[Applause]
era for the next actions back by the way
for the next five minutes I'm just you
know pose a question
shouldn't we be reasonable head and one
of the ways you know making that and
what I'm thinking about in the last
couple months is this idea of sousou's
coordinator and lending clubs so mr.
Patel with all due respect that was
amazing talk I have to say over the last
year I've learned a lot about finance I
have a background in history Chinese
politics but it's pretty amazing what's
been happening in the dfi space if you
know you have a bag over your head you
then you missed out on Def Con you
realized so much the excitement is
actually understanding what all these
products your honor right have been able
to show that eath is trustworthy
foundation and you know code can be a
self in length but this picture here is
when I googled Bear Stearns on some
funny clip art you know there are some I
think pretentious parallels to what we
actually sort of imagined as the crisis
in 2007-2008 a lot of synthetic
derivatives are you know over leveraged
in I had me thinking a lot about that so
a lot of people probably came to the
theater thinking about money and if you
haven't read this great book by Dick
Gregory
he sort of poses a question what makes
the concept that so strangely powerful
and goes through a history of 5,000
years of different you know societal
conflicts and raising rich debt and the
you know the breaking of bonds of all
the debt that people owe causes war
cousins you know conflict a couple other
interesting things is that even the idea
and built into our language so in Greek
the word symbol on
we became to work for money in Chinese
this fool and it was literally a word to
describe a debt or credit to someone
else in this simple I was sort of a
piece that you break and a half and
represent the debt you wrote so yeah I
mean that is very critical to get our
idea of money in that bet if we go to
pull a lot of us in this room have some
sort of debt but our mortgage or soon
once or something so in that I have been
thinking about are there ways that
people have been lending and created
money systems that don't involve a debt
or at least some sort of central actor
providing a loan or some personal credit
and it turns out there are there's a lot
and I'm a white American so this is all
new to me but Sousou is a circle West
African word and it scribes this idea of
rotating savings and credit Association
turns out it's also a Tunde and Latin
America and Chinese itself great and
that's been around actually since this
guy since the Tong dynasty which is like
600 and what it is is pretty simple it's
the savings with the community each
person puts a set amount into a pool and
then the pool rotates and so you can set
parameters whether it's you know in this
example ten dollars per week everyone
who received two hundred dollars at some
point so Tom does in some praise they
set up garlic people can choose when
they want to
the club cool so the other thing though
is that it's simply savings and it's
super savings so no one actually earns
interest on money set aside so when I
was researching this something I found
people all throughout the United States
use sousou's do people use it to pay for
a car the Jews and Borough Park use it
to buy real estate they it's just built
into the social fabric they all share
their money and essentially one person
gets to draw from the pool from the
cleft of wool in proving communities
it's actually happens and triggers so
you have a group of like seven people
and one trusted collector and then
eventually you know they paid out
whether it's five months eight months
what happened and then this Court is
that a lot of people who are banks
especially in the US for these informal
lending thoughts so yeah in like the
early 2000s banks it's very like you
know thinking of
Providence on this so there's actually
this this project that art with the
silver of GCS CA which they selected a
actual individual that they call it
Sousou collector and in these command
markets people in burrows has solved a
party using these two two schemes
pooling resources to be able to buy
large shipments of you know produce and
what they found is that there's actually
you know seventy bucks 75 million pounds
being traded and collected so there's
some drawbacks if there is a central
collector even if it's a small group of
people you trust there's a chance they
go off the grid they take all the money
and run the other idea is that you know
the person who's lost some light goods
is not receive any interest so it's a
little less reliable than great money in
a bank account and that's assuming you
know you have enough money to create a
bank account so the last thing I can
erase is long doing this research
there's like two projects that came up
just you know sort of assessment to help
fast things are moving in the defense
space but pull the other I've been using
that it's more they're describing
themselves as in no loss lottery and
it's kind of fun and they're earning
interest on the side there's also
Acropolis I'm not exactly sure the size
of this project but in their website
materials they describe it as
millennium folks so it's yeah this work
all to continue talking with other
people if you want to discuss sousou's
and think about the applications for
theory with I guess trustless CC
collectors thank you
[Applause]
you