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      "body": "<center><a href='https://d.tube/#!/v/blockchainweekly/i4xjxtpi'><img src='https://ipfs.io/ipfs/QmTTiVRjmkkog3GL1c14A2VYKguXGKrthKpTvrzohXBAeC'></a></center><hr>\n\nBockchain Weekly this week Michael Noel and John Crockett of Blockchain Consultants open forum question and answer session.\n\nBlockchain Weekly:  A regular series of  LIVE virtual video Shindigs covering the issues, companies, and thought leaders involved in a market that is moving along at a breathtaking pace!  These events are hosted by Blockchain Consultants. \n\nThis weeks topic:\n\nOpen Q&A with the Blockchain Consultants!\n\nhttps://BlockchainConsultants.io\n\nhttp://BlockchainWeekly.io\n\n\n\n<hr><a href='https://d.tube/#!/v/blockchainweekly/i4xjxtpi'> ▶️ DTube</a><br /><a href='https://ipfs.io/ipfs/QmWgzftfjqcRMyaCbpf9a7rc45tNT1PeNJT3oJXVBMhFLw'> ▶️ IPFS</a>",
      "json_metadata": "{\"video\":{\"info\":{\"title\":\"Blockchain Weekly this week John Crockett CTO Blockchain Consultant\",\"snaphash\":\"QmRuQ3d1bQ1rVjYgTwQgDH4vZYnVR1eMMTkfjohx482iKW\",\"author\":\"blockchainweekly\",\"permlink\":\"i4xjxtpi\",\"duration\":3603.121,\"filesize\":1784461316,\"spritehash\":\"\"},\"content\":{\"videohash\":\"QmWgzftfjqcRMyaCbpf9a7rc45tNT1PeNJT3oJXVBMhFLw\",\"description\":\"Bockchain Weekly this week Michael Noel and John Crockett of Blockchain Consultants open forum question and answer session.\\n\\nBlockchain Weekly:  A regular series of  LIVE virtual video Shindigs covering the issues, companies, and thought leaders involved in a market that is moving along at a breathtaking pace!  These events are hosted by Blockchain Consultants. \\n\\nThis weeks topic:\\n\\nOpen Q&A with the Blockchain Consultants!\\n\\nhttps://BlockchainWeekly.io\\n\\nDecember 20th 2017\\n\\nTranscript Auto Generated\\n\\n00:01\\n[Applause]\\n00:01\\n[Music]\\n00:06\\n[Applause]\\n00:06\\n[Music]\\n00:10\\nI I know about as much as anybody else\\n00:15\\nmaybe a teeny bit more there is not a\\n00:19\\nlot of information about etherium fog\\n00:21\\nyet it has been implemented it appears\\n00:26\\nthe generalities of it are that it is\\n00:32\\nexpected to increase the transaction\\n00:35\\nvolume I shouldn't say expected the\\n00:39\\ninitiators of it believe that they will\\n00:42\\nbe able to increase the transactions per\\n00:47\\nsecond volume on on at least their part\\n00:51\\nof the etherium network to a million\\n00:55\\ntransactions a second\\n00:57\\nnow that again I wish I could see the\\n01:00\\ncode you know I I have no idea how they\\n01:04\\nexpect to accomplish that but if they do\\n01:08\\nthat's huge because we you know we're at\\n01:11\\nthree transactions a second with Bitcoin\\n01:13\\nwe're at seven transactions a second\\n01:16\\nthree to four on Bitcoin seven\\n01:19\\ntransactions a second on the pre Fogg\\n01:23\\naetherium Network so to jump from seven\\n01:27\\nto a million is that's big news but if\\n01:32\\nyou do a Google search you'll find\\n01:35\\nthere's a really tiny little reddit\\n01:40\\nstring thread there is an article on the\\n01:45\\nMerkel about it there is a little bit of\\n01:48\\ninformation on Bitcoin talk org about it\\n01:53\\nbut it is it is really under the radar\\n01:56\\nbut here's the here's the what I think\\n02:01\\nin addition to the million transactions\\n02:03\\nper second I I have been imagining for a\\n02:09\\nyear the etherium Network as a computing\\n02:13\\nplatform as opposed to you know smart\\n02:17\\ncontracts and all of that obviously you\\n02:19\\nwould implement your computing through a\\n02:23\\nsmart car\\n02:24\\nbut taking the smart contract out of the\\n02:26\\npicture a global infinitely scalable\\n02:31\\ninfinitely secure infinitely reliable\\n02:36\\nbecause of redundancy compute platform\\n02:39\\nand aetherium fog seems to be the\\n02:44\\nimplementation of that vision so so that\\n02:49\\nalso the million transactions a second\\n02:51\\nis a big deal but the availability of\\n02:55\\nliterally millions of GPUs to do your\\n02:59\\ncomputing with if you've got a big\\n03:01\\nproblem like you know finding certain\\n03:05\\nkinds of things in a in a astronomical\\n03:10\\nobject database you need a lot of\\n03:13\\ncompute power and if you're a university\\n03:16\\nprofessor trying to write a research\\n03:18\\npaper\\n03:19\\nhere's your platform so you know\\n03:23\\ngenetics all the stuff that requires a\\n03:26\\nton of computer power suddenly suddenly\\n03:30\\nthis thing makes the old idea of\\n03:34\\nsupercomputers craze and and those kinds\\n03:37\\nof things completely obsolete just\\n03:41\\ncompletely obsolete just just walk into\\n03:45\\nthe room this specially cooled room\\n03:47\\nwhere your Cray is sitting and just get\\n03:50\\nthe forklift and take it out in the\\n03:52\\nparking lot because it's kind of\\n03:53\\nworthless now so anyway yeah why I just\\n03:58\\nunplug it\\n03:59\\nyou know just unplug it couch in a bed\\n04:03\\nin there for your mother-in-law because\\n04:05\\nthat's out that rooms good for ya you\\n04:09\\nknow and I think we worked a little bit\\n04:11\\non the crane near-earth object database\\n04:15\\nawhile ago that's or ignore the the\\n04:20\\nCatalina Catalina Sky Survey yep that\\n04:24\\nwas my that was one of my astronomer\\n04:28\\nresearch projects trying to see if we\\n04:30\\ncould identify we estimated there might\\n04:32\\nhave been 500 - somewhere between 550\\n04:38\\nbrown dwarfs in that right but this year\\n04:42\\nbut the the etherium fog is the kind of\\n04:45\\ndatabases that would lend itself well to\\n04:47\\nsearching that kind of a database\\n04:49\\nexactly exactly\\n04:51\\nterabytes terabytes of data to be you\\n04:55\\nknow just queried in in seconds instead\\n04:59\\nof minutes or days so interesting things\\n05:01\\ngoing on with a thorium fog and I think\\n05:05\\nthat from my standpoint correct me if\\n05:07\\nI'm wrong John but some of the people\\n05:09\\nI've talked to a lot of naysayers out\\n05:12\\nthere they going look I mean when you\\n05:15\\nlook at the transactions per second you\\n05:18\\nknow even the the designer of a theory\\n05:20\\nand when you when you watch him on the\\n05:23\\nvideos he's always cognizant of how many\\n05:26\\ntransactions per second this would what\\n05:29\\nwould would give and what that they use\\n05:32\\nis that as a metric it's usually is top\\n05:34\\nmetric when he's talking about things so\\n05:37\\nthat's always top of mine but just by\\n05:40\\nusing the etherium network and using the\\n05:43\\nminers and using the hashes differently\\n05:45\\nwe take it from two to three\\n05:48\\ntransactions a second to potentially a\\n05:50\\nmillion transactions per second those\\n05:52\\nare the types of things that are are\\n05:54\\ngoing to happen to become more prevalent\\n05:56\\nin the blockchain community certainly\\n05:59\\nwithin the next several months even well\\n06:03\\nlet's talk about them why why is that\\n06:07\\nthe reason for that the reason\\n06:09\\ntransaction per second is is critical to\\n06:14\\nwidespread acceptance of\\n06:17\\ncryptocurrencies as a medium of trade is\\n06:22\\nbecause right now our mediums of trade\\n06:27\\nare cash and credit cards and cash that\\n06:33\\nthe transaction limit with cash is just\\n06:35\\nhow many human beings are there and and\\n06:38\\nhow quickly can they pull the cash out\\n06:41\\nof their wallet so that's that's\\n06:42\\nliterally billions of transactions per\\n06:44\\nsecond because it's not throttled in any\\n06:46\\nway other than by population\\n06:51\\ncredit cards if you look at the visa\\n06:55\\nnetwork and the mess the MasterCard\\n06:57\\nNetwork American Express transactions I\\n07:00\\nmean that's those networks are capable\\n07:03\\nof millions of transactions per second\\n07:05\\neven in their you know network based\\n07:08\\nsort of throttled state there they're\\n07:11\\nthe bandwidth available is huge well if\\n07:15\\nI walk in to Starbucks with my Bitcoin\\n07:19\\nwallet and I want to buy a $5 coffee\\n07:23\\nwith whatever it would be point zero\\n07:25\\nzero zero zero zero three bitcoins and I\\n07:34\\nI say to the guy in Starbucks well there\\n07:36\\nyou go\\n07:36\\nthere's my Bitcoin I put it in your I\\n07:38\\nsent it and then the guy standing behind\\n07:41\\nthe register says yeah\\n07:43\\nhang on I don't see it yet okay hang on\\n07:48\\nokay still don't see it you know I don't\\n07:52\\nknow if you folks who are on the on this\\n07:56\\npresentation if you've tried to send\\n08:00\\nsomebody aetherium or send somebody\\n08:01\\nBitcoin sometimes it's a half an hour 45\\n08:04\\nminutes before that transaction actually\\n08:07\\nlands and is confirmed\\n08:10\\nso right now etherium in bitcoin are\\n08:13\\nalmost useless as as mediums of comment\\n08:17\\nrate and and this aetherium Fogg I think\\n08:22\\nI hope will change that so definitely\\n08:29\\ntransactions per second is is something\\n08:33\\nthat we're all that we're all aware of\\n08:34\\nand we're all looking at\\n08:36\\nit's a limiting factor but it's just\\n08:38\\nit's something that someone several\\n08:40\\npeople it's all there's another ICO out\\n08:44\\nthere s o and M Sonam they meant they've\\n08:47\\nraised about 30 million and a quarter of\\n08:52\\na million tokens\\n08:53\\nand they're working on the same problem\\n08:57\\nin a similar manner so there's there's\\n08:59\\nlots of different things that are going\\n09:01\\non lots of things that are changing and\\n09:04\\nI feel fairly confident that most of the\\n09:06\\nproblems that we're seeing right now one\\n09:07\\nof the problems you know volatility in\\n09:10\\nto the market I mean you know a theory M\\n09:15\\nis trading it is it over 800 dollars\\n09:17\\ntoday John did you check it has spent\\n09:20\\nmost of the day over 800 it is right\\n09:23\\nthis second 828 828 dollars when you\\n09:29\\nknow we what we were trading aetherium\\n09:32\\nit to between two and three hundred and\\n09:33\\nwriting the waves on that now it's way\\n09:36\\nover 800 so you know it's really worth\\n09:41\\nyour time and effort to mine now I mean\\n09:43\\nyou know John and I are mining away on a\\n09:46\\ntheorem right now even as we speak\\n09:48\\nbut it's it's still a problem what the\\n09:51\\nvolatility and that's eventually going\\n09:54\\nto settle down I mean it's going to to\\n09:56\\nfind entropy and things are are going to\\n09:59\\nsettle down obviously soon I hope\\n10:03\\nyou know let's get some some velocity in\\n10:05\\nit but then let's settle down and and\\n10:07\\nhave some some good valuations\\n10:10\\ntransactions per second is uh oh I got\\n10:13\\ntwo questions coming up let's not let's\\n10:15\\ntalk about the problems later I have a\\n10:17\\ntext question and an audio question so\\n10:19\\nMike which one whichever one you'd like\\n10:20\\nfirst I might be able to click on this\\n10:26\\nand get okay okay John can you open up\\n10:38\\nthe the text TPS is a UX thing measured\\n10:44\\nin terms of return on adoption KPIs so\\n10:48\\nall transactions per second okay yeah\\n10:52\\nRon has texted in a question that said\\n10:56\\nTPS which is transactions per second is\\n10:59\\na user experience thing or a user\\n11:02\\ninterface thing and yes you're right\\n11:09\\nin most cases it's a user experience\\n11:11\\nthing but there are some limitations\\n11:14\\nbecause\\n11:16\\nof the blockchain and the way we do that\\n11:21\\nwe validate it there's a lot of things\\n11:23\\nthat that take precedence and it just\\n11:27\\ntakes a long time to get done so it's\\n11:29\\nit's more than a user and a user or a ux\\n11:32\\nthing it's more along the lines of a\\n11:34\\ndesign thing and and will have to be\\n11:36\\ndefinitely changed soon I have an audio\\n11:41\\nquestion a text question I'll post again\\n11:44\\nfrom Stuart I haven't seen Stuart's\\n11:47\\ntext question and then Ron wants to be\\n11:50\\nup on the stage so do we want to get run\\n11:52\\nup first and then what maybe I'll have\\n11:55\\nRon help us with the text question from\\n11:58\\nStuart Mike what would you like to do\\n12:10\\nup\\n12:21\\nso Ron you're on you're on the air\\n12:25\\nwell this is Rob\\n12:27\\nRon rabbits can't hear me this is wrong\\n12:30\\nyes Ron how are you alright thank you so\\n12:34\\nmuch great conversation listening to the\\n12:37\\nexplanation about the Starbuck that's a\\n12:39\\ngreat case in point I think we should\\n12:42\\ncapture that and you know Missy reasons\\n12:44\\nso people will understand this however I\\n12:46\\nwould kind of what comes to mind is it\\n12:49\\nall this lengthy and in words a\\n12:53\\nconversation can be labeled and\\n12:55\\nsummarizing the Super Soldier Serum by\\n12:58\\nsaying TPS is a you exit right and then\\n13:02\\ndraw the attention of the audience\\n13:03\\ncontinue to the confession from that\\n13:05\\npoint on so first of all a major major\\n13:10\\nmiss for anyone who equates UX to UI I\\n13:14\\nyou guys can go on my LinkedIn I just\\n13:17\\nposted like I think about a week ago a\\n13:20\\ncase in point that illustrates how this\\n13:22\\nnew are vastly different\\n13:24\\nalright so any time that I see anything\\n13:28\\nlike UI /ux 95% or 99% of the time it is\\n13:34\\nthe most of all that people who express\\n13:38\\nthemselves this way don't understand the\\n13:40\\ndifference so simply put UX is how it\\n13:43\\nworks for the user and to end right UI\\n13:47\\nis how it looks for the user\\n13:49\\nboth of master different problems UI is\\n13:53\\nconsumed in to do X because the\\n13:55\\npresentation like do we put a rectangle\\n13:58\\nor or a triangle or do we paint it red\\n14:03\\nor yellow these are all sometimes\\n14:04\\nimportant questions too so but they are\\n14:08\\nonly small part of how it works from log\\n14:11\\nin to log out case in point I usually\\n14:14\\npresent his confidence they were in my\\n14:18\\nview it's not that derogatory just\\n14:21\\nobservation my view there were so\\n14:22\\nenamored with technology they were so\\n14:25\\ntechnology driven they had those expire\\n14:28\\nspots so as they went to the ICU\\n14:31\\nlo and behold somebody came in and\\n14:33\\nhacked their website and only after\\n14:36\\nseven million dollars were lost the ICO\\n14:39\\nwas stopped the company immediately\\n14:41\\nannounced that it will reimburse the\\n14:44\\nseven million those whoever was hacked\\n14:46\\nand this entire ICO was shot down that\\n14:50\\nbrings me to the not the next console\\n14:52\\nthat I'm sharing with the forum looking\\n14:53\\nfor for feedback is it UX is measurable\\n14:58\\nby KPIs or fraternal adoption right so\\n15:01\\nthe probability on adoption for coinbase\\n15:04\\nwas actually a negative attention opened\\n15:09\\na lot right because nobody is going to\\n15:16\\nwork for the user start to finish\\n15:20\\nthere's quite to much to kuzava\\n15:22\\nthere's too much overhead and the\\n15:24\\ninterface between the blockchain is not\\n15:28\\nwhat it what it should be it's not what\\n15:29\\nit will be you know and seeing we're\\n15:35\\nseeing a lot of the interfaces as far as\\n15:38\\netherium with crypto kitties last week\\n15:41\\nand I think we talked a little bit about\\n15:43\\ncrypto kitties and on my dwarf pool page\\n15:50\\nwhere I'm mining it actually indicates\\n15:52\\nthat there still is some fall back from\\n15:55\\ncrypto kitties that's impacting the\\n15:58\\netherium network and causing some delay\\n16:00\\nas far as transactions are concerned I\\n16:03\\ndo notice that my transactions mining\\n16:08\\naetherium are down and probably you know\\n16:10\\nintuitively pull that from the interface\\n16:13\\nas far as crypto kitties is concerned\\n16:15\\nit's a valid point the difference\\n16:17\\nbetween user experience and user\\n16:18\\ninterfaces is definitely definitely two\\n16:24\\ndifferent things that are confused and\\n16:27\\nwhen we talk about blockchain we talk\\n16:31\\nabout distributed ledger we understand\\n16:33\\nthat the distributed ledger is something\\n16:35\\nthat has yet to be hacked but there have\\n16:40\\nbeen acts and the hacks is in the UI and\\n16:42\\nand the UI is an inner\\n16:44\\nwith a distributed ledger because it is\\n16:47\\nde mutable because it is public and\\n16:49\\nbecause it is out there the distributed\\n16:51\\nledger is available for anyone so there\\n16:56\\nis a lot of thought being going into the\\n16:59\\nuser interface making that secure and\\n17:04\\nand much much more than just you know is\\n17:06\\nit a round boxes or black boxes that are\\n17:08\\nsquare box what what is best for our\\n17:11\\nconversions but further on in that what\\n17:14\\nwhat how does our user interface benefit\\n17:17\\nthe user experience and how does it make\\n17:19\\nit easier I know on a lot well you know\\n17:23\\nI'm thinking on the smart contract\\n17:26\\nprojects that we're working on in one of\\n17:29\\nthe one of the baselines we've added is\\n17:33\\nyou know it doesn't make things simpler\\n17:35\\nright that has to used to have three\\n17:41\\nmetrics we started with the first metric\\n17:43\\nwas you know is there a transfer of\\n17:47\\ntrust because that's one thing that a\\n17:48\\nsmart contract does really well so first\\n17:51\\nrent if there's transfer of trust and\\n17:53\\nthen we move forward the next thing is\\n17:55\\nthey're sticky bits is their people and\\n17:57\\npersonalities is their people time to\\n17:59\\ngrind other people trying to change the\\n18:01\\nnegotiation after the deal is done a lot\\n18:04\\nof these types of things people and\\n18:05\\npersonalities are they are people are\\n18:08\\nthese sticky bits that we call them\\n18:09\\ninvolved most of the time they are and\\n18:12\\nis there money in the transactions\\n18:13\\nthat's way that we used to go now we've\\n18:15\\nactually added a fourth one that we\\n18:18\\nreally want to look at and that is does\\n18:20\\nit simplify the process to these we we\\n18:24\\nstarted working on a couple of projects\\n18:26\\nand one of the big issues was that we\\n18:30\\nhad to pull back on they hit the first\\n18:33\\nthree qualifications but when we started\\n18:35\\nlooking at the implementation as far as\\n18:38\\nblockchain and actually doing the\\n18:40\\nblockchain looking at the workflow and\\n18:42\\nthen looking at the user experience and\\n18:47\\nbegin to build out the user interface\\n18:49\\nwhat we realized early on was that we\\n18:53\\nwere complicating the issue so when we\\n18:56\\ncomplicate the issue it's it's going to\\n18:58\\npull back from our user adoption so\\n19:00\\nwe've had to rethink that so now there's\\n19:03\\nfour qualifications that we use to get\\n19:05\\ninvolved in a in a smart contract John\\n19:08\\ndo you have anything to add to that I\\n19:11\\njust I think I want to amplify what dr.\\n19:14\\nravitz Key said which is that that that\\n19:17\\nwide adopt I think this is what you mean\\n19:20\\ndr. ravitz key that wide adoption of any\\n19:25\\nof these coins as a medium for trade is\\n19:28\\ngoing to fully and wholly depend on the\\n19:33\\nuser experience to give you an example\\n19:36\\nif you went to the store you know went\\n19:41\\ndown to your local appliance store and\\n19:43\\nand we're gonna buy a refrigerator put\\n19:46\\nthat refrigerator in your kitchen and\\n19:48\\nand halfway through the process of\\n19:52\\nbuying that refrigerator the the person\\n19:55\\nyou're working with the salesperson says\\n19:57\\noh by the way this refrigerator has a\\n20:01\\nspecial feature which is that when you\\n20:04\\nwant to access milk you've got to stand\\n20:07\\nin front of the refrigerator for 20\\n20:09\\nminutes and then the refrigerator will\\n20:11\\nopen and you can get your milk well\\n20:14\\nnobody would buy that refrigerator and\\n20:16\\nand that's that's kind of where we are\\n20:18\\nwith with right now with this three\\n20:22\\ntransactions per second seven\\n20:23\\ntransactions per second you know the\\n20:25\\ntransactions build up and they haven't\\n20:27\\nbeen confirmed yet and they get\\n20:28\\nconfirmed sequentially and so there are\\n20:33\\nthese these hills and valleys of when\\n20:38\\nthere's a whole bunch of transactions\\n20:39\\nget added to the network then we have to\\n20:42\\nwait for a point in time when not so\\n20:44\\nmany transactions are being added so\\n20:47\\nthat we can catch up and and this\\n20:49\\ncatching up process can can be anywhere\\n20:52\\nfrom you know 2 minutes to 8 or 12 or 15\\n20:55\\n30 45 minutes so it is going to be all\\n21:00\\nabout user experience and when we when\\n21:03\\nwe when when those people who are\\n21:07\\nwriting the code making these things\\n21:10\\nhappen like\\n21:11\\nlike the etherium fog folks when when\\n21:15\\nthey solve these problems and make the\\n21:19\\nuser experience pleasant that that's you\\n21:24\\nknow we're looking for that experience\\n21:27\\nto be pleasant and possibly even more\\n21:29\\nthan pleasant if we get that if we get\\n21:34\\nto that place where that user experience\\n21:36\\nis thrilling then all of us who have you\\n21:41\\nknow a thousand aetherium sitting in our\\n21:43\\nwallets will be trillionaires you know\\n21:47\\nbecause that'll be the coin that works\\n21:50\\nabsolutely absolutely there was also\\n21:54\\nanother I can't think of the name the\\n22:01\\nperson who submitted a question about\\n22:02\\nbitpay and and I we don't want to forget\\n22:07\\nthat Stewart thank you\\n22:10\\nStewart asked that question uh bit P\\n22:14\\nisn't new bit paint bit pay has been\\n22:16\\naround since 2011 I am not privy to it\\n22:22\\npays code but I am assuming that what\\n22:26\\nthey're doing is a external sort of\\n22:30\\nClearing House function where yeah you\\n22:32\\ncan do twenty million transactions a\\n22:34\\nsecond with bit pay and then bit pay\\n22:37\\nclears those transactions\\n22:38\\nyou know once a day they figure out what\\n22:40\\nthe net transaction is and then add that\\n22:44\\nto the blockchain I don't know that for\\n22:47\\na fact because I don't work for bit pay\\n22:48\\nbut among the various ways they might be\\n22:52\\nable to do what they're doing that's one\\n22:56\\nmethod that makes sense to me\\n23:00\\nif the intermediaries you know the the\\n23:06\\nproblem areas with an intermediary it's\\n23:10\\nyet the transactions aren't hitting the\\n23:12\\nchain you're trusting bitpay as opposed\\n23:16\\nto trusting the distributed ledger of\\n23:20\\nethereum or of\\n23:25\\nof Bitcoin so there's you get you that\\n23:28\\nit brings the velocity of the\\n23:30\\ntransaction up it brings the volume of\\n23:32\\nthe transaction up but still it's not\\n23:34\\nhitting hitting the actual distributed\\n23:37\\nledger buying a coffee it's fine but how\\n23:40\\nis probably not\\n23:41\\nI suspect the bitpay may also be in\\n23:49\\nessence a Bitcoin investment strategy\\n23:53\\nfor somebody sort of in the same way\\n23:55\\nthat McDonald's and Walgreens we we\\n23:58\\nthink McDonald's sells hamburgers and\\n24:00\\nthat Walgreens sells drugs both of those\\n24:03\\ncompanies are state plays and you know\\n24:06\\nthey they buy corners and then they\\n24:09\\noperate some thing on that corner that\\n24:12\\nmakes the money in the meantime and ten\\n24:14\\nyears later they sell the corner for for\\n24:16\\na twenty multiple and I that if you're\\n24:22\\nclearing Bitcoin transactions in an up\\n24:25\\nmarket you can sort of in essence make a\\n24:31\\nprofit on the float so so I'm going to\\n24:34\\ntake your Bitcoin and and and three\\n24:38\\nhours later when it when that Bitcoin is\\n24:40\\nmore valuable I'm going to make that\\n24:44\\ntransaction and keep the difference yet\\n24:47\\nthe slower you are the more money you\\n24:49\\nmake\\n24:49\\nwhich is like positional deck but our\\n24:52\\ntradition you know what up just about\\n24:54\\ntoday's transactions for three or four\\n24:56\\nweeks because you know Bitcoin will be\\n24:58\\nworth thirty eight thousand dollars then\\n25:00\\nsure sure sure absolutely absolutely do\\n25:06\\nwe I want to ask do we have any other\\n25:08\\nquestions in the room I know we have a\\n25:10\\ncouple of folks that have come on Tom's\\n25:12\\njust come on Brett did you have any\\n25:14\\nquestions anyone have any questions all\\n25:20\\nright we're just going to keep on\\n25:21\\nrolling it's a we don't really have a\\n25:25\\nlot of new some new people in the room\\n25:27\\nit's the kind of the holiday weekend not\\n25:32\\na whole bunch of folks here today but we\\n25:35\\nare having some some conversations about\\n25:38\\ncurrent topics we've talked a little bit\\n25:40\\nabout bitpay we've talked a little bit\\n25:42\\nup aetherium fog and what that is as far\\n25:47\\nas transaction velocity we've had some\\n25:49\\ninteresting questions posted from dr.\\n25:53\\nravitz key about user experience and\\n25:56\\nuser interfaces as the difference\\n25:58\\nthereof and we're all in the blockchain\\n26:03\\ndistributed ledger nish here we're all\\n26:07\\nreally really interested in what's\\n26:09\\nhappening as far as the the end-user\\n26:11\\nexperience so we had some interesting\\n26:13\\nconversations about that\\n26:15\\nand I just want to remind everyone that\\n26:18\\nwe're here to discuss your questions if\\n26:20\\nyou'd look down on the bottom there's a\\n26:22\\nplace there's a little question mark I\\n26:24\\nbelieve you click on click on that you\\n26:27\\ncan ask a question and we'll talk a\\n26:29\\nlittle bit about it if you want to raise\\n26:31\\nyour hand to ask a question you can do\\n26:33\\nthat what can actually bring you up on\\n26:34\\non stage to ask your question if you\\n26:37\\nfeel so inclined if you have something\\n26:40\\nyou want to talk about a product that\\n26:41\\nyou want to talk about something that\\n26:43\\nyou would like to talk about this is the\\n26:45\\nform that that we're doing it in let's\\n26:49\\ntalk let's try to change it up a little\\n26:51\\nbit since I don't have any any questions\\n26:54\\nand I'm hoping to get some questions\\n26:55\\nfrom folks a little later on but let's\\n26:57\\ntalk a little bit about you know with\\n27:00\\nJohn and I are working on a big project\\n27:02\\nright now that involves mynique and John\\n27:06\\nwhy don't you talk a little bit about\\n27:08\\nmining and what you what your thoughts\\n27:10\\nare as far as that's concerned\\n27:12\\nsure mining well I'm I'm gonna make some\\n27:19\\nassumptions that if you're here you know\\n27:21\\na little bit about mining which is you\\n27:23\\nknow use you've set up rigs rigs are\\n27:27\\nstandard motherboards with GPUs\\n27:29\\nconnected to them and special software\\n27:31\\nto to solve the cryptography puzzles\\n27:36\\nthat are presented and and make sure\\n27:39\\nthat your part you're participating at\\n27:44\\nthat point at some level in the\\n27:46\\nverification of transactions and you're\\n27:49\\ngetting paid for that there's a reward\\n27:50\\nthat\\n27:51\\nfrom making your GPU power available to\\n27:55\\nthe stratum Network so and I'll\\n28:02\\nentertain if I'm skipping over something\\n28:04\\nyou don't understand please you know\\n28:06\\nraise your hand and stop and ask because\\n28:09\\nI don't want to leave anybody behind\\n28:11\\nhere so so our project we've taken a\\n28:18\\nlook at mining profitability and and\\n28:24\\nhave been mining our individually for a\\n28:26\\nlong time but we've been approached by a\\n28:29\\ncouple of not a couple a fairly large\\n28:33\\nnumber of investors who who want to set\\n28:35\\nup a large operation and so but there\\n28:40\\nare risks let's talk about that first\\n28:42\\nthere are risks associated with mining\\n28:46\\nit's not a done deal just because you\\n28:49\\nset up a rig and start mining the theory\\n28:52\\nem is gonna fork soon from proof of work\\n28:56\\nto proof of stake and all of a sudden\\n29:00\\nyour mining rig trying to mine a theory\\n29:03\\n'm isn't going to be bringing you net\\n29:06\\nprofit anymore not even not even\\n29:07\\nbringing you any revenue so so there's\\n29:12\\nthat that's a huge risk we don't know\\n29:14\\nwhen that's going to happen those of us\\n29:17\\nwho are mining etherium we just we just\\n29:19\\nmine away until that day there are I I\\n29:26\\ndon't know the actual count but there\\n29:29\\nare you know something like sixty or\\n29:33\\nseventy coins that can be mined with a\\n29:37\\nGPU so let's talk about the the various\\n29:44\\nalgorithms mining algorithms and how\\n29:48\\nthose you know you guys have probably\\n29:50\\nall heard about basic mining that's how\\n29:53\\nyou mine Bitcoin and probably 50 or 60\\n29:59\\nor 70 other coins use a non ASIC\\n30:03\\nresistant\\n30:04\\nalgorithm that's not very you know the\\n30:09\\noriginal idea for cryptocurrency was to\\n30:12\\ndemocratize this this medium of trade to\\n30:16\\nto take it out of the hands of a\\n30:19\\ngovernment or a bank or whatever and\\n30:21\\ndecentralize it and essentially\\n30:24\\ndemocratize a currency well if the only\\n30:29\\nway you can mine a coin is by buying\\n30:37\\n$4,000 little boxes you know ant minor s\\n30:41\\nnines and and putting those to work and\\n30:44\\nand you got to have 50 of those to make\\n30:46\\none coin a day or you know whatever it\\n30:48\\nis that's not very democratized you've\\n30:54\\nkind of got to be wealthy to get that\\n30:56\\nstarted\\n30:58\\nso the cryptocurrency world said okay\\n31:01\\nwhat we need is a sakra sistent ASIC by\\n31:05\\nthe way stands for application-specific\\n31:08\\nintegrated circuit so so that's a\\n31:11\\nspecial chip that's been designed just\\n31:13\\nfor one purpose so so a few years ago\\n31:18\\nsome of the coins started coming out\\n31:20\\nwere ASIC resistant algorithms and those\\n31:25\\nare my Nobel by GPUs like gtx 1070 cards\\n31:31\\nthat that your your gamer kid down the\\n31:34\\nstreet would plug into his computer so\\n31:36\\nhe can get 120 frames per second playing\\n31:39\\ncall of duty and then there are even GPU\\n31:45\\nresistant algorithms so Manero is one of\\n31:49\\nthose that's a coin that is you can mine\\n31:52\\nit with GPUs but there's not as much of\\n31:55\\nan advantage to mining it with this GPU\\n31:58\\nand it can it can be equally well man\\n32:01\\nmined with a with a CPU with no GPUs\\n32:07\\nokay so that's kind of the foundation\\n32:10\\nsome of the things that anyone\\n32:12\\ninterested in mining kind of needs to\\n32:15\\nknow those things\\n32:17\\nonce you get\\n32:18\\nyour head around those things mining is\\n32:24\\na really simple equation you are\\n32:27\\nessentially taking electricity and a bit\\n32:30\\nof capital equipment and you are\\n32:33\\nconverting that electricity into some\\n32:38\\nvalue some coin value so if you pay\\n32:44\\nnational average for electricity is\\n32:47\\nabout twelve cents a kilowatt hour a\\n32:50\\nstandard six GPU rig burns about\\n32:54\\nthree-quarters of a kilowatt per hour so\\n32:59\\nso that rig is going to burn about eight\\n33:05\\npoint seven five kilowatts killing 75\\n33:11\\nkilowatt hours of electricity per hour\\n33:13\\nso that 12 cents you're gonna spend\\n33:16\\neight cents to run that rig for that\\n33:19\\nhour so that has to be calculated in to\\n33:24\\nthe the yield you know if you get if you\\n33:28\\nget 12 cents worth of coin out of that\\n33:31\\nhour then you're making a profit you're\\n33:34\\nbuying electricity at 12 cents per\\n33:38\\nkilowatt hour and you're you're getting\\n33:40\\n12 cents worth of coins and you're\\n33:42\\nmaking a little bit of margin in there\\n33:44\\nbecause you're only burning 0.75\\n33:46\\nkilowatts so that's the heart of the\\n33:50\\ncalculation as to whether or not the\\n33:53\\nyou're mining operation can be\\n33:56\\nprofitable beyond that you have to take\\n33:58\\na look at that capital that six GPU\\n34:02\\nmining rig that I just described is\\n34:05\\nprobably gonna run you around $3,700\\n34:10\\nso you know if a standard you know gtx\\n34:16\\n1070 that's overclocked and\\n34:18\\nunder-voltage is gonna make you about a\\n34:22\\ndollar ninety a dollar dollar 75 a day\\n34:27\\nworth of aetherium\\n34:31\\nyou know so you set up a rig and you're\\n34:34\\ngonna make each GPU does you know let's\\n34:39\\nround numbers let's say two dollars a\\n34:40\\nday so you got $12 a day cuz you got six\\n34:44\\nGPUs times 30 360 bucks a month well you\\n34:49\\nknow it's going to take you ten months\\n34:50\\nto pay back that that initial investment\\n34:52\\nand that's that's part of the what you\\n34:56\\nhave to think about and part of the risk\\n34:57\\nyou're taking\\n34:58\\nbecause there is another thing called\\n35:01\\ndifficulty difficulty is how hard the\\n35:04\\nnetwork makes it to earn a coin reward\\n35:07\\nbecause when any coin is set up\\n35:10\\ninitially a reward interval is defined\\n35:14\\ninto the blockchain and if if if that\\n35:19\\nreward interval is five minutes then and\\n35:22\\nyou've got 700 terra hashes of power\\n35:26\\nmining against that coin the reward\\n35:29\\ninterval is still five minutes\\n35:31\\nit doesn't change and so just because\\n35:34\\nyou got a lot of power doesn't doesn't\\n35:36\\nmean anything what what happens is the\\n35:39\\nblockchain actually makes it more\\n35:40\\ndifficult it offers up more difficult\\n35:44\\ncryptographic puzzles and and it takes\\n35:47\\nlonger to solve those puzzles so so the\\n35:51\\ndifficulty question comes into play\\n35:53\\nbased on how many people are trying to\\n35:56\\nmine that coin and and how much hashing\\n36:00\\npower is being brought to bear on on\\n36:03\\nthat blockchain to achieve those rewards\\n36:05\\nso so and as as a coin gets popular you\\n36:11\\nknow back when the etherium was was $200\\n36:16\\na coin there were a lot of people who\\n36:18\\nwere interested in that and started\\n36:20\\nmining it Mike and I included but when\\n36:24\\nwhen aetherium jumped to 500 600 700\\n36:30\\nwhoa you know a whole bunch more people\\n36:33\\ngot interested and so our yields dropped\\n36:37\\nbecause the difficulty went up and so\\n36:40\\nthat's that's a uncertainty that that\\n36:44\\nhas to be considered\\n36:44\\nsinnard I'm gonna shut up no value went\\n36:53\\nup yeah so are another yield that stayed\\n36:58\\nabout the same but the coin yield went\\n37:01\\ndown as difficulty went up yeah\\n37:04\\ninteresting it's pretty it stayed pretty\\n37:07\\nmuch the same the whole time you know it\\n37:09\\nwas a dollar ninety that two dollars and\\n37:12\\nten cents per GPU per day pretty much so\\n37:16\\nI promise to shut up\\n37:18\\nbecause I want to see if there are any\\n37:20\\nquestions so far yeah we do have a\\n37:23\\nquestion about Ripple\\n37:24\\nany questions from anyone about mining\\n37:27\\nlike once you go ahead and come on up\\n37:30\\nand ask your question so by the way this\\n37:33\\nis Mike with oculus say he is our host\\n37:35\\nhere with shindig shindig is a very\\n37:38\\ninteresting hey guys yeah as a newbie to\\n37:48\\nthis whole sort of crypto space although\\n37:51\\nI'm learning it from both my sons who\\n37:54\\nare in there in low twenty so they know\\n37:56\\na lot more than I do but any event I was\\n37:57\\nI was reading an article the other day\\n37:59\\nabout I guess another coin ripple or I\\n38:04\\nthink it has a different acronym how it\\n38:07\\nwas the third-highest my guess revenue\\n38:13\\nor not revenue value valuation for one\\n38:18\\nday of high vision I guess the third\\n38:20\\nHutterites one day because of training\\n38:22\\nand I just sort of I don't know much\\n38:24\\nabout it I know it's the article\\n38:26\\nreferenced something that is being\\n38:28\\nadopted by financial services so I'm\\n38:30\\njust curious about what you guys can\\n38:31\\ntell me a little bit about that and\\n38:33\\nwhere you see that headed if anywhere\\n39:11\\nit's Bitcoin is the you know it's the\\n40:04\\ndifference between in any way can I can\\n40:10\\nI can we can I could even set up a smart\\n40:16\\ncontract it was more contracted trust\\n40:19\\nand and convey cross and do to us\\n40:23\\nBitcoin and valued available in this\\n40:37\\nenvironment we try the urea and some of\\n40:41\\nthe capabilities and putting things on\\n40:46\\nthere just\\n40:46\\ndid you have anything that your muted\\n40:54\\nyour muted job you don't use it John\\n41:03\\nyeah I'm mute recede back earlier and I\\n41:07\\nneeded to see if I could get rid of it\\n41:09\\nanyway it was so wild was talking I\\n41:13\\nlooked up ripple and it is kind of\\n41:16\\ninteresting it looks like on on first\\n41:19\\nglance it looks as though it is\\n41:21\\nspecifically designed for financial\\n41:24\\ninstitutions to be able to move money\\n41:27\\naround that way and some of their you\\n41:30\\nknow they've got the the RBC they've got\\n41:34\\nUBS they've got American Express the\\n41:40\\ncredit could Aidid are Agricole they've\\n41:45\\ngot some Westpac they've got some big\\n41:48\\nnames that there's their logos are\\n41:51\\nactually displayed on the site which you\\n41:54\\nknow if you've ever worked with any of\\n41:55\\nthose big names you know you you if if\\n41:58\\nyou don't have permission to display\\n42:01\\ntheir logo you get one of those nasty\\n42:03\\ngrams from their lawyers so I'm gonna\\n42:05\\nassume that they're legitimate customers\\n42:08\\nof ripple so that's what I know I think\\n42:12\\nit's interesting that some of those very\\n42:14\\nlarge financial institutions are\\n42:16\\napparently at some level endorsing\\n42:19\\nripple so clearly something I'm gonna\\n42:22\\nlook further into so that I don't have\\n42:24\\nto stammer around next time someone asks\\n42:27\\nme yeah I mean there's there are tons\\n42:34\\nand tons and tons and tons of different\\n42:36\\ncrypto currencies out there and tons of\\n42:39\\nI cos I think we're going to see a\\n42:41\\nrecord number of icos coming in the\\n42:46\\nfirst quarter of 27 2018 as a lot of the\\n42:50\\npeople that erased money and and have I\\n42:55\\nCEOs or begin to fork off and get away\\n42:57\\nfrom\\n42:59\\nsecurity-based transactions and into\\n43:02\\nutility-based tokenization one of the\\n43:06\\nthings that happened this week also is\\n43:08\\nthat the sec came out and give us some\\n43:11\\nreal good guidance on icos and what they\\n43:17\\nare and their guidance was look if it is\\n43:22\\na security then then we're we have\\n43:28\\ndomain and we have rain on it and we are\\n43:31\\ngoing to take a look at it decide\\n43:33\\nwhether or not it's the security once we\\n43:36\\ndecided to security we're going to look\\n43:37\\nat our paperwork and see if you've\\n43:39\\nregistered a you know a Reggae Reggae\\n43:41\\nplus a wreck beer XE whatever if you\\n43:44\\nhave it then we're going to go after you\\n43:46\\nperiod into conversation and they're\\n43:48\\nstarting to go after some of these\\n43:50\\npeople interesting enough another thing\\n43:53\\nthey said is look if it's if it's a\\n43:54\\nutility token then raising money by this\\n43:59\\nICO thing seems like a good deal a good\\n44:01\\nthing to us so good things coming as far\\n44:06\\nas the SEC and their guidance a lot of\\n44:09\\npeople think it's bad but I think\\n44:11\\nfurther people in this room are more\\n44:13\\nfocused on what what but I suppose but I\\n44:16\\nsupposed to look I think it's dr. ravitz\\n44:22\\nkey and also aspirated time 290 this\\n44:25\\ntranslate to effect at least my mood my\\n44:28\\nplan for action\\n44:32\\nsometimes it's five minutes sometimes\\n44:35\\nit's more and when we're mining it's not\\n44:40\\nso much that important because reminding\\n44:43\\nconstantly and you know as far as the\\n44:46\\ntransactions are concerned it really\\n44:48\\ndoesn't make any difference to us when\\n44:50\\nwe basically trade that mining Ian I\\n44:54\\nhave a couple of wallets that that I\\n44:56\\nhave John has a couple of wallets they\\n44:58\\nasked so there's a period of time where\\n45:01\\nour mining activities are actually\\n45:03\\nsitting in\\n45:05\\nthe this specific pool rat we haven't\\n45:09\\neven taken it and taking it and\\n45:11\\nexchanged it so once we change exchange\\n45:15\\nit we might put it into wall you might\\n45:16\\npull it in Valle at a we're holding on\\n45:18\\nto it it's more of an investment we're\\n45:20\\nnot going to mine and then go out and\\n45:22\\nbuy Starbucks coffee so it's not that\\n45:25\\nbig of a deal for us as far as as that\\n45:28\\nis concerned but definitely definitely\\n45:30\\ndefinitely and I hear you dr. Rob in ski\\n45:34\\nvelocity of transaction is a big issue\\n45:37\\nand there's like I said of the be at the\\n45:40\\ntop of the hour there's a lot of things\\n45:42\\nthat are happening that they're going to\\n45:43\\ntake take place in the next several\\n45:46\\nmonths that we're going to see changes\\n45:47\\nas far as that's concerned go ahead John\\n45:49\\nI was just gonna go back to the mining\\n45:52\\nquestion and talk about mining\\n45:54\\nstrategies if anybody's interested I I\\n45:59\\npersonally have been mining I so in 2009\\n46:06\\na couple of weeks after the initial\\n46:08\\npaper came out from the so called\\n46:10\\nSatoshi Nakamoto I read that paper and I\\n46:15\\nthought you know cuz I'm a geek right I\\n46:18\\nI find that bizarre arcane stuff\\n46:22\\nfascinating and I don't even remember\\n46:25\\nhow I ran across the paper but I thought\\n46:28\\nwow that's that's interesting that's\\n46:31\\nkind of cool and at that time I could\\n46:33\\nhave bought you know 20 bitcoins for\\n46:35\\nlike I forget what it was I think they\\n46:38\\nwere selling this 20 bit for five bucks\\n46:41\\nI did not do it because I just I didn't\\n46:46\\nthink of it as a thing that would become\\n46:48\\nreal two years later when it had clearly\\n46:52\\nbecome real 2011\\n46:56\\nI began mining and so I have some\\n47:01\\nexperience with devising mining\\n47:05\\nstrategies given different market\\n47:10\\ncriteria etc one strategy and I'm just\\n47:13\\ngoing to kind of hit the high points\\n47:14\\nsome basic ones here one strategy is\\n47:17\\nmine and south so\\n47:18\\nyou mind point five coins today you sell\\n47:23\\nit at the end of the day you pay your\\n47:25\\nelectricity bill and you're you know\\n47:27\\nyou're just constantly mining and\\n47:29\\ncashing out mining and cashing out\\n47:31\\nmining cashing out that's one strategy\\n47:33\\nand when a coin is worth more than your\\n47:37\\ncost of electricity that's not a bad\\n47:41\\nstrategy\\n47:42\\nthere's mine and hold so you mine a coin\\n47:47\\nbecause you think it's it either is\\n47:49\\nvaluable or is going to become valuable\\n47:51\\nand so you mine it specifically to hold\\n47:54\\nit and tell it until you've you know\\n47:57\\nyou've gotten rich because you were\\n47:59\\nright or or wasted a bunch electricity\\n48:02\\nbecause you were wrong within mine and\\n48:05\\nhold there are a couple of different\\n48:07\\nstrategies there's mine a valuable coin\\n48:11\\nthat you know you're making a profit on\\n48:13\\nover over the cost of electricity and\\n48:16\\nthe capital cost of the rigs and mine\\n48:20\\nand hold that coin because you know it's\\n48:22\\nvaluable you know you've made money\\n48:25\\nanother strategy that I've used that\\n48:27\\nactually was a much more successful\\n48:29\\nstrategy over the years was to mine low\\n48:35\\ndifficulty coins that I could mine you\\n48:37\\nknow thousands of per week and and build\\n48:42\\nup a large store of those coins and and\\n48:47\\nI've had some some real success you know\\n48:50\\nin having a million points or something\\n48:53\\nit was valuable huh what Mike yeah a\\n48:57\\nmillion coins when a million coins goes\\n48:59\\nfrom you know a penny to three cents\\n49:03\\nit's a big deal when it goes from a\\n49:05\\nthree cents to a nickel that's a big\\n49:07\\ndeal when it goes from a nickel to a you\\n49:09\\nknow eight cents that's a big deal\\n49:11\\nyeah and I've actually had several of\\n49:14\\nthose so that's a kind of a purely\\n49:16\\nspeculative play you you're picking a\\n49:19\\ncoin based on whatever criteria you're\\n49:21\\nusing to decide that yeah I think this\\n49:24\\ncoin might have a future even though\\n49:26\\nit's worthless now mine and hold for a\\n49:30\\nlong time\\n49:33\\nand then there's sort of hybrid\\n49:37\\nstrategies where you you mine and sell\\n49:40\\nso that you're sure that you have your\\n49:43\\ncosts covered but you but you don't sell\\n49:46\\neverything you sell just enough to cover\\n49:50\\nyour costs and then hold the rest so so\\n49:53\\nthose are sort of the the basic those\\n49:57\\nare the fundamental mining strategies\\n49:59\\nthat that may or may not pay off again\\n50:03\\nyou know you're buying electricity and\\n50:05\\nhoping for the best\\n50:06\\nthat's that's kind of it's not it's\\n50:09\\nreally no different than gold mining you\\n50:11\\nknow you're you get a patch of ground\\n50:13\\nand you drill some some test holes and\\n50:17\\nyou think yeah looks like there's some\\n50:18\\ngold here and then you buy trucks which\\n50:21\\nwould be the equivalent of the rigs you\\n50:23\\nknow that the loaders and all the stuff\\n50:27\\nyou need and then you buy diesel fuel\\n50:29\\nwhich is kind of the equivalent of\\n50:31\\nbuying the electricity and you start\\n50:34\\nmoving dirt around and you hope for the\\n50:36\\nbest and sometimes it pays off and\\n50:37\\nsometimes it doesn't it's no different\\n50:40\\nfrom coin mining here we are at the top\\n50:45\\nof the hour Mike you know what it\\n50:48\\ndefinitely disco go by fast a couple of\\n50:51\\nthings really quickly and I think we\\n50:53\\nhave one last question from Stewart and\\n50:59\\nhang on a second here is the algorithm\\n51:03\\nthat has to be solved to earn a coin\\n51:06\\nsimilar to recording a transaction John\\n51:12\\nyes yes and no you know could you be\\n51:17\\nmore vague\\n51:18\\nyeah so the when you're when you're\\n51:23\\nmining your the the block contains a\\n51:27\\ncryptographic hash that you're trying to\\n51:30\\nfind a cryptographic hash that's sort of\\n51:38\\nnumerically near that one and and but\\n51:42\\nkind of like Price is Right rules\\n51:44\\nas as close as possible without going\\n51:46\\nover and when you're confirming a\\n51:51\\ntransaction that transaction has several\\n51:55\\ncryptograph several hashes associated\\n51:59\\nthat the wallet it came from the wallet\\n52:02\\nit's going to the block that it's inside\\n52:05\\nseveral bits of cryptography that have\\n52:09\\nto be verified as matching and that's\\n52:13\\nhow that's how the blockchain is secure\\n52:16\\nbecause you can't put a transaction in\\n52:19\\nthat doesn't have all of those all of\\n52:22\\nthat cryptography I identically matching\\n52:26\\nand so when I find those to be like when\\n52:30\\nmy rig finds those to be identically\\n52:32\\nmatching I add a confirmation to the to\\n52:36\\nthe consensus and and if there are\\n52:40\\nenough confirmations in the consensus\\n52:42\\nthen that transaction gets added so it's\\n52:45\\nI'm not really solving a puzzle when I'm\\n52:48\\nconfirming a transaction but it's all\\n52:51\\ncryptography it's all matching up these\\n52:54\\nyou know these 48 character you know the\\n52:57\\nthe weird wallet number numbers is it\\n53:01\\nmaking sure that all of that's in line\\n53:04\\ndoes that answer the question\\n53:06\\nI believe so steward if they're doesn't\\n53:09\\nanswer the question raise your hand\\n53:10\\nagain but you know the miners are\\n53:12\\ninvolved in cryptography interestingly\\n53:14\\nenough the the stuff that they do and\\n53:17\\nthen the the equipment and the gear that\\n53:20\\nthey can use can be used for both sides\\n53:22\\nof the cryptography creating and and\\n53:26\\nactually hacking and breaking\\n53:29\\ncryptography so it's kind of interesting\\n53:31\\nthe way that that works and I just want\\n53:34\\nto go back to doctor events key one more\\n53:35\\ntime and dr. Rob it's key it's a mining\\n53:38\\nlag time is important to the user a ux\\n53:40\\nthing translate so how long that will\\n53:42\\ntake user to get there expresso in\\n53:44\\nhealthcare it may be a major barrier to\\n53:46\\nadoption\\n53:47\\ndriving blockchain to at non time\\n53:49\\ncritical transactions which is kind of\\n53:51\\nwhere we're at right now and I just want\\n53:54\\nto you know express my feelings about\\n53:57\\nthat\\n53:58\\nafter looking at you know some of the\\n54:00\\nthings that are going on some of the\\n54:01\\nforks that are out there there there are\\n54:04\\npeople out there that are aware of this\\n54:07\\nand are working on solutions aetherium\\n54:10\\nFogg to be you know among those a 3m\\n54:12\\nFogg theoretically a million\\n54:14\\ntransactions a second you know if if if\\n54:16\\nthat works and that actually go comes\\n54:19\\ninto play then the lag time it will\\n54:21\\nbecome less significant that my comment\\n54:24\\na doctoral Vince key is the original\\n54:28\\nModel T which is like we're working with\\n54:30\\nnow has very few similarities to my 2014\\n54:35\\nToyota Camry there's four tires there's\\n54:41\\na there's a steering wheel my Camry\\n54:43\\nsilver the Model T you could have in any\\n54:46\\ncolor you want as long as it was black\\n54:49\\nso we're we're continuing to to move\\n54:53\\nforward on this and make advancements\\n54:54\\nand as you look at the different ICS and\\n55:00\\nsome out there just keep that in mind\\n55:03\\nthat this is a big thing\\n55:05\\nabout adoption and about transactions\\n55:08\\nper second a couple of things a couple\\n55:10\\nof housekeeping things everyone we're\\n55:12\\ngoing to get closed down here this is\\n55:15\\nactually going to be you know replayed\\n55:17\\non video so there's going to be a lot\\n55:19\\nmore people than there just the eleven\\n55:20\\nthat will see it but shindig is a great\\n55:24\\ngreat platform all the people down below\\n55:27\\nus can can join one another if you click\\n55:31\\non one another you'll join into a\\n55:34\\nconversation and can have conversations\\n55:36\\nbetween yourselves while John and either\\n55:39\\npresenters are up on stage we've had a\\n55:42\\nexample here today where we've brought\\n55:44\\nsomeone else up on stage usually there's\\n55:47\\ntwo or three people that come up on\\n55:48\\nstage and ask questions things of this\\n55:51\\nnature there's all kinds of things about\\n55:53\\nasking questions and answering questions\\n55:55\\nand texting questions and that's that's\\n55:58\\nreal interesting it's a great great\\n56:00\\nplatform and as 20:18 continues to roll\\n56:05\\nout and I'm certainly excited about\\n56:08\\nfirst quarter 2017 some\\n56:10\\nMendes things that are are coming out\\n56:13\\nand some tremendous things that are that\\n56:14\\nare going on it just you know if you you\\n56:17\\nain't seen nothing yet as far as I as\\n56:19\\nfar as I'm concerned what I've been able\\n56:20\\nto see you have to go in my no no I I\\n56:25\\njust want I think we should take 20\\n56:27\\nseconds and mention our friends who are\\n56:32\\ndeveloping a coin for the cannabis\\n56:37\\nsupply chain buh buh buh buh buh buh buh\\n56:40\\ndie oh yes the the stem the seed to the\\n56:45\\nstore transactions with a de facto you\\n56:51\\nknow testing where they'll actually keep\\n56:56\\ntrack of what what's that end-user\\n56:59\\nexperience\\n57:00\\nyeah user experience so you know it's a\\n57:05\\nclass one scheduled drug difficulties in\\n57:07\\nin getting funding for really good\\n57:13\\nresearch into what medical marijuana is\\n57:17\\ndoing what the effects are what\\n57:18\\ndifferent strains are you know you can\\n57:20\\ngo into the dispensary if you're a\\n57:21\\nveteran and you have a post-traumatic\\n57:23\\nstress syndrome you can go into one\\n57:25\\ndispensary ask the questions they're\\n57:27\\ngoing to say well you need to use this\\n57:28\\nyou need to do this you do this well can\\n57:30\\ndo a different dispensary and they'll go\\n57:32\\nwell you need to use this may be very\\n57:33\\nvery seldom do are they the same but yet\\n57:36\\nthere are people that experience very a\\n57:40\\nlot of beneficial medicinal purposes for\\n57:45\\nfor medical marijuana but there's no\\n57:47\\nresearch being done and but much ends on\\n57:51\\nchanging that they're doing they'll be\\n57:52\\ndoing that on the blockchain you'll need\\n57:54\\na coin to access the information so go\\n57:58\\nover to bud bud I oh that's bu DB o dot\\n58:01\\nIO and take a look at it they're in pre\\n58:05\\ncell right now the ICL launch is on the\\n58:09\\n15th of january you know full disclosure\\n58:13\\nI I do own some of those tokens so you\\n58:17\\nknow take it with a grain of salt but I\\n58:18\\nthink it's a great deal that they're\\n58:19\\ndoing and a great thing that they're\\n58:21\\ndoing and so they want to support them\\n58:22\\nand reach out to them\\n58:24\\nalong with shindig this wonderful\\n58:25\\nplatform that that's offered to us and\\n58:28\\nthanks to Mike for for handling the back\\n58:31\\nend for us really appreciate your\\n58:33\\nsupport there we will be taking the next\\n58:36\\nweek off the weekend between Christmas\\n58:39\\nand January and we will be returning I\\n58:44\\nbelieve on the 3rd with a company that\\n58:46\\nyou guys are really going to want to see\\n58:48\\nit's Fleury FL you are da-te and they\\n58:53\\nhave their own distributed ledger\\n58:55\\noutside of aetherium and you can\\n58:59\\nactually go there right now and get a\\n59:01\\nworking distributed ledger going and and\\n59:03\\nstart programming right away and start\\n59:06\\nbanging away at with some if this then\\n59:09\\nthat kind of transactions great company\\n59:14\\nI'm looking for great things that the\\n59:16\\ncoming of that and really looking\\n59:18\\nforward to that that section that's on\\n59:21\\nJanuary 3rd so 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