he says of. if you go back in the south months you thought that a i mean even though i would find some of it shocking it's you know we're losing this it is really a cheap shot human that we still have i guess it's about. private a fine balance between you know what's funny and what could potentially offend someone this is our two international. usually when we have brought about a situation really in a conflict we be it me or the three decides to go cia the first people to rush into the u.a.e. do then de-boned departure and as soon as we depart the forces suddenly it's delayed so as do the budget. cuts.

geyser this is the guy's report another special edition late breaking news max we are wrapping up our time here at money cons in dublin or kaiser report and espanol count as you might want to say here i don't know who this out of the way so to report. you know as we said kim some what happened i think trump is on his way to winning the nobel peace prize that will upset many people in the news keep the news business going a little bit longer in america we have justin trudeau where we have the world cup going on that's a big event we had the racoon on u.b.s. building so a lot of important stuff has been happening while we've been here will you be

collateralized as the global economy with garbage. owned the garbage so u.b.s. stole the racoons garbage and then they put it in their vaults and that's the only thing that keeps u.b.s. from the claim bankruptcy is that they monetize their garbage and they've sold billions of dollars worth of garbage collateralized mortgage obligation i don't know that. so you have to turn it into kaiser report to hear that we've had your guest in the second half joseph thomson from atack he's raised a million euros while we've been here that was just announced so you'll go more into that you we had some amazing events on stage i was on stage with tone ways and i hit him hard with that question about when he wants to exclude people who are not qualified investors and i see those and i had asked him on stage oh so somebody would just ten thousand to their name shouldn't invest. you challenge him on that people have already seen that but the one i really liked was also you would just have lubin from a theory and he insisted to you that despite what you said that the tahlequah is

not the head. of interesting because everyone is the common knowledge is the. area minute there is a talent and you've got a single point. failure there of the taliban they went down in a plane crash as their aim was crash well a long list of it if you went down so just of little bit of saying you know he's not the head of it there he was not fascinating because he then went on to explain why i wasn't ahead but the same desperately to try to explain this was right convincing remember it was not so the very very best event on that day that you spoke at crypto conference here on stage we're going to throw to the first half of the first ten minutes of the c.n.n. reporter who was the moderator she asked whether or not the hype around big coin and particular i.c. is and how from one thousand to twenty thousand whether that was a bad thing for queen cryptocurrency alice get into it and the question of course is why am i wearing a hole why a leg so i work a coin base and hopefully many people particularly because we look at ourselves as

the easiest on ramp into the crypto currency space so if you're looking to buy five dollars or five thousand dollars a vehicle and many people download our app to do that obviously we saw a wave of retail capital enter the space through twenty seventeen the market cap of all crypto currencies ballooned you know anywhere between ten x. and fifty x. and we saw at the greatest amount about eight hundred billion dollars of market cap of all crypto currencies with because being that the majority of that net that we think there was a positive thing because with it comes new capital to the ecosystem but also comes with it the attention and awareness of the larger public and it comes with it to probably most importantly developer interest so i think what most people fail to realize is that right now we're in the what we call investment phase of cryptocurrency up because people are buying crypto they're speculating on the price and they're storing it and that's fine but we have to get to the second phase what we call the utility phase where people are actually using cryptocurrency to solve real problems and the way to get there in our opinion is to have really smart

developers enter the space and build on top of these open technologies so from my perspective as we saw this kind of run up in price in a recovery net it was a good things. brought a lot of new interest like you all those headlines and the bus good but for the future i think it's good i agree that awareness as a positive thank you got a lot of especially younger people into investing in the market now stocks and other assets have been not the easiest to. for for a large percentage of the population to participate and so this is an accessible asset class now what i worried about as is just people speculating taking out you know a second mortgage. because they didn't realize the risks associated with investing in the crypto but i think it just brought a lot more and bastards into the market and i believe that we need to offer

more assets to a broader swath of the population rise you bought at three to three dollars so i guess good news for you well i mean why this idea of high you know why are we singling out because i mean what about the hype in the bond market it's not a five thousand year high but what the hype on the stock market right now with the hype in london property market right now i mean there's a lot of hype out there markets all across the land and that's the part of the way markets function so you need to bitcoin the bubbles pretty unique i mean compared to all the previous owner you have your bubble is my pullback you know there's a correction in play at the target so hundred thousand and it's taking on free and we've just seen the beginning of the earliest innings of this so any time you know you're involved in any market there's volatility and coin is similar in that regard but it's not unique i mean when the bond market crashes or the us dollar crashes i

mean there's going to who are going to go to and say why did you hype it or where is jim cramer going to be when he's hyping stocks all day long on c n b c. completely irresponsible goes to those calling him to account right so i don't think it's hype so much as the natural the n.b.c. was hyping and. it was kind of focused on. three dollars i'm not sure you could put out the same categories bitcoin but they did kind of come late to the game we were covering because when i was eleven the carson report has created millions of crypto millionaires all over the world c m b so you came very very very late to the party and they caught the tail end of a speculative surge bet on them they suck. let's move on as well but all right as far as saying that. i'm glad you mentioned bitcoin as kloss so my next question is everybody is talking about bitcoin as

a thing to invested but how do we bridge that gap between bitcoin is not such close bitcoin as a means so if currency it could mean yeah yeah i think it's i mean obviously it's kind of more often to this store of value investable assets which wasn't its original purpose and i find that evolution very interesting i don't think we've seen the end of that evolution and we're certainly seeing a lot of development happening on the big coin blocking kind of behind the scenes so i think it's still to be determined what it's ultimately going to be and it may be and best of all asset maybe a new reserve currency and maybe also a transaction mechanism and so i'm tracking all those c.s. cases and i'm not rend any of them off yet you come from the groans of exchanges so

obviously also the cloth but oh do we move on do we move or do we want to move or so i think what's important members because the first of its cartwright it was the first. open protocol to solve something called the buys and generals problem which was previously what many thought to be an unsolvable computer science problem from that we've seen thousands of other digital currencies effectively copy and mimic a lot of what the coin originally introduced that's important what we're seeing happen is innovation on the edges the big coin developer community which is global but you pretty darn diverse when you look at it recognizes that it has a very large network and in many ways it's being used as a store of value or we're not wondering every coffee shop paying with that coin and that's ok over time though what we're seeing happen is that these new these new crypto assets a theory is a great example they have a much larger kind of surface area you can develop more springs like smart contracts on top of them and that's allowing a lot of really unique and interesting things to happen and we're watching because

to be a little bit more safe a little bit more stable a little bit more secure in many ways with the type of methods it uses i think there's going to be a place for both ends of the world you can have some crypto that are going to gravitate more towards electronic payments or solving new utility issues others are going to set there's a way to kind of store value in a process that's decoupled from the existing financial system so you see it rather den and both of these working next to terry in parallel i think they both can work side by side exactly the math the president because he is case is store of value and that will continue until the price reaches some equilibrium point let's call it one hundred thousand per coin where you will be seeing more used as a medium of exchange at some point that becomes a unit of account as things are priced in bitcoin as money disappears so similarly gold is a store of value and from time to time it's used as a medium of exchange it can be used as a medium of exchange central banks own gold they use they swap back and forth

central banks will be buying big as a strategic reserve as will sovereign wealth funds as we see a transition from the face. currency which is unsustainable the average lifespan of a paper money currency is twenty seven years every single one has gone to zero none have survived we only have gold and now bitcoin how do you know that it's going both survive because it fulfills arrah startles for conditions for sound money and which has been around for thousands of years that definition and it does so electronically and as soon as long as people want to trade as long as there's an instinct to trade as long as people still populate this earth they will want bitcoin to trade with do we need to first overcome that problem by mining and how and they're to inefficient for us to move on for and i'll say quickly that compared to what compared to the money world that's supported by the pentagon the dollar is

a multi-trillion dollar defense contracting nightmare and that kills half of my tax dollar in america that's unsustainable gold mining very unsustainable plus i've just put a lot of effort into a company in south africa called the sun exchange so they'll be using solar energy to mine cryptocurrency so using sustainable energy and marrying it with the block you can for ten bucks you can buy a solar panel they harvest energy from the sun you get paid a dividend encrypt now so you're marrying solar crypto energy you know it's beautiful marriage and i would i would add to that so right now because it uses a protocol called proof of work and that proof of work is what people think of when they think about the unsustainable amount of electricity or energy that goes into the mining operations there's nothing that beholden to using proof of work right these are open protocols that anyone can write to anyone can submit get out request to change and we may see something like proof at stake which is what a theory and is moving towards which says instead of having computers around the

world compete via computational cycles to solve the next block instead we're going to rely on rationally economic actors that vote via the stake they have in this asset so. there are there are other options that are far less environmentally impactful and i think we'll see a number of them succeed i agree i think looking at it statically where it is now technology has never remained static i was at intel for a while and if you look at. the moore's law and the processing more efficient processing power over time we're going to see that happen we're going to see alternative energy forms and we'll see also the technology and different consensus mechanisms emerge so i think the combination of all of those factors is going to make even if we have proof of work it's going to be a lot more efficient down the road and less consumptive. well consumptive i looked it over and i'm not sure that's even a word and when i was i working in

a while i now in the second africa were talking to joseph thompson. go away. you. see this is kentucky. boy you go find the. money since he was almost no coal mines left. the jobs are gone are the ones that said. that it was love to see these people the survivors of disappearing before

their eyes. i remember thinking when i was younger that is anything ever happened to the coal mines here and that it would become a ghost town but i never thought in the million years i would see that and it's how it's happened. welcome back to report. to the c.e.o. of aig. from years ago he started projects and funding projects on the all star joined. tech so what is a. tech. industry for transparency so it all started by mistake in the sahara desert from being honest so i ran the event in two thousand and nine. hundred fifty one mile

race six margins in six days the sahara desert arrays over one hundred thousand dollars i gave it to a charity a charity that see two things what's the impact where the money has gone missing traceability. even organizations n.g.o.s charities and then we came across actually as yourself. and then. what the chain is not so much because. if we could create a situation where people actually have transparency and aid welfare remittances donations. represents an industry was born all right. bring transparency aid sure so. it's an education. first of all so we're dealing with n.g.o.s and governments have to make a very very simple so we were the first in the world to deliver international aid to syrian refugees on the border with lebanon and syria is december twenty fifth

and the senshi what we decided was if you want to. see where your money's going you need to give a person. so we've. given the person a legal identity so that it's like a credit card. so if you can think of a person's idea on the block gateway and then. organizations have traceability after sending them volume pick or the wreath whatever it may be but even have represented on the block trying to make sure they actually reached out and recipients. remittances donations. for corporate donations believe it or not so. people want to give money to an organization and then they are responsible to distributing it to recipients and you found that you can mediate that. middleman and just deliver aid directly to individuals more or less between what we use aid organizations and then the

distribution network because they have the data on the end beneficiaries they are the basically the trust custodians so we actually say hey we actually generate more revenue for for us in aid organization and you also governments get better targeting you better data but you know the impact is going directly to an embedded fishery so consumers and donors are and even the corporate side who actually work with the n.g.o.s and aid organizations to deliver exactly where that money should go and how is it shaken up they aid business at this juncture and there been some changes have things are moving what's going on there so if you look back bank you mean the former head of the united nations which thirty percent of international. lost. in the war it's also inefficiency in human strikes so you know as you say. you can't afford mathematics somebody using the block chain you have something from point a to point b. there were multiple n.g.o.s internationally and if you're aware of the new

millennium goals are called united nations sustainable development i was very fortunate. in the last year at the general assembly in new york so all the different u.n. organizations the red cross is. actually looking at using blocking for better transparency because all governments of. the. and all be measured on the impact. ok if you put. it in every whatever it may be on the block chain greater transparency of the benefits of using that with big data for predictive analysis and so on so i'll talk a little bit about digital identity. because it's a hot topic here money comp and digital identity is one of the biggest topics there it's a huge topic and they. what's going on there for refer back to this is the. goal sixteen point everybody has a legal identity by twenty thirty so currently just one point one billion people

where my identity right now so we've used identities again with access to all these different services so if you can imagine an i phone entry point for life phones nine hundred dollars a thousand dollars if you have an apple i phone you have a couple of those one hundred ninety billion downloads now if you haven't they don't see by itself it's not really of any value for you have. a few receiving remittances donations in the way we propose and we've built a platform to say. should manage their own data so for example we're doing project now where we're delivering. women in tanzania the first child born on the block chain this week. i mean you're having the first child born. so you can project. organization and they're delivering medical care to pregnant women . and what we're saying there is instead of it being a paper process it's a digital process so woman there has been the blockade which can be as simple as

a plastic card. so the ngo and the local health center know what she receives her her medical incitements when her child is born on the block chain she's able to receive medicine for her child so if you think about this what this means in the future a person born on the block chain and there is they're receiving aid remittances donations whatever may be the building. data credit profile based on their own identity when they control their own data so it's given you this ability to flip the traditional business models on its head where the embedded fishery has a lot more power and say so now the density she's control what time she gets for a child that's building a credit profile. for a number of years we met in ireland that. i know that you are a guy who cares deeply about this technology and this project is a humanitarian project your work with the u.n. but let's talk about digital id for a second because there is kind of a flip side to this your thoughts when you hear reports out of china for example

that they're going to put everyone's id. database and it becomes a social score and if you down if you say something against the government your social score gets debited and then you can't take an airplane you can't get on a flight this is they're using this huge database and identity based data and it's a good extent that folks would argue is you know a negative if you just call it that. what are your thoughts on that just broadly speaking you don't change for that's not going to block him based identity in the first place so the idea and identity. it's going to change from jurisdiction to jurisdiction in my opinion and it goes back to the idea if you have. a way to access all these different services so we're not just doing a delivery redoing the nation's welfare delivery and so one decision the person should donate money or value is the person's decision when the cons to the level of government control over a person's identity what they may see it's not really block chain based it's not

based on let's be honest so when you're up against government system. i think it's very very different from what we're trying to do make a distinction that's not blocked chain based and you're saying it's not blocked at all in china because it's a huge database. you don't need a stopwatch enabled it's just a huge database. that they're tracking but they're yet but. big point is a database that's updated every ten minutes work and that's the magic of because it takes the. database technology and combines it with a corruption technology and technology and you create something very very special but how. understand what you're saying here so you're saying on a territorial basis and on the regenerator basis you can't control the politics that a country and. it doesn't stop a tech from the mission of getting aid to where it's needed and that's your focus exactly it's initially started off with a. cross border so driving down the fees of remittances welfare delivery work with

organizations in the u.k. and we have a consumer can actually make a donation to people across the world but the donor has to say where that actually when he goes with them and fishery no government has an identity it's not based it's compatible right because they have their own reasons for doing that and the different countries that it does change don't need change for the politics various countries that's been there before it's there now it'll be there continuing but this technology you know you're using it in this interesting way now let's talk about the money raising here the conference i think it just closed around a financing where you got around what's going on there. when you do something that's never been done before new industry going to us or is a slow process so we're very lucky to have been backed by the tech accelerator infamous angel investor jason calacanis we spent fourteen weeks in silicon valley and it's a new world. he's in the. company

over the last year and he used to join us over silicon valley which was great. the year christine the guy at the i.m.f. gave us game changer of the year award for fighting corruption which is pretty fantastic but yes today was the first company in the world to have investment from the governments so enterprises are in the investment. the irish government. singapore government investment arm. of signal to the markets. and organization. and essentially going to be. someone you can hear from china to help someone you can hear from. investors so you are thrilled this is i guess part of a kind of an irish success story right here in irish. this is a great. violin is there a growing startup scene in ireland yes absolutely and i think it stems from things

like these great events where you have the web so much. and you have organizations like strike the. so you know we've. for the next few weeks which i think is put the spotlight. you know the government here i think the whole crypto space in the space is going to be focusing on trying to. create the hope globally. you know we're speaking with the central banker speaking to. the revenue. sources. in organization something so new so you bring in. the government behind there's a lot of conversation a lot of education there that's needed but. they have prevailed and they've lot of patience. people are working. very. well it's

a. change . to about sixty people by christmas. so i actually said that several job offers yesterday. as an irish story it's all about points so that point and so we're looking to scale a team rapidly so that's a massive growth in a short period of time so your skill as a c.e.o. is this your first c.e.o. gig second was first was a failed company so right but failure is a gateway to success absolutely but that that's not a european concept out there's a stigma attached to failure in europe that prevents entrepreneurial ism would you agree with that statement was so the think europeans are a lot more risk averse say in the us if you get over that we do and i think that's a bit more uniform school from the u.s. that you would have your excellent point that's going to do it thanks so much jealous of thompson the c.e.o.

of a tech better pleasure see you soon hopefully you will the chair is thank you well that's going to do it for this edition of the kaiser report with me max kaiser stacy herbert like to thank our guest just thompson c.e.o. of atack if i can just on twitter it's kaiser report until next time by you know.

i'm not. that's the c.e.o. . and i thought. i might have. good i'm good i mean.

i'm. an exciting time in russia a time of communal celebration as the international community all eyes focused here day ten of the two thousand and eighteen feet for world cup has been action packed with goals go laura and a late twist to during the evenings final game in sochi our special coverage coming up has all of the highlights and analysis from a very thrilling saturday. in other news around the world the second anniversary of the u.k. break that referendum season tens of thousands march on parliament demanding a vote on any exit deal with the e.u. .