so he was sorry if he made the bitcoin dependent and responsive to economic activity in the computer industry, it would not be a stable measuring stick but a function of the ingenuity of computer scientist. so he nullifies the advance of technology to make bitcoin explicitly based on the time it takes to mint and another block in the chain and this is the genius of the anonymous figure who we don't know who he is, although i have my suspicions and i discuss it in my book a brilliant mind you invented bit golden is a precursor to bitcoin and bitcoin is called for the internet because it has the same source of value as gold it has a value of time because it cancels all the other factors that it takes to produce it the same way with the bitcoin. it is everything but time and time is the perfect monetary measure because it is scarce and remains scarce when everything else is abundant time remains scarce it cannot be avoided and must be spent it cannot be stolen very well. it is equally distributed to everyone. the universal standard the one major constant of the universe. in fact, all ma

the idea is bitcoin, you can send bitcoin to any part of the world -- liz: but the price fluctuates. >> it's really been pretty stable, but it's also a small market. the market cap is about four billion. but we've been building exchanges like gemini and working on our etf so more big players can come into the market. financial institutions will not do business an exchange offshore, and we're one of the first onshorelinessed headwarterred in the -- >> anybody who has gold in their portfolio, it's a disaster insurance or an inflation hedge should really consider bitcoin as a digital version of gold -- liz: oh, you're going to convince gold bugs -- >> yeah, absolutely. liz: they're the ones who mistrust everything. >> i think in greece or cyprus it's a lot easier to move bitcoin than bars of gold, and it's a perfect hedge for that kind of crisis. i think that's another point of why someone might want to come onto gemini and buy bitcoin. and to your earlier question about security, security's been top of mind since, basically, since day one. our first couple hires were actually security

bitcoin is the exact inverse of that. bitcoin is truly radical.rypto currency more broadly is truly revolutionary. a fundamental breakthrough in computer science. a completely different way to do transaction processing. potentially a replacement for a very large amount of the status quo. what we say from our standpoint is that in the long run bitcoin is by far and away the most innovative and radical thing. it will have the most impact over the next 20 years. apple pay is the thing that will have the impact in the next three years. the combination of those two will cause enormous change. emily: you have been a big supporter of bitcoin. the price has plummeted. mark: and come right back up. emily: do you allow for the fact that you could be wrong about bitcoin? mark: absolutely. look, bitcoin for us is very much -- the saving grace about the venture -- we are venture capitalists. i think like a venture capitalist. the nature of venture capitalists is we make 10 bets. we assume that five will go straight to zero. frankly, i do not think anybody know

so what you're talking about is beyond bitcoin?s about how you and i were people all over the globe can exchange money so forget all of those everybody else. this could really be disruptive and certain sector killers. >> exactly it's a huge market. for the exchanges about 60%. ,f you look at china's economy the number of students going abroad. going to have a lot of cross-border uses. china is very used to a exchange on we chop alli pay for domestic payments. how far has the industry ghats and all of those scary headlines that surrounded bitcoin years ago. >> the exchanges themselves to the infrastructure, we've not seen the collapse of that. the people behind the industry, a to be very libertarian of you'real in nature, announcing the bitcoin players try to create a more harmonious system by integrating the traditional financial system. that will be much more powerful. only a very interesting financial ecosystem. think you so much. you will join us for bloomberg markets summit tomorrow there he happy to welcome you and preview tha

>> he takes bitcoin. >> if he uses bitcoin, it would not be traced. >> reporter: bitcoin is faster and easier to transfer it. their's ways to make it anonymous, transfer. >> with anonymous payments, chatrooms and web sints, it's stuff to know who you are dealing with. data shows that cyber crime activity comes from russia. james works with the department of state and commerce. he says that consumer protection is a foreign policy issue. the only russian hackers that have been caught are the ones dumb enough to take vacations outside of russia. >> if he's smart he'll go to sochi, stick to a russian beach. >> reporter: for this bike shop owner, it can be devastating. they lost $45,000 worth of bikes and gear, when police say this man and who others used stolen credit card number. >> the instruction with three gentlemen is no different to anything we have done in the past. we've probably done 1,000 transactions, and it wouldn't go through. weld receive payment. >> reporter: in this case the person had used and formed new credit i.d.s. >> it's interesting when something like this happens. i

today a new exchange begins trading the virtual currency bitcoin.i trust is different from the many sites on the internet where bitcoin has usually traded. it received a license, only the second trust charter issued to bitcoin related exchanges. so how does it work? our own seema mody joins us now with cameron and tyler winklevoss, could founders of gem ini trust. >> thank you for having us. >> why should i come to your exchange and how do i use it? >> sure. so basically we're licensed and regulated as a trust company, so we have basically the highest regulatory policies and capitalization requirements, so that should give comfort to customers. we're also a fiduciary so we have to have an obligation to keep the interest of customers first and foremost, and as far as trading goes it's like buying a stock on e trade. >> a lot of people have the collapse of another bitcoin exchange. >> we're regulated by the same people that regulate your bank or other top tier financial institutions but we built with a security mentality from first day one with securi

the only thing is bitcoin center says, no, silk road is a good thing. >> that's correct, 100%. well, it makes the streets a lot safer. >> how? >> when you have prohibition, basically it leads to violent gangs taking the place of what would otherwise be peaceful trade. he's an entrepreneur and innovator who broke rules and basically did what the war on drugs hasn't achieved in 40 years. he's made the streets safer. is that not what the war on drugs is all about or punishing people who take drugs. >> a judge said no way it decreases violence. >> she's incorrect. lots of studies show people that use the site are six times less likely to encounter physical violence, five times less likely to encounter life threatening situations. they definitely made the streets a safer place. it's common sense. whenever you have prohibition of anything, you're basically replacing violence with peaceful trade and exchange. >> also you had the reputation feedback from users, so the fbi tested the stuff that was being sold, drugs, and said, this is unusually pure. it's not the usual poison we get. >>

the government is about to make a la money from the bitcoins with 44,000 bitcoins sold auction and itld be $10.6 million. there was an arrest in san francisco library and he was sentenced in june they life in prison without possibility of parole. he is appealing. >> a massive recall this morning involving a popular breakfast food. here is america's money report. >> good morning, topping america's money cheerios recall, two million boxes of gluten free cheerios may not be gluten free. john mills said wheat flour was used in a gluten free cereal. >> there will be affordable internet access to remote areas of africa and zuckerberg duck is working do conduct the entire world and hope to have the project up and running next year^. >> customers demanded it and mcdonald's is starting all day breakfast nationwide today. all of the locations are offering a limit breakfast menu with the items available could vary by location the boldest move to increase stagnant sales. my treat. breakfast. deal. >> big spender! >> seven things to know as you >> seven things to know as you start your day. ñÑ >>

bitcoins sold at suction on november 5. today that is $10.6 million. he was arrested in san francisco library two years ago. in june he was maintenanced to life in prison without the possibility of parole. he is appealing the conviction. >> before you pour your bowl of cheerios, the company is recalling two million boxes of cheerios because they could contain wheat. customer whose cannot eat wheat should contact the company for replacement box or full refund. for more information on which boxes affected go to abc7news.com. >> relationships are not always easy and most people disagree once for a while. normal. but a wealthy texas couple is taking the quarrel to a new level. check this out. a heist pan said he has been sleeping outside on-and-off for the past six months after his wife of 32 years kicked him out of their expansion. he said his wife, a doctor, took away his keys and will not let him in. there is which word on why the two do not get along but neighbors are worried there are signs posted all over the place, instr

carol: i'm curious about the technologies you guys are watching very closely, whether it is bitcoin -- what is it that will impact trading in the future? ed: we have announced -- we believe that block chain technology is well-suited to some of the challenges facing the securities markets. the dispersed ledger nature of that market is ideally suited to keeping the records that you have to keep when you own securities. strong encryption and other --tections for individuals developing products to keep records. the nasdaq private market will be rolling out -- carol: by the end of the year? ed: we are looking at other applications of that. in 1971 when people felt trading electronically was not the best or action to go, we were pioneers. we proved that it works. we want to continue to be pioneers. cory: thank you very much. ed: thank you for having me. cory: general counsel at the nasdaq. carol: let's take a look at how u.s. markets closed for the first day of the fourth quarter. south korea seeing a steep drop in after -- afternoon trading. of 1%.losing up 2/10 the dow finished lower, jus

emily: what about bitcoin, does that get closer to what you imagine?: i am psychologically biased against it. i would be tempted to come up with reasons why nobody would succeed at it. emily: chances of it succeeding are unlikely? peter: i think it is slightly too cumbersome to work as a new payment system. emily: you were the first outside investor in facebook. did you convince mark or did he convince you? peter: some combination of both. become but he was growing fast. -- the company was growing fast. they needed more money for computers. i convince them i would be relatively hands-off. emily: do you worry facebook could get this off track or distracted? peter: it is always a challenge. you have to do is things, because you are not in a static world, and you don't want to do too many. you want to do the right number of things. emily: you created palantir. customers include the cia and the army, the marines, the air force, yet there is so much mystery around it. as i understand, palantir is using data on a massive scale to solve problems from disease

e-mails demand $500 worth of bitcoin saying person doesn't pay up the blackmailer will contact their family and friends through facebook. cyber experts say they should not pay up but making precautions make sure facebook friends list set to private and blackmailers are likely the same group that initially targeted the company. >>> daniel: new york judgesiding with model who says she was humiliated with hiv ad. noland didn't know the modeling picture would ultimately end up being used in state agency's hiv awareness ad. she sued for defamation and judge agreed. in april they will decide how much the state must pay noland. >> julie: amazon is being accused of mistreating workers. four exdeliverry drivers suing benefits and giving comers fast and affordable delivery by stiffing workers and they were considered independent contractors. typically independent contractors are not covered by same protection given by same employees and amazon not commenting on the lawsuit but in august shot down new york times article portraying the company as brutal place to work. >>> julie: this morning get

. >> it's like mommy bitcoin. >> it is. i do 15 minutes per marble. only two during the week and more on the weekend. >> each marble, 15 minutes. >> i got my kids to stay in their bed at night. i got them to eat their dinner. they'll be fighting over them. >> fighting how to keep them on or off the screen. what's over here? >> who likes nagging, right? that my worst nightmare, it's such a time-suck. it doesn't make me happy. i want to be happy. i let the stuff do the nagging. i leave notes on things, like this on this dirty pile of laundry. what do i have here? it says i don't like the floor. i put a note on it and then the stuff does it look, what about here? right? feed me dirty clothes, help, i'm hungry. >> when the note has been ignored three times, do you escalate in color? i mean is there a little angry red face? >> i stand outside their room with a sign at that point. >> these are great ideas. >> very smart, we love these. you can get more of these ideas at today.com/parentingadvice. we're back in a moment, this is "today" on nbc. >> i'm going

jean: a new public-private partnership is designed to address crimes related to bitcoin. the virtual currency has been gaining popularity among businesses and regulators. technology works and how to prevent fraud. it plans to develop training programs for investigators. josh: the state of vermont is looking for small business toes nominate for that state's 2016 awards. categories include family owned business of the year, minority owned small business of the year, and young entrepreneur of the year. past winners include ben and jerry's and switchback brewing company. businesses can nominate themselves. the deadline is january 11. jean: the owner of the drilling rig involved in the 2010 gulf of mexico oil spill will pay alabama millions of dollars. the a settlement deal, trans-ocean will pay $20 million to resolve legal claims. the state's governor says alabama suffered huge economic losses from this disaster. the department of justice and gulf states reached $20 billion settlement with bp earlier this year. sometimes you just want a little quiet while browsing the web, no

. >> you bought bitcoin now. >> i bought $5 in bitcoin, now worth a dollar. >> you stopped talking about> did you talk about it yesterday? >> we did not. >> what a miss. see that? what a miss. see that? >> you should have come with me. >> i read about that. bradley cooper's hanging occupant with, you know -- such a weird -- who -- >> jared letto was there. >> with pink hair. >> pink hair, fraeniendly with guy who runs slack. >> are you the biggest name when you're there? when you walk around, people say there's andrew ross sorkin? he's squawk box, too big to fail? >> nope. bradley cooper is walking around. >> oh, that's true. >> jared with pink hair is walking around. >> but also, like, business, like, types that are really hot. the guys -- did they spell the names wrong? jimmy ivine -- >> in the new york post? e didn't see that. >> same guy or messed up? >> same guy i think, i do not know. >> i'm sorry, he's real. he's really. runs apple. runs -- >> did you? >> i did. >> you didn't see any -- >> we'll get you video. it was -- he was -- >> for the show? >> we'll try. i don't know that we

sheelah: my understanding is that this does not have anything to do with bitcoin, but uses some of theame technologies going do things. that could be a huge efficiency. for you, this is a huge change. you are one of the most prominent women on wall street. you one from the executive suite at j.p. morgan to a tech startup, basically. what has that change been like for you? jpmorgan is a great and venerable institution. i spent the better part of 30 years there. i enjoyed my career with the firm. it was time to do something different. i wanted to do something that involved innovating for a living. you don't very often come across ideas that you think are so significant that they could really, materially, profoundly annge the way that ecosystem, a big, collocated ecosystem that you know well and have spent 30 years studying actually could function. to me, that is what occurred when i came to appreciate the that this technology actually are presented. i come from a different background than many enthusiasts in this space. i never became enamored with the caseworker procurement -- could the

david: bitcoin in a different form. stephanie: don't get matt miller started. going to see public share trading? bob: i think that is in the future but we can control the vertical stack with private markets with a trade will clear and settle in three minutes, and 10 days in the public market. stephanie: another twitter question -- what would be the faith of unicorn tech companies that will never make a profit? welcome back 1999. bob: the end of the day, companies are valued on some measure of cash fund. you cannot escape that reality. how long it takes to get there? i'm not here to predict but you have to generate cash. david: do you have any views of private market valuations? bob: i make a general statement that we are a big believer in private markets and we believe more companies could stay there for you cannot really compare a private market violation to a public company. public company takes all investors and private markets do not have to do that to represent a price where a couple of people agree to and there can be special terms which inflate the valua

that's where we have to look to things like the block chain, the underlying technology of bitcoin which is a crypto current si initiative. interesting work is being done on the block chain at mitt. we'll see interesting applications when you build security into identity management on the platform. >> good afternoon. thanks for coming to cleveland. i want to go back to the fist part of the presentation. you said two things that really had an impact on an approach to making things happen. first you were in a small town in maynard, texas. you would approach individuals locally. you didn't get support. how much does geography matter on the ability to change things civically. are things more acceptable on the coast and slow in the midwest or are people embracing things based on city size? if things are smaller and more, you know, agile oar large cities have resources and get it done. was it your private sector background that influenced the ability to try to change things or have you encountered public officials who know how the public sector operates and therefore know how to make change ha

typically, you will be asked to buy a prepaid code or use bitcoin. people use anonymous type services. here's the big takeaway, avoiding it is all about prevention. >> you have to keep your computer up to date. >> and back up your files, anything important on your computer, your documents, pictures, back it up to an external hard drive. if you get hit with unof these types of attacks, you likely will not see your files again unless you pay. yes, you can hire an expert to remove the malware from your computer. you can gain back access to the machine. but the files on the computer are still inscripted and you -- enscripted and up won't have access to them. >> when the damage is done. what they use is actually legitmy, it's very strong. and it would take years and years by, you know, very powerful computers to decrypt your files. >> depending upon your computer, i found a few fixes that might work. for a look at these and for recommendations, visit my tech page on kron4.com or on our mobile app. gabe slate. >>> a health warning about nail polish. there

. >> it's like mommy bitcoins. >> it is. i do 15 minutes per marble. >> so each marble is 15 minutes. >> yep. and you know, what i got my kids to stay in their bed at night. eat their dinner. they'll be fighting over them. >> on or off the screen. that's good. >> who likes nagging, right? that is my worst nightmare. and it doesn't make me happy. i want to be happy. so you know what i do, i let the stuff do the nagging. so i leave notes on things. like on this dirty pile of laundry. what do i have here? it says, i don't like the floor. and i just put a note on it. and then the stuff does it. what about here? right? feed me dirty clothes. >> so when the note has been ignored, do you escalate in color? is there an angry red face? >> i stand outside their room with a sign. >> this is a great idea. >> thank you. >> smart. we love these. you could get more ideas at today.com/parenting team and share your own advice. of thank you very much. good to see you. back in a moment on "today" on nbc. >> i'm going to write you a note. >> he

. >> gary went off to invest in b bitcoin. freedom caucus all but endorses paul ryan last night, clearing the way for him to make a run for speaker. i don't know if that's really true. they sort of endorsed him, anyway, the house leadership change leaves a path or a budget deal, makes it murky as the deadline to avoid government shut down quickly approaches. joining us more on the supbject, judd greg, and we have to talk about the trump effect. >> great. >> paul ryan, what's happening here? >> he'll become the speaker of a dysfunctional caucus. >> happily? >> not really. i think it's tentively, just answering the call of being a person who is wanting to make sure the government works and has a history of being a very effective legislature, and he's really the only one who can go in and do the speaker's job and do it effectively right now. he's taking on the job. my sense is he's not too excited about it. >> we like paul ryan. is this good or bad for the career? >> he's the star republican party. >> who is ywe? . i like him. yo