Personal finance practice problem using Excel. Zero coupon bond price calculation. Prepare to get financially fit by practicing personal finance. Here we are in our Excel worksheet. If you don't have access to it, that's okay because we'll basically build this from a blank sheet. But if you do have access, three tabs down below. Example, practice blank, example, answer key. Let's look at it now. Information on the left calculations on the right we're calculating the price of a bond. However, this time, unlike a normal bond, these are zero coupon bonds. So remember in a normal bond, we calculate the bond price thinking of the present value of the two streams of cash flows. One being the interest payments and annuity stream of cash flows. The second being that present value of one, the lump sum, the amount that we would receive at maturity. If we're talking about a zero coupon bond, we are eliminating then the interest portion, the annuity component of the cash flows. It would be kind of like we're loaning, for example, a company or government money and they're just gonna be paying us back instead of paying us like rent as we go, interest payments. They're just paying us the principal at the end.  How are we going to be building in the return? Well, we're going to then purchase the bond at the beginning. We're gonna loan the money at the beginning for something less than the face amount and therefore they're gonna give us the face amount at the end and the difference is in essence, interest on the bond. So the second tab is going to be the practice tab where we have some pre-formatted cells so you can work through the practice problem with less Excel formatting. The third tab, we're gonna be doing the Excel formatting. We just have the information on the left. If you don't even have that, you can open up a blank Excel worksheet and just select the triangle up top, right click on that and lay down your baseline formatting so that you can build on top of it. Put down that foundation. We can put the currency down here. I usually go to brackets and then say no dollar sign, no decibels, I'm not gonna hit okay because I've already done this. I'm just gonna X out of it up top. Then you enter your data on the left-hand side. As you do so, format the cells as needed. For example, the percentages. And then I typically make a skinny C column and we're good to go. So let's do it. We'll do a couple examples of this. It should be actually easier than a normal bond because now we don't have two streams of payments. We only have that one lump sum we're gonna be receiving at the end, but we'll structure it just as we've done with other bonds so we can get a feel of the likeness of the differences. So we've got the face amount, the zero coupon bond. We're not gonna be getting the interest payments. The issue to yield is gonna be the 5% years to maturity are gonna be 15. And so let's just go ahead and put up top here. This is gonna be the price we'll calculate. Let's make this black and white. I'm gonna make it black and white. Black and white. Plain so we can see it. Present value of interest. Now we don't have any present value of interest. That's what we normally do with a bond because it's zero. And then we've got present value of the face amount amount that we're gonna get at maturity. And so that's all we're gonna calculate given the issue to yield in essence, the market rate. So we're gonna say negative present value, shift nine, which is gonna be the rate. We're gonna say 15. We'll say these are yearly bonds instead of semi-annual bonds. So we don't have to do any funny business changing the rate or anything like that. And we'll just say comma, number of periods is gonna be 15 years because we're gonna be talking in years not in terms of semi-annual business, comma. We don't have any payments because we're not getting any payments. We're not getting the interest payments. We're not dealing with an annuity. So two commas, comma, comma, we're going to the future value. We're gonna get that $1,000 at the end, the face amount at the end. If I'm gonna get $1,000 15 years into the future, how much am I willing to purchase the thing for now? We're talking $481. Therefore there's interest imputed in this kind of calculation because of course the difference between the 1,000 and the 181 that we actually are paying for is in essence the interest that we're kind of imputing into the calculation. So that means the bond price. So the price is of course the sum of these two, which is just there's nothing on the zero side of things because we're not doing anything with the interest payments. Let's make that black, I mean blue. Let's make it blue and bordered. We're gonna hit the bucket dropdown. If you don't have that blue, we go on the color wheel. The wheel of color, and I just pick the same color every time. I've got all these colors I can use, but I just use the same one with the blue font. We're gonna make that boarded. Let's do it again. Ultra vase pour favor with the second set of data down here. We just changed the interest rate to 9%. So we can see the interest rate climb in here. Let's calculate the price again and let's make that black and white. We're gonna do some format team home. We're gonna make that black and white on the head or, and then this is gonna be, I'll just say this equals the present value of the interest. This equals the present value of the face amount. We have no interest. I'm just putting that in place so you could see how we would normally calculate normal bonds and we're missing the interest component because it's a zero coupon bond doing our calculation here negative present value shift nine. We're looking at the rate. Now 9%, there's the change comma number of periods is still 15. We're gonna say comma, comma because this is not an annuity. We don't have any interest payments. We're just looking at that lump sum. We're gonna get at the end of the 15 years, discounting it back at the 9% $1,000 and enter. So we're now only willing to pay $275 for that bond at this point in time because you're not gonna give me that $1,000 face amount until 15 years have passed discounted at the 9%. If we price that out, sum that up equals the S to the U to the M. We get the same number, of course, because there's no, I'm putting some underlines here. Let's make that blue and bordered and then we'll do it. Uno, vase, mas, one more time. Por favor, I didn't hear no bell. I don't stop unless I hear bells, which happens randomly for some reason. I don't know why. I don't think bells actually ring. They just some chime in my head for some time telling me to stop. So I don't stop until I hear a bell. It's like Rocky, Rocky Balboa. No one even knows that movie anymore. What are you even talking about? Just do the bond calculation. So once again, we're gonna say zero. Now the interest rates up at the 12%, 12% negative present value, shift nine. The rate is gonna be now 12%, comma, number of periods is still at the 15, comma, because we're not talking annuity. We're talking about present value one. We're looking at that future value. We're gonna get 15 years later, this time discounted at 12%, which means we're only willing to pay upfront at this point to get that $1,000 15 years later, discounted 12%, $183. And that's gonna be the price that we're gonna sell. I'll give you $183 today for $1,000 15 years for now. It's kind of like wimpy. I'll give you a dollar today to pay me on Tuesday, except we hope that these people will actually pay us. We can trust these people. Trust is important in the transaction.  Are you gonna be around? Are you even gonna be around 15 days? Yeah, they're gonna be okay then. You better not skip town. I want my $1,000 15 years from now. You can bet that I'll be knocking on your door 15 years from now, because I gave you $183 today. And you said you'd give me $1,000 in 15 years. So that's basically the idea of it. Again, it should be an easier calculation due to the fact that we don't have that two kind of cash flow streams with it, but just the one kind of cash flow stream with it. But you gotta keep that in mind when you hear that kind of bond structure, which is often commonplace if you're talking about very short-term bonds, but could also be there for other terms as well.


So, there are a lot of things regarding Linux and technology in general that really bother me that just don't make any sense to me. There are a lot of things that Linux applications are just general technology, web applications, mobile applications. There's certain things that these programs either do or don't do that just really drive me nuts. I'm sure some of these probably make you guys a little angry too. Let's start with some of the things about Linux that have always kind of bothered me a little bit. As a longtime Arch Linux user, I use a lot of Arch Linux based distributions, I know a lot of you guys also do, and every single Arch Linux user installs packages from the AUR. Every single one of us, including probably all of the Arch Linux divs themselves, including all of the Pac-Man divs, they probably all have packages from the AUR installed. Why is Pac-Man not able to just install packages from the AUR force? Why don't they have the AUR enabled out of the box by default on Arch Linux with Pac-Man? Why can't you just give Pac-Man a special command, right? Just don't install anything from the AUR without the user knowing it's from the AUR because they want to protect the user, right? I get that, but still, just allow Pac-Man to handle that for me. Why do I need to go download the package build myself and then run make package and go through all the hassle, or I have to install a third-party AUR helper like Yay or Paru? That has never made any sense to me, and I bet every single one of you Arch Linux users has probably never really made sense to you guys either. Another one that really drives me nuts is GUI file managers on Linux. As your graphical file managers, why don't they allow you to do what you want to do in that file manager? And specifically, anything that requires root privilege, sudo privileges, like if I want to download some font from, I don't know, Google Fonts, right? And then I want to drop it in my GUI file manager and slash user slash share slash fonts. Why can't I do that? None of these GUI file managers will let me do that because they're going to throw up a dialogue saying, you don't have permission to do this. Okay, well, give me permission. Prompt me for my sudo password. Let me give you my sudo password, letting you know that, hey, I want you to do this. I'm giving the password to do this. I should have permission to do this. They don't do that. Right? Again, they're trying to protect the user, I guess, from themselves. They don't even want to give the user an option to play around in the root file system. I think that is a step too far, right? In a lot of ways, I think it's that kind of stuff that really holds Linux back. Another general Linuxy kind of problem, really, another general computer kind of problem is we often have to wait too long for things on our computers. One of the things that really drives me crazy on Linux systems, those Linux systems especially that have system D as an init system, sometimes when you're booting or restarting, whatever it happens to be, the start jobs or the stop jobs for system D. Sometimes you have to wait. Right? Sometimes you have to wait 20 seconds, 30 seconds, 90 seconds, sometimes for these start jobs or stop jobs because they're waiting on some other service to start or stop before they proceed to the next thing. Then it just takes way too long to boot up a computer or sometimes to shut down a computer while you're waiting for these start and stop jobs. We shouldn't have to do that. It's not just this kind of waiting with system D. I think one of the things copying large files around on Linux is also a big deal. Those of you that have ever, you probably all have done this, copying really large files to really slow media. Right? So a drive, not necessarily like SSD drive or even hard drive, sometimes to flash memory things like this. Sometimes it will take forever and a day for these large files to copy and while they're copying, your computer can't do anything. Kind of like the system D thing with the stop jobs and start jobs. You can't do anything with that computer until that finishes. Same thing with copying these large files.  All you can do is wait the next 5, 10, 15 minutes, however long it takes for that copy job to finally finish before you can actually do anything on that computer. And it's not just Linux related things that kind of drive me nuts. Obviously it drives me nuts because I use Linux on a daily basis, but just general tech related issues, online services, some of them drive me nuts. One of the things that really drives me nuts is search engines. You can either use a big search engine like Google, which gives you really good results. The reason it gives you good results is because it knows everything about you. It's spying on you. It's data mining you. It's treating you really badly, right?  There's dozens of these things out there. And you go and use these privacy-respecting search engines. And the search results are terrible, right? They're just terrible. And it's one of these things you're almost forced to make a decision. I can either have my privacy or I can have relevant search results. But I can't have both. And I hate that.  Because for whatever reason, the content creator had a problem, I guess, in the recording, didn't have his audio levels. The gain on the mic's wrong or whatever it happens to be. He didn't do any kind of post-production work on it to actually raise his really low audio. He just recorded really low audio and then uploaded it to YouTube. And now you're watching this extremely low audio YouTube video. So you have to turn up the speakers to 150%, right? To watch that one video. But then you go and watch the next video that did record at a normal audio level. And now your eardrums are all busted and bleeding because that is a really loud video. And it's one of those things, why can't YouTube get this right? I understand not everybody is good at making audio and video content and people make mistakes with audio levels. But Google is a billion or trillion dollar company, really. And YouTube, of course, makes a lot of money. It's a big operation. They've got tons of servers. Why can't YouTube on the back end just go ahead and turn the gain up on these videos? You know, do some post-processing on a video. If it immediately recognizes, hey, the overall audio level on this video that you just uploaded is really low compared to what we typically get uploaded, would you like us to fix it for you? Like, I think YouTube should just do that. I think, I know it requires a lot of power, computing power for YouTube to implement something like that. But they can afford it. And ultimately, I think it would be beneficial for their platform because it's something no one else does. And I think everyone should do that. It's not just a YouTube thing. Every audio and video platform should do that. I go to the gym all the time. I listen to podcasts. And one podcast will record at a normal audio level.  Again, I'm listening on my phone and I've got to crank up the volume all the way to 100% on my phone to listen to this one podcast episode. And then the next one, I literally have to pink the headphones out of my ears because I'm about to go deaf when it starts playing the next one. I think these big podcast platforms like Spotify and, you know, the iTunes Store and Google Play Store, they could all fix this on their end with some kind of post-processing, or at the very least, when these people upload these really low audio podcast or videos, whatever it happens to be, at least let these people know, hey, this thing you just uploaded, the audio is not good. You probably should go back and fix it, you know, because a lot of people, when they upload these really low audio quality videos or podcasts, they don't actually know it's that way. The reason is, a lot of people just upload these things without ever really editing them in any way, so they never actually check how the recording went. I know that's kind of crazy, but you see that a lot, especially on YouTube. I see plenty of people that it's obvious they recorded a video and didn't even play it back to see if it recorded right.  Well, the reason that happened is they recorded it.  I don't care how long it is, if it's a two-hour video, listen to the whole thing because you will be surprised sometimes things happen, right? The camera dies in the middle of the recording, the microphone dies, whatever device you're using to record the audio dies. But I've ran it enough. What do you guys think about some of these little rants that I just went on about these various issues with Linux and other web-based platforms and things like that that we all have to deal with on an almost daily basis sometimes? These things that really just shouldn't be an issue in our lives, but for some reason they are, and these are things I think should have been fixed years ago in some cases. And I don't know, share your thoughts in the comments down below, not just on the things that I just complained about that shouldn't exist. What about some of the things that you deal with in Linux, other operating systems, on the web, web services, on mobile? What are some of the things that you deal with that you just really shouldn't have to? Anyway, peace, guys.


Hey everyone, welcome back for more XOCR's content, today's video we're going to talk about FC Valentina, her stats, strengths and weaknesses, her skills, playability and especially her recommended garden stones. We're going to talk about her synergy with other heroes, her overall rating and my final thoughts of her. But before that, if you want to see more XOCR's content, please hit the subscribe button down below. So here we are at FC Valentina's hero profile, so she's called a trickster for whatever reason I don't know. Her nation is North One Frosty, she's the daughter of Shufraken. Her element is frost, her position is chaos and her attack type is magical. So she is also a gold fate core, so she's really actually hard to get. And let's move on to her strengths and weaknesses. So for FC Valentina's strengths, so she has above average attack, above average dodge and high critical hit, while her average stats is hit. While on the other hand, her weakness is she has low HP, she has low defense, low block and low attack speed. In other words, she is a glass cannon, she packs a punch but she is easily killed. So again, we'll discuss more on what are the recommended team comps to build around her. So for her skill preview, so let's talk about her passive. So she has mana absorb 3, but as an FC from the Summer Festa, she gets flap flap and Summers Blessing as well. So for flap flap, this is a modification that she imbues to her enemy. So it's applied with each valid attack, so for 3 turns. And Summers Blessing is summed up, she and her teammates are immune to frost for one turn. So after, for example, the immunity is gone, it grants the whole team an attack increase by 50% for 9 turns. So this is the usual standard passive added to Summer Festa units. But for her S1 and S2, so we start with her S1. So for her S1, this is the standard skill with her original form. But for her FC form, she adds contempt, so mana burn to all enemies afflicted with fear of the Abyss. So she needs Shafraken for this one. So if a target is afflicted with fear of the Abyss, and bind all enemies for 7 turns. Meaning if you attack an enemy that has fear of the Abyss, that enemy and all of the team members will be binded for 7 turns, meaning all their mana will be gone. So mana burn will happen for 10 mana, so if that player has a max of 10, so that all of those 10 mana will be gone. And this is applied for 7 turns. So let's move on to her S2. So it's the same damage, it's 525 damage to one enemy, so it's seductive cage of despair, so it has the same passive added to it effect, no actually same added effect for the skill as her S1, so it's also contempt. So mana burn and this also requires Shafraken for it to be activated. So my take on Valentina is her regular form is really not that good. If you have her regular form without her FC form, she does not really play well in terms of your team. I would not recommend bringing her original form, but for her FC form, the team comp that I have in mind would make her the centerpiece. Because for her to thrive in a team, she would have to be protected by a couple of members of that team. So she has one of the best actually end game skills that I have seen in terms of making sure that in just one skill with a couple of setups along the way, you can defeat your enemies. I'm not just saying one, but all five of them. So just a friendly reminder guys, if you like this video and you would like to support my channel, please hit the subscribe button down below. As for Valentina's playability, so for PvP, she is mostly used in tag. She's rarely used during PvP, but in PvP tag, she's usually used on the second team. I myself use her there. So she is, I built my PvP tag team with her and around her is Lepin, Shufraken, Garf, and Dorca. That's my second PvP team. And it's very good actually. It's a setup team which, what I mean by setup is you set up your attack for Valentina that she hits and that she mana burns the whole team in the opposite side. So that's a setup. So it incorporates a lot of survivability in terms of you have their Garf, you have their Dorca, you have their Lepin. So Shufraken is there just to give Paphir the Biss and to sweep off enemies which have low HP. So again, she's very good in PvP tag. For PvP, I can also use her there, but I would suggest that you use her for tag because there are better teams other than using her because again, when you're using Valentina, you require a lot of setup in terms of defeating the other team. So you need to, for example, if there's Summer's Blessing, you need to take that out. You need to make sure that she survives and she deals her S2 or S1 skill for mana burn. So again, the best way to use her in PvP is tag PvP. So for PvE, so she's good in the airship battle, sorry, in the squadron battle. She is also good in your chapters. She's good in finishing them. Recently, I've used her in Infinity Core, so she's also good in one of the stages. And I also was shocked that I did use her in New Peer Slap. She was one of the easy clears for one of the bosses. I actually forgot which one, but she can be used in you, Peer Slap. So for FC Valentina's Recommended Guardian Stones, there are only two choices for her. So for her equipment set effects, the first one is Nature, because it gives her dodge. And when you awaken the same set effects, she will be given HP bonuses, the max is plus 2000, and dodge bonuses, the max is plus 12. But my most recommended one, if you have it, is Fire. So Fire, in terms of equipment set effects, so she'll be given a maximum damage reduction for a full set, which is plus 20%, but when you awaken her with the Fire Guardian Stones, the full set, you'll be given plus 5000 HP, and that's a lot for her survivability. So again, the key for her, for FC Valentina is to survive, for her to unleash her S2 or S1. Because again, her attack speed is not that, no, she's the slower, in the slower spectrum of attack speed. So she might go last, or probably fourth, in terms of your hero rotation, so she needs to survive until then. As for her synergy with other heroes, so as for her synergy with other heroes, so she is ideally paired with heroes with provoked skills, so that attacks would be redirected to that defender. The other one is she can be paired with heroes that give her additional HP, for example, you can pair her with Bathory, also with Garth as well, because they give her additional HP. Also she is also paired with heroes with revive, so the best would be, I would suggest would be Lepin, because Lepin also gives you heal, so from heals she can revive, and she also gives a turn reset. She is a complete utility for this one. And for the other one, the other category would be heroes with protect, so the best one again would be Garth for this one, but the other heroes that I've seen with protect 3 are, I think it's Obellia and Giselle, and I actually forgot the other one, but they are the other two that can provide her with protect, but the most common that is being used is Garth to give her protection, so again the other alternatives is Giselle or Obellia for this one. And so she needs also, the last hero that you should include in her team is a fast frost hero to eliminate Summer's Blessing, because she cannot deal her S1 or S2 damage with Contem and Mana Burn if the other team is under Summer's Blessing, so you have to get rid of Summer's Blessing first before you can land her attacks and do Mana Burn with the other team. So again, so if you can see in my screen, so aside from Tantaluk, well Tantaluk can be okay because he provides provoke, but the others are built around her for protection. So again, when you build a team with Valentina, she is the centerpiece, because if you don't build a team around her, she is easily killed, even on the first turn. So also again, I forgot to mention, if you want to live on the first turn, you also add Bathory to your team because of Tranquil, so that is one of the suggestions as well. There are a lot of people that are having a hard time working around FC Valentina because she is ace. What I call in my days of playing Magic the Gathering was she belongs to a combo deck. So what I mean again, she requires a lot of setup before you deal her final blow. But when you deal her final blow, it's usually game over. So she's kind of part of a combo deck. So everybody or every piece in your team complements her and should complement her because she's the end game. So that is how you build a team around her. So here we now with our overall rating. So the rating system for this is five being the highest and one being the lowest. So we begin with her stats. So FC Valentina is a four for her stats because she has decent stats, she has very decent attack. You just have to make sure that she survives. So that is where the whole team goes into play and protecting her. So she has good attack, good dodge, good critical hit. She can deal a ton of damage as long as she survives. So that is why I gave her a four for stats. The next would be her playability. So I've tried to test her with a couple of content with the last few weeks and I found out that she is capable of being a all-around contributor or hero. But again, her qualifier to be in a team is that Shufraken should be there. Because if Shufraken is not in the team without fear of the abyss, you cannot really use her in any team. So again, her playability stems from being together with Shufraken in that team. And the last is synergy. So I would give Valentina a three out of five because for the reason that her synergy with Shufraken is actually a must. They are a one plus one or by one take one. You cannot really play Valentina without Shufraken. So that is her crutch, that is also her advantage. But mainly it limits flexibility in terms of building a team around her. As well as let's say for example, if you build again the same team that I had earlier with Garf, with Dorca or with Lepin, you strictly have to stick with most of them for her to survive. So in terms of synergy, it's good that you can surround her with good heroes. But what if you don't have those heroes? What if you don't have Garf? What if you don't have Shufraken? What if you don't have Lepin? So it's really a headache if you don't have them. But if you have them again, you are in a good position to make her succeed. So question, would you need her FC if you have her ready? Yes, definitely. You cannot again play her without her FC. It's impossible. I don't see a lineup that would fit her if you don't have her FC in her swimsuit. So that's just it. If you don't have her swimsuit on, you cannot really put her or put a team around her. So the last is my final thoughts. So again, I'll just repeat what I said earlier. So she's very light on Shufraken and her being playable with other heroes for survivability. So she's a good character with the right kind of team composition. She is a good end game hero. If you don't have those pieces, well, she's really, really bad. So again, she needs a good supporting cast to stay alive and pull off her skills. Because again, I wish she is a faster character so that she could attack early on. But unfortunately, she has low attack speed. And again, if you're really determined to build her for a combo deck, supposedly, she is worth the investment. Because once she hits her S1 or S2 with your opponents having few of the abyss, it's really game over. They cannot do anything except basic attack. So you could play her round with your opponents, but make sure you finish them off. So that's it for FC Valentina. I think she's a good character. Just build a good team around her and make sure that she is built well, built to be tough. And that actually concludes my video, guys. So let me know what you think in the comments below. Would you agree with me? Do you have FC Valentina? What are your recommended team comps if you have her? So please write them, please comment it down. And I hope you guys try to learn how to combo her with other heroes. And you guys stay safe, always, and I'll see you in the next video. Warden out.


What is going on guys? It's your boy DPJ here today with another Destiny video and today I bring you Zer's loot for the 13th of January 2017.   Last night as well we also got the weekly bungee update for the first time since before Christmas I believe it is. We've gone through what I believe could be coming after we've seen what Zer has this week.  Let's get straight into it. Now if you guys do enjoy the video all even I like is much much appreciated.   For the Titan we have the Empyrean Bellacos 13 strange coins offering 62 intellect and 60 discipline aiming while airborne hold you in place with full super orbs recharge melee. For the Hunter we have the young Ahamkara spine offering 52 intellect and 56 discipline 13 strange coins increased trick my grenade duration and gain an additional trick my grenade charge. For the wall I have the Void Vang vestments offering 130 discipline not bad at all spawn with full grenade axion mark gains additional seeker also costing 13 strange coins then we have the bad motherfucking juju which is a great weapon you don't see many people using I love this bad you know what I'm sure you have 24 bullets in this magazine I could be wrong yes I probably am but yeah it's a great great weapon after each kill this weapon will reload instantly it's just amazing yes I actually when I actually start using it takes me about three or four games to get used to it while using it in PvP I still get a kill and reload but then you'll get slowly used to it and you can take out a group of enemies with a single clip it's actually quite good you can see the three of coins are back finally I'm actually stuck upon these I forgot last week luckily they're back so bungee haven't come from the game great and that's basically about it we've got glass needles which went there last week we've got heavy ammo packs these bullshit things that no one buys we've got most of the light which costs two strange coins and we've got exotic charge which cost seven strange coins and that is Zers loot nothing great to be honest the Void Vang ain't too bad bad juju is a great weapon young harm caused by an umbilical same old same mold but yes that is it for Zers loot now let's get into the weekly update last night now if you missed this somehow I mean every destiny YouTube has made a video on it already know that your sub boxes were spam last night I was out playing football in the snow in a beautiful British weather and when I got home I was too tired to do a video on it I mean literally I was tired running around for two hours in a snow and ice slipping on my ass burning my ass ain't very good and but yes they're basically stated that the bungee live team are hard at work and another content update which will give us new reasons to fight I'm guessing this is because it's almost February February 14th Crimson the walls or whatever the fuck that band times event was last year I didn't actually play I don't know why I didn't play I mean well people saying that loot was quite decent I just didn't play it when they had no one to play it with it's just I couldn't be bothered with a PvP event and we get a lot of them already I am banner trials all sorts of shit so I wasn't really interested in it this time though I will play and cover what I get and whatever it offers if it is Crimson doubles I mean if I think we need something more than kids chasing PvP I think we need a peeve a something to do PvE I mean content sure at a minute we all know that content's drying up nothing's changed and I'm hoping as well sooner or later they're not something to do with Destiny 2 because it's they're leaving it a little late and that a speck of information has come out from bungee we've had bullshit reports from bullshit people seeking attention already dropping bullshit fucking posts about bullshit information that's not true I'm about it being delayed till 2018 so for so one blah blah blah blah I covered all that in a video as well if you missed that you'll find it on my channel but yes I'm hoping soon they do drop at least a speck of information on Destiny 2 because we're all waiting we really are now I've got a bunch of updates on my PC right here in front of me I mean apart from the announcement of a new content update coming and a patch to fix some of the issues we've been talking about shotguns Clever Dragon we'll see they also are mentioned as well that I am banner will be coming back on January 17th which is next Tuesday is it next Tuesday let me just double check my date yes is it's next Tuesday I'm tired forgive me yes and it will be clash this time around loot and offer will be the side arms and I've actually had the sidearm drop and we also will be having rocket launchers so sidearm rocket launchers not amazing armors we will be getting a chess piece and the gauntlets which you guys will see on screen now so I am banner will be back on the 17th they also mentioned as well do turn off bungee bounty days which is basically where they play PvP you play against them and beat them you get an exclusive emblem they've changed it up a little now to put that bounty on bigger dudes in the Destiny community the first one which is starting today which is one p.m. Pacific time and ends at 3 p.m. Pacific time will be professor brawman the beastly a streamer now I'm guessing this will be on ps4 I'm still waiting for them to label somebody on Xbox so we can go into PvP on Xbox and hopefully get this emblem but I don't think they're gonna do that unfortunately but yes so the bungee bounty days will be today starting at 1 p.m. Pacific and ending at 3 p.m. Pacific and like I said it will be professor brawman so get into that PvP and try and beat his team and and that's basically it guys I will link the full destiny updates within the video description if you guys do want to check it out nothing else really of interest in my opinion but you can still check it out if you want it anyway but guys hope you enjoyed the video let me know what you think about a live event coming what do you think it will be do you think it will be crimson doubles that Valentine's event let me know down below in that comment section thanks always for stopping by and I'll catch you guys on that next one peace out until next time peace


The human SARS-CoV-2 virus has a receptor on the surface of the virus particle named angiotensin converting enzyme 2, ACE2, that is expressed in the central nervous system and in the adipose tissue. The SARS-CoV-2 genome has the ability to replicate itself by directly binding to the ACE2 receptor on host cells. An ACE2 receptor has a high specificity to specific ACE2 and high expression levels of ACE2 are present in many organs of the human body. There are two major ACE2 receptors in the small intestine, testis, kidneys, heart, thyroid, and adipose tissue. This article was authored by Meng Yuan Li, Lin Li, Yu Zhong, and others.


ISBN  BILL   ß                              Ḅᶂᶕᶅᶁ ᶦ� ᵕᵎᶦᵉ ᶜᶦᵃᶑᶇᵉᶅ… ᶜᶦᶉ aᶗᶔᶈ ᶜᶐ摏 ᶈ ᵜᶦᶕᶂ ᶏᶜ  По  brackier d communie il sweetness  1940-1929  부탁 sand � ± d   t  n  n  n  n  n ḍᴉ ḍᴋ ḃᵇʰ ᵏʰʻᴋᴒʻ ᶂʰᵃᵀᵉ ᴒʰᴇʰᵀᵇʰ, ᵬʰ ʰᵗʰᵒᴃ, ʰᵗʰʰʾ ḍʰʾᵉᵝʰʾʰᵈ జజజ 𝗧𝗨𝗨 𝗲𝗡𝗡𝗶𝗡𝗟𝗶𝗲𝗷𝗴𝗷𝗢𝗼𝗹𝗶𝗜𝗛 𝗲𝗡𝗡 𝗲𝗡𝗷𝗮𝗸𝗹𝗸𝗯 𝗲𝗡𝗹𝗺𝗮𝗮𝗛𝗮 𝗥 𝗪𝗹𝗹𝗺𝗰𝗺𝗲𝗹𝗻𝗴𝗮𝗮 𝗪𝗹𝗺𝗺 𝗺𝗿𝗹 𝗾𝗽𝗰𝗺𝗼𝗼𝗺𝗱𝗸𝗮𝗸.lo.lo.lo We are talking a lot about climate change, about pollution, so there are a lot of fascinating programs which are going to be put in place where we need to put very strong teams working together to achieve those significant results. I mean I will say time, you know it takes time and sometimes it's a big difference between innovation which can be shown and then to application, application to all the cars and we are talking again about connectivity, about autonomous cars but we also need to think about road infrastructure. So it's a big program which needs to be addressed which is very important, it will be addressed, it will happen in the next decade but we also need to concentrate on the today problems and they are huge. I mean what the developing world is facing, I mean it's a lack of education, a lack of law enforcement, unfortunately often due to corruption, poor vehicles because you know what is happening. I mean the nice car you see in the developed countries after 7 or 8 years, they are forbidden in the country so what happens, they go in developing countries. And then road infrastructures which unfortunately are very poor and last but not least the level of medical crash. You know once a crash is occurring, it is essential that there is a quick recovery and it doesn't happen. And you know I want to go back on law enforcement, simple things like buckling the safety belt, having a proper helmet, not speeding, not drink driving, not take the driving. Would allow to achieve the 3.6 sustainable development target to half the number of victims by 2020. So we must focus on the reality of everyday around the world and also work on fascinating technologies for the future. I mean it's an interesting question, motorsport has to be a show but has and is also a laboratory. So we need to learn from, we need to enjoy motorsport for all the passionate but also we need to use motorsport to progress quicker than it's happening. You know it's happening on datas, on connection, not so much on autonomous because then it will be again the spirit of the sport but on safety standards it's a lot coming from motorsport and it's something we need to intensify.


This is a tutorial class on water electrolysis and we will solve problems related to electrolysis. To start with the first problem states that if the voltage efficiency of an electrolyzer is given by the relationship as efficiency equal to thermodynamic voltage divided by the cell voltage and it is also provided the information that the temperature is 298.15 Kelvin pressure 1 atmosphere the reversible cell voltage is 1.23 volt standard entropy change is 0.12 kilojoule per more per Kelvin n number of electrons participating in the reaction Faraday's constant 96500 coulomb per mole activation over voltage for the cell is given to be 0.02 volt ohmic over voltage as 0.035 volt and concentration over voltage as 0.1 volt. Now, given these conditions we have to find out what is the efficiency voltage efficiency value. So, what we have to find out is NETA V. Given these conditions we know that the thermodynamic voltage which is delta H the enthalpy change over number of electrons participating into Faraday's constant and that is also written as delta G over NF plus T delta S over NF. So, we know that delta G the change in the Gibbs free energy is V reversible times NF. Now, it is already given that V reversible is 1.23 volt. So, using this we can write down the V thermodynamic the V reversible voltage 1.23 volt plus T delta S over NF that is 1.23 plus temperature is 298.15 Kelvin change in the entropy is 0.12 number of electron transferred to Faraday's constant is 96500 and on solving this we can get the value of the thermodynamic voltage as 1.23018 volt. Now, the denominator in NETA finding the efficiency is cell voltage and the cell voltage is given as the reversible voltage plus the voltage arising due to over voltage whether it is ohmic over voltage or concentration over voltage and activation over voltage a sum of these three. Reversible cell voltage is 1.23 volt and we sum up the rest of the over voltages. So, ohmic over voltage, the concentration over voltage and activation over voltage and this comes out to be 1.385 volt. So, the question in the problem is we have to find out the voltage efficiency which is NETA V and it is the ratio of thermodynamic over thermodynamic voltage and the cell voltage. We have calculated it to be thermodynamic voltage as 1.23018 over the cell voltage 1.385 and that comes out to be 88.82 percent that is what is asked in the problem. Now, the second problem is it is asked to calculate the ohmic over voltage of an electrolyzer stack. It is given in the problem that the current density of the electrolyzer is 250 milliamps per centimeter square. The thickness of membrane is 0.005 inch. Its conductivity is 1 milli siemens per centimeter. Electronic resistance is given as 0.2 ohm and the electrode area is 1 centimeter square and we have to find out the ohmic over voltage of the electrolyzer stack. Now, let us see how we are going to solve this problem. Now, the ohmic over voltage is given by the resistance which is both sum of ionic resistance and electronic resistance times the current density. So, if we write the values of ionic resistance then it is given as 0.005 inch is the thickness divided by the conductivity which is 1 milli siemens per centimeter plus the electronic resistance which is given as 0.2 ohm and times the current density. Current density is given as 250 milliamps per centimeter square. Sum conversion will be required now for the first term 1 milli siemens per centimeter and that we will get as 1 mole per meter. Also we need to convert inch, the thickness which is given in inch into meter, it is 0.000127 meter. Now, when we substitute that we can get the ionic resistance 0.000127 ohm and the ohmic over voltage in that case is the sum of the two resistances times the current density which makes it 50.133175 milli volt per centimeter square or we can also convert it into volts. So, given that the area is 1 centimeter square, so this value comes out to be 0.05 volt of the ohmic over voltage. So, in this problem what we have done is we have ohmic over voltage which is sum of both the ionic resistance and electronic resistance times the current density. We found these terms just some conversions so as to get the ionic resistance and finally we have converted it into ohms, the ionic resistance added that to the electronic resistance to get the total resistance times the current density and that gave us the ohmic over voltage in the problem. Now, let us look at the third problem statement, an electrolyzer which is having an efficiency of 80% and it consumes power of 1.5 watt and that is at room temperature pressure condition. What is required to be found in the problem is what is the corresponding voltage current and how much is the heat rejected and that is required to be found in joule per day of heat being released. Also we need to find out what is the hydrogen production and that too in kg per second. It is also provided that let us say if 4 into 10 to the power minus 5 electrons are required for the electrolytic reaction and it produces the same current which we have calculated in the earlier step, how much is the time required for the electrolysis to take place. So, these three things we need to find out among the first part we have to find out voltage current and heat rejected. Let us see how we are going to solve that. Now let us consider that the thermonutrile voltage, thermonutrile voltage we have studied during the course that this is the state where there is no heat rejection or acceptance. So, in this condition when it is the thermonutrile voltage there is no heat rejected or accepted by the cell, by the electrolytic cell when it operates at this voltage. So, the voltage is 1.48 divided by the efficiency and that is given by 1.48 and efficiency is already given to be 80 percent. So, divided by 0.8 and that comes out to be 1.85 volt, so that much is the voltage which is required to be found in the problem. Now the second thing we need to find out for the electrolyzer is the current and that is nothing but the power divided by voltage and power is given as 1.5 watt, voltage we have find out 1.85 volt, so it comes out to be 0.81 ampere, so this is the current which is asked in the first part of the problem. Now it is required to found the heat rejection, so the heat rejected by the electrolytic cell is over voltage times the current. Since for thermonutrile voltage there is no heat rejected or accepted, so anything above that we will have a heat being formed in the process and that will be rejected. So, the over voltage here is the difference and that is 0.37 volt times the current 0.81 amps and that makes it 0.3 watt, so this much amount of heat is rejected by the electrolytic cell. Now it is being asked that we have to find out how many joules of heat is rejected per day, so to convert it into joule per second it is 0.3 joule per second, now we have to convert it into joule per day, so 0.3 into 60 into 60 into 24 and that gives us 25920 joules per day. That is what is being asked as the third quantity in the part A of the problem, so the amount of voltage, current and heat rejected we have found. Now the second thing which is asked is the hydrogen production, how much amount of hydrogen is being produced in units of kg per second, so let us calculate that part, so in part B we have to calculate the amount of hydrogen being produced. Now we know that the current that flows through the cell is number of electrons times the avocados number charge on the electron and the hydrogen being produced and this will give us, so this hydrogen is being produced is in kilo moles per second. So we can find out from here how much amount of hydrogen which is being produced and that will be given by this expression current divided by the number of electrons transferred in the electrolysis process, the avogados number, the charge on an electron and that can be written as current we know 0.81 amperes we have found in the first part, the number of electron transfer in the electrolysis is 2, value of N0 6 into 10 raise to power 26 charge on one electron, 1.6 into 10 raise to power minus 19 and this will give us hydrogen produced and the unit will be kilo moles of hydrogen produced per second, so it is 0.81 divided by 1.92 into 10 raise to power 8 and that makes it 4.21 into 10 raise to power minus 9 kilo moles per second or we can make it into kg per second, so multiplying by 2 into 10 raise to power minus 9 kg of hydrogen being produced per second. So this is the answer to the part 2 where it is asked how much amount of hydrogen is being produced per second. Now let us look at the part 3 of the problem where it is given that the number of electrons is 4 into 10 raise to power minus 5 electrons are required for electrolysis to produce the same current, so we have to find out the time required for electrolysis in this process and number of electrons is given as 4 into 10 raise to power minus 5 this is given in the problem. Now the total charge we can find out which is 4 into 10 raise to power minus 5 electrons have a gedros number 6 into 10 raise to power 26 times the charge on each electron 1.6 into 10 raise to power minus 19 and that makes it 38.4 into 10 raise to power 2 coulombs of charge, so that is the total charge. So the time required for electrolysis, time for electrolysis is nothing but the charge total charge which we have calculated in this step divided by the current because the current is total charge divided by the time from there we can find out the time and this is 38.4 into 10 raise to power 2 coulombs and the current we have found in the first part of this problem as 0.81 amperes and that makes it 4740 second or converting it into hours 1.32 hour that is what is being asked in this problem to find out how much time it takes for that much amount of hydrogen which is being produced when you pass a charge of total charge of this much coulomb or these many electrons. Now let us see the next problem, the problem statement is that if the voltage current relation in an electrolyzer is given by V is V naught plus I R internal, I is the current passing through it, R is the internal resistance, V is the terminal voltage and V naught is the voltage which is required for the electrolyzer to start conducting the minimum voltage required. Now it is also provided that the over voltage is 0.12 volt and if a current of 50 amperes it can result into a voltage drop of 1.48 volt we need to find out under these conditions when a current of 50 amperes resulting into a voltage drop of 1.48 volt what is the internal resistance of the electrolyzer. So if a stack is made by connecting 150 electrolytic cells in series what will be the required input power and that we have to express in kilowatt hour per day. So the input power required to run the electrolytic electrolyzer and also we have to find out the cost of hydrogen being produced per kg of hydrogen on a daily basis per day basis given that the fixed cost associated with the electrolyzer is 1 lakh rupees per day and the variable cost is to be calculated considering the rate of 15 rupees per kilowatt hour. So the first part is we have to find out the internal resistance of the electrolyzer then the input power and then what is the cost of hydrogen production under these conditions. So let us try to attempt that. Now it is given that V is equal to V naught plus I R and that is the internal resistance. Now V naught we have to find out V naught is 1.23 that is the reversible cell voltage plus the over voltage and over voltage in the problem is given as 0.12 volt. So that is 1.23 plus 0.12 that makes it 1.35 volt and it is mentioned that 50 amperes can cause a voltage drop of 1.48 volt. So that means the voltage drop of 1.48 cost by 50 amperes of current given that the V naught is 1.35 volt we have found 50 amperes into the internal resistance of the electrolytic cell and that can give us internal resistance of the cell and that is found from solving this as 0.0026 ohm and that is what is desired in the first part. So we had to find out the internal resistance of the electrolyzer. Now the second part says if we have an electrolyzer with 150 electrolytic cells connected in series we have to find out the required input power and that has to be found in kilowatt hour per day. Now input power we know can be found as the voltage times current into number of cells connected in the electrolyzer. So number of electrolytic cells connected in series. Voltage we have found 1.48, current is 50 amperes, number of cells connected given is 150. Now we will require a conversion factor. The reason of including is we have to convert it into kilowatt hour per day. Now 1 kilowatt hour is equivalent to energy in joule, energy in joule divided by 3.6 into 10 raise to power 6. So that is the conversion which is required convert it into kilowatt hour per day. So again going back to the same problem input power is if we solve this then we get the input power is 266.4 kilowatt hour per day. So this much is the kilowatt hour per day of the required power to the electrolyzer. This is the second part while in the third part it is asked how much amount of hydrogen is being produced per day that is need to be found. Now to find out that much amount of hydrogen per day we can write it as this is current divided by the number of electron transfer, charge on the electron, Avogadro's number N naught and this will give us hydrogen produced in kilo moles per day. Now we will substitute the different values. It is given that the current is 50 amps, number of electron transfer in the electrolysis processes 2, Avogadro's numbers 6 into 10 raise to power 26, charge on one electron 1.6 into 10 raise to power minus 19, number of cells connected 150 and that much is the kilo moles per day. Now if we solve this we get it as 64.8 divided by 19.2 this is kilo moles of hydrogen produced per day. Now we can convert it into kg per day also. So this value is 3.375 and we can convert it into kg of hydrogen being produced per day as 6.775 kg of hydrogen being produced per day. So this much is the hydrogen produced per day by connecting these 150 electrolytic cell in series. Now the another part is we have to find out the cost of hydrogen being produced per kg of hydrogen. So cost of hydrogen which is being produced we have to find out in per kg of hydrogen. Now we have already studied in the course that it is the total cost including the fixed cost and the variable cost divided by the total hydrogen being produced. So you will be calculating it as fixed cost plus the variable cost and that is divided by the hydrogen being produced per day because the fixed cost it is given in rupees per day and variable cost we will convert it into rupees per day. Now to first let us convert the variable cost. So the variable cost is given as 15 rupees per kilowatt hour and the input power we have found in the earlier section as 266.4 kilowatt hour per day. So we can find out the variable cost in rupees per day is given by 15 rupees per kilowatt hour times the input power and that gives us 3996 rupees per day. This we will use in the above equation to substitute for variable cost so that we can get the cost of hydrogen production is fixed cost 1 lakh rupees plus the variable cost 3996 divide by the hydrogen being produced which we have found in the earlier section as 6.72 kg of hydrogen produced per day and this is rupees per day numerator. So using this we can find the cost of hydrogen production as rupees 15475.59 per kg of hydrogen being produced. So that is per kg of hydrogen being produced. So we have solved all the parts of this problem. Now let us see another problem which states that the ohmic over voltage losses we need to calculate for an electrolyzer. So the over potential which arises due to ohmic losses in the electrolyzer provided that we are given the details about the membrane. Membrane used is napheon its thickness is 0.002 inches its conductivity is 72 millisiemen per centimeter current density is given as 6 amperes per centimeter square and the area of the plate is 80 by 80 meter square millimetre square. Now the second part is we have been given the relationship of membrane conductivity and the humidity. So the conductivity of the napheon membrane which we have used in this electrolyzer is expressed in ohm per meter and it is given by the formula that conductivity is 0.005139 lambda membrane which is the membrane humidity minus 0.003260 exponential of 1268 in bracket 1 upon 303 minus 1 upon t, t is the temperature of the electrolyzer. And the relationship between the membrane humidity as well as the partial pressure is given as when the partial pressure is in the range of 0 to 1 then the first expression it is 0.043 plus 17.81 partial pressure minus 39.85 a square plus 36 a cube. However when the value of a is higher than 1 but less than or equal to 3 then the value is of the membrane humidity is 14 plus 1.4 a minus 1. A is partial pressure of water vapor or water saturation pressure. Now what is required to find out in the second part is the membrane conductivity considering that the membrane operates under full humidification provided the temperature which we will require for the membrane conductivity is given as 360 Kelvin. So the first part we are going to find out ohmic over voltage and for the second part we have to find out the membrane conductivity under full humidification condition. Now let us solve this problem. So the first part is we need to find out ohmic over potential and that is given by the current density times membrane thickness divided by the conductivity of the membrane. Current density is given as 6 amps times the membrane thickness divided by the conductivity 7.2 cement per minute per meter. So that is 6 into 5.08 into 10 raise to power minus 5 and that is all in amps into 0.139 that makes it a value of 4.24 into 10 raise to power minus 5 volt. This is the value of ohmic over voltage that we can calculate. In the second part it is asked that under full humidification condition for the membrane by full humidification we considered it as the value of A being 1 and when value of A is substituted in the humidity value for the membrane to be 1 we get a value of 0.043 plus 17.81 everywhere we have substituted A equal to 1 minus 39.85 plus 36 and that comes out to be 14.003. Now this we can substitute for finding out the conductivity of the membrane and that is 0.005139 into this value of 14.003 minus 0.00326 into 1.94. So the conductivity of the membrane we can write down as this value comes out to be 0.07196 the second term 0.00326 and the exponential part its value is 1.939. Finally we get a value of 0.133212 ohm per centimeter. So that is the conductivity of the membrane that we can find out using the condition that it is under the full humidification. Condition. So the last problem that we will do today is the reaction for water splitting into hydrogen and oxygen is given in which takes place in the electrolyzer. It is considered that the feed water is used to remove the heat and the amount of heat which is removed we have to find out by the feed water in watt. Considering that the heat capacity is given as 4200 joule per kg per Kelvin provided that the water when at the inlet side was at 25 degree centigrade and the electrolyzer operates at 75 degree centigrade. The electrolyzer operates at a voltage of 1.5 volt and current of 1 kilo amps. So under these conditions we have to find out how much amount of heat is being removed by the feed water. Now let us do that problem. So it is a simple problem that the heat removed by the feed water is nothing but by given by m Cp delta T. Cp is already given in the problem 4200 joule per kg Kelvin and delta T is 75 minus 25 degree that is 50 degree a difference of 50 degrees centigrade. Now let us assume that the so the feed water consumed per hour is given by m and that is 9 times the molecular. So the molecular mass we can say is 9 times the molecular mass of hydrogen. So the hydrogen which is produced in the process of electrolysis is when we passed a current of 1 kilo amps, 1 into 10 raise to power 3, 2 electrons participated in the electrolysis. Avogadro's number 6 into 10 raise to power 26 charge 1.6 into 10 raise to power minus 19 and that gives 5.2 into 10 raise to power minus 6 kilomoles of hydrogen produced per second or it is 10.4 into 10 raise to power minus 6 kg of hydrogen being produced per second. So the water consumed in the process is 9 times that of and that is equal to 0.03744 when expressed in terms of per hour. So the same quantity we can use here 0.03744 this is the kg of hydrogen being produced per hour that gets that gives a value of 0.337 kg of water being consumed in the process per hour. So the heat which will be removed when this much amount of feed water is fed is given by m Cp delta T. So mass 0.337 Cp is given as 4200 change in temperature is 50 degree and we will have to convert it into watt. So this is 19.66 watt this much amount of heat is being removed by the feed water in the electrolytic process. So these are some of the simple problems that we have seen in this tutorial which were based on water electrolysis. Thank you.


Welcome, thank you all for coming. A friend of mine recently shared this picture with me with the label MEV. And sure enough, it looks, it's very reminiscent of the mempool wars between searchers trying to snatch an opportunity from each other, try to get early, try to overbeat the other one. But is this a good metaphor for MEV? Is this actually MEV? People in the community now are very MEV aware. Proof of that is that there's 18 talks in this devcon around the topic of MEV. There were zero in the last, so that's quite a testament for this. Despite this, I would argue that we're not 100% sure of what MEV even means. This is a poll from last year. So which of the following is not MEV? There seems to be rough consensus around front running, but much less so around transaction fees, liquidation rewards, and all of these are MEV. It's very evenly split. This one is more recent, right? Like from last year to this year, there has been many developments, as you all know. This is a recent one from last month. Are block rewards a form of MEV? This is pretty impressive. It's almost half and half, right? So it's really a contentious concept, right? This is perhaps a more trolly one. Conference swag is a form of MEV. I won't go through this chart. It's a lot of fun. I encourage you all to check it out. Essentially, there's two dimensions that are taking into account here. One is value and one is extraction. So depending on where you see it on each of these variables is what you should consider MEV or not. But are these the only dimensions that are relevant? So again, doesn't seem like there's a lot of consensus. This is the ultimate one. I hope nobody got robbed. I really hope so. Yeah, so I think this meme illustrates... This is also my favorite meme format. It's not mine, by the way, but I think it illustrates what I'm trying to get through to you today, right? We've been calling MEV a lot of things. So in this talk, in my work in trying to formalize MEV, I've been argued that there's no consensus on a formal definition of MEV, and there's many around there and we're using different things, and it's hard to come up with a formula. But in doing work for this talk, I realized there's no consensus on the concept, on the intuition of what we want to call MEV. So in this talk, I want to go through different ideas and say why many of these are not MEV, and crucially, this talk is tightly coupled together with my friend Shin's talk next who will tell you what actually is MEV. So I encourage you to stay. He's going to roast me and tell you why the things I tell you now are actually wrong. So you should definitely stay. I'm going to be a bit of a shorter talk and he's going to give a longer talk, and perhaps if DMC allows us, we can do questions at the end. So since you all said that you were going to stay for his talk. All right, let's get going. So yeah, I forgot I have a cool animation transparency. Okay, just to tease Shin's talk. Okay, let's get going. So we're going to start with a trivial example. Are all the things that are MEV also all the things that are value? Is value the same as MEV? This is a trivial example. We can easily argue that this is not the case that there's more to MEV than to any value. You can think of picking up a $1 bill out on the street. We wouldn't want to call that MEV. Hopefully you all agree. But this is still value. So again, this is a trivial example, but just to set the stage of the type of argument I'm going to be doing. And critically, this is all intuitions. There's no proofs here. I'm just trying to hone in a concept and it's up to all of us what we decide to call MEV. It's a matter of choice. There's no proofs here. Okay, so first non-trivial example. Is MEV equal to a set of value on the blockchain? So if you think of the definition, the original definition in the Flashwatch 2.0 paper, there was value that can be extracted by miners, by censoring, reordering, transaction. So there's a lot of block-changing concepts there. Transactions, miners, etc. So it might well be that what we're calling MEV is nothing else than value on the blockchain. And sure enough, there's things that are value on the blockchain that are also MEV. Arbs are one of them. We're using Arbs like a canonical example of MEV. Arbs like talking about arbitrage on a blockchain, for instance. But are there things that are value on a blockchain that are not MEV? Well, here one could argue that, okay, if I do a simple ETH transfer, then the miner has no way to extract that. So we can call that value on the blockchain that it's not MEV. Although put a pin on this idea because we're going to come back to it because it's not as simple as it looked. Even a simple ETH transfer can get trickier. But in principle, we can say, okay, there's some value on the blockchain that's actually not MEV. How about the other side, right? And let me also say that mostly for the question of this is not MEV, we're going to be thinking of the right side of these slides, like the inclusion of the pink set in the white set. But we're going to find interesting things along the way on the left-hand side too, right? So we're going to also comment a bit on those. So in this case, is there MEV that's not value on the blockchain? This is again a matter of choice, right? But I would argue that we are striving for a more abstract general concept than value that's strictly on the blockchain. I don't see anything special about blockchains in terms of value. Blockchains are certainly special in terms of coordinating devices, but I don't see them as providing value, a characteristic that's so special, right? So in general, we would like to think of MEV as something more general. And here the canonical example you can think of is a centralized exchange. In a centralized exchange, you have all the orders coming and the operator can decide to extract value from users. Like Robin Hood does, that's the Robin Hood business model, right? So we might want to call that MEV in a matter of definition. You might not agree. Feel free to come and chat if you don't. But in principle, I would argue that perhaps we want that. One subtle point here is that we might need this if we start quantifying a centralized exchange versus decentralized exchange arts, right? So if we have value flowing in and out of the blockchain, then maybe when we start quantifying this kind of arbitrage and so on, we might need to call that MEV if we want the whole calculation to be sound, right? Okay, so value in the blockchain doesn't seem like it's the best candidate for our concept of MEV, so let's move on to the next one. Is MEV the same as front running? Okay, we start with the intersection of these sets. Trivially, ARBs, again, as we saw, I'm going to use always ARBs here. The first leg of a sandwich, for instance, you can think of it as an ARB. This is clearly MEV. This is clearly front running. We start with the left side here. Also, obvious point, there's clearly MEV that's not front running. You can think of back running, trivially, reorgs, other things. So here the tricky part is on the right side. Are all things that are front running MEV? Okay, and thinking from running here is you learn some information from other parties and then you are faster than the other in catching or capturing that value. Is that MEV? Again, the rugby example in the first slide, right? So here you're going to take two paths. You can say, okay, let's look at the rugby example. Okay, maybe I don't want to call that MEV, even if it has the characteristic of being faster than the other person. And so there has to be something else for us to call being early. Because being early, again, doesn't have that much to do with the structure of the value itself. So here, okay, what's the missing part here? Perhaps we can think of a coordinator, a coordinator that is doing the allocations of value, right? And in the rugby there's no really meaningful coordinator. You can think of gravity as a coordinator, but it's a coordinator that cannot extract.  So here if you have a smarter coordinator, what happens is that the game theory gets more interesting, right? So the MEV concept becomes much richer. So here, okay, this is one path you can go down, and you can say, okay, not all front running is MEV, because for it to be MEV, we need some extra player. So this is perfectly fine until you start thinking, and, okay, you can think of the example of the arbitrage chain, right? In arbitrage, you have a first-come, first-serve centralized server that cannot extract, and people are doing arbitrage. So if you go down this path, considering that the coordinator there cannot extract, you would not be calling Arbitrum ARPS as MEV, right? And this is something many people would frown upon, right? And in fact, the avalanche devs at some point were saying, okay, ARPS are not MEV, and the searchers were laughing because they were saying, okay, call it what you will, we're making millions of dollars out of this. So I think there's some consensus that, okay, these type of things are MEV. So again, tricky contentious point is a matter of choice where we want to call that MEV or not. Okay, so this, again, question is the set of things that are front-running included in the set of things that are MEV. And we'll come back to this at the very end. Okay, next set. Is MEV the set of things that are MEV equal to the set of things that are permissionless value? Here's an example in the center, ARPS, right? This is permissionless, anybody can make an ARP, and it's also MEV, canonical example of MEV, so that's fine. How about the left side? Are all things that are MEV permissionless? So when I worked with definitions and formalization of MEV, I argued for the importance of permissionlessness in the definition, because there were many definitions out there that included the notion of a player that can extract the value, but this is very tricky. And it's tricky because you can think of an example where you have an airdrop, right? You have an airdrop that's only entitled to you. And when you are going to claim the airdrop, the miner cannot do anything, right? So there's no way that miner can steal that value from you. So I would say, okay, permissionless looks like it's important in the concept of MEV. Although if you think of another twist to that example, say you have an airdrop which you can only claim at a specific block height, and say that the proposer of that block knows about this. So then they can credibly extort you and tell you, look, if you don't give me a share of the airdrop, I won't include your transaction, right? So then, okay, after all, there might be some MEV character to this, this extortion capability of the coordinator, right? And this might look like a very contorted example. Okay, after all, is there any airdrop that is only valid for one block? But if you think a little bit deeper on this and if you use some numbers, you can think of the earlier ether transfer from the earlier slide. And there, if you have a collusion of, say, 10% of the validators, they could in principle extort you for 0.4% of the value. Sheen has run these calculations, right? So 0.4% of the value is a lot, right? It's more or less the same as the fees that you have, you pay like swapping or uniswap or whatever. So actually this example, again, that looks contorted, is not and could very well happen, right? So extortion is a real thing. Okay, that's again for the left side. On the right side, this is not too interesting. We have the example I gave you earlier of the dollar bill. You pick up a dollar bill, that's permissionless value, and that's arguably not MEV. But okay, that's an example that's outside of the blockchain. So perhaps we want to consider permissionless value on the blockchain, how this set of things. The two examples I gave you for the intersection and for the MEV side are on the blockchain, so we know this exists in principle. So how about the other side? Are there things that are permissionless value on the blockchain that are not MEV? This is a question for you, actually. I have an example. So if you can come up with an example, again, of things that are permissionless value on the blockchain that you wouldn't call MEV, please let me know and we can sort out that set inclusion there. So this is one candidate set to consider for characterizing or half characterizing MEV, if you will. Okay, thanks for bearing with me. We've been through a lot of Venn diagrams. This is the last one. Okay, how about value extracted by a monopolistic coordinator? Again, I've argued for the importance of a coordinator because it changes the game theory. It makes it more fun. So here again, critically, the coordinator needs to be able to extract for that game theory to be richer. It has to be monopolistic because also for the extortion I showed you before, if it's not monopolistic then this doesn't work. So in the intersection, we have the same example as before. Arbitrage is an example of this. Monopolistic coordinators come naturally in blockchains like the proposers are that. Okay, so how about the left side? Are things that are MEV and that are not value extracted by a monopolistic coordinator? And here it depends on your earlier choice on the arbitrage example, the front running example. Okay, if you decided to call arbitrage, the front running example, then this is an example of an element here because it's not value extracted by a monopolistic coordinator but you're still choosing to call it MEV. Again, a choice. Finally, let's look at the other side. Is there value extracted by a monopolistic coordinator that is not MEV? Can you find examples of this? I haven't, so again, a challenge to you all. Please come talk to me if you find an example in this set there. And again, we can sort out this question here. Okay, so we've dealt with the concept of MEV. We came up with three sets that look like might always be MEV. This is of course not a full characterization just to sum up value extracted by a monopolistic coordinator, front running, permissionless value in the blockchain. This is quite an unfortunate picture, I would argue, right? Because there's these three disjoint sets and how are they related to each other? This doesn't look like a unified theory of MEV, right? One would ideally like to have a more concise idea of what MEV is, right? And these are only, if at all, partial characterizations. So in the talk that comes next, she is going to share a little bit of that and try to come up with this was more like an outside-in exploration of the idea of MEV. She is going to share inside out a more constructive way to think cohesively about MEV. So again, thank you so much for coming. I appreciate you all being here.


Sun Partner Technologies and Mohammed is here, who's going to walk us through what you're showcasing here. Yes, we are developing a transparent solar cell for displays, and here we are showing two different technologies, Y-Zips Reflect and Y-Zips Crystal. Y-Zips Reflect is for reflective displays, and Y-Zips Crystal is for emissive displays. We put our device on top of the display, and it takes part into the charging of the battery of the device. So here you can see our device on a watch with a reflective display, and if we put a little bit more light on it, it gets more energy. You can read the energy on the bottom of the display. So can you talk, Mohammed, can you talk a little bit about the efficiency of your solar cell and how it is different from what is available out in the marketplace today? Yeah, sure. The difference with what is already available as solar cells for watches, for example, is that our device is transparent. So it keeps the aesthetic of what is behind. So the customer does not need to modify its products in order to have a solar cell into his product. And is the efficiency much better outside, now door environment versus indoor environment? Sure, yeah. Sunlight is more efficient than indoor lights. So here, for example, if we have one day of outdoor activities, let's say you can have up to 30 to 40% of battery lifetime more at the end of the day. Okay. Yes. That's excellent. Yes. Because we're seeing a wide adoption of LED technologies on the road signs, right, with gigantic solar cells, right, and sometimes you see those solar cells are not efficient or they're not operating as well as you would like them to work. So could this technology take part in those applications and address that issue? Yeah. So our technology is amorphous silicon-based technology, mainly, and amorphous solar cells are mastered a little bit more than organic solar cells. So we actually have a good mastering of the energy getting out of the solar cell right now by our very specific fabrication process. Okay. So this is the version of our technology that goes on the emissive display. So this is a regular QCRA phone with a full HD display on it. And we made a prototype putting the device on it. And you can see if you put some light on it, it starts charging the battery. Excellent. Excellent. And if you have, let's say, three minutes of sunlight exposure, you can have one minute talk time. Talk time. Yes. So potentially, if you're not using your cell phone and it's sitting on your desk, it's still charging. It's charging. It will be more charging if you are outdoor, a little bit less if you are indoor. But any time you have sunlight or indoor light, it's charging. Excellent concept. So can you tell us a little bit about your experience at iZone and how this is helping you? It's the first time I come to SID and iZone. So I'm really excited. And I have very, very interesting discussions with a lot of people of other companies. I have exchanged some cards. It's very, very, really, very interesting. And I think it's a good opportunity for our technology to become a little bit out of our country and Europe also. Okay. Excellent. Mohamed, thank you very much for your time today. Thank you very much. Good bye. Thank you and goodbye.