FIRESIDE CHAT on Blockchain in Healthcare
Transcript Automatically Generated by YouTube:
0:00 - so one of my favorite people been
0:02 - childer is has been instrumental and a
0:05 - lot of things but for us in particular I
0:09 - believe he Lexie and I were sitting at
0:12 - the sparklabs mid sorter Labs location a
0:15 - couple weeks ago or months ago and and
0:18 - they just started talking about
0:20 - blockchain over excited about it and you
0:23 - know obviously it's been in health care
0:24 - a lot lately
0:25 - and so I said let's dig deep on this and
0:28 - so he put together this amazing group of
0:30 - people who have for the next 75 minutes
0:33 - or so talking about blockchain so first
0:36 - we obviously we start with Carol but now
0:38 - we're going to continue with a in-depth
0:40 - interview with Ben and his guest
0:42 - Charles Wang not the Charles Wang from
0:44 - Blackstone is Charles Wang from Farouk
0:47 - and blockchain fund so so it should be a
0:51 - really interesting conversation so
0:53 - whenever you're ready Ben I'm ready take
0:55 - it away and you guys hear me right
0:56 - through the microphone right come on
0:58 - make sure it's getting on the web too
1:00 - and before we start all for you to say
1:02 - hi hello okay okay all right so that was
1:06 - a really good presentation but it was
1:08 - like way over my head
1:09 - even so to me blockchain is really just
1:12 - a ledger in the sky right so we're gonna
1:15 - go a lot deeper and take a lot of
1:17 - questions so from now into the panel but
1:20 - I got a couple questions how many people
1:22 - in this room own some sort of coin
1:26 - okay how many people who own coin bought
1:30 - it more than six months ago all right I
1:33 - love you guys congratulations you guys
1:36 - are buying drinks later
1:37 - as you know Bitcoin broke 10,000 just
1:40 - the other day which is amazing and I'm
1:44 - not sure Charles a year ago was it a
1:45 - thousand what was it about yeah it well
1:47 - January first it was at a thousand
1:49 - thousand so think about that in 10
1:52 - months 11 months it's it's over 10,000
1:56 - and I don't know if the sky if it's even
1:58 - there yet all right here's another cool
2:00 - fact and I'm sure the numbers changed a
2:01 - little bit over the last couple months
2:03 - less than two and a half million people
2:06 - I think own anything any coin something
2:10 - like that pretty close yeah that's
2:11 - pretty accurate
2:12 - all right good he's gonna keep me
2:14 - totally honest all right
2:15 - the other thing is kind of interest back
2:17 - when she probably guess you know the
2:19 - average age is someone who owns a coin
2:21 - is between 23 25 and 35 so but the most
2:26 - interesting thing to me as I'm going to
2:27 - more and more crypto and blockchain
2:30 - events the average age in the audience
2:33 - skews closer to my age and then to his
2:36 - age which kind of blows me away and I'm
2:40 - a lot older than you think I am and then
2:43 - here's the other most interesting thing
2:45 - before we get into interview with
2:46 - Charles is why we're here less a year
2:49 - ago year and a half ago I think there
2:50 - was less than 25 crypto hedge funds or
2:53 - hedge funds are specialized in less than
2:56 - that less than that and today it is over
2:58 - a hundred over a hundred yeah just think
3:00 - about that and then my last fact is that
3:02 - I think more money is being invested in
3:04 - crypto this year that was invested in
3:08 - all VC investments so think about that
3:11 - as we you know in this audience have
3:14 - traditionally gotten our money from
3:15 - angels and VCs
3:18 - so take the blockchain serious and take
3:21 - crypto serious doesn't mean you have to
3:23 - change everything you're doing and then
3:25 - the last thing I want to say about it
3:27 - before we interview Charles is don't
3:30 - just go into blockchain cuz you think
3:32 - it's a way to get rich if you're
3:34 - creating a company why so if you want to
3:35 - buy and you want to get rich that's
3:37 - another thing
3:38 - but you still got to build a business
3:40 - and you still have to have a company and
3:43 - you still have to know you know build
3:47 - something that's worth something not
3:48 - just go for the hype all right and with
3:52 - the first question okay Charles you're
3:54 - starting a crypto hedge fund why yeah so
3:58 - I did I guess I decided to jump with the
4:00 - bandwagon right and I've been in this
4:03 - space for about the past three years for
4:04 - fun learning about blockchain how it
4:07 - works and I remember studying in Bitcoin
4:09 - for a couple hundred hours and realized
4:11 - after that that this is the next big
4:14 - thing and so I did this for fun I had a
4:17 - real job I was working at Ernst and
4:19 - Young and about three months ago I
4:22 - decided to resign from the firm and
4:24 - start my own crypto hedge fund and the
4:26 - reason why I decided to do this is I
4:28 - realized I have an edge in this space
4:30 - and one of my so to take you back a
4:33 - little my background is actually equity
4:35 - trading and so I traded through the
4:37 - financial crisis and also the dot-com
4:40 - bust so it's starting in 2000 one of the
4:43 - toughest markets to learn how to make
4:45 - money in the market and I survive
4:47 - through that survive through the
4:48 - financial crisis and a lot of people in
4:51 - a bull market like this everyone makes
4:53 - money but and so I even remember seeing
4:56 - a hedge fund I was trying to raise
4:58 - capital and they said oh you're to date
5:00 - this crypto hedge fund has made 400% and
5:02 - I was like those returns are pathetic
5:05 - because if you just invest in Bitcoin
5:07 - you would have had a thousand percent
5:09 - return already year-to-date and so it
5:12 - just gives you perspective right and I
5:14 - also think I'm setting I'm also setting
5:17 - my hedge fund up to capitalize when this
5:20 - bubble does pop eventually it will it's
5:23 - a matter of when but with that said I
5:25 - think we have a crazy bull run in my
5:28 - estimate maybe the next two to three
5:29 - years Wow that's even a lot longer than
5:32 - I thought right what's the definition of
5:34 - a crypto hedge fund yes or a crypto
5:37 - hedge fund I would say is any fund that
5:39 - is invested primarily in crypto
5:42 - currencies right now if you you probably
5:44 - heard most about Bitcoin and aetherium
5:46 - possibly even like coin but there are
5:49 - over 1300 of these right now active
5:51 - being traded and much more being on I
5:55 - see owed initial point offerings that
5:57 - are coming out into the market and being
5:59 - actively traded on various exchanges so
6:02 - with a typical crypto hedge fund invest
6:06 - in ICO is vesting companies that are
6:08 - coming out with the ICO or coming up
6:11 - with the blockchain idea or is it more
6:14 - established companies yes so it I think
6:17 - it varies depending on every crypto
6:19 - hedge fund they have different
6:20 - strategies such as investing and
6:22 - actively traded crypto currencies it
6:24 - could also be in I SEOs I SEOs are a
6:27 - little tougher because there's a lock-up
6:29 - a lot of times you can't you don't know
6:33 - when they're gonna start trading on the
6:34 - market and so some hedge funds may
6:36 - invest less in it some may invest more
6:39 - of it there's higher risk with the I cos
6:41 - there's less risk with the ones that are
6:43 - actively trading okay all right before I
6:45 - ask the next question I think I advise
6:47 - everyone not right now but tonight go
6:50 - and download coinbase
6:52 - or just log onto coinbase not since you
6:55 - should go invest and not that you
6:56 - shouldn't go invest but you see what's
6:58 - out there um it is you know think of its
7:00 - you know the perfect place to see and
7:03 - you could just see how the coins have
7:04 - gone for a month two months three months
7:06 - a year and it's a really interesting
7:07 - thing to do and you just owe it to
7:09 - yourself just to do it alright let's do
7:11 - some quick definitions because like
7:13 - everyone in this audience all these
7:16 - things were sort of meant nothing to me
7:18 - a year ago what is crypto and why is it
7:21 - called crypto yes so crypto currency
7:24 - comes back to at the blockchain I talked
7:26 - about earlier and I could more define
7:29 - that and when you think about Bitcoin
7:32 - was created in 2009 it's the first
7:34 - instance of a blockchain
7:35 - but blockchain is not Bitcoin so a lot
7:38 - of times that can get confusing
7:40 - blockchain is totally different but
7:42 - Bitcoin uses blockchain technology and
7:44 - the way I would describe blockchain is
7:46 - what was said earlier it's it's an
7:49 - immutable data base it's as simple as
7:51 - that it's just a data base but we if you
7:54 - think about this data base the way
7:55 - Bitcoin works and this is very specific
7:57 - to Bitcoin is that it's a digital ledger
8:00 - that maintains a tally of all
8:03 - transactions so if I send bit
8:05 - - Ben and Ben cents Bitcoin - someone
8:08 - else in the audience that gets updated
8:10 - into this ledger coming and as this
8:13 - ledger Bitcoin has a block time of 10
8:16 - minutes that means every 10 minutes they
8:18 - seal all the transactions in the in that
8:21 - 10 minutes and into a block right and so
8:24 - now we see all those transactions we
8:26 - can't change those transactions remember
8:28 - it's immutable and then the next 10
8:30 - minutes you have the next block all
8:32 - those transactions get put in the next
8:35 - block has something called a hash
8:37 - pointer it's a technical term but what
8:40 - it means is it points to the one
8:42 - previous block so as each ten minutes
8:44 - comes each one points to another block
8:46 - they're all linked so you have these
8:47 - blocks that are chained together by this
8:50 - pointer and hence the name blockchain
8:53 - beautiful definition and again anytime
8:55 - anyone has a question jump out we got
8:57 - this amazing guy that I'm getting to
8:59 - interview who knows as much about the
9:01 - face is anybody so what's your question
9:03 - real quick so the audience on the web
9:24 - would understand he wants to know how
9:26 - scalable is blockchain housecarls
9:29 - cryptocurrency yeah so that's the
9:31 - biggest issue right now with Bitcoin and
9:33 - aetherium it's not that scalable it
9:35 - doesn't handle that many transactions
9:37 - per second if you think I think right
9:40 - now it might be 15 transactions per
9:42 - second on Bitcoin if you think about
9:44 - what Visa and MasterCard does it's
9:45 - probably like fifty thousand
9:47 - transactions per second I'm so clearly
9:49 - not scalable right now but there is
9:52 - something called Bitcoin is what they're
9:54 - trying to work on in bitcoins instance
9:56 - is a second layer solution called
9:58 - lightning Network and so you take these
10:00 - transactions off the Bitcoin blockchain
10:03 - it's off the blockchain and you can
10:05 - conduct multiple transactions at very
10:07 - low amounts low value transactions and
10:11 - when I define low value transactions
10:13 - these are like a Starbucks transaction
10:15 - you could buy a cup of coffee right now
10:17 - you do not buy a couple
10:18 - coffee with Bitcoin because of the fees
10:20 - but if you do it if you do it on the
10:23 - Lightning Network then you can do that
10:25 - and the fee structures are a lot less -
10:27 - I mean less than a penny to conduct
10:29 - those transactions but this is all these
10:32 - are all things being worked on right now
10:34 - it's not in place right now and they're
10:36 - probably issues as they start building
10:38 - this out and testing it out so I think
10:41 - this is much later on down the road okay
10:44 - let me just ask one other question
10:46 - before we go to the audience for another
10:47 - one quickly what is an IC o---- just so
10:50 - people know what an IC o---- yes so I
10:51 - mean very much its use it sounds like an
10:54 - IPO which is very dangerous when it
10:57 - comes to if you talk to any law firm
10:59 - that talks about this IC o---- just
11:01 - stands for initial coin offerings these
11:02 - are people raising capital to start an
11:05 - idea to use create a new kind of
11:07 - cryptocurrency for some business idea
11:10 - they have and so this is right now it's
11:14 - a very unregulated market and so you'll
11:17 - get a lot of I will I will say the one
11:20 - warning i give with icos is that there's
11:22 - a lot of fraudsters out there and
11:24 - scammers and there are people that I met
11:26 - who I remember me like not meeting I
11:29 - didn't know these guys but I hadn't met
11:31 - guys who are like the wolf of Wall
11:33 - Street characters who who are now doing
11:36 - this because they don't need to be
11:37 - licensed brokers to sell these ICS so
11:40 - buyer beware right let's see that's the
11:41 - question from the audience
11:42 - sir okay here we had help 2.0 New York
11:56 - mad starter we always like people to
11:57 - introduce themselves and say where
11:59 - you're from so really quickly and also I
12:01 - just raise your hand if you have a
12:02 - question and won't bring you the mic
12:04 - thank you yeah Dennis Leggero
12:07 - I'm with metamorphic Global Solutions so
12:10 - my question is how do you how do you
12:12 - establish and maintain the value of a
12:14 - Bitcoin I mean the central bank of most
12:17 - countries establish the value of their
12:20 - currencies so how does that work you
12:23 - know I could start one maybe tomorrow
12:25 - and say it's worth thousand dollars a
12:27 - coin but how does how does that maintain
12:29 - right so in I
12:31 - use bitcoins instances and everything
12:33 - else has a different valuation at least
12:35 - how I approach the valuation stems from
12:37 - the fact of different use cases that
12:39 - Bitcoin can command on a high level view
12:43 - of this I would look at Bitcoin almost
12:45 - as a digital gold it's a digital gold
12:47 - that has more advantages and let's say
12:49 - gold itself because I could easily send
12:51 - you Bitcoin much faster than I can if
12:55 - you're on other side of the world where
12:56 - I had to send your goal or even another
12:59 - instance is sending you cash if you were
13:02 - in Argentina today it would be very
13:04 - difficult for me to send you money by US
13:06 - dollars than it is by if I were to send
13:09 - you Bitcoin and so that's one use case
13:12 - then you would think about if that is a
13:14 - real use case then how much value do
13:17 - people put on that in terms of how much
13:21 - dollars are right now use to send money
13:23 - across the world but now this is much
13:26 - easier and it's much faster and so
13:29 - that's where I would attribute that one
13:30 - use case now all these other crypto
13:32 - currencies are not ones that will
13:34 - necessarily disrupt bitcoins use case in
13:37 - terms of high-value transactions that's
13:40 - how I would define it a meaning large
13:42 - dollar amounts being transacted across
13:44 - the world because it's borderless now
13:46 - what I would say is other crypto
13:48 - currencies are almost similar to let's
13:50 - say your airline miles or credit card
13:53 - points but now they're liquid and you
13:55 - can sell it on an exchange and you could
13:57 - transact in it and it has a dollar value
13:59 - whereas your airline points are
14:01 - controlled by the airline's
14:02 - and you can't get that out you can only
14:04 - use it on their closed system this is
14:07 - now an open system but still it's all
14:09 - speculating right this is yeah like a
14:11 - stock why is one stock worth you know
14:13 - five hundred dollars or sharing another
14:15 - stocks worth five dollars a share if
14:16 - they both have the same market cap and
14:18 - they have the same revenue it is still
14:20 - you're you're betting on a horse in a
14:21 - way right now okay but the neat part is
14:24 - it is global you know you you can use it
14:27 - anywhere where you can't use other
14:28 - currencies everywhere I got two more
14:31 - things that I want to go over and then
14:32 - we'll take questions and I want to get
14:33 - the panel up here also all right so
14:36 - difference between a token and a coin
14:39 - token so I would actually say the token
14:42 - and the coin are almost synonymous at
14:44 - this point
14:45 - but this could change over time this is
14:46 - such a dynamic industry that I may
14:48 - change that maybe next week right
14:51 - all right the market went crazy this
14:53 - summer right and you mentioned this a
14:56 - little bit should people be worried
14:57 - about fraud I mean and we mentioned what
14:59 - if they're gonna invest in Nico or not
15:01 - even an IC if they're gonna if they're
15:02 - gonna buy like coin or Thea or any of
15:06 - the coins should be worried about fraud
15:08 - I mean if I think if you participate in
15:11 - IC o---- highly likely that there might
15:14 - be fraud involved right I would use the
15:17 - example of Floyd Mayweather was touting
15:19 - this token call Sentra and when New York
15:22 - Times did this expose on the characters
15:24 - who are involved in Sentra there were
15:26 - three 26 year old people who had no
15:29 - experience with cryptocurrency and they
15:32 - had very checkered past and suddenly no
15:36 - one really knows where they are because
15:38 - they all took their names off the
15:39 - website now and who knows if you'll get
15:42 - a token that actually has any value so I
15:45 - would say bitcoin is probably the safest
15:48 - but I say that cautiously because it's
15:51 - still high risk right there's still a
15:53 - lot of risk associated with Bitcoin it's
15:55 - a lot riskier than it was last year but
15:57 - that doesn't mean it's still not risky
15:59 - etherion being the same thing you could
16:03 - you could lose all your money right
16:04 - that's that's what I'll say by a
16:06 - fractional coin yes so that's actually a
16:09 - common misconception is that people
16:11 - think you need to buy a whole coin but
16:12 - you could duck by even a Penny's worth
16:14 - of Bitcoin or $1 worth of Bitcoin you
16:16 - don't have to have spent ten thousand
16:18 - dollars or nine thousand whatever it is
16:19 - to buy it you could spend five hundred
16:21 - and have a piece of a coin and still
16:23 - have the same growth if it goes to
16:24 - $20,000 that's right all right and again
16:27 - I'm rushing through this because I want
16:28 - to get the panel up and again all the
16:29 - questions that you might have for
16:31 - Charles you can ask them in the panels
16:32 - up here too and then when you meet some
16:33 - of the panelists it's really gonna gel
16:35 - together all right if anyone out here is
16:38 - gonna start a ICO or they're gonna want
16:40 - to come up with a blockchain company how
16:42 - important is a white paper and how is it
16:44 - different if I came up with a white
16:46 - paper a year ago or today so I think
16:48 - white paper is just the one one step
16:51 - right I see so many white papers that
16:54 - have typos and grammatical errors that
16:56 - it makes me wonder how good is this team
16:58 - because if they can't even write a paper
17:01 - that's a big problem and so I definitely
17:04 - read through that and then I definitely
17:06 - read through it to see if there's a BS
17:08 - factor of being are they using all the
17:09 - buzzwords to make you interested in it
17:11 - and then I'm looking at the team can
17:14 - they really execute do they have the
17:16 - experience for this or is this team just
17:19 - set up where they and then following up
17:22 - to see is this team that do these people
17:25 - actually exist right like it's kind of
17:27 - funny I say that right but they're heard
17:29 - there are times where people don't exist
17:30 - and then also are they putting on
17:33 - advisors that didn't agree to this token
17:36 - I think it's the craziest thing I've
17:38 - ever seen in my life and I've in from
17:40 - the VC world to the private equity deal
17:41 - I've never seen any organizations that
17:44 - have 85 95 100 advisors and again you
17:48 - don't know if some of them are real or
17:49 - some of them aren't real I mean one
17:51 - thing I do know if anyone's looking at
17:53 - icos to invest in if they're coming up
17:56 - with something that's blockchain and you
17:58 - could substitute the word blockchain
18:01 - with the word database not a really good
18:03 - idea right because you know everyone
18:06 - thinks that blotching is just the legend
18:07 - sky's a lot more than that so make sure
18:09 - it's a real business and think about
18:10 - would you believe in that business
18:13 - otherwise if they were coming out with
18:15 - just to raise money or if you were just
18:16 - an angel and Alec said there's a couple
18:18 - more questions before we bring the panel
18:20 - up because he's the keeper of the time
18:22 - um named Mathias Kaufman and I'm a from
18:26 - Reagan Street Institute and my question
18:28 - is so what is the number two
18:30 - cryptocurrency at the moment like it
18:32 - sounds like Bitcoin is the number one
18:33 - but which one would you recommend us the
18:36 - next one I wouldn't say I would
18:38 - recommend it but aetherium is the second
18:41 - largest cryptocurrency right now
18:44 - ethereal yes but I was actually just
18:48 - talking to a colleague outside who and I
18:50 - didn't I own a theorem and I own Bitcoin
18:52 - but I do not own light coin but isn't
18:56 - that the best return well in the past
18:58 - couple days yes I would say the ROI on
19:02 - light coin was the best in the past few
19:05 - days so if you bought both bitcoin and
19:08 - litecoin like coin would have done a lot
19:09 - better for you but that doesn't mean
19:12 - it's necessarily the best investment
19:14 - yeah all right two more questions and
19:15 - bring the panel up hi my name is dr. Tom
19:18 - Shaw I am the founder of a specific
19:20 - solutions I invested a little but in
19:22 - aetherium and a little bit in riffle and
19:24 - my question was in terms of thoughts
19:27 - about the cryptocurrencies that I go in
19:29 - against the finance and financial
19:30 - institutions versus of the cryptos like
19:32 - ripple that is going alongside the
19:35 - financial institutions what are your
19:36 - thoughts about that so I have mixed
19:40 - thoughts about this I think was created
19:43 - by the X Mozilla guys right or something
19:45 - like that well they they have they're
19:47 - definitely partnered with the financial
19:49 - institutions they're helping settle
19:51 - financial transactions Bitcoin if you go
19:54 - to the cyberpunk days or they're all
19:57 - belief is let's decentralize everything
19:59 - and not have a central bank control our
20:02 - money and but I have a my outlook on all
20:06 - this is that I feel at least in our
20:08 - society in America we trust our banks to
20:11 - some extent right we who I would say we
20:13 - believe that and so no matter what
20:16 - people still in terms of what people do
20:20 - I see people still trusting central
20:22 - authorities central exchanges they they
20:24 - don't want to hold Bitcoin in their
20:26 - personal wallet they want to hold it on
20:28 - exchanges so I don't think it'll
20:30 - actually disintermediate banks
20:32 - I think banks will come in and this is
20:34 - where I think like a goldman sachs is
20:36 - playing it very very smartly in that
20:40 - they're coming in and seeing what
20:41 - services they can provide how can they
20:43 - be involved in this cryptocurrency space
20:45 - and help you know help the users in this
20:49 - field they're gonna come out with their
20:50 - own coin look at Nasdaq just made an
20:52 - announcement that are gonna play and in
20:54 - the crypto space yeah all right our last
20:56 - question since you Oh
20:58 - hi my name is Jason Alba nice I'm with
21:01 - centric Digital Charles could you talk a
21:04 - little bit about the risks and
21:05 - challenges with safely storing crypto
21:07 - once you buy it either at large-scale or
21:10 - or in small amounts yeah so this was
21:13 - actually a great question because a lot
21:15 - of people don't talk about security and
21:17 - even in the crypto hedge fund world
21:19 - no-one's talking about this right and
21:20 - the crypto hedge fund world I would say
21:22 - one of the big things that you have to
21:24 - even think about when you
21:25 - invest with the edge one is how they
21:27 - securely putting these coins away
21:31 - because when you put it on any exchange
21:33 - the big question is how do you know they
21:35 - have your bitcoins on the exchange now
21:38 - if you don't know what I mean look at
21:40 - Google Mount GOx and look at what
21:41 - happened to them
21:42 - they got supposedly hacked define what
21:46 - you mean by hacked it could be he just
21:48 - stole your tokens off the network and
21:50 - you would even know right there's no way
21:52 - to track it and so it's important to
21:55 - know how to safely secure your tokens
21:57 - you know I will say you recommend a
21:59 - coinbase earlier and I would trust them
22:01 - as far as I know from the data that I'm
22:04 - getting I would trust them but if you
22:06 - really wanted to play this even safe
22:08 - more safer right is to take the coins
22:11 - and put it in your own wallet secure it
22:14 - have something called a private key
22:16 - which is like your password and never
22:18 - lose it you lose your private key you
22:20 - lose control of your tokens you'll never
22:22 - have that and it's a thumb drive right
22:23 - for most drivers in a sense you could
22:25 - use a thumb drive you could use there's
22:26 - other ways so it's you know cold storage
22:29 - it on to keep it safe because if you
22:31 - leave it on the exchange there's always
22:33 - a risk if they're not dealing with
22:35 - security if security is not paramount to
22:38 - them which it should be they could lose
22:40 - all those tokens it makes you scratch
22:42 - your head though right that you can buy
22:43 - something and spend $10,000 for a coin
22:45 - and then technically depending on where
22:47 - you put it or place it it could be gone
22:49 - tomorrow yeah I mean I would say it's
22:52 - almost like if you have a lot of money
22:54 - and during the financial crisis and I
22:55 - know someone heard of a friend of a
22:58 - friend who had money at Lehman Brothers
23:00 - right before the crisis and then he had
23:03 - a 10 million account ten million dollar
23:05 - account and lost it all but the FDIC
23:07 - insurance amount right and this is the
23:10 - same instance right and so it's almost
23:12 - like pulling cash out of your bank put
23:15 - it now you have it in your home what do
23:17 - you do with it you better secure it so
23:18 - maybe a safety box or whatever I mean
23:20 - however you want to think about the
23:22 - physical security of it that's that's
23:24 - what I would think about it's also some
23:26 - ways the front of it - you get to move
23:28 - your coin from while it's wallet and
23:29 - move it around and game the fight hence
23:32 - some of the crazy names like crypto and
23:34 - shift shape or shape shape shape its
23:37 - shape shift and
23:38 - on all right I want to bring the panel
23:41 - on but you had a question as they come
23:43 - on we can answer it because they're just
23:45 - gonna come and sit Alex can we get her a
23:47 - microphone so uh we're just going to
23:52 - switch over the chairs and set up so
23:54 - we're just gonna wait young lady right
23:56 - here hi name and company so my name is
24:07 - Fatma and I'm a graduate student at
24:09 - Columbia University and I've been
24:12 - interested in cryptocurrency with me and
24:14 - my friends because I have a friend who
24:16 - started I mean a lab like in Columbia
24:20 - where we're sharing information about
24:22 - cryptocurrency so I wanted to know what
24:26 - you knew about - and the whole projects
24:29 - that happens in that way since people
24:33 - think that they can trust more - because
24:35 - if it's a kind of social justice mission
24:38 - what do you think is going to happen in
24:40 - the next few days when it comes to where
24:43 - you into that we just told what it's
24:44 - what - is so they know what you're
24:45 - answering - yeah so I mean I think part
24:48 - of what - is trying to pitch himself
24:50 - it's it's it's a competition - Bitcoin
24:52 - right it's it's another payment
24:54 - settlement layer for financial
24:57 - transactions and I think my
24:59 - understanding correct me if I'm wrong
25:00 - they're trying to help with unbanked
25:03 - people and third-world countries right
25:05 - and so it's a lot of it is
25:08 - implementation and trying to get user
25:12 - network effects on a lot of these
25:14 - payment channels so even in a Bitcoin
25:16 - instance I would say the I don't always
25:19 - believe first mover advantage is the
25:21 - best but Bitcoin does have that first
25:23 - mover advantage and it has the most
25:25 - number of people on that network and
25:27 - that's a matter of getting people to
25:28 - adopt - right how many people can they
25:31 - get to adopt - so they'll feel more
25:33 - comfortable with it and I will say with
25:35 - a lot of these crypto currencies the key
25:38 - is creating a good user experience if
25:41 - you go and buy Bitcoin today and try to
25:43 - move it from one wallet address to
25:45 - another it's a nightmare
25:46 - like you're gonna look at this and like
25:48 - how am I gonna do this going forward and
25:50 - I don't
25:51 - most people wanted right now the way
25:53 - it's currently used I don't think people
25:55 - want to use it that way and so I think
25:57 - it's gonna take time like if - can
25:59 - create a better user experience then it
26:02 - could overtake Bitcoin right and that's
26:04 - what I'm constantly looking for is that
26:06 - if you think about technology it's
26:08 - constantly evolving it involves very
26:10 - quickly so I'm a big Bitcoin bull right
26:13 - now but I'm always looking at what's the
26:15 - next technology that can disrupt Bitcoin
26:17 - because if you look back Facebook was
26:20 - not the first social media site right
26:23 - like if you think about MySpace friends
26:25 - they were like earlier but yet
26:28 - Facebook did a much better job with
26:31 - getting user adoption and people liked
26:33 - the experience a lot better and they
26:35 - dominated so what and that's that's what
26:39 - I would say I was like that - could come
26:41 - in and disrupt Bitcoin that's possible
26:43 - the key is like how much better is it
26:46 - than Bitcoin if it's just 5% better than
26:49 - it may not do it but if it's
26:51 - significantly better I could see it
26:53 - disrupting it awesome let's bring the
26:55 - panel up and obviously I wish I had an
26:58 - hour of interviewing Charles but I think
27:01 - as you meet the rest of the panel I
27:02 - think you'll be you feel the exact same
27:05 - way so is this educational for everyone
27:07 - so far as these guys are walking up was
27:09 - it boring alright that's the number one
27:12 - here Alex this was not boring yeah
27:15 - that's just because you had these
27:17 - handsome young men changing all the
27:19 - chairs over did you learn anything else
27:23 - anything sorry that's why we videotape
27:26 - everything so I can actually pay
27:28 - attention later yeah and then now since
27:31 - we're all healthcare what you're gonna
27:34 - learn from these guys and what you want
27:35 - to ask these guys is you know where's
27:37 - the place in healthcare and is it now is
27:40 - it tomorrow
27:40 - and how is it going to work