restrictions at cobbled airport rolling stones drama charlie watts has died at the age of 80. his family said he passed peacefully at the hospital. early this month the legendary band announced walter would not be on the road for the upcoming us tool. once had played with the band since 1962, he's the only member besides mick jagger and keith richards to appear on every single studio record. ah, let's take you through some of the headlines here now just 0 now the thought about and says it will not allow western troops to remain in cobble be on the august 31st deadline. that means the evacuation of thousands of foreign nationals and afghans must happen before then. by the other one. we will not allow an extension beyond august 31st,

so the u. s. should remove and evacuate all personnel by the deadline. all their contractors must leave. we are not happy to extend the deadline, and after that we will have a separate stanton position following the deadline. this lumnick amber is trying to encourage people to go home, but the americans are inviting people to the airport. there at 1st policy is continuing to board people on plains. the airport access route has been close to avoid stampedes and the u. s. president has joined an emergency virtual meeting of g 7 nations. the leaders of calling on the tiny bomb to guarantee safe passage out of afghanistan after the withdrawal deadline. the number one condition was sitting as g 7 is that they've got to guarantee right the way through. through august the 31st and beyond a safe passage safe passage for those who who want to come out and someone will say

that they don't accept that and some of them i hope i will see the sense of that because the g 7 has very considerable leverage, economic, diplomatic, and political. you and human rights chief, michelle, a bachelor, says she's received credible reports of serious abuse in afghanistan. she is accusing the taliban of summary executions, restrictions on women cracking down on protests. for us, vice president camera harris says president biden's decision to withdraw american troops from afghanistan is right and courageous harris made the comments during her 1st official trip to southeast asia. rosie had lines. the news continues after inside story. ah, ah

ah, what's driving the rise of bitcoin? the value of the digital currency has jumped again. crypto currency auto attracting more investors. could they replace traditional transactions? what are the risks of using the inside story? ah, ah, ah. hello, welcome to the program. i'm rob matheson bitcoin. i said another record high adding one more mock. so it's unmatched record of price swings, some describing it as a currency of the future. others call it a bubble that's doomed to burst. but the mother of old crypt currencies is slowly cementing its placing global lockets as the most preferred digital asset. financial

institutions like mastercard, pay, paul, and many others and investing heavily in it, slowly expanding access to customers all around the world. so while but coin continues to try and hire the question remains, will it replace traditional currencies in the future? we're going to bring in our panel in a moment. but 1st, let's have a quick recap of big coins, short history. it was created in 2008 by an unknown person or group of people under the name of sam washing camacho. it began circulating a year later as an open source software, which means anyone could access its blueprint and make their own type of coin. the digital currency was intended for people to send money on line and avoid the global banking system. but the value fluctuated. shop is people experimented and how to use it. now bitcoin can be used to buy anything from property, electric cars, and even drugs and weapons without leaving a trace. ah ok,

let's bring in our guests now in new york, a good john big's. he's a crypto journalist. he's also an offer of black hat, misfits, criminals, and scammers in the internet age. joining us from singapore, we have sent a cop on his director of combination. it's a financial technology research and consulting firm. he's also chomping at the bit calling. i'm from london. we have glenn goodman, he's the author of the best seller, the crypto trader. he's also a financial investor, and a former business corresponded. gentlemen, thank you very much indeed for johnny, it's good to have you with us, mister glen goodman. let me start with you. let's just get some context around this recent increase in pricing bitcoin. what's behind this? well basically what happened in recent months is the big coding price got ahead of itself. it was very fast. it rose very far from about what we had about a $20000.00 house,

a price that had been sets in 2017 late 2017 and the price kind of me. i'm the downwards for a good couple of years, which made a lot of people, most people in fact lose interest. and a lot of people sold out right at the bottom ran about $3000.00 a coin. then the price started rising again. once it got back to that previous high around $20000.00, not when everybody started getting interested again, so the price rocketed upwards as people started pouring in. got to about $60000.00 thereabouts. and then from there, basically we ran out of willing buyers as it were, you know, everybody had piled in. it got ahead of itself. the price fell for a couple of months. it's had a bit of time to sort of re gain. it's both taking slowly. people start giving up on it and you get a house flu. negative news stories away. time tends to happen when you've got a bit of a bad market in bitcoin. but i was expecting

a rally like this soon enough. and, you know, i bought in as it started to recover. and now here we often and not just a quite as well. the other crept to currencies are sort of following the price to some degree. i want to come back to what motivates the fluctuation in bitcoin, at some point in the future. but something kept from what i started reading up about big horn and i know nothing about big coin. and i started reading about the technical side of it. the software side of it, frankly, my brain started to hurt with them, but within about a paragraph, i really don't want to get into the technical side of this. tell me what is the motivation behind a crypt currency like bitcoin? i think the original idea behind the coin was a more seamless way of making payments, either down the street or across the globe. but if you look at payment mechanisms, when bitcoin was 1st kind of brought market or invented so to speak, there weren't a lot of choices. you know,

you had to spend money through swift. you had to rely on traditional payment networks, which extract quite a bit of rent from anybody who's using them. so the original idea was a peer to peer payment system, a way of transferring value from one person to another. now that certainly evolved over time, you know, as glen pointed out, the price and the value has increased, not so much for the utility, but more for the store value or the investment aspect of the crypto currency itself . so we have, we moved from a model which was essentially as you were talking about, are kind of method of making payments easier to a speculation model. essentially, we're talking about something that and forgive probably what is in a dreadful analogy, something that is started off as paypal, but it's not like investing in gold. you know, the narrative around the quinn has changed. certainly there, at the beginning, it was around payments. the point itself is not particularly suited for day to day payments like making payments at a 711 or a convenient store, but it does serve a purpose as a store value for the people who have invested or you,

as you mentioned, speculated on it. so i think that narrative is changed. i think the other thing that's changed is obviously the ecosystem of crypto currencies around it. so there are many crypt currencies now that are very focused on payments as an example. so they are much more efficient than traditional methods. very cost effective and fast and solve a lot of the challenges that we had before. so the coin was obviously the 1st iteration in the 1st means dream crypto currency to kind of come on the scene. but there have been tens of thousands of crypto currencies that have, you know, some have store value somehow payment payment functionality and others are just there to be there. i mean, i think we've seen a lot of crypto currencies that have no actual usage, but have definitely increased in value along with the rest and the coin itself. and john big's ill mosque was quoted in february, saying that owning bit claim was only a little bit better than holding conventional cash, but that slight difference made it a better asset to hold. what is that slight difference and why does it? is it better look so, so bitcoin in crypto currency,

they route around damage just like the internet does. the internet was originally designed to route around damage. and we talked about a little about the history of, of big bought chain. and they bought chain is, is, is rooted in anti censorship and anti control. so if you think about money, our money has american money has in god we trust on it. and the vast majority of money, historic always had a authority figure god or something on it. to show that there is some sort of impair, implicit trust associated with it, that it's associated with, with some sort of world wide, se bitcoin was the exact opposite of that. and that's exactly what we're seeing right now. so if you look at something like only fans, for example, only fans a site that started out as wanted to be sort of take talk with people in the t shirts and then eventually it became a site where people took off their shirts and they don't want to support that anymore, the payment processors very specifically, the payment processes don't want to support that anymore, which, which is

a moral issue, which is a moral question. and that question of morality is exactly what big point is designed to do is designed a route around all those things. so if i'm and i ran and i want and i'm facing sanctions, i'm unable to credit card for some reason i can use bitcoin. if i may, if i'm an adult performer, i can use bitcoin. if i'm trying to sell something that somebody doesn't want me to sell on a certain place in a book or i don't know ecstasy, i can use bitcoin for better or worse. that's exactly what it is. you can, you must as a, as a, as a bug that he, he always seo is. he likes talk up big coin and then blood back down again. so i wouldn't trust anything that he has to say specifically. but yeah, he's right, it's basically cash that we can send back and forth on the internet. that's completely anonymous. to agree that cash can be this your plan. goodman has this moved, however, from the stage where an individual is able to use this for, for regular transactions, or is it moved into another level from what was saying that all of

a sudden that they were talking about the, the price of a bitcoin being really excessive, is it moving away from the original business model and does it, does it still have a relevance in terms of what john was talking about in terms of the level of payments that are able to be made? yeah, it's moved away to a tremendous degree. this new narrative grew up really around the time the coded came along and, and my theory is that perhaps big cons price would never even have recovered a tool. had it not been for cove, it, it might, oh, it's current popularity to cover it. because when congress came along, all the central banks in the west, the world suddenly changed their monetary policy. they started eating their monetary policy. they started printing large amounts of money. i mean, basically, you know, central banks, what panicking governments were panicking. so they were willing to do anything and everything that they could to keep their economies on their feet, joining the lock down period. and so interest rates which will ready incredibly low

anyway, went to rock bottom money being printed everywhere. and this scared a lot of people who believed and found money and hauled money, which is most people you know, about economics. rarely they, they worry about these things because they don't want to see the currency in which they deal every day. being the value, the currency in which they, if they are living. so big coin then got this new reputation, digital gold. an idea that it has a more long term store of value aspect to it because it can't be prince is infinite quantities. the number of bit coin is totaled at 21000000 bitcoin there are currently around about 800000000 or so in existence. the other few 1000000 will be mind created over the next 100 years or so. so, you know, very, very small new supply because really made it very, very different to those fit currencies in particular,

the dollar. some people started pouring money into bitcoin because they thought it was this sound money like gold, you know, and we turn it into gold. rarely, even though it doesn't exist in the real world, and in the same way that goal does. but to address june of point in terms of payment processing he's, he's absolutely right that it allows you to do things the otherwise payment processes might simply ban as we just seen with only funds. but there is one significant problem aspect to that, which is that if government decide that they don't like that being a road payment processor anymore, if they feel that it's getting to power, then the u. s. government is going to a lot of power and regulators have a lot of power to really not kill bitcoin, but certainly to cause it really major problems by say, bombing, the fear connection. the fear to crypto connection between the dollar and then buying crypto currencies like bitcoin. yeah. it basically would make it

very, very difficult if not impossible for people to try me. father money from one to the other. john, you were, i think you had a point that you wanted to make during that. i mean, i think the, i think the, as i said before, this, the technology routes around damage. right. so if we're worried that the, someone's going to shut down our, our gateway out into the dollar or anything else, there's always going to be somebody floating around who's going to do the deal for it with you. whether legal, early illegal and i suspect the vast majority of banks are going to push back against us because they know where they're, where their money is going to be made in the future. the money is not gonna be made in, in, i don't know, advising human advising. it's going to be rebel advising. it's going to be people who are in a mean stocks and people are going to. so that's where the money is going to come from. if enough money is thrown at this problem. busy the u. s. government or any government will have no control and which is, which is what we saw recently when the, when the you was to basically ban general purpose wallets,

which wasn't absolutely true, but it was a but it, it scared enough people to make the, make the price a big quite moves a little cap from different character currency, given the fluctuations that we've seen of the market that we've been talking about so far. do you think trip to currency eventually is going to need some sort of centralized authority to stable the price because i can understand the attraction to some people of the could be currency being untraceable, but being unstable is a very significant thing again. yeah, i think for the majority of people that are in encrypt currencies right now, you know, they either knew this before, they figured it out earlier this year when pick want price half at it is a very speculative asset and the fluctuating are quite, i mean there's very few other assets in the world that have the volatility that crypto currencies house and even just the coin itself. so you know, the people that are in the coin and using the coin and hopefully most of them understand that there are risks involved in this. i think the other thing to keep

on the radar is the fact that triple currencies are essentially serving as the base for the central bank, digital currency that we're seeing around the world. mean here in asia, we have china moving forward with the random b. that's effectively, it is a digital currency as finally, different technology, completely block chain based. but this is the way that the world is going digital currencies. when we look 10 years out, 20 years out will be the main way that our saving money, making payments and spending money on a daily basis. cash, physical cash will be a small part of what we use in the future. so capital currencies in some ways are the unregulated part of the future of what's coming. and certainly that has a p o for people and was stated by my, my fellow panelists here that, you know, if you're in a place like afghanistan right now, i mean, the, the, the value of the currency inflation is, is tremendous right now, because people can access it, so the costs are going, going up very rapidly, and you really don't want, if that's your primary savings. and so for many people,

you know, pick coin and crypto currencies is a way to hedge some of these traditional payment methods or traditional currencies that we see around the world. john, in many ways what we were talking about so far does have a positive aspect to it or something and understandable aspect to, but i don't, for example, when i again the research i was able to do what i was surprised by was the level of impact that mining for big points, whatever, not, maybe somebody hasn't done a significant impact on the consumption of fossil fuels and on climate change. and of course there are illegal elements to this as well. if it is not transponder, it's a lot easier to hi payments, particularly on the dark web when you're buying weapons or drugs and so on. and tell me through what they the downsides of this particular relation to the, the climate. because i don't quite understand that. yeah, i'm in terms of climate change, you need a lot of electricity to mind. big klein where it works in mining is if you want to imagine block chain technology is sort of like a network of amazon around the world that are run by individuals. let's say,

imagine you and i had an atm in her house. and if, if i went into your house, i could pull some cash out of your a t m. and i would have to pay for the be for that i'd have to pay for the, for the network. i'd have to pay for all that stuff. so how do you pay for this network? the mining processes, how you pay for it? and it used to be proof of work, which meant that your computer was running and doing work and processing transactions. soon it's going to be proven steak. if i own enough of a service crypto currency, then i'll have some say in the network and awesome control over the network. so that's, that's, that's the way things are changing the, the, the whole the, except for some rare cases where people were literally like connecting up to a coal plant in the middle of, in the middle of china or west virginia somewhere. the, the actual impact electrical impact is, is negligible, it's a, it's akin to half a city or something for a month or so. it's a lot, but it's not, it's not nearly as bad as, i mean, think of our banking network, right?

it's, it's gotta be, it's gotta be on par with that at the very least. but again, it's improving in terms of the dark web. i mean, look, you can, you can go in the united states, you can go by a, by a, they are 15 and shoot up a school for with, with completely legally, or you don't even the big point for that. so. so that's not gonna do anything bad. people are going to do bad things. and people who really don't have a sense the, the same sense, morality that you do are going to buy some pot on the internet and going to happen . you stop it. the idea that we can centralize this or regulate this out into something that's, that's controllable is, is pretty much impossible. it will be fun to watch everybody try. ultimately. yeah, we're going to have a government based, gara based coins won the dollar, et cetera, et cetera. that are going to eventually have some sort of connection to the cramps,

which will be crypto currency. glenn, just going by what john was saying there, the fact that these dung sides exist will give governments and other financial bodies, of course, international financial bodies. the willingness of the impetus to move into this and say, well, for this reason we have to institute control, we have to, to, to have some sort of oversight of this. how do you think that's gonna play out? i mean, john is skeptical that this is, this is going to what do you think that there will be a concerted effort to try to clamp down in this and what kind of pushback do you think is going to be yeah, we're seeing this already starting janet yellow treasury, sex traded, not found encrypted currency. she made that pretty clear in a lot of statements. gary, again, the law knew both of the fcc in america, the sort of most important regulator. and he knows a lot about crypt current days and actually used to even lecture about them. but so,

you know, people are optimistic that he'd be a big fan, but he got on board. he got in his new job and it's pretty clear that he wants to regulate, regulate, and in ways that people might not necessarily like who work in the industry. as you say, all it takes is one excuse to clam down. a good excuse. you see the terrorism in funding and the, and, you know, it facilitates crime and that kind of thing. but those arguments, we easily refuted by saying, well, nearly all crime and terrorism is financed by dollar dollar notes. you know, a big suitcases full of money. but now they've got a better excuse, which is the environmental one, which you just mentioned. the fact is the big coin, dove, use a lot of electricity. and i tell you john, point about how the banking system also uses a lot of electricity. but the problem of the moment is, bitcoin don't really do much. the actually useful, like the world's banking system does, you know, facilitate all these incredibly useful transactions,

the banking system that keep the world economy going. whereas the conference doesn't do that. nearly all transactions in bitcoin, still speculative and investment based. they're not about, you know, making regular payments. so we got a bit of a problem that the environmental aspect is not going to go away. there are other new crypt currencies. as john pointed out, we'll use proof of steak and other technologies that don't involve using huge amounts of electricity for mining. that i think is where the future that you can probably tell from my general tone throughout this. i'm a big fan of correct current. even general big coin, i can see some really fundamental flaws with not least the environmental factor which could possibly eventually sink it, not altogether, but certainly bring it down to a much lower level and make it be superseded by all the credit currencies that we were talking before about the fact that the market is opening out, we've seen bigger organizations who are opening themselves up to that to,

to using crypto currencies. generally. how much do you think that people are doing that with a lack of understanding of what they're getting into? and if that is the case, how much of a risk are bigger companies and economies? government economies opening themselves up to by getting into something that is so fragile. in many ways, that cryptic tones is, as we currently are exist. yeah, i mean part of the drive up of the price over the past couple of years as well. the story is any way to institutional investors getting involved in us. and certainly we have seen more kind of crypto currency focused funds and some of the traditional players are getting into this as well in terms of investing, you know, a lot of family offices are now taking a slice of crypto currency, whether that be investing and things like that coin or a theory him or some of the other projects that are out there. so the institutional side and the government side, we probably don't have to worry about because those ones that kind of understand

the risks and have a little bit more of a sophisticated view of what's happening. i think it's when the, your taxi driver or your pharmacist start talking to you about crypto current to that you have to worry. as an example, i have a cousin who got involved. and luckily she got into one of the crypt currencies the right time. and she's made 3 times money. the downside about is she's putting more of her wealth into it, and that's not really money that she has to lose because, you know, it was, it's very unlikely and nearly impossible for pick going to actually go to physical 0. it could drop significantly and you know, if you had all of your retirement savings and as, as the other 2 panel is basically mapped out my investing strategy of buying high and selling low as well. you know, you would have lost about 50 percent of your wealth over the past 6 months, which, which is quite challenging. so i think that's really within the industry. education is an important part of this because you have people off the street who aren't really familiar with the crypt current, the industry that are getting involved in it. it still is

a very small percentage of the entire investors are holders of crypto currency. but i think really when you look at government regulation outside of the tax question, really want to tax what's there? it is a certain amount about protecting the consumers as well. mean, if you look at the u. s. asset classes like private equity and venture capital, you have to be in an accredited investor, meaning you have a certain amount of wealth or you have a certain salary that kind of you're aware of the risks and you can afford to invest money. you could potentially lose and you know, crypto countries are one of the few asset classes that don't require that. and so when people see, you know, 100 percent return 1000 percent return, they want to get involved in that without sometimes fully understanding the risk behind it. john just we were running out of time. so i wanted to keep this fairly short. if you don't mind, but looking forward, are we looking at the currency as it is at the moment as essentially an experiment? or are we seeing it as a genuine alternative currency as it stands at the moment?

for the technologically, we're looking at a we are looking at an experiment and probably looking at a massive x. it's probably one of the, the most interesting ways on law capital. in our recent history, we haven't really had anything like this, at least in the past. let's say 50 years in terms of being too good for the, the taxi driver to put in $5.00 in that $1000.00 back out. which, which in many cases is a scam, sometimes it's not. and sometimes they're happier, they're happier there. but again, it's all experimental. the technology isn't, is, isn't even, it's not even made, let alone, half begged. people are putting together throwing things together in a, in, in a willy nilly way. thing was still, stuff won't stick just like it back in the back at 992000 y 2 k dot com years. lots of stuff didn't stick stuff that you're going to leave it there. thank you very much. indeed. unfortunately, we're up against time, but we do appreciate you joining us. thank you very much indeed from new york.

we've got to john big's in singapore, xannon kaplan, and in london. glenn goodman. and thank you to for watching that you can see the program again. any time by visiting our website or dot com for further discussion, go to our facebook page, facebook dot com forward slash a j inside story. and you can also join the conversation on twitter handle as a side story for me. robotics on the entire field here in georgia to bye for now. the news news news, news, news,

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