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tv   People Power Crypto  Al Jazeera  October 15, 2022 7:30pm-8:01pm AST

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on that we hear from the engine outside the water. if we would have her here under the water, these will be a 1000 times louder than we are doing. the human ears can't detect it, but it seriously disorient whales and dolphins putting them in harm's way. this boy is part of an ambitious effort by chili's government and angels like the merry foundation to turn the pacific ocean into a by a logical corridor between canada and southern chile. these whales come here and it's a 2 to blow, but they, they travel all over the pacific ocean. so this is the 1st boy, but there will be others, and there will be in the ocean of other of other countries as well. many, many more of the special boys will be needed to make a difference, but rather than to drop in the ocean, this one is being seen as an important 1st step to see a newman al jazeera santiago.
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ah. what's your desert with me, sir? hello, robin. in doha, reminder of all top stories, the turkish president has visited the site of a minor accident. the town of astra 41 people were killed in the explosion. matchup that early one has also been survivors and paid his condolences to the victims, families and considered has more from a sla been a very tough day. oh, for the family then before the night. oh, finally, the last muddy all the work there was found in prison. bardon announced that i had been found and evacuated from the side of 4 to one people. most of them have been very, it's is in this morning and the families are very upset. they don't want to talk to friends, we try to get in touch with them. to disease opposition. coalition is protest
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against fuel and food shortages, crowns have gathered in the capital, tunis, the leaders of the national salvation front of called on people to reject mixtures . legislative elections in case new chancellor is warning of difficult decisions ahead, including an increase in taxes. prime minister distrust sacked her previous chancellor quasi quoting on friday. we are going to take some tough decisions. not just on spending, but also on tax. because we have to show the world that we have a plan that adds up financially, and that's the way that we'll get stability back in the situation. the 1st group of russian soldiers have arrived in bella, bruce. their convoy is expected to team up with bella russian soldiers. the fellowship president has claimed ukraine was plotting to attack his country and russian forces of bomb. several towns that ukrainian soldier seized in cash on the ukrainian military told al jazeera it suspects the goal of the russian to taxes to
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secure air defense points and ammunition depos, but not to advance, boxed on the sub in the us ambassador us to present joe biden, called the nation, one of the most dangerous in the world of the state by res concerns after he's at islam about has a nuclear arsenal without any cohesion buckets on science. it's nuclear assets, meet every international standard from the un watched on. you can follow the stories on a website from there dot coms, updated throughout the day. and back with more news and half an hour to stay with us. news, news, news. news, the
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wind bitcoin and other crypto currencies 1st period. well, over a decade ago, few people could have mentioned how widespread they've become. now these various forms of digital money are in common use, if not yet universally understood. but where exactly do they come from? 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 to create
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a currencies. money's got strange. the 13 years and big coins, creation of being a roller coaster ride own from the financial crashes, money liberation from central banks. bitcoin is a person to person, electron cash system. think of them like token the buy. thanks very much. now of course, this is just a problem. crypto 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 is 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?
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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, the u. s. states that is fully embraced crit bitco, and he's going to take over the, well, it'll have to conquer america, and it's making good progress. recent survey suggest about a face of american adults that already bought into crypto. so now that i'm here, i better get some right. this is chain bytes inside is a man who's trying to make buying bitcoin as easy as possible. eyes. hey, rory lets me to, i don't mean to like very much. so the machines. yes they are. you want to use once i do because i don't have, i don't have any back going. so what do i do? this is a brave you opening. first is click on the screen, get it started. yeah,
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you're going to buy the coin. you select how much you want to buy. so here we go. 10 bucks. lots of the big spenders just in there. so that's the answer. and then you can look on your wall and you can see you got to pick one 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. now he runs a company that makes crypto currency atm standpoint, 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 points are gonna be issued. so can we call that currency, should we call? and i can't say it's, it's the best currency the 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 is talking about the city having its own
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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 fit coin for the philly area as a list of only around 20 or pick up the phone and start calling them. 1 6 1 1 0, good afternoon except me calling this payment. yeah. 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 half the staff isn't sure what bitcoin really is. so think does not billy like using it,
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is like between evangelists, may say it's a 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, so they say some of the best barbecue sandwiches in town. what can i get? so we have risk pork and chicken. jessica and her partner began accepting bitcoin in 2015 and say, unlike others, they will continue to do so. can i pay with that card? yes, you can. all this next. amazing. thank you very, very much. a lot of the people that were accepting bitcoin 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 we kept at it. yeah. why? i don't know. it's just something we believe and we just believe that crypto is the
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future. do you worry at all about the security of it or the whether it's a scam in any way? 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 a long way to go. few american seem to be spending it for most is just another investment. but where does bitcoin 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 mean, you know, so what is that noise? what you're hearing are the klein miners the, the big one is in the next line line and 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
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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, that point right now. and how often do you get it every time that somebody on in the world finds that number? this high tech lottery says 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 say it's profitable if you can find that grain as those profits are putting in bigger and bigger operators. a 21st century gold rush. but
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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 harder the algorithms become more computers and needed. it's an energy guzzling arms race. and this is how strong holes operation gets his power, their own dedicated power station. it burns fossil fuels, coal waste, with all the greenhouse gas emissions that entails strong old c, e. o. greg beer takes me into the hissing, roaring heart of the beast. they seem to market with me. the oldest kind of brute industrial power is just going to make something that they can't even touch it, or if the digital currency that kind of floats around in the, in the crypto sphere is after the old world. industrial mates near will finance.
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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 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 and 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
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a century of coal mining coal fat, 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 metals. leach out at them, bill spends his strong whole 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 they're having to clean up after the party like the state of pennsylvania. he wants these, he's gone. he says he's using the state's alternative energy incentives and the profits from bitcoin mining to make that happen. but coal is the dirtiest source of power there is. and coal waste is especially inefficient. so i asked bill the
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obvious question. do you think that the c o 2 emissions are 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, 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 environmentalist. bill and his colleagues firmly convinced that doing what is best for this area. i have a feeling people campaigning against climate change. i going to disagree who i'm on my way to meet one has another coal waste power station breaks my expect chimney.
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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 bitcoin is you could do it in the cleanest way possible, or you can do it in the dirty way possible. and as long as there are government subsidies to do it, and the dirtiest way possible people will keep burning coal 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 bitco? it's 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
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change. russell says several states in the us or considering banning bitcoin mining, but not 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 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 craig is a former f b i. agent who now works for a company investigating crypto crime. criminals are using crypto, the very same reason why the vast majority of crypt 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
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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 in crypto currencies last year. or we see any kind of state involvement in this we have seen, elicit use of hacking by north koreans. for example. in fact, 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 block chain ledger actually gives investigators a treasure trove of data to work with. so for example, if there was an eliza transaction, where a little lady was scammed out of her money and they, and she said, and i paid them in 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,
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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 world. easier said than done. we are so central banks, both in the united states and here in england to talk to us about like know why. while many central banks are undecided what to do about technology designed to break their control of money, i've come to meet harriet baldwin, a british conservative n 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, the crap that kind of states? i think they're all looking at it. i think it's gonna be important to coordinate the approach amongst the developed world. busy central banks. i think, you know, there is also the risk that these currencies could end up being the, you know, the hewlett bulbs of the 21st century. 15 of i was, i mean, it could be a bubble. people could be buying something for way above the value that someone
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else will pay in the future to take it off that hands and they could lose a lot of money in the process and end up with something that they discover. it's actually just lines of code and doesn't have intrinsic value, but there's no one else will accept payments. does crypto currency development poses threats to 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've been told that it doesn't pose a threat to financial stability at this level box. what happens when a nation state does jump with both feet into this weird new world in our home and they terminated. i
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have come to a country that boldly gone when no other his dad and turned it self into a unique fiscal petri dish. ha, is assigned to baker beach. now this, this is where the experiment started. ro salvatore. 3 is back. a clique of crypto converts began transforming the surf town 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 country's president and i had be kaylee rushed 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 big coin beach think of it all. roman martinez, his one of them is beautiful. that dream, that star is super small. now is more bigger than our sub or and mainly people
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around the world dreaming with our country. and i, jamie patricio, dennis, missionary, 70 percent of some other people were on blankets. and that means they've got your bank account right now, bank account, any kind of financial service. a now assume speed can arrive in our community, will start to seen. people say be morning people transacting digital people, receiving and making digital payments. people buying an asset for the 1st time. people sending money from all sobber to the usa from the usa tolls harbor because big thing is the bread monitoring i've heard that humanity ever hot. you know, these are big claims and i want to find out if the coin really has transformed this
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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 money? no. what is it? it's a fools, aaron. i ask several other places to some except 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 market places here in
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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 checked in to cash out a $30.00 welcoming sweetener. and haven't touched it since we spot still, we're the chief sticker. i say that you know what you told me, that the sticker is there only to abide by the law that they have to take it if someone shows up. so what do you think the actual uptake be going to be in, in these kinds of environments and in the daily transactions that people know, the court is not 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 are bakery. so
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as big quinn is laid out now, most of that with the wealth generation and the wealth distribution goes to about 0.01 percent of all big coin owners. they're the ones who have about 27 percent of all big coin worldwide. so 0.01 percent of any tiny, tiny, 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 coin owners to keep the height going. right. i think that's exactly right. you know salvatore bringing people into big coin. 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 doesn't sound different
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from their escape. it's exactly a pyramid scheme. multilevel marketing, where you need more people to enter into that space and things are gonna 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, 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 on it and other packs, but event 3 days later. and the star guest, his el salvador was youngest. ever congresswoman 27 year old donnie arkansas has helped passed a bit coin law here to make big coin legal tender countries also want to be lego salary talking about the specific law. the law has many critics, though, doesn't it, sir? the i m f as recommended that 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,
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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 al salvatore's tech enthusiasts, president naya, be kayley. how much his bitcoin experiments has cost hasn't been disclosed. and this secrecy concerns many, the bill could be $400000000.00 a, some economists, and every dip below el salvador is bitcoin purchase. price hits the countries coffers, dinner of how much money has been 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 time. this comes to the very heart of the bitcoin question. many millions of people around the world have bought into bickley, hoping to ride
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a wave of riches father using it as a speculative investment at a risky and environmentally damaging one events. most people have never use, it has money and it's difficult to see why they ever should what is soaring in value? why would you want to spend it when it's plummeting in value? who would want to receive it? the thing that makes bitcoin so attractive to investors, the crazy lurch is invalid 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 ah, around 10 women are being murdered in mexico every day. almost always by men,
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an epidemic of gender based violence that threatens to spiral out of control. now specialists, police squads run by women. a trying to reverse the trend and bring the perpetrators to justice. but can they overcome years of much of culture and indifference? behind the scenes with the fem aside detected on a just either ah ah ah
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ah well frank assessments, if the united states felt that you're running a good program was there to build a nuclear weapon. they would assign to view by informed opinions. i believe that armenia and other regions should have bilateral negotiations. we've been holding that for many times. critical debate is the commonwealth now still something that king charles will take in depth analysis of the data global headlines inside story on al jazeera. what happens in new york has implications all around the world. it's international perspective with a human tight zooming way in and then pulling back out again. ah.

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