beard, atlantic slave trade. the slave traders from european countries started building forth on the western coast of the african continent to transport the african inhabitants to america, to be forced into hard labor. until the middle of the 17th century, portugal had played the main role in this atrocious business. then great britain, france and the netherlands took the leadership for the span of 400 years of legal and illegal slave trade. about 17000000 people were forcefully shipped across the atlantic. not including those who died on the way due to unbearable living conditions. modern historians estimate that for each slave ship to america, there were 5 who died while captured during transportation and cruel obliteration of rebellion. this ruthless people tre practiced by the leading european countries,

took away tens of millions of african lives. the organisation of united nations classifies that trans atlantic slave trade as one of the gravest human rights abuses in the history of humanity. this is the biggest act of deportation of people ever seen by mankind. mm hm. so what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms race, his on offense, very dramatic development. only personally and getting to resist. i don't see how that strategy will be successful, very critical time time to sit down and talk ah,

on what exactly is money in its most basic form, the measurements of wealth and a commodity accepted by general consent as a means of exchange for goods and services every society uses some versions of it, but recently the emergence of bitcoin, other crypto currencies have had a huge impact on what money can do. i'm christy, you're watching the cost of everything ah, the crypto current. they have always been a controversial topic with many skeptics calling it a bubble. and it equivalent to tool mania. regulators and countries have also tried to stomp out big one colleague a threat to the financial system, saying that the cost of big point to the financial market is just too high. but big coin or any other crypto her and see, is that really a threat to the financial system?

absolutely. bitcoin offers people financial freedom to live outside the banks and controls built by the regulators to restrict the movement of capital. it is a threat to the current regime as crypto is a technology that empowers the people. meanwhile, the epic collapse of f. p. x is still causing ripple effects to other crypto companies. f p. x disintegrated practically overnight after it was unable to meet a run on deposits. i left the company with an $8000000000.00 hole in its accounts. the founder of s p s. sam bank, men freed, founded what he claimed were 2 separate companies. a hedge fund called alameda research and a crypto exchange platform called s p x of p, x is native currency was a coin told a p t which was printed and used as collateral for ela, made a to take out loans at one point a t t traded as high as a dollars, so it took out a huge amount of loans at the time. and this is extremely dangerous because of the

price of f t t fell below a certain level, it would leave alameda, unable to pay back its lenders. now in early november, a report show that to fits of allen made us $14000000000.00 balance sheet was held in f t t sparking panic among f t x as customers. c z. the ceo of finance immediately dumped $23000000.00 f t t tokens, sending the price into free fall as of ts was unraveling. it was further revealed that s b s had created a secret back door and f t x that allowed him to move deposit money off the exchange to alameda without alerting customers. so the lesson of the story once again is not your keys, not your wallet. no matter how secure or safe a centralized exchange might look like from the outside. if ever there's fraud a hack, a liquidity issue, or an other black swan event, your funds will not be safe if you do not own your own keys. now,

many customers are now learning this less than the hardware with the collapse of f t x. as f p x held billions of dollars and assets and deposits for the customers and traders. multiple crypto trading firms and hedge funds who utilized f t x are now a liquid such as are a global gallows capital and new technology. they have all failed because of its massive exposure to f t x. janice's trading also said that as a $175000000.00 and locked funds, and it's f t x trading account. now, the latest casualty is blocked by a crypto lender platform, as it also filed for bankruptcy, citing massive exposure to f t x. now for more on the epic class, we have joining us, chris, right? host of rice, tv x. so chris, what was the main cause of the f t x failure? how did all star and did the plan all of this to happen after s b?

i called him out. that's a great question. and i don't think that a c z was the one that really push this thing to escalate. i think ultimately i think c was the straw that broke the camel's back. i, it looked like there was a lot of foul play going on for quite some time with an f t x in alameda both and it looks like there's a lot of corruption surrounding it. now i don't have any factual evidence of proof of this. but there seems to be some collusion with the s t c gary gansler. it seemed as if gins or was helping with f t x with legal loopholes. it's really interesting if you look at charts, that when gary gansler took his position as an easy chair, you can see that at t t token had been going up that tire time from that moment. it's complete green candles, which is very interesting. when you think about that, then you also have all the things on the back end. i think his name is dan freeburg

is one of the attorneys own counsel at either alameda or f t x. and he has been involved in some previous poker scandals. and then there's some question about s b s parents, but ultimately it looks like the s p f was utilizing f t x and alameda as his own personal bank account. there should have been separation of funds based off of the terms and conditions. and there were not any sort of separation of funds. so everybody's funds are at the same risk. and if you go through their terms and conditions, you'll see that they have different risks for people that are leverage trading that are doing, lending or borrowing, versus somebody who's just using the platform just to trade, who didn't opt in for any of those other services. so unfortunately, their terms conditions seem to been on why, from the very beginning and it seems to be a lot of accountability. and i've seen many interviews with sam bank been afraid

over the past few weeks since everything's occurred. and it seems like more and more he's incriminating himself. and one thing that i will add is that i'm really good friends with ben armstrong from bit boy crypto. i go on his channel weekly for around the block chain and he's been calling out sam bakeman fried for quite some time before the information went public. this thing goes a lot deeper than what so far has been released publicly. and what is the fallout from f t? yes. how many people are now suffering as collateral? damage line? there's a lot of people that lost a lot of money. i mean, there's even some people that were spokespeople for f t x that had a lot of money walked up on the exchange that last. so and right now i'm not sure what kind of ramification, what kind of remedy is going to be given to the customers at this time, because we don't know what kind of funds are currently available. and now does this set the crypto industry back a few years, or was this actually

a necessary purge to show the dangers of a centralized platform? it's, i would kind of say yes to both. i unfortunately don't want this to set crypto back . but, and really what i tried to explain to individuals is this has nothing to do with crypto currency or block chain technology. this is simply human greed, and the median that they were able to defraud. people happen to be a crypto currency exchange and investment company. so when it really comes down to it, if we can get enough people speaking out publicly, saying exactly what i just said, that this isn't a problem with the technologies. this is a problem with human beings. and unfortunately, it's something that we've been dealing with for quite some time, you know, through our history of existence. so really comes down to the fall out from this. i mean, we're not sure what kind of companies have had exposure, ultimately. and unless somebody is in dire danger, i don't see them right now coming out publicly and letting people know what's going

on with their company until it's actually a problem. i still still, there may be some fall out, but may not be completely from straight f t x. again, i'm just not sure what companies had exposure, but the real sad thing that we are seeing is companies that are still existing are looking at moving outside of the united states and stop, stop allowing for their services for yeah, united states citizens due to uncertainty and regulation, so we definitely need to be pushing for positive regulation and united states. we need to do the best that we can to be educating politicians about what crypto currency and block chain technologies are about. and what the problems are with centralization versus decentralization. because this would also be another way to point the fall at central is ation. had this been a decentralized project, it wouldn't have been a situation where one individual or a group of individuals would have been able to do this. block 5 is now declaring

bankruptcy, citing the f t s contagion as the main reason. but is that entirely true or was it also engaged is own risky lending business? i haven't had a chance to look at any sort of the paperwork and see any of the numbers, but i would think that would probably be a combination of both. now from what i am understanding though, it looks as if f t x sam main frontier, everybody were involved with a lot of different market manipulation. and i'm starting to here to through the grapevine. that celsius is fallout. mainly could have been due to the f t x issue f t x on the back end, doing things to drive celsius out of the industry. but there may have been some things that weren't being done on the best in buy sells either. so i would put that as a combination as well. so i think people or over leveraging their positions, i think people thought, you know, they were playing a game 1st so,

so much time and, and kept continuing to win. and i feel like they thought that that wasn't going to stop, you know, and unfortunately we are in a bear market, regardless of do you own an exchange in your re high pos kidding coins or not? you know, we're in a fair market. the trading activity has gone down as decreased as you know, immensely. and again, we're not really sure about the companies like still what, where the fallout contagion is going to end it. it appears that genesis, which is an institutional lender, is having some issues. and some of it is, or the majority of it seems to be related to f t x. and they also have a partnership gemini exchange that deals with the lending which has to do with rewards for credit card staking and things like that. that was a partnership between genesis and gemini, and now genesis is having issues. genesis is owned by digital currency group. and

the digital currency group owns a lot in crypto. they're almost kind of a mafia boss and crypto. and they're trying to do some private equity fund, raising from what i understand. they also own grayscale. so it is possible that we could see the contagion from genesis bleed into grayscale. we could see grace gal to come and solve it. and that would be really interesting be in a gray scale, owns 3 percent of the supply of bitcoin, they would be forced to liquidate. now in that situation, that would be what i would think would be the last, the last of what we're going to see for that next drop. because a lot of people are a disappearing that we are going to go lower in the crypto currency markets. and i believe glad grayscale becoming and saw that would be the catalyst for that. thank you so much for joining us today, chris. now, when we come back, what is the cost of producing? what does it, environmentally friendly?

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give us a me in recent days, bitcoin has received a lot of criticism for as energy consumption. but is this really the whole story? and is there really that bad? so let's put some things into perspective actually, with some real numbers. a recent peer reviewed white paper, found that big coin consumed a $113.00 cara watt hours per year. while the traditional banking industry consume $263.00 tara watt hours per year. so that's actually less than half of that of banking. now, as compared to that of the gold industry. gold consumes around $240.00 tara watt hours per year. now, houses possible. there is no denying that big one consumes absurd stansell amount

of energy, but it is actually more efficient than banking as it's not just a score of value. it is also a medium of exchange and the settlement layer. more over big point is actually driving the renewable energy movement. this is simply because energy is the biggest and most expensive input. so naturally, miners are motivated to drive that costs down. other industries, like manufacturing are also very energy intensive, but they have less of an incentive because other costs, like metals, lumber, steel, labor, etc, they're bigger costs that they're more focused on. so for more we have christy harkins coined us managing editor of technology. so christy many critics still argue that miners are the ideal customer for fossil fuels rather than renewables, since these are both cheap and the consistent source of power. so what is the energy mix of these miners?

there are couple of questions in there to unpack the 1st one, i'm not sure where the argument comes from about being ideal customers for fossil fuels instead of renewables. because martin mining is a market driven industry like pretty much anything else. miners look for a number of factors when they're setting up their mining farms. they are looking for 1st off, the most efficient cost effective and reliable source of energy. a stable regulatory environment to set up opperation is in and a stable infrastructure and workable relationship with the area where they plan to set up. on top of that, environmental impact is becoming more and more of a consideration for big coin minors. they care about this kind of stuff. last year, a group of miners got together spearhead headed by big corners like michael sailor, to work together on energy consumption, accountability. and so the resulting bitcoin writing council has. we produce 2 pretty good numbers by the end of q 2. they say it's members representing over 50

percent of global hash rate, but the imagine hash rate power that goes into computing bitcoin. all of those minors together, 50 percent of the ones that we have in the world are using electricity with a 66.8 percent sustainable power mix. it estimates that the global mining council estimates that the global industry as a whole is using a sustainable mix of around 59.5 percent, which is a year over year increase of 6 percent. so the goal for this coalition is ultimately carbon neutrality, which is the neutrality, which is a pretty ambitious goal. there's a lot of other major global industries that have been pushing for this sort of reduction. and to that end has as they say, they look for efficiency. there is a huge push toward innovation within the big coin mining industry efficiency itself is paramount. so high performance rigs that consume less energy in the 1st place

are always being developed. novel ways of capturing otherwise inaccessible renewable energy or wasted energy are being developed and their pi years really ways. big horn miners are pioneering. this kind of energy transformation and why? because of god forbid coin, minors, bottom line, it all comes down to the money. no one wants to be paying for any more energy than they have to. so to that point, the bitcoin lining counsel in that same report estimated that mining technology efficiency has grown by 46 percent over the past year, which suggests that as the network grows, it's going to become even more efficient over time. we're just going to see that keep happening and how our miners utilizing flared gas mitigation. is this an efficient use of energy that would otherwise be wasted? yeah, so 1st of all, you have to understand what flared gas is. so when natural gas,

what happens is during mining processes and we're talking about like oil, oil refining. so when natural gas is brought to the surface, but it can't be easily used or diverted, taken somewhere where it can be used, then the oil companies just burn it. that's called flaring. so you just, and that's where you get those ah, big flames coming up from oil, oil, oil wells. so flaring mainly happens when gas is produced as a byproduct of oil extractions. and if there's no infrastructure to put this gas to productive use, then you get that flaring and that burning and all of that is just released into the atmosphere. so there are several ways that other industries including bitcoin, are capturing and using this otherwise wasted, flared gas in an article for markets insider,

one big point mark mining company crew. so energy said that it's system we're capturing and using flare gas for oil patches, slash c o 2 equivalent emissions from gas wearing by up to 63 percent. and that each one has the equivalent effective taking around $1700.00 cars off the road. so that's a pretty good thing to be doing. is it as good as say, the oil refinery, not flaring the gas in the 1st place? yes it is. is it better than not having an oil refinery at all and just be green all around? well now, but it's there and it's otherwise going to be wasted. so let's be resourceful. what use that? and that's what's happening with flared gas. and kind of like, you know, the, the, the oil, the cooking oil that would otherwise go into the lake. it's being used in some way and, and creating a positive effect and creating a positive effect, not just for the miners,

but sometimes even for the gas company or the oil company. so it's worth their while for them to work with quite miners in order to repurpose this larry gas and what other industries are guilty of high energy consumption. are they making more or less of an effort to use renewable energy, as is the case with bitcoin? all, there are 2 things here. first off, i don't know that what about ism is going to be particularly helpful. but also, we all need to sort of just cause and acknowledge the fact that everything, everything that we want costs energy. and what we have to do is weigh the pros and cons of that thing that we want and decide what it is we're willing to pay for it. think about it in terms of its economic price. it's environmental price. it's ethical or india, logical price, and whatever other metric is important for us to decide to consider. so they coin use a lot of energy and that's by design. as i explained,

its energy is the price that miners pay to participate in the system. that in turn, secure is a transparent answerable, decentralized hard currency that's backed white code accessible to anyone, anywhere in the world and independent of any nation state. and we have to remember that there are a lot of other countries besides, besides the us that, you know really can benefit from having that kind of accessibility to a financial system. like any other currency, the point value is derived from its users perception of what it's worth. but i'm like any other currency, it's supply cannot be randomly inflated by a government body. and we're seeing a lot of that happening around the world the last couple years. and by having to commit energy to the process miners are prevented from merely spamming the system or otherwise attacking it. so, for anyone who values this particular form of money using energy dixon, secure,

it is extremely worthwhile. big corners would argue that it is more valuable in the long term than say, precious metals or stones, the mining of which are unbelievably harmful to the environment. have you seen an open pit those things and those, those that kind of mining practice is very, very destructive. so, you know, but we, we don't really think about that too much. let's consider if you want. i mean, if you do want to point to another industry, let's consider say, the fashion industry, especially fast fashion, think about the vast amounts of resources from production to distribution to delivery delivery. especially if you're ordering, say, one pair of socks on amazon and getting that delivered to your door. that's a lot of energy, not to mention the tentative landfill that it generates after gl socks where out in a year. so i haven't really heard of any sort of fashion coalition sledging that it

will make the fashion industry carbon neutral anytime soon. but we're not seeing investors or other groups clutching their pearls over that either. so personally, i'm more concerned about cans about securing my money than i am about getting cheap socks. you know, you have to really just way, what are we wanting and what is it going to cost? and this is one of the costs that you know, some people think is absolutely worthwhile. thank you so much for coming on. christy harkins coined as managing editor of technology. so for the cost of crypto currency, who will win and lead the next big crypto boom. i believe that gaming is going to be the next big sector for the community with came by and the metaphors projects they have begun to utilize and s t 's and tokens and ways other than pure speculation. so i believe that is going to be the next big step in this space as it matures. these games have apparently been unaffected by because decline and project

like lind, her lance have held 350000 daily, unique active since mag. mm. i'm chris, the i thank you so much for joining us today and we'll see you back your next time on the cost of everything. ah, ah ah, me initially my little janice trammel and nickos enough, but mrs. smith was not there varnish the origin was our korean read to us to get in for it and it was, you know, it's not meant was much so much like we should sit a middle class so probably spent us laugh suddenly to move silla

doors. yeah. which i said in your c h 7 glove in the theme are starting. the do not see to glory because you'll be but it's lucky i still want to watch and loud upgrade up. well, you'll be put to it. don't let you not. but i mean, nice said i would show you that, you know, nice easy to learn the switching cargo slip or chew dog squad, or he's mark for best way of use for a year with

a fragment of a show that landed in this residential building. i get more reports of another serious and by roger of shelling. this one coming from the city of don. yes. also when your program, china slams a western critics division lifting of cobra restrictions saying they are representing, what should i say misrepresenting china's policy? and at the end of the day, they say the reporting is a case of double standards. also britton's push for african nations to go green comes to a head, a somalia says no to london trying to source oil in somalia as.