WEBVTT Kind: captions Language: en 00:00:04.620 --> 00:00:07.670 align:start position:0% my<00:00:05.430> name<00:00:05.609> is<00:00:05.759> Sepp<00:00:06.029> and<00:00:06.390> I<00:00:06.870> work<00:00:07.080> on<00:00:07.290> the<00:00:07.470> cellar 00:00:07.670 --> 00:00:07.680 align:start position:0% my name is Sepp and I work on the cellar 00:00:07.680 --> 00:00:10.070 align:start position:0% my name is Sepp and I work on the cellar protocol<00:00:08.189> and<00:00:09.150> today<00:00:09.510> I'm<00:00:09.690> going<00:00:09.870> to<00:00:09.930> be 00:00:10.070 --> 00:00:10.080 align:start position:0% protocol and today I'm going to be 00:00:10.080 --> 00:00:14.629 align:start position:0% protocol and today I'm going to be talking<00:00:10.350> about<00:00:10.590> the<00:00:11.490> future<00:00:11.850> of<00:00:12.000> value<00:00:13.639> and 00:00:14.629 --> 00:00:14.639 align:start position:0% talking about the future of value and 00:00:14.639 --> 00:00:17.420 align:start position:0% talking about the future of value and what<00:00:15.480> I'm<00:00:15.570> gonna<00:00:15.690> start<00:00:15.990> with<00:00:16.139> what<00:00:17.130> hold<00:00:17.340> on 00:00:17.420 --> 00:00:17.430 align:start position:0% what I'm gonna start with what hold on 00:00:17.430 --> 00:00:26.179 align:start position:0% what I'm gonna start with what hold on guys<00:00:18.050> guys<00:00:23.390> I<00:00:24.589> want<00:00:25.589> to<00:00:25.619> start<00:00:25.830> off<00:00:25.949> by<00:00:26.130> talking 00:00:26.179 --> 00:00:26.189 align:start position:0% guys guys I want to start off by talking 00:00:26.189 --> 00:00:29.919 align:start position:0% guys guys I want to start off by talking about<00:00:26.550> painting<00:00:26.849> in<00:00:27.210> the<00:00:28.339> 1800's<00:00:29.339> there<00:00:29.579> was 00:00:29.919 --> 00:00:29.929 align:start position:0% about painting in the 1800's there was 00:00:29.929 --> 00:00:33.760 align:start position:0% about painting in the 1800's there was in<00:00:30.929> the<00:00:31.050> mid<00:00:31.230> 1800s<00:00:31.859> there<00:00:31.949> was<00:00:32.009> a<00:00:32.160> real<00:00:32.430> big 00:00:33.760 --> 00:00:33.770 align:start position:0% in the mid 1800s there was a real big 00:00:33.770 --> 00:00:36.740 align:start position:0% in the mid 1800s there was a real big explosion<00:00:34.770> in<00:00:35.040> technology<00:00:35.790> innovation<00:00:36.329> in 00:00:36.740 --> 00:00:36.750 align:start position:0% explosion in technology innovation in 00:00:36.750 --> 00:00:41.270 align:start position:0% explosion in technology innovation in painting<00:00:37.170> in<00:00:38.100> about<00:00:38.520> 80<00:00:38.730> in<00:00:39.000> 1841<00:00:40.100> there<00:00:41.100> was 00:00:41.270 --> 00:00:41.280 align:start position:0% painting in about 80 in 1841 there was 00:00:41.280 --> 00:00:45.260 align:start position:0% painting in about 80 in 1841 there was the<00:00:41.460> invention<00:00:41.790> of<00:00:42.210> the<00:00:42.840> paint<00:00:43.200> tube<00:00:43.700> and<00:00:44.700> the 00:00:45.260 --> 00:00:45.270 align:start position:0% the invention of the paint tube and the 00:00:45.270 --> 00:00:49.580 align:start position:0% the invention of the paint tube and the paint<00:00:45.510> tube<00:00:47.750> we<00:00:48.750> don't<00:00:48.930> think<00:00:49.050> of<00:00:49.170> much<00:00:49.380> about 00:00:49.580 --> 00:00:49.590 align:start position:0% paint tube we don't think of much about 00:00:49.590 --> 00:00:50.870 align:start position:0% paint tube we don't think of much about it<00:00:49.740> now<00:00:49.890> but<00:00:50.100> it<00:00:50.220> was<00:00:50.310> a<00:00:50.340> real<00:00:50.550> technology 00:00:50.870 --> 00:00:50.880 align:start position:0% it now but it was a real technology 00:00:50.880 --> 00:00:53.090 align:start position:0% it now but it was a real technology innovation<00:00:51.480> because<00:00:51.840> before<00:00:52.530> the<00:00:52.680> paint<00:00:52.890> tube 00:00:53.090 --> 00:00:53.100 align:start position:0% innovation because before the paint tube 00:00:53.100 --> 00:00:55.940 align:start position:0% innovation because before the paint tube the<00:00:53.280> technology<00:00:53.880> to<00:00:54.030> hold<00:00:54.300> paint<00:00:54.720> was<00:00:55.380> a<00:00:55.650> pig's 00:00:55.940 --> 00:00:55.950 align:start position:0% the technology to hold paint was a pig's 00:00:55.950 --> 00:00:58.460 align:start position:0% the technology to hold paint was a pig's bladder<00:00:56.240> and<00:00:57.240> you<00:00:57.420> can<00:00:57.570> imagine<00:00:57.780> that<00:00:58.050> a<00:00:58.170> pig's 00:00:58.460 --> 00:00:58.470 align:start position:0% bladder and you can imagine that a pig's 00:00:58.470 --> 00:01:00.530 align:start position:0% bladder and you can imagine that a pig's bladder<00:00:58.680> wasn't<00:00:59.190> very<00:00:59.340> portable<00:00:59.670> there's<00:01:00.450> a 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was<00:01:15.090> the<00:01:15.359> metal<00:01:15.749> ferule<00:01:16.289> the<00:01:16.740> fur 00:01:16.910 --> 00:01:16.920 align:start position:0% this time was the metal ferule the fur 00:01:16.920 --> 00:01:20.179 align:start position:0% this time was the metal ferule the fur Yule<00:01:17.219> is<00:01:17.369> the<00:01:17.670> piece<00:01:18.299> between<00:01:18.600> the<00:01:19.499> handle<00:01:19.920> and 00:01:20.179 --> 00:01:20.189 align:start position:0% Yule is the piece between the handle and 00:01:20.189 --> 00:01:24.050 align:start position:0% Yule is the piece between the handle and the<00:01:20.399> brush<00:01:20.579> itself<00:01:21.170> and<00:01:22.170> prior<00:01:23.130> to<00:01:23.159> the<00:01:23.729> metal 00:01:24.050 --> 00:01:24.060 align:start position:0% the brush itself and prior to the metal 00:01:24.060 --> 00:01:28.099 align:start position:0% the brush itself and prior to the metal ferial<00:01:24.509> people<00:01:24.990> use<00:01:25.409> string<00:01:26.130> or<00:01:26.429> wire<00:01:27.390> as<00:01:27.810> the 00:01:28.099 --> 00:01:28.109 align:start position:0% ferial people use string or wire as the 00:01:28.109 --> 00:01:30.109 align:start position:0% ferial people use string or wire as the ferule<00:01:28.499> and<00:01:29.130> the<00:01:29.280> problem<00:01:29.609> with<00:01:29.729> this<00:01:29.880> is<00:01:30.090> that 00:01:30.109 --> 00:01:30.119 align:start position:0% ferule and the problem with this is that 00:01:30.119 --> 00:01:34.520 align:start position:0% ferule and the problem with this is that it<00:01:30.359> only<00:01:30.539> allowed<00:01:31.049> for<00:01:31.999> round<00:01:32.999> brushes<00:01:33.749> with 00:01:34.520 --> 00:01:34.530 align:start position:0% it only allowed for round brushes with 00:01:34.530 --> 00:01:36.349 align:start position:0% it only allowed for round brushes with the<00:01:34.679> metal<00:01:35.039> funeral<00:01:35.520> you<00:01:35.670> all<00:01:35.850> of<00:01:35.999> a<00:01:36.060> sudden 00:01:36.349 --> 00:01:36.359 align:start position:0% the metal funeral you all of a sudden 00:01:36.359 --> 00:01:39.739 align:start position:0% the metal funeral you all of a sudden could<00:01:36.689> have<00:01:36.869> flat<00:01:37.200> brushes<00:01:37.609> and<00:01:38.609> so<00:01:39.240> that<00:01:39.450> in 00:01:39.739 --> 00:01:39.749 align:start position:0% could have flat brushes and so that in 00:01:39.749 --> 00:01:43.910 align:start position:0% could have flat brushes and so that in turn<00:01:40.109> allowed<00:01:40.950> for<00:01:41.280> the<00:01:41.999> impasto<00:01:42.359> effect<00:01:42.960> and 00:01:43.910 --> 00:01:43.920 align:start position:0% turn allowed for the impasto effect and 00:01:43.920 --> 00:01:46.520 align:start position:0% turn allowed for the impasto effect and effect<00:01:44.310> where<00:01:44.490> people<00:01:44.850> put<00:01:44.999> paint<00:01:45.539> heavily<00:01:46.409> on 00:01:46.520 --> 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align:start position:0% technologies along with a third technology<00:01:54.270> which<00:01:54.749> is<00:01:54.990> which<00:01:55.560> was<00:01:55.740> the 00:01:55.819 --> 00:01:55.829 align:start position:0% technology which is which was the 00:01:55.829 --> 00:01:58.190 align:start position:0% technology which is which was the collapsible<00:01:56.310> easel<00:01:56.819> led<00:01:57.569> to<00:01:57.719> a<00:01:57.749> style<00:01:58.079> of 00:01:58.190 --> 00:01:58.200 align:start position:0% collapsible easel led to a style of 00:01:58.200 --> 00:02:00.889 align:start position:0% collapsible easel led to a style of painting<00:01:58.469> that<00:01:58.979> we<00:01:59.219> now<00:01:59.429> call<00:01:59.899> Impressionism 00:02:00.889 --> 00:02:00.899 align:start position:0% painting that we now call Impressionism 00:02:00.899 --> 00:02:06.080 align:start position:0% painting that we now call Impressionism and<00:02:01.340> this<00:02:02.340> is<00:02:02.779> both<00:02:03.779> amazing<00:02:04.529> and<00:02:05.009> the<00:02:05.759> story 00:02:06.080 --> 00:02:06.090 align:start position:0% and this is both amazing and the story 00:02:06.090 --> 00:02:08.660 align:start position:0% and this is both amazing and the story of<00:02:06.270> the<00:02:06.630> world<00:02:07.160> there<00:02:08.160> were<00:02:08.280> these<00:02:08.399> new 00:02:08.660 --> 00:02:08.670 align:start position:0% of the world there were these new 00:02:08.670 --> 00:02:10.490 align:start position:0% of the world there were these new technological<00:02:09.060> innovations<00:02:09.959> and<00:02:10.289> these 00:02:10.490 --> 00:02:10.500 align:start position:0% technological innovations and these 00:02:10.500 --> 00:02:12.500 align:start position:0% technological innovations and these technical<00:02:10.920> in<00:02:11.069> it<00:02:11.190> for<00:02:11.520> an<00:02:11.760> expressive<00:02:12.180> medium 00:02:12.500 --> 00:02:12.510 align:start position:0% technical in it for an expressive medium 00:02:12.510 --> 00:02:14.990 align:start position:0% technical in it for an expressive medium and<00:02:12.930> the<00:02:13.439> technological<00:02:14.000> innovations 00:02:14.990 --> 00:02:15.000 align:start position:0% and the technological innovations 00:02:15.000 --> 00:02:16.980 align:start position:0% and the technological innovations increase<00:02:15.540> the<00:02:15.780> expressive<00:02:16.349> rein 00:02:16.980 --> 00:02:16.990 align:start position:0% increase the expressive rein 00:02:16.990 --> 00:02:20.330 align:start position:0% increase the expressive rein of<00:02:17.200> the<00:02:17.950> of<00:02:18.280> the<00:02:18.520> medium<00:02:18.910> and<00:02:19.150> that<00:02:19.870> allowed 00:02:20.330 --> 00:02:20.340 align:start position:0% of the of the medium and that allowed 00:02:20.340 --> 00:02:23.430 align:start position:0% of the of the medium and that allowed then<00:02:21.340> lots<00:02:22.030> of<00:02:22.180> things<00:02:22.450> but<00:02:22.570> including<00:02:23.200> this 00:02:23.430 --> 00:02:23.440 align:start position:0% then lots of things but including this 00:02:23.440 --> 00:02:26.720 align:start position:0% then lots of things but including this these<00:02:23.860> works<00:02:24.130> of<00:02:24.340> unspeakable<00:02:25.060> beauty<00:02:25.650> and 00:02:26.720 --> 00:02:26.730 align:start position:0% these works of unspeakable beauty and 00:02:26.730 --> 00:02:29.850 align:start position:0% these works of unspeakable beauty and this<00:02:27.730> talk<00:02:28.150> is<00:02:28.180> is<00:02:28.750> not<00:02:29.080> about<00:02:29.260> painting<00:02:29.680> it's 00:02:29.850 --> 00:02:29.860 align:start position:0% this talk is is not about painting it's 00:02:29.860 --> 00:02:30.450 align:start position:0% this talk is is not about painting it's about<00:02:30.040> money 00:02:30.450 --> 00:02:30.460 align:start position:0% about money 00:02:30.460 --> 00:02:32.580 align:start position:0% about money but<00:02:31.360> I<00:02:31.390> wanted<00:02:31.660> to<00:02:31.720> start<00:02:32.050> with<00:02:32.140> this<00:02:32.320> because 00:02:32.580 --> 00:02:32.590 align:start position:0% but I wanted to start with this because 00:02:32.590 --> 00:02:37.020 align:start position:0% but I wanted to start with this because money<00:02:33.490> is<00:02:33.850> also<00:02:34.480> an<00:02:34.750> expressive<00:02:35.140> medium<00:02:36.030> it 00:02:37.020 --> 00:02:37.030 align:start position:0% money is also an expressive medium it 00:02:37.030 --> 00:02:39.750 align:start position:0% money is also an expressive medium it can<00:02:37.270> express<00:02:37.660> its<00:02:38.260> expressive<00:02:39.040> range<00:02:39.370> is<00:02:39.610> very 00:02:39.750 --> 00:02:39.760 align:start position:0% can express its expressive range is very 00:02:39.760 --> 00:02:41.610 align:start position:0% can express its expressive range is very narrow<00:02:40.120> it<00:02:40.330> can<00:02:40.480> only<00:02:40.720> express<00:02:41.050> one<00:02:41.320> thing 00:02:41.610 --> 00:02:41.620 align:start position:0% narrow it can only express one thing 00:02:41.620 --> 00:02:44.160 align:start position:0% narrow it can only express one thing which<00:02:41.890> is<00:02:42.040> value<00:02:42.460> but<00:02:43.300> it<00:02:43.420> does<00:02:43.570> a<00:02:43.600> reasonable 00:02:44.160 --> 00:02:44.170 align:start position:0% which is value but it does a reasonable 00:02:44.170 --> 00:02:48.900 align:start position:0% which is value but it does a reasonable job<00:02:44.320> at<00:02:44.500> that<00:02:44.760> and<00:02:45.760> as<00:02:46.330> we<00:02:46.510> are<00:02:46.540> now<00:02:46.930> in<00:02:47.530> a<00:02:47.980> place 00:02:48.900 --> 00:02:48.910 align:start position:0% job at that and as we are now in a place 00:02:48.910 --> 00:02:51.870 align:start position:0% job at that and as we are now in a place where<00:02:49.180> we're<00:02:49.360> thinking<00:02:49.390> about<00:02:50.550> what<00:02:51.550> we're<00:02:51.760> in 00:02:51.870 --> 00:02:51.880 align:start position:0% where we're thinking about what we're in 00:02:51.880 --> 00:02:54.150 align:start position:0% where we're thinking about what we're in a<00:02:51.940> place<00:02:52.120> of<00:02:52.300> technological<00:02:52.990> innovation<00:02:53.500> in 00:02:54.150 --> 00:02:54.160 align:start position:0% a place of technological innovation in 00:02:54.160 --> 00:02:56.670 align:start position:0% a place of technological innovation in the<00:02:54.640> technology<00:02:55.300> behind<00:02:55.630> this<00:02:56.050> expressive 00:02:56.670 --> 00:02:56.680 align:start position:0% the technology behind this expressive 00:02:56.680 --> 00:02:59.070 align:start position:0% the technology behind this expressive medium<00:02:56.970> it's<00:02:57.970> useful<00:02:58.390> to<00:02:58.420> think<00:02:58.570> about<00:02:58.930> what 00:02:59.070 --> 00:02:59.080 align:start position:0% medium it's useful to think about what 00:02:59.080 --> 00:03:00.810 align:start position:0% medium it's useful to think about what are<00:02:59.200> the<00:02:59.230> features<00:02:59.500> of<00:02:59.680> money<00:03:00.040> that<00:03:00.670> would 00:03:00.810 --> 00:03:00.820 align:start position:0% are the features of money that would 00:03:00.820 --> 00:03:03.210 align:start position:0% are the features of money that would lead<00:03:01.060> to<00:03:01.360> more<00:03:01.780> beauty<00:03:02.140> what<00:03:02.500> are<00:03:02.710> the<00:03:02.830> futures 00:03:03.210 --> 00:03:03.220 align:start position:0% lead to more beauty what are the futures 00:03:03.220 --> 00:03:04.290 align:start position:0% lead to more beauty what are the futures that<00:03:03.460> would<00:03:03.610> lead<00:03:03.790> to<00:03:03.820> a<00:03:03.970> more<00:03:04.120> beautiful 00:03:04.290 --> 00:03:04.300 align:start position:0% that would lead to a more beautiful 00:03:04.300 --> 00:03:09.180 align:start position:0% that would lead to a more beautiful world<00:03:04.690> and<00:03:05.610> I<00:03:06.610> would<00:03:06.790> posit<00:03:07.000> five<00:03:08.070> none<00:03:09.070> of 00:03:09.180 --> 00:03:09.190 align:start position:0% world and I would posit five none of 00:03:09.190 --> 00:03:10.710 align:start position:0% world and I would posit five none of these<00:03:09.310> are<00:03:09.520> new<00:03:09.820> ideas<00:03:10.150> all<00:03:10.270> of<00:03:10.390> these<00:03:10.510> are<00:03:10.630> all 00:03:10.710 --> 00:03:10.720 align:start position:0% these are new ideas all of these are all 00:03:10.720 --> 00:03:12.300 align:start position:0% these are new ideas all of these are all idea<00:03:11.050> old<00:03:11.260> ideas<00:03:11.620> but<00:03:11.830> I<00:03:11.860> believe<00:03:12.160> they're 00:03:12.300 --> 00:03:12.310 align:start position:0% idea old ideas but I believe they're 00:03:12.310 --> 00:03:16.620 align:start position:0% idea old ideas but I believe they're ideas<00:03:12.520> whose<00:03:12.850> time<00:03:12.880> has<00:03:13.390> come<00:03:13.530> the<00:03:14.730> first<00:03:15.730> is<00:03:16.600> a 00:03:16.620 --> 00:03:16.630 align:start position:0% ideas whose time has come the first is a 00:03:16.630 --> 00:03:18.660 align:start position:0% ideas whose time has come the first is a universal<00:03:17.290> basic<00:03:17.560> income<00:03:17.680> or<00:03:18.160> a<00:03:18.190> universal 00:03:18.660 --> 00:03:18.670 align:start position:0% universal basic income or a universal 00:03:18.670 --> 00:03:20.880 align:start position:0% universal basic income or a universal basic<00:03:18.760> dividend<00:03:19.390> that<00:03:19.660> is<00:03:20.410> tied<00:03:20.680> directly 00:03:20.880 --> 00:03:20.890 align:start position:0% basic dividend that is tied directly 00:03:20.890 --> 00:03:22.560 align:start position:0% basic dividend that is tied directly into<00:03:21.370> the<00:03:21.460> money<00:03:21.610> system<00:03:21.850> so<00:03:22.180> that<00:03:22.300> doesn't 00:03:22.560 --> 00:03:22.570 align:start position:0% into the money system so that doesn't 00:03:22.570 --> 00:03:25.020 align:start position:0% into the money system so that doesn't need<00:03:22.780> to<00:03:22.930> be<00:03:23.170> implemented<00:03:24.070> on<00:03:24.400> top<00:03:24.700> of<00:03:24.880> the 00:03:25.020 --> 00:03:25.030 align:start position:0% need to be implemented on top of the 00:03:25.030 --> 00:03:27.000 align:start position:0% need to be implemented on top of the money<00:03:25.150> system<00:03:25.660> but<00:03:26.290> it's<00:03:26.440> native<00:03:26.770> to<00:03:26.920> the 00:03:27.000 --> 00:03:27.010 align:start position:0% money system but it's native to the 00:03:27.010 --> 00:03:30.630 align:start position:0% money system but it's native to the money<00:03:27.190> system<00:03:27.430> a<00:03:28.890> basic<00:03:29.890> income<00:03:30.160> or<00:03:30.310> a<00:03:30.340> basic 00:03:30.630 --> 00:03:30.640 align:start position:0% money system a basic income or a basic 00:03:30.640 --> 00:03:32.340 align:start position:0% money system a basic income or a basic dividend<00:03:31.060> we<00:03:31.270> see<00:03:31.450> this<00:03:31.600> a<00:03:31.660> lot<00:03:31.750> in<00:03:32.020> natures 00:03:32.340 --> 00:03:32.350 align:start position:0% dividend we see this a lot in natures 00:03:32.350 --> 00:03:38.600 align:start position:0% dividend we see this a lot in natures like<00:03:32.770> sunlight<00:03:33.670> or<00:03:34.030> rain<00:03:35.190> they're<00:03:36.960> a 00:03:38.600 --> 00:03:38.610 align:start position:0% like sunlight or rain they're a 00:03:38.610 --> 00:03:40.920 align:start position:0% like sunlight or rain they're a consistent<00:03:39.610> source<00:03:39.880> of<00:03:40.090> energy<00:03:40.300> that's 00:03:40.920 --> 00:03:40.930 align:start position:0% consistent source of energy that's 00:03:40.930 --> 00:03:43.320 align:start position:0% consistent source of energy that's reasonably<00:03:41.710> evenly<00:03:42.370> distributed<00:03:43.090> in<00:03:43.180> a 00:03:43.320 --> 00:03:43.330 align:start position:0% reasonably evenly distributed in a 00:03:43.330 --> 00:03:46.470 align:start position:0% reasonably evenly distributed in a region<00:03:43.690> and<00:03:43.870> we<00:03:44.470> see<00:03:44.710> in<00:03:45.490> nature<00:03:45.910> in<00:03:46.090> places 00:03:46.470 --> 00:03:46.480 align:start position:0% region and we see in nature in places 00:03:46.480 --> 00:03:48.390 align:start position:0% region and we see in nature in places where<00:03:46.630> there's<00:03:46.900> lots<00:03:47.410> of<00:03:47.560> sunlight<00:03:47.950> and<00:03:48.160> lots 00:03:48.390 --> 00:03:48.400 align:start position:0% where there's lots of sunlight and lots 00:03:48.400 --> 00:03:51.120 align:start position:0% where there's lots of sunlight and lots of<00:03:48.490> rain<00:03:48.760> we<00:03:49.120> have<00:03:49.830> biodiversity<00:03:50.830> and<00:03:50.920> buyer 00:03:51.120 --> 00:03:51.130 align:start position:0% of rain we have biodiversity and buyer 00:03:51.130 --> 00:03:52.170 align:start position:0% of rain we have biodiversity and buyer prosperity 00:03:52.170 --> 00:03:52.180 align:start position:0% prosperity 00:03:52.180 --> 00:03:54.390 align:start position:0% prosperity and<00:03:53.110> so<00:03:53.440> that's<00:03:53.620> the<00:03:53.710> first<00:03:53.920> feature<00:03:54.070> is<00:03:54.370> a 00:03:54.390 --> 00:03:54.400 align:start position:0% and so that's the first feature is a 00:03:54.400 --> 00:03:55.980 align:start position:0% and so that's the first feature is a universal<00:03:54.880> basic<00:03:55.180> income<00:03:55.300> or<00:03:55.540> a<00:03:55.570> universal 00:03:55.980 --> 00:03:55.990 align:start position:0% universal basic income or a universal 00:03:55.990 --> 00:03:59.250 align:start position:0% universal basic income or a universal basic<00:03:56.230> dividend<00:03:57.630> the<00:03:58.630> second<00:03:58.960> feature<00:03:59.140> is 00:03:59.250 --> 00:03:59.260 align:start position:0% basic dividend the second feature is 00:03:59.260 --> 00:04:01.320 align:start position:0% basic dividend the second feature is demurrage<00:03:59.710> and<00:04:00.160> demerant<00:04:00.490> is<00:04:00.640> an<00:04:00.760> idea<00:04:01.030> by<00:04:01.300> the 00:04:01.320 --> 00:04:01.330 align:start position:0% demurrage and demerant is an idea by the 00:04:01.330 --> 00:04:03.720 align:start position:0% demurrage and demerant is an idea by the economist<00:04:02.050> Silvio<00:04:02.350> Gesell<00:04:02.830> who<00:04:03.100> is<00:04:03.220> active<00:04:03.550> in 00:04:03.720 --> 00:04:03.730 align:start position:0% economist Silvio Gesell who is active in 00:04:03.730 --> 00:04:06.630 align:start position:0% economist Silvio Gesell who is active in the<00:04:03.940> late<00:04:04.210> 19th<00:04:04.840> and<00:04:05.080> early<00:04:05.170> 20th<00:04:05.620> century<00:04:06.220> and 00:04:06.630 --> 00:04:06.640 align:start position:0% the late 19th and early 20th century and 00:04:06.640 --> 00:04:09.540 align:start position:0% the late 19th and early 20th century and he<00:04:07.180> observed<00:04:07.600> that<00:04:08.200> you<00:04:08.560> know<00:04:08.950> during<00:04:09.190> times 00:04:09.540 --> 00:04:09.550 align:start position:0% he observed that you know during times 00:04:09.550 --> 00:04:11.640 align:start position:0% he observed that you know during times of<00:04:09.730> recession<00:04:09.960> people<00:04:10.960> tend<00:04:11.200> to<00:04:11.290> hoard<00:04:11.590> money 00:04:11.640 --> 00:04:11.650 align:start position:0% of recession people tend to hoard money 00:04:11.650 --> 00:04:14.280 align:start position:0% of recession people tend to hoard money and<00:04:12.190> that<00:04:12.730> hoarding<00:04:13.150> of<00:04:13.300> money<00:04:13.570> ends<00:04:14.230> up 00:04:14.280 --> 00:04:14.290 align:start position:0% and that hoarding of money ends up 00:04:14.290 --> 00:04:17.220 align:start position:0% and that hoarding of money ends up intensifying<00:04:14.890> the<00:04:15.040> recession<00:04:15.840> and<00:04:16.840> so<00:04:16.900> he 00:04:17.220 --> 00:04:17.230 align:start position:0% intensifying the recession and so he 00:04:17.230 --> 00:04:19.110 align:start position:0% intensifying the recession and so he said<00:04:17.440> well<00:04:17.830> what's<00:04:18.070> what's<00:04:18.430> the<00:04:18.520> path<00:04:18.700> out<00:04:18.940> of 00:04:19.110 --> 00:04:19.120 align:start position:0% said well what's what's the path out of 00:04:19.120 --> 00:04:21.330 align:start position:0% said well what's what's the path out of this<00:04:19.299> and<00:04:19.540> what<00:04:19.989> he<00:04:20.140> proposed<00:04:20.620> was<00:04:20.890> a<00:04:20.920> small 00:04:21.330 --> 00:04:21.340 align:start position:0% this and what he proposed was a small 00:04:21.340 --> 00:04:25.380 align:start position:0% this and what he proposed was a small fee<00:04:21.760> on<00:04:22.150> the<00:04:22.600> holding<00:04:22.900> of<00:04:23.050> money<00:04:24.180> he<00:04:25.180> called 00:04:25.380 --> 00:04:25.390 align:start position:0% fee on the holding of money he called 00:04:25.390 --> 00:04:27.690 align:start position:0% fee on the holding of money he called this<00:04:25.570> negative<00:04:25.960> interest<00:04:26.260> or<00:04:26.410> damage<00:04:26.740> and<00:04:27.040> the 00:04:27.690 --> 00:04:27.700 align:start position:0% this negative interest or damage and the 00:04:27.700 --> 00:04:29.850 align:start position:0% this negative interest or damage and the way<00:04:27.910> that<00:04:28.120> he<00:04:28.240> implemented<00:04:28.720> it<00:04:28.870> was<00:04:29.080> he<00:04:29.410> had 00:04:29.850 --> 00:04:29.860 align:start position:0% way that he implemented it was he had 00:04:29.860 --> 00:04:31.920 align:start position:0% way that he implemented it was he had these<00:04:30.550> dollar<00:04:30.850> bills<00:04:30.970> he<00:04:31.480> proposed<00:04:31.810> these 00:04:31.920 --> 00:04:31.930 align:start position:0% these dollar bills he proposed these 00:04:31.930 --> 00:04:33.960 align:start position:0% these dollar bills he proposed these dollar<00:04:32.170> bills<00:04:32.260> but<00:04:33.160> in<00:04:33.310> order<00:04:33.550> for<00:04:33.730> the<00:04:33.820> dollar 00:04:33.960 --> 00:04:33.970 align:start position:0% dollar bills but in order for the dollar 00:04:33.970 --> 00:04:35.610 align:start position:0% dollar bills but in order for the dollar bills<00:04:34.240> to<00:04:34.360> be<00:04:34.450> valid<00:04:34.750> you'd<00:04:34.870> have<00:04:35.020> to<00:04:35.170> fix<00:04:35.500> a 00:04:35.610 --> 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there were lots of 00:04:43.360 --> 00:04:44.970 align:start position:0% Great Depression there were lots of experiments<00:04:44.200> with<00:04:44.380> Demarest<00:04:44.740> charge 00:04:44.970 --> 00:04:44.980 align:start position:0% experiments with Demarest charge 00:04:44.980 --> 00:04:47.640 align:start position:0% experiments with Demarest charge currencies<00:04:45.490> most<00:04:46.060> notably<00:04:46.420> in<00:04:46.600> most<00:04:47.200> notably 00:04:47.640 --> 00:04:47.650 align:start position:0% currencies most notably in most notably 00:04:47.650 --> 00:04:50.310 align:start position:0% currencies most notably in most notably in<00:04:47.860> virgle<00:04:48.610> Austria<00:04:49.120> and<00:04:49.420> this<00:04:49.810> is<00:04:49.960> actually 00:04:50.310 --> 00:04:50.320 align:start position:0% in virgle Austria and this is actually 00:04:50.320 --> 00:04:53.160 align:start position:0% in virgle Austria and this is actually the<00:04:50.790> for<00:04:51.790> gold<00:04:52.000> shilling<00:04:52.450> of<00:04:52.660> the<00:04:52.870> DeMars 00:04:53.160 --> 00:04:53.170 align:start position:0% the for gold shilling of the DeMars 00:04:53.170 --> 00:04:54.900 align:start position:0% the for gold shilling of the DeMars charts<00:04:53.440> chillin<00:04:53.770> you<00:04:53.800> can<00:04:54.040> see<00:04:54.220> the<00:04:54.370> stamps<00:04:54.790> on 00:04:54.900 --> 00:04:54.910 align:start position:0% charts chillin you can see the stamps on 00:04:54.910 --> 00:04:59.700 align:start position:0% charts chillin you can see the stamps on the<00:04:55.030> right<00:04:55.180> hand<00:04:55.390> side<00:04:57.750> when<00:04:58.750> it<00:04:59.140> was<00:04:59.260> issued 00:04:59.700 --> 00:04:59.710 align:start position:0% the right hand side when it was issued 00:04:59.710 --> 00:05:02.430 align:start position:0% the right hand side when it was issued in<00:04:59.980> burgle<00:05:00.550> burgle<00:05:01.240> became<00:05:01.570> this<00:05:01.750> oasis<00:05:02.290> of 00:05:02.430 --> 00:05:02.440 align:start position:0% in burgle burgle became this oasis of 00:05:02.440 --> 00:05:04.950 align:start position:0% in burgle burgle became this oasis of prosperity<00:05:03.070> in<00:05:03.400> the<00:05:04.210> midst<00:05:04.600> of<00:05:04.690> the<00:05:04.810> Great 00:05:04.950 --> 00:05:04.960 align:start position:0% prosperity in the midst of the Great 00:05:04.960 --> 00:05:07.050 align:start position:0% prosperity in the midst of the Great Depression<00:05:05.110> people<00:05:05.740> called<00:05:06.010> it<00:05:06.220> the<00:05:06.850> miracle 00:05:07.050 --> 00:05:07.060 align:start position:0% Depression people called it the miracle 00:05:07.060 --> 00:05:09.240 align:start position:0% Depression people called it the miracle of<00:05:07.390> Orgel<00:05:07.840> and<00:05:08.260> he<00:05:08.530> saw<00:05:08.680> these<00:05:08.860> interesting 00:05:09.240 --> 00:05:09.250 align:start position:0% of Orgel and he saw these interesting 00:05:09.250 --> 00:05:10.530 align:start position:0% of Orgel and he saw these interesting things<00:05:09.400> like<00:05:09.580> people<00:05:09.850> started<00:05:10.150> paying<00:05:10.330> their 00:05:10.530 --> 00:05:10.540 align:start position:0% things like people started paying their 00:05:10.540 --> 00:05:13.380 align:start position:0% things like people started paying their taxes<00:05:10.990> early<00:05:11.380> because<00:05:12.280> in<00:05:12.760> the<00:05:12.820> demarest<00:05:13.240> arts 00:05:13.380 --> 00:05:13.390 align:start position:0% taxes early because in the demarest arts 00:05:13.390 --> 00:05:14.730 align:start position:0% taxes early because in the demarest arts world<00:05:13.570> it<00:05:13.780> actually<00:05:14.080> makes<00:05:14.260> sense<00:05:14.440> to<00:05:14.590> pay 00:05:14.730 --> 00:05:14.740 align:start position:0% world it actually makes sense to pay 00:05:14.740 --> 00:05:17.370 align:start position:0% world it actually makes sense to pay your<00:05:14.860> taxes<00:05:15.220> early<00:05:15.810> so<00:05:16.810> that's<00:05:16.990> the<00:05:17.080> second 00:05:17.370 --> 00:05:17.380 align:start position:0% your taxes early so that's the second 00:05:17.380 --> 00:05:19.920 align:start position:0% your taxes early so that's the second feature<00:05:17.560> is<00:05:17.680> damage<00:05:18.130> and<00:05:18.520> Emeric<00:05:19.240> if<00:05:19.510> you 00:05:19.920 --> 00:05:19.930 align:start position:0% feature is damage and Emeric if you 00:05:19.930 --> 00:05:22.770 align:start position:0% feature is damage and Emeric if you think<00:05:20.140> about<00:05:20.230> a<00:05:20.380> ubi<00:05:20.860> as<00:05:21.250> rain<00:05:21.640> dem<00:05:22.390> rage<00:05:22.540> can 00:05:22.770 --> 00:05:22.780 align:start position:0% think about a ubi as rain dem rage can 00:05:22.780 --> 00:05:26.520 align:start position:0% think about a ubi as rain dem rage can be<00:05:22.870> seen<00:05:23.110> as<00:05:23.320> evaporation<00:05:24.040> so<00:05:24.550> it<00:05:24.850> it<00:05:25.720> it<00:05:26.200> helps 00:05:26.520 --> 00:05:26.530 align:start position:0% be seen as evaporation so it it it helps 00:05:26.530 --> 00:05:28.770 align:start position:0% be seen as evaporation so it it it helps to<00:05:26.680> circulate<00:05:26.940> the<00:05:27.940> energy<00:05:28.330> and<00:05:28.480> avoid 00:05:28.770 --> 00:05:28.780 align:start position:0% to circulate the energy and avoid 00:05:28.780 --> 00:05:35.790 align:start position:0% to circulate the energy and avoid stagnation<00:05:31.920> the<00:05:32.920> third<00:05:33.130> features<00:05:33.550> is<00:05:34.260> an<00:05:35.260> idea 00:05:35.790 --> 00:05:35.800 align:start position:0% stagnation the third features is an idea 00:05:35.800 --> 00:05:37.950 align:start position:0% stagnation the third features is an idea by<00:05:36.040> a<00:05:36.070> philosopher<00:05:36.790> I<00:05:36.820> love<00:05:37.120> named<00:05:37.480> Charles 00:05:37.950 --> 00:05:37.960 align:start position:0% by a philosopher I love named Charles 00:05:37.960 --> 00:05:41.130 align:start position:0% by a philosopher I love named Charles Eisenstein<00:05:39.210> called<00:05:40.210> natural<00:05:40.600> capital<00:05:40.990> back 00:05:41.130 --> 00:05:41.140 align:start position:0% Eisenstein called natural capital back 00:05:41.140 --> 00:05:44.250 align:start position:0% Eisenstein called natural capital back currencies<00:05:41.710> and<00:05:42.330> he<00:05:43.330> basically<00:05:43.570> observed<00:05:44.140> he 00:05:44.250 --> 00:05:44.260 align:start position:0% currencies and he basically observed he 00:05:44.260 --> 00:05:45.630 align:start position:0% currencies and he basically observed he says<00:05:44.410> you<00:05:44.530> know<00:05:44.620> whatever<00:05:44.980> backs<00:05:45.340> money 00:05:45.630 --> 00:05:45.640 align:start position:0% says you know whatever backs money 00:05:45.640 --> 00:05:48.960 align:start position:0% says you know whatever backs money people<00:05:46.630> tend<00:05:46.960> to<00:05:47.020> make<00:05:47.080> more<00:05:47.410> of<00:05:47.820> because<00:05:48.820> it's 00:05:48.960 --> 00:05:48.970 align:start position:0% people tend to make more of because it's 00:05:48.970 --> 00:05:51.330 align:start position:0% people tend to make more of because it's like<00:05:49.120> printing<00:05:49.330> money<00:05:49.620> so<00:05:50.620> when<00:05:50.920> gold<00:05:51.130> back 00:05:51.330 --> 00:05:51.340 align:start position:0% like printing money so when gold back 00:05:51.340 --> 00:05:53.460 align:start position:0% like printing money so when gold back money<00:05:51.580> there<00:05:52.180> was<00:05:52.330> this<00:05:52.480> intense<00:05:52.900> incentive 00:05:53.460 --> 00:05:53.470 align:start position:0% money there was this intense incentive 00:05:53.470 --> 00:05:56.520 align:start position:0% money there was this intense incentive to<00:05:53.830> mine<00:05:54.010> gold<00:05:54.340> and<00:05:54.780> so<00:05:55.780> what<00:05:55.990> Charles<00:05:56.230> said<00:05:56.260> is 00:05:56.520 --> 00:05:56.530 align:start position:0% to mine gold and so what Charles said is 00:05:56.530 --> 00:05:57.990 align:start position:0% to mine gold and so what Charles said is he<00:05:56.680> said<00:05:56.860> well<00:05:57.040> why<00:05:57.310> don't<00:05:57.340> we<00:05:57.520> back<00:05:57.670> money 00:05:57.990 --> 00:05:58.000 align:start position:0% he said well why don't we back money 00:05:58.000 --> 00:06:00.990 align:start position:0% he said well why don't we back money with<00:05:58.720> things<00:05:59.260> that<00:05:59.350> we<00:05:59.530> like<00:05:59.740> like<00:06:00.550> pristine 00:06:00.990 --> 00:06:01.000 align:start position:0% with things that we like like pristine 00:06:01.000 --> 00:06:04.470 align:start position:0% with things that we like like pristine forests<00:06:01.660> and<00:06:01.930> clean<00:06:02.230> rivers<00:06:03.210> and<00:06:04.210> I<00:06:04.270> think 00:06:04.470 --> 00:06:04.480 align:start position:0% forests and clean rivers and I think 00:06:04.480 --> 00:06:06.360 align:start position:0% forests and clean rivers and I think that's<00:06:04.600> a<00:06:04.690> lovely<00:06:04.840> idea<00:06:05.080> so<00:06:05.680> that's<00:06:05.890> the<00:06:06.190> third 00:06:06.360 --> 00:06:06.370 align:start position:0% that's a lovely idea so that's the third 00:06:06.370 --> 00:06:07.740 align:start position:0% that's a lovely idea so that's the third feature<00:06:06.550> is<00:06:06.730> called<00:06:06.910> natural<00:06:07.330> capital<00:06:07.600> back 00:06:07.740 --> 00:06:07.750 align:start position:0% feature is called natural capital back 00:06:07.750 --> 00:06:11.400 align:start position:0% feature is called natural capital back currencies<00:06:09.570> the<00:06:10.570> fourth<00:06:10.810> feature<00:06:11.020> for<00:06:11.290> lack 00:06:11.400 --> 00:06:11.410 align:start position:0% currencies the fourth feature for lack 00:06:11.410 --> 00:06:13.230 align:start position:0% currencies the fourth feature for lack of<00:06:11.440> a<00:06:11.620> better<00:06:11.710> term<00:06:11.830> I'll<00:06:12.250> call<00:06:12.460> an<00:06:12.610> ecology<00:06:13.210> of 00:06:13.230 --> 00:06:13.240 align:start position:0% of a better term I'll call an ecology of 00:06:13.240 --> 00:06:15.360 align:start position:0% of a better term I'll call an ecology of value<00:06:13.660> and<00:06:13.930> I<00:06:14.560> think<00:06:14.830> the<00:06:14.920> best<00:06:15.070> way<00:06:15.220> I<00:06:15.250> can 00:06:15.360 --> 00:06:15.370 align:start position:0% value and I think the best way I can 00:06:15.370 --> 00:06:17.250 align:start position:0% value and I think the best way I can describe<00:06:15.640> it<00:06:15.790> is<00:06:15.970> to<00:06:16.120> give<00:06:16.270> an<00:06:16.360> analogy<00:06:16.570> to<00:06:17.080> the 00:06:17.250 --> 00:06:17.260 align:start position:0% describe it is to give an analogy to the 00:06:17.260 --> 00:06:20.130 align:start position:0% describe it is to give an analogy to the early<00:06:17.560> days<00:06:17.710> of<00:06:17.830> the<00:06:17.950> internet<00:06:18.340> I<00:06:18.990> remember<00:06:19.990> in 00:06:20.130 --> 00:06:20.140 align:start position:0% early days of the internet I remember in 00:06:20.140 --> 00:06:23.090 align:start position:0% early days of the internet I remember in the<00:06:20.170> early<00:06:20.290> internet<00:06:21.240> there<00:06:22.240> was<00:06:22.510> this 00:06:23.090 --> 00:06:23.100 align:start position:0% the early internet there was this 00:06:23.100 --> 00:06:26.430 align:start position:0% the early internet there was this excitement<00:06:24.100> around<00:06:24.730> like<00:06:25.060> wow<00:06:25.300> like<00:06:25.720> we<00:06:26.290> could 00:06:26.430 --> 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was 00:06:36.010 --> 00:06:40.860 align:start position:0% yes that was useful but what it did was it<00:06:36.250> actually<00:06:36.400> borrowed<00:06:38.280> an<00:06:39.280> earlier<00:06:40.210> metaphor 00:06:40.860 --> 00:06:40.870 align:start position:0% it actually borrowed an earlier metaphor 00:06:40.870 --> 00:06:43.290 align:start position:0% it actually borrowed an earlier metaphor where<00:06:41.530> information<00:06:42.100> was<00:06:42.430> an<00:06:42.970> R 00:06:43.290 --> 00:06:43.300 align:start position:0% where information was an R 00:06:43.300 --> 00:06:45.089 align:start position:0% where information was an R jekt<00:06:43.509> rather<00:06:43.990> than<00:06:44.259> in<00:06:44.409> ecology<00:06:44.860> we<00:06:44.949> had<00:06:45.069> a 00:06:45.089 --> 00:06:45.099 align:start position:0% jekt rather than in ecology we had a 00:06:45.099 --> 00:06:47.790 align:start position:0% jekt rather than in ecology we had a monoculture<00:06:45.780> information<00:06:46.780> and<00:06:47.139> what<00:06:47.680> we 00:06:47.790 --> 00:06:47.800 align:start position:0% monoculture information and what we 00:06:47.800 --> 00:06:50.430 align:start position:0% monoculture information and what we thought<00:06:48.009> about<00:06:48.250> was<00:06:48.550> to<00:06:49.360> make<00:06:50.229> that 00:06:50.430 --> 00:06:50.440 align:start position:0% thought about was to make that 00:06:50.440 --> 00:06:52.559 align:start position:0% thought about was to make that monoculture<00:06:51.039> more<00:06:51.220> efficient<00:06:51.699> but<00:06:52.449> in 00:06:52.559 --> 00:06:52.569 align:start position:0% monoculture more efficient but in 00:06:52.569 --> 00:06:54.180 align:start position:0% monoculture more efficient but in practice<00:06:52.960> what<00:06:53.110> the<00:06:53.229> internet<00:06:53.560> allowed<00:06:53.800> was<00:06:54.159> a 00:06:54.180 --> 00:06:54.190 align:start position:0% practice what the internet allowed was a 00:06:54.190 --> 00:06:56.040 align:start position:0% practice what the internet allowed was a poly<00:06:54.550> culture<00:06:54.970> of<00:06:55.060> information<00:06:55.659> it<00:06:55.810> allowed 00:06:56.040 --> 00:06:56.050 align:start position:0% poly culture of information it allowed 00:06:56.050 --> 00:07:00.180 align:start position:0% poly culture of information it allowed an<00:06:56.949> ecosystem<00:06:57.550> of<00:06:58.060> information<00:06:58.900> and<00:06:59.830> I<00:07:00.009> can 00:07:00.180 --> 00:07:00.190 align:start position:0% an ecosystem of information and I can 00:07:00.190 --> 00:07:02.580 align:start position:0% an ecosystem of information and I can imagine<00:07:00.430> the<00:07:00.729> same<00:07:00.909> thing<00:07:01.300> for<00:07:01.960> value<00:07:02.379> I<00:07:02.409> can 00:07:02.580 --> 00:07:02.590 align:start position:0% imagine the same thing for value I can 00:07:02.590 --> 00:07:05.180 align:start position:0% imagine the same thing for value I can imagine<00:07:02.979> that<00:07:03.430> we<00:07:03.669> will<00:07:03.819> have<00:07:04.000> a<00:07:04.060> diversity<00:07:04.690> of 00:07:05.180 --> 00:07:05.190 align:start position:0% imagine that we will have a diversity of 00:07:05.190 --> 00:07:07.920 align:start position:0% imagine that we will have a diversity of local<00:07:06.190> currencies<00:07:06.699> of<00:07:06.729> regional<00:07:07.389> currencies 00:07:07.920 --> 00:07:07.930 align:start position:0% local currencies of regional currencies 00:07:07.930 --> 00:07:09.749 align:start position:0% local currencies of regional currencies of<00:07:07.960> national<00:07:08.650> fiat<00:07:08.830> currencies<00:07:09.310> of<00:07:09.490> global 00:07:09.749 --> 00:07:09.759 align:start position:0% of national fiat currencies of global 00:07:09.759 --> 00:07:11.640 align:start position:0% of national fiat currencies of global reference<00:07:10.060> parenthesis<00:07:10.479> of<00:07:10.750> utility 00:07:11.640 --> 00:07:11.650 align:start position:0% reference parenthesis of utility 00:07:11.650 --> 00:07:14.249 align:start position:0% reference parenthesis of utility currencies<00:07:12.159> of<00:07:12.370> store<00:07:13.270> of<00:07:13.360> value<00:07:13.389> currencies 00:07:14.249 --> 00:07:14.259 align:start position:0% currencies of store of value currencies 00:07:14.259 --> 00:07:16.050 align:start position:0% currencies of store of value currencies medium<00:07:14.740> of<00:07:14.860> exchange<00:07:15.069> currencies<00:07:15.729> all 00:07:16.050 --> 00:07:16.060 align:start position:0% medium of exchange currencies all 00:07:16.060 --> 00:07:17.969 align:start position:0% medium of exchange currencies all filling<00:07:16.900> niches<00:07:17.259> that<00:07:17.289> it<00:07:17.590> doesn't<00:07:17.860> make 00:07:17.969 --> 00:07:17.979 align:start position:0% filling niches that it doesn't make 00:07:17.979 --> 00:07:19.589 align:start position:0% filling niches that it doesn't make sense<00:07:18.009> for<00:07:18.460> the<00:07:18.580> others<00:07:18.849> to<00:07:19.090> fill<00:07:19.300> and 00:07:19.589 --> 00:07:19.599 align:start position:0% sense for the others to fill and 00:07:19.599 --> 00:07:22.110 align:start position:0% sense for the others to fill and creating<00:07:20.349> a<00:07:20.440> poly<00:07:20.650> culture<00:07:21.159> with<00:07:21.639> all<00:07:21.849> of<00:07:22.030> the 00:07:22.110 --> 00:07:22.120 align:start position:0% creating a poly culture with all of the 00:07:22.120 --> 00:07:27.540 align:start position:0% creating a poly culture with all of the resilience<00:07:22.509> that<00:07:23.580> that<00:07:24.580> that<00:07:24.789> entails<00:07:26.550> and 00:07:27.540 --> 00:07:27.550 align:start position:0% resilience that that that entails and 00:07:27.550 --> 00:07:29.760 align:start position:0% resilience that that that entails and finally<00:07:27.940> the<00:07:28.060> fifth<00:07:28.210> feature<00:07:28.449> is<00:07:28.870> the 00:07:29.760 --> 00:07:29.770 align:start position:0% finally the fifth feature is the 00:07:29.770 --> 00:07:32.430 align:start position:0% finally the fifth feature is the creation<00:07:30.310> of<00:07:30.430> money<00:07:30.639> in<00:07:31.090> a<00:07:31.810> manner<00:07:32.020> that's<00:07:32.199> not 00:07:32.430 --> 00:07:32.440 align:start position:0% creation of money in a manner that's not 00:07:32.440 --> 00:07:33.930 align:start position:0% creation of money in a manner that's not concomitant<00:07:32.800> with<00:07:33.219> the<00:07:33.310> creation<00:07:33.699> of<00:07:33.759> new 00:07:33.930 --> 00:07:33.940 align:start position:0% concomitant with the creation of new 00:07:33.940 --> 00:07:37.290 align:start position:0% concomitant with the creation of new debt<00:07:34.349> so<00:07:35.349> right<00:07:35.620> now<00:07:35.830> all<00:07:36.069> money<00:07:36.550> is<00:07:36.909> created 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position:0% there is money we can never pay off our 00:07:44.289 --> 00:07:46.920 align:start position:0% there is money we can never pay off our debts<00:07:44.819> and<00:07:45.819> I'd<00:07:46.090> argue<00:07:46.300> that<00:07:46.569> at<00:07:46.750> the 00:07:46.920 --> 00:07:46.930 align:start position:0% debts and I'd argue that at the 00:07:46.930 --> 00:07:48.959 align:start position:0% debts and I'd argue that at the beginning<00:07:47.319> of<00:07:47.409> the<00:07:47.529> Industrial<00:07:47.979> Age<00:07:48.130> that<00:07:48.819> was 00:07:48.959 --> 00:07:48.969 align:start position:0% beginning of the Industrial Age that was 00:07:48.969 --> 00:07:52.050 align:start position:0% beginning of the Industrial Age that was actually<00:07:49.330> a<00:07:49.360> feature<00:07:49.830> it<00:07:50.830> impels<00:07:51.490> growth<00:07:51.849> it 00:07:52.050 --> 00:07:52.060 align:start position:0% actually a feature it impels growth it 00:07:52.060 --> 00:07:54.629 align:start position:0% actually a feature it impels growth it incentivizes<00:07:52.330> growth<00:07:53.050> and<00:07:53.409> growth<00:07:54.310> has<00:07:54.610> been 00:07:54.629 --> 00:07:54.639 align:start position:0% incentivizes growth and growth has been 00:07:54.639 --> 00:07:58.950 align:start position:0% incentivizes growth and growth has been good<00:07:55.180> to<00:07:55.330> us<00:07:56.069> but<00:07:57.069> I<00:07:57.099> think<00:07:57.159> now<00:07:57.669> as<00:07:58.060> we<00:07:58.750> start 00:07:58.950 --> 00:07:58.960 align:start position:0% good to us but I think now as we start 00:07:58.960 --> 00:08:00.809 align:start position:0% good to us but I think now as we start to<00:07:59.139> reach<00:07:59.319> the<00:07:59.710> carrying<00:08:00.039> capacity<00:08:00.639> of<00:08:00.669> the 00:08:00.809 --> 00:08:00.819 align:start position:0% to reach the carrying capacity of the 00:08:00.819 --> 00:08:05.339 align:start position:0% to reach the carrying capacity of the earth<00:08:01.650> it's<00:08:02.650> not<00:08:02.860> clear<00:08:03.130> to<00:08:03.159> me<00:08:03.460> that<00:08:04.349> growth 00:08:05.339 --> 00:08:05.349 align:start position:0% earth it's not clear to me that growth 00:08:05.349 --> 00:08:08.100 align:start position:0% earth it's not clear to me that growth and<00:08:05.650> mean<00:08:05.949> consumption<00:08:06.669> is<00:08:07.240> the<00:08:07.569> way<00:08:07.690> to<00:08:07.750> solve 00:08:08.100 --> 00:08:08.110 align:start position:0% and mean consumption is the way to solve 00:08:08.110 --> 00:08:10.050 align:start position:0% and mean consumption is the way to solve our<00:08:08.229> problems<00:08:08.650> and<00:08:09.490> it<00:08:09.580> certainly<00:08:09.849> is<00:08:10.029> not 00:08:10.050 --> 00:08:10.060 align:start position:0% our problems and it certainly is not 00:08:10.060 --> 00:08:11.100 align:start position:0% our problems and it certainly is not clear<00:08:10.330> to<00:08:10.360> me<00:08:10.539> that<00:08:10.569> we<00:08:10.779> should<00:08:10.810> tie<00:08:11.050> the 00:08:11.100 --> 00:08:11.110 align:start position:0% clear to me that we should tie the 00:08:11.110 --> 00:08:12.959 align:start position:0% clear to me that we should tie the medium<00:08:11.500> of<00:08:11.590> exchange<00:08:11.740> to<00:08:12.400> the<00:08:12.490> incentive<00:08:12.940> for 00:08:12.959 --> 00:08:12.969 align:start position:0% medium of exchange to the incentive for 00:08:12.969 --> 00:08:16.499 align:start position:0% medium of exchange to the incentive for that<00:08:13.150> growth<00:08:14.879> so<00:08:15.879> those<00:08:16.090> are<00:08:16.240> the<00:08:16.330> five 00:08:16.499 --> 00:08:16.509 align:start position:0% that growth so those are the five 00:08:16.509 --> 00:08:18.499 align:start position:0% that growth so those are the five features<00:08:16.930> they're<00:08:17.319> universal<00:08:18.009> basic<00:08:18.250> income 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the crypto community<00:08:34.240> has<00:08:34.419> been<00:08:34.599> building<00:08:35.130> addresses 00:08:36.120 --> 00:08:36.130 align:start position:0% community has been building addresses 00:08:36.130 --> 00:08:38.310 align:start position:0% community has been building addresses some<00:08:36.310> of<00:08:36.339> these<00:08:36.640> so<00:08:37.029> for<00:08:37.449> example<00:08:37.990> block 00:08:38.310 --> 00:08:38.320 align:start position:0% some of these so for example block 00:08:38.320 --> 00:08:41.339 align:start position:0% some of these so for example block rewards<00:08:38.890> are<00:08:39.099> a<00:08:39.370> way<00:08:39.880> to<00:08:40.329> create<00:08:41.050> new<00:08:41.199> money 00:08:41.339 --> 00:08:41.349 align:start position:0% rewards are a way to create new money 00:08:41.349 --> 00:08:43.139 align:start position:0% rewards are a way to create new money without<00:08:41.740> creating<00:08:42.039> without<00:08:42.550> creating<00:08:42.940> new 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dem rich 00:08:54.149 --> 00:08:56.420 align:start position:0% contracts will allow for dem rich although<00:08:54.660> Ford<00:08:55.470> Emirates<00:08:55.709> really<00:08:56.100> work<00:08:56.250> we'd 00:08:56.420 --> 00:08:56.430 align:start position:0% although Ford Emirates really work we'd 00:08:56.430 --> 00:09:00.620 align:start position:0% although Ford Emirates really work we'd also<00:08:56.579> want<00:08:56.970> stability<00:08:57.180> of<00:08:57.630> value<00:08:58.250> and<00:08:59.269> the<00:09:00.269> ubi 00:09:00.620 --> 00:09:00.630 align:start position:0% also want stability of value and the ubi 00:09:00.630 --> 00:09:02.389 align:start position:0% also want stability of value and the ubi and<00:09:00.930> natural<00:09:01.230> capital<00:09:01.560> back<00:09:01.709> currencies<00:09:02.190> are 00:09:02.389 --> 00:09:02.399 align:start position:0% and natural capital back currencies are 00:09:02.399 --> 00:09:04.309 align:start position:0% and natural capital back currencies are the<00:09:02.819> hardest<00:09:03.240> because<00:09:03.449> the<00:09:03.750> technologies 00:09:04.309 --> 00:09:04.319 align:start position:0% the hardest because the technologies 00:09:04.319 --> 00:09:05.660 align:start position:0% the hardest because the technologies that<00:09:04.350> were<00:09:04.649> that<00:09:04.889> we're<00:09:05.069> building<00:09:05.250> are<00:09:05.639> the 00:09:05.660 --> 00:09:05.670 align:start position:0% that were that we're building are the 00:09:05.670 --> 00:09:08.960 align:start position:0% that were that we're building are the most<00:09:05.970> nascent<00:09:06.620> they<00:09:07.620> are<00:09:07.970> technologies 00:09:08.960 --> 00:09:08.970 align:start position:0% most nascent they are technologies 00:09:08.970 --> 00:09:14.120 align:start position:0% most nascent they are technologies around<00:09:09.120> identity<00:09:10.079> and<00:09:10.259> stability<00:09:12.889> so<00:09:13.889> what<00:09:14.100> I 00:09:14.120 --> 00:09:14.130 align:start position:0% around identity and stability so what I 00:09:14.130 --> 00:09:16.850 align:start position:0% around identity and stability so what I want<00:09:14.339> to<00:09:14.430> do<00:09:14.639> today<00:09:14.910> is<00:09:15.360> I<00:09:15.480> want<00:09:15.660> to<00:09:15.779> just<00:09:16.500> take 00:09:16.850 --> 00:09:16.860 align:start position:0% want to do today is I want to just take 00:09:16.860 --> 00:09:18.860 align:start position:0% want to do today is I want to just take a<00:09:16.920> little<00:09:17.250> dive<00:09:17.430> into<00:09:17.819> the<00:09:18.209> idea<00:09:18.449> of<00:09:18.509> natural 00:09:18.860 --> 00:09:18.870 align:start position:0% a little dive into the idea of natural 00:09:18.870 --> 00:09:21.100 align:start position:0% a little dive into the idea of natural capital<00:09:18.990> capital<00:09:19.560> back<00:09:19.769> currencies<00:09:20.339> and 00:09:21.100 --> 00:09:21.110 align:start position:0% capital capital back currencies and 00:09:21.110 --> 00:09:23.720 align:start position:0% capital capital back currencies and proposals<00:09:22.110> sketches<00:09:22.709> of<00:09:22.860> an<00:09:22.980> implementation 00:09:23.720 --> 00:09:23.730 align:start position:0% proposals sketches of an implementation 00:09:23.730 --> 00:09:28.879 align:start position:0% proposals sketches of an implementation for<00:09:23.759> it<00:09:24.149> I<00:09:26.060> I'm<00:09:27.060> interested<00:09:27.660> in<00:09:27.810> the<00:09:28.199> proposal 00:09:28.879 --> 00:09:28.889 align:start position:0% for it I I'm interested in the proposal 00:09:28.889 --> 00:09:30.259 align:start position:0% for it I I'm interested in the proposal and<00:09:29.130> the<00:09:29.250> sketch<00:09:29.490> but<00:09:29.519> I'm<00:09:29.880> more<00:09:30.060> interested 00:09:30.259 --> 00:09:30.269 align:start position:0% and the sketch but I'm more interested 00:09:30.269 --> 00:09:32.420 align:start position:0% and the sketch but I'm more interested in<00:09:30.540> the<00:09:30.690> kind<00:09:30.899> of<00:09:30.990> thinking<00:09:31.350> that<00:09:31.380> it<00:09:31.680> all<00:09:31.829> it 00:09:32.420 --> 00:09:32.430 align:start position:0% in the kind of thinking that it all it 00:09:32.430 --> 00:09:38.840 align:start position:0% in the kind of thinking that it all it will<00:09:32.579> provoke<00:09:33.589> so<00:09:34.589> let's<00:09:34.829> start<00:09:35.190> with<00:09:37.850> stable 00:09:38.840 --> 00:09:38.850 align:start position:0% will provoke so let's start with stable 00:09:38.850 --> 00:09:42.350 align:start position:0% will provoke so let's start with stable value<00:09:38.970> coin<00:09:39.389> a<00:09:40.430> decentralized<00:09:41.430> cryptokey 00:09:42.350 --> 00:09:42.360 align:start position:0% value coin a decentralized cryptokey 00:09:42.360 --> 00:09:45.680 align:start position:0% value coin a decentralized cryptokey lobby<00:09:42.930> solo 00:09:45.680 --> 00:09:45.690 align:start position:0% 00:09:45.690 --> 00:09:49.400 align:start position:0% has<00:09:46.139> a<00:09:46.170> reserve<00:09:46.620> of<00:09:47.569> other<00:09:48.569> coins<00:09:48.959> and<00:09:49.290> it's 00:09:49.400 --> 00:09:49.410 align:start position:0% has a reserve of other coins and it's 00:09:49.410 --> 00:09:52.370 align:start position:0% has a reserve of other coins and it's over<00:09:49.620> collateralized<00:09:50.690> it<00:09:51.690> also<00:09:51.839> has 00:09:52.370 --> 00:09:52.380 align:start position:0% over collateralized it also has 00:09:52.380 --> 00:09:54.680 align:start position:0% over collateralized it also has transaction<00:09:53.100> fees<00:09:53.310> and<00:09:53.730> mining<00:09:54.149> rewards<00:09:54.509> go 00:09:54.680 --> 00:09:54.690 align:start position:0% transaction fees and mining rewards go 00:09:54.690 --> 00:09:59.030 align:start position:0% transaction fees and mining rewards go to<00:09:54.750> the<00:09:54.990> reserve<00:09:56.569> variable<00:09:57.569> so<00:09:58.139> that<00:09:58.170> based<00:09:58.889> on 00:09:59.030 --> 00:09:59.040 align:start position:0% to the reserve variable so that based on 00:09:59.040 --> 00:10:01.429 align:start position:0% to the reserve variable so that based on the<00:09:59.189> reserve<00:09:59.430> ratios<00:09:59.970> so<00:10:00.329> that<00:10:00.509> we<00:10:01.230> can 00:10:01.429 --> 00:10:01.439 align:start position:0% the reserve ratios so that we can 00:10:01.439 --> 00:10:05.569 align:start position:0% the reserve ratios so that we can mitigate<00:10:01.709> volatility<00:10:03.319> but<00:10:04.319> kind<00:10:04.649> of<00:10:04.769> add<00:10:05.069> base 00:10:05.569 --> 00:10:05.579 align:start position:0% mitigate volatility but kind of add base 00:10:05.579 --> 00:10:08.329 align:start position:0% mitigate volatility but kind of add base we<00:10:06.389> can<00:10:06.540> think<00:10:06.660> about<00:10:06.810> it<00:10:07.079> as<00:10:07.290> an<00:10:07.740> over 00:10:08.329 --> 00:10:08.339 align:start position:0% we can think about it as an over 00:10:08.339 --> 00:10:13.129 align:start position:0% we can think about it as an over collateralized<00:10:08.910> crypto<00:10:09.360> backed<00:10:09.600> coin<00:10:12.139> the 00:10:13.129 --> 00:10:13.139 align:start position:0% collateralized crypto backed coin the 00:10:13.139 --> 00:10:17.420 align:start position:0% collateralized crypto backed coin the key<00:10:13.560> insight<00:10:14.040> here<00:10:14.069> is<00:10:14.610> that<00:10:15.060> the<00:10:15.750> more<00:10:16.430> the 00:10:17.420 --> 00:10:17.430 align:start position:0% key insight here is that the more the 00:10:17.430 --> 00:10:20.449 align:start position:0% key insight here is that the more the demand<00:10:17.910> for<00:10:18.449> the<00:10:18.569> stable<00:10:18.959> coin<00:10:19.230> the<00:10:20.220> more 00:10:20.449 --> 00:10:20.459 align:start position:0% demand for the stable coin the more 00:10:20.459 --> 00:10:22.639 align:start position:0% demand for the stable coin the more algorithmic<00:10:21.120> purchases<00:10:21.689> of<00:10:21.990> the<00:10:22.319> reserve 00:10:22.639 --> 00:10:22.649 align:start position:0% algorithmic purchases of the reserve 00:10:22.649 --> 00:10:25.850 align:start position:0% algorithmic purchases of the reserve assets<00:10:23.160> so<00:10:23.790> the<00:10:24.089> because<00:10:24.660> it's<00:10:24.959> fully<00:10:25.199> back<00:10:25.500> so 00:10:25.850 --> 00:10:25.860 align:start position:0% assets so the because it's fully back so 00:10:25.860 --> 00:10:27.740 align:start position:0% assets so the because it's fully back so the<00:10:26.100> the<00:10:26.730> greater<00:10:27.000> the<00:10:27.180> demand<00:10:27.480> for<00:10:27.630> the 00:10:27.740 --> 00:10:27.750 align:start position:0% the the greater the demand for the 00:10:27.750 --> 00:10:29.540 align:start position:0% the the greater the demand for the stable<00:10:28.079> coin<00:10:28.290> the<00:10:28.560> greater<00:10:28.829> the<00:10:29.009> demand<00:10:29.160> for 00:10:29.540 --> 00:10:29.550 align:start position:0% stable coin the greater the demand for 00:10:29.550 --> 00:10:33.019 align:start position:0% stable coin the greater the demand for the<00:10:29.670> reserve<00:10:29.970> assets<00:10:30.420> and<00:10:31.170> so<00:10:32.040> that<00:10:32.670> gives<00:10:32.880> us 00:10:33.019 --> 00:10:33.029 align:start position:0% the reserve assets and so that gives us 00:10:33.029 --> 00:10:35.410 align:start position:0% the reserve assets and so that gives us a<00:10:33.120> lot<00:10:33.269> of<00:10:33.389> flexibility<00:10:33.899> when<00:10:34.079> we<00:10:34.199> think<00:10:34.380> about 00:10:35.410 --> 00:10:35.420 align:start position:0% a lot of flexibility when we think about 00:10:35.420 --> 00:10:37.519 align:start position:0% a lot of flexibility when we think about making<00:10:36.420> it<00:10:36.509> back<00:10:36.630> that<00:10:36.990> makes<00:10:37.230> it<00:10:37.350> interesting 00:10:37.519 --> 00:10:37.529 align:start position:0% making it back that makes it interesting 00:10:37.529 --> 00:10:39.679 align:start position:0% making it back that makes it interesting when<00:10:37.829> we<00:10:37.920> think<00:10:38.040> about<00:10:38.300> reserve<00:10:39.300> asset 00:10:39.679 --> 00:10:39.689 align:start position:0% when we think about reserve asset 00:10:39.689 --> 00:10:43.069 align:start position:0% when we think about reserve asset composition<00:10:40.319> so<00:10:41.250> I<00:10:41.670> mean<00:10:42.360> right<00:10:42.600> now<00:10:42.779> there's 00:10:43.069 --> 00:10:43.079 align:start position:0% composition so I mean right now there's 00:10:43.079 --> 00:10:44.840 align:start position:0% composition so I mean right now there's not<00:10:43.380> a<00:10:43.439> lot<00:10:43.829> of<00:10:43.860> assets<00:10:44.370> that<00:10:44.490> we<00:10:44.699> could 00:10:44.840 --> 00:10:44.850 align:start position:0% not a lot of assets that we could 00:10:44.850 --> 00:10:46.220 align:start position:0% not a lot of assets that we could imagine<00:10:45.089> putting<00:10:45.329> into<00:10:45.600> the<00:10:45.779> reserve<00:10:46.050> but 00:10:46.220 --> 00:10:46.230 align:start position:0% imagine putting into the reserve but 00:10:46.230 --> 00:10:47.420 align:start position:0% imagine putting into the reserve but over<00:10:46.439> time<00:10:46.589> there<00:10:46.829> will<00:10:47.009> be<00:10:47.040> you<00:10:47.279> could 00:10:47.420 --> 00:10:47.430 align:start position:0% over time there will be you could 00:10:47.430 --> 00:10:49.610 align:start position:0% over time there will be you could imagine<00:10:47.639> tokenization<00:10:48.240> of<00:10:48.689> real<00:10:49.019> assets 00:10:49.610 --> 00:10:49.620 align:start position:0% imagine tokenization of real assets 00:10:49.620 --> 00:10:51.590 align:start position:0% imagine tokenization of real assets you<00:10:50.130> can't<00:10:50.279> imagine<00:10:50.880> tokenization<00:10:51.240> of 00:10:51.590 --> 00:10:51.600 align:start position:0% you can't imagine tokenization of 00:10:51.600 --> 00:10:53.420 align:start position:0% you can't imagine tokenization of commodities<00:10:52.170> that<00:10:52.500> get<00:10:52.680> put<00:10:52.860> into<00:10:53.009> reserve 00:10:53.420 --> 00:10:53.430 align:start position:0% commodities that get put into reserve 00:10:53.430 --> 00:10:56.600 align:start position:0% commodities that get put into reserve you<00:10:54.269> can<00:10:54.420> also<00:10:54.660> imagine<00:10:55.230> that<00:10:55.680> over<00:10:56.399> time 00:10:56.600 --> 00:10:56.610 align:start position:0% you can also imagine that over time 00:10:56.610 --> 00:10:58.670 align:start position:0% you can also imagine that over time people<00:10:56.670> will<00:10:57.209> start<00:10:57.449> tokenizing<00:10:58.019> pristine 00:10:58.670 --> 00:10:58.680 align:start position:0% people will start tokenizing pristine 00:10:58.680 --> 00:11:01.490 align:start position:0% people will start tokenizing pristine forests<00:10:59.339> and<00:10:59.670> so<00:11:00.509> then<00:11:00.720> if<00:11:00.870> we<00:11:00.990> if<00:11:01.259> the 00:11:01.490 --> 00:11:01.500 align:start position:0% forests and so then if we if the 00:11:01.500 --> 00:11:02.840 align:start position:0% forests and so then if we if the community<00:11:02.010> through<00:11:02.220> governance<00:11:02.490> says 00:11:02.840 --> 00:11:02.850 align:start position:0% community through governance says 00:11:02.850 --> 00:11:05.480 align:start position:0% community through governance says something<00:11:03.300> like<00:11:03.439> 10<00:11:04.439> percent<00:11:04.649> of<00:11:04.980> the<00:11:05.100> reserve 00:11:05.480 --> 00:11:05.490 align:start position:0% something like 10 percent of the reserve 00:11:05.490 --> 00:11:07.670 align:start position:0% something like 10 percent of the reserve is<00:11:05.959> allocated<00:11:06.959> to 00:11:07.670 --> 00:11:07.680 align:start position:0% is allocated to 00:11:07.680 --> 00:11:10.579 align:start position:0% is allocated to tokenized<00:11:08.520> forestland<00:11:09.300> what<00:11:10.050> it<00:11:10.170> does<00:11:10.320> is<00:11:10.500> it 00:11:10.579 --> 00:11:10.589 align:start position:0% tokenized forestland what it does is it 00:11:10.589 --> 00:11:12.829 align:start position:0% tokenized forestland what it does is it gives<00:11:10.740> an<00:11:10.920> immediate<00:11:11.400> demand<00:11:11.820> for<00:11:12.390> tokenized 00:11:12.829 --> 00:11:12.839 align:start position:0% gives an immediate demand for tokenized 00:11:12.839 --> 00:11:16.220 align:start position:0% gives an immediate demand for tokenized forests<00:11:13.260> and<00:11:13.589> as<00:11:14.220> the<00:11:15.120> monetize<00:11:15.600> realm<00:11:15.990> and 00:11:16.220 --> 00:11:16.230 align:start position:0% forests and as the monetize realm and 00:11:16.230 --> 00:11:18.350 align:start position:0% forests and as the monetize realm and the<00:11:16.320> stable<00:11:16.620> coin<00:11:16.800> grows<00:11:17.100> so<00:11:17.820> does<00:11:18.000> the<00:11:18.060> demand 00:11:18.350 --> 00:11:18.360 align:start position:0% the stable coin grows so does the demand 00:11:18.360 --> 00:11:23.110 align:start position:0% the stable coin grows so does the demand for<00:11:19.350> natural<00:11:19.860> capital<00:11:20.550> it's<00:11:21.210> lovely 00:11:23.110 --> 00:11:23.120 align:start position:0% for natural capital it's lovely 00:11:23.120 --> 00:11:26.540 align:start position:0% for natural capital it's lovely so<00:11:24.320> the<00:11:25.320> only<00:11:25.560> challenge<00:11:25.950> is<00:11:26.100> that<00:11:26.279> well<00:11:26.430> how 00:11:26.540 --> 00:11:26.550 align:start position:0% so the only challenge is that well how 00:11:26.550 --> 00:11:30.290 align:start position:0% so the only challenge is that well how do<00:11:26.610> we<00:11:26.790> know<00:11:27.140> that<00:11:28.430> this<00:11:29.430> tokenized<00:11:29.940> forest 00:11:30.290 --> 00:11:30.300 align:start position:0% do we know that this tokenized forest 00:11:30.300 --> 00:11:35.300 align:start position:0% do we know that this tokenized forest land<00:11:30.510> is<00:11:30.839> actually<00:11:31.680> for<00:11:31.890> real<00:11:33.830> one<00:11:34.830> way<00:11:35.010> we 00:11:35.300 --> 00:11:35.310 align:start position:0% land is actually for real one way we 00:11:35.310 --> 00:11:37.820 align:start position:0% land is actually for real one way we could<00:11:35.460> do<00:11:35.640> it<00:11:35.670> is<00:11:35.910> we<00:11:36.089> can<00:11:36.330> have<00:11:36.779> somebody<00:11:37.350> like 00:11:37.820 --> 00:11:37.830 align:start position:0% could do it is we can have somebody like 00:11:37.830 --> 00:11:41.510 align:start position:0% could do it is we can have somebody like the<00:11:38.400> World<00:11:38.550> Wildlife<00:11:38.730> Fund<00:11:39.270> sign<00:11:40.310> sign<00:11:41.310> the 00:11:41.510 --> 00:11:41.520 align:start position:0% the World Wildlife Fund sign sign the 00:11:41.520 --> 00:11:44.320 align:start position:0% the World Wildlife Fund sign sign the coin<00:11:41.730> basically<00:11:42.390> a<00:11:42.420> testing<00:11:42.990> saying<00:11:43.620> this<00:11:43.800> is 00:11:44.320 --> 00:11:44.330 align:start position:0% coin basically a testing saying this is 00:11:44.330 --> 00:11:50.900 align:start position:0% coin basically a testing saying this is legitimately<00:11:45.330> a<00:11:45.930> tokenized<00:11:46.589> forest<00:11:48.710> but<00:11:49.910> what 00:11:50.900 --> 00:11:50.910 align:start position:0% legitimately a tokenized forest but what 00:11:50.910 --> 00:11:53.240 align:start position:0% legitimately a tokenized forest but what what<00:11:51.450> if<00:11:51.540> we<00:11:51.660> don't<00:11:51.839> know<00:11:52.589> enough<00:11:52.860> about<00:11:53.010> the 00:11:53.240 --> 00:11:53.250 align:start position:0% what if we don't know enough about the 00:11:53.250 --> 00:11:56.200 align:start position:0% what if we don't know enough about the World<00:11:53.430> Wildlife<00:11:54.060> Fund<00:11:54.540> or<00:11:55.230> what<00:11:55.470> if<00:11:55.560> it's 00:11:56.200 --> 00:11:56.210 align:start position:0% World Wildlife Fund or what if it's 00:11:56.210 --> 00:12:01.460 align:start position:0% World Wildlife Fund or what if it's local<00:11:57.210> NGO<00:11:57.660> or<00:11:58.080> a<00:11:58.110> local<00:11:58.470> municipality<00:12:00.470> well 00:12:01.460 --> 00:12:01.470 align:start position:0% local NGO or a local municipality well 00:12:01.470 --> 00:12:05.060 align:start position:0% local NGO or a local municipality well we<00:12:01.680> really<00:12:02.100> need<00:12:02.370> is<00:12:02.700> we<00:12:02.730> need<00:12:03.150> a<00:12:03.570> trust<00:12:04.410> score 00:12:05.060 --> 00:12:05.070 align:start position:0% we really need is we need a trust score 00:12:05.070 --> 00:12:09.200 align:start position:0% we really need is we need a trust score for<00:12:05.880> the<00:12:06.360> a<00:12:06.390> tester<00:12:07.190> and<00:12:08.190> so<00:12:08.670> I'll<00:12:08.820> talk<00:12:09.150> a 00:12:09.200 --> 00:12:09.210 align:start position:0% for the a tester and so I'll talk a 00:12:09.210 --> 00:12:11.019 align:start position:0% for the a tester and so I'll talk a little<00:12:09.330> bit<00:12:09.750> about<00:12:09.779> I<00:12:09.990> gave<00:12:10.380> a<00:12:10.410> talk<00:12:10.710> on<00:12:10.890> a 00:12:11.019 --> 00:12:11.029 align:start position:0% little bit about I gave a talk on a 00:12:11.029 --> 00:12:13.640 align:start position:0% little bit about I gave a talk on a protocol<00:12:12.029> that<00:12:12.270> I<00:12:12.330> worked<00:12:12.570> on<00:12:12.720> several<00:12:13.470> years 00:12:13.640 --> 00:12:13.650 align:start position:0% protocol that I worked on several years 00:12:13.650 --> 00:12:16.490 align:start position:0% protocol that I worked on several years ago<00:12:13.740> called<00:12:14.070> eigen<00:12:14.279> trust<00:12:15.020> earlier<00:12:16.020> this<00:12:16.200> week 00:12:16.490 --> 00:12:16.500 align:start position:0% ago called eigen trust earlier this week 00:12:16.500 --> 00:12:18.350 align:start position:0% ago called eigen trust earlier this week and<00:12:17.100> I'll<00:12:17.310> give<00:12:17.490> like<00:12:17.640> the<00:12:17.760> two<00:12:18.000> slides 00:12:18.350 --> 00:12:18.360 align:start position:0% and I'll give like the two slides 00:12:18.360 --> 00:12:22.780 align:start position:0% and I'll give like the two slides summary<00:12:18.839> of<00:12:18.990> it<00:12:19.230> of<00:12:19.470> it<00:12:19.860> in<00:12:20.100> in<00:12:21.029> this<00:12:21.360> context 00:12:22.780 --> 00:12:22.790 align:start position:0% summary of it of it in in this context 00:12:22.790 --> 00:12:28.090 align:start position:0% summary of it of it in in this context so<00:12:23.790> we<00:12:24.209> take<00:12:24.779> that<00:12:25.230> a<00:12:25.260> tester<00:12:25.890> and<00:12:26.700> we<00:12:27.209> say<00:12:27.390> okay 00:12:28.090 --> 00:12:28.100 align:start position:0% so we take that a tester and we say okay 00:12:28.100 --> 00:12:31.640 align:start position:0% so we take that a tester and we say okay we<00:12:29.100> want<00:12:29.400> to<00:12:29.490> find<00:12:29.730> some<00:12:29.910> way<00:12:29.940> to<00:12:30.120> trust<00:12:30.650> how 00:12:31.640 --> 00:12:31.650 align:start position:0% we want to find some way to trust how 00:12:31.650 --> 00:12:33.230 align:start position:0% we want to find some way to trust how much<00:12:31.890> should<00:12:32.070> we<00:12:32.160> trust<00:12:32.400> that<00:12:32.459> a<00:12:32.580> tester<00:12:33.029> a 00:12:33.230 --> 00:12:33.240 align:start position:0% much should we trust that a tester a 00:12:33.240 --> 00:12:34.970 align:start position:0% much should we trust that a tester a naive<00:12:33.839> way<00:12:33.870> to<00:12:34.050> is<00:12:34.320> to<00:12:34.470> say<00:12:34.589> well<00:12:34.770> how<00:12:34.920> many 00:12:34.970 --> 00:12:34.980 align:start position:0% naive way to is to say well how many 00:12:34.980 --> 00:12:37.190 align:start position:0% naive way to is to say well how many people<00:12:35.459> know<00:12:35.640> that<00:12:35.820> a<00:12:35.850> tester<00:12:36.690> and<00:12:36.870> trust<00:12:37.140> that 00:12:37.190 --> 00:12:37.200 align:start position:0% people know that a tester and trust that 00:12:37.200 --> 00:12:39.920 align:start position:0% people know that a tester and trust that a<00:12:37.320> tester<00:12:37.770> and<00:12:38.130> so<00:12:38.610> we<00:12:38.730> can<00:12:38.910> just<00:12:39.060> sum<00:12:39.420> over<00:12:39.900> all 00:12:39.920 --> 00:12:39.930 align:start position:0% a tester and so we can just sum over all 00:12:39.930 --> 00:12:44.360 align:start position:0% a tester and so we can just sum over all the<00:12:40.200> people<00:12:40.350> who<00:12:40.740> trust<00:12:41.040> that<00:12:41.880> a<00:12:41.910> tester<00:12:43.370> the 00:12:44.360 --> 00:12:44.370 align:start position:0% the people who trust that a tester the 00:12:44.370 --> 00:12:45.769 align:start position:0% the people who trust that a tester the problem<00:12:44.700> is<00:12:44.820> that<00:12:45.000> that<00:12:45.029> the<00:12:45.300> tester<00:12:45.600> could 00:12:45.769 --> 00:12:45.779 align:start position:0% problem is that that the tester could 00:12:45.779 --> 00:12:48.500 align:start position:0% problem is that that the tester could create<00:12:46.050> a<00:12:46.820> thousand<00:12:47.820> civils<00:12:48.150> and<00:12:48.390> those 00:12:48.500 --> 00:12:48.510 align:start position:0% create a thousand civils and those 00:12:48.510 --> 00:12:50.090 align:start position:0% create a thousand civils and those thousand<00:12:48.870> civils<00:12:49.170> could<00:12:49.380> all<00:12:49.470> say<00:12:49.680> that<00:12:49.950> they 00:12:50.090 --> 00:12:50.100 align:start position:0% thousand civils could all say that they 00:12:50.100 --> 00:12:52.400 align:start position:0% thousand civils could all say that they trust<00:12:50.370> this<00:12:50.610> a<00:12:50.640> tester<00:12:51.120> and<00:12:51.660> so<00:12:51.870> what<00:12:52.050> we'll<00:12:52.230> do 00:12:52.400 --> 00:12:52.410 align:start position:0% trust this a tester and so what we'll do 00:12:52.410 --> 00:12:53.840 align:start position:0% trust this a tester and so what we'll do is<00:12:52.560> we'll<00:12:52.650> just<00:12:52.860> make<00:12:53.010> a<00:12:53.040> little<00:12:53.220> tweak<00:12:53.459> on<00:12:53.700> it 00:12:53.840 --> 00:12:53.850 align:start position:0% is we'll just make a little tweak on it 00:12:53.850 --> 00:12:57.170 align:start position:0% is we'll just make a little tweak on it where<00:12:54.000> we<00:12:54.150> will<00:12:54.660> say<00:12:54.839> you<00:12:55.410> know<00:12:56.000> we're<00:12:57.000> going 00:12:57.170 --> 00:12:57.180 align:start position:0% where we will say you know we're going 00:12:57.180 --> 00:12:59.750 align:start position:0% where we will say you know we're going to<00:12:57.300> sum<00:12:57.720> all<00:12:57.959> of<00:12:58.050> the<00:12:58.620> people<00:12:59.220> who<00:12:59.310> trust<00:12:59.610> the 00:12:59.750 --> 00:12:59.760 align:start position:0% to sum all of the people who trust the 00:12:59.760 --> 00:13:04.280 align:start position:0% to sum all of the people who trust the ax<00:12:59.790> tester<00:13:00.300> but<00:13:01.080> wait<00:13:01.410> their<00:13:02.220> trust<00:13:02.610> by<00:13:03.450> their 00:13:04.280 --> 00:13:04.290 align:start position:0% ax tester but wait their trust by their 00:13:04.290 --> 00:13:07.670 align:start position:0% ax tester but wait their trust by their global<00:13:04.830> trust<00:13:05.070> scores<00:13:05.430> and<00:13:05.880> then<00:13:06.779> and<00:13:07.110> so<00:13:07.500> what 00:13:07.670 --> 00:13:07.680 align:start position:0% global trust scores and then and so what 00:13:07.680 --> 00:13:09.320 align:start position:0% global trust scores and then and so what you<00:13:07.830> do<00:13:08.040> what<00:13:08.310> we<00:13:08.430> do<00:13:08.580> is<00:13:08.730> we<00:13:08.880> define<00:13:09.300> a 00:13:09.320 --> 00:13:09.330 align:start position:0% you do what we do is we define a 00:13:09.330 --> 00:13:11.690 align:start position:0% you do what we do is we define a recursive<00:13:09.930> algorithm<00:13:10.260> in<00:13:10.740> which<00:13:10.800> somebody's 00:13:11.690 --> 00:13:11.700 align:start position:0% recursive algorithm in which somebody's 00:13:11.700 --> 00:13:15.470 align:start position:0% recursive algorithm in which somebody's trust<00:13:12.089> is<00:13:12.450> defined<00:13:13.320> by<00:13:13.740> a<00:13:14.190> global<00:13:14.970> trust<00:13:15.300> score 00:13:15.470 --> 00:13:15.480 align:start position:0% trust is defined by a global trust score 00:13:15.480 --> 00:13:17.240 align:start position:0% trust is defined by a global trust score is<00:13:15.600> defined<00:13:15.900> by<00:13:16.020> how<00:13:16.200> many<00:13:16.260> people<00:13:16.560> trust<00:13:17.010> them 00:13:17.240 --> 00:13:17.250 align:start position:0% is defined by how many people trust them 00:13:17.250 --> 00:13:19.660 align:start position:0% is defined by how many people trust them weighted<00:13:18.150> by<00:13:18.270> their<00:13:18.660> global<00:13:18.930> trust<00:13:19.260> scores 00:13:19.660 --> 00:13:19.670 align:start position:0% weighted by their global trust scores 00:13:19.670 --> 00:13:21.440 align:start position:0% weighted by their global trust scores which<00:13:20.670> is<00:13:20.850> in<00:13:21.000> turn 00:13:21.440 --> 00:13:21.450 align:start position:0% which is in turn 00:13:21.450 --> 00:13:23.270 align:start position:0% which is in turn defined<00:13:21.900> by<00:13:22.050> how<00:13:22.200> many<00:13:22.260> people<00:13:22.620> trust<00:13:23.040> them 00:13:23.270 --> 00:13:23.280 align:start position:0% defined by how many people trust them 00:13:23.280 --> 00:13:25.850 align:start position:0% defined by how many people trust them weighted<00:13:24.120> by<00:13:24.240> their<00:13:24.450> global<00:13:24.690> trust<00:13:25.050> goes<00:13:25.320> and 00:13:25.850 --> 00:13:25.860 align:start position:0% weighted by their global trust goes and 00:13:25.860 --> 00:13:30.560 align:start position:0% weighted by their global trust goes and so<00:13:26.100> on<00:13:26.220> and<00:13:26.370> so<00:13:26.490> forth<00:13:28.070> there's<00:13:29.070> a<00:13:29.540> ton<00:13:30.540> of 00:13:30.560 --> 00:13:30.570 align:start position:0% so on and so forth there's a ton of 00:13:30.570 --> 00:13:34.220 align:start position:0% so on and so forth there's a ton of there's<00:13:31.500> a<00:13:31.590> ton<00:13:31.800> of<00:13:31.830> detail<00:13:32.070> in<00:13:32.670> the<00:13:32.880> paper<00:13:33.230> on 00:13:34.220 --> 00:13:34.230 align:start position:0% there's a ton of detail in the paper on 00:13:34.230 --> 00:13:36.680 align:start position:0% there's a ton of detail in the paper on how<00:13:34.620> to<00:13:34.680> address<00:13:35.370> adversarial<00:13:36.120> collect 00:13:36.680 --> 00:13:36.690 align:start position:0% how to address adversarial collect 00:13:36.690 --> 00:13:38.360 align:start position:0% how to address adversarial collect collectives<00:13:37.530> or<00:13:37.590> how<00:13:37.710> to<00:13:37.770> do<00:13:37.980> this<00:13:38.100> in<00:13:38.280> a 00:13:38.360 --> 00:13:38.370 align:start position:0% collectives or how to do this in a 00:13:38.370 --> 00:13:41.720 align:start position:0% collectives or how to do this in a decentralized<00:13:38.970> way<00:13:39.740> but<00:13:40.740> I'm<00:13:41.190> going<00:13:41.490> to<00:13:41.520> be 00:13:41.720 --> 00:13:41.730 align:start position:0% decentralized way but I'm going to be 00:13:41.730 --> 00:13:43.550 align:start position:0% decentralized way but I'm going to be I'm<00:13:42.270> not<00:13:42.570> going<00:13:42.720> to<00:13:42.780> talk<00:13:42.930> about<00:13:43.170> it<00:13:43.290> in<00:13:43.380> this 00:13:43.550 --> 00:13:43.560 align:start position:0% I'm not going to talk about it in this 00:13:43.560 --> 00:13:45.350 align:start position:0% I'm not going to talk about it in this talk<00:13:43.770> mostly<00:13:44.310> what<00:13:44.460> I<00:13:44.490> wanted<00:13:44.820> to<00:13:44.970> do<00:13:45.120> in<00:13:45.240> this 00:13:45.350 --> 00:13:45.360 align:start position:0% talk mostly what I wanted to do in this 00:13:45.360 --> 00:13:48.050 align:start position:0% talk mostly what I wanted to do in this talk<00:13:45.600> is<00:13:45.930> briefly<00:13:46.860> introduce<00:13:47.400> three 00:13:48.050 --> 00:13:48.060 align:start position:0% talk is briefly introduce three 00:13:48.060 --> 00:13:51.310 align:start position:0% talk is briefly introduce three high-level<00:13:48.570> ideas<00:13:49.230> from<00:13:50.220> narrow<00:13:50.520> to<00:13:50.670> broad 00:13:51.310 --> 00:13:51.320 align:start position:0% high-level ideas from narrow to broad 00:13:51.320 --> 00:13:54.830 align:start position:0% high-level ideas from narrow to broad the<00:13:52.320> first<00:13:52.790> high-level<00:13:53.790> idea<00:13:53.910> is<00:13:54.330> that<00:13:54.600> I 00:13:54.830 --> 00:13:54.840 align:start position:0% the first high-level idea is that I 00:13:54.840 --> 00:13:56.300 align:start position:0% the first high-level idea is that I think<00:13:55.230> as<00:13:55.320> a<00:13:55.350> community<00:13:55.560> we<00:13:55.920> can<00:13:56.130> have<00:13:56.280> a 00:13:56.300 --> 00:13:56.310 align:start position:0% think as a community we can have a 00:13:56.310 --> 00:13:58.400 align:start position:0% think as a community we can have a really<00:13:56.580> big<00:13:56.850> impact<00:13:57.060> on<00:13:57.450> the<00:13:57.600> environment 00:13:58.400 --> 00:13:58.410 align:start position:0% really big impact on the environment 00:13:58.410 --> 00:14:00.350 align:start position:0% really big impact on the environment through<00:13:58.950> the<00:13:59.220> introduction<00:13:59.790> of<00:13:59.880> things<00:14:00.150> like 00:14:00.350 --> 00:14:00.360 align:start position:0% through the introduction of things like 00:14:00.360 --> 00:14:02.870 align:start position:0% through the introduction of things like natural<00:14:00.720> capital<00:14:01.080> back<00:14:01.230> currencies<00:14:01.770> and<00:14:02.130> even 00:14:02.870 --> 00:14:02.880 align:start position:0% natural capital back currencies and even 00:14:02.880 --> 00:14:05.870 align:start position:0% natural capital back currencies and even more<00:14:03.030> specifically<00:14:03.660> in<00:14:04.080> the<00:14:04.350> idea<00:14:04.770> of<00:14:05.100> having 00:14:05.870 --> 00:14:05.880 align:start position:0% more specifically in the idea of having 00:14:05.880 --> 00:14:09.200 align:start position:0% more specifically in the idea of having stable<00:14:06.270> coins<00:14:06.660> with<00:14:07.130> forest<00:14:08.130> reserves<00:14:08.700> of 00:14:09.200 --> 00:14:09.210 align:start position:0% stable coins with forest reserves of 00:14:09.210 --> 00:14:15.380 align:start position:0% stable coins with forest reserves of forest<00:14:09.600> forest<00:14:10.110> tokens<00:14:10.590> in<00:14:11.160> the<00:14:11.340> reserve<00:14:14.390> the 00:14:15.380 --> 00:14:15.390 align:start position:0% forest forest tokens in the reserve the 00:14:15.390 --> 00:14:17.600 align:start position:0% forest forest tokens in the reserve the second<00:14:15.780> the<00:14:16.560> second<00:14:16.830> idea<00:14:17.040> that<00:14:17.220> I<00:14:17.250> wanted<00:14:17.520> to 00:14:17.600 --> 00:14:17.610 align:start position:0% second the second idea that I wanted to 00:14:17.610 --> 00:14:21.290 align:start position:0% second the second idea that I wanted to bring<00:14:17.760> out<00:14:17.910> bring<00:14:18.180> up<00:14:18.360> is<00:14:18.950> there<00:14:19.950> are<00:14:20.130> a<00:14:20.490> lot<00:14:21.270> of 00:14:21.290 --> 00:14:21.300 align:start position:0% bring out bring up is there are a lot of 00:14:21.300 --> 00:14:23.360 align:start position:0% bring out bring up is there are a lot of things<00:14:21.810> that<00:14:22.080> we<00:14:22.200> want<00:14:22.410> to<00:14:22.530> both<00:14:22.740> incentivize 00:14:23.360 --> 00:14:23.370 align:start position:0% things that we want to both incentivize 00:14:23.370 --> 00:14:26.510 align:start position:0% things that we want to both incentivize and<00:14:23.700> reward<00:14:24.350> through<00:14:25.350> through<00:14:26.100> certain 00:14:26.510 --> 00:14:26.520 align:start position:0% and reward through through certain 00:14:26.520 --> 00:14:29.120 align:start position:0% and reward through through certain protocols<00:14:27.060> that<00:14:27.930> are<00:14:28.110> not<00:14:28.320> done<00:14:28.530> through 00:14:29.120 --> 00:14:29.130 align:start position:0% protocols that are not done through 00:14:29.130 --> 00:14:30.800 align:start position:0% protocols that are not done through machines<00:14:29.550> and<00:14:30.000> because<00:14:30.330> they're<00:14:30.480> not<00:14:30.630> done 00:14:30.800 --> 00:14:30.810 align:start position:0% machines and because they're not done 00:14:30.810 --> 00:14:33.380 align:start position:0% machines and because they're not done through<00:14:31.020> machines<00:14:31.470> they're<00:14:32.130> difficult<00:14:32.670> to 00:14:33.380 --> 00:14:33.390 align:start position:0% through machines they're difficult to 00:14:33.390 --> 00:14:35.990 align:start position:0% through machines they're difficult to have<00:14:33.690> cryptographic<00:14:34.050> proofs<00:14:34.620> around<00:14:35.000> for 00:14:35.990 --> 00:14:36.000 align:start position:0% have cryptographic proofs around for 00:14:36.000 --> 00:14:38.180 align:start position:0% have cryptographic proofs around for example<00:14:36.390> we<00:14:36.750> may<00:14:37.200> want<00:14:37.410> to<00:14:37.470> incentivize<00:14:37.980> an 00:14:38.180 --> 00:14:38.190 align:start position:0% example we may want to incentivize an 00:14:38.190 --> 00:14:41.780 align:start position:0% example we may want to incentivize an award<00:14:38.690> planting<00:14:39.690> trees<00:14:39.930> or<00:14:40.520> putting<00:14:41.520> solar 00:14:41.780 --> 00:14:41.790 align:start position:0% award planting trees or putting solar 00:14:41.790 --> 00:14:44.900 align:start position:0% award planting trees or putting solar panels<00:14:41.880> on<00:14:42.390> your<00:14:42.420> roof<00:14:42.690> or<00:14:43.790> even<00:14:44.790> more 00:14:44.900 --> 00:14:44.910 align:start position:0% panels on your roof or even more 00:14:44.910 --> 00:14:47.690 align:start position:0% panels on your roof or even more basically<00:14:45.620> we<00:14:46.620> may<00:14:46.800> want<00:14:46.980> to<00:14:47.040> incentivize<00:14:47.520> an 00:14:47.690 --> 00:14:47.700 align:start position:0% basically we may want to incentivize an 00:14:47.700 --> 00:14:52.730 align:start position:0% basically we may want to incentivize an award<00:14:48.030> being<00:14:48.630> a<00:14:48.840> person<00:14:49.230> and<00:14:51.350> well<00:14:52.350> these<00:14:52.560> are 00:14:52.730 --> 00:14:52.740 align:start position:0% award being a person and well these are 00:14:52.740 --> 00:14:54.170 align:start position:0% award being a person and well these are very<00:14:53.010> difficult<00:14:53.310> to<00:14:53.820> do<00:14:53.970> through 00:14:54.170 --> 00:14:54.180 align:start position:0% very difficult to do through 00:14:54.180 --> 00:14:56.990 align:start position:0% very difficult to do through cryptographic<00:14:54.480> proofs<00:14:55.130> I<00:14:56.130> can<00:14:56.760> trust 00:14:56.990 --> 00:14:57.000 align:start position:0% cryptographic proofs I can trust 00:14:57.000 --> 00:14:59.810 align:start position:0% cryptographic proofs I can trust weighted<00:14:57.420> attestations<00:14:57.960> are<00:14:58.500> great<00:14:59.130> step<00:14:59.490> a 00:14:59.810 --> 00:14:59.820 align:start position:0% weighted attestations are great step a 00:14:59.820 --> 00:15:02.390 align:start position:0% weighted attestations are great step a great<00:15:00.390> initial<00:15:00.870> step<00:15:01.110> forward<00:15:01.620> in<00:15:01.920> thinking 00:15:02.390 --> 00:15:02.400 align:start position:0% great initial step forward in thinking 00:15:02.400 --> 00:15:04.130 align:start position:0% great initial step forward in thinking about<00:15:02.640> how<00:15:02.910> to<00:15:02.940> evaluate<00:15:03.270> clans 00:15:04.130 --> 00:15:04.140 align:start position:0% about how to evaluate clans 00:15:04.140 --> 00:15:05.480 align:start position:0% about how to evaluate clans that<00:15:04.680> can't<00:15:04.890> be<00:15:04.980> done<00:15:05.160> through<00:15:05.400> the 00:15:05.480 --> 00:15:05.490 align:start position:0% that can't be done through the 00:15:05.490 --> 00:15:10.100 align:start position:0% that can't be done through the cryptographic<00:15:05.850> loops<00:15:08.570> and<00:15:09.570> then<00:15:09.720> the<00:15:09.780> third 00:15:10.100 --> 00:15:10.110 align:start position:0% cryptographic loops and then the third 00:15:10.110 --> 00:15:11.810 align:start position:0% cryptographic loops and then the third and<00:15:10.290> this<00:15:10.440> comes<00:15:11.160> very<00:15:11.400> much<00:15:11.610> at<00:15:11.730> the 00:15:11.810 --> 00:15:11.820 align:start position:0% and this comes very much at the 00:15:11.820 --> 00:15:14.720 align:start position:0% and this comes very much at the beginning<00:15:11.940> of<00:15:12.330> the<00:15:12.900> talk<00:15:13.110> is<00:15:13.140> that<00:15:13.350> I<00:15:13.530> think<00:15:13.950> as 00:15:14.720 --> 00:15:14.730 align:start position:0% beginning of the talk is that I think as 00:15:14.730 --> 00:15:17.930 align:start position:0% beginning of the talk is that I think as we're<00:15:15.090> in<00:15:15.300> this<00:15:15.630> space<00:15:16.410> of<00:15:16.860> rapid<00:15:17.790> innovation 00:15:17.930 --> 00:15:17.940 align:start position:0% we're in this space of rapid innovation 00:15:17.940 --> 00:15:20.960 align:start position:0% we're in this space of rapid innovation around<00:15:18.480> this<00:15:18.750> expressive<00:15:19.320> medium<00:15:19.470> I<00:15:19.970> think 00:15:20.960 --> 00:15:20.970 align:start position:0% around this expressive medium I think 00:15:20.970 --> 00:15:23.030 align:start position:0% around this expressive medium I think beauty<00:15:21.360> is<00:15:21.390> really<00:15:21.840> important<00:15:22.350> like<00:15:22.830> I<00:15:22.950> think 00:15:23.030 --> 00:15:23.040 align:start position:0% beauty is really important like I think 00:15:23.040 --> 00:15:27.140 align:start position:0% beauty is really important like I think if<00:15:23.760> we<00:15:24.330> can<00:15:24.510> envision<00:15:24.870> in<00:15:25.620> detail<00:15:26.130> a<00:15:26.550> more 00:15:27.140 --> 00:15:27.150 align:start position:0% if we can envision in detail a more 00:15:27.150 --> 00:15:30.830 align:start position:0% if we can envision in detail a more beautiful<00:15:27.540> world<00:15:28.040> it'll<00:15:29.040> help<00:15:29.280> to<00:15:29.460> guide<00:15:29.840> the 00:15:30.830 --> 00:15:30.840 align:start position:0% beautiful world it'll help to guide the 00:15:30.840 --> 00:15:33.680 align:start position:0% beautiful world it'll help to guide the kinds<00:15:31.170> of<00:15:31.230> technologies<00:15:31.770> that<00:15:31.950> we've<00:15:32.130> built 00:15:33.680 --> 00:15:33.690 align:start position:0% kinds of technologies that we've built 00:15:33.690 --> 00:15:36.660 align:start position:0% kinds of technologies that we've built so<00:15:34.690> I<00:15:34.720> want<00:15:34.960> to<00:15:35.050> conclude<00:15:35.230> with<00:15:35.860> a<00:15:35.920> story<00:15:36.310> and 00:15:36.660 --> 00:15:36.670 align:start position:0% so I want to conclude with a story and 00:15:36.670 --> 00:15:38.519 align:start position:0% so I want to conclude with a story and this<00:15:37.029> is<00:15:37.210> the<00:15:37.360> story<00:15:37.660> of<00:15:37.810> a<00:15:37.960> city<00:15:38.230> in<00:15:38.380> Brazil 00:15:38.519 --> 00:15:38.529 align:start position:0% this is the story of a city in Brazil 00:15:38.529 --> 00:15:41.280 align:start position:0% this is the story of a city in Brazil called<00:15:38.860> Curitiba<00:15:39.640> and<00:15:39.910> in<00:15:40.450> early<00:15:40.750> 90s<00:15:41.200> they 00:15:41.280 --> 00:15:41.290 align:start position:0% called Curitiba and in early 90s they 00:15:41.290 --> 00:15:43.230 align:start position:0% called Curitiba and in early 90s they had<00:15:41.410> a<00:15:41.440> really<00:15:41.740> thoughtful<00:15:41.950> mayor<00:15:42.399> and<00:15:42.730> the 00:15:43.230 --> 00:15:43.240 align:start position:0% had a really thoughtful mayor and the 00:15:43.240 --> 00:15:46.800 align:start position:0% had a really thoughtful mayor and the mayor<00:15:43.830> noticed<00:15:44.830> well<00:15:45.190> he<00:15:45.970> had<00:15:46.120> observed<00:15:46.450> that 00:15:46.800 --> 00:15:46.810 align:start position:0% mayor noticed well he had observed that 00:15:46.810 --> 00:15:49.500 align:start position:0% mayor noticed well he had observed that basically<00:15:47.320> in<00:15:47.860> the<00:15:48.160> favelas<00:15:48.640> around<00:15:48.910> Curitiba 00:15:49.500 --> 00:15:49.510 align:start position:0% basically in the favelas around Curitiba 00:15:49.510 --> 00:15:50.940 align:start position:0% basically in the favelas around Curitiba the<00:15:49.690> roads<00:15:49.930> were<00:15:50.110> too<00:15:50.320> narrow<00:15:50.589> for<00:15:50.680> the 00:15:50.940 --> 00:15:50.950 align:start position:0% the roads were too narrow for the 00:15:50.950 --> 00:15:52.889 align:start position:0% the roads were too narrow for the garbage<00:15:51.310> trucks<00:15:51.580> and<00:15:51.880> so<00:15:52.300> garbage<00:15:52.720> was 00:15:52.889 --> 00:15:52.899 align:start position:0% garbage trucks and so garbage was 00:15:52.899 --> 00:15:55.170 align:start position:0% garbage trucks and so garbage was collecting<00:15:53.380> in<00:15:53.440> the<00:15:53.529> favelas<00:15:54.010> and<00:15:54.250> spilling 00:15:55.170 --> 00:15:55.180 align:start position:0% collecting in the favelas and spilling 00:15:55.180 --> 00:15:59.100 align:start position:0% collecting in the favelas and spilling over<00:15:55.300> into<00:15:55.480> the<00:15:55.959> river<00:15:57.600> so<00:15:58.600> what<00:15:58.779> he<00:15:58.899> did<00:15:59.050> was 00:15:59.100 --> 00:15:59.110 align:start position:0% over into the river so what he did was 00:15:59.110 --> 00:16:00.840 align:start position:0% over into the river so what he did was was<00:15:59.709> amazing<00:16:00.130> it<00:16:00.220> was<00:16:00.250> fascinating<00:16:00.760> he 00:16:00.840 --> 00:16:00.850 align:start position:0% was amazing it was fascinating he 00:16:00.850 --> 00:16:02.639 align:start position:0% was amazing it was fascinating he started<00:16:01.180> a<00:16:01.240> program<00:16:01.630> in<00:16:01.870> which<00:16:02.170> there<00:16:02.529> was 00:16:02.639 --> 00:16:02.649 align:start position:0% started a program in which there was 00:16:02.649 --> 00:16:04.470 align:start position:0% started a program in which there was also<00:16:02.830> an<00:16:03.130> underutilized<00:16:03.490> bus<00:16:03.910> service<00:16:04.270> so<00:16:04.450> he 00:16:04.470 --> 00:16:04.480 align:start position:0% also an underutilized bus service so he 00:16:04.480 --> 00:16:07.320 align:start position:0% also an underutilized bus service so he started<00:16:04.959> a<00:16:05.020> program<00:16:05.050> in<00:16:05.560> which<00:16:06.240> people<00:16:07.240> were 00:16:07.320 --> 00:16:07.330 align:start position:0% started a program in which people were 00:16:07.330 --> 00:16:09.750 align:start position:0% started a program in which people were given<00:16:07.600> bus<00:16:07.839> tokens<00:16:08.350> in<00:16:08.620> exchange<00:16:09.130> for<00:16:09.250> garbage 00:16:09.750 --> 00:16:09.760 align:start position:0% given bus tokens in exchange for garbage 00:16:09.760 --> 00:16:12.120 align:start position:0% given bus tokens in exchange for garbage and<00:16:10.029> so<00:16:10.660> what<00:16:10.810> happened<00:16:11.170> was<00:16:11.320> people<00:16:11.649> started 00:16:12.120 --> 00:16:12.130 align:start position:0% and so what happened was people started 00:16:12.130 --> 00:16:14.850 align:start position:0% and so what happened was people started collecting<00:16:12.550> garbage<00:16:13.200> getting<00:16:14.200> bus<00:16:14.410> tokens 00:16:14.850 --> 00:16:14.860 align:start position:0% collecting garbage getting bus tokens 00:16:14.860 --> 00:16:17.490 align:start position:0% collecting garbage getting bus tokens and<00:16:15.160> using<00:16:16.089> them<00:16:16.240> to<00:16:16.270> go<00:16:16.630> downtown<00:16:16.839> to<00:16:17.290> find 00:16:17.490 --> 00:16:17.500 align:start position:0% and using them to go downtown to find 00:16:17.500 --> 00:16:21.570 align:start position:0% and using them to go downtown to find work<00:16:19.350> and<00:16:20.350> what<00:16:20.830> happened<00:16:21.160> next<00:16:21.250> was<00:16:21.399> even 00:16:21.570 --> 00:16:21.580 align:start position:0% work and what happened next was even 00:16:21.580 --> 00:16:24.030 align:start position:0% work and what happened next was even more<00:16:22.180> amazing<00:16:22.510> at<00:16:22.839> a<00:16:22.990> certain<00:16:23.290> point<00:16:23.529> those 00:16:24.030 --> 00:16:24.040 align:start position:0% more amazing at a certain point those 00:16:24.040 --> 00:16:25.590 align:start position:0% more amazing at a certain point those tokens<00:16:24.550> started<00:16:24.850> circulating<00:16:25.180> in<00:16:25.510> the 00:16:25.590 --> 00:16:25.600 align:start position:0% tokens started circulating in the 00:16:25.600 --> 00:16:28.650 align:start position:0% tokens started circulating in the favelas<00:16:26.020> as<00:16:26.140> currency<00:16:26.680> and<00:16:27.010> that<00:16:27.660> currency 00:16:28.650 --> 00:16:28.660 align:start position:0% favelas as currency and that currency 00:16:28.660 --> 00:16:31.620 align:start position:0% favelas as currency and that currency ended<00:16:29.320> up<00:16:29.470> being<00:16:30.029> making<00:16:31.029> it<00:16:31.149> possible<00:16:31.570> for 00:16:31.620 --> 00:16:31.630 align:start position:0% ended up being making it possible for 00:16:31.630 --> 00:16:34.170 align:start position:0% ended up being making it possible for people<00:16:31.810> to<00:16:32.320> collect<00:16:33.100> more<00:16:33.399> garbage<00:16:33.670> than<00:16:33.850> they 00:16:34.170 --> 00:16:34.180 align:start position:0% people to collect more garbage than they 00:16:34.180 --> 00:16:38.160 align:start position:0% people to collect more garbage than they needed<00:16:34.510> bus<00:16:34.990> tokens<00:16:36.209> and<00:16:37.209> so<00:16:37.390> what<00:16:37.540> we<00:16:37.660> had<00:16:37.930> is 00:16:38.160 --> 00:16:38.170 align:start position:0% needed bus tokens and so what we had is 00:16:38.170 --> 00:16:41.820 align:start position:0% needed bus tokens and so what we had is we<00:16:38.320> had<00:16:38.350> this<00:16:38.890> this<00:16:39.850> is<00:16:40.390> token<00:16:40.870> that<00:16:41.140> was 00:16:41.820 --> 00:16:41.830 align:start position:0% we had this this is token that was 00:16:41.830 --> 00:16:45.210 align:start position:0% we had this this is token that was really<00:16:42.190> a<00:16:42.220> stable<00:16:42.850> value<00:16:42.970> token<00:16:43.620> backed<00:16:44.620> by 00:16:45.210 --> 00:16:45.220 align:start position:0% really a stable value token backed by 00:16:45.220 --> 00:16:47.579 align:start position:0% really a stable value token backed by public<00:16:45.580> transportation<00:16:46.140> earned<00:16:47.140> into 00:16:47.579 --> 00:16:47.589 align:start position:0% public transportation earned into 00:16:47.589 --> 00:16:49.410 align:start position:0% public transportation earned into existence<00:16:48.160> through<00:16:48.760> environmental 00:16:49.410 --> 00:16:49.420 align:start position:0% existence through environmental 00:16:49.420 --> 00:16:53.190 align:start position:0% existence through environmental remediation<00:16:50.220> and<00:16:51.220> it<00:16:51.700> gave<00:16:52.020> dignity<00:16:53.020> and 00:16:53.190 --> 00:16:53.200 align:start position:0% remediation and it gave dignity and 00:16:53.200 --> 00:16:55.500 align:start position:0% remediation and it gave dignity and meaningful<00:16:53.620> work<00:16:53.830> and<00:16:54.510> environmental 00:16:55.500 --> 00:16:55.510 align:start position:0% meaningful work and environmental 00:16:55.510 --> 00:16:57.870 align:start position:0% meaningful work and environmental remediation<00:16:55.900> to<00:16:56.620> a<00:16:56.650> community<00:16:57.250> that<00:16:57.610> needed 00:16:57.870 --> 00:16:57.880 align:start position:0% remediation to a community that needed 00:16:57.880 --> 00:16:58.320 align:start position:0% remediation to a community that needed it 00:16:58.320 --> 00:16:58.330 align:start position:0% it 00:16:58.330 --> 00:17:03.720 align:start position:0% it I<00:16:58.360> can<00:16:58.990> imagine<00:16:59.250> thousands<00:17:00.250> of<00:17:00.459> these<00:17:02.730> so 00:17:03.720 --> 00:17:03.730 align:start position:0% I can imagine thousands of these so 00:17:03.730 --> 00:17:06.390 align:start position:0% I can imagine thousands of these so that's<00:17:04.120> this<00:17:04.990> is<00:17:05.199> the<00:17:05.290> kind<00:17:05.530> of<00:17:05.650> story<00:17:06.069> that<00:17:06.189> I 00:17:06.390 --> 00:17:06.400 align:start position:0% that's this is the kind of story that I 00:17:06.400 --> 00:17:08.669 align:start position:0% that's this is the kind of story that I think<00:17:06.910> I'd<00:17:07.209> love<00:17:07.540> for<00:17:07.809> us<00:17:07.929> as<00:17:08.110> a<00:17:08.140> community<00:17:08.650> to 00:17:08.669 --> 00:17:08.679 align:start position:0% think I'd love for us as a community to 00:17:08.679 --> 00:17:16.020 align:start position:0% think I'd love for us as a community to enable<00:17:11.970> just<00:17:12.970> to<00:17:13.089> finish<00:17:13.390> up<00:17:14.699> as<00:17:15.699> I<00:17:15.850> said<00:17:16.000> I 00:17:16.020 --> 00:17:16.030 align:start position:0% enable just to finish up as I said I 00:17:16.030 --> 00:17:17.760 align:start position:0% enable just to finish up as I said I work<00:17:16.270> on<00:17:16.569> the<00:17:16.720> cellar<00:17:16.900> protocol<00:17:17.380> in<00:17:17.500> the<00:17:17.589> solar 00:17:17.760 --> 00:17:17.770 align:start position:0% work on the cellar protocol in the solar 00:17:17.770 --> 00:17:19.530 align:start position:0% work on the cellar protocol in the solar community<00:17:18.280> we're<00:17:18.490> thinking<00:17:18.819> about<00:17:19.030> problems 00:17:19.530 --> 00:17:19.540 align:start position:0% community we're thinking about problems 00:17:19.540 --> 00:17:21.780 align:start position:0% community we're thinking about problems like<00:17:19.809> this<00:17:19.990> all<00:17:20.140> the<00:17:20.290> time<00:17:20.319> so<00:17:21.160> if<00:17:21.579> you're 00:17:21.780 --> 00:17:21.790 align:start position:0% like this all the time so if you're 00:17:21.790 --> 00:17:23.340 align:start position:0% like this all the time so if you're interested<00:17:22.300> in<00:17:22.390> these<00:17:22.540> kinds<00:17:22.809> of<00:17:22.870> problems 00:17:23.340 --> 00:17:23.350 align:start position:0% interested in these kinds of problems 00:17:23.350 --> 00:17:26.100 align:start position:0% interested in these kinds of problems we'd<00:17:24.069> love<00:17:24.309> to<00:17:24.339> have<00:17:24.579> you<00:17:24.760> join<00:17:24.790> us<00:17:25.179> you<00:17:26.050> can 00:17:26.100 --> 00:17:26.110 align:start position:0% we'd love to have you join us you can 00:17:26.110 --> 00:17:28.110 align:start position:0% we'd love to have you join us you can follow<00:17:26.350> us<00:17:26.589> at<00:17:26.770> sell<00:17:27.250> away<00:17:27.429> to<00:17:27.490> you<00:17:27.730> or<00:17:27.850> seller 00:17:28.110 --> 00:17:28.120 align:start position:0% follow us at sell away to you or seller 00:17:28.120 --> 00:17:30.710 align:start position:0% follow us at sell away to you or seller org<00:17:28.540> thank<00:17:29.380> you<00:17:29.470> very<00:17:29.620> much 00:17:30.710 --> 00:17:30.720 align:start position:0% org thank you very much 00:17:30.720 --> 00:17:40.010 align:start position:0% org thank you very much [Applause] 00:17:40.010 --> 00:17:40.020 align:start position:0% 00:17:40.020 --> 00:17:42.080 align:start position:0% you