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From YouTube: Block 2 - Q & A
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A
With
that,
I
want
to
ask
the
first
question,
which
is
to
corbin
and
and
mike
the
question
is-
and
I
guess
just
before
before
we
kind
of
get
into
it-
if
we
can
sort
of
go
into
shorter
answers
for
the
time
being,
we'll
prefer
that
because
then
I
can
ask
more
questions.
We
can
go
over
time
if,
if
we
can
go
through
more
so
there
are
a
few
other
bridge
projects
that
are
bringing
falcon
to
ethereum.
Could
you
sort
of
highlight
why
or
what's
unique
about
your
d5
bridge.
B
B
Absolutely
and
apologize
for
the
lighting
here,
so
I
think
I
know
of
about
five
different
projects,
all
of
them
with
interesting
different
approaches.
One
of
the
things
we
prioritize
was
a
decentralized
approach,
which
is
why
we
used
ren
protocol
for
our
bridge
so
for
the
wrapped
version
for
the
phoebe
version.
Both
of
them
use
a
centralized
custodian
in
the
middle
that
facilitates
the
swap,
and
so
you
have
that
centralization
risk
where,
with
ren
protocol,
it's
a
little
bit
more
decentralized.
B
It's
a
network
of
different
nodes,
that's
signing
the
transaction
and
move
it
across
so
we're
very
much
in
the
decentralized
spectrum.
Some
of
the
other
ones,
you
know,
are
different
places
there.
I
see
the
entire
ecosystem,
probably
being
in
their
own
automated
market
maker
on
ethereum
and
hopefully,
we'll
have
price
parity
between
them.
Tomorrow,.
A
Awesome
lester.
The
next
question
is
for
you,
this
is
slightly
open-ended,
but
if,
if
you
have
anything
specific,
you
want
to
talk
about
that'll
be
awesome.
What
do
most
people
misjudge
or
misinterpret
about
the
chinese
falcoin
ecosystem.
C
Interpret
yeah,
I
think
it's
like
right
now.
The
current
perception,
okay,
china
is
like
mo
lot
of
minor
right
and-
and
I
think
one
thing-
maybe
people
in
the
west
don't
know
it's
like
a
lot
of
retail
investors
for
fire
chronicle
system,
also,
because
all
those
mining
machines,
what
we
hear
the
rumor
is,
like
those
people
sell,
hundreds
of
million
u.s
dollar
machine
to
the
retail,
invest
community
as
it
may
be.
C
This
is
like
so
maybe
that
one
thing
is
like
we
not
just
have
a
large
minor
community
in
asia
where,
in
china
also,
we
have
a
large
retail
investor
community
in
in
in
in
china,
so
people
when
they
sell
the
machine
to
the
those
we
tell
they
say.
Okay,
if
you
miss
the
bitcoin
money,
because
we
can't
check
so
there
may
be.
The
five
coin
is
another
bitcoin
this
year,
something.
So
I
think
this
is
one
point
yeah.
What
are
the?
D
C
Think
there's
maybe
one
thing
in
the
west,
though
in
the
west
coming
maybe
don't
know
about
it.
I
think.
For
the
rest,
I
think
the
perception
is
to
quite
clear
right.
We
mostly
minor
community
and
asia,
a
lot
of
its
chain
activity
yeah.
I
think
yeah.
A
That
makes
a
lot
of
sense
thanks
for
that
I'll.
Try
to
combine
this
question
for
for
james
and
matthew,
because
you
are
all
similarly
in
this
dynamic
by
being
in
the
u.s.
But
the
quick
question
from
the
chat
is:
is
there
a
tax
disposition
on?
Let
me
actually
make
try
to
say
this
right.
A
I
miss
what's
the
questions.
Yes,
let
me
just
read
this
directly
from
the
chat.
Is
there
a
disposition
with
loans,
creating
a
tax
event
for
both
of
your
landing
markets
and
boarding
markets.
E
So
I'll
start
off
with
the
the
standard,
we
do
not
provide
tax
advice
nor
give
tax
advice.
Nor
do
we
even
talk
about
tax
advice
going
on
from
there.
So,
if
I
just
say
generally,
we,
when
we
enter
into
a
swap
swaps,
have
a
30
plus
year
history
of
tax
guidance.
E
These
are
considered
non-security
swaps,
so
you
you
have
a
fairly
easy
way
to
be
able
to
look
up.
How
do
you
treat
the
tax
ramifications
there?
We
don't
take
on
so
when
we
are
lending
right.
What
we're
doing
is
we're
just
taking
in
collateral,
so
the
swap
is
a
swap.
You
have
your
tax
issues
there.
The
collateral
is
something
that
we
hold
and
then
we
return
back
same
same
as
the
the
miner.
They
do
the
same
thing
so
so
that's
an
exchange
of
collateral.
E
That's
not
an
exchange
or
a
sale
like
when
you
rehypothecate
or
if
you
use
a
repo
market
and
you
you
sell
the
acid
and
come
back
you.
You
may
have
different
kinds
of
issues,
but
so
for
the
way
that
we
specifically
structured,
it
was
to
say
you
can
understand
how
a
swap
gets
used,
but
the
cl,
but
the
assets
being
changed,
are
just
collateral.
D
Yeah
we
shoot
1099s
for
the
interest
earned
for
such
loans,
but
the
withdrawal
and
redeposit
of
the
asset
is
not
in
our
understanding
a
tax
event.
A
Awesome
so
another
question
for
you:
matthew,
which
is:
are
there
any
specific
borrowing
use
cases
that
you
are
particularly
excited
about
for
just
the
falcoin
ecosystem
within
the
us.
D
I
think
there
is
a
lot
of
creativity
coming
from
liquidity
providers
to,
let's
say,
increase
the
liquidity
of
coin.
As
I
said,
there
is
a
number
of
unvested
file
coin
out
there.
You
know
that
is
that
are
in
the
pipeline
to
be
to
become
liquid
at
some
point
and
yeah.
Many
institutional
players
are
looking
for
ways
to
free
that
value
and
let
it
circulate
in
the
network
by
proxy,
and
that
can
be
done
via
derivatives
instruments
and
via
borrowing
as
well
is
a
way
to
hatch
such
trades.
D
There
is
creativity
there,
but
you
know
it's
extremely
satisfying
at
its
core
to
be
able
to
satisfy
corporate
demand
for
an
asset,
it's
very
rare
in
crypto
to
have
a
corporate
need
for
something
that
is
not.
You
know
just
going
to
liquidity
pool
going
to
something
to
get
a
reward
token.
This
is
real
people
with
real
storage
in
real
warehouses
who
need
those
firecoin
to
grow
their
business
and,
and
we
feel
like
we
are
helping
them
grow
and
and
be
successful
and
also
they
made.
D
They
took
a
lot
of
risks
to
to
get
involved
in
the
falcon
ecosystem.
So
we're
very
happy
that
we're
able
to
to
help
them
realize
their
vision
and
and
and
answer
a
real
demand.
There.
A
No,
that's
a
really
great
point:
yeah
you're
you're,
satisfying
a
demand
that
that
isn't
usually
interacting
with
the
the
crypto
world
that
we
we
are
more
familiar
to.
That's
awesome
and
the
last
question
I
want
to
ask
is
to
to
masa.
The
question
is:
are
you
how
do
you
kind
of
think
about
leveraging
existing
d5
protocols
on
ethereum
with
secured
finance
like?
Do
you
think
that's
separate,
or
do
you
want
to
include
them
in
and
kind
of
merge
your
centralized
and
decentralized
approach?
How
do
you
see
that.
F
Yeah,
so
basically,
we
can
like
be
together
to
to
increase
the
crypto
economy
transactions
and
basically
we're
trying
to
invite
institutional,
like
a
banks
and
investors
into
our
peer-to-peer
transaction
network.
So
the
trading
volume
will
be
relatively
higher
and
we
can.
We
welcome
the
existing
d5
project
to
be
a
counterparty
of
our
project
so
that
we
can
connect
with
their
basically,
we
can
provide
more
liquidity
to
their
existing
d5
projects,
so
we
can
be
together.
A
Awesome
there
are
a
few
more
questions
that
we
have
on
our
list,
but
we
are
short
on
time.
So
what
I'll
do
is
I'll?
Just
ask
one
last
question
which
is
from
from
one
and
now
the
question
is
for
for
matthew
at
coin
list.
How
do
you
make
sure
borrows
borrowers
of
falcon
are
miners,
and
not
specifically
people
who
are
boring
too,
too
short,
and
I
do
incorporate
any
checks
or
or
notions
of
reliability
and
credit
rating
for
for
these
miners.
D
Absolutely
so
we
are
with
kycn
and
and
check
you
know
who
we
are
sending
the
fight
going
to
it's
a
it's
a
prerequisite
we're
not
just
facing
you
know
like
a
d5
protocol,
smart
contract,
we
don't
just
face
a
wallet
address.
We
face
a
real
person
who
hasn't
bought
it
with
us
and
sent
the
passport
and
everything
that's
called
his
brand
doing,
kyc
and
doing
email
and
doing
it
really.
D
Well,
that's
what
we
built
in
the
last
few
years
and-
and
we
cannot
screw
this
up
because
that's
what
we're
famous
for
so
that's
number
one
in
terms
of
the
credit
risk.
It's
a
very
interesting
question.
You
know
I'm
not
down
in
china
visiting
those
those
those
companies.
So
we
have.
We
do
back
channeling
a
lot.
We
check
with
people
on
the
ground,
people
that
we
know
you
know
do
you
know
this
person.
These
people
are
boring
millions
at
the
time,
so
they
are
usually
fairly
prominent.
D
I
also
I'm
in
touch
with
protocol
labs
actively
to
check
on
any
names
that
I
don't
know,
because
you
guys,
of
course,
have
built
a
gigantic
minor,
minor
network.
You
know
all
of
the
big
ones
you
know
who's,
you
know
trustworthy
who's
less.
So
I'm
always
you
know.
If
I
have
any
doubts,
I
I
don't
hesitate
to
go
to
protocol
labs
to
check
what's
going
on
in
terms
of
the
the
pricing
of
that
credit
spread.
You
know,
a
minor
is
more
risky
than
another
minor
they're,
both
real
they're,
both
willing
to
increase
their
business.
D
But
how
should
we
price
that
it's
really
a
bit
of
a
trial
and
error
thing?
You
know
we
start
with
a
high
collateral
requirement,
something
around
75
percent
ltv,
with
a
name
that
we
don't
know
or
we
know
less.
So
we
have
less
recommendations
around
and,
as
time
goes
by
and
margin
calls
are
being
answered.
D
We
slowly
and
slowly
reduce
the
ltv
in
practice.
So
far,
we've
received
a
lot
of
bitcoin
and
eth
collateral
that
has
shot
up
dramatically,
while
firecoin
has
stayed
more
stable
at
a
great
price
level,
but
more
stable.
So
we
haven't
had
any
margin
calls
to
do
in
that
sense
because
they
are
borrowing
the
asset.
That
is
not
appreciating
us
as
fast,
so
it
has
been
an
unusual
so
far.
A
Amazing,
well,
thank
you
so
much
for
for
that
answer
and
we'll
post
the
rest
of
the
questions
on
the
chat.
Thanks
everybody
for
staying
on
and
answering
a
lot
of
our
questions
and
and
for
doing
your
talk
in
all
these
different
time
zones
and
sort
of
being
open
to
this,
and
we're
glad
to
have
you
here.