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the 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 cut the current. these 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 when calling it 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 t. 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 at p. 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 at 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 allan 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 is 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 utilize 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. genesis trading also said that it as a $175000000.00 and locked funds in its 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, lots 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 easy plan all of this to happen after s b of called him out? that's a great question. and i don't think that 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 gansler was helping with f t x with legal loopholes. so it's really interesting if you look at charts, that when gary gansler took his position as a se c chair, you can see that at the 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 s t s, 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 locked up on the exchange that last. so and right now i'm not sure what kind of ramification, what can a 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 company has 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 that wouldn't have been

a situation where one individual where a group of individuals when available 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 i 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 a back in doing things to drive celsius out of the industry. but there may have been some things that weren't being done on the best and by celsius 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 pasta 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 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 watt in crypto. they're almost kind of a mafia boss in 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 become and solve it, and that would be really interesting be in a gray scale, owns 3 percent of supply 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 disappearing that we are going to go lower in the crypto currency markets and i believe glad grayscale becoming and solve it 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 crystal? is it environmentally friendly? we'll have more after the break. ah ah. ah, is your media a reflection of reality? in the world transformed? what will make you feel safer? isolation community. are you going the right way? or are you being led to some with direct? what is true, was his way. in the world corrupted,

you need to descend. ah, so join us in the depths. will remain in the shallows. ah, the 1st time in history, an entire country's culture has been cancelled. the very modern weapon cancelled culture daily data. will sheffield my life so little will you get just me sitting there with the phrase now, particularly refers to counseling russian culture yet them know what secret the few orders because you can when you miles fuel, which will be all there is chill out of it. so that over the most of the bridge to london, he des moines what rushes created over the past 1500 years. there's no question actually condemned, reviled and rejected to sort of like

a bill of bramble. there's a lot closer. i want a whole bunch, any time i guess with a little sure the list joining total condemnation, gross daily, and now includes dostoevsky to kosky. shostakovich. get that i need to. yeah. but yeah, she says that the time will you do? obama lee? you want to look it up with in recent days, bitcoin has received a lot of criticism for 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 consumes a $113.00 terre, what hours per year. 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 a substantial amount of energy, but it is actually more efficient than banking as it's not just a store 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 down 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, their 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 a 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. minors 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 bitcoin 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 what will hash rate. that's the amounted hash rate power that goes into computing big point. 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, because 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 pie years. really. in many ways, big horn miners are pioneering. this kind of energy transformation and why? because of good forbid coin, minors, bottom line, it all comes down to money. no one wants to be paying for any more energy than they

have to. so to that point, the bit coin mining council in that same with, were estimated that mining technology efficiency has grown by 46 percent over the past year. which suggests that as the network rose is going to become even more efficient over time. we're just going to see that keep happening and how are minors 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, you know, 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 for gas flaring by up to 63 percent. and that each one has the equivalent effective taking around $1700.00 cards 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 to 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 big point 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? oh, 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 pause and acknowledge the fact that everything, everything that we want cause energy. and what we have to do is weigh the pros and cons of that saying 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 ideological price and whatever other metric is important for us to decide to consider. so they coin uses a lot of energy and that's by design. as i explained. it's energy is the price that miners take to participate in the system. that in turn, secures 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 the sides, the u. s. that,

you know, really can benefit from having that kind of accessibility to a financial system. like any other currency that coins value is derived from its users perception of what it's worth. but unlike 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 of the last couple years. and by having to commit energy to the process, minors 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. the 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 the socks where out in a year. so i haven't really heard of any sort of fashion coalition pledging 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 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. christie harkins, coin desks, 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 tease 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 big coins, decline and projects like slender lands have held 350000 daily unique, active one since mag. mm. i'm christy, i thank you so much for joining us today and we'll see you back here next time on the cost of everything. mm

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