tv People Power Crypto Al Jazeera October 16, 2022 8:30am-9:01am AST
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many areas are completely cut off and the feet of the residence till and no one of the biggest challenges of delivering the victim from the 5 year number of state is the level of water toys. so the flood, there is little time it's receding, but that's not the only concern here, quite as of the, for the upper separatist movement. also active in this area. that is set to be a reason why some officials are staying away. there isn't a lot of national emergency management reduces which caused or car. i mean the number of sticks is walking along with the mentor air force do it or reach out to some of those communities. a delivery generally has been slow and i do great victrum. so concerned, but by the time help arrives, it might be too late for so i'm at the address of g, sierra attorney. they can find much more on our website. the address that
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wasn't go screened out. is there a dot com? ah, this is al jazeera, these are our top stories. china's communist party is holding it's congress against a backdrop of mounting challenges. there was 2nd biggest economy as the season, paying at the live at the opening address in beijing. he says the event is happening at a critical moment. for china chem, in fiji, we have pursued reform at a swift and steady pace made solid progress and developing a people's democracy and advanced law based governments across all fields of endeavor. we have developed an advanced socialist culture and have ensured improved public well being as a matter of priority and pulled resources to wage a battle against poverty. anger at the political and economic situation into nicea
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has grown into major protests. thousands turned out on saturday as rival opposition groups held parallel rallies against present case said people in turkey or mourning the death of 41 coal miners who were killed in an underground explosion on friday night. fraser, a jap, type odo, and visited the site and met. busy survives and bound to bring an end to mining accidents. russia says 11 soldiers have been killed in a shooting at a military training ground in belgrade, near the ukraine border and says, the assailants were from an unnamed format, soviet nation and russian forces have bond, a number of towns we captured by ukrainian troops incur sun, ukrainian military told al jazeera as suspects the russian attacks are to secure air defense points and ammunition depos, but not to advance. the u. k. his new chancellor, jeremy hunt is wanting of difficult decisions ahead, including an increase in taxes is being seen as another blow to prime minister list
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trust as authority. it was a mistake to cut the top rate of tax. so to period, when we were asking every one to make sacrifices and it was a mistake to fly blind or not to back up. the economic plans that were announced with an independent forecast from the office for budget responsibility. both those things have been addressed. your state now we're the all the headlines. i'll be back with more news hair on al jazeera. that's after people empower up next. a british political labor party is a criminal conspiracy against its members. newly obtained documents revealed members silenced, suspended. and for mike on this is unbelievable speech was shot down unexcused investigation. the labor filed part 3 on
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al jazeera, the when bitcoin and other crypto currency 1st period. well, over a decade ago, few people could have mentioned 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? 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
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the in any will to create a currencies. money's got strange. the 13 years and big coins creation of being a roller coaster ride, born 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 like very much. now of course, this is just a prop 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 on. 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
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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, the u. s. states that is fully embraced crit bitco, 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 for the 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 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
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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's it. and then you can look on your wall and you can see you got to the queen . size is pending. yep. that's it. i mean you got it. everyone eric 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, devalue it, and you can't count on anything like, 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, should we call it? can't say it's, it's the best currency the just on the planet. but
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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 mass talking about the city having its own digital coin basketball team as sponsored by crypto dot com. so using my new bitcoin here should be easy. 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 1 ringback oh, good afternoon. calling this payment. yeah. you doing? all right, thank you very much, bye. as we move through the list as 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,
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why did you stop? the technology was too hard to maintain regularly and half the staff isn't sure what bitcoin really is. just not feeling like using it. tis my bones evangelists, may say, it's the feature of money, but the vast majority of businesses listed it 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 bristol pork and chicken. jessica and her partner began accepting bitcoin in 2015 and say, unlike others, they will continue to do say, can i pay with spec or yes you can. or this next amazing. thank you very, very much. a lot of the people that were accepting bitcoin in the city, they stopped, you know,
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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 in. we just believe that crypto is the 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 as a little money than i'd imagined. i, jeff, i may say nicely. or what is that noise? what you're hearing are the klein miners, the,
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the big one is in 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 stronghold digital mining. it has 12000 specialized computer processes, are looking for 200. 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 it's somebody on in the world finds that number is 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 amazon enthusiasts on home computers. but 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
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the earth. so you can say it's profitable if you can find that grain as those profits are putting in bigger and bigger, operates as a 21st century gold rush. but here's the catch. bitcoin 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 stronghold ceo greg bill takes me into the hissing, roaring heart of the beast. vocals me the oldest kind of brut industrial power, is just going to make something that you can't even touch it. it's
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a digital currency that kind of plates around and then in the spare it is after the old world industrial mates near 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 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 coals coal waste, an alternative energy source, it actually subsidizes stronghold to burn the stuff to make bitcoin. how can this
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be? oh, because of this in the toxic legacy of nearly a century of coal mining. coal fed, the furnace is a pennsylvania is once mighty steel industry. and this waste, sprawling across the state in vast sly keeps, is the low quality material left over from the mining acid and poisonous heavy metals. leach out at them. bill spence is 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 won't say he's gone, he says he's using the states alternative energy incentives and the profits from big coin mining to make that happen. but coal is the dirtiest source of power there
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is. and coal waste is especially inefficient. so i asked bell the 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 and 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 a very good. so do you consider yourself an environmentalist? i absolutely consider myself an environmentalist or bill and his colleagues firmly convinced that they're doing what is best for this area. i have a feeling people campaigning against climate change. i'm going to disagree who i'm
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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, 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 the coin was supposed to be moving towards the next 0 future, reducing carbon emissions to nothing by 2050. how does that fit with bitco in its huge energy consumption? it does not the introduction of crypto currency and its energy consumption is such
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a massive step backward for environmental efforts efforts to confront climate 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. galvis. greek 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 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
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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. criminal stole $14000000000.00, encrypt 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 elicit transaction where a little lady was scammed out of her money and they, and she said no, i paid them in bitcoin. well they, they can look at that transaction and see where that woman's bitcoin went to. and
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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 world's 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. both of them 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 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 of correct, 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 central banks. i think, you know,
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there is also the risk that these currencies could end up being the, you know, the tulip bulbs of the 21st century 15. if 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. it's actually just lines of code and doesn't have intrinsic value because no one else will accept payments. does crypt, 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? how are they terminated before
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i come to a country that boldly gone when no other his dad and turn to self into a unique fiscal petri dish ha, is assigned to pick on bass. now this, this is where the experiment started. ro, salvador free is back. a clique of crypto converts began transforming the surf town of els on tape. they persuaded people to join the local circular economy based on bitcoin. but all of el salvador is bitcoin beach. now, last summer, the country's president and i had to kaylee, rush through a law that elevated bitcoin to legal tender alongside the u. s. dollar. no other government has taken such a gamble with national finances and i'm interested to hear what the founders of
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bitcoin beach think of it all. roman martinez, his one of them was beautiful. that dream that started super small now is more bigger than our salvador, and mainly people around the world dreaming with our country. and i, jamie patricio annis, missionary 7 to portion of southern into for world banquets, and that means they've got my bank account right now. bank account, any kind of financial service a now since speaking a ride in our community, we 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 saba to the us from the us each other because we can use the monitoring. that's where the humanity
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ever had to. 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 money because i want to go to the grocery store. i want to go pay my dads. i want to make sure that it's being done. so do you even consider it to be money? no. what is it? it's a fools, aaron. 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
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the u. s. is also a salvador. him 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 marketplace 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 some point. they're like, you know, i'd appreciate if you dollars health i, what 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 where the chiva sticker. i sent you. but 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 these kinds of environments and in the
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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 for bakery. 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 big coin owners. they're the ones who have about 27 percent of all big coin worldwide. so 0.01 percent of the 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 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 hype 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
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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 a 3rd sky. it's exactly a pyramid scheme, multi level marketing, where you need more people to enter into that space and to keep the value to 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 holes 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 passed a bit coin law here to make big coin legal tender countries also want to be like us, have other talking about a specific le hello. has many critics. i doesn't it, sir,
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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 position 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 salvador was tech enthusiast, president nyah be kaylee, 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, bitcoin purchase price hits the country's coffers, dinner. 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 be going so it's just
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a matter of time. this comes to the very heart of the bit coin question. many millions of people around the world have bought into bickley, 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 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 invest as the crazy light 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 bucks ah
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ah, around 10 women are being murdered in mexico every day. almost always by men, 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 be overcome years of macho culture and indifference. behind the scenes with the fem aside detected on on jessina, brazil's presidential election is going to a 2nd round on october 30th incumbent hard line president, jade mo sonata and former socialist president. legacy law are buying from hopes which one will have to re elect to brazil's highest office. ongoing special coverage on al jazeera rel betty's going blind from a rare genetic disorder. as his son beholds the beauty of the world for
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the 1st time, roberts may be seen it for the last ah, that has this genetic disorder been passed on to his son? witness. a sky without stars. on al jazeera, an african italian youth basketball team confronts italy's outdated laws, which exclude them from competitive sport with a coil forbidden to complete because we are foreigners, we are not foreigners, we are all born if you took out, is there a world full of them? and the inspirational coach as a fight the law just to compete in it's not fair at all to deny these young boys the right place for tam. tam basketball on al jazeera ah.
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