harvey money. no time to wait. >> we need money now. there has been so much expenditures and so much harm. we don't know how many properties in terms of homes hurt.e some people giving number high homes.00 >> vice president pence is is in texas to visit victims and survey the damage in the wake of hurricane harvey. christinded in corpus and welcomed by texas governor abbott and energy secretary rick perry. pledging trump is $1 million in disaster aid for victim of the hurricane. house white houseto white press secretary sarah huckabee sanders. tomp arrived in texas witness the destruction. to pentagon has begun deploying additional troops to afghanistan. jim mattis said members of congress will be briefed before details are made public. mattis did not give exact number

of troops or say what their roles will be. global news, 24 hours a day powered by 2700 journalists and analyst, this is bloomberg. "bloomberg technology" is next. >> this is "bloomberg technology." we'll do a deep dive into the currency market. hit new high. what's driving this current crypto mania. plus, it's a date. apple officially gives a time and place for most significant product launch in years. applediscuss what watchers are looking for. cfo stepped up to the

plate my conversation with mark okerstrom on his first order of business. to our lead it has a banner year in the realm currencies. bitcoin, bitcoin cash. those are some of the digital arrencies that have been on tear this year seen value skyrocket. currency is crypto $170 billion and rising. interest is at fever pitch. more bets being placed on currencies from high profile like mark cuban to some of the biggest banks across the globe will cover some of the issues aroundand the currency market over the next hour. smooth't just been sailing. in the crypto world. caroline hyde took a look what makes this mark so volatile. are in theurrencies midst of a record setting run.

bitcoin have seen values skyrocket. bitcoin, which is close to a household name you can get in crypto currency, has shot up over 350% so far. fact, jumped from just over a thousand dollars at the start of over $4,500,000. and theorem it's on move as well. >> we see companies across all usestries looking at how to this technology. >> it's not been smooth sailing for the currencies. at recent 30 day snapshot in the price. rollercoaster ride. august of last year, bitcoin hackersd 13% after stole $65 million. this year -- have to remember this technology still pretty new. plenty ofre still promising opportunities.

big investors mark cuban are their weight behind crypto currency. starting to see more financial institutions and retail currency.embrace such sec approve the traded fund, it make it easier for the in.yday investor to jump bitcoin soared pasted price of gold. years removed from the crash of 2013. buckle up. emily: caroline hyde join us from london. and media and entertainment companies. roger great to have you back on the show. bitcoin.ws,

are we in a bubble. important to distinguish between christo currencies ate therypto currencies and blockchain. the thing about crypto really aren'tey currencies. commodities like soy beans. they are things that people trade to create a return. mean about does that the value? >> it will be volatile. by design.s volatile it was designed to be volatile. definition need to have stability. you think. trading oilre like futures. those are going to be volatile. there's some very valuable underneath them. to wouldn't use gold futures pay your mortgage or pay your child's college tuition. that have long term value? >> it's too early to know. i look at this and go structure

railly those thank don't look like they can make the transition. i'm not sure that matters to the in them. who are i think they're in it for volatility and return. that may work out i do think done with the sharp drops. issues.nk there's there are thefts of the various cryptos here, there and everywhere. that i think it's going to continue. of whole concept of the role miners. the fact that these are things adopted primarily by black and gray markets. suggests at least confirms my notion here which is that i think these are far from mainstream currency options. emily: you mentioned people getting robbed. of complaints about coin base. biggest crypto currency exchange gone from six to almost 300 this year. caroline we're seeing so much

more mainstream acceptance. give us examples how we're mainstream investors embrace it gunman >> ? >> they are mining bitcoin themselves. they made themselves looking to be getting boo this. banks, clearly distinguishing between the actual crypto currency. the black chain technology shared recordkeeping. the actual technology, six banks today joining uvs project. is the utility coin. they're building their own coin. it's available by end of next year. to make financial transactions easier.h this is why they want to introduce sort of technology. stored values a we're seeing bitcoin suddenly become. split iny we saw the bitcoin. bitcoin cash.

is bitcoin? does it remain a stored value. become haze when you see concerns about north korea for example. of aes it become more payment mechanism. therefore do we need to start to see improvements in the size of the transaction. iss is how much bitcoin gold.g whether you hole the actual crypto currency or whether you gain exposure. check out my bloomberg at the moment. going into g #g tv. in 3994.ime you get a crypto rollercoaster. you see bitcoin investment trust. this is where money managers pouring their money. exposure.to fast where we see 90 day

investmentof that trust is more than three times bitcoin.ility in whether you want to be overall, rough ride.r a emily: if you look at the run up is dwarfing the run up we saw before the tech bubble and housing bubble. is that a concern? >> only if you're one bitcoin. profits,ken your you're sitting there going not a problem at all. i look at this. about $170 billion in interest in this category. why you see banks and others coming in. segment now. this there's a lot of interest in it. thetrick here, at least for viewers watching this, to commodity of bitcoins from the notion of a crypto currency. currency needs to have stable value. i just don't you're going to get

there from this. third piece, is the underlying blockchain technology. a lot of reasons people would like to be able to volume financial and information transactions very andcost with privacy security. blockchain technology offers that promise. by that.is excited one of these banks or financial institutions try to create a currency. try to create a stable store woulda would be -- that rival a national currency. that is the promise land i think are hoping to go to. emily: when it comes to the blockchain, real estate, giant technology companies. .> sale of information emily: where do you think the blockchain could be the most revolutionized. that an exaggeration? >> to me what's exciting about

a it is like the internet system where scalability is not a problem. the scale of market you have today, if you can take that off the table an issue, you can almost anything. what remains to be seen is can will find this most appealing. haves current state, we only experiments. consumers are not interacting this regularly. we're going to run that experiment and see. me that parts, to is really exciting. it makes it worth going through what i think is going to be further issues around the so called currency part of this discussion. emily: we're going to continue to this conversation throughout show. roger mcnamee elevation partner. the hour.th me for caroline hyde we'll see you. we'll have more on special look

crypto currency. we have a date from apple on its launch.duct the company set out an september 12th.listed it will be held at the new apple cupertino, california and take place in a theater named after steve jobs. applebeen reporting, plans to introduce three new iphones and new versions of the apple watch. to close, overdrive the goop with uber. we'll have the latest numbers sharing company. this is bloomberg ♪

emily: shopliftelyft is expandig services to states.

take market share from uber who control about 70% u.s. market. it means 94% of the u.s. have access tod lyft. uberng with ride hailing, ceo has outlined some of his top priorities for the job. whending a time line for the company should go public. she said in 18 to 36 months. he walks in that uber's tuesday, first dish official day what will be his top priority. ronald -- roger mcnamee. what do you think? >> to me, anyone mom into this - job has serious problems that requires immediate attention. the company bleeds cash today. they probably got on their speed, two and a

three and half years worth of cash. that is assuming no negative settlement on lawsuit litigation with google. emily: you think this google problem?he biggest >> inners of dollars. it's biggest unknown for investors. if google -- let's put it this way. ceo, first priority is making that suit go away. one of the best arguments for new ceo is they can ofe in, and negotiate out it. worst case's scenario. >> he open more money to google than they can pay. that would be a very ugly

scenario. hopefully there's some solution where uber exits as self-driving car business. stop trying to develop their own. they make a deal to use and theyy everywhere pay some penalty. i don't know. whatever it is. trying to settle for something less than cash you have on balance sheet. the ceo got to go in and fix the operation. understanding, they are cash markets.in some emily: they are negotiating new investment. >> i don't know. would trythe ceo, i to get two break even off the cash you have on the balance sheet now. it's far less important to be investing aggressively. they're at a scale today, they can get to break even here, cost to capital will be much lower and their ability to choke off place.tors will be in they don't need try to do it as privateer company.

the culture issues and personnel issues. here, most ofws the management team is departed. opportunitygot the to bring in his own team into the place. is that, travis kalanick's personality and uber's culture were one in the same. the strategy i'm recommending, which is get the company to even. completelyuire different personality. i'm recommending that if i'm the trying not to have too much interference of the old into the new. comes to thet business, and working out through all these issues, do you see uber delivering on $70 billion evaluation? >> not any time soon. emily: or anywhere close? >> no. i think getting to break even is

challenge. a i look at this and say they gotten where they are now because the consumer value fantastic. is the problem is to get there. you had abuse the companies there in and the drivers of cars and you don't own an asset. which means it's relatively low entry and large markets. they have to solve all those simultaneously. they've got to find a way to pay the drivers there to make the driversr for the without making offering unattractive to consumers. i believe that's doable. consumers would pay more. let's face it, ride sharing is haveazing thing to available. getting that right is not going shot. right on the first if the company needs to raise more capital before it can demonstrate profitability, i the cost will be wildly higher. want to be worth $70 billion any point in the future, i think getting to be anability soon will important step. mcnamee.ger

expedia newion with ceo mark okerstrom. what it means for uber and expedia future. this is bloomberg ♪

emily: expedia stocks sored. the company named ceo mark okerstrom as new ceo. earlier i spoke with okerstrom about his new role. >> these things you talk about them for years. do you prepare the team for the game. you get a call on sunday night and suddenly game isn't two weeks from now. tomorrow. kind of unfolded a little bit like that. ready for this.

we're all pretty excited around expedia. for dora i'mppy happy for people at uber. it comes to your job, no one was considered. been workinghave together. what is your vision? what are some things you might differently? >> i've been very involved in the strategic direction of this company for very long time. been lock step in really all of the major strategic decisions along with barry diller. i don't have a long list of things that i'm dying to change. priorities number of across the company certainly becoming more international one priorities. i'll be focused on making sure we continue to expand globally. the big transition we're doing home away is huge priority. i think you're going it see a lot more of the same for us. i do my job well, maybe go

faster. emily: let's talk about that. have some deep ties to uber's new ceo. what are new ways you can work together? like perhaps, free uber ride for expedia customers. talked a long time about possible ways that we could work with uber. integrating their service into hotels.com app or app or home away app. directeful we got a connection. emily: dora is walking into situation by all accounts. lawsuits and difficult dynamics. we've heard about you can deal with big personalities. us more about why you think to take on it takes these personnel exactlies? highesthas one of the levels of emotional intelligence that i've ever seen. knows people. he is humble.

he listens. think above all, dara makes the people around him better. people want to be around him. think like he does. he's a great role model. integrity.of high he values diversity. he values gender balance. ofreally stands for a lot lackingt things maybe at uberer. i have 100% confidence a uber be a much better company. emily: the information retracted a report that you were going uber.ara to they were wrong. there's a point there that dara of executive positions to fill. of you concerned a number executives expedia will follow him there? very good about our executive team. we've got one of the most outnted executive teams there. we've been together for a very long time. really excited about the prospects around expedia inc.

they're highly engaged. they're highly committed. we've been working together on a strategy that we're not yet done. there's lots of work yet to do ahead of us. pretty good.el emily: my conversation earlier expedia's new ceo mark okerstrom. on digital our focus currency. ♪

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which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. mark: i am mark crumpton in new york. you are watching bloomberg technology. let's begin with a check of first word news. acting homeland security saidtary elaine duke

nearly 2 million texans have been if actuated due to hurricane 32,000 are in shelters, -- have been evacuated due to hurricane harvey. 32,000 are in shelters. house republican aide says lawmakers will most likely vote on the first phase of emergency relief money for harvey in mid-september, approving an initial down payment that would used in thema funds immediate aftermath of the storm. congress returns september 5. the u.n. is monitoring iran's compliance with nuclear power. the report does not explicitly is violating the deal. raqqaans are trapped in as coalition forces fight islam x a.

>> there needs to be a way of getting them out. fight islamic state. >> there needs to be a way of getting them out. everything has to be done in accordance with international law to protect civilians. going on,ghting is civilians have a protected status. mark: the u.n. high commissioner for refugees released a on coalitionling forces and others fighting islamic state to protect civilians. companies have been awarded contracts to build prototypes of donald trump possible order wall. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. -- border wall. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. mark: it is just after 5:30 p.m. in new york, 7:30 a.m. in sydney. im joined by paul allen with a look at the markets. good morning. asx: modest gains on the

future, just five points higher at the moment. some action could come from the resources sector, bhp and rio tinto's adrs were higher, particularly aluminum and copper were up. also higher in chicago as we wait on manufacturing for august out of japan. waiting ona, we are a read following thursday's official read. in south korea today, second-quarter gdp is expected to stay steady. allen.ul more "bloomberg technology" next. ♪ this is "bloomberg technology." i am emily chang.

back to our deep dive of the digital currency market. the entire industry is now valued at $170 billion. i want to send it back to caroline hyde in london who is with a leader in the cryptocurrency space. carolyn: -- he is known for his continued success in calling the price of it:. -- of bitcoin. he has a decentralized method of confirming your identity. joining us from boston is civic vinny lingham. why do you buy this rally? >> there were a lot of risks on the horizon. bitcoin was sitting around 400 when i made the call to buy.

this is something that's going to go up. we got to a point where it looks like there were a couple of technical risks. i decided there was a risk scenario i did not like and to reduce my holdings in bitcoin. i still hold bitcoin. i am very happy with it. caroline: there is still ongoing concern about another opportunity for a hard fall as soon as november. do you expect that risk to become a reality? >> i do. power is behind a proposal to upgrade bitcoin in a sense. there is some debate about whether it is an upgrade or not. it is going from one megabyte to two megabytes. caroline: these are technical terms we are hearing about expanding the transaction size ofbitcoin and making it more

a means of transaction, a means of payment, rather than perhaps restoring value. on the show mcnamee saying he sees it as more of a commodity. will bitcoin and other currencies become a method of payment rather than a store of value? i think the store of value in energy is good. it's something i have been saying for a while. it becomes historic value if it becomes a payment method. world's first digital commodity. then it became a medium of exchange for transactions. in the long term, as the price rises and it becomes more stable, the price becomes more historic value. stores of value are volatile. you can store value in it.

bitcoin has been volatile this year. , we were at 1600, 6 weeks ago, 17 hundred, now 1400. that's pretty volatile. the sky is the limit. i wouldn't put a limit on it. my issue -- i wouldn't put a number on it. my issue has been with the technical risks. caroline: many were excited about the underlying technology, and this is where your company comes in. this is about identity record keeping. this lock chain could disrupt the financial sector, record-keeping. where do you see its greatest application? >> that's what exciting for me. too much focus is on the price of bitcoin. we are using it in such a way that we are basically able to create digital ids. the problem bitcoin solved was that double spending of digital electronic money was something

that had not been solved before. how do you prevent someone from spending the same tokens twice? bitcoin solved that for digital ids. how do you prevent someone from making a fake id and moving it from one location to another? by leveraging the block chain, we are able to create digital ids that you can use going logging intorts, websites, accessing a motor vehicle. when someone uses the id, they know it's you. caroline: you offered an initial coin offering and raised money by going to the crowd and selling your own tokens. how much is the venture capital industry going to be disrupted by locked chain technology, by people being able to raise very large quantities of cash in a short time?

rounds of vcew funding. this was a token sale. we were trying to create an economy that uses smart contracts. the currency world to run these digital id products. these smart contracts involve a huge amount of privacy. you don't want people to know id, when,e using your etc.. 33 percent of the tokens were partners. now we are able to onboard very large partners. for example, wiki,. we are live on their site. we are able to have a network effect to allow digital ids to grow. , thanke: vinny lingham you for joining us from boston. i could just see the

skepticism in your eyes as you were listening. >> yes and no. i hope he is right. this point, it has worked well. for the average consumer looking into this space, you have to remember, we are in early days. we are at the portion that favors people who have lots and lots of information. the typical consumer is that a huge disadvantage. i do not think in the short or long-term that is going to work out well for you. you never want to be the one on wall street with less information. is sticking mcnamee with me. coming up, we will hear from one of the first people to put all intos professional efforts this industry. his thoughts on the current price and how block chain can disrupt more than banking, next. this is bloomberg. ♪

emily: as we have been discussing throughout the show, the rise in the value of the crypto market has been unprecedented. can the industry scale as more investors jump in? we ask that question to claim base cofounder fred ehrsam, who remembers when bitcoin was in its early stages. take a listen. fred: people who were working on bitcoin early always thought it had the potential to be something huge, otherwise, they would not have spent their time on it. but to have said it then would have sounded crazy. you always think it is possible, but you never assume. think we are in ypet another stage of a h cycle here?

fred: yes, one luxury of having been in this industry for seven years is you get to see the same hype boom and bust pattern over and over. i remember when it coin went from $32 to two dollars. now we are over $4000. thesethink the reality is sort of cycles draw more people in, more investors, more talent, more attention. even if there is a bust, you arrive at a subsequently higher baseline than when you went in and it becomes a self-fulfilling process see. emily: do you think the industry can scale as more investors jump in? fred: this, i think, is the main bottleneck for the industry. right now, the block chain is about 100 bits off of being able to handle 5 million users.

about 20,000 off facebook. we are quite a ways away. that being said, at the beginning of the internet, everyone thought it was crazy to think everyone can interact on it, let alone play a simple video, and we do that every day. the good news is, there are a lot of approaches for scaling. the bad news is nobody is working on it yet. but with the cycle, there is way more talent entering the industry than ever before, probably by a factor of five or 10. emily: where are they coming from? fred: all over. some from wall street. you are seeing the talent from the companies out here start to flow into the industry. how do you secret though gaining legitimacy among investors and -- see cryptocurrency gaining legitimacy among investors? fred: we have seen the market makers start to sign up over the

last couple of months, which is really great. you see it talked about more and more in typical wall street or ,im's, banks starting -- forums banks starting to experiment with the technology. all of that legitimizes it. i think it'sime, less important than most people might think. the reason is, i think most interesting behaviors and technologies that come out of are usually native to the . -- in technologies that come out of the new paradigm are usually native to the paradigm. while institutional support is important and will help us get off the ground, i also don't think it's where the most interesting stuff will happen. most: where will the interesting stuff happen? fred: organic things from the community. emily: give me some examples.

fred: absolutely. i think one of the really interesting things about where we are in technology today is that technology companies are the most valuable companies in the world if you look at market cap. just whyu look at these companies are so valuable, it is because they have effectively built really big databases around strong networks they have. facebook has a big social network and you cannot take that network effect and pour it over here. you could say the same about other big networks like linkedin, twitter, or whatever it might be. represents a fundamental change there, where now, you don't need a middleman. much like you don't need a middleman to move your money, you don't need a middleman to own your data. do you see bitcoin as a way to disrupt big tech

companies? fred: exactly. i think it will be disruptive as much if not even more than big banks. maybe that's what it's worth -- what is worth paying attention to. it means breaking the data technology -- data monopolies that they have. facebook has a big database of all of our social interaction. what if you did not need a central third party to mediate our interactions? what if a neutral block chain handle that? further, you could imagine that if you didn't like the development direction, you could fork it. you could try many different ideas or directions. as a result, you might imagine innovation could happen faster on potentially more freedom. certainly, not some other party owning all my data. there.fred ehrsam

coming up, apple has set a date to unveil the latest iphone with massive changes on the horizon for the device. we check out what that means for customers and the competition, next. this is bloomberg. ♪

u.s.: apple has told regulators it opposes charging higher fees for faster internet access, saying paid fast lanes could replace today's content neutral transmission of internet traffic. this comes just as week after apple pledged to spend a billion dollars to stream movies and tv shows online. other companies have been sounding the alarm to protect the rollback of net neutrality rules. this is due to the fcc voting to roll back obama era net neutrality rules resulting in a .ist of bands

speaking of apple, as we told you earlier this hour, the for itshas set the date most significant new product announcement in years -- september 12. roger mcnameeost, . about aident are you $1000 price point? roger: i believe the iphone eight is going to be a big product to test that thesis against, because when you look at the features, it does look compelling, but i do not think we should be assuming they are going to sell record volumes over the first few weeks. what don't think that's important about this announcement. emily: what is? roger: apple has a whole lot of new product coming to market right now at a time when wall street had convinced itself it wasn't capable of introducing a

product that was any good. i think iphone eight is going to be a good product. apple tv is compelling. the watch is getting there. it doesn't matter so much. what really matters is apple has positioned itself on the consumer side of a really , and the battle has consumers on one side, facebook, google, and the other players in the economy on the other. has clearly decided it is going to take the consumer's side. thank goodness, because at the moment, our government is powerless. the european union is trying to put some anti-monopoly protections in for consumers. now asat apple right basically taking a stand that says, if you want to avoid bying your brain hacked google and facebook, if you want to avoid the addictive properties there, we are going to help you. talk about that.

you wrote an op-ed in usa today about how facebook and google are anti-consumer. you said like camping, nicotine, , facebookeroin provides short-term happiness with serious negative consequences in the long term. users fail to recognize the warning signs of addiction until it is too late. in a day only 24 hours and tech companies are making a play for all of them. you think apple is the only company that can change the tide? roger: i do. and it's because their business model is based on selling devices, not occupying your attention. the issue is not that facebook and google are managed by bad people. they are not. they are managed by good people. the issue is the business model. 10 years ago, we lived in a world where being a studio executive or running a network

-- those were great businesses. from information scarcity to a attention scarcity. people were on their phones from the moment they woke up until the moment they went to sleep. there was so much available that the battle shifted from controlling content to controlling attention. google and facebook, because of their advertising models, used addiction to do that. think of theou moves tim cook is making? he is making privacy and issue. he is taking a stronger moral stand, a stronger political stand. roger: as an investor in apple, the ceo.m cook as i was a huge fan of steve jobs, but i don't know that steve e done as well in china as tim cook has done. i don't know that he would have

been as aggressively assertive. he may have been. clearly been assertive in protecting the privacy of consumers. we have seen that voluntarily they are going to make a change -- in theoplay system operating system to eliminate autoplay for videos. they have put extensions on their browser that have ad blocking and tracking blockers. that is really, really important stuff and every consumer should be putting that in place. why? because otherwise, you are letting other people manipulate your thoughts. you may say roger, that is too extreme. my evidence is brexit. my evidence is the election of trump. you cannot imagine those two outcomes in the absence of facebook. and again, facebook did not do it. facebook created a platform where malicious third parties could go in, spend a little money, create a lot of bots, and effect -- affect elections.

emily: could block chain disrupt that? could, but it it is orders of magnitude of scale away from doing that. someday, i hope it does. an unmediated social network would be a really, really fun thing. itly: roger ehrsam bringing a roger mcnamee bringing cryptocurrencies. thank you as always for your insights. that does it for this he dish of "bloombergtion technology." that's all for now. this is bloomberg. ♪

so new touch screens... and biometrics. in 574 branches. all done by... yesterday. ♪ ♪ banks aren't just undergoing a face lift. they're undergoing a transformation. a data fueled, security driven shift in applications and customer experience. which is why comcast business delivers consistent network performance and speed across all your locations. hello, mr. deets. every branch running like headquarters. that's how you outmaneuver.

announcer: from our studios in new york city, this is "charlie rose." charlie: welcome to the program. it is the end of summer and as we prepare for the next season we bring you some of the favorite conversations from "charlie rose."