what is the state of bitcoin? are my four bitcoins safe?depends on where you have it. >> where should i put it? what is the state of bitcoin? >> as an industry, we are paying the price. ironically, i see much better investment in infrastructure than is really needed going on in bitcoin right now. i think we attracted a lot of interest and acquire more than $600 million in a short. of time. everybody's expectations was that this would change in six months. that didn't happen. this will take longer. we are paying the price for that right now. hopefully things will get on track soon, but i can also see silicon valley giving up on bitcoin before things get better. even though i hope things get better soon, i imagine them getting worse before they get better. >> are you saying a lot of vc's got excited about something too young and expected massive returns? never happened before. bobby, why don't you describe. >> it is sort of like they say in charles dickens' book, it is the best of times, it is the worst of times. what is great about today is

the founder of bitcoin china. for those who are not familiar with give them a three word description you'll have the description to give them. >> i might take five words. a giant spreadsheet in the sky. the world's first digital asset the best form of money. now it's all going to fail and are mine safe. >> the height of bitcoin two years ago i see much better investment in infrastructure than we needed a it going on right now as opposed to the hype. just like a lot of interest around $600 million in a very short pier co. of time and everybody's expectation is that it would change in six months and that didn't happen. we are paying the price for that right now and hopefully things will begin to get on track soon but they are getting better so even though i hope things get better soon i can imagine them getting worse before they get better. >> you're saying that they have been excited about the idea that it's too young and expected massive returns. >> never happened before. this might be unusual. >> it's sort of lik

bitcoin is a digital currency. it is an internet-based money system outside the control of individual governments. so far, consumers have been lukewarm about the product. users store and trade bitcoins. it features images that look like the tattoos on the boxer's face. an examination of the fine print warns that they can not guarantee there are no bugs in the system. 3 3 this four-door smart fridge is the latest from samsung... the company released photos of its new gadget at the consumer electronics show in las vegas. the family hub fridge includes a nearly two-foot touchscreen... it's equipped with internet-connected cameras that let you view what's inside without opening the doors. the concept fridge doesn't have a price-tag yet. but we are guessing it will cost a pretty penny. 3 3 3 the time is now 5:xx. smoke and lava can be seen as one of the most active volcanoes erupts overnight. where the alert level has been raised. 3 soputan volcano in indonesia erupted monday evening. witnesses reported seeing lava flow

"mike tyson bitcoin" lets users store and trade bitcoins. it features images that look like t t tattoos on the boxer's face. experts say "mike tyson bitcoin" is basically a copy of the co-pay app that already exists. but the i-o-s app is still the most secure type available on bitcoin. users are totally in control of their money and its open source software allows code flaws to be spotted and fixed. tuesday al- actress january jones is 38 sarah- actor bradley cooper is 41 al- rock singer marilyn manson is 47 sarah- actor ted langeis 68 al- actress-director diane keaton is 70 sarah- talk show host charlie rose is 74 al- actor robert duvall is 85 sarah- former vice president walter f. mondale is 88 >> << wx timer @ :45 the fog won't be nearly as thick this morning as it was yesterday, but a possibility during the first half of the day, so watch out for a few slick spots on the roads. southerly winds and some limited afternoon sun will help temperatures reach the lower 30s before another chance of light freezing rain again tonight. a few snowfl

let's talk about bitcoin, for example. i think about bitcoin as a search engine from the 1990's.a, like a, all who faded to near nothing, but the category of search endured. there is a thing called the block chain. it's a computer science breakthrough that came from bitcoin. i think part of what it's going 99.99% of trust in electronic commerce. i think there are going to be big developments in the next two or three years. developments in big data. >> land was the rom interior of the agricultural age. iron was the material up -- raw material of the agricultural age. was the material of the industrial age. data is going to be the material of the next age. we are still on course to artificial intelligence. was interesting, here we are, january of 2016, and their -- what is interesting, here we are, january of 2016, and there are 16 billion connected devices in the world. that number is going to go to 40 billion. put moore's law on top of it. we are creating a pacific ocean's worth of data and analytics. predict theile to industries that will be driving the global economy in 20 or 3

bitcoin up as well.en of the day if treasuries are not exactly -- julie: higher for the fifth straight session. scarlet: julie hyman, thank you for that perspective, that wrap up. we want to ride in the conversation because our control mile has -- market turmoil has spread around the world. our next guest says the chinese economy may be headed for a hard landing. marc faber, the publisher of gloom, boom & doom, joins us by phone. marc, first off, prognosticate what trading will look like when china reopens friday morning. marc: i think it will largely depend on how the u.s. growth is, at the present time, down something like 40 points on the s&p. if it goes between 40 points down and 50 points down or more, then china will go lower. but if the market rebounds late in the day, then i think that the chinese market may open and then rebound. scarlet: what about the fact that the chinese government has abandoned the circuit breakers that they just put in place to curb selling pressure? marc: i think that wil

i don't know if i can make the same case for bitcoin. you one of the most important things that happened in the market today. a painful 2016 if you are long global stocks. losses is nothing new, the role since 2014. we will focus on the left side of this chart here. ofs shows the seasonality the msci all country world index. down more than 5% so far this year. , three-day two years losing streak still start the year. 2015, down 3.1%. 2014, down 1.4%. they ended higher, as we know, except for last year. that is not an all spacious start. hopefully it turns out to be a year where this is nothing. i want to look at the volatility and what it means for the federal reserve. the pace of hikes. this shows the odds of a hike at the march meeting. a few days ago, above 50%. that has pluet and now down to 37% chance of a hike. people are thinking that the news, volatility, will give the fed a reason to ease up on the accelerator. scarlet: there is so much going on across the globe. tune into our special report at 5:00 p.m. eastern time. you don't

>> i have a question about, um -- i had a question about bitcoin. it seems like for a while there it took off into digital currency and a lot of people were really excited about it but somehow, it died down. i wondered your thoughts on bitcoin and the future of having more of a globalized type of currency instead of what we have now. >> you know, i think if you look at the history of payment systems, they usually come about through changes that seem disruptive or a little bit kind of off the beaten path at the beginning. even money was introduced at a time when people were, you know, using things of real value and money was an abstract representation. so, i think, you know, we have to be open minded about what innovation looks like, 'cause no one 100 years ago could have imagined the system that would be as dependent on, you know, on things like electronic transfers and credit cards and debit cards, as we have today. so, i'm not sure what the innovations that will drive the transaction flows in the future. one of the things about bit coin that is it

dealing with a live case of cyber crime you have minutes to catch it before it disappears off in bitcoin land. so we have a level of bureaucratic operations that we have to get our peace forces out of their comfort zone. a lot don't understand the digital side. that is all about to change though. the question of whether the laws need to be -- i think we have gone the wrong way of acting with hackers. our approach is hackers are criminals. someone comes to spray graffiti on the windows that is criminal damage and they could go to jail. we should think about the individual hackers as a social problem. it doesn't make sense to take them up and lock them up without computers for ten years. we need to do a better job of finding people not in formal education, maybe coming from a troubled background and find their self-realization through the keyboard and drifting into this dark world wanting to make a little money, a little personal score settling. we need to prove who these guys are and say you could have a nice job with lots of money and be are respected member of community if you turn your

it's kind of like bitcoin but at a restaurant. so i inhaled a bloomin' onion yesterday.hat was pretty good. i'll be honest with you, i'm not complaining. i'm just happy to get anything, it's the thought that counts. oh, wait. (bleep). i'm sorry. i have one last present. from the comedy gods. "happy 2016". whaaaaaaat?! (cheers and applause) oh, my gosh! oh, my gosh! it's bill cosby's mugshot! this is exactly what i wanted! how did you know! dammit, i should have saved those outbucks. i could've celebrated. >> disgraced comedian bill cosby arm in arm with his legal team facing criminal sexual assault charges for the first time. the montgomery county d.a. filing the charges before the 12-year statute of limitations was set to expire in just weeks. >> larry: yes! we didn't forget about you, (bleep), and now neither did the justice system! (cheers and applause) bam! bam! so bill cosby finally may face "some" legal consequences for preying on women. he's putting together a defense, which -- >> dre: hey, larry? >> larry: it's dre, our director. what's up, dre? >> dre: i heard b

>> no, because it did not help this company and neither did the bitcoin initiative.one. >> on to number two, you said tweet profits for twitter. well, #fail. it's down 52% since february. does it still have a chance to retweet profits? >> it does. we use twitter every single day. still trying to scratch my head as to how they're going to make a lot of money but i think it's a good one for the long haul. >> now for the worst call in 2015. capturing that adventure may have been epic but gopro as a stock was an epic fail. it's down 73% since you said to buy it last january. buy, sell, or hold here. >> this thing has been an absolute disaster. since the conference call they had right after i made this prediction, that's when you should have sold it. this thing has been terrible. if you own it, i would hold on to it here and it's probably an acquisition target for apple. >> now on to the best calls and john you're going to kick things off here. back in february you said google for profit and you were right. since then google is up 38%. are you still searching for more gai

the company is one of about dozen looking to prove that the technology underlying bitcoin can be appliedncial markets. cory johnson sat down with the ceo. >> think of a chain or distributed ledger as a shares replicated source. the information stays the same at all points in time. it uses sophisticated technology to ensure that it's not possible to hack into or falsify the record. more importantly, once information is submitted to the record, it can never be edited. if you need to correct something, you can create a correcting or offsetting entry, but you cannot go back and rewrite history. cory: that's is the promise of blockchain. but as of now, who will use this financially? >> many people. we just closed our first financial round of fundraising from institutional supporters. all of the investors in that round are current or potential future customers of the country. cory: i think it's interesting that it is not just financial investors but investors who are going to put this to work. blithe: that's right. our investors very much hope and expect the company will perform well. for thei

governments like to control currency, there is nothing behind a bitcoin.he governments were stop it. that's my own personal belief. i may be dead wrong. the blot chain is a technology which we have been studying, yes, it's real. it can probably reduce the costs of real application in certain things. it's keeping a single file as opposed to keeping our opwn files. if it's cheap and secure it will be adopted for a whole bunch of stuff. it's not usable in certain things. >> are you surprised by the lack of adoption of apple pay, android pay? >> no. apple pay, they will be adapted more. only so many people at nfc, as ma merchants put in more nfc, these will get used. we see it going up. not a hockey stick like this but a lot of people don't have. >> jamie dimon, thank you. >> thank you. >> we'll send it back to the new york stock exchange. carl, back to you. >> andrew, joe, becky, jamie, thank you very much. jamie dimon of jpmorgan off-setting somewhat the caution that ray dalio brought to our air earlier this morning talking about the guesses on oil, forward

this time with the code that powers bitcoin.ubject that is near and dear to my heart as i looked on at the but bitcoin for a couple of weeks. >> it is a broad technology that is behind it. matt: in this case, they are separating it and it could be one of the biggest changes in the financial markets ever. they have not only got a big investment for a number of firms, but they will use this technology to help settle trade. listen to what she had to say. >> any activity that requires processing post trade is one that can help with this technology. we are ready talked about .quities, fixed income i think about lending and indicated leverage known space which is notorious for big asset work, credit intensive and imported to the economy carried it takes on average 22 days to settle alone, which is very troublesome, particularly when and buyers are the banks institutional investors who put assets into things like mutual funds, etf's which have mandated liquidity requirements and underlying asset -- >> is not there yet. >> exactly. tore

holdings where she is on the cusp of a pending finance went again, this time with the code that powers bitcoinnson just sat down with masters exclusively to talk about the $52 million investment she just secured from one of the world's largest financial institutions. blythe: today, we just closed our first financial round of fund raising from institutional supporters. all of those investors who are are current round or potential future customers of the company. what is interesting is that it investors that will put this technology to work. blythe: that's the point. we don't have purely financial motivated investors, though of course our investors expect the company to perform well, but what they are really doing here is putting capital to work to ofp drive global adoption these new technology ideas because they see the potential is being significant for their businesses, cost avoidance and risk reduction, regulatory compliance, these are big strategic issues for financial firms today. why the interest has grown so significantly. iny: who are the investors this round and when might you expect t

also bitcoin, but that's a discussion for another day. we will be back with more. ♪ scarlet: this is a special edition of "bloomberg markets." a day of red across the screen for u.s. equities and global equities. we want to get you set up for the start of asian trading. hasnews today, china devalued its currency once again, the eighth straight day it has let his currency weakened. we want to get some perspective on how china's currency moves are impacting the rest of the world. >> we have to take a look at china's foreign currency reserves, which were down ,omething like $108 billion which was worse than expected. that has bled through to the broader market. we can sit here and talk about stocks. i know you have been doing that and you are probably bored now, atlet's look specifically derivatives and the swaps spread. a swaps spread is a kind of derivatives. it is basically the difference between u.s. government borrowing rates of treasury yields and the rate you pay for more related payments. interbank-libor type stuff. china selling for

this is the technology behind bitcoin and it is a essentially a method of self-verification, an open-sourcehat enables you to prove you are who youor and you have the val our you think you've got in something. imgetting a hand wave but i don't fully understand it. i'm not sure anybody does. the beautiful thing about this, the thing i love about lock chain, is that we still don't know the name of the man who launched it on the world. he is called nakamoto, a german web address, uses british english, he uses east coast american -- probably in california. we're pretty sure we know who he is by now but he is still denying it. i think that's rather beautiful. the reason he is denying it because if you invent a potential rival currency, they don't like and it they come after you. he thinks it's worth retaining his anonymity, and good luck to him i say. the point is, he just started the ball rolling. there's lots of people working on block chain now. and taking it in directions nobody expected, disenter mediating things like law so we won't need lawyers in the future. what a shame. and so on. i th

they want the eu to tighten currencies like bitcoin. and debris field was spotted where two helicopters collided last night near hawaii. military officials say that 12 crew members were on board when they went down two miles from the north shore of luwawu. military officials say there were no civilians on board. dayal news 24 hours a powered by our journalists and viewers from around the world. back to you. scarlet: i want to bring in carol who is joining us today. he have been talking about the volatility all day long. >> hard to ignore. one thing we saw today was just a lot of market watchers looking at valuations and saying it does not fit with the growth in the united states and we are starting to see the market go back to instinct. look at the it economic reports, they show we got off to a very weak start in 2016 and also ended the year on a week -- weak note. we need to see the market correct. i think about how many people last year who said they wanted to hear -- see the market correct. correct in 2015, the overall valuation was

. >> bitcoin or a technology like that, idea of a block change?versation, but, briefly, there's bitcopy as a currency, which i think too many people are focused on and don't understand is less important than the bitcoin technology. >> okay. >> bitcoin technology has two important elements to it, one, people talk about, the block change, and other people talk less about, potentially explosive piece, a means to transfer value the way the internet transfers information today. >> glep, when you talk about being optimistic, are you from the market's perspective, howie live, from the market perspective. >> or because everybody else is pessimistic. >> i think we've gone too far pessimistic direction. really important issues to be understood, grappled with. for example, you talk about europe has a problem with the migration crisis, or also say, we have a real chance to deal with these problems. today, i would like to talk about is emerging collaborational host of global issues, and just like we did in the post world war i, time weird, we have the chance t

bitcoin. >> absolutely. so let's talk about treasuries, number one. the curve looks fantastic. the tlt, 2.5% yield. you're going to get a flight to safety. flight to quality. if we are in this deflationary deleveraging that i think we're in, then the 2.5% yield is going to look fantastic. we've got a great auction today. gold should do well as china continues to devalue. ultimately, i think china ends up having the same policies we have here, which is quantitative easing. in china, that's going to put gold through the roof. and if the fed backs after it on the interest rate hikes, which are insane, by the way. let's say they back off of them, gold is going to go through the roof. you know i love bitcoin. there's two sides to that. th the safety factor. it's held up fairly well. and it's starting very early to take on that characteristic of the safe haven. but there's a technology behind it that i really love even more. >> well, on your point about the fed, let's just send a moment on that for a second here. albert edwards put out an extremely bearish

for the last 12 months, all active classes have performed poorly with the exception of bitcoin. >> how far do you any the s&p has to fall? >> the peak was 2,134. i would think that most stocks will drop between 20% and 40%. and that would seem to me to be conservative. >> steve weis? >> the way i look at it is this way. if you ever did come out positive lie like weight watchers, putting a baskin-robbins franchise in their meeting rooms. so i think the upside is going to be greater than just the bounce. i think the housing stocks are a poor indication of that. we've pulled demand forward in housing and autos, but yet we have wage growth that's finally occurring here. we're seeing that. i know you can come back and see the top margins are peaking. i'll give you that. but i see a strengthening economy. it's not 4%. europe, the underlying economies in europe take that out for a second, which is okay. but you take other economies there. you take the mid cap companies. they're actually doing quite well. all the data out of europe in november was very positive. so i don't see it the same as y

a father/son venture capitalist team, the ceo of dropbox cloud service, a panel on the future of bitcoinof drones and the roomba vacuum are coming up next at the techcrunch san francisco meeting that took place in september. >> once a year they drag me out of wherever they keep me and bring me up here on stage to say stuff. [laughter] so here i am. dancing monkey. juan and topher, thank you so much. you guys are two of the main guys behind sv angel. thank you so much for coming to talk with me and share whatever you're going to share with audience. >> thank you. >> a pleasure. >> so i know there are some things you'd like to talk about, but i'd like to start with something else. >> you usually do want to talk about something else. >> well, it's -- i mean, look, i'm a venture capitalist, you're a venture capitalist, and it's not an easy job, but it's also not the hardest in terms of stress or hours worked or things like that. a lot of vcs that i see out there really seem like, you know, they've martyred themselves. there's a couple tweets, and i'm not going to say who this is, but these a