or even bitcoin unlimited and now ok that's gone by the wayside but all these ideas and even if bitcoin itself did not solve the problem or had a problem people thought they invented all these other coins that all of this happened without intellectual property even bitcoin was given to the world birds into the world so now we see in the past week or two the introduction of the very first patents being awarded to the likes of goldman sachs for settled coin so they're in it they're entering the space the corporate world that we you talked about as well the corporate world says innovation doesn't happen without intellectual property rights all of this huge space this mindblowing revolutionary space a big point happened with not one single patent being awarded what do you think this introduction. of patton's will will it pass and actually help bitcoin will it help make between great again or will it be the demise of ed. should not contemplate any pot and getting into this believe me it's a rockets it's ethically and contribution to collectors or property and you're really right stacey that

sanctions on high ranking venezuelan officials could president trump banned oil imports next and bitcoin butts to morrow rests on the black market but the cryptocurrency continues to thrive that and more coming up on them but it all starts right now. russia put in syria at least for the next half century russian president vladimir putin just signed a law that cements a deal between the two countries it allows russia to use the air base in the latakia province for the next forty nine years russia's military has been using this air base for nearly two years since intervening in the conflict the airbase has been used to carry out strikes against forces fighting against syrian president bashar al assad according to official documents the deal has the option to be extended in twenty five year increments after the initial term expires it goes beyond just the use of the air base so this stems from a treaty first signed in damascus between the two countries in january and the new law aims to establish a legal basis on russia's military presence there the move strengthens the relationship between

in fact this has been the biggest topic gold silver and bitcoin. to the this is birth of a financial terrorist coming out of the vest of a wall street banker in the 1940's as jamie diamond spur of. this is mother who didn't have to find. any. jamie diamond i'm a parasite i still people's money every day i want to waste i don't think john and i think there is jenny that. ok now max you do talk to jim rogers. the second half and he's also a good you know investor a famous investor former partner of jim. soros and big hedge fund guy travels the world he's he's not he's not a big crybaby like jamie dimon but you know while we've been gone as well there was a big story about wall street's diena valuation says digital currencies are replacing gold this is aswell off damage or and he's a professor of finance at n.y.u. stern school of business he is widely regarded as the foremost expert in valuing companies says it is often referred to wall street as dean of valuation and he predicts digital currency is will eventually be as important as the major paper c

will it help make bitcoin great again or will it be the demise of it. should not contemplate and he tends. to do this believe. it's ethically and contribution to collectors or property and you're really right stacey that i use the most significant thing that we can all week next week to week to do last seventy years now of of growth of this movement and also to get it is investing to eat the most fantastic team you that he does growing without patents i like the idea that popped into wars between continents even europe and us being that significant you want to buy that through some put movement so far in europe software patents are not bad and there it would be good for developers who want to you to a therapist companies around because in some future you know there are other nations or other jurisdictions may really contemplate francine after peyton's because most of the big and strong it's. fairly owned corporations that are usually filing their patience in us. highlighting morrow your center of emperors you know it just reminds me of disco ok so. you

>this was once the world's biggest bitcoin exchange. a hack attack led to the set of $4.5 billion of bitcoin. was he a victim or worse? the case began in tokyo on tuesday. >> in tokyo, mark was released on bail. now he has to face the music. the court wants to know who was responsible for the collapse of the world's biggest corn exchange. -- bitcoin exchange. the arrest of this man attracted a lot of attention. investors and customers lost millions from a subsequent shutdown. bitcoins were invented after the financial crisis of 2009, independent of government and central banks, they were said to be the new currency. it was accepted in stores and in canada, the first coin a gm's were -- first bitcoin atm's work installed. >>y is getting more useful. >> those atm machines did not prove viable. bitcoin could not keep its promise to be a reliable method of trade. private video footage caused doubts before the bankruptcy. afterwards, the firm claimed a software bug allowed hackers to manipulate transactions. an ongoing crime committed over t

>> basically, it is bitcoin's fault we are here.asing popularity of bitcoin meant that there is increasing activity, more and more transactions, and that increased fees and transaction times. that has different camps planning on how to help bitcoin scale and lower transaction times and fees. it was initially set to help. so the main camps are the miners and the developers. the miners proposed to increase the block size. on the bitcoin block chain, while the developers wanted to have some of the blockchain functionality separated from the actual transaction processing. caroline: emily: ok. >> so right now, there was a compromise that was the developers' proposal. that agreed to increase the block size further down the line , which the miners wanted. emily: well, certainly a fascinating story. we will continue to follow it. i know you will keep us updated. camila russo, thanks so much. coming up, the rubber has it the road for tesla's new model 3. the outlook for the automakers latest offering and ambitious production plans, next. at

use for nearly eighty percent of the world's bitcoin trading until last eight hundred fifty thousand bitcoins which was worth about five hundred million dollars at the time and on top of that another twenty eight million dollars disappeared from the exchanges bank accounts leading car pelisse to file for bankruptcy even though the trial didn't come as a surprise it's coincided with a slump in the cryptocurrency market after soaring over three. thousand dollars in june when tumbled is and is now hovering around the twenty four hundred mark but it's not as bad as other digital currencies like the theory and ripple both of which have fallen nearly fifteen percent in volatility is nothing new to bitcoin users but the chance of it quickly subsiding is not looking good the block changes more backlog than ever making it longer and sometimes more expensive for transactions to be verified and the crypto community can't agree on how to fix it which means we could end up seeing split into two different currencies both sides have incentive to compromise but if they can't it would undoubtedly hur

bitcoin 2.ast month, bitcoin surged to an all-time high of around $3000. in the last couple of weeks, it has lost around of its market one third value. in the last week, it fell below $2000. a lot has been going on in the cryptocurrency world. one of the hottest debates has been the scaling debate. for the last couple of years as bitcoin has become more popular, its blockchain has experienced some congestion, slower transactions, and higher fees. two rival camps have emerged. they both have their own ideas about how to deal with these issues. everyone in the cryptocurrency community is gearing up for august 1, which is when we will get an idea of who wins the battle. one side has proposed a software update. but if less than 80% of bitcoin miners implement the updates. , then there is a chance bitcoin could split and there would be two separate cryptocurrencies. this has caused a lot of volatility in the market. caroline: we have seen some sort of precedent for this before. ethereum did split int

well so i think it's got similar problems to cash does when it comes to doing illicit good trade bitcoin might not be perfect but it's still the first and only choice for most web purchases and it's threatening the mainstream adoption of it government leaders around the world have proposed and in some cases fully inactive bans on bitcoin because of the criminal activity that happens on a dark web because not hard to argue against that if you're an expert you're a black hat tell me about it back in october and i didn't want to get out of the car when we were leaving if it coin another popular crypto currencies were to somehow be destroyed experts believe that new ones would simply pop up down the road and ultimately they say would only make them stronger we can fight these crypto currency they will arise and they will over time establish more value and more legitimacy in other words the size of those economies are going to have a critical mass and they're going to exceed that and then when you're not to be able to track it you're not going to follow you're not going to know how this is do

two thousand and thirteen and two thousand and fifteen because at the time bitcoin was reaching lots of high as people were making money off of it but less than a thousand people reported their gains or losses so they wanted coin base to hand over every single person that's ever used the exchange and they were saying well this is ridiculous it's going to take so long and this is going to be incredibly cumbersome so the i.r.s. said fine we just want to know who used it and sold or bought over twenty thousand dollars worth of bitcoins so they're still investigating them but they are much more specific and right all around they're not totally gone but nothing specific this time around they're trying. crack the definition of what crypto is but they're probably around right yeah exactly all right thank you so much been. my guest says the international political tip for tat over oil prices may be just a big game that the dollar will fall of oil prices will jump before we know it we're also going to talk about gold and how it affects us here to discuss is peter schiff c.e.o. of euro pacific

bitcoin splitting into.w traders -- this must be quite a shock, steep learning curve. >> it makes my brain hurt, joe. and pretty sure it's hurting many people's brains hurt. suddenly have to ramp up their withstanding, get to grips what this is. is this a store of value, speculation? most of all, everyone has to come to terms with -- put money in, but they always think it will -- remain study. there are main bulk of those investing in crypto currencies think in the longmost of term, e years, 10 years, these -- 10 times their value in the short term. you are in for a rocky ride. >> that was my conversation with caroline hyde earlier today. >> you can check in with our focus on tech this week. we will be joined by the former twitter ceo in 10 minutes time. this is bloomberg. ♪ julia: >> time for business flash. meant single -- chief financial officer, senior vice president at intuit. --are -- single for the post will remain chief operating officer. simcoe cio's is a latest scandal has caused a shadow on the ec

>> in japan, i think most grocery stores except bitcoin. -- accept bitcoin. development. light, people are expecting something to happen in a year. it is probably more like 10 years. it will take a lot longer than people think. chain -- block chain cofounder and ceo peter smith. the network that bright you madman and breaking bad, how he is competing with the likes of amc is and amazon -- how competing with the likes of netflix and amazon. this is bloomberg. ♪ emily: amazon wants you to keep spending. so much so, it it launched a new feature inspired by the lexus instagram and the use of shop a bull photos. amazon users are able to post stories, ideas, and images of popular products. the goal is to have inspiration translate to purchases with the quick -- click of a button. it is only available on the company's mobile app. it is a network that brings you "the walking dead" and "better call saul." madmen premiered years ago. the amcwn with president at the brainstorm tech conference in aspen, colorado. i asked how the company competes with streaming services l

but not bitcoin.l, that is when the market can build scale, which means the financial system is becoming more comfortable with the idea of digital currencies. we have not seen it yet, but a critical step in my mind that we are encouraged to see develop in the space, and possibly more liquidity and volume. stuff. very interesting francisco, thank you. it is the wild wild west of currencies. course, you can get a roundup of stories to get your day going in today's edition of "daybreak." go> in yourdayb < terminal. you can also access it in the bloomberg app. be sure to check it out. this is bloomberg. ♪ ♪ morning, this is "daybreak: asia." for a few moments earlier today, there was a new name on top the bloomberg billionaires list. jeff bezos is the richest person in the world. ensuing share decline pushed him back down. let's check all that with -- withs poster spencer. he joins us live from seattle. i have an idea that this is not the end of the battle. and bezos has been knocking on the door for a wh

today, the news is bitcoin rallied yesterday.oks like the developers are backing the development. is it good that it's not going to split? >> it's great. it shows the resilience of things. we took it down to the wire, but it looks like it is healthy and its future is bright. caroline: the future is bright for bitcoin. talk about the landscape. initial coin offerings going through the roof. numbers are phenomenal. 700 to 800 cryptocurrencies exist. than in 2013, now more 800. ico's are up six times in the last year. you say this is a ticking time bomb. why? >> the fundamental problem with ipo's is they are magical because they create liquidity and allow people who have never been able to raise capital before to do so, they have caused some people to forget the basic business principles of due diligence do not go away because we have technology. it reminds me of the dotcom boom and bust. it is a new technology and paradigm, so we don't really need to make profit or care about governance. i see a lot of similarities in this respect

brewing in theis bitcoin market.er two years of largely behind-the-scenes bickering, rivals are poised to adopt two competing software updates at the end of the month. this is raised the possibility thatin will split in two, would send shockwaves through the $40 billion market. camila russo joins us from new york. bloomberg news has a headline referring to this as a possible civil war in the bitcoin market. could this actually happen? could the currency split in two? >> it is a real risk. it is one of the major events in the cryptocurrency world this year. everyone should be really watching it because it could mean bitcoin splits in two. are two rival camps. right now, there seems to be some consensus forming on one of the proposals to have bitcoin scale. but the risk is still there. emily: how did we get here? bitcoin'sly, it is fault we are here. the increasing popularity of bitcoin meant that there is withasing transactions increased fees and transaction times. that has different camps planning on how to help bitc

well lindsey the first time i ever wrote about bitcoin was in the summer of two thousand and twelve i was a staff writer at c.n.n. money and i'll never forget when i was already interested in big but i didn't know that much about it and when i pitched this story to my editor she said you know k. go and do it but don't make too much of it she said because it is just a digital curiosity it's a plaything for crypto anarchists you know there's really not much to it and i kind of had a feeling that maybe that wasn't quite right but i really didn't have the ammunition at the time to make a good rebuttal so i just i went and did the story and i remember as i will never forget i'm as i talk to the employees of the start up in manhattan i just became overwhelmed with the sense that this was something that had real potential and then the guys themselves i became you know just fascinated with how they were risking everything to build the early infrastructure of a new economy these guys were young they were hungry they were passionate and you know what i what i realized was that big coin opens a

is this the beginning for the end of the bitcoin?question which has been asked so many times since 2009 to our reporter in tokyo. how many times have we seen this? i remember when $30 was being described as a bubble and the crash, people were saying that is the end of bitcoin. 2000. hit 1000, then how many times have we seen the rise and fall of the crypto currencies? my head, itop of remember three times. 2013, 2014 early and this year. incredible rises. now we are seeing the end of that current bubble that began in march-april. down 20 to 30%. people that ended up buying higher -- bought at 400 -- right now it is trading at 200. they are feeling pretty bad. that bought at decent prices are selling now, trying to lock in gains were stop losses. it is pretty brutal so far, crypto currencies. no indication this might be over yet. stabilize nation today versus yesterday, but the current boom that began in march-april, it is fair to say it is coming to an end. guy: there is talk of civil war in the bitcoin community. put that story into

, i just said stock, not bitcoin.'m glad when people are passionate about anything related to finance, but i know enough to know when i don't know something. i found the best analogy for what i do may be in the sports world. i'm not going to tell you who's going to win the u.s. open if i cover the nfl. as much as i like the sound of my screeching voice and nasty philadelphia accent, i'm not going to bloviate about anything i don't understand well. so own apple and the rest, all yours. stick with cramer. >>> okay going on with some things from last week i didn't get to opine on because i was in italy, i thought this nike quarter was exceptional, and i think that stock is actually a buy. general mills changed at the top. people should know that the stock did outperform during his tenure and micron, i thought the quarter was unbelievable but as i said, people are suspicious that it has to be peaking right now. on the tesla battle, please, please, understand that this is a cold stock, it's not given to reason it's not giv

also don't really like bitcoin so we could see new rules regulated on the cryptocurrency end as well right . you think for bringing us that report. all right well time now for a quick break but stick around because when we return the koch brothers may despise donald trump but they're still willing to put their money and muscle behind one of his plans as you go to break here the numbers at the closing bell. play. a. little. all the worlds are still in the news companies merely players but what kind of partners are anti american player marty america offers more artsy america first lead many ways to slim just like the reviews the new series bad actors and in the end you could never know you're on. the market the world's the world's all the world's a stage and we are definitely a player. i'm a trial lawyer i've spent countless hours playing through documents that tell the story about the abuse side of the. corporate media uses to talk about the carnage. i'm going to get a clear picture about how disturbing how the love for the. future stories that no one else. might have to hold the amer

it locks up systems and demands $300 in bitcoin.e talked about the severity of the attack and what can be done to prevent future breaches. chris: the real story here is the evolution of ransomware. we did see a global ransomware attack, but the way we have seen this attack work, it's gone from single instances where you users fished to now you've got hybrid attacks. this ransomware attack used an exploit that we saw a few weeks ago, but it's now using different types of exploits to go after user credentials and attack machines that aren't necessarily unpatched. we are now seeing the evolution of ransomware where they are trying to move from individuals to trying to infect entire networks. that's what we started to see wannacry and now we see the next evolution with this. emily: what should companies be doing to protect themselves? chris: make sure they are patching the vulnerabilities that they have been alerted to in their environments. the second thing is make sure they are updating all of their cybersecurity defenses. so make sur

millennial zx go they seem to be gravitating toward paradigm shifting concepts of sovereignty like bitcoin giving them a whole new take on the nation state and other concepts so how do you what about this millennial generation is that a fair characterization that they're basically just forging a new in their own path. well i think that it is a pretty interesting insight you have in a lot of the has to do with their experiences growing up and the technology around them and grown up so they have a much more distributed form of technology in platforms to get in to get information out to receive the information the previous generations so. i think there's a good likelihood that they'll be able to organize around durable values in per perhaps you know cause change in local communities i mean i would hope what a little what constitutes a durable value you call. community so you value your community you know ok so so i really care about your community and that's something that millennial is in generations you care about they care about their internal community but the concept of community has bee

down its former owner is finally getting his day in court on tuesday mark karr pelisse who ramphele bitcoin exchange pled not guilty to embezzle meant data manipulation at a news conference in tokyo he maintained his innocence and blamed hackers on the exchanges downfall and he said the proof is in the company records. although it's a lot of data to look at mt gox his records and the information contained in the blog chain were to be analyzed and it would take a long time to do so but just time and processing power the records of the coins that had been stolen from mt gox could be found that information blocking the mt gox used to run nearly eighty percent of the world's bitcoin trading until at last eight hundred fifty thousand which was worth about five hundred million dollars at the time on top of that another twenty eight million dollars disappeared from the exchanges bank accounts leading car pelisse to file for bankruptcy even though the trial didn't come as a surprise it's called coincided with a slump in the cryptocurrency market after soaring over three thousand dollars in june bit

currency to become individual sovereign if you've got ten twenty thirty forty million dollars of bitcoin and a private key that no government has access to why would you even bother entertaining talking to any government flack lackey. well because ultimately you actually live in the real world you don't live in the cyber world and yes you make a good point. about this currency but all currency to some extent is a theory it's cyber i mean what's actually back in the u.s. currency i mean it's all in some sense based on and it's based on our faith we have to pay towns in dollars so they circulate dollars for you to pay taxes and it's backed by the u.s. military and it's the world reserve currency but in the case but i mean this is like you put your money into a bank the bank owns that money you do not own that money that's the charter of the bank if you have a private key to ten million dollars and because you own it nobody else owns it it's your ten million dollars your sovereign over that ten million dollars for the first time in history in a frictionless way you can spend it just like an

bitcoin was trading for around $1000. now it's about $2400.een a short-term pullback on those prices. i do think the long-term trend is very strong and very clearly up and to the right. emily: union square ventures says my gut says we are headed for a selloff in the crypto sector, but honestly i don't really care. i will keep buying into this direction or rally because the more important question is where they will be in five or 10 years. >> i would fully agree with fred. we are really seeing the early innings of a massive break through technology that is far from mainstream right now. i do think there is massive opportunity despite short-term volatility. emily: it is pretty scary the value to go to zero in a matter of minutes. >> that was the mechanics of one exchange and can rebound very quickly. emily: how a regulated compared to traditional stock exchanges? >> in the united states they are regulated. a lot of the trading happens on non-us-based exchanges. when they are based in united states, the only difference is they are not really trad

bitcoin's top competitor had a hard start to the week. currency plunged more than 20% in monday trading. the drop coming on the heels of last week's crash from the digital currency tumbled from over $300 to $.10 and a matter of minutes. i sat down with the founder and ceo of poly team capital. i asked about the flash crash that caught traders by surprise. >> last week on a private exchange, my former employer, on the order book there was effectively a massive market sell, followed by a series of margin calls which closed up margin conditions and forced people to sell. it was a cascade of sell orders that actually ate through the entire buy side of the order book and pushed it down to about $.10. this is only in the one order book on the word exchange, so pretty quickly the price kind of reached back to where it is trading on other exchanges, but there was a flash crash. emily: we are seeing more volatility continuing. why is that? >> it is important to paint the backdrop of how this volatility is occurring. bitcoin was trading for around

trade deficit narrowed and brian had turkey ha the author of how money got free bitcoin and to fight the future finance weighs in on the background of acorn and how it got to where it is now as we head to break with the numbers because about. i see i can't see you i'm still at the semi i'm going to talk about. who's your home you know. we've might need to move to tears but that's a lot of homes yet completed money's. going to you know if you don't think that's a magnificent piece anywhere some place from which is my food food i think they may save us from people really nice i'm trendy in my my conformance they're welcome in russia it's all very interesting very good food because the food was dusty it is not very enjoyable place to be in really very friendly ok told by standing by someone come to the lose you the number one they're going to be so amazingly some basic going through the state good punch because there's also i mean most people don't realize here we're very glad that the prices have gone here which of those people will still. kind of financial survival john that it was al

and bitcoin — what's it for? well, now you can use the cryptocurrency to pay for art. explained. welcome to world business report. i'm rachel horne. in a minute sharanjit will tell us how sk hynix increased its profits by more than 500%. three of the world's most valuable internet firms release their latest numbers this week. the biggest by far is google‘s alphabet, which has just reported a 21%jump in revenues. that was better than expected but there was less cheer on the when it came to earnings. net profit fell 27.7% to $3.5 billion. hitting the bottom line was a $2.7 billion fine issued by the european commission injune. it ruled the firm abused its power by promoting its own shopping comparison service in it's search results. google says it may appeal. but, alphabet‘s shareprice fell 3% in after hours trading. but take a look at this — over the past nine years the firm's share price has rocketed as it has dominated the internet advertising market. from $140 a share — to just under $1,000 a share. it's now worth more than two—thirds of a trillion dollars. a key are

suspected brains behind illegal operations with the virtual currency bitcoin alexander vinick has been arrested in greece on a u.s. warrant without daniel hawkins it's got more on this financial scandal than no one of the specifics that we know about this arrest so far was really like something out of the film ocean's eleven call and when you look at all the details really quite astonishing v we're talking about a pretty serious allegation here four billion dollars in law that over the course of six years by this man vinick he's a russian national in his thirty's now the warrant for his arrest was actually issued in the united states he's been charged with twenty one counts by the u.s. attorney's office in california now if extradited and found guilty of course he could face up to twenty eight years in prison the accusation is that he laundered money for people and groups involved in crimes ranging from computer hacking drug trafficking or somewhere fraud identity theft public corruption all very serious here using. and to cover up his tracks and avoid detection now why did he use the

bitcoin is. going to. say if you're interrupting my song here trying to get away you know what my voice i mean i am ready to pick up a guitar read the word of a coin all over mexico and you're like i'm thinking you have doubts about this neither have i. we need between we need to call races here we're. going to he's going to start you know many people you're in the. you know it's an economics and i think they disagree with me they don't like being i know where you're revolutionary yes of course because but why not because their legacy nitwits were going to change their mind we got to go thanks be on the guys report thank you all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert like to thank our guests barbara these are the comments that are all around swell guy like squawking molly if you enter it just on twitter it's kaiser report in til next time. in case you're new to the game this is how it works the economy is built around quite. perforations from

. >> do you know what bitcoin is. >> no clue. >> no clue either.category on jeopardy unveiled on friday is getting a lot of controversial feedback. the category was called stay woke. the term is used by the black lives matter group to encourage people to stay away of socialers. the category was about sleep and staying awake. >> finally yeezy says farewell to tidal. can ray west left jay-z's label tidal all over a money dispute. kanye reportedly claims the company owes him more than $3 million while tidal claims kanye didn't deliver on his crack. lawyers for both kanye and tidal have been trying to sort out this deal for weeks but to no avail. if a deal can't be reached both sides say they are ready to go to court. >> hope that ends well. >> they used to be so tight. >> it happens. >> it happens >> now they have bad blood. >> now they have real bad blood. >> coming up on fox5 news morning... >> grilling a burger on the fourth of july just got a little bit more affordable. >> that's good news there. >>> aren't the findings of a new survey suggests am

different bitcoins and bitcoin cash the goal is to increase network capacity, make transactions morevident, not all investors are supportive, leading to confusion and concern around the faith of the currency some told customers they won't support bit coin cash. smaller ones will, but the level of spufrt in bit coin cash is unclear as most demand seems to be confined to asia. disagreement over tomorrow's upgrade resulted in high volatility in the price. reached around 3,000 in early june, below 500 early july since then trading around 2700 the new bitcoin is trading in futures market around $300 so much cheaper than today's bitcoin. which should you invest in most established funds say if you have long term conviction in bitcoin resiliency, depressed prices from uncertainty should represent an attractive buying opportunity. i am watching it closely still have some left from one week on bitcoin challenge. see how it trades and if we see a shift to new bitcoin cash. >> i still have that it is worth about $20 now. exactly what we said would be the problem, right these things could get fo

seems to be plummeting i don't know who is going to start buying bitcoin at this level. there's a very interesting piece about china this morning and how china is apparently cracking down again a lot of people are able to take it out. it's part of ransomware but they say are you crazy? bitcoin is the only solid currency in the world and everybody else is printing money it's a nice way to be able to play this change in what i regard as sentiment about the value of currencies worldwide so i'm going to give the bitcoin people that. >> shares of sprint on friday. again a day that jim wasn't here or anywhere at cnbc. the man that runs soft bank which controls 80% of sprint was in sun valley where he had an opportunity to speak about a potential investment in the company. although it seemed unlikely but what i would say is when you simply put it down on paper as to how that would work a lot of people question what it would actually look like he has a thies coupon and the opportunity at a very small premium given what he confers on a company he's able to get those kind of terms