hi this is Charles Hoskinson broadcasting live from warm sunny well actually cold dark and gloomy Dubai I'm sorry everybody it took so long to get here and please do share this link on the telegram channels I tried very very very hard to get all these things to work first I had an issue with Chrome where it apparently thought that another device was using my microphone and video and I just couldn't get it to work so that I tried edge then I tried Firefox finally Firefox got something but then for some reason the internet connection was not able to go live so I tried it through a VPN and I was finally able to actually get a connection but unfortunately I couldn't reconnect to my live stream that I had set up before from the the old channel I just couldn't find a command for that so I decided all right I'll create a new live stream so so yeah there we go but anyway better late than never and I hope everybody can hear me all right this is a this is a new microphone that I got for travel see this little guy and I think everything's just gonna work fine okay it's 2 o'clock in the morning here in Dubai I've had a very long day but up since 6 a.m. but I did want to do an AMA because I typically do them on the weekend but I missed it because I was travelling and working anyway so just a few things and the queue first off there's a lot of questions about the snapshot so what is the snapshot when are we doing the snapshot we did the balance check as I predicted there was going to be some issues someone you're in some on our end and I feel like we should explain what happened with those who restore their balances and got an incorrect balance so it turns out that there was an bad implementation of the HD wallet code that seroquel implemented back in September of 2017 and that bug was fixed in March of 2018 the wallet back-end team implemented the new wallet back-end in accordance with pip 39 and bit 44 standards so they correctly implemented everything and they weren't aware of this legacy buck so what happened was that if person had a wallet beyond I think March of 18 when they did the balance check with our new wallet back-end they had no problem at all but if they had funds that were stored in addresses and created from back in that day because of our strict implementation that we did according to the specification it just simply wouldn't generate addresses that were outside those indexes so while they were in the UT EXO people would actually not see that balance so we had to do is kind of an old-school Internet Explorer 6 style hack where you incorrectly implements something in order to get it to work so we had to reintroduce that bug that legacy bug just for the purposes of allowing people to rotate and restore their wallets so we did that and it seems like that issues been fully resolved now your ROI was a bit more permissive and did allow people to regenerate those indexes from back in those day that's why those who were having balance issues were able to see the correct balance with your ROI but the incorrect balance with the new wallet back-end but we issued a patch if you see an incorrect balance first checking on your ROI and if it's a correct balance there then the odds are that the new Dedalus that we shipped a few days ago will correct that issue second there were a few lingering inter-process communication issues between the Jormungandr know the wallet back-end and Daedalus we fully expected to see this on Windows we've mostly resolved that and we're just going to keep chipping away at it until we make sure that all of those issues are fully resolved for all a for all users we got a lot of support tickets as we anticipated some were conceptual some were actual bugs but we're moving real quickly and we've been able to achieve a lot and accomplish a lot in a very short period of time so overall the balance check was an overwhelming success thank you community so much for participating if you still haven't please do and now the question of the hour is when are we going to do the snapshot tentatively we're looking pretty good for next week we'll announce the exact date as we get a little closer to it probably this Friday or Monday next week we'll have certainty of that exact date my hope would be in earlier part of the week but it might end up becoming the later part of the week the big challenge was getting everything to work well together getting Daedalus to work with the new wallet back end getting Jormungandr to work with all these things and we accomplished that with the balance check snapshot so now it's just a matter of getting enough incentives code in there and also dealing with some breaking changes because we've changed a few formats and other things last minute that we'd like to have for efficiency sake and scalability etc etc so we're real excited about that upcoming instead of eyes testing that snapshot will announce the date and in just a little bit so probably either Friday or Monday and we'll get that out to you guys hopefully before the end of the month very high probability of that overall software is looking really good and we're really happy with the velocity we have we just added a new team member to the Jormungandr team he started last week and he's already making good commits and it solved a few issues and we're gonna keep adding some more team members probably two or three the Hydra team is just about to be activated as well that's for basho eye and that's led by Rob Cohen so he's going to be starting a prototype implementation after November 30th and December will be mostly conceptual he'll likely travel to Edinburgh to talk to our guys and then off to the horses and just play around with it he's also gonna be writing a lot of blog posts on or Boris everything from how does a warhorse work to all the flavors of war Boris - how does or Boris resolve common problems in the proof of steak world like nothing at stake and long-range attacks and so forth so look for those articles on the Iowa g8 blog we're real excited about seeing them and our hope is that they're understandable and if you guys like them we'll keep writing them if you don't like them let us know what you'd like differently and of course we'll work on that we're also just about to hold a major card on a workshop in Colorado that's going to be December 2nd to 4th this is going to be the basically post instead of eyes test network shop and we're gonna kind of consolidate everything we've learned and also a major topic will be the Cardinal 2020 roadmap and another major topic will be potentially shipping Gogan at the same time as Shelly and what did that entail so we're right now going through a lot of those fine details and trying to get it standing if that's conceptually feasible or not but with the velocity we have and what we've seen especially off of the RUS side we're fairly optimistic that those things are too far apart from each other if not at the same time so we're going to keep adding some team members on that side we've already made some structural changes the way the teams operate and we have a much better delivery culture now and it's great that we have over 3,000 people keeping our feet to the fire with the with the state pole channel and we just get a lot of great feedback and issues from you guys so keep it up it's really exciting and our hope is that basha will ship not too far from Gogan and depending on the implementation results we get from the hydro prototype we'll be able to figure out where that fits into our roadmap the last thing to do is Voltaire and Voltaire is all about governance governance governance so I'm heading to Switzerland after Dubai and part of that trip is to talk to the Cardinal foundation about the formation of ACIP committee for those of you who don't know the CIP committee is basically a card ah no improvement proposal committee so what we're going to do is create the formal Cardinal improvement proposal process basically a mergo ayah which K and the CF will work together for the first edition and inside the first edition will be a way that people can use the CIP process to change the CIP process itself this is the very first stage in the centralization of development for Cardinal and our hope is that Volterra will be the first update to the system that will be completely covered and to end by CIPS as instead of our product management process management project management philosophy so that we can actually had open source contributions so look for that we'll make some announcements and the foundation will make some announcements and if you guys have some advice to participate we'd probably create some sort of hook for the community to review the latest thoughts on how CIP should be done so there's a natural question of why do you care well we will have a built in voting system for Cardinal and this voting system will be used for both the Treasury and for a discussion around which updates the protocol should encumber so the standard language when we reference these things will be a CIP so basically the simplest way of doing it would be simply drafting a CIP storing it somewhere in a deterministic way hashing that and then people would vote on those hashes of which ones they want to approve or not and then you can have a notion of ratification so we're not going to make any announcements on Volterra until probably q2 of 2020 but it will be released before the end of 2020 because the very first thing we're going to use this process for I and in the Treasury process for is a funding contract for i/o which k2 continued its work on Cardno post-2020 and I think that's a great dry run of the system and we can have a great discussion and debate about that but overall things are moving along really well we're really happy about the wallet back-end we're really happy about Daedalus we're really happy about the code quality we're happy about how quickly we've been able to move this month and how much we've learned from moving this fast this month and we're really in a good stride and so next year is gonna see a lot of releases and it's gonna be easy for us to get these releases out and we'll just continue getting more feature-rich we're also looking into some state of the art technology that weren't necessarily in our roadmap for example recursive snarks we're really curious about halo and what that brings to the table so we have a whole team of people that are right now dissecting that looking into it we think that that's going to be a great way to give us kind of the ultimate like client solution we're also very interested about thinking around the transaction as we've mentioned before Cardno is kind of a financial operating system for those who don't have one and so you really think about fauces in terms of transactions and you save transactions have five properties they have the assets the actors involved you have the metadata so that's the story of the transaction you have the regulatory side and finally you have the contractual component of it well you need to have great technologies and all of those categories so things like dids can help you with identity things like smart contracts can help you with a transactional side creating a multi currency ledger allows you to express arbitrary ass it's using hashes for metadata embedding is a really good place to do that and you know finally the regulatory side usually that involves getting a sense of how do you actually do things like contingent settlement for example you have to prove these certain things for the transaction to settle like that you follow kyc or AML so building these capabilities into Cardno is a high priority for 2020 and doing this in a way that does not require complex coding but rather using templates and so forth so we're very excited about being one of the first cryptocurrencies if not the first to kind of bring a holistic solution and to end for all five categories so that basically can use the system seamlessly and be in full compliance with whatever your local regulations happen to be or use the system and kind of more of a legacy mode and basically use Bitcoin like transactions which don't have these types of things but maximally preserve privacy and autonomy and in the system we'll be able to have both sides of this so a lot of stuff is coming in 2020 and you know we we had to learn over the last few years how to be a good software company and part of that was a lot of experimentation and part of that was trying out different project management methodologies part of that was learning how to be good at product management part of that was having to learn how to follow proper development processes especially given that research in formal methods tend to lead to a waterfall style process so what we had to do is find a way of how do we be agile despite the fact that we're kind of trapped in somewhat of a waterfall process given the dependencies upon research but over the last two years and last six months in particular I believe we've really learned a lot and I'm extremely excited and proud of the work that's been done and it's really cool to see that some of our research threads are coming to an end after Hydra or Boris is basically done for the purposes of Cardno 2020 and then it's just a question of well you know where do we want to go from there other things are on the list like for example aetherium interoperability that's really not hard to do and it's going to be a big discussion in the December summit that we do it could be as simple as full implementation of the crime Pledger standard and also embedding the EVM and allowing extended ut EXO contracts to call EVM accounts and back that's not super hard to do and it can be done in parallel and if that happened it would likely ship during the basho era not during the beginnings of the Gogan Iran because we'd like for Plutus and Marlowe to really get some permanence and push out but those things aren't too far apart we can have more elegant solutions and there's potentially even ways to compile things like solidity for example to Plutus core if we really wanted to push it that way but they have different accounting models so that's a that's a non-trivial pursuit so anyway a theory of support will come as well and we'll make an announcement of exactly how we want do that and we think that we can bring something very compelling to the in space in the environment but we'd also really like to preserve what we've done with the extended UT EXO model and we do also really like to preserve what we've done with pollute isn't Marlowe because we think these things are revolutionary and very exciting and very sexy and we have a lot of launch partners that are really excited to use Plutus and we're working with them so that when we launch Gogan they can launch their products on top of cardano's so it's not like we're just going to build it and then wait for people to come there's already a lot of people who want to come and are here and they're really excited so so anyway that's the status update overall things are looking pretty good and it's pretty exciting Dubai's wonderful as always it's a very wealthy City and everybody's always doing something here and there's a lot of money here so it's good to come and good to talk to people fast is going well cheated a little bit because unfortunately it's extremely rude in this place not to eat while you're at a business meeting with someone so you know you try to work around that but I'm really trying to stick to that six days so if I can't get it done here I might fast in Switzerland unfortunately and I love the food there so that would be a terrible terrible thing okay alright let's get to your questions and I imagine there's probably tons and tons and tons of wonderful comments and a lot of junk because there's always junk you know here's an example of just what's amazing in this space from Napa BTC Kardos taking will they give 2.5 percent per year that's the lowest percentage of all sticking coins well Carano ever increased percentage or is it stuck at 2.5% per year so I'm a question to you who told you that number we haven't made any public announcement of the staking percentage you'll see something when the snapshot happens and people start earning rewards we have to fix it then but where did you get that number from so this brings up a broader topic of information and how information propagates throughout the cryptocurrency space for some reason people just seem to believe what they read and they don't use common sense and they don't ask where did this information come from who's releasing it one sent us do they have if you don't see it from our Twitter accounts the Foundation's accounts or mirko's accounts it's probably not true I try to be as accessible as possible I've done dozens of ama's we tweet all the time we blog all the time there's ample opportunity for you to actually see official releases from IO HK and from the foundation and from a mergo yet somehow this information continues to propagate so be extremely skeptical when you see things like this and you haven't heard them from us it's probably a lie it's probably hearsay or it's probably just made-up stuff that people are pushing and peddling for whatever agenda that they want to have hey Charles any update on the African students that graduate from the Haskell course so there were 23 of them we made job offers to all 23 what was truly amazing was that even though our offers were exceedingly competitive for Ethiopia in some cases two or three times what the average rates were a lot of them ended up actually taking other offers which paid more money which was really extraordinary you know we spent a lot of time training them and they decided to go off and take other locations and that's okay that's really the magic of Education the point of it is to lift people up and give them opportunities and potentials that they've never really dreamed that they would have before and considering I believe all of the girls have jobs either with us or with other people overall we consider that to be a very successful class the cost of running it wasn't significant for us but it really did pay a lot of dividends with our ability to understand the jurisdiction and get to know the people and just also get to know the culture really well so I think we have five or ten I can't remember the exact number I'll have to talk to HR that ended up taking offers with us and working with us and they're working on various teams throughout the company either QA or InfoSec or etc etc doing interesting things the next cohort that we do will probably be more focused on Plutus than haskell and our hope is to actually really push tap development so that's gonna be a 2020 pursuit and there's a very strong possibility that that cohort will be trained in Mongolia so I believe we're still specking out that class but that's coming soon that said it was a privilege of a lifetime running that class in Ethiopia and we really did enjoy it it was incredibly challenging logistically there was so much that had to be done and it was very taxing on both Lars and Polina to physically live there and and deal with the things you just have to deal with when you live in a large African city but overall it was a resounding success and we're extremely proud and happy of those girls and the hard work that they did and the fact that they're continuing their careers and it wasn't just a fun little thing to do it was transformative for them as well well we have instant settlement like al-quran so that's basically in a finality after one block you get that with bft protocols there are trade offs for these things a-and so the answer is we could have that feature and it's something we're looking into as a parallel settlement system so basically the idea is you'd pay a different type of transaction fee and instead of having it go through standard or Boris it would go through or boards B of T and we would select these state pools as the BFT quorum for that settlement now the advantage there is you'd get fast finality the disadvantage is you would have a lower Byzantine resistance threshold so so we could certainly introduce a parallel system and we do have an idea of how to do that with the parallel chains design that's going to be some 2020 post Hydra research that we do and it's something that I think would be very promising for side chains because it would ensure fast settlement between the side chains hi Charles is there a clear strategy to capture value into ADA itself or will it just serve as a backbone for the protocol so ADA is the control token of the system you needed to do computation you'll need it to control the system you'll need to secure the system so the more users of the system the more value ADA will naturally capture so really if your goal is ADA appreciation your goal is use of the system so how do you do that will you do that through getting gaps on the system you do that through getting payments on the system you do that through a user acquisition and part of that strategy comes from a mergo and part of that strategy comes from the cart Otto foundation and actually through IOH k because a lot of the cases of our commercial activity usually involves hybrid architectures where we do something on Cardinal and then something with atala or a different product so we're all trying to bring users where and when we can and we're just really excited about getting Gogan out it itself process and it's long overdue and I'm as deeply frustrated as you guys are that we just haven't quite gotten there yet but that's just the nature of research and that's just the nature of innovation you have to wait have I bumped into tone days yes I was actually with tone days yesterday and tone is doing quite well and tone and I had a great conversation and I might actually come on to his his show this week so we'll see was there a connection between the EU horizons 2020 program in Cardinal Maya which K is a grant recipient of u horizons 2020 for decentralized software updating so the research we do there will inevitably work its way into Cardona one way or another at which case summit 2020 we're still thinking about whether to have a summit for 2020 or not it was an experiment when we did it here in 2019 it was an enormous amount of work we had about a thousand people attend which was nice I was really sad that we didn't have more people and we have such a large vigilant community and it's just a shame that we couldn't get more out there I think having it the United States was a kind of in hindsight not the best location we have a very strong European and Asian community and us a lot of people from countries where it was difficult for them to get visas or too time-consuming for them to get visas into the United States especially from Eastern European countries and had we had it somewhere else we probably would have seen two or three times as many people so we certainly did sight a lot of locations when it was Kyoto another was in Batumi Georgia so we looked all around and we may announce the summit or may not but my primary focus right now is getting card on Oh out and other products out and then we'll reassess it as we get into the summertime happy with the amount of test net nodes I actually yeah it's exactly what we expected will we are still collecting some statistics on participation and we'll announce those at a later date but overall I'm pretty happy with what we've seen so far what's to stop people from loading up their wallets with ADA for the test net before they snap shot and then selling it after the snapshots that they can state it without actually owning any well nothing and that's the point the point is that they get something and they get to use it and they're making money from it the point of the incentivize test net is for people to use the instead of ice disk that's you have made compromise somewhere it's simply just too much work to do a one-for-one hearing so in the interest of time and the interest of participation it makes sense to just do a snapshot and so they'll of course use that now we may make some sort of bonus for example if right at the time what we bring funds back if they don't have those accounts matching maybe they get a penalty or something but we haven't thought too much about that but overall it's you know it is what it is and the point here is for people to actually use the thing register state pools to delegate and to take it seriously so if you pay them they take it seriously and these systems are really good at paying people so it makes a lot of sense to do it the way we're doing it and we're gonna learn a lot from this process is Cardo going to be a member of the w3c I have no numerous occassions wanted to join the w3c at i/o HK and I'd love for the foundation to do that it's a situation where we just haven't had the personnel to actually attend the community meetings but there are two particular committees that I'm quite interested in the web payments committee I and also the hyper the inter ledger committee so we'll definitely be part of that and we'll definitely do something there any update on the lab around dedicated hardware yes it's likely going to be a University of Wyoming we're still in negotiations with them and we'll make an announcement at a later date it's mostly about matching funds how's your physical and mental health are you burning out I never felt better life is good lost a lot of weight at working out every day getting up at 5:00 a.m. a little hard to do it on the road but you know we're getting there we're getting there getting it done hi Charles isn't Dedalus in your roi we only have phrase words and not private key you know there's been a lot of discussion about a wallet export format and one of the things we could do in a wallet dad is include the private key information along with a lot of metadata and logs and so forth and so there's a lot of value in certain cases but considering that you can regenerate everything with the keywords that's you never quite lose that so the question is is there a situation where you'd want one particular private key over just being able to regenerate an HD wallet it's an interesting quandary for paper wallets or other things that may not necessarily be HD based that might work better but overall it's it's something we'll get around to because every wallet needs an export format and well we'll pull it in how will we interact with acip not si PCIP card ah no improvement proposal in likely it'll be through the newsfeed in the cardinal wallet what we will probably do is actually have CIPS submitted via transaction onto the card on a blockchain but we'll make an announcement of a later date on how to do that wilai which k also worked with ANSI who are working with ISO on interoperability standards we're consumer of interoperability standards so what we do is we innovate we create good cryptography and good technology and we become an advocate that that get propagated but at the end of the day I mean standards are standards and whether we create them or someone else creates them I basically just picked the market leader and you integrate that there's a lot of people who disagree with the design of Bluetooth and a lot of people disagree with the design of Wi-Fi but TUF TUF Tomatoes you're really not going to achieve anything you just have to pick the standard as it is and hope that the next version of the standard is a little bit better than the old one Charles how do you maintain your sanity and focus during this admittedly long crypto era where so many projects are closing up shop daily you know I've been in this game for a long time you know in 2011 there were days where we would see 50% of the hash rate go down and the price of Bitcoin went way down a way up and when I say way down a way up like $1 to $30 down to four dollars and some change so it was really tough being in Bitcoin in the early days but you know we didn't really think too much about the price it was more about philosophy and in many ways it was a lot more fun everybody was kind of a small close-knit community we had very small conferences the media didn't pay much attention to us then in 2017 you know everything kind of changed with ico mania and you know we got these huge market caps and everybody got rich and all these scam projects got funded and and some projects were just not viable you know we got these huge market caps and everybody got rich and all these scam projects got funded and and some projects were just not viable and it was clear that they weren't viable but they were still worth a billion dollars and it became less about the culture and the philosophy and building things and it just became about making money so it also attracted a lot of get-rich-quick people who had blatantly unrealistic expectations about how long it takes to build things and how hard it is to build things I keep reminding people that the software we create in this industry is among the most complex software that you can write involves distributed systems involves cryptography in Falls things that are decentralized meaning that you can't just have a kill switch or you know a fallback where one party can come in and resurrect things if it falls apart and it involves Byzantine resistance meaning that you also have to engineer these systems with the assumption that some of the nodes are malicious so when you start tallying up all those design requirements it turns out that the traditional suite of protocols from the 1980s and 90s are woefully inadequate and so you have to not only figure out how to solve these problems you have to do it with living systems that are self evolving in some cases you just don't have full control over and in many cases you can't even fix well-known bugs for example there's a very famous multi-sig bug and in Bitcoin I with the old Bitcoin script still has not been fixed and so there's a lot of little stuff like that that in these warts that come up so it's a bit frustrating when you're encrypting winter because you know there's all this progress being made today Bitcoin is fundamentally stronger as a product as a culture as an ecosystem than it when it was at the height of Bitcoin mania and 2017 when it was $20,000 but if all you look at is the price you'd say oh it's a bear market and and therefore it's somehow weaker and unfortunately that's the key metric that many people in our space seem to judges by not by the scientific progress we've made not by the progress we've made with code by adoption by ease-of-use I mean we've gotten to a point today where you many countries you can find ways to pay your taxes with crypto currencies where there's a legal recognition of private keys and other such things and and governments are taking crypto currencies very seriously and in many cases in a very positive light and this simply just was not the case just a few years ago so while we are and a crypto winner from a price perspective the innovation didn't stop and people didn't stop the space is much stronger in that respect and I have much stronger competitor today than I had in 2017 which is quite refreshing because we can learn from them as well so how many patents does a detect all none we chose never to file for a patent people who filed for patents are not cryptocurrency people they're bad people and I'm sorry any crypto currency that's patented will never be successful you've lost the entire point it's to decentralize it's to get rid of central control it's to say that no one is in charge but then at the same time you're gonna say well but Bob over there owns all the IP and at any time can pull the rug out from underneath you it's just insanity we've already been through this experiment once before there's plenty of patented cryptography from the 90s and 2000's no one uses it they use the open source stuff hey Charles any idea how to better handle issues for the owner of funds it dies you know that's another really good question so estate planning is an interesting thing generally speaking assets belong to custodians not us and when we die well if it's in cash you can find it and distribute it and if it's sitting with a custodian you can always order the custodian to reallocate it to someone else so there is a confusion amongst people saying well oh hang on a second here you know crypto currencies you can't hack the system and steal funds from somebody when it's convenient so therefore you can't do inheritance planning that couldn't be further from the truth you see it just requires you to use the protocols differently so if grandpa wants an inheritance plan she's gonna have to send her crypto to a managed account and the reality is there's plenty of entrepreneurs who have built these facilities and basically act in that role for Grandma and Grandpa or for people who are planning their estate out so the point is that instead of this being done for you you're in charge of yourself and so that means at least one person will make a mistake at least one person will die unexpectedly at least one person won't do the right thing but that's a small price to pay for the alternative which is you never have control in the current system at any time the US government or any other government the one you're under jurisdiction over can just simply lock you out of your money so let's say you're innocent you're accused of a crime the very first thing that usually try to do is prevent you from spending your own money so you can't use it to defend yourself that's unethical it's immoral and yet this is the reality of the modern banking system that your money can be a tool to be used against you so it's a very powerful feature to say that you're in total control and then it's a decision you make about what that control means now what we entrepreneurs can do is make the case that sometimes it's okay turning over control to someone else whether it be a smart contract a hardware device or a business because perhaps that can make it a lot easier to spend your money or protect you from hacker or help with estate planning but the point is that's a decision you make and you consent to and no one forced upon you you voluntarily entered into that and the protocol cannot be used against you as it can be right now with the banks in the legacy financial system that's the big differentiator and unfortunately that does mean sometimes people are just going to screw up and that's just a fact of life I love this x-factor have fun drinking the kool-aid been listening to the ship for three years for cents okay son good for you don't let the door hit you on the way out it's not about the price people it's about changing the world if we do that everything will be fine is there a burn lockup Aveda ever in the cards or did stellar make a big mistake losing the the its credibility first off there is no large supply of Aida just sitting in the middle of nowhere waiting to be burned okay we didn't launch like stellar or ripple or we said we'll just take a huge chunk of the supply and just leave it in some vault and decide what to do with it all Aida in circulation has been distributed there is no Aida to burn without stealing it from somebody and destroying it that's a fact I've heard this now for two years people keep asking burn burn burn first off what did value did it create for stellar there was a short-term price appreciation that the markets took back and they've lost permanently all that value that could have been spent for protocol development for Community Development it's basically saying I I can't figure out what to do with this big pile of money so I'm just gonna set it on fire to make money more scarce to give a small gift to everybody it's an insanity burns never work their market manipulation on the short-term for speculators at the expense of the future of the protocol and in our case it would require us to steal Aida from people because there's no giant pile of Aida that's unallocated it's just weird that you people keep asking this question for two years the answer has been the same what do you expect the answer to change go find me the pie later unallocated Aida that belongs to nobody find it for me get back to me Charles it's about the price we're dying over here $1.00 at the height 5 to 5 cents it's for everybody else past majority all coins got hit by a 90% depreciation guys I could cure cancer it's not going to move the price very much okay it's what happens when you have a bubble yeah I'd argue what we have today is much closer to a fair market value than what was there in 2017 and I mentioned this on Bloomberg when I said that I co manio was a ticking time bomb and that these markets and prices are not sustainable you see it's just like in the 90s with the dot-com boom and bust it took Amazon 11 years to recover to its all-time high now it was a fundamentally different company 11 years later it's significantly stronger and better company and now Jeff Bezos is the world's richest man if things are real it takes time and it takes a lot of effort but they last they stick around the culture is right the communities right it's useful people can do things with it it's not my job to make you guys money it's my job to break great protocols that will be around five decades from now it's your job to make yourself money and you will never make it through speculation the very few people ever have been successful at that and usually they are successful at that with other people's money furthermore you have to ask yourself if you get it to a dollar who is the counterparty buying it from you and what reason do they have to buy it from you is there's a story I like telling you I'm gonna tell it again because it just never seems to get through to you traders but perhaps now you'll finally get it so it's an old story heard from a Jewish friend of mine and it goes something like this so there's this guy walking down the streets of New York and he sees a truck come by truck hits a bump and a bunch of sardine cans fall out of the back of the truck so he walks over and picks up the sardine cans and the truck's too far gone so he decides to keep them so you take some puts them in his garage and forgets about it few months later he watching the news and they mention on the news there's a sardine is shortage and he said ha that's weird so he figures well if there's a shortage those cans I got my garage are probably worth a lot of money so he starts making some calls and he sells his sardines to all of his friends and those cans start floating around New York and eventually they get up to $1,000 a can so this hedge fund trader real rich buys those sardines and he's just about to try to wheel and deal and sell them fur you know twice as much as what he paid but he said you know what I'm a rich guy I love sardines I'm just gonna eat him why not it's a luxury people eat caviar so he opens up his can takes a bite out of the sardine and spits it out it's an nastiest most rotten sardine he's ever had in his life and he calls up the guy he bought it from and says you son of a you sold me rotten sardines I want my money back and the guy system oh no no you got it all wrong you got it all wrong those aren't eating sardines those were trading sardines and that's where we were in 2017 none of those coins none of those tokens none of those valuations we're eating sardines they were trading sardines rotten fish in the cans you see if somebody's buying it from you they're either buying it because they're stupid or it's useful to them they're stupid if they think they're gonna make a fortune it's useful if they can do something with it so the key to long-term success is the same key for any business any protocol anything build value and you do that by building community by building utility and by making the protocols useful and getting them deployed you see that's the key and 10 years from now we'll be here and the vast majority of these other guys won't be because they didn't focus on that but if your only parameter is making money leave you're gonna lose all your money free free advice for you there the vast majority of the time that's what happens there were people in 2017 when Bitcoin went from two hundred and fifty dollars to twenty thousand dollars who lost all their money there is just think about that really really internalize it I'm here to change the world we're here to build things and we're here to make the world a better place and these protocols honestly can do that they put you in charge of your money your retirement your property rights they allow us to explore new ways to vote new ways to run they allow us to explore new ways to express our intent contractually they enable global business that wasn't possible before they solve the remittance problem they solve the microfinance problem they allow completely new types of financial products to be constructed they allow us to start doing things like the mini IPO and actually bring financial markets to places that have tons of value but it's locked up and it's inaccessible and it's liquid they allow us to conduct completely new monetary experiments they allow us to exploit explore new ways to do stable coins all of these things are things are that are unique to our industry and our industry will give to every single person in the world and an open democratic way that China or the US government and others don't control you do that's worth a hell of a lot more than a Lamborghini in the driveway and it's worth a hell of a lot more than something going up five cents or ten cents I don't have the time of day if that's your only priority just go off and somewhere else and go to an ecosystem that caters to you and lose all your money because there's always going to be someone smarter than you who's your traitor as they specialize in this and they have unfair advantages and resources you simply don't have invest with fundamentals and invest with philosophy buy the things that you believe in participate in the things that you believe in that's the key to success in life is you know what then it doesn't matter what the price is it doesn't matter what happens if we win everybody wins and if the technology wins your children win that's far more meaningful see em Charles what keeps you up at night honestly not much these days you know it used to be could we build the software could we get it out on time you know could we overcome a lot of these damn challenges that keep coming up okay there's nothing more frustrating than having the science right and understanding what needs to be done but just for some reason the team can't do it they just can't get that velocity and they can't get that gel and the culture is not right the dynamics aren't right and you know you change management you change processes you change systems and nothing seems to work and it just keeps sluggishly pushing along there's also nothing more proud horrifying than being afflicted with I like call software herpes and that's where we were with the with the old code so you know the old code no matter what we did we just could never make that work well we kept refactoring it we kept patching things and we came to conclusion that all of it had to be replaced and so that mansion that all of it had to be replaced and so that meant literally that we had to spend months and months and months and months writing new software from nothing that set us behind and it was really fresh peas off twang that set us behind and it was really frustrating and really time-consuming and it just made me sad and for example this recent balance check issue is just another example of software herpes flaring up again where a bug from the past two years ago we still have to contend with we want to do things right but somehow we have to fix something from the past so that was the kind of stuff that kept me up at night but now that it's over and you know we're no longer using that code base and we're moving into greener pastures it's more of a situation of tell the world what you're gonna do and you'll see who goes along with you and hope that everything works out but I'm committed we're committed as a company and there's nothing in the world I'd rather do than this mining heart were Charles sold his coins at the top you know that's a lie you can publicly verify that we didn't go to our Explorer it's right there another one of these flood stairs uh and then we just right there got compared to one coin yeah good for you to you people hm if you want to know the story about the old codebase go through the old a maze you can see the horror over a long period of time as we were trying to clean things up we just didn't have the right strategy in the beginning and that's ultimately my fault as a CEO yo these things you know you think in the beginning that this is the way to do it way X and it turns out it's way Y and you just have to adapt and change and the better organization you have around you the faster you can recover from a mistake how are your five Lambos going Charles I don't have five Lamborghinis five cars mostly Cadillacs and a GMC truck ranch the ranch is doing quite nice it's cold outside getting a new fence built how it was Gilligan progressing quite well and Duncan is not Irish he's Scottish English and American when danced on the stage with Vitalik never not even if they paid me
