WEBVTT Kind: captions Language: en 00:00:17.779 --> 00:00:24.439 align:start position:0% I'm<00:00:18.779> Dominic<00:00:19.170> as<00:00:19.980> introduced<00:00:20.910> um<00:00:22.430> so<00:00:23.449> quickly 00:00:24.439 --> 00:00:24.449 align:start position:0% I'm Dominic as introduced um so quickly 00:00:24.449 --> 00:00:25.790 align:start position:0% I'm Dominic as introduced um so quickly first<00:00:24.630> question<00:00:25.019> you<00:00:25.199> know<00:00:25.289> why<00:00:25.470> do<00:00:25.529> we<00:00:25.680> need 00:00:25.790 --> 00:00:25.800 align:start position:0% first question you know why do we need 00:00:25.800 --> 00:00:30.040 align:start position:0% first question you know why do we need synthetic<00:00:26.310> assets<00:00:27.349> synthetic<00:00:28.349> assets<00:00:28.859> are 00:00:30.040 --> 00:00:30.050 align:start position:0% synthetic assets synthetic assets are 00:00:30.050 --> 00:00:32.420 align:start position:0% synthetic assets synthetic assets are crypto<00:00:31.050> tokens<00:00:31.470> the<00:00:31.650> represent<00:00:32.070> real<00:00:32.219> world 00:00:32.420 --> 00:00:32.430 align:start position:0% crypto tokens the represent real world 00:00:32.430 --> 00:00:36.319 align:start position:0% crypto tokens the represent real world assets<00:00:32.850> like<00:00:33.059> gold<00:00:33.329> facebook<00:00:34.290> stock<00:00:35.329> pretty 00:00:36.319 --> 00:00:36.329 align:start position:0% assets like gold facebook stock pretty 00:00:36.329 --> 00:00:37.340 align:start position:0% assets like gold facebook stock pretty much<00:00:36.450> anything<00:00:36.690> that<00:00:36.899> you<00:00:36.989> see<00:00:37.140> in<00:00:37.230> the 00:00:37.340 --> 00:00:37.350 align:start position:0% much anything that you see in the 00:00:37.350 --> 00:00:39.440 align:start position:0% much anything that you see in the traditional<00:00:37.770> financial<00:00:38.010> world<00:00:38.309> and<00:00:38.610> the 00:00:39.440 --> 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trustless finance based upon small<00:00:48.149> contracts<00:00:48.890> it's<00:00:49.890> a<00:00:50.010> we<00:00:50.190> call 00:00:50.450 --> 00:00:50.460 align:start position:0% small contracts it's a we call 00:00:50.460 --> 00:00:55.639 align:start position:0% small contracts it's a we call autonomous<00:00:51.210> finance<00:00:53.780> so<00:00:54.780> next<00:00:55.110> question<00:00:55.289> what 00:00:55.639 --> 00:00:55.649 align:start position:0% autonomous finance so next question what 00:00:55.649 --> 00:01:00.349 align:start position:0% autonomous finance so next question what is<00:00:55.770> autonomous<00:00:56.370> finance<00:00:56.730> do<00:00:58.100> well<00:00:59.180> once<00:01:00.180> we 00:01:00.349 --> 00:01:00.359 align:start position:0% is autonomous finance do well once we 00:01:00.359 --> 00:01:04.070 align:start position:0% is autonomous finance do well once we have<00:01:00.390> synthetic<00:01:01.050> assets<00:01:01.559> such<00:01:02.489> as<00:01:02.550> d<00:01:03.480> google<00:01:03.840> d 00:01:04.070 --> 00:01:04.080 align:start position:0% have synthetic assets such as d google d 00:01:04.080 --> 00:01:06.710 align:start position:0% have synthetic assets such as d google d gold<00:01:04.320> we<00:01:04.920> can<00:01:05.070> obviously<00:01:05.390> unable<00:01:06.390> to 00:01:06.710 --> 00:01:06.720 align:start position:0% gold we can obviously unable to 00:01:06.720 --> 00:01:08.899 align:start position:0% gold we can obviously unable to centralize<00:01:07.110> trading<00:01:07.590> hedging<00:01:08.280> derivatives 00:01:08.899 --> 00:01:08.909 align:start position:0% centralize trading hedging derivatives 00:01:08.909 --> 00:01:11.359 align:start position:0% centralize trading hedging derivatives that<00:01:09.060> kind<00:01:09.240> of<00:01:09.299> thing<00:01:09.950> people<00:01:10.950> can<00:01:11.040> use<00:01:11.220> them 00:01:11.359 --> 00:01:11.369 align:start position:0% that kind of thing people can use them 00:01:11.369 --> 00:01:13.399 align:start position:0% that kind of thing people can use them for<00:01:11.400> saving<00:01:11.909> and<00:01:12.000> investing<00:01:12.390> and<00:01:12.600> we<00:01:13.260> can 00:01:13.399 --> 00:01:13.409 align:start position:0% for saving and investing and we can 00:01:13.409 --> 00:01:15.670 align:start position:0% for saving and investing and we can cradle<00:01:13.590> kinds<00:01:13.979> of<00:01:14.130> interesting<00:01:14.670> innovative 00:01:15.670 --> 00:01:15.680 align:start position:0% cradle kinds of interesting innovative 00:01:15.680 --> 00:01:19.999 align:start position:0% cradle kinds of interesting innovative consumer<00:01:16.680> applications<00:01:18.170> another<00:01:19.170> thing<00:01:19.979> we 00:01:19.999 --> 00:01:20.009 align:start position:0% consumer applications another thing we 00:01:20.009 --> 00:01:22.550 align:start position:0% consumer applications another thing we can<00:01:20.189> do<00:01:20.310> is<00:01:20.340> we<00:01:20.580> can<00:01:20.610> create<00:01:21.170> price<00:01:22.170> stable 00:01:22.550 --> 00:01:22.560 align:start position:0% can do is we can create price stable 00:01:22.560 --> 00:01:24.289 align:start position:0% can do is we can create price stable cribs<00:01:22.770> occurrences<00:01:23.280> so<00:01:23.520> you<00:01:23.610> might<00:01:24.060> imagine 00:01:24.289 --> 00:01:24.299 align:start position:0% cribs occurrences so you might imagine 00:01:24.299 --> 00:01:27.469 align:start position:0% cribs occurrences so you might imagine that<00:01:25.549> cryptocurrency<00:01:26.549> called<00:01:26.939> fire<00:01:27.240> was 00:01:27.469 --> 00:01:27.479 align:start position:0% that cryptocurrency called fire was 00:01:27.479 --> 00:01:30.980 align:start position:0% that cryptocurrency called fire was created<00:01:27.930> by<00:01:28.140> blending<00:01:28.409> d<00:01:29.040> gold<00:01:29.340> d<00:01:30.180> USD<00:01:30.659> that 00:01:30.980 --> 00:01:30.990 align:start position:0% created by blending d gold d USD that 00:01:30.990 --> 00:01:33.830 align:start position:0% created by blending d gold d USD that kind<00:01:31.200> of<00:01:31.259> thing<00:01:31.500> and<00:01:32.090> this<00:01:33.090> would<00:01:33.329> be<00:01:33.360> liquid 00:01:33.830 --> 00:01:33.840 align:start position:0% kind of thing and this would be liquid 00:01:33.840 --> 00:01:35.510 align:start position:0% kind of thing and this would be liquid and<00:01:34.049> it<00:01:34.320> would<00:01:34.439> be<00:01:34.530> price<00:01:34.740> stable<00:01:35.130> so<00:01:35.280> we<00:01:35.369> could 00:01:35.510 --> 00:01:35.520 align:start position:0% and it would be price stable so we could 00:01:35.520 --> 00:01:37.969 align:start position:0% and it would be price stable so we could use<00:01:35.610> it<00:01:35.759> as<00:01:36.150> a<00:01:36.210> unit<00:01:36.509> of<00:01:36.540> account<00:01:36.840> as<00:01:37.500> a<00:01:37.710> medium 00:01:37.969 --> 00:01:37.979 align:start position:0% use it as a unit of account as a medium 00:01:37.979 --> 00:01:39.649 align:start position:0% use it as a unit of account as a medium of<00:01:38.009> exchange<00:01:38.130> and<00:01:38.759> a<00:01:38.820> store<00:01:39.060> of<00:01:39.090> value<00:01:39.180> and 00:01:39.649 --> 00:01:39.659 align:start position:0% of exchange and a store of value and 00:01:39.659 --> 00:01:41.660 align:start position:0% of exchange and a store of value and that<00:01:40.439> in<00:01:40.619> turn<00:01:40.710> could<00:01:41.040> be<00:01:41.100> used<00:01:41.340> to<00:01:41.490> power 00:01:41.660 --> 00:01:41.670 align:start position:0% that in turn could be used to power 00:01:41.670 --> 00:01:43.960 align:start position:0% that in turn could be used to power other<00:01:42.119> fiduciaries<00:01:42.810> smart<00:01:43.049> contracts 00:01:43.960 --> 00:01:43.970 align:start position:0% other fiduciaries smart contracts 00:01:43.970 --> 00:01:46.310 align:start position:0% other fiduciaries smart contracts prediction<00:01:44.970> market<00:01:45.360> could<00:01:46.020> be<00:01:46.079> used<00:01:46.200> as<00:01:46.259> a 00:01:46.310 --> 00:01:46.320 align:start position:0% prediction market could be used as a 00:01:46.320 --> 00:01:48.679 align:start position:0% prediction market could be used as a prediction<00:01:46.619> market<00:01:46.979> at<00:01:47.250> collateral<00:01:47.820> for 00:01:48.679 --> 00:01:48.689 align:start position:0% prediction market at collateral for 00:01:48.689 --> 00:01:50.300 align:start position:0% prediction market at collateral for money<00:01:48.869> transfer<00:01:49.500> and<00:01:49.619> payments<00:01:49.950> that<00:01:50.070> kind<00:01:50.250> of 00:01:50.300 --> 00:01:50.310 align:start position:0% money transfer and payments that kind of 00:01:50.310 --> 00:01:55.679 align:start position:0% money transfer and payments that kind of thing<00:01:53.630> so 00:01:55.679 --> 00:01:55.689 align:start position:0% thing so 00:01:55.689 --> 00:01:57.429 align:start position:0% thing so we'll<00:01:56.689> look<00:01:56.810> at<00:01:56.930> the<00:01:56.990> kind<00:01:57.049> of<00:01:57.140> basic 00:01:57.429 --> 00:01:57.439 align:start position:0% we'll look at the kind of basic 00:01:57.439 --> 00:02:00.450 align:start position:0% we'll look at the kind of basic architecture<00:01:57.799> talking<00:01:58.070> about<00:01:59.170> you<00:02:00.170> know 00:02:00.450 --> 00:02:00.460 align:start position:0% architecture talking about you know 00:02:00.460 --> 00:02:02.889 align:start position:0% architecture talking about you know traditional<00:02:01.460> financial<00:02:01.700> assets<00:02:02.149> are<00:02:02.390> you 00:02:02.889 --> 00:02:02.899 align:start position:0% traditional financial assets are you 00:02:02.899 --> 00:02:04.810 align:start position:0% traditional financial assets are you know<00:02:03.020> underpinned<00:02:03.619> by<00:02:03.710> clearing<00:02:04.280> systems 00:02:04.810 --> 00:02:04.820 align:start position:0% know underpinned by clearing systems 00:02:04.820 --> 00:02:06.399 align:start position:0% know underpinned by clearing systems exchange<00:02:05.240> systems<00:02:05.720> the<00:02:06.020> thing<00:02:06.200> called<00:02:06.320> the 00:02:06.399 --> 00:02:06.409 align:start position:0% exchange systems the thing called the 00:02:06.409 --> 00:02:09.760 align:start position:0% exchange systems the thing called the DTCC<00:02:07.539> broker-dealers<00:02:08.539> banks<00:02:09.140> this<00:02:09.259> is<00:02:09.440> a<00:02:09.500> very 00:02:09.760 --> 00:02:09.770 align:start position:0% DTCC broker-dealers banks this is a very 00:02:09.770 --> 00:02:12.660 align:start position:0% DTCC broker-dealers banks this is a very complex<00:02:10.510> slightly<00:02:11.510> on<00:02:11.599> Tikrit<00:02:11.810> ated 00:02:12.660 --> 00:02:12.670 align:start position:0% complex slightly on Tikrit ated 00:02:12.670 --> 00:02:16.650 align:start position:0% complex slightly on Tikrit ated infrastructure<00:02:13.670> and<00:02:14.380> when<00:02:15.380> two<00:02:15.620> people 00:02:16.650 --> 00:02:16.660 align:start position:0% infrastructure and when two people 00:02:16.660 --> 00:02:20.350 align:start position:0% infrastructure and when two people transfer<00:02:17.660> or<00:02:18.319> trade<00:02:18.830> these<00:02:19.580> assets<00:02:20.030> of<00:02:20.150> course 00:02:20.350 --> 00:02:20.360 align:start position:0% transfer or trade these assets of course 00:02:20.360 --> 00:02:21.400 align:start position:0% transfer or trade these assets of course it's<00:02:20.540> going<00:02:20.720> through<00:02:20.840> a<00:02:20.930> whole<00:02:21.080> series<00:02:21.110> of 00:02:21.400 --> 00:02:21.410 align:start position:0% it's going through a whole series of 00:02:21.410 --> 00:02:23.110 align:start position:0% it's going through a whole series of middlemen<00:02:21.830> and<00:02:21.890> really<00:02:22.190> there<00:02:22.340> to<00:02:22.370> customers 00:02:23.110 --> 00:02:23.120 align:start position:0% middlemen and really there to customers 00:02:23.120 --> 00:02:25.089 align:start position:0% middlemen and really there to customers of<00:02:23.150> this<00:02:23.450> financial<00:02:23.840> system<00:02:24.380> that<00:02:24.620> are 00:02:25.089 --> 00:02:25.099 align:start position:0% of this financial system that are 00:02:25.099 --> 00:02:27.520 align:start position:0% of this financial system that are transferring<00:02:25.700> these<00:02:26.390> assets<00:02:26.780> and<00:02:26.959> what<00:02:27.410> we'd 00:02:27.520 --> 00:02:27.530 align:start position:0% transferring these assets and what we'd 00:02:27.530 --> 00:02:30.699 align:start position:0% transferring these assets and what we'd like<00:02:27.709> to<00:02:27.769> do<00:02:28.040> is<00:02:28.069> have<00:02:28.930> synthetic<00:02:29.930> versions<00:02:30.500> of 00:02:30.699 --> 00:02:30.709 align:start position:0% like to do is have synthetic versions of 00:02:30.709 --> 00:02:33.370 align:start position:0% like to do is have synthetic versions of the<00:02:31.280> real<00:02:32.120> world<00:02:32.360> financial<00:02:32.660> assets<00:02:33.080> that 00:02:33.370 --> 00:02:33.380 align:start position:0% the real world financial assets that 00:02:33.380 --> 00:02:36.880 align:start position:0% the real world financial assets that mirror<00:02:33.739> the<00:02:33.890> values<00:02:34.310> securely<00:02:35.620> but<00:02:36.620> can<00:02:36.830> be 00:02:36.880 --> 00:02:36.890 align:start position:0% mirror the values securely but can be 00:02:36.890 --> 00:02:40.180 align:start position:0% mirror the values securely but can be traded<00:02:37.100> peer-to-peer<00:02:37.400> without<00:02:38.269> middlemen<00:02:39.190> so 00:02:40.180 --> 00:02:40.190 align:start position:0% traded peer-to-peer without middlemen so 00:02:40.190 --> 00:02:42.550 align:start position:0% traded peer-to-peer without middlemen so you<00:02:41.060> know<00:02:41.180> we'd<00:02:41.690> like<00:02:41.870> to<00:02:41.959> have<00:02:42.019> a<00:02:42.110> mirror<00:02:42.319> copy 00:02:42.550 --> 00:02:42.560 align:start position:0% you know we'd like to have a mirror copy 00:02:42.560 --> 00:02:45.220 align:start position:0% you know we'd like to have a mirror copy of<00:02:42.769> all<00:02:42.920> all<00:02:43.250> of<00:02:43.280> the<00:02:43.400> major<00:02:43.750> financial<00:02:44.750> assets 00:02:45.220 --> 00:02:45.230 align:start position:0% of all all of the major financial assets 00:02:45.230 --> 00:02:49.660 align:start position:0% of all all of the major financial assets and<00:02:46.660> through<00:02:47.660> this<00:02:47.780> we<00:02:48.250> can<00:02:49.250> get<00:02:49.400> some 00:02:49.660 --> 00:02:49.670 align:start position:0% and through this we can get some 00:02:49.670 --> 00:02:51.100 align:start position:0% and through this we can get some interesting<00:02:50.150> properties<00:02:50.360> you<00:02:50.690> know<00:02:50.810> rather 00:02:51.100 --> 00:02:51.110 align:start position:0% interesting properties you know rather 00:02:51.110 --> 00:02:53.979 align:start position:0% interesting properties you know rather than<00:02:51.580> one<00:02:52.580> two<00:02:52.760> three<00:02:53.000> days<00:02:53.150> settlement<00:02:53.810> time 00:02:53.979 --> 00:02:53.989 align:start position:0% than one two three days settlement time 00:02:53.989 --> 00:02:56.140 align:start position:0% than one two three days settlement time we<00:02:54.200> might<00:02:54.560> get<00:02:54.739> 20<00:02:55.040> seconds<00:02:55.459> settle<00:02:55.880> the<00:02:55.970> time 00:02:56.140 --> 00:02:56.150 align:start position:0% we might get 20 seconds settle the time 00:02:56.150 --> 00:02:58.120 align:start position:0% we might get 20 seconds settle the time we<00:02:56.330> might<00:02:56.510> get<00:02:56.660> rid<00:02:56.840> of<00:02:57.130> commission 00:02:58.120 --> 00:02:58.130 align:start position:0% we might get rid of commission 00:02:58.130 --> 00:03:00.940 align:start position:0% we might get rid of commission completely<00:02:58.580> on<00:02:58.819> transfers<00:02:59.570> we<00:03:00.470> might<00:03:00.680> label 00:03:00.940 --> 00:03:00.950 align:start position:0% completely on transfers we might label 00:03:00.950 --> 00:03:02.890 align:start position:0% completely on transfers we might label people<00:03:01.220> to<00:03:01.400> have<00:03:01.489> fractional<00:03:01.940> assets<00:03:02.359> and 00:03:02.890 --> 00:03:02.900 align:start position:0% people to have fractional assets and 00:03:02.900 --> 00:03:04.360 align:start position:0% people to have fractional assets and even<00:03:03.260> something<00:03:03.440> like<00:03:03.560> fractional<00:03:04.070> assets 00:03:04.360 --> 00:03:04.370 align:start position:0% even something like fractional assets 00:03:04.370 --> 00:03:05.710 align:start position:0% even something like fractional assets can<00:03:04.519> be<00:03:04.549> a<00:03:04.640> really<00:03:04.820> big<00:03:04.910> deal<00:03:05.120> and<00:03:05.299> if<00:03:05.480> you<00:03:05.600> look 00:03:05.710 --> 00:03:05.720 align:start position:0% can be a really big deal and if you look 00:03:05.720 --> 00:03:08.650 align:start position:0% can be a really big deal and if you look at<00:03:05.810> a<00:03:05.840> google<00:03:06.530> stock<00:03:06.799> at<00:03:06.980> 611<00:03:07.790> look<00:03:08.359> recently 00:03:08.650 --> 00:03:08.660 align:start position:0% at a google stock at 611 look recently 00:03:08.660 --> 00:03:09.819 align:start position:0% at a google stock at 611 look recently that's<00:03:08.840> six<00:03:08.989> hundred<00:03:09.200> and<00:03:09.290> fifty<00:03:09.470> dollars<00:03:09.709> or 00:03:09.819 --> 00:03:09.829 align:start position:0% that's six hundred and fifty dollars or 00:03:09.829 --> 00:03:12.039 align:start position:0% that's six hundred and fifty dollars or something<00:03:10.160> if<00:03:11.090> you're<00:03:11.450> living<00:03:11.720> in<00:03:11.780> a<00:03:11.840> BRICS 00:03:12.039 --> 00:03:12.049 align:start position:0% something if you're living in a BRICS 00:03:12.049 --> 00:03:13.810 align:start position:0% something if you're living in a BRICS country<00:03:12.470> you<00:03:12.980> may<00:03:13.130> not<00:03:13.250> even<00:03:13.310> have<00:03:13.489> six 00:03:13.810 --> 00:03:13.820 align:start position:0% country you may not even have six 00:03:13.820 --> 00:03:15.190 align:start position:0% country you may not even have six hundred<00:03:14.060> and<00:03:14.150> fifty<00:03:14.329> dollars<00:03:14.570> to<00:03:14.660> unless<00:03:14.870> you 00:03:15.190 --> 00:03:15.200 align:start position:0% hundred and fifty dollars to unless you 00:03:15.200 --> 00:03:17.590 align:start position:0% hundred and fifty dollars to unless you perhaps<00:03:15.380> like<00:03:15.709> to<00:03:15.890> buy<00:03:16.040> you<00:03:16.579> know<00:03:16.730> no<00:03:17.269> point 00:03:17.590 --> 00:03:17.600 align:start position:0% perhaps like to buy you know no point 00:03:17.600 --> 00:03:19.960 align:start position:0% perhaps like to buy you know no point nor<00:03:18.049> five<00:03:18.620> of<00:03:18.829> a<00:03:18.920> google<00:03:19.190> stock<00:03:19.519> or<00:03:19.700> something 00:03:19.960 --> 00:03:19.970 align:start position:0% nor five of a google stock or something 00:03:19.970 --> 00:03:23.259 align:start position:0% nor five of a google stock or something like<00:03:20.060> that<00:03:20.320> i<00:03:21.549> think<00:03:22.549> other<00:03:22.700> things<00:03:22.790> too<00:03:23.090> like 00:03:23.259 --> 00:03:23.269 align:start position:0% like that i think other things too like 00:03:23.269 --> 00:03:25.479 align:start position:0% like that i think other things too like you<00:03:23.420> need<00:03:23.709> twenty-four<00:03:24.709> seven<00:03:24.859> trading<00:03:25.280> right 00:03:25.479 --> 00:03:25.489 align:start position:0% you need twenty-four seven trading right 00:03:25.489 --> 00:03:27.610 align:start position:0% you need twenty-four seven trading right i<00:03:25.519> mean<00:03:25.670> it's<00:03:26.030> if<00:03:26.930> you<00:03:27.019> have<00:03:27.109> traded<00:03:27.380> it's 00:03:27.610 --> 00:03:27.620 align:start position:0% i mean it's if you have traded it's 00:03:27.620 --> 00:03:29.550 align:start position:0% i mean it's if you have traded it's crazy<00:03:27.980> restrictive<00:03:28.579> anything<00:03:29.030> else<00:03:29.150> to<00:03:29.269> trade 00:03:29.550 --> 00:03:29.560 align:start position:0% crazy restrictive anything else to trade 00:03:29.560 --> 00:03:32.650 align:start position:0% crazy restrictive anything else to trade with<00:03:30.560> you<00:03:30.790> access<00:03:31.790> to<00:03:31.880> good<00:03:32.000> liquidity<00:03:32.180> sort 00:03:32.650 --> 00:03:32.660 align:start position:0% with you access to good liquidity sort 00:03:32.660 --> 00:03:37.900 align:start position:0% with you access to good liquidity sort of<00:03:32.720> 925<00:03:35.739> the<00:03:36.739> key<00:03:36.920> aspects<00:03:37.280> of<00:03:37.370> the<00:03:37.459> system<00:03:37.579> is 00:03:37.900 --> 00:03:37.910 align:start position:0% of 925 the key aspects of the system is 00:03:37.910 --> 00:03:41.140 align:start position:0% of 925 the key aspects of the system is that<00:03:37.940> it's<00:03:38.209> open<00:03:38.569> and<00:03:39.190> and<00:03:40.190> trust<00:03:40.760> less<00:03:40.940> and 00:03:41.140 --> 00:03:41.150 align:start position:0% that it's open and and trust less and 00:03:41.150 --> 00:03:42.699 align:start position:0% that it's open and and trust less and that<00:03:41.329> enables<00:03:41.989> permission<00:03:42.590> that's 00:03:42.699 --> 00:03:42.709 align:start position:0% that enables permission that's 00:03:42.709 --> 00:03:44.140 align:start position:0% that enables permission that's innovation<00:03:43.250> and<00:03:43.579> that's<00:03:43.790> very<00:03:44.060> very 00:03:44.140 --> 00:03:44.150 align:start position:0% innovation and that's very very 00:03:44.150 --> 00:03:46.509 align:start position:0% innovation and that's very very different<00:03:44.630> to<00:03:44.810> what<00:03:45.680> we<00:03:45.799> have<00:03:45.950> today<00:03:45.980> the 00:03:46.509 --> 00:03:46.519 align:start position:0% different to what we have today the 00:03:46.519 --> 00:03:49.930 align:start position:0% different to what we have today the current<00:03:47.329> system<00:03:47.480> is<00:03:47.780> very<00:03:48.500> restricted<00:03:49.040> it's 00:03:49.930 --> 00:03:49.940 align:start position:0% current system is very restricted it's 00:03:49.940 --> 00:03:52.780 align:start position:0% current system is very restricted it's expensive<00:03:50.269> its<00:03:50.780> hegemonic<00:03:51.310> and<00:03:52.310> you 00:03:52.780 --> 00:03:52.790 align:start position:0% expensive its hegemonic and you 00:03:52.790 --> 00:03:54.280 align:start position:0% expensive its hegemonic and you certainly<00:03:53.030> don't<00:03:53.180> have<00:03:53.480> permission<00:03:54.230> its 00:03:54.280 --> 00:03:54.290 align:start position:0% certainly don't have permission its 00:03:54.290 --> 00:03:56.229 align:start position:0% certainly don't have permission its innovation<00:03:54.799> so<00:03:55.609> the<00:03:55.730> question<00:03:56.030> is<00:03:56.090> you<00:03:56.180> know 00:03:56.229 --> 00:03:56.239 align:start position:0% innovation so the question is you know 00:03:56.239 --> 00:03:58.390 align:start position:0% innovation so the question is you know how<00:03:56.389> can<00:03:56.569> we<00:03:56.690> how<00:03:57.260> can<00:03:57.440> we<00:03:57.470> get<00:03:57.709> to<00:03:57.889> this<00:03:58.040> place 00:03:58.390 --> 00:03:58.400 align:start position:0% how can we how can we get to this place 00:03:58.400 --> 00:04:02.050 align:start position:0% how can we how can we get to this place where<00:03:58.790> people<00:03:59.120> can<00:04:00.549> truly<00:04:01.549> innovate<00:04:01.880> and 00:04:02.050 --> 00:04:02.060 align:start position:0% where people can truly innovate and 00:04:02.060 --> 00:04:04.569 align:start position:0% where people can truly innovate and provide<00:04:02.810> access<00:04:02.989> to<00:04:03.280> people<00:04:04.280> that<00:04:04.370> don't 00:04:04.569 --> 00:04:04.579 align:start position:0% provide access to people that don't 00:04:04.579 --> 00:04:07.740 align:start position:0% provide access to people that don't really<00:04:04.790> have<00:04:05.000> access<00:04:05.510> at<00:04:05.660> the<00:04:05.690> moment 00:04:07.740 --> 00:04:07.750 align:start position:0% really have access at the moment 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question is<00:04:14.680> well<00:04:14.740> how<00:04:14.890> do<00:04:15.010> we<00:04:15.160> create<00:04:15.310> these<00:04:15.520> synthetic 00:04:15.690 --> 00:04:15.700 align:start position:0% is well how do we create these synthetic 00:04:15.700 --> 00:04:18.380 align:start position:0% is well how do we create these synthetic assets<00:04:16.209> and<00:04:16.390> there<00:04:16.570> are<00:04:16.660> three<00:04:16.900> main 00:04:18.380 --> 00:04:18.390 align:start position:0% assets and there are three main 00:04:18.390 --> 00:04:21.020 align:start position:0% assets and there are three main mechanisms<00:04:19.390> for<00:04:19.690> creating<00:04:20.079> synthetic<00:04:20.290> assets 00:04:21.020 --> 00:04:21.030 align:start position:0% mechanisms for creating synthetic assets 00:04:21.030 --> 00:04:24.260 align:start position:0% mechanisms for creating synthetic assets first<00:04:22.030> one<00:04:22.180> is<00:04:22.270> colored<00:04:22.570> coins<00:04:22.750> which<00:04:23.680> is 00:04:24.260 --> 00:04:24.270 align:start position:0% first one is colored coins which is 00:04:24.270 --> 00:04:27.810 align:start position:0% first one is colored coins which is quite<00:04:25.270> widely<00:04:25.570> known<00:04:26.550> second<00:04:27.550> one<00:04:27.700> is 00:04:27.810 --> 00:04:27.820 align:start position:0% quite widely known second one is 00:04:27.820 --> 00:04:28.890 align:start position:0% quite widely known second one is cryptocurrency<00:04:28.240> collateralized 00:04:28.890 --> 00:04:28.900 align:start position:0% cryptocurrency collateralized 00:04:28.900 --> 00:04:30.630 align:start position:0% cryptocurrency collateralized instruments<00:04:29.560> and<00:04:29.740> the<00:04:29.980> third<00:04:30.130> one<00:04:30.340> is<00:04:30.430> Dow 00:04:30.630 --> 00:04:30.640 align:start position:0% instruments and the third one is Dow 00:04:30.640 --> 00:04:33.630 align:start position:0% instruments and the third one is Dow issued<00:04:31.030> assets<00:04:31.470> so<00:04:32.470> returning<00:04:32.770> to<00:04:32.920> colored 00:04:33.630 --> 00:04:33.640 align:start position:0% issued assets so returning to colored 00:04:33.640 --> 00:04:36.330 align:start position:0% issued assets so returning to colored coins<00:04:34.080> hella<00:04:35.080> coins<00:04:35.350> are<00:04:35.500> really<00:04:35.740> Berra 00:04:36.330 --> 00:04:36.340 align:start position:0% coins hella coins are really Berra 00:04:36.340 --> 00:04:39.780 align:start position:0% coins hella coins are really Berra shares<00:04:36.670> in<00:04:36.880> cryptographic<00:04:37.660> form<00:04:38.790> they're 00:04:39.780 --> 00:04:39.790 align:start position:0% shares in cryptographic form they're 00:04:39.790 --> 00:04:42.540 align:start position:0% shares in cryptographic form they're issued<00:04:40.150> by<00:04:40.360> some<00:04:41.140> company<00:04:41.590> who<00:04:41.770> promises<00:04:42.490> to 00:04:42.540 --> 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inequity 00:04:49.930 --> 00:04:52.170 align:start position:0% tether does this it could be a inequity and<00:04:50.160> of<00:04:51.160> course<00:04:51.280> this<00:04:51.370> results<00:04:51.760> in<00:04:51.850> some 00:04:52.170 --> 00:04:52.180 align:start position:0% and of course this results in some 00:04:52.180 --> 00:04:53.520 align:start position:0% and of course this results in some pretty<00:04:52.360> severe<00:04:52.810> regulatory<00:04:53.380> problems 00:04:53.520 --> 00:04:53.530 align:start position:0% pretty severe regulatory problems 00:04:53.530 --> 00:04:55.790 align:start position:0% pretty severe regulatory problems because<00:04:54.070> the<00:04:54.310> issuer<00:04:54.669> is<00:04:54.850> based<00:04:55.090> in<00:04:55.270> some 00:04:55.790 --> 00:04:55.800 align:start position:0% because the issuer is based in some 00:04:55.800 --> 00:05:00.090 align:start position:0% because the issuer is based in some jurisdiction<00:04:57.750> if<00:04:58.750> it<00:04:58.960> facilitates<00:04:59.530> exchange 00:05:00.090 --> 00:05:00.100 align:start position:0% jurisdiction if it facilitates exchange 00:05:00.100 --> 00:05:02.580 align:start position:0% jurisdiction if it facilitates exchange it<00:05:00.310> could<00:05:00.490> be<00:05:00.780> subject<00:05:01.780> to<00:05:02.020> money<00:05:02.200> transmitter 00:05:02.580 --> 00:05:02.590 align:start position:0% it could be subject to money transmitter 00:05:02.590 --> 00:05:04.590 align:start position:0% it could be subject to money transmitter laws<00:05:02.770> exchange<00:05:03.669> regulations<00:05:04.180> that<00:05:04.330> kind<00:05:04.540> of 00:05:04.590 --> 00:05:04.600 align:start position:0% laws exchange regulations that kind of 00:05:04.600 --> 00:05:06.750 align:start position:0% laws exchange regulations that kind of thing<00:05:04.840> it's<00:05:05.500> a<00:05:05.590> single<00:05:05.860> point<00:05:06.010> of<00:05:06.130> failure<00:05:06.190> do 00:05:06.750 --> 00:05:06.760 align:start position:0% thing it's a single point of failure do 00:05:06.760 --> 00:05:09.630 align:start position:0% thing it's a single point of failure do you<00:05:06.850> really<00:05:07.060> trust<00:05:07.650> this<00:05:08.650> issuing<00:05:09.130> given<00:05:09.550> them 00:05:09.630 --> 00:05:09.640 align:start position:0% you really trust this issuing given them 00:05:09.640 --> 00:05:10.890 align:start position:0% you really trust this issuing given them your<00:05:09.669> money<00:05:09.970> and<00:05:10.180> they<00:05:10.270> promise<00:05:10.570> to<00:05:10.690> pay<00:05:10.870> you 00:05:10.890 --> 00:05:10.900 align:start position:0% your money and they promise to pay you 00:05:10.900 --> 00:05:13.710 align:start position:0% your money and they promise to pay you on<00:05:11.650> demand<00:05:11.979> whatever<00:05:12.790> the<00:05:12.940> crypto<00:05:13.390> token 00:05:13.710 --> 00:05:13.720 align:start position:0% on demand whatever the crypto token 00:05:13.720 --> 00:05:15.750 align:start position:0% on demand whatever the crypto token represents<00:05:14.260> but<00:05:14.500> you're<00:05:15.190> really<00:05:15.310> trusting 00:05:15.750 --> 00:05:15.760 align:start position:0% represents but you're really trusting 00:05:15.760 --> 00:05:18.000 align:start position:0% represents but you're really trusting that<00:05:15.790> they'll<00:05:16.000> be<00:05:16.120> true<00:05:16.300> to<00:05:16.450> their<00:05:16.600> word<00:05:17.010> it's 00:05:18.000 --> 00:05:18.010 align:start position:0% that they'll be true to their word it's 00:05:18.010 --> 00:05:19.620 align:start position:0% that they'll be true to their word it's a<00:05:18.070> poor<00:05:18.370> funds<00:05:18.610> ability<00:05:19.060> often<00:05:19.330> as<00:05:19.419> well<00:05:19.600> I 00:05:19.620 --> 00:05:19.630 align:start position:0% a poor funds ability often as well I 00:05:19.630 --> 00:05:21.900 align:start position:0% a poor funds ability often as well I mean<00:05:19.870> if<00:05:20.050> you<00:05:20.140> if<00:05:20.169> you<00:05:20.650> have<00:05:20.830> a<00:05:20.860> tether<00:05:21.550> and<00:05:21.820> you 00:05:21.900 --> 00:05:21.910 align:start position:0% mean if you if you have a tether and you 00:05:21.910 --> 00:05:23.490 align:start position:0% mean if you if you have a tether and you have<00:05:22.030> a<00:05:22.060> chase<00:05:22.360> dollar<00:05:22.660> chase<00:05:23.110> of<00:05:23.290> talked 00:05:23.490 --> 00:05:23.500 align:start position:0% have a chase dollar chase of talked 00:05:23.500 --> 00:05:26.219 align:start position:0% have a chase dollar chase of talked about<00:05:23.740> creating<00:05:24.100> a<00:05:24.160> blockchain<00:05:24.960> with<00:05:25.960> with 00:05:26.219 --> 00:05:26.229 align:start position:0% about creating a blockchain with with 00:05:26.229 --> 00:05:27.780 align:start position:0% about creating a blockchain with with dollars<00:05:26.500> oh<00:05:26.590> no<00:05:26.650> these<00:05:26.860> the<00:05:27.040> same<00:05:27.220> thing<00:05:27.550> wit 00:05:27.780 --> 00:05:27.790 align:start position:0% dollars oh no these the same thing wit 00:05:27.790 --> 00:05:31.140 align:start position:0% dollars oh no these the same thing wit is<00:05:28.360> is<00:05:28.570> one<00:05:28.900> tether<00:05:29.770> equal<00:05:30.220> in<00:05:30.310> value<00:05:30.340> to<00:05:30.790> one 00:05:31.140 --> 00:05:31.150 align:start position:0% is is one tether equal in value to one 00:05:31.150 --> 00:05:33.510 align:start position:0% is is one tether equal in value to one chase<00:05:31.390> dollar<00:05:31.950> probably<00:05:32.950> not<00:05:33.070> so<00:05:33.250> you<00:05:33.340> don't 00:05:33.510 --> 00:05:33.520 align:start position:0% chase dollar probably not so you don't 00:05:33.520 --> 00:05:35.580 align:start position:0% chase dollar probably not so you don't have<00:05:33.580> funds<00:05:33.790> ability<00:05:34.150> and<00:05:35.020> press<00:05:35.200> the<00:05:35.320> biggest 00:05:35.580 --> 00:05:35.590 align:start position:0% have funds ability and press the biggest 00:05:35.590 --> 00:05:37.620 align:start position:0% have funds ability and press the biggest problem<00:05:35.890> of<00:05:35.950> all<00:05:36.070> is<00:05:36.370> that<00:05:36.400> there<00:05:37.300> are<00:05:37.330> seizure 00:05:37.620 --> 00:05:37.630 align:start position:0% problem of all is that there are seizure 00:05:37.630 --> 00:05:39.810 align:start position:0% problem of all is that there are seizure risks<00:05:38.050> because<00:05:38.470> you've<00:05:39.280> got<00:05:39.400> the<00:05:39.520> single 00:05:39.810 --> 00:05:39.820 align:start position:0% risks because you've got the single 00:05:39.820 --> 00:05:41.820 align:start position:0% risks because you've got the single company<00:05:40.120> custody<00:05:40.660> everyone's<00:05:40.960> assets<00:05:41.320> and 00:05:41.820 --> 00:05:41.830 align:start position:0% company custody everyone's assets and 00:05:41.830 --> 00:05:43.200 align:start position:0% company custody everyone's assets and you<00:05:42.010> might<00:05:42.160> imagine<00:05:42.310> that<00:05:42.580> an<00:05:42.669> agency<00:05:42.790> comes 00:05:43.200 --> 00:05:43.210 align:start position:0% you might imagine that an agency comes 00:05:43.210 --> 00:05:44.610 align:start position:0% you might imagine that an agency comes along<00:05:43.450> says<00:05:43.630> we<00:05:43.720> don't<00:05:43.780> like<00:05:43.960> this<00:05:44.080> user<00:05:44.320> can 00:05:44.610 --> 00:05:44.620 align:start position:0% along says we don't like this user can 00:05:44.620 --> 00:05:47.490 align:start position:0% along says we don't like this user can you<00:05:44.710> seize<00:05:44.979> the<00:05:45.280> gold<00:05:46.120> coin<00:05:46.419> for<00:05:46.930> example<00:05:47.350> and 00:05:47.490 --> 00:05:47.500 align:start position:0% you seize the gold coin for example and 00:05:47.500 --> 00:05:49.620 align:start position:0% you seize the gold coin for example and there's<00:05:48.250> a<00:05:48.310> problem<00:05:48.520> there<00:05:48.790> because<00:05:48.910> that 00:05:49.620 --> 00:05:49.630 align:start position:0% there's a problem there because that 00:05:49.630 --> 00:05:50.909 align:start position:0% there's a problem there because that gold<00:05:49.930> coin<00:05:50.169> may<00:05:50.410> have<00:05:50.500> been<00:05:50.620> used<00:05:50.800> as 00:05:50.909 --> 00:05:50.919 align:start position:0% gold coin may have been used as 00:05:50.919 --> 00:05:53.219 align:start position:0% gold coin may have been used as collateral<00:05:51.130> in<00:05:51.640> some<00:05:52.390> small<00:05:52.510> contract<00:05:52.990> and 00:05:53.219 --> 00:05:53.229 align:start position:0% collateral in some small contract and 00:05:53.229 --> 00:05:54.930 align:start position:0% collateral in some small contract and you<00:05:53.320> can<00:05:53.500> imagine<00:05:53.680> a<00:05:53.919> kind<00:05:54.130> of<00:05:54.220> web<00:05:54.790> of 00:05:54.930 --> 00:05:54.940 align:start position:0% you can imagine a kind of web of 00:05:54.940 --> 00:05:57.000 align:start position:0% you can imagine a kind of web of dependences<00:05:55.540> fanning<00:05:55.960> out<00:05:56.080> from<00:05:56.140> from<00:05:56.830> from 00:05:57.000 --> 00:05:57.010 align:start position:0% dependences fanning out from from from 00:05:57.010 --> 00:05:59.850 align:start position:0% dependences fanning out from from from this<00:05:57.190> contract<00:05:58.150> where<00:05:58.840> the<00:05:59.080> gold<00:05:59.440> coins<00:05:59.620> being 00:05:59.850 --> 00:05:59.860 align:start position:0% this contract where the gold coins being 00:05:59.860 --> 00:06:02.490 align:start position:0% this contract where the gold coins being used<00:05:59.979> as<00:06:00.070> collateral<00:06:00.270> so<00:06:01.270> we<00:06:02.200> don't<00:06:02.380> like 00:06:02.490 --> 00:06:02.500 align:start position:0% used as collateral so we don't like 00:06:02.500 --> 00:06:06.409 align:start position:0% used as collateral so we don't like color<00:06:02.919> coins<00:06:05.340> cryptocurrency 00:06:06.409 --> 00:06:06.419 align:start position:0% color coins cryptocurrency 00:06:06.419 --> 00:06:10.490 align:start position:0% color coins cryptocurrency collateralized<00:06:07.419> instruments<00:06:07.900> are 00:06:10.490 --> 00:06:10.500 align:start position:0% 00:06:10.500 --> 00:06:12.870 align:start position:0% instruments<00:06:11.500> where<00:06:11.770> you<00:06:12.580> know<00:06:12.700> they're 00:06:12.870 --> 00:06:12.880 align:start position:0% instruments where you know they're 00:06:12.880 --> 00:06:15.090 align:start position:0% instruments where you know they're pegged<00:06:13.270> some<00:06:13.870> kind<00:06:14.020> of<00:06:14.080> thing<00:06:14.919> cause<00:06:15.010> i'm 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they're<00:06:19.900> collateralized<00:06:20.470> by<00:06:20.620> liquidity 00:06:21.000 --> 00:06:21.010 align:start position:0% and they're collateralized by liquidity 00:06:21.010 --> 00:06:24.120 align:start position:0% and they're collateralized by liquidity provider<00:06:21.460> in<00:06:21.730> crypto<00:06:22.390> currency<00:06:22.780> and<00:06:22.990> the<00:06:23.890> idea 00:06:24.120 --> 00:06:24.130 align:start position:0% provider in crypto currency and the idea 00:06:24.130 --> 00:06:25.740 align:start position:0% provider in crypto currency and the idea is<00:06:24.280> that<00:06:24.340> you<00:06:24.670> know<00:06:24.790> the<00:06:25.000> value<00:06:25.300> of<00:06:25.330> the<00:06:25.480> stock 00:06:25.740 --> 00:06:25.750 align:start position:0% is that you know the value of the stock 00:06:25.750 --> 00:06:28.650 align:start position:0% is that you know the value of the stock goes<00:06:26.050> up<00:06:26.730> the<00:06:27.730> liquidity<00:06:27.970> provider<00:06:28.450> will 00:06:28.650 --> 00:06:28.660 align:start position:0% goes up the liquidity provider will 00:06:28.660 --> 00:06:31.140 align:start position:0% goes up the liquidity provider will wreak<00:06:29.080> lateral<00:06:29.500> eyes<00:06:29.620> the<00:06:29.950> instrument<00:06:30.370> if<00:06:30.490> the 00:06:31.140 --> 00:06:31.150 align:start position:0% wreak lateral eyes the instrument if the 00:06:31.150 --> 00:06:33.060 align:start position:0% wreak lateral eyes the instrument if the value<00:06:31.870> of<00:06:31.960> the<00:06:32.050> cryptocurrency<00:06:32.350> goes<00:06:32.800> down 00:06:33.060 --> 00:06:33.070 align:start position:0% value of the cryptocurrency goes down 00:06:33.070 --> 00:06:34.440 align:start position:0% value of the cryptocurrency goes down they'll<00:06:33.370> reflect<00:06:33.670> relies<00:06:33.970> the<00:06:34.090> instrument 00:06:34.440 --> 00:06:34.450 align:start position:0% they'll reflect relies the instrument 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you've got to put the collateral into<00:06:43.210> the<00:06:43.300> instrument<00:06:43.720> you've<00:06:43.870> also<00:06:43.990> got<00:06:44.200> to 00:06:44.250 --> 00:06:44.260 align:start position:0% into the instrument you've also got to 00:06:44.260 --> 00:06:45.720 align:start position:0% into the instrument you've also got to hedge<00:06:44.500> the<00:06:44.770> collateral<00:06:45.220> on<00:06:45.280> the<00:06:45.400> real<00:06:45.520> world 00:06:45.720 --> 00:06:45.730 align:start position:0% hedge the collateral on the real world 00:06:45.730 --> 00:06:48.690 align:start position:0% hedge the collateral on the real world market<00:06:46.090> so<00:06:46.330> you<00:06:47.190> actually<00:06:48.190> have<00:06:48.340> double<00:06:48.670> the 00:06:48.690 --> 00:06:48.700 align:start position:0% market so you actually have double the 00:06:48.700 --> 00:06:51.690 align:start position:0% market so you actually have double the amount<00:06:48.790> of<00:06:48.970> capital<00:06:49.120> in<00:06:49.390> this<00:06:49.540> thing<00:06:50.700> there's 00:06:51.690 --> 00:06:51.700 align:start position:0% amount of capital in this thing there's 00:06:51.700 --> 00:06:53.280 align:start position:0% amount of capital in this thing there's an<00:06:51.820> ongoing<00:06:51.970> role<00:06:52.360> cost<00:06:52.630> in<00:06:52.840> every<00:06:53.050> time<00:06:53.230> you 00:06:53.280 --> 00:06:53.290 align:start position:0% an ongoing role cost in every time you 00:06:53.290 --> 00:06:54.480 align:start position:0% an ongoing role cost in every time you have<00:06:53.380> a<00:06:53.410> margin<00:06:53.740> call<00:06:53.770> or<00:06:54.100> something<00:06:54.400> like 00:06:54.480 --> 00:06:54.490 align:start position:0% have a margin call or something like 00:06:54.490 --> 00:06:56.070 align:start position:0% have a margin call or something like that<00:06:54.550> you<00:06:54.880> know<00:06:54.910> the<00:06:55.090> spreads<00:06:55.450> involved<00:06:55.930> and 00:06:56.070 --> 00:06:56.080 align:start position:0% that you know the spreads involved and 00:06:56.080 --> 00:06:57.540 align:start position:0% that you know the spreads involved and these<00:06:56.260> constant<00:06:56.800> friction<00:06:56.950> it's<00:06:57.340> just 00:06:57.540 --> 00:06:57.550 align:start position:0% these constant friction it's just 00:06:57.550 --> 00:07:01.200 align:start position:0% these constant friction it's just leeching<00:06:57.930> money<00:06:58.930> out<00:06:59.080> of<00:06:59.110> the<00:06:59.260> system<00:07:00.210> the 00:07:01.200 --> 00:07:01.210 align:start position:0% leeching money out of the system the 00:07:01.210 --> 00:07:02.670 align:start position:0% leeching money out of the system the biggest<00:07:01.420> problem<00:07:01.780> though<00:07:01.900> is<00:07:01.960> you've<00:07:02.470> always 00:07:02.670 --> 00:07:02.680 align:start position:0% biggest problem though is you've always 00:07:02.680 --> 00:07:05.270 align:start position:0% biggest problem though is you've always kind<00:07:02.830> of<00:07:02.860> recursive<00:07:03.400> debt<00:07:03.670> spirals<00:07:04.180> so 00:07:05.270 --> 00:07:05.280 align:start position:0% kind of recursive debt spirals so 00:07:05.280 --> 00:07:07.500 align:start position:0% kind of recursive debt spirals so cryptocurrency<00:07:06.280> really<00:07:06.700> at<00:07:07.090> least<00:07:07.300> at<00:07:07.420> this 00:07:07.500 --> 00:07:07.510 align:start position:0% cryptocurrency really at least at this 00:07:07.510 --> 00:07:09.450 align:start position:0% cryptocurrency really at least at this stage<00:07:07.570> is<00:07:08.110> far<00:07:08.320> too<00:07:08.350> volatile<00:07:08.890> to<00:07:09.070> be<00:07:09.160> used<00:07:09.340> as 00:07:09.450 --> 00:07:09.460 align:start position:0% stage is far too volatile to be used as 00:07:09.460 --> 00:07:11.820 align:start position:0% stage is far too volatile to be used as collateral<00:07:09.610> but<00:07:10.180> it<00:07:10.300> might<00:07:10.450> be<00:07:10.480> that<00:07:10.840> you<00:07:11.770> know 00:07:11.820 --> 00:07:11.830 align:start position:0% collateral but it might be that you know 00:07:11.830 --> 00:07:13.620 align:start position:0% collateral but it might be that you know five<00:07:12.160> ten<00:07:12.190> years<00:07:12.430> when<00:07:13.120> there's<00:07:13.360> a<00:07:13.390> huge 00:07:13.620 --> 00:07:13.630 align:start position:0% five ten years when there's a huge 00:07:13.630 --> 00:07:18.510 align:start position:0% five ten years when there's a huge velocity<00:07:14.170> due<00:07:14.890> to<00:07:15.450> in<00:07:16.890> vast<00:07:17.890> numbers<00:07:18.040> of<00:07:18.340> d 00:07:18.510 --> 00:07:18.520 align:start position:0% velocity due to in vast numbers of d 00:07:18.520 --> 00:07:20.370 align:start position:0% velocity due to in vast numbers of d apps<00:07:18.640> executing<00:07:19.390> it'll<00:07:19.810> be<00:07:19.870> much<00:07:20.020> more<00:07:20.050> stable 00:07:20.370 --> 00:07:20.380 align:start position:0% apps executing it'll be much more stable 00:07:20.380 --> 00:07:22.890 align:start position:0% apps executing it'll be much more stable because<00:07:20.760> the<00:07:21.760> velocity<00:07:22.210> of<00:07:22.240> the<00:07:22.420> currency<00:07:22.690> or 00:07:22.890 --> 00:07:22.900 align:start position:0% because the velocity of the currency or 00:07:22.900 --> 00:07:24.990 align:start position:0% because the velocity of the currency or underpin<00:07:23.260> its<00:07:23.440> value<00:07:23.650> of<00:07:23.740> making<00:07:24.070> ya<00:07:24.730> remember 00:07:24.990 --> 00:07:25.000 align:start position:0% underpin its value of making ya remember 00:07:25.000 --> 00:07:26.700 align:start position:0% underpin its value of making ya remember and<00:07:25.390> reduce<00:07:25.810> the<00:07:25.930> volatility<00:07:26.170> before<00:07:26.560> now 00:07:26.700 --> 00:07:26.710 align:start position:0% and reduce the volatility before now 00:07:26.710 --> 00:07:32.520 align:start position:0% and reduce the volatility before now it's<00:07:27.870> not<00:07:28.870> suitable<00:07:29.230> and<00:07:30.570> the<00:07:31.570> idea<00:07:31.930> often<00:07:32.410> is 00:07:32.520 --> 00:07:32.530 align:start position:0% it's not suitable and the idea often is 00:07:32.530 --> 00:07:34.110 align:start position:0% it's not suitable and the idea often is that<00:07:32.830> you<00:07:33.070> know<00:07:33.190> crypto<00:07:33.520> equity<00:07:33.850> will<00:07:34.000> be 00:07:34.110 --> 00:07:34.120 align:start position:0% that you know crypto equity will be 00:07:34.120 --> 00:07:37.050 align:start position:0% that you know crypto equity will be offered<00:07:35.010> will<00:07:36.010> be<00:07:36.100> issued<00:07:36.310> as<00:07:36.400> a<00:07:36.430> last<00:07:36.730> resort 00:07:37.050 --> 00:07:37.060 align:start position:0% offered will be issued as a last resort 00:07:37.060 --> 00:07:39.180 align:start position:0% offered will be issued as a last resort and<00:07:37.270> injected<00:07:37.690> into<00:07:37.900> these<00:07:37.990> instruments<00:07:38.470> to 00:07:39.180 --> 00:07:39.190 align:start position:0% and injected into these instruments to 00:07:39.190 --> 00:07:40.470 align:start position:0% and injected into these instruments to collateralize<00:07:39.670> them<00:07:39.910> when<00:07:40.060> the<00:07:40.150> quiddity 00:07:40.470 --> 00:07:40.480 align:start position:0% collateralize them when the quiddity 00:07:40.480 --> 00:07:42.660 align:start position:0% collateralize them when the quiddity providers<00:07:40.960> can't<00:07:41.830> do<00:07:42.010> that<00:07:42.190> but<00:07:42.370> of<00:07:42.460> course 00:07:42.660 --> 00:07:42.670 align:start position:0% providers can't do that but of course 00:07:42.670 --> 00:07:47.910 align:start position:0% providers can't do that but of course the<00:07:42.790> problem<00:07:42.910> is<00:07:43.240> that<00:07:43.440> the<00:07:45.660> the<00:07:46.920> problems 00:07:47.910 --> 00:07:47.920 align:start position:0% the problem is that the the problems 00:07:47.920 --> 00:07:50.010 align:start position:0% the problem is that the the problems with<00:07:48.160> the<00:07:49.150> crudity<00:07:49.390> providers<00:07:49.840> will<00:07:49.960> be 00:07:50.010 --> 00:07:50.020 align:start position:0% with the crudity providers will be 00:07:50.020 --> 00:07:55.050 align:start position:0% with the crudity providers will be correlated<00:07:50.320> with<00:07:52.470> decrease<00:07:53.470> in<00:07:53.770> the<00:07:53.830> value<00:07:54.460> of 00:07:55.050 --> 00:07:55.060 align:start position:0% correlated with decrease in the value of 00:07:55.060 --> 00:07:56.220 align:start position:0% correlated with decrease in the value of the<00:07:55.180> equity<00:07:55.270> so<00:07:55.750> you<00:07:55.810> gotta<00:07:55.990> kind<00:07:56.050> of 00:07:56.220 --> 00:07:56.230 align:start position:0% the equity so you gotta kind of 00:07:56.230 --> 00:07:59.760 align:start position:0% the equity so you gotta kind of recursive<00:07:56.710> death<00:07:57.580> spiral<00:07:58.530> so<00:07:59.530> the<00:07:59.620> third 00:07:59.760 --> 00:07:59.770 align:start position:0% recursive death spiral so the third 00:07:59.770 --> 00:08:05.100 align:start position:0% recursive death spiral so the third option<00:07:59.920> is<00:08:00.780> dow<00:08:01.780> issued<00:08:02.320> assets<00:08:03.270> i<00:08:04.270> don't<00:08:05.050> know 00:08:05.100 --> 00:08:05.110 align:start position:0% option is dow issued assets i don't know 00:08:05.110 --> 00:08:07.200 align:start position:0% option is dow issued assets i don't know if<00:08:05.770> you've<00:08:05.920> been<00:08:06.550> putting<00:08:06.730> out<00:08:06.880> a<00:08:06.910> peep<00:08:07.090> heard 00:08:07.200 --> 00:08:07.210 align:start position:0% if you've been putting out a peep heard 00:08:07.210 --> 00:08:10.290 align:start position:0% if you've been putting out a peep heard of<00:08:07.300> a<00:08:07.360> dow<00:08:08.490> yeah<00:08:09.490> great<00:08:09.790> says<00:08:10.000> it's<00:08:10.150> in 00:08:10.290 --> 00:08:10.300 align:start position:0% of a dow yeah great says it's in 00:08:10.300 --> 00:08:12.660 align:start position:0% of a dow yeah great says it's in proposal<00:08:10.750> denotes<00:08:11.020> it's<00:08:11.200> a<00:08:11.670> decentralized 00:08:12.660 --> 00:08:12.670 align:start position:0% proposal denotes it's a decentralized 00:08:12.670 --> 00:08:16.260 align:start position:0% proposal denotes it's a decentralized autonomous<00:08:13.000> organization<00:08:13.570> which<00:08:14.530> is<00:08:14.580> a<00:08:15.580> bunch 00:08:16.260 --> 00:08:16.270 align:start position:0% autonomous organization which is a bunch 00:08:16.270 --> 00:08:17.970 align:start position:0% autonomous organization which is a bunch of<00:08:16.420> smart<00:08:16.540> contracts<00:08:16.990> that<00:08:17.260> fulfill<00:08:17.590> many<00:08:17.800> of 00:08:17.970 --> 00:08:17.980 align:start position:0% of smart contracts that fulfill many of 00:08:17.980 --> 00:08:19.830 align:start position:0% of smart contracts that fulfill many of the<00:08:18.070> roles<00:08:18.250> of<00:08:18.400> an<00:08:18.520> organization<00:08:19.060> but<00:08:19.330> they're 00:08:19.830 --> 00:08:19.840 align:start position:0% the roles of an organization but they're 00:08:19.840 --> 00:08:21.810 align:start position:0% the roles of an organization but they're not<00:08:20.020> controlled<00:08:20.620> by<00:08:20.740> any<00:08:21.130> individual<00:08:21.640> or 00:08:21.810 --> 00:08:21.820 align:start position:0% not controlled by any individual or 00:08:21.820 --> 00:08:26.460 align:start position:0% not controlled by any individual or organization<00:08:24.960> probably<00:08:25.960> them<00:08:26.050> have<00:08:26.140> time<00:08:26.290> to 00:08:26.460 --> 00:08:26.470 align:start position:0% organization probably them have time to 00:08:26.470 --> 00:08:29.430 align:start position:0% organization probably them have time to explain<00:08:26.560> exactly<00:08:27.160> how<00:08:27.250> this<00:08:27.430> works<00:08:27.670> but<00:08:28.440> we've 00:08:29.430 --> 00:08:29.440 align:start position:0% explain exactly how this works but we've 00:08:29.440 --> 00:08:31.230 align:start position:0% explain exactly how this works but we've got<00:08:29.560> a<00:08:29.590> user<00:08:29.830> there<00:08:30.340> talking<00:08:30.700> to<00:08:30.730> what<00:08:31.030> we<00:08:31.120> call 00:08:31.230 --> 00:08:31.240 align:start position:0% got a user there talking to what we call 00:08:31.240 --> 00:08:31.980 align:start position:0% got a user there talking to what we call it 00:08:31.980 --> 00:08:31.990 align:start position:0% it 00:08:31.990 --> 00:08:34.920 align:start position:0% it d<00:08:32.350> asset<00:08:32.650> API<00:08:32.920> the<00:08:33.640> data<00:08:33.940> API<00:08:34.360> is<00:08:34.480> pushing 00:08:34.920 --> 00:08:34.930 align:start position:0% d asset API the data API is pushing 00:08:34.930 --> 00:08:37.740 align:start position:0% d asset API the data API is pushing calls<00:08:35.140> through<00:08:35.440> to<00:08:35.770> the<00:08:36.250> data<00:08:36.490> exchange<00:08:37.120> which 00:08:37.740 --> 00:08:37.750 align:start position:0% calls through to the data exchange which 00:08:37.750 --> 00:08:39.750 align:start position:0% calls through to the data exchange which falls<00:08:38.050> through<00:08:38.290> to<00:08:38.530> a<00:08:38.560> DI<00:08:38.800> sit<00:08:39.040> down<00:08:39.250> all<00:08:39.580> of 00:08:39.750 --> 00:08:39.760 align:start position:0% falls through to a DI sit down all of 00:08:39.760 --> 00:08:41.970 align:start position:0% falls through to a DI sit down all of this<00:08:39.880> is<00:08:40.200> autonomous<00:08:41.200> financial<00:08:41.710> logic 00:08:41.970 --> 00:08:41.980 align:start position:0% this is autonomous financial logic 00:08:41.980 --> 00:08:45.330 align:start position:0% this is autonomous financial logic that's<00:08:42.130> executing<00:08:42.640> in<00:08:42.700> the<00:08:42.790> cloud<00:08:43.000> for<00:08:44.340> the 00:08:45.330 --> 00:08:45.340 align:start position:0% that's executing in the cloud for the 00:08:45.340 --> 00:08:46.770 align:start position:0% that's executing in the cloud for the most<00:08:45.520> part<00:08:45.730> we<00:08:45.910> hope<00:08:46.060> that<00:08:46.090> the<00:08:46.360> assets<00:08:46.630> would 00:08:46.770 --> 00:08:46.780 align:start position:0% most part we hope that the assets would 00:08:46.780 --> 00:08:50.010 align:start position:0% most part we hope that the assets would be<00:08:47.310> recirculated<00:08:48.310> on<00:08:48.520> the<00:08:48.760> exchange<00:08:49.210> but<00:08:49.510> when 00:08:50.010 --> 00:08:50.020 align:start position:0% be recirculated on the exchange but when 00:08:50.020 --> 00:08:51.930 align:start position:0% be recirculated on the exchange but when for<00:08:50.260> example<00:08:50.290> you<00:08:50.680> want<00:08:50.890> to<00:08:50.950> buy<00:08:51.220> some<00:08:51.550> asset 00:08:51.930 --> 00:08:51.940 align:start position:0% for example you want to buy some asset 00:08:51.940 --> 00:08:56.190 align:start position:0% for example you want to buy some asset there<00:08:52.330> isn't<00:08:52.540> a<00:08:53.850> an<00:08:54.850> ask<00:08:55.030> in<00:08:55.330> the<00:08:55.780> exchange 00:08:56.190 --> 00:08:56.200 align:start position:0% there isn't a an ask in the exchange 00:08:56.200 --> 00:08:58.770 align:start position:0% there isn't a an ask in the exchange full<00:08:56.800> through<00:08:57.040> to<00:08:57.130> the<00:08:57.220> Dow<00:08:57.400> the<00:08:58.210> Dow<00:08:58.420> can 00:08:58.770 --> 00:08:58.780 align:start position:0% full through to the Dow the Dow can 00:08:58.780 --> 00:09:00.570 align:start position:0% full through to the Dow the Dow can generate<00:08:59.260> you<00:08:59.440> d<00:08:59.590> assets<00:08:59.950> and<00:09:00.040> redeem<00:09:00.310> than<00:09:00.490> it 00:09:00.570 --> 00:09:00.580 align:start position:0% generate you d assets and redeem than it 00:09:00.580 --> 00:09:02.280 align:start position:0% generate you d assets and redeem than it does<00:09:00.820> that<00:09:01.060> by<00:09:01.270> hedging<00:09:01.720> this<00:09:01.810> position<00:09:02.200> in 00:09:02.280 --> 00:09:02.290 align:start position:0% does that by hedging this position in 00:09:02.290 --> 00:09:04.350 align:start position:0% does that by hedging this position in the<00:09:02.380> real<00:09:02.530> world<00:09:02.740> by<00:09:03.100> interacting<00:09:03.910> with<00:09:04.090> the 00:09:04.350 --> 00:09:04.360 align:start position:0% the real world by interacting with the 00:09:04.360 --> 00:09:08.490 align:start position:0% the real world by interacting with the quiddity<00:09:04.600> providers<00:09:05.080> who<00:09:06.330> essentially<00:09:07.500> sell 00:09:08.490 --> 00:09:08.500 align:start position:0% quiddity providers who essentially sell 00:09:08.500 --> 00:09:10.950 align:start position:0% quiddity providers who essentially sell it<00:09:08.590> CFDs<00:09:09.100> and<00:09:09.370> close<00:09:09.580> them<00:09:09.760> on<00:09:09.820> demand<00:09:10.150> some 00:09:10.950 --> 00:09:10.960 align:start position:0% it CFDs and close them on demand some 00:09:10.960 --> 00:09:15.510 align:start position:0% it CFDs and close them on demand some zero<00:09:11.230> base<00:09:11.470> CFD<00:09:11.980> so<00:09:12.570> the<00:09:14.040> redemption<00:09:15.040> value<00:09:15.070> is 00:09:15.510 --> 00:09:15.520 align:start position:0% zero base CFD so the redemption value is 00:09:15.520 --> 00:09:19.470 align:start position:0% zero base CFD so the redemption value is from<00:09:16.330> zero<00:09:16.600> to<00:09:16.690> the<00:09:16.840> price<00:09:17.110> and<00:09:18.060> these<00:09:19.060> CFD 00:09:19.470 --> 00:09:19.480 align:start position:0% from zero to the price and these CFD 00:09:19.480 --> 00:09:22.680 align:start position:0% from zero to the price and these CFD traders<00:09:20.640> exist<00:09:21.640> within<00:09:21.850> a<00:09:22.180> compliance 00:09:22.680 --> 00:09:22.690 align:start position:0% traders exist within a compliance 00:09:22.690 --> 00:09:24.960 align:start position:0% traders exist within a compliance framework<00:09:23.340> there's<00:09:24.340> an<00:09:24.400> association<00:09:24.910> of 00:09:24.960 --> 00:09:24.970 align:start position:0% framework there's an association of 00:09:24.970 --> 00:09:27.600 align:start position:0% framework there's an association of governance<00:09:25.300> them<00:09:25.450> and<00:09:26.310> you<00:09:27.310> know<00:09:27.460> they<00:09:27.550> do 00:09:27.600 --> 00:09:27.610 align:start position:0% governance them and you know they do 00:09:27.610 --> 00:09:29.190 align:start position:0% governance them and you know they do with<00:09:27.820> broker<00:09:28.000> dealers<00:09:28.360> and<00:09:28.600> there's<00:09:28.750> multi 00:09:29.190 --> 00:09:29.200 align:start position:0% with broker dealers and there's multi 00:09:29.200 --> 00:09:30.630 align:start position:0% with broker dealers and there's multi six<00:09:29.410> games<00:09:29.650> to<00:09:29.800> stop<00:09:30.070> them<00:09:30.220> withdrawing<00:09:30.520> money 00:09:30.630 --> 00:09:30.640 align:start position:0% six games to stop them withdrawing money 00:09:30.640 --> 00:09:32.910 align:start position:0% six games to stop them withdrawing money and<00:09:30.820> all<00:09:30.910> kinds<00:09:31.150> of<00:09:31.180> other<00:09:31.300> things<00:09:31.600> and<00:09:31.920> the 00:09:32.910 --> 00:09:32.920 align:start position:0% and all kinds of other things and the 00:09:32.920 --> 00:09:36.030 align:start position:0% and all kinds of other things and the requirements<00:09:33.580> are<00:09:33.790> that<00:09:33.850> they<00:09:34.830> hedge<00:09:35.830> their 00:09:36.030 --> 00:09:36.040 align:start position:0% requirements are that they hedge their 00:09:36.040 --> 00:09:37.620 align:start position:0% requirements are that they hedge their positions<00:09:36.490> in<00:09:36.580> the<00:09:36.670> real<00:09:36.820> world<00:09:37.060> by<00:09:37.300> buying 00:09:37.620 --> 00:09:37.630 align:start position:0% positions in the real world by buying 00:09:37.630 --> 00:09:40.920 align:start position:0% positions in the real world by buying the<00:09:37.720> underlying<00:09:38.080> asset<00:09:39.540> the<00:09:40.540> key<00:09:40.720> thing<00:09:40.900> here 00:09:40.920 --> 00:09:40.930 align:start position:0% the underlying asset the key thing here 00:09:40.930 --> 00:09:43.230 align:start position:0% the underlying asset the key thing here though<00:09:41.230> is<00:09:41.380> that<00:09:41.410> when<00:09:42.190> you<00:09:42.310> buy<00:09:42.580> a<00:09:42.610> D<00:09:42.850> asset<00:09:43.150> if 00:09:43.230 --> 00:09:43.240 align:start position:0% though is that when you buy a D asset if 00:09:43.240 --> 00:09:44.970 align:start position:0% though is that when you buy a D asset if you<00:09:43.330> buy<00:09:43.540> a<00:09:43.570> Facebook<00:09:44.110> coin<00:09:44.380> there's<00:09:44.770> no 00:09:44.970 --> 00:09:44.980 align:start position:0% you buy a Facebook coin there's no 00:09:44.980 --> 00:09:47.070 align:start position:0% you buy a Facebook coin there's no mapping<00:09:45.490> between<00:09:45.730> your<00:09:46.180> Facebook<00:09:46.660> coin<00:09:46.900> in 00:09:47.070 --> 00:09:47.080 align:start position:0% mapping between your Facebook coin in 00:09:47.080 --> 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00:10:00.150 --> 00:10:00.160 align:start position:0% rights in a company dozen give you any 00:10:00.160 --> 00:10:01.920 align:start position:0% rights in a company dozen give you any dividends<00:10:00.580> it's<00:10:01.000> just<00:10:01.150> a<00:10:01.210> synthetic<00:10:01.360> asset 00:10:01.920 --> 00:10:01.930 align:start position:0% dividends it's just a synthetic asset 00:10:01.930 --> 00:10:04.560 align:start position:0% dividends it's just a synthetic asset whose<00:10:02.560> value<00:10:03.010> happens<00:10:03.340> to<00:10:03.490> mirror<00:10:03.730> the<00:10:04.390> real 00:10:04.560 --> 00:10:04.570 align:start position:0% whose value happens to mirror the real 00:10:04.570 --> 00:10:09.300 align:start position:0% whose value happens to mirror the real world<00:10:04.810> asset<00:10:07.470> just<00:10:08.470> quick<00:10:08.650> note<00:10:08.830> on<00:10:08.860> what 00:10:09.300 --> 00:10:09.310 align:start position:0% world asset just quick note on what 00:10:09.310 --> 00:10:11.160 align:start position:0% world asset just quick note on what autonomous<00:10:09.700> financial<00:10:10.060> code<00:10:10.210> is<00:10:10.360> an 00:10:11.160 --> 00:10:11.170 align:start position:0% autonomous financial code is an 00:10:11.170 --> 00:10:16.140 align:start position:0% autonomous financial code is an important<00:10:11.560> point<00:10:14.430> it<00:10:15.430> really<00:10:15.670> mustn't<00:10:15.970> be 00:10:16.140 --> 00:10:16.150 align:start position:0% important point it really mustn't be 00:10:16.150 --> 00:10:17.370 align:start position:0% important point it really mustn't be controlled<00:10:16.540> by<00:10:16.720> developers<00:10:17.230> or 00:10:17.370 --> 00:10:17.380 align:start position:0% controlled by developers or 00:10:17.380 --> 00:10:19.320 align:start position:0% controlled by developers or organizations<00:10:17.980> it<00:10:18.130> probably<00:10:18.430> has<00:10:18.580> some 00:10:19.320 --> 00:10:19.330 align:start position:0% organizations it probably has some 00:10:19.330 --> 00:10:21.570 align:start position:0% organizations it probably has some voting<00:10:19.930> shares<00:10:20.200> which<00:10:20.560> enable<00:10:20.890> it<00:10:21.010> to<00:10:21.040> vote<00:10:21.430> on 00:10:21.570 --> 00:10:21.580 align:start position:0% voting shares which enable it to vote on 00:10:21.580 --> 00:10:23.040 align:start position:0% voting shares which enable it to vote on the<00:10:21.700> logic<00:10:21.970> used<00:10:22.180> and<00:10:22.360> things<00:10:22.510> like<00:10:22.630> that<00:10:22.690> but 00:10:23.040 --> 00:10:23.050 align:start position:0% the logic used and things like that but 00:10:23.050 --> 00:10:27.210 align:start position:0% the logic used and things like that but it<00:10:23.260> cannot<00:10:23.680> be<00:10:24.280> controlled<00:10:24.610> by<00:10:25.540> any<00:10:26.220> entity 00:10:27.210 --> 00:10:27.220 align:start position:0% it cannot be controlled by any entity 00:10:27.220 --> 00:10:29.700 align:start position:0% it cannot be controlled by any entity and<00:10:27.370> it<00:10:28.300> must<00:10:28.540> exist<00:10:28.720> pretty<00:10:29.200> much<00:10:29.290> as<00:10:29.440> a 00:10:29.700 --> 00:10:29.710 align:start position:0% and it must exist pretty much as a 00:10:29.710 --> 00:10:32.240 align:start position:0% and it must exist pretty much as a network<00:10:29.920> protocol<00:10:30.400> in<00:10:30.580> the<00:10:30.850> cloud<00:10:31.060> and<00:10:31.240> its 00:10:32.240 --> 00:10:32.250 align:start position:0% network protocol in the cloud and its 00:10:32.250 --> 00:10:34.980 align:start position:0% network protocol in the cloud and its regulation<00:10:33.250> then<00:10:33.400> falls<00:10:33.610> on<00:10:33.820> the<00:10:34.180> entities 00:10:34.980 --> 00:10:34.990 align:start position:0% regulation then falls on the entities 00:10:34.990 --> 00:10:36.660 align:start position:0% regulation then falls on the entities that<00:10:35.110> access<00:10:35.470> it<00:10:35.680> in<00:10:35.890> in<00:10:36.100> in<00:10:36.340> local 00:10:36.660 --> 00:10:36.670 align:start position:0% that access it in in in local 00:10:36.670 --> 00:10:38.640 align:start position:0% that access it in in in local jurisdictions<00:10:37.210> and<00:10:37.990> that's<00:10:38.170> pretty<00:10:38.350> much<00:10:38.440> any 00:10:38.640 --> 00:10:38.650 align:start position:0% jurisdictions and that's pretty much any 00:10:38.650 --> 00:10:39.630 align:start position:0% jurisdictions and that's pretty much any way<00:10:38.740> you<00:10:38.830> can<00:10:38.920> create<00:10:39.040> a<00:10:39.130> global<00:10:39.220> financial 00:10:39.630 --> 00:10:39.640 align:start position:0% way you can create a global financial 00:10:39.640 --> 00:10:41.250 align:start position:0% way you can create a global financial system<00:10:39.790> you<00:10:40.150> can't<00:10:40.390> have<00:10:40.570> some<00:10:41.050> kind<00:10:41.230> of 00:10:41.250 --> 00:10:41.260 align:start position:0% system you can't have some kind of 00:10:41.260 --> 00:10:43.680 align:start position:0% system you can't have some kind of global<00:10:41.530> financial<00:10:41.770> system<00:10:42.180> which<00:10:43.180> is<00:10:43.330> subject 00:10:43.680 --> 00:10:43.690 align:start position:0% global financial system which is subject 00:10:43.690 --> 00:10:45.210 align:start position:0% global financial system which is subject to<00:10:43.750> the<00:10:43.810> regulation<00:10:43.990> of<00:10:44.260> every<00:10:44.470> several 00:10:45.210 --> 00:10:45.220 align:start position:0% to the regulation of every several 00:10:45.220 --> 00:10:45.870 align:start position:0% to the regulation of every several hundred 00:10:45.870 --> 00:10:45.880 align:start position:0% hundred 00:10:45.880 --> 00:10:49.860 align:start position:0% hundred countries<00:10:46.330> in<00:10:46.420> the<00:10:46.480> world<00:10:47.400> I<00:10:48.480> kind<00:10:49.480> of<00:10:49.570> scale<00:10:49.840> I 00:10:49.860 --> 00:10:49.870 align:start position:0% countries in the world I kind of scale I 00:10:49.870 --> 00:10:51.810 align:start position:0% countries in the world I kind of scale I know<00:10:49.960> skip<00:10:50.260> past<00:10:50.470> this<00:10:50.590> quickly<00:10:50.830> but<00:10:51.190> and<00:10:51.430> this 00:10:51.810 --> 00:10:51.820 align:start position:0% know skip past this quickly but and this 00:10:51.820 --> 00:10:53.460 align:start position:0% know skip past this quickly but and this is<00:10:51.880> just<00:10:52.120> talking<00:10:52.750> about<00:10:52.780> a<00:10:52.960> decentralized 00:10:53.460 --> 00:10:53.470 align:start position:0% is just talking about a decentralized 00:10:53.470 --> 00:10:57.270 align:start position:0% is just talking about a decentralized kyc<00:10:54.250> scheme<00:10:55.020> in<00:10:56.020> which<00:10:56.620> of<00:10:56.890> course<00:10:56.950> you<00:10:57.160> have 00:10:57.270 --> 00:10:57.280 align:start position:0% kyc scheme in which of course you have 00:10:57.280 --> 00:11:00.090 align:start position:0% kyc scheme in which of course you have that<00:10:57.430> KY<00:10:57.610> CD<00:10:57.970> users<00:10:58.350> kyc<00:10:59.350> providers<00:10:59.890> and 00:11:00.090 --> 00:11:00.100 align:start position:0% that KY CD users kyc providers and 00:11:00.100 --> 00:11:05.280 align:start position:0% that KY CD users kyc providers and voting<00:11:01.030> shares<00:11:01.300> that<00:11:02.220> decide<00:11:03.220> upon<00:11:04.110> who<00:11:05.110> can 00:11:05.280 --> 00:11:05.290 align:start position:0% voting shares that decide upon who can 00:11:05.290 --> 00:11:11.520 align:start position:0% voting shares that decide upon who can be<00:11:05.380> a<00:11:05.410> kyc<00:11:05.890> provider<00:11:06.420> and<00:11:07.710> finally<00:11:10.410> just<00:11:11.410> like 00:11:11.520 --> 00:11:11.530 align:start position:0% be a kyc provider and finally just like 00:11:11.530 --> 00:11:12.570 align:start position:0% be a kyc provider and finally just like to<00:11:11.620> introduce<00:11:11.800> this<00:11:12.010> idea<00:11:12.160> of<00:11:12.340> a<00:11:12.400> liquid 00:11:12.570 --> 00:11:12.580 align:start position:0% to introduce this idea of a liquid 00:11:12.580 --> 00:11:15.540 align:start position:0% to introduce this idea of a liquid wallet<00:11:13.030> which<00:11:13.930> is<00:11:14.050> an<00:11:14.110> example<00:11:14.380> of<00:11:14.590> a<00:11:14.770> consumer 00:11:15.540 --> 00:11:15.550 align:start position:0% wallet which is an example of a consumer 00:11:15.550 --> 00:11:17.340 align:start position:0% wallet which is an example of a consumer application<00:11:16.090> you<00:11:16.810> can<00:11:16.840> create<00:11:17.230> using 00:11:17.340 --> 00:11:17.350 align:start position:0% application you can create using 00:11:17.350 --> 00:11:20.270 align:start position:0% application you can create using synthetic<00:11:17.710> assets<00:11:18.280> and<00:11:18.460> this<00:11:19.390> illustrates 00:11:20.270 --> 00:11:20.280 align:start position:0% synthetic assets and this illustrates 00:11:20.280 --> 00:11:22.230 align:start position:0% synthetic assets and this illustrates what's<00:11:21.280> possible<00:11:21.640> and<00:11:21.730> how<00:11:21.850> you<00:11:21.910> can<00:11:22.120> create 00:11:22.230 --> 00:11:22.240 align:start position:0% what's possible and how you can create 00:11:22.240 --> 00:11:25.290 align:start position:0% what's possible and how you can create different<00:11:22.390> kinds<00:11:23.020> of<00:11:23.580> mass-market<00:11:24.580> consumer 00:11:25.290 --> 00:11:25.300 align:start position:0% different kinds of mass-market consumer 00:11:25.300 --> 00:11:27.270 align:start position:0% different kinds of mass-market consumer application<00:11:25.890> using<00:11:26.890> this<00:11:27.010> kind<00:11:27.160> of 00:11:27.270 --> 00:11:27.280 align:start position:0% application using this kind of 00:11:27.280 --> 00:11:29.040 align:start position:0% application using this kind of technology<00:11:27.580> than<00:11:28.090> you<00:11:28.570> might<00:11:28.750> be<00:11:28.840> able<00:11:28.900> to 00:11:29.040 --> 00:11:29.050 align:start position:0% technology than you might be able to 00:11:29.050 --> 00:11:34.170 align:start position:0% technology than you might be able to create<00:11:29.580> using<00:11:30.580> existing<00:11:31.590> facilities<00:11:32.590> so<00:11:33.180> his 00:11:34.170 --> 00:11:34.180 align:start position:0% create using existing facilities so his 00:11:34.180 --> 00:11:37.920 align:start position:0% create using existing facilities so his liquid<00:11:34.390> wealth<00:11:34.630> wallet<00:11:34.930> and<00:11:36.510> because<00:11:37.510> all<00:11:37.870> of 00:11:37.920 --> 00:11:37.930 align:start position:0% liquid wealth wallet and because all of 00:11:37.930 --> 00:11:41.280 align:start position:0% liquid wealth wallet and because all of these<00:11:38.280> different<00:11:39.280> assets<00:11:39.820> are<00:11:40.720> convertible 00:11:41.280 --> 00:11:41.290 align:start position:0% these different assets are convertible 00:11:41.290 --> 00:11:45.600 align:start position:0% these different assets are convertible to<00:11:41.680> cash<00:11:42.930> form<00:11:43.930> they<00:11:44.770> can<00:11:44.950> be<00:11:45.010> treated<00:11:45.310> as<00:11:45.400> cash 00:11:45.600 --> 00:11:45.610 align:start position:0% to cash form they can be treated as cash 00:11:45.610 --> 00:11:47.970 align:start position:0% to cash form they can be treated as cash so<00:11:46.510> we've<00:11:46.630> got<00:11:46.750> a<00:11:46.780> single<00:11:47.020> balance<00:11:47.440> at<00:11:47.650> the<00:11:47.770> top 00:11:47.970 --> 00:11:47.980 align:start position:0% so we've got a single balance at the top 00:11:47.980 --> 00:11:51.780 align:start position:0% so we've got a single balance at the top which<00:11:48.880> of<00:11:49.630> course<00:11:49.690> is<00:11:49.990> a<00:11:50.050> real<00:11:50.740> dollars<00:11:51.040> it's<00:11:51.190> d 00:11:51.780 --> 00:11:51.790 align:start position:0% which of course is a real dollars it's d 00:11:51.790 --> 00:11:54.570 align:start position:0% which of course is a real dollars it's d USD<00:11:52.240> and<00:11:52.650> we<00:11:53.650> can<00:11:53.800> spend<00:11:54.040> that<00:11:54.250> you<00:11:54.460> know 00:11:54.570 --> 00:11:54.580 align:start position:0% USD and we can spend that you know 00:11:54.580 --> 00:11:56.610 align:start position:0% USD and we can spend that you know through<00:11:54.880> gateways<00:11:55.240> BAM<00:11:55.780> you<00:11:56.260> know<00:11:56.380> where 00:11:56.610 --> 00:11:56.620 align:start position:0% through gateways BAM you know where 00:11:56.620 --> 00:11:59.070 align:start position:0% through gateways BAM you know where money's<00:11:57.070> exported<00:11:57.460> is<00:11:57.580> Bitcoin<00:11:57.970> and<00:11:58.180> pass<00:11:58.810> to 00:11:59.070 --> 00:11:59.080 align:start position:0% money's exported is Bitcoin and pass to 00:11:59.080 --> 00:12:02.340 align:start position:0% money's exported is Bitcoin and pass to a<00:11:59.350> debit<00:11:59.620> card<00:11:59.890> and<00:12:00.780> in<00:12:01.780> the<00:12:01.870> wallet<00:12:02.050> we<00:12:02.200> have 00:12:02.340 --> 00:12:02.350 align:start position:0% a debit card and in the wallet we have 00:12:02.350 --> 00:12:04.110 align:start position:0% a debit card and in the wallet we have some<00:12:02.650> DSD<00:12:03.100> we<00:12:03.280> have<00:12:03.400> some<00:12:03.520> apple<00:12:03.730> store<00:12:03.910> get 00:12:04.110 --> 00:12:04.120 align:start position:0% some DSD we have some apple store get 00:12:04.120 --> 00:12:06.300 align:start position:0% some DSD we have some apple store get some<00:12:04.240> face<00:12:04.420> book<00:12:04.660> store<00:12:04.930> we<00:12:05.290> have<00:12:05.470> a<00:12:05.830> kind<00:12:06.250> of 00:12:06.300 --> 00:12:06.310 align:start position:0% some face book store we have a kind of 00:12:06.310 --> 00:12:08.340 align:start position:0% some face book store we have a kind of derivative<00:12:06.730> that<00:12:07.000> generates<00:12:07.390> interest<00:12:07.780> based 00:12:08.340 --> 00:12:08.350 align:start position:0% derivative that generates interest based 00:12:08.350 --> 00:12:11.520 align:start position:0% derivative that generates interest based on<00:12:08.590> margin<00:12:08.950> lending<00:12:09.270> we<00:12:10.270> have<00:12:10.360> a<00:12:10.390> folder<00:12:10.870> which 00:12:11.520 --> 00:12:11.530 align:start position:0% on margin lending we have a folder which 00:12:11.530 --> 00:12:13.530 align:start position:0% on margin lending we have a folder which is<00:12:11.710> the<00:12:11.830> kind<00:12:11.980> of<00:12:12.010> crowdfunding<00:12:12.310> folder<00:12:13.060> for<00:12:13.330> a 00:12:13.530 --> 00:12:13.540 align:start position:0% is the kind of crowdfunding folder for a 00:12:13.540 --> 00:12:15.870 align:start position:0% is the kind of crowdfunding folder for a bunch<00:12:13.900> of<00:12:14.080> friends<00:12:14.290> to<00:12:14.560> crowdfund<00:12:15.520> a<00:12:15.550> burning 00:12:15.870 --> 00:12:15.880 align:start position:0% bunch of friends to crowdfund a burning 00:12:15.880 --> 00:12:20.580 align:start position:0% bunch of friends to crowdfund a burning man<00:12:15.970> camp<00:12:16.680> and<00:12:18.630> this<00:12:19.630> illustrates<00:12:20.080> some<00:12:20.470> and 00:12:20.580 --> 00:12:20.590 align:start position:0% man camp and this illustrates some and 00:12:20.590 --> 00:12:22.620 align:start position:0% man camp and this illustrates some and stuff<00:12:20.770> as<00:12:20.950> possible<00:12:21.010> so<00:12:21.520> when<00:12:21.640> you<00:12:21.730> spend 00:12:22.620 --> 00:12:22.630 align:start position:0% stuff as possible so when you spend 00:12:22.630 --> 00:12:25.020 align:start position:0% stuff as possible so when you spend money<00:12:22.840> from<00:12:23.140> this<00:12:23.290> wallet<00:12:23.710> it<00:12:23.920> would<00:12:24.100> go<00:12:24.970> to 00:12:25.020 --> 00:12:25.030 align:start position:0% money from this wallet it would go to 00:12:25.030 --> 00:12:26.460 align:start position:0% money from this wallet it would go to each<00:12:25.270> of<00:12:25.420> these<00:12:25.510> items<00:12:25.690> and<00:12:26.110> liquidate<00:12:26.440> a 00:12:26.460 --> 00:12:26.470 align:start position:0% each of these items and liquidate a 00:12:26.470 --> 00:12:29.220 align:start position:0% each of these items and liquidate a little<00:12:26.710> bit<00:12:27.600> but<00:12:28.600> but<00:12:28.720> of<00:12:28.840> course<00:12:28.990> you<00:12:29.020> can<00:12:29.170> do 00:12:29.220 --> 00:12:29.230 align:start position:0% little bit but but of course you can do 00:12:29.230 --> 00:12:32.310 align:start position:0% little bit but but of course you can do all<00:12:29.260> kinds<00:12:29.320> of<00:12:29.590> great<00:12:30.070> things<00:12:30.190> you<00:12:30.880> can<00:12:31.320> lock 00:12:32.310 --> 00:12:32.320 align:start position:0% all kinds of great things you can lock 00:12:32.320 --> 00:12:35.160 align:start position:0% all kinds of great things you can lock items<00:12:32.800> you<00:12:33.130> can<00:12:33.250> lock<00:12:33.430> folders<00:12:34.000> and<00:12:34.720> generally 00:12:35.160 --> 00:12:35.170 align:start position:0% items you can lock folders and generally 00:12:35.170 --> 00:12:36.570 align:start position:0% items you can lock folders and generally speaking<00:12:35.440> is<00:12:35.530> programmable<00:12:36.070> so<00:12:36.340> you<00:12:36.430> can 00:12:36.570 --> 00:12:36.580 align:start position:0% speaking is programmable so you can 00:12:36.580 --> 00:12:40.230 align:start position:0% speaking is programmable so you can imagine<00:12:37.140> creating<00:12:38.140> a<00:12:38.830> folder<00:12:39.400> called<00:12:39.760> my<00:12:39.970> car 00:12:40.230 --> 00:12:40.240 align:start position:0% imagine creating a folder called my car 00:12:40.240 --> 00:12:42.510 align:start position:0% imagine creating a folder called my car fund<00:12:40.510> right<00:12:41.050> just<00:12:41.500> saving<00:12:41.740> up<00:12:41.830> for<00:12:41.860> a<00:12:42.040> car<00:12:42.070> and 00:12:42.510 --> 00:12:42.520 align:start position:0% fund right just saving up for a car and 00:12:42.520 --> 00:12:46.170 align:start position:0% fund right just saving up for a car and you<00:12:42.690> you<00:12:43.690> might<00:12:43.840> program<00:12:44.470> that<00:12:45.250> folder<00:12:45.850> so 00:12:46.170 --> 00:12:46.180 align:start position:0% you you might program that folder so 00:12:46.180 --> 00:12:48.060 align:start position:0% you you might program that folder so that<00:12:46.210> every<00:12:46.540> time<00:12:46.720> your<00:12:47.020> every<00:12:47.650> time<00:12:47.860> your 00:12:48.060 --> 00:12:48.070 align:start position:0% that every time your every time your 00:12:48.070 --> 00:12:49.950 align:start position:0% that every time your every time your balance<00:12:48.550> goes<00:12:48.910> over<00:12:49.120> ten<00:12:49.360> thousand<00:12:49.720> dollars 00:12:49.950 --> 00:12:49.960 align:start position:0% balance goes over ten thousand dollars 00:12:49.960 --> 00:12:53.670 align:start position:0% balance goes over ten thousand dollars for<00:12:50.230> a<00:12:50.260> full<00:12:50.470> day<00:12:50.500> it's<00:12:51.490> it<00:12:52.000> sweeps<00:12:52.680> fifty 00:12:53.670 --> 00:12:53.680 align:start position:0% for a full day it's it sweeps fifty 00:12:53.680 --> 00:12:56.100 align:start position:0% for a full day it's it sweeps fifty dollars<00:12:53.980> from<00:12:54.880> your<00:12:55.120> balance<00:12:55.450> and<00:12:55.660> sticks<00:12:55.930> it 00:12:56.100 --> 00:12:56.110 align:start position:0% dollars from your balance and sticks it 00:12:56.110 --> 00:12:59.240 align:start position:0% dollars from your balance and sticks it into<00:12:56.320> your<00:12:57.100> my<00:12:57.700> car<00:12:58.000> fund<00:12:58.240> folder 00:12:59.240 --> 00:12:59.250 align:start position:0% into your my car fund folder 00:12:59.250 --> 00:13:03.710 align:start position:0% into your my car fund folder so<00:12:59.940> it's<00:13:00.900> kind<00:13:01.140> of<00:13:01.700> kind<00:13:02.700> of<00:13:02.850> a<00:13:02.970> merger<00:13:03.240> of<00:13:03.480> a 00:13:03.710 --> 00:13:03.720 align:start position:0% so it's kind of kind of a merger of a 00:13:03.720 --> 00:13:05.750 align:start position:0% so it's kind of kind of a merger of a checking<00:13:04.200> account<00:13:04.320> a<00:13:04.740> savings<00:13:05.160> account<00:13:05.250> and 00:13:05.750 --> 00:13:05.760 align:start position:0% checking account a savings account and 00:13:05.760 --> 00:13:08.540 align:start position:0% checking account a savings account and an<00:13:05.910> investment<00:13:06.450> solution<00:13:07.190> which<00:13:08.190> you<00:13:08.370> can 00:13:08.540 --> 00:13:08.550 align:start position:0% an investment solution which you can 00:13:08.550 --> 00:13:11.660 align:start position:0% an investment solution which you can configure<00:13:09.710> to<00:13:10.710> behave<00:13:10.950> in<00:13:11.070> exactly<00:13:11.160> the<00:13:11.580> way 00:13:11.660 --> 00:13:11.670 align:start position:0% configure to behave in exactly the way 00:13:11.670 --> 00:13:14.720 align:start position:0% configure to behave in exactly the way you<00:13:11.730> want<00:13:12.060> and<00:13:12.230> furthermore<00:13:13.640> addresses<00:13:14.640> the 00:13:14.720 --> 00:13:14.730 align:start position:0% you want and furthermore addresses the 00:13:14.730 --> 00:13:16.100 align:start position:0% you want and furthermore addresses the issue<00:13:14.880> which<00:13:15.090> a<00:13:15.180> lot<00:13:15.300> of<00:13:15.330> people<00:13:15.510> have<00:13:15.810> that 00:13:16.100 --> 00:13:16.110 align:start position:0% issue which a lot of people have that 00:13:16.110 --> 00:13:19.070 align:start position:0% issue which a lot of people have that you<00:13:16.590> have<00:13:16.940> you<00:13:17.940> know<00:13:18.060> money<00:13:18.240> lying<00:13:18.540> around<00:13:18.690> in 00:13:19.070 --> 00:13:19.080 align:start position:0% you have you know money lying around in 00:13:19.080 --> 00:13:20.420 align:start position:0% you have you know money lying around in your<00:13:19.110> bank<00:13:19.530> account<00:13:19.650> but<00:13:19.980> you<00:13:20.070> just<00:13:20.190> to<00:13:20.280> have<00:13:20.400> a 00:13:20.420 --> 00:13:20.430 align:start position:0% your bank account but you just to have a 00:13:20.430 --> 00:13:21.890 align:start position:0% your bank account but you just to have a time<00:13:20.670> to<00:13:20.850> send<00:13:21.000> it<00:13:21.150> to<00:13:21.240> a<00:13:21.270> wealth<00:13:21.450> management 00:13:21.890 --> 00:13:21.900 align:start position:0% time to send it to a wealth management 00:13:21.900 --> 00:13:24.370 align:start position:0% time to send it to a wealth management solution<00:13:22.290> or<00:13:23.130> you<00:13:23.220> need<00:13:23.400> an<00:13:23.520> equality<00:13:23.760> on<00:13:24.060> hand 00:13:24.370 --> 00:13:24.380 align:start position:0% solution or you need an equality on hand 00:13:24.380 --> 00:13:30.170 align:start position:0% solution or you need an equality on hand and<00:13:25.640> yeah<00:13:28.130> that's<00:13:29.130> it<00:13:29.310> for<00:13:29.520> me<00:13:29.640> I<00:13:29.790> think<00:13:30.060> I've 00:13:30.170 --> 00:13:30.180 align:start position:0% and yeah that's it for me I think I've 00:13:30.180 --> 00:13:32.570 align:start position:0% and yeah that's it for me I think I've stable