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From YouTube: NYC ETC Lunch
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A
A
A
Sometime
line,
okay,
talk
make
you
leader,
self,
okay,
the
mine
client,
when
pointing
to
the
network
are
so.
We
have
had
some
of
our
thoughts
by
a
mantra:
policies,
a
mobile
identity,
translator,
and
we
have
some
ideas
about
color,
Beauty,
tangibility
and
some
am
changing.
Changing
concept,
immortal,
hybrid,
total,
joke.
A
A
He
made
two
difficult
rates:
change
the
policy
for
performance,
optimization
so,
and
it's
going
to
open
this
project,
the
main
project
of
main
project
of
them
as
an
effort
Avenue
project,
which
is
in
all
this
capital
UI
for
the
network,
our
voyage,
but
charge
us
what
we're
making
a
set
of
tools
for
developers,
main
goal
and
the
world
just
one
example
for
peace.
That's
operated
on
key
because
we
want
to
be
mocked
and
allow
us
to
film
Baazi,
because.
A
Its
operating
in
June,
just
Russia
also
can
new
project
called
ppm.
Are
we
had
some
ideas
how
to
improve,
for
which
a
machine
of
tune
so
below
machine?
Is
it's
a
main
thing
which
is
accused?
My
opponent
on
tier
compared
to
Bitcoin
doesn't
have
a
small
context:
don't
have
a
BM,
basically,
Justin
transactions
will
deliver
by
the
different
teams
that
we
have
like
a
centimeter
distributed
over
the
world
to
the
peers.
Execuse
of
this
calm,
the
fury
squeeze
exist.
A
B
Hi
everyone
so
first
of
all,
I'd
just
like
to
welcome
everybody
and
thank
you
for
coming.
I,
really
appreciate
that
everybody
is
here,
there's
a
pancetta,
most
input/output
digital
currency
group,
grayscale
and
ECC
dev
team.
A
lot
of
work
has
been
put
in
to
make
sure
that
we
got
to
this
point
and
we're
really
happy
we're
here.
B
We
know
it's
a
tough
road
ahead
and
just
a
lot
of
work
to
be
done,
but
we're
just
going
to
keep
pushing
forward
in
the
best
possible
way
that
we
can
the
clear,
concise
team
and
we're
really
happy
to
be
here
and
we're
really
excited
about
the
future.
So
a
little
bit
about
myself,
I'm
totally
with
Phoenix
here
in
classics
for
ihk
I,
would
pay
that
I
owe
and
originally
when
the
elastic
community
started,
it
was
almost
polluted
of
a
negative
part
of
a
community.
B
It
was
almost
like
a
protest
to
let
it
happen
with
the
transaction
reversal
which
I
doubt,
but
something
really
interesting
happened
with
the
community.
It
started
out
with
that
negative
tone,
but
everyone
really
rather
rallied
around
the
common
cause
and
came
together
and
decided
that
it
wasn't
just
gonna
be
about
protesting.
The
transaction
reversal
that
occurred.
It
was
about
preserving
what
cryptocurrency
and
blocking
all
about
and
moving
forward
in
a
really
positive
way.
I'm
really
proud
of
everyone
to
community
for
coming
together
in
such
a
special
way
and
bringing
us
to
where
we
are
today.
B
So
originally
the
community
was
written
off
that
it
was
just
thrown
away
by
everybody.
We
were
even
attacked
by
some
people
that
were
part
of
the
theory
and
some
of
those
people
actually
came
around
and
ended
up
joining
us
in
a
positive
way.
You
know
it's
understandable
that
some
people
were
against
us
in
the
beginning,
and
a
lot
of
us
held
no
ill
will
towards
events.
You
know
understandable
and
sometimes
part
of
the
game,
but
Tom,
you
know
all
of
those
acts
and
we
were
even
people
sold
the
e.t.c
thinking
it
was
completely
worthless.
B
They
sold
it
into
the
ground,
down
to
I,
think
a
low
40
cents
or
50
cents
a
share,
or
something
like
that,
and
even
despite
all
of
that,
the
writing
off
and
the
attacks
and
being
thrown
the
cast
away
to
crack.
That
e.t.c
survived
all
that
really
means
that
it's
a
project
that
means
something
and
the
cryptocurrency
community
in
the
blockchain
community.
A
lot
of
people
still
believe
in
it.
B
That's
why
we're
still
here
and
that's
why
we're
making
such
progress
I
believe
so
this
Drive
and
where
are
we
now
now
we're
at
a
point
where
it's
past
the
initial
attacks,
it's
past
being
thrown
away?
It's
time
for
us
to
set
our
own
path
and
push
forward
in
in
different
directions
into
new
new
heights
and
new
features
and
things
that
people
aren't
even
necessarily
think
about
in
blockchain
and
cryptocurrency.
And
one.
C
B
Things
that
we
worked
on
and
we
actually
came
to
consensus
as
community
and
got
done
with
a
lot
of
help.
Actually
snap
roll
matinees
are
back
they're,
put
together,
ECE
1017,
which
is
going
to
cap
et
Cie
at
a
reasonable
amount
of
two
hundred
and
thirty
million
between
two
hundred
ten
to
thirty
million
tokens.
So
there's
a
known
amount
just
like
Bitcoin
and
it
helps
investors.
It
helps
traders
and
helps
miners.
It
helps
the
community
plan
and
push
forward
in
a
predictable
way.
B
So
now,
in
reference
to
exchanges,
we
originally
started
out
on
just
one
exchange,
and
this
was
a
protest
period
point
where
people
thought
it
was
a
joke
and
I
can
see
how
some
people
from
the
outside
looking
in
may
thought
that
like,
but
from
that
one
exchange
that
one
day
it
ended
up
ballooning
into
we're
now
in
exchanges
all
over
the
world
and
sometimes
on
some
of
the
create
exchanges.
Most
recently,
the
agency
trading
volume
actually
exceeded
the
etherium
trading
volume
and
the.
B
Thing
about
that
is
Andy
I've
noticed
as
a
community
person
in
the
daily
American
and
European
constituencies.
They
favor
pretty
heavily
barium
to
a
certain
degree,
possibly
but
I
had
a
pleasure
of
Thai,
which
paid
took
me
out
to
Shanghai
and
Japan
and
I
noticed
in
the
Asian
communities
a
lot
of
the
time.
B
They
really
have
a
strong
belief
and
respect
in
the
ability
of
a
chain
and
a
lot
of
them
had
their
there
their
thoughts
and
what
they
felt
should
be
cooked,
a
currency
and
blockchain
and
a
theory
and
damage
when
they
removed
that
transaction.
So
the
eighteen
eighties,
especially
really
have
a
huge
incentive
and
a
huge
belief
in
what
etc'
stands
for
and
I
felt
that
over
there
and
I
got
a
lot
of
support.
And
you
know
Asia
is
a
huge
market.
B
So
I'm
really
happy
that
we
have
the
opportunity
to
respect
what
what
they
believe
a
blockchain
should
be
reference
to
developers
that
we
have
to.
You
know,
push
our
principles
and
what
we
believe
this
chain
is
all
about.
Forea
the
Brody
team,
with
Allen
led
by
Allen,
sherry
over
here
from
you
presenting
soon,
as
well
as
the
e.t.c
dev
team,
who
are
you,
know,
working
really
hard
to
make
sure
that
this
change
functions
in
such
an
incredible
way.
B
I
want
to
thank
you,
know
Igor
and
map,
and
everybody
from
etcd
for
being
part
of
that
now
for
the
investors
and
traders
in
community
et
Cie
I.
Actually,
when
I
made
this
slide
was
up
over
a
thousand
percent,
but
now
it's
actually
a
lot
even
more.
So
it's
it's
pretty
wild
where
we've
come
from
from
the
lows
of
50
cents,
now,
I
think
it's
about
ten
dollars
a
share
or
hovering
around
there.
B
So
it's
just
wild
that
what
started
out
as
a
protest
is
now
just
such
a
monster
in
industry,
the
top
10.1
in
market
cap
for
all
dependency
now,
along
with
the
increased
market
share,
we've
also
had
miners,
obviously
being
more
interested
in
what's
going
on
with
the
currency.
So
our
not
only
has
our
value
as
a
chain
increase,
but
security
is
incredible.
B
You
know
it's
really
really
very
very
secure,
and
we
also
did
the
first
up
transaction,
which
is
double
secure
and
also
we
expect
that
with
aetherium
moving
to
proof
of
stake
at
some
point
in
the
future.
A
lot
of
the
miners
that
have
been
kind
of
cast
aside
by
them
and
disenfranchised
I
have
pleasure
of
speaking
with
them.
When
I
was
over
in
Shanghai.
We
expect
a
lot
of
those
miners
to
come
over
to
our
network
can
secure
our
network
even
more
so
now.
B
B
You
know
at
the
bottom
of
the
barrel
in
just
a
month
or
so,
but
when
people
start
to
come
around,
this
was
a
real
thing
and
a
real
chain
that
had
real
developers
and
a
real
community
real
investors,
real
traders,
real
miners,
the
media
came
on
board
as
well,
and
we've
gotten
countless
publications
and
coin
desk.
Reuters,
10
point
Telegraph
Bitcoin,
you
know,
goes
on
and
kind
of
times.
B
So
from
those
few
articles
that
just
kind
of
wrote
us
off
in
the
beginning,
they
start
to
take
another
look
and
now
we've
gotten
a
lot
of
recognition
and
a
lot
of
big
publication,
which
is
excellently
now
in
reference,
tell
the
other
community
members,
the
et
Cie
twitter
is
really
really
popular,
which
is
a
lot
of
great
talks
even
and
respects
other
blockchains
and
cryptocurrencies
as
well,
and
he
talks
about
some
of
participates
and
other
discussions
in
reference
to
other
cryptocurrencies,
which
is
cool
so
cool.
B
It
has
over
35,000
Twitter
followers,
which
is
really
really
great.
Our
slack
is
going
24/7,
since
we
have
people
all
over
the
world.
You
know
six
continents,
you
know
we'll
work
out
an
anarchist.
Some
other
time,
I
guess
but
six
continents
and
three
thousand
members
on
there
that
the
chats
just
going
24/7
reddit.
B
We
have
over
3500
members
and
that's
more
of
a
forum
style
than
the
chat
that
goes
on
in
slack.
So
sometimes
the
conversations
get
a
little
bit
more
deep
in
reference
to
technical
aspects
and
some
as
a
question
about
the
chain
or
needs
help
the
posts
down
there,
and
we
have
a
lot
of
really
great
community
members
that
just
pitch
in
for
Noah
that
they
love
project
and
love
community.
We
also
have
the
WeChat
groups
in
the
Asian
community.
B
They
prefer
of
each
other
and
there's
one
that's
just
maxed
out
at
500,
so
people
are
trying
to
get
in
constantly
and
they
just
can't
even
join
now.
As
far
as
everyone
here
who
you
know
is
still
interested.
You
know
we're
happy
to
have
you
here,
but
if
you're
interested
in
participating
in
this
community
in
further
way
already
being
here
is
enough
and
we're
just
really
happy
to
have
you.
We
also
have
the
Twitter
I.
Have
this
link
here
if
you'd
like
to
join
I'd
like
to
hope
they
get?
B
D
First,
one
thank
the
ECG
for
a
posting.
This
event,
it's
really
great
to
be
here,
get
a
chance
to
speak
to
a
little
bit
about
re,
TC
client.
Now
my
name
is
Alma
cherry
and
I'm.
The
lead
developer
in
both
growth
indeed,
was
a
famous
mathematician.
By
the
way
it
says
it's
not
driven
forward
or
anything
at
all.
D
D
So
team
hopefully
consists
of
three
people
in
three
developers
in
Poland
and
two
more
than
in
Argentina
and
myself
in
Dublin,
so
that's
a
total
of,
as
you
can
see,
six
developers
working
on,
so
the
team
was
formed
at
the
beginning
of
this
year
and
the
mandate
we
were
given
was
to
develop
from
the
ground
up
new
aetherium,
classic
client
and
scout.
So
why
do
we
want
another
client
in
Scala
by
another?
D
Nobody
having
a
party
annoyed
with
the
little
scholar,
so
I
originally
realize
that
if
they
want
to
have
any
kind
of
voice
in
the
future
of
ethereal,
classic
we're
going
to
need
expertise
in
a
theory
of
this
development
team,
we
have
expertise
in
development.
We
have
expertise
in
blockchain
development.
D
We
didn't
have
specific
expertise
in
etherium
classic,
so
we
said
about
reading
the
yellow
paper
over
and
over,
and
we
have
the
etherium
J
codebase
as
reference
and
we
used
get
the
pirated
cross-reference,
and
so
we've
been
fairly
successful
with
that,
to
the
extent
that
our
developers
have
found
small
discrepancies
in
the
yellow
paper
between
what
the
clients
are
implementing.
What
the
L
paper
says
is
that
we're
able
to
put
a
pull
request
together
to
get
the
to
get
the
yellow
paper
updated,
so
Weiss,
Y,
Scotland
Scotland,
is
very
interesting.
D
Language
is
been
around
for
over
a
decade
now
meant
by
Martin
Scorsese
in
Switzerland.
It
allows
the
best
of
object
orientation,
but
it
also
allows
you
to
code
in
a
functional
style.
So
you
hear
a
lot
about
functional
programming,
so
I
want
to
just
give
it
and
try
and
give
a
short
intuition
about
why
functional
program
is
so
cool,
or
so
yes,
so
so
useful.
So
when
you
have
the
opposite,
which
is
a
piece
of
staple
code,
you
try
to
exercise
public
interface
of
that
stateful
code.
D
The
the
result
that
you
get
ends
on
the
parameters
that
you
pass
it,
and
also
the
internal
state
of
that
code
at
the
time
that
you
actually
call
the
function.
So
this
makes
it
a
little
bit
tricky
to
test.
When
you
combine
that
stateful
covert
stable
pieces
of
code,
you
have
sort
of
a
combination
explosion
there.
D
That's
the
result
that
you
get
depends
not
only
on
the
boundaries
that
you
pass
in,
but
also
the
stage
of
each
piece
of
code
that
you've
combined
together
at
the
time
that
you
call
it
now,
if
you
contrast
that
with
functional
approach,
when
you
call
a
function
at
any
time,
the
parameters
that
you
pass
in
are
all
that
influence
the
results
of
the
result.
You
get
at
any
time,
whether
in
production
or
in
text.
The
only
parameters
that
you
pass
in
and
when
you
combine
functions
together
or
compose
them
together
into
larger
functions.
D
So,
yes,
that's
why
we
picked
Scala
I
guess.
The
other
interesting
aspect
of
Scout
is
that
that
one's
on
the
on
the
JVM,
which
is
a
platform,
that's
been
around
for
a
very
long
time.
So
it's
quite
quite
stable.
We
get
to
leverage
all
the
effort.
That's
been
put
into
that
over
the
last
two
three
decades
and
I
Maryland
is
at
this
stage.
So
just
as
an
example
of
it,
we
use
the
actual
library
which
takes
care
of
all
of
our
concurrency
for
voices
with
an
actor/model
that
takes
care
of
our
TCP
connections.
D
So
yeah,
that's,
that's,
that's
been
we
and
really
helpful
to
us.
Okay.
So
where
are
we
in
terms
of
sense?
We've
started
in
January,
we
have
roughly
four
milestones:
block
synchronization
is
just
taking
all
the
blocks
from
the
existing
chain.
Getting
on
to
your
local
machine
transaction
execution
involves
creating
a
new
medium,
so
executing
all
the
transactions
on
the
blockchain
through
our
EVM.
D
That's
a
and
currently
we're
working
on
the
web
interface,
which
is
the
JSON
or
PC
API,
which
allows
the
thing
to
be
useful
to
clients
to
allow
you
to
build
things
and
then
finally,
we're
working
on
the
mining
aspect,
which
is
block
creation.
How
do
you,
how
do
you
convince
the
rest
of
the
network
that
you
have
formed
a
bottle
blocker?
So
all
in
all
that
will
hopefully
all
come
together
with
later
release
around
the
end
of
July
and
then
we'll
be
looking
at
some
usability
optimizations
in
things
like
that.
D
Okay.
So,
apart
from
that
this
is
it
with
just
listing
some
of
the
other
things
that
are
in
progress
in
wallet,
which
was
to
be
very
exciting
development,
the
basis
for
further
down
development
and
then
stop
creating
Warren's.
A
special
mention
in
that
spam
query
was
something
that
chose
to
deploy
their
contract
on
the
EEC
change,
specifically
because
of
the
value
that
we
that
we
give
to
the
mutability.
So
they
recognized
that
and
that's
where
they
and
then
finally,
just
one
note
on
the
modulation
of
our
code
base.
D
One
of
the
things
they
were
working
hard
to
do
is
make
sure
that
our
code
base
is
looks
after
its
coupling
very
well,
and
it's
divided
up
so
that
we
can
pull
it
apart
and
put
it
back
together
again
with
with
difference
with
different
new
features.
So
the
implication
here
is
that,
no
matter
what
which
of
these
which
direction
we
go
in
which
direction
the
community
size
so
in
the
very
classic
that
our
code
base
should
be
in
very
good
shape
too
Hannah.
E
All
right,
so
you
know
I,
think
I'll,
be
presenters,
hopefully
gave
everyone
a
good
idea
how
their
teams
are
progressing
on
on
the
build-out
of
different
classic
and
in
various
applications.
So
you
know
don't
be
shy.
Let's
start
with
some
audience
questions
I'm
sure,
there's
plenty
of
them
is
a
unique
opportunity
to
get
some
questions
in
front
of
some
of
the
core
team.
Let's
start
with
a
man,
I
think
a
lot
of
people
know
a
CEO
very
you
guys
describe.
E
C
Well,
so
when
we
were
coming
up
with
different
models,
but
I'll
sit
there.
Thinking
about
this,
keep
in
mind
that
no
one's
ever
created
monetary
policy,
Wow
and
blockchains
operation,
okay,
so
they've
always
been
done
and
implemented
on
the
Genesis
block-
sounds
really
good
changing
for
them.
So
it's
really
tough
to
figure
out
how
you're
not
spit
community,
then
how
do
you
justify
take
changing
it
into?
What
did
you
do
because
when
we
think
about
monetary
policy
at
least
of
all
chance
doesn't
matter
what
point
the
victim
swing?
C
C
The
question
is,
is
what
is
the
proper
monetary
policy,
or
how
do
you
come
up
with
one
justified?
That
was
the
key.
How
do
you
justify?
It
could
be
any
number.
So
the
idea
was
this:
you
asked
100
different
people.
What
cap
membership
it
and
you'll
get
at
least
99
different
answers
state
what
the
best
monetary
policy
is.
Bitcoins
I
have
no
idea
right,
sound
reduction
for
years.
No
one
else,
however,
does
incentivize
people
early
not
to
take
the
risk
of
network,
so
the.
C
We
can't
really
define
exactly
what
a
proper
monetary
policy
is.
There's
a
lot
of
data
that
says
that
nobody
can
define
what
proper
monetary
policy
so
the
one
that
everybody
knows
and
the
one
that's
available
or
the
one
that
everybody
basically
accepts,
because
they
all
accepted
by
everyone
except
Bitcoin,
being
legit
and
crypto
currencies.
So
the
idea
was,
is
how
can
we
model
big?
C
Well,
it's
possible,
while
this
is
operational
and
that
should
provide
the
least
amount
of
risk
for
people
investing
in
this,
because
we
ought
to
figure
out
in
the
financial
models
and
then
he
also
reduces
the
risk
on
users
and
training
members
on
fighting
over
my
models.
Better,
our
model,
you
know,
produce
longer
shorten
process
to
incentivize
people
now.
So
it's
look,
here's
a
model
that
we
can
actually
justify
saying
their
coin
successful.
C
So,
let's
try
to
model
I,
probably
can't
do
exactly
the
point
model,
which
is
for
your
reduction
50%,
because
there
was
a
freemartin
theorem
and
it's
like
it
came
out.
I
think
currently,
there's
probably
what
about
90
million
UTC
on
the
network
so
at
the
Genesis
block,
there's
about
72
million.
So
if
you
start
reducing
over
4
years
of
50%,
what
you
have
is
this
huge
mountain
of
production
that
was
created
really
early
and
then
it
tapers
off
real,
quick
because
of
that
stream.
C
C
So
the
idea
was
about
keeping
it
simple
to
this,
but
while
keeping
it
simple,
how
can
we
replicate
their
point
in
terms
of
metrics
and
metrics
that
were
chosen
were
a
short-term
investment
metric,
a
long-term
investment
measure?
A
short-term
investment
metric
was
related
to
Bitcoin
in
terms
of
the
50%
total
produced
ever
so.
The
accordant
took
four
years
with
their
classic.
C
It's
going
to
take
roughly
four
years
based
on
the
five
million
block
20%
reduction
model,
so
the
other
long-term
metric
was
basing
on
some
financial
stuff
is
3%
inflation
rate,
so
that's
kind
of
like
a
risk-free
rate
well
close
enough,
but
so
based
on
the
five
million
block
20%
reduction
model
with
these
with
the
pre
mine
that
was
already
in
there
again
you're
off
by
maybe
a
month
or
two
over
a
20
year
time
span.
So
this
is
the
model
that
was
chosen
to
model
there
and
agreed
to.
C
It
was
the
model
that
that's
replicated
Bitcoin
and
it
caused
the
least
amount
of
stress
for
every
champion,
because
it
just
made
sense
everyone
understood
it.
Everyone
was
comfortable
with
it.
It
was
fair,
and
so
thinking
was
on
top
of
that.
My
case
means
that
the
fairest
model
is
only
one
that
produces
the
highest
investment
yield
over
time,
because
people
are
going
to
think
that
they're
scams
going
on
this
space
has
got
scammed
everywhere,
right.
C
E
C
C
Forgot
the
technicality
so
so
difference
li5
on
this
is
that
bitcoin
came
out
of
this
revolutionary
idea:
consensus
between
parties
that
don't
necessarily
trust
each
other
Pascal
block.
What
a
theory
under
the
theater
classic
runs
are
basically
with
the
scripting
language
on
top
of
that
watch.
On
top
of
that
token,
and
so
that's
what
rock
contracts
can
be
just
think
of
it
like
drop,
you
know,
hTML
is
walk
to
you.
Javascript
kind
of
runs
on
HTML
with
congruence
with
HTML,
probably
experience
the
web,
but
hTML
is
basic,
allowed
us
to
communicate.
C
You
know
easily
all
around
the
world
javascript
made
it
fun
right.
It
allowed
you
to
do
colors
and
interaction
all
that
sort
of
stuff.
So
that's
the
idea
of
a
kind
of
SWAT
contractors
or
something
like
just
a
transaction
on
the
court.
Now
Bigpoint
does
have
a
very
basic
scripting,
but
there's
more
involved
here.
A
F
B
Really
a
very
community-centric
question
because
I
think
a
lot
of
people
that
are
you
know
in
european
countries
or
in
the
west
don't
necessarily
have
such
a
potentially
traumatic
experience
with
something
like
the
bank
repossessing,
your
gold
or
other
things
that
put
in
a
lack
of
trust
and
certain
systems
that
you
know
we're
very
you
know
happy
over
here
in
the
united
states
and
some
of
the
other
countries
too.
It's
just
not
even
in
our
thought
process
to
you
know,
think
about,
and
so
when
I
was
over
in
Japan
and
Shanghai.
B
B
You
know
the
past,
you
know
few
decades,
so
these
are
concerns
that
they
have
that
are
deep-rooted
in
their
culture
and
their
personalities
and
in
their
minds
and
concerns
that
red
flags
were
raised
now,
whether
the
etherion
transaction
reversal
was
a
one-off
or
not,
it
went
on
is
yet
to
be
seen,
but
for
a
lot
of
people
in
the
Asian
communities.
This
is
a
red
flag
that
was
raised
and
it's
a
concern
that
they
have
now.
B
Proof
of
stakes
all
a
lot
of
these
miners
feel
you
know
kind
of
cast
aside
and
it's
not
even
just
moving
to
propose
state
a
lot
of
the
comments
that
they've
had
from
the
core
people
and
you
know
they're
excellent
developers.
They
do
a
lot
of
great
work,
but
it's
a
little
bit
odd
and
concerning
that,
it's
not
hey
guys,
thanks
for
everything,
but
we're
going
to
go
in
a
different
direction.
B
I
don't
have
any
of
the
tweets
and
things
that
they've
said
personally
on
me,
but
they
have
a
very
negative
view
of
these
people
that
secure
their
network,
which
I
strayed
was
rather
odd.
So
if
they
had
a
choice
to
do
a
or
be
a
hey
guys,
thanks
for
everything,
we're
moving
in
this
direction
or
be,
you
know,
throw
shade
and
say
negative
things
about
these
guys
that
provide
the
system
that
the
entire
network
runs
on.
C
C
I
argue
that's
to
make
a
proper
fit
right.
Okay,
so
so
I
don't
really
think
that
I'm
not
a
fan
of
pushing
you,
know
social
stuff,
social
contracts
or
ethics,
or
anything
like
that
into
watching
I,
just
like
I,
don't
believe
in
it.
I
think
long-term
that
always
collapses
here
at
senate
models
of
leverage
right,
so
I
can
really
understand.
If
someone
goes
to
the
eath,
because
the
probabilities
are
that
prices
just
makes
no
sense
anymore
right.
We
know
something
it's
just
completely
crazy.
C
So,
but
you
know
about
a
mile:
I'm
gonna
sit
there
right
if
I'm
making
you
know
buybacks
as
compared
to
mine
et
Cie
right.
So
what's
the
incentive?
It's
more
long
logic,
what's
your
long-term
investment
right!
So
if
you're
miner
that
likes
the
long-term
investment
hey
for
old
miners
may
come
over
to
et
see
the
gamble
you're
going
to
take
is
I'm
going
to
mine.
Now
so
I
can
take
my.
C
What
do
we
have
one
pointing
Tara,
hashes
I'll,
take
100
mega,
hashes
or
Giga
hype
shows
right,
I'll,
throw
it
on
there
because
I'm
gonna
get
in
while
it's
young,
it's
basically
a
long-term
investment
play.
Not
so
much
a
near-term
right
now,
what
am
I
going
to
mind?
What's
my
incentive
all
that
stuff,
so
you
look
at
it
and
think
in
a
long
term
investment,
maybe
people
will
mine
now
either
at
a
loss
or
just
that
lower
probability
because
of
that
potential
or
increase
or
explosion
and
Preston
future.
C
A
B
Well,
the
white
paper
was
heavily
focused
and
talked
a
lot
about
the
IOT
space
IOT
applications.
Now
the
two
like
different
areas.
There
are
micro
payments
as
well
as
decentralized
applications
and
apps.
When
I
see
ETA
G
theorem
I,
don't
necessarily
see
it
as
a
currency.
That's
being
used,
I
see
it
as
a
platform
to
build
ABS,
but
the
white
paper
for
now
I'm,
starting
on,
like
the
investment
thesis
Bri
et
Cie,
really
got
into
the
use
of
micro
payments.
You
know
in
the
IOT
space
can
you
elaborate
a
little
bit
on
two.
E
G
G
So
the
way
that
that
ether,
ETH
with
designed
was
basically
to
services,
fuel
powering,
adapts
and
computations
for
applications
built
on
etherion,
I
think
with
etc'.
What's
what's
unique
about
it,
is
it
preserves
a
lot
of
the
characteristics
and
qualities
that
made
the
coin
really
successful
as
a
form
of
decentralized
digital
money,
so
that
it
can
serve
as
not
only
fuel
the
power,
the
Internet
of
Things,
but
also
the
paint
the
actual
money
that
is
being
used
transmitted
between
different
devices
in
the
machine
table
web?
G
F
Sorry
I
was
outside
with
my
marketing
director.
We
got
carried
away
for
a
little
while
so
I'm,
sorry,
just
the
first
part
of
panel,
okay,
so
relation
IOT
and
et
Cie.
So
it
was
important
to
first
ask
people
what
is
the
theory
of
in
relation
to
IBM
general,
that
tech
stack
and
whose
validated
it
is
look
at
it.
So
what
a
theory
launched
one
of
the
first
projects
that
was
done
in
the
test
manager
shortly
after
the
main
app
launch
was
cold.
F
It
was
a
project
with
IBM
and
Samsung,
and
the
name
is
escaping
me
for
a
moment.
But
anyway,
basically
they
ran
a
project
to
see
if
they
could
do
an
IOT
control
layer
like
a
common
currency
and
a
common
control
layer.
Once
all
these
different
item
T
devices
and
they
kind
of
mapped
out,
what
are
some
of
the
design
requirements
that
you
need
in
terms
of
scalability
in
terms
of
security
and
privacy
and
efficiency
and
TPS
rate,
and
other
things
like
that.
F
So
both
companies
have
gone
and
done
other
things,
but
there
is
still
a
lot
of
interest
in.
Can
we
do
I
can't
general
with
the
theory?
So
it
really
comes
off
to
a
question
of
scalability
throughput
and
also
what
are
you
actually
doing
with
the
system
now,
if
you're
not
using
a
watching
system
for
ITT,
it's
nuts,
if
you're,
storing
all
the
information,
because
you're
talking
with
the
most
expensive
data
piece
in
the
world,
everything
you're
committing
and
then
I
would
he's
all
about
lots
of
David's
like
the
classical
Big
Data.
F
Think
I'm,
a
farmer
I
got
a
million
sensors
all
throughout
my
cornfields,
and
every
one
of
them
is
given
the
temperature
readings
and
soil
readings,
so
I'm
getting
stuff
all
the
time
as
a
huge
amount
of
traffic.
What
do
I
care
about?
Well,
maybe
I
care
about
allocation
of
resources.
Auditability
time
stamp
thing,
so
I
can
bundle
these
things
together,
a
hash
them
a
change
or
something
like
that.
But
then
how
do
you
get
them
to
be
interoperable
with
other
systems?
Because
there's
going
to
be
the
Sony
vendor,
the
Samsung
vendor
the
IBM
vendor?
F
And
you
know
the
rule-
is
whoever
controls
the
standards
controls
the
world
because
they
kind
of
run
that
so
it'd
be
nice
to
have
a
neutral
to
centralized
platform.
That's
kind
of
corruption
resistant
and
it's
kind
of
a
fair
space,
so
we
can
build
a
standard.
That's
what
Samsung
like
they
were
thinking
now
going
on.
Abc
y
is
easy.
F
Potentially
a
better
candidate
for
IOT
I
would
argue
because
most
of
the
scaling
research
is
currently
happening
is
scaling
Bitcoin
and
when
you
live
in
bit
point
land
you're
talking
about
scaling
proof
of
work
at
the
moment.
Okay,
so
they're
saying
how
do
I
do
things
like
Bitcoin
in
chief
example,
where
you
work
for
bootstrap,
something
that
looks
like
taxes
or
election
percent
microcontrollers
are
sometimes
called
a
fiber
block
or
whatever,
and
you
think
about
these,
an
off
chain
payments
or
off
chain
transactions.
Well,
that's
blending
network
and
things
like
that.
F
So
there's
a
lot
more
thought
in
academia
and
I
see
three
at
r3
about
how
do
we
scale
proof-of-work
at
the
moment
and
it
seems
like
DC
is
going
to
stick
on
to
that
road
map.
The
other
thing
is
it's
not
necessarily
good.
Just
say
that
we
don't
even
care
about
throughput.
We
also
care
a
lot
about
security.
We
also
care
a
lot
about
reliability.
We
also
care
a
lot
about
privacy,
so
the
other
thing
a
PC
has
going
for
it
is
that
every
decision
that's
made
is
made
through
the
lens
of
Federation.
Not
centralization.
F
There
is
no
cult
of
personality.
Is
nobody
in
charge
by
pros
the
road
map
these
guys
over?
There
are
probably
going
to
read
that
road
mint
very
carefully,
and
we
might
have
some
disagreements,
I,
don't
know
about
Treasury
or
other
thing
and
that's
very
reasonable,
so
it
gives
the
person
more
assurance
that
whatever
survives,
that
process
is
going
to
be
very
thoroughly
thought
out,
be
feted
and
it's
going
to
be
really
as
well
understood,
whereas
when
you
live
in
a
culture
who
fast
and
break
things
you're
at
the
mercy
of
the
leader.
F
Let's
say:
you're
a
utility.
You
do
not
want
to
turn
the
keys
to
your
Ferrari
over
to
a
brand
new
protocol.
That's
unvetted
tested,
you
have
to
know
the
code
works,
because
if
it
doesn't,
then
all
of
a
sudden
half
of
Manhattan
could
all
of
a
sudden
have
a
blackout
and
then
you're
liable
for
that.
You
know
when
somebody
dies
the
hospital
because
they
were
having
a
surgery
or
something
okay.
So
it's
super
important
that
you
have
high
assurance
pavement
and
that's
something
we
care
heck
of
a
lot
about
I
care
about
it.
F
I
know
in
Thor,
cares
about
it
and
it's
in
our
roadmap
to
try
to
find
ways
to
develop
some
our
contracts
that
are
much
stronger
and
run
correctly.
The
first
time,
whereas
when
you
live
in
a
culture
of
them
fast
and
great
things,
and
if
you
up,
we
can
just
change
you
sign
language.
If
you
mess
up,
we
can
just
change
it.
You
know
that's
not
so
good
for
you,
the
person
who's
building
on
top
of
appendage.
You
mentioned
PCP.
If
it
worked
like
that.
Well,
there's
your
problem
is
change.
E
B
C
C
A
A
B
Okay,
so
I
know
that
as
an
ax
fan
of
going
into
the
future
too
much,
but
these
are
some
of
the
fun
things
to
talk
about
I
think
now.
This
is
really
far
into
the
future
and
obviously
not
something
with
the
realm
of
possibility
in
the
short
term,
but
something
I
like
to
talk
about,
for
instance,
is
you
know
if
you
have
two
smart
cards
that
are
autonomous
and
they
crash
into
each
other,
and
a
smart
contract
executes
adjusting
the
insurance
prices
for
each
vehicle?
B
Not
even
thinking
about
at
this
point
in
time,
just
like
so
many
things
in
the
internet
and
technology
we
take
for
granted
now
and
you
just
kind
of
think
to
yourself.
You
know
why.
Why
didn't
someone
know
this
was
possible
thirty
years
ago,
but
thirty
years
ago
they
couldn't
have
dream
of
some
of
the
things
we're
using
with
you
know:
iPads
and
smart
phones,
all
sorts
of
stuff
like
that,
so
I
just
think
the
future
for
smart
contracts.
G
I
think
probably
factories
and
global
supply
chain
logistics.
From
my
perspective,
I
think
there
is
billions
of
dollars
in
economic
surplus
they
can
be
disrupted
or
reallocated
based
on
automating
payments
within
those
two
two
realms.
So
I
think
you
know
you
see
a
lot
of
humans
doing
processes
that,
quite
frankly,
machines
could
do
better
and
more
efficiently
and
more
accurately
and
I
think
that
that's
a
low
hang
for
an
opportunity
for
sure.
F
Okay,
two
words
regulated
computation,
so
right
now
we
have
computation
what
exchange
is
gambling,
there's
a
litany
of
things
that
we
do
computers
and
more
and
more
things
are
going
into
that
pair
and
they
get
regulation.
It
lives
in
its
own
world
right.
So
how
do
we
actually
force
it?
You
have
some
sort
of
central
Packer
that
is
responsible
to
the
custodian
of
that
and
if
they
screw
up
they're
blamed
for
it,
but
the
world
is
increasingly
global
and
regulation
is
not
so.
F
The
automation
of
these
things
is
proving
to
be
very
complex
and
also
it's
not
even
clear
what
law
you're
supposed
to
actually
comply
with.
So
it
also
puts
the
company
in
a
very
adversarial
role.
You
know
it's,
not
the
regulatory
body
that
spies
on
you,
it's
the
money
service
business.
It
has
the
bubble.
Sorry
and
that's
this
so
bad,
because
your
business
try
to
have
a
relationship
with
your
customer,
but
at
the
same
time,
you're
spying
on
your
customer.
You
have
to
do
something
against
your
customers
interest,
so
the
same
process.
F
That's
a
library
and
you
can
see
the
whole
banana.
You
don't
just
see
the
United
States,
you
don't
just
see
your
opinion,
you
see
all
the
regulatory
space
and
how
they
interact
with
each
other.
You
can
proactively
run
models
and
say
if
I
was
in
business
with
this
customer
worried
about
my
child,
the
primary
expenses
number
one
because
you
templated
number
two,
because
enforcement
is
automated
and
number
three
everybody
starts
following
the
same
standards.
F
So
could
you
imagine
a
bank
system
where,
basically,
you
can
prepare
your
books
and
your
compliance
systems
based
on
your
jurisdiction
just
by
pushing
the
button
and
what
they
want
to
do
macro
micro,
prudential
policy?
Instead,
as
I'm
saying
we're
just
going
to
go,
we'll
figure
this
out,
they
the
regular,
writes
the
module
itself,
and
then
we
have
a
common
standard
to
run
that
module
against
and
it
outputs
at
risk
score
and
says
that,
but
it
cost
you
nothing
to
comply
with
that.
F
But
it's
more
philosophical
to
me
because
it
puts
the
business
back
to
what
businesses
used
to
do
there
in
the
relationship
business
they
have
their
customers
they're
fighting
for
their
customer
and
what's
the
regulator
back
what
the
regulator's
supposed
to
do
being
the
enforcer
and
the
watcher,
not
proxying
those
powers
out
to
a
private
entity
and
turning
Facebook
into
a
spy
or
your
bank
into
the
spy
at
support.
So
that's
something
that's
very
personal
to
me.
F
The
other
thing
is,
it
makes
all
the
countries
on
the
same
level,
so
you
can
actually
have
the
same
compliance
standards
and
system
in
Vietnam,
as
you
could
in
the
United
States.
That's
never
been
possible
before
and
then
we
can
actually
have
really
intelligent
conversations
about
what's
going
on
because
we're
measuring
everything
we
have
to
see
outcomes
and
we
can
run
experiments
because
he
who's
doing
things
differently
and
there
are
meaningful
experiments
already.
One
three
words
I
know:
that's
all.