Skip to main content

tv   To The Moon  RT  May 19, 2019 9:30pm-10:01pm EDT

9:30 pm
january 2014 we start the year with a friend of kaiser report january 26th 2014 instant c.e.o. charged with money laundering charlie shrem c.e.o. of bit instant is arrested over allegations of money laundering in connection with silk road he is arrested at j.f.k. airport for charges filed and in manhattan federal court right i remember meeting charlie outside of the office of bit instant near silicon alley in new york city meeting with roger bear as well who was very active in the space and a friend of ours matthew mellon was also active in the space and an investor and bit instant and he was very excited about this new technology and he went to the office and they had a ticker tape set up with the price of bitcoin and this is part of that 1st wave again the pinwheels in the eyes people that were transfixed by the technology who looked into the void of the coming there and were motivated to
9:31 pm
start a company and to take on the man and of course charlie then met. the law of course the thing is that we had just ended 2013 with the u.s. government seizing all these big coin from ross albright and then we saw the arrest of charlie sram and i have to say that i personally was suddenly like wait we at kaiser report have been talking about bitcoin for the last 3 years almost 4 years and is this illegal like what is going on are we going to get arrested is it ok to own this what's happening and it was a little bit scary at that point even to think of flying into j.f.k. again when i got it's a bit quiet a while back i was afraid of government because we really saw that we were going after the actual money maker right so the creation of currencies and you can criticize government you know you can have the base i'm going rising on the base on a lot of things but ultimately the government. it can just print money out of thin air so it has this huge huge power. and we thought there's no way they're going to
9:32 pm
they're going to let us do that the thing is we manage to survive long enough and not to say that we're safe from governments there's a lot of improvements and to be better because and there's a lot more to do but i think over time we've demonstrated that it's very difficult to attack it and a lot of people are using it and. i think we we made the message clear that it is very very very difficult for them to. many people want to know what is going on mt gox but going exchange time with drug money market making now mt gox stands for magic the gathering online exchange it started life as a place where you could exchange magic the gathering cards for cash and it ended up not by design obviously but it became the place to go to trade bitcoins as well
9:33 pm
but william bonzai has created a backstage look at what the mt gox commando looks like as you see it looks very 950 s. the exchange piece of the ecosystem as i've been saying all along is the weakest link in the chain because you have people who are trying to adapt magic card trading systems for multibillion dollar exchange platforms and they're not up to the task february 7th 2014 mt gox halt with drawls so at that point it was just them halting withdrawals nobody was quite sure what was going on. there had been some complaints from customers that they had problems with the trawls there was a notice from mt gox to customers dear mt gox customers in light of recent news reports and the potential repercussions on mt gox as operations on the market a decision was taken to close all transactions for the time being and. order to
9:34 pm
protect the site and our users we will be closely monitoring the situation and will react accordingly best regards mt gox team of course they reacted accordingly by going into hiding well we warn folks on cancer report about mt gox and we had our suspicions about mt gox the exchange having all the experience that i had on wall street and all the experience i had building an exchange in los angeles i was a specialist that this mt gox platform could handle this volume and that there was no governance whatsoever and that there was no redundancy whatsoever in the system it was just a guy with a few wallets and all this bitcoin and we tried to warn people to get their coins off the exchange and sure enough when ever you hear the phrase they've halted withdrawals pretty much you know instantaneously if you have any experience at all the markets that that is game over and then on march 20th 2014 mt gox reported on its website that it found one 199999 point 99 big coins
9:35 pm
worth around 116000000 dollars and an old digital wallet used prior to june 27th. we lost 116000000 it was under the sofa we didn't notice this is the sort of thing as well at that time that many people in the big quiet space were experiencing is because back in 2011 back in 2012 when big queen was worth only a few bucks you weren't really. am the services around you weren't that professional it wasn't very easy to hold your own big question in and keep them secure you it off can find a huge stash of between that you had totally forgotten about from a few years earlier like oops i just found $200000.00 on this old wallet newsroom easy to just nuke big point of the software support you know address groovy. no
9:36 pm
software support or you could just put a one in the big one noticed you know the nuance and also losing keys and it was really easy to do. so there's a lot of keys from the past and they'll move off and. it's kind of fascinating because you know if you lose your keys you're essentially adding value to the nats work so thank you for losing your keys essentially you're diminishing the supply. there is it was very easy to lose because in those days and wallets or dot simple equation core was not there usable. i mean i personally lost i don't know how much like just trying to experiment with you know we were writing software for because any. and i am a big believer that probably something as highest 20 percent 25 percent of all.
9:37 pm
it's a recoverable i mean there is a ton of people who have backups from those days and they never check has those backups work and i'm sure a lot of people have a lot of surprises what's this goopy stuff spurting out of the ground there oh my gosh it's crude oil i'm worth a $1000000000.00 you know this is what happened on the price of they went from a penny to a $1000.00 and a lot of people suddenly become billionaires are on soon to become as the billionaires and that doesn't necessarily mean that they are going to be equally to the task of responsibly handing handling that $1000000000.00. before because there was something called cryptography and this is totally not comodo in the big klein phenomenon as you know cryptography the way it works it could be turned into a currency and what was the lightbulb moment i think this will be interesting there's cryptography it existed before bitcoin what was it till she's in sight what was that like. moment what exactly to transition from aha cryptography
9:38 pm
a currency model if that's a legitimate question that's fine ok how would you describe it so the 1st is to make sure that the database is secure so the ledger itself is secured by a mining process and that mining process relies on a hash algorithm the 2nd thing is how do you spend your money who gives you the right to do that so it's called public key cryptography in the particular case of it because it uses. the current digital signing algorithm and there's 2 parts a public address that everybody in the world can know and that's fine and then there's the private key that only the person who has the right to spend the money has so these 2 things put together actually allow you to create a completely decentralized and trust list would be correct to say that the problem but going to solve is double spending yes it's still spend ok because before then i could send somebody electronic token but i could conceivably do that set up 10 to 10 people the same time right because that's the problem you need a central authority to maintain the database to a prohibit spending but with the hashing algorithm you actually have digital
9:39 pm
consensus in a decentralized way to prevent you from count rights instead to verify people scarcity in a sense which is the 1st thing time that's ever been done we talk a little bit more about that a digital scarcity yeah so effectively once you have a database that secured by consensus nobody in the ecosystem nobody in the world can tamper with that unless they gain an overwhelming amount of cash on the network so effectively when you have tokens that are in that database those tokens are scarce they can't be cloned to replicate it it's just like gold it has that property and it's very unique it's never been done before in a digital sense the tokens are the because exactly right so you're solving you're paying the people who are living their c.p.u. their computers. and in exchange they're getting a token that those tokens are just so happens can be used now like money and that's why it was an experiment because when it was 1st built the tokens had no value then you could buy a pizza for you know 10000 of them and now a lot of people are millionaires as a result of the appreciation of value because they're scarce. oh.
9:40 pm
those who they are supporting cost but they have they don't care about the beer they don't care about this the bit you know from libya. it is about their own agendas. and so we might be bugged here for a long time it can be really a civil war that continues for 4 months time. is a tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been faced only templeman from the inside venezuela things look different we're going to announce sanctions against petroleum to venezuela associated. have a son of
9:41 pm
a moment goes. down to something political battle song moon the people who come at the moment the focus of the who story isn't new nixon called in henry kissinger to tell him that it would not be tolerated that in latin america. an alternative economic and social system could take hold and therefore the policy would be to make. the chilean economy scream so wants and making the economy of venezuela screed. so this was the end of the amateur error because of all the attention from the
9:42 pm
senate and at the end of 2013 now mt gox collapsed saying that was huge news it was covered all around the world then we get to july of 2014 and u.s. marshals auction off nearly 30000 queen 296562 be precise of the 50000 big queen they ultimately got off ross albrecht it was announced on 1st of july 2014 that tim draper the billionaire venture capitalist from silicon valley had actually won tim draper winning those big coin in that auction itself became a massive story because he was a billionaire venture capitalist from silicon valley and that became a huge story in america is like tim draper why is he buying all these big and what's going on right tim draper coming in and buying those coins in the auction held by the u.s. government marked the beginning of the next phase so that mark the beginning of the professionalization of bitcoin a market beginning
9:43 pm
a venture capital looking at bitcoin in martha beginning of a serious money starting to put pencil to paper and figure out ok what could this thing be worth and who's telling the truth and is a really competitor to gold could it compete with you know what is the real value of this and the venture capital businesses the business trying to speculate about what's going to happen in the future almost completely with blinders on they have no idea they tend to look at a multiple opportunities hoping one will drop and be successful jim draper looked at because he said you know if this works i believe he made the comment it's either going to be worth a $1000000.00 a coin or 0 and that's of the couple bet for a venture capitalist and that bet for 10 drippers paid off spectacularly so far probably will continue to do so. fact is that people who have made a tremendous amount of money in these markets like a george soros for example or warren buffet will do exactly opposite to what the
9:44 pm
shrieking crowd is doing so you see the streakers that they have a use if you're in the business of making money because they tend to sell the bottom and buy the top so in the case of bitcoin the shrinks are quite loud which is a contrarian point of view the absolute best time to get into a bit coin are brought my price target is still in the short term $1400.00 and in the medium term more like $10000.00 per bitcoin as the adoption rate skyrockets and you have all these other businesses that are plugging into bitcoin all the venture capital is plugging into the big coin block chain so 2 years from now $10000.00 per bitcoin i think is in the bank a big number 31. mt gox meltdown fells point there it come with a bit right number 36 try 67250 point for the request and the unkillable thing right it's had over 300 obituaries no matter what you throw web
9:45 pm
equate it seems to just continue to keep on fighting and really at this point being this being on the internet itself for so long has developed this amazing immune system of a community that will continue to fight for big win continue to fix pick when continue to make sure doesn't go anywhere any time soon. 2014 is the year that many people ask today what did you do during 2014 because it was known as the previous crypto winter the bad timing was there nothing happening the price was the climbing it was the great bear market. but there was a lot happening during 2014 there were many this was also the year that a lot of the coins started to rise max going was created on our show in 2014 and again this was part of the whole learning process back then because again there wasn't as much information available still in 2014 about what. how these
9:46 pm
coins were break being created we as journalists were like. well if there are all these new coins coming out does that mean that queen isn't worth as much and we had 2 young cryptography students on our show to show the audience how a coin is created. we're going to mine the genesis block right here on this prerecorded live television show don't open up your laptop and this is going to be the launch of a crypto yes actually indeed this is exactly that it is. the 2009 this is the moment recreating a moment that we recreate rightly so what happened just now just like at the moment when you want to genesis bloke you need a few parameters within the code so we need to give it the time which we're going to. particular string something with lines of cause and launches and o'quinn and
9:47 pm
then let the transaction work for a while and eventually it spits out for the 1st point in the book which is the public ledger details with transactions up to date and when one considers. and it was really educational for us i learned a lot and it was an interesting process to see actually how a coin was made it helps me understand this is a troll community and a lot of people only care about when lambeau so there are still people to this day who will be like where where is my price rise and things like that but for us it was an educational experience of learning how a coin is made and why all these other coins were being created well the community is indefatigable and during coins priceless they decided well we're just going to create a whole bunch of these coins to see if we can come up with something that gets some traction and start moving up in price and keep the party going the supply of bitcoin into the market really prices down because there was
9:48 pm
a flood of the auctions of those government sales and you got to choose through. a lot of overhead resistance and this is going to take a while so while we're awaiting him i will just create some all coins some different coins different features different ideas this is when the idea of big coin maximalist came around and it was an idea floated by the talent peter in who was the guy behind it the area and the theory almost positioned as superior to bake on and then it was an insult to say you were a big climax was at that time that you needed to embrace alternative coin ideas and so you had a heart in the group of what we now call maximalist who hunker down and said that we're not going to stray from the reservation we're going to stay right here with bitcoin and we're going to harden our defense a bit coin and we're going to start to get involved in these mean wars and the
9:49 pm
shouting matches online about whether or not this coin is actually garbage versus big coin and all these other coins and this is the really the beginning of the coin wars. a step back for a 2nd to talk about old coins in general because you had the creation of bitcoin back in 2009 period it's a crypto currency and then we've seen now all coins which are also crypto currencies that are similar to bitcoin there they have variations as you mentioned there's a pretty mining going on so why why do we have these all the coins to begin with what is the purpose of them. orderly in general as all of coins but basically it takes a lot of them are basically and don'ts so there are a few projects that are a lot more interesting than some of like. all coins that don't really change if you go mr korn you get a serial of the projects what next they're doing
9:50 pm
a whole person. stake your coins so there's a few that actually do try something new and give people something new in the cryptocurrency world. for them and the majority of them. i don't see worthless but not really worth anyone's time looking at yeah you know the creator. is anonymous and at that moment that same blank a liability that they wanted to have an accountable figurehead behind a coin and so projects answered the space and within a few months there would be a lot of tension between these projects and the bitcoin core group would become an entrenched kind of hunkered down group that was doing battle you know from all corners of the community and that that's when it 1st starts to bifurcate i would say between the bitcoin hard liners and what became
9:51 pm
the rest of the coin universe the all coins by definition a know coin is an alternative to because and that's where the wood came from. and if we're looking at what turn it is to be queen i don't think there is one. i think the queen has a unique place of achieving sound money. but put into that boss get over who coined things that have confused a lot of people of their identity and what they are so we have people that have used the technology. brought to the world in order to create systems the create disruption in for example capital markets and if you're creating something the book chain that creates disruption in capital markets you don't actually want to have the same principles as sound money you wouldn't want it to be expensive you wouldn't want to be inflation resistant you'd want the ability to pay
9:52 pm
for these things they call small contracts to be quite cheap. and so what people have done is they've they've taken over over our history we've got very confused we had the coin then people created alternatives to big corn and all of those in my life and none of them have become an alternative to quitting. over that the technology has been used and then we've called them coins when really it's more appropriate to call them tokens or different things because they they have different use cases they've got adoption without a figurehead without a central personality in 2014 when the media came staffing about they needed to talk to somebody and so they talked to people who were in the space who then took that media spotlight and decided to turn that into a coin project so it was the opposite of because i know because i instilled a need and it came about organically through the cipher punk movement they all call
9:53 pm
and filled a space called the spotlight and it brought about a bunch of what i would call false prophets false suppose she's who had coins but they had really nothing behind them of substance and it's also important to establish in 2014 the emergence of those old coins they were not. free money in the way that we would then see later in 2017 with i.c.'s it was experimentation still in 2014 i believe dot there are a few all to coin stock perhaps war legitimately creative. interesting science projects. but. in the future going out 510 years. there is really no need for because if they happen to innovate something which i doubt it could be absorbed into bitcoin and to me it i'll believe or an out
9:54 pm
of smith's work way are your only your country your nation is only as good as brain power over the smartest people and the smartest people are coding on corn that's where all the innovation is happening and the big corn is going to advance way faster than the old coins so december 24th teen year ends with the u.s. marshals auction off the final stash of silk road coins honey badger still didn't care honey badger don't care honey badger don't care honey badger won't care big does whatever it wants every child you try to kill it or ban it or whatever gets stronger and stronger i wish i had my how do you badger baseball cap that says proof of keys on it yeah yeah how do you judge it i don't care.
9:55 pm
this footage is unique because there's a tribal lens i'm normally off limits to the public. because he is personal don't. the. people here know him simply as don't to eric he's rich famous some is on the move. and flying in a craft. he's going. one of the best neurosurgeons in brazil. that's happening now muslim scholars so simpler going to busy doing the math is going to do the population like remote is going to keep people from hamas
9:56 pm
on. the. play. list.
9:57 pm
oh. please. please. just so. very well can see you watching us in such. i am reluctant to give credit to the president trying for just about anything but
9:58 pm
by actually in a way when he said at the beginning of his presidency that he'd be open to what to one state or a 2 state solution whatever these rising a belgian is going to agree on i think that was actually a smart thing to say given the legacy of american fall some support for israel the expansion essentially over the decades given the kind of political culture and political system that israel has developed there really isn't a way to negotiate something between palestinians and israelis. this is a story about what happens austria stray bullets kills a young girl in the streets. what happens to her family and daughters in florida you know the mother daughter is very serious and terri it is healing messes with your head what happens to the community the public was screaming for a scapegoat the police needed a scapegoat so why not choose
9:59 pm
a 19 year old black kid with a criminal record who better to pin this on than him and what happens in court. shocked shocked as far off society we feel. we don't know still share this truth. and of this trial unfortunately you. will still not know what children.
10:00 pm
president trump warns tehran that conflict would mean the official end of iran while president rouhani says his country has no interest in going to war and is ready for crisis. president putin says he has urged iran to stick to the 2015 nuclear agreement despite the u.s. withdrawal. and the tech giants unveil new rules to crack down on violent content after criticism of their handling of the christ church mosque attacks. what if this was an actual real time live stream of child pornography nobody would be even debating this i would say you've got to fix this technology it's a very very difficult.


info Stream Only

Uploaded by TV Archive on