So the two business models of states in the future will be. I think rather than course, it will be subscription and inflation subscription. We just described inflation dead or is this Bitcoin is Short-term volatile, but she was immense long-term appreciation. DS dollar is actually the opposite. It is short-term relatively stable, forget about inflation for now. I'll come back to that. It is short term relatively stable. But over the long term, you can see it has had a huge drop in purchasing power. Now, right now, this is talked about in a moral way and I understand why, because essentially, the quote Fiat Engineers don't really acknowledge this as a trade-off, or even recognizes it such gets back to this thing of like, the religious taboo, but if you think about it from an engineering mindset, most people hold up, Folio, they don't hold 100% BTC and 100 where 100 percent but some people 100 USD, but you don't usually hold 100 BC, you hold some BC and some USD why? Because some of this is stable on a daily basis and the rest is appreciating over time. Now, here's the concept. What if those are just opposite engineering trade-offs? That is say the long-term depreciation of Fiat provides effectively the funds to stabilize it in the short term. And just to think about that from an equation standpoint, if you were to don't like an order book is probably

not what I have in my imagination. So why don't you tell me? Okay.

So this was something actually, which I didn't know before I got into cryptocurrency and I think, I mean, the number of people who know this is probably increased by 100 or 1000 X over the last 10 years. And it's very important because it describes what how supply and demand and prices, really interact prices. Don't come from storks. They come from this and Where does it come from? Okay, so let me explain now. I'll come all the way back up. So you go to the store and you buy, I don't know. A gallon of milk, that's going to cost you. I don't know how much it is today. Let's say it's five bucks. Okay, maybe 10 bucks it with all the inflation, but right, five bucks. So fine. You're a price taker. If instead, you go to the store and you say, I want all your milk. I want 200 individual one gallon bottles. I'll pay five bucks per you can do that. But now if you Want yet, more milk, you need to go to the next door. They have an inventory of 30 gallon bottles, but it's 550 and as you start buying out inventory here, word gets around and people start hiking the price because they know you're going to walk in and clear them out of all of this liquidity of milk. And that is a difference between having a small enough demand. You don't really affect the price and having a large enough demand that you actually move the market. And one way of thinking about it is, these are like bids that are placed on either side. One store has placed a sell order of 200, gallons of milk at five bucks. And the next door has placed a sell order of 30 gallons of milk at 5:50. And all of these add up to be all of what is for sale. And there might be a ton. There might be thousands of gallons. If somebody really wants to pay 20 bucks a gallon. There's like thousands of gallons that become profitable to produce at that level at that price. Ice. And then conversely demand is sort of lowest at five dollars, but there'd be a ton of demand. There might be lots of people, who'd buy a gallon of milk for a dollar. So you can visualize this sort of v-shaped thing where the current market-clearing price is five bucks. But if a lot of people Suddenly by and clear out the supply, then the next available unit might be at like 8 bucks or 10 bucks and conversely if there's a huge amount of supply and there isn't demand in the market, clearing price drops from like five dollars for like four or three dollars, okay?

Me

so far

I have so

that is called an order book and that is actually how prices are born prices, literally come from the interaction of supply and demand. So all kinds of people are being trained as true capitalist because they're actually seeing the root access to the system. How prices are set between Supply event, supply and demand are now like, computable visible tangible. This has huge implications for lots of things because those order books are going to come to everything as we crypto fi the whole world. Old. It's not just BTC USD that has an order book where you're buying units of BTC, four blocks of USD or vice versa. It's not just either USD. It's not just every coin purses, every coin. It's every asset versus every asset. This is what I call the D Phi Matrix. A digital wallet. Doesn't just hold Bitcoin. It can eventually hold everything can old fiat, currency is aetherium tokens, and ft is whatever, and so it's got billions of rows, but just hold everything, everything trades against everything,

but just to interject for a second. I mean it. Three concrete. I feel like NF teas and expensive or not expensive. Jpegs or sort of the will be an on-ramp. It's like a gateway drug for a lot of people into crypto and web 3 and so on. And you can see just for people who want to look for articles on this and certainly you can see it yourself. But if you compare traditional art to say, open sea, and collectibles, or a Nifty artwork on Open Sea price, discovery. And the sort of transparency of order book that you're talking about is right there, and then their analytics being built on top of these marketplaces. That want to give one example of what's already happening, folks. Exactly.

Right? So, essentially order books mean price, Discovery. All kinds of things. Suddenly become liquid and price ssible things. We can never price before, like a minute of your time, as a JPEG, a megabyte on your hard drive, all the types of becomes price of oil and just to relate it. I'm going to talk D Phi, Matrix, come back up to the order book, come back up to Smart Fiat, then back up to subscription and inflation, then back up to the re bundling, after the American Anarchy. What does it defy Matrix? Digital wallets mean, you can hold every asset in your computer. Not just Bitcoin, not just a theorem but Fiat currencies like CBD sees when Central Bank, digital currencies come out every stock every Bond. Every nft, every video game potion. Give a billion items in your digital wallet, this billion items. You don't just hold them. You trade them against the billion items. You have this gigantic table and every existing. Exchange today, a crypto exchange stock-exchange a foreign exchange, you know, foreign currency exchange. All them can be considered sub matrices of these like a cryptic changes Fiat currencies and cryptocurrencies versus each other. A stock exchange is stocks and Fiat currencies of Foreign Exchange is currencies versus currencies. All those are just sub matrices of this massive D, Phi Matrix, and some of them are actually exchanges and some of them are so called automated market makers where you've got some rare piece of art and you've got a rather like a some in frequently traded token and you've got They're infrequently trade token. This will give you some conversion tree that some price might be a high price being go directly between them. The D Phi Matrix means everything is just getting repriced all the time. Every asset competes against. Every other asset people to understand how big a deal. This is. It's kind of like

it's a huge deal. Huge, huge deal. Yeah, even for a lot. I like me. It's a (expletive). A huge deal. Once you really start to look at it. It's huge enormous. It

is the internet of wealth internet of money, and it's going to be similar. It's like every newspaper, went online. And then, Google News came online and index them and suddenly every newspapers competing against every other newspaper. And so what that meant was that now, all the ones that were just reprinting, AP stories were no longer competitive and so lots of week newspapers that weren't adding that much value died. And so in the same way, when every asset is competing against every other asset, that is like extreme capitalism. There's no geographical advantage

anymore. Not just competing. But also, you can sort of cross collateralize and do all sorts. Those wacky not wacky, but new things that are going to upend a lot of our current thinking around how Capital flows. That's

right. And one of the big ones is, it's actually a second attack on fiat currency. The first attack is that Bitcoin appreciates and Bitcoin can't be seized. And so on, like all the stuff we do on our last last 10 years, the second attack. What do they call it? When you sell a company or you go IPO they call it a liquidity event because cash is universal. Barger, and you can exchange it for other things. Whereas, you can exchange doc directly the D Phi Matrix changes. That everything is always liquid all the time. So at some price, you can get a quote for something so long as it's not like banned by the state. And if you can get a quote for something, do you need to actually convert it into cash? You can just do it instantaneously. You can liquidate as necessary. And in fact, you want to hold minimum necessary, cash and have everything else is Cash. Doesn't appreciate, in fact, cash depreciates, and so now liquidity is itself. Second hole axis where it reduces the amount of wealth held in Fiat currencies. The D, Phi. Matrix is very very big thing. It will be to this decade, what the social graph was the previous one and you might say, oh why don't countries Hispanic. Well, the thing is that coercion only works within your borders and large countries can try it but small countries like Switzerland or Singapore or to buy or Sonia will see an opportunity here to level up their Fiat currencies recognizing That they no longer have a geographical advantage, just like local newspapers. No longer have the geographical advantages are just put in This Global competition. Recognize any longer Geographic Advantage. They might add privacy features. They might add transparent management of reserves. They might add Bitcoin backing suddenly, currencies are competing with each other in a way, they never have before on features and not simply like monetary policy. And so on Central, Bankers, become vitalik, and Zuko, the Smart Ones at least to the ones who don't just I like the newspaper guys that don't and GMI. You've heard that one.

Yes. I do commend him. I'm not going to make it exact gonna make it probably nothing. Yeah, probably nothing exactly. This

is something that the remote economy has done is it has put Miami in direct competition with San Francisco and poorly managed cities, right? This was recently reported. I don't know how true it is. But the mayor of SF tilde. Mayor of Miami. Hey, stop taking my people. He's like I love you, but no. Yeah,

that is awesome. And the reason

that is awesome is removing from the tired two-party system to the wired n city system from two parties to 20, or 30 or 50 or 100 cities competing. For you means that internal disputes are less and Intercity. Competition is more. Yeah, which is healthier, arguably, you can. All you can say that. It's bad when it goes to Interstate violence, but it is good when it is economic competition because that is, you know, this Marquis of Queensberry rules and make your city better and make it Greener and make it cleaner and make it healthier and have a better life for people in you'll attract. Good Residence. So coming back up. So the D Phi Matrix was every asset against every other asset all assets trade against, all other assets in the defy economy. Just like all cities trade against other cities in the remote economy. By the way, those are related because municipal bonds and minute. Equity like City coins are like Municipal Equity, you know, the equivalent of Miss will Bonds, in a sense are like the next version, all of those will also trade and so, you'll have the price of a city, every ideology. Everything will have a price which roughly reflects people's measure of belief in it. Are there more by orders or people long on the city. Do they think it's going to improve in 10 years? Is the next Shanghai? Or is it the next Detroit? Sell, sell, sell sell, that's reflected in real estate values currently today, but it's kind of opaque that all becomes REITs at that. Are on chain and so the price of a city goes up and down and in fact, that is actually probably going to be the determinant of your re-election. Did you boost the Reit of the city or not? That's actually quantitative and numerical and empirical it cuts through the BS. Did you deliver shared prosperity for your residents or not? Basically did more people want to buy into the City by a subscription by a piece of the digital read verses not by the, let me talk about the read for a second, you know, a real estate investment. Trust. One thing. I've thought a lot about There's an interesting way to sort of cut the gordian knot of NIMBY MB and the (expletive) is Anna

B&B. I was like, I got gordian knot. But what is the (expletive)'s gonna be in? Be named

BMB. I'm a little surprised. You've heard this one because it's a big thing in cities and probably in Austin. But NIMBY is not in my backyard. You can't build a, my backyard. And then, um, be is a more recent movement. That's like, yes, in my backyard. We need to build housing, you know, housing, scarcity is bad. Okay, and essentially audit, this is like this Intercity. Kind of thing. Now, what leads to this dispute is that the nimbys have the own houses and their property values. Go up if they can constrain Supply, while demand remains constant, a lot of the stuff they did in San Francisco restricting housing, construction, because the shadows. And so it's over. I think it's short-sighted, because by driving away demand, it's something where the long term, it's Detroit defying the city, you know, Tech is leaving. Not even that long term. It's happening, especially

with such a limited inventory. I mean, especially for a city of that size. Right.

Yeah, the rebuttal to this is 0 that place sucks. It's too crowded and the food sucks. That seems like a contradiction. I'm butchering that, you know, the proverb. Nobody wants to go there. It's too crowded, but there's a truth to that which is why did Friendster not make it? It couldn't handle the traffic. So people went elsewhere. Nobody goes there anymore. It was too crowded, meaning it fell over. It couldn't handle the load. It couldn't scale, and therefore it lost. So yeah, the demand goes up and then it crashes down to nothing. So nobody goes there anymore. It's too crowded is not always a fallacy. It's sometimes. The real thing, it means that they couldn't scale. The point is that with NIMBY MB, and hear me out, because I'm going to say something that will sound totally shocking or whatever. Okay,

maybe thank (expletive). This is this is the whole conversation was just so timid. Please get it. Okay. Okay, so so, so

maybe the problem is actually that direct ownership of non fungible property leads people to only have an interest in their local house, but not a she. Our interest in the city or Community or town as a whole and if you can separate out the utility of living in the house, from the value proposition of selling the house and actually is Asian ping of all people was like, houses should be for living in, not speculation. The more that people move into the digital realm, the more they start thinking about things in terms of Investments, and so on, just like, you can split out, for example, a corporate stock, you can spell out the voting shares versus the economics, and you can, like, sell the vote independently in some contexts. Can we split out the The utility from the appreciation and one model is you buy a big plot of land like a burning man style thing in the middle of nowhere and you set up a Reit on it and basically every Square, you know, I don't know, maybe every square meter or something like that is like a share in the because it's all equal. At the beginning, you might say, the city centre is somewhat more valuable than the outside when somebody goes and lives there. They do not own their home instead. They own shares in the Reit. And so, as the The expands if they're asked to literally like demolish their home and like move to maybe a bigger home, but something differently. They have an interest in the city as a hold of an economic interest in cities whole not just their individual home. You see I'm saying I

do and I was thinking, you know, in addition to the read I can't remember the terminology used but like the municipal bonds, the city tokens. I'm not sure the proper phrasing, but if your taxes or your sass fee that you paid to a given City or state went into a city or state based token in sufficient quantity and you have to figure out what the sufficient quantity is to properly incentivized. Someone who's resource at X level or why level or Z level, that would also sort of a line. So

it's interesting, you could kind of go back to have you heard of George's? Mm.

I haven't. It sounds like it has something to do with George though. Yes.

Oh, well. Yes. Oh, Henry George. This was Is a concept which is is obscure that this one is a pretty obscure, I guess. But it's things might come back to the future. So George is. MM, is the idea that the one thing that governments really do own is land. That's the arbitrary thing and that all revenue should come from that. And it's interesting because kind of outside of left and right, the premise is, everything else is value, added by humans. But land is this thing that was arbitrarily, sort of stolen or controlled or whatever by a government. And so land is the A juror that states have access to and more generally land, plus natural resource rights. And the thing about this is, you can imagine people talk about like gold-backed currency. You can imagine land, backed City coins, where the city is reorganized as a Reit. This might have to be done from scratch, by the way, because Legacy cities might not be able to do this reform basically like Land Reform under communism, you know in a sense collectivization except it's capitalization. Ideally, you would be opt-in, sounds

too. Sounds tricky. Yeah, so

like doing with a legacy City. I don't have a good answer for it. But let's say you go and buy land in the middle of nowhere and there's a ton of middle of nowhere. By the way. America is still a big country brushes, big Canada's big. There's actually lots of wide open piece of land and we do is because it's the internet, you do a drone over flight of it. You recruit people to crowdfund this territory, and they have to buy in and hold the City Coin. That's like the right to build. Build on this number of shares, like M2 or whatever the territory they have to commit to some holding period. They can't just buy and then leave and speculate. There's a command to actually build into it. And then you have something where, at the beginning is another

thing, just a quick side note. That's another thing I learned about since kind of wading into the Waters of web, 30 wash trading and all that kind of. Yeah. Anyway, we don't have to go down that rabbit hole. But yes, so to prevent people from flipping, there's a holding period. It's

essentially something where it's again, unbundling, Andre bundling. We're in a sense. Markets say hey screw loyalty. It's an economic transaction and these sort of rediscovered loyalty or patriotism or Loyalty cards or frequent flyer miles or holding periods. Whatever you want to call it. Loyalty is valuable because loyalty produces Collective Goods that an individual can't necessarily have on their own other people's loyalty to something is valuable to you. Because, you know, it'll be Stable and will be there when you come back,

we should take a second just for people. So, hold lling, whole little H OD El, I've read a number of different explanations for this one is, hold on for dear life. And other one is hold. But it was a typo and there. Yeah, that's what it is. Yeah, that's what it was. Basically,

it was a typo. There's a guy who's drunk and he posted. I'm not smart enough to do the trades. I'm just holding and

that and off it went. Have

you heard the term back? For him. I have

not heard the term. Backronym. A backronym

is a reverse engineered acronym. So hold on for dear. Life is like a reverse engineered acronym? Like that. I like that. That's clever. Yeah, they often just for like, you know, bills coming out of DC like the Patriot Act or something at some like abbreviation or whatever. Yeah, or the cares act so basically and by the on the topic of like loyalty and so on this is actually a deep point because my friend and you know, somebody who I agreed on some things just going to things no Smith had this tweet about out how when the police were basically a quasi abolished in San Francisco. You have organized crime, looting, the stores and actually, the working class employees at the stores, are being victimized by essentially a mafia criminal class, because the police have left, it's not like some Jean, Valjean going and stealing, a loaf of bread. It's a guy who's just, like, methodically loading stuff into the car, and then going in fencing it on Amazon or Ebay, very different kind of thing. It's genuine crime, organized and willful crime. The

a totally different and people can look back at the Loma. Create a Loma Prieta, earthquake, and what happened during that period of time in San Francisco. Same story

after the Loma Prieta earthquake, that happened. Well,

after the Loma Prieta, earthquake, people overestimate, the amount of infrastructure mobile infrastructure, that is available in a given City rights in San Francisco. I did Disaster Response training with the called nert. Nert, Northern California, emergency response. Team training with the fire department and leave. The police department is also involved. Moved and they just kind of suspect out how long you could expect to go without Services. If certain capacities, went down like water or electric and during Loma Prieta, which is also called, I believe the World Series earthquake because it was caught on camera during the World Series. People were, well, I shouldn't say. People, criminals were greasing the hills at Dolores Park, and just carjacking car after car after car after car, which is Of like just a reminder of some of the possible harsh realities that await you if you have no available law enforcement or infrastructure. So

let's get to decentralize defense in a bit after the American Anarchy, but when

we start, I still don't know how inflation fits into. Yeah. Yeah. Okay. Okay. Okay. Okay. So

the thing about this is abolish, the police abolish, the economy, or at least a physical economy. And the reason is in the digital world and everything that you can map to usual. You can protect it with the cryptography. Rafi, but the physical world still requires physical violence. It may eventually move to robots like drone enforcement of law, or something like that. I would actually mean laws code really is law. But at least for a while, it is going to be it, physical police and, and so on. But we starting to see RoboCop's like robo dogs and stuff walking around the cops. And so and we're like in the one of this era the 0.1, but abolish the police abolish, the economy means if you don't have police then people are just going to steal if they're just going to seal. There's no property rights and No stores and all the Walgreens leave and whatnot, but it's actually also deeper than that, which is, you know, unless there's some Prestige or praise because, you know, the police the military do risk their lives for relatively low pay, actually. I mean, I know policemen are sometimes well-paid nowadays, but in general, and you can argue this point, of course, you know, is lots of people who get mad about this but in general, you know, at least for service the risk of death is actually non-trivial and so the price often can offset that but what does is the patriotism? Mm and the feeling of serving your country and serving your Collective and whatnot. When that loyalty and patriotism is no longer there when that Center doesn't hold when people don't believe in it. It's not like the economics can just continue or at least they can't continue very easily because the guys who will step up to essentially collectively defend property and going back to the earlier thing. You know, it's when there's uncertainty that war happens. It's when there's uncertainty that crime happens, if there are strong punishment, there will be no punishments, the Shang. Yang concept. It's like the variable reward, the variable punishment that kind of like, you know, should I make a break for it? Should I go for it? If it's certain then people typically won't do it. It's like a very Swift and certain deterrent, if it's worth the risk. It might be worth the risk. What you don't want, is people to start calculating? Whether that kind of Crime Pays. Once they start calculating it, then it's bad. You get a destabilization because more people do it and that overwhelms even more limited resources and you start moving to a new equilibrium of a mafia state which is like Russia in the 90s, which unfortunately, I think is similar to what the coming American Anarchy. Might be. So just talk about this coming back. So the D Phi Matrix is all versus, all all assets versus all, the order book, tells you how prices are determined. And you know, when I mentioned that future States will have subscription versus inflation, all currencies are going to compete against all other assets and cities will also be able to issue their currencies alongside States issuing, a currency will become a new business model. It already has been and the currency is of companies and cities and countries and communities. Is will trade alongside digital currencies. In one gigantic thing, do currencies

almost like tokens become and here, we have to be careful here with. I mean, who knows how it'll get resolved? But sort of unregulated Securities, but your shirt there, they're sort of interchangeable in this, hypothetical example, right?

Yeah, on that topic, by the way, I do not believe tokens are securities anymore than, I Believe YouTube is television. And the thing is YouTube was not regulated like television. You don't need a TV license. You don't need to broadcast. License Skype or telephony to go and place a WhatsApp call, that's not regulated. Like AT&T email is not regulated like the post office because we didn't take these super old things and apply them to the internet and the same way going in siding, hundred-year-old statutes or stuff from, like the 1930s in the 2020s. OR 2030s is simply an apposite Larry Page. Are the saying any law. That's more than 50 years old. Just has to be re-examined. Probably can't be, right. I mean, it's before the internet paraphrase, Larry Page, so I think these laws We'll get re-examined. I think the with the Soviets called the correlation of forces is against them. But so far as they are in effect or being interpreted that way, of course be compliant etcetera. Etcetera with that said, not every country is America and in fact, actually IRT add something to their day where it's actually more and more common. Now, for crypto projects to ban Americans from buying into them. You may have seen some of these things, right? They literally IP ban Americans and the thing is, like,

a lot of Swiss banks. Yeah. They're exactly ID. Banning instead of I IP Banning, yeah, that's

right. This, you should expect more and more of where the u.s. Throwing its weight around with sanctions and threats. And so on is suddenly starting to realize that it's back, lashing on them because the expectation is oh, so you want the American Market? Will you need to comply with us and now? Entrepreneurs realize I don't need the US market twin, so no. Thank you very much. I'm just gonna block Americans. This already happened in New York with the bitlicense where it basically meant that You crypto Innovation. It was, I mean in a sense it was good because it just ensured that we move the

future of Finance out of Wall Street. Now, could you describe what bitlicense was? And then what happened?

Yeah, is a set of onerous regulations on cryptocurrency companies, where it was, just basically passed so that somebody could have a career achievement and it was something where you have to fill out, enormous amounts of paperwork. And it was uncertain, the timeline and the cost. I mean your company, right? You can't start up. Can't wait years for a Double license before it operates. So what happened was New York. Overestimated, their leverage and they're like, we're in New York. What are you going to do? Where the center of the world? You can make it here? You can make it anywhere. Actually. No, I can make it elsewhere and New York is last on the list. And so rather than putting them at the front. It was too onerous. It was too high, a form to fill out to Ayah price imposed for that first Customer because that's what regulation is. It's the price of your first customer or another way of putting it. Your first customer, is the state that grants you the license to operate. It and have access to their market. Now as the relative share of that market declines as the rest of the world becomes bigger as a percent of GDP that New York controls or financial GP, whatever you want to call it Finance Market, that in your controls drops. Suddenly. It's leverage drops off a cliff but it's Regulators haven't caught up and they still think that they have that leverage when you just IP ban, all New York people and just have them last and maybe you do that feature three years in. So there's New York is at the back of the line formation.

So startups, just move. Yeah, so

I've just moved but they also IP ban. And so this is a new New thing because the u.s. Is supposed to be at the front of things and whatnot. Well that's happening in Asia Pacific.

Right? And in this sense that entrepreneurs are sort of leaving the gravitational, pull of China to have their physical base elsewhere. Yes,

absolutely. So, both China and the US are driving away their best. Actually, all three corners of that triangle. And why TCP and BTC, their fundamental weaknesses are, they're driving away. Some of the best nyt. For example is piling. The mid words but it's losing Marc Andreessen and Glenn. Greenwald. CCP is certainly got a bunch of nationalist zombies, guys. I mean, some of them are actually pretty smart, but they're losing the next Jack, Ma and mate, one CEO, and B dance co and so on, they decapitated all of their major tech companies and they don't make the pretenses about it. Like when nyt did that to Uber, there's this whole because it's decentralized because it's stochastic because the Press can't just fire somebody like Z Jinping can just basically I order and fire somebody. It had to be like a thousand articles and this whole process to decapitate them and replace Travis with a guy who I'd like. But who was formerly on the nyt editorial board who is acceptable, 10, y t. So the journalist effectively went and decapitated a tech company. They're trying to do that to Facebook now, but because there's still some pretence of rule of law and some pretense of due process and Free Speech. It can't just be like they do in China where they just chop and gone, but it certainly is doing something where it's alienating many of the best from And mighty corner. Just as CCP is alienating, many of the best from the CCP corner of the triangle and actually even the BTC corner of the triangle maximalism, which is like the extreme version is alienating people like metallic or Zuko or the Solana, Founders, or anybody. Who wants to innovate on so-called L1. They're kind of being pushed away from from that corner. So those three corners are kind of pushing what I think of as the decentralized center, you know, it is the folks who no longer believe in MIT the folks who are leaving CCP or that folks who want to do L1? Besides BTC. They may be Beach sea and they may respect BTC and use it and hold it but they're not Manu. Mists that is to say there. You know, like there's monotheism. Yeah. Monotheism. Only one. (expletive) is also minus T2. Some only one government, the government can do everything, you know, there's this ad from 10 years ago. Government is the thing we all belong to where people replace G OD with govt is like the strong man up there as like rather than the guy with the beard becomes like the u.s. Carbon Theo's military. It's really strong and it's been Blind. It can kill your enemies and it can redistribute the money and take care of the poor. And then, the third version of that is Manu - mm, which is not replacing g0d with govt, but your V with BT see where it's like. There's certain people who believe the government can do anything. It's sort of a joke Bitcoin fixes this. And I do believe by the way, the Bitcoin fixes a lot of things but it doesn't fix everything and when you project so much on to it, it actually becomes unrealistic. Again to be clear relative to most people. I'm probably Lie down near that corner, but it's like a log scale, you know? Yes, I like those people

who are 10x or 100x. So, what are we missing for the Matrix? Because I definitely want to ask you some additional questions.

So I'll just come back up those 6.60 D, Phi Matrix, all versus all all currencies trade against all other currencies. The order book is each cell in the D Phi Matrix, how that price is determined. How does it relate to the concept of the future business models of governments, so subscription and inflation. Basically, you pay, you know, for the subscription to have like this effectively did Passport wallet. Driver's license, currency of the city login property, rights marriage certificate birth. Certificates are all that stuff. The inflation comes from the smart version of Fiat says, Hey, Bitcoin is volatile today, but appreciating overtime, Fiat is flat today, but depreciating over time. And the reason is the reason it's flat today is we're sort of seizing some of the money a little bit to maintain its price stability against a bunch of goods and this With all the pieces like together. So essentially if you were to design, not a Fiat coin, but a flat coin, where it's not the dollar or the Renminbi is a new digital asset whose property is that unlike the inflating dollar. It is flat against the number of chairs or bottles of milk, or things like that, a flat coin would try to be as flat as possible in a time of money driven inflation in order for that to work. You need some reserve of that flat coin. Let's say Ten Goods that you're monitoring the price of flat coin versus chairs. The price versus milk the price versus Tomatoes, whatever. Those are ten order books with by and seldom. And like we talked about in order to maintain it to be flat in to keep the price within that V. Just like not moving too much. And that means some amount of money. So you can place buy and sell orders to stabilize it. When other people are selling and buying now that will deplete that amount of money over time. And where do you replenish it from?

Let me ask a dumb question when you You say so you can place buy and sell orders to maintain the flatness of the flag coin, who is you in this case? It's

basically the manager of that flat coin. It is the city or the government, or the entity.

I see you're saying basically, it's a new Central Banker, right? Exactly. It's like this, that's like the central bank. Got it. You know,

Greenspan is this concert. Look plunge, Protection Team and the thing about it and this is crucial. You might say well we didn't. We just invent the new boss. Same as the old boss. Oh, how come you saying Central Bankers? That's why. I like I mentioned the Looks like the spiral unbundling Andre bundling just like you go from CDs MP3s to playlists. Here you go from unconstrained Fiat, where you have no Alternatives and it is just being printed and seizing, everybody's money silently to bitcoin, which checks that. And now 28 checked Fiat where if they print too much or inflate too much and they're doing too, much more than is necessary to achieve short-term monetary stability, you exit to be DC in the same way that with a company Why if it issues too many shares and dilutes everybody down. You're like no. Thank you very much. And you liquidate to cash recorded a hundred billion valuation market. Cap pick 100 billion is an industry. The Clannad a trillion is a government Bitcoin at 10 trillion or maybe a hundred trillion somewhere in that range is a world government. Just not the one that anybody imagined. Essentially, you know, there's this vision of a world government. That was like this sort of communist socialist World. Government thing, that everybody would be Brotherhood of Man and they're sort of the libertarian thing of F that after un We want to do. And then Bitcoin is actually, like a Libertarian issue World Government, which constrains, every state in the sense that they can't spend more than they have because their users will go to the D, Phi, Matrix and cash out. The currency for BC BT, C is like the 00 of the D Phi Matrix.