to come out now and bitcoin is at 20,000, right,

to come out now and bitcoin is at 20,000, right, when futures came out for bitcoin.this day and age, i actually think it's a positive for ethereum because the other thing we see is macrofunds starting to buy into the space they like to buy futures we saw today a new product coming out gold versus bitcoin that is pretty interesting too that's demand from mark funds. i talked to the people doing that they're telling me macrofunds want to trade it as digital gold you start to see it it's slower than we thought, the quote unkwoed herd that was trampling is tiptoeing but it's happening. >> all right coming up the big opportunity in one dow name has trader smiling one dow name has♪trader smiling ♪ one dow name has♪trader smiling hey. ♪hey. you must be steven's phone. now you can take control of your home wifi and get a notification the instant someone new joins your network... only with xfinity xfi. download the xfi app today. ♪ ♪ ♪ ♪ ♪ ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all wo

needs.not sure what it bitcoin, i look at bitcoin and gold together because the one thing they have in common is they don't pay interest. as treasury yields fall, that should benefit bitcoin and gold. the theory is holding pretty well with gold. treasuries and gold are following the pattern and actually have a pretty hike correlation right now. bitcoin seems to be going its own way, tumbles over the weekend. is not correlating with anything. traders are becoming more , differentiating bitcoin from gold. much fornks very joining us. when goodman is a bloomberg mliv reporter. remember, you can join the debate on today's question of wes werewhich anna and just talking about. what does bitcoin need to become digital gold? reach out to us. type ib+tv on your bloomberg terminal. cull.quinn's hsbc's interim ceo plans to cut 10,000 jobs. what that means, next. ♪ "the welcome back to european open." futures looking mixed. disappointing data out of germany. dax futures suggest upside. the u.s. equity market rallied into the close. europe does not seem as if it wants to pick up on that. u.s.

a rallying cry for us and a phrase we use a lot is basically the gift of bitcoin giving the gift of bitcoin not just big clients and we're actually in early process of writing a book called the gift of bitcoin which is going to be a collection of stories from people around the world about how bitcoin actually changed them for the better or made them think about things more of a low time preference way and improve their lives you know i've been thinking about different things like the way that the foundation in. bangladesh forget the name exactly but they made micro payments of bell ball for. are. women and they really transformed the green bank. and this was using finance and capitalism in a new innovative way and to make these micro loans and it's also cycled i think the name is people are giving. small amounts to small producers in different regions of the world and so money in capitalism is being transformed before our eyes in the case of her main interesting lee enough they kind of ran up against the establishment the big banks came in and they started to raise the rates and it became m

taylor: another story we looked at was tether, by trading volume, more than bitcoin even though bitcoinpular. why? spencer: two things to be helpful is nuance. one would be to design cryptocurrency. tether is a digital asset perhaps, but because it is backed by usd it is different than something like bitcoin, right? the second thing, the use. tether's main purpose is a liquidity tool on top of exchanges and facilitates transfer funds. in that respect, the trading volume is a good flexion of its actual usage. in the case of bitcoin, trading volume is not indicative of its actual usage. i am using bitcoin today but i have not traded it. taylor: has the volatility of bitcoin pushed people into more of these stable coins? spencer: i think the occupy do two different realms. i think people interested investing in bitcoin, something that is stable would preclude the point of investment in the first place. but something like tether is useful considering a lot of traders in the space are dollar-denominated investors. if the alternative is they are trading crypto assets against bitcoin, that is

our main products are futures on bitcoin that are physically delivered. you want a physically delivered libra at the time of expiry, this is the place for you. if you want to make a sports bet or something like that, and if libra gets traded on those platforms, that is a great place to do that. we are trying to offer futures on libra and that is when people come to us for. >> it is unlikely william hills will pay out and libra if it actually happens. let me ask you the question of the day that we are asking everybody on bloomberg which is what will it take for bitcoin to become digital gold? i know nettie greenspan points out a lot of people think it is digital gold, but what do you think it will take before bitcoin throws off the shackles of its incredible volatility and become something that is more investable? mark: i think it is ultimately usage. a lot of people say institutional adoption is where this thing needs to go, but institutions don't just buy something because it exists. they buy something because it is valuable and there are fundamentals in

now we are using bitcoin to track these people down and put them in jail.r 300 arrests in this case alone. taylor: bitcoin gets a bad rap for instances like this, but if we are able to use it on catching the bad guys, cracking down on illegal activities, couldn't we make the case that bitcoin is helping? >> obviously what happened here is the government was able to undermine the nature of bitcoin, the anonymous nature of it, to identify these folks. it is unclear how they did that. a lot of people have different identities online. if you are able to access large corpuses of data, you might be able to de-anonymize data that way. if people use common email addresses, that might be one like. the nature of bitcoin is anonymous, but also permanent and a detailed record of who transacted with whom. when you find one bad actor, you can trace their activity, and if you can de-anonymize, that is hugely powerful. the government used a metadata program to identify terrorists back in the day. taylor: generally this is how the irs, the fed, can track a bad actor. they c

the currency landscape i think is a good way of introducing people to things like bitcoin things like list as well because when you start learning about the value of crypto currencies you sort of go down this rabbit hole and explore further is there the potential of a greater acceptance because this comes from facebook a name that is known around the world and would you use liberal i mean is someone who lives in berlin and sends money to view caissons money to poland i'll give us what use case that labor is looking at in. transferring value. i mean do i like facebook no not particularly but i think at the end of the day user experience dictates webre product is successful so you know my mom my grandmother my friends are using libra i probably would start using it if i get discounts of things like paying in libor event i think up in that i would be tempted to using it but as you mentioned i think it's a great way for people to start exploring the concierge. and gave us the lowdown on facebook liberal project thank you so much. and now for your chocoholics out there it's time to start s

and much more scaleability than bitcoin and much more programmability than bitcoin. >> given the -- >oing to inflate because if the dollar inflates -- >> given the regulatory scrutiny over libra, are you surprised that there hasn't been more regulatory scrutiny over bitcoin and do you think if it ever gets -- to escape velocity, whatever that means, all of a sudden regulators go, you know what, there is a problem here? >> it is an interesting -- i don't quite understand the regulatory questions they're asking about libra, they don't make any sense to me like, well, like, it is fairly bizarre, like, if -- >> i think it would be easier to let libra go you can call a company, call an association. i can understand if you had concerns about bitcoin, there is no phone number. >> one of the -- one of the amazing things about bitcoin, even though it is resilient to government regulation as well, i mean, you know, you can regulate the citizens and you can say you can buy bitcoin and these kinds of things but the software is independent of a country it is run -- it can be run anywhere outside o

question just because i think of bitcoin as more of a short-term investment.el: how interesting. romaine: i am not the smartest guy in the world. michael: our investors have a medium to long-term time horizon. at grayscale, we have this family of 10 unique investment products, all access products. if you want to gain exposure to -- ethereum,ry on, and other asset, the legal and operational framework fits along with what those investors do. if you are an individual investor and you don't want to figure out buying directly, these options are available now. joe: i think i follow the crypto space pretty closely and i have never heard of this currency called zen. i don't think it has performed particularly well. the point aside, when you make this case about scarcity, telling people to drop gold, does it undermine that case that there is a scarcity, that there is an unlimited number of new products and currencies that you anycreate any old fund for time? michael: we are pretty disciplined. there is a dell limit -- there is a delicate balance. there is our team doin

bitcoin.yment systems, are currencies where bitcoin is gold. gold is not a threat to the dollar nor will bitcoin be a threat to these payment currencies >> you look at charts. at this point you figure bitcoin could go back to 4, 4,000? >> i'm hoping it holds here. >> hoping it holds -- >> 6500 would be the next downside i think you've got to get back through like 8200 first, then if it gets back to 8200, we're in the 8,000, 10,000 range. it's going to need new energy to make the move. some positive things are happening. the new york stock exchange is back, just got set up. there's a futures exchange starting to get volume they have a custody solution which is coming online have to get approved -- in a world class custody which allows more and more people to feel comfortable with it, people are setting up funds, including ourselves to allow people easy access to bitcoin. >> you're going to have a fund >> we will have a fund in time >> what does that mean >> just a fund that takes care of custod

bitcoin is decentralized and that is why people like it.t is not controlled by central parties and it is the first application and real-world adoption of any blockchain we have seen but what we have seen over the last decade is people are looking at blockchain's, have seen the technology, and now we are seeing central banks, governments, regulators try to understand how to leverage this technology that came to fruition with bitcoin. rishaad: does this decentralizing give the central banks more control over what they do with their currencies? i will go to capital controls because of efficiency with the result? dave: sure, that is one of the reasons china had a defense stance on bitcoin. there were concerns about capital outflow outside of china. it comes to the point i made previously. a state issued digital token will provide more control to the likes of central banks and governments, undoubtedly. david: does it remove liquidity? does it add to it? it is almost a proxy to the renminbi and how do you link the value of those two? and wes what

crackheads since math or math are big these days between and to yangon bitcoin is you know backed by man i'm going to read you this segment because this is for the math nerds out there because it explains why particular negative rates are harming in particular interest rate swaps which is one of the largest sectors of the derivatives market so the issues are most apparent in the market for interest rate swaps this market allows professional investors to lock in interest rates and let's speculate just bet on whether rates on bonds or loans will rise or fall that's because the black $76.00 model the mean tools the price options for interest rate derivatives and its variants are so-called log normal forward models for those who aren't math nerds it can essentially be boiled down to this the formula breaks because it requires users to calculate a logarithm and a lager them of a negative number is undefined or leaning. back to the beginning there so interest rates and credit of swaps interest rates interest rates swaps they are a way to get banks the same protection that farmers used to g

bitcoin took a hit on its price, which tumbled around 7%. to moment is being compared the first rocket flight into space and to the wright brothers first flight. the impact is difficult to predict, but it will be -- >> you are watching live from paris. headlines coming up very shortly. - hey, i'm darius rucker. coming up onreel south. - [henrietta] the southern way of f life was something sacred. close your mind, do not question. - [darius] in 1940, a young woman left sweet home alabama for the porta vida of costa rica. - [henrietta] i would be out there experiencing anybody strarange, anybodody dierent. [darius] i in a tale o of romance and d revolution. one e woman on a quest for adventure finds herself in a trtrue awakening.. - he said marriage t to me would never r be boring. - [dariu she is e "fst lady of the revolution." this time onreel south. - [female narrator] support for this program is provided by south arts, sponsors of the southern circuit tour of independent filmmakers,

after reading ben's book you see that about bitcoin.hey even went and the winklevoss brothers asked about bitcoin before they start investing up bunch of money to pay the regulars like oh that's just a thing. we don't know. we aren't worried about it. they were just completely lowing it off and i think they were about facebook and i'm sure in the early days of regular spot is just a social network for kids. we don't really need to regulate this. this is really like a business. i think when you have a eye in cryptocurrency and all the things that are on the frontier i think for a while the regulators don't even know what to do with assad a pretty hard to have them preemptively regulating stuff. >> you don't know if it's a thing. also they have learned some lessons and i see a lot of peers everywhere. >> there were no scooters and then there were thousands of scooters everywhere. everyone so mad and they were throwing them into the lake and stuff. so i'm very curious that people like them or hate them. i personally don't like them. >> the

after reading ben's book you see that about bitcoin.hey even went and the winklevoss brothers asked about bitcoin before they start investing up bunch of money to pay the regulars like oh that's just a thing. we don't know. we aren't worried about it. they were just completely lowing it off and i think they were about facebook and i'm sure in the early days of regular spot is just a social network for kids. we don't really need to regulate this. this is really like a business. i think when you have a eye in cryptocurrency and all the things that are on the frontier i think for a while the regulators don't even know what to do with assad a pretty hard to have them preemptively regulating stuff. >> you don't know if it's a thing. also they have learned some lessons and i see a lot of peers everywhere. >> there were no scooters and then there were thousands of scooters everywhere. everyone so mad and they were throwing them into the lake and stuff. so i'm very curious that people like them or hate them. i personally don't like them. >> the

theor: what -- one of complicated issues around crypto bitcoin and ben bitcoin cash. how are those treated? >> the new guidance as if you have bitcoin and magically in your account tomorrow, you have bitcoin cash, that may be a moment where you have new tactical -- taxable income. attorney, it begs the question of what is income. if someone throws gold coins into your swimming pool, is that income? if you don't use your bitcoin cash, do you have taxable income? that is what this is trying to address. taylor: how can the crypto exchanges respond? >> they are waiting for guidance from the irs and the irs is waiting for guidance from congress. if you have a trade on the crypto exchange, you don't get a sold sharesif you of microsoft. it seems like congress could step in and give clear rules. it would make tax reporting easier. taylor: is that what we need as a next step with the exchanges and the irs playing chicken? issuey are having to enforcement against the exchanges. sue coinspace to get their records. taylor: you started this conversation saying it is a few years l

yes, bitcoin bitcoin below 10,000 right now, but over the weekend, it moved back above 10,000.ay one of the biggest moves since april. well, why did that happen? some analysts are pointing to chinese president xi jinping saying that china should, quote, seize the opportunity to adopt block chain, a positive comment on block chain, the underlying technology for much of the bitcoin world powering bitcoin higher later on friday come off the xi jinping peak, still bitcoin up 14.7% in a week that move largely the reason. >>> let's talk more about the macro markets. investors bracing for the busiest week of earnings this quarter. apple, facebook, alphabet, exxon, i could go on but i won't. those are the names, six dow components also reporting their numbers this week, oh by the way, on wednesday you have a fed decision and a possible rate cut. you have the october jobs number on friday. and the latest read on ism manufacturing. last night i put my son to bed he said when is that isn manufacturing number coming out. don't worry, son it's on friday right after you're jacked up from all

we're watching bitcoin dive today. is this because it looks like lever is less likely to happen >> i don't think so. it's probably a tertiary effect, where the buyers want to hear what these yeses were going to be what you did have happen, you're in a range in bitcoin between 7900 and 7500. where the minors of bitcoin are at break even. think of a gold miner being at break even they may have to sell their gold once we hit 7900, you have this cascade, the buyers are probably waiting in the wings because we didn't know what congress was going to say to zuckerberg >> the runup to bitcoin was announced, everyone was going to have a wallet, and the onramp would be much easier for the general public to buy bitcoin? >> i thought the announcement of libra would be a positive thing, it would open more doors than it could close. >> the flip side should be true, no >> potentially, i'm telling you today, the action in in the market had nothing to do with what's going on in congress, and everything to do with the mechanics of this

because bitcoin, nobody can control as we've just -- and you've just outlined so very well and libra you want to pick up the telephone you can figure out how you want to regulate and it and deal with it that way do your colleagues not understand what you're talking about? >> you have a big company, facebook, facebook has massive trust issues and anti-trust issues at the same time. they're a deeply distrusted company right now by especially the political class on both the left and the right because they're a big company doing this type of innovation, you have american policymakers trying to pounce on them before they can innovate. this also sends a chilling signal to innovation in the united states, number one, and number two, sends a chilling -- has a chilling effect on people going public and that unwillingness to go to our public markets and being subjected to the tortures of many public companies in terms of washington action on them and on top of the overall expense is a concern for me let's be measured in our approach let's not have this breathlessness that this is going to be a

phenomena and the last few years and the rise of the bitcoin price nearly $1010000.00 so bitcoin has been very very attractive is untraceable currency so it is tempting for a lot of individuals or kids or even organizations to mount attacks and profit from them whether you have a and ideological reason to do it or political or even just for profit or easy money mark i want to ask you a quick question if i can about the value of data because cyber attacks of course can lead to loss of money data reputation privacy amongst other things but are we now seeing more cyber attacks because of the growth of huge amounts of data on these on this plethora of digital platforms like social media why is data so valuable well i think you know a lot of people say that data is the new oil arm i've heard of examples or even you know forms in indonesia make. i talked with the e.o. there. when he told me that you know hackers were actually going after his connected farm because they're trying to get data that's not on the market and then they're trying to trade financially and invest from that so you kn

always been a lot of family offices so they're not usually going to try to like blackstone in the bitcoin it's much more likely that it's going to be on a road show with a lot of family offices so it's kind of just like the high end of what i'm talking about. obviously palm spends a lot of time talking to hundreds of thousands of people with this broadcast and things like that and these days they're going to say and be saying right exactly and talking the language of c. and b. saying that i don't mean to digress into talking about it completely so completely separate and i did ok but but but you guys are part of the ecosystem stronger because it is just stronger. based on absolute numbers of people that care about the client it's more decentralized it's more powerful and there are fewer choke points and there's fewer opportunity for you know regulatory interference or government action or whatever the case may be we just you know we want more miners and we're full nodes and more people doing self sovereignty and we want more people owning declined however we can get them done that quite a

phenomena and the last few years and the rise of the bitcoin price nearly $1010000.00 so bitcoin has been very very attractive is untraceable currency so it is tempting for a lot of individuals or kids or even organizations to mount attacks and profit from them whether you have a and ideological reason to do it or political or even just for profit or easy money mark i want to ask you a quick question if i can about the value of data because cyber attacks of course can lead to loss of money data reputation privacy amongst other things but are we now seeing more cyber attacks because of the growth of huge amounts of data on these on this plethora of digital platforms like social media why is data so valuable well i think you know a lot of people say that data is the new oil arm i've heard of examples or even you know forms in indonesia make. i talked with the e.o. there. when he told me that you know hackers were actually going after his connected farm because they're trying to get data that's not on the market and then they're trying to trade financially and invest from that so you kn

charles: i was always suspicious of bitcoin. that's why i never got involved.ut. but when you start to talk about putting it inside of a company like facebook, with two billion users, making it easier to do transactions, making it easier to send money around the world, it's a viable option to fiat currency. that's why the federal reserve is so afraid. in fact, that's why establishment types, i mean, it's really rare when you can get maxine waters, donald trump and jay powell on the same page. neil: that's right. that's right. charles: that's what libra has done. neil: you know what's interesting about it, too, i always felt like that technology, whatever you want to call it, must be scaring a lot of established powers that be, the world order, when you have the treasury against it, are concerned about it, the attorney general, the governments of germany, france, england, italy. so i'm thinking well, that's weird, because the mob is a big fan of this, right? i just found it kind of interesting that there is a worldwide series of folks who are concerned that this

this is the main problem of this industry, bitcoin, cryptocurrencies, blockchain is a great backbone, big problem is the security of the endpoint. the game is over once you lose the private key. this is the problem. romaine: our thanks to pascal gauthier. this is bloomberg. ♪ ♪ kong taking a step against protesters, enacting an ordinance to ban facemasks. shery ahn is here with the story. the thinking is you have to show your face, and therefore fewer people are likely to protest. >> not just protest, but violence. you can be there and marching in a peaceful way, but the problem is the violence has escalated. now pro establishment lawmakers and police are urging more action from the government in order to deter protesters from being violent. they could use legislation that has been in place for half a century. the 1967 public order ordinance could allow the government to put in curfews and close some areas. the 1922 emergency regulations goes farther and says any regulation can be implemented by the hong kong government if they think it is necessary, so we have not seen the carrie lam

phenomena and the last few years and the rise of the bitcoin price nearly 10 $10000.00 so bitcoin has been very very attractive is untraceable currency so it is tempting for a lot of individuals or kids or even organizations to mount attacks and profit from them whether you have a and ideological reason to do it or political or even just for profit or easy money mark i want to ask you a quick question if i can about the value of data because cyber attacks of course can lead to loss of money data reputation privacy amongst other things but are we now seeing more cyber attacks because of the growth of huge amounts of data on these on this plethora of digital platforms like social media why is data so valuable well i think you know a lot of people say that data is the new oil arm i've heard of examples that even you know forms in indonesia make our way all our i. up to a c.e.o. there recently and he told me that you know hackers were actually going after his connected farm because they're trying to get data that's not on the market and then they're trying to trade financially and invest

taylor: in the introduction, we talked about how volatile bitcoin has been.ke a look across the crypto landscape, does that volatility help or hurt? galen: so, in terms -- for projects that have raised money and used bitcoin, volatility does hurt it. though as the market has taken a dip, it has also helped wean out projects that maybe there was not enough of something to them. taylor: i want to get your take on what zuckerberg has said about china with regard to his libra cryptocurrency. take a listen. we have a soundbite. mark: as soon as we put out this white paper on libra, what we saw was in china especially, the immediately kicked off this public-private partnership with some of their biggest companies in order to race to build a system like this quickly. that they could use as part of their belt and road initiative, their foreign and economic policy to grow influence throughout asia and africa and other areas. taylor: he is really highlighting that if we don't act, china will. is that a real threat? galen: absolutely. i think the u.s. has failed to supp

in the case of bitcoin you just replace all central authority.ments are threatened by both equally >> here's an idea i think that if facebook was to say, look, we have two products. there's libra, the association, a bunch of different organizations and calibra, the digital wallet we're going to launch this digital wallet and embrace bitcoin and the crypto currencies that exist, that might change the narrative. >> i think it would change it in the opposite direction if everybody has a digital wallet and bitcoin is now available and other types of currencies that are completely uncontrollable, i would think it would create a bigger problem. no >> possibly, but the governments are upset about both, right? so i think that by providing digital wallets, it again on ramps a bunch of people to digital currencies which is inevitable. >> by the way, libra says they're going to become public five years from now. they're going to start working on it. to their credibility, they really couldn't be public today because it wouldn't scale for them so they did hav

in a moment we will ask a former bitcoin bull about what's next for bitcoin. >>> guess which state hasll you. it is nebraska. what are they doing that's so good? we will ask the governor in just a moment. ♪ [grunting] [maniacal laughter] gold. gold! right, uh...thank you, for that, bob. but i think it's time we go with gbtc. it's bitcoin exposure through a traditional investment account. nice rock. it's time to drop gold. go digital. go grayscale. hey fred - it's medicare open enrollment.e. time to compare plans. we're fine with what we have. that's what the johnsons thought until they tried medicare's new plan finder. the johnsons?. we saved a lot on our prescription costs and got extra benefits. how 'bout it, fred. plans change every year. use the new plan finder at medicare.gov . comparing plans really pays. look how much we can save. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why w

liz: for its part, bitcoin is down a couple bucks here, it's at $8173. we showed you ripple.the way, ripple just released a billion xrp from its escrow wallet. why? brad answered that and so much more in the next part of my exclusive interview on the new and improved foxbusiness.com web site. go there, and you will see the additional exclusive parts of that interview. now, as cryptos fight the fht for survival and growth, another mega-name disrupter looks to claw its way back into investors' good graces. with the closing bell ringing in 18 minutes and the dow down 256, up next, charlie breaks it on the major repairs being made to help the start-up reclaim its former star status. >>> and, please, download, listen and rate my new podcast everyone talks to liz available on all podcast platforms. "the claman countdown" coming right back. don't go away, it's a big market day. ♪ i knew about the tremors. but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say

if all of the bitcoin has security and someone puts a gun to your head give me your bitcoin it's not a reversible transaction. i don't think that people want to live in that situation. try to understand who will provide what guarantees to allow to reverse a fraudulent or mistaken transaction. >> congressman, facebook is commit today reimbursing people and figuring out a, maybe restrictsr restrictio restrictions, just like when you're using a credit card. you expect the credit card would-- >> that's why the credit card agreements are so long and no one reads them. thank you, my time expired. >> gentleman from georgia is recognized for five minutes. >> thank you, madam chair. thank you, mr. zuckerberg for being here today. madam chair, last evening i was reading "the washington post" website because they had leaked some information that was interesting and right below their headline was a caption that says "democracy dies in darkness" and i want to thank you for holding this hearing today in this hearing room in the light of public, not in the basement of the capitol complex behind loc

bitcoin for its part is up 16 bucks to 8,346. good to see you, thank you very much.ebook's libra is not the only name under pressure with about 38 minutes to go before the close, shares of coach and kate spade parents tapestry, one of the s&p's biggest losers at this hour. ubs rurng some of the merchandise here -- returning some of the merchandise here downgrading shares from buy to neutral on the growing popularity it says of used handbags. analysts predicting that a potential doubling of the already 24 billion dollars resale market in the next five years could prolong turn around efforts for the kate spade brand into years versus quarters. tapestry down nearly 3%. the real real which owns that market of, you know, reusing bags and reselling bags is down 3 1/2%, but some call it one of the under the radar super ipos. from the shopping line to the picket line, the gm strike charging past the one-month mark. fox business will take you inside the strike and also tell you about the big moves workers are now making to help drive support for their cause. "claman countdown

bitcoin as we described has become a word for volatility over the years.. for those unfamiliar with it, how does stable coin work and why is it needed? the main thing about stable coin is it is stable. the reason why that is so important is because if you want blockchain technology and crypto to be relevant to regular people and businesses, because the volatility you see in something like bitcoin does not work in everyday life. there is a lot more emphasis and focus on stable coins. this is part of -- partly through facebook's libra initiative. theyany stable coins does -- are needed? are things get overpopulated? of stable coins issued by companies. i think because if you look at facebook, the thing about these coins is they are all issued by a particular brand. they actually get adopted based on how people trust that brand. that's because they are centralized. with a stablehat coin like this, you have to trust the company will hold your money safe for you. what the maker is doing is trying to get beyond this model of trusting some custodian and creating

this is something facebook was a bitcoin with lawmakers about before. there was some suggestion they might go forward anyway. he also said he is talking to regulators from 30 jurisdictions around the world including switzerland to figure how to handle this the best. he was pressed by lawmakers about exactly why we need a new currency and why can't we do this with u.s. dollars, why do we need -- need a new currency? need -- need a new currency? he emphasized in the united states and around the world, this is something facebook could step into and help with that bank. is that really why facebook is doing this or is it to make money? which they have a fair amount already. in lengthy on that to the question of, is this the right time and right message, assuming as aed something cryptocurrency, is this the right way to do it? he admits this is not the perfect time for facebook. many issues from privacy to issues of political ads, and he admits it is not the perfect time or the perfect messenger. was pressed on other issues from child pornography and actions

giving the gift of not just and we're actually in early process of writing a book called the gift of bitcoin which is going to be a collection of stories from people around the world about how big point actually changed them for the better made them think about things more about time and. you know different things like the way the foundation. forget the exactly but they made micro payments available for. are. women and they really transformed greenbank i mean back. and this was using finance and capitalism in a new innovative way and to make these micro loans and it's also cycled i think the name is people are giving. small amounts to small producers in different regions of the world and so money in capitalism is being transformed before our eyes in the case a grameen interesting lee enough they kind of ran up against the establishment the big banks came in and they started to raise the rates and it became more predatory and so it. generously your thoughts are on this because the same that rather states now where it's doing battle with the big guys now futures contracts derivatives there's s