in such a long time and so that's why it's so interesting to see how regulators approach this because they don't really have the tools yet to regulate it in the way that they've become accustomed to there needs to be a new agency spawned you sound exactly like brian quinn ten's who is a commissioner of the c f t c and some of your quotes they're almost exactly as he recites looking at cryptocurrency but before that i just want to point out that what has happened in the past week we can have is that we've seen a federal judge judge a u.s. federal judge determined that the c.f. t.c. can basically go after coin as a commodity we've also seen the f.c.c. obviously say that all of the tokens that they look at that they see them as securities and then we saw fin san in the united states determine that exchanges are basically money transfer so that bitcoin encrypted currencies are

money so mark marquess centaury who is a crypto lawyer he pointed out that that's technically and legally impossible for an asset to be both money and a security it can only be one or the other so it's going to be regulatory mayhem and as they cancel each other out potentially they won't work together of course they'll probably just create a mishmash in isolation for a moment that it was considered to be a trans a merger heard you say which was interesting because it would be killing the old world and assuring in the new world of crypto which is transforming the global finance sort of way i think it's going to have the biggest impact in countries and regions of the world that have no formal banking in place now so across africa and other places is where the crypto revolution is really going to take hold it won't be in london or new york well we'll see time. well tell and of course part of the

problem has been that while queen itself is an amazing innovation that nobody can figure out what it is but it is that it works is that many of the people who have made it big in the big point space lack the imagination to come up with their own words and phrases so they use words like i.c.a.o. which taunts the f.c.c. saying who they are the regulator for i.p.o.'s so calling your is not an initial public offering but an initial coin offering only taunts them and says hey. you know me the model for the skype you know the creators of skype and they totally destroyed the long distance market in the a less funny business they purposely never refer to it as telephones are these none of those no moisture are going to protocol they just did stuff to tolu boy that and they snuck in stablished ubiquity before the regulators could shut them down in the

coin space because space to use the word coin itself was problematic i see it was problematic they should have just gone with tokens should have been a bit token or something token originally they should've avoided all the words a normal place or referring to money from the day one they would have avoided a lot of these issues now i mentioned brian quinn tends from the commissioner at the c.f. t.c. the commodities futures trading commission and here's a headline from coin desk where he says crypto industry should self regulate c f.t.c. commissioner regulations can take years to develop so why wait when you can self regulate that's the message us commodity futures trading commission commissioner brian quinn tends to liberate to the audience at the d.c. blah change summit last week i believe that a private cryptocurrency oversight body could bridge the gap between the status quo and future government regulatory action he told the audience in his keynote address contents also suggested that it cryptocurrency self regulatory organisation or an s r o could have an impact. beyond the u.s.

market and could potentially take on global significance it goes into all this that crypto currency is actually many things and that's why so many regulators one in on it but this notion that we have a self regulating why not come up with your own regulations and. part of this is that the ecosystem of crypto currency while there is no one voice to speak for bitcoin there's no said toshi nakamoto we don't know who he or she or they were there are also many libertarians and anarchists who you want nothing to do with government so nobody wants to have any sort of regulations but there are obvious scams out there are many of the i c o o's were obvious cams and who within the community is going to step forward and say we need to end this look nobody buys big going they escape it that's what gives a value is the crumbling world because it doesn't work. emerged

and there have been attempts to bring some kind of oversight or regulatory body or type of pownal to get a big point foundation for example came and went and it didn't really work it doesn't idea of having a centralized force in this way does it doesn't work and it's already self-regulated big the protocol regulates itself it doesn't need an outside regulator to regulate it if somebody wants to come along and try to encourage best practices and encourage how to get good well it's and how to protect your individual sovereign say that's a great idea but it does it's not going to the state to start to come forward and say here's how we're going to help you create your individual sovereignty so you're not reliant on the state by promoting best practices in the big point space so the state is not going to do that and all these regulators are functions of the state so they're not going to be helpful in any way a lot of people would say that getting wrecked is self regulation that's the way to get regulated it's like you should have done your due diligence he said and studied

a little bit where you want to choose to be like that until nine hundred eighty seven the crash of eighty seven brought about the plunge production team of reagan robert rubin alan greenspan they started buying and selling stock futures in the open market for the first time in american history guiding the price of the dow jones so no. but he had to experience a down day and this is the beginning of the collapse of the american economy in a one way so you can apply that to everything in life there needs to be like because allah says i'm without hell if you need the good and the bad any of capitalism to work both winners and losers you can't bail out every single bank that gets into trouble you can't bail out every single county capitalist i need free money you gotta let the system weed out the losers otherwise you end up with you know a state controlled state maintained price fixing regime by the state that resembles all failed such experiments of the past why not just let the free market be the free market well here's brian quinn tens and of course he is a regulator he's at the c.f. t.c.

and when clinton remarked in the interview that big question is absolutely clearly not a security it is absolutely a commodity he also said that the aforementioned agencies and others should avoid reducing the broader space to one type of product in reality it's a very broad array of innovative products that have been created some are very simple some are very complex some have utility function some have security like features some have payments associated with them or returns or ownership or sure some could have voting rights you get into a very murky landscape very quickly as you go through the diversity of the landscape here only help this fella understand what's going on you know here in north america we are faced with an invasion of the tiger fish not just in north america but in florida in particular in florida in particular because they released this fish that's natural to another. part of the world in asia it

came in and it is now devastating the ecosystem now of the coin is the tiger fish money it entered into an ecosystem dominated by the u.s. dollar fee our currency and is now. eating it it's destroying it is pushing it out of the way and there's nothing you can do about it and because it's it's it has evolved it's a quantum leap we started talking about quantum physics this is a you know electrons are there in there in one orbit or another there's no in between it's you can't land on a fraction ok if it did replace is a corrupt broken system where the new better system full stop you can't do anything about it game over you can try and full around in a way so a lot of money but you know as you will of course because that's your nature but again like the to use another analogy of the frog and the scorpion you know the

frog taking the scorpion over the river and he says i'll do it but don't sting me and sure enough the scorpions to get the frog and they both drown and the frogs is why did you do it and he says because it's my nature ok the crypto is going to be here to stay regulators will try to destroy it even though it's stupid to do so because it is their nature they don't have the comprehensive ability intellectually to understand the seismic paradigm shift that they are trying to deal with if my god are already in a time already what well i think you mean lion fish not tiger fish and they have no known predator in the caribbean they do in the pacific ocean but not in the caribbean so that is part of the problem i had overproduced the same thing happened up until. the introduction of bitcoin is the us dollar had no known predator and then they quickly became the thank you for making sense of my analogy ok so they

analogies been cleaned up in the following way it's a lion fish and not tiger fish and there's no known predators which is why they've been the dominance and had no known predators up until big coin. is that it or saying i have clarified i d crypted your and malady and at the same time cleaned up your code which had misprinted tiger fish rather than lion fish it's all so wonderful don't go away and more coming your way stay right there. the most expensive fish in the world each one is selling for tens of thousands of euros it continues to grow its entire life if it was thirty years old you might have a two ton fish out there and yet they don't get that big today because we're way

too good to catch. it's only whims of a much larger mission was once there was much more widely distributed we have politicians that are in office for a few years they have to get reelected everything is very very short term our system is not suited and is not geared for long term survival and that's why we have the catastrophes. join me every thursday on the elec simon chill and i'll be speaking to guests of the world of politics sports business i'm show business i'll see you. welcome back to the kaiser report i'm asked as i'm going to turn to jamison lop of

casa hoddle or hodell penny and i pronounce that jamison welcome back great to be here all right first tell us about costs hoddle sure yes so we're just going by costs you know the problem is some squatter has the cost of a twitter account so casa hoddle on twitter for now but in general what we're trying to do is facilitate the ability for people to be their own big bank and you know we've been given this promise for so many years that with the queen you can be your own bank but to be honest a lot of people don't want to go to the trouble of being their own bank so we've learned a lot over the past few years and i've spent three years working at bit go doing multi-city enterprise hard wallets and now i'm kind of transitioning to focus on the individuals i think there's a gap here where especially with the price run ups over the years we have a lot of extremely wealthy crypto people in the space who are not doing their due

diligence to really be their own bank and so what right so a lot of people want to be that on bank but they're not engaging that a bit the it's hard to do right so you're trying to come to market with a product or something that will make that easier so how is it the product is easier how right so we really want to make it as simple as having an app on your mobile phone that you're just following the wizard instructions and we're going to enable the security by having three or five multi said wallet where most of those keys are going to be on different hardware wallets so you'll then have your hardware wallets that you'll geographically separate and have in different secure locations and we'll be providing full service best practice advice and you know phone and e-mail support if you have any questions ok so this is a start up exact right here in raleigh durham area well we are all over the place right now we we have. people in multiple states around the united states ok so good luck with that will keep close tabs on it let's talk about trip down because the

big picture here is the twenty seventeen was the year of a theory m i c e o's the great big coin civil war which resulted in the summer of fork not the summer of love what do you have to look forward to in twenty eighteen a lot more of the forking for sure in fact you know there are some people who have said that we could expect as many as fifty fifty different forks as it becomes easier for people to do that for the uninitiated out there quickly a big claim for it is what we're specifically talking about is a big coin block for there have been software forks a big point for many years but the idea being that you say you know at a specific block specific date we're going to create a new divergent history of the big block chain and everyone who had queens at that time now has the new tokens on the new chain and you know you can change any of the rules of the protocol that you want to and that is resulted in people doing a lot of very interesting creative things and this of course as we alluded to

create a tremendous i was a drama in twenty seventeen this summer twenty seventeen and the it seemed like the forces of quote unquote good prevailed i guess one camp would say and gave a segue and as a result now we have the stage is set for a lot of development coming. ball approach simplicity let's talk about these because this is really some people would argue that the crypt to look at most would be the crypto with the best technology and bitcoin seems to attract the best technologists and let's talk about these things the lightning network is worth the status of that was it me we have progressed pretty far even just in the past few months where now there's actually.