[
  {
    "start": 3606.0,
    "text": "some market infrastructure. And Jonas, I would actually also prefer a fourth approach and one you have alluded to, like the European ledger. And I mean, they call this the European ledger already, but this would be a platform that's basically driven by the ECB, but also regulated financial institutions in Europe. And basically it's a shared platform where everyone kind of participates. I think this will be at first a permission private chain.",
    "end": 3630.0
  },
  {
    "start": 3630.0,
    "text": "But at least if everyone agrees that this is the chain and the governance is structured in a way that it's not 100% driven by the ECB, but like public-private partnership, this could be actually an interesting setup. Definitely. Yeah. And I think what's quite remarkable about this announcement is that it came much quicker than the market anticipated because it was announced that it's more likely that the governing council of the ECB will only decide in the second meeting in May.",
    "end": 3659.0
  },
  {
    "start": 3659.0,
    "text": "And now, to me at least, they caught me by surprise that they already announced that in the first meeting of the year. So apparently also the increased pressure to provide a solution in the short run that was articulated very loudly by the market was listened to and heard. And even though it's unclear yet how exactly that solution will look like, ECB has now clearly stated that they will.",
    "end": 3687.0
  },
  {
    "start": 3687.0,
    "text": "provide this interoperability solution to existing payment systems as framed by the target umbrella term in the short run. So I think that's a very, very positive movement and direction. Yes. And uncertainty was substantially reduced by announcing this now, even if the plans are not clear yet. It's just, yeah, it's not concrete, but at least you know that the path is exactly this direction. And I also welcome this because the market...",
    "end": 3713.0
  },
  {
    "start": 3713.0,
    "text": "demanded that and the ECB seems to serve that. What I'm still a little bit puzzled about in the end is how, if there are some thoughts around permissionless public blockchains as well, because Alex, you said it in the beginning, it will be sure private permission one, but I hope that at least at some part of this, it's so true that you can also interlink. It's of course hard to integrate, but don't forget this public permission blockchains. That's exactly what I would say.",
    "end": 3741.0
  },
  {
    "start": 3741.0,
    "text": "Isn't that a perfect bridge? Because looking at the time, I think we need to wrap it up slowly to our findings and our nuggets. Because interestingly enough, Ulrich Binzheil issued a research report exactly on that question. The paper is called Public Crypto Networks as Financial Market Infrastructures, where he and a co-author, a professor of Columbia's University.",
    "end": 3770.0
  },
  {
    "start": 3770.0,
    "text": "have looked into how public permissionless networks could be used as regulated financial market infrastructures. And there were some unique features that are really praised. So the elimination of traditional intermediaries, universality, flexibility of the base ledger, flattened hierarchy, elimination of expensive potential error-prone human decision-making, and so forth.",
    "end": 3797.0
  },
  {
    "start": 3797.0,
    "text": "And they basically then state these features could allow crypto networks to provide financial market infrastructure with unprecedented efficiency. So very bullish notes here. Of course, they also raised things that need to be overcome. But nevertheless, I think it's quite significant and quite remarkable that Ulrich Binzell, who was known to shill Bitcoin, or no, not shill, Bitcoin. Contrary.",
    "end": 3825.0
  },
  {
    "start": 3825.0,
    "text": "Yeah, exactly the contrary. So provide lots of arguments why Bitcoin is the opposite of shilling. The opposite of shilling. That's what he does. Yeah. Is now really doing very balanced research into how public permissionless networks could be used and also express that private chains lack many of the benefits that public chains have.",
    "end": 3848.0
  },
  {
    "start": 3848.0,
    "text": "Yeah, thank you, Manu for your segue into our crypto nuggets section. I actually wanted to jump on that because my nugget is very similar or at least related because it's related to public and private blockchains and then Ivica Ratjic, he's the CTO of Swiat, has done a really nice LinkedIn post on the categorization of blockchains.",
    "end": 3872.0
  },
  {
    "start": 3872.0,
    "text": "because I think only saying public and private and then permission and permissionless is actually not sufficient and creates a lot of confusion because I mean, public and private, yes, but then also permissioned and permissionless. Some people use permissioned and permissionless for who is actually allowed to do transactions on that blockchain, but what it actually means is who is allowed to be a validator, right? Is it permissioned, which means only certain parties are allowed to be validators? Is it permissionless? Anyone can be a validator.",
    "end": 3902.0
  },
  {
    "start": 3902.0,
    "text": "Public and private is always the question. Is it reading rights? Is it viewing rights that are public or private? And Ivica has tried to go a little bit deeper. He has like three categories that allow basically blockchains to be characterized at a bit of a deeper level. So we'll put the link into the show notes and feel free to read through that LinkedIn post.",
    "end": 3926.0
  },
  {
    "start": 3926.0,
    "text": "Great. Thanks, Alex. And maybe Mike, I go next because mine is also related. Namely, it's another paper by Ulrich Binzal. So, man, we didn't discuss this before and it's really coincidence. Namely, one on the terminology on digital assets. I think a paper that is heavily demanded, I would say probably for five or 10 years. And we would have avoided a lot of misunderstandings in having this earlier, but it's good to have out because we know the terms cryptocurrencies, stable coins, wholesale CWDC, you know, always are",
    "end": 3956.0
  },
  {
    "start": 3956.0,
    "text": "are discussed heavily and I actually don't like any of those. And Ulrich Binsall provides together with the co-author a really good approach on how to frame this accurately. I'm really curious to see if this will change anything in the discussion because the terms are just used everywhere, right? But coming from academia here, I think it's very good to discuss terminology and go back to square one. So I can also highly recommend this and we link this in the show notes as well.",
    "end": 3985.0
  },
  {
    "start": 3985.0,
    "text": "quite dismissive of many of the definitions how they are currently used, right? And then also provide some argumentation why it's not correct how it is used. Yeah, very, very strong in some situations, I would say. And maybe for some of the listeners that might not know Ulrich Binzal, I forgot to explain also who he is. He runs the director or he is director general and runs the area of market infrastructure and payments for the ECD. So he's a very senior.",
    "end": 4015.0
  },
  {
    "start": 4015.0,
    "text": "member of the ECB. Who is leaving the ECB soon, right? Yeah, that's actually also true. Yeah, he's leaving the ECB and focusing on research more. Starting a Bitcoin, I heard he starts a Bitcoin startup soon. Not. Yeah, thanks for your nuggets. They will serve me well on the weekend. Mine is rather unrelated to yours. I brought...",
    "end": 4042.0
  },
  {
    "start": 4042.0,
    "text": "a short video called Mayurana, one explained the path to a million qubits after publishing a study together with a very cognitive finance institute. And after the recent BFRR episode on quantum, I follow the quantum news closely these days, as they do pose at the moment a theoretical threat to crypto assets. And in the short video I brought today, which is by the Microsoft team behind this recent breakthrough in",
    "end": 4072.0
  },
  {
    "start": 4072.0,
    "text": "Quantum at Microsoft, they introduce this Majorana 1 technology and they explain again why quantum computing does matter, what qubits the building blocks of quantum computing are, how this Majorana 1 chip works, and then the obvious question for our community, what the exact threat is.",
    "end": 4097.0
  },
  {
    "start": 4097.0,
    "text": "or vulnerability in today's crypto assets is. So, yeah, enjoy the video. And with that, thank you for listening to the whole February news episode. That was a bunch of news. February 2025 was once again packed with a lot of interesting developments in institutional crypto worldwide. Yeah, but we at Bitcoin Fiat and Rock and Roll",
    "end": 4124.0
  },
  {
    "start": 4124.0,
    "text": "take care of that as we explore the intersection of traditional finance, digital assets and digital currencies. Thank you to the fellow co-hosts as well. Thank you Alex, Manu and Jonas for your excellent analyses. I enjoyed our full house today and to our listeners, do not forget to engage on social media, in particular LinkedIn and our Telegram community group. Enjoy our new English language.",
    "end": 4153.0
  },
  {
    "start": 4153.0,
    "text": "website and do consider sponsoring. Yeah. As, uh, yeah, we seek to continuously professionalize this podcast and partners help a ton in that. Thanks all. Thanks everybody for listening. It was a pleasure. Thank you. Bye bye. The views expressed are solely the personal opinions of the hosts and are provided for informational purposes only.",
    "end": 4176.0
  },
  {
    "start": 4176.0,
    "text": "This podcast does not offer financial or investment advice. Always conduct your own research and make well-informed decisions before investing. Please be aware that the hosts and guests may hold cryptocurrencies or digital assets discussed in this episode.",
    "end": 4203.885
  }
]