when you thousand dollars to even think about buying we told you to buy it at two or three that's the amazing thing isn't it people that we've been talking about it for years finally when it went to eighteen nineteen twenty thousand were suddenly curious about it and started buying it but that's the way it always is with these types of ideas they're completely dismissed at first and then when they end up changing everything game people suddenly get interested so that stuff's not unusual i also want to say you know because a lot of people will only be new to this and they have endured the drama of what what's been happening with bitcoin since the futures were introduced and since the huge drops and. the huge volatility be cash or bitcoin cason all this sort of drama over the christmas period on these exchanges they might be alarmed so what i would say is that you should go to you to enterprise report bitcoin and look back through the years that this is kind of normal for this whole area it's you know you have to think of it like that sort of that cambridge explosion the pre-k.

may be an explosion of. evolution these are ideas being explored and a lot of failures and some great successes in fact humans come out of the excess the successes that happened in the pre-teen be an explosion or remember the dot com crash the whole the whole nasdaq blew up drop seventy eight percent killings of dollars disappeared all kinds of companies were vaporized but from the mass came we google you know apple was reborn. amazon so these are the winners and now they dominate global trade in global market action so the same thing with big oil they'll probably you know in another huge drop as we will probably see the survivors will come up and be world beating companies in world beating applications and points i don't know if we've had any more gifts this year but i'm sure there will be many more forks in twenty eighteen so it might be.

to hold your be a coin and hopefully there also be clarity because you know i think a lot of people were holding three twenty seventeen and the americans in the bitcoin space because of the lack of clarity from the i.r.s. is it an asset is it a commodity as a property as you know is that income do you pay capital gains whether so i know that's why i haven't like really sold out because i don't know what what i would what the tax implications are but i want to you know talk to the law we will be with him on the birthday of bitcoin on the ninth birthday and first i want to say because of course we've had a volatile christmas a past few weeks that has been very volatile all over it just kept on going up parabolic up and you know you would see down days of ten fifteen percent and people like flipped out they were scared panicked this of course is normal for our experience that we've witnessed through big queen through the past nine years but here is jim slop with bitcoin obituaries proclaimed per year and two thousand and

ten there was one death of bitcoin proclaimed and twenty eleven there were six i remember that year and two thousand and twelve there was only one and twenty thirteen there were fifteen and twenty fourteen there were twenty nine and twenty fifteen there were thirty nine and twenty sixteen there were twenty eight and twenty seventeen ninety three deaths going pronounced so how many do you think there will be in twenty eighteen oh about using that chart as a guide they'll be real two or three hundred i suppose but look because it is unique it's a it's the fifth element it's completely. unique in that it's reproducible don't count a suitable digital object that can be used back and forth electronically as a store of value that had never occurred before this brilliant genesis block was mine based on the two thousand and eight suppose you bought a motorway. paper and it means that all banks also intro banks are distance

mediated they are no longer needed this is they're going to go the way of the music industry when napster was introduced you know that it's just not going to survive in the same way that it did and we often said that the biggest terrorist in the world are bankers like jamie diamond this is the terrorist killer this is going to put more terrorist out of business on wall street city of london then anything else and i think it was divinely inspired well certainly it has generated a lot of cult sort of following you know disciples and apostles a story line of an intervention hank resists is a direct pipeline to god ok so much of a cult like statement yes yes and i want to say you mentioned the dot com bubble you were around for that and survived that rise and fall and you were right to point out that there were a lot of people who say oh because it's like pets dot com but what people are

saying in response is like no this is the internet and pets dot com failed but just like some of the coins might fail but you know the things like amazon google survived and then new companies like facebook and twitter that weren't around during the first dot com crash so you know things can happen but there is a bit of sort of bubble hysteria going on that you see in this next headline a small fin tech stock surged two thousand six hundred percent in a week after announcing it's a crypto company fin tech plus cryptocurrency equals about seven billion dollars that's how much the value of long fin corp surged to after the micro-cap stock rocketed by as much as two thousand six hundred percent since debuting right before christmas most of the gains came when the company issued a press release saying it but z. do that. com

a block chain empowered global micro lending solutions provider that transacts only cryptocurrency so if the c.e.o. of this company even went on c m b c or one bloomberg one of the financial news outlets and he was like this is too much why are you doing this this is overvalued fed people it was a penny stock and it acted like an all coin not even any all the coin i don't think has ever risen by two thousand six hundred percent in a week well why is this happening is because the reason why because it was created as we celebrate the birthday of genesis block it was created to do battle with central banks and banks around the world who are irresponsibly printing money without lending it out simply to bail out bankrupt institutions around the world and this is led to ask the price explosion and the upward march of wealth to the top one tenth of one percent the global economy is incredibly distorted unlike in any time in history will billionaires are being created faster then one can

possibly legitimize given the underlying economy is growing quite rapidly you know warren buffett himself said that a company is growing at a multiple of inflation is probably doing it in a crooked way because there's no way you can outstrip to the end to greed something that you're bound by laws of physics and laws of business to some degree and here you have this company skyrocketing of value because there are literally hundreds of trillions of dollars of ill gotten gains sitting in offshore accounts and sitting in hedge funds and sitting on wall street who are bored they're looking for something to do they see jim cramer on c n b c screaming about something or they hear about this and they just put the money available for this is instantaneous is there money to fight climate change know is there money to increase labor wages to restore dignity to society through jobs no no no not at all it's only money available to the club to. oligarch's well i also think you know wrapping heading

into the last minute or two here i want to say that you know janet yellen they're starting to pull away the punch bowl and i think this could be also part of all of that cash trillions and trillions and trillions have been created in the last few years and everybody's been waiting for something to happen remember in two thousand and eight two thousand and nine the likes of peter schiff are saying hyperinflation is coming his call may have been too early but you know that this could be some sort of hyper inflationary mindset that is out there it's happening in cryptocurrency is happening in the equity markets it's happening bonds it's happening in everything so this could be a last hurrah like people downing the drinks before the you know the bar closes well up to peter schiff point you know it's all hinged on the u.s. dollar the world reserve currency which is being held up through the shenanigans of coordinated central bank fraud when somebody breaks rank this is going to happen twenty eighteen one of the major central banks in the world will start buying

bitcoin they'll break ranks from the other central banks that are colluding to aggressively expand money supply to bail out corrupt banks but when one of these banks breaks off and says you know what we can triple quadruple quintuple our money by going into crypto and you guys can go and fend for yourself then the torrent of those trillions of dollars worth of cash that have been kept out of the economy due to illegal machinations by the central banks comes flooding in and the real hyperinflation kicks in the dollar crashes spectacularly that's happening and twenty eight team by the way the kaiser report was also born in two thousand and nine just to not that we're all the same but we were born the same year bitcoin wise i'm not a toshiba and we're in a new studio here and i want to say we will be getting some sort of like graphics and stuff like that behind us but i just want to introduce you to our new studio here in raleigh so happy birthday to us happy birthday to soto she nakamoto. this is toshi i knew it. well stay tuned for the second half

a lot telling you way. here's what people have been saying about rejected and. just pull. out the only show i go out of my way to you know the really packs of. the john oliver of party america is doing the same we are apparently better than that and see people who have never heard of love right back to the night president of the world bank. because we're going to. send us an e-mail. hello my name's peter and i've been living in bushnell for about seven years and this is a film about just some of the crazy things i've got. time.

i need to just published or do it because. i still does not. i. mean you don't. see the. two are. not true only ten. left in the.

said. no servant is just a letter to. alex you speak french. the bell told c.n.n. this. well go back to the guys report imax guys are time now to return to our conversation michael pentel pen to a port dot com money manager extraordinary out there in new jersey the bayonne bleeder they call you you know yeah member. of the box or yeah well you know fall market was in town. yeah you almost beat momma belly really yeah they bought all the rocky character after chuck whitner bailing bleeder jews i know more about that

you're seeing the most people living in new jersey ok so michael pinto let's get back to this you know bitcoin and you know your got a negative view on it and the points you make just to recap here that there's a vulnerability at the exchanges and the on ramp off ramp the a word government could could go in there and cause havoc i mentioned there's an intellectual property challenge it could be made if people banks can say we own the ip for this type of technology similar to the way microsoft attacked open source software like linux by saying we've got certain intellectual property there are they trying to invalidate this competitor you also mention the possibility of a fed coin fed going comes around it's a crypto coin it's a digital coin and you're idea is that they want to wean folks off cash yes they want to get people into a permanent negative interest rates an area which they will need to do to extricate the economy out of the next great depression which is coming unfortunately in my opinion right so the depression comes when the market collapses market collapses

because nothing was done to stop it from the last collapse except give the worst actors in the economy more money to go create more probably so only seventy trillion increase in debt since two thousand the globally so they're going to have to do something the only have about one hundred twenty five basis points of bullets in the in the in the can they are global to fire the i'd say i mean does japan have to get themselves that they've got zero what does it germany have they have nothing so they have nothing really to reduce the overnight negative razorback they have to to go. i get they can't do negative interest rates if they have physical test i'll just go and take all my hundreds out put them on with my mattress and you can say i get negative ten percent but i don't have to get ten percent because i have you know whatever x. number of dollars stuff the stuff in my house so they have to get the world used to living off of a digital currency and by the way there was a person nominee to the fed by mr trump called marvin goodfriend and what does marvin goodfriend love more than anything in the whole world because. besides

bitcoin negative nominal interest really look it up ok all right so there's you know you're building a strong case here so so because it is just like the gateway drug is just opening up to this fed going yeah ok now here's my mike mike some of my post to some of this thought is that the i think that the krishna bit going going all the back to two thousand and eight white paper which describes the introduction to it which mentions bank bank fraud problems in the banking system and problems in the central bank system it's always been a race against the failure of the current system the failure of the banking system in the failure of the fee money system the fractional reserve system the what you're talking about would require more organization that's possible in an environment of more failing banks in twenty eighteen i think we're going to see a big bank like do it your bank collapse or some big bank in the u.k. collapse because as you know and as i know you know they are technically insolvent

italy italy will collapse i mean italy is on the verge of collapse that will change that chain reaction that sets off and the chaos that and says it will that it's not going to be an ability to manage that any anyone reasonable way and i think it's why this push to bitcoin and i think bitcoin price the reason is so high is that it's discounting banking armageddon it's telegraphing his markets are discounting mechanism they're telling us that in very near future you're going to have another two thousand and eight banking catastrophe like rule i agree with. everything you just said here's my all my issue and i'm sure you have thoughts on this the government really doesn't suffer. the money laundering flouting very readily and the know your customer rules they don't like people flouting those either and they really don't want to with alacrity give up control over the entire field of currency regime so why are they giving all this rope to cryptocurrency well because and the reason it is the reason is maxwells because they want to get

the the citizenry used to using a digital currency and they want to completely get rid of all of paper currencies and like i said this is going to this is coming out of it so i you know i think it is coming into gaza on the accomplishes of that and then they ban all private yet the currencies for one public block chain that they completely control by the way when they do that they can track every single transaction so the underground economy goes away tax evaders go away and they'll do it under the guise of worrying about you know am l n k y c n terrorists funding and they have all these subliminal reasons why this is going to be successful and well that well while the public is worrying about what the broad size of kim carr dashin they're going to be have to have no control left over their money they'll be no protection from inflation the purchasing power of their money can be destroyed at the will of the governments i

think you're giving too much credit to governments and if they wanted to co-opt because they could have during the early years using what's called a fifty one percent attack they could have an awful eyes mining with the resources of one or two governments combined they didn't because they was not on their radar they have no idea what this is and is completely outside of that they do know don't think but now it's beyond their reach the computational. robustness of the protocol is such that no country or group of cars. trees or even global effort could could co-opt or usurp the big protocol to point is beyond them which is one another reason why keeps going higher prices because it can't be attacked in that way second reason is that we have. an example here in zero of game theory game theory and if you follow game theory in the national librium in this idea where all of the interests of a given scenario are equally balanced the point were participants are motivated not

to snitch on each other there's it's in won a nobel prize i believe for justice on the movie ok so we've already seen that play out in bitcoin with the mining industry you know their chinese are very dominant mining now the japanese are in mining was in eastern europe or in mining because there's this huge game theory experiment going on where no one ends up having too much control because it's gets distributed and the power is distributed this game theory is going to jump to the nation states in other words it will become a strategic reserve for central banks and russia or china could be getting or japan mining bitcoin as a strategic reserve as they would buy gold in the face of a collapsing feel that currency that we're seeing all over the world we both agree that feels vulnerable we both know the central banks are buying gold we both know that because it is incredibly robust to becoming a multi choice dollar asset one central bank start to play the game through with each other in bitcoin and because mining then that's another reason why you're not

going to have any one state come in and decide outlaw it and do this and do that because of the entire business which is going to flow to the territory that welcomes this new business so it's competition of the fittest survival of the fittest and no one country has a monopoly on this thing it's global and it's playing out globally you might be right but i think the i.m.f. together with the global central banks will shut it down to memphis bankrupt we know that they were completely bankrupt before they tried to before they interfere with the greece with the troika the e.c.b. . and then the you and the e.c. and before then they were about to close up shop and go away because they were there bankrupt they then got a bunch of banks to reacquire them christine legarde going to get your own currency the s.d.r. the special drawing rights yeah special drawing rights on his back rub the exact same defense bankrupt they are a solvent another if the most leverage bank in the history of banks backed by nothing but who should i be errors it takes i understand that that's the roll up all the global that into a global special drawing right to bail out all the banks again yes but it's another

fee out currency that's going to drive more capital into gold and more capital into bitcoin i mean that the worse because it is a response to the s.t.r. the s.c.r. is just another fiasco r.c.s. can't bail out a fee our currency with another fee our currency and you know what you know what banks you know who really gets hurt is the middle class was flushed down while there's millions and millions of millionaire i now know more cannot believe it was a big coin but because of the inflationary policies are going to be. inflicted on the american public and the european public and japan japanese public and you know the p.b. o.c. is out there right now trying to keep the ponzi scheme as david stockman calls it the red ponzi scheme afloat right let's say something all these things are going to collapse probably in two thousand and eighteen because we have it inverted yield curve probably by october of two thousand and eighteen briefly but they're still in the short end of the yield curve interest rates are higher than the long and deal to right now we have fifty three basis points between the two year and the ten year note that's going to invert now we have the cause credit to seize on. a bank that

had paid the positive more than a loan why am i going make any more loans i don't want our deposit alive or went up a lot you know in the credit crisis of two thousand so reading through a credit crisis how they got him so he would know i didn't know it would know am all other things i mentioned before helicopter money universal ways you can come and negative interest rate policies made possible by these universal because of the fed coin or an i.m.f. coin in them or they're going to ok now there's three billion people on earth with an internet connection and now it's easy as easy to go to an app on your. smartphone and you've got whatever of the hundred fifty currencies that are out there in the world actively traded and you can put five bucks into a crypt a coin that's going up in value and that your buying power just went up in a world where they're printing hundreds of trillions of dollars to bail out the worst financial scum a terrorist that ever walked the face of the earth the bernanke is that janet yellen is the lloyd blankfein is it jamie dimon is it guys it makes some a big lawn look like mother theresa people react to that and they react physically

in this several slee and they want to escape the matrix of the fia world how you can poor you this how much good do you own. how many you want to give me for christmas that is how much how good oh and how do you allow yourself to be exposed to the ravages of feel that i still believe one of the best things about. the offer is the ability to move money around the world digitally yeah well guess what there are companies like gold money which i own that has a private blog chain that allows me to own gold and monetize it instantly and that's where i'm putting my hope and they also now offer but my point they offered that with a offer going now you go cold storage though that's right they'll engrave your and why are they doing that it's silly i don't know why because the market for gold is dead nobody is buying gold anymore you can't give it away except for sheikhs who want twenty four karat gold toilet bowl that actually nobody wants a frickin gold barnum or we're not going to have it and that is that's it and that's the is it is very said what about this michael tanto yes or do you describe

to the theory that the features gold price is in part responsible for the difficulty gold is having in the physical market to achieve paper gold prices you know a paper gold artificial paper gold yeah i do believe in yes i do people people getting rid of you know millions and millions of dollars of gold within five seconds putting in a market order right you know when when there's new when there's no market around but you know that does that in the jet it is a cool. basis now do they do that to hit the price to go enough course they do to let you have mortgages or maybe like the price you want to sell a large chunk of gold millions of ounces would you sell it when there was no liquidity in the middle of the night or it once was a market order clear indication of an appeal a shift but but but let me say this manipulation goes both ways yes but but but we haven't seen him go but tell me ask you this if big point in distant to mediate all

the banks and all the wall street machinery is it then clearing a path for the price of gold to go higher. seems i think ok so i finally agree with him on. yes absolutely oh yeah there you go michael blows pick away but i've got that. take take take the words out of london. well we got to go sadly just and things are heating up coming to jersey next time what is it please. that's it for this edition of the guys a report with me max kaiser and stacy herbert like to thank our guest michael pentode pentode port actually should go there and a look at his work he puts on research that's extremely interesting even though it doesn't cover pay quite as well with all of. us and not favorably. twitter you know we're on twitter kaiser report you can follow us there until next time.

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