for being a viable corporation and then you are allowed to go public now there are no such criteria so if you're essentially burning through cash and going bankrupt you're using the public marketplace to bail out a losing position so in effect you have taken the concept of a lottery ticket and you've turned that into a listed piece of paper on the new york stock exchange so there's no viable businesses there they're not generating a viable business you know profits and earnings they're simply one hundred billion dollar lottery tickets. ok so i'm going to compare this to the situation in italy italy has no viable economy partly because there is a monopoly on printing money for the euro that's the e.c.b. the e.c.b. has been locking in losses for pension funds and other passive investors across europe by basically buying up on their behalf bonds for the italian government at negative yields i.e. them and paying the italian government to continue with their reckless policies

here they're hoping to have a similar sort of monopoly position that central bankers have that's the only way to compete with central bankers you as a businessperson have to compete with the central bankers they have a monopoly position and can print money at will but also burn money at will so here the rise in on profitable companies is partly the result of the growth in the technology and biotech sectors where companies tend to lose money for years as they spend on customer acquisition and research and development but it also reflects the willingness of shareholders and deep pocketed private investors to keep fast growing up starts afloat long enough to conquer a potential winner take all market today's public tech companies generally earn more revenues than their dotcom era counterparts and could find it easier to flip the profits which once they reach a sufficient size of course that reminds me of when ben bernanke you said yeah we

can print money for here to eternity and whatever you know as soon as inflation happens we could just flip a switch here they're doing it the opposite is they're hoping to destroy all the competition and once enough to competition is destroyed that's just flip a switch and it be able to jack up their rates but by the time they destroy all the competition of course are going to destroy the jobs at the competition and therefore a lot of people won't be able to pay the higher rate jeff bezos is the model that everyone is chasing he famously earnings absent until he's flipped the switch and became this celinda. oh my god it's like a draw it's not much more coming your way. but it is our view that i'll not be here that. much as you. get up here let's chill. you. hate.

being a bit dull you. suggest that you get outside of the mike on them and. by then coffee session on the nod that they know. by then is a shift the long. haul of a stun gun audience at a loss is going on want. some sort of feeling my soul. and most of it was revealed to the whole multiple injuries among cranking up to soak them to keep sophie hold the book but the show's real your mars on the phone to the book on the if you can book a powerful symbols of the say yes but in the book in a moral sense what a month. hanumant of nothing. off allowed me. somethin to work. on long enough something not set

it. on top of us and the tunnels look ma. no but up to now maybe i made him promise he would have to. join me every thursday on the alex i'm unsure when i'll be speaking to get us through the world of politics sports business i'm sure. i'll see you then. welcome back to the kaiser for imax gys are time now to turn to alina noah she is the co-founder of tres door welcome thank you let's talk about fraser for a second what is it it's a hard will it secure so your beat coin without you having to have an only child

security and creeps in and creating backups ok we'll get to that more about the second now we met at the first big point conference the very first big going conference in prolog in twenty eleven and what brought you to that event and how did it change your life at that time i was studying diplomacy focused on international economy relationships let's say and i was writing a thesis about international monetary system in the current imbalances that was shortly after the big crisis in two thousand and eight that was two thousand and ten eleven and i was researching let's systems in local currencies and is the are trying to look for an alternative way to create money that will be sound and i found out the corn and then you've been speaking at the at the conference so my friend just invited me say hey mike skies is going to be their site so that's very cool oh yes and we had a great time at that conference and twenty eleven

a lot of people were there that went on to start businesses and your case treasurer and toshi labs and so getting more specific what inspired you to build trays or i think there's a bit of a story there as well correct well there is a story that there were some attempts to create a hard will it be for my team jumped on me by some german professor who never fail to fail to do that and so my partner spiral in and monica that's a smart guy so i felt like a why don't we try and boast basically hobby project back then. we did the crowdfunding on beat coin. that helped us do the basic r. and d. and development ship ship the first few thousands and then we took off as a company we set new standards for personal security rights just for people maybe enough really with the treasure or has become like the industry standard almost i

mean people always talk about trays ours become part of the argo of the crypto space but just walk through how it actually works as a piece of hardware and what happens is how does it work ok so it's an offline computer basically what it does is basically generates your private keesing a secure environment and then he signs transactions that's what he does and supports myriad of different currencies and so do use it to you just plug it into your computer prepare your transaction on the on the computer screen. or to to scientists or a section of my thousands of you shipped i'm not telling them a lot out loud a lot a lot ok well let's move on you know people when they own big claim they learn about individual economic sovereignty is actually a very difficult thing to secure literally many mom and pop investors have been piling into purely for speculation. but what is your warning or advice on keeping

these coins safe oh there's plenty there's plenty well first started off to purchasing any hardware wallet any any type you choose it's fairly now an interesting buy buy time in but users it's a good good way to start. if you happen to be one of the early beat cleaners or one of the big investors. i would probably advice to be quiet about how much cryptocurrency own. sounds like you're in there and that's kind of like a general rule individual sovereignty what does that mean to you freedom. from i'm from. i was born in chicago slovakia but in a country spencer's a political turmoil yes and also from a very top heavy state level top down and so this idea of individual sovereignty is not necessarily it's hard for a lot of americans to accept even that they accept the fact that they would need individual sovereignty they do quite obviously but in other countries it may be the

case for this is even more of an obvious case it would you would you is there a can you comment on that. it may be true that you know you know the history where you grow up shape your views and you know opinions on life and for me personally i prefer to be. responsible for my own stuff and not be babysit. companies governments so this is pretty much. why i love bitcoin and why i love the currencies and walked into qualities because it's one way to achieve this kind of freedom it's interesting the way that because i'm has evolved in different countries for different reasons you know i'm thinking about venezuela and argentina there's a use case there because their currencies are in free fall in some countries where there's a more of a top heavy bureaucratic you know overlay of politically there's

a need to have a more unique expression of individual sovereignty for some countries they're just out of the banking system clearly countries in africa they've been left out completely all these countries all over the world have found salvation in going for different reasons you're of course on the side of security and how has security of big point evolved and where is it going i think it's going towards more usability so we see a lot of implementations where people just click next next next and that's that's how we try to design as are so. oh my mother eventually would be able to set it up and use it without having to understand because. we will see a lot of signature implementations to get a weak heart. out. you know i think just make all these technology

all the security work in the background so we don't need to actually understand or see what's happening what about on the institutional level and for corporations you know they take a position that might be a billion dollars worth of our state for example the states now that were once critical of bitcoin are nothing about buying bitcoin because they see it as a way to escape the u.s. dollar of the gemini that comes at the u.s. dollar one of the security solutions for them is a tryst or inappropriate can get a government put a billion dollars a big going to restore. i would only say like you always choose the security set up that's appropriate to the purpose so if you need to made payments then tears are obviously is not a good good way to go because there's a requires you to actually push the button so for automated larch volume transaction for exchanges there are other solution using some modules and so on. but if you are

a fund or and became this server or corporation or whatever investing a lot of money just wanting to keep it safe that perfectly fine solution we've been keeping the company's crypto and my own private crypto on its reserve since day one . i remember hearing a story about the winklevoss twins over there at gemini talking about security of their bitcoin how they stripped the private key paper keys into two or three pieces and deposit them in different safe deposit boxes and different locations our late friend matthew mellon also did something similar what do you think about that approach. oh it's great it's called. shared secrets what. america yeah because shared the gun and i don't know the order of the words. allows you to just take the private key and divide it in several pieces and then you can say ok i will create three pieces and to recover the key i will only need two of

the three any two of the three for example and that's a probably good way to to distribute your keys on different locations and on have just by you know acquiring the two pc's putting all the all the private key together what's your take on the reaction from the old guard the warren buffett charlie munger paul krugman the old economist nouriel roubini they've really come out and with critical comments on big point and and they're really trying to talk it down what's your take on the word what does a come from work one of the statements or any basis for. first of all there's a lot of people who really believe in the current system and i've been working for banking in finance for ten years before crypto. and when i was leaving it my the c.e.o. of the insurance company i worked for he was extremely skeptical and he was making

kind of oh we will be fun. and there's these people who worked and lived there really believe that the system works and we should have bailouts and we should have quantity fees ing and we should have all these things. and eventually they also change their mind. the people that you mentioned probably are having big interesting in keeping the status quo because they have billions and trillions of dollars of interest in in the current system so obviously they will not praise be going what's the status right now with women encrypt them so round the world you've got entrepreneurs coming into the space startups all over the all over the world many are women what is the story with women. here's why i want to ask you a question. as a woman. my belief is that the initiation of big going

through the genesis block was a very male oriented process the scaling issues that bitcoin needs to now distilled say and engage to grow is a uniquely female attribute that women are naturally natural networkers and big coin needs to grow the network therefore i think the leadership of big coin in crypto will now be passed to women and women will now lead this revolution to where it has to go your thoughts on what i just said. i think you're probably right to a certain extent. i think you know when you look at the washing machine it's probably invented by a man but then adopted by women because they have the neat when you look at south korea and the adoption of the queen there there's a lot like basically most of most of the conversions and investments in who crypt are done by women well i daresay that for example you know the mantle mrs watson

abi who's the woman who's buying and selling for x. all day long and is moving those markets i mean once she gets a decrypt on a big wave she already is this is having an impact and the technologist if i'm think i'm thinking about you know the. mit lab and start for example is leading a lightning network so i mean this seems to me to be the next generation this is where things are going what do you think that's a fair statement well see well see i'm not really into this topic in particular because i always say between these permission less so whoever wants to jump in and feels like he can participate in being something of his or her qualities in their free to do in housing doing that scene's yes stacy early days are merchant o.g.a. she was with us she spoke at the two thousand and eleven prague conference and you know she's been. building stuff and doing stuff and. so the next. five years for your company where do you see that going it's not my company anymore and

left and so it's all show ups but we're still very very good friends. they just released a new model. and i think that will be a game changer once everyone realizes what is going on there. because the didn't next step is to actually allow a lot of people a lot of developers to create any security applications on top of or using the terms or hardware will it and you can imagine secure messaging. right encrypting every keystroke of your computer you can imagine secure you know sharing of documents and crippin so security protocol is to messaging and documents and other things it is a universal or general purpose security device that just encrypts anything it supports several curves so you can basically use it to. my word wedding chocolate chip cookie recipe to keep them out of the hands of the culture

absolutely yeah if you do and they for your cookies yes you'll be totally safe. thank you for protecting my cookies actually before we go tell us about your foundation ok i'm launching a foundation that's called cold blue dot com right for you. which is thirty k.t. to support research and development on top of bitcoin and by day i mean supporting basic product calls developing lightning that board developing r.g.b. protocol and all these new things that are coming very excited about i'm trying to pull smart people from this space people that i value that have done a lot of a lot of good stuff and that they know they're knowledgeable to be able to help new projects with their advice contacts and so on and of course i'm looking for money. so we're very switching and feels like he wants to throw in the few bits from his

early investments and help help contributing to the space. ok i was asked by the name of code blue bloom so put the name of that underneath the so you'll see it and the title they can figure that out well thank you so much for making the guy's report thank you want us to do it for this edition of the guys report with me nice guys or any of the stacy herbert want to thank our special guest alina there are no book co-founder of treasure and now with the foundation code blue what you can see underneath there what that's all about you can catch us on twitter account as a report by oh. we continue to discuss only about some monitors of the maastricht.

and we don't we have nothing to give you the next generation. to be proud to be european. my. goal. was a bit of. a lot of b.s.

to study well at the kind of mushy finality and i don't let the your talk about how much more i'd let her be honest and a half it shall get a letter i learned to whom i had that that's not to be a story. so it's all so much money so it. was that before this was useful to you with a lot of. different people and. they've been nice and friendly down five hundred fifty dollars i want to do with the family the forty year city of atlanta just obviously i told you. i learned what had. the popular niche market how to be a good f.p.s. it's b.s.

and. the bomb but don't tell except that i don't know how that would be when i decide that i love the idea i came i thought the whole miniature outlet hobby and with an a ha. i don't mean. but these are a little how do you have the thought has he has the bottom of the head of the something like that i don't fuckin alamy oh well i know how that the jets are looking to us and i'm going to have feel we'll sort it out then i said you can was awful but he couldn't. get out of the hole to. be the measure of the other but a continuum a lot. of us of all you know was ahead of your corner on the solo. listed off about a year a story and. something.

from the. county and most of it was of the how do you move the multiple injuries among kind enough to sell them to keep sophie home most of the work but shows you know your marks on the phone to call home if you want a place to pull through the sea so you also clear the area with them to step aside before to be very long before the end of the if you are with. allowed within a certain something to host them. you can hear the diamond. lead and want to know what happens when the sun just. jump just when it comes on and then one of. the fishy you know it's going to be something that should have you know our

story you will see another one of the people in the room with it much much. don't think. it's a bit hard to feel. funny except for yes. the size of something they are wolf isaac can i don't hide it at your mom's basement but make it to seventy on your own but it does i'm going to do what i think i did look let's sit with those that are took it and that's the climate i am having and you know. what the something that almost all of them a good little do i know about all the. kids that money out of. the kids. when you're

a thousand and must. be a story. today coming up you know what i thought i left you know. the size a kind. of saw it was amazing to look at it's i've. got to believe people look to the hip to the physio in the arm how drop it off if you took off. at them or be the only one could get a better. put up she bore me and i'll. see you again and this is how i tend to talk to an awful spanish put there for a little and. again a lot. of give. and he said we have the structure for if you just cannot give your money all of them love to both of us we never see uncle michel.

not to. excess you know when i'm started by the way some. mines even a school day sorry you said if you come to me seven months. nine months old found i was something like and the thought of this she had any but this old false so on and so on mars that if unless and most of this year at least that is how far as i can sense that profound truth will come out of some sort on though i don't believe it just so thought that's enough to settle many said that nothing self but you know but it was enough to let me find a funny line of thought it was odd that some thought ah ultimately well that's the other. i don't want professional perfume and the thoughts of the short. i don't know what the law will also look when the mound be walked on. you know i'm a need

a guy that got us you know what the clear i mean. you can have someone to call. again when actually the full. story oblivious to the other clue of the. recently of a kid with a kid to do so with the idea of me does and one of them is a new mother and dad beat and because.

it's a book i wasn't a big boy my. i'm falling off yet all those. who think i'm a. little bit. oh god. oh. god how i found that out that is not. our. costs too much as it does years old holy shit.

one only had nine much more not yet how do you become. and that was sheer size and then my. contract. knocked out then and i think. that's a human not to. say out of. poland as i do not. know hong. kong the notable. product as i was. to have not only. some of the some of the. pool. to

none for me. not on the body a studio by then. doing a long. hug and a condom on the internet i don't even know enough proof of the modelling of the laws. of the world you know little of the. bad if in the low enough the knowledge we had me. and the one on the ass the next pulling on there but that's not going on with. the little he really didn't. know.