WEBVTT Kind: captions Language: en 00:00:04.580 --> 00:00:13.030 align:start position:0% Mucca<00:00:05.509> Mucca<00:00:10.150> Mucca<00:00:11.150> i<00:00:11.299> maka<00:00:11.600> is<00:00:11.840> a<00:00:11.930> phrase<00:00:12.860> I 00:00:13.030 --> 00:00:13.040 align:start position:0% Mucca Mucca Mucca i maka is a phrase I 00:00:13.040 --> 00:00:14.560 align:start position:0% Mucca Mucca Mucca i maka is a phrase I learned<00:00:13.219> here<00:00:13.460> in<00:00:13.550> Osaka<00:00:13.670> and<00:00:14.120> the<00:00:14.240> local 00:00:14.560 --> 00:00:14.570 align:start position:0% learned here in Osaka and the local 00:00:14.570 --> 00:00:17.950 align:start position:0% learned here in Osaka and the local dialect<00:00:15.019> which<00:00:15.320> means<00:00:15.650> hello<00:00:16.400> greeting<00:00:17.240> but 00:00:17.950 --> 00:00:17.960 align:start position:0% dialect which means hello greeting but 00:00:17.960 --> 00:00:20.230 align:start position:0% dialect which means hello greeting but it<00:00:18.259> literally<00:00:18.680> means<00:00:18.890> are<00:00:19.550> you<00:00:19.730> making<00:00:20.029> money 00:00:20.230 --> 00:00:20.240 align:start position:0% it literally means are you making money 00:00:20.240 --> 00:00:22.929 align:start position:0% it literally means are you making money which<00:00:20.600> seems<00:00:20.930> appropriate<00:00:21.140> for<00:00:21.470> Def<00:00:22.279> Con<00:00:22.550> so 00:00:22.929 --> 00:00:22.939 align:start position:0% which seems appropriate for Def Con so 00:00:22.939 --> 00:00:28.060 align:start position:0% which seems appropriate for Def Con so Def<00:00:23.150> Con<00:00:23.359> are<00:00:23.480> we<00:00:23.570> making<00:00:23.930> money<00:00:26.230> so<00:00:27.230> many<00:00:27.949> of 00:00:28.060 --> 00:00:28.070 align:start position:0% Def Con are we making money so many of 00:00:28.070 --> 00:00:30.450 align:start position:0% Def Con are we making money so many of you<00:00:28.130> know<00:00:28.279> me<00:00:28.430> is<00:00:28.609> the<00:00:29.480> co-founder<00:00:30.080> of 00:00:30.450 --> 00:00:30.460 align:start position:0% you know me is the co-founder of 00:00:30.460 --> 00:00:33.189 align:start position:0% you know me is the co-founder of wireline<00:00:31.460> the<00:00:31.939> p2p<00:00:32.239> application<00:00:32.930> network 00:00:33.189 --> 00:00:33.199 align:start position:0% wireline the p2p application network 00:00:33.199 --> 00:00:36.310 align:start position:0% wireline the p2p application network tomorrow<00:00:34.070> we<00:00:34.250> have<00:00:34.309> a<00:00:34.370> big<00:00:34.820> demo<00:00:35.390> with<00:00:35.809> our<00:00:35.989> CEO 00:00:36.310 --> 00:00:36.320 align:start position:0% tomorrow we have a big demo with our CEO 00:00:36.320 --> 00:00:39.600 align:start position:0% tomorrow we have a big demo with our CEO rich<00:00:37.190> burden<00:00:37.610> don't<00:00:37.879> miss<00:00:38.030> it<00:00:38.180> tomorrow<00:00:38.449> at<00:00:38.659> 12 00:00:39.600 --> 00:00:39.610 align:start position:0% rich burden don't miss it tomorrow at 12 00:00:39.610 --> 00:00:44.020 align:start position:0% rich burden don't miss it tomorrow at 12 but<00:00:40.610> this<00:00:40.850> is<00:00:41.000> a<00:00:41.030> story<00:00:41.390> about<00:00:42.640> what<00:00:43.640> happened 00:00:44.020 --> 00:00:44.030 align:start position:0% but this is a story about what happened 00:00:44.030 --> 00:00:47.170 align:start position:0% but this is a story about what happened when<00:00:44.239> we<00:00:44.330> started<00:00:44.690> looking<00:00:45.170> into<00:00:45.860> using<00:00:46.610> Libra 00:00:47.170 --> 00:00:47.180 align:start position:0% when we started looking into using Libra 00:00:47.180 --> 00:00:52.780 align:start position:0% when we started looking into using Libra on<00:00:47.540> our<00:00:48.229> application<00:00:48.670> network<00:00:50.710> so<00:00:51.790> Kryptos 00:00:52.780 --> 00:00:52.790 align:start position:0% on our application network so Kryptos 00:00:52.790 --> 00:00:56.890 align:start position:0% on our application network so Kryptos come<00:00:53.000> a<00:00:53.030> long<00:00:53.239> way<00:00:55.449> seems<00:00:56.449> like<00:00:56.570> everybody 00:00:56.890 --> 00:00:56.900 align:start position:0% come a long way seems like everybody 00:00:56.900 --> 00:00:58.329 align:start position:0% come a long way seems like everybody wants<00:00:56.960> to<00:00:57.260> be<00:00:57.409> involved<00:00:57.769> in<00:00:57.890> it<00:00:58.010> including 00:00:58.329 --> 00:00:58.339 align:start position:0% wants to be involved in it including 00:00:58.339 --> 00:01:03.840 align:start position:0% wants to be involved in it including this<00:00:58.970> guy<00:00:59.290> Mark<00:01:00.290> Zuckerberg 00:01:03.840 --> 00:01:03.850 align:start position:0% 00:01:03.850 --> 00:01:07.610 align:start position:0% now<00:01:04.480> obviously<00:01:04.690> there's<00:01:05.080> a<00:01:05.170> lawsuit<00:01:05.560> coming 00:01:07.610 --> 00:01:07.620 align:start position:0% now obviously there's a lawsuit coming 00:01:07.620 --> 00:01:10.230 align:start position:0% now obviously there's a lawsuit coming so<00:01:08.620> what<00:01:08.770> a<00:01:08.800> sea<00:01:09.040> change<00:01:09.220> for<00:01:09.520> crypto<00:01:09.820> I<00:01:10.060> mean 00:01:10.230 --> 00:01:10.240 align:start position:0% so what a sea change for crypto I mean 00:01:10.240 --> 00:01:13.910 align:start position:0% so what a sea change for crypto I mean really<00:01:10.420> it's<00:01:11.350> entered<00:01:11.830> the<00:01:11.950> mainstream<00:01:12.490> and 00:01:13.910 --> 00:01:13.920 align:start position:0% really it's entered the mainstream and 00:01:13.920 --> 00:01:16.110 align:start position:0% really it's entered the mainstream and you<00:01:14.920> know<00:01:15.010> who<00:01:15.130> would<00:01:15.250> have<00:01:15.340> thought<00:01:15.490> from<00:01:15.940> the 00:01:16.110 --> 00:01:16.120 align:start position:0% you know who would have thought from the 00:01:16.120 --> 00:01:18.060 align:start position:0% you know who would have thought from the days<00:01:16.270> of<00:01:16.300> Bitcoin<00:01:16.810> that<00:01:16.840> we<00:01:17.710> might<00:01:17.860> have<00:01:18.010> a 00:01:18.060 --> 00:01:18.070 align:start position:0% days of Bitcoin that we might have a 00:01:18.070 --> 00:01:19.170 align:start position:0% days of Bitcoin that we might have a something<00:01:18.700> that<00:01:18.880> looks<00:01:19.030> like<00:01:19.090> a 00:01:19.170 --> 00:01:19.180 align:start position:0% something that looks like a 00:01:19.180 --> 00:01:21.330 align:start position:0% something that looks like a cryptocurrency<00:01:19.600> reach<00:01:20.229> perhaps<00:01:21.070> four 00:01:21.330 --> 00:01:21.340 align:start position:0% cryptocurrency reach perhaps four 00:01:21.340 --> 00:01:23.640 align:start position:0% cryptocurrency reach perhaps four billion<00:01:21.550> people<00:01:22.050> and<00:01:23.050> so<00:01:23.229> I<00:01:23.259> think<00:01:23.350> it's<00:01:23.560> a 00:01:23.640 --> 00:01:23.650 align:start position:0% billion people and so I think it's a 00:01:23.650 --> 00:01:25.560 align:start position:0% billion people and so I think it's a there's<00:01:24.009> a<00:01:24.070> moment<00:01:24.430> here<00:01:24.640> where<00:01:24.820> everybody 00:01:25.560 --> 00:01:25.570 align:start position:0% there's a moment here where everybody 00:01:25.570 --> 00:01:29.490 align:start position:0% there's a moment here where everybody working<00:01:25.750> in<00:01:25.930> crypto<00:01:27.090> should<00:01:28.090> feel<00:01:28.350> some<00:01:29.350> sense 00:01:29.490 --> 00:01:29.500 align:start position:0% working in crypto should feel some sense 00:01:29.500 --> 00:01:31.260 align:start position:0% working in crypto should feel some sense of<00:01:29.680> gratification<00:01:30.040> of<00:01:30.580> the<00:01:30.670> work<00:01:30.880> that<00:01:31.150> we've 00:01:31.260 --> 00:01:31.270 align:start position:0% of gratification of the work that we've 00:01:31.270 --> 00:01:33.680 align:start position:0% of gratification of the work that we've been<00:01:31.300> doing<00:01:31.619> the<00:01:32.619> research<00:01:32.950> the<00:01:33.220> open<00:01:33.460> source 00:01:33.680 --> 00:01:33.690 align:start position:0% been doing the research the open source 00:01:33.690 --> 00:01:36.060 align:start position:0% been doing the research the open source finally<00:01:34.690> paying<00:01:34.930> off<00:01:35.110> into<00:01:35.710> something<00:01:35.920> that 00:01:36.060 --> 00:01:36.070 align:start position:0% finally paying off into something that 00:01:36.070 --> 00:01:40.800 align:start position:0% finally paying off into something that can<00:01:36.310> go<00:01:36.430> mainstream<00:01:38.550> so<00:01:39.550> I'm<00:01:40.509> gonna<00:01:40.660> say 00:01:40.800 --> 00:01:40.810 align:start position:0% can go mainstream so I'm gonna say 00:01:40.810 --> 00:01:44.460 align:start position:0% can go mainstream so I'm gonna say something<00:01:41.170> that<00:01:41.200> I<00:01:41.350> think<00:01:42.270> might<00:01:43.270> not<00:01:43.630> go<00:01:44.320> well 00:01:44.460 --> 00:01:44.470 align:start position:0% something that I think might not go well 00:01:44.470 --> 00:01:46.830 align:start position:0% something that I think might not go well with<00:01:44.649> this<00:01:44.770> crowd<00:01:45.039> but<00:01:45.430> I<00:01:45.640> think<00:01:46.509> Libre<00:01:46.780> is 00:01:46.830 --> 00:01:46.840 align:start position:0% with this crowd but I think Libre is 00:01:46.840 --> 00:01:48.840 align:start position:0% with this crowd but I think Libre is gonna<00:01:47.020> become<00:01:47.350> the<00:01:47.470> de<00:01:47.590> facto<00:01:47.619> currency<00:01:48.490> of 00:01:48.840 --> 00:01:48.850 align:start position:0% gonna become the de facto currency of 00:01:48.850 --> 00:01:51.690 align:start position:0% gonna become the de facto currency of the<00:01:48.940> internet<00:01:49.860> now<00:01:50.860> that<00:01:51.190> might<00:01:51.369> just<00:01:51.640> be 00:01:51.690 --> 00:01:51.700 align:start position:0% the internet now that might just be 00:01:51.700 --> 00:01:54.540 align:start position:0% the internet now that might just be because<00:01:51.820> of<00:01:52.330> the<00:01:52.600> sheer<00:01:53.110> reach<00:01:53.380> of<00:01:53.740> Facebook 00:01:54.540 --> 00:01:54.550 align:start position:0% because of the sheer reach of Facebook 00:01:54.550 --> 00:01:56.820 align:start position:0% because of the sheer reach of Facebook and<00:01:54.759> its<00:01:54.910> partners<00:01:55.330> and<00:01:55.570> they're<00:01:56.410> going<00:01:56.560> to<00:01:56.710> be 00:01:56.820 --> 00:01:56.830 align:start position:0% and its partners and they're going to be 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be<00:02:03.250> relevant<00:02:04.050> but<00:02:05.050> I<00:02:05.259> actually<00:02:05.500> think<00:02:05.770> that 00:02:05.880 --> 00:02:05.890 align:start position:0% be relevant but I actually think that 00:02:05.890 --> 00:02:08.430 align:start position:0% be relevant but I actually think that there's<00:02:06.190> a<00:02:06.250> lot<00:02:06.369> to<00:02:06.490> like<00:02:06.640> about<00:02:07.330> Libre 00:02:08.430 --> 00:02:08.440 align:start position:0% there's a lot to like about Libre 00:02:08.440 --> 00:02:11.070 align:start position:0% there's a lot to like about Libre I<00:02:08.470> think<00:02:09.070> the<00:02:09.280> stable<00:02:09.640> coin<00:02:09.790> design<00:02:10.119> is<00:02:10.450> quite 00:02:11.070 --> 00:02:11.080 align:start position:0% I think the stable coin design is quite 00:02:11.080 --> 00:02:13.199 align:start position:0% I think the stable coin design is quite compelling<00:02:11.440> especially<00:02:12.400> for<00:02:12.610> developing 00:02:13.199 --> 00:02:13.209 align:start position:0% compelling especially for developing 00:02:13.209 --> 00:02:15.360 align:start position:0% compelling especially for developing nations<00:02:13.540> so<00:02:13.900> and<00:02:14.650> I'm<00:02:14.769> surprised<00:02:15.070> actually<00:02:15.190> a 00:02:15.360 --> 00:02:15.370 align:start position:0% nations so and I'm surprised actually a 00:02:15.370 --> 00:02:16.920 align:start position:0% nations so and I'm surprised actually a lot<00:02:15.489> of<00:02:15.549> people<00:02:15.730> in<00:02:15.790> crypto<00:02:16.060> don't<00:02:16.750> know<00:02:16.840> the 00:02:16.920 --> 00:02:16.930 align:start position:0% lot of people in crypto don't know the 00:02:16.930 --> 00:02:20.640 align:start position:0% lot of people in crypto don't know the details<00:02:17.290> of<00:02:17.410> this<00:02:17.940> what<00:02:18.940> Libre<00:02:19.900> is<00:02:19.959> doing<00:02:20.350> is 00:02:20.640 --> 00:02:20.650 align:start position:0% details of this what Libre is doing is 00:02:20.650 --> 00:02:22.380 align:start position:0% details of this what Libre is doing is it's<00:02:20.950> creating<00:02:21.010> basically<00:02:21.549> a<00:02:21.579> currency<00:02:22.060> fund 00:02:22.380 --> 00:02:22.390 align:start position:0% it's creating basically a currency fund 00:02:22.390 --> 00:02:25.050 align:start position:0% it's creating basically a currency fund so<00:02:22.780> a<00:02:22.810> basket<00:02:23.320> of<00:02:23.380> currencies<00:02:23.850> where<00:02:24.850> one 00:02:25.050 --> 00:02:25.060 align:start position:0% so a basket of currencies where one 00:02:25.060 --> 00:02:26.640 align:start position:0% so a basket of currencies where one Libre<00:02:25.480> gives<00:02:25.810> you<00:02:25.959> Redemption<00:02:26.410> on<00:02:26.470> that 00:02:26.640 --> 00:02:26.650 align:start position:0% Libre gives you Redemption on that 00:02:26.650 --> 00:02:29.460 align:start position:0% Libre gives you Redemption on that basket<00:02:27.040> of<00:02:27.100> currencies<00:02:27.750> and<00:02:28.750> that's<00:02:29.079> a<00:02:29.200> really 00:02:29.460 --> 00:02:29.470 align:start position:0% basket of currencies and that's a really 00:02:29.470 --> 00:02:32.009 align:start position:0% basket of currencies and that's a really compelling<00:02:29.829> story<00:02:30.299> for<00:02:31.299> people<00:02:31.600> around<00:02:31.930> the 00:02:32.009 --> 00:02:32.019 align:start position:0% compelling story for people around the 00:02:32.019 --> 00:02:34.110 align:start position:0% compelling story for people around the worlds<00:02:32.290> that<00:02:32.440> live<00:02:32.680> in<00:02:32.850> governments<00:02:33.850> that 00:02:34.110 --> 00:02:34.120 align:start position:0% worlds that live in governments that 00:02:34.120 --> 00:02:38.430 align:start position:0% worlds that live in governments that don't<00:02:34.920> have<00:02:35.920> you<00:02:36.310> know<00:02:37.440> sustainable 00:02:38.430 --> 00:02:38.440 align:start position:0% don't have you know sustainable 00:02:38.440 --> 00:02:42.750 align:start position:0% don't have you know sustainable financial<00:02:39.430> and<00:02:39.790> fiscal<00:02:40.000> policies<00:02:40.630> and<00:02:41.760> what's 00:02:42.750 --> 00:02:42.760 align:start position:0% financial and fiscal policies and what's 00:02:42.760 --> 00:02:44.310 align:start position:0% financial and fiscal policies and what's interesting<00:02:43.000> about<00:02:43.209> this<00:02:43.480> again<00:02:43.750> is<00:02:44.260> a 00:02:44.310 --> 00:02:44.320 align:start position:0% interesting about this again is a 00:02:44.320 --> 00:02:46.410 align:start position:0% interesting about this again is a historical<00:02:44.980> moment<00:02:45.160> for<00:02:45.430> a<00:02:45.700> non-governmental 00:02:46.410 --> 00:02:46.420 align:start position:0% historical moment for a non-governmental 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or<00:02:53.980> we've<00:02:54.910> had<00:02:55.079> this<00:02:56.079> idea 00:02:56.400 --> 00:02:56.410 align:start position:0% Keynes with bank or we've had this idea 00:02:56.410 --> 00:02:58.949 align:start position:0% Keynes with bank or we've had this idea for<00:02:56.920> a<00:02:56.980> long<00:02:57.100> time<00:02:57.340> so<00:02:58.239> this<00:02:58.390> is<00:02:58.510> really 00:02:58.949 --> 00:02:58.959 align:start position:0% for a long time so this is really 00:02:58.959 --> 00:03:01.199 align:start position:0% for a long time so this is really exciting<00:02:59.610> another<00:03:00.610> thing<00:03:00.850> that's<00:03:01.000> going<00:03:01.120> to 00:03:01.199 --> 00:03:01.209 align:start position:0% exciting another thing that's going to 00:03:01.209 --> 00:03:02.699 align:start position:0% exciting another thing that's going to come<00:03:01.420> to<00:03:01.630> the<00:03:01.720> mainstream<00:03:01.959> through<00:03:02.530> this 00:03:02.699 --> 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position:0% and it could become widely spread through<00:03:13.540> disassociation<00:03:14.170> so<00:03:15.300> that's<00:03:16.300> the 00:03:16.410 --> 00:03:16.420 align:start position:0% through disassociation so that's the 00:03:16.420 --> 00:03:17.360 align:start position:0% through disassociation so that's the good<00:03:16.540> part 00:03:17.360 --> 00:03:17.370 align:start position:0% good part 00:03:17.370 --> 00:03:20.250 align:start position:0% good part now<00:03:18.370> everybody<00:03:19.060> here<00:03:19.690> I<00:03:19.720> think<00:03:19.990> knows<00:03:20.110> the 00:03:20.250 --> 00:03:20.260 align:start position:0% now everybody here I think knows the 00:03:20.260 --> 00:03:22.770 align:start position:0% now everybody here I think knows the problems<00:03:20.740> with<00:03:21.610> how<00:03:21.790> Facebook<00:03:22.330> is<00:03:22.450> deploying 00:03:22.770 --> 00:03:22.780 align:start position:0% problems with how Facebook is deploying 00:03:22.780 --> 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takes deposits<00:03:32.710> from<00:03:33.310> end<00:03:33.550> users<00:03:33.610> that<00:03:34.480> goes<00:03:34.690> into<00:03:34.840> a 00:03:34.920 --> 00:03:34.930 align:start position:0% deposits from end users that goes into a 00:03:34.930 --> 00:03:37.950 align:start position:0% deposits from end users that goes into a trust<00:03:35.260> that<00:03:35.980> trust<00:03:36.310> yields<00:03:36.670> interest<00:03:37.270> that 00:03:37.950 --> 00:03:37.960 align:start position:0% trust that trust yields interest that 00:03:37.960 --> 00:03:39.750 align:start position:0% trust that trust yields interest that interest<00:03:38.380> gets<00:03:38.530> paid<00:03:38.770> out<00:03:38.800> to<00:03:39.070> the<00:03:39.220> investors 00:03:39.750 --> 00:03:39.760 align:start position:0% interest gets paid out to the investors 00:03:39.760 --> 00:03:42.240 align:start position:0% interest gets paid out to the investors of<00:03:40.090> the<00:03:40.150> bank<00:03:40.420> the<00:03:41.350> Libra<00:03:41.620> Association 00:03:42.240 --> 00:03:42.250 align:start position:0% of the bank the Libra Association 00:03:42.250 --> 00:03:44.220 align:start position:0% of the bank the Libra Association members<00:03:42.550> and<00:03:42.790> so<00:03:43.270> in<00:03:43.390> the<00:03:43.510> Libra<00:03:43.720> association 00:03:44.220 --> 00:03:44.230 align:start position:0% members and so in the Libra association 00:03:44.230 --> 00:03:45.330 align:start position:0% members and so in the Libra association is<00:03:44.290> kind<00:03:44.440> of<00:03:44.470> a<00:03:44.560> misnomer<00:03:44.740> it's<00:03:45.130> not<00:03:45.310> a 00:03:45.330 --> 00:03:45.340 align:start position:0% is kind of a misnomer it's not a 00:03:45.340 --> 00:03:47.700 align:start position:0% is kind of a misnomer it's not a not-for-profit<00:03:45.760> thing<00:03:46.620> associations<00:03:47.620> in 00:03:47.700 --> 00:03:47.710 align:start position:0% not-for-profit thing associations in 00:03:47.710 --> 00:03:49.740 align:start position:0% not-for-profit thing associations in Switzerland<00:03:48.130> are<00:03:48.220> basically<00:03:48.520> LLC's<00:03:49.180> they 00:03:49.740 --> 00:03:49.750 align:start position:0% Switzerland are basically LLC's they 00:03:49.750 --> 00:03:53.730 align:start position:0% Switzerland are basically LLC's they could<00:03:49.870> have<00:03:50.050> LLC's<00:03:50.500> in<00:03:50.650> the<00:03:50.740> US<00:03:51.510> and<00:03:52.590> what<00:03:53.590> gets 00:03:53.730 --> 00:03:53.740 align:start position:0% could have LLC's in the US and what gets 00:03:53.740 --> 00:03:55.410 align:start position:0% could have LLC's in the US and what gets worse<00:03:53.950> about<00:03:54.220> this<00:03:54.400> Bank<00:03:54.700> is<00:03:54.940> that<00:03:55.180> it<00:03:55.300> has<00:03:55.390> a 00:03:55.410 --> 00:03:55.420 align:start position:0% worse about this Bank is that it has a 00:03:55.420 --> 00:03:58.200 align:start position:0% worse about this Bank is that it has a distinction<00:03:56.080> of<00:03:56.770> having<00:03:57.040> the<00:03:57.400> ethics<00:03:57.730> of<00:03:57.880> uber 00:03:58.200 --> 00:03:58.210 align:start position:0% distinction of having the ethics of uber 00:03:58.210 --> 00:04:00.810 align:start position:0% distinction of having the ethics of uber the<00:03:58.600> censorship<00:03:58.960> of<00:03:59.380> visa<00:03:59.590> and<00:03:59.980> the<00:04:00.460> privacy 00:04:00.810 --> 00:04:00.820 align:start position:0% the censorship of visa and the privacy 00:04:00.820 --> 00:04:02.760 align:start position:0% the censorship of visa and the privacy of<00:04:01.210> Facebook<00:04:01.690> these<00:04:02.200> are<00:04:02.350> the<00:04:02.410> people<00:04:02.560> they're 00:04:02.760 --> 00:04:02.770 align:start position:0% of Facebook these are the people they're 00:04:02.770 --> 00:04:04.440 align:start position:0% of Facebook these are the people they're going<00:04:02.860> to<00:04:02.920> be<00:04:02.980> making<00:04:03.160> decisions<00:04:03.280> about<00:04:04.030> this 00:04:04.440 --> 00:04:04.450 align:start position:0% going to be making decisions about this 00:04:04.450 --> 00:04:08.310 align:start position:0% going to be making decisions about this global<00:04:04.960> bank<00:04:05.320> and<00:04:06.990> everything<00:04:07.990> that<00:04:08.170> we 00:04:08.310 --> 00:04:08.320 align:start position:0% global bank and everything that we 00:04:08.320 --> 00:04:10.200 align:start position:0% global bank and everything that we understand<00:04:08.830> about<00:04:08.980> the<00:04:09.130> Libre<00:04:09.730> Association 00:04:10.200 --> 00:04:10.210 align:start position:0% understand about the Libre Association 00:04:10.210 --> 00:04:12.170 align:start position:0% understand about the Libre Association so<00:04:10.330> far<00:04:10.570> leads<00:04:11.230> us<00:04:11.380> to<00:04:11.470> believe<00:04:11.620> that 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this only it starts to get worse 00:04:19.660 --> 00:04:21.120 align:start position:0% so and this only it starts to get worse when<00:04:19.870> you<00:04:19.989> start<00:04:20.200> thinking<00:04:20.290> about<00:04:20.470> the<00:04:20.859> scale 00:04:21.120 --> 00:04:21.130 align:start position:0% when you start thinking about the scale 00:04:21.130 --> 00:04:24.780 align:start position:0% when you start thinking about the scale of<00:04:21.160> this<00:04:21.370> Bank<00:04:22.560> and<00:04:23.560> it<00:04:23.950> possibly<00:04:24.430> being<00:04:24.610> too 00:04:24.780 --> 00:04:24.790 align:start position:0% of this Bank and it possibly being too 00:04:24.790 --> 00:04:28.380 align:start position:0% of this Bank and it possibly being too big<00:04:24.970> to<00:04:25.120> fail<00:04:25.300> because<00:04:25.990> it<00:04:26.290> being<00:04:26.500> a<00:04:27.240> being<00:04:28.240> in 00:04:28.380 --> 00:04:28.390 align:start position:0% big to fail because it being a being in 00:04:28.390 --> 00:04:30.060 align:start position:0% big to fail because it being a being in a<00:04:28.450> super<00:04:28.750> national<00:04:28.900> jurisdiction<00:04:29.800> you<00:04:30.010> know 00:04:30.060 --> 00:04:30.070 align:start position:0% a super national jurisdiction you know 00:04:30.070 --> 00:04:33.750 align:start position:0% a super national jurisdiction you know in<00:04:30.190> Switzerland<00:04:30.970> and<00:04:31.960> other<00:04:32.380> countries<00:04:32.830> whose 00:04:33.750 --> 00:04:33.760 align:start position:0% in Switzerland and other countries whose 00:04:33.760 --> 00:04:35.700 align:start position:0% in Switzerland and other countries whose gonna<00:04:33.910> bail<00:04:34.120> out<00:04:34.150> this<00:04:34.419> Bank<00:04:34.660> if<00:04:35.230> it<00:04:35.380> runs<00:04:35.530> into 00:04:35.700 --> 00:04:35.710 align:start position:0% gonna bail out this Bank if it runs into 00:04:35.710 --> 00:04:37.980 align:start position:0% gonna bail out this Bank if it runs into trouble<00:04:36.130> for<00:04:36.520> example<00:04:36.880> in<00:04:37.419> a<00:04:37.600> regime<00:04:37.750> of 00:04:37.980 --> 00:04:37.990 align:start position:0% trouble for example in a regime of 00:04:37.990 --> 00:04:39.630 align:start position:0% trouble for example in a regime of negative<00:04:38.320> interest<00:04:38.440> rates<00:04:38.830> what<00:04:39.430> does<00:04:39.550> this 00:04:39.630 --> 00:04:39.640 align:start position:0% negative interest rates what does this 00:04:39.640 --> 00:04:43.620 align:start position:0% negative interest rates what does this bank<00:04:39.880> look<00:04:40.060> like<00:04:40.500> so<00:04:42.150> lots<00:04:43.150> of<00:04:43.240> governance 00:04:43.620 --> 00:04:43.630 align:start position:0% bank look like so lots of governance 00:04:43.630 --> 00:04:45.360 align:start position:0% bank look like so lots of governance problems<00:04:43.990> there<00:04:44.169> and<00:04:44.200> how<00:04:44.740> are<00:04:44.980> we<00:04:45.130> as<00:04:45.340> a 00:04:45.360 --> 00:04:45.370 align:start position:0% problems there and how are we as a 00:04:45.370 --> 00:04:47.100 align:start position:0% problems there and how are we as a society<00:04:45.730> trying<00:04:46.240> to<00:04:46.330> solve<00:04:46.510> these<00:04:46.690> governance 00:04:47.100 --> 00:04:47.110 align:start position:0% society trying to solve these governance 00:04:47.110 --> 00:04:51.870 align:start position:0% society trying to solve these governance problems<00:04:48.510> wrong<00:04:49.510> way<00:04:50.490> with<00:04:51.490> government 00:04:51.870 --> 00:04:51.880 align:start position:0% problems wrong way with government 00:04:51.880 --> 00:04:54.450 align:start position:0% problems wrong way with government solutions<00:04:52.470> now<00:04:53.470> if<00:04:53.740> you<00:04:53.860> feel<00:04:54.010> the<00:04:54.130> same<00:04:54.280> way<00:04:54.430> I 00:04:54.450 --> 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these issues so I think 00:05:04.270 --> 00:05:05.880 align:start position:0% for solving this these issues so I think there<00:05:04.510> are<00:05:04.540> two<00:05:04.690> outcomes<00:05:05.050> that<00:05:05.560> can<00:05:05.770> happen 00:05:05.880 --> 00:05:05.890 align:start position:0% there are two outcomes that can happen 00:05:05.890 --> 00:05:08.670 align:start position:0% there are two outcomes that can happen from<00:05:06.730> Facebook<00:05:07.210> engaging<00:05:07.510> with<00:05:07.750> governments 00:05:08.670 --> 00:05:08.680 align:start position:0% from Facebook engaging with governments 00:05:08.680 --> 00:05:11.880 align:start position:0% from Facebook engaging with governments on<00:05:09.280> one<00:05:09.490> side<00:05:09.960> Facebook<00:05:10.960> can<00:05:11.410> is<00:05:11.650> going<00:05:11.770> to 00:05:11.880 --> 00:05:11.890 align:start position:0% on one side Facebook can is going to 00:05:11.890 --> 00:05:14.550 align:start position:0% on one side Facebook can is going to engage<00:05:11.980> in<00:05:12.220> regulatory<00:05:12.880> capture<00:05:13.270> and<00:05:13.720> so<00:05:14.410> the 00:05:14.550 --> 00:05:14.560 align:start position:0% engage in regulatory capture and so the 00:05:14.560 --> 00:05:16.560 align:start position:0% engage in regulatory capture and so the end<00:05:14.710> of<00:05:14.830> that<00:05:14.950> path<00:05:15.190> is<00:05:15.460> the<00:05:15.820> bank<00:05:16.000> too<00:05:16.240> big<00:05:16.419> to 00:05:16.560 --> 00:05:16.570 align:start position:0% end of that path is the bank too big to 00:05:16.570 --> 00:05:18.570 align:start position:0% end of that path is the bank too big to fail<00:05:16.780> and<00:05:16.990> basically<00:05:17.620> Facebook<00:05:18.220> can<00:05:18.340> just<00:05:18.520> go 00:05:18.570 --> 00:05:18.580 align:start position:0% fail and basically Facebook can just go 00:05:18.580 --> 00:05:21.510 align:start position:0% fail and basically Facebook can just go jurisdiction<00:05:19.150> shopping<00:05:19.510> to<00:05:20.020> find<00:05:20.400> you<00:05:21.400> know<00:05:21.490> a 00:05:21.510 --> 00:05:21.520 align:start position:0% jurisdiction shopping to find you know a 00:05:21.520 --> 00:05:23.159 align:start position:0% jurisdiction shopping to find you know a country<00:05:21.940> that<00:05:21.970> can<00:05:22.210> say 00:05:23.159 --> 00:05:23.169 align:start position:0% country that can say 00:05:23.169 --> 00:05:24.269 align:start position:0% country that can say give<00:05:23.259> them<00:05:23.409> give<00:05:23.590> them<00:05:23.740> a<00:05:23.830> regulation<00:05:24.249> that 00:05:24.269 --> 00:05:24.279 align:start position:0% give them give them a regulation that 00:05:24.279 --> 00:05:26.189 align:start position:0% give them give them a regulation that says<00:05:24.460> well<00:05:24.639> this<00:05:25.240> isn't<00:05:25.389> really<00:05:25.870> a<00:05:25.960> bank 00:05:26.189 --> 00:05:26.199 align:start position:0% says well this isn't really a bank 00:05:26.199 --> 00:05:27.899 align:start position:0% says well this isn't really a bank whether<00:05:26.590> it<00:05:26.740> does<00:05:26.889> bank<00:05:27.099> like<00:05:27.279> things<00:05:27.580> and 00:05:27.899 --> 00:05:27.909 align:start position:0% whether it does bank like things and 00:05:27.909 --> 00:05:30.629 align:start position:0% whether it does bank like things and Libra<00:05:28.210> isn't<00:05:28.419> really<00:05:28.599> an<00:05:29.080> investment<00:05:29.409> it's<00:05:30.340> a 00:05:30.629 --> 00:05:30.639 align:start position:0% Libra isn't really an investment it's a 00:05:30.639 --> 00:05:32.999 align:start position:0% Libra isn't really an investment it's a sexual<00:05:30.909> currency<00:05:31.090> so<00:05:31.900> that's<00:05:32.770> the<00:05:32.860> path 00:05:32.999 --> 00:05:33.009 align:start position:0% sexual currency so that's the path 00:05:33.009 --> 00:05:34.290 align:start position:0% sexual currency so that's the path they're<00:05:33.159> on<00:05:33.219> now<00:05:33.400> and<00:05:33.699> I<00:05:33.939> think<00:05:34.060> they'll 00:05:34.290 --> 00:05:34.300 align:start position:0% they're on now and I think they'll 00:05:34.300 --> 00:05:36.570 align:start position:0% they're on now and I think they'll likely<00:05:34.449> get<00:05:34.689> it<00:05:34.840> the<00:05:35.680> other<00:05:35.710> the<00:05:36.249> other<00:05:36.340> one 00:05:36.570 --> 00:05:36.580 align:start position:0% likely get it the other the other one 00:05:36.580 --> 00:05:38.459 align:start position:0% likely get it the other the other one which<00:05:36.789> I<00:05:36.879> think<00:05:36.960> oddly<00:05:37.960> we<00:05:38.050> have<00:05:38.169> people<00:05:38.409> in 00:05:38.459 --> 00:05:38.469 align:start position:0% which I think oddly we have people in 00:05:38.469 --> 00:05:40.920 align:start position:0% which I think oddly we have people in the<00:05:38.560> crypto<00:05:38.889> community<00:05:39.400> rooting<00:05:39.699> for<00:05:39.879> is<00:05:40.150> that 00:05:40.920 --> 00:05:40.930 align:start position:0% the crypto community rooting for is that 00:05:40.930 --> 00:05:43.290 align:start position:0% the crypto community rooting for is that we<00:05:41.439> managed<00:05:41.680> to<00:05:41.740> corner<00:05:42.210> Facebook<00:05:43.210> the 00:05:43.290 --> 00:05:43.300 align:start position:0% we managed to corner Facebook the 00:05:43.300 --> 00:05:45.480 align:start position:0% we managed to corner Facebook the government<00:05:43.629> somehow<00:05:44.110> miraculously<00:05:44.740> managed 00:05:45.480 --> 00:05:45.490 align:start position:0% government somehow miraculously managed 00:05:45.490 --> 00:05:47.399 align:start position:0% government somehow miraculously managed to<00:05:45.610> coordinate<00:05:45.999> and<00:05:46.210> put<00:05:46.810> Facebook<00:05:47.169> into<00:05:47.379> a 00:05:47.399 --> 00:05:47.409 align:start position:0% to coordinate and put Facebook into a 00:05:47.409 --> 00:05:49.860 align:start position:0% to coordinate and put Facebook into a corner<00:05:47.879> and<00:05:48.879> then<00:05:49.240> Facebook<00:05:49.449> is<00:05:49.659> gonna<00:05:49.779> do 00:05:49.860 --> 00:05:49.870 align:start position:0% corner and then Facebook is gonna do 00:05:49.870 --> 00:05:53.929 align:start position:0% corner and then Facebook is gonna do something<00:05:50.080> lame<00:05:50.259> like<00:05:50.759> venmo<00:05:51.759> or<00:05:52.629> WeChat<00:05:53.110> and 00:05:53.929 --> 00:05:53.939 align:start position:0% something lame like venmo or WeChat and 00:05:53.939 --> 00:05:56.760 align:start position:0% something lame like venmo or WeChat and I<00:05:54.939> think<00:05:55.479> that<00:05:55.749> that<00:05:56.020> would<00:05:56.139> be<00:05:56.199> a<00:05:56.289> mistake<00:05:56.439> I 00:05:56.760 --> 00:05:56.770 align:start position:0% I think that that would be a mistake I 00:05:56.770 --> 00:05:58.320 align:start position:0% I think that that would be a mistake I think<00:05:56.949> that's<00:05:57.099> a<00:05:57.159> missed<00:05:57.400> opportunity<00:05:57.550> for 00:05:58.320 --> 00:05:58.330 align:start position:0% think that's a missed opportunity for 00:05:58.330 --> 00:06:00.420 align:start position:0% think that's a missed opportunity for Humanity<00:05:58.779> but<00:05:59.560> it's<00:05:59.740> worse<00:05:59.889> for<00:05:59.919> crypto 00:06:00.420 --> 00:06:00.430 align:start position:0% Humanity but it's worse for crypto 00:06:00.430 --> 00:06:01.439 align:start position:0% Humanity but it's worse for crypto because<00:06:00.669> now<00:06:00.789> we're<00:06:00.879> gonna<00:06:00.939> have<00:06:01.150> empowered 00:06:01.439 --> 00:06:01.449 align:start position:0% because now we're gonna have empowered 00:06:01.449 --> 00:06:03.149 align:start position:0% because now we're gonna have empowered regulators<00:06:02.169> that<00:06:02.409> think<00:06:02.949> they<00:06:03.039> know 00:06:03.149 --> 00:06:03.159 align:start position:0% regulators that think they know 00:06:03.159 --> 00:06:04.499 align:start position:0% regulators that think they know something<00:06:03.189> about<00:06:03.460> crypto<00:06:03.909> and<00:06:04.180> are<00:06:04.360> gonna 00:06:04.499 --> 00:06:04.509 align:start position:0% something about crypto and are gonna 00:06:04.509 --> 00:06:06.119 align:start position:0% something about crypto and are gonna prevent<00:06:04.810> any<00:06:05.199> project<00:06:05.589> like<00:06:05.620> this<00:06:05.860> from 00:06:06.119 --> 00:06:06.129 align:start position:0% prevent any project like this from 00:06:06.129 --> 00:06:10.679 align:start position:0% prevent any project like this from happening<00:06:06.279> again<00:06:07.080> so<00:06:09.089> how<00:06:10.089> could<00:06:10.240> we<00:06:10.389> steer 00:06:10.679 --> 00:06:10.689 align:start position:0% happening again so how could we steer 00:06:10.689 --> 00:06:12.329 align:start position:0% happening again so how could we steer this<00:06:10.839> to<00:06:11.110> somewhere<00:06:11.439> in<00:06:11.529> the<00:06:11.620> middle<00:06:11.889> or<00:06:12.129> on 00:06:12.329 --> 00:06:12.339 align:start position:0% this to somewhere in the middle or on 00:06:12.339 --> 00:06:14.249 align:start position:0% this to somewhere in the middle or on another<00:06:12.699> plane<00:06:12.999> you<00:06:13.210> know<00:06:13.270> what<00:06:13.509> how<00:06:13.990> could<00:06:14.169> we 00:06:14.249 --> 00:06:14.259 align:start position:0% another plane you know what how could we 00:06:14.259 --> 00:06:16.769 align:start position:0% another plane you know what how could we expand<00:06:15.069> this<00:06:15.400> the<00:06:15.729> set<00:06:16.270> of<00:06:16.360> possibilities 00:06:16.769 --> 00:06:16.779 align:start position:0% expand this the set of possibilities 00:06:16.779 --> 00:06:19.170 align:start position:0% expand this the set of possibilities here<00:06:17.319> well<00:06:17.680> so<00:06:18.460> I<00:06:18.490> went<00:06:18.669> around<00:06:18.759> and<00:06:18.969> spoke<00:06:19.150> to 00:06:19.170 --> 00:06:19.180 align:start position:0% here well so I went around and spoke to 00:06:19.180 --> 00:06:20.790 align:start position:0% here well so I went around and spoke to some<00:06:19.330> of<00:06:19.689> my<00:06:19.719> friends<00:06:20.080> and<00:06:20.199> crypto<00:06:20.529> some<00:06:20.710> the 00:06:20.790 --> 00:06:20.800 align:start position:0% some of my friends and crypto some the 00:06:20.800 --> 00:06:24.119 align:start position:0% some of my friends and crypto some the leaders<00:06:21.069> of<00:06:21.099> the<00:06:22.089> crypto<00:06:22.419> projects<00:06:22.870> and<00:06:23.129> you 00:06:24.119 --> 00:06:24.129 align:start position:0% leaders of the crypto projects and you 00:06:24.129 --> 00:06:27.360 align:start position:0% leaders of the crypto projects and you know<00:06:24.249> that<00:06:24.370> one<00:06:24.550> idea<00:06:24.969> kept<00:06:25.240> coming<00:06:25.569> up<00:06:26.370> which 00:06:27.360 --> 00:06:27.370 align:start position:0% know that one idea kept coming up which 00:06:27.370 --> 00:06:30.119 align:start position:0% know that one idea kept coming up which is<00:06:27.490> basically<00:06:27.960> the<00:06:28.960> only<00:06:28.990> tool<00:06:29.529> we<00:06:29.770> have<00:06:29.800> in 00:06:30.119 --> 00:06:30.129 align:start position:0% is basically the only tool we have in 00:06:30.129 --> 00:06:34.290 align:start position:0% is basically the only tool we have in blockchain<00:06:30.550> governance<00:06:31.289> and<00:06:33.089> it's<00:06:34.089> hard 00:06:34.290 --> 00:06:34.300 align:start position:0% blockchain governance and it's hard 00:06:34.300 --> 00:06:36.749 align:start position:0% blockchain governance and it's hard Forks<00:06:34.830> basically<00:06:35.830> the<00:06:36.129> state<00:06:36.370> of<00:06:36.490> the<00:06:36.580> art 00:06:36.749 --> 00:06:36.759 align:start position:0% Forks basically the state of the art 00:06:36.759 --> 00:06:39.990 align:start position:0% Forks basically the state of the art that<00:06:37.029> we<00:06:37.149> have<00:06:37.330> in<00:06:37.419> governance<00:06:37.779> in<00:06:38.469> crypto 00:06:39.990 --> 00:06:40.000 align:start position:0% that we have in governance in crypto 00:06:40.000 --> 00:06:42.689 align:start position:0% that we have in governance in crypto you<00:06:40.509> know<00:06:40.569> generally<00:06:41.259> hard<00:06:41.469> Forks<00:06:41.800> I<00:06:42.039> think<00:06:42.639> of 00:06:42.689 --> 00:06:42.699 align:start position:0% you know generally hard Forks I think of 00:06:42.699 --> 00:06:44.670 align:start position:0% you know generally hard Forks I think of them<00:06:42.819> as<00:06:42.909> a<00:06:42.939> prank<00:06:43.259> and<00:06:44.259> I<00:06:44.349> think<00:06:44.500> a<00:06:44.529> lot<00:06:44.649> of 00:06:44.670 --> 00:06:44.680 align:start position:0% them as a prank and I think a lot of 00:06:44.680 --> 00:06:47.309 align:start position:0% them as a prank and I think a lot of people<00:06:44.889> suggested<00:06:45.310> to<00:06:45.819> fork<00:06:46.300> Libre<00:06:46.689> as<00:06:47.259> a 00:06:47.309 --> 00:06:47.319 align:start position:0% people suggested to fork Libre as a 00:06:47.319 --> 00:06:48.300 align:start position:0% people suggested to fork Libre as a prank 00:06:48.300 --> 00:06:48.310 align:start position:0% prank 00:06:48.310 --> 00:06:50.040 align:start position:0% prank and<00:06:48.550> sometimes<00:06:48.909> these<00:06:49.029> pranks<00:06:49.389> can<00:06:49.599> you<00:06:49.899> can 00:06:50.040 --> 00:06:50.050 align:start position:0% and sometimes these pranks can you can 00:06:50.050 --> 00:06:52.739 align:start position:0% and sometimes these pranks can you can walk<00:06:50.169> away<00:06:50.319> with<00:06:50.439> with<00:06:50.800> a<00:06:50.830> lot<00:06:50.979> of<00:06:51.039> money<00:06:51.749> I'm 00:06:52.739 --> 00:06:52.749 align:start position:0% walk away with with a lot of money I'm 00:06:52.749 --> 00:06:56.939 align:start position:0% walk away with with a lot of money I'm looking<00:06:52.960> at<00:06:53.050> youth<00:06:53.550> hit<00:06:54.550> corn<00:06:54.759> cash<00:06:55.949> there's 00:06:56.939 --> 00:06:56.949 align:start position:0% looking at youth hit corn cash there's 00:06:56.949 --> 00:07:02.339 align:start position:0% looking at youth hit corn cash there's but<00:06:57.849> if<00:06:58.089> we<00:06:58.599> you<00:06:59.349> know<00:06:59.669> zoom<00:07:00.669> out<00:07:00.819> the<00:07:01.539> forks 00:07:02.339 --> 00:07:02.349 align:start position:0% but if we you know zoom out the forks 00:07:02.349 --> 00:07:05.399 align:start position:0% but if we you know zoom out the forks are<00:07:02.469> an<00:07:02.589> important<00:07:03.449> feature<00:07:04.449> of<00:07:04.779> open-source 00:07:05.399 --> 00:07:05.409 align:start position:0% are an important feature of open-source 00:07:05.409 --> 00:07:07.350 align:start position:0% are an important feature of open-source this<00:07:05.949> is<00:07:06.129> very<00:07:06.370> interesting<00:07:06.520> game<00:07:06.879> theoretic 00:07:07.350 --> 00:07:07.360 align:start position:0% this is very interesting game theoretic 00:07:07.360 --> 00:07:10.230 align:start position:0% this is very interesting game theoretic mechanic<00:07:08.050> where<00:07:08.319> I<00:07:08.639> have<00:07:09.639> to<00:07:09.759> listen<00:07:10.060> to<00:07:10.089> my 00:07:10.230 --> 00:07:10.240 align:start position:0% mechanic where I have to listen to my 00:07:10.240 --> 00:07:13.920 align:start position:0% mechanic where I have to listen to my community<00:07:10.449> I<00:07:10.899> have<00:07:11.289> to<00:07:11.409> include<00:07:11.770> their<00:07:12.930> some 00:07:13.920 --> 00:07:13.930 align:start position:0% community I have to include their some 00:07:13.930 --> 00:07:15.559 align:start position:0% community I have to include their some of<00:07:13.960> their<00:07:14.110> innovations<00:07:14.620> their<00:07:15.039> governance 00:07:15.559 --> 00:07:15.569 align:start position:0% of their innovations their governance 00:07:15.569 --> 00:07:19.670 align:start position:0% of their innovations their governance their<00:07:16.569> use<00:07:16.749> cases<00:07:17.129> lest<00:07:18.129> they<00:07:18.520> fork<00:07:19.180> my<00:07:19.300> code 00:07:19.670 --> 00:07:19.680 align:start position:0% their use cases lest they fork my code 00:07:19.680 --> 00:07:22.889 align:start position:0% their use cases lest they fork my code rebranded<00:07:20.680> and<00:07:21.029> and<00:07:22.029> stop<00:07:22.300> contributing<00:07:22.599> back 00:07:22.889 --> 00:07:22.899 align:start position:0% rebranded and and stop contributing back 00:07:22.899 --> 00:07:25.800 align:start position:0% rebranded and and stop contributing back to<00:07:23.110> me<00:07:23.229> so<00:07:24.069> soft<00:07:24.909> Forks 00:07:25.800 --> 00:07:25.810 align:start position:0% to me so soft Forks 00:07:25.810 --> 00:07:27.809 align:start position:0% to me so soft Forks so<00:07:26.139> rather<00:07:26.560> Forks<00:07:26.949> create<00:07:27.279> a<00:07:27.310> kind<00:07:27.580> of<00:07:27.610> soft 00:07:27.809 --> 00:07:27.819 align:start position:0% so rather Forks create a kind of soft 00:07:27.819 --> 00:07:31.469 align:start position:0% so rather Forks create a kind of soft power<00:07:28.089> between<00:07:29.310> contributors<00:07:30.310> of<00:07:30.520> a<00:07:31.180> network 00:07:31.469 --> 00:07:31.479 align:start position:0% power between contributors of a network 00:07:31.479 --> 00:07:32.280 align:start position:0% power between contributors of a network and<00:07:31.779> of 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for discussion a 00:07:40.660 --> 00:07:43.440 align:start position:0% to create a new space for discussion a new<00:07:41.440> space<00:07:41.650> for<00:07:41.920> innovation<00:07:42.100> and<00:07:42.700> something 00:07:43.440 --> 00:07:43.450 align:start position:0% new space for innovation and something 00:07:43.450 --> 00:07:47.450 align:start position:0% new space for innovation and something that<00:07:43.570> expands<00:07:44.140> for<00:07:44.650> the<00:07:44.740> set<00:07:44.920> of<00:07:45.180> stakeholders 00:07:47.450 --> 00:07:47.460 align:start position:0% that expands for the set of stakeholders 00:07:47.460 --> 00:07:52.590 align:start position:0% that expands for the set of stakeholders so<00:07:48.460> a<00:07:49.300> few<00:07:50.260> of<00:07:50.320> us<00:07:50.380> got<00:07:50.560> together<00:07:51.390> and<00:07:52.390> look<00:07:52.510> at 00:07:52.590 --> 00:07:52.600 align:start position:0% so a few of us got together and look at 00:07:52.600 --> 00:07:54.600 align:start position:0% so a few of us got together and look at these<00:07:52.690> wonderful<00:07:52.930> names<00:07:53.350> here<00:07:53.710> just<00:07:54.430> they're 00:07:54.600 --> 00:07:54.610 align:start position:0% these wonderful names here just they're 00:07:54.610 --> 00:07:57.840 align:start position:0% these wonderful names here just they're all<00:07:54.730> stars<00:07:55.120> in<00:07:55.870> crypto<00:07:56.520> these<00:07:57.520> people<00:07:57.760> have 00:07:57.840 --> 00:07:57.850 align:start position:0% all stars in crypto these people have 00:07:57.850 --> 00:08:00.630 align:start position:0% all stars in crypto these people have given<00:07:58.090> a<00:07:58.330> lot<00:07:58.390> of<00:07:58.540> blood<00:07:59.050> sweat<00:07:59.650> and<00:07:59.920> tears<00:08:00.220> to 00:08:00.630 --> 00:08:00.640 align:start position:0% given a lot of blood sweat and tears to 00:08:00.640 --> 00:08:04.440 align:start position:0% given a lot of blood sweat and tears to making<00:08:01.510> public<00:08:01.930> good<00:08:02.550> financial<00:08:03.550> platforms 00:08:04.440 --> 00:08:04.450 align:start position:0% making public good financial platforms 00:08:04.450 --> 00:08:10.680 align:start position:0% making public good financial platforms work<00:08:07.380> what<00:08:08.380> did<00:08:08.560> we<00:08:08.680> decide<00:08:08.950> to<00:08:09.190> do<00:08:09.480> well<00:08:10.480> we're 00:08:10.680 --> 00:08:10.690 align:start position:0% work what did we decide to do well we're 00:08:10.690 --> 00:08:11.970 align:start position:0% work what did we decide to do well we're gonna<00:08:10.780> collect<00:08:11.110> all<00:08:11.320> the<00:08:11.440> people<00:08:11.740> that<00:08:11.830> are 00:08:11.970 --> 00:08:11.980 align:start position:0% gonna collect all the people that are 00:08:11.980 --> 00:08:15.180 align:start position:0% gonna collect all the people that are excluded<00:08:12.340> from<00:08:12.490> Libre<00:08:13.530> we're<00:08:14.530> gonna<00:08:14.650> fork<00:08:15.010> the 00:08:15.180 --> 00:08:15.190 align:start position:0% excluded from Libre we're gonna fork the 00:08:15.190 --> 00:08:18.560 align:start position:0% excluded from Libre we're gonna fork the Libre<00:08:15.430> code<00:08:15.640> and<00:08:16.320> fork<00:08:17.320> the<00:08:17.590> community<00:08:18.100> and 00:08:18.560 --> 00:08:18.570 align:start position:0% Libre code and fork the community and 00:08:18.570 --> 00:08:22.410 align:start position:0% Libre code and fork the community and create<00:08:19.570> a<00:08:19.600> new<00:08:19.900> network<00:08:20.140> that<00:08:20.800> we<00:08:20.920> call<00:08:21.420> open 00:08:22.410 --> 00:08:22.420 align:start position:0% create a new network that we call open 00:08:22.420 --> 00:08:30.990 align:start position:0% create a new network that we call open Libre 00:08:30.990 --> 00:08:31.000 align:start position:0% 00:08:31.000 --> 00:08:33.250 align:start position:0% so<00:08:32.000> we've<00:08:32.330> been<00:08:32.450> working<00:08:32.690> on<00:08:32.780> this<00:08:32.870> for<00:08:33.080> four 00:08:33.250 --> 00:08:33.260 align:start position:0% so we've been working on this for four 00:08:33.260 --> 00:08:37.120 align:start position:0% so we've been working on this for four months<00:08:33.620> and<00:08:34.090> for<00:08:35.090> the<00:08:35.150> trolls<00:08:35.390> out<00:08:35.600> there<00:08:36.130> move 00:08:37.120 --> 00:08:37.130 align:start position:0% months and for the trolls out there move 00:08:37.130 --> 00:08:39.690 align:start position:0% months and for the trolls out there move your<00:08:37.280> fingers<00:08:37.550> away<00:08:37.700> from<00:08:37.790> the<00:08:37.970> keyboard<00:08:38.479> now 00:08:39.690 --> 00:08:39.700 align:start position:0% your fingers away from the keyboard now 00:08:39.700 --> 00:08:43.510 align:start position:0% your fingers away from the keyboard now there<00:08:40.700> is<00:08:40.880> no<00:08:41.060> token<00:08:41.419> sale<00:08:42.220> there<00:08:43.220> is<00:08:43.370> no 00:08:43.510 --> 00:08:43.520 align:start position:0% there is no token sale there is no 00:08:43.520 --> 00:08:45.250 align:start position:0% there is no token sale there is no equity<00:08:44.000> there's<00:08:44.210> no<00:08:44.330> company<00:08:44.810> behind<00:08:45.110> this 00:08:45.250 --> 00:08:45.260 align:start position:0% equity there's no company behind this 00:08:45.260 --> 00:08:49.720 align:start position:0% equity there's no company behind this there<00:08:45.770> are<00:08:45.830> no<00:08:45.920> investors<00:08:46.400> so<00:08:47.590> relax<00:08:48.590> this<00:08:49.580> is 00:08:49.720 --> 00:08:49.730 align:start position:0% there are no investors so relax this is 00:08:49.730 --> 00:08:52.090 align:start position:0% there are no investors so relax this is all<00:08:49.940> grant<00:08:50.420> funded<00:08:50.900> and<00:08:51.710> funded<00:08:51.770> from 00:08:52.090 --> 00:08:52.100 align:start position:0% all grant funded and funded from 00:08:52.100 --> 00:08:54.790 align:start position:0% all grant funded and funded from personal<00:08:52.520> money<00:08:52.640> of<00:08:53.000> the<00:08:53.150> contributors<00:08:53.800> so 00:08:54.790 --> 00:08:54.800 align:start position:0% personal money of the contributors so 00:08:54.800 --> 00:08:56.380 align:start position:0% personal money of the contributors so this<00:08:54.950> is<00:08:55.100> time<00:08:55.310> to<00:08:55.460> thank<00:08:55.700> the<00:08:55.850> interchange 00:08:56.380 --> 00:08:56.390 align:start position:0% this is time to thank the interchange 00:08:56.390 --> 00:08:58.230 align:start position:0% this is time to thank the interchange Foundation<00:08:56.870> and<00:08:57.020> the<00:08:57.080> good<00:08:57.200> boys<00:08:57.440> at<00:08:57.650> cosmos 00:08:58.230 --> 00:08:58.240 align:start position:0% Foundation and the good boys at cosmos 00:08:58.240 --> 00:09:01.720 align:start position:0% Foundation and the good boys at cosmos for<00:08:59.240> the<00:08:59.450> generous<00:08:59.900> grant<00:09:00.260> to<00:09:00.920> kick<00:09:01.430> this<00:09:01.580> up 00:09:01.720 --> 00:09:01.730 align:start position:0% for the generous grant to kick this up 00:09:01.730 --> 00:09:05.020 align:start position:0% for the generous grant to kick this up to<00:09:02.120> the<00:09:02.210> next<00:09:02.390> level<00:09:02.480> and<00:09:03.220> many<00:09:04.220> thanks<00:09:04.490> to<00:09:04.880> the 00:09:05.020 --> 00:09:05.030 align:start position:0% to the next level and many thanks to the 00:09:05.030 --> 00:09:06.970 align:start position:0% to the next level and many thanks to the wireline<00:09:05.510> and<00:09:05.810> OS<00:09:06.170> coin<00:09:06.440> teams<00:09:06.710> for<00:09:06.890> the 00:09:06.970 --> 00:09:06.980 align:start position:0% wireline and OS coin teams for the 00:09:06.980 --> 00:09:09.960 align:start position:0% wireline and OS coin teams for the resources<00:09:07.340> given<00:09:07.670> to<00:09:08.240> get<00:09:08.390> us<00:09:08.480> started<00:09:08.570> so 00:09:09.960 --> 00:09:09.970 align:start position:0% resources given to get us started so 00:09:09.970 --> 00:09:13.390 align:start position:0% resources given to get us started so what<00:09:10.970> we<00:09:11.030> want<00:09:11.210> to<00:09:11.330> do<00:09:11.480> we<00:09:12.440> intend<00:09:12.800> to<00:09:12.890> lock<00:09:13.160> the 00:09:13.390 --> 00:09:13.400 align:start position:0% what we want to do we intend to lock the 00:09:13.400 --> 00:09:17.650 align:start position:0% what we want to do we intend to lock the door<00:09:13.580> open<00:09:14.210> to<00:09:15.020> libre<00:09:16.120> libre<00:09:17.120> des<00:09:17.240> designed<00:09:17.540> as 00:09:17.650 --> 00:09:17.660 align:start position:0% door open to libre libre des designed as 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this<00:09:24.350> new<00:09:24.530> era<00:09:24.770> of<00:09:25.010> financial<00:09:25.460> automation 00:09:26.320 --> 00:09:26.330 align:start position:0% in this new era of financial automation 00:09:26.330 --> 00:09:28.600 align:start position:0% in this new era of financial automation there's<00:09:26.630> trust<00:09:26.870> minimized 00:09:28.600 --> 00:09:28.610 align:start position:0% there's trust minimized 00:09:28.610 --> 00:09:30.610 align:start position:0% there's trust minimized I've<00:09:28.880> spoken<00:09:29.150> to<00:09:29.330> Libre<00:09:29.780> Association<00:09:30.290> members 00:09:30.610 --> 00:09:30.620 align:start position:0% I've spoken to Libre Association members 00:09:30.620 --> 00:09:33.220 align:start position:0% I've spoken to Libre Association members and<00:09:30.890> they<00:09:31.220> have<00:09:31.400> told<00:09:31.730> me<00:09:31.820> when<00:09:32.720> I<00:09:32.900> asked<00:09:33.140> them 00:09:33.220 --> 00:09:33.230 align:start position:0% and they have told me when I asked them 00:09:33.230 --> 00:09:35.920 align:start position:0% and they have told me when I asked them directly<00:09:33.730> can<00:09:34.730> my<00:09:34.970> application<00:09:35.540> be<00:09:35.660> stopped 00:09:35.920 --> 00:09:35.930 align:start position:0% directly can my application be stopped 00:09:35.930 --> 00:09:37.870 align:start position:0% directly can my application be stopped on<00:09:36.170> the<00:09:36.410> facebook<00:09:36.770> network<00:09:37.100> and<00:09:37.400> they<00:09:37.730> said 00:09:37.870 --> 00:09:37.880 align:start position:0% on the facebook network and they said 00:09:37.880 --> 00:09:39.820 align:start position:0% on the facebook network and they said what<00:09:38.060> we<00:09:38.120> haven't<00:09:38.360> decided<00:09:38.570> that<00:09:38.720> yet<00:09:38.840> it's<00:09:39.740> a 00:09:39.820 --> 00:09:39.830 align:start position:0% what we haven't decided that yet it's a 00:09:39.830 --> 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00:09:58.550 align:start position:0% do and this is how we're gonna measure 00:09:58.550 --> 00:10:01.960 align:start position:0% do and this is how we're gonna measure our<00:09:58.760> success<00:09:59.560> anyone<00:10:00.560> that's<00:10:00.850> impacted<00:10:01.850> by 00:10:01.960 --> 00:10:01.970 align:start position:0% our success anyone that's impacted by 00:10:01.970 --> 00:10:04.780 align:start position:0% our success anyone that's impacted by Libre<00:10:02.470> should<00:10:03.470> participate<00:10:04.040> in<00:10:04.580> its 00:10:04.780 --> 00:10:04.790 align:start position:0% Libre should participate in its 00:10:04.790 --> 00:10:06.970 align:start position:0% Libre should participate in its governance<00:10:05.350> that<00:10:06.350> could<00:10:06.500> be<00:10:06.560> half<00:10:06.770> of<00:10:06.860> the 00:10:06.970 --> 00:10:06.980 align:start position:0% governance that could be half of the 00:10:06.980 --> 00:10:09.310 align:start position:0% governance that could be half of the world's<00:10:07.250> population<00:10:07.690> so<00:10:08.690> half<00:10:09.050> the<00:10:09.170> Earth's 00:10:09.310 --> 00:10:09.320 align:start position:0% world's population so half the Earth's 00:10:09.320 --> 00:10:10.630 align:start position:0% world's population so half the Earth's population<00:10:09.410> should<00:10:09.830> participate<00:10:10.160> in 00:10:10.630 --> 00:10:10.640 align:start position:0% population should participate in 00:10:10.640 --> 00:10:15.010 align:start position:0% population should participate in governance<00:10:11.000> and<00:10:11.210> have<00:10:11.300> recourse<00:10:11.600> to<00:10:13.840> fin<00:10:14.840> tech 00:10:15.010 --> 00:10:15.020 align:start position:0% governance and have recourse to fin tech 00:10:15.020 --> 00:10:17.650 align:start position:0% governance and have recourse to fin tech platforms<00:10:15.460> smart<00:10:16.460> contact<00:10:16.730> platforms<00:10:17.180> are 00:10:17.650 --> 00:10:17.660 align:start position:0% platforms smart contact platforms are 00:10:17.660 --> 00:10:19.270 align:start position:0% platforms smart contact platforms are going<00:10:17.840> to<00:10:17.900> produce<00:10:18.020> a<00:10:18.200> lot<00:10:18.230> of<00:10:18.410> value<00:10:18.710> in<00:10:19.100> the 00:10:19.270 --> 00:10:19.280 align:start position:0% going to produce a lot of value in the 00:10:19.280 --> 00:10:21.370 align:start position:0% going to produce a lot of value in the coming<00:10:19.520> decades<00:10:19.850> and<00:10:20.840> we<00:10:20.930> just<00:10:21.080> let<00:10:21.170> users 00:10:21.370 --> 00:10:21.380 align:start position:0% coming decades and we just let users 00:10:21.380 --> 00:10:24.960 align:start position:0% coming decades and we just let users share<00:10:21.800> in<00:10:21.890> that<00:10:21.950> value<00:10:22.220> in<00:10:22.490> a<00:10:22.610> meaningful<00:10:22.970> way 00:10:24.960 --> 00:10:24.970 align:start position:0% share in that value in a meaningful way 00:10:24.970 --> 00:10:28.780 align:start position:0% share in that value in a meaningful way three<00:10:26.410> move<00:10:27.410> smart<00:10:27.770> contract<00:10:28.160> language<00:10:28.310> and 00:10:28.780 --> 00:10:28.790 align:start position:0% three move smart contract language and 00:10:28.790 --> 00:10:30.820 align:start position:0% three move smart contract language and smart<00:10:29.300> contracts<00:10:29.600> generally<00:10:29.840> enable<00:10:30.710> new 00:10:30.820 --> 00:10:30.830 align:start position:0% smart contracts generally enable new 00:10:30.830 --> 00:10:33.160 align:start position:0% smart contracts generally enable new types<00:10:31.040> of<00:10:31.130> business<00:10:31.430> categories<00:10:31.990> and<00:10:32.990> let's 00:10:33.160 --> 00:10:33.170 align:start position:0% types of business categories and let's 00:10:33.170 --> 00:10:35.830 align:start position:0% types of business categories and let's let<00:10:33.410> businesses<00:10:34.280> innovate<00:10:34.670> with<00:10:34.820> it<00:10:35.000> without 00:10:35.830 --> 00:10:35.840 align:start position:0% let businesses innovate with it without 00:10:35.840 --> 00:10:38.680 align:start position:0% let businesses innovate with it without the<00:10:35.960> risk<00:10:36.110> of<00:10:36.230> their<00:10:36.380> app<00:10:36.500> being<00:10:37.100> stopped 00:10:38.680 --> 00:10:38.690 align:start position:0% the risk of their app being stopped 00:10:38.690 --> 00:10:41.360 align:start position:0% the risk of their app being stopped so<00:10:39.690> this<00:10:40.050> is<00:10:40.170> our<00:10:40.260> strategy<00:10:40.440> this<00:10:41.190> is<00:10:41.310> how 00:10:41.360 --> 00:10:41.370 align:start position:0% so this is our strategy this is how 00:10:41.370 --> 00:10:43.640 align:start position:0% so this is our strategy this is how we're<00:10:41.490> gonna<00:10:41.550> get<00:10:41.790> those<00:10:42.060> three<00:10:42.330> things<00:10:42.650> we 00:10:43.640 --> 00:10:43.650 align:start position:0% we're gonna get those three things we 00:10:43.650 --> 00:10:45.740 align:start position:0% we're gonna get those three things we need<00:10:43.680> a<00:10:44.040> type<00:10:44.490> of<00:10:44.640> technical<00:10:45.000> compatibility 00:10:45.740 --> 00:10:45.750 align:start position:0% need a type of technical compatibility 00:10:45.750 --> 00:10:47.930 align:start position:0% need a type of technical compatibility and<00:10:46.020> we<00:10:46.140> need<00:10:46.260> a<00:10:46.290> financial<00:10:46.670> compatibility<00:10:47.670> on 00:10:47.930 --> 00:10:47.940 align:start position:0% and we need a financial compatibility on 00:10:47.940 --> 00:10:49.520 align:start position:0% and we need a financial compatibility on open<00:10:48.330> Libre<00:10:48.630> so<00:10:49.140> the<00:10:49.230> technical 00:10:49.520 --> 00:10:49.530 align:start position:0% open Libre so the technical 00:10:49.530 --> 00:10:51.020 align:start position:0% open Libre so the technical compatibility<00:10:50.250> might<00:10:50.550> seem<00:10:50.760> straightforward 00:10:51.020 --> 00:10:51.030 align:start position:0% compatibility might seem straightforward 00:10:51.030 --> 00:10:53.690 align:start position:0% compatibility might seem straightforward but<00:10:51.600> it's<00:10:51.720> not<00:10:51.870> we<00:10:52.620> need<00:10:52.740> to<00:10:52.860> get<00:10:53.040> the<00:10:53.430> move 00:10:53.690 --> 00:10:53.700 align:start position:0% but it's not we need to get the move 00:10:53.700 --> 00:10:56.120 align:start position:0% but it's not we need to get the move language<00:10:54.330> which<00:10:54.960> there's<00:10:55.320> a<00:10:55.380> lot<00:10:55.500> to<00:10:55.680> like<00:10:55.800> and 00:10:56.120 --> 00:10:56.130 align:start position:0% language which there's a lot to like and 00:10:56.130 --> 00:10:58.160 align:start position:0% language which there's a lot to like and and<00:10:56.430> our<00:10:56.730> team<00:10:56.910> is<00:10:57.000> very<00:10:57.030> excited<00:10:57.360> about<00:10:57.510> it<00:10:57.720> we 00:10:58.160 --> 00:10:58.170 align:start position:0% and our team is very excited about it we 00:10:58.170 --> 00:11:01.220 align:start position:0% and our team is very excited about it we think<00:10:58.350> it<00:10:58.620> would<00:10:58.740> be<00:10:59.840> possibly<00:11:00.840> the 00:11:01.220 --> 00:11:01.230 align:start position:0% think it would be possibly the 00:11:01.230 --> 00:11:02.690 align:start position:0% think it would be possibly the compatibility<00:11:01.650> layer<00:11:01.920> for<00:11:02.130> all<00:11:02.250> blockchains 00:11:02.690 --> 00:11:02.700 align:start position:0% compatibility layer for all blockchains 00:11:02.700 --> 00:11:05.060 align:start position:0% compatibility layer for all blockchains it's<00:11:02.910> that<00:11:03.090> good<00:11:03.530> but<00:11:04.530> the<00:11:04.590> first<00:11:04.770> thing<00:11:04.890> we 00:11:05.060 --> 00:11:05.070 align:start position:0% it's that good but the first thing we 00:11:05.070 --> 00:11:08.270 align:start position:0% it's that good but the first thing we need<00:11:05.190> to<00:11:05.220> do<00:11:05.460> is<00:11:06.210> get<00:11:06.480> the<00:11:06.990> movie<00:11:07.410> em<00:11:07.530> to<00:11:07.800> run<00:11:08.010> on 00:11:08.270 --> 00:11:08.280 align:start position:0% need to do is get the movie em to run on 00:11:08.280 --> 00:11:10.070 align:start position:0% need to do is get the movie em to run on a<00:11:08.480> consensus<00:11:09.480> engine<00:11:09.810> that<00:11:09.990> is 00:11:10.070 --> 00:11:10.080 align:start position:0% a consensus engine that is 00:11:10.080 --> 00:11:12.470 align:start position:0% a consensus engine that is permissionless<00:11:10.530> so<00:11:11.400> if<00:11:11.940> you<00:11:12.120> actually<00:11:12.420> go 00:11:12.470 --> 00:11:12.480 align:start position:0% permissionless so if you actually go 00:11:12.480 --> 00:11:14.690 align:start position:0% permissionless so if you actually go into<00:11:12.510> the<00:11:12.750> code<00:11:12.930> the<00:11:13.170> Libre<00:11:13.380> code<00:11:13.560> today<00:11:13.920> the 00:11:14.690 --> 00:11:14.700 align:start position:0% into the code the Libre code today the 00:11:14.700 --> 00:11:17.450 align:start position:0% into the code the Libre code today the Libra<00:11:15.030> VIII<00:11:15.270> the<00:11:15.780> Libra<00:11:15.990> consensus<00:11:16.590> is 00:11:17.450 --> 00:11:17.460 align:start position:0% Libra VIII the Libra consensus is 00:11:17.460 --> 00:11:19.670 align:start position:0% Libra VIII the Libra consensus is predicated<00:11:17.850> on<00:11:18.150> all<00:11:18.630> the<00:11:18.780> nodes<00:11:18.960> knowing<00:11:19.560> each 00:11:19.670 --> 00:11:19.680 align:start position:0% predicated on all the nodes knowing each 00:11:19.680 --> 00:11:22.940 align:start position:0% predicated on all the nodes knowing each other<00:11:19.890> so<00:11:20.550> that's<00:11:21.510> not<00:11:21.840> gonna<00:11:21.990> work<00:11:22.080> for<00:11:22.230> for 00:11:22.940 --> 00:11:22.950 align:start position:0% other so that's not gonna work for for 00:11:22.950 --> 00:11:26.000 align:start position:0% other so that's not gonna work for for the<00:11:23.400> vision<00:11:23.850> that<00:11:23.940> we<00:11:24.060> have<00:11:24.210> so<00:11:24.930> we<00:11:25.770> need<00:11:25.920> to 00:11:26.000 --> 00:11:26.010 align:start position:0% the vision that we have so we need to 00:11:26.010 --> 00:11:27.770 align:start position:0% the vision that we have so we need to make<00:11:26.130> some<00:11:26.250> meaningful<00:11:26.520> changes<00:11:26.940> disassemble 00:11:27.770 --> 00:11:27.780 align:start position:0% make some meaningful changes disassemble 00:11:27.780 --> 00:11:31.790 align:start position:0% make some meaningful changes disassemble vn<00:11:28.650> the<00:11:29.070> movie<00:11:29.430> in'<00:11:29.520> and<00:11:30.080> Libra<00:11:31.080> consensus<00:11:31.590> and 00:11:31.790 --> 00:11:31.800 align:start position:0% vn the movie in' and Libra consensus and 00:11:31.800 --> 00:11:35.570 align:start position:0% vn the movie in' and Libra consensus and reassemble<00:11:32.580> it<00:11:33.680> financial<00:11:34.680> compatibility<00:11:35.310> so 00:11:35.570 --> 00:11:35.580 align:start position:0% reassemble it financial compatibility so 00:11:35.580 --> 00:11:37.490 align:start position:0% reassemble it financial compatibility so technically<00:11:35.970> compatibility<00:11:36.840> is<00:11:36.960> necessary 00:11:37.490 --> 00:11:37.500 align:start position:0% technically compatibility is necessary 00:11:37.500 --> 00:11:40.460 align:start position:0% technically compatibility is necessary but<00:11:37.920> not<00:11:37.980> sufficient<00:11:38.840> we<00:11:39.840> need<00:11:39.990> financial 00:11:40.460 --> 00:11:40.470 align:start position:0% but not sufficient we need financial 00:11:40.470 --> 00:11:42.350 align:start position:0% but not sufficient we need financial compatibility<00:11:41.040> meaning<00:11:41.340> if<00:11:41.520> a<00:11:41.670> contract<00:11:42.150> gets 00:11:42.350 --> 00:11:42.360 align:start position:0% compatibility meaning if a contract gets 00:11:42.360 --> 00:11:45.080 align:start position:0% compatibility meaning if a contract gets moved<00:11:42.630> from<00:11:42.900> Facebook's<00:11:43.620> chain<00:11:44.190> to<00:11:44.820> open 00:11:45.080 --> 00:11:45.090 align:start position:0% moved from Facebook's chain to open 00:11:45.090 --> 00:11:47.630 align:start position:0% moved from Facebook's chain to open Libra<00:11:45.330> chain<00:11:45.740> it's<00:11:46.740> not<00:11:46.950> sufficient<00:11:47.220> to<00:11:47.400> just 00:11:47.630 --> 00:11:47.640 align:start position:0% Libra chain it's not sufficient to just 00:11:47.640 --> 00:11:49.460 align:start position:0% Libra chain it's not sufficient to just have<00:11:47.730> the<00:11:47.820> contracts<00:11:48.390> work<00:11:48.540> correctly<00:11:48.870> we 00:11:49.460 --> 00:11:49.470 align:start position:0% have the contracts work correctly we 00:11:49.470 --> 00:11:51.440 align:start position:0% have the contracts work correctly we need<00:11:49.500> the<00:11:49.980> money<00:11:50.130> to<00:11:50.400> represent<00:11:51.210> the<00:11:51.270> same 00:11:51.440 --> 00:11:51.450 align:start position:0% need the money to represent the same 00:11:51.450 --> 00:11:54.440 align:start position:0% need the money to represent the same thing<00:11:51.660> so<00:11:52.290> the<00:11:52.500> open<00:11:52.800> Libra<00:11:53.070> coin<00:11:53.310> is<00:11:54.120> going<00:11:54.390> to 00:11:54.440 --> 00:11:54.450 align:start position:0% thing so the open Libra coin is going to 00:11:54.450 --> 00:11:56.510 align:start position:0% thing so the open Libra coin is going to be<00:11:54.540> a<00:11:54.570> peg<00:11:54.810> to<00:11:55.110> Libra<00:11:55.860> it's<00:11:56.130> not<00:11:56.250> gonna<00:11:56.340> be<00:11:56.460> a 00:11:56.510 --> 00:11:56.520 align:start position:0% be a peg to Libra it's not gonna be a 00:11:56.520 --> 00:11:59.570 align:start position:0% be a peg to Libra it's not gonna be a new<00:11:56.900> reserve<00:11:57.900> currency<00:11:58.650> it's<00:11:59.220> going<00:11:59.400> to<00:11:59.490> be 00:11:59.570 --> 00:11:59.580 align:start position:0% new reserve currency it's going to be 00:11:59.580 --> 00:12:02.840 align:start position:0% new reserve currency it's going to be pegged<00:11:59.880> to<00:12:00.180> Libra<00:12:01.010> now<00:12:02.010> this<00:12:02.370> introduces<00:12:02.730> a 00:12:02.840 --> 00:12:02.850 align:start position:0% pegged to Libra now this introduces a 00:12:02.850 --> 00:12:06.170 align:start position:0% pegged to Libra now this introduces a number<00:12:03.090> of<00:12:03.150> problems<00:12:04.520> we<00:12:05.520> can't<00:12:05.820> have<00:12:06.030> any 00:12:06.170 --> 00:12:06.180 align:start position:0% number of problems we can't have any 00:12:06.180 --> 00:12:08.260 align:start position:0% number of problems we can't have any dependencies<00:12:06.660> on<00:12:06.930> the<00:12:07.620> Facebook<00:12:07.980> change 00:12:08.260 --> 00:12:08.270 align:start position:0% dependencies on the Facebook change 00:12:08.270 --> 00:12:10.250 align:start position:0% dependencies on the Facebook change meaning<00:12:09.270> we're<00:12:09.540> not<00:12:09.570> going<00:12:09.810> to<00:12:09.870> be<00:12:09.960> able<00:12:10.020> to<00:12:10.110> do 00:12:10.250 --> 00:12:10.260 align:start position:0% meaning we're not going to be able to do 00:12:10.260 --> 00:12:12.650 align:start position:0% meaning we're not going to be able to do atomic<00:12:10.590> swaps<00:12:10.830> we<00:12:11.400> can't<00:12:11.640> have<00:12:11.820> a<00:12:11.850> contract<00:12:12.420> on 00:12:12.650 --> 00:12:12.660 align:start position:0% atomic swaps we can't have a contract on 00:12:12.660 --> 00:12:15.260 align:start position:0% atomic swaps we can't have a contract on the<00:12:13.290> Facebook<00:12:13.800> chain<00:12:14.040> that<00:12:14.550> is<00:12:14.700> holding<00:12:14.940> all 00:12:15.260 --> 00:12:15.270 align:start position:0% the Facebook chain that is holding all 00:12:15.270 --> 00:12:16.850 align:start position:0% the Facebook chain that is holding all of<00:12:15.300> the<00:12:15.480> deposits<00:12:16.110> all<00:12:16.200> the<00:12:16.290> collateral<00:12:16.710> for 00:12:16.850 --> 00:12:16.860 align:start position:0% of the deposits all the collateral for 00:12:16.860 --> 00:12:18.140 align:start position:0% of the deposits all the collateral for the<00:12:16.950> open<00:12:17.190> Libra<00:12:17.430> chain<00:12:17.640> because<00:12:17.880> that<00:12:18.030> could 00:12:18.140 --> 00:12:18.150 align:start position:0% the open Libra chain because that could 00:12:18.150 --> 00:12:22.820 align:start position:0% the open Libra chain because that could be<00:12:18.300> cut<00:12:19.110> off<00:12:19.200> at<00:12:19.350> any<00:12:19.440> time<00:12:20.900> second<00:12:21.900> constraint 00:12:22.820 --> 00:12:22.830 align:start position:0% be cut off at any time second constraint 00:12:22.830 --> 00:12:27.710 align:start position:0% be cut off at any time second constraint we<00:12:22.980> have<00:12:24.140> Facebook's<00:12:25.140> Libra<00:12:25.590> will<00:12:26.510> grow<00:12:27.510> to<00:12:27.570> a 00:12:27.710 --> 00:12:27.720 align:start position:0% we have Facebook's Libra will grow to a 00:12:27.720 --> 00:12:31.550 align:start position:0% we have Facebook's Libra will grow to a size<00:12:27.930> of<00:12:28.580> recent<00:12:29.580> estimates<00:12:29.940> 10<00:12:30.840> to<00:12:30.990> 20 00:12:31.550 --> 00:12:31.560 align:start position:0% size of recent estimates 10 to 20 00:12:31.560 --> 00:12:34.610 align:start position:0% size of recent estimates 10 to 20 trillion<00:12:31.860> dollars<00:12:32.280> worth<00:12:32.670> of<00:12:33.620> Libra 00:12:34.610 --> 00:12:34.620 align:start position:0% trillion dollars worth of Libra 00:12:34.620 --> 00:12:38.140 align:start position:0% trillion dollars worth of Libra circulating<00:12:35.220> on<00:12:35.550> the<00:12:35.730> Facebook<00:12:36.060> network<00:12:36.270> so 00:12:38.140 --> 00:12:38.150 align:start position:0% circulating on the Facebook network so 00:12:38.150 --> 00:12:41.930 align:start position:0% circulating on the Facebook network so hypothetically<00:12:39.150> if<00:12:39.360> open<00:12:39.780> Libra<00:12:40.020> had<00:12:40.140> 1%<00:12:40.940> of 00:12:41.930 --> 00:12:41.940 align:start position:0% hypothetically if open Libra had 1% of 00:12:41.940 --> 00:12:46.130 align:start position:0% hypothetically if open Libra had 1% of the<00:12:42.660> volume<00:12:43.320> of<00:12:44.360> Libra<00:12:45.360> Facebook's<00:12:45.810> Libra 00:12:46.130 --> 00:12:46.140 align:start position:0% the volume of Libra Facebook's Libra 00:12:46.140 --> 00:12:48.020 align:start position:0% the volume of Libra Facebook's Libra that<00:12:46.920> would<00:12:47.040> be<00:12:47.190> a<00:12:47.220> hundred<00:12:47.460> or<00:12:47.850> two<00:12:48.000> hundred 00:12:48.020 --> 00:12:48.030 align:start position:0% that would be a hundred or two hundred 00:12:48.030 --> 00:12:49.650 align:start position:0% that would be a hundred or two hundred billion<00:12:48.480> dollars 00:12:49.650 --> 00:12:49.660 align:start position:0% billion dollars 00:12:49.660 --> 00:12:52.230 align:start position:0% billion dollars worth<00:12:49.840> of<00:12:50.380> open<00:12:50.710> Libre<00:12:50.950> circulated<00:12:51.490> there 00:12:52.230 --> 00:12:52.240 align:start position:0% worth of open Libre circulated there 00:12:52.240 --> 00:12:54.240 align:start position:0% worth of open Libre circulated there isn't<00:12:52.420> enough<00:12:52.600> crypto<00:12:53.050> in<00:12:53.440> the<00:12:53.620> world<00:12:53.800> to 00:12:54.240 --> 00:12:54.250 align:start position:0% isn't enough crypto in the world to 00:12:54.250 --> 00:12:56.040 align:start position:0% isn't enough crypto in the world to collateralize<00:12:54.670> that<00:12:54.910> in<00:12:55.450> a<00:12:55.600> maker<00:12:55.780> Dow 00:12:56.040 --> 00:12:56.050 align:start position:0% collateralize that in a maker Dow 00:12:56.050 --> 00:13:02.040 align:start position:0% collateralize that in a maker Dow Construction<00:12:59.160> so<00:13:00.160> we're<00:13:00.970> are<00:13:01.090> we<00:13:01.240> after<00:13:01.450> four 00:13:02.040 --> 00:13:02.050 align:start position:0% Construction so we're are we after four 00:13:02.050 --> 00:13:04.500 align:start position:0% Construction so we're are we after four months<00:13:02.290> of<00:13:02.380> working<00:13:02.770> on<00:13:02.950> this<00:13:03.040> so<00:13:03.360> we've<00:13:04.360> had<00:13:04.450> a 00:13:04.500 --> 00:13:04.510 align:start position:0% months of working on this so we've had a 00:13:04.510 --> 00:13:05.850 align:start position:0% months of working on this so we've had a bunch<00:13:04.630> of<00:13:04.780> deliverables<00:13:05.140> we've<00:13:05.470> been<00:13:05.620> working 00:13:05.850 --> 00:13:05.860 align:start position:0% bunch of deliverables we've been working 00:13:05.860 --> 00:13:08.360 align:start position:0% bunch of deliverables we've been working quietly<00:13:06.190> a<00:13:06.520> lot<00:13:07.300> of<00:13:07.360> this<00:13:07.480> is<00:13:07.660> design 00:13:08.360 --> 00:13:08.370 align:start position:0% quietly a lot of this is design 00:13:08.370 --> 00:13:10.650 align:start position:0% quietly a lot of this is design architecture<00:13:09.370> and<00:13:09.520> frankly<00:13:10.000> in<00:13:10.120> validation 00:13:10.650 --> 00:13:10.660 align:start position:0% architecture and frankly in validation 00:13:10.660 --> 00:13:14.430 align:start position:0% architecture and frankly in validation of<00:13:11.130> designs<00:13:12.510> but<00:13:13.510> today<00:13:13.750> we're<00:13:14.200> actually 00:13:14.430 --> 00:13:14.440 align:start position:0% of designs but today we're actually 00:13:14.440 --> 00:13:16.680 align:start position:0% of designs but today we're actually really<00:13:14.830> happy<00:13:15.160> to<00:13:15.280> announce<00:13:15.480> something<00:13:16.480> that 00:13:16.680 --> 00:13:16.690 align:start position:0% really happy to announce something that 00:13:16.690 --> 00:13:21.140 align:start position:0% really happy to announce something that we<00:13:16.810> call<00:13:17.490> movement<00:13:18.540> so<00:13:19.540> if<00:13:19.870> you<00:13:19.960> go<00:13:20.080> to<00:13:20.140> github 00:13:21.140 --> 00:13:21.150 align:start position:0% we call movement so if you go to github 00:13:21.150 --> 00:13:24.720 align:start position:0% we call movement so if you go to github open<00:13:22.150> Libre<00:13:22.500> you<00:13:23.500> will<00:13:23.620> see<00:13:23.770> the<00:13:23.890> scaffold<00:13:24.460> the 00:13:24.720 --> 00:13:24.730 align:start position:0% open Libre you will see the scaffold the 00:13:24.730 --> 00:13:28.500 align:start position:0% open Libre you will see the scaffold the the<00:13:25.030> first<00:13:25.330> designs<00:13:26.200> and<00:13:26.650> scaffold<00:13:27.250> of<00:13:27.510> what 00:13:28.500 --> 00:13:28.510 align:start position:0% the first designs and scaffold of what 00:13:28.510 --> 00:13:30.720 align:start position:0% the first designs and scaffold of what we're<00:13:28.660> calling<00:13:28.780> movement<00:13:29.470> and<00:13:29.680> that<00:13:29.860> is<00:13:30.040> where 00:13:30.720 --> 00:13:30.730 align:start position:0% we're calling movement and that is where 00:13:30.730 --> 00:13:32.550 align:start position:0% we're calling movement and that is where we're<00:13:30.850> taking<00:13:31.180> the<00:13:31.360> move<00:13:31.720> virtual<00:13:32.290> machine 00:13:32.550 --> 00:13:32.560 align:start position:0% we're taking the move virtual machine 00:13:32.560 --> 00:13:36.090 align:start position:0% we're taking the move virtual machine and<00:13:33.960> creating<00:13:34.960> all<00:13:35.050> the<00:13:35.140> interfaces<00:13:35.560> for<00:13:36.010> it 00:13:36.090 --> 00:13:36.100 align:start position:0% and creating all the interfaces for it 00:13:36.100 --> 00:13:40.410 align:start position:0% and creating all the interfaces for it to<00:13:36.190> work<00:13:36.310> on<00:13:36.520> top<00:13:36.790> of<00:13:36.910> tender<00:13:37.210> mint<00:13:37.360> a<00:13:37.650> BCI<00:13:39.420> so 00:13:40.410 --> 00:13:40.420 align:start position:0% to work on top of tender mint a BCI so 00:13:40.420 --> 00:13:41.880 align:start position:0% to work on top of tender mint a BCI so what<00:13:40.570> does<00:13:40.660> that<00:13:40.750> mean<00:13:40.900> you'll<00:13:41.530> be<00:13:41.590> able<00:13:41.800> to 00:13:41.880 --> 00:13:41.890 align:start position:0% what does that mean you'll be able to 00:13:41.890 --> 00:13:44.610 align:start position:0% what does that mean you'll be able to run<00:13:42.070> a<00:13:42.280> state<00:13:42.490> machine<00:13:43.140> with<00:13:44.140> the<00:13:44.260> movie<00:13:44.530> em 00:13:44.610 --> 00:13:44.620 align:start position:0% run a state machine with the movie em 00:13:44.620 --> 00:13:46.170 align:start position:0% run a state machine with the movie em and<00:13:44.860> the<00:13:44.920> movie<00:13:45.100> smart<00:13:45.670> contract<00:13:46.060> language 00:13:46.170 --> 00:13:46.180 align:start position:0% and the movie smart contract language 00:13:46.180 --> 00:13:48.330 align:start position:0% and the movie smart contract language and<00:13:46.420> use<00:13:46.510> all<00:13:46.630> that<00:13:46.660> tooling<00:13:47.170> and<00:13:47.470> you're 00:13:48.330 --> 00:13:48.340 align:start position:0% and use all that tooling and you're 00:13:48.340 --> 00:13:49.650 align:start position:0% and use all that tooling and you're going<00:13:48.490> to<00:13:48.610> be<00:13:48.730> able<00:13:48.820> to<00:13:48.940> get<00:13:49.210> your<00:13:49.360> State 00:13:49.650 --> 00:13:49.660 align:start position:0% going to be able to get your State 00:13:49.660 --> 00:13:51.720 align:start position:0% going to be able to get your State replicated<00:13:50.440> through<00:13:51.220> permissionless 00:13:51.720 --> 00:13:51.730 align:start position:0% replicated through permissionless 00:13:51.730 --> 00:13:53.220 align:start position:0% replicated through permissionless consensus<00:13:52.360> and<00:13:52.510> use<00:13:52.630> all<00:13:52.780> the<00:13:52.900> wonderful 00:13:53.220 --> 00:13:53.230 align:start position:0% consensus and use all the wonderful 00:13:53.230 --> 00:13:55.860 align:start position:0% consensus and use all the wonderful tools<00:13:53.530> from<00:13:53.740> the<00:13:53.800> cosmos<00:13:54.160> SDK<00:13:54.700> to<00:13:55.570> be<00:13:55.690> able<00:13:55.750> to 00:13:55.860 --> 00:13:55.870 align:start position:0% tools from the cosmos SDK to be able to 00:13:55.870 --> 00:13:58.920 align:start position:0% tools from the cosmos SDK to be able to create<00:13:56.080> a<00:13:56.110> proof<00:13:56.320> of<00:13:56.410> stake<00:13:56.620> system<00:13:57.310> so<00:13:57.970> go 00:13:58.920 --> 00:13:58.930 align:start position:0% create a proof of stake system so go 00:13:58.930 --> 00:14:01.290 align:start position:0% create a proof of stake system so go check<00:13:59.080> that<00:13:59.230> out<00:13:59.290> now<00:13:59.530> and<00:13:59.740> you<00:14:00.310> know<00:14:01.090> many 00:14:01.290 --> 00:14:01.300 align:start position:0% check that out now and you know many 00:14:01.300 --> 00:14:03.660 align:start position:0% check that out now and you know many thanks<00:14:01.630> to<00:14:01.810> now<00:14:02.170> who<00:14:02.590> worked<00:14:03.370> over<00:14:03.580> the 00:14:03.660 --> 00:14:03.670 align:start position:0% thanks to now who worked over the 00:14:03.670 --> 00:14:05.700 align:start position:0% thanks to now who worked over the weekend<00:14:03.970> to<00:14:04.330> make<00:14:04.450> this<00:14:04.600> happen<00:14:04.810> for<00:14:05.110> us<00:14:05.530> to 00:14:05.700 --> 00:14:05.710 align:start position:0% weekend to make this happen for us to 00:14:05.710 --> 00:14:09.570 align:start position:0% weekend to make this happen for us to deliver<00:14:05.830> it<00:14:06.100> thank<00:14:06.400> you<00:14:06.460> now<00:14:08.160> but<00:14:09.160> most<00:14:09.310> of<00:14:09.490> the 00:14:09.570 --> 00:14:09.580 align:start position:0% deliver it thank you now but most of the 00:14:09.580 --> 00:14:11.970 align:start position:0% deliver it thank you now but most of the work<00:14:09.700> going<00:14:09.910> forward<00:14:10.420> and<00:14:11.080> we're<00:14:11.710> actually 00:14:11.970 --> 00:14:11.980 align:start position:0% work going forward and we're actually 00:14:11.980 --> 00:14:13.590 align:start position:0% work going forward and we're actually most<00:14:12.250> of<00:14:12.310> the<00:14:12.370> work<00:14:12.460> we've<00:14:12.610> done<00:14:12.640> frankly<00:14:13.330> and 00:14:13.590 --> 00:14:13.600 align:start position:0% most of the work we've done frankly and 00:14:13.600 --> 00:14:14.940 align:start position:0% most of the work we've done frankly and going<00:14:14.050> forward<00:14:14.290> is<00:14:14.470> going<00:14:14.620> to<00:14:14.680> be<00:14:14.770> around 00:14:14.940 --> 00:14:14.950 align:start position:0% going forward is going to be around 00:14:14.950 --> 00:14:17.580 align:start position:0% going forward is going to be around governance<00:14:15.420> so<00:14:16.420> everyone<00:14:16.990> working<00:14:17.350> here 00:14:17.580 --> 00:14:17.590 align:start position:0% governance so everyone working here 00:14:17.590 --> 00:14:19.020 align:start position:0% governance so everyone working here we're<00:14:17.740> working<00:14:17.950> on<00:14:18.010> a<00:14:18.040> collective<00:14:18.460> project 00:14:19.020 --> 00:14:19.030 align:start position:0% we're working on a collective project 00:14:19.030 --> 00:14:20.820 align:start position:0% we're working on a collective project which<00:14:19.780> is<00:14:19.930> creating<00:14:20.320> financial 00:14:20.820 --> 00:14:20.830 align:start position:0% which is creating financial 00:14:20.830 --> 00:14:25.500 align:start position:0% which is creating financial infrastructure<00:14:21.310> as<00:14:21.520> a<00:14:21.550> public<00:14:21.910> good<00:14:22.300> and<00:14:24.510> you 00:14:25.500 --> 00:14:25.510 align:start position:0% infrastructure as a public good and you 00:14:25.510 --> 00:14:26.790 align:start position:0% infrastructure as a public good and you know<00:14:25.600> Bach<00:14:25.750> chains<00:14:26.080> haven't<00:14:26.410> solved<00:14:26.710> the 00:14:26.790 --> 00:14:26.800 align:start position:0% know Bach chains haven't solved the 00:14:26.800 --> 00:14:28.680 align:start position:0% know Bach chains haven't solved the governance<00:14:27.220> problem<00:14:27.610> in<00:14:27.820> fact<00:14:28.000> hard<00:14:28.390> Forks 00:14:28.680 --> 00:14:28.690 align:start position:0% governance problem in fact hard Forks 00:14:28.690 --> 00:14:31.740 align:start position:0% governance problem in fact hard Forks seem<00:14:28.870> to<00:14:28.990> be<00:14:29.080> the<00:14:29.230> only<00:14:29.380> thing<00:14:29.770> we<00:14:29.890> have<00:14:30.750> but 00:14:31.740 --> 00:14:31.750 align:start position:0% seem to be the only thing we have but 00:14:31.750 --> 00:14:33.570 align:start position:0% seem to be the only thing we have but there's<00:14:32.380> a<00:14:32.440> superset<00:14:32.860> problem<00:14:33.250> which<00:14:33.430> is 00:14:33.570 --> 00:14:33.580 align:start position:0% there's a superset problem which is 00:14:33.580 --> 00:14:35.190 align:start position:0% there's a superset problem which is public<00:14:33.970> goods<00:14:34.180> generally<00:14:34.630> speaking<00:14:34.900> our 00:14:35.190 --> 00:14:35.200 align:start position:0% public goods generally speaking our 00:14:35.200 --> 00:14:37.560 align:start position:0% public goods generally speaking our unsolved<00:14:35.830> problems<00:14:36.160> in<00:14:36.280> economics<00:14:36.850> and 00:14:37.560 --> 00:14:37.570 align:start position:0% unsolved problems in economics and 00:14:37.570 --> 00:14:41.580 align:start position:0% unsolved problems in economics and sociology<00:14:38.730> we<00:14:39.730> don't<00:14:39.910> know<00:14:40.090> how<00:14:40.300> to<00:14:40.360> fund<00:14:40.870> make 00:14:41.580 --> 00:14:41.590 align:start position:0% sociology we don't know how to fund make 00:14:41.590 --> 00:14:43.440 align:start position:0% sociology we don't know how to fund make decisions<00:14:42.070> maintain<00:14:42.520> a<00:14:42.550> public<00:14:42.940> good<00:14:43.090> without 00:14:43.440 --> 00:14:43.450 align:start position:0% decisions maintain a public good without 00:14:43.450 --> 00:14:45.570 align:start position:0% decisions maintain a public good without literally<00:14:43.720> having<00:14:43.960> an<00:14:44.050> army<00:14:44.320> behind<00:14:44.710> it<00:14:44.980> so 00:14:45.570 --> 00:14:45.580 align:start position:0% literally having an army behind it so 00:14:45.580 --> 00:14:50.210 align:start position:0% literally having an army behind it so this<00:14:46.240> is<00:14:46.300> a<00:14:46.450> category<00:14:46.780> of<00:14:47.170> hard<00:14:47.680> problems<00:14:49.080> but 00:14:50.210 --> 00:14:50.220 align:start position:0% this is a category of hard problems but 00:14:50.220 --> 00:14:52.200 align:start position:0% this is a category of hard problems but Facebook's<00:14:51.220> decision<00:14:51.580> to<00:14:51.730> do<00:14:51.880> this<00:14:52.000> as<00:14:52.180> a 00:14:52.200 --> 00:14:52.210 align:start position:0% Facebook's decision to do this as a 00:14:52.210 --> 00:14:57.480 align:start position:0% Facebook's decision to do this as a effectively<00:14:52.930> other<00:14:53.020> company<00:14:53.410> in<00:14:53.680> Switzerland 00:14:57.480 --> 00:14:57.490 align:start position:0% 00:14:57.490 --> 00:14:58.919 align:start position:0% you<00:14:57.639> know<00:14:57.730> is<00:14:57.970> a<00:14:58.029> mistake<00:14:58.420> they<00:14:58.600> haven't 00:14:58.919 --> 00:14:58.929 align:start position:0% you know is a mistake they haven't 00:14:58.929 --> 00:15:02.369 align:start position:0% you know is a mistake they haven't actually<00:14:59.139> shown<00:14:59.610> and<00:15:00.610> in<00:15:00.759> the<00:15:01.089> intent<00:15:01.449> or<00:15:01.660> or 00:15:02.369 --> 00:15:02.379 align:start position:0% actually shown and in the intent or or 00:15:02.379 --> 00:15:04.619 align:start position:0% actually shown and in the intent or or possibly<00:15:02.740> the<00:15:03.639> intent<00:15:03.939> to<00:15:03.970> understand<00:15:04.509> the 00:15:04.619 --> 00:15:04.629 align:start position:0% possibly the intent to understand the 00:15:04.629 --> 00:15:07.230 align:start position:0% possibly the intent to understand the problem<00:15:04.990> or<00:15:05.259> to<00:15:05.559> solve<00:15:05.949> the<00:15:06.100> problem<00:15:06.429> but<00:15:06.790> as 00:15:07.230 --> 00:15:07.240 align:start position:0% problem or to solve the problem but as 00:15:07.240 --> 00:15:09.150 align:start position:0% problem or to solve the problem but as yet<00:15:07.929> openly<00:15:08.199> but<00:15:08.290> we<00:15:08.410> have<00:15:08.529> to<00:15:08.679> do<00:15:08.769> that 00:15:09.150 --> 00:15:09.160 align:start position:0% yet openly but we have to do that 00:15:09.160 --> 00:15:11.119 align:start position:0% yet openly but we have to do that so<00:15:09.490> right<00:15:09.879> now<00:15:10.029> we<00:15:10.089> don't<00:15:10.240> claim<00:15:10.449> to<00:15:10.629> have<00:15:10.779> the 00:15:11.119 --> 00:15:11.129 align:start position:0% so right now we don't claim to have the 00:15:11.129 --> 00:15:14.040 align:start position:0% so right now we don't claim to have the answers<00:15:12.129> for<00:15:12.249> governance<00:15:12.579> but<00:15:13.389> we<00:15:13.779> do<00:15:13.869> claim 00:15:14.040 --> 00:15:14.050 align:start position:0% answers for governance but we do claim 00:15:14.050 --> 00:15:15.179 align:start position:0% answers for governance but we do claim to<00:15:14.170> understand<00:15:14.470> the<00:15:14.529> problem<00:15:14.829> if<00:15:14.920> you've<00:15:15.040> seen 00:15:15.179 --> 00:15:15.189 align:start position:0% to understand the problem if you've seen 00:15:15.189 --> 00:15:16.710 align:start position:0% to understand the problem if you've seen some<00:15:15.339> of<00:15:15.399> the<00:15:15.459> names<00:15:15.610> up<00:15:15.819> there<00:15:15.850> these<00:15:16.509> are 00:15:16.710 --> 00:15:16.720 align:start position:0% some of the names up there these are 00:15:16.720 --> 00:15:18.480 align:start position:0% some of the names up there these are these<00:15:17.019> are<00:15:17.050> some<00:15:17.230> of<00:15:17.410> the<00:15:17.499> thought<00:15:18.040> leaders<00:15:18.069> in 00:15:18.480 --> 00:15:18.490 align:start position:0% these are some of the thought leaders in 00:15:18.490 --> 00:15:21.150 align:start position:0% these are some of the thought leaders in governance<00:15:18.879> and<00:15:18.999> public<00:15:19.569> goods<00:15:20.160> but 00:15:21.150 --> 00:15:21.160 align:start position:0% governance and public goods but 00:15:21.160 --> 00:15:22.319 align:start position:0% governance and public goods but importantly<00:15:21.579> how<00:15:21.759> are<00:15:21.819> we<00:15:21.910> going<00:15:21.999> to<00:15:22.089> get<00:15:22.209> this 00:15:22.319 --> 00:15:22.329 align:start position:0% importantly how are we going to get this 00:15:22.329 --> 00:15:24.569 align:start position:0% importantly how are we going to get this done<00:15:22.569> the<00:15:23.319> initial<00:15:23.529> partners<00:15:24.100> the<00:15:24.309> initial 00:15:24.569 --> 00:15:24.579 align:start position:0% done the initial partners the initial 00:15:24.579 --> 00:15:28.639 align:start position:0% done the initial partners the initial owners<00:15:24.970> of<00:15:25.329> the<00:15:26.199> open<00:15:26.559> libre<00:15:27.240> governance 00:15:28.639 --> 00:15:28.649 align:start position:0% owners of the open libre governance 00:15:28.649 --> 00:15:32.660 align:start position:0% owners of the open libre governance ardent<00:15:30.389> so<00:15:31.389> today<00:15:31.720> we're<00:15:31.899> happy<00:15:32.110> to<00:15:32.230> announce 00:15:32.660 --> 00:15:32.670 align:start position:0% ardent so today we're happy to announce 00:15:32.670 --> 00:15:37.679 align:start position:0% ardent so today we're happy to announce as<00:15:33.670> a<00:15:33.730> governing<00:15:34.209> member<00:15:34.809> of<00:15:35.079> open<00:15:36.009> Libre<00:15:36.689> the 00:15:37.679 --> 00:15:37.689 align:start position:0% as a governing member of open Libre the 00:15:37.689 --> 00:15:42.419 align:start position:0% as a governing member of open Libre the Red<00:15:37.839> Cross<00:15:40.679> specifically<00:15:41.679> the<00:15:41.920> Danish<00:15:42.220> Red 00:15:42.419 --> 00:15:42.429 align:start position:0% Red Cross specifically the Danish Red 00:15:42.429 --> 00:15:44.340 align:start position:0% Red Cross specifically the Danish Red Cross<00:15:42.670> a<00:15:43.029> lot<00:15:43.689> of<00:15:43.749> people<00:15:43.929> don't<00:15:44.019> know<00:15:44.199> this 00:15:44.340 --> 00:15:44.350 align:start position:0% Cross a lot of people don't know this 00:15:44.350 --> 00:15:46.710 align:start position:0% Cross a lot of people don't know this but<00:15:44.529> the<00:15:44.589> Red<00:15:44.829> Cross<00:15:45.179> works<00:15:46.179> on<00:15:46.420> a<00:15:46.449> lot<00:15:46.509> of 00:15:46.710 --> 00:15:46.720 align:start position:0% but the Red Cross works on a lot of 00:15:46.720 --> 00:15:50.249 align:start position:0% but the Red Cross works on a lot of financial<00:15:47.410> innovation<00:15:48.249> for<00:15:49.019> the<00:15:50.019> bottom 00:15:50.249 --> 00:15:50.259 align:start position:0% financial innovation for the bottom 00:15:50.259 --> 00:15:52.470 align:start position:0% financial innovation for the bottom billion<00:15:50.470> to<00:15:51.369> create<00:15:51.490> resiliency<00:15:52.209> in 00:15:52.470 --> 00:15:52.480 align:start position:0% billion to create resiliency in 00:15:52.480 --> 00:15:56.160 align:start position:0% billion to create resiliency in communities<00:15:53.429> around<00:15:54.429> the<00:15:54.699> world<00:15:55.110> for<00:15:56.110> example 00:15:56.160 --> 00:15:56.170 align:start position:0% communities around the world for example 00:15:56.170 --> 00:15:57.660 align:start position:0% communities around the world for example they<00:15:56.470> have<00:15:56.559> this<00:15:56.649> wonderful<00:15:56.889> project<00:15:57.339> around 00:15:57.660 --> 00:15:57.670 align:start position:0% they have this wonderful project around 00:15:57.670 --> 00:16:01.470 align:start position:0% they have this wonderful project around community<00:15:58.209> currencies<00:15:58.899> in<00:15:59.199> East<00:15:59.679> Africa<00:16:00.480> the 00:16:01.470 --> 00:16:01.480 align:start position:0% community currencies in East Africa the 00:16:01.480 --> 00:16:04.530 align:start position:0% community currencies in East Africa the Red<00:16:01.629> Cross<00:16:01.809> has<00:16:01.959> been<00:16:01.990> around<00:16:02.350> for<00:16:03.509> 160<00:16:04.509> years 00:16:04.530 --> 00:16:04.540 align:start position:0% Red Cross has been around for 160 years 00:16:04.540 --> 00:16:07.859 align:start position:0% Red Cross has been around for 160 years I<00:16:04.809> think<00:16:04.869> and<00:16:05.999> they<00:16:06.999> have<00:16:07.149> this<00:16:07.209> very<00:16:07.299> powerful 00:16:07.859 --> 00:16:07.869 align:start position:0% I think and they have this very powerful 00:16:07.869 --> 00:16:11.569 align:start position:0% I think and they have this very powerful model<00:16:08.079> all<00:16:08.799> the<00:16:08.949> time<00:16:09.309> do<00:16:10.209> no<00:16:10.389> harm<00:16:10.660> and 00:16:11.569 --> 00:16:11.579 align:start position:0% model all the time do no harm and 00:16:11.579 --> 00:16:14.189 align:start position:0% model all the time do no harm and informs<00:16:12.579> all<00:16:12.639> of<00:16:12.759> their<00:16:12.879> decisions<00:16:13.269> so<00:16:14.079> we've 00:16:14.189 --> 00:16:14.199 align:start position:0% informs all of their decisions so we've 00:16:14.199 --> 00:16:16.160 align:start position:0% informs all of their decisions so we've asked<00:16:14.529> them<00:16:14.619> we've<00:16:14.799> invited<00:16:15.040> them<00:16:15.309> to<00:16:15.730> be<00:16:15.879> our 00:16:16.160 --> 00:16:16.170 align:start position:0% asked them we've invited them to be our 00:16:16.170 --> 00:16:19.439 align:start position:0% asked them we've invited them to be our guardrails<00:16:17.170> in<00:16:17.619> our<00:16:17.769> process<00:16:18.129> of<00:16:18.579> formalizing 00:16:19.439 --> 00:16:19.449 align:start position:0% guardrails in our process of formalizing 00:16:19.449 --> 00:16:22.590 align:start position:0% guardrails in our process of formalizing the<00:16:19.629> governance<00:16:20.189> help<00:16:21.189> us<00:16:21.339> do<00:16:21.730> no<00:16:21.879> harm<00:16:22.089> so 00:16:22.590 --> 00:16:22.600 align:start position:0% the governance help us do no harm so 00:16:22.600 --> 00:16:24.419 align:start position:0% the governance help us do no harm so thanks<00:16:22.929> to<00:16:22.959> Adam<00:16:23.470> Bornstein<00:16:23.860> our<00:16:24.100> delegate 00:16:24.419 --> 00:16:24.429 align:start position:0% thanks to Adam Bornstein our delegate 00:16:24.429 --> 00:16:25.889 align:start position:0% thanks to Adam Bornstein our delegate from<00:16:24.639> the<00:16:24.910> Red<00:16:25.149> Cross<00:16:25.389> for<00:16:25.420> making<00:16:25.839> this 00:16:25.889 --> 00:16:25.899 align:start position:0% from the Red Cross for making this 00:16:25.899 --> 00:16:32.520 align:start position:0% from the Red Cross for making this happen 00:16:32.520 --> 00:16:32.530 align:start position:0% 00:16:32.530 --> 00:16:36.160 align:start position:0% so<00:16:33.530> I'm<00:16:33.590> gonna<00:16:33.680> wrap<00:16:33.800> up<00:16:34.840> as<00:16:35.840> everybody 00:16:36.160 --> 00:16:36.170 align:start position:0% so I'm gonna wrap up as everybody 00:16:36.170 --> 00:16:40.840 align:start position:0% so I'm gonna wrap up as everybody recognized<00:16:36.590> this<00:16:36.740> headline<00:16:37.690> anybody<00:16:39.790> this<00:16:40.790> is 00:16:40.840 --> 00:16:40.850 align:start position:0% recognized this headline anybody this is 00:16:40.850 --> 00:16:42.940 align:start position:0% recognized this headline anybody this is the<00:16:41.210> message<00:16:42.140> that<00:16:42.290> was<00:16:42.590> in<00:16:42.680> the<00:16:42.770> first 00:16:42.940 --> 00:16:42.950 align:start position:0% the message that was in the first 00:16:42.950 --> 00:16:46.390 align:start position:0% the message that was in the first transaction<00:16:43.610> on<00:16:43.880> the<00:16:43.940> Bitcoin<00:16:44.180> blockchain<00:16:45.400> on 00:16:46.390 --> 00:16:46.400 align:start position:0% transaction on the Bitcoin blockchain on 00:16:46.400 --> 00:16:48.880 align:start position:0% transaction on the Bitcoin blockchain on the<00:16:46.520> first<00:16:46.730> block<00:16:47.320> so<00:16:48.320> this<00:16:48.410> is<00:16:48.530> a<00:16:48.590> reminder 00:16:48.880 --> 00:16:48.890 align:start position:0% the first block so this is a reminder 00:16:48.890 --> 00:16:53.260 align:start position:0% the first block so this is a reminder that<00:16:49.960> crypto<00:16:50.960> came<00:16:51.550> from<00:16:52.550> some<00:16:53.000> very<00:16:53.150> scary 00:16:53.260 --> 00:16:53.270 align:start position:0% that crypto came from some very scary 00:16:53.270 --> 00:16:58.020 align:start position:0% that crypto came from some very scary economic<00:16:54.110> times<00:16:54.700> there<00:16:55.700> was<00:16:55.760> this<00:16:56.080> opaque 00:16:58.020 --> 00:16:58.030 align:start position:0% economic times there was this opaque 00:16:58.030 --> 00:17:01.140 align:start position:0% economic times there was this opaque convoluted<00:16:59.030> fraudulent<00:16:59.660> over<00:17:00.350> engineered 00:17:01.140 --> 00:17:01.150 align:start position:0% convoluted fraudulent over engineered 00:17:01.150 --> 00:17:05.020 align:start position:0% convoluted fraudulent over engineered financial<00:17:02.150> system<00:17:02.570> that<00:17:03.130> nearly<00:17:04.130> brought<00:17:04.880> the 00:17:05.020 --> 00:17:05.030 align:start position:0% financial system that nearly brought the 00:17:05.030 --> 00:17:09.280 align:start position:0% financial system that nearly brought the world<00:17:05.949> to<00:17:06.949> go<00:17:07.069> over<00:17:07.280> a<00:17:07.310> cliff<00:17:07.610> I<00:17:08.079> was<00:17:09.079> I 00:17:09.280 --> 00:17:09.290 align:start position:0% world to go over a cliff I was I 00:17:09.290 --> 00:17:16.000 align:start position:0% world to go over a cliff I was I remember<00:17:09.560> that<00:17:09.890> time<00:17:10.180> and<00:17:11.260> so<00:17:13.209> today<00:17:14.890> sorry<00:17:15.890> to 00:17:16.000 --> 00:17:16.010 align:start position:0% remember that time and so today sorry to 00:17:16.010 --> 00:17:17.920 align:start position:0% remember that time and so today sorry to say<00:17:16.160> this<00:17:16.339> to<00:17:16.880> folks<00:17:17.209> in<00:17:17.329> this<00:17:17.390> audience<00:17:17.689> but 00:17:17.920 --> 00:17:17.930 align:start position:0% say this to folks in this audience but 00:17:17.930 --> 00:17:19.449 align:start position:0% say this to folks in this audience but it<00:17:18.199> seems<00:17:18.410> like<00:17:18.530> Libra<00:17:18.890> is<00:17:18.949> going<00:17:19.160> to<00:17:19.250> inherit 00:17:19.449 --> 00:17:19.459 align:start position:0% it seems like Libra is going to inherit 00:17:19.459 --> 00:17:23.020 align:start position:0% it seems like Libra is going to inherit the<00:17:19.610> legacy<00:17:19.819> of<00:17:20.089> Bitcoin<00:17:20.650> and<00:17:21.819> Libra<00:17:22.819> is<00:17:22.880> going 00:17:23.020 --> 00:17:23.030 align:start position:0% the legacy of Bitcoin and Libra is going 00:17:23.030 --> 00:17:25.140 align:start position:0% the legacy of Bitcoin and Libra is going to<00:17:23.089> inherit<00:17:23.360> the<00:17:23.480> legacy<00:17:23.600> of<00:17:23.900> smart<00:17:24.199> contracts 00:17:25.140 --> 00:17:25.150 align:start position:0% to inherit the legacy of smart contracts 00:17:25.150 --> 00:17:28.480 align:start position:0% to inherit the legacy of smart contracts so<00:17:26.150> as<00:17:26.540> a<00:17:26.600> society<00:17:27.110> are<00:17:27.290> we<00:17:27.319> just<00:17:27.560> doing<00:17:28.339> the 00:17:28.480 --> 00:17:28.490 align:start position:0% so as a society are we just doing the 00:17:28.490 --> 00:17:31.290 align:start position:0% so as a society are we just doing the same<00:17:28.730> things<00:17:29.150> over<00:17:29.360> and<00:17:29.510> over<00:17:29.630> with<00:17:29.900> new<00:17:30.230> tools 00:17:31.290 --> 00:17:31.300 align:start position:0% same things over and over with new tools 00:17:31.300 --> 00:17:34.810 align:start position:0% same things over and over with new tools it<00:17:32.300> doesn't<00:17:32.570> have<00:17:32.660> to<00:17:32.750> be<00:17:32.870> that<00:17:33.020> way<00:17:33.170> so<00:17:34.160> this 00:17:34.810 --> 00:17:34.820 align:start position:0% it doesn't have to be that way so this 00:17:34.820 --> 00:17:37.330 align:start position:0% it doesn't have to be that way so this is<00:17:34.910> an<00:17:35.030> invitation<00:17:35.350> to<00:17:36.350> come<00:17:36.500> help<00:17:36.920> us<00:17:37.010> steer 00:17:37.330 --> 00:17:37.340 align:start position:0% is an invitation to come help us steer 00:17:37.340 --> 00:17:39.760 align:start position:0% is an invitation to come help us steer the<00:17:37.520> future<00:17:37.790> of<00:17:37.880> Libra<00:17:38.180> and<00:17:38.990> Libra<00:17:39.350> we<00:17:39.470> trust 00:17:39.760 --> 00:17:39.770 align:start position:0% the future of Libra and Libra we trust 00:17:39.770 --> 00:17:42.790 align:start position:0% the future of Libra and Libra we trust in<00:17:39.980> facebook<00:17:40.400> we<00:17:40.430> don't<00:17:40.780> if<00:17:41.780> you<00:17:42.560> are<00:17:42.770> a 00:17:42.790 --> 00:17:42.800 align:start position:0% in facebook we don't if you are a 00:17:42.800 --> 00:17:45.040 align:start position:0% in facebook we don't if you are a business<00:17:43.460> excluded<00:17:44.270> by<00:17:44.390> Facebook<00:17:44.810> who<00:17:44.930> would 00:17:45.040 --> 00:17:45.050 align:start position:0% business excluded by Facebook who would 00:17:45.050 --> 00:17:46.510 align:start position:0% business excluded by Facebook who would like<00:17:45.170> to<00:17:45.320> use<00:17:45.470> it<00:17:45.650> and<00:17:46.010> don't<00:17:46.250> see<00:17:46.400> yourself 00:17:46.510 --> 00:17:46.520 align:start position:0% like to use it and don't see yourself 00:17:46.520 --> 00:17:48.580 align:start position:0% like to use it and don't see yourself being<00:17:47.120> able<00:17:47.270> to<00:17:47.420> you<00:17:48.290> should<00:17:48.320> write 00:17:48.580 --> 00:17:48.590 align:start position:0% being able to you should write 00:17:48.590 --> 00:17:50.400 align:start position:0% being able to you should write eleftherios<00:17:49.190> this<00:17:49.430> is<00:17:49.550> his<00:17:49.700> twitter<00:17:50.000> handle 00:17:50.400 --> 00:17:50.410 align:start position:0% eleftherios this is his twitter handle 00:17:50.410 --> 00:17:52.690 align:start position:0% eleftherios this is his twitter handle are<00:17:51.410> your<00:17:51.590> nonprofit<00:17:52.130> and<00:17:52.340> you<00:17:52.520> want<00:17:52.640> to 00:17:52.690 --> 00:17:52.700 align:start position:0% are your nonprofit and you want to 00:17:52.700 --> 00:17:54.490 align:start position:0% are your nonprofit and you want to participate<00:17:52.850> in<00:17:53.330> governance<00:17:53.750> you<00:17:54.170> want<00:17:54.290> to<00:17:54.350> do 00:17:54.490 --> 00:17:54.500 align:start position:0% participate in governance you want to do 00:17:54.500 --> 00:17:56.200 align:start position:0% participate in governance you want to do this<00:17:54.620> in<00:17:54.770> the<00:17:54.830> right<00:17:54.920> direction<00:17:55.130> that's<00:17:56.060> my 00:17:56.200 --> 00:17:56.210 align:start position:0% this in the right direction that's my 00:17:56.210 --> 00:17:58.510 align:start position:0% this in the right direction that's my twitter<00:17:56.480> in<00:17:57.110> there<00:17:57.320> and<00:17:57.530> are<00:17:58.400> you 00:17:58.510 --> 00:17:58.520 align:start position:0% twitter in there and are you 00:17:58.520 --> 00:17:59.770 align:start position:0% twitter in there and are you technologists<00:17:59.060> and<00:17:59.330> distributed<00:17:59.750> systems 00:17:59.770 --> 00:17:59.780 align:start position:0% technologists and distributed systems 00:17:59.780 --> 00:18:02.260 align:start position:0% technologists and distributed systems lots<00:18:00.620> of<00:18:00.710> neat<00:18:00.920> puzzles<00:18:01.340> for<00:18:01.790> you<00:18:01.880> to<00:18:01.970> work<00:18:02.090> on 00:18:02.260 --> 00:18:02.270 align:start position:0% lots of neat puzzles for you to work on 00:18:02.270 --> 00:18:05.880 align:start position:0% lots of neat puzzles for you to work on you<00:18:02.900> should<00:18:03.080> contact<00:18:03.260> now<00:18:04.060> and<00:18:05.060> finally 00:18:05.880 --> 00:18:05.890 align:start position:0% you should contact now and finally 00:18:05.890 --> 00:18:11.070 align:start position:0% you should contact now and finally PayPal<00:18:06.890> call<00:18:07.550> me<00:18:07.730> I'm<00:18:08.180> ready 00:18:11.070 --> 00:18:11.080 align:start position:0% 00:18:11.080 --> 00:18:19.970 align:start position:0% you 00:18:19.970 --> 00:18:19.980 align:start position:0% 00:18:19.980 --> 00:18:22.040 align:start position:0% you