>> from the heart of where innovation, money, and power collide, silicon valley and beyond, this is bloomberg technology with emily chang. emily: this is bloomberg technology. coming up, walmart roped into a crypto halt. everly's claims they will start accepting crypto currency litecoin as a form of payment

the release was fake. the founder of litecoin will join us to tell us his side of the story. there -- epic appeals on the verdict of their case. what is round two of the game maker versus the iphone maker? we will chart the legal road up ahead. on the eve of apple unveiling its next generation of products, mark will raise the curtain on their virtual event on tuesday. we'll get to all of that. let us get a look at the markets this monday. reporter: a little bit of a choppy session. we did not see it leave higher. this was the first pause for the s&p 500 in six down days. tech not getting in on it. chinese stocks as well not getting in on that. let me show you what drawdowns look like. one of the big concerns is that

we are in the month of september so it is known for seasonality and pullback. we have not seen one for a long time. no more than 3%. even after last week's selloff, you saw a less than 2% decline. can you maintain that upward meant to him? i want to end with that risk sentiment showing up encrypt no currency. you saw -- showing up in cryptocurrency. litecoin and such are a touch higher. emily: i do want to get more on that hoax that sent a shudder through the crib though market. it started early monday when a press statement was released saying walmart would let its customers use litecoin as a form of payment. we have previously reported that they advertise a job opening to develop a job -- blockchain.

it ended up being a hoax. not before litecoin retweeted and subsequently eluded the fake release itself. in its place, they wrote that they have not partnership with walmart joining us as their founder charlie lee. thank you so much for joining us. look what happened here -- what happen here in your perspective? charlie: what happened was i woke up and thought that walmart was accepting litecoin. i thought that was awesome but it was fake. the thing is that anyone can really start sipping it -- supporting it without going through the foundation. what happened was this news got released by global news wires like reuters and one of our social media guys thought and thought it was true.

we reached it and 15 minutes later, he saw the it was fake news so he deleted it. emily: are there any efforts to make anybody behind this accountable? if this was april and dump effort, can you track who is behind this or somehow track the trader involved? charlie: i'm sure global newswire has -- is in contact with who submitted this. they can try to eke out who did it. in terms of lout coin -- litecoin foundation, there's not much we can do. people can release fake news all the time. this happens in the traditional stock market also. it is not just in cryptocurrency. emily: that it come out and say there enhancing authentication steps. they will work with authorities on a full probe. it never happened before.

litecoin itself and said the quotes were fake, it was fabricated, someone on the social media team got eager when they retreated this. litecoin did pop time on this news now that we know it is fake. to those who might suspect somebody on your and is responsible, what would you say? charlie: it is not anyone on our end. litecoin being a decentralized cryptocurrency pretty much, anybody, if they wanted to bit, they could release fake news. to deny it, we will try our best. we won't stop them from spreading -- we will stop them from spreading. emily: what changes will you

make from today's events? charlie: we realize how powerful our twitter handle is. we want to make sure we don't retweet fake news and doesn't -- to go through some check before we do anything. that is something we need to improve on. emily: how much is litecoin used in payments today. what you -- what will you do to encourage future payments and is this a setback area -- setback. charlie: it is hard to know exactly how much merchant support it has but about $3 billion worth of litecoin is spent every day. not all of that is for payments. some of it is moving through

exchanges but a lot of that is people paying for stuff using it because transactions are fast and cheap and it works. litecoin has been around for almost 10 years. next month is over 10 year anniversary. over that span of time, there is over $1 trillion on the network. it shows that it is being used and is really popular. emily: this is not the first scam tied to crypto. he also point out it is not unique. he said there are consequences, regulations and controls in place. what kind of galatians do you think the sec should bring to bear debt -- bring to bear? emily: charlie: litecoin foundation is a nonprofit supporting litecoin. we did not create it for ourselves.

like companies like tesla, we have shareholders and there is a lot of tesla stock. if elon musk does something to affect the stock, it is really bad for the industry. for litecoin foundation, this time, we screwed up. because it is decentralized cryptocurrency, we do not benefit from pumping litecoin. i am not sure what regulations could there be but they could have a more stricter fact checking policy for journalism is important in this case. emily: you acquitted your holdings in 2017 after criticism that it could affect the price.

does that many of zero or negligible holdings in litecoin it self? charlie: i have 20 or so or may be less depending on what i use on a daily basis. that is a good point. it's really bad for this to happen. we will look into it. emily: you have a partnership with it pay. you had been working to get wider adoption out there. getting more retailers to accept cryptocurrency as a form of payment. what do you think the next level is here when, to be fair, there are scams and distrust? there is a lot of uncertainty that remains in general, and the skepticism could be a roadblock? charlie: they have over 1000 merchants supporting crypto and they could use litecoin.

other than that, we also have the litecoin card where you can spend it. if you spend money at eight -- at a visa, it will be explained -- exchanged for a dollar. lastly, litecoin will have its users and other merchants. i expect to see a lot more merchants excepting in the future and a lot more people will easily buy it and spend it where they want. emily: what are your priorities for the litecoin foundation for the rest of the year, especially after given what has happened? charlie: it would be to get accepted at walmart. i just became a number one priority.

all joking aside. we announced we got on the night -- omni light, this is a technology that relies on bitcoin to support u.s. btm luncheon on bitcoin. it also supports and ftes. one of the biggest upgrades coming later this year called 10 web which adds spend ability to litecoin. we hope this upgrade will be affected by the network and we will see it later next year and earlier next year. emily: thank you so much. i should add that break and many newsgroups fell for that release. we retracted it as soon as we realized it was fake and when we realize what had happened. in other headline news, epic

games is appealing last week's ruling in their antitrust lawsuit against apple. while the district court judge said apple should allow all apps to steer them to external payment methods, she felt -- felt short of condom a monopoly -- felt -- fell short of calling them a monopoly. epic wanted to stop what they called legal restraints on competition we will talk about what comes next post appeal later this hour. sticking with apple, we have more from the iphone maker this week. tuesday, they will unveil a host of new devices including four new iphones. mark will also join us about what is on deck and tuesday marks the deadline for ballots in the california recall vote. wednesday, spacex will launch inspiration for, all civilian crew heading for a three day crew -- three-day orbit around

the earth. we will have those updates on bloomberg television. the race to check out is heating up. buy now pay later is attracting big business. we will to a.c.l. about what comes next and why credit cards could become a thing of the past. that is next. this is bloomberg. ♪

emily: the race to the checkout out is on as fintech companies find alternative forms of payment methods. e-commerce is seeing unprecedented growth amid the pandemic. companies want to give customers more flexibility with purchases

including their crypto offerings and enhancing digital wallets. she served as the chairwoman of the economic advisory of the federal reserve bank of san francisco and is a board member of a firm context logic and a few others. great to have you back with us. good to see that by now, pay later is the trend. how do you see the industry adopting this and evolving as a result? jackie: i would think about it as an invention of a form of money. you use it in your daily life you have a lot of options for how you want to pay for something. by now, pay later is effective because it gives you flexibility for how to manage your cash flow. think about it creatively. instead of thinking about how much money each item costs, you

think about what you can afford on a monthly basis. it gives you ton of flexibility to avoid big chunky payments that do not match with your income. it also helps people who have unfairly low fica scores because it is a form of credit because it is a short duration payment style. on the business side, merchants love it. it drives traffic to retailers. they see a significant conversion of commerce on their platform so it is a win for everybody. emily: is it a good idea for customers to be racking up more debt? could this hurt them down the line? jackie: it's not necessarily more debt. it is a different style of payment. it doesn't necessarily mean a consumer is spending more. it just gives him flexibly on how they spend. every consumer needs to pay attention to income and expenses. they have better tools to do

that, it makes it easier to manage. emily: you say this away to a battle of the check out if you well. if so, who wins? jackie: i absolutely think there will be a battle of the check out coming. you might not have really thought about it as you're checking out of an e-commerce company. you pick your form of payment but if you really pay attention, we have multiple ways to pay with multiple companies in each option. you have read cards, digital payments like google pay, apple pay. you have by now, pay later players. you have p2p buttons like cash app and venmo. each are trying to streamline the experience at eight check out to make it as easy as possible. i think that is what you will see in the future. those who are starting to amass large consumer experiences will be able to streamline the button at the checkout so you will

start to see in evolution of that as these big consumer payment systems evolve over time. they want to own that experience. apple was dealt a pretty big blow to the judge in the ruling that -- even though they want and many other counts. the judge found issue with their payment system. do you see that having a ripple effect down the line? what does that mean for apple. jackie: one is related to games and experiences that actually happened within the app where moving out of the app becomes a terrible experience for the consumer. i think in that case, consumers will continue to stay within the app. outside that ecosystem, i think it highlights the importance of being in the middle of the payment flow. if you are able to link to an external source for a loss of different app types, that is important opportunity to move

their check out experience beyond the app. i think being in the payment system is a critical piece for app developers having that data on their consumers are and being able to engage with their customers on any platform with any payment type they would like to take. i think it is a great win and an important one because the wallet really matters. emily: i know you're following the crypto market. jack dorsey making a big bet on bitcoin but at the same time, we got the litecoin hoax the head of the swedish central bank has warned that one could collapse dramatically. there seems to be so much risk and uncertainty associated with the market. how do you bounce these out as an individual investor or company trying to get in or except cryptocurrency is a form of payment? jackie: i think we are at the early stages of this. i see issues like what happened

with litecoin as something that will be happening in an ordinary course until the regulatory environment has evolved and developed for cryptocurrency. that is still yet to happen. i think what i am most excited about for the long term is an open source thing for the internet. it excites me so much. if you think back to a little bit of history when the bank of north america that started, it served as a central function to organize independent governing authorities. those authorities were states. the bank of north america evolved into a central organize function so that we could have a payment system that created a tender type and created a store value that could be managed. what bitcoin does is it moves this idea to the digital world and up dates it so that money can evolve from 1781's vision to

a digital version of today. as i think about what that means, i think that is a better way to deal with the current ach system. better way to deal with the credit system we have today. in reality, it removes the emotion. it removes sovereign politics out of the system and turns it into a rules-based system that transcends any one country. i think that is incredibly powerful and i am excited about what it holds. emily: i was quite a history lesson. great to have you back on the show. would love to have you back to talk about more things that blow your mind when we have another chance. scientists say the pandemic is far from over. the warning? more rate through cases, school cancellations to come. we will discuss next. this is bloomberg. ♪

emily: we are heading into the second fall season following the pandemic with questions lingering on how long this will last and what comes next. joining us to discuss the future is our bloomberg news political editor. the warnings only seem to be getting more via -- dyer. what lies ahead? reporter: without would be in a different place like places like the uso we had vaccines early. it seemed like a miracle. we are finding that in that race between vaccines and the variance, the variance are winning. until we get 90-95% of the global population vaccinated, immunized or having immunity from having had the virus, and surviving it, you're not going

to be at a place where the virus is going away as we would like to think about it and returning to some sort of normalcy and going back to how things were in 2019 paired -- 19. -- 2019. emily: what does it mean for kids, workplaces, and people dealing with school cancellations? jodi: everyone had been looking at this trajectory of going back to work. it's going back to school. -- kids. we have the potential different variance arriving where you will be back and forth where outbreaks arrive and governmental have to decide what to do when you get that kind of an outbreak. emily: the uncertainty is terrifying. obviously, in addition to the disease itself.

thank you so much for that update. an nft company focused on redefining the space that is being backed by steve cohen. the cofounders of recur join us next. ♪ so...i know you and george were struggling

with the possibility of having to move. how's that going? well we found a way to make bathing safer with a kohler walk-in bath. it has the lowest step-in of any bath. it has handrails, a wide door, and textured surfaces. so it gives you peace of mind. and you would love the heated backrest -and the whirlpool jets -and the bubblemassage. and it was installed quickly and conveniently by a kohler-certified installer. a kohler-authorized dealer walked us through every step in the process and made us feel completely comfortable in our home. and, yes, it's affordable. looking good, george! we just want to spend as much time as possible in our home, and with our grandkids. they're going to be here any minute for their weekly spa day. ooh, that bubblemassage! have fun! stay in the home and life you've built for years to come. call... to receive one-thousand dollars off your kohler walk-in bath. and take advantage of our special offer of no payments for eighteen months.

emily: welcome back. china's top tech regulator warned regulators from blocking access to certain websites. as part of the top crackdown on the tech giants. we have been following their tech stocks and more. take it away. kriti: 50% decline for those u.s. listed chinese stocks. newly at their peak in february back to their recent troughs. this is a bounce back in tech stocks. yet, another wave of regulatory

scrutiny, targeting aunt roop and their -- ant group and their gaming stocks. he did see tech probably underperform it the decliner -- broadly underperform. i want to show you that in the biotech index, u.s. video games did properly as well. these soul tech outperfomer today was semiconductors. let us look at those gaming stocks. i told you what they are doing. they are in a complete decline. what us compare that to u.s. gaming stocks. take that to the s&p 500 and you are seeing a major divergence here today. underperform and what the pod wench is doing. compare that to last year, a lot of videogame makers were excelling. this year, different story. emily: thank you so much for sharing that context there.

the popularity of nft's has exploded over the last year with last month's daily sales seeing an all-time high according to non-fungible.com. recur is violet at already million dollars thanks to new funding in part, and giblet by this billionaire. they aim to set a new digital standard for nft's. i want to bring in the cofounders and co-ceos at recur. thank you for joining us. i just interviewed the founder of open seat. how is recur different and how is it planning to stand out? >> we build lot -- white label experiences for large global ipas. open sea is a marketplace for different ipas. we create separate market places for the fan to really dig into the whole world of what that ip

might look like. we announced nft you today which is our collegiate experience. -- nftu. only college based ipas is an nft's. --ips/ >> he is one of the greatest investors and art collectors of the past century. he understands ipas -- i entities and the meta-versed. -- meta-verse. -- nft's and the meta-verse. his background lent itself to that the team he has formed around him at agile have -- at digital have been incredible. they have been thoughtful about how they approach the space. they have not been outward about it and we are excited to be partnering with them. emily: there is a lot of

excitement and skepticism. i wonder what he and you think about the skepticism that nft's could be a get rich scam? >> i remember when they said that. >> -- years ago. sorry, go ahead. >> the idea of digital ownership is here to stay. people collect digital cards or human cards, yeezy's, for many, the digital world seems intangible. you cannot see it or see people grouped in a stadium. there are hundreds of millions of people in the digital world that love and come around and socialize about things they can socialize -- vacant own it is becoming a status symbol. owning an nft in a community digitally. emily: i've spoken to folks who

say it is the future of culture which is a pretty big proclamation. what do you think about that? where does this go if it goes as far as you hope it will? >> i think they are the next frontier of community. if you look back historically on the community in the internet on the late 90's, running palit -- bulletin boards, aol chats, read it and no discord. entities will be the next thing. fans of various things can connect directly with that musician, artist and communicate with them and rally around specific ideas. rally around other like-minded individuals. community drives everything. emily: what about taking this beyond the meta-verse? are you equally optimistic about the meta-verse and what if a

company like facebook owns it? >> i think the meta-verse is a hot topic right now. it isn't just one thing. it is not one place you go to. it is the idea of being in a digital world and interacting digitally. the future of the meta-verse is a connected web of different meta-versus or digital worlds. for us, it presents a new commerce edit -- opportunity. we have brick-and-mortar and e-commerce. in the future, we have the meta-verse. it is a new channel, especially with the ip we are working with to create something and sell it in a digital place. there may be many digital places. emily: how do you think about the relationship between the physical and digital? what will be more valuable in the future, an nft or actual painting? >> i think in the future the,

they will link together. we'll start seeing a tie-in and the traditional real world. the world is becoming more and more digital. we are spending our time online. this would not have happened years ago. i work out on a pallet on and have a gym class online. we are starting to bridge the gap between this meta-verse and online and digital world and the physical world. i think as the years go on and technology progresses, these experiences will become more immersive and engaging as more capital comes in, these things will be built. i think the two worlds will collide and you will see in enhanced art in the physical world because of its tie into the meta-verse and vice versa. it is an exciting time. emily: the increasing digitization of everything opens up opportunity. it opens up opportunity for accountability and potentially for scams. we spoke with the founder of litecoin on the back of this

walmart/litecoin hoax that sent shares skyrocketing. it was totally untrue. how do you -- how do investors, people considering the nt space deal with that risk and skepticism? >> with anything, you have to do your own research and understand what you're are buying, what your trading. find an app 11 that will be with you. that asset will live on in the meta-verse. at recur, we are creating best in class technology. our entire team had all their infrastructure built from the crypto ecosystem. on the licensing side, we have been involved in brands and licensing for decades. just like the crypto industry where trust is paramount, you have to know if you can trust something. it is the same in the licensing world.

at the end of the day, you want to make sure you are working with the right people and you do your own research. emily: thank you so much. we will keep our eye on you guys. cofounders and co-ceos of recur. for more now on how tech companies are responding to the antiabortion law, salesforce is relocating employees from the state if they wish. they sent this in a to beat saying if you want to move, we will help you exit. bumble and match saying they will create relief funds for employees affected by this law. uber and lyft have responded by saying they will cover all legal fees for drivers who could be sued for giving somebody a ride to an abortion clinic. taking a look at the markets. oracle is falling after hours after quarterly sales fell short. after they should progress to gain more ground from other

rivals, according to bloomberg intelligence, customers hold off from shipping -- shifting their databases to the cloud. coming up. home sweet home, with more people working from home, are they investing more in their homes? they are. i will speak to the ceo of angie up next. this is bloomberg. ♪

emily: this time, in another lens. a court wrote who said people

using uber art protected by collective labor law. they will appeal. as the pandemic left many people stuck at home, homeowners got more comfortable using digital apps including home services. as part of our work shifting segment, talk to us about the trends you saw through the pandemic when it came to home services, how people use your apps to do what? oisin: if you rewind a few years, with so many questions about this next generation of homeowners. if they were going to buy homes at all. you rewind to before the pandemic and we were in the middle of this debate of whether whether one else would buy ever -- ever buy homes. that has evaporated. the seen them join the housing market at a faster rate than ever before. were they going to buy them in the same locations as we anticipated? i think we have seen as more and

more workplaces have opted towards more flexibility, we are seeing the location of where they bought homes or are buying homes to change. the third is what do those homes look like? what will they do in terms of home-office? how will they create that space? you put that together and people are investing more in their homes and ever before we do it in a new way. there considering what happens in terms of climate change. there being more thoughtful about that investment in their home as they make these decisions. it is been an interesting time to watch people think about their homes. emily: what are you seeing in those investments. oisin: they're barging larger homes. they are in need of more work than ever before.

they are getting it up to spec and that takes time. the changes we are seeing right now in terms of people buying homes, that will have a significant impact for the future years for the home renovation span as people get the permits, invest in those homes, change layout and it goes back to people getting into the decision to buy the housing market and is in a tight housing market is putting pressure on price. the price of the home and services for themselves. emily: there is a lot of uncertainty at on how it will play out. there getting more flexibility than ever but buying a home is a big and tenderly permanent decision. is there any hesitancy out there

what happens if in three years and they start to unroll these policies back and we need you in the office? emily: oisin: this -- there is a few things going on. there is flexibility right now and people are seeing a tight labor market. there is a lot of perception where folks think this is something that is here to say. we are seeing more and more flexibility in parts of the market in engineering roles and product roles and analytics roles were people make decisions to invest in a flexible lifestyle. it is not as if these homes are way beyond commuting distance but they are further away than what you would think of as a normal five day a week commute. people are comfortable making that decision. they think they can unwind in the future. it is an interesting time to think about how people really are changing their relationship with their home, work and making a decision to settle down.

emily: are you seeing any interesting trends when it comes to millennials or geriatric millennials, or east versus west and midwest? oisin: the biggest thing we are seeing is the same thing we have seen apply to ridesharing and ordering food and product. it is this expectation that people will be able to buy services at the touch of a button. rolled out angie services which is a pre-price product at it has exploded. did $73 million in revenue in q2 up 1% year on year. that is a different way of buying from the traditional night with the pro model. that business is speaking to the changing consumer behavior. people expect to touch a button and get something done inside their home the same way they can in so many other categories. emily: fascinating trends you're seeing. thank you for breaking that down for us. thank you so much for joining us.

coming up, we will find out what we can expect when apple reveals its new product lineup on tuesday. insights from our own mark urban coming up next. disney's shaanxi held onto the top spot of the u.s. office for a second straight week. it is the first marvel film featuring an asian actor in a starring role. the movie took in 38 point $8 million in u.s. and canadian theaters. 38.8. a sign of optimism. this is bloomberg. ♪

>> make sure you work into a position to be measured. for better or worse, last year was better for us. this year is worst. you take your performance with you. nobody will take that away from me and art and i am not worried about the performance. we have a five year time horizon. emily: her company is allowing one of her funds to invest in median bitcoin etf as she speaks on fresh ways to that on digital assets. restaurant payments app toast will raise 700 million dollars in an ipo. this amount was disclosed in a regulatory filing. it would value the company at 16 point $5 billion. this comes as the restaurant industry rebounds from a disaster for imprisoned dining but a boom for delivery.

apple will reveal a new iphone and apple watch and more at tuesday's virtual apple event. this after the long-awaited court ruling from its legal battle. i want to bring in mark who covers apple for bloomberg. let us start with what is on tap for tomorrow. one, many iphones? what are we expecting? mark: three main products will get updated. you will see the iphone 13 tomorrow along with this many provoke, promax variation. you will see the apple watch series seven into new sizes. you will see the third-generation baselevel air pods. this will be minor updates for the iphone but they significant updates for the apple watch models as well as the air pods. i know a lot of people have been looking forward to tomorrow and look to dive into specific details. emily: let's hear it. let us start with the iphone. there is a question of how

different it will be. is it worth the upgrade? what catalyze the super cycle or not echo mark: -- not? mark: most people won't tell the difference between the 12 and 13. have the same sizes, similar colors, stainless steel and bands around the edges to determine the models. the big visual change will be a larger camera area for higher quality lenses and smaller notch in the display. you have a little more screen area. i think some people will appreciate that the other thing you are getting is video portrait mode. it will be called cinematic mode. the object in the foreground will be sharp. there is also some new satellite data transfer features to connect to emergency services, protects emergency contacts. it'll be in the devices themselves but the software

support and features will not be ready until next year. emily: obviously, we are in the back end of this apple/epic ruling. the game maker lost on almost every count but when it came to the payment system and in app payments, that is where the judge found an issue. what does this mean? i assume we will not hear anything from apple tomorrow about this landmark case. what are you expecting when it comes to that? mark: the ceo and cofounder of epic games it it they have sent a payment of $6 million to apple. that is when they implemented the hot fix. they circumvented the inapt purchases. they are paying apple that reimbursement. it is still to early to tell what the appeal will be. they will going -- be going to the ninth circuit in oakland

california. they will try to get this turned around. they want third-party app stores. want the commission gone and they want apple to be determined to be a monopoly. what they got was his new steering provision which will push apple to allow developers to complete transactions. that could reduce their cut over the long-term. given the appeal, how long will this next round of apple versus epic beat? is this month's? couple of years? mark: i don't think it will drag on for a decade. i think you will see them instate some changes early next year. apple has the ability to file a stay. they can delay that permanent injunction.

it will go into effect december 9. i would expect apple to implement a stay there. they will probably do this in spring of 2022. i don't think this'll be decades long. this will get resolved sometime next year depending on how far it goes. epic can take this to the supreme court. i hope that does not happen and i don't anticipate it happening. emily: and the ongoing cases around the world. there is further scrutiny coming. lot to continue as you will. that does it for this edition of bloomberg technology. join us tomorrow. we will bring you events on the apple event.

i am emily in san francisco. this is bloomberg. ♪

so...i know you and george were struggling with the possibility of having to move. how's that going? well we found a way to make bathing safer with a kohler walk-in bath. it has the lowest step-in of any bath. it has handrails, a wide door, and textured surfaces. so it gives you peace of mind. and you would love the heated backrest -and the whirlpool jets -and the bubblemassage. and it was installed quickly and conveniently by a kohler-certified installer. a kohler-authorized dealer walked us through every step in the process and made us feel completely comfortable in our home. and, yes, it's affordable. looking good, george! we just want to spend as much time as possible in our home, and with our grandkids. they're going to be here any minute for their weekly spa day. ooh, that bubblemassage! have fun! stay in the home and life you've built for years to come. call... to receive one-thousand dollars off your kohler walk-in bath. and take advantage of our special offer of no payments for eighteen months.

>> good morning and welcome to "daybreak: australia." sophie: we are counting down to asia's major market open. shery: the top stories this hour. u.s. stocks in a five day slide, crude oil trading near a six week high. haidi: