cryptocurrency analyst ben swan is back on the program today to guide us through the crypto caper and what it means for the future of pentax we have a jam packed show today so let's jump right into the headlines. as the world's 2 largest economies signal hope for a phase one trade deal the u.s. and china are looking at rolling back some tariffs people familiar with the talks say if there's a deal removing tariffs will be part of it the phase one deal would include the increase of china's purchase of american farm goods rules to deter currency manipulation as well as some provisions to protect intellectual property theft a partial deal would also include president trump holding back on the imposing the planned december 15th tariffs but now negotiators are working on rolling back some existing duties when asked if china would remove these tariffs chinese ministry spokesperson going strong said the 2 sides are making progress. that it's not a correct way to resolve the trade issue by slapping terrorists nor does escalating

tension and confrontation serve the interests of anyone involved to trade consolation between china and the us has made some progress and is moving forward we hope the 2 sides will meet each other half way and find a solution on the basis of mutual respect equality and mutual benefit. this comes as the u.s. trade deficit with global partners dropped by 4.7 percent to $52500000000.00 in september reaching a 5 month low slightly above expectations which were at 52200000000 dollars on year over year the current trade deficit is still 5.4 percent higher than the same period last year exports declined $1800000000.00 to $206000000000.00 while imports also dropped 4 point $4000000000.00 to $258400000000.00 the us recorded its 1st oil star plus since 1978 of $252000000.00 while imports on consumer goods fell 2 point $5000000000.00 as cell phones and other household goods dropped by $800000000.00

meanwhile at the opening of the 2nd china international import expo president xi jinping promised more steps to gradually open chinese markets. china will continue to foster and enabling business environment that is based on market principles and governed by law and up to international standards we will give foreign investments greater market access to more sectors shorten the negative list further and improve institutions for investment promotion and protection and for information reporting beijing did not specifically address the u.s. and europe complaints about these restrictions on foreign companies but business groups remain frustrated with beijing's gradual pace and restrictions that are still in place on services. to companies who face rocky i.p.o. as reported earnings on monday causing moves in their share price but this company peloton reported for the 1st time since going public revenue has doubled year over

year to 228 $1000000.00 the company lowered its net losses to $49800000.00 down from $54500000.00 a year over year peloton also doubled their paid subscriber base from the previous year on the news peloton. stocks spiked 6 percent in premarket trading before plummeting another 6 percent after market open it now trading below their i.p.o. price meanwhile ride sharing goliath is also feeling the pain after reporting quarterly losses of more than 1000000000 dollars the company reported revenue gains of 30 percent year over year to $3800000000.00 despite the massive losses on their earnings call c.e.o. dar a coaster of shock he said has the ability to build a profitable profitable company but focusing on efficiency rather than rapid growth as it had in the past over stock price was down more than $7.00 and a half percent on tuesday following the news which is more than 30 percent lower than their i.p.o. price. changes at we work are bringing about frustration to some of its main

investors the policies are turning things upside down costing billions r t correspondent atocha suite has more from our los angeles bureau. so that the initial family and we work public offering things are going downhill now the company is looking to downsize possibly still meet up and to other startups we work a commercial real estate company that provides shared work spaces for technology startups reportedly cut 25 percent of the staff at meet up on monday we were purchased 2 years ago for a reported $200000000.00 that has roughly $44000000.00 members globally the c.e.o. of saw think is now saying we treated a monster when referring to we were the japanese make investor put in billions into the real estate company only i mean a bell about later it's been reported that the bailout was $8000000000.00 and soft bank even provided an accelerated payment of $1500000000.00 just to ensure the

company didn't run out of money so now south bank is facing scrutiny over the deal to turn over a new leaf southbank is expected to apply new standards to future investments and also tighten governance companies it's currently banking like we work david solomon c.e.o. of goldman sachs lost 18. 1000000 and it's taken we work during the 3rd quarter after the company failed to go public in an interview solomon said it's important for people to grow but there's got to be a clear and articulated path to profitability i think there is a little bit more market discipline coming into play and i think that's healthy for markets for the future of meet up is still unclear at this time we work in still looking to go public in 2027 x. 3 months be very telling to see whether or not we work and we put it in the starting in los angeles street art. and if you thought it was convenient to have

a voice assisted in your home it might be time to think again how easy can it be for hackers to hack your home a group of researchers in japan at the university of michigan found a way to take over some of your home's personal systems from hundreds of feet away this includes google home amazon's alexa or apple's siri devices all by simply shining a laser pointers and even flashlights at the devices microphones the researchers even opened a garage door by shining a laser beam at a voice assistant that was connected to it a recent report shows at least 26.6 percent of u.s. households own at least one smart speaker and there's a lot to go over here so we've actually enjoyed invited author and tech executive alex offer to answer some of our questions welcome alex. hi thanks for having me on 1st off what's happening here with the vulnerabilities in these vices voice assistance. so it's actually part of a long running pattern of people testing out things that are popular and you can go way back to the day when you had people using captain crunch whistles to the

socially tweak. call phone booth to get free long distance calls now it's a little more industrialized where's the i mean research teams are checking to see ok does this new device work does not how can i crack it because all of these pieces are actually really critical to our. overall security as a society going forward well you mention as as a society as we move toward a more connected society with all of these devices and every home and office how can companies like amazon and google put these devices out that are susceptible to these types of attacks. so i think that it's a really really hard problem because if you think about it there's almost infinite ways to attack and test these devices and it's really hard for someone like oh google or amazon to to speed every single one of these i mean human creativity is kind of infinite so pointing laser pointers at it or flashing numbers at it i mean these are just part of the development of technology i think for us to expect that these things will go out perfect is not realistic that said when we see these

starts of vulnerabilities pop up we should expect to see them fixed fairly quickly now there's a whole other line along that too which is that behind these things are invariably artificial intelligence and artificial intelligence and still quite brittle so still fairly easy to fool in a lot of ways but on that point that you just made there i mean artificial intelligence is all new obviously we can't like you said expect them to go out perfect but there has to be some sort of security measure in place correct alex because what we're looking at is you know you could affect somebody you could open a garage door that means your house is now vulnerable to somebody being entered so i mean obviously i know you're not saying they don't have any responsibility but what you know you as a former tech executive in see in the rollout or as a tech is active in general as seen the rollout of products like this i mean what kind of strange and stuff especially when you're seeing from the big boys like amazon and google what are they doing to kind of prevent these types of things before they go to market. well i think pretty clearly they're not doing enough i

mean i agree with you on that i think that they probably are testing some vulnerabilities in their skunkworks or their labs before they send them out what i think is missing is that when you go look at commercial software for example google has an entire team dedicated towards what they call 0 day vulnerabilities in software that's looking for things that could bring a server to a halt that's not necessarily known out in the wild apple has a bug bounty program or you know various software companies a bug bounty programmes so they've put in place to try to mitigate or spot these problems in advance different incentive structures that have different testing programs now things like voices that are very early days so i think that we still haven't built that out yet and i think it's incumbent upon google and amazon and all these other folks to now go and say ok we need to put in place some more robust both internal and external testing programs to incentivize and create a market for finding these types of laws well alex do you think i mean these laws

like you said are inevitable are we ever going to really be able to contain 100 percent of this i mean over 25 percent of u.s. households own one of these smart speakers is this something that really we we should should be doing relying on these or is this something that's going to become more common then like i said is it ever going to be 100 percent containable. so no it will never ever be 100 percent containable just as software bugs have not been 100 percent containable over time you will see systems that hopefully will be more resilient and more secure i think that that's a reasonable ask but in terms of saying we want 100 percent it's never going to happen in the same way they are never going to have a car that's going to not break down 100 percent of the time or you're never going to have a plane crash ever things will happen that's just part of complex systems now that being said i think that there's lots and lots of areas that we should be more we should build in better ways to absorb failures. as we start to see more of these

devices in us households become more important part of our infrastructure of how we interact with finances of how we do all these things in our lives now i think the other part of it which we should just get used to is that failure will tend to be more catastrophic so when things go really wrong they're going to really really wrong and you've seen almost the same thing in airline crashes you know where now when you see airline crashes almost everybody dies as we get towards things like automated cars or when the systems are driving or were they have more control in our lives or these speakers the vulnerabilities will be worse the information exposed will be worse and i think that's part of the tradeoff of heading into a world where we allow these systems to take more and more responsibility and more control. executive alex over thank you so much for your time an excellent insight today. thank you. time now for a quick break but hang here because when we return big point has been sloping steadily since its media oric rise to 20000 but recent reports show that

manipulation may have played a role in the spike cryptocurrency analyst is back on the show today to guide us through the trip and what it means for the future and as we go to break here are the number of. survival guide states in your state may be the stores. i believe. are going to. let me. use a repatriation look at the us instead of. the bill of the stamp of the treasury for

. the good news is if you like and use the term deep state you are no longer deemed a conspiracy theorist the bad news is very real and powerful and dangerous the democratic process the deep state as the 4th branch of government is it comes. to believe there are good terrorists and bad edits the bad terrorists and those in yemen who the united states deems to be a threat the good those who work in syria the cia and the u.s. military were engaged in covert actions really struck a world. where they were assassinating populist leaders they were backing up right

away military juntas funding and arming death squads there's no. because there's always a small. cut. off. boeing who has been under fire since the grounding of the $737.00 max is making headlines once again this time the company's c.e.o. dennis miller is offering to forego his bonuses this year has been harshly criticized after his testimony on capitol hill just last week lawmakers grilled the c.e.o. over the $737.00 max crash and rather against his $2200.00 salary of get this $23400000.00 now this included 8 $13100000.00 incentive bonus in an interview with the

n.b.c. boeing's new chairman dave calhoun confirmed suggested he shouldn't take any stock . or bonus money this year boeing stock is up today and has gained a temper cent increase just this year and this also comes as boeing successfully tested its 1st major flight test this week the starliner reaching a height of 4000 feet at 650 miles per hour the 75 2nd test appeared to be successful this was in spite of one of the 3 parachutes that failed boeing officials said the spacecraft was designed to last lately with just 2 and the abort system at the requirements for a successful test the launch was a critical milestone as boeing looks to fly humans to the international space station sometime next year. occidental petroleum is looking to slash capital spending in an effort to pay down debt from their $55000000000.00 acquisition of anadarko petroleum the company which has large operations in the oil rich permian basin announced

a budget of 5500000000 in capital expenditure for 2020 down from more than 3 but are down more than 3000000000 in 20 from 2019 occidental estimates oil and gas production will grow by 2 percent in 2020 down from the 5 percent projected when finalizing the end of darko deal in august the american oil company is also looking to pay down the massive debt it took on for the in the dark 0 deal debt was at $43900000000.00 on september 30th nearly 6 times higher than that of the year before meanwhile in other or oil giant related news sources close to the planned saudi aramco i.p.o. are saying the government is playing to cells 2 percent of the company in domestic listening on december 11th the sources added that the government will also refrain from international listing for at least one year. remember one bitcoin soared to nearly $20000.00 each well most people who own any crypto do but now a new paper published by the university of texas professor john griffin and ohio

state universities and shawms the coins run to a record high near 200-2017. it was caused by a single market will the study was based on transactions of tether and bitcoin between march 1st of 2017 and march 31st of 2018 the professors have concluded that over the course of that year whenever bitcoins about all you drop by certain amounts purchases of the crypto currency on the hong kong based that cynics exchange rose in short the claim from the study is that because price was manipulated by the issuance of tother coins which were used to purchase big queen and consequently lead to increasing prices according to one of the study's authors john griffin our results suggest instead of thousands of investors moving the price of bitcoin it's just one large one years from now people will be surprised to learn investors handed over billions to people they didn't know and who faced little oversight for their part phonetics claims that the study is not true saying in part

that cynics is aware of a paper falsely positing that other issuances are responsible for manipulating the crypto currency market that fenix vigorously disputes the findings and conclusions claimed by that source which rely on flawed assumptions incomplete and cherry pick data and faulty methodology joining us now to help make sense of this is investigative journalist and crypto currency analyst ben so on ben christy i is out today she's in cryptocurrency expert but now you are let's dig right in and then griffin and jump hypothesis was a big point was manipulated was based partly on the theory that these new tethers are created without the dollars to back them and then used to buy bitcoin that's leading to these rising prices is there really any evidence of this. so there isn't really evidence presented so far other than the correlation evidence so what they've done is they've gone back and they've shown you know when the price would begin to dip and then they show the how the size of the market cap for tether and

how to either continue to expand at that time and so there correlating these 2 things but one of the things that's missing from this particular study is the idea that thousands of people and maybe even millions of people over the course of 2017 began purchasing bitcoin and other crypto currencies as well keep in mind that the end of 2017 go into 2018 you know a theory of light coin dash report we saw crypto currencies across the board exploding with people who were buying them and getting into them so it's not simply one cryptocurrency that was being affected by this number one and number 2 the idea that it was only being moved by one well i think that's not even not only true but it's not even something you could prove but there are some questions about whether or not one well did affect the price affect the price absolutely could have happened that doesn't mean they're responsible for the whole thing and then some of the claims of course are that this is tied to that björk attorney general's lawsuit against been for the next $4850000000.00 and they're claiming that's really what

this is about is giving fuel to that fire you know it's actually interesting that you mentioned that lawsuit because new york attorney general lateesha james she said her and phenix executives participated in a cover up after about a $150000000.00 in client and corporate funds allegedly went missing what do we know about that. yeah well that's you know part of the claim that's being made here right is that there was a conspiracy that took place and let me just tell you a little bit about where this comes from it comes from something called crypto capital corp it's a panamanian payment processing firm that given x. allowed to use to some customers to deposit money through their crypto exchange the claim is and it's very convoluted that this was actually a part of organized crime that organized crime was essentially money laundering using this exchange the thing is is that because the next says they don't deny that happened what they're saying is they were in a part of it that this money laundering operation happened and that they were the

victims of it and so they're saying we have worked with the united states and also with poland to try to shut this thing down and to present as much information as we know about it so essentially what the new york city attorney general is claiming is that been bit by next was in on this and working with them and they're saying we were in on it this person used our exchange to maybe longer money but we weren't a part of it as far as as being complicit. but then isn't it true that regardless of what claims are being made in this paper they coined our crypto currency wells have the power to actually shift the crypto markets for everyone else well they do i mean the reality is this president came along and people 1st started getting into it in the early part of the 201-201-1200 extension 0 well you know a lot of people who were gathering large amounts of bitcoin that the time was worth you know in some cases a pity in some cases less than the pity actually started out as tokens that were used for gaming and so you have people who have been able to stockpile enormous

amounts of it and then as it rises they do have the ability to sway markets absolutely but but again that is a reality of of this space it is a reality of what it means to be involved in crypto currency but the idea that there is no good genuine interest in crypto and that the whole thing was fabricated i mean keep in mind the price has dropped significantly from almost 20000 down to about $3000.00 but since april of this year it's been rising again it's been sitting around $10000.00 now for several months which means that point was able to gain back about how full of what it lost during that time is the claim now that all of that is fabricated and all of that is made up as well they don't really cover that in this study and so that i think that's an interesting question for. ben and before we go today and by the way that is fascinating because you are right that it's gone up and people see this as a real asset class now i mean it's not just it's not just crypto and used for

whatever people think it is but i want to bring up one more story before we go today in a separate story that has canadian securities regulators have seized control of the einstein crypto currency exchange the british columbia securities commission announced on monday that they had filed to take over an exchange after the platform said on october 31st that it had planned to shut down in the next $60.00 to $90.00 days the exchange had its unique token and so what do. can you tell us about that. yeah so that's kind of an interesting story because the einstein exchange was to take one particular type of token and to convert it into a different ethiopian backed token that's what it was originally designed so the force of most of those tokens that were there were specific kind of token they were actually supposed to shut down this exchange in the middle of 2018 but because so many people had not swapped tokens they left it open and now that token actually goes away by the way january 1st of 2020 it will dissipate and so that's why they said they were going to shut it down in 60 to 90 days but there's like $12000000.00

sitting there that for people who have not swapped so the canadian authorities seem to say you know you're trying to steal their money they're saying it's going away in a few in a few months anyways and and there's been such a low number of transactions on this exchange that we justified that for that reason so that that was the point of doing that well crypto currency analyst and investigative journalist ben swan thank you so much for your insight and for breaking it down for adults who are an expert. you got it. and finally today a story of a young entrepreneur shut down by a donut conglomerate gets a reprieve a college student from minnesota in the united states started a little business for himself jason good salis would drive roughly 270 miles every saturday from st paul to clive i wanted to buy more than $100.00 boxes of krispy kreme donuts and then he would turn around sell his product back home for between 17 and 20 dollars a box that's about a 200 percent increase with hopes of paying his to wish it for those who don't know krispy kreme sells melt in your mouth glazed donuts but here in the states they are

in everywhere and in minnesota the last location closed down more than a decade ago gonzalez started a facebook group that amassed thousands of buyers and everyone was happy that people got their donuts and gonzalez had a business for himself well according to a post on the facebook group over the weekend gonzalez received a notice from krispy kreme that he could no longer resell the donuts citing health and safety concerns but worry not boom busters after what we can assume was massive worldwide backlash krispy kreme said good and solid can continue as an independent operator and they will donate $500.00 dozen donuts to his business going to post to the krispy kreme minnesota group that he started going as alice said he is definitely going to need a bigger vehicle for this large of a shipment well that's a nice story right there what an entrepreneur right i mean why try to punish the kid i just don't get it and people are driving distance he must of driving if they're trying to drive that long just for krispy kreme absolutely well that's it for you today and for you this time you can catch us on boom bust on track t.v.

channel 321 dish network challenge to 80 are streaming 247 t.v. the free t.v. at channel 279 or as always hit us up at youtube dot com slash boom bust r t c n x time. live. leg. length. legs. play. live live.

live . live. live. the. play. live. live. live.

and very well might continue watching on since last. imagine being a 635 and you have a career and a career involves using your eyes slowly in your computer and things like that in an office and perhaps you sort of getting fixed circulars to have to stop doing all this and this is tell you lou the minutes must be from my world became smaller and smaller and smaller until i ended up running it in a box. around it a very strong magnetic field held in my head. it's like a real hard pressure on my skin burns and that wireless access point is there it's just continuous all day with our students in the schools. we are just continually

bathing our citizens in this microwave radiation it is certainly electro small and it's getting worse. i am.

it's unbelievable what we have claimed and everything leaked video shows an a.b.c. news anchor revealing the network's out on explosive interviews from 3 years ago detailing the predatory behavior of disgraced u.s. billionaire jeffrey epstein and others involved in sex scandal. the latest twist in the impeachment inquiry into u.s. president trump the u.s. ambassador to the e.u. revises his earlier testimony now saying he told ukrainian officials that u.s. military aid was a link to kiev investigating a company linked to the son of a former u.s. vice president joe biden. u.s. military convoy comes under fire in syria from turkish backed militants according to russia's.