"hi everyone welcome to the a six in Z podcast I'm sonal there's a lot of talk about crypto currencies and tokens and I SEOs out there but beyond the hype why does it all matter it turns out the intern..."

"know on the topic from incentives networks developer communities and new models of governance to the trade-offs between centralized and decentralized systems and then we briefly touch on how to tell t..."

"well so let's go right into our favorite topic which is what we talked about whole time which is the cool stuff happening in cryptocurrencies so for people that are listening and they've heard about B..."

"way I think of it is we had this we had this significant design constraint we meaning the Internet community for building things right which is you you basically had like two models like one was you d..."

"group of developers who have been frankly kind of abused by the platforms for a decade you just arbitrarily get banned you know or an if you're lucky you get to pay them 30% right so there's a there's..."

"a network where developers come together with users and so that goes back to you know Windows is a platform obviously you know iOS and I phone is a platform Andrew platform Twitter it was applied for ..."

"four orders of magnitude so it just goes to show how powerful incentive structures are and one that is really well engineered can just create massive amounts of emergent behavior that are almost hard ..."

"chicken and the egg problem yeah as it relates to network effects the good news is once your critical mass they're awesome right right the bad news is until your critical mass they're terrible like a ..."

"utility if you're the first person on the network the value is effectively zero and then as more people join the network the value goes up drastically and there is a risk/reward thing they're just lik..."

"frustrating to read some of the news reports one column they'll say we're very frustrated with how Facebook handled the election and the other column they'll say wow cryptocurrencies this this terribl..."

"thousand tokens so in some ways what we're doing is we're creating a giant experimenting ground for all sorts of different monetary policies and all sorts of different governance schemes so this lipst..."

"as time goes on and the reason this is interesting is it provides this unique evolutionary mechanism within Tasos if you view it as sort of an organism where it can evolve and adapt over time based on..."

"thing and that's where I think more more innovation needs to happen what if you could offer even half of the perceived value of one of these improvements so in this case let's say you're to offer abou..."

"kind of like a new employee joining a company where everybody's stock gets diluted a little bit but it improves the overall value for everyone yep let's let's talk about staking I've heard this concep..."

"called overnight oh yeah it probably overnight em okay so let's talk about centralized decentralized let's talk about pros and cons sure so pros to centralization are you can potentially have more con..."

"the same way that PayPal could never really become the money of the internet but crypto currencies theoretically could or in the same way that developers are now quite scared of building on the Twitte..."

"the platform in check right like it doesn't matter if you can spur you date from Facebook all your friends are on Facebook it's a network fact that game is over there will be new games if you had to m..."

"try less things the the interesting thing about the decentralized paradigm is the ability to try many things as opposed to just one path it would be the equivalent of being able to take Facebook copy ..."

"currency as opposed to 2014-15 which were pretty pretty winter wintry and whatnot and it's not the prices people say oh the Bitcoin is down now they're up and it's not to me it's not that it's exactly..."

"different things like one it showed that you could just simply have another scaled Network right I think a lot people just assumed it was gonna be one network to rule them all network effects etc etc ..."

"words you need to understand it as currency and that's one way to model fundamentally what these things might be worth and how certain aspects of the system flow but if that's your only lens then you ..."

"little about what's going on now yeah so everyone's coming out of the woodwork selling a token because they think there's free money to be had just like startups there's a small percentage that are le..."

"in the traditional way other favorites are releasing a white paper that is actually just a marketing brochure it has nothing to do with the technical specifications of a protocol which is what a token..."

"and so tread very carefully we're not in any way suggesting that people should buy any of these things even though we're excited about them - what else like what are the other yeah well one is maybe m..."

"building optical switching and you know web servers and all sorts of other infrastructure there's a reason it took you know it took 20 years to get to Facebook you had to have AWS and you had to have ..."

"it it's things like stripe hey what would be like if we made like the most awesome payment system for developers and we design it from scratch yeah and it's always gonna be better that way then hey le..."

"subconsciously most people think about the value of tokens like equity and if you're to say that directly to them they may not say oh yeah I think a token is equivalent to equity but that's just how w..."

"you go through and you really kind of model out in detail you know if file coin got to scale and you were using file coins to transact and the storage market were this big and people were paying willi..."

"flows rather it's the money supply it's the velocity of money it's the average price of goods or services in the economy and it's the number of goods or services in the economy that the that are sold ..."

"nomenclature like I think of in the first bucket the commodity bucket there's Bitcoin there's Manero and Zee cash maybe - there's other thing which is kind of the network's call them fat protocols cal..."