going through a change right now so that's one of the most exciting things about bitcoin is that by the queen's very nature nobody can control it it's simply a collection of computers across the internet operating on this protocol and nobody can change that or control it or manipulate it so even if all the bankers come into bitcoin. they're not going to be able to undermine the fundamental nature of bitcoin so as long as you're using a big coin wallet in which you control the private keys nobody in the entire planet can control your because under stop you from so. receiving money with anybody else so the more bankers they want to get involved in because come on and it doesn't bother me at all i can still use my because however i want and i don't need their permission to do so i notice these bankers that are coming in this year sound an awful lot like roger vera you've developed an army of folks if you don't have this vision of things so you really have quite a following around the world and as an enormously changed life changing for many many people let's talk about bitcoin as money

they convert argentinian pesos into bitcoin because they have more faith in bitcoin. >> what do you thinkpotential for an alternative currency, another alternative currency to replace bitcoin in the future? >> i think bitcoin is really the leader and will be for a long time to come because there is a real network. if people are trading bitcoin and buying things in bitcoin, it is going to be harder for another currency to come up. that was my conclusion in bidding on it. >> i was speaking with reid hoffman, the cofounder of linkedin and he says bitcoin is actually the number one trend that is on his mind lately. he is thinking about it, you are thinking about it, but you spoke to so many business leaders across the country. for the people that are not on the bitcoin bandwagon, what is the biggest hesitation? what are they worried about? >> they have to try it. it is very simple. you go and buy a bitcoin and once you bought it, try to spend it, and use snap card for that. it is not hard. then, they will start saying it is not bad. actually, it is more efficient than using a credit card or d

well go back to the kaiser report imax keyser time out it's hard to bitcoin jesus otherwise known as roger vera he's an angel investor in many many bitcoin companies including block chain dot info bit of a crack and more roger welcome finally to the kaiser report thanks for having me all right so good going jesus i mean this is an idea that you were one of the very first to get into bitcoin years ago now and of course when people get into bed call it as you have and as others have others have it becomes almost a spiritual awakening and but it centers on this idea of freedom in many ways monetary freedom political freedom could you just speak on that for a second roger sure i fell in love with bitcoin about three and a half years ago because once i understood the what the quote was and how it worked i realized that it's the first time in the entire history of the world in which no anyone can sin and receive any amount of money with anyone else anywhere in the world without having to ask for permission from a bank or a corporation or a government let me just jump in for a second becaus

of wallets within bitcoin is still increasing, even after the collapse in value of bitcoin.a -- what that says to me is that there will be nice, long, stable groups -- growth and actual use of it instead of something that willingly place the dollar. -- that will replace the dollar. >> tony, what can you tell us about the adoption of bitcoin? obviously, it has run into challenges, but there are people out there singing its praises for the future. >> that is right. i think you are sorting to see the technology emerge. bitcoin itself is a technology. we are using it as a currency, but you can also use it as a payment system or as a distributed lender, to prove property rights. what gets people excited is its utility. it is not necessarily its scarcity, but what you can do with it. we are starting to see a number of businesses adopting it, because the value proposition is clear. it is lower risk and lower cost. >> mount just went incorrupt and you -- mt. gox just went bankrupt. >> if you want to accept bitcoin as a form of payment, when a customer pays you, there's no reversing

bitcoin is tricky.ometimes it looks like a new digital commodity and sometimes it operates a lot like a digital currency. just like light it is sometimes a particle and sometimes a wave. but they are at knowledge and the working. i expect more thought as it goes forward. >> we want to build a safe home for people to explore that. that is what we are looking for in the industry. >> there is a certain extent to which it is a vote of confidence, simply to issue regulation. they may be good and bad, but they decreased the risk for major financial players when they're thinking about moving in to the space. there is no regulation, they have no idea which way it will go. there's a certain value to that. one of the related developments we have seen over the last year is major financial players have started to move into this. they bring their background at knowledge of people from the banking industry who know about customer regulations and anti-money laundering regulation. they bring that knowledge to companies

new bitcoins.is how it works. first, you need a mining program and the computer with enough power to solve extremely complex problems. the problems you are solving our software algorithms. once a problem is solved then a transaction is complete, the computer server that solved it is issued a re-warden bitcoins. the entire process is designed to mimic the production rate of a commodity like old, but here's the catch -- just like old, there's a limited supply of the coins. 21 million, to be exact. earning new ones gets harder and harder as new bitcoins are generated. >> from mining bitcoins to the evolution of a virtual currency, some have questions wallowing the collapse of the exchange earlier this year, but supporters argue it's a better long-term currency than gold. is the real value of bitcoin as a currency or a transaction service? you are out with a new piece called "awesome gold," yet you say it could never replace the dollar or the euro. please explain. >> there has been a lot of focus with

if people are trading bitcoin and buying things in bitcoin, it is going to be harder for another currencyme up. that was my conclusion in bidding on it. was speaking with reid hoffman, the cofounder of linked in any says bitcoin is actually the number one trend that is on his mind lately. he is thinking about it, you were thinking about it, but you spoke to so many business leaders across the country. on the people that are not the bitcoin bandwagon, what is the biggest hesitation? what are they worried about? >> they have to try it. it is very simple. you go and buy a bitcoin and once you bought it, try to spend it and use snap card for that. it is not hard. then, we will start saying it is not bad. actually, it is more efficient than using a credit card or dollars or any currency that is tied to any government. this is a very exciting time. it is a technology that i see coming up that really has an amazing future to which. it. i am very interested in financial technology, new financial technologies because i think the banking world and the investment banking world and the venture capita

everybody should buy a bitcoin and see how it works.ou can buy it and go to -- if you are an institution as set up an account and try spitting it. there is a great company called tapcard that allows you to buy it on any site. you can buy it on any site. it is exciting. >> what did you bid for? we know it was worth $19 million. we heard you paid more. >> i bid more than all of the other bidders. [laughter] >> ok, ok. >> that is the way it goes. there are so many people who can benefit from this. and there is a company that is in argentina. argentina loses the entire value of an argentinian peso every three or four years due to inflation. a company is solvent of that and another in africa that is doing the same kind of thing. in mexico, a lot of interesting companies that are really trying to transform the emerging economies. >> do we need it -- you mention one company, but do we need a more big companies like amazon, like starbucks to accept bitcoins to enable it to survive as a currency? >> in east fact, through snap card, you can go to

go and buy a bitcoin. once you have a bitcoin, try to spend it. snap card for that. , and they say this is in bad and it's actually more efficient than using a credit or any currency tied to any government. and is a very exciting time coming technology i see up that has an amazing future to it. i'm very interested in financial technology, new financial technologies, because the banking world and investment banking world and the venture capital world are all going to be completely transformed in the next three or four years. going is one of the technologies that makes this very easy to happen. through it going, there are smart contracts and there are ,ompanies doing sub ledger's like a network accounting system where if i buy something from you, both of r sub ledger's get up dated automatically. they company called sub ledger does that. a company called he shares takes care of all of your shares electronically, so they don't have to go through many iterations with lawyers and accountants every time shares get moved from one place to another. this i

this is where people exchange their fee out money for bitcoin really tied into the block chain as you describe it in the previous episode this is a service provided to exchange but calling for different of different currencies in the case of mt gox they had an enormous scandal and it seemed like an existential threat for because but it completely survived that you had money and not god's correct i did speak a little bit about your experience and what happened and what kind of effect this will have. you have the ability to hold your because yourself in your own wallet or your own cell phone or your own computer in which you're controlling those bitcoins with other types of wallets you're trusting somebody else to hold your requests for you just like you would trust a bank to hold your money for you with bitcoin because you don't need to trust somebody else to hold it i really recommend that everybody holds their big cohens in their own wallet which they control the private keys and use because in exchanges like mt gox which is no longer around crack and coin base annex there's a bunch

they are using a bitcoins to make quick transfers.osake an argentinian and convert to bitcoins because they have more faith. >> what do you think is the potential for an alternative currency, another alternative currency to replace bitcoin in the future? >> i think the bitcoin is the leader is there and will be for a long time because there's a real network effect. if people are trading bitcoin and buying things, it is going to be harder for another currency to come out. that was my conclusion in a u.s.ng on -- with the marshal office. >> i was recently speaking with reid hoffman and he said a bitcoin is the number one trend on his own mind lately. he is thinking about it and you are thinking about it. you speak to so many business leaders across the country and for the people not on the bitcoin bandwagon, what is the biggest hesitation? what are they worried about? >> they have to try it. it is simple. you go and buy a bitcoin and then try to spend it and use snap card for it. it is not hard. and then they will say, this is not a bad

and they lost the bitcoin somehow we don't know exactly how but if you were holding your bequest in your own wallet you would have been affected at all in any way so the best thing that everybody can learn from this is hold your big coins in your own wallet in which you control the keys and i personally use blace not info for most of my because it's and it's right here in new york right here in. york in the u.k. with an office coming in london soon oh fantastic nick on to talk about it but just to follow up on the security issues another interesting thing i follow you on twitter and you had a wallet i guess or an e-mail hacked and this opened up a very frank discussion because it opened up for people who are looking for extra security to keep their big clients safe just describe briefly what happened and how you resolve it and your advice to people how to avoid this type of thing you're one of the very very i guess a few negative things about bitcoin is it makes it a little bit easier for people to anonymously extort others over the internet because you don't necessarily know who ow

of man be the global hub for bitcoin activity it seems like they're lobbying to be that yeah if the politicians in the isle of man are smart they definitely will want that to be the case holland is on fire for because as well i live man is doing great things there's a bunch of guys running around down in panama doing things with bitcoin. i'm just all over the world but the really exciting part about bitcoins at the end of the day it's simply a protocol and it works exactly the same in any country anywhere in the world regardless of what laws politicians pass it let's talk about last year of korea you had a great big question is as a babbitt coin is probably the biggest negative story of the year would be the mt exchange just to explain a little bit mt gox like crack and these other coin florida sara the u.k. this is where people exchange their fee out money for bitcoin that's not really tied into the block chain as you've described it in the previous episode this is a service provided to exchange but calling for different of different currencies in the case of mt gox they had an eno

bitcoin is tricky. sometimes it looks like a new digital commodity and sometimes it operates a lot like a digital currency. just like light it is sometimes a particle and sometimes a wave. but they are at knowledge and the working. i expect more thought as it goes forward. >> we want to build a safe home for people to explore that. that is what we are looking for in the industry. >> there is a certain extent to which it is a vote of confidence, simply to issue regulation. they may be good and bad, but they decrease the risk for major financial players when they're thinking about moving in to the space. there is no regulation, they have no idea which way it will go. there's a certain value to that. one of the related developments we have seen over the last year is major financial players have started to move into this. they bring their background at knowledge of people from the banking industry who know about customer regulations and anti-money laundering regulation. they bring that knowledge to companie

that's created around bitcoin.it's what bitcoin can do for you. not whether you can go out and find bitcoin out there in the internet. >> you mentioned it doesn't cost much to invest in it. how much does it cost? we have yet to see a good figure on what you paid. >> oh, all i know is i paid more than all the other guys did, and so, winning at an auction is a mixed bag. but i made a decision that this was going to be a long-term bet on bitcoin and all the good things it can do for all of the countries of the world but particularly it's very valuable in the rising economies that have high inflation. bitcoin's a great alternative for some of these economies where inflation really zaps the strength of a country's economy. so, i expect like bitpagos in argentina and pagotech in africa and in mexico coincove. all these companies will really thrive because their people are not as confident in their own government fiat currency. and i think overall bitcoin's going to grow and as it grows, the value of a bitcoin continues t

do you use bitcoin? guest: i have not used bitcoins. some of my staff have gone out and done research on this topic, to use bitcoins, by bitcoins, and see how you transact with them. host: what advice would you give the consumer? guest: be careful. host: let me share with you what janet yellen said earlier with democratic senator joe manchin. she was questioned about this topic before the senate banking committee. [video clip] >> the fed does not have authority with respect to bitcoin, but it certainly would be appropriate, i think, for congress to ask questions about what the light -- the right legal structure would be for virtual currencies that involve nontraditional players that are not regulate it. >> if there is going to be a new american exchange for the bitcoin, they will be using banks. if this exchanges using banks, you all will have -- >> if they use banks, but my understanding is that bitcoin does not touch bank. whited other countries believe they had to get involved? -- why did other countries believe they had to get invol

bitcoin is tricky. sometimes it looks like a new digital commodity and sometimes it operates a lot like a digital currency. sometimeslight it is a particle and sometimes a wave. but they are at knowledge and the working. expect more thought as it goes forward. to build a safe home for people to explore that. that is what we are looking for in the industry. >> there is a certain extent to which it is a vote of confidence, simply to issue regulation. they may be good and bad, but they decreased the risk for major financial players when they're thinking about moving in to the space. there is no regulation, they have no idea which way it will go. there's a certain value to that. one of the related developments we have seen over the last year is major financial players have started to move into this. they bring their background at knowledge of people from the banking industry who know about customer regulations and anti-money laundering regulation. they bring that knowledge to companies that have incredible

highest price item sold for bitcoin to date. everything in the bitcoin world moves at light speed.e other record breakers since then. not all were disclosed. as far as i'm concerned with the highest right emon bitcoins. adam: don't upset you, that 600 k would not get awe studio in manhattan. what about this gold mine? someone is selling a gold mine in dawson city, yukon, alaska? >> yeah. this is somebody been in the mining industry for over 35 years. he is wanting to move on to different interests. so, and we've seen a lot of buying interest from this actually. we have a few signed mdas. that has been a very popular item over the last few weeks. cheryl: alan, how do you convince people to still do transactions in bitcoin after the mt. gox debacle that made headlines around the world and lot of money, excuse me, bitcoins was lost, how do you convince people this is safe? >> with bitcoin there is a lot lot to get your arms around. there is learning curve. people are realizing that mt. gox was a lehman brothers of bitcoin let's say. you know, there wasn't a problem with the core bitco

and the reason why realcoin instead of bitcoin, it's a way to accelerate an adoption of bitcoin.gital dollar that you can use on their technology. lori: and that's the difference, the fact that you are backed by real, physical currency. and that's, i think, one ofbe the main concerns, right, for the initial bitcoin industry. people literally, i mean, they saw their investments go up in smoke. so can you give 100% insurance to investors that that won't happen? >> absolutely. and it's not really an investor, right? so that's the challenge currently with bitcoin as a currency. people see it as a speculative investment, and they're not really utilizing it for what it's for, which is to buy and sell things as currency. so realcoin comes in, and it digitizes your dollar just like you use a digital dollar on paypal or with your credit cards. now you can use a digital dollar on bitcoin technology, and the reason that's important is now you convert your dollars to real coin, you can use this new payment last form, and you can get comfortable with it. and eventually as bitcoin stabilizes,

how much of that is in bitcoin. >> bitcoin has the potential to get rid of central banks. get rid of basically a trading exchanges like wall street. it dematerializes things like credit cards and then demo demonetize. when you pay on your credit card, you're paying 3% to 5%, depending on what your rates are. and in a developing world like africa to transfer money could cost 12% fees on a money transfer. imagine if you could transfer-- >> will it be obvious when that moment comes that it's reasonable to use bitcoin for a person of meager means to transfer money because it's not going to go nuts in value over the course of six hours? >> i think a good friend of mine barry sillberg talks about the five faces that bitcoin is moving through. the first face was experimen experimenta experimentalists, just the people who were the geeks who created this. the second phase he talks about was when silk road was announced and got a lot of publicitied. and then the bitcoin wallets and technologies were created. the third face where we are right now is amazing capitalists who are beginn

is only ask about bitcoin is it going to. going to be driven forward by regulatory approval or by ever increasing bank scandals if you know what i mean it seems like they they cyprus bail and you know move bitcoin ire we've had some regulatory issues but now what the both gary and bank run is a bit coin jumped on that is excuse me is that is this part of the issue is going to be joined by crisis or or regulatory approval i think the regulatory. approval will always strike you know that actual innovation so you know it's going to happen in different places and you know there's going to be a sort of jurisdictional awareness as well where you know hong kong now it's a very friendly we're going to welcome this type of innovation and other places are sort of either dragging their feet or not assured you know that depends but you know the things that are going to be the major drivers are going to be people's dissatisfaction with the current system and every time that you know some there's some real significant crisis in the system

so from all the calling i'm now joined by cars the experts been able to say do you think bitcoin has a future here in russia that. i actually think and read the cautious statements from the russian central bank more as an acknowledgement that monetary innovations are really a prerequisite for economic stability and resilience and then again bitcoin is only one of the many that are on the menu to come and already had its positive experience with these occurrences particular in the transition after the fall of the soviet union so i guess this is really just a new phase of actually acknowledge ing this directly and of course but cohen has the big marriage that's asking the regulators to make a public statement about this and paycheck to free in this field but also this week we had a big didn't weigh getting thirty thousand. but he's pledged to go to the emerging markets with that he's going to going to india south america parts of asia as well do you think with the big oil and that's where it belongs well that depends how you define corner of course if you talk about the payment protoco

but who needs the bitcoin atm? >> bitcoin makes buying and selling bitcoin easier.eople who want to buy our machines are entrepreneurs. we look at bitcoin and roble robocoin as the currency of the future. there's a lot of different markers and trent markets. consumers who want to spend money safer online than the merchants that want to accept money cheaper online. and we really love the 2.5 billion people around the world who are still storing cache underneath her mattresses and we also love the remittance market. fourteen for up to 15% for buying and selling bitcoin. 6% in total is saving a lot of money. steel in 16 countries and 14 different languages. can you explain how it works when you walk up to a a bitcoin atm? >> right now it's only cache and customers go through our patent pending enrollment process which makes sure that the operators are selling bitcoin compliantly with the government. but it's about as simple as cash and generating a receipt the value of it is about $5.70 but the average transaction is about $560 per transaction. customers are buying $47

can you have bitcoin stand for something that isn't just a bitcoin.t's a tiny part of the bitcoin. it could mean your car. so then your car could be accounted for on a general ledger that is then -- you know, can you do electronic contracts. you could put liens against it. moving it all into the electr electronic age. that's the reason i think the platform layer, the bitcoin as a lidger layer is the most interesting layer. >> you talk about the internet of things, three to ten years. people are spending billions to get in on the ground floor so to speak whether it's google nest or something else. are they paying too much? >> well, given how important it will be, look, i don't know the details on like, you know, like is nest a great buy? yes. is it a great buy at that price? i don't know. but tony fidel is awesome. the notion that the fact the house will be completely connected, there will be a home operating system, that home operating system will be connected to cloud. that will make our lives a lot better. that is unequivocal. it's not like even mak

bitcoin thing? >> the m.i.t. bitcoin thing is a student. some students made the bitcoin club, they went out and raised $500,000 the last time i checked from philanthropists and they're going to give $100 to every student in the club to do whatever they want. the idea, though is -- to me, bitcoin is a hack on bookkeeping, really. it's taking a ledger based bookkeeping system and making it feasible for the first time in this current form. it's clever, but it's basically converting a conveyor based cash into a leather system. the only reason i'm obsessed with this. you know my friend jay vetti. he's an indian genius. he was the ceo of oceanside bank. he was able to cut the cost of the banks in 18 months by completely redoing all of the systems. the only reason he was able to do that is he's an accounting genius and computer science genius. he told my story, he was in school in india and he was a whiz, so he didn't study for his accounting class. it was the first class where he didn't -- he failed or didn't do well. and then he realized you can

do you going with this is it seen as broadening the a pail of bitcoin is now the time for more regulation. we're absolutely in favor of revising regulations in the light of these new currency that just came to to the playing field with bitcoin making the news so prominently but they have always been these conversations about the polar currency that we already know of in europe now we're engaging actively again with the regulators in our you partners to show the central banks and the f.c.a. and the a.f.p. on. any kind of currency from time banking to local currencies to business to business currencies and bitcoin has the right in an ecosystem of finance and actually delivered to their policies and to their communities on the ground directly and that has to be recognized in the legislation which is still written in a way as if money was only gold and it takes a quite a lot of effort to revise the terminology and understand better what money actually means i have been divil thank you so much for talking to us from sunny london today we really place a bad as we know with the basic line it's a

we both saw bitcoin. am an investor in xapo. >> you have been a supporter and believer in bitcoin. >> people talk about it all the time. they don't realize the most interesting question -- is where there be a new one that is better? there are network effects. the fact that bitcoin is already going makes it interesting. the internet of things. >> and making acquisitions in that pursuit. expand to what the internet of things is -- explain to people what the internet of things is. >> every object in your house might actually be connected to cloud services. say you have a door sensor. and a camera. you can take a picture every time the door opens when you are not home. your phone knows whether you are home or not. the door opens, who is that? or the smoke detector. they can be connected to any way that they notify you know matter where you are if there is smoke. they can call somebody. it can turn on cameras. all of this stuff means the same kind of improvement we have begun seeing and other technology, becau

of course if you talk about the payment protocol of bitcoin this has huge benefits for the financial access and find some spread in these markets we have traditional banking sectors we need failing most of the population with our experience in developing countries particularly in kenya and south africa and brazil but it's really more the credit comes with. interest free and collaborative issue credit that helps local communities together to come in as a payment system is a review of great advantages there that's also partly why we're at the universe of . payments for foreign students because that is way easier than using traditional banking systems and now europe should update its laurels to reflect the rise of does your current does that it's what the heads of. heads off a successful us. do going with this is it seen as broadening the a pail of bitcoin is now the time for more regulation. we're absolutely in favor of revising regulations in the light off these new currency that just came to to the playing field with bitcoin making the news so prominently but they have always been. i

well for god now it's a classic chicken or egg story if bitcoin has already become a viable currency should the community focus on getting more big questions into the pockets of the people who use it or convincing retailers to accept them to get a sense of the challenges and issues around accepting decline as payment i spoke to overstock c.e.o. patrick byrne about his company's experience with korn overstock was one of the first major internet retailers to accept the coins and i began our conversation by asking him about what kind of transactional volume and decline his company has seen since accepting the cryptocurrency take a look at what he had to say. i think she's really now instead. it's a quarter of one percent of sales is the last calculation a solid twenty four hundreds of one percent of sales so in quarter one percent on a billion and a half dollar company that's that bodes well but it is excel or eating i mean in general the secular level of it is celebrated now in terms of other retailers who want to take that bitcoin client what kind of operational hiccups have you had t

brendan greeley doesn't believe in bitcoin, howard ward doesn't believe in bitcoin.never stated -- >> i'm not big into it. >> let's think in a platonically world, thebardie --bitcoin transaction costs would be zero. that is not going to happen. volatility has been very high. it will be high for a long time. when you add on basic services that prevent you from having to hold bitcoin, if you have to traded in, you have to i a kind of insurance, that brings transaction costs up. it is significantly greater than zero. probably also significantly greater than the 2.5 you take mastercard -- a brendan, you talked about great nobel laureate and his analysis of the systems. is this a legitimate system, howard ward? >> time will tell, tom. i am very skeptical. we call it a currency. it is not. >> the irs says -- >> platform -- >> so were tulips in the 70 hundreds. >> may i quote you on that? >> i'm sorry. i wish the people at bitcoin well. but i just don't see this becoming an institutional product for mainstream finance. >> brendan, there is something that people may or may n

foundation to get the latest on what's going on in the world of bitcoin welcome back to the show and first and foremost i apologize for but butchering your name so many times in england it's too easy that's the problem so i want to start off by asking you know. the place the big one is stabilized over the months particularly since the last time we spoke or do you think that this will have a positive impact on the acceptance of bitcoin as a proper currency no well i think again the price of oil actually doesn't matter what matters is the number of merchants that we're seeing bring on big clane as a payment methods now we have mainstream retailers like one eight hundred flowers words pedia dot com where you can book your travel from your flights to your hotels completely in decline or you know send your mom flowers or gifts and one hundred flowers and i think as you see more merchants adopt it quite then you're going to see consumer confidence rise and then it solves that chicken and egg problem of ok is the big question valuable where it is because we are seeing companies accept it an

happens so from all the calling i'm now joined by car as the expert been able to say do you think bitcoinhas a future here in russia that. i actually think and read the cautious statements from the rational central bank more as an acknowledgement that monetary innovations are really a prerequisite for economic stability and resilience and then again bitcoin is only one of the many that are on the mend to come and already had its positive experience with these occurrences particular in the transition after the fall of the soviet union so i guess this is really just a new phase of if you can all of this directly and of course but coyness the big marriage that's asking the regulators to make a public statement about this and paycheck to flee in this field but also this week we had a big didn't weigh getting thirty thousand. but he's pledged to go to the emerging markets with that he's going to going to india south america parts of asia as well do you think with the big oil and that's where it belongs well that depends how you define corner of course if you talk about the payment protocol of

of course if you talk about the payment protocol of bitcoin this has huge benefits for the financial access and find some support in these markets we have traditional banking sectors retailing most of the population with our experience in developing countries particularly in kenya and south africa and brazil but it's really more the credit comes with. interest free and collaborative issue credit that helps local communities together to come in as a payment system is really of great adventures there that's also partly why we're at the university of payments for foreign students because that is way easier than using traditional banking systems and now europe should update its laurels to reflect the rise of does your current design what the hey it's all a bit coin startups head off a successful us. do you agree with this is it seen as broadening the a pail of bitcoin is now the time for more regulation. we're absolutely in favor of revising regulations in the light off these new currency that just came to the playing field with bitcoin making the news so prominently they have always bee

or gasoline to start accepting bitcoin and so again the pitch virtual circles spend up. that was overstocked c.e.o. patrick byrne time now for today's big deal. time with the wonderful we're here and today we are discussing air b.n. b. corporate expansion and the fundamental value of these companies now it was announced tuesday that air b.n. b. and are planning to target business travelers and the business community so edward what's going on here what can you tell me about this and why are they going after business consumers well. to your for your second question i think they're going to business consumers because that's where the money is basically you know when it comes to pay more business customers always are going to be able to pay more so when you want to build your brand in your market unless you get volume out of the consumer definitely you want to go with the business stuff and while they're doing it another thing i think that's really interesting and actually good about the way they're going about this is you know the integration into how expenses are made and