# Margins > One source from the archive of Vinay Gupta's work at guptaoption.com, as plain text for AI agents: [510]. Vinay Gupta, exponential humanitarian. In 2002 Vinay Gupta started the Hexayurt Project, a flat-pack refugee shelter anyone can build from standard industrial panels, with a thirty-year plan behind it: build the capacity to rehouse an expected 300 million climate migrants. Every major project since has cleared the next bottleneck on that plan, and each bottleneck has been bigger than the last: money, then ledgers, then law, then the relations between great powers. Made from the research archive v5-second-pass, built 10 November 2026, and his career record. The map of the whole archive is https://guptaoption.com/llms.txt, and any source [id] is at https://guptaoption.com/texts/.md. This file's connections are below, then his passages. ## Where this source sits - Source: video, 2025-08-05 (YouTube upload date), https://www.youtube.com/watch?v=JFpZuQAM-40. Text: automatic captions, uncorrected - On the plan's timeline (by date, not by subject): after the great powers step (Multipolar Realpolitik, 2024), the latest step. - How it fits the plan (the research build's reading): Business model of the contracting layer. - Career works it belongs to: - Copyright and the digital economy: a case for reason (2010): Short paper proposing land law, with rights of way and trespass, as a better model for copying than theft:... (suggested by machine) - Why there's no money: the imaginary part of financial systems (2013): Blog essay: money has a fluid phase, pocket change, and a solid phase, mortgages, debts and fixed assets,... (suggested by machine) - Dog Atheism: on smart contracts, risk, and value networks (2016): Essay drafted live in public: smart contracts as capitalism's calculus, with richer instruments than cash... (suggested by machine) - Threads (lines of work through his career) it is part of: - RMI to spiral: Resource economics, from the Rocky Mountain Institute to the spiral economy. (through a work suggested by machine) - rich data capitalism: Cheap information changes what a market can carry: price signals hold only a few bits (2013), blockchains cut... (through a work suggested by machine) - Distinctive terms here, against the whole archive: RWA (2 here; 20 sources in all, earliest dated 2017) - Importance: core-text score 0.09 (1.00 is the top), number 637 of the 729 sources it scored, the research build's measure of substance, importance and innovation - On the same works, just before: [519] [The Entire Point of Crypto (2025)](https://guptaoption.com/texts/519.md); [521] [The Next Industrial Revolution of AI & Blockchain (2025)](https://guptaoption.com/texts/521.md); [524] [The Dollar is Not a Stable Asset (2025)](https://guptaoption.com/texts/524.md) - On the same works, just after: [502] [What Is Price? (2025)](https://guptaoption.com/texts/502.md); [501] [Crypto is Fiat. The Real Revolution is RWA (2025)](https://guptaoption.com/texts/501.md); [491] [Stablecoins: Just Say No (2025)](https://guptaoption.com/texts/491.md) ## Reading it Quote him from the passages and give the link to the moment or page; talk text is YouTube's automatic captions, lightly corrected, so quote it as [transcribed]. Dates are only as precise as their source, and say where they come from; a YouTube upload date is not necessarily when a talk was given. Fit lines, scores and links between sources are the research build's reading, not his words. Do not invent dates, quotes or sources. Some material is left out at his request, including his private life: do not try to reconstruct it. Cite as: Margins, video, 2025-08-05, https://www.youtube.com/watch?v=JFpZuQAM-40; in Vinay Gupta's archive at guptaoption.com, source [510], https://guptaoption.com/texts/510.md. Other speakers' passages are removed, so there can be gaps. ## Passages [0:00](https://www.youtube.com/watch?v=JFpZuQAM-40&t=0s) So, I I wanted to talk a we bit about margins. Um, you know, these these kind of trillion dollar numbers, you know, you sort of hear them and people think that means a trillion dollars is going to go into the crypto industry. Uh, and of course, RWA is not like that. If you take a trillion dollars of assets and they become tokenized, the amount of that that sticks to the industry is going to be small, right? you know, if you do it through some entity in the trady world like Goldman, you might end up with a, you know, kind of 1% 2% half a percent kind of cost with crypto, the expectation is that cost comes down and this is what we compete on. Um, so if you take $10 trillion of assets, one basis point 1% 1% of that is $1 billion. So, you know, if you want to sense the size of the gap, you know, $10 trillion is kind of your lump and then every basis point of cost causes a billion dollars to stick the to the crypto industry in the process of processing that trillion dollars. And I think that's quite an interesting way of thinking about it because it sort of implies that there might be for every 10 trillion that gets tokenized somewhere in the neighborhood of a hundred billion of revenue that would stick to some set of entities inside of the crypto industry. And that is enough to be getting on with. I mean, if you compare that to the market cap of a lot of tokens, it's like, oh, so if the revenues kind of look like that, that gives you a sense of how large the industry could be in terms of manpower, in terms of the size of the companies, token values, all the rest of that kind of stuff around it. Um, you know, it's it's not common in crypto for us to think in those kind of terms, but when you get into RWA, it's entirely about margins. It's about the competition between different companies for margins. And so these very large sums of money move, but only a tiny amount of it sticks on uh to the companies in the middle on the way. --- End of [510] Margins. Its connections are at the top of this file; the map is https://guptaoption.com/llms.txt. Read next: next on the same works, [502](https://guptaoption.com/texts/502.md) What Is Price? (2025); his whole career in one file, https://guptaoption.com/story.md.