00:24:02.670> way<00:24:02.760> you<00:24:02.820> can<00:24:02.970> only<00:24:03.150> like<00:24:03.540> you 00:24:03.650 --> 00:24:03.660 align:start position:0% the only way you can only like you 00:24:03.660 --> 00:24:04.520 align:start position:0% the only way you can only like you always<00:24:03.840> have<00:24:04.020> to<00:24:04.110> take<00:24:04.230> it<00:24:04.380> back<00:24:04.470> to 00:24:04.520 --> 00:24:04.530 align:start position:0% always have to take it back to 00:24:04.530 --> 00:24:06.490 align:start position:0% always have to take it back to diversification<00:24:05.100> it's<00:24:05.490> like<00:24:05.610> even<00:24:05.940> if<00:24:06.120> you 00:24:06.490 --> 00:24:06.500 align:start position:0% diversification it's like even if you 00:24:06.500 --> 00:24:09.530 align:start position:0% diversification it's like even if you whatever<00:24:07.500> like<00:24:07.680> solve<00:24:07.980> greed<00:24:08.370> or<00:24:08.760> like<00:24:09.240> you 00:24:09.530 --> 00:24:09.540 align:start position:0% whatever like solve greed or like you 00:24:09.540 --> 00:24:12.080 align:start position:0% whatever like solve greed or like you know<00:24:09.660> have<00:24:09.870> this<00:24:09.990> like<00:24:10.200> have<00:24:10.590> this<00:24:10.800> like<00:24:11.090> you 00:24:12.080 --> 00:24:12.090 align:start position:0% know have this like have this like you 00:24:12.090 --> 00:24:12.980 align:start position:0% know have this like have this like you know<00:24:12.210> at<00:24:12.300> least<00:24:12.480> like<00:24:12.600> it's<00:24:12.750> clear 00:24:12.980 --> 00:24:12.990 align:start position:0% know at least like it's clear 00:24:12.990 --> 00:24:15.490 align:start position:0% know at least like it's clear consequence<00:24:13.590> to<00:24:13.800> being<00:24:14.010> overly<00:24:14.370> greedy<00:24:14.670> and 00:24:15.490 --> 00:24:15.500 align:start position:0% consequence to being overly greedy and 00:24:15.500 --> 00:24:19.100 align:start position:0% consequence to being overly greedy and and<00:24:16.500> you<00:24:17.220> also<00:24:17.430> like<00:24:17.700> dig<00:24:18.390> all<00:24:18.660> the<00:24:18.810> way<00:24:18.840> down 00:24:19.100 --> 00:24:19.110 align:start position:0% and you also like dig all the way down 00:24:19.110 --> 00:24:20.780 align:start position:0% and you also like dig all the way down and<00:24:19.290> get<00:24:19.530> all<00:24:19.680> the<00:24:19.800> data<00:24:19.950> about<00:24:20.190> the<00:24:20.400> specific 00:24:20.780 --> 00:24:20.790 align:start position:0% and get all the data about the specific 00:24:20.790 --> 00:24:22.700 align:start position:0% and get all the data about the specific assets<00:24:21.120> and<00:24:21.270> so<00:24:21.390> on<00:24:21.540> you<00:24:22.170> still<00:24:22.410> have<00:24:22.620> to 00:24:22.700 --> 00:24:22.710 align:start position:0% assets and so on you still have to 00:24:22.710 --> 00:24:24.580 align:start position:0% assets and so on you still have to always<00:24:22.890> assume<00:24:23.220> that<00:24:23.760> you<00:24:23.910> might<00:24:24.120> be<00:24:24.300> wrong 00:24:24.580 --> 00:24:24.590 align:start position:0% always assume that you might be wrong 00:24:24.590 --> 00:24:27.320 align:start position:0% always assume that you might be wrong regardless<00:24:25.590> so<00:24:25.830> again<00:24:26.580> the<00:24:26.760> only<00:24:26.790> thing<00:24:27.150> you 00:24:27.320 --> 00:24:27.330 align:start position:0% regardless so again the only thing you 00:24:27.330 --> 00:24:28.760 align:start position:0% regardless so again the only thing you really<00:24:27.360> do<00:24:27.750> and<00:24:27.960> they<00:24:28.020> can<00:24:28.170> still<00:24:28.290> hold<00:24:28.590> on<00:24:28.740> to 00:24:28.760 --> 00:24:28.770 align:start position:0% really do and they can still hold on to 00:24:28.770 --> 00:24:31.820 align:start position:0% really do and they can still hold on to us<00:24:29.070> being<00:24:29.250> something<00:24:29.640> that<00:24:29.820> that<00:24:30.630> that<00:24:30.900> it's 00:24:31.820 --> 00:24:31.830 align:start position:0% us being something that that that it's 00:24:31.830 --> 00:24:34.700 align:start position:0% us being something that that that it's very<00:24:32.010> likely<00:24:32.190> to<00:24:32.400> work<00:24:32.580> is<00:24:33.570> to<00:24:33.750> you<00:24:34.110> know<00:24:34.230> don't 00:24:34.700 --> 00:24:34.710 align:start position:0% very likely to work is to you know don't 00:24:34.710 --> 00:24:36.350 align:start position:0% very likely to work is to you know don't depend<00:24:35.010> too<00:24:35.220> much<00:24:35.250> and<00:24:35.640> go<00:24:35.760> with<00:24:35.910> sex<00:24:36.150> only 00:24:36.350 --> 00:24:36.360 align:start position:0% depend too much and go with sex only 00:24:36.360 --> 00:24:38.000 align:start position:0% depend too much and go with sex only might<00:24:36.900> make<00:24:37.110> sure<00:24:37.230> you<00:24:37.320> also<00:24:37.530> depend<00:24:37.800> on<00:24:37.890> all 00:24:38.000 --> 00:24:38.010 align:start position:0% might make sure you also depend on all 00:24:38.010 --> 00:24:40.370 align:start position:0% might make sure you also depend on all the<00:24:38.130> other<00:24:38.250> investment<00:24:39.150> base<00:24:39.270> and<00:24:39.540> also<00:24:39.750> all 00:24:40.370 --> 00:24:40.380 align:start position:0% the other investment base and also all 00:24:40.380 --> 00:24:41.960 align:start position:0% the other investment base and also all the<00:24:40.530> assets<00:24:40.830> that<00:24:40.920> don't<00:24:41.340> even<00:24:41.490> have<00:24:41.640> anything 00:24:41.960 --> 00:24:41.970 align:start position:0% the assets that don't even have anything 00:24:41.970 --> 00:24:44.000 align:start position:0% the assets that don't even have anything to<00:24:42.090> do<00:24:42.240> with<00:24:42.270> invisible<00:24:42.750> things<00:24:42.930> and<00:24:43.170> why<00:24:43.830> does 00:24:44.000 --> 00:24:44.010 align:start position:0% to do with invisible things and why does 00:24:44.010 --> 00:24:45.410 align:start position:0% to do with invisible things and why does he's<00:24:44.160> and<00:24:44.370> so<00:24:44.520> on<00:24:44.670> and<00:24:44.820> so<00:24:44.910> on<00:24:45.060> right<00:24:45.210> and 00:24:45.410 --> 00:24:45.420 align:start position:0% he's and so on and so on right and 00:24:45.420 --> 00:24:48.440 align:start position:0% he's and so on and so on right and basically<00:24:46.080> accept<00:24:46.590> the<00:24:46.680> fact<00:24:46.920> that<00:24:47.450> many 00:24:48.440 --> 00:24:48.450 align:start position:0% basically accept the fact that many 00:24:48.450 --> 00:24:51.080 align:start position:0% basically accept the fact that many times<00:24:48.840> you're<00:24:49.230> going<00:24:49.440> to<00:24:49.530> be<00:24:49.650> wrong<00:24:50.090> but 00:24:51.080 --> 00:24:51.090 align:start position:0% times you're going to be wrong but 00:24:51.090 --> 00:24:52.550 align:start position:0% times you're going to be wrong but you'll<00:24:51.600> get<00:24:51.750> to<00:24:51.900> learn<00:24:52.110> from<00:24:52.350> those<00:24:52.500> mistakes 00:24:52.550 --> 00:24:52.560 align:start position:0% you'll get to learn from those mistakes 00:24:52.560 --> 00:24:55.790 align:start position:0% you'll get to learn from those mistakes and<00:24:53.160> also<00:24:53.430> on<00:24:53.940> a<00:24:54.000> whole<00:24:54.360> if<00:24:54.630> the<00:24:55.050> portfolio<00:24:55.650> is 00:24:55.790 --> 00:24:55.800 align:start position:0% and also on a whole if the portfolio is 00:24:55.800 --> 00:24:58.340 align:start position:0% and also on a whole if the portfolio is well<00:24:56.040> enough<00:24:56.280> diversified<00:24:57.020> it'll<00:24:58.020> you<00:24:58.320> know 00:24:58.340 --> 00:24:58.350 align:start position:0% well enough diversified it'll you know 00:24:58.350 --> 00:25:00.230 align:start position:0% well enough diversified it'll you know it'll<00:24:58.650> just<00:24:58.920> be<00:24:59.040> absorbed<00:24:59.640> and<00:24:59.760> sort<00:24:59.940> of<00:24:59.970> be<00:25:00.210> a 00:25:00.230 --> 00:25:00.240 align:start position:0% it'll just be absorbed and sort of be a 00:25:00.240 --> 00:25:02.330 align:start position:0% it'll just be absorbed and sort of be a part<00:25:00.540> of<00:25:00.660> the<00:25:00.870> general<00:25:01.800> process<00:25:02.040> of<00:25:02.280> the 00:25:02.330 --> 00:25:02.340 align:start position:0% part of the general process of the 00:25:02.340 --> 00:25:06.050 align:start position:0% part of the general process of the system<00:25:02.670> so<00:25:03.740> we<00:25:04.740> can<00:25:04.920> potentially<00:25:05.340> solve<00:25:05.730> for 00:25:06.050 --> 00:25:06.060 align:start position:0% system so we can potentially solve for 00:25:06.060 --> 00:25:07.490 align:start position:0% system so we can potentially solve for greed<00:25:06.270> here<00:25:06.570> I'm<00:25:06.750> a<00:25:06.810> little<00:25:07.080> bit<00:25:07.170> concerned 00:25:07.490 --> 00:25:07.500 align:start position:0% greed here I'm a little bit concerned 00:25:07.500 --> 00:25:09.110 align:start position:0% greed here I'm a little bit concerned that<00:25:07.590> like<00:25:07.890> if<00:25:08.340> that's<00:25:08.490> what<00:25:08.700> makers<00:25:09.000> trying 00:25:09.110 --> 00:25:09.120 align:start position:0% that like if that's what makers trying 00:25:09.120 --> 00:25:11.030 align:start position:0% that like if that's what makers trying to<00:25:09.300> do<00:25:09.450> that's<00:25:09.690> that's<00:25:10.140> really<00:25:10.320> running<00:25:10.740> at<00:25:10.890> an 00:25:11.030 --> 00:25:11.040 align:start position:0% to do that's that's really running at an 00:25:11.040 --> 00:25:14.030 align:start position:0% to do that's that's really running at an almost<00:25:11.750> bigger<00:25:12.750> target<00:25:13.230> than<00:25:13.260> a<00:25:13.680> government's 00:25:14.030 --> 00:25:14.040 align:start position:0% almost bigger target than a government's 00:25:14.040 --> 00:25:15.440 align:start position:0% almost bigger target than a government's process<00:25:14.310> could<00:25:14.490> ever<00:25:14.610> handle<00:25:14.820> and<00:25:15.090> I<00:25:15.120> guess<00:25:15.300> I 00:25:15.440 --> 00:25:15.450 align:start position:0% process could ever handle and I guess I 00:25:15.450 --> 00:25:16.970 align:start position:0% process could ever handle and I guess I I<00:25:15.690> think<00:25:15.960> of<00:25:16.140> the<00:25:16.200> financial<00:25:16.380> crisis<00:25:16.860> is 00:25:16.970 --> 00:25:16.980 align:start position:0% I think of the financial crisis is 00:25:16.980 --> 00:25:18.350 align:start position:0% I think of the financial crisis is motivated<00:25:17.340> not<00:25:17.430> so<00:25:17.580> much<00:25:17.730> by<00:25:17.850> greed<00:25:18.090> but<00:25:18.240> by 00:25:18.350 --> 00:25:18.360 align:start position:0% motivated not so much by greed but by 00:25:18.360 --> 00:25:20.870 align:start position:0% motivated not so much by greed but by opacity<00:25:19.110> like<00:25:19.350> we<00:25:19.500> didn't<00:25:19.740> know<00:25:19.800> what<00:25:20.730> those 00:25:20.870 --> 00:25:20.880 align:start position:0% opacity like we didn't know what those 00:25:20.880 --> 00:25:23.420 align:start position:0% opacity like we didn't know what those things<00:25:21.180> were<00:25:21.360> we<00:25:21.570> didn't<00:25:21.780> know<00:25:21.960> who<00:25:22.740> owed<00:25:22.920> what 00:25:23.420 --> 00:25:23.430 align:start position:0% things were we didn't know who owed what 00:25:23.430 --> 00:25:24.470 align:start position:0% things were we didn't know who owed what to<00:25:23.580> who<00:25:23.730> and<00:25:23.760> how<00:25:24.000> these<00:25:24.150> things<00:25:24.360> would 00:25:24.470 --> 00:25:24.480 align:start position:0% to who and how these things would 00:25:24.480 --> 00:25:26.720 align:start position:0% to who and how these things would compound<00:25:24.900> and<00:25:25.230> so<00:25:25.410> I<00:25:25.710> think<00:25:26.130> that<00:25:26.430> the<00:25:26.550> maker 00:25:26.720 --> 00:25:26.730 align:start position:0% compound and so I think that the maker 00:25:26.730 --> 00:25:29.750 align:start position:0% compound and so I think that the maker process<00:25:27.240> could<00:25:27.510> potentially<00:25:28.580> benefit<00:25:29.580> so 00:25:29.750 --> 00:25:29.760 align:start position:0% process could potentially benefit so 00:25:29.760 --> 00:25:30.650 align:start position:0% process could potentially benefit so much<00:25:29.910> from<00:25:29.970> the<00:25:30.150> fact<00:25:30.330> that<00:25:30.390> it's<00:25:30.570> all 00:25:30.650 --> 00:25:30.660 align:start position:0% much from the fact that it's all 00:25:30.660 --> 00:25:32.540 align:start position:0% much from the fact that it's all Unchained<00:25:31.140> and<00:25:31.320> that<00:25:31.920> all<00:25:32.070> the<00:25:32.220> assumptions 00:25:32.540 --> 00:25:32.550 align:start position:0% Unchained and that all the assumptions 00:25:32.550 --> 00:25:33.950 align:start position:0% Unchained and that all the assumptions are<00:25:32.790> Unchained<00:25:33.150> to<00:25:33.300> like<00:25:33.540> how<00:25:33.750> we're 00:25:33.950 --> 00:25:33.960 align:start position:0% are Unchained to like how we're 00:25:33.960 --> 00:25:35.420 align:start position:0% are Unchained to like how we're evaluating<00:25:34.320> these<00:25:34.650> assets<00:25:35.100> how<00:25:35.250> we're 00:25:35.420 --> 00:25:35.430 align:start position:0% evaluating these assets how we're 00:25:35.430 --> 00:25:37.910 align:start position:0% evaluating these assets how we're looking<00:25:35.550> at<00:25:35.790> these<00:25:35.910> things<00:25:36.440> becomes<00:25:37.440> a<00:25:37.560> major 00:25:37.910 --> 00:25:37.920 align:start position:0% looking at these things becomes a major 00:25:37.920 --> 00:25:40.850 align:start position:0% looking at these things becomes a major difference<00:25:38.430> in<00:25:38.780> how<00:25:39.780> the<00:25:39.840> 2008<00:25:40.770> financial 00:25:40.850 --> 00:25:40.860 align:start position:0% difference in how the 2008 financial 00:25:40.860 --> 00:25:42.110 align:start position:0% difference in how the 2008 financial crisis<00:25:41.370> played<00:25:41.580> out<00:25:41.730> and<00:25:41.820> I<00:25:41.850> think<00:25:41.910> that 00:25:42.110 --> 00:25:42.120 align:start position:0% crisis played out and I think that 00:25:42.120 --> 00:25:44.530 align:start position:0% crisis played out and I think that that's<00:25:42.360> my<00:25:42.840> thought<00:25:43.110> to<00:25:43.680> your 00:25:44.530 --> 00:25:44.540 align:start position:0% that's my thought to your 00:25:44.540 --> 00:25:45.910 align:start position:0% that's my thought to your dan<00:25:44.750> I<00:25:44.780> mean<00:25:45.080> I<00:25:45.140> think<00:25:45.230> you're<00:25:45.410> exactly<00:25:45.830> right 00:25:45.910 --> 00:25:45.920 align:start position:0% dan I mean I think you're exactly right 00:25:45.920 --> 00:25:47.620 align:start position:0% dan I mean I think you're exactly right there's<00:25:46.160> no<00:25:46.310> way<00:25:46.520> the<00:25:46.820> maker<00:25:47.000> token<00:25:47.330> holders 00:25:47.620 --> 00:25:47.630 align:start position:0% there's no way the maker token holders 00:25:47.630 --> 00:25:50.530 align:start position:0% there's no way the maker token holders can<00:25:48.200> be<00:25:48.320> doing<00:25:48.560> the<00:25:48.650> evaluation<00:25:49.370> of<00:25:49.550> each<00:25:50.330> and 00:25:50.530 --> 00:25:50.540 align:start position:0% can be doing the evaluation of each and 00:25:50.540 --> 00:25:52.570 align:start position:0% can be doing the evaluation of each and every<00:25:50.720> one<00:25:50.870> of<00:25:50.900> the<00:25:51.050> decisions<00:25:52.010> that<00:25:52.280> come 00:25:52.570 --> 00:25:52.580 align:start position:0% every one of the decisions that come 00:25:52.580 --> 00:25:54.280 align:start position:0% every one of the decisions that come across<00:25:52.700> you<00:25:53.300> know<00:25:53.390> that<00:25:53.630> they're<00:25:53.900> they're 00:25:54.280 --> 00:25:54.290 align:start position:0% across you know that they're they're 00:25:54.290 --> 00:25:56.020 align:start position:0% across you know that they're they're sure<00:25:54.530> here<00:25:54.800> with<00:25:54.950> you<00:25:55.160> know<00:25:55.250> what<00:25:55.760> should<00:25:55.940> we 00:25:56.020 --> 00:25:56.030 align:start position:0% sure here with you know what should we 00:25:56.030 --> 00:25:58.180 align:start position:0% sure here with you know what should we price<00:25:56.270> this<00:25:56.510> one<00:25:56.750> person's<00:25:57.140> mortgage<00:25:57.500> at<00:25:57.710> but 00:25:58.180 --> 00:25:58.190 align:start position:0% price this one person's mortgage at but 00:25:58.190 --> 00:26:00.520 align:start position:0% price this one person's mortgage at but I<00:25:58.220> think<00:25:58.280> the<00:25:58.460> idea<00:25:58.730> is<00:25:59.030> that<00:25:59.840> we<00:25:59.960> have<00:26:00.230> a<00:26:00.350> lot 00:26:00.520 --> 00:26:00.530 align:start position:0% I think the idea is that we have a lot 00:26:00.530 --> 00:26:02.020 align:start position:0% I think the idea is that we have a lot more<00:26:00.560> transparency<00:26:01.160> and<00:26:01.460> I<00:26:01.550> think<00:26:01.760> we<00:26:01.850> build 00:26:02.020 --> 00:26:02.030 align:start position:0% more transparency and I think we build 00:26:02.030 --> 00:26:04.510 align:start position:0% more transparency and I think we build systems<00:26:02.270> that<00:26:02.750> over<00:26:02.990> time<00:26:03.140> start<00:26:03.710> to<00:26:03.770> have 00:26:04.510 --> 00:26:04.520 align:start position:0% systems that over time start to have 00:26:04.520 --> 00:26:05.860 align:start position:0% systems that over time start to have their<00:26:04.730> own<00:26:04.850> support<00:26:05.270> networks<00:26:05.600> and<00:26:05.810> they 00:26:05.860 --> 00:26:05.870 align:start position:0% their own support networks and they 00:26:05.870 --> 00:26:07.660 align:start position:0% their own support networks and they don't<00:26:06.020> film<00:26:06.710> they<00:26:06.920> filter<00:26:07.190> up<00:26:07.310> in<00:26:07.460> a<00:26:07.520> way<00:26:07.640> that 00:26:07.660 --> 00:26:07.670 align:start position:0% don't film they filter up in a way that 00:26:07.670 --> 00:26:09.520 align:start position:0% don't film they filter up in a way that maker<00:26:08.030> token<00:26:08.780> holders<00:26:08.960> are<00:26:09.050> incentivizing 00:26:09.520 --> 00:26:09.530 align:start position:0% maker token holders are incentivizing 00:26:09.530 --> 00:26:10.930 align:start position:0% maker token holders are incentivizing them<00:26:09.770> to<00:26:09.830> filter<00:26:10.160> up<00:26:10.190> right<00:26:10.520> if<00:26:10.640> there's<00:26:10.790> some 00:26:10.930 --> 00:26:10.940 align:start position:0% them to filter up right if there's some 00:26:10.940 --> 00:26:13.300 align:start position:0% them to filter up right if there's some sort<00:26:11.090> of<00:26:11.210> bounty<00:26:11.420> for<00:26:12.200> alerting<00:26:12.800> the<00:26:12.980> system 00:26:13.300 --> 00:26:13.310 align:start position:0% sort of bounty for alerting the system 00:26:13.310 --> 00:26:14.950 align:start position:0% sort of bounty for alerting the system right<00:26:13.580> that's<00:26:13.970> one<00:26:14.210> way<00:26:14.360> you<00:26:14.420> could<00:26:14.630> design<00:26:14.930> a 00:26:14.950 --> 00:26:14.960 align:start position:0% right that's one way you could design a 00:26:14.960 --> 00:26:17.110 align:start position:0% right that's one way you could design a crypto<00:26:15.350> economic<00:26:15.980> incentive<00:26:16.370> here<00:26:16.610> for 00:26:17.110 --> 00:26:17.120 align:start position:0% crypto economic incentive here for 00:26:17.120 --> 00:26:19.000 align:start position:0% crypto economic incentive here for people<00:26:17.270> to<00:26:17.480> report<00:26:17.570> up<00:26:17.960> dangerous<00:26:18.560> you<00:26:18.890> know 00:26:19.000 --> 00:26:19.010 align:start position:0% people to report up dangerous you know 00:26:19.010 --> 00:26:21.640 align:start position:0% people to report up dangerous you know flaws<00:26:19.700> in<00:26:20.090> some<00:26:20.300> sort<00:26:20.480> of<00:26:20.540> model<00:26:20.900> and<00:26:21.080> and<00:26:21.260> it's 00:26:21.640 --> 00:26:21.650 align:start position:0% flaws in some sort of model and and it's 00:26:21.650 --> 00:26:22.720 align:start position:0% flaws in some sort of model and and it's a<00:26:21.710> long<00:26:21.860> process<00:26:22.070> I<00:26:22.400> don't<00:26:22.460> think<00:26:22.640> we're 00:26:22.720 --> 00:26:22.730 align:start position:0% a long process I don't think we're 00:26:22.730 --> 00:26:23.680 align:start position:0% a long process I don't think we're getting<00:26:22.910> there<00:26:23.000> right<00:26:23.120> away<00:26:23.360> but<00:26:23.420> I<00:26:23.630> think 00:26:23.680 --> 00:26:23.690 align:start position:0% getting there right away but I think 00:26:23.690 --> 00:26:25.660 align:start position:0% getting there right away but I think that's<00:26:23.990> that's<00:26:24.710> the<00:26:24.860> sort<00:26:25.040> of<00:26:25.070> long<00:26:25.280> range<00:26:25.460> of 00:26:25.660 --> 00:26:25.670 align:start position:0% that's that's the sort of long range of 00:26:25.670 --> 00:26:27.040 align:start position:0% that's that's the sort of long range of you<00:26:25.820> that<00:26:26.000> it's<00:26:26.120> not<00:26:26.240> about<00:26:26.450> making<00:26:26.780> direct 00:26:27.040 --> 00:26:27.050 align:start position:0% you that it's not about making direct 00:26:27.050 --> 00:26:28.900 align:start position:0% you that it's not about making direct decisions<00:26:27.500> but<00:26:27.710> kind<00:26:27.950> of<00:26:28.040> like<00:26:28.610> how<00:26:28.790> we're 00:26:28.900 --> 00:26:28.910 align:start position:0% decisions but kind of like how we're 00:26:28.910 --> 00:26:30.190 align:start position:0% decisions but kind of like how we're gonna<00:26:28.970> do<00:26:29.150> the<00:26:29.240> process<00:26:29.660> thing<00:26:29.900> and<00:26:30.080> I<00:26:30.140> think 00:26:30.190 --> 00:26:30.200 align:start position:0% gonna do the process thing and I think 00:26:30.200 --> 00:26:31.900 align:start position:0% gonna do the process thing and I think like<00:26:30.860> for<00:26:31.040> me<00:26:31.130> the<00:26:31.250> model<00:26:31.550> days<00:26:31.670> like 00:26:31.900 --> 00:26:31.910 align:start position:0% like for me the model days like 00:26:31.910 --> 00:26:34.630 align:start position:0% like for me the model days like Wikipedia<00:26:32.690> that's<00:26:33.530> like<00:26:33.710> the<00:26:33.860> maker<00:26:34.040> token 00:26:34.630 --> 00:26:34.640 align:start position:0% Wikipedia that's like the maker token 00:26:34.640 --> 00:26:35.950 align:start position:0% Wikipedia that's like the maker token allure<00:26:34.760> to<00:26:34.880> become<00:26:35.090> the<00:26:35.180> mods<00:26:35.390> but<00:26:35.840> they're 00:26:35.950 --> 00:26:35.960 align:start position:0% allure to become the mods but they're 00:26:35.960 --> 00:26:36.640 align:start position:0% allure to become the mods but they're not<00:26:36.080> the<00:26:36.230> ones<00:26:36.260> that<00:26:36.500> are<00:26:36.560> actually 00:26:36.640 --> 00:26:36.650 align:start position:0% not the ones that are actually 00:26:36.650 --> 00:26:38.740 align:start position:0% not the ones that are actually contributing<00:26:37.310> all<00:26:37.700> the<00:26:38.090> actually<00:26:38.390> data<00:26:38.540> of 00:26:38.740 --> 00:26:38.750 align:start position:0% contributing all the actually data of 00:26:38.750 --> 00:26:40.240 align:start position:0% contributing all the actually data of like<00:26:38.930> this<00:26:39.380> is<00:26:39.500> what<00:26:39.650> we're<00:26:39.770> gonna<00:26:39.860> look<00:26:40.070> at 00:26:40.240 --> 00:26:40.250 align:start position:0% like this is what we're gonna look at 00:26:40.250 --> 00:26:41.830 align:start position:0% like this is what we're gonna look at here<00:26:40.460> and<00:26:40.550> it's<00:26:40.670> it's<00:26:40.910> a<00:26:41.060> you<00:26:41.570> know<00:26:41.660> not 00:26:41.830 --> 00:26:41.840 align:start position:0% here and it's it's a you know not 00:26:41.840 --> 00:26:43.240 align:start position:0% here and it's it's a you know not perfect<00:26:42.230> analogy<00:26:42.410> but<00:26:42.770> I<00:26:42.830> think<00:26:43.010> it's<00:26:43.100> one 00:26:43.240 --> 00:26:43.250 align:start position:0% perfect analogy but I think it's one 00:26:43.250 --> 00:26:45.370 align:start position:0% perfect analogy but I think it's one that<00:26:43.550> is<00:26:43.970> at<00:26:44.150> least<00:26:44.180> optimistic<00:26:44.960> right<00:26:45.170> that 00:26:45.370 --> 00:26:45.380 align:start position:0% that is at least optimistic right that 00:26:45.380 --> 00:26:46.800 align:start position:0% that is at least optimistic right that there<00:26:45.500> is<00:26:45.620> a<00:26:45.650> way<00:26:45.860> to<00:26:45.920> do<00:26:46.160> this<00:26:46.310> kind<00:26:46.550> of 00:26:46.800 --> 00:26:46.810 align:start position:0% there is a way to do this kind of 00:26:46.810 --> 00:26:50.230 align:start position:0% there is a way to do this kind of decentralized<00:26:48.460> you<00:26:49.460> know<00:26:49.550> project<00:26:50.060> that 00:26:50.230 --> 00:26:50.240 align:start position:0% decentralized you know project that 00:26:50.240 --> 00:26:52.120 align:start position:0% decentralized you know project that nobody<00:26:50.570> really<00:26:50.780> thought<00:26:50.960> could<00:26:51.710> work<00:26:51.950> and 00:26:52.120 --> 00:26:52.130 align:start position:0% nobody really thought could work and 00:26:52.130 --> 00:26:53.860 align:start position:0% nobody really thought could work and generate<00:26:52.700> a<00:26:52.760> public<00:26:52.910> good<00:26:53.210> in<00:26:53.600> this<00:26:53.690> case 00:26:53.860 --> 00:26:53.870 align:start position:0% generate a public good in this case 00:26:53.870 --> 00:26:56.710 align:start position:0% generate a public good in this case information<00:26:54.200> in<00:26:54.800> makers<00:26:55.700> case<00:26:55.940> you<00:26:56.630> know 00:26:56.710 --> 00:26:56.720 align:start position:0% information in makers case you know 00:26:56.720 --> 00:26:59.380 align:start position:0% information in makers case you know value<00:26:57.010> but<00:26:58.010> I<00:26:58.280> guess<00:26:58.790> I'm<00:26:58.910> bullish<00:26:59.180> but<00:26:59.330> I 00:26:59.380 --> 00:26:59.390 align:start position:0% value but I guess I'm bullish but I 00:26:59.390 --> 00:27:01.170 align:start position:0% value but I guess I'm bullish but I think<00:26:59.630> that<00:26:59.780> uh<00:26:59.810> we<00:27:00.440> should<00:27:00.470> be<00:27:00.680> solving<00:27:01.070> for 00:27:01.170 --> 00:27:01.180 align:start position:0% think that uh we should be solving for 00:27:01.180 --> 00:27:03.850 align:start position:0% think that uh we should be solving for transparency<00:27:02.180> first<00:27:02.510> yeah<00:27:03.260> yeah<00:27:03.710> I<00:27:03.740> just 00:27:03.850 --> 00:27:03.860 align:start position:0% transparency first yeah yeah I just 00:27:03.860 --> 00:27:05.680 align:start position:0% transparency first yeah yeah I just typically<00:27:04.370> I<00:27:04.460> mean<00:27:04.760> I<00:27:04.940> don't<00:27:05.000> think<00:27:05.210> that<00:27:05.330> you 00:27:05.680 --> 00:27:05.690 align:start position:0% typically I mean I don't think that you 00:27:05.690 --> 00:27:07.540 align:start position:0% typically I mean I don't think that you can<00:27:05.870> solve<00:27:06.110> greed<00:27:06.530> either<00:27:06.740> and<00:27:07.040> there<00:27:07.280> wasn't 00:27:07.540 --> 00:27:07.550 align:start position:0% can solve greed either and there wasn't 00:27:07.550 --> 00:27:10.150 align:start position:0% can solve greed either and there wasn't I<00:27:07.790> mean<00:27:08.570> it's<00:27:08.960> a<00:27:09.080> joke<00:27:09.320> that<00:27:09.530> like<00:27:09.650> even<00:27:09.950> if<00:27:10.040> you 00:27:10.150 --> 00:27:10.160 align:start position:0% I mean it's a joke that like even if you 00:27:10.160 --> 00:27:12.280 align:start position:0% I mean it's a joke that like even if you solved<00:27:10.520> it<00:27:10.640> that<00:27:11.600> you<00:27:11.810> still<00:27:12.020> actually 00:27:12.280 --> 00:27:12.290 align:start position:0% solved it that you still actually 00:27:12.290 --> 00:27:14.260 align:start position:0% solved it that you still actually haven't<00:27:12.770> fixed<00:27:13.460> the<00:27:13.640> problem<00:27:13.970> right<00:27:14.090> because 00:27:14.260 --> 00:27:14.270 align:start position:0% haven't fixed the problem right because 00:27:14.270 --> 00:27:16.030 align:start position:0% haven't fixed the problem right because they're<00:27:14.450> still<00:27:14.630> stupidity<00:27:15.500> into<00:27:15.740> it<00:27:15.860> but<00:27:16.010> I 00:27:16.030 --> 00:27:16.040 align:start position:0% they're still stupidity into it but I 00:27:16.040 --> 00:27:17.410 align:start position:0% they're still stupidity into it but I mean<00:27:16.190> yeah<00:27:16.310> you<00:27:16.370> can't<00:27:16.700> can't<00:27:17.210> solve 00:27:17.410 --> 00:27:17.420 align:start position:0% mean yeah you can't can't solve 00:27:17.420 --> 00:27:19.570 align:start position:0% mean yeah you can't can't solve stability<00:27:17.870> you<00:27:18.050> can't<00:27:18.260> solve<00:27:18.470> greed<00:27:18.770> these 00:27:19.570 --> 00:27:19.580 align:start position:0% stability you can't solve greed these 00:27:19.580 --> 00:27:22.840 align:start position:0% stability you can't solve greed these are<00:27:19.730> like<00:27:19.850> natural<00:27:20.840> human<00:27:21.850> characteristics 00:27:22.840 --> 00:27:22.850 align:start position:0% are like natural human characteristics 00:27:22.850 --> 00:27:24.640 align:start position:0% are like natural human characteristics right<00:27:23.000> but<00:27:23.690> but<00:27:23.900> you're<00:27:24.050> totally<00:27:24.260> right<00:27:24.440> with 00:27:24.640 --> 00:27:24.650 align:start position:0% right but but you're totally right with 00:27:24.650 --> 00:27:26.410 align:start position:0% right but but you're totally right with transparency<00:27:25.310> we're<00:27:25.550> like<00:27:25.670> proper 00:27:26.410 --> 00:27:26.420 align:start position:0% transparency we're like proper 00:27:26.420 --> 00:27:29.740 align:start position:0% transparency we're like proper incentives<00:27:26.960> and<00:27:27.200> then<00:27:28.160> crucially<00:27:28.850> very 00:27:29.740 --> 00:27:29.750 align:start position:0% incentives and then crucially very 00:27:29.750 --> 00:27:31.360 align:start position:0% incentives and then crucially very strong<00:27:30.320> transparency<00:27:30.890> around<00:27:31.160> those 00:27:31.360 --> 00:27:31.370 align:start position:0% strong transparency around those 00:27:31.370 --> 00:27:32.650 align:start position:0% strong transparency around those incentives<00:27:31.910> right<00:27:32.060> and<00:27:32.270> around<00:27:32.330> those 00:27:32.650 --> 00:27:32.660 align:start position:0% incentives right and around those 00:27:32.660 --> 00:27:36.070 align:start position:0% incentives right and around those consequences<00:27:32.990> you<00:27:33.890> can<00:27:34.040> at<00:27:34.160> least<00:27:34.190> like<00:27:35.080> yeah 00:27:36.070 --> 00:27:36.080 align:start position:0% consequences you can at least like yeah 00:27:36.080 --> 00:27:37.570 align:start position:0% consequences you can at least like yeah like<00:27:36.290> right<00:27:36.470> like<00:27:36.530> you<00:27:36.770> can<00:27:36.920> use<00:27:37.130> people's 00:27:37.570 --> 00:27:37.580 align:start position:0% like right like you can use people's 00:27:37.580 --> 00:27:40.150 align:start position:0% like right like you can use people's self-interest<00:27:38.410> towards<00:27:39.410> something<00:27:39.620> positive 00:27:40.150 --> 00:27:40.160 align:start position:0% self-interest towards something positive 00:27:40.160 --> 00:27:41.980 align:start position:0% self-interest towards something positive rather<00:27:40.400> than<00:27:40.730> again<00:27:41.360> in<00:27:41.480> the<00:27:41.570> case<00:27:41.750> with<00:27:41.930> the 00:27:41.980 --> 00:27:41.990 align:start position:0% rather than again in the case with the 00:27:41.990 --> 00:27:43.900 align:start position:0% rather than again in the case with the financial<00:27:42.350> crisis<00:27:42.740> the<00:27:43.010> self-interest 00:27:43.900 --> 00:27:43.910 align:start position:0% financial crisis the self-interest 00:27:43.910 --> 00:27:46.480 align:start position:0% financial crisis the self-interest really<00:27:44.390> was<00:27:44.600> like<00:27:44.840> just<00:27:45.560> misaligned<00:27:46.220> with<00:27:46.430> the 00:27:46.480 --> 00:27:46.490 align:start position:0% really was like just misaligned with the 00:27:46.490 --> 00:27:49.390 align:start position:0% really was like just misaligned with the public<00:27:46.820> interest<00:27:46.970> entirely<00:27:48.400> person's 00:27:49.390 --> 00:27:49.400 align:start position:0% public interest entirely person's 00:27:49.400 --> 00:27:51.490 align:start position:0% public interest entirely person's shareholders<00:27:50.150> were<00:27:50.330> incentivize<00:27:50.840> right<00:27:51.140> in 00:27:51.490 --> 00:27:51.500 align:start position:0% shareholders were incentivize right in 00:27:51.500 --> 00:27:52.840 align:start position:0% shareholders were incentivize right in the<00:27:51.590> same<00:27:51.770> way<00:27:51.890> maybe<00:27:52.100> that<00:27:52.310> maker<00:27:52.460> holders 00:27:52.840 --> 00:27:52.850 align:start position:0% the same way maybe that maker holders 00:27:52.850 --> 00:27:53.800 align:start position:0% the same way maybe that maker holders are<00:27:53.000> and<00:27:53.180> you<00:27:53.330> know 00:27:53.800 --> 00:27:53.810 align:start position:0% are and you know 00:27:53.810 --> 00:27:56.500 align:start position:0% are and you know ends<00:27:53.960> up<00:27:54.080> being<00:27:54.230> a<00:27:54.320> zero<00:27:54.560> I<00:27:55.550> think<00:27:55.940> like<00:27:56.150> you 00:27:56.500 --> 00:27:56.510 align:start position:0% ends up being a zero I think like you 00:27:56.510 --> 00:27:58.930 align:start position:0% ends up being a zero I think like you know<00:27:56.540> all<00:27:56.870> the<00:27:57.020> bids<00:27:57.170> potentially<00:27:57.830> where<00:27:58.010> the 00:27:58.930 --> 00:27:58.940 align:start position:0% know all the bids potentially where the 00:27:58.940 --> 00:28:00.450 align:start position:0% know all the bids potentially where the equity<00:27:59.330> shareholders<00:27:59.510> that<00:27:59.810> were<00:27:59.930> wiped<00:28:00.110> out 00:28:00.450 --> 00:28:00.460 align:start position:0% equity shareholders that were wiped out 00:28:00.460 --> 00:28:04.060 align:start position:0% equity shareholders that were wiped out or<00:28:01.460> the<00:28:01.940> Saudis<00:28:02.390> leave<00:28:02.540> discount<00:28:02.930> like<00:28:03.560> there 00:28:04.060 --> 00:28:04.070 align:start position:0% or the Saudis leave discount like there 00:28:04.070 --> 00:28:05.530 align:start position:0% or the Saudis leave discount like there were<00:28:04.370> a<00:28:04.400> lot<00:28:04.640> of<00:28:04.730> incentives<00:28:05.120> there<00:28:05.270> but<00:28:05.450> the 00:28:05.530 --> 00:28:05.540 align:start position:0% were a lot of incentives there but the 00:28:05.540 --> 00:28:07.030 align:start position:0% were a lot of incentives there but the problem<00:28:05.810> is<00:28:05.930> because<00:28:06.320> of<00:28:06.500> just<00:28:06.680> just<00:28:06.980> the 00:28:07.030 --> 00:28:07.040 align:start position:0% problem is because of just just the 00:28:07.040 --> 00:28:08.380 align:start position:0% problem is because of just just the inherent<00:28:07.460> complexity<00:28:07.850> like<00:28:08.060> you<00:28:08.150> set<00:28:08.300> up 00:28:08.380 --> 00:28:08.390 align:start position:0% inherent complexity like you set up 00:28:08.390 --> 00:28:10.900 align:start position:0% inherent complexity like you set up finance<00:28:08.750> you<00:28:09.650> necessarily<00:28:10.130> have<00:28:10.430> to<00:28:10.580> delegate 00:28:10.900 --> 00:28:10.910 align:start position:0% finance you necessarily have to delegate 00:28:10.910 --> 00:28:15.490 align:start position:0% finance you necessarily have to delegate these<00:28:11.690> kinds<00:28:11.990> of<00:28:12.880> decisions<00:28:13.880> to<00:28:14.120> to<00:28:14.870> experts 00:28:15.490 --> 00:28:15.500 align:start position:0% these kinds of decisions to to experts 00:28:15.500 --> 00:28:17.980 align:start position:0% these kinds of decisions to to experts and<00:28:15.680> ultimately<00:28:16.610> you<00:28:16.880> know<00:28:16.970> that<00:28:17.180> introduces 00:28:17.980 --> 00:28:17.990 align:start position:0% and ultimately you know that introduces 00:28:17.990 --> 00:28:19.570 align:start position:0% and ultimately you know that introduces the<00:28:18.050> same<00:28:18.260> principle<00:28:18.980> agent<00:28:19.040> problems<00:28:19.460> that 00:28:19.570 --> 00:28:19.580 align:start position:0% the same principle agent problems that 00:28:19.580 --> 00:28:21.340 align:start position:0% the same principle agent problems that you<00:28:19.670> that<00:28:19.820> you're<00:28:19.910> having<00:28:20.060> in<00:28:20.660> big<00:28:20.840> banks<00:28:21.170> and 00:28:21.340 --> 00:28:21.350 align:start position:0% you that you're having in big banks and 00:28:21.350 --> 00:28:23.110 align:start position:0% you that you're having in big banks and yes<00:28:22.070> certainly<00:28:22.310> I<00:28:22.520> can<00:28:22.610> I<00:28:22.700> think<00:28:22.850> like<00:28:22.940> a<00:28:23.000> lot 00:28:23.110 --> 00:28:23.120 align:start position:0% yes certainly I can I think like a lot 00:28:23.120 --> 00:28:25.390 align:start position:0% yes certainly I can I think like a lot of<00:28:23.180> the<00:28:23.300> of<00:28:23.510> the<00:28:23.660> individual<00:28:24.230> actors<00:28:24.590> maybe<00:28:25.220> of 00:28:25.390 --> 00:28:25.400 align:start position:0% of the of the individual actors maybe of 00:28:25.400 --> 00:28:28.030 align:start position:0% of the of the individual actors maybe of those<00:28:25.580> banks<00:28:25.970> where<00:28:26.530> we're<00:28:27.530> not<00:28:27.650> correctly 00:28:28.030 --> 00:28:28.040 align:start position:0% those banks where we're not correctly 00:28:28.040 --> 00:28:29.890 align:start position:0% those banks where we're not correctly incentivized<00:28:28.610> to<00:28:28.730> act<00:28:29.180> in<00:28:29.360> the<00:28:29.420> best<00:28:29.480> interest 00:28:29.890 --> 00:28:29.900 align:start position:0% incentivized to act in the best interest 00:28:29.900 --> 00:28:31.390 align:start position:0% incentivized to act in the best interest of<00:28:30.020> ultimately<00:28:30.860> the<00:28:30.950> shareholders<00:28:31.310> an 00:28:31.390 --> 00:28:31.400 align:start position:0% of ultimately the shareholders an 00:28:31.400 --> 00:28:34.060 align:start position:0% of ultimately the shareholders an ultimately<00:28:31.730> stability<00:28:32.120> the<00:28:32.240> system<00:28:32.920> that<00:28:33.920> I 00:28:34.060 --> 00:28:34.070 align:start position:0% ultimately stability the system that I 00:28:34.070 --> 00:28:35.260 align:start position:0% ultimately stability the system that I don't<00:28:34.220> see<00:28:34.310> how<00:28:34.400> you<00:28:34.460> get<00:28:34.610> around<00:28:34.700> that<00:28:34.910> and<00:28:35.210> in 00:28:35.260 --> 00:28:35.270 align:start position:0% don't see how you get around that and in 00:28:35.270 --> 00:28:37.840 align:start position:0% don't see how you get around that and in fact<00:28:35.300> like<00:28:35.810> in<00:28:36.050> maker<00:28:36.890> may<00:28:37.220> even<00:28:37.460> it<00:28:37.580> may<00:28:37.700> even 00:28:37.840 --> 00:28:37.850 align:start position:0% fact like in maker may even it may even 00:28:37.850 --> 00:28:40.120 align:start position:0% fact like in maker may even it may even be<00:28:37.940> more<00:28:37.970> dangerous<00:28:38.510> because<00:28:39.040> because<00:28:40.040> you 00:28:40.120 --> 00:28:40.130 align:start position:0% be more dangerous because because you 00:28:40.130 --> 00:28:41.500 align:start position:0% be more dangerous because because you have<00:28:40.250> this<00:28:40.340> risk<00:28:40.580> that<00:28:40.790> fee<00:28:40.940> that<00:28:41.150> MPR 00:28:41.500 --> 00:28:41.510 align:start position:0% have this risk that fee that MPR 00:28:41.510 --> 00:28:42.760 align:start position:0% have this risk that fee that MPR shareholder<00:28:41.930> for<00:28:41.960> example<00:28:42.350> could<00:28:42.410> be<00:28:42.470> could 00:28:42.760 --> 00:28:42.770 align:start position:0% shareholder for example could be could 00:28:42.770 --> 00:28:45.640 align:start position:0% shareholder for example could be could be<00:28:42.800> bribed<00:28:43.070> in<00:28:43.790> order<00:28:44.030> to<00:28:44.290> to<00:28:45.290> make<00:28:45.410> a<00:28:45.440> decision 00:28:45.640 --> 00:28:45.650 align:start position:0% be bribed in order to to make a decision 00:28:45.650 --> 00:28:47.970 align:start position:0% be bribed in order to to make a decision that<00:28:45.800> this<00:28:46.130> may<00:28:46.310> be<00:28:46.370> to<00:28:46.520> the<00:28:46.550> best<00:28:46.730> interest<00:28:47.090> of 00:28:47.970 --> 00:28:47.980 align:start position:0% that this may be to the best interest of 00:28:47.980 --> 00:28:51.070 align:start position:0% that this may be to the best interest of the<00:28:48.980> attacker<00:28:49.220> but<00:28:49.520> not<00:28:49.670> and<00:28:50.330> to<00:28:50.540> their<00:28:50.900> best 00:28:51.070 --> 00:28:51.080 align:start position:0% the attacker but not and to their best 00:28:51.080 --> 00:28:52.780 align:start position:0% the attacker but not and to their best interest<00:28:51.440> but<00:28:51.920> isn't<00:28:52.250> ultimately<00:28:52.340> in<00:28:52.670> the 00:28:52.780 --> 00:28:52.790 align:start position:0% interest but isn't ultimately in the 00:28:52.790 --> 00:28:54.280 align:start position:0% interest but isn't ultimately in the messengers<00:28:53.210> of<00:28:53.240> the<00:28:53.600> value<00:28:53.840> for<00:28:53.990> system<00:28:54.200> of 00:28:54.280 --> 00:28:54.290 align:start position:0% messengers of the value for system of 00:28:54.290 --> 00:28:56.260 align:start position:0% messengers of the value for system of stability<00:28:54.470> of<00:28:54.770> a<00:28:54.830> system<00:28:54.950> so<00:28:55.640> you<00:28:56.030> have<00:28:56.060> the 00:28:56.260 --> 00:28:56.270 align:start position:0% stability of a system so you have the 00:28:56.270 --> 00:28:57.490 align:start position:0% stability of a system so you have the view<00:28:56.390> of<00:28:56.420> these<00:28:56.570> new<00:28:56.750> sort<00:28:57.020> of<00:28:57.050> you 00:28:57.490 --> 00:28:57.500 align:start position:0% view of these new sort of you 00:28:57.500 --> 00:28:59.410 align:start position:0% view of these new sort of you introducing<00:28:58.040> a<00:28:58.100> lot<00:28:58.160> of<00:28:58.220> new<00:28:58.310> principal<00:28:59.180> agent 00:28:59.410 --> 00:28:59.420 align:start position:0% introducing a lot of new principal agent 00:28:59.420 --> 00:29:01.360 align:start position:0% introducing a lot of new principal agent problems<00:28:59.990> they're<00:29:00.260> actually<00:29:00.890> these<00:29:01.130> do<00:29:01.250> exist 00:29:01.360 --> 00:29:01.370 align:start position:0% problems they're actually these do exist 00:29:01.370 --> 00:29:02.470 align:start position:0% problems they're actually these do exist in<00:29:01.550> traditional<00:29:01.850> finance<00:29:02.090> of<00:29:02.180> in<00:29:02.270> short 00:29:02.470 --> 00:29:02.480 align:start position:0% in traditional finance of in short 00:29:02.480 --> 00:29:05.020 align:start position:0% in traditional finance of in short anything<00:29:02.900> short<00:29:03.160> or<00:29:04.160> like<00:29:04.370> your<00:29:04.640> derivatives 00:29:05.020 --> 00:29:05.030 align:start position:0% anything short or like your derivatives 00:29:05.030 --> 00:29:06.760 align:start position:0% anything short or like your derivatives to<00:29:05.180> reduce<00:29:05.870> your<00:29:05.960> exposure<00:29:06.050> back<00:29:06.500> when<00:29:06.680> you 00:29:06.760 --> 00:29:06.770 align:start position:0% to reduce your exposure back when you 00:29:06.770 --> 00:29:10.690 align:start position:0% to reduce your exposure back when you own<00:29:06.890> five<00:29:07.190> i<00:29:07.840> if<00:29:08.840> you<00:29:09.110> you<00:29:09.350> know<00:29:09.440> this<00:29:10.310> does<00:29:10.490> end 00:29:10.690 --> 00:29:10.700 align:start position:0% own five i if you you know this does end 00:29:10.700 --> 00:29:12.700 align:start position:0% own five i if you you know this does end up<00:29:10.820> like<00:29:10.940> in<00:29:11.150> some<00:29:11.420> ways<00:29:11.450> increasing<00:29:12.140> right<00:29:12.680> a 00:29:12.700 --> 00:29:12.710 align:start position:0% up like in some ways increasing right a 00:29:12.710 --> 00:29:13.980 align:start position:0% up like in some ways increasing right a lot<00:29:12.860> of<00:29:13.010> the<00:29:13.070> indirectness<00:29:13.520> that<00:29:13.820> cause 00:29:13.980 --> 00:29:13.990 align:start position:0% lot of the indirectness that cause 00:29:13.990 --> 00:29:18.640 align:start position:0% lot of the indirectness that cause surprises<00:29:15.010> yeah<00:29:16.930> you<00:29:17.930> make<00:29:18.080> me<00:29:18.110> look<00:29:18.260> too<00:29:18.470> much 00:29:18.640 --> 00:29:18.650 align:start position:0% surprises yeah you make me look too much 00:29:18.650 --> 00:29:21.660 align:start position:0% surprises yeah you make me look too much of<00:29:18.800> a<00:29:18.950> celebrity<00:29:19.400> so<00:29:19.670> the<00:29:19.760> first<00:29:19.940> one<00:29:20.090> is<00:29:20.120> that 00:29:21.660 --> 00:29:21.670 align:start position:0% of a celebrity so the first one is that 00:29:21.670 --> 00:29:23.860 align:start position:0% of a celebrity so the first one is that shareholders<00:29:22.670> and<00:29:22.970> banks<00:29:23.240> had<00:29:23.480> the<00:29:23.660> same 00:29:23.860 --> 00:29:23.870 align:start position:0% shareholders and banks had the same 00:29:23.870 --> 00:29:25.690 align:start position:0% shareholders and banks had the same reset<00:29:24.170> it's<00:29:24.320> that<00:29:24.500> MK<00:29:24.740> almost<00:29:25.070> have<00:29:25.220> in<00:29:25.490> the 00:29:25.690 --> 00:29:25.700 align:start position:0% reset it's that MK almost have in the 00:29:25.700 --> 00:29:28.510 align:start position:0% reset it's that MK almost have in the financial<00:29:26.060> crisis<00:29:26.950> which<00:29:27.950> I<00:29:28.190> mean<00:29:28.340> which<00:29:28.490> is 00:29:28.510 --> 00:29:28.520 align:start position:0% financial crisis which I mean which is 00:29:28.520 --> 00:29:30.700 align:start position:0% financial crisis which I mean which is is<00:29:28.820> true<00:29:29.150> right<00:29:29.360> and<00:29:29.420> it<00:29:29.660> to<00:29:30.140> some<00:29:30.290> extent<00:29:30.590> is 00:29:30.700 --> 00:29:30.710 align:start position:0% is true right and it to some extent is 00:29:30.710 --> 00:29:33.820 align:start position:0% is true right and it to some extent is how<00:29:30.950> like<00:29:31.250> it<00:29:31.370> on<00:29:31.670> one<00:29:32.270> hand<00:29:32.420> it<00:29:32.600> is<00:29:33.140> how<00:29:33.380> things 00:29:33.820 --> 00:29:33.830 align:start position:0% how like it on one hand it is how things 00:29:33.830 --> 00:29:35.710 align:start position:0% how like it on one hand it is how things are<00:29:33.950> meant<00:29:34.100> to<00:29:34.160> play<00:29:34.370> out<00:29:34.490> but<00:29:34.760> I<00:29:35.360> think<00:29:35.570> also 00:29:35.710 --> 00:29:35.720 align:start position:0% are meant to play out but I think also 00:29:35.720 --> 00:29:38.080 align:start position:0% are meant to play out but I think also at<00:29:35.960> the<00:29:36.110> same<00:29:36.290> time<00:29:36.520> exactly<00:29:37.520> if<00:29:37.610> you<00:29:37.670> look<00:29:37.910> at 00:29:38.080 --> 00:29:38.090 align:start position:0% at the same time exactly if you look at 00:29:38.090 --> 00:29:40.780 align:start position:0% at the same time exactly if you look at like<00:29:38.300> the<00:29:39.020> way<00:29:39.560> that<00:29:39.920> that<00:29:40.220> public<00:29:40.670> companies 00:29:40.780 --> 00:29:40.790 align:start position:0% like the way that that public companies 00:29:40.790 --> 00:29:42.280 align:start position:0% like the way that that public companies are<00:29:41.060> currently<00:29:41.420> structure<00:29:41.810> and<00:29:41.900> like<00:29:42.050> the<00:29:42.170> way 00:29:42.280 --> 00:29:42.290 align:start position:0% are currently structure and like the way 00:29:42.290 --> 00:29:44.830 align:start position:0% are currently structure and like the way they<00:29:42.470> exist<00:29:42.770> in<00:29:42.980> in<00:29:43.250> society<00:29:43.520> like<00:29:43.910> the 00:29:44.830 --> 00:29:44.840 align:start position:0% they exist in in society like the 00:29:44.840 --> 00:29:46.570 align:start position:0% they exist in in society like the framework<00:29:45.230> itself<00:29:45.500> actually<00:29:45.770> recognizes 00:29:46.570 --> 00:29:46.580 align:start position:0% framework itself actually recognizes 00:29:46.580 --> 00:29:48.120 align:start position:0% framework itself actually recognizes that<00:29:46.670> there<00:29:46.850> really<00:29:46.970> is<00:29:47.210> a<00:29:47.390> major<00:29:47.660> disconnect 00:29:48.120 --> 00:29:48.130 align:start position:0% that there really is a major disconnect 00:29:48.130 --> 00:29:51.100 align:start position:0% that there really is a major disconnect between<00:29:49.130> shareholders<00:29:49.580> and<00:29:50.060> the<00:29:50.810> actual 00:29:51.100 --> 00:29:51.110 align:start position:0% between shareholders and the actual 00:29:51.110 --> 00:29:51.830 align:start position:0% between shareholders and the actual management 00:29:51.830 --> 00:29:51.840 align:start position:0% management 00:29:51.840 --> 00:29:53.629 align:start position:0% management a<00:29:51.869> whole<00:29:52.469> organization<00:29:52.710> and<00:29:53.159> even<00:29:53.399> you<00:29:53.519> know 00:29:53.629 --> 00:29:53.639 align:start position:0% a whole organization and even you know 00:29:53.639 --> 00:29:55.549 align:start position:0% a whole organization and even you know you<00:29:53.700> up<00:29:53.969> and<00:29:54.149> say<00:29:54.299> that<00:29:54.509> like<00:29:54.690> there's<00:29:55.409> like<00:29:55.499> a 00:29:55.549 --> 00:29:55.559 align:start position:0% you up and say that like there's like a 00:29:55.559 --> 00:29:56.899 align:start position:0% you up and say that like there's like a fight<00:29:55.859> between<00:29:56.070> them<00:29:56.429> right<00:29:56.609> and<00:29:56.820> they're 00:29:56.899 --> 00:29:56.909 align:start position:0% fight between them right and they're 00:29:56.909 --> 00:29:58.940 align:start position:0% fight between them right and they're using<00:29:57.299> some<00:29:57.450> legal<00:29:57.779> means<00:29:57.960> to<00:29:58.259> always<00:29:58.440> battle 00:29:58.940 --> 00:29:58.950 align:start position:0% using some legal means to always battle 00:29:58.950 --> 00:30:01.039 align:start position:0% using some legal means to always battle over<00:29:59.190> the<00:29:59.519> resources<00:30:00.029> between<00:30:00.599> each<00:30:00.869> other 00:30:01.039 --> 00:30:01.049 align:start position:0% over the resources between each other 00:30:01.049 --> 00:30:03.379 align:start position:0% over the resources between each other right<00:30:01.229> and<00:30:01.440> I<00:30:01.950> mean<00:30:02.070> if<00:30:02.219> you<00:30:02.309> what<00:30:02.700> I<00:30:02.909> think<00:30:03.330> the 00:30:03.379 --> 00:30:03.389 align:start position:0% right and I mean if you what I think the 00:30:03.389 --> 00:30:06.109 align:start position:0% right and I mean if you what I think the analogy<00:30:03.690> of<00:30:03.749> Wikipedia<00:30:04.320> like<00:30:04.440> imagine<00:30:04.889> if<00:30:05.119> in 00:30:06.109 --> 00:30:06.119 align:start position:0% analogy of Wikipedia like imagine if in 00:30:06.119 --> 00:30:08.629 align:start position:0% analogy of Wikipedia like imagine if in the<00:30:06.539> lead<00:30:06.719> up<00:30:06.869> to<00:30:06.899> the<00:30:07.049> financial<00:30:07.080> crisis<00:30:07.859> you 00:30:08.629 --> 00:30:08.639 align:start position:0% the lead up to the financial crisis you 00:30:08.639 --> 00:30:10.989 align:start position:0% the lead up to the financial crisis you actually<00:30:08.940> had<00:30:09.059> the<00:30:09.090> technology<00:30:09.659> that<00:30:09.899> allowed 00:30:10.989 --> 00:30:10.999 align:start position:0% actually had the technology that allowed 00:30:10.999 --> 00:30:13.339 align:start position:0% actually had the technology that allowed you<00:30:11.999> know<00:30:12.029> shareholders<00:30:12.719> to<00:30:12.869> get<00:30:13.080> sort<00:30:13.289> of 00:30:13.339 --> 00:30:13.349 align:start position:0% you know shareholders to get sort of 00:30:13.349 --> 00:30:16.339 align:start position:0% you know shareholders to get sort of like<00:30:13.499> a<00:30:13.529> clear<00:30:13.889> visualization<00:30:14.729> of<00:30:14.849> what<00:30:15.349> what 00:30:16.339 --> 00:30:16.349 align:start position:0% like a clear visualization of what what 00:30:16.349 --> 00:30:17.869 align:start position:0% like a clear visualization of what what you<00:30:16.469> know<00:30:16.559> what<00:30:16.769> they<00:30:16.889> were<00:30:16.950> cooking<00:30:17.489> up<00:30:17.639> in 00:30:17.869 --> 00:30:17.879 align:start position:0% you know what they were cooking up in 00:30:17.879 --> 00:30:19.729 align:start position:0% you know what they were cooking up in there<00:30:18.119> where<00:30:18.299> like<00:30:18.450> all<00:30:18.599> this<00:30:18.779> those 00:30:19.729 --> 00:30:19.739 align:start position:0% there where like all this those 00:30:19.739 --> 00:30:22.009 align:start position:0% there where like all this those derivatives<00:30:20.340> and<00:30:20.580> kind<00:30:20.789> of<00:30:20.879> like<00:30:21.059> you<00:30:21.899> know 00:30:22.009 --> 00:30:22.019 align:start position:0% derivatives and kind of like you know 00:30:22.019 --> 00:30:24.609 align:start position:0% derivatives and kind of like you know for<00:30:22.169> instance<00:30:22.289> just<00:30:22.710> see<00:30:22.889> something<00:30:23.190> like 00:30:24.609 --> 00:30:24.619 align:start position:0% for instance just see something like 00:30:24.619 --> 00:30:27.259 align:start position:0% for instance just see something like what<00:30:25.619> like<00:30:25.830> what's<00:30:26.070> our<00:30:26.249> what's<00:30:26.700> our<00:30:26.849> level<00:30:27.179> of 00:30:27.259 --> 00:30:27.269 align:start position:0% what like what's our what's our level of 00:30:27.269 --> 00:30:28.969 align:start position:0% what like what's our what's our level of diversification<00:30:27.899> right<00:30:28.469> like<00:30:28.710> how<00:30:28.830> much 00:30:28.969 --> 00:30:28.979 align:start position:0% diversification right like how much 00:30:28.979 --> 00:30:31.009 align:start position:0% diversification right like how much exposure<00:30:29.339> do<00:30:29.519> we<00:30:29.609> have<00:30:29.759> to<00:30:29.909> two<00:30:30.389> particular 00:30:31.009 --> 00:30:31.019 align:start position:0% exposure do we have to two particular 00:30:31.019 --> 00:30:34.549 align:start position:0% exposure do we have to two particular things<00:30:31.469> right<00:30:31.739> and<00:30:31.979> then<00:30:32.789> ultimately<00:30:33.559> you 00:30:34.549 --> 00:30:34.559 align:start position:0% things right and then ultimately you 00:30:34.559 --> 00:30:37.639 align:start position:0% things right and then ultimately you know<00:30:35.659> at<00:30:36.659> a<00:30:36.749> much<00:30:36.929> more<00:30:37.109> granular<00:30:37.379> level 00:30:37.639 --> 00:30:37.649 align:start position:0% know at a much more granular level 00:30:37.649 --> 00:30:39.700 align:start position:0% know at a much more granular level individual<00:30:38.489> decisions<00:30:38.969> would<00:30:39.119> have<00:30:39.330> to<00:30:39.479> be 00:30:39.700 --> 00:30:39.710 align:start position:0% individual decisions would have to be 00:30:39.710 --> 00:30:43.070 align:start position:0% individual decisions would have to be okayed<00:30:40.710> on<00:30:40.979> a<00:30:41.039> you<00:30:41.969> know<00:30:42.089> and<00:30:42.359> on<00:30:42.690> a<00:30:42.719> recurring 00:30:43.070 --> 00:30:43.080 align:start position:0% okayed on a you know and on a recurring 00:30:43.080 --> 00:30:45.320 align:start position:0% okayed on a you know and on a recurring basis<00:30:43.589> with<00:30:44.039> like<00:30:44.249> a<00:30:44.279> you<00:30:44.789> know<00:30:44.940> almost<00:30:45.179> like 00:30:45.320 --> 00:30:45.330 align:start position:0% basis with like a you know almost like 00:30:45.330 --> 00:30:46.909 align:start position:0% basis with like a you know almost like an<00:30:45.479> apple<00:30:45.779> some<00:30:45.869> imagine<00:30:46.259> like<00:30:46.379> a<00:30:46.409> shareholder 00:30:46.909 --> 00:30:46.919 align:start position:0% an apple some imagine like a shareholder 00:30:46.919 --> 00:30:48.560 align:start position:0% an apple some imagine like a shareholder app<00:30:47.070> where<00:30:47.940> then<00:30:48.119> they'll<00:30:48.269> be<00:30:48.389> like<00:30:48.509> okay 00:30:48.560 --> 00:30:48.570 align:start position:0% app where then they'll be like okay 00:30:48.570 --> 00:30:50.839 align:start position:0% app where then they'll be like okay we're<00:30:48.809> gonna<00:30:48.899> do<00:30:49.080> all<00:30:49.229> these<00:30:49.379> like<00:30:49.649> new<00:30:49.979> CEOs 00:30:50.839 --> 00:30:50.849 align:start position:0% we're gonna do all these like new CEOs 00:30:50.849 --> 00:30:52.519 align:start position:0% we're gonna do all these like new CEOs and<00:30:51.089> we're<00:30:51.239> doing<00:30:51.330> them<00:30:51.570> like<00:30:51.690> you<00:30:52.169> know<00:30:52.200> like 00:30:52.519 --> 00:30:52.529 align:start position:0% and we're doing them like you know like 00:30:52.529 --> 00:30:53.839 align:start position:0% and we're doing them like you know like here's<00:30:52.739> a<00:30:52.830> video<00:30:52.950> explaining<00:30:53.489> how<00:30:53.609> we're 00:30:53.839 --> 00:30:53.849 align:start position:0% here's a video explaining how we're 00:30:53.849 --> 00:30:56.060 align:start position:0% here's a video explaining how we're doing<00:30:53.940> all<00:30:54.149> these<00:30:54.239> things<00:30:54.299> yes<00:30:55.289> or<00:30:55.440> no<00:30:55.559> kind<00:30:56.009> of 00:30:56.060 --> 00:30:56.070 align:start position:0% doing all these things yes or no kind of 00:30:56.070 --> 00:30:58.489 align:start position:0% doing all these things yes or no kind of right<00:30:56.249> like<00:30:56.909> that<00:30:57.089> I<00:30:57.239> mean<00:30:57.450> I<00:30:57.690> think<00:30:58.019> if<00:30:58.379> you 00:30:58.489 --> 00:30:58.499 align:start position:0% right like that I mean I think if you 00:30:58.499 --> 00:30:59.899 align:start position:0% right like that I mean I think if you imagine<00:30:58.679> that<00:30:59.039> type<00:30:59.219> of<00:30:59.369> scenario<00:30:59.759> and 00:30:59.899 --> 00:30:59.909 align:start position:0% imagine that type of scenario and 00:30:59.909 --> 00:31:01.820 align:start position:0% imagine that type of scenario and especially<00:31:00.659> with<00:31:00.989> like<00:31:01.109> blockchain 00:31:01.820 --> 00:31:01.830 align:start position:0% especially with like blockchain 00:31:01.830 --> 00:31:05.119 align:start position:0% especially with like blockchain technology<00:31:02.339> and<00:31:02.719> I<00:31:03.719> guess<00:31:04.320> also<00:31:04.679> most 00:31:05.119 --> 00:31:05.129 align:start position:0% technology and I guess also most 00:31:05.129 --> 00:31:08.509 align:start position:0% technology and I guess also most crucially<00:31:05.580> like<00:31:05.759> a<00:31:05.789> very<00:31:06.649> focused<00:31:07.649> education 00:31:08.509 --> 00:31:08.519 align:start position:0% crucially like a very focused education 00:31:08.519 --> 00:31:10.129 align:start position:0% crucially like a very focused education campaign<00:31:09.119> that's<00:31:09.450> sort<00:31:09.659> of<00:31:09.690> like<00:31:09.749> you<00:31:10.080> know 00:31:10.129 --> 00:31:10.139 align:start position:0% campaign that's sort of like you know 00:31:10.139 --> 00:31:12.499 align:start position:0% campaign that's sort of like you know towards<00:31:10.619> the<00:31:10.739> shareholders<00:31:11.309> and<00:31:11.509> and 00:31:12.499 --> 00:31:12.509 align:start position:0% towards the shareholders and and 00:31:12.509 --> 00:31:14.589 align:start position:0% towards the shareholders and and combining<00:31:13.109> all<00:31:13.289> of<00:31:13.349> these<00:31:13.499> things<00:31:13.739> together<00:31:13.889> I 00:31:14.589 --> 00:31:14.599 align:start position:0% combining all of these things together I 00:31:14.599 --> 00:31:16.700 align:start position:0% combining all of these things together I definitely<00:31:15.599> think<00:31:15.779> that<00:31:15.899> you<00:31:16.049> you<00:31:16.529> would<00:31:16.679> have 00:31:16.700 --> 00:31:16.710 align:start position:0% definitely think that you you would have 00:31:16.710 --> 00:31:19.599 align:start position:0% definitely think that you you would have a<00:31:16.859> much<00:31:17.129> more<00:31:17.339> higher<00:31:17.909> likelihood<00:31:18.239> of<00:31:18.570> like 00:31:19.599 --> 00:31:19.609 align:start position:0% a much more higher likelihood of like 00:31:19.609 --> 00:31:22.039 align:start position:0% a much more higher likelihood of like you<00:31:20.609> know<00:31:20.700> catching<00:31:20.999> something<00:31:21.450> like<00:31:21.690> this<00:31:21.809> in 00:31:22.039 --> 00:31:22.049 align:start position:0% you know catching something like this in 00:31:22.049 --> 00:31:26.779 align:start position:0% you know catching something like this in the<00:31:22.169> aect<00:31:24.259> so<00:31:25.259> okay<00:31:25.559> so<00:31:25.619> that's<00:31:25.889> so<00:31:26.609> that's 00:31:26.779 --> 00:31:26.789 align:start position:0% the aect so okay so that's so that's 00:31:26.789 --> 00:31:28.729 align:start position:0% the aect so okay so that's so that's like<00:31:26.940> the<00:31:27.119> the<00:31:27.659> first<00:31:27.960> element<00:31:28.320> up<00:31:28.379> right<00:31:28.589> then 00:31:28.729 --> 00:31:28.739 align:start position:0% like the the first element up right then 00:31:28.739 --> 00:31:29.629 align:start position:0% like the the first element up right then the<00:31:28.830> second<00:31:29.070> thing<00:31:29.159> you're<00:31:29.219> talking<00:31:29.429> about<00:31:29.489> I 00:31:29.629 --> 00:31:29.639 align:start position:0% the second thing you're talking about I 00:31:29.639 --> 00:31:30.859 align:start position:0% the second thing you're talking about I think<00:31:29.789> it's<00:31:29.909> very<00:31:29.999> interesting<00:31:30.210> is<00:31:30.570> like<00:31:30.599> this 00:31:30.859 --> 00:31:30.869 align:start position:0% think it's very interesting is like this 00:31:30.869 --> 00:31:36.519 align:start position:0% think it's very interesting is like this a<00:31:30.899> tech<00:31:32.779> MPI<00:31:33.779> Hollis<00:31:34.049> can<00:31:34.229> be<00:31:34.349> bribed<00:31:34.589> because 00:31:36.519 --> 00:31:36.529 align:start position:0% a tech MPI Hollis can be bribed because 00:31:36.529 --> 00:31:38.930 align:start position:0% a tech MPI Hollis can be bribed because so<00:31:37.529> now<00:31:37.679> we're<00:31:37.859> getting<00:31:37.919> into<00:31:38.159> crypt<00:31:38.489> economic 00:31:38.930 --> 00:31:38.940 align:start position:0% so now we're getting into crypt economic 00:31:38.940 --> 00:31:40.700 align:start position:0% so now we're getting into crypt economic attacks<00:31:39.210> which<00:31:39.539> is<00:31:39.690> like<00:31:39.869> a<00:31:39.899> whole<00:31:40.139> class<00:31:40.529> of 00:31:40.700 --> 00:31:40.710 align:start position:0% attacks which is like a whole class of 00:31:40.710 --> 00:31:42.619 align:start position:0% attacks which is like a whole class of like<00:31:40.919> crazy<00:31:41.669> things<00:31:41.999> you<00:31:42.179> have<00:31:42.330> to<00:31:42.359> think 00:31:42.619 --> 00:31:42.629 align:start position:0% like crazy things you have to think 00:31:42.629 --> 00:31:44.749 align:start position:0% like crazy things you have to think about<00:31:42.719> when<00:31:43.049> you<00:31:43.169> do<00:31:43.349> defy<00:31:44.099> and<00:31:44.429> and 00:31:44.749 --> 00:31:44.759 align:start position:0% about when you do defy and and 00:31:44.759 --> 00:31:47.899 align:start position:0% about when you do defy and and blockchain<00:31:45.149> apps<00:31:45.539> in<00:31:45.659> general<00:31:46.609> and<00:31:47.609> maker 00:31:47.899 --> 00:31:47.909 align:start position:0% blockchain apps in general and maker 00:31:47.909 --> 00:31:49.669 align:start position:0% blockchain apps in general and maker actually<00:31:48.330> has<00:31:48.450> a<00:31:48.479> very<00:31:48.779> strong<00:31:49.049> defense 00:31:49.669 --> 00:31:49.679 align:start position:0% actually has a very strong defense 00:31:49.679 --> 00:31:52.459 align:start position:0% actually has a very strong defense against<00:31:50.219> this<00:31:50.969> entire<00:31:51.419> class<00:31:52.019> of<00:31:52.049> attacks 00:31:52.459 --> 00:31:52.469 align:start position:0% against this entire class of attacks 00:31:52.469 --> 00:31:54.229 align:start position:0% against this entire class of attacks really<00:31:52.710> right<00:31:52.950> because<00:31:53.190> what<00:31:53.429> we<00:31:53.549> like 00:31:54.229 --> 00:31:54.239 align:start position:0% really right because what we like 00:31:54.239 --> 00:31:56.419 align:start position:0% really right because what we like basically<00:31:54.509> that<00:31:54.749> but<00:31:55.109> what<00:31:55.440> we<00:31:55.619> are<00:31:55.769> what<00:31:56.249> we 00:31:56.419 --> 00:31:56.429 align:start position:0% basically that but what we are what we 00:31:56.429 --> 00:31:58.719 align:start position:0% basically that but what we are what we are<00:31:56.639> getting<00:31:57.210> into<00:31:57.599> is<00:31:57.779> like<00:31:57.809> the<00:31:58.109> point<00:31:58.349> where 00:31:58.719 --> 00:31:58.729 align:start position:0% are getting into is like the point where 00:31:58.729 --> 00:32:01.279 align:start position:0% are getting into is like the point where MPI<00:31:59.729> holders<00:32:00.089> might<00:32:00.330> decide<00:32:00.749> that<00:32:00.809> they're 00:32:01.279 --> 00:32:01.289 align:start position:0% MPI holders might decide that they're 00:32:01.289 --> 00:32:01.680 align:start position:0% MPI holders might decide that they're better 00:32:01.680 --> 00:32:01.690 align:start position:0% better 00:32:01.690 --> 00:32:03.810 align:start position:0% better essentially<00:32:02.530> using<00:32:03.310> their<00:32:03.460> ability<00:32:03.790> to 00:32:03.810 --> 00:32:03.820 align:start position:0% essentially using their ability to 00:32:03.820 --> 00:32:06.210 align:start position:0% essentially using their ability to control<00:32:04.210> the<00:32:04.330> system<00:32:04.710> for<00:32:05.710> something<00:32:06.070> else 00:32:06.210 --> 00:32:06.220 align:start position:0% control the system for something else 00:32:06.220 --> 00:32:07.950 align:start position:0% control the system for something else than<00:32:06.460> keeping<00:32:06.730> dice<00:32:06.910> table<00:32:07.360> right<00:32:07.510> until<00:32:07.810> you 00:32:07.950 --> 00:32:07.960 align:start position:0% than keeping dice table right until you 00:32:07.960 --> 00:32:10.740 align:start position:0% than keeping dice table right until you I<00:32:08.230> mean<00:32:08.500> I<00:32:08.800> think<00:32:09.550> like<00:32:09.850> the<00:32:10.360> thing<00:32:10.480> is<00:32:10.600> once 00:32:10.740 --> 00:32:10.750 align:start position:0% I mean I think like the thing is once 00:32:10.750 --> 00:32:13.140 align:start position:0% I mean I think like the thing is once you<00:32:10.840> get<00:32:10.960> into<00:32:11.460> governance<00:32:12.460> attack<00:32:12.730> scenarios 00:32:13.140 --> 00:32:13.150 align:start position:0% you get into governance attack scenarios 00:32:13.150 --> 00:32:15.000 align:start position:0% you get into governance attack scenarios and<00:32:13.300> cryptic<00:32:13.600> atomic<00:32:13.870> attacks<00:32:14.140> there's<00:32:14.350> you 00:32:15.000 --> 00:32:15.010 align:start position:0% and cryptic atomic attacks there's you 00:32:15.010 --> 00:32:16.470 align:start position:0% and cryptic atomic attacks there's you very<00:32:15.190> quickly<00:32:15.460> get<00:32:15.640> into<00:32:15.760> let's<00:32:16.000> try<00:32:16.150> to<00:32:16.210> steal 00:32:16.470 --> 00:32:16.480 align:start position:0% very quickly get into let's try to steal 00:32:16.480 --> 00:32:20.100 align:start position:0% very quickly get into let's try to steal all<00:32:16.630> the<00:32:16.720> collateral<00:32:16.960> so<00:32:18.090> maker<00:32:19.090> is<00:32:19.300> needs<00:32:20.020> to 00:32:20.100 --> 00:32:20.110 align:start position:0% all the collateral so maker is needs to 00:32:20.110 --> 00:32:22.440 align:start position:0% all the collateral so maker is needs to be<00:32:20.230> built<00:32:20.440> so<00:32:20.650> that<00:32:20.680> it<00:32:20.890> can<00:32:21.100> you<00:32:21.550> know<00:32:21.580> even 00:32:22.440 --> 00:32:22.450 align:start position:0% be built so that it can you know even 00:32:22.450 --> 00:32:25.110 align:start position:0% be built so that it can you know even survive<00:32:22.810> like<00:32:23.650> everything<00:32:24.520> like<00:32:24.700> all<00:32:24.880> em 00:32:25.110 --> 00:32:25.120 align:start position:0% survive like everything like all em 00:32:25.120 --> 00:32:27.210 align:start position:0% survive like everything like all em calendars<00:32:25.630> colluding<00:32:26.530> and<00:32:26.770> saying<00:32:27.040> we're 00:32:27.210 --> 00:32:27.220 align:start position:0% calendars colluding and saying we're 00:32:27.220 --> 00:32:28.350 align:start position:0% calendars colluding and saying we're gonna<00:32:27.370> correct<00:32:27.670> we're<00:32:27.820> gonna<00:32:27.910> steal<00:32:28.180> look 00:32:28.350 --> 00:32:28.360 align:start position:0% gonna correct we're gonna steal look 00:32:28.360 --> 00:32:32.550 align:start position:0% gonna correct we're gonna steal look level<00:32:28.570> and<00:32:28.840> the<00:32:29.470> basic<00:32:30.600> the<00:32:31.600> basic<00:32:31.630> defense<00:32:32.320> is 00:32:32.550 --> 00:32:32.560 align:start position:0% level and the basic the basic defense is 00:32:32.560 --> 00:32:35.190 align:start position:0% level and the basic the basic defense is that<00:32:32.890> there's<00:32:33.100> always<00:32:33.340> like<00:32:34.200> security 00:32:35.190 --> 00:32:35.200 align:start position:0% that there's always like security 00:32:35.200 --> 00:32:37.260 align:start position:0% that there's always like security delayed<00:32:35.530> on<00:32:35.800> all<00:32:36.190> governance<00:32:36.700> decisions<00:32:37.090> so 00:32:37.260 --> 00:32:37.270 align:start position:0% delayed on all governance decisions so 00:32:37.270 --> 00:32:38.700 align:start position:0% delayed on all governance decisions so that<00:32:37.300> they<00:32:37.540> can<00:32:37.690> be<00:32:37.810> scrutinized<00:32:38.290> to<00:32:38.440> see 00:32:38.700 --> 00:32:38.710 align:start position:0% that they can be scrutinized to see 00:32:38.710 --> 00:32:42.390 align:start position:0% that they can be scrutinized to see whether<00:32:39.750> you<00:32:40.750> know<00:32:40.840> whether<00:32:41.070> like<00:32:42.070> is<00:32:42.220> this 00:32:42.390 --> 00:32:42.400 align:start position:0% whether you know whether like is this 00:32:42.400 --> 00:32:43.890 align:start position:0% whether you know whether like is this actually<00:32:42.850> like<00:32:42.880> a<00:32:43.060> decision<00:32:43.570> that's<00:32:43.750> just 00:32:43.890 --> 00:32:43.900 align:start position:0% actually like a decision that's just 00:32:43.900 --> 00:32:45.900 align:start position:0% actually like a decision that's just getting<00:32:44.050> pushed<00:32:44.410> through<00:32:44.910> completely 00:32:45.900 --> 00:32:45.910 align:start position:0% getting pushed through completely 00:32:45.910 --> 00:32:48.150 align:start position:0% getting pushed through completely circumventing<00:32:46.660> the<00:32:46.740> governance<00:32:47.740> framework 00:32:48.150 --> 00:32:48.160 align:start position:0% circumventing the governance framework 00:32:48.160 --> 00:32:49.380 align:start position:0% circumventing the governance framework and<00:32:48.310> circumventing<00:32:48.850> all<00:32:49.030> like<00:32:49.210> the 00:32:49.380 --> 00:32:49.390 align:start position:0% and circumventing all like the 00:32:49.390 --> 00:32:51.540 align:start position:0% and circumventing all like the transparency<00:32:50.230> and<00:32:50.530> and<00:32:50.800> all<00:32:50.950> the<00:32:51.160> sort<00:32:51.340> of<00:32:51.370> the 00:32:51.540 --> 00:32:51.550 align:start position:0% transparency and and all the sort of the 00:32:51.550 --> 00:32:53.910 align:start position:0% transparency and and all the sort of the you<00:32:52.480> know<00:32:52.540> the<00:32:52.750> day<00:32:52.930> are<00:32:53.050> driven<00:32:53.320> models<00:32:53.710> that 00:32:53.910 --> 00:32:53.920 align:start position:0% you know the day are driven models that 00:32:53.920 --> 00:32:56.130 align:start position:0% you know the day are driven models that are<00:32:54.040> supposed<00:32:54.370> to<00:32:54.460> drive<00:32:54.670> governance<00:32:55.090> and<00:32:55.330> if 00:32:56.130 --> 00:32:56.140 align:start position:0% are supposed to drive governance and if 00:32:56.140 --> 00:32:58.200 align:start position:0% are supposed to drive governance and if and<00:32:56.740> if<00:32:56.830> that's<00:32:57.010> the<00:32:57.160> case<00:32:57.250> it's<00:32:57.790> very<00:32:57.850> likely 00:32:58.200 --> 00:32:58.210 align:start position:0% and if that's the case it's very likely 00:32:58.210 --> 00:33:00.240 align:start position:0% and if that's the case it's very likely it's<00:32:58.420> an<00:32:58.480> attack<00:32:58.750> and<00:32:58.960> then<00:32:59.050> in<00:32:59.290> the<00:32:59.830> in<00:33:00.100> the 00:33:00.240 --> 00:33:00.250 align:start position:0% it's an attack and then in the in the 00:33:00.250 --> 00:33:01.890 align:start position:0% it's an attack and then in the in the worst<00:33:00.460> case<00:33:00.640> scenario<00:33:00.670> what<00:33:01.210> you<00:33:01.330> actually<00:33:01.510> do 00:33:01.890 --> 00:33:01.900 align:start position:0% worst case scenario what you actually do 00:33:01.900 --> 00:33:05.940 align:start position:0% worst case scenario what you actually do is<00:33:02.110> that<00:33:02.980> you<00:33:03.220> you<00:33:04.080> you<00:33:05.080> actually<00:33:05.260> like<00:33:05.590> do 00:33:05.940 --> 00:33:05.950 align:start position:0% is that you you you actually like do 00:33:05.950 --> 00:33:07.440 align:start position:0% is that you you you actually like do what's<00:33:06.100> called<00:33:06.250> emergency<00:33:06.790> shutdown<00:33:07.030> so<00:33:07.360> you 00:33:07.440 --> 00:33:07.450 align:start position:0% what's called emergency shutdown so you 00:33:07.450 --> 00:33:09.750 align:start position:0% what's called emergency shutdown so you shut<00:33:07.690> down<00:33:07.870> the<00:33:08.020> system<00:33:08.200> entirely<00:33:08.650> and<00:33:09.010> then 00:33:09.750 --> 00:33:09.760 align:start position:0% shut down the system entirely and then 00:33:09.760 --> 00:33:13.620 align:start position:0% shut down the system entirely and then you<00:33:10.450> take<00:33:10.720> the<00:33:11.290> attackers<00:33:11.830> and<00:33:11.950> Kia<00:33:12.160> and<00:33:12.630> you 00:33:13.620 --> 00:33:13.630 align:start position:0% you take the attackers and Kia and you 00:33:13.630 --> 00:33:15.030 align:start position:0% you take the attackers and Kia and you you<00:33:13.960> can<00:33:14.110> rip<00:33:14.320> like<00:33:14.500> once<00:33:14.710> you<00:33:14.770> have<00:33:14.890> the 00:33:15.030 --> 00:33:15.040 align:start position:0% you can rip like once you have the 00:33:15.040 --> 00:33:16.470 align:start position:0% you can rip like once you have the system<00:33:15.190> shut<00:33:15.490> down<00:33:15.520> you<00:33:15.760> can<00:33:15.910> remove<00:33:16.240> the 00:33:16.470 --> 00:33:16.480 align:start position:0% system shut down you can remove the 00:33:16.480 --> 00:33:18.480 align:start position:0% system shut down you can remove the Tigers<00:33:16.750> I'm<00:33:16.870> care<00:33:17.020> entirely<00:33:17.290> you<00:33:17.980> redeploy 00:33:18.480 --> 00:33:18.490 align:start position:0% Tigers I'm care entirely you redeploy 00:33:18.490 --> 00:33:20.760 align:start position:0% Tigers I'm care entirely you redeploy the<00:33:18.610> system<00:33:18.970> do<00:33:19.660> like<00:33:19.780> a<00:33:19.810> migration<00:33:20.230> process 00:33:20.760 --> 00:33:20.770 align:start position:0% the system do like a migration process 00:33:20.770 --> 00:33:23.280 align:start position:0% the system do like a migration process that's<00:33:21.190> quite<00:33:21.760> similar<00:33:22.060> to<00:33:22.090> how<00:33:22.360> we<00:33:22.660> upgrade 00:33:23.280 --> 00:33:23.290 align:start position:0% that's quite similar to how we upgrade 00:33:23.290 --> 00:33:24.900 align:start position:0% that's quite similar to how we upgrade to<00:33:23.440> multiple<00:33:23.770> level<00:33:24.010> die<00:33:24.130> will<00:33:24.340> work<00:33:24.460> now<00:33:24.640> and 00:33:24.900 --> 00:33:24.910 align:start position:0% to multiple level die will work now and 00:33:24.910 --> 00:33:27.000 align:start position:0% to multiple level die will work now and this<00:33:25.660> is<00:33:25.810> a<00:33:25.840> very<00:33:26.080> extreme<00:33:26.380> scenario<00:33:26.830> but<00:33:26.980> it 00:33:27.000 --> 00:33:27.010 align:start position:0% this is a very extreme scenario but it 00:33:27.010 --> 00:33:30.120 align:start position:0% this is a very extreme scenario but it really<00:33:27.190> is<00:33:27.340> like<00:33:27.490> I<00:33:27.700> mean<00:33:28.170> the<00:33:29.170> the<00:33:29.680> mechanism 00:33:30.120 --> 00:33:30.130 align:start position:0% really is like I mean the the mechanism 00:33:30.130 --> 00:33:31.710 align:start position:0% really is like I mean the the mechanism has<00:33:30.310> to<00:33:30.340> be<00:33:30.490> there<00:33:30.640> because<00:33:30.940> of<00:33:31.360> course<00:33:31.420> it 00:33:31.710 --> 00:33:31.720 align:start position:0% has to be there because of course it 00:33:31.720 --> 00:33:34.350 align:start position:0% has to be there because of course it would<00:33:31.810> never<00:33:31.990> work<00:33:32.230> if<00:33:32.760> you<00:33:33.760> could<00:33:33.910> just<00:33:34.180> like 00:33:34.350 --> 00:33:34.360 align:start position:0% would never work if you could just like 00:33:34.360 --> 00:33:36.450 align:start position:0% would never work if you could just like you<00:33:35.200> know<00:33:35.290> steal<00:33:35.560> a<00:33:35.590> collateral<00:33:36.130> or<00:33:36.310> like 00:33:36.450 --> 00:33:36.460 align:start position:0% you know steal a collateral or like 00:33:36.460 --> 00:33:39.030 align:start position:0% you know steal a collateral or like damage<00:33:37.330> the<00:33:37.420> system<00:33:37.780> just<00:33:37.930> because<00:33:38.230> you<00:33:38.350> you 00:33:39.030 --> 00:33:39.040 align:start position:0% damage the system just because you you 00:33:39.040 --> 00:33:43.860 align:start position:0% damage the system just because you you control<00:33:40.110> API<00:33:41.110> building<00:33:41.440> power<00:33:42.420> so<00:33:43.420> I<00:33:43.450> think<00:33:43.570> we 00:33:43.860 --> 00:33:43.870 align:start position:0% control API building power so I think we 00:33:43.870 --> 00:33:45.420 align:start position:0% control API building power so I think we have<00:33:44.050> about<00:33:44.260> 10<00:33:44.650> minutes<00:33:44.830> left 00:33:45.420 --> 00:33:45.430 align:start position:0% have about 10 minutes left 00:33:45.430 --> 00:33:46.830 align:start position:0% have about 10 minutes left and<00:33:45.580> I<00:33:45.910> think<00:33:45.970> this<00:33:46.270> is<00:33:46.360> a<00:33:46.420> good<00:33:46.540> time<00:33:46.660> to<00:33:46.810> open 00:33:46.830 --> 00:33:46.840 align:start position:0% and I think this is a good time to open 00:33:46.840 --> 00:33:49.200 align:start position:0% and I think this is a good time to open up<00:33:47.110> the<00:33:47.170> floor<00:33:47.470> for<00:33:47.530> any<00:33:47.710> questions<00:33:48.250> so<00:33:49.120> if<00:33:49.180> you 00:33:49.200 --> 00:33:49.210 align:start position:0% up the floor for any questions so if you 00:33:49.210 --> 00:33:50.550 align:start position:0% up the floor for any questions so if you have<00:33:49.300> any<00:33:49.480> questions<00:33:49.810> please<00:33:49.960> come<00:33:50.230> up<00:33:50.290> to<00:33:50.470> the 00:33:50.550 --> 00:33:50.560 align:start position:0% have any questions please come up to the 00:33:50.560 --> 00:33:53.460 align:start position:0% have any questions please come up to the mic<00:33:50.740> up<00:33:51.640> here<00:33:51.840> if<00:33:52.840> you<00:33:52.990> don't<00:33:53.200> have<00:33:53.320> any 00:33:53.460 --> 00:33:53.470 align:start position:0% mic up here if you don't have any 00:33:53.470 --> 00:33:57.810 align:start position:0% mic up here if you don't have any questions<00:33:53.590> we<00:33:53.950> can<00:33:53.980> continue<00:33:56.100> you<00:33:57.100> know<00:33:57.160> one 00:33:57.810 --> 00:33:57.820 align:start position:0% questions we can continue you know one 00:33:57.820 --> 00:34:01.980 align:start position:0% questions we can continue you know one victim<00:33:59.160> good<00:34:00.160> morning<00:34:00.520> I<00:34:01.030> have<00:34:01.510> a<00:34:01.540> question 00:34:01.980 --> 00:34:01.990 align:start position:0% victim good morning I have a question 00:34:01.990 --> 00:34:04.320 align:start position:0% victim good morning I have a question regarding<00:34:02.230> the<00:34:02.800> migration<00:34:03.520> and<00:34:03.790> the 00:34:04.320 --> 00:34:04.330 align:start position:0% regarding the migration and the 00:34:04.330 --> 00:34:05.190 align:start position:0% regarding the migration and the deprecation 00:34:05.190 --> 00:34:05.200 align:start position:0% deprecation 00:34:05.200 --> 00:34:08.399 align:start position:0% deprecation the<00:34:05.740> first<00:34:06.090> single<00:34:07.090> collateral<00:34:07.269> by<00:34:07.630> and<00:34:07.929> I've 00:34:08.399 --> 00:34:08.409 align:start position:0% the first single collateral by and I've 00:34:08.409 --> 00:34:10.919 align:start position:0% the first single collateral by and I've asked<00:34:08.859> around<00:34:09.010> a<00:34:09.220> few<00:34:09.339> times<00:34:09.550> in<00:34:09.760> but<00:34:10.329> most<00:34:10.750> of 00:34:10.919 --> 00:34:10.929 align:start position:0% asked around a few times in but most of 00:34:10.929 --> 00:34:12.389 align:start position:0% asked around a few times in but most of the<00:34:11.020> time<00:34:11.200> the<00:34:11.320> answer<00:34:11.589> comes<00:34:11.829> down<00:34:12.040> to<00:34:12.280> the 00:34:12.389 --> 00:34:12.399 align:start position:0% the time the answer comes down to the 00:34:12.399 --> 00:34:14.490 align:start position:0% the time the answer comes down to the overhead<00:34:12.879> of<00:34:13.060> having<00:34:13.089> to<00:34:13.599> system<00:34:13.990> to<00:34:14.320> manage 00:34:14.490 --> 00:34:14.500 align:start position:0% overhead of having to system to manage 00:34:14.500 --> 00:34:18.030 align:start position:0% overhead of having to system to manage and<00:34:14.919> I<00:34:15.760> personally<00:34:16.629> find<00:34:16.839> that<00:34:17.020> it's<00:34:17.710> somewhat 00:34:18.030 --> 00:34:18.040 align:start position:0% and I personally find that it's somewhat 00:34:18.040 --> 00:34:19.710 align:start position:0% and I personally find that it's somewhat of<00:34:18.159> a<00:34:18.250> weak<00:34:18.429> argument<00:34:18.609> considering<00:34:19.570> the 00:34:19.710 --> 00:34:19.720 align:start position:0% of a weak argument considering the 00:34:19.720 --> 00:34:21.960 align:start position:0% of a weak argument considering the amount<00:34:19.839> of<00:34:19.990> money<00:34:20.200> involved<00:34:20.530> and<00:34:21.099> I<00:34:21.399> feel 00:34:21.960 --> 00:34:21.970 align:start position:0% amount of money involved and I feel 00:34:21.970 --> 00:34:23.790 align:start position:0% amount of money involved and I feel uncomfortable<00:34:22.720> with<00:34:22.960> the<00:34:23.290> fact<00:34:23.320> that<00:34:23.619> the 00:34:23.790 --> 00:34:23.800 align:start position:0% uncomfortable with the fact that the 00:34:23.800 --> 00:34:25.919 align:start position:0% uncomfortable with the fact that the system<00:34:24.190> would<00:34:24.579> eventually<00:34:24.879> be<00:34:25.210> forcefully 00:34:25.919 --> 00:34:25.929 align:start position:0% system would eventually be forcefully 00:34:25.929 --> 00:34:27.720 align:start position:0% system would eventually be forcefully deprecated<00:34:26.589> versus<00:34:26.950> the<00:34:27.040> market<00:34:27.369> choosing 00:34:27.720 --> 00:34:27.730 align:start position:0% deprecated versus the market choosing 00:34:27.730 --> 00:34:31.079 align:start position:0% deprecated versus the market choosing which<00:34:28.210> version<00:34:28.570> of<00:34:28.659> die<00:34:28.839> to<00:34:28.899> prefer<00:34:29.940> yeah<00:34:30.940> and 00:34:31.079 --> 00:34:31.089 align:start position:0% which version of die to prefer yeah and 00:34:31.089 --> 00:34:32.970 align:start position:0% which version of die to prefer yeah and so<00:34:31.210> on<00:34:31.419> just<00:34:31.690> so<00:34:31.990> clarifying<00:34:32.440> questions<00:34:32.859> are 00:34:32.970 --> 00:34:32.980 align:start position:0% so on just so clarifying questions are 00:34:32.980 --> 00:34:34.409 align:start position:0% so on just so clarifying questions are you<00:34:33.070> specifically<00:34:33.490> talking<00:34:33.700> about<00:34:33.940> that<00:34:34.240> you 00:34:34.409 --> 00:34:34.419 align:start position:0% you specifically talking about that you 00:34:34.419 --> 00:34:36.899 align:start position:0% you specifically talking about that you think<00:34:34.720> is<00:34:34.899> it<00:34:35.440> would<00:34:35.470> be<00:34:35.710> desirable<00:34:36.129> to<00:34:36.220> have<00:34:36.339> a 00:34:36.899 --> 00:34:36.909 align:start position:0% think is it would be desirable to have a 00:34:36.909 --> 00:34:39.119 align:start position:0% think is it would be desirable to have a version<00:34:37.750> of<00:34:37.960> die<00:34:38.139> that's<00:34:38.409> back<00:34:38.679> to<00:34:38.710> only<00:34:39.010> by 00:34:39.119 --> 00:34:39.129 align:start position:0% version of die that's back to only by 00:34:39.129 --> 00:34:42.210 align:start position:0% version of die that's back to only by you<00:34:39.190> correct<00:34:40.119> yeah<00:34:40.869> so<00:34:41.079> I<00:34:41.109> mean<00:34:41.320> so<00:34:41.770> so<00:34:42.129> the 00:34:42.210 --> 00:34:42.220 align:start position:0% you correct yeah so I mean so so the 00:34:42.220 --> 00:34:43.740 align:start position:0% you correct yeah so I mean so so the first<00:34:42.399> part<00:34:42.790> of<00:34:42.820> that<00:34:42.879> is<00:34:43.000> right<00:34:43.300> it's<00:34:43.510> really 00:34:43.740 --> 00:34:43.750 align:start position:0% first part of that is right it's really 00:34:43.750 --> 00:34:46.919 align:start position:0% first part of that is right it's really like<00:34:44.460> the<00:34:45.460> thing<00:34:45.669> is<00:34:45.790> that<00:34:45.970> there<00:34:46.179> are<00:34:46.359> there 00:34:46.919 --> 00:34:46.929 align:start position:0% like the thing is that there are there 00:34:46.929 --> 00:34:50.250 align:start position:0% like the thing is that there are there are<00:34:47.339> level<00:34:48.339> of<00:34:48.579> like<00:34:48.909> security<00:34:49.570> measures<00:34:50.020> and 00:34:50.250 --> 00:34:50.260 align:start position:0% are level of like security measures and 00:34:50.260 --> 00:34:52.550 align:start position:0% are level of like security measures and especially<00:34:50.770> crypto<00:34:51.369> economic<00:34:51.820> defense 00:34:52.550 --> 00:34:52.560 align:start position:0% especially crypto economic defense 00:34:52.560 --> 00:34:55.280 align:start position:0% especially crypto economic defense solutions<00:34:53.560> built<00:34:53.919> into<00:34:54.310> the<00:34:54.429> multilateral<00:34:54.879> by 00:34:55.280 --> 00:34:55.290 align:start position:0% solutions built into the multilateral by 00:34:55.290 --> 00:34:57.960 align:start position:0% solutions built into the multilateral by code<00:34:56.290> base<00:34:56.470> that<00:34:56.740> just<00:34:56.919> means<00:34:57.160> that<00:34:57.430> over<00:34:57.730> time 00:34:57.960 --> 00:34:57.970 align:start position:0% code base that just means that over time 00:34:57.970 --> 00:34:59.760 align:start position:0% code base that just means that over time it<00:34:58.240> really<00:34:58.420> makes<00:34:58.660> no<00:34:58.839> sense<00:34:59.109> to<00:34:59.260> hold<00:34:59.410> on<00:34:59.589> to 00:34:59.760 --> 00:34:59.770 align:start position:0% it really makes no sense to hold on to 00:34:59.770 --> 00:35:02.310 align:start position:0% it really makes no sense to hold on to like<00:34:59.950> to<00:35:00.880> single<00:35:01.089> at<00:35:01.359> all<00:35:01.480> die<00:35:01.630> even<00:35:01.869> I<00:35:02.170> mean 00:35:02.310 --> 00:35:02.320 align:start position:0% like to single at all die even I mean 00:35:02.320 --> 00:35:03.870 align:start position:0% like to single at all die even I mean even<00:35:02.560> though<00:35:02.650> single<00:35:03.040> that'll<00:35:03.280> die<00:35:03.369> it's<00:35:03.579> it's 00:35:03.870 --> 00:35:03.880 align:start position:0% even though single that'll die it's it's 00:35:03.880 --> 00:35:05.550 align:start position:0% even though single that'll die it's it's been<00:35:04.089> incredibly<00:35:04.570> security<00:35:05.050> tested<00:35:05.440> right 00:35:05.550 --> 00:35:05.560 align:start position:0% been incredibly security tested right 00:35:05.560 --> 00:35:07.170 align:start position:0% been incredibly security tested right it's<00:35:05.770> been<00:35:05.920> battle<00:35:06.280> tested<00:35:06.310> for<00:35:06.790> years<00:35:07.030> at 00:35:07.170 --> 00:35:07.180 align:start position:0% it's been battle tested for years at 00:35:07.180 --> 00:35:10.290 align:start position:0% it's been battle tested for years at this<00:35:07.300> point<00:35:08.040> but<00:35:09.040> you<00:35:09.190> know<00:35:09.220> the<00:35:09.700> multi<00:35:10.000> level 00:35:10.290 --> 00:35:10.300 align:start position:0% this point but you know the multi level 00:35:10.300 --> 00:35:12.630 align:start position:0% this point but you know the multi level of<00:35:10.390> like<00:35:10.540> code<00:35:11.050> base<00:35:11.260> is<00:35:11.290> actually<00:35:11.710> older<00:35:12.400> than 00:35:12.630 --> 00:35:12.640 align:start position:0% of like code base is actually older than 00:35:12.640 --> 00:35:14.400 align:start position:0% of like code base is actually older than the<00:35:13.180> single<00:35:13.540> and<00:35:13.660> all<00:35:13.720> that<00:35:13.869> code<00:35:14.079> base<00:35:14.200> like 00:35:14.400 --> 00:35:14.410 align:start position:0% the single and all that code base like 00:35:14.410 --> 00:35:16.130 align:start position:0% the single and all that code base like multi-level<00:35:14.950> that<00:35:15.069> has<00:35:15.190> gone<00:35:15.369> through<00:35:15.609> this 00:35:16.130 --> 00:35:16.140 align:start position:0% multi-level that has gone through this 00:35:16.140 --> 00:35:19.079 align:start position:0% multi-level that has gone through this incredibly<00:35:17.140> long<00:35:17.710> like<00:35:18.099> multi-year<00:35:18.790> research 00:35:19.079 --> 00:35:19.089 align:start position:0% incredibly long like multi-year research 00:35:19.089 --> 00:35:21.569 align:start position:0% incredibly long like multi-year research and<00:35:19.599> development<00:35:20.109> process<00:35:20.319> that<00:35:20.770> has 00:35:21.569 --> 00:35:21.579 align:start position:0% and development process that has 00:35:21.579 --> 00:35:23.880 align:start position:0% and development process that has produced<00:35:22.000> like<00:35:22.210> some<00:35:22.420> you<00:35:23.050> know<00:35:23.170> like<00:35:23.440> code 00:35:23.880 --> 00:35:23.890 align:start position:0% produced like some you know like code 00:35:23.890 --> 00:35:28.040 align:start position:0% produced like some you know like code with<00:35:24.190> a<00:35:24.220> level<00:35:24.640> of<00:35:24.849> sort<00:35:25.839> of<00:35:25.930> security<00:35:26.410> s<00:35:26.829> like 00:35:28.040 --> 00:35:28.050 align:start position:0% with a level of sort of security s like 00:35:28.050 --> 00:35:31.920 align:start position:0% with a level of sort of security s like principles<00:35:29.130> that<00:35:30.130> are<00:35:30.310> you<00:35:30.790> know<00:35:30.910> an<00:35:31.270> order<00:35:31.869> of 00:35:31.920 --> 00:35:31.930 align:start position:0% principles that are you know an order of 00:35:31.930 --> 00:35:34.530 align:start position:0% principles that are you know an order of magnitude<00:35:32.609> better<00:35:33.609> than<00:35:34.000> what<00:35:34.180> you<00:35:34.270> haven't 00:35:34.530 --> 00:35:34.540 align:start position:0% magnitude better than what you haven't 00:35:34.540 --> 00:35:36.059 align:start position:0% magnitude better than what you haven't seen<00:35:34.660> for<00:35:34.780> let<00:35:34.900> will<00:35:35.020> die<00:35:35.230> so<00:35:35.829> from<00:35:36.010> a 00:35:36.059 --> 00:35:36.069 align:start position:0% seen for let will die so from a 00:35:36.069 --> 00:35:37.740 align:start position:0% seen for let will die so from a technical<00:35:36.099> perspective<00:35:36.579> it<00:35:37.119> really<00:35:37.420> is<00:35:37.540> like 00:35:37.740 --> 00:35:37.750 align:start position:0% technical perspective it really is like 00:35:37.750 --> 00:35:40.079 align:start position:0% technical perspective it really is like I<00:35:38.280> mean<00:35:39.280> if<00:35:39.400> you<00:35:39.460> want<00:35:39.609> to<00:35:39.640> look<00:35:39.790> at<00:35:39.910> like<00:35:40.060> a 00:35:40.079 --> 00:35:40.089 align:start position:0% I mean if you want to look at like a 00:35:40.089 --> 00:35:42.660 align:start position:0% I mean if you want to look at like a timescale<00:35:40.660> of<00:35:40.690> decades<00:35:41.380> it<00:35:42.040> really<00:35:42.369> makes<00:35:42.579> a 00:35:42.660 --> 00:35:42.670 align:start position:0% timescale of decades it really makes a 00:35:42.670 --> 00:35:44.730 align:start position:0% timescale of decades it really makes a lot<00:35:42.700> more<00:35:42.849> sense<00:35:43.030> to<00:35:43.329> rely<00:35:43.660> on<00:35:43.690> the<00:35:44.109> MCD<00:35:44.530> code 00:35:44.730 --> 00:35:44.740 align:start position:0% lot more sense to rely on the MCD code 00:35:44.740 --> 00:35:46.770 align:start position:0% lot more sense to rely on the MCD code base<00:35:44.920> but<00:35:45.760> then<00:35:45.880> to<00:35:46.000> the<00:35:46.089> second<00:35:46.420> point<00:35:46.540> about 00:35:46.770 --> 00:35:46.780 align:start position:0% base but then to the second point about 00:35:46.780 --> 00:35:48.599 align:start position:0% base but then to the second point about there<00:35:47.290> the<00:35:47.920> fact<00:35:48.160> that<00:35:48.220> there<00:35:48.430> might<00:35:48.579> be 00:35:48.599 --> 00:35:48.609 align:start position:0% there the fact that there might be 00:35:48.609 --> 00:35:51.510 align:start position:0% there the fact that there might be demand<00:35:49.119> for<00:35:49.900> a<00:35:50.230> stable<00:35:50.440> and<00:35:50.710> it's<00:35:50.890> only<00:35:51.190> backed 00:35:51.510 --> 00:35:51.520 align:start position:0% demand for a stable and it's only backed 00:35:51.520 --> 00:35:54.589 align:start position:0% demand for a stable and it's only backed by<00:35:51.670> Eve<00:35:51.880> I<00:35:52.150> mean<00:35:53.050> this<00:35:53.140> is<00:35:53.290> something<00:35:53.470> that<00:35:53.619> we 00:35:54.589 --> 00:35:54.599 align:start position:0% by Eve I mean this is something that we 00:35:54.599 --> 00:35:57.480 align:start position:0% by Eve I mean this is something that we we<00:35:55.599> that<00:35:55.869> started<00:35:56.260> really<00:35:56.470> coming<00:35:56.920> up<00:35:57.220> in<00:35:57.400> the 00:35:57.480 --> 00:35:57.490 align:start position:0% we that started really coming up in the 00:35:57.490 --> 00:36:00.660 align:start position:0% we that started really coming up in the community<00:35:57.670> once<00:35:58.890> like<00:35:59.890> basically<00:36:00.220> a<00:36:00.339> parodic 00:36:00.660 --> 00:36:00.670 align:start position:0% community once like basically a parodic 00:36:00.670 --> 00:36:02.400 align:start position:0% community once like basically a parodic group<00:36:01.030> and<00:36:01.270> just<00:36:01.420> like<00:36:01.599> the<00:36:01.900> people<00:36:02.260> who<00:36:02.319> are 00:36:02.400 --> 00:36:02.410 align:start position:0% group and just like the people who are 00:36:02.410 --> 00:36:03.720 align:start position:0% group and just like the people who are involved<00:36:02.589> in<00:36:02.800> maker<00:36:03.010> crumblin<00:36:03.400> started 00:36:03.720 --> 00:36:03.730 align:start position:0% involved in maker crumblin started 00:36:03.730 --> 00:36:05.430 align:start position:0% involved in maker crumblin started realizing<00:36:04.240> that<00:36:04.270> maker<00:36:04.630> governance<00:36:05.020> had<00:36:05.230> for 00:36:05.430 --> 00:36:05.440 align:start position:0% realizing that maker governance had for 00:36:05.440 --> 00:36:07.980 align:start position:0% realizing that maker governance had for years<00:36:05.619> been<00:36:06.030> you<00:36:07.030> know<00:36:07.150> figuring<00:36:07.540> out<00:36:07.750> how<00:36:07.960> can 00:36:07.980 --> 00:36:07.990 align:start position:0% years been you know figuring out how can 00:36:07.990 --> 00:36:09.569 align:start position:0% years been you know figuring out how can we<00:36:08.200> scale<00:36:08.410> the<00:36:08.560> dye<00:36:08.710> supply<00:36:09.069> and<00:36:09.369> how<00:36:09.520> we 00:36:09.569 --> 00:36:09.579 align:start position:0% we scale the dye supply and how we 00:36:09.579 --> 00:36:12.770 align:start position:0% we scale the dye supply and how we needed<00:36:09.819> real-world<00:36:10.300> assets<00:36:10.660> for<00:36:10.810> that<00:36:11.400> and 00:36:12.770 --> 00:36:12.780 align:start position:0% needed real-world assets for that and 00:36:12.780 --> 00:36:15.930 align:start position:0% needed real-world assets for that and this<00:36:13.780> a<00:36:13.990> solution<00:36:14.290> that<00:36:14.680> was<00:36:14.829> proposed<00:36:15.280> by<00:36:15.609> I 00:36:15.930 --> 00:36:15.940 align:start position:0% this a solution that was proposed by I 00:36:15.940 --> 00:36:17.560 align:start position:0% this a solution that was proposed by I mean<00:36:16.150> actually<00:36:16.900> some 00:36:17.560 --> 00:36:17.570 align:start position:0% mean actually some 00:36:17.570 --> 00:36:20.830 align:start position:0% mean actually some some<00:36:17.690> guy<00:36:17.840> on<00:36:17.900> Twitter<00:36:19.270> in<00:36:20.270> in<00:36:20.660> this 00:36:20.830 --> 00:36:20.840 align:start position:0% some guy on Twitter in in this 00:36:20.840 --> 00:36:23.350 align:start position:0% some guy on Twitter in in this conversation<00:36:21.440> was<00:36:21.740> that<00:36:22.190> because<00:36:22.490> maker<00:36:23.000> will 00:36:23.350 --> 00:36:23.360 align:start position:0% conversation was that because maker will 00:36:23.360 --> 00:36:25.420 align:start position:0% conversation was that because maker will support<00:36:23.780> synthetic<00:36:24.500> assets<00:36:24.800> anyway<00:36:25.100> right<00:36:25.280> so 00:36:25.420 --> 00:36:25.430 align:start position:0% support synthetic assets anyway right so 00:36:25.430 --> 00:36:27.340 align:start position:0% support synthetic assets anyway right so they'll<00:36:25.550> also<00:36:25.730> be<00:36:25.940> like<00:36:26.090> a<00:36:26.120> euro<00:36:26.480> stable<00:36:27.200> kind 00:36:27.340 --> 00:36:27.350 align:start position:0% they'll also be like a euro stable kind 00:36:27.350 --> 00:36:30.370 align:start position:0% they'll also be like a euro stable kind and<00:36:28.060> makers<00:36:29.060> revenants<00:36:29.420> can<00:36:29.600> actually<00:36:30.140> create 00:36:30.370 --> 00:36:30.380 align:start position:0% and makers revenants can actually create 00:36:30.380 --> 00:36:31.960 align:start position:0% and makers revenants can actually create whatever<00:36:30.860> kind<00:36:31.040> of<00:36:31.310> synthetic<00:36:31.460> asset<00:36:31.880> they 00:36:31.960 --> 00:36:31.970 align:start position:0% whatever kind of synthetic asset they 00:36:31.970 --> 00:36:34.480 align:start position:0% whatever kind of synthetic asset they want<00:36:32.150> that<00:36:33.050> means<00:36:33.260> they<00:36:33.440> could<00:36:33.590> also<00:36:33.770> create<00:36:34.040> a 00:36:34.480 --> 00:36:34.490 align:start position:0% want that means they could also create a 00:36:34.490 --> 00:36:36.370 align:start position:0% want that means they could also create a new<00:36:34.520> asset<00:36:35.240> so<00:36:35.570> like<00:36:35.690> a<00:36:35.720> new<00:36:36.020> single 00:36:36.370 --> 00:36:36.380 align:start position:0% new asset so like a new single 00:36:36.380 --> 00:36:39.820 align:start position:0% new asset so like a new single collateral<00:36:36.680> die<00:36:37.010> which<00:36:37.820> is<00:36:37.850> NI<00:36:38.150> like<00:36:38.840> right 00:36:39.820 --> 00:36:39.830 align:start position:0% collateral die which is NI like right 00:36:39.830 --> 00:36:41.770 align:start position:0% collateral die which is NI like right now<00:36:39.980> I<00:36:40.010> refer<00:36:40.370> status<00:36:40.670> a<00:36:40.790> purely<00:36:41.150> died<00:36:41.450> right 00:36:41.770 --> 00:36:41.780 align:start position:0% now I refer status a purely died right 00:36:41.780 --> 00:36:43.990 align:start position:0% now I refer status a purely died right so<00:36:41.930> like<00:36:42.080> an<00:36:42.200> like<00:36:43.130> a<00:36:43.190> new<00:36:43.430> stable<00:36:43.670> point 00:36:43.990 --> 00:36:44.000 align:start position:0% so like an like a new stable point 00:36:44.000 --> 00:36:46.720 align:start position:0% so like an like a new stable point that's<00:36:44.210> backed<00:36:44.480> only<00:36:44.660> by<00:36:44.810> eath<00:36:45.220> but<00:36:46.220> using<00:36:46.610> the 00:36:46.720 --> 00:36:46.730 align:start position:0% that's backed only by eath but using the 00:36:46.730 --> 00:36:48.550 align:start position:0% that's backed only by eath but using the multiple<00:36:47.120> level<00:36:47.420> type<00:36:47.570> framework<00:36:48.140> so<00:36:48.290> it<00:36:48.410> has 00:36:48.550 --> 00:36:48.560 align:start position:0% multiple level type framework so it has 00:36:48.560 --> 00:36:50.380 align:start position:0% multiple level type framework so it has all<00:36:48.800> those<00:36:48.950> advantages<00:36:49.280> of<00:36:49.610> security<00:36:50.270> and 00:36:50.380 --> 00:36:50.390 align:start position:0% all those advantages of security and 00:36:50.390 --> 00:36:51.700 align:start position:0% all those advantages of security and also<00:36:50.720> something<00:36:50.930> like<00:36:51.170> that<00:36:51.380> you<00:36:51.500> know<00:36:51.590> the 00:36:51.700 --> 00:36:51.710 align:start position:0% also something like that you know the 00:36:51.710 --> 00:36:54.250 align:start position:0% also something like that you know the die<00:36:51.860> savings<00:36:52.250> rate<00:36:52.490> and<00:36:52.700> that's<00:36:53.210> kind<00:36:53.390> of<00:36:53.420> easy 00:36:54.250 --> 00:36:54.260 align:start position:0% die savings rate and that's kind of easy 00:36:54.260 --> 00:36:56.700 align:start position:0% die savings rate and that's kind of easy and<00:36:54.470> I'm<00:36:54.530> like<00:36:54.680> the<00:36:55.190> full<00:36:55.670> set<00:36:56.060> of<00:36:56.090> features 00:36:56.700 --> 00:36:56.710 align:start position:0% and I'm like the full set of features 00:36:56.710 --> 00:36:59.260 align:start position:0% and I'm like the full set of features and<00:36:57.710> so<00:36:57.980> I<00:36:58.010> think<00:36:58.130> that<00:36:58.460> if<00:36:58.850> they're<00:36:59.060> really 00:36:59.260 --> 00:36:59.270 align:start position:0% and so I think that if they're really 00:36:59.270 --> 00:37:01.330 align:start position:0% and so I think that if they're really turns<00:37:00.230> out<00:37:00.380> to<00:37:00.500> be<00:37:00.620> a<00:37:00.650> critical<00:37:01.040> mass<00:37:01.160> of 00:37:01.330 --> 00:37:01.340 align:start position:0% turns out to be a critical mass of 00:37:01.340 --> 00:37:04.660 align:start position:0% turns out to be a critical mass of demand<00:37:01.640> for<00:37:01.850> that<00:37:01.930> then<00:37:02.930> it'll<00:37:03.560> be<00:37:03.770> trivially 00:37:04.660 --> 00:37:04.670 align:start position:0% demand for that then it'll be trivially 00:37:04.670 --> 00:37:08.380 align:start position:0% demand for that then it'll be trivially easy<00:37:04.730> for<00:37:05.480> maker<00:37:05.630> governance<00:37:06.140> to<00:37:06.860> like<00:37:07.580> create 00:37:08.380 --> 00:37:08.390 align:start position:0% easy for maker governance to like create 00:37:08.390 --> 00:37:10.900 align:start position:0% easy for maker governance to like create a<00:37:08.450> follow-up<00:37:08.870> single<00:37:09.410> a<00:37:09.470> little<00:37:09.680> die<00:37:09.800> and<00:37:10.040> then 00:37:10.900 --> 00:37:10.910 align:start position:0% a follow-up single a little die and then 00:37:10.910 --> 00:37:12.370 align:start position:0% a follow-up single a little die and then another<00:37:11.300> thing<00:37:11.510> to<00:37:11.600> consider<00:37:11.690> is<00:37:12.020> a<00:37:12.050> single 00:37:12.370 --> 00:37:12.380 align:start position:0% another thing to consider is a single 00:37:12.380 --> 00:37:14.110 align:start position:0% another thing to consider is a single titled<00:37:12.650> I<00:37:12.770> will<00:37:13.070> actually<00:37:13.430> continue<00:37:13.700> to<00:37:13.850> run 00:37:14.110 --> 00:37:14.120 align:start position:0% titled I will actually continue to run 00:37:14.120 --> 00:37:17.080 align:start position:0% titled I will actually continue to run in<00:37:14.300> the<00:37:14.390> background<00:37:14.600> for<00:37:15.050> quite<00:37:15.290> a<00:37:15.320> while<00:37:16.090> even 00:37:17.080 --> 00:37:17.090 align:start position:0% in the background for quite a while even 00:37:17.090 --> 00:37:19.510 align:start position:0% in the background for quite a while even after<00:37:17.390> multi-level<00:37:18.080> buy<00:37:18.230> launches<00:37:18.620> although 00:37:19.510 --> 00:37:19.520 align:start position:0% after multi-level buy launches although 00:37:19.520 --> 00:37:20.800 align:start position:0% after multi-level buy launches although much<00:37:19.730> of<00:37:19.760> liquidity<00:37:20.180> will<00:37:20.450> probably 00:37:20.800 --> 00:37:20.810 align:start position:0% much of liquidity will probably 00:37:20.810 --> 00:37:22.780 align:start position:0% much of liquidity will probably immediately<00:37:21.590> move<00:37:21.740> to<00:37:21.770> multiple<00:37:22.190> diet<00:37:22.580> like 00:37:22.780 --> 00:37:22.790 align:start position:0% immediately move to multiple diet like 00:37:22.790 --> 00:37:25.360 align:start position:0% immediately move to multiple diet like it's<00:37:22.910> not<00:37:23.090> gonna<00:37:23.300> be<00:37:24.040> forcefully<00:37:25.040> go<00:37:25.190> away 00:37:25.360 --> 00:37:25.370 align:start position:0% it's not gonna be forcefully go away 00:37:25.370 --> 00:37:27.940 align:start position:0% it's not gonna be forcefully go away immediately<00:37:25.780> so<00:37:26.780> they<00:37:26.900> should<00:37:27.110> like<00:37:27.620> evasion 00:37:27.940 --> 00:37:27.950 align:start position:0% immediately so they should like evasion 00:37:27.950 --> 00:37:29.830 align:start position:0% immediately so they should like evasion I<00:37:28.160> think<00:37:28.700> in<00:37:28.850> the<00:37:28.940> end<00:37:29.030> as<00:37:29.300> long<00:37:29.480> as<00:37:29.630> them 00:37:29.830 --> 00:37:29.840 align:start position:0% I think in the end as long as them 00:37:29.840 --> 00:37:32.050 align:start position:0% I think in the end as long as them there's<00:37:30.410> enough<00:37:30.740> demand<00:37:30.920> there<00:37:31.310> it'll<00:37:31.820> be 00:37:32.050 --> 00:37:32.060 align:start position:0% there's enough demand there it'll be 00:37:32.060 --> 00:37:34.510 align:start position:0% there's enough demand there it'll be possible<00:37:32.510> for<00:37:32.660> people<00:37:32.810> to<00:37:32.990> to<00:37:33.920> stay<00:37:34.190> with<00:37:34.400> the 00:37:34.510 --> 00:37:34.520 align:start position:0% possible for people to to stay with the 00:37:34.520 --> 00:37:36.820 align:start position:0% possible for people to to stay with the kind<00:37:34.730> of<00:37:34.760> stable<00:37:35.210> toy<00:37:35.420> they<00:37:35.540> want<00:37:35.720> and<00:37:36.050> if<00:37:36.410> I<00:37:36.590> if 00:37:36.820 --> 00:37:36.830 align:start position:0% kind of stable toy they want and if I if 00:37:36.830 --> 00:37:37.990 align:start position:0% kind of stable toy they want and if I if I<00:37:36.950> understand<00:37:37.340> the<00:37:37.490> way<00:37:37.580> the<00:37:37.700> system<00:37:37.730> works 00:37:37.990 --> 00:37:38.000 align:start position:0% I understand the way the system works 00:37:38.000 --> 00:37:39.700 align:start position:0% I understand the way the system works correctly<00:37:38.360> I<00:37:38.540> think<00:37:38.840> you<00:37:39.020> are<00:37:39.140> free<00:37:39.350> to<00:37:39.470> make<00:37:39.650> a 00:37:39.700 --> 00:37:39.710 align:start position:0% correctly I think you are free to make a 00:37:39.710 --> 00:37:42.040 align:start position:0% correctly I think you are free to make a proposal<00:37:40.160> to<00:37:40.580> the<00:37:40.970> maker<00:37:41.300> multi<00:37:41.660> collateral 00:37:42.040 --> 00:37:42.050 align:start position:0% proposal to the maker multi collateral 00:37:42.050 --> 00:37:43.840 align:start position:0% proposal to the maker multi collateral die<00:37:42.170> system<00:37:42.530> to<00:37:42.680> make<00:37:42.800> this<00:37:43.010> single 00:37:43.840 --> 00:37:43.850 align:start position:0% die system to make this single 00:37:43.850 --> 00:37:46.810 align:start position:0% die system to make this single collateral<00:37:44.320> based<00:37:45.320> one<00:37:45.680> so<00:37:46.130> you<00:37:46.400> know<00:37:46.490> it's 00:37:46.810 --> 00:37:46.820 align:start position:0% collateral based one so you know it's 00:37:46.820 --> 00:37:47.980 align:start position:0% collateral based one so you know it's not<00:37:46.970> something<00:37:47.270> that<00:37:47.300> you<00:37:47.540> have<00:37:47.660> to<00:37:47.690> rely<00:37:47.960> on 00:37:47.980 --> 00:37:47.990 align:start position:0% not something that you have to rely on 00:37:47.990 --> 00:37:49.480 align:start position:0% not something that you have to rely on maker<00:37:48.440> making<00:37:48.710> that<00:37:48.890> call<00:37:49.040> you<00:37:49.220> can<00:37:49.280> also 00:37:49.480 --> 00:37:49.490 align:start position:0% maker making that call you can also 00:37:49.490 --> 00:37:53.650 align:start position:0% maker making that call you can also participate<00:37:50.830> thank<00:37:51.830> you<00:37:52.300> if<00:37:53.300> there<00:37:53.450> are<00:37:53.540> any 00:37:53.650 --> 00:37:53.660 align:start position:0% participate thank you if there are any 00:37:53.660 --> 00:37:55.450 align:start position:0% participate thank you if there are any other<00:37:53.810> questions<00:37:53.870> I<00:37:54.500> guess<00:37:55.010> if<00:37:55.160> we<00:37:55.190> are 00:37:55.450 --> 00:37:55.460 align:start position:0% other questions I guess if we are 00:37:55.460 --> 00:37:57.400 align:start position:0% other questions I guess if we are simulating<00:37:56.120> a<00:37:56.180> world<00:37:56.390> where<00:37:56.690> we<00:37:56.900> are<00:37:57.080> using 00:37:57.400 --> 00:37:57.410 align:start position:0% simulating a world where we are using 00:37:57.410 --> 00:38:00.340 align:start position:0% simulating a world where we are using off<00:37:57.800> chain<00:37:58.040> assets<00:37:58.460> which<00:37:59.150> assets<00:37:59.780> would<00:38:00.050> we 00:38:00.340 --> 00:38:00.350 align:start position:0% off chain assets which assets would we 00:38:00.350 --> 00:38:03.010 align:start position:0% off chain assets which assets would we use<00:38:00.850> and<00:38:01.850> maybe<00:38:02.720> we<00:38:02.870> have<00:38:02.990> different 00:38:03.010 --> 00:38:03.020 align:start position:0% use and maybe we have different 00:38:03.020 --> 00:38:05.710 align:start position:0% use and maybe we have different perspectives<00:38:03.410> on<00:38:03.740> that<00:38:03.890> I<00:38:04.390> mean<00:38:05.390> I<00:38:05.450> think<00:38:05.510> the 00:38:05.710 --> 00:38:05.720 align:start position:0% perspectives on that I mean I think the 00:38:05.720 --> 00:38:07.720 align:start position:0% perspectives on that I mean I think the bit<00:38:05.900> like<00:38:06.170> I<00:38:06.710> think<00:38:06.980> it's<00:38:07.190> cool<00:38:07.310> to<00:38:07.400> look<00:38:07.460> at<00:38:07.580> is 00:38:07.720 --> 00:38:07.730 align:start position:0% bit like I think it's cool to look at is 00:38:07.730 --> 00:38:11.200 align:start position:0% bit like I think it's cool to look at is that<00:38:07.940> act<00:38:08.120> like<00:38:08.540> the<00:38:08.780> actual<00:38:10.060> proposals<00:38:11.060> and 00:38:11.200 --> 00:38:11.210 align:start position:0% that act like the actual proposals and 00:38:11.210 --> 00:38:14.590 align:start position:0% that act like the actual proposals and actual<00:38:11.710> like<00:38:13.270> collaborations<00:38:14.270> that<00:38:14.510> the 00:38:14.590 --> 00:38:14.600 align:start position:0% actual like collaborations that the 00:38:14.600 --> 00:38:16.570 align:start position:0% actual like collaborations that the foundation<00:38:15.110> at<00:38:15.230> least<00:38:15.440> has<00:38:15.710> been<00:38:15.740> been 00:38:16.570 --> 00:38:16.580 align:start position:0% foundation at least has been been 00:38:16.580 --> 00:38:19.750 align:start position:0% foundation at least has been been looking<00:38:16.910> at<00:38:17.060> recently<00:38:17.980> and<00:38:18.980> okay<00:38:19.310> one<00:38:19.460> really 00:38:19.750 --> 00:38:19.760 align:start position:0% looking at recently and okay one really 00:38:19.760 --> 00:38:22.420 align:start position:0% looking at recently and okay one really cool<00:38:20.210> example<00:38:20.690> is<00:38:20.750> paper<00:38:21.050> chain<00:38:21.350> so<00:38:22.130> this<00:38:22.250> is<00:38:22.400> a 00:38:22.420 --> 00:38:22.430 align:start position:0% cool example is paper chain so this is a 00:38:22.430 --> 00:38:25.090 align:start position:0% cool example is paper chain so this is a blockchain<00:38:23.150> start-up<00:38:23.660> that's<00:38:23.870> tokenizing 00:38:25.090 --> 00:38:25.100 align:start position:0% blockchain start-up that's tokenizing 00:38:25.100 --> 00:38:29.050 align:start position:0% blockchain start-up that's tokenizing royalties<00:38:25.790> for<00:38:26.360> light<00:38:27.160> like<00:38:28.160> music<00:38:28.550> artists 00:38:29.050 --> 00:38:29.060 align:start position:0% royalties for light like music artists 00:38:29.060 --> 00:38:29.470 align:start position:0% royalties for light like music artists that<00:38:29.240> are 00:38:29.470 --> 00:38:29.480 align:start position:0% that are 00:38:29.480 --> 00:38:33.190 align:start position:0% that are selling<00:38:30.230> music<00:38:30.320> and<00:38:30.619> spotify<00:38:31.810> and<00:38:32.810> they<00:38:33.020> are 00:38:33.190 --> 00:38:33.200 align:start position:0% selling music and spotify and they are 00:38:33.200 --> 00:38:36.190 align:start position:0% selling music and spotify and they are and<00:38:33.470> and<00:38:34.070> if<00:38:34.369> you're<00:38:34.520> not<00:38:34.609> like<00:38:34.790> a<00:38:34.910> really<00:38:35.900> big 00:38:36.190 --> 00:38:36.200 align:start position:0% and and if you're not like a really big 00:38:36.200 --> 00:38:39.130 align:start position:0% and and if you're not like a really big shot<00:38:37.060> musician<00:38:38.060> you<00:38:38.359> you<00:38:38.630> actually<00:38:38.960> have<00:38:39.109> a 00:38:39.130 --> 00:38:39.140 align:start position:0% shot musician you you actually have a 00:38:39.140 --> 00:38:41.079 align:start position:0% shot musician you you actually have a lot<00:38:39.320> of<00:38:39.410> issues<00:38:39.560> who<00:38:39.920> like<00:38:40.130> how<00:38:40.820> do<00:38:40.880> you<00:38:41.000> even 00:38:41.079 --> 00:38:41.089 align:start position:0% lot of issues who like how do you even 00:38:41.089 --> 00:38:43.150 align:start position:0% lot of issues who like how do you even like<00:38:41.300> finance<00:38:41.869> your<00:38:42.109> your<00:38:42.589> you<00:38:42.829> know<00:38:42.920> like 00:38:43.150 --> 00:38:43.160 align:start position:0% like finance your your you know like 00:38:43.160 --> 00:38:44.740 align:start position:0% like finance your your you know like you're<00:38:43.310> near<00:38:43.490> recording<00:38:44.089> and<00:38:44.300> all<00:38:44.420> this<00:38:44.599> stuff 00:38:44.740 --> 00:38:44.750 align:start position:0% you're near recording and all this stuff 00:38:44.750 --> 00:38:47.410 align:start position:0% you're near recording and all this stuff and<00:38:45.170> and<00:38:46.099> they<00:38:46.730> were<00:38:46.790> I<00:38:47.000> don't<00:38:47.150> think<00:38:47.300> that 00:38:47.410 --> 00:38:47.420 align:start position:0% and and they were I don't think that 00:38:47.420 --> 00:38:48.300 align:start position:0% and and they were I don't think that like<00:38:47.690> they<00:38:47.780> were<00:38:47.869> not<00:38:47.990> very<00:38:48.200> good 00:38:48.300 --> 00:38:48.310 align:start position:0% like they were not very good 00:38:48.310 --> 00:38:51.130 align:start position:0% like they were not very good infrastructure<00:38:49.310> for<00:38:49.550> people<00:38:49.880> who<00:38:50.150> who 00:38:51.130 --> 00:38:51.140 align:start position:0% infrastructure for people who who 00:38:51.140 --> 00:38:52.780 align:start position:0% infrastructure for people who who weren't<00:38:51.320> like<00:38:51.560> at<00:38:51.710> the<00:38:51.829> very<00:38:51.950> high<00:38:52.220> level<00:38:52.250> and 00:38:52.780 --> 00:38:52.790 align:start position:0% weren't like at the very high level and 00:38:52.790 --> 00:38:54.550 align:start position:0% weren't like at the very high level and so<00:38:53.480> this<00:38:53.660> thought<00:38:53.869> I<00:38:53.900> was<00:38:54.079> trying<00:38:54.290> to<00:38:54.349> solve 00:38:54.550 --> 00:38:54.560 align:start position:0% so this thought I was trying to solve 00:38:54.560 --> 00:38:57.690 align:start position:0% so this thought I was trying to solve that<00:38:54.680> issue<00:38:54.829> by<00:38:55.300> enabling<00:38:56.300> them<00:38:56.570> to<00:38:56.630> tokenize 00:38:57.690 --> 00:38:57.700 align:start position:0% that issue by enabling them to tokenize 00:38:57.700 --> 00:39:00.250 align:start position:0% that issue by enabling them to tokenize you<00:38:58.700> know<00:38:58.790> the<00:38:58.940> claim<00:38:59.300> on<00:38:59.540> their<00:38:59.900> on<00:39:00.140> their 00:39:00.250 --> 00:39:00.260 align:start position:0% you know the claim on their on their 00:39:00.260 --> 00:39:01.839 align:start position:0% you know the claim on their on their future<00:39:00.619> royalties<00:39:00.859> for<00:39:01.430> something<00:39:01.730> like 00:39:01.839 --> 00:39:01.849 align:start position:0% future royalties for something like 00:39:01.849 --> 00:39:04.270 align:start position:0% future royalties for something like Spotify<00:39:02.150> and<00:39:02.630> and<00:39:03.380> then<00:39:03.560> this<00:39:03.740> asset<00:39:04.099> can 00:39:04.270 --> 00:39:04.280 align:start position:0% Spotify and and then this asset can 00:39:04.280 --> 00:39:06.130 align:start position:0% Spotify and and then this asset can actually<00:39:04.700> like<00:39:05.359> and<00:39:05.570> that<00:39:05.660> ain't<00:39:05.839> gonna<00:39:05.960> be 00:39:06.130 --> 00:39:06.140 align:start position:0% actually like and that ain't gonna be 00:39:06.140 --> 00:39:09.609 align:start position:0% actually like and that ain't gonna be like<00:39:06.260> it<00:39:06.380> did<00:39:06.530> so<00:39:06.740> easy<00:39:07.490> 20<00:39:07.910> token<00:39:08.270> that<00:39:08.619> will 00:39:09.609 --> 00:39:09.619 align:start position:0% like it did so easy 20 token that will 00:39:09.619 --> 00:39:14.109 align:start position:0% like it did so easy 20 token that will fit<00:39:09.859> straight<00:39:10.160> into<00:39:10.579> into<00:39:11.060> maker<00:39:11.619> and<00:39:12.910> I<00:39:13.910> think 00:39:14.109 --> 00:39:14.119 align:start position:0% fit straight into into maker and I think 00:39:14.119 --> 00:39:15.579 align:start position:0% fit straight into into maker and I think I<00:39:14.180> think<00:39:14.599> that's<00:39:14.750> like<00:39:14.900> a<00:39:14.960> really<00:39:15.349> cool 00:39:15.579 --> 00:39:15.589 align:start position:0% I think that's like a really cool 00:39:15.589 --> 00:39:18.250 align:start position:0% I think that's like a really cool example<00:39:15.770> of<00:39:16.160> like<00:39:16.310> some<00:39:16.550> very<00:39:16.900> you<00:39:17.900> know<00:39:17.930> very 00:39:18.250 --> 00:39:18.260 align:start position:0% example of like some very you know very 00:39:18.260 --> 00:39:20.890 align:start position:0% example of like some very you know very like<00:39:18.829> out<00:39:19.040> there<00:39:19.339> like<00:39:19.400> type<00:39:19.940> of<00:39:20.510> exposure 00:39:20.890 --> 00:39:20.900 align:start position:0% like out there like type of exposure 00:39:20.900 --> 00:39:23.980 align:start position:0% like out there like type of exposure then<00:39:21.290> it's<00:39:21.829> incredibly<00:39:22.310> no<00:39:23.240> it's<00:39:23.630> like<00:39:23.780> it 00:39:23.980 --> 00:39:23.990 align:start position:0% then it's incredibly no it's like it 00:39:23.990 --> 00:39:26.140 align:start position:0% then it's incredibly no it's like it creates<00:39:24.470> a<00:39:24.710> lot<00:39:24.980> of<00:39:25.099> diversity<00:39:25.460> of<00:39:25.820> is<00:39:25.970> the 00:39:26.140 --> 00:39:26.150 align:start position:0% creates a lot of diversity of is the 00:39:26.150 --> 00:39:27.970 align:start position:0% creates a lot of diversity of is the compared<00:39:26.780> to<00:39:26.900> something<00:39:27.079> like<00:39:27.200> just<00:39:27.740> having 00:39:27.970 --> 00:39:27.980 align:start position:0% compared to something like just having 00:39:27.980 --> 00:39:29.440 align:start position:0% compared to something like just having it<00:39:28.070> all<00:39:28.160> be<00:39:28.310> real<00:39:28.520> estate<00:39:28.849> or<00:39:29.030> having<00:39:29.240> it<00:39:29.329> all 00:39:29.440 --> 00:39:29.450 align:start position:0% it all be real estate or having it all 00:39:29.450 --> 00:39:32.339 align:start position:0% it all be real estate or having it all be<00:39:29.570> crypto<00:39:29.930> but<00:39:30.250> then<00:39:31.250> beyond<00:39:31.520> that<00:39:31.609> I<00:39:31.849> mean 00:39:32.339 --> 00:39:32.349 align:start position:0% be crypto but then beyond that I mean 00:39:32.349 --> 00:39:34.569 align:start position:0% be crypto but then beyond that I mean real<00:39:33.349> estate<00:39:33.650> there's<00:39:33.890> there's<00:39:34.220> several 00:39:34.569 --> 00:39:34.579 align:start position:0% real estate there's there's several 00:39:34.579 --> 00:39:36.490 align:start position:0% real estate there's there's several startup<00:39:35.510> sort<00:39:35.720> of<00:39:35.780> trying<00:39:35.990> to<00:39:36.020> figure<00:39:36.079> out<00:39:36.290> how 00:39:36.490 --> 00:39:36.500 align:start position:0% startup sort of trying to figure out how 00:39:36.500 --> 00:39:38.740 align:start position:0% startup sort of trying to figure out how to<00:39:36.560> get<00:39:36.740> how<00:39:37.550> like<00:39:37.760> get<00:39:37.910> real<00:39:38.089> estate<00:39:38.420> into 00:39:38.740 --> 00:39:38.750 align:start position:0% to get how like get real estate into 00:39:38.750 --> 00:39:41.230 align:start position:0% to get how like get real estate into multiple<00:39:39.109> adult<00:39:39.319> I<00:39:39.440> over<00:39:39.800> you<00:39:40.579> know<00:39:40.700> I<00:39:40.940> mean 00:39:41.230 --> 00:39:41.240 align:start position:0% multiple adult I over you know I mean 00:39:41.240 --> 00:39:42.970 align:start position:0% multiple adult I over you know I mean it's<00:39:41.390> a<00:39:41.480> large<00:39:41.660> journey<00:39:41.930> because<00:39:42.319> of<00:39:42.440> all<00:39:42.710> the 00:39:42.970 --> 00:39:42.980 align:start position:0% it's a large journey because of all the 00:39:42.980 --> 00:39:45.819 align:start position:0% it's a large journey because of all the regulation<00:39:43.460> that's<00:39:43.609> involved<00:39:44.030> of<00:39:44.119> course<00:39:44.829> and 00:39:45.819 --> 00:39:45.829 align:start position:0% regulation that's involved of course and 00:39:45.829 --> 00:39:49.380 align:start position:0% regulation that's involved of course and the<00:39:46.069> same<00:39:46.310> goes<00:39:46.609> for<00:39:47.619> for<00:39:48.619> trade<00:39:48.829> finance<00:39:49.220> and 00:39:49.380 --> 00:39:49.390 align:start position:0% the same goes for for trade finance and 00:39:49.390 --> 00:39:51.940 align:start position:0% the same goes for for trade finance and there's<00:39:50.390> actually<00:39:50.780> also<00:39:50.930> anything<00:39:51.500> is<00:39:51.710> pretty 00:39:51.940 --> 00:39:51.950 align:start position:0% there's actually also anything is pretty 00:39:51.950 --> 00:39:54.849 align:start position:0% there's actually also anything is pretty cool<00:39:52.040> is<00:39:52.220> like<00:39:52.400> fluidity<00:39:53.030> the<00:39:53.420> creators<00:39:54.050> of<00:39:54.260> s 00:39:54.849 --> 00:39:54.859 align:start position:0% cool is like fluidity the creators of s 00:39:54.859 --> 00:39:56.650 align:start position:0% cool is like fluidity the creators of s well<00:39:55.160> they<00:39:55.790> have<00:39:55.910> completely<00:39:56.390> unknown 00:39:56.650 --> 00:39:56.660 align:start position:0% well they have completely unknown 00:39:56.660 --> 00:39:59.020 align:start position:0% well they have completely unknown without<00:39:56.930> any<00:39:57.290> sort<00:39:57.589> of<00:39:57.619> like<00:39:58.490> without<00:39:58.640> ends<00:39:58.940> of 00:39:59.020 --> 00:39:59.030 align:start position:0% without any sort of like without ends of 00:39:59.030 --> 00:40:01.210 align:start position:0% without any sort of like without ends of collaboration<00:39:59.660> involvement<00:40:00.170> from<00:40:00.380> the<00:40:00.560> media 00:40:01.210 --> 00:40:01.220 align:start position:0% collaboration involvement from the media 00:40:01.220 --> 00:40:03.520 align:start position:0% collaboration involvement from the media foundation<00:40:01.630> create<00:40:02.630> their<00:40:02.810> own<00:40:02.839> like<00:40:03.380> the 00:40:03.520 --> 00:40:03.530 align:start position:0% foundation create their own like the 00:40:03.530 --> 00:40:06.160 align:start position:0% foundation create their own like the whole<00:40:03.710> like<00:40:03.950> own<00:40:04.220> step<00:40:04.640> and<00:40:04.910> and<00:40:05.300> proposal<00:40:05.960> and 00:40:06.160 --> 00:40:06.170 align:start position:0% whole like own step and and proposal and 00:40:06.170 --> 00:40:08.319 align:start position:0% whole like own step and and proposal and kind<00:40:06.349> of<00:40:06.380> like<00:40:06.530> approach<00:40:06.920> of<00:40:07.250> how<00:40:07.940> they<00:40:08.089> want 00:40:08.319 --> 00:40:08.329 align:start position:0% kind of like approach of how they want 00:40:08.329 --> 00:40:11.200 align:start position:0% kind of like approach of how they want to<00:40:08.390> introduce<00:40:08.890> t-bills<00:40:09.890> s<00:40:10.280> collateral 00:40:11.200 --> 00:40:11.210 align:start position:0% to introduce t-bills s collateral 00:40:11.210 --> 00:40:13.809 align:start position:0% to introduce t-bills s collateral especially<00:40:12.079> in<00:40:12.260> order<00:40:12.500> to<00:40:12.650> like<00:40:12.829> generate 00:40:13.809 --> 00:40:13.819 align:start position:0% especially in order to like generate 00:40:13.819 --> 00:40:16.960 align:start position:0% especially in order to like generate sufficient<00:40:14.060> liquidity<00:40:14.560> for<00:40:15.560> dialing<00:40:16.040> enabled 00:40:16.960 --> 00:40:16.970 align:start position:0% sufficient liquidity for dialing enabled 00:40:16.970 --> 00:40:19.300 align:start position:0% sufficient liquidity for dialing enabled it<00:40:17.060> to<00:40:17.089> like<00:40:17.359> scale<00:40:17.839> in<00:40:18.230> a<00:40:18.470> much<00:40:18.619> more<00:40:18.859> elastic 00:40:19.300 --> 00:40:19.310 align:start position:0% it to like scale in a much more elastic 00:40:19.310 --> 00:40:21.370 align:start position:0% it to like scale in a much more elastic fashion<00:40:19.730> when<00:40:19.940> there's<00:40:20.119> like<00:40:20.270> big<00:40:20.480> swings<00:40:21.230> in 00:40:21.370 --> 00:40:21.380 align:start position:0% fashion when there's like big swings in 00:40:21.380 --> 00:40:23.589 align:start position:0% fashion when there's like big swings in the<00:40:21.440> market<00:40:21.470> right<00:40:22.240> that's<00:40:23.240> really<00:40:23.420> just 00:40:23.589 --> 00:40:23.599 align:start position:0% the market right that's really just 00:40:23.599 --> 00:40:24.790 align:start position:0% the market right that's really just think<00:40:23.750> then<00:40:23.900> did<00:40:24.079> you<00:40:24.109> have<00:40:24.349> them<00:40:24.530> just<00:40:24.680> like 00:40:24.790 --> 00:40:24.800 align:start position:0% think then did you have them just like 00:40:24.800 --> 00:40:28.300 align:start position:0% think then did you have them just like that<00:40:24.950> yeah<00:40:25.490> so<00:40:25.670> I<00:40:25.700> mean<00:40:25.880> I<00:40:26.030> I<00:40:26.060> think<00:40:27.310> real 00:40:28.300 --> 00:40:28.310 align:start position:0% that yeah so I mean I I think real 00:40:28.310 --> 00:40:29.950 align:start position:0% that yeah so I mean I I think real estate<00:40:28.369> I<00:40:28.550> certainly<00:40:28.819> see<00:40:29.060> the<00:40:29.180> demand<00:40:29.510> for 00:40:29.950 --> 00:40:29.960 align:start position:0% estate I certainly see the demand for 00:40:29.960 --> 00:40:33.160 align:start position:0% estate I certainly see the demand for borrowing<00:40:30.410> against<00:40:30.710> real<00:40:30.920> estate<00:40:31.250> but<00:40:31.760> I<00:40:32.170> I 00:40:33.160 --> 00:40:33.170 align:start position:0% borrowing against real estate but I I 00:40:33.170 --> 00:40:35.349 align:start position:0% borrowing against real estate but I I think<00:40:33.710> you<00:40:33.770> know<00:40:34.040> there's<00:40:34.190> very<00:40:34.339> clear<00:40:34.790> sort 00:40:35.349 --> 00:40:35.359 align:start position:0% think you know there's very clear sort 00:40:35.359 --> 00:40:37.390 align:start position:0% think you know there's very clear sort of<00:40:35.420> like<00:40:35.540> systemic<00:40:35.930> risks<00:40:36.260> around<00:40:36.920> it<00:40:37.160> and<00:40:37.280> in 00:40:37.390 --> 00:40:37.400 align:start position:0% of like systemic risks around it and in 00:40:37.400 --> 00:40:39.010 align:start position:0% of like systemic risks around it and in fact<00:40:37.520> I<00:40:37.790> think<00:40:37.880> like<00:40:38.150> you<00:40:38.329> know<00:40:38.540> practically 00:40:39.010 --> 00:40:39.020 align:start position:0% fact I think like you know practically 00:40:39.020 --> 00:40:40.990 align:start position:0% fact I think like you know practically every<00:40:39.380> credit<00:40:40.069> crisis<00:40:40.400> ever<00:40:40.550> has<00:40:40.760> all<00:40:40.910> that 00:40:40.990 --> 00:40:41.000 align:start position:0% every credit crisis ever has all that 00:40:41.000 --> 00:40:42.190 align:start position:0% every credit crisis ever has all that has<00:40:41.089> been<00:40:41.210> driven<00:40:41.359> by<00:40:41.630> some<00:40:41.869> kind<00:40:41.990> of<00:40:42.079> real 00:40:42.190 --> 00:40:42.200 align:start position:0% has been driven by some kind of real 00:40:42.200 --> 00:40:42.520 align:start position:0% has been driven by some kind of real estate 00:40:42.520 --> 00:40:42.530 align:start position:0% estate 00:40:42.530 --> 00:40:44.110 align:start position:0% estate bubbling<00:40:42.860> firing<00:40:43.430> again<00:40:43.610> some<00:40:43.760> leverage<00:40:44.000> in 00:40:44.110 --> 00:40:44.120 align:start position:0% bubbling firing again some leverage in 00:40:44.120 --> 00:40:46.890 align:start position:0% bubbling firing again some leverage in real<00:40:44.270> estate<00:40:44.650> and<00:40:45.650> so<00:40:46.220> I<00:40:46.250> think<00:40:46.430> I<00:40:46.490> think<00:40:46.640> I 00:40:46.890 --> 00:40:46.900 align:start position:0% real estate and so I think I think I 00:40:46.900 --> 00:40:50.560 align:start position:0% real estate and so I think I think I think<00:40:47.900> there's<00:40:48.290> that<00:40:48.380> risk<00:40:49.000> and<00:40:50.000> I<00:40:50.030> understand 00:40:50.560 --> 00:40:50.570 align:start position:0% think there's that risk and I understand 00:40:50.570 --> 00:40:52.240 align:start position:0% think there's that risk and I understand the<00:40:50.660> points<00:40:50.840> about<00:40:51.050> about<00:40:51.530> diversification 00:40:52.240 --> 00:40:52.250 align:start position:0% the points about about diversification 00:40:52.250 --> 00:40:54.220 align:start position:0% the points about about diversification but<00:40:52.400> ultimately<00:40:52.790> like<00:40:53.060> quite<00:40:53.750> often<00:40:53.930> when 00:40:54.220 --> 00:40:54.230 align:start position:0% but ultimately like quite often when 00:40:54.230 --> 00:40:56.920 align:start position:0% but ultimately like quite often when such<00:40:54.500> a<00:40:54.560> crisis<00:40:54.860> happens<00:40:55.480> it<00:40:56.480> hits<00:40:56.660> the<00:40:56.780> whole 00:40:56.920 --> 00:40:56.930 align:start position:0% such a crisis happens it hits the whole 00:40:56.930 --> 00:40:58.630 align:start position:0% such a crisis happens it hits the whole sector<00:40:57.170> hits<00:40:58.070> everything 00:40:58.630 --> 00:40:58.640 align:start position:0% sector hits everything 00:40:58.640 --> 00:41:00.400 align:start position:0% sector hits everything what<00:40:59.060> weirdly<00:40:59.510> enough<00:40:59.720> I<00:40:59.900> think<00:40:59.960> the<00:41:00.140> ailing 00:41:00.400 --> 00:41:00.410 align:start position:0% what weirdly enough I think the ailing 00:41:00.410 --> 00:41:02.170 align:start position:0% what weirdly enough I think the ailing like<00:41:00.650> when<00:41:01.400> you<00:41:01.520> if<00:41:01.640> you<00:41:01.730> if<00:41:01.970> you<00:41:02.030> actually 00:41:02.170 --> 00:41:02.180 align:start position:0% like when you if you if you actually 00:41:02.180 --> 00:41:05.440 align:start position:0% like when you if you if you actually just<00:41:02.360> are<00:41:02.810> tied<00:41:03.050> to<00:41:03.260> an<00:41:03.620> asset<00:41:03.860> like<00:41:04.010> either<00:41:04.450> I 00:41:05.440 --> 00:41:05.450 align:start position:0% just are tied to an asset like either I 00:41:05.450 --> 00:41:07.210 align:start position:0% just are tied to an asset like either I think<00:41:06.170> we've<00:41:06.260> seen<00:41:06.470> that<00:41:06.530> even<00:41:06.740> the<00:41:06.980> sort<00:41:07.130> of<00:41:07.190> a 00:41:07.210 --> 00:41:07.220 align:start position:0% think we've seen that even the sort of a 00:41:07.220 --> 00:41:08.710 align:start position:0% think we've seen that even the sort of a dramatic<00:41:07.310> fall<00:41:07.880> in<00:41:08.000> the<00:41:08.090> price<00:41:08.180> of<00:41:08.270> ether<00:41:08.600> over 00:41:08.710 --> 00:41:08.720 align:start position:0% dramatic fall in the price of ether over 00:41:08.720 --> 00:41:10.300 align:start position:0% dramatic fall in the price of ether over the<00:41:08.810> course<00:41:08.960> of<00:41:09.020> a<00:41:09.110> year<00:41:09.140> was<00:41:09.500> it<00:41:09.980> was<00:41:10.070> it<00:41:10.190> was 00:41:10.300 --> 00:41:10.310 align:start position:0% the course of a year was it was it was 00:41:10.310 --> 00:41:11.410 align:start position:0% the course of a year was it was it was perfectly<00:41:10.550> fine<00:41:10.640> for<00:41:10.760> a<00:41:10.940> single<00:41:11.300> collateral 00:41:11.410 --> 00:41:11.420 align:start position:0% perfectly fine for a single collateral 00:41:11.420 --> 00:41:12.040 align:start position:0% perfectly fine for a single collateral die 00:41:12.040 --> 00:41:12.050 align:start position:0% die 00:41:12.050 --> 00:41:15.820 align:start position:0% die I<00:41:13.000> don't<00:41:14.000> yeah<00:41:14.240> I<00:41:14.300> think<00:41:14.570> I<00:41:14.960> don't<00:41:15.530> think<00:41:15.740> we've 00:41:15.820 --> 00:41:15.830 align:start position:0% I don't yeah I think I don't think we've 00:41:15.830 --> 00:41:17.470 align:start position:0% I don't yeah I think I don't think we've ever<00:41:15.890> seen<00:41:16.190> a<00:41:16.250> case<00:41:16.550> where<00:41:16.580> you've<00:41:17.120> had<00:41:17.240> like<00:41:17.450> a 00:41:17.470 --> 00:41:17.480 align:start position:0% ever seen a case where you've had like a 00:41:17.480 --> 00:41:19.870 align:start position:0% ever seen a case where you've had like a commodity<00:41:17.780> of<00:41:18.230> Model<00:41:19.070> T<00:41:19.130> crash<00:41:19.340> like<00:41:19.700> that 00:41:19.870 --> 00:41:19.880 align:start position:0% commodity of Model T crash like that 00:41:19.880 --> 00:41:23.260 align:start position:0% commodity of Model T crash like that fast<00:41:20.090> or<00:41:20.300> having<00:41:20.480> a<00:41:20.560> crisis<00:41:21.560> or<00:41:21.650> a<00:41:21.710> or<00:41:22.190> a<00:41:22.310> boom 00:41:23.260 --> 00:41:23.270 align:start position:0% fast or having a crisis or a or a boom 00:41:23.270 --> 00:41:26.020 align:start position:0% fast or having a crisis or a or a boom or<00:41:23.510> a<00:41:23.570> bubble<00:41:24.070> driven<00:41:25.070> just<00:41:25.100> by<00:41:25.340> like<00:41:25.580> a<00:41:25.730> single 00:41:26.020 --> 00:41:26.030 align:start position:0% or a bubble driven just by like a single 00:41:26.030 --> 00:41:28.590 align:start position:0% or a bubble driven just by like a single commodity<00:41:26.210> as<00:41:26.480> Christ<00:41:26.750> and<00:41:26.990> sorry<00:41:27.440> that's 00:41:28.590 --> 00:41:28.600 align:start position:0% commodity as Christ and sorry that's 00:41:28.600 --> 00:41:31.410 align:start position:0% commodity as Christ and sorry that's part<00:41:29.600> of<00:41:29.630> I<00:41:29.690> suppose<00:41:29.870> my<00:41:29.990> argument<00:41:30.290> for<00:41:30.380> why<00:41:30.470> I 00:41:31.410 --> 00:41:31.420 align:start position:0% part of I suppose my argument for why I 00:41:31.420 --> 00:41:34.600 align:start position:0% part of I suppose my argument for why I sort<00:41:32.420> of<00:41:32.480> arguably<00:41:33.350> not<00:41:34.040> the<00:41:34.130> first<00:41:34.280> fine<00:41:34.460> at 00:41:34.600 --> 00:41:34.610 align:start position:0% sort of arguably not the first fine at 00:41:34.610 --> 00:41:36.730 align:start position:0% sort of arguably not the first fine at all<00:41:34.700> makes<00:41:34.910> more<00:41:35.030> sense<00:41:35.300> from<00:41:36.080> retrospective 00:41:36.730 --> 00:41:36.740 align:start position:0% all makes more sense from retrospective 00:41:36.740 --> 00:41:39.330 align:start position:0% all makes more sense from retrospective yeah<00:41:37.550> and<00:41:37.940> I<00:41:38.210> think<00:41:38.390> it's<00:41:38.480> a<00:41:38.540> good<00:41:38.690> point<00:41:38.870> that 00:41:39.330 --> 00:41:39.340 align:start position:0% yeah and I think it's a good point that 00:41:39.340 --> 00:41:42.760 align:start position:0% yeah and I think it's a good point that most<00:41:40.840> credit<00:41:41.840> bubbles<00:41:42.170> in<00:41:42.260> the<00:41:42.320> past<00:41:42.590> have 00:41:42.760 --> 00:41:42.770 align:start position:0% most credit bubbles in the past have 00:41:42.770 --> 00:41:44.890 align:start position:0% most credit bubbles in the past have been<00:41:42.800> based<00:41:43.130> on<00:41:43.280> real<00:41:43.400> estate<00:41:43.520> and<00:41:44.060> it<00:41:44.540> I<00:41:44.750> mean 00:41:44.890 --> 00:41:44.900 align:start position:0% been based on real estate and it I mean 00:41:44.900 --> 00:41:45.790 align:start position:0% been based on real estate and it I mean I<00:41:45.020> also<00:41:45.200> think<00:41:45.500> what's<00:41:45.620> especially 00:41:45.790 --> 00:41:45.800 align:start position:0% I also think what's especially 00:41:45.800 --> 00:41:47.530 align:start position:0% I also think what's especially interesting<00:41:46.070> to<00:41:46.610> look<00:41:46.850> at<00:41:46.940> is<00:41:47.060> how<00:41:47.270> the 00:41:47.530 --> 00:41:47.540 align:start position:0% interesting to look at is how the 00:41:47.540 --> 00:41:49.330 align:start position:0% interesting to look at is how the financial<00:41:47.900> crisis<00:41:48.410> was<00:41:48.560> really<00:41:48.830> this<00:41:48.980> example 00:41:49.330 --> 00:41:49.340 align:start position:0% financial crisis was really this example 00:41:49.340 --> 00:41:52.330 align:start position:0% financial crisis was really this example of<00:41:49.670> like<00:41:49.880> a<00:41:50.230> crash<00:41:51.230> and<00:41:51.500> really<00:41:51.830> where<00:41:52.160> it 00:41:52.330 --> 00:41:52.340 align:start position:0% of like a crash and really where it 00:41:52.340 --> 00:41:53.710 align:start position:0% of like a crash and really where it really<00:41:52.550> you<00:41:52.940> know<00:41:52.970> it<00:41:53.150> wasn't<00:41:53.330> like<00:41:53.540> the 00:41:53.710 --> 00:41:53.720 align:start position:0% really you know it wasn't like the 00:41:53.720 --> 00:41:55.240 align:start position:0% really you know it wasn't like the theory<00:41:53.930> of<00:41:54.050> crash<00:41:54.290> to<00:41:54.470> die<00:41:54.590> survive<00:41:54.950> right<00:41:55.130> it 00:41:55.240 --> 00:41:55.250 align:start position:0% theory of crash to die survive right it 00:41:55.250 --> 00:41:58.500 align:start position:0% theory of crash to die survive right it really<00:41:55.430> was<00:41:55.640> like<00:41:55.790> a<00:41:55.970> 1<00:41:56.750> to<00:41:56.930> 0<00:41:57.200> type<00:41:57.650> of<00:41:57.740> crash 00:41:58.500 --> 00:41:58.510 align:start position:0% really was like a 1 to 0 type of crash 00:41:58.510 --> 00:42:01.030 align:start position:0% really was like a 1 to 0 type of crash but<00:41:59.510> I<00:41:59.540> mean<00:41:59.720> they're<00:42:00.170> also<00:42:00.350> examples<00:42:00.770> of 00:42:01.030 --> 00:42:01.040 align:start position:0% but I mean they're also examples of 00:42:01.040 --> 00:42:03.460 align:start position:0% but I mean they're also examples of crashes<00:42:01.520> that<00:42:02.300> had<00:42:02.720> nothing<00:42:02.870> to<00:42:03.110> do<00:42:03.200> real 00:42:03.460 --> 00:42:03.470 align:start position:0% crashes that had nothing to do real 00:42:03.470 --> 00:42:04.990 align:start position:0% crashes that had nothing to do real estate<00:42:03.530> and<00:42:04.010> I<00:42:04.100> think<00:42:04.310> the<00:42:04.400> one<00:42:04.580> that's<00:42:04.790> most 00:42:04.990 --> 00:42:05.000 align:start position:0% estate and I think the one that's most 00:42:05.000 --> 00:42:07.060 align:start position:0% estate and I think the one that's most relevant<00:42:05.150> crypto<00:42:06.050> is<00:42:06.230> obviously<00:42:06.590> the<00:42:06.710> dot-com 00:42:07.060 --> 00:42:07.070 align:start position:0% relevant crypto is obviously the dot-com 00:42:07.070 --> 00:42:10.600 align:start position:0% relevant crypto is obviously the dot-com crash<00:42:07.730> right<00:42:08.060> and<00:42:08.570> and<00:42:09.410> here<00:42:10.040> and<00:42:10.190> like<00:42:10.310> the 00:42:10.600 --> 00:42:10.610 align:start position:0% crash right and and here and like the 00:42:10.610 --> 00:42:13.600 align:start position:0% crash right and and here and like the thing<00:42:10.790> is<00:42:10.910> the<00:42:11.060> problem<00:42:11.480> with<00:42:12.070> time<00:42:13.070> to<00:42:13.280> die 00:42:13.600 --> 00:42:13.610 align:start position:0% thing is the problem with time to die 00:42:13.610 --> 00:42:15.430 align:start position:0% thing is the problem with time to die only<00:42:13.940> to<00:42:14.300> eat<00:42:14.450> and<00:42:14.480> lie<00:42:14.780> creating<00:42:15.170> a<00:42:15.230> stable 00:42:15.430 --> 00:42:15.440 align:start position:0% only to eat and lie creating a stable 00:42:15.440 --> 00:42:16.930 align:start position:0% only to eat and lie creating a stable coin<00:42:15.740> and<00:42:16.010> creating<00:42:16.280> like<00:42:16.310> a<00:42:16.430> monetary<00:42:16.820> system 00:42:16.930 --> 00:42:16.940 align:start position:0% coin and creating like a monetary system 00:42:16.940 --> 00:42:19.840 align:start position:0% coin and creating like a monetary system that's<00:42:17.300> based<00:42:17.840> only<00:42:18.230> on<00:42:18.440> like<00:42:18.680> that<00:42:18.890> you<00:42:19.700> know 00:42:19.840 --> 00:42:19.850 align:start position:0% that's based only on like that you know 00:42:19.850 --> 00:42:21.970 align:start position:0% that's based only on like that you know something<00:42:20.360> that<00:42:20.510> is<00:42:21.200> it<00:42:21.410> like<00:42:21.680> it's<00:42:21.830> a<00:42:21.860> little 00:42:21.970 --> 00:42:21.980 align:start position:0% something that is it like it's a little 00:42:21.980 --> 00:42:23.860 align:start position:0% something that is it like it's a little bit<00:42:22.100> equivalent<00:42:22.640> to<00:42:22.760> like<00:42:22.940> a<00:42:23.060> tech<00:42:23.600> stock 00:42:23.860 --> 00:42:23.870 align:start position:0% bit equivalent to like a tech stock 00:42:23.870 --> 00:42:26.680 align:start position:0% bit equivalent to like a tech stock right<00:42:24.080> like<00:42:24.290> I<00:42:24.380> mean<00:42:24.530> like<00:42:24.800> a<00:42:24.830> tech<00:42:25.700> asset 00:42:26.680 --> 00:42:26.690 align:start position:0% right like I mean like a tech asset 00:42:26.690 --> 00:42:29.050 align:start position:0% right like I mean like a tech asset right<00:42:26.980> is<00:42:27.980> that<00:42:28.310> what<00:42:28.640> you're<00:42:28.790> essentially 00:42:29.050 --> 00:42:29.060 align:start position:0% right is that what you're essentially 00:42:29.060 --> 00:42:30.970 align:start position:0% right is that what you're essentially doing<00:42:29.210> is<00:42:29.510> you're<00:42:29.660> like<00:42:29.750> taking<00:42:30.290> it<00:42:30.530> I<00:42:30.860> mean 00:42:30.970 --> 00:42:30.980 align:start position:0% doing is you're like taking it I mean 00:42:30.980 --> 00:42:33.520 align:start position:0% doing is you're like taking it I mean okay<00:42:31.550> this<00:42:31.700> is<00:42:31.760> very<00:42:32.150> very<00:42:32.330> simplified<00:42:33.170> right 00:42:33.520 --> 00:42:33.530 align:start position:0% okay this is very very simplified right 00:42:33.530 --> 00:42:35.200 align:start position:0% okay this is very very simplified right but<00:42:33.680> imagine<00:42:34.040> if<00:42:34.160> you<00:42:34.250> took<00:42:34.280> the<00:42:34.520> same<00:42:34.730> dynamic 00:42:35.200 --> 00:42:35.210 align:start position:0% but imagine if you took the same dynamic 00:42:35.210 --> 00:42:37.180 align:start position:0% but imagine if you took the same dynamic up<00:42:35.330> like<00:42:35.510> CEOs<00:42:35.960> and<00:42:36.380> derivatives<00:42:36.950> upon 00:42:37.180 --> 00:42:37.190 align:start position:0% up like CEOs and derivatives upon 00:42:37.190 --> 00:42:39.490 align:start position:0% up like CEOs and derivatives upon derivatives<00:42:37.730> upon<00:42:37.910> derivatives<00:42:38.390> that<00:42:38.600> had 00:42:39.490 --> 00:42:39.500 align:start position:0% derivatives upon derivatives that had 00:42:39.500 --> 00:42:40.930 align:start position:0% derivatives upon derivatives that had been<00:42:39.650> applied<00:42:39.920> to<00:42:40.100> real<00:42:40.280> estate<00:42:40.430> in<00:42:40.850> the 00:42:40.930 --> 00:42:40.940 align:start position:0% been applied to real estate in the 00:42:40.940 --> 00:42:43.990 align:start position:0% been applied to real estate in the financial<00:42:41.390> crisis<00:42:42.250> imagine<00:42:43.250> if<00:42:43.370> that<00:42:43.400> had 00:42:43.990 --> 00:42:44.000 align:start position:0% financial crisis imagine if that had 00:42:44.000 --> 00:42:46.030 align:start position:0% financial crisis imagine if that had somehow<00:42:44.360> been<00:42:44.690> applied<00:42:45.050> to<00:42:45.080> like<00:42:45.410> tech<00:42:45.710> stocks 00:42:46.030 --> 00:42:46.040 align:start position:0% somehow been applied to like tech stocks 00:42:46.040 --> 00:42:48.760 align:start position:0% somehow been applied to like tech stocks in<00:42:46.310> the<00:42:46.490> dot-com<00:42:46.880> bubble<00:42:47.150> right<00:42:47.530> like<00:42:48.530> because 00:42:48.760 --> 00:42:48.770 align:start position:0% in the dot-com bubble right like because 00:42:48.770 --> 00:42:51.760 align:start position:0% in the dot-com bubble right like because and<00:42:49.100> because<00:42:49.580> then<00:42:49.790> that<00:42:50.270> would<00:42:50.420> have<00:42:50.740> could 00:42:51.760 --> 00:42:51.770 align:start position:0% and because then that would have could 00:42:51.770 --> 00:42:54.160 align:start position:0% and because then that would have could husband<00:42:52.400> have<00:42:52.520> been<00:42:52.580> even<00:42:52.940> more<00:42:53.120> insane<00:42:53.750> and 00:42:54.160 --> 00:42:54.170 align:start position:0% husband have been even more insane and 00:42:54.170 --> 00:42:55.120 align:start position:0% husband have been even more insane and violent<00:42:54.650> than 00:42:55.120 --> 00:42:55.130 align:start position:0% violent than 00:42:55.130 --> 00:42:56.890 align:start position:0% violent than then<00:42:55.280> the<00:42:55.580> dot-com<00:42:56.000> bubble<00:42:56.360> already<00:42:56.720> was 00:42:56.890 --> 00:42:56.900 align:start position:0% then the dot-com bubble already was 00:42:56.900 --> 00:42:59.650 align:start position:0% then the dot-com bubble already was right<00:42:57.200> so<00:42:57.980> in<00:42:58.670> the<00:42:58.850> end<00:42:58.940> I<00:42:59.060> mean<00:42:59.180> I<00:42:59.300> think<00:42:59.360> this 00:42:59.650 --> 00:42:59.660 align:start position:0% right so in the end I mean I think this 00:42:59.660 --> 00:43:02.380 align:start position:0% right so in the end I mean I think this dynamic<00:43:00.200> of<00:43:00.320> like<00:43:00.530> and<00:43:00.920> and<00:43:01.640> well<00:43:02.090> actually<00:43:02.210> I 00:43:02.380 --> 00:43:02.390 align:start position:0% dynamic of like and and well actually I 00:43:02.390 --> 00:43:03.550 align:start position:0% dynamic of like and and well actually I think<00:43:02.480> a<00:43:02.600> really<00:43:02.750> critical<00:43:02.930> point<00:43:03.230> is<00:43:03.410> that 00:43:03.550 --> 00:43:03.560 align:start position:0% think a really critical point is that 00:43:03.560 --> 00:43:05.500 align:start position:0% think a really critical point is that like<00:43:03.680> things<00:43:04.130> only<00:43:04.370> really<00:43:04.760> go<00:43:04.850> ever<00:43:05.060> go<00:43:05.270> wrong 00:43:05.500 --> 00:43:05.510 align:start position:0% like things only really go ever go wrong 00:43:05.510 --> 00:43:08.350 align:start position:0% like things only really go ever go wrong when<00:43:05.960> Finance<00:43:06.560> kind<00:43:06.890> of<00:43:06.980> like<00:43:07.160> starts<00:43:08.030> putting 00:43:08.350 --> 00:43:08.360 align:start position:0% when Finance kind of like starts putting 00:43:08.360 --> 00:43:09.940 align:start position:0% when Finance kind of like starts putting the<00:43:08.480> cart<00:43:08.720> before<00:43:08.780> the<00:43:09.020> horse<00:43:09.110> right<00:43:09.680> and 00:43:09.940 --> 00:43:09.950 align:start position:0% the cart before the horse right and 00:43:09.950 --> 00:43:12.490 align:start position:0% the cart before the horse right and that's<00:43:10.610> the<00:43:10.790> that's<00:43:11.180> the<00:43:11.270> problem<00:43:11.660> with<00:43:12.080> with 00:43:12.490 --> 00:43:12.500 align:start position:0% that's the that's the problem with with 00:43:12.500 --> 00:43:14.410 align:start position:0% that's the that's the problem with with a<00:43:12.580> decentralized<00:43:13.580> stable<00:43:13.910> coin<00:43:14.090> or<00:43:14.270> like<00:43:14.390> a 00:43:14.410 --> 00:43:14.420 align:start position:0% a decentralized stable coin or like a 00:43:14.420 --> 00:43:15.970 align:start position:0% a decentralized stable coin or like a single<00:43:14.690> collateralized<00:43:15.290> stable<00:43:15.650> point<00:43:15.800> isn't 00:43:15.970 --> 00:43:15.980 align:start position:0% single collateralized stable point isn't 00:43:15.980 --> 00:43:20.110 align:start position:0% single collateralized stable point isn't that<00:43:17.470> it<00:43:18.470> works<00:43:18.740> great<00:43:19.040> when<00:43:19.370> eath<00:43:19.640> it's<00:43:19.940> kind 00:43:20.110 --> 00:43:20.120 align:start position:0% that it works great when eath it's kind 00:43:20.120 --> 00:43:22.960 align:start position:0% that it works great when eath it's kind of<00:43:20.150> like<00:43:20.270> driving<00:43:20.510> the<00:43:21.470> the<00:43:22.220> show<00:43:22.430> right<00:43:22.700> and 00:43:22.960 --> 00:43:22.970 align:start position:0% of like driving the the show right and 00:43:22.970 --> 00:43:24.910 align:start position:0% of like driving the the show right and like<00:43:23.390> die<00:43:23.570> is<00:43:23.630> kind<00:43:23.990> of<00:43:24.020> like<00:43:24.140> relying<00:43:24.500> on<00:43:24.680> Eve 00:43:24.910 --> 00:43:24.920 align:start position:0% like die is kind of like relying on Eve 00:43:24.920 --> 00:43:27.490 align:start position:0% like die is kind of like relying on Eve for<00:43:25.340> its<00:43:25.430> value<00:43:25.760> but<00:43:26.690> if<00:43:26.870> we<00:43:27.020> end<00:43:27.170> up<00:43:27.350> in<00:43:27.440> a 00:43:27.490 --> 00:43:27.500 align:start position:0% for its value but if we end up in a 00:43:27.500 --> 00:43:29.350 align:start position:0% for its value but if we end up in a situation<00:43:27.680> where<00:43:28.040> Eve<00:43:28.370> is<00:43:28.700> suddenly<00:43:29.060> being 00:43:29.350 --> 00:43:29.360 align:start position:0% situation where Eve is suddenly being 00:43:29.360 --> 00:43:31.660 align:start position:0% situation where Eve is suddenly being like<00:43:29.600> propped<00:43:30.410> up<00:43:30.590> by<00:43:30.620> die<00:43:30.830> because<00:43:31.370> die<00:43:31.610> is 00:43:31.660 --> 00:43:31.670 align:start position:0% like propped up by die because die is 00:43:31.670 --> 00:43:33.580 align:start position:0% like propped up by die because die is now<00:43:31.940> like<00:43:32.150> this<00:43:32.300> big<00:43:32.540> monetary<00:43:33.050> system<00:43:33.410> and 00:43:33.580 --> 00:43:33.590 align:start position:0% now like this big monetary system and 00:43:33.590 --> 00:43:36.450 align:start position:0% now like this big monetary system and it's<00:43:33.740> creating<00:43:34.190> all<00:43:34.340> this<00:43:34.550> light<00:43:35.140> it's 00:43:36.450 --> 00:43:36.460 align:start position:0% it's creating all this light it's 00:43:36.460 --> 00:43:39.430 align:start position:0% it's creating all this light it's channeling<00:43:37.460> all<00:43:37.580> this<00:43:37.700> credit<00:43:38.410> into<00:43:39.410> a 00:43:39.430 --> 00:43:39.440 align:start position:0% channeling all this credit into a 00:43:39.440 --> 00:43:41.590 align:start position:0% channeling all this credit into a theorem<00:43:39.860> and<00:43:40.010> and<00:43:40.730> that<00:43:40.940> way<00:43:41.120> you<00:43:41.180> actually 00:43:41.590 --> 00:43:41.600 align:start position:0% theorem and and that way you actually 00:43:41.600 --> 00:43:43.870 align:start position:0% theorem and and that way you actually end<00:43:41.690> up<00:43:41.750> with<00:43:41.810> it<00:43:42.350> like<00:43:42.650> with<00:43:42.830> die<00:43:43.280> driving<00:43:43.640> a 00:43:43.870 --> 00:43:43.880 align:start position:0% end up with it like with die driving a 00:43:43.880 --> 00:43:45.340 align:start position:0% end up with it like with die driving a theory<00:43:44.090> in<00:43:44.180> price<00:43:44.420> instead<00:43:44.870> of<00:43:44.990> a<00:43:45.080> theorem 00:43:45.340 --> 00:43:45.350 align:start position:0% theory in price instead of a theorem 00:43:45.350 --> 00:43:48.100 align:start position:0% theory in price instead of a theorem like<00:43:46.190> driving<00:43:46.610> or<00:43:46.850> like<00:43:47.060> or<00:43:47.330> like<00:43:47.390> stabilizing 00:43:48.100 --> 00:43:48.110 align:start position:0% like driving or like or like stabilizing 00:43:48.110 --> 00:43:51.820 align:start position:0% like driving or like or like stabilizing that<00:43:48.260> price<00:43:48.550> then<00:43:49.550> that's<00:43:49.880> when<00:43:50.230> if<00:43:51.230> the<00:43:51.290> if 00:43:51.820 --> 00:43:51.830 align:start position:0% that price then that's when if the if 00:43:51.830 --> 00:43:54.160 align:start position:0% that price then that's when if the if the<00:43:52.070> market<00:43:52.370> starts<00:43:52.640> turning<00:43:52.910> and<00:43:53.360> the<00:43:53.960> theory 00:43:54.160 --> 00:43:54.170 align:start position:0% the market starts turning and the theory 00:43:54.170 --> 00:43:56.140 align:start position:0% the market starts turning and the theory price<00:43:54.410> that's<00:43:54.680> falling<00:43:55.130> or<00:43:55.310> it<00:43:55.610> just<00:43:55.640> the<00:43:55.970> die 00:43:56.140 --> 00:43:56.150 align:start position:0% price that's falling or it just the die 00:43:56.150 --> 00:43:57.730 align:start position:0% price that's falling or it just the die supply<00:43:56.480> starts<00:43:56.720> shrinking<00:43:56.990> because<00:43:57.290> it<00:43:57.560> turns 00:43:57.730 --> 00:43:57.740 align:start position:0% supply starts shrinking because it turns 00:43:57.740 --> 00:43:58.870 align:start position:0% supply starts shrinking because it turns out<00:43:57.890> there's<00:43:58.100> a<00:43:58.190> better<00:43:58.340> stable<00:43:58.670> going<00:43:58.760> to 00:43:58.870 --> 00:43:58.880 align:start position:0% out there's a better stable going to 00:43:58.880 --> 00:44:00.490 align:start position:0% out there's a better stable going to something<00:43:59.030> with<00:43:59.180> that<00:43:59.210> that's<00:44:00.140> when<00:44:00.290> you<00:44:00.350> can 00:44:00.490 --> 00:44:00.500 align:start position:0% something with that that's when you can 00:44:00.500 --> 00:44:02.290 align:start position:0% something with that that's when you can get<00:44:00.620> what's<00:44:00.890> referred<00:44:01.640> to<00:44:01.700> as<00:44:01.790> a<00:44:01.880> death<00:44:02.120> spiral 00:44:02.290 --> 00:44:02.300 align:start position:0% get what's referred to as a death spiral 00:44:02.300 --> 00:44:06.220 align:start position:0% get what's referred to as a death spiral where<00:44:03.110> you<00:44:04.010> know<00:44:04.130> as<00:44:04.340> the<00:44:05.060> etherium<00:44:05.660> price 00:44:06.220 --> 00:44:06.230 align:start position:0% where you know as the etherium price 00:44:06.230 --> 00:44:08.620 align:start position:0% where you know as the etherium price falls<00:44:06.590> the<00:44:07.370> die<00:44:07.520> supply<00:44:07.850> shrinks<00:44:08.090> because<00:44:08.510> of 00:44:08.620 --> 00:44:08.630 align:start position:0% falls the die supply shrinks because of 00:44:08.630 --> 00:44:11.020 align:start position:0% falls the die supply shrinks because of liquidations<00:44:09.140> and<00:44:09.410> because<00:44:10.340> the<00:44:10.460> dice<00:44:10.640> like 00:44:11.020 --> 00:44:11.030 align:start position:0% liquidations and because the dice like 00:44:11.030 --> 00:44:13.210 align:start position:0% liquidations and because the dice like die<00:44:11.240> is<00:44:11.300> driving<00:44:12.020> the<00:44:12.110> eve<00:44:12.230> price<00:44:12.500> as<00:44:12.770> a<00:44:12.980> die 00:44:13.210 --> 00:44:13.220 align:start position:0% die is driving the eve price as a die 00:44:13.220 --> 00:44:15.250 align:start position:0% die is driving the eve price as a die surprise<00:44:13.580> shrinks<00:44:13.940> eath<00:44:14.540> fault<00:44:14.840> even<00:44:15.080> more 00:44:15.250 --> 00:44:15.260 align:start position:0% surprise shrinks eath fault even more 00:44:15.260 --> 00:44:17.170 align:start position:0% surprise shrinks eath fault even more and<00:44:15.650> that's<00:44:16.070> when<00:44:16.280> you<00:44:16.370> can<00:44:16.520> get<00:44:16.670> that<00:44:16.850> kind<00:44:17.030> of 00:44:17.170 --> 00:44:17.180 align:start position:0% and that's when you can get that kind of 00:44:17.180 --> 00:44:21.190 align:start position:0% and that's when you can get that kind of like<00:44:17.330> 0<00:44:17.660> like<00:44:18.050> 1<00:44:18.320> to<00:44:18.710> 0<00:44:19.780> 2007<00:44:20.780> and<00:44:20.900> where<00:44:21.020> real 00:44:21.190 --> 00:44:21.200 align:start position:0% like 0 like 1 to 0 2007 and where real 00:44:21.200 --> 00:44:23.470 align:start position:0% like 0 like 1 to 0 2007 and where real estate<00:44:21.260> turns<00:44:21.770> out<00:44:21.890> to<00:44:22.040> be<00:44:22.070> worthless<00:44:22.330> type<00:44:23.330> of 00:44:23.470 --> 00:44:23.480 align:start position:0% estate turns out to be worthless type of 00:44:23.480 --> 00:44:27.130 align:start position:0% estate turns out to be worthless type of scenario<00:44:23.960> and<00:44:24.200> again<00:44:25.210> their<00:44:26.210> I<00:44:26.240> mean<00:44:26.660> the<00:44:26.840> only 00:44:27.130 --> 00:44:27.140 align:start position:0% scenario and again their I mean the only 00:44:27.140 --> 00:44:29.800 align:start position:0% scenario and again their I mean the only known<00:44:27.620> way<00:44:27.650> to<00:44:27.830> deal<00:44:28.100> with<00:44:28.310> is<00:44:28.610> to<00:44:29.030> assume<00:44:29.750> that 00:44:29.800 --> 00:44:29.810 align:start position:0% known way to deal with is to assume that 00:44:29.810 --> 00:44:30.910 align:start position:0% known way to deal with is to assume that it'll<00:44:30.110> have<00:44:30.260> them<00:44:30.380> at<00:44:30.440> some<00:44:30.620> point 00:44:30.910 --> 00:44:30.920 align:start position:0% it'll have them at some point 00:44:30.920 --> 00:44:33.250 align:start position:0% it'll have them at some point and<00:44:31.040> diversify<00:44:31.760> as<00:44:31.850> much<00:44:32.030> as<00:44:32.180> possible<00:44:32.540> so<00:44:33.230> a 00:44:33.250 --> 00:44:33.260 align:start position:0% and diversify as much as possible so a 00:44:33.260 --> 00:44:34.930 align:start position:0% and diversify as much as possible so a happy<00:44:33.620> medium<00:44:33.950> the<00:44:34.220> way<00:44:34.310> I'm<00:44:34.400> seeing<00:44:34.610> that<00:44:34.760> is 00:44:34.930 --> 00:44:34.940 align:start position:0% happy medium the way I'm seeing that is 00:44:34.940 --> 00:44:36.520 align:start position:0% happy medium the way I'm seeing that is you<00:44:35.300> know<00:44:35.420> you<00:44:35.480> can<00:44:35.690> diversify<00:44:35.960> and<00:44:36.290> also 00:44:36.520 --> 00:44:36.530 align:start position:0% you know you can diversify and also 00:44:36.530 --> 00:44:38.080 align:start position:0% you know you can diversify and also maybe<00:44:36.650> have<00:44:36.830> on<00:44:36.980> chain<00:44:37.190> assets<00:44:37.610> when<00:44:37.790> we<00:44:37.940> can 00:44:38.080 --> 00:44:38.090 align:start position:0% maybe have on chain assets when we can 00:44:38.090 --> 00:44:41.110 align:start position:0% maybe have on chain assets when we can have<00:44:38.270> other<00:44:38.800> crypto<00:44:39.800> assets<00:44:40.310> on<00:44:40.520> aetherium<00:44:40.970> so 00:44:41.110 --> 00:44:41.120 align:start position:0% have other crypto assets on aetherium so 00:44:41.120 --> 00:44:43.090 align:start position:0% have other crypto assets on aetherium so things<00:44:41.300> like<00:44:41.420> TBT<00:44:41.900> see<00:44:42.080> once<00:44:42.680> that's<00:44:42.890> live 00:44:43.090 --> 00:44:43.100 align:start position:0% things like TBT see once that's live 00:44:43.100 --> 00:44:44.380 align:start position:0% things like TBT see once that's live that<00:44:43.340> might<00:44:43.460> be<00:44:43.550> really<00:44:43.790> interesting<00:44:44.150> to<00:44:44.270> put 00:44:44.380 --> 00:44:44.390 align:start position:0% that might be really interesting to put 00:44:44.390 --> 00:44:46.780 align:start position:0% that might be really interesting to put in<00:44:44.600> multi<00:44:44.900> collateral<00:44:45.200> die<00:44:45.350> i<00:44:46.070> think<00:44:46.460> our<00:44:46.580> time 00:44:46.780 --> 00:44:46.790 align:start position:0% in multi collateral die i think our time 00:44:46.790 --> 00:44:48.550 align:start position:0% in multi collateral die i think our time is<00:44:46.820> up<00:44:46.970> so<00:44:47.300> thank<00:44:47.750> you<00:44:47.870> all<00:44:47.990> for<00:44:48.170> joining<00:44:48.200> us 00:44:48.550 --> 00:44:48.560 align:start position:0% is up so thank you all for joining us 00:44:48.560 --> 00:44:51.610 align:start position:0% is up so thank you all for joining us this<00:44:48.800> early<00:44:49.640> morning<00:44:50.060> and<00:44:50.840> hope<00:44:51.080> you<00:44:51.260> can 00:44:51.610 --> 00:44:51.620 align:start position:0% this early morning and hope you can 00:44:51.620 --> 00:44:55.350 align:start position:0% this early morning and hope you can follow<00:44:51.920> the<00:44:52.190> multi<00:44:52.460> collateral<00:44:52.760> dark<00:44:52.940> eyes 00:44:55.350 --> 00:44:55.360 align:start position:0% 00:44:55.360 --> 00:45:05.329 align:start position:0% you 00:45:05.329 --> 00:45:05.339 align:start position:0% 00:45:05.339 --> 00:45:07.400 align:start position:0% you