Trillions of dollars of assets flowed through his exchange. For a new exchange, that's pretty much unheard of. Given that all those assets were completely invented by this industry, the fact that they had that kind of valuation is extraordinary. What's happening right now is a fundamental change in the industry as a whole, where there's a movement towards regulated business.

...third generation is about winning interoperability and admitting we live in a multi-chain world. There exist legacy services that trillions of dollars are based in, and they're not going to go away. The point of the partner chains notion is to create a service layer for Cardado that allows us to plug in enhancements and upgrades. It's almost like Mega Man, if you guys remember that game from back in the day.

I see, there are some things floating around on Twitter, um, that are a little nutty, you know. Um, and I see a lot of things on Reddit that are a little nutty. People are saying, "Oh, this means that we're abandoning Cardano. Uh, this means that this is going to be a parasitic load and there's no benefit to Cardano." Let's be very clear here. If Cardano secures a network worth 10 billion dollars...

The world and the journal world, it's 10 times worse. Um, you know, where would you like to see that evolve and grow? Because you published this as an NFT on the chain, you're kind of crowdsourcing it. The quality of the scholarship I view from what you're doing is going to dramatically increase because so many eyeballs are going to be on it, and they're incentivized.

...to war with Iran? They've been trying to do that for 15 years now. They might actually get this over the line. So, there you go, 80 million people against us. Is that okay? No. Are we going to spend trillions of dollars on it? Sure. And you get the bill. I get the bill. The education industry is in the same situation. The bank industry, the software industry, medicine, law, telecommunications - you name it, it's the same situation. Nepotism is everywhere.

"Everybody's going to be a millionaire. There you go, in Venezuela, they're eating the animals in the zoos because there's nothing else to eat. But I guess that is okay as long as you have a lot of dollars and digits in your bank account. Okay, what's your point then? Why do you even care then about these things? XRP versus Ethereum — they're just symbols and symbols go."

... only those two choices are available. Every other person, even if they're significantly better qualified, doesn't even get to be on the ballot unless they are willing to spend a hundred million dollars of their own money to do that. And when they do that, the media basically presupposes they can't win. The fact is the system is set up so they can't. That's not a democracy; that's not real choice.

...evidence points in that direction. Actually, tens of millions of dollars at this point have been spent on development efforts and scientific efforts. The entire desire is to do just that. I don't know why people do these things. I don't know why they feel emboldened for these types of things, but they do. You know, that's just the nature of discourse.

...bothered to put money, time, and effort into measuring it objectively, even governments didn't do this when they were supposed to do so. They are trying to create legislation regulation based upon it. So, we spent millions of dollars and put our money where our mouth was, and founded a lab at the University of Edinburgh specifically for this end, which has a dedicated professor...

Do I know where Dan Larimer is? He's probably retired, living off the EOS money he raised $4 billion dollars, before just walking away. Charles, what can be done to stop the Cardano fun? It's been too damaging for too long. I feel it every day. It makes me older, fatter, and more worn down, all the white in my scraggly beard. Well, next year...

Or not, and if he has problems with the bill, they're not going to resolve that in a closed room. It's all political theater because, at the end of the day, the people he works for – Big Pharma – have essentially told him that we can't allow a substance to be legalized that could get people off of SSRIs. That could cure stuff that we make billions of dollars treating each year. Do everything in your power to keep it.

Stripped out because she's not going to just repay what I put in, there are middlemen that have to be paid, and some will charge between 35 to 85% interest. If we can strip them out, then everybody would just do it because it makes a little money on the side. Billions of dollars of capital would go, and I really do hope that she is actually successful and builds a...

We put an enormous amount of money into the project. There were 19 people working full time on IELE for years. Millions of dollars were spent, papers were written, they're called Reachability Logics among other things. We never achieved semantics-based compilation and we never quite got IELE and K to a point where it would make sense to make that the backbone of a...

...it would be nice to see IELE resurrected and K resurrected in a product, but this is the nature of prototypes in computer science. You have a pretty good idea you're pursuing. You spend millions of dollars on it, and it doesn't quite work out the way you hoped. We have many examples of that in technology. For example, HD DVDs versus Blu-ray. You know, it's perfectly...

Cardano is not on the main chain, and the main chain is now stable. It's been up for more than six years. A huge amount of transactions have been processed, with billions and billions of dollars of value moved on a fairly regular basis. It makes no sense then, to gamble and say, "let's add a completely different programming paradigm into the system." The window for that at the layer one is...

...people are using in consuming and that's what's happened in the last few years that's a big transformation in the ecosystem it's no longer about I or we it's about us it's about everybody together uh and we're moving forward next year when we unlock a decentralized government with an actual budget process tens of millions of dollars is going to flow to a very diverse set of people and

...people in them as well because it'd be fun to do something with Lars for example and do some educational series and I'd love to redo my Bitcoin or how I learned to start wearing in love crypto uh class at some point with all the Lessons Learned that's for a different time cheers everybody

They can either be undervalued or overvalued, and what happens is that market participants show up and trade the asset. This will either push the price up or down based on whether it makes economic sense. So, here's an example: let's say you have a stable coin that is fully asset-backed and you have redemption rights. You notice a market anomaly where that stablecoin is worth 90 cents if you believe those redemption rights are solid. What you are going to do is buy that coin until you reach a dollar, and then you are going to redeem all those coins for actual dollars, getting 10 cents per coin. This will push the price up. If it's a dollar ten, then you are going to sell it to anybody...

Reducing property, yes, recalls, ah, here we go. Robocall compensation. So basically, in the United States, if a robocall calls you, you can sue them for a thousand dollars. They have one of the coolest services ever where they can give you a fake credit card. If you get called by a robocall, you give them the fake credit card number which then gets "do not pay." The address and contact.

...too much money. You get very interested in transparency because both you and I have trillions of dollars. You invest them, and if there is no transparency, you get scammed. They are facing the same problem. Interestingly, the Dubai government has actually been more forward-thinking about transparency and accountability than the US government is currently.

We did some good science; we said what we were going to do, we went and did it, we recovered actual samples, we analyzed the samples with the best people in the world at facilities at Harvard, which is pretty hard to argue with. These are facilities that only cost in the millions, tens to hundreds of millions of dollars worth of equipment, and we wrote a 44-page paper which has a lot of rigorous stuff inside of it.

Tell me how magical is it to be Jack Ma right now? 20 plus billion dollars. And suddenly he's learning daos poetry in exile and his whole empire dismantled because he said the wrong things about the wrong people. It's not about the money. At its core, it's always about your rights, your freedoms and what it means to be human. And if you can't see that, yeah, I don't think you understand the point of cryptocurrencies.

The guys, that's just Russian roulette, where you got three Republican bullets and three Democrat bullets inside the revolver. You spin it, hope it doesn't kill you. Well, there every chamber is filled with a bullet. It's just which color is going to kill you. The debt is going to kill America. 30 plus trillion dollars. We will have to pay proper interest on that. Or the inflation is going to kill America.

Ask a question about something tells you to leave your house. Hell, you didn't come over to my place. Pipes are leaking. Oh sorry. I meant you leave the burglars coming. Why? Because they can generate your mom's voice. That is the reality we live in now. How do you get around that? Digital signatures.

The 10s of millions of people, the trillions of dollars, the enormity of what we have been able to accomplish as an industry in the last 13 years makes everyone pale in comparison. And truly cannot be stopped.

And as a result, millions of dollars worth of ADA and other cryptocurrencies will be stolen. This is the world we're heading towards because of generative AI. It's one of the dark sides and unintended consequences, but scammers are already doing this. The e-mail that I saw looks like it was written by ChatGPT based upon a sample.

Now, even though I tell you that some of you will do it, the vast majority will not see this video will not listen. And this time next year because of generative AI, millions of dollars' worth of ADA is going to be stolen.

Then here's what's going to happen the millions of dollars that are lost. Those people will reach out to me, claiming I scam them. Like the last seven years, they're going to send me death threats. They're going to threaten to sue me. They're going to say horrible things. Then they're going to go and write the regulators and say you must protect us because I fucked up. From these evil crypto people lost all my money from these evil crypto people.

And that's where we're at. So, I'm sitting here knowing that my likeness is going to be used by people I've never met. Who steal millions of dollars from people and there's nothing I can do and there's nothing law enforcement can do. And there's nothing technology can do. That's the world we live in, and the consequence of where things are going and people's greed and stupidity.

But you see, when you're a billionaire, or at least play a billionaire and you're cutting hundreds of millions of dollars of checks all around, you touch everybody at that point, everybody gets a stain.

It is so reckless and utterly irresponsible and frankly slanderous in every sense of the word. Now, does this person care about it? No. What is my recourse? You spend 2 years, millions of dollars suing them. You win! And you make any money from it? No. Why? Because that person doesn't have any money to get his, like, getting blood out of a stone. OK. It's like suing Alex Jones at this point.

Did a single person who believed in election fraud in 2020 changed their mind when Dominion won against Fox News? And the 700 + 1,000,000 dollars that that that Fox has to pay them? Not a single person.

You see, and that's what you got to do. If you're going to live in a post media all web world, you got your guys that are there, and you come in but instead he's like I am Mr.Polish OK. You know, I'm gonna win the Little League championship in 1991 then, I'm gonna go to Yale on a baseball scholarship.

The donor class is 100% behind them. There's hundreds of millions of dollars that will be committed, and they want him to win. They don't want Trump to be the guy. The problem he has is that he has this disloyal tag. He has this career opportunist tag that's being pushed on and he has this “why now?” tag.

He has no shot, but I'm actually impressed with Vivek Ramaswamy. Yeah, he's a biotech guy. He's worth like half a billion dollars. Pretty smart dude.

See this dude is paying attention right here. Alex Kimmerly. All right, Charles, what are your thoughts in the United States Commercial Bank deposits decreasing by a trillion dollars of the past year. How much more pressure before the banking Ponzi system collapses?

And we've had now trillion dollars worth of money pulled out, moved in that direction. We've also had more than $500 billion of assets related to bank failures. It’s larger than what happened in 2008, 300 and 84 billion. Holy shit. Think about that. Media talking about it? No, because they like Uncle Joe. But say no to Joe.

No, not necessarily. It just means that they're researching it because there's millions of people floating around and billions of dollars, they gotta spend. And somewhere along the way, somebody gets interested in one of these things and they go down a crazy, crazy, crazy rabbit hole. Isn't that fun?

For example, there was a certain cryptocurrency that raised four billion dollars that shall remain nameless where the founding group is enjoying the fruits of those fundraising labors without any accountability or fiduciary responsibility to their own ecosystem. In fact, their ecosystem fired them.

Something so simple, certified wallets versus uncertified wallets. Why? Because if you're going to put billions of dollars of values and things, probably a pretty good idea to have a certification showing the thing you're putting your money into, holding your money, is secure and safe against a known standard. Pretty simple, right? Who needs to get it done and how do you get it done? A working group, you get through the MBO.

...I would generate one and put a million dollars' worth of ADA in it. One million dollars, which is a moving target, worth of ADA, and then actually publish the PDF itself, the raw PDF with the QR code, and say, "If you can break it, you can keep it." This means that anybody who could figure out a way to unwind this would get the money. So, that's kind of putting your money where your mouth is.

...the minute that they thought, "Well, we could be worth 50 billion dollars. It'd be a great partnership with Microsoft", that's when the whole culture changed. The whole company changed and Open Eye AI has become really closed AI. This is because they're instead competing with Microsoft, who is releasing a product with Amazon. The product from Amazon is called Bedrock.

...an executive wellness checkup has several competitors, such as Cooper Elitra, and a few others. Generally, an executive physical works like this: you fly in the morning, spend about seven to ten thousand dollars, and they basically poke and prod you for eight hours straight. Scans are done, they take tons of vials of blood, touch every orifice of your body, and check your eyes.

People, we're going to hold an election where they spend a billion dollars each to make each other look like Satan. Then the shareholders are going to go ahead and pick the lesser of the two toxic candidates to meet the company. Then you say, "Okay, well, what do you have to do? Let's pick a company. Microsoft, what are you going to do for Microsoft?" "Oh, I'm going to make it great again," okay.

...trillion dollars have been spent, 23 million people have been killed or injured throughout the world as a direct or indirect consequence of this. It's just unbelievable, the scale of that. Did anybody go to jail? No. Did anybody lose their job? No. The only political candidate they've decided to put in jail is Donald Trump, over hush money to a porn actress. You could start was, spend tens of...

...trillions of dollars kill millions of people. Oh yeah, I just gotta move on. We don't have time for that, no, it'll be harmful to the nation. We can't even talk about it, but you know, we have to do that. "Orange man bad," it's just theater. Why, and why did they go after Trump? His number one sin wasn't the pathological lying, the incompetence, the corruption, the nepotism. Everybody does that.

The SEC will issue a statement saying, "We disagree with the court and may or may not appeal." But, after it's all said and done, and if Ripple wins, there is no ability for the Ripple company, the one that got sued, to recover the hundred million dollars in legal fees that they spent. The people who prosecuted that enforcement will get promoted at some point because the...

...the federal bureaucracy system allows individuals to go and get high-paying private sector jobs after they retire from government jobs. I cannot think of a system where you conduct an enforcement action, harm someone, and they have to spend a hundred million dollars to clear their good name. You lose, you keep your job and get a promotion, and they cannot recover the money that they spent defending themselves.

...they turn your money on civil forfeiture. This stuff is wild. I saw a stat - no, I'm pulling this out of thin air. I don't remember where I saw the graph, but it said the civil forfeiture amounts have exceeded burglary amounts in the past year. What are we doing? This isn't the billions of dollars taken now. I mean, I understand that some of this is like piles of cash in the seedy drug den.

The first place is just one way to say, "I'm not going to, you know, still hold on to some dollars." But you opt out in certain ways. You said, "There's got to be something better than this." You know, what's so crazy about it? Um, it's going back to the IRS example that you just mentioned. I cannot think of something so unjust as saying, "You have to go and do business with an organization that has zero..."

...ability to remediate or negotiate is not something an organization wants to do. You don't fire a customer with tens of millions or hundreds of millions of dollars in their bank account for no reason, especially when that is a good customer for a long period of time. That's something you do when you're forced to do it by a regulator, and hopefully, as Congressional...

For your legal fees back, for example, if Ripple is to win its case against the Security Exchange Commission, they cannot recover the 100 million dollars plus of legal fees they have spent defending themselves. The same goes for Coinbase. This is the nature of financial regulation in the United States and, to extend that to our economic agency, give the federal government the power to turn off your..

They're about my life and the things that I'm interested in, and when I have special guest stars, it's about their life and the things that they're interested in, so nothing is off limits. This is the coolest device I think I've ever purchased. This right here is a Roxiva unit, uh, they are not cheap. They're about five thousand dollars. It's because it's a medical device. It's not a little play device.

For me, I always tell the story that there was a Bitcoin ATM. I had my phone, and I had my Bitcoin wallet; that was one of the first wallets. If nobody knows what a Bitcoin wallet is, I have no idea how to explain that by the way. Now, that password is long gone. I put the thing in, the QR code, as well as my twenty dollars, and then I got my first Bitcoin. So honestly, it was at that...

Um, very intelligently, I love him. So, this interesting question you forgot to mention, nuclear fusion, in your five pillars of the 21st century. And, uh, no, I don't think I did. So, it's important to understand that we don't have an energy crisis. Uh, we just don't. Uh, it - you know, if you look at just the coal reserves that we have, uh, and we look at our capability to make coal work for the...

If you're on the left, you'll say it's all made up. If you're on the right, you'll say it's about time. It'll be Bill Clinton with the whole Epstein connection; they'll find something there. Or maybe the 500 things that he's had with sex crimes throughout the 40 years that he's been in office, they'll find something there, a payoff. So, it's okay to pay five hundred thousand dollars for settling...

Joe Biden, Chuck Schumer, Nancy Pelosi and everybody else, why not? It's open season now, right? We have no political norms. Do you feel that the people who make decisions on the left are so blameless, and they've never done anything wrong? FTX is a great example, yeah. A billion dollars in donations, mostly to the left. Man, let's follow that. Maybe the BLM riots, let's look into that and see what...

The bigger evil is that the way things operate prevents you from seeing that magic; you become blind to it. When you're a kid, you have it. That's why it's so much fun to hang out with young kids, you know? Everything I love it. "Oh wow, so cool! Look at that frog, and look at that cat, and look at that tree, there's caterpillars in it." You're like, "Where the [ __ ] do these kids get this energy? Why?"

They're an essential component of adoption, governance, and transparency of these systems in operation, but the value of them in terms of USD, what does that matter? Do you want to be a billionaire in a world like this? Look at the story of Jack Ma, boy, how powerful it was. I think at his all-time high, he was worth 40 billion dollars, but now he's taking a break in...

Things are moving very quickly. Every billionaire, including myself, is investing a lot into immortality, Hoskins, Health, and Wellness, because you know what? That's human nature. Okay. Uh, Sam Altman, of OpenAI, just put 180 million dollars into his own immortality company. Jeff Bezos has done it, Bill Gates has done it; everybody's in that game. Elon Musk is throwing in a bunch.

...part of the bank serves digital asset customers, costing the fund billions of dollars. This pattern of events is not random, and we have seen it before. This is not the first time that federal bank regulators, working with their state-level counterparts, have abused their supervisory authority to label businesses unworthy of having a bank account and worked in secret tp purge disfavored lines of commerce from the financial system.

...wish to acquire Signature's digital asset businesses from the bidding process. By the way, guys, that costs billions of dollars, and the federal government took the loss just to shell that out. So, when they say it's not about crypto, they're lying. Fifth, Congress should investigate whether bank regulators are acting disloyal to the private sector innovation in order to clear the field of...

...a decade of working as an entrepreneur and investor in the digital assets industry, the U.S-based companies that I have helped to build generate tens of millions of dollars in revenue and employ hundreds. I'm writing to you as I am deeply frustrated with the state of U.S. digital asset policy, and I urge you and your colleagues to work towards enacting critical, common sense reforms that protect consumers, promote innovation, and maintain America's edge.

...industries undermine the dominance of the dollar as a global reserve and limit our ability to enforce U.S. law in a fluid Global Marketplace. Failure to act will all but guarantee that we repeat the mistakes of the recent past, where strategic blunders in industries, like semiconductor manufacturing, now require 50 billion dollars of taxpayer-funded fixes to bring back an industry we invented.

...problems and choke point 2.0 talk about the lack of clarity. They talk about all the times you tried as a crypto business to do it the right way, only to be told it's impossible. To the law firms who represent all these cryptocurrency clients, it's about time you go on the record. You've collected hundreds of millions of dollars in legal fees over the last eight years, benefiting from the legal

Prices are quarterly priced to move. The national average of two hundred dollars is 6.3 percent. They give you bank failures. They give you money laundering. They give you nepotism and corruption. They give you one hundred percent interest rates. They give you six percent costs to move the fucking money around the world for the poorest people in the world, the three billion poorest people. Then, it was a...

More than a billion people need Sharia-compliant investment products, and they can't participate in certain forms of investment or financial practices out of religious respect. Also, there are funds that can't invest in certain things because of ethical reasons. For example, Norway has one of the world's largest sovereign funds of well over a trillion dollars.

...we'll make the windfall profits today, and if the system collapses, we'll get bailed out with nice retirement packages. You have to create consequences for a feedback loop to improve organically. If Apple releases a crummy phone, or Samsung releases a phone that explodes, they face lawsuits and bad press. They lose billions of dollars in sales, so as a result, they have to put in...

...we are renting a big venue and we're providing a lot of value. The cost of doing this is a minimum of a million dollars for us, so the hope of the tickets is to recoup the cost of bringing all our people together. We also spark or get very good speakers to come in. In addition, a lot of great academics have already RSVP'd and they'll be there for panels, including..

Metadata is kind of like the secret sauce of your transactions. For example, you have two events and they're of the same value, so they're the same type of transaction. Bob withdraws 500 dollars from his ATM. Now, it doesn't matter, you know, it's Bob and an ATM; it's the same structural thing. It's going from one unit to another unit, pulling it up. In one case, here's the metadata: Bob does it...

...right next to a restaurant, it happens to be Christmas, and his family happens to be in town. Bob's taking the family out for dinner for Christmas. That's what you would likely infer from that event. In the next case, Bob is pulling five hundred dollars out of an ATM at a known brothel right next to it. You'd probably imagine Bob's doing something else. No, this is the same type of transaction.

...send something to Bob, but Bob doesn't get it until Bob agrees to the terms of service. So, for example, let's say a donation: Alice is sending X amount of ADA to Bob to donate to his organization, with some terms and conditions. "I'll only give you this million dollars if you name your science building after me", for a university, for example. Okay, so she'll take that agreement, hash it, and sign it.

...how much would it cost to do the Rina the way they wanted to do it? The estimate was about ten million dollars and six hundred man months of engineering. This was a preliminary estimate, which was, of course, going to be subject to standard cost overruns and delays. So, what we did was scale back the Rina a little bit, and then we said, "Let's take the best concepts and ideas."

Game their masters and just accept that they're smarter than you and they're in control. Once they gain control, that's usually an aristocracy and they're there in that game. Unless you're very rich, with hundreds of millions of dollars, billions of dollars, and great connections, you're just not going to be in that club. So don't even think about it. They're in total control of all things.

Okay, they always say yes. They say, "You want to train people, hire them, and give them nice high-paying jobs? Oh yes, no, no, please don't do that." No, they always say yes. So, they say okay, let's do that. Then we build a class in negotiation with them, and we send out our best and brightest. We have the best to offer. Lars Brunjes, yes, he's a brilliant guy. We send out Polina.

That sums up the hundreds of billions of dollars in revenue with something that will eventually run the entire market, so it becomes a hyper-profitable franchise. It's a whole piece of white-label infrastructure that I can take and put across an entire vertical in different countries. Now, what else have we done? Well, I didn't just build a supply chain. I took one and a half million people, and I gave

And it's fair, and it's helping some of the poorest people in the world create wealth and rise up. And what does that mean? It means that it gives me collective negotiating power. That should get reasonable regulation. Because I say, if you want to be interoperable with my system and make trillions of dollars working with these people who are about to become wealthy, you have to be fair. So...

Startups are starting to go towards something I'm not comfortable with. I think it's a dark road to go down, so I'm going to go to Africa, and I'm going to go to Asia, and I'm going to win there. There are billions of people there, and there are trillions and trillions and trillions of dollars of wealth there. By the way, if you're talking about cryptocurrency adoption, ask yourself: Who buys cryptocurrencies? Who uses them?

The business does not run you. You can't go to your boss and say, "Give me a 50% raise or I walk." They'll say, "Bobby, it's been nice having you here, but maybe it's time for you to retire." But if you happen to be in a key role in your company and if you walk out the door, they lose millions or billions of dollars, you've got a lot of leverage. So, would you rather go to the US government or...

European Union, and say, "Guys, if you don't do business with us, you will lose five trillion dollars or you're going to be pushed into a financial collapse. So, let's talk about how we're going to do business in a fair way for the world." Or would you rather go and say, out of the grace and goodwill of your heart, "Can you please, please, please help me? Can you, can you please, please?"

Really great position to collectively bargain and make sure that regulation doesn't go insane. I do not want to live in a world where you have to have an escrow of all your private keys and give that to the government. I do not want to live in a world where, to use Bitcoin, you have to be a licensed money service business and get a million dollars' worth of licenses. I do not want to live in a world where...

In a few hours, it gets hot. It's three thousand dollars. It's got a short battery life. This augmented reality headset, it's got a field of view like this. Boy, am I not doing a great job? You know, if you try to ship that as a production consumer product and expose it to the general public, it would be the biggest flop of all time. You'd just be laughed out of the industry. So why...

...a world financial system that will eventually have billions to trillions of dollars of value behind it - why the hell wouldn't you want some third-party assurance from people who aren't shills? People who have no financial incentive to say it's good, that it is good. Why wouldn't you want to utilize a four hundred-plus-year-old system that's given us modern-day physics and modern-day mathematics...

...The Methods Group, which includes Phil, Jared, Lars, Boreas, Duncan Coutts, and others, spent a considerable amount of time generating the delegation specification. It took a long time to get the spec to a readable, complete state. The workshop also adopted the Red Team-Black Team model, where, for the first time, the engineering teams were able to go through it in incredible, excruciating detail...

You're building satellites or the Mars rover for good reason because these systems, once deployed, are designed to operate autonomously or semi-autonomously for long periods of time. If there's a bug, you can't simply go retrieve them and fix them. They just go offline and you've lost the probe or the satellite. That can cost billions of dollars, so you need assurance that there's a very high...

Dollars are being spent on a regular basis and with lots of great engineers, not just scientists, we're building practical production things and getting these things into circulation. So, that's your spectrum, and those are the three areas in research. We have Markoff Cole Weiss leading the zero-knowledge side of things. He figured out a way to make an Ouroboros private if we ever wanted to go down that road. It's

...market rate of X isn't necessarily revealed. For example, you can imagine art marketplaces where each painting is associated with a verified token. You could verify that your total art portfolio is worth half a billion dollars without revealing the particular paintings that live in that portfolio to an outside auditor. We've talked to the art industry a few times about this; it's all...

Candidates who applied, so there was certainly no shortage of well-trained, well-qualified female engineers. We were a bit concerned that maybe, due to the nature of their education system, they would be underrepresented. But it was actually the opposite. It was a very competitive process: five or ten for each slot. Lars has just finished the first week and they covered basic concepts and

We already have a principled cryptocurrency, it's called Bitcoin. It's very principled and within the next 3 to 5 years. It will have smart contract capability and sidechain capability and be quite performant. There are literally hundreds of millions of dollars R&D and engineering money with multiple companies, all around the world working very hard to get Bitcoin to a very solid-state...

In addition to that, there's the regulatory outreach side of things so this system is going to touch many, many regulated markets we go to Mongolia, and they have hundreds of billions of dollars of natural resources in that country that is just right there waiting to be utilized for the betterment of that country.

But the great thing about cryptocurrencies is that instead of a congressman in control of this, you will be in control of the people's money. If you hold ADA or if your DASH, you hold DASH. Any system that has a treasury. Then people can come and say I want X dollars of value to go do why.

And the consequence of this was billions and billions of dollars of economic damage and a really bad user experience.

In addition to that, then we'll start allowing you to do some things like what you can do with the Rust Client like manual transaction creation. There's some video showing that as a demo that Lars did.

So, we're in discussions about. Are different options and what we can do there, but our hope is that we can get support for tangent pretty soon and it shouldn't cost very much money to buy these like a few dollars per unit.

When you have legacy systems which are quite sophisticated and already digitized, and there's billions of dollars of investment in those systems, the the steering cost to go and adopt a new system is just and just just too much.

I'd like to see diversity and community management with large grants in the hundreds of thousands to millions of dollars be given to many different organizations that are responsible for building Cardano communities across the globe.

Wouldn't necessarily even require a lawyer, and would in the 20th century look like IPO or some sort of sophisticated securities offering require millions of dollars to do but would be accessible to a group of people that collectively maybe have less than 10,000 or $100,000.

So now in terms of what percentage should be paid, that's a parameter of the system. And you have to be pretty careful with that. We published a paper recently with Luis Casillas, Lars Brunjes and Aggelos, and that paper covers economic incentives and that paper specifically tuned to, how should you structure incentives in a way to create a collection of stake pools at a stable state?

And we discovered within that paper that we think our system could sustain a total of over 1000 stake pools, assuming that most people would be rational just to simply delegate. But some people perhaps want to just run their own pool or run their own staking operation, so so I encourage people to read that paper. The final parameterization we set as we had a little bit closer to the launch of Shelley, but it's it's probably going to be around 5% inflation per annum. But there are a lot of factors that fit into. That the amount of transactions we have, fit in the profit. There's also the concept of the Treasury system and what the Treasury system comes out. Percentage of rewards will be allocated to the Treasury and these things are discussed in the paper and have been discussed in literature that we have, in particular works Lars Brunjes has been working on.

And there was the war between Microsoft and Google. Google had the market share, Microsoft had the war chest. Microsoft wanted to compete with Google, and every year it would launch a new product or a new initiative, or try to do something crazy like buy Yahoo, and they would dump billions and billions and billions of dollars into building up Bing and building up their search infrastructure. They even resorted trying to pay people bribe people to use Bing, one way or another. Say hey, we'll buy an Xbox if you get enough Bing points.

So despite the fact that Microsoft dumped 10s of billions of dollars in strategic acquisitions, briberies and other efforts, they weren't meaningfully able to move the market share. Simply because, well, Google was more convenient and consumer behavior was more aligned with what Google was about and Google was also quite competitive as a company and kept adding new features and functionality. And the searches always seem to be still do seem to be a little bit better from Bing.

They're taking in that much money, creates existential risk to the project because the project becomes less about what can we do for people and what is the mission, the philosophy, the goal, and it becomes more about how do I get some chunk of this large pile of money that's sitting in the backdrop. Billions of dollars are very corrosive and there are big temptation and there's something that eat away at people over time.

Are you still convinced ADA market cap will reach a trillion? I said I'd like ADA to be the first cryptocurrency that reaches the trillion dollar market cap because my point behind that wasn't that it was at a trillion dollars. My point was that it achieved the goal of being a financial operating system. The only way that you could ever get to a cap that high is to be useful to the world and have hundreds of thousands of to millions to hundreds of millions of people doing things on a daily or near daily basis on your system from loans to insurance. My goal is to get it there because the world needs it.

Our understanding is in the millions of dollars, if it's paid to conclusion to ZN for the distributed futures program, which seems to have limited commercial value to Cardano.

Every one of these dollars competes for other in our view, better ways of allocating.

What really bothered me is that people would copy and copy and copy the same thing. Hold is ICOs, raise hundreds of millions of dollars off of extremely dubious claims. Prices would go way up because the market was kind of in a me too style. And then the people who ended up getting hurt from that were the poorest people who had the least sophistication.

This is why I'm in the space because I believe this technology, If it's properly applied, is one of the core pillars that we're going to need to use to get the world to be a better place. It's not the only one we're going to have to somehow figure out how do we as human beings live with the world where everybody's connected, no one ever forgets, and people you've never met can form mobs to destroy you for fun.

We will see trillions of dollars of wealth created as a result of new people participating in the economy and the vast majority of that wealth will not touch banks. It will not touch the legacy system. It will touch the crypto system.

...amount anonymity. So if I'm sending a transaction between Alice and Bob A&B, can we obfuscate? How much was sent like a confidential transaction? Now, why would you want to do that? Because again, it creates a target surface. You know, if you're an observer, you might not necessarily be able to link Alice to A and Bob to B, but you can watch for large transactions and say boy billion dollars worth of Bitcoin just moved.

There's a big cost to that. There's hundreds of billions of dollars of fraud cost to the global financial system every year.

Person so I lost access to my own cell phone from my own cell phone company and then once they had access to my cell phone, they tried really hard to break into all my accounts. Now, Michael Turpin, he's a very famous guy in the cryptocurrency space. Not only had this happen to him, he lost millions of dollars from it as a result of that back door that AT&T in his case did that.

Goldman Sachs is getting involved and once that occurs then people are probably going to rebalance their portfolios and you know, they Black Rock has trillions of dollars.

It would be very trivial for them to throw a few billion dollars here and.

Few billion dollars there for some portfolio of cryptos that other people can store on their behalf. You know, that's just a standard thing that Wall Street people do. There's too much money in the world thanks to 2008. It's all floating around. They're looking.

The merchant has been paid and the merchant is going to be paid whatever they want to be paid and if they are going to settle in, dollars are going to sell in dollars.

And so to say to them, hey, if you believe that, then you can live in 100% Gold economy, store all your wealth in that and you can conduct commerce as if you have dollars.

So we have had some conversations with our Director of Education, Lars Brunches about what would it take for us to kind.

There's a lot of open questions about, for example, how GDPR will apply to blockchains, and legal scholars are kind of haggling over that.

The Bitcoin maximalist question is an interesting one. I've been in the Bitcoin space as an investor, miner, and an observer since 2011, back when Bitcoin ranged from one to four dollars and had already experienced a collapse. The community was incredibly small then; I once signed up for a meetup group in Colorado, and I was the only one who showed up.

I knew it was going to be a trillion dollars and it's going to be a great ecosystem, but that in my experience and the interactions they had with the big guys then who are still the big guys now. That was not the case. It was, it was a fun thing to do, and it was an interesting thing to do, and we’ve achieved a lot.

I professionally entered the space in 2013 and it was a very different space from 2011. In 2013 we started seeing Bitcoin actually being worth something. It was the ecosystem was worth about a billion dollars. The market cap had really accelerated a lot. There was a ton of interest in it, and people started legitimately talking about Bitcoin businesses.

And there were actually billions of dollars of VC capital and private money that entered the space to get it there. Right around that time I realized that if this was to be a useful ecosystem we needed to have the ability to represent complex transactions and we needed to have the ability to represent complex programs and it's not a new idea.

But once we've solved something and we're confident about that, that's granite, it's bedrock. And we're starting to really seize great fruits being produced. At this point, we're very confident that or Ouroboros Genesis is a wonderful consensus algorithm to run a cryptocurrency with. And what you'll see, our delegation and our incentives paper, these three things together are everything that you would need to run something much better than Bitcoin, much more performance than Bitcoin. And it doesn't cost billions of dollars a year to run.

If you came to him and said for a completely new ecosystem, that's very fragile, very young, completely new project, we're going to for $4 billion in it. Would you like a billion dollars to go run a venture fund for that?

I'd like some venture capital to exist for people to build cell phone apps. This is a very new concept. They didn't put a billion dollars into it, and this was Apple and Steve Jobs and the iPhone.

And it was only after he worked with John Lasseter and the guys from Pixar and he just kind of got his ass reamed to him for 10 years. Did he actually learn the value of listening and when he started doing that, he was able to do some very amazing things, like when he came back to Apple in 1997, it was dying. They were literally months away from bankruptcy and he had to do something that Steve Jobs in his 20s could never do. He had to call up Bill Gates and make a deal with him. And convince him to put millions, hundreds of millions of dollars into Apple to keep it up.