Подкаст cp0x #22: Евгений Гаевой (Wintermute) о прибыли ММ, сделках с токенами и кризисе Hyperliquid — Transcript

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1. 0:00Hello everyone, cp0x podcast number 22.
2. 0:30And today we have a super guest, one of those who, I don't know, he's definitely in the top three of guests I've always wanted on our podcast, but haven't had.
3. 0:39Evgeny Gaevoy. Hi, Genia.
4. 0:41Hello.
5. 0:42And with me hosting the podcast today will be Bobby Axe.
6. 0:45Bobby, hi. Thank you so much for coming.
7. 0:47Honestly, I was thinking about who I'd really like to have on our podcast.
8. 0:51And truly, when I was making my list of interesting guests, you were in the top three.
9. 0:55So thank you very much for taking the time to come here today.
10. 0:58I hope it will be interesting for everyone.
11. 1:00Could you please tell us a little bit about yourself to start, as much as you're able?
12. 1:04Where are you originally from?
13. 1:06Where did you study?
14. 1:06How did your path develop?
15. 1:08Your life's path?
16. 1:09I am from Moscow.
17. 1:10I studied at HSE for my bachelor's degree for the first four years.
18. 1:14That was a long, long time ago, back when HSE was still, I don't know, a stronghold of libertarianism, or what's the Russian word for that.
19. 1:21And I studied economics there until the year 2000, I believe.
20. 1:27Pause.
21. 1:28Then, for my master's degree, I went to Holland, specifically to Maastricht, for a single year, because the higher school of economics, it was an absolutely fantastic university.
22. 1:36But I really didn't want to spend another two years studying hardcore mathematics there.
23. 1:40I already wanted to start working somewhere.
24. 1:43And so, my future wife and I found Maastricht, where we studied for one year.
25. 1:48And then, we ended up staying in Holland for 10 years.
26. 1:50Given that you studied at HSE, I'll take the liberty of asking you what your thoughts are on, well, this kind of unspoken rivalry between HSE and NES.
27. 1:59What was it like?
28. 2:00What was it like during your time?
29. 2:02Back in those days, the new economics school was quite niche and relatively small.
30. 2:06It wasn't just small, but it had this particular reputation, you know, that only very, you know, highly qualified PhD-level individuals were studying there.
31. 2:12And still, you know, they were always delving into extremely abstract and high-level academic subjects.
32. 2:17But the higher school of economics was a lot more.
33. 2:20So, on the one hand, yes, there was, I suppose, a truly market-driven philosophy all through the 90s, the wild 90s, that the market should drive everything and all that.
34. 2:29On the other hand, it's probably much more geared towards practical application, wouldn't you say?
35. 2:34Meaning, like, finding a job, perhaps, in large corporations or even starting your own business.
36. 2:38So, it's much more focused on those kinds of things.
37. 2:41But NES, I get the impression, was more about, I don't know, more academic or scientific pursuits.
38. 2:46That's fantastic.
39. 2:47You're heading off to London.
40. 2:48What was happening after that?
41. 2:49So, first, I was in Amsterdam for 10 years, precisely 10 years.
42. 2:55I studied for my master's in Maastricht.
43. 2:57And then, after that, I went, immediately after that, I went to work for Optiver, which was then, and still remains, one of the main market makers.
44. 3:05And I was there, yes, exactly 10 years.
45. 3:07I was building their ETF market-making business.
46. 3:10You studied 10 years.
47. 3:12No, no.
48. 3:12I'm the one who worked for 10 years.
49. 3:14Okay.
50. 3:14Could you please tell me what that is and what exactly you were doing there?
51. 3:17What was the position you started with?
52. 3:18How you ended up there in the first place?
53. 3:20How the initial selection process unfolded and what your responsibilities were, what your initial tasks involved, and what you ultimately achieved by the end?
54. 3:27I suppose I'll start by mentioning that, essentially, I was facing, you know, a significant dilemma about what to pursue after completing my master's degree in Maastricht.
55. 3:35I started reading all sorts of books.
56. 3:36I don't know.
57. 3:37I refer to them as finance fiction.
58. 3:38And, you know, the most well-known one probably is.
59. 3:41So, there are all these books about, you know, either trading firms or how investment banking has operated or operates currently.
60. 3:49And in many of them, the main narrative, I guess, was that a person comes into this, you know, let's say, an investment bank, and then they grow, they climb the ranks, they make a whole lot of money.
61. 3:59And then after, I don't know, five or 10 years, they become disillusioned and move on to something else.
62. 4:06And I became very interested because the requests were, I don't know, I think I had an inferiority complex for a very, very long time.
63. 4:13My financial demands were quite modest.
64. 4:15Okay, challenge accepted.
65. 4:16I'm going to go work in finance, and we'll just have to see whether I'll be disappointed with that choice in 10 years or not.
66. 4:23However, getting into investment banking proved to be quite challenging.
67. 4:26And besides, in Holland, that wasn't necessarily the most interesting path for me.
68. 4:31However, what the Netherlands is particularly well-known for are HFTs, that is, high-frequency trading firms.
69. 4:36Essentially, they are primarily located in the Netherlands and America, and in England as well, actually.
70. 4:41But these three countries have the highest concentration of these firms.
71. 4:44That's just how it historically developed.
72. 4:47And I applied to one HFT firm.
73. 4:50But what I immediately liked about them, what really stood out, was their application process.
74. 4:55They explicitly, in no uncertain terms, told us,
75. 4:58We absolutely do not care what your educational background is.
76. 5:02We absolutely do not care what your grades are.
77. 5:04You just come to us, and you take the most basic...
78. 5:07Sorry, I don't even know how to say it in Russian.
79. 5:09So, basically, it's about fundamental basic arithmetic.
80. 5:13You come in, and you have to answer 80 questions.
81. 5:15Like, very, very basic arithmetic, for example.
82. 5:18202 multiplied by 7, and you're given just 2 minutes for these 80 questions.
83. 5:22I don't know.
84. 5:22It was something so, so incredibly hardcore.
85. 5:24You come in, and you do 3 rounds of these questions.
86. 5:27So, the first round is just basic arithmetic.
87. 5:29The other rounds, they were like, how would you say that in Russian?
88. 5:32So, basically, when you have to work on number sequences,
89. 5:35how you would go about continuing them.
90. 5:37What I mean is, these were 3 very, very quick rounds.
91. 5:40I essentially trained on them, thanks to my wife, among others.
92. 5:44So, for the first, I don't know, 2 or 3 days before the first interview,
93. 5:48I was just solving countless, countless, countless, simple arithmetic problems.
94. 5:52I got through, I aced it, and then the final interview was just,
95. 5:57you just come in and talk to the founder.
96. 6:00You talk, like, I don't know, to the managers.
97. 6:02You sit on the trading floor.
98. 6:04You ask them questions.
99. 6:05So, they're trying to figure out whether you'll become a trader or not.
100. 6:09Among the highlights, the most interesting thing was that
101. 6:14there's a founder who isn't as heavily involved in the business anymore,
102. 6:18but back then, he was quite passionate.
103. 6:20I met the top 100 richest people in the Netherlands.
104. 6:23I played a game of chess, for example.
105. 6:25It was quite enjoyable, actually.
106. 6:27Well, the main highlight from this entire interview was that
107. 6:30we're sitting in a room, and, like, they ask me,
108. 6:34what do you think is the main task?
109. 6:36What's the main goal for Optiver?
110. 6:38And, like, on the one hand,
111. 6:39I don't know how they teach you in university.
112. 6:42Like, I don't know, things like increasing shareholder value,
113. 6:45or, I don't know, something like world peace.
114. 6:48I don't know, something like that.
115. 6:50From their website, I understood that they are very,
116. 6:55I don't know, direct people,
117. 6:56and generally, the Dutch are quite direct.
118. 6:58So, I said, okay, I think for Optiver, it's about making money.
119. 7:01And they both broke into smiles,
120. 7:03and after that, they hired me.
121. 7:04And, essentially, when I joined them,
122. 7:11it was very interesting,
123. 7:13because I was with them for 10 years.
124. 7:16And in those 10 years,
125. 7:17they went from a late-stage startup,
126. 7:19meaning when I joined,
127. 7:21there were 300 people on the team,
128. 7:23and when I left, there were 1,500.
129. 7:25So, it was between a late-stage startup
130. 7:27and a proper incorporated company.
131. 7:30When I was already leaving,
132. 7:32when I was on my way out,
133. 7:34Lions appeared, Prop Riskman appeared,
134. 7:36a bunch of these tedious processes emerged,
135. 7:40and it was very interesting to see this company,
136. 7:42how it grows from something very interesting
137. 7:45and dynamic into something much more established.
138. 7:48These are exactly the processes.
139. 7:50To be honest, I'm experiencing myself right now.
140. 7:53And you said it was interesting.
141. 7:55Well, yes, probably interesting,
142. 7:57but I honestly don't like it from my perspective,
143. 7:59because I really, I honestly remember
144. 8:00joining a startup that had 50 people,
145. 8:03and now they have 800,
146. 8:05and these processes don't resonate with me at all.
147. 8:08I'm like, damn, every day,
148. 8:09if it weren't for the visa,
149. 8:11I'd be convincing myself not to quit.
150. 8:13Was it the same for you,
151. 8:14or did you really like these processes?
152. 8:16Well, I liked them back then,
153. 8:19but now, looking back,
154. 8:21I mean, when you're building your own company,
155. 8:23you start to understand,
156. 8:24okay, how do you grow further?
157. 8:26I'm not sure.
158. 8:27I mean, Wintermute has grown over eight years,
159. 8:30you know, from zero to,
160. 8:32now we have almost 150 people.
161. 8:35And every single year,
162. 8:37I think about how I can grow,
163. 8:39but at the same time,
164. 8:40not become this corporate boring monster.
165. 8:42And so I try to learn
166. 8:43from other people's mistakes,
167. 8:45more or less.
168. 8:46Yes, in that sense,
169. 8:47it's certainly an interesting experience.
170. 8:49I'm sure to observe and reflect
171. 8:53on how to transform from a company
172. 8:54where you know everyone
173. 8:55to one where you certainly won't know everyone by face
174. 8:58or even what anyone is doing
175. 8:59at any given moment,
176. 9:00how to build this structure.
177. 9:02Please tell me what you did at Optiver,
178. 9:05just a quick run-through of your career progression.
179. 9:07I doubt you just arrived
180. 9:08and were immediately handed major responsibilities,
181. 9:11or I don't know,
182. 9:12maybe you impressed them so much with your answer
183. 9:14that they told you just make money,
184. 9:15that's all.
185. 9:16Well, Optiver then and now
186. 9:20was basically quite well known for options trading.
187. 9:23And it just so happened that,
188. 9:25I don't know,
189. 9:26there was a training program part of it
190. 9:29that lasted about two months.
191. 9:31During this training program,
192. 9:32they kind of, I don't know,
193. 9:33somehow they sorted me out.
194. 9:35Options, you see,
195. 9:36are a very tactical thing.
196. 9:38And they sent me,
197. 9:40not to Options,
198. 9:40but to Delta One.
199. 9:41What I mean is,
200. 9:42it's essentially
201. 9:43when you're trading financial instruments
202. 9:45that are very strongly correlated
203. 9:47with one another.
204. 9:48And this Delta One team,
205. 9:51at that moment,
206. 9:52it was mostly,
207. 9:53I don't know,
208. 9:54old-timers,
209. 9:55like old-timers,
210. 9:55not that they were 50 years old,
211. 9:57but that they had,
212. 9:58you know,
213. 9:58five, seven,
214. 9:59ten years of experience.
215. 10:00So I was the first junior there
216. 10:02in about three years,
217. 10:03probably.
218. 10:04After me,
219. 10:05they hired more,
220. 10:06but I was the very first of a kind,
221. 10:08essentially,
222. 10:08there for a very,
223. 10:09very long time.
224. 10:10And they put me in,
225. 10:11initially,
226. 10:12they just gave me,
227. 10:13I don't know,
228. 10:13a couple of shares.
229. 10:14I even remember which ones.
230. 10:16Fortis,
231. 10:17there was such a Belgian bank,
232. 10:18which someone later bought.
233. 10:20I was arbitraging
234. 10:21these Fortis
235. 10:23between two or three exchanges
236. 10:25and there,
237. 10:26they gave me tools
238. 10:27and I don't know,
239. 10:28all sorts of,
240. 10:29and all that.
241. 10:31And they said,
242. 10:32here you go there.
243. 10:33You could add
244. 10:34all sorts of plugins
245. 10:35to that spreadsheet
246. 10:36and just do whatever you please.
247. 10:38But I really enjoyed it
248. 10:39because it was,
249. 10:40I don't know,
250. 10:40it felt very entrepreneurial.
251. 10:42That is,
252. 10:42it was truly,
253. 10:43truly interesting to do.
254. 10:45And they essentially gave you
255. 10:46complete carte blanche
256. 10:47to do absolutely
257. 10:49anything you wanted.
258. 10:50And that's how I started.
259. 10:51And later,
260. 10:52I was part of a team
261. 10:53that arbitraged
262. 10:54various futures
263. 10:55on the main European indices.
264. 10:57I was with them
265. 10:59for about six months,
266. 11:01I guess.
267. 11:02That was interesting too.
268. 11:03Then I was moved
269. 11:03to a spot desk
270. 11:04that on the one hand
271. 11:06traded European ETFs
272. 11:08and on the other hand
273. 11:09performed arbitrage
274. 11:10on these indices,
275. 11:11futures indices
276. 11:12on underlying,
277. 11:13well,
278. 11:14like baskets.
279. 11:15So there is
280. 11:16the Euro Stoxx 50 index
281. 11:18is a key benchmark.
282. 11:19It represents
283. 11:20the top 50 leading
284. 11:21European stocks.
285. 11:21So you would acquire baskets
286. 11:23containing these 50
287. 11:23individual stocks
288. 11:24and then you would
289. 11:25systematically arbitrage
290. 11:26this entire basket
291. 11:26against its corresponding
292. 11:27futures contracts.
293. 11:29And it was quite a tedious spot,
294. 11:31you know,
295. 11:31my predecessor in this very spot
296. 11:33resigned because he was so bored
297. 11:34and he couldn't earn
298. 11:35anything at all there,
299. 11:36not a thing.
300. 11:37And he ended up
301. 11:37with a very small bonus
302. 11:38and he was,
303. 11:39I don't know,
304. 11:40extremely disappointed
305. 11:40with Optiver,
306. 11:41with Life
307. 11:42and everything else probably.
308. 11:43And I liked it.
309. 11:45because again,
310. 11:46they were trading,
311. 11:47I guess,
312. 11:48in blocks.
313. 11:48While I don't know,
314. 11:49there were over 200 available.
315. 11:51They only traded
316. 11:52the 20 simplest ones.
317. 11:54And on the other hand,
318. 11:55these baskets
319. 11:55with which you constantly
320. 11:57have arbitrage,
321. 11:58you constantly have
322. 11:59all sorts of,
323. 12:00I don't know,
324. 12:01interesting corporate actions
325. 12:02happening.
326. 12:03So,
327. 12:04I guess for me,
328. 12:05this is probably
329. 12:06the biggest highlight,
330. 12:07not even just
331. 12:08my Optiva career,
332. 12:09I don't know,
333. 12:10my entire life's career
334. 12:11or even just my life
335. 12:12in general really.
336. 12:13There was a very interesting
337. 12:14story involving Volkswagen.
338. 12:16At one point,
339. 12:18Volkswagen experienced
340. 12:18a significant short squeeze.
341. 12:20The short squeeze occurs
342. 12:21when people have
343. 12:22generally borrowed
344. 12:22a large number
345. 12:23of Volkswagen shares
346. 12:24and then find themselves
347. 12:25unable to return them.
348. 12:27This forced them
349. 12:27to buy those shares
350. 12:28back on the open market.
351. 12:29And this,
352. 12:30at one point,
353. 12:31made Volkswagen
354. 12:31for one day,
355. 12:32as far as I remember.
356. 12:33Maybe for a couple of days,
357. 12:35the largest company
358. 12:35by market capitalization
359. 12:37in the entire world.
360. 12:38Just because of this,
361. 12:39this very strange situation
362. 12:40and I was sitting
363. 12:41right in the middle of it
364. 12:43because I was trading
365. 12:44the German index
366. 12:45against a German basket.
367. 12:47Without telling anyone,
368. 12:49I shorted this Volkswagen,
369. 12:52but it was impossible
370. 12:53to short it through shares
371. 12:54because they couldn't
372. 12:55be borrowed from anyone.
373. 12:57So,
374. 12:57I sold the German index,
375. 12:59the entire basket
376. 13:00except for Volkswagen.
377. 13:01I had,
378. 13:02you know,
379. 13:02a synthetic position,
380. 13:04but I didn't tell anyone
381. 13:05about it.
382. 13:06For some reason,
383. 13:07well,
384. 13:08I don't know.
385. 13:08I was young,
386. 13:09inexperienced back then.
387. 13:11I thought,
388. 13:11like,
389. 13:11I remember I took this position,
390. 13:13then the market closed
391. 13:14and I was walking home
392. 13:16thinking,
393. 13:16damn,
394. 13:17I've never been so sure
395. 13:18about anything,
396. 13:19so incredibly confident
397. 13:20as I am right now.
398. 13:21I think,
399. 13:22actually,
400. 13:22I never had that kind of feeling
401. 13:24again in my life
402. 13:25after that.
403. 13:26And,
404. 13:27the very next day,
405. 13:28I came back to work.
406. 13:29Volkswagen collapsed
407. 13:31because people had somehow
408. 13:32found a way to expose it.
409. 13:34I earned half a million there,
410. 13:36which is a really,
411. 13:36really significant
412. 13:37sum of money.
413. 13:38Then all these senior colleagues
414. 13:39came up,
415. 13:40patted me on the shoulder,
416. 13:41said,
417. 13:41well done,
418. 13:42and all that.
419. 13:43And then,
420. 13:44well,
421. 13:44yeah,
422. 13:44just a couple of hours later,
423. 13:46the risk manager
424. 13:47and the head of trading
425. 13:48came to me
426. 13:48and they said,
427. 13:49look,
428. 13:49Genia,
429. 13:49this all certainly
430. 13:50seems quite wonderful.
431. 13:50It's true,
432. 13:51but we really should tell you
433. 13:52something important
434. 13:52if you were to take on
435. 13:53such a large position.
436. 13:55And,
437. 13:56overall,
438. 13:57it didn't affect
439. 13:58my career
440. 14:00very positively.
441. 14:01In fact,
442. 14:01it affected it
443. 14:02quite negatively.
444. 14:03But,
445. 14:03as a form of trading,
446. 14:05it really,
447. 14:05really helped me
448. 14:06because,
449. 14:07as I said,
450. 14:07I was,
451. 14:08I don't know,
452. 14:08not entirely confident
453. 14:10in myself.
454. 14:10And this really helped
455. 14:11with my confidence,
456. 14:12I think.
457. 14:13Honestly,
458. 14:13I don't really know
459. 14:14all these kinds of crazy things.
460. 14:16When I eventually got involved
461. 14:17in crypto,
462. 14:17it also helped me out
463. 14:18a great deal
464. 14:18because when you understand
465. 14:20how,
466. 14:20on the one hand,
467. 14:21to effectively react
468. 14:22to these crazy situations
469. 14:23and then,
470. 14:24on the other hand,
471. 14:24when you possess
472. 14:25the absolute certainty
473. 14:26that there's a trade,
474. 14:27you absolutely must execute it.
475. 14:29And if you are truly confident
476. 14:30in your decision,
477. 14:31you should simply go for it.
478. 14:33Were you working
479. 14:34during the 2008 crisis?
480. 14:36I came in 2007.
481. 14:38The crisis then hit in 2008.
482. 14:41So,
483. 14:41I was right there at that time,
484. 14:43a complete junior.
485. 14:44It was quite fun.
486. 14:46How did the company
487. 14:46survive the crisis?
488. 14:47They didn't have any
489. 14:48risk management in place
490. 14:49and everything was fine.
491. 14:50No,
492. 14:51it was,
493. 14:52well,
494. 14:52it was really interesting
495. 14:53because there was
496. 14:54wild volatility in 2008.
497. 14:56And it was also such,
498. 14:57I don't know,
499. 14:58a very interesting
500. 14:59learning moment
501. 15:00because 2008
502. 15:00was absolutely crazy.
503. 15:02Those desks,
504. 15:03I mean,
505. 15:03there were absolutely
506. 15:04insane opportunities.
507. 15:05I don't know.
508. 15:06Every week,
509. 15:06the company earned
510. 15:07a ton of money.
511. 15:08But again,
512. 15:08that's where the parallels
513. 15:09with crypto come in,
514. 15:11that the company,
515. 15:11everyone received
516. 15:12very,
517. 15:12very excellent bonuses.
518. 15:14Then 2009 happened
519. 15:16and all the trading
520. 15:17volumes disappeared,
521. 15:18plummeting by 50%
522. 15:19or even more.
523. 15:20In 2009,
524. 15:21if there was a bonus
525. 15:22at all,
526. 15:22it was,
527. 15:23I don't know,
528. 15:24absolutely,
529. 15:25completely minimal.
530. 15:26And then later on,
531. 15:27I went through
532. 15:28a similar experience
533. 15:29with crypto,
534. 15:30like after 2022,
535. 15:32for instance.
536. 15:32Now,
537. 15:33we'll most likely
538. 15:33also see that
539. 15:34this upcoming year
540. 15:35will potentially
541. 15:36not be very interesting.
542. 15:38Basically,
543. 15:38market makers
544. 15:39always go through
545. 15:40these cycles.
546. 15:41If you have
547. 15:42a very good year,
548. 15:43but everything else
549. 15:44is collapsing,
550. 15:45then the next year
551. 15:45will likely not
552. 15:46be very interesting.
553. 15:48There's so much
554. 15:49I'd like to ask you
555. 15:49about Optiver,
556. 15:51but we're quite
557. 15:51limited on time,
558. 15:52so let's move on
559. 15:54to crypto times.
560. 15:55At what point
561. 15:56did you first
562. 15:56get into crypto?
563. 15:58I don't think
564. 15:58the first thing
565. 15:59you learned
566. 15:59about crypto
567. 16:00was like
568. 16:01as soon as you learned
569. 16:02and a month later
570. 16:03you went uncreated
571. 16:04meant of you.
572. 16:05So you must have
573. 16:05heard about it
574. 16:06somewhere before
575. 16:07and it somehow
576. 16:08started appearing
577. 16:09in your head
578. 16:09and you thought
579. 16:10about it.
580. 16:11Tell me,
581. 16:11when did you first
582. 16:12learn about crypto?
583. 16:13In what context?
584. 16:14And how did your
585. 16:15relationship with crypto
586. 16:16develop further?
587. 16:17In 15,
588. 16:1916 most likely.
589. 16:21Then I was initially,
590. 16:23I guess,
591. 16:24a Bitcoin guy,
592. 16:25unfortunately.
593. 16:26I mean,
594. 16:26the technology
595. 16:27hooked me.
596. 16:29But again,
597. 16:29like the last,
598. 16:30I don't know,
599. 16:31things about Optiverr
600. 16:32where Optiverr
601. 16:33was such a very
602. 16:34contrarian environment.
603. 16:36I mean,
604. 16:36people,
605. 16:37like all the traders,
606. 16:38I don't know,
607. 16:39they all just made fun
608. 16:39of Bitcoin
609. 16:40saying it was
610. 16:41an absolute joke.
611. 16:42And then,
612. 16:44you know,
613. 16:44when your senior
614. 16:44colleagues do that,
615. 16:45you also don't take
616. 16:46it very seriously anymore.
617. 16:48And so,
618. 16:49while I was at Optiverr,
619. 16:50I also approached it
620. 16:51not very seriously,
621. 16:52but I actually
622. 16:53liked blockchain.
623. 16:54I mean,
624. 16:54I understood that
625. 16:55blockchain,
626. 16:56it really has the
627. 16:57potential to disrupt
628. 16:58everything.
629. 16:58I mean,
630. 16:59it can disrupt like
631. 17:00and
632. 17:01there's a lot
633. 17:03that can be disrupted
634. 17:04with blockchain technology,
635. 17:05but I was just
636. 17:05looking at it as,
637. 17:06well,
638. 17:07something,
639. 17:07essentially,
640. 17:08what's happening
641. 17:08right now
642. 17:09with stable coins.
643. 17:09I thought,
644. 17:10okay,
645. 17:10this is
646. 17:11only what can be done
647. 17:13on the blockchain
648. 17:13matters.
649. 17:14The rest is
650. 17:14complete nonsense.
651. 17:16Then,
652. 17:16I left Optiverr
653. 17:18and I moved to London
654. 17:20with my family.
655. 17:21Pause.
656. 17:22I had like
657. 17:23more time to experiment.
658. 17:25Pause.
659. 17:25And,
660. 17:26you know,
661. 17:26fewer people around
662. 17:27who would probably
663. 17:28tell me what was
664. 17:29permissible
665. 17:29and what wasn't.
666. 17:30Pause.
667. 17:31And at that moment,
668. 17:32I created an account
669. 17:33and bought a very small
670. 17:34amount of Bitcoin,
671. 17:35just I don't know,
672. 17:36to see what would happen.
673. 17:37And literally,
674. 17:38a week later,
675. 17:39its price had gone up a lot.
676. 17:40It was already April of 1917.
677. 17:42And this really,
678. 17:43really grabbed my attention.
679. 17:45In traditional finance,
680. 17:46you might have,
681. 17:47I don't know,
682. 17:47maybe 10 days a year
683. 17:48when things are interesting
684. 17:49and the rest of the time
685. 17:50is quite dull.
686. 17:51But in crypto,
687. 17:52it very quickly became obvious
688. 17:53to me that
689. 17:53you simply have 10 days a year
690. 17:55when nothing happens
691. 17:56and the rest of the time,
692. 17:58something quite hardcore
693. 17:59is always going on.
694. 18:00So this volatility,
695. 18:01it really grabbed my attention
696. 18:02very strongly from the outset.
697. 18:04And I,
698. 18:04you know,
699. 18:05continued not really fully believing
700. 18:06in this entire endeavor,
701. 18:08but it became quite clear to me
702. 18:09that trading this,
703. 18:10trading it
704. 18:11could potentially be
705. 18:12quite an interesting
706. 18:12and enjoyable experience.
707. 18:14And I connected with a colleague
708. 18:15who had also departed
709. 18:16from Optiverr just recently
710. 18:17and we decided,
711. 18:18okay,
712. 18:19why don't we give it a shot
713. 18:20and try to build a market maker
714. 18:21in the crypto space?
715. 18:22So it seems you did
716. 18:24just like in those books
717. 18:25you were talking about,
718. 18:26that means you worked
719. 18:26for 10 years
720. 18:27and then you're done.
721. 18:28You can now move on
722. 18:28to something completely different.
723. 18:30Yes,
724. 18:30I originally,
725. 18:31I left that place
726. 18:32because I didn't want
727. 18:33to pursue a career
728. 18:34in trading.
729. 18:35So I was almost
730. 18:37completely disillusioned
731. 18:38with all of it.
732. 18:39I even went through
733. 18:40several rounds
734. 18:41of interviews
735. 18:42at these top consulting firms.
736. 18:44I think I made it
737. 18:45to the very last round
738. 18:46at McKinsey,
739. 18:47but fortunately,
740. 18:48they didn't hire me
741. 18:49again.
742. 18:50So I tried many,
743. 18:52many different things,
744. 18:53but nothing really
745. 18:54clicked for me.
746. 18:55Consulting didn't hire me
747. 18:57and I had to do something
748. 18:58with my life.
749. 18:59And then Bitcoin
750. 19:00finally made
751. 19:00a significant move.
752. 19:02Do I understand correctly
753. 19:03that you are,
754. 19:04that is,
755. 19:05you found a person
756. 19:05with whom you were
757. 19:06already acquainted
758. 19:08through Optiver
759. 19:09and you both decided
760. 19:10to create Wintermute
761. 19:11at that moment?
762. 19:12Well,
763. 19:12in principle,
764. 19:12yes,
765. 19:13that's right.
766. 19:13Well,
767. 19:13the decision,
768. 19:14you could say,
769. 19:15was mostly my own.
770. 19:16My colleague didn't really
771. 19:17have anything else
772. 19:17pressing to do,
773. 19:18so he happily joined us.
774. 19:19Then,
775. 19:20after another six months
776. 19:21had passed,
777. 19:21we brought in
778. 19:22another external colleague
779. 19:23who is still with us
780. 19:24to this day,
781. 19:24Johan.
782. 19:25We brought him on board
783. 19:26because,
784. 19:27you see,
785. 19:27I had my initial trading
786. 19:29expertise from Citigroup
787. 19:30and I also had coding experience
788. 19:32and Johan,
789. 19:33for his part,
790. 19:33contributed the fundraising aspect.
791. 19:35That is to say,
792. 19:36he helped us raise
793. 19:37our two funding rounds.
794. 19:38What was the original idea
795. 19:40behind the Wintermute?
796. 19:41So when,
797. 19:42let's say,
798. 19:43you weren't accepted
799. 19:43at McKinsey,
800. 19:44you thought,
801. 19:45I'll do something of my own,
802. 19:46create something new,
803. 19:48what was it,
804. 19:48what was the core idea?
805. 19:49Was it just a market-making firm
806. 19:51or something else
807. 19:52or some kind of,
808. 19:53well,
809. 19:53you knew there was volatility there,
810. 19:55I assume,
811. 19:56and on what,
812. 19:57on what was the initial thesis
813. 19:59supposed to be based
814. 20:00that you were forming
815. 20:01some new entity of your own?
816. 20:02I started out thinking,
817. 20:04okay,
818. 20:05we'll simply be doing arbitrage.
819. 20:06Then throughout the year 2017,
820. 20:08I more or less,
821. 20:09you know,
822. 20:10came to fully understand
823. 20:11that crypto isn't exclusively Bitcoin.
824. 20:14There's a whole lot of other things
825. 20:15happening in that space.
826. 20:16That's when the ICO boom began
827. 20:18and I started reading
828. 20:20at that point
829. 20:21that we had to root out
830. 20:23very dubious market makers
831. 20:25who were,
832. 20:25you know,
833. 20:26doing pump and dump schemes,
834. 20:27trading and all that.
835. 20:29I thought,
836. 20:29okay,
837. 20:29maybe we could build
838. 20:30an entire business
839. 20:31around more compliant
840. 20:33ethical market making
841. 20:34for these tokens.
842. 20:35our very first proposal,
843. 20:37which we sent out
844. 20:38to all potential investors
845. 20:39and from which
846. 20:40we successfully raised capital.
847. 20:42And in essence,
848. 20:42it was focused on the idea
849. 20:43that we would be performing
850. 20:44market making
851. 20:45for these specific ICOs.
852. 20:46But by the time
853. 20:47we started raising,
854. 20:48it was already 2018.
855. 20:50All ICOs were more or less
856. 20:52dying out.
857. 20:53And very quickly,
858. 20:54we had to pivot
859. 20:55essentially back into
860. 20:57prop trading,
861. 20:58back into token market making
862. 21:01because all ICOs had died.
863. 21:03And then several years later,
864. 21:05we actually returned
865. 21:06to market making
866. 21:08just on a smaller scale.
867. 21:10Was it relatively easy
868. 21:11for you to raise a round
869. 21:12due to your background?
870. 21:14It was not easy at all.
871. 21:15We were actually
872. 21:16very, very lucky,
873. 21:17to be honest.
874. 21:18Our seed round
875. 21:19and then,
876. 21:20you know,
877. 21:20our extension round,
878. 21:22those were all just angels.
879. 21:24So actually,
880. 21:26we were lucky
881. 21:27that these were people
882. 21:28who were more than
883. 21:30just the usual crowd here.
884. 21:31They had their own businesses
885. 21:33and they were doing market making.
886. 21:35but not in crypto,
887. 21:36rather in sports betting.
888. 21:38So they had market making
889. 21:39experience in sports betting,
890. 21:40meaning they truly
891. 21:41understood market making.
892. 21:42They themselves
893. 21:43were not directly involved
894. 21:44in crypto,
895. 21:45but it was quite clear to them
896. 21:46that something could
897. 21:47obviously be achieved there.
898. 21:49Well, I mean,
899. 21:50almost every venture fund
900. 21:51we talked to,
901. 21:52they basically dismissed us
902. 21:53saying market making
903. 21:55in principle
904. 21:56isn't a very venture
905. 21:57investable business.
906. 21:59And on the one hand,
907. 21:59we were constantly
908. 22:00having to pitch
909. 22:01our market making operations
910. 22:02to external entities.
911. 22:03If this venture capital fund
912. 22:04wasn't specifically involved
913. 22:05in the crypto space,
914. 22:06it was simply impossible.
915. 22:07Angels, you know,
916. 22:08we actually managed
917. 22:08to secure two funding rounds
918. 22:09thanks to their crucial support.
919. 22:11Cool.
920. 22:12So I think
921. 22:13maybe we can do
922. 22:14a little spin-off here
923. 22:16about what market making
924. 22:17actually is
925. 22:18because we know
926. 22:19that in our space
927. 22:20there's quite a varied
928. 22:22understanding,
929. 22:23well, actually
930. 22:24a very different one,
931. 22:25I believe,
932. 22:26of what people
933. 22:27put into this concept.
934. 22:28I mean,
935. 22:28I know that in TradFi
936. 22:29it's understood
937. 22:30in one specific way.
938. 22:31For retail traders,
939. 22:32a market maker
940. 22:33is often seen
941. 22:33as some kind of mythical,
942. 22:35all-powerful entity,
943. 22:36a supernatural force
944. 22:37that completely controls
945. 22:38the market
946. 22:38and does exactly
947. 22:39as it pleases.
948. 22:40There are many such tales
949. 22:40and legends circulating.
950. 22:42Could you please explain
951. 22:42what market making
952. 22:43actually is,
953. 22:44what its primary objective is
954. 22:45and how you personally
955. 22:46interpret the term
956. 22:47market making?
957. 22:48Also,
958. 22:48what did and still does
959. 22:49Wintermute do in this field,
960. 22:50I presume?
961. 22:51This is specifically
962. 22:52about market making
963. 22:54and then we'll move on
964. 22:55to what Wintermute
965. 22:55actually does.
966. 22:56Actually,
967. 22:57you know,
968. 22:57I don't know,
969. 22:58sometimes people distinguish
970. 22:59market making
971. 23:00and trading,
972. 23:01but in reality
973. 23:01it's more or less
974. 23:02the same thing.
975. 23:03You can't really do
976. 23:04one without the other.
977. 23:05There were individual
978. 23:07market makers
979. 23:08but like,
980. 23:08okay,
981. 23:09starting with TradFi
982. 23:10you make markets
983. 23:11meaning you show
984. 23:12bids and offers
985. 23:13and essentially,
986. 23:14essentially in most
987. 23:15TradFi markets
988. 23:16and actually in crypto too,
989. 23:18when you trade with someone,
990. 23:19when you buy
991. 23:20or sell something
992. 23:21like,
993. 23:22I don't know,
994. 23:22buying a Tesla
995. 23:23for example
996. 23:24or buying,
997. 23:25selling,
998. 23:26I don't know,
999. 23:26some ETF
1000. 23:27on the S&P,
1001. 23:28you will practically
1002. 23:30always be trading
1003. 23:31with a market maker.
1004. 23:32You won't be,
1005. 23:33you know,
1006. 23:33peer-to-peer
1007. 23:34with just any seller
1008. 23:35or buyer.
1009. 23:36Most likely,
1010. 23:36you'll be trading
1011. 23:37with a market maker
1012. 23:38and in fact,
1013. 23:39the main function
1014. 23:39of a market maker
1015. 23:40is let's say
1016. 23:41you have Tesla,
1017. 23:42you have,
1018. 23:42you know,
1019. 23:43a huge number of buyers
1020. 23:44and a huge number
1021. 23:45of sellers.
1022. 23:46Perhaps you don't have
1023. 23:47any buyers
1024. 23:47but there is a seller
1025. 23:48available
1026. 23:49and essentially
1027. 23:50the market maker's role
1028. 23:51is to buy
1029. 23:52from one person
1030. 23:54immediately
1031. 23:54and then sell
1032. 23:55to another
1033. 23:56and to hold
1034. 23:57that risk
1035. 23:57for a minute
1036. 23:58or 10 seconds
1037. 23:59or even 10 minutes
1038. 24:00for as long
1039. 24:01as it takes.
1040. 24:03Another way
1041. 24:03to look at it
1042. 24:04as it were
1043. 24:05if you're just
1044. 24:05a regular trader,
1045. 24:07you know,
1046. 24:07doing technical analysis
1047. 24:09or something like that,
1048. 24:10what you're trying
1049. 24:10to do is
1050. 24:11you go to the market,
1051. 24:12you ask for the spread,
1052. 24:14you know,
1053. 24:14you buy,
1054. 24:15you buy this Tesla
1055. 24:16and you hope,
1056. 24:17you know,
1057. 24:18in a minute,
1058. 24:1910 minutes
1059. 24:19or even a year
1060. 24:20to sell it for more.
1061. 24:22So,
1062. 24:23you lose
1063. 24:23a little bit
1064. 24:24at the beginning
1065. 24:25hoping to make
1066. 24:26a lot of money
1067. 24:27or not so much,
1068. 24:28it doesn't really matter.
1069. 24:29A market maker,
1070. 24:30however,
1071. 24:30does the exact opposite.
1072. 24:32That is,
1073. 24:32he constantly collects
1074. 24:33this spread
1075. 24:35from everyone
1076. 24:35who buys from you
1077. 24:36or sells to you
1078. 24:37and you try your best
1079. 24:38not to lose this spread
1080. 24:40during the day.
1081. 24:41So,
1082. 24:41you're making
1083. 24:43just a very small amount
1084. 24:44of profit
1085. 24:44on every single trade
1086. 24:45and then you manage
1087. 24:46your risk
1088. 24:47very carefully
1089. 24:47so that you don't end up
1090. 24:49losing that money.
1091. 24:50Essentially,
1092. 24:50this is the entire
1093. 24:51business model
1094. 24:51of market makers,
1095. 24:53you know.
1096. 24:53Actually,
1097. 24:55it's quite similar
1098. 24:56in crypto as well
1099. 24:56and then you have,
1100. 24:57I don't know,
1101. 24:58many different options.
1102. 24:59On the one hand,
1103. 25:00you could simply
1104. 25:00just show,
1105. 25:01offer the absolute classic
1106. 25:03of all classics.
1107. 25:04Market maker,
1108. 25:04if we go to DeFi,
1109. 25:06for example,
1110. 25:06you'd have something
1111. 25:07like Uniswap.
1112. 25:09Market makers
1113. 25:09in Uniswap
1114. 25:10liquidity provider pools
1115. 25:12don't really let
1116. 25:13liquidity fail,
1117. 25:14they usually arbitrage it.
1118. 25:16Essentially,
1119. 25:17arbitrage is what
1120. 25:18market makers
1121. 25:19do very often
1122. 25:19and in fact,
1123. 25:20all this market maker
1124. 25:22activity is in essence
1125. 25:23creating arbitrage
1126. 25:24for themselves too
1127. 25:25because if someone
1128. 25:27trades with you
1129. 25:28at your quotation,
1130. 25:30essentially,
1131. 25:30they are creating
1132. 25:31arbitrage.
1133. 25:32Very often,
1134. 25:33you know,
1135. 25:33the market maker's
1136. 25:34primary role
1137. 25:34is to take on
1138. 25:35this inherent risk,
1139. 25:36this temporal risk
1140. 25:37that exists
1141. 25:38between the buyers
1142. 25:38and the sellers.
1143. 25:39Sometimes this particular
1144. 25:40risk lasts
1145. 25:41for mere seconds
1146. 25:41or just minutes.
1147. 25:42At other times,
1148. 25:43this risk can even
1149. 25:44extend for several days.
1150. 25:45Could you please tell me
1151. 25:46who are the most
1152. 25:47common clients
1153. 25:48of market makers?
1154. 25:49Who exactly do
1155. 25:50market makers provide
1156. 25:51this service to?
1157. 25:52What are the different
1158. 25:52types of clients
1159. 25:53and what distinguishes them?
1160. 25:54Well, let's begin
1161. 25:55by discussing
1162. 25:56who exactly
1163. 25:56their clients are.
1164. 26:01I'll start by saying
1165. 26:02that you don't
1166. 26:03necessarily have
1167. 26:03to be our client.
1168. 26:04What I mean is
1169. 26:05we can market make
1170. 26:06any token
1171. 26:07that we choose.
1172. 26:08We don't necessarily
1173. 26:09need to collaborate
1174. 26:10with a project
1175. 26:11in order to list
1176. 26:12a new token.
1177. 26:13What we essentially
1178. 26:14need is some
1179. 26:15inventory post
1180. 26:17that is
1181. 26:18a token supply
1182. 26:19available somewhere
1183. 26:20post which we could
1184. 26:21I don't know
1185. 26:21post perhaps
1186. 26:22borrow from someone
1187. 26:23or the simplest
1188. 26:24option would be
1189. 26:24to sell perpetuals
1190. 26:25and then buy
1191. 26:26the tokens
1192. 26:26for instance.
1193. 26:27And then
1194. 26:28as a result
1195. 26:30we end up with
1196. 26:30what we call
1197. 26:32spot or
1198. 26:33spot inventory.
1199. 26:34In fact,
1200. 26:34most market makers
1201. 26:35acquire their inventory
1202. 26:36precisely through
1203. 26:37this method.
1204. 26:38They sell
1205. 26:38perpetual contracts
1206. 26:39and buy spot.
1207. 26:40So with the majority
1208. 26:42of tokens
1209. 26:42that we trade
1210. 26:43we don't really
1211. 26:44have any agreements
1212. 26:44with the projects
1213. 26:45we just trade them.
1214. 26:47Sometimes
1215. 26:47especially before
1216. 26:49the TGE
1217. 26:49that is to say
1218. 26:51prior to the
1219. 26:52token receiving
1220. 26:53its initial listing
1221. 26:54projects
1222. 26:55very frequently
1223. 26:55engage with
1224. 26:56market makers
1225. 26:57and it so happens
1226. 26:57that many
1227. 26:58well almost all
1228. 26:59decentralized exchanges
1229. 27:00make this
1230. 27:01well a fundamental
1231. 27:02requirement
1232. 27:03that you must have
1233. 27:04at least one
1234. 27:05and ideally
1235. 27:06two or three
1236. 27:06market makers
1237. 27:07before you.
1238. 27:08How will you
1239. 27:09list it?
1240. 27:10Because for
1241. 27:11centralized exchanges
1242. 27:12it's crucial
1243. 27:13that when
1244. 27:15a token
1245. 27:15lists
1246. 27:16you have
1247. 27:17an offer
1248. 27:17you know
1249. 27:18a somewhat
1250. 27:19active order book
1251. 27:20where people
1252. 27:21can buy
1253. 27:21and sell
1254. 27:22not just
1255. 27:23an empty
1256. 27:23order book
1257. 27:24where nothing
1258. 27:25happens.
1259. 27:26So they pretty
1260. 27:26much make you
1261. 27:27find these
1262. 27:28market makers
1263. 27:29sometimes
1264. 27:29they recommend
1265. 27:31sometimes projects
1266. 27:32find them
1267. 27:33on their own
1268. 27:34and sometimes
1269. 27:35there are
1270. 27:35now various
1271. 27:36interviewers
1272. 27:37who also
1273. 27:38help choose
1274. 27:39market makers
1275. 27:40market makers
1276. 27:41and then
1277. 27:42essentially
1278. 27:42protocols work
1279. 27:43there are two
1280. 27:44ways now
1281. 27:44to pay
1282. 27:45market makers
1283. 27:47fees
1284. 27:47or the
1285. 27:48retailer
1286. 27:49might provide
1287. 27:50them with
1288. 27:50a loan
1289. 27:51or liquidity
1290. 27:52or sometimes
1291. 27:53the protocol
1292. 27:53itself opens
1293. 27:54an account
1294. 27:55on a
1295. 27:55centralized
1296. 27:56exchange
1297. 27:57grants access
1298. 27:57to this
1299. 27:58account
1300. 27:58to the
1301. 27:59market maker
1302. 27:59and the
1303. 28:00market maker
1304. 28:01then as if
1305. 28:02on their
1306. 28:02behalf
1307. 28:03performs
1308. 28:03market making
1309. 28:04activities
1310. 28:05on their
1311. 28:05own account
1312. 28:06that's like
1313. 28:07method number
1314. 28:08one but we
1315. 28:08don't do that
1316. 28:09we trade
1317. 28:09we risk
1318. 28:10our own
1319. 28:10capital
1320. 28:11because in
1321. 28:11the first
1322. 28:12scenario
1323. 28:12the project
1324. 28:13itself
1325. 28:13actually risks
1326. 28:14the capital
1327. 28:15so if a
1328. 28:16market maker
1329. 28:17loses money
1330. 28:19due to their
1331. 28:20activity
1332. 28:20all of that
1333. 28:21essentially goes
1334. 28:22to the
1335. 28:22protocol
1336. 28:23so
1337. 28:24here's a
1338. 28:25profit sharing
1339. 28:25model
1340. 28:25if they make
1341. 28:26money
1342. 28:26but if they
1343. 28:27lose
1344. 28:27the protocol
1345. 28:27also takes
1346. 28:28a loss
1347. 28:28that's what
1348. 28:29we're doing
1349. 28:29we go through
1350. 28:29protocols
1351. 28:30and we receive
1352. 28:30tokens from
1353. 28:31them
1354. 28:32quite often
1355. 28:35we receive
1356. 28:35call options
1357. 28:37pause
1358. 28:38so let's
1359. 28:39assume for
1360. 28:40example that
1361. 28:41we are granted
1362. 28:41a 12-month
1363. 28:42period
1364. 28:42he paused
1365. 28:43after just
1366. 28:44two months
1367. 28:44we then have
1368. 28:45the ability
1369. 28:46to return
1370. 28:46either tokens
1371. 28:47or coins
1372. 28:48or even
1373. 28:48dollars
1374. 28:49at a specific
1375. 28:49predetermined
1376. 28:50price that
1377. 28:51we've already
1378. 28:51agreed upon
1379. 28:52in advance
1380. 28:52and essentially
1381. 28:55this gives us
1382. 28:57some additional
1383. 28:58upside
1384. 28:58if the
1385. 28:59protocol's
1386. 28:59token goes
1387. 29:00up
1388. 29:00it's basically
1389. 29:01if the
1390. 29:02protocol
1391. 29:03thinks
1392. 29:03okay
1393. 29:04if our
1394. 29:05price doubles
1395. 29:05after TGE
1396. 29:06we still
1397. 29:07sold more
1398. 29:07tokens
1399. 29:08so we
1400. 29:08we are
1401. 29:11pleased to
1402. 29:11offer
1403. 29:11this call
1404. 29:12option to
1405. 29:13the market
1406. 29:13maker
1407. 29:14and we
1408. 29:14then use
1409. 29:15our capital
1410. 29:16and this
1411. 29:17long position
1412. 29:18to subsequently
1413. 29:19quote this
1414. 29:20token
1415. 29:20on all the
1416. 29:21exchanges
1417. 29:22where it
1418. 29:23is typically
1419. 29:23listed
1420. 29:24this is how
1421. 29:25about half
1422. 29:25of the
1423. 29:26market makers
1424. 29:27I think
1425. 29:27are currently
1426. 29:28operating
1427. 29:28actually you
1428. 29:29brought up
1429. 29:29an interesting
1430. 29:30question about
1431. 29:30market maker
1432. 29:31deals because
1433. 29:32I think there
1434. 29:32are a lot of
1435. 29:33myths surrounding
1436. 29:34them because
1437. 29:34for example
1438. 29:35when a project
1439. 29:35launches on
1440. 29:36TGE and dumps
1441. 29:37they say
1442. 29:37market makers
1443. 29:38are the ones
1444. 29:38who sold it
1445. 29:39off
1446. 29:39if a project
1447. 29:40launches and
1448. 29:40pumps then
1449. 29:41they say
1450. 29:41it's probably
1451. 29:42market makers
1452. 29:42pumping it
1453. 29:43because they
1454. 29:43control a large
1455. 29:44part of the
1456. 29:45supply
1457. 29:45but
1458. 29:46generally
1459. 29:47when a project
1460. 29:49launches
1461. 29:49it's
1462. 29:50tokenomics
1463. 29:51often state
1464. 29:51that
1465. 29:51for example
1466. 29:526% of the
1467. 29:54supply goes
1468. 29:55to market makers
1469. 29:56what do market
1470. 29:57makers typically
1471. 29:57do with these
1472. 29:58tokens after
1473. 29:59TGE
1474. 29:59as many in the
1475. 30:00community have
1476. 30:00this question
1477. 30:01in essence
1478. 30:02they usually
1479. 30:02do nothing
1480. 30:03so we use
1481. 30:04them for
1482. 30:04trading
1483. 30:05and that's
1484. 30:06typically
1485. 30:06where it
1486. 30:07all stops
1487. 30:07so okay
1488. 30:08at some point
1489. 30:09if the token's
1490. 30:10price goes
1491. 30:11above the
1492. 30:12strike price
1493. 30:13of this
1494. 30:13call option
1495. 30:14that we
1496. 30:15currently
1497. 30:15possess
1498. 30:15then okay
1499. 30:17we can
1500. 30:17actually start
1501. 30:18selling it
1502. 30:19that is
1503. 30:19well this
1504. 30:20happens
1505. 30:20if the
1506. 30:21price grows
1507. 30:22naturally
1508. 30:22but if it
1509. 30:23remains more
1510. 30:24or less
1511. 30:24the same
1512. 30:25then we
1513. 30:25just keep
1514. 30:26on trading
1515. 30:26I can tell
1516. 30:28you that
1517. 30:28most often
1518. 30:29the token
1519. 30:30price
1520. 30:31from my
1521. 30:32own
1522. 30:32perspective
1523. 30:33from my
1524. 30:34point of
1525. 30:34view
1526. 30:34from what
1527. 30:35I personally
1528. 30:36observe
1529. 30:36usually drops
1530. 30:37because you
1531. 30:38have sellers
1532. 30:39this might
1533. 30:40sound quite
1534. 30:41trivial and
1535. 30:41simple
1536. 30:42but in
1537. 30:42reality
1538. 30:43it's
1539. 30:44either
1540. 30:44insiders
1541. 30:45or very
1542. 30:46often
1543. 30:46there are
1544. 30:47airdrops
1545. 30:47and
1546. 30:48these
1547. 30:49airdrops
1548. 30:50also tend
1549. 30:50to have
1550. 30:51quite a
1551. 30:51negative
1552. 30:51impact
1553. 30:52on the
1554. 30:52price
1555. 30:53because
1556. 30:53often
1557. 30:53you know
1558. 30:54it's
1559. 30:54very
1560. 30:55I mean
1561. 30:55very
1562. 30:56mercenary
1563. 30:56people
1564. 30:57who usually
1565. 30:57do this
1566. 30:58and they
1567. 30:59also
1568. 30:59aren't
1569. 30:59really
1570. 31:00like
1571. 31:00they're
1572. 31:01not
1573. 31:01interested
1574. 31:01in a
1575. 31:01long
1576. 31:02journey
1577. 31:02with this
1578. 31:02project
1579. 31:03and that's
1580. 31:03why
1581. 31:03they also
1582. 31:04sell
1583. 31:04off
1584. 31:04very
1585. 31:04heavily
1586. 31:05so
1587. 31:05most
1588. 31:06often
1589. 31:06when
1590. 31:06the
1591. 31:06price
1592. 31:07drops
1593. 31:07it's
1594. 31:07either
1595. 31:07insider
1596. 31:09information
1597. 31:10or an
1598. 31:11airdrop
1599. 31:11or some
1600. 31:12kind of
1601. 31:12combination
1602. 31:12I mean
1603. 31:13I think
1604. 31:13there are
1605. 31:14some
1606. 31:14market makers
1607. 31:14who are
1608. 31:15manipulating
1609. 31:15especially
1610. 31:16in Asia
1611. 31:17but
1612. 31:17intuitively
1613. 31:18I believe
1614. 31:18that in
1615. 31:19I don't
1616. 31:19know
1617. 31:2090%
1618. 31:20of cases
1619. 31:21it must
1620. 31:21just be
1621. 31:22insiders
1622. 31:22who are
1623. 31:23selling
1624. 31:23understood
1625. 31:24I think
1626. 31:24so too
1627. 31:25understood
1628. 31:25but I
1629. 31:25believe
1630. 31:26many
1631. 31:26people
1632. 31:26have
1633. 31:26other
1634. 31:27versions
1635. 31:27so
1636. 31:28it
1637. 31:28turns
1638. 31:28out
1639. 31:28the
1640. 31:28option
1641. 31:29expiration
1642. 31:29price
1643. 31:30is
1644. 31:30quite
1645. 31:30important
1646. 31:31so
1647. 31:31for
1648. 31:31instance
1649. 31:32if
1650. 31:32the
1651. 31:32price
1652. 31:33goes
1653. 31:33above
1654. 31:33the
1655. 31:33options
1656. 31:33expiration
1657. 31:34many
1658. 31:34would
1659. 31:35be
1660. 31:35incentivized
1661. 31:35to
1662. 31:35sell
1663. 31:36if
1664. 31:36it
1665. 31:36falls
1666. 31:36below
1667. 31:37then
1668. 31:37the
1669. 31:37opposite
1670. 31:37would
1671. 31:38occur
1672. 31:38however
1673. 31:38it
1674. 31:39seems
1675. 31:39that
1676. 31:39no
1677. 31:39one
1678. 31:39actually
1679. 31:39has
1680. 31:40access
1681. 31:40to
1682. 31:40this
1683. 31:40specific
1684. 31:41price
1685. 31:41point
1686. 31:41therefore
1687. 31:43it
1688. 31:43would
1689. 31:43probably
1690. 31:43be
1691. 31:44considered
1692. 31:44good
1693. 31:44practice
1694. 31:45if
1695. 31:45projects
1696. 31:45were
1697. 31:45to
1698. 31:46immediately
1699. 31:46disclose
1700. 31:47for
1701. 31:47example
1702. 31:47their
1703. 31:48deals
1704. 31:48with
1705. 31:48market
1706. 31:48makers
1707. 31:49and
1708. 31:49the
1709. 31:49exact
1710. 31:49price
1711. 31:50involved
1712. 31:50so
1713. 31:50that
1714. 31:51holders
1715. 31:51could
1716. 31:51have
1717. 31:51more
1718. 31:52comprehensive
1719. 31:52information
1720. 31:53in
1721. 31:53principle
1722. 31:54we
1723. 31:54are
1724. 31:54not
1725. 31:54against
1726. 31:54this
1727. 31:55the
1728. 31:55problem
1729. 31:56is
1730. 31:56that
1731. 31:56we
1732. 31:56cannot
1733. 31:56from
1734. 31:57our
1735. 31:57side
1736. 31:57so
1737. 31:58essentially
1738. 31:59the
1739. 32:00disclosure
1740. 32:00should
1741. 32:01originate
1742. 32:02from
1743. 32:02the
1744. 32:02project
1745. 32:02itself
1746. 32:03in
1747. 32:03my
1748. 32:03opinion
1749. 32:04the
1750. 32:04ideal
1751. 32:04market
1752. 32:04structure
1753. 32:05would
1754. 32:05be
1755. 32:05if
1756. 32:06the
1757. 32:06project
1758. 32:06clearly
1759. 32:06stated
1760. 32:07okay
1761. 32:076%
1762. 32:08goes
1763. 32:08to
1764. 32:08market
1765. 32:08makers
1766. 32:09here's
1767. 32:09their
1768. 32:09strike
1769. 32:10price
1770. 32:10and
1771. 32:10knowing
1772. 32:11this
1773. 32:11our
1774. 32:11team
1775. 32:12decided
1776. 32:12to
1777. 32:12sell
1778. 32:12a
1779. 32:13little
1780. 32:13more
1781. 32:13here
1782. 32:13also
1783. 32:14in
1784. 32:14full
1785. 32:14disclosure
1786. 32:15so
1787. 32:15if
1788. 32:16there
1789. 32:16were
1790. 32:16a
1791. 32:17substantially
1792. 32:17greater
1793. 32:17number
1794. 32:18of
1795. 32:18disclosures
1796. 32:18and
1797. 32:19additionally
1798. 32:19it
1799. 32:20would
1800. 32:20be
1801. 32:20highly
1802. 32:20advantageous
1803. 32:22if
1804. 32:22the
1805. 32:22project
1806. 32:22revealed
1807. 32:23the
1808. 32:23price
1809. 32:24at
1810. 32:24which
1811. 32:24earlier
1812. 32:24investors
1813. 32:31because
1814. 32:31very
1815. 32:31often
1816. 32:32okay
1817. 32:32if
1818. 32:33I
1819. 32:34don't
1820. 32:34know
1821. 32:34your
1822. 32:34investors
1823. 32:34bought
1824. 32:35for
1825. 32:3510
1826. 32:35million
1827. 32:35FDV
1828. 32:36and
1829. 32:36the
1830. 32:36token
1831. 32:37trades
1832. 32:37at
1833. 32:37100
1834. 32:37well
1835. 32:38it's
1836. 32:38clear
1837. 32:38that
1838. 32:38one
1839. 32:39of
1840. 32:39them
1841. 32:39will
1842. 32:39sell
1843. 32:39the
1844. 32:40biggest
1845. 32:41problem
1846. 32:41right
1847. 32:42now
1848. 32:42actually
1849. 32:43is
1850. 32:43also
1851. 32:43what
1852. 32:44we
1853. 32:44saw
1854. 32:44there
1855. 32:45in
1856. 32:45the
1857. 32:45crash
1858. 32:45on
1859. 32:45October
1860. 32:4610th
1861. 32:47so
1862. 32:47many
1863. 32:48of
1864. 32:49these
1865. 32:49tokens
1866. 32:49received
1867. 32:50perpetuals
1868. 32:51listing
1869. 32:51in
1870. 32:51this
1871. 32:52listing
1872. 32:53that
1873. 32:53a
1874. 32:54significant
1875. 32:54amount
1876. 32:55of
1877. 32:55open
1878. 32:55interest
1879. 32:56and
1880. 32:56a
1881. 32:56large
1882. 32:56volume
1883. 32:57are
1884. 32:57concentrated
1885. 33:01considering
1886. 33:01that
1887. 33:01the
1888. 33:02flow
1889. 33:02of
1890. 33:04tokens
1891. 33:05is
1892. 33:05not
1893. 33:05very
1894. 33:06large
1895. 33:06you
1896. 33:07have
1897. 33:07price
1898. 33:07discovery
1899. 33:08price
1900. 33:09discovery
1901. 33:09often
1902. 33:10happens
1903. 33:11through
1904. 33:11perpetuals
1905. 33:12and
1906. 33:13actually
1907. 33:13you're
1908. 33:14experiencing
1909. 33:14this
1910. 33:15downside
1911. 33:15pressure
1912. 33:16meaning
1913. 33:16all
1914. 33:17these
1915. 33:17sales
1916. 33:17are
1917. 33:18also
1918. 33:18done
1919. 33:18through
1920. 33:19perpetuals
1921. 33:19which
1922. 33:20on the
1923. 33:22one hand
1924. 33:22kind of
1925. 33:23drives the
1926. 33:24price
1927. 33:24down
1928. 33:24but on
1929. 33:25the
1930. 33:25other
1931. 33:25hand
1932. 33:25it
1933. 33:25sometimes
1934. 33:26creates
1935. 33:26I
1936. 33:27don't
1937. 33:27know
1938. 33:27this
1939. 33:27very
1940. 33:28I
1941. 33:28don't
1942. 33:28know
1943. 33:28very
1944. 33:29amusing
1945. 33:29situations
1946. 33:30for
1947. 33:30example
1948. 33:30you get
1949. 33:31short
1950. 33:31squeezes
1951. 33:32like
1952. 33:32what
1953. 33:32happened
1954. 33:32with
1955. 33:33volkswagen
1956. 33:33for
1957. 33:33instance
1958. 33:34where
1959. 33:34I
1960. 33:35don't
1961. 33:35know
1962. 33:35too
1963. 33:35many
1964. 33:35people
1965. 33:36are
1966. 33:36selling
1967. 33:36and
1968. 33:36so
1969. 33:36then
1970. 33:37someone
1971. 33:37finds
1972. 33:37a
1973. 33:38way
1974. 33:38okay
1975. 33:38if
1976. 33:38we
1977. 33:39pump
1978. 33:39the
1979. 33:39price
1980. 33:39up
1981. 33:39a
1982. 33:39little
1983. 33:40we'll
1984. 33:40liquidate
1985. 33:40every
1986. 33:41single
1987. 33:41one
1988. 33:41of
1989. 33:41them
1990. 33:41and
1991. 33:42this
1992. 33:44has
1993. 33:44actually
1994. 33:44happened
1995. 33:44with
1996. 33:45many
1997. 33:45tokens
1998. 33:45many
1999. 33:46times
2000. 33:46already
2001. 33:47market
2002. 33:47makers
2003. 33:48don't
2004. 33:48really
2005. 33:48lose
2006. 33:49anything
2007. 33:49from
2008. 33:49this
2009. 33:49but
2010. 33:50these
2011. 33:50people
2012. 33:50who
2013. 33:50are
2014. 33:50trying
2015. 33:51to
2016. 33:52hedge
2017. 33:53or hedge
2018. 33:54investments
2019. 34:00think
2020. 34:01this
2021. 34:01year
2022. 34:02there
2023. 34:02was
2024. 34:02some
2025. 34:03peak
2026. 34:03mess
2027. 34:04on
2028. 34:04Binance
2029. 34:04I
2030. 34:05don't
2031. 34:05remember
2032. 34:05if
2033. 34:06all
2034. 34:06sorts
2035. 34:07of
2036. 34:07meme
2037. 34:07coins
2038. 34:08reached
2039. 34:0820
2040. 34:09billion
2041. 34:09in
2042. 34:09market
2043. 34:10cap
2044. 34:10and
2045. 34:11overall
2046. 34:11Binance
2047. 34:12listed
2048. 34:12300
2049. 34:13tokens
2050. 34:13and
2051. 34:14I
2052. 34:14don't
2053. 34:14think
2054. 34:15it's
2055. 34:15just
2056. 34:15Binance
2057. 34:16actually
2058. 34:16this
2059. 34:17I
2060. 34:17think
2061. 34:18it's
2062. 34:18also
2063. 34:19a
2064. 34:19competitive
2065. 34:19aspect
2066. 34:19because
2067. 34:20you
2068. 34:20Binance
2069. 34:21on the
2070. 34:21one
2071. 34:21hand
2072. 34:22have
2073. 34:22competition
2074. 34:23from
2075. 34:23say
2076. 34:24Bybit
2077. 34:24BitMEX
2078. 34:25who are
2079. 34:25also
2080. 34:26listing
2081. 34:26perpetuals
2082. 34:27left
2083. 34:27and
2084. 34:27right
2085. 34:27on the
2086. 34:28other
2087. 34:28hand
2088. 34:30they
2089. 34:32have
2090. 34:32to
2091. 34:32compete
2092. 34:32with
2093. 34:33both
2094. 34:33of
2095. 34:33them
2096. 34:33they
2097. 34:34also
2098. 34:34need
2099. 34:34to
2100. 34:34you
2101. 34:35know
2102. 34:35stay
2103. 34:35relevant
2104. 34:36and
2105. 34:37I
2106. 34:37don't
2107. 34:37think
2108. 34:37it's
2109. 34:37like
2110. 34:38Binance
2111. 34:38trying
2112. 34:39to
2113. 34:39you
2114. 34:39know
2115. 34:40commit
2116. 34:40a
2117. 34:40crime
2118. 34:41I
2119. 34:41think
2120. 34:41the
2121. 34:41market
2122. 34:42is
2123. 34:42just
2124. 34:42going
2125. 34:42in
2126. 34:42the
2127. 34:43wrong
2128. 34:43direction
2129. 34:43because
2130. 34:44everyone
2131. 34:44is
2132. 34:44competing
2133. 34:45with
2134. 34:45each
2135. 34:45other
2136. 34:46yes
2137. 34:46it
2138. 34:47made
2139. 34:47me
2140. 34:48wonder
2141. 34:48why
2142. 34:49they
2143. 34:49list
2144. 34:49tokens
2145. 34:49that
2146. 34:50for
2147. 34:51instance
2148. 34:51only
2149. 34:51have
2150. 34:52a
2151. 34:52spot
2152. 34:52market
2153. 34:52on
2154. 34:52budget
2155. 34:53or
2156. 34:53on
2157. 34:53pancake
2158. 34:54because
2159. 34:54mostly
2160. 34:55that's
2161. 34:55exactly
2162. 34:56where
2163. 34:56these
2164. 34:56kinds
2165. 34:56of
2166. 34:57issues
2167. 34:57originated
2168. 34:57I
2169. 34:58think
2170. 34:59healthier
2171. 34:59market
2172. 34:59structure
2173. 35:00would
2174. 35:00be
2175. 35:01if
2176. 35:01they
2177. 35:01as
2178. 35:02it
2179. 35:02were
2180. 35:02delisted
2181. 35:03assets
2182. 35:03much
2183. 35:03more
2184. 35:03frequently
2185. 35:04and
2186. 35:04on
2187. 35:04the
2188. 35:05other
2189. 35:05hand
2190. 35:05they
2191. 35:05would
2192. 35:05very
2193. 35:06strictly
2194. 35:06limit
2195. 35:06open
2196. 35:07interest
2197. 35:07as
2198. 35:07well
2199. 35:08and
2200. 35:08on
2201. 35:08the
2202. 35:10other
2203. 35:10they
2204. 35:10would
2205. 35:10very
2206. 35:11strictly
2207. 35:11limit
2208. 35:11maximum
2209. 35:12leverage
2210. 35:13for
2211. 35:14these
2212. 35:14tokens
2213. 35:15too
2214. 35:15because
2215. 35:15when
2216. 35:16you
2217. 35:16allow
2218. 35:1650x
2219. 35:17leverage
2220. 35:17on
2221. 35:18some
2222. 35:18token
2223. 35:18which
2224. 35:19I
2225. 35:19don't
2226. 35:19know
2227. 35:19on
2228. 35:20the
2229. 35:21exchange
2230. 35:22it
2231. 35:22really
2232. 35:22makes
2233. 35:23no
2234. 35:23sense
2235. 35:23at
2236. 35:23all
2237. 35:23of
2238. 35:23course
2239. 35:24I
2240. 35:25would
2241. 35:25like
2242. 35:25to
2243. 35:25just
2244. 35:25step
2245. 35:26back
2246. 35:27for
2247. 35:27a
2248. 35:27moment
2249. 35:27and
2250. 35:28ask
2251. 35:28your
2252. 35:28thoughts
2253. 35:29on
2254. 35:29why
2255. 35:30our
2256. 35:30market
2257. 35:30is
2258. 35:31structured
2259. 35:31this
2260. 35:32way
2261. 35:32specifically
2262. 35:33why
2263. 35:33projects
2264. 35:34are
2265. 35:34so
2266. 35:34unwilling
2267. 35:34to
2268. 35:35disclose
2269. 35:35the
2270. 35:35market
2271. 35:36makers
2272. 35:36option
2273. 35:36price
2274. 35:37and
2275. 35:37also
2276. 35:37to
2277. 35:38some
2278. 35:38extent
2279. 35:38what's
2280. 35:39the
2281. 35:39point
2282. 35:39of
2283. 35:39all
2284. 35:39this
2285. 35:40theater
2286. 35:40surrounding
2287. 35:41funding
2288. 35:41rounds
2289. 35:41because
2290. 35:42well
2291. 35:44damn
2292. 35:44this
2293. 35:44seems
2294. 35:44to me
2295. 35:45like
2296. 35:45a
2297. 35:46strange
2298. 35:46thing
2299. 35:46because
2300. 35:47it's
2301. 35:47almost
2302. 35:47always
2303. 35:48known
2304. 35:48after
2305. 35:52someone
2306. 35:52was
2307. 35:53raising
2308. 35:53it
2309. 35:53if
2310. 35:53it's
2311. 35:54not
2312. 35:54a
2313. 35:54very
2314. 35:54small
2315. 35:54round
2316. 35:55with
2317. 35:55two
2318. 35:55or
2319. 35:55three
2320. 35:55investors
2321. 35:56someone
2322. 35:56was
2323. 35:57pitching
2324. 35:57with
2325. 35:57a
2326. 35:57deck
2327. 35:57and
2328. 35:58it
2329. 35:58was
2330. 35:58more
2331. 35:58or
2332. 35:58less
2333. 35:59clear
2334. 35:59at
2335. 35:59what
2336. 35:59valuation
2337. 36:00they
2338. 36:00were
2339. 36:00raising
2340. 36:00this
2341. 36:01is
2342. 36:01one
2343. 36:01of
2344. 36:01those
2345. 36:01things
2346. 36:02well
2347. 36:02damn
2348. 36:02that
2349. 36:02everyone
2350. 36:03probably
2351. 36:03knows
2352. 36:04but
2353. 36:04no
2354. 36:04one
2355. 36:04ever
2356. 36:04discloses
2357. 36:05she's
2358. 36:05seemingly
2359. 36:06quite
2360. 36:06reserved
2361. 36:06but
2362. 36:22that's
2363. 36:23what
2364. 36:23it's
2365. 36:23all
2366. 36:23about
2367. 36:23well
2368. 36:24this
2369. 36:25all
2370. 36:25came
2371. 36:25from
2372. 36:25let's
2373. 36:25say
2374. 36:26web
2375. 36:262.0
2376. 36:27and
2377. 36:27from
2378. 36:27that
2379. 36:28you
2380. 36:28know
2381. 36:28the
2382. 36:28idea
2383. 36:28that
2384. 36:28if
2385. 36:29you're
2386. 36:29not
2387. 36:29a
2388. 36:29unicorn
2389. 36:29it's
2390. 36:30embarrassing
2391. 36:30to say
2392. 36:30your
2393. 36:31valuation
2394. 36:31more
2395. 36:32or less
2396. 36:32so
2397. 36:32but
2398. 36:34why
2399. 36:34do
2400. 36:34projects
2401. 36:34most
2402. 36:35often
2403. 36:35not
2404. 36:35want
2405. 36:36to
2406. 36:36disclose
2407. 36:36the
2408. 36:36price
2409. 36:36of
2410. 36:37the
2411. 36:37option
2412. 36:37I
2413. 36:38don't
2414. 36:38understand
2415. 36:38I
2416. 36:39think
2417. 36:39they
2418. 36:40generally
2419. 36:41don't
2420. 36:41even
2421. 36:41want
2422. 36:42to
2423. 36:42disclose
2424. 36:42much
2425. 36:43they
2426. 36:43often
2427. 36:43work
2428. 36:44with
2429. 36:44market
2430. 36:44makers
2431. 36:45sometimes
2432. 36:45okay
2433. 36:46I
2434. 36:46don't
2435. 36:46know
2436. 36:47some
2437. 36:47projects
2438. 36:47want
2439. 36:48to
2440. 36:48disclose
2441. 36:48because
2442. 36:49it
2443. 36:49gives
2444. 36:50them
2445. 36:50like
2446. 36:50an
2447. 36:51advantage
2448. 36:51if
2449. 36:52they
2450. 36:52work
2451. 36:52with
2452. 36:52us
2453. 36:53for
2454. 36:53example
2455. 36:53like
2456. 36:54we
2457. 36:54work
2458. 36:54with
2459. 36:54a
2460. 36:54solid
2461. 36:55market
2462. 36:55maker
2463. 36:56we
2464. 36:57are
2465. 36:57serious
2466. 36:57people
2467. 36:58because
2468. 36:58we
2469. 36:58from
2470. 36:59our
2471. 36:59side
2472. 36:59as
2473. 36:59well
2474. 36:59we
2475. 37:00you
2476. 37:00know
2477. 37:00it
2478. 37:01doesn't
2479. 37:01always
2480. 37:01quite
2481. 37:01work
2482. 37:02out
2483. 37:02but
2484. 37:02we
2485. 37:02try
2486. 37:02I
2487. 37:03mean
2488. 37:03I
2489. 37:03don't
2490. 37:03know
2491. 37:03not
2492. 37:04to
2493. 37:04work
2494. 37:04with
2495. 37:05scam
2496. 37:05projects
2497. 37:05for
2498. 37:05example
2499. 37:06so
2500. 37:07we
2501. 37:07have
2502. 37:08some
2503. 37:08kind
2504. 37:08of
2505. 37:15work
2506. 37:16with
2507. 37:16scam
2508. 37:16projects
2509. 37:17and
2510. 37:17then
2511. 37:17let's
2512. 37:17say
2513. 37:18they
2514. 37:18have
2515. 37:18some
2516. 37:18kind
2517. 37:19of
2518. 37:19investigation
2519. 37:19going
2520. 37:20on
2521. 37:20we'll
2522. 37:20also
2523. 37:21get
2524. 37:21hit
2525. 37:21with
2526. 37:21something
2527. 37:22I
2528. 37:22don't
2529. 37:22know
2530. 37:23or
2531. 37:23something
2532. 37:23else
2533. 37:23whether
2534. 37:24it's
2535. 37:24the
2536. 37:24SEC
2537. 37:24or
2538. 37:25not
2539. 37:25but
2540. 37:25someone
2541. 37:25will
2542. 37:26definitely
2543. 37:26come
2544. 37:26for
2545. 37:27us
2546. 37:27too
2547. 37:27maybe
2548. 37:28maybe
2549. 37:28not
2550. 37:29accuse
2551. 37:29someone
2552. 37:30of
2553. 37:30something
2554. 37:30but
2555. 37:30simply
2556. 37:31I
2557. 37:32don't
2558. 37:32know
2559. 37:32ask
2560. 37:32for
2561. 37:33information
2562. 37:33even
2563. 37:34just
2564. 37:34asking
2565. 37:34for
2566. 37:34information
2567. 37:35I
2568. 37:35don't
2569. 37:35know
2570. 37:35is
2571. 37:36a
2572. 37:36huge
2573. 37:36pain
2574. 37:36for
2575. 37:37market
2576. 37:37makers
2577. 37:45often
2578. 37:46a
2579. 37:46project
2580. 37:46very
2581. 37:47often
2582. 37:47projects
2583. 37:48disclose
2584. 37:48that
2585. 37:48it's
2586. 37:49us
2587. 37:49because
2588. 37:49I
2589. 37:50mean
2590. 37:51we
2591. 37:51are
2592. 37:51serious
2593. 37:52people
2594. 37:52but
2595. 37:53very
2596. 37:53often
2597. 37:53other
2598. 37:54people
2599. 37:54don't
2600. 37:54disclose
2601. 37:55because
2602. 37:55well
2603. 37:55on the
2604. 37:56one
2605. 37:56hand
2606. 37:56there's
2607. 37:56this
2608. 37:57I
2609. 37:57don't
2610. 37:57know
2611. 37:58misunderstanding
2612. 37:58regarding
2613. 37:59what
2614. 37:59market
2615. 37:59makers
2616. 38:00actually
2617. 38:00do
2618. 38:00and
2619. 38:00don't
2620. 38:00do
2621. 38:01and
2622. 38:01it's
2623. 38:01simply
2624. 38:01easier
2625. 38:02not
2626. 38:02to
2627. 38:02tell
2628. 38:02anyone
2629. 38:03so
2630. 38:03that
2631. 38:03people
2632. 38:03don't
2633. 38:04get
2634. 38:04overly
2635. 38:05excited
2636. 38:05or
2637. 38:06FOMO
2638. 38:06too
2639. 38:06much
2640. 38:06I
2641. 38:07think
2642. 38:07that's
2643. 38:07pretty
2644. 38:07much
2645. 38:07the
2646. 38:08whole
2647. 38:08point
2648. 38:08I
2649. 38:09think
2650. 38:09actually
2651. 38:09I
2652. 38:10guess
2653. 38:10I'd
2654. 38:10have
2655. 38:10I
2656. 38:11don't
2657. 38:11know
2658. 38:11an
2659. 38:11ideal
2660. 38:12market
2661. 38:12structure
2662. 38:13would
2663. 38:13be
2664. 38:13one
2665. 38:13where
2666. 38:14things
2667. 38:14actually
2668. 38:14happen
2669. 38:15the
2670. 38:15way
2671. 38:15they
2672. 38:15really
2673. 38:16do
2674. 38:16but
2675. 38:17whoever
2676. 38:17has
2677. 38:17the
2678. 38:18most
2679. 38:18information
2680. 38:19on
2681. 38:19this
2682. 38:19topic
2683. 38:20actually
2684. 38:20maybe
2685. 38:21it's
2686. 38:21more
2687. 38:22information
2688. 38:22maybe
2689. 38:23I
2690. 38:23don't
2691. 38:23know
2692. 38:23with
2693. 38:24big
2694. 38:24exchanges
2695. 38:25like
2696. 38:25Binance
2697. 38:26Coinbase
2698. 38:26Bybit
2699. 38:27I
2700. 38:27mean
2701. 38:27Kraken
2702. 38:28they
2703. 38:29have
2704. 38:29the
2705. 38:29information
2706. 38:30there
2707. 38:30should
2708. 38:31a
2709. 38:31project
2710. 38:31approach
2711. 38:32them
2712. 38:32for
2713. 38:32listing
2714. 38:33they
2715. 38:33can
2716. 38:33inquire
2717. 38:34about
2718. 38:38and
2719. 38:38about
2720. 38:38absolutely
2721. 38:39everything
2722. 38:39and
2723. 38:40for
2724. 38:41me
2725. 38:41the
2726. 38:42ideal
2727. 38:42market
2728. 38:42structure
2729. 38:43I
2730. 38:43suppose
2731. 38:43would
2732. 38:44be
2733. 38:44that
2734. 38:44before
2735. 38:45they
2736. 38:45list
2737. 38:45a
2738. 38:45project
2739. 38:46they
2740. 38:46would
2741. 38:46tell
2742. 38:46all
2743. 38:47of
2744. 38:47this
2745. 38:47information
2746. 38:47to
2747. 38:48retail
2748. 38:48okay
2749. 38:48so
2750. 38:49this
2751. 38:49is
2752. 38:49the
2753. 38:49project
2754. 38:49and
2755. 38:50they
2756. 38:50raised
2757. 38:50capital
2758. 38:51at
2759. 38:51various
2760. 38:51different
2761. 38:51prices
2762. 38:52here
2763. 38:52are
2764. 38:52their
2765. 38:53market
2766. 38:53makers
2767. 38:53they
2768. 38:54have
2769. 38:54these
2770. 38:54retainers
2771. 38:55and
2772. 38:55these
2773. 38:55other
2774. 38:55parties
2775. 38:56have
2776. 38:56call
2777. 38:56options
2778. 38:57here's
2779. 38:58the
2780. 38:58transparency
2781. 38:58for
2782. 38:59you
2783. 38:59you
2784. 38:59can
2785. 38:59choose
2786. 38:59to
2787. 38:59invest
2788. 39:00or
2789. 39:00you
2790. 39:00choose
2791. 39:00not
2792. 39:01that
2793. 39:01would
2794. 39:01be
2795. 39:02as
2796. 39:02it
2797. 39:02were
2798. 39:02absolutely
2799. 39:03ideal
2800. 39:03and
2801. 39:03the
2802. 39:04decision
2803. 39:04makers
2804. 39:04couldn't
2805. 39:05do
2806. 39:05anything
2807. 39:05about
2808. 39:05it
2809. 39:05even
2810. 39:06if
2811. 39:06they
2812. 39:06don't
2813. 39:07want
2814. 39:07to
2815. 39:07disclose
2816. 39:08this
2817. 39:08information
2818. 39:08you
2819. 39:08essentially
2820. 39:09can't
2821. 39:09do
2822. 39:09anything
2823. 39:10about
2824. 39:10it
2825. 39:10well
2826. 39:10projects
2827. 39:11as
2828. 39:11well
2829. 39:11if
2830. 39:12this
2831. 39:12is
2832. 39:12a
2833. 39:12requirement
2834. 39:12for
2835. 39:13listing
2836. 39:13what
2837. 39:13exactly
2838. 39:14are
2839. 39:14you
2840. 39:14going
2841. 39:14to
2842. 39:14do
2843. 39:14you
2844. 39:15will
2845. 39:15also
2846. 39:15have
2847. 39:15to
2848. 39:15agree
2849. 39:16to
2850. 39:16it
2851. 39:16and
2852. 39:16apart
2853. 39:16from
2854. 39:17centralized
2855. 39:17exchanges
2856. 39:18no
2857. 39:18one
2858. 39:18else
2859. 39:19possesses
2860. 39:19such
2861. 39:20I
2862. 39:20don't
2863. 39:20no
2864. 39:20power
2865. 39:21or
2866. 39:21authority
2867. 39:21to
2868. 39:22demand
2869. 39:22this
2870. 39:22information
2871. 39:23prior
2872. 39:23to
2873. 39:23listing
2874. 39:24but
2875. 39:24it
2876. 39:24also
2877. 39:24seems
2878. 39:25to
2879. 39:25me
2880. 39:25that
2881. 39:25if
2882. 39:25you're
2883. 39:26afraid
2884. 39:26of
2885. 39:26some
2886. 39:26kind
2887. 39:26of
2888. 39:27regulation
2889. 39:27and
2890. 39:27even
2891. 39:28showing
2892. 39:28who
2893. 39:28because
2894. 39:29in
2895. 39:29the
2896. 39:29tone
2897. 39:29you're
2898. 39:30speaking
2899. 39:30in
2900. 39:30now
2901. 39:30it
2902. 39:50is
2903. 39:50liquidity
2904. 39:51and
2905. 39:51this
2906. 39:51is
2907. 39:51already
2908. 39:52clearly
2909. 39:52a
2910. 39:52positive
2911. 39:52trait
2912. 39:53for
2913. 39:53market
2914. 39:53participants
2915. 39:54and
2916. 39:54as
2917. 39:54if
2918. 39:54well
2919. 39:55you
2920. 39:55should
2921. 39:55provide
2922. 39:55this
2923. 39:56information
2924. 39:56say
2925. 39:57you
2926. 39:57know
2927. 39:57our
2928. 39:57market
2929. 39:57makers
2930. 39:58are
2931. 39:58this
2932. 39:58one
2933. 39:58and
2934. 39:58that
2935. 39:59one
2936. 39:59well
2937. 39:59we
2938. 40:00do
2939. 40:00have
2940. 40:00market
2941. 40:00makers
2942. 40:01and
2943. 40:01essentially
2944. 40:01we've
2945. 40:02reached
2946. 40:02an
2947. 40:02agreement
2948. 40:02so
2949. 40:03everything
2950. 40:03is
2951. 40:03quite
2952. 40:03all
2953. 40:04right
2954. 40:04it
2955. 40:04won't
2956. 40:04be
2957. 40:04you
2958. 40:04won't
2959. 40:05be
2960. 40:05just
2961. 40:05cast
2962. 40:05aside
2963. 40:05somewhere
2964. 40:06well
2965. 40:08I'd
2966. 40:08like
2967. 40:08to
2968. 40:09discuss
2969. 40:09perhaps
2970. 40:10some
2971. 40:10of
2972. 40:10the
2973. 40:10conditions
2974. 40:10what
2975. 40:11kind
2976. 40:11when
2977. 40:12these
2978. 40:12project
2979. 40:12deals
2980. 40:12are
2981. 40:12taking
2982. 40:13place
2983. 40:13what
2984. 40:13are
2985. 40:13the
2986. 40:13typical
2987. 40:14requirements
2988. 40:14that
2989. 40:14come
2990. 40:15from
2991. 40:15the
2992. 40:15project
2993. 40:15side
2994. 40:16what
2995. 40:16exactly
2996. 40:16should
2997. 40:16the
2998. 40:17market
2999. 40:17maker
3000. 40:17ensure
3001. 40:17how
3002. 40:18does
3003. 40:18that
3004. 40:18usually
3005. 40:18sound
3006. 40:19more or
3007. 40:19less
3008. 40:19in
3009. 40:19practice
3010. 40:20because
3011. 40:20we
3012. 40:20haven't
3013. 40:21really
3014. 40:21covered
3015. 40:21that
3016. 40:21yet
3017. 40:21the
3018. 40:22most
3019. 40:22basic
3020. 40:23thing
3021. 40:23is
3022. 40:24you
3023. 40:24must
3024. 40:24quote
3025. 40:24$10,000
3026. 40:25with a
3027. 40:26certain
3028. 40:26spread
3029. 40:26for example
3030. 40:27and
3031. 40:27then
3032. 40:28$100,000
3033. 40:29with a
3034. 40:29certain
3035. 40:30spread
3036. 40:30$10,000
3037. 40:31I don't
3038. 40:32know
3039. 40:32with a
3040. 40:32spread
3041. 40:32I don't
3042. 40:33know
3043. 40:33of
3044. 40:33half
3045. 40:33a
3046. 40:33percent
3047. 40:34$100,000
3048. 40:35with a
3049. 40:35spread
3050. 40:35I don't
3051. 40:36know
3052. 40:362%
3053. 40:36for example
3054. 40:37something
3055. 40:38like that
3056. 40:38if you
3057. 40:39don't
3058. 40:39price
3059. 40:39it
3060. 40:39that
3061. 40:40way
3062. 40:40then
3063. 40:40what
3064. 40:40what
3065. 40:41responsibility
3066. 40:41does
3067. 40:42the
3068. 40:42market
3069. 40:42maker
3070. 40:42have
3071. 40:43essentially
3072. 40:43if
3073. 40:44you're
3074. 40:44not
3075. 40:44quoting
3076. 40:45well
3077. 40:45as
3078. 40:46it's
3079. 40:46typically
3080. 40:46stipulated
3081. 40:47in our
3082. 40:47agreements
3083. 40:47if
3084. 40:48the
3085. 40:48project
3086. 40:48observes
3087. 40:49that
3088. 40:49you're
3089. 40:49not
3090. 40:49providing
3091. 40:50quotes
3092. 40:50we
3093. 40:50do
3094. 40:50have
3095. 40:51some
3096. 40:51room
3097. 40:51for
3098. 40:51maneuver
3099. 40:51this
3100. 40:52means
3101. 40:52we
3102. 40:52can
3103. 40:52and
3104. 40:53are
3105. 40:53expected
3106. 40:53to
3107. 40:53quote
3108. 40:54say
3109. 40:5499%
3110. 40:55of
3111. 40:55the
3112. 40:55time
3113. 40:56so
3114. 40:56occasionally
3115. 40:56any
3116. 40:57market
3117. 40:57maker
3118. 40:57might
3119. 40:58be
3120. 40:58out
3121. 40:58of
3122. 40:58the
3123. 40:58market
3124. 40:58or
3125. 40:59for
3126. 40:59instance
3127. 40:59perhaps
3128. 41:00we're
3129. 41:00undergoing
3130. 41:00a
3131. 41:01system
3132. 41:01upgrade
3133. 41:01or
3134. 41:02something
3135. 41:02similar
3136. 41:02or
3137. 41:03conditions
3138. 41:04are
3139. 41:04absolutely
3140. 41:05crazy
3141. 41:05so
3142. 41:06sometimes
3143. 41:06we
3144. 41:06won't
3145. 41:06quote
3146. 41:07and
3147. 41:07that's
3148. 41:07perfectly
3149. 41:07normal
3150. 41:08that's
3151. 41:08why
3152. 41:08you
3153. 41:08actually
3154. 41:08need
3155. 41:09more
3156. 41:09than
3157. 41:09one
3158. 41:09market
3159. 41:09maker
3160. 41:10usually
3161. 41:10but
3162. 41:11if
3163. 41:12we
3164. 41:12don't
3165. 41:12quote
3166. 41:13for
3167. 41:14half
3168. 41:14a
3169. 41:14day
3170. 41:14for
3171. 41:15example
3172. 41:15it's
3173. 41:16usually
3174. 41:16stipulated
3175. 41:17in the
3176. 41:17contract
3177. 41:17that
3178. 41:18the
3179. 41:24turn
3180. 41:24the
3181. 41:24project
3182. 41:25can
3183. 41:25simply
3184. 41:25demand
3185. 41:26the
3186. 41:26loan
3187. 41:26back
3188. 41:26and
3189. 41:27that's
3190. 41:27it
3191. 41:27and
3192. 41:28close
3193. 41:28everything
3194. 41:28close
3195. 41:29the
3196. 41:29whole
3197. 41:29thing
3198. 41:29down
3199. 41:30we'll
3200. 41:30be
3201. 41:30moving
3202. 41:31on
3203. 41:31to
3204. 41:31the
3205. 41:31interview
3206. 41:31very
3207. 41:32soon
3208. 41:32for
3209. 41:32now
3210. 41:32we're
3211. 41:33just
3212. 41:33discussing
3213. 41:33what
3214. 41:33market
3215. 41:34making
3216. 41:34is
3217. 41:34and
3218. 41:36even
3219. 41:36using
3220. 41:36this
3221. 41:36bridge
3222. 41:37this
3223. 41:37transition
3224. 41:37I
3225. 41:38wanted
3226. 41:39to
3227. 41:39ask
3228. 41:39you
3229. 41:40explained
3230. 41:40that
3231. 41:40there
3232. 41:41are
3233. 41:41generally
3234. 41:41two
3235. 41:41levels
3236. 41:41of
3237. 41:42transactions
3238. 41:42two
3239. 41:44types
3240. 41:44of
3241. 41:44deals
3242. 41:45that
3243. 41:45usually
3244. 41:45occur
3245. 41:45with
3246. 41:45a
3247. 41:46market
3248. 41:46maker
3249. 41:46why
3250. 41:47is
3251. 41:47it
3252. 41:54Well
3253. 41:55there
3254. 41:55are
3255. 41:56several
3256. 41:56reasons
3257. 41:57firstly
3258. 41:58you see
3259. 41:58our
3260. 41:58core
3261. 41:59business
3262. 41:59is
3263. 41:59trading
3264. 42:00our
3265. 42:00own
3266. 42:00capital
3267. 42:01with
3268. 42:01this
3269. 42:02first
3270. 42:02option
3271. 42:03it's
3272. 42:03quite
3273. 42:03clear
3274. 42:03to
3275. 42:04us
3276. 42:04what
3277. 42:04trading
3278. 42:05our
3279. 42:05own
3280. 42:05capital
3281. 42:05actually
3282. 42:06means
3283. 42:06so
3284. 42:07like
3285. 42:08we
3286. 42:09do
3287. 42:09arbitrage
3288. 42:09we are
3289. 42:10market
3290. 42:10makers
3291. 42:11we are
3292. 42:12connected
3293. 42:12to
3294. 42:12essentially
3295. 42:13all
3296. 42:13exchanges
3297. 42:14all
3298. 42:15DEXs
3299. 42:15that
3300. 42:16make
3301. 42:16sense
3302. 42:16fully
3303. 42:17connected
3304. 42:17to
3305. 42:18everything
3306. 42:18so
3307. 42:18we
3308. 42:18can
3309. 42:19trade
3310. 42:19everywhere
3311. 42:19and
3312. 42:20we
3313. 42:20risk
3314. 42:20our
3315. 42:20own
3316. 42:20capital
3317. 42:21if
3318. 42:22we
3319. 42:22were
3320. 42:23to
3321. 42:23I
3322. 42:23don't
3323. 42:23know
3324. 42:23start
3325. 42:24connecting
3326. 42:24to
3327. 42:25the
3328. 42:25accounts
3329. 42:26of
3330. 42:26various
3331. 42:26projects
3332. 42:27and
3333. 42:27then
3334. 42:27trade
3335. 42:28on
3336. 42:28their
3337. 42:28behalf
3338. 42:29we
3339. 42:29actually
3340. 42:29don't
3341. 42:30even
3342. 42:30have
3343. 42:30an
3344. 42:30internal
3345. 42:31framework
3346. 42:31or
3347. 42:32guidelines
3348. 42:32for
3349. 42:32this
3350. 42:33kind
3351. 42:33of
3352. 42:33thing
3353. 42:33and
3354. 42:34it's
3355. 42:34not
3356. 42:34entirely
3357. 42:35clear
3358. 42:35to
3359. 42:35me
3360. 42:36how
3361. 42:36projects
3362. 42:36are
3363. 42:37generally
3364. 42:37managed
3365. 42:38I
3366. 42:38mean
3367. 42:38I
3368. 42:38don't
3369. 42:38know
3370. 42:39okay
3371. 42:39let's
3372. 42:40assume
3373. 42:40a
3374. 42:40market
3375. 42:41maker
3376. 42:41connects
3377. 42:41to
3378. 42:41your
3379. 42:42account
3380. 42:42but
3381. 42:42then
3382. 42:43on
3383. 42:43the
3384. 42:43other
3385. 42:43hand
3386. 42:43he
3387. 42:44might
3388. 42:44simultaneously
3389. 42:44somehow
3390. 42:46manipulate
3391. 42:46you
3392. 42:46or
3393. 42:47arbitrage
3394. 42:47it's
3395. 42:53if
3396. 42:54you
3397. 42:54know
3398. 42:54how
3399. 42:54you're
3400. 42:55pricing
3401. 42:55a
3402. 42:55token
3403. 42:56in
3404. 42:56this
3405. 42:56way
3406. 42:57I
3407. 42:57mean
3408. 42:57if
3409. 42:57I
3410. 42:58knew
3411. 42:58the
3412. 42:58algorithm
3413. 42:58of
3414. 42:59my
3415. 42:59competitors
3416. 43:00how
3417. 43:00they
3418. 43:00price
3419. 43:01tokens
3420. 43:01I
3421. 43:02could
3422. 43:02definitely
3423. 43:02game
3424. 43:03them
3425. 43:03or
3426. 43:03I
3427. 43:04don't
3428. 43:04know
3429. 43:04somehow
3430. 43:05make
3431. 43:05money
3432. 43:05because
3433. 43:06I
3434. 43:06would
3435. 43:06know
3436. 43:06exactly
3437. 43:07what
3438. 43:07they
3439. 43:07do
3440. 43:08if
3441. 43:08I
3442. 43:08bought
3443. 43:08a lot
3444. 43:09of
3445. 43:09tokens
3446. 43:09from
3447. 43:09them
3448. 43:10for
3449. 43:10instance
3450. 43:10I
3451. 43:11would
3452. 43:11perfectly
3453. 43:11understand
3454. 43:12what's
3455. 43:12going
3456. 43:12on
3457. 43:13I'm
3458. 43:13not
3459. 43:14saying
3460. 43:14that
3461. 43:14this
3462. 43:14is
3463. 43:15actually
3464. 43:15happening
3465. 43:15but
3466. 43:16it
3467. 43:16seems
3468. 43:16to
3469. 43:16me
3470. 43:16this
3471. 43:17very
3472. 43:18first
3473. 43:18model
3474. 43:18it's
3475. 43:19like
3476. 43:19by
3477. 43:19default
3478. 43:19you're
3479. 43:20open
3480. 43:20to
3481. 43:20this
3482. 43:21kind
3483. 43:21of
3484. 43:21manipulation
3485. 43:22because
3486. 43:22you
3487. 43:23have
3488. 43:23this
3489. 43:23if
3490. 43:24the
3491. 43:24market
3492. 43:25maker
3493. 43:25controls
3494. 43:25your
3495. 43:26account
3496. 43:26he
3497. 43:26knows
3498. 43:27precisely
3499. 43:27what
3500. 43:27you're
3501. 43:28essentially
3502. 43:28going
3503. 43:28to
3504. 43:29do
3505. 43:29and
3506. 43:29he
3507. 43:30could
3508. 43:30potentially
3509. 43:30do
3510. 43:31something
3511. 43:31quite
3512. 43:31bad
3513. 43:32and
3514. 43:33that's
3515. 43:33one
3516. 43:34aspect
3517. 43:34of
3518. 43:34the
3519. 43:34situation
3520. 43:35but
3521. 43:35on
3522. 43:35the
3523. 43:35other
3524. 43:36hand
3525. 43:36this
3526. 43:36entire
3527. 43:36profit
3528. 43:37sharing
3529. 43:37model
3530. 43:37is
3531. 43:38quite
3532. 43:38unclear
3533. 43:38to
3534. 43:38me
3535. 43:39because
3536. 43:39again
3537. 43:39I'm
3538. 43:40not
3539. 43:40sure
3540. 43:40even
3541. 43:40if
3542. 43:40we
3543. 43:40were
3544. 43:41trading
3545. 43:41with
3546. 43:41our
3547. 43:41own
3548. 43:42capital
3549. 43:42alongside
3550. 43:42this
3551. 43:43retainer
3552. 43:43I
3553. 43:43don't
3554. 43:44know
3555. 43:44how
3556. 43:44we
3557. 43:44could
3558. 43:44possibly
3559. 43:45demonstrate
3560. 43:45how
3561. 43:46much
3562. 43:46we're
3563. 43:46earning
3564. 43:46how
3565. 43:47much
3566. 43:47exactly
3567. 43:47we
3568. 43:48earned
3569. 43:48on
3570. 43:48this
3571. 43:48particular
3572. 43:49token
3573. 43:49that
3574. 43:49would
3575. 43:49be
3576. 43:50incredibly
3577. 43:50challenging
3578. 43:50and
3579. 43:51it
3580. 43:51would
3581. 43:51be
3582. 43:51absolutely
3583. 43:52impossible
3584. 43:52for
3585. 43:52the
3586. 43:53project
3587. 43:53to
3588. 43:53verify
3589. 43:54precisely
3590. 43:54how
3591. 43:54much
3592. 43:55we
3593. 43:55would
3594. 43:55make
3595. 43:55one
3596. 43:56could
3597. 43:56argue
3598. 43:57whether
3599. 43:58an
3600. 43:58option
3601. 43:59should
3602. 43:59exist
3603. 44:00for
3604. 44:00example
3605. 44:00but
3606. 44:01there
3607. 44:01absolutely
3608. 44:02shouldn't
3609. 44:02be
3610. 44:03this
3611. 44:03profit
3612. 44:04share
3613. 44:04because
3614. 44:04it's
3615. 44:05simply
3616. 44:05impossible
3617. 44:06to
3618. 44:06verify
3619. 44:06I
3620. 44:07thought
3621. 44:07you
3622. 44:07were
3623. 44:08saying
3624. 44:08there
3625. 44:08that
3626. 44:08the
3627. 44:09market
3628. 44:09maker
3629. 44:09controls
3630. 44:10something
3631. 44:10and
3632. 44:10the
3633. 44:10exchange
3634. 44:11controls
3635. 44:11the
3636. 44:11market
3637. 44:12maker's
3638. 44:12account
3639. 44:12in
3640. 44:13the
3641. 44:14first
3642. 44:14model
3643. 44:15protocols
3644. 44:16create
3645. 44:16an
3646. 44:16account
3647. 44:17on
3648. 44:17an
3649. 44:17exchange
3650. 44:18and
3651. 44:18then
3652. 44:19market
3653. 44:20makers
3654. 44:20connect
3655. 44:21and
3656. 44:21then
3657. 44:21the
3658. 44:22protocol
3659. 44:22shares
3660. 44:23API
3661. 44:23keys
3662. 44:24with
3663. 44:24the
3664. 44:24market
3665. 44:24maker
3666. 44:25and
3667. 44:25the
3668. 44:25market
3669. 44:26maker
3670. 44:26essentially
3671. 44:27controls
3672. 44:27that
3673. 44:28account
3674. 44:28yes
3675. 44:29but
3676. 44:29the
3677. 44:29exchange
3678. 44:30basically
3679. 44:30knows
3680. 44:30what
3681. 44:31is
3682. 44:31going
3683. 44:31on
3684. 44:31what
3685. 44:32kind
3686. 44:32of
3687. 44:32strategy
3688. 44:32because
3689. 44:34the
3690. 44:35problem
3691. 44:36was
3692. 44:36right
3693. 44:36there
3694. 44:36and
3695. 44:36would
3696. 44:37it
3697. 44:37be
3698. 44:37fair
3699. 44:37to
3700. 44:37say
3701. 44:37that
3702. 44:38with
3703. 44:38the
3704. 44:38second
3705. 44:38model
3706. 44:39you're
3707. 44:39taking
3708. 44:39on
3709. 44:40more
3710. 44:40risk
3711. 44:40well
3712. 44:41yes
3713. 44:41absolutely
3714. 44:42because
3715. 44:42if
3716. 44:42all
3717. 44:43the
3718. 44:43losses
3719. 44:43like
3720. 44:44if
3721. 44:44someone
3722. 44:44hardcore
3723. 44:45manipulates
3724. 44:45this
3725. 44:46particular
3726. 44:46token
3727. 44:47for
3728. 44:47example
3729. 44:47or
3730. 44:47something
3731. 44:48like
3732. 44:48that
3733. 44:48well
3734. 44:48actually
3735. 44:49what's
3736. 44:49really
3737. 44:49happening
3738. 44:50like
3739. 44:50what
3740. 44:50exactly
3741. 44:51is
3742. 44:51going
3743. 44:51on
3744. 44:51it's
3745. 44:51like
3746. 44:52let's
3747. 44:52go
3748. 44:52back
3749. 44:52to
3750. 44:52what
3751. 44:52market
3752. 44:53makers
3753. 44:53typically
3754. 44:54do
3755. 44:54so
3756. 44:54let's
3757. 44:54say
3758. 44:55for
3759. 44:55instance
3760. 44:55we're
3761. 44:56quoting
3762. 44:56the
3763. 44:56order
3764. 44:56book
3765. 44:57and
3766. 44:57let's
3767. 44:57imagine
3768. 44:57some
3769. 44:58insider
3770. 44:59comes
3771. 44:59and
3772. 44:59starts
3773. 45:00tapping
3774. 45:00the
3775. 45:00token
3776. 45:00very
3777. 45:01hard
3778. 45:01and
3779. 45:02we
3780. 45:02buy
3781. 45:02buy
3782. 45:02buy
3783. 45:02buy
3784. 45:03the
3785. 45:03token
3786. 45:03keeps
3787. 45:03going
3788. 45:04down
3789. 45:04down
3790. 45:04down
3791. 45:04and
3792. 45:05we
3793. 45:05are
3794. 45:05sitting
3795. 45:05on
3796. 45:06this
3797. 45:06long
3798. 45:06position
3799. 45:06we
3800. 45:07can't
3801. 45:07close
3802. 45:07it
3803. 45:08out
3804. 45:08because
3805. 45:08the
3806. 45:08token
3807. 45:09is
3808. 45:09illiquid
3809. 45:09and
3810. 45:09we're
3811. 45:10losing
3812. 45:10money
3813. 45:10and
3814. 45:11conversely
3815. 45:11a
3816. 45:11large
3817. 45:12buyer
3818. 45:12appears
3819. 45:12whom
3820. 45:13we
3821. 45:13don't
3822. 45:13know
3823. 45:13and
3824. 45:14begins
3825. 45:14to
3826. 45:14purchase
3827. 45:24for
3828. 45:24market
3829. 45:25makers
3830. 45:25and
3831. 45:26I
3832. 45:26can
3833. 45:26tell
3834. 45:26you
3835. 45:26that
3836. 45:27for
3837. 45:27more
3838. 45:27than
3839. 45:2750%
3840. 45:28of
3841. 45:28the
3842. 45:28tokens
3843. 45:29we
3844. 45:29quote
3845. 45:29we
3846. 45:29definitely
3847. 45:30lose
3848. 45:30money
3849. 45:31on
3850. 45:31them
3851. 45:31at
3852. 45:31some
3853. 45:32point
3854. 45:32because
3855. 45:32they
3856. 45:33are
3857. 45:33very
3858. 45:33liquid
3859. 45:33and
3860. 45:34it's
3861. 45:34actually
3862. 45:34very
3863. 45:35difficult
3864. 45:35to
3865. 45:35arbitrage
3866. 45:36them
3867. 45:36it's
3868. 45:37very
3869. 45:37difficult
3870. 45:37to
3871. 45:38close
3872. 45:38this
3873. 45:38kind
3874. 45:39of
3875. 45:39temporary
3876. 45:39risk
3877. 45:40between
3878. 45:40purchases
3879. 45:41and
3880. 45:41sales
3881. 45:41very
3882. 45:42often
3883. 45:42what
3884. 45:43I'm
3885. 45:43trying
3886. 45:43to
3887. 45:43say
3888. 45:43here
3889. 45:44is
3890. 45:44this
3891. 45:45is
3892. 45:45absolutely
3893. 45:45not
3894. 45:45easy
3895. 45:45money
3896. 45:46since
3897. 45:47you're
3898. 45:47taking
3899. 45:54very
3900. 45:54often
3901. 45:55have
3902. 45:55this
3903. 45:55call
3904. 45:56option
3905. 45:56we
3906. 45:56try
3907. 45:57to
3908. 45:57price
3909. 45:57this
3910. 45:57call
3911. 45:58option
3912. 45:58in
3913. 45:58such
3914. 45:58a
3915. 45:59way
3916. 45:59that
3917. 45:59it
3918. 45:59covers
3919. 46:00essentially
3920. 46:01for
3921. 46:01us
3922. 46:01it
3923. 46:02means
3924. 46:02we
3925. 46:02work
3926. 46:03with
3927. 46:03a
3928. 46:03multitude
3929. 46:03of
3930. 46:04projects
3931. 46:04so
3932. 46:05in
3933. 46:05reality
3934. 46:05it's
3935. 46:05almost
3936. 46:06like
3937. 46:06a
3938. 46:06venture
3939. 46:07business
3940. 46:07in a
3941. 46:08sense
3942. 46:08because
3943. 46:08we
3944. 46:09know
3945. 46:09that
3946. 46:09on
3947. 46:09average
3948. 46:10we
3949. 46:10will
3950. 46:11lose
3951. 46:11money
3952. 46:11market
3953. 46:12making
3954. 46:12with
3955. 46:13the
3956. 46:13majority
3957. 46:13of
3958. 46:14these
3959. 46:14projects
3960. 46:14well
3961. 46:15maybe
3962. 46:16I
3963. 46:16don't
3964. 46:16know
3965. 46:16one
3966. 46:17or
3967. 46:17two
3968. 46:17out
3969. 46:17of
3970. 46:1850
3971. 46:18will
3972. 46:24you
3973. 46:25mentioned
3974. 46:25that
3975. 46:26most
3976. 46:27of
3977. 46:27the
3978. 46:27time
3979. 46:27you
3980. 46:28end
3981. 46:28up
3982. 46:28losing
3983. 46:28money
3984. 46:28when
3985. 46:29you
3986. 46:29are
3987. 46:29market
3988. 46:29making
3989. 46:29so
3990. 46:30how
3991. 46:30does
3992. 46:31that
3993. 46:31actually
3994. 46:31work
3995. 46:31then
3996. 46:31if
3997. 46:32you
3998. 46:32said
3999. 46:32you
4000. 46:32trade
4001. 46:33with
4002. 46:33your
4003. 46:33own
4004. 46:33capital
4005. 46:33does
4006. 46:34that
4007. 46:34mean
4008. 46:34that
4009. 46:35without
4010. 46:36providing
4011. 46:36a
4012. 46:36service
4013. 46:36you
4014. 46:37usually
4015. 46:37just
4016. 46:37lose
4017. 46:38money
4018. 46:38or
4019. 46:38what
4020. 46:39or
4021. 46:39how
4022. 46:40profitable
4023. 46:40is
4024. 46:40market
4025. 46:41making
4026. 46:41truly
4027. 46:41if
4028. 46:42none
4029. 46:42of
4030. 46:42the
4031. 46:42projects
4032. 46:42are
4033. 46:43actually
4034. 46:43paying
4035. 46:43you
4036. 46:43anything
4037. 46:44at
4038. 46:44all
4039. 46:44no
4040. 46:45well
4041. 46:45if
4042. 46:45we
4043. 46:45are
4044. 46:46not
4045. 46:46working
4046. 46:54won't
4047. 46:54be
4048. 46:55anything
4049. 46:55interesting
4050. 46:55for
4051. 46:56us
4052. 46:56there
4053. 46:56but
4054. 46:56if
4055. 46:56the
4056. 46:57volumes
4057. 46:57are
4058. 46:57large
4059. 46:57if
4060. 46:58it's
4061. 46:58listed
4062. 46:58on
4063. 46:58all
4064. 46:59top
4065. 46:59exchanges
4066. 46:59for
4067. 47:00example
4068. 47:00and
4069. 47:00something
4070. 47:01is
4071. 47:01happening
4072. 47:01in
4073. 47:01DeFi
4074. 47:02maybe
4075. 47:02there
4076. 47:02will
4077. 47:03be
4078. 47:03some
4079. 47:03OTC
4080. 47:03flow
4081. 47:04later
4082. 47:04we
4083. 47:04know
4084. 47:05that
4085. 47:05maybe
4086. 47:05by
4087. 47:07someone
4088. 47:07of
4089. 47:07ours
4090. 47:08that
4091. 47:08is
4092. 47:08if
4093. 47:08we
4094. 47:09know
4095. 47:09we
4096. 47:09can
4097. 47:09make
4098. 47:09money
4099. 47:10through
4100. 47:10arbitrage
4101. 47:10or
4102. 47:11market
4103. 47:11making
4104. 47:11we'll
4105. 47:12get
4106. 47:12into
4107. 47:12that
4108. 47:12token
4109. 47:13what
4110. 47:13I
4111. 47:13said
4112. 47:14about
4113. 47:14where
4114. 47:14we
4115. 47:14lose
4116. 47:15money
4117. 47:15that's
4118. 47:15very
4119. 47:16often
4120. 47:16less
4121. 47:16liquid
4122. 47:17tokens
4123. 47:17where
4124. 47:18we
4125. 47:18have
4126. 47:18contractual
4127. 47:19obligations
4128. 47:19but
4129. 47:20where
4130. 47:20we
4131. 47:20don't
4132. 47:20have
4133. 47:21contractual
4134. 47:21obligations
4135. 47:22that
4136. 47:22is
4137. 47:22we
4138. 47:23usually
4139. 47:23decide
4140. 47:24that
4141. 47:24okay
4142. 47:24we
4143. 47:25want
4144. 47:25to
4145. 47:25trade
4146. 47:25this
4147. 47:26token
4148. 47:26because
4149. 47:26we'll
4150. 47:27make
4151. 47:27money
4152. 47:27on
4153. 47:27it
4154. 47:28is
4155. 47:28it
4156. 47:28correct
4157. 47:28to
4158. 47:28say
4159. 47:29that
4160. 47:29hypothetically
4161. 47:30when
4162. 47:31you
4163. 47:31don't
4164. 47:31have
4165. 47:31a
4166. 47:32contract
4167. 47:32you
4168. 47:32enter
4169. 47:32tokens
4170. 47:33where
4171. 47:34there's
4172. 47:34already
4173. 47:34other
4174. 47:35market
4175. 47:36making
4176. 47:36and it's
4177. 47:37a competitive
4178. 47:37sell-off
4179. 47:38where
4180. 47:38you win
4181. 47:38against
4182. 47:39other
4183. 47:39market
4184. 47:39makers
4185. 47:40because
4186. 47:40they
4187. 47:40have
4188. 47:41some
4189. 47:41obligation
4190. 47:41or
4191. 47:42perhaps
4192. 47:42it's
4193. 47:43just
4194. 47:43a
4195. 47:43wild
4196. 47:43environment
4197. 47:44and
4198. 47:44you
4199. 47:45simply
4200. 47:45win
4201. 47:45against
4202. 47:45them
4203. 47:46like
4204. 47:46in
4205. 47:46any
4206. 47:46competitive
4207. 47:47setting
4208. 47:47I think
4209. 47:48it's
4210. 47:48more
4211. 47:49of a
4212. 47:49competitive
4213. 47:49environment
4214. 47:50because
4215. 47:50if we
4216. 47:51enter
4217. 47:51a
4218. 47:51certain
4219. 47:51token
4220. 47:52it
4221. 47:52usually
4222. 47:52means
4223. 47:53there
4224. 47:53are
4225. 47:53already
4226. 47:53interesting
4227. 47:54volumes
4228. 47:54there
4229. 47:54so
4230. 47:55the
4231. 47:55current
4232. 47:55market
4233. 47:56maker
4234. 47:56definitely
4235. 47:56isn't
4236. 47:57losing
4237. 47:57on
4238. 47:57them
4239. 47:58he's
4240. 47:58definitely
4241. 47:58profiting
4242. 47:59from
4243. 47:59them
4244. 47:59so
4245. 47:59we'll
4246. 48:00be
4247. 48:00competing
4248. 48:00with
4249. 48:00them
4250. 48:01I
4251. 48:01don't
4252. 48:01know
4253. 48:01we'll
4254. 48:01take
4255. 48:02some
4256. 48:02of
4257. 48:02their
4258. 48:02profit
4259. 48:02well
4260. 48:03some
4261. 48:03of
4262. 48:03it
4263. 48:03a
4264. 48:04big
4265. 48:04part
4266. 48:04a
4267. 48:04small
4268. 48:04part
4269. 48:05or
4270. 48:05a
4271. 48:05big
4272. 48:05part
4273. 48:05they
4274. 48:06are
4275. 48:06definitely
4276. 48:07making
4277. 48:07money
4278. 48:07on it
4279. 48:08at that
4280. 48:08moment
4281. 48:08that's
4282. 48:09why
4283. 48:09we're
4284. 48:09entering
4285. 48:09and not
4286. 48:10just
4287. 48:10us
4288. 48:10but
4289. 48:10others
4290. 48:11too
4291. 48:11they
4292. 48:11make
4293. 48:12their
4294. 48:12earnings
4295. 48:12from
4296. 48:12obligations
4297. 48:13simply
4298. 48:14due
4299. 48:14to
4300. 48:14the
4301. 48:14sheer
4302. 48:14volume
4303. 48:15and
4304. 48:15they
4305. 48:15also
4306. 48:15make
4307. 48:16money
4308. 48:16which
4309. 48:16means
4310. 48:16that
4311. 48:17you
4312. 48:17have
4313. 48:17a
4314. 48:17pretty
4315. 48:18significant
4316. 48:18competitive
4317. 48:18advantage
4318. 48:19if
4319. 48:21you
4320. 48:21receive
4321. 48:21this
4322. 48:21loan
4323. 48:22and
4324. 48:22you
4325. 48:22possess
4326. 48:23this
4327. 48:23loan
4328. 48:24and
4329. 48:24you
4330. 48:24have
4331. 48:24this
4332. 48:24inventory
4333. 48:25which
4334. 48:25no
4335. 48:25one
4336. 48:26else
4337. 48:26possesses
4338. 48:26then
4339. 48:27you
4340. 48:27clearly
4341. 48:27have
4342. 48:27a
4343. 48:28significant
4344. 48:28competitive
4345. 48:29advantage
4346. 48:29compared
4347. 48:30to
4348. 48:30everyone
4349. 48:30else
4350. 48:31roughly
4351. 48:32speaking
4352. 48:32if
4353. 48:33there's
4354. 48:33a
4355. 48:34token
4356. 48:34with
4357. 48:34no
4358. 48:35perpetual
4359. 48:36listings
4360. 48:36however
4361. 48:37rare
4362. 48:37that
4363. 48:37is
4364. 48:38now
4365. 48:38but
4366. 48:38if
4367. 48:38you
4368. 48:38have
4369. 48:39a
4370. 48:39token
4371. 48:39without
4372. 48:40perpetuals
4373. 48:41that
4374. 48:41trades
4375. 48:41a lot
4376. 48:42then
4377. 48:42yes
4378. 48:42your
4379. 48:43official
4380. 48:43market
4381. 48:44maker
4382. 48:44will
4383. 48:44have
4384. 48:45a
4385. 48:45competitive
4386. 48:45advantage
4387. 48:46I
4388. 48:46don't
4389. 48:47know
4390. 48:47over
4391. 48:47an
4392. 48:47unofficial
4393. 48:48market
4394. 48:48maker
4395. 48:49because
4396. 48:49then
4397. 48:50I
4398. 48:50don't
4399. 48:50know
4400. 48:51the
4401. 48:51only
4402. 48:51way
4403. 48:51for
4404. 48:52you
4405. 48:52to
4406. 48:52get
4407. 48:52inventory
4408. 48:53is
4409. 48:53to
4410. 48:53buy
4411. 48:53it
4412. 48:54and
4413. 48:54like
4414. 48:54if
4415. 48:55you
4416. 48:55go
4417. 48:55and
4418. 48:55buy
4419. 48:55it
4420. 48:56you'll
4421. 48:56find
4422. 48:56that
4423. 48:56you
4424. 48:56have
4425. 48:57directional
4426. 48:57risk
4427. 48:57that's
4428. 48:58not
4429. 48:58nearly
4430. 48:58as
4431. 48:58much
4432. 48:59fun
4433. 48:59anymore
4434. 48:59the
4435. 49:00last
4436. 49:00question
4437. 49:01perhaps
4438. 49:01here
4439. 49:02in
4440. 49:02this
4441. 49:02environment
4442. 49:03about
4443. 49:03market
4444. 49:03making
4445. 49:04I'll
4446. 49:04ask
4447. 49:04it
4448. 49:04in
4449. 49:04this
4450. 49:04section
4451. 49:05so
4452. 49:05as
4453. 49:06not
4454. 49:06to
4455. 49:06overly
4456. 49:06provoke
4457. 49:07your
4458. 49:07specific
4459. 49:08strategy
4460. 49:08but
4461. 49:09on
4462. 49:09that
4463. 49:09note
4464. 49:09how
4465. 49:10often
4466. 49:10does
4467. 49:10winter
4468. 49:10find
4469. 49:11itself
4470. 49:11in
4471. 49:11a
4472. 49:20in
4473. 49:21the
4474. 49:21broader
4475. 49:21context
4476. 49:22of
4477. 49:22market
4478. 49:22making
4479. 49:22how
4480. 49:23common
4481. 49:23of
4482. 49:23a
4483. 49:23practice
4484. 49:24is
4485. 49:24this
4486. 49:24and
4487. 49:24to
4488. 49:24what
4489. 49:24extent
4490. 49:25specifically
4491. 49:26a
4492. 49:26would
4493. 49:27you
4494. 49:27actually
4495. 49:27want
4496. 49:27to
4497. 49:28find
4498. 49:28yourselves
4499. 49:28in
4500. 49:28such
4501. 49:28a
4502. 49:29position
4503. 49:29and
4504. 49:29how
4505. 49:30frequently
4506. 49:30do
4507. 49:30you
4508. 49:31actually
4509. 49:31end
4510. 49:31up
4511. 49:31in
4512. 49:31one
4513. 49:31well
4514. 49:33look
4515. 49:33there
4516. 49:33are
4517. 49:33a
4518. 49:33few
4519. 49:33ways
4520. 49:34that
4521. 49:34we
4522. 49:34could
4523. 49:34find
4524. 49:35ourselves
4525. 49:35in
4526. 49:35this
4527. 49:36situation
4528. 49:36I guess
4529. 49:37the
4530. 49:37most
4531. 49:37straightforward
4532. 49:38one
4533. 49:38is
4534. 49:38this
4535. 49:39we're
4536. 49:39involved
4537. 49:39in
4538. 49:39quite
4539. 49:40a
4540. 49:40lot
4541. 49:40of
4542. 49:40different
4543. 49:40things
4544. 49:41and
4545. 49:41we
4546. 49:41also
4547. 49:41have
4548. 49:41Jason's
4549. 49:42business
4550. 49:42which
4551. 49:43is
4552. 49:43venture
4553. 49:45so
4554. 49:45we
4555. 49:46invest
4556. 49:46like
4557. 49:47I
4558. 49:48don't
4559. 49:48know
4560. 49:48this
4561. 49:48year
4562. 49:48we
4563. 49:49invested
4564. 49:49in
4565. 49:49about
4566. 49:5020
4567. 49:50different
4568. 49:50protocol
4569. 49:51companies
4570. 49:5222
4571. 49:52I
4572. 49:52think
4573. 49:52so
4574. 49:53we
4575. 49:53make
4576. 49:53I
4577. 49:53don't
4578. 49:53know
4579. 49:53about
4580. 49:54two
4581. 49:54investments
4582. 49:54every
4583. 49:55month
4584. 49:55so
4585. 49:55we
4586. 49:55have
4587. 49:55this
4588. 49:56venture
4589. 49:56portfolio
4590. 49:57which
4591. 49:57very
4592. 49:57often
4593. 49:58includes
4594. 49:58tokens
4595. 49:58this
4596. 49:59is
4597. 49:59clearly
4598. 50:00directional
4599. 50:00exposure
4600. 50:01we
4601. 50:02also
4602. 50:02have
4603. 50:02in
4604. 50:02parallel
4605. 50:03to
4606. 50:03this
4607. 50:03we
4608. 50:03hold
4609. 50:03certain
4610. 50:04long-term
4611. 50:05positions
4612. 50:05in
4613. 50:06various
4614. 50:06tokens
4615. 50:06these
4616. 50:07are
4617. 50:07typically
4618. 50:08the
4619. 50:08top
4620. 50:0910
4621. 50:09top
4622. 50:0920
4623. 50:10cryptocurrencies
4624. 50:10not
4625. 50:11all
4626. 50:11of
4627. 50:11them
4628. 50:12of
4629. 50:12course
4630. 50:12but
4631. 50:12a
4632. 50:13significant
4633. 50:14portion
4634. 50:14of
4635. 50:14them
4636. 50:14for
4637. 50:15instance
4638. 50:16Bitcoin
4639. 50:16Ethereum
4640. 50:17Solana
4641. 50:18and
4642. 50:18we
4643. 50:18also
4644. 50:19hold
4645. 50:19hyperliquid
4646. 50:20among
4647. 50:20those
4648. 50:20that
4649. 50:21are
4650. 50:21more
4651. 50:22recent
4652. 50:22relatively
4653. 50:23long-term
4654. 50:24positions
4655. 50:25which
4656. 50:26we
4657. 50:26simply
4658. 50:26hold
4659. 50:27because
4660. 50:27it
4661. 50:27makes
4662. 50:28sense
4663. 50:28as
4664. 50:28a
4665. 50:28treasury
4666. 50:29essentially
4667. 50:29meaning
4668. 50:30it
4669. 50:30makes
4670. 50:31sense
4671. 50:31to
4672. 50:31hold
4673. 50:31them
4674. 50:32for
4675. 50:32the
4676. 50:32long
4677. 50:32term
4678. 50:33so
4679. 50:33this
4680. 50:33part
4681. 50:34it's
4682. 50:34a
4683. 50:34part
4684. 50:34that
4685. 50:35we
4686. 50:35don't
4687. 50:35particularly
4688. 50:36worry
4689. 50:36about
4690. 50:37because
4691. 50:37we
4692. 50:37believe
4693. 50:38in
4694. 50:38it
4695. 50:38for
4696. 50:38the
4697. 50:39long
4698. 50:39term
4699. 50:39there
4700. 50:39are
4701. 50:40intraday
4702. 50:41you
4703. 50:42have
4704. 50:42for
4705. 50:42example
4706. 50:42some
4707. 50:43illiquid
4708. 50:43tokens
4709. 50:44someone
4710. 50:44I don't
4711. 50:44know
4712. 50:45is
4713. 50:45buying
4714. 50:45them
4715. 50:45up
4716. 50:45very
4717. 50:46aggressively
4718. 50:46or
4719. 50:46maybe
4720. 50:46I don't
4721. 50:47know
4722. 50:47some
4723. 50:47insider
4724. 50:48sold
4725. 50:48them
4726. 50:48off
4727. 50:48very
4728. 50:48heavily
4729. 50:49or
4730. 50:49some
4731. 50:49new
4732. 50:49investor
4733. 50:50came
4734. 50:50along
4735. 50:50and
4736. 50:50bought
4737. 50:51them
4738. 50:51up
4739. 50:51very
4740. 50:51aggressively
4741. 50:52and
4742. 50:53we
4743. 50:54sometimes
4744. 50:54we
4745. 50:55might
4746. 50:55have
4747. 50:55a
4748. 50:56relatively
4749. 50:56small
4750. 50:56position
4751. 50:57either
4752. 50:58long
4753. 50:58or
4754. 50:58short
4755. 50:58and
4756. 50:59it
4757. 50:59takes
4758. 51:00us
4759. 51:00several
4760. 51:00days
4761. 51:01to
4762. 51:01close
4763. 51:01it
4764. 51:01because
4765. 51:02the
4766. 51:02token
4767. 51:02is
4768. 51:02illiquid
4769. 51:03this
4770. 51:04is
4771. 51:04something
4772. 51:05that
4773. 51:05happens
4774. 51:05a
4775. 51:06significant
4776. 51:06portion
4777. 51:07of
4778. 51:07our
4779. 51:07business
4780. 51:07operations
4781. 51:08is
4782. 51:08OTC
4783. 51:08so
4784. 51:09we
4785. 51:09have
4786. 51:10I
4787. 51:10don't
4788. 51:10know
4789. 51:10several
4790. 51:11thousand
4791. 51:11different
4792. 51:11counterparties
4793. 51:12ranging
4794. 51:12from
4795. 51:13high net
4796. 51:13worth
4797. 51:13individuals
4798. 51:14to
4799. 51:14venture
4800. 51:14funds
4801. 51:15who
4802. 51:16very
4803. 51:16frequently
4804. 51:17trade
4805. 51:17tokens
4806. 51:17with
4807. 51:18us
4808. 51:18and
4809. 51:19again
4810. 51:20they
4811. 51:20sometimes
4812. 51:20trade
4813. 51:21illiquid
4814. 51:21tokens
4815. 51:22and we
4816. 51:22essentially
4817. 51:22acquire
4818. 51:23these
4819. 51:23tokens
4820. 51:23with
4821. 51:24illiquid
4822. 51:24tokens
4823. 51:24we
4824. 51:24might
4825. 51:25find
4826. 51:25ourselves
4827. 51:25holding
4828. 51:26on to
4829. 51:30not
4830. 51:30possible
4831. 51:31to
4832. 51:31buy
4833. 51:31or
4834. 51:31sell
4835. 51:32them
4836. 51:32instantly
4837. 51:32as
4838. 51:33we
4839. 51:33would
4840. 51:33move
4841. 51:33the
4842. 51:33price
4843. 51:34far
4844. 51:34too
4845. 51:34much
4846. 51:34so
4847. 51:35we
4848. 51:36prefer
4849. 51:36to
4850. 51:37hold
4851. 51:37this
4852. 51:38position
4853. 51:38longer
4854. 51:39and
4855. 51:39sell
4856. 51:40with
4857. 51:40less
4858. 51:40market
4859. 51:40impact
4860. 51:41so
4861. 51:41other
4862. 51:42market
4863. 51:42makers
4864. 51:43aren't
4865. 51:43accidentally
4866. 51:44told
4867. 51:44we're
4868. 51:45in
4869. 51:45this
4870. 51:45position
4871. 51:46this
4872. 51:46also
4873. 51:46happens
4874. 51:47quite
4875. 51:47often
4876. 51:47but
4877. 51:48it's
4878. 51:48also
4879. 51:48relatively
4880. 51:49short
4881. 51:49term
4882. 51:50in
4883. 51:50very
4884. 51:50very
4885. 51:50rare
4886. 51:51cases
4887. 51:51we
4888. 51:52do
4889. 51:52take
4890. 51:52directional
4891. 51:53bets
4892. 51:53but
4893. 51:54it
4894. 51:54happens
4895. 51:54very
4896. 51:54seldom
4897. 51:55if
4898. 51:55someone
4899. 51:55has
4900. 51:55heavily
4901. 51:56oversold
4902. 51:56tokens
4903. 51:57we
4904. 51:57have
4905. 51:57a
4906. 51:58strong
4907. 51:58conviction
4908. 51:58it
4909. 51:59will
4910. 51:59rise
4911. 51:59in
4912. 51:59a
4913. 51:59few
4914. 52:00weeks
4915. 52:00or
4916. 52:00if
4917. 52:00a
4918. 52:00token
4919. 52:01has
4920. 52:01grown
4921. 52:01too
4922. 52:01much
4923. 52:02and
4924. 52:02we
4925. 52:02think
4926. 52:02it
4927. 52:03will
4928. 52:03fall
4929. 52:03in
4930. 52:03a
4931. 52:03few
4932. 52:03weeks
4933. 52:04we
4934. 52:04might
4935. 52:04take
4936. 52:04these
4937. 52:05positions
4938. 52:05but
4939. 52:05we
4940. 52:06are
4941. 52:06long
4942. 52:06term
4943. 52:06positions
4944. 52:07we
4945. 52:07well
4946. 52:11I would
4947. 52:11venture to
4948. 52:12say
4949. 52:12somewhere around
4950. 52:1320 or
4951. 52:1330 times
4952. 52:13annually
4953. 52:14it's
4954. 52:14possible
4955. 52:15that
4956. 52:15we
4957. 52:15take
4958. 52:15on
4959. 52:15these
4960. 52:16long
4961. 52:16positions
4962. 52:16so
4963. 52:17it's
4964. 52:18rare
4965. 52:18but
4966. 52:19it
4967. 52:19does
4968. 52:19happen
4969. 52:19sometimes
4970. 52:20short
4971. 52:21positions
4972. 52:21we
4973. 52:22almost
4974. 52:22never
4975. 52:22take
4976. 52:22them
4977. 52:23what
4978. 52:23people
4979. 52:23say
4980. 52:24about
4981. 52:24us
4982. 52:24what
4983. 52:25they
4984. 52:25very
4985. 52:26often
4986. 52:26attribute
4987. 52:27to
4988. 52:27us
4989. 52:27shorting
4990. 52:28tokens
4991. 52:29I don't
4992. 52:30know
4993. 52:30it's
4994. 52:30the
4995. 52:30riskiest
4996. 52:31thing
4997. 52:31you
4998. 52:31can
4999. 52:31possibly
5000. 52:32do
5001. 52:32in
5002. 52:32crypto
5003. 52:33to
5004. 52:33short
5005. 52:33anything
5006. 52:34because
5007. 52:34if
5008. 52:34you
5009. 52:35buy
5010. 52:35something
5011. 52:35the
5012. 52:35absolute
5013. 52:36most
5014. 52:36you
5015. 52:36can
5016. 52:37lose
5017. 52:37is
5018. 52:37exactly
5019. 52:37what
5020. 52:38you've
5021. 52:38invested
5022. 52:38if
5023. 52:39you're
5024. 52:40selling
5025. 52:40something
5026. 52:41you can
5027. 52:42lose
5028. 52:42there
5029. 52:43I
5030. 52:43know
5031. 52:4310x
5032. 52:44of your
5033. 52:44capital
5034. 52:45100x
5035. 52:45of your
5036. 52:46capital
5037. 52:46a
5038. 52:47token
5039. 52:47can
5040. 52:47go
5041. 52:47anywhere
5042. 52:48there
5043. 52:48could
5044. 52:49be
5045. 52:49a
5046. 52:49short
5047. 52:49squeeze
5048. 52:50anything
5049. 52:50and
5050. 52:51that's
5051. 52:51why
5052. 52:51shorting
5053. 52:52is
5054. 52:52such
5055. 52:52a
5056. 52:52thankless
5057. 52:53task
5058. 52:53we
5059. 52:54only
5060. 52:54do
5061. 52:54it
5062. 52:54in
5063. 52:55very
5064. 52:55very
5065. 52:55rare
5066. 52:56cases
5067. 52:56I'd
5068. 52:57like
5069. 52:57to
5070. 52:57move
5071. 52:57on
5072. 52:58here
5073. 52:58a
5074. 52:58little
5075. 52:58more
5076. 52:59to
5077. 52:59wintermute
5078. 53:00as
5079. 53:00such
5080. 53:01could
5081. 53:02you
5082. 53:02tell
5083. 53:02me
5084. 53:02about
5085. 53:03wintermute
5086. 53:03right
5087. 53:04now
5088. 53:04how
5089. 53:04large
5090. 53:05the
5091. 53:05company
5092. 53:05is
5093. 53:05and
5094. 53:06what
5095. 53:06specific
5096. 53:06areas
5097. 53:07it
5098. 53:07currently
5099. 53:07covers
5100. 53:08so
5101. 53:08I
5102. 53:08understand
5103. 53:09that
5104. 53:09the
5105. 53:09broader
5106. 53:10wintermute
5107. 53:10is
5108. 53:11essentially
5109. 53:11an
5110. 53:11umbrella
5111. 53:12over
5112. 53:12various
5113. 53:13different
5114. 53:13things
5115. 53:13you've
5116. 53:14already
5117. 53:14mentioned
5118. 53:15VC
5119. 53:15we know
5120. 53:16you have
5121. 53:16market
5122. 53:16making
5123. 53:17and
5124. 53:17there's
5125. 53:17apparently
5126. 53:18an
5127. 53:18OTC
5128. 53:18platform
5129. 53:19I'm
5130. 53:19not
5131. 53:19sure
5132. 53:20if
5133. 53:20that's
5134. 53:20part
5135. 53:20of
5136. 53:20market
5137. 53:21making
5138. 53:21or
5139. 53:21not
5140. 53:21but
5141. 53:22broadly
5142. 53:23speaking
5143. 53:23what
5144. 53:23exactly
5145. 53:24is
5146. 53:24under
5147. 53:24this
5148. 53:24umbrella
5149. 53:25we
5150. 53:25currently
5151. 53:26have
5152. 53:26a
5153. 53:26team
5154. 53:26of
5155. 53:26140
5156. 53:27people
5157. 53:27which
5158. 53:28considering
5159. 53:28everything
5160. 53:29that
5161. 53:29we
5162. 53:29do
5163. 53:29I
5164. 53:30believe
5165. 53:30is
5166. 53:30still
5167. 53:30relatively
5168. 53:31small
5169. 53:31and
5170. 53:31I'm
5171. 53:32actually
5172. 53:32quite
5173. 53:32pleased
5174. 53:32that
5175. 53:33we
5176. 53:33are
5177. 53:33so
5178. 53:33few
5179. 53:33in
5180. 53:33number
5181. 53:34we
5182. 53:34have
5183. 53:34three
5184. 53:34main
5185. 53:35core
5186. 53:35activities
5187. 53:35that
5188. 53:36we
5189. 53:36focus
5190. 53:36on
5191. 53:36the
5192. 53:36first
5193. 53:37one
5194. 53:37is
5195. 53:37prop
5196. 53:37trading
5197. 53:38and
5198. 53:38market
5199. 53:38making
5200. 53:39on
5201. 53:39centralized
5202. 53:39exchanges
5203. 53:40so
5204. 53:40this
5205. 53:41is
5206. 53:42where
5207. 53:42we
5208. 53:42started
5209. 53:42we
5210. 53:42usually
5211. 53:43hold
5212. 53:43the
5213. 53:43top
5214. 53:44positions
5215. 53:44on
5216. 53:44the
5217. 53:45biggest
5218. 53:45centralized
5219. 53:46exchanges
5220. 53:46on
5221. 53:48average
5222. 53:49this
5223. 53:49year
5224. 53:50I
5225. 53:50believe
5226. 53:50we're
5227. 53:51trading
5228. 53:51something
5229. 53:52like
5230. 53:5210
5231. 53:52billion
5232. 53:52dollars
5233. 53:53daily
5234. 53:53so
5235. 53:54this
5236. 53:54is
5237. 53:54I
5238. 53:55guess
5239. 53:55our
5240. 53:55absolute
5241. 53:55core
5242. 53:56business
5243. 53:56then
5244. 53:57we
5245. 53:57have
5246. 53:57a
5247. 53:57quite
5248. 53:57significant
5249. 53:58part
5250. 53:58that
5251. 53:59we
5252. 53:59started
5253. 53:59in
5254. 54:002020
5255. 54:00which
5256. 54:01is
5257. 54:01DeFi
5258. 54:02like
5259. 54:03Solana
5260. 54:03Ethereum
5261. 54:03I
5262. 54:04mean
5263. 54:04I
5264. 54:04don't
5265. 54:04know
5266. 54:04these
5267. 54:05are
5268. 54:05you
5269. 54:05know
5270. 54:05our
5271. 54:06absolute
5272. 54:06top
5273. 54:06positions
5274. 54:07both
5275. 54:07in
5276. 54:07terms
5277. 54:07of
5278. 54:07P&L
5279. 54:08and
5280. 54:08overall
5281. 54:09trading
5282. 54:09volumes
5283. 54:09and
5284. 54:10the
5285. 54:10third
5286. 54:10part
5287. 54:10of
5288. 54:10this
5289. 54:11is
5290. 54:11OTC
5291. 54:11OTC
5292. 54:12that's
5293. 54:13exactly
5294. 54:13what
5295. 54:13I
5296. 54:13was
5297. 54:13referring
5298. 54:14to
5299. 54:14we're
5300. 54:14dealing
5301. 54:15with
5302. 54:15several
5303. 54:15thousand
5304. 54:16counterparties
5305. 54:16many
5306. 54:16of
5307. 54:17whom
5308. 54:17are
5309. 54:17constantly
5310. 54:17pushing
5311. 54:18us
5312. 54:18to
5313. 54:19either
5314. 54:19buy
5315. 54:19or
5316. 54:19sell
5317. 54:20Ethereum
5318. 54:20Bitcoin
5319. 54:21or
5320. 54:21various
5321. 54:21other
5322. 54:22random
5323. 54:22alt
5324. 54:22coins
5325. 54:22we also
5326. 54:24handle
5327. 54:24stable
5328. 54:24coins
5329. 54:25EFT
5330. 54:25conversions
5331. 54:26essentially
5332. 54:26we do
5333. 54:27absolutely
5334. 54:27everything
5335. 54:27that's
5336. 54:28possible
5337. 54:28on
5338. 54:29one
5339. 54:29side
5340. 54:29there's
5341. 54:30spot
5342. 54:30OTC
5343. 54:31on
5344. 54:32the
5345. 54:32other
5346. 54:32side
5347. 54:32derivatives
5348. 54:33as
5349. 54:33well
5350. 54:34so
5351. 54:34we
5352. 54:34create
5353. 54:34various
5354. 54:35more
5355. 54:35complex
5356. 54:35strategies
5357. 54:36like
5358. 54:36CFDs
5359. 54:37or
5360. 54:38futures
5361. 54:38we
5362. 54:39can
5363. 54:39also
5364. 54:39implement
5365. 54:39even
5366. 54:40more
5367. 54:40complex
5368. 54:41strategies
5369. 54:41using
5370. 54:42options
5371. 54:42specifically
5372. 54:43call
5373. 54:44options
5374. 54:44for
5375. 54:44example
5376. 54:45to
5377. 54:45transform
5378. 54:45it
5379. 54:46into
5380. 54:46a
5381. 54:46yield
5382. 54:46protocol
5383. 54:47or
5384. 54:47even
5385. 54:47a
5386. 54:47venture
5387. 54:48fund
5388. 54:48so
5389. 54:49there's
5390. 54:50quite
5391. 54:50a
5392. 54:50broad
5393. 54:51range
5394. 54:51of
5395. 54:51activities
5396. 54:52this
5397. 54:53is
5398. 54:53essentially
5399. 54:53our
5400. 54:54core
5401. 54:54business
5402. 54:54and
5403. 54:55all
5404. 54:55of
5405. 54:55this
5406. 54:56more
5407. 54:57or
5408. 54:57less
5409. 54:57takes
5410. 54:57place
5411. 54:58within
5412. 54:58a
5413. 54:58single
5414. 54:58black
5415. 54:58box
5416. 54:59everything
5417. 55:00we
5418. 55:00do
5419. 55:01in
5420. 55:01OTC
5421. 55:02or
5422. 55:02in
5423. 55:02DeFi
5424. 55:03directly
5425. 55:03connects
5426. 55:04to
5427. 55:04what
5428. 55:04we
5429. 55:04do
5430. 55:05in
5431. 55:05SeFi
5432. 55:05as
5433. 55:06well
5434. 55:06so
5435. 55:06it's
5436. 55:07all
5437. 55:07traded
5438. 55:07as
5439. 55:08it
5440. 55:08were
5441. 55:08from
5442. 55:08the
5443. 55:09same
5444. 55:09book
5445. 55:09in
5446. 55:10parallel
5447. 55:10we
5448. 55:10have
5449. 55:11some
5450. 55:11auxiliary
5451. 55:11things
5452. 55:12that
5453. 55:12we
5454. 55:12do
5455. 55:13for
5456. 55:13example
5457. 55:13venture
5458. 55:14business
5459. 55:14on
5460. 55:15one
5461. 55:15side
5462. 55:15we
5463. 55:15currently
5464. 55:16have
5465. 55:16four
5466. 55:16people
5467. 55:17there
5468. 55:17who
5469. 55:17are
5470. 55:18actively
5471. 55:18investing
5472. 55:18we
5473. 55:19have
5474. 55:19a
5475. 55:19research
5476. 55:20business
5477. 55:20that's
5478. 55:21also
5479. 55:21quite
5480. 55:22I don't
5481. 55:23know
5482. 55:23auxiliary
5483. 55:23on the
5484. 55:24one
5485. 55:24hand
5486. 55:25to
5487. 55:25what
5488. 55:26we
5489. 55:26do
5490. 55:26with
5491. 55:26the
5492. 55:26core
5493. 55:26business
5494. 55:27but
5495. 55:27then
5496. 55:28again
5497. 55:28on
5498. 55:28the
5499. 55:28other
5500. 55:28hand
5501. 55:29they
5502. 55:29provide
5503. 55:30I don't
5504. 55:30know
5505. 55:30we
5506. 55:31do
5507. 55:31a lot
5508. 55:31on
5509. 55:31the
5510. 55:31governance
5511. 55:32side
5512. 55:32this
5513. 55:33year
5514. 55:33for
5515. 55:33example
5516. 55:34I don't
5517. 55:34know
5518. 55:35we
5519. 55:35were
5520. 55:35very
5521. 55:35heavily
5522. 55:36involved
5523. 55:36with
5524. 55:36Aave
5525. 55:37with
5526. 55:37compound
5527. 55:38with
5528. 55:38slider
5529. 55:39so
5530. 55:39we
5531. 55:40very
5532. 55:40often
5533. 55:40take
5534. 55:40part
5535. 55:41in
5536. 55:41these
5537. 55:41things
5538. 55:42essentially
5539. 55:43we
5540. 55:44provide
5541. 55:44comprehensive
5542. 55:44support
5543. 55:45with
5544. 55:45research
5545. 55:45you know
5546. 55:46to
5547. 55:46anyone
5548. 55:46who
5549. 55:46might
5550. 55:46genuinely
5551. 55:47need
5552. 55:47our
5553. 55:47assistance
5554. 55:47this
5555. 55:48year
5556. 55:48we
5557. 55:48launched
5558. 55:48a
5559. 55:48particularly
5560. 55:49fascinating
5561. 55:49and
5562. 55:50very
5563. 55:50interesting
5564. 55:50new
5565. 55:50initiative
5566. 55:50which
5567. 55:51we
5568. 55:51named
5569. 55:51the
5570. 55:51Alpha
5571. 55:51Challenge
5572. 55:52what
5573. 55:52I
5574. 55:52mean
5575. 55:52is
5576. 55:52we
5577. 55:52specifically
5578. 55:53designed
5579. 55:53a
5580. 55:53unique
5581. 55:53challenge
5582. 55:54and
5583. 55:54our
5584. 55:54dedicated
5585. 55:54research
5586. 55:55team
5587. 55:55then
5588. 55:55successfully
5589. 55:56executed
5590. 55:56this
5591. 55:56project
5592. 55:56there
5593. 55:57were
5594. 55:58I
5595. 55:58believe
5596. 55:5910
5597. 55:59rather
5598. 56:00challenging
5599. 56:01DeFi
5600. 56:02riddles
5601. 56:02that
5602. 56:03needed
5603. 56:03to be
5604. 56:04completed
5605. 56:04and
5606. 56:05after
5607. 56:05that
5608. 56:05quite
5609. 56:06a lot
5610. 56:06of
5611. 56:06people
5612. 56:06really
5613. 56:07took
5614. 56:07to
5615. 56:07it
5616. 56:07and
5617. 56:07we
5618. 56:08ended
5619. 56:08up
5620. 56:08hiring
5621. 56:08some
5622. 56:09of
5623. 56:09them
5624. 56:09some
5625. 56:10of
5626. 56:10them
5627. 56:10were
5628. 56:10even
5629. 56:11hired
5630. 56:11into
5631. 56:11our
5632. 56:12portfolio
5633. 56:12companies
5634. 56:13which
5635. 56:13are
5636. 56:13part
5637. 56:14of
5638. 56:14our
5639. 56:14venture
5640. 56:14business
5641. 56:15that
5642. 56:15was
5643. 56:15also
5644. 56:16quite
5645. 56:16interesting
5646. 56:17we
5647. 56:17have
5648. 56:18our
5649. 56:18very
5650. 56:19own
5651. 56:19single
5652. 56:19dealer
5653. 56:19platform
5654. 56:20typically
5655. 56:21clients
5656. 56:21trade
5657. 56:22with
5658. 56:22us
5659. 56:22directly
5660. 56:22through
5661. 56:23chat
5662. 56:23but
5663. 56:23we
5664. 56:24also
5665. 56:24provide
5666. 56:24our
5667. 56:25own
5668. 56:25dedicated
5669. 56:25interface
5670. 56:26clients
5671. 56:26can
5672. 56:27log
5673. 56:27into
5674. 56:27it
5675. 56:28and
5676. 56:28conduct
5677. 56:28their
5678. 56:29trades
5679. 56:29with
5680. 56:29us
5681. 56:29there
5682. 56:30much
5683. 56:30more
5684. 56:36are
5685. 56:36many
5686. 56:37activities
5687. 56:37and
5688. 56:38the
5689. 56:38goal
5690. 56:39for
5691. 56:39next
5692. 56:39year
5693. 56:40actually
5694. 56:40I'm
5695. 56:41really
5696. 56:41pondering
5697. 56:41really
5698. 56:42pondering
5699. 56:42really
5700. 56:43pondering
5701. 56:43the
5702. 56:43question
5703. 56:44of
5704. 56:44going
5705. 56:44further
5706. 56:45and
5707. 56:45actually
5708. 56:45our
5709. 56:46next
5710. 56:46our
5711. 56:47very
5712. 56:47next
5713. 56:47frontier
5714. 56:48is
5715. 56:49TradeFi
5716. 56:50for me
5717. 56:50it's
5718. 56:51truly
5719. 56:51going
5720. 56:51full
5721. 56:51circle
5722. 56:52to
5723. 56:52actually
5724. 56:53start
5725. 56:53trading
5726. 56:53all
5727. 56:54these
5728. 56:54TradeFi
5729. 56:54instruments
5730. 56:55we're
5731. 56:56starting
5732. 56:56with
5733. 56:57crypto
5734. 56:57ETFs
5735. 56:58we'll
5736. 56:58start
5737. 56:58with
5738. 56:59tokenized
5739. 57:00equities
5740. 57:00actually
5741. 57:01the
5742. 57:01ambition
5743. 57:02I mean
5744. 57:03you know
5745. 57:03is to
5746. 57:03trade
5747. 57:04essentially
5748. 57:04everything
5749. 57:05not
5750. 57:05just
5751. 57:06crypto
5752. 57:06but
5753. 57:07also
5754. 57:07stocks
5755. 57:08bonds
5756. 57:08commodities
5757. 57:09everything
5758. 57:09so
5759. 57:10how
5760. 57:11much
5761. 57:11do
5762. 57:11you
5763. 57:11believe
5764. 57:11in
5765. 57:12TradeFi
5766. 57:13perps
5767. 57:13which
5768. 57:14are
5769. 57:14now
5770. 57:14hyper
5771. 57:15are
5772. 57:17they
5773. 57:18trying
5774. 57:18to
5775. 57:18launch
5776. 57:19it
5777. 57:20as far
5778. 57:21as I
5779. 57:21know
5780. 57:21Binance
5781. 57:21is
5782. 57:21also
5783. 57:22very
5784. 57:22keen
5785. 57:22to
5786. 57:22do
5787. 57:22so
5788. 57:23there
5789. 57:23are
5790. 57:23simply
5791. 57:23some
5792. 57:23issues
5793. 57:24with
5794. 57:25overnight
5795. 57:25trading
5796. 57:25and
5797. 57:26also
5798. 57:26with
5799. 57:26weekend
5800. 57:26trading
5801. 57:27I
5802. 57:28think
5803. 57:28this
5804. 57:28is
5805. 57:28very
5806. 57:28interesting
5807. 57:29the
5808. 57:30pilot
5809. 57:30is
5810. 57:30very
5811. 57:30interesting
5812. 57:31absolutely
5813. 57:32I
5814. 57:33think
5815. 57:33it
5816. 57:33will
5817. 57:33work
5818. 57:33like
5819. 57:34you'll
5820. 57:34have
5821. 57:35I
5822. 57:35think
5823. 57:36I
5824. 57:36don't
5825. 57:36know
5826. 57:37in
5827. 57:37top
5828. 57:37seven
5829. 57:37stocks
5830. 57:38or
5831. 57:38some
5832. 57:39micro
5833. 57:39strategy
5834. 57:40roughly
5835. 57:40speaking
5836. 57:41that
5837. 57:41you
5838. 57:41can
5839. 57:41somehow
5840. 57:42price
5841. 57:42on
5842. 57:42weekends
5843. 57:43but
5844. 57:43I
5845. 57:44don't
5846. 57:44think
5847. 57:44that
5848. 57:45in
5849. 57:45the
5850. 57:45foreseeable
5851. 57:46future
5852. 57:46we'll
5853. 57:47be
5854. 57:47able
5855. 57:47to
5856. 57:48I
5857. 57:48don't
5858. 57:48know
5859. 57:48see
5860. 57:49them
5861. 57:49launch
5862. 57:49all
5863. 57:50500
5864. 57:51stocks
5865. 57:51in
5866. 57:51the
5867. 57:52S&P
5868. 57:52500
5869. 57:53that
5870. 57:53will
5871. 57:53have
5872. 57:54perpetuals
5873. 57:54on
5874. 57:54them
5875. 57:55that
5876. 57:55will
5877. 57:55trade
5878. 57:56I
5879. 57:56don't
5880. 57:56know
5881. 57:56on
5882. 57:57Saturdays
5883. 57:57and
5884. 57:57Sundays
5885. 57:58no
5886. 57:59market
5887. 57:59maker
5888. 58:00will
5889. 58:00hold
5890. 58:01on
5891. 58:01to
5892. 58:01this
5893. 58:02because
5894. 58:02it's
5895. 58:02simply
5896. 58:03I
5897. 58:03mean
5898. 58:03it's
5899. 58:04very
5900. 58:04close
5901. 58:05to
5902. 58:05impossible
5903. 58:05to
5904. 58:05do
5905. 58:06that
5906. 58:06as
5907. 58:06a
5908. 58:06market
5909. 58:06maker
5910. 58:07because
5911. 58:07yes
5912. 58:08you
5913. 58:08have
5914. 58:08weekends
5915. 58:09and
5916. 58:09on
5917. 58:09these
5918. 58:10weekends
5919. 58:10I
5920. 58:10mean
5921. 58:11things
5922. 58:11happen
5923. 58:11some
5924. 58:12news
5925. 58:12could
5926. 58:12break
5927. 58:13if
5928. 58:13you
5929. 58:13miss
5930. 58:14this
5931. 58:14news
5932. 58:14then
5933. 58:14someone
5934. 58:15will
5935. 58:15buy
5936. 58:15you
5937. 58:16out
5938. 58:16or
5939. 58:16you'll
5940. 58:17be
5941. 58:17in
5942. 58:17big
5943. 58:17trouble
5944. 58:18as
5945. 58:18a
5946. 58:18market
5947. 58:18maker
5948. 58:19so
5949. 58:19I
5950. 58:20believe
5951. 58:20in
5952. 58:21the
5953. 58:21upcoming
5954. 58:21year
5955. 58:22this
5956. 58:22will
5957. 58:22be
5958. 58:22an
5959. 58:23interesting
5960. 58:23asset
5961. 58:23one
5962. 58:24that
5963. 58:24will
5964. 58:24trade
5965. 58:24on
5966. 58:32CME
5967. 58:32might
5968. 58:32launch
5969. 58:33something
5970. 58:33on
5971. 58:33weekends
5972. 58:34then
5973. 58:34maybe
5974. 58:35even
5975. 58:35with
5976. 58:35spot
5977. 58:35exchanges
5978. 58:36like
5979. 58:36trading
5980. 58:37on
5981. 58:37weekends
5982. 58:38at
5983. 58:38some
5984. 58:39point
5985. 58:39when
5986. 58:39we
5987. 58:39transition
5988. 58:40into
5989. 58:42a
5990. 58:42market
5991. 58:42structure
5992. 58:43where
5993. 58:43we
5994. 58:43have
5995. 58:44both
5996. 58:44spot
5997. 58:45trading
5998. 58:45and
5999. 58:45derivative
6000. 58:46trading
6001. 58:46available
6002. 58:46on
6003. 58:47weekends
6004. 58:47then
6005. 58:48everything
6006. 58:48will
6007. 58:49become
6008. 58:49significantly
6009. 58:49simpler
6010. 58:50honestly
6011. 58:51I
6012. 58:51really
6013. 58:51want
6014. 58:52to
6015. 58:52ask
6016. 58:52more
6017. 58:53about
6018. 58:53the
6019. 58:53market
6020. 58:54than
6021. 58:54about
6022. 58:55these
6023. 58:55basic
6024. 58:55things
6025. 58:56and
6026. 58:56about
6027. 58:56well
6028. 58:57I'd
6029. 58:58like
6030. 58:58to
6031. 58:58ask
6032. 58:58an
6033. 58:58advanced
6034. 58:59market
6035. 58:59participant
6036. 59:00about
6037. 59:00the
6038. 59:00various
6039. 59:01problems
6040. 59:01we
6041. 59:01have
6042. 59:02in
6043. 59:02the
6044. 59:02market
6045. 59:02but
6046. 59:02the
6047. 59:03last
6048. 59:03question
6049. 59:04in
6050. 59:04this
6051. 59:04part
6052. 59:04which
6053. 59:05I
6054. 59:05can't
6055. 59:05help
6056. 59:05but
6057. 59:06ask
6058. 59:06who
6059. 59:06among
6060. 59:06your
6061. 59:07competitors
6062. 59:07do
6063. 59:07you
6064. 59:08consider
6065. 59:08strong
6066. 59:09okay
6067. 59:09so
6068. 59:10what
6069. 59:11are
6070. 59:11the
6071. 59:11names
6072. 59:11of
6073. 59:11some
6074. 59:12market
6075. 59:12makers
6076. 59:12whom
6077. 59:13you
6078. 59:13consider
6079. 59:13to be
6080. 59:14truly
6081. 59:14understanding
6082. 59:14their
6083. 59:15actions
6084. 59:15and
6085. 59:15who
6086. 59:15are
6087. 59:16your
6088. 59:16main
6089. 59:16competitors
6090. 59:16good
6091. 59:17question
6092. 59:18because
6093. 59:18we
6094. 59:18have
6095. 59:18such
6096. 59:19a
6097. 59:19I
6098. 59:19don't
6099. 59:19know
6100. 59:20a
6101. 59:20truly
6102. 59:20unique
6103. 59:20one
6104. 59:21of a
6105. 59:21kind
6106. 59:21positioning
6107. 59:22that
6108. 59:22we
6109. 59:22do
6110. 59:22everything
6111. 59:23so
6112. 59:24we're
6113. 59:24involved
6114. 59:25in
6115. 59:25CeFi
6116. 59:25DeFi
6117. 59:26OTC
6118. 59:27and
6119. 59:27token
6120. 59:27market
6121. 59:28making
6122. 59:28and
6123. 59:28venture
6124. 59:29capital
6125. 59:29and
6126. 59:30essentially
6127. 59:30everything
6128. 59:30everything
6129. 59:31everything
6130. 59:31everything
6131. 59:32I
6132. 59:32mean
6133. 59:32most
6134. 59:32of
6135. 59:33our
6136. 59:33competitors
6137. 59:33are
6138. 59:34very
6139. 59:34often
6140. 59:34tied
6141. 59:35to
6142. 59:35a
6143. 59:35specific
6144. 59:35niche
6145. 59:36and
6146. 59:36I
6147. 59:36don't
6148. 59:36know
6149. 59:37they
6150. 59:37specifically
6151. 59:37do
6152. 59:38these
6153. 59:38very
6154. 59:38niche
6155. 59:38things
6156. 59:39so
6157. 59:39if
6158. 59:39we
6159. 59:39look
6160. 59:40at
6161. 59:40centralized
6162. 59:40exchanges
6163. 59:41then
6164. 59:41they're
6165. 59:42I
6166. 59:42don't
6167. 59:42know
6168. 59:42jump
6169. 59:43trading
6170. 59:43most
6171. 59:44likely
6172. 59:45jump
6173. 59:46or
6174. 59:46perhaps
6175. 59:46Jane
6176. 59:46Street
6177. 59:47they
6178. 59:47are
6179. 59:47certainly
6180. 59:48leading
6181. 59:48the
6182. 59:48pack
6183. 59:49they
6184. 59:49are
6185. 59:49very
6186. 59:49serious
6187. 59:49competitors
6188. 59:50they
6189. 59:50are
6190. 59:51I
6191. 59:51don't
6192. 59:51know
6193. 59:51very
6194. 59:52non
6195. 59:56all
6196. 59:56serious
6197. 59:56on the
6198. 59:57major
6199. 59:57platforms
6200. 59:58if
6201. 59:58we
6202. 59:59look
6203. 59:59for
6204. 59:59example
6205. 1:00:00at
6206. 1:00:00DeFi
6207. 1:00:01then
6208. 1:00:01there
6209. 1:00:02for instance
6210. 1:00:03we
6211. 1:00:03have
6212. 1:00:04I
6213. 1:00:04don't
6214. 1:00:04know
6215. 1:00:04the
6216. 1:00:05most
6217. 1:00:05serious
6218. 1:00:06SCP
6219. 1:00:06symbolic
6220. 1:00:07which
6221. 1:00:07means
6222. 1:00:08they
6223. 1:00:08are
6224. 1:00:08very
6225. 1:00:09very
6226. 1:00:09strong
6227. 1:00:10we
6228. 1:00:11primarily
6229. 1:00:12compete
6230. 1:00:12with
6231. 1:00:12them
6232. 1:00:13the
6233. 1:00:13Staramp
6234. 1:00:13POS
6235. 1:00:14if
6236. 1:00:15we're
6237. 1:00:15looking
6238. 1:00:15at
6239. 1:00:15the
6240. 1:00:16OTC
6241. 1:00:17market
6242. 1:00:18then
6243. 1:00:18it's
6244. 1:00:18Galaxy
6245. 1:00:19B2C2
6246. 1:00:20Cumberlands
6247. 1:00:20and
6248. 1:00:20Falcon
6249. 1:00:21X
6250. 1:00:21POS
6251. 1:00:22I
6252. 1:00:23believe
6253. 1:00:23these
6254. 1:00:24four
6255. 1:00:24will be
6256. 1:00:25our
6257. 1:00:25main
6258. 1:00:25competitors
6259. 1:00:26and
6260. 1:00:27in
6261. 1:00:28market
6262. 1:00:28making
6263. 1:00:29that
6264. 1:00:29would
6265. 1:00:29be
6266. 1:00:29I
6267. 1:00:29suppose
6268. 1:00:30Flow
6269. 1:00:30Traders
6270. 1:00:30GSR
6271. 1:00:31Selini
6272. 1:00:31so
6273. 1:00:32I
6274. 1:00:32mean
6275. 1:00:32probably
6276. 1:00:33they
6277. 1:00:33all
6278. 1:00:33in a
6279. 1:00:34sense
6280. 1:00:34are
6281. 1:00:34involved
6282. 1:00:34in
6283. 1:00:35these
6284. 1:00:35particular
6285. 1:00:35niches
6286. 1:00:36and
6287. 1:00:36these
6288. 1:00:36niches
6289. 1:00:37they
6290. 1:00:37are
6291. 1:00:37actually
6292. 1:00:37quite
6293. 1:00:38significant
6294. 1:00:38but
6295. 1:00:38the
6296. 1:00:38majority
6297. 1:00:39of
6298. 1:00:39them
6299. 1:00:39don't
6300. 1:00:40handle
6301. 1:00:40everything
6302. 1:00:40like
6303. 1:00:41we
6304. 1:00:41do
6305. 1:00:41for
6306. 1:00:41example
6307. 1:00:41and
6308. 1:00:42what
6309. 1:00:43is
6310. 1:00:44the
6311. 1:00:44main
6312. 1:00:44edge
6313. 1:00:44for
6314. 1:00:44market
6315. 1:00:45makers
6316. 1:00:45overall
6317. 1:00:46I
6318. 1:00:46understand
6319. 1:00:46it's
6320. 1:00:47a
6321. 1:00:47combination
6322. 1:00:47of
6323. 1:00:47factors
6324. 1:00:48like
6325. 1:00:48speed
6326. 1:00:49or
6327. 1:00:49model
6328. 1:00:49quality
6329. 1:00:49it
6330. 1:00:50it
6331. 1:00:50depends
6332. 1:00:51depends
6333. 1:00:51depends
6334. 1:00:52on
6335. 1:00:52what
6336. 1:00:52you're
6337. 1:00:53doing
6338. 1:00:53if
6339. 1:00:53you're
6340. 1:00:54involved
6341. 1:00:54in
6342. 1:00:54DeFi
6343. 1:00:54then
6344. 1:00:55the
6345. 1:00:55real
6346. 1:00:55edge
6347. 1:00:56very
6348. 1:00:56often
6349. 1:00:56comes
6350. 1:00:57from
6351. 1:00:57understanding
6352. 1:00:58exactly
6353. 1:00:58how
6354. 1:00:58the
6355. 1:00:59blockchain
6356. 1:00:59operates
6357. 1:01:00how
6358. 1:01:00you
6359. 1:01:00access
6360. 1:01:00a
6361. 1:01:01block
6362. 1:01:01how
6363. 1:01:01you
6364. 1:01:01submit
6365. 1:01:02transactions
6366. 1:01:02most
6367. 1:01:03efficiently
6368. 1:01:03things like
6369. 1:01:05gas
6370. 1:01:05optimizations
6371. 1:01:06a
6372. 1:01:06significant
6373. 1:01:07part
6374. 1:01:07of
6375. 1:01:07it
6376. 1:01:08revolves
6377. 1:01:08around
6378. 1:01:08understanding
6379. 1:01:09how
6380. 1:01:09the
6381. 1:01:09blockchain
6382. 1:01:10functions
6383. 1:01:10if
6384. 1:01:11you're
6385. 1:01:11talking
6386. 1:01:11about
6387. 1:01:12centralized
6388. 1:01:13exchanges
6389. 1:01:13it's
6390. 1:01:14on the
6391. 1:01:14one
6392. 1:01:15hand
6393. 1:01:15latency
6394. 1:01:15and
6395. 1:01:16on the
6396. 1:01:16other
6397. 1:01:16hand
6398. 1:01:16the
6399. 1:01:17smartness
6400. 1:01:18of
6401. 1:01:18how
6402. 1:01:19smart
6403. 1:01:20your
6404. 1:01:20algorithms
6405. 1:01:20are
6406. 1:01:21how
6407. 1:01:21much
6408. 1:01:21predictive
6409. 1:01:22value
6410. 1:01:23they
6411. 1:01:23have
6412. 1:01:23I
6413. 1:01:23don't
6414. 1:01:23know
6415. 1:01:24not
6416. 1:01:24just
6417. 1:01:24right
6418. 1:01:24now
6419. 1:01:24but
6420. 1:01:25a
6421. 1:01:25minute
6422. 1:01:25or
6423. 1:01:26even
6424. 1:01:26more
6425. 1:01:26OTC
6426. 1:01:27is
6427. 1:01:28completely
6428. 1:01:29different
6429. 1:01:29I
6430. 1:01:30don't
6431. 1:01:30know
6432. 1:01:30it's
6433. 1:01:30an
6434. 1:01:31absolutely
6435. 1:01:31different
6436. 1:01:31thing
6437. 1:01:32like
6438. 1:01:32when
6439. 1:01:32you
6440. 1:01:32look
6441. 1:01:32at
6442. 1:01:36hand
6443. 1:01:36it
6444. 1:01:37can
6445. 1:01:37be
6446. 1:01:37best
6447. 1:01:37in
6448. 1:01:38pricing
6449. 1:01:38so
6450. 1:01:39we
6451. 1:01:40usually
6452. 1:01:40focus
6453. 1:01:40on
6454. 1:01:41this
6455. 1:01:41we
6456. 1:01:42try
6457. 1:01:42to
6458. 1:01:42be
6459. 1:01:42the
6460. 1:01:43best
6461. 1:01:43in
6462. 1:01:43pricing
6463. 1:01:43and
6464. 1:01:44just
6465. 1:01:44offer
6466. 1:01:45the
6467. 1:01:45best
6468. 1:01:45possible
6469. 1:01:46prices
6470. 1:01:46but
6471. 1:01:47some
6472. 1:01:47of
6473. 1:01:47our
6474. 1:01:48competitors
6475. 1:01:48they
6476. 1:01:49focus
6477. 1:01:49on
6478. 1:01:49white
6479. 1:01:49glove
6480. 1:01:50service
6481. 1:01:50they
6482. 1:01:51take
6483. 1:01:51clients
6484. 1:01:52to
6485. 1:01:52bars
6486. 1:01:52restaurants
6487. 1:01:53send
6488. 1:01:54them
6489. 1:01:54nice
6490. 1:01:54gifts
6491. 1:01:55and
6492. 1:01:55you
6493. 1:01:56know
6494. 1:01:56each
6495. 1:01:56client
6496. 1:01:56has
6497. 1:01:57like
6498. 1:01:57five
6499. 1:01:58people
6500. 1:01:58they
6501. 1:01:58can
6502. 1:01:59talk
6503. 1:01:59to
6504. 1:01:59exclusively
6505. 1:02:00and
6506. 1:02:00precisely
6507. 1:02:01so
6508. 1:02:02there
6509. 1:02:02are
6510. 1:02:03many
6511. 1:02:03different
6512. 1:02:03models
6513. 1:02:04what
6514. 1:02:05exactly
6515. 1:02:05is
6516. 1:02:06our
6517. 1:02:07comparative
6518. 1:02:07advantage
6519. 1:02:08actually
6520. 1:02:08I
6521. 1:02:09think
6522. 1:02:09on
6523. 1:02:09the
6524. 1:02:09one
6525. 1:02:09hand
6526. 1:02:10we
6527. 1:02:10try
6528. 1:02:10to
6529. 1:02:10be
6530. 1:02:10competitive
6531. 1:02:11in
6532. 1:02:11all
6533. 1:02:11these
6534. 1:02:11matters
6535. 1:02:12but
6536. 1:02:13our
6537. 1:02:13main
6538. 1:02:14comparative
6539. 1:02:15advantage
6540. 1:02:15is that
6541. 1:02:16we
6542. 1:02:16actually
6543. 1:02:17do
6544. 1:02:17everything
6545. 1:02:18so
6546. 1:02:18we
6547. 1:02:19kind
6548. 1:02:19of
6549. 1:02:19have
6550. 1:02:20this
6551. 1:02:20mantra
6552. 1:02:21within
6553. 1:02:21the
6554. 1:02:21company
6555. 1:02:22be
6556. 1:02:22in
6557. 1:02:23every
6558. 1:02:23room
6559. 1:02:23where
6560. 1:02:23it
6561. 1:02:24happens
6562. 1:02:24that
6563. 1:02:25is
6564. 1:02:25to
6565. 1:02:25be
6566. 1:02:25in
6567. 1:02:25every
6568. 1:02:26single
6569. 1:02:26room
6570. 1:02:26where
6571. 1:02:27something
6572. 1:02:27is
6573. 1:02:27happening
6574. 1:02:28and
6575. 1:02:28that's
6576. 1:02:28the
6577. 1:02:28main
6578. 1:02:29mantra
6579. 1:02:29we
6580. 1:02:29live
6581. 1:02:30by
6582. 1:02:30and
6583. 1:02:30essentially
6584. 1:02:31connect
6585. 1:02:32to
6586. 1:02:32any
6587. 1:02:32liquidity
6588. 1:02:32pool
6589. 1:02:33that
6590. 1:02:33exists
6591. 1:02:34in
6592. 1:02:34the
6593. 1:02:34world
6594. 1:02:35in
6595. 1:02:35crypto
6596. 1:02:35and
6597. 1:02:36to
6598. 1:02:37all
6599. 1:02:37counterparties
6600. 1:02:38to
6601. 1:02:38all
6602. 1:02:38decentralized
6603. 1:02:39exchanges
6604. 1:02:41to
6605. 1:02:41CME
6606. 1:02:41to
6607. 1:02:42trade
6608. 1:02:42there
6609. 1:02:42I
6610. 1:02:43guess
6611. 1:02:43and
6612. 1:02:44generally
6613. 1:02:44everywhere
6614. 1:02:45we
6615. 1:02:45can
6616. 1:02:45be
6617. 1:02:45we
6618. 1:02:45should
6619. 1:02:46be
6620. 1:02:46and
6621. 1:02:46since
6622. 1:02:46we
6623. 1:02:47are
6624. 1:02:47connected
6625. 1:02:47to
6626. 1:02:47all
6627. 1:02:47these
6628. 1:02:48liquidity
6629. 1:02:48pools
6630. 1:02:48we
6631. 1:02:49have
6632. 1:02:49thanks
6633. 1:02:50to
6634. 1:02:50this
6635. 1:02:50quite
6636. 1:02:50a
6637. 1:02:51significant
6638. 1:02:51competitive
6639. 1:02:52advantage
6640. 1:02:52as
6641. 1:02:53well
6642. 1:02:53great
6643. 1:02:54I
6644. 1:02:54was
6645. 1:02:54asking
6646. 1:02:54specifically
6647. 1:02:55about
6648. 1:02:55market
6649. 1:02:55makers
6650. 1:02:56and
6651. 1:02:56what
6652. 1:02:56percentage
6653. 1:02:57of
6654. 1:02:57the
6655. 1:02:57success
6656. 1:02:58is
6657. 1:02:58due
6658. 1:02:58to
6659. 1:02:58latency
6660. 1:02:59and
6661. 1:02:59what
6662. 1:02:59percentage
6663. 1:02:59of
6664. 1:03:00the
6665. 1:03:00success
6666. 1:03:00is
6667. 1:03:01the
6668. 1:03:01model
6669. 1:03:01itself
6670. 1:03:01oh
6671. 1:03:02this
6672. 1:03:02is
6673. 1:03:02quite
6674. 1:03:02a
6675. 1:03:02complex
6676. 1:03:03matter
6677. 1:03:03it
6678. 1:03:04really
6679. 1:03:04depends
6680. 1:03:04heavily
6681. 1:03:04on
6682. 1:03:05the
6683. 1:03:05specific
6684. 1:03:05trading
6685. 1:03:05instrument
6686. 1:03:06and
6687. 1:03:06it
6688. 1:03:06also
6689. 1:03:07depends
6690. 1:03:07on
6691. 1:03:07the
6692. 1:03:07exchange
6693. 1:03:07itself
6694. 1:03:08I
6695. 1:03:08would
6696. 1:03:08say
6697. 1:03:09in
6698. 1:03:09recent
6699. 1:03:09times
6700. 1:03:10or
6701. 1:03:10rather
6702. 1:03:10over
6703. 1:03:11the
6704. 1:03:11past
6705. 1:03:11few
6706. 1:03:11years
6707. 1:03:12I'd
6708. 1:03:12argue
6709. 1:03:12that
6710. 1:03:12the
6711. 1:03:13model
6712. 1:03:13is
6713. 1:03:13probably
6714. 1:03:13more
6715. 1:03:14crucial
6716. 1:03:14than
6717. 1:03:14latency
6718. 1:03:15especially
6719. 1:03:15in
6720. 1:03:15crypto
6721. 1:03:16because
6722. 1:03:16in
6723. 1:03:16the
6724. 1:03:16cryptocurrency
6725. 1:03:17market
6726. 1:03:17you
6727. 1:03:18still
6728. 1:03:18don't
6729. 1:03:18have
6730. 1:03:18that
6731. 1:03:19kind
6732. 1:03:19of
6733. 1:03:19absolutely
6734. 1:03:19crazy
6735. 1:03:20nanosecond
6736. 1:03:20competition
6737. 1:03:21that
6738. 1:03:21your
6739. 1:03:23exchanges
6740. 1:03:23are
6741. 1:03:23like
6742. 1:03:24not
6743. 1:03:24sufficiently
6744. 1:03:24advanced
6745. 1:03:25I don't
6746. 1:03:25know
6747. 1:03:25in terms
6748. 1:03:25of
6749. 1:03:26their
6750. 1:03:26technological
6751. 1:03:26development
6752. 1:03:27so
6753. 1:03:27you
6754. 1:03:28can
6755. 1:03:28improve
6756. 1:03:28your
6757. 1:03:28latency
6758. 1:03:29up to
6759. 1:03:29a
6760. 1:03:29certain
6761. 1:03:29point
6762. 1:03:30but
6763. 1:03:30at
6764. 1:03:30some
6765. 1:03:30point
6766. 1:03:30you
6767. 1:03:31simply
6768. 1:03:31need
6769. 1:03:31to
6770. 1:03:31be
6771. 1:03:31smart
6772. 1:03:32so
6773. 1:03:33intuitively
6774. 1:03:34I'd
6775. 1:03:35say
6776. 1:03:35that
6777. 1:03:35yes
6778. 1:03:36smartness
6779. 1:03:37prevails
6780. 1:03:37in this
6781. 1:03:38aspect
6782. 1:03:38but
6783. 1:03:39on
6784. 1:03:39the
6785. 1:03:39other
6786. 1:03:40hand
6787. 1:03:40there
6788. 1:03:40are
6789. 1:03:40competitors
6790. 1:03:41I don't
6791. 1:03:42know
6792. 1:03:42like
6793. 1:03:42jump
6794. 1:03:42for
6795. 1:03:43instance
6796. 1:03:43and
6797. 1:03:43they
6798. 1:03:44make
6799. 1:03:44a
6800. 1:03:44lot
6801. 1:03:44precisely
6802. 1:03:45because
6803. 1:03:46their
6804. 1:03:46latency
6805. 1:03:50you
6806. 1:03:51could
6807. 1:03:51actually
6808. 1:03:51you
6809. 1:03:53might
6810. 1:03:53have
6811. 1:03:53one
6812. 1:03:54niche
6813. 1:03:54where
6814. 1:03:54you
6815. 1:03:54have
6816. 1:03:54the
6817. 1:03:54very
6818. 1:03:54best
6819. 1:03:55latency
6820. 1:03:55and
6821. 1:03:56then
6822. 1:03:56another
6823. 1:03:56niche
6824. 1:03:57where
6825. 1:03:57you
6826. 1:03:57offer
6827. 1:03:57some
6828. 1:03:57truly
6829. 1:03:58unique
6830. 1:03:58pricing
6831. 1:03:58and
6832. 1:03:59you
6833. 1:03:59can
6834. 1:03:59absolutely
6835. 1:03:59coexist
6836. 1:04:00quite
6837. 1:04:00normally
6838. 1:04:01and
6839. 1:04:01share
6840. 1:04:01this
6841. 1:04:01pie
6842. 1:04:02all
6843. 1:04:02together
6844. 1:04:02and
6845. 1:04:03is
6846. 1:04:03it
6847. 1:04:03possible
6848. 1:04:04for
6849. 1:04:04example
6850. 1:04:04right
6851. 1:04:04now
6852. 1:04:05in
6853. 1:04:05this
6854. 1:04:05age
6855. 1:04:06of
6856. 1:04:06AI
6857. 1:04:06for
6858. 1:04:07a
6859. 1:04:07person
6860. 1:04:07who
6861. 1:04:07wants
6862. 1:04:07to
6863. 1:04:08program
6864. 1:04:08let's
6865. 1:04:09say
6866. 1:04:09a
6867. 1:04:09market
6868. 1:04:09maker
6869. 1:04:10to
6870. 1:04:10develop
6871. 1:04:10it
6872. 1:04:10with
6873. 1:04:11AI
6874. 1:04:11and
6875. 1:04:11trade
6876. 1:04:11on
6877. 1:04:11various
6878. 1:04:12markets
6879. 1:04:12including
6880. 1:04:13in
6881. 1:04:13crypto
6882. 1:04:13I
6883. 1:04:14would
6884. 1:04:14say
6885. 1:04:14it's
6886. 1:04:14possible
6887. 1:04:15but
6888. 1:04:15I'm
6889. 1:04:16not
6890. 1:04:16really
6891. 1:04:16sure
6892. 1:04:16perhaps
6893. 1:04:17in
6894. 1:04:17some
6895. 1:04:18extremely
6896. 1:04:18niche
6897. 1:04:18fields
6898. 1:04:19like
6899. 1:04:19if
6900. 1:04:19you
6901. 1:04:19I
6902. 1:04:20don't
6903. 1:04:20know
6904. 1:04:20where
6905. 1:04:20to
6906. 1:04:20go
6907. 1:04:20with
6908. 1:04:21some
6909. 1:04:21AI
6910. 1:04:21later
6911. 1:04:21on
6912. 1:04:22and
6913. 1:04:22I
6914. 1:04:22don't
6915. 1:04:23know
6916. 1:04:23try
6917. 1:04:23to
6918. 1:04:23arbitrage
6919. 1:04:24I
6920. 1:04:25think
6921. 1:04:25for
6922. 1:04:26the
6923. 1:04:26most
6924. 1:04:26part
6925. 1:04:26you
6926. 1:04:26won't
6927. 1:04:27be
6928. 1:04:27able
6929. 1:04:27to
6930. 1:04:27do
6931. 1:04:27anything
6932. 1:04:28because
6933. 1:04:28not
6934. 1:04:29very
6935. 1:04:29competitive
6936. 1:04:30if
6937. 1:04:30you
6938. 1:04:31find
6939. 1:04:31a
6940. 1:04:31decks
6941. 1:04:31where
6942. 1:04:32I
6943. 1:04:32don't
6944. 1:04:32know
6945. 1:04:32there's
6946. 1:04:33almost
6947. 1:04:33no
6948. 1:04:33one
6949. 1:04:34and
6950. 1:04:34maybe
6951. 1:04:34it
6952. 1:04:34has
6953. 1:04:35some
6954. 1:04:35small
6955. 1:04:35volumes
6956. 1:04:36or
6957. 1:04:36something
6958. 1:04:36that's
6959. 1:04:36quite
6960. 1:04:37possible
6961. 1:04:37but
6962. 1:04:37to
6963. 1:04:38compete
6964. 1:04:38yourself
6965. 1:04:39I
6966. 1:04:39don't
6967. 1:04:39know
6968. 1:04:39with
6969. 1:04:40big
6970. 1:04:40I
6971. 1:04:40don't
6972. 1:04:40know
6973. 1:04:41major
6974. 1:04:41players
6975. 1:04:41is
6976. 1:04:42quite
6977. 1:04:42difficult
6978. 1:04:42I
6979. 1:04:43don't
6980. 1:04:43know
6981. 1:04:43in
6982. 1:04:43major
6983. 1:04:44tokens
6984. 1:04:44right
6985. 1:04:44now
6986. 1:04:45as
6987. 1:04:45it
6988. 1:04:46is
6989. 1:04:46and
6990. 1:04:46especially
6991. 1:04:46now
6992. 1:04:47when
6993. 1:04:47volumes
6994. 1:04:48are
6995. 1:04:48very
6996. 1:04:48small
6997. 1:04:48when
6998. 1:04:49you
6999. 1:04:49have
7000. 1:04:49large
7001. 1:04:49volumes
7002. 1:04:50when
7003. 1:04:50your
7004. 1:04:50market
7005. 1:04:51is
7006. 1:04:51very
7007. 1:04:51active
7008. 1:04:52when
7009. 1:04:52your
7010. 1:04:52market
7011. 1:04:52is
7012. 1:04:53busy
7013. 1:04:53when
7014. 1:04:53you
7015. 1:04:54have
7016. 1:04:54I
7017. 1:04:55don't
7018. 1:04:55know
7019. 1:04:55many
7020. 1:04:55opportunities
7021. 1:04:56it
7022. 1:04:56very
7023. 1:04:57often
7024. 1:04:57happens
7025. 1:04:57that
7026. 1:04:58even
7027. 1:04:58the
7028. 1:04:58biggest
7029. 1:04:59players
7030. 1:04:59can't
7031. 1:05:00take
7032. 1:05:00all
7033. 1:05:00the
7034. 1:05:00opportunities
7035. 1:05:01for
7036. 1:05:01themselves
7037. 1:05:02so
7038. 1:05:03there
7039. 1:05:03might
7040. 1:05:04be
7041. 1:05:04something
7042. 1:05:04left
7043. 1:05:04for
7044. 1:05:04you
7045. 1:05:05but
7046. 1:05:05I
7047. 1:05:05don't
7048. 1:05:05know
7049. 1:05:05on
7050. 1:05:05regular
7051. 1:05:06days
7052. 1:05:06or
7053. 1:05:07especially
7054. 1:05:07during
7055. 1:05:07Baymark
7056. 1:05:08you
7057. 1:05:08practically
7058. 1:05:08have
7059. 1:05:08no
7060. 1:05:08chance
7061. 1:05:09of
7062. 1:05:09that
7063. 1:05:09I
7064. 1:05:09think
7065. 1:05:09right
7066. 1:05:09now
7067. 1:05:10frankly
7068. 1:05:10I
7069. 1:05:11don't
7070. 1:05:11know
7071. 1:05:11I'm
7072. 1:05:11quite
7073. 1:05:12skeptical
7074. 1:05:12that
7075. 1:05:13you'll
7076. 1:05:13be
7077. 1:05:13able
7078. 1:05:13to
7079. 1:05:13do
7080. 1:05:14anything
7081. 1:05:14with
7082. 1:05:14AI
7083. 1:05:15that
7084. 1:05:15anything
7085. 1:05:15significant
7086. 1:05:16can
7087. 1:05:16be
7088. 1:05:17achieved
7089. 1:05:17with
7090. 1:05:18AI
7091. 1:05:18right
7092. 1:05:19now
7093. 1:05:26thing
7094. 1:05:26truly
7095. 1:05:26brilliant
7096. 1:05:27because
7097. 1:05:28I'm
7098. 1:05:28very
7099. 1:05:29very
7100. 1:05:29skeptical
7101. 1:05:29about
7102. 1:05:30it
7103. 1:05:30all
7104. 1:05:31right
7105. 1:05:31this
7106. 1:05:31is
7107. 1:05:31interesting
7108. 1:05:32that
7109. 1:05:32do
7110. 1:05:33you
7111. 1:05:33generally
7112. 1:05:34view
7113. 1:05:34AI
7114. 1:05:35skeptically
7115. 1:05:36in this
7116. 1:05:36regard
7117. 1:05:37or
7118. 1:05:37are
7119. 1:05:37you
7120. 1:05:37an
7121. 1:05:37AI
7122. 1:05:38optimist
7123. 1:05:38and
7124. 1:05:39do
7125. 1:05:39you
7126. 1:05:39believe
7127. 1:05:39that
7128. 1:05:40regarding
7129. 1:05:40AI
7130. 1:05:41it
7131. 1:05:41will
7132. 1:05:41eventually
7133. 1:05:41become
7134. 1:05:42so
7135. 1:05:42competitive
7136. 1:05:42that
7137. 1:05:43it
7138. 1:05:43will
7139. 1:05:43be
7140. 1:05:43able
7141. 1:05:44to
7142. 1:05:44do
7143. 1:05:44something
7144. 1:05:44about
7145. 1:05:45it
7146. 1:05:45I
7147. 1:05:45think
7148. 1:05:46right
7149. 1:05:46now
7150. 1:05:47I
7151. 1:05:47am
7152. 1:05:47a
7153. 1:05:47very
7154. 1:05:47I
7155. 1:05:48don't
7156. 1:05:48know
7157. 1:05:48an
7158. 1:05:49incredibly
7159. 1:05:49effective
7160. 1:05:49productivity
7161. 1:05:50tool
7162. 1:05:50to
7163. 1:05:51be
7164. 1:05:51honest
7165. 1:05:51my
7166. 1:05:51perspective
7167. 1:05:52hasn't
7168. 1:05:52fundamentally
7169. 1:05:53shifted
7170. 1:05:53rather
7171. 1:05:53the tool
7172. 1:05:54itself
7173. 1:05:54has just
7174. 1:05:55gotten
7175. 1:05:55better
7176. 1:05:55I
7177. 1:05:56mean
7178. 1:05:56even
7179. 1:05:56two
7180. 1:05:56years
7181. 1:05:56ago
7182. 1:05:57I
7183. 1:05:57already
7184. 1:05:57thought
7185. 1:05:58that
7186. 1:05:58it
7187. 1:05:58was
7188. 1:05:58like
7189. 1:05:58I
7190. 1:05:59don't
7191. 1:05:59know
7192. 1:05:59a
7193. 1:05:59glorified
7194. 1:06:00Google
7195. 1:06:00or
7196. 1:06:01Reddit
7197. 1:06:01or
7198. 1:06:01Stack
7199. 1:06:02Overflow
7200. 1:06:02search
7201. 1:06:03essentially
7202. 1:06:03it's
7203. 1:06:04still
7204. 1:06:04the
7205. 1:06:05same
7206. 1:06:05it's
7207. 1:06:05just
7208. 1:06:05become
7209. 1:06:06so
7210. 1:06:06good
7211. 1:06:06that
7212. 1:06:07it
7213. 1:06:07simply
7214. 1:06:07saves
7215. 1:06:08you
7216. 1:06:08a
7217. 1:06:08tremendous
7218. 1:06:08amount
7219. 1:06:09of
7220. 1:06:09time
7221. 1:06:09I
7222. 1:06:09mean
7223. 1:06:10as
7224. 1:06:10a
7225. 1:06:10productivity
7226. 1:06:10tool
7227. 1:06:11it's
7228. 1:06:11absolutely
7229. 1:06:12fantastic
7230. 1:06:12like
7231. 1:06:13for
7232. 1:06:13searching
7233. 1:06:13and
7234. 1:06:14I
7235. 1:06:14don't
7236. 1:06:15know
7237. 1:06:15I
7238. 1:06:15don't
7239. 1:06:16know
7240. 1:06:17believer
7241. 1:06:17that
7242. 1:06:17people
7243. 1:06:18should
7244. 1:06:18really
7245. 1:06:18be
7246. 1:06:19using
7247. 1:06:19AI
7248. 1:06:19a
7249. 1:06:20lot
7250. 1:06:20you
7251. 1:06:20know
7252. 1:06:20with
7253. 1:06:21all
7254. 1:06:21sorts
7255. 1:06:21of
7256. 1:06:21its
7257. 1:06:21potential
7258. 1:06:22flaws
7259. 1:06:22and
7260. 1:06:23failures
7261. 1:06:23so
7262. 1:06:24not
7263. 1:06:24to
7264. 1:06:25completely
7265. 1:06:25replace
7266. 1:06:25doctors
7267. 1:06:26but
7268. 1:06:26you
7269. 1:06:26know
7270. 1:06:26for
7271. 1:06:27example
7272. 1:06:27if
7273. 1:06:27you're
7274. 1:06:27experiencing
7275. 1:06:28certain
7276. 1:06:28symptoms
7277. 1:06:28you can
7278. 1:06:29check
7279. 1:06:29them
7280. 1:06:29with
7281. 1:06:29an
7282. 1:06:29AI
7283. 1:06:30and
7284. 1:06:30then
7285. 1:06:30you
7286. 1:06:30go
7287. 1:06:30to
7288. 1:06:31a
7289. 1:06:31doctor
7290. 1:06:31and
7291. 1:06:31you
7292. 1:06:31can
7293. 1:06:31challenge
7294. 1:06:32them
7295. 1:06:32if
7296. 1:06:32they're
7297. 1:06:32telling
7298. 1:06:33you
7299. 1:06:33something
7300. 1:06:33that
7301. 1:06:33sounds
7302. 1:06:34like
7303. 1:06:34nonsense
7304. 1:06:34or
7305. 1:06:34bullshit
7306. 1:06:35I
7307. 1:06:35mean
7308. 1:06:35I've
7309. 1:06:35personally
7310. 1:06:36had
7311. 1:06:36many
7312. 1:06:36situations
7313. 1:06:37already
7314. 1:06:37where
7315. 1:06:38the
7316. 1:06:38AI
7317. 1:06:38provided
7318. 1:06:38me
7319. 1:06:39with
7320. 1:06:39a
7321. 1:06:39much
7322. 1:06:39more
7323. 1:06:39comprehensive
7324. 1:06:40picture
7325. 1:06:40of
7326. 1:06:41what
7327. 1:06:41you
7328. 1:06:41know
7329. 1:06:41I
7330. 1:06:41might
7331. 1:06:42or
7332. 1:06:42might
7333. 1:06:42not
7334. 1:06:42have
7335. 1:06:42been
7336. 1:06:42experiencing
7337. 1:06:43in
7338. 1:06:44the
7339. 1:06:44doctor
7340. 1:06:44I
7341. 1:06:44don't
7342. 1:06:45know
7343. 1:06:45a
7344. 1:06:45doctor
7345. 1:06:45is
7346. 1:06:45just
7347. 1:06:45feeding
7348. 1:06:46you
7349. 1:06:46some
7350. 1:06:46bullshit
7351. 1:06:46and
7352. 1:06:47you
7353. 1:06:47tell
7354. 1:06:47him
7355. 1:06:47what
7356. 1:06:47about
7357. 1:06:48this
7358. 1:06:49what
7359. 1:06:49about
7360. 1:06:49that
7361. 1:06:49let's
7362. 1:06:50try
7363. 1:06:50to
7364. 1:06:50test
7365. 1:06:50this
7366. 1:06:50then
7367. 1:06:50they
7368. 1:06:51test
7369. 1:06:51it
7370. 1:06:51and
7371. 1:06:51it
7372. 1:06:51turns
7373. 1:06:51out
7374. 1:06:52that
7375. 1:06:52you
7376. 1:06:52were
7377. 1:06:52right
7378. 1:06:52and
7379. 1:06:52I
7380. 1:07:05much
7381. 1:07:05lately
7382. 1:07:06I
7383. 1:07:06love
7384. 1:07:07to
7385. 1:07:07get
7386. 1:07:07back
7387. 1:07:07to
7388. 1:07:07it
7389. 1:07:08but
7390. 1:07:08I
7391. 1:07:09simply
7392. 1:07:09don't
7393. 1:07:10have
7394. 1:07:10the
7395. 1:07:10time
7396. 1:07:10well
7397. 1:07:11from
7398. 1:07:11what
7399. 1:07:11I
7400. 1:07:11hear
7401. 1:07:12if
7402. 1:07:12it's
7403. 1:07:12not
7404. 1:07:12that
7405. 1:07:13hardcore
7406. 1:07:13if
7407. 1:07:14it's
7408. 1:07:14I
7409. 1:07:14don't
7410. 1:07:14know
7411. 1:07:14not
7412. 1:07:15super
7413. 1:07:15low
7414. 1:07:16latency
7415. 1:07:16optimizing
7416. 1:07:17but
7417. 1:07:18if
7418. 1:07:18you
7419. 1:07:18want
7420. 1:07:19something
7421. 1:07:19I
7422. 1:07:20don't
7423. 1:07:20know
7424. 1:07:20if
7425. 1:07:20you
7426. 1:07:20need
7427. 1:07:20to
7428. 1:07:21let's
7429. 1:07:21say
7430. 1:07:22build
7431. 1:07:22some
7432. 1:07:23kind
7433. 1:07:23of
7434. 1:07:23user
7435. 1:07:23interface
7436. 1:07:24from
7437. 1:07:24scratch
7438. 1:07:25for
7439. 1:07:25example
7440. 1:07:26one
7441. 1:07:26that
7442. 1:07:26you
7443. 1:07:26can
7444. 1:07:26discard
7445. 1:07:27after
7446. 1:07:28a
7447. 1:07:28month
7448. 1:07:28or
7449. 1:07:28so
7450. 1:07:28this
7451. 1:07:29works
7452. 1:07:35best
7453. 1:07:35in
7454. 1:07:36class
7455. 1:07:36code
7456. 1:07:36but
7457. 1:07:37for
7458. 1:07:37experiments
7459. 1:07:37or
7460. 1:07:38some
7461. 1:07:38kind
7462. 1:07:38of
7463. 1:07:39throwaway
7464. 1:07:39projects
7465. 1:07:40it
7466. 1:07:40definitely
7467. 1:07:40saves
7468. 1:07:41a lot
7469. 1:07:41of
7470. 1:07:41time
7471. 1:07:42what
7472. 1:07:42will
7473. 1:07:42the
7474. 1:07:42future
7475. 1:07:43hold
7476. 1:07:43I
7477. 1:07:44don't
7478. 1:07:44know
7479. 1:07:44if
7480. 1:07:45AI
7481. 1:07:45can
7482. 1:07:45come
7483. 1:07:45up
7484. 1:07:46with
7485. 1:07:46some
7486. 1:07:46I
7487. 1:07:47don't
7488. 1:07:47know
7489. 1:07:47trading
7490. 1:07:48strategies
7491. 1:07:48or
7492. 1:07:49theoretically
7493. 1:07:49AI
7494. 1:07:50might
7495. 1:07:50eventually
7496. 1:07:51reach
7497. 1:07:51a
7498. 1:07:51point
7499. 1:07:52where
7500. 1:07:52it
7501. 1:07:52simply
7502. 1:07:53replaces
7503. 1:07:53a
7504. 1:07:54significant
7505. 1:07:54portion
7506. 1:07:55of
7507. 1:07:55human
7508. 1:07:55decision
7509. 1:07:55making
7510. 1:07:56but
7511. 1:07:56I
7512. 1:07:57think
7513. 1:07:57when
7514. 1:07:58we
7515. 1:07:59get
7516. 1:07:59to
7517. 1:07:59that
7518. 1:07:59point
7519. 1:07:59I
7520. 1:08:00think
7521. 1:08:00we'll
7522. 1:08:00be
7523. 1:08:00living
7524. 1:08:00in
7525. 1:08:01a
7526. 1:08:01very
7527. 1:08:01different
7528. 1:08:01future
7529. 1:08:02fundamentally
7530. 1:08:03I
7531. 1:08:03think
7532. 1:08:04that
7533. 1:08:04won't
7534. 1:08:04be
7535. 1:08:04the
7536. 1:08:05biggest
7537. 1:08:05part
7538. 1:08:05of
7539. 1:08:06my
7540. 1:08:06I
7541. 1:08:07don't
7542. 1:08:07know
7543. 1:08:07concerns
7544. 1:08:08that
7545. 1:08:08AI
7546. 1:08:08will
7547. 1:08:08replace
7548. 1:08:09me
7549. 1:08:09by
7550. 1:08:10the
7551. 1:08:10way
7552. 1:08:10I'd
7553. 1:08:10like
7554. 1:08:10to
7555. 1:08:10just
7556. 1:08:11add
7557. 1:08:11a
7558. 1:08:11little
7559. 1:08:11bit
7560. 1:08:12of
7561. 1:08:12my
7562. 1:08:12own
7563. 1:08:12perspective
7564. 1:08:13here
7565. 1:08:13that
7566. 1:08:14I
7567. 1:08:14and
7568. 1:08:15Bobby
7569. 1:08:15are
7570. 1:08:15both
7571. 1:08:15former
7572. 1:08:16poker
7573. 1:08:16players
7574. 1:08:16and
7575. 1:08:16at
7576. 1:08:17one
7577. 1:08:17point
7578. 1:08:17we
7579. 1:08:17encountered
7580. 1:08:18a
7581. 1:08:18very
7582. 1:08:18similar
7583. 1:08:18situation
7584. 1:08:19where
7585. 1:08:19poker
7586. 1:08:19simply
7587. 1:08:20couldn't
7588. 1:08:20be
7589. 1:08:20mastered
7590. 1:08:21or
7591. 1:08:21won
7592. 1:08:21by
7593. 1:08:21any
7594. 1:08:21machine
7595. 1:08:22there
7596. 1:08:22were
7597. 1:08:23these
7598. 1:08:23ongoing
7599. 1:08:23competitions
7600. 1:08:24between
7601. 1:08:24AI
7602. 1:08:24and
7603. 1:08:25human
7604. 1:08:25players
7605. 1:08:25and
7606. 1:08:25the
7607. 1:08:26humans
7608. 1:08:26consistently
7609. 1:08:26came
7610. 1:08:27out
7611. 1:08:27on
7612. 1:08:27top
7613. 1:08:27however
7614. 1:08:28eventually
7615. 1:08:29and
7616. 1:08:29quite
7617. 1:08:29predictably
7618. 1:08:30the AI
7619. 1:08:30did
7620. 1:08:31manage
7621. 1:08:31to
7622. 1:08:31win
7623. 1:08:31and
7624. 1:08:32here
7625. 1:08:32I
7626. 1:08:32suppose
7627. 1:08:33we're
7628. 1:08:33seeing
7629. 1:08:33a
7630. 1:08:33similar
7631. 1:08:33pattern
7632. 1:08:34I
7633. 1:08:34imagine
7634. 1:08:34you're
7635. 1:08:35probably
7636. 1:08:35smiling
7637. 1:08:35now
7638. 1:08:36observing
7639. 1:08:36these
7640. 1:08:36AI
7641. 1:08:37trading
7642. 1:08:37competitions
7643. 1:08:37unfold
7644. 1:08:38well
7645. 1:08:39yeah
7646. 1:08:40I'm not
7647. 1:08:41really deep
7648. 1:08:42in the
7649. 1:08:42subject
7650. 1:08:42and I
7651. 1:08:42don't
7652. 1:08:43understand
7653. 1:08:43how
7654. 1:08:43much
7655. 1:08:43of a
7656. 1:08:43thing
7657. 1:08:44it
7658. 1:08:44is
7659. 1:08:44whether
7660. 1:08:45it
7661. 1:08:45can
7662. 1:08:45be
7663. 1:08:45overcome
7664. 1:08:45or
7665. 1:08:46if
7666. 1:08:46it's
7667. 1:08:46quite
7668. 1:08:47insurmountable
7669. 1:08:47making
7670. 1:08:48it
7671. 1:08:48hard
7672. 1:08:48for
7673. 1:08:49AI
7674. 1:08:49to
7675. 1:08:49do
7676. 1:08:49something
7677. 1:08:49train
7678. 1:08:50itself
7679. 1:08:50or
7680. 1:08:51something
7681. 1:08:51else
7682. 1:08:51because
7683. 1:08:53I
7684. 1:08:53understand
7685. 1:08:53that
7686. 1:08:54the
7687. 1:08:54information
7688. 1:08:55cluster
7689. 1:08:55is
7690. 1:08:56much
7691. 1:08:56larger
7692. 1:08:56than
7693. 1:08:57some
7694. 1:08:57ingress
7695. 1:08:58quite
7696. 1:08:58rule
7697. 1:08:58limited
7698. 1:08:59so
7699. 1:09:00I'd
7700. 1:09:00like
7701. 1:09:00to
7702. 1:09:01hear
7703. 1:09:01your
7704. 1:09:01opinion
7705. 1:09:01on
7706. 1:09:01whether
7707. 1:09:02this
7708. 1:09:02situation
7709. 1:09:03is
7710. 1:09:03similar
7711. 1:09:03or
7712. 1:09:03quite
7713. 1:09:04different
7714. 1:09:04no
7715. 1:09:05but
7716. 1:09:06you
7717. 1:09:06said
7718. 1:09:06it
7719. 1:09:06yourself
7720. 1:09:06so
7721. 1:09:07the
7722. 1:09:07amount
7723. 1:09:07of
7724. 1:09:07information
7725. 1:09:08on
7726. 1:09:08the
7727. 1:09:08one
7728. 1:09:08hand
7729. 1:09:08is
7730. 1:09:09greater
7731. 1:09:09but
7732. 1:09:09on
7733. 1:09:09the
7734. 1:09:09other
7735. 1:09:10hand
7736. 1:09:10it
7737. 1:09:10also
7738. 1:09:16like
7739. 1:09:16I
7740. 1:09:17don't
7741. 1:09:17know
7742. 1:09:17insiders
7743. 1:09:18non
7744. 1:09:18insiders
7745. 1:09:18you
7746. 1:09:19didn't
7747. 1:09:19have
7748. 1:09:19microstrategy
7749. 1:09:20and
7750. 1:09:20then
7751. 1:09:21all
7752. 1:09:21of
7753. 1:09:21a
7754. 1:09:21sudden
7755. 1:09:22you
7756. 1:09:22had
7757. 1:09:22microstrategy
7758. 1:09:23so
7759. 1:09:23now
7760. 1:09:23you
7761. 1:09:23need
7762. 1:09:23to
7763. 1:09:24take
7764. 1:09:24that
7765. 1:09:24into
7766. 1:09:24account
7767. 1:09:25or
7768. 1:09:26I
7769. 1:09:27don't
7770. 1:09:27know
7771. 1:09:27CME
7772. 1:09:27listed
7773. 1:09:28options
7774. 1:09:28and
7775. 1:09:28they
7776. 1:09:29started
7777. 1:09:29trading
7778. 1:09:29them
7779. 1:09:30now
7780. 1:09:30you
7781. 1:09:30need
7782. 1:09:30to
7783. 1:09:30look
7784. 1:09:30at
7785. 1:09:31that
7786. 1:09:31and
7787. 1:09:31for
7788. 1:09:31example
7789. 1:09:32if
7790. 1:09:32Nasdaq
7791. 1:09:33I
7792. 1:09:33don't
7793. 1:09:33know
7794. 1:09:33didn't
7795. 1:09:34influence
7796. 1:09:34Bitcoin
7797. 1:09:35in a
7798. 1:09:35certain
7799. 1:09:35way
7800. 1:09:36before
7801. 1:09:36but
7802. 1:09:36now
7803. 1:09:37it
7804. 1:09:37influences
7805. 1:09:37it
7806. 1:09:38differently
7807. 1:09:46so
7808. 1:09:47these
7809. 1:09:48these
7810. 1:09:48mods
7811. 1:09:49market
7812. 1:09:50mods
7813. 1:09:50that
7814. 1:09:51they're
7815. 1:09:51constantly
7816. 1:09:52changing
7817. 1:09:52I mean
7818. 1:09:53it's
7819. 1:09:53like
7820. 1:09:53poker
7821. 1:09:54where
7822. 1:09:54the number
7823. 1:09:55of cards
7824. 1:09:55you have
7825. 1:09:55is the
7826. 1:09:56same
7827. 1:09:56I don't
7828. 1:09:57know
7829. 1:09:57the
7830. 1:09:57combinations
7831. 1:09:57are the
7832. 1:09:58same
7833. 1:09:58so
7834. 1:09:59like
7835. 1:10:00nothing
7836. 1:10:00new
7837. 1:10:01really
7838. 1:10:01happens
7839. 1:10:01there
7840. 1:10:02okay
7841. 1:10:02okay
7842. 1:10:03maybe
7843. 1:10:03some
7844. 1:10:03person
7845. 1:10:04comes
7846. 1:10:04along
7847. 1:10:04I
7848. 1:10:05don't
7849. 1:10:05know
7850. 1:10:05who
7851. 1:10:05bluffs
7852. 1:10:06in
7853. 1:10:06some
7854. 1:10:06very
7855. 1:10:06particular
7856. 1:10:07way
7857. 1:10:07but
7858. 1:10:07I
7859. 1:10:07think
7860. 1:10:08it's
7861. 1:10:08still
7862. 1:10:08all
7863. 1:10:08relatively
7864. 1:10:09predictable
7865. 1:10:09you
7866. 1:10:10know
7867. 1:10:10it's
7868. 1:10:10like
7869. 1:10:11I
7870. 1:10:11don't
7871. 1:10:11know
7872. 1:10:11your
7873. 1:10:11universe
7874. 1:10:12is
7875. 1:10:12very
7876. 1:10:16trading
7877. 1:10:17it's
7878. 1:10:17constantly
7879. 1:10:18constantly
7880. 1:10:18I
7881. 1:10:19don't
7882. 1:10:19know
7883. 1:10:19evolving
7884. 1:10:20into
7885. 1:10:20something
7886. 1:10:20new
7887. 1:10:21I'm
7888. 1:10:21interested
7889. 1:10:22in
7890. 1:10:22asking
7891. 1:10:22a
7892. 1:10:22question
7893. 1:10:23here
7894. 1:10:23what's
7895. 1:10:23your
7896. 1:10:24approximate
7897. 1:10:24what's
7898. 1:10:25the
7899. 1:10:25general
7900. 1:10:25level
7901. 1:10:26of
7902. 1:10:26your
7903. 1:10:26hardware
7904. 1:10:26expenses
7905. 1:10:27because
7906. 1:10:28it's
7907. 1:10:29constantly
7908. 1:10:30expanding
7909. 1:10:30this
7910. 1:10:30universe
7911. 1:10:31that
7912. 1:10:31requires
7913. 1:10:31our
7914. 1:10:31thought
7915. 1:10:32observation
7916. 1:10:32and
7917. 1:10:32monitoring
7918. 1:10:33so
7919. 1:10:33can
7920. 1:10:34you
7921. 1:10:34at
7922. 1:10:34least
7923. 1:10:34tell
7924. 1:10:34me
7925. 1:10:34the
7926. 1:10:34approximate
7927. 1:10:35scale
7928. 1:10:35of
7929. 1:10:35cost
7930. 1:10:36that
7931. 1:10:36large
7932. 1:10:36market
7933. 1:10:36makers
7934. 1:10:37face
7935. 1:10:37for
7936. 1:10:37this
7937. 1:10:37particular
7938. 1:10:38area
7939. 1:10:38the
7940. 1:10:39crypto
7941. 1:10:39setup
7942. 1:10:40isn't
7943. 1:10:40very
7944. 1:10:40large
7945. 1:10:41because
7946. 1:10:41your
7947. 1:10:42hardware
7948. 1:10:42essentially
7949. 1:10:43isn't
7950. 1:10:43even
7951. 1:10:44physical
7952. 1:10:44hardware
7953. 1:10:44but
7954. 1:10:45AWS
7955. 1:10:45so
7956. 1:10:46you
7957. 1:10:46still
7958. 1:10:46host
7959. 1:10:47most
7960. 1:10:47of
7961. 1:10:47it
7962. 1:10:47on
7963. 1:10:47AWS
7964. 1:10:48because
7965. 1:10:48you
7966. 1:10:48must
7967. 1:10:49host
7968. 1:10:49what
7969. 1:10:49needs
7970. 1:10:50to be
7971. 1:10:50hosted
7972. 1:10:50in the
7973. 1:10:51same
7974. 1:10:51location
7975. 1:10:51as
7976. 1:10:51the
7977. 1:10:52exchange
7978. 1:10:52so
7979. 1:10:53you're
7980. 1:10:53actually
7981. 1:10:53not
7982. 1:10:53spending
7983. 1:10:54on
7984. 1:10:54hardware
7985. 1:10:54you're
7986. 1:10:55spending
7987. 1:10:55on
7988. 1:10:55AWS
7989. 1:10:56servers
7990. 1:10:56the
7991. 1:10:57scale
7992. 1:10:57is
7993. 1:10:58large
7994. 1:10:58but
7995. 1:10:58manageable
7996. 1:11:00I
7997. 1:11:01can't
7998. 1:11:01even
7999. 1:11:01I
8000. 1:11:02can't
8001. 1:11:02say
8002. 1:11:02but
8003. 1:11:02I
8004. 1:11:03think
8005. 1:11:03our
8006. 1:11:03biggest
8007. 1:11:04expenses
8008. 1:11:05are
8009. 1:11:05definitely
8010. 1:11:06on
8011. 1:11:06people
8012. 1:11:07that
8013. 1:11:07is
8014. 1:11:08salaries
8015. 1:11:09and
8016. 1:11:10bonuses
8017. 1:11:10they
8018. 1:11:12both
8019. 1:11:12AWS
8020. 1:11:13and
8021. 1:11:13hardware
8022. 1:11:13and
8023. 1:11:14all
8024. 1:11:14these
8025. 1:11:15latencies
8026. 1:11:15we
8027. 1:11:16currently
8028. 1:11:16have
8029. 1:11:16but
8030. 1:11:17if
8031. 1:11:18you're
8032. 1:11:18going
8033. 1:11:18into
8034. 1:11:19TradFi
8035. 1:11:19for
8036. 1:11:19example
8037. 1:11:20then
8038. 1:11:20latency
8039. 1:11:21and
8040. 1:11:21hardware
8041. 1:11:21are
8042. 1:11:22actually
8043. 1:11:22very
8044. 1:11:23serious
8045. 1:11:23expenses
8046. 1:11:24they
8047. 1:11:24can
8048. 1:11:24easily
8049. 1:11:25run
8050. 1:11:26into
8051. 1:11:26tens
8052. 1:11:26or even
8053. 1:11:27hundreds
8054. 1:11:27of
8055. 1:11:27millions
8056. 1:11:28a year
8057. 1:11:28in crypto
8058. 1:11:29that's
8059. 1:11:29not
8060. 1:11:29the
8061. 1:11:29case
8062. 1:11:30yet
8063. 1:11:30so
8064. 1:11:30there
8065. 1:11:31aren't
8066. 1:11:31even
8067. 1:11:3110
8068. 1:11:31million
8069. 1:11:31in
8070. 1:11:32hardware
8071. 1:11:32expenses
8072. 1:11:32now
8073. 1:11:33listen
8074. 1:11:33I
8075. 1:11:33can't
8076. 1:11:34tell
8077. 1:11:34you
8078. 1:11:34right
8079. 1:11:34now
8080. 1:11:34off
8081. 1:11:34the
8082. 1:11:34top
8083. 1:11:35of
8084. 1:11:35my
8085. 1:11:35head
8086. 1:11:35how
8087. 1:11:35much
8088. 1:11:35we
8089. 1:11:42enough
8090. 1:11:42there
8091. 1:11:42isn't
8092. 1:11:42much
8093. 1:11:43time
8094. 1:11:43left
8095. 1:11:43so
8096. 1:11:43I
8097. 1:11:44wanted
8098. 1:11:44to
8099. 1:11:44ask
8100. 1:11:45about
8101. 1:11:45the
8102. 1:11:45overall
8103. 1:11:45current
8104. 1:11:46situation
8105. 1:11:46in
8106. 1:11:46the
8107. 1:11:47world
8108. 1:11:47of
8109. 1:11:47crypto
8110. 1:11:47how
8111. 1:11:48does
8112. 1:11:48it
8113. 1:11:48look
8114. 1:11:48for
8115. 1:11:48you
8116. 1:11:49from
8117. 1:11:49your
8118. 1:11:49perspective
8119. 1:11:50what
8120. 1:11:50are
8121. 1:11:51your
8122. 1:11:51thoughts
8123. 1:11:51on
8124. 1:11:51this
8125. 1:11:51in
8126. 1:11:51general
8127. 1:11:52we've
8128. 1:11:52already
8129. 1:11:52touched
8130. 1:11:52upon
8131. 1:11:53today
8132. 1:11:53the
8133. 1:11:53topic
8134. 1:11:53of
8135. 1:11:54the
8136. 1:11:54fact
8137. 1:11:54that
8138. 1:11:54there
8139. 1:11:54are
8140. 1:11:54now
8141. 1:11:54significantly
8142. 1:11:55more
8143. 1:11:55PAP
8144. 1:11:56exchanges
8145. 1:11:56is
8146. 1:11:56this
8147. 1:11:56a
8148. 1:11:57positive
8149. 1:11:57or
8150. 1:11:57negative
8151. 1:11:57development
8152. 1:11:58for
8153. 1:11:58the
8154. 1:11:58market
8155. 1:11:58structure
8156. 1:11:59well
8157. 1:11:59yes
8158. 1:11:59and
8159. 1:12:00then
8160. 1:12:00perhaps
8161. 1:12:00we
8162. 1:12:12part
8163. 1:12:12of
8164. 1:12:12this
8165. 1:12:13all
8166. 1:12:13these
8167. 1:12:14PAP
8168. 1:12:14exchanges
8169. 1:12:14is
8170. 1:12:15because
8171. 1:12:15people
8172. 1:12:15need
8173. 1:12:16new
8174. 1:12:16tokens
8175. 1:12:16to
8176. 1:12:16trade
8177. 1:12:17if
8178. 1:12:17you
8179. 1:12:17have
8180. 1:12:17a
8181. 1:12:17PAP
8182. 1:12:18exchange
8183. 1:12:18the
8184. 1:12:18big
8185. 1:12:18problem
8186. 1:12:19with
8187. 1:12:19these
8188. 1:12:19tokens
8189. 1:12:20now
8190. 1:12:20is
8191. 1:12:20that
8192. 1:12:20very
8193. 1:12:21often
8194. 1:12:21there's
8195. 1:12:21no
8196. 1:12:22real
8197. 1:12:22business
8198. 1:12:22behind
8199. 1:12:22them
8200. 1:12:23so
8201. 1:12:23it's
8202. 1:12:23either
8203. 1:12:23just
8204. 1:12:24another
8205. 1:12:24ghost
8206. 1:12:24chain
8207. 1:12:25or
8208. 1:12:25some
8209. 1:12:26infrastructure
8210. 1:12:27that
8211. 1:12:27nobody
8212. 1:12:28needs
8213. 1:12:28but
8214. 1:12:28with
8215. 1:12:28PAP
8216. 1:12:29exchanges
8217. 1:12:29it's
8218. 1:12:29all
8219. 1:12:30obvious
8220. 1:12:30you
8221. 1:12:31have
8222. 1:12:31an
8223. 1:12:31exchange
8224. 1:12:32it's
8225. 1:12:32a
8226. 1:12:32physical
8227. 1:12:32one
8228. 1:12:33these
8229. 1:12:33physical
8230. 1:12:33assets
8231. 1:12:34can
8232. 1:12:34for
8233. 1:12:34example
8234. 1:12:34go
8235. 1:12:35into
8236. 1:12:35buybacks
8237. 1:12:35or
8238. 1:12:35somewhere
8239. 1:12:36else
8240. 1:12:36a
8241. 1:12:36very
8242. 1:12:36very
8243. 1:12:37obvious
8244. 1:12:37business
8245. 1:12:37and
8246. 1:12:39these
8247. 1:12:41PAP
8248. 1:12:41exchanges
8249. 1:12:41they
8250. 1:12:42can
8251. 1:12:42naturally
8252. 1:12:44drop
8253. 1:12:45points
8254. 1:12:45or drop
8255. 1:12:46tokens
8256. 1:12:46or drop
8257. 1:12:47something
8258. 1:12:47else
8259. 1:12:47this
8260. 1:12:48also
8261. 1:12:48creates
8262. 1:12:49interest
8263. 1:12:49to test
8264. 1:12:50them
8265. 1:12:50or to
8266. 1:12:50farm
8267. 1:12:51them
8268. 1:12:51or
8269. 1:12:51whatever
8270. 1:12:52so
8271. 1:12:52I
8272. 1:12:52think
8273. 1:12:53we'll
8274. 1:12:53continue
8275. 1:12:53to
8276. 1:12:53see
8277. 1:12:54this
8278. 1:12:54because
8279. 1:12:54it's
8280. 1:12:54such
8281. 1:12:55a
8282. 1:12:55boringly
8283. 1:12:58obvious
8284. 1:12:58use
8285. 1:12:59case
8286. 1:12:59for
8287. 1:12:59tokens
8288. 1:13:00I
8289. 1:13:00mean
8290. 1:13:00building
8291. 1:13:01a PAP
8292. 1:13:01exchange
8293. 1:13:02is
8294. 1:13:02something
8295. 1:13:02that's
8296. 1:13:02very
8297. 1:13:03obvious
8298. 1:13:03but
8299. 1:13:04as
8300. 1:13:04for
8301. 1:13:04how
8302. 1:13:04many
8303. 1:13:04will
8304. 1:13:04actually
8305. 1:13:05survive
8306. 1:13:05there
8307. 1:13:05it's
8308. 1:13:06quite
8309. 1:13:06clear
8310. 1:13:06that
8311. 1:13:06most
8312. 1:13:06of
8313. 1:13:07them
8314. 1:13:07won't
8315. 1:13:07make
8316. 1:13:07it
8317. 1:13:07I
8318. 1:13:08mean
8319. 1:13:08you
8320. 1:13:08already
8321. 1:13:08have
8322. 1:13:08hyperliquid
8323. 1:13:09and
8324. 1:13:09essentially
8325. 1:13:09everyone
8326. 1:13:10is now
8327. 1:13:10trying to
8328. 1:13:11become
8329. 1:13:11hyperliquid
8330. 1:13:12killers
8331. 1:13:12it's
8332. 1:13:13very
8333. 1:13:13obvious
8334. 1:13:13that
8335. 1:13:14most
8336. 1:13:14people
8337. 1:13:15won't
8338. 1:13:15achieve
8339. 1:13:15anything
8340. 1:13:16with
8341. 1:13:16this
8342. 1:13:16because
8343. 1:13:17hyperliquid
8344. 1:13:17didn't
8345. 1:13:18become
8346. 1:13:18successful
8347. 1:13:18due
8348. 1:13:19to
8349. 1:13:19it
8350. 1:13:19being
8351. 1:13:19the
8352. 1:13:20best
8353. 1:13:20technology
8354. 1:13:21it's
8355. 1:13:21because
8356. 1:13:22they're
8357. 1:13:22doing
8358. 1:13:22a lot
8359. 1:13:23of
8360. 1:13:23innovations
8361. 1:13:24with
8362. 1:13:25HLP
8363. 1:13:25a lot
8364. 1:13:26was
8365. 1:13:26done
8366. 1:13:27for
8367. 1:13:27it
8368. 1:13:27I
8369. 1:13:34effectively
8370. 1:13:35set
8371. 1:13:35a
8372. 1:13:35very
8373. 1:13:36high
8374. 1:13:36standard
8375. 1:13:36and
8376. 1:13:37so
8377. 1:13:38I
8378. 1:13:38think
8379. 1:13:38we'll
8380. 1:13:39still
8381. 1:13:39see
8382. 1:13:39a
8383. 1:13:40great
8384. 1:13:40many
8385. 1:13:40exchanges
8386. 1:13:41that
8387. 1:13:41will
8388. 1:13:41be
8389. 1:13:41appearing
8390. 1:13:42and
8391. 1:13:42they'll
8392. 1:13:42have
8393. 1:13:43enormous
8394. 1:13:43volumes
8395. 1:13:44but
8396. 1:13:44then
8397. 1:13:45the
8398. 1:13:45farming
8399. 1:13:45will
8400. 1:13:45end
8401. 1:13:46first
8402. 1:13:46and
8403. 1:13:46they'll
8404. 1:13:46just
8405. 1:13:47go
8406. 1:13:47back
8407. 1:13:47down
8408. 1:13:47to
8409. 1:13:47zero
8410. 1:13:48this
8411. 1:13:48trend
8412. 1:13:48will
8413. 1:13:48definitely
8414. 1:13:49continue
8415. 1:13:49which
8416. 1:13:50of
8417. 1:13:50them
8418. 1:13:50will
8419. 1:13:51be
8420. 1:13:51able
8421. 1:13:51to
8422. 1:13:51win
8423. 1:13:52against
8424. 1:13:53hyperliquid
8425. 1:13:53I
8426. 1:13:53think
8427. 1:13:54it'll
8428. 1:13:54be
8429. 1:13:54hard
8430. 1:13:54Do
8431. 1:13:54I
8432. 1:13:55understand
8433. 1:13:55your
8434. 1:13:55thesis
8435. 1:13:56correctly
8436. 1:13:56that
8437. 1:13:56market
8438. 1:13:57making
8439. 1:13:57is
8440. 1:13:58primary
8441. 1:13:58on
8442. 1:13:58the
8443. 1:13:58PEP
8444. 1:13:59exchange
8445. 1:13:59and
8446. 1:13:59not
8447. 1:14:00technology
8448. 1:14:00Liquidity
8449. 1:14:02I
8450. 1:14:03would
8451. 1:14:03say
8452. 1:14:03yes
8453. 1:14:04Liquidity
8454. 1:14:05is much
8455. 1:14:07more
8456. 1:14:07important
8457. 1:14:07and
8458. 1:14:08you
8459. 1:14:08can
8460. 1:14:08in
8461. 1:14:09a
8462. 1:14:09way
8463. 1:14:09achieve
8464. 1:14:10this
8465. 1:14:10good
8466. 1:14:10liquidity
8467. 1:14:11without
8468. 1:14:11needing
8469. 1:14:12especially
8470. 1:14:12good
8471. 1:14:12technology
8472. 1:14:13because
8473. 1:14:14well
8474. 1:14:14okay
8475. 1:14:14you
8476. 1:14:15can
8477. 1:14:15create
8478. 1:14:15I
8479. 1:14:16don't
8480. 1:14:16know
8481. 1:14:16an
8482. 1:14:16exchange
8483. 1:14:16that
8484. 1:14:17processes
8485. 1:14:17I
8486. 1:14:18don't
8487. 1:14:18know
8488. 1:14:18a
8489. 1:14:18lot
8490. 1:14:18of
8491. 1:14:19transactions
8492. 1:14:20per
8493. 1:14:20second
8494. 1:14:21or
8495. 1:14:21important
8496. 1:14:22but
8497. 1:14:23you
8498. 1:14:23don't
8499. 1:14:23actually
8500. 1:14:23have
8501. 1:14:24to
8502. 1:14:24do
8503. 1:14:24that
8504. 1:14:24I
8505. 1:14:25mean
8506. 1:14:25you
8507. 1:14:25could
8508. 1:14:25do
8509. 1:14:25it
8510. 1:14:26like
8511. 1:14:26Hyperliquid
8512. 1:14:27for example
8513. 1:14:27you
8514. 1:14:27can
8515. 1:14:28create
8516. 1:14:28a
8517. 1:14:28speed
8518. 1:14:28bump
8519. 1:14:29and
8520. 1:14:29if
8521. 1:14:29you
8522. 1:14:29create
8523. 1:14:29a
8524. 1:14:30speed
8525. 1:14:30bump
8526. 1:14:30you
8527. 1:14:30actually
8528. 1:14:31open
8529. 1:14:31up
8530. 1:14:32essentially
8531. 1:14:32create
8532. 1:14:33a
8533. 1:14:33competitive
8534. 1:14:33space
8535. 1:14:34for
8536. 1:14:34even
8537. 1:14:35those
8538. 1:14:35not
8539. 1:14:35most
8540. 1:14:36competitive
8541. 1:14:36in
8542. 1:14:37terms
8543. 1:14:37of
8544. 1:14:37latency
8545. 1:14:38and
8546. 1:14:38market
8547. 1:14:38makers
8548. 1:14:39and
8549. 1:14:39through
8550. 1:14:39that
8551. 1:14:40you
8552. 1:14:40can
8553. 1:14:40also
8554. 1:14:40build
8555. 1:14:41a
8556. 1:14:41relatively
8557. 1:14:42liquid
8558. 1:14:42book
8559. 1:14:42for
8560. 1:14:43yourself
8561. 1:14:43I
8562. 1:14:43don't
8563. 1:14:44really
8564. 1:14:44believe
8565. 1:14:44anyone
8566. 1:14:45is
8567. 1:14:45competing
8568. 1:14:45in
8569. 1:14:46terms
8570. 1:14:46of
8571. 1:14:46technology
8572. 1:14:47I
8573. 1:14:47think
8574. 1:14:48the
8575. 1:14:48greater
8576. 1:14:48competition
8577. 1:14:49will
8578. 1:14:49be
8579. 1:14:50on
8580. 1:14:50one
8581. 1:14:50hand
8582. 1:14:50liquidity
8583. 1:14:51and
8584. 1:14:52on
8585. 1:14:52the
8586. 1:14:52other
8587. 1:14:52the
8588. 1:14:53risk
8589. 1:14:53engine
8590. 1:14:53so
8591. 1:14:54like
8592. 1:14:54to
8593. 1:14:55what
8594. 1:14:55extent
8595. 1:14:55how
8596. 1:14:55much
8597. 1:14:55are
8598. 1:14:55you
8599. 1:14:56able
8600. 1:14:56to
8601. 1:14:56give
8602. 1:14:56how
8603. 1:14:57much
8604. 1:14:57margin
8605. 1:14:58requirement
8606. 1:14:58can
8607. 1:14:58you
8608. 1:14:59provide
8609. 1:14:59your
8610. 1:14:59users
8611. 1:14:59for
8612. 1:15:00instance
8613. 1:15:00that
8614. 1:15:00is
8615. 1:15:00are
8616. 1:15:00you
8617. 1:15:01able
8618. 1:15:01to
8619. 1:15:01implement
8620. 1:15:01cross
8621. 1:15:02margining
8622. 1:15:02can
8623. 1:15:02you
8624. 1:15:02perform
8625. 1:15:03I
8626. 1:15:03don't
8627. 1:15:03know
8628. 1:15:04anything
8629. 1:15:04innovative
8630. 1:15:04concerning
8631. 1:15:05liquidations
8632. 1:15:06or
8633. 1:15:06non
8634. 1:15:07liquidations
8635. 1:15:07how
8636. 1:15:08do
8637. 1:15:08you
8638. 1:15:08process
8639. 1:15:09ADLs
8640. 1:15:10all
8641. 1:15:11of
8642. 1:15:11this
8643. 1:15:11the
8644. 1:15:12risk
8645. 1:15:12engine
8646. 1:15:12I
8647. 1:15:12think
8648. 1:15:12will
8649. 1:15:13be
8650. 1:15:13the
8651. 1:15:13next
8652. 1:15:13stage
8653. 1:15:14I
8654. 1:15:15know
8655. 1:15:15the
8656. 1:15:15next
8657. 1:15:16frontier
8658. 1:15:16where
8659. 1:15:16exchanges
8660. 1:15:17will
8661. 1:15:17compete
8662. 1:15:17with
8663. 1:15:17each
8664. 1:15:18other
8665. 1:15:18as
8666. 1:15:19an
8667. 1:15:19expert
8668. 1:15:19in
8669. 1:15:19this
8670. 1:15:20field
8671. 1:15:20I
8672. 1:15:20wanted
8673. 1:15:21to
8674. 1:15:21ask
8675. 1:15:21your
8676. 1:15:21thoughts
8677. 1:15:22on
8678. 1:15:22the
8679. 1:15:22zero
8680. 1:15:23fees
8681. 1:15:23model
8682. 1:15:23which
8683. 1:15:24is
8684. 1:15:24now
8685. 1:15:24gaining
8686. 1:15:25popularity
8687. 1:15:25among
8688. 1:15:26hyperliquid
8689. 1:15:26competitors
8690. 1:15:27which
8691. 1:15:28do
8692. 1:15:28you
8693. 1:15:28find
8694. 1:15:28more
8695. 1:15:29sustainable
8696. 1:15:29or
8697. 1:15:30which
8698. 1:15:30do
8699. 1:15:30you
8700. 1:15:30prefer
8701. 1:15:31for
8702. 1:15:31any
8703. 1:15:31particular
8704. 1:15:32reason
8705. 1:15:32sorry
8706. 1:15:33zero
8707. 1:15:33fees
8708. 1:15:34what
8709. 1:15:45they
8710. 1:15:45don't
8711. 1:15:45take
8712. 1:15:46any
8713. 1:15:46commissions
8714. 1:15:46from
8715. 1:15:47you
8716. 1:15:47and
8717. 1:15:47in
8718. 1:15:47fact
8719. 1:15:47they
8720. 1:15:48say
8721. 1:15:48they
8722. 1:15:48earn
8723. 1:15:49from
8724. 1:15:49the
8725. 1:15:50spread
8726. 1:15:50in
8727. 1:15:50some
8728. 1:15:50way
8729. 1:15:51or
8730. 1:15:51another
8731. 1:15:51and
8732. 1:15:52then
8733. 1:15:52there's
8734. 1:15:53a
8735. 1:15:53parallel
8736. 1:15:54model
8737. 1:15:54like
8738. 1:15:54hyperliquid
8739. 1:15:55where
8740. 1:15:55it
8741. 1:15:55takes
8742. 1:15:56direct
8743. 1:15:57fees
8744. 1:15:57from
8745. 1:15:57every
8746. 1:15:58single
8747. 1:15:58trade
8748. 1:15:58I
8749. 1:15:59don't
8750. 1:15:59know
8751. 1:15:59intuitively
8752. 1:16:00I'd
8753. 1:16:00say
8754. 1:16:01that
8755. 1:16:01fees
8756. 1:16:01are
8757. 1:16:01much
8758. 1:16:02more
8759. 1:16:02transparent
8760. 1:16:03which
8761. 1:16:03means
8762. 1:16:04you
8763. 1:16:04have
8764. 1:16:04a
8765. 1:16:04much
8766. 1:16:04clearer
8767. 1:16:05understanding
8768. 1:16:05of
8769. 1:16:06where
8770. 1:16:06you're
8771. 1:16:06making
8772. 1:16:06money
8773. 1:16:07where
8774. 1:16:07you're
8775. 1:16:07losing
8776. 1:16:08it
8777. 1:16:08what
8778. 1:16:08you're
8779. 1:16:08paying
8780. 1:16:08for
8781. 1:16:09and
8782. 1:16:09exactly
8783. 1:16:10how
8784. 1:16:10much
8785. 1:16:10you're
8786. 1:16:10paying
8787. 1:16:11because
8788. 1:16:11if
8789. 1:16:11the
8790. 1:16:11exchange
8791. 1:16:12tells
8792. 1:16:12you
8793. 1:16:12you're
8794. 1:16:13losing
8795. 1:16:13on
8796. 1:16:13the
8797. 1:16:14spread
8798. 1:16:14you
8799. 1:16:14actually
8800. 1:16:14won't
8801. 1:16:16truly
8802. 1:16:17know
8803. 1:16:17how
8804. 1:16:17much
8805. 1:16:17you're
8806. 1:16:18losing
8807. 1:16:18on
8808. 1:16:18that
8809. 1:16:19spread
8810. 1:16:19if
8811. 1:16:20you
8812. 1:16:20don't
8813. 1:16:20know
8814. 1:16:20what
8815. 1:16:20the
8816. 1:16:20product
8817. 1:16:21is
8818. 1:16:21you
8819. 1:16:21are
8820. 1:16:21most
8821. 1:16:22likely
8822. 1:16:22the
8823. 1:16:22product
8824. 1:16:23yourself
8825. 1:16:23what
8826. 1:16:23I
8827. 1:16:24mean
8828. 1:16:24is
8829. 1:16:24there's
8830. 1:16:24no
8831. 1:16:24such
8832. 1:16:25thing
8833. 1:16:25as
8834. 1:16:25a
8835. 1:16:25free
8836. 1:16:25lunch
8837. 1:16:26either
8838. 1:16:26they're
8839. 1:16:27farming
8840. 1:16:27you
8841. 1:16:28to
8842. 1:16:28later
8843. 1:16:28raise
8844. 1:16:29these
8845. 1:16:29fees
8846. 1:16:29from
8847. 1:16:29zero
8848. 1:16:30to
8849. 1:16:30something
8850. 1:16:30else
8851. 1:16:31or
8852. 1:16:31you're
8853. 1:16:31losing
8854. 1:16:31out
8855. 1:16:32on
8856. 1:16:32something
8857. 1:16:32else
8858. 1:16:32but
8859. 1:16:33you
8860. 1:16:33don't
8861. 1:16:33even
8862. 1:16:33know
8863. 1:16:33on
8864. 1:16:33what
8865. 1:16:34it
8866. 1:16:34seems
8867. 1:16:34to
8868. 1:16:34me
8869. 1:16:35it's
8870. 1:16:35more
8871. 1:16:35of
8872. 1:16:35a
8873. 1:16:36marketing
8874. 1:16:36light
8875. 1:16:37rail
8876. 1:16:37trick
8877. 1:16:38I
8878. 1:17:00Robinhood
8879. 1:17:01charges
8880. 1:17:01market
8881. 1:17:02makers
8882. 1:17:02payment
8883. 1:17:03for
8884. 1:17:03order
8885. 1:17:03flow
8886. 1:17:03accordingly
8887. 1:17:05the
8888. 1:17:05guidelines
8889. 1:17:06we
8890. 1:17:06provide
8891. 1:17:06to
8892. 1:17:06Robinhood
8893. 1:17:07or
8894. 1:17:07I
8895. 1:17:08don't
8896. 1:17:08know
8897. 1:17:08to
8898. 1:17:08all
8899. 1:17:09other
8900. 1:17:09retail
8901. 1:17:09aggregators
8902. 1:17:10retail
8903. 1:17:10platforms
8904. 1:17:11with whom
8905. 1:17:12we work
8906. 1:17:12in the
8907. 1:17:13same
8908. 1:17:13in the
8909. 1:17:13same
8910. 1:17:13manner
8911. 1:17:14we
8912. 1:17:14simply
8913. 1:17:15provide
8914. 1:17:15a
8915. 1:17:15very
8916. 1:17:15broad
8917. 1:17:16quote
8918. 1:17:16because
8919. 1:17:16we
8920. 1:17:17must
8921. 1:17:17incorporate
8922. 1:17:17this
8923. 1:17:18payment
8924. 1:17:18for
8925. 1:17:19order
8926. 1:17:19flow
8927. 1:17:19fees
8928. 1:17:19so
8929. 1:17:20in
8930. 1:17:20reality
8931. 1:17:21you
8932. 1:17:21might
8933. 1:17:21pay
8934. 1:17:21zero
8935. 1:17:22fees
8936. 1:17:22but
8937. 1:17:22a
8938. 1:17:23large
8939. 1:17:23spread
8940. 1:17:23or
8941. 1:17:24a
8942. 1:17:24small
8943. 1:17:24spread
8944. 1:17:24but
8945. 1:17:25some
8946. 1:17:25fees
8947. 1:17:25for
8948. 1:17:26retail
8949. 1:17:26investors
8950. 1:17:26there's
8951. 1:17:27really
8952. 1:17:27no
8953. 1:17:27significant
8954. 1:17:28difference
8955. 1:17:28it's
8956. 1:17:29all
8957. 1:17:29just
8958. 1:17:29marketing
8959. 1:17:30marketing
8960. 1:17:31tricks
8961. 1:17:31lighter
8962. 1:17:32in fact
8963. 1:17:33is the
8964. 1:17:34same
8965. 1:17:34thing
8966. 1:17:34their
8967. 1:17:34latency
8968. 1:17:35for
8969. 1:17:35zero
8970. 1:17:35fee
8971. 1:17:36accounts
8972. 1:17:36is
8973. 1:17:36higher
8974. 1:17:37than
8975. 1:17:37for
8976. 1:17:37market
8977. 1:17:37makers
8978. 1:17:38right
8979. 1:17:38now
8980. 1:17:39market
8981. 1:17:39makers
8982. 1:17:39have
8983. 1:17:40premium
8984. 1:17:40accounts
8985. 1:17:41with
8986. 1:17:41small
8987. 1:17:41fees
8988. 1:17:42whereas
8989. 1:17:42retail
8990. 1:17:43has
8991. 1:17:43zero
8992. 1:17:43fees
8993. 1:17:44but
8994. 1:17:44the
8995. 1:17:44latency
8996. 1:17:44there
8997. 1:17:45is
8998. 1:17:450.1
8999. 1:17:46seconds
9000. 1:17:47more
9001. 1:17:47for
9002. 1:17:47example
9003. 1:17:48and
9004. 1:17:48yes
9005. 1:17:48it
9006. 1:17:49turns
9007. 1:17:49out
9008. 1:17:49that
9009. 1:17:49execution
9010. 1:17:50on
9011. 1:17:50lighter
9012. 1:17:50most
9013. 1:17:51often
9014. 1:17:51ends
9015. 1:17:52up
9016. 1:17:52being
9017. 1:17:52even
9018. 1:17:52more
9019. 1:17:53expensive
9020. 1:17:53than
9021. 1:17:56on
9022. 1:17:56liquidation
9023. 1:17:58another
9024. 1:17:58question
9025. 1:17:59about
9026. 1:17:59perps
9027. 1:17:59you're
9028. 1:17:59probably
9029. 1:18:00aware
9030. 1:18:00of
9031. 1:18:00the
9032. 1:18:00hype
9033. 1:18:01before
9034. 1:18:01what
9035. 1:18:02happened
9036. 1:18:02with
9037. 1:18:02them
9038. 1:18:02on
9039. 1:18:03plasma
9040. 1:18:03and
9041. 1:18:04how
9042. 1:18:04they
9043. 1:18:04isolated
9044. 1:18:04it
9045. 1:18:05and
9046. 1:18:05ADL
9047. 1:18:06all
9048. 1:18:06those
9049. 1:18:06things
9050. 1:18:06I can
9051. 1:18:07only
9052. 1:18:07ask
9053. 1:18:08you
9054. 1:18:08here
9055. 1:18:08as
9056. 1:18:09a
9057. 1:18:09market
9058. 1:18:09participant
9059. 1:18:10what
9060. 1:18:11do
9061. 1:18:11you
9062. 1:18:11think
9063. 1:18:12from
9064. 1:18:13your
9065. 1:18:13side
9066. 1:18:13how
9067. 1:18:14could
9068. 1:18:14this
9069. 1:18:14situation
9070. 1:18:15have
9071. 1:18:15been
9072. 1:18:15improved
9073. 1:18:16or
9074. 1:18:16what
9075. 1:18:17should
9076. 1:18:17be
9077. 1:18:17done
9078. 1:18:17in
9079. 1:18:17such
9080. 1:18:18cases
9081. 1:18:18or
9082. 1:18:19do
9083. 1:18:19you
9084. 1:18:19actually
9085. 1:18:19think
9086. 1:18:20that
9087. 1:18:20Hyperliquid
9088. 1:18:21decision
9089. 1:18:22was
9090. 1:18:22ideal
9091. 1:18:22to
9092. 1:18:23perfection
9093. 1:18:23well
9094. 1:18:24ideally
9095. 1:18:25yes
9096. 1:18:25and
9097. 1:18:26the
9098. 1:18:26idea
9099. 1:18:26that
9100. 1:18:26price
9101. 1:18:27manipulation
9102. 1:18:28could
9103. 1:18:28somehow
9104. 1:18:28be
9105. 1:18:28limited
9106. 1:18:29or
9107. 1:18:29some
9108. 1:18:29measure
9109. 1:18:30taken
9110. 1:18:30I don't
9111. 1:18:30know
9112. 1:18:31like
9113. 1:18:31you know
9114. 1:18:32in
9115. 1:18:32TradFi
9116. 1:18:32we
9117. 1:18:32impose
9118. 1:18:33restrictions
9119. 1:18:33stopping
9120. 1:18:34markets
9121. 1:18:35during
9122. 1:18:35certain
9123. 1:18:35significant
9124. 1:18:36changes
9125. 1:18:36well
9126. 1:18:37that's
9127. 1:18:37all
9128. 1:18:37as a
9129. 1:18:37matter
9130. 1:18:38of
9131. 1:18:38fact
9132. 1:18:38it's
9133. 1:18:38a
9134. 1:18:38problem
9135. 1:18:38well
9136. 1:18:40this
9137. 1:18:41is
9138. 1:18:41the
9139. 1:18:41entire
9140. 1:18:41problem
9141. 1:18:42with
9142. 1:18:42market
9143. 1:18:42structure
9144. 1:18:43fundamentally
9145. 1:18:44concerning
9146. 1:18:44these
9147. 1:18:45perpetuals
9148. 1:18:45how
9149. 1:18:46TradFi
9150. 1:18:46operates
9151. 1:18:47you
9152. 1:18:47actually
9153. 1:18:48in
9154. 1:18:48TradFi
9155. 1:18:48have
9156. 1:18:49a
9157. 1:18:49separate
9158. 1:18:49exchange
9159. 1:18:50a
9160. 1:18:50separate
9161. 1:18:51prime
9162. 1:18:51broker
9163. 1:18:51and
9164. 1:18:52a
9165. 1:18:52separate
9166. 1:18:52client
9167. 1:18:53your
9168. 1:18:53leverage
9169. 1:18:54for
9170. 1:18:54example
9171. 1:18:55usually
9172. 1:18:55has
9173. 1:18:56absolutely
9174. 1:18:56no
9175. 1:18:57relation
9176. 1:18:57to
9177. 1:18:57the
9178. 1:18:58exchange
9179. 1:18:58itself
9180. 1:18:58and
9181. 1:18:59then
9182. 1:18:59separately
9183. 1:19:00there's
9184. 1:19:00the
9185. 1:19:00clearing
9186. 1:19:00house
9187. 1:19:00so
9188. 1:19:01you
9189. 1:19:01have
9190. 1:19:01the
9191. 1:19:01exchange
9192. 1:19:02which
9193. 1:19:02typically
9194. 1:19:02handles
9195. 1:19:03the
9196. 1:19:03underlying
9197. 1:19:03technology
9198. 1:19:04essentially
9199. 1:19:04that
9200. 1:19:05is
9201. 1:19:05the
9202. 1:19:05exchange
9203. 1:19:05everything
9204. 1:19:06the
9205. 1:19:06exchange
9206. 1:19:06attempts
9207. 1:19:07to
9208. 1:19:07do
9209. 1:19:07is
9210. 1:19:07to
9211. 1:19:07ensure
9212. 1:19:08you
9213. 1:19:08know
9214. 1:19:08that
9215. 1:19:09transactions
9216. 1:19:09proceed
9217. 1:19:10smoothly
9218. 1:19:10and
9219. 1:19:10correctly
9220. 1:19:10then
9221. 1:19:11you
9222. 1:19:11have
9223. 1:19:11the
9224. 1:19:11clearing
9225. 1:19:11house
9226. 1:19:12whose
9227. 1:19:12primary
9228. 1:19:12function
9229. 1:19:13is
9230. 1:19:13to
9231. 1:19:13manage
9232. 1:19:13the
9233. 1:19:13risk
9234. 1:19:14between
9235. 1:19:14the
9236. 1:19:14large
9237. 1:19:15prime
9238. 1:19:15brokers
9239. 1:19:15and
9240. 1:19:16subsequently
9241. 1:19:16there's
9242. 1:19:16the
9243. 1:19:17prime
9244. 1:19:17broker
9245. 1:19:17who
9246. 1:19:17in
9247. 1:19:18essence
9248. 1:19:18extends
9249. 1:19:18financial
9250. 1:19:19leverage
9251. 1:19:19to
9252. 1:19:19their
9253. 1:19:20to
9254. 1:19:20their
9255. 1:19:20respective
9256. 1:19:20clients
9257. 1:19:21modern
9258. 1:19:22exchanges
9259. 1:19:22whether
9260. 1:19:23it's
9261. 1:19:23Binance
9262. 1:19:23or
9263. 1:19:23Hyperliquid
9264. 1:19:24they
9265. 1:19:24essentially
9266. 1:19:25function
9267. 1:19:25as
9268. 1:19:26you know
9269. 1:19:26they're
9270. 1:19:26all
9271. 1:19:27three
9272. 1:19:27in
9273. 1:19:27one
9274. 1:19:27and
9275. 1:19:28so
9276. 1:19:28you'll
9277. 1:19:29pretty
9278. 1:19:29much
9279. 1:19:29inevitably
9280. 1:19:30run
9281. 1:19:31into
9282. 1:19:31issues
9283. 1:19:32because
9284. 1:19:32the
9285. 1:19:33exchange
9286. 1:19:33constantly
9287. 1:19:34has to
9288. 1:19:34choose
9289. 1:19:35between
9290. 1:19:35how much
9291. 1:19:36money
9292. 1:19:36they want
9293. 1:19:36to earn
9294. 1:19:37and
9295. 1:19:37how much
9296. 1:19:38leverage
9297. 1:19:38they want
9298. 1:19:39to give
9299. 1:19:39to retail
9300. 1:19:40and
9301. 1:19:40how much
9302. 1:19:40they want
9303. 1:19:41market
9304. 1:19:41makers
9305. 1:19:42you know
9306. 1:19:42sometimes
9307. 1:19:43not to
9308. 1:19:43lose
9309. 1:19:43money
9310. 1:19:44it's
9311. 1:19:44like
9312. 1:19:44perfectly
9313. 1:19:45resolving
9314. 1:19:46all of
9315. 1:19:46this
9316. 1:19:47is
9317. 1:19:47simply
9318. 1:19:47impossible
9319. 1:19:48so
9320. 1:19:48I
9321. 1:19:49don't
9322. 1:19:49know
9323. 1:19:49so
9324. 1:19:51one of
9325. 1:19:51these
9326. 1:19:52three
9327. 1:19:52parties
9328. 1:19:52will
9329. 1:19:53inevitably
9330. 1:19:53suffer
9331. 1:19:54a
9332. 1:19:54loss
9333. 1:19:54some
9334. 1:19:54exchanges
9335. 1:19:55opt
9336. 1:19:55to
9337. 1:19:56absorb
9338. 1:19:56greater
9339. 1:19:56losses
9340. 1:19:57while
9341. 1:19:57others
9342. 1:19:58choose
9343. 1:19:58to
9344. 1:19:58minimize
9345. 1:19:58them
9346. 1:19:59but
9347. 1:19:59resolving
9348. 1:20:00this
9349. 1:20:00situation
9350. 1:20:01is
9351. 1:20:01extremely
9352. 1:20:01complex
9353. 1:20:02I
9354. 1:20:02believe
9355. 1:20:03that
9356. 1:20:03healthier
9357. 1:20:03markets
9358. 1:20:04should
9359. 1:20:04simply
9360. 1:20:04have
9361. 1:20:05much
9362. 1:20:05less
9363. 1:20:05leverage
9364. 1:20:06in
9365. 1:20:06principle
9366. 1:20:06particularly
9367. 1:20:07when
9368. 1:20:07it
9369. 1:20:08comes
9370. 1:20:08to
9371. 1:20:08long
9372. 1:20:08tail
9373. 1:20:08assets
9374. 1:20:09as
9375. 1:20:09this
9376. 1:20:10would
9377. 1:20:10result
9378. 1:20:10in
9379. 1:20:10a
9380. 1:20:10more
9381. 1:20:11robust
9382. 1:20:11market
9383. 1:20:12this
9384. 1:20:12will
9385. 1:20:13limit
9386. 1:20:13many
9387. 1:20:14more
9388. 1:20:14liquidations
9389. 1:20:15cases
9390. 1:20:15and
9391. 1:20:16everything
9392. 1:20:16else
9393. 1:20:16and
9394. 1:20:17when
9395. 1:20:17you
9396. 1:20:18extend
9397. 1:20:19significant
9398. 1:20:19leverage
9399. 1:20:20and
9400. 1:20:20allow
9401. 1:20:21this
9402. 1:20:21open
9403. 1:20:21interest
9404. 1:20:21to
9405. 1:20:22grow
9406. 1:20:22to
9407. 1:20:22some
9408. 1:20:23incredible
9409. 1:20:24sizes
9410. 1:20:24then
9411. 1:20:25at
9412. 1:20:25some
9413. 1:20:26point
9414. 1:20:26you
9415. 1:20:26will
9416. 1:20:26definitely
9417. 1:20:27face
9418. 1:20:27either
9419. 1:20:28manipulation
9420. 1:20:28a
9421. 1:20:29crash
9422. 1:20:29or
9423. 1:20:30something
9424. 1:20:30else
9425. 1:20:30something
9426. 1:20:31will
9427. 1:20:31certainly
9428. 1:20:31happen
9429. 1:20:32and
9430. 1:20:33this
9431. 1:20:34is
9432. 1:20:34like
9433. 1:20:34a
9434. 1:20:34conscious
9435. 1:20:34decision
9436. 1:20:35for
9437. 1:20:35most
9438. 1:20:35exchanges
9439. 1:20:36most
9440. 1:20:36exchanges
9441. 1:20:37it
9442. 1:20:37seems
9443. 1:20:37to
9444. 1:20:37me
9445. 1:20:38they
9446. 1:20:38choose
9447. 1:20:38we
9448. 1:20:38want
9449. 1:20:39to
9450. 1:20:39have
9451. 1:20:39more
9452. 1:20:39business
9453. 1:20:40on
9454. 1:20:40an
9455. 1:20:40average
9456. 1:20:41day
9457. 1:20:41and
9458. 1:20:41also
9459. 1:20:42most
9460. 1:20:42exchanges
9461. 1:20:42tend
9462. 1:20:43to
9463. 1:20:43look
9464. 1:20:43at
9465. 1:20:43their
9466. 1:20:43competitors
9467. 1:20:44if
9468. 1:20:45your
9469. 1:20:45competitors
9470. 1:20:45are
9471. 1:20:46using
9472. 1:20:4750x
9473. 1:20:47leverage
9474. 1:20:48and
9475. 1:20:48you're
9476. 1:20:48only
9477. 1:20:48using
9478. 1:20:492x
9479. 1:20:49leverage
9480. 1:20:49it's
9481. 1:20:50clear
9482. 1:20:50that
9483. 1:20:50retail
9484. 1:20:51clients
9485. 1:20:51will
9486. 1:20:51most
9487. 1:20:52likely
9488. 1:20:52go
9489. 1:20:52trade
9490. 1:20:52somewhere
9491. 1:20:53else
9492. 1:20:53so
9493. 1:20:53it's
9494. 1:20:53very
9495. 1:20:54difficult
9496. 1:20:54to
9497. 1:20:54regulate
9498. 1:20:55this
9499. 1:20:55in
9500. 1:20:55that
9501. 1:20:55sense
9502. 1:20:56because
9503. 1:20:56there
9504. 1:20:56will
9505. 1:20:57always
9506. 1:20:57be
9507. 1:20:57some
9508. 1:20:57exchange
9509. 1:20:58that
9510. 1:20:59will
9511. 1:20:59offer
9512. 1:20:59more
9513. 1:20:59risky
9514. 1:21:00things
9515. 1:21:00Am I
9516. 1:21:01hearing
9517. 1:21:01you
9518. 1:21:08no
9519. 1:21:08silver
9520. 1:21:08bullet
9521. 1:21:08I
9522. 1:21:09don't
9523. 1:21:09think
9524. 1:21:09so
9525. 1:21:10I
9526. 1:21:10mean
9527. 1:21:10the
9528. 1:21:10silver
9529. 1:21:10bullet
9530. 1:21:11would
9531. 1:21:11be
9532. 1:21:11if
9533. 1:21:11we
9534. 1:21:12had
9535. 1:21:12I
9536. 1:21:12don't
9537. 1:21:13know
9538. 1:21:13one
9539. 1:21:13exchange
9540. 1:21:13that
9541. 1:21:14won
9542. 1:21:14everything
9543. 1:21:14and
9544. 1:21:15then
9545. 1:21:15it
9546. 1:21:15could
9547. 1:21:15I
9548. 1:21:16don't
9549. 1:21:16know
9550. 1:21:16create
9551. 1:21:16some
9552. 1:21:17ideal
9553. 1:21:17market
9554. 1:21:17structure
9555. 1:21:18that
9556. 1:21:18would
9557. 1:21:18function
9558. 1:21:19properly
9559. 1:21:19but
9560. 1:21:19again
9561. 1:21:20do
9562. 1:21:20we
9563. 1:21:20want
9564. 1:21:21that
9565. 1:21:21no
9566. 1:21:21because
9567. 1:21:22then
9568. 1:21:22we
9569. 1:21:22would
9570. 1:21:23essentially
9571. 1:21:23have
9572. 1:21:23a
9573. 1:21:24much
9574. 1:21:24less
9575. 1:21:24competitive
9576. 1:21:24space
9577. 1:21:25in
9578. 1:21:25principle
9579. 1:21:26because
9580. 1:21:26this
9581. 1:21:26exchange
9582. 1:21:27could
9583. 1:21:27do
9584. 1:21:27whatever
9585. 1:21:27it
9586. 1:21:28wants
9587. 1:21:28that's
9588. 1:21:28also
9589. 1:21:28not
9590. 1:21:29obvious
9591. 1:21:29so
9592. 1:21:29roughly
9593. 1:21:30speaking
9594. 1:21:30if
9595. 1:21:30we
9596. 1:21:30have
9597. 1:21:30a
9598. 1:21:31world
9599. 1:21:31where
9600. 1:21:31I
9601. 1:21:31don't
9602. 1:21:32know
9603. 1:21:32CME
9604. 1:21:32wins
9605. 1:21:33and
9606. 1:21:34I
9607. 1:21:34don't
9608. 1:21:34know
9609. 1:21:34subdues
9610. 1:21:34everyone
9611. 1:21:35else
9612. 1:21:35okay
9613. 1:21:35there
9614. 1:21:36will
9615. 1:21:36be
9616. 1:21:36I
9617. 1:21:36don't
9618. 1:21:36know
9619. 1:21:37a
9620. 1:21:37very
9621. 1:21:37good
9622. 1:21:37market
9623. 1:21:37structure
9624. 1:21:38everyone
9625. 1:21:38will
9626. 1:21:38be
9627. 1:21:39fine
9628. 1:21:39but
9629. 1:21:39CME
9630. 1:21:39can
9631. 1:21:40then
9632. 1:21:40charge
9633. 1:21:40any
9634. 1:21:40fees
9635. 1:21:41and
9636. 1:21:41list
9637. 1:21:41whatever
9638. 1:21:41it
9639. 1:21:42wants
9640. 1:21:42to
9641. 1:21:42I
9642. 1:21:43can't
9643. 1:21:44ignore
9644. 1:21:44the
9645. 1:21:44topic
9646. 1:21:44of
9647. 1:21:45the
9648. 1:21:4510th
9649. 1:21:4610th
9650. 1:21:46a
9651. 1:21:47lot
9652. 1:21:47of
9653. 1:21:48criticism
9654. 1:21:48was
9655. 1:21:49aimed
9656. 1:21:49at
9657. 1:21:49you
9658. 1:21:49then
9659. 1:21:50could
9660. 1:21:50you
9661. 1:21:51please
9662. 1:21:51explain
9663. 1:21:51how
9664. 1:21:51it
9665. 1:21:52looked
9666. 1:21:52from
9667. 1:21:52your
9668. 1:21:52side
9669. 1:21:53and
9670. 1:21:53how
9671. 1:21:54do
9672. 1:21:54you
9673. 1:21:55see
9674. 1:21:55the
9675. 1:21:56situation
9676. 1:21:56why
9677. 1:21:56do
9678. 1:21:57you
9679. 1:21:57often
9680. 1:21:57face
9681. 1:21:58criticism
9682. 1:21:58about
9683. 1:21:59October
9684. 1:22:0010th
9685. 1:22:01well
9686. 1:22:01so
9687. 1:22:01starting
9688. 1:22:02with
9689. 1:22:02the
9690. 1:22:02last
9691. 1:22:02question
9692. 1:22:03I
9693. 1:22:03think
9694. 1:22:03we're
9695. 1:22:03getting
9696. 1:22:03flack
9697. 1:22:04because
9698. 1:22:04someone
9699. 1:22:05on
9700. 1:22:05Twitter
9701. 1:22:05said
9702. 1:22:05I
9703. 1:22:05don't
9704. 1:22:05know
9705. 1:22:06people
9706. 1:22:06know
9707. 1:22:06one
9708. 1:22:07market
9709. 1:22:07maker
9710. 1:22:07that's
9711. 1:22:08us
9712. 1:22:08so
9713. 1:22:09in
9714. 1:22:10reality
9715. 1:22:11everything
9716. 1:22:11that
9717. 1:22:11happens
9718. 1:22:12I
9719. 1:22:12mean
9720. 1:22:12I
9721. 1:22:12don't
9722. 1:22:12know
9723. 1:22:12well
9724. 1:22:13after
9725. 1:22:14the
9726. 1:22:1410th
9727. 1:22:14the
9728. 1:22:1510th
9729. 1:22:15it's
9730. 1:22:16like
9731. 1:22:20don't
9732. 1:22:21know
9733. 1:22:21market
9734. 1:22:21makers
9735. 1:22:21everyone
9736. 1:22:22started
9737. 1:22:22speculating
9738. 1:22:23that we
9739. 1:22:23lost
9740. 1:22:23a lot
9741. 1:22:24on
9742. 1:22:24that
9743. 1:22:24but
9744. 1:22:24how
9745. 1:22:24was
9746. 1:22:25it
9747. 1:22:25for
9748. 1:22:25us
9749. 1:22:25so
9750. 1:22:26this
9751. 1:22:26occurred
9752. 1:22:27I
9753. 1:22:27believe
9754. 1:22:27sometime
9755. 1:22:27between
9756. 1:22:28Friday
9757. 1:22:28and
9758. 1:22:28Saturday
9759. 1:22:28as far
9760. 1:22:29as
9761. 1:22:29my
9762. 1:22:29memory
9763. 1:22:30serves
9764. 1:22:30well
9765. 1:22:30on
9766. 1:22:31the
9767. 1:22:31one
9768. 1:22:31hand
9769. 1:22:31it
9770. 1:22:31was
9771. 1:22:32quite
9772. 1:22:32enjoyable
9773. 1:22:32because
9774. 1:22:33you
9775. 1:22:33see
9776. 1:22:33market
9777. 1:22:33crashes
9778. 1:22:34are
9779. 1:22:34typically
9780. 1:22:34very
9781. 1:22:34interesting
9782. 1:22:35even
9783. 1:22:35exciting
9784. 1:22:36events
9785. 1:22:36for
9786. 1:22:36market
9787. 1:22:37makers
9788. 1:22:37due
9789. 1:22:37to
9790. 1:22:37the
9791. 1:22:37high
9792. 1:22:38volatility
9793. 1:22:38and
9794. 1:22:38there's
9795. 1:22:39a
9796. 1:22:39significant
9797. 1:22:39amount
9798. 1:22:39of
9799. 1:22:40arbitrage
9800. 1:22:40opportunities
9801. 1:22:40across
9802. 1:22:41different
9803. 1:22:41venues
9804. 1:22:41so
9805. 1:22:42from
9806. 1:22:42that
9807. 1:22:42perspective
9808. 1:22:42it
9809. 1:22:43was
9810. 1:22:43quite
9811. 1:22:43engaging
9812. 1:22:43what
9813. 1:22:45wasn't
9814. 1:22:45quite
9815. 1:22:45as
9816. 1:22:46interesting
9817. 1:22:46that
9818. 1:22:46was
9819. 1:22:47the
9820. 1:22:47ideal
9821. 1:22:47that
9822. 1:22:48is
9823. 1:22:48to
9824. 1:22:48say
9825. 1:22:48in
9826. 1:22:48actual
9827. 1:22:49fact
9828. 1:22:49as
9829. 1:22:49I
9830. 1:22:49said
9831. 1:22:49to
9832. 1:22:50you
9833. 1:22:50earlier
9834. 1:22:50very
9835. 1:22:50very
9836. 1:22:51often
9837. 1:22:51the
9838. 1:22:51majority
9839. 1:22:52of
9840. 1:22:52market
9841. 1:22:52makers
9842. 1:22:52how
9843. 1:22:53we
9844. 1:22:53get
9845. 1:22:53our
9846. 1:22:53tokens
9847. 1:22:54we
9848. 1:22:56sell
9849. 1:22:57perpetuals
9850. 1:22:57and
9851. 1:22:58buy
9852. 1:22:58spot
9853. 1:22:58so
9854. 1:22:59most
9855. 1:23:00market
9856. 1:23:00makers
9857. 1:23:00have
9858. 1:23:01short
9859. 1:23:01positions
9860. 1:23:02in
9861. 1:23:02perpetuals
9862. 1:23:02consequently
9863. 1:23:03the
9864. 1:23:04idea
9865. 1:23:04emerged
9866. 1:23:04from
9867. 1:23:05these
9868. 1:23:05short
9869. 1:23:05positions
9870. 1:23:05so
9871. 1:23:06I'd
9872. 1:23:07say
9873. 1:23:07nearly
9874. 1:23:07all
9875. 1:23:08if
9876. 1:23:08not
9877. 1:23:08all
9878. 1:23:09market
9879. 1:23:09makers
9880. 1:23:10who
9881. 1:23:10are
9882. 1:23:11meta
9883. 1:23:11I
9884. 1:23:12think
9885. 1:23:12on
9886. 1:23:14the
9887. 1:23:1410th
9888. 1:23:15because
9889. 1:23:16all of
9890. 1:23:17us
9891. 1:23:17we were
9892. 1:23:18holding
9893. 1:23:18short
9894. 1:23:18positions
9895. 1:23:19so
9896. 1:23:19that
9897. 1:23:19they
9898. 1:23:19could
9899. 1:23:20cancel
9900. 1:23:20out
9901. 1:23:21the
9902. 1:23:21long
9903. 1:23:21positions
9904. 1:23:22of
9905. 1:23:22those
9906. 1:23:22who
9907. 1:23:22needed
9908. 1:23:23to
9909. 1:23:23be
9910. 1:23:23liquidated
9911. 1:23:23they
9912. 1:23:24ended
9913. 1:23:24up
9914. 1:23:24cancelling
9915. 1:23:24out
9916. 1:23:25our
9917. 1:23:25short
9918. 1:23:25positions
9919. 1:23:26and
9920. 1:23:26so
9921. 1:23:27from
9922. 1:23:27this
9923. 1:23:27event
9924. 1:23:28where
9925. 1:23:28we
9926. 1:23:28had
9927. 1:23:28a lot
9928. 1:23:29of
9929. 1:23:29opportunities
9930. 1:23:29we
9931. 1:23:30were
9932. 1:23:30buying
9933. 1:23:31selling
9934. 1:23:32making
9935. 1:23:32a lot
9936. 1:23:33of
9937. 1:23:33money
9938. 1:23:33it
9939. 1:23:34suddenly
9940. 1:23:34turned
9941. 1:23:34into
9942. 1:23:35an
9943. 1:23:35event
9944. 1:23:35where
9945. 1:23:35we
9946. 1:23:40are
9947. 1:23:41at
9948. 1:23:43zero
9949. 1:23:44and
9950. 1:23:44we
9951. 1:23:44suddenly
9952. 1:23:45need
9953. 1:23:45to
9954. 1:23:45sell
9955. 1:23:45either
9956. 1:23:46tokens
9957. 1:23:46or
9958. 1:23:46perpetuals
9959. 1:23:47again
9960. 1:23:47if
9961. 1:23:48we're
9962. 1:23:48going
9963. 1:23:48to
9964. 1:23:48sell
9965. 1:23:48perpetuals
9966. 1:23:49once
9967. 1:23:49more
9968. 1:23:49it
9969. 1:23:50might
9970. 1:23:50be
9971. 1:23:50an
9972. 1:23:50ideal
9973. 1:23:51scenario
9974. 1:23:51again
9975. 1:23:52but
9976. 1:23:52it's
9977. 1:23:52also
9978. 1:23:52a
9979. 1:23:52very
9980. 1:23:53uncertain
9981. 1:23:53situation
9982. 1:23:54it's
9983. 1:23:54a
9984. 1:23:55challenging
9985. 1:23:55situation
9986. 1:23:55you
9987. 1:23:56see
9988. 1:23:56what
9989. 1:23:56really
9990. 1:23:57helped
9991. 1:23:57us
9992. 1:23:57was
9993. 1:23:57that
9994. 1:23:58we
9995. 1:23:58already
9996. 1:23:58had
9997. 1:23:58so
9998. 1:24:00like
9999. 1:24:01our
10000. 1:24:01people
10001. 1:24:02were
10002. 1:24:02our
10003. 1:24:03traders
10004. 1:24:03were
10005. 1:24:03very
10006. 1:24:04much
10007. 1:24:04in
10008. 1:24:04control
10009. 1:24:04of
10010. 1:24:04the
10011. 1:24:05situation
10012. 1:24:05we
10013. 1:24:05were
10014. 1:24:06able
10015. 1:24:06to
10016. 1:24:06react
10017. 1:24:06very
10018. 1:24:07quickly
10019. 1:24:07these
10020. 1:24:07long
10021. 1:24:08positions
10022. 1:24:08suddenly
10023. 1:24:09appeared
10024. 1:24:10and
10025. 1:24:10we
10026. 1:24:10closed
10027. 1:24:10them
10028. 1:24:11relatively
10029. 1:24:12well
10030. 1:24:12at
10031. 1:24:13that
10032. 1:24:13very
10033. 1:24:13same
10034. 1:24:13moment
10035. 1:24:14there
10036. 1:24:14were
10037. 1:24:14a
10038. 1:24:14few
10039. 1:24:15tokens
10040. 1:24:15where
10041. 1:24:15we
10042. 1:24:15were
10043. 1:24:16filled
10044. 1:24:16at
10045. 1:24:16prices
10046. 1:24:17that
10047. 1:24:17made
10048. 1:24:17absolutely
10049. 1:24:18no
10050. 1:24:19sense
10051. 1:24:19so
10052. 1:24:19we
10053. 1:24:20lost
10054. 1:24:20money
10055. 1:24:20on
10056. 1:24:20that
10057. 1:24:21it
10058. 1:24:22was
10059. 1:24:22unpleasant
10060. 1:24:22but
10061. 1:24:23in
10062. 1:24:24principle
10063. 1:24:24how
10064. 1:24:27how
10065. 1:24:27can
10066. 1:24:27you
10067. 1:24:27close
10068. 1:24:28a
10069. 1:24:28position
10070. 1:24:28at
10071. 1:24:28this
10072. 1:24:29moment
10073. 1:24:29if
10074. 1:24:29there's
10075. 1:24:29usually
10076. 1:24:30no
10077. 1:24:30one
10078. 1:24:30to
10079. 1:24:30trade
10080. 1:24:30with
10081. 1:24:31and
10082. 1:24:31market
10083. 1:24:31makers
10084. 1:24:31have
10085. 1:24:32figuratively
10086. 1:24:32left
10087. 1:24:33the
10088. 1:24:33order
10089. 1:24:33books
10090. 1:24:33it's
10091. 1:24:34difficult
10092. 1:24:34but
10093. 1:24:35it's
10094. 1:24:35possible
10095. 1:24:36so
10096. 1:24:36you'd
10097. 1:24:37lose
10098. 1:24:38on
10099. 1:24:38this
10100. 1:24:38it's
10101. 1:24:38somewhat
10102. 1:24:39easier
10103. 1:24:40than
10104. 1:24:40not
10105. 1:24:40but
10106. 1:24:40you
10107. 1:24:41wouldn't
10108. 1:24:41lose
10109. 1:24:41so
10110. 1:24:42much
10111. 1:24:42that
10112. 1:24:42I
10113. 1:24:43don't
10114. 1:24:43know
10115. 1:24:43it
10116. 1:24:43would
10117. 1:24:43hurt
10118. 1:24:44you
10119. 1:24:44that
10120. 1:24:44badly
10121. 1:24:44I
10122. 1:24:45know
10123. 1:24:45for
10124. 1:24:45sure
10125. 1:24:46that
10126. 1:24:46someone
10127. 1:24:46someone
10128. 1:24:47was
10129. 1:24:47looking
10130. 1:24:48at
10131. 1:24:48all
10132. 1:24:48sorts
10133. 1:24:49of
10134. 1:24:49which
10135. 1:24:52well
10136. 1:24:53which
10137. 1:24:53are
10138. 1:24:53public
10139. 1:24:53so
10140. 1:24:54it's
10141. 1:24:54clear
10142. 1:24:54that
10143. 1:24:55some
10144. 1:24:55of
10145. 1:24:55our
10146. 1:24:55partners
10147. 1:24:56lost
10148. 1:24:56significantly
10149. 1:24:57more
10150. 1:24:57at
10151. 1:24:57this
10152. 1:24:58event
10153. 1:24:58than
10154. 1:24:58what
10155. 1:24:58we
10156. 1:24:59lost
10157. 1:24:59at
10158. 1:24:59ADL
10159. 1:24:59but
10160. 1:24:59I
10161. 1:25:00can
10162. 1:25:00tell
10163. 1:25:00you
10164. 1:25:00that
10165. 1:25:00what
10166. 1:25:01we
10167. 1:25:01lost
10168. 1:25:01at
10169. 1:25:01ADL
10170. 1:25:02we
10171. 1:25:02actually
10172. 1:25:02earned
10173. 1:25:03back
10174. 1:25:03much
10175. 1:25:04much
10176. 1:25:04more
10177. 1:25:04many
10178. 1:25:05times
10179. 1:25:05over
10180. 1:25:05simply
10181. 1:25:06through
10182. 1:25:06trading
10183. 1:25:06from
10184. 1:25:07Friday
10185. 1:25:07Saturday
10186. 1:25:07and
10187. 1:25:08essentially
10188. 1:25:09throughout
10189. 1:25:09this
10190. 1:25:09entire
10191. 1:25:10weekend
10192. 1:25:10so
10193. 1:25:10the
10194. 1:25:11trading
10195. 1:25:11itself
10196. 1:25:11was
10197. 1:25:12extremely
10198. 1:25:12profitable
10199. 1:25:13that's
10200. 1:25:13actually
10201. 1:25:13the
10202. 1:25:14next
10203. 1:25:14question
10204. 1:25:14in
10205. 1:25:15such
10206. 1:25:15moments
10207. 1:25:15do
10208. 1:25:16market
10209. 1:25:16makers
10210. 1:25:17generally
10211. 1:25:17make a
10212. 1:25:17profit
10213. 1:25:17or
10214. 1:25:18incur
10215. 1:25:18losses
10216. 1:25:19during
10217. 1:25:19such
10218. 1:25:19strong
10219. 1:25:19market
10220. 1:25:20fluctuations
10221. 1:25:20I
10222. 1:25:21would
10223. 1:25:21say
10224. 1:25:22market
10225. 1:25:23makers
10226. 1:25:24who
10227. 1:25:24are
10228. 1:25:24ready
10229. 1:25:25for
10230. 1:25:25this
10231. 1:25:25should
10232. 1:25:25definitely
10233. 1:25:26be
10234. 1:25:26making
10235. 1:25:27money
10236. 1:25:27these
10237. 1:25:28are
10238. 1:25:28the
10239. 1:25:28days
10240. 1:25:28you
10241. 1:25:28wait
10242. 1:25:29for
10243. 1:25:29you're
10244. 1:25:31actually
10245. 1:25:31eager
10246. 1:25:32for
10247. 1:25:32it
10248. 1:25:32because
10249. 1:25:33you
10250. 1:25:33earn
10251. 1:25:33much
10252. 1:25:34more
10253. 1:25:34from
10254. 1:25:34it
10255. 1:25:34there
10256. 1:25:35are
10257. 1:25:35market
10258. 1:25:35makers
10259. 1:25:36who
10260. 1:25:36lose
10261. 1:25:36money
10262. 1:25:37on
10263. 1:25:37this
10264. 1:25:37but
10265. 1:25:37then
10266. 1:25:38again
10267. 1:25:38that's
10268. 1:25:38also
10269. 1:25:39a
10270. 1:25:39very
10271. 1:25:39interesting
10272. 1:25:40question
10273. 1:25:40how
10274. 1:25:40do
10275. 1:25:41you
10276. 1:25:41build
10277. 1:25:41your
10278. 1:25:41model
10279. 1:25:45and
10280. 1:25:46you'll
10281. 1:25:46put
10282. 1:25:46together
10283. 1:25:46you'll
10284. 1:25:48build
10285. 1:25:48your
10286. 1:25:48own
10287. 1:25:48model
10288. 1:25:48which
10289. 1:25:49will
10290. 1:25:49operate
10291. 1:25:49let's
10292. 1:25:49say
10293. 1:25:50in
10294. 1:25:5095%
10295. 1:25:51of
10296. 1:25:51cases
10297. 1:25:51but
10298. 1:25:51perhaps
10299. 1:25:52not
10300. 1:25:52in
10301. 1:25:52the
10302. 1:25:52most
10303. 1:25:52highly
10304. 1:25:53volatile
10305. 1:25:53markets
10306. 1:25:53perhaps
10307. 1:25:54you
10308. 1:25:54simply
10309. 1:25:54turn
10310. 1:25:54it
10311. 1:25:54off
10312. 1:25:55during
10313. 1:25:55those
10314. 1:25:55volatile
10315. 1:25:55market
10316. 1:25:56periods
10317. 1:25:56there
10318. 1:25:56isn't
10319. 1:25:56really
10320. 1:25:57one
10321. 1:25:57single
10322. 1:25:57correct
10323. 1:25:57answer
10324. 1:25:58to
10325. 1:25:58this
10326. 1:25:58question
10327. 1:25:58because
10328. 1:25:59once
10329. 1:25:59again
10330. 1:25:59it's
10331. 1:25:59a
10332. 1:26:00matter
10333. 1:26:00of
10334. 1:26:00where
10335. 1:26:00and
10336. 1:26:01what
10337. 1:26:01exactly
10338. 1:26:01you
10339. 1:26:01choose
10340. 1:26:02to
10341. 1:26:02focus
10342. 1:26:02on
10343. 1:26:02so
10344. 1:26:03I
10345. 1:26:03assume
10346. 1:26:04that
10347. 1:26:04some
10348. 1:26:05market
10349. 1:26:05makers
10350. 1:26:06simply
10351. 1:26:15at
10352. 1:26:15all
10353. 1:26:15and
10354. 1:26:16their
10355. 1:26:16algorithms
10356. 1:26:16are
10357. 1:26:16off
10358. 1:26:17so
10359. 1:26:17they
10360. 1:26:17just
10361. 1:26:18lose
10362. 1:26:18because
10363. 1:26:18of
10364. 1:26:18this
10365. 1:26:19for
10366. 1:26:19example
10367. 1:26:19but
10368. 1:26:20market
10369. 1:26:20makers
10370. 1:26:20like
10371. 1:26:21us
10372. 1:26:21should
10373. 1:26:21be
10374. 1:26:21making
10375. 1:26:21money
10376. 1:26:22from
10377. 1:26:22this
10378. 1:26:22so
10379. 1:26:23what's
10380. 1:26:23your
10381. 1:26:23take
10382. 1:26:24on
10383. 1:26:24this
10384. 1:26:24do
10385. 1:26:24you
10386. 1:26:24believe
10387. 1:26:25the
10388. 1:26:25current
10389. 1:26:25weakness
10390. 1:26:26of
10391. 1:26:26Bitcoin
10392. 1:26:26and
10393. 1:26:26other
10394. 1:26:27cryptocurrencies
10395. 1:26:27especially
10396. 1:26:28when
10397. 1:26:28compared
10398. 1:26:28to
10399. 1:26:28the
10400. 1:26:29S&P 500
10401. 1:26:29index
10402. 1:26:30and
10403. 1:26:30gold
10404. 1:26:30is
10405. 1:26:30directly
10406. 1:26:30related
10407. 1:26:31to
10408. 1:26:31the
10409. 1:26:31events
10410. 1:26:31that
10411. 1:26:32occurred
10412. 1:26:32on
10413. 1:26:32October
10414. 1:26:3210th
10415. 1:26:33if
10416. 1:26:33not
10417. 1:26:33what
10418. 1:26:33are
10419. 1:26:34your
10420. 1:26:34thoughts
10421. 1:26:34or
10422. 1:26:34opinions
10423. 1:26:34on
10424. 1:26:35why
10425. 1:26:35this
10426. 1:26:35is
10427. 1:26:35happening
10428. 1:26:35I
10429. 1:26:36think
10430. 1:26:37it's
10431. 1:26:37connected
10432. 1:26:37because
10433. 1:26:38I
10434. 1:26:39believe
10435. 1:26:39the
10436. 1:26:40people
10437. 1:26:40who
10438. 1:26:40suffered
10439. 1:26:40the
10440. 1:26:41greatest
10441. 1:26:41losses
10442. 1:26:42on
10443. 1:26:42the
10444. 1:26:4210th
10445. 1:26:42were
10446. 1:26:43on
10447. 1:26:43the
10448. 1:26:43one
10449. 1:26:44hand
10450. 1:26:44retail
10451. 1:26:44investors
10452. 1:26:45and
10453. 1:26:45on
10454. 1:26:45the
10455. 1:26:45other
10456. 1:26:46hand
10457. 1:26:46I
10458. 1:26:46don't
10459. 1:26:47know
10460. 1:26:47various
10461. 1:26:47liquid
10462. 1:26:48funds
10463. 1:26:48that
10464. 1:26:48held
10465. 1:26:49quite
10466. 1:26:49substantial
10467. 1:26:49long
10468. 1:26:50positions
10469. 1:26:50and
10470. 1:26:51this
10471. 1:26:51essentially
10472. 1:26:52besides
10473. 1:26:52sailor
10474. 1:26:52is
10475. 1:26:53our
10476. 1:26:53main
10477. 1:26:53bet
10478. 1:26:54in
10479. 1:26:54the
10480. 1:26:54crypto
10481. 1:26:54market
10482. 1:26:55so
10483. 1:26:55what
10484. 1:26:56I
10485. 1:26:56mean
10486. 1:26:56is
10487. 1:26:56I
10488. 1:26:56think
10489. 1:26:57until
10490. 1:26:57new
10491. 1:26:58liquid
10492. 1:26:58funds
10493. 1:26:58or
10494. 1:26:59new
10495. 1:26:59retail
10496. 1:26:59investors
10497. 1:26:59come
10498. 1:27:00into
10499. 1:27:00the
10500. 1:27:00market
10501. 1:27:00we
10502. 1:27:00will
10503. 1:27:00face
10504. 1:27:01considerable
10505. 1:27:01difficulty
10506. 1:27:02and
10507. 1:27:02we
10508. 1:27:03we're
10509. 1:27:05seeing
10510. 1:27:05it
10511. 1:27:05now
10512. 1:27:05the
10513. 1:27:06market
10514. 1:27:06is
10515. 1:27:06quite
10516. 1:27:07well
10517. 1:27:08pretty
10518. 1:27:08weak
10519. 1:27:08because
10520. 1:27:09I
10521. 1:27:09don't
10522. 1:27:09know
10523. 1:27:09the
10524. 1:27:10general
10525. 1:27:10vibe
10526. 1:27:10is
10527. 1:27:10quite
10528. 1:27:11sad
10529. 1:27:11in
10530. 1:27:11the
10531. 1:27:11market
10532. 1:27:11right
10533. 1:27:12now
10534. 1:27:12I
10535. 1:27:12mean
10536. 1:27:12I
10537. 1:27:12you
10538. 1:27:13know
10539. 1:27:13I
10540. 1:27:13sit
10541. 1:27:13in
10542. 1:27:13all
10543. 1:27:13sorts
10544. 1:27:14of
10545. 1:27:14chats
10546. 1:27:14so
10547. 1:27:15I
10548. 1:27:15don't
10549. 1:27:15know
10550. 1:27:15people
10551. 1:27:16are
10552. 1:27:16looking
10553. 1:27:16at
10554. 1:27:16all
10555. 1:27:16this
10556. 1:27:16quite
10557. 1:27:17sadly
10558. 1:27:17because
10559. 1:27:17like
10560. 1:27:18a
10561. 1:27:18year
10562. 1:27:18ago
10563. 1:27:18Trump
10564. 1:27:19came
10565. 1:27:19everyone
10566. 1:27:20thought
10567. 1:27:20Bitcoin
10568. 1:27:29wait
10569. 1:27:29perhaps
10570. 1:27:29a
10571. 1:27:30month
10572. 1:27:30or
10573. 1:27:30two
10574. 1:27:30maybe
10575. 1:27:31even
10576. 1:27:31six
10577. 1:27:31months
10578. 1:27:32until
10579. 1:27:32people
10580. 1:27:32are
10581. 1:27:32interested
10582. 1:27:33in
10583. 1:27:33all
10584. 1:27:33this
10585. 1:27:33again
10586. 1:27:34maybe
10587. 1:27:34it
10588. 1:27:34will
10589. 1:27:34happen
10590. 1:27:35faster
10591. 1:27:35maybe
10592. 1:27:35it
10593. 1:27:36will
10594. 1:27:36happen
10595. 1:27:36already
10596. 1:27:36in
10597. 1:27:36January
10598. 1:27:37I
10599. 1:27:37don't
10600. 1:27:37know
10601. 1:27:37so
10602. 1:27:38a
10603. 1:27:38very
10604. 1:27:38large
10605. 1:27:39part
10606. 1:27:39of
10607. 1:27:39this
10608. 1:27:39comes
10609. 1:27:40from
10610. 1:27:40macroeconomics
10611. 1:27:41and
10612. 1:27:41comes
10613. 1:27:41from
10614. 1:27:42whether
10615. 1:27:42I
10616. 1:27:42don't
10617. 1:27:42know
10618. 1:27:43we'll
10619. 1:27:43have
10620. 1:27:43QE
10621. 1:27:43or
10622. 1:27:44if
10623. 1:27:44we'll
10624. 1:27:44have
10625. 1:27:44some
10626. 1:27:44positive
10627. 1:27:45developments
10628. 1:27:46I
10629. 1:27:46don't
10630. 1:27:46know
10631. 1:27:46coming
10632. 1:27:47from
10633. 1:27:47America
10634. 1:27:47for
10635. 1:27:48instance
10636. 1:27:49will
10637. 1:27:49this
10638. 1:27:49current
10639. 1:27:59across
10640. 1:27:59all
10641. 1:27:59risk
10642. 1:28:00assets
10643. 1:28:00meaning
10644. 1:28:00crypto
10645. 1:28:01might
10646. 1:28:01potentially
10647. 1:28:01suffer
10648. 1:28:02even
10649. 1:28:02even
10650. 1:28:03more
10651. 1:28:03severely
10652. 1:28:03on
10653. 1:28:03the
10654. 1:28:03other
10655. 1:28:04hand
10656. 1:28:04perhaps
10657. 1:28:04people
10658. 1:28:05might
10659. 1:28:05switch
10660. 1:28:05back
10661. 1:28:05to
10662. 1:28:05crypto
10663. 1:28:06precisely
10664. 1:28:06because
10665. 1:28:06AI
10666. 1:28:07is
10667. 1:28:07involved
10668. 1:28:07in
10669. 1:28:07it
10670. 1:28:08so
10671. 1:28:08perhaps
10672. 1:28:09I
10673. 1:28:09don't
10674. 1:28:09know
10675. 1:28:10it
10676. 1:28:10could
10677. 1:28:10be
10678. 1:28:10a
10679. 1:28:10double
10680. 1:28:11interesting
10681. 1:28:12kind
10682. 1:28:12of
10683. 1:28:12thing
10684. 1:28:12if
10685. 1:28:13there's
10686. 1:28:13a
10687. 1:28:13bust
10688. 1:28:13in
10689. 1:28:13AI
10690. 1:28:14touching
10691. 1:28:14on
10692. 1:28:15the
10693. 1:28:15period
10694. 1:28:15just
10695. 1:28:15before
10696. 1:28:1610
10697. 1:28:16o'clock
10698. 1:28:16I
10699. 1:28:16wanted
10700. 1:28:16to
10701. 1:28:17ask
10702. 1:28:17you
10703. 1:28:17as
10704. 1:28:18an
10705. 1:28:18active
10706. 1:28:18market
10707. 1:28:18participant
10708. 1:28:19what
10709. 1:28:19do
10710. 1:28:19you
10711. 1:28:20think
10712. 1:28:20did
10713. 1:28:20anyone
10714. 1:28:20get
10715. 1:28:21completely
10716. 1:28:21wiped
10717. 1:28:21out
10718. 1:28:21at
10719. 1:28:22that
10720. 1:28:22moment
10721. 1:28:22you
10722. 1:28:22know
10723. 1:28:22someone
10724. 1:28:23whose
10725. 1:28:23body
10726. 1:28:23hasn't
10727. 1:28:24surfaced
10728. 1:28:24yet
10729. 1:28:25so
10730. 1:28:26will
10731. 1:28:27we
10732. 1:28:28see
10733. 1:28:28any
10734. 1:28:28more
10735. 1:28:28consequences
10736. 1:28:29from
10737. 1:28:29this
10738. 1:28:29or
10739. 1:28:29is
10740. 1:28:29this
10741. 1:28:30topic
10742. 1:28:30more
10743. 1:28:30or
10744. 1:28:30less
10745. 1:28:30concluded
10746. 1:28:30and
10747. 1:28:31we've
10748. 1:28:31already
10749. 1:28:31seen
10750. 1:28:31all
10751. 1:28:31the
10752. 1:28:32repercussions
10753. 1:28:33regarding
10754. 1:28:33precisely
10755. 1:28:33these
10756. 1:28:34kinds
10757. 1:28:34of
10758. 1:28:34events
10759. 1:28:34well
10760. 1:28:34clearly
10761. 1:28:35as
10762. 1:28:35you
10763. 1:28:35mentioned
10764. 1:28:35the
10765. 1:28:36sentiment
10766. 1:28:36is
10767. 1:28:36broken
10768. 1:28:37but
10769. 1:28:37specifically
10770. 1:28:38that
10771. 1:28:38someone
10772. 1:28:38was
10773. 1:28:38torn
10774. 1:28:38apart
10775. 1:28:39and
10776. 1:28:39we
10777. 1:28:39still
10778. 1:28:39don't
10779. 1:28:39know
10780. 1:28:39about
10781. 1:28:40it
10782. 1:28:40I
10783. 1:28:40think
10784. 1:28:40someone
10785. 1:28:41definitely
10786. 1:28:41got
10787. 1:28:42torn
10788. 1:28:42apart
10789. 1:28:42I
10790. 1:28:42just
10791. 1:28:42don't
10792. 1:28:43think
10793. 1:28:43it's
10794. 1:28:43the
10795. 1:28:43system
10796. 1:28:44so
10797. 1:28:44I
10798. 1:28:44don't
10799. 1:28:44think
10800. 1:28:44it
10801. 1:28:45will
10802. 1:28:45affect
10803. 1:28:45anything
10804. 1:28:46except
10805. 1:28:46that
10806. 1:28:47person
10807. 1:28:47was
10808. 1:28:47torn
10809. 1:28:48apart
10810. 1:28:48and
10811. 1:28:48now
10812. 1:28:48they
10813. 1:28:49can't
10814. 1:28:49operate
10815. 1:28:49in
10816. 1:28:50the
10817. 1:28:50market
10818. 1:28:50as
10819. 1:28:50they
10820. 1:28:50used
10821. 1:28:51to
10822. 1:28:51so
10823. 1:28:52we
10824. 1:28:53had
10825. 1:28:53many
10826. 1:28:53more
10827. 1:28:53of
10828. 1:28:53these
10829. 1:28:54systemic
10830. 1:28:54players
10831. 1:28:54in
10832. 1:28:552021
10833. 1:28:55and
10834. 1:28:562022
10835. 1:28:56because
10836. 1:28:57companies
10837. 1:28:57like
10838. 1:28:58Alameda
10839. 1:28:58for
10840. 1:28:58example
10841. 1:28:59had
10842. 1:28:59I
10843. 1:28:59don't
10844. 1:28:59know
10845. 1:28:59a
10846. 1:29:00huge
10847. 1:29:00number
10848. 1:29:00of
10849. 1:29:00long
10850. 1:29:00positions
10851. 1:29:01across
10852. 1:29:01various
10853. 1:29:02tokens
10854. 1:29:02so
10855. 1:29:02they
10856. 1:29:03were
10857. 1:29:03clearly
10858. 1:29:03systemic
10859. 1:29:04they
10860. 1:29:04were
10861. 1:29:04also
10862. 1:29:04quite
10863. 1:29:04systemic
10864. 1:29:05because
10865. 1:29:05they
10866. 1:29:06simply
10867. 1:29:06borrowed
10868. 1:29:06a
10869. 1:29:06massive
10870. 1:29:07amount
10871. 1:29:07of
10872. 1:29:07money
10873. 1:29:07from
10874. 1:29:08a
10875. 1:29:08large
10876. 1:29:08number
10877. 1:29:08of
10878. 1:29:08people
10879. 1:29:09and
10880. 1:29:10all
10881. 1:29:10the
10882. 1:29:10leverage
10883. 1:29:11we
10884. 1:29:11have
10885. 1:29:11right
10886. 1:29:11now
10887. 1:29:12it
10888. 1:29:12was
10889. 1:29:12actually
10890. 1:29:12concentrated
10891. 1:29:13on
10892. 1:29:13the
10893. 1:29:13primary
10894. 1:29:14exchanges
10895. 1:29:14like
10896. 1:29:14Binance
10897. 1:29:15Hobby
10898. 1:29:15Bybit
10899. 1:29:16in
10900. 1:29:16every
10901. 1:29:17single
10902. 1:29:17one
10903. 1:29:17so
10904. 1:29:18all
10905. 1:29:18that
10906. 1:29:18leverage
10907. 1:29:19was
10908. 1:29:19quite
10909. 1:29:19clearly
10910. 1:29:20visible
10911. 1:29:20everyone
10912. 1:29:21who
10913. 1:29:21got
10914. 1:29:21wiped
10915. 1:29:21out
10916. 1:29:22they've
10917. 1:29:22already
10918. 1:29:22been
10919. 1:29:22wiped
10920. 1:29:23out
10921. 1:29:23but
10922. 1:29:23in
10923. 1:29:232022
10924. 1:29:24there
10925. 1:29:25was
10926. 1:29:25a
10927. 1:29:32personal
10928. 1:29:33lending
10929. 1:29:33it
10930. 1:29:34was
10931. 1:29:34hidden
10932. 1:29:34and
10933. 1:29:35no
10934. 1:29:35one
10935. 1:29:35truly
10936. 1:29:35knew
10937. 1:29:36and
10938. 1:29:36so
10939. 1:29:36it
10940. 1:29:37wasn't
10941. 1:29:37clear
10942. 1:29:37who
10943. 1:29:38else
10944. 1:29:38would
10945. 1:29:38emerge
10946. 1:29:38later
10947. 1:29:39on
10948. 1:29:39but
10949. 1:29:39now
10950. 1:29:40those
10951. 1:29:40who
10952. 1:29:40blow
10953. 1:29:40up
10954. 1:29:41they
10955. 1:29:41just
10956. 1:29:41blow
10957. 1:29:41up
10958. 1:29:42perhaps
10959. 1:29:42and
10960. 1:29:42that's
10961. 1:29:43all
10962. 1:29:43I
10963. 1:29:43don't
10964. 1:29:43think
10965. 1:29:44there
10966. 1:29:44will
10967. 1:29:44be
10968. 1:29:44any
10969. 1:29:44long
10970. 1:29:45term
10971. 1:29:45you
10972. 1:29:45know
10973. 1:29:46impact
10974. 1:29:46from
10975. 1:29:47it
10976. 1:29:47anymore
10977. 1:29:47so
10978. 1:29:48I'm
10979. 1:29:49not
10980. 1:29:49particularly
10981. 1:29:50worried
10982. 1:29:50about
10983. 1:29:51that
10984. 1:29:51I'm
10985. 1:29:52quite
10986. 1:29:52skeptical
10987. 1:29:53that
10988. 1:29:53you
10989. 1:29:54know
10990. 1:29:54some
10991. 1:29:55brand
10992. 1:29:55I
10993. 1:29:55mean
10994. 1:29:55a
10995. 1:29:56lot
10996. 1:29:57of
10997. 1:29:57people
10998. 1:29:57naturally
10999. 1:29:58say
11000. 1:29:58we're
11001. 1:29:58still
11002. 1:29:59selling
11003. 1:29:59some
11004. 1:29:59of
11005. 1:30:00our
11006. 1:30:00old
11007. 1:30:00inventory
11008. 1:30:01and
11009. 1:30:02because
11010. 1:30:03of
11011. 1:30:03this
11012. 1:30:03the
11013. 1:30:03markets
11014. 1:30:04are
11015. 1:30:04going
11016. 1:30:04down
11017. 1:30:04but
11018. 1:30:05in
11019. 1:30:05principle
11020. 1:30:05the
11021. 1:30:06vast
11022. 1:30:06majority
11023. 1:30:06of
11024. 1:30:06market
11025. 1:30:07makers
11026. 1:30:07are
11027. 1:30:07delta
11028. 1:30:08neutral
11029. 1:30:08meaning
11030. 1:30:08they
11031. 1:30:08have
11032. 1:30:09nothing
11033. 1:30:09to
11034. 1:30:09sell
11035. 1:30:09they're
11036. 1:30:10not
11037. 1:30:10really
11038. 1:30:10sitting
11039. 1:30:10on
11040. 1:30:10anything
11041. 1:30:11substantial
11042. 1:30:11at
11043. 1:30:11all
11044. 1:30:12so
11045. 1:30:12even
11046. 1:30:12if
11047. 1:30:12some
11048. 1:30:13market
11049. 1:30:13maker
11050. 1:30:13blows
11051. 1:30:13up
11052. 1:30:14they
11053. 1:30:14just
11054. 1:30:14blow
11055. 1:30:14up
11056. 1:30:15and
11057. 1:30:15that's
11058. 1:30:15the
11059. 1:30:15end
11060. 1:30:15of
11061. 1:30:15it
11062. 1:30:16the
11063. 1:30:16story
11064. 1:30:16you
11065. 1:30:16could
11066. 1:30:17say
11067. 1:30:17just
11068. 1:30:17ends
11069. 1:30:17there
11070. 1:30:17so
11071. 1:30:18I
11072. 1:30:28focused
11073. 1:30:28more
11074. 1:30:28on
11075. 1:30:29some
11076. 1:30:29alt
11077. 1:30:30coins
11078. 1:30:31they
11079. 1:30:31invested
11080. 1:30:31in
11081. 1:30:32but
11082. 1:30:32I
11083. 1:30:32think
11084. 1:30:32Bitcoin
11085. 1:30:33is
11086. 1:30:34weak
11087. 1:30:34right
11088. 1:30:34now
11089. 1:30:35I
11090. 1:30:35think
11091. 1:30:35it's
11092. 1:30:35just
11093. 1:30:36bare
11094. 1:30:37market
11095. 1:30:37vibes
11096. 1:30:38really
11097. 1:30:38It
11098. 1:30:39seems
11099. 1:30:39you
11100. 1:30:39said
11101. 1:30:39that
11102. 1:30:40there
11103. 1:30:41are
11104. 1:30:41fewer
11105. 1:30:41systemic
11106. 1:30:42players
11107. 1:30:42at
11108. 1:30:42the
11109. 1:30:42moment
11110. 1:30:43did
11111. 1:30:43I
11112. 1:30:43hear
11113. 1:30:44you
11114. 1:30:44correctly
11115. 1:30:44so
11116. 1:30:45has
11117. 1:30:46our
11118. 1:30:46market
11119. 1:30:46structure
11120. 1:30:46changed
11121. 1:30:47so
11122. 1:30:47much
11123. 1:30:47that
11124. 1:30:48the
11125. 1:30:48market
11126. 1:30:48now
11127. 1:30:48relies
11128. 1:30:49on
11129. 1:30:49a
11130. 1:30:49smaller
11131. 1:30:49number
11132. 1:30:49of
11133. 1:30:50players
11134. 1:30:50and
11135. 1:30:50no
11136. 1:30:51new
11137. 1:30:51ones
11138. 1:30:51have
11139. 1:30:51emerged
11140. 1:30:52since
11141. 1:30:52the
11142. 1:30:52FTX
11143. 1:30:53events
11144. 1:30:53and
11145. 1:30:54all
11146. 1:30:54that
11147. 1:30:54downturn
11148. 1:30:54no
11149. 1:30:55I
11150. 1:30:55think
11151. 1:30:56the
11152. 1:30:56players
11153. 1:30:57we
11154. 1:30:57currently
11155. 1:30:58have
11156. 1:30:58if
11157. 1:30:58they
11158. 1:30:58were
11159. 1:30:59to
11160. 1:30:59disappear
11161. 1:30:59it
11162. 1:31:00wouldn't
11163. 1:31:00affect
11164. 1:31:00the
11165. 1:31:00market
11166. 1:31:01all
11167. 1:31:01that
11168. 1:31:01much
11169. 1:31:02well
11170. 1:31:02okay
11171. 1:31:02Binance
11172. 1:31:03is
11173. 1:31:03actually
11174. 1:31:03the
11175. 1:31:03biggest
11176. 1:31:04exception
11177. 1:31:04because
11178. 1:31:05they
11179. 1:31:05are
11180. 1:31:05really
11181. 1:31:06very
11182. 1:31:06big
11183. 1:31:06but
11184. 1:31:07roughly
11185. 1:31:07speaking
11186. 1:31:07I
11187. 1:31:08don't
11188. 1:31:08know
11189. 1:31:08if
11190. 1:31:09we
11191. 1:31:09suddenly
11192. 1:31:09disappear
11193. 1:31:10from
11194. 1:31:10the
11195. 1:31:10market
11196. 1:31:10okay
11197. 1:31:11someone
11198. 1:31:11will
11199. 1:31:12take
11200. 1:31:12our
11201. 1:31:12place
11202. 1:31:13in
11203. 1:31:13I
11204. 1:31:13don't
11205. 1:31:13know
11206. 1:31:14a
11207. 1:31:14month
11208. 1:31:14or
11209. 1:31:14two
11210. 1:31:14and
11211. 1:31:15that's
11212. 1:31:15it
11213. 1:31:15no
11214. 1:31:16one
11215. 1:31:16will
11216. 1:31:16really
11217. 1:31:24for
11218. 1:31:24a
11219. 1:31:24month
11220. 1:31:24or
11221. 1:31:24two
11222. 1:31:25something
11223. 1:31:25illiquid
11224. 1:31:25might
11225. 1:31:26occur
11226. 1:31:26but
11227. 1:31:26the
11228. 1:31:26departure
11229. 1:31:27of
11230. 1:31:27any
11231. 1:31:27market
11232. 1:31:27maker
11233. 1:31:27from
11234. 1:31:28the
11235. 1:31:28market
11236. 1:31:28will
11237. 1:31:28never
11238. 1:31:28be
11239. 1:31:29noticed
11240. 1:31:29by
11241. 1:31:29anyone
11242. 1:31:29most
11243. 1:31:31exchanges
11244. 1:31:34I mean
11245. 1:31:35apart from
11246. 1:31:35perhaps
11247. 1:31:36Binance
11248. 1:31:36I don't
11249. 1:31:36really
11250. 1:31:37think
11251. 1:31:37this
11252. 1:31:37will
11253. 1:31:37have
11254. 1:31:38a
11255. 1:31:38very
11256. 1:31:38significant
11257. 1:31:38impact
11258. 1:31:39so
11259. 1:31:39if
11260. 1:31:40some
11261. 1:31:40exchange
11262. 1:31:40suddenly
11263. 1:31:41by
11264. 1:31:41some
11265. 1:31:42unknown
11266. 1:31:42means
11267. 1:31:42went
11268. 1:31:43bankrupt
11269. 1:31:43well
11270. 1:31:44okay
11271. 1:31:44it would
11272. 1:31:45be
11273. 1:31:45quite
11274. 1:31:45unpleasant
11275. 1:31:46for
11276. 1:31:46people
11277. 1:31:46who
11278. 1:31:47hold
11279. 1:31:47their
11280. 1:31:47money
11281. 1:31:47on
11282. 1:31:47that
11283. 1:31:48exchange
11284. 1:31:48but
11285. 1:31:49then
11286. 1:31:49again
11287. 1:31:49I
11288. 1:31:50don't
11289. 1:31:50expect
11290. 1:31:50that
11291. 1:31:50this
11292. 1:31:51would
11293. 1:31:51have
11294. 1:31:51happened
11295. 1:31:52because
11296. 1:31:52most
11297. 1:31:52exchanges
11298. 1:31:53don't
11299. 1:31:53really
11300. 1:31:54hold
11301. 1:31:54any
11302. 1:31:55long
11303. 1:31:56leveraged
11304. 1:31:56positions
11305. 1:31:56because
11306. 1:31:57it
11307. 1:31:57simply
11308. 1:31:57makes
11309. 1:31:57no
11310. 1:31:58sense
11311. 1:31:58at
11312. 1:31:58all
11313. 1:31:58I
11314. 1:31:59think
11315. 1:31:59since
11316. 1:32:00FTX
11317. 1:32:00everyone
11318. 1:32:00has
11319. 1:32:01learned
11320. 1:32:01okay
11321. 1:32:02if
11322. 1:32:02you
11323. 1:32:02have
11324. 1:32:02an
11325. 1:32:02exchange
11326. 1:32:03it's
11327. 1:32:03such
11328. 1:32:03a
11329. 1:32:03good
11330. 1:32:04business
11331. 1:32:04you
11332. 1:32:04don't
11333. 1:32:04need
11334. 1:32:05to
11335. 1:32:05gamble
11336. 1:32:05with
11337. 1:32:05leveraged
11338. 1:32:06user
11339. 1:32:06funds
11340. 1:32:07I
11341. 1:32:07don't
11342. 1:32:07know
11343. 1:32:07leveraged
11344. 1:32:08user
11345. 1:32:08funds
11346. 1:32:09buying
11347. 1:32:09stuff
11348. 1:32:09makes
11349. 1:32:10no
11350. 1:32:10sense
11351. 1:32:10at
11352. 1:32:10all
11353. 1:32:10you
11354. 1:32:11just
11355. 1:32:11collect
11356. 1:32:11these
11357. 1:32:11fees
11358. 1:32:12just
11359. 1:32:20like
11360. 1:32:20goldfishes
11361. 1:32:21and
11362. 1:32:21even
11363. 1:32:22when
11364. 1:32:22they're
11365. 1:32:22building
11366. 1:32:22a
11367. 1:32:22business
11368. 1:32:23they'll
11369. 1:32:23take
11370. 1:32:23more
11371. 1:32:23risks
11372. 1:32:23to
11373. 1:32:24some
11374. 1:32:24extent
11375. 1:32:24out
11376. 1:32:25of
11377. 1:32:25greed
11378. 1:32:25and
11379. 1:32:26we'll
11380. 1:32:26still
11381. 1:32:26constantly
11382. 1:32:27see
11383. 1:32:27cases
11384. 1:32:27where
11385. 1:32:28an
11386. 1:32:28exchange
11387. 1:32:28smaller
11388. 1:32:29exchanges
11389. 1:32:30yes
11390. 1:32:31but
11391. 1:32:31the
11392. 1:32:31bigger
11393. 1:32:32exchanges
11394. 1:32:32I
11395. 1:32:32truly
11396. 1:32:33don't
11397. 1:32:33believe
11398. 1:32:34they're
11399. 1:32:34so
11400. 1:32:34reckless
11401. 1:32:34well
11402. 1:32:35yes
11403. 1:32:35yes
11404. 1:32:36the
11405. 1:32:36grown-ups
11406. 1:32:36of course
11407. 1:32:37probably
11408. 1:32:37taught
11409. 1:32:37them
11410. 1:32:37perhaps
11411. 1:32:38we
11412. 1:32:38could
11413. 1:32:38try
11414. 1:32:38to
11415. 1:32:38add
11416. 1:32:39a
11417. 1:32:39little
11418. 1:32:39optimism
11419. 1:32:39we've
11420. 1:32:40just
11421. 1:32:40had
11422. 1:32:40a
11423. 1:32:41bear
11424. 1:32:42market
11425. 1:32:42and
11426. 1:32:43you
11427. 1:32:44mentioned
11428. 1:32:45at
11429. 1:32:45beginning
11430. 1:32:45of
11431. 1:32:46the
11432. 1:32:46podcast
11433. 1:32:46that
11434. 1:32:46you
11435. 1:32:47don't
11436. 1:32:47expect
11437. 1:32:47much
11438. 1:32:48activity
11439. 1:32:48next
11440. 1:32:49year
11441. 1:32:49either
11442. 1:32:49because
11443. 1:32:50well
11444. 1:32:50next
11445. 1:32:51year
11446. 1:32:51is
11447. 1:32:51typically
11448. 1:32:51less
11449. 1:32:52interesting
11450. 1:32:52than
11451. 1:32:53it
11452. 1:32:53usually
11453. 1:32:53is
11454. 1:32:53what
11455. 1:32:55do
11456. 1:32:55you
11457. 1:32:55think
11458. 1:32:55are
11459. 1:32:55we
11460. 1:32:56not
11461. 1:32:56heading
11462. 1:32:56for
11463. 1:32:56rock
11464. 1:32:56bottom
11465. 1:32:57because
11466. 1:32:57there
11467. 1:32:58are
11468. 1:32:58sentiments
11469. 1:32:58that
11470. 1:32:59crypto
11471. 1:32:59is
11472. 1:33:00completely
11473. 1:33:00finished
11474. 1:33:01and
11475. 1:33:02you
11476. 1:33:02know
11477. 1:33:02it's
11478. 1:33:02like
11479. 1:33:02isn't
11480. 1:33:03this
11481. 1:33:03perhaps
11482. 1:33:04related
11483. 1:33:04to
11484. 1:33:04Winterview's
11485. 1:33:05desire
11486. 1:33:05to enter
11487. 1:33:05into
11488. 1:33:05trade-offs
11489. 1:33:06in the
11490. 1:33:06coming
11491. 1:33:06year
11492. 1:33:06well
11493. 1:33:07Winterview's
11494. 1:33:08desire
11495. 1:33:08to move
11496. 1:33:09into
11497. 1:33:09TradFi
11498. 1:33:09actually
11499. 1:33:10is
11500. 1:33:10on
11501. 1:33:11one
11502. 1:33:11hand
11503. 1:33:11diversification
11504. 1:33:12but
11505. 1:33:12not
11506. 1:33:12diversification
11507. 1:33:13in the
11508. 1:33:13sense
11509. 1:33:13that
11510. 1:33:14crypto
11511. 1:33:14will
11512. 1:33:14die
11513. 1:33:14but
11514. 1:33:15in
11515. 1:33:15the
11516. 1:33:15sense
11517. 1:33:15that
11518. 1:33:15okay
11519. 1:33:16if
11520. 1:33:16next
11521. 1:33:16year
11522. 1:33:16is
11523. 1:33:17I
11524. 1:33:18don't
11525. 1:33:18know
11526. 1:33:18sluggish
11527. 1:33:18in terms
11528. 1:33:19of
11529. 1:33:19volumes
11530. 1:33:19we
11531. 1:33:19want
11532. 1:33:20to
11533. 1:33:20have
11534. 1:33:20well
11535. 1:33:20and
11536. 1:33:21in
11537. 1:33:21general
11538. 1:33:21I
11539. 1:33:21don't
11540. 1:33:22know
11541. 1:33:22there
11542. 1:33:22will
11543. 1:33:22always
11544. 1:33:22be
11545. 1:33:23cycles
11546. 1:33:23in
11547. 1:33:23crypto
11548. 1:33:23so
11549. 1:33:24we
11550. 1:33:24don't
11551. 1:33:24want
11552. 1:33:24to
11553. 1:33:24depend
11554. 1:33:25too
11555. 1:33:25much
11556. 1:33:25on
11557. 1:33:25cycles
11558. 1:33:26so
11559. 1:33:26we
11560. 1:33:27do
11561. 1:33:27believe
11562. 1:33:28in
11563. 1:33:28crypto
11564. 1:33:28that
11565. 1:33:28is
11566. 1:33:28we
11567. 1:33:29believe
11568. 1:33:29that
11569. 1:33:39interesting
11570. 1:33:40combinations
11571. 1:33:40between
11572. 1:33:41TradFi
11573. 1:33:41and
11574. 1:33:42crypto
11575. 1:33:42so
11576. 1:33:42all
11577. 1:33:43of
11578. 1:33:43this
11579. 1:33:43will
11580. 1:33:43actually
11581. 1:33:44merge
11582. 1:33:44into
11583. 1:33:44one
11584. 1:33:45and
11585. 1:33:45so
11586. 1:33:45at
11587. 1:33:46some
11588. 1:33:46point
11589. 1:33:46if
11590. 1:33:47we
11591. 1:33:47are
11592. 1:33:47not
11593. 1:33:47in
11594. 1:33:47TradFi
11595. 1:33:48then
11596. 1:33:48we
11597. 1:33:48will
11598. 1:33:49simply
11599. 1:33:49I
11600. 1:33:50don't
11601. 1:33:50know
11602. 1:33:50TradFi
11603. 1:33:51players
11604. 1:33:51will
11605. 1:33:51squeeze
11606. 1:33:52us
11607. 1:33:52out
11608. 1:33:52of
11609. 1:33:52the
11610. 1:33:52market
11611. 1:33:53simply
11612. 1:33:53because
11613. 1:33:53all
11614. 1:33:54of
11615. 1:33:54this
11616. 1:33:54will
11617. 1:33:54actually
11618. 1:33:55be
11619. 1:33:55one
11620. 1:33:55big
11621. 1:33:55market
11622. 1:33:56so
11623. 1:33:56in
11624. 1:33:57this
11625. 1:33:57regard
11626. 1:33:57we
11627. 1:33:58cannot
11628. 1:33:58avoid
11629. 1:33:58entering
11630. 1:33:59TradFi
11631. 1:33:59what's
11632. 1:34:00going to
11633. 1:34:00happen
11634. 1:34:00with
11635. 1:34:01the
11636. 1:34:01market
11637. 1:34:01I
11638. 1:34:02don't
11639. 1:34:02really
11640. 1:34:02think
11641. 1:34:02that
11642. 1:34:03crypto
11643. 1:34:03is
11644. 1:34:03going
11645. 1:34:03to
11646. 1:34:03die
11647. 1:34:04I
11648. 1:34:04mean
11649. 1:34:04like
11650. 1:34:04I
11651. 1:34:05would
11652. 1:34:05say
11653. 1:34:05we
11654. 1:34:06have
11655. 1:34:07quite
11656. 1:34:07large
11657. 1:34:07venture
11658. 1:34:07positions
11659. 1:34:08like
11660. 1:34:08our
11661. 1:34:08own
11662. 1:34:09Bitcoin
11663. 1:34:09and
11664. 1:34:09Ethereum
11665. 1:34:10we
11666. 1:34:10didn't
11667. 1:34:10sell
11668. 1:34:10them
11669. 1:34:11either
11670. 1:34:11despite
11671. 1:34:11the
11672. 1:34:11wipeout
11673. 1:34:12you
11674. 1:34:12know
11675. 1:34:12I
11676. 1:34:14personally
11677. 1:34:15also
11678. 1:34:15have
11679. 1:34:15a lot
11680. 1:34:16of
11681. 1:34:16crypto
11682. 1:34:16in my
11683. 1:34:16portfolio
11684. 1:34:17unfortunately
11685. 1:34:18but
11686. 1:34:19I
11687. 1:34:19don't
11688. 1:34:20know
11689. 1:34:20I've
11690. 1:34:20been
11691. 1:34:20through
11692. 1:34:20several
11693. 1:34:21of
11694. 1:34:21these
11695. 1:34:21cycles
11696. 1:34:22since
11697. 1:34:222017
11698. 1:34:23it's
11699. 1:34:24not
11700. 1:34:24my
11701. 1:34:24first
11702. 1:34:24rodeo
11703. 1:34:25in
11704. 1:34:25this
11705. 1:34:25world
11706. 1:34:25so
11707. 1:34:27I
11708. 1:34:27don't
11709. 1:34:27know
11710. 1:34:27I
11711. 1:34:32change
11712. 1:34:32and
11713. 1:34:33the
11714. 1:34:33vibe
11715. 1:34:33will
11716. 1:34:33change
11717. 1:34:34after
11718. 1:34:34some
11719. 1:34:34time
11720. 1:34:35and
11721. 1:34:35it
11722. 1:34:35will
11723. 1:34:35be
11724. 1:34:35fun
11725. 1:34:36again
11726. 1:34:36fun
11727. 1:34:36again
11728. 1:34:37you
11729. 1:34:38said
11730. 1:34:38that
11731. 1:34:38diversification
11732. 1:34:40is
11733. 1:34:40about
11734. 1:34:40cycles
11735. 1:34:41but
11736. 1:34:41don't
11737. 1:34:41you
11738. 1:34:41have
11739. 1:34:41the
11740. 1:34:42feeling
11741. 1:34:42that
11742. 1:34:42you
11743. 1:34:43on
11744. 1:34:44the
11745. 1:34:44other
11746. 1:34:44hand
11747. 1:34:44you
11748. 1:34:44say
11749. 1:34:44we're
11750. 1:34:45dependent
11751. 1:34:45on
11752. 1:34:45the
11753. 1:34:45macro
11754. 1:34:46narrative
11755. 1:34:46are
11756. 1:34:46the
11757. 1:34:47cycles
11758. 1:34:47somehow
11759. 1:34:47correlated
11760. 1:34:48or
11761. 1:34:48not
11762. 1:34:48for
11763. 1:34:49us
11764. 1:34:49for
11765. 1:34:50crypto
11766. 1:34:51and
11767. 1:34:51for
11768. 1:34:51TradFi
11769. 1:34:52it's
11770. 1:34:53complicated
11771. 1:34:53sometimes
11772. 1:34:54they're
11773. 1:34:54correlated
11774. 1:34:55sometimes
11775. 1:34:55not
11776. 1:34:55yes
11777. 1:34:56so
11778. 1:34:56I
11779. 1:34:57don't
11780. 1:34:57know
11781. 1:34:57there
11782. 1:34:57was
11783. 1:34:58covid
11784. 1:34:58for
11785. 1:34:58example
11786. 1:34:59so
11787. 1:34:59with
11788. 1:35:00covid
11789. 1:35:00on
11790. 1:35:01the
11791. 1:35:01one
11792. 1:35:01hand
11793. 1:35:01everything
11794. 1:35:02crashed
11795. 1:35:02in
11796. 1:35:02one
11797. 1:35:03day
11798. 1:35:03in
11799. 1:35:03March
11800. 1:35:03when
11801. 1:35:04it
11802. 1:35:04happened
11803. 1:35:04then
11804. 1:35:05I
11805. 1:35:06don't
11806. 1:35:06know
11807. 1:35:06things
11808. 1:35:06picked
11809. 1:35:07up
11810. 1:35:07crypto
11811. 1:35:08started
11812. 1:35:08growing
11813. 1:35:08faster
11814. 1:35:09than
11815. 1:35:09anything
11816. 1:35:09else
11817. 1:35:10because
11818. 1:35:10you
11819. 1:35:10had
11820. 1:35:11more
11821. 1:35:12inflow
11822. 1:35:12of
11823. 1:35:13fun
11824. 1:35:13money
11825. 1:35:14into
11826. 1:35:14the
11827. 1:35:14system
11828. 1:35:14so
11829. 1:35:15very
11830. 1:35:17often
11831. 1:35:17yes
11832. 1:35:17macroeconomics
11833. 1:35:18naturally
11834. 1:35:18has an
11835. 1:35:19impact
11836. 1:35:19but
11837. 1:35:20its
11838. 1:35:20influence
11839. 1:35:20is
11840. 1:35:21much
11841. 1:35:21more
11842. 1:35:21positive
11843. 1:35:22when
11844. 1:35:22there
11845. 1:35:22are
11846. 1:35:22also
11847. 1:35:23positive
11848. 1:35:23narratives
11849. 1:35:24emerging
11850. 1:35:24within
11851. 1:35:25the
11852. 1:35:25crypto
11853. 1:35:25space
11854. 1:35:27perceives
11855. 1:35:28crypto
11856. 1:35:29as
11857. 1:35:29some
11858. 1:35:29kind
11859. 1:35:29of
11860. 1:35:30I
11861. 1:35:30don't
11862. 1:35:30know
11863. 1:35:31a
11864. 1:35:31risk
11865. 1:35:31on
11866. 1:35:31asset
11867. 1:35:31class
11868. 1:35:32that
11869. 1:35:32will
11870. 1:35:32go
11871. 1:35:33up
11872. 1:35:33much
11873. 1:35:33faster
11874. 1:35:33than
11875. 1:35:34I
11876. 1:35:34don't
11877. 1:35:34know
11878. 1:35:35everything
11879. 1:35:35else
11880. 1:35:35so
11881. 1:35:36on
11882. 1:35:36the
11883. 1:35:37one
11884. 1:35:37hand
11885. 1:35:37you
11886. 1:35:38need
11887. 1:35:38a
11888. 1:35:38positive
11889. 1:35:38macro
11890. 1:35:39environment
11891. 1:35:39and
11892. 1:35:40on
11893. 1:35:40the
11894. 1:35:40other
11895. 1:35:40you
11896. 1:35:40need
11897. 1:35:40a
11898. 1:35:40positive
11899. 1:35:41attitude
11900. 1:35:41towards
11901. 1:35:42crypto
11902. 1:35:42as
11903. 1:35:42well
11904. 1:35:43as
11905. 1:35:43we
11906. 1:35:43slowly
11907. 1:35:43move
11908. 1:35:44towards
11909. 1:35:44the
11910. 1:35:44end
11911. 1:35:44I
11912. 1:35:44wanted
11913. 1:35:44to
11914. 1:35:45I
11915. 1:35:45wanted
11916. 1:35:45to
11917. 1:35:46ask
11918. 1:35:46you
11919. 1:35:46about
11920. 1:35:46narratives
11921. 1:35:47and
11922. 1:35:48some
11923. 1:35:48exciting
11924. 1:35:48things
11925. 1:35:49that
11926. 1:35:49I
11927. 1:35:50am
11928. 1:35:50not
11929. 1:35:50asking
11930. 1:35:50about
11931. 1:35:51Winter
11932. 1:35:51in
11933. 1:35:51View
11934. 1:35:51I
11935. 1:35:51want
11936. 1:35:52to
11937. 1:35:52ask
11938. 1:35:52you
11939. 1:35:52personally
11940. 1:35:52what
11941. 1:35:53truly
11942. 1:35:53makes
11943. 1:35:53you
11944. 1:35:54well
11945. 1:35:55I
11946. 1:35:55don't
11947. 1:35:55know
11948. 1:35:55how
11949. 1:35:55to
11950. 1:35:55put
11951. 1:35:55it
11952. 1:35:56I
11953. 1:35:56don't
11954. 1:35:56know
11955. 1:35:56the
11956. 1:35:56Russian
11957. 1:35:56word
11958. 1:35:57either
11959. 1:35:57what
11960. 1:35:57truly
11961. 1:35:58inspires
11962. 1:35:58you
11963. 1:35:58in
11964. 1:36:00Russian
11965. 1:36:00that's
11966. 1:36:01what's
11967. 1:36:01truly
11968. 1:36:01inspiring
11969. 1:36:02especially
11970. 1:36:02in
11971. 1:36:03crypto
11972. 1:36:03what
11973. 1:36:05what
11974. 1:36:06drives
11975. 1:36:06you
11976. 1:36:06in
11977. 1:36:06Winter
11978. 1:36:06in
11979. 1:36:07View
11980. 1:36:07these
11981. 1:36:08are
11982. 1:36:08two
11983. 1:36:08quite
11984. 1:36:08different
11985. 1:36:08questions
11986. 1:36:09we'll
11987. 1:36:10address
11988. 1:36:10them
11989. 1:36:10separately
11990. 1:36:11first
11991. 1:36:11let's
11992. 1:36:12talk
11993. 1:36:12about
11994. 1:36:12what
11995. 1:36:12truly
11996. 1:36:13excites
11997. 1:36:13you
11998. 1:36:13in
11999. 1:36:13the
12000. 1:36:13crypto
12001. 1:36:14space
12002. 1:36:14what
12003. 1:36:15narratives
12004. 1:36:15perhaps
12005. 1:36:16or
12006. 1:36:16what
12007. 1:36:16specific
12008. 1:36:17things
12009. 1:36:17I'll
12010. 1:36:18start
12011. 1:36:19by
12012. 1:36:19saying
12013. 1:36:20that
12014. 1:36:20you
12015. 1:36:20know
12016. 1:36:20I
12017. 1:36:21mean
12018. 1:36:21when
12019. 1:36:21I
12020. 1:36:21first
12021. 1:36:22got
12022. 1:36:22into
12023. 1:36:22crypto
12024. 1:36:23I
12025. 1:36:23was
12026. 1:36:24interested
12027. 1:36:25in
12028. 1:36:26volatility
12029. 1:36:26and
12030. 1:36:27I
12031. 1:36:27was
12032. 1:36:27also
12033. 1:36:27interested
12034. 1:36:28in
12035. 1:36:28fact
12036. 1:36:28that
12037. 1:36:29you
12038. 1:36:29know
12039. 1:36:29there
12040. 1:36:30was
12041. 1:36:30an
12042. 1:36:30opportunity
12043. 1:36:30to
12044. 1:36:31make
12045. 1:36:31some
12046. 1:36:31money
12047. 1:36:32and
12048. 1:36:32it
12049. 1:36:32was
12050. 1:36:33kind
12051. 1:36:33of
12052. 1:36:33fun
12053. 1:36:33but
12054. 1:36:34I
12055. 1:36:34stayed
12056. 1:36:34in
12057. 1:36:34crypto
12058. 1:36:35because
12059. 1:36:35well
12060. 1:36:36I
12061. 1:36:36guess
12062. 1:36:36I
12063. 1:36:36caught
12064. 1:36:37this
12065. 1:36:37cypherpunk
12066. 1:36:38bug
12067. 1:36:38so
12068. 1:36:39you
12069. 1:36:39know
12070. 1:36:39these
12071. 1:36:39cypherpunk
12072. 1:36:40values
12073. 1:36:41they
12074. 1:36:41are
12075. 1:36:41quite
12076. 1:36:41close
12077. 1:36:42to
12078. 1:36:42me
12079. 1:36:42personally
12080. 1:36:43and
12081. 1:36:43in
12082. 1:36:44principle
12083. 1:36:45where
12084. 1:36:45the
12085. 1:36:46world
12086. 1:36:46is
12087. 1:36:46moving
12088. 1:36:47I
12089. 1:36:47don't
12090. 1:36:47know
12091. 1:36:47towards
12092. 1:36:48some
12093. 1:36:48really
12094. 1:36:48big
12095. 1:36:49big
12096. 1:36:49centralization
12097. 1:36:50of
12098. 1:36:50everything
12099. 1:36:51crypto
12100. 1:36:51it's
12101. 1:36:51still
12102. 1:36:52essentially
12103. 1:36:53I
12104. 1:36:53don't
12105. 1:36:53know
12106. 1:36:53the
12107. 1:36:53last
12108. 1:36:54the
12109. 1:36:54very
12110. 1:36:54last
12111. 1:36:54hope
12112. 1:36:55to
12113. 1:36:55somehow
12114. 1:36:55I
12115. 1:36:56don't
12116. 1:36:56know
12117. 1:36:56find
12118. 1:36:56a
12119. 1:36:57different
12120. 1:36:57way
12121. 1:36:57to
12122. 1:36:57do
12123. 1:36:58things
12124. 1:36:58and
12125. 1:36:58in
12126. 1:36:59this
12127. 1:36:59regard
12128. 1:36:59it's
12129. 1:37:00something
12130. 1:37:00that
12131. 1:37:00resonates
12132. 1:37:01with me
12133. 1:37:01very
12134. 1:37:01deeply
12135. 1:37:02philosophically
12136. 1:37:02and
12137. 1:37:02is
12138. 1:37:03quite
12139. 1:37:03interesting
12140. 1:37:03and
12141. 1:37:04in
12142. 1:37:04principle
12143. 1:37:04the
12144. 1:37:04way
12145. 1:37:05wintermute
12146. 1:37:06is
12147. 1:37:06actually
12148. 1:37:06structured
12149. 1:37:07and
12150. 1:37:07built
12151. 1:37:08again
12152. 1:37:08the
12153. 1:37:08fact
12154. 1:37:09that
12155. 1:37:09we
12156. 1:37:09for
12157. 1:37:09instance
12158. 1:37:09integrate
12159. 1:37:10sci-fi
12160. 1:37:10defy
12161. 1:37:11and
12162. 1:37:11OTT
12163. 1:37:11we
12164. 1:37:12bring
12165. 1:37:12all
12166. 1:37:12of
12167. 1:37:12these
12168. 1:37:13elements
12169. 1:37:13together
12170. 1:37:13this
12171. 1:37:14too
12172. 1:37:14for
12173. 1:37:14me
12174. 1:37:14also
12175. 1:37:14make
12176. 1:37:15sense
12177. 1:37:15philosophically
12178. 1:37:16because
12179. 1:37:16how
12180. 1:37:16can
12181. 1:37:16wintermute
12182. 1:37:17achieve
12183. 1:37:17maximum
12184. 1:37:18success
12185. 1:37:18wintermute
12186. 1:37:19can't
12187. 1:37:20be
12188. 1:37:20most
12189. 1:37:20successful
12190. 1:37:21if
12191. 1:37:21the
12192. 1:37:21entire
12193. 1:37:21market
12194. 1:37:22isn't
12195. 1:37:22on
12196. 1:37:22a
12197. 1:37:22single
12198. 1:37:23exchange
12199. 1:37:23not
12200. 1:37:24on
12201. 1:37:24a
12202. 1:37:24single
12203. 1:37:24blockchain
12204. 1:37:24not
12205. 1:37:25in
12206. 1:37:25a
12207. 1:37:25single
12208. 1:37:25country
12209. 1:37:26but
12210. 1:37:26if
12211. 1:37:26the
12212. 1:37:26market
12213. 1:37:27is
12214. 1:37:27very
12215. 1:37:28decentralized
12216. 1:37:28with
12217. 1:37:29a
12218. 1:37:29whole
12219. 1:37:29bunch
12220. 1:37:29of
12221. 1:37:29different
12222. 1:37:31blockchains
12223. 1:37:32a whole
12224. 1:37:32bunch
12225. 1:37:33of
12226. 1:37:33different
12227. 1:37:33everything
12228. 1:37:34so
12229. 1:37:34in
12230. 1:37:35actual
12231. 1:37:35fact
12232. 1:37:35it's
12233. 1:37:35quite
12234. 1:37:35difficult
12235. 1:37:36to
12236. 1:37:36find
12237. 1:37:36a
12238. 1:37:37better
12239. 1:37:37market
12240. 1:37:37maker
12241. 1:37:37for
12242. 1:37:38cryptocurrency
12243. 1:37:38because
12244. 1:37:39we
12245. 1:37:39are
12246. 1:37:39truly
12247. 1:37:39interested
12248. 1:37:40in
12249. 1:37:40everything
12250. 1:37:40being
12251. 1:37:41decentralized
12252. 1:37:43as much
12253. 1:37:44as
12254. 1:37:44possible
12255. 1:37:44because
12256. 1:37:45we
12257. 1:37:45are
12258. 1:37:45one
12259. 1:37:46of
12260. 1:37:46the
12261. 1:37:46few
12262. 1:37:46market
12263. 1:37:47makers
12264. 1:37:47who
12265. 1:37:47are
12266. 1:37:47connected
12267. 1:37:48to
12268. 1:37:48all
12269. 1:37:48of
12270. 1:37:48these
12271. 1:37:48systems
12272. 1:37:49so
12273. 1:37:49from
12274. 1:37:50this
12275. 1:37:50perspective
12276. 1:37:50it's
12277. 1:37:51extremely
12278. 1:37:51interesting
12279. 1:37:51and
12280. 1:37:52what
12281. 1:37:52I'm
12282. 1:37:52personally
12283. 1:37:53interested
12284. 1:37:53in
12285. 1:37:53regarding
12286. 1:37:54where
12287. 1:37:54wintermute
12288. 1:37:55is
12289. 1:37:55growing
12290. 1:37:55is
12291. 1:37:56for
12292. 1:37:56us
12293. 1:37:56to
12294. 1:37:56take
12295. 1:37:56this
12296. 1:37:56decentralization
12297. 1:37:57to
12298. 1:37:58expand
12299. 1:37:58and
12300. 1:37:59continue
12301. 1:37:59connecting
12302. 1:37:59not
12303. 1:38:00just
12304. 1:38:00crypto
12305. 1:38:00but
12306. 1:38:01also
12307. 1:38:01various
12308. 1:38:02pools
12309. 1:38:04in
12310. 1:38:04traditional
12311. 1:38:05assets
12312. 1:38:05well
12313. 1:38:06I
12314. 1:38:06don't
12315. 1:38:06know
12316. 1:38:06especially
12317. 1:38:07commodities
12318. 1:38:08are very
12319. 1:38:08interesting
12320. 1:38:09for example
12321. 1:38:10what can
12322. 1:38:10be done
12323. 1:38:11with the
12324. 1:38:11price of
12325. 1:38:12gold
12326. 1:38:12between
12327. 1:38:12different
12328. 1:38:13exchanges
12329. 1:38:13and
12330. 1:38:13different
12331. 1:38:14countries
12332. 1:38:14perhaps
12333. 1:38:15we'll be
12334. 1:38:15moving
12335. 1:38:15gold
12336. 1:38:16in a
12337. 1:38:16couple
12338. 1:38:16of
12339. 1:38:16years
12340. 1:38:17between
12341. 1:38:17continents
12342. 1:38:18maybe
12343. 1:38:19we'll be
12344. 1:38:19moving
12345. 1:38:19oil
12346. 1:38:20tankers
12347. 1:38:20I don't
12348. 1:38:21know
12349. 1:38:21all these
12350. 1:38:21kinds
12351. 1:38:21of
12352. 1:38:22things
12353. 1:38:22when
12354. 1:38:22we
12355. 1:38:22will
12356. 1:38:23for
12357. 1:38:25me
12358. 1:38:26I don't
12359. 1:38:27know
12360. 1:38:27perhaps
12361. 1:38:27this is
12362. 1:38:28the most
12363. 1:38:28most
12364. 1:38:29interesting
12365. 1:38:29part
12366. 1:38:29so
12367. 1:38:30what
12368. 1:38:30we
12369. 1:38:31will
12370. 1:38:31grow
12371. 1:38:31from
12372. 1:38:31this
12373. 1:38:32crypto
12374. 1:38:32market
12375. 1:38:32maker
12376. 1:38:33who
12377. 1:38:33makes
12378. 1:38:33markets
12379. 1:38:34more
12380. 1:38:34efficient
12381. 1:38:35and
12382. 1:38:35somehow
12383. 1:38:35links
12384. 1:38:36everything
12385. 1:38:36together
12386. 1:38:37that we
12387. 1:38:37will
12388. 1:38:38somehow
12389. 1:38:38connect
12390. 1:38:38I don't
12391. 1:38:39know
12392. 1:38:39the
12393. 1:38:39global
12394. 1:38:40economy
12395. 1:38:40and
12396. 1:38:40trading
12397. 1:38:41and
12398. 1:38:41everything
12399. 1:38:41else
12400. 1:38:41so
12401. 1:38:42something
12402. 1:38:42something
12403. 1:38:43in that
12404. 1:38:43general
12405. 1:38:43area
12406. 1:38:44this is
12407. 1:38:45very
12408. 1:38:45interesting
12409. 1:38:45because
12410. 1:38:46yes
12411. 1:38:47while
12412. 1:38:47preparing
12413. 1:38:47for this
12414. 1:38:48interview
12415. 1:38:48I
12416. 1:38:48watched
12417. 1:38:49several
12418. 1:38:49of your
12419. 1:38:50interviews
12420. 1:38:50well
12421. 1:38:50several
12422. 1:38:51broadcasts
12423. 1:38:51you were
12424. 1:38:51on
12425. 1:38:52and I
12426. 1:38:52didn't
12427. 1:38:52get the
12428. 1:38:52impression
12429. 1:38:53that
12430. 1:38:53you
12431. 1:38:53were
12432. 1:38:53well
12433. 1:38:54that
12434. 1:38:54is
12435. 1:38:54I
12436. 1:38:54didn't
12437. 1:38:54get
12438. 1:38:54the
12439. 1:38:55opposite
12440. 1:38:55impression
12441. 1:38:55either
12442. 1:38:56that
12443. 1:38:56you're
12444. 1:38:56not
12445. 1:38:56close
12446. 1:38:57to
12447. 1:38:57cypherpunk
12448. 1:38:57values
12449. 1:38:58but I
12450. 1:38:58also
12451. 1:39:05this
12452. 1:39:06question
12453. 1:39:06right
12454. 1:39:06now
12455. 1:39:06I
12456. 1:39:06believe
12457. 1:39:07this
12458. 1:39:07kind
12459. 1:39:07of
12460. 1:39:07impression
12461. 1:39:08wouldn't
12462. 1:39:08have
12463. 1:39:08formed
12464. 1:39:08that's
12465. 1:39:09why
12466. 1:39:09it's
12467. 1:39:09truly
12468. 1:39:09excellent
12469. 1:39:10that
12470. 1:39:10you've
12471. 1:39:10expressed
12472. 1:39:10this
12473. 1:39:11just
12474. 1:39:11now
12475. 1:39:11it's
12476. 1:39:11well
12477. 1:39:12well
12478. 1:39:12for me
12479. 1:39:13personally
12480. 1:39:13it's
12481. 1:39:14very
12482. 1:39:14pleasant
12483. 1:39:14to hear
12484. 1:39:14because
12485. 1:39:15I
12486. 1:39:15truly
12487. 1:39:15hope
12488. 1:39:15that
12489. 1:39:15I
12490. 1:39:15also
12491. 1:39:16belong
12492. 1:39:16to
12493. 1:39:16that
12494. 1:39:16group
12495. 1:39:16there
12496. 1:39:17are
12497. 1:39:17not
12498. 1:39:17too
12499. 1:39:17many
12500. 1:39:18of
12501. 1:39:18us
12502. 1:39:18remaining
12503. 1:39:18so
12504. 1:39:20the
12505. 1:39:21second
12506. 1:39:21question
12507. 1:39:22what
12508. 1:39:22about
12509. 1:39:23you
12510. 1:39:23know
12511. 1:39:24I
12512. 1:39:24don't
12513. 1:39:24know
12514. 1:39:24narratives
12515. 1:39:25and
12516. 1:39:25any
12517. 1:39:25kind
12518. 1:39:26of
12519. 1:39:26what
12520. 1:39:26sort
12521. 1:39:26of
12522. 1:39:35predictions
12523. 1:39:36I
12524. 1:39:36think
12525. 1:39:36that
12526. 1:39:37someone
12527. 1:39:37will
12528. 1:39:37invent
12529. 1:39:38something
12530. 1:39:38next
12531. 1:39:38year
12532. 1:39:39that
12533. 1:39:39no
12534. 1:39:39one
12535. 1:39:39expects
12536. 1:39:40or
12537. 1:39:40something
12538. 1:39:40I
12539. 1:39:41don't
12540. 1:39:41know
12541. 1:39:41someone
12542. 1:39:41will
12543. 1:39:42reinvent
12544. 1:39:42the
12545. 1:39:42wheel
12546. 1:39:43in a
12547. 1:39:43very
12548. 1:39:43strange
12549. 1:39:44way
12550. 1:39:44or
12551. 1:39:45something
12552. 1:39:46truly
12553. 1:39:46interesting
12554. 1:39:46will
12555. 1:39:47come
12556. 1:39:47but I
12557. 1:39:48think
12558. 1:39:48we'll
12559. 1:39:48see
12560. 1:39:48something
12561. 1:39:49new
12562. 1:39:49I
12563. 1:39:49mean
12564. 1:39:49I
12565. 1:39:50believe
12566. 1:39:50in
12567. 1:39:50that
12568. 1:39:51I
12569. 1:39:51don't
12570. 1:39:52know
12571. 1:39:52the
12572. 1:39:52interesting
12573. 1:39:52thing
12574. 1:39:53this
12575. 1:39:53year
12576. 1:39:53is
12577. 1:39:53that
12578. 1:39:54we
12579. 1:39:54I
12580. 1:39:54don't
12581. 1:39:55know
12582. 1:39:55we
12583. 1:39:55have
12584. 1:39:55some
12585. 1:39:55kind
12586. 1:39:56of
12587. 1:39:56I
12588. 1:39:58don't
12589. 1:39:59know
12590. 1:39:59ICOs
12591. 1:40:00for
12592. 1:40:00example
12593. 1:40:05positive
12594. 1:40:06development
12595. 1:40:06I
12596. 1:40:07I'm
12597. 1:40:07really
12598. 1:40:07quite
12599. 1:40:08interested
12600. 1:40:08in
12601. 1:40:08how
12602. 1:40:09like
12603. 1:40:09how
12604. 1:40:09Mega
12605. 1:40:10ETHS
12606. 1:40:10for
12607. 1:40:10example
12608. 1:40:11conducted
12609. 1:40:11its
12610. 1:40:11raise
12611. 1:40:12for
12612. 1:40:12instance
12613. 1:40:12it
12614. 1:40:13was
12615. 1:40:13truly
12616. 1:40:13fascinating
12617. 1:40:14to
12618. 1:40:14me
12619. 1:40:14so
12620. 1:40:14what
12621. 1:40:15they
12622. 1:40:15essentially
12623. 1:40:15essentially
12624. 1:40:16they
12625. 1:40:16airdropped
12626. 1:40:17call
12627. 1:40:17options
12628. 1:40:17to
12629. 1:40:18their
12630. 1:40:18I
12631. 1:40:18don't
12632. 1:40:18know
12633. 1:40:18users
12634. 1:40:19or
12635. 1:40:19individuals
12636. 1:40:20they
12637. 1:40:20were
12638. 1:40:20keen
12639. 1:40:20to
12640. 1:40:20airdrop
12641. 1:40:21it
12642. 1:40:21to
12643. 1:40:21so
12644. 1:40:22they
12645. 1:40:22gave
12646. 1:40:23people
12647. 1:40:23the
12648. 1:40:23right
12649. 1:40:23to
12650. 1:40:23invest
12651. 1:40:24in
12652. 1:40:24this
12653. 1:40:24project
12654. 1:40:24based
12655. 1:40:25on
12656. 1:40:25a
12657. 1:40:25different
12658. 1:40:25approach
12659. 1:40:26I
12660. 1:40:27think
12661. 1:40:27this
12662. 1:40:27is
12663. 1:40:27a
12664. 1:40:35reasonable
12665. 1:40:36price
12666. 1:40:36I
12667. 1:40:37think
12668. 1:40:37this
12669. 1:40:37will
12670. 1:40:37be
12671. 1:40:37a
12672. 1:40:38very
12673. 1:40:38interesting
12674. 1:40:38positive
12675. 1:40:39I
12676. 1:40:40don't
12677. 1:40:40know
12678. 1:40:40development
12679. 1:40:41generally
12680. 1:40:42in the
12681. 1:40:42future
12682. 1:40:43I
12683. 1:40:44wanted
12684. 1:40:44to
12685. 1:40:44add
12686. 1:40:44here
12687. 1:40:44that
12688. 1:40:45I
12689. 1:40:45think
12690. 1:40:45we
12691. 1:40:45need
12692. 1:40:45to
12693. 1:40:46distinguish
12694. 1:40:46between
12695. 1:40:46those
12696. 1:40:47who
12697. 1:40:47truly
12698. 1:40:48encourage
12699. 1:40:49these
12700. 1:40:49users
12701. 1:40:49and
12702. 1:40:50those
12703. 1:40:50who
12704. 1:40:50are
12705. 1:40:51merely
12706. 1:40:51trying
12707. 1:40:51to
12708. 1:40:52disguise
12709. 1:40:52themselves
12710. 1:40:53under
12711. 1:40:53this
12712. 1:40:53model
12713. 1:40:54and
12714. 1:40:54just
12715. 1:40:54trying
12716. 1:40:55to
12717. 1:40:55make
12718. 1:40:56money
12719. 1:40:56off
12720. 1:40:56users
12721. 1:40:57who
12722. 1:40:57don't
12723. 1:40:57quite
12724. 1:40:58understand
12725. 1:40:58so
12726. 1:40:59I
12727. 1:40:59think
12728. 1:40:59it's
12729. 1:40:59important
12730. 1:41:00to
12731. 1:41:00disclose
12732. 1:41:01what
12733. 1:41:01the
12734. 1:41:02previous
12735. 1:41:02rounds
12736. 1:41:03valuations
12737. 1:41:03were
12738. 1:41:04otherwise
12739. 1:41:04if
12740. 1:41:05you're
12741. 1:41:05selling
12742. 1:41:05for
12743. 1:41:07a
12744. 1:41:07valuation
12745. 1:41:08that
12746. 1:41:08gives
12747. 1:41:09multiples
12748. 1:41:09to
12749. 1:41:10your
12750. 1:41:10investment
12751. 1:41:10fund
12752. 1:41:11then
12753. 1:41:11it
12754. 1:41:11looks
12755. 1:41:11a
12756. 1:41:12little
12757. 1:41:12bit
12758. 1:41:12different
12759. 1:41:12and
12760. 1:41:12that
12761. 1:41:12brings
12762. 1:41:13us
12763. 1:41:13right
12764. 1:41:13back
12765. 1:41:13no
12766. 1:41:14I
12767. 1:41:15agree
12768. 1:41:15again
12769. 1:41:16I
12770. 1:41:17don't
12771. 1:41:17know
12772. 1:41:17who
12773. 1:41:17is
12774. 1:41:18in
12775. 1:41:18the
12776. 1:41:18best
12777. 1:41:18position
12778. 1:41:18to
12779. 1:41:19disclose
12780. 1:41:19this
12781. 1:41:19I
12782. 1:41:20think
12783. 1:41:20it's
12784. 1:41:20precisely
12785. 1:41:20the
12786. 1:41:21platform
12787. 1:41:21where
12788. 1:41:21these
12789. 1:41:22ICOs
12790. 1:41:22happen
12791. 1:41:22that
12792. 1:41:23is
12793. 1:41:23I
12794. 1:41:23don't
12795. 1:41:24know
12796. 1:41:24roughly
12797. 1:41:24speaking
12798. 1:41:25if
12799. 1:41:25Coinbase
12800. 1:41:26does
12801. 1:41:26this
12802. 1:41:26say
12803. 1:41:27through
12804. 1:41:27its
12805. 1:41:27own
12806. 1:41:27platforms
12807. 1:41:28because
12808. 1:41:28they
12809. 1:41:29now
12810. 1:41:29have
12811. 1:41:29two
12812. 1:41:29they
12813. 1:41:29are
12814. 1:41:30in
12815. 1:41:30the
12816. 1:41:30best
12817. 1:41:30position
12818. 1:41:31to
12819. 1:41:31disclose
12820. 1:41:31as
12821. 1:41:31much
12822. 1:41:32as
12823. 1:41:32possible
12824. 1:41:32for
12825. 1:41:32example
12826. 1:41:33they
12827. 1:41:33disclosed
12828. 1:41:34quite
12829. 1:41:34a
12830. 1:41:34lot
12831. 1:41:34so
12832. 1:41:35it
12833. 1:41:35was
12834. 1:41:35really
12835. 1:41:35nice
12836. 1:41:35to
12837. 1:41:36see
12838. 1:41:36I
12839. 1:41:36mean
12840. 1:41:36they
12841. 1:41:36disclosed
12842. 1:41:37they
12843. 1:41:37didn't
12844. 1:41:37disclose
12845. 1:41:37strike
12846. 1:41:38prices
12847. 1:41:38but
12848. 1:41:38they
12849. 1:41:39did
12850. 1:41:39disclose
12851. 1:41:39for
12852. 1:41:39example
12853. 1:41:40who
12854. 1:41:40the
12855. 1:41:40market
12856. 1:41:40makers
12857. 1:41:41were
12858. 1:41:41how
12859. 1:41:41many
12860. 1:41:41what
12861. 1:41:42kind
12862. 1:41:42of
12863. 1:41:42market
12864. 1:41:42making
12865. 1:41:43loans
12866. 1:41:43I
12867. 1:41:44don't
12868. 1:41:44know
12869. 1:41:44it
12870. 1:41:45seemed
12871. 1:41:45pretty
12872. 1:41:45positive
12873. 1:41:46as
12874. 1:41:46we
12875. 1:41:46slowly
12876. 1:41:46approach
12877. 1:41:47the
12878. 1:41:47end
12879. 1:41:47I
12880. 1:41:47wanted
12881. 1:41:48to
12882. 1:41:48ask
12883. 1:41:48when
12884. 1:41:49I
12885. 1:41:50was
12886. 1:41:50preparing
12887. 1:41:50for
12888. 1:41:50this
12889. 1:41:51interview
12890. 1:41:51I
12891. 1:41:52couldn't
12892. 1:41:52find
12893. 1:41:52a
12894. 1:41:53single
12895. 1:41:53Russian
12896. 1:41:53one
12897. 1:41:53with
12898. 1:41:54you
12899. 1:41:54is
12900. 1:41:54it
12901. 1:41:54simply
12902. 1:41:54because
12903. 1:41:55the
12904. 1:41:55audience
12905. 1:41:55you
12906. 1:41:55usually
12907. 1:41:56speak
12908. 1:41:56to
12909. 1:41:56is
12910. 1:41:56mostly
12911. 1:41:57English
12912. 1:41:57speaking
12913. 1:41:58or
12914. 1:41:58is
12915. 1:41:58it
12916. 1:41:58some
12917. 1:41:59kind
12918. 1:41:59of
12919. 1:41:59conscious
12920. 1:41:59choice
12921. 1:42:00I'm
12922. 1:42:01not
12923. 1:42:01particularly
12924. 1:42:01aware
12925. 1:42:02of
12926. 1:42:02it
12927. 1:42:02because
12928. 1:42:03I
12929. 1:42:03think
12930. 1:42:04my
12931. 1:42:04problem
12932. 1:42:05is
12933. 1:42:05that
12934. 1:42:05I
12935. 1:42:05don't
12936. 1:42:06listen
12937. 1:42:06to
12938. 1:42:06Russian
12939. 1:42:07language
12940. 1:42:08podcast
12941. 1:42:08myself
12942. 1:42:09I
12943. 1:42:09mean
12944. 1:42:10I
12945. 1:42:10don't
12946. 1:42:10know
12947. 1:42:10I've
12948. 1:42:10pretty
12949. 1:42:11much
12950. 1:42:11switched
12951. 1:42:11to
12952. 1:42:11English
12953. 1:42:12I
12954. 1:42:12just
12955. 1:42:12don't
12956. 1:42:12even
12957. 1:42:13know
12958. 1:42:13I
12959. 1:42:13mean
12960. 1:42:13they
12961. 1:42:14just
12962. 1:42:14connected
12963. 1:42:14us
12964. 1:42:15and
12965. 1:42:15I
12966. 1:42:15thought
12967. 1:42:15why
12968. 1:42:16not
12969. 1:42:16I
12970. 1:42:16mean
12971. 1:42:16I'm
12972. 1:42:17not
12973. 1:42:17I'm
12974. 1:42:17not
12975. 1:42:17opposed
12976. 1:42:18to
12977. 1:42:18it
12978. 1:42:18I'm
12979. 1:42:18not
12980. 1:42:18opposed
12981. 1:42:19to
12982. 1:42:19it
12983. 1:42:19Well
12984. 1:42:20you
12985. 1:42:20said
12986. 1:42:20it
12987. 1:42:20might
12988. 1:42:21be
12989. 1:42:21difficult
12990. 1:42:21but
12991. 1:42:21actually
12992. 1:42:22I
12993. 1:42:23think
12994. 1:42:23yeah
12995. 1:42:24English
12996. 1:42:25concepts
12997. 1:42:25are
12998. 1:42:25just
12999. 1:42:26English
13000. 1:42:26and
13001. 1:42:26there's
13002. 1:42:27no
13003. 1:42:27problem
13004. 1:42:27and
13005. 1:42:28judging
13006. 1:42:29by
13007. 1:42:29your
13008. 1:42:29answer
13009. 1:42:30do
13010. 1:42:30you
13011. 1:42:30listen
13012. 1:42:30to
13013. 1:42:31English
13014. 1:42:31podcasts
13015. 1:42:31quite
13016. 1:42:32regularly
13017. 1:42:32I'm
13018. 1:42:34listening
13019. 1:42:34but
13020. 1:42:35and I
13021. 1:42:35participate
13022. 1:42:36periodically
13023. 1:42:36So
13024. 1:42:37tell us
13025. 1:42:37then
13026. 1:42:38perhaps
13027. 1:42:38you
13028. 1:42:38could
13029. 1:42:38suggest
13030. 1:42:39some
13031. 1:42:39names
13032. 1:42:39what
13033. 1:42:40podcasts
13034. 1:42:40do
13035. 1:42:40you
13036. 1:42:40listen
13037. 1:42:41to
13038. 1:42:41Well
13039. 1:42:42I
13040. 1:42:42suppose
13041. 1:42:43the
13042. 1:42:43podcast
13043. 1:42:43that
13044. 1:42:44I
13045. 1:42:44listen
13046. 1:42:45to
13047. 1:42:45more
13048. 1:42:45than
13049. 1:42:45any
13050. 1:42:46other
13051. 1:42:46I
13052. 1:42:46mean
13053. 1:42:46not
13054. 1:42:47the
13055. 1:42:47most
13056. 1:42:47but
13057. 1:42:47the
13058. 1:42:47one
13059. 1:42:47I
13060. 1:42:48listen
13061. 1:42:48to
13062. 1:42:48most
13063. 1:42:48frequently
13064. 1:42:49is
13065. 1:42:49Shopping
13066. 1:42:49Block
13067. 1:42:50these
13068. 1:42:50are
13069. 1:42:51the
13070. 1:42:51Dragonfly
13071. 1:42:52people
13072. 1:42:52and
13073. 1:42:52it's
13074. 1:42:53Dragonfly
13075. 1:42:53Tarun
13076. 1:42:54and
13077. 1:42:54Robert
13078. 1:42:55Superstition
13079. 1:42:55so
13080. 1:42:56essentially
13081. 1:42:56I
13082. 1:42:57think
13083. 1:42:57they meet
13084. 1:42:58every
13085. 1:42:58week
13086. 1:42:58or
13087. 1:42:58maybe
13088. 1:42:59once
13089. 1:42:59every
13090. 1:42:59two
13091. 1:42:59weeks
13092. 1:43:00but
13093. 1:43:06say
13094. 1:43:06I
13095. 1:43:06don't
13096. 1:43:06know
13097. 1:43:06relatively
13098. 1:43:07controversial
13099. 1:43:07things
13100. 1:43:08yes
13101. 1:43:09Chopping
13102. 1:43:09Block
13103. 1:43:09I
13104. 1:43:09actually
13105. 1:43:10think
13106. 1:43:10is one
13107. 1:43:10of my
13108. 1:43:11favorites
13109. 1:43:11I
13110. 1:43:12recall
13111. 1:43:12you
13112. 1:43:12visited
13113. 1:43:13Uponly
13114. 1:43:13I
13115. 1:43:14believe
13116. 1:43:14it
13117. 1:43:14was
13118. 1:43:14right
13119. 1:43:14after
13120. 1:43:15the
13121. 1:43:15PTX
13122. 1:43:15crash
13123. 1:43:16or
13124. 1:43:16rather
13125. 1:43:16it
13126. 1:43:16was
13127. 1:43:17actually
13128. 1:43:17during
13129. 1:43:17the
13130. 1:43:17PTX
13131. 1:43:18crash
13132. 1:43:18it
13133. 1:43:18was
13134. 1:43:18it
13135. 1:43:19was
13136. 1:43:19the
13137. 1:43:19absolute
13138. 1:43:19last
13139. 1:43:20Uponly
13140. 1:43:20period
13141. 1:43:20that
13142. 1:43:21means
13143. 1:43:21it
13144. 1:43:21closed
13145. 1:43:21down
13146. 1:43:21right
13147. 1:43:22after
13148. 1:43:22that
13149. 1:43:22Oh
13150. 1:43:23it
13151. 1:43:23even
13152. 1:43:23closed
13153. 1:43:24I
13154. 1:43:24didn't
13155. 1:43:24even
13156. 1:43:24know
13157. 1:43:24that
13158. 1:43:25but
13159. 1:43:25it
13160. 1:43:25will
13161. 1:43:25open
13162. 1:43:26again
13163. 1:43:26soon
13164. 1:43:36the
13165. 1:43:36market
13166. 1:43:36I
13167. 1:43:36hope
13168. 1:43:36that
13169. 1:43:37maybe
13170. 1:43:37someday
13171. 1:43:37you
13172. 1:43:39came
13173. 1:43:39and
13174. 1:43:39would
13175. 1:43:40discuss
13176. 1:43:40the
13177. 1:43:40market
13178. 1:43:40with
13179. 1:43:41us
13180. 1:43:41from
13181. 1:43:41your
13182. 1:43:41recommendations
13183. 1:43:42I
13184. 1:43:42personally
13185. 1:43:43like
13186. 1:43:43to
13187. 1:43:43know
13188. 1:43:43if
13189. 1:43:44there's
13190. 1:43:44a
13191. 1:43:45book
13192. 1:43:45you'd
13193. 1:43:46I
13194. 1:43:46can
13195. 1:43:46guess
13196. 1:43:46the
13197. 1:43:47answer
13198. 1:43:47judging
13199. 1:43:47by
13200. 1:43:47your
13201. 1:43:48company's
13202. 1:43:48name
13203. 1:43:48but
13204. 1:43:49maybe
13205. 1:43:49the
13206. 1:43:49answer
13207. 1:43:49will
13208. 1:43:50be
13209. 1:43:50different
13210. 1:43:50actually
13211. 1:43:51the
13212. 1:43:52answer
13213. 1:43:52will
13214. 1:43:52be
13215. 1:43:52different
13216. 1:43:53because
13217. 1:43:54like
13218. 1:43:54no
13219. 1:43:54Neuromancer
13220. 1:43:55is a
13221. 1:43:55good
13222. 1:43:55book
13223. 1:43:56I
13224. 1:43:56definitely
13225. 1:43:56recommend
13226. 1:43:57reading
13227. 1:43:57it
13228. 1:43:58it
13229. 1:43:58I
13230. 1:43:59don't
13231. 1:43:59know
13232. 1:43:59quite
13233. 1:43:59complex
13234. 1:44:00well
13235. 1:44:01among
13236. 1:44:01the
13237. 1:44:01biggest
13238. 1:44:02discoveries
13239. 1:44:02for
13240. 1:44:03me
13241. 1:44:03in
13242. 1:44:03the
13243. 1:44:03last
13244. 1:44:03two
13245. 1:44:04years
13246. 1:44:04specifically
13247. 1:44:05on
13248. 1:44:05the
13249. 1:44:05topic
13250. 1:44:05of
13251. 1:44:06AI
13252. 1:44:06and
13253. 1:44:07I
13254. 1:44:07don't
13255. 1:44:07know
13256. 1:44:07optimism
13257. 1:44:08including
13258. 1:44:09about
13259. 1:44:09AI
13260. 1:44:09it's
13261. 1:44:10the
13262. 1:44:10bank's
13263. 1:44:10culture
13264. 1:44:11series
13265. 1:44:11I
13266. 1:44:12stumbled
13267. 1:44:12upon
13268. 1:44:13it
13269. 1:44:13completely
13270. 1:44:14by
13271. 1:44:15chance
13272. 1:44:15because
13273. 1:44:15when
13274. 1:44:16Elon
13275. 1:44:17Musk
13276. 1:44:17was
13277. 1:44:18buying
13278. 1:44:18he
13279. 1:44:19was
13280. 1:44:19buying
13281. 1:44:19something
13282. 1:44:20I
13283. 1:44:20think
13284. 1:44:21well
13285. 1:44:21probably
13286. 1:44:22Twitter
13287. 1:44:23when
13288. 1:44:23Elon
13289. 1:44:24Musk
13290. 1:44:24was
13291. 1:44:24buying
13292. 1:44:25Twitter
13293. 1:44:25it
13294. 1:44:26became
13295. 1:44:26known
13296. 1:44:27you
13297. 1:44:27know
13298. 1:44:27what
13299. 1:44:28his
13300. 1:44:28family
13301. 1:44:28office
13302. 1:44:29was
13303. 1:44:29called
13304. 1:44:30his
13305. 1:44:30family
13306. 1:44:30office
13307. 1:44:31was
13308. 1:44:31actually
13309. 1:44:31called
13310. 1:44:31accession
13311. 1:44:32and
13312. 1:44:32I
13313. 1:44:32became
13314. 1:44:33extremely
13315. 1:44:33curious
13316. 1:44:33what
13317. 1:44:34exactly
13318. 1:44:34is
13319. 1:44:34this
13320. 1:44:35accession
13321. 1:44:35and
13322. 1:44:35what
13323. 1:44:36did
13324. 1:44:36this
13325. 1:44:36rather
13326. 1:44:36unusual
13327. 1:44:37name
13328. 1:44:37originate
13329. 1:44:38it
13330. 1:44:38turned
13331. 1:44:38out
13332. 1:44:38that
13333. 1:44:39accession
13334. 1:44:39is
13335. 1:44:39the
13336. 1:44:39title
13337. 1:44:40of
13338. 1:44:40one
13339. 1:44:40of
13340. 1:44:40the
13341. 1:44:40novellas
13342. 1:44:41in
13343. 1:44:41this
13344. 1:44:41culture
13345. 1:44:41series
13346. 1:44:42and
13347. 1:44:43actually
13348. 1:44:43this
13349. 1:44:44culture
13350. 1:44:45series
13351. 1:44:45is
13352. 1:44:46about
13353. 1:44:46you
13354. 1:44:46know
13355. 1:44:4720,000
13356. 1:44:47years
13357. 1:44:48from
13358. 1:44:48now
13359. 1:44:48there
13360. 1:44:48is
13361. 1:44:49essentially
13362. 1:44:49a
13363. 1:44:49proto-human
13364. 1:44:50civilization
13365. 1:44:50that's
13366. 1:44:51called
13367. 1:44:51the
13368. 1:44:51culture
13369. 1:44:52which
13370. 1:44:52is
13371. 1:44:53in
13372. 1:44:53essence
13373. 1:44:53entirely
13374. 1:44:54governed
13375. 1:44:54by
13376. 1:44:55artificial
13377. 1:44:56intelligence
13378. 1:44:56and
13379. 1:44:57those
13380. 1:44:57are
13381. 1:44:57called
13382. 1:44:57minds
13383. 1:44:58and
13384. 1:44:59this
13385. 1:44:59civilization
13386. 1:45:00it's
13387. 1:45:01as if
13388. 1:45:01it
13389. 1:45:02no
13390. 1:45:02longer
13391. 1:45:02has
13392. 1:45:02money
13393. 1:45:03it's
13394. 1:45:03like
13395. 1:45:03it's
13396. 1:45:04like
13397. 1:45:04it's
13398. 1:45:04stepping
13399. 1:45:05out
13400. 1:45:05of
13401. 1:45:05the
13402. 1:45:05realm
13403. 1:45:06of
13404. 1:45:06scarcity
13405. 1:45:06meaning
13406. 1:45:07you
13407. 1:45:07were
13408. 1:45:08born
13409. 1:45:08into
13410. 1:45:08a
13411. 1:45:08civilization
13412. 1:45:09where
13413. 1:45:10you
13414. 1:45:10can
13415. 1:45:10fly
13416. 1:45:10I
13417. 1:45:11don't
13418. 1:45:11know
13419. 1:45:11to
13420. 1:45:12any
13421. 1:45:12planet
13422. 1:45:12you
13423. 1:45:12can
13424. 1:45:13build
13425. 1:45:13yourself
13426. 1:45:13a
13427. 1:45:13castle
13428. 1:45:14you
13429. 1:45:14know
13430. 1:45:15be
13431. 1:45:15a
13432. 1:45:15man
13433. 1:45:15a
13434. 1:45:16woman
13435. 1:45:16whatever
13436. 1:45:16you
13437. 1:45:17wish
13438. 1:45:17you
13439. 1:45:17can
13440. 1:45:17do
13441. 1:45:18anything
13442. 1:45:18absolutely
13443. 1:45:19everything
13444. 1:45:19you
13445. 1:45:19desire
13446. 1:45:20actually
13447. 1:45:20the
13448. 1:45:21greatest
13449. 1:45:26eternally
13450. 1:45:26you
13451. 1:45:26could
13452. 1:45:26fly
13453. 1:45:27I
13454. 1:45:27don't
13455. 1:45:27know
13456. 1:45:27fight
13457. 1:45:28someone
13458. 1:45:28or
13459. 1:45:28maybe
13460. 1:45:29explore
13461. 1:45:29do
13462. 1:45:29anything
13463. 1:45:30so
13464. 1:45:30on
13465. 1:45:31the
13466. 1:45:31one
13467. 1:45:31hand
13468. 1:45:32for you
13469. 1:45:32this
13470. 1:45:32is
13471. 1:45:33actually
13472. 1:45:33quite
13473. 1:45:33positive
13474. 1:45:34because
13475. 1:45:34you
13476. 1:45:34have
13477. 1:45:35this
13478. 1:45:35rather
13479. 1:45:35friendly
13480. 1:45:36AI
13481. 1:45:36that
13482. 1:45:37lives
13483. 1:45:37coexists
13484. 1:45:38with
13485. 1:45:39humans
13486. 1:45:39and
13487. 1:45:39just
13488. 1:45:40more
13489. 1:45:40or
13490. 1:45:40less
13491. 1:45:41I
13492. 1:45:41don't
13493. 1:45:41know
13494. 1:45:41manages
13495. 1:45:42to
13496. 1:45:42ensure
13497. 1:45:42that
13498. 1:45:43people
13499. 1:45:43are
13500. 1:45:44you
13501. 1:45:44know
13502. 1:45:44happy
13503. 1:45:45on
13504. 1:45:45the
13505. 1:45:45other
13506. 1:45:45hand
13507. 1:45:46I
13508. 1:45:46don't
13509. 1:45:47know
13510. 1:45:47what
13511. 1:45:47this
13512. 1:45:48scarcity
13513. 1:45:48world
13514. 1:45:49post
13515. 1:45:49is
13516. 1:45:49and
13517. 1:45:50it's
13518. 1:45:50also
13519. 1:45:50quite
13520. 1:45:50interesting
13521. 1:45:51like
13522. 1:45:51okay
13523. 1:45:51if
13524. 1:45:52all
13525. 1:45:52of
13526. 1:45:52this
13527. 1:45:53this
13528. 1:45:53entire
13529. 1:45:53AI
13530. 1:45:54experiment
13531. 1:45:54truly
13532. 1:45:55succeeds
13533. 1:45:55then
13534. 1:45:56I
13535. 1:45:56don't
13536. 1:45:56know
13537. 1:45:56one
13538. 1:45:57of
13539. 1:45:57the
13540. 1:45:57most
13541. 1:45:57intriguing
13542. 1:45:58conclusions
13543. 1:45:58awaiting
13544. 1:45:59us
13545. 1:45:59is
13546. 1:46:00that
13547. 1:46:00for
13548. 1:46:00instance
13549. 1:46:01we
13550. 1:46:01might
13551. 1:46:01lose
13552. 1:46:01money
13553. 1:46:02if
13554. 1:46:02we
13555. 1:46:03lose
13556. 1:46:03our
13557. 1:46:03money
13558. 1:46:03if
13559. 1:46:03we
13560. 1:46:04lose
13561. 1:46:04I
13562. 1:46:04don't
13563. 1:46:04know
13564. 1:46:04our
13565. 1:46:05stocks
13566. 1:46:05if
13567. 1:46:06all
13568. 1:46:06our
13569. 1:46:06crypto
13570. 1:46:06just
13571. 1:46:07goes
13572. 1:46:07to
13573. 1:46:07zero
13574. 1:46:07because
13575. 1:46:08nobody
13576. 1:46:08will
13577. 1:46:08have
13578. 1:46:08any
13579. 1:46:09use
13580. 1:46:09for
13581. 1:46:09it
13582. 1:46:09so
13583. 1:46:10this
13584. 1:46:12particular
13585. 1:46:12post
13586. 1:46:13scarcity
13587. 1:46:14world
13588. 1:46:14is
13589. 1:46:14a very
13590. 1:46:15interesting
13591. 1:46:15next
13592. 1:46:15point
13593. 1:46:20don't
13594. 1:46:20know
13595. 1:46:21roughly
13596. 1:46:21ten
13597. 1:46:21novels
13598. 1:46:22more
13599. 1:46:22or
13600. 1:46:22less
13601. 1:46:22and
13602. 1:46:22they're
13603. 1:46:23quite
13604. 1:46:23substantial
13605. 1:46:23and
13606. 1:46:24I
13607. 1:46:24really
13608. 1:46:24recommend
13609. 1:46:25reading
13610. 1:46:25every
13611. 1:46:25single
13612. 1:46:25one
13613. 1:46:26of
13614. 1:46:26them
13615. 1:46:26because
13616. 1:46:26they
13617. 1:46:27are
13618. 1:46:27I
13619. 1:46:27don't
13620. 1:46:27know
13621. 1:46:27all
13622. 1:46:28quite
13623. 1:46:28fascinating
13624. 1:46:28but
13625. 1:46:29this
13626. 1:46:29is
13627. 1:46:30such
13628. 1:46:30fascinating
13629. 1:46:30literature
13630. 1:46:31very
13631. 1:46:32optimistic
13632. 1:46:32and
13633. 1:46:33on the
13634. 1:46:33other
13635. 1:46:33hand
13636. 1:46:34very
13637. 1:46:34thought
13638. 1:46:35provoking
13639. 1:46:35because
13640. 1:46:36you
13641. 1:46:36really
13642. 1:46:36start
13643. 1:46:37to
13644. 1:46:37think
13645. 1:46:37okay
13646. 1:46:37what
13647. 1:46:38will
13648. 1:46:38you
13649. 1:46:38do
13650. 1:46:38in
13651. 1:46:38this
13652. 1:46:39world
13653. 1:46:39what
13654. 1:46:39will
13655. 1:46:40humanity
13656. 1:46:40do
13657. 1:46:40in
13658. 1:46:41this
13659. 1:46:41post
13660. 1:46:41scarcity
13661. 1:46:42world
13662. 1:46:42in
13663. 1:46:43this
13664. 1:46:43I
13665. 1:46:43don't
13666. 1:46:44know
13667. 1:46:44on
13668. 1:46:44the
13669. 1:46:44one
13670. 1:46:44hand
13671. 1:46:45it's
13672. 1:46:45optimistic
13673. 1:46:46but
13674. 1:46:46on
13675. 1:46:46the
13676. 1:46:46other
13677. 1:46:47it's
13678. 1:46:47very
13679. 1:46:47challenging
13680. 1:46:48and
13681. 1:46:49it's
13682. 1:46:49very
13683. 1:46:50I
13684. 1:46:50don't
13685. 1:46:51know
13686. 1:46:51so
13687. 1:46:51cleverly
13688. 1:46:51written
13689. 1:46:52too
13690. 1:46:52I
13691. 1:46:52really
13692. 1:46:53really
13693. 1:46:53recommend
13694. 1:46:53it
13695. 1:46:54oh
13696. 1:46:54and
13697. 1:46:54by
13698. 1:46:54the
13699. 1:46:55way
13700. 1:46:55I
13701. 1:46:55am
13702. 1:46:56a
13703. 1:46:56huge
13704. 1:46:56fan
13705. 1:46:56because
13706. 1:46:57Iain
13707. 1:46:57Banks
13708. 1:46:57is
13709. 1:46:57actually
13710. 1:46:58my
13711. 1:46:58favorite
13712. 1:46:59author
13713. 1:46:59and
13714. 1:47:00he
13715. 1:47:00has
13716. 1:47:00two
13717. 1:47:01kinds
13718. 1:47:01of
13719. 1:47:01I'll
13720. 1:47:02just
13721. 1:47:02add
13722. 1:47:02a
13723. 1:47:02bit
13724. 1:47:02he
13725. 1:47:02has
13726. 1:47:03on
13727. 1:47:03one
13728. 1:47:03hand
13729. 1:47:04the
13730. 1:47:04culture
13731. 1:47:04series
13732. 1:47:04and
13733. 1:47:05then
13734. 1:47:05there
13735. 1:47:06are
13736. 1:47:06his
13737. 1:47:06regular
13738. 1:47:07fiction
13739. 1:47:07books
13740. 1:47:07that
13741. 1:47:08don't
13742. 1:47:08belong
13743. 1:47:08to
13744. 1:47:09that
13745. 1:47:09universe
13746. 1:47:09I
13747. 1:47:10started
13748. 1:47:10with
13749. 1:47:10not
13750. 1:47:11with
13751. 1:47:11the
13752. 1:47:11culture
13753. 1:47:11universe
13754. 1:47:12but
13755. 1:47:13I've
13756. 1:47:14often
13757. 1:47:14recommended
13758. 1:47:15this
13759. 1:47:15and
13760. 1:47:16I
13761. 1:47:16can
13762. 1:47:17offer
13763. 1:47:17some
13764. 1:47:17advice
13765. 1:47:17many
13766. 1:47:18people
13767. 1:47:18find
13768. 1:47:18it
13769. 1:47:18quite
13770. 1:47:18difficult
13771. 1:47:19to
13772. 1:47:19get
13773. 1:47:19started
13774. 1:47:19because
13775. 1:47:19books
13776. 1:47:20aren't
13777. 1:47:20always
13778. 1:47:20structured
13779. 1:47:21as
13780. 1:47:21a
13781. 1:47:21cohesive
13782. 1:47:21overarching
13783. 1:47:22narrative
13784. 1:47:22or
13785. 1:47:22a
13786. 1:47:23clear
13787. 1:47:23framework
13788. 1:47:23where
13789. 1:47:23everything
13790. 1:47:24fits
13791. 1:47:24in
13792. 1:47:24that's
13793. 1:47:24why
13794. 1:47:24at
13795. 1:47:25times
13796. 1:47:25it
13797. 1:47:25can
13798. 1:47:25be
13799. 1:47:25challenging
13800. 1:47:26to
13801. 1:47:26simply
13802. 1:47:26begin
13803. 1:47:26it
13804. 1:47:27might
13805. 1:47:27feel
13806. 1:47:27like
13807. 1:47:28you're
13808. 1:47:28beginning
13809. 1:47:29to
13810. 1:47:29read
13811. 1:47:30something
13812. 1:47:30right
13813. 1:47:30in
13814. 1:47:30the
13815. 1:47:30middle
13816. 1:47:30of
13817. 1:47:31it
13818. 1:47:31but
13819. 1:47:31please
13820. 1:47:31for
13821. 1:47:32anyone
13822. 1:47:32who
13823. 1:47:32decides
13824. 1:47:33to
13825. 1:47:33take
13826. 1:47:33this
13827. 1:47:33on
13828. 1:47:33don't
13829. 1:47:34be
13830. 1:47:34intimidated
13831. 1:47:34just
13832. 1:47:35bear
13833. 1:47:35with
13834. 1:47:35it
13835. 1:47:35for
13836. 1:47:36a
13837. 1:47:36little
13838. 1:47:36while
13839. 1:47:36and
13840. 1:47:37then
13841. 1:47:37once
13842. 1:47:37you
13843. 1:47:38fully
13844. 1:47:38immerse
13845. 1:47:39yourself
13846. 1:47:39in
13847. 1:47:39its
13848. 1:47:39unique
13849. 1:47:40universe
13850. 1:47:40I
13851. 1:47:40truly
13852. 1:47:40believe
13853. 1:47:41you'll
13854. 1:47:41absolutely
13855. 1:47:41love
13856. 1:47:42it
13857. 1:47:42it
13858. 1:47:42was
13859. 1:47:43incredibly
13860. 1:47:43pleasant
13861. 1:47:43that
13862. 1:47:44Banks
13863. 1:47:44actually
13864. 1:47:44found
13865. 1:47:44himself
13866. 1:47:45on
13867. 1:47:45this
13868. 1:47:45particular
13869. 1:47:45list
13870. 1:47:46I
13871. 1:47:47didn't
13872. 1:47:47start
13873. 1:47:47with
13874. 1:47:48Kultura
13875. 1:47:48either
13876. 1:47:48I
13877. 1:47:49started
13878. 1:47:49how
13879. 1:47:49would
13880. 1:47:49that
13881. 1:47:49be
13882. 1:47:50in
13883. 1:47:50Russian
13884. 1:47:50Rose
13885. 1:47:50Factory
13886. 1:47:51or
13887. 1:47:51what
13888. 1:47:51is
13889. 1:47:51it
13890. 1:47:52the
13891. 1:47:52Wasp Factory
13892. 1:47:55yes
13893. 1:47:55that's
13894. 1:47:56where
13895. 1:47:56I
13896. 1:47:56first
13897. 1:47:57started
13898. 1:47:57reading
13899. 1:47:57and
13900. 1:47:57then
13901. 1:47:57years
13902. 1:47:57later
13903. 1:47:58I
13904. 1:47:58was
13905. 1:47:58quite
13906. 1:47:58surprised
13907. 1:47:58to
13908. 1:47:58find
13909. 1:47:59out
13910. 1:47:59it
13911. 1:47:59was
13912. 1:47:59the
13913. 1:47:59very
13914. 1:47:59same
13915. 1:47:59Banks
13916. 1:48:00yes
13917. 1:48:01yes
13918. 1:48:02the
13919. 1:48:02distinction
13920. 1:48:02is
13921. 1:48:02that
13922. 1:48:03the
13923. 1:48:03culture
13924. 1:48:03novels
13925. 1:48:04are
13926. 1:48:04always
13927. 1:48:04published
13928. 1:48:05under
13929. 1:48:05the
13930. 1:48:05name
13931. 1:48:05Ian
13932. 1:48:05Banks
13933. 1:48:06whereas
13934. 1:48:06his
13935. 1:48:06other
13936. 1:48:07more
13937. 1:48:07conventional
13938. 1:48:07books
13939. 1:48:07are
13940. 1:48:08released
13941. 1:48:08without
13942. 1:48:08that
13943. 1:48:08M
13944. 1:48:09in
13945. 1:48:09the
13946. 1:48:09middle
13947. 1:48:09it's
13948. 1:48:10quite
13949. 1:48:10easy
13950. 1:48:10to
13951. 1:48:10tell
13952. 1:48:10them
13953. 1:48:10apart
13954. 1:48:11and
13955. 1:48:11for
13956. 1:48:11those
13957. 1:48:11of
13958. 1:48:12you
13959. 1:48:12who
13960. 1:48:12read
13961. 1:48:12in
13962. 1:48:12Russian
13963. 1:48:12since
13964. 1:48:13you're
13965. 1:48:13listening
13966. 1:48:13to
13967. 1:48:13a
13968. 1:48:13podcast
13969. 1:48:13in
13970. 1:48:14Russian
13971. 1:48:14that's
13972. 1:48:14most
13973. 1:48:14likely
13974. 1:48:15the
13975. 1:48:15case
13976. 1:48:15maybe
13977. 1:48:16you like
13978. 1:48:16to
13979. 1:48:16read
13980. 1:48:16in
13981. 1:48:16Russian
13982. 1:48:17almost
13983. 1:48:17all
13984. 1:48:17of
13985. 1:48:17them
13986. 1:48:18or
13987. 1:48:18rather
13988. 1:48:18all
13989. 1:48:19the
13990. 1:48:19books
13991. 1:48:19are
13992. 1:48:19definitely
13993. 1:48:20translated
13994. 1:48:20into
13995. 1:48:20Russian
13996. 1:48:21but
13997. 1:48:21sometimes
13998. 1:48:21you'll
13999. 1:48:22have
14000. 1:48:22to
14001. 1:48:22search
14002. 1:48:22for
14003. 1:48:22the
14004. 1:48:23editions
14005. 1:48:23because
14006. 1:48:23in
14007. 1:48:24my
14008. 1:48:24opinion
14009. 1:48:24they
14010. 1:48:24haven't
14011. 1:48:25been
14012. 1:48:25reissued
14013. 1:48:25and
14014. 1:48:26they're
14015. 1:48:26quite
14016. 1:48:26old
14017. 1:48:26editions
14018. 1:48:27you'll
14019. 1:48:27probably
14020. 1:48:27have
14021. 1:48:27to
14022. 1:48:28look
14023. 1:48:40the
14024. 1:48:41values
14025. 1:48:41of
14026. 1:48:41banks
14027. 1:48:42and
14028. 1:48:43generally
14029. 1:48:43things
14030. 1:48:43aren't
14031. 1:48:44that
14032. 1:48:44but
14033. 1:48:44crypto
14034. 1:48:45will
14035. 1:48:45survive
14036. 1:48:45and
14037. 1:48:45everything
14038. 1:48:46will
14039. 1:48:46be
14040. 1:48:46fine
14041. 1:48:46what
14042. 1:48:47more
14043. 1:48:47could
14044. 1:48:47you
14045. 1:48:47possibly
14046. 1:48:47need
14047. 1:48:48to
14048. 1:48:48help
14049. 1:48:49once
14050. 1:48:49again
14051. 1:48:49perhaps
14052. 1:48:50to
14053. 1:48:50make
14054. 1:48:50another
14055. 1:48:51less
14056. 1:48:51crypto
14057. 1:48:52focused
14058. 1:48:52effort
14059. 1:48:53yes
14060. 1:48:54that
14061. 1:48:55would
14062. 1:48:55be
14063. 1:48:55that
14064. 1:48:56could
14065. 1:48:56be
14066. 1:48:56great
14067. 1:48:57thank
14068. 1:48:57you
14069. 1:48:57so
14070. 1:48:58much
14071. 1:48:58Genia
14072. 1:48:58for
14073. 1:48:59coming
14074. 1:48:59it
14075. 1:48:59was
14076. 1:49:00a
14077. 1:49:00real
14078. 1:49:00pleasure
14079. 1:49:00listening
14080. 1:49:01to
14081. 1:49:01you
14082. 1:49:01I
14083. 1:49:02hope
14084. 1:49:02many
14085. 1:49:02people
14086. 1:49:03listen
14087. 1:49:03to
14088. 1:49:03the
14089. 1:49:03podcast
14090. 1:49:04and
14091. 1:49:04change
14092. 1:49:04their
14093. 1:49:04view
14094. 1:49:05on
14095. 1:49:05both
14096. 1:49:05market
14097. 1:49:06making
14098. 1:49:06and
14099. 1:49:07what
14100. 1:49:07Winter
14101. 1:49:07Mute
14102. 1:49:07does
14103. 1:49:08because
14104. 1:49:08I
14105. 1:49:08think
14106. 1:49:09Winter
14107. 1:49:09Mute
14108. 1:49:09is
14109. 1:49:09quite
14110. 1:49:10often
14111. 1:49:10portrayed
14112. 1:49:11as
14113. 1:49:11somewhat
14114. 1:49:11evil
14115. 1:49:12to
14116. 1:49:12some
14117. 1:49:12extent
14118. 1:49:13and
14119. 1:49:14well
14120. 1:49:15it's
14121. 1:49:15understandable
14122. 1:49:16that
14123. 1:49:16perhaps
14124. 1:49:17when
14125. 1:49:18listening
14126. 1:49:18to a
14127. 1:49:19villain
14128. 1:49:19you
14129. 1:49:19won't
14130. 1:49:19always
14131. 1:49:19think
14132. 1:49:20that
14133. 1:49:20a
14134. 1:49:20villain
14135. 1:49:20wouldn't
14136. 1:49:21tell
14137. 1:49:21you
14138. 1:49:21that
14139. 1:49:21he
14140. 1:49:21always
14141. 1:49:22does
14142. 1:49:22only
14143. 1:49:22evil
14144. 1:49:22but
14145. 1:49:23I
14146. 1:49:23sincerely
14147. 1:49:24hope
14148. 1:49:24that
14149. 1:49:24each
14150. 1:49:24of
14151. 1:49:24you
14152. 1:49:25will
14153. 1:49:25be
14154. 1:49:25able
14155. 1:49:25to
14156. 1:49:25draw
14157. 1:49:25your
14158. 1:49:26own
14159. 1:49:26personal
14160. 1:49:26conclusions
14161. 1:49:27from
14162. 1:49:27this
14163. 1:49:27podcast
14164. 1:49:28and
14165. 1:49:28it
14166. 1:49:28seemed
14167. 1:49:28to
14168. 1:49:35the
14169. 1:49:36markets
14170. 1:49:36in
14171. 1:49:36one
14172. 1:49:36direction
14173. 1:49:37or
14174. 1:49:37another
14175. 1:49:37thank
14176. 1:49:38you
14177. 1:49:38for
14178. 1:49:38delving
14179. 1:49:38deeper
14180. 1:49:39into
14181. 1:49:39the
14182. 1:49:40rational
14183. 1:49:41aspects
14184. 1:49:42of
14185. 1:49:42market
14186. 1:49:43makers
14187. 1:49:43work
14188. 1:49:43and
14189. 1:49:44Winter
14190. 1:49:45Mute's
14191. 1:49:45perspective
14192. 1:49:46I
14193. 1:49:46hope
14194. 1:49:46it
14195. 1:49:46was
14196. 1:49:47useful
14197. 1:49:47and
14198. 1:49:48interesting
14199. 1:49:48it
14200. 1:49:49was
14201. 1:49:49truly
14202. 1:49:49a
14203. 1:49:49great
14204. 1:49:49pleasure
14205. 1:49:50thank
14206. 1:49:50you
14207. 1:49:51thank
14208. 1:49:51you
14209. 1:49:51for
14210. 1:49:51inviting
14211. 1:49:52me
14212. 1:49:52thank
14213. 1:49:52you
14214. 1:49:52thank
14215. 1:49:53you
14216. 1:49:53for
14217. 1:49:53the
14218. 1:49:53podcast
14219. 1:49:53for
14220. 1:49:54me
14221. 1:49:54it
14222. 1:49:54was
14223. 1:49:54also
14224. 1:49:54one
14225. 1:49:55of
14226. 1:49:55the
14227. 1:49:55most
14228. 1:49:55anticipated
14229. 1:49:55podcasts
14230. 1:49:56thank
14231. 1:49:56you
14232. 1:49:56for
14233. 1:49:56coming
14234. 1:49:57thank
14235. 1:49:57you
14236. 1:49:57everybody
14237. 1:49:58bye
14238. 1:50:05bye
14239. 1:50:35bye