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From YouTube: Governance and Risk Meeting: Ep. 10 - a16z Edition
Description
In this special Governance and Risk meeting with Steven Becker we discuss the recent sale to a16z, the intersection between foundation, governance and the DAO.
Governance and Risk Framework - Part 1: https://medium.com/makerdao/makerdao-governance-risk-framework-38625f514101
Governance and Risk Framework - Part 2: https://medium.com/makerdao/makerdao-governance-risk-framework-fc8939f3d4e9
Foundation Proposal: https://medium.com/makerdao/foundatio...
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
What
are
they
a
company,
a
foundation,
a
group?
What
are
they
to
fund
different,
just
a
fun
thing
and
maybe
explore
some
of
the
philosophical
implications
of
that
and
if
time
allows
we're
going
to
dig
into
our
continuing
on
discussion
around
Stephens
scientific
risk
framework
and
see
if
we
can
get
into
correlation
risk
and
economic
capitals
and
stability
fees,
we're
going
to
kick
it
off
with
some
high-level
stuff.
I.
Think
that
oh
look,
we
have
an
expert
you
might
have
joined.
We
can
field
some
questions
as
well.
A
B
I
think
the
first
thing
you
have
to
consider
is
the
environment
and
the
landscape
in
which
we
operate.
That
is
fundamental
to
understanding
strategy.
It's
fundamental
in
understanding
the
longevity
of
this
industry
as
a
whole
and
what
we
represent
in
this
industry
now
to
break
it
down.
It
really
is
pretty
simple:
how
do
you
create
an
economy?
How
do
you
actually
go
about
creating
goods
and
services
to
put
on
a
blockchain
so
that
folks
can
all
commence
on
to
the
traditional
economy
and
create
this
sort
of
wonderful
new
idea
called
the
blockchain
economy?
B
In
order
to
do
that,
you
need
to
have
manifestation
of
legal
rights
and
obligations
attached
to
these
goods
and
services.
So
wherever
you
are
around
the
world,
you
unfortunately,
will
be
under
the
guidance
and
jurisdictions
of
certain
legal
frameworks
and
certain
regulatory
frameworks
you
can
be-
and
this
is
the
the
exploration
that
we're
going
down
right
now.
I
think
we're
all
going
down
in
the
crypto
space
is
that
we
have
created
the
first
de
facto
full
international
implementation
of
a
system,
because
most
folks
would
think.
Well,
you
know
that's
what
the
internet
is.
B
That
would
that's
what
some
you
know.
The
banking
system
is
well,
for
all
intents
and
purposes,
it
kind
of
really
isn't
it's
more
like
a
combination
of
networks
together,
it
really
isn't
a
true
singular
distributed
network.
This
is
the
first
time
this
has
happened,
so
we're
going
to
have
ourselves
clashing
up
against
the
jurisdictional
privative
of
legislation
and
regulation,
and
that
really
is,
if
it
is
so
new,
it's
so
watershed
that
it
has
to
be
looked
at
appropriately
and
defined.
With
a
lot
of
consideration.
B
There
is
a
lot
of
learning
to
be
done
from
both
sides
of
the
of
the
council
from
the
regulatory
side
as
I
understand
it.
The
regulators
are
looking
at
this
and
their
grain.
This
is
really
cool.
This
is
really
new,
but
what
does
it
really
mean?
And
you
know
ultimately,
we
are
as
the
regulators.
They
have
a
primary
incentive
to
look
after
consumers.
They
have
a
primary
incentive
to
look
after
the
public.
B
B
It's
actually
a
burden
upon
the
Decrypter
world
at
large.
So
what
this
relationship
has
done
is
it's
given
us
this
wonderful
map
where
we're
gonna
sit
back
and
say?
Well,
what
does
the
regulatory
world
look
like?
What
are
the
specific
points
that
we
need
to
think
about?
How
do
we
partner
with
the
regulators?
How
do
we
do
this?
It's
all
very!
It's
it's
a
really
huge
prospect
and
consequently,
we
need
to
have
a
guide.
We
need
to
have
a
guide,
who
is
profoundly
knowledgeable
about
this
landscape?
B
Who
has
a
good
sense
of
other
lawyers
out
there?
Other
representations
who've
got
very
specialist
points
of
view
about
these
particular
roads
that
we
can
take
so
collectively
when
you
bring
it
together,
we
can
actually
engage
with
the
the
legal
aspect
and
with
the
regulatory
framework
that
really
benefits
us
all
as
a
whole.
The
sort
of
very
propositions
we
get
out
of
this
is
discovering
things.
That's
you
know
words
possibly
seen
before.
Like
you
know,
what
do
we
think
about
ether?
What
do
you
think
about
Bitcoin?
How
does
that
translate
into
something
like
maker?
B
What
does
maker
truly
represent?
What
are
the
categorizations
that
we
need
for
these
tokens?
But
what
are
the
categorizations
that
are
required
in
the
United?
States
first
is
the
European
Union.
All
of
these
things
are
interconnected
and
they're
extraordinarily
large
they're
huge.
They
touched
on
basically
the
international
framework,
and
you
can't
think
to
going
to
this
international
framework
with
just
an
arbitrary
partner
and
and
have
the
sense
that
you're
going
to
be
able
to
find
the
end
of
this
rainbow.
You
truly
need
to
have
someone.
B
A
That's
interesting
so
the
the
the
value
they
bring
in
so
they're
used
to
dealing
with
organizations
in
sort
of
this
rarefied
air
that
most
people
in
our
space
don't
really
have
an
opportunity
to
interact
with
or
in
have
a
history
of
interacting
with,
so
they
can
sort
of
act
as
translators.
They
understand
our
world
and
they
also
understand
this
other
world
that
might
be
foreign
to
most
of
us
and
how
to
navigate
that.
It's
interesting,
but.
B
You
don't
go
into
the
regulator,
get
a
rubber
stamp
and
leave
you
go
to
the
regulator,
and
you
need
to
show
that
you
are
willing
to
be
compliance
willing
to
be
understood
and
willing
to
actually
teach
at
the
same
time,
because
you
know
they
they're,
not
these
silly
people
sitting
in
a
void.
There
really
are
extraordinarily
active
individuals
and
they're
actively
looking
for
information
points
of
view
perspectives,
they
want
to
understand
what
the
abstract
means.
B
They
want
to
know
what
the
abstract
means
in
terms
of
their
current
framework
that
they
have
and
they
want
to
find
the
intersection
where
this
whole
thing
makes
really
great
sense
and
allows
us
to
push
forward
as
an
industry
appropriately.
So
no
to
to
have
that
vantage
point
to
know
which,
which
lawyers
out
there
have
a
good
sense
of
certain
aspects
of
of
regulation
is
extraordinarily
important.
B
A
Is
it
a
matter
of
somebody's
on
the
phone
like
there's
a
hotline
that
you
can
ask
these
these
experts,
any
particular
questions
that
might
arise
or
their
regular
meetings
that
that
occur
or
is
it
I
guess
I'm
just
trying
to
get
a
scope
of
the
relationship
that
forms
between
in
it
and
a
fund
like
this
in
the
organization?
So.
B
What
you've
got
is
the
the
true
sense
of
a
partnership,
and
what
that
means
is
that
you're
going
to
be
each
other
sounding
board,
you're
going
to
support
each
other
and,
at
the
same
time,
you're
also
gonna,
butt
heads
and
for
me,
butting
heads
is
the
most
important
part,
because
you
kind
of
need
that
red
team
to
say.
Well,
yes,
that's
your
perspective,
but
you
know
from
my
experience.
B
At
least
this
sounds
like
one
of
those
those
real
weird
sort
of
Rumsfeld
things,
but
essentially
what
we're
trying
to
do
is
say:
okay,
there
is
a
certain
amount
of
uncertainty,
let's
clear
it
up,
and
then
we
can
actually
turn
it
into
something
that
we
have
to
really
think
about
and
can
make
a
decision
upon
where
beforehand
it
was
really
a
case
of
well.
Who
knows
that
should
stay
away
from
it
and
that
doesn't
help?
It
really
doesn't
help
anybody,
so
the
interaction
that
we
have
with
them
will
literally
be
a
case
of
well.
B
We
need
to
consider
what
the
strategy
is
with
respect
to
your
business
development.
What
about
your?
What
about
your
marketing?
Is
this
the
right
time
to
market
what
some,
what
guys
out
there
do
we
need
to
talk
to
with
respect,
to
get
an
impact
through
certain
periodicals
through
certain
blog
spaces
through
certain
digital
media?
B
How
do
we
is
the
most
important
one
for
us
as
well?
Is
how
do
we
interact
with
the
other
assets
on
their
portfolio?
I
mean
there
is
wonderful
synergies
to
be
had
there.
We
don't
stand
independent
in
a
portfolio
and
you
know
just
be
serviced
from
a
singular
point
of
view.
We
are
going
to
be
interacting
profoundly
with
all.
There
are
the
poets
in
their
portfolio
to
the
extent
where
it
is
feasible
to
the
extent
word
actually
adds
value
to
them,
as
well
as
to
us
that.
A
C
A
Create
partnerships
with
other
people
in
the
crypto
space
in
order
with
the
laudable
intent
of
sort
of
dog,
treating
our
own
ecosystem,
but
sometimes
it's
harder
to
reach
outside
the
sandbox
and
start
talking
to
more
traditional
organisations
or
traditional
software
companies.
Is
that
something
that
easy
16
can
do
for
us,
because
that
they
have
a
long
history
in
a
traditional
software
space
of
fostering
these
organizations?
It
is
there
an
opportunity
for
forgetting
introductions
to
companies
that
we
probably
wouldn't
interact
with
otherwise,
absolutely.
B
I
mean
that
is
you
know,
for
intents
and
purposes,
one
of
the
great
value
adds
that
we
getting
a
16z
crypto.
They
have
a
network,
a
value
in
that
network.
That
is,
you
know
now
available
to
us
the
ability
to
to
tap
on
that
network
to
lean
on
it
is
extraordinary.
It
gives
you
opportunities
that
we
didn't
have
before
we
looking
at
the
use
cases
of
dying.
B
It
doesn't
mean
you
don't
take
that
opportunity
when
it
presents
itself
if
there's
a
local,
mom
and
pop
store
down
the
road,
and
they
wish
to
try
and
use
diet
by
all
means,
let's
go
and
do
it,
but
essentially,
if
you
want
to
get
into
the
full
economic
framework,
that
is
what
ideally
the
blockchain
is
going
to
be.
You
have
to
supplant
the
infrastructure
at
the
enterprise
level
so
that
it
benefits
everyone
appropriately
and
the
only
way
you're
going
to
do
that
is
through
appropriate
networking.
B
A
There's
something
interesting
knock-on
effect
here
to
I
guess
we
use
the
word
signal
a
lot
in
this
space,
but
that
there's
some
signaling
happening
here
as
well.
Isn't
there
beyond
just
the
connections
or
the
or
the
introspection
and
the
advice
that
they
can
give
us
the
the
fact
that
they've
shown
sort
of
this
confidence
of
this
interest
in
in
the
foundation
or
in
what
we're
doing
might
incline
some
of
these
larger
partners
to
take
us
a
bit
more
seriously
or
view
us
as
not
just
another
fly-by-night
stable
point.
Is
that
part
of
them
that.
B
Is
essentially
another
prime
component
of
why
this
relationship
is
so
important?
The
fact
that
no
andreessen
horowitz
have
created
a
fund
specific
to
focus
on
crypto
is
extraordinarily
important.
It
says
something
about
this
space.
It's
telling
folks
out
there,
even
in
the
traditional
tech
land
that
haven't
really
considered
blockchain
that
you
know
this
is
something
you
need
to
consider
they've.
They
have
made
certain
institutions
that
previously
would
not
even
have
thought
of
blockchain
to
start
thinking
about
it.
B
The
use
of
available
coin
is
essential
to
the
value
proposition
in
transactions
and
transactions
are
effectively
the
foundation
of
any
goods
and
service.
So,
essentially,
we
are
facilitating
the
growth
of
this
blockchain
economy
and
they
are
making
it
relevant.
They
are
making
it
authentic.
They
are
making
it
a
concrete
perspective
that
allows
people
to
see
that
this
isn't
some
sort
of
fly-by-night.
This
is
actually
a
value.
B
Add
on
to
the
traditional
economy:
that's
going
to
release
not
only
efficiencies,
but
even
the
possibility
of
new
goods
and
services
that
people
have
not
previously
considered
before
and
we
are
partnering
with
them
in
order
to
realize
a
very
similar
vision,
which
is
you
know,
I
I,
don't
think
I
need
to
not
hype.
It
anymore.
It
sort
of
talks
to
itself.
A
Oh
Biltmore,
where
I
would
like
anybody
in
the
chat
that
feels
like
they
have
any
questions
as
usual,
feel
free
to
jump
in,
but
also
it
feel
free
to
sort
of
set
this
rent,
this
round-robin
debate
sort
of
idea,
so
anybody
has
an
opinion
or
a
comments,
throw
it
out
there
jump
on
me
the
mic
or
jump
in
the
chat.
Let
us
know
about
it
and
we
can
start
getting
into
some
details.
I
know
the
laundry
has
been
waiting
patiently
for
almost
a
week.
Just
asked
a
question
about
a
z16.
C
So
my
question
is
sort
of
ruin,
especially
in
red
and
you've
touched
on
part
of
the
justification
with
at
a
16z
deal
with
some
of
the
legal
expertise
that
some
of
the
guys
that
especially
Katie
would
bring.
Could
you
spend
give
a
bit
more
light
on
do
some
of
the
particular
and
no
problems
you
guys
have
been
mulling
on
in
regards
to
die
and
make
it
out?
B
Firstly,
the
the
phrasing
of
your
question:
if
you
don't
mind,
if
I
can
just
rephrase
it
it's
not
so
much
a
legal
issue,
it's
more
like
a
little
conundrum,
we're
not
we're
not
facing
a
thing
and
going.
Oh,
no,
we
have
a
problem.
We
are
actually
into
a
landscape
where
we're
going
well.
What
does
this
mean
and
that's
essentially,
what
you're
trying
to
figure
out
we're
trying
to
figure
out
what?
Ultimately,
you
know,
MKR
tokens
mean:
what
do
they
mean
in
terms
of
a
category?
B
B
Engage
with
the
the
appropriate
authorities
in
order
to
partner
and
start
talking
around
the
points
of
what
this
actually
means.
There
is
so
many
there's
so
much
conjecture
out
there
in
terms
of
oh,
this
is
it
or
this
is
something
else,
but
ultimately
nobody
really
knows
so
you
can.
You
can
flail
in
one
direction?
Go!
Oh,
but
it's
so
like
a
security,
it's
got
to
be
a
security
and
you
can
go
into
another
direction
go
well,
it's
got
nothing
to
do
with
the
security.
B
Essentially,
we've
got
to
find
a
way
of
getting
to
a
point
where
we
can
deduce
what
this
means
from
a
more
substantial
framework,
most
of
the
the
media
out
there
most
of
the
phrasing
out
there
gives
you
an
ambiguity
because
it
just
depends
on
which
way
you
look
you're
going
to
get
a
different
interpretation
and
I
really
don't
feel
that
we
need
to
try
and
pursue
this
ambiguity.
We
need
to
go
and
find
a
sense
of
clarity.
B
Economy
that
we're
trying
to
build
it's
just
gonna,
consistently
stall,
because
someone's
gonna
come
up
with
a
fantastic
idea.
They're
gonna
take
it
to
a
point
where
it's
past
their
programming
and
they
really
want
to
implement
it.
And
then
they
go
to
a
lawyer
and
the
lawyer
goes
well,
you
know,
I,
don't
think
you
should
because
I
don't
know
and
I've
seen
that
a
thousand
times
everything
sort
of
stalls
on
the
basis
where
you
go,
I
don't
know
and
the
guy
has
to
make
or
the
guy
in
the
girl
has
to
make.
B
This
decision
shall
I
proceed
forward,
knowing
that
I
don't
know
or
shall
I
just
stop,
and
consequently
what
you
have
is
a
stalling
of
this
blockchain
economy,
just
due
to
the
fact
that
there
is
no
real
sense
of
clarification.
Now
the
regulators
are
in
such
an
important
position.
They
can
all
of
a
sudden
just
come
out
and
go
I
deem
it
as
this,
because
the
consequences
are
absolutely
massive.
B
It
will
allow
us
to
actually
become
a
little
bit
of
a
vanguard
for
the
rest
of
the
folks
out
there,
where
they
will
see
that,
oh,
if
we
are
going
to
be
more
or
less
in
this
kind
of
context,
then
we
pretty
much
will
be
fitting
in
that
sort
of
regulatory
space
and
we
are
going
to
be
at
least
accepted.
So,
given
the
fact
that
we're
not
doing
something,
you
know
wholeheartedly
wrong,
we
feel
a
lot
more
confident
about
going
forward.
The
regulator's
work
on
probabilities.
B
We
work
on
probabilities,
the
probability
of
the
consumer
being
looked
after
and
the
public
good
pinlock
looked
after.
So
in
essence,
if
you
want
a
legal
conundrum,
that's
the
one
we
have
to
figure
out
does
do.
Rather
these
organizations
that
want
to
become
goods
and
services
on
the
blockchain.
Do
they
serve
the
consumer
in
the
way
that
you
know
they
they
purport
to,
and
how
can
you
protect
the
consumer
end
of
the
day
I
mean
if
you
can
resolve
that,
at
least
to
a
certain
level
of
confidence.
B
You've
got
a
an
economy
that
you
can
grow
appropriately.
So
to
your
first
question,
what
legal
issues?
What's
not
legal
issues?
It's
illegal
conundrum
around
every
facet
of
the
maker
system
from
died
to
the
CDP
to
make
it
opens
to
every
aspect
about
it.
All
of
that
is
really
case
of
trying
to
find
out
what
that
means.
In
a
specific
regulatory
space,
there
was
a
bit
of
a
monologue
apologize
but
I,
hopefully,
I
answered
your
question
cool.
B
A
Promise
there's
no
more
moan.
Oh,
my
gosh
I
also
want
to
type
in
the
chat,
but
I
also
wanted
to
remind
people
that
these
conversations,
these
calls
are
for
people
at
maker
doubt
as
well
we're
getting
to
be
a
large
organization,
so
this
chance
to
interact
with
Stephen
is
for
everybody.
So
if
we
have
any
questions,
please
jump
in
and
I
see
that
Kenny's
here
as
well
and
I
think
that
Kenny's
as
a
unique.
A
Being
one
of
the
original
maker
members,
so
if
you
have
any
questions,
please
jump
in
so
the
thing
that
I
was
curious
about
nicely
I.
Think
that
largely
the
reception
internally
or
at
least
in
the
community
towards
this
sale
was
fantastically
supportive,
almost
universally
supportive
virus.
But
that's
just
to
be
that's
just
math
for
you,
but
what
we
had
an
interesting
comments
in
Twitter
from
melton
de
Mears,
who's
I'm,
a
huge
fan
of
her
and
the
things
she
does
and
says,
and
she
raised
some
interesting
points.
A
I
I
completely
disagree
with
that
very
base
of
all
of
them,
but
there's
some
interesting
things
to
be
unpacked
there
and,
and
what
she
was
talking
about.
Is
this
idea
that
there
is
this
interesting
intersection
between
what
a
dhow
is
and
what
it's
supposed
to
do.
What
a
foundation
is
what
it's
supposed
to
do
and
what
a
governance
system
is
and
what
it's
supposed
to
do
and
there's
these
it's
a
sort
of
triad
with
a
Venn
diagram.
I!
A
But
one
of
the
things
that
I'd
like
to
discuss
a
bit
is
how
we
envision
decentralized
governance,
happening
what
that
actually
means,
and
if
we
are
in
a
position
yet
to
draw
a
bright
lines
between
what
governance
does
and
what
the
foundation
does
and
what
the
responsibilities
of
those
two
groups
are.
That
was
a
bit
rambling
a
bit.
But
do
you
see
the
conundrum
here
so
we're
at
the
very,
very
early
stages?
You.
B
The
demarcations
are
somewhat
blurred,
I
mean
they're.
There
you've
got
to
keep
in
mind,
that's
make
it
dow
hasn't
been
deployed
as
a
battleship,
yet
I
mean
this
is
always
the
analogy.
Sorry
I'm
itchy
nose.
This
is
this
is
always
the
analogy
that
I
use
you
have
to
you
know
make
it
now
is
effectively
a
battleship
that
we
are
building
in
harbour.
B
We
are
applying
all
kinds
of
engineers,
architects
and
and
whatnot,
to
make
this
battleship
right
now
and
in
order
to
go
ahead
and
make
this
battleship,
you
know
you
have
to
have
a
certain
amount
of
infrastructure
deployed
at
a
certain
amount.
At
a
certain
time.
There
are
certain
things
that
you
do
need
to
understand,
as
you
know,
as
a
principle
for
the
battleship
as
a
whole,
I
kind
of
cmk,
our
token
holders
being
sailors
on
the
ship.
So
you
know
if
you
want
to
have
a
guiding
principle,
look
how
to
act
on
the
ship.
B
Well,
yes,
you
need
all
the
sailors
do
to
get
together
and
agree,
but
if
you
want
to,
you
know
figure
out,
if
you
need
a
rotor
on
the
ship,
well,
I,
don't
think
you
need
to
sail
is
to
agree.
You
just
need
to
build
it.
It's
one
of
those
things
that
you
know
you
differentiate
between
something
that
principally
organizes
how
the
ship
is
run
versus
how
the
ship
is
built
and
what
we're
doing
right
now
is
saying
to
a
certain
degree.
B
We
have
a
better
perspective
from
a
foundational
point
of
view
on
how
we
need
to
build
the
ship
not
run
it
not.
You
know,
decide
on
its
fades
and
how
it's
going
to
be
used,
but
just
literally
what
the
structure
looks
like
once
this
ship
is
deployed
out
into
the
ocean,
it's
all
on
the
sailors.
This
now
becomes
no,
the
the
full
sense
of
what
decentralized
means.
It's
all
on
the
sail
is
to
decide
what
is
required.
B
You're
gonna
have
certain
folks
on
land
looking
out
for
the
ship
and
making
sure
that
there
are
certain
things
in
place
and
things
are
working
appropriately,
but
essentially
the
way
that
ship
is
run
will
be
up
to
those
sailors
being
MPR
to
open
holders,
but
ideally
the
the
the
concept
that
needs
to
be
incorporated
in
everyone's
mind
is
that
this
isn't
a
binary
event.
Don't
get
up.
One
day
say
it
is
a
dial
and
therefore
it
is.
B
You
need
to
basically
transition
appropriately
and
then
give
that
it's
not
just
the
power,
because
it's
already
there,
the
power
to
to
decide
how
the
ship
is
ultimately
going
to
be
run,
is
up
to
the
MKR
token
holders,
but
in
order
to
make
sure
that
this
thing
is
built
appropriately
and
that
it
has
gone
through
the
the
necessary
testing.
You
know
like
formal
verification
and
auditing.
It's
extraordinarily
important.
You
need
to
have
this
in
place,
or
else
what
you're
going
to
do
is
you're
going
to
say.
Well.
B
Is
everyone
happy
well,
nobody
has
a
singular
perspective
on
the
whole
system
to
actually
check
it
off
and
go
yes,
we're
happy.
You
need
to
have
the
professionals
that
are
unsure.
Look
at
this
and
say
this
thing
is
sound.
The
engineer
who's
built
this
signs
it
off
the
Quality,
Assurance
testing,
this
signs
it
off
and
once
all
that
is
in
place-
and
we
know
that
the
structure
is
sound,
it
can
then
be
deployed.
So
the
foundation
angle
versus
the
DAO
angle
versus
that
don't
be,
nor
the
sailors
get
two
votes
how
the
ship
is
made.
B
Well,
to
a
certain
extent,
a
ship
has
certain
construct
that
needs
to
be
in
place.
If
there
are
certain
things
that
are
going
to
make
the.
How
can
I
say
be
the
principles
of
organization
on
the
ship
require
new
structures.
Well,
yes,
that
can
be
voted
on,
but
we
have
to
start
off
with
a
singular
structure
that
actually
works.
If
somebody
wants
something
new
moving
forward,
they
can
have
it
not
a
problem,
because
it
will
really
be
up
to
that
and
it'll
be
up
to
them
to
decide
who
makes
it
for
them.
B
It
will
be
up
to
them
to
decide
how
it
is
and
when
it
is,
but
for
now
what
we're
trying
to
do
is
say.
Yes,
we
do
see
it
those
sort
of
blurred
lines,
but
it's
because
we
are
probably
the
furthest
than
any
other
organization
out
there
to
actually
realizing
the
full
sense
of
decentralization
so
to
sit
back
and
poke
holes
in
it
can
go
well,
you
know
all
the
sailors
need
to
go
and
decide
if
Andreessen
is,
is
a
great
partner?
Is
a
little
bit.
B
C
Thanks
for
the
turning
it
over,
so
the
comment
from
follow
the
chain
on
Twitter
and
and
coin
fund
slack
was
essentially
we
see.
I.
Think
most
of
us
here
are
fairly
confident
that
at
some
point
there
will
be
so
much
locked
up
in
this
ecosystem
of
CDP's
and
and
governance
that
any
contentious,
hard
fork
coming
along
with
a
cerium.
The
the
maker
community
will
have
to
be
engaged
with
that,
because
if
the
maker
community
says
we
don't
recognize
that
chain
over
there,
that
collateral
over
there
isn't
isn't
good
on
our
system.
C
That
will
have
a
massive
impact
on
people's
financial
positions
on
which
which
fork
to
choose.
So
in
that
sense,
we
kind
of
see
ourselves
as
being
part
of
the
overall
aetherium
governance,
not
just
amongst
ourselves
on
internal
governance,
but
our
internal
governance
is
stake,
weighted
meaning
those
with
the
most
tokens
have
the
most
voice,
and
now
that
a
16
has
a
significant
portion
of
that.
The
comment
made
by
ace
by
follow
the
chain
was
they've,
essentially
purchased
a
seat
at
the
board
for
the
etherium
foundation.
C
B
Actually,
a
very
typical
situation
where
you
have
this
sort
of
critic,
Radek
ideal
that
you
unfortunately
start
with
with
any
organization
that's
about
to
no
take
off.
It
is
something
you
need
to
face,
it's
something
that
you
need
to
deal
with.
It's
something
that
you
need
to
have
a
very
clear
scientific,
and
this
is
why
we
use
this
in
scientific
governments
to
make
sure
that
it's
not
this
influence
at
large
stakeholders,
but
more
the
case
of
rigour
in
terms
of
its
debate
now.
B
You
token
I
mean
it
is
contrary
to
the
singular
purpose
of
what
naked
isle
is
so
their
egg.
You
can
actually
see
a
very
good
example
of
that
which
is
good,
for
the
system
does
not
necessarily
translate
from
that
which
is
wished
for
by
the
NPR
tow
cannolis.
So
that
is
a
wonderful
edge
case
to
think
about,
and
that
really
shows
that
you've
got
to
try
and
figure
out
a
governance
that
focuses
always
on
the
singular
purpose
of
the
system
and
that
one.
B
That
is
why,
in
my
opinion,
make
it
out
is
so
profoundly
important
because
it
has
a
singular
purpose.
If
you
found
a
doubt
that
had
several
purposes,
the
permutations
would
be
such
that
your
governance
be
at
scientific
will
not
will
essentially
create
a
stalemate,
because
you
have
a
singular
purpose.
You
can
actually
see
very
clearly
that
if
there
is
someone
who
is
voting
against
that
purpose,
you
may
be
able
to
do
something
about
it.
B
Now,
when
it
happens
and
how
that's
going
to
happen,
I'm,
not
terribly
clear,
I,
don't
I,
don't
know
how
we're
going
to
manifest
this.
This
governance,
which
allows
for
the
organization
to
to
look
after
each
other
perfectly
and
not
become
subject
to
some
sort
of
dark
power.
Premise
where
people
can
be
diverted
can
be
proxy
cartels
can
be
formed.
An
influence
can
be
affected.
It
really
is
a
case
of
saying.
A
Raises
a
really
interesting
point:
Kenny
and
those
are
another
get
inside
Steven,
but
before
we
started
the
meeting
today,
we
were
talking
about
that
thread
that
Twitter
thread
and
the
point
I
was
making
was
in
the
the
good
old
days.
If
there
was
a
chain
split,
then
everybody
just
got
twice
as
many
tokens
and
maybe
half
those
tokens
were
not.
C
A
Not
entirely
sure
that
maker
would
be
the
the
leader
in
any
kind
of
a
decision-making
process
like
that.
I
think
that
it
would
be
probably
a
group
of
the
top
ten
projects
on
the
chain
during
the
etherium
and
potentially,
as
in
as
a
next
step.
The
the
real
deciders
will
be
whoever's
embedded
enough
collateral
onto
the
chain
will
be
the
leaders
that
we
follow
so
a
16,
a
sixteen
Z's
investment
in
us
that
sort
of
give
them
a
seat
at
the
table.
A
C
B
B
You
know
programs,
then
you
know
why
not
I
mean
that
is
really
for
the
NPR
token
holders
to
to
decide
on.
But
essentially
it
really
is
a
case
of
you
know
if
you
start
off
with
a
structure,
because
right
now
you
you
are
formulating
an
idea
given
a
certain
structure
is
in
place,
but
given
that
we've
deployed
this
thing
outcomes
to
the
ocean
and
if
the
whole
bunch
of
mkr
to
open
holes
decide
actually
you
know
what
this
system
could
be
a
little
bit
better.
B
It
could
be
I
mean
you
also
could
probably
find
that
it's
a
ship
with
inertia.
You
know,
if
you
find
the
big
one,
doesn't
work
with
small
one
and
goes
you
know
you
could
also
have
a
submarine
attach.
The
point
being
is
that
there
is
know
all
the
analogies
that
I
make
it
sound
farcical.
But
essentially
there
are,
you
know
very
act,
because
there
are
many
ways
that
you
can
get.
B
A
C
C
Okay,
can
I
jump
in
here
a
little
bit
because
I
also
what
we
talk
a
lot
about
is
really
to
make
sure
that
we
enable
the
ecosystem
fully
and-
and
just
like
you
say,
for
the
cerium
they're
different
clients.
You
know
you
suddenly
should
build
the
best
tools
and
the
document
everything,
so
you
can
build
on
whatever
on
top
of
it.
But
in
essence
you
know
you
cannot
have
you
know
to
die
credit
system
side
by
side
right,
so
so
I
don't
think
the
animal
analogy
to
towards
different
clients
on
its
theorem
holds
totally
true.
B
C
B
A
A
B
Active
I
mean
they
want
to
be,
as
involved
with
you
know
maker.
As
you
know,
anyone
else
is
with
with
the
same
amount
of
passion,
I
mean
they're,
actually
gonna
be
like
coal
members.
They
want
to
know.
They're
gonna
want
to
know
pretty
much
the
same
thing.
Anyone
else
that
wants
to
know
about
nmk
I,
even
if
you
own
half
and
mkr
and
you're
passionate
about
it,
you
basically
are
are
now
rubbing
shoulders
with.
You
know,
Andreessen
in
trying
to
get
certain
information
in
terms
of
getting
certain
questions
answered
in
terms
of
figuring
out.
B
A
A
B
I
mean
the
thing
is:
I
can't
talk
to
the
general
behind
it,
but
I
think.
If
anyone
took
a
moment
to
have
a
look
at
it-
and
you
know
splits
it
out
a
little
bit
and
get
a
sense
of
what
actually
was
being
concluded,
they
would
realize
very
quickly
where
the
value
proposition
is
and
the
fact
that
the
price
aspect
of
it
doesn't
really
reflect,
though
the
whole
value
of
this
this
particular
deal.
B
B
B
What
we're
doing
the
more
we
show
them
where
the
risks
are,
how
they
handle
with
the
economic
incentives,
actually
drive
this
thing
to
to
work
a
property.
If
the
more
they
will
see
how
they
can
employ,
make
it
out
into
a
vast
array
of
projects
and
possibilities.
So
it's
kind
of
a
two-way
street.
You
know
between
us
in
terms
of
this
partnership,
but
ultimately
the
the
expression
of
true
value
will
will
have
to
show
itself
I
mean
we
have
to
actually
give
a
very
definitive
view
of
how
this
actually
has.
B
You
know
created
real,
then,
for
now
it's
easy
to
see
from
the
inside,
because
now
you
sit
with
him
I,
you
know
talk
to
them.
I
have
spoken
to
their
their
HR,
their
business
development,
their
marketing
and
every
one
of
those
components
have
shown
to
have
such
synergistic
value
that
you
know
I
wish
I
could
just
write
it
all
down
and
go
everyone
look
at
this.
This
is
amazing.
B
A
Well,
I
think
that
might
be
a
good
place
to
stop,
because
I
was
pretty
inspiring
unless
there's
any
absolute.
Last
minute
burning
questions
that
anyone
wants
to
ask
I'll
begin
the
wrap
up,
then
so
thanks
everyone
for
joining
thanks
a
lot
right
for
your
question,
thanks
for
Kenny,
for
for
a
insightful
reminder
about
the
concerns
in
the
infrastructure
or
the
ecosystem,
Thank
You
Steven.
For
for
your
insight
again,
I
think
that
probably
wraps
things
up
for
today.
Thanks.