{"version":"1.0.0","segments":[{"speaker":"Andreas Park","startTime":0.0,"endTime":4.05,"body":"Imagine that you"},{"speaker":"Andreas Park","startTime":0.0,"endTime":4.05,"body":"doubled your population that"},{"speaker":"Andreas Park","startTime":4.05,"endTime":9.36,"body":"wants to do economic activity."},{"speaker":"Andreas Park","startTime":4.05,"endTime":9.36,"body":"If if all these new people would"},{"speaker":"Andreas Park","startTime":9.39,"endTime":12.72,"body":"want to use money in the future,"},{"speaker":"Andreas Park","startTime":9.39,"endTime":12.72,"body":"then they they just need the"},{"speaker":"Andreas Park","startTime":12.72,"endTime":15.84,"body":"coins available to themselves."},{"speaker":"Andreas Park","startTime":12.72,"endTime":15.84,"body":"And so if you have a limited"},{"speaker":"Andreas Park","startTime":15.84,"endTime":17.79,"body":"number of coins that are"},{"speaker":"Andreas Park","startTime":15.84,"endTime":17.79,"body":"available, I think this is a"},{"speaker":"Andreas Park","startTime":17.79,"endTime":21.84,"body":"problem right? Because you you"},{"speaker":"Andreas Park","startTime":17.79,"endTime":21.84,"body":"have scarcity in the coins, and"},{"speaker":"Andreas Park","startTime":21.84,"endTime":25.02,"body":"that all of a sudden creates"},{"speaker":"Andreas Park","startTime":21.84,"endTime":25.02,"body":"value to holding on having these"},{"speaker":"Andreas Park","startTime":25.02,"endTime":29.04,"body":"coins all by itself. And that's"},{"speaker":"Andreas Park","startTime":25.02,"endTime":29.04,"body":"a problem right because because"},{"speaker":"Andreas Park","startTime":29.07,"endTime":31.8,"body":"you know the act of holding"},{"speaker":"Andreas Park","startTime":29.07,"endTime":31.8,"body":"money should not be something"},{"speaker":"Andreas Park","startTime":31.8,"endTime":34.38,"body":"that is that is valuable."},{"speaker":"Preet Banerjee","startTime":43.26,"endTime":46.38,"body":"If Bitcoin"},{"speaker":"Preet Banerjee","startTime":43.26,"endTime":46.38,"body":"cryptocurrencies and blockchain"},{"speaker":"Preet Banerjee","startTime":46.38,"endTime":50.67,"body":"has you feeling confused, this"},{"speaker":"Preet Banerjee","startTime":46.38,"endTime":50.67,"body":"podcast episode is for you."},{"speaker":"Preet Banerjee","startTime":51.3,"endTime":54.48,"body":"There is a strong correlation"},{"speaker":"Preet Banerjee","startTime":51.3,"endTime":54.48,"body":"between Bitcoin cheerleading,"},{"speaker":"Preet Banerjee","startTime":54.78,"endTime":58.62,"body":"and bitcoins price. Whenever the"},{"speaker":"Preet Banerjee","startTime":54.78,"endTime":58.62,"body":"cryptocurrency has seen a rapid"},{"speaker":"Preet Banerjee","startTime":58.65,"endTime":62.88,"body":"increase in price, mainstream"},{"speaker":"Preet Banerjee","startTime":58.65,"endTime":62.88,"body":"media coverage rises, and social"},{"speaker":"Preet Banerjee","startTime":62.88,"endTime":66.78,"body":"media while it goes crazy, like"},{"speaker":"Preet Banerjee","startTime":62.88,"endTime":66.78,"body":"it always does. But how many"},{"speaker":"Preet Banerjee","startTime":66.78,"endTime":70.32,"body":"people really know what they're"},{"speaker":"Preet Banerjee","startTime":66.78,"endTime":70.32,"body":"talking about? Is this another"},{"speaker":"Preet Banerjee","startTime":70.32,"endTime":74.82,"body":"case of return chasing behavior"},{"speaker":"Preet Banerjee","startTime":70.32,"endTime":74.82,"body":"coupled with a little knowledge"},{"speaker":"Preet Banerjee","startTime":74.82,"endTime":78.84,"body":"being a dangerous thing? Well,"},{"speaker":"Preet Banerjee","startTime":74.82,"endTime":78.84,"body":"my guest on today's podcast is"},{"speaker":"Preet Banerjee","startTime":78.84,"endTime":82.56,"body":"one of the few people who can"},{"speaker":"Preet Banerjee","startTime":78.84,"endTime":82.56,"body":"help answer a lot of questions"},{"speaker":"Preet Banerjee","startTime":82.56,"endTime":85.71,"body":"about cryptocurrencies. He's a"},{"speaker":"Preet Banerjee","startTime":82.56,"endTime":85.71,"body":"professor at the University of"},{"speaker":"Preet Banerjee","startTime":85.71,"endTime":89.4,"body":"Toronto and his research and"},{"speaker":"Preet Banerjee","startTime":85.71,"endTime":89.4,"body":"interests have been focused on"},{"speaker":"Preet Banerjee","startTime":89.4,"endTime":92.52,"body":"financial market structure,"},{"speaker":"Preet Banerjee","startTime":89.4,"endTime":92.52,"body":"financial technology and"},{"speaker":"Preet Banerjee","startTime":92.52,"endTime":95.94,"body":"studying innovations in"},{"speaker":"Preet Banerjee","startTime":92.52,"endTime":95.94,"body":"cryptocurrency and blockchain."},{"speaker":"Preet Banerjee","startTime":95.94,"endTime":99.27,"body":"And don't worry, whether you"},{"speaker":"Preet Banerjee","startTime":95.94,"endTime":99.27,"body":"already know a bit about"},{"speaker":"Preet Banerjee","startTime":99.27,"endTime":103.02,"body":"cryptocurrencies or are starting"},{"speaker":"Preet Banerjee","startTime":99.27,"endTime":103.02,"body":"from scratch. I think we hit a"},{"speaker":"Preet Banerjee","startTime":103.02,"endTime":106.74,"body":"really nice balance between"},{"speaker":"Preet Banerjee","startTime":103.02,"endTime":106.74,"body":"explaining the basics and diving"},{"speaker":"Preet Banerjee","startTime":106.74,"endTime":111.15,"body":"a bit deeper into the actual"},{"speaker":"Preet Banerjee","startTime":106.74,"endTime":111.15,"body":"economics to explain how you can"},{"speaker":"Preet Banerjee","startTime":111.15,"endTime":114.57,"body":"judge for yourself if the space"},{"speaker":"Preet Banerjee","startTime":111.15,"endTime":114.57,"body":"is suffering from too much hype"},{"speaker":"Preet Banerjee","startTime":114.99,"endTime":118.26,"body":"or not. I think you're gonna"},{"speaker":"Preet Banerjee","startTime":114.99,"endTime":118.26,"body":"find this episode. very"},{"speaker":"Preet Banerjee","startTime":118.38,"endTime":118.86,"body":"enlightening."},{"speaker":"Preet Banerjee","startTime":126.81,"endTime":130.38,"body":"This is mostly money and I'm"},{"speaker":"Preet Banerjee","startTime":126.81,"endTime":130.38,"body":"your host Preet Banerjee, joined"},{"speaker":"Preet Banerjee","startTime":130.38,"endTime":135.33,"body":"by Dr. And Dre is Park is going"},{"speaker":"Preet Banerjee","startTime":130.38,"endTime":135.33,"body":"to explain Bitcoin, blockchain"},{"speaker":"Preet Banerjee","startTime":135.36,"endTime":140.52,"body":"and all things crypto in a mini"},{"speaker":"Preet Banerjee","startTime":135.36,"endTime":140.52,"body":"Crash Course. Let me introduce"},{"speaker":"Preet Banerjee","startTime":140.52,"endTime":145.5,"body":"my guests with a bit of his"},{"speaker":"Preet Banerjee","startTime":140.52,"endTime":145.5,"body":"background. Andres Park is an"},{"speaker":"Preet Banerjee","startTime":145.5,"endTime":148.5,"body":"associate professor of finance"},{"speaker":"Preet Banerjee","startTime":145.5,"endTime":148.5,"body":"at the University of Toronto"},{"speaker":"Preet Banerjee","startTime":148.59,"endTime":152.16,"body":"with appointments to the Rotman"},{"speaker":"Preet Banerjee","startTime":148.59,"endTime":152.16,"body":"School of Management and the"},{"speaker":"Preet Banerjee","startTime":152.16,"endTime":156.57,"body":"Department of Management at UTM."},{"speaker":"Preet Banerjee","startTime":152.16,"endTime":156.57,"body":"He currently serves as the"},{"speaker":"Preet Banerjee","startTime":156.57,"endTime":160.44,"body":"research director at the fin"},{"speaker":"Preet Banerjee","startTime":156.57,"endTime":160.44,"body":"hub, which is rotmans Financial"},{"speaker":"Preet Banerjee","startTime":160.44,"endTime":165.06,"body":"Innovation Lab. He's the co"},{"speaker":"Preet Banerjee","startTime":160.44,"endTime":165.06,"body":"founder of the ledger hub, the"},{"speaker":"Preet Banerjee","startTime":165.06,"endTime":168.54,"body":"University of Toronto's"},{"speaker":"Preet Banerjee","startTime":165.06,"endTime":168.54,"body":"blockchain research lab, a lab"},{"speaker":"Preet Banerjee","startTime":168.54,"endTime":172.23,"body":"economist for blockchain at the"},{"speaker":"Preet Banerjee","startTime":168.54,"endTime":172.23,"body":"creative destruction lab, the"},{"speaker":"Preet Banerjee","startTime":172.23,"endTime":176.37,"body":"economic adviser to conflux"},{"speaker":"Preet Banerjee","startTime":172.23,"endTime":176.37,"body":"chain and a consultant to the"},{"speaker":"Preet Banerjee","startTime":176.37,"endTime":180.45,"body":"Ontario Securities Commission,"},{"speaker":"Preet Banerjee","startTime":176.37,"endTime":180.45,"body":"and Iraq, the investment"},{"speaker":"Preet Banerjee","startTime":180.45,"endTime":184.53,"body":"Industry Regulatory organization"},{"speaker":"Preet Banerjee","startTime":180.45,"endTime":184.53,"body":"of Canada. Andres teaches"},{"speaker":"Preet Banerjee","startTime":184.53,"endTime":188.28,"body":"courses on FinTech and financial"},{"speaker":"Preet Banerjee","startTime":184.53,"endTime":188.28,"body":"market trading and His current"},{"speaker":"Preet Banerjee","startTime":188.28,"endTime":192.06,"body":"research focuses on the economic"},{"speaker":"Preet Banerjee","startTime":188.28,"endTime":192.06,"body":"impact of technological"},{"speaker":"Preet Banerjee","startTime":192.06,"endTime":195.96,"body":"transformation such as"},{"speaker":"Preet Banerjee","startTime":192.06,"endTime":195.96,"body":"blockchain technology. He"},{"speaker":"Preet Banerjee","startTime":195.96,"endTime":200.55,"body":"recently co authored a design"},{"speaker":"Preet Banerjee","startTime":195.96,"endTime":200.55,"body":"proposal for a central bank"},{"speaker":"Preet Banerjee","startTime":200.58,"endTime":203.88,"body":"issued digital currency"},{"speaker":"Preet Banerjee","startTime":200.58,"endTime":203.88,"body":"commissioned by the Bank of"},{"speaker":"Preet Banerjee","startTime":203.88,"endTime":207.81,"body":"Canada. And that was actually"},{"speaker":"Preet Banerjee","startTime":203.88,"endTime":207.81,"body":"the impetus for me reaching out"},{"speaker":"Preet Banerjee","startTime":207.81,"endTime":210.51,"body":"to them. And I've had the"},{"speaker":"Preet Banerjee","startTime":207.81,"endTime":210.51,"body":"pleasure of participating in a"},{"speaker":"Preet Banerjee","startTime":210.51,"endTime":213.48,"body":"number of events with Andres at"},{"speaker":"Preet Banerjee","startTime":210.51,"endTime":213.48,"body":"Rotman either as a speaker,"},{"speaker":"Preet Banerjee","startTime":213.48,"endTime":217.05,"body":"panelist or moderator. And so"},{"speaker":"Preet Banerjee","startTime":213.48,"endTime":217.05,"body":"when the email came in from"},{"speaker":"Preet Banerjee","startTime":217.05,"endTime":220.53,"body":"Rotman events about an event"},{"speaker":"Preet Banerjee","startTime":217.05,"endTime":220.53,"body":"where three different groups who"},{"speaker":"Preet Banerjee","startTime":220.53,"endTime":224.37,"body":"had authored design proposals"},{"speaker":"Preet Banerjee","startTime":220.53,"endTime":224.37,"body":"for the Bank of Canada for what"},{"speaker":"Preet Banerjee","startTime":224.37,"endTime":228.12,"body":"a central bank digital currency"},{"speaker":"Preet Banerjee","startTime":224.37,"endTime":228.12,"body":"might look like, and I saw the"},{"speaker":"Preet Banerjee","startTime":228.12,"endTime":231.27,"body":"entry This was one of the"},{"speaker":"Preet Banerjee","startTime":228.12,"endTime":231.27,"body":"presenters, I tuned in and it"},{"speaker":"Preet Banerjee","startTime":231.27,"endTime":235.05,"body":"was incredibly enlightening."},{"speaker":"Preet Banerjee","startTime":231.27,"endTime":235.05,"body":"Andrei is welcome to the show."},{"speaker":"Preet Banerjee","startTime":235.59,"endTime":239.19,"body":"Well, thanks for having me,"},{"speaker":"Preet Banerjee","startTime":235.59,"endTime":239.19,"body":"Preet. There are a lot of people"},{"speaker":"Preet Banerjee","startTime":239.19,"endTime":242.46,"body":"talking about various aspects of"},{"speaker":"Preet Banerjee","startTime":239.19,"endTime":242.46,"body":"cryptocurrency, mostly Bitcoin."},{"speaker":"Preet Banerjee","startTime":243.27,"endTime":246.09,"body":"What percentage of people know"},{"speaker":"Preet Banerjee","startTime":243.27,"endTime":246.09,"body":"what they're actually talking"},{"speaker":"Preet Banerjee","startTime":246.09,"endTime":246.45,"body":"about?"},{"speaker":"Andreas Park","startTime":248.52,"endTime":250.89,"body":"Well, that's a"},{"speaker":"Andreas Park","startTime":248.52,"endTime":250.89,"body":"really small number, if you ask"},{"speaker":"Andreas Park","startTime":250.89,"endTime":251.01,"body":"me."},{"speaker":"Preet Banerjee","startTime":252.96,"endTime":255.27,"body":"Yeah, you talk"},{"speaker":"Preet Banerjee","startTime":252.96,"endTime":255.27,"body":"to me about, you know, the"},{"speaker":"Preet Banerjee","startTime":255.27,"endTime":259.23,"body":"different voices, you have"},{"speaker":"Preet Banerjee","startTime":255.27,"endTime":259.23,"body":"people who are cheerleaders,"},{"speaker":"Preet Banerjee","startTime":259.68,"endTime":262.11,"body":"you've got people who really"},{"speaker":"Preet Banerjee","startTime":259.68,"endTime":262.11,"body":"know what they're talking about."},{"speaker":"Preet Banerjee","startTime":262.14,"endTime":264.72,"body":"And you've got a whole bunch of"},{"speaker":"Preet Banerjee","startTime":262.14,"endTime":264.72,"body":"people in between. So tell me"},{"speaker":"Preet Banerjee","startTime":264.72,"endTime":268.38,"body":"what your sense is being an"},{"speaker":"Preet Banerjee","startTime":264.72,"endTime":268.38,"body":"expert. From when you hear"},{"speaker":"Preet Banerjee","startTime":268.38,"endTime":270.96,"body":"either things in the media,"},{"speaker":"Preet Banerjee","startTime":268.38,"endTime":270.96,"body":"you're reading blogs, looking on"},{"speaker":"Preet Banerjee","startTime":270.96,"endTime":275.94,"body":"Twitter, what's your sense of"},{"speaker":"Preet Banerjee","startTime":270.96,"endTime":275.94,"body":"how much talk is actually backed"},{"speaker":"Preet Banerjee","startTime":275.94,"endTime":277.83,"body":"up by people who know what"},{"speaker":"Preet Banerjee","startTime":275.94,"endTime":277.83,"body":"they're talking about?"},{"speaker":"Andreas Park","startTime":279.0,"endTime":282.09,"body":"Well, you got to"},{"speaker":"Andreas Park","startTime":279.0,"endTime":282.09,"body":"be cautious on which part of the"},{"speaker":"Andreas Park","startTime":282.09,"endTime":284.58,"body":"area you're actually talking"},{"speaker":"Andreas Park","startTime":282.09,"endTime":284.58,"body":"about. Right. So you know, I"},{"speaker":"Andreas Park","startTime":284.58,"endTime":288.33,"body":"think people have by now"},{"speaker":"Andreas Park","startTime":284.58,"endTime":288.33,"body":"understood reasonably well what"},{"speaker":"Andreas Park","startTime":288.39,"endTime":292.59,"body":"Bitcoin is not necessarily how"},{"speaker":"Andreas Park","startTime":288.39,"endTime":292.59,"body":"it works, but you know what it"},{"speaker":"Andreas Park","startTime":292.59,"endTime":296.79,"body":"is and what it isn't is, or"},{"speaker":"Andreas Park","startTime":292.59,"endTime":296.79,"body":"that's that's a mouthful. But"},{"speaker":"Andreas Park","startTime":296.79,"endTime":299.97,"body":"then when it comes to you know,"},{"speaker":"Andreas Park","startTime":296.79,"endTime":299.97,"body":"the the part about"},{"speaker":"Andreas Park","startTime":300.0,"endTime":304.02,"body":"That has potential impact. And"},{"speaker":"Andreas Park","startTime":300.0,"endTime":304.02,"body":"that's really interesting. I"},{"speaker":"Andreas Park","startTime":304.02,"endTime":306.33,"body":"think very few people are"},{"speaker":"Andreas Park","startTime":304.02,"endTime":306.33,"body":"actually in the know,"},{"speaker":"Andreas Park","startTime":306.33,"endTime":311.19,"body":"understand, well, what is going"},{"speaker":"Andreas Park","startTime":306.33,"endTime":311.19,"body":"on, and then even even the"},{"speaker":"Andreas Park","startTime":311.19,"endTime":314.19,"body":"people that are in the"},{"speaker":"Andreas Park","startTime":311.19,"endTime":314.19,"body":"blockchain space, that there is"},{"speaker":"Andreas Park","startTime":314.19,"endTime":318.6,"body":"still, you know, a whole"},{"speaker":"Andreas Park","startTime":314.19,"endTime":318.6,"body":"spectrum of knowledge and"},{"speaker":"Andreas Park","startTime":318.63,"endTime":321.03,"body":"necessary knowledge that you"},{"speaker":"Andreas Park","startTime":318.63,"endTime":321.03,"body":"need in order to understand"},{"speaker":"Andreas Park","startTime":321.03,"endTime":325.44,"body":"that. So let's take this. So I'm"},{"speaker":"Andreas Park","startTime":321.03,"endTime":325.44,"body":"an economist by training. So I"},{"speaker":"Andreas Park","startTime":325.44,"endTime":328.77,"body":"understand, you know, some of"},{"speaker":"Andreas Park","startTime":325.44,"endTime":328.77,"body":"the economic implications and"},{"speaker":"Andreas Park","startTime":328.77,"endTime":332.1,"body":"the mechanisms that are"},{"speaker":"Andreas Park","startTime":328.77,"endTime":332.1,"body":"necessary for, you know, some of"},{"speaker":"Andreas Park","startTime":332.1,"endTime":335.61,"body":"these tools that exist. And then"},{"speaker":"Andreas Park","startTime":332.1,"endTime":335.61,"body":"there are a lot of people from"},{"speaker":"Andreas Park","startTime":335.61,"endTime":337.89,"body":"engineering, computer science,"},{"speaker":"Andreas Park","startTime":335.61,"endTime":337.89,"body":"they understand the tech really"},{"speaker":"Andreas Park","startTime":337.89,"endTime":341.49,"body":"well, but they don't understand,"},{"speaker":"Andreas Park","startTime":337.89,"endTime":341.49,"body":"you know, in the design that you"},{"speaker":"Andreas Park","startTime":341.49,"endTime":344.37,"body":"put in this economic"},{"speaker":"Andreas Park","startTime":341.49,"endTime":344.37,"body":"implications, there's design"},{"speaker":"Andreas Park","startTime":344.37,"endTime":348.54,"body":"questions that are directed to"},{"speaker":"Andreas Park","startTime":344.37,"endTime":348.54,"body":"economic incentives, and they're"},{"speaker":"Andreas Park","startTime":348.54,"endTime":351.03,"body":"not aware of them, or they don't"},{"speaker":"Andreas Park","startTime":348.54,"endTime":351.03,"body":"care about them, or they don't"},{"speaker":"Andreas Park","startTime":351.03,"endTime":353.94,"body":"understand them, like, and then"},{"speaker":"Andreas Park","startTime":351.03,"endTime":353.94,"body":"on the other end of the"},{"speaker":"Andreas Park","startTime":353.94,"endTime":356.55,"body":"spectrum, I am I don't really"},{"speaker":"Andreas Park","startTime":353.94,"endTime":356.55,"body":"understand all the technological"},{"speaker":"Andreas Park","startTime":356.55,"endTime":359.82,"body":"details of how things are done."},{"speaker":"Andreas Park","startTime":356.55,"endTime":359.82,"body":"And I still ask them really dumb"},{"speaker":"Andreas Park","startTime":359.82,"endTime":362.91,"body":"questions all the time to some"},{"speaker":"Andreas Park","startTime":359.82,"endTime":362.91,"body":"of my colleagues. Right. So"},{"speaker":"Andreas Park","startTime":363.42,"endTime":367.47,"body":"it's, it's interesting times"},{"speaker":"Andreas Park","startTime":363.42,"endTime":367.47,"body":"there, which makes this what"},{"speaker":"Andreas Park","startTime":367.47,"endTime":370.77,"body":"makes his area so interesting is"},{"speaker":"Andreas Park","startTime":367.47,"endTime":370.77,"body":"also that it really requires a"},{"speaker":"Andreas Park","startTime":370.77,"endTime":374.37,"body":"big view of many different"},{"speaker":"Andreas Park","startTime":370.77,"endTime":374.37,"body":"thought processes to come"},{"speaker":"Andreas Park","startTime":374.37,"endTime":376.05,"body":"together. So it's not just tech."},{"speaker":"Preet Banerjee","startTime":376.53,"endTime":380.07,"body":"Yeah. And and I"},{"speaker":"Preet Banerjee","startTime":376.53,"endTime":380.07,"body":"think, you know, a lot of the"},{"speaker":"Preet Banerjee","startTime":380.31,"endTime":384.0,"body":"conversation is centered around"},{"speaker":"Preet Banerjee","startTime":380.31,"endTime":384.0,"body":"Bitcoin. But there's so many"},{"speaker":"Preet Banerjee","startTime":384.03,"endTime":386.4,"body":"other implications for the"},{"speaker":"Preet Banerjee","startTime":384.03,"endTime":386.4,"body":"underlying blockchain"},{"speaker":"Preet Banerjee","startTime":386.4,"endTime":389.43,"body":"technology. There's so many"},{"speaker":"Preet Banerjee","startTime":386.4,"endTime":389.43,"body":"different cryptocurrencies"},{"speaker":"Preet Banerjee","startTime":389.43,"endTime":393.6,"body":"themselves beyond just Bitcoin."},{"speaker":"Preet Banerjee","startTime":389.43,"endTime":393.6,"body":"So Bitcoin gets a disproportion"},{"speaker":"Preet Banerjee","startTime":393.6,"endTime":397.44,"body":"amount of attention generally"},{"speaker":"Preet Banerjee","startTime":393.6,"endTime":397.44,"body":"for definitely the lay audience."},{"speaker":"Preet Banerjee","startTime":397.86,"endTime":401.55,"body":"But we'll get to all that let's"},{"speaker":"Preet Banerjee","startTime":397.86,"endTime":401.55,"body":"let's start from the beginning,"},{"speaker":"Preet Banerjee","startTime":401.55,"endTime":404.25,"body":"if you will, or at least we'll"},{"speaker":"Preet Banerjee","startTime":401.55,"endTime":404.25,"body":"pick a point in time and call"},{"speaker":"Preet Banerjee","startTime":404.25,"endTime":407.4,"body":"this the beginning. And that"},{"speaker":"Preet Banerjee","startTime":404.25,"endTime":407.4,"body":"would be 2008. With the"},{"speaker":"Preet Banerjee","startTime":407.4,"endTime":410.7,"body":"publication of the Bitcoin white"},{"speaker":"Preet Banerjee","startTime":407.4,"endTime":410.7,"body":"paper. Can you explain the"},{"speaker":"Preet Banerjee","startTime":410.7,"endTime":414.63,"body":"significance of that white"},{"speaker":"Preet Banerjee","startTime":410.7,"endTime":414.63,"body":"paper? And what it led to?"},{"speaker":"Andreas Park","startTime":415.89,"endTime":420.45,"body":"Well, yeah, no,"},{"speaker":"Andreas Park","startTime":415.89,"endTime":420.45,"body":"it's actually a pretty clever"},{"speaker":"Andreas Park","startTime":420.45,"endTime":426.72,"body":"piece, right? So what what this"},{"speaker":"Andreas Park","startTime":420.45,"endTime":426.72,"body":"person Satoshi Nakamoto did was"},{"speaker":"Andreas Park","startTime":426.72,"endTime":430.11,"body":"he took two existing pieces of"},{"speaker":"Andreas Park","startTime":426.72,"endTime":430.11,"body":"technology and put them together"},{"speaker":"Andreas Park","startTime":430.11,"endTime":436.41,"body":"in a smart way to create"},{"speaker":"Andreas Park","startTime":430.11,"endTime":436.41,"body":"Bitcoin, right to create digital"},{"speaker":"Andreas Park","startTime":436.41,"endTime":440.31,"body":"money if you want. And, and so"},{"speaker":"Andreas Park","startTime":436.41,"endTime":440.31,"body":"the genius is, and let me say"},{"speaker":"Andreas Park","startTime":440.31,"endTime":442.86,"body":"what first what the problem is"},{"speaker":"Andreas Park","startTime":440.31,"endTime":442.86,"body":"the, the problem is that there"},{"speaker":"Andreas Park","startTime":442.86,"endTime":448.05,"body":"were attempts before to have"},{"speaker":"Andreas Park","startTime":442.86,"endTime":448.05,"body":"digital money. And the problem"},{"speaker":"Andreas Park","startTime":448.05,"endTime":450.75,"body":"that people couldn't overcome is"},{"speaker":"Andreas Park","startTime":448.05,"endTime":450.75,"body":"a double spend problem, right."},{"speaker":"Andreas Park","startTime":451.02,"endTime":455.01,"body":"So like, if I want to give you"},{"speaker":"Andreas Park","startTime":451.02,"endTime":455.01,"body":"money on the internet, I have to"},{"speaker":"Andreas Park","startTime":455.01,"endTime":457.56,"body":"give you the original if you"},{"speaker":"Andreas Park","startTime":455.01,"endTime":457.56,"body":"want, right, when I send you a"},{"speaker":"Andreas Park","startTime":457.56,"endTime":461.16,"body":"PDF, or a picture, that's really"},{"speaker":"Andreas Park","startTime":457.56,"endTime":461.16,"body":"just a copy, it's never the"},{"speaker":"Andreas Park","startTime":461.16,"endTime":464.82,"body":"original. But for money, you"},{"speaker":"Andreas Park","startTime":461.16,"endTime":464.82,"body":"need the original. And so they"},{"speaker":"Andreas Park","startTime":464.82,"endTime":468.66,"body":"could never really nobody could"},{"speaker":"Andreas Park","startTime":464.82,"endTime":468.66,"body":"really solve the problem of, you"},{"speaker":"Andreas Park","startTime":468.66,"endTime":472.38,"body":"know, making sure that you don't"},{"speaker":"Andreas Park","startTime":468.66,"endTime":472.38,"body":"spend the same dollar twice. And"},{"speaker":"Andreas Park","startTime":472.41,"endTime":477.27,"body":"what Satoshi did was he"},{"speaker":"Andreas Park","startTime":472.41,"endTime":477.27,"body":"basically combined the idea of a"},{"speaker":"Andreas Park","startTime":477.27,"endTime":482.58,"body":"blockchain, which is the linking"},{"speaker":"Andreas Park","startTime":477.27,"endTime":482.58,"body":"of pieces of information in a"},{"speaker":"Andreas Park","startTime":482.58,"endTime":485.64,"body":"cryptographic manner, so that"},{"speaker":"Andreas Park","startTime":482.58,"endTime":485.64,"body":"you could see you could detect"},{"speaker":"Andreas Park","startTime":485.64,"endTime":489.84,"body":"any manipulation with what's"},{"speaker":"Andreas Park","startTime":485.64,"endTime":489.84,"body":"called the proof of work"},{"speaker":"Andreas Park","startTime":489.84,"endTime":495.27,"body":"protocol, which is does a number"},{"speaker":"Andreas Park","startTime":489.84,"endTime":495.27,"body":"of things, it is one, it creates"},{"speaker":"Andreas Park","startTime":495.3,"endTime":499.05,"body":"the ability of a network to have"},{"speaker":"Andreas Park","startTime":495.3,"endTime":499.05,"body":"consensus about, you know, a"},{"speaker":"Andreas Park","startTime":499.05,"endTime":503.61,"body":"change in the network. And it"},{"speaker":"Andreas Park","startTime":499.05,"endTime":503.61,"body":"also makes it really hard to,"},{"speaker":"Andreas Park","startTime":504.0,"endTime":507.84,"body":"you know, to manipulate the"},{"speaker":"Andreas Park","startTime":504.0,"endTime":507.84,"body":"past. Because what it really is."},{"speaker":"Andreas Park","startTime":508.38,"endTime":511.65,"body":"So there's a lot of talk about,"},{"speaker":"Andreas Park","startTime":508.38,"endTime":511.65,"body":"you know, the energy usage and"},{"speaker":"Andreas Park","startTime":511.65,"endTime":514.65,"body":"all of that. But really what it"},{"speaker":"Andreas Park","startTime":511.65,"endTime":514.65,"body":"is about it is a random"},{"speaker":"Andreas Park","startTime":514.65,"endTime":519.51,"body":"mechanism to give people in a"},{"speaker":"Andreas Park","startTime":514.65,"endTime":519.51,"body":"very large network, the ability"},{"speaker":"Andreas Park","startTime":519.51,"endTime":523.95,"body":"to create a new entry in the"},{"speaker":"Andreas Park","startTime":519.51,"endTime":523.95,"body":"blockchain on the accounting"},{"speaker":"Andreas Park","startTime":523.95,"endTime":526.23,"body":"statement if you want, right,"},{"speaker":"Andreas Park","startTime":523.95,"endTime":526.23,"body":"and so,"},{"speaker":"Preet Banerjee","startTime":527.34,"endTime":529.92,"body":"yeah, well, I"},{"speaker":"Preet Banerjee","startTime":527.34,"endTime":529.92,"body":"want to dive into that a little"},{"speaker":"Preet Banerjee","startTime":529.92,"endTime":533.64,"body":"deeper. But before we do, I want"},{"speaker":"Preet Banerjee","startTime":529.92,"endTime":533.64,"body":"to talk a little bit more about"},{"speaker":"Preet Banerjee","startTime":533.64,"endTime":537.39,"body":"the motivation behind coming up"},{"speaker":"Preet Banerjee","startTime":533.64,"endTime":537.39,"body":"with this idea. So I think you"},{"speaker":"Preet Banerjee","startTime":537.42,"endTime":541.14,"body":"you talked about part of it. And"},{"speaker":"Preet Banerjee","startTime":537.42,"endTime":541.14,"body":"that is solving the double spend"},{"speaker":"Preet Banerjee","startTime":541.14,"endTime":545.16,"body":"problem, because with physical"},{"speaker":"Preet Banerjee","startTime":541.14,"endTime":545.16,"body":"cash, you don't you have minor"},{"speaker":"Preet Banerjee","startTime":545.16,"endTime":548.1,"body":"counterfeiting, maybe it's not"},{"speaker":"Preet Banerjee","startTime":545.16,"endTime":548.1,"body":"minor in some circles. But"},{"speaker":"Preet Banerjee","startTime":548.16,"endTime":551.7,"body":"effectively, if I have a $20"},{"speaker":"Preet Banerjee","startTime":548.16,"endTime":551.7,"body":"bill, and I pass it to someone,"},{"speaker":"Preet Banerjee","startTime":551.82,"endTime":555.15,"body":"I can't spend that same $20 bill"},{"speaker":"Preet Banerjee","startTime":551.82,"endTime":555.15,"body":"and give it to someone else,"},{"speaker":"Preet Banerjee","startTime":555.15,"endTime":558.3,"body":"because someone else has that."},{"speaker":"Preet Banerjee","startTime":555.15,"endTime":558.3,"body":"So there is no double spend"},{"speaker":"Preet Banerjee","startTime":558.3,"endTime":562.77,"body":"problem with regular cash for"},{"speaker":"Preet Banerjee","startTime":558.3,"endTime":562.77,"body":"the most part. And so the double"},{"speaker":"Preet Banerjee","startTime":562.77,"endTime":566.73,"body":"spend problem was the one of the"},{"speaker":"Preet Banerjee","startTime":562.77,"endTime":566.73,"body":"main motivations, but when it"},{"speaker":"Preet Banerjee","startTime":566.73,"endTime":572.46,"body":"comes to, you know, a trustless"},{"speaker":"Preet Banerjee","startTime":566.73,"endTime":572.46,"body":"network, the decentralization of"},{"speaker":"Preet Banerjee","startTime":572.46,"endTime":576.21,"body":"this ledger, which is maybe we"},{"speaker":"Preet Banerjee","startTime":572.46,"endTime":576.21,"body":"can explain the blockchain"},{"speaker":"Preet Banerjee","startTime":576.27,"endTime":579.21,"body":"itself for Bitcoin and the other"},{"speaker":"Preet Banerjee","startTime":576.27,"endTime":579.21,"body":"types of blockchains out there"},{"speaker":"Preet Banerjee","startTime":579.21,"endTime":581.61,"body":"is basically a big accounting"},{"speaker":"Preet Banerjee","startTime":579.21,"endTime":581.61,"body":"ledger."},{"speaker":"Andreas Park","startTime":581.94,"endTime":583.89,"body":"Yes, that's right,"},{"speaker":"Andreas Park","startTime":581.94,"endTime":583.89,"body":"exactly."},{"speaker":"Preet Banerjee","startTime":584.91,"endTime":587.97,"body":"And so what this"},{"speaker":"Preet Banerjee","startTime":584.91,"endTime":587.97,"body":"ledger does, and the reason it's"},{"speaker":"Preet Banerjee","startTime":587.97,"endTime":592.32,"body":"called the blockchain is that is"},{"speaker":"Preet Banerjee","startTime":587.97,"endTime":592.32,"body":"a chain of blocks and this block"},{"speaker":"Preet Banerjee","startTime":592.32,"endTime":595.5,"body":"chain gets longer longer as more"},{"speaker":"Preet Banerjee","startTime":592.32,"endTime":595.5,"body":"and more blocks get added, and"},{"speaker":"Preet Banerjee","startTime":595.53,"endTime":601.74,"body":"each block represents the last"},{"speaker":"Preet Banerjee","startTime":595.53,"endTime":601.74,"body":"batch of transactions To add a"},{"speaker":"Preet Banerjee","startTime":601.74,"endTime":606.09,"body":"block onto the official"},{"speaker":"Preet Banerjee","startTime":601.74,"endTime":606.09,"body":"blockchain, you have to as a"},{"speaker":"Preet Banerjee","startTime":606.09,"endTime":609.12,"body":"sense of, you know, all the"},{"speaker":"Preet Banerjee","startTime":606.09,"endTime":609.12,"body":"nodes who are out there taking a"},{"speaker":"Preet Banerjee","startTime":609.12,"endTime":611.7,"body":"look at all the transactions,"},{"speaker":"Preet Banerjee","startTime":609.12,"endTime":611.7,"body":"they're basically solving a"},{"speaker":"Preet Banerjee","startTime":611.7,"endTime":615.75,"body":"cryptographic problem. And part"},{"speaker":"Preet Banerjee","startTime":611.7,"endTime":615.75,"body":"of solving that problem add to"},{"speaker":"Preet Banerjee","startTime":615.75,"endTime":618.63,"body":"that chain means it has to line"},{"speaker":"Preet Banerjee","startTime":615.75,"endTime":618.63,"body":"up with all the previous"},{"speaker":"Preet Banerjee","startTime":618.63,"endTime":621.63,"body":"transactions that have ever"},{"speaker":"Preet Banerjee","startTime":618.63,"endTime":621.63,"body":"done, been done in order to get"},{"speaker":"Preet Banerjee","startTime":621.63,"endTime":625.35,"body":"accepted by all the nodes. So"},{"speaker":"Preet Banerjee","startTime":621.63,"endTime":625.35,"body":"let's talk about this"},{"speaker":"Preet Banerjee","startTime":625.38,"endTime":631.71,"body":"decentralized idea. So when you"},{"speaker":"Preet Banerjee","startTime":625.38,"endTime":631.71,"body":"take a look at a regular ledger,"},{"speaker":"Preet Banerjee","startTime":632.22,"endTime":635.37,"body":"you know whether it is a company"},{"speaker":"Preet Banerjee","startTime":632.22,"endTime":635.37,"body":"that is selling things, they"},{"speaker":"Preet Banerjee","startTime":635.37,"endTime":639.96,"body":"have a record of accounting of"},{"speaker":"Preet Banerjee","startTime":635.37,"endTime":639.96,"body":"inventory, a bank has a record"},{"speaker":"Preet Banerjee","startTime":639.96,"endTime":642.93,"body":"of all transactions that go in"},{"speaker":"Preet Banerjee","startTime":639.96,"endTime":642.93,"body":"and out between their customers"},{"speaker":"Preet Banerjee","startTime":642.93,"endTime":647.07,"body":"and other banks with a central"},{"speaker":"Preet Banerjee","startTime":642.93,"endTime":647.07,"body":"bank. But they are centralized,"},{"speaker":"Preet Banerjee","startTime":647.1,"endTime":651.87,"body":"they are owned by in many cases,"},{"speaker":"Preet Banerjee","startTime":647.1,"endTime":651.87,"body":"a single entity. So what is the"},{"speaker":"Preet Banerjee","startTime":651.87,"endTime":654.78,"body":"idea of the blockchain in terms"},{"speaker":"Preet Banerjee","startTime":651.87,"endTime":654.78,"body":"of it being decentralized? And"},{"speaker":"Preet Banerjee","startTime":654.78,"endTime":655.92,"body":"why is that important?"},{"speaker":"Andreas Park","startTime":656.97,"endTime":659.7,"body":"So and this is a"},{"speaker":"Andreas Park","startTime":656.97,"endTime":659.7,"body":"great question, actually feet."},{"speaker":"Andreas Park","startTime":659.7,"endTime":663.03,"body":"And I think this actually goes"},{"speaker":"Andreas Park","startTime":659.7,"endTime":663.03,"body":"exactly at the core of what the"},{"speaker":"Andreas Park","startTime":663.45,"endTime":667.08,"body":"what the benefit of a blockchain"},{"speaker":"Andreas Park","startTime":663.45,"endTime":667.08,"body":"is. Now, it's often portrayed as"},{"speaker":"Andreas Park","startTime":667.08,"endTime":671.76,"body":"you can do transactions without"},{"speaker":"Andreas Park","startTime":667.08,"endTime":671.76,"body":"needing a trusted third party,"},{"speaker":"Andreas Park","startTime":671.79,"endTime":674.7,"body":"right. So you can basically"},{"speaker":"Andreas Park","startTime":671.79,"endTime":674.7,"body":"anybody can contribute to it and"},{"speaker":"Andreas Park","startTime":674.7,"endTime":677.61,"body":"everybody is happy, but nobody"},{"speaker":"Andreas Park","startTime":674.7,"endTime":677.61,"body":"has to trust anybody for it to"},{"speaker":"Andreas Park","startTime":677.61,"endTime":681.63,"body":"work. Now, this is a pretty cool"},{"speaker":"Andreas Park","startTime":677.61,"endTime":681.63,"body":"idea. But I think the more"},{"speaker":"Andreas Park","startTime":681.63,"endTime":686.13,"body":"important idea here is, is that"},{"speaker":"Andreas Park","startTime":681.63,"endTime":686.13,"body":"you think about a common"},{"speaker":"Andreas Park","startTime":686.13,"endTime":689.52,"body":"infrastructure and a common"},{"speaker":"Andreas Park","startTime":686.13,"endTime":689.52,"body":"resource that anybody can use,"},{"speaker":"Andreas Park","startTime":690.03,"endTime":693.87,"body":"where there's no restriction of"},{"speaker":"Andreas Park","startTime":690.03,"endTime":693.87,"body":"usage. So there's no nobody or"},{"speaker":"Andreas Park","startTime":693.87,"endTime":697.02,"body":"controlled access to it. But"},{"speaker":"Andreas Park","startTime":693.87,"endTime":697.02,"body":"really, the important part is,"},{"speaker":"Andreas Park","startTime":697.05,"endTime":700.71,"body":"it's that it is common for"},{"speaker":"Andreas Park","startTime":697.05,"endTime":700.71,"body":"everybody. So you know, you"},{"speaker":"Andreas Park","startTime":700.71,"endTime":706.68,"body":"don't need you know, it's not,"},{"speaker":"Andreas Park","startTime":700.71,"endTime":706.68,"body":"it's not a siloed ledger, if you"},{"speaker":"Andreas Park","startTime":706.68,"endTime":711.42,"body":"want a siloed piece of where the"},{"speaker":"Andreas Park","startTime":706.68,"endTime":711.42,"body":"information is kept. And I think"},{"speaker":"Andreas Park","startTime":711.42,"endTime":714.93,"body":"if you think about, you know,"},{"speaker":"Andreas Park","startTime":711.42,"endTime":714.93,"body":"collaboration of firms of"},{"speaker":"Andreas Park","startTime":714.93,"endTime":719.4,"body":"individuals, when when we all"},{"speaker":"Andreas Park","startTime":714.93,"endTime":719.4,"body":"work on the same item, or the"},{"speaker":"Andreas Park","startTime":719.4,"endTime":724.14,"body":"same, you know, same problem, or"},{"speaker":"Andreas Park","startTime":719.4,"endTime":724.14,"body":"the same on the same data at any"},{"speaker":"Andreas Park","startTime":724.14,"endTime":729.0,"body":"given point in time, that"},{"speaker":"Andreas Park","startTime":724.14,"endTime":729.0,"body":"creates, what it takes a lot of"},{"speaker":"Andreas Park","startTime":729.0,"endTime":732.33,"body":"inefficiencies. So think about"},{"speaker":"Andreas Park","startTime":729.0,"endTime":732.33,"body":"you and I read, you sent me a"},{"speaker":"Andreas Park","startTime":732.33,"endTime":736.68,"body":"Google document here before,"},{"speaker":"Andreas Park","startTime":732.33,"endTime":736.68,"body":"before we talked right? Now, you"},{"speaker":"Andreas Park","startTime":736.68,"endTime":738.99,"body":"give me access to this document,"},{"speaker":"Andreas Park","startTime":736.68,"endTime":738.99,"body":"and we can edit it at the same"},{"speaker":"Andreas Park","startTime":738.99,"endTime":743.34,"body":"time. Imagine what that does to"},{"speaker":"Andreas Park","startTime":738.99,"endTime":743.34,"body":"a workflow on a phone. And the"},{"speaker":"Andreas Park","startTime":743.34,"endTime":746.34,"body":"same holds. If you think about a"},{"speaker":"Andreas Park","startTime":743.34,"endTime":746.34,"body":"blockchain network, as we all"},{"speaker":"Andreas Park","startTime":746.34,"endTime":749.79,"body":"see the ledger of entries of"},{"speaker":"Andreas Park","startTime":746.34,"endTime":749.79,"body":"where, where the money is, for"},{"speaker":"Andreas Park","startTime":749.79,"endTime":753.3,"body":"instance, and, you know, I can"},{"speaker":"Andreas Park","startTime":749.79,"endTime":753.3,"body":"trust, you know, if I trust the"},{"speaker":"Andreas Park","startTime":753.3,"endTime":756.39,"body":"ledger as it is, and I want to"},{"speaker":"Andreas Park","startTime":753.3,"endTime":756.39,"body":"make a promise statement for a"},{"speaker":"Andreas Park","startTime":756.39,"endTime":759.18,"body":"payment for you in the future, I"},{"speaker":"Andreas Park","startTime":756.39,"endTime":759.18,"body":"can get the information from"},{"speaker":"Andreas Park","startTime":759.18,"endTime":764.55,"body":"that single resource. It's"},{"speaker":"Andreas Park","startTime":759.18,"endTime":764.55,"body":"extremely powerful. You know, I"},{"speaker":"Andreas Park","startTime":764.55,"endTime":768.51,"body":"mean, it's, it's goes completely"},{"speaker":"Andreas Park","startTime":764.55,"endTime":768.51,"body":"against what, especially firms"},{"speaker":"Andreas Park","startTime":768.51,"endTime":770.97,"body":"think, right, so firms like to"},{"speaker":"Andreas Park","startTime":768.51,"endTime":770.97,"body":"think of, they have their own"},{"speaker":"Andreas Park","startTime":770.97,"endTime":773.73,"body":"piece of information, it's"},{"speaker":"Andreas Park","startTime":770.97,"endTime":773.73,"body":"theirs, and you know, nobody"},{"speaker":"Andreas Park","startTime":773.73,"endTime":777.3,"body":"else can look into it. And to"},{"speaker":"Andreas Park","startTime":773.73,"endTime":777.3,"body":"have something like data or, you"},{"speaker":"Andreas Park","startTime":777.3,"endTime":779.7,"body":"know, sensitive, sensitive"},{"speaker":"Andreas Park","startTime":777.3,"endTime":779.7,"body":"information in some form of a"},{"speaker":"Andreas Park","startTime":779.7,"endTime":783.54,"body":"common resource. That's a bit"},{"speaker":"Andreas Park","startTime":779.7,"endTime":783.54,"body":"scary. But at the same time,"},{"speaker":"Andreas Park","startTime":784.71,"endTime":786.63,"body":"it's, it could be very"},{"speaker":"Andreas Park","startTime":784.71,"endTime":786.63,"body":"empowering."},{"speaker":"Preet Banerjee","startTime":787.08,"endTime":792.09,"body":"Let's talk about"},{"speaker":"Preet Banerjee","startTime":787.08,"endTime":792.09,"body":"the the use of this blockchain"},{"speaker":"Preet Banerjee","startTime":792.09,"endTime":795.15,"body":"technology. And first, maybe it"},{"speaker":"Preet Banerjee","startTime":792.09,"endTime":795.15,"body":"should sort of separate, you"},{"speaker":"Preet Banerjee","startTime":795.15,"endTime":800.61,"body":"know, blockchain versus Bitcoin"},{"speaker":"Preet Banerjee","startTime":795.15,"endTime":800.61,"body":"as a currency. These are two"},{"speaker":"Preet Banerjee","startTime":800.61,"endTime":803.58,"body":"separate ideas. So I want the"},{"speaker":"Preet Banerjee","startTime":800.61,"endTime":803.58,"body":"listeners to think right now"},{"speaker":"Preet Banerjee","startTime":803.58,"endTime":806.16,"body":"we're talking about the"},{"speaker":"Preet Banerjee","startTime":803.58,"endTime":806.16,"body":"blockchain and the technology"},{"speaker":"Preet Banerjee","startTime":806.16,"endTime":809.76,"body":"that underpins a number of"},{"speaker":"Preet Banerjee","startTime":806.16,"endTime":809.76,"body":"different use cases, the biggest"},{"speaker":"Preet Banerjee","startTime":809.76,"endTime":813.57,"body":"one that gets the headlines is"},{"speaker":"Preet Banerjee","startTime":809.76,"endTime":813.57,"body":"currency and transactions. So"},{"speaker":"Preet Banerjee","startTime":813.57,"endTime":817.26,"body":"when it comes to payment"},{"speaker":"Preet Banerjee","startTime":813.57,"endTime":817.26,"body":"networks around the world, these"},{"speaker":"Preet Banerjee","startTime":817.26,"endTime":820.71,"body":"are, you know, you have big"},{"speaker":"Preet Banerjee","startTime":817.26,"endTime":820.71,"body":"payment processors like Visa,"},{"speaker":"Preet Banerjee","startTime":820.77,"endTime":823.83,"body":"MasterCard, interact. And they"},{"speaker":"Preet Banerjee","startTime":820.77,"endTime":823.83,"body":"are tracking all these"},{"speaker":"Preet Banerjee","startTime":823.83,"endTime":826.95,"body":"transactions. And they each have"},{"speaker":"Preet Banerjee","startTime":823.83,"endTime":826.95,"body":"their own ledger, which sort of"},{"speaker":"Preet Banerjee","startTime":826.98,"endTime":830.43,"body":"says, Here are all the"},{"speaker":"Preet Banerjee","startTime":826.98,"endTime":830.43,"body":"reconciliations between all"},{"speaker":"Preet Banerjee","startTime":830.43,"endTime":833.13,"body":"these different parties. And so"},{"speaker":"Preet Banerjee","startTime":830.43,"endTime":833.13,"body":"they have a lot of power and a"},{"speaker":"Preet Banerjee","startTime":833.13,"endTime":836.07,"body":"lot of ability to charge people"},{"speaker":"Preet Banerjee","startTime":833.13,"endTime":836.07,"body":"and merchants people a lot of"},{"speaker":"Preet Banerjee","startTime":836.07,"endTime":839.25,"body":"money for these transactions to"},{"speaker":"Preet Banerjee","startTime":836.07,"endTime":839.25,"body":"be processed on these networks."},{"speaker":"Preet Banerjee","startTime":839.67,"endTime":843.69,"body":"And so by disintermediating them"},{"speaker":"Preet Banerjee","startTime":839.67,"endTime":843.69,"body":"and just having a ledger where"},{"speaker":"Preet Banerjee","startTime":843.69,"endTime":846.84,"body":"people can just interact and"},{"speaker":"Preet Banerjee","startTime":843.69,"endTime":846.84,"body":"make transactions directly"},{"speaker":"Preet Banerjee","startTime":846.84,"endTime":851.88,"body":"recorded. The promise was that"},{"speaker":"Preet Banerjee","startTime":846.84,"endTime":851.88,"body":"this would lead to much less"},{"speaker":"Preet Banerjee","startTime":851.88,"endTime":855.84,"body":"transactional costs, maybe"},{"speaker":"Preet Banerjee","startTime":851.88,"endTime":855.84,"body":"faster transactions. So can you"},{"speaker":"Preet Banerjee","startTime":855.84,"endTime":860.91,"body":"talk about what that sort of"},{"speaker":"Preet Banerjee","startTime":855.84,"endTime":860.91,"body":"motivation is and how that is"},{"speaker":"Preet Banerjee","startTime":860.91,"endTime":863.19,"body":"actually playing out in the real"},{"speaker":"Preet Banerjee","startTime":860.91,"endTime":863.19,"body":"world?"},{"speaker":"Andreas Park","startTime":864.9,"endTime":867.9,"body":"So maybe we"},{"speaker":"Andreas Park","startTime":864.9,"endTime":867.9,"body":"should. So this is, again, it's"},{"speaker":"Andreas Park","startTime":867.9,"endTime":871.05,"body":"a it's an interesting and"},{"speaker":"Andreas Park","startTime":867.9,"endTime":871.05,"body":"excellent question to think"},{"speaker":"Andreas Park","startTime":871.05,"endTime":875.34,"body":"about the maybe we should take a"},{"speaker":"Andreas Park","startTime":871.05,"endTime":875.34,"body":"few steps back and just the sort"},{"speaker":"Andreas Park","startTime":875.34,"endTime":877.35,"body":"of first a few things about"},{"speaker":"Andreas Park","startTime":875.34,"endTime":877.35,"body":"Bitcoin, right? Because I think"},{"speaker":"Andreas Park","startTime":877.35,"endTime":880.14,"body":"actually Bitcoin, if you think"},{"speaker":"Andreas Park","startTime":877.35,"endTime":880.14,"body":"is like blockchain one point, or"},{"speaker":"Andreas Park","startTime":880.14,"endTime":882.99,"body":"what's the first implementation"},{"speaker":"Andreas Park","startTime":880.14,"endTime":882.99,"body":"of the whole thing, and it"},{"speaker":"Andreas Park","startTime":882.99,"endTime":885.63,"body":"really has only the single"},{"speaker":"Andreas Park","startTime":882.99,"endTime":885.63,"body":"purpose of shifting money back"},{"speaker":"Andreas Park","startTime":885.63,"endTime":889.53,"body":"and forth, right. So by the way,"},{"speaker":"Andreas Park","startTime":885.63,"endTime":889.53,"body":"it's with bad structured, and"},{"speaker":"Andreas Park","startTime":889.53,"endTime":892.74,"body":"maybe it's useful if we think"},{"speaker":"Andreas Park","startTime":889.53,"endTime":892.74,"body":"about aetherium for a second,"},{"speaker":"Andreas Park","startTime":892.74,"endTime":895.71,"body":"which is the blockchain 2.0,"},{"speaker":"Andreas Park","startTime":892.74,"endTime":895.71,"body":"which is really what you're"},{"speaker":"Andreas Park","startTime":895.71,"endTime":899.88,"body":"alluding to right so that you"},{"speaker":"Andreas Park","startTime":895.71,"endTime":899.88,"body":"have a ledger and a network as"},{"speaker":"Andreas Park","startTime":899.88,"endTime":901.92,"body":"well. Robots can do a lot of"},{"speaker":"Andreas Park","startTime":899.88,"endTime":901.92,"body":"different things at the same"},{"speaker":"Andreas Park","startTime":901.92,"endTime":906.24,"body":"time. And maybe it's maybe just,"},{"speaker":"Andreas Park","startTime":901.92,"endTime":906.24,"body":"you know, I had some really cool"},{"speaker":"Andreas Park","startTime":906.24,"endTime":910.65,"body":"stories about how ethio magic"},{"speaker":"Andreas Park","startTime":906.24,"endTime":910.65,"body":"came into being. This is"},{"speaker":"Andreas Park","startTime":910.65,"endTime":912.72,"body":"secondhand information that may"},{"speaker":"Andreas Park","startTime":910.65,"endTime":912.72,"body":"be useful for your listeners"},{"speaker":"Andreas Park","startTime":912.72,"endTime":913.68,"body":"anyway. Right? So,"},{"speaker":"Preet Banerjee","startTime":913.89,"endTime":914.58,"body":"because"},{"speaker":"Preet Banerjee","startTime":913.89,"endTime":914.58,"body":"literally"},{"speaker":"Andreas Park","startTime":914.58,"endTime":917.13,"body":"the story behind"},{"speaker":"Andreas Park","startTime":914.58,"endTime":917.13,"body":"it, there is and it's actually"},{"speaker":"Andreas Park","startTime":917.13,"endTime":919.35,"body":"quite cute. Right, so you've"},{"speaker":"Andreas Park","startTime":917.13,"endTime":919.35,"body":"you've heard of vitalik boo"},{"speaker":"Andreas Park","startTime":919.35,"endTime":923.88,"body":"Turin or Butera? anwers. Right."},{"speaker":"Andreas Park","startTime":919.35,"endTime":923.88,"body":"And so the story goes like this"},{"speaker":"Andreas Park","startTime":923.88,"endTime":927.3,"body":"is he when he was a kid, and"},{"speaker":"Andreas Park","startTime":923.88,"endTime":927.3,"body":"he's still pretty close to being"},{"speaker":"Andreas Park","startTime":927.3,"endTime":930.51,"body":"a kid. But he, when he was a"},{"speaker":"Andreas Park","startTime":927.3,"endTime":930.51,"body":"kid, he was into computing. He"},{"speaker":"Andreas Park","startTime":930.51,"endTime":933.27,"body":"was into computer games, and you"},{"speaker":"Andreas Park","startTime":930.51,"endTime":933.27,"body":"know, computer games, you have"},{"speaker":"Andreas Park","startTime":933.27,"endTime":935.85,"body":"these characters that you create"},{"speaker":"Andreas Park","startTime":933.27,"endTime":935.85,"body":"over time, right? So they have"},{"speaker":"Andreas Park","startTime":935.85,"endTime":938.91,"body":"weapons and special skills and"},{"speaker":"Andreas Park","startTime":935.85,"endTime":938.91,"body":"all that. And then from one day"},{"speaker":"Andreas Park","startTime":938.91,"endTime":943.65,"body":"to the next, the gaming company"},{"speaker":"Andreas Park","startTime":938.91,"endTime":943.65,"body":"decided to kill that character"},{"speaker":"Andreas Park","startTime":943.65,"endTime":947.37,"body":"off, right, so to restrict"},{"speaker":"Andreas Park","startTime":943.65,"endTime":947.37,"body":"access to it. And, you know,"},{"speaker":"Andreas Park","startTime":947.37,"endTime":949.47,"body":"it's been months actually"},{"speaker":"Andreas Park","startTime":947.37,"endTime":949.47,"body":"creating that character, and it"},{"speaker":"Andreas Park","startTime":949.47,"endTime":953.16,"body":"was absolutely furious about it"},{"speaker":"Andreas Park","startTime":949.47,"endTime":953.16,"body":"was, you know, I actually was"},{"speaker":"Andreas Park","startTime":953.19,"endTime":956.07,"body":"not just furious, very sad, I"},{"speaker":"Andreas Park","startTime":953.19,"endTime":956.07,"body":"was crying asleep and all that"},{"speaker":"Andreas Park","startTime":956.07,"endTime":961.77,"body":"rain. And that's how his dad got"},{"speaker":"Andreas Park","startTime":956.07,"endTime":961.77,"body":"him into bitcoin. Why? Well,"},{"speaker":"Andreas Park","startTime":961.77,"endTime":966.06,"body":"because Bitcoin is what's called"},{"speaker":"Andreas Park","startTime":961.77,"endTime":966.06,"body":"censorship resistance. So no, no"},{"speaker":"Andreas Park","startTime":966.06,"endTime":970.26,"body":"higher authority can take away"},{"speaker":"Andreas Park","startTime":966.06,"endTime":970.26,"body":"your Bitcoin, which is, again, a"},{"speaker":"Andreas Park","startTime":970.26,"endTime":973.38,"body":"very powerful statement, you"},{"speaker":"Andreas Park","startTime":970.26,"endTime":973.38,"body":"know, if you think of many"},{"speaker":"Andreas Park","startTime":973.38,"endTime":975.6,"body":"countries in the world, where"},{"speaker":"Andreas Park","startTime":973.38,"endTime":975.6,"body":"you know, that you have"},{"speaker":"Andreas Park","startTime":975.6,"endTime":977.88,"body":"authoritarian governments that"},{"speaker":"Andreas Park","startTime":975.6,"endTime":977.88,"body":"can take away your money for"},{"speaker":"Andreas Park","startTime":977.88,"endTime":981.84,"body":"whatever reason they want,"},{"speaker":"Andreas Park","startTime":977.88,"endTime":981.84,"body":"right? legitimate or not. And"},{"speaker":"Andreas Park","startTime":981.9,"endTime":985.98,"body":"so, you know, Bitcoin, you can't"},{"speaker":"Andreas Park","startTime":981.9,"endTime":985.98,"body":"do any of that. So this is how"},{"speaker":"Andreas Park","startTime":985.98,"endTime":989.52,"body":"the kid got into bitcoin. And"},{"speaker":"Andreas Park","startTime":985.98,"endTime":989.52,"body":"then, you know, when you"},{"speaker":"Andreas Park","startTime":989.52,"endTime":992.43,"body":"started, he was working on"},{"speaker":"Andreas Park","startTime":989.52,"endTime":992.43,"body":"Bitcoin and he had this idea"},{"speaker":"Andreas Park","startTime":992.43,"endTime":995.37,"body":"that he worked on a problem"},{"speaker":"Andreas Park","startTime":992.43,"endTime":995.37,"body":"which is so called colored"},{"speaker":"Andreas Park","startTime":995.37,"endTime":998.73,"body":"coins, which is where you use"},{"speaker":"Andreas Park","startTime":995.37,"endTime":998.73,"body":"the Bitcoin network to create"},{"speaker":"Andreas Park","startTime":999.12,"endTime":1003.02,"body":"different types of coins or"},{"speaker":"Andreas Park","startTime":999.12,"endTime":1003.02,"body":"assets, such as a character and"},{"speaker":"Andreas Park","startTime":1003.02,"endTime":1006.17,"body":"again, right and then he"},{"speaker":"Andreas Park","startTime":1003.02,"endTime":1006.17,"body":"realized this was a problem was"},{"speaker":"Andreas Park","startTime":1006.17,"endTime":1008.78,"body":"was really hard to solve with"},{"speaker":"Andreas Park","startTime":1006.17,"endTime":1008.78,"body":"Bitcoin, it's just he was just"},{"speaker":"Andreas Park","startTime":1008.84,"endTime":1013.01,"body":"was made for that. And so then"},{"speaker":"Andreas Park","startTime":1008.84,"endTime":1013.01,"body":"he had this idea of because it"},{"speaker":"Andreas Park","startTime":1013.01,"endTime":1015.47,"body":"was also in computer science and"},{"speaker":"Andreas Park","startTime":1013.01,"endTime":1015.47,"body":"all one maybe we can create a"},{"speaker":"Andreas Park","startTime":1015.47,"endTime":1021.23,"body":"network which can, you know,"},{"speaker":"Andreas Park","startTime":1015.47,"endTime":1021.23,"body":"just execute code for us. So"},{"speaker":"Andreas Park","startTime":1021.23,"endTime":1026.66,"body":"that we all agree on, on any"},{"speaker":"Andreas Park","startTime":1021.23,"endTime":1026.66,"body":"change of of computing code at"},{"speaker":"Andreas Park","startTime":1026.66,"endTime":1029.72,"body":"any given point in time. And"},{"speaker":"Andreas Park","startTime":1026.66,"endTime":1029.72,"body":"that's how a theorem came into"},{"speaker":"Andreas Park","startTime":1029.72,"endTime":1033.08,"body":"being right. So it is really a"},{"speaker":"Andreas Park","startTime":1029.72,"endTime":1033.08,"body":"gigantic computing network. Now"},{"speaker":"Andreas Park","startTime":1033.11,"endTime":1036.41,"body":"not not to be mistaken for a"},{"speaker":"Andreas Park","startTime":1033.11,"endTime":1036.41,"body":"supercomputer, which can do a"},{"speaker":"Andreas Park","startTime":1036.41,"endTime":1039.53,"body":"lot of computations. This one"},{"speaker":"Andreas Park","startTime":1036.41,"endTime":1039.53,"body":"can do in a very rudimentary"},{"speaker":"Andreas Park","startTime":1039.53,"endTime":1043.85,"body":"computations, but it can do them"},{"speaker":"Andreas Park","startTime":1039.53,"endTime":1043.85,"body":"in a decentralized manner. Yes,"},{"speaker":"Andreas Park","startTime":1043.91,"endTime":1046.97,"body":"so now I want to because here's"},{"speaker":"Andreas Park","startTime":1043.91,"endTime":1046.97,"body":"where the difference comes into"},{"speaker":"Andreas Park","startTime":1046.97,"endTime":1049.1,"body":"the interface. Right? So if"},{"speaker":"Andreas Park","startTime":1046.97,"endTime":1049.1,"body":"you're an also has a"},{"speaker":"Andreas Park","startTime":1049.1,"endTime":1052.34,"body":"cryptocurrency, but it serves a"},{"speaker":"Andreas Park","startTime":1049.1,"endTime":1052.34,"body":"completely different purpose"},{"speaker":"Andreas Park","startTime":1052.37,"endTime":1056.84,"body":"than Bitcoin. So if theorem is"},{"speaker":"Andreas Park","startTime":1052.37,"endTime":1056.84,"body":"not set up to be an"},{"speaker":"Andreas Park","startTime":1056.84,"endTime":1060.92,"body":"infrastructure to shift digital"},{"speaker":"Andreas Park","startTime":1056.84,"endTime":1060.92,"body":"stickers around, the reason why"},{"speaker":"Andreas Park","startTime":1060.92,"endTime":1063.95,"body":"you have the cryptocurrency in"},{"speaker":"Andreas Park","startTime":1060.92,"endTime":1063.95,"body":"aetherium, is because when you"},{"speaker":"Andreas Park","startTime":1063.95,"endTime":1067.07,"body":"have a piece of code, you can"},{"speaker":"Andreas Park","startTime":1063.95,"endTime":1067.07,"body":"write just a corporate is just"},{"speaker":"Andreas Park","startTime":1067.07,"endTime":1070.73,"body":"four lines long, which goes into"},{"speaker":"Andreas Park","startTime":1067.07,"endTime":1070.73,"body":"an infinite circle, right? And"},{"speaker":"Andreas Park","startTime":1071.03,"endTime":1073.64,"body":"so if you would run something"},{"speaker":"Andreas Park","startTime":1071.03,"endTime":1073.64,"body":"like this on a decentralized"},{"speaker":"Andreas Park","startTime":1073.64,"endTime":1076.85,"body":"network, you would crash"},{"speaker":"Andreas Park","startTime":1073.64,"endTime":1076.85,"body":"networks. So for that reason,"},{"speaker":"Andreas Park","startTime":1076.88,"endTime":1080.51,"body":"you need to have a way to limit"},{"speaker":"Andreas Park","startTime":1076.88,"endTime":1080.51,"body":"that. So how do you do this"},{"speaker":"Andreas Park","startTime":1080.54,"endTime":1083.45,"body":"while you do it by paying, so"},{"speaker":"Andreas Park","startTime":1080.54,"endTime":1083.45,"body":"you have an economic incentive"},{"speaker":"Andreas Park","startTime":1083.45,"endTime":1089.33,"body":"not to run code, which goes into"},{"speaker":"Andreas Park","startTime":1083.45,"endTime":1089.33,"body":"infinite loops. And so the"},{"speaker":"Andreas Park","startTime":1089.33,"endTime":1092.48,"body":"reason therefore, for this"},{"speaker":"Andreas Park","startTime":1089.33,"endTime":1092.48,"body":"network to work is actually that"},{"speaker":"Andreas Park","startTime":1092.48,"endTime":1095.36,"body":"there is something of value,"},{"speaker":"Andreas Park","startTime":1092.48,"endTime":1095.36,"body":"which is, you know, the ether"},{"speaker":"Andreas Park","startTime":1095.36,"endTime":1099.11,"body":"that you have to pay for the"},{"speaker":"Andreas Park","startTime":1095.36,"endTime":1099.11,"body":"execution of code, and that"},{"speaker":"Andreas Park","startTime":1099.11,"endTime":1102.56,"body":"there is a limited resource for"},{"speaker":"Andreas Park","startTime":1099.11,"endTime":1102.56,"body":"that. So you know, it's a"},{"speaker":"Andreas Park","startTime":1102.56,"endTime":1105.68,"body":"philosophically, that's actually"},{"speaker":"Andreas Park","startTime":1102.56,"endTime":1105.68,"body":"really different from how"},{"speaker":"Andreas Park","startTime":1105.68,"endTime":1109.28,"body":"Bitcoin was conceived, and what"},{"speaker":"Andreas Park","startTime":1105.68,"endTime":1109.28,"body":"Bitcoin was doing, which is"},{"speaker":"Andreas Park","startTime":1109.28,"endTime":1112.34,"body":"pretty, it's, you know, using z"},{"speaker":"Andreas Park","startTime":1109.28,"endTime":1112.34,"body":"already how the, for me"},{"speaker":"Andreas Park","startTime":1112.34,"endTime":1114.05,"body":"personally, is really"},{"speaker":"Andreas Park","startTime":1112.34,"endTime":1114.05,"body":"interesting how the economics"},{"speaker":"Andreas Park","startTime":1114.05,"endTime":1114.77,"body":"comes into this."},{"speaker":"Preet Banerjee","startTime":1115.07,"endTime":1116.96,"body":"Well, I was"},{"speaker":"Preet Banerjee","startTime":1115.07,"endTime":1116.96,"body":"gonna ask you to, to sort of,"},{"speaker":"Preet Banerjee","startTime":1116.99,"endTime":1120.44,"body":"you know, put on your economists"},{"speaker":"Preet Banerjee","startTime":1116.99,"endTime":1120.44,"body":"hat and sort of say, comparing,"},{"speaker":"Preet Banerjee","startTime":1120.56,"endTime":1124.58,"body":"you know, Bitcoin and the"},{"speaker":"Preet Banerjee","startTime":1120.56,"endTime":1124.58,"body":"Bitcoin ecosystem to aetherium."},{"speaker":"Preet Banerjee","startTime":1125.18,"endTime":1129.68,"body":"It looks to me like aetherium"},{"speaker":"Preet Banerjee","startTime":1125.18,"endTime":1129.68,"body":"has so much more possibility"},{"speaker":"Preet Banerjee","startTime":1129.71,"endTime":1133.31,"body":"behind it, then then Bitcoin,"},{"speaker":"Preet Banerjee","startTime":1129.71,"endTime":1133.31,"body":"like you said, 1.0 versus 2.0,"},{"speaker":"Preet Banerjee","startTime":1133.31,"endTime":1136.07,"body":"is probably a really great way"},{"speaker":"Preet Banerjee","startTime":1133.31,"endTime":1136.07,"body":"to think about it, because it"},{"speaker":"Preet Banerjee","startTime":1136.07,"endTime":1139.97,"body":"tackles maybe more head on some"},{"speaker":"Preet Banerjee","startTime":1136.07,"endTime":1139.97,"body":"of these issues, that would be a"},{"speaker":"Preet Banerjee","startTime":1139.97,"endTime":1143.9,"body":"very much interest to an"},{"speaker":"Preet Banerjee","startTime":1139.97,"endTime":1143.9,"body":"economist. And so maybe I can,"},{"speaker":"Preet Banerjee","startTime":1144.14,"endTime":1149.0,"body":"you know, if we go back to, to"},{"speaker":"Preet Banerjee","startTime":1144.14,"endTime":1149.0,"body":"Bitcoin, and in he talked about"},{"speaker":"Preet Banerjee","startTime":1149.03,"endTime":1151.82,"body":"how a lot of people pay"},{"speaker":"Preet Banerjee","startTime":1149.03,"endTime":1151.82,"body":"attention to the electricity"},{"speaker":"Preet Banerjee","startTime":1151.82,"endTime":1155.75,"body":"consumption, I do want to spend"},{"speaker":"Preet Banerjee","startTime":1151.82,"endTime":1155.75,"body":"a little bit of time talking"},{"speaker":"Preet Banerjee","startTime":1155.75,"endTime":1160.4,"body":"about the whole notion of mining"},{"speaker":"Preet Banerjee","startTime":1155.75,"endTime":1160.4,"body":"and incentives, you know, and"},{"speaker":"Preet Banerjee","startTime":1160.4,"endTime":1166.55,"body":"what is the incentive to commit"},{"speaker":"Preet Banerjee","startTime":1160.4,"endTime":1166.55,"body":"resources to verifying the next"},{"speaker":"Preet Banerjee","startTime":1166.61,"endTime":1169.13,"body":"block that gets added to the"},{"speaker":"Preet Banerjee","startTime":1166.61,"endTime":1169.13,"body":"blockchain? So can you talk to"},{"speaker":"Preet Banerjee","startTime":1169.13,"endTime":1172.67,"body":"me about the incentives in that,"},{"speaker":"Preet Banerjee","startTime":1169.13,"endTime":1172.67,"body":"and how that relates to"},{"speaker":"Preet Banerjee","startTime":1172.67,"endTime":1173.72,"body":"electricity consumption?"},{"speaker":"Andreas Park","startTime":1174.77,"endTime":1177.62,"body":"Yeah. So let's"},{"speaker":"Andreas Park","startTime":1174.77,"endTime":1177.62,"body":"talk about how this actually"},{"speaker":"Andreas Park","startTime":1177.62,"endTime":1183.2,"body":"works. So So the basic principle"},{"speaker":"Andreas Park","startTime":1177.62,"endTime":1183.2,"body":"that you need for this network"},{"speaker":"Andreas Park","startTime":1183.2,"endTime":1188.78,"body":"to work is that actually, let me"},{"speaker":"Andreas Park","startTime":1183.2,"endTime":1188.78,"body":"let me put it differently. So if"},{"speaker":"Andreas Park","startTime":1188.78,"endTime":1192.8,"body":"you want to steal from this"},{"speaker":"Andreas Park","startTime":1188.78,"endTime":1192.8,"body":"network, right, what you need is"},{"speaker":"Andreas Park","startTime":1192.8,"endTime":1196.43,"body":"you need to have the ability to"},{"speaker":"Andreas Park","startTime":1192.8,"endTime":1196.43,"body":"create multiple blocks"},{"speaker":"Andreas Park","startTime":1196.43,"endTime":1200.78,"body":"predictably over time. Okay, so"},{"speaker":"Andreas Park","startTime":1196.43,"endTime":1200.78,"body":"I mean, you If you had the"},{"speaker":"Andreas Park","startTime":1200.78,"endTime":1203.42,"body":"ability to do that you could"},{"speaker":"Andreas Park","startTime":1200.78,"endTime":1203.42,"body":"steal the money and basically"},{"speaker":"Andreas Park","startTime":1203.42,"endTime":1206.81,"body":"take whatever you want. Now, in"},{"speaker":"Andreas Park","startTime":1203.42,"endTime":1206.81,"body":"order to prevent that, what you"},{"speaker":"Andreas Park","startTime":1206.81,"endTime":1210.65,"body":"have to get is you have to have"},{"speaker":"Andreas Park","startTime":1206.81,"endTime":1210.65,"body":"a mechanism by which, you know,"},{"speaker":"Andreas Park","startTime":1210.65,"endTime":1214.97,"body":"the the next generator of the"},{"speaker":"Andreas Park","startTime":1210.65,"endTime":1214.97,"body":"block is is found at random. So"},{"speaker":"Andreas Park","startTime":1214.97,"endTime":1218.6,"body":"you have, you know, let's say, a"},{"speaker":"Andreas Park","startTime":1214.97,"endTime":1218.6,"body":"million people that all want to"},{"speaker":"Andreas Park","startTime":1218.6,"endTime":1223.07,"body":"be participating in this for"},{"speaker":"Andreas Park","startTime":1218.6,"endTime":1223.07,"body":"whatever reason. And you pick"},{"speaker":"Andreas Park","startTime":1223.07,"endTime":1226.28,"body":"only one of them at random to be"},{"speaker":"Andreas Park","startTime":1223.07,"endTime":1226.28,"body":"doing this, man. So that's,"},{"speaker":"Andreas Park","startTime":1226.28,"endTime":1230.33,"body":"that's basically the mechanism."},{"speaker":"Andreas Park","startTime":1226.28,"endTime":1230.33,"body":"This is what this Bitcoin mining"},{"speaker":"Andreas Park","startTime":1230.33,"endTime":1234.32,"body":"is actually really all about."},{"speaker":"Andreas Park","startTime":1230.33,"endTime":1234.32,"body":"Now, why is why is this picking"},{"speaker":"Andreas Park","startTime":1234.32,"endTime":1239.39,"body":"at random, this cryptographic"},{"speaker":"Andreas Park","startTime":1234.32,"endTime":1239.39,"body":"puzzle that you have to solve is"},{"speaker":"Andreas Park","startTime":1239.39,"endTime":1243.02,"body":"really nothing is on Sunday,"},{"speaker":"Andreas Park","startTime":1239.39,"endTime":1243.02,"body":"which you can only solve by"},{"speaker":"Andreas Park","startTime":1243.02,"endTime":1247.16,"body":"making random guesses. Okay, and"},{"speaker":"Andreas Park","startTime":1243.02,"endTime":1247.16,"body":"so, therefore, these random"},{"speaker":"Andreas Park","startTime":1247.16,"endTime":1251.06,"body":"guesses essentially serve as the"},{"speaker":"Andreas Park","startTime":1247.16,"endTime":1251.06,"body":"random mechanism to to select"},{"speaker":"Andreas Park","startTime":1251.06,"endTime":1253.88,"body":"somebody at random to be the"},{"speaker":"Andreas Park","startTime":1251.06,"endTime":1253.88,"body":"winner of this. Now, you can"},{"speaker":"Andreas Park","startTime":1254.21,"endTime":1257.66,"body":"temper this by committing"},{"speaker":"Andreas Park","startTime":1254.21,"endTime":1257.66,"body":"computing resources to it,"},{"speaker":"Andreas Park","startTime":1257.72,"endTime":1261.05,"body":"right, so the more guesses you"},{"speaker":"Andreas Park","startTime":1257.72,"endTime":1261.05,"body":"can make per second, the more"},{"speaker":"Andreas Park","startTime":1261.05,"endTime":1263.99,"body":"likely it is that you will win."},{"speaker":"Andreas Park","startTime":1261.05,"endTime":1263.99,"body":"But it's still still a random"},{"speaker":"Andreas Park","startTime":1263.99,"endTime":1265.94,"body":"mechanism only for each"},{"speaker":"Andreas Park","startTime":1263.99,"endTime":1265.94,"body":"individual."},{"speaker":"Preet Banerjee","startTime":1266.69,"endTime":1269.48,"body":"And sorry to cut"},{"speaker":"Preet Banerjee","startTime":1266.69,"endTime":1269.48,"body":"you off. So when it comes to,"},{"speaker":"Preet Banerjee","startTime":1270.11,"endTime":1272.78,"body":"you know, the computing power."},{"speaker":"Preet Banerjee","startTime":1270.11,"endTime":1272.78,"body":"So a couple years ago, I was"},{"speaker":"Preet Banerjee","startTime":1272.78,"endTime":1275.81,"body":"building a PC. And as I was"},{"speaker":"Preet Banerjee","startTime":1272.78,"endTime":1275.81,"body":"sorting out the different parts,"},{"speaker":"Preet Banerjee","startTime":1275.81,"endTime":1279.05,"body":"I was looking for a graphics"},{"speaker":"Preet Banerjee","startTime":1275.81,"endTime":1279.05,"body":"card. And I noticed that there"},{"speaker":"Preet Banerjee","startTime":1279.05,"endTime":1284.33,"body":"was either some anomalous sort"},{"speaker":"Preet Banerjee","startTime":1279.05,"endTime":1284.33,"body":"of premiums being set on the"},{"speaker":"Preet Banerjee","startTime":1284.33,"endTime":1287.09,"body":"regular price of these cards, or"},{"speaker":"Preet Banerjee","startTime":1284.33,"endTime":1287.09,"body":"I just could not get these"},{"speaker":"Preet Banerjee","startTime":1287.09,"endTime":1290.27,"body":"graphics cards. And then I"},{"speaker":"Preet Banerjee","startTime":1287.09,"endTime":1290.27,"body":"realized that one of the reasons"},{"speaker":"Preet Banerjee","startTime":1290.27,"endTime":1293.78,"body":"for this and maybe the main"},{"speaker":"Preet Banerjee","startTime":1290.27,"endTime":1293.78,"body":"reason was, all these miners,"},{"speaker":"Preet Banerjee","startTime":1294.77,"endTime":1298.4,"body":"were buying up bunches and"},{"speaker":"Preet Banerjee","startTime":1294.77,"endTime":1298.4,"body":"bunches of these graphic cards"},{"speaker":"Preet Banerjee","startTime":1298.4,"endTime":1300.86,"body":"and daisy chaining them"},{"speaker":"Preet Banerjee","startTime":1298.4,"endTime":1300.86,"body":"together, because that serves"},{"speaker":"Preet Banerjee","startTime":1300.86,"endTime":1305.15,"body":"the basis of a lot of the"},{"speaker":"Preet Banerjee","startTime":1300.86,"endTime":1305.15,"body":"computing power that goes into"},{"speaker":"Preet Banerjee","startTime":1305.72,"endTime":1307.76,"body":"bitcoin mining, is that correct?"},{"speaker":"Andreas Park","startTime":1307.88,"endTime":1310.79,"body":"That is absolutely"},{"speaker":"Andreas Park","startTime":1307.88,"endTime":1310.79,"body":"correct. Because so this"},{"speaker":"Andreas Park","startTime":1310.82,"endTime":1314.84,"body":"solution is random guessing as"},{"speaker":"Andreas Park","startTime":1310.82,"endTime":1314.84,"body":"it is, it's an extremely trivial"},{"speaker":"Andreas Park","startTime":1314.84,"endTime":1318.47,"body":"process, right? Because all that"},{"speaker":"Andreas Park","startTime":1314.84,"endTime":1318.47,"body":"it is, is that you take a bunch"},{"speaker":"Andreas Park","startTime":1318.47,"endTime":1321.86,"body":"of data, and then you add"},{"speaker":"Andreas Park","startTime":1318.47,"endTime":1321.86,"body":"another piece of data to it. And"},{"speaker":"Andreas Park","startTime":1321.86,"endTime":1325.61,"body":"then you run a piece of code,"},{"speaker":"Andreas Park","startTime":1321.86,"endTime":1325.61,"body":"which is roughly 200 lines long."},{"speaker":"Andreas Park","startTime":1326.15,"endTime":1329.63,"body":"It's called a hashing mechanism,"},{"speaker":"Andreas Park","startTime":1326.15,"endTime":1329.63,"body":"developed, by the way, by, you"},{"speaker":"Andreas Park","startTime":1329.63,"endTime":1333.41,"body":"know, the NSA, the National"},{"speaker":"Andreas Park","startTime":1329.63,"endTime":1333.41,"body":"Security Agency, which is used"},{"speaker":"Andreas Park","startTime":1333.41,"endTime":1338.0,"body":"also encryptions. And all that,"},{"speaker":"Andreas Park","startTime":1333.41,"endTime":1338.0,"body":"that's all that you do. So you"},{"speaker":"Andreas Park","startTime":1338.0,"endTime":1340.22,"body":"know, and that's something which"},{"speaker":"Andreas Park","startTime":1338.0,"endTime":1340.22,"body":"graphic cards are really good"},{"speaker":"Andreas Park","startTime":1340.22,"endTime":1343.19,"body":"at, to do these, these really,"},{"speaker":"Andreas Park","startTime":1340.22,"endTime":1343.19,"body":"really small tasks, but many,"},{"speaker":"Andreas Park","startTime":1343.19,"endTime":1346.52,"body":"many, many times over, as it's,"},{"speaker":"Andreas Park","startTime":1343.19,"endTime":1346.52,"body":"it's not like a computer"},{"speaker":"Andreas Park","startTime":1346.52,"endTime":1349.31,"body":"processor, or, you know, quantum"},{"speaker":"Andreas Park","startTime":1346.52,"endTime":1349.31,"body":"computer, which has to do"},{"speaker":"Andreas Park","startTime":1349.31,"endTime":1351.71,"body":"something really, really"},{"speaker":"Andreas Park","startTime":1349.31,"endTime":1351.71,"body":"difficult. Now, this is really"},{"speaker":"Andreas Park","startTime":1351.71,"endTime":1352.58,"body":"trivial to do."},{"speaker":"Preet Banerjee","startTime":1353.54,"endTime":1354.68,"body":"That's"},{"speaker":"Preet Banerjee","startTime":1353.54,"endTime":1354.68,"body":"interesting, because I was gonna"},{"speaker":"Preet Banerjee","startTime":1354.68,"endTime":1358.55,"body":"ask you about, you know, what,"},{"speaker":"Preet Banerjee","startTime":1354.68,"endTime":1358.55,"body":"what potential risk is a, you"},{"speaker":"Preet Banerjee","startTime":1358.55,"endTime":1362.48,"body":"know, quantum computing pose to"},{"speaker":"Preet Banerjee","startTime":1358.55,"endTime":1362.48,"body":"blockchains integrity, because,"},{"speaker":"Preet Banerjee","startTime":1362.9,"endTime":1365.03,"body":"you know, in the white paper,"},{"speaker":"Preet Banerjee","startTime":1362.9,"endTime":1365.03,"body":"the Bitcoin white paper itself,"},{"speaker":"Preet Banerjee","startTime":1365.03,"endTime":1370.76,"body":"it talks about as long as the"},{"speaker":"Preet Banerjee","startTime":1365.03,"endTime":1370.76,"body":"majority of CPU power is not"},{"speaker":"Preet Banerjee","startTime":1370.76,"endTime":1375.23,"body":"controlled by a bad actor, then"},{"speaker":"Preet Banerjee","startTime":1370.76,"endTime":1375.23,"body":"the integrity of the blockchain"},{"speaker":"Preet Banerjee","startTime":1375.26,"endTime":1379.04,"body":"is good. In fact, the blockchain"},{"speaker":"Preet Banerjee","startTime":1375.26,"endTime":1379.04,"body":"itself has never been hacked."},{"speaker":"Preet Banerjee","startTime":1379.13,"endTime":1381.56,"body":"Right. That's how good this is."},{"speaker":"Preet Banerjee","startTime":1379.13,"endTime":1381.56,"body":"Correct?"},{"speaker":"Andreas Park","startTime":1381.77,"endTime":1383.45,"body":"That is absolutely"},{"speaker":"Andreas Park","startTime":1381.77,"endTime":1383.45,"body":"correct. Yes. There's never been"},{"speaker":"Andreas Park","startTime":1383.45,"endTime":1384.68,"body":"down and never been hacked."},{"speaker":"Preet Banerjee","startTime":1384.98,"endTime":1388.19,"body":"Yeah, I mean,"},{"speaker":"Preet Banerjee","startTime":1384.98,"endTime":1388.19,"body":"that in and of itself is a such"},{"speaker":"Preet Banerjee","startTime":1388.19,"endTime":1392.75,"body":"an incredible innovation,"},{"speaker":"Preet Banerjee","startTime":1388.19,"endTime":1392.75,"body":"technological innovation. But"},{"speaker":"Preet Banerjee","startTime":1392.75,"endTime":1395.21,"body":"again, as you said, that's just"},{"speaker":"Preet Banerjee","startTime":1392.75,"endTime":1395.21,"body":"1.0 there's so many other things"},{"speaker":"Preet Banerjee","startTime":1395.21,"endTime":1399.05,"body":"that can be now done. And I get"},{"speaker":"Preet Banerjee","startTime":1395.21,"endTime":1399.05,"body":"the sense that people are maybe"},{"speaker":"Preet Banerjee","startTime":1399.05,"endTime":1403.1,"body":"putting too much weight on"},{"speaker":"Preet Banerjee","startTime":1399.05,"endTime":1403.1,"body":"Bitcoin and they're kind of"},{"speaker":"Preet Banerjee","startTime":1403.37,"endTime":1405.2,"body":"tying everything together into"},{"speaker":"Preet Banerjee","startTime":1403.37,"endTime":1405.2,"body":"this one thing. It's"},{"speaker":"Preet Banerjee","startTime":1405.2,"endTime":1408.17,"body":"cryptocurrency. It's Bitcoin,"},{"speaker":"Preet Banerjee","startTime":1405.2,"endTime":1408.17,"body":"but there's so much more to"},{"speaker":"Preet Banerjee","startTime":1408.17,"endTime":1412.07,"body":"cryptocurrencies in the"},{"speaker":"Preet Banerjee","startTime":1408.17,"endTime":1412.07,"body":"ecosystem, as as you're"},{"speaker":"Preet Banerjee","startTime":1412.13,"endTime":1415.88,"body":"enlightening our audience with"},{"speaker":"Preet Banerjee","startTime":1412.13,"endTime":1415.88,"body":"so. Okay, so to get back to the"},{"speaker":"Preet Banerjee","startTime":1415.88,"endTime":1419.78,"body":"electricity consumption, I do"},{"speaker":"Preet Banerjee","startTime":1415.88,"endTime":1419.78,"body":"have one more question on this."},{"speaker":"Preet Banerjee","startTime":1419.81,"endTime":1423.74,"body":"And I don't know if you saw"},{"speaker":"Preet Banerjee","startTime":1419.81,"endTime":1423.74,"body":"this, but Kevin O'Leary recently"},{"speaker":"Preet Banerjee","startTime":1424.01,"endTime":1429.47,"body":"made some headlines because he"},{"speaker":"Preet Banerjee","startTime":1424.01,"endTime":1429.47,"body":"said that he would no longer buy"},{"speaker":"Preet Banerjee","startTime":1429.47,"endTime":1435.08,"body":"bitcoin that was mined with"},{"speaker":"Preet Banerjee","startTime":1429.47,"endTime":1435.08,"body":"unethical energy sources. And"},{"speaker":"Preet Banerjee","startTime":1435.08,"endTime":1438.2,"body":"the question I have is how the"},{"speaker":"Preet Banerjee","startTime":1435.08,"endTime":1438.2,"body":"heck would you even know that?"},{"speaker":"Andreas Park","startTime":1439.67,"endTime":1440.66,"body":"This is"},{"speaker":"Andreas Park","startTime":1439.67,"endTime":1440.66,"body":"ridiculous."},{"speaker":"Preet Banerjee","startTime":1450.17,"endTime":1452.48,"body":"The conversation"},{"speaker":"Preet Banerjee","startTime":1450.17,"endTime":1452.48,"body":"with Professor Andreas Park"},{"speaker":"Preet Banerjee","startTime":1452.48,"endTime":1456.05,"body":"continues in just a minute. But"},{"speaker":"Preet Banerjee","startTime":1452.48,"endTime":1456.05,"body":"first, a few thank yous to"},{"speaker":"Preet Banerjee","startTime":1456.05,"endTime":1460.85,"body":"listeners who left comments on"},{"speaker":"Preet Banerjee","startTime":1456.05,"endTime":1460.85,"body":"Apple podcasts, as saw on br z"},{"speaker":"Preet Banerjee","startTime":1460.88,"endTime":1463.82,"body":"or B or Zed, who found the"},{"speaker":"Preet Banerjee","startTime":1460.88,"endTime":1463.82,"body":"podcast after watching some of"},{"speaker":"Preet Banerjee","startTime":1463.82,"endTime":1468.26,"body":"my YouTube videos. Thank you for"},{"speaker":"Preet Banerjee","startTime":1463.82,"endTime":1468.26,"body":"dropping bias on and smoking Joe"},{"speaker":"Preet Banerjee","startTime":1468.29,"endTime":1471.14,"body":"who left burger joint"},{"speaker":"Preet Banerjee","startTime":1468.29,"endTime":1471.14,"body":"recommendations for me the next"},{"speaker":"Preet Banerjee","startTime":1471.14,"endTime":1476.06,"body":"time I'm in Ottawa, and he"},{"speaker":"Preet Banerjee","startTime":1471.14,"endTime":1476.06,"body":"recommended the old Dubliner and"},{"speaker":"Preet Banerjee","startTime":1476.06,"endTime":1478.43,"body":"the poor house, and I'll be sure"},{"speaker":"Preet Banerjee","startTime":1476.06,"endTime":1478.43,"body":"to check those out. So thank you"},{"speaker":"Preet Banerjee","startTime":1478.43,"endTime":1481.97,"body":"for those tips. And thank you to"},{"speaker":"Preet Banerjee","startTime":1478.43,"endTime":1481.97,"body":"everyone who leaves ratings and"},{"speaker":"Preet Banerjee","startTime":1481.97,"endTime":1485.63,"body":"comments on Apple podcasts. I"},{"speaker":"Preet Banerjee","startTime":1481.97,"endTime":1485.63,"body":"appreciate them. I do read them"},{"speaker":"Preet Banerjee","startTime":1485.63,"endTime":1489.74,"body":"all. And if you have either"},{"speaker":"Preet Banerjee","startTime":1485.63,"endTime":1489.74,"body":"burger recommendations or donut"},{"speaker":"Preet Banerjee","startTime":1489.74,"endTime":1492.35,"body":"recommendations, please do feel"},{"speaker":"Preet Banerjee","startTime":1489.74,"endTime":1492.35,"body":"free to leave those in the"},{"speaker":"Preet Banerjee","startTime":1492.35,"endTime":1496.4,"body":"comments. I'm a sucker for both."},{"speaker":"Preet Banerjee","startTime":1492.35,"endTime":1496.4,"body":"And now back to the conversation"},{"speaker":"Preet Banerjee","startTime":1496.4,"endTime":1498.62,"body":"with Professor Andres Park."},{"speaker":"Andreas Park","startTime":1505.009,"endTime":1508.099,"body":"Now let's let's be"},{"speaker":"Andreas Park","startTime":1505.009,"endTime":1508.099,"body":"sorted. So you know, I fully"},{"speaker":"Andreas Park","startTime":1508.099,"endTime":1511.399,"body":"agree by the way that so this"},{"speaker":"Andreas Park","startTime":1508.099,"endTime":1511.399,"body":"Bitcoin energy consumption is,"},{"speaker":"Andreas Park","startTime":1511.759,"endTime":1517.189,"body":"is a very sad side effect of it"},{"speaker":"Andreas Park","startTime":1511.759,"endTime":1517.189,"body":"right. But let's, let's take one"},{"speaker":"Andreas Park","startTime":1517.189,"endTime":1520.459,"body":"step back. And let's think"},{"speaker":"Andreas Park","startTime":1517.189,"endTime":1520.459,"body":"about, you know, the energy"},{"speaker":"Andreas Park","startTime":1520.459,"endTime":1525.529,"body":"consumption per se, I would"},{"speaker":"Andreas Park","startTime":1520.459,"endTime":1525.529,"body":"argue, now there's this, there's"},{"speaker":"Andreas Park","startTime":1525.529,"endTime":1527.659,"body":"two things, I'm going to make a"},{"speaker":"Andreas Park","startTime":1525.529,"endTime":1527.659,"body":"little provision at the very end"},{"speaker":"Andreas Park","startTime":1527.659,"endTime":1530.509,"body":"of what I'm going to say. But"},{"speaker":"Andreas Park","startTime":1527.659,"endTime":1530.509,"body":"let's just think about where"},{"speaker":"Andreas Park","startTime":1530.509,"endTime":1534.289,"body":"electricity is produced and how."},{"speaker":"Andreas Park","startTime":1530.509,"endTime":1534.289,"body":"So we have hydro electricity, we"},{"speaker":"Andreas Park","startTime":1534.289,"endTime":1538.189,"body":"have wind, electricity, and"},{"speaker":"Andreas Park","startTime":1534.289,"endTime":1538.189,"body":"nuclear power, right. So these"},{"speaker":"Andreas Park","startTime":1538.189,"endTime":1540.379,"body":"are major sources of"},{"speaker":"Andreas Park","startTime":1538.189,"endTime":1540.379,"body":"electricity, forget about coal"},{"speaker":"Andreas Park","startTime":1540.379,"endTime":1543.739,"body":"plants and the dirty"},{"speaker":"Andreas Park","startTime":1540.379,"endTime":1543.739,"body":"electricity. But these are, for"},{"speaker":"Andreas Park","startTime":1543.739,"endTime":1549.619,"body":"practical purposes, not co2 in"},{"speaker":"Andreas Park","startTime":1543.739,"endTime":1549.619,"body":"you know, harming technologies"},{"speaker":"Andreas Park","startTime":1549.619,"endTime":1552.019,"body":"at this point. Now, nuclear, of"},{"speaker":"Andreas Park","startTime":1549.619,"endTime":1552.019,"body":"course, we know that there's"},{"speaker":"Andreas Park","startTime":1552.019,"endTime":1555.139,"body":"issues with this. I don't want"},{"speaker":"Andreas Park","startTime":1552.019,"endTime":1555.139,"body":"to put that aside, but it exists"},{"speaker":"Andreas Park","startTime":1555.139,"endTime":1559.039,"body":"for now. Right? So let's go with"},{"speaker":"Andreas Park","startTime":1555.139,"endTime":1559.039,"body":"that. Now, all of these"},{"speaker":"Andreas Park","startTime":1559.879,"endTime":1563.539,"body":"technologies create electricity"},{"speaker":"Andreas Park","startTime":1559.879,"endTime":1563.539,"body":"at times when it's not needed,"},{"speaker":"Andreas Park","startTime":1563.719,"endTime":1566.779,"body":"right. So hydro runs at night,"},{"speaker":"Andreas Park","startTime":1563.719,"endTime":1566.779,"body":"nobody uses electricity at"},{"speaker":"Andreas Park","startTime":1566.779,"endTime":1570.979,"body":"night, windmills, mostly run at"},{"speaker":"Andreas Park","startTime":1566.779,"endTime":1570.979,"body":"night, nobody needs electricity"},{"speaker":"Andreas Park","startTime":1570.979,"endTime":1573.949,"body":"at night. And the same holds for"},{"speaker":"Andreas Park","startTime":1570.979,"endTime":1573.949,"body":"nuclear power, nuclear power is"},{"speaker":"Andreas Park","startTime":1573.979,"endTime":1577.369,"body":"always on. And it doesn't create"},{"speaker":"Andreas Park","startTime":1573.979,"endTime":1577.369,"body":"electricity at night, it just"},{"speaker":"Andreas Park","startTime":1577.369,"endTime":1579.619,"body":"creates electricity at nights"},{"speaker":"Andreas Park","startTime":1577.369,"endTime":1579.619,"body":"when it's not needed. So you"},{"speaker":"Andreas Park","startTime":1579.619,"endTime":1584.269,"body":"know, Belgium had nuclear power"},{"speaker":"Andreas Park","startTime":1579.619,"endTime":1584.269,"body":"stations very early on, and they"},{"speaker":"Andreas Park","startTime":1584.269,"endTime":1588.439,"body":"have all their highways, they"},{"speaker":"Andreas Park","startTime":1584.269,"endTime":1588.439,"body":"have lamps, street lamps, on all"},{"speaker":"Andreas Park","startTime":1588.439,"endTime":1592.819,"body":"their highways, forgetting about"},{"speaker":"Andreas Park","startTime":1588.439,"endTime":1592.819,"body":"the, you know, the damage that"},{"speaker":"Andreas Park","startTime":1592.819,"endTime":1595.879,"body":"you create by light, you know,"},{"speaker":"Andreas Park","startTime":1592.819,"endTime":1595.879,"body":"to the environment. But the"},{"speaker":"Andreas Park","startTime":1595.879,"endTime":1597.859,"body":"reason why they built them is"},{"speaker":"Andreas Park","startTime":1595.879,"endTime":1597.859,"body":"because they had all this excess"},{"speaker":"Andreas Park","startTime":1597.859,"endTime":1599.959,"body":"electricity, and they didn't"},{"speaker":"Andreas Park","startTime":1597.859,"endTime":1599.959,"body":"know where to put it in, it's"},{"speaker":"Andreas Park","startTime":1599.959,"endTime":1603.619,"body":"actually a problem, right? for"},{"speaker":"Andreas Park","startTime":1599.959,"endTime":1603.619,"body":"nuclear power plants. So you"},{"speaker":"Andreas Park","startTime":1603.619,"endTime":1606.349,"body":"have to have batteries of some"},{"speaker":"Andreas Park","startTime":1603.619,"endTime":1606.349,"body":"form, which now we can have an"},{"speaker":"Andreas Park","startTime":1606.349,"endTime":1609.379,"body":"entire discussion about how you"},{"speaker":"Andreas Park","startTime":1606.349,"endTime":1609.379,"body":"know how great electric cars"},{"speaker":"Andreas Park","startTime":1609.379,"endTime":1611.059,"body":"actually are, because they're"},{"speaker":"Andreas Park","startTime":1609.379,"endTime":1611.059,"body":"charged at night, and they can"},{"speaker":"Andreas Park","startTime":1611.059,"endTime":1614.269,"body":"use all of this excess"},{"speaker":"Andreas Park","startTime":1611.059,"endTime":1614.269,"body":"electricity. But you can but"},{"speaker":"Andreas Park","startTime":1614.269,"endTime":1617.839,"body":"when you look at where these"},{"speaker":"Andreas Park","startTime":1614.269,"endTime":1617.839,"body":"Bitcoin mining farms are, so"},{"speaker":"Andreas Park","startTime":1617.839,"endTime":1620.299,"body":"where people put their server"},{"speaker":"Andreas Park","startTime":1617.839,"endTime":1620.299,"body":"farms in order to do the Bitcoin"},{"speaker":"Andreas Park","startTime":1620.299,"endTime":1624.439,"body":"mining, they put them where you"},{"speaker":"Andreas Park","startTime":1620.299,"endTime":1624.439,"body":"have hydro electricity, they put"},{"speaker":"Andreas Park","startTime":1624.439,"endTime":1627.019,"body":"them No, I would not go with"},{"speaker":"Andreas Park","startTime":1624.439,"endTime":1627.019,"body":"wind farms, but they've really"},{"speaker":"Andreas Park","startTime":1627.019,"endTime":1630.559,"body":"put them in areas where"},{"speaker":"Andreas Park","startTime":1627.019,"endTime":1630.559,"body":"electricity is cheap. And and"},{"speaker":"Andreas Park","startTime":1630.559,"endTime":1633.889,"body":"usually in abundance available"},{"speaker":"Andreas Park","startTime":1630.559,"endTime":1633.889,"body":"in abundance. So I would argue"},{"speaker":"Andreas Park","startTime":1633.889,"endTime":1639.829,"body":"if you if you run a Bitcoin mine"},{"speaker":"Andreas Park","startTime":1633.889,"endTime":1639.829,"body":"at a hydro dam at night, right?"},{"speaker":"Andreas Park","startTime":1640.879,"endTime":1645.649,"body":"You know, I you cannot go out"},{"speaker":"Andreas Park","startTime":1640.879,"endTime":1645.649,"body":"and say that this is a waste of"},{"speaker":"Andreas Park","startTime":1645.679,"endTime":1649.789,"body":"electricity as such, to the same"},{"speaker":"Andreas Park","startTime":1645.679,"endTime":1649.789,"body":"degree as it would be if you run"},{"speaker":"Andreas Park","startTime":1649.789,"endTime":1654.949,"body":"it during the day at a coal"},{"speaker":"Andreas Park","startTime":1649.789,"endTime":1654.949,"body":"factory. So the same holds for"},{"speaker":"Andreas Park","startTime":1655.189,"endTime":1658.519,"body":"nuclear power. So if you use"},{"speaker":"Andreas Park","startTime":1655.189,"endTime":1658.519,"body":"excess electricity for that"},{"speaker":"Andreas Park","startTime":1658.519,"endTime":1662.419,"body":"purpose, maybe it's not so bad."},{"speaker":"Andreas Park","startTime":1658.519,"endTime":1662.419,"body":"Having said that, these farms"},{"speaker":"Andreas Park","startTime":1662.419,"endTime":1665.569,"body":"also create a lot of heat. So"},{"speaker":"Andreas Park","startTime":1662.419,"endTime":1665.569,"body":"that, you know, contributes to"},{"speaker":"Andreas Park","startTime":1665.569,"endTime":1669.559,"body":"global warming. So right. Now,"},{"speaker":"Andreas Park","startTime":1665.569,"endTime":1669.559,"body":"all I wanted to say here is that"},{"speaker":"Andreas Park","startTime":1669.589,"endTime":1673.609,"body":"it is not a it's not entirely"},{"speaker":"Andreas Park","startTime":1669.589,"endTime":1673.609,"body":"accurate. If you just look at"},{"speaker":"Andreas Park","startTime":1673.609,"endTime":1676.429,"body":"the overall energy consumption"},{"speaker":"Andreas Park","startTime":1673.609,"endTime":1676.429,"body":"say, Well, this is all terrible"},{"speaker":"Andreas Park","startTime":1676.459,"endTime":1679.489,"body":"if you have to build new coal"},{"speaker":"Andreas Park","startTime":1676.459,"endTime":1679.489,"body":"mine coal plants in order to to"},{"speaker":"Andreas Park","startTime":1679.489,"endTime":1684.799,"body":"use this. That is not the right"},{"speaker":"Andreas Park","startTime":1679.489,"endTime":1684.799,"body":"view on this one. But over time,"},{"speaker":"Andreas Park","startTime":1684.799,"endTime":1687.799,"body":"we want to get rid of this proof"},{"speaker":"Andreas Park","startTime":1684.799,"endTime":1687.799,"body":"of work protocol, for sure."},{"speaker":"Preet Banerjee","startTime":1688.16,"endTime":1690.71,"body":"Right. So let's"},{"speaker":"Preet Banerjee","startTime":1688.16,"endTime":1690.71,"body":"tie this back to the incentives"},{"speaker":"Preet Banerjee","startTime":1690.71,"endTime":1693.47,"body":"that we talked about from miners"},{"speaker":"Preet Banerjee","startTime":1690.71,"endTime":1693.47,"body":"to why would they commit all"},{"speaker":"Preet Banerjee","startTime":1693.47,"endTime":1695.0,"body":"these resources to doing this?"},{"speaker":"Andreas Park","startTime":1695.87,"endTime":1697.43,"body":"Well, there's two"},{"speaker":"Andreas Park","startTime":1695.87,"endTime":1697.43,"body":"things that they get right. So"},{"speaker":"Andreas Park","startTime":1697.43,"endTime":1700.88,"body":"first, they get fees from users,"},{"speaker":"Andreas Park","startTime":1697.43,"endTime":1700.88,"body":"that is in a theorem is now a"},{"speaker":"Andreas Park","startTime":1700.88,"endTime":1703.88,"body":"major source of income, it's on"},{"speaker":"Andreas Park","startTime":1700.88,"endTime":1703.88,"body":"the order of several million"},{"speaker":"Andreas Park","startTime":1703.91,"endTime":1708.23,"body":"dollars a day, right. And the"},{"speaker":"Andreas Park","startTime":1703.91,"endTime":1708.23,"body":"second thing is, is that every"},{"speaker":"Andreas Park","startTime":1708.23,"endTime":1712.07,"body":"time you create a block, you get"},{"speaker":"Andreas Park","startTime":1708.23,"endTime":1712.07,"body":"to give yourself a reward for"},{"speaker":"Andreas Park","startTime":1712.07,"endTime":1716.96,"body":"it. And that reward is coming in"},{"speaker":"Andreas Park","startTime":1712.07,"endTime":1716.96,"body":"for Bitcoin and your bitcoins in"},{"speaker":"Andreas Park","startTime":1716.99,"endTime":1719.72,"body":"ether, it comes in New eath it's"},{"speaker":"Andreas Park","startTime":1716.99,"endTime":1719.72,"body":"sometimes referred to as the"},{"speaker":"Andreas Park","startTime":1719.72,"endTime":1723.71,"body":"Coinbase. reward. Right? So and"},{"speaker":"Andreas Park","startTime":1719.72,"endTime":1723.71,"body":"that all that means is you"},{"speaker":"Andreas Park","startTime":1723.71,"endTime":1727.4,"body":"basically create or you mint,"},{"speaker":"Andreas Park","startTime":1723.71,"endTime":1727.4,"body":"new cryptocurrency at that"},{"speaker":"Andreas Park","startTime":1727.4,"endTime":1727.79,"body":"point."},{"speaker":"Preet Banerjee","startTime":1728.18,"endTime":1730.88,"body":"And so let's"},{"speaker":"Preet Banerjee","startTime":1728.18,"endTime":1730.88,"body":"talk about parallels to"},{"speaker":"Preet Banerjee","startTime":1731.75,"endTime":1736.16,"body":"traditional mining industries"},{"speaker":"Preet Banerjee","startTime":1731.75,"endTime":1736.16,"body":"such as, let's say gold. So,"},{"speaker":"Preet Banerjee","startTime":1736.49,"endTime":1739.76,"body":"with gold, if you take a look at"},{"speaker":"Preet Banerjee","startTime":1736.49,"endTime":1739.76,"body":"all the gold that has ever been"},{"speaker":"Preet Banerjee","startTime":1739.76,"endTime":1742.55,"body":"extracted from the earth,"},{"speaker":"Preet Banerjee","startTime":1739.76,"endTime":1742.55,"body":"compared to the rate of"},{"speaker":"Preet Banerjee","startTime":1742.55,"endTime":1747.05,"body":"extraction today, you have stock"},{"speaker":"Preet Banerjee","startTime":1742.55,"endTime":1747.05,"body":"versus flow, and that ratio is"},{"speaker":"Preet Banerjee","startTime":1747.05,"endTime":1751.64,"body":"about 50 to one. And it's"},{"speaker":"Preet Banerjee","startTime":1747.05,"endTime":1751.64,"body":"getting harder and harder to"},{"speaker":"Preet Banerjee","startTime":1751.64,"endTime":1754.67,"body":"find more gold, right? Yeah, to"},{"speaker":"Preet Banerjee","startTime":1751.64,"endTime":1754.67,"body":"expend more energy and resources"},{"speaker":"Preet Banerjee","startTime":1754.67,"endTime":1759.14,"body":"to to find the next, you know,"},{"speaker":"Preet Banerjee","startTime":1754.67,"endTime":1759.14,"body":"tonne or whatever. And with"},{"speaker":"Preet Banerjee","startTime":1759.14,"endTime":1763.46,"body":"Bitcoin, part of the thinking"},{"speaker":"Preet Banerjee","startTime":1759.14,"endTime":1763.46,"body":"behind building it, use some of"},{"speaker":"Preet Banerjee","startTime":1763.46,"endTime":1766.79,"body":"those principles and so that"},{"speaker":"Preet Banerjee","startTime":1763.46,"endTime":1766.79,"body":"there is a finite number of"},{"speaker":"Preet Banerjee","startTime":1766.79,"endTime":1770.72,"body":"coins that could ever be mined."},{"speaker":"Preet Banerjee","startTime":1766.79,"endTime":1770.72,"body":"And the reward decreases over"},{"speaker":"Preet Banerjee","startTime":1770.72,"endTime":1775.07,"body":"time. I think. So, can you"},{"speaker":"Preet Banerjee","startTime":1770.72,"endTime":1775.07,"body":"explain how that works and how"},{"speaker":"Preet Banerjee","startTime":1775.07,"endTime":1777.23,"body":"they build scarcity into the"},{"speaker":"Preet Banerjee","startTime":1775.07,"endTime":1777.23,"body":"system?"},{"speaker":"Andreas Park","startTime":1778.28,"endTime":1781.88,"body":"Well, you know,"},{"speaker":"Andreas Park","startTime":1778.28,"endTime":1781.88,"body":"this is essentially okay. So, so"},{"speaker":"Andreas Park","startTime":1781.88,"endTime":1784.31,"body":"first let me let me just say one"},{"speaker":"Andreas Park","startTime":1781.88,"endTime":1784.31,"body":"thing quickly, e theorem"},{"speaker":"Andreas Park","startTime":1784.31,"endTime":1786.8,"body":"actually has no limit to it,"},{"speaker":"Andreas Park","startTime":1784.31,"endTime":1786.8,"body":"right? And many blockchain"},{"speaker":"Andreas Park","startTime":1786.8,"endTime":1789.47,"body":"networks that are built now I"},{"speaker":"Andreas Park","startTime":1786.8,"endTime":1789.47,"body":"don't have that limit. This is"},{"speaker":"Andreas Park","startTime":1789.47,"endTime":1793.19,"body":"really something unique to"},{"speaker":"Andreas Park","startTime":1789.47,"endTime":1793.19,"body":"Bitcoin. Okay. And it was a bit"},{"speaker":"Andreas Park","startTime":1793.19,"endTime":1796.07,"body":"of a so this is where technology"},{"speaker":"Andreas Park","startTime":1793.19,"endTime":1796.07,"body":"sort of get mixed with"},{"speaker":"Andreas Park","startTime":1796.07,"endTime":1800.69,"body":"philosophy right of what they"},{"speaker":"Andreas Park","startTime":1796.07,"endTime":1800.69,"body":"thought was right and wrong. So,"},{"speaker":"Andreas Park","startTime":1800.72,"endTime":1805.16,"body":"you know, the so part of this"},{"speaker":"Andreas Park","startTime":1800.72,"endTime":1805.16,"body":"white paper of satoshis was that"},{"speaker":"Andreas Park","startTime":1805.16,"endTime":1808.76,"body":"you have a limited supply of"},{"speaker":"Andreas Park","startTime":1805.16,"endTime":1808.76,"body":"Bitcoin. And it sort of came at"},{"speaker":"Andreas Park","startTime":1808.76,"endTime":1812.63,"body":"the time, the financial crisis"},{"speaker":"Andreas Park","startTime":1808.76,"endTime":1812.63,"body":"when, you know, there was, you"},{"speaker":"Andreas Park","startTime":1812.63,"endTime":1815.45,"body":"know, this whole talk about"},{"speaker":"Andreas Park","startTime":1812.63,"endTime":1815.45,"body":"flooding of markets with extra"},{"speaker":"Andreas Park","startTime":1815.45,"endTime":1817.88,"body":"money, and so on and so forth. I"},{"speaker":"Andreas Park","startTime":1815.45,"endTime":1817.88,"body":"think there was a lot of"},{"speaker":"Andreas Park","startTime":1817.88,"endTime":1820.04,"body":"misconceptions about what that"},{"speaker":"Andreas Park","startTime":1817.88,"endTime":1820.04,"body":"actually meant and how it works."},{"speaker":"Andreas Park","startTime":1820.07,"endTime":1824.18,"body":"But let's just take that aside,"},{"speaker":"Andreas Park","startTime":1820.07,"endTime":1824.18,"body":"right. So the way the Scarlet is"},{"speaker":"Andreas Park","startTime":1824.21,"endTime":1829.19,"body":"recreated, it's essentially it's"},{"speaker":"Andreas Park","startTime":1824.21,"endTime":1829.19,"body":"an automated process. You know,"},{"speaker":"Andreas Park","startTime":1829.19,"endTime":1832.88,"body":"there's a Bitcoin runs on a"},{"speaker":"Andreas Park","startTime":1829.19,"endTime":1832.88,"body":"protocol, which is agreed upon"},{"speaker":"Andreas Park","startTime":1832.88,"endTime":1839.21,"body":"by anybody who does the mining."},{"speaker":"Andreas Park","startTime":1832.88,"endTime":1839.21,"body":"And so according to this"},{"speaker":"Andreas Park","startTime":1839.21,"endTime":1843.02,"body":"protocol, the amount of Bitcoin"},{"speaker":"Andreas Park","startTime":1839.21,"endTime":1843.02,"body":"that you can give yourself and"},{"speaker":"Andreas Park","startTime":1843.02,"endTime":1848.9,"body":"the block shrinks. Every I"},{"speaker":"Andreas Park","startTime":1843.02,"endTime":1848.9,"body":"forgot about this. Now, I don't"},{"speaker":"Andreas Park","startTime":1848.9,"endTime":1851.39,"body":"know the numbers that contract"},{"speaker":"Andreas Park","startTime":1848.9,"endTime":1851.39,"body":"them, but it's, I think it's"},{"speaker":"Andreas Park","startTime":1851.39,"endTime":1855.17,"body":"about every half year or so, or"},{"speaker":"Andreas Park","startTime":1851.39,"endTime":1855.17,"body":"every year, and here is is not"},{"speaker":"Andreas Park","startTime":1855.2,"endTime":1857.66,"body":"in terms of time, but it's in"},{"speaker":"Andreas Park","startTime":1855.2,"endTime":1857.66,"body":"terms of the number of boxes"},{"speaker":"Andreas Park","startTime":1857.66,"endTime":1862.31,"body":"that being created, the reward"},{"speaker":"Andreas Park","startTime":1857.66,"endTime":1862.31,"body":"rings, and eventually goes to"},{"speaker":"Andreas Park","startTime":1862.31,"endTime":1868.16,"body":"zero. Now, if you think about"},{"speaker":"Andreas Park","startTime":1862.31,"endTime":1868.16,"body":"money, this is not a great way"},{"speaker":"Andreas Park","startTime":1868.16,"endTime":1873.59,"body":"to think about money, right?"},{"speaker":"Andreas Park","startTime":1868.16,"endTime":1873.59,"body":"Because just imagine that you"},{"speaker":"Andreas Park","startTime":1873.59,"endTime":1877.82,"body":"doubled your population that"},{"speaker":"Andreas Park","startTime":1873.59,"endTime":1877.82,"body":"wants to do economic activity."},{"speaker":"Andreas Park","startTime":1878.51,"endTime":1883.04,"body":"If if all these new people would"},{"speaker":"Andreas Park","startTime":1878.51,"endTime":1883.04,"body":"want to use money in the future,"},{"speaker":"Andreas Park","startTime":1883.04,"endTime":1885.83,"body":"then they they just need the"},{"speaker":"Andreas Park","startTime":1883.04,"endTime":1885.83,"body":"coins available to themselves."},{"speaker":"Andreas Park","startTime":1886.34,"endTime":1888.35,"body":"And so if you have a limited"},{"speaker":"Andreas Park","startTime":1886.34,"endTime":1888.35,"body":"number of coins that are"},{"speaker":"Andreas Park","startTime":1888.35,"endTime":1891.02,"body":"available, I think this is a"},{"speaker":"Andreas Park","startTime":1888.35,"endTime":1891.02,"body":"problem, right? Because you you"},{"speaker":"Andreas Park","startTime":1891.02,"endTime":1894.77,"body":"have scarcity in the coins, and"},{"speaker":"Andreas Park","startTime":1891.02,"endTime":1894.77,"body":"that all of a sudden creates"},{"speaker":"Andreas Park","startTime":1894.77,"endTime":1899.18,"body":"value to holding on having these"},{"speaker":"Andreas Park","startTime":1894.77,"endTime":1899.18,"body":"coins all by itself. And that's"},{"speaker":"Andreas Park","startTime":1899.18,"endTime":1901.52,"body":"a problem, right? Because"},{"speaker":"Andreas Park","startTime":1899.18,"endTime":1901.52,"body":"Because you know, the act of"},{"speaker":"Andreas Park","startTime":1901.52,"endTime":1905.36,"body":"holding money should not be"},{"speaker":"Andreas Park","startTime":1901.52,"endTime":1905.36,"body":"something that is that is"},{"speaker":"Andreas Park","startTime":1905.36,"endTime":1909.92,"body":"valuable. So that's let's go to"},{"speaker":"Andreas Park","startTime":1905.36,"endTime":1909.92,"body":"history for one second to"},{"speaker":"Andreas Park","startTime":1909.92,"endTime":1915.59,"body":"Canada. So in Canada, when we"},{"speaker":"Andreas Park","startTime":1909.92,"endTime":1915.59,"body":"were still a colony, we got our"},{"speaker":"Andreas Park","startTime":1915.59,"endTime":1919.49,"body":"money from from the UK, right,"},{"speaker":"Andreas Park","startTime":1915.59,"endTime":1919.49,"body":"it had to be shipped over with"},{"speaker":"Andreas Park","startTime":1919.52,"endTime":1923.27,"body":"ships. And you know, Canada was"},{"speaker":"Andreas Park","startTime":1919.52,"endTime":1923.27,"body":"a growing economy as a growing"},{"speaker":"Andreas Park","startTime":1923.27,"endTime":1928.01,"body":"country. And we had shortage of"},{"speaker":"Andreas Park","startTime":1923.27,"endTime":1928.01,"body":"money. So there was just not"},{"speaker":"Andreas Park","startTime":1928.01,"endTime":1930.62,"body":"enough money coming into the"},{"speaker":"Andreas Park","startTime":1928.01,"endTime":1930.62,"body":"country for people to have it in"},{"speaker":"Andreas Park","startTime":1930.62,"endTime":1933.83,"body":"circulation. And for that"},{"speaker":"Andreas Park","startTime":1930.62,"endTime":1933.83,"body":"reason, people had to find other"},{"speaker":"Andreas Park","startTime":1933.83,"endTime":1936.44,"body":"ways how to pay. So then if you"},{"speaker":"Andreas Park","startTime":1933.83,"endTime":1936.44,"body":"go to the Bank of Canada Museum,"},{"speaker":"Andreas Park","startTime":1936.44,"endTime":1938.81,"body":"they actually had playing cards"},{"speaker":"Andreas Park","startTime":1936.44,"endTime":1938.81,"body":"that they use, you know, like"},{"speaker":"Andreas Park","startTime":1938.84,"endTime":1943.16,"body":"your poker cards, the or the"},{"speaker":"Andreas Park","startTime":1938.84,"endTime":1943.16,"body":"equivalent of it, they use that"},{"speaker":"Andreas Park","startTime":1943.19,"endTime":1947.15,"body":"as a way how to create money as"},{"speaker":"Andreas Park","startTime":1943.19,"endTime":1947.15,"body":"an IOU so that you could"},{"speaker":"Andreas Park","startTime":1947.15,"endTime":1951.41,"body":"actually have enough money flows"},{"speaker":"Andreas Park","startTime":1947.15,"endTime":1951.41,"body":"going on, even though there was"},{"speaker":"Andreas Park","startTime":1951.41,"endTime":1955.58,"body":"no physical money available to"},{"speaker":"Andreas Park","startTime":1951.41,"endTime":1955.58,"body":"you. And so, but that tells you"},{"speaker":"Andreas Park","startTime":1955.58,"endTime":1957.8,"body":"is that there was so this"},{"speaker":"Andreas Park","startTime":1955.58,"endTime":1957.8,"body":"essentially is like printing new"},{"speaker":"Andreas Park","startTime":1957.8,"endTime":1960.83,"body":"money, right? And so with"},{"speaker":"Andreas Park","startTime":1957.8,"endTime":1960.83,"body":"Bitcoin, if you really wanted to"},{"speaker":"Andreas Park","startTime":1960.83,"endTime":1966.5,"body":"run Bitcoin as money as real"},{"speaker":"Andreas Park","startTime":1960.83,"endTime":1966.5,"body":"digital money, for people in a"},{"speaker":"Andreas Park","startTime":1966.5,"endTime":1970.07,"body":"world economy, in particular, in"},{"speaker":"Andreas Park","startTime":1966.5,"endTime":1970.07,"body":"a growing world economy, that's"},{"speaker":"Andreas Park","startTime":1970.07,"endTime":1973.91,"body":"never going to work. Right? This"},{"speaker":"Andreas Park","startTime":1970.07,"endTime":1973.91,"body":"is conceptually wrong. Right?"},{"speaker":"Preet Banerjee","startTime":1973.94,"endTime":1977.57,"body":"Yeah. And I"},{"speaker":"Preet Banerjee","startTime":1973.94,"endTime":1977.57,"body":"think that, that has been one of"},{"speaker":"Preet Banerjee","startTime":1977.57,"endTime":1980.21,"body":"the one of the issues, a lot of"},{"speaker":"Preet Banerjee","startTime":1977.57,"endTime":1980.21,"body":"people saying this is the reason"},{"speaker":"Preet Banerjee","startTime":1980.21,"endTime":1984.92,"body":"why it has value. But I think"},{"speaker":"Preet Banerjee","startTime":1980.21,"endTime":1984.92,"body":"that has also led to why as you"},{"speaker":"Preet Banerjee","startTime":1984.92,"endTime":1988.4,"body":"said, there's so many people are"},{"speaker":"Preet Banerjee","startTime":1984.92,"endTime":1988.4,"body":"willing to just sit on coins and"},{"speaker":"Preet Banerjee","startTime":1988.4,"endTime":1991.46,"body":"think of them more as"},{"speaker":"Preet Banerjee","startTime":1988.4,"endTime":1991.46,"body":"investments as a mean, instead"},{"speaker":"Preet Banerjee","startTime":1991.46,"endTime":1996.11,"body":"of as a means of exchange of"},{"speaker":"Preet Banerjee","startTime":1991.46,"endTime":1996.11,"body":"value. And so this presents an"},{"speaker":"Preet Banerjee","startTime":1996.11,"endTime":1998.81,"body":"economic problem in the long"},{"speaker":"Preet Banerjee","startTime":1996.11,"endTime":1998.81,"body":"run, because ever, as you said,"},{"speaker":"Preet Banerjee","startTime":1998.99,"endTime":2002.77,"body":"growing number of people, and a"},{"speaker":"Preet Banerjee","startTime":1998.99,"endTime":2002.77,"body":"finite number of coins, at some"},{"speaker":"Preet Banerjee","startTime":2002.77,"endTime":2005.86,"body":"point, it could be an issue. So"},{"speaker":"Preet Banerjee","startTime":2002.77,"endTime":2005.86,"body":"let's let's"},{"speaker":"Andreas Park","startTime":2006.04,"endTime":2008.35,"body":"not, let's just"},{"speaker":"Andreas Park","startTime":2006.04,"endTime":2008.35,"body":"one thing, just think about this"},{"speaker":"Andreas Park","startTime":2008.35,"endTime":2011.68,"body":"through to For instance, if you"},{"speaker":"Andreas Park","startTime":2008.35,"endTime":2011.68,"body":"had a network, like aetherium,"},{"speaker":"Andreas Park","startTime":2012.01,"endTime":2014.65,"body":"which started in a crowdfunding"},{"speaker":"Andreas Park","startTime":2012.01,"endTime":2014.65,"body":"campaign, so what you do in a"},{"speaker":"Andreas Park","startTime":2014.65,"endTime":2017.17,"body":"crowdfunding campaign, you can"},{"speaker":"Andreas Park","startTime":2014.65,"endTime":2017.17,"body":"say, basically, say the network"},{"speaker":"Andreas Park","startTime":2017.17,"endTime":2021.22,"body":"as a whole is worth, I think it"},{"speaker":"Andreas Park","startTime":2017.17,"endTime":2021.22,"body":"was $150 million. And let's"},{"speaker":"Andreas Park","startTime":2021.31,"endTime":2026.23,"body":"assume that this number is"},{"speaker":"Andreas Park","startTime":2021.31,"endTime":2026.23,"body":"constant, right? When you give"},{"speaker":"Andreas Park","startTime":2026.23,"endTime":2029.74,"body":"people the miners a block"},{"speaker":"Andreas Park","startTime":2026.23,"endTime":2029.74,"body":"reward, what you do is you"},{"speaker":"Andreas Park","startTime":2029.74,"endTime":2033.28,"body":"create essentially dilution of"},{"speaker":"Andreas Park","startTime":2029.74,"endTime":2033.28,"body":"the existing coins. And what you"},{"speaker":"Andreas Park","startTime":2033.28,"endTime":2039.22,"body":"therefore do is you pass in"},{"speaker":"Andreas Park","startTime":2033.28,"endTime":2039.22,"body":"value on from everybody else in"},{"speaker":"Andreas Park","startTime":2039.22,"endTime":2042.94,"body":"the network, to the miners, for"},{"speaker":"Andreas Park","startTime":2039.22,"endTime":2042.94,"body":"the service of maintaining and"},{"speaker":"Andreas Park","startTime":2042.94,"endTime":2045.4,"body":"securing the network. That"},{"speaker":"Andreas Park","startTime":2042.94,"endTime":2045.4,"body":"sounds actually it's pretty cool"},{"speaker":"Andreas Park","startTime":2045.4,"endTime":2049.48,"body":"idea, right? So it's important"},{"speaker":"Andreas Park","startTime":2045.4,"endTime":2049.48,"body":"to think that if each eath, for"},{"speaker":"Andreas Park","startTime":2049.48,"endTime":2054.19,"body":"instance, will be worth $1, and"},{"speaker":"Andreas Park","startTime":2049.48,"endTime":2054.19,"body":"you create a new issue new ease,"},{"speaker":"Andreas Park","startTime":2054.52,"endTime":2057.55,"body":"it doesn't mean that you give"},{"speaker":"Andreas Park","startTime":2054.52,"endTime":2057.55,"body":"people $1 worth of an IP,"},{"speaker":"Andreas Park","startTime":2057.55,"endTime":2060.46,"body":"because that will be creating an"},{"speaker":"Andreas Park","startTime":2057.55,"endTime":2060.46,"body":"out of thin air, what you do is"},{"speaker":"Andreas Park","startTime":2060.46,"endTime":2063.76,"body":"you create basically, you know,"},{"speaker":"Andreas Park","startTime":2060.46,"endTime":2063.76,"body":"if you say over a year, you"},{"speaker":"Andreas Park","startTime":2063.76,"endTime":2067.63,"body":"create an extra 100 50 million,"},{"speaker":"Andreas Park","startTime":2063.76,"endTime":2067.63,"body":"then each eath would be worth"},{"speaker":"Andreas Park","startTime":2067.63,"endTime":2071.56,"body":"half $1 at the end of this year."},{"speaker":"Andreas Park","startTime":2067.63,"endTime":2071.56,"body":"And so all that you've done is"},{"speaker":"Andreas Park","startTime":2071.56,"endTime":2076.0,"body":"you shifted value from those who"},{"speaker":"Andreas Park","startTime":2071.56,"endTime":2076.0,"body":"have the coins to those who"},{"speaker":"Andreas Park","startTime":2076.0,"endTime":2079.75,"body":"maintain the network, which is"},{"speaker":"Andreas Park","startTime":2076.0,"endTime":2079.75,"body":"so this is actually the economic"},{"speaker":"Andreas Park","startTime":2079.75,"endTime":2083.68,"body":"mechanism that underlies that"},{"speaker":"Andreas Park","startTime":2079.75,"endTime":2083.68,"body":"idea. Now, you know, obviously,"},{"speaker":"Andreas Park","startTime":2083.68,"endTime":2086.74,"body":"there's questions of what the"},{"speaker":"Andreas Park","startTime":2083.68,"endTime":2086.74,"body":"value of the network of a hold"},{"speaker":"Andreas Park","startTime":2086.74,"endTime":2089.44,"body":"is right? But conceptually, this"},{"speaker":"Andreas Park","startTime":2086.74,"endTime":2089.44,"body":"is actually pretty clever."},{"speaker":"Andreas Park","startTime":2089.44,"endTime":2092.62,"body":"They're Bitcoin on the other"},{"speaker":"Andreas Park","startTime":2089.44,"endTime":2092.62,"body":"hand, Bitcoin, on the other"},{"speaker":"Andreas Park","startTime":2092.62,"endTime":2094.51,"body":"hand, was basically created out"},{"speaker":"Andreas Park","startTime":2092.62,"endTime":2094.51,"body":"of thin air."},{"speaker":"Preet Banerjee","startTime":2095.26,"endTime":2098.29,"body":"Right. And so my"},{"speaker":"Preet Banerjee","startTime":2095.26,"endTime":2098.29,"body":"last question on the incentives"},{"speaker":"Preet Banerjee","startTime":2098.29,"endTime":2101.29,"body":"for the Bitcoin blockchain is"},{"speaker":"Preet Banerjee","startTime":2098.29,"endTime":2101.29,"body":"Once because there's a finite"},{"speaker":"Preet Banerjee","startTime":2101.29,"endTime":2104.92,"body":"number of coins. At some point,"},{"speaker":"Preet Banerjee","startTime":2101.29,"endTime":2104.92,"body":"you will not get rewarded with a"},{"speaker":"Preet Banerjee","startTime":2104.92,"endTime":2108.28,"body":"new coin being minted by adding"},{"speaker":"Preet Banerjee","startTime":2104.92,"endTime":2108.28,"body":"to the blockchain. So once that"},{"speaker":"Preet Banerjee","startTime":2108.4,"endTime":2112.33,"body":"point has been reached, what"},{"speaker":"Preet Banerjee","startTime":2108.4,"endTime":2112.33,"body":"would be the incentive for all"},{"speaker":"Preet Banerjee","startTime":2112.33,"endTime":2116.41,"body":"the nodes, the mining nodes to"},{"speaker":"Preet Banerjee","startTime":2112.33,"endTime":2116.41,"body":"ensure the integrity of new"},{"speaker":"Preet Banerjee","startTime":2116.41,"endTime":2118.48,"body":"transactions on on the"},{"speaker":"Preet Banerjee","startTime":2116.41,"endTime":2118.48,"body":"blockchain."},{"speaker":"Andreas Park","startTime":2119.98,"endTime":2122.68,"body":"So twofold. Number"},{"speaker":"Andreas Park","startTime":2119.98,"endTime":2122.68,"body":"one, they get fees from the"},{"speaker":"Andreas Park","startTime":2122.68,"endTime":2125.89,"body":"miners and up on the miner from"},{"speaker":"Andreas Park","startTime":2122.68,"endTime":2125.89,"body":"the users right now. But if you"},{"speaker":"Andreas Park","startTime":2125.89,"endTime":2128.26,"body":"can, if you think about the"},{"speaker":"Andreas Park","startTime":2125.89,"endTime":2128.26,"body":"amount of fees that are"},{"speaker":"Andreas Park","startTime":2128.26,"endTime":2133.93,"body":"currently paid, compared to what"},{"speaker":"Andreas Park","startTime":2128.26,"endTime":2133.93,"body":"the what the value of the coin"},{"speaker":"Andreas Park","startTime":2133.93,"endTime":2138.76,"body":"base reward is, ignoring the"},{"speaker":"Andreas Park","startTime":2133.93,"endTime":2138.76,"body":"dilution effect, it's about the"},{"speaker":"Andreas Park","startTime":2138.76,"endTime":2143.71,"body":"fees make up only about 5% of"},{"speaker":"Andreas Park","startTime":2138.76,"endTime":2143.71,"body":"the mining rewards currently. So"},{"speaker":"Andreas Park","startTime":2143.71,"endTime":2148.93,"body":"that would have to be in some"},{"speaker":"Andreas Park","startTime":2143.71,"endTime":2148.93,"body":"form, you know, be switched to"},{"speaker":"Andreas Park","startTime":2148.93,"endTime":2152.17,"body":"fees, that would make Bitcoin"},{"speaker":"Andreas Park","startTime":2148.93,"endTime":2152.17,"body":"transactions really expensive."},{"speaker":"Andreas Park","startTime":2152.71,"endTime":2155.38,"body":"But keep in mind that the miners"},{"speaker":"Andreas Park","startTime":2152.71,"endTime":2155.38,"body":"are usually long term players,"},{"speaker":"Andreas Park","startTime":2155.41,"endTime":2159.67,"body":"so they actually also owners of"},{"speaker":"Andreas Park","startTime":2155.41,"endTime":2159.67,"body":"the network. So in that sense,"},{"speaker":"Andreas Park","startTime":2159.67,"endTime":2162.34,"body":"they actually have a fixed stake"},{"speaker":"Andreas Park","startTime":2159.67,"endTime":2162.34,"body":"in it. And so they will have an"},{"speaker":"Andreas Park","startTime":2162.34,"endTime":2164.59,"body":"incentive to continue operating"},{"speaker":"Andreas Park","startTime":2162.34,"endTime":2164.59,"body":"this network."},{"speaker":"Preet Banerjee","startTime":2165.46,"endTime":2169.84,"body":"So my my gut"},{"speaker":"Preet Banerjee","startTime":2165.46,"endTime":2169.84,"body":"take on it so far is that you"},{"speaker":"Preet Banerjee","startTime":2169.84,"endTime":2173.17,"body":"seem much more enthusiastic"},{"speaker":"Preet Banerjee","startTime":2169.84,"endTime":2173.17,"body":"about Ethereum than you are"},{"speaker":"Preet Banerjee","startTime":2173.2,"endTime":2174.94,"body":"about Bitcoin. Is that fair?"},{"speaker":"Andreas Park","startTime":2175.12,"endTime":2177.79,"body":"Yeah, absolutely."},{"speaker":"Andreas Park","startTime":2175.12,"endTime":2177.79,"body":"Because I think Bitcoin has no"},{"speaker":"Andreas Park","startTime":2177.79,"endTime":2181.6,"body":"functionality with aetherium or"},{"speaker":"Andreas Park","startTime":2177.79,"endTime":2181.6,"body":"related networks have a lot of"},{"speaker":"Andreas Park","startTime":2181.6,"endTime":2185.47,"body":"things functionality, they, they"},{"speaker":"Andreas Park","startTime":2181.6,"endTime":2185.47,"body":"actually have some really cool"},{"speaker":"Andreas Park","startTime":2185.47,"endTime":2188.89,"body":"ideas, so that you want to talk"},{"speaker":"Andreas Park","startTime":2185.47,"endTime":2188.89,"body":"about those, because I can get"},{"speaker":"Andreas Park","startTime":2188.95,"endTime":2190.27,"body":"very excited about that."},{"speaker":"Preet Banerjee","startTime":2190.51,"endTime":2193.6,"body":"They absolutely"},{"speaker":"Preet Banerjee","startTime":2190.51,"endTime":2193.6,"body":"do give me give me an example of"},{"speaker":"Preet Banerjee","startTime":2193.6,"endTime":2197.92,"body":"an application that that makes"},{"speaker":"Preet Banerjee","startTime":2193.6,"endTime":2197.92,"body":"you so excited about, you know,"},{"speaker":"Preet Banerjee","startTime":2197.95,"endTime":2199.06,"body":"aetherium versus Bitcoin."},{"speaker":"Andreas Park","startTime":2200.02,"endTime":2205.3,"body":"So I am a I've"},{"speaker":"Andreas Park","startTime":2200.02,"endTime":2205.3,"body":"come from the, from a trading"},{"speaker":"Andreas Park","startTime":2205.3,"endTime":2207.97,"body":"background, that's what my what"},{"speaker":"Andreas Park","startTime":2205.3,"endTime":2207.97,"body":"my research was on. And this is"},{"speaker":"Andreas Park","startTime":2207.97,"endTime":2211.87,"body":"why I got interested in, in"},{"speaker":"Andreas Park","startTime":2207.97,"endTime":2211.87,"body":"crypto currencies. And I did not"},{"speaker":"Andreas Park","startTime":2211.87,"endTime":2216.88,"body":"get excited about the, the"},{"speaker":"Andreas Park","startTime":2211.87,"endTime":2216.88,"body":"currencies as an as a new"},{"speaker":"Andreas Park","startTime":2216.88,"endTime":2220.45,"body":"trading tool, or as a new asset"},{"speaker":"Andreas Park","startTime":2216.88,"endTime":2220.45,"body":"to trade. What I thought is"},{"speaker":"Andreas Park","startTime":2220.45,"endTime":2223.15,"body":"actually really cool is the way"},{"speaker":"Andreas Park","startTime":2220.45,"endTime":2223.15,"body":"how you can trade them on this"},{"speaker":"Andreas Park","startTime":2223.15,"endTime":2228.7,"body":"decentralized network. So let me"},{"speaker":"Andreas Park","startTime":2223.15,"endTime":2228.7,"body":"give you just a big round of of"},{"speaker":"Andreas Park","startTime":2228.7,"endTime":2232.36,"body":"how a trade works in a normal"},{"speaker":"Andreas Park","startTime":2228.7,"endTime":2232.36,"body":"equity market. So if you and I"},{"speaker":"Andreas Park","startTime":2232.42,"endTime":2236.68,"body":"want to trade say, AB x, right,"},{"speaker":"Andreas Park","startTime":2232.42,"endTime":2236.68,"body":"so Barrick Gold, right? So let's"},{"speaker":"Andreas Park","startTime":2236.68,"endTime":2239.65,"body":"say I want to sell it to you and"},{"speaker":"Andreas Park","startTime":2236.68,"endTime":2239.65,"body":"you want to buy it, by law, we"},{"speaker":"Andreas Park","startTime":2239.65,"endTime":2243.25,"body":"cannot actually agree mutually"},{"speaker":"Andreas Park","startTime":2239.65,"endTime":2243.25,"body":"on exchange in Israel, right, we"},{"speaker":"Andreas Park","startTime":2243.25,"endTime":2245.92,"body":"have to actually go through the"},{"speaker":"Andreas Park","startTime":2243.25,"endTime":2245.92,"body":"normal channels, which means I"},{"speaker":"Andreas Park","startTime":2245.92,"endTime":2248.86,"body":"have to go to my broker, my"},{"speaker":"Andreas Park","startTime":2245.92,"endTime":2248.86,"body":"broker sends an order to a stock"},{"speaker":"Andreas Park","startTime":2248.86,"endTime":2251.47,"body":"exchange, right. And so you have"},{"speaker":"Andreas Park","startTime":2248.86,"endTime":2251.47,"body":"to do the same thing, you have"},{"speaker":"Andreas Park","startTime":2251.47,"endTime":2254.26,"body":"to go through a broker enter a"},{"speaker":"Andreas Park","startTime":2251.47,"endTime":2254.26,"body":"stock exchange. And it's"},{"speaker":"Andreas Park","startTime":2254.26,"endTime":2257.77,"body":"entirely possible that between"},{"speaker":"Andreas Park","startTime":2254.26,"endTime":2257.77,"body":"you, within your broker and the"},{"speaker":"Andreas Park","startTime":2257.77,"endTime":2260.5,"body":"stock exchanges, actually other"},{"speaker":"Andreas Park","startTime":2257.77,"endTime":2260.5,"body":"intermediaries, could be tech"},{"speaker":"Andreas Park","startTime":2260.5,"endTime":2263.86,"body":"intermediaries could be also"},{"speaker":"Andreas Park","startTime":2260.5,"endTime":2263.86,"body":"that, you know, your broker uses"},{"speaker":"Andreas Park","startTime":2263.86,"endTime":2268.42,"body":"another broker to, you know, get"},{"speaker":"Andreas Park","startTime":2263.86,"endTime":2268.42,"body":"the trade down. So then, if we"},{"speaker":"Andreas Park","startTime":2268.42,"endTime":2271.57,"body":"happen to agree on a price, the"},{"speaker":"Andreas Park","startTime":2268.42,"endTime":2271.57,"body":"stock exchange really just"},{"speaker":"Andreas Park","startTime":2271.6,"endTime":2273.97,"body":"collects information, it doesn't"},{"speaker":"Andreas Park","startTime":2271.6,"endTime":2273.97,"body":"really do anything other than,"},{"speaker":"Andreas Park","startTime":2274.0,"endTime":2277.36,"body":"you know, matching us, then they"},{"speaker":"Andreas Park","startTime":2274.0,"endTime":2277.36,"body":"send that information to the"},{"speaker":"Andreas Park","startTime":2277.36,"endTime":2280.66,"body":"clearing and settlement agency"},{"speaker":"Andreas Park","startTime":2277.36,"endTime":2280.66,"body":"that then arranges for the"},{"speaker":"Andreas Park","startTime":2280.66,"endTime":2283.75,"body":"clearing and settlement, which"},{"speaker":"Andreas Park","startTime":2280.66,"endTime":2283.75,"body":"involves custodian banks that"},{"speaker":"Andreas Park","startTime":2283.75,"endTime":2288.67,"body":"hold our stock certificates. And"},{"speaker":"Andreas Park","startTime":2283.75,"endTime":2288.67,"body":"there has to be a change in the"},{"speaker":"Andreas Park","startTime":2288.7,"endTime":2293.14,"body":"beneficiary ownership of who"},{"speaker":"Andreas Park","startTime":2288.7,"endTime":2293.14,"body":"owns the stock. And, you know,"},{"speaker":"Andreas Park","startTime":2293.35,"endTime":2297.46,"body":"critically actually, nobody, we"},{"speaker":"Andreas Park","startTime":2293.35,"endTime":2297.46,"body":"call it actually you and I, per"},{"speaker":"Andreas Park","startTime":2297.46,"endTime":2299.98,"body":"se, but it's actually the owner"},{"speaker":"Andreas Park","startTime":2297.46,"endTime":2299.98,"body":"is essentially technically the"},{"speaker":"Andreas Park","startTime":2299.98,"endTime":2303.19,"body":"brokerage because they have, you"},{"speaker":"Andreas Park","startTime":2299.98,"endTime":2303.19,"body":"know, hold your assets. And then"},{"speaker":"Andreas Park","startTime":2303.19,"endTime":2306.25,"body":"we have to also do, and this is"},{"speaker":"Andreas Park","startTime":2303.19,"endTime":2306.25,"body":"only for the stocks for the"},{"speaker":"Andreas Park","startTime":2306.25,"endTime":2309.25,"body":"stocks itself, we still have to"},{"speaker":"Andreas Park","startTime":2306.25,"endTime":2309.25,"body":"change the money, which involves"},{"speaker":"Andreas Park","startTime":2309.25,"endTime":2312.64,"body":"the entire payments network,"},{"speaker":"Andreas Park","startTime":2309.25,"endTime":2312.64,"body":"going via the Bank of Canada"},{"speaker":"Andreas Park","startTime":2312.64,"endTime":2316.78,"body":"ledger. And so all of this takes"},{"speaker":"Andreas Park","startTime":2312.64,"endTime":2316.78,"body":"three days or two, two days to"},{"speaker":"Andreas Park","startTime":2316.78,"endTime":2317.95,"body":"come to an end right."},{"speaker":"Preet Banerjee","startTime":2318.82,"endTime":2321.13,"body":"Now, this is why"},{"speaker":"Preet Banerjee","startTime":2318.82,"endTime":2321.13,"body":"we get the settlement of you"},{"speaker":"Preet Banerjee","startTime":2321.13,"endTime":2324.22,"body":"know, time of trade Plus, you"},{"speaker":"Preet Banerjee","startTime":2321.13,"endTime":2324.22,"body":"know, two days, three days"},{"speaker":"Preet Banerjee","startTime":2324.37,"endTime":2326.38,"body":"getting shorter, but still days."},{"speaker":"Andreas Park","startTime":2326.86,"endTime":2330.88,"body":"days. Exactly."},{"speaker":"Andreas Park","startTime":2326.86,"endTime":2330.88,"body":"Right. And you go you know, it's"},{"speaker":"Andreas Park","startTime":2330.88,"endTime":2335.23,"body":"2021. Why? Right? I mean, you"},{"speaker":"Andreas Park","startTime":2330.88,"endTime":2335.23,"body":"know, if computers can do this"},{"speaker":"Andreas Park","startTime":2335.23,"endTime":2338.41,"body":"directly, and this is precisely"},{"speaker":"Andreas Park","startTime":2335.23,"endTime":2338.41,"body":"what blockchain does. In a"},{"speaker":"Andreas Park","startTime":2338.41,"endTime":2342.55,"body":"blockchain, here's what you do"},{"speaker":"Andreas Park","startTime":2338.41,"endTime":2342.55,"body":"is you create a contract, think"},{"speaker":"Andreas Park","startTime":2342.55,"endTime":2345.31,"body":"about this. It's almost like an"},{"speaker":"Andreas Park","startTime":2342.55,"endTime":2345.31,"body":"escrow, right. So you basically,"},{"speaker":"Andreas Park","startTime":2345.58,"endTime":2349.06,"body":"what you do is you create an a"},{"speaker":"Andreas Park","startTime":2345.58,"endTime":2349.06,"body":"contract into send this way I"},{"speaker":"Andreas Park","startTime":2349.06,"endTime":2351.31,"body":"want to sell it to you. So I"},{"speaker":"Andreas Park","startTime":2349.06,"endTime":2351.31,"body":"take my shares, I put them to"},{"speaker":"Andreas Park","startTime":2351.31,"endTime":2353.26,"body":"that contract. And it's a"},{"speaker":"Andreas Park","startTime":2351.31,"endTime":2353.26,"body":"conditional contract, which"},{"speaker":"Andreas Park","startTime":2353.26,"endTime":2357.49,"body":"says, if somebody else sends"},{"speaker":"Andreas Park","startTime":2353.26,"endTime":2357.49,"body":"money to that contract, the"},{"speaker":"Andreas Park","startTime":2357.49,"endTime":2362.53,"body":"amount that I want, then I give"},{"speaker":"Andreas Park","startTime":2357.49,"endTime":2362.53,"body":"that person my share in exchange"},{"speaker":"Andreas Park","startTime":2362.56,"endTime":2365.98,"body":"for the money. And so now all"},{"speaker":"Andreas Park","startTime":2362.56,"endTime":2365.98,"body":"that you have to do is you have"},{"speaker":"Andreas Park","startTime":2365.98,"endTime":2368.8,"body":"to you see this contract, you"},{"speaker":"Andreas Park","startTime":2365.98,"endTime":2368.8,"body":"sent the money there. And the"},{"speaker":"Andreas Park","startTime":2368.8,"endTime":2372.16,"body":"contract does what's referred to"},{"speaker":"Andreas Park","startTime":2368.8,"endTime":2372.16,"body":"as an atomic swap. So, you know,"},{"speaker":"Andreas Park","startTime":2372.25,"endTime":2375.19,"body":"the shifts, gives you the share,"},{"speaker":"Andreas Park","startTime":2372.25,"endTime":2375.19,"body":"and gives me the money all in"},{"speaker":"Andreas Park","startTime":2375.19,"endTime":2375.64,"body":"one go."},{"speaker":"Preet Banerjee","startTime":2376.51,"endTime":2379.15,"body":"And so is this"},{"speaker":"Preet Banerjee","startTime":2376.51,"endTime":2379.15,"body":"what is called a smart contract."},{"speaker":"Andreas Park","startTime":2379.6,"endTime":2380.95,"body":"That is"},{"speaker":"Andreas Park","startTime":2379.6,"endTime":2380.95,"body":"essentially what a smart"},{"speaker":"Andreas Park","startTime":2380.95,"endTime":2383.92,"body":"contract is. It's just a piece"},{"speaker":"Andreas Park","startTime":2380.95,"endTime":2383.92,"body":"of code. Really, right,"},{"speaker":"Preet Banerjee","startTime":2383.95,"endTime":2387.43,"body":"right. You know,"},{"speaker":"Preet Banerjee","startTime":2383.95,"endTime":2387.43,"body":"if you were to create a diagram"},{"speaker":"Preet Banerjee","startTime":2387.46,"endTime":2390.64,"body":"of all the participants required"},{"speaker":"Preet Banerjee","startTime":2387.46,"endTime":2390.64,"body":"to facilitate the exchange of"},{"speaker":"Preet Banerjee","startTime":2390.64,"endTime":2394.48,"body":"shares between one person and"},{"speaker":"Preet Banerjee","startTime":2390.64,"endTime":2394.48,"body":"another, there are, you know,"},{"speaker":"Preet Banerjee","startTime":2394.51,"endTime":2397.75,"body":"six, seven, maybe eight"},{"speaker":"Preet Banerjee","startTime":2394.51,"endTime":2397.75,"body":"different intermediaries"},{"speaker":"Preet Banerjee","startTime":2397.75,"endTime":2400.45,"body":"involved in that just with the"},{"speaker":"Preet Banerjee","startTime":2397.75,"endTime":2400.45,"body":"exchange and then Of course,"},{"speaker":"Preet Banerjee","startTime":2400.45,"endTime":2403.84,"body":"then there's also the payment"},{"speaker":"Preet Banerjee","startTime":2400.45,"endTime":2403.84,"body":"networks, as you said, and all"},{"speaker":"Preet Banerjee","startTime":2403.84,"endTime":2408.82,"body":"of that could be replaced with"},{"speaker":"Preet Banerjee","startTime":2403.84,"endTime":2408.82,"body":"this, you know, smart contract"},{"speaker":"Preet Banerjee","startTime":2408.82,"endTime":2410.8,"body":"that could execute it in"},{"speaker":"Preet Banerjee","startTime":2408.82,"endTime":2410.8,"body":"seconds."},{"speaker":"Andreas Park","startTime":2411.52,"endTime":2415.57,"body":"Exactly. It's"},{"speaker":"Andreas Park","startTime":2411.52,"endTime":2415.57,"body":"phenomenal. And now in here,"},{"speaker":"Andreas Park","startTime":2415.6,"endTime":2418.18,"body":"yeah, so this is, I mean, this"},{"speaker":"Andreas Park","startTime":2415.6,"endTime":2418.18,"body":"is just a single contract, and"},{"speaker":"Andreas Park","startTime":2418.18,"endTime":2420.58,"body":"we still have the problem of"},{"speaker":"Andreas Park","startTime":2418.18,"endTime":2420.58,"body":"having to find one another."},{"speaker":"Andreas Park","startTime":2420.67,"endTime":2424.42,"body":"Right. So if you think of"},{"speaker":"Andreas Park","startTime":2420.67,"endTime":2424.42,"body":"trading alone, you don't solve"},{"speaker":"Andreas Park","startTime":2424.45,"endTime":2426.61,"body":"the solve the use of the tech"},{"speaker":"Andreas Park","startTime":2424.45,"endTime":2426.61,"body":"problem, but you don't solve the"},{"speaker":"Andreas Park","startTime":2426.61,"endTime":2429.49,"body":"liquidity problem, which is"},{"speaker":"Andreas Park","startTime":2426.61,"endTime":2429.49,"body":"actually quite critical, right?"},{"speaker":"Andreas Park","startTime":2429.79,"endTime":2432.73,"body":"Because, you know, two people"},{"speaker":"Andreas Park","startTime":2429.79,"endTime":2432.73,"body":"finding one another on the"},{"speaker":"Andreas Park","startTime":2432.73,"endTime":2436.54,"body":"market is actually pretty hard."},{"speaker":"Andreas Park","startTime":2432.73,"endTime":2436.54,"body":"And here's where, you know, the"},{"speaker":"Andreas Park","startTime":2436.57,"endTime":2441.04,"body":"blockchain network has created"},{"speaker":"Andreas Park","startTime":2436.57,"endTime":2441.04,"body":"an even better solution. And"},{"speaker":"Andreas Park","startTime":2441.07,"endTime":2443.62,"body":"what that is, essentially is"},{"speaker":"Andreas Park","startTime":2441.07,"endTime":2443.62,"body":"referred to as automated market"},{"speaker":"Andreas Park","startTime":2443.62,"endTime":2449.14,"body":"makers. And so now, here's how"},{"speaker":"Andreas Park","startTime":2443.62,"endTime":2449.14,"body":"that works. Imagine you have"},{"speaker":"Andreas Park","startTime":2449.14,"endTime":2453.34,"body":"cryptocurrencies or and some"},{"speaker":"Andreas Park","startTime":2449.14,"endTime":2453.34,"body":"other token that you you know,"},{"speaker":"Andreas Park","startTime":2453.37,"endTime":2457.57,"body":"both hold, what you can do is"},{"speaker":"Andreas Park","startTime":2453.37,"endTime":2457.57,"body":"you can deposit them into a"},{"speaker":"Andreas Park","startTime":2457.57,"endTime":2462.61,"body":"smart contract, which collects"},{"speaker":"Andreas Park","startTime":2457.57,"endTime":2462.61,"body":"the same pairs of, of"},{"speaker":"Andreas Park","startTime":2462.61,"endTime":2466.33,"body":"cryptocurrencies or of a digital"},{"speaker":"Andreas Park","startTime":2462.61,"endTime":2466.33,"body":"items, you know, you can imagine"},{"speaker":"Andreas Park","startTime":2466.33,"endTime":2468.82,"body":"the same thing with stock"},{"speaker":"Andreas Park","startTime":2466.33,"endTime":2468.82,"body":"certificates, of course, and you"},{"speaker":"Andreas Park","startTime":2468.82,"endTime":2472.9,"body":"put this all into a smart"},{"speaker":"Andreas Park","startTime":2468.82,"endTime":2472.9,"body":"contract. And then individuals"},{"speaker":"Andreas Park","startTime":2472.9,"endTime":2475.75,"body":"can trade against that smart"},{"speaker":"Andreas Park","startTime":2472.9,"endTime":2475.75,"body":"contract at any given point in"},{"speaker":"Andreas Park","startTime":2475.75,"endTime":2479.47,"body":"time and buy or sell any of"},{"speaker":"Andreas Park","startTime":2475.75,"endTime":2479.47,"body":"these items that are in this"},{"speaker":"Andreas Park","startTime":2479.47,"endTime":2484.36,"body":"smart contract, add in automated"},{"speaker":"Andreas Park","startTime":2479.47,"endTime":2484.36,"body":"Lee created price, which"},{"speaker":"Andreas Park","startTime":2484.36,"endTime":2490.57,"body":"reflects the liquidity of the"},{"speaker":"Andreas Park","startTime":2484.36,"endTime":2490.57,"body":"entire contract. So the system"},{"speaker":"Andreas Park","startTime":2490.57,"endTime":2493.75,"body":"that I'm referring to here is"},{"speaker":"Andreas Park","startTime":2490.57,"endTime":2493.75,"body":"something called uniswap. This"},{"speaker":"Andreas Park","startTime":2493.75,"endTime":2497.2,"body":"is like the, you know, automated"},{"speaker":"Andreas Park","startTime":2493.75,"endTime":2497.2,"body":"market making 1.0. There's"},{"speaker":"Andreas Park","startTime":2497.2,"endTime":2501.34,"body":"actually clever mechanisms"},{"speaker":"Andreas Park","startTime":2497.2,"endTime":2501.34,"body":"already out there. But, but the"},{"speaker":"Andreas Park","startTime":2501.34,"endTime":2504.4,"body":"genius of this is, essentially"},{"speaker":"Andreas Park","startTime":2501.34,"endTime":2504.4,"body":"what you create is the"},{"speaker":"Andreas Park","startTime":2504.4,"endTime":2507.85,"body":"equivalent, if you want of a"},{"speaker":"Andreas Park","startTime":2504.4,"endTime":2507.85,"body":"bank, right, because what the"},{"speaker":"Andreas Park","startTime":2507.85,"endTime":2511.54,"body":"bank really is, is a is a is a"},{"speaker":"Andreas Park","startTime":2507.85,"endTime":2511.54,"body":"gigantic liquidity generator, it"},{"speaker":"Andreas Park","startTime":2511.54,"endTime":2515.08,"body":"takes deposits from people, and"},{"speaker":"Andreas Park","startTime":2511.54,"endTime":2515.08,"body":"it takes, you know, and then"},{"speaker":"Andreas Park","startTime":2515.08,"endTime":2518.41,"body":"gives out loans, which, you"},{"speaker":"Andreas Park","startTime":2515.08,"endTime":2518.41,"body":"know, it's sometimes it"},{"speaker":"Andreas Park","startTime":2518.44,"endTime":2523.54,"body":"facilitates interactions and"},{"speaker":"Andreas Park","startTime":2518.44,"endTime":2523.54,"body":"financial interactions in that,"},{"speaker":"Andreas Park","startTime":2523.54,"endTime":2529.36,"body":"too, is now being put into a"},{"speaker":"Andreas Park","startTime":2523.54,"endTime":2529.36,"body":"smart contract, which is, you"},{"speaker":"Andreas Park","startTime":2529.36,"endTime":2534.43,"body":"know, really a very, very cool"},{"speaker":"Andreas Park","startTime":2529.36,"endTime":2534.43,"body":"idea and, and, and development."},{"speaker":"Preet Banerjee","startTime":2534.91,"endTime":2538.9,"body":"So it's, it"},{"speaker":"Preet Banerjee","startTime":2534.91,"endTime":2538.9,"body":"seems like the the applications"},{"speaker":"Preet Banerjee","startTime":2538.93,"endTime":2542.83,"body":"of this technology, we're just"},{"speaker":"Preet Banerjee","startTime":2538.93,"endTime":2542.83,"body":"starting to scratch the surface."},{"speaker":"Preet Banerjee","startTime":2543.82,"endTime":2547.96,"body":"But before we get to that point,"},{"speaker":"Preet Banerjee","startTime":2543.82,"endTime":2547.96,"body":"I want to talk about regulation."},{"speaker":"Preet Banerjee","startTime":2548.74,"endTime":2553.15,"body":"And, again, I think there's a"},{"speaker":"Preet Banerjee","startTime":2548.74,"endTime":2553.15,"body":"lot of people who look at the"},{"speaker":"Preet Banerjee","startTime":2553.15,"endTime":2556.42,"body":"underlying technology, and the"},{"speaker":"Preet Banerjee","startTime":2553.15,"endTime":2556.42,"body":"impact that will have on society"},{"speaker":"Preet Banerjee","startTime":2556.42,"endTime":2559.57,"body":"is being tremendous. And there"},{"speaker":"Preet Banerjee","startTime":2556.42,"endTime":2559.57,"body":"are other people who look at,"},{"speaker":"Preet Banerjee","startTime":2560.35,"endTime":2566.2,"body":"for example, Bitcoin, and other"},{"speaker":"Preet Banerjee","startTime":2560.35,"endTime":2566.2,"body":"coins, as investment vehicles,"},{"speaker":"Preet Banerjee","startTime":2566.26,"endTime":2568.36,"body":"right, this is a way to grow"},{"speaker":"Preet Banerjee","startTime":2566.26,"endTime":2568.36,"body":"their money right now with their"},{"speaker":"Preet Banerjee","startTime":2568.36,"endTime":2572.14,"body":"speculative. And there's a"},{"speaker":"Preet Banerjee","startTime":2568.36,"endTime":2572.14,"body":"question as to how do you"},{"speaker":"Preet Banerjee","startTime":2572.14,"endTime":2575.2,"body":"regulate? Who is in charge of"},{"speaker":"Preet Banerjee","startTime":2572.14,"endTime":2575.2,"body":"regulating? What is it a money"},{"speaker":"Preet Banerjee","startTime":2575.2,"endTime":2580.06,"body":"services business? Is it you"},{"speaker":"Preet Banerjee","startTime":2575.2,"endTime":2580.06,"body":"know, just currency exchange? Is"},{"speaker":"Preet Banerjee","startTime":2580.06,"endTime":2584.23,"body":"it something else? And then, you"},{"speaker":"Preet Banerjee","startTime":2580.06,"endTime":2584.23,"body":"know, we're going to talk about"},{"speaker":"Preet Banerjee","startTime":2584.32,"endTime":2588.76,"body":"central bank, digital loonies or"},{"speaker":"Preet Banerjee","startTime":2584.32,"endTime":2588.76,"body":"digital currencies, and what"},{"speaker":"Preet Banerjee","startTime":2588.76,"endTime":2592.03,"body":"your proposal was for what"},{"speaker":"Preet Banerjee","startTime":2588.76,"endTime":2592.03,"body":"things could look like. And so"},{"speaker":"Preet Banerjee","startTime":2592.09,"endTime":2597.73,"body":"my overarching question really"},{"speaker":"Preet Banerjee","startTime":2592.09,"endTime":2597.73,"body":"about regulation? The existence"},{"speaker":"Preet Banerjee","startTime":2597.76,"endTime":2602.95,"body":"and proliferation of Bitcoin is"},{"speaker":"Preet Banerjee","startTime":2597.76,"endTime":2602.95,"body":"this. If there are central banks"},{"speaker":"Preet Banerjee","startTime":2602.95,"endTime":2606.13,"body":"around the world who are looking"},{"speaker":"Preet Banerjee","startTime":2602.95,"endTime":2606.13,"body":"at creating their own digital"},{"speaker":"Preet Banerjee","startTime":2606.13,"endTime":2608.74,"body":"currencies, because there are"},{"speaker":"Preet Banerjee","startTime":2606.13,"endTime":2608.74,"body":"many who are exploring this"},{"speaker":"Preet Banerjee","startTime":2608.74,"endTime":2616.09,"body":"right now, what does that mean"},{"speaker":"Preet Banerjee","startTime":2608.74,"endTime":2616.09,"body":"for Bitcoin and the adoption?"},{"speaker":"Preet Banerjee","startTime":2616.57,"endTime":2620.44,"body":"And lifespan of Bitcoin going"},{"speaker":"Preet Banerjee","startTime":2616.57,"endTime":2620.44,"body":"forward? Does that this debt"},{"speaker":"Preet Banerjee","startTime":2620.53,"endTime":2626.29,"body":"displace these unregulated?"},{"speaker":"Preet Banerjee","startTime":2620.53,"endTime":2626.29,"body":"cryptocurrencies, when you have"},{"speaker":"Preet Banerjee","startTime":2626.29,"endTime":2629.26,"body":"central banks taking this"},{"speaker":"Preet Banerjee","startTime":2626.29,"endTime":2629.26,"body":"technology and saying, No, we're"},{"speaker":"Preet Banerjee","startTime":2629.26,"endTime":2631.03,"body":"going to take all the things"},{"speaker":"Preet Banerjee","startTime":2629.26,"endTime":2631.03,"body":"that are great about this"},{"speaker":"Preet Banerjee","startTime":2631.03,"endTime":2634.27,"body":"technology, plus government"},{"speaker":"Preet Banerjee","startTime":2631.03,"endTime":2634.27,"body":"oversight and regulation that we"},{"speaker":"Preet Banerjee","startTime":2634.27,"endTime":2637.87,"body":"can see. And because that's what"},{"speaker":"Preet Banerjee","startTime":2634.27,"endTime":2637.87,"body":"we're going to accept and"},{"speaker":"Preet Banerjee","startTime":2637.87,"endTime":2640.57,"body":"transact on and except for"},{"speaker":"Preet Banerjee","startTime":2637.87,"endTime":2640.57,"body":"paying taxes. That's all there"},{"speaker":"Preet Banerjee","startTime":2640.57,"endTime":2643.27,"body":"is going to be. What do you see"},{"speaker":"Preet Banerjee","startTime":2640.57,"endTime":2643.27,"body":"happening in the future when it"},{"speaker":"Preet Banerjee","startTime":2643.27,"endTime":2646.9,"body":"comes to Central Bank digital"},{"speaker":"Preet Banerjee","startTime":2643.27,"endTime":2646.9,"body":"currencies versus the current"},{"speaker":"Preet Banerjee","startTime":2647.17,"endTime":2648.97,"body":"swath of cryptocurrencies that"},{"speaker":"Preet Banerjee","startTime":2647.17,"endTime":2648.97,"body":"are out there?"},{"speaker":"Andreas Park","startTime":2649.84,"endTime":2653.47,"body":"So what you're"},{"speaker":"Andreas Park","startTime":2649.84,"endTime":2653.47,"body":"really asking is, Do I have time"},{"speaker":"Andreas Park","startTime":2653.47,"endTime":2655.33,"body":"to talk to until 2022?"},{"speaker":"Preet Banerjee","startTime":2656.23,"endTime":2656.74,"body":"Yeah."},{"speaker":"Andreas Park","startTime":2659.26,"endTime":2660.85,"body":"Because there's a"},{"speaker":"Andreas Park","startTime":2659.26,"endTime":2660.85,"body":"lot of questions. There's a lot"},{"speaker":"Andreas Park","startTime":2660.85,"endTime":2666.58,"body":"of things. Yeah. And very"},{"speaker":"Andreas Park","startTime":2660.85,"endTime":2666.58,"body":"interesting ones. So let's so"},{"speaker":"Andreas Park","startTime":2666.61,"endTime":2667.24,"body":"let's start."},{"speaker":"Preet Banerjee","startTime":2667.24,"endTime":2669.07,"body":"That was"},{"speaker":"Preet Banerjee","startTime":2667.24,"endTime":2669.07,"body":"probably the worst question I've"},{"speaker":"Preet Banerjee","startTime":2669.07,"endTime":2672.13,"body":"ever asked in the history of"},{"speaker":"Preet Banerjee","startTime":2669.07,"endTime":2672.13,"body":"this podcast. There's so many"},{"speaker":"Preet Banerjee","startTime":2672.13,"endTime":2676.51,"body":"different parts going on. But do"},{"speaker":"Preet Banerjee","startTime":2672.13,"endTime":2676.51,"body":"your best you're you know,"},{"speaker":"Preet Banerjee","startTime":2676.51,"endTime":2677.59,"body":"you're the smart one here."},{"speaker":"Andreas Park","startTime":2678.04,"endTime":2679.9,"body":"Well, you know,"},{"speaker":"Andreas Park","startTime":2678.04,"endTime":2679.9,"body":"what, if you had been a student"},{"speaker":"Andreas Park","startTime":2679.9,"endTime":2683.08,"body":"of mine, I would just say, can"},{"speaker":"Andreas Park","startTime":2679.9,"endTime":2683.08,"body":"you ask so I don't understand"},{"speaker":"Andreas Park","startTime":2683.08,"endTime":2687.55,"body":"your question. Can you formulate"},{"speaker":"Andreas Park","startTime":2683.08,"endTime":2687.55,"body":"it again? Just just frustrated"},{"speaker":"Andreas Park","startTime":2687.55,"endTime":2687.76,"body":"with"},{"speaker":"Preet Banerjee","startTime":2689.08,"endTime":2691.72,"body":"your teaching"},{"speaker":"Preet Banerjee","startTime":2689.08,"endTime":2691.72,"body":"pedagogies. I see. Interesting."},{"speaker":"Andreas Park","startTime":2691.84,"endTime":2694.15,"body":"Yeah, it's it's"},{"speaker":"Andreas Park","startTime":2691.84,"endTime":2694.15,"body":"always a battle when people"},{"speaker":"Andreas Park","startTime":2694.15,"endTime":2696.79,"body":"challenge you with a question"},{"speaker":"Andreas Park","startTime":2694.15,"endTime":2696.79,"body":"you usually ask a question back,"},{"speaker":"Andreas Park","startTime":2696.79,"endTime":2699.64,"body":"but in a very subtle way to"},{"speaker":"Andreas Park","startTime":2696.79,"endTime":2699.64,"body":"flatter the other side."},{"speaker":"Preet Banerjee","startTime":2700.0,"endTime":2703.03,"body":"All right, well"},{"speaker":"Preet Banerjee","startTime":2700.0,"endTime":2703.03,"body":"do the best with what you can"},{"speaker":"Preet Banerjee","startTime":2703.03,"endTime":2705.25,"body":"with that dog's breakfast have a"},{"speaker":"Preet Banerjee","startTime":2703.03,"endTime":2705.25,"body":"question I asked you?"},{"speaker":"Andreas Park","startTime":2705.58,"endTime":2707.62,"body":"Well, let's start"},{"speaker":"Andreas Park","startTime":2705.58,"endTime":2707.62,"body":"with a regulation as a first"},{"speaker":"Andreas Park","startTime":2707.62,"endTime":2713.2,"body":"step, right. So, if you if you"},{"speaker":"Andreas Park","startTime":2707.62,"endTime":2713.2,"body":"take a step back and just think"},{"speaker":"Andreas Park","startTime":2713.2,"endTime":2715.84,"body":"about what the what the founders"},{"speaker":"Andreas Park","startTime":2713.2,"endTime":2715.84,"body":"of aetherium wanted to do is"},{"speaker":"Andreas Park","startTime":2715.84,"endTime":2721.24,"body":"that they had no intention of,"},{"speaker":"Andreas Park","startTime":2715.84,"endTime":2721.24,"body":"you know, creating money and,"},{"speaker":"Andreas Park","startTime":2721.72,"endTime":2725.74,"body":"and, you know, whatever, money"},{"speaker":"Andreas Park","startTime":2721.72,"endTime":2725.74,"body":"laundering machine or anything,"},{"speaker":"Andreas Park","startTime":2725.74,"endTime":2728.17,"body":"all that the one has to do is"},{"speaker":"Andreas Park","startTime":2725.74,"endTime":2728.17,"body":"create some technology, right?"},{"speaker":"Andreas Park","startTime":2728.17,"endTime":2731.95,"body":"And, and, you know, people do"},{"speaker":"Andreas Park","startTime":2728.17,"endTime":2731.95,"body":"this all the time, right? People"},{"speaker":"Andreas Park","startTime":2731.95,"endTime":2735.31,"body":"create any number of pieces of"},{"speaker":"Andreas Park","startTime":2731.95,"endTime":2735.31,"body":"code. And there's actually some,"},{"speaker":"Andreas Park","startTime":2735.34,"endTime":2737.05,"body":"you know, when you create a"},{"speaker":"Andreas Park","startTime":2735.34,"endTime":2737.05,"body":"piece of code, there's actually"},{"speaker":"Andreas Park","startTime":2737.05,"endTime":2740.59,"body":"a protection that you have about"},{"speaker":"Andreas Park","startTime":2737.05,"endTime":2740.59,"body":"it. Right. So, you know, it's,"},{"speaker":"Andreas Park","startTime":2740.65,"endTime":2744.58,"body":"there's, there's the I think"},{"speaker":"Andreas Park","startTime":2740.65,"endTime":2744.58,"body":"it's called, what does it did a"},{"speaker":"Andreas Park","startTime":2744.58,"endTime":2747.67,"body":"gmu license or whatever it's"},{"speaker":"Andreas Park","startTime":2744.58,"endTime":2747.67,"body":"called, right? So you basically"},{"speaker":"Andreas Park","startTime":2747.67,"endTime":2749.56,"body":"take if you want to use this"},{"speaker":"Andreas Park","startTime":2747.67,"endTime":2749.56,"body":"code, use it, but I'm not"},{"speaker":"Andreas Park","startTime":2749.56,"endTime":2751.84,"body":"responsible for anything that"},{"speaker":"Andreas Park","startTime":2749.56,"endTime":2751.84,"body":"could go wrong, right? That's"},{"speaker":"Andreas Park","startTime":2751.84,"endTime":2755.56,"body":"kind of the approach to people"},{"speaker":"Andreas Park","startTime":2751.84,"endTime":2755.56,"body":"talk, except that becomes a"},{"speaker":"Andreas Park","startTime":2755.56,"endTime":2759.22,"body":"little iffy when you are both an"},{"speaker":"Andreas Park","startTime":2755.56,"endTime":2759.22,"body":"operator and somebody who"},{"speaker":"Andreas Park","startTime":2759.25,"endTime":2761.8,"body":"develop this code, right. And"},{"speaker":"Andreas Park","startTime":2759.25,"endTime":2761.8,"body":"this is how they basically try"},{"speaker":"Andreas Park","startTime":2761.8,"endTime":2765.64,"body":"to grab people in terms of, you"},{"speaker":"Andreas Park","startTime":2761.8,"endTime":2765.64,"body":"know, whatever the activity is."},{"speaker":"Andreas Park","startTime":2767.83,"endTime":2771.61,"body":"But here's where this gets"},{"speaker":"Andreas Park","startTime":2767.83,"endTime":2771.61,"body":"difficult. In the following"},{"speaker":"Andreas Park","startTime":2771.61,"endTime":2775.69,"body":"sensors, you because you touch"},{"speaker":"Andreas Park","startTime":2771.61,"endTime":2775.69,"body":"about trade value transfers, and"},{"speaker":"Andreas Park","startTime":2775.69,"endTime":2779.11,"body":"therefore you touch what is"},{"speaker":"Andreas Park","startTime":2775.69,"endTime":2779.11,"body":"inherent to the financial"},{"speaker":"Andreas Park","startTime":2779.11,"endTime":2782.68,"body":"system. Right? And that is a"},{"speaker":"Andreas Park","startTime":2779.11,"endTime":2782.68,"body":"very, very heavily regulated"},{"speaker":"Andreas Park","startTime":2782.68,"endTime":2787.39,"body":"market. But the regulations all"},{"speaker":"Andreas Park","startTime":2782.68,"endTime":2787.39,"body":"have developed over time"},{"speaker":"Andreas Park","startTime":2787.42,"endTime":2791.56,"body":"organically, right? I would"},{"speaker":"Andreas Park","startTime":2787.42,"endTime":2791.56,"body":"argue, so in the sense of that,"},{"speaker":"Andreas Park","startTime":2791.59,"endTime":2795.97,"body":"okay, so we have banks, banks,"},{"speaker":"Andreas Park","startTime":2791.59,"endTime":2795.97,"body":"you know, get established, banks"},{"speaker":"Andreas Park","startTime":2795.97,"endTime":2798.7,"body":"use that banks have used to"},{"speaker":"Andreas Park","startTime":2795.97,"endTime":2798.7,"body":"issue their own money, we"},{"speaker":"Andreas Park","startTime":2798.7,"endTime":2801.43,"body":"realize that created a number of"},{"speaker":"Andreas Park","startTime":2798.7,"endTime":2801.43,"body":"problems, then we have a new"},{"speaker":"Andreas Park","startTime":2801.43,"endTime":2804.67,"body":"regulator, which regulates what"},{"speaker":"Andreas Park","startTime":2801.43,"endTime":2804.67,"body":"money can be there, then you"},{"speaker":"Andreas Park","startTime":2804.67,"endTime":2808.12,"body":"regulate what kind of conditions"},{"speaker":"Andreas Park","startTime":2804.67,"endTime":2808.12,"body":"you can put on loans, and so on,"},{"speaker":"Andreas Park","startTime":2808.12,"endTime":2810.88,"body":"and so forth. So this is like,"},{"speaker":"Andreas Park","startTime":2808.12,"endTime":2810.88,"body":"one piece builds on the next"},{"speaker":"Andreas Park","startTime":2810.88,"endTime":2813.55,"body":"piece, both on the next piece"},{"speaker":"Andreas Park","startTime":2810.88,"endTime":2813.55,"body":"built on the next piece, and"},{"speaker":"Andreas Park","startTime":2813.55,"endTime":2815.89,"body":"then you tried to take this"},{"speaker":"Andreas Park","startTime":2813.55,"endTime":2815.89,"body":"regulation, which has"},{"speaker":"Andreas Park","startTime":2815.89,"endTime":2819.13,"body":"essentially developed, let's"},{"speaker":"Andreas Park","startTime":2815.89,"endTime":2819.13,"body":"say, since the late 1800s, at"},{"speaker":"Andreas Park","startTime":2819.13,"endTime":2823.99,"body":"least, and you try to put that"},{"speaker":"Andreas Park","startTime":2819.13,"endTime":2823.99,"body":"on top something which is"},{"speaker":"Andreas Park","startTime":2823.99,"endTime":2828.07,"body":"conceptually very different,"},{"speaker":"Andreas Park","startTime":2823.99,"endTime":2828.07,"body":"right, because the concept of a"},{"speaker":"Andreas Park","startTime":2828.07,"endTime":2834.19,"body":"bank is, you know, it's an it's,"},{"speaker":"Andreas Park","startTime":2828.07,"endTime":2834.19,"body":"it is a entity of power between"},{"speaker":"Andreas Park","startTime":2834.19,"endTime":2838.0,"body":"that sits between borrowers and"},{"speaker":"Andreas Park","startTime":2834.19,"endTime":2838.0,"body":"lenders, essentially, right,"},{"speaker":"Andreas Park","startTime":2838.0,"endTime":2840.85,"body":"because if your deposit is a few"},{"speaker":"Andreas Park","startTime":2838.0,"endTime":2840.85,"body":"100, as a deposit, I'm"},{"speaker":"Andreas Park","startTime":2840.85,"endTime":2843.88,"body":"implicitly a lender. And as you"},{"speaker":"Andreas Park","startTime":2840.85,"endTime":2843.88,"body":"know, and then you are the"},{"speaker":"Andreas Park","startTime":2843.88,"endTime":2847.6,"body":"borrower, right. And so you kind"},{"speaker":"Andreas Park","startTime":2843.88,"endTime":2847.6,"body":"of have to regulate how this is"},{"speaker":"Andreas Park","startTime":2847.6,"endTime":2851.17,"body":"done, you have a fractional"},{"speaker":"Andreas Park","startTime":2847.6,"endTime":2851.17,"body":"banking system, which, you know,"},{"speaker":"Andreas Park","startTime":2851.2,"endTime":2853.72,"body":"which means that you need to"},{"speaker":"Andreas Park","startTime":2851.2,"endTime":2853.72,"body":"make sure that if you, you"},{"speaker":"Andreas Park","startTime":2853.72,"endTime":2856.12,"body":"always lend out more money than"},{"speaker":"Andreas Park","startTime":2853.72,"endTime":2856.12,"body":"what you have in your coffers."},{"speaker":"Andreas Park","startTime":2856.39,"endTime":2858.94,"body":"So you want to make sure that at"},{"speaker":"Andreas Park","startTime":2856.39,"endTime":2858.94,"body":"any given point in time, you"},{"speaker":"Andreas Park","startTime":2858.94,"endTime":2862.33,"body":"have enough solvency so that"},{"speaker":"Andreas Park","startTime":2858.94,"endTime":2862.33,"body":"when you know, when when people"},{"speaker":"Andreas Park","startTime":2862.33,"endTime":2864.13,"body":"want to have their money back"},{"speaker":"Andreas Park","startTime":2862.33,"endTime":2864.13,"body":"that, you know, you're not going"},{"speaker":"Andreas Park","startTime":2864.13,"endTime":2867.55,"body":"to falter. Because we know what"},{"speaker":"Andreas Park","startTime":2864.13,"endTime":2867.55,"body":"if that happens, we have riots"},{"speaker":"Andreas Park","startTime":2867.55,"endTime":2869.98,"body":"on the street, all of those"},{"speaker":"Andreas Park","startTime":2867.55,"endTime":2869.98,"body":"things, right? There's a lot of"},{"speaker":"Andreas Park","startTime":2869.98,"endTime":2873.28,"body":"concerns around this. This is"},{"speaker":"Andreas Park","startTime":2869.98,"endTime":2873.28,"body":"why we have regulations. Now the"},{"speaker":"Andreas Park","startTime":2873.31,"endTime":2877.03,"body":"first question you have to ask"},{"speaker":"Andreas Park","startTime":2873.31,"endTime":2877.03,"body":"is, should that really apply to,"},{"speaker":"Andreas Park","startTime":2878.23,"endTime":2882.25,"body":"you know, to to this new world?"},{"speaker":"Andreas Park","startTime":2878.23,"endTime":2882.25,"body":"And why would it apply? It's"},{"speaker":"Andreas Park","startTime":2882.25,"endTime":2885.88,"body":"not. So just because there's"},{"speaker":"Andreas Park","startTime":2882.25,"endTime":2885.88,"body":"items of value doesn't mean that"},{"speaker":"Andreas Park","startTime":2885.88,"endTime":2888.43,"body":"the concerns that lead to a"},{"speaker":"Andreas Park","startTime":2885.88,"endTime":2888.43,"body":"particular type of regulation"},{"speaker":"Andreas Park","startTime":2888.43,"endTime":2891.67,"body":"apply in the same sense, right?"},{"speaker":"Andreas Park","startTime":2888.43,"endTime":2891.67,"body":"So if you have a smart contract,"},{"speaker":"Andreas Park","startTime":2891.67,"endTime":2896.2,"body":"for instance, which effectively"},{"speaker":"Andreas Park","startTime":2891.67,"endTime":2896.2,"body":"is a loan contract, all the"},{"speaker":"Andreas Park","startTime":2896.2,"endTime":2900.76,"body":"conditions are objectively"},{"speaker":"Andreas Park","startTime":2896.2,"endTime":2900.76,"body":"visible, there is nothing hidden"},{"speaker":"Andreas Park","startTime":2900.85,"endTime":2905.32,"body":"in it, right? So you can see"},{"speaker":"Andreas Park","startTime":2900.85,"endTime":2905.32,"body":"everything that you get into it,"},{"speaker":"Andreas Park","startTime":2905.65,"endTime":2909.28,"body":"which is different from when you"},{"speaker":"Andreas Park","startTime":2905.65,"endTime":2909.28,"body":"go and have a contract in you"},{"speaker":"Andreas Park","startTime":2909.28,"endTime":2912.31,"body":"sign a contract with annoying"},{"speaker":"Andreas Park","startTime":2909.28,"endTime":2912.31,"body":"entities such as such as a bank,"},{"speaker":"Andreas Park","startTime":2912.34,"endTime":2914.8,"body":"they may actually know something"},{"speaker":"Andreas Park","startTime":2912.34,"endTime":2914.8,"body":"that you don't know, this is the"},{"speaker":"Andreas Park","startTime":2914.8,"endTime":2917.98,"body":"real big problem. And this is"},{"speaker":"Andreas Park","startTime":2914.8,"endTime":2917.98,"body":"where you get regulation to"},{"speaker":"Andreas Park","startTime":2917.98,"endTime":2921.55,"body":"solve the imbalance of power."},{"speaker":"Andreas Park","startTime":2917.98,"endTime":2921.55,"body":"That is not the case when you"},{"speaker":"Andreas Park","startTime":2921.55,"endTime":2925.63,"body":"interact with with a piece of"},{"speaker":"Andreas Park","startTime":2921.55,"endTime":2925.63,"body":"code, I would argue, right? So"},{"speaker":"Andreas Park","startTime":2925.66,"endTime":2928.9,"body":"should we apply the same rules"},{"speaker":"Andreas Park","startTime":2925.66,"endTime":2928.9,"body":"for that? I'm not sure, I think"},{"speaker":"Andreas Park","startTime":2928.9,"endTime":2931.99,"body":"we should really reconsider some"},{"speaker":"Andreas Park","startTime":2928.9,"endTime":2931.99,"body":"many of the rules that we have"},{"speaker":"Andreas Park","startTime":2931.99,"endTime":2937.24,"body":"in place. Now at the same time."},{"speaker":"Andreas Park","startTime":2931.99,"endTime":2937.24,"body":"You can also say what somebody"},{"speaker":"Andreas Park","startTime":2937.24,"endTime":2940.36,"body":"from the OSC said to me is just"},{"speaker":"Andreas Park","startTime":2937.24,"endTime":2940.36,"body":"because you sit, you know, in"},{"speaker":"Andreas Park","startTime":2940.36,"endTime":2942.94,"body":"your pajamas in your basement"},{"speaker":"Andreas Park","startTime":2940.36,"endTime":2942.94,"body":"and say, Oh, I'm so innovative"},{"speaker":"Andreas Park","startTime":2942.94,"endTime":2945.88,"body":"doesn't mean that the rules"},{"speaker":"Andreas Park","startTime":2942.94,"endTime":2945.88,"body":"don't apply to you. Right, yeah."},{"speaker":"Andreas Park","startTime":2946.42,"endTime":2949.96,"body":"So, you know, you got to be"},{"speaker":"Andreas Park","startTime":2946.42,"endTime":2949.96,"body":"really cautious about but I"},{"speaker":"Andreas Park","startTime":2949.96,"endTime":2953.53,"body":"think you and I think the right"},{"speaker":"Andreas Park","startTime":2949.96,"endTime":2953.53,"body":"way to think about this is to be"},{"speaker":"Andreas Park","startTime":2953.53,"endTime":2957.61,"body":"a little hands off and just see"},{"speaker":"Andreas Park","startTime":2953.53,"endTime":2957.61,"body":"how it pans out. And not to slap"},{"speaker":"Andreas Park","startTime":2957.61,"endTime":2960.61,"body":"people right away with"},{"speaker":"Andreas Park","startTime":2957.61,"endTime":2960.61,"body":"regulation. But I can tell you,"},{"speaker":"Andreas Park","startTime":2961.27,"endTime":2965.83,"body":"you know, so just imagine, for"},{"speaker":"Andreas Park","startTime":2961.27,"endTime":2965.83,"body":"instance, this uniswap contract"},{"speaker":"Andreas Park","startTime":2965.83,"endTime":2968.38,"body":"that I talked to you about this,"},{"speaker":"Andreas Park","startTime":2965.83,"endTime":2968.38,"body":"this this trading contract"},{"speaker":"Andreas Park","startTime":2968.41,"endTime":2971.23,"body":"effectively, what this contract"},{"speaker":"Andreas Park","startTime":2968.41,"endTime":2971.23,"body":"does is it takes custody of"},{"speaker":"Andreas Park","startTime":2971.23,"endTime":2974.62,"body":"assets, right? And then it has a"},{"speaker":"Andreas Park","startTime":2971.23,"endTime":2974.62,"body":"particular rule that is assigned"},{"speaker":"Andreas Park","startTime":2974.65,"endTime":2979.81,"body":"to the running of these of these"},{"speaker":"Andreas Park","startTime":2974.65,"endTime":2979.81,"body":"interactions. And when you take"},{"speaker":"Andreas Park","startTime":2979.81,"endTime":2982.24,"body":"the custody of the assets, the"},{"speaker":"Andreas Park","startTime":2979.81,"endTime":2982.24,"body":"question is, Are you already a"},{"speaker":"Andreas Park","startTime":2982.24,"endTime":2986.38,"body":"bank? Does the bank regulation"},{"speaker":"Andreas Park","startTime":2982.24,"endTime":2986.38,"body":"apply to you? Do you have what"},{"speaker":"Andreas Park","startTime":2986.38,"endTime":2990.61,"body":"regulatory compliance Do you"},{"speaker":"Andreas Park","startTime":2986.38,"endTime":2990.61,"body":"have to follow? This is a really"},{"speaker":"Andreas Park","startTime":2990.61,"endTime":2994.54,"body":"tricky question. That people who"},{"speaker":"Andreas Park","startTime":2990.61,"endTime":2994.54,"body":"want to just create a particular"},{"speaker":"Andreas Park","startTime":2994.54,"endTime":2997.72,"body":"tool cannot answer cannot"},{"speaker":"Andreas Park","startTime":2994.54,"endTime":2997.72,"body":"possibly answer. And to get a"},{"speaker":"Andreas Park","startTime":2997.72,"endTime":3000.33,"body":"legal opinion, I probably have"},{"speaker":"Andreas Park","startTime":2997.72,"endTime":3000.33,"body":"to spend several months dollars"},{"speaker":"Andreas Park","startTime":3000.33,"endTime":3002.88,"body":"and they may still not get an"},{"speaker":"Andreas Park","startTime":3000.33,"endTime":3002.88,"body":"answer from from anybody. Right?"},{"speaker":"Andreas Park","startTime":3004.08,"endTime":3005.37,"body":"So in that sense,"},{"speaker":"Andreas Park","startTime":3006.72,"endTime":3011.07,"body":"I am, what I is what I think."},{"speaker":"Andreas Park","startTime":3006.72,"endTime":3011.07,"body":"And what I really worry about is"},{"speaker":"Andreas Park","startTime":3011.07,"endTime":3013.92,"body":"that people use regulation not"},{"speaker":"Andreas Park","startTime":3011.07,"endTime":3013.92,"body":"in the sense of Oh, we have to"},{"speaker":"Andreas Park","startTime":3013.92,"endTime":3016.89,"body":"protect people, which is really"},{"speaker":"Andreas Park","startTime":3013.92,"endTime":3016.89,"body":"what regulation is, therefore,"},{"speaker":"Andreas Park","startTime":3017.13,"endTime":3019.95,"body":"it's used as a way oh, we have"},{"speaker":"Andreas Park","startTime":3017.13,"endTime":3019.95,"body":"to, we have to protect the"},{"speaker":"Andreas Park","startTime":3019.95,"endTime":3023.58,"body":"incumbents, because God forbid,"},{"speaker":"Andreas Park","startTime":3019.95,"endTime":3023.58,"body":"they may lose some income by,"},{"speaker":"Andreas Park","startTime":3023.61,"endTime":3026.55,"body":"you know, people trying to build"},{"speaker":"Andreas Park","startTime":3023.61,"endTime":3026.55,"body":"technology, which could replace"},{"speaker":"Andreas Park","startTime":3026.55,"endTime":3030.51,"body":"them. Right. So, because so last"},{"speaker":"Andreas Park","startTime":3026.55,"endTime":3030.51,"body":"thing I'm gonna say. So this is"},{"speaker":"Andreas Park","startTime":3030.51,"endTime":3035.37,"body":"the there's a very famous"},{"speaker":"Andreas Park","startTime":3030.51,"endTime":3035.37,"body":"economist Stigler, who said,"},{"speaker":"Andreas Park","startTime":3035.4,"endTime":3039.09,"body":"this, he was, you know, he was"},{"speaker":"Andreas Park","startTime":3035.4,"endTime":3039.09,"body":"basically the godfather of"},{"speaker":"Andreas Park","startTime":3039.93,"endTime":3042.69,"body":"economic analysis of"},{"speaker":"Andreas Park","startTime":3039.93,"endTime":3042.69,"body":"regulations, if you want. And he"},{"speaker":"Andreas Park","startTime":3042.69,"endTime":3049.02,"body":"said, regulation is made for"},{"speaker":"Andreas Park","startTime":3042.69,"endTime":3049.02,"body":"industry, by industry. And"},{"speaker":"Andreas Park","startTime":3049.02,"endTime":3052.89,"body":"that's all regulation that you"},{"speaker":"Andreas Park","startTime":3049.02,"endTime":3052.89,"body":"see that is in place has been"},{"speaker":"Andreas Park","startTime":3052.89,"endTime":3056.4,"body":"created by industry players."},{"speaker":"Andreas Park","startTime":3052.89,"endTime":3056.4,"body":"It's not like there's a bunch of"},{"speaker":"Andreas Park","startTime":3056.4,"endTime":3058.47,"body":"lawyers that sit together from a"},{"speaker":"Andreas Park","startTime":3056.4,"endTime":3058.47,"body":"regulatory office and say,"},{"speaker":"Andreas Park","startTime":3058.47,"endTime":3060.9,"body":"here's what we come up with."},{"speaker":"Andreas Park","startTime":3058.47,"endTime":3060.9,"body":"There's always a consultation"},{"speaker":"Andreas Park","startTime":3060.9,"endTime":3064.56,"body":"process. And the consultation"},{"speaker":"Andreas Park","startTime":3060.9,"endTime":3064.56,"body":"process is always by interested"},{"speaker":"Andreas Park","startTime":3064.56,"endTime":3070.95,"body":"parties, usually made by, you"},{"speaker":"Andreas Park","startTime":3064.56,"endTime":3070.95,"body":"know, the incumbents. So, I"},{"speaker":"Andreas Park","startTime":3070.95,"endTime":3074.43,"body":"could go on on a rant forever,"},{"speaker":"Andreas Park","startTime":3070.95,"endTime":3074.43,"body":"for instance, about open banking"},{"speaker":"Andreas Park","startTime":3074.43,"endTime":3077.58,"body":"regulation in Canada, but let's"},{"speaker":"Andreas Park","startTime":3074.43,"endTime":3077.58,"body":"just let's just say this, right,"},{"speaker":"Andreas Park","startTime":3077.58,"endTime":3082.38,"body":"so what incumbents would like to"},{"speaker":"Andreas Park","startTime":3077.58,"endTime":3082.38,"body":"do is unless they see an upside"},{"speaker":"Andreas Park","startTime":3082.38,"endTime":3086.01,"body":"for them a definite guaranteed"},{"speaker":"Andreas Park","startTime":3082.38,"endTime":3086.01,"body":"upside and guaranteed one,"},{"speaker":"Andreas Park","startTime":3086.04,"endTime":3089.1,"body":"right, not a possible one, they"},{"speaker":"Andreas Park","startTime":3086.04,"endTime":3089.1,"body":"they will try whatever they can"},{"speaker":"Andreas Park","startTime":3089.1,"endTime":3092.37,"body":"to kill new, you know, agree"},{"speaker":"Andreas Park","startTime":3089.1,"endTime":3092.37,"body":"with which would, which would"},{"speaker":"Andreas Park","startTime":3092.37,"endTime":3094.41,"body":"impede on their on their"},{"speaker":"Andreas Park","startTime":3092.37,"endTime":3094.41,"body":"playground? So"},{"speaker":"Preet Banerjee","startTime":3094.62,"endTime":3097.65,"body":"yeah, of course,"},{"speaker":"Preet Banerjee","startTime":3094.62,"endTime":3097.65,"body":"of course. Okay, the last thing"},{"speaker":"Preet Banerjee","startTime":3097.65,"endTime":3100.35,"body":"that I want to leave off with,"},{"speaker":"Preet Banerjee","startTime":3097.65,"endTime":3100.35,"body":"although it sounds like you"},{"speaker":"Preet Banerjee","startTime":3100.35,"endTime":3102.36,"body":"wanted to say something else, so"},{"speaker":"Preet Banerjee","startTime":3100.35,"endTime":3102.36,"body":"I will not"},{"speaker":"Andreas Park","startTime":3102.54,"endTime":3104.61,"body":"want to do now you"},{"speaker":"Andreas Park","startTime":3102.54,"endTime":3104.61,"body":"wanted to talk about the cbdcs."},{"speaker":"Andreas Park","startTime":3104.61,"endTime":3107.82,"body":"Right. So you kind of did from"},{"speaker":"Andreas Park","startTime":3104.61,"endTime":3107.82,"body":"go went from regulation to"},{"speaker":"Andreas Park","startTime":3107.82,"endTime":3108.54,"body":"cbdcs?"},{"speaker":"Preet Banerjee","startTime":3108.6,"endTime":3109.83,"body":"Yes, yeah. So"},{"speaker":"Andreas Park","startTime":3110.46,"endTime":3112.11,"body":"let's talk about"},{"speaker":"Andreas Park","startTime":3110.46,"endTime":3112.11,"body":"that a little bit. I mean, we"},{"speaker":"Andreas Park","startTime":3112.11,"endTime":3114.96,"body":"set up some time. I mean, you"},{"speaker":"Andreas Park","startTime":3112.11,"endTime":3114.96,"body":"can always cut me out, right?"},{"speaker":"Preet Banerjee","startTime":3116.28,"endTime":3118.86,"body":"No, I look"},{"speaker":"Preet Banerjee","startTime":3116.28,"endTime":3118.86,"body":"forward to hearing your thoughts"},{"speaker":"Preet Banerjee","startTime":3118.86,"endTime":3121.86,"body":"on this. Because again, that's"},{"speaker":"Preet Banerjee","startTime":3118.86,"endTime":3121.86,"body":"that that was the impetus for"},{"speaker":"Preet Banerjee","startTime":3121.86,"endTime":3125.1,"body":"for bringing you on because I"},{"speaker":"Preet Banerjee","startTime":3121.86,"endTime":3125.1,"body":"wanted to learn more about where"},{"speaker":"Preet Banerjee","startTime":3125.1,"endTime":3129.51,"body":"central banks stand on their"},{"speaker":"Preet Banerjee","startTime":3125.1,"endTime":3129.51,"body":"thoughts on on central bank"},{"speaker":"Preet Banerjee","startTime":3129.51,"endTime":3133.38,"body":"issued digital currencies, and"},{"speaker":"Preet Banerjee","startTime":3129.51,"endTime":3133.38,"body":"what your contributions were to"},{"speaker":"Preet Banerjee","startTime":3133.38,"endTime":3135.33,"body":"those proposals to the Bank of"},{"speaker":"Preet Banerjee","startTime":3133.38,"endTime":3135.33,"body":"Canada."},{"speaker":"Andreas Park","startTime":3136.2,"endTime":3139.56,"body":"So, so there,"},{"speaker":"Andreas Park","startTime":3136.2,"endTime":3139.56,"body":"again, this, this is a broad"},{"speaker":"Andreas Park","startTime":3139.56,"endTime":3141.96,"body":"area with many different"},{"speaker":"Andreas Park","startTime":3139.56,"endTime":3141.96,"body":"components that one should think"},{"speaker":"Andreas Park","startTime":3141.96,"endTime":3147.0,"body":"about, and I think I think it's"},{"speaker":"Andreas Park","startTime":3141.96,"endTime":3147.0,"body":"fair to say that the central"},{"speaker":"Andreas Park","startTime":3147.0,"endTime":3151.05,"body":"banks were actually not getting"},{"speaker":"Andreas Park","startTime":3147.0,"endTime":3151.05,"body":"into cbdcs thinking so much"},{"speaker":"Andreas Park","startTime":3151.05,"endTime":3156.45,"body":"because of Bitcoin or the like,"},{"speaker":"Andreas Park","startTime":3151.05,"endTime":3156.45,"body":"but it's more, you know, General"},{"speaker":"Andreas Park","startTime":3156.45,"endTime":3158.7,"body":"developments that happen in"},{"speaker":"Andreas Park","startTime":3156.45,"endTime":3158.7,"body":"other parts of the of the"},{"speaker":"Andreas Park","startTime":3158.7,"endTime":3163.92,"body":"financial world. So I think,"},{"speaker":"Andreas Park","startTime":3158.7,"endTime":3163.92,"body":"seeing what friends and payments"},{"speaker":"Andreas Park","startTime":3163.95,"endTime":3169.53,"body":"are have done in India and in in"},{"speaker":"Andreas Park","startTime":3163.95,"endTime":3169.53,"body":"China is much more interesting"},{"speaker":"Andreas Park","startTime":3169.53,"endTime":3173.19,"body":"for a cbdc on developments of"},{"speaker":"Andreas Park","startTime":3169.53,"endTime":3173.19,"body":"cbdcs, then thinking about"},{"speaker":"Andreas Park","startTime":3173.19,"endTime":3176.49,"body":"Bitcoin or aetherium, even"},{"speaker":"Andreas Park","startTime":3173.19,"endTime":3176.49,"body":"though there's a certain common"},{"speaker":"Andreas Park","startTime":3176.49,"endTime":3179.79,"body":"thread. And so let me just say"},{"speaker":"Andreas Park","startTime":3176.49,"endTime":3179.79,"body":"the first thing, and that's"},{"speaker":"Andreas Park","startTime":3179.79,"endTime":3184.59,"body":"important, I think it is what's"},{"speaker":"Andreas Park","startTime":3179.79,"endTime":3184.59,"body":"not gonna happen, what was very"},{"speaker":"Andreas Park","startTime":3184.59,"endTime":3189.39,"body":"unlikely to happen is that a"},{"speaker":"Andreas Park","startTime":3184.59,"endTime":3189.39,"body":"cbdc, as such as the"},{"speaker":"Andreas Park","startTime":3189.39,"endTime":3193.35,"body":"alternative, not alternative as"},{"speaker":"Andreas Park","startTime":3189.39,"endTime":3193.35,"body":"a substitute to cash is issued"},{"speaker":"Andreas Park","startTime":3193.35,"endTime":3198.36,"body":"on something like aetherium"},{"speaker":"Andreas Park","startTime":3193.35,"endTime":3198.36,"body":"model, this is not gonna happen,"},{"speaker":"Andreas Park","startTime":3198.42,"endTime":3202.59,"body":"right? And the reason is, is"},{"speaker":"Andreas Park","startTime":3198.42,"endTime":3202.59,"body":"it's going to be a systemically"},{"speaker":"Andreas Park","startTime":3202.59,"endTime":3207.57,"body":"important technology, right, or"},{"speaker":"Andreas Park","startTime":3202.59,"endTime":3207.57,"body":"infrastructure, which has to be"},{"speaker":"Andreas Park","startTime":3207.57,"endTime":3211.5,"body":"under the control of a"},{"speaker":"Andreas Park","startTime":3207.57,"endTime":3211.5,"body":"government. And a cryptocurrency"},{"speaker":"Andreas Park","startTime":3211.5,"endTime":3215.67,"body":"and a decentralized network"},{"speaker":"Andreas Park","startTime":3211.5,"endTime":3215.67,"body":"simply is not. Now I think"},{"speaker":"Andreas Park","startTime":3215.67,"endTime":3221.19,"body":"there's there is merit to"},{"speaker":"Andreas Park","startTime":3215.67,"endTime":3221.19,"body":"central banks issuing digital"},{"speaker":"Andreas Park","startTime":3221.19,"endTime":3225.03,"body":"cash on aetherium, but not as"},{"speaker":"Andreas Park","startTime":3221.19,"endTime":3225.03,"body":"their cbdc, their single thing"},{"speaker":"Andreas Park","startTime":3225.06,"endTime":3228.18,"body":"that the one they have, they"},{"speaker":"Andreas Park","startTime":3225.06,"endTime":3228.18,"body":"could do it in order to enable"},{"speaker":"Andreas Park","startTime":3228.21,"endTime":3230.94,"body":"commerce. But it doesn't even"},{"speaker":"Andreas Park","startTime":3228.21,"endTime":3230.94,"body":"have to be a central bank doing"},{"speaker":"Andreas Park","startTime":3230.94,"endTime":3234.48,"body":"that you could actually have,"},{"speaker":"Andreas Park","startTime":3230.94,"endTime":3234.48,"body":"you know, a province could issue"},{"speaker":"Andreas Park","startTime":3234.51,"endTime":3237.45,"body":"you know, mine alone. But what's"},{"speaker":"Andreas Park","startTime":3234.51,"endTime":3237.45,"body":"called like the T bill, right?"},{"speaker":"Andreas Park","startTime":3237.45,"endTime":3241.38,"body":"So you could do a $1 denominated"},{"speaker":"Andreas Park","startTime":3237.45,"endTime":3241.38,"body":"t bills and issue those on the"},{"speaker":"Andreas Park","startTime":3241.38,"endTime":3243.57,"body":"blockchain, and then they will"},{"speaker":"Andreas Park","startTime":3241.38,"endTime":3243.57,"body":"be essentially the same as"},{"speaker":"Andreas Park","startTime":3243.57,"endTime":3248.34,"body":"money. Right? They could do that"},{"speaker":"Andreas Park","startTime":3243.57,"endTime":3248.34,"body":"if they wanted to. So but what"},{"speaker":"Andreas Park","startTime":3248.34,"endTime":3250.86,"body":"I'm saying with that is cbdcs,"},{"speaker":"Andreas Park","startTime":3248.34,"endTime":3250.86,"body":"will always run on a network,"},{"speaker":"Andreas Park","startTime":3250.86,"endTime":3255.15,"body":"which is controlled by, you"},{"speaker":"Andreas Park","startTime":3250.86,"endTime":3255.15,"body":"know, at least in large part,"},{"speaker":"Andreas Park","startTime":3255.18,"endTime":3258.24,"body":"where are these supersede overs"},{"speaker":"Andreas Park","startTime":3255.18,"endTime":3258.24,"body":"overseen by a central bank,"},{"speaker":"Andreas Park","startTime":3258.42,"endTime":3260.67,"body":"where they have the ability to"},{"speaker":"Andreas Park","startTime":3258.42,"endTime":3260.67,"body":"know exactly who is what actor?"},{"speaker":"Andreas Park","startTime":3261.3,"endTime":3265.74,"body":"That's, that's the bottom line"},{"speaker":"Andreas Park","startTime":3261.3,"endTime":3265.74,"body":"of that, right. So, but that"},{"speaker":"Andreas Park","startTime":3265.74,"endTime":3268.56,"body":"does not mean that this new"},{"speaker":"Andreas Park","startTime":3265.74,"endTime":3268.56,"body":"system cannot interact, for"},{"speaker":"Andreas Park","startTime":3268.56,"endTime":3271.95,"body":"instance, with the likes of an"},{"speaker":"Andreas Park","startTime":3268.56,"endTime":3271.95,"body":"Ethereum blockchain is very much"},{"speaker":"Andreas Park","startTime":3271.95,"endTime":3275.25,"body":"to the contrary, I think,"},{"speaker":"Andreas Park","startTime":3271.95,"endTime":3275.25,"body":"actually, if we had a cbdc this"},{"speaker":"Andreas Park","startTime":3275.25,"endTime":3280.71,"body":"would actually make the use of"},{"speaker":"Andreas Park","startTime":3275.25,"endTime":3280.71,"body":"something like aetherium or, or"},{"speaker":"Andreas Park","startTime":3280.71,"endTime":3283.89,"body":"these decentralized blockchains,"},{"speaker":"Andreas Park","startTime":3280.71,"endTime":3283.89,"body":"generally speaking, even more"},{"speaker":"Andreas Park","startTime":3283.89,"endTime":3285.72,"body":"powerful, and even more"},{"speaker":"Andreas Park","startTime":3283.89,"endTime":3285.72,"body":"interesting."},{"speaker":"Preet Banerjee","startTime":3286.41,"endTime":3288.6,"body":"Let me let me"},{"speaker":"Preet Banerjee","startTime":3286.41,"endTime":3288.6,"body":"give you a very hypothetical"},{"speaker":"Preet Banerjee","startTime":3288.66,"endTime":3293.34,"body":"scenario. Let me know how far"},{"speaker":"Preet Banerjee","startTime":3288.66,"endTime":3293.34,"body":"off the mark this is. Let's take"},{"speaker":"Preet Banerjee","startTime":3293.34,"endTime":3301.32,"body":"a look at taxpayers in Canada."},{"speaker":"Preet Banerjee","startTime":3293.34,"endTime":3301.32,"body":"And let's say government wanted"},{"speaker":"Preet Banerjee","startTime":3301.32,"endTime":3304.92,"body":"to enact a program similar to"},{"speaker":"Preet Banerjee","startTime":3301.32,"endTime":3304.92,"body":"serve where they wanted to give"},{"speaker":"Preet Banerjee","startTime":3304.92,"endTime":3308.76,"body":"cash directly to certain people"},{"speaker":"Preet Banerjee","startTime":3304.92,"endTime":3308.76,"body":"who qualified for it. Is there a"},{"speaker":"Preet Banerjee","startTime":3308.76,"endTime":3311.58,"body":"possibility with technology like"},{"speaker":"Preet Banerjee","startTime":3308.76,"endTime":3311.58,"body":"this, that you would be able to"},{"speaker":"Preet Banerjee","startTime":3311.58,"endTime":3316.98,"body":"say things like, Listen, we know"},{"speaker":"Preet Banerjee","startTime":3311.58,"endTime":3316.98,"body":"that there are government"},{"speaker":"Preet Banerjee","startTime":3317.01,"endTime":3321.24,"body":"benefits for people who have"},{"speaker":"Preet Banerjee","startTime":3317.01,"endTime":3321.24,"body":"kids who don't contribute to an"},{"speaker":"Preet Banerjee","startTime":3321.24,"endTime":3324.87,"body":"RSP, but their incomes below a"},{"speaker":"Preet Banerjee","startTime":3321.24,"endTime":3324.87,"body":"certain level. And so they have"},{"speaker":"Preet Banerjee","startTime":3324.87,"endTime":3327.51,"body":"access to what's called the"},{"speaker":"Preet Banerjee","startTime":3324.87,"endTime":3327.51,"body":"Canada learning bond, you don't"},{"speaker":"Preet Banerjee","startTime":3327.51,"endTime":3330.18,"body":"need to make a contribution to"},{"speaker":"Preet Banerjee","startTime":3327.51,"endTime":3330.18,"body":"get the benefit. It's designed"},{"speaker":"Preet Banerjee","startTime":3330.18,"endTime":3333.15,"body":"for lower income households. But"},{"speaker":"Preet Banerjee","startTime":3330.18,"endTime":3333.15,"body":"so many people don't get it"},{"speaker":"Preet Banerjee","startTime":3333.15,"endTime":3336.18,"body":"because they don't know to apply"},{"speaker":"Preet Banerjee","startTime":3333.15,"endTime":3336.18,"body":"for it. But the government"},{"speaker":"Preet Banerjee","startTime":3336.18,"endTime":3340.59,"body":"could, if they had, you know,"},{"speaker":"Preet Banerjee","startTime":3336.18,"endTime":3340.59,"body":"this super blockchain that takes"},{"speaker":"Preet Banerjee","startTime":3340.62,"endTime":3343.86,"body":"into account everything they"},{"speaker":"Preet Banerjee","startTime":3340.62,"endTime":3343.86,"body":"know about taxpayers, they could"},{"speaker":"Preet Banerjee","startTime":3343.86,"endTime":3347.58,"body":"file tax returns for them, they"},{"speaker":"Preet Banerjee","startTime":3343.86,"endTime":3347.58,"body":"could say, this person has a"},{"speaker":"Preet Banerjee","startTime":3347.58,"endTime":3350.43,"body":"child, there's a cin number been"},{"speaker":"Preet Banerjee","startTime":3347.58,"endTime":3350.43,"body":"registered, they would get this"},{"speaker":"Preet Banerjee","startTime":3350.43,"endTime":3353.82,"body":"Canada learning bond payment, we"},{"speaker":"Preet Banerjee","startTime":3350.43,"endTime":3353.82,"body":"want to give people serve"},{"speaker":"Preet Banerjee","startTime":3353.82,"endTime":3356.1,"body":"because they've lost their"},{"speaker":"Preet Banerjee","startTime":3353.82,"endTime":3356.1,"body":"income, we can see when their"},{"speaker":"Preet Banerjee","startTime":3356.1,"endTime":3358.95,"body":"income stops, and we could give"},{"speaker":"Preet Banerjee","startTime":3356.1,"endTime":3358.95,"body":"them money. Is that something"},{"speaker":"Preet Banerjee","startTime":3358.95,"endTime":3361.71,"body":"that could be done with"},{"speaker":"Preet Banerjee","startTime":3358.95,"endTime":3361.71,"body":"technology like this? And how"},{"speaker":"Preet Banerjee","startTime":3361.71,"endTime":3363.27,"body":"many centuries would that take?"},{"speaker":"Andreas Park","startTime":3364.17,"endTime":3366.09,"body":"But of course, you"},{"speaker":"Andreas Park","startTime":3364.17,"endTime":3366.09,"body":"can do that. There's no question"},{"speaker":"Andreas Park","startTime":3366.09,"endTime":3369.39,"body":"about it, you you, I mean, you"},{"speaker":"Andreas Park","startTime":3366.09,"endTime":3369.39,"body":"want to be slightly cautious in"},{"speaker":"Andreas Park","startTime":3369.39,"endTime":3373.17,"body":"separating knowledge, right? So"},{"speaker":"Andreas Park","startTime":3369.39,"endTime":3373.17,"body":"because I think you need to"},{"speaker":"Andreas Park","startTime":3373.17,"endTime":3375.63,"body":"maintain to have the ability to"},{"speaker":"Andreas Park","startTime":3373.17,"endTime":3375.63,"body":"maintain people's privacy, but"},{"speaker":"Andreas Park","startTime":3375.66,"endTime":3378.42,"body":"that even without even with what"},{"speaker":"Andreas Park","startTime":3375.66,"endTime":3378.42,"body":"you said, it could be done,"},{"speaker":"Andreas Park","startTime":3378.42,"endTime":3381.99,"body":"right, so you can, you know,"},{"speaker":"Andreas Park","startTime":3378.42,"endTime":3381.99,"body":"keep people's financial"},{"speaker":"Andreas Park","startTime":3381.99,"endTime":3385.65,"body":"activities with cbdcs entirely"},{"speaker":"Andreas Park","startTime":3381.99,"endTime":3385.65,"body":"private and at the same time,"},{"speaker":"Andreas Park","startTime":3385.95,"endTime":3388.32,"body":"you can still give them the"},{"speaker":"Andreas Park","startTime":3385.95,"endTime":3388.32,"body":"benefit of everything that you"},{"speaker":"Andreas Park","startTime":3388.32,"endTime":3392.82,"body":"described. Now, what you"},{"speaker":"Andreas Park","startTime":3388.32,"endTime":3392.82,"body":"described sounds very, to you"},{"speaker":"Andreas Park","startTime":3392.82,"endTime":3399.51,"body":"may sound like utopia. utopia is"},{"speaker":"Andreas Park","startTime":3392.82,"endTime":3399.51,"body":"the word. But so as part of this"},{"speaker":"Andreas Park","startTime":3399.57,"endTime":3403.32,"body":"is already a reality in say"},{"speaker":"Andreas Park","startTime":3399.57,"endTime":3403.32,"body":"Scandinavia, right. So when you"},{"speaker":"Andreas Park","startTime":3403.35,"endTime":3408.3,"body":"are self A fun fact, I spent a"},{"speaker":"Andreas Park","startTime":3403.35,"endTime":3408.3,"body":"year in Denmark, you don't"},{"speaker":"Andreas Park","startTime":3408.3,"endTime":3411.06,"body":"really file your tax return as"},{"speaker":"Andreas Park","startTime":3408.3,"endTime":3411.06,"body":"such, like as you have to do"},{"speaker":"Andreas Park","startTime":3411.06,"endTime":3414.27,"body":"here, we have to enter all the"},{"speaker":"Andreas Park","startTime":3411.06,"endTime":3414.27,"body":"information is the other way"},{"speaker":"Andreas Park","startTime":3414.27,"endTime":3416.37,"body":"around. Basically, they tell you"},{"speaker":"Andreas Park","startTime":3414.27,"endTime":3416.37,"body":"look, this is what we have for"},{"speaker":"Andreas Park","startTime":3416.37,"endTime":3420.78,"body":"you, do you have anything to"},{"speaker":"Andreas Park","startTime":3416.37,"endTime":3420.78,"body":"add? Right? So so because they"},{"speaker":"Andreas Park","startTime":3420.78,"endTime":3423.42,"body":"know all the pieces of"},{"speaker":"Andreas Park","startTime":3420.78,"endTime":3423.42,"body":"information they're already"},{"speaker":"Andreas Park","startTime":3423.42,"endTime":3427.14,"body":"collected, simply because"},{"speaker":"Andreas Park","startTime":3423.42,"endTime":3427.14,"body":"effectively they have a digital"},{"speaker":"Andreas Park","startTime":3427.14,"endTime":3430.26,"body":"system with digital identifiers."},{"speaker":"Andreas Park","startTime":3427.14,"endTime":3430.26,"body":"So they actually know an awful"},{"speaker":"Andreas Park","startTime":3430.26,"endTime":3432.81,"body":"lot about what you do, then. So"},{"speaker":"Andreas Park","startTime":3430.26,"endTime":3432.81,"body":"if you go to a bank, you have a"},{"speaker":"Andreas Park","startTime":3432.81,"endTime":3435.72,"body":"bank account, you have a, you"},{"speaker":"Andreas Park","startTime":3432.81,"endTime":3435.72,"body":"know, you have a savings account"},{"speaker":"Andreas Park","startTime":3435.72,"endTime":3438.21,"body":"or whatever, you have a"},{"speaker":"Andreas Park","startTime":3435.72,"endTime":3438.21,"body":"brokerage account, and you do"},{"speaker":"Andreas Park","startTime":3438.21,"endTime":3441.42,"body":"your stock trades, they would"},{"speaker":"Andreas Park","startTime":3438.21,"endTime":3441.42,"body":"know what you have done. I mean,"},{"speaker":"Andreas Park","startTime":3441.42,"endTime":3444.6,"body":"not not in all details, but"},{"speaker":"Andreas Park","startTime":3441.42,"endTime":3444.6,"body":"basically the bank, would we"},{"speaker":"Andreas Park","startTime":3444.6,"endTime":3446.94,"body":"make a report and say, here's"},{"speaker":"Andreas Park","startTime":3444.6,"endTime":3446.94,"body":"how much interest his person"},{"speaker":"Andreas Park","startTime":3446.94,"endTime":3450.03,"body":"earned, and so on and so forth."},{"speaker":"Andreas Park","startTime":3446.94,"endTime":3450.03,"body":"Now we have this technically to,"},{"speaker":"Andreas Park","startTime":3450.21,"endTime":3454.35,"body":"it's just that the pieces are"},{"speaker":"Andreas Park","startTime":3450.21,"endTime":3454.35,"body":"not put together. You know,"},{"speaker":"Andreas Park","startTime":3454.65,"endTime":3456.24,"body":"which which could be right."},{"speaker":"Preet Banerjee","startTime":3457.049,"endTime":3461.459,"body":"And of course,"},{"speaker":"Preet Banerjee","startTime":3457.049,"endTime":3461.459,"body":"if you did sort of enact the"},{"speaker":"Preet Banerjee","startTime":3461.459,"endTime":3466.109,"body":"technology and the linking piece"},{"speaker":"Preet Banerjee","startTime":3461.459,"endTime":3466.109,"body":"databases to do this, you would"},{"speaker":"Preet Banerjee","startTime":3466.109,"endTime":3469.739,"body":"then cost industry a lot of"},{"speaker":"Preet Banerjee","startTime":3466.109,"endTime":3469.739,"body":"money who get paid, you know,"},{"speaker":"Preet Banerjee","startTime":3469.739,"endTime":3472.619,"body":"fees to prepare these things and"},{"speaker":"Preet Banerjee","startTime":3469.739,"endTime":3472.619,"body":"whatnot, which is a huge"},{"speaker":"Preet Banerjee","startTime":3472.619,"endTime":3474.569,"body":"impediment, as we've talked"},{"speaker":"Preet Banerjee","startTime":3472.619,"endTime":3474.569,"body":"about."},{"speaker":"Andreas Park","startTime":3474.96,"endTime":3477.03,"body":"Yes, it is,"},{"speaker":"Andreas Park","startTime":3474.96,"endTime":3477.03,"body":"actually. So I think this is a I"},{"speaker":"Andreas Park","startTime":3477.03,"endTime":3480.48,"body":"think there's almost I heard, I"},{"speaker":"Andreas Park","startTime":3477.03,"endTime":3480.48,"body":"may be wrong on this, it is"},{"speaker":"Andreas Park","startTime":3480.6,"endTime":3485.52,"body":"almost a deal that the CRA made"},{"speaker":"Andreas Park","startTime":3480.6,"endTime":3485.52,"body":"with, you know, tax accountants,"},{"speaker":"Andreas Park","startTime":3485.52,"endTime":3489.0,"body":"ha ha block and service, or"},{"speaker":"Andreas Park","startTime":3485.52,"endTime":3489.0,"body":"whatever the software service"},{"speaker":"Andreas Park","startTime":3489.0,"endTime":3492.42,"body":"providers have not actually do"},{"speaker":"Andreas Park","startTime":3489.0,"endTime":3492.42,"body":"do, you know, provide their own"},{"speaker":"Andreas Park","startTime":3492.42,"endTime":3496.02,"body":"mask for enter all in entering"},{"speaker":"Andreas Park","startTime":3492.42,"endTime":3496.02,"body":"all the tax information? Which"},{"speaker":"Andreas Park","startTime":3496.02,"endTime":3501.51,"body":"is ridiculous, right? If you ask"},{"speaker":"Andreas Park","startTime":3496.02,"endTime":3501.51,"body":"me. Yeah. But well, you know,"},{"speaker":"Andreas Park","startTime":3501.51,"endTime":3503.91,"body":"why do we have to Why do I have"},{"speaker":"Andreas Park","startTime":3501.51,"endTime":3503.91,"body":"to pay an external service"},{"speaker":"Andreas Park","startTime":3503.91,"endTime":3507.03,"body":"provider to do my taxes? It's"},{"speaker":"Andreas Park","startTime":3503.91,"endTime":3507.03,"body":"just ridiculous. Right? And this"},{"speaker":"Andreas Park","startTime":3507.03,"endTime":3509.61,"body":"is, this isn't between me and my"},{"speaker":"Andreas Park","startTime":3507.03,"endTime":3509.61,"body":"government, there should be no"},{"speaker":"Andreas Park","startTime":3509.64,"endTime":3512.07,"body":"intermediate, no interested"},{"speaker":"Andreas Park","startTime":3509.64,"endTime":3512.07,"body":"third party in between."},{"speaker":"Preet Banerjee","startTime":3512.49,"endTime":3514.89,"body":"And I think"},{"speaker":"Preet Banerjee","startTime":3512.49,"endTime":3514.89,"body":"there are other current my"},{"speaker":"Preet Banerjee","startTime":3514.89,"endTime":3519.0,"body":"partner lives in the UK. And she"},{"speaker":"Preet Banerjee","startTime":3514.89,"endTime":3519.0,"body":"says, it's basically your taxes"},{"speaker":"Preet Banerjee","startTime":3519.0,"endTime":3522.96,"body":"are done for you. And you only"},{"speaker":"Preet Banerjee","startTime":3519.0,"endTime":3522.96,"body":"file if you disagree, or you"},{"speaker":"Preet Banerjee","startTime":3522.96,"endTime":3525.72,"body":"want to disagree and say, Hey,"},{"speaker":"Preet Banerjee","startTime":3522.96,"endTime":3525.72,"body":"no, I've got extra credits to"},{"speaker":"Preet Banerjee","startTime":3525.72,"endTime":3528.18,"body":"apply. But for the most part,"},{"speaker":"Preet Banerjee","startTime":3525.72,"endTime":3528.18,"body":"it's just sort of done."},{"speaker":"Andreas Park","startTime":3529.11,"endTime":3530.91,"body":"That is great."},{"speaker":"Andreas Park","startTime":3529.11,"endTime":3530.91,"body":"Actually, the UK I was there"},{"speaker":"Andreas Park","startTime":3530.91,"endTime":3532.62,"body":"too. Obviously, as a student, I"},{"speaker":"Andreas Park","startTime":3530.91,"endTime":3532.62,"body":"thought that was the best"},{"speaker":"Andreas Park","startTime":3532.62,"endTime":3536.22,"body":"experience ever alive. Yeah,"},{"speaker":"Andreas Park","startTime":3532.62,"endTime":3536.22,"body":"because it was just like, it was"},{"speaker":"Andreas Park","startTime":3536.22,"endTime":3539.4,"body":"a one piece one, like three"},{"speaker":"Andreas Park","startTime":3536.22,"endTime":3539.4,"body":"numbers Enter to me, obviously,"},{"speaker":"Andreas Park","startTime":3539.4,"endTime":3541.77,"body":"because I was, you know, low"},{"speaker":"Andreas Park","startTime":3539.4,"endTime":3541.77,"body":"income student and all that, but"},{"speaker":"Andreas Park","startTime":3541.77,"endTime":3544.53,"body":"I was just like, wow, this is"},{"speaker":"Andreas Park","startTime":3541.77,"endTime":3544.53,"body":"how this could work. This is"},{"speaker":"Andreas Park","startTime":3544.53,"endTime":3548.67,"body":"amazing. Now, having said that,"},{"speaker":"Andreas Park","startTime":3544.53,"endTime":3548.67,"body":"I think one has to I think we"},{"speaker":"Andreas Park","startTime":3548.67,"endTime":3551.7,"body":"want to be slightly cautious"},{"speaker":"Andreas Park","startTime":3548.67,"endTime":3551.7,"body":"though, right? Because there's"},{"speaker":"Andreas Park","startTime":3551.7,"endTime":3555.33,"body":"this huge temptation, especially"},{"speaker":"Andreas Park","startTime":3551.7,"endTime":3555.33,"body":"for governments to collect all"},{"speaker":"Andreas Park","startTime":3555.33,"endTime":3557.64,"body":"kinds of data and to know a lot"},{"speaker":"Andreas Park","startTime":3555.33,"endTime":3557.64,"body":"about you I feel very"},{"speaker":"Andreas Park","startTime":3557.64,"endTime":3560.52,"body":"uncomfortable with that. And I"},{"speaker":"Andreas Park","startTime":3557.64,"endTime":3560.52,"body":"think everybody should feel"},{"speaker":"Andreas Park","startTime":3560.52,"endTime":3565.23,"body":"uncomfortable with that. You"},{"speaker":"Andreas Park","startTime":3560.52,"endTime":3565.23,"body":"know, not to put too fine a"},{"speaker":"Andreas Park","startTime":3565.23,"endTime":3567.84,"body":"point to it, but when I get my"},{"speaker":"Andreas Park","startTime":3565.23,"endTime":3567.84,"body":"census form, and they asked me"},{"speaker":"Andreas Park","startTime":3567.84,"endTime":3572.19,"body":"about my religion, I actually"},{"speaker":"Andreas Park","startTime":3567.84,"endTime":3572.19,"body":"you know, it just makes my head"},{"speaker":"Andreas Park","startTime":3572.19,"endTime":3575.16,"body":"set up right because it's what"},{"speaker":"Andreas Park","startTime":3572.19,"endTime":3575.16,"body":"What business do they have to"},{"speaker":"Andreas Park","startTime":3575.16,"endTime":3578.82,"body":"know my religion and you know,"},{"speaker":"Andreas Park","startTime":3575.16,"endTime":3578.82,"body":"is there a possibility that at"},{"speaker":"Andreas Park","startTime":3578.82,"endTime":3582.57,"body":"some point we get a government"},{"speaker":"Andreas Park","startTime":3578.82,"endTime":3582.57,"body":"which you know, misuse abuses"},{"speaker":"Andreas Park","startTime":3582.57,"endTime":3586.68,"body":"the data and then you know,"},{"speaker":"Andreas Park","startTime":3582.57,"endTime":3586.68,"body":"rounds me up because I I say I'm"},{"speaker":"Andreas Park","startTime":3586.68,"endTime":3590.07,"body":"I believe in the force and Majid"},{"speaker":"Andreas Park","startTime":3586.68,"endTime":3590.07,"body":"Mr. saw something"},{"speaker":"Preet Banerjee","startTime":3591.66,"endTime":3593.01,"body":"you know, if"},{"speaker":"Preet Banerjee","startTime":3591.66,"endTime":3593.01,"body":"that's an option, I'm going to"},{"speaker":"Preet Banerjee","startTime":3593.01,"endTime":3595.92,"body":"put that on there for sure. And"},{"speaker":"Preet Banerjee","startTime":3593.01,"endTime":3595.92,"body":"I don't know can you hear all"},{"speaker":"Preet Banerjee","startTime":3595.92,"endTime":3598.77,"body":"these horns in the background"},{"speaker":"Preet Banerjee","startTime":3595.92,"endTime":3598.77,"body":"like i think it's it's trucks"},{"speaker":"Preet Banerjee","startTime":3598.77,"endTime":3600.9,"body":"and cars. No, this is"},{"speaker":"Andreas Park","startTime":3600.9,"endTime":3603.3,"body":"the suburban life"},{"speaker":"Andreas Park","startTime":3600.9,"endTime":3603.3,"body":"to you. This is a lawn mower."},{"speaker":"Preet Banerjee","startTime":3605.009,"endTime":3607.259,"body":"There it is. I"},{"speaker":"Preet Banerjee","startTime":3605.009,"endTime":3607.259,"body":"don't know what's going on"},{"speaker":"Preet Banerjee","startTime":3607.259,"endTime":3608.159,"body":"outside, but it"},{"speaker":"Andreas Park","startTime":3608.909,"endTime":3611.309,"body":"Oh, you have the"},{"speaker":"Andreas Park","startTime":3608.909,"endTime":3611.309,"body":"horns. Okay, so I have I have a"},{"speaker":"Andreas Park","startTime":3611.309,"endTime":3612.449,"body":"lawn mower, which is very loud."},{"speaker":"Preet Banerjee","startTime":3612.779,"endTime":3615.479,"body":"I don't I don't"},{"speaker":"Preet Banerjee","startTime":3612.779,"endTime":3615.479,"body":"hear that at all. So, in any"},{"speaker":"Preet Banerjee","startTime":3615.479,"endTime":3619.589,"body":"case, I think I'll start"},{"speaker":"Preet Banerjee","startTime":3615.479,"endTime":3619.589,"body":"wrapping up only because I've"},{"speaker":"Preet Banerjee","startTime":3619.589,"endTime":3621.269,"body":"had you here for an hour. And I"},{"speaker":"Preet Banerjee","startTime":3619.589,"endTime":3621.269,"body":"think no"},{"speaker":"Andreas Park","startTime":3621.27,"endTime":3622.8,"body":"one I want to say"},{"speaker":"Andreas Park","startTime":3621.27,"endTime":3622.8,"body":"I want to say something more"},{"speaker":"Andreas Park","startTime":3622.8,"endTime":3626.49,"body":"now. So absolutely, yeah,"},{"speaker":"Andreas Park","startTime":3622.8,"endTime":3626.49,"body":"because that's actually also"},{"speaker":"Andreas Park","startTime":3626.49,"endTime":3629.85,"body":"critical. So let me just say a"},{"speaker":"Andreas Park","startTime":3626.49,"endTime":3629.85,"body":"few things. Because we wanted to"},{"speaker":"Andreas Park","startTime":3629.85,"endTime":3632.58,"body":"talk about CBD C's. And then"},{"speaker":"Andreas Park","startTime":3629.85,"endTime":3632.58,"body":"there's things to say about"},{"speaker":"Andreas Park","startTime":3632.58,"endTime":3634.98,"body":"that, I think that that are"},{"speaker":"Andreas Park","startTime":3632.58,"endTime":3634.98,"body":"relevant also where this is"},{"speaker":"Andreas Park","startTime":3634.98,"endTime":3638.61,"body":"coming from. So first, I want to"},{"speaker":"Andreas Park","startTime":3634.98,"endTime":3638.61,"body":"say a few things. Let's talk"},{"speaker":"Andreas Park","startTime":3638.61,"endTime":3641.91,"body":"about China for a moment and"},{"speaker":"Andreas Park","startTime":3638.61,"endTime":3641.91,"body":"WeChat. Right. So I'm not sure"},{"speaker":"Andreas Park","startTime":3641.91,"endTime":3645.87,"body":"if you've been to China"},{"speaker":"Andreas Park","startTime":3641.91,"endTime":3645.87,"body":"recently. there if you go there,"},{"speaker":"Andreas Park","startTime":3645.87,"endTime":3648.72,"body":"you usually have to use either"},{"speaker":"Andreas Park","startTime":3645.87,"endTime":3648.72,"body":"alipay or WeChat. Pay to make"},{"speaker":"Andreas Park","startTime":3648.72,"endTime":3652.05,"body":"any payments. Most stores don't"},{"speaker":"Andreas Park","startTime":3648.72,"endTime":3652.05,"body":"accept credit cards or actually"},{"speaker":"Andreas Park","startTime":3652.05,"endTime":3655.89,"body":"not even cash, right. So you go"},{"speaker":"Andreas Park","startTime":3652.05,"endTime":3655.89,"body":"into a restaurant, you sit down"},{"speaker":"Andreas Park","startTime":3655.89,"endTime":3659.91,"body":"at the table, you take out your"},{"speaker":"Andreas Park","startTime":3655.89,"endTime":3659.91,"body":"app, you order on your app,"},{"speaker":"Andreas Park","startTime":3659.97,"endTime":3662.91,"body":"right, the the food arrives at"},{"speaker":"Andreas Park","startTime":3659.97,"endTime":3662.91,"body":"some point, and then you just"},{"speaker":"Andreas Park","startTime":3662.91,"endTime":3666.78,"body":"leave, because they have"},{"speaker":"Andreas Park","startTime":3662.91,"endTime":3666.78,"body":"basically solved so many they"},{"speaker":"Andreas Park","startTime":3666.78,"endTime":3670.26,"body":"have been able to integrate"},{"speaker":"Andreas Park","startTime":3666.78,"endTime":3670.26,"body":"payments with a lot of services."},{"speaker":"Andreas Park","startTime":3671.82,"endTime":3674.88,"body":"And essentially WeChat as a as a"},{"speaker":"Andreas Park","startTime":3671.82,"endTime":3674.88,"body":"chat software. And they have"},{"speaker":"Andreas Park","startTime":3674.91,"endTime":3678.36,"body":"they created the ability to use"},{"speaker":"Andreas Park","startTime":3674.91,"endTime":3678.36,"body":"that self chat software to do"},{"speaker":"Andreas Park","startTime":3678.36,"endTime":3682.05,"body":"make to make payments. And what"},{"speaker":"Andreas Park","startTime":3678.36,"endTime":3682.05,"body":"that allowed China as a whole"},{"speaker":"Andreas Park","startTime":3682.05,"endTime":3685.38,"body":"was to basically leapfrog over"},{"speaker":"Andreas Park","startTime":3682.05,"endTime":3685.38,"body":"several development cycles that"},{"speaker":"Andreas Park","startTime":3685.38,"endTime":3687.75,"body":"we have in the Western world. So"},{"speaker":"Andreas Park","startTime":3685.38,"endTime":3687.75,"body":"they don't need credit cards,"},{"speaker":"Andreas Park","startTime":3687.78,"endTime":3690.33,"body":"they don't need debit cards,"},{"speaker":"Andreas Park","startTime":3687.78,"endTime":3690.33,"body":"they don't need this whole"},{"speaker":"Andreas Park","startTime":3690.48,"endTime":3693.45,"body":"separate system of you know of a"},{"speaker":"Andreas Park","startTime":3690.48,"endTime":3693.45,"body":"network where you have lots of"},{"speaker":"Andreas Park","startTime":3693.45,"endTime":3696.42,"body":"different parties that benefit"},{"speaker":"Andreas Park","startTime":3693.45,"endTime":3696.42,"body":"of you tapping your cards, and"},{"speaker":"Andreas Park","startTime":3696.42,"endTime":3699.72,"body":"so on and so forth of a visa"},{"speaker":"Andreas Park","startTime":3696.42,"endTime":3699.72,"body":"system, none of that everything"},{"speaker":"Andreas Park","startTime":3699.72,"endTime":3703.38,"body":"goes with his one app. And what"},{"speaker":"Andreas Park","startTime":3699.72,"endTime":3703.38,"body":"this app is effectively it"},{"speaker":"Andreas Park","startTime":3703.38,"endTime":3708.69,"body":"creates a common resource which"},{"speaker":"Andreas Park","startTime":3703.38,"endTime":3708.69,"body":"can be used by multiple service"},{"speaker":"Andreas Park","startTime":3708.69,"endTime":3711.75,"body":"providers. And many of the"},{"speaker":"Andreas Park","startTime":3708.69,"endTime":3711.75,"body":"services that are provided on"},{"speaker":"Andreas Park","startTime":3711.75,"endTime":3714.75,"body":"WeChat pay actually are provided"},{"speaker":"Andreas Park","startTime":3711.75,"endTime":3714.75,"body":"by we reach our pay, but by"},{"speaker":"Andreas Park","startTime":3714.75,"endTime":3719.28,"body":"external server service"},{"speaker":"Andreas Park","startTime":3714.75,"endTime":3719.28,"body":"providers. So that as a vision"},{"speaker":"Andreas Park","startTime":3719.28,"endTime":3722.34,"body":"of thinking of a financial"},{"speaker":"Andreas Park","startTime":3719.28,"endTime":3722.34,"body":"infrastructure, as a common"},{"speaker":"Andreas Park","startTime":3722.34,"endTime":3725.19,"body":"resource is the same as what"},{"speaker":"Andreas Park","startTime":3722.34,"endTime":3725.19,"body":"blockchain really tries to do."},{"speaker":"Andreas Park","startTime":3725.19,"endTime":3729.0,"body":"Except, you know, it's it's open"},{"speaker":"Andreas Park","startTime":3725.19,"endTime":3729.0,"body":"to anybody. And you know, it's"},{"speaker":"Andreas Park","startTime":3729.0,"endTime":3732.9,"body":"it's much more decentralized,"},{"speaker":"Andreas Park","startTime":3729.0,"endTime":3732.9,"body":"right? And then now, and now"},{"speaker":"Andreas Park","startTime":3732.9,"endTime":3735.03,"body":"let's talk about the different"},{"speaker":"Andreas Park","startTime":3732.9,"endTime":3735.03,"body":"development, which is also"},{"speaker":"Andreas Park","startTime":3735.03,"endTime":3738.87,"body":"coming our way, which is the so"},{"speaker":"Andreas Park","startTime":3735.03,"endTime":3738.87,"body":"called dm network, or"},{"speaker":"Andreas Park","startTime":3739.02,"endTime":3743.88,"body":"infrastructure or whatever it is"},{"speaker":"Andreas Park","startTime":3739.02,"endTime":3743.88,"body":"Association. It's something"},{"speaker":"Andreas Park","startTime":3743.88,"endTime":3747.93,"body":"which was founded by Facebook,"},{"speaker":"Andreas Park","startTime":3743.88,"endTime":3747.93,"body":"or initiated by Facebook, it was"},{"speaker":"Andreas Park","startTime":3747.93,"endTime":3750.48,"body":"earlier called Libra. It changed"},{"speaker":"Andreas Park","startTime":3747.93,"endTime":3750.48,"body":"its name to dm"},{"speaker":"Preet Banerjee","startTime":3750.87,"endTime":3753.12,"body":"o vision like"},{"speaker":"Preet Banerjee","startTime":3750.87,"endTime":3753.12,"body":"QRP dmdm."},{"speaker":"Andreas Park","startTime":3756.24,"endTime":3758.64,"body":"I think the maybe"},{"speaker":"Andreas Park","startTime":3756.24,"endTime":3758.64,"body":"Yeah, maybe like the data,"},{"speaker":"Preet Banerjee","startTime":3758.67,"endTime":3760.26,"body":"sees the data"},{"speaker":"Preet Banerjee","startTime":3758.67,"endTime":3760.26,"body":"sees the day. What's the"},{"speaker":"Preet Banerjee","startTime":3760.26,"endTime":3761.37,"body":"difference? Yeah."},{"speaker":"Andreas Park","startTime":3763.47,"endTime":3765.9,"body":"Well, but it's"},{"speaker":"Andreas Park","startTime":3763.47,"endTime":3765.9,"body":"also, to be fair, by the way,"},{"speaker":"Andreas Park","startTime":3765.9,"endTime":3769.44,"body":"Facebook actually disassociated"},{"speaker":"Andreas Park","startTime":3765.9,"endTime":3769.44,"body":"itself with it. So it's"},{"speaker":"Andreas Park","startTime":3769.44,"endTime":3773.01,"body":"basically runs by itself. Okay."},{"speaker":"Andreas Park","startTime":3769.44,"endTime":3773.01,"body":"But, I mean, they're still"},{"speaker":"Andreas Park","startTime":3773.01,"endTime":3776.7,"body":"supporting it, I think"},{"speaker":"Andreas Park","startTime":3773.01,"endTime":3776.7,"body":"financially, but the important"},{"speaker":"Andreas Park","startTime":3776.7,"endTime":3779.55,"body":"part is, the judge will stay"},{"speaker":"Andreas Park","startTime":3776.7,"endTime":3779.55,"body":"away from it, because I think"},{"speaker":"Andreas Park","startTime":3779.55,"endTime":3783.03,"body":"they themselves realize that"},{"speaker":"Andreas Park","startTime":3779.55,"endTime":3783.03,"body":"their presence harmed actually"},{"speaker":"Andreas Park","startTime":3783.03,"endTime":3789.72,"body":"this network. But you know, that"},{"speaker":"Andreas Park","startTime":3783.03,"endTime":3789.72,"body":"again, it's the same ideas, what"},{"speaker":"Andreas Park","startTime":3789.72,"endTime":3791.61,"body":"they tried to build is a"},{"speaker":"Andreas Park","startTime":3789.72,"endTime":3791.61,"body":"blockchain, but there would be a"},{"speaker":"Andreas Park","startTime":3791.61,"endTime":3795.39,"body":"permissioned blockchain, where"},{"speaker":"Andreas Park","startTime":3791.61,"endTime":3795.39,"body":"service providers and so on and"},{"speaker":"Andreas Park","startTime":3795.39,"endTime":3798.15,"body":"so forth, create an entire"},{"speaker":"Andreas Park","startTime":3795.39,"endTime":3798.15,"body":"network of a new financial"},{"speaker":"Andreas Park","startTime":3798.15,"endTime":3801.6,"body":"infrastructure. So for instance,"},{"speaker":"Andreas Park","startTime":3798.15,"endTime":3801.6,"body":"Shopify as part of this over as"},{"speaker":"Andreas Park","startTime":3801.6,"endTime":3804.63,"body":"part of this Coinbase, the"},{"speaker":"Andreas Park","startTime":3801.6,"endTime":3804.63,"body":"crypto exchange as part of this,"},{"speaker":"Andreas Park","startTime":3805.29,"endTime":3809.43,"body":"our creative destruction lab at"},{"speaker":"Andreas Park","startTime":3805.29,"endTime":3809.43,"body":"U of T is part of it. And so the"},{"speaker":"Andreas Park","startTime":3809.43,"endTime":3812.34,"body":"idea is also that you create"},{"speaker":"Andreas Park","startTime":3809.43,"endTime":3812.34,"body":"this financial infrastructure as"},{"speaker":"Andreas Park","startTime":3812.34,"endTime":3815.91,"body":"a common resource that people"},{"speaker":"Andreas Park","startTime":3812.34,"endTime":3815.91,"body":"can use in order to shift money"},{"speaker":"Andreas Park","startTime":3815.91,"endTime":3819.75,"body":"around and to access particular"},{"speaker":"Andreas Park","startTime":3815.91,"endTime":3819.75,"body":"services, not just financial"},{"speaker":"Andreas Park","startTime":3819.75,"endTime":3823.68,"body":"services, but basically use this"},{"speaker":"Andreas Park","startTime":3819.75,"endTime":3823.68,"body":"network for payments as a"},{"speaker":"Andreas Park","startTime":3823.68,"endTime":3827.55,"body":"payment system. And as a digital"},{"speaker":"Andreas Park","startTime":3823.68,"endTime":3827.55,"body":"payment system. Again, you know,"},{"speaker":"Andreas Park","startTime":3827.55,"endTime":3831.78,"body":"one, which is not siloed or"},{"speaker":"Andreas Park","startTime":3827.55,"endTime":3831.78,"body":"siloed, with, you know, a"},{"speaker":"Andreas Park","startTime":3831.78,"endTime":3835.92,"body":"central entity for clearing as"},{"speaker":"Andreas Park","startTime":3831.78,"endTime":3835.92,"body":"what Currently our central banks"},{"speaker":"Andreas Park","startTime":3835.92,"endTime":3839.19,"body":"have as a role. But it is"},{"speaker":"Andreas Park","startTime":3835.92,"endTime":3839.19,"body":"something which is run, you"},{"speaker":"Andreas Park","startTime":3839.19,"endTime":3843.51,"body":"know, by many different"},{"speaker":"Andreas Park","startTime":3839.19,"endTime":3843.51,"body":"entities, collectively. And I"},{"speaker":"Andreas Park","startTime":3843.51,"endTime":3847.35,"body":"think that in particular, that"},{"speaker":"Andreas Park","startTime":3843.51,"endTime":3847.35,"body":"latter development is what"},{"speaker":"Andreas Park","startTime":3847.35,"endTime":3850.86,"body":"really supercharge the"},{"speaker":"Andreas Park","startTime":3847.35,"endTime":3850.86,"body":"development and the thinking of"},{"speaker":"Andreas Park","startTime":3850.86,"endTime":3853.86,"body":"cbdcs why people say, okay,"},{"speaker":"Andreas Park","startTime":3850.86,"endTime":3853.86,"body":"maybe there's actually maybe"},{"speaker":"Andreas Park","startTime":3853.86,"endTime":3856.74,"body":"these guys are onto something,"},{"speaker":"Andreas Park","startTime":3853.86,"endTime":3856.74,"body":"maybe this is something that we"},{"speaker":"Andreas Park","startTime":3856.74,"endTime":3860.25,"body":"should actually enable to do it."},{"speaker":"Andreas Park","startTime":3856.74,"endTime":3860.25,"body":"Maybe our financial sector such"},{"speaker":"Andreas Park","startTime":3860.25,"endTime":3864.87,"body":"as it is, you know, wouldn't do"},{"speaker":"Andreas Park","startTime":3860.25,"endTime":3864.87,"body":"it by itself, either because"},{"speaker":"Andreas Park","startTime":3864.87,"endTime":3867.9,"body":"nobody has an incentive to do it"},{"speaker":"Andreas Park","startTime":3864.87,"endTime":3867.9,"body":"by themselves and can do it by"},{"speaker":"Andreas Park","startTime":3867.9,"endTime":3870.9,"body":"themselves, or because they're"},{"speaker":"Andreas Park","startTime":3867.9,"endTime":3870.9,"body":"just making so much money. They"},{"speaker":"Andreas Park","startTime":3870.9,"endTime":3874.23,"body":"just don't want to do it. Right."},{"speaker":"Andreas Park","startTime":3870.9,"endTime":3874.23,"body":"But if you are government and"},{"speaker":"Andreas Park","startTime":3874.23,"endTime":3877.98,"body":"you say so in particular Canada,"},{"speaker":"Andreas Park","startTime":3874.23,"endTime":3877.98,"body":"right. So dm has its own money"},{"speaker":"Andreas Park","startTime":3878.52,"endTime":3882.0,"body":"denominated in US dollar,"},{"speaker":"Andreas Park","startTime":3878.52,"endTime":3882.0,"body":"there's also probably a coin,"},{"speaker":"Andreas Park","startTime":3882.0,"endTime":3885.81,"body":"which would be the RMB, the"},{"speaker":"Andreas Park","startTime":3882.0,"endTime":3885.81,"body":"sterling and the Euro, maybe the"},{"speaker":"Andreas Park","startTime":3885.81,"endTime":3890.73,"body":"yen, right? Not a Canadian"},{"speaker":"Andreas Park","startTime":3885.81,"endTime":3890.73,"body":"dollar. So but what you will see"},{"speaker":"Andreas Park","startTime":3890.73,"endTime":3893.07,"body":"is that people use this network"},{"speaker":"Andreas Park","startTime":3890.73,"endTime":3893.07,"body":"and say, Hey, this is really"},{"speaker":"Andreas Park","startTime":3893.1,"endTime":3895.68,"body":"this works. For me. This is"},{"speaker":"Andreas Park","startTime":3893.1,"endTime":3895.68,"body":"really useful, right? I can now"},{"speaker":"Andreas Park","startTime":3895.68,"endTime":3898.41,"body":"shift my money around fast. I"},{"speaker":"Andreas Park","startTime":3895.68,"endTime":3898.41,"body":"can make faster payments. I get"},{"speaker":"Andreas Park","startTime":3898.41,"endTime":3901.2,"body":"my refunds right away. Whatever."},{"speaker":"Andreas Park","startTime":3898.41,"endTime":3901.2,"body":"It is right. So there's extra"},{"speaker":"Andreas Park","startTime":3901.2,"endTime":3905.52,"body":"functionality is going to come"},{"speaker":"Andreas Park","startTime":3901.2,"endTime":3905.52,"body":"your way. And at some point, the"},{"speaker":"Andreas Park","startTime":3905.55,"endTime":3908.79,"body":"the usage and the, you know, the"},{"speaker":"Andreas Park","startTime":3905.55,"endTime":3908.79,"body":"helpfulness becomes a necessity."},{"speaker":"Andreas Park","startTime":3908.82,"endTime":3911.25,"body":"So if you want to access certain"},{"speaker":"Andreas Park","startTime":3908.82,"endTime":3911.25,"body":"services, you need to be part of"},{"speaker":"Andreas Park","startTime":3911.25,"endTime":3914.55,"body":"it. At that point, the Canadian"},{"speaker":"Andreas Park","startTime":3911.25,"endTime":3914.55,"body":"dollar becomes irrelevant."},{"speaker":"Preet Banerjee","startTime":3915.09,"endTime":3918.84,"body":"Right."},{"speaker":"Preet Banerjee","startTime":3915.09,"endTime":3918.84,"body":"Interesting. So, so, a number of"},{"speaker":"Preet Banerjee","startTime":3918.84,"endTime":3920.97,"body":"questions here, and now I'm"},{"speaker":"Preet Banerjee","startTime":3918.84,"endTime":3920.97,"body":"going to take you for like an"},{"speaker":"Preet Banerjee","startTime":3920.97,"endTime":3928.83,"body":"extra half hour. First question,"},{"speaker":"Preet Banerjee","startTime":3920.97,"endTime":3928.83,"body":"a Bank of Canada, central bank,"},{"speaker":"Preet Banerjee","startTime":3928.86,"endTime":3932.82,"body":"digital currency, five years, 10"},{"speaker":"Preet Banerjee","startTime":3928.86,"endTime":3932.82,"body":"years, do you think that it will"},{"speaker":"Preet Banerjee","startTime":3932.82,"endTime":3936.66,"body":"happen? Yes. What is the"},{"speaker":"Preet Banerjee","startTime":3932.82,"endTime":3936.66,"body":"timeframe? Do you think? So I"},{"speaker":"Preet Banerjee","startTime":3936.66,"endTime":3936.93,"body":"have no"},{"speaker":"Andreas Park","startTime":3936.93,"endTime":3938.16,"body":"inside"},{"speaker":"Andreas Park","startTime":3936.93,"endTime":3938.16,"body":"information, I want to be very"},{"speaker":"Andreas Park","startTime":3938.16,"endTime":3942.45,"body":"clear that whatever they say"},{"speaker":"Andreas Park","startTime":3938.16,"endTime":3942.45,"body":"publicly is also what they say"},{"speaker":"Andreas Park","startTime":3942.45,"endTime":3943.11,"body":"privately."},{"speaker":"Preet Banerjee","startTime":3944.37,"endTime":3945.84,"body":"Okay, they're"},{"speaker":"Preet Banerjee","startTime":3944.37,"endTime":3945.84,"body":"very"},{"speaker":"Andreas Park","startTime":3945.84,"endTime":3947.94,"body":"early about this."},{"speaker":"Andreas Park","startTime":3945.84,"endTime":3947.94,"body":"So they say we have no plans on"},{"speaker":"Andreas Park","startTime":3947.94,"endTime":3950.7,"body":"it. You know, but we're just"},{"speaker":"Andreas Park","startTime":3947.94,"endTime":3950.7,"body":"still exploring, and we're"},{"speaker":"Andreas Park","startTime":3950.7,"endTime":3953.04,"body":"trying to prepare ourselves for"},{"speaker":"Andreas Park","startTime":3950.7,"endTime":3953.04,"body":"it. That's what everybody says."},{"speaker":"Andreas Park","startTime":3954.48,"endTime":3960.57,"body":"Now, Brazil, put up a it's not"},{"speaker":"Andreas Park","startTime":3954.48,"endTime":3960.57,"body":"entirely a CVD system. But the"},{"speaker":"Andreas Park","startTime":3960.57,"endTime":3964.89,"body":"Bank of Brazil, the central"},{"speaker":"Andreas Park","startTime":3960.57,"endTime":3964.89,"body":"bank, put out a real time"},{"speaker":"Andreas Park","startTime":3964.89,"endTime":3968.67,"body":"payment system, which is akin"},{"speaker":"Andreas Park","startTime":3964.89,"endTime":3968.67,"body":"to, you know, at least the first"},{"speaker":"Andreas Park","startTime":3968.67,"endTime":3972.45,"body":"stage of a cbdc. And they"},{"speaker":"Andreas Park","startTime":3968.67,"endTime":3972.45,"body":"created that within nine months."},{"speaker":"Andreas Park","startTime":3972.93,"endTime":3975.39,"body":"Okay, so it's not a"},{"speaker":"Andreas Park","startTime":3972.93,"endTime":3975.39,"body":"technologically hard problem,"},{"speaker":"Andreas Park","startTime":3975.45,"endTime":3980.91,"body":"right. And Brazil is our is a"},{"speaker":"Andreas Park","startTime":3975.45,"endTime":3980.91,"body":"much bigger country than Canada."},{"speaker":"Andreas Park","startTime":3981.24,"endTime":3984.3,"body":"Right? I mean, you know,"},{"speaker":"Andreas Park","startTime":3981.24,"endTime":3984.3,"body":"landmass wise, obviously Canada"},{"speaker":"Andreas Park","startTime":3984.3,"endTime":3987.93,"body":"is bigger, but Brazil is, is"},{"speaker":"Andreas Park","startTime":3984.3,"endTime":3987.93,"body":"much more dispersed in terms of"},{"speaker":"Andreas Park","startTime":3987.93,"endTime":3991.11,"body":"where people live. And it's"},{"speaker":"Andreas Park","startTime":3987.93,"endTime":3991.11,"body":"probably much more complicated,"},{"speaker":"Andreas Park","startTime":3991.11,"endTime":3993.72,"body":"because most likely, we could"},{"speaker":"Andreas Park","startTime":3991.11,"endTime":3993.72,"body":"argue it's not as"},{"speaker":"Andreas Park","startTime":3993.72,"endTime":3996.42,"body":"technologically advanced as us,"},{"speaker":"Andreas Park","startTime":3993.72,"endTime":3996.42,"body":"I hope at least we can say that."},{"speaker":"Andreas Park","startTime":3996.45,"endTime":4001.1,"body":"Right? Great. Yeah. So they can"},{"speaker":"Andreas Park","startTime":3996.45,"endTime":4001.1,"body":"pull it off. Clearly, Canada can"},{"speaker":"Andreas Park","startTime":4001.1,"endTime":4002.84,"body":"pull it off clearly. Right."},{"speaker":"Preet Banerjee","startTime":4003.62,"endTime":4006.86,"body":"And when it"},{"speaker":"Preet Banerjee","startTime":4003.62,"endTime":4006.86,"body":"comes to, let's say, different"},{"speaker":"Preet Banerjee","startTime":4006.86,"endTime":4009.59,"body":"central banks launched their own"},{"speaker":"Preet Banerjee","startTime":4006.86,"endTime":4009.59,"body":"digital currencies, certainly"},{"speaker":"Preet Banerjee","startTime":4009.59,"endTime":4012.35,"body":"some of the smaller countries,"},{"speaker":"Preet Banerjee","startTime":4009.59,"endTime":4012.35,"body":"maybe less developed countries"},{"speaker":"Preet Banerjee","startTime":4012.35,"endTime":4015.2,"body":"would say, well, we're not going"},{"speaker":"Preet Banerjee","startTime":4012.35,"endTime":4015.2,"body":"to do it. But we could use your"},{"speaker":"Preet Banerjee","startTime":4015.2,"endTime":4016.67,"body":"infrastructure, is that correct?"},{"speaker":"Andreas Park","startTime":4017.45,"endTime":4020.63,"body":"Well, I would"},{"speaker":"Andreas Park","startTime":4017.45,"endTime":4020.63,"body":"argue, so if you are a small"},{"speaker":"Andreas Park","startTime":4020.63,"endTime":4023.99,"body":"country, for getting more"},{"speaker":"Andreas Park","startTime":4020.63,"endTime":4023.99,"body":"technologically advanced or not,"},{"speaker":"Andreas Park","startTime":4024.14,"endTime":4028.31,"body":"because that's actually, that's"},{"speaker":"Andreas Park","startTime":4024.14,"endTime":4028.31,"body":"not so clear what that means"},{"speaker":"Andreas Park","startTime":4028.31,"endTime":4032.81,"body":"these days anymore, right. But"},{"speaker":"Andreas Park","startTime":4028.31,"endTime":4032.81,"body":"as a small country, and you want"},{"speaker":"Andreas Park","startTime":4032.81,"endTime":4037.76,"body":"if you want to maintain power"},{"speaker":"Andreas Park","startTime":4032.81,"endTime":4037.76,"body":"over your monetary system, you"},{"speaker":"Andreas Park","startTime":4037.76,"endTime":4041.18,"body":"definitely need a cbdc you need"},{"speaker":"Andreas Park","startTime":4037.76,"endTime":4041.18,"body":"more than the US, right? The US"},{"speaker":"Andreas Park","startTime":4041.18,"endTime":4045.68,"body":"is probably good for now, right?"},{"speaker":"Andreas Park","startTime":4041.18,"endTime":4045.68,"body":"But if the US comes up with a"},{"speaker":"Andreas Park","startTime":4045.68,"endTime":4048.38,"body":"cbdc, before your small country,"},{"speaker":"Andreas Park","startTime":4045.68,"endTime":4048.38,"body":"it's entirely possible that"},{"speaker":"Andreas Park","startTime":4048.38,"endTime":4052.13,"body":"people go well, we're just going"},{"speaker":"Andreas Park","startTime":4048.38,"endTime":4052.13,"body":"to use us etc, the end, right."},{"speaker":"Andreas Park","startTime":4052.55,"endTime":4055.13,"body":"And particularly, if you have"},{"speaker":"Andreas Park","startTime":4052.55,"endTime":4055.13,"body":"any trade with the US, as a"},{"speaker":"Andreas Park","startTime":4055.13,"endTime":4058.13,"body":"small country, money will come"},{"speaker":"Andreas Park","startTime":4055.13,"endTime":4058.13,"body":"into your country because"},{"speaker":"Andreas Park","startTime":4058.13,"endTime":4061.07,"body":"Americans buy your product,"},{"speaker":"Andreas Park","startTime":4058.13,"endTime":4061.07,"body":"right? And then so then you have"},{"speaker":"Andreas Park","startTime":4061.07,"endTime":4063.53,"body":"US dollars in the country, and"},{"speaker":"Andreas Park","startTime":4061.07,"endTime":4063.53,"body":"then all of a sudden you can"},{"speaker":"Andreas Park","startTime":4063.56,"endTime":4066.05,"body":"already have that money in"},{"speaker":"Andreas Park","startTime":4063.56,"endTime":4066.05,"body":"circulation. This is actually"},{"speaker":"Andreas Park","startTime":4066.05,"endTime":4069.02,"body":"different from even the current"},{"speaker":"Andreas Park","startTime":4066.05,"endTime":4069.02,"body":"monetary flows, right? Because"},{"speaker":"Andreas Park","startTime":4069.02,"endTime":4071.69,"body":"currently, if you have a trade"},{"speaker":"Andreas Park","startTime":4069.02,"endTime":4071.69,"body":"within with a foreign country,"},{"speaker":"Andreas Park","startTime":4072.59,"endTime":4075.26,"body":"yes, there's money, US dollar"},{"speaker":"Andreas Park","startTime":4072.59,"endTime":4075.26,"body":"essentially coming into the"},{"speaker":"Andreas Park","startTime":4075.26,"endTime":4078.83,"body":"country, but it stays with the"},{"speaker":"Andreas Park","startTime":4075.26,"endTime":4078.83,"body":"banks. When you have a cbdc"},{"speaker":"Andreas Park","startTime":4078.83,"endTime":4081.74,"body":"payment actually going on a"},{"speaker":"Andreas Park","startTime":4078.83,"endTime":4081.74,"body":"digital ledger, it's entirely"},{"speaker":"Andreas Park","startTime":4081.74,"endTime":4084.68,"body":"possible that you have the real"},{"speaker":"Andreas Park","startTime":4081.74,"endTime":4084.68,"body":"dollars available in that small"},{"speaker":"Andreas Park","startTime":4084.68,"endTime":4087.77,"body":"country. For the general"},{"speaker":"Andreas Park","startTime":4084.68,"endTime":4087.77,"body":"consumption of the population."},{"speaker":"Andreas Park","startTime":4087.77,"endTime":4090.89,"body":"That's very different, right?"},{"speaker":"Andreas Park","startTime":4087.77,"endTime":4090.89,"body":"It's a little bit like if you if"},{"speaker":"Andreas Park","startTime":4090.89,"endTime":4093.98,"body":"you make a cash payment for"},{"speaker":"Andreas Park","startTime":4090.89,"endTime":4093.98,"body":"trade, which not not doesn't"},{"speaker":"Andreas Park","startTime":4093.98,"endTime":4098.48,"body":"happen much anymore, right. So"},{"speaker":"Andreas Park","startTime":4093.98,"endTime":4098.48,"body":"this would be a game changer for"},{"speaker":"Andreas Park","startTime":4098.48,"endTime":4101.99,"body":"small countries, but not"},{"speaker":"Andreas Park","startTime":4098.48,"endTime":4101.99,"body":"necessarily. I mean, sometimes I"},{"speaker":"Andreas Park","startTime":4101.99,"endTime":4105.41,"body":"would say, in a good way for the"},{"speaker":"Andreas Park","startTime":4101.99,"endTime":4105.41,"body":"people of the country, but for"},{"speaker":"Andreas Park","startTime":4105.41,"endTime":4108.11,"body":"governments that want to"},{"speaker":"Andreas Park","startTime":4105.41,"endTime":4108.11,"body":"maintain monetary policy power,"},{"speaker":"Andreas Park","startTime":4108.47,"endTime":4109.07,"body":"not a good thing."},{"speaker":"Preet Banerjee","startTime":4109.76,"endTime":4112.67,"body":"Yeah, I was"},{"speaker":"Preet Banerjee","startTime":4109.76,"endTime":4112.67,"body":"gonna ask, you know, and this is"},{"speaker":"Preet Banerjee","startTime":4112.7,"endTime":4114.8,"body":"tying in a bunch of different"},{"speaker":"Preet Banerjee","startTime":4112.7,"endTime":4114.8,"body":"areas all into one. But if you"},{"speaker":"Preet Banerjee","startTime":4114.8,"endTime":4118.55,"body":"take a look at me, let's say the"},{"speaker":"Preet Banerjee","startTime":4114.8,"endTime":4118.55,"body":"introduction of the euro, and"},{"speaker":"Preet Banerjee","startTime":4118.55,"endTime":4121.52,"body":"all these different countries"},{"speaker":"Preet Banerjee","startTime":4118.55,"endTime":4121.52,"body":"and their currencies, they used"},{"speaker":"Preet Banerjee","startTime":4121.52,"endTime":4125.27,"body":"a common currency wasn't one of"},{"speaker":"Preet Banerjee","startTime":4121.52,"endTime":4125.27,"body":"the criticisms that, you know,"},{"speaker":"Preet Banerjee","startTime":4125.3,"endTime":4129.38,"body":"if your economy as itself is"},{"speaker":"Preet Banerjee","startTime":4125.3,"endTime":4129.38,"body":"doing poorly, then if your"},{"speaker":"Preet Banerjee","startTime":4129.5,"endTime":4131.99,"body":"currency goes down in value"},{"speaker":"Preet Banerjee","startTime":4129.5,"endTime":4131.99,"body":"makes it more attractive to buy"},{"speaker":"Preet Banerjee","startTime":4131.99,"endTime":4135.32,"body":"your stuff. And it's sort of a"},{"speaker":"Preet Banerjee","startTime":4131.99,"endTime":4135.32,"body":"sort of a self leveling"},{"speaker":"Preet Banerjee","startTime":4135.32,"endTime":4138.29,"body":"mechanism to a certain extent,"},{"speaker":"Preet Banerjee","startTime":4135.32,"endTime":4138.29,"body":"would you lose that if you know,"},{"speaker":"Preet Banerjee","startTime":4138.35,"endTime":4142.34,"body":"other countries adopted a single"},{"speaker":"Preet Banerjee","startTime":4138.35,"endTime":4142.34,"body":"central bank digital currency?"},{"speaker":"Andreas Park","startTime":4142.61,"endTime":4144.05,"body":"Yeah, that's"},{"speaker":"Andreas Park","startTime":4142.61,"endTime":4144.05,"body":"exactly the problem that would"},{"speaker":"Andreas Park","startTime":4144.05,"endTime":4148.31,"body":"arise. Right. So so in the"},{"speaker":"Andreas Park","startTime":4144.05,"endTime":4148.31,"body":"European Union, that they"},{"speaker":"Andreas Park","startTime":4148.55,"endTime":4151.79,"body":"obviously the getting the Euro"},{"speaker":"Andreas Park","startTime":4148.55,"endTime":4151.79,"body":"has many dimensions, including a"},{"speaker":"Andreas Park","startTime":4151.79,"endTime":4154.82,"body":"political one. So you kind of"},{"speaker":"Andreas Park","startTime":4151.79,"endTime":4154.82,"body":"create a little bit the thinking"},{"speaker":"Andreas Park","startTime":4154.82,"endTime":4158.27,"body":"was to create more unity. But"},{"speaker":"Andreas Park","startTime":4154.82,"endTime":4158.27,"body":"you absolutely right, if you"},{"speaker":"Andreas Park","startTime":4158.27,"endTime":4163.46,"body":"have no free movement of people"},{"speaker":"Andreas Park","startTime":4158.27,"endTime":4163.46,"body":"and have resources available,"},{"speaker":"Andreas Park","startTime":4163.49,"endTime":4166.25,"body":"and which is the case, right?"},{"speaker":"Andreas Park","startTime":4163.49,"endTime":4166.25,"body":"You even in Europe, you can you"},{"speaker":"Andreas Park","startTime":4166.25,"endTime":4169.01,"body":"can move but you actually can't"},{"speaker":"Andreas Park","startTime":4166.25,"endTime":4169.01,"body":"easily right, because language"},{"speaker":"Andreas Park","startTime":4169.01,"endTime":4173.24,"body":"because of pension systems and"},{"speaker":"Andreas Park","startTime":4169.01,"endTime":4173.24,"body":"healthcare and all of that, then"},{"speaker":"Andreas Park","startTime":4173.27,"endTime":4178.01,"body":"you know, you by losing monetary"},{"speaker":"Andreas Park","startTime":4173.27,"endTime":4178.01,"body":"power over your monetary policy,"},{"speaker":"Andreas Park","startTime":4178.37,"endTime":4182.75,"body":"you potentially when when say"},{"speaker":"Andreas Park","startTime":4178.37,"endTime":4182.75,"body":"Germany is doing well, and"},{"speaker":"Andreas Park","startTime":4182.75,"endTime":4186.47,"body":"you're not doing well, there's"},{"speaker":"Andreas Park","startTime":4182.75,"endTime":4186.47,"body":"no way we can use you know, the"},{"speaker":"Andreas Park","startTime":4186.47,"endTime":4189.8,"body":"value of your currency to"},{"speaker":"Andreas Park","startTime":4186.47,"endTime":4189.8,"body":"continue to compete with them."},{"speaker":"Andreas Park","startTime":4190.31,"endTime":4194.99,"body":"And so you're absolutely right."},{"speaker":"Andreas Park","startTime":4190.31,"endTime":4194.99,"body":"So that is a problem. Can I just"},{"speaker":"Andreas Park","startTime":4194.99,"endTime":4197.48,"body":"say want to say one more thing"},{"speaker":"Andreas Park","startTime":4194.99,"endTime":4197.48,"body":"about the digital advancements"},{"speaker":"Andreas Park","startTime":4197.48,"endTime":4200.54,"body":"of current country? Absolutely."},{"speaker":"Andreas Park","startTime":4197.48,"endTime":4200.54,"body":"So if you look at our Africa,"},{"speaker":"Andreas Park","startTime":4201.74,"endTime":4204.8,"body":"not in terms of cbdc, but in"},{"speaker":"Andreas Park","startTime":4201.74,"endTime":4204.8,"body":"terms of, you know, the"},{"speaker":"Andreas Park","startTime":4204.8,"endTime":4210.56,"body":"development of, of money. So you"},{"speaker":"Andreas Park","startTime":4204.8,"endTime":4210.56,"body":"may have heard about m pesa,"},{"speaker":"Andreas Park","startTime":4210.56,"endTime":4214.37,"body":"which is, which is not digital"},{"speaker":"Andreas Park","startTime":4210.56,"endTime":4214.37,"body":"money, but is mobile money. So"},{"speaker":"Andreas Park","startTime":4214.37,"endTime":4217.22,"body":"it's money that you can transmit"},{"speaker":"Andreas Park","startTime":4214.37,"endTime":4217.22,"body":"with even the most basic cell"},{"speaker":"Andreas Park","startTime":4217.22,"endTime":4220.13,"body":"phones, that has been a game"},{"speaker":"Andreas Park","startTime":4217.22,"endTime":4220.13,"body":"changer for the development in"},{"speaker":"Andreas Park","startTime":4220.13,"endTime":4225.11,"body":"countries like, like Kenya. So"},{"speaker":"Andreas Park","startTime":4220.13,"endTime":4225.11,"body":"it increased financial"},{"speaker":"Andreas Park","startTime":4225.11,"endTime":4228.5,"body":"inclusion, and so on and so"},{"speaker":"Andreas Park","startTime":4225.11,"endTime":4228.5,"body":"forth, even though really all"},{"speaker":"Andreas Park","startTime":4228.5,"endTime":4230.54,"body":"that this country has, I mean,"},{"speaker":"Andreas Park","startTime":4228.5,"endTime":4230.54,"body":"they have a cell network, of"},{"speaker":"Andreas Park","startTime":4230.54,"endTime":4233.18,"body":"course, right. And so that"},{"speaker":"Andreas Park","startTime":4230.54,"endTime":4233.18,"body":"alone, if you think of"},{"speaker":"Andreas Park","startTime":4233.18,"endTime":4237.77,"body":"technological advances is enough"},{"speaker":"Andreas Park","startTime":4233.18,"endTime":4237.77,"body":"to create a great deal of"},{"speaker":"Andreas Park","startTime":4237.77,"endTime":4241.94,"body":"financial inclusion. And the DM"},{"speaker":"Andreas Park","startTime":4237.77,"endTime":4241.94,"body":"network actually tries to go"},{"speaker":"Andreas Park","startTime":4241.94,"endTime":4245.42,"body":"into exactly the same direction"},{"speaker":"Andreas Park","startTime":4241.94,"endTime":4245.42,"body":"and say, Look, all that you need"},{"speaker":"Andreas Park","startTime":4245.42,"endTime":4248.6,"body":"is a is a is a cell phone these"},{"speaker":"Andreas Park","startTime":4245.42,"endTime":4248.6,"body":"days or a smartphone these days"},{"speaker":"Andreas Park","startTime":4248.6,"endTime":4251.66,"body":"and and you know, with dm now"},{"speaker":"Andreas Park","startTime":4248.6,"endTime":4251.66,"body":"you actually have access to an"},{"speaker":"Andreas Park","startTime":4251.66,"endTime":4255.14,"body":"entire financial infrastructure"},{"speaker":"Andreas Park","startTime":4251.66,"endTime":4255.14,"body":"that otherwise you do not have."},{"speaker":"Andreas Park","startTime":4255.56,"endTime":4260.21,"body":"So for development of weaker"},{"speaker":"Andreas Park","startTime":4255.56,"endTime":4260.21,"body":"countries, in that sense, this"},{"speaker":"Andreas Park","startTime":4260.21,"endTime":4265.46,"body":"could be a huge game changer. So"},{"speaker":"Andreas Park","startTime":4260.21,"endTime":4265.46,"body":"I'm extremely, I find this"},{"speaker":"Andreas Park","startTime":4265.46,"endTime":4268.46,"body":"extremely exciting from that"},{"speaker":"Andreas Park","startTime":4265.46,"endTime":4268.46,"body":"perspective, if it turns out to"},{"speaker":"Andreas Park","startTime":4268.46,"endTime":4270.98,"body":"be actually used for the common"},{"speaker":"Andreas Park","startTime":4268.46,"endTime":4270.98,"body":"good. Okay,"},{"speaker":"Preet Banerjee","startTime":4271.22,"endTime":4273.59,"body":"we'll leave it"},{"speaker":"Preet Banerjee","startTime":4271.22,"endTime":4273.59,"body":"there, Andres. Thank you so"},{"speaker":"Preet Banerjee","startTime":4273.59,"endTime":4277.16,"body":"much. I'm going to compile a"},{"speaker":"Preet Banerjee","startTime":4273.59,"endTime":4277.16,"body":"list of links to some of the"},{"speaker":"Preet Banerjee","startTime":4277.16,"endTime":4279.26,"body":"things that we've talked about"},{"speaker":"Preet Banerjee","startTime":4277.16,"endTime":4279.26,"body":"for people who want to learn a"},{"speaker":"Preet Banerjee","startTime":4279.26,"endTime":4282.47,"body":"little bit more, including links"},{"speaker":"Preet Banerjee","startTime":4279.26,"endTime":4282.47,"body":"to your website. If you want to"},{"speaker":"Preet Banerjee","startTime":4282.47,"endTime":4286.04,"body":"follow more of Andres, his work,"},{"speaker":"Preet Banerjee","startTime":4282.47,"endTime":4286.04,"body":"his YouTube channel, has some"},{"speaker":"Preet Banerjee","startTime":4286.04,"endTime":4290.18,"body":"great videos explaining"},{"speaker":"Preet Banerjee","startTime":4286.04,"endTime":4290.18,"body":"blockchain cryptocurrency, a lot"},{"speaker":"Preet Banerjee","startTime":4290.18,"endTime":4293.3,"body":"of things that will help bring"},{"speaker":"Preet Banerjee","startTime":4290.18,"endTime":4293.3,"body":"you up to speed. And he doesn't"},{"speaker":"Preet Banerjee","startTime":4293.3,"endTime":4297.95,"body":"have, I would say, a vested"},{"speaker":"Preet Banerjee","startTime":4293.3,"endTime":4297.95,"body":"interest, not a promoter, he is"},{"speaker":"Preet Banerjee","startTime":4297.95,"endTime":4301.01,"body":"just trying to get towards"},{"speaker":"Preet Banerjee","startTime":4297.95,"endTime":4301.01,"body":"truth, which I think is so hard"},{"speaker":"Preet Banerjee","startTime":4301.01,"endTime":4303.17,"body":"to find these days, because"},{"speaker":"Preet Banerjee","startTime":4301.01,"endTime":4303.17,"body":"there are so many commercial"},{"speaker":"Preet Banerjee","startTime":4303.17,"endTime":4306.17,"body":"interests in all these"},{"speaker":"Preet Banerjee","startTime":4303.17,"endTime":4306.17,"body":"technologies. And sometimes,"},{"speaker":"Preet Banerjee","startTime":4306.56,"endTime":4309.38,"body":"they embellish the good things"},{"speaker":"Preet Banerjee","startTime":4306.56,"endTime":4309.38,"body":"and they don't tell you about"},{"speaker":"Preet Banerjee","startTime":4309.38,"endTime":4312.41,"body":"the downsides. And I feel like"},{"speaker":"Preet Banerjee","startTime":4309.38,"endTime":4312.41,"body":"injuries is a real straight"},{"speaker":"Preet Banerjee","startTime":4312.44,"endTime":4315.17,"body":"shooting resource on this. So"},{"speaker":"Preet Banerjee","startTime":4312.44,"endTime":4315.17,"body":"Andres, thank you so much for"},{"speaker":"Preet Banerjee","startTime":4315.17,"endTime":4316.85,"body":"coming on the show, though."},{"speaker":"Preet Banerjee","startTime":4315.17,"endTime":4316.85,"body":"Thanks"},{"speaker":"Andreas Park","startTime":4316.85,"endTime":4317.9,"body":"for having me."},{"speaker":"Andreas Park","startTime":4316.85,"endTime":4317.9,"body":"It's great fun."},{"speaker":"Preet Banerjee","startTime":4335.42,"endTime":4337.88,"body":"If you want more"},{"speaker":"Preet Banerjee","startTime":4335.42,"endTime":4337.88,"body":"personal finance content, or you"},{"speaker":"Preet Banerjee","startTime":4337.88,"endTime":4341.9,"body":"have questions for me or topic"},{"speaker":"Preet Banerjee","startTime":4337.88,"endTime":4341.9,"body":"suggestions for the podcast, you"},{"speaker":"Preet Banerjee","startTime":4341.9,"endTime":4345.92,"body":"can follow me on Twitter or"},{"speaker":"Preet Banerjee","startTime":4341.9,"endTime":4345.92,"body":"Instagram and ask away it's the"},{"speaker":"Preet Banerjee","startTime":4345.92,"endTime":4350.63,"body":"same handle in both cases at"},{"speaker":"Preet Banerjee","startTime":4345.92,"endTime":4350.63,"body":"Crete bannerjee. spelled just"},{"speaker":"Preet Banerjee","startTime":4350.63,"endTime":4354.17,"body":"like it sounds. Good luck with"},{"speaker":"Preet Banerjee","startTime":4350.63,"endTime":4354.17,"body":"that. I also have two YouTube"},{"speaker":"Preet Banerjee","startTime":4354.17,"endTime":4357.05,"body":"channels, you can subscribe to"},{"speaker":"Preet Banerjee","startTime":4354.17,"endTime":4357.05,"body":"my main channel which covers"},{"speaker":"Preet Banerjee","startTime":4357.05,"endTime":4360.59,"body":"personal finance and investing"},{"speaker":"Preet Banerjee","startTime":4357.05,"endTime":4360.59,"body":"topics that are global in scope,"},{"speaker":"Preet Banerjee","startTime":4360.92,"endTime":4365.09,"body":"and a Canadian specific channel"},{"speaker":"Preet Banerjee","startTime":4360.92,"endTime":4365.09,"body":"as well. That is it for this"},{"speaker":"Preet Banerjee","startTime":4365.09,"endTime":4366.95,"body":"episode. Thank you for"},{"speaker":"Preet Banerjee","startTime":4365.09,"endTime":4366.95,"body":"listening."}]}