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From YouTube: Future Stores of Value - Brad Burnham
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A
Well,
thank
you
colin,
and
thank
you
for
those
nice
words.
I
you
know
the
the
conversation
that
or
that
the
short
talk
that
I'm
about
to
give
really
grew
out
of
a
conversation
that
I
had
with
colin
a
week
or
two
ago,
and
just
we
were
kind
of
just
brainstorming
on
the
nature
of
the
value
of
file
coin,
and
you
know,
as
a
you
know.
A
It's
interesting
that
my
partner
at
placeholder,
chris
bernitsky,
has
spent
a
lot
of
time
valuing
assets
and
has
actually
written
a
book
about
valuing
crypto
assets
and
a
series
of
blog
posts,
and
what
I've
found
in
in
talking
pretty
much
daily
with
chris
about
the
value
of
crypto
assets
broadly,
is
that
it
really
feels
to
me
as
if
we're
using
a
framework
that
was
developed
for
a
different
set
of
assets,
usually
some
kind
of
equity
or
commodity
and
we're
trying
to
sort
of
shoehorn,
a
phenomenon
that
is,
you
know
much
more
complex
in
many
ways
than
the
existing
assets
that
are
being
valued
with
these
frameworks.
A
So
most
of
what
I've
seen
at
least,
is
that
you
know
people
are
trying
to
understand
crypto
assets
as
either
a
capital
asset
which
is
like
a
an
equity
or
a
bond
or
real
estate,
and
it's
it's
defined
as
something
that
will
produce
a
stream
of
income
and
they
try
to
value
the
asset
based
on
a
discounted
cash
flow
of
that
future
stream
of
income.
A
It
became
clear,
I
think,
to
everybody
pretty
quickly
that
that
was
insufficient.
It
didn't
really
make
sense,
and
so
people,
including
chris,
began
to
think
of
them,
as
somewhere
between
a
capital
asset
and
a
what's
called
a
consumable,
transformable
asset,
and
so
that's
more
like
a
commodity,
something
like
oil
or
wheat
or
gas,
and
you
know
that
that
you
know
those
commodities
are
again
valued
using
different
techniques,
then
that
that
I'm
I'm
going
to
argue
again,
don't
completely
make
sense.
A
A
But
when
you
step
back
and
think
about
it,
these
models
have
existed
really
since
about
1934
and
equities
themselves
have
existed
since
the
late
16
1600s.
A
My
my
my
thinking
in
the
in
the
conversation
that
I
had
with
colin
is
that
something
about
file
coin
and
about
crypto
assets
generally
is
quite
different,
and
I
I
think
that
one
way
that
I've
been
thinking
about
it
is
that
you
know
most
equities
as
an
example
are
valued
based
on
this
future
stream
of
income,
which
means
that
you
look
at
an
income
statement
and
you
try
and
figure
out
what
what
the
asset
will
produce
and
you
try
and
figure
out
what
the
value
of
that
stream
of
income
will
be.
A
I
think
that
that
these
crypto
assets
actually
feel
a
little
bit
more
like
they
belong
on
a
balance
sheet
and
that
they
they
represent
in
some
way.
The
total
value
of
a
network
and
the
value
of
the
network
is,
is
not
easily
defined
by
income,
and
you
know
there
certainly
are
going
to
be
crypto
assets
that
don't
have
an
obvious
stream
of
income.
A
So
you
know
part
of
the
way
I've
you
know
sort
of
been
thinking
about.
It
is
that,
as
as
we
as
as
we
think
about
the
way
we
manage
our
own
financial,
our
own
budget,
our
own
financial
lives,
we
usually
organize
it
into
like
a
checking
account
where
you,
you
know
you
actually
have
day-to-day
transactions
and
you
move
money
in
and
out
very
quickly
a
savings
account
where
you
have
longer
term.
A
You
know
assets
that
you
hope
will
earn
a
little
bit
of
a
return
and
then
perhaps
you
own
some
some
equities
that
are
going
to
be
a
longer
and
even
longer
term
hold,
and
that
will
you
know,
perhaps
be
more
volatile.
Hopefully
we'll
appreciate
more
in
the
long
run
and
as
I
think
about
it,
as
I
think
about
something
like
filecoin,
it
actually
doesn't
really
fit
into
any
of
those.
A
It's
something
that
you
might
use
every
day.
The
way
you
would
use
assets
in
your
checking
account.
A
It
is
also
something
that
might
appreciate
in
the
way
that
an
equity
would
appreciate,
and
so
I
you
know,
I'm
starting
to
think
about
these
networks
in
a
way
that
is,
you
know,
I
think,
causing
me
at
least
to
rethink
the
all
of
these
models
of
valuation,
and
so
you
know
just
as
a
way
of
as
kind
of
a
thought
exercise
to
think
about
where
we
might
be.
A
You
know,
10
years
in
the
future.
This
is
kind
of
a
what.
If
what,
if
all
of
us
are
participants
in
30
50
networks-
and
we
are
participants
in
those
networks
because
we
have
confidence
in
the
code,
we
have
confidence
in
the
community.
We
have
confidence
that
the
protocol
will
do
the
thing
that
it's
meant
to
do.
A
And
our
participation
will
lead
to
an
increase
in
value
in
that
network.
And
we
will
participate
in
that
value.
As
you
know,
as
we
continue
to
interact
with
the
network
continue
to
transact
within
the
network.
A
And
if
you
imagine
that
that's
true,
then
maybe
we're
heading
into
a
world
where
we
don't
really
separate
shareholders
and
consumers
where
all
of
us
are
both
at
the
same
time
a
shareholder
and
a
consumer,
and
that
we
could
imagine
a
world
where
it's
the
act
of
consuming.
A
A
But
those
aren't
nearly
as
interesting
and
usually
near,
not
nearly
as
successful
as
ones
that
actually
fundamentally
change
the
structure
of
the
market,
and
I
think
that
filecoin
and
and
the
entire
ecosystem
of
crypto
and
crypto
assets
is
fundamentally
changing.
The
structure
of
the
market-
and
I
think
that
that
makes
it
particularly
difficult
to
value
these
assets
because
you
can't
use
existing
models,
but
I
think
it's
a
future
that
I
at
least
look
forward
to.
B
Awesome
thanks
so
much
brad,
it's
it's
so
interesting!
I
was
just
reading
an
article
today
that
airbnb
gave
their
hosts.
You
know,
equity
in
the
ipo
that
they
just
went
through,
which
is
kind
of
similar
to
along
the
lines
of
some
of
the
themes
that
that
you're,
describing
within
the
falcon
network.
So
it
feels
like
other
firms,
are
slowly
catching
up.
So
that's
interesting.
Thank
you.
So
much
for
the
talk.