# Evolution of Financial Instruments (Part. 2) > One source from the archive of Vinay Gupta's work at guptaoption.com, as plain text for AI agents: [664]. 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, 2024-04-29 (YouTube upload date), https://www.youtube.com/watch?v=WUiOQZz91aA. 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): Finance commentary. - Career works it belongs to: - People's Cloud architecture and futures in 1000 words (2013): Blog essay: the data center is doomed, its efficiency is bought with centralization and monitoring, and... (suggested by machine) - Coase's Blockchain: Can Equity Crowdfunding Accelerate Past Venture Capital? (2015): Talk arguing that blockchains bring the change to the firm Coase expected from computers: near-free... (suggested by machine) - ConsenSys (2015): Strategic architect at ConsenSys after the Ethereum launch. (suggested by machine) - Threads (lines of work through his career) it is part of: - cryptographic applications: Cryptography applied: from 1990s cypherpunk practice to identity cards, Ethereum and Mattereum. (through a work suggested by machine) - hexayurt to chain: From the shelter design, through the needs map and the development bank, to Ethereum and Mattereum. (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) - Importance: core-text score 0.10 (1.00 is the top), number 599 of the 729 sources it scored, the research build's measure of substance, importance and innovation - On the same works, just before: [45] [PERMANENT SUMMER: THE NEW MATR TOKEN…And Why The RWA... (2024)](https://guptaoption.com/texts/45.md); [562] [Vinay Gupta at The Promise of the Blockchain 2015 (2024)](https://guptaoption.com/texts/562.md); [665] [Evolution of Financial Instruments (Part 1) (2024)](https://guptaoption.com/texts/665.md) - On the same works, just after: [663] [Ownership Fractionalization: Kickstart Innovation (2024)](https://guptaoption.com/texts/663.md); [661] [RWA on Ethereum mainnet and L2 (2024)](https://guptaoption.com/texts/661.md); [662] [Digitization (Tokenization) must Decentralize (2024)](https://guptaoption.com/texts/662.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: Evolution of Financial Instruments (Part. 2), video, 2024-04-29, https://www.youtube.com/watch?v=WUiOQZz91aA; in Vinay Gupta's archive at guptaoption.com, source [664], https://guptaoption.com/texts/664.md. Other speakers' passages are removed, so there can be gaps. ## Passages [0:00](https://www.youtube.com/watch?v=WUiOQZz91aA&t=0s) um in the old days they were pretty disciplined about this stuff so when the shares went out to retail you would typically get pretty good price performance um you know they'd go out to retail and they would continue to increase in value for some time uh as they began to get more sloppy and more desperate in more recent years you started to get I IPOs with L-shaped launch characteristics so the tokens would go out or rather the shares would go out and then the prices would plunge and needless to say this caused everybody to freak out in a massive way and question the Integrity of the financial system --- End of [664] Evolution of Financial Instruments (Part. 2). Its connections are at the top of this file; the map is https://guptaoption.com/llms.txt. Read next: next on the same works, [663](https://guptaoption.com/texts/663.md) Ownership Fractionalization: Kickstart Innovation (2024); his whole career in one file, https://guptaoption.com/story.md.