without bitcoin this was the year that we had blocked again not that queen and in fact i'm going to skip ahead to this headline from bloomberg markets on october 25th 2015 and it has on the cover live masters the former head of the precious metals trading desk over at j.p. morgan and it's all about the block chain they claim this is attempt by the banks to. nudge their way into this emerging market and they can't recognize bitcoin as such because it's a competitive threat so they've decided that the underlying technology of block chain is something that they want to be involved with and that if they can push block change over bitcoin they can get into this business but without having the competitor of bitcoin and blith masters is a well known character on wall street who created and invented the credit default

swap to help exxon voigt all kinds of taxes and environmental penalties there is a very good. bill gates. writing on a book in 95 that the danger to would not be important what would be important is instead of the highway of information and would just be a small part of the i would information but the most important thing is not the internet is what is the concept beyond internet broaching is the same i think it comes from the typical. ross elaboration of loss theory basically at the beginning something bad is something this gives you something that is causing a loss to your business for example at the beginning is the nile it doesn't exist then it becomes a rage it does exist but is evil and we're going to shut it down then it's a bargain so it does exist but only at my own condition and i would create a new warts in order to to deal with it at my own condition and. it is these 3rd

phase basically 1st doesn't exist it's a joke then because it does exist but is dangerous and we're going to shut it down but then we don't want to appear like dinosaurs so we don't have to we do have to say something we cannot say be going so we save. the book come back to the kaiser report imax kaiser time now to turn to tell it to libby. pay dot com and more so alone says big pay is european g m let's talk about bitcoin vs block chain though i have a theory here and tell me what you think about it my theory is that bitcoin came and the bankers missed it they completely missed it they they didn't understand the technology they didn't understand the beauty of it they didn't understand how it can transform finance and economics then a few years after that they the penny dropped and they said oh you know what this is ingenious but they couldn't meet the fact that they missed it so they talk about block chain instead you know and it's interesting to see when you go into emerging

markets and you ask them do you use facebook or do you use the internet more people say yes i use facebook but they don't realize that they're using the internet so yeah bitcoin is an application for the block chain there are other applications for the block chain you know being it contracts and property rights but the fact that banks are engaged now in participating i think is a good thing and no matter what they want to call it it doesn't matter whether they're still building on the same platform the were going on in the beginning with bitcoin was seen as a rebel rebel technology almost and it was seen as fighting you know the the white paper from soto she mentioned you know after the 2000 crisis a certain this distrust of the banks in some way and yet now the banks are adopting it. and this huge cost efficiency that comes with moving money through the ledger i mean are the banks simply going to use the cost efficiency to pad their own pockets and number one number 2 do we care they may i think the best analogy is the telecom industry when voice over ip came out. you know they adopted it under the hood and

for a while they were still charging courier rates for all the calls even though they were realizing a lot of savings underneath. a theme i've talked about here is the pin wheel the eyes phenomenon and the banks looked at big coin and they started to lose their minds because they thought well here is a competitor to us a big coin it's competes with money but this block same thing we could use that to settle trades in our back office and save a lot of money so they started to dance with the devil by talking about it openly bitcoin block chain became normalized they pushed the whole technology how it works and more and more people understood the genius of it and so again there. is like a parasite and they're using the banks to further the virus and the banks just bought line and sinker this mean this bitcoin technology and they are co-opted effectively and as history progresses we see that they were fooled by

a big coin like so many others before it as it moves up from just having a bunch of internet gamers at the base level to now the major banks international banks sovereigns and just enters the bigger coliseum if you will of the gladiator wars of currency and forex battles well i took a detour myself through that as well working for symbian which is a lock to not pick one company and i thought in the beginning that that was that was the way that the watch in adoption would go it's almost like to use enter a sense and. analogy in tron that before internet the walled gardens before the c.t.o. those were willing to open up their their own corporate architecture to the internet itself and essentially the block chain not that queen was going in that direction banks are members of the federal reserve system we've seen over. past few years

they have all this free money of quantitative easing that the federal reserve bank prints uniquely for them these participants in this global financial system now they look at big point they see it as a competitor and what they want to do is take the block chain part of that and add their permissions right well blace without because it's like a 1000 of them without help right so they want all the goodies without the pain of having a competitor in their space because which would destroy the money fractional reserve empires that they've built over the past few decades since the deregulatory period of the 1980 s. and it hasn't worked because what they came up with as a centralized permission walled garden approach to this bitcoin technology and that is a complete $180.00 degree about face to what the technology is all about yeah they can save a few bucks on the back office by clearing trades instantaneously because the clearing and the trade are at the same time using block chain that's true but they

nevertheless simply got sucked into the bitcoin block called the vic bitcoin vortex that is educating the whole new class of bankers what this because something is all about so they were fooled again by the protocol i believe the banks at some stage they already went through the phase of trying to deny bitcoins existence and often of the people in the very early days they then tried to co-opt it and take the would be queen out of it and use the word bloke trying to popularize and that tended to actually create lots of attention to our industry and attention to because in the end now i believe the big queen is going to be adopted by most of the major and powerful financial institutions as they launch the cryptocurrency and exchanges. this will create a 2 to market the 1st market will be people using big as it was designed to be used on the hardware wall. and independent of any financial. engineering can manipulate

the money supply of the big corn and then they'll be a regulated market and the regulated market will be people that provide all the documentation give it to the exchange give it to the bank and then the bank will him force you regulations and rules about where you can spend it and then eventually they'll create derivative products and it's inquiry a fake synthetic coin those 2 things are going to exist side by side and they're both going to have the use case many people my own board through the bankings version of the coin and then realize when they can't spend their own money owner and money and that is really hypothecated through a synthetic financial product. they might actually want a number of money spend their own money and engage in the monetary policy that rewards the save rather than the person taking on that. march 2015 goldman sachs reveals in their report that china is actually the most

important player in between it's now emerged that 8 out of 10 queen trades are actually settling in you remember big queen is also part of the global monetary experiments happening we've talked about q.e. one week talked about q.e. 2 we talked about q.e. 3 all of these things are going on at the same exact time that all of these experiments with magical internet money that is because it happened in china as well at this same time we're seeing radical it cumulation of debt never ever before seen in history that the accumulation of debt at the same exact time during this post financial crisis while our governments and central banks in the west are doing quantitative easing and lowering interest rates to 0 what china was doing at the same time was basically leveraging up the country like 100 fold in the same exact time in order to rescue the global economy they go on a massive so. spending spree they build massive roads high speed trains they're

building all sorts of new electric capacity and they in fact have built so much electric capacity over the previous 5 years that there is free energy for these miners in china to start printing money i accumulating big when they enter the market they're dominating the market we in the west of course weren't paying much attention so we didn't know that suddenly there's bit me and suddenly they have all the basics suddenly they're kicking everybody's bottom they are like creating the best fastest chips on the market and suddenly they are the ones that control all of because. china introduces capital controls and here is the. offshore you want rising and green is the big question price rising so you see between price rising with the introduction of capital controls in china

well that was totally predictable china's the greatest area for pickling trading it's got the biggest exchange value. you know because of prices looking really good right now we've worked through the overhang of the mt gox scandal we've got a price now that's broken out of a year trend kind of a choppy up and down trend channel broken above that and. around the world people realize that having a private block chain like they're doing in some of these banks is not the same thing as having bitcoin because decentralized anonymous whereas these private black shows like city coin and other coins developed by the banks or don't fit the bill so now people are coming back to the godmamma of the crypto space because i'm so it's the prices start to pick up again we're going to start to see some good price action. so.

this is a story about what happens auster a stray bullet kills a young girl in the streets. what happens to her family and daughters in florida another mother daughter is buried in a cemetery it really messes with your head what happens to the community the public was screaming for a scapegoat the police needed a scapegoat so why not choose a 19 year old black kid with a criminal record who better to pin this on than him and what happens in court b b b b. shot after shot smar office i feel. we don't know she'll share this truthful. end of this trial unfortunately you too will still not know what childress.

after the previous stage of my career was over everyone wondered what i was going to do next the the ball different clubs on one hand it is logical to sit in the home field where everything is familiar on the other i wanted a new challenge and a fresh perspective from time used to surprising people. one else if you think. i'm going to talk about football not for you or else you can think i was going to do. by the way what is it that sliding here. historically took his opponent's use to claim that there are 3 issues was a. poor. the fact that we're too poor

is no longer correct because our per capita purchase parity. do you member countries. well china is dominating in the actual accumulation of bitcoin at this point in time and they are definitely dominating the chip space which is very important to mining and miners are very important to big coin they're driving up the hash rate because they're all engaging in a arms race this is a 6 arms race going on in china main is accumulating power and bitcoin there by the way they're not all those miners are not selling their big calling unlike all the miners in eastern europe or america who are having to pay their electric bills

there are no electric bills for china in the meantime in the u.s. there is more of this normalization of bitcoin and 2015 is really the attempt by many participants in pick line to kind of agree with the banks try to get goldman sachs try to get j.p. morgan on side try to participate in our 3 this consortium of blocks big coin and we have in new york the bit licens june 25th teen the final draft of bit license in new york is published soon after publishing this final draft of the new bit license law in new york which would ultimately drive all the bitcoin industry out of new york then lawsky who wrote this law then joins a cryptocurrency for so here we have this like attempt to be the 1st new member at the time it was but license is going to bring all bitcoin industries here and we're going to make it big queen and it's going to be legitimate and it's going to

be blessed by the wall street regulators this is wall street the new york department of a financial services thinks that they're going to make bitcoin this blace not because they're going to host it all in new york city. so. you are forging the path forward for big queens bitcoin is very anti-state. restoring rights to the individual but the fact is that you're being proactive like it's better to go because you know governments are going to try to create these laws so why not just create good laws well create enabling laws instead of restricting laws and new york for example created very restrictive laws that caused a number of players to leave new york it turned out that wyoming actually did originally have a restricted money transmitter a lot that's how i ended up getting into wyoming locked in coalition i tried to

donate appreciated big corn to my alma mater the university of wyoming and they couldn't take it because of wyoming's money transmitter law is very strange because wyoming is a low regulation small government place and so that was such a surprise that wyoming had one of the 3 worst money transmitter loss of the whole thing got started with let's go fix that it doesn't make sense that wyoming would be at the bottom of the list and then the ball got rolling in here we are right so this time china becomes the epicenter of coin space with the concentration of miners and they have a cheap energy and you also states like new york state attempting to attract business by introducing some legislation like the bit license program to attract businesses but more importantly around the world different jurisdictions different countries decided oh you know what we heard this is the 2nd coming of the internet and we kind of missed the internet and that turned out to be

a multi-trillion dollar industry made a lot of people tons of money if this is the next internet you know we want to be the focus of that next wave of innovation and capital formal so they started to reach out to the industries so places like malta places like isle of man places like singapore they all entered the space and said come here. well take your entrepreneur or we'll take the business and so one of the promises a big point is that instead of the central authorities coming around and seizing money from individuals whenever they go bust their central authorities would come and asking folks for money to bail them out and if all the money is in bit coy it's encrypt our unfair money is becoming increasingly worthless then you saw the 1st hints of that in 2015 when all these states started to try to bring that business to van because a they could kind of sense the future or free up money would not be a bargaining chip anymore you couldn't buy anything with fiat money can buy influence by politicians you can buy your way out of

a financial crisis the people with the hard money were the people you needed to satisfy and those people are the people with big point and i think there's a massive confusion in in the bitcoin and more so in the crypto currency space supposedly around the term store of value in that they think of it as being equivalent to these big giant bars of gold locked up in swiss banks and vaults and essentially the store of value is a function of money that is practically inseparable from from the medium of exchange in other words for something to be chosen as a medium change by necessity somebody is using it as a store of value because they're storing value in it in order to exchange it later on even if after a few minutes they have stored value in it so anything that functions as a store of value in the sense of you hold it not for its own sake but for the sake of holding onto the value so that you could then exchange that value for something else anything can do the job so they wanted to separate risk and reward by saying

block chain not big queen and what they were meant by that is they wanted all their the benefits of big queen without the hard work they wanted the distributed ledger technology the efficiency the settlement instant settlement they wanted the no counterparty risk but they didn't want to work because big. queen is hard you have to mine it's proof of work and it consumes a lot of electricity there's an arms race on for the best a sick ship people are competing hard even to build these massive mining farms you've also got to secure your big and you've got to find a way to keep your private keys and not lose those private keys and not have it on an exchange so that's the hard part of big big queen is not easy it's hard if you have to stay ever vigilant to keep your economic individual sovereignty you have to work hard proof of work is not easy as proof of work it's not proof of like a reward it's like it's hard work no proof of work equals cost and

cost means bottom line hit and that's not what you want you want everything to drop the bottom line without any cost you just want pure profits no cost and so by saying block change bitcoin you're saying that will take the efficiencies of the block chain because at a limit a huge costs but we don't want to actually have the cost of mining because storing bitcoin or having the problem of watching it cannibalize or feel money fractional reserve business we don't want any of that we just want the savings we just want the gravy we just want the free money and wall street grew up now on free money that there's no ethics on wall street of work and the block chain is proof of work that's like saying proof of the absence of wall street. mining is governed by the implementation the proof will work and then proof will work is a process that requires some station work and basically what it does is no one can

cheat everybody has to show the presentation of work you know that to get you word and so it's actually in kind of earnest to work oh it's almost all occur just to a certain degree altruism exactly and also it to distribute accountability so instead of having adverse of control. trying to regulate and account of all nature saying actually distributed i found to be at the end of a sponsibility so that everybody at biting themselves with the little consensus and some basic principle of risk endured they themselves didn't they take themselves. so 2015 as chugging along is blocked chain not big coin many of the representatives and people advocating for big calling and the power of big queen had disappeared from the media none more so than a mere talkie until august 22nd 2015 and i received an email from memory or talkie

who we had not heard from in over a year job activism and friends this was the title of his email hi stacy hi max i've been highly involved in road job activism over the last few months he then goes on to say what the road jobs are and what they're looking for unfortunately the european states have branded us terrorists some of us have been barred from child all with our passports taken away and recently anti-terrorist police have been raiding some of our places and interviewing our families he then asked for our help and introduction to russell brand who had been on the kaiser fort and you had introduced russell brand to big going. to think of bitcoin is the money what equals mc squared was the physics it's an enormous discovery in the history of money itself it's offering enormous potential and i see the others in the political

space are jumping on and i would hate to see this incredible power go into the hands of the same guys who have power now when everyone else could have that power and you know when you were writing revolution back a couple years ago year ago or so you know we chatted briefly about. doing a few paragraphs on cryptocurrency so this is you know it didn't make the cut into the book but now we're trying to get around to be your plus initiative though at the ready when they were talking about it more you see them saying this is the revolution the revolution is in the black chain that's my thought about it so here you have america hockey fighting isis because one is a revolution and every revolution air of course has an armed wing and here he was he was in syria with the regime of the kurds and he was bringing bitcoin to them they were reorganizing their economic system so here if charlie shrem was big points 1st fallon we were talking queen's 1st revolutionary well but coin is hard

money and hard money begets free trade and free trade on a straight as peaceful trade and that is a direct con. flicked with people who prefer money trade and counterfeit trade and pushing war so you're always out of this conflict conflict between love and hate and ok not to get too religious or anything but their message of you know 2000 years ago of love came up against the state the roman state but how did the message of love spread in the early days of christianity it spread on the roads that had been built by the by the romans so the romans by building those roads that connected the empire set the stage for the collapse of the empire because a message of anti war anti empire was able to just walk down the road and the apostles just spread the message of love now big coin is hard money it walks on the

road of the internet that's already there into the social media minds of the collective unconscious with peaceful trade with hard money and that's what the warmongers in the field of money people hate that's why by fosters was sent in to try to destroy it that's why jamie diamond is all upset because it destroys the empire of money warmongers so we end the year of 2015 with amir's hockey a very g. coin or under house arrest his passport taken we have life masters the inventor of the credit default swap. the credit default swap which then took down the global economy and gave rise to the birth of bitcoin she's on the cover of bloomberg markets it's all about plot change then nov 25th teen the final silk road auction took place with around $44000.00 being sold to various buyers of separate blocks this is the 3rd and final silk road auction to take place and which sees big

clients were sold to the highest bidders it's a remarkable really because that same government is accumulating massive quantities of debt and they're getting rid of the only hard money that they'll ever have except for this phantom supply of gold apparently in fort knox that's been audited in quite some time but here is bitcoin that is actually the answer to their debt problem the answer to their slaves in slave and of themselves or their own reliance on financial engineering to create free money and they just give it away essentially for a price that in retrospect will be considered to be a lot closer to 0 then where we're headed.

to few will not obey the voice of the lord you're going to do all these commandments and the state huge. in all these curses shall come upon you and overtake you. in the hands of white people. and the point must be returned to. get rid of whites only problems will go. to the president of the fleet. wide foam is in. single. people being tortured to death expression the elderly people even if they would have told. me as somebody of my funky enough company. in the and these white horse will find themselves affected by a crash and we often point when you've made means in dreams oh it's all

sweat and lots of. what are you going to have for dinner to the feeling that they need to be asking from miami bad feelings towards civil war in south africa he's even if it's. good for oxford struck one was there and he chong not be in the tone of your hand to get. home climate we were at camp grounds of america i think it's called there's like a chain of these campgrounds and trailer parks across america so yeah these types of organizations would be rolled out into a big a rural up so you have economies of scale you now have lots and lots of trailer parks all socialize reporting to one corporate behavior on wall street and there extracting nickels and dimes and a lot of people are suffering. because

of. the 3019 e.u. parliamentary elections produce the highest vote the turnout for 20 years votes are still being counted in a poll that has the potential to shake up europe. and the establishment parties looks set to pose big gains across the continent from the u.k. to italy france and germany. the big evo comes. right on the heels of trees amazed tearful announcement she will soon step down as the conservative party leader in the u.k. sparking the race for britain's next prime minister. i do so with no ill will but with enormous and during gratitude to have had the opportunity to serve the country i love.