time back in two thousand and fourteen when the largest exchange mt gox in japan sar roughly four hundred seventy five million dollars drained from accounts before they filed for bankruptcy so far this year investors have lost more than seven hundred million dollars from two exchanges bit grayle based in florence italy and coin check based in japan the losses exemplify that investors can lose all of their invested money in exchanges without appropriate security the two hacks represent a continuing obstacle to gaining more mainstream acceptance of digital currencies. and now in that same regard we move on to the kryptos we've all heard that actual mining coin and other crypto currencies takes a lot of energy but why how much energy does it take as we've discussed covering money systems in the past that's also

a big question what does the future of money look like well today we're very fortunate to have someone who has worked on these important questions and written about them in the recent scientific american alexander lipton alexander welcome let's start with the energy used to confirm crypto transactions on the block chain the used to be decentralized they took place all over the world but that's not happening as much right now when we see these bit coin and other cryptocurrency mining operations explain what that's all about. ok hello thank you very much for inviting me for this interesting program and indeed we have observed that. you know with the growing popularity of beat coin tearoom and other crypto currencies the requisite. mining expenditures grew from nomic clearly and in many instances you know people some of the people some of

the observers think that the mining will be to coin for example consumes as much energy as the republic of ireland or the kingdom of denmark which obviously is very disconcerting given that the. transaction volume for bit coin and other cryptic currencies in spite of the very high price is actually quite small in fact to be to coin from no more than seven transactions per second and in reality probably close to five and maybe. maybe ten to fifteen that sort of thing and the idea is that in the decentralized system somebody needs to maintain its integrity by showing interest in maintaining this integrity by simply burdening electricity and purchasing specialized equipment in actual fact between mining does not require any special knowledge of mathematics or anything like that it's just

a matter of purchasing specialized computers and burning elec tricity and this is one way or maintaining integrity but it's extremely inefficient by design and hans the idea is there too you can are have decentralized system but the. integrity is maintained through the proof or work as you said correct. the situation is that as any other industry the mining industry in between if you call it this way actually observed the extreme concentration of miners so until recently the main mining activity were performed in china and now when the chinese government took a negative stance toward this activity is the miners kind of spread around the world looking for the next home you know the province of quebec and canada is often

cited as a possible home for crypt a mining activity as well as iceland but none of those countries are particularly keen on actually welcoming this miners because they don't want to really add anything to the economy first set this is about me start interrupt let me ask you this who are these folks that are you know going ahead and setting up these centralised mining operations are they companies that have as their sole mission to be crypto mining entities in and what size are they what i mean are they taking up you know big large auditoriums are they in warehouses how many people are they employing. ok this is these are all a very interesting question they employ very few people because as i said the actual industry is extremely efficient in this regard so basically you should think

about food ball fields cover deal with this application specific. computers and then very few people actually maintaining the integrity of the every single computer is very cheap and is designed for of one special purpose or for example it was b. to corn in actually calculating hush functions and things of that nature and you know but the but the actual the amount of equipment is mind boggling so think of football fields fifield with this rigs but there are a number of people who are very is that are they who is that on owns these things are these digital enthusiasm to have the idea that they should mind because it really is and will get into this at a minute so i want to personal alexander who are folks are but it really does get away from the original idea of these centralized nodes or confirming the chain

operations but who is it first of all that's doing a well either absolutely right this is a this is a strong deviation from the original ethos of the community right so people who do this are you know industrial conglomerates in that sense because the expenditure on equipment alone rather than the hundreds of millions if not billions of dollars and then basically what althea's happening their individual minor is even a very big ones tend to assume accumulate into large pools so basically what we're observing right now that maybe five or six largest food provide may be fifty. plus percent of the entire haas sing. sing ability of the system of the whole so the idea is that you as an individual can in any between all

is a complete fall a see this is not possible it's pretty much the same as saying that you can build an airplane so maybe you can but you know i would not fly this airplane if you are without them so let me ask you so we agree obviously with that this is different than originally intended that it wasn't decentralized so if if there is what how we go forward is that these operations these mining operations are all in one place doesn't that lend itself to stuff i used to worry about as a regulator that somebody could perhaps manipulate the markets that if they control all of the conference why couldn't they go ahead and roil markets around or have they been doing that what are your thoughts alexander these are very relevant questions and then the fact it is entirely possible that markets can be manipulated and. subverted yvan the only saving grace

here is that even if you were to do this as a minor you are on the bill to actually access other people's beat coins or tears but what you can potentially do is to have a double spend so in other words those send the coins to you and then send the same beat coins to me and you know that would be a potential outcomes. that are let me let me ask you i mean that. to me that is a you are on to such a huge thing and those of our viewers who have not read the scientific american article courage to do so it's fascinating and alexander we'd love to have you back when we have some more time to talk. but how do we combat some of these things going forward because you are really one of the thought leaders in the world on this and we thank you so much for being with us alexander lipton the c.e.o. of stronghold bank labs and the connection science fellow at the massachusetts

institute of technology thanks for your important work alexander and thanks for helping us to better understand these complex issues thank you very much it was a pleasure. and time now for a brief pause but stick with us because when we get back ashley banks look certainly global market reaction to steal an aluminum tariffs and melissa are mo what i sit down and talk about markets and stocks and then you'll get my old steelworkers perspective as we go to break here are the numbers at the closing bell green arrows for start off the.

jamie diamond no matter how much you try to talk down because i know matter how much you try to. get his buddies in washington and out why because i mean the fact is he's lost he has lost the battle of big client he's got it now come crawling back to the market and say you know what the whole banking industry has been fundamentally change we need to adapt. this is. the church secret indeed catholic priests accused of sexually abusing children can get away with it literally i like to call this the do graphic solution so what the bishop needs to do then he finds out that the priest is is a perpetrator is simply moves him to a different spot were the previous standards not the highest ranks of the catholic

church conceal the accused priests from the police and justice system to that end of that's known as the i intend them to include at tuesday's out in the. twenty thousand west virginia teachers are on strike for an eighth day last week rank and file teachers rejected an initial agreement that union leaders had reached with the governor because a proposed five percent raise would not have covered future increases in health care costs over the weekend state legislators block that funding the five percent raise increases in health care costs could be roughly three hundred dollars per month while the suggested raise could amount to roughly seven hundred dollars per

year west virginia writes forty eight among the states for teacher pay and other labor news fourteen hundred workers in west virginia and virginia represented by the communication workers of america has all has also gone on strike and meanwhile forty one thousand teachers an oklahoma another state hostile to unions approved plans for a statewide walkout that could happen as early as april second. we've been tracking the story of increasing consumer debt recently and now it seems to be impacting one more stakeholder small banks federal reserve data shows that eighty percent of credit card balances that are considered to be in default after persistent failure to pay the charge off rate increase to seven point two percent in the fourth quarter of twenty seventeen a year earlier that rate was four point five percent however the charge off rate for smaller banks those with assets of less than ten billion bucks in the fourth quarter was nearly seven point two percent more than double the three point five

percent rate among bigger banks this is a better outcome for these smaller banks after they successfully fought in recent years to grab a bigger share of this category of debt. president trump's announcement related to stiff tariffs on imported steel and aluminum may have a negative economic consequence for u.s. companies and consumers many also worry about the impending trade war here on markets in stocks r t correspondent ashley banks that's right barnow interim proposes a ten percent tax on all aluminum and pork to the thirty five percent tariff on steel if he follows through many consumers could see prices go up on everything from cars to beer experts warn these tariffs could lead to trade wars and on friday president trump tweeted trade wars are good and easy when many economists disagree with the president saying trade wars will hurt economic expansion and then poignant and the u.s. experts say any uncertainty can lead to companies curtailing investments or place

a hold on hiring peter petrie an economist and trade expert says quote and history is that by steel and aluminum not to mention agricultural exports employ many times more people than the ndaa story is that the president wants to protect but that's not the worst part key allies of the u.s. the european union and canada have already pledged to retaliate if try. follows through experts believe they would use tools to strike search in industries or take their concerns to the world trade organization and or national trade experts say they expect trump's terrorist decision will make it easier for other countries to pursue tests for tat terrorists the european union has already said it will have back with tariffs on american made motorcycles bourbon engine i'm chines right after trump made his announcement on opposing terrorists u.s. stocks fell sharply the dow as and p. five hundred and the nasdaq were down more than one percent drums announcement also

rock stocks around the globe nikkei in h.s. i saw a sharp decline well shanghai dax cac in the financial times stock exchange solid gains when it comes to steel and aluminum stuff g.m. ford boeing coca-cola molson coors and a couple of others all as sharp decline and stocks well a case still holding us fields still dynamics and a few others so significant gains overall the us market drop ten experts say of trump tariffs are imposed they could increase not only important steel prices but also domestic fuel prices which will place american companies at a competitive disadvantage with their non-u.s. competitors from says nafta which is now under negotiation is a bad deal for the u.s. the nation's companies and shops and the tweet from stated he may let the new steel an aluminum terribly put in place as nafta is

a renegotiated to terms more favorable to the us bart thank you actually. and today we spend some time talking about markets that we always talk about but it's particularly important given the february we had and we talk about smoot some specific stock as a result of some of the actions regarding the florida school shooting that killed seventeen people and what some companies that are publicly traded how their stock is being impacted and to do that we're joined by melissa arm of the stock melissa thank you for being here it's a pleasure to be with you live so it's quite a february wasn't it yeah it was a little unexpected because we started about two thousand eight hundred so strong we carry through all of two thousand and seventeen after the election we are bullish we are pirates running out two thousand and eighteen we made record highs

day after day it seemed like in the february we dropped off although i would tell you the market is still in a strong strong uptrend despite the drop off in february i don't think there's any reason to really panic when you know i we saw last week with the steel import quotas where the markets took a big big tumble on thursday and we've seen some other volatile stuff in the markets happening but any piece of economic information that comes out any data points and i know you're particularly concerned about sort of the debt numbers that have been out there lately they can have an impact on markets but you're also concerned about debt in general having a longer term impact on the economy well i think so and that's one of the reasons why the market fell because the fed guy was talking the fed chairman every time he talks or any time any number comes out it could possibly spook the market it may be something that happens temporary or it may have a longer term effect on the market for a couple weeks out we don't know what might that you know. it's almost like when we

were on a high like a money high from the markets that everybody was really jittery when it is the. you know ones of all of philippi going to impact markets and it really didn't take much it was those of january job numbers and maybe the increase in the wage growth and i'm not sure that was it or not but it happened to be the day after that that for the job reporting friday but continue on about debt and you're concerned about the economy well the thing is that people and one of the reasons i think the market fell off and said we worry is because people are concerned that they're going to raise interest rates as here with a switch they've talked about doing they're going to they're going to raise interest rates later than what are they going to raise. use of but are they going to raise and three times four times nobody knows what she do you know that they're going to raise them so my best advice to people is if you're applying for a mortgage and you can lock in your interest rate lock it down if you have a home equity line of credit that's you know not have a secured rate if it's a variable rate try to see if you can do

a home equity loan to lock it down lock in your interest rate but the problem i think for people is going to be the credit cards because most all credit cards are affected because interest when interest rates rise a quarter point and then all of a sudden it's four four it rises and it could be one point and a lot of people have credit card debt in fact last year there was a report that credit card debt is an all time high it's close to one trillion which is an astronomical number so with people carrying debt like that and it's a variable rate their payments are going to go up and even though we have the tax savings and that's terrific and even though more people are employed and that's terrific too if people see their monthly payments going up up up that that may concern people and obviously don't want people to fall on their own secured debt you know we reported i think last thursday about the. largest but i don't want to say the wrong thing but i think it was the largest default rates on mortgages for

homeowners maybe six or seven years and so you're absolutely right it's good. advice for our viewers you know if there's a way to lock in your rates whether or not it's a refund or the variable rate as you say probably a good thing for people to consider given their own personal financial situation and everything you always want to provide these copyrights but melissa let's talk a little bit about some of these companies and the stocks related to them a dick's sporting goods and wal-mart which are not going to sell a certain firearms or certainly not going to sell to anybody under the age of twenty one there's some of the airlines united delta delta is in a world of conflict because they've got some republican folks who are running for office down in georgia wanting to say they're not going to provide favorable tax treatment to delta in the georgia legislature there's united i said united but

there's also the car companies the rental car companies how are these stocks being impacted it's probably too early to say what your thoughts well i mean overall i would say the airlines the general sector the airline sector is pretty strong i don't really see that much of a reaction after the stuff that happened with the delta news but i would try i find it interesting that that would that would even take the position as far as the land up because what that what the airline because i don't know why the n.r.a. was getting discounts anyway so it really that was very preferential for them to get those discounts it fairness to to some of these companies what they said was we want to be neutral but it looked like they were being sort of prejudice against the n.r.a. when it when actually what they said was no we just don't want to have a dog in this fight now some of them like dicks and wal-mart they really felt sort of i think a moral responsibility from their perspective i think is good because if you look at their target audience i think that was that was the right thing to do but

honestly the stocks didn't rally when they came out with the news which you think well that's positive news the stocks dropped so. i mean honestly everybody what i do i want out of wal-mart trump to they actually they don't have that good of earnings recently so they just reported and they dropped ever since those earnings like a brick you know so i mean the stock overall still very very strong but wal-mart hasn't had a good month you talk about the market wal-mart has really had a terrible month and even when they came out with that news they didn't have a good reaction so i think it's very political for these companies to be getting involved remember they everyone is their customer so when you take a side you're going to alienate either half your customer base forty percent of your customer customer base depending on where you're located sixty percent your customer base like like in the atlanta so these companies are taking a risk by being political making decisions and they're out there to sell their products are providing a service and they're out there to make money and when they make political stances like this it takes a risk for their profit margin and i'm not so sure that's

a great idea for them to do but some are doing it well there are many of us who are very appreciative of you taking positions and sharing them with our viewers it's great to have you good to be with you and put it so very listen. thank you. and before we go a few comments on presidents trump steel and aluminum tariffs i was a steel worker and it was hard dirty work but it paid well those jobs could support a family but we lost our edge and asia primarily picked up the slack with cheaper labor and better technology so here we are in the president wants to make good on his many year montra to bring back industry good for him it's always good to see politicians walking the walk as they say but and yes there is a but he hasn't really hit the nail quite on the head other than in his words the announcement really raises more questions than answers will there be exemptions for some steel importers like canada for example our neighbor an ally will certain

companies be allowed to seek exemptions what might occur if as we've seen in the words around the world nations are seeking to retaliate on our goods the e.u. is threatening as ashley talked about earlier tariffs on bourbon much of it produced in senate majority leader mitch mcconnell's home state of kentucky and on motorcycles like the harley davidsons built in house speaker paul ryan's state of wisconsin plus there's been recent progress in opening up asian markets to u.s. agricultural goods one of two major u.s. export sectors by the way the surprise of the initial announcement sent markets really are reeling rally they were just going to own if you have money in a pension system it's intertwined with stocks and when stocks take a terrible tumble so does your four a one k. at this isn't abstract this this isn't child's play this is real for people that are invested in markets and the president really should be careful about his words even though his intentions may be good and well so where does that leave us i'll

pass on the policy itself for now and just say that the policy procedure was really horrific it's no way to run the government and finally most of those steel worker jobs like i had are really unfortunately. gone forever should we be talking more about the jobs of tomorrow how are we going to address robotics and artificial intelligence innovations perhaps we should not worry that much about the short term or the mid-term elections and focus on the future in front of us fifteen twenty thirty or even fifty years from now. that's it for now thanks for watching be sure to catch boom bust on you tube at you tube dot com slash boom bust our to catch you next time. we believe.

our. beloved son some is not is not back and could place his call to a good country. truly a blessing to the minister and the bush family as well i love the slums. of this but i got us a call this is a little less than the flagellum say oh ok let's share it with the

checking of christmas. pulling in just a little embarrassed from a fellow muslim muslim school for beating that i'm. a little slow on the phone still. play almost anything for the members of the base the not a second hour battery john said i'm based on are much less tight and i mean can i do not in the last couple weeks the lightest contract matter how anomaly came. from a shallow tummy and cannot. construct mom i can now move he was almost he will now we're going to talk i'm on a. cuckoo. let's assume it's in the sun enough eyes because she was a symbol of the good of the cities in the muslim. places in the city of the one of the streams of. cinema but i gather you know that a lot of this. seriousness but. it's been almost fifty years since we've had human beings on the surface of another

planetary body and i hope that we could actually put together an international leader exploration initiative much like we have the international space station consortium and together the countries of the world cooperating with the private sector could afford to get back into real space exploration and i think that would that would create a a lot of excitement. for a world cup twenty eight team coverage we've signed one of the greatest goalkeepers available to us but there was one more question and by the way who's going to be our coach. guys i know you are nervous he's a huge star among us and the huge amount of pressure camera you have to put me to eighty percent of the beach but tell me would you and will solo the great gate

bridge get you out of the rock at the back nobody gets passed to you we need you to get down going left go. alone. and i'm really happy to join the for the two thousand infield the world cup in russia meet the special one come on salt appreciate me to just take the radio p.r.t. teams latest edition to make up as we go. to jersey. breaking

news on r t international a russian military transport plane crashes while landing at an air base in syria killing all thirty two people on board. the british news media goes into overdrive speculating on the kremlin involvement in the suspected poisoning of a former russian double agent in the u.k. and despite hard facts the government's threatening retaliation if those suspicions prove to be world front it's going to take whatever measures we deem necessary to protect the lives of the people in this country. and all three times. the u.s. holds ground operations in eastern syria after its kurdish militia partners head to the north of the country to repel an incursion by washington's nato.