founders so this was an al-jazeera english and they looked at after years of being knowing about bitcoin it was only when their country banks started to fall apart when their credit default swaps suggested there's a 99.5 percent chance of them bank going bankrupt and banks introduced the same thing that we saw back in 2011 with cyprus and they had the balan's 1st. the limit on the amount of money that you could withdraw so in lebanon we saw something like $4050.00 a day that they're allowed to take out and they focus on a guy name are who asked for a surname to be withheld. he says he's not standing around helplessly he is trying to move what is left of his savings out of lebanon via a financial instrument meant many in the country have not embraced until recently big coin quote suddenly everything turns upside down and all the options are open said mark wright what's amazing is that this discussion of what's a better store of value gold or a bit coin and in lebanon we have a taste test case people are selling gold to buy bitcoin that proves a big point is a greater and more portable sto

original gangsters of bitcoin and we talked on stage with peter todd adam back trace mayor meehan you and we talked about those early days of bitcoin in 2011 that's when we 1st started covering it here on kaiser report and we asked them about what you know what it was like in those early days at this point when people in cyprus 1st turned to bitcoin when we saw the bail ins and in cyprus and after that bail and by the way and then became law of the land in europe so if this crisis this you know coronavirus crisis leads to a financial crisis that is the next plan for europe and america can still princess way out perhaps but. let's turn to our event and on confiscate a bull in las vegas last week with a controversial mayor amongst the mix after january 10th 2001 how funny tweeted running bit coin after that time how important is it that the only people who joined in on this thing with him were the gamers were the outlaws were the were the freaks like if it had been like p.m.g. infidelity bank saying ok let's let's get in this together would it have changed the nature of big point do you

and we saw everything between equities treasuries gold even bitcoin got puked up today because there was no clear definite plan on stimulus to help spur recovery so will we see a recovery and a comeback once we have policy in place i mean look at china while the entire western world down here is down between 5 to 10 percent today the shanghai composite is actually down only 1.5 percent the korean the korean and x is only down about 2 percent is that because that they responded appropriately jeffrey. look i i don't agree with my my good friend peter and we've we've we've spent years are going about this. i look as i said the u.s. has done everything wrong this stimulus package is is is utterly pointless the this is just government officials trying to make headlines and make news and do what they think they're supposed to do but it means nothing in the fiscal stimulus would mean nothing the fed's actions overnight. 500000000 a 1000000000 a 1000000000 that whatever this is all just press releases it's not going to have any effect i also don't happen to believe it's going to lead to some

programs but it's not happening because all the people who bought into bitcoin years ago were trying to unload it and you don't have any new suckers to do to come into the market to keep the pyramid going now it's like one thing clear here while backwinded dropped 20 percent today while in a market cap basis gold dropped by 16 trillion dollars my mark making up was nickel and only job by approximately 40 so there's a huge discrepancy there and even though you say it's not correlated to that one it is completely uncorrelated to the equities market ripple is actually much more correlated to the stock market than bitcoin is jeffrey what is your take here. ok look love to talk about this because an issue peter is exactly right that because it was innovated to become a safe haven during times just like this and so why aren't we seen and become the safe haven that it was developed to be and was actually for a number of years i think it's because the core developers spent the last 4 years wasting time on this ridiculous scaling problem and they suing the adoption adoption hasn't gone far en

do is in the foreground have a kid with a book of matches and printed on the book of matches the bitcoin logo oh yeah and you to get a big claim billionaire with a big money for the family i know i keep thinking there's got to i know i know for a fact that there are people that got big coins for a dollar a pick or something else on the show that's what he said before the buy and they might have like thousands of them so they could get a painting for one bitcoin to accept because i do i want to put a bit coin reference in that painting and tap into that billionaire mark it like a little q code or something like that yes trace merits only he would buy 10 at one $100000.00 apiece if they had to quite associated with as a way to restore his reputation recently torch that really could be a picture. trace mayors reputation back. oh my god you know i don't know exactly who that is but that's fine you don't need to know it is a big coin is anonymous to a degree yeah i'm a proud beer see pay a 1000000 dollar i know enough guy he's worth a $1000000000.00 yeah i meant i may have been 80 it when it

case you know they're going to have the same outcome total economic obliteration and the rise of bitcoin it is quite fitting that we're out here in los angeles hollywood of course is the land of denial you know you've had many famous characters throughout history with as big a hair as mine today and i look in very hollywood and you know this system of denial is not just one country's not just in iran and it's here and again here's another tweet about this story as they as j.p. morgan is announcing that they're going to use the emergency window just for preannouncing this because everything's fine but we just want you to know we're going to use the emergency landing facility just to remove the stigma j.p. morgan executives say bank is big enough to weather any. dorm so again they're doubling down they're letting you know they're just like the vice minister of health in iran say that telling the people he was literally saying there is no worry about coronavirus it's not really here it's not spreading in iran as he's like having an episode of coronavirus episode live on stage and it's the s

he's going to fusing the coronavirus with the bitcoin buyers same thing with peter schiff thank their their minds are being hacked by the protocol by the big virus soon jamie will be jamie dimon to be blathering idiot on the ground begging the fed for money to buy bitcoin he is going to turn into a kind of a street urchin same with peter schiff inset a sunset boulevard it will be park avenue where he's babbling and i want to say we're going to the 2nd half and the 2nd half has an epic interview with ptrace mayor max you have anything final to say in the last 5 seconds here about trace mayor and so this is the last interview with tracy mayer before he goes full colonel kurtz completely off the reservation a bit mad and it's a story anyway don't go away much more coming your way. and we're going to fulfill the repeated promises. to the people come on you know we've all bots. really. you want to. know 5. well you. can link i can link up why you. feel. this is all the. time after time repeat the same mantra sustainability it's very important. they claim that production. companies want us

predicted this a few years ago when they ultimately need the bailout money they're going to come to the bitcoin billionaires and the big point billionaire just say no as libertarians quote unquote we believe you need to learn how to manage yourself better so we're not going to bail out j.p. morgan or wells fargo or h.s.b.c. or barclays you're going. i have to learn how to be adults no go away now in terms of supply shocks you and i went through one and that was in the seventy's as the last famous supply shock big negative supply shocks are rare eric nielsen group chief economist at unicredit bank said with the oil shocks of the early and late seventy's often perhaps the most well known examples of their supply shocks would be storm and tsunamis earthquakes wars embargoes and strikes the problem is that there is little that looser monetary policy or additional fiscal stimulus can do to offset the impact because those stimulus measures work by boosting demand yet there air drop in money on everybody but the fact is that you know there's nothing to buy i tried going to amazon try ordering hand san

what ends up happening is miners who are creating the new bitcoin, generating the new bitcoin, oftentc desks and sell those bitcoin on to the market directly. we saw a lot of that being kept last week. we were already anticipating a selloff because we can see the wallets and see what percentage they are keeping. they mined about 50,000 total bitcoins in february and we saw they had not liquidated the normal amount. when prices shifted, the yield, the ability to generate bitcoin, the price went down. so it didn't really matter what the stock market price was, they knew they would be getting a profit from it. looks like they unloaded. i wouldn't say we can draw the conclusion that that safe risk asset thing is not in play. gold traded liz: oddly gold is down today. notedly, down 28 bucks because stocks are up, matt. so give me a sense what you expect? we're up 1084 and climbing. what spiked markets in last 15 minutes? >> bond market yield had a strong rally. that gained momentum. we saw the market really follow suit. there is not a whole lot of selling. a lot of the stocks down here ar

that's been built up in these affluent bank accounts including probably $150000000000.00 worth of bitcoin so these kids know what they're doing and i i try to make friends with these kids i get in candy and i give whatever they want you know they don't don't don't give me the virus could you know it's like this is like holloway and christmas and everything wrapped into one here take it all just take whatever i can just leave me alone. yes i i did see max handing out some private keys earlier to some kids running around this neighborhood but speaking of wealth in the last little quote here affluence politics is not the politics of being wealthy but rather the politics of not paying attention to what creates wealth in the 1st place that is to say it's a politician ignoring our ability to make and distribute the things that people need since 97 when we're no longer in a gold standard and we've had we forgot what athlon says we forgot how to create wealth and. that's why you're giving your private keys to all these children right affluence is the absence of risk so now we're seeing the risk c

it's going to choosing the coronavirus that the bitcoin buyers sensing of peter schiff their minds are being hacked by the protocol by the big client virus soon jamie will be jamie dimon to be blathering idiot on the ground begging the fed for money to buy bitcoin he is going to turn into a kind of a street urchin same with peter schiff instead of sunset boulevard it will be park avenue where he's babbling and i want to say we're going to the 2nd house and the 2nd half has an epic interview with ptrace mayor max you have anything final to say in the last 5 seconds here about ptrace mayor and so this is the last interview with ptrace mayor before he goes full colonel kurtz completely off the reservation a bit mad and it's a story anyway don't go away much more coming your way. we're feeding our hopes our dreams and desires our money to compete this creates a war do we get back to you know like that's that's a bad deal when it's technology jumping out of this one is that going to help the need to keep. for good to keep the you know connected and i missed it so we will live in an area of

dollar of gold and bitcoin welcome dan hi thank you for having me all right my pleasure now in my 1st question here is the fed began the week with announcing it more new programs to help markets including open ended asset purchases dan can the fed fight kovac 19 with an exponential growth and its balance sheet dam yeah i mean i think they need to there need to be offsets the policy of shutting everyone in as you know is going to lead to some dramatic unemployment and contraction in g.d.p. in q 2 that's probably greater than we've ever seen i mean it will be greater bullard last night the cent st louis fed governor said he thinks it's 30 percent unemployment and 50 percent drop in g.d.p. i think that's a bit extreme and goldman morgan stanley have come out. recently was sort of less extreme but you know that there needs to be extreme policy to lean against that kind of contraction and we've also seen a contraction liquidity in the markets people don't realize this but quite a few of the corporate credit markets muni's those markets have been are frozen in some cases i don't see no bid

a lot of people for a long time has said bitcoin is your safe haven and what i try to tell people iss is a speculative asset today that is trying, vying to be a safe haven so it is still subject to the speculative flows and so for the same reason bitcoin fell today and it tends to be more volatile so you see a 30% drop. why did it fall? because people want cash and people were speculating that bitcoin would be the next digital gold and i still believe in that thesis and that being said when someone taps you on the shoulder and the risk manager says cut all your positions and you cut your gold, your microsoft and your bit koirn and that's what happened here today just like everything else, in my view it will probably take some time to recover. >> anybody got a different view on bitcoin >> think b.k.'s discussion of the asset class is this is an evolving asset class and i think the proponents of bitcoin have not been saying this is a safe haven and it's an alternative asset class and if you look at the tokens that it was about speculation and the bitdown was becoming the proxy play for

enough you're a macro guy and you have been talking about bitcoin very constructively and you have a lot of great insights and to pick coins i think a lot of folks who are in the gold camp are not necessarily in the bad coin cap but here same to equate the 2 so how would how are those 2 assets kind of going to respond to what's happening all the next 2 or 3 or 4 quarters down this contraction in g.d.p. is so large. you know i don't think authorities know how to respond to it i think we're doing the best that we can. i think it's massively bush gold it might be the most bullish gold offense maybe since the since the nixon deep peg to be honest. and i think it's massively bush or big point as well. and you know the the part of the reasons big coin was invented was you know out of the 08 crisis and. really out of fear of the extreme deep basement a fee you know that gets talked about a lot in the big coin space. we need to have the dollar go down. and. you know i think policy will not be successful. and i don't think we'll be able to lean against this credit contraction and it does if i

sessions what are you seeing and do you believe that gold, bitcoin and other assets may be a place to park some money right now? >> yeah, hey, that's exactly right, there was some silver lining out there today i know people focused on the stock market and see it down 3% and market that's the most important thing. you had diana on talking about the chain effect of having rising rates and having a dysfunctioning fixed income market what the fed did today was essential to stop that problem so that's step one bonds went up. that's great news. yeah, they're going to be printing a lot of money, they're going to be borrowing a lot of money. investors can protect themselves by having a fixed supply, which is gold, bitcoin, stuff like that those went up. the market started to react like it, quote-unquote, is supposed to react today which pleenz someans forced liqn is the way it's supposed to be done >> b.k., sit tight for one second obviously it's 6:00 eastern time most of our audience is tuning in for jim cramer and "mad money. jim and "mad" will come up they will begin at bottom of the hour

the inflation rate of bitcoin drops below the inflation rate of go. there becomes you know gold being the gold standard of which we have traditionally made money since the fee it will hundreds of years before that and now we've got this new digital ski city which is more perfect which to continue to be more skilled. and find this very significant like gold is not its case. launch a few rockets mine the asteroid belt people think it's not coming but it is coming right the cost of space launch is going to go $100.00 times cheaper and that opens up abundant resources so you go from this industrial age ski city which is not in a logically limited. it's not right now it's going a big point of absolute scarcity absolute myth medical game theory to excuse the significant and we're in a digital age which goal doesn't go to so many say that if i started gold this refers to the mining output per year and all the gold mines around the world which is roughly 2 percent or so yes that's right ok so there's about $160000.00 tonnes of gold above ground right now and

seen a single person scream at bitcoin developers users or miners to quote do something . that's because strong money focuses on being good money money that bends in the wind the 2 a crisis is a week money can you expand on that plays yes salute the unfortunately and we could've predicted this governments tend to overreact. to crisis this and they're doing that in the way that they know best which is to print a bunch of money and that's a real mistake because it weakens the money and it's never a good time for bad economics better ideas or even worse ideas in a crisis a crisis doesn't suddenly make economic swer it makes it worse all right now bruce let's change gears a little bit so i'm going back several weeks if not a month or more you kind of stepped out of your usual role to start talking to people using sulfur media about cove it 19 and he started to warn people about it and he started to get people to prep for it and a lot of people are still on willing to prep even at this point and we see people on spring break congregating in masses of folks and you know gazing i

turn to alex legal of layer one this is are going to be about mining mining as a huge part of the bitcoin ecosystem welcome to the show alex thank you very much for having me all right and so you have just raised your company have just raised $50000000.00 from billionaire investor peter teal for a layer one what is it you're dealing in taxes alex bunch of different things but effectively the approach to layer one to excess is that of vertical integration . which means that we have full control over every cost and profit lever in the because of my mix stack so that covers everything from. factoring our own custom chips we build our own cooling and mining infrastructure that is very scalable 'd and modular and plug and play and we have our own our procurement and development which means that we basically get the cheapest possible electricity at scale in the world and vertically integrating all of the different aspects of the big point by mixed allow us to become the most efficient equipment company in the world so i read somewhere that the goal is to capture 25 percent of global big going m

even things like gold and bitcoin, people were in a rush to raise cash.t appears some stabilization in those markets the last couple sessions what are you seeing and do you believe that gold, bitcoin and other assets may be a place to park some money right now? >> yeah, hey, that's exactly right, there was some silver lining out there today i know people focused on the stock market and see it down 3% and market that's the most important thing. you had diana on talking about the chain effect of having rising rates and having a dysfunctioning fixed income market what the fed did today was essential to stop that problem so that's step one bonds went up. that's great news. yeah, they're going to be printing a lot of money, they're going to be borrowing a lot of money. investors can protect themselves by having a fixed supply, which is gold, bitcoin, stuff like that those went up. the market started to react like it, quote-unquote, is supposed to react today which pleenz someans forced liqn is the way it's supposed

so here we have a pandemic of the corona virus and the pandemic of bitcoin all targeting the 6070 and 80 year olds that's trying to pass the baton on to a younger more enlightened generation i might add that. i mentioned his organization system risk they say he says for a new 50 year olds they should all not go outside at all that's gaia floria of course he's 60 or so anyway stay tuned much more coming your way don't go away. no not ones that. don't want. to finish and. i'm back in the. south. pacific. and then you're going to believe. me think i'm. right. one means i love just not enough. one tokyo plant it. does work with because did it because he didn't seem critical. with the coronavirus now officially declared a pandemic the world faces the additional burden of an oil market collapse this comes at a time when demand for crude was already low some are calling this the ultimate perfect storm how this all. plays. welcome back to the kaiser report imax keyser time now to turn to steve keen he's the author of the bunking economics he's got an amazing patriotic page at profess or profi

so here we have a pandemic the corona virus and the pandemic of bitcoin all targeting the 607080 year olds that's trying to pass the baton on to a younger more enlightened generation i might add that. i mentioned his organization system risk they say he says for a new 50 year olds they should all not go outside at all that's gaia floria of course he's 60 years old anyway stay tuned much more coming your way don't go away . in the united states presidential candidates debate the future of the u.s. and the world. mexico is a red state you see her but to get into the burning questions of this election cycle one topic every week will tax student debt trade wars corporate money universal basic. and more. with what's front running. exclusively on. seemed wrong. but old rules just don't. mean you get to shape out just because get educated and engage with equals betrayal. when so many find themselves worlds apart. just to look for common ground. live. live. live. live live. live. live. live. live live. live . live. live. oh. please. live. live. live. and very well continue watching on since l

so here we have a pandemic of the corona virus and the pandemic of bitcoin all targeting the 607080 year olds that's trying to pass the baton on to a younger more enlightened generation i might add that. i mentioned his organization system risk they say he says for a new 50 year olds they should all not go outside at all that's gaia floria of course he's 60 or so anyway stay tuned much more coming your way don't go away. what is the difference between embarrassing gaffes and elder abuse joe biden certainly excels at the former and maybe is the big name of the latter we were told mention of mental health is limited to what degree is the public the right to know . no not ones that. someone might have the definitions and. then you can't really believe. how we think. yes it would be if this. didn't you know well that beach that you see. in the sketch still a miss one meaning i love this i not be deep but let me say this now tokyo find it is going to happen going to get. it is what it was because did a piece of dancing coral cultural shift from the premise. welcome back to the kaiser report i

so here we have a pandemic of the corona virus and the pandemic of bitcoin all targeting the 607080 year olds that's trying to pass the baton on to younger more enlightened generation i might add that nassim taleb i mentioned his organization system risk they say he says for a new 50 year olds they should all not go outside at all that's gaia floria of course he's 60 or so anyway stay tuned much more coming your way don't go away. we have to realize we are all living on a small fragile spaceship together and it's really no different than a bunch of people in a harsh environment trying to rely on each other to survive we we are interconnected on this planet we rely on each other or do around the world to survive as a species. descriptions sound up to tell using even for the owners. how to choose pet food industry is telling us what to feed our pets really more based on what they want to sell us than was necessarily good for the pet. food may not be the people believe we have the animals that have you know diabetes in arthritis they have auto immune disorders these allergies we are ac

wu he is a partner at the adaptive fun crafting hyper sheet and a specialist on chain analysis of bitcoin willie welcome thank you makes great to see you were here in vegas and confiscate a bull conference lot of great people like yourself and others are here and a good time now on trade analysis what is that why do you do it what sort of analysis can you derive from looking at the changes. like new stuff. being a financial instrument is there unique we don't see this in wall street it has a legion we can look on to it lead you we see capital flows if you can divine that date or you can get a read into with the market's going and you are also well known on twitter and elsewhere for making some good pressure and calls about the direction of break we'll get into that a 2nd but let's talk about this on chain analysis there was a recent brouhaha over a company that's been paid $50000000.00 per year by the u.s. government to trace coins on the block is that separate to what you do this function else is. it says like who are these people with the funds going. to track with the financial modelin