►
A
Hello,
everyone
welcome
to
wednesday's
dvc
call.
This
is
thomas
flutter
with
govcoms
good.
Thank
you.
Thank
you
all
for
joining
us.
We've
got
a
great
group
here
and
a
great
presentation
roon
is
on
board
now
with
he
had
a
little
technical
issues,
but
we're
ready
to
go
during
the
call
do
I
want
to.
I
want
to
remind
everybody:
please
use
the
chat,
feature
and
also
raise
hands,
so
we
can
call
you
and
see
if
you
have
any
questions
or
comments
during
the
presentation.
A
Thank
you,
thomas
thanks.
Everyone,
the
the
usual
suspects,
I'm
guessing,
which
really
is
that
was
you
know
today,
is
only
for
the
people
that
are
mentally
prepared
for
this
stuff,
because
we're
getting
pretty
pretty
deep
in
the
whole
thing
and
yeah
I
mean
my
my
my.
The
main
thing
I
want
to
do
today
is
basically
in
a
sense,
like
you
know,
show
people
like
to
help
people
with
how
to
read
the
giant
in-game,
v3,
complete
post
on
the
forum
and
just
sort
of
go
through
the
various
pieces.
A
A
I
just
got
a:
I
got
a
prompt
to
share
the
to
start
the
video
and
yeah
so
like.
Basically,
that's
that's
my
plan
right
to
go
through
the
the
post,
and
then
I
mean
we'll,
then
we'll
talk
about
it
tomorrow
as
well,
and
then
I'll
get
this
sort
of
final
feedback
from
from
a
couple
of
sources
and
make
some
some
final
changes.
But
basically
the
version.
That's
there.
A
A
We
can
possibly
do
to
deal
with
this
tomorrow
and
it's
also
just
like
the
chances
of
it
happening
in
the
very
short
run.
Is
it's
essentially
non-existent,
but
on
a
longer
time
scale,
it
suddenly
becomes.
I
mean
over
time
it
becomes
very
likely
because
very
likely
happened
right.
It's
kind
of
like
a
trend.
A
A
So
it's
like
a
trend,
that's
been
in
place,
I
mean
actually,
I
guess,
forever
and
every
government
always
right
but
sort
of
since
really
of
9
11
right
there
was
this
there's
this
like
unstoppable
trend
towards
total
financial
control
right
and
this
sort
of
zero
tolerance
towards,
like,
like
financial
self-sovereignty,
when
it's
possible
to
do
that
right
and
so.
For
that
reason,
then
that's
why
we
have
to
prepare
right
why
we
have
to
deal
with
it.
A
Basically,
rather
it's
just
sort
of
being
able
to
go
straight
to
like
the
point
of
the
whole
thing
right
and
really
just
sort
of
do
it
the
way
it
was
it's
supposed
to
be
done
in
a
sense,
but
without
that
becoming
a
real
competitive
disadvantage
in
the
way
that
it,
it
basically
was
at
all
times
before
this,
because
a
real
sort
of
major
crackdown
on
crypto
you
know
like
it
was
always
something
was
eventually
gonna
happen,
but
it
was
always
the
kind
of
theoretical
abstract
thing
right.
It's
impossible
to
predict.
A
A
Like
you
know,
it
doesn't
mean
that
I
think
that
I,
in
three
years
from
now
maker,
will
get
sanctioned
and
everyone
will
get
arrested
and
all
the
credit
will
be
seized.
You
know,
and
we
count
down
now
and
then
at
the
year
three,
it's
gonna
happen
right,
but
more
like
three
years
from
now.
That's
when
you
get
that
sort
of
you
know.
A
If
there's
a
10
chance,
the
airplane
is
going
to
crash,
you
won't
got
an
airplane
effect
right
where
that's
when
that's
a
point
in
the
future,
where
we
simply
can't,
we
can't
really
predict
and-
and
we
can't
really
count
on
on
you
know
on
like
just
being
lucky
or
on
things
just
like
staying
the
way.
They
are
all
right.
A
A
I
mean
purely
from
from
rebel
assets
you're
at
least
of
course.
If
it's
combined
with
like
extreme
volatility
and
other
stuff,
then
you
could
lose
more,
of
course
right,
but
assuming
only
losses
purely
from
from
real
assets,
then
25
becomes
sort
of
the
like
that
could
come
sort
of
the
the
so
the
raw
loss.
And
then
you
can
do
various
forms
of
sort
of
insurance.
On
top
of
that,
to
then
make
it
like
make
it
even
smaller
than
that
right
and
then
actually
reach
a
point
where
yeah,
of
course
it
like
really
sucks.
A
A
We
should
still
integrate
with
the
real
world
right
and
it
sucks
not
being
able
to
reintegrate
with
the
real
world,
and
the
thing
is
like
so
basically
now
what's
happening
in
d5
is
every
single
project
they're
like
realizing
that
there's
like
a
fork
in
the
road
and
they
have
to
pick
one
of
two
options
right.
So
one
option
is
the
path
of
centralization.
Basically,
and
what's
now
clear
is
like
that
path
is
like
a
full
sort
of
like
that
path.
Is
the
you
know?
A
A
Like
I
mean
you,
you
know
you
may
have
seen
you
know
the
co-founder
of
maker
right,
michael
vernon,
nikolai
coming
in
the
the
chat
occasionally
recently
right
and
then
like
arguing
that
mega
should
just
become
a
bank
just
be
like
kind
of
like
a
modern
bank
right
that
it's
you
know,
that's
the
way
to
run
a
bank
in
the
modern
world.
If
you
run
it,
you
should
run
it
on
the
blockchain.
A
It's
going
to
be
a
more
efficient
bank
and
it's
going
to
be
a
really
good
business
model,
basically,
which
I
mean,
and
I
also
think
that's
true
and
probably
in
the
end,
100
years
from
now.
That's
you
know
all
the
banks
will
be
like
like
maker
or
something
like
that
right,
like
some
kind
of
like
they
will
have
a
kind
of
skeleton
underneath
that
looks
kind
of
like
the
maker
smart
contracts
today.
A
Actually
right
I
mean
at
least
I
definitely
don't
and
I
think
a
lot
of
people
were.
You
know,
that's
sort
of
like
the
red
line
right
that
the
point
has
always
been
on
central
money
right,
but
even
if
people
want
it,
it's
just
simply
not
possible.
So
it
doesn't
matter
that,
like
it
simply
doesn't
matter,
you
can't
like
undo
the
decentralized
die.
That's
out
there.
Now
I
mean
the
only
thing
you
could
actually
do
is
you
could,
like
you
know
rock
it?
A
Basically,
you
could
like
take
all
the
collateral
and
just
leave
it
having
zero
value,
and
that's
the
only
way
to
sort
of
like
remove
the
fact
that
it
exists,
and
but
the
problem
is
but
basically
like.
So
as
long
as
it
exists.
The
problem
is,
then,
there's
like
this
like
ticking
sort
of
ticking
time
bomb,
that's
basically
taking
away,
and
it's
going
to
result
in
some
kind
of
regulatory
threat
to
maker
as
long
as
it
exists.
Basically
and
again
we
can't
do
anything
about
it.
A
We
can't
stop
it
yeah
and
then
it's
a
question
of
like
protocol
level,
censorship
underneath
and
so
on.
Yeah
I
mean
so
that's
like
protocol
level
censorship
and
that's
the
equivalent
to
like
make
or
stealing
all
the
collateral
and
die
or
something
like
that
right
and
and
then
saying
we
we
fix
the
we
fix
the
risk
of
illicit
use
by
stealing
all
the
collateral
right,
because,
like
protocol
level,
censorship
and
eth
just
like,
destroys
the
ecosystem,
because
it
makes
eth
completely
useless
and
worthless
right,
but
yeah.
A
You
know
it
doesn't
matter
if
you
want
to
do
it
or
if
you
have
some
other
excuse
or
do
a
bunch
of
backflips
right,
no
matter
what,
if
you're,
not
compliant
you're,
just
not
compliant,
and
it
can't
be
again
like
the
only
way
to
do.
It
is
to
literally
like,
like
offend
the
dive,
basically
which
of
course
is
like
just
you
know
worse
than
the
alternative,
which
is
then
free
floating
it
right,
because
the
whole
argument
against
free
floating
is
that's
going
to
destroy
demand,
but,
of
course,
literally
like
stealing
the
collateral.
A
So
yeah
I
mean
basically
it's
just
not
and
and
I'll
move
on
from
this
for
now,
but
that's
something
I'm
happy
to
like
discuss
more
in
the
future,
because
it's
the
problem
like
it's
really
it's
a
it's
a
big.
It's
tough!
It's
like
a
very
hard
pill
to
swallow
right
that
we
actually
have
no
choice.
We
have
to.
A
I
mean
it's
not
in
a
sense,
it's
not
guaranteed
that
dye
has
to
become
free
floating,
but
it's
more
like
it's
a
very
realistic
possibility
and
you
know
and
yeah,
and
it's
something
that
we
have
to
be
like
fully
prepared
for,
and
we
really
have
to
assume
it
will
happen,
and
there
are
some
like
certain
sort
of
happy
cases
where
it
doesn't
actually
happen.
But
in
most
cases
it's
gonna
happen.
A
A
A
A
You
know
massive
billion
dollar
projects
with
of
solar
power
and
and
just
take
care
of
the
whole
job
of
like
transitioning
to
clean
energy
and
all
that
stuff
right
and
really
sort
of
like
create
this
new
role
of
finance
as
something
that's.
That's
not
just
like
it's
not
a
bunch
of
greedy
bankers,
doing
terrorist
financing,
if
you
let
them
write,
but
rather
it's
a
it's
like
a
real
public,
good
right
that
has
so
much
upside
that
you.
You
need
to
support
it,
no
matter
what
right!
Just
like
you
know,
you
obviously
build
roads
everywhere,
right.
A
A
A
A
A
Yeah,
so
so
that's
just
not
a
possibility
and
then
yeah.
So
look
so
so
now
we'll
get
to
the
point
of
like
how
is
it
realistic
to
do
right
and
then,
first
of
all,
if
you
just
really
sort
of
zoom
out
right,
then
of
course
it's
like
obvious
that
actually
a
current
like
a
stable
coin
like
a
decentralized
stable
point,
that's
free
floating
and
it's
like
free
from
like
the
the
incumbent,
broken
financial
system.
If
you
can
actually
create
something
like
that,
that
is
I
mean
that
is
the
most
valuable
thing
right.
A
People,
just
can't
kind
of
you
know
emotionally
process
that
right
so
so
it
is,
it's
basically
assigned
no
value
from
people,
no
matter
what
like,
even
if
they
sort
of
rationally
know.
This
is
the
case,
the
people,
you
know,
human
brains,
don't
work
like
that
right.
They
just
can't
so
so,
even
after
the
tornado,
cache
sanctions
right
nobody's
still
using
rye.
As
far
as
I
can
tell,
I'm
not
sure
I
haven't
I'm
reaching,
but
I
saw
that
a
check
like
right
after
something
right,
I
mean
you
know.
A
Basically,
then,
there
probably
would
have
been
an
increase
in
usage,
but
the
problem
is
it's
not
even
bootstrap,
so
it's
like
it's
not
even
useful,
even
if
it
technically
works.
The
way
it's
supposed
to
it.
Just
sort
of
practically
doesn't
work
right
and
that's
kind
of
I
mean
that's
one
of
the
problems
and
then
the
other
is
just
like
fundamentally
that
just
like
people,
just
they
can't
accept
you
know
they
can't
accept
something:
let's
not
pick
the
dollar
and
they
especially
cannot
accept
something
that
feels
like
a
negative
rate
right.
A
So
negative
interest
rate
is
just
like
the
most
horrible
thing
that
people
hate
the
most
in
the
whole
universe.
It's
like
a
loss,
aversion
thing
right
that,
like
it's
just
unacceptable,
it's
like
getting
a
pay
cut
at
your
job
right
right.
This
is,
like
you
know,
classic
wisdom
of
you.
You
should
just
fire
someone.
A
Instead
of
giving
you
a
pickup,
even
if
you
give
them
like
a
tiny
pay
cut,
you
will
you
know
they
will
not
do
any
work
anymore
once
they've
gotten
the
pay
cut,
so
you
may
as
well
just
fire
them
because
of
I
mean
yeah
again.
There's
something
called
loss
of
version,
which
is
like
well-known
and
kind
of
interesting
behavioral
economics
concept
where
humans
just
absolutely
hate
losing.
A
That's
also
why
volatility
sucks-
because
it's
like
way
worse
to
like
gain
a
lot
and
then
lose
it
again
than
just
stay
at
the
same
in
the
same
place
because,
like
the
you
know,
gaining
one
percent
in
interest
rate,
that's
kind
of
lame.
Who
cares?
That's
not
a
big
deal
losing
one
percent
in
negative
rates.
That
is
like
nightmare,
unacceptable,
like
it's
a
completely
different
type
of
like
you
know,
the
positive
benefit
is
is
incomparable.
A
A
This
is
a
it's
a
big
problem
for
for
maker
that
we're
basically
stuck
with
no
choice
but,
to
I
mean
in
practice,
almost
certainly
have
to
to
go
free
floating,
even
if
in
theory
it
might
be
possible
to
to
avoid
it,
at
least
for,
for
you
know,
like
a
period
of
time
right,
but
there's
some
good
news
right,
I
mean
well.
So
the
bad
news
is
like
it
absolutely
is
like
a
very
large
amount
of
the
dye
user
base.
A
That
will
just
never
touch
a
stablecoin
that
isn't
paid
to
the
dollar,
and
you
know
we
know
that
well
and
that's
why
the
first
place
we
started.
You
use
usdc
right,
because
we
just
knew
that
there's
just
there's
no
there's
just
so
many
people
that
will
just
never
ever
touch
a
stable
coin
that
isn't
a
usd
stable,
going
right
and
and
there's
nobody
like
linda.
Nobody
gives
a
about
this
implication
right.
So
nobody
cares
about
rye
or
anything
like
that.
A
A
A
That's
the
big
problem
right
that
people
will
just
walk
right
off
the
cliff
and
then
only
once
they're
off
a
cliff.
Then
that's
when
they'll
be,
like
oh
should've,
used
that
he
said
like
stable
phone
or
something
like
that
right
and
yeah.
That's
the
fundamental
problem
right
all
the
downsides.
Are
these
like
very
tangible,
very
emotionally
hard-hitting
costs
such
as
negative
rates
and
the
the
upside?
Is
this
like
completely?
It
doesn't
register
emotionally.
Nobody
cares
like
they
can
think
about
it.
They
can
write
another
piece
of
paper
and
so
on.
They
can.
A
You
know
talk
about
the
internet,
but
I
mean
all
those
people
talking
about
decentralized
staples
and
this
and
that
on
the
internet
right
absolutely
none
of
them
are
actually
using
anything
like
that
right.
It's
guaranteed
right,
they're,
just
full
and
they
don't
actually
emotionally
sort
of
have
that.
You
know
it's
like
a
right.
It's
like
mental
masturbation
in
a
sense
okay,
not
literally
for
everyone,
but
for
like
the
vast
majority
of
people
right
like
for
the
what
matters
in
terms
of
of
a
user
base
or
something
like
that
right
for
maker
and
diet.
A
I
have
any
kind
of
like
real
impact
right
anyway,
so,
like
I
said,
there
is
still
good
news.
Basically,
so
so,
even
though,
like
all
the
downsides
for
for
full
decentralization
like
very
tangible
and
very
impactful
emotionally
right
and
then
all
the
benefits
are
completely
sort
of
intangible
and
and
nobody
cares
about
them
until
it's
too
late
and
they
don't
sort
of
people
can
and
can
sort
of
reason
about
it
properly.
A
That's
the
one
thing
you
get
from
decentralization
and
and
that's
already
what
the
whole
end
game
plan
is
structured
around
right.
So,
actually,
that's
like
really
the
fundamental
tool
that
that
allows
it
to
even
be
a
possibility-
and
I
mean
one
way
to
think
of
it-
is
very
kind
of
like
superficially
sort
of
first
order
right.
A
It's
basically
that
well
some
regular
person
right
if
you're,
gonna,
they're
gonna
have
like
a
stable
coin
and
they
have
some
dollars
and
then
you're
gonna
take
the
dollars
away
from
them
and
you're
taking
their
money
away
from
them.
They'll
never
ever
accept
that,
and
many
of
them
will
just
never
accept
it
under
any
circumstances.
But
maybe
I
mean,
let's
say
half
of
them:
they
might
accept
it
as
long
as
you
give
them
something
else
in
return
right,
that's
the
only
way
to
make
it
acceptable
right
for
some
people.
A
So
that's
that's
metadata,
yield
farming
right
because
that's
possible,
if
you
decentralize,
because
then
you
can
actually
algorithmically
generate
metadows,
right
and
and
that's,
but
like
more
sort
of
holistically.
The
way
to
think
about
it
is
that
that's
literally
what
you
get
out
of
a
decentralized,
stable
point
right,
like
the
ability
to
have
a
decentralized
stable
coin,
means
that
you
can
create
a
decentralized
economy
right
and
then
that's
how
you
kind
of
like
overcome
this
chicken
neck
problem
of
nobody
cares
about
decentralization
until
it's
too
late
right.
A
And
it's
sort
of
the
same
trend
that
I
mean
it's
sort
of
it
to
a
large
extent
is
already
the
case
in
the
us
with
the
sec
right.
They
just
have
like
a
sort
of
wonky
approach
and
they're
sort
of
shooting
everywhere
all
over
the
place
and
then
there's
too
much
for
them
to
handle,
but
in
in
europe
you
also
have
me
cat.
That's
basically
saying
the
same
thing
of
like
you
can't
do
tokens
on
this
unless
they're
like
completely
100
decentralized
right,
that's
the
only
situation
where
you
can
create.
A
In
any
other
case,
you
can't
yeah.
So
so
that
way,
that's
actually
like.
That's
the
way
to
to
do
it
fundamentally
right!
That's
where
you
can
that's
the
way
you
can
create,
like
a
fleet,
free-floating
currency
and
you
can
have
actual
demand,
for
it
is
that
you
make
sure
to
also
capture
the
value
of
having
a
decentralized
currency,
which
is
that
by
creating
tokens
and
creating
decentralized
business
models.
A
And
then,
finally,
you
need
to
sort
of
make
the
circle
you
know
make.
It
come
full
circle
by
then
allowing
the
people
who
who
hold
that
free-floating
decentralized,
stable,
going
to
farm
those
tokens
right.
So
they
sort
of
get
the
upside
and
get
the
value
delivered
to
them.
That
they're
kind
of
paying
for
with
the
with
the
free
floating
rate.
A
So
so,
just
as
us,
if
you
can't
exchange
it
for
something
tangible,
we'll
still
remain
viable,
so
I
mean
so
you
still
ca,
I
mean
so
it's
not
so
actually
I'm
not
even
you
know
so
so
I'm
not
even
arguing
that
we
should.
We
should
not
keep
that
exchangeable.
I
mean,
of
course
you
need
to
be
able
to
exchange
it
to
real
value,
but
you
can
always
do
that.
If
you
can
change
like
right.
A
A
It's
just
that
you
have
to
limit
your
your
exposure,
because
you
have
to
to
understand
that
you're,
taking
the
risk
that
it
will
all
get
seized
right
then
you
have
to
be
able
to
live
with
the
consequences.
If
that
actually
happens
right
and
and
that's
the
thing
where,
then
that
likely
leads
to
to
free
floating
right-
and
then
I
mean
and
and
so
assad
is
asking
right,
what
is
what
is
the
inherent
value
of
a
stable
coin
right?
What
decentralized
one-
and
basically
I
mean
fundamental-
is
payments
right
that
you
can.
A
You
can
enable
economic
activity,
but
then,
of
course,
like
people
just
use
dollars.
So
it's
really
like
you
can
enable
decentralized
economic
activity
right.
You
can
enable
a
decentralized
economy,
but
then
the
question
is
like:
what's
the
sort
of
what
is
a
decentralized
economy
right
and
and
what
sort
of
the
what's
kind
of
like?
Where
does
the
value
of
a
decentralized
economy
come
from?
Basically,
and
really,
the
short
answer
is
basically
ethereum.
A
You
know
it's
basically
that,
like
you
can
think
of
basically
ethereum.
You
can
think
of
that
as
like
earth
or
like
the
ground
right.
You
know
in
the
real
economy
right
in
terms
of
how
does
the
real
economy
work
right?
Well,
you
basically
have
like
you
know,
earth
or
land
or
ground
or
whatever,
and
then
the
absolute
sort
of
basics
of
what?
A
A
The
equivalent
of
that
is
basically
that
ethereum
is
like
the
land
and
then
what
you
can
do
with
with
the
with
the
land
is
like
there's,
basically
two
things.
So
it's
which
is
sort
of
the
the
decentralized
equivalent
of
food
and
shelter
right
and
that's
basically,
you
know,
leverage
and
stability
which
enables
payments
right
and
then
staking
basically,
which
is
just
like
sort
of
operating
ethereum
right.
A
So
so
the
cornerstone
of
like
everything,
is
that
there
has
to
be
like
it's
basically
the
sort
of
the
the
positive
some
economic
activity
of
leverage
and
staking
and
then
once
you
have
that
in
place
like
now,
you're
actually
creating
real
value
right.
So
now,
you're
like
you're,
you
know
you're,
processing
transactions
on
a
decentralized
resilient
network
right
and.
A
A
A
That's
kind
of
I
mean
that's
some
that's
you
know,
so
that's
also
a
source
of
like
real,
fundamental
value
right
and
then
once
you
have
that
sort
of
food
and
shelter,
then
you
suddenly
can
build
all
the
other
stuff
on
top
right
like
so,
then
you
can
have
all
these
other
all
these
other
economic
values
and
build
on
top
of
that
right.
So
just
like
you
have
industry,
and
you
have
cars,
and
you
have-
I
don't
know
art
and
entertainment
or
something
right.
A
Right
so
over
time
like
it's,
it's
actually
really.
It's
like
the
most
important
thing.
In
fact,
it's
more
important
than
like
a
real
lesson
back
stable
card
right,
it's
more
important
in
the
bank,
because
a
bank
is
going
to
collapse
eventually,
because
it's
all
you
know
the
entire,
the
foundation
of
the
you
know
the
like.
A
It's
a
way
to
think
of
it
right
yeah,
but
so
I
mean,
but
that's
basically
that's
that's
what
we
can
do
right
and
then
what
we
can.
What
we
can
do
is
we
can
so
build
out
this
like
ethereum,
this
sort
of
fundamental
value
from
decentralization
and
from
ethereum
and
have
a
you
know
a
digital
economy
on
top
of
it
of
metatars
right
and
what's
interesting
to
also
the
way
to
think
about
this.
A
Is
that,
as
long
as
you
don't
understand
this
fundamental
value
that
you
that
exists
from
ethereum
staking
and
leverage
on
ethereum
and
leverage
on
ethereum's
taking,
and
then
you
know,
stability
and
and
payment
currency
right
like
even
if
there
actually
is
no
other
value
to
construct,
the
concept
of
metadata
still
actually
makes
sense
or
sort
of
drives
that
makes
sort
of
the
the
thing
go.
Full
circle
in
terms
of
this
is
a
way
to
to
get
people
to
recognize
the
value
of
a
decentralized
stablecoin.
A
You
know
community
right,
the
ethereum
spirit
and
and
what
they
basically
do
without
the
metadata
is
they
spread
out
their
decentralized
front
end
right,
like
that's
at
the
absolute
call?
What
they
do
is
they
have
a
decentralized
front
end
and
they
have
that
sort
of
the
expression
of
that
meta
right.
A
That's
where
their
branding
goes,
that's
where
their
aesthetic
goes,
and
then
their
objective
is
to
just
like
spread
that
to
as
many
people
as
possible
as
far
as
possible
and
the
sort
of
fundamental
cornerstone
of
the
kind
of
the
the
business
that
you
can
do
in
that
front
end
is,
you
know,
mega
volts
and
then
either
die
right,
which
is
ethereum
sticking
right.
So
basically,
if
they're
staking
in
ethereum
leverage,
it's
like
in
the
end.
Still
it's
like
you
know,
that's
really
again.
A
It's
like
the
food
and
shelter
thing
right
where
like
in
some
sense,
everything
else
in
the
economy
goes
back
to
it.
It's
about
securing
more
food
and
shelter,
and
that's
the
same
thing
with
some
of
the
men
announced
that
it's
really
just
a
method
for,
like
you
know,
basically
selling
you
know,
selling
the
fundamental
value
of
decentralization
and
eth
and
staking
and
leverage.
A
Yeah
I
mean
and
that's
why
I
think
this
is
what
code
knight
is
talking
about
right
there
like
that's
why,
in
the
end,
the
fundamental
collateral
type
for
maker
isn't
like
shouldn't,
be
a
raw
eth
right,
because
that's
totally
useless,
it
should
be
syntheticy
right
where
the
eat
is
actually
rehypothecated
and
sticked,
and
in
fact
that
should
be
like
a
cool
product
for
us
right.
So
that's
etherdine.
That's
like
the
the
other
main
product
of
make
her
right
in
the
end
game
plan,
which
is
that
we
want.
A
A
A
Basically,
you
know
stable
coin,
essentially
right,
a
synthetic
acid
just
like
dye,
where
the
psms
are
basically
lighter.
Stick
I
mean
so
you
sort
of
first,
you
migrate,
all
the
lighter
stickies
to
like
a
psm
for
for
a
lighter
state
these.
But
then
you
also
have
another
psm
like
rocket
ease.
Then
you
have
another
psm
from
some
other
liquids
to
sticking
to
right
and
then
finally,
you
have
a
very
small
psn
that
has
some
kind
of
cap
of
let's
say
like
five
percent
of
total
supply.
A
A
So
it
sort
of
feels
like
like
regular
youth,
just
like
die,
feels
like
dollars,
even
if,
in
theory
it's
not
always
one
to
one,
I
mean
it
practices
because
of
the
psm,
because
we
are
not
deploying
the
psm
right,
but
in
this
case
it's
like
an
asset
that
most
of
the
time
it's
one
to
one
with
eve
and
then
sometimes
it
it
gets
sort
of
unbalanced
to
one
side.
Well,
rather
it
gets
it's.
A
It
runs
out
of
raw
eth
right
because
there's
like
like
there's
too
many
withdrawals
and
then,
instead
of
being
one-to-one
with
eath,
it
becomes
one-to-one
with
state
deeds
and
rugged
eats
and
so
on.
Right,
but
that's
the
right
way
to
build
this
kind
of
product,
because
humans
don't
understand,
like
they
don't
emotionally
care
about
that
kind
of
tail
risk
right.
So
as
long
as
it's
one-to-one
with
these
most
of
the
time,
they're
just
gonna
assume
that
the
situations
where
it's
not
one-to-one
relief-
that's
not
gonna
happen
to
me
when
I
need
it
like.
A
It
won't
happen
to
me.
So
for
me
it
will
just
always
be
one-on-one
relief
right.
So
this
is
a.
I
think
this
is
like
a
really
really
powerful
product.
This
is
like
one
of
the
sort
of
ultimate
like
like
equivalent
to
like
the
the
just
the
concept
of
a
stake
to
eat
token
in
the
first
place
right,
which
is
also
this
like
fundamental
d5
product
and
then
like
a
stable
coin
and.
A
A
Yeah,
well,
it's
like
you
know
you
can
use.
People
can
use
dye
all
over
the
world
right,
you
can't
actually
ban
die,
I
mean
you
can
ban
it
from
exchanges
or
something,
but
you
also
can't
like
ban
drugs
right
I
mean
you
can
try
to,
but
but
it's
not
gonna
people
are
still
gonna
use
it
right
and
people
use
it
all
over
the
world.
It
doesn't
just
have
to
be
in
the
west,
it
can
be
in
the
south
america
right,
it
can
be
anywhere
right
and
then
the
important
thing
is
just
that.
A
But
you
know,
human
society
is
like
in
severe
overshoot
basically
and
at
this
point,
there's
not
really
a
realistic
way
to
recover
from
that,
which
just
means
that
there
will
be
this
like
instability
and
then
again,
then
that's
where,
like
you
know,
decentralization
and
all
this
stuff
really
starts
kicking
in
right,
because
then
what
you
get
is
you
get
political
meltdown
right?
You
get
fascism,
you
get
this
sort
of
the
trust
breakdown
right.
A
Like
physical
asset,
like
you
know,
you
also
still
use
steel
and
oil
or
whatever
right,
but
the
difference
is
that
dye
is
really
convenient
to
use
right
like
it
says,
but
but
dies
even
better,
because
it's
it's
it's
a
lot
more
stable
underneath
right,
even
if
it's
free-floating
you
know,
has
a
limited
collateral
in
terms
you
can
only
use
you
can.
You
know
like
it
can
initially
at
least
only
use
and
sort
of
derived
economic
collateral
right.
A
A
We
need
to
maintain
it
basically
and
we
need
to
sort
of
give
people
a
reason
to
use
dye
if
it's
not
if
it's
not
packed
to
the
dollar
and
that's
where
the
metadata
yield
farming
come
in.
Right
comes
in,
so
that's
I
mean,
and
I
actually
and
I
think
most
likely
I
mean
so
the
way
it's
it's
it's
now
in
the
plan
right
is
that
it's
literally
20
of
all
metadata
tokens
goes
to
die,
yield
farming
right.
A
A
It's
basically
once
your
food
and
shelter,
then
pretty
soon
it's
about,
like
you,
know,
watches
and
lamborghinis,
and
fancy
food
or
something
right
like
very
quickly,
there's
not
really
anything
fundamental
other
than
just
entertainment,
essentially
in
different
forms
right
anyway.
So
blah
blah
right.
So
we
talked
about
ethereum
and
then
sort
of
putting
that
to
call
here
and
then
there's
the
whole
the
farming
distribution
right.
So
you
know
so.
The
whole
point
is.
A
But
then
this,
like
these,
this
value,
that's
ultimately
derived
from
from
npr,
is
then
distributed
to
the
to
the
holders
right
and
that's
it
particularly
important
now,
because
it's
basically
about
giving
people
a
reason
to
hold
die,
even
if
they
know
it's
going
to
be
free-floating
at
some
point
right.
So
it's
very
important
to
build
that
kind
of
that
narrative
essentially,
and
that
sort
of
familiarity
of
like
that's
what
you
do
with
dye.
Is
you
you
farm,
metadatas,
right,
metadata
and
then
there's.
A
Place
for
sort
of
perspective
right
and
then
there's
this
whole
thing
like
the
protocol.
Vault
there's
like
this,
you
know
that's
the
sort
of
the
jolo
thing
that
got
misinterpreted
right.
That
basically
maker
has
to
accumulate
huge
amounts
of
state
deep
itself
on
its
own
balance
sheet
right
and
then
lever
up
on
that
state
heath,
so
maker
also
becomes
a
major
source
of
of
diet
generation.
A
That
is
fully
decentralized
diet,
backed
by
statey
that
make
her
actually
owns
and
then
earns
the
steak
and
yields
on
and
and
so
that,
just
that.
First
of
all,
this
helps
with
create
make
dye
more
decentralized,
but
it
also
sort
of
importantly
means
that
once
it
does
become
free
floating
and
there
aren't
a
negative,
there
is
a
negative
target
rate
on
diet.
Then
what
that
means
is
now.
If
you
have
a
giant
leveraged
steak,
eat
position.
A
A
Yeah
and
then
there's
this
whole
question
of
like
that
spiral
risk
of
make
underneath
so
actually
a
part
of
the
plan
is
that
we
have
to
completely
remove
the
the
mkr
backstab,
so
instead,
what
that
it
will
introduce
is
the
dye
haircut
possibility,
and
so
actually
I
mean
that's
the
case
anyway.
Right
so
die
always
has
a
haircut
risk.
It's
just
right
now,
sort
of
assume
that
that
aircraft
risk
only
will
happen
if
maker
dies
first
right
make
her
completely
dies.
A
Then
you
get
a
haircut,
but
the
the
sort
of
the
strange
reason
is
that
sort
of
like
it
can
be
hard
to
understand
this
reason
right,
but
it's
actually
the
reason
why
the
mkr
backstop
needs
to
be
removed
is
because
then,
what
you
can
do
is
you
can
use
mkr's
collateral.
Suddenly
mkr
becomes
actually
extremely
powerful
and
useful
collateral
right,
because
now
what
mpis
is
like
this
equivalent
of
like
industry,
built
on
top
of
like
the
base
food
and
shelter
effect
of
of
eats,
taking
a
leverage
right.
A
What
you
actually
get
is
a
better
protection
than
from
having
the
back
stuff
in
the
first
place,
because
the
problem
with
the
backstop
in
the
first
place
is
that
I
mean
well,
it's
not
that
you
remove
it.
You
don't
sort
of
entirely
remove
it
as
more.
You
make
it
you
make
it
voluntary
right,
so
improvise
have
to
actually
choose
if
they
want
to
after
they've
exhausted
all
of
their
capital
right,
like
their
entire
balance
sheet.
A
A
A
So
so
they
did
not
like
sort
of
the
the
vault
debt
denomination
goes
down
in
a
sense
right,
but
then
the
absolute
amount
of
the
vaulted
goes
up,
and
so
the
outcome
is
that
the
vaults
they
just
owe
the
same
amount
but
the
die
holders.
They
just
took
a
haircut
and
yeah
like
what
the
sort
of
the
counterintuitive
thing
is
that
in
a
scenario
where
there's
no
like
a
forced,
recapitalization
or
expectation
of
false
recapitalization,
the
haircut
actually
gets
lower.
A
Because
the
difference
is
you
know,
if
you
don't
have,
if
you
have
mk
recapitalization,
then
maybe
you
can
reach.
You
know,
let's
say
50,
you
know
collateralization
by
each
or
something
like
that
right.
But
then,
with
the
with
I
mean,
without
the
mkr
recapitalization
and
with
mkr's
collateral,
then
you
maybe
get
an
extra
10
percent
decentralized.
A
You
reach
60
decentralized
time
right
and
then
the
difference
is
so
so
instead
of
getting
a
50
haircut
when
all
the
real
license
is
seized,
you
only
get
a
40
error
right
and
and
the
dye
that
is
backed
by
the
mkr
actually
remains
valuable,
because
the
mkr
is
not
hyperinflated
and
death.
Spiraled
from
you
know,
because
the
haircut
happens
right
and
they,
and
so
all
the
economic
expectations
stay
in
line.
A
Yeah
a
haircut
and
die
sounds
like
a
major
litigation
and
regulatory
risk,
and
so
on
right,
but
yeah
like
again.
Well,
everything
we
mean
the
reality
is
not
becoming
a
bank
is
a
major
litigation
and
regulatory
risk
in
the
long
run.
Basically,
and
so
the
answer
is
like
full
decentralization
right
again,
there's
not
I
mean
so
major
risk
doesn't
doesn't
mean
guaranteed
risk
right.
That's
why
you
can
still
actually
have
exposure
to
the
real
world.
A
You
just
have
to
be
willing
to
accept
a
complete
loss
right,
but
I
think
it's
actually
not
written
into
the
plan
yet
right,
but
because
this
is
one
of
the
last
things
that
really
took
me
like
a
long
time
to
like
fully
process
this
right
like
to
the
to
the
to
the
end
right,
but
but
basically,
as
a
part
of
going
down
the
path
of
decentralization
at
a
certain
like
at
some
point.
You
have
to
actually
enforce
an
anonymous
workforce
like
you
have
to.
A
A
The
question
is:
what
can
they
actually
like
go
and
take
from
us
right
and
then,
of
course,
in
practice,
then
it's
sort
of
indirect,
because
it's
the
you
know
the
physical
act
is
more
like
a
signature
on
a
piece
of
paper
or
pressing,
the
the
send
button
on
a
press
release
or
something
like
that
right.
But
it's
still
like
that.
A
A
A
One
thing
is
like
the
risk
of
like
one
thing
is
a
risk
of
a
rest
which
is
a
more
like
kind
of
like
you
know,
moral
and
sort
of
emotional
reasoning
right,
but
then
there's
sort
of
the
more
kind
of
like
crypto
economic
reasoning
is
that
it's
a
bus
factor
like
you
can't
have
your
workforce
all
suddenly
get
wiped
out
right.
That
could
be
that
could
sorry
that
could
be
an
existential
threat
right
anyway.
A
A
Basically,
like
the
key
is
that
in
in
the
endgame
plane
maker
already
isn't
going
to
interact
with
any
humans
at
all
in
the
first
place
right,
so
it's
all
just
abstracted
away
to
metadatas
and
and
then
the
metadatas
basically
have
to
figure
that
out
so
maker.
Basically,
will
you
know
it
would
be
the
way
it
would
look
like
I
mean
it
would
be
like
we
out
in
the
future
right,
so
it
would
not
be.
A
You
know,
so,
don't
think
about
this
as
something
that's
gonna
happen
in
the
short
run
right,
but
at
some
point
in
the
future
it
would
be
basically
some
kind
of
sort
of
universal.
I
mean
it
would
be
like
a
meta
right,
like
an
enforcement
that
like
if
the
identity
is
known
of
anyone,
that's
sort
of
an
internal
contributor
on
a
metadata
right,
like
some
other
sort
of,
and
this
like
the
internal
team
that
is,
is
considered
like
you
know,
that's
kind
of
like
that.
A
A
So
so,
of
course,
there's
redundancy
and
all
that,
but
then
you
basically
like
you,
get
a
penalty
right
and
then
you
have
to
they
have
to
get
fired
with,
like
your
identity
leaking
means
you
get
terminated
and
then
you'll
have
to
like
retry
and
rebootstrap
decentralized
reputation
back
over
again,
and
that's
of
course,
that's
like
a
really
difficult
and
sort
of
very
hard
thing
to
even
think
about
now,
but
we
also
know
it
is
possible
like
it.
Obviously
it
happens
a
lot
all
over
the
place
in
purgatory
and
and
basically.
A
I
mean
the
key
to
it
is
to
have
smaller
groups
right
like
it's.
It
would
never
work
in
like
a
large
group,
but
that's
why
they
like
I
mean,
but
but
that's
exactly
the
whole
thing
of
like
the
metadata.
This
is
all
recognized
that
thousands
in
the
first
place
don't
really
work
when
they're
large
right.
A
They
only
really
work
when
they're
small
and
that's
the
whole
point
of
metathouse
and
so
on,
right
and
then
what
you
end
up
with
is
you
can
actually
do
this
by
by
sort
of
thinking
of
like
you
can
make
it
work
at
scale
by
sort
of
thinking
of
the
metadows.
As
a
kind
of
you
know,
evolutionary
process,
as
I
always
talk
about
right,
where
basically
most
of
them
will
probably
die
out
and
just
get
like
civil
attacked
and
just
like
totally
fail,
but
some
of
them
will
figure
it
out.
A
They
will
sort
of
actually
nail
the
meta
that
allows
the
community
to
be
sort
of
aware
enough
to
have
strong
enough
processes
to
basically
manage
an
anonymous
workforce
right
where
the
funny
thing
is
about
anonymous
workforce
is
that
you
literally
have
to
build
it
in
such
a
way
where
you
don't
care,
if
you're
being
civil,
attacked.
The
processes
and
sort
of
the
the
kpis
in
a
sense.
A
A
And
if
someone
does
the
work
of
10
people,
then
you
pay
them
as
if
they're
10
people
right
and
then,
if
you
can
actually
like
get
to
that
level
of
of
so
I
mean,
and
that
what
that
just
requires
is
like
very
strong
matter,
because
it
really
requires
the
token
holders
who
are.
Who
are
the
ones
that
that
sort
of
are
on
the
hook
for
this
right
that
are
basically
taking
the
risk
of
this.
A
A
A
A
Something
right
that
you
know
they
just
wanted
to
make
some
easy
money
or
something
like
that
right
and
then
they'll
just
realize
it's
not
it's
not
just
some
easy
money
right
and
then
every
tons
of
projects
they'll
just
try
to
become
banks,
and
you
know
they'll,
then
they'll.
I
don't
know
right,
they'll
be
well.
Our
banks
and
they'll
compete
in
a
sort
of
broken
corrupt
system
right
and
then
eventually
they'll
collapse.
A
A
A
I
mean
the
thing
about
going:
this
fully
decentralized
route.
Is
that
it's
basically
I
mean
it's
like
a
real
sort
of
cyberpunk
science
fiction
case
right
scenario,
basically
where
this
is
like.
This
is
the
kind
of
stuff
that,
like
people
are
sort
of
fantasizing
about
with
bitcoin
right
that
this
is
like,
you
know,
alternate
reality.
This
is
how
it
will
all
play
out
right
and
now
we're
actually
looking
at
that
real
like
that
actually
becoming
reality,
and
then
I
mean
there's
these
things
random.
A
Like
I
mean
this
is
like
you
know
the
comments
from
paper
and
from
just
in
case
right
and
but
what
you're
saying
is
like
that's
exactly
true
right
like
basically
over
time.
That's
what's
going
to
happen,
I
mean
it's
not
going
to
be
in
the
short
run,
but
over
time.
What
will
happen
is
that
the
governments
will
decide
that
anything.
A
That's
not
a
bank
like
either
your
bank
or
your
terrorist,
that's
kind
of
what
it's
going
to
end
up,
looking
like
in
the
long
run,
and
then
the
problem
is
the
government's
also
be
gonna.
You
know
like
you'll,
have
a
global
instability
and,
and
you
know,
resource
scarcity
and
economic
decline,
and
that's
going
to
cause
populism
and
that's
going
to
cause
your
fascism
right.
A
So
you're
going
to
have
these
like
really
evil
governments
all
over
the
world
being
just
super
evil
and
super
controlled,
freaks
right
and
sort
of
trying
to
create
dystopias
and
that's
kind
of,
like
you
know
it's
creating
a
bunch
of
dystopias
is
almost
like
the
ghost
the
good
outcome,
because
the
bad
outcome
is
just
like
total.
You
know
that's
like
the
stone
age.
Basically,
and
so
I
mean-
and
this
is
where
it
comes
back
to
like
having
something
that's
actually
decentralized
and
something
that's
actually
like.
You
know,
run
like
a
cyberpunk.
A
You
know
like
the
the
main
character
in
some
cyberpunk
book
or
something
right
off
of
of
trying
to
survive
the
the
future
eco-fascist
governments,
that's
like.
Actually
how,
like
I
mean
that
would
be
actually
important
right
because
of
that
that
future,
but
I
mean
so
it
doesn't
make
any
sense
to
say
that
it
sounds
like
a
criminal
organization
like
it
like
sure.
That's
eventually
that's
how
it
will
be
characterized
by
governments
right,
but
any
any
person
that
you
know
wants
privacy
or
wants
political
freedom
will
be
considered
a
terrorist
in
the
long
run.
A
You
know
like
on
a
long
enough
timeline.
That's
what's
going
to
happen
when
you
have
resource
scarcity
and
when
you
have
instability
and
of
course
I
don't
suppose-
maybe
that's
not
the
case
right.
So
maybe
that's
the
that's
like
too
persuasive
outlook,
but
then
also
that
also
means
that
then
it
will
not
apply
to
major
either
right.
A
A
A
A
It's
a
totally
lost
paper.
I
mean
that.
Doesn't
you
know
like
that's.
That's
no
different,
I
mean
there's
a
com,
you
know
bitcoin
and
ethereum
is
treated
completely
differently
than
tether
right
like
there's.
No,
I
mean,
of
course,
and
then
again
in
the
long
run,
when
independent
political
thought
is
illegal,
of
course,
by
then
moving
assets
will
also
be
illegal
and
so
on
right.
But
it's
all
connected
to
like,
like
by
the
time
that
that
running
maker
is,
is
considered
terrorism.
A
So
it's
it's
and
that's
kind
of
I
mean
of
course.
It's
again
it's
like
it's,
not
you
can't.
You
obviously
can't
like
predict
that
with
a
complete
certainty
right,
but
but
it's
really
kind
of
that's
really
the
the
trend
that
that
sort
of
outline
like
that
I
mean
that's
really
clearly
kind
of
yeah
like
outlined
right
or
sort
of
the
first
step
in
a
sense
that
has
been
taken
and
you
can
sort
of
extrapolate
the
following
steps
exactly
from
the
tornado
cash
sanctions
right
because
you
have
like,
like
you,
have
completely
innocent.
A
In
fact,
no
no
criminals
were
actually
even
impacted
by
that
right,
but
instead
you
have
like
all
the
innocent
people.
They
were
like
severely
damaged
and
you
have
like
usdc
users
that
literally
had
their
money.
They
just
lost
their
money
right.
They
can't
get
that
money
back
and
there's
like
no
sort
of
like
no
concern
for
that
right,
and
so
that
kind
of
like
lack
of
concern.
Basically
that's
gonna.
Eventually,
you
know
that
that's
the
thing.
A
That
means
that
I
mean
you
can't
and
again
you
can't
choose
to
be
compliant
and
lots
of
people
would
choose
to
do
that.
So
you
can,
you
could
go
compliant
the
whole
way
and
so
on,
and
then
you
know
most
likely.
I
think
it
will
still
collapse
and
all
that,
but
the
point
is
that
it
is
extremely
important
to
have
something
that
can
exist
outside
of
that
right.
We
can't
just
like
give
up,
and
basically
you
know
accept
that
the
future
will
be
this
like
bad
science
fiction.
A
You
know,
I
mean
evil
like
dystopian
science
fiction
and
that
there's
actually
gonna
be
no
type
of
resistance
to
that
whatsoever.
Right
on
the
contrary,
that's
why
crypto
exists
right.
The
crypto
is
like
literally
a
reaction
to
the
realization
of
how
broken
the
governments
are
because
of
the
financial
crisis.
A
Look,
I
mean
I
don't
so
this
thing
about
like
compliance,
costly
or
something
I
don't
think
necessarily
like.
So
my
guess
is
that,
like
yeah,
like
some
of
the
other
major
d5
protocols,
right,
that's
basically
they're
to
choose
to
go
down
the
compliance
route
right
and
I
think
it
will
be
perfectly
like
it's
a
viable
business
model
if
you're
able
to
compete
like
the
banks,
basically.
A
A
You
know
like
a
compliant
version
or
something
like
that,
but
more
I
mean,
but
the
more
realistic
version
of
that
is
simply
shutting
down
the
system
right
and
anything
other
than
shutting
down
the
system.
Then
that's,
you
know
the
only
other
alternative
that
is
like
real
decentralization.
Okay,
so
peyton
asks.
A
A
Then
none
of
that
matters
because,
like
everyone
sort
of
you
know,
the
the
the
world
is
way
too,
like
the
world
is
way
too
globalized
for
there
to
be
any
kind
of
actual
diversification.
In
that
sense,
like
anything,
you
have
anywhere
gets
instantly
frozen
unless
you
put
it
in
like
iran
or
russia
or
china
or
something,
but
the
problem
is
those
are
the
places
that
have
like,
like
literally
no
rule
of
law,
whatever
right,
you
can't
even
have
real
assets
in
place
like
that.
A
A
A
They
saw
self-centered
right
because
these,
like
emergency
national
security
powers,
and
this
kind
of
you
know
this,
like
hotline
sort
of
a
911
style
approach
right
and
it
doesn't
like
it-
doesn't
care
about
any
of
this
stuff.
It
just
becomes
like
a
question
of
like
pure
false
right,
because
the
way
it
just
works
is,
if
you
don't,
if
you
don't
comply
like
if
we
say
that
they're
sanctioned
and
you
don't
support
them,
we
put
you
to
jail
for
30
years
right.
A
And
and
and
then
apply
you
know,
and
then
it
applies
to
you
if
you're,
if
you're
either
an
american
or
located
in
america,
and
then
the
problem
is
like
every
every
sort
of
western
company
one
way
or
another
are
located
in
america,
and
every
single
western
government
is
located
in
america.
From
that
perspective
right,
it's
all
it's
all
intertwined
in
that
sense,.
A
But
everyone,
and
then
anyway,
so
this
is
the
thing
I
want
to
talk
about,
but
there
is
actually
something
I
mean
this
is
a
thing
called
physically
resilient,
real
life.
That's
right!
So
there
is
actually
a
way
to
do
real
essence
and
sort
of
resist
the
physical
threat
right,
but
it
just
it
requires
to
sort
of
you
to
really
think
of
it
as
like.
A
A
But
there's
still
going
to
be
scenarios
then,
where
you
can
actually
then
sell
the
like
sort
of
sell
the
power
to
turn
it
back
on
for
money
right,
so
you
can
actually
recover.
You
can
sort
of
liquidate
it.
Even
if
you
don't
physically
control
it
because
you
actually
do
physically
control
it
because
it
sort
of
is
hooked
into
the
the
hardware
itself,
and
I
mean
that's
kind
of
I
mean
that's
like
that's
also
like
pure
sci-fi
right.
A
A
The
reality
right
to
I
mean
again
does
not
put
crypto
itself
into
perspective
right,
because
really
the
climate
crisis
and
sort
of
the
the
ecological
overshoot
is
actually
it's
like,
driven
by
the
exact
same
factors
that
created
the
financial
crisis
right,
which
is
basically
like
short-sighted
greed
and
sort
of
the
inability
for
humans
to
consider
tail
risk
right
or
sort
of
consider
tail
events
or,
and
this
sort
of
yeah.
This
thing
where
you
kind
of
like
you,
just
sort
of
smooth
it
out
to
zero.
A
You
know
it
can
be
de-risked
in
case
that
we
think
an
imminent
mass
confiscation
is
coming
or
something
like
that
right,
but
what
they
can
also
do
is
they
can
actually,
because
this
is
a
part
of
the
whole
metadata
system.
Right
is
that
they
can
innovate
whatever
they
feel
like
right
and
one
of
the
things
they
can
do
is
they
can
create
their
own
usd
picked
fully.
A
However,
you
know
it's
also
still
likely
that,
like
it's
hard
to
to
fig
to
see
how
like
it's
the
problem,
is
that
it's
hard
to
figure
out
how
something
that
avoids
getting
caught
in
the
blast
radius
of
an
attack
on
maker
right
but
the.
But
if
something
was
going
to
avoid
it,
it
would
definitely
be
that
it
has
to
be
in
a
metadata.
That
is
somehow
some
kind
of
like
you
know
it's
not
it's.
A
It
has
this
small
sort
of
you
know
arm's
length,
interaction
with
mega
right,
where
there's
some
like
some
some
autonomous
financial
flows
and
there's
a
kind
of
there's
a
governance
escalation
mechanism
right,
so
it's
like,
so
you
can.
Maybe
you
can
sort
of
think
of
it
can
be
thought
of.
As
makers
like
a
you
know,
an
infrastructure
like
a
blockchain,
an
oracle
or
something
like
that
right
or
somehow
right.
That's
how
you
would
you
can
try
to
to
abstract
it
and
basically
explain
the
relationship.
A
You
got
every
single
protector
could
launch
these
and
launch
their
own
brand
and
launch
their
own
dollar
picked
real
asset-backed,
blacklistable
stablecoin,
while
maker
maintains
its
own
fully
decentralized,
stablecoin
and
sort
of
prepares
for
their
fluid
worst,
but
then,
of
course,
still
does
everything
it
can
to
kind
of,
like
showcase
all
the
benefits
to
the
real
world.
Still
so
like
things
like
clean
money,
still
has
to
be
a
fundamental
piece
of
this
kind
of
plan.
A
You
know
like
act
like
they're
coming
after
us
as
if
we're
in
north
korea
right
because
that's
also
not,
I
mean
unlikely
to
be
the
case,
and
it's
definitely
not
a
given
right,
but
we
it's.
We
have
to
be
prepared
for
that
risk,
but
we
don't
you
know
we.
We
have
to
also
sort
of
try
to
like
push
back
against
it
in
a
sense
right
and.
A
Also
because
this
sort
of
the
actual
moment
where
things
will
really
deteriorate,
we
can't
determine
when
that
moment
is,
and
if
it's
very
far
out
in
the
future,
then
we
have
to
make
sure
we
don't
kind
of
like
die
before
them
right.
That's
you!
They
use
these
like
analogies
of
the
the
birds
right
they're
like
the
pigeons.
That's
like
the
pigeon
stance
or
the
pigeon
pigeon
stands.
That's
like
what
I
mean.
A
So
they
can't
get
any
food,
but
the
humans
don't
do
anything.
So
you
just
get
to
eat
a
ton
of
food
and
then
you
get
to
sort
of
out
grow
everyone
else
right
and
that's-
and
it's
this
I
mean
that's
still-
sort
of
that.
It's
just
a
different
at
different
sort
of
points.
In
time
you
have
to
balance
the
the
risk
differently
right.
A
A
What's
likely
to
be
sort
of
the
the
the
outcome
right
of
like
you
still
have
actual
realized
exposure
you're,
just
like
so
protected
that
even
in
the
you
know
the
nuclear
scenario,
you
can't
actually
be
killed
from
that,
and-
and
you
know,
if
you
know
so-
then
what
will
happen
if
you
you
try
to
sort
of
fire
a
nuke
at
maker.
In
that
situation,
right,
you
tried
to
you,
know,
seize
all
the
collateral
and
all
that
stuff
right.
Then
you
wouldn't
actually
be
able
to
kill
it.
A
All
you
would
do
is
you
would
remove
all
the
sort
of
the
real
world
positive
benefits
and
then
what
you
do
is
you
send
it
into
phoenix
stains,
which
is
then
like
this
ultimate
indestructible
tool,
which
then
actually
makes
it
like?
It's
sort
of?
It's
this
classical
thing
of,
like
you,
can't
remove
the
criminal
use
just
like
you
can
remove
that
on
the
tornado.
A
Cache
right,
but
you
can
you
can
you
can
remove
all
the
the
the
positive
benefits
and
that's
all
you
can
do
so
like
you're,
better
off
just
not
doing
it
at
all,
and
then
it
creates
a
kind
of
a
good
game,
theoretic
equilibrium.
I
hope
right
that
I
think
is
like
I
think
it's
it's
worth
it
to
count
on
that,
rather
than
just
go
totally
sort
of
becoming
cancer
right.
A
So
the
question
so
there's
a
question
which
is
do
the
real
asset
limits
in
each
stance
apply
to
make
a
call
or
to
the
entire
system,
including
all
metadata.
Yes,
I
mean
it
only
applies
to
the
collateral
for
dye,
so
what
metadatas
do
for
like
their
own
stable
coins
and
their
own,
whatever
stuff,
that's
like
entirely
their
own
decision
right
but
but
maker
will
just
put
limits
on
like
how
much
like
sort
of
you
know
you
can't
sort
of
I'm
not
sure
what
it's
called
right.
A
A
I
mean
and
so
and
then.
Finally,
that's
where
the
idea
of
like
the
dollar
picked,
100
real
asset,
backed
blacklistable
stablecoin,
comes
from
where
all
of
the
protectors
could
could
run
each
could
run
one
of
those
each,
but
then
they
would
just
have
to
be
clear
to
their
users
that
their
users
would
if,
for
some
reason,
they
got
shut
down
and
sanctioned
and
all
the
assets
ceased
even
with.
A
A
A
Oh,
and
also
one
last
thing
I
want
to
show
is
like
that.
The
whole
the
metadata
right
like
metadata,
is
all
about
meta
and
blah
blah
right,
and
so
what
I
think
is
really
cool
is
that
you
know
text
to
image.
Ai
has
just
become
like
really
mainstream,
so
I've
been
playing
around
like
you
know,
so.
I've
been
generating
a
bunch
of
these,
like
the
logos
or
whatever
for
the
sort
of
these,
like
the
meta
engineering
for
the
metadata
classes.
A
A
Yeah
I
mean
dolly.
Is
the
problem
with
dolly?
Is
that
it's
not?
It's
not.
You
know
it's
not
easily
accessible,
but
this
you
know
this
new
thing
called
stable
diffusion
is
so
stable.
Diffusion
is
almost
as
good
as
dali,
and
everyone
can
use
it
and
just
go
to
this
night
cafe.
The
studio
is
just
like
one
of
the
many
places
where
you
can
like
instantly
boot
it
up
like
you
can
do
it
instantly.
A
A
A
So,
what's
funny
is
that
this
allows
this
allows
completely
normal
people
and
sort
of
large
communities
to
to
you
know
to
like
actually
have
everyone
try
to
figure
out?
Okay,
what
does
it
you
know
what
and
it's
like
looking
at
an
aesthetic
looking
at
some
meta
engineering,
okay,
well,
that
fails,
but
okay
I'll
try
one
more
time
I'll
try
to
just
write,
steampunk
sheba!
You
know.