{"id":"xBZ5IJXHVe0","title":"Crypto Winter, Bullish Builders  - Marieke Flament & Haseeb Qureshi - Near Day at ETHDenver 2023","description":"Join NEAR's community:\nWebsite: https://near.org/\nReddit:   / nearprotocol  \nDiscord: https://near.chat/\nMedium:   / nearprotocol  \nBlog: https://near.org/blog/\nTwitter:   / nearprotocol  \nGitHub: https://github.com/near  https://github.com/nearprotocol\nDev Docs: https://docs.near.org/\nCreate a wallet: https://wallet.near.org/create\nApps on NEAR: https://awesomenear.com/\nLearn to Build On NEAR: https://www.near.university/\nGrants & Funding: https://near.org/grants/\n#Blockchain #FutureisNEAR #NEAR #nearprotocol\n#nft #dao","channel_name":"NEAR Protocol","published_at":"2023-03-17T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/xBZ5IJXHVe0/hqdefault.jpg","transcript_text":"okay brilliant I hope you're all sufficiently clued up in what the boss is and what it's all about I would like to take another quick minute or two to show some things that I need to Shell if you are looking to get a little bit lit tonight I'm not 100 sure what lit means uh my interest to use it once but here we are if you are looking to get lit tonight we do have the official opening party of East Denver at Mission Ballroom it's 8 30 p.m for VIPs it's 10 30 for General entry you can still sign up at neo.org party Without Limits if you're a hacker and you're looking to take home a share of a prize pool of more than 60 000 usdc head to near.org Denver and check out all of our incredible bounties and more if you didn't catch a t-shirt when I threw them out and you're looking to go upstairs sometime soon or tomorrow or the next day or the next day head to Booth Au and you will find the wonderful team from the near ecosystem Pagoda and wonderful ecosystem projects as well if you ask them politely they will give you some incredible swag and they'll onboard you to the wonderful ecosystem of Nia but we are not yet finished we have some more wonderful speakers some wonderful panelists if you're chilly in Denver that's good because this next one is a fireside chat between the CEO of the near Foundation Marie flement and the wonderful haseeb Qureshi from dragonfly Capital about why the future of web3 is still so bright so if you could put your hands together and give a big cheer we'll bring them on board and we'll talk all about it oh you get a t-shirt I get a t-shirt amazing so that's great we don't have slides to put up so that's gonna work right easy um it's amazing to do this it's the first time we actually met in person this is correct yeah I mean we just heard about actually the blockchain operating system and this Evolution for near so what do you what do you make of it what's your take on that so it's it's a fascinating idea because you know if you look at the way that blockchains work today for the most part um they're they're mostly a back-end technology right it's something that's totally obscured from the user and the way that a person is going to be interacting with this stuff we you know back in the day people used to talk a lot about how you know AI is going to be very visible in people's lives and blockchain is going to be invisible it's going to be something kind of in the back end maybe you're like refrigerator or your air conditioning is going to use blockchain in some way and that was that was very very early days right uh but I think what the idea of the blockchain operating system does is it allows web development and software development to be blockchain based from top to bottom and already I think you know you guys you guys tried about this earlier about how there have been instances I was just uh chatting with one of the guys from tornado cash one of the examples of a place where having this software live completely in a decentralized way and live completely on the blockchain makes it more robust and more resilient right and so I think it's a direction that we need to go but in order for us to get there we need scalability and that's a lot of what near brings to the table is having the scalability that you can actually have the entire web stack completely live on chain yeah so I think I think it's a it's a wonderful experiment I'd love to see it come to fruition yeah it's actually amazing we call that pretty revolutionary in our own terms so great to see that you're also super excited about it um actually talking about near you've been a very early backer in the year and I'd love to talk about that story you know how that came about what got you excited about it and what still gets you excited about near yeah okay so uh so I invested in the seed round of near a long time ago many years ago and at that time um so actually before near became what it is uh Ilya and Alex were the two co-founders uh it was originally a company called near.ai and it was an AI company and the two of them decided that like it was kind of AI winter back then and blockchain was super interesting and they were like actually you know all the guys who are building ethereum and all these blockchains and layer ones um they're they're struggling with scaling these systems right and like I remember um uh I think it was Alex used to work at memsql which was you know Enterprise database company that dealt with scaling databases right and blockchain is kind of a it's kind of a database thing and so they were I remember when we first met with them at a coffee shop and they were just like yeah you know all these ethereum people are so stupid they're so incredibly incompetent like how has it taken them this many years and they can't manage to scale this damn thing and I was like well it's a little you know it's a little harder than you might think like there's a lot of rough edges to it and there's governance there's this and there's that there's like no no it's easy look they they like sketched out this system back in the day actually in the in the in the seed round um the pitch for near was that it was going to be a blockchain that was so efficient and scalable whatever it was gonna be so efficient that you could run a full node on a mobile phone that was the pitch and I was like I understand why you think that's a good idea that's not that's not no one cares about running blockchains on mobile phones um but their system had a flaw and I don't remember what it was but it was something about uh having to send way too much bandwidth over the wire and so we were you know me and my my partner we were basically like look guys I don't think your design works it's way too bandwidth intensive it's not going to work for phones that are you know not connected to Wi-Fi like I don't think the system works and they were like shit and I remember after that meeting I was like oh these guys think these guys think they're way too smart and so we were like oh we're not gonna invest in this thing and then the next day they sent me a new white paper that they've basically written in 24 hours and they was like oh we totally changed the design you're absolutely right the bandwidth problems are not going to work here's this other system and we were just like shit these guys are really fucking fast they are really fast they're really sharp and they get something about how to build complex systems that almost nobody else in the space builds so back in 2018 there were a lot of other ones that started back then right Avalanche algorand all these guys were building things back then and the the moniker that we used to call these layer ones is that we call them Professor coins because there's almost always some Professor who wrote this paper of this new consensus blah blah blah and it's like great I'm gonna like bring a bunch of my PhD students and we're going to build a new blockchain and this was the first blockchain we'd seen that was being built not by professors not by like oh some academic invented some new blah blah blah but it was just Raw engineering Talent just like fantastic world scale Engineers who are going to build a totally new blockchain and scale it and build it and take it to production as fast as possible and that's always been the thesis for us behind near is that they get developers because everybody in the team is a world-class developer and uh and that's what got us excited we're like look I don't know what this thing is going to become and near really evolved in large part in response to seeing what ethereum was doing so when ethereum decided hey we are going to go through this new uh you know sharding based approach for ethereum 2.0 yeah basically a lot of the ideas that got incorporated into ethereum 2.0 came from near and there was sort of this co-evolution and we saw near kind of being at the Vanguard of how scaling was going to uh allow blockchains to scale and that that's what's gotten us excited about about near the same thing with boss right like showing uh you know so going one step forward in how blockchains can redefine the way that these things can scale to tens of millions or hundreds of millions of users uh that's always been the near story and that's what's got us excited from there amazing I love the story because it's also like a lot we say very often we're nearly there and we're never really there anything I like that the story you just described is actually exactly that is that we're in the early there um changing slightly gear so I'm I'm very lucky to actually we catch up quite often uh over phone calls and I remember when you know when the whole debacle with FTX happen um I actually turned to you and I was like and now you know now what like you know what do we do and you and you told me it's time for convictions and I really stuck with me because I was like you know I was also looking for like some sort of answers in in the debacle of what was happening we say it's time for convictions and so I was just wondering like what are your convictions as we're going through this bear Market it's a good question um so the the Spirit by which I was saying that was that you know in in the bull market back in 2021 2022 um it was easy to just be in the right place and to get rewarded for it right if you were basically making the right noises if you were sort of in the right rooms uh everybody everyone's token was pumping everyone was making money every nft collection went up it you know the world didn't require you to take a strong stance and to really believe in something specific about how the world was going to evolve um and that's not true anymore right now you have to actually make uh you have to have a clear view about where the world is going to evolve where blockchains are going to be used what are the applications that matter and which are the ones that are dead ends and I think um you know for myself uh I mean the one thing that that is the most obvious is that blockchains still are not usable enough and they're not scalable enough right and obviously those are fairly low-hanging fruit but they are another sense the biggest problems in the industry right how do you get a normal person to use this stuff like one of the things that was really amazing to me over the last cycle from 2021 2022 was how many normal people were getting into blockchains through tick tock through Instagram through some guy being like hey there's this you know great nft Collision way that you can get on this thing and yield farm this blah blah blah and like here's this uh you know they basically you get totally normal people just off the street figuring out how to install metamask how to get on near how to get on you know all these different applications just because they were they were they were being told by someone they trusted and someone they were excited about how to use this stuff now how many people who are in that Tick Tock pipeline fell off because it was too hard because it was too complicated because it was too scary because they they just got stuck somewhere they had no one has right like I would imagine it's probably 50 60 70 of people who saw those things and wanted to be like yeah I'd love to buy an nft I'd love to like go in and like start using some of these applications but I just don't understand it's just too hard my bank account got frozen by the exchange or I can't get the initial blah blah blah right I don't have a browser and this thing is browser only right that is what we need to solve if we want to get to hundreds of millions of users and then once we have them then we need to be able to scale to support those hundreds of millions of users uh so that's a lot of what as an investor I'm looking at over the next couple years is how do we get to that level of usability and then once we have that usability how do we get to the scalability to be able to support that much bigger influx of users we're going to see next go around yeah amazing I mean that aligns really well also with our convictions our conviction is actually it's time to build for users right this is for mainstream adoption and rather than actually that focusing on you know tvl or Price or things that are not intrinsically on user actually focusing on monthly active users and some of those metrics that are really important 100 right I mean so yeah in the last Market in the last Market there was so much fixation on these very simplistic Financial metrics yeah TBL was the most obvious one and you end up getting things like you know in Solana there's this famous story of the McCullough now brothers who basically were building these sort of fake defy kind of you know rehypothetication protocols that would take stable coins here put them also into here and you take wrap that put that into here wrap that put that into here and all of a sudden it looks like you have 10 billion 20 billion dollars of TBL when in reality there's a billion dollars of things yeah a billion dollars of actual capital in there right and why why were we spending all this time doing that we were spending a lot of time doing that because we managed to get convinced that the metric was the real thing the real thing is adoption right the real thing is creating value for people and solving problems in their lives which all this tvl recursive bullshit was not doing totally and so I think this next phase of blockchain It's Always happened every technological cycle this happens when you fixate on some Metric that you think is a proxy for the thing you care about and you and you just grind that metric until eventually you realize like what the fuck did we just build like this is completely useless like what is this this this this just kind of Tower of Babel of tvl that we've created and it drained as quickly as it came and that I think is one of the lessons that every cycle teaches you is you find some proxy you you optimize that proxy like crazy and then you realize like wait that was not important and you go refocus yourself on the real thing that matters which is adoption yeah and we saw that in web 2 too too right because in web 2 at the time you remember it was all about like having users and then you got users and they need to do anything that's right that's right in the.com bubble right the.com bubble it was eyeballs yeah this idea that eyeballs are the most valuable thing in the world and if you can just get eyeballs then somehow magically you're going to monetize right and so you had all these stupid websites that all they did was they made people look at them exactly and looking at websites is not how you make value right you make value by solving problems and it took it took the internet industry a long time to figure this out and eventually of course they did and some of the things that had a lot of eyeballs were incredibly valuable like Google or Amazon and a lot of things that had eyeballs are completely worthless and we're coming to that same realization okay great so convictions it's all about users and usability obviously to get mainstream is going to be super important um AI so AI we also talked you know I don't even remember that but once uh chat DPT was just starting and I was like okay so hasi what do you think about Ai and you said something along the lines of well AI is kind of replacing the smart grad from Smart grad who does who knows how to do a smart Google search but blockchain enables to do real different stuff and so I'm just curious to have your take actually on you know Ai blockchain and that intersection like what do you make yeah yeah yeah okay so um the world has been taken by storm by these large language models like Chad GPT that that can do things that we generally thought were going to take decades for us to be able to get to that level of competence and intelligence right and they're fascinated they're absolutely fascinating and and it's worth um the whole world being fascinated by this I think they should be right but what can Chad gbt actually do that human beings can't do and right now the answer is like kind of actually nothing right if you are a you know uh you know let's say like you're a liberal arts uh graduate from a Ivy League school and you come straight to school and you go to consulting or whatever one of these kind of businesses basically Chad gbt can do what you can do in like three hours in internet access right that's what chatgpt is Chad gbt is going to replace basically interns and Associates that's that's what it can do right now we cannot solve more complex problems right it can't code up uh you know a solution to uh you know building an application it can't you know do your math homework they can do some of your math homework but it's gonna make a lot of mistakes um like it can do some things but it can't do it can it can bullshit extremely well that's that's basically what they're very good they're very very good at bullshitting which is a lot of what you know people how people who graduate Harvard with a degree in political science that's a lot of what they do so now what what can blockchain do and what is the intersection of blockchain AI going to do that's fundamentally different and I think the answer in my mind is actually you know there are a lot of things in the short term they're just coordinating you know things like labeling decentralized training I'm a little bit more skeptical of that but uh that's all kind of more back into you right longer term what is the intersection of AI and blockchain going to look like today the AIS that we have if you look at something like Chad gbt Chad GPT kind of looks like an agent it kind of looks like it's a person right but that's kind of a part of their trip it's not actually agentic okay what I mean by that is that there's no persistence in these AIS you talk to it for a little while and if you talk to it long enough it'll forget what it said because it has this sort of forty thousand or sorry four thousand token look back of a sort of short-term memory and besides that it doesn't know anything and so uh if you want to have like a real uh you want to have this idea that an AI is an agent that acts in the world that makes commitments that does things we're not there yet the models that we have right now the systems that we have right now they can't do that or if they can they can only do it in very enclosed environments and they're not very intelligent but we will have that too now how soon is that a decade is that two decades I don't know but almost certainly within two decades we're going to have AIS that are acting in the world and once you have AIS that act in the world then what will they need in order to act in the world in the way that we act in the world the answer is money how do you interact with other agents to solve problems to negotiate to to to exchange value and to compete over shared resources we have the answer that the answer is money now an AI is going to be able to open a bank account at you know JPMorgan no of course not right there are only three things that can own money in the normal world the normal economy governments can have money companies can have money and people can have money but AIS are going to be here very soon that are going to try to solve problems with money and they're not going to be able to use Fiat money and so the only because you know regulation is not going to catch up and of course how do you regulate an AI how do you get an AI pay taxes how do you get an AI to like you know how do you drag in the court and say Hey you owe this person you didn't reach a contract nothing in our society is set up for AIS to have money but there's one thing that AIS will be able to handle very very easily and that is a private key AIS will use crypto because they will circumvent the regulatory system that's created around money that was never set up for non-human agents to have money and that's why I think the most explosive intersection of VI and crypto is simply going to be agents AI agents using money and it's going to be fucking weird because you're going to have AIS that are going to offer you money to do things you might have AIS that employ you because it turns out that they have a better use for your time and energy than a human company does it might well be that you know you're you're driving in traffic and this AI is like hey uh I'll pay you uh you know two cents if you let me merge into your lane all sorts of exchanges of value of you know uh opportunity costs are negotiated using money and that's going to start happening in your lives within the very near future and I think that's going to be happening through uh through crypto I'm not sure if I'm looking forward to that world but I'm not sure it's gonna be pleasant but look at a certain point you get used to it the same way you get used to like staring at your phone all day long and using that to mediate your entire life you know there's an unpleasantness to it but there's also a tremendous increase in the amount of things that the average human being is going to be able to do and have access to yeah absolutely and I think it's a sort of nicely ties into like obviously the origin story of nir uh which uh when Alex and Bose Alex and Ilia have actually a background in Ai and and with the idea is the name near the Cesarean Serenity is near so there's this little background on that and we heard earlier from Alex kid enough also like some ideas of how things can start interlocking but I actually I agree with how you see it coming which is ultimately AI doing stuff on our behalf and then how do you do these micro payments because yeah opening a JPMorgan account I mean good luck to any human already to do that so to AI not going to happen yeah um let's change a little bit maybe so 2022 was absolutely brutal as a year right um what lessons should we draw from 2022 thank you what lessons should we draw from 2022 um there's there's a lot of lessons and I think they they carry through for individual sub-sectors right so like with the nft people I think learn something different than the D5 people than the sort of layer ones and the infrastructure people um the biggest theme I think of 2022 was around Leverage uh obviously a lot of the really dramatic failures that we saw in the industry were different forms of Leverage and uh where leverage goes wrong you know it's the oldest story in history I think we can we can find ways to address it up and say well it's because of crypto has this thing in that thing but you know in reality anytime that you have a broad Market downturn which was precipitated by macro and the fed and you know inflation and all this other stuff that was going on that caused a big deleveraging and that'd be leveraging now when protocols deleverage right I mean people talk a lot about how oh actually D5 performed really beautifully and C5 failed and you know that's why C5 is bad and D5 is good and that's a you know I like that story it sounds good but it's a little bit simplistic right and the reason why it's simplistic is that almost everything in Defy is over collateralized right you know on every single chain there's very little in D5 that's under collateralized almost everything is over collateralized um and if you look in C5 uh the things that were also over collateralized in C5 also survived right now there's very there's not a ton of things that are over collateralized but the ones that did like the story is actually that over collateralization Works which yeah it does of course it does right that's why it's done because it's safer uh but it's less Capital efficient the things that failed overwhelmingly were things that were at the Vanguard of that leverage and now Leverage leverage under collateralization the two words for the same thing right um when you're under collateralized when you're when you're leveraged right really uh another way you could look at it is that um you're being extended Credit in some way um but another way of saying your extended credit is that actually your collateral when your extended credit is not money it's not a hard asset your collateral is your reputation and the idea is that like okay I think you won't default on this loan because if you do it'll be bad for your future earnings it'll be bad for your future reputation you've got you know other business partners that you want to keep keep appearances with and that's ultimately what our industry was collateralized with it was collateralized with people's reputations and it turned out our reputations weren't worth as much as we thought they were that's really what that means it really means that our reputations weren't worth as much as we thought they were and I think if you internalize that lesson and you realize that it's not just that hey the industry needs to like increase the collateral ratios that we were making you know excessive loans or these protocols were excessively you know uh recursively tvl'd or whatever it's also that the people that we trusted were not sufficiently trustworthy or we over evaluated our own trustworthiness as an industry and I think that lesson is a much more difficult lesson to learn because it's less about other people than it is about ourselves yeah and um to me I think that is one of the biggest lessons from 2022 that we're carrying forward and a lot of that I mean the way that you internalize that is by seeing how many of our heroes as an industry did we end up genocidic and saying actually like I loved you suzu I loved you SPF I loved you you know all these people we were like these guys are our heroes wait no no never mind they're not my hero anymore right you do that enough times and you start realizing like huh maybe the problem is not them maybe the problem is us and that that's I think one of the lessons that that uh I'm at least noodling on yeah I like that lesson trustworthiness how do we build with that for 2020 soon okay actually thinking about the events of 2022 I think it's fair to say that there are repercussions from a regulatory perspective right and if you look at what's happening right now for example in the US with the SEC I'm just curious like what's your take on regulation landscape overall globally but then also what's your advice for people who are building in the space and how to think about that so right now I mean we're all in the U.S not all of you are American but um you know America right now is probably the most punitive place when it comes to regulation so when FTX first collapsed I was really worried that we were going to see a global regulatory backlash against crypto and everybody was kind of stealing themselves like oh shit like it's definitely coming now like we were kind of worried a little bit Tara collabs like oh that's bad oh okay three arrows oh this is bad but FTX is like oh my God this is going to be Armageddon and actually it's it's much more of a mixed bag than that now what do I mean by that if you look in the U.S now here's the thing in the U.S FTX hits really close to home because Sam was in America and because Sam was American he was kind of a HomeTown hero spent a lot of time on DC he was on TV he was a big on Tick Tock he was on the cover of magazines and billboards he feels like it was really an American story that FTX failed now in reality most of ftx's business was actually not even here FTX us was a pretty small exchange right it was a very small market share most of their like if you look at their creditor list most of their customers were in Asia right their biggest markets were Korea and Singapore like they weren't here so not that many Americans actually lost money directly from FTX but the story hit home here and so if you look globally ironically um Korea which was the biggest Market that got hit by FTX uh Korea is actually very crypto friendly actually their regulatory stands for crypto is is actually looking more positive Japan same thing Japan is actually looking very crypto positive Hong Kong which is sort of you know the outgrowth of China just announced that they're opening back up to digital assets they're trying to compete with Singapore and say hey we want to open up digital assets again and we just saw a nod from Beijing saying like yes we're going to allow Hong Kong to be this sort of Haven this experiment to start having crypto be a thing again in Asia they're seeing what's happening in the U.S about you know genzler trying to close the door on digital assets and saying okay well bring it over here then great we can tell this industry is going to be a thing and look not everybody is like excited about crypto because they're like look it's kind of weird it's a mixed bag kind of invites Shady characters we see that now but we know it's going to happen we know this is going to be an industry and all the things equal we'd rather have it be here than be owned by the Americans that's what everybody else in the world is thinking you even see it in Europe you even see it with Micah right like they're not saying no all this stuff needs to leave the only place where that's happening is at the SEC even other agencies within the US are taking a more nuanced approach uh and you're seeing the same thing among legislators on Capitol Hill crypto by and large in the U.S is still very popular a lot of Americans own crypto and so I think a lot of what's Happening Now with Gensler is a function of just the attitude of the SEC and a lot of these cases and it's worth it's worth remembering a lot of these cases like you know this is not case law bring a lawsuit against uh against the token issuer it's not case law it has to actually go to a judge and the judge decides what is Law and so once the closest thing to that is Ripple Ripple is obviously going to be you know probably getting to some kind of uh judgment sooner than later but every single one of these cases needs to be brought one after another into a federal court of law to decide what is the the the law of the United States that will happen it'll take some time but until then the only thing you can do is hope and pray that you know genzler is not going to be the SEC chairman in a couple years and if so I think you will see a much uh more gentle regulatory stance even within the U.S yeah so maybe let's actually wrap up with some optimism for 2023 sure we've talked about uh mainstream adoption the fact that actually it's all about the user and usability is super important I'm just wondering like what you know what do you want to see be built in 2023 and what advice do you have for Builders who are here they think about what they can do yeah I mean so my advice for Builders right now is very simple which is that look um crypto right now looks dark it looks gloomy it looks like you know it's it's a bear market right now um almost everybody you respect in the space came into the industry when it looked like that and actually when it looked worse than it does now like I I was amazed coming here that this is the biggest East Denver ever like president of crater FTX blew up like our Industries and shambles blah blah blah there are more people here than there were last year when prices were three four five x than what they were today right which tells you that people see that crypto is not going anywhere crypto's not going anywhere okay just because some fuck had stole a bunch of money from his customers doesn't mean that crypto is not going to be a thing crypto is going to be a thing and that's why all these people are here and so the thing that I would say to you is that look when we are in the wake of this cloud of FTX and macro and inflation and all this stuff it's going to be harder to get attention it's gonna be harder to raise money so the price is going to be lower yeah I get all that okay but that will change right Mount dots was worse than FTX right Mount gox was like people thought crypto would never come back they thought it was completely over and so many years later we talk about Mount gox it's like oh you know people are going to sell some Bitcoin and that'll maybe affect the price that's all people talk about about madbox anymore it doesn't matter it's so far in the rear view mirror and just imagine five years from now your friends are going to ask you like yeah I remember I read about that FTX thing what was that like when that happened it's like oh so crazy like we thought the whole industry was going to end we thought nobody was going to care about crypto anymore and people will laugh at this idea that the industry could have been killed because some curly-haired weirdo stole a bunch of his customers money right so give it time in three months it's gonna feel like even just now it feels so much less pressing than it did three months ago and three months from now like I mean people have short memories that's the one thing you learn in crypto very quickly people have short memories so give it three months give it six months give it a year and you'll see how quickly the Specter of FTX lifts the way that Regulators cheat the stuff the way that Banks treat the stuff the way that investors treat this stuff is going to revert back to the same understanding that look crypto's not going away technology only Moves In One Direction which is that it improves it gets better it gets faster it gets cheaper it gets more efficient and that's why it's very difficult very scary to bet against crypto and that's why I think you should just continue on building uh because the the the environment is only going to get better for you okay last question one word who's the Boss you're the boss thank you so much for this conversation thank you everybody","transcript_synced_at":"2026-11-04T03:52:26.329Z","segments":[{"start_seconds":17,"text":"okay brilliant I hope you're all sufficiently clued up in what the boss","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=17s"},{"start_seconds":25,"text":"is and what it's all about I would like to take another quick minute or two to show some things that I need to Shell if","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=25s"},{"start_seconds":34,"text":"you are looking to get a little bit lit tonight I'm not 100 sure what lit means uh my interest to use it once but here","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=34s"},{"start_seconds":41,"text":"we are if you are looking to get lit tonight we do have the official opening party of East Denver at Mission Ballroom","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=41s"},{"start_seconds":49,"text":"it's 8 30 p.m for VIPs it's 10 30 for General entry you can still sign up at neo.org party Without Limits if you're a","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=49s"},{"start_seconds":59,"text":"hacker and you're looking to take home a share of a prize pool of more than 60 000 usdc head to near.org Denver and","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=59s"},{"start_seconds":66,"text":"check out all of our incredible bounties and more if you didn't catch a t-shirt when I threw them out and you're looking","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=66s"},{"start_seconds":73,"text":"to go upstairs sometime soon or tomorrow or the next day or the next day head to Booth Au and you will find the wonderful","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=73s"},{"start_seconds":80,"text":"team from the near ecosystem Pagoda and wonderful ecosystem projects as well if you ask them politely they will give you","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=80s"},{"start_seconds":88,"text":"some incredible swag and they'll onboard you to the wonderful ecosystem of Nia but we are not yet finished we have some","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=88s"},{"start_seconds":96,"text":"more wonderful speakers some wonderful panelists if you're chilly in Denver that's good because this next one is a","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=96s"},{"start_seconds":103,"text":"fireside chat between the CEO of the near Foundation Marie flement and the wonderful haseeb Qureshi from dragonfly","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=103s"},{"start_seconds":111,"text":"Capital about why the future of web3 is still so bright so if you could put your hands together and give a big cheer","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=111s"},{"start_seconds":119,"text":"we'll bring them on board and we'll talk all about it","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=119s"},{"start_seconds":131,"text":"oh you get a t-shirt I get a t-shirt amazing so that's great we don't have slides to put up so that's gonna work right easy","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=131s"},{"start_seconds":141,"text":"um it's amazing to do this it's the first time we actually met in person this is correct yeah I mean we just heard about","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=141s"},{"start_seconds":149,"text":"actually the blockchain operating system and this Evolution for near so what do you what do you make of it what's your take on that so it's it's a fascinating","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=149s"},{"start_seconds":156,"text":"idea because you know if you look at the way that blockchains work today for the most part um they're they're mostly a back-end technology right it's something","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=156s"},{"start_seconds":164,"text":"that's totally obscured from the user and the way that a person is going to be interacting with this stuff we you know back in the day people used to talk a lot about how you know AI is going to be","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=164s"},{"start_seconds":173,"text":"very visible in people's lives and blockchain is going to be invisible it's going to be something kind of in the back end maybe you're like refrigerator or your air conditioning is going to use","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=173s"},{"start_seconds":181,"text":"blockchain in some way and that was that was very very early days right uh but I think what the idea of the blockchain operating system does is it allows web","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=181s"},{"start_seconds":189,"text":"development and software development to be blockchain based from top to bottom and already I think you know you guys you guys tried about this earlier about","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=189s"},{"start_seconds":197,"text":"how there have been instances I was just uh chatting with one of the guys from tornado cash one of the examples of a place where","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=197s"},{"start_seconds":204,"text":"having this software live completely in a decentralized way and live completely on the blockchain makes it more robust and more resilient right and so I think","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=204s"},{"start_seconds":212,"text":"it's a direction that we need to go but in order for us to get there we need scalability and that's a lot of what near brings to the table is having the scalability that","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=212s"},{"start_seconds":220,"text":"you can actually have the entire web stack completely live on chain yeah so I think I think it's a it's a wonderful experiment I'd love to see it come to fruition yeah it's actually amazing we","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=220s"},{"start_seconds":229,"text":"call that pretty revolutionary in our own terms so great to see that you're also super excited about it um actually talking about near you've been a very early backer in the year and","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=229s"},{"start_seconds":237,"text":"I'd love to talk about that story you know how that came about what got you excited about it and what still gets you excited about near yeah okay so uh so I","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=237s"},{"start_seconds":246,"text":"invested in the seed round of near a long time ago many years ago and at that time um so actually before near became what it is uh Ilya and Alex were the two","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=246s"},{"start_seconds":255,"text":"co-founders uh it was originally a company called near.ai and it was an AI company and the two of them decided that like it was kind of AI winter back then","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=255s"},{"start_seconds":263,"text":"and blockchain was super interesting and they were like actually you know all the guys who are building ethereum and all these blockchains and layer ones um they're they're struggling with","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=263s"},{"start_seconds":271,"text":"scaling these systems right and like I remember um uh I think it was Alex used to work at memsql which was you know Enterprise database company that dealt","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=271s"},{"start_seconds":279,"text":"with scaling databases right and blockchain is kind of a it's kind of a database thing and so they were I remember when we first met with them at a coffee shop and they were just like yeah you know all these ethereum people","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=279s"},{"start_seconds":288,"text":"are so stupid they're so incredibly incompetent like how has it taken them this many years and they can't manage to scale this damn","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=288s"},{"start_seconds":295,"text":"thing and I was like well it's a little you know it's a little harder than you might think like there's a lot of rough edges to it and there's governance there's this and there's that there's","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=295s"},{"start_seconds":303,"text":"like no no it's easy look they they like sketched out this system back in the day actually in the in the in the seed round um the pitch for near was that it was","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=303s"},{"start_seconds":311,"text":"going to be a blockchain that was so efficient and scalable whatever it was gonna be so efficient that you could run a full node on a mobile phone","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=311s"},{"start_seconds":320,"text":"that was the pitch and I was like I understand why you think that's a good idea that's not that's not no one cares about running blockchains on mobile","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=320s"},{"start_seconds":327,"text":"phones um but their system had a flaw and I don't remember what it was but it was something about uh having to send way too much bandwidth over the wire and so","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=327s"},{"start_seconds":335,"text":"we were you know me and my my partner we were basically like look guys I don't think your design works it's way too bandwidth intensive it's not going to work for phones that are you know not","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=335s"},{"start_seconds":344,"text":"connected to Wi-Fi like I don't think the system works and they were like shit and I remember after that meeting I was","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=344s"},{"start_seconds":351,"text":"like oh these guys think these guys think they're way too smart and so we were like oh we're not gonna invest in this thing and then the next day they sent me a new white paper","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=351s"},{"start_seconds":360,"text":"that they've basically written in 24 hours and they was like oh we totally changed the design you're absolutely right the bandwidth problems are not going to work here's this other system","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=360s"},{"start_seconds":367,"text":"and we were just like shit these guys are really fucking fast they are really fast they're really sharp and they get something about how to build complex","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=367s"},{"start_seconds":374,"text":"systems that almost nobody else in the space builds so back in 2018 there were a lot of other ones that started back then right Avalanche algorand all these","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=374s"},{"start_seconds":383,"text":"guys were building things back then and the the moniker that we used to call these layer ones is that we call them Professor coins because there's almost","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=383s"},{"start_seconds":391,"text":"always some Professor who wrote this paper of this new consensus blah blah blah and it's like great I'm gonna like bring a bunch of my PhD students and we're going to build a new blockchain","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=391s"},{"start_seconds":398,"text":"and this was the first blockchain we'd seen that was being built not by professors not by like oh some academic invented","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=398s"},{"start_seconds":407,"text":"some new blah blah blah but it was just Raw engineering Talent just like fantastic world scale Engineers who are going to","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=407s"},{"start_seconds":416,"text":"build a totally new blockchain and scale it and build it and take it to production as fast as possible and that's always been the thesis for us","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=416s"},{"start_seconds":423,"text":"behind near is that they get developers because everybody in the team is a world-class developer and uh and that's what got us excited we're like look I","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=423s"},{"start_seconds":431,"text":"don't know what this thing is going to become and near really evolved in large part in response to seeing what ethereum was doing so when ethereum decided hey we are going to go through this new uh","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=431s"},{"start_seconds":439,"text":"you know sharding based approach for ethereum 2.0 yeah basically a lot of the ideas that got incorporated into ethereum 2.0 came from near and there was sort of this","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=439s"},{"start_seconds":448,"text":"co-evolution and we saw near kind of being at the Vanguard of how scaling was going to uh allow blockchains to scale","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=448s"},{"start_seconds":456,"text":"and that that's what's gotten us excited about about near the same thing with boss right like showing uh you know so going one step forward in how","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=456s"},{"start_seconds":465,"text":"blockchains can redefine the way that these things can scale to tens of millions or hundreds of millions of users uh that's always been the near story and that's what's got us excited","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=465s"},{"start_seconds":472,"text":"from there amazing I love the story because it's also like a lot we say very often we're nearly there and we're never really there anything I like that the story you just described is actually","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=472s"},{"start_seconds":481,"text":"exactly that is that we're in the early there um changing slightly gear so I'm I'm very lucky to actually we catch up quite often uh over phone calls and I remember","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=481s"},{"start_seconds":489,"text":"when you know when the whole debacle with FTX happen um I actually turned to you and I was like and now you know now what like you","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=489s"},{"start_seconds":497,"text":"know what do we do and you and you told me it's time for convictions and I really stuck with me because I was like you know I was also looking for like","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=497s"},{"start_seconds":505,"text":"some sort of answers in in the debacle of what was happening we say it's time for convictions and so I was just wondering like what are your convictions","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=505s"},{"start_seconds":512,"text":"as we're going through this bear Market it's a good question um so the the Spirit by which I was saying","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=512s"},{"start_seconds":519,"text":"that was that you know in in the bull market back in 2021 2022 um it was easy to just be in the right","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=519s"},{"start_seconds":527,"text":"place and to get rewarded for it right if you were basically making the right noises if you were sort of in the right rooms uh everybody everyone's token was","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=527s"},{"start_seconds":535,"text":"pumping everyone was making money every nft collection went up it you know the world didn't require you to take a strong stance and to really believe in","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=535s"},{"start_seconds":543,"text":"something specific about how the world was going to evolve um and that's not true anymore right now you have to actually make uh you have to","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=543s"},{"start_seconds":551,"text":"have a clear view about where the world is going to evolve where blockchains are going to be used what are the applications that matter and which are the ones that are dead ends and I think","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=551s"},{"start_seconds":560,"text":"um you know for myself uh I mean the one thing that that is the most obvious is that blockchains still are not usable enough and they're not scalable enough","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=560s"},{"start_seconds":568,"text":"right and obviously those are fairly low-hanging fruit but they are another sense the biggest problems in the industry right how do you get a normal","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=568s"},{"start_seconds":576,"text":"person to use this stuff like one of the things that was really amazing to me over the last cycle from 2021 2022 was","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=576s"},{"start_seconds":583,"text":"how many normal people were getting into blockchains through tick tock through Instagram through some guy being like","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=583s"},{"start_seconds":590,"text":"hey there's this you know great nft Collision way that you can get on this thing and yield farm this blah blah blah and like here's this uh you know they basically you get totally normal people","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=590s"},{"start_seconds":599,"text":"just off the street figuring out how to install metamask how to get on near how to get on you know all these different applications just because they were they","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=599s"},{"start_seconds":607,"text":"were they were being told by someone they trusted and someone they were excited about how to use this stuff now how many people who are in that Tick Tock pipeline fell","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=607s"},{"start_seconds":615,"text":"off because it was too hard because it was too complicated because it was too scary because they they just got stuck somewhere they had no one has right like","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=615s"},{"start_seconds":623,"text":"I would imagine it's probably 50 60 70 of people who saw those things and wanted to be like yeah I'd love to buy an nft I'd love to like go in and like","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=623s"},{"start_seconds":631,"text":"start using some of these applications but I just don't understand it's just too hard my bank account got frozen by the exchange or I can't get the initial","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=631s"},{"start_seconds":639,"text":"blah blah blah right I don't have a browser and this thing is browser only right that is what we need to solve if we want to get to hundreds of millions","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=639s"},{"start_seconds":647,"text":"of users and then once we have them then we need to be able to scale to support those hundreds of millions of users uh so that's a lot of what as an investor I'm looking at over the next couple","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=647s"},{"start_seconds":656,"text":"years is how do we get to that level of usability and then once we have that usability how do we get to the scalability to be able to support that","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=656s"},{"start_seconds":663,"text":"much bigger influx of users we're going to see next go around yeah amazing I mean that aligns really well also with our convictions our conviction is actually it's time to build for users","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=663s"},{"start_seconds":672,"text":"right this is for mainstream adoption and rather than actually that focusing on you know tvl or Price or things that are not intrinsically on user actually","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=672s"},{"start_seconds":679,"text":"focusing on monthly active users and some of those metrics that are really important 100 right I mean so yeah in the last Market in the last Market there","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=679s"},{"start_seconds":687,"text":"was so much fixation on these very simplistic Financial metrics yeah TBL was the most obvious one and you end up getting things like you know in Solana there's this famous story of the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=687s"},{"start_seconds":696,"text":"McCullough now brothers who basically were building these sort of fake defy kind of you know rehypothetication protocols that would take stable coins","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=696s"},{"start_seconds":704,"text":"here put them also into here and you take wrap that put that into here wrap that put that into here and all of a sudden it looks like you have 10 billion 20 billion dollars of TBL when in","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=704s"},{"start_seconds":713,"text":"reality there's a billion dollars of things yeah a billion dollars of actual capital in there right and why why were we spending all this time doing that we were spending a lot of time doing","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=713s"},{"start_seconds":721,"text":"that because we managed to get convinced that the metric was the real thing the real thing is adoption right the real thing is creating value for people","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=721s"},{"start_seconds":730,"text":"and solving problems in their lives which all this tvl recursive bullshit was not doing totally and so I think","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=730s"},{"start_seconds":737,"text":"this next phase of blockchain It's Always happened every technological cycle this happens when you fixate on some Metric that you think is a proxy for the thing you care about and you and","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=737s"},{"start_seconds":745,"text":"you just grind that metric until eventually you realize like what the fuck did we just build like this is completely useless like what is this this this this just kind of Tower of","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=745s"},{"start_seconds":753,"text":"Babel of tvl that we've created and it drained as quickly as it came and that I think is one of the lessons that every","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=753s"},{"start_seconds":760,"text":"cycle teaches you is you find some proxy you you optimize that proxy like crazy and then you realize like wait that was not important and you go refocus","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=760s"},{"start_seconds":768,"text":"yourself on the real thing that matters which is adoption yeah and we saw that in web 2 too too right because in web 2 at the time you remember it was all about like having users and then you got","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=768s"},{"start_seconds":777,"text":"users and they need to do anything that's right that's right in the.com bubble right the.com bubble it was eyeballs yeah this idea that eyeballs are the most valuable thing in the world","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=777s"},{"start_seconds":785,"text":"and if you can just get eyeballs then somehow magically you're going to monetize right and so you had all these stupid websites that all they did was they made people look at them exactly","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=785s"},{"start_seconds":793,"text":"and looking at websites is not how you make value right you make value by solving problems and it took it took the internet industry a long time to figure","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=793s"},{"start_seconds":801,"text":"this out and eventually of course they did and some of the things that had a lot of eyeballs were incredibly valuable like Google or Amazon and a lot of things that had eyeballs are completely","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=801s"},{"start_seconds":808,"text":"worthless and we're coming to that same realization okay great so convictions it's all about users and usability obviously to get","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=808s"},{"start_seconds":817,"text":"mainstream is going to be super important um AI so AI we also talked you know I don't even remember that but once uh chat DPT was just starting and I was","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=817s"},{"start_seconds":825,"text":"like okay so hasi what do you think about Ai and you said something along the lines of well AI is kind of replacing the smart grad from Smart grad","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=825s"},{"start_seconds":834,"text":"who does who knows how to do a smart Google search but blockchain enables to do real different stuff and so I'm just curious to have your take actually on","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=834s"},{"start_seconds":842,"text":"you know Ai blockchain and that intersection like what do you make yeah yeah yeah okay so um the world has been taken by storm by","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=842s"},{"start_seconds":849,"text":"these large language models like Chad GPT that that can do things that we generally thought were going to take decades for us to be able to get to that","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=849s"},{"start_seconds":857,"text":"level of competence and intelligence right and they're fascinated they're absolutely fascinating and and it's worth um the whole world being fascinated by","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=857s"},{"start_seconds":865,"text":"this I think they should be right but what can Chad gbt actually do that human beings can't do and right now the answer","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=865s"},{"start_seconds":873,"text":"is like kind of actually nothing right if you are a you know uh you know let's say like you're a liberal arts uh graduate from a Ivy League school and","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=873s"},{"start_seconds":882,"text":"you come straight to school and you go to consulting or whatever one of these kind of businesses basically Chad gbt can do what you can do in like three","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=882s"},{"start_seconds":889,"text":"hours in internet access right that's what chatgpt is Chad gbt is going to replace basically interns and Associates","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=889s"},{"start_seconds":896,"text":"that's that's what it can do right now we cannot solve more complex problems right it can't code up uh you know a solution to uh you know building an","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=896s"},{"start_seconds":905,"text":"application it can't you know do your math homework they can do some of your math homework but it's gonna make a lot of mistakes um like it can do some things but it","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=905s"},{"start_seconds":912,"text":"can't do it can it can bullshit extremely well that's that's basically what they're very good they're very very good at bullshitting which is a lot of what you know people how people who","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=912s"},{"start_seconds":920,"text":"graduate Harvard with a degree in political science that's a lot of what they do so now what what can blockchain do and what is the intersection of blockchain AI going to do that's","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=920s"},{"start_seconds":927,"text":"fundamentally different and I think the answer in my mind is actually you know there are a lot of things in the short term they're just coordinating you know things like labeling decentralized","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=927s"},{"start_seconds":935,"text":"training I'm a little bit more skeptical of that but uh that's all kind of more back into you right longer term what is the intersection of AI and","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=935s"},{"start_seconds":943,"text":"blockchain going to look like today the AIS that we have if you look at something like Chad gbt Chad GPT kind of","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=943s"},{"start_seconds":950,"text":"looks like an agent it kind of looks like it's a person right but that's kind of a part of their","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=950s"},{"start_seconds":957,"text":"trip it's not actually agentic okay what I mean by that is that there's no persistence in these AIS you talk to it for a little while and if you talk to it","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=957s"},{"start_seconds":966,"text":"long enough it'll forget what it said because it has this sort of forty thousand or sorry four thousand token look back of a sort of short-term memory and besides that it doesn't know","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=966s"},{"start_seconds":973,"text":"anything and so uh if you want to have like a real uh you want to have this idea that an AI is an agent that acts in","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=973s"},{"start_seconds":981,"text":"the world that makes commitments that does things we're not there yet the models that we have right now the systems that we have right now they can't do that or if they can they can","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=981s"},{"start_seconds":990,"text":"only do it in very enclosed environments and they're not very intelligent but we will have that too now how soon is that a decade is that two decades I don't","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=990s"},{"start_seconds":997,"text":"know but almost certainly within two decades we're going to have AIS that are acting in the world and once you have AIS that act in the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=997s"},{"start_seconds":1006,"text":"world then what will they need in order to act in the world in the way that we act in the world the answer is money","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1006s"},{"start_seconds":1015,"text":"how do you interact with other agents to solve problems to negotiate to to to exchange value and to compete over","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1015s"},{"start_seconds":1022,"text":"shared resources we have the answer that the answer is money now an AI is going to be able to open a bank account at you know JPMorgan","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1022s"},{"start_seconds":1030,"text":"no of course not right there are only three things that can own money in the normal world the normal economy governments can have money companies can","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1030s"},{"start_seconds":1038,"text":"have money and people can have money but AIS are going to be here very soon that are going to try to solve problems with money and they're not going to be able","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1038s"},{"start_seconds":1047,"text":"to use Fiat money and so the only because you know regulation is not going to catch up and of course how do you regulate an AI how do you get an AI pay taxes how do you get an AI to like you","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1047s"},{"start_seconds":1054,"text":"know how do you drag in the court and say Hey you owe this person you didn't reach a contract nothing in our society is set up for AIS to have money but","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1054s"},{"start_seconds":1063,"text":"there's one thing that AIS will be able to handle very very easily and that is a private key AIS will use crypto because they will","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1063s"},{"start_seconds":1071,"text":"circumvent the regulatory system that's created around money that was never set up for non-human agents to have money and that's why I think the most","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1071s"},{"start_seconds":1079,"text":"explosive intersection of VI and crypto is simply going to be agents AI agents using money and it's going to be fucking weird","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1079s"},{"start_seconds":1088,"text":"because you're going to have AIS that are going to offer you money to do things you might have AIS that employ you because it turns out that they have a better use for your time and energy than","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1088s"},{"start_seconds":1096,"text":"a human company does it might well be that you know you're you're driving in traffic and this AI is like hey uh I'll pay you uh you know two cents if you let","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1096s"},{"start_seconds":1104,"text":"me merge into your lane all sorts of exchanges of value of you know uh opportunity costs are negotiated using money and that's going to start","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1104s"},{"start_seconds":1112,"text":"happening in your lives within the very near future and I think that's going to be happening through uh through crypto I'm not sure if I'm looking forward to that world but I'm not sure it's gonna","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1112s"},{"start_seconds":1121,"text":"be pleasant but look at a certain point you get used to it the same way you get used to like staring at your phone all day long and using that to mediate your entire life you know there's an","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1121s"},{"start_seconds":1128,"text":"unpleasantness to it but there's also a tremendous increase in the amount of things that the average human being is going to be able to do and have access to yeah absolutely and I think it's a","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1128s"},{"start_seconds":1136,"text":"sort of nicely ties into like obviously the origin story of nir uh which uh when Alex and Bose Alex and Ilia have actually a background in Ai and and with","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1136s"},{"start_seconds":1144,"text":"the idea is the name near the Cesarean Serenity is near so there's this little background on that and we heard earlier from Alex kid enough also like some","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1144s"},{"start_seconds":1152,"text":"ideas of how things can start interlocking but I actually I agree with how you see it coming which is ultimately AI doing stuff on our behalf","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1152s"},{"start_seconds":1160,"text":"and then how do you do these micro payments because yeah opening a JPMorgan account I mean good luck to any human already to do that so to AI not going to","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1160s"},{"start_seconds":1168,"text":"happen yeah um let's change a little bit maybe so 2022 was absolutely brutal as a year right um what lessons should we draw","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1168s"},{"start_seconds":1177,"text":"from 2022 thank you what lessons should we draw from 2022 um","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1177s"},{"start_seconds":1184,"text":"there's there's a lot of lessons and I think they they carry through for individual sub-sectors right so like with the nft people I think learn something different than the D5 people than the sort of layer ones and the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1184s"},{"start_seconds":1193,"text":"infrastructure people um the biggest theme I think of 2022 was around Leverage","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1193s"},{"start_seconds":1202,"text":"uh obviously a lot of the really dramatic failures that we saw in the industry were different forms of Leverage and uh where leverage goes wrong you know it's the oldest story in","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1202s"},{"start_seconds":1210,"text":"history I think we can we can find ways to address it up and say well it's because of crypto has this thing in that thing but you know in reality anytime that you have a broad Market downturn","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1210s"},{"start_seconds":1219,"text":"which was precipitated by macro and the fed and you know inflation and all this other stuff that was going on that caused a big deleveraging","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1219s"},{"start_seconds":1227,"text":"and that'd be leveraging now when protocols deleverage right I mean people talk a lot about how oh actually D5 performed really beautifully and C5","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1227s"},{"start_seconds":1234,"text":"failed and you know that's why C5 is bad and D5 is good and that's a you know I like that story it sounds good but it's a little bit simplistic right and the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1234s"},{"start_seconds":1242,"text":"reason why it's simplistic is that almost everything in Defy is over collateralized right you know on every single chain there's very little in D5 that's under collateralized almost","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1242s"},{"start_seconds":1249,"text":"everything is over collateralized um and if you look in C5 uh the things that were also over collateralized in C5 also survived","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1249s"},{"start_seconds":1258,"text":"right now there's very there's not a ton of things that are over collateralized but the ones that did like the story is actually that over collateralization Works which yeah it does of course it","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1258s"},{"start_seconds":1266,"text":"does right that's why it's done because it's safer uh but it's less Capital efficient the things that failed overwhelmingly were things that were at","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1266s"},{"start_seconds":1272,"text":"the Vanguard of that leverage and now Leverage leverage under collateralization the two words for the same thing right","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1272s"},{"start_seconds":1280,"text":"um when you're under collateralized when you're when you're leveraged right really uh another way you could look at it is that um you're being extended Credit in some way","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1280s"},{"start_seconds":1289,"text":"um but another way of saying your extended credit is that actually your collateral when your extended credit is not money it's not a hard asset your","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1289s"},{"start_seconds":1296,"text":"collateral is your reputation and the idea is that like okay I think you won't default on this loan because if you do it'll be bad for your future","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1296s"},{"start_seconds":1305,"text":"earnings it'll be bad for your future reputation you've got you know other business partners that you want to keep keep appearances with and that's ultimately what our industry was","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1305s"},{"start_seconds":1313,"text":"collateralized with it was collateralized with people's reputations and it turned out our reputations weren't worth as much as we thought they","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1313s"},{"start_seconds":1321,"text":"were that's really what that means it really means that our reputations weren't worth as much as we thought they were and I","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1321s"},{"start_seconds":1329,"text":"think if you internalize that lesson and you realize that it's not just that hey the industry needs to like increase the collateral ratios that we were making","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1329s"},{"start_seconds":1337,"text":"you know excessive loans or these protocols were excessively you know uh recursively tvl'd or whatever it's also","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1337s"},{"start_seconds":1345,"text":"that the people that we trusted were not sufficiently trustworthy or we over evaluated our own trustworthiness as an","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1345s"},{"start_seconds":1352,"text":"industry and I think that lesson is a much more difficult lesson to learn because it's less about other people than it is about ourselves yeah and um","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1352s"},{"start_seconds":1361,"text":"to me I think that is one of the biggest lessons from 2022 that we're carrying forward and a lot of that I mean the way that you internalize that is by seeing","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1361s"},{"start_seconds":1369,"text":"how many of our heroes as an industry did we end up genocidic and saying","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1369s"},{"start_seconds":1376,"text":"actually like I loved you suzu I loved you SPF I loved you you know all these people we were like these guys are our heroes wait no no never mind they're not","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1376s"},{"start_seconds":1384,"text":"my hero anymore right you do that enough times and you start realizing like huh maybe the problem is not them maybe the problem is us","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1384s"},{"start_seconds":1391,"text":"and that that's I think one of the lessons that that uh I'm at least noodling on yeah I like that lesson trustworthiness how do we build with","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1391s"},{"start_seconds":1399,"text":"that for 2020 soon okay actually thinking about the events of 2022 I think it's fair to say that there are repercussions from a regulatory","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1399s"},{"start_seconds":1407,"text":"perspective right and if you look at what's happening right now for example in the US with the SEC I'm just curious like what's your take on regulation landscape overall globally but then also","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1407s"},{"start_seconds":1416,"text":"what's your advice for people who are building in the space and how to think about that so right now I mean we're all in the U.S","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1416s"},{"start_seconds":1423,"text":"not all of you are American but um you know America right now is probably the most punitive place when it comes to","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1423s"},{"start_seconds":1431,"text":"regulation so when FTX first collapsed I was really worried that we were going to see a global regulatory backlash against crypto and everybody was kind of","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1431s"},{"start_seconds":1438,"text":"stealing themselves like oh shit like it's definitely coming now like we were kind of worried a little bit Tara collabs like oh that's bad oh okay three arrows oh this is bad but FTX is like oh","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1438s"},{"start_seconds":1447,"text":"my God this is going to be Armageddon and actually it's it's much more of a mixed bag than","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1447s"},{"start_seconds":1454,"text":"that now what do I mean by that if you look in the U.S now here's the thing in the U.S FTX hits really close to home because","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1454s"},{"start_seconds":1462,"text":"Sam was in America and because Sam was American he was kind of a HomeTown hero spent a lot of time on DC he was on TV he was a big on Tick Tock he was on the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1462s"},{"start_seconds":1469,"text":"cover of magazines and billboards he feels like it was really an American story that FTX failed now in reality most of ftx's business was actually not","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1469s"},{"start_seconds":1478,"text":"even here FTX us was a pretty small exchange right it was a very small market share most of their like if you look at their creditor list most of","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1478s"},{"start_seconds":1485,"text":"their customers were in Asia right their biggest markets were Korea and Singapore like they weren't here so not that many Americans actually lost money directly","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1485s"},{"start_seconds":1493,"text":"from FTX but the story hit home here and so if you look globally ironically","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1493s"},{"start_seconds":1501,"text":"um Korea which was the biggest Market that got hit by FTX uh Korea is actually very crypto friendly actually their regulatory stands for crypto is is","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1501s"},{"start_seconds":1508,"text":"actually looking more positive Japan same thing Japan is actually looking very crypto positive Hong Kong which is sort of you know the outgrowth of China just announced that they're opening back","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1508s"},{"start_seconds":1516,"text":"up to digital assets they're trying to compete with Singapore and say hey we want to open up digital assets again and we just saw a nod from Beijing saying","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1516s"},{"start_seconds":1523,"text":"like yes we're going to allow Hong Kong to be this sort of Haven this experiment to start having crypto be a thing again in Asia they're seeing what's happening","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1523s"},{"start_seconds":1532,"text":"in the U.S about you know genzler trying to close the door on digital assets and saying okay well bring it over here then great we can tell this industry is going","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1532s"},{"start_seconds":1539,"text":"to be a thing and look not everybody is like excited about crypto because they're like look it's kind of weird it's a mixed bag kind of invites Shady characters we see that now but we know","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1539s"},{"start_seconds":1548,"text":"it's going to happen we know this is going to be an industry and all the things equal we'd rather have it be here than be owned by the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1548s"},{"start_seconds":1555,"text":"Americans that's what everybody else in the world is thinking you even see it in Europe you even see it with Micah right like they're not saying no all this stuff needs to leave the only place","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1555s"},{"start_seconds":1563,"text":"where that's happening is at the SEC even other agencies within the US are taking a more nuanced approach uh and you're seeing the same thing among legislators on Capitol Hill crypto by","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1563s"},{"start_seconds":1572,"text":"and large in the U.S is still very popular a lot of Americans own crypto and so I think a lot of what's Happening Now with Gensler is a function of just","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1572s"},{"start_seconds":1581,"text":"the attitude of the SEC and a lot of these cases and it's worth it's worth remembering a lot of these cases like you know this is not case law bring a","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1581s"},{"start_seconds":1588,"text":"lawsuit against uh against the token issuer it's not case law it has to actually go to a judge and the judge decides what is Law and so once the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1588s"},{"start_seconds":1597,"text":"closest thing to that is Ripple Ripple is obviously going to be you know probably getting to some kind of uh judgment sooner than later but every single one of these cases needs to be","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1597s"},{"start_seconds":1605,"text":"brought one after another into a federal court of law to decide what is the the the law of the United States that will happen it'll take some time but until","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1605s"},{"start_seconds":1614,"text":"then the only thing you can do is hope and pray that you know genzler is not going to be the SEC chairman in a couple years and if so I think you will see a much uh more gentle regulatory stance","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1614s"},{"start_seconds":1623,"text":"even within the U.S yeah so maybe let's actually wrap up with some optimism for 2023 sure we've talked about uh","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1623s"},{"start_seconds":1630,"text":"mainstream adoption the fact that actually it's all about the user and usability is super important I'm just wondering like what you know what do you","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1630s"},{"start_seconds":1637,"text":"want to see be built in 2023 and what advice do you have for Builders who are here they think about what they can do yeah I mean so my advice for Builders","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1637s"},{"start_seconds":1645,"text":"right now is very simple which is that look um crypto right now looks dark it looks gloomy it looks like you know it's it's a bear market right now","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1645s"},{"start_seconds":1654,"text":"um almost everybody you respect in the space came into the industry when it looked like that and actually when it looked worse than","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1654s"},{"start_seconds":1661,"text":"it does now like I I was amazed coming here that this is the biggest East Denver ever like president of crater FTX blew up","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1661s"},{"start_seconds":1669,"text":"like our Industries and shambles blah blah blah there are more people here than there were last year when prices were three four five x than what they were today right which tells you that","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1669s"},{"start_seconds":1677,"text":"people see that crypto is not going anywhere crypto's not going anywhere okay just because some fuck had stole a bunch of money from his customers","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1677s"},{"start_seconds":1685,"text":"doesn't mean that crypto is not going to be a thing crypto is going to be a thing and that's why all these people are here and so the thing that I would say to you is that look when we are in the wake of","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1685s"},{"start_seconds":1694,"text":"this cloud of FTX and macro and inflation and all this stuff it's going to be harder to get attention it's gonna be harder to raise money so the price is going to be lower yeah I get all that","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1694s"},{"start_seconds":1702,"text":"okay but that will change right Mount dots was worse than FTX right Mount gox was like people thought crypto would","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1702s"},{"start_seconds":1710,"text":"never come back they thought it was completely over and so many years later we talk about Mount gox it's like oh you know people are going to sell some Bitcoin and that'll maybe affect the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1710s"},{"start_seconds":1718,"text":"price that's all people talk about about madbox anymore it doesn't matter it's so far in the rear view mirror and just imagine five years from now your friends are going to ask you like","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1718s"},{"start_seconds":1727,"text":"yeah I remember I read about that FTX thing what was that like when that happened it's like oh so crazy like we thought the whole industry was going to end we thought nobody was going to care about crypto anymore and people will","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1727s"},{"start_seconds":1736,"text":"laugh at this idea that the industry could have been killed because some curly-haired weirdo stole a bunch of his customers money right so give it time","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1736s"},{"start_seconds":1744,"text":"in three months it's gonna feel like even just now it feels so much less pressing than it did three months ago and three months from now like I mean people have short memories that's the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1744s"},{"start_seconds":1753,"text":"one thing you learn in crypto very quickly people have short memories so give it three months give it six months give it a year and you'll see how quickly the Specter of FTX lifts the way","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1753s"},{"start_seconds":1761,"text":"that Regulators cheat the stuff the way that Banks treat the stuff the way that investors treat this stuff is going to revert back to the same understanding","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1761s"},{"start_seconds":1768,"text":"that look crypto's not going away technology only Moves In One Direction which is that it improves it gets better it gets faster it gets cheaper it gets","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1768s"},{"start_seconds":1776,"text":"more efficient and that's why it's very difficult very scary to bet against crypto and that's why I think you should just continue on building uh because the","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1776s"},{"start_seconds":1784,"text":"the the environment is only going to get better for you okay last question one word who's the Boss you're the boss","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1784s"},{"start_seconds":1792,"text":"thank you so much for this conversation thank you everybody","url":"https://www.youtube.com/watch?v=xBZ5IJXHVe0&t=1792s"}],"youtube_url":"https://youtube.com/watch?v=xBZ5IJXHVe0","url":"https://near-pedia.xyz/videos/xBZ5IJXHVe0"}