►
From YouTube: Governance and Risk Meeting: Ep. 68
Description
# Agenda
## Governance Segment
- [Richard Brown](https://twitter.com/richatmakerdao): General Q&A
- Introducing new additions to the governance team:
- [Charles St.Louis](https://twitter.com/CharlieStLouis): Technical Consultant
- Derek Flossman: Governance Product Manager
- Emergency Shutdown Module Presentation
## Risk Segment
- [Primoz Kordez](https://twitter.com/PrimozKordez): Migration Status
- [Vishesh Choudry](https://twitter.com/visavishesh): State of the Peg
## General Q&A
We'll open the floor for any questions about Scientific Governance and Risk.
Please join us and help shape the future of the MakerDAO.
## Links
- [Video/Voice](https://zoom.us/j/697074715)
- [Dial-in](https://zoom.us/u/acRbIMDvK)
- [Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk@group.calendar.google.com&ctz=America/Los_Angeles)
## Call Summary
Will be provided here after the call as time allows.
A
Hello,
everyone
welcome
to
the
January
9th
edition
of
the
science
of
the
governance
and
risk
meeting.
My
name
is
Richard
Brown
I
am
the
head
of
community
development
maker
Dow.
Today
we
are
going
to
talk
about
some
risk.
Murray
talking,
listen
governance,
we're
also
going
to
do
some
interesting
introductions.
A
There
is
a
let's.
The
student
reach
app
of
what's
happened
recently
relaunched
in
T,
okay
to
recap
over.
So
what
that
implies,
though,
is
that
MTD
was
a
big
deal
that
took
a
lot
of
work.
It
took
a
lot
of
people
planning,
late
nights
and
weekends,
but
happily
it's
out
the
door.
It's
on
a
chain,
and
it's
working
I
didn't
change
anything
by
saying
that.
A
Governance
is
critical
to
the
future
of
protocols
at
critical.
The
future.
The
foundation
is
critical.
The
future
of
the
ecosystem,
I
believe
maybe
I'm
being
a
little
grandiose,
but
the
foundation
is
going
to
be
for
putting
significantly
greater
amounts
of
resources,
bringing
significant
amount
of
resources
to
bear
on
the
topic
of
governance,
which
is
great
news
for
us.
It's
great
news
for
me.
It's
great
news
for
the
communities.
A
It's
it's
critically
important
to
the
foundation
that
we
we
continue
to
create
this,
this
ecosystem
for
the
Commons
and
then
creating
a
healthy
culture
and
a
healthy
community.
That's
willing
to
incapable
and
interested
in
picking
up
the
reins
and
taking
it
over
from
us,
and
so
that's
gonna
require
a
huge
amount
of
effort,
and
it's
it's
hard
to
I
should
lost
my
heart
to
I.
Don't
know,
I
will
overstate
it.
If
I
can
that's
what
that's
what
the
foundation
is
about
right
now,
so
we
need
to
ensure
that
that's.
A
We
are
the
reference
implementation
of
what
governance
looks
like
in
the
crypto
space.
It's
gonna
be
a
big
job,
but
we're
already
we're
basically
halfway
there,
maybe
40%
there,
who
knows,
let's
make
up
a
number
but
we're
getting
close
to
having
governance
that
can
bring
us
into
the
next.
You
know
few
generations
of
what
the
protocol
will
evolve
into
we've
we've
had
these
slow
linear,
it's
called
linear
to
be
yeah,
I'm,
not
being
overly
optimistic.
So
we
started
out
with
how
do
we
do
governance?
How
do
we
communicate
with
each
other?
Where
do
we
talk?
A
Have
we
talked
and
so
and
we
iterated
through
all
these
different
stages
in
our
development
from
let's
have
a
call.
Maybe
we
should
have
a
call
to
talk
about
governance,
and
then
here
we
are
with
portals
and
proposals
and
forums
and
chats
and
votes,
and
you
know
crypto,
media
coverage
and
all
the
rest,
and
this
huge
crowd
that
we're
talking
to
right
now,
so
governance
is
bootstraps.
It's
it's
here
and
what
we
need
to
do
now
is
part
of
that
reflection
and
auditing
phase
I
talked
about
earlier
is
figure
out
how
to
take
this
grow.
A
So
it's
gonna,
six,
the
next
level
I'll,
do
it
anyways.
How
do
we
take
this
to
the
next
level?
How
do
we
make
sure
that
this
this
is
an
efficient
machine
that
gets
everybody
in
all
in
the
best
ways
that
they
possibly
can,
so
they
can
express
their
ideas
and
help
us
to
decentralize,
which
is
what
our
goal
is
it's.
A
What
every
school
here
should
be
a
nation,
but
goodness
it's
a
diverse
group
and
so
I'm
not
going
to
do
a
lot
of
speechifying
today
and
it
looks
like
I
managed
to
keep
it
under
five
minutes,
so
I'm,
proud
of
myself.
What
I
do
want
to
do
is
make
some
introductions.
We
have
two
new
faces,
maybe
not
new
faces.
Let's
just
call
new
faces
for
now
in
the
call
today
they're
going
to
be
regular
fixtures,
so
I
look
forward
to
seeing
them
on
a
weekly
basis.
A
We
have
Derrick
flossman,
who
is
a
product
manager
at
the
foundation,
he's
focused
I'm
sure,
like
the
rest
of
us
in
a
few
different
areas,
but
for
the
purposes
of
this
group,
he's
the
product
manager
for
governments
he's
in
charge
of
making
sure
that
there's
a
tight
interface
between
community
requirements
and
the
foundation
responses
to
those
requirements.
We
have
Charles
st.
Louis
among
his
other
qualifications.
I
believe
he
might
have
the
best
name
I've
ever
seen
in
my
entire
life.
A
But
beyond
that
he's
also
in
charge
he's
a
technical
consultant
at
the
foundation
and
he's
he
builds
things
for
us
and
does
some
deep
thinking
and
around
process
as
well,
and
that's
that's
going
to
be
something
we're
thinking
about
more
or
we've
been
we've
been
thinking
about
process
since
day
one
but
Charles
will
be
bringing
some
dedicated
resources
to
that
process.
Discussion,
I'm
not
going
to
steal
their
thunder,
though
I'd
like
to
hand
it
off
Derek.
You
want
to
take
the
ranch
for
tours
a
little
chat,
maybe
I.
B
B
No,
it's
all
good
I
like
that
David's
intro
there
that
was
good
I,
just
leave
it
at
that
one.
Nice
one-liner
awesome!
So
what
Charles
and
I
were
going
to
do?
We
were
going
to
briefly
introduce
ourselves
and
then,
as
you
stated
in
the
agenda,
I
have
some
slides
that
illustrate
the
emergency
shutdown
module.
B
C
We
go
Oh
leo
Charles,
thanks
Derek
and
David
enriched
the
kind
introductions.
I
just
wanted
to
give
a
brief
background
on
my
kind
of
experience
in
the
industry,
so
I
initially
started
by
working
on
the
blockchain
solution
that
leveraged
hypervisor
fabric
for
an
identity,
or
mainly
kose
name
I'll,
actually
at
RBC
I
quickly,
transitioned
to
eat
cereal
and
for
various
reasons,
and
worked
in
advise
on
some
project
during
about
2017
craze.
C
After
that
I
work
on
security
tokens
and
help
push
forward
the
scree
token
standard
year,
C
1400,
a
polymath
in
terms
of
my
commitment
to
the
community
in
fear
in
community
that
is
I,
helped
contribute
to
the
theorem
cat
herders
working
with
network
upgrades
growth
strategy
p.m.
processes
as
well
as
helping
get
that
prog
pile
out
it
dumped.
So
my
current
role
at
the
foundation
is
a
technical
consultant,
I
work
in
engineering
general
team
with
both
ladder
and
Adrienne.
My
main
focuses
miles
of
late
word:
the
maker
documentation
Porter,
so
doc,
Stimac
a.com.
C
B
Cool
Thank,
You,
Charles,
cool,
ok,
so
my
way
of
yeah
my
background
initially
building
financial
trading
applications,
investment,
banking
derivatives
I
really
enjoyed
that
space,
but
I,
quite
like
the
value-add
of
product
management,
inspired
transition
to
Big,
Data,
cert,
legal
tech
rules
based
systems
and
blockchain
in
general,
and
that
was
really
driven
by
yeah.
This
desire
to
kind
of
complement
technology
with
the
social
aspect.
So
when
we
start
talking
about
things
like
liquid
democracy
delegation,
how
that
plays
with
technology
and
how
blogging
can
really
help
sort
of
connect.
B
Those
those
ideal
ideas
together
in
action
is
really
what
sort
of
brought
me
into
this
space
and
my
current
role,
product
manager.
As
Richard
said.
That
makes
our.
So
what
I
thought
I
would
do.
My
role
is
very
I
guess
in
some
ways
you
can
call
it
the
glue
between
the
different
groups.
So
what
I
thought
I
would
do
was
just
give
you
a
brief
headline
items
of
you
know.
What
is
that?
What
does
it
involve?
B
It's
very
much
encroaching
in
these
other
areas
and
working
with
these
different
groups
within
and
outside
of
the
foundation
so
and
some
high-level
examples
of
that
with
the
development
team
building
the
ESM
UI,
something
that
I'll
walk
you
through
in
a
moment
then
also
looking
at
collateral
redemption
in
the
UI.
So
this
is
once
emergency
shutdown
has
happened.
How
do
we
interact
with
the
system
for
cipher
die?
What
does
that?
B
That's
consistent
and
you've
already
seen
some
of
that
with
the
make
it
out
of
comm
site
and
we're
looking
to
extend
that
governance
and
build
up
the
brand
that
identity
and
then
there's
also
other
aspects
working
with
marketing
to
make
sure
that
we
have
this
in
cohesive
global
approach
and
presentation
of
what
maker
is
and
then,
of
course,
with
this
Marc
contracts
team.
So
looking
at
instant
access
modules,
making
sure
that
requirements
are
documented.
B
Much
like
we
do
already
with
the
forum
so
I'm
looking
forward
to
that
space,
very
much
integration,
team
and
partners,
so
there's
custody
solutions.
There's
integration
work
that
partners
have
to
to
work
with
us
on
and
there's
developer
guides
that
need
to
be
done
in
order
to
support
some
of
those
integrations
and
then,
of
course,
the
risk
team
that
we're
all
very
familiar
with
posting
weekly
executive
votes
and
I'm
involved
in
making
sure
that
those
go
get
put
on
the
site
in
a
timely
fashion.
So
yeah
at
a
high
level.
B
B
So
you
all
know
it
at
a
high
level
super
quickly.
It's
crucial
security
feature
allows
the
system
to
be
shut
down
with
the
staking
and
burning
fifty
thousand
MKR
in
the
event
of
a
high
severity
attack,
different
ways
to
initiate
emergency
shutdown
through
a
governance
executive
vote
or
through
the
emergency
shutdown
module
command
line,
and
some
of
you
may
have
noticed
that
that
when
we
did
MCD,
we
put
that
in
the
module
drop-down
on
the
vote,
make
it
our
comm
site
and
the
plan
is
for
us
to
transition
that
drop
down
to
this
ASM
UI.
B
Hopefully,
of
course,
we
don't
have
to
use
it,
but
that
is
the
plan
so
that
it
is
there
as
a
security
measure
if
needed.
So
the
the
goal
here
is
to
have
the
drop
down
where
it
says
modules.
Instead
of
going
to
the
CLI
texts
that
we
have
today,
it
will
go
to
this
page.
It
would
illustrate
the
total
amount
of
mkr
burned
the
option
to
burn
your
mkr
and
the
ESM
deposit
history,
and
we've
been
quite
specific
here
with
the
language
that
we've
used
in
the
dev
team
has
been
awesome
in
this
respect.
B
B
So
in
on
this
page.
As
an
example,
you
would
see
that
okay,
I've,
staked
1000
MKR
you'd
also
see
the
deposit
history,
and
this
is
in
the
case
of
well
only
one
person's
burn
their
mko
in
the
system,
but
what
if
the
threshold
was
reached?
That
would,
as
expected,
be
illustrated
like
this,
with
an
initiate
emergency
shutdown
button
and
once
this
page
is
here
it's
available.
As
an
option
that
anyone
would
be
able
to
see,
you
wouldn't
have
to
be
an
MPR
holder
to
view
this
page
and
anyone
with
gas
with
a
thin.
A
B
D
B
E
B
B
And
so
last
step
in
the
process.
Here
we
have
a
flat
page
illustrates
the
status
and
we've
got
a
banner
on
the
top,
where
governance
will
post
meeting
call
information
on
the
next
steps
and
I
guess
what
I
want
to
make
clear
here
is
that
I'm,
just
illustrating
the
steps
to
initiate
emergency
shutdown
and
I
think
I've
got
some
next
steps
in.
F
C
B
Slide?
Yes,
so
what
we're
doing
now
completing
the
development
of
what
I've
just
showed
you?
These
were
screen,
grads,
that
the
dev
team
are
working
on
actively
now
and
then
referencing
a
lot
of
the
feedback
we've
had
over
the
last
couple
of
weeks,
getting
a
better
definition
of
the
post
emergency
shutdown
process.
A
B
A
B
Yes,
so
then
I'm
currently
working
in
parallel
on
the
collateral
redemption,
so
in
the
event
of
emergency
shutdown,
both
for
single
collateral
die
and
multi
class
will
die.
What
does
that
process?
Look
like
and
again,
I'll
have
a
breakdown
for
you.
I
can
show
you
there,
the
wireframes
as
we
build
those
up
and
what
the
process
looks
like
so
I
I'm,
hoping
that'll
clarify
some
of
the
questions.
I've
seen
with
regards
to
okay
I'm,
a
I'm,
a
dying
old
on
fire
holder
I've
got
collateral.
B
So
I
also
put
two
other
items
on
here:
the
MIPS
process
so
working
closely
with
Charles
on
that
and
we'll
be
doing
yeah
as
rich
said,
a
lot
more
engagement
with
the
community
around
how
that
framework
is
built
up
and
what
it
means,
and
then
delegation
voting
I
put
on
here,
because
there's
been
some
discussions
around
that
and
I
think
it
will
fold
in
nicely
with
some
of
the
recent
discussion
as
well.
So
hopefully,
oh
yes
and
some
resources
and
I
can
send
this
out
to
people.
A
All
right,
I'm
sure
other
people
were
just
scrambling
for
their
mics
or
not,
but
thanks
five
Derek.
Just
as
a
reminder,
we
have
a
Q&A
session
at
the
top
of
the
hour
as
well.
So
you
guys
once
you
give
what
you
just
saw
some
thought
and
you
have
some
questions,
feel
free
to
interrupt
us
right
now
or
keep
them
in
your
back
pocket
and
we
could
talk
we're
at
the
end
of
the
call
Charles.
Did
you
anything
you
want
to
add,
or
was
that
world
I've
been
in
Derek's
birthday,
I.
A
G
G
So
last
week
we
had
a
bit
a
pick
up
in
the
pace
of
immigration.
So
there's
about
nine
point:
three
million
more
died
now
out
there
and
I
think
about
four
point:
six
million
Silas
in
existence,
so
net
net
I
think
the
total
supply
increased
by
about
five
million
so
from
112
sigh
and
I.
We
are
now
at
117,
so
we've
seen
a
bit
of
die
unsigned
meeting
in
specifically
over
the
weekend
and
this
kind
of
corresponds
to
eat
price
increase
that
happened
recently
and
a
bit
more
of
leverage
behavior
of
of
GDP
borrowers.
G
G
If
there's
less
in
existence-
and
these
are
ultimately
the
last
icons
minted
out
recently-
they
could
they
could
make
some
arbitrage
there
plus
there's
a
regular
arbitrage
to
be
exploited
right.
So
we
know
there's
a
stability
of
5%
in
a
CD
and
the
DSR
now
at
6%
in
MCD,
and
some
of
them
might
be
might
be
catching
this
extra
month.
The
spread
or
them
not
really
sure
how
viable
the
strategy
is.
Keep
in
mind
that
these
CD
burners,
the
last
ones
which
will
stay.
G
G
Another
thing
talking
about
liquidity
is
so
here:
I
want
to
show
you,
so
this
is
the
amount
of
silence
minted
or
actually
sites.
I
mean
that
in
last
last
month
the
figures
is
quite
high.
I
was
quite
surprised,
with
Joseph,
there's,
still
some
activity
of
God
of
borrowing
and
not
really
sure
how
much
of
the
current
borrowing
is
actually
done
by
by
this
younger
CDP's.
G
Who
may
be
really
just
some
speculators
in
the
end
talking
about
liquidity,
specifically
solidity,
it's
it's
it's
pretty
low,
so
you
can
see
in
unit
swap
which
is
basically
the
only
venue.
That's
liquid.
Now,
there's
only
a
bit
more
than
half
a
million
of
sides,
almost
600,000
pop
cider,
the
figure
is
quite
low
in
percentage
terms
versus
total
supply,
busts
municipal
ways,
headlock
two
to
three
percent
of
oil
supply
deposited.
What's
what's
more
worrying
is
that
they
really
no
other
venues
now
right,
Oasis,
so
the
whole
teach
to
die
used
to
be
the
prime
venue.
G
G
Another
thing
I
want
to
focus.
Is
it
a
lot
in
collateral?
So
if
you
come
together,
it
locked
in
MCD
and
it
locked
in
se,
I
think
the
figure
is
at
2.4
million
it,
which
is
all-time
high.
This
also
improved
volatilization
ratio
for
MCD
now
stands
at
three
hundred
percent,
which
is
some
kind
of
long-term
average.
The
ratio
is
also
bigger
because
the
recent
it
hit
a
price
increase
for
SED,
it's
also
much
further
than
it
was
during
the
December,
and
that
was
dissipation
here.
G
G
The
other
thing
is
dying,
the
SR
at
all-time
high
at
forty
four
percent,
as
we
showed
last
week.
This
was
mainly
because
because
of
compound
which
integrated
DSR
for
it's
an
utilised
to
die
so
in
compound,
if
we
check
time
utilized
ice,
it's
at
about
ten
million,
so
all
of
these
dies
now
India's
are
looking
at
side
compound
markets,
there's
still
five
million
of
salad.
There
I
was
hoping
to
see
this.
G
This
I
figured
to
go
down
more
faster,
but
the
thing
is
there
wasn't
really
fine
scented
because
the
spread
between
sigh
and
aisle-
and
it
was
only
one
percent-
but
now
it's
nice,
three
percent
right
so
I'm.
Assuming
some
of
this
size
suppliers
should
now
really
switch
to
die
using
the
immigration
contract.
So
we
should
see
some
inventory
there
unless
these
users
are
again
some
speculators
trying
to
catch
some
premium.
If
there's
a
cyclic,
we
data
crunch
but
adopted
it's
it's
hard
to
say.
G
Last
last
thing,
I
want
to
focus
on
is
I
did
a
bit
of
analysis
on
the
remaining
side
holdings
and
remaining
sidebar
over.
So
these
are
topside
wallets
the
structure.
This
is
the
top
hundred
sized
city
piece.
If
you
look
at
the
wallets,
there
is
now
35
million
sign
in
existence,
and
the
top
hundred
wallets
have
27
million
of
sigh,
which
is
about
three
quarters
for
sinuses,
so
there's
thousand
their
standard
users,
who
called
27
million.
G
Actually,
it's
not
hundred
users
have
to
correct
myself
the
loss
of
compound
and
this
kind
of
pooled
wallets,
for
instance,
if
we
check
compound
here
is
the
structure
for
compound
side,
there's
at
least
hundred
users
still
supplying
side
in
compound
right,
so
I
would
say
in
total,
about
200
to
300
users
still
hold
majority
of
the
size
so
about
80
to
90
percent.
What
we
also
know
is
that
there
are
some
known
addresses
here:
7
million
of
sigh.
G
Another
interesting
figure
is
Samuel,
an
offside,
that's
being
held
by
some
wallets
that
were
enacted
for
more
than
more
than
a
year
right
and
that's
20
percent
of
of
current
supply,
probably
some
part
of
that
size
also
lost,
but
we're
not
sure
what
what
amount
and
then
on
the
borrower
side,
so
100
top
CDP's,
so
size,
integrated,
I,
see
the
piece
they
hold
again.
Almost
almost
90
million
of
áfourá
depth.
G
They
start
to
see
the
piece.
If
you
look
at
them,
you
know
there's
one
big
one
still
there.
He
chairs
also
is
almost
one
quarter
of
all
depth.
It
hasn't
interacted
with
with
the
system
for
about
six
months
and
it
herbs
more
than
800,000
of
fees,
which
is
about
one
third
to
fall.
All
fees
that
are
all
currently
what
I
try
to
do
is
to
see
how
they
behaved.
G
More
specifically,
I
wanted
to
see
what
word
their
type
of
activity
during
the
migration
or
what
was
their
last
activity
type
and,
of
course,
they
most
of
them
I
think
as
they
they
want
to
migrate
over,
but
they
are
bound
by
the
liquidity
and
by
the
sy
in
the
migration
contract.
So
the
vibe
and
the
free
activity
is
actually
pretty
limited.
This
is
the
structure
of
that
by
the
type
of
activity,
so
this
is.
This
is
limited
by
the
liquidity.
G
It
could
be
a
bit
misleading
to
say
you
know,
there's
still
depth
out
there
and
people
all
of
the
I
mean
all
of
the
old
users
didn't
migrate,
but
it
could
very
well
be
that
a
lot
of
that
is
still
is
owed
by
by
some
new
CD
piece
and
we
considered
by
by
increased
drawing
activity
and,
as
I
said,
this
CD
piece
could
be
truly
some
speculate.
That
might
not
be
some
organic
use.
G
E
G
This
is
this
disorder
top
under
CD
piece,
and
this
is
only
the
last
activity
type.
So
it's
a
current
snapshot
of
the
last
activity.
You
know
it's
actually
hard
to
say
what
they
did
before
they.
You
know
it's
it's
hard
to
say
something
about
the
behavior,
but
you
know
what
was
their
last
event
style,
how
they
behaved
when.
G
And
yeah
this
is
a
certain
interest
and
so
CDP's
the
haven't
interacted
during
the
migration
at
all.
So
this
takes
time
into
in
the
fact
40
of
them
so
40
out
of
hundred
they
haven't
interacted
with
CDP
at
all,
and
this
represents
15
million
of
that
which
is
which
is
half
of
this
hundred
CDP
depth
or
I've,
been
I.
Think
about
40%
of
all
that
that's
still
out
there
and
I
think
that's
basically
it
from
my
side,
except
for
the
for
the
face.
G
I
just
wanted
to
show
that
there
were
some
pickup
in
in
the
payment
of
fees
they're
still
about
forty
percent
left
again.
This
CDP
oink,
most
of
it
and
I've,
noticed
that
there
were
some
pickup
in
fees
being
paid
yesterday,
mostly
in
maker
I'm.
Guessing
people
prefer
to
use
makeup
for
payments,
because
it's
much
easier
to
to
buy
it.
It's
much
more
liquid
and
we
see
how
this
goes
forward.
A
C
A
Trying
to
figure
out
the
the
you
know,
cognitive
and
an
operational
and
ecosystem
overhead
associated
with
maintaining
SCD,
and
at
what
point
do
we
start
looking
for
indications
that
that
ecosystem
is
no
longer
healthy
and
I,
trying
to
figure
out
what
those
those
indicators
would
be?
Is
it
it's
just
simply
that
the
peg
is
deviated
and
that
that's
that's
the
final
word
or
is
it
once
we
see
that
the
spreads
have
become
unmanageable.
G
G
F
A
H
The
spreads
are
interesting.
So
obviously
you
know
currently
centered
around
the
dollar.
You
can
see
that
like
unless
that's
right
in
the
last
week
or
so,
there
was
a
bit
of
variation,
but
you
know
overall
currently
recovered
back
up
to
around
a
dollar
we
had
a
few
days
ago
dip
slightly
below
but
sigh
again
and
so
yeah
here
you
can
see.
Os
is
kind
of
sitting
at
the
the
center
of
that
spread,
dy/dx
actually
picking
up
in
volume.
So
that
was
interesting
to
note
and
then
coinbase,
actually
seeing
more
of
a
spread
theoretically
slippage
unclear.
H
Why
that's
happening?
Usually
they
just
kind
of
sit
around
the
middle
of
the
crisis
graph.
So
that's
curious,
yeah.
So
just
sigh,
tiny,
tiny
volume
uses
pretty
much
said
theoretically
still
more
or
less
on
price
and
you
know
swamp
obviously
dominating
whatever
is
left
of
that
volume.
But
a
tiny
books
on
radar
relay
one
thing
I
did
want
to
note-
was
so
the
depth
of
some
of
these,
like
charts
for
the
the
trades
that
exist
on
the
order,
books,
pretty
discrete
amounts
and
very
like
balanced.
So
theoretically,
that's
the
amount.
H
That's
remaining
liquidity,
as
Jo
may
have
alluded
to
there.
I'm
guessing
is
market
makers
just
kind
of
soaking
up
and
last-minute
trades,
so
it
really
does
seem
like,
and
if
you
look
at
what's
been
going
on
in
compound
these,
these
volumes
have
come
down.
It
does
seem
like
the
the
remaining
amounts
are
more
or
less
emptying
out
of
the
barrel.
H
H
People
can
argue
about
the
pace
and
whether
that's
satisfactory
or
not
yeah,
just
on
MCD.
So
looking
back,
you
know
this
week.
What
some
of
the
top
vaults
have
been
doing?
I
mean
more
or
less
not
a
huge
change
in
the
top
vaults
and
they're
collateralization
SIF
not
really
moved
so
kind
of
quiet,
so
to
speak,
but
as
mentioned
that
total
amount
has
come
up
and
the
total
amount
has
decreased.
H
So
at
the
end
of
the
day,
moderation
proceeding
and
a
pretty
solid
increase
in
the
amount
of
MCD
overall
collateralization
was
something
else
that
I
had
here.
So
just
this
is
the
graph
that
we
touched
on
last
time
of
the
new
kind
of
amount
of
at
least
four
eath
MCD.
That's
been
added
that
that
collateralization
ratio
overall
is
still
somewhat
low,
and
this
is
kind
of
a
question
is
low
relative
to
what
right.
H
H
A
I'm
simply
not
so
he
points
out.
The
only
remaining
thing
to
do
is
align
SCD
stability,
feed
to
the
MTV
stability
fee,
eliminate
the
1%
spread.
I,
don't
know
if
you
have
any
comments,
but
like
fish,
it
ties
to
the
conversation
we've
been
having
about
DSR
spreads
I'm
sitting
in
the
forums
and
in
these
columns
reason.
H
H
H
A
Right
well,
it
was
it's
a
bit
of
a
curveball,
but
it's
also
segues
nicely
into
something
that
I
want
to
touch
on
the
top
of
the
call,
but
I
forgot
I,
also
bumped
long
pro
wisdom,
in
my
confusion,
so
I
apologize
or
wisdom.
But
before
we
hear
about
governance
at
a
glance,
I
want
to
put
this
back
in
every
the
radars
that
we
have
a
signal
in
the
forums
that
are
that's
been
discussing,
whether
we
replace
the
weekly
DSR
pulse
with
this
spread
from
our
own
Sam
/xo.
A
A
D
Yeah
cool
so
been
a
fair
few
actual
discussions
of
the
last
couple
weeks,
just
not
sure
so
we
had
so
Hexen
awesome
presented
his
governance
model
maker
in
the
forum
as
well
subsequent
to
his
presentation.
So
there's
been
some
discussion
in
that
on
wanta
thoughts
about
it
and
like
alternatives
and
general
suggestions.
So
that's
been
good.
D
So
we've
also
seen
some
continuation
in
the
threads
questions
and
discussions
on
emergency
shutdown,
which
possibly
Derek
alluded
to
earlier
so
yeah.
If
you're
interested
coconut,
also
suggest
that's
Derek
and
Charles
potentially
comment
in
there.
If
they
have
some
spare
time,
be
useful,
put
people's
minds
at
rest.
D
See
so,
we've
had
a
set
of
posts
from
politics
and
describing
a
proposal
of
moving
proposal,
races
to
lateral
onboarding,
suggesting
that
we
use
staking
rather
than
sort
of
direct
to
make
a
token
of
oil
to
voting,
which
has
come
up
a
couple
of
times
in
the
past.
But
planning
exits
done
some
some
pretty
good,
pretty
good,
presenting
and
they're
crafting
about
what
it
could
look
like,
which
is
really
interesting.
D
D
So
another
one.
That's
that
I'm
gonna
try
and
convince
more
people
to
vote
on
is
the
handling.
How
do
we
handle
executive
bundling
in
relation
to
technical
changes,
both
emergency
and
non-emergency,
and
it's
not
as
glamorous
or
interesting
thing
to
vote
on
or
think
about,
but
it
would
be
nice
to
avoid
potential
controversy
or
potential
confusion.
The
next
time
so.
E
D
E
D
It's
interesting,
I
think
like
like
waiting,
atomically,
I,
think
my
so,
for
one
thing
at
a
time
is
generally
a
like
a
pretty
important
thing.
We
got
to
figure
out
some
point.
Was
he
doesn't
mesh
well
with
continuously
Chelsea,
so
there
also
been
signal
requests
related
to
sed
shut
down
and
presented
by
armbar.
D
So
there's
two
more
of
those
lists
to
date
and
supply
so
suggesting.
When
should
we
shut
down
sed
or
like
what
is
the
latest?
We
should
continue
to
serve
ICD
I.
Think
six
months
is
currently
running,
which
is
interesting
and
then
also
a
similar
thing
for
for
supply.
So
on
what
level
of
supplier,
which
should
be
no
longer
support,
sed
I
think
the
winning
one
winning
option.
There
is
currently
10
I'm,
just
switching
the
thoughts
he
have
used
on
others,
so
it
suggests
going
and
waiting.
D
A
That's
the
end
of
the
schedule,
discussions
I
believe
I
did
have
was
so
let's
transition
into
the
general
Q&A
and
see
if
I
have
people
have
questions
they
wanted
to
throw
at
the
team
or
anybody
else
using
the
call
one
of
the
things
to
get
things
started.
Something
that
I've
been
thinking
about
is
the
definite
the
concept
of
failed
votes
and
I'm
trying
to
wrap
my
head
around
this
and
it's
a
conversation.
This
surfaced
with
a
few
other
people
in
various
conversations
recently,
and
particularly
around
the
GSN
I'm,
just
using
that
as
an
example.
A
Look
here's
here's
the
one
that
happens
with
with
skin
in
the
game,
just
like
the
rest
of
the
world.
If
you
have
a
ridiculous
amount
of
money,
you
can
buy
votes,
that's
what
the
shareholder
type
voting
system
looks
like
and
I
was
pointed
out
in
the
most
erratic
terms
of
being
like
existential
threat
to
the
ecosystem,
and
so
we
there
was
a
flurry
of
activity.
That
activity
was.
A
A
A
Had
this
super
secure,
existing
executive
votes,
the
gsm
never
managed
to
exceed
all
of
that
maker
that
was
put
into
the
system
in
order
to
secure
the
system,
so
the
gsm
boat
could
pass
and
then
I
got
edged
up
because
that's
the
nature
of
what's
a
continuous
approval
voting
is,
we
can't
have
more
than
two
votes
at
any
one
time.
The
next
week
a
new
vote
came
along
and
bumped
the
GSM
vote.
So
that's
the
context.
The
question
I
had
in
my
mind
is:
what
do
we
do
in
these
situations?
A
Yeah
do
because
this
this
involves
value
judgment
almost
or
an
interpretation,
so
that
we
say
to
ourselves.
Okay,
the
world
was
wrong.
They
should
have
voted
in
the
gsm,
and
so
we
need
to
do
it
again
or
do
we
say
that
the
gsm
wasn't
ratified?
Therefore,
the
community
didn't
actually
want
it,
and
so
we
can
now
move
on
with
our
lives.
There's
a
very
strange
distinction
here
between
trying
to
determine
whether
a
decision
was
correct
or
not
at
which
the
philosophical
implications
of
this
is
pretty
terrifying.
So
so
what
are
we
doing?
That
situation?
Do?
A
Does
the
community
decide?
Okay,
well,
we
wanted
the
gsm.
The
gsm
didn't
happen
so
origin
to
keep
on
servicing
the
gsm
every
week
until
it
does
happen,
like
is
that
governance
I'm,
not
sure
that
it
is
because,
at
that
point
yours,
they're
saying
we're
going
away
until
you
do
what
we
want,
whoever
we
and
you
are
and
that
in
that
model,
I
have
no
idea.
People
who
vote
I
suppose
so
these
are
things
we
need
to
consider.
A
A
Before
the
holidays
and
people
have
things
to
do,
and
so
there
we
go,
that's
that's
the
situation,
and
so
there's
a
general
sense
that
perhaps
there
should
have
been
a
GSM
vote
ratified,
who
picks
up
that
torch
is
the
question.
The
second
question
that
I'm
wrestling
with
again,
maybe
I,
don't
need
to
put
a
finer
point
on
it
than
that.
How
do
how
does
vote
come
back?
I'm,
not
sure
that
we've
discussed
this
kind
of
thing
in
the
past,
so
I
want
to
kind
of
just
throw
it
out
to
the
ecosystem.
A
F
Yeah
I
mean
I
would
just
assume
that,
for
example,
something
like
the
GSM,
where
it
didn't
pass
that
it
gets
treated
like
just
bifurcate
every
month
that
every
other
week
we
vote
on
monetary
policy
and
the
other
portion
of
that
week.
We've
up
we
kind
of
somewhat
vote
on
administrative
items
like
risk
teams
or
GSM
style
updates,
and
if
something
fails
to
pass
no
different
than
any
other
vote,
it
just
gets
kicked
back.
We
wait.
A
E
A
It's
the
foundation
like
this
has
been
on
a
road
map
for
three
plus
years,
like
it's
in
the
white
paper
plan
to
have
a
GSM
right,
stop
and
we've
what
we've
been
through.
The
reasoning
why
it
wasn't
there
at
Nancy
Lodge
first
in
order
to
retain
agility
against
technical
and
or
security
fixes
that
might
need
to
be
immediate
versus
the
need
to
slow
the
decision-making
process
down
24
hours,
and
so
the
ecosystem
can
come
in
and
make
some
decisions.
A
F
A
A
bunch
of
other
things,
so
obviously
it
if
I
had
to
guess
the
foundation
doesn't
want
this
thing
to
go
the
food.
So
we
need
to
figure
out
how
do
these
things
get
surfaced
and
when
did
they
get
resurfaced,
I
suppose
and
who's
in
charge
of
doing
that?
This?
That
and
this
this
ties
into
a
larger
issue
about
campaign,
because
the
who
who
I
guess
this
is
that
who
makes
these
things
come
back,
I'm,
not
entirely
sure,
I
understand
what
that
is
right.
So.
F
Very
much
like
the
bureaucracy
of
going
through
politics
to
get
a
bill
passed
through
whatever
countries
Congress.
If
it
doesn't
get
passed,
it
needs
to
have
some
type
of
campaigning
and
a
bureaucratic
process.
That
joyfully
goes
through
some
type
of,
in
this
case
social
consensus
of
a
forum
then
polling
and
then
push
through,
and
in
this
case
you
know,
for
it
specific
for
the
GSM
I
mean
all
it
ultimately
does.
F
It
starts
to
slow
down
and
adds
inertia
to
the
whole
process
of
voting
for
all
of
us,
in
probably
a
good
way
where
monetary
policy
gets
spread
out
unless
there's
some
type
of
emergency.
It
forces
some
type
of
vote
prior
to
that.
But
if
you,
if
you
segregate
all
those
pieces,
then
yeah
I
mean
if
the
gsm.
If
there's
enough
consensus
from
the
community,
including
the
foundation,
then
yeah
I
don't
find
itself
back
on
a
pole.
Yeah.
A
Ideally
and
I
hope
that
you're
correct
so
that
there's
we
mean
we
do
need
campaigns
and
we
need
lobbyists.
Maybe
we
need
people
that
are
willing
to
question
these
things,
sir,
but
here's
my
cynicism
come
to
the
surface
again,
but
this
is.
This
is
a
macro
issue.
It's
human
nature,
but
let's
ignore
human
nature.
For
now,
let's
just
lock
with
with
little
crypto
works
like
crypto
itself.
A
Ice
age
and
this
this
is
the
sort
of
thing
that
I'm
concerned
about
this
happens
in
a
microcosm
version
of
that
happens,
that's
in
maker
doubt
governance,
where
we
need
to
fix
kids,
we
need
to
fix
our
definition
of
consensus,
we
need
to
fix
the
debts
and
we
need
to
fix
XY
and
Z,
and
these
aren't
one-off
problems.
These
are
problems
that
recur
right
and
we've
make
a
little
fix,
and
then
now
that
the
clouds
have
passed-
and
it's
sunny
again-
let's
not
worry
about
it
until
the
next
time
the
rears
its
head,
the.
B
A
E
Does
it
make
sense,
like
also
referencing
back
into
Sam's
presentation
about
like
one
function,
one
vote
and
I
think
I
actually
saw
Matthew
mentioned
in
the
sidebar?
Does
it
make
sense
to
expand
the
cadence
of
the
executive
vote
to
not
just
have
like
a
weekly
monetary
policy
vote,
but
perhaps
to
a
monetary
policy
of
a
technical
vote
and
like
have
like
more
of
like
a
biweekly
or
try
weekly
or
like
monthly
kind
of
cadence
the
different
types
of
votes,
and
that
would
also
give
us
the
opportunity
to
bucket
those
conversations.
E
A
Kid
kids
is
a
big
issue:
that's
one
of
the
things
that
I
think
it
I
started
off
or
ended.
Last
year
with
with
oh
yeah,
my
epical
list
of
I
think
it
was
like
80
different
list
items
of
like
why
I
think
that
should
I
say
that
governance
is
broken,
know
what
the
challenges
that
governors
faces
in
the
in
2020
right
and
one
of
those
was
the
cadence.
So
we
all
decided
that
we
needed
to
do
weekly
cadence,
and
then
we
started
running
into
these.
A
A
If
we
didn't
need
to
do
it
every
week,
if
we
can
move
to
buy
weekly
or
even
monthly
Cadence's
from
monetary
policy
and
stuff,
then
we
need
to
make
sure
that
we're
not
grandfathering
in
processes
and
procedures
and
cultural
norms,
because
just
simply
that's
the
way,
we
did
it
in
sed
right,
so
that
this
is
one
of
the
things
that
I
want
to.
Now
that
we
have
like
more
and
more
resources
going
to
bear
and
the
foundation
is
taking
a
super
serious
role
in
the
evolution
of
governess,
hopefully
we
can
start
having
these
conversations
did.
A
A
E
In
because
this
makes
this
makes
a
good
bridge
into
maybe
Ricci,
if
you
could
like
talk
a
little
bit
about
the
governance
poll,
that's
going
out
tomorrow.
That
is
relevant
to
like
Sam's
presentation
and
the
whole
question
yes
are
spread,
may
be
likely
because
that's
that's
kind
of
like
a
step,
one,
that's
kind
of
like
the
next
step.
In
our
sure.
A
A
Thanks
for
that,
because
Sam
is
actually
the
exception
to
the
rule
because
he's
the
he
here's
an
example
of
somebody
who
came
up
with
an
idea
and
a
plan
and
expended
effort
in
the
forum
threads
and
fostered
that
idea
and
followed
the
processes
and
created
the
proposal
and
then
made
a
slam,
dunk
and
then
come
in,
came
into
the
chat
and
then
you
know,
etc,
etc,
etc.
That's
a
significant
amount
of
work
and
dedication
and
it's
enormously
admirable.
A
But
the
thing
that
I'm
trying
to
figure
out
is
is
that
what
it
takes
to
make
things
happen
in
this
ecosystem?
And
if
so,
is
that
a
reasonable
expectation
for
the
world
at
large?
Can
we
expect
Sam's
to
arise
for
the
GSM
or
for
the
OSM
fix
or
for
additional
Oracle's
or
for
x
y&z?
Unless
we
have
a
lot
of
issues
and
so
I'm
trying
to
wrap
my
head
around
how
these
things
come
back
to
the
surface
yeah.
E
I
think
it's
it's
really
a
matter
of
like
establishing,
like
a
community
known
cadence,
for
all
these
different
buckets
of
issues
like
some
level
right
and
also
I.
Think
just
to
correct
you
is
some
people
are
correcting
in
the
Chad
rich,
that
the
governance
poll
for
Sam's
thing
wouldn't
go
to
an
executive,
because
it's
just
talking
about
the
format
of
Polson
teacher.
A
Yeah,
that's
interesting,
yeah!
Well,
there's
some
more
yeah
I
see
it
I
see
what
people
are
saying.
So,
there's
there's
other
ambiguities
here.
So
we
have
a
buckets
or
funnel
two
little
categories
of
votes.
We
have
policy
votes,
we
have
monetary
policy
votes
and
we've
discovered
reasonably
that
we
have
an
increasing
need
for
technical
folks
determining
which
of
those
things
which
buckets
individual
things
fall
into,
is
interesting
and
which
ones
require
ratification
and
which
ones
require,
or
in
Clinton,
in
justice
system,
which
ones
just
require
consensus.
Eventual
consensus
is
cool
yeah
that
it's
correct.
F
Yeah
and
I
one
thing
I
wanted
to
bring
up
it's
this
meet
the
I
think
we
need
to
start.
I
know
find
out
also
collateral,
new
collateral
types.
We
got
to
get
moving,
so
this
becomes
even
more
decentralized
and
we
have
the
income
about
the
collaterals.
So
we
get
dye
issuance
up
because
we
need
to
have.
Hopefully
a
goal
will
be
like
into
five
hundred
millions
by
the
end
of
the
year,
but
we
need
to
hat
in
order
to
do
that,
we
need
to
have
multiple
animal
types.
Then
it'd
be
voted
on
so
yeah.
A
A
I
don't
know
like
who
knows:
we
still
have
a
list.
We
still
have
assets
on
the
priority
list
that
we
haven't
gotten
to
yet
I'm
sure
risk
the
risk
teams
in
the
next
few
weeks
will
be
coming
up
with
additional
insight
into
what's
next
for
us,
there's
there's
a
lot
on
the
table
right
now.
We
have.
They
have
a
significant
number
amount
of
documents,
presentations
and
tools
that
they're
going
to
be
presenting
to
the
community
over
the
next
couple
months.
We
have
a
lots
of
a
lot
of
governance.
A
Stuff
needs
to
be
cleared
up
as
well,
and
then
once
we
get
that
out
of
the
way
we
kick
off,
you
know
that
official
governance
cycle
that
we've
been
talking
about
for
so
long.
So
just
as
a
recap,
or
maybe
just
refresh
our-
that
we're
in
sort
of
limbo
right
now,
so
maybe
I'm
stretching
the
analogy
here.
C
A
We
have
the
SCD
universe,
we
have
the
MCD
universe
and
perhaps
connecting
those
two
things.
We
have
the
migration
universe
and
we're
still
sort
of
in
that
migration
universe,
where
monetary
policy
needs
to
be
focused
on
getting
us
from
one
place
to
the
other,
and
that's
where
the
vast
majority
of
our
time
and
efforts
have
been
spent
but,
like
I,
said
as
never
there's
more
resources
available
to
us,
post,
MCE
we'll
be
able
to
spin
off
some
additional
tracks
where
additional
collateral
types
become
more
important,
but
there's
a
reasonably
sure,
there's
still
some
some
groundwork.
A
That
needs
to
be
laid
like
free,
perfect
example
of
that
is
that
we're
trying
to
figure
out?
How
often
do
we
vote
on
things
and
what
those
votes
should
be
about
those
things
that
needs
to
be
figured
out
before
we
have
five
different
collateral
types
we
need
to
deal
with.
We
talked
about
instant
access
modules.
We
need
to
talk
about
a
bunch
of
things.
A
Yes,
so
there's
interesting
stuff
happening
inside
bar
here
can
somebody
like,
like
I,
usually
give
it
the
preamble
at
the
beginning,
but
if
you
had
access
to
a
mic,
desperately
interested
in
people
just
jumping
right
into
the
conversation
and
telling
us
what
their
ideas
and
thoughts
are
otherwise
David.
Can
you
like
call
out
some
of
these
questions?
Yes,.
E
A
That
so
that's
this
is
a
long
conversation,
so
here's
some
some
additional
context,
so
the
foundation
is
depending
on
your
perspective
and
here's
my
perspective.
The
foundation
is
it
job
is
to
create
reference,
the
core
protocols,
smart
contracts
and
then
reference
implementations,
and
then
those
reference
implementations
are
adopted
by
the
ecosystem,
and
then
we
encourage
the
ecosystem
to
compete
us
out
of
the
space
and/or.
We
bootstrapped
the
ecosystem
to
take
over
from
us
and
some
of
the
examples
there
well
numerous,
but
I'm
one
of
those
examples.
A
So
the
entrance
interim
government's
facilitator
is
a
reference
implementation
of
what
a
governance
facilitator.
Is
it's
nobody's
intention
that
you
need
to
stare
at
my
face
for
the
next
five
years?
That's
like
that.
We're
here
to
create
cultural
norms,
processes,
policies,
procedures,
titles,
all
the
rest
of
it
centralization
mechanisms
and
then
I,
step
away.
A
Excuse
me
and
then
a
group
of
people
from
the
ecosystem
begin
to
take
over
in
this
the
same
model
for
Oracle
teams
and
same
model
for
risk
teams
and
same
all
for
numerous
other
teams
that
will
begin
to
Russ
it's
the
same
model
for
the
CDP
portal.
This
is
a
good
example
of
that,
so
you
see
CDP
portal
maker
down
and
it's
not
they
we
have
insta-death,
we
have
very
own,
we
have
Oasis,
we
have
all
kinds
of
put.
We
better
mount
might
either
well.
A
A
Actually,
talking
with
your
question,
I
mean
I
feel
like.
Oh
here
we
go.
So
the
idea
is
that,
yes,
we
do
need
high
quality
proposals.
We
do
need
people
to
do
work.
We
do
need
people
to
campaign.
We
need
people
to
do
a
lot
of
planning
and
processing
and
thinking
about
the
system
that
requires
time
and
energy
and
that
time
and
energy
requires
incentives
and
so
figuring
out
how
those
incentives
work
is
a
big
question.
A
We've
been
talking
about
Guardians
the
concept
of
guardians
at
the
foundation
for
a
long
time,
and
the
idea
Eltham
Utley
is
that
once
MCD,
that
engine
is
primed
and
fired
up
and
chugging
along
it's
going
to
be
generating
a
tree
collecting
fees
and
once
those
fees
are
collected
in
the
buffer,
that
buffer
becomes
the
incentivization
engine
that
pays
for
the
ecosystem
to
do
things,
and
so
there's
the
ultimately.
The
idea
is
that
people
who
have
are
able
to
contribute
to
the
ecosystem
in
a
structured
and
it
is-
are
transparent
and
slash.
E
A
Well
that
that's
the
key
to
the
entire
future
of
the
ecosystem
protocol,
our
MIDI
ecosystem
is
to
identify
identify
actors
in
in
the
ecosystem,
empower
them
formally
through
governance,
give
them
an
infinity
and
a
mandate
and
then
ensure
that
they
are
able
they're
compensated
for
their
efforts,
in
which
mechanism
that
takes
and
in
what
order?
Are
they
sure
right?
Now,
it's
through
grants
and
subsidies
bounties
at
some
point
for
the
ecosystem
to
fully
mature.
It
needs
to.
A
A
At
least
you
form
isn't
that
weaker,
that's
some
kind
of
nom
de
plume
that
we
can
use
to
identify
them
and
that
they
are
capable
of
organizing
ways
to
manage
their
finances
and
coordinate
with
other
groups
in
the
ecosystem.
It's
a
significant
amount
of
work,
though
there's
a
lot
of
complexity
that
needs
to
be
determined
and
and
I'm
also
enough,
driving
that
bus,
so
I
know
what
I've
been
told,
but
that,
but
the
details
will
becoming
increasingly
clear
over
the
next
few
months.
E
E
A
Oh
yeah
I
see
the
libertarians
are
screaming
them,
so
I
I
would
like
to
hear
about
people's
suggestions
up,
because
this
is
something
that
I've
been
interested
personally
in
for
a
long
time.
Is
that
how
do
we
reward
some?
We
already
come
there's.
Obviously
it's
obviously
easy
to
just
somebody
says:
okay,
I
want
to
do
something.
I,
think
I'm
gonna
be
good
at
it
and
figuring
out
how
to
give
them
money.
It's
not
that
hard.
That's
just
the
way
the
business
works.
A
If
you
wanna
put
a
crypto
spin
on
it,
though,
that's
that's
fascinating
to
me.
How
do
we
reward
people
for
being
right
or
for
being
efficient
or
for
having
good
ideas,
and
so
we
get
into
sneaking
and
slashing
and
incentivization
mechanisms
that
are
automated,
which
means
that
algorithms
need
to
measure
behaviors
and
tell
us
whether
they
were
good
or
bad.
A
A
Used
in
the
past
have
been
around
risk
teams
because
those
things
that's
that's
far
more
cut-and-dry,
you
could
say
like
Christian
X,
presented
this
proposal
and
the
assumption
is
that
Y,
the
Y
was
going
to
happen
in
the
next
six
months
and
if
it
does
or
doesn't,
then
we
know
we
can
like
slash
our
reward
based
on
that.
But
everything
else
is
free
and
to
get.
E
H
I
was
gonna,
say:
that's
that's
a
scary
world
in
which
he
started
tutoring.
This
is
some
kind
of
weird
betting
market,
where,
like
you,
incentivize
based
on
predictive
accuracy
or
something
I,
don't
know,
but
yeah
I
was
thinking
about
more
in
the
context
of
like
traditional
businesses
and
like
how.
How
would
a
tech
company
think
about
these
kinds
of
problems
in
the
traditional
world
and
what
is
governance?
What's
the
point
of
governance?
What's
good
governance
and
I
mean
at
the
end
of
the?
H
H
But
at
the
end
of
the
day,
you
pick
a
set
of
values,
and
you
say
this
is
what
we
care
about,
and
you
tell
the
system,
judge
yourself
based
on
that
set
of
values
that
that
benchmark,
that
rule
look
and
then
manage
the
system
to
optimize
for
those
values
and
do
it
in
the
most
efficient
way
possible
with
the
least
amount
of
negative
outcomes
with
the
least
amount
of
variance
with
the
least
amount
of
all
cost.
You
decide
what
those
those
negative
values
aren't
as
well
right.
H
So
it's
it's
value,
is
essentially
output
for
cost
and
so
define
what
outputs
you
care
about
and
you
define
what
those
costs
are,
and
you
figure
out
ways
to
measure
them,
and
then
you
just
optimize
for
value
and
and
so
in
that
sense,
I'm
ridiculously
oversimplifying
the
whole
governance
problem.
But
at
the
end
of
the
day,
that
kind
of
is
the
point
of
it
and
then
your
goal
is
to
figure
out.
How
are
you
contributing
to
a
system
that
optimizes
value
and
doing
so
in
an
efficient
way?
H
And
then
you
figure
out
different
pieces
right
that
contribute
to
different
parts
of
that
equation?
Maybe
some
pieces
are
geared
towards
optimizing
outputs.
Maybe
that
is
rich.
Maybe
that's
a
governance
coordinator.
You
know
some
something
that
is
given
towards
affecting
outputs,
and
then
you
have
other
pieces
that
are
geared
towards
maybe
minimizing
the
denominator
right.
H
So
maybe
the
point
of
risk
is
to
to
minimize
costs
or
to
identify
those
costs
and-
and
that's
where
I
think
using
a
traditional
metaphor
of
like
what
would
a
tech
for
me
in
a
risk
driven
business
do
and
how
would
they
organize
themselves
to
solve
these
kinds
of
problems?
Well,
you
would
have
a
set
of
you
know:
analysts,
data,
scientists,
etc
that
are
geared
towards
providing
resources
and
their
their
function
is
primarily
a
resource
driven
function
to
make
sure
another
function
is
well
equipped
to
solve
a
problem
right
and
that's,
usually
a
business
unit.
H
So,
usually,
a
business
unit
whose
asses
on
the
line
to
make
sure
that
a
goal
is
getting
accomplished
and
being
done
in
a
reliable
and
predictable
way
with
the
least
amount
of
cost
and
that
business
unit
has
skin
in
the
game.
And
you
know
whether
it's
in
terms
of
commissions,
you
know
salaries
being
on
the
line,
whether
it's
in
terms
of
them
owning
stock
in
that
company
etc
in
some
way
shape
or
form
they're,
usually
some
kind
of
buy-in
where
they
are
dependent
on
them.
H
You
know
solving
that
problem
well
and
then
that
business
unit
generally
has
a
demand
on
that
analytics
resource
that
technical
resource
that
data
science
resource
whatever
it
may
be,
and
then
the
performance
to
that
resource
is
generally
determined
by
the
satisfaction
of
those
business
units
with
the
resources
they
have
on
hand.
And
so
you
know
if
the
head
of
a
business
department
goes
to
a
CEO
and
says:
hey
I
am
dissatisfied
with
or
I
am
satisfied
with
the
performance
of
this
resource.
H
That's
how
that
resource
is
generally
judged,
so
just
I
think,
instead
of
reinventing
the
wheel,
all
the
time
which
I
think
everybody
likes
to
do,
especially
in
crypto
I,
think
just
looking
at
how
things
tend
to
work
in
the
traditional
world
is
sometimes
a
helpful
layer.
So
we
don't
over
complicate
things
or
reinvent
things.
A
Yeah
I
agree
completely
I,
don't
think
you're
oversimplifying
I
think
that
you're,
adding
like
a
necessary
level
of
complexity
to
the
system
and
this
it's
something
that
I've
watched
it
evolve
over
the
last
years,
is
that
our
goals
are
slightly.
Shifting.
First
was
like:
let's
launch
this
thing
and
not
break
it.
A
Let's
launch
this
thing,
not
break
it
and
stabilize
the
peg
and
then
increasingly
discussions
around
well,
maybe
we
shouldn't
this
is
going
to
be
some
overstating
it,
but
like
let's
look
at
this
more
from
a
business
perspective
than
from
a
technical
challenge
of
making
numbers
stay
sane
as
opposed
to
go
up
and
down
that's
how
how
to
figure
that
out
and
who's
going
to
own
that
and
to
shift
our
perceptions
away
from.
Let's
keep
the
pegs
stable
to.
A
A
F
A
A
Charles
will
be
doing
the
lion's
share
of
everything
from
this
point
going
forward.
So
look
forward
to
that
thanks
guys.
Yes,
so
we
do
need
to
that.
This
is
part
of
this
ramped
up
and
the
additional
resources
and
the
audits-
and
these
are
things
that
we've
been
talking
about
internally
and
externally
for
a
long
time
but
and
there's
gone
through
different
iterations
or
we
to
have
the
community
needs
to
step
up
for
me
to
empower
the
community
and
then
became
guardians.
A
This
definition
of
these
groups
of
people
that
are
responsible
for
specific
activities
and
I
think
the
most
recent
nomenclature,
our
dau
teams
and
so
P
need
to
use
of
dads
out
there
that
are
doing
things
and
we
need
to
figure
out
how
to
create
those
reference.
Implementations
of
those
models
and
those
in
centralization
mechanisms
get
them
engaged
in
the
system.
So
we
can
begin
to
transition.
A
So
an
example
of
that
would
be
to
go
back
to
how
I'm
not
going
to
be
leaving
anything
is
to
figure
out
how
to
identify
other
governance,
facilitators
in
different
geographical
regions
and
bring
them
online
and
then
have
a
governance.
Interim
governance,
facilitator
committee
and
then
these
governor's
facilitators
can
work
together
for
a
while
and
once
everything's
up
and
running.
Then.
C
A
Can
step
back
and
then
we
can
have
some
of
your
faces,
and
but
the
model
is
slightly
different
with
the
wrist
teams.
I
think
will
be
more
risky
and
once
there's
more
identified,
empowered
actors
that
have
been
mandated,
ratified
and
have
mandates
have
been
ratified
by
the
community.
Then
we
can
start
pointing
at
people
on
it
once
we
bootstrapped
those
structures.
C
B
A
A
H
I
mean
I
think
that's
that's
a
very
important
wrong
answer
right
there
and
I
do
think.
That's
kind
of
my
point,
which
is
that's
so
not
how
you
should
be
thinking
about
it.
I
think
I
think
there
needs
to
be
someone
like
some
layer
that
exists
outside
of
risk
teams.
That
is
a
making
it.
It
doesn't
have
to
be
one
person
right.
H
It
could
be
a
decentralized
function
that
is
making
a
call
on
what
resource
to
use
when
and
whether
which
resources
are
good
or
bad
and
which
resources
like
which
answers
are
right
or
wrong
because,
like
even
in
the
context
of
risk
analysis,
it's
better
many
people
will
come
up
with
many
answers.
You
have
to
have
a
layer
he's
got
skin
in
the
game
to
identify
which
answers
are
right
versus
wrong
which
entities
you
want
to
use
versus,
not
use
and
well.
A
A
A
Exactly
risk
mixed
the
sharp
tool
somebody
else
needs
to
wield
them
all
right.
We're
at
holy
crap
I
was
scared
that
nobody
would
have
anything
to
talk
about
today,
but
we
queue
in
eight
for
34
minutes,
which
is
great,
but
we
all
have
jobs
and
people
are
in
this
fall
reasonably
sure.
How
do
you
get
a
storage
closet
somewhere?
They
should
be
doing
something
else.
So,
let's,
let's
call
it
there
thanks
everybody
for
joining.
Please
join
us
in
the
forums.
A
That's
where
the
interesting
conversations
that
we've
been
having
like
once
today,
get
crystallized
and
turn
into
actionable
actionable
items.
So
please
join
us.
There
have
a
look
out
for
Sam's
thread
and
his
presentation
get
up
to
speed
on
that,
because
the
poll
is
showing
up
next
Monday
and
thanks
Derek
and
Charles
for
your
presentations
as
well
and
very
much
vishesh
and
the
guy
I
forget
every
single
time
for
listen.
E
I
was
gonna,
ask
it,
but
I'm
not
sure
like
if
you
guys
are
really
thinking
about
it.
But
is
there
like
some
development
going
on
around
the
the
like,
like
an
active
governance
like
a
calendar
that
anybody
can
kind
of
like
put
on
their
google,
cal
or
iCal,
or
something
like
that?
That
would
have
maybe
like
a
maintenance
schedule.
Every
week.