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transcript
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X
4.8
4.4
3.8
804
Male
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actually really an interesting point that when the arbitral clauses have to be set up at the time which you set up the venture at the time, which you-
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H
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..the contract, and i have heard people say the past-
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X
5
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Train
..but arbitration's great for blockchain disputes. they're-
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..they don't realize that arbitration isn't jurisdiction.
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X
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..and you're completely right. as you're setting it up-
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A
5.2
2.2
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804
Male
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think about what, unfortunately where you're going to have to deal with disputes when things are-
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4.4
4.4
3.8
804
Male
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..and arbitration i think actually is the right way of doing it.
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H
5
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Male
Train
..we know off the call and i'll be happy to add you.
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O
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..arbitration clause builder, and of course they have lots of disclaimers that say you shouldn't use this if you're not a lawyer and consult with your lawyer.
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O
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but for people who want to see what a clause might look like-
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X
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also they have an international rules body, and you can select international as well.
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N
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for those of you who have clients or students who are interested in what could this look like and kind of demystifying what arbitration might look like-
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H
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the other thing i think that would be really useful, just trying to think about automating this as much as possible and-
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S
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..leaving humans out of it when things do go wrong-
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X
4.4
4.4
4.4
803
Female
Train
and i would imagine, just thinking about the way civil litigation works-
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X
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803
Female
Train
..or disputes, and then what you could say is we're going to automate what happens if this dispute arises.
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N
4
4.8
4.2
804
Male
Train
i agree to the automation of the dispute, should it arise according to-
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N
4.8
4
4
804
Male
Train
..this smart contract, certain types of disputes-
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H
5.2
4.6
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Female
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..don't want to automate. it'll have to go to a human being. and then what you could do is when it's automated-
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A
5
3.2
4.8
803
Female
Train
everybody could ratify the decision of the smart contract and just accept it. so-
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N
5
4
4.8
803
Female
Train
they came up with that solution of the buy-in, so you don't get a buyout-
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A
5.2
3
4
803
Female
Train
..broke my coin, for some reason they hacked into my wallet.
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H
4.2
4.2
4.4
803
Female
Train
..so we need to be very careful that what we're coding might look simple and easy now-
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N
4
4
4
804
Male
Train
..agree with that, and i think there's two important points that we need to consider-
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N
4.6
3.6
4.4
804
Male
Train
...so there will always be unintended outcome at some point with this code. and the flip side of that is remember that every time that we ask someone to-
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X
5.2
3.2
5
804
Male
Train
..to a bad actor using that same door and modifying and taking advantage of that door, right?
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C
4.6
4.2
4.4
804
Male
Train
and so it's this balance that i think we'll find in the law as we start to actually use smart contracts in a meaningful way-
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H
5
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4.4
803
Female
Train
there are going to have to be some contracts that don't actually have quote-
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H
4.8
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Female
Train
if nothing else is moving, then certainly we can identify bugs today in a static system-
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H
4.2
3.8
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803
Female
Train
..technology is fluid and full of motion-
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X
5
3.8
4.8
803
Female
Train
right? so eventually the cryptography that's in bitcoin right now that-
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O
4.4
3.2
5
803
Female
Train
..in ether and the ethereum network right now isn't going to work anymore and-
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X
4
3.4
4.4
803
Female
Train
..right. so it's not about having code that we know is going to run-
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H
4.4
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Train
i think it's an eye towards the reality that there will always be bugs.
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H
5.4
5
5.2
803
Female
Train
but i don't think that, i hope that i'm not coming across advocating the well-
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H
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Female
Train
..sticks up the status quo. we don't move forward because i think that the world of smart contract has a lot of promise-
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H
4.4
4.2
4.4
803
Female
Train
there is legislation that's pretty powerful in a lot of jurisdictions around the world inc [inaudible 00:00:18]
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X
5
3.8
4.2
803
Female
Train
so, i think the insolvency zone is the one we're talking about. it's pre-insolvency when you know can't pay your debts as when they fall
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S
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3.4
4.2
803
Female
Train
if you start taking in new investors to try and resolve that, looks a bit like a ponzi scheme.
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S
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3.8
5
803
Female
Train
this is really hard to know. with this automation of crowdfunding projects-
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H
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4.6
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... it's very hard to know when the insolvency zone, when we've entered it. and, if we set up any kind of arbitration system that resolves-
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N
4.2
3
4.6
803
Female
Train
... the problem, that is actually just letting somebody get away with having-
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X
4.2
3
4.6
803
Female
Train
... reached the rules that say you can't trade while you're in solvent. then-
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H
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4.6
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... we're all contributing to in illegal contract.
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H
4.2
5.2
4.4
803
Female
Train
i'd love to talk to a lot of developers about this-
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H
4.2
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4
804
Male
Train
... whether the code itself is an agent.
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O
5
3
4.6
803
Female
Train
and the reason why i ask this is, i'm just wondering about fiduciary obligations that are owed in relation to the whatever it is that you take and hold on-
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X
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Train
... i think everybody's pretty much accepting that they do exist.
[ { "feats": [ 0.04426431283354759, -0.18704849481582642, 0.2572000026702881, -0.06282026320695877, 0.6678591966629028, 0.2177705615758896, 0.09035056829452515, 1.2423535585403442, 0.7544313669204712, -0.10960859060287476, -0.6784884929656982, ...
X
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4.8
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Male
Train
i just wanted to put it out there for discussion and i think it's a hidden problem for all developers and also their advisors, their-
[ { "feats": [ 0.16941259801387787, -0.18167215585708618, 0.15816980600357056, -0.05225975066423416, 0.7562879920005798, 0.35764002799987793, 0.06607069820165634, 1.1976512670516968, 0.6906029582023621, 0.06750614196062088, -0.8534546494483948, ...
N
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Female
Train
yeah, but if you do take somebody's money and you hold it-
[ { "feats": [ 0.09134945273399353, -0.1722630113363266, 0.17732132971286774, -0.016303343698382378, 0.7687742114067078, 0.28123539686203003, 0.14675278961658478, 1.2722315788269043, 0.6712198853492737, -0.04290333390235901, -0.7775935530662537, ...
N
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Train
if you're using bitcoin, there is multisig.
[ { "feats": [ -0.025961030274629593, -0.1890864223241806, 0.2146272361278534, -0.07443448901176453, 0.773951530456543, 0.28358808159828186, -0.05308777093887329, 1.1991446018218994, 0.885537326335907, -0.025904718786478043, -0.5966609120368958, ...
N
3.8
4.2
4.2
803
Female
Train
if you're using ethereum, there are multisig contracts that you can use
[ { "feats": [ 0.04042792320251465, -0.3328470289707184, 0.11160908639431, -0.02538493648171425, 0.8391474485397339, 0.4131651520729065, 0.09686413407325745, 1.3013029098510742, 0.9492440223693848, -0.06473808735609055, -0.7645586133003235, -...
S
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Female
Train
but i think it's a huge red flag-
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N
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... if someone is in the crypto space and holding assets for other people.
[ { "feats": [ 0.057485319674015045, -0.23303380608558655, 0.24207113683223724, -0.014525053091347218, 0.8165553212165833, 0.34173983335494995, 0.01119403075426817, 1.2997053861618042, 0.7950011491775513, -0.04110974445939064, -0.8565453290939331, ...
O
5.4
5.4
5
803
Female
Train
that's the entire purpose. that's the whole reason we have bitcoin either and-
[ { "feats": [ 0.01506406906992197, -0.31810110807418823, 0.19379179179668427, 0.055739764124155045, 0.8250404000282288, 0.48043182492256165, 0.13603822886943817, 1.3300728797912598, 0.7843432426452637, 0.01700810343027115, -0.8062059283256531, ...
N
4
4.4
4
803
Female
Train
... these alternative platforms of trust, is so that we don't have to vest trust in third parties.
[ { "feats": [ 0.049451518803834915, -0.25301095843315125, 0.12239859253168106, -0.09898055344820023, 0.7072598934173584, 0.30889397859573364, 0.0121717918664217, 1.2738325595855713, 0.7819948792457581, -0.022395478561520576, -0.826281726360321, ...
O
5.4
3
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803
Female
Train
and so, i'm not saying it's always bad.
[ { "feats": [ 0.1151868999004364, -0.21098113059997559, 0.21545124053955078, -0.1029709205031395, 0.8094200491905212, 0.473296582698822, 0.17586711049079895, 1.34522545337677, 0.7732171416282654, -0.13684771955013275, -0.9151216745376587, -0...
N
3.4
4.8
4.2
804
Male
Train
is there anything burning that we've missed out?
[ { "feats": [ 0.09317097067832947, -0.20001985132694244, 0.20804935693740845, -0.032940059900283813, 0.7984896898269653, 0.33914312720298767, 0.14800411462783813, 1.2639408111572266, 0.760238528251648, -0.04511493444442749, -0.820564866065979, ...
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the old rule is, well the rule is, don't invest anything you can't afford to lose. and so, i don't see anyone doing that.
[ { "feats": [ 0.1580171138048172, -0.2475355714559555, 0.19668316841125488, -0.05444255471229553, 0.7361175417900085, 0.28884178400039673, 0.108670674264431, 1.202548861503601, 0.758082389831543, -0.03712219372391701, -0.782131016254425, -0....
U
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Train
that's more the regulators. and the fact that no one that we know of is being prosecuted is very interesting.
[ { "feats": [ 0.17206789553165436, -0.22451145946979523, 0.2569856643676758, 0.042141448706388474, 0.607687771320343, 0.3023358881473541, 0.09121713787317276, 1.1793303489685059, 0.7442411184310913, -0.01883745938539505, -0.8800137639045715, ...
O
4.4
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Female
Train
it's just very, very interesting because... and again, in the early days people were worried.
[ { "feats": [ 0.18880188465118408, -0.1406208574771881, 0.15384989976882935, 0.06517012417316437, 0.7598537802696228, 0.3711431324481964, 0.09936001896858215, 1.2891546487808228, 0.7032151222229004, -0.025112848728895187, -0.7737135291099548, ...
H
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Female
Train
it's absolutely fascinating and the more that happens-
[ { "feats": [ 0.08336801081895828, -0.2279806286096573, 0.26964521408081055, -0.1365397721529007, 0.7215858101844788, 0.32944926619529724, 0.19032229483127594, 1.3248481750488281, 0.6829959750175476, -0.016068048775196075, -0.8169713020324707, ...
H
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Male
Train
... end up in prison, unless you never want to go through there again.
[ { "feats": [ 0.1417180895805359, -0.21850930154323578, 0.16730691492557526, -0.09580040723085403, 0.7797520160675049, 0.30696120858192444, 0.07578647881746292, 1.3680225610733032, 0.752536416053772, 0.021107466891407967, -0.7529992461204529, ...
X
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Train
and yet, he's on the verge of... he hasn't been deported but-
[ { "feats": [ 0.11069054156541824, -0.1596270501613617, 0.1778826117515564, -0.11727377772331238, 0.6956503391265869, 0.27452757954597473, 0.1507640928030014, 1.2858961820602417, 0.716618537902832, -0.08338543772697449, -0.834506630897522, 0...
X
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3.8
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Male
Train
i think that one of the problems with the regulator bringing the prosecution is, of course, you've got the higher standard, you've got the higher burden of proof. they've got a prove [inaudible 00:03:03]
[ { "feats": [ 0.11272776126861572, -0.19811756908893585, 0.1954822838306427, 0.02792547270655632, 0.5832424759864807, 0.3428800404071808, 0.062797911465168, 1.1432255506515503, 0.704803466796875, 0.024498073384165764, -0.7082821726799011, 0....
X
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Female
Train
and then, the other problem is, you need the information provided by the victims and they-
[ { "feats": [ 0.15964816510677338, -0.21069175004959106, 0.1838771402835846, -0.05199117586016655, 0.7526502013206482, 0.29544204473495483, 0.13445259630680084, 1.3015720844268799, 0.7192359566688538, 0.06243819743394852, -0.7857261896133423, ...
S
4
3.2
4
803
Female
Train
... all can't come forward. they may be vulnerable in some way-
[ { "feats": [ 0.093470498919487, -0.3283493220806122, 0.32477912306785583, -0.03877514973282814, 0.8671945333480835, 0.33346620202064514, 0.09243126213550568, 1.3190007209777832, 0.717275083065033, -0.049018215388059616, -0.7936186790466309, ...
N
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Female
Train
... because most regulators, and this is actually a point from the last conversation about what's happening in new zealand-
[ { "feats": [ 0.13968242704868317, -0.15913543105125427, 0.12884151935577393, -0.058376044034957886, 0.6273468136787415, 0.2678636908531189, 0.102312833070755, 1.1616935729980469, 0.6858996152877808, 0.0037682694382965565, -0.7380449771881104, ...
N
4
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4.6
357
Female
Train
... in auckland. there were an awful lot of people from different government departments [inaudible 00:03:28]
[ { "feats": [ 0.12471898645162582, -0.29354068636894226, 0.19334115087985992, 0.023700665682554245, 0.721913754940033, 0.2688380479812622, 0.05849715694785118, 1.1479613780975342, 0.6575437784194946, -0.014132552780210972, -0.9091848134994507, ...
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Train
and then you can do it. and especially that thing about having the arbitration and having-
[ { "feats": [ 0.15170182287693024, -0.17416715621948242, 0.21990956366062164, -0.04483233019709587, 0.7759730815887451, 0.3302191197872162, 0.17955155670642853, 1.2971374988555908, 0.7350990772247314, -0.04223156347870827, -0.8364786505699158, ...
X
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Train
and also, that thing of the answer to the machine is in the machine.
[ { "feats": [ 0.13088834285736084, -0.09479831159114838, 0.24722625315189362, 0.00793782901018858, 0.5627167820930481, 0.2696051299571991, 0.05013697221875191, 1.0491704940795898, 0.7021814584732056, -0.13612325489521027, -0.7516449689865112, ...
X
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Train
right. and 90% of people want to do the right thing, want [inaudible 00:03:42]
[ { "feats": [ 0.16999831795692444, -0.1421971619129181, 0.14866507053375244, -0.06056591495871544, 0.774383544921875, 0.23171645402908325, 0.07521077990531921, 1.131696343421936, 0.8277815580368042, -0.1230095624923706, -0.7412797808647156, ...
N
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Train
you can get it signed off with a little bit of good conduct and certify what that is.
[ { "feats": [ 0.1575491726398468, -0.2642551064491272, 0.11391400545835495, -0.1812511384487152, 0.765835702419281, 0.3333827257156372, 0.07860687375068665, 1.3383108377456665, 0.7789480090141296, 0.005923829507082701, -0.9379773139953613, 0...
X
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Female
Train
i mean obviously, i'm nowhere near up to speed on this as a technologist.
[ { "feats": [ 0.042885370552539825, -0.2257322520017624, 0.20109201967716217, -0.04247584939002991, 0.7438414096832275, 0.29316261410713196, 0.013331125490367413, 1.2256900072097778, 0.7349360585212708, -0.047190748155117035, -0.7166898250579834, ...
X
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Train
[inaudible 00:03:53] that should work. it's really important to do that so that there can be some confidence built into the way that we're all going to move forward. and-
[ { "feats": [ 0.10824356973171234, -0.28678253293037415, 0.2020416110754013, 0.002101800637319684, 0.8017234206199646, 0.34604015946388245, 0.07194403558969498, 1.325832486152649, 0.6552276015281677, -0.04606211185455322, -0.8852414488792419, ...
X
3.4
3.4
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Female
Train
... yeah alex, that momentum that's so important.
[ { "feats": [ 0.033356647938489914, -0.2125285565853119, 0.2583347260951996, -0.08704834431409836, 0.841999888420105, 0.3119058310985565, 0.18365029990673065, 1.2600736618041992, 0.8574639558792114, -0.17496788501739502, -0.9378739595413208, ...
X
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357
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Train
and we focus on the public policy issues that are generated through the availability of these new technologies.
[ { "feats": [ 0.1399323046207428, -0.17063777148723602, 0.14891417324543, -0.03748812526464462, 0.5676366090774536, 0.25226080417633057, 0.027391470968723297, 1.1706202030181885, 0.7561652660369873, 0.07177407294511795, -0.704847514629364, -...
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Train
they allow people to do things that they weren't able to do before-
[ { "feats": [ 0.07142150402069092, -0.2619417607784271, 0.16304562985897064, -0.039253246039152145, 0.8107432126998901, 0.34732139110565186, 0.08131273090839386, 1.3360971212387085, 0.8967458009719849, -0.09048663079738617, -0.7674164772033691, ...
N
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... existing legislation.sure. so it might be easier to start with securities law and then talk about the dow.
[ { "feats": [ 0.1382218450307846, -0.20797616243362427, 0.10904934257268906, 0.021550770848989487, 0.6363150477409363, 0.29522904753685, 0.023189114406704903, 1.2961480617523193, 0.7559595108032227, 0.008769555017352104, -0.7576016783714294, ...
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the primary consideration here is likely going to be us securities law as a first pass.
[ { "feats": [ 0.15076220035552979, -0.2634342610836029, 0.10617851465940475, -0.05318402871489525, 0.7511304020881653, 0.31420618295669556, 0.008390289731323719, 1.2991394996643066, 0.8297592997550964, -0.0305241160094738, -0.657480001449585, ...
S
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or british jurisdictions or former british jurisdictions and with continental law and other law.
[ { "feats": [ 0.13085390627384186, -0.2243809849023819, 0.19616399705410004, -0.01610683649778366, 0.8131672143936157, 0.27121448516845703, -0.005601061508059502, 1.2693538665771484, 1.0069364309310913, 0.012325264513492584, -0.7656891345977783, ...
N
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the thing about american securities law is that the securities act has this laundry list of things that are securities-
[ { "feats": [ 0.0875299870967865, -0.24689143896102905, 0.1689944863319397, -0.04992280900478363, 0.6628872752189636, 0.2867208421230316, -0.024171331897377968, 1.227842092514038, 0.7881081104278564, -0.019006332382559776, -0.7278569936752319, ...
X
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... [inaudible 00:04:48] but that's not good enough to determine when something is or is not eligible to be regulated in such a heavy duty fashion as securities regulation is. and-
[ { "feats": [ 0.04332640767097473, -0.19019123911857605, 0.11562131345272064, -0.0878351628780365, 0.5791470408439636, 0.2672398090362549, 0.04514505714178085, 1.2498550415039062, 0.7195864915847778, -0.039976198226213455, -0.7274494171142578, ...
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... [inaudible 00:04:57] basically deferred to the federal courts in order to come up with some sort of flexible test for determining when something is and is not an investment contract.
[ { "feats": [ 0.05219937488436699, -0.2305631935596466, 0.13674689829349518, -0.013172021135687828, 0.5411837100982666, 0.29607900977134705, 0.0033338782377541065, 1.113175392150879, 0.6817256808280945, -0.02264939248561859, -0.7477662563323975, ...
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Train
it's got many acres. he invites rich new englanders down to visit florida and the orange grove and-
[ { "feats": [ 0.08753132820129395, -0.09954649955034256, 0.12499971687793732, -0.022249652072787285, 0.6407335996627808, 0.2224758118391037, 0.010630403645336628, 1.1346495151519775, 0.8099678158760071, 0.02262433059513569, -0.7406296730041504, ...
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Train
.. let's move here. and he'll say something like, "oh well-
[ { "feats": [ -0.02065126784145832, -0.19670657813549042, 0.2827953100204468, -0.0588434673845768, 0.8451768755912781, 0.5852140784263611, 0.11436431109905243, 1.7011752128601074, 0.8755806684494019, -0.014919119887053967, -0.5556405782699585, ...
X
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Train
... it's funny you should say that. the orange grove is for sale."
[ { "feats": [ -0.01092053297907114, -0.2689823806285858, 0.09660840034484863, -0.0533391535282135, 0.6617892384529114, 0.24717508256435394, 0.14148247241973877, 1.3334919214248657, 0.8857545852661133, -0.060046665370464325, -0.5805965065956116, ...
N
4.2
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Train
it turns out that the orange grove is not profitable.
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N
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4
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Train
there's a lawsuit inevitably against howie from some of these new englanders-
[ { "feats": [ 0.14602041244506836, -0.27172479033470154, 0.18661901354789734, 0.004291921388357878, 0.6607810258865356, 0.27059444785118103, 0.04241129010915756, 1.0944241285324097, 0.827882707118988, -0.03222203627228737, -0.681614339351654, ...
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357
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Train
... just generalizing, stereotyping. i like new englanders.
[ { "feats": [ 0.19037015736103058, -0.12113834917545319, 0.08965219557285309, -0.02774893306195736, 0.8832849860191345, 0.3113020062446594, -0.011950891464948654, 1.3694632053375244, 0.9953529238700867, -0.05427055060863495, -0.7934954762458801, ...
N
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which isn't a security. and then, you hired someone to farm your land, which-
[ { "feats": [ 0.08002904802560806, -0.13175256550312042, 0.12065707892179489, 0.024614397436380386, 0.7635152339935303, 0.38147103786468506, 0.10969147086143494, 1.2974143028259277, 0.7994074821472168, -0.09569595009088516, -0.8023245930671692, ...
N
3
3.2
4
357
Female
Train
.. that's a security. so fast forward to 2015-
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H
4
3.8
3.8
357
Female
Train
... which is already sketchy, because guess who owns those nodes?
[ { "feats": [ 0.11351899802684784, -0.177449569106102, 0.0965653583407402, -0.003026424441486597, 0.6990395784378052, 0.3049226701259613, 0.041292786598205566, 1.3169798851013184, 0.8087682723999023, -0.07265394926071167, -0.6014243960380554, ...
X
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5
357
Female
Train
it's josh garza. josh garza also has a history of being a scammer. before paycoin he-
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H
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Train
... [inaudible 00:06:00] from how nothing ever freaking changes.
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C
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turns out, it didn't even matter whether that is a security, that cloud mining operation because he didn't even have the hash [inaudible 00:06:11]
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U
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financial scams. so he's the serial scammer.
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U
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Train
he does all sorts of silly things like promise that amazon is in talks with him to accept paycoin as their digital currency, that there's going to be a [inaudible 00:06:25]
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N
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Train
effectively, everybody realizes that there's going to be no development here. that this thing is not going to have amazon integration or a minimum $20 price floor, price plummets.
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Train
but that's what you could say about people who bought these orange trees in florida.
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