Key English German
00:01:35.680-->00:01:38.719 that of cypherpunk, cryptocurrency, open source that of cypherpunk, cryptocurrency, open source
00:01:38.720-->00:01:41.239 projects such as Monero or Bitcoin, projects such as Monero or Bitcoin,
00:01:41.240-->00:01:43.818 and then on the other side of this bridge, and then on the other side of this bridge,
00:01:47.200-->00:01:48.798 Rafael mentioned, I was head of research Rafael mentioned, I was head of research
00:01:48.799-->00:01:50.559 at a hedge fund and at a hedge fund and
00:01:50.560-->00:01:53.279 so that is what I prepared my remarks to so that is what I prepared my remarks to
00:01:53.280-->00:01:55.758 to cover today. to cover today.
00:01:55.759-->00:01:58.639 Here's a taxonomy of assets. These are Here's a taxonomy of assets. These are
00:01:58.640-->00:02:00.158 all the things that are out there that all the things that are out there that
00:02:00.159-->00:02:02.078 are possible to invest in for are possible to invest in for
00:02:02.079-->00:02:05.118 those who have wealth to invest. those who have wealth to invest.
00:02:05.119-->00:02:07.519 And I’m dividing this into two rows: And I’m dividing this into two rows:
00:02:07.520-->00:02:10.182 there's fungible and non-fungible. there's fungible and non-fungible.
00:02:10.184-->00:02:11.679 So, roughly, fungible means So, roughly, fungible means
00:02:12.239-->00:02:15.279 that you don't care which thing you get that you don't care which thing you get
00:02:15.280-->00:02:17.679 because from your point of view, all the because from your point of view, all the
00:02:17.680-->00:02:19.039 things that you could get are all things that you could get are all
00:02:19.040-->00:02:21.439 the same. So if you look the fungible the same. So if you look the fungible
00:02:21.440-->00:02:22.799 bottom row here, we're looking at bottom row here, we're looking at
00:02:22.800-->00:02:25.199 cash and precious metals, so if you have cash and precious metals, so if you have