it's an old friend of the kaiser report the fund started buying in april with a mandate to allocate as much as five percent to cryptocurrency use according to its manager ned naylor label and the idea is to take profits from bitcoin as it advances to reinvest in gold and silver assets he said in an interview. then there leyland right yeah i saw the story ned is talking about bitcoin as being effectively gold it was designed to be gold and now he's invested in it he's put money to work in it you know he's been on our show many times going back many years we talked to him about bitcoin he's been very reluctant very hesitant resisted the idea that it was gold two point zero zero but now he's been swept up into the vortex into the black hole that is big coin this is also taken over gold money i'm good friends of gold money you know they were like. good coin bad now they're home

gold by this asset class and you know to their credit they're adapting as any sharp business people do they now offer great big point solutions over there gold money and other crypto solutions and now the old gold mutual fund you know it's become the new crypto fund. mid-layer naylor leyland is now a convert i'm sure jim rickards is yet to fall peter schiff will fall all these names open those skeptics will get sucked up into the big coin vortex and black hole and they will become converts and that's the way it's going to happen i'm guaranteed going to happen before i continue with the story the fact that you mention the old becomes the new we are in don't do you r m as they pronounce it here that's why you get the durham shirt their arm north carolina and of course this is the city that duke built tobacco the great american tobacco companies built this. eddie. it is now one of the hottest cities in all of america from

millennialist to move to is actually like a a lot of tech jobs are in this research triangle more so than say silicon valley and new these all the new jobs are coming to this sort of area and in fact google fiber this is their last place that they're building out their fiber things so you know it's reinventing itself as this new tech hub it's an old fashioned monopoly of tobacco industry making you know new with caught in a jam with some flop in the second happy to third generation north carolinian and he's a crypto guru early adopter getting ready for ten thousand we're going to have a big ten thousand crypto bitcoin party right here in durham just so tell us what's the name of the soto the derm the dermal itself jamieson lop about that the big party the ten thousand party he's got a lot of friends so wild yes we actually sat in the reception with him and

everybody knew him it was pretty crazy but going back to this big story naylor leyland an old name in the u.k. the united kingdom an old old old money for his harry and you know this family i think was making the cars leyland automobile or some old ancient historical non-sensical no longer you know relevant industry and he's sitting behind his desk with his glasses of this line you know savile row tailor suit and tie and sure with the conflicts talking to our friends the brahman the very prominent. jaitley and they're sipping tea over there at harrods and they're discussing gold and economics and we want all of you got to get a big going now for five or six years i mean people who move away old boy who won't rule well now they're waiting to buy fish when i say thousand. well they've been doing their research and everybody should do it one way or the geriatrics like the gods. cement in their veins ok let's move on to the story back to the story

because here are some quotes so i think it's interesting here this you know old mutual gold and silver a fund there they have gold and silver investors older money people interested in gold and silver and they have a plan and that is as he mentioned you know to take as much as five percent invested in cryptocurrency s. take their property stay at five percent as the profits as the prices continue to rise and buy more gold and silver with it it's an interesting unique plan for their investments i don't know. ok well you know everybody has a different portfolio tolerance and whatever but here he is what he says decline was explicitly designed to be digital gold said neil a blend so if you're going to have a small proportion of a funded bitcoin it should be in a gold fund because that's exactly the point it's about bringing the ownership of disciplined money into the modern world paving the way for the reintroduction of

gold as a global money so you had said this first he. stole it from me so let's let's talk to a lot of our audience might not know a lot leyland so you know they might not know the backstory to this but let's you know let's talk about this notion of bitcoin paving the way for gold to be reintroduced as global money you know the. net a nice guy and he's a you know he's a gentleman and you know you have to be when you're under performing to the magnet no way to what we could you know. introducing gold back into the global currency yes because i've said this i'm glad someone else is picking up on this goal but killing is helping gold by shattering the matrix of wall street that is incurring the naked short selling and the financial manipulation going on in the futures market of gold sense you know you've got a teaser oh you've got the subtle. is the trade day of the contract cetera that we

see guys like patrick fern pioneering over their overstock we're going to obliterate all the machine and machinery that's killing the gold price this will open up like part of the sea of derivatives like because moses parting the sea of derivatives and through the gap will gold price will finally get to two three four thousand dollars an ounce thanks to big coin gratefulness of the peter schiff of the world and the and the jim rickards of the world who don't understand what we're doing for it to make them look good. so let's move on because into his this his come to jesus moment how he studied it like he has been slow thinking about it watching it studying bitcoin and again i do implore you you know one can look at the hyper mania. or it might prefer to claim is a. or you know and just pile it on everything you've got or you slowly you have to

study and understand what you're getting into what you're the reason why you want to obey coin the reason why you want to get involved in bitcoin and that's a good sensible healthy thing to do but here he's like why he likes bitcoin and the blace what he has studied as a gold investor as a long term gold investor. says bitcoin resolve gold's problems of divisibility ownership and speed of transmission said naylor leyland who's investing through a swedish listed exchange traded fund we're going to revert to sound money he said if you imagine sound money and block chained together there's quite an exciting potential outcome his fund has about eighty percent in gold and silver equities and most of the rest in physical metal lawyers are soaring to aristotle for conditions of money. scarcity such building portability. desirability it quite

a fills all of those has since day one anyone who's just a student of gold should have picked up on that five or six years. yes it does to fill all the conditions aristotle pointed out all sound money that gold is qualifies so there's bitcoin and he's correct it's instantly divisible it's portable it's scarce and it's desirable the condition of scarcity is the one that people have trouble with they don't understand how you can have digital scarcity but this is the genius of the protocol that creates for the first time ever in the history of digital scarcity that scalable immutable and fills all the characteristics of money and there were i mean peter schiff had a valid argument and concern when he was looking at it and seeing that there's a big quine then this bitcoin cash then there's bitcoin gold then there's ether then there's debts then there's you know all these crypto currencies all these i.c.a.o. is in their notion was well this is infinite inflation and yet what we've seen

is that despite bitcoin gold despite big queen cash the price continues to rise i think all in it so it's like over well over ten thousand dollars at this point if you add in all the forks but the peter schiff argument is nonsense because you know there is gold and then there's silver there's bronze there's diamonds there's collectible are there anything there's a division chief that sells for one hundred fifty million dollars ok anything that scares people want to buy and it goes up if they are looking to preserve their acid values so the fact that there's more than one trip to go out there hasn't doesn't diminish the arguments of bitcoin whatsoever just like gold is the perfect element on the periodic table that attracts the physical attributes according to royce a bug makes a genius an argument for same thing can be said about the protocol for bitcoin it's unique in this way entrenched it's a monopoly it falls metcalf's law it's expanding exponentially it also files there

is an. all for all you fricken couch commerce out there where you've got good money pushing out bad money plus it's got the effect of the other effect it might want to say also in the last minute here that it's been basically an analysis has found that a million four million bitcoin are missing how you speak of devinsky they found a deficiency after hundreds of years this were foreign to the fifty million i reckon those four million bitcoin might be found in another hundred years two hundred years somebody might find the keys find them access them and it will be worth four hundred fifty million for one bitcoin isn't my stock for i know less than a sun the left or the right i think it's a left sock it's a christmas sock that i have with little santa clauses and christmas truce and many of the four million missing between are there about three point eight million and it's in a laundromat somewhere on sixteenth street the last thing i thought of the paper wallet in there and i went through the wash cycle so yeah it's like three point a million times ten thousand you do the math. maybe investigating but don't go away

much more coming your way right after the break. they call me a useful idiot i mean you called me a useful idiot a useful idiot useful idiots go expressing my opinions on this too since most doing it behind his record is the same strategy we attack persons instead of talking about what's next why stop me from getting this close to the white house i'm with a group code pink why not ban the color pink one hour stretch beyond the right i should be sent to the town because i want to try to break me on the wheel but out

with a long time of this sort of nonsense you don't scare me and i'll continue to voice my opinion i'll continue to speak out in good company i'm in good company you're going to meet me you want to do this because we're all free thinkers. the village of collect she has been nicknamed sleepy hollow because for some unknown reason its local residents have found victim to sleep. right. over there was just being able to actually quit if she would use if you chance you how do you plan your patient. who did seem a bit concerned that sent the most attention to sort of but i'm also going on with the question you're still talking. sinful to go back to the shipment of sweet. smelling. granny grass from where did you do what we have i don't want to. let go

of the wall of. this with all. the while his music. my cylinder did your boss tells your off the. first. but i'm back to the kaiser report imax guys are time now to turn to jamison lop james and welcome back great to be here james a lot of you are in a big calling space have been so for a long time you know i've been in the space a long time and it's hard to find wisdom in this space it's hard to find people with a level head they have a certain suzanne quality i would say you're the only one that i have found that actually has

a even perspective so we're talking about bit coy and you know one of the things you say about bitcoin is that you know we don't really know yet what this is all about you know people are theorizing is it a replacement for money is it the new money is a going to take is it is it evil is is great you know you you feel that there's some things on the horizon still to be discovered and can you just talk a little bit about this philosophically before we talk about prices and stuff absolutely i mean we're learning more about this system every day you know so toshi nakamoto created this thing in two thousand and nine and people have been joining this open collaboration of this project and they've been arguing they've been building they've been tearing each other's ideas apart sometimes tearing each other apart and it's it's this weird sort of new type of human consensus i mean it is crypto anarky it is a system where no one rules and as a result it's very hard to decide you know what are the rules or how do we saw

decide what the rules are how do we evolve the system people are i would say experimenting they're poking the system they're trying different things a lot of times they're trying you know traditional political or governance methodologies most of the time those fail and people are just going to keep poking the system and trying to understand it better that the grand experiment is going to continue so you mention the phrase there human consensus and this is a phrase a key. phrase in the hall but going consensus and so it's interesting that throughout the human history there's always been a need to figure out how to govern you know as humans come together you know from the going from the hunter gatherer phase to the agricultural village phase the domestic phase you know you have to have some kind of social contract as we call this in the eighteenth century between the governed the ones being governed and here in big coin it's in the dick consensus is completely distributed and it's

frictionless and you don't need a government it's all run on game theory and in the case of big coin we say it seems to cleave down sociologically speaking to the community and it's gotten rid of people like my current for example who is part of the coup or bitcoin group developers and then had a rage quit and flew the coop because he wasn't happy about way things were going then we had another major break with this roger vero bit coin cash which is a fork of bitcoin and along ideological lines and who had the truce a toshiba vision it's quite interesting cycle sociologically psychologically can you speak a little bit about what bitcoin cash is what people should be aware of it if they own it before august eighth they own it except era and then a little bit on the on the on the on dissociate logical aspect of it that i think

you do well because cash is a hard fork of bitcoin and so there was a snapshot taken at the beginning of august where you know whatever number of koreans you had on the court and you know have on because in cash and all you have to do is get the wallet software that supports that load up your private keys and now you can transact on this new network which is ninety nine percent the same rules as bitcoin just a few changes on the back in of transaction formats and block sizes and whatnot and so really what we. around here is there is this ideological split between the the technical. changes that people think should be implemented in order to scale bitcoin to get it to reach more people so the main thing is people arguing about should we scale mostly on the block chain or should we scale mostly off the block chain personally i think you know we need every type of scaling we can get but the the on block chain scaling to you know potentially infinitely large block sizes has

a lot of ramifications that will impact the ability for the average user to retain sovereignty and to really decide for themselves what bitcoin is and you really do that by running a bit coy node and using that to secure your money i mean we didn't roll that back a little back as well if to unpack way of talking about their south day large block size correct me if i'm wrong but would tend to put power into the miners and it would be a move against a total decentralization of this protocol of this that work and this is against what would be the ethos of this totally decentralized protocol and we've seen that with the parents conflict of interest between those who sell mining chips like over there in china at bit me or for the big blocks and and they would be the direct beneficiary of this so this is not a direct conflict of interest over one it will your thoughts are so i would say generally speaking and i hate to you know put anybody into a box but it seems like

a lot of the proponents of bitcoin cash believe that miners are kind of a trusted guardian of the network and they're happy to have nodes that are very expensive to run and only large enterprises and miners can run them because they believe that the sovereignty really comes from having your private keys and being able to transact from that standpoint but the miners of course are potentially a fairly centralise. entity i think that proponents of bitcoin cash would have a counterargument that. core is a centralized into and they see you know a trade off of one versus the other is not being particularly a big deal so you know we could argue my new show all day long but the proponents behind you know doing hard forks and changing bitcoin faster they're willing to make trade offs in order to try to get mainstream adoption as quickly as possible as i get back to our first point here there seems to be something bigger. a force

is larger than anyone can account for operating here and that is partly accepted to game theory some of the words while the state's two political camps are battling it out you have potentially the whole thing being a moot point because as far as mining goes you now have japan getting into mining with the seven micron and seven half micron sized chips you've got something dragon mentally didn't just hearing about which is a mining initiative so in other words good old free market capitalism is going to still play here and could trump any political party in any political party so for this try to coalesce has been blown out has been wiped out is that a fair statement and what is dragon meant i've just learned about it last week or so i think is brand new it to what do you know about it tell us about the i think there are actually a multitude of initiatives going on behind the scenes because this whole ordeal over the past year or two with miners like blocking segregated witness activation and kind of acting like bullies in various ways has really put a sour taste in

a lot of people's mouths and the people who got into between early on tend to be very anti authoritarian and whenever they feel that any particular entity or group is beginning to amass too much power they dig in their heels and they say no you know we're not going to go along with this were rejecting you so i think that there actually many more. initiatives on the mining side where people have gotten frustrated and they've said you know what we're willing to put in the capital to help further decent relies mining to make it more competitive market i think we're going to see more announcements coming in the coming months and that in general mining is going to become more competitive and the miners are going to lose a lot of their kind of bargaining chips of their hash power so the dragon mit from my understanding is really backed by dracula's between core developer and i think he's working with some chip fabricators and they're just trying to get the most efficient miners out there on the market to get them. in as many hands as possible

to further do some true lies maybe d.c. track and what's his twitter handle i think it's b t c jack i believe so what's your twitter handle to slot l o p p and also if you go to law at twitter you have links to fantastic resources every bit of a library of of what the white papers and other you know documents that people if they want to learn i say to people that they ask me should i buy a big point i say you've got to put in the work to learn about it first because otherwise when the correction comes and we know that there will be a correction in a to have an intellectual foundation you don't want to panic sell once you panic bought like you need to know what's going on here a little bit talking about price ok let's talk about price for as we speak here now are flirting with ten thousand and what are your thoughts on the price i mean you started in under a dollar i believe i was oh isn't you know single digit territory in the single digits as we were. so what do you see that going not to hold you

accountable to it i mean it yeah basically it's a bit of a speculation but what it where your thought is and you know people come up with with various calculations if you know if it replaces so much of the gold market or so much of stock or bonds or other commodities or what have you. as kind of mentioned recently actually people were asking me about buying low selling high type of stuff is that it's easy to buy low or buy the dips because we know where the floor is you know it can only go to zero to go any further below that but where is the ceiling nobody knows where the ceiling is one hundred thousand dollars because it sounds preposterous but i mean we're ten x. where we were a year ago i'm not saying we'll do another ten x. another year but in terms of like global wealth in global money supply you know six six digit point is certainly possible in the not too distant future now there's two concepts hyper big coin is ation. and the big black hole now hyper bitcoin is

a should i believe was coined by the fellow who runs this a toshiba since it was his name in a peer rashard i believe now so the guy is even is kind of a rube reclose thing that might be cool but look at it i'm sorry it's who are missing their name so hyper because it is asian essentially means that you just abandon the c.l. world completely and we just go totally bitcoin for everything right that is not going to happen until at least we fix the scale ability problems so you know that's what we're really hoping the second layer solutions will do and and really that's going to continue to be an experiment of we're going to see the lightning network come online and possibly even other second layer networks and then bitcoin as andrea's antonopoulos has said it's going to continue to fail to scale and so we're going to hit road bumps we're going to have growing pains people are going to complain about this or that and then we're going to fix the problems i mean it's

all software and so the software engineers are going to see the problems fix the problems and we're going to move forward in the big claim black call this is something i thought of just recently that essentially the money starts to dijon away from the stock market so if you have a stock market crash because people are buying bitcoin unlike the two thousand and eight crisis that was met with a wall of money from central banks there is absolutely no way to stop a a a a black hole a big coin sucking all the world's capital if this thing us one hundred thousand plus and a global panic buying if if a sovereign wealth fund like abu dhabi is saying you know they're going to be buying bit coy if you have game theory applied to the sovereign wealth funds and this thing goes to three hundred thousand slots and the stock market crashes is there any force in the universe that can stop this jamieson law oh well i guess nation states with enough nuclear capability. to blanket the world and m.p.'s and

shut down the internet for a little while might be able to put a bit of a a blip in the road in the markets but it sounds like a bond thriller and james bond thriller is and why pickling cast attracts so many would be james bond evil characters like john mcafee you know roger fair rick lucky these guys could be the evil doer in a james bond movie they said it was that what attracts them to it the the the sense of unlimited power you know i mean there may be some some of that i don't think that any of these guys are evil i've met pretty much all of them i think that a lot of it just has to do with frustration and you know they believe that the very conservative slow process that because corps and the vast majority of users subscribe to is just not fast enough and that something else is going to subsume bitcoin the unflappable jamison lop ever of the diplomat thanks to stay for a second absolutely i say well that's going to if this is the cars are parked in my

skies or stays or what i guess jamieson line up you can find my twitter at lumps you can find us on twitter a cause or report that's an exxon bio. this footage is unique because there's though he tried to lend some normally off limits to the public ericsson around in because he's the c.e.o. he's personal don't. people here know him simply is don't to eric he's ridge famous some always on the move sailing yachts and flying aircraft. he's considered one of the best neurosurgeons in brazil.

that's happening amazon. followers so sis going to busy doing nothing is going to do the population lachrymose is going to people on the zone. welcome to the wonderful world of blood donation i come here every three weeks to get my transfusion to be specific i receive in. my body gets and some bodies that i cannot produce itself around the world giving blood is seen as a symbol of generosity and does this because it helps people it's just that one of the side effects is that it. applies more. to put money on your car immediately. half of all plasma based drugs today come from private companies and are produced from paid plasma small compromise you know

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you've got. all the fun that we all have in the draw for the two thousand and eighteen world cup finals with all the recall which as you can see still general believe the fact that i'm standing in the drawn hall here in moscow the draw for the twenty eighteen face the world cup in russia has now been held in the kremlin palate with some intriguing fixtures to look forward to next summer. mixed reactions to unburden our takes the patient on martin displaying the likes of martin luther king jr alongside the perpetrators of recent terrorist atrocities. and might become a new battleground for washington with the country's government reportedly having approved the use of american drones on his territory.