Crypto-Scams: Buyer Beware! | Boom Bust on RT America |



this is boom-bust broadcasting around the world from right here Washington DC I'm Bart Chilton and coming up with lots of news today on autos we talked with the car coach Warren Phipps and we also look at blockchain and Kryptos with Perry and boring from the chamber of digital commerce plus last time we weren't able to get to our conversation on why the US Department of Defense is tapping Silicon Valley on artificial intelligence we'll have that interview with Todd Shipley of verus software all that's coming up but first let's head to some headlines the Trump administration is preparing to level roughly sixty billion dollars of additional tariffs on China related to intellectual property according to the Washington Post the report is that the president's aides suggested 30 billion and the president said double it the package which at this point is to be announced on Friday is said to target 100 or more different products which the administration will argue were actually developed using American technologies that was either stolen or pressured by the Chinese in order to release exchange for access to Chinese markets it was bound to happen an autonomous car has killed a woman in Tempe Arizona the news comes as regulators and car makers have been increasing research and development of autonomous vehicles the vehicle of Volvo operated by the ride-hailing company uber hit a woman when she was jaywalking while this appears to be the first fatality of a pedestrian a driver in an autonomous engaged Tesla was killed back in 2016 uber has halted the company's self-driving testing program and in other news air bags today in Washington examined that Takata airbag inflator recalls the most extensive recall in auto history that many lawmakers have complained is moving too slowly in fact RT America has learned that one of the hundreds of thousands of vehicles with the problem at air bades airbags may inflate without an accident due to high humidity and deterioration that some auto owners have been informed of the problem without the automaker providing any solutions whatsoever one such automaker is Lincoln Motor Company which RT America has learned sent a letter to some vehicle or may result in sharp metal fragments striking vehicle occupants causing serious injury or death Wow what's the vehicle honor to do well according to Lincoln when parts are available the Lincoln Motor Company will send a letter to inform you that parts are ready and to contact your deal to schedule a repair that's comforting not meanwhile yesterday it was reported that Hyundai and Kia are now under review in the US for their airbag problems in this case the airbags were manufactured by German auto parts maker ZF TRW formula us-based TRW Automotive the National Transportation the National Highway Traffic Safety Administration said it is reviewing about 425 thousand vehicles made by Hyundai and Kia due to four accidents in which airbags did not deploy last month Hyundai recalled 155 thousand Sonata model vehicles for the same reason in 2016 Fiat Chrysler recalled over half a million vehicles for airbags which did not inflate here discuss all of that and more as car coach Lauren fix Lord thank you for being with us again I mean what's an auto owner to do when the answer is no there's no repairing your problem right now from airbags but it could cause serious death or injury well I've got the same problem I have two vehicles that are under airbag recall and there are no parts available so you have to just keep calling the dealer and being persistent it's not like one dealer has it and it doesn't the fact is you still need to be in the loop so it's up to you to be proactive I know the federal government is really trying to make sure that every single person out there that has an airbag problem gets it repaired the problem is if there are no parts because the manufacturer has to go back and retool it you kind of have to wait it out if you sell the vehicle or trade the vehicle in because you're concerned that's understood usually there is some sort of concession for that situation concession from the dealer if you take it back to the dealer and try to get it taken back right they wouldn't buy it back without having you buy another vehicle they're gonna try and sell you something else in a lot because it's all about sales so they're gonna try and upsell you into a newer model that doesn't have problem or insult used-car that's on the lot so be prepared for that but they won't just buy it outright that just won't happen it's really sort of strange what Lincoln says Lincoln says that you know their airbags and I don't know if this is the same for for all of the I know there's a couple of companies that are involved in the airbag demise the problem but Lincoln says that their airbags are susceptible to temperature changes and the humidity variations therefore when they do get parts they're gonna first go to areas in the southern United States then followed by I don't know Buffalo in New York maybe Lauren then by Canada so you'll be middle of the line now if you're in Buffalo and you drive your car – I don't know Daytona and you stay down there for a lot of the time you're sort of Sol I guess right right well they call those snow birds around here those are people that live up the northern end of the country during the summer and the southern end during the winter yeah you would be susceptible you would probably want to register your vehicle if you're looking for an airbag replacement somewhere down in Florida you're more likely to get that airbag replaced at a sooner date the big thing that I tell everyone if you're ever concerned you never want to be closer than 12 inches of that airbag to the center of your chest and the reason for that is that is the proper distance closer if that airbag does deploy in an accident whether there's a problem in a recall or not you're likely to get injured so you want to be at least 12 inches I doesn't mean be back as far as you can we have to reach the pedals in the steering wheel but keep that in mind from the safety perspective get the airbag replaced when you can if you're totally concerned you're thinking I'm not willing to take that risk you may have to invest in another vehicle that's great consumer information Lauren let me ask you real quickly before we go we saw this first autonomous car related death that an uber is called off their testing program is that going to have some chilling impact on the longer term autonomous cars or you think it's just going to last for a while it's gonna cause some serious government regulation which we know is coming the insurance agencies are going to raise their rates because they know one death is one too many and then of course you've got the hackers who are waiting for this network to start going for these autonomous cars to communicate with each other and the only winner in all of this is only one and that's the Tort attorneys they're very excited they're gonna sue Volvo and uber and the insurance company the driver anybody that tires the city the time they're gonna sue everyone the only ones gonna make money off of this it's gonna be the attorneys oh my gosh we thank you for the information either way but we're glad to know the status Lauren fixed the car coach thanks for your time as always anytime MasterCard says they would be amenable to considering offering crypto currencies if they were backed by a central bank ari Sarkar the co-president of mastercards asia-pacific business said that so long as it's backed by a regulator we look at it in a more favorable way some national banks including Sweden's are considering a crypto currency MasterCard already has 30 patents related to crypto currencies and blockchain and here to discuss this in all things blockchain and crypto is Perry and boring the founder and president of the chamber of digital commerce Peary on thank you so much for being here I'm really pleased to have you we've known each other for a couple of years and you're a real expert in this field what do you make of that MasterCard headline it's really exciting stuff there's actually a number of major central banks around the world that are looking at the possibility of issuing fiat currencies on blockchain just last November I went to Singapore at the invitation of the Monetary Authority of Singapore the Central Bank for Singapore where they were releasing the test of project Ubben this is one of the most exciting things we're seeing in central banking and monetary policy today so the Central Bank of Singapore has taken the Singaporean dollar and they've tokenized it across three different block chains and then they released those the data from that test wait last year there's other central banks that are looking at this as well including the in the UK Canada is actively exploring on open block chains such as aetherium and just a couple years ago I had the opportunity to present at the Federal Reserve with Janet Yellen and with over 90 central bank's all in in one room at one time where we had the chamber and some of our members got to and help educate central banks around the world on the potential benefits of blockchain well it's really important that whole education the g20 finance ministers are meeting down in Buenos Aires right now actually and if we go all the way back they've taken a big interest in financial regulation back in 2009 in the Pittsburg meeting they came up with some of these sort of suggested rules of the road to deal with things that later became like the dodd-frank law etc so I'm wondering whether or not they're gonna come up with some sort of rules on cryptocurrency and maybe blockchain maybe if not now later given that we've seen estimate of the European monetary authority and other is the SEC and other regulators saying be cautious to consumers is it reasonable I mean there's always fraud in financial areas right but it seems like there's more maybe it's just because there's so much going on with crypto currencies but is there more it is it's something we need to be really be worried about yeah so what the regulators are really concerned about is the consumer investor the retail investor being led astray by a fraudulent scam so as as with all new technologies sometimes criminals are some of the early adopters and there absolutely is illegal activity out there it doesn't represent a huge percentage of the actual activity that's happening but it does end up taking the majority of the headlines but I would say for the retail consumer who wants to invest in crypto currencies buyer beware because there are scams and you need to know and understand what you are investing in don't invest in anything that you do not understand or that you're not ready to lose in case you know something something happens so how do we go about even I've talked over the years about this how do we go about sort of professionalizing the crypto space on the blockchain space to make it really to bring the adults into the room and get away from the scamsters well this is a big reason why we founded the chamber in July of 2014 we represent over a hundred and sixty companies that are both investing in and innovating with blockchain based technologies and we're here to be a resource to the policy community so these are companies who want to deploy this technology for ethical and productive reasons and we want to make sure that the regulatory community is comfortable with this technology that they understand the benefits of it and that we work together to build a regulatory framework that addresses regulators concerns like consumer protections but also does not hinder the innovation you know it's really a double-edged sword as you know you know for years I was the first financial regulator to say you know we need to regulate these things but it wasn't because I didn't want them around I want it I want them or I still do but figuring out that appropriate balance between how much do you regulate or too much so you fort innovation is a question and I know that we've talked in the past and I think you're involved in some self regulatory efforts we saw the the wincle by Tyler and cam Cameron Winklevoss talked about setting up a self-regulatory organization and we say that an SRO that means separate from the government and some people would like to only have this self-regulatory organization as opposed to like the SEC and my old agency the CFTC what's your what's your take on this and how do you thread that needle well the hallmark – and a true self-regulatory organization is that it goes through the congressional process so Commissioner Quinta's from the Quinton's from the CFTC was really the person who originally called for this he called for an SRO and we asked him to kind of clarify what he meant by that and what he meant was either or either something that goes through the congressional process and really has the teeth and the authority to regulate or just some an entity that the industry formulates on their own what we believe at the chamber is that by having the industry proactively regulate itself or take steps to oversee standards best practices reasonable compliance mechanisms you're going to get better results than leaving it to the government and we all know that there are some issues that are between the SEC and the CFTC where there's some jurisdictional challenges that again is going to take a congressional action to really solve so what we're doing at the chamber of digital commerce we founded a initiative called the token alliance we have over 260 blockchain and token experts from around the world who have come together to write the best practices for token issuances and then we're going to take those best practices implement them so we our companies will voluntarily comply with them so in a sense this is setting up phase one of a self regulatory system well more power to you I mean unfortunately I think given all these SEC subpoenas and everything is if we have lots of negative stories out there that once the regulator's put those guys and gals you know put them in their place and find them that they may then come up with changes to laws rules and regulations so I I hope that your efforts are successful and that you go about it as quickly as you can I'm thankful that you're out there aperi and boring the CEO and founder of the chamber of chamber of digital commerce thank you so much for being appreciated and time now for a puny pause for the promotional cause but stay with us because when we return we'll talk with Todd Shipley of Vera software about why the Pentagon is enlisting Silicon Valley in efforts to build out artificial intelligence plus I'll let you know about a righteous robot that is out of a job despite the fact that it performed as advertised and as we go to break here are the numbers at the closing bell stocks on the spawn a small rebound with Dow Jones NASDAQ and S&P all moving up for the day we'll be right back it's called the feeling of freedom everyone in the world should experience freedom and you get it on the open road world according to Jessie welcome to my world come along for the ride [Applause] do you know what you've got in your hand you might think it's a phone but in the news we see it as TV with Pluto TV the free and unlimited TV app you can get TV Everywhere for free and since TV is everywhere so is RT streaming on all your favorite devices outdoors are inside any time of day or night catch all of our award-winning shows news and cutting-edge analysis everywhere you look and wherever you go question more hey guys I made a professional issue PowerPoint to show you how RT America fits into the greater media landscape RT is not all left or all right but we are a solid alternative to the bullsh we don't skew liberal or conservative and as you can see from this bar graph we don't skew the facts either talking-head lefties talking-head righties oh there you go above it all so look out world artsy America is in the spotlight now and frankly I have no idea how to classify us it actually took me way more time than I care to admit welcome back according to Eurostat male and female jobs in the European Union continued to be segmented by fairly traditional job roles men remained primarily builders drivers metal workers laborers and health professionals while females are personal care workers cleaners office clerks teachers and health technicians the US Securities and Exchange Commission has awarded 83 million dollars to an individual one person who blew the whistle on Bank of America in the second largest settlement with a bank ever the settlement of four hundred fifteen million dollars was reached in relation to accusations that be of a misused customer funds and securities to generate their own profits placing billions of dollars of customer money at risk over a roughly six year period of time who says it doesn't pay to be a tattletale plus the whistleblower helped his or her fellow bank customers bonus Archer Daniels Midland the largest global agricultural producer who markets itself as the supermarket through the world is going through yet another restructuring the second and three years as increased profits in the grain industry appear elusive ADM competitors Bunge International which cut 450 million dollars in capital spending and Cargill have also gone through a reshuffling in recent years with Cargill changing its leadership team crown Saudi Crown Prince Mohammed bin Salman MBS is in the united states for two weeks and today he met at the White House with President Trump one deal MBS hopes to conclude while in the States is interesting the Saudi Arabians sovereign wealth fund is seeking to buy a 10 percent stake for 400 million dollars in endeavor LLC that's the world's largest talent agency the move is seen as part of the Saudis effort to build a sports and entertainment industry in the conservative nation where cinemas movie theaters until recently have been banned the US military is tapping Silicon Valley to help them with artificial intelligence what's going on we're joined by Todd Shipley a varus Software Todd thanks again for being with us what's going on with the Pentagon and silat Silicon Valley here and is it a good move well thanks Bart for having me on today yes it is a good move in fact I think it's probably the smartest move the military can do right now because they've got to get in this game artificial intelligence is gonna change you know how we perceive so many things on the internet now and teaming up with Silicon Valley is probably the best thing they can do and from another perspective too because the Chinese are going full-bore in this space and we have to have the lead in this space to be able to combat anything that our foreign adversaries are doing in the same same field that brings up you know the decision that was made last week by Cepheus the the entity that looks at whether or not we should be exporting any of our technologies and Cepheus under the trump administration said that a broadband a currently singapore-based a computer company could not buy us-based Paul calm and in particularly the concern was based upon the 5g capabilities that might be developed and that since they were based in Singapore that perhaps those could be shared with the Chinese have you looked at these sorts of things in the past and is it a real issue and a national security issue that people need to be thinking about seriously Todd well yes definitely it's a national security issue and there's so many things involved with the technology in this space that most Americans don't understand how affected they are look at what goes into your computers your hard drives the technology that's there the chips that are manufactured none of this is being done in the United States anymore so it is a big issue and we have to be considering what technology were trading for you know profit especially when the companies are looking just about the dollar and not about what the security issues are going to be for the United States it's odd is it look what's let's distinguish between things like I mentioned Phi gee they're let's distinguish between speed and true AI artificial intelligence because I think a lot of people don't I mean they understand the difference between speed and AI but but what is true artificial intelligence and what does it mean for the future well I mean truly it's it's what we think about sci-fi the fact that you have a technology that can think for itself and make decisions based on a situation itself that's not what's occurring right now and we're a ways away from that I mean we have a lot of things that we have to do to get there I know that there's some research being done about how do artificial intelligence perceive things and is it really intelligent or not but right now we're not quite there yet at this point in time so we've got a period to work on that although things are escalating rapidly just last year we would have thought we weren't getting as far forward as we are but the technology is rapidly changing because a lot more companies are putting the money and the effort and the design into artificial intelligence to make it much better than it than it was just you know 12 months ago Todd is is it when you when you think about AI it's it's above and beyond like autonomous cars I mean it's not just smart it's intuitive and it thinks ahead it's open so what sorts of things I mean you talk about sci-fi and it makes me think of Terminator and and Robocop's but but what is the cutting edge right now of AI what what actual things are being worked upon in the country or around the world for that matter well the thing sure the things that are happening right now are an upgraded ability for programs to make decisions it's still an issue of a computer having to make decisions about things when it approaches something if it looks at an apple and it looks at at an orange somebody's pre coded saying I like the Apple I don't like the orange did it point at when the artificial intelligence can look at an apple and look at an orange and say I like one of the other based on other circumstances because of the color because of of the texture that's one will know things have changed rapidly but right now we're not quite there yet I had two more questions for you well I could have a zillion questions for you but two more for this time Tod so you're on and I know you're not a traitor or anything but you may that may be interest you to know and I'm interested in your comment there are traitors the high frequency traders which are fairly adept at their algorithms but even the largest of the large high-frequency traders at the New York Stock Exchange they want to have actual humans on the floor for certain circumstances when things are pretty chaotic does that surprise you well humans at this point in time can still make the best decisions based on their understanding of the facts that's where AI is going to come into this field and I think we'll see it there probably sooner than later that that day trading is going to occur where these traders are going to actually be using this technology to make very fast decisions because that's what's occurring on the trading floor now it's hard for humans to keep up with the amount of traffic that's going through and these artificial intelligence programs will be able to make those decisions much much faster and we'll see it implemented there probably sooner than later right and I don't to shift just a little bit for the last question Todd because it's not necessarily about AI but about hacking and you know we talk about hacking and we look at places around the world and they've talked about you know North Korea a lot and remember that Sony hack that was allege that it was North Korea here several years ago but you've done these things so I mean you've been on law enforcement and looked at these things headed associations on on these sorts of a security electronic security but how does a country like North Korea with seemingly nothing other than nuclear weapons to offer their people I mean there that the per-capita GDP is like fifteen hundred bucks a year how do they have this place in the dirt the hackers and the capabilities to break what would seem like some of the strongest computer security systems in the world well they're doing like every other hacker does they're dedicated the resources to learning to understanding the systems and then they're probing it you say you want to move away from artificial intelligence but the thing is if the North Koreans ever get a very well put together artificial intelligence package that can do probing on networks they don't have to do the work the artificial intelligence to do the work and find out where the holes are and then the humans can just walk in the door and do whatever they need to do so it's it's it's scary that these countries have the resources to be able to put towards this but it's even more scary if they can break in steal a package of something or like we talked about earlier companies buy this intelligence and move it overseas we've got some things to worry about it's not simply a very software we've got some things in our to talk to you about further in the future we thank you for your expertise thank you for your time have a great day thanks Bart you guys have a great day too and before we go and speaking of high technology and artificial intelligence a robot that is said to be able to flip 2,000 hamburgers per day and was able to do it is now off the job the $60,000 bot named flippy isn't that cute was working well in Pasadena California at Cali burger and is said to have been able to sense a burgers temperature and know exactly precisely when the all-important flip should flop but the human workers couldn't keep up with making the patties and time for the but so it has been taken offline at least for now perhaps they'll add some petit making BOTS as we go forward with more high-tech and artificial intelligence the question will continue to arise – bot or not – but that would be the question and that's all for this time thanks for watching and be sure to catch boom-bust on youtube at youtube.com slash boom-bust RT we'll see you again

7 thoughts on “Crypto-Scams: Buyer Beware! | Boom Bust on RT America |”

  1. Hi Bart
    I wonder if you can help me with this question? My friends and I have bought into a crypto y the name of Dasc at 51 cents. It is now 3 cents, have you or your colleagues heard of netleaders or dascoin? It is known as the currency of trusts overseen by some big names, they are working with carts worldwide on bringing a crypto card that can be used in 60000000 outlets that is alot more than any other out there. If you can give us your feedback it would be greatly appreciated as we look at you as knowledgeable in this subject, by the way every member had to do a KYC before being accepted.
    Thanks
    TC

  2. Hmm. Sure. Regulate all the cryptos (how specifically and toward which ones specifically and for what reason? Shouldn't ICO's be allowed to either succeed or fail on their own merits? What about the criminal exchanges and how they're allowed to be funded and operate? Central banks are about crime, greed and rip-off. Cryptos and the blockchain are designed to BYPASS these criminals because THEY never regulated themselves to any serious degree, leaving most of humanity to starve — worse when they collapse starting with Deutsche Bank crumbling as I write taking all their assets with them leaving investors to hold the bag No bailouts for them. How many blockchain "experts" are out there to be consulted? But Jamie Dimon roams free and Steve Mnuchin manipulates silver prices on a daily basis. That's OK, honest and ethical?

  3. why is it american females like Perianne Boring have this really annoying habit of trying to end their sentences by lowering the tone in their voice so it breaks up?

  4. From what I could see of the drawing that some news organization had on either Yahoo or AOL, I wouldn't say that the woman killed by the autonomous car was jaywalking. She was crossing an off ramp on her side of the road. The car didn't see her even though she had every right to be where she was.

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