CONSENSUS CONVERSATIONS: The Gateway to On-Chain Finance
CoinDesk Podcast Network
CoinDesk
4.7 • 698 Ratings
🗓️ 27 July 2023
⏱️ 25 minutes
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| 0:00.0 | Hi everyone, good to see you here. |
| 0:04.0 | Thank you for coming to the presentation. |
| 0:21.6 | Appreciate your interest in what we're working on. |
| 0:24.6 | I'm going to kind of just jump into it. |
| 0:27.6 | I think it's going to be useful for us to think about and understand what the fundamental value is of what we're doing. |
| 0:35.6 | In my eyes, one way to look at it is that the conflict of interest |
| 0:40.5 | problem has been something that the global financial system has had as a part of it for a very |
| 0:48.1 | long time. So as you know, the financial system, whether it's the domestic one or the |
| 0:52.3 | globally connected one, powers, the |
| 0:54.9 | global economy, the local economy, businesses, capitalism, and all of these things. |
| 1:00.0 | So at the end of the day, the way the financial system works really determines a lot of the |
| 1:05.0 | quality of life we have and what happens in our lives and in the larger world. |
| 1:10.0 | This conflict of interest problem is one that has existed for hundreds of years. |
| 1:13.6 | Many more years than even people like Adam Smith were talking about it in wealth of nations |
| 1:18.6 | and then more modern economists like Milton Friedman. |
| 1:21.6 | But really, I think this problem is at the core of why things fail |
| 1:26.6 | and why there's cyclical boom and bust cycles that |
| 1:30.3 | basically take society for a ride and leave us paying for it. The two forms that this really |
| 1:38.8 | takes in the modern world is data and market manipulation and over leveraging. |
| 1:45.0 | And once again, my strong belief is that if we can make the financial system work properly, |
| 1:50.0 | then we can have a much better world both domestically and on a global level. |
| 1:55.0 | So the first version of this problem is this data manipulation, market manipulation problem, |
... |
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