on our journey to the moon from the genesis block we've just passed an all time high in bitcoin it's at nearly one trillion dollars in market cap it's nearly $20000.00 as we begin 2018 it is the when lambeau crowd who shows up they've seen people handed 10 x. 5 x. 20 x. returns across 2017 and again cryptocurrency big coin necessarily

looks like magic internet money that makes you wealthy and when lambeau lot of people all over the world were descending on a trip to conferences conferences particularly ones that when we 1st started going in 20111020 people at a copper tariff 400-5000 people are showing up at these mega conferences and people are coming up on stage and pitching i c.e.o.'s you know dozens of them onstage one after another like bitcoin miami which is held in january 28th seen there were a lamp post parked out front and people assumed you just had to pay the $2000.00 show up at the big conference and when my lambo come that's all you have to do there's no hard work there's no proof of work there's no need to go through all the trial and ship relations and understand big coin it is literally just buy whatever i.c.a.o. is being offered and you to become rich when lambeau sorry when lambeau. ok

also above when lambeau. i think there's always going to be silly people around the desert anything to do anything i think you always have silly people i think some of this stuff which when lamb bows obvious of this stuff are parts of all world that will die away too so as we draw people to the spirit of what we've been doing creating in the space of a coin i think. that. you know activity has a shelf life or is is not the long term dusty here and now like you know we got involved in getting your you know max was so helpful in showing us the way we didn't look at it as how much was big corn were we looked at the fact that we had a new way of doing transactions how we can interact with each other he spoke about a way that we no longer would be limited to or controlled by people who never

respected us anyway so busy i think some of the leftovers of the or residuals of this current environment is kind of spilled over into this new world that we're creating but that's going to that's going to go away also 2018 continues the i.c.a.o. boom in fact more money was raised in 2018 then the epic amounts raised in 2017 in the 1st 3 months of the year a total of $6300000000.00 is raised and i see. q one saw 59 percent as many i.c.'s raise capital as all of 2017 by september $2800.00 there was over $13000000000.00 raised for initial coin offerings these are genuinely magic internet money it's just fabricated at a thin air sure because the market was beginning to deflate but people were not believing the bull market might be over so they were buying into it still quite

aggressively and that's always the case is that when these bull markets start to roll over the 1st 1020 percent drop is usually met with skepticism you know it's just a little bit of a pause and we'll be right back to new highs shortly and money kept piling in of course and seem cheap if you like the 20000 to love 816000 there were by this time in 201-8146 crypto hedge funds. they exploded onto the scene and 2018 this compares to in 2012 there were just 9 crypto based hedge funds that correction in 2018 was in part due to the fact that we started to actually financial eyes because i mean in a negative way we started to have coin lending that wasn't backed by the actual coins we started to see i think ation come into and we haven't even seen the big wall street money yet we've just seen wall street money from hedge funds on the edges but wait till the big wall street money comes in then it's then then it's

actually going to be even more surprised suppressed at the price suppression comes from the fact that there are folks that are accepting a big point iou as if it's the real thing when we store our big and in exchange what we own is not decline it's of a quaint iou and we have no idea whether the exchange has as promised more of those than they actually have in their reserves but all that said i think in the long run though all of these firms who are playing this 3 card monte game with decline will end up being wrecked in the next bear market sure the crypto hedge fund is a big down from wall street and they generally show up late stage in the cycle and there's a lot of activity and a lot of easy money can be raised and a lot of bad bets can be made and a lot of tears can be shed and it all happens quite quickly and the evidence of this would be found in the lambo dealers marketing directly to crypto holders you

know they would fully expect at that point lamborghini to come out with the model expressly for a bit going or as you know that's how much speculation that this was driving into the lamborghini market and. you know when you have the shots on the new lamborghini dealers talking about the latest investment craze that's generally top i remember in the stock market. they had a lot of reports of course dealers getting a lot of orders from the instant wealthy yuppies and 20 somethings on wall street of which i was one of them and that was the top of that market most people joining during the bubble cycle when our industry is an air force one on board people into this new thing. and then shortly often we get a crash and we've always seen in big corning typically. 80 to 90 percent correction in some cases. but eventually that drives out all the forwards and all the people

that were meant to be here and we focus on building and making better technology and better solutions and better ways of them boarding and that eventually leads to another. big point history is always going to new highs so you were also around during the dot com bubble and burst and during that time what a lot of ordinary companies did in order to attract that hysterical capital was they added dot com to their name whatever the company was they were just add dot com here we're seeing at the same time companies starting to add block chain to their name long island iced tea company as a block chain to their name and what happens of course at the same time the price of their stock does soar on the news of them adding blocks to their name. here's a crazy story from the financial press how people are like literally there's a mental breakdown here commodities expert is nonsense and i'll never buy any 2

months later i bought stock in a fake block chain company that was exposed as a fraud and dropped 33 percent in a single day that was it was a lot tweeting about dennis gartman dennis gartman is a very well known guy on wall street he writes the gartman newsletter lots of big banks here on wall street buy his newsletter for his expertise on coming out of these he was on c n b c 2 months ago dissing hard how because it is nonsense. and i'll never buy any well apparently he had to inform his investors that he's basically made a disaster is that and lost big time on riots a blot chain remember this it was like a biotech company that suddenly out of the blue changed their name to a riot block chain and that they were going to become a block chain company instead and their share price like sword. then you are a 2018 we saw block stream launched a payment processing system with retailers block stream also noted that lightning

was live on main that with 60 nodes operating as of january 18th 2018 and should be considered in testing lightning is a way to move because very very quickly it's for payments so you can essentially spend your because instantly and with very minimal fees it is the key to opening up a circular economy where people can start earning and spending fluidly so lightning network is this new layer that has been built on top of that coin it's actually very similar to the layers that comprise the internet itself where the base layer of the internet is this global flooding broadcast mechanism which would never be able to scale to the levels that we see today with the internet so instead of the way that the internet was scaled was by building other layers on top that make it more efficient specifically layers that allow you to route to data so that it is

going through a minimal number of nodes on that network to reach its final destination lightning network works in the same way where we are we are entering into a big coin and the block chain is the base layer but then building a router the route of networks on top of it so that if you want to send a payment to someone on lightning instead of having to broadcast to the entire network like you do with bitcoin on the main block chain and. you're only talking to a few. shortest path to get your final destination that you're trying to pay every time you're broadcasting your transaction to the because network you talk to everyone it's like if you want to you're calling every single friend and say i'm going out now but with lightning you're only talking to who you need to talk to when you're going to buy a coffee you're paying the person you want to pay in the channel running through a few other parties but it's just one channel to the entire network the way we look

at this is. everybody. is going to drive massive amounts. and if a 1000000000 people we're going to try to do this next month. now what's great about what you were talking about lightning is. that levels the playing field for access. to be a universal payment layer that everybody could just publish. it can't handle it right actually very inefficient but it was designed to be. a layer of efficiency on top that's not decentralized per se but in theory is almost as secure and allows us to publish a $10.00 apple share purchase for example and so.

that's why i'm super excited about some of these new technologies. in a world in which there are the americans that the chinese the indians the russians etc europeans can only really be a player at that global top table by standing united and we are already united on the economic front and we increasingly understand that we have to do so also on the defense front.

we had one man 3540 years old. the struggles in the water. some 30 fisherman well destroyed later in the. elements in the hall. and i. was stubborn and hurt the machine and. i believe that this is the one part of the therapy is. our charm. absurd really harsh things that happen in life.

well so lightning network solves the scale ability issue this is solved by slow builders who are building a solid foundation for the entire ecosystem of bitcoin big coin itself is layer one layer one needed to be secure safe and solid increasing the block size would have made it less safe had we increase the block size now that the civil war is over light network can happen it could build layer 2 upon layer one just like our global system around us which is built upon gold which is layer one of the global financial system good analogy that's exactly right so you have the basic foundation the big question which is solid improve themselves with 99.999 percent up down and now we have layer 2 such as actions that

are tied to bed coin and lightning is a good example of that enlightening and looks like it's a winner on march 15 2018 lightning labs c.e.o. elizabeth stark announced the initial release of l n d 0.4 beta for developers with the intent of making it available for testing purposes on the mean big queen network prior to even decor and i'd always wondered you know why do you easily just say and money to people on the internet why is it so difficult you know if i hear a song i like to just give that person say you know a dollar or read an article or a blog post or watch a video wise or not is native way value money on the internet. and i'm sure many of you know early you know the creators of the web envisioned in the early ninety's that there would be this native value and payment layer for the internet for 2 error code but it never came to fruition back then you know we had things like home eek out. and there were

a variety of potential proposals but at the end of the day they were centralized and of course as we know centralization comes all sorts of negative implications. so when i 1st heard about decline i thought wow ok here's finally this way for people to needlessly transact finally you know to credit under-rated the internet of money but of course it turns out you know the decentralized nature means that if you can have $5.00 to $10.00 transactions per 2nd because you want to maintain that the centralisation well that's not going to be able people to transact instantly immediately so much like a layered architecture of the internet the idea that equipment have this layered architecture made a lot of sense to me and kind of knowing about the way that the internet of all so thinking about the transaction layer from a quiet in this native way to transact you know why is it so easy right now for me to send a photo in any out interoperable standard why don't we have this interoperable standard for money and value and that's really what i see lightning out so this is when the term reckless came around because it was very much like the very very

early days of bitcoin especially the 2009 and 10 when there were all sorts of bugs being found 184000000000 big quite imprinted it's experimental there was a caution in in the basic when world people don't for good reasons cause people to lose money. and so there there was this sort of rebellion movement against call the reckless mean that came up on. twitter. and we've kind of been on the wreck the side of well not always encouraging customers but at least you know taking risks ourselves and i think that from a company standpoint you know the really reckless thing is not exposing your products to customers so that maybe you spend a bunch of money building something that nobody wants right well you know the culture of technology in america comes out of the aerospace business to a large degree and that gave us the. test pilots and the astronauts and men living

on the moon the builders of the cern particle accelerator in switzerland some would argue are being slightly reckless because they could in fact create a black hole in switzerland will gobble up all of our known reality right that seems reckless to me and yet they go ahead and do it because that's what we need to get to the next state of our consciousness and our global consciousness and our collective unconsciousness of what's bitcoin is a native currency of our collective unconscious our collective unconscious is also found on twitter where we all sputter and spout our words and i bring that up because jack dorsey in march of 20000 is revealed as investing in lightning labs elizabeth starks company he mentions lightning and that he likes it and so you're getting those visionaries those thinkers those more of a silicon valley big ideas guy starting to say and jack dorsey himself says that on stage at consensus that big queen is. money for the internet and that it's the

future. so from april 2800 to august 28th the big coin lightning network had a monthly growth rate of 15 percent the number of nodes increased from 15023000 the number of channels increased from 421-1000 we are seeing know the transition from bit coy as a unit of account to. so as bitcoin gets 200008 $110000000.00 per bitcoin people are going to be referring to this a toshiba which is $100.00 millionth of a bit coin interims of the 2nd layer and the importance of that to be queen as a unit of account i think it's quite interesting that brad sherman this week. actually said. the u.s. dollar is a unit of account and it's i mean if you know how we ended up with the fiesta. some

writing on top of gold you know that credit system and all that stuff was built as a 2nd layer essentially on gold and yes that 2nd layer system whereby you know gold a sort of foreign office and the bank of england. that the nodes those are the nodes in the gold system that allowed this global trade to emerge but it was always subject to cheating because it's a centralized ledger so now we have a decentralized ledger lightning and now big point because of lightning and that's the stuff that will follow it does allow the going to threaten the whois dollar as a unit of account i say you know because it is a millennial 6 retirement account right like a lot of my friends it's like no they don't necessarily have the traditional means they don't trust your initial financial system and there's a good reason for that and it's not just generational but you know a lot of us in the wake of say you know 8 and we say we don't trust these institutions and we know longer have faith in systems that previously you know

people put a lot of faith into so you know my going to trust something that is backed by you know a global you know decentralized community and system that is not dependent upon any one nation so you are my going to back something you know that you know in the past you know had a lot of issues in may in the future you know fail in a variety of ways like i'm going to put my faith in the global decentralized technology at the end of the day right when gold was used as money people were able to hold onto a store of value and. think about the long term think about the future and that in turn led to a much better way in which humans cooperate to one another lived in peace with the world where more creative where more productive accumulated capital got for its own and where as you see the opposite happen in periods where money is destroyed because when money is destroyed you know money is not expected to hold onto its value so people don't save much for the future they don't think much of the future they start thinking more and more of the day to day existence and that entire focus

of this is making whether it's personal or with others shifts towards the short term more and more and that leads to more conflict than leads to you know short termism capital consumption and. increasing consumption drop in the us and saving. a good asian all of it can almost situation but also the all aspects of individual life in terms of people's focus on the short run versus the long run and so bitcoin is an astonishing achievement for me because it's an online technology that is essentially open for everyone around the world to access that allows them to use the hardest money ever invented and therefore allows everyone to shift their time preference in accordance with this money that is very hard to inflate that acts as a great store of value and that encourages people to shift towards long term

thinking you know are time for offense orientation more people being more cool put it to them collaborative the peaceful one the other and so you know this is where. the fight over gold and silver throughout the centuries and this pendulum swinging it swung from the individual to the state and back and forth like this is now the great battle of our time and the battlefield is over because on and we're going to see whether the right to money best with the individual or with the state we're going to see whether individuals have control over their own destiny and are able to make their own choices when it comes to exchange rates or whether that is going to be with with political we can we can then siphon off through senior expropriate confiscation their inflation with that which is a form of taxation without representation or due process of law it becomes a very by an area with big oil big point is now a technology that the individual can wield to enforce their individual rights when

it comes to money into resources so we get into the 2nd half of 2018 well in fact the final quarter of 2018 and what happens in october of 2018 but krypto springs my own conference and lighten our work with. lightning labs elizabeth stark and melton de mirrors and amanda fabiano of fidelity labs and we invited the no when my whole crowd there were no i.c.'s by the way that i still market by this point had completely crashed because when prices were continuing to fall and this was a bear market this was generally a bear market where down by over 80 percent of the big price from the all time high and this is always a time just like we covered back in 2013 and 14 this is a time for builders the movement of the 1st kind of incarnation leads to the decentralized decentralization movement which is kind of the judo in my mind from what was about you know the individual. movement is about integrating the whole

planet's right where the individual you have a bunch of self sovereigns who can function as a real global entity now in a decentralized and that's how you fight socialism in my mind right because now everybody is incentivized to grow the pie. in a way that really integrates the physical world the digital world and a bunch of print started using the term but in a way that's highly incentivized if you look at how colonialism controlled the world ready it was really through a financial system full of these very parasitic transactions with big corning we don't need in these parasites you and i can connect together we can exchange with everyone we don't even need i can exchange my wonderful miss and you can compensate me. own. room it is the collective unconscious which means that bitcoin is everyone is thing in most purest expression of the collective

unconscious and by extending that out technologically to everyone on earth who's got access to open port telephone or internet connection you've got the makings of a truly interesting stuff. change in our consciousness assuming beings you know i think we're on the verge of a major quantum evolutionary leap enabled by bitcoin i often ask the question why do you need 4050000 quadrillion calculations per 2nd to secure the block chain that's an awful lot of hashing power that's an awful lot of computer power do you really need all that computer patter who's really behind all this computer power where is this really going are we going to get to the point where every transaction ever conceived in the past and might ever occur in the future could be happening simultaneously and what does that do to the concept of time and linear progress and. not thinking about this in an even more profound and bigger

way because it will in the end game be revealed that in fact we're just all one entity were there is no separation between us our minds are one we are of one mind and we can prove it on the block chain is an open source record of the fact that we are of one mind and time is a construct that we are manufacturing simply to better understand each other as an . extraordinary act of love the block chain is a mutable say you will never disappear from history now to the extent history still matters. i think you know cubans all over the world. very similar you know the westerners

did not invent democracy you know democracy everywhere and will to history in india in china if you go far enough by creating inclusion in soviet union you know after 990 was not some sort of adult. in the us constitution it was a matter of finding what works in that cultural context. and. how why a paradise with so much around turned into a round experimentation field but agricultural chemicals we know that these chemicals have consequences they are major irritants there's no question otherwise why would the chemical company workers themselves be geared up and suited up locals

attempt to combat the on regulated experiments but often in day you have many of these people one foot into the biotech pharma and the other foot in the government regulatory bodies this kind of collusion is reprehensible while the battle goes on the chemicals continue to poison hawaii and its people so one has to ask the question whether there is a form of environmental research going on in hawaii whether these companies feel they can get away with this because the people have less political power.

and the week's top stories here on our teenager nash. the u.s. accuses iran of attacking 2 oil tankers in the gulf of oman they claimed. diplomacy. survivors of the grunfeld tower fire in london launch a legal battle against 3 u.s. companies whose products allegedly contributed to the tragedy. and india slaps tariffs on american imports after donald trump withdraws the country's trade status . broadcasting live from our studios in moscow this is our g international.