dominated remember the denominator for the new economic reality for planet earth is bitcoin it's important to note here however that this is they're seeking money from investors who had not ordinarily go to one of those legacy stock exchanges they're not going to crypto investors and i c o i think partly also if you understand the whole chip making industry and the mining making mining equipment their number two this company they have fifteen percent of the market number one is bit mean and essentially you know maybe cryptocurrency investors might know you can't compete with bit maine even intel can't compete with maine as marshall long told you in their previous interview so maybe they're like trying to exit the business because at one time but making my own one hundred percent of the market well it's different than owning crypto you know if you're buying a miner and there's a lot of different risks associated with that and i think your warning is prudent for people who think that they're getting into

a crypto you know you know you're getting into the mining aspect the hardware a piece of drift and it has a completely different risk profile but as all was. tore they aim to begin trading in july they are also a chinese based mining equipment maker and chip maker a sick miner but now i want to turn back to another story that we've been following and in terms of why coin and all of these blocked chain sort of enabled new media alternatives the censorship resistant aspect of these is so important and why we you know we discuss all the time the censorship resistance of a front financial system so right now swift can be turned off for certain people you can censor an entire nation an entire peoples of tens of millions of people who live in iran millions of people who live in venezuela they just get censored from transmitting data financial data across the world here. or twitter continues their

own crackdown partly because you know various partisan groups are angry at other parties and groups twitter will hide more bad tweets in conversations and searches twitter will begin using a wider range of signals to rank tweets and conversations and searches hiding more replies that are likely to be abusive the company said today comments from users that have been blocked muted or reported for abuse will be less visible through the service c.e.o. jack dorsey said right so it's censorship and that's what happens with free speech is that eventually it empowers and and richest people who then use their power to curtail free speech so this is the ugly side of democracy and freedom and fortunately i know of two twitter competitors that are coming online that are going crypto enabled and jack dorsey who is a keynote speaker a consensus this year if he wants to go against the crypto crowd he will be

decenter mediated just like every major bank well this is part of that legacy system he has listened you know twitter is listed on the new york stock exchange and he is trying to sell the service to legacy advertisers so he himself is very much into big coin in fact and he's developing various bitcoin applications you know behind the scenes but here he is you know having to. these are the vulnerable points of essential ship. sort of system where you're censored easily on these legacy systems and a lot of people have to say you're not going to get one hundred percent conversion to censorship resistant financial systems just censorship resistant media platforms so a lot of people do want to walled garden they do want to not hear any voices whether or not that's healthy for the entire diversity of the organism that is

a body collective of us of society i think just tune into m s n b c and then fox and watch what has happened to america where people don't need to hear opinions that contradict anything they believe that only reinforces everything they believe and they can basically censor all the stuff they don't want to hear censorship destroys it democracy is metabolism and that it prevents the growth of all stakeholders who are incentivized to participate no matter what their opinion may be and censorship resistance is pro metabolism for any ecosystem or society and that's why it's going to beat the cancer that has become us media of hyper partisanship that has created these echo chambers of deceit now one thing that edward snowden said soon after his epic you know journey from hong kong to russia and into exile is that he was asked i remember something like how will

you know that it was worth it like was it really worth it and because as long as things change and people do something about this i don't feel like i have succeeded and it was all worth it but i think. you know a lot of people don't mind being surveyed they seem to not react negatively to this sort of censorship to the sort of would mini people in the crypto community might feel is very abusive here's a story alexa and siri can hear this hitting command you can't researchers can now send secret audio instructions undetectable to the human heir to apple's siri amazon's alexa and google's assistant so you could be sitting there having a conversation in your living room with your partner or your friends or your some intimate person your family member and it could be sending somebody could be sending commands to your devices around you your internet of thing listening

devices around you and doing things you know the article points out the researchers say well they could order something online for you for example that you won't even hear the command it's being spoken right there in the room with you but you can't hear it but of course it could do more nefarious things eventually well the human being is not evolved sufficiently to succeed in this twenty first century you know our senses did a remarkable job of keeping humans alive for a million years in terms of being able to hear see taste feel but now some of the algorithms in the machines of the robots have evolved past humans capabilities to see more hear more understand more feel more we as humans have to prepare for the fact that we are now becoming extinct yeah because who writes the algorithms is the algorithms that are controlling these things and the algorithm second here messages that you can't because our human ear is not as of all right there's only one stop us a wall a human wrote the algorithm and that's false the algorithms write the algorithms

the algorithms jumped the genealogy of humans and are now evolving on a parallel track they are now running the show and they are evolving and breeding and having their own version of d.n.a. and they are creating their own. subset of culture and society and organisms and they are metabolizing and growing at a rate much faster than we are and we're becoming extinct full stop that's the fact so the article points out that these deceptions that it could be tricked by an audio attack it's called illustrate how artificial intelligence even as it is making great strides can still be tricked and manipulated computers can be fooled into identifying an airplane as a cat just by changing a few pixels of a digital image while researchers can make a self driving car swerver speed up simply by pasting small stickers on roadsides and confusing the vehicle computer vision system but as you say they could they could start gaslighting us and eventually ends up absolutely let's say you're in your house and your refrigerator goes to war with your toaster and the refrigerator

sets and algorithms for the toaster to eject toast at a speed that would strike you in the head and kill you ok now you're in your view recall the crossfire between your internet of things at war with each other in your kitchen by the way importantly to know in this this is a shocking thing there is no american law against broadcasting subliminal messages to humans that's false well this is what they say let alone machines the federal communications commission discourages the practice as counter to the public interest and the television code of the national association of broadcasters bands transmitting messages below the threshold of normal awareness neither say anything about subliminal stimuli for smart devices wow i thought it was a little it's just a skirt yes discouraged. the whole emacs girl we're doomed. well courts have ruled that subliminal messages may constitute an invasion of privacy but there is an invasion of your subconscious mind right there invading your

subconscious mind it's a violation it's like you're getting a knife stuck into your subconscious mind and you're being murdered subconsciously and you become a zombie like a zombie bank those up. well on that now going to take a quick break don't go away much more interesting in a war between refrigerators and toasters coming your way. with kind of the goal and to accept you know i turned out the generation of independents that's what's called the company you push away and that's in the beginning and the night mad how affecting the whole lifetime of. a plate for many flips over the years so i know the gunman so i got. football isn't only about what happens on the pitch put a funnel school it's about the passion from the families it's the age of the

superman each of killian erroneous and spending student twenty million and one player. it's an experience like nothing else not to because i want to share what i think what i know about the beautiful guy my great so will more chance for. peace it's going to. keep people.

welcome back to the castle report imax keyser time now to turn to hertzog he's the

founder of bank corps a d centralized liquidity network yeah welcome thank you all right bank or exciting project i've followed it since its inception first of all the name refers back to a famous guy in economics right so walk us back a little bit to the beginning of bank or in the reference to keynes so basically and one hundred forty four old in leaders the economic leaders the financial leaders of the world they meet at bretton woods and there are two offers on the table one is that offer by the fame with the could always cane's. which is called bank or to create a supernatural currency that would be kind of the reserve currency for the nation in balance the trade between that the other offer was to use google back currency that was later changed to be the dollar. and that was the offer that was accepted you know you can imagine if the war were to you know united states is very strong

and they actually start to use the dollar as the world reserve and it was backed by gold until seventy one as we'll do it right so backed by gold and that was seven seventy one and now we enter a period of currencies referring to other fiar currencies what i call infinite regress or one turtle standing on another turtle turtles all the way down people sometimes make that that joke about what holds up the world infinite regress now had we gone to the bank or with keynes after world war two what would the world be like today in your view because is it was it just going to go to a purely fiat's system right after world war two or was we missed during the interim so actually quoted as saying that that we will live to regret the. choice and his main argument is that you should not use a specific nation currency as the world international reserve currency because that

would give an unfair advantage to the east sure of that currency and i think he was right and if we wouldn't take that route then we would have a much more balanced international reserve currency or supernational reserve currency in the form of bank or that would have to serve only sions and not all the decisions that are made made regarding you know how much to print out of it is made by a single kind of player in the game so that i think would be a better situation had there been blocked and crept up back during that period it would have been an easier sell because the facilitation of such a vision would have been more obvious how to create it so answer bank or so bank or you get this vision i guess you had you know this can be possible now to watch and so how did that happen what was the moment when you decided you know what this is possible and walk us through that a little bit so you know i was before and the whole crypto reveal ations i would

call it i was the founder of a company called medica fit which was a video sharing site was second to you tube but it's a winner takes it all game and i learned a lot about user generated video and how it changed the world where we became from just consumers of video to that anyone can broadcast a video of said and it's really changed our entire culture and when i saw bitcoin i saw oh my god this is the first user generated currency so now people or anyone can generate a you don't even know who the guy is and that was kind of the inspiration to start working on local choruses to see how people interact with curtis is the be create and we created a lot of for local courses in the system for that and it was very successful for a while but then we saw that it's not sustainable we try to research that. you know i'm cutting a very long story short and we figure out that the problem is with was the lack of liquidity those small currency those local currency were not liquid you cannot buy

them you cannot sell them and because there was no price discovery i mean if you peg them it's really not a different currency it's just the same currency and we started to think how can we solve the problem of price discovery and liquidity for small currency because it obviously cannot work with a current exchange model in market makers in order books that wouldn't work because no one would like to trade that ok for folks watching who this is some new information described price discovery in a quick description of price discovery is basically the process in which you have two different currencies used by two different groups and obviously you know in most cases people from that group would want to buy stuff on this group and vice versa what should be the conversion rate between that so today we use. an exchange based system where you have an order book and people can both order it's like you know let me say this and tell me if you agree you've got some buyers and sellers and you've got to create a price to satisfy satisfies both the buyers and sellers that's the discovery price

you've discovered that price to clear that market essentially that's what happened then today it's like the last trade you have like a lot of orders sell as willing to sell for the first price and buy willing to buy and those are like the market makers they put those orders and then you have those market takers that actually leverage those orders so it's like a kind of a bidding system if you will but it's a big arena where everyone can play and we see the last trade that happened as like the current price ok on the floor the new york stock exchange you've got people showing up and they have shares of i.b.m. that they want to sell and they have shares of i.b.m. they want to buy and then there's a specialist who's responsible for price discovery or clearing markets matching those orders on the book you guys a bank or have a let's say a virtual market making. ology correct you don't actually publish prices based on buys and sells it's a different system and this is really i guess the secret sauce to feel well the

value added that bank or bank so can you describe that yes so if on the exchanges the market makers are essentially the liquidity providers when you want to you know actually could birth you will buy from some market maker that put an order in place bank or the market makers a smart contract immutable decentralize smart contract that actually holds two currencies in the allow liquidity between that and it's a very straightforward smart contract and as you buy one currency becomes more expensive as you buy the. you convert to the other side who became less expensive so so it is doing the same thing i would like to i like to describe it is like a silver driving car technology but for market makers rather than drivers and it works we have like eighty like ninety different tokens that are being traded on bank today to the large largest decentralize exchange and i think it's the largest exactly because it doesn't have market makers because each market makers are here

to make a profit if you think about it the largest corporation on earth or market makers there is make a lot of money from that and if you automate that so the end user gets all those saving because he doesn't need to pay them right the market maker will create a spread exactly tween the buyers and sellers and they will capitalize on that spread because in order to have the ability to match orders if there is. no liquidity to match those orders they have to go into what they call their inventory and that inventory is created by constantly kind of creaming off this spread for themselves and so this is an automated version where you don't have that intermediary so that it's a market making without that intermediary and now am i correct if i say that. i can show up with almost. size order to buy or sell and you will fill that order at a price because you're not reliant on an inventory system so is that correct so i

would say yes but if you have a very large order compared to what is deposited in this market contract because if you have more deposit it into small contract then you have highly quiddity for example we switch is very popular we have ten million dollars on each side of the smart contract fen million dollars of what the ios and feminism dollars worth of b. and d. which is our own to look at and that provide very highly quit if you want to convert hundred thousand dollars it would move the price one percent but let's say there are some real is off a small long tail currency which is just one hundred thousand dollars and in that case you know you would move the price a lot if you tried to convert hundred thousand dollars like almost fifty percent so if you want to use like a smaller reader you want to take your time and spend you know convert to three thousand dollars every ten minutes and then we'll give some to arbitragers actually to rebalance the prices with external exchanges because what arbitrage is do in any

market not just in bank or the like the liquidity mover as they move liquidity between the arena when they see price differences they are outsourcing price discovery we are so arbitrageurs so and to a degree on these large orders because a book at some doesn't execute but you stagger it and then you're getting price reference you can say that because because for courses that let's say three did on buying it with their you know hundred million dollars in volume so obviously the price discovery will happen primarily on buying it and that's the true for anything that is traded on multiple exchange that were you traded most that will be the prominent kind of sweet spot of the price discovery and arbitragers the drones of late that price to all the other exchanges by essentially closing down. price differences where they see that because bank or is both a coin and an exchange it's like people don't describe bank or as an exchange they

describe it as a coin now for example i know by nansen i know shapeshifting i know change lay and i know other exchanges and people are very familiar with those exchanges but they don't mention bank or when they send those exchanges what so first of all i think bankers is very new and he still is literally speaking in exchange because there was a world exchange means that you give something and i give you something in return and there's no matchmaking in bank or like you have on exchanges where you have buyers sellers being matched it's actually as synchronous because you can buy now and i can you know sell tomorrow and that would work so that the word exchange maybe is not the word best word in this way we call it an equal network if something is marked on hard to get over a sonic best doesn't roll off the tongue like it's hard to talk about bank or because it's not it's you're doing something that's not really obvious like it's not obvious they will should be out in i agree the good thing is that we have

a very easy to use user interface for all of that and we see a lot of people using it every day and when you use it i think it's the easiest thing to understand the because within a single transaction on the theory you move you can convert you the orders and they say that you've been outstanding is no ok why not mean they have all these other exchange people out there they have i mean you guys you said you are the biggest liquidity provider in the crypto the biggest decentralized exchange the centralized exchange arced to be much bigger i mean if you measure a bank or against centralized exchange we're probably fifty or sixty in size but in terms of decentralization which is like a new wave of exchange there are several we are to biggest and i i think the decentralized will take over as it usually does when you decentralize on. he usually takes over the entire thing but it takes time what about on the security front sun a lot of problems these exchanges have are that they are getting hacked all the

time and people are losing funds because they are centralized yeah and the kind of the buzzword of the year is decentralization and we hear about this now plying to exchanges you guys are like the first maybe not the first method for a sudden certainly a very large one so is it just a curative protocol is it of a higher standard would you say or less of a security threat we don't have security challenge that's the nice thing about it was a because every exchange is essentially a transaction that the user signs on his computer we don't have access to any of the funds and it's just the end user it's like a you know it's like. each user reason essential responsible for his own wallet security centralized exchange they take the responsibility from the user sometimes the use of prefers that they don't need to be responsible for their own security so they rather have some centralized exchange keep the money for that now not always working for the end user but sometimes it does come out this quick

question in the space keynesianism has a bad name because this space is filled with austrian economists and the idea of individual sovereignty and keynes is actually a vilified figure in this space is that like a branding issue you know i've heard that form hard core economic you know yeah but it we were at the so should we were just associate with that's pretty folk proposal so even if you know me was travel quickly and better in their heads and they you know it affects their behavior and that's you know we accept that as i think again the best the best proof and the best thing that we aspire for is for people to use it and we don't you know if you think about the most of the products on the earth that we're able to make a. difference did that because a lot of people used it so we're really focused on getting more and more people to enjoy the platform to give us feedback to improve it i think that's that's how you

win in this internet space and blocks the space and up north and the enough to buy hype and not the buy brand you just do something people like great thanks man kaiser for thank you for having me well that's going to do it for this edition of the kaiser report was made my studies are states that ever i want to thank you he's the founder of bank or did a centralized liquidity network if you want to reach us on twitter it's kaiser report the next time. what we've got to do is identify the threats that we have it's crazy. let it be an arms race off and spearing dramatic developments only i'm going to resist i don't see how that strategy will be successful very critical time to sit down and talk. to.

those who know the middle east understand that the decision to bring tens of thousands of palestinian marchers to our border is the work of come up the question is does a country like israel have a right to protect its border its internationally recognized border if you say no it doesn't then you you will be exposed. to. put themselves on the line to get accepted or rejected. so when you want to be president. why. and. that's it right to be cross with what will befall us three of them or can't be good that i'm interested

always in the waters of our. first ship. can a site genetically modified organisms based system heads in the food industry in the one nine hundred ninety s. . but tom is taking that a night and what does that have to do with g.m. . was just. almost sort of. like it's a chemical widely used to kill really. was it was widely believed there was like a beer is. a disguised as

a kind of runs off there's a possible temptation. to try to curb the future scientists proof that g.m. products really awful on the human race despite a service to wells free of g.m.'s in crisis eight wouldn't even be able to see how would cost the points of never send. people. in july twenty seventh team on an elephant up a freelance journalist working with our troops to militant shelling in syria. on his sacrifice quality has established a holiday also to have memorial day will recognize more reporters who often risk their mugs for the sake of the truth comes through them these you can submit to your published works in a video or written format i'm chilled june the twelfth go to along doughty dot com .

donald trump cancels what was supposed to create a storage summit with north korea's kim jong il next month. despite pyongyang going ahead with dismantling its only nuclear testing site just a few hours before he made that announcement a photo correspondent was there to witness the underground facility being destroyed . you know that the french president lavished praise on russia. for its international role as he joins a team approach to the international economic forum in st petersburg we've got all the highlights from day one coming up and. russian defense ministry criticizes the latest findings from the air crash investigators looking into the m.h. seventeen tragedy in twenty fourteen for a lying old so.