►
From YouTube: MakerDAO Community Meeting November 13, 2018
Description
- In which we mostly just talk about governance.
---
Awesome-MakerDAO: https://github.com/makerdao/awesome-m...
CDP Portal: https://cdp.makerdao.com/
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Reddit: https://www.reddit.com/r/MakerDAO/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
A
All
right
and
we're
on
hello,
everybody
welcome
to
the
Oakland
meet
mrs.
person,
hello,
everybody
welcome
to
the
November
13th
Maker
Dow,
core
community
meeting
or
just
regular
community
meeting.
I,
know
I,
said
core,
but
welcome
welcome.
This
is
our
weekly
meeting
that
we
do
to
kind
of
talk
about
all
the
stuff.
That's
going
on
in
maker
land,
everything
from
recent
hires
to
like
thence
milestones.
A
We
also
have
this
our.
We
have
a
portion
of
this
hour
open
just
for
regular
community
questions,
we're
trying
to
also
do
a
burning
question
of
the
week
sort
of
thing,
but
that's
a
neither
here
nor
there.
So
if
anybody
has
any
burning,
questions
feel
free
to
put
them
in
the
chat.
But
yes,
so
this
week
we
have
in
our
chat.
We
have
Richard
Brown.
Here
we
have
Jessica
Salomon
who's,
our
community
manager
and
we
have
Nick
who's.
One
of
our
awesome,
devs
from
the
team
and
everybody
else
here,
is
strictly
community
hold
on
one.
A
A
Gosh,
it's
so
quiet
up
here
all
right.
We
have
two
new
hires
this
week.
One
person
Adrian
Lib,
who
is
on
our
Jas
product
development,
team
and
Nikolaj,
who
is
our
Technical,
Account,
Manager
and
I-
think
he's
in
Copenhagen,
but
I'm,
not
a
hundred
percent
sure.
Another
notable
thing
is
we
hit,
70
million
died,
I
think
we're
almost
at
72
now,
but
that's
also
really
exciting.
We're
coming
up
on
that
hundred
million
debt
ceiling.
I,
don't
know
what's
gonna
happen.
Maybe
that's
a
good
burning
question
for
us
to
focus
on
a
little
bit
later.
A
What
do
we
do?
In
approach?
Oath
ii,
debt
ceiling
of
a
hundred
million
notable
mentions
there
was
the
ex
die
burner
wallet
that
Andrew
Griffith
I
think
his
name
was
came
out
with
everybody
kind
of
raved
about
it
earlier
in
the
weekend.
It
is
really
cool,
so
definitely
check
that
out.
If
you
have
a
chance
or
Ryan
X
cater
it,
which
is
a
exchange
catering
to
the
Chilean
and
Mexican
markets,
is
now
offering
dye
pairs.
So
you
could
check
that
out.
If
you
are
a
Chilean
or
a
Mexican.
A
Two
more
things:
okay,
so
Steven
Becker
was
on
the
boost.
Vc
podcast.
We
got
a
little
bit
of
an
early
release
a
couple
weeks
ago
about
that,
but
I
think
that
the
boost
VC
podcast,
like
officially
put
it
out
this
week,
so
that's
exciting,
Eilis
I
got
a
chance
to
listen
to
that
and
Steven
is
awesome
on
the
mic,
definitely
check
him
out.
He
also
hosts
our
governance
and
risk
meetings
every
Thursday.
A
So
if
you
guys
are
interested
in
more
meetings
talking
with
us
at
maker
and
learning
about
our
ecosystem
and
how
things
work
definitely
jump
in
there,
it's
a
very
educational
experience.
It's
it's
awesome,
I,
love
it
and
also
I
saw
that
the
subtle
virtual
hackathon
ii
was
just
announced
and
we
are
a
sponsor
and
the
winner
of
that
is
gonna.
Get
a
fifteen
hundred
die
prize
on
top
of
what
I
think
settle
is
actually
giving
I
think
they
are
doing
a
five
thousand
dollar
award
to
the
winner.
A
A
We
had,
we
had
a
couple
things
going
on
and
all
of
our
team
is
slowly
returning
from
Prague
and
everybody's
sort
of
getting
settled
in,
and
things
are
back
on
track
in
terms
of
development
and
further
carrying
along
as
we
get
closer
and
closer
to
multi
collateral
die
so
yeah.
That's
all
I
have
to
note
anybody
here,
hey
rich,
do
you
wanna
talk
about?
Maybe
the
subtle
virtual
hackathon
sue?
What
are
they
trying
to
do
over?
There
sure.
B
I'm,
not
the
world's
greatest
expert
on
settle
finance,
but
what
they're
doing
is
they're
sort
of
there's
a
trend
in
the
industry.
I
should
say
the
trends
been
happening
since
day,
one
because
I'm,
I'm,
old
and
I
remember
what
the
internet
used
to
look
like:
creating
portals
and
sort
of
wrapping
up
various
cryptographic.
Primitives.
It's
becoming
kind
of
a
big
thing
now
these
days
and
what
cell
finance
is
doing,
is
attempting
to
make
sort
of
a
dashboard
I,
don't
know
whether
they'd
appreciate
the
comparison,
but
I'm
gonna
make
it
anyways.
B
So
it's
sort
of
like
a
Bloomberg
Bloomberg,
ask
kind
of
a
where
they
sort
of
aggregates
and
create
tools
around
the
various
financial
or
the
decentralized
finance
packages
or
pro
projects
in
this
space
right
now
it
allows
you
to
in
a
sort
of
a
single
dashboard,
single
pane
of
glass.
It
allows
you
to
track
your
portfolio
set
Watchers,
I,
think
on
on
gas
prices,
there's
some
trading
functionality
that
they're
gonna
be
integrating.
So
it's
it's
basically.
A
B
Attempt
to
attach
to
the
back
ends
of
a
bunch
of
different
financial
organizations
like
Dharma,
DivX
or
maker
down
and
put
it
into
a
unified
interface,
with
some
with
a
layer
of
community
building
on
top
of
it,
which
I
think
is
really
interesting.
So
people
already
expressed
interest
in
it
and
we
have
a
lot
of
people
that
have
come
to
me.
B
North
yeah
I
guess
asking
about
ways
that
they
can
build
for
the
system
and
frequently
a
lot
less
people
are
front-end
developers
and
in
our
space
a
front-end
developer
usually
needs
to
team
up
with
a
solidity
developer.
To
get
anything
done
really,
and
one
of
the
interesting
things
about
settle
is
that
they
allow
they
expose
a
bunch
of
api's
inside
their
tools.
So
it
allows
people
that
have
front-end
experience
to
start
mixing
and
matching
backends
and
creating
new
ways
of
looking
at
the
sort
of
the
peripheral
stuff
that
were
left.
You.
A
B
I'm
hoping
that
they
do
there's
as
you're,
probably
aware,
and
maybe
some
other
people
are
I'm
super
keen
on
monitoring
in
analytics
and
alerting
when
it
comes
to
see
dps
I
think
that
it's
a
matter
of
measuring
risk
and
when
you're
measuring
risk.
It's
good
to
know
when
things
change
and
when
something
bad
happens,
and
one
little
things
I'd
love
to
see
is
a
dashboard
that
would
throw
up
warnings
when
your
authorization
rate
it
becomes
risky
or
you
know
some
something
happens
in
the
market
that
might
affect
an
asset
classes.
B
B
C
That's
pretty
question
you
guys!
Well,
we
just
had
a
whole
slew
of
events
in
terms
of
Def,
Con
and
I've
actually
been
traveling
on
vacation
on
vacation
this
past
week.
But
what
I
would
love
and
I
start
to
you
david
enriched
a
little
bit
about
this
is
to
get
ready
for
these
events
in
the
UK
that
would
be
coming
up
in
this
12-week
hackathon
and
sort
of
figuring
out
how
it
is
that
will
expose
maker
dow
to
the
students
and
universities
over
there.
A
C
A
Yeah
that
I
keep
hearing
this
theme
of
money
being
originally
based
on
credit
and
I
heard
it
in
zandi's.
Talk
and
I
also
saw
it
in
the
tweet
of
Lancashire
when
she
was
telling
us
a
bit
about
what
love
was
talking
about,
and
it's
really
really
awesome.
There's
actually
a
great
book
called
get
the
first
5000
years,
I
forget
who
the
author
is,
but
they
get
into
the
whole
history
of
money
and
how
it's
like.
A
B
A
B
D
All
right,
thank
you
is
it
on
yes
and
I'm
somewhat
new
to
this
so
I
hope
it's
not
too
naive
or
off
topic
or
something,
but
the
first
one
is
regarding
and
I
know
this
isn't
the
governance
meeting
per
se.
But
regarding
governance,
or
you
know,
setting
rates
is
it
we
talk
about
the
community
being
involved
in
voting?
Are
you
talking
about
determining
how
much
collateral
for
a
particular
asset
class
that
you
would
need?
In
other
words,
you
know
theorem
is
150
to
100.
You
can
create
a
hundred
die
and
I'm.
D
Fifty
aetherium
is
that
your
are
you
looking
to
have
just
the
community
vote,
inning
and
saying
well,
I
think
you
should
have
one
hundred
and
sixty
aetherium
to
one
hundred
or
is
it
different
issues,
or
just
one
fear
I
have
is
that
you
know
the
masses
are
not
always
the
most
informed
and
people
are
voting
on
things
that
could
get
crazy,
I'm
wondering
what?
Where
does
that
divide
you?
What,
if
the
community
to.
A
Speak
to
that,
if,
if,
if
I
could
so,
you
know,
maker
holders
are
sort
of
a
diverse
group
of
actors
in
the
system
and
there's
gonna
be
inevitably
like
a
part
of
these
holders
that
are
not
particularly
sort
of
set
to
vote
on
the
more
specific
details
of
collateral
types
and
risk
and
all
that
kind
of
stuff.
But
I
think
that
our
CEO
Stephen
Becker
and
also
had
a
risk.
He
has
been
putting
out
these
articles
on
risk
governance
and
the
idea
is
for
the
more
sort
of
empirical
decisions
on
surrounding
collateral.
A
There's
going
to
be
sort
of
a
scientific
governance
process,
and
so
the
way
that
that
would
work
is
there
would
be
an
assessment.
A
qualitative
assessment
on
every
proposed
collateral
and
I
think
that,
basically,
what
would
happen
is
there
would
be
risk
teams,
and
this
is
all
sort
of
in
theory,
because
I'm,
not
a
hundred
percent,
sure
so
sort
of
take.
A
My
take
my
words
of
the
grain
of
salt,
but
I
believe
that
the
model
is
that
the
community
would
vote
on
risk
teams
and
each
risk
team
would
have
a
certain
weight
weighing
and
the
idea
is
eventually
for
there
to
be
multiple
different
risk
teams
and
everybody
would
sort
of
be
able
to
come
at
the
question
of
collateral
in
a
very
sort
of
scientific
data.
Driven
empirical
way
but
and
Stephen
has
been
laying
down
sort
of
the
foundation
for
how
to
go
about
that,
and
so
like
with
every
collateral.
A
There's
all
these
different
kinds
of
risks,
like
liquidity,
risk
and
counterparty
risk,
and
you
know,
etc,
etc,
etc.
You
go
down
the
gamut,
but
there's
always
going
to
be
a
segment
of
maker
voters
that
are
not
going
to
be
participating
in
those
kinds
of
votes.
Just
because
it's
not
going
to
be
it
like
their
particular
interest.
B
Well,
I
can
of
maybe
I'll
speak
because
I
think
the
point
that
you're
you're
getting
at
I
think
is
that
the
wisdom
of
the
crowd
is
not
only
something
that
you
want
to
risk
the
future
of
your
business
on
and
there's
also
when
you
talk
about
governance,
there's
also
this
enormous
risk
of
popularity
contests
and
campaigning
and
opinions
and
when
you're
dealing
with
creating
a
risk
portfolio,
opinions,
don't
matter,
it's
just
facts
that
matter.
It's
data
that
matters.
B
Don't
open
data
sets
historical
trends,
data
models
and
eventually
it
presents
a
it
presents
a
thesis
that
says
that
token
ABC
has
these
qualities
and
the
governing
or
the
organization
that
runs.
That
token
has
these
qualities,
and
it
has
this
kind
of
liquid-
has
this
kind
of
trading
volume?
Has
this
kind
of
historical?
B
You
know
this
and
this,
and
that
and
based
on
these,
based
on
this
data
set,
we
recommend
that
the
debt
ceiling
will
be
this
and
the
stability
for
you
will
be
this,
and
you
know
the
rest
of
the
risk
parameters
will
be
these,
so
the
the
community
will
be
voting
on
whether
they
agree
or
disagree
with
the
sign
with
this
evidence
based
opinion
of
experts.
So
it's
not
the
community
community
sort
of
shilling
for
their
whatever
bag.
D
B
So
it's
sort
of
a
safety
valve
in
one
respect.
So
if
the
governance
in
any
kind
of
model
is
always
an
attack
vector
and
that's
something
that
we've
been
considering
very
well
so
this,
the
idea
is
that
when
these,
these
evidence-based
proposals
come
to
a
quote:
they're,
either
right
or
they're
wrong.
And
if
there's,
if
it's
a
right
or
wrong
situation,
the
votes
should
theoretically
be
overwhelmingly
for
or
against
overwhelming,
for
if
it's
correct,
I
guess
if
it's.
D
D
The
attack
and
malicious
and
whatever
it's
more
of
the
excited
naive,
well-intentioned,
putting
a
lot
of
time
and
young
people,
you
know
IV
you
Tuesday
I,
mentioned
I,
started
talking
about
maker
down
and
then
I
noticed
a
bunch
of
people
saying
oh
I
want
to
get
it
I'm,
like
oh
I,
getting
people
involved.
It's
sort
of
that.
The
mania
that
you
can
you
see
already
another
crypto
tokens
and
that's.
B
B
A
That's
all
right:
I
was
just
gonna
real
quickly,
mention
that
it's
also
the
reason
why,
like
I,
think
part
of
the
reason
why
our
community
has
been
sort
of
so
high
quality
even
up
until
this
point
is
because
I
think
much
of
the
community
has
been
like
focused
on
self
educating
and
educating
each
other
and
providing
resources
to
really
understand
what
maker
doubt
is
and
what
the
system
is
like.
I
don't
see.
D
Well,
I
think
it's
it's
early,
you
know,
I,
think
it's
accessible
in
a
couple
years.
That's
more!
My
long-term
concern
and
I
also
have
one
other
question:
if
I'm
not
taking
up
too
much
time,
Adam,
okay,
I
just
haven't
an.
If
it's
you
just
point
me
to
an
article
that
explains
I,
just
I'm
sort
of
confused
I,
don't
understand
this
shut
down
mechanism.
The
part
of
I'm
confused
about
is
so
there's
55
I,
don't
know
the
latest.
How
many
millions
of
die
are
out
there?
Does
this
shut
down
me
that
they
all
disappear?
D
E
So
the
the
shut
down
is
essentially,
everybody
gets
their
money
back.
That's
so
I
know
the
shutdown
kind
of
has
like
a
bad
connotation,
but
it's
more
a
reaction
to
a
bad
situation
and
the
system
trying
to
protect
itself
and
by
what
I
mean
by
protect
itself,
is
it's
primarily
trying
to
protect
people
who
will
die
so
essentially,
what
happens?
Is
that
at
the
moment
that
this
global
settlement
happens,
the
I
will
basically
have
a
fixed
collateral
price.
E
At
the
same
time,
people
who
have
CDP's
so
people
who
have
created
die
and
mayor
may
or
may
not
be
die
holders
as
well
the
debts
they
died,
debt
that
they
have
basically
gets
subtracted
from
their
collateral
that
they've
locked
up
right.
So
that's
where
the
collateral
is
coming
from,
that
is
paid
out
to
the
die
holders
and
the
remainder
of
that
collateral
right,
which
is
the
difference
between
their
collateral
and
their
debt
right
is
goes
to
the
CDP
holder
right.
D
That
last
thing,
can
you
repeat
the
second
I,
honest,
I,
think
I
understand
that
did
people
who
all
died?
Surely
it
could
keep
holding
the
die,
but
if
they're
concerned
they
could
go
and
trade
it
for
ether
that
I
guess
you
know,
if
ether
is
plummeting,
it's
at
a
fixed
amount,
I
assume
I
mean
what
happens.
I
guess
in
that
first
scenario.
What,
if
the
amount
that
is
locked
in
then
you
can
exchange
it
for
is
very
volatile.
It
does
that
get
adjusted
or
so.
E
E
What
the
intention
is
is
that
there's
going
to
be
so
right,
so
you
have
the
protocol
layer,
which
is
right,
the
actual
smart
contracts
effectively.
What
we're
banking
on
is
that
there
will
be
second
layer
solutions.
So
if
you,
for
example,
hold
your
die
in
some
kind
of
smart
wallet
when
the
smart
wallet
detects
a
kind
of
that,
a
global
settlement
is
happening.
E
But
but
going
back
to
your
previous
point,
since
you
seem
to
be
a
little
bit
confused
about
the
the
CDP
holders,
let
me
kind
of
give
you
an
example.
So
let's
say
we
have
a
CDP
holder
who
puts
one-eighth
right,
it's
worth
about
two
hundred
bucks
in
CDP
and
he
takes
out
about
50,
died
of
debt
and
now
any
right
and
he
goes
and
he
spends
that
fifty
died
on
something
or
trades
it
away.
E
You
know
whatever
and
then
a
global
settlement
happens,
and
so
what
happens
now
is
that
effectively
from
his
$200
worth
of
eath
$50
of
his
eath
basically
get
taken
away
from
him
and
distributed
to
whoever
holds
right.
The
50
die
that
he
had
originally
taken
out,
and
so
you,
as
the
CDP
holder,
you
get
back
your
a
hundred
and
fifty
dollars
worth
of
eath.
So
your
collateral,
your
your
outstanding
debt,
I.
D
E
Yep,
pretty
much
I
mean
right
so
as
a
it's,
not
that
it
happens
automatically
right.
So,
as
a
CVP
holder,
you
still
have
to
be
like.
Okay,
give
me
my
eath,
and
you
know
there's
no
time
limit
on
this
right.
Your
eath
is
not
gonna
disappear
or
anything,
but
effectively
no
new
CDP's
can
be
opened.
No
one
can
create
any
more
died
right.
The
system
has
just
shut
down
and
the
only
thing
people
can
do
is
redeem.
E
E
D
I
think
you
had
a
hundred
and
whatever
you
said,
150
in
collateral
and
then
the
global
supplement
it
took
$50
worth
of
eath
to
give
to
that
die
holder.
My
remaining
then,
let's
say
it
was
$100
of
locked
up
in
collateral.
Does
that
now
just
sit
there,
but
I
can't
create
die
on
it
or
that
also
gets
sent
to
me
and
there's
like
no
more
collateral
in
the
system
for
that
one
class.
D
E
E
D
B
Don't
believe
so,
no
I
think
that
the
global
settlement
is
a
way
of
winding
down
the
entire
system.
So
there's
been
some
kind
of
systemic
impact
to
the
crypto
markets
right
now,
currently
or
in
multi
collateral
that'd
be
some
kind
of
horrible
things
happen
to
the
global
financial
markets
where
well.
Why
got
the
system?
B
So
we
wouldn't
have
to
wind
it
down
at
that
point,
so
I
think
then
the
multi
collateral,
the
model
and
the
global
settlement,
or
what
we're
calling
rashly
renamed
it
to
emergency
shutdown.
So
an
emergency
shutdown
would
only
occur
if
there's
an
attack
on
the
system
itself.
So
if
there
was
some
kind
of
enormous
flaw
on
in
the
smart
contracts
that
nobody
caught,
we
would
initiate
a
global
settlement
if
there
was
an
attack
on
the
etherium
base,
Lee,
so
there's
a
flaw
in
the
way
they
be
theorem.
B
Just
worked,
we'd
have
to
do
a
global
shutdown
and
then
or
if
there's
a
Black
Swan
event.
That's,
but
you
know,
by
definition,
we
can't
really
guess
what
that
would
be.
It'd
have
to
be
pretty
horrible,
though
it
would
take
down
the
gold
markets
and
the
real
estate
markets
and
all
the
rest
of
the
crypto
markets.
At
the
same
time,
then
there
would
be
a
total
settlement.
I
said.
D
So
this
is
more
I
was
thinking.
This
was
sort
of
to
maintain
the
peg
I.
Think
everything
else
you
do
is
to
maintain
a
peg.
This
is
to
prevent
you
know
just
complete
disaster
thinking.
This
global
settlement
sounds
like
a
real
disaster
for
maker
holders
in
general,
but
that's
sort
of
what
it
is
is
it
isn't
even.
B
Worse
than
that,
I
think
it's
kind
of
interesting
when
you
look
at
it
from
that
perspective,
because
it's
also
it
behaves
as
a
way
to
save
our
users
or
CDP
owners
from
Orand
die
holders
from
complete
disaster,
because
if
the
market
is
tanking
over
the
course
of
five
hours,
ëthere
IAM
is
about
to
lose
nine
percent
of
its
or
eighty
percent
of
value.
The
the
global
settlement
would
be
initiated
and
presumably
we'd
be
able
to
save
50%
of
value.
B
Exactly
this,
but
the
idea
is
that
at
that
point,
where
we're
trying
to
stop
the
entire
system
from
going
completely
underwater
and
still
allowing
us
the
opportunity
or
the
lowering
the
contracts,
the
opportunity
to
release
collateral
a
release,
the
collateral
back
against
the
existing
Thai
owners
without
having
to
delete
the
maker
token
significantly.
But
after
that
point
it's
basically
a
reset
of
the
system.
So
whatever
you
know
happened
to
the
financial
world
or
whatever
happens
the
crypto
financial
world
recovers
and
then
there's
a
process
of
we
kick-starting
maker
down
ecosystem.
A
E
We
haven't
and
I
mean
it's
all
gonna
come
down
to
the
reason
of
why
we
globally
settled
in
the
first
place.
Let's
say
right,
there's
some
kind
of
bug
or
some
kind
of
attack.
What
kind
of
attack
was
it?
Is
it
something
that
needs
to
be
fixed
or
address?
Or
is
it
just
an
instantaneous
thing
we're
right?
We
could
literally
deploy
and
use
a
new
system
like
a
second
later
right.
E
Was
it
a
right?
Was
it
a
attack
from
the
oracles
right,
so
the
Oracles
can't
be
trusted
anymore?
Was
it
attack
from
governance
where
someone
tried
to
make
some
coin
worth
a
hundred
trillion
dollars,
so
they
could
print
infinite
amounts
of
dye
right,
it'll,
it'll
all
come
down
to
the
specifics
of
what
triggered
the
global
settlement
the
first
place
and.
B
You
know
if
you
wanted
to,
you,
could
try
and
mess
with
the
governance
system
and
get
completely
garbage
tokin
included
as
a
major
asset
class.
But
if
you
do,
somebody
might
come
along
and
just
reset
the
entire
thing
and
will
start
over
again
and
you're
not
going
to
be
able
to
pull
off
what
would
be
potentially
enormously
expensive
attack
right.
So
it's
it's
this.
B
D
A
Iren
Randa
ask
them
the
chat
in
regards
to
the
risk
themes
and
their
different
assessments
of
collateral
stuff.
What
is
the
expected
level
of
divergence
between
the
assessment
of
different
risk
teams?
If
assessing
risk
is
a
science,
then
we
might
expect
multiple
risk
teams
to
come
to
the
same
conclusion
and
I
think
like.
Ideally,
yes,
like
you'd,
want
the
different
risk
teams
to
come
to
similar
very
close
conclusions.
A
But
if
you
have
like
two
risks
teams
that
are
getting
something
completely
different,
you
have
to
sort
of
look
at
the
the
that
they're
using
because
there
might
be
some
difference
in
their
source
or
there
might
be
something
important
that
is
highlighted
in
the
difference
of
their
opinions,
but
generally
speaking,
yeah.
They
should
come
to
close
to
the
same
conclusions.
In
theory,
I
think.
C
B
Know
flawed
or
you
know,
manipulated,
and
they
have
scientifically
proven
a
repeatable
methodologies
to
come.
These
conclusions,
but
I,
don't
I
think
that
I
be
surprised
around
I'll
be
interested
to
see
whether
the
different
risk
teams
come
with
come
up
with
identical
conclusions.
I
think
that
this
is
where
there's
this
the
opportunity
for
maker
voters
to
step
in,
and
this
is
what
we
do
kind
of
actually
rely
on
the
wisdom
of
their
kind
of
innocent
and
Kenna.
Yet
coming.
F
Up
really
quick
just
on
the
technical
side,
we're
also
working
so
risk
is
not
just
about
what
they're
doing
with
the
liquidity
and
the
price
versus
value
and
all
the
stuff.
It's
also
just
basically,
if
a
token
is
ERC,
20
compliant
and
if
it's
gonna
work
correctly
with
our
system
or
if
it's
not,
and
we
need
to
create
wrappers
for
it
and
that's
what
we're
doing
right
now
with
a
lot
of
different
tokens.
So
it's
also
not
going
to
name
any
token
right
now,
but
there's
a
few
ones
that
are
more
well
behaved
than
others.
F
F
B
A
B
D
A
Iron
Rand
asks
thank
you.
If
the
risk
teams
reports
are
in
alignment,
what
are
the
benefits
of
asking
the
maker
holders?
I
mean
the
benefits
are
well
I.
Think
it's
the
better.
It's
necessity,
because
maker
holders
are
ultimately
the
ones
that
are
enacting
the
changes
in
the
system
so
like.
If,
if
there
is
a
proposal
by
one
of
the
risk
teams
that
everybody
sort
of
agrees
on,
then
the
people
that
have
to
enact
it
are
the
maker
holders.
So
it's
not
really
I,
don't
know
if
you
I,
don't
know.
B
There's
governance
is
complicated,
I
think
is
the
subtext
that
needs
to
be
remembered.
Every
discussion
like
this,
but
if
from
from
a
maker
holders
perspective,
if
I
saw
to
risk
teams
whose
reports
were
in
perfect
alignment,
I
would
think
a
that's
great
and
then
I
would
think
be.
Oh
my
god
collusion.
We
need.
E
So
so
can
I?
Can
I
interject
for
a
second
sure,
so
I
think
I,
don't
think
we
will
ever
see
all
the
research
kind
of
being
in
alignment
and
pointing
to
the
same
thing,
because
it's
all
going
to
come
down
to
kind
of
risk
appetite
and
what
you
want
to
optimize.
For
so
one
risk
team
may
be
trying
to
optimize
for
die
growth
and
may
want
to
set
more
aggressive
debt
ceilings,
more
lower
stability
fees
right
to
try
and
juice
up
and
stimulate
growth,
while
taking
on
more
risk
right
to
just
scale.
E
The
system
quicker
while
another
team
may
say
you
know
like
know
like
the
stability
of
the
system,
is
super
super
paramount.
Even
if
we
are
crippling
growth
in
the
mean
time
right,
because
if
we
ever
right
break
the
peg,
then
no
one
will
ever
trust
us
again.
We
only
get
one
shot
at
this
right
and
and
everyone
else
can
fall
right
somewhere
in
between
on
some
compromise
on
those
two
extreme
ends,
and
so
it's
really
up
to
MKR
holders
to
take
a
view
of
the
land
and
say:
okay.
E
E
It's
not
a
big
deal
right,
because
the
long-term
right
profit
potential
is
so
is
so
great
right
or
or
they
may
disagree
right,
but
it's
it's
all
true
mentally
down
to
them,
because
they're,
the
ones
that
are
putting
their
kind
of
money
on
the
line,
so
to
speak,
that
they're,
the
ones
that
make
the
decision
ultimately
yeah.
The
academics
can
only
provide
options.
That's.
A
B
B
That's
a
cool
conversation
and
David
I
think
that
you
should
join
our
Thursday
meetings
because
we
get
really
deep
into
the
weeds,
and
these
are
the
kind
of
topics
that
we
discuss
and
and
we'll
have
some
more
dedicated
experts
there.
That
could
answer
some
of
your
detailed
questions
but
lenka
as
I
hear
and
I
think
that
you
might
have
some
updates
for
us.
B
D
G
Bluetooth
and
all
kinds
of
issues,
but
we
had
really
cool
Meetup
yesterday
it
was
dedicated
only
to
maker,
but
it
wouldn't
happen
without
the
help
from
the
earthworks
guys.
Actually
you
remember
the
doppelganger
hack
from
the
status
hackathon
by
Anthony
and
some
other
cool
guys.
We
also
make
the
Pratt
couple
days
ago
and
it
has
been
hosted
by
campus,
which
is
which
is
a
nice
co-working
space
in
the
in
the
heart
of
war,
so
basically
run
by
Google,
so
really
cool
spaces.
I
think
we
also
managed
to
record
it.
G
So
hopefully
it
will
be
soon
available
and
the
first
talk
was
pilot.
He
was
giving
this
his.
He
was
giving
this
his.
You
know
economic
twist
into
the
introduction
into
maker,
and
then
the
second
presentation
was
by
pal
and
it
was
diving
deep
into
the
capers
area
and
yeah
and
afterwards
we
did
the
Deaf
power
and
we
did
it
in
in
a
special
venue
that
is
actually
hidden
behind
the
bookshelf
yeah.
So
we
had
a
lot
of
interaction
also
with
the
physical
died
pelicans
and
already
like,
had
some
brainstorm.
G
How
to
improve
the
experience
and
people
really
happy
about.
You
know
being
able
to
interact
with
those,
but
it
was
also
good
that
we
had
a
lot
of
constructive
discussions
about.
How
can
we
actually
make
this
even
better
so
yeah
today,
I
met
with
some
of
the
people
from
the
local
scene
and
hang
out
in
the
in
the
war.
So,
yes,
we
have
in
mind
space,
which
is
really
cool
and
yeah
I.
Think
they
all.
You
know
it
was
really
nice
experience.
A
G
So
if
people
are
joining
in
Copenhagen
they're
welcome
to
you
know,
join
us
for
the
event
we
will
have
booths
giving
keynote
and
we
will
have
a
check
our
ahead
of
sorry,
our
legal
counsel
for
Europe
to
to
join
panels
where
they
discuss
their
areas
in
the
in
regards
to
maker
and
stable
kind.
So
yeah
a
lot
of
stuff.
It's
going
to
happen
and
right
now,
there's
a
fun
campaign
going
on
on
Twitter,
so
check
out
the
hashtag
Center
whole
sorry,
I'll
type
it
down
into
the
chat
shatner.
G
D
A
Dave
asked
another
interesting
question,
so,
if
I
understand
correctly
on
the
two-and-a-half
percent
interest
rate,
2
percent
goes
to
the
die
savings.
Interest
paid
will
make
her
be
building
up
reserves
by
taking
half
a
percent
on
each
loan
or
where
does
that
money
go
so
I
think
that
the
actual
die
savings
rate
hasn't
been
decided
on
I.
Think
just
people
in
talking
about
it
have
been
like
referencing
like
2%
rate,
but
Nick.
Do
you
want
to
speak
that
I
seen
your
face
popped
up
on
the
machine
on
the
camera?
Oh
sure,.
E
I
guess
why
not
I
mean
sure
so
yeah,
the
actual
kind
of
profit
you're
making
should
be
the
difference
between
those.
But
you
have
to
take
into
account
some
kind
of
K
factor.
We're
not
all
die,
is
going
to
be
locked
into
the
savings
rate
right
it'll
be
some
kind
of
fractional
amount
right
less
than
100
percent
and
the
risk
teams,
when
they're
actually
setting
the
savings
rate
right.
E
They
actually
take
that
into
account
as
well
right,
b-because
right,
they're
trying
to
get
some
kind
of
magnitude
change
of
behavior
by
the
market
right
and
if
only
some
certain
part
of
the
market
is
taking
that
seriously
right.
They
need
to
maybe
be
a
little
bit
more
on
the
scaler
side
than
they
think.
A
The
stability
fee
goes
towards
like
burning
maker
right,
it's
the
buy
and
burn
mechanism
and
then
there's
a
part
of
that
fee
that
is
going
to
be
going
to
the
dye
savings
rate
and
the
way
that
it
like
there's
an
important
difference
in
how
single
collateral
dye
works
versus
multi
collateral
in
that
and
again
I.
This
is
still
like
unconfirmed
to
me,
but
this
is
just
how
what
I've
been
hearing
in
the
pipeline
is
that
the
interest
is
taken
up
front
rather
than
when
people
actually
pay
down
their
CDP.
A
A
The
idea
is
that,
as
interest
is
accrued,
there
will
be
sort
of
like
a
supplementary
smart
contract
that
is
issuing
dye
and
buying
maker
and
sending
the
appropriate
amounts
to
the
dye
savings
rate
contract,
and
so
when
people
actually
end
up
paying
back
their
CDP's
instead
of
the
buy
and
burn
or
the
the
burn
happening,
their
their
interest,
that's
paid
and
dye
is
simply
just
destroyed
because
it
had
already
been
functionally
like
burned
and
distributed
to
the
dye
savings
rate.
So
I
think
that
I
don't
know
if
that
answers
your
question
a
little
better
in.
D
B
D
B
It's
not
a
very
complicated
there's,
not
much
to
read
actually
so
every
time
this
system,
the
contracts
somebody
somebody
pays
back,
some
of
their
their
died
debt.
They
need
to
pay
2.5
percents
in
fees
for
the
length
of
the
the
age
of
that
debt,
and
that's
that
fee
that
they
pay
is
immediately
transferred
to
a
burner
contract,
and
so
the
amount
of
outstanding
died
and
the
ecosystem
goes
down.
Every
time
somebody
interacts
by
paying
back
system
which.
D
B
C
A
E
A
A
B
E
E
A
Of
the
hour
right
yeah
about
eight
minutes
to
the
hour,
I'll
be
hanging
out
in
here
for
like
the
next
five
or
six
minutes,
but
I
guess
we
could
wrap
it
up,
yeah.
Definitely:
oh
yeah
lenka!
We
did
mention
that
so
Mikey
Mikey
ray
McDonald.
He
put
up
the
we
locked
one-million
eath
in
our
contracts,
so
officially
in
the
side
tub.
So
it's
yeah.