since two thousand and eight two thousand and nine during the financial crisis and what's going to happen to italy now my own experience of dealing with italy when i when they were still on the lear and i was working at a film sales company so we had a lot of distribution of hollywood film sold to italy is they kept on devaluing the lear and then they would come to us and say we need to renegotiate this deal because the lear is been devalued by twenty percent overnight so we always had to renegotiate because they had no money so how have they been able to sustain economically in the euro zone when it's all basically the do each mark they're competing against well they have and you know they're forming a government they're trying to form a government they were supposed to form the government by the time we've come on the show but they haven't so you know the five star movement that's kind of the left wing movement grillo used to be the head of it now it's luigi dimaio and then the northern league which is the far right with me very anti immigrant and

very far right northern league they're trying to form a coalition government but one of the things on the on the table is actually a parallel currency for italy and the thing that's remarkable about this is that there's actually a lot of print media about this leading up to the election so from the last year like all the major parties of italy bar one which is the five star movement wanted an alternative currency parallel currency to the euro an order to bring liquidity and credit into the italian market because nobody wants to lend to them we've seen this movie before called greece yes they went through the exact same thing for the exact same reason that they had an inflationary boost once the euro was introduced and then they got the trouble because they were borrowing money at the same rates as germany and they in debt of themselves into crisis and now that's moved over to italy now of course italy want to do a parallel currency just as greece wanted to do a parallel currency and steve kean was on. our show talking about that extensively

they could have backed up by silver it could have been the new truck who got involved the i.m.f. the e.c.b. and the e.c. the troika stop that from happening because they're in the business of killing countries for the benefit of hedge funds like john paulson italy as we speculated back five or six years ago would be the next feast on the never ending moveable feast of i.m.f. the e.c.b. kill and destroy royal bank of scotland ask maim torture steal kill for they might be bringing in a parallel currency it's probably not going to happen with this administration if they are able to form a government but the fact that all the parties there want to want to end the population wants it does suggest that there is either the end of the euro will ultimately end the euro or it could inspire other countries to start doing it across the are the ones that aren't receiving any of the credit flow but the i.m.f.

doesn't want it so it won't happen well we've got to go to a break much more coming your way so don't go away. we have to judge countries and leaders directives. so we need more objective but the reality is. you know media tries to give the facts but both leave. their worldview so this is where social media and direct communication comes in unfortunately it's sometimes called fake news or something but it's sometimes a different worldview it's just big news. people. seventy four design submissions. seven thousand pilings.

to join judges. and eight hundred sixty nonstop days of work. a russian w.b. . and a russian mob stuff. show you how and why the crimean bridge was built. witnessed the construction of a unique transporter. that will help out of crimea. faster most of those you know what google for more snow you have it a bit but. welcome back to the kaiser report imax keyser time out of cern to our own me marshall long these n o g a bit coin miner is now branching out into other crypto abbott as

including ios dot fish we're going to learn about that in just a few moments marshall welcome to the kaiser report they so much max good to be here good to see you oh yes fantastic you know we have been you know part of this cryptic community for a number of years now and we've seen all kinds of ups and downs and crazy kind of trends and we're at a moment now in history where the jurassic park old guys like charlie munger and warren buffett are weighing in with their comments and according to them you as a crypto currency trader and miner are dement who harbors baby brains how do you respond to these charges well you know dinosaurs have to die sometime so i guess now sometimes good as any five or six years ago you know the trolls that would come and try to kid is the crypto community being involved in something that was awful

of course they were low level people living in their basement it's very not that billionaires coming out after us jamie diamond i think that's got to be a good sign i think that's the only sound we're looking for at this point when that when the old grey haired dude started trying to come for your money that's why you know you're doing some right here in mining and you're still mining ok and morgan stanley recently claimed that big coin miners lose money on bitcoin under eight thousand dollars per coin now we talked about this in cancun at this the toshi roundtable and of course you're one of the established miners out there and we saw this pick your brain a lot about here what do you say to that statement i feel like those people are incredibly undereducated and use a very western sense of what costs are in general we don't find any. under over four cents per kilowatt hour for power cost or cost is a big driving factor in what they would call the price of production and their projections are very over exaggerated however that's just because they don't know

what you can get power for when you sign deals with other government bodies so as a thousand dollar coin is highly inflated but there is a some point a price for a coin that does affect mining correct what you're with your actual energy costs and as you point out you're always looking to do deals with various governments a lot of governments have excess energy capacity they're looking to unload so for them it's a win win right they just they would not use energy anyway and so you're out there scouring the globe for energy so now it's energy efficient sure if there's a surplus why not use it to secure a block and i mean this idea that big bitcoin is energy inefficient right there is one reason why it's not no other reason would be that well compared to what not compared to the dollar right i mean all the energy the dollar the pentagon all or about gold now if there's a surplus why not use it for mathematically provable security instead of some stuff that they're doing around some u.s. funded basically terroristic activities right the u.s.

dollar is takes a lot of energy to make us dollars are backed up as by the military and the phrase you keep getting in there mathematically proven mathematically sound mathematically . you know immutable right it's an immutable tradeable value over the internet let's talk about this discontinued response to the saul idea of mining being you know in the ecological disaster i'm thinking about iceland these geothermal energy so that's just come or it right out there and it's literally the pump up that's that's where it's coming from it's all from volcanic activity underneath steam powered a lot of the stuff in iceland also big countries like sweden they're closed off from the rest of you as far as their grids concerned not a lot of people live in sweden but there's a lot of power in sweden so you know some of the top. five miners are in sweden now . also there's a lot of stuff like cambodia and all these other places that aren't densely populated there's just extra power that they can't do anything with and now with solar coming out there's

a whole other new demand dimension that you know power used to be consumed a lot during the day because of the heat now solar panels are more efficient during the middle of the day so the power curve has changed solar electric power is the cost is dropping down down that a some particular like a microchip is just becoming a very short nearly cost efficient as well as solar to do it to do the mining and the technology side on the chips etc the chinese company about. you know what give us a little potted history of that whole story line that's been going on sure so you know most of the six come out of china there are a few exceptions however these are the people who specifically he got in a group of very early around the same time i did and he had a really big appetite for risk and took some big risks to make help make one of the first mining chips and that's where they cut their teeth and now you've got big companies like intel samsung all these companies coming out with prototype chips and they're not as good as jihan stuff in fact just because he's been in the game

doing specifically crypto related chips for so long nobody can touch him at this point right and people suggest that there's a potential to monopolize the mining with those guys but is that a fair statement are not really at the end of the day the brains behind the operation are employees and employees move from company to company and you see a decentralization of employees over the technology so there's always room for improvement and when the brains kind of get dispersed to different companies you see it in centralization effect there right now if people argue that because it's backed by nothing and you know mining is the energy intensive right so there's a direct connection there there's a one hundred percent correlation between how secure your block chain is and how much power you burn for proof or coins right. back by the way it's backed by the security that you use your burning power to secure your chain and that's what is backed by backed by energy that's it and. why this is

a loose of the folks not exactly sure but let's move on to your next chapter in crypto life so you've got. fish and you're becoming maximalist yourself but you know this fish is now on the radar and to full disclosure i think it was minded over some exotic drinks gratis or was maybe was puerto rico i can't remember exactly when or how but now max and stacey aren't fish and did what have you got us into a few flavored drinks with the few umbrellas later and you guys are now in us to fish so we feel like big point is cool and all that but that was just chapter one in the crypto story theory i'm going to push the envelope a little bit further and we think that us is going to be the next kind of big push as far as the next tech revolution as far as blushing is concerned so what we've roped into there is basically layman's terms of theory and two point zero but

better i would say ok so competes with the theory am in the smart contract space sure it's smart contracts two point zero as well call you for blocking two point zero now we're getting to smart contract two point zero you know i'm a big climax molest you know i came to that after a few years realizing that you've got a really everyone is ultimately become a nationalist because this is the never going to be no one like because i and it's got the. pedigree and the thrust in the market to do it it has to do but. it can can live side by side sure and they serve different purposes you know you know as you can think of as kind of the operating system and you can think of big point as more of. the hardware behind it because bitcoin is is is a great project and it's very widely adopted and theory and even is having trouble getting to that point and us is more about the software layer and the two point

zero what we used to call the web two point zero zero things like lift and these kind of companies are now the three point zero version this is kind of what us can enable to go. on the scaling side of things you know and. they did a project called crypto kiddies which seemed like a clog up very quickly. would this be a little more robust it can handle a lot more volume a lot more transactions and the way that it knows that is a lot different it's more about it's more of a community driven force so with the theorem you can mine and that's where all these bottlenecks come into place e.o.s. has a concept called block producers which is where e.o.s. to fish comes in but it's more community focused because if you mess up then the community can vote you out of you being able to be a block producer so that's a big part of what makes us great is that the community decides who gets to kind of do what they want and they vote with their with their tokens at that point so it's

put your money where mouth is not sit on the sidelines and talk it isn't like. master now it's similar except there's more power to the stakeholders and us ok and it's already like the number five going to market cap that's right and there may not have been even launched so right and dan maher is kind of the guy was also with chairs and steam it. got to be a very project successful statement is you know paying people now to post content to this or to the web now where you see a story that facebook is thinking about coming out with a trip to what does that tell us what goes through your mind it's interesting because you start to see. polarization. effect you'll see you've got the big old gray hair guys from wall street saying they hate crypto and then you have big companies who basically run those old guys saying no we're going to also use it so now you're seeing the split again which is quite interesting as far as big

companies getting into blood chain it was inevitable has a lot of efficiency advantages as far as how they're going to use that i think is way to be seen in the adoption rate. we'll see how she goes i guess. of course a big point. bacon back point and now this is i mean most delicious of currency i mean this is obviously is the company is saying block chained to a promotion we saw this a burger king as well does this take away from the space or doesn't is meaningless the reason i mention it is because someone like a peter schiff will say there's eighteen other crypto currencies and even you know mr myers got a trip to a currency burger king's got a cryptic seems to feed his perception sure talk a little bit about why that's proper probably wrong so in general the great projects will stand out and the silly projects will just fall by the wayside and the silly projects are what feed the trolls to be able to have more fuel to come back out and so i think in general the projects that are worthwhile will continue

to outshine the rest of them and the ones that aren't worth anything will just fall by the wayside eventually yeah i remember seeing a video of peter schiff with a combi which is a gold card that you can break off into your grand isle candy bar and he's saying you can he's out of the store to pay for stuff now that's obviously doesn't scale very well but you could just use a trip to cars on your phone and bill thing that was just like old so i don't have to carry around forty pounds if i want to buy a car or something right. all right fantastic so being the fashion forward thinking you know hero of the space that you are i see you're wearing the big calling socks of course pleased to give the audience a view that because i thought so what we have here are the exclusive limited edition big socks very rare indeed what you can see is many different because on the socks going right into the shoe these are indeed very limited and only acquired by the true corners really indeed indeed like guns

a little private keys are sewn into the fabric were not a lot of talk about that at this point is the most it's a lambo of sox that's right all right very good. well marshall thanks so much for being on the kaiser report thanks so much max all right well that's going to do it for this edition of the kaiserin for with me max geyser stacey i really want to thank our guests marshall long miner and now with ios dot fish and you can catch that on line. dot fish if you want to catch us on twitter it's kaiser report until next time. summit or no summit that's the question north korea's threat of a no show when single for on june twelfth is a reminder to washington that north korea will not merely cave to american demands if there's going to be an agreement it's going to take time and patience.

with this manufactured sentenced to public will. when the ruling classes protect themselves. with the fine go around. the room see. the. united states. and its tax on other countries. economic sanctions are often just the beginning another thing you like to do is play some military press or countries

a talking about. and there has to be an effort to. that country and the leader of that country. we have a responsibility for the hate. and so we need to make rules for the rest of. us without us there will be. those other. shallow grave moment want to be i'm. not is.

that it is still. ten people have been killed and ten others injured after a student i print fire at a texas high school. former russian spy said his crew promised to challenge from coast to the u.k. ten weeks after he was poisoned by nerve agent. function president vladimir putin hosts a meeting with german chancellor angela merkel would be over on nuclear deal at the top the agenda. of the latest on the stories head to our t.j. holmes at the top of the hour rory sushi will be here with the latest news but close talk is next talking about the mixed signals coming from washington about north korea.

oh and welcome to cross talk where all things considered i'm peter lavelle summit or no summit that's the question north korea's threat of a no show in singapore on june twelfth is a reminder to washington that north korea will not merely cave to american demands or should i say john bolton's demands if there's going to be an agreement it's going to take time and patience to the americans of the north koreans have enough of either. crosstalk in the upcoming summit i'm joined by my guest kevin martin in washington he is president of peace action and peace action education fund as well as

coordinator of the korea peace network also in washington we have jenny town she is the managing editor of thirty eight north and in boston we cross who. he is an assistant professor at baruch college city university of new york and a specialist on korea and asian affairs all right crosstalk rules in effect that means you can jump in anytime you want and i always appreciate jamie lynn and jenny let me go to you first here do you think there's still going to be in summit or are we just get in the end the preamble process of you know everybody's kind of feeling everyone out and finding out what the lay of the land because i think with the cable stations in the us tend to overreact to all kinds of things go ahead jenny. they mean they definitely overreact and the fact that we haven't heard this coming from concerned than himself i would assume that some a process this and the process is still moving and that we should expect it to happen but i think it is a reminder that you know there are obligations on all sides i mean the north

koreans are not simply as you said not simply just going to do things unilaterally they do expect or it's a break aisha and it will take time and they're not interested in a model especially the libyan model where you know it ended up with the position of deposing qaddafi and so this idea too is that you know they also expect to have reciprocal actions along the way not simply at the end of a process and i think you know that needs to be taken into account even in the messaging as we move forward you know kevin more or less the same question to you because again i think a lot of nuance is lacking in the in the coverage of this very very important story is that the perception is that the north koreans and there's preconditions like surrender give up all of your weapons your program and then we can talk now any rational person that has an understand of international relations and diplomacy which unfortunately is terribly lacking at times and washington knows that it's a tit for tat it's

a learning process you have to start learning to trust each other that's step one go ahead. well and i think it's important to remember that the most important president in this process is president moon of korea not president trump of the united states it's always all about trump right everything is always all about trump except this isn't president moon is not only trying to bring about peace and diplomacy on the peninsula he's trying to reclaim more independence and sovereignty in a relationship with the polar world superpower and so far he's been doing it extremely deftly and i think we should be looking to that meeting here in washington on may twenty second between trump and moon as a very important step in setting the stage for later talks including this time between trump and kim ok let's go to go to boston professor i mean more or less the same question again to you here i mean with the added county on is how much is american domestic politics playing in this because again if you look at the mainstream media the liberal media they have

a hard time. digesting this story that trump could be part of a peace making world historic event here they're very hesitant i mean i make gnostic i'm a peace ok in a i don't care who gets you there ok but that's not the case in american domestic politics go ahead professor in boston. right as you pointed out here in the united states particularly in the mainstream news media don't want to give credit to president trump they're simply a case. as any pointed out important thing is that the statement you know criticizing john bolton or even canceling the summit meeting came from directly from. going from counterpart diploma to you know john bolton in the past. sort of so it's kind of individual statement highlight that the north korean government officially still is very much interested in the coming summit meeting

with the president i think that's the case ok jenny what do you think that the first steps are going to be because unfortunately and maybe this is because of the bolton effective and just the perceptions of north korea in general you know the end result is a nuclear free peninsula i think that's the oil to make goal but that's going to take a long time to get there stationing of american troops in the south so far the north has not really put a whole lot of demands on that but we know that that will probably be part of the process as well i mean what we know is some of this coming up in singapore it's not going to decide everything it might start the process of deciding something and i think that's the way it should be looked at go ahead jim. yes i think it you're exactly right it is that you know this summit is not a one off it's not supposed to solve all of the problems there's only so much you can do in a one day meeting at a high level meeting you're not going to get into the details and this is been part

of the problem is that this isn't necessarily how the u.s. does diplomacy and so it's been a very uncomfortable and very uncertain process along the way normally this would come after you've already negotiated all the details rather than setting the mandate and the objectives of what has to be in a deal so i think you know there's a lot here that is very uncertain i think there's been very bad expectation management along the way coming from both the u.s. as well as the south korean government raising expectations too high and i think you know along this way we have to understand that there's a lot that comes out in public messaging that isn't necessarily what's being talked about behind closed doors because it is a negotiation and neither side is going to publicly publicly talk about the full range of things where there is room for negotiation because obviously they're not going to show their hand so i think we need to keep perspective and keep our expectations realistic as to what we expect to see and yes there might be some

concrete moves made at the beginning hopefully there are some you know very clear objectives of what has to be included in a deal and then it gets passed down to the negotiators to actually work out the details very good point you know kevin. decided to pull out of the iran deal if you if you look at his reasoning it had nothing to do with the deal itself the i.a.e.a. . gave a clean bill of health for turan and everything he talked about was other things than if we could use the analogy of a basket you want to put more eggs in the basket human rights all these things here do you fear that this is what the political class is going to do. to be a spoiler because you know we can all speculate what john bolton's role in this is and we don't know he hasn't been in the job very long ok but i mean i worry that these extra things will be added ok regime change the type of regime of

a type of system that's going to be that's going to solve our everything we should be very focused on one thing and that might maybe just might be doable kevin. well i don't think bolton's role is going to be positive or good and certainly people that have studied this issue know that he helped to scuttle the last agreement that was negotiated under the clinton administration the agreed framework when he was in the bush administration i have to say though that the recent protest by the north korean government the u.s. south korean war exercises makes all the sense in the world for them to have complained why in the world we have to do these twice a year the largest military exercises in the world we're not sure that our stuff is going to work what are my tax dollars paying for and the fact that it was reported that the f. twenty two and be thrifty two were used of course it looks to north korea like a practice for an invasion or a decapitation strike so that part of the problem is the united states has no

humility we're the number one superpower the war machine runs on autopilot if we have these planes ready to fly these military exercises we're going to do and eat our dust and like now and that just doesn't set a good tone for diplomacy and i think when you had the great thaw with the olympic truce and at first north korea not complaining about the war exercises the earlier version of the war exercises that was an astonishing concession by them and then we have to rub their nose in it by saying ok well now these air force exercises are going to include the f. twenty two and b. fifty two although i did see a report yesterday that maybe they're going to pull back the b. fifty two but it doesn't set a good precedent to go ahead and do this and rather north korea's nose in it when we're about to go into diplomacy exactly go back to the professor in boston it's one of the problems we have here is that unfortunately particularly in since the end of the cold war diplomacy is often equally to do with appease.