.
LIZ: GOLDMAN SACHS' CHIEF
FINANCIAL OFFICER USING ONE OF
PRESIDENT TRUMP'S FAVORITE
SAYINGS, FAKE NEWS, TO DENY A
REPORT FROM EARLIER IN THE WEEK
THAT HIS WALL STREET BEHEMOTH
IS ABANDONING PLANS TO OPEN A
CRYPTOTRADING DESK.
THE BIG BANK'S DENIAL, NOT
ENOUGH TO STOP THE BLEEDING.
WE HAVE BITCOIN DOWN ABOUT $4
WHILE BITCOIN ENJOYS JITTERING
TRADING, CAPTURED INVESTORS
ATTENTION, BLOCKCHAIN WHICH IS
A DIGITIZED DECENTRALIZED
LEDGER OF ALL CRYPTOCURRENCY
TRANSACTIONS.
WITH THE RAPID PACE OF
TECHNOLOGY AND THE BLOCKCHAIN
NEXT GUEST CREATED THE FIRST
ARTIFICIAL INTELLIGENCE HEDGE
FUND NUMERAI THAT PREDICTS
STOCK MARKET ACCURACY.
WE BRING IN RICHARD CRAVE IN A
FOX BUSINESS EXCLUSIVE.
LET'S TALK ABOUT HOW YOUR FUND
WORKS AND WHAT PART OF IT
BLOCKCHAIN SECURES.
>> NUMERAI WAS THE FIRST HEDGE
FUND TO GIVE AWAY ALL OF ITS
WORLD TO USE THE DATA.
HOW DO YOU INCENTIVIZE PEOPLE
TO DO SOMETHING LIKE THIS,
THAT'S WHERE BLOCKCHAIN COMES
IN.
WE CREATED OUR OWN
CRYPTOCURRENCY AND PEOPLE USE
IT TO STAKE ON THEIR
PREDICTIONS.
IT'S A LITTLE LIKE THEY HAVE
SOME SKIN IN THE GAME WITH
THINGS WORKING, AND THAT MAKES
THINGS WORK MUCH BETTER.
LIZ: I WANT YOU TO REALLY
ARTICULATE WHERE BLOCKCHAIN HAS
THE LEGITIMACY THAT IT DOES?
I WAS TALKING TO A BANKER
RECENTLY AND HE SAID LIZ, YOU
TECHNOLOGY ENABLES SECURE AND
TRACEABLE TRANSACTIONS FOR
EVERYTHING FROM FOREIGN
EXCHANGE TRADES TO ANY KIND OF
FINANCIAL TRANSACTIONS, AND
THAT IT APPARENTLY IS QUITE
HACKER PROOF UNTIL IT ISN'T.
BUT EXPLAIN THAT TO US.
>> YEAH, BLOCKCHAIN, WHAT'S
THEY SAY IT'S DECENTRALIZED.
SO IF WE WERE TO GIVE YOU
POINTS ON NUMERAI, POINTS IN
OUR DATABASE, WE CAN JUST TAKE
THEM AWAY BECAUSE THOSE ARE
POINTS IN OUR DATABASE.
BUT IF WE GIVE YOU
CRYPTOCURRENCY, NO WAY QUEE
TAKE IT AWAY, IT REALLY IS
YOURS, AND THAT'S A VERY
POWERFUL NEW THING.
LIZ: REMEMBER IN 2010, WE
TALKED ABOUT FLASH CRASHES
YESTERDAY BECAUSE WE HAVE SOME
MAYBE WE'RE RIPE FOR ANOTHER
PLUMMETED OVER JUST A COUPLE OF
MINUTES LOSING SOMETHING LIKE
900 POINTS, RECOVERED MUCH OF
IT BUT TOOK SO LONG TO FIGURE
OUT AND TRACE WHAT TRIGGERED
IT, WOULD BLOCKCHAIN, RICHARD,
ENABLE US TO TRACE THAT MUCH
MORE QUICKLY AND HENCE FIX IT
MORE QUICKLY?
>> I THINK SO.
WHICH IS KIND OF FAR AWAY, BUT
BLOCKCHAIN DEFINITELY ARE
TRACEABLE, BUT THERE ARE NEW
ONES THAT ARE PRIVATE AS WELL.
NOT SURE IT'S GOING TO SOLVE
THAT PROBLEM.
AND NUMERAI IS GETTING PEOPLE
TO MINE OUR DATA AND PROVIDE
INTELLIGENCE US TO, SO I THINK
YOUR FUND, IS THERE A MINIMUM?
>> YEAH, THE FUND HAS HIGH
MINIMUMS FOR CREDITED
INVESTORS.
LIZ: ACCREDITED INVESTORS.
>> KEEP US POSTED BECAUSE THIS
IS A STORY, IT'S THE FUTURE OF
TECHNOLOGY ESPECIALLY WHEN IT