we committed these crimes against humanity and war crimes committee was just screaming. is there we get all this he but i do want to tell you to tell us the truth forgiveness we have forgiven me, but it does not mean we don't need justice and we demand justice and justice begins with a joke. these 3 people have been taken to hospital in miami after a passenger jet caught fire during an emergency landing and playing crash landed on the runway at the miami international airport. when the landing gear failed, the aircraft was arriving from the dominican republic with 126 people on board. ah, and let's take you through some of the headlines here and i'll just 0 now. have gamma stands. interior ministry says at least 920 people have been killed in the magnitude 5.9 earthquake in the southeast. buildings have been destroyed and

hundreds of people are injured. many of them trapped beneath the rubble. the tawny bodies appealing for international help. cobble based journalist allie. let's see if he says bad weather is humphrey relief efforts in recent hours that have been real, inclement weather in cobble and other provinces. torrential rain, hail, fog, and so planned flight helicopter flight by the ministry of defense in the ministry of public health have now been cancelled due to the implement weather. so again, that's going to make, getting even more up to date information more difficult. and it also affects the outreach to the people in the areas. again, these are underserviced areas. these are under developed areas where there might not be the quality of credit clinics or the amount of clinics to deal with just the sheer volume of potential victims. from this kind of an incident. russia is stepping up its assault on ukraine's eastern city. we have gone yet. troops carrying out asked strikes and shelling on ukrainian positions,

but key of says it's halted, rushes, advance multiple locations is ready m p. 's voted in favor of dissolving parliament . the balance is one of the series that will set the stage for the countries 50 election and less than 4 years. this week, members of the frank should coalition government agreed. it could not survive. hundreds of thousands of people have been displaced in southern china by floods and lines slides on soon reins of the heaviest seed in the region. for 60 years, bangladesh and india also struggling with rising flood waters. 100000 people have been evacuated in bangladesh, is northeast, and tens of thousands more people have been moved to safety in india as a some states. thousands of people have converged on a dutch village, the protest against the government, new climate goals, farmers se plans to con emissions by up to 70 percent are unrealistic. those the headlines, it's inside story now stay with us. ah

. they'd coin butchery crypto cars is struggle to regain ground after loss is not seen in years from for the sale of this the crisis, a game changer. this is inside story. ah allow welcome to the show. i'm sammy's a dan, or the crypto gold rush is going through another dip,

but this time is gone so low summer warning, it may not stop. many digital currencies have seen their values reached 0. that's knocked a lot of confidence out of the market, creating a domino effect, reaching all the way to the top. the mother of them all bitcoin is in trouble to major trading platforms, have dropped it. one cited technical problems and the other. so cold crypto winter, meaning the current extreme market conditions as investors become increasingly nervous, more of been selling off their coins. pretty scary times in the current space, but actually not something we haven't seen before. this is an asset that went down 94 percent back in 2011 and came back from the dad. it went down 8485 percent after the peak in 2013 to the trough or for 2014 early 2015. and then again went down, i believe about 85 percent from 19700 to around 3150. if i recall in december of

2018 p, as of because i'm much you have to be 70 percent lucky and 50 percent knowledgable to win in this market. if you are in the right place on the right time, there is no way you can win, and it's not like 5 times 10 times or 2 times profit. it's almost 100 times 500 times a 1000 times. there is no state, no institution in an organization that gives you this kind of profit. you just have to be lucky actually. well, the more people fell bitcoin, the less it's worth. people have been selling big time in november, the crypto coin reached a rec, hold high value of nearly $70000.00 us dollars. but in the following month, it started going down, reaching $35000.00 in january. it took another blow in early may, falling below $30000.00, and by june it had lost another $10000.00 dropping below its benchmark value of $20000.00 the. well,

let's bring our guests into the show. we have joining us from nairobi, alec on statue, an investor and c. o at rich management in london, name ass lamb is chief market unless that avar trade. and in dublin, brian lucy, professor of international finance and commodities at trinity business school. welcome to all, let me start with professor bryan. then what prompted the sell off in the 1st place, bryan? well, decline and other criptos and we tend to use them, you know, indistinguishable as you said, it's the, you know, the granddaddy of them all and, and where it leads you dress, follow, has been suffering from some weakness. sense really the end of last year. if not before, what's really knocks bit calling, i think and, and the rest of them has been the fact thus as the global economic environment, economic and geopolitical environment has become more and more uncertain. we've got

supply chain issues, not just from the russian invasion of ukraine, but also from chinese policies around covert. we have a problem with regards to the likelihood of quantitative tightening. in other words, on winding the, the wall of money that was ported to the global economy, with the consequence, inflation issues coming from both das and from the angle. the more all of these have made the global risk environment much more risky. and what we've seen is that the reason why many of these criptos crypto acids, they're not really cooked occurrences, showed such an increase was a desire for yield. at the very top of your show there, you were talking to people saying, well, you get a 100 percent return a 100 times return. would you already get those kind of massive returns in exchange for massive risk? and what we've seen is that as the appetite for risk has decreased,

as things have got more in certain people, investors have been moving in general back towards more safe havens. so hang on, brian, let me jump in here and ask, i thought the higher mantra we were told about crypto currencies is that people put their money into them to actually protect themselves from inflation and on. we're i, and that was, if you look at blog, that the countries with the top investments in bitcoin, what countries which had very big inflation problems. how did inflation go from being a driver towards to detract from crypto currency because they aren't. i mean, this is, of course, what you will be told as you're trying to sell an asset. that's viper risky, you'll find a use for it. by the use case. we've one per site. these are not currencies. we must post, put this phraseology to bed is a crypto acids we've precisely one and situation in el salvador where we've had a natural experiment running. if the currency, in fact not even its own currency, the dollar versus a crypto, and every single asset, every se,

every single study that has been done has shown best. there has been incredibly limited usage of this as a currency. as an asset, they're very risky. they have some interesting characteristics. they're very, very volatile. that's the nature of the beast. that volatility, if you're on the right place at right time, can give you a great return. but they are not. for everybody. they are hard cards. the structure in many of them have a limited number of tokens or subtle. she's or whatever you can create that need to be created. results. there is an in built biased towards depreciation of the nominal value. that's not the same to say that they are hedge against inflation. right. the most interesting, i'm in some countries, i think turkey was one of them. russia was another. that was the reason why we would tell people are putting their money because they were afraid about cotton,

the local currency, losing value. let's bring in name was also the collapse of some of the other coins like terry u. s. d. did it contribute to what we've seen happening in the why the digital coin market i completely can carry the year when you are in a new cycle of innovation technologies blow out like these that did happen at the market and just a new reality and new product you guys were discussing earlier, you know, for a battery use product, obviously created enormous amount of agreed in this space. but you could gas yield, which was completely up to 30 or 25 percent. so that created a massive boat about bubble around everything. so basically, just like how much additional systems, financial systems like where one bank is pretty much using the money from another

bank. and then you have that domino's fax, ready taking place in the world. because a lot of these, you know, they can come from possession market. now they're not your, your highest, your people who have no idea, although they do still exist in the market, but they using the same mentality. so one who begins to flow between the institution, of course, there's a massive risk of domino effect. one institution of bullying or one stop or one particular project both and then you have other projects come in on the back of that as well. so we've seen that in the case of celsius, even now, blocky fire, which was another huge bass project, being rescued by s t x, another machinations change. so the story kind of really goes on. now going back to some of the point that you guys were discussing earlier, and i just wanted to add 2 important things to them. now i'm not saying that big klein is still not in hedge against tennessee. i'm not saying that coin

is not hatch against invasion, but what i do think that it is possible to ask this particular question is the reps and reputation has massively been impacted? because as brian mentioned earlier, you know, we are living much 9. absolutely, absolutely. the, i mean, inflation is that all he, dec 40 is high right for decades. we should, we should see big coin tosses completely, you know, like, literally sewing on the back of that. we've seen the evidence of gold points is least showing stability when dollar index is already it's multi year. so we see that usually when the by the recept parts of the monetary policy, we see in a gold price, it's moving to the downside, but gold prices are much stable because of inflation. and in terms of the big point,

we should, we should have seen a lot more buying really happening. but the same argument goes for the tenants in the market as well. with a risk off climate. the market's falling. you know now that correlation between base point, which is the relationship either will be positive or negative between bitcoin and the stock market is very much positive. what does that entail? that means a big point is very much acting as a riskier assets, as a risk on asset. if i, if i say that, that, and this is more appropriate statement, not at the risk because we don't see big when would be to the upside. when stock market are moving in the other direction, right. so i guess what, where the bang so far here is that there was a bit coin of digital currency crypto currencies with simply a mechanism for wild gains, a lot of risk. and when it wasn't delivering that kind of game any more,

the bubble was too big and it just had to boast at some point. i couldn't agree more. i remind you that quote, by hunter s. thompson lives should not be a journey to the grave. with the intention of arriving safely up pretty well, but the body rather skidded board side in the clouds of smoke, already used to be worn out and loudly proclaiming while walking. right. we've had the right the right is over. now essentially bitcoin current is more of what would not be energy, central bank and bubbles. they were a symptom of it. and in the last 2, we as the era re, monday, the era of the china will be the idea that to generate returns that were described at the beginning of your show, the fear missing out you know, all, all,

all what could use it for this extra ordinary bubble that we saw developed and unfortunately the bubble is now deflated. i think we've still got considerable downside. it is no longer investable by any institution. we had that that period when the light of the law was piling into it and then promoting all kinds of other boys like g coin. but in any institution now, reporting big call, you know, even a currency on its balance sheet is going to buy and shut the door, you know, in a place of an eye. so i think what we're seeing now is really the end of an era. it was exciting. some people made a ton of money, more people and lost it. but essentially this, this gig is over. all right, those are just a was alley. the gig is over. i can see name is shaking his head in disagreement.

so i want to give them a chance to come in here with the different perspective on this is the party overnight. you packing up and i never, and i really put my money where my mouth is, because i'm literally afro disclaimer. i'm a big and i whole decline in my wallet and i'm continues. i'll continue to do that even at a lower price, even the, even though what, what, what alley and what brian was saying, you know, this was just driven by pure speculation, pure greed, and the error of easy money. people borrowing money to buy digital currencies that they perhaps couldn't really afford. that's over now. it was, they weren't were spying when effect jump, boring on it. go ahead. it was that with, with, with money slashing around the system. and you're going to have a situation where it's going to fly into all sorts of areas. we can get a return, particularly when he got relatively low inflation, as we've had over the last 57 years. and it's not just because it's not just me

enough tease, there's been a whole host of other assets where there have been granted price. appreciate but it is a one of one of the i some of the shot deflating because there's not enough money for throwing around. now. what is that so much that i think it's because it's, it's, it's, you know, the 1st one that really deflated was the in f t. because the idea of us, you know, a picture of a monkey and a half would have, in here value other than big picture monkey in the house was always completely bonkers. these crypto assets have some, i kind of disagree with madame la guard, i think. but these are, are valueless, but not worthless. they have a worse to people who believe in the need for a parallel decentralized monetary exchange system and who are happy to accept the incredibly high volatility. now, does that mean there was just the 607-0000 euro, or is 850-602-5060 euro?

there's probably a floor which is above 0. but it's, i think probably an awful lot, we're not an awful long way away from 15 or $17000.00. so i think the era has gone out in the sense of, you know, the wild days that was always going to happen. once these were never going to be a currency and they never were going to be a currency. then they were only ever going to be analysis. if you're going to have an ass us, then that acid is ultimately becomes big enough, be regulated. so we've seen increasing regulation. okay, hang on, right before we will get on metal and regulate, assurity will, will gathering relation in a minute. but let's say i know, let me just finish my point. you're seeing increasing regulation and discussion of regulation and the increasing maturity of these markets with things like e t, f cent options and futures. i said happened as dead. they became inextricably linked to the remainder of the financial system which they haven't been before. and therefore became as bassette or risk analysis or

a name. you are presenting the opposite perspective and i interrupted you. so let me give you the chance to complete the thought about why the party is still on for you. thank you. so like if you're talking about, you know, excessive money printing money to whatever you want it all, it should be times like math fact john, everything is pretty much crushing but not to the extent. but if you look at the individual, i mean, and now they ever, obviously, and clearly they're very much to pick up access of money from the retail side of the institution. bitcoin is a different beast. as i mentioned to you previously, it has a history of coming back very rapidly back to school time. i think my only concern in relation to this particular one is i wanted to see that credibility coming back, elizabeth, meaning big point,

nice to re establish herself as a, as a hedge against a hedge against inflation. those are the 2 primary concerns in relation to that. but having said that, i think i've given what the price is currently and then yes, there are. perhaps we may see that to the downside, perhaps 30 to 15000. that is where i see the floor or master really come that it's going to head to 0. now, i think, so i'll let you know will be had many. i'm in the simple answer to that is just listen, wanted to let it go from the other. because it's all about filtering through the noise and then looking through that, what is the really future of this? all right, i'll have, i let me ask, i do agree with that. how we approach the floor here. look, i think, you know, we're going to be based ripping short cover and rally, you know,

because when something falls like this, you're always going to get these very vicious. but i think, you know, what we've seen now is, is that a tiny point? it was experiential to the outside. it's now exponential to the downside. i mean, if you can, you can make an argument that could go down a 1000 by someone 2016 like it might not get to 0, but it's going a lot lower. and i think, you know, it's a feedback loop at a more macro level. as i said, it is, this was a term of central bank bubbles. it was not allowed to go to them. and now we've, we're exiting the euro or said, well, bank bubbles, it's impossible for western government to run their automates by just printing endless amounts of money. and this is why we bought inflation lifting all. and what it tells us is the world understand that the edge against inflation is cause

or soft asset, like food, like oil, like weeds, things you can't print. and essentially bill is that the 2 pages. and i think this was a wonderful, delirious episode. and delirium can last the pipe long time, and it did last or, or, or a very long time. but ultimately, i go back to the prospectors where it was said, you know, there are many, this is a scheme, the hiring on the, on the take a great advantage. but nobody knows what it is. and frankly, to the day, nobody really dial, right. i love the wrong respects if we're getting here very good. can i make it very briefly, then we'll go ahead and briefly. sorry,

i'm thinking i make, i'm a request and that is less have 3 of us back here at the end of this year. oh, all right, that's a good one. somebody writes and someone's going to be wrong. brian, the fact that we're seeing institutional investors dumping the digital coins right now the. the fact we're seeing crypto exchange is announcing layoffs is not a sign that things are not going back to why they were not anytime soon. at least you know, i think, you know, we're, we're moving into a different environment. how long that will last, you know, and the real expression is the market can stay logical longer. you can stay liquid chip that around the back can stay logical longer than you can stay logical in the context of criptos. until such time as we move through this inflation rate europe, which is partially driven by a wall of money and partially driven by supply shocks until we move to an

environment where yields are pushed down on traditional things like, you know, the stocks and commodities such a sweet, you know, all the boring, boring stuff. then there will be an actor again for hyper wrist. yes. and that's where the remaining crypto assets and there will be some will, will come back and have their day and the sun again along with something else. but they're not crypto currencies. let's stop using the rates. they're just assets, they're crypto acids, then they are not never have been and never will be a substitute for the person. all right, only substitute for parts you're going to guess would be central bank, digital currencies. all right, whatever we're going to call them name. is this a turning point in terms of at least regulation that going forward? they will now need to be regulated in a very different way. nothing excellent and questions now,

the office to that particular question is this printer landscape today? do we have more regulations in comparison to 2 or 3 years ago over crash happen? the answer to that one is clearly yes, because we have many exchanges which are very much regulated in the united states and various different jurisdictions that even to this day acquisition only happening so that the changes can create and the licenses under the regulations of that particular jurisdiction, so i think the current blow out internally is going to only in or in the high yield space is only going to want more regulated to compact point security. who's going to that regulation name? and what will it mean for what was supposed to be a very free flowing, the centralized i don't use the word currency because i know brian doesn't like it, but you know what? i mean? i think there are still so many different proposals on the table who is really

going to provide that. but there is one thing as a human being, you want to be governed by one single entity by the what you're restrictions, iraq. and that goes back. and that's why the currency or radio or any other currencies, because you have a central branch of government which can really come in and then they can, they can, they can initiate phenomena. it's like, you know, bank or they can stop that. they can see that, ok, you can normally, you can not be more than 3 years, 250 years due to the crisis. right? seen that we do not have that coming to be in the correct space. but now, yes, we do see some initial reactions and actions by mistake of the company such as se few are. that's why they're saying ok, you know what? all i suspended when the company that's desperation. because the whole point of having decentralized peer to peer finance is that you can regulate markets,

finds its own regulation, stopping people from transacting on on regulated markets is not regulation. it's people trying to prop up liquidity positions for, you know, for property sensible, insane reasons. the ok, the reality is more disclose. it will be regulated by the fcc. you can be regulated by the f. s a u regulation, but you see be it or car, car of some successor to in id. it will be just a little boring, but very risky, a set of acid or i'm afraid we are out of time. i know that we've gotten plenty of different perspectives on this and perhaps his name said, we'll come back and talk about this again when either, you know, the coin has gone up or down. but for now, thanks so much guys. been a great discussion. so thank i guess i'll and such a 9 as slum and brian lucy and thank you to for watching. you can see the show again any time by visiting our website al jazeera dot com for further discussion

head over to our facebook page. that's facebook dot com, forward slash a j inside story can also join the conversation on twitter. how handled various add a jane side story from me, sammy's a, that and the whole team here for now is provide ah, ah, and thousands of migrants set out for the city of death at shula in the early hours of monday. there's numerous nationalities among them. but the vast majority, or from venice when, 0, one to reach the united states. it's already been a long and difficult journey for most. there are many of us migrants here. we need

help. i just like this woman. i. many people died in the jungle on our way here. it's the largest migrant care band to set out from southern mexico this year. they'll rest for now, but the plan is to take to the road again after midnight and make it as far as they can before the heat sets in. once again, patrick coin is an international electronic crypto currency used across the globe. it's, it's the best part is exists on the planet. but few know how it's made. it's role in the criminal underworld. it's rise to legal tender. it's implications for the global financial system. and the devastating carbon footprint it leaves behind its energy consumption is put a massive step backward. people in power investigates crypto own al jazeera, a new generation of young people are making demands to we balance society welcome to generational tames a global series. the attempts to understand and challenge the ideas that mobilize

you around the world in london to activate a, tackling the root causes of youth violence. many young people back perpetuated violence against other young people themselves have also been victim multiple times . my generation can try. we design and we shape this generation change on al jazeera. ah, i moline site in doha here top stories on al jazeera. i've got his films. interior ministry says at least 920 people have been killed in a magnitude 5.9 earthquake. hundreds of people are injured and dozens trapped on the rubble of the buildings collapsed. i'm a val, reports helicopters and rescue. please have rushed to the area. the of quake struck the.