roundtable we saw a return to big macs and was and by the way you know the flurry of all those i see zero zero initial coin offerings and free money being thrown by investors so-called investors the space you know is a real big distraction and most of the mainstream media was just focused on that because they love the spectacle but here we have people like bill barr hate as you know you've mentioned before he was an investor and he helped sponsor gonzo. his background as he was a cryptographer trained at the cia to be a cryptographer and then he worked in the banking sector is come up with a really fascinating new tool on his ab or ap and it basically establishes a global bitcoin standard because you now have as a unit of account through his new app and you could go watch report interview with with him back at one three four two i believe it was average apple unveils apple

stock price exposure pegged to bitcoin how. establishes this is through what they call crypto collateralized contracts so you a user of the app or wallet which is a non-custodial wallet you own your private keys not them how they establish this your exposure to apple is a contract between you the user and ambre and it's not direct ownership of the equity of the apple stock but this crypto collateralized contract if you use right now to hold euro's or an arrow easy cash in the average what you're actually getting is what we call a crypto collateralized contract says bill apartheid it basically takes bitcoin and pegs it to the value of what ever asset you want investment exposure to whether it's the euro. zone cash and with this new announcement apple shares it makes no difference meaning if you buy one thousand. dollars worth of apple and you're using

big queen to actually make the contract if the price of apples goes up you end up with more big coin if the price of apple goes down you end up with less basically is this a nefarious. card dano killer you know a smart contract coin killer quite possibly is it also a robin hood killer because. this is available to countries all over the world hundred fifty countries have access now through the app to buying apple stock without k y c or am no without any regulatory layer whatsoever because they're not holding these securities or holding soon better securities that are backed by bitcoin and it's held by the client by the phone so this is a total game changer and i talked to bill about this and this really truly does democratize finance in a lot of ways because buying apple stock for the vast majority of folks around the world is actually quite difficult especially if you're not american so here you

have the ability to participate and when folks are talking about socialism like cortez out of new york that congresswoman saying oh say oh say that you know socialism is back and we need higher taxes we need redistribution of wealth that's actually not the solution to some of the shortcomings of capitalism the solution is access to give people access to capital because fifty percent of the stocks in america are owned by one percent of the population now that's an incredibly lopsided concentration of the greatest growth engine in the world by a very small community if you democratize and spread it out and give people access they could put five bucks ten bucks twenty bucks via the app and they can own these stocks they are how to have access now to the growth of the global economy and the high growth of the global economy and they won't be talking about you know socialism any longer when they've got a hot portfolio in their app and they're participating in the growth and they say

that the fruits of their labor are being monetized and they are lifting themselves out of whatever constraints they perceive to be him well exactly you mentioned five dollars that is the minimum investment and that's going to a stock broker in trying to trade five dollars worth of shares they're not going to give you any time so you can get exposure to especially you know if you're outside the empire. we as an imperial nation are going to basically like in venezuela we're going to come take your oil and if you watch c and b.c. and bloomberg news they're celebrating what this is going to do for us stock prices and u.s. multinational oil companies well if you're venezuela now you could buy five dollars worth of like you get some of your money back for the theft of your empire yes so it's a good way to do that and i want to also note that you know this is more of like aberrate cell phone bill have developed a way to hedge they had all of these positions so how did how do they prices how did they get out because they're not actually giving you exposure to apple when you

buy apple shares exposure on their on their on their platform but they themselves might end up buying some apple if there are ways that they're hedging in the background but as you mention a synthetic so this is more like you know with your virtual specials technology what they're working on in the background is more of a derivatives that they're you know that would be their regulatory regime rather than say the f.c.c. or any sort of. should they ever determine that they want some sort of regulatory oversight this is more of a. chicago sort of product well not to diminish the power of the product in any way but they have in fact game of global stocks bonds commodities currencies to make it available to anybody with five dollars on a dream and this app and on the back end they're using big coin which is invisible to the user another huge point here and i talked to bill broad about this is that

the adoption of bitcoin people perceive that it would be driven by payments but he believes it'll be driven by bitcoin as collateral bitcoin a settlement layer big coin a smart contract. which i wouldn't the market for this product is literally in the trillions literally in the trillions if that's all backed by bitcoin the demand for big point just one up by a hundred x. that's what i was saying previously about gold being actually the settlement layer of our system is whether or not you know our leaders like to basically let you know that you the ordinary citizen they don't want you to know that because they don't want you to start accumulating gold on your own but the fact is and we saw that again with venezuela when england refuses to give the bank of england refuses to give them their gold and they you know you see headlines all the time about there's some gold they're sending to the u.a.e. and things like that that's the actual settlement layer underlying all of these bad

debts and the derivative system according to our hides explanation when users entering into a trade or investment on average platform gains or losses are accounted for in both size based on average technology thus impacting the collateral bitcoin that the user put into play for the trade users however still hold their assets are private keys on their phone themselves the apps assets backup phrases also encrypted subject to a pin code users must enter so you own your assets you own your underlying asset which is big coin nobody else owns that right there is ownership of apple stock in the mix it's done by hedging desk it's just not done by the user on the app which gives the user the ability to bypass all k.y. see a regulatory framework and it's a global product where as robin app and other fin tech apps are completely bound to their geographical regulatory domains and so this again will usurp them and i'm

going to read you another paragraph about it and what he says about this and it does like following up on what you just said it does show you that this vast advancement that bitcoin has allowed. as a settlement layer for a global financial system where it's been tech looks so far behind so bar i had explained another advantage to address model is the absence of clearing address model does not involve buying the underlying investment assets for customers we're not actually taking possession of equities on behalf of a consumer said this all settles on the big block chain itself and a global decentralized network so there's no concept of broker dealing or any kind of swap execution facility underlying this platform it makes it really clean and legal and one hundred fifty plus countries another question i asked bill b. plus countries another question i asked bill barr hyde about the average is the bill does this obviate the need for security tokens in the crypto space and his

answer was yeah except for tokens of my cover of illiquid securities i think because you need liquidity to put on the hedge if it's an illiquid situation then yeah maybe security token makes sense but ok not to cast you know doubt into the mix but i would think that zero another platform is going to be securitizing tokens in the equity space i mean this seems like a bit of a challenge to the well luckily in the second half you're speaking to simon dixon who also has security token platform so you'll be able to i'm going to come about that you know so i'm going to see your time ridiculous to say about it that's just you know my out of the box thinking my pulmonary thoughts well you know again there might be other ways of offering equity people want to offer offer equity and start ups on this he's offering basically exposure to traded assets on the global markets so these are start ups offering equity in those security tokens one

cabbie at however is that an element of trust is required by consumers trusting that system will effectively hedge appropriately although average has a sound track record thus far. done this with close to one billion dollars in transaction volume and made every consumer whole on every single transaction and over one hundred countries are hate assured me i had also circle back to last year's crypto and asset price action because it felt eighty five percent last year and we did not break a sweat he noted additionally he told me our has insurance policies in place as an additional backup so there is that element of trust that you're trusting that his you know their hedged appropriately and the whole thing won't blow up in your contract default should be noted also that all the trades that you put on are without any fees for the user for the first year two thousand and one thousand should you sign up now but then there will be fees from two thousand and twenty well fair enough well yeah looking for a very exciting stuff so again so she around to have all the preeminent events in

the crypto space to big point space you know we got to talk with the movers and shakers in the business who are breaking late news that is just hitting the tape now and are done reports on it bruce francis in the gang of done another outstanding job just a fifth round table and what can i say other than it's probably the best event in the entire space bar none yeah i mean behind the scene it's just remarkable that the more the mainstream media focuses on bitcoin actually the worse is doing the fact is as soon as they look away like all the real stuff is happening and they've got rid of all of the distraction of all the hype and all the. people who frankly don't know what they're talking about where you know because they're focused just on the price and this is a new space being built how do you just focus on the price of the dot com shares you would have never thought that all of this this internet was being built to the fabric of our lives are exist now on the smartphones because of this new

developments of all the internets that happened during the dot com crash for example so true we're going to take a break and when we come back simon dixon back with. all kinds of insights go away . because the swarm see the blue of them so moment. to build your local was before. much of those who heard it's a preview are mostly other movies to see him with the north we will we'll. move. move. move show you this look beautiful live look i mean it's going to look good. more

muslim also his girls will review films for good girls. don't go to shows look but look at this immutable law lucas will historic move toward should go. to startups to. get to new details of it with the little one wished they'd say look it is it's. your stash them understand statistics not the mashed old truck to stop the president and please clean trying this product until it's. the battery of producers to go to school to snap them up when you look as good as the girls are with you sir your supporters to your she looks lucian shouldn't feel you should cook door for one whose job is the ripples through.

shots seemed wrong but old paul just all. the bulk of you get to say proud disdain because you. that's a good. trick because betrayal. when so many find themselves worlds apart. just to look for common ground. welcome back to the cause report time out of turn to simon dixon of bank to the future dot com also just launching their app available on your phone download the banks of the future app it's frickin great simon dixon let's get right into it where you are back from so toshi roundtable you are still there tell us

about your feel the mood of the bit coin maximalist space in the depths of this longest bitcoin bear market ever simon yeah i'm still hearing counting in the hotel room and i didn't want to leave because it was good. people that with all the people that are still in the old building for a one year bam all kit and therefore i have to the company had good money money management or they are just fundamental people that are going to be a wall. and we saw a. lot of interesting discussions around scaling solutions on lightning that what we will see a lot of institutional players in the launching costco deal with solutions and the next wave of crypto exchanges. started some of the alternative small kids like security so you can disruption in capsule log. on call in another private school

now jack dorsey of course the c.e.o. of twitter and square he started a lightning storm on twitter by joining the lightning torch your thoughts on this moment and on his bitcoin maximalist i'm on display openly dissed all coins and he really has come out as a bit coin hodler how do you see this playing out simon yeah well it's fascinating i believe jack was one of the investors in the last. on the ground and now he seems to be getting is. you know getting himself into it we when we were unkind to max i think when i did my first lightning transaction to make a purchase and it really sees london a pound is going to be on a growth paul and i'm really looking forward to seeing what companies like twitter . and jack is going to be doing exercising his influence in silicon valley in all

disagree. the next wave of scaling using the lightning networks i finally off all these years and all these pay really looking forward to seeing something that actually uses kony is. people can do what appears to be the solution for the infinite scale angle transactions on the big quinn blog yeah interesting jack dash was openly contemptuous of that coin cash of course a contentious hard fark that was supposed to be in lieu of scaling the bitcoin network but we're seeing now scaling happening in lakes and bounds roger vassar the bank sponsor pickling cash was baiting jack dorsey on twitter jack dorsey of course a multibillion our two huge successes with twitter and square taken public already i think you might be above the fray simon what do you think yes so i mean you know the one thing i do like about bitcoin cash is that focus.

apic when we've been very much focused on story value but now we've got lightning that was kind of putting me back to looking at what we can do with much of adoption again and i think you know orders of magnitude greater scaling and solutions that we need to work on the still unknown ways to get the bill to the right but it's great to see that we've you know if pickling cash if they want to continue to focus on but. it's great to see the queen get back in that game as well with the lightning network off all this parma trying to get the technology ready for the skating nation a couple of nice announced after the big client cashed out also. to tell us your ass table this year bill barhai from aberdeen he announced a new feature on their noncustodial wallet it's a crypto collateralized contract which enables users and over one hundred countries

to get exposure to various assets including equities what are your thoughts on this this seems like an awfully awfully big news simon this isn't really exciting i remember back in the day bank of the future we were looking at acquiring a company that was actually using contracts of different coins to allow people to actually buy equity using because of the problem was is that they were using a register. on license securities that existed somewhere around and they were being made today was so why was full cost and being taken down and in fact they were actually shut down the company was called one bertha but it is the banks. there are actually. a solution that uses a corner of the plane to allow people to use in an encrypted currency impact in order to invest in the public equity market i think that

a feature called we've been focusing on the private equity market now and people now we have our secondary market to buy and sell shares and some of them are just great companies and now is moving forwards with destination and i would encourage. all allowing the whole world to homeboys and some of the private markets and it's a really think about and called wait to see where i'm still in the team i'm going to say i want to get your comments on something bill was talking about at the hotel here roundtable in mexico i had a chance to talk to em. and he was suggesting that the demand for bitcoin as collateral are used as a settlement layer for the smart contracts that are the engine of the new average. product would would boost demand for bed koin much greater then the idea of bitcoin as payments so we you know we first came into big coin as a matter fact you and i were at the first it going conference in two thousand and eleven and companies like bit pay were there and the idea was

a behind bit pay was coined would be their service would be similar to pay pal and the focus was definitely on payments and we've talked about that in terms of how this would spread adoption of bitcoin but now with what bill baryon is saying i'm curious what you think is that because when used as collateral as a settlement layer for this new platform allowing anyone anywhere in the world to buy into stocks bonds commodities anywhere in the world with the k y c m l no right no regulatory issue is would be the big boost for demand for bitcoin simon yeah it's fascinating to see where this is actually good you know a lot of big queen and so now you know trying to switch from bitcoin as a medium of exchange to bitcoin as a store of value with people started to you know in the phrase whole deal came along where people will hold their own quarry. and they didn't want to actually

spend it because no one wanted to be bitcoin to the guys. now that the industry is evolving we're also seeing people use the fact that people want to hold on to the court and maybe use it as collateral to. get some returns on it so that they can actually use it for some of these different use cases and that's a very interesting i know i don't fully understand what is on the who does that yet so i can't comment on how it actually works but it seems like bill's been working on this for a long. i'm and then at the same time we're now getting you know that next wave and scaling and lightning channels and the very early still but then we might actually have a store of value needing of exchange collateral all on top a big point with all different easy cases pushing for adoption in every different direction and one of the other people that was at the conference we spent some time with max was they for the enemy since it. seems like we're getting.

the point has the potential to actually be a political disruption in central banks independent of any government as well so this is really exciting find a really bad mall to draw this out so that we can all focus on building in the next wave of scaling as we can even see the bull market coming up right. great the conversations a safe animists kanka to toss around to have a lot of karsies did just come out with the bitcoin standard raissa last become an international hit translated to many languages and aside of bitcoin is unit of account or as a strategic reserve asset even on the central bank level is gaining currency and products like average that are putting the focus on that use case for bitcoin let's talk about bank of the future now simon you've got a new security token wallet tell us about it is it a noncustodial wallet what sets it apart from the competition simon yes so the b f

one is to the lines i saw that and the security station ecosystem we've been you know we were primarily billed as an equity business and we go i'm sure as in many of the largest companies encrypt. and now what we want to do is gradually. allowing all users to store there and and then on custody away we've launched our centralized secondary market for trading companies. and then what we want to do is. buy people can. in a way that's compliant with securities laws and hold them in their own wallet and then be able to send them to a network of registered licensed. exchanges and people building in the security fake an eco system it's not really used to compete with some of the very popular wallet and. storing crypto currency that dogs actually do that to you kind

of data but it's all play into really amazing and it's rating agencies across the securities market just briefly give a point on differentiation because it came between custodial and noncustodial wallets custody deal is essentially banking when you have the political money a bank the bank becomes legal owner of your money and therefore they can. they can lose it and they can tell you how to spend it and therefore you have all the challenges around not known cost agio me because this point allows you to in your own money and spend your own money and you can store it on your own device wherever you may be in the wos then you take the responsibility of actually storing and securing your own life for them have an advantage and disadvantage most people are not really ready to take care of their own personal security and they like to thought would cost a deal with them and learn the lesson of what happens when somebody else holds your

money when you can be subject to a mental or hack or just straight out for them scams and then you gradually take the time to learn one car fazio's the nation take care of your personal security and use face coin and cryptic currencies the way they would define what you can i own it spend it and get some of the major benefit of suffering that c.n.n. freedom this financial product is actually giving people right we've got about forty seconds left and i hope lack of knowledge ever for a second segment but before we go let me ask you why do. the strive for security tokens and did the i.c.a.o. the initial coin offering craze of twenty seventeen put a dent in that idea simon i mean if you're if you've taken to really coming out. you know looking at the fence again broader problem that we created and you know it's the jury's out about whether you can actually add value when or where it's rating we're doing things in a centralized way and giving people tools to actually do it in

a more decent life way and we'll find out what use is and that is actually one i think market very right that's great all go for a second segment that's going to do it for this edition of cars are reports with me max kaiser and stacey hubbard like this i guess i'm index of back to the future download the new app but i'm just on twitter it's kaiser report and so next time by i'll. simply. didn't have ten miles from the independent with meters for that to. mean they. were sort of my limit who speculate that me or the

now jamie has one hundred one the only. now at the pad. for that matter i see like him to make the point i mean it would be in the middle have one thing close i gave up because of me it's because he sees when i would. tough in finding another one of the highest sway or both the food. bank itself the movie theater i. was in this way got it all so hard not to think of the mother dismissive of the look like that i was an optimist thought that if. this is the only thing that we do is music because everybody fights is who wait.

for. the floor you can feel the fifty pound is worthless would have been driving home to leave it at the top of the. what i think is this is the funds that is accompaniment. what politicians do something. they put themselves on the line they get accepted or rejected. so when you want to express an injury. or somehow want to. have to go right to be close it's like the full story of the boy can't be good. i'm interested always in the waters of our. place sidney.

me that. i. wouldn't have done if. he you know. i. i i. i g protest take place in venezuela with both pro-government and opposition rallies held across the country. thousands protest in the haitian capital against economic hardship pulling on the

president to step down there's been no reaction from washing.