In this presentation, we will add items otherwise known as products and services within our accounting system.  Here we are in our job costing company dashboard. In the prior presentation, what we did was add accounts. We added accounts. Let's take a quick look at the accounts that were added by going to the accounting dropdown and then going on down to our chart of accounts. So if we go on in to the chart of accounts, we added the accounts on, I'm going to say the expenses tab. Let's move on over to the expenses tab for our chart of accounts and basically cost a good sole type of accounts, which we included at direct costs. We included those accounts into the major categories being the direct materials, labor and overhead. And then we added more detail for the direct materials. We did so with a list on our Excel sheet. So on our Excel sheet, we added these items onto our list as basically accounts. We're going to take these same items here and add them as items or otherwise known as products and services. The products and services, these items are going to help us to drive this information to the proper accounts as we fill in the data input forms such as the invoices and the bills and the checks, the money in and the money out type of forms. So we have to use these. This is like a really key component to doing the job costing system. We'll set up what's called often termed as double-sided items. Note that some of this terminology is coming from basically a QuickBooks type of system because QuickBooks, when it comes to a software type of situation, a lot of people will use a QuickBooks type of terminology and some of it will basically pull over. So we'll use what's known as a double-sided or two-sided items as we enter this into the system and we'll use them in order to drive the data input forms for invoices and bills and things of that nature. So to do that, I'm going to hit the dropdown up top. We're going to then be going to adding the products and services. So we're going to go to the business dropdown and then go down to the products and services. Now again, some people will call these things items because that's what they were originally called and let's say QuickBooks and other software like Peach Tree or Sage or whatever. So now we've got, but now even QuickBooks online is also re-terming them to products and services although the name sometimes switches back and forth between items and products and services. So just be aware that you may hear these called items. You may hear them called products and services and this is what they are. This is where you go. So we're going to go to the products and services. We're going to be adding these products and services here. So we're going to add them one at a time and we're going to do the same process in essence. We're going to be adding them in accordance with this list. So we're going to start with the surface finishing. We're going to start with the finishing. So then we'll go on back on over here and we have the code, which I'm going to try to just put the full thing in the code, the surface finishing and the item name to keep them the same. And then we're going to say I purchased this item. So we're going to have both of these two items set up. And then we're going to do this that if you were to have just service items, then you would typically say this is, I sell this item so you could record the sales side of things. If you have inventory, then you'd have the purchase item checked off as well. And you may track that inventory through the system, which means you would check this last one off. For us, we're going to use kind of the double-sided items or the two-sided items, which means we need the purchase side checked off and the sales side checked off. That will allow us to use these items to help us populate both the billing information or the money going out type of information as well as the invoice type of information. So that's what we're going to use. So we're not going to be putting the price in as we go through this process. We're going to say the purchase account, the purchase account that we're going to be going to will be, and I'm going to use the same account as the surface finishing. So we set up the surface finishing for the cost of goods sold type of accounts. So we're looking for that surface finishing here. If I start to type it in there, I should be able to find it. Surface finishing. So that's the one we want, 512. And we're not going to have any tax. I'm not going to be adding any tax to it. And the description is going to be the same for the surface finishing. And if I tap through here, then we sell these items. Again, we're not going to put the price. This would be the sales price. We're going to add those when we enter the data input form such as the invoice or sales receipt here. The account that it needs to go to then is going to be some type of sales account. So I'm going to pick, I'm going to hit the drop down. I'm going to pick the sales account that they gave us when they set up the chart of accounts, which is going to be 400 simply called sales. So there we have it. That's going to be our two accounts that are affected on this transaction are double-sided basically transaction. I'm going to go down to the bottom. I'm going to say save.  We're going to go through this in a similar process. So we'll get used to this function. So we're going to go back on over. Now we're going to do the plaster and the gypsum board. So let's go back on over and we're going to say plaster and gypsum board. We're going to say that's going to be the item name as well. And then the purchase account, we should have a plaster and gypsum board account. And that's going to be 512. So this is the account that we set up last time by the same name. And then we have the description is populating for us on the sales side. We just want the sales account. So that means that on the revenue side, you could see that we're putting all the revenue into the revenue accounts. So when we record the invoice, it'll be grouped under revenue. You could break out the revenue in a similar fashion, having different accounts as we did up here for different components of revenue. But oftentimes you want lesser of the revenue accounts and you may want more detail in the cost of goods sold type of accounts. We'll talk about that more as we start to process the information. You'll see this being constructed in the financial statements. So let's do this again. We're going to say save and another. We're going to say thank you. Can we have another and go back on over? And this is going to be the cement render. So we'll have the cement render and go back on over for the cement rendering. That's going to be the item code, the item name. And then we're going to say the accounts going to be the cement renter for 516. And then we're going to say the sales account is just going to simply be sales. So same process, same items here. And then I'm going to say save a new once again. So let's go save a new again and go back on over to Excel to pick up the next one back to Excel. Now we have the ceramic tile and the other tile and the mosaic stuff. And I'm going to minimize Excel and pull that on over. So that's going to be here. It might be a little long for the code. And then we got the item. We're going to say the purchase account is going to be the one that we set up. There it is. And then we're going to say that on this account, the selling account needs to be sales. So the sales item is going to be there. And there we have it. Let's do it again. Let's say let's see another one. Thank you. Can we have another? And then we'll go back on over and say they're like, yeah, we're going to have the dropped ceiling now. So we'll have the dropped ceiling. So we're going to copy that one, minimize the Excel and then go into the item with the dropped ceiling. We want to go into the account for the dropped ceiling. And then we're going to go down to the sales area and type in sales and pick up the sales account. Let's do it again. Save and another. So let's try it again. Now we're going to do the flooring. This is the wide plank flooring. So we're going to go back on over here, really pulls the room together. That's going to be the item, the item name, the account. I'm just, I'm just pasting this in there and then I'm picking up the account. So this isn't the same, right? We're picking up the account down here, the account by the same name. And then over here, we're going to say sales, sales. And that's it. That looks good. Let's do it again. Thank you. Can we have another and yep, there we go. Now we want the marble. So the marble and so we will pick up the marble and we'll paste that into the code into the name into the account because we're going to pick that 524 account we set up last time. Then we're going to, on the sales side, just pick the sales account that they gave us and that's going to be account number 400. Then we're going to do it again. We're going to say, can we have another, we got a few more to do here. Good times. Next is going to be the wall covering, which of course includes things like the wall paper. And so we have the wall covering item name, the purchase account for the wall covering is going to be 526. And then the sales account is going to be account 400. Account 400 or sales. There we have it. Let's do it again. We'll hit the drop rise up. Or the rise up because it kind of goes up and set it down. So it should be a rise up. And then we're going to say this is going to be the paint and wood stain paint and wood stain. We're going to put that in the item code, the item name and the purchase account. That's going to be account 528528 on the sales side of thing. Once again, it's just going to be that sales. It's kind of boring down here on this side. It's always the same. But then we're going to go to the drop down, which is actually dropping down this time instead of rising up. Save and add another. And then we're going to go to the staff. This is not staff. Remember this in the sense of employees, but staff as they say here, an artificial stone staff at some time. I would think it'd be a stick. I like a staff. It's supposed to be like a stick is twirl around, but both staff. So anyways, we got that. That's going to be the 530. And then the sales sales. There we have that. And let's continue this. We only got, we have a couple more here, save and another. So we're almost there. Next is the stucco. And then we could finish it up with the wood finishing. So we got the stucco here, stucco, the item name stucco, the purchase account stucco 532, 532 being the account number. And then the sales account being sales. Count number 400. And then let's do this one more time. We only get to do this one more time because that's the last one we have. And then we have to stop. This is a good time. So we have to stop at some point. Wood finishing. We're going to copy the wood finishing. We're going to go back on over and put that into the item code, the item name, the purchase account, which happens to be 534. And then in the sales account, we're going to pick account 400 as we have this whole time because that's the sales account. And then that's going to be at this time. Instead of saying save and can we have another, we're just going to say save, which means save and close. And there we have it. So there we have all of our information. I'll go through them slowly so that you can see the ones that we have put in there. Same process as we go in there. If you have any problems with them, you can, of course, adjust them by going back into them, opening them up by simply clicking on them in the blue area. The hyperlink will be, that'll give you the detail of it.   Remember that the items you can find them on the business dropdown, they're going to be the product and services items. We set them up as double-sided here, double-sided, meaning we're going to use the same items to help us to populate the expense side of things when we pay for this information with money going out as well as the invoices or sales receipt when the money comes in. That's going to be it for now. Let's get out of here.


My name is Dr. Seema Hotra, I'm a consultant cardiologist and my mission is to save lives a million at a time. So I've been a proponent for Lifestyle Medicine for a number of years and having explored CNM and being a guest of the college, I've been very impressed with what I've seen. But in particular I think the main focus on what people eat is really going to be the solution to dealing with many of the chronic illnesses that we deal with today. And I say this as someone who's been a practicing doctor in the NHS for almost two decades as a consultant cardiologist with all my knowledge and experience. You know, the mantra is true, food is medicine, if we're going to fix our healthcare system we need to fix the food and that means having an understanding of the very basics of nutrition. Being nutrition is so important in today's society because one of the first questions I ask my patients when they come in is what are you eating? And often many of their problems are related to the types of foods, the modern ultra-processed food environment, driving the consumption of the so-called what I would describe as fake foods essentially that don't nourish you, that are going to increase your appetite, that are going to contribute to you putting on weight and excess body fat and causing inflammation in the body. So for me many of these conditions, chronic conditions, whether it's heart disease or type 2 diabetes or high blood pressure are very much rooted in what we eat and therefore the solution is going to be fixing the food. In terms of what message I would give out to people who are thinking about retraining and focusing on nutritional therapy I think absolutely follow your passion, go for it. It's a really important area, I think being empowered with those skills in particular the practical aspects of being able to help people change their diet for the better I think can be very rewarding and very powerful to help many, many patients.


Alright guys, I've just been sent this brand new wireless carplay and android auto adapter. But just as a side disclaimer, the box that I have is a pre-release factory version. This is the actual screenshot of the public release version of the box that you will get if you do order this package. And as you guys have seen from the thumbnail of this video, this is capable to playback any of your streaming apps like YouTube, Netflix, Disney Plus, Hulu and anything else from the Google Play Store because this has its own OS built on the Android 12 system. I'm pretty excited to try this out. This essentially comes in two different versions. It's currently on Kickstarter and it's being marketed as the world's first BMW mini smart carplay AI box. It's quite a long name but there's also a universal version which is this one here which is compatible with any other car, not necessarily a BMW which supports having a wired carplay adapter installed. So if you do have carplay android auto capabilities in your car and you have a USB port then most likely this would work absolutely fine. This is called the CarLux Pro and I'm going to set this up in my car by testing it out for a few days. This has a little USB-C port there to connect it to your USB port in your car and just on the other side, one thing I really like about it is you can expand this with the micro SD card and go up to 256GB to have maybe local storage of other media files that you can play back onto your car. This also has a SIM card slot as well so if you wanted to use data and have a hotspot system set up in your car then you can use all of those streaming apps and anything else from the Google Play Store by using the data on the SIM card that you attach to this box as well. Inside you get a small user manual. Just provide some information about how to get set up and running. You can see there's a little screenshot of how the UI will look which I think is really great because I'm going to be using this in my Range Rover vlog and it's going to change the system completely from the Land Rover infotainment system that's currently on there. And then you also have a USB cable which you're going to need to connect it. This has a USB-C to USB-A adapter on there but I'll be taking that off and just connecting it via the traditional USB port. So I'm going to go and test this out for a few days, see how this performs and I'm going to feedback with you of all of the good things that I like about it, how it performs, some of the drawbacks and overall how this system works as a brand new UI to my Range Rover vlog. So let's jump straight into that now. Okay let's go ahead and plug in the CarLux Pro into the USB. You'll notice that this will pop up on the screen here with a brand new operating system and it will load with a nice little jingle. Now I've used this for a couple of days now. It's gone directly straight into Apple CarPlay which I have set it up with as you can see which is convenient and that's something that I like. If I want to go back and showcase to you guys the actual UI that this is built on I just need to hit the Land Rover button just there and this is the main home screen of this new AI CarLux Pro device. Now you can see there's a lot of different little widgets here and I'm just going to run through how this works because I think this is something that is going to change my whole system completely. You'll see there's a little speedometer there on the left hand side. You can change the kilometers per hour to miles per hour as well so as you're driving this will actually update and show you your speed in real time which I think is quite nice. You've got a little music widget, you can go directly into CarPlay or Android Auto from here. You've got a weather widget there and you've got the Netflix widget there. You can customize these widgets and show various different ones which I'll showcase in a second and you've got a little dock along the bottom kind of like my MacBook Pro which you can also customize and add whichever apps you like. I've gone and added YouTube, Netflix, Disney Plus, CarPlay, Settings and Spotify. If you didn't want to use Apple CarPlay maybe you don't want to use it for your navigation then you can just use this to have as a screen just there as default. You can use it to playback your Spotify music and yes you can also use the controls on your steering wheel to control different things on the actual system itself like your music, your playback. You can also use it to answer and end calls. One thing I haven't found how to use my steering wheel button is the voice assistant button on the steering wheel. This goes into the default Land Rover one but because this is based on the Google Android system you can also use Google Assistant as well by pressing this second button here in the dock. So it's quite convenient. Let's go and show you how all of the other apps are installed. You can cycle through various different pages. These are all the default apps that came with the device so I haven't installed any other new ones. You can see there's a whole bunch of them.  You've got dynamically. If I just show you dynamically for example, it kind of just gives you this nice little ambient music video. It kind of loops in the background. It's no other purpose than just to have a bit of ambience there, show you like maybe dynamic videos and this is actually quite a nice quality, it's quite clear. You can see it's pretty HD as well. Now if you wanted to go back you just hit the button on the bottom left of the dock there and it goes back to the home screen. Various different things you can do. There's also the option for you to go back to your original car system which is that icon just there. You can check your files and you can go into Google Maps. You can add more apps via the Google Play Store. You just need to sign in. And pretty much you can install anything you like from the Google Play Store which I think is great and this is something that I've not come across any other device do so far. So I'm pretty happy that I've come across this. If I wanted to use navigation I think it's a lot more smoother to just go into car play and use the one built directly into that. One other thing to remember is if you are going to be maybe using Google Maps or you're going to be watching content from here you need to have a Wi-Fi connection and I personally will do that by using hotspot from my phone. So if you go into settings just going to show you where you can do all of these different things. You can connect to mobile data so you know the mobile data SIM card slot that's in the device itself. You can put a SIM card in there and that will give you a hotspot Wi-Fi for your car and you can connect that with mobile data there. If you go into Wi-Fi I need to turn this on. If you did have car play connected you'll have to disconnect from the Wi-Fi from car play. You'll get a confirmation like this and you just need to hit the short button. Then you'll be able to search for Wi-Fi and you can go ahead and connect to your phone's Wi-Fi. There we go. It's come up with my phone. I'm now connected to the Wi-Fi. You can also change the layout of the UI that you saw on the home page. So I've currently got layout one which I think is quite nice. If you wanted a couple of other different options here just to make larger views of different things you can do that there. HDMI Cinema if you do have a HDMI port in your car like I do as well then you can connect the HDMI source maybe an Amazon Fire Stick maybe a Chromecast something like that and load anything from the HDMI directly onto this UI as well which I think is a very nice thing to have. Of course the car hotspot like I mentioned if you do have a SIM card in there you can turn that on. Wallpaper there's a few options here that you can cycle between I've just kept it as the default which is fine. Start animation this is the booting system that came up here. You can turn the sound on and off from that. I kind of like the sound so I'm just going to keep it on for now. If you wanted to replace it at any time then you can also do that. If you go into system settings you'll notice if I just go back to the home and I'll go back to the main page. You can also change your kilometers per hour and miles per hour from that system settings for that widget there. You can also change the location for your weather app like I've got down here. Let's go back to system settings. Go to auxiliary settings. You can see time zone I've set that to GMT I've got it as English. You can set the media volume for your default one so I can bring that down to maybe 10. Display unit I'm going to set that as miles per hour. The temperature in Celsius and the time format I'm going to change that to the one that's relevant for me day, month and year. You can also go ahead and do an update to the system as well. So when you go to version information you can check for updates there and this will try and find any updates for the UI and then you can go ahead and go and update it directly in case maybe you're coming across any bugs or anything like that. So now let me show you a quick example of this widget whilst driving the car. And I think it's quite nice so if you do want to maybe show kilometers per hour as a kind of variation to maybe you already having miles per hour on your speedometer in your dashboard behind your steering wheel then it's perfectly capable to do that. Once you do click on that widget it brings up like a larger view of it showing the speed. On the left hand side of this you have the Android Auto button and the Bluetooth button underneath and on the right hand side you have CarPlay and the exit button. When you hit that exit button that comes out of the widget and it goes back to the home screen. Now to customize the layout and what widgets you'd like to show all you need to do is hold down that bottom left icon there in the dock and it pops up with all of these different icons that you can either remove from the dock or replace the widget. So this weather widget for example if I tap that I now have an option to replace it with any other widget. So there's various different options you've even got TikTok there as well you can just cycle through. I think I'm going to go and add YouTube instead so now I have YouTube and Netflix. So that's really convenient as well so if you wanted to switch those up if I hold that down again you can remove one of the options in the dock and then if you hit the plus button you can change this and add maybe like another app to the dock as well. So that's really convenient and let's go ahead and see how the content seems like when you want to play back maybe something from Netflix for example. Now just remember this is not a natively developed app by Netflix for CarPlay so it's going to feel like more like the desktop versions so it might be a little bit clunky but overall I think it's quite a nice thing to have if you wanted to maybe park up somewhere and you just wanted to watch something instead of maybe just browsing on your phone. Plays perfectly fine there's no lag it's streaming pretty good and if you want to back out then you can just tap. You also get this floating button as well in case you wanted to back out this way you can hit back on that you can hit back again and that will go to the home page. If for example you wanted to go directly to all your background apps you also have the background button just on the right hand side of this this will load up all of the apps that you have open and you can also clear all like so. So that's another convenient way to maybe switch between different apps that you may have open let's go on to YouTube for example let's go and search this is the keyboard it's not the smoothest keyboard but it does the job and that's pretty much expected when you do have a third party device connected to your system so let's go to my channel and we can play something back so everything is playing well control the music with the system volume as well you can also double tap like you're using your phone to skip 10 seconds that's actually very convenient as well I just found that out now by accident to be honest I think that's quite nice and if you do remember to go back you need to maybe close the video otherwise it does continue playing in the background until you close it so now I can just hit that and then go home okay so now let's take a look at downloading some apps via the google play store so one thing I really like about this is you have the entire play store at your hands so if there's anything else you'd like to add to the system you can absolutely do that I'm going to see if I can try and download a game as well so if you have some spare time then you can play a game on this but hopefully that would be quite responsive let's do a search for amazon prime video and let's go ahead and install this there we go it's installed let's go and check where it is on the home page scroll to the right and it's added there to the end of the list so now we go ahead and we can log in and play back content directly from prime video so I've just logged in and there we have it amazon prime video you can pretty much watch anything on here as well let's go ahead and play a sample very quickly and there you have it pretty smooth playback straight end took a couple of minutes from downloading to installing logging in and playing back some content so very quick and easy let's go ahead and now try out by downloading a game and see how that performs on this system I wouldn't recommend downloading any high-end fast games because it's not built for that type of gaming but I'm just going to download a simple game and see if this works let's go ahead and hit play directly from there to be honest it's working pretty well the game itself you have to remember is not going to be optimized for this type of screen and resolution and size but on the whole everything seems to be working pretty much how I would expect it there's not a lot of problems with it it's got some music in the background as well and you can see that's worked you know very well and I can install lots more games like this if I wanted to get any maybe productivity apps or business apps from the play store just remember that it's not optimized for this type of resolution so you may have some problems with some of those various different types of complex apps and I wouldn't definitely recommend downloading any financial apps but everything else gaming content streaming all of that kind of stuff navigation I think that works absolutely fine so even if you wanted to install a specific navigation system like tom tom for example then you can also do that from here as well so you don't necessarily need to just use google maps or apple maps or anything like that one other thing as well if you swipe left from the home screen you can actually see your cpu and rom and ram usage in real time of the system just to see if there's any reasons why it's slowing down you can see if it's maybe maxing out and you might need to clear the cache or if you have any problems then you can also maybe close off some background apps and things like that which I think is very useful so one other question that I used to get with carplay videos like this is if I do have something playing on this with a third-party adapter can you still drive your car while the video is still playing with this yes you can so I'm now going to put my car in drive I'm off the street I'm in my back garden actually so I'm on my private own property so I'm not on the road so I'm just going to drive forward a bit and you can see I'm driving and this is still playing so I'm just going to park now one thing I just want to mention although yes you can drive while the video is still playing so either Netflix YouTube whatever it may be but I would not recommend that at all because that is a distraction and it could be very dangerous for you to actually maybe get distracted and get into an accident in most countries that would be illegal to do so remember that you should not do that at any time because that could be very dangerous for you it's always recommended to make sure when you do go into system settings and general settings just make sure when you do have driving warning always have that set to on and don't turn that off because that is important for you to remember to not maybe play something when you are driving on any of the roads you also have boot options here so you can decide between carplay and android auto which one you want to load for the first time you can change the touch cursor sensitivity from slow to quick and you can also turn off the boot animation to force show it every single time you load this screen you can also do a reset if in case you are coming up with any problems you can also clear the cache if it starts running very slowly over time so plenty of different options here which i think are very neat and it's a very nice way to have a new system to be honest based on what i've used in the past the last thing if you maybe just wanted to showcase to your friends or your passengers in your car something that you have on your phone or a video that you have on your phone's gallery for example then you can also screen mirror directly from your iphone or your android phone using supercast directly onto this screen as well so you have this option here called supercast if you go in there it tells you m30 pro screen mirroring that showed up like this we select that and how quick and easy is that so now my phone is mirroring directly onto there so i can go on to youtube for example i can go to my videos i can play back a video and i can go into full screen and that will go into full landscape as well there we go it's not so smooth but it does a great enough job if you really wanted to showcase any videos if i wanted to maybe show photos instead then that would be even better here's some pics from my trip to dubai and it's just a quick and easy way to screen mirror directly from your phone so this is actually packed with a whole bunch of features in the system which i can't fault and finally let's check google assistant see how well that works so just hit that button there what is the weather today we'll be scattered showers with a high of 49 and a low of 41 right now it's 49 in cloud pretty convenient that works pretty well so quite impressed with that overall you know this one pretty much does everything that i would expect a box like this to do i'm so impressed with the way they've done this and the way they can also feed out future updates to improve the performance on this the speed the latency maybe compatibility with some of the apps i think it's just great so hopefully that was a very useful review for you guys i'm going to continue using apple carplay as my main means of using navigation for example so that's it guys hopefully that was a very useful review of the car lux pro adapter i'm super happy with this i think this does so many things that i've not come across any other adapter to do take a look at the link in the description below to find out more information about this device and how you can purchase it the latest pricing information and if you guys have any other questions about its capabilities then as always drop a comment down below and i'll get back to you as soon as i can make sure to like this video make sure to subscribe and i will see you guys at the next one take care


Hello, and welcome to the Eric Camadeca show presented by Buffalo Wildlings I'm Greg Roy shown by Stevenson head track and field coach Eric Camadeca coach a busy weekend for your team We had you know athletes compete several different meets. Let's start with Thursday You had a couple of your Multis up in Kutztown, and they turned saw performances. Yeah, it was a nice opportunity for us to get our multis An actual multi meet rather than trying to you know separate these events throughout a couple of competitions Rachel Panic obviously set the school record having a good performance actually ran some pretty solid Personal best for her and a couple of events, which was great And then the three guys Richie Gabe and Cooper had a really good showing at the meet as well Yeah, and then you know both those for both Richie and Rachel They're both, you know in the top 50 nationally with those efforts So, you know strong choice for them and then the bulk of the team was over at Towson this weekend And one of the highlights of the where the relays of both men's and women's side Yeah, you know, we've been struggling a little bit to get that stick around the track as fast as we wanted to So, you know the men finally broke that 42 getting 41 95 or so what they ran We're really happy about that the women we have some couple changes with the roster So, you know some new faces on that four by one team But they're able to get the stick around pretty quick and you know compared to that team last year You know, we're in really good shape there. Yeah And overall not the weather's kind of started to cooperate finally getting more consistent Is that helping as you gear up towards the end of the year and get those performances where you want to be? Yeah, definitely, you know the training has been going well for the most part It's just you know when you got days like today where it's raining out, you know, it makes it tough But when you show up on meet day and the Sun's is out there, you know You feel really good about yourself You feel really good about the day and that helps with the performances for sure Yeah, and I'm staying local again this weekend. You'll be over at Morgan State And so actually that meet unfortunately was canceled.  Okay, great. All right So we'll wish you the best luck and obviously there'll be some conference teams there So you can see how you stack exactly. All right, coach. We wish again. We wish the best luck up there and we'll chat next week Sounds good. All right for Eric Kaminaka. I'm Greg Royce. This has been the Eric Kaminaka show


And his newest book is just came out eight days ago called the Internet of Money which is a masterpiece to read Please help me welcome Andrea Santanopoulos Good morning everyone Let's start with a quick poll here. How many of you have used a digital currency like Bitcoin at least once and How many of you own Bitcoin at this moment or any other digital currency? Okay We can fix that if you like later on today come find me I would be delighted to demonstrate to you how to set up a Bitcoin wallet on your smartphone and I will give you your first fraction of a Bitcoin not a whole Bitcoin and Show you how a transaction works because Bitcoin and the digital currency revolution it has started is best demonstrated and Experienced then explained It's actually very difficult to explain Bitcoin. I've spent the last five years Learning how to explain Bitcoin. That is my full-time job Unfortunately, the developers keep making new stuff, which I then have to explain all over again so for a moment Forget everything you think you know about Bitcoin forget everything you've heard about Blockchain and let's start from basics In 2011 I heard about Bitcoin for the first time and My reaction was exactly the same as the reaction of everybody else who heard about Bitcoin the first time including its founder and that reaction was ha nerd money That's probably just for gambling Six months later. I heard about Bitcoin again and this time I read the white paper that launched this system and My background in computer science and distributed systems allowed me to see Behind the illusion of what I thought Bitcoin was and it blew my mind In my life, I have now had six occasions in which I have become absolutely obsessed With a system of technology to the point of forgetting to eat forgetting to sleep and consuming as much knowledge as I possibly can my first computer when I was 10 years old my first programming language experience my first modem my first Access to the web the first time I used the web browser The first time I downloaded and installed the Linux operating system and Then Bitcoin When I've discovered it I spent four months consuming as much as I could except food I Lost 26 pounds on the highly inadvisable diet of Obsession I have not emerged from that Because I keep finding new layers of depth to understand this and The reason it's so fascinating is Because it isn't what it appears to be at first glance Bitcoin isn't money the blockchain isn't a system of currency. It is a platform of trust It's not a company. It's not a product. It's not a service. You sign up for it's not a currency currency is just the first application it is The concept of decentralization applied To the human communication of value because what is money? In Q told us it's an illusion It's imaginary and the reason we don't grasp that is because it's so deeply embedded in our civilization Money is one of the oldest technologies the humanity has It precedes writing How do we know that the very first samples of writing we have our spreadsheets They are tallies and ledgers of debts owed and Money pre-existed that writing You might even speculate that Money had an oral tradition Until it needed to invent a written tradition. So writing was created for it In the history of money that now spans tens of thousands of years There have been maybe five major changes from pure barter exchange To the introduction of the first abstraction of value shells feathers beads nuts stones and Then precious metals and then paper money and then plastic money and now network money Bitcoin Introduces a platform on which you can run currency as an application on a network without any central points of control a System completely decentralized like the internet itself It is not money for the internet, but the internet of money And what is money? Money is a language Money is a linguistic abstraction Money is a language that we use to communicate Value to each other money simply allows us to express value and that value may have economic Consequences, but it also has other consequences We use money to express and create social bonds and relationships and associations and To create organization Bitcoin is The first system of money That is not controlled by any entity That is completely decentralized and what that does is it introduces the very same things that the internet Brought to communication if money is speech If money is a language and you disconnect it from all other media and You make it pure speech pure content an internet content type a protocol designation Money over IP it completely separates it from all of these previous notions of nations sovereign issuers Institutions that control and so we go from institution-based money to network-based money and Of course, everyone will welcome this with open arms Not a chance What do you think they said the first time someone was presented with a gold depository certificate instead of a gold coin They said That's not money Go away What do you think happened in? 1950 the first time someone showed up at a motel and presented their diners club membership card and said I'll pay with this piece of paper That's not money go away and Now we're on the verge of a new transformation of money We're on the verge of creating the first completely global completely borderless completely decentralized and Completely open form of money one where you can build Applications because this money is programmable and you don't need to ask anyone's permission to launch an application Any more than you need to ask permission to launch an application on the internet and the only Requirements to have a successful application on the internet of money is two interested participants That is your market segment and you have an application and A million applications will flourish When you push innovation to the edges of the network when you remove the requirement for permission What happens? exponential explosion in innovation the applications that could not be built on the old systems of money because they required permission because they required a Significantly large market segments because they required adoption by many in order to be available at all now None of those requirements exists Anyone in the world can download an application or use even a feature phone with text messaging and immediately acquire The same powers that institutions of banking have today and when I say anyone That's only scratching the surface Because ironically enough not only does Bitcoin and blockchain currency not recognize borders It also does not recognize people It doesn't matter if you're a person or refrigerator or a self-driving car Throughout the history of money ownership of currency required Personhood either as an individual or as an association of individuals in a corporation Bitcoin can be owned by machines Bitcoin can be owned by software agents machines can pay each other and That is not just about economic activity. It's the basis for market-based security systems It's the basis for creating bonds of authentication between devices It's the basis of new applications that have never been done before Bitcoin and blockchain technology unifies the systems of money Today we have systems of money for small payments Systems of money for large payments. We have systems of money for payments between individuals We have systems of money for payments between companies. We have systems of money for payments between governments Does that remind you of something? That's how communication used to be before the internet We had systems of communication for pictures systems of communication for letters Systems of communication for short distance and long distance and the internet came and unified all of those What the internet of money does is it creates a single network which can do a micro transaction to a giga transaction in Seconds anywhere in the world for any participant without permission But if you just look at the application of money, you're missing the point Because you can take the language the building blocks of this platform and Use them to construct other languages that communicate value Tokens reward points Brand loyalty coins Today there are over a thousand digital currencies using the design pattern the recipe of Bitcoin Most of them are junk some of them are not and Over the next decade. We are going to see tens of thousands and then hundreds of thousands of coins Some will have economic use some will simply be expressions of loyalty affiliation They will represent items in the physical world the title for a house The controlling key for a car That can be transferred from one owner to another and five seconds later That owner can step into the car and drive away because the car can validate the new standard of ownership We cannot yet imagine what applications. We're going to build around this But one of the interesting things we're beginning to observe is That money arises out of the social construct of Homo sapiens spontaneously It even arises in primates You can teach monkeys money you can teach dolphins money you can teach grays parrots money and They will learn how to exchange abstract tokens for food and then use them to build social relationships They'll also invent strong-arm robbery Beat up the other monkey take away its pebbles eat the bananas And we see that same thing happen in children toddlers invent money in kindergarten blocks and rubber bands and Pokemon cards and other little tokens abstractions of value that they exchange to strengthen social bonds to express loyalty and friendship To learn about sharing Children will be building currencies Only this time these currencies will be global Unforgible and scalable on day one Few years from now Maria will be launching Maria coin in her kind of garden to compete against Joey coin and It won't really matter to anyone Until of course Justin Bieber launches Justin Bieber coin and it happens to surpass the market capitalization of 30 nations on this planet And we are all writing horrified opinion editorials about how the world is going to hell What's happening with this technology is? astonishingly deep and For certainly some of the companies in this room It's a bit scary banking has never been the most innovative sector in the world Because there is a very careful balance between innovation and the conservative fiduciary duty that exists in banking that must exist When you control other people's money and yet with Bitcoin You don't control other people's money In Bitcoin, I control my money. I have complete and Total authority over my Bitcoin. It cannot be seized. It cannot be frozen It cannot be censored my transactions cannot be intercepted and they cannot be stopped and I can do so With almost complete anonymity and so can anyone five minutes after they download an application and money has changed forever and banking has changed forever the idea that you can proceed in the industry of money in the industries of commerce and Maintain the same conservative attitude That has existed now for centuries ever since merchants in Venice and Amsterdam Started issuing depository certificates and providing banking services That is gone That is gone You cannot operate closed Systems that have borders and require permission to join at a rate of innovation that is controlled by the most conservative tendencies within your organization because now you are competing with a technology that enables exponential growth Exponential innovation at the edges without permission by anyone in the world and It's not about anyone in this room Why? We represent the privileged elite I can go on to a brokerage account Open it up online and be trading on the Tokyo stock market within 12 hours in yen That is the privilege that I have One and a half billion people have that privilege Six billion people can operate mainly in one currency and perhaps have some basic banking services Four billion people are significantly underbanked and an astonishing two and a half billion people are completely unbanked They will leapfrog They will never have a relationship with a bank Every single child born today Will never have a bank account They will have a bank app a Bank app that doesn't give them an account a bank app that makes them a banker an International banker in an app They will not be permitted to open a bank account until they're 16 years old By that time I hope they will have at least Six or more years of experience with digital currencies And I would like to watch them walk into a bank branch to have someone explain to them what? Three to five business days means it is highly likely the children born today We'll never get a driving license because they'll have self-driving cars, but they will also never use paper money Because by the time they get to an age where they really start using money. There is no paper money It will seem as anachronistic as a fax machine or horse and buggy seems to us exponential innovation on a global basis Giving access to the other six billion They have enormous need and This system offers them a solution It's not ready yet It's nascent It's complex. It's impossible to use for most people In 1989 I sent my first email In order to do so. I had to compile a version of the Unix mail program Using a C compiler and Unix command line skills. I had to set it up on the command line type out my email and That email was transmitted Across the great internet in an astonishing three days Exactly 20 years later my mother Replicated that experience with a swipe Bitcoin today and All of the currencies that are built on that recipe are just at the same level that the internet was in 1991 only now We have the internet and so the rate of exponential growth has already started the innovation is Growing at an astonishing rate. I spend every single day full-time Trying to keep up with Bitcoin just one currency and it's almost impossible do not Under estimate this do not listen to the people who tell you that Bitcoin is just for pornographers terrorists Drug dealers and gamblers Remember that they said the exact same thing about the internet and when you give it to two or three billion people They're not interested in those things They're interested in sharing cat videos And now we have an internet of a billion cat videos When you take digital currency mainstream and give it to the four billion people who have been isolated from international finance and commerce and You give them the opportunity to control their money Against the spotted governments and corrupt banks that are stealing from them You give them the opportunity to control their future You give them the opportunity to transact with everyone in the world to own Title on their own property in a fully transferable digital token that is recognized everywhere Control over finance that cannot be seized frozen or censored They will buy food healthcare sanitation education shelter Because that's what we do and They will not be denied This technology do not under estimate where this is going The internet of money was launched on January 3rd 2009 It's coming. It's coming faster than you can imagine It's deeper than you can fathom it's more sophisticated than you can immediately understand It takes years of study just to see all of the implications and it is a gift To the entire world a technology that represents the sixth greatest innovation in The technology of money the most ancient technology of our civilization. Thank you. Should we do some questions? We've got plenty of time for questions Christian what determines the buying power of the currency? How does it stabilize and what's required to stabilize it? So if I would buy some bitcoins Who can manipulate the value of that? Everyone The buying power of Bitcoin is determined in exactly the same way that the buying power of the euro the British sterling the Japanese yen or the US dollar is determined through market forces of supply and demand in International liquid markets that operate around the clock One of the fundamental differences is that Bitcoin trading never ceases has been going continuously for seven years the network never stops every ten minutes bitcoins hard beats and Transactions are processed the exchanges never closed there is no closing price for Bitcoin It is a rolling average and in that trading a Market capitalization of approximately 12 billion dollars is now traded internationally What is 12 billion dollars for a global currency? It's a guppy swimming in shark infested waters and every trader every whale goes in there and Just kicks that price around So right now the experience of living on Bitcoin, which I have been doing full-time for more than three years Is a roller coaster? It's an absolute roller coaster I've seen shifts of 20 or 30 percent in a day and yet if you look at the long-term trend volume goes up transactions go up and volatility keeps dropping and The beauty of it is I can't sell that to an American. I can't sell that to a Brit. I Don't need to sell it to an Argentinian. I don't need to sell it to a Brazilian I don't need to sell it to a Venezuelan. I Went to a conference and an Argentinian told me I'm not worried about volatility Our currency has volatility like this Bitcoin has volatility like this I Would rather be going in that direction and you don't need to tell them why Their government threw people out of airplanes not more than 35 years ago for disagreeing They already know why the separation of state and money is a good idea and so Volatility is Relative any other questions come on. Yeah, let's get a microphone to you one second Okay, so only one oh short. Sorry. Where are we? There you are. Sorry. Thanks. Great great speech Obviously, it sounded a little bit like one side of the coin. So we also read All these, you know, big hacks and I don't know on Bitfinex, you know, they I think they stole 40% of the money I think also this autonomous organization have been hacked and all these things Can you just reflect a little bit on on the on the dark side or of those aspects that might not? Win our full trust into this evolution. Absolutely The steering wheel was not invented in no 30 years after the automobile was introduced Why because the first automobiles had two leather straps that you pulled left or right To move the car to steer the car They used horse rains To steer cars That's called skeo morphic design. It means keeping a shadow of the form of past in your new system failing to see the new dimension and Replicating the past Here's a currency that is not centralized where your money is your money your keys your money Not your keys Not your money So what is the first thing we do with this new system we build? centralized institutionals of custodial control That take other people's money and hold it for them Well, guess what the entire history of banking the entire system of regulation and oversight is Based on the simple centuries old understanding that when somebody else holds your money Chances are they're going to run away with it And the entire system of regulation is designed to prevent that and yet it still happens all the time in hedge funds in banks in National currencies all the time and so of course if you replicate custodial accounts Exchanges that take other people's Bitcoin and concentrate it It happens again even worse because there are no oversight and regulations in most of these spaces The answer is really simple Stop centralizing the decentralized currency stop trying to replicate the banking past in the future of money and The important thing to realize is that security in Bitcoin is an emergent property That exists because of the decentralization of control and power if I want to hack a million customers Bitcoin And they're holding their keys. I have to hack a million customers If they all give their keys to one person or one organization Then we've got a honeypot a Honeypot that attracts the attention of every hacker on the planet and Notice what's happened over seven years and with a market capitalization of 12 billion dollars Bitcoin is the largest Cryptographic deployment in the world the largest public key infrastructure in the world the largest security honeypot in the world and It is not secure because it doesn't get attacked It is secure because it generates immunity by being attacked all the time 24 hours a day by the most sophisticated attackers this planet has and if you in that environment set up a centralized custodial exchange using PHP and my sequel and You park a hundred and fifty million dollar honeypot in there You're inviting the sharks Bitcoin banks get hacked Bitcoin exchanges get hacked Bitcoin has not Been hacked and cannot be hacked because there is no point of Control that you can apply pressure on it's completely decentralized All right, maybe one more question yes Where does supply of Bitcoin come from and how do you how are you sure the market doesn't get over supplied? The supply of Bitcoin is determined algorithmically based on a geometrically declining supply function meaning that In the beginning every ten minutes fifty new Bitcoin are created So every block the heartbeat ten minutes Created fifty new Bitcoin this Bitcoin is used as a reward in a game theory based Security model that ensures that every transaction is independently validated by completely anonymous actors who have to stake Electricity is a guarantee of the security work They've done and if they succeed in doing the security work of validating transactions correctly They earn as a reward based on a probabilistic return That reward 50 Bitcoin every ten minutes. That's how currency is introduced into the economy Every four years it gets cut in half 50 to 25 in November of 2012 and This year in July This past July we had our second halving event which was celebrated with birthday parties all over the world and Bitcoins reward went from 25 to 12 and a half Bitcoin as A system is designed to have a monetary policy that is purposely deflationary and Simulates the issuance of precious metals it gets harder and harder and harder to mine gold at greater and greater and greater cost and Bitcoin is the same the idea being that less and less is issued over time If you follow that geometric curve at some point you reach the end in the year 2141 Bitcoin is no longer issued 21 million coins is the asymptotic cap. It will never reach 21 million coins That is part of the protocol is unchangeable part of the protocol And it is a rule enforced by every system that participates in the Bitcoin network It is meant to be sound money, but it's not the only monetary policy that exists There are several other currencies that implement different monetary policies The idea is really for Bitcoin to serve as a very very Solid reserve currency for many other things Please Do you have to give to? Companies here who are from non financial institutions about how they should take tactical steps to think about Experimenting with the blockchain in terms of storing value. I think understanding that it's not just currency understanding that it is a platform for trust understanding that it can be used as a historical record of truths that can register information Information that it can be used to create all kinds of tokens that can be exchanged between your customers your suppliers your manufacturers that it can also be used simply as a currency for any cross-border transactions import export activities remittances based flows paying associates and affiliates all of the things that today are expensive slow and difficult Become cheap fast and easy when you use one of these digital currencies But it's still early for now learning about it. Here's the one important thing you must understand You will hear a lot about blockchain and Most of what you hear about blockchain is not the internet of money. It is the intranet of money The internet is where you run front page an outlook an antiquated software in a closed little Enclave of your corporate backwaters with stale content and boring apps and in the end It's full of viruses anyway, because you can't keep it secure Blockchain that is not open that is not public that is not borderless that is not open for innovation Is not what we're talking about here and that's a really important distinction It may be useful if you want to run a clearing house between three banks, maybe But it's not the internet of money Thank you. By the way Everybody who asked the question gets a free copy of my book come and see me in the back there. Thank you so much