12 - The Protocol Sink Thesis

Transcript

[Music] welcome, to, thankless, where, we, explore the, frontier, internet, money, and, internet finance, this, is, how, to, get, started, how to, get, better, and, how, to, front, run, the opportunity, this, is, Ryan, Shawn, Adams, I am, here, with, David, Hoffman, and, we're here, to, help, you, become, more, Bank, less hey, David, how's, things, things, have, been absolutely, crazy, ethereal, conference just, wrapped, up, which, was, a, great conference, and, this, is, actually, going, to be, the, subject, matter, of, this, podcast the, the, talk, I, gave, at, the, ethereal

conference, called, the, product, settlement assurances, and, the, protocol, sync, thesis I, really, want, to, dive, deeper, with, that with, you, Ryan, and, so, we're, gonna, we're gonna, focus, on, that, this, podcast, so, it's gonna, be, a, good, one, yeah, I, can't, wait, I watched, that, live, by, the, way, David, and somebody, I, think, of, the, YouTube, comments said, get, this, man, another, Red, Bull because, you, were, talking, so, fast, and, you compressed, so, much, awesome, information in, 18, minutes, it, was, fantastic, we'll include, that, in, the, show, notes, right that's, out, now, isn't, it, that, is, out that's, out, on, YouTube, yeah, and, that's definitely, the, benefit, of, being, a podcaster, and, also, really, prepping, and practicing, your, talk, I, could, just, burn through, I, talked, it, Mariano, Conte, said that, David, talks, at, 1.5, X, and

got, no, time, for, ohms, man, I've, got, no time, for, ohms, it's, great, yeah, absolutely people, probably, don't, have, to, speed, up our, podcast, maybe, maybe, the, portions where, I, speak, they, speed, it, up, and, but then, you, drop, it, back, for, you alright, cool, well, hey, before, we, get there, we, should, talk, about, our, fantastic sponsors, today, so, want, to, take, a, minute to, tell, you, about, rocket, dollar, this, is for, our, us, listeners, if, you've, got, an IRA, or, a, 401k, its, jailed, inside, of, your brokerage, that, means, you, don't, have, good access, to, crypto, the, crypto, you, can, buy in, brokerages, is, going, to, rip, you, off, it cost, 5x, spot, price, to, buy, if, don't, do that, what, you, should, first, do, is, break your, crypto, out, of, brokerage, jail, set, up

what's, called, a, safe, self-directed, I, or self-directed, 401k, you, could, do, that with, a, rocket, dollar, they, take, care, of the, pain, for, you, I've, done, this, a, ton, of folks, in, the, bank, list, community, have done, this, they've, broken, their, crypto out, of, jail, go, to, rocket, dollar, comm, to get, started, with, your, tax, advantaged crypto, account, that's, rocket, dollar, comm use, the, code, Bank, list, and, get, $50, off dy/dx, is, the, leading, and, most, performant decentralized, exchange, in, the, crypto space, today, dy/dx, is, a, place, where, you can, go, and, and, make, spot, trades, just, you know, buying, and, selling, ether, for, die which, is, and, it's, also, an, extremely liquid, platform, so, it's, a, really, great

place, to, do, that, but, you, can, also, margin trade, and, you, can, also, borrow, and, lend, I borrow, and, lend, ether, and, something, that the, brand, new, is, their, perpetual contract, swaps, which, have, just, released for, Bitcoin, and, I'm, a, huge, fan, of, this every, time, I, see, some, new, feature, that uses, Bitcoin, on, aetherium, I, get, really excited, so, the, dy/dx, has, really, pushed forward, the, financialization, of, Bitcoin on, aetherium, with, their, perpetual contract, markets, think, of, this, like, bit Mex, but, using, a, defy, app, on, aetherium, a noncustodial, app, that, doesn't, have, a centralized, exchange, operator, and, can get, you, all, the, things, that, you, want, to do, on, bit, mix, but, instead, on, dy/dx, so they, just, launched, this, very, recently

you, can, get, up, to, 10x, leverage, with price, exposure, to, Bitcoin, with, the underlying, US, DC, asset, so, a, little, after you're, done, leveraging, long, you'll you'll, get, paid, out, in, USD, see, really exciting, new, feature, coming, out, of, dy/dx and, really, enjoy, what, they're, doing, if you, want, to, go, and, trade, on, dy/dx, you can, get, a, special, offer, for, Bank, list listeners, you, get, 10%, off, trading, fees if, you, sign, up, with, the, bank, list referral, link, which, is, trade, dot, dy, DX dot, exchange, /, r, /, bank, lists, it's, a long, one, so, it's, in, the, show, notes, so you, can, go, there, click, that, link, go, to dy/dx, and, get, 10%, off, of, all, trades David, let's, talk, about, some, big-picture

stuff, today, so, the, first, is, this, this has, been, prophesied, in, the, etherium community, for, a, long, time, it, fine happened, eath, now, has, a CFTC, regulated, futures, market, in, the, US through, an, exchange, called, Eris, X, that's super, exciting, what, are, your, thoughts, on this, yes, so, this, is, a, really, important area, of, progress, that, if, you're, ium needs, to, go, through, in, order, for, it, to grow, into, it, what, we, want, it, to, in, the future, which, is, this, global, financial system, I, view, these, two, worlds, as, you know, if, yeoreum, has, its, own, world, and it's, becoming, financialized, inside, of, it and, that's, just, defy, apps, that, we, all

know, and, love, but, then, there's, the, old world, the, legacy, world, where, you, buy Bitcoin, either, crypto, assets, inside, of your, brokerage, account, like, you, inside of, your, Charles, Schwab, inside, of, your your, TD, Ameritrade, account, which, you can't, do, yet, but, at, least, two, worlds each, take, steps, towards, each, other, and and, this, is, a, really, big, step, for, the legacy, financial, world, taking, a, big, step towards, towards, etherium, having physically, settled, futures, where, like when, the, contract, closes, you, are actually, delivered, ether, the, asset, not just, some, synthetic, asset, that, gives, you price, exposure, is, really, important, and so, this, is, the, old, legacy, world, taking, a big, step, towards, aetherium, and, just, the financialization, of, either, the, asset, in

general, yeah, I, totally, agree, I, mean we've, talked, in, episode, three, about economic, bandwidth, and, economic bandwidth, being, basically, the, the, rate limiter, the, capacity, limiter, for, the open, financial, system, and, of, course economic, bandwidth, is, basically, price, of eath, market, cap, of, eath, the, liquidity, of eath, so, this, ads, is, sort, of, a, third engine, to, an, economic, bandwidth accelerator, so, the, first, is, of, course eath, gets, liquidity, and, value, through crypto, banks, like, exchanges, like coinbase, the, second, is, all, of, the, defy protocols, that, we, talked, about, so, much in, the, bank, list, program, and, now, this third, engine, of, traditional, finance means, means, folks, like, Paul, Tudor, Jones the, hedge, fund, manager, who, just

announced, he, bought, Bitcoin, options, can now, buy, eath, options, they're, regulated by, the, CFTC, and, that's, a, that's, a, pretty big, deal, for, that, third, engine, the traditional, finance, engine, there, are only, two, crypto, assets, that's, the, CFTC has, deemed, as, commodities, and, the, first is, Bitcoin, they, did, that, a, couple, of years, ago, and, the, second, is, ether, and now, we, see, us, regulated, futures, of, ether I, think, it'll, be, a, long, time, before, we see, any, other, crypto, assets, get, over, the hurdle, and, be, approved, by, the, CFTC, as commodities, so, it, seems, to, me, bitcoin and, ether, have, a, fairly, significant, lead in, that, respect, what's, your, take, yeah, a

hundred, percent, and, an, even, more, so, on that, on, that, same, note, it, took, Bitcoin eight, years, nine, years, to, get, futures, it got, futures, at, the, in, like, January, of 2018, if, I, if, I, recall, correctly, which means, that, Bitcoin, you, know, got, got futures, at, eight, years, old, and, if, theory MC, me, be, following, Bitcoin, same, path, but like, sped, up, I, doubled, the, speed, because it's, following, in, bitcoins, wake, where Bitcoin, is, really, the, thing, that, people think, of, when, they, think, of, crypto, at least, from, the, outside, world, but, it's really, just, carving, a, path, and, making, it really, easy, for, aetherium, to, do, all, the same, things, that, are, necessary, for financialization, but, at, a, faster, rate and, so, aetherium, got, its, futures, in, in five, years, where, it, took, Bitcoin, eight

years, and, so, you, know, think, thanks Bitcoin, for, making, this, easy, on, us wait, didn't, you, did, you, say, something about, that, earlier, this, this, week, David about, ether, being, like, Bitcoin, in, 2015 yeah, yeah, I, wrote, a, tweet, that, said ether, if, your, iam, is, where, Bitcoin, was in, 2015, except, if, Bitcoin, had, an, abusive older, brother, that, kept, telling, it, that is, worthless but, it, was, pretty, is, it, up, the relationship, between, these, two communities, pretty, well yeah, there's, definitely, a, contingent, in the, Bitcoin, maximalist, community, that likes, to, tell, ether, it's, it's, worthless all, of, the, time, and, they, mean, that literally, by, the, way, I, mean, that, it's

going, to, zero that's, what, they, think, let's, talk, about something, else, to, you, that, happened, this week, I, tweeted, this, out, day, because, it is, so, cool, like, every, week, it, feels, like something, magical, happen, in, the, bank l'espace, in, the, d5, space, in, the, crypto space, for, me, last, week, that, was, RAC reppin, the, bank, listt, shirt, on, a livestream, yeah, that, was, really, cool, to see, Ric, I, listened, to, him, a, ton, in college, and, then, it's, since, college, for my, music, taste, has, gotten, really, old like, Beatles, type, stuff, but, having, him circle, around, he's, coming, on, to, the, eat into, the, ether, podcast, so, I'm, excited, to listen, to, that, but, he, was, on, yeah, he, was on, a, live, stream, just, being, a, DJ, repping

the, bank, listy, and, then, people, were, in the, live, stream, like, talking, about, are you, asking, him, questions, about, like, what what, are, you, into, in, the, defy, world, and and, what, do, you, up, to, what, like, what about, what, you, like, about, crypto, and, so he, was, talking, about, the, tape, token, that he, issued, which, are, a, hundred, there, 100 tokens, and, they're, redeemable, for, a cassette, tape, a, unique, cassette, tape, and it's, kind, of, just, a, way, for, fans, to, show their, their, their, appreciation, the, it's a, way, for, fans, to, signal, that, hey, I'm, a big, fan, of, Ric, I, really, like, your, music and, so, until, on, a, live, stream, Ric, was talking, about, his, tape, token, right, and he, said, like, yeah, so, I, issued, these, tape

tokens, and, and, now, I, put, them, all, into the, open, market, with, this, thing, called you, swap, and, it's, all, about, price discovery, right, this, this, is, what, really resonated, with, me, he, says, it's, all, about price, discovery, right, like, you, let, the market, decide, how, much, it's, worth, right and, so, and, so, I, don't, I'll, just, issue the, tokens, and, and, my, fans, will, decide to, buy, or, sell, those, things, according, to how, much, they, value, it, and, and, the, guy, I listen, to, that, and, it, was, music, to, my ears, man, I, was, like, this, guy, gets, it this, guy, gets, it, and, I, think, it's, just, a really, great, way, for, artists, to, connect directly, with, their, fans, and, this, is, the entire, revolution, of, peer-to-peer finance, right, like, no, intermediary finance, the, the, world, of, music, and

artists, has, been, so, insanely, captured, by legacy, companies, that, act, as, just, the most, rent-seeking, middlemen, that, stuff like, this, I, really, think, has, great product, market, fit, on, aetherium, where where, artists, can, just, go, directly, to their, fans in, order, to, in, order, to, reward, them, for their, fan, hood, and, then, also, benefit financially, so, they, don't, need, some record, label, or, issuer, or, anything, I'm, a big, fan, yeah, so, here's, a, Grammy award-winning, artist, who, sang, stuff, like I've, been, super, into, aetherium, for, a while, he, is, a, liquidity, provider, on, unis WAP, which, we, talked, about, in, episode, 10 he's, also, into, compound, in, maker, which

you, know, that, completes, the, book, ends, in our, defy, series, like, this, guy's, one, of us, he's, he's, legit, going, bank, lists, and he, issued, his, own, artist, token, on aetherium, so, there, are, only, a, hundred tape, tokens, in, existence, and, the, price on, this, went, crazy, I, was, watching, while he, was, live-streaming, it, started, at, at 20, earlier, that, morning, and, they, got, all the, way, up, to, nine, hundred, and, $29, per cassette, tape, so, these, are, scarce digital, assets, redeemable, for, a, cassette tape, they're, all, issued, on, aetherium, it totally, feels, like, like, we, might, see, you know, Kanye, West, issuing, Yeezy, tokens, on on, aetherium, at, some, point, down, the, road

i, just, got, like, chills, of, like, what, the future, could, bring, in, terms, of, bringing mainstream, to, aetherium, and, bringing, to to, bank, less, so, I, totally, agree, with, you is, super, exciting, there, was, one criticism, I, saw, of, it, though, and, that was, the, criticism, that, basically speculators, not, true, fans, are, the, ones snapping, up, these, deals, so, you, know addresses, that, purchase, more, than, one tape, token, in, order, to, sell, them, back, to you, to, the, fanbase, what's, your, take, on that yeah, yeah, I, could, see, how, that, would, be an, issue, and, and, we, are, at, the, bleeding edge, of, this, right, and, so, I, don't, expect you, know, when, when, if, this, if, and, when this, gets, adopted, by, hundreds, of

different, artists, across, the, world, that we're, using, the, same, infrastructure, that we, are, today, like, RAC, is, a, backless pioneer, just, like, the, rest, of, us, so, he's experimenting, too, but, I, do, think, the fact, that, these, tape, tokens, just skyrocketed, in, value, what, that, means, and and, the, fact, that, people, are, gonna, make money, off, of, this, to, me, it's, an indication, that, there, is, untapped, value to, for, artists, to, get, into, write, like that, that, just, means, there's, more, room for, artists, to, do, more, of, this, stuff, I don't, think, that, we, can, really, say, that the, price, run, from, from, where, ever, it started, at, was, below, $100, all, the, way, up to, $900, was, perhaps, logical, there

definitely, might, have, been, traders, in there, for, sure, but, it's, doing, the, thing that, it, was, supposed, to, do, which, is, to reward, the, artists, for, their, for, their work, right, for, their, product, for, for connecting, to, their, fans, and, so, I, think that, that, is, just, a, signal, that, there's plenty, of, room, for, more, artists, to, do more, stuff, like, this, and, the, thing, is like, this, really, works, out, for, both parties, really, well, both, parties, being the, artists, and, then, also, aetherium right, so, the, artists, want, to, they, want to, shill, etherium, because, that's, a, new financial, platform, for, them, that, we're, a record, label, doesn't, take, 60, or, 70, or, 80 percent, of, the, profits, right, the, artist is, to, retain, a, hundred, percent, of, the profits, -, whatever, the, costs, of, the

cassette, tape, are, and, then, the, fans, you know, get, to, connect, right, into, their into, their, into, their, favorite, artists but, also, aetherium, can, chill, these people, -, right, and, so, you, know, you, Ryan you, and, me, are, shilling, our, a/c, right now, like, we're, shilling, we're, shilling him, and, maybe, some, people, are, gonna, go listen, to, his, music, and, so, it's, really, a symbiotic, relationship, between, like, the artists, that's, trying, to, shill, a, theorem and, then, a, theory, and, people, trying, to shield, the, artists, because, they're, using aetherium, and, so, I, think, that, this because, of, this, mechanism, this, is, just going, to, kind, of, turn, into, a self-fulfilling, prophecy, of, success, yeah I, totally, it, reminds, me, a, little, bit, of like, early, YouTube, right, I'm, the, idea behind, YouTube, is, we, don't, need, big

media, conglomerates, to, produce, and distribute, our, media, right, individuals can, do, that, well, with, the, theorem, you could, do, the, same, thing, with, assets, and it, reminds, me, of, what, we've, talked, about so, many, times, in, Bank, less, particularly episode, 7, where, we, talked, about, all, of the, thorium, scarcity, game, games, this, is just, another, scarcity, game, right, so, the entire, crypto, revolution, basically, the big, discovery, in, you, know, 2009, when Santoshi, satoshi, released, his, white paper, was, digital, scarcity, right, and Bitcoin, is, just, one, manifestation, of, a digital, scarcity, game, and, on, aetherium you, have, all, of, these, digital, scarcity mini, games, that, can, be, played, this, is just, one, of, them, but, I, think, it's, going

to, be, an, absolutely, massive, use, case excited, about, it, and, we'll, see, which which, artist, goes, next, Hey, if, you, had, if you, had, a, vote, David, who, would, what artist, what, celebrity, would, you, like, to see, or, like, sports, figure, would, you, like to, see, start, issuing, stuff, on, etherion oh, man, I, think, Jack, White, would, be, a great, candidate, Jack, right, right, is, a great, blues, rock, artist, who, is, also spinning, up, the, other, like, bootstrapping the, world, of, vinyl, records, again, after it's, kind, of, died, and, so, he's, made, some limited, edition, vinyl, records, and, so he's, kind, of, already, one, foot, into, the world, of, quote, unquote, NF, T's, just, not through, aetherium, and, and, Jack, White, has

been, one, of, my, favorite, artists, for, a while, so, I, think, he, could, come, next, nice well, if, we're, doing, Jack's, then, vote, for Jack, Black, gets, me, tenacious, d release, some, interesting, stuff, alright man, well, we, should, dig, into, the, episode David, I'm, super, excited, to, talk, to, you about, this, about, settlement, guarantees and, about, this, this, thesis, that, you, and I, have, been, batting, around, for, a, while the, protocol, sync, thesis, as, recalling, it maybe, we, should, start, where, you, started in, your, presentation, at, ethereal, and define, what, exactly, we're, talking, about with, with, settlement, guarantees, and, like

why, they're, important, can, you, help, with that, yeah, absolutely, and, this, concept, is something, I'm, still, chewing, on, to, this day, and, so, the, really, cool, thing, about food, producing, podcasts, and, writing, and just, sharing, thoughts, on, Twitter, is, that ideas, always, morph, and, change, and, get updated, the, more, you, talk, about, them, so I, actually, don't, expect, this, to, be, the final, form, of, whatever, the, hell, this idea, is, it's, just, what, what, you, and, I are, thinking, about, today, and, so, each ideas, go, through, an, evolutionary, process just, like, everything, else, so, this, is where, we, are, today, and, hopefully, we update, you, in, the, future, with, where, we are, going, I, totally, agree, this, is, a, you know, we, call, it, a, thesis, because, at, some

level, it's, a, it's, a, it's, a, narrative it's, a, guess, based, on, current information, at, how, this, whole, thing, will take, take, shape, and, play, out, but, it, is, a thesis, right, and, so, along, the, way, we, can actually, test, that, thesis, against, events that, may, actually, occur, so, I, think, well we'll, get, into, that, in, today's, episode David, it's, like, how, folks, can, look, for signs, look, for, events, that, occur, that actually, start, to, validate, this, thesis because, I, think, we're, starting, to, see some, already, and, I, expect, to, see, some more, soon, but, it's, it's, completely something, that, can, be, validated, and proved, true, or, proved, you, know, no hypothesis, if, that's, how, it, turns, out

being, talked, to, us, about, settlement insurance, as, David, what, are, these, like in, the, real, world, and, then, in, the, crypto world, it, refers, to, how, strongly, you, can believe, that, a, settlement, is, going, to, be settled, permanently, and, in, a, way, that you, agree, with, in, the, legacy, world, we have, these, different, payment, rails, right we, have, the, ACH, system, in, America, we have, this, Epis, in, Europe, and, each, one, of these, has, a, specific, time, to, finality there's, a, time, that, once, you, cross, that time, window, that, transaction, isn't, going to, get, reversed, ever, now, in, the, legacy world, these, times, are, really, really, long like, the, ACH, system, gives, you, a, 90-day window, to, dispute, a, transaction, the, SEPA system, in, Europe, gives, you, a, 13, month

window, which, is, insanely, long, and, then there's, also, like, this, eight-week, no questions, asked, to, return, policy, where you, can, just, say, hey, reverse, this transaction, and, give, me, my, money, back and, then, they'll, do, it, no, questions asked, the, reason, why, you, can, do, that however, is, because, these, settlement assurances, the, promises, that, you, have that, a, transaction, isn't, going, to, get rolled, back, unless, it, should, be correctly, rolled, back, comes, from, the legal, system, of, each, respective, payment rail, not, the, actual, payment, rail, itself right, so, the, pain, relax, as infrastructure, but, it's, the, court, system it's, the, it's, the, the, police, force, it's the, court, the, the, rule, of, law, that's what, keeps, these, things, from, how, from breaking, down, and, still, having, decent

settlement, assurances, so, the, important thing, is, to, know, like, the, ACH, system your, debit, card, your, credit, card, the SEPA, system, Swift, payments, they, operate on, legal, system, finality, finality, based off, of, a, court, court, of, law, not, protocol finality, and, that's, where, Bitcoin, comes in, back, in, 2009, 2010, and, Bitcoin, invents protocol, finality, which, is, a, huge, game changer, protocol, finality, is, is, great because, it, means, that, you, don't, have, to use, a, legal, system, to, get, your settlement, guarantees, it, means, that, you can, just, look, at, the, Bitcoin, blockchain and, know, that, your, transaction, has, been settled, with, a, decent, amount, of

assurances, and, you, don't, have, to, if, they and, you, don't, have, to, dispute, that anywhere, or, you, don't, have, to, there's, no central, authority, for, you, to, go, and, say hey, I, disagree, with, this, with, this transaction, the, central, authority, is Bitcoin, and, that, is, really, like, the, very genesis, of, what, it, means, to, be, Bank, list right, settlement, assurances, is, at, the heart, of, this, whole, crypto, system because, it, just, removes, the, the, need, to have, a, court, system, or, a, sword, a government, or, an, authority, some, sort, of centralized, third, party, authority, to, say yes, this, transaction, is, settled, and, that is, final, and, now, you, can, you, can, depend on, that, Bitcoin, offers, you, protocol settlement, guarantees, protocol, finality

and, that's, just, a, huge, game, changer okay, this, so, this, is, super, cool, like let's, dig, into, this, a, little, more, so what, you're, saying, is, basically, when, you say, settlement, assurances, this, is, just like, the, guarantee, or, the, assurance, that you, have, when, something, but, when, someone gives, you, the, money, it's, yours, right like, it's, permanently, yours, and, it, seems to, me, in, the, early, days, right, you, know cavemen, era, before, before, civilization before, community, money, that, sort, of thing, possession, really, was, the, law right, so, if, I, had, a, hunk, of, gold, and, I wanted, to, set, a, transaction, with, you well, you, know, nature, provided, me, a, way to, do, that, because, I, could, take, my, gold

and, I, could, give, it, to, you, and, once, it's you, know, transitioned, from, me, to, you then, it's, settled, you, have, it, right, you know, possession, is, the, law, in, that, case now, if, we, got, into, a, dispute, and, you said, well, Ryan, you, didn't, give, me, enough gold, for, the, item, that, you, purchased, we have, a, problem, we, could, we, could, settle that, transaction, with, violence, of, course right, you, could, you, know, punch, me, in, the face, and, get, the, rest, of, your, money, or we, could, get, an, arbitrator, involved, and you, could, sort, of, see, why, this, legal system, was, invented, the, legal, settlement system, was, invented, it, was, to, set, the protocol, set, the, rules, for, how settlements, should, occur, in, in, meatspace

in, the, non, digital, world, and, over, time of, course, the, legal, system, has, morphed into, you, the, the, massive, institution that, it, is, today, and, we've, somewhat digitized, the, legal, system, in, what you're, saying, with, sort, of, the, ACH transfer, systems, and, SEPA, and, Swift, and all, of, these, like, protocols, that essentially, transact, and, settle, money transfers, via, the, legal, system, but, what what, bitcoin, did, is, what, you're, saying David, it, was, super, profound, it, kind, of brought, us, back, almost, to, that, the bearer, asset, days, where, without, legal system, and, in, the, digital, realm, and without, any, kind, of, central, authority

involved, I, could, send, you, Bitcoin, I could, take, some, of, my, Bitcoin, if, I, had my, private, key, I, could, transact, it, to you, in, a, peer-to-peer, way, and, you, could receive, that, and, once, you, do, you, have assurance, that, it's, fully, settled no, legal, system, involved, no, centralized party, involved, that, that's, what, you're saying, right, that, this, is, kind, of, the the, protocol, settlement, era, where, we've transitioned, that, this, basic, digital scarcity, peer-to-peer, asset, transfer into, you, into, the, digital, realm, and that's, new, exactly, that's, exactly, right and, and, not, only, that, but, we, can, also start, to, compare, blockchains, with, each other they're, given, amounts, of, settlement

assurances, that, they, can, provide, I, don't know, if, you, remember, those, charts, back in, 2017, Ryan, but, it, would, put, like, three or, four, or, five, different, like, crypto currencies, up, against, each, other, and compare, them, on, different, like, metrics and, it, was, it, was, just, about, like, the the, mania, of, 2017, and, and, trying, to, find the, next, coin, that, was, going, to, to, moon but, it, would, always, compare, like, this speed, of, the, Bitcoin, blockchain, with this, speed, of, these, other, block, chains right, and, so, that's, right, why, light, coin was, invented, right, like, light, coin, is like, Bitcoin, but, faster, so, it's, better and, so, like, you, they, just, took, the Bitcoin, code, they, tweaked, the, block times, from, 10, minutes, to, 2.5, minutes, and then, they, marketed, it, as, a, faster Bitcoin, but, this, going, back, to, how, this

whole, entire, industry, rides, on settlement, assurances, just, because, you have, faster, block, times, doesn't, mean that, you, have, faster, settlement assurances, and, settlement, assurances, in the, crypto, world, comes, from, the, rewards paid, to, the, validators, of, each, specific chain, and, so, the, Bitcoin, miners, which are, receiving, all, at, the, time, just before, this, episode, they, were, receiving 12, and, a, half, bitcoins, and, now, they're the, weight, of, a, single, Bitcoin, block, was 12, and, a, half, bitcoins, plus, the, fees being, paid, in, every, single, block, and that, amount, you, know, is, is, tens, of thousands, of, dollars, depending, on, the price, of, Bitcoin, it's, between, like seventy, thousand, and, one, hundred, and thirty, thousand, dollars, for, a, single block, so, that's, over, ten, minutes, of, time

now, light, coin, comes, in, and, each, block every, 2.5, minutes, is, just, two, thousand dollars, and, so, you, know, you, get, four, of those, and, then, you, get, $8,000, worth, of rewards, paid, to, the, miners, of, that blockchain, and, that, is, really, the strength, of, your, settlement, assurances when, we, compare, these, two, crypto, systems and, so, like, Bitcoin, already, sweeps, the floor, with, you, know, comparing, it, to, the legacy, system, right, like, the, ACH, SEPA whatever, payment, rails, like, the settlement, of, assurances, that, offers, my Bitcoin, is, just, it, it's, a, difference between, existing, and, not, existing, almost between, those, two, systems, but, then, you can, also, compare, Bitcoin, to, litecoin, and you, can, compare, like, the, the, $90,000 worth, over

pay, two, miners, over, ten, minutes, compared to, the, 2000, dollars, worth, of, rewards paid, to, litecoin, miners, over, ten, minutes and, you, still, get, really, strong settlement, assurances, and, the, reason, why this, is, important, is, because, the, amount of, value, that, is, paid, to, the, miners, of the, Bitcoin, blockchain, is, a, measure, of the, settlement, assurances, for, Bitcoin and, so, if, you, were, to, send, a, 1, million dollar, transaction, on, Bitcoin, which happens, every, single, day, you, need, to know, how, long, do, I, need, to, wait, in, order to, consider, that, transaction, settled, and really, the, answer, to, this, is, you, should wait, for, the, ledger, the, costliness, of, or the, rewards, paid, to, minors, or, the

costliness, of, the, ledger, to, match, the value, of, the, transaction, because, if, if one, block, is, rewarded, with, $90,000, worth of, rewards, to, a, miner, but, then, you transact, 1, million, dollars, like, you, need to, wait, for, those, that, proof, of, work, to accumulate, it's, its, rewards, incentives to, the, miners, so, that, the, the, value, of the, transaction, is, less, than, the, cost, of mining, all, the, blocks, of, that transaction, and, that's, what, you, get, your final, settlement, assurances, that's, where you, get, the, game, theory, soundness, that it, doesn't, make, any, sense, for, a, rational miner, to, attempt, to, rollback, a transaction, because, it's, gonna, cost, more than, the, transactions, itself, did, that make, sense, yeah, I, think, it, totally, does

right, so, so, what, you're, saying, is basically, if, I, want, to, send, that, $90,000 with, with, Bitcoin, because, Bitcoin, is, so valuable, and, every, block, it, produces, is so, valuable, to, miners, you, know, it's, not worth, it, to, them, to, actually, roll, back the, chain, and, steal, your, ninety, thousand dollars, right, and, so, the, net, effect, is Bitcoin, can, settle, a, ninety, thousand dollar, transaction, in, minutes, whereas, on litecoin, that, might, take, longer, and, we can, scale, that, up, right, scale, that, up from, ninety, thousand, to, you, know, nine hundred, not, you, know, nine, hundred thousand, or, nine, million, or, some, higher number, and, the, reality, is, the, more economic, security, that, the, network, has

so, basically, the, more, bitcoin, is, worth the, more, and, the, faster, it, can, settle its, transactions, in, a, secure, way, and, so other, networks, don't, have, that, kind, of throughput, they, might, produce, blocks faster, but, they're, not, producing settlement, assurances, faster, is, that right, that's, totally, right, that's, a hundred, percent, right, and, and, you, you tapped, on, something, they're, like, the value, of, Bitcoin, the, value, of, the, native asset, is, where, Bitcoin, gets, its settlement, assurances, because, when, the value, of, Bitcoin, doubles, well, then, the rewards, paid, to, miners, for, a, particular block, also, doubles, and, so, if, Bitcoin, to X's, will, then, the, speed, of, settlement assurances, also, to, X's, like, the, it, just

layers, on, more, security, faster, and faster, and, faster Nick, Carter, who, coined, the, term settlement, insurances, in, his, paper always, talks, about, Bitcoin, mining, or proof, of, work, casting, something, in, amber and, so, you, know, one, block, in, its, you're not, really, that, embedded, into, the blockchain, you, know, different, exchanges usually, require, six, blocks, of confirmations, before, they, allow, you, to use, your, asset, on, their, on, their exchange, and, that's, that's, just, them saying, look, we, want, six, blocks, of settlement, assurances, like, that's, that's how, long, we've, decided, to, wait, it's, in order, to, consider, a, transaction, settled you, know, six, blocks, and, so, he, calls, this being, cast, in, amber, like, the, deeper, you are, in, the, blockchain, the, more, the

stronger, your, settlement, assurances, are and, it's, just, a, fact, that, bitcoin, casts Amber, faster, than, every, other, blockchain ever, and, and, that's, why, you, know, that and, that's, where, it, gets, as, settlement assurances, from, and, that, speed, of, course scales, up, with, the, value, of, Bitcoin, just like, the, amount, and, the, speed, of settlement, assurances, scales, up, with, the value, of, ether, on, the, etherium, network now, today, aetherium, is, proof, of, work, so it, operates, in, a, similar, fashion, as, as Bitcoin, essentially, its, settlement assurances, are, less, than, Bitcoin, right now, because, it's, market, cap, is, smaller, I mean, I, don't, know, I, don't, know, right, now

but, roughly, ten, percent, or, something with, proof, of, stake, settlement assurances, change, in, some, ways, but, our state, are, the, same, in, other, way, with aetherium, can, you, talk, about, that, yes, a proof, of, stake, among, other, reasons, why we, are, trance, transitioning, from, proof of, work, to, proof, of, stake, one, of, them, is the, speed, of, settlement, assurances, that you, are, able, to, get, with, proof, of, stake and, so, with, proof, of, stake, after, your transaction, has, been, included, in, one, a POC, which, I, believe, is, six, minutes, you get, the, full, weight, of, all, settlement assurances, that, you, are, ever, going, to get, upfront, and, so, that's, really, the, big change, between, proof, of, work, and, proof of, stake, proof, of, work, layers, it, on overtime, and, so, you, get, probabilistic

settlement, and, so, you, know, the, longer your, transaction, is, in, the, chain, the more, the, more, secured, that, the, more assurances, that, you, can, have, with, proof of, stake, it, takes, the, full, weight, of settlement, assurances, and, front, loads, it once, your, transaction, is, in, the, etherium blockchain, for, six, minutes, you, can, be assured, that, it's, not, going, to, get rolled, back, unless, somebody, is interested, in, burning, the, value, of, one third, of, all, staked, ether, that's, how, the etherium, proof, of, stake, system, works, and its, really, higher, than, that, the, the there's, different, levels, of, how, much, you can, really, mess, with, the, etherion blockchain, the, lowest, threshold, is, one third, of, state, ether, once, you, get, to that, threshold, you, can, start, to, do, some

funny, stuff at, 51, percent, that's, where, you, can really, mess, with, stuff, so, is, it's, it's much, more, like, a, 51%, attack, so, once, your transaction, is, in, the, blockchain, you, can be, assured, that, it's, going, to, be, in there, unless, somebody, burns 51%, of, all, staked, ether, and, so, the etherium, protocols, looking, between, to have, somewhere, between, 10, and, 30%, of, all ether, staking, and, then, once, that's, once ether, is, taking, say, we, have, 30%, you, get the, assurances, that, your, transaction isn't, going, to, get, rolled, back, unless somebody, burns, 50%, of, the, 30%, of, all staked, ether, so, somebody, would, want, to burn, 15%, of, the, outstanding, supply, of ether, in, order, to, roll, back, your

transaction, and, that, you, get, those assurances, in, six, minutes, which, is really, really, fast, this, is, why, it probably, seems, like, in, the, bank, lists like, program, on, the, spot, gets, we, are obsessed, with, the, value, of, these, assets like, the, value, of, Bitcoin, the, value, of ether, absolutely, matters, for, the economic, security, of, these, systems, the more, valuable, these, assets, are, the, more economic, bandwidth, you, have, the, more settlement, assurances, you, have, it's, you can, you, can, settle, more, cash, more, value faster, so, it's, the, difference, between being, able, to, settle, you, know, ten million, dollars, and, ten, billion, dollars it's, it's, incredibly, important, and, these systems, operate, in, the, same, way, they're

all, based, on, economic, finality, so whether, it's, proof, of, work, with aetherium, in, Bitcoin, today, or, whether it's, is, proof, of, stake, as, aetherium, is moving, to, in, the, future, the, amount, of security, in, the, amount, of, settlement assurances, you, have, all, scales, up, with the, value, of, the, underlying, asset, eath, I think, a, lot, of, people, don't, understand this, I, think, they, get, once, you, see, it, it becomes, obvious, that, you, can't, be obsessed, with, transactions, per, second, in isolation, you, have, to, also, understand that, the, weight, of, those, transactions per, second, and, the, value, of, the underlying, reserve, assets, that's, why, I think, that, the, open, financial, system will, be, based, on, a, reserve, store, of

asset, a, reserve, store, of, value, asset like, ether, or, and, even, like, like, Bitcoin because, those, assets, will, accrue, so, much more, economic, security, versus, other networks, that, don't, have, a, reserve, asset that, is, a, store, of, value, in, our, unit swap, episode, we, talked, about, how, you swap, gets, more, useful, as, people, use, it right, so, liquidity, providers, provide liquidity, then, that, enables, people, to come, and, trade, and, then, those, those trades, generate, trading, fees, for, the liquidity, providers, which, you, know, they that's, profit, for, them, and, that, profit incentivizes, more, liquidity, to, get deposited, which, makes, that, market, more liquid, which, means, that, more, traders, are

viable, to, come, and, trade, inside, of, unit swap, with, less, slippage, and, then, that attracts, more, traders, which, attracts more, fees, which, attracts, more, liquidity which, attracts, more, traders, this, same feedback, loop, is, in, the, settlement assurances, of, proof, of, stake, if, ether, is 50, dollars, then, you, get, these, settlement assurances, of, 51%, of, all, staked, eath, and so, if, there's, 30, percent, of, state, eath then, you, fifty, percent, of, that, 15, is, 15 percent, of, all, ether, ever, and, so, if either, is, 50, dollars, you, have, that amount, of, settlement, assurances, and, you can't, really, send, because, proof, of, stake front, loans, it's, economic, security, just throwing, out, numbers, here, say, say, that

15, 15, percent, of, ether, that, market, cap is, like, 4, billion, dollars, well, if, if ether, 10x, is, in, price, well, then, that market, cap, is, 40, billion, dollars, and, so there's, a, lot, more, room, for, more, people to, come, and, transact, on, aetherium, and access, the, settlement, assurances, that they, need, to, not, roll, back, their transaction, and, so, the, higher, the, eath price, the, more, room, there, is, for, larger and, larger, transactions, to, come, to etherium, which, just, makes, etherium itself, a, more, vibrant, and, valuable economy, which, contributes, to, the, value of, ether, which, means, the, ether, price, is going, to, go, up, which, means, that, can offer, even, greater, settlement, assurances and, so, the, same, feedback, mechanism, is also, built, into, the, settlement

assurances, consensus, mechanism, of aetherium, people, don't, realize, how, big this, is, for, civilization, for, Humanity because, previously, in, our, traditional system, the, only, way, we, can, get settlement, assurances, is, by, maintaining the, infrastructure, and, overhead, of, a nation-state, people, with, guns, people, who walk, other, people, in, engages, basically all, of, that, that, tax, system, that, that government, system, all, of, that infrastructure, is, required, fundamentally to, maintain, legal, settlement, assurances what, we're, doing, with, crypto, is, we're able, to, get, settlement, assurances, in, a digital, way, in, a, peer-to-peer, way without, all, of, that, nation-state

infrastructure, I, mean, we, talked, about this, in, our, very, first, episode, of, Bank lists, this, provides, settlement assurances, without, a, nation-state, it's, a separation, of, money, and nation-state, it, really, goes, to, the, heart of, why, I'm, here, on, this, Bank, list journey, settlement, assurance, allows, us to, go, bank, lists, a, lot, of, the, settlement assurances, of, the, traditional, system, of the, the, centralized, body, system, of, the United, States, government, or, the, world comes, from, the, fact, that, the, United States, has, a, massive, military, it, has, a massive, military, and, an, internal, police force, and, just, they, get, to, control, what force, is, the, United, States, has, control

over, what, violence, is, and, that, is, really the, ultimate, version, of, settlement assurances, the, United, States, government in, the, country, and, anyone, with, any, sort of, military, that, military, is, the instantiation, of, of, settlement assurances, for, a, government, for, a, nation of, state, saying, like, things, are, gonna settle, the, way, we, want, them, to, and that's, why, like, so, many, countries, so many, third-world, countries, really, do, not like, being, under, the, thumb, of, the, United States, is, because, they, have, control, over what, things, settle, as, not, just, with payments, this, isn't, just, for, payments but, also, for, laws, and, and, basically anything, in, the, world, and, so, and, bitcoin has, its, own, military, it's, the, energy

wall, of, all, the, miners, that, prop, up, the system, and, aetherium, and, proof, of, stake also, has, its, own, millets, own, military it's, a, value, wall, and, these, are inherently, peaceful, revolutions aetherium, is, not, going, to, knock, on, your door, and, seize, your, assets, because, they don't, like, the, way, that, it's, settled which, is, what, argentina, is, doing, with their, military, in, their, government, it's the, most, peaceful, revolution, possible and, it's, one, that, i, can, really, get behind, yeah, absolutely, and, i, mean, to, be clear, i, don't, think, either, of, us, think that, these, systems, are, going, to completely, replace, the, nation-state right, there's, a, lot, of, need, for, I, mean there's, always, going, to, be, need, for roads, and, school, systems, and, healthcare and, these, sorts, of, things, that, the

nation-state, could, do, but, what, can humanity, achieve, when, it, doesn't, need, to base, its, settlement, assurances, on, the massive, infrastructure, of, nation-states which, can, corrupt, them, which, can, control them, what, if, it, had, an, independent, money system, settlement, assurances, property rights, system, that, was, independent, of all, of, these, things, and, maybe, becomes part, the, base, layer, of, these, things, I mean, that's, really, what, we're, exploring here, with, Bank, less, and, with, crypto, and I, think, it's, profound, you, know, before, we get, to, the, protocol, sink, thesis, piece, of it, we, should, talk, about, two, more, of, our sponsors, David, so, the, first, I, want, to talk, about, is, Ave, Ave, is, a, d5, protocol

that, you, absolutely, have, to, check, out it's, a, lending, and, borrowing, protocol, on aetherium, that, means, you, can, lend, to, it so, assets, like, ether, assets, like, dye, you can, put, those, assets, into, it, it, will magically, transform, those, assets, into interest-bearing, assets recently, they've, just, released, the ability, to, actually, take, tokenize liquidity, pools, in, eunice, WAP, and, add those, start, receiving, interest, earning and, borrowing, on, those, assets, as, well, so they're, doing, some, really, interesting things, really, innovative, stuff developers, you've, got, to, check, out, their flash, loan, protocol, go, to, ebay, calm, to find, out, more, deposit, your, crypto, and start, earning, or, borrowing, that's, aave calm, speaking, of, settlement, assurances

and, payment, rails, the, visa, network, is hard, to, argue, with, this, size, and, reach and, magnitude, of, those, payment, rails, but most, people, don't, realize, that, visa, is just, payment, rails, it's, not, a, currency any, currency, can, really, run, on, visa payment, rails, so, that's, why, if, you, are interested, in, expanding, the, Bank, list world, you, should, go, to, monolith, and, sign up, and, get, your, defy, visa, card, because that, is, a, statement, that, you, think, that maybe, perhaps, die, should, run, on, those payment, rails, instead, of, US, dollar, or government, fiat, the, monolith, defy, card is, a, visa, enabled, debit, card, except instead, of, you, know, connecting, to, your bank, account, it, connects, to, your, smart

contract, while, on, aetherium, and, your, die balance, in, that, smart, contract, wallet, so when, you, go, to, your, store, that, your preferred, coffee, shop, your, groceries, or whatever, and, you, swipe, your, monolith Visa, card, a, fiat, transfer, is, executed but, it, ultimately, goes, into, your, die balance, on, your, smart, contract, wallet and, so, if, you, are, interested, in, perhaps visa, offering, their, payment, rails, for crypto, assets, like, die, I, think, that monolith, in, getting, a, defy, card, is, a great, way, to, voice, that, opinion, and, so if, you, are, interested, in, getting, some, of the, economic, activity, of, the, world, on, to aetherium, to, go, to, monolith, XYZ, and, get your, bank, list, visa, card, and, use

different, settlement, assurances, use these, settlement, assurances, of, the etherium, blockchain, okay, so, we've, talked about, settlement, assurances, I, think listeners, probably, have, a, baseline understanding, of, what, we, mean, when, we say, that, what, is, the, protocol, sink thesis, and, how, does, that, fit, in, here, the protocol, sink, thesis, we've, talked, about we've, hinted, at, this, before, and, you, you describe, it, as, the, experiment, that, at least, most, of, us, have, run, at, some, point in, our, lives, where, you, put, different densities, of, liquids, in, a, glass, and, then those, different, densities, of, liquids stratify, and, separate, and, the, less, dense liquids, rise, to, the, top, and, the, more dense, liquids, rise, to, the, bottom, and that's, we're, using, that, as, a, metaphor

for, defy, right, and, not, just, defy, but crypto, or, systems, at, large, things, that have, high, density, will, sink, to, the bottom, and, we, can, measure, the, density, of these, crypto, systems, by, their, settlement assurances, things, that, have, strong settlement, assurances, that, are, also credibly, neutral, platforms, will, sink, to the, bottom, of, the, protocols, sink, and, the idea, is, that, if, you, can, depend, on, it then, you, are, going, to, build, on, it, and then, you, are, going, to, make, that, thing heavy, and, you, are, going, to, force, it, to sink, so, things, that, are, credibly, neutral that, have, strong, settlement, assurances that, are, permissionless, that, allow anyone, to, build, on, top, of, will, sink, to the, bottom, and, so, like, bitcoin, is, a

great, example, of, this, you, don't, need, a political, system, to, back, up, transactions on, Bitcoin, and, so, bitcoin, offers, really strong, settlement, assurances, which, means that, lots, of, businesses, can, come, build on, Bitcoin, and, make, it, really, really dense, and, push, it, to, the, bottom, of, the stack, so, it, when, it, comes, time, to, it bitcoin, is, going, to, be, under, the, ACH system, is, going, to, be, under, the, visa system, and, the, same, is, true, for aetherium, aetherium, is, a, credibly neutral, system, with, very, strong settlement, assurances, all, the, applique all, the, defy, protocols, all, the, companies that, are, building, on, aetherium, are building, on, this, thing, that, offers, very strong, settlement, assurances, and, that makes, that, thing, very, dense, and, falls, to

the, bottom, just, like, how, the, internet everything's, built, on, the, Internet, and the, Internet, is, the, ultimate, credibly neutral, platform, the, Internet, is, very dense, it's, at, the, bottom, of, the, protocol sink, thesis, and, so, are, these, very credibly, neutral, strong, settlement assurance, block, chains, like, like, Bitcoin and, aetherium, so, David, I'm, looking, at, a picture, of, a, glass, of, liquid, from, your slide, deck, and, what, listeners, to, kind, of visualize, this, so, this, has, all, of, these different, liquids, there's, like, a, lamp oil, there's, a, rubbing, alcohol, of vegetable, oil, water, corn, syrup, honey, and then, it, also, has, these, these, you, know more, physical, more, solid, items, like, a ping-pong, ball, and, a, soda, cap, and, dice and, a, popcorn, kernel, and, what, it's

showing, is, all, of, the, layers, of, you, know what, happens, when, you, mix, all, of, this stuff, together, the, honey, sinks, to, the very, bottom, that's, the, most, dense, liquid in, the, glass, along, with, a, bolt, that sinks, to, the, very, bottom, I, would, I, was surprised, with, looking, at, this, like, dice is, less, dense, than, maple, syrup, so, dice isn't, actually, floating, like, above, maple syrup, so, go, maple, syrup, go, Canada, well done, I, mean great, settlement, assurances, in, your liquid, but, what, we're, saying, basically is, that defy, and, crypto, protocols, operate, in, the same, way, so, bitcoin, is, kind, of, like, that bolt, it, will, eventually, settle, it'll like, pierce, its, way, through, all, of, the

different, layers, it'll, pierce, its, way through, the, the, water, and, the, dish, soap and, the, milk, and, the, corn, syrup, and, make its, way, to, the, very, bottom, of, this system, and, we, think, that effectively, that's, that's, what's happening, right, now, as, Bitcoin, is, being financialized, and, monetize aetherium, is, the, same, way, ether, is sinking, down, towards, the, bottom, and, you can, build, things, on, top, of, aetherium that, you, can't, build, on, some, of, the other, layers, because, you, have, greater settlement, assurances, I, tweeted, this, out a, couple, weeks, ago, it, was, basically, like there, are, two, people, who, can, steal, us, DT that's, tether, on, Tron, it's, the, issuer's of, tether, themselves, and, it's, also

Justin, son, and, in, the, Tron, network, Tron is, not, as, credibly, neutral, as, aetherium it's, much, more, centralized, there, are block, producers, who, can, effectively reverse, transactions, reverse, settlement assurances, but, aetherium, has, much stronger, settlement, guarantees, that visualization, of, both, the, physical objects, and, the, liquids, inside, of, a glass, that, are, stratifying, I, think that's, really, interesting, because, I think, you, can, also, say, that, there, is, two different, types, of, things, that, will, sink to, the, bottom, of, a, protocol, sink, which are, defy, applications, which, I, would, call the, liquids, the, substrate, and, then, also the, actual, assets, which, are, the, physical objects, and, so, like, these, different, defy

protocols, offer, these, different substrates, for, these, assets, to, run through, and, so, assets, both, defy protocols, like, maker, and, neuter, swap, and compound, have, their, varying, amounts, of settlement, assurances, their, their different, protocol, densities, but, in, so do, the, assets, that, run, inside, them, and that, also, goes, back, to, why, we, focus, on ether, so, much, because, ether, of, all, the assets, on, aetherium, will, always, have, the strongest, settlement, assurances, on aetherium, and, the, reason, for, that, is because, ether, has, this, privileged position, in, aetherium, as, the, native asset, either, in, order, to, send, ether, to to, anyone, else, or, to, any, contract, or, to

any, other, protocol, to, any, money, robot doesn't, need, to, run, through, a, contract it, is, and, and, Nick, Carter, actually talked, about, this, in, his, most, recent article, on, Bank, list, where, ether, in order, to, send, ether, you, only, need, 21,000 gas, but, in, order, to, send, an, e, rc, 20 token, that, you, need, like, 54,000, gas, or some, larger, number, and, the, reason, for that, is, because, when, you, send, a, token, to someone, it, runs, through, the, ERC, 20 contract, now, the, ERC, 22, contract, is really, robust, and, really, secure, and, if that, got, hacked, that, would, be, or, if there's, an, exploit, found, that, would, be, a huge, deal, and, so, we, generally, assume that, the, ERC, 20, token, contract, has, very very, strong, settlement, assurances, but, it

will, never, have, as, strong, settlement assurances, as, ether, because, either doesn't, need, to, run, through, a, contract in, order, to, get, settled, and, so, that, the the, that's, why, I, think, ether, as collateral, inside, of, maker, Dow, or, ether as, collateral, anywhere, will, always, be the, best, collateral, with, the, strongest settlement, assurances, and, it, will, always benefit, from, that, truth, because, it's, a bit, of, its, privileged, nature, in aetherium, as, the, asset, with, the strongest, settlement, assurances, yeah like, I, like, the, way, you, framed, that, as you've, got, the, solids, which, are, like, the assets, and, you've, got, the, the, liquids which, are, like, kind, of, the, the, defy protocols, that, you, know, the, crypto, banks that, sort, of, thing, so, I, guess, I, may, be, a follow-up, question, here, is, you, hinted

about, at, this, a, little, bit, but, what, what sorts, of, things, makes, and, gives, an, asset better, higher, settlement, guarantees, and what, sorts, of, things, give, a, protocol like, a, defy, protocol, higher, settlement guarantees, I, mean, for, that, on, the, asset side, credibly, neutral, issuance, has, got to, be, one, right, you, know, is, that, is, that correct, and, are, there, others, 100, percent yeah, and, this, is, a, really, important subject, matter, that, we're, going, to, go into, before, we, go, into, that, I, want, to talk, about, on, the, other, side, of, things there, are, assets, that, have, much, less settlement, assurances, and, these, are tokens, like, W, BTC, or, or, you, know, real tokens, from, my, company, which, we, are, any

any, tokenized, security, we, have, the ability, to, burn, and, mint, tokens, from your, wallet, by, the, way, and, so, even though, that, there, you, have, a, real, token in, your, wallet, technically, we, could, burn it, from, your, wallet, meaning, that, these settlement, assurances, of, proof, of, stake of, the, etherium, blockchain, don't actually, relate, to, things, that, are, like security, tokens, on, aetherium, and, that's just, because, of, the, way, a, token, is brought, up, and, so, when, you, receive, a real, token, from, us, you, are, actually depending, on, the, central, issuer, for, that final, settlement, not, on, aetherium, and, so that, would, make, real, tokens, much, more like, that, ping-pong, ball, very, high, up

where, you, are, still, trusting, like, a traditional, a, legal, system, settlement for, for, your, settlement, assurances, I think, that's, a, great, point, David, because what, you're, saying, is, with, with, Realty you, have, to, be, above, the, legal settlement, layer, you, have, to, your, assets have, to, float, above, that, can't, sink below, that, because, the, only, thing, or, the the, big, thing, preventing, you, guys, from you, know, destroying, tokens, obviously ethics, aside, is, the, legal, system, you, get in, trouble, if, you, did, that, yes, right, and and, we, also, provide, all, of, our, investors all, of, our, real, token, purchasers, with the, documents, to, proof, so, right, like, and put, their, documents, right, they're, not they're, not, transactions, on, aetherium

they, are, they, are, legal, system, documents with, signatures, on, them, and, so, you, would take, those, documents, to, the, legal, system and, that, actually, kind, of, speaks, to, the flexibility, of, the, etherium, protocol right, like, you, can't, have, both, the, full spectrum, of, settlement, assurances, is possible, on, a, theorem, you, can, have, the fully, robotic, fully, trust, list, end, of the, spectrum, but, then, you, can, also, do you, know, the, traditional, stuff, which, is what, Realty, is, doing, on, aetherium, as well, you, get, to, have, both, okay, so, let's get, back, to, some, of, the, other, things that, those, are, things, that, that, make, an asset, or, a, protocol, less, dense, in, terms of, its, ability, to, sink, to, the, bottom, but what, sorts, of, things, make, an, asset, or, a protocol, more, dense, well, incredibly neutral, is, certainly, a, very, important

part, of, it, things, that, are, applications or, assets, that, are, perhaps, part, of, a for-profit, business, are, likely, to, not, be as, dense, as, things, that, are, built, to, be credibly, neutral, and, just, an, agnostic protocol, and, when, we, had, Robert, leshner on, our, podcast, talking, about, compound, he said, he, was, talking, about, how, they, have designed, compounds, specifically, to, act as, a, protocol, act, as, a, infrastructure rather, than, a, for-profit, company, Robert isn't, an, aetherium, isn't, in, defy, -, to build, a, application, that, is, his, own business, that, puts, money, in, his, pocket he's, here, to, build, a, credibly, neutral protocol, that, allows, others, to, build, on

top, of, and, that, was, really, the motivation, behind, the, C, tokens, right just, using, C, tokens, is, a, really, valuable and, easy, way, to build, on, compound, without, actually having, to, directly, integrate, with, the actual, application, you, can, just, build, on the, C, tokens, if, you, are, using, C, tokens inside, of, your, protocol, or, in, your business, you, are, by, proxy, using, compound and, the, more, applications, that, build, on other, applications, like, a, lot, of, things are, built, on, compound, a, ton, of, things are, built, on, makers, out, a, ton, of, things are, built, on, top, of, unit, swap, and, that's really, why, we, took, we, picked, those, three protocols, those, three, applications, in our, Keene, protocol, series, that, we've recently, wrapped, up, that's, because, those

are, really, dense, protocols, they, have sunk, down, to, the, bottom, of, the, protocol sink, because, a, ton, of, other, applications are, building, on, top, of, them, and, the through, line, between, all, those applications, is, there, credible neutrality, to, varying, degrees, like, you could, argue, that, maker, isn't, totally credibly, neutral, but, it, is, still, a, it's both, decently, incredible, incredibly neutral, and, a, ton, of, applications, build on, top, of, it, which, make, it, very, very dense, and, push, it, down, to, the, broad, and bottom, of, the, protocol, sink, I, think, this is, gets, to, the, heart, of, what, we, think, of an, encrypted, sure, hand, way, of, expressing all, of, this, sometimes, we, say, credibly initial, other, times, we, say decentralization, or, decentralized, right

and, I, think, the, word, decentralized captures, a, lot, of, what, you, just, said, a lot, of, what, we're, getting, at, right because, more, dense, protocols, would, would seem, to, have, characteristics, of, being decentralized, so, issuance, is decentralized, it's, incredibly, neutral there's, transparency, so, you, see, exactly what's, going, on, you, can, anyone, in, the world, can, audit, it, there's, some immutability, it's, very, difficult, to change, you, know, it's, not, the, governance is, not, captured, maybe, there's, even, an aspect, of, governance, minimization, so it's, not, sort, of, a, you, know, shareholder governance, plutocracy, we're, a, bunch, of coin, voters, can, kind, of, get, together, and vote, on, something, so, those, seem, to, be some, of, the, characteristics, of, highly

dense, protocols, and, I, think, shorthand, a lot, of, times, in, the, crypto, space, we, just call, that, decentralization, we, bucket, it all, together, that, word, yeah, and, so, this is, a, really, parsing, art, that, word, and defining, it, a, little, bit, better, because the, word, decentralized, has, definitely gotten, bastardized, and, has, turned, into something, meaningless, and, so, this, is this, is, our, attempt, to, put, some, meaning back, into, that, word, and, now, you, can, now you, can, know, that, when, people, are talking, about, its, decentralized, you, can really, say, it's, got, strong, settlement assurances, it's, down, deep, in, the protocol, sync, that's, really, what, we're talking, about, so, I, guess, back, to, the protocol, sync, being, a, hypothesis, right, a thesis, that, can, be, tested, what, sorts, of things, might, we, see, happen, what's

evidence, that, this, thesis, is, proving correct, do, you, have, any, examples, of things, that, are, happening, now, or, we might, expect, in, the, future, well, I, think we, can, say, that, any, company, that, is built, on, top, of, a, protocol, that, we, would hypothesize, as, being, AI, proto, dense starts, to, prove, that, thesis, and, and, one really, good, example, is, the, existence, of Dharma, Dharma, is, this, company, that, is using, two, very, dense, dphi, protocols maker, Dow, and, compound, to, build, on, and to, offer, services, to, customers, and, so Dharma, is, Dharma, is, really, a, ui/ux company, they, make, using, maker, Dow, and compound, and, receiving, interest, from

those, applications, really, really, easy, in a, really, elegant, way, it's, an, iOS, app, it looks, like, it's, a, designer, from, Apple designed, it, so, it's, really, gorgeous, and getting, money, into, it, is, really, easy, and then, all, of, a, sudden, you're, earning interest, on, in, compound, using, die, and, so these, protocols, are, hidden, from, the users, but, they're, still, there, they're still, being, built, on, from, by, companies in, the, dphi, space, and, the, reason, why, why they're, choosing, Dynes, inside, of compound, instead, of, USD, C, inside, of, some other, lending, protocol, like, Celsius Network, is, because, of, the, credible neutrality, like, the, USC, C, is, issued, by, a central, issuer, and, Celsius, network, is the, centralized, company, but, but, Dharma

used, die, inside, of, inside, of, compound those, those, credibly, neutral, platforms yeah, I, think, that's, a, great, example, so you, know, aggregators, UI, interfaces monolith, is, another, example, argent, is another, example, they're, building, on these, defy, protocols, rather, than, kind, of you, know, creating, their, own, because these, defy, protocols, are, more, credibly neutral, you, know, one, of, my, favorite examples, of, protocol, sinc, actually, is something, we, often, overlook, and, that's the, existence, of, of, crypto, banks exchanges, exchanges, like, coinbase exchanges, like, by, Nance, they, effectively built, entire, businesses, on, top, of, money protocols, like, Bitcoin, like, ether, by incorporating, these, store, of, value

reserve, assets, inside, of, their, trading pairs, they, built, entire, multi-billion dollar, businesses, right, that's, an example, of, protocol, sync, that, the financialization, of, assets, like, Bitcoin and, ether, you, know, in, getting, them incorporated, into, into, futures, and approved, by, the, CFTC, that's, all, protocol synch, wouldn't, you, say, absolutely, that's exactly, right, and, so, here, here's, one that, is, a, perhaps, a, more, bold, prediction that, if, this, comes, true, we, can, really start, to, lock, in, the, validity, of, the protocol, sync, I, think, that, maker, Dow will, have, a, will, be, able, to, scale, better and, faster, than, tether, into, the, distant

future, now, tether, is, antenna, at, makers, I actually, have, a, lot, of, similarities tether, has assets, and, it's, balance, sheet, it, has real, estate, and, bonds, and, then, also, a lot, of, dollars, on, its, balance, sheet, and and, maker, Dow, has, ether, dollars, and Bitcoin, on, its, balance, sheet, and, so, and there's, these, things, are, competing, for scale, these, things, are, competing, for, how much, total, stable, coins, can, they, put, out into, the, world, because, that's, really, the direct, measure, of, success, of, these, two protocols, now, my, thesis, is, that, maker Dow, in, the, long, term, will, be, able, to scale, more, than, tether, even, though tethers, already, at, like, nine, billion dollars, worth, of, outstanding, tether, that are, out, as, stable, coins, in, the, world, and

maker, Dow, is, only, at, 120, million, died, so maker, Dow, has, a, lot, of, ground, to, make, up but, over, the, long, term, people, won't, be able, to, build, on, tether, like, there, is huge, political, risk, their, tether, has real-world, bank, accounts, real, world tangible, vaults, where, their, assets, can be, seized, they there's, tons, of, political, risks, and, if tether, gets, too, big, those, political risks, might, be, very, very, large, and, and on, top, of, that, there's, no, way, for, other companies, to, build, on, top, of, untether you, can, use, the, tether, token, to, transact but, you, can't, build, on, tether, in, the same, way, that, you, can, build, on, maker dowel, and, so, may, I, can, totally, see companies, like, traditional, finance

companies, like, JP, Morgan, or, any, company or, anything, with, it, with, an, asset, you can, build, on, top, of, maker, Dow, get, your assets, into, the, maker, dab, protocol, use the, DSR, the, thing, is, like, maker, Dow, is, a credibly, neutral, platform, and, if, that allows, for, companies, to, build, on, top, of maker, Dow, without, having, some, sort, of political, risk, which, I, totally, think, is the, whole, point, of, the, decentralization of, mkr, that, makes, mkr, up, maker, Dow really, really, dense, the, more, companies that, build, on, maker, Dow, will, make, it more, scalable, the, more, assets, in, maker doubt, it's, just, a, pipe, otha, size, that the, assets, in, the, balance, sheets, of maker, Dow, are, over, the, long, term, far

more, scalable, than, the, asses, inside, of tether, and, so, I, think, that's, really, the ultimate, long-term, test, of, the, protocol sink, his, maker, Dow, first, tether yeah, absolutely, guys, so, you, heard, it heard, at, first, a, way, to, verify, that, as predicted, by, David, verify, the, protocol sink, by, looking, at, tether, versus, die over, time, or, other, incredibly, neutral stable, coins, like, dye, into, the, future you, know, another, one, that, might, be, more near-term, on, the, same, theme, which, is, is kind, of, a, prediction, is, I, think, a, major crypto, Bank, a, coin, base, or, jammin, iris or, something, like, it, will, actually, add the, dye, savings, rate, to, their, platform sometime, in, the, next, year, or, so you, know, like, a, button, where, if, you, if

you're, holding, dye, in, coinbase, you, just click, a, button, and, it's, deposit, your, dye in, the, dye, savings, rate, to, receive, X percent, interest, right, super, simple, to to, integrate, but, that, would, be, evidence that, the, maker, protocol, is, actually sinking, a, layer, below, the, crypto, banks themselves, and, you, know, collect, pooling liquidity, from, those, crypto, banks, and all, of, them, could, incorporate, the, dye savings, rights, as, you, said, some, of, this is, reflexive, and, it's, a, self-fulfilling feedback, loop, once, a, coin, base incorporates, the, dye, savings, rate, and offers, better, interest, rates, on, your, die then, all, of, the, other, exchanges, are going, to, need, to, do, the, same, thing, so

look, for, things, like, that, in, terms, of, of proving, the, the, thesis, out, when, you, see signs, like, that, it, might, be, evidence that, the, protocol, sink, is, coming, true we're, actually, doing, that, at, realty people, that, use, the, 4matic, wallet, to store, their, real, tokens, inside, the Realty, website, they're, gonna, collect their, rent, in, the, website, and, we're gonna, offer, them, a, button, to, submit, it into, the, DSR, and, so, that's, what, we're doing, we're, not, a, crypto, bank, like coinbase, but, we, are, doing, that, which definitely, helps, to, add, to, the, density of, maker, Dow, and, I, also, ask, you, do, you think, that, if, teather, offered, interest on, your, deposits, that, companies, like coinbase, or, gemini, would, would, latch

into, tethered, we, would, integrate, with tethers, interest, rate, vehicle, and instead, of, using, the, DSR, would, use tethers, like, equivalent, I, don't, think that, I, think, that's, totally, unreasonable I, don't, think, they, would, ever, do, that and, that's, an, example, of, the, protocol sink, yeah, I, agree, I, think, they're, a, lot less, likely, to, do, that, why, because tether, is, effectively, a, product, from, a competitor, it, is, not, credibly, neutral you, know, the, rules, for, it, can, be, changed by, the, BitFenix, folks, whoever, kind, of controls, the, the, keys, behind, tether, and it, has, essentially, the, the, bank, account backing, tether, lots, can, change, with, it so, it's, not, going, to, be, a, stable, coin that, you, know, the, coin, base, is, the, world of, other, crypto, exchanges, are, going, to

going, to, want, to, build, on, top, of, and, I even, think, that, the, the, fact, that, tether and, other, stable, coins, are, issued, on aetherium, speaks, to, the, the, interest incredible, the, credible, neutrality, of, an asset, system, itself, so, why, didn't BitFenix, create, their, own, private blockchain, and, issue, you, tether, on, top of, that, why, didn't, coin, base, create, its own Lock, chain, and, issue, us, DC, on, top, of that, while, they, issued, on, aetherium because, it, is, the, most, credibly, neutral asset, registration, system, that, exists even, JPMorgan, they, have, a, you, know JPMorgan, coin, on, a, private, instance, of

aetherium, you, know, evidence, of, the protocol, sink, would, be, basically JPMorgan, starts, to, settle, there, JPMorgan stable, coin, on, aetherium, so, their, their private, instance, of, a, blockchain, their private, aetherium, network, starts, to settle, on, the, public, network, I, think that, would, be, further, evidence, of, the protocol, sink, so, you, can, see, it, in, all sorts, of, ways, these, assets, and, these protocols, starting, to, sink, to, the, bottom if, you, know, where, to, look, alright, so moving, into, a, new, subject, we, need, to find, a, way, to, measure, density, of, these different, defy, protocols, right, so, with proof-of-work, measuring, the, settlement assurances, measuring, the, economic, weight of, every, single, block, is, is, really, easy

you, can, just, measure, the, rewards, of every, single, block, and, that, the, rewards paid, by, a, block, are, your, settlement assurances, defy, is, different applications, are, different, there, isn't, a proof, of, work, or, or, proof, of, stake, or any, consensus, make, it, mechanism, that allows, us, to, measure, the, settlement assurances, of, every, defy, protocol, and, as we, know, in, defy each, different, defy, application, will offer, you, different, settlement assurances, because, sometimes, they, get hacked, and, so, we, need, a, way, to, measure these, settlement, assurances, of, every single, application, and, so, this, is, what, I proposed, in, my, talk, and, then, we'll, talk about, it, here, is, is, the, way, that, we measure, these, settlement, assurances, of every, defy, application, is, this, unit

called, time, value, or, time, value, locked and, so, I, think, we, are, all, familiar, with going, to, defy, pulse, and, looking, at, the east, locked, in, you, know, defy, or, total value, locked, and, maker, total, value locked, in, compound, now, the, time, value locked, measurement, is, basically, the, area under, the, curve, of, the, total, value locked, across, all, of, time, it's, the, how much, it, really, it's, distilled, in, how much, total, value, has, been, locked, for, how long inside, of, an, application, and, so, this offers, you, some, levels, of, assurances, of you, know, well, this, amount, of, money, has not, been, hacked, or, not, been, drained, or people, have, been, trusting, this

application, for, this, amount, of, time, with this, amount, of, value, and, so, it's, a, way to, poke, at, and, proxy, measure, the settlement, assurances, of, every, single defy, protocol, and, so, it's, it's, really just, a, it's, a, trust, equation, and, and, the whole, or, the, whole, crypto, system, world is, based, in, trust, and, so, if, there, is, an application, that, has, a, lot, of, value, that has, been, deposited, in, it, over, a, long amount, of, time, you, can, have, reasonably strong, settlement, assurances, about, that defy, application, you, know, Ryan, what would, have, had, a, terrible, time, value lock, score, was, the, lend, F, me, application which, hurt, which, had, three, days, worth, of an, a, few, million, dollars, worth, of, assets

deposited, into, it, if, you, were, using, the time, value, locked, measurement, of, that application, you, would, have, known, that that, application, is, not, at, all, very dense, and, doesn't, offer, a, settlement assurances, at, all, yeah, Linda, Emmy appropriately, James, I, think yeah, I, I, like, how, you, put, that, because, I think, it, is, the, time, value, locked, is, a measure, of, trust, and, the, two, variables that, are, most, important, is, the, amount, of value, locked, that's, a, measure, of, how much, you, trust, whatever, you're, putting your, money, into, your, value, into, and, the time, value, how, long, that, protocol, has been, in, existence, I, think, those, are, the exact, right, variables, and, even, to, just

zoom, out, a, second, I, mean, that, that's even, true, for, something, like, like Bitcoin, I, was, reading, the, Paul, Tudor Jones, letter, is, you, know, a, hedge, fund investor, we, talked, about, a, little, bit, in the, opening, who, recently, bought, Bitcoin futures, and, one, of, the, his, main, points in, the, letter, that's, why, he, did, this, was look, it's, it's, ten, years, old, now, right like, it's, it's, time the, liquidity, is, there, it's, time, so, the value, of, Bitcoin, was, large, enough, for him, to, take, an, interest, in, it, and, the time, it's, been, around, it's, been, around, a decade, now just, cross, the, threshold, for, someone like, that, to, start, considering, investing upwards, of, one, percent, of, his, wealth inside, of, it, like, there's, no, replacement

for, those, things, it, time, and, the, value locked, inside, of, it, are, absolutely, the measures, of, progress, for, settlement assurances, and, for, trust, in, this, entire space, yeah, I, actually, really, like, that, I haven't, applied, that, to, the, idea, of, time value, into, Bitcoin, yet, but, I, really, like the, that, concept, because, when, people like, Paul, Tudor, Jones, or, legacy, finance people, with, legacy, money, when, they, look at, Bitcoin, they, don't, look, at, the, price to, guide, their, decisions, they, look, at the, time, value, right, they, look, at, how long, how, much, has, this, thing, been, worth for, how, long, because, that's, really, the assurances, that, you, have, that, bitcoin isn't, going, to, go, to, zero, I, remember

back, in, 2017, everyone, would, say, like, you know, crypto, is, risky, it, can, go, to, zero we, stopped, saying, that, we, stopped, saying that, all, together, no, one, says, that anymore, and, that's, probably, because, of the, time, value, of, these, systems, is turning, into, really, a, really, high, number there's, really, strong, assurances, that these, things, aren't, going, to, go, to, zero because, of, their, time, value, Dave, there's one, other, thing, that, you, mentioned, your talk, which, i, think, is, important, then that's, this, idea, that, settlement insurances, protocol, sync, it, promotes long-term, thinking, what, did, you, mean, by that, yeah, yeah, this, is, really, important really, important, and, I'm, gonna, take, a step, back, and, we're, gonna, go, and, compare the, lead, the, traditional, United, States legal, system, the, United, States government, and, as, a, metaphor, here, and, so

there's, it, for, those, that, don't, know there's, three, wings, of, the, United, States government, there's, the, executive, branch which, is, you, the, president, then, there's the, legislative, branch, which, is, Congress and, then, there's, the, Supreme, Court, which is, the, judicial, branch, and, really, these things, correlate, to, different, times, to final, settlement, the, executive, branch the, president, has, this, executive, order that, he, can, just, write, and, sign, and, then whatever, he's, dying, is, immediately, law it's, a, law, from, the, moment, he, signed, it and, but, that, doesn't, have, very, strong settlement, assurances, in, the, sense, that it, then, goes, to, Congress, for, the, next two, weeks, in, Congress, is, like, let's think, about, this, and, vote, on, it, so, like they, ponder, the, evidence, they, debate, and

then, they, vote, and, then, that, vote, is then, the, next, instantiation, of, is, that thing, law, or, not, so, either, that, vote will, uphold, it, as, law, or, it, will, remove it, as, law, and, then, if, then, it, goes, to the, Supreme, Court, if, there, is, ever, a problem, with, people, vote, the, the, vote, of Congress, the, Supreme, Court, will, again ponder, that, law, think, about, that, law, and then, they, will, rule, with, absolute finality, this, is, true, this, is, this, is what, it, is, now, no, one, is, going, to, make, a business, off, of, somebody's, executive order, if, somebody's, law, is, something, is law, for, one, day, no, one's, going, to, start clamoring, and, start, speeding, up, a business, because, they're, putting, a, lot

of, capital, at, risk, while, they're spinning, up, that, business, when, the executive, order, might, be, overturned, in two, weeks, from, the, from, Congress, and then, it, also, might, be, overturned, in, two years, from, the, Supreme, Court, and, so, the idea, of, final, settlement, of, laws, but then, also, a, value, really, promotes, long term, thinking, and, this, is, something, that with, the, human, civilization, at, large, we haven't, able, to, access, this, level, of settlement, assurances, with, our, value, and value, is, really, the, substrate, that businesses, and, and, people's, personal finances, run, on, and, so, I, do, what, makes me, really, optimistic, about, the, future, of humans, at, large, is, that, we, are, now, able to, tap, into, these, crypto, protocols, like

Bitcoin, and, aetherium, and, receive, these settlement, assurances, that, they, are going, to, operate, and, these, defy, ProTools going, to, operate, for, a, very, long, time longer, than, we, could, have, ever, had assurances, before, this, and, this long-term, thinking, is, healthy, long-term thinking, allows, us, to, to, plan, out, for our, future, and, design, our, future, in, the way, that, we, want, it, to, and, so, what, I'm really, optimistic, for, is, that, these these, settlement, assurances, allows, the human, species, to, just, move, faster, in, a healthier, way, because, of, these settlement, assurances, because, it promotes, long-term, thinking yeah, that's, a, really, great, way, to, kind

of, close, this, close, this, out, and, I, think you're, right, I, mean, this, is, why, we're, so optimistic, on, crypto, it's, it's, not, clear to, me, honestly, that, a, lot, of, the technology, that's, being, developed, today is, is, good, for, the, future, of, humanity, I have, worries, about, artificial intelligence, and, the, centralization, that that, can, bring, with, the, public governments, and, large, tech, companies I, have, worried, worries, about, biology, and genetic, engineering, and, what, that, could do, to, our, species, but, the, beautiful thing, about, crypto, and, the, reason, why, I think, both, of, us, are, here, David, is, that these, tools, and, these, systems inherently, preserve, sovereignty, they give, us, all, another, option, a, way, to

opt-out, they're, empowering, technologies fundamentally, by, their, nature, and, we need, some, of, that, it, honestly, gives, me hope, for, the, future, to, think, about, our species, being, empowered, with, this, sort of, technology, and, to, engage, in, this, kind of, long, term, thinking, that, a decentralized, digital, property, right system, that's, what, crypto, is, that, that gives, us, really, cool, really, exciting, I think, really, empowering, and, this, is, why I, really, think, that, the, bank, list movement, is, something, similar, to, a nation-state, I've, always, assumed aetherium, or, in, Bitcoin, as, these, cyber nation-states, because, they, really, allow you, to, opt, out, of, your, traditional

subjective rule, of, law, system, and, then, move, your value, onto, these, things, these, protocols that, allow, you, to, have, the, stronger settlement, assurances, like, the, defy applications, and, the, the, etherium protocol, is, its, own, nation, state, that allows, you, to, opt, into, it, and, use, it, as financial, and, financial, and, business infrastructure, and, so, when, Ryan, and, I talk, about, you, know, going, bank, lists, and joining, the, bank, list, movement, we're really, asking, you, to, put, on, your, Patriot hat, and, where, the, bank, lists, bat, and, be a, patriot, for, d-5, movement, that's, what really, Bank, listens, to, me absolutely, it's, it's, aligning, around, a

set, of, ideologies, and, a, a, purpose, for where, we, want, to, bring, the, future, of humanity, all, right, so, we've, talked, about a, lot, we've, talked, about, this, move, from legal, settlement, settlement, assurances by, the, legal, system, the, nation-state, to protocol, settlement, and, protocol finality, all, the, ways, that, that, is, a game, changer, and, the, stronger, assurances that, we, get, as, a, result, we've, also talked, about, the, great, protocol, saying so, this, is, the, tendency, for, more credibly, neutral, more, decentralized protocols, to, sort, of, sink, to, the, bottom maybe, below, the, the, base, layer, legal system, maybe, below, even, the, nation-state in, some, respects, we, can, observe, that, in what's, going, on, with, defy, protocols

today, as, crypto, banks, and, other applications, interfaces, are, built, on, top of, that, we, can, observe, that, with, the financialization, of, assets, like, Bitcoin assets, like, ether, they're, even, being financialized, in, the, traditional, world of, Wall, Street, with, futures, we, talked about, that, in, the, opening, a, lot, going, on today, this, has, been, super, exciting, let's talk, for, a, minute, about, actions, so, one thing, that, we, want, you, to, do, is, take, a look, at, David's, talk, from, ethereal, it's probably, a, you, know, 15, to, 18, minute condensed, version, of, everything, we talked, about, today, it's, got, some excellent, graphics, and, images, we, will include, that, in, the, in, the, show, notes check, that, out, as, an, action, item, the other, thing, I, think, you, can, do, is, watch

for, evidence, of, the, protocol, sink, so it's, a, thesis, you, know, we're, putting this, forward, and, like, any, good, thesis, or any, good, hypothesis, hypothesis, you, can sort, of, see, evidence, that, either, proves it, or, disproves, it, we, think, there, are some, evidence, that, is, is, proving, it, now but, watch, for, evidence, either, way, in either, direction, David, last, thing, how, we doing, on, the, five, star, reviews, we're getting, there, but, we, still, need, more help, those, five, star, reviews, really allows, us, to, push, the, bank, let's movement, forward, and, so, if, you, have, not yet, please, go, to, wherever, to, you, listen to, this, podcast, and, give, us, those, five star, reviews, write, us, a, review, so, that we, can, get, the, bank, list, gospel, into

more, people's, ears, it's, it's, really, a very, easy, way, to, help, support, us, and, me and, Ryan, and, doing, what, we, do, with, with preaching, about, how, beneficial, that these, systems, can, be, for, the, world, at large, you, heard, of, here, folks, you, play your, role, as, a, bank, let's, patriot, and give, us, those, five, star, reviews, let's talk, about, risks, and, disclaimers, of course, eath, is, risky, crypto, is, risky, the tools, and, technologies, we, talked, about today, are, risky, but, we, are, headed, west this, is, the, great, journey, this, is, the frontier, we're, going, bank, lists, it, isn't for, everyone, but, we, are, glad, that, you are, with, us, this, has, been, episode, 12 fantastic

good, dude, that's, great, it, is ability, to, control, violence, and, have, a monopoly, monolith monopolist, is, not, a, lipstick, monopoly the, end, having, the, monoliths, Jesus Ilana, little, model, it's, a, good, with, a mana, mana, list, mono, lips, yes mama, yeah, the monolith, thick