3-19-18_Mo_6.30p_BackTests03.1 TG _Crypto-Lit (305)OnTrial.co=(305)668-7245 A Rush's live broadcast CryptoCurrency Litigation ICO Blockchain Technology Methodology

3-19-18_Mo_6.30p_BackTests03.1 TG _Crypto-Lit (305)OnTrial.co=(305)668-7245 A Rush's live broadcast
CryptoCurrency Litigation ICO Blockchain Technology Methodology

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My plan for today is we’ll go over the exams, I’ll go over the open-ended and make sure everyone understands the concepts and make sure everyone understands correctly. We’ll go over projects and you can get my approval on your projects. We’ll also set up the quiz for next time. You should have read cloud computing. We’ll also start talking about AI and machine learning. Before we start this, let me go back to blackboard and set up for our KX. Let me make sure our Assignments are done. I want to make sure that TG4AI for artificial intelligence is available. So that should be available. It should be TG4 for TechGuide4. With blackboard, I want to go to AUDIT BTE 210 KX. Do this with me. Go to your course documents. In group 1, I have Wei, Rakan, David and Cole. Do you have your proposal uploaded? This is the proposal. For Group 2, what did we decide for your project? There’s a problem, competition and setup. On an ICO, you can start with what is an ICO? What are the steps to set up an ICO? Give links then on how to set that up and see automatic forms to set up an ICO. Let’s come back next week and you guys can do a mini presentation for about 5 minutes about what you mean by ICO, what have we gotten and what are the steps. And then the following week, we can get started. So, for next class, start up with the beginning of a problem. Before we set up an ICO, we have to figure out what is an ICO. What are the advantages for an ICO and what are the steps? On Wednesday of my class at 7:45, I’m going to have an attorney who specializes in ICO’s. we’re going to have another attorney come in today. He does cryptocurrency litigation. He’s a UM grad attorney. He used to do security fraud, now he’s suing people and working with people who invested in ICO’s and got screwed over. You can ask him what is legal and what isn’t legal in terms of ICO’s. Every week, we have a milestone so we’re not ending up doing a mediocre job in the end. So, set up even one page of what is the problem, define for the class what the ICO is and what are the steps and links to accomplish that.
What did we end up doing for group 3? For next week, do a search on blockchain and search blockchain collaboration and make it more in depth and you can use those and see what people are doing in terms of blockchain. Let’s add blockchain and you can give us an update. For your group, you can upload a couple of slides about the beginnings of this. This way, we already have the start of our project. What is the problem and how does blockchain fit into collaboration?
My next group is group 4, William and George. What we want to do with the strategies in automated trading systems, is create a template for next week of how you are going to track the results. Remember we did the performance evaluation. Well, that’s a one-time deal. Anyone see Facebook? How did Facebook do today? Data breach. They were basically saying that now we’re going to restrict this Canebridge analytica. Who pays for Facebook here? It’s free. They make money off of advertisements. All of a sudden, they’re telling Canebridge analytica that they can’t use their data. they used to pay them to take their data. So, what I want for next week for you to do is create a template before we start with any of the strategies. We’ll track it around time too. We’ll have the strategies plus our industry. That will be your assignment for next week. So, I have group 3, 4, and 5. Now for Group 5, usually when people think about blockchain, they think of the intermediary. With uber, the average hourly rate was 3 dollars an hour. For next time, give me specifics of how you’re going to divide this project and number 2, think about what the competition and what people are talking about. For the other 3, you should come out with knowing a lot and having skills. We all have projects in classes, but I want you to be able to say I’ve gotten this and I want to add more blockchain that didn’t know about. What it would be interesting is to add a token and you can divide it up within your group.
For next week, come up with your group on what tokens are? After you leave, how many of you are going to develop an autonomous car. My brother sold a chip for 15 million to Intel. Even if it’s not autonomous, you can do this. Give a short presentation next week on what are tokens and how you can use them. Later on, you could say I want to make that minimal. I want it broader. Next, I have Alison, Alex and Andrew (Group 6). What do I have with Group 7? We can think about the advantage of tokens versus ICO’s and why are you choosing that. Some people in healthcare are doing tokens and some are doing ICO’s. one thing to figure out is what are the regulatories. Security versus non-security. Now for Group 8, you’re doing the app. We wrote this up now what are we going to do? what I suggest is if we have the problem, let’s list what are my closest competitors for next week. For group 9, let’s do what’s available and we have to figure out what skills we can form from that. For group 10, let’s define first what is an ICO? So first of all, there’s a definition for the class, and then what is success, then basically we can look at the characteristics of what industry seems to be. Because that’s so broad, there’s so many so we have to start narrowing down what makes a successful ICO and what industries are more successful in these. Just to review them, we need to focus in how to tell a successful one versus an unsuccessful, how to do predictions, we have to hone in. One group I’m seeing after class. For everybody for next week, we have to figure out the difference between a token and a coin.
You can start planning right now as you’re sitting. Start planning out what is everybody in the group going to do. you want to be able to say even if she’s not there, or she drops out, we can do something on our own. If you’re doing healthcare, another group is too. You can see that they have a concrete idea, if they’re doing tokens, you can look at coins and what are the differences in terms of healthcare. Every week, we’re going to be doing something and we’ll do the regular materials as well. Close to 8 aclock, David. Silver , attorney and a UM graduate whose area was in security helps students who invested in ICO’s and were screwed over. So, come up with questions. Another attorney is coming Wednesday so those of you who want to join us, join.

So, this part was your open-ended. I’ve made some comments on some of yours and we’ll talk about it. Some of you did better than others. What’s the difference between blockchain and cryptocurrency like bitcoin? Blockchain is the underlying technology. Bitcoin was the first implementation of blockchain. Some of you when you were writing that, said blockchain is volatile. Bitcoin is volatile but blockchain, the underlying technology, isn’t volatile. Many of you wrote that it is efficient. Is blockchain efficient? When I think about data, first of all blockchain, it’s a distributed ledger. Does that data stay in one place? It’s shared so it moves that piece of data. So, in that case, when we talk about immutable, what do we mean by immutable? It can’t be changed or altered, so it can’t be deleted. What some of you have confused is when we think about database management systems (put this in your notes), the data is centralized. When its centralized, my data in the data management system has backups. When anyone is storing that data, for instance think about amazon, they have backups. If the data is centralized, if I want to change the data, I can change the data in one spot. It reduces redundancy. The idea when we talked about relational management systems and blockchain is what happens to my data in my blockchain? Do I store it just once? No, it’s going to be stored in the whole chain. So, in that case, it’s not efficient. What about processing? Right now, the processing speed is slow. In order for it to be infiltrated more is it’s going to have to be faster. The reason why master and visa card aren’t doing bitcoin yet is that the transactions are slow. 
The scores I’m giving you now is for your multiple choice. This is your test with your answers, go ahead and check what you got wrong. If you have any questions, let me know. The open-ended, I haven’t started yet. The highest score right now was 97. There were a number of 90’s. you can look at it as basically, this will be curved. What I’m going to do for this test is that with the open-ended questions, I’ll add points to your score. I’m going to pass this around to make sure that this is correct. Look at these C numbers here and if your score was not correct, you can say +1 or something like that. 

Guest speaker 1:

Who can tell me a bit about the industrial revolution? The first industrial revolution was a mechanization. The second industrial revolution was mass production, the third was automation, computers electronics and the fourth which we consider now is Artificial intelligence, internet of things. What we are going to be talking about with blockchain, is it’s going to be the internet of assets. Shares will soon be on the internet and today we have what we call ICO’s which is a form of that. Does anyone know about bitcoin? Do you know any other cryptocurrencies? Can anyone tell me any kind of use case? For example, there are utility coins. one of the companies is doing a currency known as identity coin, I think they’re using a technology coin licensed years ago actually from this university. Now that their technology has matured, they have some companies like Walmart. They have a camera that can even measure emotions for instance in a classroom or movie theatre. They can also tell for example in a case where there is a focus group, their algorithm can tell who is really enjoying the taste of that particular item. These are use cases for the kinds of tokens used in the cyber currency space.     There is one other area or maybe a whole group of areas besides currency that are using cryptocurrency. The professor just told us that you are going to be working on some blockchain projects. My name is JeanCalaude Newell, I am the vice president of a new chapter called government association of blockchain. we have a credential that we can issue, and it makes you a certified blockchain consultant. We’ll also be offering a developer course that will help developers write code for blockchain. It’s five days of intense training, it’s a boot camp. It’s 150 slides in 8 hours and that was only day 1. But in April, we’ll be offering our first full 5-day class. It’s a technical involved process. It covers the basics of what one would need to know to be a consultant. Does anyone know what applications governments might be interested in blockchain? as professor Sara said, there’s database management with a centralized database, data belongs to same database owner and you go through it through an interface and is run through an API, so people on the outside have no interaction with that database. It is all centrally managed so if it gets hacked, it can be hacked very easily because it’s a single target. Distributed ledger means it no longer resides with a single ledger. Everybody gets their bitcoin in a wallet that is sitting on somebody else’s nodes. If your parents were involved in bitcoin, it would’ve been when they had their own computer at home and they had their own node. There’s a famous story that one guy gave away a bitcoin for a pizza. When a node wants to commit a transaction to a blockchain, that transaction goes up, they do all the authentication work which involves hashing and other discoveries. Once that has been done, that particular block has been authenticated, it gets attached to the chain and it’s immutable and attaches again after next transaction. That means that people can transact in very independent, distributed fashion. Things like voting could be in the blockchain. So, these are the things the government associations would be interested in. We’re now in 38 countries right now. We’re interested in working with governments in working with blockchain. We get asked if we’re promoting cryptocurrencies. That is not our area. Tell me if you have any questions. 

Guest Speaker 2:

My name is David Silver. I got into cryptocurrency by accident. A buddy of mine gave me 5 bitcoins, he took my coin, they were worth about 250 dollars. I never touched it, I thought he was going to jail. When bitcoin got to 20,000, I logged into my Coinbase account. I couldn’t access my account because it turns out there are many regulations. What do I do now? I sue people that commit fraud. In the last 3 years, it’s all been cryptocurrencies. There was an exchange in Delray beach, Florida, out of nowhere, the exchange in 2014, it started going for 10 million dollars a day. The guy could be one of the wealthiest men in the world. I’ve spoken everywhere, I’m the D list celebrity in the cryptocurrency world. When I started this 3 years ago, I did not think I’d make any money. The case that started this all off: bitcoin Ponzi scheme trust. Trendon promised you a 10% compounding daily on your investment. Notice this is going to be a trend for all these cases. Unfortunately, the FCC sends Trendon in and take him to jail. What gives the dollar bill value is that it’s recognized by the government. . All a bitcoin is another set of 16 numbers. I went to Um law school, I am not a crypto scientist. Cryptocurrency is great in theory, 

Cryptsy was a type of cryptocurrency that had a hack. It was 450 million at present value, today its worth a couple billion. The guy in Delray Beach, Paul Vernon, an absolute genius, was so far ahead of the curve, he took US dollar, the problem was he was doing the Ponzi scheme. We sued the exchange, about 3 months later, he was married and had a house and kids, 6 months later, his wife got him cheating. He put his daughter and girlfriend’s daughter in the same school, which is actually how he got caught. He ran off with the girlfriend to China. He’s wanted for fraud. Bitcoin only has two things, it has a public key, and a private key, without a private key, it’s worthless. I do believe regulation is coming and it’s needed. This is a little screenshot of Coinbase. You click and sell one coin, it hooks up to your bank account, up to 2017, SunTrust and city national were the only ones that accept it. I take money in bitcoin because it has zero impact to me. You can do as much as you want, it’s a liquid market. 
In 2014, I had no idea that it went form 250 dollars to 830. I cannot tell you what it’s going to do tomorrow. If you can spin a wheel and have a monkey throw a dart, that is as good of a chance to know which ones will survive. If you don’t know what decentralization means, it means you can get and give money anonymously and autonomously. Governments around the world are not going to allow anonymous and autonomous transfers of money. If money goes off the US dollar, governments lose power. ICO’s have changed rapidly, about three years ago, the FCC subpoenaed ICO’s. There are three big do’s and don’ts. There’s nothing called a utility token. Everything is a security token; the government doesn’t care what you call it. You are always being recorded, if you tell people you are getting the ROI, you better give them the ROI. BitConnect is the latest law suit. If you invested 0-1000 dollars, there’s a guaranteed rate of return for 50 million in 3 years. They raised over a billion in 6 months. They didn’t care that they were telling people that this token was giving these types of rate of returns. What they care about now is that you have to tell people who you are, you have to produce an actual product, responsibility, if you are an American student living in Miami and you say you want to raise 100 million dollars and you say you’ll take the money to Zhu, the government cares that you pay taxes in the US. Coinbase who has most the legitimate players in the space, have turned over all your transactions in the government. They are now tracking that. This whole myth that bitcoin is decentralized is that if you want to convert to USD, it has to be through a legitimate exchange. So, someone is following you. Everyone is scared who is doing this on the legitimate side in the US. 
Who uses telegram? It’s basically a messenger app. They have no application where a customer pays for anything. They raised billions of dollars, what are they going to do with it? Arthur and Cathleen Brightmen came up with the idea for Tezos, a blockchain company that is going to do corporate governance. They raised 250 million, presently valued at 1.2 billion, sitting in cash in Switzerland. The rumor on the street is that they paid the chairman to go away. Arthur and Cathleen claim that every dollar raised in that ICO was a donation. Cathleen said it was no different than donating to PBS, the people that gave them money expect more than a tote bag. They live in California, created an ICO in Switzerland, they raised the 1.2 billion and sent it over. The question is, how do you get that money back? If they take the money out of the US, they are not doing that for your benefit, they’re doing that for the benefit of themselves. Do I believe that the cryptocurrencies will eventually level out? Yes, a few will stay, and all others will have no money. For the last two weeks, people have been giving them away for free.  Most of these companies have committed fraud, I represent about 2 billion dollars missing. I’ve been chasing people all around the world. The guy that owned the house in Delray, I sold that house. BitConnect promoted through YouTube. Facebook banned ICO ads, so is Twitter and now Google. Facebook was trying to do a good thing. There’s so much fraud and they’re trying to stop that. The counter to this is I do 90% of my advertising, so I can’t advertise like that anymore. I pay a lot of money to have this thing go all over the place. There are 126 ICO’s where the FCC is looking at. 
We do every type of ICO that is out there. Everyone looks for value, everyone wants to know how to get rich. One of these products are going to work, they just don’t know which one. The number one complaint for BitConnect is how are they going to find another one of these that’s going to pay me. Now about Kraken. On May 7, my clients had a DOS, denial of service, Kraken claims that it went from 96 to 11, 000 dollars. My guys lost 17 million. Kraken is about making 1 ½ to 2 million dollars a day. Very few companies make that much on a daily basis. We’re going to go back to blockchain for a second. You can do almost anything. All these conferences are ICO pitches. You can do medical supplies; appetite suppressants are a big thing recently. The big thing is “we can solve all your problems.” Blockchain has been around for ten years. Bitcoin came out in 2008 after the crash, blockchain is immutable to attack. But people are working today because it does make sense. The biggest change coming are house security and stocks. The first governing system was called the DOW, they got hacked within an hour. Tezos is now trying to do that, I give them 36 hours before they get hacked. Coinbase is a money laundering case, they laundered 8.2 million dollars, I’ll be doing a class action case with them. Why I love Giga Watt is that the lawyers themselves were committing the biggest criminal acts. Those lawyers are going to lose their licenses, and they most likely won’t go to jail in 2 years. 
Do it right, and you are going to be rich. Fortune magazine did the ripple case, they are involved in a law suit. When the coin went up to 4 dollars, the guy that invested in a million, they owed him a billion dollars. I currently have 6 lawyers and 6 people in my marketing staff. They are all really worried about their jobs because of the google ads. These ads are now getting bounced because it says cryptocurrency. The stock market is the most regulated market in the world, and there’s still tons of fraud. Regulation is good and it’s going to give you lots of job opportunities.