I'm Keena Nisley. I'm a real estate agent with Keller Williams and Honolulu. This is the life of the land is in its real estate. I want to give you a quick residential market update. So we have an image that we can show you. As you see, we have set record highs in single-family home sales for this month. In September, $880,000 is the median price that the homes have sold for in September, with a record only nine days on market. Kondo's average median price is $445,000. The days on market are also down to $21,000.  How does that compare to commercial real estate? So I have Nancy Greckin, a real estate attorney with us, and I also have Will Elliott with Cushman and Wakefield of Cheney Brooks here to give us a little bit of a commercial update. So Will, what are you seeing in the commercial market? First and foremost, thanks for having me on the show. Yes, thank you so much. The commercial world, it's a big challenge. You know, as we all know, it doesn't take a rocket scientist to figure out that a lot of businesses are struggling and finding challenges with local shutdowns and just uncertainty in the market, no tourism and whatnot. So we're in a period of restructuring, reformulating what it's gonna be like to be successful during these times, and there's a lot of opportunities to either evolve or, yeah, it's just uncertain times, definitely. So what are you seeing in the commercial market on Oahu? Has there been activity or are you kind of just at a standstill? We're, you know, just based on the sales perspective, it's difficult to value real estate during these times. The number one method of determining value is based on income, and it's usually in a 12 month window. We've only been in this pandemic here locally, basically since March, so it's not even a full 12 months to determine real estate values. So there's a little bit of a standstill. There have been some transactions that have closed and more properties coming on market, but based on the uncertainties, how lenders are gonna be introduced into the conversation, the state of preforeclosures and any type of forbearance conversations between landlords and their lenders, we're still on the way down. We're not really gonna hit a bottom until sometime next year, and depending on the amount of distress in the market, the motivation to sell will be kind of all over the place in various time frames. So stay tuned. So Nancy, you do a lot of commercial leasing. Yeah. So what are you seeing in the commercial leasing right now and in the last six months? And the thing about the retail restaurant tenants, thanks to the lockdowns we've had, many of these tenants, they've literally been out of business and they can't earn any income. And if you're not earning any income, you can't pay your rent. And if you don't pay your rent, your landlord can't pay the mortgage and can't pay the utilities. And so as a real estate lawyer doing commercial leasing, I've seen precious little leases either to review for tenants or to prepare for landlords. I've been getting calls from my retail and restaurant tenants during the lockdowns asking what should I do about paying my rent? Some landlords have been willing to give the tenant a deal, maybe defer the payment of rent, pay it over time. Other landlords, especially like one of my clients is renting from a big nail in reach in Waikiki and they're just like, no, you got to pay your rent. Well, if you're not in business and you're not earning any income, how are you going to pay your rent? And the thing that's been really quite phenomenal to me is to observe nationally the companies that have filed for bankruptcy, Neiman Marcus, CPK, Sizzler, J Crew. These are big national companies with what was previously probably fairly deep pockets. But they're not earning any income or they're earning very little income because of restrictions on their business. And now we just found out that William Sonoma is leaving Alamoana. And I know I once saw that this was one of their best sores in the whole chain for per square foot sales. They were incredible. They're leaving. And Alamoana, I used to joke they had a negative vacancy rate because if a tenant left, there were plenty of people lined up that wanted the space, not anymore. And on the flip side, on the landlord side of all of this. What's a landlord going to do with a tenant who has gone down or who isn't paying their rent? You're going to addict them? So you can have an empty space? How are you going to fill it up? I think that's a real dilemma that the landlords are facing now on the flip side of all of this. And I think lenders will, I mean, I'd be interested to know what lenders are doing. The lenders and the buyers are all looking at the cap rate. Well, what is the cap rate looking like right now if nobody's paying their rent? You know? So it's industrial, I think continues fairly strong because we've long had something of a shortage of industrial space. And office, we had the lowest office vacancy rate of any state in the country before this happened. And I am sure it's it's going up. I don't know how high it is. But in offices, you've got now a lot of people are working from home. They don't need to be in the office. And there's probably plenty of businesses with offices that are shutting down or cutting back, because everybody's working from home or whatever, maybe trying to sublease to somebody else, lots of luck finding somebody, you know, it's I mean, to me, it's really it's the antithesis of the residential market. And if I had a solution to it, I'd run for president. Yeah, I had that on the list to talk about with the impact of people working at home. Have people given up their office space leases? Are they able to just walk away and say we don't need this space anymore? Well, of course, they can't go dark. But it's probably going to be the case that when leases come up for renewal. A lot of tenants are not going to renew their lease or maybe they'll say I'll renew it only if you cut my space in half, or something like that. Or maybe only if you cut my rent in half, I don't know. I don't know what is happening with that. But I rather suspect we're going to be seeing that because of the working at home phenomenon. So, so will let's go to you about she mentioned cap rate. What, what, what are you normally seen as a cap rate that investors are looking for on the commercial properties when they buy it? Yeah, so it depends on your asset type. You know, there's obviously different types of real estate hotels, office, retail, industrial, multifamily, etc. You know, on the hotel side and an apartment side, you're industrial, you're start historically, we've seen lower rates anywhere between like three to 5%, depending on the location. Retail usually starts around 6%. And office here in our market is a little bit soft. So that starts around six and a half to seven. I'm talking to some investors this morning, their expectations are they want higher cap rates, just based on the simple risk reward equation. So now that being said, it's really going to be dependent on whether or not sellers will sell at those prices. Based on their current situation. So, you know, either one or two things happen, they're able to if you're an owner right now, you're able to ride this out. And if not, then you face the risk of losing your asset to the banks and banks are not in the business of ownership. You know, for every property they take back, they have to withhold anywhere between eight to $12 of loans that they can, you know, originate, which drastically reduces the amount of money that they can make. So there's there's going to be, you know, it's a perfect storm lining up for the next 24 months. You know, when we came out of the great recession, financial crisis in 2008, the commercial mortgage security market just started to take off again. And those notes are usually around a 10 year window. So coming out of 2012 was 13 is when the economy started to come back up. And we're going to start to see a lot of defaults potentially happening. So, you know, if I'm an investor, I'm not looking at anything less than less than 5%. Even if it's, you know, a quality location, it's still there's a lot of unknown factors. And depending on the asset type, I might adjust my expectations. Oh, you talked about the 2008 recession. It was completely different from this because it was circumscribed. It involved only the residential lending market really it was it was circumscribed. Whereas this is it covers everything in the economy worldwide. You know, and so it's a much more gigantic thing that's happening now, you know, and it reverberates throughout the economy.  They don't want to foreclose on this thing. If all the tenants aren't paying their rent and all that, you know, where do you go? Yeah. Yeah, no, it's complicated. It's very complicated. And we're starting to see all the mechanisms that that are in pain and suffering. And it's like being on a sinking ship trying to plug every single hole as it comes up. So it's definitely a day to day situation. What can we do now? How how can we create value? With the lack of money flow, the money velocity has gone significantly down. So not only paying rent to your landlords and vendors and property taxes. It's also, you know, general excise tax, when you're not having transactions, we're starting to see a significant decrease in revenue for for the economy is not just here locally, but you know, and your every sales tax state, which is of course, you know, the GT is 50% of the state tax revenues in Hawaii. And because of the lack of tourism and the shutting down of stores and all that, I mean, the local governments are phenomenally strapped for cash. And with no relief, no apparent relief coming from the federal government. It's hard to know the only because state governments are required to balance their budget. Okay. And so what are they going to do? The only thing they can do is hopefully if they issue bonds or something, there's no there's really no way to get money. They can't go into debt like the federal government, you know, so it's hard to know what might happen to public services that can't be financed because of the drastic it's not just GT, but of course, income tax, if you're not working and you're not earning anything, you're not paying any income tax, you know? Yeah. Yeah, so so um, what are we kind of talked about this before we went on there? What are the legal ramifications of, you know, tenants, not being able to pay landlords can't pay the mortgages. There's no real winner. So legally, what, what there's one aspect of landlord tenant, and this is the common law boy, if a tenant defaults and doesn't pay their rent, the landlord has to try to mitigate before they can collect damages from the tenant. The damages are the future rent reduced to present value with some complex, you know, I don't know how they, you know, what kind of interest rate they use to figure it out, but, but the landlord has to try to mitigate in order to collect those damages because the theory is the landlord still has that space to rent. It's not like they've, you know, they've lost the space and they can rent it to somebody else. If a landlord is able to rent the space to another tenant for the same rent that tenant was paying, they have zero damages, except possibly a couple of months of rent reduced to present value. Okay. If they get more rent, they don't have any damages at all. If they can't mitigate, and I don't know, I don't do this stuff. So I don't know how long it is that they have to try to mitigate. Okay, it would seem that in these times, it might be very, very difficult for the landlord to be able to mitigate to find somebody else to rent that space, you know, and so I don't know what's going to happen if we if we're seeing these types of things, these evictions, what the courts are going to do about mitigation or what? And if we I don't know, do we have an eviction moratorium right now? I don't think that we do. We did for a while. I'm not sure we do. Do we? Anybody know? Did it get extended through the first? Did it get extended a bit? Yeah, I don't know. There's no more. There's no moratorium on foreclosure. But like I said, the lender doesn't want the property back. If the tenants aren't paying their rent. So what are they going to do? You know, it's just now, if you have a situation where the loan has been guaranteed, if you have a shielded entity like an LLC, and the loan's been guaranteed by somebody, they have potential liability on their guarantee, you know, and then they go bankrupt. So there's no real winner. It really depends. I mean, there's a couple of things I'd like to bring up on that. Number one, you know, in real estate, it's the highest and best use, right? What's really determining the highest and best use. So, you know, depending on the spaces in the location, there could be a new concept that comes into play or just a whole new industry as well. How do you create space? You know, our market has been very slow to evolve. I lived in Oregon for 10 years, traveled up and down the West Coast from 2008 to 17. So, you know, coming home, it's interesting to see all the trends five to 15 years behind. And so now I think it's a great time to actually reset to get us to a point where, you know, we're actually becoming a market leader in terms of innovation, which is very possible. We obviously need a lot of buy-in from landlords, tenants, lenders, capital sources, customers, etc. And then, yeah, so to me, if I'm a landlord, I'm really looking to see what's the highest and best use and talking to my advisors right away, be proactive.  But also, if you're a landlord that's had success for the last five or 10 years, you know, this actually might help you with your tax situation. So, you know, really kind of taking more of a scalpel approach, depending on where you're at, there's new, fast-view accounting rules coming out as it relates to any deals done in rent renegotiations, documenting those and filing that with your CPA and accounting staff, really kind of dialing that in, you know, you might actually find yourself in not a bad situation, as it all kind of shakes out.  So, yeah, so that does lead in. Are there steps to recovery? I mean, what, what, obviously, I always tell our viewers, we don't have crystal balls. But what would be some steps to recovery that you would see to kind of, you know, help our economy? We're definitely going to see the impact. But what would be some, you know, steps that you would see that we could take? So, we'll let you, we had, yes, we had a good conversation on the phone the other day about what things we would like to see happen. Yeah, absolutely. I think it's, you know, first and foremost, working remotely, as was mentioned earlier, that's, that's the new norm for now. So, you know, we've got phone and internet service, we could do Zoom calls from here in Hawaii to anywhere in the world. So, you know, I'm starting to hear about stories and seeing statistics that Californians are coming in and buying properties site unseen on the residential side. And I think a lot of the ideas you can come here and work remotely and be in the paradise. So, there's that opportunity. And as you begin to scale up, it's, you know, we have some of the lowest office rents substantially lower than the West Coast, you know, 60 bucks a square foot in San Francisco and 30 to 40 in between Oregon and Seattle. We're at anywhere between 12 to 20 here in Hawaii. So, you know, that that will help to shift some some ideas and within corporations as they look to reallocate some of their staff or even be able to to mine talent and use talent across more than just your your geography area, geographical trade radius. So, you know, that can lead itself into Hawaii becoming more of a tech driven economy. We have a lot of talent here locally. In fact, are some of our best and brightest have left. So, now it might be an opportunity to call them back home, find them a good place to live. And if they can make their same money and hopefully somehow reduce their living expenses in one way shape or form, I think there's a way to do it. So, you know, generating more more activity in the technology sector can definitely lead to more ways to drive revenue into our city. And that's something that we've all heard discussed so for so long is to diversify our economy. Because look where we are now because we are tourist dependent. And the tourists can't come in. Look where we are, you know, and so that, you know, diversifying our economy with technology, we're in the middle of the Pacific with between the Far East and the mainland. It makes a lot of sense to try to diversify into high technology industries, you know, because with with all of that we have with all of the technological things that we have now, and we're now we're all living on zoom and we realize, I mean, they're talking about how in the future, business travel might decline significantly because people have come to realize you don't have to fly to New York to have a meeting. You can have a meeting like this on zoom, you know, and then there's some discussion about that that that will impact already the airlines are suffering probably more than any other industry because of nobody's going anywhere because of all of this. And they're talking about how in the future, it may continue like this where we may continue to do this kind of stuff. And this would be a fabulous way for us to diversify our economy. And and I wish I hope there's somebody here who's giving it some thought and trying to figure out a way to accomplish it, you know, to diversify away from tourism. So there's like blue startups, elemental accelerator that are really pushing the innovation. There's co-working spaces that have that offer flexible work places outside of although look what happened to we work. But anyway, yeah, okay. They're actually on the move out there. They've restructured and they hit the bottom and they're now coming back up. Oh, are they? Okay. All right. So let's talk about some of these these buildings. I mean, I you mentioned Alamo on as you walk through there, it's empty. There's a large space down by the Walmart. What with with where the economy is going? What are the options for these landlords with these huge spaces? I mean, just well, I mean, Will, I think you were suggesting reconfiguration and doing something else with it. Okay. But if Nordstrom decides to close at Alamo on what the heck, you know, well, we all know what Alamo on a did after they paid Sears $250 million to go away. Instead of having one anchor tenant, they do have Nordstrom at the far end, but they have all those smaller tenants, they incredibly reconfigured that space, you know, into a whole bunch of smaller tenants, you know. So I mean, reconfiguration is one concept. But then the question is, what do you reconfigure it into? If nothing is doing well, you know, they're doing well. Sorry. I was just going to say we saw it with Macy's in Kailua was reconfigured right to down to earth, couple restaurants. It's good use of space. But what are you going to follow one with? Yeah, so, you know, there's examples of big boxes being converted into medical facilities, specializing in one thing or another, as it relates to more diversification versus like we're going to take this retail box and make it into another retail box. It's like, no, how can we actually reinvest into this space? I mean, you know, just look at the geographical areas of where hospitals are in relation to urgent care clinics and whatnot. So there's there's all these pockets. There's also ideas and transactions being happening right now where they're turning larger big boxes into distribution centers for Amazon. Now Walmart's getting into the mix and whatnot. So, you know, with all in one, it's it's incredibly centrally located. I don't think they'll really have a problem. Finding the highest and best use it really comes down to who's going to sign the leases and how much capital is going to is it going to take that to happen? The benefits of medical is that when you when you sign a dentist office for a lease, for example, the minimum they'll do is the 10 year 10 year lease, they've got to spend an incredible amount of resources to outfit their space hospitals, you know, so you're looking at a long longer term stabilized type of tenant. And then on the capital market side, that's actually a lower cap rate, higher value and more stable asset. So, you know, there's a great opportunity to look into things like that. As we as we, you know, progress through this pandemic. Alright, well, thank you so much. If somebody wanted to get in contact with you, Nancy, because they had some leasing questions. How would they go about doing that? Well, they can Google me because I have a website. It's greckinlaw.com. And so all my info is out there greckinlaw.com g re k i n l a w.com. Alright, and will if I have people out there looking to invest in commercial, because I'd be residential. Um, and how would they get in in contact with you if they were ready to invest in I'm assuming you'll do apartment complexes, businesses, doorfronts. Above all the asset classes we can handle and we're ready ready to get to work. The best how to reach out to you is by email is w elliott.com. That's c h a n e y v r o o k s.com. All right. Well, thank you so much, Nancy. Thank you, Will. I learned a lot. I hope our viewers did too. The life of the land is in its real estate. We'll be back in two weeks and we're going to talk about the short term rental market, which we all know did did take a hit and we're going to look into maybe its recovery and where it's going. So thank you all. Thank you guys for joining me. Thank you think tech Hawaii and I will see you all in a couple weeks.


The problem is the input, the problem is the output, the problem is the output. We still have two minutes, so maybe it will be fixed. We'll call our superiors. However, I think we can just start, and I will start without the slides if it's okay. If you can work without the slides for the first few minutes? Well, I will just need the computer basically to look at the slides myself, so my computer will not be available anywhere if that's the only thing. So if you can put it on another computer, I will just take this off and start to present with my laptop and with all the slides on the screen for the audience, but I will explain basically the content on the slides or however. It's just going to be a speech. You'll use your slides to help you remember? Exactly. Exactly. I think that we really need a slide for the delay. We're doing our best. Okay, so let's just go ahead without the projector. So I apologize. We're having a little bit of technical difficulty with Christina's slides, but hopefully we'll get that fixed shortly. But she's going to go ahead and get started. So thank you, Christina. Yes, so hello everyone. In my defense, I do have slides, but they are here. So I will use them for the purpose of this presentation. So my challenge would be basically to attract the attention here and not on the screen. Okay, and I am however very excited to be here and to present to you some aspects regarding technology challenges for privacy the case of decentralized social media. First of all, a small disclaimer. This talk is not legal advice. It is meant to be taken generic. And it's not to be applied to a certain particular situation. If you're searching for legal advice, I strongly encourage you to go and seek it. And also it's meant to be a bridge between technical aspects and the legal community. And this means that it's sort of sacrificing a bit of legal and technical procedure in order for it to be more adjusted for both the communities, the legal community, and also the technical community. I'm sorry. Put the output to the HDMI because there is no output from your laptop there again. No, let her speak. Yeah, you can give me your... Okay. Okay. Yes, no, it's okay. Okay. So to continue, some legislation, I think everybody heard about the GDPR. It's very... We are very aware of its existence. It is meant to protect personal data. And personal data means, in the sense of the GDPR, personal identifiable data. And that means basically any data that can be used to identify an individual alone or corroborated with another type of data. And here I would like to mention, for example, name, email address, phone number, but also IP address and login IDs, images, social media posts, and so on. Then on my slide, I have a few... I have a few statistics regarding the fact that main social media platforms have increased their number of users, and we are talking about billions of people that are currently using social media. And on the other side, we have decentralized social media, which, for example, mastodon, where we have also a certain number of people, so it attracts attention, and also a significant number of dudes, which is, in fact, more than one quadrillion, five hundred sixty-two trillion, and so on. So we have a lot of personal data that is out there, and that is being given away willingly by us, consensual. And here we find ourselves in our society, basically, in a situation of being in a privacy paradox, because ourselves, we are giving away consensual, our private data, but on the other, from the other point of view, we are seeing ourselves, basically, in a situation of how to say, how to explain. Give away our data willingly, but on the other side, we find a lot of awareness campaigns and a lot of situations where we hear from everywhere that privacy is important, we should care about our privacy, and so on. But on the other side, we are giving away our data, and this creates a situation of maybe a black bloc society. It has been said that we are living in a black bloc society where hidden algorithms can make a ruined reputation decide the destiny of entrepreneurs or even devastate an entire economy. Just one second. Is everything okay? So we have some privacy design strategies and this need for privacy by design, the principle of privacy by design from the GDPR becomes more stringent in such a situation because it eliminates the aspect of us consenting to give away our private data. It's basically very important to have the people that are taking into consideration the principle of privacy by design and incorporate privacy requirements into account right from the start and throughout the system development life cycle. And this means, according to this philosophy of privacy by design, the fact that privacy should be regarded as an intrinsic software attribute. And we can identify eight main privacy strategy, privacy design strategy existence. We have basically, we should look at them basically as an ideal concept because the point is to aim to reach some of them and also neither of them in itself is ensuring compliance with privacy by design. Now, regarding these privacy design strategies, they are split into two main categories based on what they tackle. On one side they are tackle data oriented aspects and on the other side we are talking about processes inside an organization. Now, the first one is minimize. I will not actually go and discuss about each of them very in detail. I will focus just on one which is separate but just to give you a glimpse of it, the first one is minimize which means basically that the amount of personal data that is processed should be restricted to a minimal amount possible. And as main tactics recommended, we have select which means that we should select the relevant people and the relevant attribute exclude which means basically that we should exclude people or attributes from the beginning, remove data and also destroy it permanently. The second one is height and height means that any personal information should be hidden from plain view. For example, in a situation of mixed networks to hide patterns or in a situation where there is a request for the right to be forgotten, the data to be deleted but it's not really deleted it's still kept on our databases. In that situation, that data still exist and should be made unlinkable and should be made unrelatable basically. And the main tactics in this principle is dissociate encrypt and restrict access to personal information. Okay, thank you. Then from the point of view of abstract, you should limit the details in which personal data is processed which means that personal data should be processed at the highest level of aggregation and with the latest level of detail necessary for the purposes of the processing. And as main tactics, they are basically recommending to summarize details into a more general attribute and also to group basically to abstract information at the level of a group of people instead of processing it at the level of a single person. Another one which is more related to processes is inform which means that data subjects they should be informed about the processing of their personal data in a timely and plain language manner. And as main tactics, we have supply, make information available basically. We have notify, for example, notify about the breach occurring. We have explain in a concise and plain language manner. And also we have another strategy which is control which means that we should provide the means necessary in order to tackle the consent of the person. And as main tactics, we have ask for consent that means that the consent should be explicit, freely given and offered in an informed manner. We should give the user a real choice. We should offer means to review and update personal information. And we should also retract for the possibility to retract consent. Another two, enforce and demonstrate the aspect of enforcement. We should establish privacy policies inside our organizations. And as main tactics, we have create, maintain and update these privacy policies and also demonstrate which means basically that we should be taken accountable to prove compliance with privacy regulations as a main tactics, the recommendation would be to audit, to record, to report to privacy authorities. Then we have finally separate. The separate aspect means that as a best practice we should distribute or isolate any processing of personal data, storage, collection, operations performed. And as main tactics, we have isolate. Isolation means that we should process personal data in separate databases or apps independently without access or correlation between parts. And also a second one which is very relevant for this talk is distribute. That means that we should partition personal data so that more access is required in order to process it. And we should distribute the processing of personal data over different physical locations with no control from one single entity. And we should use the equipment of the data subject himself and versus as opposed to central components. And basically we should use decentralized over centralized as a best practice. Now, if we think about the current state, the status quo, how social media looks like and if we think about the ideal social network from the perspective of these eight principles we see that there's a long way to go. So basically there's a lot of room for improvement. However, the point being is that if there is such an ideal social network, the social network would be decentralized. And user will store basically their personal information on their own devices and share them in a peer-to-peer fashion. A decentralized system basically, if we go more deep into the matter we discover that it's not just peer-to-peer and it's a distributed system where multiple authorities control different components and there is basically no single authority that is fully trusted by others. And we have a large variety of designs starting from the peer-to-peer fashion and ad hoc mesh and so on until we go to, for example, more complex structures which are federated super node networks. Regarding federated systems, as a characteristics of these systems we have the provider nodes which act as an authority and they are being trusted basically by other users. Each provider is responsible for its own users. Between providers there is collaboration in order to provide a service. There is no single provider that has authority over the rest. The infrastructure is usually independent and the providers act as a super node in terms of routing. And as a backside, the provider itself because the responsibility falls upon himself actually the main target for attacks related to security and the provider has the potential to violate the privacy of the nodes based on design choices on the platform. As main benefits of decentralized social media we have the aspect of surveillance, the fact that it's more challenging to take place. There is no entity in control so obviously it's easier to avoid such a situation. Because of the diversity location this can overpass censorship, political censorship. We are talking about, because of this model about distributed trust which means that the network can be built in such a way that part of the nodes are trustworthy and in this context the security of the network is preserved and from this benefit for example blockchains are taking advantage a lot of this feature. We have integrity which means that the model is more robust versus an attack that is meant to take down the entire network because of being decentralized. From the point of view of confidentiality the framework could act as a field for third parties and also from the point of view of serenity from the user the user is more in control of the personal data and it avoids the uneven balance of power between centralized operators and users because in the end in a centralized network we are seeing ourselves in an uneven balance of power where we have the operator which sees everything on the platform and we have the small user that uses that platform but in the decentralized model this balance of power shifts and it's more even. As challenges of decentralization we have in fact surprised the GDPR framework which is pretty much meant to if you read the GDPR you will see that it's more meant to discuss about centralized cloud-based internet so it's more talks for the situation of having a company or an organization or an individual and the relationship with their cloud provider. It talks about a data controller and a data processor. It does not refer directly to the situations when we have peer-to-peer networks so this framework itself is let's say not very clear from the perspective of the law and also we have difficulties applying some aspects, the right to be forgotten for example how do we apply it to blockchains or how do we apply data minimization to such big databases and on the other side we can notice also some trade-offs that are happening because in a situation of centralization versus decentralization in fact the trade-off is trust versus transparency. Trust in the central provider in the case of centralization and in the case of decentralization we are giving away transparency because the interactions happening on the network they are becoming more visible on the network in order for the decentralized system to exist and there is no content transparency but there is a protocol transparency so by transparency I'm not talking about the content itself because from the point of view of the content especially if we think about encryption mechanisms we are more okay the content that we post on social media which is decentralized, it's more protected but from the point of view of the metadata there are radical transparency at the level of the protocol or the metadata so this is problematic from this point of view so when we talk about the trade-off of transparency we are referring more about not content transparency but more protocol and metadata transparency which needs to be working somebody was telling me that metadata is for a decentralized system like the oil is for an engine to function so in order for it to function we do need to have access to this and we do need to build this trust between nodes now a very interesting example is the example of the Fediverse where we can find present on the platform and as actors present we have users lots of data subjects we have instance administrators they are the ones that maybe they are processors or the controllers from the perspective of the GDPR or they are programmers or protocol designers for example in this case we are talking about activity pop being the protocol and from the point of view of the instance admins because they are the ones that are processing or they are controlling information in the sense of the framework of the GDPR are we talking about a data processor or a data controller and I asked this question and the conclusion that I reached is that it's a personal conclusion it's the fact that if you are just a simple admin who just installs for example Mastodon or Pluroman has no idea how they are working you should be treated as a processor from the perspective of the GDPR for example but if you are someone who writes a Fediverse instance for example that collects all the data in order to do analytics and add tech in that situation you should be seen as a controller in the sense of the GDPR however the framework that the GDPR is proposing is a framework that is not very specifically applied to this situation so it's just an interpretation at this point now in terms of what we should do further in order to ameliorate to make this situation better from the point of view of the legislators legislators should align legislation with tech particularities and also they should keep up basically with the tech innovation because I'm not sure exactly if this might be a reason the GDPR started to be a thing and people started to discuss about it around 2012 in that situation decentralized social media was very at the beginning so maybe they did not took into consideration this particular situation this particular framework however things are moving and in the future I do expect that we will have clear answers about how to tackle this aspect and we will not remain with questions unanswered basically and also from the point of view of technology because we also have some issues from this point of view technology should align to large principle of privacy by design because decentralization alone with all those principles that I was stating in my talk decentralization alone is not enough to be a better alternative to centralized systems privacy wise it needs to be doubled by other privacy strategies because if you have a system which is decentralized that doesn't mean that you are compliant with privacy by design alone it does not get you to compliance however if there exists such a thing as a social media network which is ideal and incorporates all eight principles that network definitely should be decentralized so that was it we still have five minutes for questions and feel free to contact me I will however post the slides after this talk and thank you very much for attending it let's give one extra applause for persevering and giving an amazing talk during the most distracting circumstances does anyone have any questions? so on that you said that essentially decentralized social media doesn't isn't covered by the GDPR because it only focuses on controllers and processors which is of course correct but I would argue well there's also joint controllership we just don't know what it means yet and how to interpret it exactly and on the other hand if you look at like the ECJ decisions that are coming out we're actually getting to a point where it's pretty clear that all of that is covered and they are actually all just joint controllers which doesn't make it any better because then you just get into the whole discussion around what contracts do you need to put in place but I would say it's very much covered it's just really hard to implement the GDPR properly in that kind of context that's one comment I would have, not really a question the other thing, blockchains and right to be forgotten isn't the reason for the right to be forgotten sorry, for the right to be forgotten to be hard in that context that you actually, not you but controllers actually overstretch the consent as legal basis and don't rely on contracts for example sufficiently enough well according to the GDPR it's not just the consent the reason why we are processing personal data but it is basically a best practice because if we would have an informed free given consent then it would be very nice to process personal data based on that consent or that contract because in the end the contract is giving consent but it's not, it's just treated separated from this point of view I would say that we also have legitimate interest and usually technologies that do not answer do not enter in situations of having a contract or having consent freely given then we also have legitimate interest it's a trap basically a technical trap let's call it like that but it's something that definitely can have an answer from the point of view of the law because the law however needs to be interpreted and applied to specific situations thanks for your talk did you have a look at Secure Scuttlebot where you own your own data in a social network and if yes, what do you think about it? I do not hear the question did you have a look at Secure Scuttlebot where you own your social media data and what do you think about it if you took a look at this? I did not, I heard about it but I did not look at it I think we're out of time let's give it another round of applause, thank you no, it's okay do not no, I'm not eating good yeah, it was a pleasure


Wildlife is necessary for many things. It's necessary for our survival as people. It's necessary for our economies. It's necessary for biodiversity and ecosystems. It's necessary for our cultures. Worldwide, we're going through a wildlife crime crisis. If you look at the illegal poaching and trade in wildlife products, whether it be endangered animals, whether it be plants, whether it be timber, you're looking at values between $30 and $100 billion a year. This is money that's going into criminals' pockets. What we're seeing in this trafficking crisis, we're seeing literally the decimation of certain species, elephants, rhinoceros. We're also seeing more demand for less known species, narwhal, walrus, American ginseng, birds of prey. The illegal traffic in these creates challenges for biodiversity and it takes away economic opportunities for cities, for communities, for countries, for governments. It steals from us. If you look at illegal burning of forests, illegal forestry, not only are we looking at habitat loss, we're looking at money that needs to be laundered. This is going into criminals' pockets. Interpol and its member countries are fighting back on wildlife crime. We're working on identifying problems, building capacity, controlling operations, coordinating with countries, and taking on some of the world's biggest wildlife crime syndicates. We need the public support to be able to do this. Wildlife crime impacts people, it impacts communities, it impacts countries. It's important. It is important that we work together to stop wildlife crime because the future of wildlife is in our hands.


I'm not moving though. Right. So I start off with this figure that is coming from our chapter, chapter 12. And the results of chapter 12 and summarized in the summary for policymakers in figure SPM 9. Here, I think Alex also showed this yesterday. I think Alex has got lost in his running today. Oh, he's here. OK. Welcome, Alex. OK. So here, we tried to summarize everything that we found for all of our 33 different climatic impact drivers in the different categories. As you can see here, heat and cold, wet and dry, wind, everything. And here on the y-axis is the number of regions where we have high or medium confidence. So the purple and pink bars indicate high confidence or medium confidence increase. The dark purple showing high confidence and the medium purple or pink showing medium. And the orange-yellow colors show high or medium confidence decreases. And the number here basically indicates the number of regions in which these changes are projected to occur by this period. So with a 2 degree global warming compared to a similar period within 19, 6, 20, or 18, 15, 19 hours. So it's a bit complicated. But anyway, so it's with about 2 degree warming or 2050. So what I want to draw your attention to here in my talk today is this block. These are the coastal and ocean CIDs. So we have relative sea level rise, coastal flooding, coastal erosion, marine heat paves, and ocean acidity. And you can see already from this block that all these coastal CIDs are projected to increase with high confidence in most of the regions of the world, almost all. So why did we pick these CIDs? So again, like Alex and Erica both explained yesterday, we didn't just pull these out of there. So we looked at a lot of literature and also connecting with the sectoral aspect in working group two. We picked these CIDs due to these reasons. So relative sea level change can lead to permanent inundation. So once the relative sea level goes up, it's permanently underwater, which could lead to forced migration. Coastal flooding can lead to damage to property and infrastructure, and also in extreme cases, loss of life. Coastal erosion can also lead to damage to property infrastructure and also lead to forced migration if it's continuously eroding or episodic erosion happening all the time, people don't want to live in such places. Marine heat paves can cause coral breaching and shifts of large parts of the marine species. And ocean acidity can affect fish and health reproduction, fish health and reproduction, and also cause algal blooms. So these are the reasons why we picked these CIDs. But today I will limit my presentation to only these three CIDs. I don't have a lot of time, 20 minutes. It's not a long time. Now, when we talk about tacking these CIDs or how they will change, we have to also pick indices that are used commonly. So that's what we looked at in our chapter. And we had to identify the indices that are used commonly. So for relative sea level change, usually what is used is pretty straightforward. We people either refer to the magnitude of relative sea level change by 2050 or 2100, or the percentage relative to GMS LR, that the global mean sea level like Amy mentioned, the 20%. When we come to coastal flooding, the flooding due to the 1 in 100 year return period extreme sea level is commonly used for planning purposes and adaptation. So here, when we were doing AR6, now these data sets are becoming available. But we didn't really have data sets that showed us projections of coastal flooding per se. So we use this extreme total water level as a proxy for coastal flooding. So the impacts due to coastal flooding would be on, for example, the estimated annual damage in terms of euros or dollars, or the extreme annual population affected, that's the number of people affected. So we use this ETWL as a proxy. And that's defined as, in Chapter 9, that's defined as the addition of the relative sea level change, tide, storm surge, and wave set up. Depending on which of these components are combined, there are different terms. So for example, if you don't consider wave set up, then it is called extreme still water level. But we, in Chapter 12, looked at all these things. So we use throughout this ETWL. Coastal erosion, usually, again, in decision making or looking at sectoral impacts, people use the meters of shoreline retreat projected by 2050, 2100, something like that. And also for more storm erosion type decision making, people use the 50 to 100 year return period erosion volume. We did not have this kind of projections at the time of AR6 with global garbage. I don't think we still do. It would be quite a challenge to make such a database. But we did have information on the chronic shoreline retreat. So that's the more long-term shoreline retreat, mostly due to sea level rise. But in the absence of additional sand supply to the coast or any physical barriers. So there is that caveat always. In anything we say in AR6, when we refer to shoreline retreat, it is in the absence of additional sand supply or any physical barrier shoreline retreat. In places where these things are there, these projections would be different. So it's important to note that. So why these indices? As I said, they are the most commonly used indices in coastal zone management, port and harbor design and insurance industry. That's why. Now, one of the main results that we have in Chapter 12 are the CID tables. Again, you had a sample of that yesterday. So I have here just taken out the coastal and oceanic CIDs that I mentioned earlier. And this is for Africa. So we have projects. We have the CID tables, which are subdivided into the different IPCC regions. So here is Africa, all these different regions, including also the African part of the Mediterranean. And you can see it's dark blue. This whole block is dark blue, which means high confidence of increase. The red dots mean emergence. I think this means red means already emerged in the historical period. Yes? If there's no circle, that means there's no emergence. And the caveats, there are caveats. Throughout these CID tables, there are caveats. So here you can see for coastal erosion, we have these caveats. Number four, the what I mentioned earlier, along sandy coasts. So not in rocky or muddy coasts, and in the absence of additional sediment sinks, sources, or any physical barrier shoreland. And then here, it's also five there for eastern Southern Africa and Madagascar, southern moats past. So there are some conditions to its validity. So it's important to, when you're looking at these CID tables, not just look at the colors, but also look at the caveats. We went to a lot of trouble to make it as accurate as possible. A lot of people just look at the headline statements and make loud comments. But I think we have been really precise in the way we have presented this information. So like this for Africa, we have similar tables for every region of the world. And you can see almost everywhere where there's ocean, it's dark blue. High confidence of increase. IPCC Confidence Language, this was covered yesterday. So there's different lines of evidence. I will not go into this again. But I must highlight that process understanding is also something that really comes into play when we come up with confidence statements. We covered this yesterday. This is how we come up with confidence statements and likelihood statements. Now some projected changes. This is from chapter nine. This is about extreme still world level. So not quite extreme total world level. It doesn't have the web setup component. And this is based on measurements at 634 tide gauge locations. And based on these measurements, chapter nine came up with projected changes in the frequency of extreme still world level. Here you see 2050, 2100 for different scenarios, low to high. And so the basic thing you see here is that by 2100 everything becomes dark blueish, which means the frequency increase, frequency amplification of greater than 100. So that means that, for example, the one year annual probability event today will become 100 times or more frequent. So the one year, 1% annual probability event will become at least an annual event at 31% of tide gauge locations by 2050 and 82% of tide gauge locations by 2100 under this high emission scenario. So that's a very big change. Imagine an event that happens today one time. So that has a chance of happening once in 100 years. By 2100, that happens many times a year, more than once a year. That's a very big change. You will not be able to live in such areas. So it's just not statistics when you think about the reality of the situation. Then in chapter 12, we have magnitudes of projected change in extreme total water level. So this is one of our main figures in section 12.4. We have two scenarios, 4.5 and 8.5, and we have 2050 and 2100. So again, you can see here, compare the 8.5 for mid-century and in-century. You can see by mid-century, the increases projected are about 0.2 meters or so, between 0.2 and 0.4. When we go to 2100, the increases are around one meter. So that's again a big increase in the extreme total water level. All of these changes are relative to a baseline period in the beginning of this century. Shoreland retreat, we have such figures that show the projected shoreland retreat. Subject to those caveats I mentioned. So this is by 2100 for RCB 8.5. Again, this is for Africa. Negative is erosion. Positive is accretion. So dark red means more than 100 meters, for example. And then we also have these uncertainties for each of the regions. As you can see, in some regions, there's large uncertainties. And we have produced such figures also for Asia, Australia, and Central and South America. We don't have a global map. So that is all about the direction of change, though. So in the CID tables, we are only talking about direction of change. We don't talk about the magnitudes. We don't say the tables only indicate the confidence we have in the increase or decrease. So if you also want to see the numbers and assess confidence level on the magnitudes of change, we have that in the text. So here, for example, in 12.4.5, which is for Europe, that's the section that Erica handled personally, with Robert. So if you look at the text, we will first have, so if you take the text for coastal erosion, we will have something about observed changes, right? So then we see here, from the papers that we find the literature, we have this kind of text about the rate of observed change. And then in the next paragraph, we will have text about projections. So here, it's retreated by 25, 60 meter long sandy coast in certain regions. So if you want the numbers, you have to go into the text. Not only look at the maps. In fact, it's a bad idea to get anything from the maps because these are all done with very large scale global studies. So course grid and under a lot of assumptions. So if you look at a map, a dot in your town and take that number, that's probably gonna be wrong. So because a lot of local poses are also operating at any local scale. And that's why when we give numbers, it's all average for a whole region because some places, the models are good, some places, they are bad, so it balances out, that's the idea. Coastal CIDs that we have not assessed in AR6, mostly due to lack of data at this point. So maybe if you wanna think about doing studies in these topics, that'll be helpful for the next assessment report. We haven't looked at salt water intrusion in a global sense, it's very important actually when salt water intrusion increases, as it does, and there'll be a lot of implications into like drinking water extraction from rivers. I know from where I am from Sri Lanka, there's a couple of rivers that people take drinking water and now in the last 20 years or so, they have had to move the water extraction point upstream three times because salt water keeps coming up. We also didn't look at compound coastal flooding, so that's like things like the combination of storm surge and flu wheel flooding, or it could be also the addition of flu wheel flooding, again, due to lack of literature. So that's I think is a major research gap that can be addressed actually with available tools. We did not look at extreme waves in AR6, but since then now there have been a couple of studies that have come up with these projections. We also didn't look at the groundwater table effects on the coastal zone, which does have a effect. So where to find the coastal CID data is assisting AR6 working group one. Amy talked to you about one, so the relative sea level change can be found from this really nice tool maintained by NASA. I will not go into that, play around with it. All the other data sets, we have put in this tool called Coastal Futures, which is maintained by us at ICDAL. So there we also have the regional sea level change that Amy talked about, but only the median values. We don't want to repeat, but just for sake of completeness, we have that, just the median values, not all the bells and whistles that are available in the NASA tool. We have also extreme sea level. We have now I think three data sets there. Three different data sets produced on extreme sea levels. Two by scenario and one by global warming. Coastal flooding, also we have now two data sets, one with current coastal protection measures and one without. For shoreline change, we have only one data set at the moment, that's the same one that we used extensively in AR6. And extreme waves, also we have a data set that became recently available, but we are in the process of also adding mean wave projections to that, that should also be available within a couple of weeks. I was initially thinking of doing a little demonstration of this, but given that we are already running a bit late, I will not. You can find this, the link is there and you can just search for it on Google also. We don't have a data download facility here because all the data sets that we use here, by definition, is one thing we do in coastal futures is we only put up published data sets that are freely available. So in each one of these pages, we have provided links to the original papers that you can go and download all the data. But if you need any of these data sets for a particular region and if you don't wanna be bothered with navigating through global data sets, you can always email us and we'll try to help you, okay? So limitations of our assessment, I think that's also a very important thing to bear in mind. It's that all of the coastal CID projections are based on relatively close, close resolution global scale studies. So they are useful to identify regional scale patterns or potential hotspots at national or continental scale, but not to inform local scale adaptation. I would advise not to take any of those numbers that we have in these maps and use it for adaptation study in Danang Beach in Vietnam or Manila in Philippines. That is not the purpose of this data. If you wanna do something like that, then you need to do detailed higher resolution studies. Usually for coastal studies, it can be 10 to 100 meter resolution.  All that whole cycle has to be done with detailed modeling. So then you end up with maybe research like this. So for here, here this is a flood risk study that we did in Kanto, very detailed. Also this is a flood risk for a 100 year event that combines the river flow and the storm surge and this is without subsidence. This is with subsidence. You can see the effects of subsidence is far outweighs anything else. And this is the result of a coastal risk study that we did. The colors indicate the yearly risk in Australian dollars per square meter going from light to dark reds with high numbers. So the dark red areas are high risk areas and these black and blue lines are the coastal set back lines that we calculated from the study. So to do these kind of things, you cannot do this with our AR6 results. Then you really have to go into detailed modeling. These are very high resolution model results. I think that's it from me. Yes. So I can take one quick question or we can move on to Jose up to you.


Hey guys, it's me LoL and today we're going to be doing another reaction video. Now what we're going to be reacting to today is a song by Rap Monster and it's called Joke. Now I had no idea Rap Monster has released his own songs and oh my god I feel so dumb for not knowing about this.  But man oh man am I excited to watch this music video because 1 it's Rap Monster and 2 he's a rapper. You know hence the name Rap Monster. But I am so excited to see what he can do by himself for a music video or just a song in general. And if I like it I'm probably going to react to more of his songs because there's one that actually looks pretty cool. Well I haven't actually seen it but like the thumbnail there's like fire so I kind of want to react to that as well but we'll do that another day. This is the thumbnail that I'm talking about you know this right here. The title of the song is in Korean so I don't really know what that actual song is called. So if you guys know what that song is called in English please let me know because I'll be glad to react to that. It just looks cool just on the thumbnail. I know don't judge things by it's cover but I'm judging that freaking song by it's cover and it looks cool. But anyways let's just get straight into this music video. I'm very excited to see what Rap Monster can do and let's do this. Oh okay he's walking he's walking let's go. Oh okay I feel like this is going to be some pretty hot stuff. Like he's going to have some bars I reckon. Okay. Oh okay. Yo I like the beat. How many times is he going to do that? Oh oh oh. Yo. He has got bars. Let's go let's go. Yo this is lit. Rap Monster. Yo this is sick. Okay. Yo oh okay. This is awesome. This is actually really cool. Wait he's cheating on himself but. Yo. This is actually lit. He is spinning fire. Yo. This is actually awesome. Yo his flow is amazing. He's just going and going and going and going. We haven't stopped man. Oh. Calm down dude. What? Hate to do. No wonder why he's in a mental asylum because this song has been driving him crazy. He's going so fast. Yo. When he said that I thought of Dragon Ball Z. Oh I feel like that was the slowest part of this. I actually know the start words when he's going oh. Yeah that was the slowest part. But dude. He's just going man. Yo. This is actually lit. Thank you for recommending this. This is just. Like four minutes of just awesomeness man. What's happening? Oh okay it's just ending.  That was so amazing. He was spinning bars for days. That was lit man. This song was the Jet Fire. It went for three minutes nineteen and about three minutes of that was just a non-stop just rap. It was just the jet. Now I know why he's called Rap Monster because of the jet.  Like it was insane. But man since this was so freaking awesome I just want to see that other one. I might actually watch that other one tomorrow. I don't know what it's called. I'll just like put the title of it here. You know this is what it's called. And I'm probably going to react to that tomorrow. So if you guys have the English name for that can you guys please let me know. Oh wait no I'm not going to be doing that tomorrow. It was Exit. They're releasing a couple MVs tomorrow. Just one MV. And I'm actually very excited because I love this song. Ah yeah. Like I absolutely love that song. I watch that music video every single day because I love the editing for it. I love the song. I love the beat. And ah man just the song in general. I love it. So yeah tomorrow is going to be Exit. Then the day after we'll do Rap Monster's other music video that has caught my eye. So I'm definitely going to be watching that in a couple days. So definitely stay tuned for that. But yeah guys that's going to be all for this video. And I hope you guys did enjoy it. If you guys did then definitely show some support by leaving a like. And also comment down below if you loved this Rap Monster song. Or if you think he's got a better song than this. And also if you guys are new to this channel then definitely subscribe. Because we have hit 700 subscribers. I just can't believe it because at the start of the week we were up to 632 subscribers. And now we are up to 704 subscribers. And it is a Sunday today. So you know this week has just been an amazing week. So thank you guys. And yeah that is all. And I hope you guys have a great day. And just keep on smiling. And adios amigos.