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tv   People Power Crypto  Al Jazeera  June 24, 2022 6:30am-7:01am AST

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beloved by many and this is this will be the 1st well copying cuts are without him being in a team as a coach or involved with the play. you're still people in argentine are very excited about the world cup with unit messy leading the team and those he would talk to say that even though i don't i won't be here physically. they say that he will be supporting the team from heaven. terrifying moment for us women who fainted during her routine of the world aquatic championships. 25 year old synchronize for ma anita of ours fell unconscious and sang to the bottom of the pool. competing in budapest, a coach was the 1st to react and dived in to rescue her. she received immediate 1st aid and is now recovering while ah, what's going on there with me to her robin in doha, reminder of our top stories,
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search and rescue operations of n did it most major regions i've done is done on to the countries was earthquake in 20 years, at least 1500 people are being killed. the taliban governments made an edge and appeal for international help. the supreme court has handed down a lunmark victory to gun rights advocates that rule that restrictions put in place by new york state on carrying concealed handguns in public, unconstitutional as governor, the state of new york. my number one priority is to keep new yorkers safe. but today the supreme court is sending us backwards in our efforts to protect families and prevent gun violence and is particularly painful that this came down. at this moment. we're still dealing with families in pain from mass shootings that have occurred the loss of life, their beloved children and grandchildren. today, this frame court struck down in new york law that limits who can carry concealed weapons, the house, so let committees hold against tearing into lustrous,
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told me of the capital building. now the committee heard how the president donald trump made almost daily calls to the justice department with allegations of voter fraud. ukraine has taken the major step forward towards membership of the european union after believe the member said they did to get the water country. you candidate status. but the bottom is lensky has hail the decision as historic. moldova has been given the same status shop watermark and we have just received a candidacy. does our victory. we have waited for it for 120 days, and for 30 years we'll beat the enemy and we'll rest up with or probably 1st will rebuild your grain and then rest. gemini is stepping up, its gas, emergency plans saying, and facing a supply crisis. it's economy minister says the government can't rule out gas rationing because of dwindling deliveries from russia. and the 3rd protest was dined in ecuador indigenous protest, as clashed with police on the 11th day of
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a nationwide strike. earlier the protest this took over a cultural sense in kito that had been sealed off by security forces for a week. the occupation has been celebrated as a victory by the strikers. those with atlanta, i'll be back with more news in half my here on their next. it's people in power to stay with us. sun, sand, and wind postcard image hides the visa, dazzled over the past and future of this island tower when, when a me so local is determined to keep for why, why, why now just hear me when brit coin and other crypto currency 1st period. well, over a decade ago, few people could have imagined how widespread they become. now these various forms of digital money are in common use, if not yet universally understood. but where exactly do they come from?
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who uses them? and what for better or worse might be the long term consequences. we sent reporter rory challenge in search of answers. i the in any will print to currencies, money's got strange. the 13 years since bit coins creation of been a roller coaster ride. born from the financial crashes, money liberation from central banks. bitcoin is a person to person, electronic cash system. think of them like token the buy. like very much. now of
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course, this is just a problem. perfect. currencies are purely digital and we access them in a digital wallet. we can send them anywhere in the world in a flash. if a business accepts it, you can buy goods and services. you can think it's built on the block chain, a decentralized database of transactions that's transparent and secure, but bitcoin can get pretty wild crypto currencies have no controller except the markets. people have made fortunes and lost them, their value can go. 6 way, way, way up. oh, come crushing. oh no. but where does it come from? what does it cost the planet? is it the future of money or the useful has money? it's all. my name is rory challenge, and i want to find out who's my 1st destination. pennsylvania a u. s. states that is fully embraced crit bitco,
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and he's going to take over the world that will have to conquer america. and it's making good progress. recent survey suggest about a face of american adults had already bought into crypto. so now that i'm here to get some right, this is shane bytes inside is a man who's trying to make buying big cohen as easy as possible eyes. hey, rory, let me check. i don't mean to like very much. so the machines. yes they are. you want to use one i do because i don't have, i don't have any back going. so what do i do? this is brave you over me. first is click on the screen, get it started. yeah. you're gonna buy decline. it's like how much you want to buy . so here we go. 10 bucks. lots of the big spenders just in there. so that's that answer. and then you can look on your wall and you can see you got to the queen who says it's pending. yep. that's it. i mean, you got it. every grill has been buying and selling bitcoin since the early days.
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now he runs a company that makes crypto currency atm sick point solves one of the problems that we've faced for years and years and years, which is the government controls money. and you have a central authority controlling money. and so what that means is that people, you know, they just print it, the value it, and you can't count on anything. i don't know how many dollars are going to print next year, but i know exactly how many big ones are going to be issued. so can we call that currency? sure, because i can't say it's, it's the best currency they're just on the planet. but a currency needs to be spindle, and i'm going to put this to the test. 50 is supposedly one of the most crypto friendly places in the states, the man talking about the city having its own digital coin. basketball team is sponsored by crypto dot com. so using my new bitcoin here should be easy. a check out coin map, a website that says it shows every business in the world that take flip coin for the philly area as a list of only around 20 or pick up the phone and start calling them. 1 6 1
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ringback oh, good afternoon, coin this payment. yeah. you doing? all right, thank you very much. bye. as we move through the list a similar story now. okay. well, do you guys accept bitcoin as payment there? now we do not know did, did you ever we used 2 years ago and then what happens, why did you stop? the technology was too hard to maintain regularly and has the staff isn't sure what bitcoin really is. so think does not billy like using it is like the coins evangelists may say it's the feature of money, but the vast majority of businesses listed as accepting it. don't until do you guys accept bitcoin as payments you do? they invited us down for lunch. this is the sum paid food truck, the home,
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so they say some of the best barbecue sandwiches in town. what can i get? so we have brick, pork and chicken. jessica and her partner began accepting bitcoin in 2015. and so unlike others, they will continue to do so. can i pay with yes, you can. or this next amazing. thank you very, very much. a lot of the people that were accepting the coin in the city and they stopped, you know, they saw how to cycle and how it kept fluctuating. and i think it really scared a lot of people away, but you kept us, but we kept at it. yeah. why, i don't know, it's just something we believe in. we just believe that crypto is the future. do you worry a total about the security of it or the whether it's a scam and anyway, i worry more about the dollar than i do bitcoin. i do believe it's going to be the currency of the world, but if it is bit going, has
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a long way to go. few american seem to be spending it for most is just another investment. but why does big coin come from anyway? i'm heading into the pennsylvania countryside to find out when i get their future finance is a little money than i imagined. i just i make a note or what does that noise? what you're hearing are the klein miners the, the big one is, isn't the next one liners. you can see all the little fans in there. there's a little computer on each one of those fans. jeff campbell is the lead engineer at stronghold digital mining. it has 12000 specialized computer processes. we're looking for $200.00. this is a long number and everybody in the world is working on the same equation. they're all trying to find the same number. and if you get it, if you get it, you get 6.25 bit point right now. and how often do you get it? every 10 that if somebody on in the world finds that number,
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his high tech lottery to function, mine is race to verify the newest transactions made everywhere on the big coin network. the winner is rewarded in bitcoin. it's an entirely digital process, and it used to be done by amator enthusiasts on home computers. these days, it's big business, and the u. s. does more of it than anywhere else. worldwide, we're going through more combinations of numbers and there are grains of sand on the earth, so you can see it profitable if you can find that grain of those profit. so putting in bigger and bigger operators, a 21st century gold rush. but here's the catch. big coin was designed on a system called proof of work. the more processes get thrown at it, the heart of the algorithms become the heart of the algorithms become the more computers and needed. it's an energy guzzling arms race.
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and this is how strong holds operation gets his power, their own dedicated power station. it burns fossil fuels, coal waste, with all the greenhouse gas emissions that entails stronghold c. e. o. greg beer takes me into the hissing, roaring heart of the beast. vocals me the only kind of brute industrial power is just going to make something that you can't even touch the digital currency that kind of place around in the, in the spare it is after the old world industrial mason here will finance. but what's the environmental cost of all this cambridge university says, bitcoin pumps out as much c o $2.00 per year as a country like check republic and consume as much energy as the whole of highlands . then greg tells me something astounding when we started the project. 4 or 5 years
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ago, the mining economics for bitcoin were really enough to support the plant. thankfully the state of pennsylvania in a, in a bipartisan way, modified the rules a bit to allow us to earn more of a, what's called the renewable energy credit. and that isn't that plus higher power prices was a port is running today. so pennsylvania, not only cold, cold waste, an alternative energy source, it actually subsidizes stronghold to burn the stuff to make bitcoin. how can this be? oh, because of this in the toxic legacy of nearly a century of coal mining coal. fet, the furnace is a pennsylvania is once mighty steel industry and this waste, sprawling across the state in fast flank keeps, is the low quality material left over from the mining acid and poisonous heavy
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metals. leach out of them. bill spence stronghold digital mining. chairman, i feel as if america had in the world had a party here and then we woke up the next morning with the residual garbage leftover and are having to clean up after the party like the state of pennsylvania . he won't say he's gone. he says he's using the states alternative energy incentives and the profits from bitcoin mining. to make that happen, the coal is the dirtiest source of power there is. and coal waste is especially inefficient. so i asked bill the obvious question. do you think that the c o 2 emissions ah, a justifiable byproduct of clearing this landscape? i absolutely do. and what i'm asking you is just stop a minute. look at this. i understand where people say it's not perfect,
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but how many things in life are perfect. i, i mean, rory, i mean don't let perfect be the enemy. very good. so do you consider yourself an environmentalist? i absolutely consider myself an environmental this bill and his colleagues firmly convinced that they're doing what is best for this area. but i have a feeling people campaigning against climate change are going to disagree. who i am on my way to meet one has another coal waste power station. right? makes my spect chimney. there are plenty of bitcoin miners who say their operations a green, but most tend to seek out the cheapest energy, whatever it source. this is russell's ebay, who works for the clean air council. the interesting thing about big coin is you could do it in the cleanest way possible,
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or you can do it in the dirty way possible. and as long as there are government subsidies to do it, in the dirtiest way possible, people will keep burning co waste, generate big coin was supposed to be moving towards the next 0 future, reducing carbon emissions to nothing by 2050. how does that fit with big caught in its huge energy consumption? it does not the introduction of crypto currency and its energy consumption is such a massive step backward for environmental efforts efforts to confront climate change. russell says several states in the us or considering banning bitcoin mining and pennsylvania globally as a growing list of countries that have already outlawed it. china being the most significant one of the other things i've heard about big coin. it's
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a haven for criminals. crypto links crime says to record levels in 2021 up 79 percent from the year before. i want to know what's behind this guy this greg is a former f b i. agents who now works for a company investigating crypto crime. criminals are using crypto, the very same reason why the vast majority of crypto users use it for that speed, liquidity, and cross border nature. what are the kind of crimes that we see around crypto? they're doing everything in this virtual asset world that they were doing in the regular world, particularly scans and frauds, make up the largest category of elicit use of crypto. but you don't think this actually is a problem with crypto itself. you know, there's nothing inherently evil or bad about crypto itself is just simply another method for value transfer. criminals stole $14000000000.00, encrypt currencies last year. or we see any kind of state involvement. and this we have seen, elicit use of hacking by north koreans, for example. in fact,
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they're responsible for hacking over a $1000000000.00 in exchange hacks in the past. but galvis also says the transparent nature of crypto is blocked. chain ledger actually gives investigators a treasure trove of data to work with. so for example, if there was an elicit transaction where a little lady was scammed out of her money and they, and she said, and i paid them bitcoin. well they, they can look at that transaction and see where that woman's bitcoin went to. and from there they can then engage legal process to either freeze that account or seek recovery from that victim. and that's why that's so important. ah, my next stop is london. one of the wells financial hubs, i want to see what government and central banks think of this brave new wealth. easier said than done. we are the central banks, both in the united states and here in england to talk to us about that. i know why, while many central banks are undecided what to do about technology designed to
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break the control of money. i've come to meet harriet baldwin, a british conservative m p, a former investment banker, and a member of the treasury select committee which examines government's economic policy. do you think the central bank should be scared to correct that kind of states? i think they're all looking at it. i think it's going to be important to coordinate the approach amongst the developed world central banks. i think, you know, there is also the risk that the current fees could end up being the, you know, the hewlett bulbs of the 21st century. 14 i was, you mean it could be a bubble. people could be buying something for way above the value that someone else will pay in the future to take it off that hands and they could lose a lot of money in the process. and that was something that they discover is actually just lines of code and doesn't have intrinsic value because no one else will accept it as payment. does crypto currency development poses threats to
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financial stability? it could be potentially, if it becomes a much more significant size in the well financial markets. at the moment all the evidence we've had on the treasury select committee is that it's still a very small proportion of the world's asset base. and so therefore, we told that it doesn't pose a threat to financial stability at this level. but what happens when a nation state does jump with both feet into this weird new world? now the dominating point on the line. oh no. oh, i've come to a country that's boldly gone when no other his dead and turned itself into a unique fiscal petri dish. ah, if assigned to the bank are beat now this, this is where the experiment started. ro, salvador free is back. a clique of crypto converts began transforming the surf town
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of els on tape. they persuaded people to join a local circular economy based on bitcoin. but all of el salvador is bitcoin beach. now, last summer, the countries president, i at be kaylee, rush through a law that elevated bitcoin to legal tender alongside the us dollar. know how the government has taken such a gamble with national finances. i'm interested to hear what the founders of bitcoin beach think of it all. roman martinez is one of them is beautiful. god, dream that started super small. now is more bigger than our salvador and many people around the world dreaming with our country. and i think we are pretty annis, missionary, 70 percent of some other into for world blankets. and that means they've got your bank account right now. bank account, any kind of financial service
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a now as soon speaking a ride in our community will start to seen. people say, be modern people transacting digital people, receiving and making digital payments. people buying an asset before the 1st time, people sending money from all saba to the us from the u. s. e for other because we can use the monetary network that humanity ever had. you know, these are big claims and i want to find out if they coin really has transformed this country. bitcoin beach seems the obvious place to start. but at the place i stop for lunch. crypto isn't welcome. if you're going to pay me, pay me with money because i want to go to the grocery store. i want to go pay my debts. i want to make sure that it's being done. do you even consider it to be
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money? no. what is it? it's a fools erin. i asked at several other places to some accept it, but plenty don't. ah, the large majority of people in this developing country live on subsistence incomes . how are they responding to such a huge experiment? ok, quite a is an assistant professor of latin american studies at dartmouth university in the u. s. is also a salvador in and jorge took his round, the vibrant working class street markets of the capital san salvador. i mean so far, because it has done very little to change the dynamics of the marketplaces here in san salvador. you might see a couple of signs that say we accept big coin. but when you actually go up to the souls and ask people have to take so the point they're like, you know, i'd appreciate if you dollars health. i was government sponsored a national digital wallet called chiva. but early tech glitches put people off many
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checked in to cash out a $30.00 welcoming sweetener. and haven't touched it since we sputter still will achieve a sticker. i sent that you but she told me that the sticker is there only to abide by the law that they have to take it if someone showed up. so what do you think the actual uptake baker, his name and in these kinds of environments and in the daily transactions that people knew, she quoted, a presence at all in march el salvador chamber of commerce said 86 percent of businesses hadn't made any bitcoin sales a really actually benefits for bickering. so as big quinn is laid out now, most of that the wealth generation and the wealth distribution goes to about 0.01 percent of all the coin owners. they're the ones who have about 27 percent of all big coin worldwide. so 0.01 percent of any tiny, tiny,
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tiny percent owns 27 percent. exactly. and that that those are the big coin wales. those are many of the people who are behind big queen, booster ism and, and the ones who are creating all these different kinds of enterprises and businesses and ventures in places like el salvador. and presumably it's in the interests of going owners to keep the height going. right. i think that's exactly right in salvador, bringing people into bitcoin. it's part of this process of trying to inflate the value and trying to hit those kind of milestones that many of these lead bitcoin holders are hoping for. to me, that sounds different from their scheme. it's exactly a pyramid scheme, multi level marketing, where you need more people to enter into that space and things are going to keep the value up and keep the party going. when bitcoin, critics say the whole things a pyramid scheme they point to the events laid on by crypto currency firms,
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events like this is called heels for bitcoin. and it's hosted by a company called packs full now is a good time to buy in the salvador in women. it's hold and other packs for event 3 days later. and the star guest is el salvador was youngest ever congresswoman 27 year old donnie gonzalez, helped pass to bitcoin law here to make big coin legal, tender i conference also want to be like us have other talking about a specific law. the law has many critics though, doesn't it, sir? the i m f as recommended. thanks alex. i will go drop it because it's just too risky. so why is it still operating our democratic country? and i mean, we have our president, our government are on congress. and any this is shown made or comments made for other institutions around the world. i mean, there they are. are people who recommend things, but it doesn't mean though we're going to do those things. this is el
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salvador was tech enthusiasts. president naya, be kayley, how much his bitcoin experiments is cost hasn't been disclosed. and this secrecy concerns many to bill could be $400000000.00, say some economists and every dip below el salvador, bitcoin purchase price hits the country's coffers, dinner of how much money has been the host. lucy, and actually this is how get them works. we're waiting in the future for a have more gains are about beats going so it's just a matter of hostile his comes to the very heart of the bit coin question. many millions of people around the world have bought in typically hoping to ride a wave of riches, but they're using it as a speculative investment at a risky and environmentally damaging. one of that, most people have never use, it has money. and it's difficult to see why they ever should what it soaring in value. why would you want to spend it when it's plummeting in value? who would want to receive it?
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the thing that makes bitcoin so attractive to investors, the crazy lurch is and value is the same thing that's holding it back from becoming mainstream currency. it's basically too exciting to be money. bitcoin needs to be boring. at the moment. it's anything box. ah, lou, europe's grand capitals are littered with monuments loading their imperial pass and their museums filled with artifacts, spoils of war and occupation uprooted from their places of origin. people in power explores the heated debate, her own right from ownership and meets activists taking is to their own, ah,
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out of africa on a jesse, you know, we know what's happening in our region. we know have them get the places that others hang on. i don't hear guy by that, but he's on purpose. i'm 0 had the time in it programming. go live on the on the go, live the work, another boy that may not be made. freeman, it happened it. bars. i said, i'm going on with the way that you tell the story is what can make a difference with this? that home shoes witness claim is witness. different says witness. change. witness, happiness. witness. large, witness. sunlight, witness the flood witness, loss. witness. charity, witness. confusion, witness. clarity. witness, family and witness. friends, witness the beginning. witness. the end witness. life. witness.
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an algebra against a backdrop of syrian independence comes the story of military coups regime change, and insurgency. al jazeera well explored the life of id about you shortly achieving his ambition to be syrian president in 1953, but outmaneuvered by his rivals and struck fine. assassin's bullet al she shocked me. serious master of cooper's. oh, now jazeera ah . after the earthquake, the struggle for shelter, food and water and i've got to stop, we report from pack t could province.

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