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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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