WEBVTT
Kind: captions
Language: en

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[Applause]

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making<00:00:12.290><c> traditions</c><00:00:12.830><c> about</c><00:00:13.010><c> the</c><00:00:13.400><c> subjective</c>

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making traditions about the subjective
 

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making traditions about the subjective
futures<00:00:15.410><c> date</c><00:00:16.250><c> of</c><00:00:16.520><c> a</c><00:00:16.910><c> remote</c><00:00:17.330><c> shame</c><00:00:18.310><c> it's</c>

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futures date of a remote shame it's
 

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futures date of a remote shame it's
complex<00:00:20.330><c> it's</c><00:00:20.750><c> a</c><00:00:20.900><c> little</c><00:00:21.080><c> redirect</c><00:00:21.560><c> event</c>

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complex it's a little redirect event
 

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complex it's a little redirect event
around<00:00:21.920><c> but</c><00:00:22.460><c> it</c><00:00:22.610><c> might</c><00:00:22.820><c> actually</c><00:00:23.029><c> be</c><00:00:23.300><c> possible</c>

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around but it might actually be possible
 

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around but it might actually be possible
in<00:00:24.020><c> princess</c><00:00:25.150><c> another</c><00:00:26.150><c> alternative</c><00:00:26.990><c> is</c><00:00:27.199><c> just</c>

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in princess another alternative is just
 

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in princess another alternative is just
to<00:00:27.680><c> let</c><00:00:27.830><c> the</c><00:00:27.920><c> pre-market</c><00:00:28.279><c> solve</c><00:00:28.789><c> your</c><00:00:28.940><c> problem</c>

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to let the pre-market solve your problem
 

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to let the pre-market solve your problem
so<00:00:31.220><c> if</c><00:00:31.880><c> I</c><00:00:32.059><c> want</c><00:00:32.239><c> to</c><00:00:32.300><c> send</c><00:00:32.449><c> a</c><00:00:32.540><c> message</c><00:00:32.840><c> to</c><00:00:32.870><c> a</c><00:00:33.250><c> I</c>

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so if I want to send a message to a I
 

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so if I want to send a message to a I
could<00:00:34.640><c> add</c><00:00:35.120><c> someone</c><00:00:35.840><c> else</c><00:00:36.110><c> send</c><00:00:36.860><c> that</c><00:00:37.010><c> message</c>

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could add someone else send that message
 

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could add someone else send that message
on<00:00:37.550><c> a</c><00:00:37.670><c> on</c><00:00:38.180><c> that</c><00:00:38.210><c> using</c><00:00:38.840><c> their</c><00:00:39.080><c> own</c><00:00:39.140><c> money</c><00:00:39.440><c> and</c>

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on a on that using their own money and
 

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on a on that using their own money and
then<00:00:40.640><c> pay</c><00:00:40.850><c> them</c><00:00:41.090><c> back</c><00:00:42.159><c> they've</c><00:00:43.159><c> been</c><00:00:43.280><c> back</c>

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then pay them back they've been back
 

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then pay them back they've been back
using<00:00:43.940><c> the</c><00:00:44.210><c> crusher</c><00:00:44.629><c> communication</c><00:00:45.320><c> via</c>

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using the crusher communication via
 

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using the crusher communication via
another<00:00:46.010><c> mechanism</c><00:00:46.540><c> so</c><00:00:47.540><c> for</c><00:00:48.379><c> example</c><00:00:48.860><c> if</c><00:00:49.729><c> you</c>

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another mechanism so for example if you
 

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another mechanism so for example if you
have<00:00:50.570><c> money</c><00:00:50.839><c> on</c><00:00:51.019><c> a</c><00:00:51.229><c> I</c><00:00:51.500><c> could</c><00:00:51.739><c> pay</c><00:00:52.010><c> you</c><00:00:52.040><c> slow</c>

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have money on a I could pay you slow
 

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have money on a I could pay you slow
cross<00:00:53.420><c> charge</c><00:00:53.750><c> F</c><00:00:54.580><c> in</c><00:00:55.580><c> order</c><00:00:55.940><c> to</c><00:00:56.030><c> put</c><00:00:56.299><c> up</c><00:00:56.420><c> your</c>

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cross charge F in order to put up your
 

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cross charge F in order to put up your
money<00:00:57.019><c> immediately</c><00:00:58.269><c> so</c><00:00:59.269><c> you</c><00:00:59.330><c> could</c>

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money immediately so you could
 

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money immediately so you could
revitalize<00:01:00.019><c> my</c><00:01:00.530><c> CDP</c><00:01:01.070><c> for</c><00:01:01.280><c> me</c><00:01:01.400><c> and</c><00:01:01.580><c> then</c><00:01:01.850><c> I</c><00:01:01.940><c> will</c>

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revitalize my CDP for me and then I will
 

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revitalize my CDP for me and then I will
think<00:01:02.299><c> about</c><00:01:02.360><c> what</c><00:01:02.540><c> F</c><00:01:02.900><c> that</c><00:01:03.199><c> comes</c><00:01:03.440><c> through</c>

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think about what F that comes through
 

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think about what F that comes through
slow<00:01:06.700><c> so</c><00:01:07.700><c> I</c><00:01:08.030><c> would</c><00:01:09.020><c> be</c><00:01:09.110><c> chopping</c><00:01:09.409><c> up</c><00:01:09.650><c> my</c><00:01:09.680><c> CEP</c><00:01:10.340><c> by</c>

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slow so I would be chopping up my CEP by
 

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slow so I would be chopping up my CEP by
entering<00:01:11.450><c> into</c><00:01:11.600><c> a</c><00:01:11.720><c> new</c><00:01:11.840><c> debt</c><00:01:12.380><c> to</c><00:01:12.710><c> someone</c><00:01:13.010><c> else</c>

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entering into a new debt to someone else
 

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entering into a new debt to someone else
there's<00:01:15.140><c> a</c><00:01:15.229><c> couple</c><00:01:15.560><c> like</c><00:01:16.210><c> pros</c><00:01:17.210><c> here</c><00:01:17.539><c> it's</c>

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there's a couple like pros here it's
 

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there's a couple like pros here it's
instant<00:01:18.350><c> the</c><00:01:18.979><c> cons</c><00:01:19.219><c> are</c><00:01:19.430><c> that</c><00:01:19.490><c> it's</c>

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instant the cons are that it's
 

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instant the cons are that it's
incredibly<00:01:20.210><c> complex</c><00:01:20.659><c> implementer</c><00:01:21.380><c> relies</c><00:01:21.710><c> on</c>

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incredibly complex implementer relies on
 

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incredibly complex implementer relies on
Rancher<00:01:22.250><c> market</c><00:01:22.640><c> actors</c><00:01:22.939><c> just</c><00:01:23.210><c> showing</c><00:01:23.600><c> up</c>

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Rancher market actors just showing up
 

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Rancher market actors just showing up
you're<00:01:24.469><c> gonna</c><00:01:24.590><c> have</c><00:01:24.680><c> to</c><00:01:24.829><c> pay</c><00:01:24.979><c> some</c><00:01:25.250><c> amount</c><00:01:25.340><c> of</c>

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you're gonna have to pay some amount of
 

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you're gonna have to pay some amount of
spread<00:01:26.030><c> because</c><00:01:26.570><c> they're</c><00:01:26.810><c> giving</c><00:01:27.350><c> us</c><00:01:27.560><c> the</c>

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spread because they're giving us the
 

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spread because they're giving us the
quiddity<00:01:28.039><c> on</c><00:01:28.250><c> your</c><00:01:28.399><c> behalf</c><00:01:28.700><c> even</c><00:01:28.939><c> though</c><00:01:29.299><c> they</c>

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quiddity on your behalf even though they
 

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quiddity on your behalf even though they
have<00:01:29.539><c> a</c><00:01:29.570><c> strong</c><00:01:29.899><c> guarantee</c><00:01:30.079><c> that</c><00:01:30.530><c> you</c><00:01:30.649><c> will</c>

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have a strong guarantee that you will
 

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have a strong guarantee that you will
pay<00:01:30.979><c> them</c><00:01:31.159><c> back</c><00:01:31.840><c> so</c><00:01:32.840><c> there's</c><00:01:33.049><c> gonna</c><00:01:33.170><c> be</c>

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pay them back so there's gonna be
 

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pay them back so there's gonna be
like<00:01:33.480><c> slippage</c><00:01:34.020><c> and</c><00:01:34.260><c> crusher</c><00:01:36.050><c> the</c><00:01:37.050><c> price</c><00:01:37.500><c> you</c>

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like slippage and crusher the price you
 

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like slippage and crusher the price you
pay<00:01:37.860><c> will</c><00:01:38.670><c> pay</c><00:01:38.850><c> more</c><00:01:39.060><c> than</c><00:01:39.240><c> one</c><00:01:39.450><c> shark</c><00:01:39.810><c> be</c>

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pay will pay more than one shark be
 

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pay will pay more than one shark be
either<00:01:40.350><c> for</c><00:01:40.770><c> each</c><00:01:40.890><c> chart</c><00:01:41.250><c> a</c><00:01:41.430><c> new</c><00:01:41.460><c> frequency</c><00:01:42.350><c> so</c>

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either for each chart a new frequency so
 

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either for each chart a new frequency so
you're<00:01:43.590><c> gonna</c><00:01:43.740><c> pay</c><00:01:44.220><c> for</c><00:01:44.250><c> this</c><00:01:44.730><c> service</c><00:01:45.210><c> right</c>

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you're gonna pay for this service right
 

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you're gonna pay for this service right
and<00:01:48.110><c> the</c><00:01:49.110><c> creditors</c><00:01:49.620><c> can</c><00:01:49.860><c> actually</c><00:01:50.160><c> extort</c>

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and the creditors can actually extort
 

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and the creditors can actually extort
you<00:01:50.850><c> a</c><00:01:50.880><c> little</c><00:01:51.180><c> bit</c><00:01:51.300><c> depending</c><00:01:51.750><c> on</c><00:01:51.840><c> how</c><00:01:51.960><c> this</c>

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you a little bit depending on how this
 

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you a little bit depending on how this
is<00:01:52.290><c> structured</c><00:01:52.590><c> they</c><00:01:53.400><c> know</c><00:01:53.580><c> your</c><00:01:53.760><c> CTB's</c><00:01:54.240><c> going</c>

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is structured they know your CTB's going
 

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is structured they know your CTB's going
to<00:01:54.479><c> get</c><00:01:54.570><c> liquidated</c><00:01:55.110><c> and</c><00:01:55.260><c> they</c><00:01:55.680><c> know</c><00:01:55.830><c> that</c>

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to get liquidated and they know that
 

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to get liquidated and they know that
you're<00:01:56.130><c> going</c><00:01:56.340><c> to</c><00:01:56.400><c> pay</c><00:01:57.080><c> up</c><00:01:58.080><c> to</c><00:01:58.140><c> that</c><00:01:58.500><c> amount</c><00:01:58.590><c> up</c>

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you're going to pay up to that amount up
 

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you're going to pay up to that amount up
to<00:01:58.920><c> the</c><00:01:59.100><c> amount</c><00:01:59.250><c> you</c><00:01:59.460><c> lose</c><00:01:59.729><c> and</c><00:02:00.120><c> so</c><00:02:00.330><c> that</c><00:02:00.540><c> the</c>

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to the amount you lose and so that the
 

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to the amount you lose and so that the
opportunity<00:02:01.740><c> to</c><00:02:02.280><c> charge</c><00:02:02.640><c> you</c><00:02:02.850><c> higher</c><00:02:03.150><c> rates</c>

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opportunity to charge you higher rates
 

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opportunity to charge you higher rates
based<00:02:04.200><c> on</c><00:02:04.440><c> this</c><00:02:04.920><c> case</c><00:02:05.190><c> that</c><00:02:05.670><c> you're</c>

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based on this case that you're
 

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based on this case that you're
transferring<00:02:06.450><c> me</c><00:02:06.660><c> for</c><00:02:07.280><c> and</c><00:02:08.280><c> it</c><00:02:09.149><c> doesn't</c><00:02:09.209><c> work</c>

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transferring me for and it doesn't work
 

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transferring me for and it doesn't work
for<00:02:09.600><c> some</c><00:02:09.899><c> state</c><00:02:10.170><c> if</c><00:02:10.440><c> there's</c><00:02:10.649><c> any</c><00:02:10.770><c> secrets</c>

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for some state if there's any secrets
 

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for some state if there's any secrets
here<00:02:11.550><c> you</c><00:02:11.730><c> can't</c><00:02:12.000><c> give</c><00:02:12.239><c> away</c><00:02:12.739><c> private</c><00:02:13.739><c> keys</c><00:02:13.950><c> or</c>

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here you can't give away private keys or
 

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here you can't give away private keys or
hash<00:02:14.520><c> free</c><00:02:14.820><c> images</c><00:02:15.150><c> that</c><00:02:15.360><c> are</c><00:02:15.450><c> important</c><00:02:15.930><c> to</c>

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hash free images that are important to
 

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hash free images that are important to
your<00:02:17.220><c> creditor</c><00:02:17.610><c> so</c><00:02:18.420><c> you</c><00:02:18.630><c> actually</c><00:02:18.780><c> can't</c><00:02:19.260><c> use</c>

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your creditor so you actually can't use
 

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your creditor so you actually can't use
this<00:02:19.920><c> for</c><00:02:20.160><c> some</c><00:02:20.370><c> types</c><00:02:20.610><c> of</c><00:02:20.760><c> contracts</c><00:02:22.070><c> all</c>

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this for some types of contracts all
 

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this for some types of contracts all
right<00:02:23.450><c> now</c><00:02:24.450><c> we're</c><00:02:24.600><c> getting</c><00:02:24.840><c> away</c><00:02:25.140><c> from</c><00:02:25.260><c> things</c>

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right now we're getting away from things
 

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right now we're getting away from things
that<00:02:25.830><c> I</c><00:02:26.190><c> think</c><00:02:26.310><c> could</c><00:02:26.730><c> actually</c><00:02:26.940><c> be</c><00:02:27.270><c> easily</c>

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that I think could actually be easily
 

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that I think could actually be easily
get<00:02:27.870><c> collected</c><00:02:28.260><c> and</c><00:02:28.500><c> we're</c><00:02:29.010><c> getting</c><00:02:29.070><c> into</c>

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get collected and we're getting into
 

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get collected and we're getting into
stuff<00:02:29.610><c> that</c><00:02:29.640><c> is</c><00:02:29.940><c> a</c><00:02:29.970><c> little</c><00:02:30.060><c> more</c><00:02:30.300><c> like</c><00:02:31.250><c> Wiggly</c>

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stuff that is a little more like Wiggly
 

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stuff that is a little more like Wiggly
what<00:02:32.430><c> we</c><00:02:32.989><c> depending</c><00:02:33.989><c> on</c><00:02:34.260><c> my</c><00:02:34.770><c> future</c><00:02:35.040><c> research</c>

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what we depending on my future research
 

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what we depending on my future research
I<00:02:36.060><c> only</c><00:02:36.870><c> got</c><00:02:37.020><c> a</c><00:02:37.080><c> couple</c><00:02:37.320><c> of</c><00:02:37.470><c> these</c><00:02:37.590><c> and</c><00:02:37.799><c> then</c>

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I only got a couple of these and then
 

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I only got a couple of these and then
we're<00:02:38.040><c> gonna</c><00:02:38.130><c> break</c><00:02:38.400><c> for</c><00:02:38.610><c> questions</c><00:02:38.760><c> for</c><00:02:39.330><c> the</c>

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we're gonna break for questions for the
 

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we're gonna break for questions for the
last<00:02:39.420><c> five</c><00:02:39.750><c> minutes</c><00:02:39.959><c> okay</c><00:02:40.739><c> so</c><00:02:41.700><c> we've</c><00:02:42.120><c> talked</c>

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last five minutes okay so we've talked
 

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last five minutes okay so we've talked
about<00:02:42.440><c> charts</c><00:02:43.700><c> we</c><00:02:44.700><c> have</c><00:02:44.790><c> to</c><00:02:44.910><c> do</c><00:02:45.000><c> an</c>

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about charts we have to do an
 

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about charts we have to do an
asynchronous<00:02:45.299><c> communication</c><00:02:45.870><c> across</c><00:02:46.739><c> charts</c>

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asynchronous communication across charts
 

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asynchronous communication across charts
the<00:02:48.150><c> idea</c><00:02:48.750><c> has</c><00:02:48.870><c> been</c><00:02:48.900><c> placed</c><00:02:49.350><c> to</c><00:02:49.560><c> synchronize</c>

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the idea has been placed to synchronize
 

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the idea has been placed to synchronize
charts<00:02:50.610><c> too</c><00:02:50.880><c> early</c><00:02:51.330><c> so</c><00:02:52.200><c> it</c><00:02:52.350><c> take</c><00:02:52.530><c> ambi</c><00:02:52.950><c> and</c>

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charts too early so it take ambi and
 

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charts too early so it take ambi and
just<00:02:53.400><c> move</c><00:02:53.700><c> them</c><00:02:53.910><c> into</c><00:02:54.060><c> the</c><00:02:54.239><c> same</c><00:02:54.420><c> place</c><00:02:54.570><c> and</c>

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just move them into the same place and
 

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just move them into the same place and
have<00:02:55.200><c> a</c><00:02:55.230><c> period</c><00:02:55.680><c> of</c><00:02:55.739><c> time</c><00:02:56.070><c> where</c><00:02:56.700><c> there's</c>

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have a period of time where there's
 

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have a period of time where there's
synchronous<00:02:57.450><c> and</c><00:02:57.709><c> I</c><00:02:58.709><c> did</c><00:02:59.160><c> not</c><00:02:59.310><c> do</c><00:02:59.519><c> a</c><00:02:59.549><c> very</c><00:02:59.640><c> good</c>

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synchronous and I did not do a very good
 

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synchronous and I did not do a very good
job<00:03:00.000><c> on</c><00:03:00.330><c> these</c><00:03:00.420><c> theories</c>

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job on these theories
 

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job on these theories
don't<00:03:03.070><c> worry</c><00:03:03.190><c> about</c><00:03:03.930><c> so</c><00:03:05.130><c> for</c><00:03:06.130><c> a</c><00:03:06.460><c> period</c><00:03:06.670><c> of</c>

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don't worry about so for a period of
 

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don't worry about so for a period of
time<00:03:07.060><c> we're</c><00:03:07.360><c> going</c><00:03:07.480><c> to</c><00:03:07.540><c> have</c><00:03:07.660><c> sheriff</c>

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time we're going to have sheriff
 

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time we're going to have sheriff
validators<00:03:08.740><c> between</c><00:03:09.160><c> hand</c><00:03:09.370><c> people</c><00:03:09.670><c> and</c><00:03:10.060><c> then</c>

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validators between hand people and then
 

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validators between hand people and then
anyone<00:03:10.840><c> on</c><00:03:11.020><c> a</c><00:03:11.260><c> or</c><00:03:12.010><c> I'm</c><00:03:12.190><c> beefing</c><00:03:12.610><c> interact</c><00:03:12.970><c> with</c>

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anyone on a or I'm beefing interact with
 

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anyone on a or I'm beefing interact with
the<00:03:13.240><c> other</c><00:03:13.420><c> shard</c><00:03:13.780><c> and</c><00:03:14.080><c> instantly</c><00:03:15.040><c> you</c><00:03:15.640><c> know</c>

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the other shard and instantly you know
 

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the other shard and instantly you know
in<00:03:15.910><c> a</c><00:03:15.940><c> single</c><00:03:16.360><c> transaction</c><00:03:16.600><c> without</c><00:03:17.380><c> any</c>

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in a single transaction without any
 

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in a single transaction without any
waiting<00:03:17.980><c> period</c><00:03:20.220><c> so</c><00:03:21.220><c> it</c><00:03:21.910><c> would</c><00:03:22.150><c> let</c><00:03:22.420><c> me</c><00:03:22.600><c> use</c><00:03:22.630><c> my</c>

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waiting period so it would let me use my
 

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waiting period so it would let me use my
Ethernet<00:03:23.709><c> sharpie</c><00:03:24.400><c> and</c><00:03:24.640><c> a</c><00:03:24.790><c> CD</c><00:03:25.090><c> beyond</c><00:03:25.360><c> charge</c>

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Ethernet sharpie and a CD beyond charge
 

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Ethernet sharpie and a CD beyond charge
a<00:03:26.010><c> one</c><00:03:27.010><c> of</c><00:03:27.100><c> the</c><00:03:27.220><c> ideas</c><00:03:27.490><c> is</c><00:03:27.640><c> that</c><00:03:27.850><c> we</c><00:03:27.970><c> free</c>

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a one of the ideas is that we free
 

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a one of the ideas is that we free
randomized<00:03:28.720><c> these</c><00:03:28.959><c> parents</c><00:03:29.590><c> regularly</c>

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randomized these parents regularly
 

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randomized these parents regularly
hungry<00:03:31.750><c> they</c><00:03:32.260><c> suspend</c><00:03:32.680><c> what</c><00:03:32.800><c> we</c><00:03:32.890><c> invented</c>

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hungry they suspend what we invented
 

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hungry they suspend what we invented
charting<00:03:33.790><c> to</c><00:03:33.910><c> fix</c><00:03:34.770><c> each</c><00:03:36.660><c> one</c><00:03:37.660><c> part</c><00:03:38.320><c> of</c><00:03:38.380><c> the</c>

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charting to fix each one part of the
 

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charting to fix each one part of the
reason<00:03:38.680><c> that</c><00:03:38.709><c> doesn't</c><00:03:39.100><c> scale</c><00:03:39.250><c> is</c><00:03:39.430><c> because</c><00:03:39.610><c> it</c>

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reason that doesn't scale is because it
 

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reason that doesn't scale is because it
has<00:03:40.090><c> the</c><00:03:40.120><c> synchronous</c><00:03:40.900><c> transactions</c><00:03:41.560><c> is</c>

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has the synchronous transactions is
 

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has the synchronous transactions is
because<00:03:42.070><c> all</c><00:03:42.430><c> the</c><00:03:42.730><c> contracts</c><00:03:43.270><c> can</c><00:03:43.360><c> interact</c>

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because all the contracts can interact
 

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because all the contracts can interact
with<00:03:43.780><c> all</c><00:03:44.050><c> the</c><00:03:44.080><c> other</c><00:03:44.230><c> contracts</c><00:03:45.870><c> so</c><00:03:46.870><c> like</c><00:03:47.709><c> we</c>

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with all the other contracts so like we
 

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with all the other contracts so like we
wanted<00:03:49.239><c> to</c><00:03:49.390><c> sharp</c><00:03:49.989><c> things</c><00:03:50.290><c> to</c><00:03:50.560><c> get</c><00:03:50.770><c> away</c><00:03:50.920><c> from</c>

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wanted to sharp things to get away from
 

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wanted to sharp things to get away from
this<00:03:51.400><c> model</c><00:03:51.820><c> because</c><00:03:52.090><c> it</c><00:03:52.239><c> prevents</c><00:03:52.630><c> scale</c><00:03:52.870><c> so</c>

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this model because it prevents scale so
 

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this model because it prevents scale so
if<00:03:53.709><c> we</c><00:03:53.830><c> do</c><00:03:53.980><c> is</c><00:03:54.130><c> synchronous</c><00:03:54.670><c> shards</c><00:03:55.209><c> or</c><00:03:55.390><c> we</c>

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if we do is synchronous shards or we
 

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if we do is synchronous shards or we
have<00:03:55.870><c> like</c><00:03:56.140><c> synchronous</c><00:03:56.620><c> periods</c><00:03:57.130><c> among</c>

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have like synchronous periods among
 

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have like synchronous periods among
different<00:03:57.489><c> sharks</c><00:03:57.910><c> we're</c><00:03:58.780><c> giving</c><00:03:59.050><c> up</c><00:03:59.140><c> a</c><00:03:59.320><c> huge</c>

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different sharks we're giving up a huge
 

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different sharks we're giving up a huge
portion<00:04:00.070><c> of</c><00:04:00.489><c> these</c><00:04:00.640><c> scaling</c><00:04:00.940><c> advantages</c><00:04:01.720><c> of</c>

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portion of these scaling advantages of
 

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portion of these scaling advantages of
charting<00:04:04.290><c> for</c><00:04:05.290><c> example</c><00:04:05.890><c> if</c><00:04:06.100><c> we</c><00:04:06.280><c> pair</c><00:04:06.519><c> two</c>

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charting for example if we pair two
 

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charting for example if we pair two
sharks<00:04:07.090><c> that's</c><00:04:07.600><c> five</c><00:04:07.870><c> through</c><00:04:08.110><c> twelve</c><00:04:08.530><c> pairs</c>

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sharks that's five through twelve pairs
 

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sharks that's five through twelve pairs
so<00:04:09.340><c> we've</c><00:04:09.519><c> given</c><00:04:09.730><c> up</c><00:04:09.940><c> half</c><00:04:10.239><c> the</c><00:04:10.540><c> scale</c><00:04:10.930><c> of</c><00:04:11.230><c> our</c>

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so we've given up half the scale of our
 

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so we've given up half the scale of our
chain<00:04:12.810><c> okay</c><00:04:13.810><c> and</c><00:04:14.049><c> then</c><00:04:14.650><c> l2</c><00:04:15.220><c> state</c><00:04:15.519><c> we're</c><00:04:16.450><c> just</c>

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chain okay and then l2 state we're just
 

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chain okay and then l2 state we're just
gonna<00:04:17.290><c> like</c><00:04:17.590><c> very</c><00:04:18.250><c> briefly</c><00:04:18.549><c> touch</c><00:04:19.030><c> on</c><00:04:19.150><c> this</c>

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gonna like very briefly touch on this
 

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gonna like very briefly touch on this
because<00:04:20.040><c> nobody</c><00:04:21.040><c> has</c><00:04:21.310><c> proposed</c><00:04:21.669><c> that</c><00:04:21.700><c> decent</c>

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because nobody has proposed that decent
 

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because nobody has proposed that decent
like<00:04:23.229><c> commenting</c><00:04:23.919><c> the</c><00:04:24.010><c> model</c><00:04:24.310><c> for</c><00:04:24.640><c> it</c><00:04:24.790><c> that</c><00:04:25.060><c> I</c>

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like commenting the model for it that I
 

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like commenting the model for it that I
know<00:04:25.180><c> of</c><00:04:25.510><c> there's</c><00:04:26.229><c> a</c><00:04:26.320><c> lot</c><00:04:26.470><c> of</c><00:04:26.590><c> interesting</c>

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know of there's a lot of interesting
 

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know of there's a lot of interesting
ideas<00:04:27.220><c> about</c><00:04:27.940><c> moving</c><00:04:28.570><c> contract</c><00:04:29.140><c> state</c><00:04:29.470><c> into</c>

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ideas about moving contract state into
 

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ideas about moving contract state into
in<00:04:30.430><c> the</c><00:04:30.520><c> plasma</c><00:04:30.729><c> chains</c><00:04:31.180><c> or</c><00:04:31.390><c> state</c><00:04:31.600><c> channels</c>

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in the plasma chains or state channels
 

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in the plasma chains or state channels
or<00:04:32.200><c> similar</c><00:04:32.530><c> constructions</c><00:04:33.130><c> one</c><00:04:34.090><c> of</c><00:04:34.180><c> the</c><00:04:34.300><c> main</c>

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or similar constructions one of the main
 

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or similar constructions one of the main
pushes<00:04:34.870><c> in</c><00:04:35.050><c> e2</c><00:04:35.560><c> is</c><00:04:35.830><c> to</c><00:04:36.010><c> have</c><00:04:36.190><c> what's</c><00:04:36.669><c> called</c>

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pushes in e2 is to have what's called
 

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pushes in e2 is to have what's called
stateless<00:04:37.360><c> clients</c><00:04:38.460><c> where</c><00:04:39.460><c> the</c><00:04:39.970><c> entire</c><00:04:40.450><c> chain</c>

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stateless clients where the entire chain
 

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stateless clients where the entire chain
state<00:04:41.440><c> of</c><00:04:41.590><c> any</c><00:04:41.770><c> given</c><00:04:42.130><c> shard</c><00:04:42.610><c> is</c><00:04:42.970><c> with</c><00:04:43.479><c> the</c>

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state of any given shard is with the
 

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state of any given shard is with the
that<00:04:44.419><c> are</c><00:04:44.509><c> actually</c><00:04:44.930><c> using</c><00:04:45.169><c> it</c><00:04:45.410><c> rather</c><00:04:45.800><c> than</c>

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that are actually using it rather than
 

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that are actually using it rather than
in<00:04:46.460><c> the</c><00:04:46.729><c> consensus</c><00:04:47.479><c> process</c><00:04:48.340><c> where</c><00:04:49.340><c> we</c><00:04:49.490><c> can</c>

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in the consensus process where we can
 

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in the consensus process where we can
come<00:04:50.150><c> to</c><00:04:50.270><c> consensus</c><00:04:50.750><c> on</c><00:04:50.870><c> updates</c><00:04:51.289><c> to</c><00:04:51.470><c> the</c>

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come to consensus on updates to the
 

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come to consensus on updates to the
group<00:04:51.800><c> connection</c><00:04:52.250><c> of</c><00:04:52.340><c> the</c><00:04:52.430><c> state</c><00:04:52.669><c> rather</c>

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group connection of the state rather
 

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group connection of the state rather
than<00:04:53.240><c> updates</c><00:04:53.630><c> to</c><00:04:53.840><c> the</c><00:04:53.960><c> state</c><00:04:54.970><c> it's</c><00:04:55.970><c> a</c><00:04:56.240><c> bit</c><00:04:56.660><c> of</c>

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than updates to the state it's a bit of
 

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than updates to the state it's a bit of
a<00:04:56.870><c> difficult</c><00:04:57.500><c> concept</c><00:04:58.490><c> to</c><00:04:58.550><c> talk</c><00:04:58.819><c> about</c><00:05:00.280><c> but</c>

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a difficult concept to talk about but
 

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a difficult concept to talk about but
generally<00:05:02.300><c> speaking</c><00:05:02.360><c> this</c><00:05:02.930><c> was</c><00:05:03.139><c> involved</c>

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generally speaking this was involved
 

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generally speaking this was involved
taking<00:05:04.150><c> contracts</c><00:05:05.150><c> which</c><00:05:05.569><c> are</c><00:05:05.780><c> a</c><00:05:06.020><c> sharpie</c><00:05:06.770><c> and</c>

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taking contracts which are a sharpie and
 

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taking contracts which are a sharpie and
either<00:05:07.490><c> proposal</c><00:05:08.180><c> and</c><00:05:08.330><c> putting</c><00:05:08.569><c> them</c><00:05:08.720><c> into</c><00:05:08.870><c> a</c>

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either proposal and putting them into a
 

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either proposal and putting them into a
shared<00:05:09.500><c> layer</c><00:05:09.949><c> tree</c><00:05:10.220><c> system</c><00:05:10.669><c> that</c><00:05:11.000><c> could</c>

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shared layer tree system that could
 

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shared layer tree system that could
settle<00:05:11.539><c> for</c><00:05:11.750><c> those</c><00:05:11.930><c> charts</c><00:05:13.509><c> we</c><00:05:14.509><c> don't</c><00:05:15.020><c> know</c>

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settle for those charts we don't know
 

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settle for those charts we don't know
what<00:05:15.380><c> this</c><00:05:15.500><c> would</c><00:05:15.710><c> look</c><00:05:15.740><c> like</c><00:05:15.919><c> a</c><00:05:16.310><c> lot</c><00:05:16.610><c> of</c>

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what this would look like a lot of
 

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what this would look like a lot of
people<00:05:16.970><c> are</c><00:05:17.030><c> very</c><00:05:17.060><c> excited</c><00:05:17.330><c> about</c><00:05:17.840><c> it</c><00:05:18.050><c> and</c><00:05:18.259><c> I</c>

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people are very excited about it and I
 

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people are very excited about it and I
would<00:05:18.650><c> think</c><00:05:18.860><c> that</c><00:05:19.130><c> getting</c><00:05:19.729><c> a</c><00:05:19.940><c> concrete</c>

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would think that getting a concrete
 

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would think that getting a concrete
design<00:05:20.569><c> is</c><00:05:21.110><c> a</c><00:05:21.319><c> couple</c><00:05:21.740><c> years</c><00:05:21.919><c> off</c><00:05:22.130><c> it's</c><00:05:23.590><c> okay</c>

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design is a couple years off it's okay
 

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design is a couple years off it's okay
so<00:05:24.919><c> this</c><00:05:25.159><c> is</c><00:05:25.340><c> the</c><00:05:25.580><c> end</c><00:05:25.880><c> of</c><00:05:26.030><c> my</c><00:05:26.210><c> slides</c><00:05:26.270><c> for</c><00:05:26.840><c> now</c>

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so this is the end of my slides for now
 

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so this is the end of my slides for now
do<00:05:27.139><c> we</c><00:05:27.229><c> have</c><00:05:27.289><c> any</c><00:05:27.400><c> questions</c><00:05:28.400><c> about</c><00:05:29.389><c> cross</c>

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do we have any questions about cross
 

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do we have any questions about cross
direct<00:05:30.110><c> communication</c><00:05:35.530><c> any</c><00:05:38.680><c> way</c><00:05:39.680><c> to</c><00:05:39.740><c> kind</c><00:05:40.220><c> of</c>

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direct communication any way to kind of
 

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direct communication any way to kind of
think<00:05:40.370><c> about</c><00:05:40.580><c> for</c><00:05:41.150><c> that</c><00:05:41.750><c> given</c><00:05:42.080><c> that</c><00:05:42.110><c> they</c>

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think about for that given that they
 

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think about for that given that they
should<00:05:42.860><c> repeat</c><00:05:43.430><c> that</c><00:05:43.759><c> shops</c><00:05:44.120><c> available</c><00:05:44.720><c> to</c>

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should repeat that shops available to
 

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should repeat that shops available to
appeal<00:05:45.470><c> the</c><00:05:45.830><c> dial</c><00:05:46.240><c> compound</c><00:05:47.240><c> say</c><00:05:47.539><c> hey</c><00:05:47.750><c> we're</c>

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appeal the dial compound say hey we're
 

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appeal the dial compound say hey we're
we're<00:05:49.190><c> making</c><00:05:49.219><c> pretty</c><00:05:49.699><c> best</c><00:05:50.030><c> market</c><00:05:50.449><c> richness</c>

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we're making pretty best market richness
 

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we're making pretty best market richness
there's<00:05:51.590><c> 2%</c><00:05:51.949><c> shopping</c><00:05:52.550><c> suddenly</c><00:05:53.120><c> everybody</c>

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there's 2% shopping suddenly everybody
 

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there's 2% shopping suddenly everybody
Oh<00:05:53.680><c> same</c><00:05:54.340><c> time</c><00:05:54.580><c> yeah</c><00:05:55.180><c> so</c><00:05:56.910><c> yeah</c><00:05:57.910><c> yeah</c><00:05:58.530><c> you're</c>

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Oh same time yeah so yeah yeah you're
 

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Oh same time yeah so yeah yeah you're
asking<00:05:59.949><c> whether</c><00:06:00.430><c> there's</c><00:06:00.729><c> a</c><00:06:00.790><c> risk</c><00:06:01.210><c> that</c>

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asking whether there's a risk that
 

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asking whether there's a risk that
contracts<00:06:02.440><c> will</c><00:06:02.620><c> want</c><00:06:02.860><c> to</c><00:06:02.919><c> be</c><00:06:03.190><c> on</c><00:06:03.430><c> the</c><00:06:03.580><c> same</c>

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contracts will want to be on the same
 

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contracts will want to be on the same
chart<00:06:04.060><c> as</c><00:06:04.210><c> other</c><00:06:04.419><c> contracts</c><00:06:05.050><c> so</c><00:06:05.169><c> that</c><00:06:05.320><c> they</c>

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chart as other contracts so that they
 

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chart as other contracts so that they
can<00:06:05.710><c> interact</c><00:06:05.919><c> directly</c><00:06:06.600><c> and</c><00:06:07.600><c> I</c><00:06:07.720><c> think</c>

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can interact directly and I think
 

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can interact directly and I think
there's<00:06:08.199><c> definitely</c><00:06:08.590><c> that</c><00:06:08.710><c> great</c><00:06:09.009><c> split</c><00:06:09.370><c> one</c>

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there's definitely that great split one
 

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there's definitely that great split one
of<00:06:09.880><c> the</c><00:06:10.060><c> reasons</c><00:06:10.419><c> we</c><00:06:10.570><c> all</c><00:06:10.840><c> got</c><00:06:11.050><c> involved</c><00:06:11.470><c> in</c>

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of the reasons we all got involved in
 

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of the reasons we all got involved in
the<00:06:11.830><c> period</c><00:06:12.190><c> is</c><00:06:12.340><c> because</c><00:06:12.490><c> we</c><00:06:12.880><c> have</c><00:06:13.120><c> variable</c>

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the period is because we have variable
 

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the period is because we have variable
smart<00:06:14.320><c> contracts</c><00:06:14.800><c> is</c><00:06:15.100><c> because</c><00:06:15.660><c> CDP's</c><00:06:16.660><c> and</c>

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smart contracts is because CDP's and
 

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smart contracts is because CDP's and
compound<00:06:17.620><c> can</c><00:06:17.949><c> interact</c><00:06:18.870><c> charting</c><00:06:19.870><c> grapes</c>

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compound can interact charting grapes
 

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compound can interact charting grapes
that<00:06:20.590><c> guarantee</c><00:06:21.520><c> and</c><00:06:21.940><c> makes</c><00:06:22.870><c> it</c><00:06:23.050><c> asynchronous</c>

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that guarantee and makes it asynchronous
 

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that guarantee and makes it asynchronous
interaction<00:06:23.889><c> so</c><00:06:24.699><c> you</c><00:06:24.759><c> have</c><00:06:25.030><c> weaker</c>

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interaction so you have weaker
 

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interaction so you have weaker
guarantees<00:06:26.800><c> about</c><00:06:27.160><c> how</c><00:06:27.340><c> the</c><00:06:27.400><c> interaction</c>

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guarantees about how the interaction
 

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guarantees about how the interaction
effects<00:06:28.210><c> to</c><00:06:28.389><c> use</c><00:06:28.539><c> them</c><00:06:29.820><c> so</c><00:06:31.410><c> compound</c><00:06:32.410><c> and</c>

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effects to use them so compound and
 

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effects to use them so compound and
maker<00:06:33.400><c> a</c><00:06:33.550><c> particularly</c><00:06:34.060><c> interesting</c><00:06:34.630><c> because</c>

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maker a particularly interesting because
 

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maker a particularly interesting because
compound<00:06:36.250><c> relies</c><00:06:36.520><c> on</c><00:06:36.550><c> a</c><00:06:36.880><c> shared</c><00:06:37.419><c> liquidity</c>

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compound relies on a shared liquidity
 

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compound relies on a shared liquidity
for<00:06:38.789><c> your</c><00:06:39.789><c> compounds</c><00:06:40.419><c> rate</c><00:06:40.630><c> is</c><00:06:40.900><c> dependent</c><00:06:41.110><c> on</c>

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for your compounds rate is dependent on
 

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for your compounds rate is dependent on
how<00:06:41.800><c> much</c><00:06:42.070><c> of</c><00:06:42.280><c> each</c><00:06:42.490><c> asset</c><00:06:42.850><c> is</c><00:06:43.240><c> in</c><00:06:43.449><c> compound</c>

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how much of each asset is in compound
 

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how much of each asset is in compound
right<00:06:44.289><c> now</c><00:06:44.560><c> and</c><00:06:45.370><c> in</c><00:06:46.120><c> a</c><00:06:46.419><c> shard</c><00:06:46.690><c> of</c><00:06:46.780><c> ecosystem</c>

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right now and in a shard of ecosystem
 

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right now and in a shard of ecosystem
there<00:06:47.620><c> have</c><00:06:47.770><c> to</c><00:06:47.889><c> be</c><00:06:47.919><c> a</c><00:06:48.039><c> thousand</c><00:06:48.550><c> and</c><00:06:48.669><c> 24</c>

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there have to be a thousand and 24
 

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there have to be a thousand and 24
different<00:06:49.770><c> compounds</c><00:06:50.770><c> deployed</c><00:06:51.220><c> with</c>

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different compounds deployed with
 

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different compounds deployed with
different<00:06:52.630><c> liquidity</c><00:06:53.229><c> pools</c><00:06:54.599><c> so</c><00:06:55.599><c> yeah</c><00:06:56.229><c> there</c>

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different liquidity pools so yeah there
 

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different liquidity pools so yeah there
are<00:06:56.530><c> some</c><00:06:56.650><c> pretty</c><00:06:56.860><c> concrete</c><00:06:57.099><c> advantages</c><00:06:57.849><c> to</c>

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are some pretty concrete advantages to
 

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are some pretty concrete advantages to
having<00:06:58.180><c> a</c><00:06:58.570><c> chain</c><00:06:59.380><c> with</c><00:07:00.220><c> all</c><00:07:00.490><c> of</c><00:07:00.610><c> the</c><00:07:00.729><c> smart</c>

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having a chain with all of the smart
 

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having a chain with all of the smart
contracts<00:07:01.419><c> on</c><00:07:01.599><c> it</c><00:07:01.780><c> unfortunately</c><00:07:02.789><c> you</c><00:07:03.789><c> know</c>

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contracts on it unfortunately you know
 

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contracts on it unfortunately you know
that's<00:07:04.060><c> what</c><00:07:04.240><c> we</c><00:07:04.360><c> invented</c><00:07:04.750><c> Chardon</c><00:07:05.169><c> to</c><00:07:05.349><c> get</c>

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that's what we invented Chardon to get
 

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that's what we invented Chardon to get
rid<00:07:05.710><c> of</c><00:07:05.789><c> because</c><00:07:06.789><c> it</c><00:07:06.940><c> prevents</c><00:07:07.479><c> scale</c>

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yes<00:07:13.880><c> this</c><00:07:15.139><c> newspaper</c>

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yes this newspaper
 

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yes this newspaper
you<00:07:18.820><c> see</c>

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there<00:07:24.430><c> is</c><00:07:25.319><c> ok</c><00:07:26.319><c> so</c><00:07:26.379><c> just</c><00:07:26.530><c> any</c><00:07:27.280><c> do</c><00:07:27.879><c> any</c><00:07:27.909><c> of</c><00:07:28.150><c> these</c>

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there is ok so just any do any of these
 

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there is ok so just any do any of these
models<00:07:28.449><c> give</c><00:07:28.810><c> privacy</c><00:07:29.319><c> of</c><00:07:29.379><c> your</c><00:07:29.470><c> data</c>

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models give privacy of your data
 

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models give privacy of your data
segregation<00:07:30.280><c> across</c><00:07:30.550><c> trains</c>

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segregation across trains
 

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segregation across trains
no<00:07:32.909><c> today</c><00:07:33.909><c> the</c><00:07:33.970><c> segregation</c><00:07:34.629><c> of</c><00:07:34.840><c> public</c><00:07:35.110><c> chain</c>

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no today the segregation of public chain
 

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no today the segregation of public chain
is<00:07:35.830><c> an</c><00:07:36.069><c> impossible</c><00:07:36.669><c> task</c><00:07:37.379><c> for</c><00:07:38.379><c> a</c><00:07:39.370><c> concrete</c>

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is an impossible task for a concrete
 

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is an impossible task for a concrete
example<00:07:39.970><c> in</c><00:07:40.479><c> aetherium</c><00:07:40.930><c> we</c><00:07:41.080><c> can</c><00:07:41.259><c> always</c><00:07:41.710><c> load</c>

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example in aetherium we can always load
 

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example in aetherium we can always load
the<00:07:42.520><c> snake</c><00:07:42.819><c> tree</c><00:07:43.120><c> as</c><00:07:43.389><c> a</c><00:07:43.419><c> purple</c><00:07:44.050><c> tree</c><00:07:44.289><c> in</c><00:07:44.500><c> a</c>

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the snake tree as a purple tree in a
 

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the snake tree as a purple tree in a
smart<00:07:44.949><c> contract</c><00:07:45.159><c> to</c><00:07:45.639><c> inspect</c><00:07:46.060><c> private</c><00:07:46.659><c> state</c>

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smart contract to inspect private state
 

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smart contract to inspect private state
variables<00:07:47.699><c> so</c><00:07:48.699><c> any</c><00:07:48.940><c> sort</c><00:07:49.210><c> of</c><00:07:49.389><c> unashamed</c>

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variables so any sort of unashamed
 

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variables so any sort of unashamed
public<00:07:50.710><c> private</c><00:07:51.430><c> public</c><00:07:52.120><c> chain</c><00:07:52.330><c> privacy</c><00:07:52.900><c> is</c>

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public private public chain privacy is
 

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public private public chain privacy is
kind<00:07:53.409><c> of</c><00:07:53.500><c> an</c><00:07:53.560><c> illusion</c><00:07:53.740><c> we</c><00:07:54.639><c> can</c><00:07:54.789><c> make</c><00:07:54.909><c> it</c><00:07:55.030><c> more</c>

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kind of an illusion we can make it more
 

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kind of an illusion we can make it more
difficult<00:07:55.419><c> to</c><00:07:56.020><c> read</c><00:07:56.259><c> specific</c><00:07:56.800><c> state</c><00:07:57.009><c> but</c><00:07:57.250><c> we</c>

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difficult to read specific state but we
 

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difficult to read specific state but we
can't<00:07:57.520><c> make</c><00:07:57.669><c> it</c><00:07:57.759><c> impossible</c><00:07:58.060><c> to</c><00:07:58.360><c> be</c><00:07:58.479><c> in</c><00:07:58.509><c> that</c>

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can't make it impossible to be in that
 

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can't make it impossible to be in that
state<00:07:59.069><c> if</c><00:08:00.069><c> you're</c><00:08:00.280><c> talking</c><00:08:00.580><c> about</c><00:08:00.669><c> like</c><00:08:00.879><c> user</c>

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state if you're talking about like user
 

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state if you're talking about like user
oriented<00:08:01.780><c> privacy</c><00:08:02.469><c> like</c><00:08:03.270><c> zkp</c><00:08:04.270><c> there's</c><00:08:04.629><c> the</c>

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oriented privacy like zkp there's the
 

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oriented privacy like zkp there's the
cash<00:08:04.960><c> gifts</c><00:08:05.409><c> that's</c><00:08:06.219><c> kind</c><00:08:06.550><c> of</c><00:08:06.639><c> we're</c><00:08:06.849><c> talking</c>

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cash gifts that's kind of we're talking
 

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cash gifts that's kind of we're talking
to<00:08:07.509><c> cross</c><00:08:07.870><c> our</c><00:08:08.080><c> communication</c><00:08:10.590><c> it's</c><00:08:11.590><c> so</c>

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to cross our communication it's so
 

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to cross our communication it's so
LCC<00:08:13.870><c> North</c><00:08:14.350><c> America</c><00:08:14.800><c> on</c>

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LCC North America on
 

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LCC North America on
with<00:08:17.370><c> that</c><00:08:17.580><c> connects</c><00:08:18.800><c> yeah</c>

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with that connects yeah
 

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with that connects yeah
all<00:08:20.790><c> L</c><00:08:21.030><c> to</c><00:08:21.380><c> requires</c><00:08:22.380><c> like</c><00:08:22.680><c> some</c><00:08:22.920><c> magic</c>

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all L to requires like some magic
 

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all L to requires like some magic
waiting<00:08:23.610><c> period</c><00:08:23.970><c> usually</c><00:08:24.180><c> measured</c><00:08:24.690><c> in</c><00:08:24.840><c> days</c>

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waiting period usually measured in days
 

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waiting period usually measured in days
one<00:08:26.610><c> of</c><00:08:26.700><c> the</c><00:08:26.790><c> nice</c><00:08:26.910><c> things</c><00:08:26.940><c> about</c><00:08:27.330><c> the</c><00:08:27.990><c> cross</c>

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one of the nice things about the cross
 

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one of the nice things about the cross
lengths<00:08:28.740><c> is</c><00:08:28.860><c> that</c><00:08:29.070><c> they</c><00:08:29.280><c> should</c><00:08:29.340><c> finalize</c>

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lengths is that they should finalize
 

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lengths is that they should finalize
your<00:08:30.240><c> mistake</c><00:08:30.840><c> much</c><00:08:31.050><c> quicker</c><00:08:31.350><c> than</c><00:08:31.500><c> that</c><00:08:32.240><c> the</c>

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your mistake much quicker than that the
 

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your mistake much quicker than that the
reason<00:08:33.570><c> we</c><00:08:33.690><c> have</c><00:08:33.870><c> a</c><00:08:33.900><c> multi</c><00:08:34.260><c> day</c><00:08:34.470><c> waiting</c>

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reason we have a multi day waiting
 

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reason we have a multi day waiting
period<00:08:34.890><c> for</c><00:08:35.190><c> l2</c><00:08:35.460><c> is</c><00:08:35.940><c> to</c><00:08:36.240><c> provide</c><00:08:36.720><c> better</c>

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period for l2 is to provide better
 

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period for l2 is to provide better
security<00:08:37.650><c> for</c><00:08:38.390><c> users</c><00:08:39.390><c> because</c><00:08:39.750><c> one</c><00:08:40.290><c> of</c><00:08:40.320><c> the</c>

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security for users because one of the
 

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security for users because one of the
experience<00:08:40.950><c> options</c><00:08:41.250><c> of</c><00:08:41.400><c> all</c><00:08:41.580><c> help</c><00:08:41.820><c> to</c>

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experience options of all help to
 

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experience options of all help to
constructions<00:08:42.570><c> is</c><00:08:42.780><c> that</c><00:08:42.930><c> a</c><00:08:42.960><c> user</c><00:08:43.169><c> can</c><00:08:43.380><c> get</c><00:08:43.500><c> a</c>

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constructions is that a user can get a
 

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constructions is that a user can get a
transaction<00:08:44.160><c> launching</c><00:08:44.670><c> in</c><00:08:44.940><c> the</c><00:08:45.000><c> waiting</c>

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transaction launching in the waiting
 

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transaction launching in the waiting
period<00:08:46.200><c> so</c><00:08:46.830><c> one</c><00:08:47.010><c> hour</c><00:08:47.160><c> waiting</c><00:08:47.310><c> period</c><00:08:47.430><c> means</c>

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period so one hour waiting period means
 

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period so one hour waiting period means
excess<00:08:48.300><c> a</c><00:08:48.420><c> presumption</c><00:08:50.120><c> it's</c><00:08:51.120><c> likely</c><00:08:51.480><c> that</c>

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excess a presumption it's likely that
 

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excess a presumption it's likely that
that<00:08:52.140><c> part</c><00:08:52.530><c> of</c><00:08:52.650><c> it</c><00:08:52.770><c> will</c><00:08:52.920><c> be</c><00:08:53.010><c> much</c><00:08:53.220><c> more</c>

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that part of it will be much more
 

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that part of it will be much more
significant<00:08:53.910><c> than</c><00:08:53.970><c> the</c><00:08:54.120><c> crushed</c><00:08:54.390><c> shirt</c>

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significant than the crushed shirt
 

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significant than the crushed shirt
communication<00:08:55.380><c> part</c><00:08:55.650><c> of</c><00:08:55.740><c> said</c><00:08:55.920><c> I</c><00:08:55.950><c> might</c><00:08:56.250><c> help</c>

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communication part of said I might help
 

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communication part of said I might help
you<00:08:56.670><c> see</c><00:08:57.470><c> all</c><00:08:58.470><c> right</c><00:08:58.650><c> where</c><00:08:58.920><c> time's</c><00:08:59.790><c> up</c><00:09:00.030><c> come</c>

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you see all right where time's up come
 

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you see all right where time's up come
find<00:09:00.810><c> me</c><00:09:00.870><c> afterwards</c>

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[Applause]