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  • Yeah, when I watched what you guys were doing, so I called that when I relooked at defi, when I was at bankers trust, I had a bunch of direct phone lines and I could choose which broker to use at the Chicago mercantile exchange or the bond future.

    是的,當我看著你們所做的一切,所以我在重新審視defi的時候稱之為,當我在銀行家信託公司的時候,我有一堆直接的電話線,我可以選擇在芝加哥商品交易所或債券期貨使用哪個經紀人。

  • I could choose which uh company to trade treasuries with and um you know, they would give me better liquidity and they might take me out for a steak dinner or take me to the, to the knicks on the floor.

    我可以選擇與哪家公司交易國債,嗯,你知道,他們會給我更好的流動性,他們可能會帶我出去吃牛排,或者帶我去看,看尼克斯隊的比賽。

  • But I never got offered ownership in their company or the protocol.

    但我從未得到他們公司或協議的所有權。

  • And when I saw you guys in the defi summer and some of the lending protocols saying guess what, you will give you an interest on your soul, you'll grow your crypto.

    而當我看到你們在defi夏天和一些借貸協議中說,你猜怎麼著,你會給你的靈魂以利息,你會增長你的加密貨幣。

  • That's the best way you explain lending market, you get to grow your crypto, but you also get some of these extra tokens in this protocol that will also accrue value.

    這是你解釋借貸市場的最好方式,你得到了增長你的加密貨幣,但你也得到了這個協議中的一些額外的代幣,也會累積價值。

  • That is a mind blowing concept that you would have never seen in traditional finance or probably impossible to do without a blocking or economy.

    這是一個令人震驚的概念,你在傳統金融中從未見過,或者說如果沒有封鎖或經濟,可能不可能做到。

  • Imagine even taking a huber right each time you take a Uber right, you get a small portion of uber equity or eating at, let's say drinking in a pub or going out somewhere or you know, watching a sports game, you get part of like ownership of that sports club.

    想象一下,即使是乘坐Huber的權利,每次你乘坐Uber的權利,你都會得到一小部分uber的股權,或者在吃飯,比方說在酒吧喝酒,或者出去什麼地方,或者你知道,看一場體育比賽,你會得到一部分,就像對那個體育俱樂部的所有權。

  • So like all this concept of like ownership has, its what website that's very well is that it just like changes the way.

    所以像所有的這個概念像所有權有,它的什麼網站很好,就是它只是像改變了方式。

  • So as a user, you become a stakeholder.

    是以,作為一個用戶,你成為一個利益相關者。

  • So basically because you use the products and the protocols, you have the kind of like a more skin in the game to decide like how there will be built compared where you know, a traditional model where you have a company stakeholders, investors and investors are kind of like uh incentivized to uh create products that create more value for them.

    是以,基本上,因為你使用產品和協議,你有一種像更多的皮膚在遊戲中決定像如何將建立相比,你知道,一個傳統的模式,你有一個公司的利益相關者,投資者和投資者是那種像呃激勵呃創造產品,為他們創造更多的價值。

  • So they have like the monetary stake but the user has not only kind of like user has the stake of like using a good product and then if you get like some sort of like a discounts, ownerships and and additional like kind of like hell for that.

    是以,他們有金錢上的利益,但用戶不僅有那種像用戶一樣的利益,比如使用一個好的產品,然後如果你得到像某種像折扣、所有權和額外的像地獄一樣的東西。

  • Uh That's amazing.

    呃 那真是太神奇了。

  • Yeah, it's a whole new paradigm shift and it's super exciting and it's also all on the Blockchain.

    是的,這是一個全新的範式轉變,它是超級令人興奮的,它也都是在區塊鏈上。

  • Yeah, transparently.

    是的,透明的。

  • That's the thing like when you compare like uh these things that's financed the traditional finance, what amazes me like how transparent everything is.

    這就是當你比較像呃這些東西的傳統融資方式時,讓我吃驚的是,一切都很透明。

  • So if you go currently into the other protocol or any defy protocol out there, you see each and every transaction on the Blockchain, you every single second.

    是以,如果你目前進入其他協議或任何defy協議,你看到區塊鏈上的每一筆交易,你每一秒鐘都會看到。

  • So you see like what's the colorization ratios on on the other protocol, what kind of assets are borrowed?

    是以,你看到像其他協議上的著色比例是什麼,什麼樣的資產是借來的?

  • What kind of interest rates you see like the historical um data.

    你看到什麼樣的利率,像歷史上的嗯數據。

  • So you can even quantify for the future.

    所以你甚至可以為未來進行量化。

  • So these protocols are auditable by anyone every single second, which means that anyone can build better risk management tools as well.

    是以,這些協議每一秒鐘都可以被任何人審計,這意味著任何人也可以建立更好的風險管理工具。

  • And because the data is accurate there compared for example financial crisis in 2000 and eight.

    因為數據是準確的,比如說2000年和8年的金融危機。

  • You know it's very difficult to understand like what kind of exposures for example JPM had against Goldman and Goldman against let's say Bank of America and what not.

    你知道這很難理解,比如說摩根大通對高盛,高盛對美國銀行等有什麼樣的風險。

  • And so you have like this financial reporting but it's not the same thing as you have like uh financial reporting on the whole state of the economy each and single second which means that anyone can build better risk management tools any part of the port.

    是以,你有這樣的財務報告,但它與你有像呃財務報告一樣的關於整個經濟狀況的每一秒鐘的報告是不一樣的,這意味著任何人都可以在港口的任何部分建立更好的風險管理工具。

  • And that's what's happening in the other protocol.

    而這正是其他協議中所發生的事情。

  • We saw a proposal coming from a firm called conflict which does stress testing and risk management in the with three and they practically make it a proposal of changing risk parameters and it's kind of like a decent just way of building not just like better finance more like efficient but also like more risk of our finance which is good for everyone.

    我們看到一個叫衝突的公司提出了一個建議,該公司在三家公司中做壓力測試和風險管理,他們實際上提出了一個改變風險參數的建議,這有點像一個體面的方式,不僅僅是建立更好的金融,更像是有效的,也像是我們金融的更多風險,這對所有人都有好處。

  • Especially for the users.

    特別是對用戶而言。

  • Yeah the transparency cannot be overstated.

    是的,透明度怎麼強調都不為過。

  • When I worked on Wall street the whole game with secrecy.

    當我在華爾街工作時,整個遊戲都是保密的。

  • Old game was a lack of information that's why we got paid millions of dollars a year.

    舊遊戲是缺乏資訊,這就是為什麼我們每年得到數百萬美元的報酬。

  • If you ever look at those phones in the movie Wall Street there are these black phones I used to have to, I can talk on two phones at once by the way they have a click they have a clicker in the middle of the phone.

    如果你看過電影《華爾街》中的那些電話,有這些黑色的電話,我曾經有,我可以同時用兩個電話說話,他們有一個點擊,他們在電話的中間有一個點擊器。

  • What's that for its to mute So you cannot tell people information and we would do massive derivative trades, hundreds of millions of dollars in notional between banks and they were never reported to anyone.

    那是什麼意思呢?所以你不能告訴別人資訊,我們會做大規模的衍生品交易,在銀行之間有數億美元的名義交易,而這些交易從未向任何人報告。

  • And that's why I think what standings referring to is in the financial crisis when everything went wrong, the Fed comes in and says, okay, where's the risk?

    這就是為什麼我認為立場所指的是在金融危機中,當一切都出錯時,美聯儲進來並說,好吧,風險在哪裡?

  • And everyone says no one knows where we don't know.

    而大家都說沒有人知道我們不知道的地方。

  • It's all on a is the document that was signed off, that's eight pages long or it's in a risk management system internally to the bank, but you literally have no idea what the risk is exactly.

    這一切都在一個被簽署的文件上,那有八頁長,或者在銀行內部的風險管理系統中,但你實際上不知道風險到底是什麼。

  • Um, and then it starts getting ugly as it did with Lehman and these other places.

    嗯,然後它開始變得醜陋,就像雷曼和這些其他地方一樣。

  • But our job was literally not to tell our customers information exactly.

    但我們的工作從字面上看並不是要準確地告訴我們的客戶資訊。

  • That's not possible in victory.

    這在勝利中是不可能的。

  • Because like you see everything and end of the end of the day, what amazes me how these communities are managing risk.

    因為就像你看到的一切,最後的最後,讓我驚訝的是這些社區是如何管理風險的。

  • So all of these communities, it's, they consist of developers, uh, there might be some professionals there but their users that are using these protocols and practically making decisions on what kind of response bridges to apply and crypto is very volatile.

    是以,所有這些社區,它是,它們由開發人員組成,呃,那裡可能有一些專業人士,但他們的用戶正在使用這些協議,並實際作出決定,以應用什麼樣的反應橋,而加密貨幣是非常不穩定。

  • It's volatile than anything else.

    這比其他任何東西都更不穩定。

  • And you know, when these collaterals reducing value, you know, there's this kind of like a liquidation is going on the different protocols and they have been very resilient on what's happened happened this year in the big market drop and, and last year.

    你知道,當這些抵押品降低價值時,你知道,有這樣一種像清算一樣的不同協議正在進行,他們對今年發生的大市場下跌和去年發生的事情非常有彈性。

  • so it's just showcases that you don't need to be a financial kind of like uh you know, advocate to actually build good protocols and and recovery systems.

    是以,它只是展示了你不需要成為一個金融種類,就像呃,你知道,倡導實際建立良好的協議和恢復系統。

  • You just need to be have a group of people as a community like using the product and deciding that hey what's good for for the product and that will work.

    你只需要有一群人像社區一樣使用該產品,並決定,嘿,什麼是對該產品有利的,這將是有效的。

  • We have like basically multiple protocols now in the fight that just have amazing risk management.

    我們現在基本上有像多個協議的戰鬥,只是有驚人的風險管理。

  • And I'm pretty sure when we look back into this thing like we get inspired that you don't need to have like necessarily like similar backgrounds just modeling risk.

    而且我很確定,當我們回過頭來看這件事的時候,就像我們得到的啟發一樣,你不需要像一定要有類似的背景,只是建模的風險。

  • You can just have People that are using and have a lot of like kind of like a stake in the system.

    你可以只讓那些正在使用並在系統中擁有很多像樣的利益的人。

  • And it's been impressive because like you said it's almost like a public display of a stress test.

    而且它令人印象深刻,因為就像你說的,它幾乎就像一個公開展示的壓力測試。

  • Yes, it's been out there and I was talking to Dan morehead of Pantera capital who was raising Bitcoin funds in 2013 Who tried to buy $2 million dollars a Bitcoin on coindesk and on coin based on there were four employees and he couldn't get it done.

    是的,它一直在那裡,我和Pantera資本的Dan Morehead談過,他在2013年籌集比特幣資金,他試圖在coindesk和基於硬幣的四名員工上購買200萬美元的比特幣,但他無法完成。

  • And uh he said brian look at Bitcoin for example, he said for 13 years it's been stress tested by every terrorist group, every government group, every CIA FBI group in the world.

    他說,比如說,看看比特幣,他說13年來,它已經被世界上每一個恐怖組織、每一個政府組織、每一個CIA FBI組織進行了壓力測試。

  • And yet it's never had downtime.

    然而,它從來沒有過停機時間。

  • He said you can't say that about any banking system in the world can't say that about facebook and google.

    他說,你不能對世界上的任何銀行系統這麼說,也不能對Facebook和谷歌這麼說。

  • They've all had downtime and yet a network like Bitcoin has made it through that Without breaking and again, you know, ethereum now all the developers, all the protocols and again, you're talking about big market moves.

    他們都有過停工期,然而像比特幣這樣的網絡已經通過了,沒有打破,同樣,你知道,以太坊現在所有的開發者,所有的協議,同樣,你在談論大的市場動作。

  • So black Thursday last year, this year when Bitcoin comes off 50%.

    是以,去年的黑色星期四,今年的比特幣下跌50%。

  • Now, what happens to the stable coins stay stable?

    現在,穩定的硬幣保持穩定會發生什麼?

  • Do I do I get my lending securities back and we're seeing these public displays of kind of a stress test.

    我是否能拿回我的借貸證券,我們看到這些公開展示的那種壓力測試。

  • Yeah.

    是的。

  • And there's a lot of discussion.

    而且有很多討論。

  • So if you see some sort of like a kind of like unwanted behavior, the communities will talk about it, you know, publicly in the forums in twitter and you quickly like the communities react very quickly and because it's a system where it's based on the communities, like it's very difficult to act against a protocol and kind of like because like everyone is trying to achieve the very same goal of course, like when things scale and you have more like commercial actors going the next question is like how you keep the protocols uh somehow like uh I would say like, like a friendly and environments where people care about decentralization, uh financial inclusion.

    所以,如果你看到某種像不需要的行為,社區會談論它,你知道,在論壇和微博上公開,你很快就像社區的反應非常快,因為這是一個系統,它是基於社區的。因為這是一個基於社區的系統,所以很難對協議採取行動,因為每個人都在努力實現同樣的目標,當然,當事情擴大,你有更多的商業行為者,下一個問題是,你如何保持協議,呃,我想說的是,像一個友好的環境,人們關心去中心化,呃金融包容性。

  • But that's that's the thing with the forking if if there's some sort of like issues where the community members aren't uh you know, they don't see it as as kind of like beneficial for the protocol.

    但是,這就是分叉的問題,如果有一些類似的問題,社區成員並不呃你知道,他們不認為這是一種像對協議有益的。

  • They can always fork and this risk is amazing because you can't fork Gpm, you can't for for Bank of America, it's just like, it takes 50 years to get to the same level.

    他們總是可以分叉,這種風險是驚人的,因為你不能分叉Gpm,你不能為美國銀行,它只是像,需要50年才能達到相同的水準。

  • But in the five you can basically for uh you can for any protocol and if you do it right away, you can get very quickly in the same spot.

    但在五個人中,你基本上可以為呃你可以為任何協議,如果你馬上做,你可以在同一地點非常迅速地得到。

  • And that's, that's something that also keeps us like kind of active, like how we ensure as a stakeholder.

    這就是,這也是讓我們像那種積極的東西,就像我們如何確保作為一個利益相關者。

  • Like we build good protocols for for people.

    像我們為人們建立良好的協議。

  • So you're a politician, not a ceo well, kind of, I would say that I'm more of a builder.

    所以你是一個政治家,而不是一個首席執行官,嗯,有點,我會說我更像是一個建設者。

  • Like I don't like politics because it takes so much time and but politics is an important part.

    就像我不喜歡政治,因為它需要這麼多時間,但政治是一個重要的部分。

  • So the essentials, finance is interesting because there's this component of building things and then there's this component of governing things.

    所以本質上,金融是有趣的,因為有建設事物的這個組成部分,然後有治理事物的這個組成部分。

  • I'm more of a builder.

    我更像是一個建設者。

  • I like to build things and let other people to govern them.

    我喜歡建造東西並讓其他人來管理它們。

  • That's like, that's pretty much like my vision, but also I, I like to, I have a saying in some of some of the things I built, so maybe I want to say, hey, I like what's happening, but my opinion is this, but I want to do it in a way that my social capital isn't like uh saturating what's good for the protocols.

    這就像,這很像我的願景,但同時我,我喜歡,我在一些我建立的一些事情上有一個說法,所以也許我想說,嘿,我喜歡正在發生的事情,但我的意見是這樣的,但我想以一種方式做,我的社會資本並不像呃飽和什麼是好的協議。

  • So that's the thing.

    所以這就是問題所在。

  • Even if you deploy things for example, Batalik uh created the ethereum uh was founded it and he's active there.

    即使你部署的東西,例如,Batalik呃創造了以太坊呃是創建它,他在那裡很活躍。

  • The communities still, you know, this kind of like a social capital.

    社區仍然,你知道,這種像社會資本。

  • You need to be careful because you need to ensure that you don't direct too much the, the whole community and let this kind of space and involvement there.

    你需要小心,因為你需要確保你不要過多地指導,整個社區,讓這種空間和參與在那裡。

Yeah, when I watched what you guys were doing, so I called that when I relooked at defi, when I was at bankers trust, I had a bunch of direct phone lines and I could choose which broker to use at the Chicago mercantile exchange or the bond future.

是的,當我看著你們所做的一切,所以我在重新審視defi的時候稱之為,當我在銀行家信託公司的時候,我有一堆直接的電話線,我可以選擇在芝加哥商品交易所或債券期貨使用哪個經紀人。

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B1 中級 中文 協議 風險 社區 金融 利益 管理

Stani Kulechov談DeFi與傳統金融。區塊鏈的一切都100%透明? (Stani Kulechov On DeFi vs Traditional Finance: Everything Is 100% Transparent With Blockchain ?)

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    林宜悉 發佈於 2021 年 09 月 27 日
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