The people working in DeFi and AI stuff are like a million times more competent than the

people working on CVDCs and digital dollars.

The disparity between the level of talent between the two is so large that it's really

hard for me to imagine these government currencies really taking off.

Very few people like you are running the numbers and even looking at the blockchain, which

is public information, but most people don't do that, right?

They will have to think a lot about this sort of risk-and-intensive management.

And there's two camps of viewing this.

One is you start doing that at the onset, but then you kind of grow more slowly.

And the other is the own model of get as much liquidity in the door as possible and then

fix it after.

I think they both are valid ways of growing.

I think it's more about understanding your user base in that case.

And like what you're thinking through who your user base will be in the future.

The progress made has actually been quite astounding in terms of like even just getting

to the point of having governance, getting to the point of like automating a lot of

features of things and finance that quite frankly normally are done by lawyers.

When I was graduating college, like the cool thing was always to go into AI stuff and

everyone at the time was like, oh, like they're these AI companies, they'll like do tons

of awesome research, but like they'll productize it and find a way to be a viable business.

If we look back 10 years, deep mind open AI, it's like that did not figure out how to

monetize, they had to basically get added to like one of these big companies.

...