these exchanges now and now there's just not as many as there could be but we'll never see another mt gox again i believe there's a lot of self-regulation that goes on here and gets awkward with the regulators imposing all their old fashioned rules on this twenty first century technology like no you're costumer rules i mean it's very expensive from a regulatory point point of view too on board and get off get in and out of big coin you know move dollars to pick when to get between back into dollars there's all these hurdles you have to go through even even buying it at a big point a.t.m. in the united states is an arduous process you having to you know hold up all sorts of identification and all these things and you know that is not true around the world i mean i was in tel aviv last month and there was no break elation and because of all you just take your shackles put them in there and you can exchange it for because i think that's where we need to go we need to get away from this idea of control. in the sector and just let it evolve naturally and normal market process we're going to ha

sector is capable of regulating itself in fact i know it is i think the other day we talked about the mt gox thing that's never going to happen again it's decentralize there's there's due diligence being done by all the top investors in the space there are a lot of scams there's a lot of scams in every sector you know but i think as the sector is capable of regulating itself and the regulators have been an annoyance now for years in the space they're not actually achieving anything what the what the typically trying to do is to get this new cutting edge technology to behave as if it's some old growth technology and it's and it's been very costly for for business it's made the sector less competitive is driven out this is true it's driven a lot of innovation assets outside of the united states i've talked to so many people at this event who want nothing whatsoever to do with any u.s. bank or any of us and to take anything to do with any us jurisdiction because they assume that i could be favorable to crypto and to me that is crazy that's crazy i mean if the u.s. regulators had any brains that

sector is capable of regulating itself in fact i know it is i think the other day we talked about the mt gox thing that's never going to happen again this decentralize there's there's due diligence . being done by all the top investors in the space there are a lot of scams there's a lot of scams in every sector you know but i think it's the sector is capable of regulating itself and the regulators have been an annoyance now for years in this space are not actually achieving anything what the what the typically trying to do is to get this new cutting edge technology to behave as if it's some old growth technology and it's and it's been very costly for for business it's made the sector less competitive is driven out this is true it's driven a lot of innovation assets outside of the united states i've talked to so many people at this event who want nothing whatsoever to do with any u.s. bank or any of us and to take anything to do with any us jurisdiction because they assume that i could be favorable to crypto and to me that is crazy that's crazy i mean if the u.s. regulators had any brains tha

was the place where the most famous crypto exchange collapse happened about five years ago called mt. goxn to the whole bitcoin craze. the fact that is having to deal with another exchange hack that is even bigger is pretty awkward. the way they handle this is important for how the g20 gets together to decide a common line on this. francine: it is not all bad. this could point to a vacuum in the system. >> i think that is right. the payment systems, these are difficult to build. the eurozone single payment system takes years of investment and coordination. he is right. these things take time to build. i think the huge speculative phase around the point is so quick and rapid they are being caught unaware. tom: in douglas emmett there of bitcoin people. i had so many off-camera conversations. they all have a deer in the headlights look. what underpins this is the trust in the veracity of business practice. there we have a trust in the veracity of what it going and blocking is doing? >> know, we don't. what is interesting is the ideology of bitcoin, the hard-core obsessed with avoiding gover