Difference between revisions of "12: Vitalik Buterin - The Ethereal Prince and His Virtual Machine"
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12: Vitalik Buterin - The Ethereal Prince and His Virtual Machine (view source)
Revision as of 12:34, 15 February 2020
, 12:34, 15 February 2020→Unedited Transcript
(Created page with "=== Transcript === ==== Unedited Transcript ==== 0:00:05.899,0:00:13.440 okay well just just you know it's a good 0:00:11.280,0:00:16.080 question so the idea is that the t...") |
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==== Unedited Transcript ==== | ==== Unedited Transcript ==== | ||
0:00: | 0:00:07.130,0:00:11.130 | ||
hello you found the portal | |||
0:00: | 0:00:09.450,0:00:13.440 | ||
I'm your host Eric Weinstein and I'm | |||
0:00: | 0:00:11.130,0:00:18.390 | ||
sitting here today with metallic beaut | |||
0:00: | 0:00:13.440,0:00:20.850 | ||
the | uhrin the leader and a founder of the | ||
0:00:18. | 0:00:18.390,0:00:22.560 | ||
etherium world of cryptocurrencies and | |||
0:00:20. | 0:00:20.850,0:00:24.390 | ||
smart contracts welcome to the portal | |||
0:00: | 0:00:22.560,0:00:27.240 | ||
thank you it's good to be here Eric it's | |||
0:00: | 0:00:24.390,0:00:28.740 | ||
terrific to have you now in general when | |||
0:00: | 0:00:27.240,0:00:30.480 | ||
I see you interviewed immediately | |||
0:00: | 0:00:28.740,0:00:32.850 | ||
everybody goes straight to crypto | |||
0:00: | 0:00:30.480,0:00:34.350 | ||
currencies in a Myriam but one of the | |||
0:00: | 0:00:32.850,0:00:37.469 | ||
things that I found fascinating about | |||
0:00: | 0:00:34.350,0:00:40.800 | ||
your story is is that in order to be a | |||
0:00: | 0:00:37.469,0:00:44.309 | ||
good steward of this new and emerging | |||
0:00: | 0:00:40.800,0:00:46.950 | ||
economics you've actually applied | |||
0:00: | 0:00:44.309,0:00:49.620 | ||
yourself a great deal to standard and | |||
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regular economic theory and I was | |||
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curious if I understand correctly you | |||
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dropped out of college after a year | |||
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you're self-taught in economics but | |||
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you've taken a real interest in | |||
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understanding how markets and economic | |||
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theory work is that a fair description | |||
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yeah I think so and economics has been | |||
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of an interest for me definitely for a | |||
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long time I mean when I discovered | |||
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Bitcoin back in 2011 and I was still in | |||
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high school it was this kind of | |||
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interesting confluence of ideas that I | |||
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was already pretty attracted to so open | |||
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source culture that was something that a | |||
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and a good friend from high school a | |||
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Christopher all I had already and if | |||
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indoctrinated me with really well I'm | |||
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the of the mathematical in cryptographic | |||
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aspects also libertarianism in Austrian | |||
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economics was kind of the zeitgeist of | |||
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the Bitcoin space at the day and those | |||
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were of ideas that I definitely have | |||
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found philosophically quite attractive | |||
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at that time and you know I was | |||
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definitely curious and I read a bunch of | |||
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books a yeah and read the Austrian | |||
0:02: | 0:02:01.979,0:02:05.969 | ||
economics Kanaan because that's what the | |||
0:02: | 0:02:03.899,0:02:09.810 | ||
Bitcoin people were kind of talking | |||
0:02: | 0:02:05.969,0:02:12.090 | ||
about all day I read some kind of | |||
0:02: | 0:02:09.810,0:02:13.170 | ||
behavioral economics literature Ariely | |||
0:02: | 0:02:12.090,0:02:15.030 | ||
Kahneman and | |||
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Nakia D&E and all of those people just | |||
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because I knew that I had to read other | |||
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stuff for balance um and yeah and also | |||
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economics itself is a kind in pretty | |||
0:02: | 0:02:26.040,0:02:30.270 | ||
mathematical and I've subject well kind | |||
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it's | of right it's it's on the borderline | ||
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because it's kind of both mathematical | |||
0:02: | 0:02:33.840,0:02:37.709 | ||
and you got your curves and your | |||
0:02: | 0:02:35.880,0:02:39.569 | ||
derivatives and your intersections but | |||
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also it's humanity is right it's like | |||
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really at this intersection of like both | |||
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figuring out how to apply these models | |||
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to and of specific cases and also trying | |||
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to figure out well which models are | |||
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really correct in the first place and | |||
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like the first question you can't answer | |||
0: | 0:02:53.190,0:02:57.600 | ||
with math but the second question you | |||
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really can't and you need other kinds of | |||
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thinking as well | |||
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well this is an area of my own interest | |||
0:03: | 0:03:01.769,0:03:08.310 | ||
because the way I see it economics is | |||
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that | odd in a way that very few people I | ||
0:03: | 0:03:08.310,0:03:12.690 | ||
think have appreciated in that if we | |||
0:03: | 0:03:10.560,0:03:15.269 | ||
take what could be argued to be our two | |||
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greatest ideas in scientific scientific | |||
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man let's say one would be sort of the | |||
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geometric dynamics of physics and | |||
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economics has been constructed to be and | |||
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as if physics if you will and on the | |||
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other hand and inherits from the theory | |||
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that | of selection you could say that markets | ||
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are the continuation of systems of | |||
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selective pressures by other means and | |||
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so what happens when our two greatest | |||
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ideas touch each other and they do it in | |||
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a place which has very bizarre | |||
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properties by my way of thinking that is | |||
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that economists are on the one hand very | |||
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rigorous thinkers and are also very | |||
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susceptible to what we might call | |||
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political economy and distorted thinking | |||
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does that ring true to you yeah | |||
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definitely there's definitely this kind | |||
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of combination of I think for on the one | |||
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hand you have these mathematical | |||
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formulas and on the other hand these | |||
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assumptions and often like the | |||
0:04: | 0:04:18.930,0:04:23.789 | ||
assumptions can be pretty pretty well | |||
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hidden and they're kind of difficult to | |||
0:04: | 0:04:23.789,0:04:28.430 | ||
see at first glance right in | |||
0: | 0:04:26.510,0:04:32.230 | ||
like it really can be subtle right so | |||
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like one of the arguments that | |||
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economists tend to put forward is | |||
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basically like mutually beneficial | |||
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and | transactions are but are beneficial and | ||
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so like we should not interfere with | |||
0: | 0:04:39.260,0:04:45.590 | ||
them right like if I have a client | |||
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battle and I I want to sell you the | |||
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you're | Klein bottle you're willing to pay five | ||
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dollars then I clearly value it at less | |||
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than five dollars you evaluated more | |||
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than five dollars therefore the | |||
0: | 0:04:52.340,0:04:57.350 | ||
transactions on net good and like I | |||
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therefore I should give you the bottle | |||
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and you should give me the money and | |||
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the | that's what we would do but at the the | ||
0:05: | 0:05:02.180,0:05:08.990 | ||
reasons why that 10 sometimes breaks | |||
0:05: | 0:05:06.140,0:05:10.640 | ||
down liquor in many ways more subtle | |||
0:05: | 0:05:08.990,0:05:13.550 | ||
right like first you have monopoly | |||
0:05: | 0:05:10.640,0:05:15.770 | ||
issues like if I'm the only person | |||
0:05: | 0:05:13.550,0:05:18.080 | ||
selling wine bottles then I might want | |||
0:05: | 0:05:15.770,0:05:19.580 | ||
to sell them at a yeah and a higher | |||
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price than you'd be willing to accept | |||
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because I want to extract more value and | |||
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sometimes the things that matter most to | |||
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society aren't things that we can | |||
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transfer between people from one person | |||
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to another like wine bottles but like | |||
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public goods and like the biggest public | |||
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good of all is sort of is the idea right | |||
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and an idea well if I have an idea and I | |||
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give you the idea I still have the idea | |||
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so it's something that once you release | |||
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it it's out there and there isn't this | |||
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kind of property of that so you know | |||
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should we just pause just briefly to | |||
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talk about what a public good is yeah so | |||
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a public good is technically defined | |||
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within economics many people have an | |||
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intuitive idea as something which is as | |||
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you're stating has this property of | |||
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inexhaustibility mm-hm | |||
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and then the other attribute would be | |||
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excludability | |||
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is | which is non excludability formal sorry | ||
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nuts non excludability | |||
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the | sorry the the attribute of excludability | ||
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and is used to define a public good so | |||
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if something is inexhaustible and in | |||
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excludable then it has this weird | |||
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property that even hardline economists | |||
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would agree that the market may fail to | |||
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price in fact will fail to price the | |||
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value to society of that object so there | |||
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is an | |||
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mission within economics that there are | |||
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zones of failure right | |||
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I | well I guess the kind of the big kind of | ||
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rethinking that needs to happen is that | |||
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there is a long been this kind of | |||
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site-geist to that private goods like | |||
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it | things that I have and if I give it to | ||
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it | you I don't have it and you have it are | ||
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the norm and public goods are a rare | |||
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exception but like really public goods | |||
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are pretty darn important right like if | |||
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we didn't have public goods then we'd be | |||
0:08 | 0:07:08.149,0:07:12.829 | ||
a trading sticks and B and Bear pelts | |||
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and we basically still be cavemen like | |||
0: | 0:07:12.829,0:07:18.519 | ||
they're basically the like an army would | |||
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be a public yeah yeah and or me well | |||
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armies are interesting cuz there are | |||
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kind of to us like in a medium scale | |||
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context or a public good and in the | |||
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large-scale context or a public bad | |||
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because if everyone's army is we're | |||
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forced to be cut down by a factor of 10 | |||
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like we'd all be better off | |||
0: | 0:07:31.729,0:07:36.259 | ||
so | so economics is like really subtle that | ||
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way especially once you have kind of two | |||
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of | layers of scale I'd play sure now one | ||
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thing that I worry a lot about that | |||
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almost nobody seems to join me in is | |||
0: | 0:07:45.050,0:07:51.889 | ||
in | that in our mutual world I don't know | ||
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what to call it of people who are | |||
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experimenting with what I would say the | |||
0: | 0:07:54.769,0:08:00.199 | ||
mainstream would consider far out ideas | |||
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like radical life extension crypto | |||
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currencies is a you know potentially | |||
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being rival risks with sovereign | |||
0: | 0:08:06.019,0:08:11.869 | ||
currencies but in our world we talk a | |||
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lot about the abundance economy in a | |||
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world of abundance and I'm terrified of | |||
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the | a world of abundance because one of the | ||
0: | 0:08:18.110,0:08:23.629 | ||
properties that software has had is that | |||
0: | 0:08:20.599,0:08:25.729 | ||
it has replaced physical goods and | |||
0: | 0:08:23.629,0:08:30.649 | ||
services which have these attributes | |||
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they are not public with small files and | |||
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when a small file is not encrypted it | |||
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has the attributes of a public good and | |||
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therefore value and price can can castle | |||
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that's terrifying because then this | |||
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weird thing of markets which allows us | |||
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respite from dictatorship in somebody | |||
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directing our activities and allows us | |||
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to self-direct goes | |||
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away because things can't be priced | |||
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accurately are you do you have any does | |||
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that have any purchase on your thinking | |||
0: | 0:09:00.379,0:09:05.779 | ||
yeah so and I think give definitely you | |||
0: | 0:09:03.769,0:09:08.060 | ||
kind of struck at a very important point | |||
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though I think and if my own framing of | |||
0: | 0:09:08.060,0:09:14.449 | ||
the point is slightly different no I | |||
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think like first of all like you start | |||
0: | 0:09:14.449,0:09:18.680 | ||
off by think by realizing that kind of | |||
0: | 0:09:16.819,0:09:20.149 | ||
private property and things is not | |||
0: | 0:09:18.680,0:09:23.029 | ||
something that fell out of the sky it's | |||
0: | 0:09:20.149,0:09:26.000 | ||
a social technology right it's that we | |||
0: | 0:09:23.029,0:09:30.560 | ||
have these kind of norms that basically | |||
0: | 0:09:26.000,0:09:34.100 | ||
say oh you kid we will create this kind | |||
0: | 0:09:30.560,0:09:35.930 | ||
of mapping from objects to people and if | |||
0: | 0:09:34.100,0:09:37.519 | ||
an object as maps to you then you're | |||
0: | 0:09:35.930,0:09:38.810 | ||
allowed to do basically whatever the | |||
0: | 0:09:37.519,0:09:40.550 | ||
hell you want with it and other people | |||
0: | 0:09:38.810,0:09:41.060 | ||
cannot do anything with it without your | |||
0: | 0:09:40.550,0:09:44.980 | ||
permission | |||
0: | 0:09:41.060,0:09:47.240 | ||
and if that concept did not exist then | |||
0: | 0:09:44.980,0:09:50.149 | ||
physical objects would be public goods | |||
0: | 0:09:47.240,0:09:51.829 | ||
right because like if there's a klein | |||
0: | 0:09:50.149,0:09:53.600 | ||
bottle over here the Quine bottle would | |||
0: | 0:09:51.829,0:09:56.629 | ||
be there but like really anyone could | |||
0: | 0:09:53.600,0:09:58.759 | ||
take it and if you produce wine bottles | |||
0: | 0:09:56.629,0:10:00.230 | ||
then like you're not producing something | |||
0: | 0:09:58.759,0:10:01.699 | ||
for yourself you're producing something | |||
0: | 0:10:00.230,0:10:04.180 | ||
for pretty much different the first | |||
0: | 0:10:01.699,0:10:07.370 | ||
person who comes along and grabs it and | |||
0: | 0:10:04.180,0:10:10.370 | ||
so property rights right are this kind | |||
0: | 0:10:07.370,0:10:14.000 | ||
of | of social technology that helps make a | ||
0: | 0:10:10.370,0:10:15.410 | ||
private good economy is tractable and we | |||
0: | 0:10:14.000,0:10:17.149 | ||
could consider making social | |||
0: | 0:10:15.410,0:10:18.769 | ||
technologies to make public great | |||
0: | 0:10:17.149,0:10:21.309 | ||
economies tractable right like the | |||
0: | 0:10:18.769,0:10:24.079 | ||
existence of public goods by itself is | |||
0: | 0:10:21.309,0:10:26.360 | ||
and it's not good or bad like arguably | |||
0: | 0:10:24.079,0:10:28.040 | ||
it's even good because it means that | |||
0: | 0:10:26.360,0:10:30.649 | ||
people can't cooperate with each other | |||
0: | 0:10:28.040,0:10:33.620 | ||
on such large scales the bad thing is | |||
0: | 0:10:30.649,0:10:35.120 | ||
that we don't really have good tools for | |||
0: | 0:10:33.620,0:10:37.819 | ||
handling it and specifically we don't | |||
0: | 0:10:35.120,0:10:42.620 | ||
have good tools for handling yet that | |||
0: | 0:10:37.819,0:10:45.410 | ||
managed to simultaneously avoid both not | |||
0: | 0:10:42.620,0:10:48.199 | ||
giving good results and like basically | |||
0: | 0:10:45.410,0:10:51.230 | ||
being centralized in dictatorial and so | |||
0: | 0:10:48.199,0:10:53.389 | ||
this is where my interest in radical | |||
0: | 0:10:51.230,0:10:55.160 | ||
exchange comes in so this was this a | |||
0: | 0:10:53.389,0:10:57.949 | ||
movement that was started by gone while | |||
0: | 0:10:55.160,0:11:00.889 | ||
a couple of years ago when he wrote this | |||
0: | 0:10:57.949,0:11:02.630 | ||
a radical markets book and he advanced | |||
0: | 0:11:00.889,0:11:04.639 | ||
some of his proposals like harberger | |||
0: | 0:11:02.630,0:11:05.860 | ||
taxes and a quadratic voting were the | |||
0: | 0:11:04.639,0:11:09.670 | ||
ones that | |||
0: | 0:11:05.860,0:11:12.579 | ||
and of the most popular and the and of | |||
0: | 0:11:09.670,0:11:15.750 | ||
the core and if idea behind the ideas | |||
0:12 | 0:11:12.579,0:11:18.160 | ||
basically as like let's creates | |||
0: | 0:11:15.750,0:11:21.279 | ||
structures of kind of norms and | |||
0: | 0:11:18.160,0:11:22.690 | ||
incentives that try to have the best | |||
0: | 0:11:21.279,0:11:27.339 | ||
properties that we can get out of | |||
0: | 0:11:22.690,0:11:30.010 | ||
markets but do you do so without like | |||
0: | 0:11:27.339,0:11:32.200 | ||
basically economically breaking in the | |||
0: | 0:11:30.010,0:11:34.839 | ||
way that we know and if existing | |||
0: | 0:11:32.200,0:11:36.730 | ||
property right systems do once you enter | |||
0: | 0:11:34.839,0:11:38.350 | ||
a world where none of everything that | |||
0: | 0:11:36.730,0:11:40.839 | ||
you build just inherently affects | |||
0: | 0:11:38.350,0:11:42.670 | ||
millions of people well this is this is | |||
0: | 0:11:40.839,0:11:45.760 | ||
an interesting perspective you of course | |||
0: | 0:11:42.670,0:11:48.490 | ||
are famous for implementing this | |||
0: | 0:11:45.760,0:11:50.709 | ||
aetherium protocol but before we ever | |||
0: | 0:11:48.490,0:11:53.829 | ||
get to computer protocols there are sort | |||
0: | 0:11:50.709,0:11:55.450 | ||
of legal and structural protocols that | |||
0: | 0:11:53.829,0:11:57.820 | ||
we impose upon ourselves in the form of | |||
0: | 0:11:55.450,0:12:01.570 | ||
government and markets that are | |||
0: | 0:11:57.820,0:12:06.089 | ||
subordinate to government and there's a | |||
0: | 0:12:01.570,0:12:09.390 | ||
weird way in which you may start a | |||
0: | 0:12:06.089,0:12:12.610 | ||
process by which you write down rules | |||
0: | 0:12:09.390,0:12:15.370 | ||
for how a society should function but | |||
0: | 0:12:12.610,0:12:17.589 | ||
once those rules are written down you | |||
0: | 0:12:15.370,0:12:19.930 | ||
may discover all sorts of unintended | |||
0: | 0:12:17.589,0:12:23.110 | ||
properties of that rule set and there's | |||
0: | 0:12:19.930,0:12:26.860 | ||
a real question can we actually unhook | |||
0: | 0:12:23.110,0:12:32.290 | ||
ourselves from the killer app that is | |||
0: | 0:12:26.860,0:12:34.209 | ||
capitalism or American democracy and if | |||
0: | 0:12:32.290,0:12:39.279 | ||
we start to realize that that app is | |||
0: | 0:12:34.209,0:12:41.470 | ||
running out of control I guess in for | |||
0: | 0:12:39.279,0:12:44.230 | ||
and of myself as a enough social | |||
0: | 0:12:41.470,0:12:46.029 | ||
technologist and I definitely don't | |||
0: | 0:12:44.230,0:12:48.370 | ||
think that we should be kind of | |||
0: | 0:12:46.029,0:12:51.550 | ||
overturning entire countries with the | |||
0: | 0:12:48.370,0:12:53.459 | ||
new mechanisms overnight I think and I | |||
0: | 0:12:51.550,0:12:58.360 | ||
was insinuating oh definitely I think | |||
0: | 0:12:53.459,0:13:00.490 | ||
like that's figuring out how to kind of | |||
0: | 0:12:58.360,0:13:02.500 | ||
solve like grand problems of humanity is | |||
0: | 0:13:00.490,0:13:04.690 | ||
a long-term goal but I mean sure term | |||
0: | 0:13:02.500,0:13:08.320 | ||
goals are there is definitely can make | |||
0: | 0:13:04.690,0:13:11.610 | ||
better right so I and this is actually | |||
0: | 0:13:08.320,0:13:13.870 | ||
I | part of why I find a cryptocurrency and | ||
0: | 0:13:11.610,0:13:17.140 | ||
blockchains interesting because they are | |||
0: | 0:13:13.870,0:13:18.810 | ||
in a lot of ways this ideal ground for | |||
0: | 0:13:17.140,0:13:22.500 | ||
economic experimentation | |||
0: | 0:13:18.810,0:13:26.310 | ||
different types great so I to give one | |||
0: | 0:13:22.500,0:13:28.590 | ||
concrete example and in so one of the | |||
0: | 0:13:26.310,0:13:30.360 | ||
ideas that go on while and myself have | |||
0: | 0:13:28.590,0:13:33.050 | ||
come up with and are pushing forward is | |||
0: | 0:13:30.360,0:13:36.510 | ||
something called quadratic funding and | |||
0: | 0:13:33.050,0:13:39.779 | ||
the way that quadratic funding works is | |||
0: | 0:13:36.510,0:13:41.970 | ||
roughly this right so you have a central | |||
0: | 0:13:39.779,0:13:43.470 | ||
kind of pool of funding and you could | |||
0: | 0:13:41.970,0:13:44.820 | ||
imagine this coming from a government | |||
0: | 0:13:43.470,0:13:46.620 | ||
you | you could imagine this coming from | ||
0: | 0:13:44.820,0:13:50.330 | ||
wealthy donors you could imagine it just | |||
0: | 0:13:46.620,0:13:52.740 | ||
in being put together by some like | |||
0: | 0:13:50.330,0:13:55.860 | ||
crypto economic protocol it could come | |||
0: | 0:13:52.740,0:13:58.770 | ||
from anywhere and then you allow people | |||
0: | 0:13:55.860,0:14:01.410 | ||
to basically set up projects and you | |||
0: | 0:13:58.770,0:14:03.180 | ||
what people say I have a project here is | |||
0: | 0:14:01.410,0:14:05.700 | ||
something that I'm doing and if you like | |||
0: | 0:14:03.180,0:14:07.980 | ||
this then you can donate to me and give | |||
0: | 0:14:05.700,0:14:10.529 | ||
what people donate to projects and then | |||
0: | 0:14:07.980,0:14:13.440 | ||
the core of the mechanism is basically | |||
0: | 0:14:10.529,0:14:15.120 | ||
that if there is a projects and multiple | |||
0: | 0:14:13.440,0:14:17.700 | ||
people donate to so there's some | |||
0: | 0:14:15.120,0:14:20.880 | ||
projects you donate to it and someone | |||
0: | 0:14:17.700,0:14:23.370 | ||
else donates to it as well then your | |||
0: | 0:14:20.880,0:14:24.839 | ||
donation doesn't just benefit you it | |||
0: | 0:14:23.370,0:14:26.339 | ||
also benefits the other person and the | |||
0: | 0:14:24.839,0:14:28.740 | ||
other person's donation doesn't just | |||
0: | 0:14:26.339,0:14:31.560 | ||
benefit them it also benefits you and so | |||
0: | 0:14:28.740,0:14:33.180 | ||
to kind of counteract that kind of | |||
0: | 0:14:31.560,0:14:35.700 | ||
market failure the mechanism basically | |||
0: | 0:14:33.180,0:14:37.650 | ||
says well we're gonna multiply the | |||
0: | 0:14:35.700,0:14:38.850 | ||
effect of your donation by two and | |||
0: | 0:14:37.650,0:14:41.790 | ||
multiply the effect of the other | |||
0: | 0:14:38.850,0:14:43.380 | ||
person's donation by two and so now both | |||
0: | 0:14:41.790,0:14:45.510 | ||
of your incentives are kind of aligned | |||
0: | 0:14:43.380,0:14:47.430 | ||
you | with the whole and you extend this | ||
0: | 0:14:45.510,0:14:48.990 | ||
mechanism so instead of supporting two | |||
0: | 0:14:47.430,0:14:51.150 | ||
people it supports an arbitrary number | |||
0: | 0:14:48.990,0:14:53.430 | ||
of people and you kind of calculate | |||
0: | 0:14:51.150,0:14:57.630 | ||
these subsidies across all possible | |||
0: | 0:14:53.430,0:14:59.370 | ||
pairs of people and what you get is this | |||
0: | 0:14:57.630,0:15:00.930 | ||
formula that basically says you let | |||
0: | 0:14:59.370,0:15:02.820 | ||
people donate to different projects you | |||
0: | 0:15:00.930,0:15:04.890 | ||
look at how many people donated and how | |||
0: | 0:15:02.820,0:15:06.870 | ||
much money you've donated and based on | |||
0: | 0:15:04.890,0:15:09.330 | ||
this from the central pool of funding | |||
0: | 0:15:06.870,0:15:11.880 | ||
you give this extra subsidy and so it | |||
0: | 0:15:09.330,0:15:16.650 | ||
basically is like a market for public | |||
0: | 0:15:11.880,0:15:18.480 | ||
goods right and in the etherium | |||
0: | 0:15:16.650,0:15:20.190 | ||
ecosystem there is something called that | |||
0: | 0:15:18.480,0:15:22.440 | ||
get coin grants where we've basically | |||
0: | 0:15:20.190,0:15:25.589 | ||
started like trying to use this | |||
0: | 0:15:22.440,0:15:27.510 | ||
mechanism to fund public goods inside | |||
0: | 0:15:25.589,0:15:30.209 | ||
the etherium ecosystem right so this | |||
0: | 0:15:27.510,0:15:32.670 | ||
could be implementations of the etherium | |||
0: | 0:15:30.209,0:15:34.320 | ||
protocol it could be scaling solutions | |||
0: | 0:15:32.670,0:15:37.530 | ||
could be wallets it could be educational | |||
0: | 0:15:34.320,0:15:39.830 | ||
resources and we've had a and of tests | |||
0: | 0:15:37.530,0:15:42.120 | ||
around recently with about and if | |||
0: | 0:15:39.830,0:15:44.340 | ||
$200,000 in this central matching pool | |||
0: | 0:15:42.120,0:15:47.010 | ||
and it recently finished and you can go | |||
0: | 0:15:44.340,0:15:49.410 | ||
to a get coin dot Co slash grants to see | |||
0: | 0:15:47.010,0:15:51.210 | ||
the results and we got contributions | |||
0: | 0:15:49.410,0:15:52.890 | ||
from hundreds of people and the results | |||
0: | 0:15:51.210,0:15:56.750 | ||
a gave were actually pretty reasonable | |||
0: | 0:15:52.890,0:16:00.240 | ||
so in tests yeah and and so I I think | |||
0: | 0:15:56.750,0:16:03.360 | ||
cerium could have a lot of value is and | |||
0: | 0:16:00.240,0:16:05.150 | ||
just being a test net in bed for and | |||
0: | 0:16:03.360,0:16:07.980 | ||
decentralized governance and | |||
0: | 0:16:05.150,0:16:10.200 | ||
decentralized public good funding | |||
0: | 0:16:07.980,0:16:12.360 | ||
infrastructure of this kind well I think | |||
0: | 0:16:10.200,0:16:13.860 | ||
that | that that's fascinating I guess one of | ||
0: | 0:16:12.360,0:16:16.620 | ||
the ways in which I would understand | |||
0: | 0:16:13.860,0:16:18.570 | ||
that is you know when my wife who's an | |||
0: | 0:16:16.620,0:16:21.150 | ||
economist and I talk about this stuff we | |||
0:18 | 0:16:18.570,0:16:23.250 | ||
often talk about a market democracy has | |||
0: | 0:16:21.150,0:16:25.230 | ||
these two voting systems one is one | |||
0: | 0:16:23.250,0:16:25.980 | ||
dollar one vote and the other is one | |||
0: | 0:16:25.230,0:16:27.480 | ||
person one vote | |||
0: | 0:16:25.980,0:16:30.530 | ||
theoretically anyway even if that's | |||
0: | 0:16:27.480,0:16:33.030 | ||
honor only in the debris I and like | |||
0: | 0:16:30.530,0:16:35.040 | ||
liberal democracy does this horrible | |||
0: | 0:16:33.030,0:16:36.570 | ||
thing of like treating these s opposite | |||
0: | 0:16:35.040,0:16:37.920 | ||
is | poles where something is either one or | ||
0: | 0:16:36.570,0:16:39.270 | ||
the other and they're and they're often | |||
0: | 0:16:37.920,0:16:41.370 | ||
fighting each other one really | |||
0: | 0:16:39.270,0:16:41.700 | ||
everything's a spectrum and I like that | |||
0: | 0:16:41.370,0:16:43.470 | ||
a lot | |||
0: | 0:16:41.700,0:16:45.870 | ||
I mean an another thing that we've been | |||
0: | 0:16:43.470,0:16:48.410 | ||
discussing recently and this again is | |||
0: | 0:16:45.870,0:16:51.510 | ||
sort of drink with with Pia Milani is | |||
0: | 0:16:48.410,0:16:54.060 | ||
thinking about the Chicago approximation | |||
0: | 0:16:51.510,0:16:56.430 | ||
you've got some reality that's | |||
0: | 0:16:54.060,0:16:59.220 | ||
incredibly nonlinear and complicated and | |||
0: | 0:16:56.430,0:17:01.110 | ||
then weirdly yeah in a one of these | |||
0: | 0:16:59.220,0:17:03.990 | ||
famous instances where the map is not | |||
0: | 0:17:01.110,0:17:07.310 | ||
the territory you take this incredibly | |||
0: | 0:17:03.990,0:17:09.210 | ||
simplified world where agents have this | |||
0: | 0:17:07.310,0:17:10.830 | ||
properties you can't even believe you | |||
0: | 0:17:09.210,0:17:12.990 | ||
would ascribe to a human being where you | |||
0: | 0:17:10.830,0:17:16.080 | ||
it's | thought Homo economicus and you it's | ||
0: | 0:17:12.990,0:17:18.270 | ||
perfectly rational and it it has all of | |||
0: | 0:17:16.080,0:17:20.610 | ||
these characteristics like an automaton | |||
0: | 0:17:18.270,0:17:24.060 | ||
that only makes rational decisions and | |||
0: | 0:17:20.610,0:17:26.280 | ||
then you impose that like through law | |||
0: | 0:17:24.060,0:17:29.550 | ||
and | and economics programs and suddenly | ||
0: | 0:17:26.280,0:17:32.280 | ||
you've distorted your society by taking | |||
0: | 0:17:29.550,0:17:34.530 | ||
the map as the territory so seriously | |||
0: | 0:17:32.280,0:17:38.720 | ||
that you don't realize that you're | |||
0: | 0:17:34.530,0:17:44.040 | ||
destroying something and distorting yeah | |||
0: | 0:17:38.720,0:17:46.500 | ||
no that's definitely and I think it's a | |||
0: | 0:17:44.040,0:17:49.140 | ||
social it's one approximation | |||
0: | 0:17:46.500,0:17:50.820 | ||
and you mean we're never going to have | |||
0: | 0:17:49.140,0:17:52.860 | ||
approximations that are perfect because | |||
0: | 0:17:50.820,0:17:54.210 | ||
the world is just so we're glad to hear | |||
0: | 0:17:52.860,0:17:58.169 | ||
that yeah and the world is just so | |||
0: | 0:17:54.210,0:18:01.140 | ||
complicated and so even rapidly changing | |||
0: | 0:17:58.169,0:18:03.419 | ||
in a 21st century like aprox in all | |||
0: | 0:18:01.140,0:18:05.070 | ||
approximations are bullshit but like you | |||
0: | 0:18:03.419,0:18:06.480 | ||
have to find a couple of good ones that | |||
0: | 0:18:05.070,0:18:07.980 | ||
work reasonably well and make progress | |||
0: | 0:18:06.480,0:18:09.419 | ||
for us and I think that one of the | |||
0: | 0:18:07.980,0:18:11.760 | ||
things that's unfairly done to | |||
0: | 0:18:09.419,0:18:13.830 | ||
cryptocurrencies is that we expect them | |||
0: | 0:18:11.760,0:18:16.919 | ||
to solve all of the problems that | |||
0: | 0:18:13.830,0:18:19.110 | ||
already cropped up yes in our forms of | |||
0: | 0:18:16.919,0:18:21.870 | ||
governance and our forms of currency in | |||
0: | 0:18:19.110,0:18:24.559 | ||
exchange in court systems and that what | |||
0: | 0:18:21.870,0:18:27.090 | ||
we should be asking of them is to be | |||
0: | 0:18:24.559,0:18:30.570 | ||
improvements or to augment mm-hmm | |||
0: | 0:18:27.090,0:18:34.470 | ||
already existing systems now one of the | |||
0: | 0:18:30.570,0:18:37.380 | ||
odd things about governance is we could | |||
0: | 0:18:34.470,0:18:41.400 | ||
view you as in some sense starting a | |||
0: | 0:18:37.380,0:18:44.940 | ||
rival virtual country that has a legal | |||
0: | 0:18:41.400,0:18:46.919 | ||
system because the etherium I don't know | |||
0: | 0:18:44.940,0:18:48.390 | ||
what to call it Network platform | |||
0: | 0:18:46.919,0:18:50.610 | ||
protocol | |||
0: | 0:18:48.390,0:18:52.710 | ||
yeah rules coins and it has the right to | |||
0: | 0:18:50.610,0:18:55.409 | ||
reassign those coins and not only that | |||
0: | 0:18:52.710,0:18:56.580 | ||
but it has a stand-in for the legal | |||
0: | 0:18:55.409,0:19:03.059 | ||
system in the form of what are called | |||
0: | 0:18:56.580,0:19:06.090 | ||
smart contracts mmm-hmm normally a we | |||
0: | 0:19:03.059,0:19:08.400 | ||
have this concept in governance I guess | |||
0: | 0:19:06.090,0:19:10.559 | ||
it goes back to Weber that a government | |||
0: | 0:19:08.400,0:19:12.960 | ||
is supposed to be a monopoly on violence | |||
0: | 0:19:10.559,0:19:15.570 | ||
which is an odd definition that you | |||
0: | 0:19:12.960,0:19:18.330 | ||
recover the concept of government from | |||
0: | 0:19:15.570,0:19:21.059 | ||
monopolizing violence and then you you | |||
0: | 0:19:18.330,0:19:23.240 | ||
sort of unearth and and unpack all of | |||
0:21 | 0:19:21.059,0:19:25.980 | ||
the features of government from that one | |||
0: | 0:19:23.240,0:19:28.890 | ||
generating function in some sense a | |||
0: | 0:19:25.980,0:19:31.890 | ||
cryptocurrency and smart contracts | |||
0: | 0:19:28.890,0:19:35.220 | ||
derive from math rather than violence | |||
0: | 0:19:31.890,0:19:37.799 | ||
they derive from math and social | |||
0: | 0:19:35.220,0:19:39.630 | ||
consensus right I love the fact that I | |||
0: | 0:19:37.799,0:19:41.549 | ||
was gonna get to that but I know I guess | |||
0: | 0:19:39.630,0:19:43.440 | ||
this is important right because like for | |||
0: | 0:19:41.549,0:19:45.299 | ||
example you know you have the Bitcoin | |||
0: | 0:19:43.440,0:19:47.130 | ||
blockchain and then you have the | |||
0: | 0:19:45.299,0:19:49.500 | ||
litecoin blockchain which operates under | |||
0: | 0:19:47.130,0:19:51.090 | ||
ik almost exactly the set at the same | |||
0: | 0:19:49.500,0:19:53.730 | ||
set of rules as the Bitcoin blockchain | |||
0: | 0:19:51.090,0:19:55.500 | ||
and yet the Bitcoin blockchain has a | |||
0: | 0:19:53.730,0:19:56.760 | ||
hundred million dollar market cap and | |||
0: | 0:19:55.500,0:19:58.289 | ||
the white coin blockchain has a three | |||
0: | 0:19:56.760,0:20:00.510 | ||
billion dollar market cap or something | |||
0: | 0:19:58.289,0:20:04.110 | ||
like that and much less usage so | |||
0: | 0:20:00.510,0:20:06.750 | ||
like blog Chin's are definitely not just | |||
0: | 0:20:04.110,0:20:08.730 | ||
math and technology math and technology | |||
0: | 0:20:06.750,0:20:10.560 | ||
are the substrate and maybe in the same | |||
0: | 0:20:08.730,0:20:12.090 | ||
way that the military is like the | |||
0: | 0:20:10.560,0:20:15.600 | ||
substrate of keeping a country together | |||
0: | 0:20:12.090,0:20:18.600 | ||
but they're including police force yeah | |||
0: | 0:20:15.600,0:20:19.740 | ||
exactly but like they're the substrate | |||
0: | 0:20:18.600,0:20:22.230 | ||
but they're not the country right the | |||
0: | 0:20:19.740,0:20:25.020 | ||
country is the community well and this | |||
0:22 | 0:20:22.230,0:20:28.620 | ||
goes to what I would love to get into | |||
0: | 0:20:25.020,0:20:31.230 | ||
you with love to get into with you which | |||
0: | 0:20:28.620,0:20:34.260 | ||
is the way in which different utopian | |||
0: | 0:20:31.230,0:20:37.230 | ||
dreams collide in the space of | |||
0: | 0:20:34.260,0:20:40.110 | ||
cryptocurrencies so for example there | |||
0: | 0:20:37.230,0:20:42.810 | ||
are | are some dreams that may sound more like | ||
0: | 0:20:40.110,0:20:44.880 | ||
what I assume you may be active in the | |||
0: | 0:20:42.810,0:20:46.710 | ||
effective altruism community is that a | |||
0: | 0:20:44.880,0:20:48.300 | ||
possibility yeah | |||
0: | 0:20:46.710,0:20:51.720 | ||
which tries to figure how to do the most | |||
0: | 0:20:48.300,0:20:55.110 | ||
good to do good efficiently rather than | |||
0: | 0:20:51.720,0:20:57.750 | ||
sanctimoniously there are other people | |||
0: | 0:20:55.110,0:21:00.420 | ||
who have this idea of I just want to | |||
0: | 0:20:57.750,0:21:01.950 | ||
retreat from other human beings and I | |||
0: | 0:21:00.420,0:21:04.080 | ||
want to be left alone it want to be | |||
0: | 0:21:01.950,0:21:06.900 | ||
taxed I don't to be told what to do very | |||
0: | 0:21:04.080,0:21:08.550 | ||
strong libertarian perspective sometimes | |||
0: | 0:21:06.900,0:21:10.440 | ||
those people are the same people there's | |||
0: | 0:21:08.550,0:21:12.000 | ||
two kinds of libertarians there's well | |||
0: | 0:21:10.440,0:21:14.100 | ||
there's many ways that's what Albertans | |||
0: | 0:21:12.000,0:21:15.750 | ||
is the two kinds but like there's the | |||
0: | 0:21:14.100,0:21:17.640 | ||
leave me alone type and then there's the | |||
0: | 0:21:15.750,0:21:21.720 | ||
kind of conquer the world type right the | |||
0: | 0:21:17.640,0:21:24.330 | ||
kind that kind of relishes seeing fiat | |||
0: | 0:21:21.720,0:21:28.620 | ||
currencies be destroyed and replaced by | |||
0: | 0:21:24.330,0:21:32.070 | ||
Bitcoin and it's kind of you know | |||
0: | 0:21:28.620,0:21:35.790 | ||
creating a thousand a year kind of reign | |||
0: | 0:21:32.070,0:21:40.020 | ||
of sound money that in I mean I | |||
0: | 0:21:35.790,0:21:42.000 | ||
generally have this kind of instincts | |||
0: | 0:21:40.020,0:21:43.890 | ||
that like when someone says that like we | |||
0: | 0:21:42.000,0:21:45.630 | ||
should impose a lot of short-term | |||
0: | 0:21:43.890,0:21:47.160 | ||
disruption and harm on the entire world | |||
0: | 0:21:45.630,0:21:48.240 | ||
for the sake of some nebulous a long | |||
0: | 0:21:47.160,0:21:51.000 | ||
term gain that's something to be | |||
0: | 0:21:48.240,0:21:53.400 | ||
skeptical of but so I'm not gonna rely | |||
0: | 0:21:51.000,0:21:55.530 | ||
on the word skeptical mmm-hmm you're | |||
0: | 0:21:53.400,0:21:59.010 | ||
using an extreme form of understatement | |||
0: | 0:21:55.530,0:22:02.730 | ||
yeah yeah and so I mean I'm definitely | |||
0: | 0:21:59.010,0:22:04.910 | ||
not in in the camp that had of actively | |||
0: | 0:22:02.730,0:22:09.060 | ||
relishes like fiat currency is being | |||
0: | 0:22:04.910,0:22:11.250 | ||
destroyed but meanders and I definitely | |||
0: | 0:22:09.060,0:22:13.530 | ||
don't think that all bitcoiners do it | |||
0: | 0:22:11.250,0:22:17.010 | ||
like there is some that do see it as | |||
0: | 0:22:13.530,0:22:18.840 | ||
and of a something that's supposed to | |||
0: | 0:22:17.010,0:22:21.180 | ||
coexist and something that's supposed to | |||
0: | 0:22:18.840,0:22:22.680 | ||
provide a check and balance against the | |||
0: | 0:22:21.180,0:22:25.770 | ||
government's monopoly on issuing money | |||
0: | 0:22:22.680,0:22:27.240 | ||
without replacing it entirely so you | |||
0: | 0:22:25.770,0:22:28.680 | ||
know there are there's definitely enough | |||
0: | 0:22:27.240,0:22:31.200 | ||
different visions within individual | |||
0: | 0:22:28.680,0:22:34.230 | ||
communities there's different visions | |||
0: | 0:22:31.200,0:22:36.570 | ||
between different communities you know | |||
0: | 0:22:34.230,0:22:38.610 | ||
in it there's it's not just visions | |||
0: | 0:22:36.570,0:22:40.080 | ||
about what cryptocurrencies should do to | |||
0: | 0:22:38.610,0:22:42.600 | ||
the world it's also in your visions | |||
0: | 0:22:40.080,0:22:44.220 | ||
about like what how cryptocurrencies | |||
0: | 0:22:42.600,0:22:47.370 | ||
should work internally and what they | |||
0: | 0:22:44.220,0:22:50.060 | ||
should do to each other so like that in | |||
0: | 0:22:47.370,0:22:52.830 | ||
that sense I guess like a | |||
0: | 0:22:50.060,0:22:54.780 | ||
cryptocurrencies are interesting in in | |||
0: | 0:22:52.830,0:22:56.250 | ||
ball chains not just because of like | |||
0: | 0:22:54.780,0:22:58.830 | ||
what they can do in the world but also | |||
0: | 0:22:56.250,0:23:01.470 | ||
just as this and if microcosm of the | |||
0: | 0:22:58.830,0:23:03.630 | ||
world all into themselves I mean like we | |||
0: | 0:23:01.470,0:23:06.060 | ||
talked about country virtual countries | |||
0: | 0:23:03.630,0:23:07.440 | ||
but you know there there's many virtual | |||
0: | 0:23:06.060,0:23:09.240 | ||
countries now there's over fourteen | |||
0: | 0:23:07.440,0:23:12.930 | ||
hundred on coin market cap and they have | |||
0: | 0:23:09.240,0:23:16.050 | ||
some analog of you do think of them as | |||
0: | 0:23:12.930,0:23:18.950 | ||
virtual countries it's singing all | |||
0: | 0:23:16.050,0:23:21.210 | ||
models are bullshit but some are useful | |||
0: | 0:23:18.950,0:23:28.110 | ||
but to the extent of the country is a | |||
0: | 0:23:21.210,0:23:32.240 | ||
sensible thing to yes yeah yeah yeah so | |||
0: | 0:23:28.110,0:23:38.700 | ||
in that world where we're dealing with | |||
0: | 0:23:32.240,0:23:41.490 | ||
often very radical individualism and a | |||
0: | 0:23:38.700,0:23:44.880 | ||
that | very strong sense that there is | ||
0: | 0:23:41.490,0:23:48.060 | ||
something wrong with the coercive aspect | |||
0: | 0:23:44.880,0:23:51.350 | ||
of a government do you worry that | |||
0: | 0:23:48.060,0:23:57.290 | ||
something that you have given birth to | |||
0: | 0:23:51.350,0:24:02.240 | ||
may start to behave in very different | |||
0: | 0:23:57.290,0:24:06.270 | ||
ways than you would ever want definitely | |||
0: | 0:24:02.240,0:24:07.860 | ||
probably the closest that we've seen to | |||
0: | 0:24:06.270,0:24:10.410 | ||
things like this happening already would | |||
0: | 0:24:07.860,0:24:14.460 | ||
be the the initial coin offering a boom | |||
0: | 0:24:10.410,0:24:16.950 | ||
in the 2017 and 2018 and like basically | |||
0: | 0:24:14.460,0:24:19.020 | ||
if what happens and there was that | |||
0: | 0:24:16.950,0:24:21.870 | ||
people saw that cryptocurrencies are | |||
0: | 0:24:19.020,0:24:23.580 | ||
something that could potentially had a | |||
0: | 0:24:21.870,0:24:27.450 | ||
very high value and so people started | |||
0: | 0:24:23.580,0:24:29.460 | ||
saying oh like I'm raising money | |||
0: | 0:24:27.450,0:24:31.200 | ||
anyone come and give me fifty million | |||
0: | 0:24:29.460,0:24:32.669 | ||
dollars and I'm gonna build a | |||
0: | 0:24:31.200,0:24:34.200 | ||
cryptocurrency and I'm gonna make it | |||
0: | 0:24:32.669,0:24:36.600 | ||
great and I'll turn your 50 million | |||
0: | 0:24:34.200,0:24:43.440 | ||
dollars into 50 billion going guaranteed | |||
0: | 0:24:36.600,0:24:45.149 | ||
and this like and like it's complicated | |||
0: | 0:24:43.440,0:24:47.370 | ||
right because I mean on the one hand | |||
0: | 0:24:45.149,0:24:48.929 | ||
like the possibility of a kind of | |||
0: | 0:24:47.370,0:24:52.679 | ||
raising money and using it to fund | |||
0: | 0:24:48.929,0:24:54.899 | ||
cryptocurrency development like it's it | |||
0: | 0:24:52.679,0:24:56.610 | ||
did a lot of good right began like in | |||
0: | 0:24:54.899,0:24:59.760 | ||
general like the open source community | |||
0: | 0:24:56.610,0:25:01.889 | ||
and | it's and it kind of acutely suffers from | ||
0: | 0:24:59.760,0:25:03.659 | ||
this have public goods challenge that we | |||
0: | 0:25:01.889,0:25:06.600 | ||
talked about because an open source | |||
0: | 0:25:03.659,0:25:09.299 | ||
software is a very public good and like | |||
0: | 0:25:06.600,0:25:10.860 | ||
we saw some very public and if splats | |||
0: | 0:25:09.299,0:25:13.529 | ||
involving open source software being | |||
0: | 0:25:10.860,0:25:15.029 | ||
under maintains like the CloudFlare and | |||
0: | 0:25:13.529,0:25:17.610 | ||
of issues a couple years back when it | |||
0: | 0:25:15.029,0:25:19.320 | ||
turned out that's an open ssl library it | |||
0: | 0:25:17.610,0:25:20.909 | ||
was like really really under maintained | |||
0: | 0:25:19.320,0:25:23.130 | ||
despite billions of dollars of value | |||
0: | 0:25:20.909,0:25:24.899 | ||
depending on it and with | |||
0: | 0:25:23.130,0:25:26.100 | ||
cryptocurrencies suddenly you could make | |||
0: | 0:25:24.899,0:25:28.799 | ||
that | things that are completely open-source | ||
0: | 0:25:26.100,0:25:31.970 | ||
that through coins do have a funding | |||
0: | 0:25:28.799,0:25:34.919 | ||
and | mechanism and like you know this has | ||
0: | 0:25:31.970,0:25:36.179 | ||
massive massively accelerated the | |||
0: | 0:25:34.919,0:25:38.250 | ||
development of many kinds of | |||
0: | 0:25:36.179,0:25:40.740 | ||
cryptography zero-knowledge proofs and | |||
0: | 0:25:38.250,0:25:42.750 | ||
peer-to-peer networking a lot of other | |||
0:28:09. | 0:25:40.740,0:25:45.539 | ||
things but at this on the other hand | |||
0:25:42.750,0:25:49.200 | |||
like it's also given rise to this kind | |||
0:25:45.539,0:25:50.340 | |||
of speculation and in many cases the | |||
0:25:49.200,0:25:53.490 | |||
projects turned out to be outright | |||
0:25:50.340,0:25:55.470 | |||
fraudulent right but it's a really | |||
0:25:53.490,0:25:57.419 | |||
delicious and weird situation I haven't | |||
0:25:55.470,0:26:00.779 | |||
asked you about it yet but you're I | |||
0:25:57.419,0:26:03.590 | |||
presume that your net worth crashed a | |||
0:26:00.779,0:26:05.820 | |||
great deal we got run up and then came | |||
0:26:03.590,0:26:10.039 | |||
came back yeah | |||
0:26:05.820,0:26:17.429 | |||
and were you happy in any way about that | |||
0:26:10.039,0:26:19.289 | |||
relieved relieved yeah so when the right | |||
0:26:17.429,0:26:24.299 | |||
at the top of the big bubble like in | |||
0:26:19.289,0:26:27.539 | |||
December 2017 when yeah good coin was | |||
0:26:24.299,0:26:30.299 | |||
hitting 20,000 eath was hitting 1,400 I | |||
0:26:27.539,0:26:32.880 | |||
mean I made this tweet and a series of | |||
0:26:30.299,0:26:34.080 | |||
tweets and that and it became somewhat | |||
0:26:32.880,0:26:36.419 | |||
famous one in the space where I | |||
0:26:34.080,0:26:38.309 | |||
basically said the cryptocurrency space | |||
0:26:36.419,0:26:41.040 | |||
has reached half a trillion dollars does | |||
0:26:38.309,0:26:43.200 | |||
does it deserve it like do the thing | |||
0:26:41.040,0:26:46.080 | |||
that it's actually accomplished like | |||
0:26:43.200,0:26:49.020 | |||
hold a candle to the promises that my | |||
0:26:46.080,0:26:51.450 | |||
market is ascribing to it and I mean the | |||
0:26:49.020,0:26:54.630 | |||
subtext of my answer is not yet and that | |||
0:26:51.450,0:26:58.620 | |||
was proven very right yeah I fairly | |||
0:26:54.630,0:27:04.640 | |||
quickly and but you didn't short it did | |||
0:26:58.620,0:27:07.410 | |||
you so the iana I did can you get and | |||
0:27:04.640,0:27:09.780 | |||
get the etherium foundation to sell | |||
0:27:07.410,0:27:11.520 | |||
about seventy thousand eath like | |||
0:27:09.780,0:27:14.400 | |||
basically at the top and that's doubled | |||
0:27:11.520,0:27:16.860 | |||
our runway now so there was one good | |||
0:27:14.400,0:27:19.380 | |||
decision that had a land that had a lot | |||
0:27:16.860,0:27:25.200 | |||
of impact but it did not short I should | |||
0:27:19.380,0:27:29.540 | |||
say that I was weirdly somewhat relieved | |||
0:27:25.200,0:27:34.260 | |||
as well I view that the innovation of | |||
0:27:29.540,0:27:37.290 | |||
decentralized transactions and the bid | |||
0:27:34.260,0:27:39.570 | |||
and you know it's hard for me to say | |||
0:27:37.290,0:27:41.490 | |||
because I actually I'm convinced that | |||
0:27:39.570,0:27:43.230 | |||
the blockchain should be an intermediate | |||
0:27:41.490,0:27:46.500 | |||
state and should not be the permanent | |||
0:27:43.230,0:27:50.190 | |||
version of decentralized computing angry | |||
0:27:46.500,0:27:52.760 | |||
okay but I thought that that was such an | |||
0:27:50.190,0:27:57.900 | |||
amazing innovation that you could have a | |||
0:27:52.760,0:28:00.390 | |||
locally enforced mechanism without a | |||
0:27:57.900,0:28:03.060 | |||
centralized Authority but with a global | |||
0:28:00.390,0:28:08.610 | |||
ledger unfair which which I see if it is | |||
0:28:03.060,0:28:10.710 | |||
a point of intellectual failure that in | |||
0:28:08.610,0:28:12.990 | |||
some sense you're mirroring the | |||
0:28:10.710,0:28:17.370 | |||
transactions of the physical world so | |||
0:28:12.990,0:28:20.880 | |||
for example for those listening at home | |||
0:28:17.370,0:28:23.430 | |||
who don't have a visual here Vitalik has | |||
0:28:20.880,0:28:25.650 | |||
several glass bottles next to him were | |||
0:28:23.430,0:28:29.760 | |||
he to give one to me which he shouldn't | |||
0:28:25.650,0:28:31.980 | |||
do right now but the idea would be that | |||
0:28:29.760,0:28:35.220 | |||
it would no longer be in his space and | |||
0:28:31.980,0:28:40.640 | |||
it would be in mine and that property of | |||
0:28:35.220,0:28:43.410 | |||
Adams has been somewhat mirrored in | |||
0:28:40.640,0:28:46.770 | |||
Bitcoin and blockchain and aetherium | |||
0:28:43.410,0:28:49.200 | |||
transactions I mean this is like the | |||
0:28:46.770,0:28:51.600 | |||
concept of like money as a thing right | |||
0:28:49.200,0:28:53.910 | |||
the and if the scarcity of the 21 | |||
0:28:51.600,0:28:54.870 | |||
million limit if I give you five coins I | |||
0:28:53.910,0:28:57.240 | |||
have five of us and you | |||
0:28:54.870,0:28:58.710 | |||
five more right and so the idea is that | |||
0:28:57.240,0:29:02.370 | |||
it's a what you're doing is you're | |||
0:28:58.710,0:29:04.680 | |||
porting conservation laws into from the | |||
0:29:02.370,0:29:09.450 | |||
physical layer into the logical layer | |||
0:29:04.680,0:29:11.790 | |||
right and yeah and I guess and if to | |||
0:29:09.450,0:29:13.710 | |||
some extent kind of reflects the kind of | |||
0:29:11.790,0:29:16.920 | |||
very deeply enough Austrian economic | |||
0:29:13.710,0:29:19.700 | |||
libertarian and origins of the the space | |||
0:29:16.920,0:29:24.510 | |||
way better back in the end of 2009 to | |||
0:29:19.700,0:29:27.690 | |||
2013 days I mean creating like digital | |||
0:29:24.510,0:29:29.250 | |||
gold was pretty much the Fukien Digital | |||
0:29:27.690,0:29:32.580 | |||
payment system was the first use case | |||
0:29:29.250,0:29:34.559 | |||
but and I definitely think that like we | |||
0:29:32.580,0:29:36.120 | |||
can and should be thinking about point | |||
0:29:34.559,0:29:38.460 | |||
systems that work in ways other than | |||
0:29:36.120,0:29:41.030 | |||
money well I agree with that and I also | |||
0:29:38.460,0:29:44.040 | |||
think that it isn't digital gold because | |||
0:29:41.030,0:29:46.620 | |||
as the saying goes you know gold or | |||
0:29:44.040,0:29:49.260 | |||
money has no stench and that the | |||
0:29:46.620,0:29:51.480 | |||
blockchain is this bizarre difference | |||
0:29:49.260,0:29:55.230 | |||
with the physical world and that it is a | |||
0:29:51.480,0:29:58.320 | |||
distributed ledger that may be somewhat | |||
0:29:55.230,0:30:01.260 | |||
anonymous but it still gives the history | |||
0:29:58.320,0:30:05.750 | |||
like if I hand you a dollar and and you | |||
0:30:01.260,0:30:09.090 | |||
don't have access to any particular | |||
0:30:05.750,0:30:11.160 | |||
means of analyzing whose DNA is on that | |||
0:30:09.090,0:30:14.790 | |||
dollar you have no idea where it's been | |||
0:30:11.160,0:30:17.040 | |||
and these that is not that is violated | |||
0:30:14.790,0:30:20.070 | |||
by the current block chain type | |||
0:30:17.040,0:30:22.350 | |||
implementations yes so it isn't a | |||
0:30:20.070,0:30:25.770 | |||
complete port of the physical world into | |||
0:30:22.350,0:30:27.690 | |||
a digital but it is a an astounding one | |||
0:30:25.770,0:30:30.240 | |||
and I guess I get very frustrated with | |||
0:30:27.690,0:30:32.220 | |||
the economics questions like well what's | |||
0:30:30.240,0:30:34.340 | |||
good what's it good for where's the | |||
0:30:32.220,0:30:37.350 | |||
killer app I mean we have all of | |||
0:30:34.340,0:30:40.740 | |||
whatever's left of human civilization to | |||
0:30:37.350,0:30:42.929 | |||
figure out what this thing is meant to | |||
0:30:40.740,0:30:44.490 | |||
do you know and I'm not very worried | |||
0:30:42.929,0:30:46.530 | |||
that we were not going to figure it out | |||
0:30:44.490,0:30:48.360 | |||
I mean we're going to figure it out | |||
0:30:46.530,0:30:49.860 | |||
sooner or later because a conservation | |||
0:30:48.360,0:30:53.429 | |||
law and digital space is just too | |||
0:30:49.860,0:30:56.100 | |||
valuable is that wrong are you worried | |||
0:30:53.429,0:30:58.170 | |||
at all about the search for like I I | |||
0:30:56.100,0:30:59.640 | |||
just hate this question you know where's | |||
0:30:58.170,0:31:02.760 | |||
that where's the killer app and I'm | |||
0:30:59.640,0:31:05.400 | |||
thinking chill out man this is an | |||
0:31:02.760,0:31:08.130 | |||
astounding intellectual achievement what | |||
0:31:05.400,0:31:11.700 | |||
is that wrong yeah and I say | |||
0:31:08.130,0:31:14.669 | |||
there's definitely a and a long time to | |||
0:31:11.700,0:31:16.530 | |||
go and they think you know the apps will | |||
0:31:14.669,0:31:18.500 | |||
come you know there's the ones that are | |||
0:31:16.530,0:31:21.630 | |||
coming right now are basically a kind of | |||
0:31:18.500,0:31:24.900 | |||
financial but I think I mean that's kind | |||
0:31:21.630,0:31:26.760 | |||
of true just in part because the finance | |||
0:31:24.900,0:31:28.950 | |||
the existing financial system is just | |||
0:31:26.760,0:31:31.830 | |||
like so ready and waiting there to be | |||
0:31:28.950,0:31:34.860 | |||
disrupted event in like in the long term | |||
0:31:31.830,0:31:42.030 | |||
like there's there's it's disrupted and | |||
0:31:34.860,0:31:43.470 | |||
polite term for destroyed you choose but | |||
0:31:42.030,0:31:46.470 | |||
I mean there's something interesting | |||
0:31:43.470,0:31:53.210 | |||
here you're 25 years old every bit of | |||
0:31:46.470,0:31:58.289 | |||
your adult life is post 2008 mm-hmm and | |||
0:31:53.210,0:32:01.559 | |||
to be 25 years old and in charge of a | |||
0:31:58.289,0:32:03.270 | |||
financial ecosystem to the extent that | |||
0:32:01.559,0:32:05.400 | |||
anyone is in charge of etherium and I | |||
0:32:03.270,0:32:07.350 | |||
don't want to claim that you are sitting | |||
0:32:05.400,0:32:11.820 | |||
there running and making all these | |||
0:32:07.350,0:32:14.850 | |||
decisions that's an astounding thing | |||
0:32:11.820,0:32:19.429 | |||
that that this has fallen to somebody | |||
0:32:14.850,0:32:23.250 | |||
who whose adult life has post the crash | |||
0:32:19.429,0:32:25.230 | |||
hmm do you think about that at all that | |||
0:32:23.250,0:32:28.020 | |||
you don't have the same associations the | |||
0:32:25.230,0:32:30.690 | |||
rest of us do with markets when they | |||
0:32:28.020,0:32:32.340 | |||
were claimed to be working well like | |||
0:32:30.690,0:32:34.380 | |||
during the during the era of the Great | |||
0:32:32.340,0:32:39.840 | |||
Moderation supposedly when volatility | |||
0:32:34.380,0:32:42.210 | |||
was banished yeah 17:12 right so one | |||
0:32:39.840,0:32:44.010 | |||
thing that I kind of when we realized | |||
0:32:42.210,0:32:46.289 | |||
the recently that I found interesting is | |||
0:32:44.010,0:32:48.030 | |||
that there like there aren't kind of two | |||
0:32:46.289,0:32:51.470 | |||
tribes here there's to be tribes right | |||
0:32:48.030,0:32:56.340 | |||
and what I mean by this is that there's | |||
0:32:51.470,0:32:59.039 | |||
the tribe that says markets are great | |||
0:32:56.340,0:33:01.169 | |||
and there's the tribe that says markets | |||
0:32:59.039,0:33:02.280 | |||
are bad and like we should move to more | |||
0:33:01.169,0:33:05.429 | |||
things don't look like political | |||
0:33:02.280,0:33:08.100 | |||
mechanisms but then if you look at kind | |||
0:33:05.429,0:33:10.190 | |||
of the zeitgeist that's kind of fairly | |||
0:33:08.100,0:33:12.210 | |||
popular in the cryptocurrencies space | |||
0:33:10.190,0:33:16.070 | |||
definitely even still now to a big | |||
0:33:12.210,0:33:19.559 | |||
extent it's that markets are great but | |||
0:33:16.070,0:33:22.020 | |||
the thing that existed and exists like | |||
0:33:19.559,0:33:26.010 | |||
isn't markets and | |||
0:33:22.020,0:33:28.260 | |||
so yes like there's people who are pro | |||
0:33:26.010,0:33:29.910 | |||
market and who see ahead of the existing | |||
0:33:28.260,0:33:31.560 | |||
financial system as being that and | |||
0:33:29.910,0:33:33.420 | |||
there's people who are pro market at | |||
0:33:31.560,0:33:35.640 | |||
receive the existing financial system as | |||
0:33:33.420,0:33:36.930 | |||
being like yet another one of the | |||
0:33:35.640,0:33:39.660 | |||
perversions of that that needs to be | |||
0:33:36.930,0:33:43.260 | |||
overcome well it's odd because I would | |||
0:33:39.660,0:33:47.010 | |||
love to fix our democracy I'd love to | |||
0:33:43.260,0:33:49.410 | |||
fix our markets but I am I have to say I | |||
0:33:47.010,0:33:54.150 | |||
believe that I have grown up in a an | |||
0:33:49.410,0:33:56.100 | |||
approximately 50 year bubble which the | |||
0:33:54.150,0:34:00.770 | |||
Silent Generation and then the boomers | |||
0:33:56.100,0:34:03.900 | |||
presided over and my own read is that | |||
0:34:00.770,0:34:06.780 | |||
because of their inability to figure out | |||
0:34:03.900,0:34:09.300 | |||
sufficient innovation to take over from | |||
0:34:06.780,0:34:12.840 | |||
the previously innovative system that | |||
0:34:09.300,0:34:15.360 | |||
the world of human expertise has been | |||
0:34:12.840,0:34:17.790 | |||
almost completely contaminated by | |||
0:34:15.360,0:34:21.270 | |||
special pleading and political economy | |||
0:34:17.790,0:34:23.780 | |||
so that many of us who don't have a | |||
0:34:21.270,0:34:28.620 | |||
particularly Austrian or libertarian | |||
0:34:23.780,0:34:32.159 | |||
bent are just sick to death of being | |||
0:34:28.620,0:34:34.010 | |||
lied to by people claim to be Nobel | |||
0:34:32.159,0:34:37.679 | |||
laureates in economics yep | |||
0:34:34.010,0:34:39.840 | |||
do you have any emotional connection to | |||
0:34:37.679,0:34:42.860 | |||
you hmm | |||
0:34:39.840,0:34:45.960 | |||
like I feel like I'm lied to about | |||
0:34:42.860,0:34:47.370 | |||
almost almost you know the doctors are | |||
0:34:45.960,0:34:48.390 | |||
lying the lawyers are lying the | |||
0:34:47.370,0:34:52.010 | |||
accountants are lying | |||
0:34:48.390,0:34:55.230 | |||
the extraction companies are lying and | |||
0:34:52.010,0:34:57.510 | |||
it's not because of a million different | |||
0:34:55.230,0:34:59.700 | |||
reasons it's because growth ran out and | |||
0:34:57.510,0:35:03.000 | |||
our whole society is predicated on a | |||
0:34:59.700,0:35:06.030 | |||
need for economic growth yeah no there's | |||
0:35:03.000,0:35:07.710 | |||
definitely and of things that are that | |||
0:35:06.030,0:35:10.320 | |||
have changed in us and assess them | |||
0:35:07.710,0:35:11.490 | |||
that's just not keeping up and doesn't | |||
0:35:10.320,0:35:16.130 | |||
and doesn't understand that there is | |||
0:35:11.490,0:35:17.700 | |||
such a thing as keeping up and it's like | |||
0:35:16.130,0:35:22.740 | |||
hmm | |||
0:35:17.700,0:35:24.240 | |||
so like one thing that even Gwen talks | |||
0:35:22.740,0:35:27.630 | |||
about this right what he talks about | |||
0:35:24.240,0:35:31.400 | |||
kind of the mortgage markets has social | |||
0:35:27.630,0:35:35.230 | |||
technology mentality versus the like | |||
0:35:31.400,0:35:39.550 | |||
basically end of history mentality and I | |||
0:35:35.230,0:35:42.730 | |||
like the way that I can and I definitely | |||
0:35:39.550,0:35:44.680 | |||
saw this kind of zeitgeist 10 years ago | |||
0:35:42.730,0:35:46.300 | |||
that said kind of even more broadly than | |||
0:35:44.680,0:35:49.900 | |||
like markets versus other mechanisms | |||
0:35:46.300,0:35:51.700 | |||
that's like things are 80% efficient and | |||
0:35:49.900,0:35:52.240 | |||
lots of work to make them 95 percent | |||
0:35:51.700,0:35:57.190 | |||
efficient | |||
0:35:52.240,0:35:58.869 | |||
whereas the the thing that's really | |||
0:35:57.190,0:35:59.980 | |||
going on is that things are 3 percent | |||
0:35:58.869,0:36:02.080 | |||
efficient and we should work hard on | |||
0:35:59.980,0:36:05.170 | |||
making them six percent efficient like | |||
0:36:02.080,0:36:07.720 | |||
if you kind of move away from the narrow | |||
0:36:05.170,0:36:08.859 | |||
context of like I'm I have something to | |||
0:36:07.720,0:36:10.540 | |||
sell when you have something to buy | |||
0:36:08.859,0:36:14.260 | |||
which is pretty well optimized already | |||
0:36:10.540,0:36:15.820 | |||
then there's lots of these and very big | |||
0:36:14.260,0:36:18.970 | |||
things that are happening that have just | |||
0:36:15.820,0:36:23.320 | |||
completely been missed and in technology | |||
0:36:18.970,0:36:25.180 | |||
and if Network effects and all and just | |||
0:36:23.320,0:36:26.800 | |||
generally kind of migrating from atoms | |||
0:36:25.180,0:36:31.180 | |||
to bits are definitely all a big part of | |||
0:36:26.800,0:36:32.830 | |||
it so let's talk about something's a | |||
0:36:31.180,0:36:35.800 | |||
little bit funny which is if you start | |||
0:36:32.830,0:36:37.330 | |||
to replace government as we were talking | |||
0:36:35.800,0:36:40.119 | |||
about it and you see it as a monopoly on | |||
0:36:37.330,0:36:43.930 | |||
violence you notice that very often | |||
0:36:40.119,0:36:46.480 | |||
there there's a very funny role played | |||
0:36:43.930,0:36:48.340 | |||
by organized crime of course when we | |||
0:36:46.480,0:36:50.770 | |||
think about organized crime we tend to | |||
0:36:48.340,0:36:52.900 | |||
get emotionally excited by it for | |||
0:36:50.770,0:36:56.080 | |||
whatever reason we make lots of movies | |||
0:36:52.900,0:36:58.590 | |||
about it it occupies the mind is | |||
0:36:56.080,0:37:01.480 | |||
something terrifying and alluring and | |||
0:36:58.590,0:37:05.800 | |||
there's sort of two weird aspects to | |||
0:37:01.480,0:37:09.550 | |||
organized crime one of which is violence | |||
0:37:05.800,0:37:11.950 | |||
as a contract enforcement mechanism in | |||
0:37:09.550,0:37:14.890 | |||
other words you're you're gambling so | |||
0:37:11.950,0:37:16.420 | |||
you don't have access to the regular | |||
0:37:14.890,0:37:20.290 | |||
court system now you have a gambling | |||
0:37:16.420,0:37:26.320 | |||
debt and so just the way our government | |||
0:37:20.290,0:37:28.330 | |||
would put you in jail if you you know | |||
0:37:26.320,0:37:30.130 | |||
started doing things you couldn't | |||
0:37:28.330,0:37:31.570 | |||
fulfill all of your obligations and you | |||
0:37:30.130,0:37:34.990 | |||
were doing harm to lots of people and | |||
0:37:31.570,0:37:37.540 | |||
you couldn't be stopped organized crime | |||
0:37:34.990,0:37:40.270 | |||
has to do somebody can't maintain jails | |||
0:37:37.540,0:37:42.700 | |||
you know so it can put the hurt on | |||
0:37:40.270,0:37:45.220 | |||
somebody for means of contract | |||
0:37:42.700,0:37:46.930 | |||
enforcement so it's it's not looking to | |||
0:37:45.220,0:37:48.260 | |||
do violent things it's looking to run | |||
0:37:46.930,0:37:49.910 | |||
illegal businesses | |||
0:37:48.260,0:37:52.100 | |||
for which there's demand yeah and then | |||
0:37:49.910,0:37:53.560 | |||
it has a problem of enforcement then | |||
0:37:52.100,0:37:57.370 | |||
there's another part of it which is | |||
0:37:53.560,0:37:59.930 | |||
violence as the product so for example | |||
0:37:57.370,0:38:01.850 | |||
extortion be shame if anything were to | |||
0:37:59.930,0:38:04.820 | |||
happen to this lovely business that | |||
0:38:01.850,0:38:06.920 | |||
you're running is a veiled threat pay us | |||
0:38:04.820,0:38:09.980 | |||
or we're gonna do harm to your business | |||
0:38:06.920,0:38:12.340 | |||
or you know contract killings and the | |||
0:38:09.980,0:38:15.110 | |||
like yeah are you worried that | |||
0:38:12.340,0:38:18.140 | |||
effectively by introducing parallel | |||
0:38:15.110,0:38:22.010 | |||
structures both in the form of currency | |||
0:38:18.140,0:38:24.320 | |||
and in the form of contracts smart | |||
0:38:22.010,0:38:27.590 | |||
contracts that are the cynic wanna and I | |||
0:38:24.320,0:38:30.590 | |||
guess of the difference between Bitcoin | |||
0:38:27.590,0:38:33.410 | |||
and aetherium right that the killer app | |||
0:38:30.590,0:38:35.090 | |||
that is most likely to happen while the | |||
0:38:33.410,0:38:37.880 | |||
technology is still clunky and | |||
0:38:35.090,0:38:42.920 | |||
cumbersome and difficult is in the | |||
0:38:37.880,0:38:46.340 | |||
parallel space that either you are going | |||
0:38:42.920,0:38:49.430 | |||
to replace organized crime as a place to | |||
0:38:46.340,0:38:52.130 | |||
do contractual business outside of the | |||
0:38:49.430,0:38:54.890 | |||
normal scope which could be a benefit | |||
0:38:52.130,0:38:56.870 | |||
because organized crime still exists and | |||
0:38:54.890,0:38:58.880 | |||
is a bad thing because it uses violence | |||
0:38:56.870,0:39:01.850 | |||
and you would use math and in place of | |||
0:38:58.880,0:39:07.360 | |||
it or that it could actually be used to | |||
0:39:01.850,0:39:09.530 | |||
facilitate violence by you know using | |||
0:39:07.360,0:39:12.290 | |||
let's say prediction markets or | |||
0:39:09.530,0:39:16.970 | |||
something else to induce people to | |||
0:39:12.290,0:39:20.120 | |||
commit crimes where the committer the | |||
0:39:16.970,0:39:21.800 | |||
committer of violence has unusual | |||
0:39:20.120,0:39:23.120 | |||
information about where the violence | |||
0:39:21.800,0:39:27.830 | |||
will be committed and therefore can | |||
0:39:23.120,0:39:30.290 | |||
profit from it it's definitely a worry | |||
0:39:27.830,0:39:31.670 | |||
that have I in make lots of people in | |||
0:39:30.290,0:39:33.920 | |||
the crypt of space have had since the | |||
0:39:31.670,0:39:36.530 | |||
beginning though I do feel like at least | |||
0:39:33.920,0:39:38.090 | |||
so far I've been surprised like it feels | |||
0:39:36.530,0:39:41.960 | |||
like a less avetis happens than we had | |||
0:39:38.090,0:39:44.330 | |||
expected the thing now what do you what | |||
0:39:41.960,0:39:47.750 | |||
accounts for the idea that something | |||
0:39:44.330,0:39:51.250 | |||
that can be dreamt has mostly not | |||
0:39:47.750,0:39:53.810 | |||
occurred yes I definitely have yeah | |||
0:39:51.250,0:39:54.860 | |||
maybe it's a great thing about humans | |||
0:39:53.810,0:39:56.330 | |||
that we didn't realize that we're not | |||
0:39:54.860,0:39:57.800 | |||
nearly the horrible people we thought | |||
0:39:56.330,0:39:59.750 | |||
and I definitely have a couple of | |||
0:39:57.800,0:40:01.640 | |||
theories about this so one of those | |||
0:39:59.750,0:40:07.519 | |||
theories is | |||
0:40:01.640,0:40:10.849 | |||
like basically a lot of things that | |||
0:40:07.519,0:40:12.769 | |||
people do and especially a lot of things | |||
0:40:10.849,0:40:14.390 | |||
that people do in the InfoSphere because | |||
0:40:12.769,0:40:15.710 | |||
like public goods are gonna have | |||
0:40:14.390,0:40:18.730 | |||
chronically underfunded and all that | |||
0:40:15.710,0:40:22.180 | |||
rely really heavily on goodwill and so | |||
0:40:18.730,0:40:25.160 | |||
you know you have goodwill that if | |||
0:40:22.180,0:40:27.289 | |||
someone if you pay someone to write some | |||
0:40:25.160,0:40:29.809 | |||
piece piece of software for your website | |||
0:40:27.289,0:40:31.880 | |||
it's not gonna include some bloggers go | |||
0:40:29.809,0:40:33.829 | |||
yeah some bug that'll steal people's | |||
0:40:31.880,0:40:37.730 | |||
money or tell the FBI where you are that | |||
0:40:33.829,0:40:39.079 | |||
you if you create a system for the | |||
0:40:37.730,0:40:42.470 | |||
enforcing agreements that they'll | |||
0:40:39.079,0:40:45.710 | |||
actually get enforced then even like on | |||
0:40:42.470,0:40:47.989 | |||
internet forums they depend on kind of a | |||
0:40:45.710,0:40:51.259 | |||
lot of volunteer labor for just things | |||
0:40:47.989,0:40:54.980 | |||
like moderation and if you create a | |||
0:40:51.259,0:40:56.809 | |||
group that just goes like fundamentally | |||
0:40:54.980,0:40:58.460 | |||
against like the vast majority of | |||
0:40:56.809,0:41:00.440 | |||
people's values then it's just gonna be | |||
0:40:58.460,0:41:06.680 | |||
hard to find volunteer effort for that | |||
0:41:00.440,0:41:08.539 | |||
sort of thing and like this so that's | |||
0:41:06.680,0:41:11.180 | |||
probably the big in the big reason I | |||
0:41:08.539,0:41:13.700 | |||
think why ik so far we don't really see | |||
0:41:11.180,0:41:16.309 | |||
a kind of you know complicated like | |||
0:41:13.700,0:41:20.059 | |||
decentralized structure is being created | |||
0:41:16.309,0:41:21.650 | |||
to facilitate like black black markets | |||
0:41:20.059,0:41:22.819 | |||
for killing people and so forth because | |||
0:41:21.650,0:41:26.029 | |||
let's start off with something more | |||
0:41:22.819,0:41:28.130 | |||
mundane like a numbers racket right so a | |||
0:41:26.029,0:41:31.099 | |||
numbers racket would probably be a much | |||
0:41:28.130,0:41:32.960 | |||
simpler application so what do you mean | |||
0:41:31.099,0:41:34.400 | |||
by numbers racket here well it's | |||
0:41:32.960,0:41:36.650 | |||
something that takes the place of a | |||
0:41:34.400,0:41:39.619 | |||
lottery where some let's say some | |||
0:41:36.650,0:41:41.749 | |||
naturally occurring number that would be | |||
0:41:39.619,0:41:44.329 | |||
printed in a newspaper and presumably | |||
0:41:41.749,0:41:47.089 | |||
nobody has the influence over what | |||
0:41:44.329,0:41:49.670 | |||
number gets printed right constitutes | |||
0:41:47.089,0:41:51.920 | |||
the lotto draw lotteries have existed on | |||
0:41:49.670,0:41:55.400 | |||
watching since the beginning yeah okay | |||
0:41:51.920,0:41:57.319 | |||
even there's definitely been this kind | |||
0:41:55.400,0:41:59.569 | |||
of sub community of people that created | |||
0:41:57.319,0:42:01.099 | |||
these kind of provably faire Ponzi | |||
0:41:59.569,0:42:03.019 | |||
contracts where and we have a smart | |||
0:42:01.099,0:42:05.180 | |||
contracts and you can throw money in and | |||
0:42:03.019,0:42:07.339 | |||
as soon as if you're the nth person to | |||
0:42:05.180,0:42:10.069 | |||
throw money n su as soon as two n people | |||
0:42:07.339,0:42:11.779 | |||
throw money and you get like 1.92 back | |||
0:42:10.069,0:42:15.739 | |||
or something like that and like this was | |||
0:42:11.779,0:42:18.200 | |||
just a fun game that people have made | |||
0:42:15.739,0:42:19.910 | |||
and like participated in even fully | |||
0:42:18.200,0:42:23.569 | |||
knowing what the economics of the thing | |||
0:42:19.910,0:42:28.690 | |||
are so yeah in thing things like that | |||
0:42:23.569,0:42:32.089 | |||
have definitely happened so I don't like | |||
0:42:28.690,0:42:34.700 | |||
though in gambling is the sort of thing | |||
0:42:32.089,0:42:36.739 | |||
that like there isn't like there isn't | |||
0:42:34.700,0:42:38.539 | |||
this kind of nine ninety nine percent | |||
0:42:36.739,0:42:41.150 | |||
plus consensus that it's really horrible | |||
0:42:38.539,0:42:42.589 | |||
and evil right because like on the one | |||
0:42:41.150,0:42:44.059 | |||
hand like lots of people want to be on | |||
0:42:42.589,0:42:49.089 | |||
it but on the other hand people do it | |||
0:42:44.059,0:42:51.829 | |||
and it's something that I think people | |||
0:42:49.089,0:42:53.660 | |||
see negative consequences of but at the | |||
0:42:51.829,0:42:55.249 | |||
same time it's something it is something | |||
0:42:53.660,0:42:59.299 | |||
that people participate in and enjoy | |||
0:42:55.249,0:43:01.549 | |||
whereas the I mean if extremely bad | |||
0:42:59.299,0:43:04.160 | |||
stuff like that's there's definitely | |||
0:43:01.549,0:43:06.559 | |||
this kind of this kind of barrier | |||
0:43:04.160,0:43:08.239 | |||
between kind of things that are edgy | |||
0:43:06.559,0:43:11.359 | |||
versus things that are just so far over | |||
0:43:08.239,0:43:15.799 | |||
the edge and for things that are and if | |||
0:43:11.359,0:43:17.869 | |||
so so far over the edge like it is yeah | |||
0:43:15.799,0:43:19.220 | |||
even with smart contracts and even with | |||
0:43:17.869,0:43:21.410 | |||
all of those things it's still hard to | |||
0:43:19.220,0:43:25.160 | |||
coordinate those structures and I think | |||
0:43:21.410,0:43:28.430 | |||
like the blockchain like the blockchains | |||
0:43:25.160,0:43:30.109 | |||
inability to directly read facts about | |||
0:43:28.430,0:43:33.710 | |||
the real world could even be a saving | |||
0:43:30.109,0:43:36.410 | |||
grace here because like because a | |||
0:43:33.710,0:43:38.029 | |||
blockchain can't directly read like | |||
0:43:36.410,0:43:39.710 | |||
whether or not something in the real | |||
0:43:38.029,0:43:41.239 | |||
world happens it basically me and said | |||
0:43:39.710,0:43:42.739 | |||
if you want to have some application | |||
0:43:41.239,0:43:45.140 | |||
whether a prediction market or something | |||
0:43:42.739,0:43:46.489 | |||
else that does okay so can we say a | |||
0:43:45.140,0:43:48.259 | |||
little bit more about the probably | |||
0:43:46.489,0:43:48.799 | |||
intellectual problem that you're you're | |||
0:43:48.259,0:43:50.690 | |||
in touching | |||
0:43:48.799,0:43:52.999 | |||
so the idea is that there may be | |||
0:43:50.690,0:43:58.130 | |||
something that's very perceptible to us | |||
0:43:52.999,0:44:00.019 | |||
hmm about the real world but we might | |||
0:43:58.130,0:44:01.869 | |||
naively think well the computer should | |||
0:44:00.019,0:44:04.400 | |||
be able to tell whether that happened | |||
0:44:01.869,0:44:07.460 | |||
right or it didn't happen and that | |||
0:44:04.400,0:44:11.630 | |||
that's a surprisingly difficult thing to | |||
0:44:07.460,0:44:15.230 | |||
code up reliably so that the interface | |||
0:44:11.630,0:44:19.420 | |||
between the world of bits and bytes in | |||
0:44:15.230,0:44:22.279 | |||
the world of otherwise physical reality | |||
0:44:19.420,0:44:26.150 | |||
which often we don't realize we're | |||
0:44:22.279,0:44:27.250 | |||
thinking about subjectively hmm that | |||
0:44:26.150,0:44:30.430 | |||
it's hard to | |||
0:44:27.250,0:44:32.530 | |||
maintain that interface so that the way | |||
0:44:30.430,0:44:34.360 | |||
in which the things that have happened | |||
0:44:32.530,0:44:36.550 | |||
in the real world can be definitely | |||
0:44:34.360,0:44:38.830 | |||
agreed upon without us any kind of | |||
0:44:36.550,0:44:40.930 | |||
adjudication inside of the digital right | |||
0:44:38.830,0:44:43.270 | |||
yeah so I don't know how to say that | |||
0:44:40.930,0:44:45.730 | |||
well block chains are an a fundamentally | |||
0:44:43.270,0:44:47.890 | |||
programmatic medium all they see is data | |||
0:44:45.730,0:44:50.650 | |||
that gets fed into them and what they | |||
0:44:47.890,0:44:54.370 | |||
can compute as a result of that data and | |||
0:44:50.650,0:44:56.920 | |||
so if you wants to create a smart | |||
0:44:54.370,0:44:59.560 | |||
contract that says if someone figures | |||
0:44:56.920,0:45:01.330 | |||
out how to what the prime factors have a | |||
0:44:59.560,0:45:03.370 | |||
big number or pay them a reward you can | |||
0:45:01.330,0:45:04.510 | |||
do that because prime prime factors are | |||
0:45:03.370,0:45:07.150 | |||
something that you can multiply together | |||
0:45:04.510,0:45:10.000 | |||
and verify but if he wants to have a | |||
0:45:07.150,0:45:13.000 | |||
smart contract that says if there's a | |||
0:45:10.000,0:45:14.980 | |||
hurricane and in Srilanka then pay five | |||
0:45:13.000,0:45:17.080 | |||
hundred bucks then like you can't do | |||
0:45:14.980,0:45:19.390 | |||
that on the watch in itself because like | |||
0:45:17.080,0:45:20.830 | |||
computer code has no idea what | |||
0:45:19.390,0:45:23.590 | |||
hurricanes are it has no idea what's | |||
0:45:20.830,0:45:26.980 | |||
real like is nobody but in that case | |||
0:45:23.590,0:45:29.710 | |||
could have a designation that you know | |||
0:45:26.980,0:45:31.180 | |||
that the National correct you can you | |||
0:45:29.710,0:45:32.830 | |||
can get data from third-party sources | |||
0:45:31.180,0:45:35.410 | |||
and this is the thing that B else turns | |||
0:45:32.830,0:45:36.910 | |||
it into data exactly this is the the | |||
0:45:35.410,0:45:38.560 | |||
thing that a lot of applications are | |||
0:45:36.910,0:45:41.080 | |||
doing but the thing that's important to | |||
0:45:38.560,0:45:43.360 | |||
keep in mind is that as soon as you do | |||
0:45:41.080,0:45:46.210 | |||
that a guru or smart contractor has no | |||
0:45:43.360,0:45:48.070 | |||
longer fully trust us right right so | |||
0:45:46.210,0:45:52.900 | |||
there's this concept which is like a | |||
0:45:48.070,0:45:54.730 | |||
utopian concept of a trustless legal | |||
0:45:52.900,0:45:57.190 | |||
system so that you don't have the | |||
0:45:54.730,0:45:59.320 | |||
messiness of humans anywhere in the | |||
0:45:57.190,0:46:01.810 | |||
system and you can have complete faith | |||
0:45:59.320,0:46:03.430 | |||
and confidence in the contract that | |||
0:46:01.810,0:46:07.060 | |||
you've struck yeah right and like | |||
0:46:03.430,0:46:08.770 | |||
outside of prude like basically giving | |||
0:46:07.060,0:46:10.870 | |||
bounties for solving math problems so | |||
0:46:08.770,0:46:12.840 | |||
like it's not something that you can | |||
0:46:10.870,0:46:17.470 | |||
100% achieve so I can't necessarily | |||
0:46:12.840,0:46:21.190 | |||
ensure my vacation that if if I go all | |||
0:46:17.470,0:46:24.790 | |||
the way to Argentina and the weather is | |||
0:46:21.190,0:46:26.860 | |||
terrible it pays out because we can't | |||
0:46:24.790,0:46:30.040 | |||
agree what terrible weather is right | |||
0:46:26.860,0:46:32.230 | |||
like you can create structures bit made | |||
0:46:30.040,0:46:35.890 | |||
out of individual participants they can | |||
0:46:32.230,0:46:38.410 | |||
try to and if align incentives to get | |||
0:46:35.890,0:46:40.690 | |||
people to kind of give to give correct | |||
0:46:38.410,0:46:41.150 | |||
results so and you can have complicated | |||
0:46:40.690,0:46:42.619 | |||
and if | |||
0:46:41.150,0:46:43.970 | |||
interruptions involving people giving | |||
0:46:42.619,0:46:46.549 | |||
different answers and policing each | |||
0:46:43.970,0:46:47.960 | |||
other and rewarding people who give the | |||
0:46:46.549,0:46:49.750 | |||
same answer that other people have | |||
0:46:47.960,0:46:53.329 | |||
committed to and things like this but | |||
0:46:49.750,0:46:56.660 | |||
like you can only try to approach the | |||
0:46:53.329,0:46:58.670 | |||
had like the idea love kind of correct | |||
0:46:56.660,0:47:02.960 | |||
truth like you can never 100% reach it | |||
0:46:58.670,0:47:06.799 | |||
now you started aetherium in 2014-2015 | |||
0:47:02.960,0:47:10.039 | |||
um started started end of 2013 I mean it | |||
0:47:06.799,0:47:12.079 | |||
watched in 2015 okay would you say let's | |||
0:47:10.039,0:47:15.760 | |||
use launch data as an artificial sure | |||
0:47:12.079,0:47:21.079 | |||
date would you say you are more or less | |||
0:47:15.760,0:47:23.240 | |||
excited emotionally hmm then you were | |||
0:47:21.079,0:47:27.579 | |||
when it started you've now been through | |||
0:47:23.240,0:47:27.579 | |||
so you've logged some miles here hmm I | |||
0:47:30.069,0:47:37.640 | |||
definitely definitely stay excited I | |||
0:47:34.150,0:47:40.880 | |||
worked I think the main difference is | |||
0:47:37.640,0:47:43.700 | |||
kind of more like definitely a kinda | |||
0:47:40.880,0:47:46.099 | |||
excited in the sense of like four years | |||
0:47:43.700,0:47:48.680 | |||
well definite and like I kind of as | |||
0:47:46.099,0:47:51.349 | |||
opposed to indefinite like four years | |||
0:47:48.680,0:47:54.140 | |||
yeah four years ago was about like hey | |||
0:47:51.349,0:47:56.210 | |||
let's make this platform to kind of try | |||
0:47:54.140,0:47:57.589 | |||
really a bunch of really cool things we | |||
0:47:56.210,0:48:00.020 | |||
have no idea what's gonna happen and | |||
0:47:57.589,0:48:02.630 | |||
let's just stick it out there and now | |||
0:48:00.020,0:48:04.609 | |||
like we know things about things and | |||
0:48:02.630,0:48:07.910 | |||
people are already doing we know things | |||
0:48:04.609,0:48:09.740 | |||
about things that people wants to do on | |||
0:48:07.910,0:48:12.890 | |||
wait hands we'll also know more about | |||
0:48:09.740,0:48:15.140 | |||
Nick what the limitations are and so | |||
0:48:12.890,0:48:17.390 | |||
instead of just being this kind of | |||
0:48:15.140,0:48:19.849 | |||
extremely fuzzy dream of like let's | |||
0:48:17.390,0:48:22.099 | |||
stick smart contracts and algorithms and | |||
0:48:19.849,0:48:27.609 | |||
kind of trust us if I everything right | |||
0:48:22.099,0:48:31.400 | |||
it's something that's kind of both more | |||
0:48:27.609,0:48:34.160 | |||
moderate but also kind of more like | |||
0:48:31.400,0:48:36.140 | |||
seeming much more like it I like it | |||
0:48:34.160,0:48:37.819 | |||
actually has a big chance of kind of | |||
0:48:36.140,0:48:41.029 | |||
transforming the world and of precisely | |||
0:48:37.819,0:48:44.180 | |||
because that's when moderated to some | |||
0:48:41.029,0:48:46.069 | |||
extent so you more if I gave you false | |||
0:48:44.180,0:48:47.990 | |||
three choices and by the way smart | |||
0:48:46.069,0:48:50.029 | |||
people always hate these things so feel | |||
0:48:47.990,0:48:51.589 | |||
free to break the model mmm if I gave | |||
0:48:50.029,0:48:53.710 | |||
you a choice between saying are you | |||
0:48:51.589,0:48:55.180 | |||
mostly excited about | |||
0:48:53.710,0:48:57.730 | |||
the technology and the amount of | |||
0:48:55.180,0:48:59.410 | |||
innovation are you mostly excited about | |||
0:48:57.730,0:49:02.830 | |||
the business opportunities for yourself | |||
0:48:59.410,0:49:06.119 | |||
or are you mostly excited about the way | |||
0:49:02.830,0:49:08.740 | |||
in which this could transform human life | |||
0:49:06.119,0:49:11.560 | |||
would you be that would that be an easy | |||
0:49:08.740,0:49:14.140 | |||
call or would you say I reject that | |||
0:49:11.560,0:49:19.839 | |||
decision tree some mix over the first | |||
0:49:14.140,0:49:21.550 | |||
and the third mm no I just like the | |||
0:49:19.839,0:49:23.619 | |||
framing of business opportunities is | |||
0:49:21.550,0:49:26.800 | |||
definitely kind of never ik like this is | |||
0:49:23.619,0:49:28.510 | |||
weird I mean the despite and I've even I | |||
0:49:26.800,0:49:30.880 | |||
get the sense that you don't love money | |||
0:49:28.510,0:49:34.869 | |||
enough yeah this is true | |||
0:49:30.880,0:49:36.910 | |||
okay hmm I mean it's weird because I for | |||
0:49:34.869,0:49:38.320 | |||
a long time you have a lot of it yeah | |||
0:49:36.910,0:49:40.540 | |||
well I have a lot of it and it's also | |||
0:49:38.320,0:49:43.630 | |||
even weirder because I like for a long | |||
0:49:40.540,0:49:45.700 | |||
time I subscribed so this kind of branch | |||
0:49:43.630,0:49:47.530 | |||
of economics that basically says that | |||
0:49:45.700,0:49:49.750 | |||
like love of money is like the best | |||
0:49:47.530,0:49:55.839 | |||
motivation for B vote for people to have | |||
0:49:49.750,0:49:58.660 | |||
an Randian um well in I'd say make in | |||
0:49:55.839,0:50:00.760 | |||
that area but it's but I don't get that | |||
0:49:58.660,0:50:03.849 | |||
I'll be honest I just don't get that | |||
0:50:00.760,0:50:05.740 | |||
vibe right I mean there's I've | |||
0:50:03.849,0:50:08.800 | |||
definitely kind of shifted a lot over | |||
0:50:05.740,0:50:10.869 | |||
the years I think my experience even | |||
0:50:08.800,0:50:13.300 | |||
within the crypto space itself has kind | |||
0:50:10.869,0:50:17.560 | |||
of trend and given me a lot of new | |||
0:50:13.300,0:50:21.339 | |||
information to work with more like the | |||
0:50:17.560,0:50:24.000 | |||
this basically and then this goes back | |||
0:50:21.339,0:50:26.680 | |||
to this kind of cryptocurrencies as a | |||
0:50:24.000,0:50:33.940 | |||
microcosm of wider society thing right | |||
0:50:26.680,0:50:37.030 | |||
like if you're like basically any like | |||
0:50:33.940,0:50:38.859 | |||
any movements regardless of like what it | |||
0:50:37.030,0:50:40.330 | |||
what the movement is for what its goals | |||
0:50:38.859,0:50:42.339 | |||
are to be succeeded needs to be | |||
0:50:40.330,0:50:43.900 | |||
sufficiently big and once something is | |||
0:50:42.339,0:50:45.880 | |||
sufficiently big it needs to have | |||
0:50:43.900,0:50:47.410 | |||
internal structure to a coordinated | |||
0:50:45.880,0:50:49.960 | |||
initially of its objectives which means | |||
0:50:47.410,0:50:52.270 | |||
that it suffers from governance issues | |||
0:50:49.960,0:50:55.869 | |||
it suffers from public goods the issue | |||
0:50:52.270,0:50:58.750 | |||
is it suffers from conflicts with | |||
0:50:55.869,0:51:01.780 | |||
adjacent movements and suffers from | |||
0:50:58.750,0:51:04.720 | |||
conflicts between its own values and its | |||
0:51:01.780,0:51:06.940 | |||
and its own desire to succeed and so on | |||
0:51:04.720,0:51:10.270 | |||
and so forth and like it needs to | |||
0:51:06.940,0:51:12.849 | |||
come up with ways to answer like | |||
0:51:10.270,0:51:14.109 | |||
basically almost the same kinds of hard | |||
0:51:12.849,0:51:16.960 | |||
problems at the world as a whole is | |||
0:51:14.109,0:51:19.119 | |||
working on well you know it's | |||
0:51:16.960,0:51:22.839 | |||
interesting when I look at this sort of | |||
0:51:19.119,0:51:24.700 | |||
world of people maybe had an epicenter | |||
0:51:22.839,0:51:27.849 | |||
in the Bay Area though I think it's less | |||
0:51:24.700,0:51:29.440 | |||
true now we're trying to figure out what | |||
0:51:27.849,0:51:34.650 | |||
is the future and how do we get there | |||
0:51:29.440,0:51:37.380 | |||
there's a very clear sense that people's | |||
0:51:34.650,0:51:40.920 | |||
creativity and their intelligence is | |||
0:51:37.380,0:51:44.170 | |||
correlated with their financial success | |||
0:51:40.920,0:51:46.240 | |||
but it's not very tight and so there's | |||
0:51:44.170,0:51:48.970 | |||
like an embarrassment that well that | |||
0:51:46.240,0:51:50.920 | |||
person is super amazing and then mm-hmm | |||
0:51:48.970,0:51:53.770 | |||
not doing all that well this person | |||
0:51:50.920,0:51:56.410 | |||
somehow metabolizing amend this amount | |||
0:51:53.770,0:51:58.359 | |||
this is something that I've definitely | |||
0:51:56.410,0:52:01.150 | |||
have realized just from one of my | |||
0:51:58.359,0:52:03.250 | |||
travels like I've interacted with a lot | |||
0:52:01.150,0:52:04.750 | |||
of kind of super famous people in | |||
0:52:03.250,0:52:07.059 | |||
different kinds of positions which | |||
0:52:04.750,0:52:08.920 | |||
includes like some world leaders and | |||
0:52:07.059,0:52:13.240 | |||
includes some kind of leaders of like | |||
0:52:08.920,0:52:16.390 | |||
fields in cryptography and it in you | |||
0:52:13.240,0:52:19.690 | |||
realize that like people in these | |||
0:52:16.390,0:52:22.210 | |||
positions they are impressive but | |||
0:52:19.690,0:52:24.700 | |||
they're not like super amazing godlike | |||
0:52:22.210,0:52:26.109 | |||
impressive right something tomorrow some | |||
0:52:24.700,0:52:27.849 | |||
of them are but then there's also super | |||
0:52:26.109,0:52:29.559 | |||
amazing godlike impressive people that | |||
0:52:27.849,0:52:31.210 | |||
just like don't get her to get that much | |||
0:52:29.559,0:52:34.210 | |||
shit I don't know what I'm trying to get | |||
0:52:31.210,0:52:37.630 | |||
at I think about like if you hang around | |||
0:52:34.210,0:52:39.279 | |||
with musicians very often you'll have | |||
0:52:37.630,0:52:41.170 | |||
some buddies a super famous musicians | |||
0:52:39.279,0:52:42.069 | |||
and you want to who's really good and | |||
0:52:41.170,0:52:45.730 | |||
they'll tell you some of you've never | |||
0:52:42.069,0:52:50.470 | |||
heard of and musician's musician exactly | |||
0:52:45.730,0:52:53.589 | |||
this yes right and so you know if I if I | |||
0:52:50.470,0:52:56.109 | |||
gave the name of people who are famous | |||
0:52:53.589,0:52:57.970 | |||
for being let's say physicists they're | |||
0:52:56.109,0:52:59.890 | |||
very often the people on television as | |||
0:52:57.970,0:53:02.260 | |||
physicists mm-hmm but they would all | |||
0:52:59.890,0:53:03.460 | |||
point to some guy who doesn't give a lot | |||
0:53:02.260,0:53:05.950 | |||
of interviews and say well that's the | |||
0:53:03.460,0:53:10.890 | |||
top guy exactly like basically the | |||
0:53:05.950,0:53:14.440 | |||
social status like is predicted by | |||
0:53:10.890,0:53:17.529 | |||
confidence multiplied by like basically | |||
0:53:14.440,0:53:19.299 | |||
publicity skill and that's half | |||
0:53:17.529,0:53:20.590 | |||
correlated with competence for obvious | |||
0:53:19.299,0:53:21.730 | |||
reasons right like those | |||
0:53:20.590,0:53:22.930 | |||
people also know the people that have | |||
0:53:21.730,0:53:23.920 | |||
the real confidence and that's one of | |||
0:53:22.930,0:53:25.990 | |||
the things that I've always found really | |||
0:53:23.920,0:53:28.900 | |||
interesting about people who have this | |||
0:53:25.990,0:53:32.860 | |||
diehard belief that markets produce | |||
0:53:28.900,0:53:36.250 | |||
justice which is I do think that success | |||
0:53:32.860,0:53:41.950 | |||
in markets is somewhat correlated or has | |||
0:53:36.250,0:53:44.050 | |||
been with things like productivity but | |||
0:53:41.950,0:53:46.270 | |||
it's also correlated sometimes with how | |||
0:53:44.050,0:53:48.340 | |||
predatory somebody can be or you know | |||
0:53:46.270,0:53:51.460 | |||
how lucky they happen to be at a | |||
0:53:48.340,0:53:55.600 | |||
particular moment and one of the | |||
0:53:51.460,0:53:57.130 | |||
questions that I have is if you're | |||
0:53:55.600,0:53:59.170 | |||
really interested in innovation which is | |||
0:53:57.130,0:54:03.250 | |||
what I sort of pick up is you know the | |||
0:53:59.170,0:54:06.910 | |||
main things how does something like | |||
0:54:03.250,0:54:10.660 | |||
aetherium give us a possibility to | |||
0:54:06.910,0:54:12.760 | |||
revitalize innovation after what many of | |||
0:54:10.660,0:54:15.900 | |||
us consider a period of relative | |||
0:54:12.760,0:54:17.740 | |||
stagnancy outside of the areas of | |||
0:54:15.900,0:54:21.310 | |||
computation communication which | |||
0:54:17.740,0:54:24.820 | |||
everybody knows have exploded hmm do you | |||
0:54:21.310,0:54:30.660 | |||
think about how if cerium can mediate a | |||
0:54:24.820,0:54:30.660 | |||
new Renaissance a new generative age | |||
0:54:31.260,0:54:37.990 | |||
about it a little bit definitely and I | |||
0:54:34.060,0:54:42.970 | |||
think I mean there's ten of etherium as | |||
0:54:37.990,0:54:44.650 | |||
a platform for experiments in governance | |||
0:54:42.970,0:54:47.740 | |||
and public goods funding is one thing I | |||
0:54:44.650,0:54:50.350 | |||
mentioned and education is another thing | |||
0:54:47.740,0:54:52.360 | |||
that I end of talk about in the end | |||
0:54:50.350,0:54:54.400 | |||
obviously we do I mean I have a lot of | |||
0:54:52.360,0:54:58.960 | |||
these blog posts on Vitalik dossier in | |||
0:54:54.400,0:55:00.970 | |||
other forums and like they're one of the | |||
0:54:58.960,0:55:04.510 | |||
big challenges that a for example is | |||
0:55:00.970,0:55:06.430 | |||
that like for in and of Internet | |||
0:55:04.510,0:55:08.170 | |||
educational resources in general there's | |||
0:55:06.430,0:55:10.900 | |||
basically two kinds right there's like | |||
0:55:08.170,0:55:13.270 | |||
papers and I Wikipedia and like | |||
0:55:10.900,0:55:14.950 | |||
basically things that are technically | |||
0:55:13.270,0:55:17.590 | |||
accurate but they're just not core ibly | |||
0:55:14.950,0:55:19.510 | |||
not understand understandable at all and | |||
0:55:17.590,0:55:21.490 | |||
we should not be forcing people to even | |||
0:55:19.510,0:55:23.650 | |||
try reading them and then there's pops a | |||
0:55:21.490,0:55:26.080 | |||
literature which is very accessible but | |||
0:55:23.650,0:55:30.280 | |||
it's often just actively wrong in really | |||
0:55:26.080,0:55:31.720 | |||
horrible ways and okay I personally even | |||
0:55:30.280,0:55:33.370 | |||
before a theorem like I did Bitcoin | |||
0:55:31.720,0:55:34.420 | |||
magazine for example like I've always | |||
0:55:33.370,0:55:37.779 | |||
tried | |||
0:55:34.420,0:55:41.410 | |||
to find this kind of middle gap this way | |||
0:55:37.779,0:55:43.839 | |||
to explain can take concepts that are | |||
0:55:41.410,0:55:45.700 | |||
technical and if expand them to a bride | |||
0:55:43.839,0:55:48.519 | |||
a broader audience so they are more | |||
0:55:45.700,0:55:51.569 | |||
accessible and like this to me has been | |||
0:55:48.519,0:55:53.589 | |||
important in part because like I view | |||
0:55:51.569,0:55:55.990 | |||
accessibility of information about the | |||
0:55:53.589,0:55:58.210 | |||
technology as a precondition for even | |||
0:55:55.990,0:55:59.950 | |||
the decentralization of the space like | |||
0:55:58.210,0:56:01.720 | |||
if the thing technically runs on fifty | |||
0:55:59.950,0:56:03.039 | |||
thousand computers but only forty two | |||
0:56:01.720,0:56:04.660 | |||
people know how it works and your | |||
0:56:03.039,0:56:07.960 | |||
decentralization indexes and fifty | |||
0:56:04.660,0:56:10.450 | |||
thousand it's 42 you know and so there's | |||
0:56:07.960,0:56:15.549 | |||
a very nice point yeah and so trying to | |||
0:56:10.450,0:56:17.140 | |||
kind of improve like even how we in the | |||
0:56:15.549,0:56:20.019 | |||
etherium community and if work on | |||
0:56:17.140,0:56:23.470 | |||
innovation internally but so those are | |||
0:56:20.019,0:56:27.700 | |||
kind of things that and if that happened | |||
0:56:23.470,0:56:29.529 | |||
in blockchains as a novella as a lab for | |||
0:56:27.700,0:56:31.680 | |||
trying out new things kind of first for | |||
0:56:29.529,0:56:33.549 | |||
the blockchain space and then | |||
0:56:31.680,0:56:35.890 | |||
potentially export it to other things | |||
0:56:33.549,0:56:38.559 | |||
and then we can also look at head of | |||
0:56:35.890,0:56:41.799 | |||
wall chains as something that can be | |||
0:56:38.559,0:56:45.490 | |||
used to improve and create better | |||
0:56:41.799,0:56:48.069 | |||
institutions so like one of the etherium | |||
0:56:45.490,0:56:50.589 | |||
foundations researchers vlad sam fear he | |||
0:56:48.069,0:56:51.940 | |||
actually got into aetherium because he | |||
0:56:50.589,0:56:55.720 | |||
was working at how to improve academic | |||
0:56:51.940,0:56:57.130 | |||
publishing and like he saw things like | |||
0:56:55.720,0:56:59.890 | |||
you know the existing peer review | |||
0:56:57.130,0:57:01.839 | |||
mechanisms and how they were just a very | |||
0:56:59.890,0:57:05.259 | |||
flawed in a bunch of ways and he thought | |||
0:57:01.839,0:57:07.450 | |||
that like hey here's potentially apply | |||
0:57:05.259,0:57:09.309 | |||
form that we could use to build | |||
0:57:07.450,0:57:12.369 | |||
something that does better and like | |||
0:57:09.309,0:57:15.039 | |||
that's one of his core interests and why | |||
0:57:12.369,0:57:17.410 | |||
he is even continuing to work on the | |||
0:57:15.039,0:57:20.170 | |||
technology you know i hadn't understood | |||
0:57:17.410,0:57:22.750 | |||
how insiders viewed peer review in an | |||
0:57:20.170,0:57:25.569 | |||
academic context until he finance | |||
0:57:22.750,0:57:28.329 | |||
professor got drunk at a party and said | |||
0:57:25.569,0:57:31.029 | |||
you know that guy who's harassing you | |||
0:57:28.329,0:57:32.710 | |||
and your research in finance you don't | |||
0:57:31.029,0:57:34.660 | |||
know why he's doing i said well why do | |||
0:57:32.710,0:57:37.119 | |||
you think he's doing so i know he says | |||
0:57:34.660,0:57:40.210 | |||
we've created a system where our fees | |||
0:57:37.119,0:57:44.380 | |||
are sky-high to consult and we do this | |||
0:57:40.210,0:57:46.539 | |||
by making the number of professors in | |||
0:57:44.380,0:57:47.400 | |||
our field small by controlling peer | |||
0:57:46.539,0:57:49.079 | |||
review | |||
0:57:47.400,0:57:50.670 | |||
and so that effectively we are at | |||
0:57:49.079,0:57:54.359 | |||
conspiracy in restraint like this guy's | |||
0:57:50.670,0:57:56.130 | |||
just telling me straight out that this | |||
0:57:54.359,0:57:58.500 | |||
is a gating function to keep their | |||
0:57:56.130,0:58:00.569 | |||
consulting fees high and that this guy | |||
0:57:58.500,0:58:02.609 | |||
is gonna do everything that they tell | |||
0:58:00.569,0:58:04.109 | |||
him to do because otherwise he can't | |||
0:58:02.609,0:58:07.200 | |||
come into the club and charge these | |||
0:58:04.109,0:58:09.869 | |||
rates that sounds about right | |||
0:58:07.200,0:58:11.339 | |||
right so him that one of the app another | |||
0:58:09.869,0:58:13.559 | |||
killer application so you have one | |||
0:58:11.339,0:58:15.569 | |||
potential suite of applications which | |||
0:58:13.559,0:58:18.359 | |||
have to do with facilitating illegality | |||
0:58:15.569,0:58:20.910 | |||
some of that might regard will result in | |||
0:58:18.359,0:58:24.180 | |||
net reduction of harm because you could | |||
0:58:20.910,0:58:27.900 | |||
replace violence with math yes on the | |||
0:58:24.180,0:58:31.410 | |||
other hand a place where you could have | |||
0:58:27.900,0:58:36.779 | |||
a really positive effect is political | |||
0:58:31.410,0:58:40.980 | |||
economy where by removing the human | |||
0:58:36.779,0:58:43.289 | |||
ability to act badly you effectively | |||
0:58:40.980,0:58:47.880 | |||
create a much fairer more representative | |||
0:58:43.289,0:58:50.520 | |||
world exactly you know what do we do so | |||
0:58:47.880,0:58:52.260 | |||
you have an interest in in the two | |||
0:58:50.520,0:58:55.440 | |||
fields that I find Wikipedia can't | |||
0:58:52.260,0:58:58.470 | |||
explain to any normal human being our | |||
0:58:55.440,0:59:00.359 | |||
theoretical math and physics even | |||
0:58:58.470,0:59:01.829 | |||
biology you can sort of guess what's | |||
0:59:00.359,0:59:04.950 | |||
going on because you have something | |||
0:59:01.829,0:59:07.260 | |||
concrete to the area but even biology | |||
0:59:04.950,0:59:08.609 | |||
like you got a learn math the deeply | |||
0:59:07.260,0:59:11.010 | |||
grok it because otherwise you're just | |||
0:59:08.609,0:59:14.910 | |||
memorizing like names of chemicals well | |||
0:59:11.010,0:59:19.260 | |||
but you could my here I have a PhD in | |||
0:59:14.910,0:59:22.349 | |||
math if I try to read a math paper one | |||
0:59:19.260,0:59:25.319 | |||
or two fields over from my own field | |||
0:59:22.349,0:59:27.420 | |||
right I will do less well with it than | |||
0:59:25.319,0:59:29.119 | |||
if I read a biology paper and even | |||
0:59:27.420,0:59:32.220 | |||
though I've taken no class in biology | |||
0:59:29.119,0:59:35.880 | |||
that sounds right yeah yeah like there's | |||
0:59:32.220,0:59:38.299 | |||
a difference between the level of math | |||
0:59:35.880,0:59:41.010 | |||
that you have to know it's you just | |||
0:59:38.299,0:59:44.039 | |||
because it's important for you as a | |||
0:59:41.010,0:59:45.720 | |||
philosopher and then and like that's | |||
0:59:44.039,0:59:47.760 | |||
about the level of math that I think you | |||
0:59:45.720,0:59:49.319 | |||
need even to be good at biology to be | |||
0:59:47.760,0:59:52.410 | |||
good at economics to be good at a lot of | |||
0:59:49.319,0:59:54.420 | |||
things right it's understanding like | |||
0:59:52.410,0:59:57.119 | |||
principles even things like for example | |||
0:59:54.420,0:59:59.460 | |||
if you have a trade-off between x and y | |||
0:59:57.119,1:00:01.240 | |||
and right now you're optimizing entirely | |||
0:59:59.460,1:00:03.490 | |||
for x and it's a smooth curve | |||
1:00:01.240,1:00:04.900 | |||
then if he wants a little bit of Y then | |||
1:00:03.490,1:00:06.940 | |||
you can get your first bit of Y at | |||
1:00:04.900,1:00:10.030 | |||
almost like zero cost of X right and | |||
1:00:06.940,1:00:12.460 | |||
that's just a prop like it's a property | |||
1:00:10.030,1:00:13.960 | |||
of continuous functions that look from | |||
1:00:12.460,1:00:16.960 | |||
the maximum of the derivative starts at | |||
1:00:13.960,1:00:19.960 | |||
zero you know like if you kind of just | |||
1:00:16.960,1:00:22.180 | |||
deeply kind of mentally grok about like | |||
1:00:19.960,1:00:23.560 | |||
a couple hundred of these facts the way | |||
1:00:22.180,1:00:25.810 | |||
you're deeply kind of mentally grow out | |||
1:00:23.560,1:00:28.210 | |||
like how to walk then like you get a lot | |||
1:00:25.810,1:00:30.130 | |||
but then from there there's also like | |||
1:00:28.210,1:00:32.860 | |||
the frontiers and often I mean the | |||
1:00:30.130,1:00:34.210 | |||
frontiers were most important well so | |||
1:00:32.860,1:00:36.850 | |||
here's a weird thing I don't know how to | |||
1:00:34.210,1:00:37.750 | |||
bring up when I try to understand crypto | |||
1:00:36.850,1:00:40.680 | |||
as a space | |||
1:00:37.750,1:00:43.600 | |||
I'm always confronted by how incredibly | |||
1:00:40.680,1:00:46.390 | |||
Byzantine and impossible it is to | |||
1:00:43.600,1:00:48.369 | |||
understand all of the acronyms all of | |||
1:00:46.390,1:00:53.440 | |||
the sub pieces of history I mean it's an | |||
1:00:48.369,1:00:56.650 | |||
incredibly fragmented experience in | |||
1:00:53.440,1:01:02.280 | |||
which I spend a long period of time just | |||
1:00:56.650,1:01:05.290 | |||
feeling moronic isn't it odd that like | |||
1:01:02.280,1:01:07.240 | |||
etherium itself suffers from this this | |||
1:01:05.290,1:01:09.420 | |||
problem it's hard to know what's going | |||
1:01:07.240,1:01:12.580 | |||
on yeah it's definitely something that | |||
1:01:09.420,1:01:15.220 | |||
we wants to fix so if I mean if you ever | |||
1:01:12.580,1:01:16.540 | |||
have suggestions on like what | |||
1:01:15.220,1:01:18.010 | |||
specifically we could make more | |||
1:01:16.540,1:01:21.520 | |||
understandable I'm always happy to hear | |||
1:01:18.010,1:01:23.700 | |||
those fantastic now one thing that I | |||
1:01:21.520,1:01:27.190 | |||
think is really interesting is this | |||
1:01:23.700,1:01:30.790 | |||
episode that occurred in the etherium | |||
1:01:27.190,1:01:35.440 | |||
space in which you are faced with a very | |||
1:01:30.790,1:01:40.000 | |||
serious question of leadership having to | |||
1:01:35.440,1:01:42.910 | |||
do with an emergency that you could have | |||
1:01:40.000,1:01:45.100 | |||
either allowed to follow the rules that | |||
1:01:42.910,1:01:48.850 | |||
had been previously specified in some | |||
1:01:45.100,1:01:50.650 | |||
sense or could where you could interject | |||
1:01:48.850,1:01:53.140 | |||
a certain amount of human intervention | |||
1:01:50.650,1:01:57.130 | |||
but thereby letting people know that | |||
1:01:53.140,1:01:59.830 | |||
this was to some extent not mediated | |||
1:01:57.130,1:02:01.270 | |||
only by rules and computers can you can | |||
1:01:59.830,1:02:05.380 | |||
you say a little bit about this famous | |||
1:02:01.270,1:02:07.660 | |||
incident and sure so in 2016 there was | |||
1:02:05.380,1:02:11.050 | |||
this smart contract that a group called | |||
1:02:07.660,1:02:13.050 | |||
salokya launched called the dao and do | |||
1:02:11.050,1:02:15.040 | |||
stands for a decentralized autonomous | |||
1:02:13.050,1:02:17.110 | |||
organization and such our my team | |||
1:02:15.040,1:02:19.840 | |||
with about three years before and it | |||
1:02:17.110,1:02:21.580 | |||
basically means that maybe you can have | |||
1:02:19.840,1:02:24.850 | |||
a smart contract to this computer | |||
1:02:21.580,1:02:27.130 | |||
program that controls digital assets and | |||
1:02:24.850,1:02:30.280 | |||
if encode a set of rules for an | |||
1:02:27.130,1:02:31.930 | |||
organization and like you can use this | |||
1:02:30.280,1:02:33.580 | |||
kind of smart contract basically as a | |||
1:02:31.930,1:02:36.430 | |||
replacement for things like companies | |||
1:02:33.580,1:02:39.970 | |||
and so some I could decide to launch a | |||
1:02:36.430,1:02:42.610 | |||
Dao and their Dao was intended to be | |||
1:02:39.970,1:02:47.080 | |||
basically a decentralized VC fund so | |||
1:02:42.610,1:02:48.910 | |||
people could apply the Dao would vote on | |||
1:02:47.080,1:02:51.610 | |||
which projects were worth investing in | |||
1:02:48.910,1:02:57.130 | |||
so leaderless rule-based yeah and | |||
1:02:51.610,1:02:59.740 | |||
virtual exactly know is they hit hit all | |||
1:02:57.130,1:03:02.320 | |||
the cypherpunk nodes that they're in the | |||
1:02:59.740,1:03:05.710 | |||
right place okay and the thing launched | |||
1:03:02.320,1:03:08.200 | |||
and we were all expecting it during its | |||
1:03:05.710,1:03:10.600 | |||
kind of initial fundraising phase which | |||
1:03:08.200,1:03:12.730 | |||
was also like an open public blockchain | |||
1:03:10.600,1:03:15.430 | |||
process and to maybe get five million | |||
1:03:12.730,1:03:18.130 | |||
dollars but then it got five and it got | |||
1:03:15.430,1:03:19.900 | |||
ten and I got twenty I got fifty and a | |||
1:03:18.130,1:03:23.950 | |||
hundred and then the price of youth went | |||
1:03:19.900,1:03:26.710 | |||
up and I got two hundred and then when I | |||
1:03:23.950,1:03:29.130 | |||
was sitting at AF friends was it all | |||
1:03:26.710,1:03:31.990 | |||
alarming that it was so successful | |||
1:03:29.130,1:03:33.970 | |||
after the 50 mark I definitely have | |||
1:03:31.990,1:03:35.920 | |||
switched from excitement's to deep | |||
1:03:33.970,1:03:38.050 | |||
apprehension but you know it's a | |||
1:03:35.920,1:03:41.530 | |||
contract did you let on that that you | |||
1:03:38.050,1:03:45.490 | |||
were feeling that way a bit okay yeah so | |||
1:03:41.530,1:03:47.650 | |||
on a June 17th 2016 and when I was in | |||
1:03:45.490,1:03:52.930 | |||
Shanghai at a a friend's apartment and | |||
1:03:47.650,1:03:57.670 | |||
it was about fifteen thirty something in | |||
1:03:52.930,1:04:00.160 | |||
the afternoon I saw a message in one of | |||
1:03:57.670,1:04:02.350 | |||
the Skype chats that it was that I was | |||
1:04:00.160,1:04:03.970 | |||
in and someone basically was saying hey | |||
1:04:02.350,1:04:05.350 | |||
guys look at the Dow it seems like | |||
1:04:03.970,1:04:08.770 | |||
there's some money coming out of it and | |||
1:04:05.350,1:04:12.070 | |||
so I checked on the public black | |||
1:04:08.770,1:04:14.350 | |||
Explorer on the blockchain and I saw oh | |||
1:04:12.070,1:04:16.570 | |||
look that it seems like about two | |||
1:04:14.350,1:04:19.420 | |||
million dollar has actually already been | |||
1:04:16.570,1:04:21.670 | |||
removed from the Dow and more ethos and | |||
1:04:19.420,1:04:24.370 | |||
of slowly being drained over time and so | |||
1:04:21.670,1:04:26.880 | |||
I pinged the core developers and I asked | |||
1:04:24.370,1:04:30.060 | |||
hey is this normal and | |||
1:04:26.880,1:04:31.710 | |||
at first I was thinking okay the | |||
1:04:30.060,1:04:33.510 | |||
alternative is unthinkable there has to | |||
1:04:31.710,1:04:36.660 | |||
be a reasonable explanation for this | |||
1:04:33.510,1:04:41.400 | |||
and so you were locked into some sort of | |||
1:04:36.660,1:04:44.400 | |||
denial for at the beginning yes and the | |||
1:04:41.400,1:04:46.710 | |||
developers looked at it and over the | |||
1:04:44.400,1:04:48.540 | |||
next half-hour as more and more people | |||
1:04:46.710,1:04:50.580 | |||
came online and started chattering with | |||
1:04:48.540,1:04:54.350 | |||
each other it became clear that the | |||
1:04:50.580,1:04:57.330 | |||
unthinkable has actually happened and I | |||
1:04:54.350,1:05:01.470 | |||
actually burned about 20 of my own if | |||
1:04:57.330,1:05:03.480 | |||
like basically just tossing the ethereum | |||
1:05:01.470,1:05:05.670 | |||
blockchain in itself and just spamming | |||
1:05:03.480,1:05:07.680 | |||
it with transactions to try to and if so | |||
1:05:05.670,1:05:09.090 | |||
low the attacker I've seen is denial of | |||
1:05:07.680,1:05:10.620 | |||
service yeah yeah just spam the | |||
1:05:09.090,1:05:13.020 | |||
blockchain with dren that got all of my | |||
1:05:10.620,1:05:14.970 | |||
listeners will know the terms okay so | |||
1:05:13.020,1:05:16.260 | |||
that the attackers transactions could | |||
1:05:14.970,1:05:17.850 | |||
not get in as quickly because the | |||
1:05:16.260,1:05:20.100 | |||
attackers transact the attacker could | |||
1:05:17.850,1:05:21.720 | |||
only withdraw something like a couple | |||
1:05:20.100,1:05:24.210 | |||
hundred East with every transaction so | |||
1:05:21.720,1:05:26.970 | |||
it was a slow process like in the hopes | |||
1:05:24.210,1:05:29.130 | |||
that the developers would find some way | |||
1:05:26.970,1:05:30.990 | |||
to ply was an intentional inefficiency | |||
1:05:29.130,1:05:32.820 | |||
or was just that it was it was not | |||
1:05:30.990,1:05:34.500 | |||
intentional so in some weird way the | |||
1:05:32.820,1:05:35.940 | |||
inefficiency was a good thing yes it | |||
1:05:34.500,1:05:37.620 | |||
gets even weirder there was an even | |||
1:05:35.940,1:05:39.560 | |||
bigger and efficiency that would that | |||
1:05:37.620,1:05:43.890 | |||
would prove to be an even better thing | |||
1:05:39.560,1:05:46.290 | |||
so but then the developers however did | |||
1:05:43.890,1:05:48.360 | |||
not find a way to plug the hole but the | |||
1:05:46.290,1:05:50.730 | |||
attacker voluntarily stopped after | |||
1:05:48.360,1:05:53.550 | |||
stealing about 4 million eath from the | |||
1:05:50.730,1:05:55.740 | |||
dough but in any case the this is a | |||
1:05:53.550,1:05:58.680 | |||
second in efficiency it voluntarily | |||
1:05:55.740,1:06:01.200 | |||
stopped yeah there was a request made no | |||
1:05:58.680,1:06:06.900 | |||
no as in the attacker just stopped ok | |||
1:06:01.200,1:06:07.680 | |||
and and so here's the second and bigger | |||
1:06:06.900,1:06:10.710 | |||
in efficiency | |||
1:06:07.680,1:06:13.170 | |||
the money that was the attacker took out | |||
1:06:10.710,1:06:14.600 | |||
the four million eighth it did not go | |||
1:06:13.170,1:06:17.130 | |||
into the attacker swallow it immediately | |||
1:06:14.600,1:06:20.550 | |||
instead it went into a child smart | |||
1:06:17.130,1:06:22.050 | |||
contract and only after 35 days could | |||
1:06:20.550,1:06:24.450 | |||
the attacker action we take that money | |||
1:06:22.050,1:06:27.030 | |||
out and this was child smart contract | |||
1:06:24.450,1:06:30.120 | |||
you mean a separate smart contract that | |||
1:06:27.030,1:06:33.750 | |||
was created through a function call of | |||
1:06:30.120,1:06:36.420 | |||
the main Dao smart contract ok so this | |||
1:06:33.750,1:06:39.470 | |||
was also not intended right it was just | |||
1:06:36.420,1:06:40.890 | |||
like a random quirk of this of fate that | |||
1:06:39.470,1:06:43.080 | |||
there was this | |||
1:06:40.890,1:06:44.940 | |||
big bug that was the biggest smart | |||
1:06:43.080,1:06:47.910 | |||
contract theft in history up until that | |||
1:06:44.940,1:06:50.280 | |||
point and it put the money into this | |||
1:06:47.910,1:06:52.410 | |||
convenient box were just a conveniently | |||
1:06:50.280,1:06:57.180 | |||
locked for 35 days where everyone could | |||
1:06:52.410,1:07:00.540 | |||
stare and look at it oh yeah and the | |||
1:06:57.180,1:07:02.580 | |||
soon after this there were calls | |||
1:07:00.540,1:07:04.560 | |||
happening between core developers and | |||
1:07:02.580,1:07:07.950 | |||
the proposal to remedy the situation | |||
1:07:04.560,1:07:10.320 | |||
with a blockchain fork I came into play | |||
1:07:07.950,1:07:12.840 | |||
right so basically what happened here is | |||
1:07:10.320,1:07:15.120 | |||
the it was a blockchain fork an | |||
1:07:12.840,1:07:19.230 | |||
emotional issue for this community yeah | |||
1:07:15.120,1:07:20.850 | |||
so why is it so what I guess first of | |||
1:07:19.230,1:07:24.150 | |||
all what is it exactly so explain what | |||
1:07:20.850,1:07:25.830 | |||
what would happen so in general a | |||
1:07:24.150,1:07:29.040 | |||
blockchain forcus on normal process | |||
1:07:25.830,1:07:30.930 | |||
right you have an upgrade and the | |||
1:07:29.040,1:07:33.720 | |||
developers of the etherium clients | |||
1:07:30.930,1:07:36.390 | |||
implement code that basically says after | |||
1:07:33.720,1:07:38.790 | |||
block number four three seven zero zero | |||
1:07:36.390,1:07:40.170 | |||
zero zero stop processing blocks | |||
1:07:38.790,1:07:41.640 | |||
according to the old rules start | |||
1:07:40.170,1:07:43.260 | |||
processing blocks according to the new | |||
1:07:41.640,1:07:47.250 | |||
rules which have extra features attached | |||
1:07:43.260,1:07:53.000 | |||
and where blocks are just said packages | |||
1:07:47.250,1:07:56.940 | |||
of transactions okay and B's and so ever | |||
1:07:53.000,1:07:59.100 | |||
before this sub I know these code | |||
1:07:56.940,1:08:01.110 | |||
patches are formally proposed there is | |||
1:07:59.100,1:08:02.730 | |||
this month-long period of mini month | |||
1:08:01.110,1:08:05.070 | |||
long period of deliberation we are | |||
1:08:02.730,1:08:08.130 | |||
changes or proposed people discuss them | |||
1:08:05.070,1:08:09.960 | |||
people talk about them and generally | |||
1:08:08.130,1:08:12.450 | |||
it's agreed that these changes are good | |||
1:08:09.960,1:08:14.160 | |||
and so people just go and download the | |||
1:08:12.450,1:08:16.470 | |||
code and because everyone's downloaded | |||
1:08:14.160,1:08:18.150 | |||
the code the blockchain after block four | |||
1:08:16.470,1:08:19.320 | |||
three seven zero zero zero zero follows | |||
1:08:18.150,1:08:22.290 | |||
these difference in better it's a very | |||
1:08:19.320,1:08:24.300 | |||
warm and very human process yeah called | |||
1:08:22.290,1:08:29.130 | |||
logic of a machine exactly | |||
1:08:24.300,1:08:31.920 | |||
and so the dal Fork | |||
1:08:29.130,1:08:34.350 | |||
it was also a fork it was also a code | |||
1:08:31.920,1:08:38.550 | |||
change implemented by the developers of | |||
1:08:34.350,1:08:41.610 | |||
the clients that is it was pushed out | |||
1:08:38.550,1:08:43.530 | |||
through a new version of the different | |||
1:08:41.610,1:08:45.900 | |||
clients that people could download and | |||
1:08:43.530,1:08:49.320 | |||
users went ahead and voluntarily | |||
1:08:45.900,1:08:51.000 | |||
downloaded it and it would basically | |||
1:08:49.320,1:08:52.680 | |||
change the rules of the blockchain | |||
1:08:51.000,1:08:53.849 | |||
except instead of changing them | |||
1:08:52.680,1:08:55.859 | |||
permanently | |||
1:08:53.849,1:08:58.079 | |||
it would only do what a single one time | |||
1:08:55.859,1:09:01.529 | |||
change and the single one time change | |||
1:08:58.079,1:09:03.509 | |||
basically said during block one one nine | |||
1:09:01.529,1:09:06.599 | |||
two zero zero zero zero before | |||
1:09:03.509,1:09:09.989 | |||
processing any transactions take the | |||
1:09:06.599,1:09:11.790 | |||
ether that stuck in the this child | |||
1:09:09.989,1:09:13.739 | |||
contract and move it into another | |||
1:09:11.790,1:09:17.819 | |||
contract that could then basically | |||
1:09:13.739,1:09:20.339 | |||
refund it all to the victims and so this | |||
1:09:17.819,1:09:22.859 | |||
is a very kind of manual intervention | |||
1:09:20.339,1:09:25.310 | |||
right it basically says like we all | |||
1:09:22.859,1:09:27.420 | |||
agree it's a run code that just | |||
1:09:25.310,1:09:29.159 | |||
irregularly takes this money and just | |||
1:09:27.420,1:09:32.339 | |||
reassigns it so that's other thing so | |||
1:09:29.159,1:09:34.469 | |||
the the it's very weird because you know | |||
1:09:32.339,1:09:37.020 | |||
we always think in like a sci-fi movie | |||
1:09:34.469,1:09:39.810 | |||
that some thing that you think is human | |||
1:09:37.020,1:09:42.329 | |||
would rip off its mask and reveal itself | |||
1:09:39.810,1:09:44.520 | |||
to be a computer and this is the reverse | |||
1:09:42.329,1:09:47.609 | |||
exactly pewter face is ripped off | |||
1:09:44.520,1:09:50.880 | |||
revealing humans behind this this | |||
1:09:47.609,1:09:53.099 | |||
technological stack yes and I mean | |||
1:09:50.880,1:09:56.730 | |||
ultimately like people talk about head | |||
1:09:53.099,1:09:58.889 | |||
of blockchain immutability and like this | |||
1:09:56.730,1:10:00.900 | |||
is this idea that basically you're not | |||
1:09:58.889,1:10:03.119 | |||
supposed to do this sort of thing and | |||
1:10:00.900,1:10:05.909 | |||
where does that supposed to come from | |||
1:10:03.119,1:10:08.010 | |||
exactly it so like there is there's | |||
1:10:05.909,1:10:09.810 | |||
definitely a sense in which it exists | |||
1:10:08.010,1:10:11.190 | |||
technologically because like actually | |||
1:10:09.810,1:10:14.369 | |||
pulling off one of these Forks is | |||
1:10:11.190,1:10:16.139 | |||
incredibly hard and for example if it | |||
1:10:14.369,1:10:18.300 | |||
was not the case that the money was | |||
1:10:16.139,1:10:20.550 | |||
conveniently stuck there and one nice | |||
1:10:18.300,1:10:22.079 | |||
little address for 35 days it would | |||
1:10:20.550,1:10:24.179 | |||
basically not have been possible to do | |||
1:10:22.079,1:10:26.280 | |||
it right because when as soon as you | |||
1:10:24.179,1:10:27.719 | |||
announced this protocol change that says | |||
1:10:26.280,1:10:29.550 | |||
we're gonna take money out of CR put it | |||
1:10:27.719,1:10:30.840 | |||
in there the attacker could just move | |||
1:10:29.550,1:10:33.510 | |||
the money from there to a different | |||
1:10:30.840,1:10:34.770 | |||
address and basically you play this | |||
1:10:33.510,1:10:37.349 | |||
cat-and-mouse game and the attacker | |||
1:10:34.770,1:10:39.989 | |||
could win but sometimes there is this | |||
1:10:37.349,1:10:41.940 | |||
possibility where you up so that we can | |||
1:10:39.989,1:10:44.820 | |||
and just like do these interventions and | |||
1:10:41.940,1:10:46.199 | |||
you can just decide to stop writing this | |||
1:10:44.820,1:10:50.159 | |||
code and start running this other code | |||
1:10:46.199,1:10:52.500 | |||
and the only reason why this has not | |||
1:10:50.159,1:10:54.929 | |||
done more frequently is basically | |||
1:10:52.500,1:10:57.060 | |||
because their existing norms right in | |||
1:10:54.929,1:10:58.770 | |||
their existing norms in the blockchain | |||
1:10:57.060,1:11:00.510 | |||
community of lads iam fear of the | |||
1:10:58.770,1:11:03.150 | |||
researcher I mentioned before and if | |||
1:11:00.510,1:11:05.849 | |||
calls them a Szabo's Ally and named | |||
1:11:03.150,1:11:07.409 | |||
after nick szabo and and nick szabo | |||
1:11:05.849,1:11:08.900 | |||
actually just likes the moniker | |||
1:11:07.409,1:11:10.769 | |||
like it is a pretty accurate | |||
1:11:08.900,1:11:12.900 | |||
representation of kind of his beliefs | |||
1:11:10.769,1:11:15.110 | |||
witches and the beliefs of many in the | |||
1:11:12.900,1:11:18.869 | |||
crypto community which is basically that | |||
1:11:15.110,1:11:21.630 | |||
like even though it technically is code | |||
1:11:18.869,1:11:24.840 | |||
run by humans we should act as though it | |||
1:11:21.630,1:11:27.059 | |||
is code not run by humans and look | |||
1:11:24.840,1:11:29.249 | |||
because it is digital gold right gold is | |||
1:11:27.059,1:11:30.479 | |||
not run by humans gold is gold and so if | |||
1:11:29.249,1:11:32.550 | |||
we want to make something that is a | |||
1:11:30.479,1:11:34.289 | |||
light gold then even though we're | |||
1:11:32.550,1:11:35.939 | |||
unfortunately stuck with this thing run | |||
1:11:34.289,1:11:38.459 | |||
by humans we should what try as hard as | |||
1:11:35.939,1:11:40.260 | |||
we can to pretend it's not and like this | |||
1:11:38.459,1:11:42.719 | |||
was the ideology of a lot of people in | |||
1:11:40.260,1:11:46.260 | |||
this space and the dal fork very much | |||
1:11:42.719,1:11:50.789 | |||
went against this ideology and so even | |||
1:11:46.260,1:11:52.409 | |||
though in my opinion like having norms | |||
1:11:50.789,1:11:54.300 | |||
that you can't just like go and edit | |||
1:11:52.409,1:11:57.150 | |||
whatever you want is valuable but like | |||
1:11:54.300,1:11:58.769 | |||
when so such a large fraction of the | |||
1:11:57.150,1:12:00.869 | |||
ecosystem is at stake it's worth | |||
1:11:58.769,1:12:02.969 | |||
rethinking things but like other people | |||
1:12:00.869,1:12:04.889 | |||
were and if even more rigid in this | |||
1:12:02.969,1:12:06.209 | |||
regard and so there was this kind of | |||
1:12:04.889,1:12:08.939 | |||
split in the community | |||
1:12:06.209,1:12:10.709 | |||
and a portion of the community actually | |||
1:12:08.939,1:12:12.389 | |||
did not download the updates right a | |||
1:12:10.709,1:12:13.949 | |||
portion of the community did not | |||
1:12:12.389,1:12:16.139 | |||
download these code patches and | |||
1:12:13.949,1:12:17.820 | |||
implement the fork and they just said we | |||
1:12:16.139,1:12:20.579 | |||
will continue running our own our old | |||
1:12:17.820,1:12:22.559 | |||
chain and the old chain has since then | |||
1:12:20.579,1:12:26.249 | |||
been called a theorem classic and it | |||
1:12:22.559,1:12:30.650 | |||
runs to this day this is a fascinating | |||
1:12:26.249,1:12:33.209 | |||
civil war you know in essence yes and | |||
1:12:30.650,1:12:34.919 | |||
what I get out of this is that there's | |||
1:12:33.209,1:12:37.949 | |||
this very weird thing which is that | |||
1:12:34.919,1:12:41.039 | |||
people get very attached to ideologies | |||
1:12:37.949,1:12:43.019 | |||
and then they come to understand why the | |||
1:12:41.039,1:12:46.709 | |||
simplistic version of that ideology | |||
1:12:43.019,1:12:49.079 | |||
can't possibly work in a warm human | |||
1:12:46.709,1:12:51.059 | |||
system I watched this it you have you | |||
1:12:49.079,1:12:53.550 | |||
ever gone to this festival called a | |||
1:12:51.059,1:12:55.380 | |||
femoral which is sort of Burning Man on | |||
1:12:53.550,1:12:56.909 | |||
the water it was I was part of it and I | |||
1:12:55.380,1:12:58.709 | |||
got invited to it but I haven't had the | |||
1:12:56.909,1:13:01.559 | |||
chance to go yet so it's kind of a | |||
1:12:58.709,1:13:04.679 | |||
libertarian Waterworld in the Sacramento | |||
1:13:01.559,1:13:08.219 | |||
Delta and what was interesting is is | |||
1:13:04.679,1:13:10.229 | |||
that one year in order to come to the | |||
1:13:08.219,1:13:11.820 | |||
festival you had to have a lecture and | |||
1:13:10.229,1:13:14.189 | |||
you had to agree that you would receive | |||
1:13:11.820,1:13:15.449 | |||
the lecture because of problems that had | |||
1:13:14.189,1:13:17.249 | |||
happened the previous year | |||
1:13:15.449,1:13:21.170 | |||
and you realize that these libertarians | |||
1:13:17.249,1:13:24.260 | |||
were being forced to invent governance | |||
1:13:21.170,1:13:27.469 | |||
and rather than just anarchy you had to | |||
1:13:24.260,1:13:30.320 | |||
have some organized system and so one of | |||
1:13:27.469,1:13:34.690 | |||
my questions is is that is that dream of | |||
1:13:30.320,1:13:34.690 | |||
escape from the heavy hand of government | |||
1:13:35.469,1:13:41.870 | |||
effectively not something to be pursued | |||
1:13:39.040,1:13:43.969 | |||
inside of crypto space for the most part | |||
1:13:41.870,1:13:45.710 | |||
because we realized that it is going to | |||
1:13:43.969,1:13:47.890 | |||
require governance and that we can't | |||
1:13:45.710,1:13:51.920 | |||
figure out a way to turn this into a | |||
1:13:47.890,1:13:54.080 | |||
completely cold and methodical process | |||
1:13:51.920,1:13:56.960 | |||
it depends on which portion of the dream | |||
1:13:54.080,1:13:58.940 | |||
you subscribe to like the if the version | |||
1:13:56.960,1:14:02.000 | |||
of the dream you subscribe to is the | |||
1:13:58.940,1:14:05.199 | |||
dream that says that we can finally use | |||
1:14:02.000,1:14:08.840 | |||
algorithms to I basically completely | |||
1:14:05.199,1:14:13.190 | |||
eliminate humans ability to interfere in | |||
1:14:08.840,1:14:15.920 | |||
things then like if if your goal is to | |||
1:14:13.190,1:14:18.739 | |||
see that enforced 100 percent then like | |||
1:14:15.920,1:14:22.760 | |||
no you're not going to get that if your | |||
1:14:18.739,1:14:25.820 | |||
dream is that you dislike how | |||
1:14:22.760,1:14:27.380 | |||
governments have had existing | |||
1:14:25.820,1:14:29.840 | |||
governments and monopolies of violence | |||
1:14:27.380,1:14:32.300 | |||
have hegemony over this social function | |||
1:14:29.840,1:14:34.699 | |||
of coordination and enforcing structures | |||
1:14:32.300,1:14:37.190 | |||
of rules and you want there to exist an | |||
1:14:34.699,1:14:39.880 | |||
alternative then like that's something | |||
1:14:37.190,1:14:44.750 | |||
that we can talk about right so I mean | |||
1:14:39.880,1:14:48.800 | |||
if if the dream is to augments yes and I | |||
1:14:44.750,1:14:50.719 | |||
mean I'd argue that the block chains | |||
1:14:48.800,1:14:53.360 | |||
have a variant of necessary role now | |||
1:14:50.719,1:14:55.250 | |||
especially a kind of given modern kind | |||
1:14:53.360,1:14:58.130 | |||
of political trends work there basically | |||
1:14:55.250,1:15:00.500 | |||
is no single traditional political body | |||
1:14:58.130,1:15:01.850 | |||
that's accepted as trustworthy by the | |||
1:15:00.500,1:15:04.310 | |||
entire world and it doesn't look like | |||
1:15:01.850,1:15:07.670 | |||
there's going to be one but if your | |||
1:15:04.310,1:15:10.160 | |||
dream is to and if completely over | |||
1:15:07.670,1:15:11.870 | |||
overturn things and have some simplistic | |||
1:15:10.160,1:15:13.870 | |||
notion of digital property rights as the | |||
1:15:11.870,1:15:17.630 | |||
only thing that governs behavior then | |||
1:15:13.870,1:15:19.820 | |||
that's something that like you can try | |||
1:15:17.630,1:15:21.170 | |||
for but you're not going to succeed let | |||
1:15:19.820,1:15:23.510 | |||
me try something else with you that I'm | |||
1:15:21.170,1:15:26.179 | |||
curious about you and I are both plugged | |||
1:15:23.510,1:15:29.030 | |||
in to this weird alternate world that | |||
1:15:26.179,1:15:29.919 | |||
thinks very differently and I had Andrew | |||
1:15:29.030,1:15:31.510 | |||
yang | |||
1:15:29.919,1:15:35.050 | |||
in that chair and you saw that episode | |||
1:15:31.510,1:15:38.010 | |||
of the the point before some people call | |||
1:15:35.050,1:15:41.409 | |||
this neuro divergence that this is a non | |||
1:15:38.010,1:15:46.380 | |||
neurotypical world and I would say that | |||
1:15:41.409,1:15:50.590 | |||
both you and I exhibit some indicia of | |||
1:15:46.380,1:15:52.300 | |||
not thinking along standard lines the | |||
1:15:50.590,1:15:55.599 | |||
thing that occurred to me is that you | |||
1:15:52.300,1:15:59.110 | |||
brought up slight star codex which is | |||
1:15:55.599,1:16:02.679 | |||
this website that is extremely | |||
1:15:59.110,1:16:03.699 | |||
influential in our shared world and I | |||
1:16:02.679,1:16:06.579 | |||
was thinking about the difference | |||
1:16:03.699,1:16:08.550 | |||
between slate star codex and CNN in | |||
1:16:06.579,1:16:12.280 | |||
terms of sense making | |||
1:16:08.550,1:16:16.869 | |||
is there any way in which the etherium | |||
1:16:12.280,1:16:20.649 | |||
world can create a counterweight so that | |||
1:16:16.869,1:16:22.630 | |||
the neurodivergent can rest the | |||
1:16:20.649,1:16:25.840 | |||
stranglehold that seemingly the | |||
1:16:22.630,1:16:28.899 | |||
neurotypical institutional world seems | |||
1:16:25.840,1:16:32.229 | |||
to have on sense making it scale like is | |||
1:16:28.899,1:16:33.989 | |||
there a way of promoting another blog in | |||
1:16:32.229,1:16:37.149 | |||
this world would be like less wrong | |||
1:16:33.989,1:16:39.429 | |||
there particular thinkers that I think | |||
1:16:37.149,1:16:42.099 | |||
of as being very important influential I | |||
1:16:39.429,1:16:44.499 | |||
think you've given to our breda grey and | |||
1:16:42.099,1:16:47.139 | |||
Elliot sir you'd kasky there's like this | |||
1:16:44.499,1:16:51.280 | |||
very different world that isn't well | |||
1:16:47.139,1:16:53.050 | |||
known and in part I view podcasting is | |||
1:16:51.280,1:16:55.719 | |||
like pirate radio which is the phrase I | |||
1:16:53.050,1:16:58.929 | |||
keep your sum is that because you're | |||
1:16:55.719,1:17:02.439 | |||
Russian yes what can we do potentially | |||
1:16:58.929,1:17:05.139 | |||
using your technology to even the | |||
1:17:02.439,1:17:07.979 | |||
playing field between corporate | |||
1:17:05.139,1:17:10.360 | |||
sense-making and this kind of | |||
1:17:07.979,1:17:13.139 | |||
home-brewed sense making that seems to | |||
1:17:10.360,1:17:16.059 | |||
me to be of an infinitely superior level | |||
1:17:13.139,1:17:20.409 | |||
hmm well not infinitely but quite | |||
1:17:16.059,1:17:23.349 | |||
superior yeah so I think like once again | |||
1:17:20.409,1:17:26.889 | |||
there's kind of two aspects to kind of | |||
1:17:23.349,1:17:28.809 | |||
blockchain TM that I think are equally | |||
1:17:26.889,1:17:30.280 | |||
valuable here one is the technology | |||
1:17:28.809,1:17:32.199 | |||
itself and then the other is the | |||
1:17:30.280,1:17:35.469 | |||
existing community around the technology | |||
1:17:32.199,1:17:39.639 | |||
and I mean with the tech with the | |||
1:17:35.469,1:17:43.119 | |||
technology itself I mean you can try to | |||
1:17:39.639,1:17:43.600 | |||
like create and you know institutions | |||
1:17:43.119,1:17:47.050 | |||
for | |||
1:17:43.600,1:17:49.780 | |||
I could do even things like funding like | |||
1:17:47.050,1:17:51.640 | |||
podcasts for example and like even like | |||
1:17:49.780,1:17:53.380 | |||
things like this kind of get coin grants | |||
1:17:51.640,1:17:56.080 | |||
quadratic voting for example it would be | |||
1:17:53.380,1:17:58.120 | |||
a potentially a great way to kind of | |||
1:17:56.080,1:18:02.440 | |||
funds media organizations that avoids | |||
1:17:58.120,1:18:04.270 | |||
the pitfalls of both say a present-day | |||
1:18:02.440,1:18:06.190 | |||
media which is funded by some | |||
1:18:04.270,1:18:08.290 | |||
combination of battery of like | |||
1:18:06.190,1:18:10.420 | |||
advertising and horrible work made | |||
1:18:08.290,1:18:13.000 | |||
incentives and at the same time avoid | |||
1:18:10.420,1:18:15.160 | |||
the pitfalls of like basically sent | |||
1:18:13.000,1:18:18.460 | |||
accentually controlled media and create | |||
1:18:15.160,1:18:20.080 | |||
a third alternative so and like it | |||
1:18:18.460,1:18:22.750 | |||
doesn't even have to be quadratic voting | |||
1:18:20.080,1:18:24.610 | |||
it could be some other kind of mechanism | |||
1:18:22.750,1:18:26.980 | |||
for funding and blog chains could be | |||
1:18:24.610,1:18:30.880 | |||
used as a base layer for that there's | |||
1:18:26.980,1:18:36.130 | |||
also the end up watching community as a | |||
1:18:30.880,1:18:38.680 | |||
group of people who care about the many | |||
1:18:36.130,1:18:40.450 | |||
of these kinds of ideas and I mean even | |||
1:18:38.680,1:18:43.600 | |||
a lot of etherion people are definitely | |||
1:18:40.450,1:18:46.450 | |||
and some weight star codecs adjacent and | |||
1:18:43.600,1:18:49.480 | |||
then I feel like I have tried my best to | |||
1:18:46.450,1:18:52.120 | |||
kind of bring these worlds together and | |||
1:18:49.480,1:18:54.360 | |||
get them to talk to each other in means | |||
1:18:52.120,1:18:56.380 | |||
sometimes it is a challenge because | |||
1:18:54.360,1:18:58.270 | |||
there's ways in which they're similar | |||
1:18:56.380,1:19:02.140 | |||
and there's a lot of people who are in | |||
1:18:58.270,1:19:05.230 | |||
both and there's also ways in which | |||
1:19:02.140,1:19:07.030 | |||
they're sometimes different but those | |||
1:19:05.230,1:19:09.970 | |||
those differences can be a good thing | |||
1:19:07.030,1:19:11.950 | |||
yeah I guess I'm concerned that in our | |||
1:19:09.970,1:19:17.470 | |||
we were coming up on an election in the | |||
1:19:11.950,1:19:19.300 | |||
US and I view Fox News in the New York | |||
1:19:17.470,1:19:23.320 | |||
Times and CNN is like watching | |||
1:19:19.300,1:19:25.300 | |||
professional wrestling it's got a very | |||
1:19:23.320,1:19:28.630 | |||
clear narrative structure before the | |||
1:19:25.300,1:19:29.890 | |||
facts even come in yeah this is this is | |||
1:19:28.630,1:19:31.990 | |||
actually one of the things I've only | |||
1:19:29.890,1:19:36.540 | |||
really started noticing maybe in the | |||
1:19:31.990,1:19:39.190 | |||
last like one to two years I think it's | |||
1:19:36.540,1:19:41.230 | |||
narratives are something that like don't | |||
1:19:39.190,1:19:43.870 | |||
seem like you're there when you're fully | |||
1:19:41.230,1:19:47.200 | |||
inside of them but once you and have | |||
1:19:43.870,1:19:49.240 | |||
step outside and you start seeing that | |||
1:19:47.200,1:19:50.980 | |||
Nick wait these people are missing | |||
1:19:49.240,1:19:53.200 | |||
something and they're making predictions | |||
1:19:50.980,1:19:55.780 | |||
that turn out to be materially incorrect | |||
1:19:53.200,1:19:56.830 | |||
like yeah there's no memory like there's | |||
1:19:55.780,1:19:59.260 | |||
no cost | |||
1:19:56.830,1:20:01.750 | |||
yeah yeah you want to there's no | |||
1:19:59.260,1:20:04.420 | |||
accountability at all and it's something | |||
1:20:01.750,1:20:07.180 | |||
that you just actively start thinking | |||
1:20:04.420,1:20:11.730 | |||
seeking out how to move beyond yeah you | |||
1:20:07.180,1:20:15.940 | |||
know I think figuring out a better | |||
1:20:11.730,1:20:18.730 | |||
funding model for media organizations in | |||
1:20:15.940,1:20:21.010 | |||
general seems because in some ways what | |||
1:20:18.730,1:20:23.500 | |||
I'm concerned about is that something | |||
1:20:21.010,1:20:26.380 | |||
like podcasting is almost a public good | |||
1:20:23.500,1:20:28.630 | |||
and so that's probably a public good | |||
1:20:26.380,1:20:30.910 | |||
well I'm advertising in the one thing | |||
1:20:28.630,1:20:34.360 | |||
that right I keep I call it the business | |||
1:20:30.910,1:20:37.360 | |||
model of last resort yes and we are | |||
1:20:34.360,1:20:39.070 | |||
going with an ad-supported model because | |||
1:20:37.360,1:20:41.560 | |||
I don't want to disguise we were | |||
1:20:39.070,1:20:46.630 | |||
somebody offered to endow the podcast | |||
1:20:41.560,1:20:48.310 | |||
not not my employer and I decided | |||
1:20:46.630,1:20:50.170 | |||
against it because I think what I really | |||
1:20:48.310,1:20:52.690 | |||
want to do is to try to figure out how | |||
1:20:50.170,1:20:53.730 | |||
to improve the business model we've | |||
1:20:52.690,1:20:57.970 | |||
talked about a couple different | |||
1:20:53.730,1:21:01.210 | |||
variations on advertising in order to | |||
1:20:57.970,1:21:04.150 | |||
make sure that controversial but very | |||
1:21:01.210,1:21:06.010 | |||
sensible and level-headed people can | |||
1:21:04.150,1:21:08.620 | |||
weather the storm that the big problem | |||
1:21:06.010,1:21:11.620 | |||
that I keep seeing is that advertisers | |||
1:21:08.620,1:21:15.460 | |||
pull when there's a coordinated campaign | |||
1:21:11.620,1:21:19.570 | |||
to say drop that program or else yes and | |||
1:21:15.460,1:21:21.940 | |||
there's a a need for something like the | |||
1:21:19.570,1:21:24.850 | |||
blockchain or a smart contract to make | |||
1:21:21.940,1:21:27.520 | |||
sure that you can't silence people who | |||
1:21:24.850,1:21:29.890 | |||
are speaking decently just because | |||
1:21:27.520,1:21:33.460 | |||
they've pissed off a very large activist | |||
1:21:29.890,1:21:35.380 | |||
community right so do you see any way in | |||
1:21:33.460,1:21:38.170 | |||
which the blockchain for example like I | |||
1:21:35.380,1:21:40.930 | |||
might give up advertising if I could | |||
1:21:38.170,1:21:46.300 | |||
figure out a way to fund not only this | |||
1:21:40.930,1:21:49.290 | |||
program but allied programs so in 2011 | |||
1:21:46.300,1:21:52.180 | |||
when I was starting Bitcoin magazine I | |||
1:21:49.290,1:21:54.040 | |||
well it started off with like with this | |||
1:21:52.180,1:21:56.770 | |||
one anonymous person whose name I'll | |||
1:21:54.040,1:21:59.800 | |||
never know who aside from Kiba his | |||
1:21:56.770,1:22:02.050 | |||
internet handle and who was just paying | |||
1:21:59.800,1:22:03.970 | |||
me five Bitcoin which back then was $4 | |||
1:22:02.050,1:22:07.240 | |||
per article to write articles for him | |||
1:22:03.970,1:22:08.650 | |||
and I mean this was five times or lower | |||
1:22:07.240,1:22:09.910 | |||
than a minimum wage but I loved it | |||
1:22:08.650,1:22:10.660 | |||
because it was the higher highest wage | |||
1:22:09.910,1:22:15.250 | |||
I've ever had | |||
1:22:10.660,1:22:17.650 | |||
um and eventually despite paying me five | |||
1:22:15.250,1:22:20.260 | |||
times less than minimum wage at Kiba I | |||
1:22:17.650,1:22:22.830 | |||
ran out of money and like he's told me | |||
1:22:20.260,1:22:22.830 | |||
hey maybe |