►
From YouTube: Crypto Winter, Bullish Builders - Marieke Flament & Haseeb Qureshi - Near Day at ETHDenver 2023
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A
Okay,
brilliant
I,
hope
you're
all
sufficiently
clued
up
in
what
the
boss
is
and
what
it's
all
about.
I
would
like
to
take
another
quick
minute
or
two
to
show
some
things
that
I
need
to
Shell.
If
you
are
looking
to
get
a
little
bit
lit
tonight,
I'm,
not
100
sure
what
lit
means
my
interest
to
use
it
once.
But
here
we
are.
If
you
are
looking
to
get
lit
tonight,
we
do
have
the
official
opening
party
of
East
Denver
at
Mission
Ballroom.
It's
8,
30
p.m!
For
VIPs,
it's
10
30
for
General
entry.
A
You
can
still
sign
up
at
neo.org
party,
Without
Limits,
if
you're
a
hacker
and
you're
looking
to
take
home
a
share
of
a
prize
pool
of
more
than
60
000
usdc
head
to
near.org
Denver
and
check
out
all
of
our
incredible
bounties
and
more.
If
you
didn't
catch
a
t-shirt
when
I
threw
them
out
and
you're
looking
to
go
upstairs
sometime
soon
or
tomorrow
or
the
next
day
or
the
next
day
head
to
Booth
Au,
and
you
will
find
the
wonderful
team
from
the
near
ecosystem,
Pagoda
and
wonderful
ecosystem
projects
as
well.
A
If
you
ask
them
politely,
they
will
give
you
some
incredible
swag
and
they'll
onboard
you
to
the
wonderful
ecosystem
of
Nia,
but
we
are
not
yet
finished.
We
have
some
more
wonderful
speakers,
some
wonderful
panelists,
if
you're
chilly
in
Denver,
that's
good,
because
this
next
one
is
a
fireside
chat
between
the
CEO
of
the
near
Foundation,
Marie
flement
and
the
wonderful
haseeb
Qureshi
from
dragonfly
Capital
about
why
the
future
of
web3
is
still
so
bright.
B
B
C
It's
it's
a
fascinating
idea,
because
you
know
if
you
look
at
the
way
that
blockchains
work
today
for
the
most
part,
they're
they're,
mostly
a
back-end
technology,
right,
it's
something,
that's
totally
obscured
from
the
user
and
the
way
that
a
person
is
going
to
be
interacting
with
this
stuff.
We,
you
know
back
in
the
day
people
used
to
talk
a
lot
about
how
you
know.
Ai
is
going
to
be
very
visible
in
people's
lives
and
blockchain
is
going
to
be
invisible.
C
It's
going
to
be
something
kind
of
in
the
back
end,
maybe
you're
like
refrigerator
or
your
air
conditioning
is
going
to
use
blockchain
in
some
way,
and
that
was
that
was
very,
very
early
days
right,
but
I
think
what
the
idea
of
the
blockchain
operating
system
does
is.
It
allows
web
development
and
software
development
to
be
blockchain
based
from
top
to
bottom
and
already
I.
Think
you
know
you
guys.
You
guys
tried
about
this
earlier
about
how
there
have
been
instances.
C
I
was
just
chatting
with
one
of
the
guys
from
tornado
cash,
one
of
the
examples
of
a
place
where
having
this
software
live
completely
in
a
decentralized
way
and
live
completely
on
the
blockchain,
makes
it
more
robust
and
more
resilient
right
and
so
I
think
it's
a
direction
that
we
need
to
go.
But
in
order
for
us
to
get
there,
we
need
scalability,
and
that's
a
lot
of
what
near
brings
to
the
table
is
having
the
scalability
that
you
can
actually
have.
The
entire
web
stack
completely
live
on
chain
yeah.
B
B
It's
actually
amazing.
We
call
that
pretty
revolutionary
in
our
own
terms,
so
great
to
see
that
you're
also
super
excited
about
it.
Actually,
talking
about
near
you've
been
a
very
early
backer
in
the
year
and
I'd
love
to
talk
about
that
story.
You
know
how
that
came
about
what
got
you
excited
about
it
and
what
still
gets
you
excited
about
near.
C
Yeah,
okay,
so
so
I
invested
in
the
seed
round
of
near
a
long
time
ago,
many
years
ago,
and
at
that
time
so
actually
before
near,
became
what
it
is.
Ilya
and
Alex
were
the
two
co-founders.
It
was
originally
a
company
called
near.ai
and
it
was
an
AI
company
and
the
two
of
them
decided
that,
like
it
was
kind
of
AI
winter
back
then
and
blockchain
was
super
interesting
and
they
were
like.
C
Actually,
you
know
all
the
guys
who
are
building
ethereum
and
all
these
blockchains
and
layer
ones,
they're
they're,
struggling
with
scaling
these
systems
right
and,
like
I,
remember,
I,
think
it
was
Alex
used
to
work
at
memsql,
which
was
you
know,
Enterprise
database
company
that
dealt
with
scaling,
databases
right
and
blockchain
is
kind
of
a
it's
kind
of
a
database
thing,
and
so
they
were
I
remember
when
we
first
met
with
them
at
a
coffee
shop
and
they
were
just
like
yeah.
C
You
know
all
these
ethereum
people
are
so
stupid,
they're,
so
incredibly,
incompetent
like
how
has
it
taken
them
this
many
years
and
they
can't
manage
to
scale
this
damn
thing
and
I
was
like.
Well,
it's
a
little.
You
know
it's
a
little
harder
than
you
might
think
like
there's
a
lot
of
rough
edges
to
it
and
there's
governance.
There's
this
and
there's
that
there's
like
no.
No,
it's
easy
look.
They
they
like
sketched
out
this
system
back
in
the
day.
C
Actually,
in
the
in
the
in
the
seed
round,
the
pitch
for
near
was
that
it
was
going
to
be
a
blockchain
that
was
so
efficient
and
scalable
whatever
it
was,
gonna
be
so
efficient
that
you
could
run
a
full
node
on
a
mobile
phone.
That
was
the
pitch
and
I
was
like
I
understand
why
you
think.
That's
a
good
idea!
That's
not
that's!
Not!
C
No
one
cares
about
running
blockchains
on
mobile
phones,
but
their
system
had
a
flaw
and
I,
don't
remember
what
it
was,
but
it
was
something
about
having
to
send
way
too
much
bandwidth
over
the
wire,
and
so
we
were.
You
know
me
and
my
my
partner.
We
were
basically
like
look
guys
I,
don't
think
your
design
works.
It's
way
too
bandwidth
intensive!
It's
not
going
to
work
for
phones
that
are,
you
know
not
connected
to
Wi-Fi
like
I.
C
Don't
think
the
system
works
and
they
were
like
and
I
remember
after
that
meeting
I
was
like.
Oh,
these
guys
think
these
guys
think
they're
way
too
smart,
and
so
we
were
like.
Oh
we're,
not
gonna,
invest
in
this
thing
and
then
the
next
day
they
sent
me
a
new
white
paper
that
they've
basically
written
in
24
hours
and
they
was
like.
Oh,
we
totally
changed
the
design
you're,
absolutely
right.
The
bandwidth
problems
are
not
going
to
work.
Here's
this
other
system-
and
we
were
just
like
these
guys-
are
really
fast.
C
C
Oh,
some
academic
invented
some
new
blah
blah
blah,
but
it
was
just
Raw
engineering
Talent,
just
like
fantastic
world
scale,
Engineers,
who
are
going
to
build
a
totally
new
blockchain
and
scale
it
and
build
it
and
take
it
to
production
as
fast
as
possible,
and
that's
always
been
the
thesis
for
us
behind
near
is
that
they
get
developers
because
everybody
in
the
team
is
a
world-class
developer
and
and
that's
what
got
us
excited
we're
like
look
I,
don't
know
what
this
thing
is
going
to
become
and
near
really
evolved
in
large
part
in
response
to
seeing
what
ethereum
was
doing.
C
So
when
ethereum
decided
hey,
we
are
going
to
go
through
this
new.
You
know
sharding
based
approach
for
ethereum
2.0
yeah.
C
Basically,
a
lot
of
the
ideas
that
got
incorporated
into
ethereum
2.0
came
from
near
and
there
was
sort
of
this
co-evolution
and
we
saw
near
kind
of
being
at
the
Vanguard
of
how
scaling
was
going
to
allow
blockchains
to
scale
and
that
that's,
what's
gotten
us
excited
about
about
near
the
same
thing
with
boss,
right
like
showing
you
know
so
going
one
step
forward
in
how
blockchains
can
redefine
the
way
that
these
things
can
scale
to
tens
of
millions
or
hundreds
of
millions
of
users.
B
B
Just
described
is
actually
exactly
that
is
that
we're
in
the
early
there
changing
slightly
gear,
so
I'm
I'm
very
lucky
to
actually
we
catch
up
quite
often
over
phone
calls
and
I.
Remember
when
you
know
when
the
whole
debacle
with
FTX
happen,
I
actually
turned
to
you
and
I
was
like,
and
now
you
know
now.
What
like
you
know,
what
do
we
do
and
you-
and
you
told
me
it's
time
for
convictions
and
I
really
stuck
with
me,
because
I
was
like
you
know.
B
C
It's
a
good
question,
so
the
the
Spirit
by
which
I
was
saying
that
was
that
you
know
in
in
the
bull
market
back
in
2021
2022.
C
It
was
easy
to
just
be
in
the
right
place
and
to
get
rewarded
for
it
right
if
you
were
basically
making
the
right
noises,
if
you
were
sort
of
in
the
right
rooms,
everybody
everyone's
token
was
pumping.
Everyone
was
making
money.
Every
nft
collection
went
up
it.
C
You
know
the
world
didn't,
require
you
to
take
a
strong
stance
and
to
really
believe
in
something
specific
about
how
the
world
was
going
to
evolve,
and
that's
not
true
anymore
right
now
you
have
to
actually
make
you
have
to
have
a
clear
view
about
where
the
world
is
going
to
evolve,
where
blockchains
are
going
to
be
used.
What
are
the
applications
that
matter
and
which
are
the
ones
that
are
dead
ends
and
I?
C
Think
you
know
for
myself,
I
mean
the
one
thing
that
that
is
the
most
obvious
is
that
blockchains
still
are
not
usable
enough
and
they're
not
scalable
enough
right
and
obviously
those
are
fairly
low-hanging
fruit,
but
they
are
another
sense.
C
The
biggest
problems
in
the
industry
right,
how
do
you
get
a
normal
person
to
use
this
stuff
like
one
of
the
things
that
was
really
amazing
to
me
over
the
last
cycle
from
2021
2022
was
how
many
normal
people
were
getting
into
blockchains
through
tick
tock
through
Instagram,
through
some
guy
being
like
hey
there's
this.
You
know
great
nft,
Collision
way
that
you
can
get
on
this
thing
and
yield
farm,
this
blah
blah
blah
and
like
here's,
this,
you
know
they.
C
Basically,
you
get
totally
normal
people
just
off
the
street
figuring
out
how
to
install
metamask
how
to
get
on
near
how
to
get
on.
You
know
all
these
different
applications
just
because
they
were
they
were,
they
were
being
told
by
someone
they
trusted
and
someone.
They
were
excited
about
how
to
use
this
stuff.
Now,
how
many
people
who
are
in
that
Tick
Tock
pipeline
fell
off
because
it
was
too
hard
because
it
was
too
complicated
because
it
was
too
scary
because
they
they
just
got
stuck
somewhere.
They
had.
C
No
one
has
right,
like
I,
would
imagine
it's
probably
50
60
70
of
people
who
saw
those
things
and
wanted
to
be
like
yeah
I'd
love
to
buy
an
nft
I'd
love
to
like
go
in
and
like
start
using
some
of
these
applications,
but
I
just
don't
understand
it's
just
too
hard,
my
bank
account
got
frozen
by
the
exchange
or
I
can't
get
the
initial
blah
blah
blah
right.
I,
don't
have
a
browser,
and
this
thing
is
browser
only
right.
That
is
what
we
need
to
solve.
C
If
we
want
to
get
to
hundreds
of
millions
of
users
and
then
once
we
have
them,
then
we
need
to
be
able
to
scale
to
support
those
hundreds
of
millions
of
users.
So
that's
a
lot
of
what,
as
an
investor
I'm
looking
at
over
the
next
couple
years,
is
how
do
we
get
to
that
level
of
usability?
And
then
once
we
have
that
usability?
How
do
we
get
to
the
scalability
to
be
able
to
support
that
much
bigger
influx
of
users?
We're
going
to
see
next
go
around
yeah.
B
Amazing
I
mean
that
aligns
really
well
also
with
our
convictions.
Our
conviction
is
actually
it's
time
to
build
for
users
right.
This
is
for
mainstream
adoption,
and
rather
than
actually
that
focusing
on
you
know
tvl
or
Price,
or
things
that
are
not
intrinsically
on
user,
actually,
focusing
on
monthly
active
users
and
some
of
those
metrics
that
are
really
important.
100.
C
B
C
Wrap
that
put
that
into
here
and
all
of
a
sudden,
it
looks
like
you
have
10
billion
20
billion
dollars
of
TBL
when
in
reality,
there's
a
billion
dollars
of
things,
yeah
a
billion
dollars
of
actual
capital
in
there
right
and
why?
Why
were
we
spending
all
this
time?
Doing
that
we
were
spending
a
lot
of
time
doing
that,
because
we
managed
to
get
convinced
that
the
metric
was
the
real
thing.
The
real
thing
is
adoption
right.
C
This
happens
when
you
fixate
on
some
Metric
that
you
think
is
a
proxy
for
the
thing
you
care
about,
and
you
and
you
just
grind
that
metric
until
eventually,
you
realize
like
what
the
did
we
just
build
like
this
is
completely
useless
like
what
is
this
this
this,
this
just
kind
of
Tower
of
Babel
of
tvl
that
we've
created
and
it
drained
as
quickly
as
it
came,
and
that
I
think
is
one
of
the
lessons
that
every
cycle
teaches
you.
Is
you
find
some
proxy
you?
C
A
B
Okay,
great
so
convictions,
it's
all
about
users
and
usability,
obviously
to
get
mainstream
is
going
to
be
super
important,
AI.
So
AI
we
also
talked
you
know:
I,
don't
even
remember
that,
but
once
chat
DPT
was
just
starting
and
I
was
like
okay,
so
hasi.
What
do
you
think
about
Ai?
And
you
said
something
along
the
lines
of
well.
B
C
Yeah
yeah,
okay,
so
the
world
has
been
taken
by
storm
by
these
large
language
models
like
Chad
GPT
that
that
can
do
things
that
we
generally
thought
were
going
to
take
decades
for
us
to
be
able
to
get
to
that
level
of
competence
and
intelligence
right
and
they're
fascinated,
they're,
absolutely
fascinating
and-
and
it's
worth
the
whole
world
being
fascinated
by
this
I
think
they
should
be
right.
But
what
can
Chad
gbt
actually
do
that
human
beings
can't
do
and
right
now
the
answer
is
like
kind
of
actually
nothing
right.
C
If
you
are
a
you
know,
you
know,
let's
say
like
you're,
a
liberal
arts
graduate
from
a
Ivy
League
school
and
you
come
straight
to
school
and
you
go
to
consulting
or
whatever
one
of
these
kind
of
businesses.
Basically
Chad
gbt
can
do
what
you
can
do
in
like
three
hours
in
internet
access
right,
that's
what
chatgpt
is
Chad
gbt
is
going
to
replace,
basically
interns
and
Associates.
C
That's
that's
what
it
can
do
right
now.
We
cannot
solve
more
complex
problems
right.
It
can't
code
up.
You
know
a
solution
to
you
know,
building
an
application.
It
can't
you
know,
do
your
math
homework,
they
can
do
some
of
your
math
homework,
but
it's
gonna
make
a
lot
of
mistakes
like
it
can
do
some
things,
but
it
can't
do
it.
Can
it
can
extremely
well.
C
That's
that's,
basically
what
they're
very
good
they're,
very,
very
good
at
bullshitting,
which
is
a
lot
of
what
you
know,
people
how
people
who
graduate
Harvard
with
a
degree
in
political
science,
that's
a
lot
of
what
they
do
so
now
what
what
can
blockchain
do
and
what
is
the
intersection
of
blockchain
AI
going
to
do?
That's
fundamentally
different
and
I.
C
Think
the
answer,
in
my
mind,
is
actually
you
know
there
are
a
lot
of
things
in
the
short
term
they're
just
coordinating
you
know
things
like
labeling,
decentralized,
training,
I'm
a
little
bit
more
skeptical
of
that,
but
that's
all
kind
of
more
back
into
you
right
longer
term.
What
is
the
intersection
of
AI
and
blockchain
going
to
look
like
today,
the
AIS
that
we
have?
C
C
You
talk
to
it
for
a
little
while
and
if
you
talk
to
it
long
enough,
it'll
forget
what
it
said,
because
it
has
this
sort
of
forty
thousand
or
sorry,
four
thousand
token
look
back
of
a
sort
of
short-term
memory
and,
besides
that
it
doesn't
know
anything,
and
so,
if
you
want
to
have
like
a
real,
you
want
to
have
this
idea
that
an
AI
is
an
agent
that
acts
in
the
world
that
makes
commitments.
C
C
How
soon
is
that
a
decade
is
that
two
decades
I
don't
know,
but
almost
certainly
within
two
decades,
we're
going
to
have
AIS
that
are
acting
in
the
world
and
once
you
have
AIS
that
act
in
the
world,
then
what
will
they
need
in
order
to
act
in
the
world
in
the
way
that
we
act
in
the
world?
The
answer
is
money.
C
How
do
you
interact
with
other
agents
to
solve
problems,
to
negotiate
to
to
to
exchange
value
and
to
compete
over
shared
resources?
We
have
the
answer
that
the
answer
is
money.
Now
an
AI
is
going
to
be
able
to
open
a
bank
account
at
you
know,
JPMorgan.
No,
of
course,
not
right.
There
are
only
three
things
that
can
own
money.
C
In
the
normal
world,
the
normal
economy,
governments
can
have
money,
companies
can
have
money
and
people
can
have
money,
but
AIS
are
going
to
be
here
very
soon
that
are
going
to
try
to
solve
problems
with
money
and
they're
not
going
to
be
able
to
use
Fiat
money,
and
so
the
only
because
you
know
regulation
is
not
going
to
catch
up
and,
of
course,
how
do
you
regulate
an
AI?
How
do
you
get
an
AI
pay
taxes?
How
do
you
get
an
AI
to
like
you
know?
C
C
Ais
will
use
crypto
because
they
will
circumvent
the
regulatory
system.
That's
created
around
money
that
was
never
set
up
for
non-human
agents
to
have
money,
and
that's
why
I
think
the
most
explosive
intersection
of
VI
and
crypto
is
simply
going
to
be
agents,
AI
agents
using
money,
and
it's
going
to
be
weird
because
you're
going
to
have
AIS
that
are
going
to
offer
you
money
to
do
things.
You
might
have
AIS
that
employ
you,
because
it
turns
out
that
they
have
a
better
use
for
your
time
and
energy
than
a
human
company.
C
Does
it
might
well
be
that
you
know
you're
you're
driving
in
traffic,
and
this
AI
is
like
hey
I'll
pay,
you,
you
know
two
cents.
If
you
let
me
merge
into
your
lane
all
sorts
of
exchanges
of
value
of
you
know:
opportunity
costs
are
negotiated
using
money
and
that's
going
to
start
happening
in
your
lives
within
the
very
near
future
and
I.
Think
that's
going
to
be
happening
through
through
crypto.
C
But
I'm
not
sure
it's
gonna
be
pleasant,
but
look
at
a
certain
point
you
get
used
to
it
the
same
way
you
get
used
to
like
staring
at
your
phone
all
day
long
and
using
that
to
mediate
your
entire
life.
You
know,
there's
an
unpleasantness
to
it,
but
there's
also
a
tremendous
increase
in
the
amount
of
things
that
the
average
human
being
is
going
to
be
able
to
do
and
have
access
to
yeah.
B
Absolutely
and
I
think
it's
a
sort
of
nicely
ties
into,
like
obviously
the
origin
story
of
nir,
which,
when
Alex
and
Bose
Alex
and
Ilia
have
actually
a
background
in
Ai
and
and
with
the
idea,
is
the
name
near
the
Cesarean.
B
Serenity
is
near
so
there's
this
little
background
on
that,
and
we
heard
earlier
from
Alex
kid
enough,
also
like
some
ideas
of
how
things
can
start
interlocking,
but
I
actually
I
agree
with
how
you
see
it
coming,
which
is
ultimately
AI
doing
stuff
on
our
behalf
and
then
how
do
you
do
these
micro
payments,
because
yeah
opening
a
JPMorgan
account
I
mean
good
luck
to
any
human
already
to
do
that
so
to
AI
not
going
to
happen
yeah,
let's
change
a
little
bit.
Maybe
so
2022
was
absolutely
brutal
as
a
year
right.
B
What
lessons
should
we
draw
from
2022?
Thank
you.
C
C
Obviously,
a
lot
of
the
really
dramatic
failures
that
we
saw
in
the
industry
were
different
forms
of
Leverage
and
where
leverage
goes
wrong,
you
know
it's
the
oldest
story
in
history.
I
think
we
can.
We
can
find
ways
to
address
it
up
and
say:
well,
it's
because
of
crypto.
Has
this
thing
in
that
thing?
C
But
you
know
in
reality,
anytime,
that
you
have
a
broad
Market
downturn,
which
was
precipitated
by
macro
and
the
fed,
and
you
know
inflation
and
all
this
other
stuff
that
was
going
on,
that
caused
a
big
deleveraging
and
that'd
be
leveraging.
Now,
when
protocols
deleverage
right,
I
mean
people
talk
a
lot
about
how
oh
actually
D5
performed
really
beautifully
and
C5
failed,
and
you
know
that's
why
C5
is
bad
and
D5
is
good
and
that's
a
you
know.
I
like
that
story.
C
It
sounds
good,
but
it's
a
little
bit
simplistic
right
and
the
reason
why
it's
simplistic
is
that
almost
everything
in
Defy
is
over
collateralized
right.
You
know
on
every
single
chain,
there's
very
little
in
D5,
that's
under
collateralized,
almost
everything
is
over
collateralized
and
if
you
look
in
C5,
the
things
that
were
also
over
collateralized
in
C5
also
survived
right
now,
there's
very
there's
not
a
ton
of
things
that
are
over
collateralized,
but
the
ones
that
did
like
the
story
is
actually
that
over
collateralization
Works,
which
yeah
it
does.
C
Of
course
it
does
right.
That's
why
it's
done
because
it's
safer,
but
it's
less
Capital
efficient.
The
things
that
failed
overwhelmingly
were
things
that
were
at
the
Vanguard
of
that
leverage
and
now
Leverage
leverage
under
collateralization
the
two
words
for
the
same
thing
right
when
you're
under
collateralized
when
you're,
when
you're
leveraged
right
really
another
way
you
could
look
at
it-
is
that
you're
being
extended
Credit
in
some
way.
C
But
another
way
of
saying
your
extended
credit
is
that
actually
your
collateral
when
your
extended
credit
is
not
money,
it's
not
a
hard
asset.
Your
collateral
is
your
reputation,
and
the
idea
is
that,
like
okay
I
think
you
won't
default
on
this
loan,
because
if
you
do
it'll
be
bad
for
your
future
earnings
it'll
be
bad
for
your
future
reputation.
You've
got
you
know,
other
business
partners
that
you
want
to
keep
keep
appearances
with
and
that's,
ultimately
what
our
industry
was
collateralized
with.
C
It
was
collateralized
with
people's
reputations
and
it
turned
out
our
reputations
weren't
worth
as
much
as
we
thought
they
were.
That's
really
what
that
means.
It
really
means
that
our
reputations
weren't
worth
as
much
as
we
thought
they
were
and
I.
Think
if
you
internalize
that
lesson-
and
you
realize
that
it's
not
just
that
hey
the
industry-
needs
to
like
increase
the
collateral
ratios
that
we
were
making,
you
know
excessive
loans,
or
these
protocols
were
excessively
you
know,
recursively,
tvl'd
or
whatever.
C
It's
also
that
the
people
that
we
trusted
were
not
sufficiently
trustworthy
or
we
over
evaluated
our
own
trustworthiness
as
an
industry
and
I
think
that
lesson
is
a
much
more
difficult
lesson
to
learn,
because
it's
less
about
other
people
than
it
is
about
ourselves
yeah
and
to
me
I,
think
that
is
one
of
the
biggest
lessons
from
2022
that
we're
carrying
forward
and
a
lot
of
that
I
mean
the
way
that
you
internalize,
that
is
by
seeing
how
many
of
our
heroes
as
an
industry
did
we
end
up
genocidic
and
saying
actually,
like
I
loved
you
suzu
I
loved
you
SPF
I
loved
you,
you
know
all
these
people
we
were
like
these
guys.
C
Are
our
heroes?
Wait,
no,
no,
never
mind
they're,
not
my
hero
anymore
right!
You
do
that
enough
times
and
you
start
realizing
like.
Maybe
the
problem
is
not
them.
Maybe
the
problem
is
us
and
that
that's
I
think
one
of
the
lessons
that
that
I'm
at
least
noodling
on.
C
B
Actually,
thinking
about
the
events
of
2022
I
think
it's
fair
to
say
that
there
are
repercussions
from
a
regulatory
perspective
right
and
if
you
look
at
what's
happening
right
now,
for
example
in
the
US
with
the
SEC
I'm.
Just
curious,
like
what's
your
take
on
regulation,
landscape
overall
globally.
But
then
also.
What's
your
advice
for
people
who
are
building
in
the
space
and
how
to
think
about
that.
A
C
Know
America
right
now
is
probably
the
most
punitive
place
when
it
comes
to
regulation.
So
when
FTX
first
collapsed,
I
was
really
worried
that
we
were
going
to
see
a
global
regulatory
backlash
against
crypto
and
everybody
was
kind
of
stealing
themselves
like,
oh,
like
it's
definitely
coming
now
like
we
were
kind
of
worried
a
little
bit.
Tara
collabs
like
oh,
that's,
bad,
oh,
okay,
three
arrows!
Oh!
This
is
bad,
but
FTX
is
like
oh
my
God.
This
is
going
to
be
Armageddon
and
actually
it's
it's
much
more
of
a
mixed
bag
than
that.
Now.
C
What
do
I
mean
by
that?
If
you
look
in
the
U.S
now
here's
the
thing
in
the
U.S
FTX
hits
really
close
to
home,
because
Sam
was
in
America
and
because
Sam
was
American,
he
was
kind
of
a
HomeTown
hero
spent
a
lot
of
time
on
DC.
He
was
on
TV.
He
was
a
big
on
Tick
Tock.
He
was
on
the
cover
of
magazines
and
billboards.
He
feels
like
it
was
really
an
American
story
that
FTX
failed
now.
In
reality,
most
of
ftx's
business
was
actually
not
even
here.
C
Ftx
us
was
a
pretty
small
exchange
right.
It
was
a
very
small
market
share,
most
of
their
like.
If
you
look
at
their
creditor
list,
most
of
their
customers
were
in
Asia
right.
Their
biggest
markets
were
Korea
and
Singapore,
like
they
weren't
here,
so
not
that
many
Americans
actually
lost
money
directly
from
FTX,
but
the
story
hit
home
here,
and
so,
if
you
look
globally,
ironically
Korea,
which
was
the
biggest
Market
that
got
hit
by
FTX
Korea
is
actually
very
crypto
friendly.
C
Actually,
their
regulatory
stands
for
crypto
is
is
actually
looking
more
positive,
Japan
same
thing.
Japan
is
actually
looking
very
crypto
positive,
Hong
Kong,
which
is
sort
of
you
know.
The
outgrowth
of
China
just
announced
that
they're
opening
back
up
to
digital
assets,
they're
trying
to
compete
with
Singapore
and
say
hey.
We
want
to
open
up
digital
assets
again,
and
we
just
saw
a
nod
from
Beijing
saying
like
yes,
we're
going
to
allow
Hong
Kong
to
be
this
sort
of
Haven.
C
This
experiment
to
start
having
crypto
be
a
thing
again
in
Asia
they're,
seeing
what's
happening
in
the
U.S
about
you,
know,
genzler,
trying
to
close
the
door
on
digital
assets
and
saying
okay
well
bring
it
over
here
then
great
we
can
tell
this.
Industry
is
going
to
be
a
thing
and
look
not
everybody
is
like
excited
about
crypto,
because
they're
like
look
it's
kind
of
weird,
it's
a
mixed
bag
kind
of
invites
Shady
characters.
We
see
that
now,
but
we
know
it's
going
to
happen.
C
We
know
this
is
going
to
be
an
industry
and
all
the
things
equal
we'd,
rather
have
it
be
here
than
be
owned
by
the
Americans?
That's
what
everybody
else
in
the
world
is
thinking
you
even
see
it
in
Europe.
You
even
see
it
with
Micah
right
like
they're,
not
saying.
No,
all
this
stuff
needs
to
leave.
The
only
place
where
that's
happening
is
at
the
SEC.
Even
other
agencies
within
the
US
are
taking
a
more
nuanced
approach
and
you're.
C
Seeing
the
same
thing
among
legislators
on
Capitol,
Hill
crypto
by
and
large
in
the
U.S
is
still
very
popular,
a
lot
of
Americans
own
crypto
and
so
I.
Think
a
lot
of
what's
Happening
Now
with
Gensler
is
a
function
of
just
the
attitude
of
the
SEC
and
a
lot
of
these
cases,
and
it's
worth
it's
worth
remembering
a
lot
of
these
cases.
Like
you
know,
this
is
not
case.
Law
bring
a
lawsuit
against
against
the
token
issuer.
C
It's
not
case
law,
it
has
to
actually
go
to
a
judge
and
the
judge
decides
what
is
Law,
and
so
once
the
closest
thing
to
that
is
Ripple
Ripple
is
obviously
going
to
be.
You
know,
probably
getting
to
some
kind
of
judgment
sooner
than
later,
but
every
single
one
of
these
cases
needs
to
be
brought
one
after
another
into
a
federal
court
of
law
to
decide
what
is
the
the
the
law
of
the
United
States?
That
will
happen.
C
It'll
take
some
time,
but
until
then
the
only
thing
you
can
do
is
hope
and
pray
that
you
know.
Genzler
is
not
going
to
be
the
SEC
chairman
in
a
couple
years
and
if
so
I
think
you
will
see
a
much
more
gentle
regulatory
stance
even
within
the
U.S
yeah.
B
So
maybe,
let's
actually
wrap
up
with
some
optimism
for
2023
sure
we've
talked
about
mainstream
adoption.
The
fact
that
actually
it's
all
about
the
user
and
usability
is
super
important
I'm.
Just
wondering
like
what
you
know.
What
do
you
want
to
see
be
built
in
2023
and
what
advice
do
you
have
for
Builders
who
are
here
they
think
about
what
they
can
do.
Yeah.
C
I
mean
so
my
advice
for
Builders
right
now
is
very
simple,
which
is
that
look
crypto
right
now
looks
dark.
It
looks
gloomy.
It
looks
like
you
know:
it's,
it's
a
bear
market
right
now,
almost
everybody
you
respect
in
the
space
came
into
the
industry
when
it
looked
like
that,
and
actually
when
it
looked
worse
than
it
does
now
like
I
I
was
amazed
coming
here
that
this
is
the
biggest
East
Denver
ever
like
president
of
crater
FTX
blew
up
like
our
Industries
and
shambles
blah
blah
blah.
C
There
are
more
people
here
than
there
were
last
year
when
prices
were
three
four
five
x
than
what
they
were
today
right,
which
tells
you
that
people
see
that
crypto
is
not
going
anywhere
crypto's,
not
going
anywhere.
Okay,
just
because
some
had
stole
a
bunch
of
money
from
his
customers
doesn't
mean
that
crypto
is
not
going
to
be
a
thing.
C
Crypto
is
going
to
be
a
thing
and
that's
why
all
these
people
are
here,
and
so
the
thing
that
I
would
say
to
you
is
that
look
when
we
are
in
the
wake
of
this
cloud
of
FTX
and
macro
and
inflation
and
all
this
stuff,
it's
going
to
be
harder
to
get
attention.
It's
gonna
be
harder
to
raise
money,
so
the
price
is
going
to
be
lower.
Yeah
I
get
all
that
okay,
but
that
will
change
right.
Mount
dots
was
worse
than
FTX
right.
Mount
gox
was
like
people
thought
crypto
would
never
come
back.
C
They
thought
it
was
completely
over,
and
so
many
years
later
we
talk
about
Mount
gox,
it's
like
oh,
you
know,
people
are
going
to
sell
some
Bitcoin
and
that'll
maybe
affect
the
price.
That's
all
people
talk
about
about
madbox
anymore.
It
doesn't
matter
it's
so
far
in
the
rear
view
mirror
and
just
imagine
five
years
from
now
your
friends
are
going
to
ask
you,
like
yeah
I,
remember
I,
read
about
that
FTX
thing.
What
was
that
like
when
that
happened?
It's
like,
oh,
so,
crazy,
like
we
thought
the
whole
industry
was
going
to
end.
C
We
thought
nobody
was
going
to
care
about
crypto
anymore,
and
people
will
laugh
at
this
idea
that
the
industry
could
have
been
killed
because
some
curly-haired
weirdo
stole
a
bunch
of
his
customers.
Money
right
so
give
it
time
in
three
months.
It's
gonna
feel
like
even
just
now.
It
feels
so
much
less
pressing
than
it
did
three
months
ago
and
three
months
from
now
like
I
mean
people
have
short
memories.
That's
the
one
thing
you
learn
in
crypto
very
quickly.
C
People
have
short
memories,
so
give
it
three
months,
give
it
six
months,
give
it
a
year
and
you'll
see
how
quickly
the
Specter
of
FTX
lifts
the
way
that
Regulators
cheat
the
stuff.
The
way
that
Banks
treat
the
stuff.
The
way
that
investors
treat
this
stuff
is
going
to
revert
back
to
the
same
understanding
that
look
crypto's,
not
going
away
technology
only
Moves
In
One
Direction,
which
is
that
it
improves
it
gets
better.
C
It
gets
faster,
it
gets
cheaper,
it
gets
more
efficient
and
that's
why
it's
very
difficult,
very
scary,
to
bet
against
crypto
and
that's
why
I
think
you
should
just
continue
on
building,
because
the
the
the
environment
is
only
going
to
get
better
for
you.