How will the world change for programmers and coders?
What changes are in play?
What will the future hold?
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Below is a machine transcript of the show —
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Hey everyone it’s Dr. Sean, welcome to another edition of financial transaction of the future economy show
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We are here for original thought Thursday. This is a little bit different take on our show.
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On Thursday we want to pause and we want to we want to pull the thread on some stuff we’re seeing some news and really bring it into new angled so it’s really a different take on what we do normally so
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Those you’re joining us know we do the financial transactions, a future economy show off focus on the future economy. What we see coming on the bar, Sean.
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I’m a corporate lawyer by training and I work with businesses on everything touches ownership and control mergers, acquisitions.
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Partnership Agreements everything that might interfere interface with owning and controlling a business that’s my world and
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In the financial transaction future economy show galley and I look at the future economy. I’m also a CPA Dolly, my co host will be joining us and talking a bit here.
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Also a CPA has a background is a CFO of companies also also certifications and the Valuation Analyst and as a fraud examiner. So we’re financial guys spent a lot of time looking at the future.
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And we love thinking about how the world is going to change and change is coming. So as you bear with us through this show.
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You’ll get a better idea what the future looks like, feel free to drop comments wherever you’re watching, whether that’s our shot McBride on LinkedIn, Dolly craft store link in our shop right he has lots of Facebook.
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private business come at you a lot of different channels and drop your comments there. We’d love to hear from you, and we do a comment contest best common weakness invite on the show. So we’re looking for people with new insights and ideas to get you as guests here.
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We remind you, we do not do investment advice would be, not a legal advice on a show, consult your own advisors. So, Dolly.
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What we’re seeing out there, let’s let’s pull the thread here on one of the stories with Ryan on the on the show for a while.
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Yeah, Sean. This is super exciting. You know, we’ve been doing this now for quite a bit of time.
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We’re bringing in all kinds of new content regularly. And so we’re coming up with a bunch of new ideas we keep seeing that as you dive down the rabbit hole and all these different areas that
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The rabbit hole goes pretty deep here, Sean, and it’s starting to give us an idea of what’s happening next. So with our newest idea of original thought Thursday.
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We hope to bring the audience, something they haven’t seen in the media before something brand new super fresh.
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And to make you really think about how all of this regulation this globalization. This blockchain and AI and the whole world, how it’s all going to come together over the next 10 years. Yeah.
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And so we’ve we’ve covered a little bit about program or liability, we think it’s a big news story and what we want to dive deeper on is really what the side effects of that are and what it means. So
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You know, the first the first cut and you know we kind of were one of the first to jump on this.
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And talk about it. And then, of course, the SEC took some action following but you know the the mainstream story or semi mainstream story is that coders may be liable.
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But what happens with their programs. Right. So you’re moving a little bit of responsibility to coders, the deeper story is, what is this change in the software industry and international commerce and we want to pull both of those threads today.
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From, from a software industry perspective moving the responsibility to the coder radically transforms how this industry has traditionally worked
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Up till now you know somebody wants a program developed, they have a business reason for it. They hire a coder to do the programming the coder.
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Says, Okay, what do you want. Let me create that for you. And it kind of stops there for the coders, very simple right contract do what’s in the contract.
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The see FTC with their remarks and following the SEC with their recent enforcement action have moved the ball to the coder themselves. So what does that mean for a coder Dolly.
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It means everything is changing for your coders, the main driver for this is that for the first time in history, you’re actually able to deploy code that’s unstoppable.
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So whether that’s in the form of an API or whether that’s in the form of blockchain.
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These are hydrogen. So once they are developed into our system. They have multiple heads. So every time you cut off one head multiple more heads come off so
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What regulators are doing right now is they’re not only. So, what it seems on the surface, they’re doing is they’re creating laws to
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Control that going forward. But if you look a little bit deeper. What we also are seeing we see Henman you know he’s the fence in
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The director. He came out earlier this year, said a theorem and bitcoin are probably not securities because they’re fully decentralized
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We saw Jay Clayton yesterday at consensus speak, you talked about that same exact thing.
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So we’ve been talking about an early advantage for some of these larger blockchains and all the developers under them. But here’s the caveat, guys.
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With these new laws and all of this new CFO etc going after coders that are deploying code. If you are part of a project like the Bitcoin project or the theorem project and you’re going to do a massive upgrade.
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And you’re one of those programmers and that is not in compliance with the US regulations and laws. And remember, there’s so many agencies, you, you know, it’s hard to know that you’re in.
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Compliance with everyone and every state and every federal law, it’s gonna be very hard for these programmers to update these legacy systems that they’ve created
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So the if they’re in Bitcoin blockchains theoretically are going to be under huge attack.
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Of their next update. So then the next question is, are all these programmers that are doing this going to go to Malta are they going to go to a whole nother place.
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That they can kind of work freely without all of these, you know, not only do you have to know code now, but you have to know every regulation and law.
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So, and then the next question is, if they go do that they continue to do whatever they want. Anyways, what does that mean they can never enter the US again.
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Yeah. Well, I mean, and that really changes the landscape. So let’s let’s slip back there.
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You talk about coders mean by law, right. So, now, not always correct do the coding, they gotta make a determination and the CFC comments make this pre clear and the SEC unfortunate action way after the coders for securities law violations for setting up this exchange.
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It makes it pretty darn clear that the coder has to make a decision when they do the coding whether the coatings legal or not, which which has never traditionally been the case and
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You know, some people. There was a recent article that talked about in terms of fiduciary duties. It’s not even the fiduciary duties right as a coder a fiduciary
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This talks in terms of aiding and abetting liability, essentially, enabling somebody to commit a crime and the, the Commissioner from the CFC that gave the original remarks that kind of set the snowball moving fast in Dubai.
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Said that he would liken it to giving your keys to the car, knowing somebody’s gonna go rob a bank. Right. So you’ve got to know what somebody’s going to do with your code.
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It’s going to be used in the US. That was another part of the standard
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That was was given by the Commissioner right so now you got you’ve got to do an analysis on every piece of software will it be used in the US.
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And will violate a US law. Well, that’s a lot of work. Right, so that moves this to a coder or programmer or to do an inquiry of, you know, where are you going to use my code. What are you going to use it for. Where are you going to, you know, what were you going to use it at and then
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Presumably, you’re going to have to then go get legal counsel to give a pass on that right otherwise.
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You don’t know whether it uses leeward I want to use your code to set up an exchange. Well, if you’re not familiar with securities law.
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And realize that the setting up an exchange is a regulated activity. It has to be done a certain way.
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Use a coder are going to know that so you gotta run to a lawyer, then the lawyers might say, well, setting up an exchange is regulated under securities laws.
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And you have to do A, B, C, D, E, F, G, through z in order to set up an effective exchange.
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Now you the coder or the one that’s double checking and making sure everything is compliant with law, which means not only do you have to code the program.
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You have to take the specs and check them against the law and then adjust the specs tool or negotiate with your client on that it’s going to greatly enhance the cost of coding
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You know, we see this as a huge opportunity for attorneys out there. So if you are out there in your practice and looking for new ways to advance your practice look in this area because
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We think there’s going to be a lot of legal opinions required for every industry. So if you’re specifically a real estate industry if you’re specifically
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You know, whatever you are. There’s going to be little niche projects that are going to start popping up. One thing we’re seeing a lot of Sean is people using
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tokens to basically manage real estate investments and so they told me nice properties they create a portfolio. Then they sell the tokens that represent the real estate.
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Well, all of a sudden, this is going to have to be compliant with every single securities law with
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You know, every regulator in the real estate business. So there’s going to be a robust amount of work trying to bridge the gap from where we’re at, to where we’re going on a second part of that, Sean. What’s really mind blowing to me in a second part of
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You know, original thought Thursday is that we talked about, first mover advantage. We talked about people like a theorem and blockchain kind of got ahead, and so they kind of skirt. A lot of this regulation.
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But if we go back and we say, who really got first user advantage in this world.
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And in the world of the internet. It’s really all the big boys, right. So we’re now seeing that Facebook is coming under incredible scrutiny from countries around the world. We’re seeing Google’s from being fined by the EU, we’re seeing Amazon’s
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Having struggles you know with monopolies and Sherman Act and you know these things that I felt an Apple have new have been given the green light that they can be sued for a monopoly on the ice store and Apple iPhones.
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So this paradigm shift is really who got the first mover advantage was those companies because they basically were able to build out all of their infrastructure and all of their code and all these coders unregulated
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So they have moved us to where we’re at now the regulations are coming in. So the whole world is changing the whole landscape is going to change and we will never see the same wild wild west of programming that we saw.
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That is exploded, you know, let’s say from PayPal in 2004 2003 all the way through the
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You know the revolution of online shopping to our modern age. They have pretty much none of that code has been legally verified. There are no legal opinions in my knowledge of this, this will no longer be the future.
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Right, let’s make no mistake, we’ve massively increase the cost of programming, presumably if everybody jumps in line and and
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Does with the CFO, etc. And now the SEC have kind of indicated, and I expect other regulators to jump on board.
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Because the programming is now massively increased which means we’re not going to see the same scale of projects, right, we’re not going to see the same startup activity. Right. It’s really going to hit the small
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Small companies hard big companies, you know, you get that economies of scale, right, Google, you have Google legal counsel you have Google legal department. They may look at it. They may say, okay,
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You know we can do this project and then they can give covered all you know hundreds of coders under one legal opinion, whereas that small company that’s a startup.
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You know, presumably a careful coder is not going to jump in and do a project without getting their own legal protection because
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Not only are we talking fines. Right. I mean, you can get insurance and some gets an indemnification we’re talking jail time. Right, so a good proven coder.
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Is going to want to get a legal backup that they’re not violating the law because they don’t want to go to jail. I mean, you can move the money around as far as indemnification and things like that to some extent.
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Assuming, of course, somebody identification assumes that doesn’t violate public policy, right. So, even some of your indemnification
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That we get now right we move the liability. So if the coders liable. The person ordering the coding pays the liability that’s a common provision, even today.
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The courts don’t uphold indemnification provisions sometimes violate public policy right so if you’re violating a see FCC regulation.
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What a court come in and say that violates public policy to give you indemnification because
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You’re getting indemnified for breaking the law very possible that allow the indemnification agreements.
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We see today no longer be effective in the future in this world. So every programmer that’s proven needs to go out and get their own legal opinion which means that cost goes up exponentially.
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And for people doing smaller projects the startups very, very expensive endeavor to build any critical mass on your code.
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Yeah. Sean and I think there’s also a sense of urgency out there for coders in general and companies are starting to catch on to this as started in my opinion a lot with the GDPR this is back to the EU and their privacy laws.
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We go back one year, the US was still making laws that were violating privacy, such as having allowing ISP to sell all of your internet data, your searches reasons, etc.
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Because they felt that they weren’t able to eat with big tech, the EU has taken that a whole different position where they said you know what we are going to limit or limit.
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This privacy issue. You can have all this access. You have the right to be forgotten.
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You are a citizen of the internet. And so you have rights and so that’s what’s being built right now, folks, is the Bill of Rights for the internet and it’s going to have
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And so this is also going to drive the splintering that we talked about different jurisdictions are going to have different rules.
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You’re gonna have different compliance, like all this software that now goes, everything is now cloud based software so Adobe Microsoft
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On and on, so they’re going to have to have different versions that
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Specifically are allowed in those countries. And then another thing. A lot of these companies have been doing is building their software.
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With the results of users. So what happens, you probably see this very often, where you click Allow Google to improve based on your, you know, information and everybody hits. Okay, sure. And a lot of times the boxes just checked. You don’t even see it.
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You hit okay while you’re being tracked completely
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So that’s all changing. And that’s going to make it harder to for the bigger companies because they’ve been building on the backs of their users.
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And so all these errors and codes and they’re seeing in real time is like spell check is like building the AI systems are building based on user interface interaction.
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This is all going to change. And we’re kind of seeing that. Now on the other side is just a couple statistics out here. So Facebook Zuckerberg was just recently.
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You want the there were nine countries include some South American countries, some European countries.
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24 regulators representing 447 million people questioning Mark Zuckerberg lawmakers, by the way, on Twitter and
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He didn’t show up. And so now there is a chance again third part of original thought Thursday.
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There is a chance that superstars in the US, people that we say I mean Zuckerberg and said, he’s going to run for president for God sakes.
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That he may now be a wanted criminal in some of these other jurisdictions for not complying with their law.
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And just letting his code run free within their societies and they say that is not in compliance with us. If you get off a plane in our country, you were going straight to jail. Yeah.
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I mean, it’s not the first time this has happened. I mean there is historical basis of people being you know one of them, one country and having to
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You know, hide in another country or, you know, stay away but you know really real possibility here that you know we’re talking about
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coders and programmers and heads of companies that they’re running software, they’re going to start having real issues are real risk with traveling internationally, because
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There might be open warrants, there might be open subpoenas, there might be questions pending for them and other countries.
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And there might be regulators that are waiting for them to show up so they can get ahold of them and and service subpoena or waiting for them to be there so that they can you know
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FILE CHARGES, RIGHT. SO coders and programmers are going to have to start being very careful about how they travel because not only are
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They know about open subpoena, there’s a risk there might be something new that the regulators are just waiting and with allies conferences, particularly if if somebody is a speaker.
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The agendas or posts in advance. Right. So, you know, the UK.
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You know if Zuckerberg. Didn’t know they wanted to talk to them and he agreed to speak at a conference in London, they would know weeks in advance, he was coming to London and it wouldn’t be hard to get a team over there to, you know, grab them before. After his speech.
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Yeah, so I mean this is going to become a very real story and I expect we’ll see some of this particular with maybe GDPR maybe some of the California privacy regs.
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Some government somewhere to get frustrated that people internationally or not complying with their law and they’re going to wait until probably grab something
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Like an example. Yeah. And on the flip side of that we’re going to see other countries make laws that are very open
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And they say hey you know what let’s give another choice here. It’s the US has become very stifled innovation is moving at a slower pace. Come here will protect you.
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You know, we’re just like we see Snowden is in Russia Saunders and what is he in the Council like somewhere in South America. It’s one of the embassies
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And so now, where are we can see more of this like more guys hiding out in different places, or are we going to see kind of closed borders and which is completely opposite
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Of, you know, the idea of this AI and blockchain and world citizen and kind of becoming a global race. So it looks to me like
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What we’re we’re moving China’s first to an isolation and then we’ve got a rebuilt. So then, we’ve got to relook at everything because you know
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A lot of this regulations going to have to get thrown out. We’re gonna have to start over. Now, this could be a long, long process. This could be a
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New Year process because all work slow programming works very, very fast. So this is going to be a war between regulators and and programs. Remember the sane and Silicon Valley is move fast and break things the
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Regulators do a whole different game, you know. It’s five o’clock we go home. We’ll pick it up again tomorrow.
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They move slower throw people in jail.
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There you go. So if we have this difference. And so again, we got to remember what is America known for. Well, it’s the American dream. It’s the entrepreneur, it is, you know,
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grow and build robust businesses be part of, you know, a tolerant society that allows you to have any beliefs or any religion and all these things. So, is this going to be
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Somehow, a challenge, you know, going back to our Constitution, that’s what a lot of people are saying, obviously we disagree.
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That you’re not going to be able to park it on the First Amendment. But is there another workplace that we’re going to be able to park it, you know, is there going to be a challenge on another man. Do you see anything out there, Sean.
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You know, I think what’s going to happen. I think it’s going to force you know world conversation. And there’s been a long talk of a world government.
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Be the final straw that forces world consensus, right, at some point, we may have to all get together and say,
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If we want to be a global community if we do want to share the health records if we want to share the research abilities and we want to do all the things
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The future tech can do. We’re going to have the nice community and come up with uniform regulations, because there’s so much inefficiency and everybody
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Building separate programs and separate pools of data for every country in the world. This may be what forces that conversation that’s gonna be a very long conversation.
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Because, you know, we’ve got a lot of different interests and a lot of different countries that bring together, but this may be what forces us
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To have a world conversation about what we want the future to look like and forces us to come up with at least some common regs, as far as technology and software and privacy.
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You know, because otherwise we’re going to go back into regions and we’re not going to be able to share the health data. We’re not gonna be able to share the population information.
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We’re not gonna be able to develop a lot of our future texts which should help humankind unless we get coordinated so that may be the big thing that comes out of this is a forcing of some kind of extra
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National body that allows coordination of regulation software development throughout the world.
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That is so brilliant Sean, I love that thought.
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There you go, fourth part of this original about Thursday but
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Let’s all remember folks, the United Nations, right. So that’s kind of the governing board of the world right now they come together on humanitarian issues or issues if somebody goes and attack somebody on
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Ethically, they kind of step in. So the US right now we’re kind of like positioning ourselves. We’ve got some trade wars going on. We’ve got, you know, some humanitarian efforts going on.
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But if it goes down to what you’re talking about. And this is going to be a world vote and everybody’s going to participate. It’s no longer the US does not have the ability to just say we control it.
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And and the primary reason for that. We talked about this a lot, guys.
00:22:06.510 –> 00:22:16.500
One Belt, One Road. So we go back to China, what they’re doing is connecting Africa, they’re connecting the EU, they’re connecting the Middle East. Now they’re connecting shipping routes into
00:22:17.340 –> 00:22:22.530
South America. They’re lobbying and all these nations are selling surveillance systems to Ecuador.
00:22:23.100 –> 00:22:33.660
There, you know, have sales teams trying to sell other stuff. They’re pushing their internet and ideas through all these countries and guess where else they’re going to push their influence. It’s going to be in the United Nations votes.
00:22:34.260 –> 00:22:44.760
So we need as a country to make sure to rally and be aggressive enough that we can actually push some of our agenda forward to and we’re just not going to be dominated by China.
00:22:45.240 –> 00:22:53.700
Well, yeah, we’re at the we’re gonna we’re going to table this for another episode of original thought Thursday or another edition of financial transaction. The future economy but
00:22:54.420 –> 00:23:02.640
I’m not sure the United Nations is the body and I’m not sure what representation looks like because you know one country one vote, probably doesn’t work.
00:23:03.180 –> 00:23:09.870
For setting this world governance, you know, people are going to want representation based on population based on economic size.
00:23:10.470 –> 00:23:20.430
We’re gonna have to figure out what that looks like. Right. And there’s going to you know whatever this extra national body is, you know, what does that look like we can table that for a future discussion.
00:23:22.710 –> 00:23:23.280
00:23:23.370 –> 00:23:28.050
On that point, it’s probably going to be the blockchain Exchange Commission.
00:23:28.740 –> 00:23:29.280
There you go.
00:23:31.170 –> 00:23:36.030
See if you haven’t seen the recent post scroll LinkedIn or dollies LinkedIn.
00:23:37.560 –> 00:23:38.100
00:23:38.220 –> 00:23:48.540
Wise company that wanted to give some assurance to investors told people, they were regulated by the blockchain Exchange Commission they designed the logo and everything else, of course.
00:23:49.140 –> 00:23:55.500
The blockchain Exchange Commission doesn’t seem to actually exist, but they created their own imagination. So
00:23:57.420 –> 00:24:00.000
So go check that out spoke very interesting side story.
00:24:00.720 –> 00:24:06.390
Our goal is to wake people up, folks. And we asked you, like, comment, share let your friends know about what’s going on out there.
00:24:06.600 –> 00:24:12.450
The more people you tell the more people get involved in this movement, the more we can have better conversations about what the future is
00:24:12.780 –> 00:24:20.940
We love when you join us live. We have our comment contest going on so comment we look at those comments best come to the week gets invite on the show.
00:24:21.930 –> 00:24:30.780
We remind you, we’re looking for interns. So if you think you might be a motivated young well young motivated young in this field, everybody’s young in this field.
00:24:31.290 –> 00:24:38.730
Not necessarily young an age but young and spirit young in in learning capacity is saying, I’m in something new. And I want to evolve.
00:24:39.120 –> 00:24:42.720
If you’re that type of person you want to get into the future. Do you want to be part of
00:24:43.440 –> 00:24:52.260
What what tomorrow is reach out to us planning done right com slash interns. We want to get some motivated people we want to build the future together, do all the research.
00:24:52.620 –> 00:24:58.020
Support things are going on there great opportunities available planning done right comm slash in terms
00:24:58.980 –> 00:25:06.690
You can find me at the are shortened link Dan on our show. McBride hands on his Facebook McBride for business on YouTube on Twitter.
00:25:07.290 –> 00:25:20.340
Died craft store under dolly craft store on both LinkedIn and Twitter crypto Twitter reach out to us remind you, would you know that do investment advice or legal advice on the show and salt your own advisors Dolly, you have a quote for us.
00:25:20.940 –> 00:25:27.600
Hey, I do Sean and real quick, folks, we have a big announcement. We have our first intern coming on board here Abbey Road and
00:25:28.380 –> 00:25:32.700
It looks like. She’ll be starting Monday. So the team is growing. We’re super excited about that.
00:25:33.300 –> 00:25:43.590
Also, we’re going to be doing little promo videos 1020 seconds kind of telling you about the whatever shows are popping up and you’ll see those sporadically john shot one this morning, so check it out on LinkedIn.
00:25:44.160 –> 00:25:49.920
The quote today. Every now and then a man’s mind is stretched by a new ID idea or sensation.
00:25:50.250 –> 00:26:01.800
And never shrinks back to its former dimensions. So as we grow and we grow with all these big thoughts that we’re talking about your mind will never be able to go backwards. So that’s your caveat, you’re going to, you know, if you’re taking the blue pill or the red pill.
00:26:02.010 –> 00:26:09.690
Second quote is, if you are someone who dislikes condemns or rejects new ideas. You are not fit to lead and that’s Martin Luther King
00:26:10.200 –> 00:26:21.660
Very good folks congratulation doing the hard work pat yourself on the back for getting in there and for for learning and growing and being a leader of tomorrow. We’re glad you’re with us. We’re looking forward to see you on additional videos.
00:26:22.140 –> 00:26:28.230
will remind your future done right calm, you can see our past episodes lot of great guests a lot of great discussions there.
00:26:28.710 –> 00:26:46.140
Get currently things that matter to you. Also you can RSVP for upcoming shows at future done right calm and you can join our mailing list to get updates and get ideas as things are developing so check it all out future done right calm before talking again soon. Great senior dollar
00:26:46.590 –> 00:26:52.500
Hey. Thanks, Sean get woken get Broke Guys 7am 10am 2PM Eastern every day. We look forward to see you tomorrow.