AI hedge fund uses blockchain technology, data scientists to make trades

LIZ: GOLDMAN SACHS' CHIEF FINANCIAL OFFICER USING ONE OF PRESIDENT TRUMP'S FAVORITE SAYINGS, FAKE NEWS, TO DENY A REPORT FROM EARLIER IN THE WEEK THAT HIS WALL STREET BEHEMOTH IS ABANDONING PLANS TO OPEN A CRYPTOTRADING DESK

THE BIG BANK'S DENIAL, NOT ENOUGH TO STOP THE BLEEDING WE HAVE BITCOIN DOWN ABOUT $4 WHILE BITCOIN ENJOYS JITTERING TRADING, CAPTURED INVESTORS ATTENTION, BLOCKCHAIN WHICH IS A DIGITIZED DECENTRALIZED LEDGER OF ALL CRYPTOCURRENCY TRANSACTIONS WITH THE RAPID PACE OF TECHNOLOGY AND THE BLOCKCHAIN NEXT GUEST CREATED THE FIRST ARTIFICIAL INTELLIGENCE HEDGE FUND NUMERAI THAT PREDICTS STOCK MARKET ACCURACY WE BRING IN RICHARD CRAVE IN A FOX BUSINESS EXCLUSIVE LET'S TALK ABOUT HOW YOUR FUND WORKS AND WHAT PART OF IT BLOCKCHAIN SECURES

>> NUMERAI WAS THE FIRST HEDGE FUND TO GIVE AWAY ALL OF ITS WORLD TO USE THE DATA HOW DO YOU INCENTIVIZE PEOPLE TO DO SOMETHING LIKE THIS, THAT'S WHERE BLOCKCHAIN COMES IN WE CREATED OUR OWN CRYPTOCURRENCY AND PEOPLE USE IT TO STAKE ON THEIR PREDICTIONS IT'S A LITTLE LIKE THEY HAVE SOME SKIN IN THE GAME WITH THINGS WORKING, AND THAT MAKES THINGS WORK MUCH BETTER LIZ: I WANT YOU TO REALLY ARTICULATE WHERE BLOCKCHAIN HAS THE LEGITIMACY THAT IT DOES? I WAS TALKING TO A BANKER RECENTLY AND HE SAID LIZ, YOU TECHNOLOGY ENABLES SECURE AND TRACEABLE TRANSACTIONS FOR EVERYTHING FROM FOREIGN EXCHANGE TRADES TO ANY KIND OF FINANCIAL TRANSACTIONS, AND THAT IT APPARENTLY IS QUITE HACKER PROOF UNTIL IT ISN'T

BUT EXPLAIN THAT TO US >> YEAH, BLOCKCHAIN, WHAT'S THEY SAY IT'S DECENTRALIZED SO IF WE WERE TO GIVE YOU POINTS ON NUMERAI, POINTS IN OUR DATABASE, WE CAN JUST TAKE THEM AWAY BECAUSE THOSE ARE POINTS IN OUR DATABASE BUT IF WE GIVE YOU CRYPTOCURRENCY, NO WAY QUEE TAKE IT AWAY, IT REALLY IS YOURS, AND THAT'S A VERY POWERFUL NEW THING LIZ: REMEMBER IN 2010, WE TALKED ABOUT FLASH CRASHES YESTERDAY BECAUSE WE HAVE SOME MAYBE WE'RE RIPE FOR ANOTHER PLUMMETED OVER JUST A COUPLE OF MINUTES LOSING SOMETHING LIKE 900 POINTS, RECOVERED MUCH OF IT BUT TOOK SO LONG TO FIGURE OUT AND TRACE WHAT TRIGGERED IT, WOULD BLOCKCHAIN, RICHARD, ENABLE US TO TRACE THAT MUCH MORE QUICKLY AND HENCE FIX IT MORE QUICKLY? >> I THINK SO

WHICH IS KIND OF FAR AWAY, BUT BLOCKCHAIN DEFINITELY ARE TRACEABLE, BUT THERE ARE NEW ONES THAT ARE PRIVATE AS WELL NOT SURE IT'S GOING TO SOLVE THAT PROBLEM AND NUMERAI IS GETTING PEOPLE TO MINE OUR DATA AND PROVIDE INTELLIGENCE US TO, SO I THINK YOUR FUND, IS THERE A MINIMUM? >> YEAH, THE FUND HAS HIGH MINIMUMS FOR CREDITED INVESTORS LIZ: ACCREDITED INVESTORS >> KEEP US POSTED BECAUSE THIS IS A STORY, IT'S THE FUTURE OF TECHNOLOGY ESPECIALLY WHEN IT

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