i'm thinking about is the institutionalization of the space and that is the large banks the hedge funds the sovereign wealth funds of the world now beginning to move capital into this new asset class and a lot of the work we do a coin base is building not just the products the qualified custodian the reliable exchanges the prime brokerages but also having the right regulatory licenses so that capital can move into the space so what i see coming from banks right now is maybe a little bit of air being taken out of the room on these private block chain instances that may still develop but are not going to revolutionize their work overnight but beginning to look at crypto as a new asset class that ultimately their clients want exposure to yeah i think the key there is that it's come from the ground up it's clients that have been asking for exposure to this asset class and the banks have kind of been dragged into it jamie diamond two thousand seventeen september called it a fraud and then two weeks ago just hired a head of crypto strategy and that's happened over and over again and you look at

all men and so and it's because of that demand from their clients that's not a top down strategy it's bottom up and that goes with. what crypto and law changes about marx i have an idea what you think but do you think they have something to bring to this space or should you not know. they really nothing no value. to the space and financial times this morning said after banking jobs are going to be eliminated came up all the back office ship versus big going watching is great for banks because they take all those back office jobs of matching trades i was a stock broker for many years and whole antiquated system of matching trades and clearing trades is unbelievably byzantine and so this is all going to be done away with with block say ok so that's half the bank's gone. what about the front office

the guys who just sit there all day and just collect ron t.a.a. like fees for overcharging customers and and doing the fairies things what about those guys well they will have a war of attrition where more and more their customers disappear into old vengefully there's nothing left so how many bookstores are there in a free standing mom and pop bookstores are there you know after amazon came into the space very few they came and they're just there's the there's stores there's no room for them the answer's no no that's my short answer. so the last one on bitcoin the question everyone is burning to oscar price in a year in five years where do we stand i kind of want to see it get to the that price at which john mcafee says he'll eat his own. but i thought i was out that three hundred thousand i think that was a million dollars only in the wind so i mean i'd like to see that and i could have it on my show and i'd love to have. my show but i don't write

a lot now so i think it's going to get to a million dollars you know i think if you look at the rate of compound you know it's on it's pretty remarkable it's almost one percent today and you just follow that compound rate of return albert einstein said the most powerful force in the universe is compound interest and that's a quote from albert einstein so imagine if you're comparing a one percent a day warren buffet's compound twenty two percent a year ok charlie monger by then went on to this big coin prize will be times of fallows and the price of the years charlie monger gets to when he croaks. like you are right i do hear i hear from now that i have it i think it's going to keep going up i don't pay as much attention to the price i'm more interested as a prize destruction yeah i mean it's the techno. behind it and i think i think i'll

read it and indications lead to more demand for this as an asset class it's the most secure it's. fixed supply there are a lot of things going for it that i don't see other practice necessarily fulfilling that store of value functions so i you know i'm i'm a holder. so from our perspective point is one of the world's largest exchange operators we tend not to focus on the price explicitly focus on the process of fair price discovery so we have over twenty million customers that every day are buying some crypto some of the largest market makers in banks ever made me a number of times i don't but i will say that anything that i do think in our lifetime we will see this asset class emerge as something that everyone has a bit of exposure to and i do think that if we move ourselves from western developed countries like the united states and europe this doesn't solve the real problem in more developing economies and i do think in our lifetimes we'll see

a grassroots movement where people of those nations start to move away from their own feet and currency into a decentralized digital currency is a sort of wealth oh i shredded that you know why the while i honor my good friend charlie that is why i have corday from their wedding state to the second i have a whole lot more coming your way. like so many clubs over the years so i know the game inside out of. the ball isn't only about what happens on the pitch for the final school it's about the passion from the fans it's the age of the super manager billionaire owner is spending similar to the twenty million and one player. it's an experience like nothing else

on to because i want to share what i think of what i know about the beautiful guy a great so one more chance. and thinks this minute. welcome back so the cars are parked imax keyser yes i'm still money calm skies a report comms yes and the great thing about event like this is they meet interesting people with new projects and sometimes you're things i'm just learning about at the same time you're learning about this stuff and so i want to introduce at this point thomas fandor. taliban or say now first of all i must say that the reason i pluck you from the crowd is because you have a cool jacket on thank you so i want to deal with that jacket was the closest jacket i could find that represents block chain right right i need to stand out in

the crowd so i mean standing out now you're on the kaiser report ok so you are with bit fair what do you do it to ferret face crisis was starting who are you even there i am one of the kind of fun that you want to call it is there's a lot how old is the company companies started in march last year we started building out platforms already both going live in the first of october it's a trading platform allows us to buy short predominately short wins for the first time so i think on then i can take a position on any old clean up or down south africa a year from south on some stuff is that you'll see us out that unfortunate not by studying and we chose angola just because it's much safer haven to do that's why you need to talk to me it's not regulated in south africa it's not unregulated in south africa we don't know where it's going to go so why incorporates way we on show. south africa the political posture toward crypto and. so you guys figure hey let's go to some place where we have a little board transparency and that is angola and go off as i start to act i want

to act regulates utility tokens so it makes obvious sense to regulate or set up not just you know in the conference chair make can i call you john it's just under stylist there is some talk about regulations the point being made that if various countries at the regulations. not friendly decrypt has the ability to go jurisdiction shopping they can go wherever they are most welcome really a comment on that one hundred percent exactly what we did know we don't have the friendly environment inside africa and we jump shop we set up in another country fast to buy my taxes it's a friendly government i would lead to do it right ok now you're from south africa you know rand nooner i do enough see. africa and i'm from the previous company i'm meant to visit the same as someone in los angeles again we catch stuff he says to the rumor that before he got into crypto he was a pole dancer at a strip bar we told you. ok we won't

comment on that other let's talk about bit fair so that it's fair you are starting to tell us a little bit about it you were saying allows me the user to take a position along our short on a hundred all to yes a little bit more about that today we cannot shorts i thought believed that gold silver whale of a prized apple stock so i would buy so i can go short it i don't have the ability if i do all the old quince i can sell it i can buy it back cheaper than i swear i can profit but i can go short if i do not hold it so this is something you want to just solving but obviously we understand the liquidity volatility risks we brokers fifteen counterparty risk and we have to find a way to eliminate that so it's a very innovative derivatives vehicle underlying it some option now clearly if we had to introduce options into the trading world will not work so but fate trades exactly like you see if you if you choose to be you go on the you can buy and sell but the financial contract is

a very you know bit of options here saying that options don't work and. just out of liquidity or what options to won't work because trade is still train the underlying token itself now in the financial rules must trade as well not trade in the in the financial the trading in the derivative of that so just shows how we are far away from maturing the trading. markets in proposed not to be able to do this we have to eliminate a broker there's no other way if we have a broken in the middle no one will take on the rest and that is why today we cannot short quince but fe we're going to do the. lion rewind the tape a little bit here so i get dive into your logic care because that's going to be a big part of the bit fairs value proposition richard beer or logic if they are approaching all this stuff so you're saying that. your statement let's examine it you say you can't have brokers you can't have middlemen so you're you're just matching buyers and sellers without without an official as a broker in between yes in a lot of ways it's like a company that has

a similar name called bet fair hundred percent as a fair statement it's a very fair statement to name but as well is that right betfair introduced betting that is getting rid of the middleman as well they just are matching their peer to peer betting so this is peer to peer market making. toys how is it different than let's say shape shift so in our case we trading in a derivative of the token it gives us some leverage to that so some people like margin trading on average some people call it gambling not as good faith with a model we can go on but going up to one thousand times they were gay so you don't have an inventory of coins you do. virtual a virtual contract on a virtual coin a so the rivet of the underlying financial contract exactly the financial markets work today there's just no counterparty renaissance brightest and

so do you have capital risks no we've done because every trade on but face it to be matched into a small country full of a small options contracts. thing that you know the liquids. rich that we office through but fate is not one thousand times but it allows us to hate join sure a position over time be it fifteen minutes be. i would be at a day seven days up to one thousand times a bit max and our friend they have a hundred to one leverage yes and that's just insane that he's insane you guys are going insane to this route square root of insanity yes hundred percent a thousand percent leverage yes some people need that that's an interesting word need sure they made it are so people crazy well if you trading capital risk one thousand times yes i would agree you're insane you're crazy but if i'm holding one thousand times in a while it's what i can on not just trade on a thousand times leverage caging my position if you're responsible it's

a beautiful vehicle but if you taking a risk i'm doing speculating that leverage becomes really dangerous yeah let's be clear about something so in the area the types of hedging products they can be used to hate your portfolio as well as to speculate if you have a large four for all your fault lines you can use bit fair to hedge your position if you had a large position in life coyne or minera or max going on or off max going to get ready on bids fair it should be said on a ledge fair yet it's not on but food life i get as i said i can't believe i leave here i'm sorry i said a sudden outburst there but if i had a portfolio of all these and i want to sell them but i wanted to have some hedging protection been fair how long he has been up and running so the platform's i mean launching officially on the first of october that's going live on the first of october how many technology people developers you have working on so we've got

a team of nine on the project and yeah more than enough on the project we still don't we're running the final security tastings and we've got physical you want to tastings tasting what is psychic astronomic wonderland. narrow salad followed by light point soledad what are you talking about the sense things are tastings tasting. tasting testings. and access so i can burn itself fluffy pony yes i do for him and friends if so if he's south african african really what's going on down there you guys are raising we are one of the biggest topics on google it's i think south africa's number one on the treaty as to whether what's going on. political unrest you know we are an emerging markets we're literally a first time tree but we're stuck in africa and we think that's doing not so. exactly like chris does at the moment people say ok just a volatile day i said have you seen the south african rand. figure and we're in the

same boat yes what do you think about let me ask you this question the emerging market currencies are in freefall against the dollar and there is a country like that as well argentina maybe the south africa there is a move to crept out yes and they see that as a safe haven play yes under what you know you're in south africa and any time i have so i went to south africa i like to stay there very politically aware because it's a political hot spot for decades yes what what do you think about this as a safe haven for emerging markets why how come you don't see more people in argentina and venezuela flocking in to crypto maybe we do what he said so it's still early days once inflation takes in the currency loses value on a fee that they will they say won't go over you know it's the same way americans in my view sometimes a lot of americans don't even understand what is happening the current system of it cannot survive a woman survive it won't collapse eventually we'll see these countries for like

dominoes you know we've seen it with some bob we've seen it in cyprus greece argentina looks like they're being bailed out now venezuela is in the same situation one by one these countries will collapse like dominoes and there will be an image starting over into when i face a situation where i can buy the same amount of money that buys a house all of a sudden buys a loaf. brayed one year later i'm obviously i have to go into. i do not have another option what about comparing a product to a bank or bank or offers kind of pair or trading and they offer liquidity that's their service do you compare with bank or how does it from from liquidity is important but it's like the defense on a derivative in a cryptic strange tradition of the liquidity is very important for exchanging ona side liquidity is also important but we are matching trades so. they the best way to explain its most people is that the way we see trading going to buy and sell something immediately the reason why it's immediate is because it's

a secondary market and if we had to go back in the region where how an exchange had to work everything was i.t.c. but it's good to be there's always a one on the one side is always a loser on the other side of the trade you know today because of the secondary market we can do these kind of things we do not have the luxury in old coins in crypto yet it's extremely volatile and it's not that liquid so this is why platforms like red faced sitting up no. exchanges but ones institutional investors come to the space we are the leaders we will be the leaders to take on these institutional investors and bring on say can be trading market is completely opposite of the whole history of finance going back to her heirs you're saying that derivatives which are not. equity contracts that are helping supply some liquidity hedging techniques that can after the introduction of these products you're saying since those are coming you're going to introduce that derivatives first and then after it was a zero zero lunch you're going to they're going to add the actual products later

the equity products and if yes they come afterward i'll second oust second laos but phase and exchange a slightly different to what we experience but tricks. financed the next what we've done with the exchanges that we've allowed any crypto in susie's and you could change your opinion to someone to betray and split up were launched on from the exchange within three minutes how much capital of the rest so. too dangerous two point one million dollars which i mean to do twenty million by the end of september launching on the first of october well i think heisenberg capital should be about this that's the max and stacey venture capital fund well you should especially as i said there's no dozen to say but we could consider this we like exchanges we like you we like rand we like fluffy pony we like zebras that is we've done our due diligence you should come to africa more opportunities right there on there all right so i'm a spender spender sprite vanderslice thanks for coming on the guys report x. thank you so much all right well that's going to do it for this edition of the kaiser of course me max kaiser and stacy herbert thank you thomas vander spy he is

the co-founder of bit fair down there in cape town if you want to catch us on twitter it's kaiser report and so next time.

i. hadn't seen him make it to the last sixteen of the world cup with a last gasp. winner against nigeria while croatia topped the group dumping iceland out of the competition. a goalless draw between denmark and france and moscow sends both sides through to the knockout stage. and in other news r.t. correspondent paula slee has declined entry to ukraine where she was set to attend a conference on media freedom.

is midnight and you're watching r.t. international live from moscow with mean a day or two to welcome to the program day thirteen of the fee for world cup has come to an end with argentina in croatia progressing from group d. the south americans will meet france in the last sixteen while the impressive croatia side will face denmark we've got all the highlights from those games from a studio in central moscow with artie's nicky aaron and daniel hawkins. it's been such a roller coaster end of the games in group do you today we're going now to officially crozier will be joined by argentina in the first round of the all the highlights from those games on the early action as well in group c. of course and what a night it has been for us in cosy decrease of work celebration but more

importantly relief on the faces of the argentina has been a certainly dramatic game us that but i want to lay out i mean we were glued to two both games where we were the argentina nigeria game i really had this transfixed i didn't tina allows nigeria back into the game with a penalty in the second half and left to late to secure their place in the last sixteen a side of the south americans will join croatia also got a late winner and ninetieth minute goal. got that goal in a two one victory of iceland heartbreak for those fires that were going on to the last hope until the dying minutes side like so many goals in is torn when it came about the five minutes all the extra time so remember the spain game with a raucous that of portugal iran seems a bit of a partner who's not keeping files and is this seems to the very last minute that means heading home it's also the last we'll hear of the now famous viking on this

let's talk about that first half of the argentina in nigeria game show is started off argentina started of edgy a lot of expectations a lot of pressure on the missed specially on leno messi who has really underperformed in the first two games of the tournament but soon enough like a little messy scored that goal and really shown the type of stuff that he's made of he is a world class player and that fourteenth minute he really proved that when he kicked that goal into the back of the net on his right foot actually which is apparently his week of the house was fantastic to best pass for me to win a gold right from the. in the hof right into the box a little message takes it past a friend is no chance for the young goalkeeper the sheer look of relief on my says face what a contrast. but similes to morrow down there seems to be prying. lation to the skies second time was no less dramatic nigeria scored fifty one minutes a foul by musher on a yellow card could have been

a red tackle. just outside the box that subsequently there was a penalty for as well bosh want to get a yellow card for talking down inside the box and that was a draw until the dying moments of the game of course ninetieth minute from mark korda roll for an assist from the front. caught a very confidently taken right into the box was unmarked slotting roy into the back of the net argentina managed to hold on for as a team of zero throwing everything they can in the camera actually came off morrow dawna just pops a few moments before he made some interesting gestures let's say until he does here and finds. for you always been a character all relation to train the camera on him throughout the games are you into see where he's. interesting. to passion a game for both teams and i mean you know the emotions really were at stan the

faces of all of those fans in the stands especially the argentinian fans when that second goal went into the back of the net tears we saw more than one time in tears so emotional those tactical changes seem to work didn't they the the manager as we said there was a lot of speculation about disunity in the changing room some sort of conflict the players taking control choosing their own team. disputes he said that's a load of media speculation load of rubbish the team is playing together they're sticking united and it seems that's why. argentina finally showed today they much that expectation placed on them extinction placed on messi as we said earlier that this was really a child's frozen team to make a comeback from being the finalists back in brazil missing out messi swansong next world cup that has now been. looted along through to divide of sixteen with croatia for away show breaking icelandic hearts their

fantastic. minute goal by paris which for get to see it very soon your screens collected a very well executed poss put in one on one with the goalkeeper took the opportunity like a pro shot straight to the middle of the goal past the keeper you have it i find it very bravely. themselves created quite a few shots actually buys them to opportunity without penalty record number of penalties by the way scored in this total of perhaps the v.a.r. the video assistant. correlation causation disputable remains a fact that has been a record number of penalties in the early stages of this form but compared to the others a lot of calls for the make you saw there are a lot of pressure wasn't absolutely i was you know there were four ways gets a bad rap no matter what happens but this whole v.i.i. they are introduction has just changed everything isn't it there's more anger

directed towards the rest you know how does he make his decision is it by himself now is he depending on the d.n.a. on it if a total game changer. minute again parachute put in one on one with the goalkeeper he. leaving at alderson no charge so actually the keeper just speak about the boston tea merchant of course i mean a lot of these players not exactly as much as they have day jobs through the manager itself themselves dentist how did sort of believe is a film director and he actually maybe this is a rumor could be. press here but i believe he was actually one hundred kilograms at one point i mean lost the weight and got called up to the national team this. time off given time off to go play for a national team for those games confer who were going away from great day interrupt their final round of sixteen of course we can head over to mr pater's back where all the action is happening is the army is there for as and of course we've got our

correspondent andrew farmer in rostov on don he's been covering the iceland croatia clash will be going to them so it really is iceland's first ever world cup has come to an end here but they didn't have put up a good fight you've gone through all the details for me. when croatia got the opening goal i have to say when i was sat in that arena i thought that was curtains really because crazy always looked in control for me for most of this match up until that point but when news came out that nigeria had a equalized against argentina to make it one one a huge rule went around the rest of arena then it was a big viking clap as we now call it and the players responded i have to say iceland pushed on and they got their just reward with that penalty after seventy five minutes and. julie obliged to convert to make it one one and then there was a frantic seventy five minutes that followed until at the end and even got the winner to make it two one for my money croatia are always the better team three wins from three i think they probably will go far in this tournament given the fact

that they've arrested so many places but as a football fan i am sad today because it means that iceland are going home the reason i'm sad as you've alluded to there a country what with a population of three hundred thousand and yet they still managed to hold argentina to a one one draw in the game and put the cat among the pigeons which i loved as a football fan and then you've gone through a list of plays you have second the jobs to you to the goalkeeper is a film director apparently he directed to video for iceland's eurovision song contest entry i have a man there that packs sold in reykjavik and also their manager used to be a dentist before we got into football good excuse. the pun these are only stories you have here in the f.a. cup back in england you never hear them others will cup until now it is a full find i am sad that i seem to get in time that croatia would be would be winners tonight and i think you have to keep an eye on them for like to take.

oh oh oh oh oh oh oh oh bush should be a sheik's that mean yeah well. now i'm all over the. steering by city and fans out there breathing if you saw a pretty fed up with something else and sure enough when the boston pops just just down there beyond the field right square was that was that had been like. yeah these argentinian fans really coming out with relief more than anything actually louise's. there's a big band playing music just to my right as well so that's on the top of the atmosphere for the sponsor going on very happy this evening that game of both the first off getting off the explosive start a little messy getting his first goal of the tournament with a great strike across the keep and that got things on the way.