The Pistis Card: Good Jobs and Financial Health

History’s greatest figures achieved success by having pistis, “trust; commitment; loyalty; engagement.”

Pistis Card

It’s a sad truth of American life that the poorer you are the more you pay for banking.
For example, according to the Wall Street Journal, banks and other financial firms in 2016 generated $33 billion in fees related to overdrafts on checking accounts, this is the highest level in seven years. The Consumer Financial Protection Bureau (CFPB) has compared overdraft fees to a short-term loan with a 17,000% APR!
Mehrsa Baradaran, associate professor of law at the University of Georgia, and author of How the Other Half Banks, writes “As the banks are set up currently, the fees they charge are meant to dissuade small accounts, or accounts by people whose incomes are minimal and very uneven.”
As Baradaran writes in her book’s introduction, the banking industry has stopped serving those who are “too poor to bank”, pushing them into the arms of non-bank service providers to provide the most basic services: to cash pay checks, pay bills or transfer money. In exchange, she calculates that they fork over up to 10% of their income for these services.
In some cases, they don’t have an option: a bank may refuse to open an account for them. And banks have long been trying to “discourage” their smaller customers: fees on accounts where balances dip below a specified level even briefly can look extremely costly to a low-income household.

Financial Health

Financial Health for Everyone using Artificial Intelligence and Blockchain Technology
Our vision is an audacious one: to increase the number of individuals with positive financial health and well-being. To achieve financial health, people need day-to-day financial systems that build long-term resilience and opportunity. Financial health enables family stability, education, and upward mobility, not just for individuals today but across future generations. Promoting financial health is good for the American economy. Financially healthy consumers drive new opportunities for increased engagement, loyalty, and long-term revenue streams. Lasting financial health also has a positive macroeconomic impact on communities at local, regional, and national levels.
We are developing a financial adviser system with several artificial intelligence (AI) capabilities to help achieve this goal. This system learns from historical data to predict the account balances of individuals for a future time period, identify the recurring charges in their spending, determine unexpected large expenses, and analyze the category-wise spending behavior of user groups.

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Postal Banking using Blockchain and AI

In January 2014, The USPS Office of Inspector General published a white paper that endorsed a concept postal unions have quietly supported for years: The Postal Service should provide basic financial services to the 68 million American adults who don’t have bank accounts or who have limited access to bank services.
At his swearing-in ceremony in November 2013, APWU President Mark Dimondstein championed the idea – although he expressed it very differently than the OIG ever would. “To protect our jobs, we must enhance postal services,” Dimondstein told an audience of union members and friends. “Services such as basic, non-profit banking would be a great and real benefit to the people of this country, and a good answer to what I call ‘the Wall Street Banksters,’ who devastated the economy and with it the lives of millions of people.”
Soon after publication of the OIG paper, Sen. Elizabeth Warren (D-MA), who serves on the Senate Banking Committee, posted a blog supporting the idea. “If the Postal Service offered basic banking services – nothing fancy, just basic bill paying, check cashing and small dollar loans – then it could provide affordable financial services for underserved families, and, at the same time, shore up its own financial footing,” she wrote. Postal services in many other countries that offer such services have seen their earnings increase dramatically, Sen. Warren pointed out. Sen. Bernie Sanders (I-VT) also supports the concept.
In April 2018, Senator Kirsten Gillibrand (D-N.Y.) introduced legislation that would require every U.S. post office to provide basic banking services. “This is a solution to take on payday lenders, to take on the problems that the unbanked have all across the country. It’s a solution whose time has come,” Gillibrand said in an interview.

Services that could be available to U.S. consumers with a postal banking system
in place.

Postal Banking is Successful Around the World
91 percent of postal services worldwide offer financial services, serving 1.5 billion people. According to the Universal Postal Union, this makes the postal sector the second largest contributor to financial inclusion worldwide,” right behind the banking industry. Financial inclusion is the idea of increasing access to banking services for people who have traditionally been excluded. The concept of postal banking is not new to these shores. During the first half of the twentieth century, the United States Postal Savings System was a great promoter of financial inclusion, especially or new immigrants.

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The Jackson Administration Will Issue Blockchain Bonds

The Jackson Administration will move blockchain technology forward by issuing government securities using distributed ledger (blockchain) technology.

Terrance Jackson 2020

Our faith in the promise of America will move mountains and unleash unsuspected human potential where nothing will be impossible for us.
And Jesus answered and said to them, “Truly I say to you, if you have faith and do not doubt, you will not only do what was done to the fig tree, but even if you say to this mountain, ‘Be taken up and cast into the sea,’ it will happen.
~ Matthew 21:21

Gladiators

Treasury sets $78 billion auction as it’s on track for topping $1 trillion in issuance

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EB-5 investment in New York

Chinese nationals, who often seek visas so that their children can receive an American education, account for a large percentage of EB-5 investors.
I recently connected with the VP of AI and Machine Learning at Unity Technologies, and we exchanged a couple of emails. This has led to our decision to having our students develop apps with the Unity game engine after building our chess-playing robot.
We are also working on having a group of students attend Unity Unite in Los Angeles in October.
On Thursday, November 15th @ 7 pm at the Larchmont Public Library, I will demo CHHE, an intelligent restaurant recommendation app and give a talk on applying artificial intelligence to local retail.
In addition, we are working on a Pokémon Go-type game called Ask, Seek, & Knock that will incorporate a new blockchain protocol called Avalanche.

Danny Lange

Yong Zhao
Yong Zhao books

Yong Zhao is a Foundation Distinguished Professor in the School of Education at the University of Kansas.
TJ: The EB-5 visa grants permanent U.S. residence to anyone investing a half million dollars in a U.S.-based development project. Eighty percent of EB-5 recipients are Chinese. According to a NPR report, Bryan Withall of Sino Outbound estimates that 70 to 80 percent of families are pursuing EB-5 visas for their children’s education. As “Wang” tells us:
I’m only doing this for my son’s education. He is in a good local school, but all they do is study for tests. The Chinese education system turns everyone into the same type of person.
Chinese students score higher than American students on international tests but many Chinese parents still want their children to be educated in the United States. Can you explain this?
YZ: I’ve written about this in various places, most extensively my book Who’s Afraid of the Big Bad Dragon: Why China has the Best (and Worst) Education in the World. The simple answer to this paradox is that test scores are not good indicators of education quality. In fact attempts to pursue test scores can be counter productive, damaging what actually matters for success in life, such as confidence, creativity, and love of learning.

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Ask, Seek & Knock to Use Avalanche Token

Ask, Seek & Knock will use the Avalanche token and be featured in the documentary I Could Be… Power Comes From Faith.

Avalanche token

Demystifying “Snowflake to Avalanche”
Not every day that somebody in the field of distributed systems, comes out and says “I have a new breakthrough to tell you about”. However, recently, Prof. Emin Gün Sirer, from Cornell University, said that he does.
Avalanche comes in and combines the best of Classical Consensus Protocols and Nakamoto Consensus Protocol:
  • Quick finality and low latency: That is, it takes around 2 seconds to achieve finality across the globe. This basically means that after 2 seconds, you can get your payment processed and verified.
  • Higher throughput: 1000–10,000 transactions per second.
  • Robust: The network does not need to agree on who the participants are to achieve undeniable consensus.
  • Quiescent protocol: Most importantly, the protocol is green. That means that it is sustainable, it does not waste any energy, and that there is no special ecosystem of miners with their own separate interests from the users.

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The R F Smith Card: Good Jobs & Financial Health

The R F Smith Card

It’s a sad truth of American life that the poorer you are the more you pay for banking.
For example, according to the Wall Street Journal, banks and other financial firms in 2016 generated $33 billion in fees related to overdrafts on checking accounts, this is the highest level in seven years. The Consumer Financial Protection Bureau (CFPB) has compared overdraft fees to a short-term loan with a 17,000% APR!
Mehrsa Baradaran, associate professor of law at the University of Georgia, and author of How the Other Half Banks, writes “As the banks are set up currently, the fees they charge are meant to dissuade small accounts, or accounts by people whose incomes are minimal and very uneven.”
As Baradaran writes in her book’s introduction, the banking industry has stopped serving those who are “too poor to bank”, pushing them into the arms of non-bank service providers to provide the most basic services: to cash pay checks, pay bills or transfer money. In exchange, she calculates that they fork over up to 10% of their income for these services.
In some cases, they don’t have an option: a bank may refuse to open an account for them. And banks have long been trying to “discourage” their smaller customers: fees on accounts where balances dip below a specified level even briefly can look extremely costly to a low-income household.

Financial Health

Financial Health for Everyone using A.I.
Our vision is an audacious one: to increase the number of individuals with positive financial health and well-being. To achieve financial health, people need day-to-day financial systems that build long-term resilience and opportunity. Financial health enables family stability, education, and upward mobility, not just for individuals today but across future generations. Promoting financial health is good for the American economy. Financially healthy consumers drive new opportunities for increased engagement, loyalty, and long-term revenue streams. Lasting financial health also has a positive macroeconomic impact on communities at local, regional, and national levels.
We are developing a financial adviser system with several artificial intelligence (AI) capabilities to help achieve this goal. This system learns from historical data to predict the account balances of individuals for a future time period, identify the recurring charges in their spending, determine unexpected large expenses, and analyze the category-wise spending behavior of user groups.

Continue reading

Interview with Trevor Koverko, CEO of Polymath

Security tokens will dominate the blockchain universe!
Trevor Koverko

Trevor Koverko, CEO of Polymath

Trevor Koverko is prominent blockchain founder, investor and speaker.
After launching his career at the convergence of Wall Street and Silicon Valley, Trevor became a very early leader in the blockchain community.
Trevor started in 2012 in Bitcoin, has keynoted major blockchain events like The North American Bitcoin Conference, and seeded foundation projects like Ethereum, Aion, QTum, Hive, EOS, and Shapeshift.
In 2017, after predicting the mega-trend of financial securities migrating to the blockchain, Trevor cofounded Polymath – the worlds largest securities token network.
Trevor graduated from Canada’s leading business school, Ivey, was a NHL draft pick of the New York Rangers and is a 4x attendee of Satoshi Roundtable.

Polymath logo

Terrance Jackson: What is Polymath?
Trevor Koverko: I founded Polymath in 2017 after wanting to launch a token of my own for a company I founded.
I quickly learned that the token I wanted to launch would actually be considered a security token — a token that would represent shares in my company. I also learned that the barrier to entry when it came to creating a security token was simply too high for many companies.
That’s when I had the idea for Polymath and to disrupt the legacy securities industry. Polymath, which is an open-source platform, gives issuers of financial products access to the blockchain, smart contracts, and token creation technology.
Polymath provides a protocol to ease issuers– such as venture capital firms, investment funds, and companies– through the complex tech and legal processes of a successful security token launch.
In short, the idea behind Polymath is an interface between financial securities and the blockchain.

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