so they do not cross into argentine territory from this from argent. time authorities can morning for what's happening in economic exclusive films. but what a 40 here are saying is and what's important is to regulate what's happening in international waters. ah, log in pizza, they'll be here in bo, how with your top stories from al jazeera, the united nations top refugee agency has voice growing concerned about the crisis in ethiopia is northern te gray region. there are reports, hundreds of refugees have been taken from displacement camps by soldiers. that's despite increasing pressure from the us for e. c o p s. government to bring about an immediate end to the violence or face harsh sanctions. allen fisher reports now from capitol hill fighting glucose to the c o. p. s degree region 6 months ago. if your p and trips back by allies,

the energy and army claimed the t great people's liberation front was behind the tax on your p and military bases. u. s. s. in the us government has a strong ally in the horn of africa, but is growing frustrated that the scale of the fighting, the senate foreign relations committee was told, the situation is horrific. with thousands dead, we estimate that there are approximately 2000000 internally displaced persons. 63000 refugees and 5200000 people in urgent need of assistance. the united states condemns and the strongest terms, the brutal killings, sexual violence, including gang rape, forced removals, wanton destruction of civilian property. and there's a stock warning. the war could spark ethiopia as far as famine in more than 40 years in ki gray. after more than 6 months of hostilities, approximately $5200000.00 people are in need of assistance out of a total population of $6000000.00. approximately 2000000 of them are children. joe

biden wants me to cease by the senate, has unanimously called for the withdrawal of if you'll be in troops, secretary of state antony blank and says what is happening in the grey amongst 2 ethnic cleansing. but with testimony of brittle sexual assaults as well, the us isn't ready to declare war crimes are being committed just yet. we are acutely aware of the need to determine whether the conduct meets the legal standards for atrocity crimes. and we are a li, and we are acutely waiting for that determination down as we haven't any of us. we believe in fact, these are war crimes and crimes against humanity. so, and i understand the concerns of such a designation, but we cannot turn blindly away when such things happen in the world. yoyo has been one that faces strong economic sanctions if the fighting continues,

but it has dismissed us interference in its internal affairs. the us invoice to the region is headed back the next week, hoping strong messages from washington. white force a change on the ground island fisher. i'll just eva capitol hill. russian aviation authorities say any flights from europe that avoid bella. russian airspace may have to wait longer to land. many european airlines are steering clear a bell roost after the 4th landing of a passenger jet admins last week. fellows is accused of fixing a bomb scare in order to arrest a journalist who was on board the aircraft. the hong kong media tycoon jimmy lie has been given another prison sentence to taking part in anti paging protest in 2019 the pro democracy activist and billionaire is already serving a 14 months and 2 on similar charges. some other leading activists will also sentence my assets with rosen earlier this month on the pages new national security laws. the united nations human rights council is to investigate potential war

crimes during the 11th day conflict between israel and hamas. look into allegations of abuse on all sides across the occupied territory and israel alice indians. welcome to move. but israel has called it shameful. germany has acknowledged it, committed genocide in the media in the early 20th century and says it will pay reparations. german forces kill tens of thousands of indigenous herrera and nama peoples between 1904198. after tax on colonial settlers. let me be as government called the announcement, a step in the right direction. and as a formal apology should follow, india has reported its lowest number of new code 19 cases. since the middle of april, the official county has dropped to fewer than 890000 new infections in the past 24 hours. 3 and a half 1000 deaths have been recorded, but experts continued to one. the actual figure could be much higher up next crypto appear more news in 30 minutes. see that? ah,

7 years ago i made a film about the history of money banking and bitcoin. what was going on? buck 11. we said it's going to be a bumpy ride. and now some of the big brains and speak egos to champions crypto currency claim. they are building a crypto utopia. magic, i think that will happen is something called block chain technology. and it just might change your life and they really could compete with, if not even take down the facebook and the google's and the amazon. my name is tossed and hoffman and i'm going to put some of these claims to the test. forget all the hype will explore the true potential of this new invention. see who is already using it, making it really easy for people to

a page to the follow up and go deep into a secret bunker that holds billions in bitcoin. but they are those who want to kill it, join with me and introducing a bill to outlaw crypto currency, so that we nip this in the bud or change the world with it. welcome to ground 0 in the battle for the future of the internet. web 3 point. oh, they wanted a science fiction dream. actually it was billed for coming disaster. a lot of people were not willing to learn, were not willing to admit they were telling me that i have no clue that just support free speech. you don't support bit calling your enemy a bit for him. this is bigger than the internet, c, r, and age, the renaissance, the industrial revolution. this affects the entire world.

ok, let's start slowly with the basics of money and it's creation. the total value of all the world's money is about $120.00 trillion dollars, which you probably didn't know is that each new dollar is created by governments and banks as debt, which needs to be paid back by someone in the future with interest. that's why there isn't enough money in the world to repay all that debt, and there never will be. oh, and almost all of the world's money is already digital. just entries in a ledger, usually managed by a bank. only a small portion exists as physical currency, like cash or coins. think of it this way. your employer deposits a $1000.00 into your bank account. then you pay $200.00 in taxes, $500.00 for rent, $200.00 for bills and shopping and so forth. whether you use credit cards,

debit cards, pay pal or bank transfers. they're all just pluses and minuses in different digital ledgers. that's why there's almost no need for physical money in our daily lives. during the financial crisis in 2008, a mysterious figure called photoshop's come odo, published this 9 page white paper. it said with big coins, open source software. we can create or money without banks or governments. i use this new nerd money called crypto currency. is created and stored in computers and before long there was a growing family, mostly guys like roger via today he's a polarizing figure, but big then he gave away thousands of coins to kickstart the movement and they all called him bitcoin jesus. i think that for many years he brought more people to be going than anyone ends and we will for re grateful to him for doing that. or when i was a kid,

i was reading all the science fiction books. they were talking about how the world is going to be when we have this like anonymous digital cache that people can use on the internet. it's not controllable by anybody. and then when bitcoin came along, it was like, wow, the science fiction money that i've been reading about as a kid is finally here. so i got so excited about it. i heard about it about 10 in the morning. and i was trying to go to work that day, but i didn't, i stayed home the entire day. reading about it didn't leave. i stayed up all night that night reading about a date up all night the next night or even deep down that rabbit holding the point of physical exhaustion. not as i called a friend of mine that please help me. i'm so sick and you bring into the hospital. yeah, roger that bid bad by the bitcoin bug, like so many others who follow truly. one of the most exciting inventions ever in the entire history of human kind. but how does it work? when my friends ask me to explain, well, i often start with this analogy, emission, a bank vault where you have a safety deposit box. your key opens what are the boxes where you can securely

store physical valuables, like gold coins in bitcoin, their digital. think of them is very long passwords. your private key gives you access to a wallet, which unlocks billions of unique decline addresses. each one is a virtual safety deposit box that only you can open with your key. and there are more addresses in this virtual vault than adams in the universe. the doors to these boxes are transparent. you can see inside them. here's one with digital money point to one point. setting them from one box to another is what's called a bid quote transaction. we'll explain that later. but for now, just remember that these digital coins can only exist inside these transparent address. boxes can't be copied and can't ever leave the vault. and this vault is owned by no single entity. you don't need permission from a government, a bank, or

a corporation to use it. the most early adopters of the coin, it was all about global peer to peer electronic cash room. 77 in berlin was one of the very 1st businesses to accept bid coins as payment for physical things. b as in burgess, back in 2011. there were no mobile wallets, right. so you had to go there, bring your laptop type in this long address. you do risk losing the money if you didn't type it correctly. so the 1st guy who built a mobile with some guy who built it in order to buy his beer with his phone instead of his computer. my problem with banks is different. why can't they sent money overnight on a weekend? after all, it's updating digital edges, right? just moving data, we can send pictures of videos to any one on the planet almost instantly and for free. we live in the age of the internet,

but the bank seemed to be stuck in the past century. so what if those slow, inexpensive middleman with a multiple ledges could be replaced by a giant data face synchronized over the internet? that's the big idea behind bitcoin. and it's run by a decentralized global network of powerful computers and regular laptops. this immutability is the 1st rule of big coin. it means no one can ever change was once recorded in the block chain, or spend the same coin twice. that's also called censorship resistance, and it's critical to bitcoin being used as real money award winning journalist laura. she tells me a story about women bloggers and canister and being paid in bitcoin, and that one of the women that hadn't abusive husband and saved up her bit coins and eventually was able to divorce him because she was able to control her money when she earned the big coins in my 1st film, the early adopters said that this kind of financial freedom for every one was just

around the corner. world's most populous network, is adopting bitcoin. that's the internet. the world's largest economy is adopting bitcoin. that's the internet. we have transcended borders. it's totally file is electronic cache. david gerard doesn't buy all the height. he's one of the most outspoken critics and skeptics of block chain technology. it's not very good as a payment system. there's a small claimant use case. if you want to trade in things, the government doesn't want you to trade in that's david's polite way of saying illegal stuff. in 2011, most of my partner colleagues were saying 3 or so. but other drugs pornography on the silk road was a black market on the dark weapon where buyers and sellers use big coins to fly under the radar of the authorities. it had 1000000 uses until the f b. i showed up and shut it down. they caught this guy for running it and

confiscated the coins held in escrow by snatching his computer. and then they locked him away for life. no doubt crypto currencies can be a tool for criminal activity, but so on dollar bills or the banking system. and let's not forget, the block chain is a public ledger. it's actually been quite useful for uncovering crimes, a former federal prosecutor named catherine hon. she was the one who discovered that there were a couple of federal agents that were pilfering sim, bitcoin, that the government had obtained from the cell grow case for their own gain. and what was interesting was she got a tip that there might be $11.00 agent that was doing this. but from looking at the movements on the launching itself, she realized that there were 2 people. the prosecutor could see those big coins being moved. and when the dirty coff try to sell them $4.00. vega busted. while they saw the technology provides anonymity,

it actually enabled uncovering their crime. but what makes big coins worth stealing? why do they have value at all? let's go back to where big queens are stored in transparent digital deposit boxes protected by strong cryptography. they can never be copied or leaved vault because any transaction at any bitcoin down to a 100 millions fraction is recorded in the block chain for eternity. this synchronized global letter is shared among thousands of computers worldwide. that's why it can't be compromised or altered. think about that. we can make an infinite number of perfect digital copies of the movie, a song, any file. but for the 1st time in history, this distributed record keeping allows us to have a truly unique and fungible digital object that is also scarce. if you could count all of these virtual coins, you find about 18000000 of them today. when

the cap of 21000000 is reached, the protocol stops the network from creating any more. it's the opposite of our traditional money supply, which keeps growing and growing an unlimited amount of dollars versus a very limited supply of big coins. you do the math. if you use euro's dollars, you might care about a little inflation per year. but if you can see isn't stable, you might be a trillion and paper and be dead brooks. i grew up in by one year and the same part of ours. and now my parents are she branches there and i remember growing up in my childhood. so my parents loose everything 3 times. first because of a huge evaluation then because of hyperinflation and the last time because they government confiscated all of bunk, their bosses. i think that to they, they are,

are billions of people, at least 4000000000 people who would be a lot better off by having access to a form of money that is non political and more than mccracken. we think of finance . we think of banking, we think of money in terms of the experience and perspective of western european or developed nation person. and that is really just a 1000000000 and a half people who have a very privileged financial life. what about the other 6000000000? every single country that is free has essentially a legal status for crypto courses that is very open and permitted. and every single country that is unfree has restricted for band crypto currency status. this is the berlin wall fil a powerful symbol of a government trying to control it citizens. and that brings us to the big question, can governmental bangs, ban bitcoin? well, some politicians still think they can stop open source software. i look for colleagues

to join with me and introducing a bill to outlaw crypto currency purchases by americans, so that we nip this in the bud in part because not an awful lot of our international power comes from the fact that the dollars, the standard unit of international finance and transactions clearing through the new york fed is critical for major oil and other transactions. and it is it the announced purpose of the supporters of crypto currency to take that power away from us. for currency represents a litmus test for governance, it reveals how much your government believes in in the fundamental freedoms and human rights. because if they don't trust their own citizens to have control over their own money. that says

a lot about the governments is very little about crypto cards. you see the reason why some governments and most bangs are threatened by this technology is simple. your private key and your wallet can replace your bank account. the network is run by software, and it's currencies made and maintained by computing, power, and electricity. it can't be manipulated by central bankers, wall street lobbyists or politicians, but with new freedom comes new responsibility. so if you would keep a job, a point, if you don't control the keys, it's not your bitcoin, your keys drop, big point, not your, not your big point, your keys, your big, quite natural keys, not care of a point. got that. if you lose your key, you will never be able to access your coins again. and if someone hacks your computer or you store those passwords, your coins will be stolen in a 2nd. and remember how, whence is a family, had them money stolen by their own government?

well, maybe that's why he built the fort knox of bitcoin security. settle. most of our 7000000 customers are in emerging market in countries where there's problems with a currency, we have explosions, inactivity like venezuela right now. we're derek and we develop the system of wallets where we have 5 private keys for each one of our big green. i addresses, we keep those private geese in and offline. sarah, that has never been on line will not be on line. it's inside the vault, the voltage inside a bunker, usually deep underground. our main one is in switzerland in the commission, military bunker. i just had to see it for myself, even though it took a month for to get cleared for a tour we were met by christ of osh might a former military commander who runs the place and the representative from settle. crystal said, the gods would rather shoot us than show us around. i hope he was kidding.

they need to bring in the material. so the other side of the personal look. first up, one more check of our id, a pet down for weapons or any other monkey business, and give inspection or even the boss was searched. it took nearly an hour to get my team through security, but it was worth it. no other film crew has been allowed access. we are the largest custodian of it going in the world because a lot of the largest holders in the world use us or security room, or has it that 10 percent of all that kind of thought here. and in there for other secret locations, unfortunately, i can't confirm any of those numbers from the mountain that we are getting a lot of benefits by earthquake proof flooding prove.

but on the other side, you're facing a lot of additional costs. like maintaining 7 independent bank up power supplies the labyrinth of tunnels deep into the mountain is interrupted by nuclear, great dos. it's a level security apply to all of the data crystal protects here. not just for example. we cannot talk too much about it because it's pretty quickly what is down there right now. i'll be allowed to film that now the doors that remain shut and security measures we weren't allowed to see. and some of those checks may be biometric, including the eye and finger prints con and the fingerprint scanner. also make sure that you are alive. so do the cut someone's finger and you're just using it to open a gate. pretty much have a direct

these on sample of actual service, but if you've ever wondered what triple currency thieves dream about it, sitting somewhere down here unplugged from the internet varies. absolutely no way here a way to attack the day. it's always on the cold storage side. but here's my question . why do i need the cold offline service to be inside them out and kinda be in my basement while the surveys and you know, it's still can be filled out. so easy to like, money is data. yeah. think it's been invite but it is money. a lot of money, and this is why this is more a bank than, than a day. but let's do a quick recap. we now have billions of dollars worth of data secured and digital banks deep inside secret military bankers. if you don't think bitcoin is already

changing the world's concept of money, you haven't been paying attention. remember, mervin, he used to be a senior executive, deutsche bank. his colleagues, one said bitcoin was for lawbreaker and troublemaker. he now runs a crib to fund out malta. our research shows that the crypto markets are going to probably be worth about $8.00 trillion in 2027, which is a 50 x. um today. exactly. most financial analysts say you better stick to your chance and bonds and dollars bitcoin is dangerous nonsense. far too risky as investing to others. bitcoin is an escape hatch that will take them away from risk and insurance against the financial doomsday away out of the debt crisis, negative interest rate. trade was an economic downturn. they say it's an anti fragile asset uncorrelated to financial markets. so how about the general public in

america? the younger generation already starts to trust this new asset class. and when success, bitcoin may reach a $1000000.00 per coin. i would say the biggest financial mistake you can make right now is to own an amount of bit going that you cannot afford to lose because it's super risk and you may lose. the 2nd biggest financial means that you can make is not to own any. because you bought one percent of your net worth in bid going, most people can afford to lose one percent of the net worth. and if i am right, it's going to be more than a 100 percent of your network. so with a non material exposure, you change your life, you know what you would spend with your on a romantic weekend with your wife. say, sorry, we're not going to go out this weekend. i'm going to just vibrate, going can sir, it's bent, disappear, check in 7 years. i either give you about a life and cost your weekend or i want a grandkids girl. once you do what you fail to mention is that the

currency, the micro transaction, all of that is relevant, right? meaning, all of the cryptograms is our way to wallet that for anyone to take them seriously . hold on, let's go back to where we started. bitcoin was created peer to peer lic, 20 cash. that was the can add a payment directly from you to me. from me to the coffee shop. i have bought a bag of coffee for 2 bitcoin in 2012, which today cost me $12000.00 in today's money. that is a deflationary of fact, as long as the coin keeps doing sub and increases in prices. that's going to stop the retail use in its tracks. with bitcoin, you can see $1.00 or $1000000.00 worth of value anywhere in the world. you can do it for free. one philosophy could be described as the coin official goals. and the other philosophy could be discarded, the coin as digital cash,

because what we've already met the digital gold cam, who opposes any changes to the protocol, despite the hi fees. roger represents the other side of the debate. they wanted a system upgrade a solution as easy, and just increase the size of the blocks from one to 248 megabytes, so that more transactions fit into them. this will lower the fees, and people will start using bitcoin as cash again. but most of the community disagreed. so bitcoin, jesus had become bitcoin, judith and there was a split into 2 separate bit coins. every revolutionist followed by the counter revolution, which is usually a purge of the original revolutionaries. when i 1st started covering the space, every one was united in the struggle against the establishment. now, the industry has grown so much that they are competing parties, propaganda machines, conspiracy theories looks a lot like politics. the biggest fight within the bitcoin ecosystem is over at the

moment, is who has the right, the name bitcoin. but at the end of the day, i think the version of bid calling described in the big one white paper has the strongest claim to the name bitcoin than anything else. and that's been going cash i think is to say that and causing people to, to buy big on cash when they actually want to buy big coin as a just going to be casting is from issue shalicia. and i'm been told the ami a d for the english, rosie doc, the call from bitcoin b cash. because tom depression, he had some, his seattle energy nuclear, those in your face to bid coins could call them coming up the chain explained. and predicting the future of the internet for the o. welcome to port on your gateway to the very best of all of their as online content that you may have met a new program that this for our platforms makes a connection and presents

a digestible scene. each the award winning online content on their audience portal with me sound gatlin coming soon on out there. i was just there a word goes to algeria and she needs to meet some of the world's most passion football fan. i sold my clothes to go to the stadium, lloyd supported all football, hooligan, waving streams, fandom come, have life changing consequences. don't remember how. i only felt the flame burning deadly game. algerian and she dizzy and firm on al jazeera, me be the rescue team. mean, starting a game for building a new life in a new country is no easy to let him drive. the witness follows one of the

last refugee families from syria to be granted. an american visa from that personal sacrifices to the families triumph, meet the syrian on al, just 0. o peter toby, in dough hall with your top stories on al jazeera, the un refugee agency says it is deeply concerned by reports that hundreds of people have been taken by soldiers from camps. any therapy is northern t gray region. the u. s. is wanting sanctions against the government could be imposed. the red cross says people integrate out at risk of severe long term food shortages ahead of planting season farming essential, such as seats and fertilizer are running low. and the constant threat of violence means working on the land has now become difficult. the asian authorities in russia

say any flights from europe that avoid bell or russian s space may have to wait longer to land. many european airlines of steering clear bellows after the 4th landing of a passenger jet in minsk last week, bella roosted accused of facing a bomb scare in order to arrest a journalist who was on board the aircraft. the hong kong media tycoon jimmy lie has been given another prison sentence for taking part in anti paging protest in 2019 the pro democracy activist and billionaire is already serving 14 months sentence from similar charges. 7 other leading activists were also sentenced. live offense were frozen earlier this month on the paging national security laws. the un human rights council is to investigate potential war crimes. during the 11th a conflict between israel and hamas, it'll look into allegations of abuse on all sides across the occupied territory. and israel palestinians welcome to move, but israel has called it shameful. germany has acknowledged it committed genocide

in libya and the early 20th century and has pledged financial support for development projects. german forces killed tens of thousands of indigenous herrera and nama people, after tax on colonial satler's. maybe as government called the announcement a step in the right direction and says a formal apology, and reparations should follow. india has reported its lowest number of new cobra 19 cases since the middle of april, the official tally has dropped a few of the 190000 new infections in the past 24 hours. 3 and a half 1000 deaths have been recorded, but experts continue to warn the actual figures could be much higher. frances, reintroducing more stringent rules on arrivals from the u. k. the foreign ministry says britons and other non e u. visitors will again have to prove they have a compelling reason to enter the country and then sell fi, so late, 7 days back now to crypto pia also use the. the health of

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on all i know, i know you want to find out what any of this has to do with this new crypto p. revolutionary internet will get that promise. but 1st, we need to go from bit coins, original block chain to hundreds of block chains, back in 2011. when charlie lee was a google engineer, he wanted to foster and lighter version of photoshop's crypto currency. and was one of the 1st to experiment with the open source software. the actual quoting terms of the code differences between the clan, my quote was actually pretty trivial. and what, what does that mean in time? like, i would say like, $44.00 or 5 hours. light clean, it was one of the 1st alternative trip to currencies or all coins. some of the early adopters, like charlie made fortunes. soon there were hundreds of coins made by cryptographers copy cats and con men as a coin for bloggers,

a currency for online gamers. one was anonymity and even one for bangs. but can this invention and lease something even more powerful than digital currencies. back in 2014, i met the kid who knew how to do it. i mean, if it's alex varnerin, co founder of the big magazine, founder of a theory and then just general pick one encrypted currency advocate. just 19 years old vitale. it was on a mission to make money programmable. he build a separate block chain, called the theory, him its own currency called either in comparison, might they be quiz like a spreadsheet and is here him is like a spreadsheet with macros. using all analogy serial allows you to store crypto currency and computer code in the same secure box. here's how a smart contract might work. let's say i bet charlie that a light coin will be worth $200.00 on january 1st of next year. we each put an ether into a box along with a small contract,

a simple program that automatically checks the price of light coins on that future date. if i'm right, the money goes to me. if i'm wrong, it said to charlie, as my contract is neither smart nor contract, it's a dumb program. and it, once you understand the all, it is a program that clarifies a lot of stuff and the word contract there is in the meaning of finance. most financial arrangements are pretty simple and clear. cut a bed with charlie, your home loan and insurance policy. just 2 parties and some form of exchange of value based on a set of rules called a contract. the same is true for global financial markets. think bonds futures derivatives, credit default swaps. they're all just contracts, and the world economy runs on them using middle men who all charge high fees. proponents say that if we used smart contracts, we could tell the bankers lawyers escrow agents and wall street finance guys to

take a hike or so we're doing is we're saying we have this if you're in network inside this your network, there's this asset called ether. and we're actually going to be selling ether. we're going to be selling either at the rate of $1000.00 to 2000 either for one bit going. and that's how we're going to raise money. it worked, botanic figured out a way to fund the theory project. and it made his investors very rich. this new model for fundraising soon had a name, an initial coin offering, or i c o, i b as an i c o sound similar, but they have, they're not things similar. the only thing similar about them is they both help you raise money. i fios, you don't do until you have a company and you have revenue and you have users and you actually prove to the public investors. and this is a valuable company that's worth investing and it's worth buying their stock. i seos, it's pre product. you have maybe a couple of people on the team. it's just a white paper. and so people are just buying into trust interface that this is

something that will exist. the goal here is like, ultimately i like to say 8 year olds building their financial systems. yeah, but what if some of these a deals are also scamarus? so let's say i'm trying to do it, i feel, and i curtis my contract where i create a 1000000 coins. and one of the transactions is that if you send me $100.00, i will send you that many worth of coin. it was a man gold rush, the people realized, wow, if, if i can just pull up pull together project in a white paper, i can raise money like a lot of money. one project race $150000000.00 in 3 hours. and another one collective 35000000 in under 30 seconds. some people hawking new coins didn't actually exist. this handsome chap is the graphic designer of a bulgarian. i feel, actually they just posted a photo of ryan bossing. another project raised millions in etha and then vanished,

leaving investors with this website looked close. that's nice. i would say about 2 to 5 percent of the 1000 devices that are happening are actually legit. and the rest is pretty gammy or it's not gonna work. can you define for me what a coin is? i think it's just a derogatory term. people use on coins that they don't like for eco maximus. people on the care about the client. everything else is claim sure. there are tons of useless projects that will never work, but maybe i was a bit too harsh on i. c o. democratizing start of finance can be a good thing. we've also many legit companies raising capital. over the years i've met many founders who have real offices with real people trying to solve real problems. but too big point, maximum list of a block chains i t o i e o s t o smart contracts on the theorem. that's all just

a waste of time. there is no going to stand, rock st. drown in health care industry and the all of them all the coffee is what you're saying is a maximum of this point of view. you are speaking about from a perspective of, of a cult. oh, my problem is that you hijacking a movement of a technology that is far greater and has far more potential than just these individuals. there's all of the different things that you could use blocking for, right? and so people have almost like different ecosystems. and then when you see it's almost like a balloon or a process right where the block chains fork. and they have the same as histories, but they adopt to different environments and tedious like ever increasing level of diversity. a number of blog change in the idea that there's like one block chain

going to be one block and it's going to be fit for everything. it is almost like disregarding the nature of evolution. meanwhile, the big corporations happen starting crypto currency. and they think that the kinds underlying database is where the magic is. the more on the bathrooms, the block chain, not bitcoin. back in germany, my friend oliver keeps tabs on the men in suits. he used to be one of them. i left the name and he said up to me taking off his bus beside by the court and asked alon by being vague this on a b. m. w is looking at using the block chain for the future fleet of electric cars to interact with public transport. lufthansa wants to see if a block chain can better track parts and maintenance, and dodge telecom, using smart contracts to negotiate terrace for roaming costs. with other telecoms, if we can store traits, certificates, and shipping documents on the block chain,

you can check to see where those organic alcaraz really came from. for grew them for pack them and ship them. you might wonder what's the point of a block chain if it's controlled by a company? well, i compare it to the open internet versus company owned internet. they both exist. meanwhile, facebook announce a crypto currency for the 2000000000 users. such a system might be more efficient than a public doc chain for this. a downside. some governments banded within weeks. right now the way it is a paper that's being shifted around that doesn't make any sense that infrastructure needs to be or why occupying wall street when we can build a new one on the block chain instead in the future of the centralized finance stock certificate. corporate bonds, insurance policies, property dietz, mortgages, all can be turned into crypto tokens and may tradable 247

what's much more exciting than tokenize security, the creation of businesses where it's just an equity that you perhaps around is totally novel digital securities that you couldn't do before right, novel use cases where you could kick back flash on a continual basis. i think some examples of this that we're seeing our maker down finance, which is finance point that's actually much bigger of an opportunity because it represents something totally new. my name is dr. jim a great and i'm a co founder and the chairman of pal ledger and we use the block chain to enable electricity trading energy asset financing and carbon market. this award winning australian company wants to take us to a common free economy, foster. gemma has identified a problem apartment building often nearing the tentative and it main. if there is solar panels. the apartment isn't really incentivized to handle the battery because

the benefit. but using all the tenant will pay the electricity bill to the body corporate using power ledger. the 10 and paste the owner, not the power company for the electricity. as the tenant isn't at home. the unused energy will be sold to a neighbor, lowering their power bill and making a profit for the owner. it actually crates the mechanism to justify investing the capital in this clever system could also speed up investment in sustainable energy projects. by making it real easy to own a piece of a solar or a wind farm. why do i need a block chain for this condo invest in a solar farm? without this new fancy tech? the block chain acts as a kind of asset, an income register. any tokenize in the asset, it becomes tractable on an exchange, or in 2 or 3 solar panels of a 1000, you know, in a sofa, and you would say the income associated with that amount of. but, you know, bankers don't very much like being cut out of the cash flow loop. so they took

another look at mister commodus curious little white paper. and they've recently been spending a $1000000000.00 a year in block chain research. isn't that on a photoshoot anti bank? invention is now being used by the banks to move money faster and buy big business to track supply chain. i use crypto currencies, digital tokens, public block chains, private block chains. where is the killer app? well, adoption of new technology often follows old trends. my name is mark francesca. i'm here at oxford years oxford on the faculty. i'm the economic sophie ologist by training, interested in how large scale infrastructure changes. so great to see you after 9 years. i know mark teaches a class on innovation and system building. he tells me what must align for new

technology to become fruitful. all technology start out as interesting ideas. some of them begin to develop into innovations and we know that that are from invention to innovation. takes a lot of time, it takes a lot of work. some of those innovations eventually become commercially viable. but can this technology ever become pervasive as the internet? i came to the computer history museum in the heart of silicon valley to find out. so you're looking at the console for sage, which was probably the 1st computer network. there were $23.00 centers around north america to warn against soviet bombers and they were waiting for world war 3. the us military and some american universities asked this guy to create a new kind of network to connect their separate networks. this young girl got up and she had a bunch of questions, but 1st one was how did i managed to convince all the governments of the world to

let us build the internet? and i said, well, except for the handful of us that we're actually working on the internet, nobody else really thought it was a very good idea. and so you think it was going to lead anywhere and, you know, we pretty much, any free running room? yes, that's the man who corn vender, tcp ip p, about 50 years ago. that's the original academic paper. you can think of t c p as the backbone of the internet. but back then there were many competing technologies. there was a very big battle over the protocols. tcp ip didn't just win by default. it was through attrition. by basically being better, simpler, easier to deploy than all of the cannibal and more scalable. and it had a lot of competition from phone companies. and then there's email email i heard that's really neat. email was to have the internet 1st killer. then in the early ninety's, tim berners lee introduce the world wide web as a 20 page proposal. soon, there were browsers that made it more accessible and user friendly for the general

public. i think that the internet is going to be one of the major forces for reducing the role of government. and the one thing that's missing, but that will soon be developed is a reliable cash still few understood the potential of this new tech from people that thought it would. the world's greatest library to. some of the early cypher punks who are the direct fathers of crypto and certainly bach chain type ideas who thought much of today that it would create kind of a commons that was outside of the direct control of normal laws and governments and the media. they didn't quite know what to make of this new thing either. but sure enough, they found juicy stories about the dark side of it, which was the internet is full of criminals and p to files and pornography offers. and it's too dangerous to use your credit card on it. it's full of scam,

within the exact same story. now, we envision technology as if it were a ton of us, as if it were simply outside of human and social experience. what we see are technologies that become shaped by commercial interests, by a political and regulatory infrastructure by actors who are acting for many reasons, right. what do you want to remember, bob? the big telecoms wanted his thoughts on a little idea that were kicking around. or they had a meeting where they were trying to figure out how they could buy the internet. they couldn't kill it. well, why not own it? i caught myself by an executive at a large information company. it was probably in 1990. if they could buy the internet and i remember asking them, well, why don't you buy the world economy? and you can have everything, once you buy the weather. and you can control that. it took a few decades and hype cycles, but the wild internet was eventually domesticated, coughed it by trillion dollar companies,

and then from the mentally transformed how we shop work and communicate speaker's corner in london's hyde park. 450 years. this has been a safe place to stand on a soapbox to sell your ideas, preach the gospel, bad mouth the king, or promote communism to dave the world wide web. we can stand on giant digital so boxes using facebook, twitter, youtube. we can share ideas or thought a fight with any one on the planet. oh, wow. well, almost any work of 65 country study. china has the least free internet worse than iran, cuba or syria. a police force of more than 2000000 cyber cops and the worst most sophisticated, artificial intelligence system keep china's web content clean and uses incheck. so

sorry to break it to you, but there's no longer world wide web. welcome to the splint and it to be fair. some of the censorship is to prevent terrorist recruitment or to stop violent mops from hurting people. but i think government control over the internet has gone just a little too far. hold on photoshoot turn money into code. coders, just let us know number, which is speech, right? so the money now is speech, which is a pretty powerful idea if you think about it. but if bitcoin is this, an uncontrollable uncensored technology can the block chain also enable global free speech? in some places, it already does. one chinese student tried to report a sexual assault and was silenced by her college. but she knew that she could attach a message into the metadata and the theory i'm transaction. so she spent $0.15, and now her letter outlining her story. and the threat she received is on the public assyrian block chain, where it will remain unchangeable for ever the early crypto. pioneers wanted to

democratize money. finance. 2 point. oh if you will. but now the believe us in the block chains have their eyes on a bigger price. they want to decentralize everything. wet 3 point. oh, you can, for instance, offer file storage in the way that an amazon does. or that you could offer a search, you know, the way google does, but do it in a peer to peer fashion. without this behemoths at the center, extracting rents and do it in a way where all the people that are users or they can benefit. and they really could some day compete with, if not even take down some of the big tech giants like the facebook and google's and the amazon that we know that's a tall, tall order. it is, it is. but i mean, who would have thought at the beginning of the internet that would appear when beat out and card? it's too early to tell where the projects like these can succeed. but i do like the idea of digital property rights wouldn't be nice if companies paid us encrypt

currency when they use our data. and if we control who has access to it, instead of our digital overland, because let's be honest. do we really trust google, microsoft and facebook with a block chain? we don't need to rely on middleman anymore. it's a trust las system. meanwhile, if helium is building the future of decentralized finance with thousands of applications, but the network is also struggling to keep up with the demand. oh, and new competitors on the rise. so there's lag, you will build a better future. we can trust you guys better than the bank because you don't have to trust us. that's the beauty. we're building a trust list, the centralized system that gives power to people travel. it sounds like there is no trust, but actually it means we don't need to trust you. i think the better word should be trust to free. about one 3rd or maybe half of the cost of the transactions are paid to establish trust between trading parties. like we're paying for lawyers,

we're paying auditors who are paying even please even regulators government to, to build trust, ensure everything will be enforced. so content quite expensive. blocks have the 1st time that we saw some technology that can eliminate the cost or reduce the cost of trust, dramatically magical things that will happen. trust may be expensive, but it's also short supply all around the globe. people have been losing faith in the media institutions and governments, this technology with a big brains and big egos behind it could fix one of society's biggest issues. but just how different are they from our current political, financial, and business leaders? are there systems really resistant to corruption immune to manipulation and worthy of our trust? maybe that's why the best bet is on the only project without a figurehead. bitcoin doesn't care about human drama, bad press,

or what anyone thinks? yes, sure. it hasn't succeeded as a global currency yet, but in the past decade it has been the world's best performing financial asset. so we're back to where we started. the genius who vanished where she being gone from the coin, they coined it's really a very decentralize and networking currency. he was intelligent enough to know that a system without a father was going to be much more robust than is it them with a father? no father, maybe, but without leaving a will, the kids are now fighting over the meaning of his invention. and the inheritance projecting their fears and their fantasy onto his legacy. for some it's money for the internet. let can replace middleman and bank the on banked and maybe a tool for lisa trade. or is it digital gold, a totally new asset class?

a bet against the bankers and insurance against inflation, protection from corrupt politicians and a weapon against the state. maybe the end of money as we know it. for some entropy nurse, it represents a shortcut to fund their dreams, a platform for federal finance, which is why and come and fight it. some say public block chains are just slow and useless databases, while big business is busy building private block chains to boost efficiency. or maybe this decentralized technology is a new protocol layer for the internet. upon which we can build a better web to dethrone the tech giant, reclaim free speech, protect online identities and facilitate free trade in a border less digital economy. and yes, maybe even save the planet. less and never ending list of crypt hopin ideas there's a bit too much to ask of a 9 page document. yes,

you are the internet and the web started out as white papers too. but it took a decade before it to infrastructure was built, became user friendly and ready to scale globally. we kind of domesticate the wild potential of technologies into what familiar. and we dramatically underestimate or under imagine what that technology may eventually do. it will be, the users may be billions of them who will adopt this technology without even knowing what a block chain is or how it works. because here's the thing. the average users don't care about the wires that moves their money quicker. don't know about the software that moves this movie or that picture. what will move them a services that will make the days a little brighter, their choice, a little lighter and their lives a little richer?

me. ah ah ah, it's too late for the journey to winter sponsored my cattle airways. how i once again welcome to look at the international forecast to see some pretty dry weather across good parts of brazil at the moment. a big window of fine and dry weather here the weather weather is down towards the southeast and heavy down pulls into southern parts of brazil on drive f. one, a service at $221.00 sales just on the cool side though for santiago pushed further north. northern parts of brazil continue to see those heavy showers the popcorn cloud. just bring some real big down pulls here and more of the same as we go. one

through us fast, i just notice up towards the columbia, up towards panama, some big down. pause coming through here joining up with some rather wet weather that we see into a costa rica western side of the caribbean sinks and live the showers from time to time. one or 2 showers into nicaragua and maybe a shower ro to into a, guatemala and southern parts of mexico. so i'm trying to shower across the greater antilles, campus and share with you some have you. i was there and to dominican republic and also into haiti to make them just catch a shower as well. perhaps a little more widespread here as we go on through saturday, beneath an island largely fine and dry and it's been fine. it's right across the eastern side of the us. recently, severe storm moving in for the holiday weekend, possibility of flooding and also the odd tornado sponsor cut on airways. moving drug cartels on vigilante groups in a population called in the middle. what's your reason to being in mitchell county?

why do you want this territory? i'm reporting from an exi center of mexico violence to investigate the can an upcoming election change. anything the people living here? so we're getting ready to join me. john holeman for the full report on how do i this is al jazeera. ah hello and welcome. i and peter toby, you're watching the news out live from coming up in the next 60 minutes. the u. s. search is easy to end the violence in the region of t grey with reports of.