new me a rich and diverse culture explored through its music and songs of the city on al jazeera. ah, i'm capital unto the top stories on al jazeera. there are reports about the 4 people crushed to death. campbell's apples as africans, desperately trying to leave their country. you says it's mathematically impossible to evacuate thousands of africans by the august 31st deadline set by us president joe biden. most the countries have agreed to take in a small number of africans flown out of cobble european commission president us of underlying visited a spanish military airport being used as a temporary transit point for the evacuees,

fin the guns fish. that's legal. it is very important that we offer legal options to those who have to flee afghanistan because of their convictions because they have worked for us because they are women's rights activists. or because they a journalist, we must now offer them safe ways to leave the country and be accepted in an exclusive interview with algebra, the telephones cultural commission says the group is being unfairly blamed for the disorder, a complex force. i think we have, we are unfairly being blamed for what is, is not a problem that has been caused by l people. it is very unfortunate for people to be rushing to the airport the way they are at the moment. i think it would have been much better because we have announced general amnesty for everyone. the security forces from senior to the junior level. and this fear all this has tyria

that has taken place as unfounded cause. volker is a for me, nodded states ambassador to nato, and a distinguished fellow at the santa fe european policy analysis. he says the chaotic seems at the airport could have been avoided. it's clear that there was not enough planning done to account for the number of people who needed to be activated the security that they need in order to get to the airport, and then the arrangements to get them from carpool airport to safe places. so this is just a catastrophic failure planning. we do have a moral obligation to help all of these people get out of problem. it seems as though the taliban is at least willing to let the international girl, but need to have a much better organizational firm with this to get it done very, very quickly. millions of people in the us to be want to prepare for fast winds and heavy rain. tar came henry heads toward the east coast,

the national hurricane. santa says it could bring life threatening storm searches and flooding. many preparing to hunker down the storms expected to my grand fall and long island, new york, or southern new england on thunder. more than 40000000 people in the region are under a hurricane or tropical storm warning. another hurricane grace has killed at least 8 people along mexico's east coast. it's one of the most powerful storms to the region in years that brought winds about 200 kilometers per hour damaging buildings and causing flooding and power outages. a we calling from hazy is devastating earthquake survivors, a facing severe shortage of aid and shelter. the government is facing growing criticism over its response to the disaster. i'll deserve visited a makeshift camp of survivors and found appalling conditions. i based 41 palestinians, including children have been injured after the israeli army fight at protest is demonstrating near the gaza border. the protest is reportedly hurting fire bombs

from behind the strips. border fence and israeli soldier was also injured. demonstrations have been taking place weakly over the forced expulsion of palestinian families and shake gerard and occupied eastern islam. these railey army says, as long as the air strikes against for hamas positions in garza, in response to the protests, as well as defense minister has said his country will not accept any violations at the board offense. thousands of parents and teachers in peru urging the government to reopen schools. most children have not been in classes march volunteer. that's when the government closed all education facilities, jewish dependent mac, local officials in this year say an armed group is killed, 17 people, and wouldn't 5 others. the group attacked the village north west of the capital. naomi officials that happened on friday night was headlines. news will continue here on al jazeera run off the bottom line, which is a mixed. oh

i, i am steve clements and i have some questions or crypto currencies like bitcoin and a theory. i'm just a passing trend or are they here to stay? and what do they mean for you and me? let's get to the bottom line. ah, in 2009, if someone told you to buy a digital currency that was worth a few pennies because it would be the wave of the future. you would have been right to laugh, but guess who's laughing? now, these crypto currency is led by the most famous of them all. bitcoin had made many people millionaires. and some even billionaires going from value about $0.08 in 2010 to more than $45000.00 now. so literally, if you bought just $2.00 worth back, then you held it for 10 years. maybe you just forgot about it. you'd be a 1000000 or today, quietly, with no way to tax you or even know who you are. crypto started as a manifest with lofty goals, 1st to stay anonymous online. second, to create

a financial world without borders. and 3rd, to avoid the traditional banking scene. after the global crash of 2008, but that anarchist manifesto has boomed into big business. today, the size of the crypto market is estimated at 2 trillion dollars, and they're all sorts of currencies out there. now like a theory and don't coin car dano, you name it. so inevitably that means that hackers are going to try to get in the action. invisible forces are going to try to manipulate values and governments want to jump in. they want to regulate the currencies break, the anonymity and tax spokes when they make a profit. so how much is noise, and how much is hype? and should we be sticking to cold, hard cash? today we're talking to an early evangelist, an investor encrypt though, and it's backbone the block chain. he is south african internet entrepreneur, vinny, lingam vinny is a shark on south africa version of shark tank. and he's the co founder of civic and identity protection. start in california, vinny, it's a real pleasure to have you on today. let me just start out because i want to have

a thoughtful show on what the architecture and possibility of crypto currencies may mean for the average person out there. when you go and talk to an audience that may not be an investor may not own bitcoin. what are the things that you think are highest on the list of the benefits to society? from this new world of crypto currencies in the block chain. keep things going on the show, you know, i think they start with a very basic are on what is, what is crypto, what is the block chain? what you, what, what does it industry about? and it really started way and it's not commodity, anonymous, inventor, bitcoin trying to create a efficiently a digital asset, something that could be transferred around the world. and you could, it was dissimilar to a music files were transferred over a decade ago, where you could take a music volume copy at a 100 times you can send it to your friends and new,

i think just today was regular files. but because it was different but point had a network of computers. so once you sent a big point to someone, you couldn't send it to somebody else as well. and so that was a unique innovation on, on, on big point, unblocked ecology was the ability to make, use effective, use digital tokens of files and copy a ball. so what happens when you have that? so it's acknowledged. what can use it? well, you could use it for things like deeds, titles, for homes, energies which are non fanciful tokens. we have digital pieces of art where only the original owner of a token actually on the on. you can copy to 1000000 times, but doesn't have the signatures attached to it. so this is, this is entire ecosystem that evolves around the basic premise of creating casey in a digital world. well, i think one of the other interesting things about, you know, and i know there's a different block chain and then the currency side of it, which we can get into later. but it's part of the currency side. you've been out

there predicting that bitcoin, which is around $45000.00 today, but who knows what will be tomorrow? i mean, it's gone through some wild rises and falls lately, but you predicted that by year end it could be up to upwards of about $100000.00. so one of the things that perplexes me is that most currencies are considered to be stable, that you need them to be stable. and as opposed to these big rises and falls, is it healthy for bitcoin to search to a level of $100000.00 and be more of an investment rather than a currency? so the l d is kind of word, right. what we did say was healthy and what not. i think overall the strong rosters movement on bitcoin that we'll see it continue to be propelled upwards. you know, one of the things that gets miss mit actually in mainstream media and the best point of all the stuff is that you've got this huge audience or people know constantly

buying breakpoint. so the are that a kind of meeting community, but i always go back to the original mean point the front door coin that's, i mean going to bickley was the original client way. you've got this, you know, this, this, this society, this community. maybe it's tens of millions of people, maybe 200000000 right now. that one's own bit quaint in a certain number of good point and they keep buying it. right. and these are wealthy individuals for individuals, whatever across the spectrum, and services like coin base and a few others allow you to buy, but going on a subscription basis, belong jim savings. so people basically are acquiring big point every day, every week, every month on a regular schedule, and just putting into a long term savings account. and that means one thing about possible quinn has to go up because it's a design drawn supply curve. and the people who are doing these kinds of things to do this, they can put it back 210000 bucks a month away, a bit going. and because you know 20 will bit quite what's in the fix issue. it's

rated. it's the simple number, the number has to go up. now it may jump from 52100000 maybe come back down to 80 meg down to 30 or 40. but as it does it every single month, people are pointing into bitcoin and it's called dollar cost averaging. so they buying it every week, day my regardless of the price because they're averaging the cost base. and so that's community gain 1000000000. i'm bigger of people who subscription buying, but the coin every single time period i'm selected. so this is, this is the what we're dealing with right now. and i think people are selling their bitcoin, which isn't really happening based upon on change just to see the big green price is kind of going to hold up. but if you've got critics like neural rubini, i'm sure you're familiar with neural ruby. nice comments. he says it's the mother of all ponzi schemes, but it depends upon other people buying and holding on. and at some point there will be a collective realization and this will crash and many people will become part. what is your response to someone like neural rubini, who worries about the downsides?

so yes, i like to, you know, neural and we've got to be to ship. there may say isn't bitcoin. and quite frankly i'm, i'm, and they say on some things as well. i think that there's some issues don't make sense, but, you know, i always learned that you group, you know what, what the market does not what the market says. right? so people think it's getting up to 2000, whatever the buying to be. look at the selling utility and your personal opinion doesn't matter, the market will do what the market does. and so no real and peta, et cetera. there are 2 emotionally attached to the outcome either way. nora wants to be right and so there's financial isn't goal. but the market distribution in finance, maybe it'll do that in the future. who knows? the kind of mental issue is nobody knows, no one knows how this plays out. and yet it doesn't make sense. but, you know,

maybe there's a paradigm shift, maybe the changes and so significant way, which means between you know, go up always fun. this is to, i think people often to negative or to positive. and you, but at least admit that this is an experiment. this play out over 12 years or 30 years and it's continuing to make headway and continue to go out. and so i please, you're a trained reverse on please you something which shows you otherwise, just part of the numbers. the numbers basically say this is diane and i put the ration and no one else's opinion can change it right now. what are the trends, encrypt currencies with regard to people knocking out the middleman, the efficiencies that are created? yeah, i mean the, the bank for a 2nd, right. what, he's very banking. what is it? it's institutional custody. you know, fine. so the bank says, i'll hold your money for you and when you need to give it someone you can tell us or we'll make a payment for you,

or we'll invest that for you. what would love to have done, especially should look anyone can be done. bank, anyone can hold their currencies, whether it's stable quite a bit coin, you don't need to have a bank, you don't need you confirm your own devices. so the idea that money can be centralized in the back in the banking system is kind of an ancient idea of the new ideas. ready that everyone else is able to be the bank. you know, i think we're very early stages of seeing the way this plays are in the same way that the internet where arrived there was like, this is going to kill the newspapers. it's going to kill travel agency, kill these of industries, and yeah, we still have some federal agents today. we're still having newspapers exchange there shrunk in the industry, the few of them, but it didn't happen overnight, you know, decades to happen. so kind of like i caution people with thinking that this is going to happen overnight. what, what will happen overnight is what i'm seeing is market places will phone where

people can do much, much lower your transactions with lower fees. and so that's a huge benefit for people right now. so let's talk about the global bad guys and bitcoin, one of the other dimension. if i were to organize and event in washington dc on this subject and convene people, you know, who's going to show up the f, b i the cia, the department of defense. what can you talk us through for a moment? what your concerns are about the security side of this equation and what needs to be in place that's not there today. so this for the record, my company simply provide k y c, which is know your customer a m l, anti money laundering technology and services and id verification. so we're, we're big into the spatial revealing who's on the other side of the transaction. now, what i can say is this, there's 2 sides to this coin. first of all, there's the, you know, call the 1st 6 to 8000000, maybe 10 minute coin, the minus between that way,

which is largely anonymous. we don't know where that money is. who owns it, we kind of know which one is on it, but we don't really be the reason these people are so, and we always, you know, there was a lot of growth activity back then. there was a lot of times in the market to elicit activity back, but the good news is on the back in the next 10 minute coins remind is kind of well known. these are minors operating china or whatever part of the world. they have k y c done, they sell exchanges. so the real question is like, how much of the between monte cap is in the hands of people who are, you know, bad actors, so to speak. and when they want to convert that into capital into cash or use it, well, they have to go through exchanges which have k y, c, a policies here. do you pay for transactions other bad guys? you know, so that's the question. i mean, you have things like decentralized exchanges and, and whatnot, where there is no identity testers. so the governments are coming in and they say, we want to try and shine a light on who owns these coins at

a very high level. and so we don't want to be having any terrorist financing happening is us my view and the government perspective is they it's, it's kind of late. they shut down this, you know, people years ago and they kind of woke up now realize is a really big market cap, a bit of a lot of money sitting there and how do we deal with it? and they're really trying to overcompensate for their lack of action 4 years ago. and so that's the concern. this is an issue personally. yeah. and you try to kill it because you guys are sleeping on the job 24 years ago when you should be more active about this. and that's not any one particular government, that's just the global market, global re that is. and somebody who's been smart about us, i haven't, but these are the, it's, it's so difficult to enunciate this sort of issue or because it's so multi dimensional. i mean, i could take me an hour to go to all the different facets of, well, what about this, what about that?

what about yes, you can speak to that, okay. well, you know, they messed up and now they're going to come in really hard, or you can say, look guys, you know, let's just find a way going forward that keeps the good. that is, you know, engage with each other and see if the back is on the sidelines. are they trying to enter the marketplace? well, it's kind of locked off, but i'm going to figure out, you know, beginning a quarter or whatever the case is. so when it comes to things on the centralized exchanges, my company was young on a layer so that you can actually trade on the find changes because the polity by exchanges is kind of i want to go, you know, put in but coin to buy him. i don't know who the other person on the trade is. i can be a trade with someone who's a really bad actor. i'm giving him book point. right. and so i think the world needs to you crypto want to face with the, with a b as well. and with the banking system, we kind of have to adopt similar regulatory standards. so that this parity be here

too. but, but the crypto will get the benefit of not having any centralized ation or having any custodians for your files. you can be a bank and the bank, you will have to complete that commercial. you should be, even the plainfield, on the regulatory front, the company was going to destroy the banking sector. and but the concern is if you over regular crypto to do the banking sector, the unfair advantage of a b compound and be having like the regulations. you basically are you seeing corruption, the system because that means the radios of bearing the banks and trying to protect them, and that's not a might be what we're beginning to see vinny. what do you call it regulation, but you're beginning to see more people comment in the us side about concerns about what's going on in the crypto currency world. there's also been interesting in how you tax it. so as part of the infrastructure bill that is, that has just passed, at least in the united states senate, but we're waiting to see what happens in the us house of representatives. the

payment scheme for that structure in part depends upon, you know, taxing brokers which could mean minor is under the current piece of legislation that is past and then in china when we see that the moves by the chinese government, which seem to be very, very hostile in my opinion, to the crypt currency world, do you have a worry that that regulation world is going to spread and choke out the opportunities for crypto? so come to the big industry. i think that certain coins may come under attack, but coined one of them for example. but doesn't mean that i think that the surface for testing purposes it's very, very, very large. so how do you check every single point in every country? it doesn't work. so no government have to figure out a way to do this the, some of the regulations are just kind of crazy and it's got into that these regulation people move from kept on for any countries. because if any companies you cannot protect the banking system, you have to assume that the banking system is going to be, be, you know,

it's good died over time. so just basically level the playing field, right? the banks buy it out with the telephone, refining the banks for years they've lost largely crypto is not buying. the banks just kept that things going to win and the basis is not in this. and we don't like the find a ridiculous amount of fraud that happens. the bank, given with all the k y, the people who work in banks are actually i like i would say a lot of what i see people are bank. they do what other banks do to that they don't be in trouble. they're more interested in saving the job than solving the problem. and so what you find is like example, i sent a wire to some scam, a foreign country, that money's gone right? right. you know, you back, you know, recourse to the bank and say, hey, you k y, see these guys, the name of the account was this, but it wasn't really that side. that's it. so what is the point? what's the point of all these regulations came? i see it's interest when the banks aren't being held accountable for bad. and so,

you know, i just think it should be. yeah, yeah, the people and say, you know what, we don't care where you want to use banking or crypto or whatever else, or even using a telco account doesn't matter. you can use it time to pay for stuff. you can use cryptic kinds you can use. right, we're here to make sure that there's no terrorist financing, there's no, this is activities. there's no money laundering. like definitely, yeah. and the rules we set for banking on the same rules and whether you want to use one of these other services, it's up to you that's, i mean, my idealistic sort of balance view. the reality is that the banks are, you know, and the politicians in many countries based together. and so the banks will buy that notion off, and then the banking system, once heavier regulations, the crypto because they realize across those a message through the banking. well, you know, we've seen now vinny, companies like wal mart visa. ah, a country like the government of el salvador. now moving to be quite crypto friendly, you know, crypto transactions credit cards based on crypto,

encrypt those savings. governments that have now established this as a national currency, do you? so let me ask you for a famous vinny prediction. when you think a year from now, are we going to see more governments more large companies? do you see the trends continuing that we're seeing today, or do you see that this is largely still a very tentative process? know, i need to know the cash out of the bank. i think every, every major company that so let's go to visa is recognize that, that de tire system is both on the banking system and on the bench. and they recognize that the banks are basically in trouble. and they just didn't train wreck and slow the banking system doesn't realize how much trouble they're actually in these is a really smart, you know, silicon valley based company raid. and they know this is going to be the end of the banking sit right in the bank for some classes. these are still want to function,

right? so they make, they basically, you know, future proofing their business. i think they're doing a very diplomatic. i mean, i don't know what the reasons i'll be list if that makes you say, you guys keep thinking crypto is not going to be a big. we're going to make sure that we don't really care whether crypto u. s. d c or bench. and when it process with what and quite frankly, visa is doing a really good job in this, in the sector right now. and the banks are sleeping on the job because the banks are watching visa do this. and they you know what and, and when the will changes and they realize they blocked the edge. visa will still be there, processing transactions, criptos safer pay, fell safer. square. save all the next generation farmers out there. the banking system is so far behind right now. i don't believe they can catch up. i don't believe they have the talent or the people. right. and the reason for that is backing, breaking, aggravating. and they come to me to ask the question, what do you think? i'll be like, well, who the smartest crypto person you know,

company? well, johnny over the week of the for 2 years. and what does your salary $200000.00? why do you think he gets paid $25000.00 a month because he wasn't early enough to make money? the dollars crypto. right. and i, you, you think he's one of the smart guys, or i think he's one of the guys who just didn't make the cut in crypto. right. and that's the, we're right in the near the envelope, but i got to get a quick question in here. you know, you on mosque has said because of all the mining and the use of energy and bitcoin that, that, that dirty currency. but don't coin is a clean currency. what is your response that you must so you don't, is, is right to some extent. ok. the view of my view on energy is that like been coin or will help accelerate the teen energy for the world if it gets use of scale. and but the reason is because he's right on a puzzle, fuels or whatever at scale. and so in a large amount of periods are going to be quite a bit quick,

capitalize some of the innovation around a key energy right? is right about a couple of things. and this goes back to the so skating was 17. the number of transactions put block in between makes but quite a very inefficient block of block chain full transaction. because you've got a fixed number in the block size of between was 8 times the size. you can put 8 times transactions, the same rate, just the usage, right? so this is a problem, a bit point. and when you get those going, well, don't communicate, experiment more, trying to expand last time. all those things transition concern there. but other than that, it's really a, it's a mathematical function. yeah. right. more transactions but lot equals less cost of electricity per transaction, and it's quite as constrained to $7.00 transactions. the 2nd one may get my blog and it's kind of like, well, yeah, it is. what it is, what it is got, got it. i'm going to squeeze in one last question. you are

a shark on the south african version of shark tank. so separate from the crypto question. when you see these entrepreneurs out there, young and old, people come with the crazy idea. what do you think stands out? what are you looking for? you know, i always for the people, because i think the people that ideas come and go, they change, they evolve. but you find good times people smart, hardworking willing to make sacrifices, you know, you should give them as much money as you can invest in them all day and they fail . that's fine. i look at people, i look at my relationship with entrepreneur as a big hey, i want to back you in this company and the next i'm an x and the next. and so you get a get a big hit. you know, that's, that's kind of my perspective and until you prove me otherwise, if you are high quality individual, i'll just give you money as an investor or any link. i'm serial entrepreneur for a board member, the bitcoin foundation and currency of civic in california. and star dragons dan and shark tank in south africa. thanks so much for being with us today. they,

steve. so what's the bottom line? crypto currencies have forced us to think about this big question. what is money? businessman eli must twitter a few months ago, that money is just something that quote, allows us to avoid the inconvenience of barter. that means it allows us to have a way to treat apples for teslas. and by that definition, anybody can really invest in anybody without the middleman, by which i mean the government, as millions of people start to trust and use these crypto currencies, they're becoming more real. the reasons that governments don't like them is that they want to control the flow of money and they don't like when people can hide from them. and they especially don't like it when folks are making money without paying taxes. that's partially why you have some crackdowns on crypt worldwide, but there's no denying that big crypto is here and has been for a while. the struggle between government and those who want to push the envelope of what's possible on the internet is really just beginning. good luck to those who want to stop them. and that's the bottom line. ah,

more than 10 years after the global financial crisis, you've taken home more than $480000000.00. your companies now bankrupt our economies in the state of crisis. i have a very casey question many last at home, the us who held responsible. i will be fabulously wealthy and i will not take any price for it. thank you. lloyd, the man who still the work on al jazeera. the taliban has reclaimed but us withdraw began news earlier in 2013 and 14 witness follow the unit of the afghan national army as they commenced the onerous part of confronting with taliban without making support of

a trail of young men fighting for their country while knowing each day could be their law. i've got to stand own battle on a judge. oh, i can, but i'll and oh, how about the story fair on the reports of the 4 people crushed to death. the cobbles airport is afghans. death, but they tried to leave the country the uses. it's mathematically impossible to evacuate thousands of africans by the august 31 deadline fet by us president joe biden. most d u countries have agreed to take in a small number of afghans. flo not cobble european commission president to live on the line visited a spanish military airport being used as a temporary transit point for the.