bitcoin isn't doing well we had a din err week ago with the bitcoin -- the crypto king.h the bitcoincrypto king his argument was and anyone's argument could be at $750 two years ago to $3600 now, if you took out the spike and all this dynamic here, you'd be happy with the direction of where this is going so if you smooth out the return profile of this, would people feel differently now i know you can't do that but it has rallied. >> looking for a bargain there's one beating down group of stocks that could be a major source of income traders will do yield hunting. plus, ge is tracking for its worst month in a decade and it could be about to get worse. we will explain when "fast money" returns plus, ge is tracking for its >>> welcome back to "fast money. oil and energy stocks bouncing back today but every stock still sitting in either correction or bear market which has some investors hunting for bargains >> it's been horrific for energy stocks but particularly oil service stocks, halliburton and schlumberger they've collectively nearly 40% off their 52-week high exploration and produc

what is bitcoin? bitcoin is the world's first cryptocurrency and it works because of the world's first ballistic block chain network. what does bitcoin do? it's simple. it lets you send and receive value to and from anyone in the world using nothing more than a computer and an internet connection. now, why is it revolutionary? because unlike every other tool for sending money over the internet, it works without the need to trust a middle man. the lack of any corporation in between means that bitcoin is the world's first public digital payments infrastructure, and by public, i simply mean available to all and not owned by any single entity. now, we have public infrastructure for information, for websites, for e-mail. it's called the internet. but the only public payments infrastructure that we have is cash, as in paper money, and it only works in face-to-face transactions. before bitcoin, if you wanted to pay someone remotely over the phone or the internet, then you could not use public infrastructure.

bitcoin is definiteigitally nat. you have smart contracts that manipulate and batch transactions together. we have an m&m machine? our office, you would normally press a button and an m&m would come out. we've rigged it to work with lightning network payments, which are these second-level solutions, such that you can pay per the m&m with a fee that's about .002 cents. an incredibly negligible fee. if we can run transactions like that in a test net, or in early days of a new layer, we can do all kinds of transactions per second. on the question of vetalic buterin's trilemma, it is true, it's hard to have scale and decentralization and integrity of the data. he, himself, said it's not impossible, it's just a problem worth striving for. it's the kind of thing that american innovators and entrepreneurs should be working on. >> very quickly, does it matter that there's an olagopoly on the mining? >> it's an excellent question. so it's worth asking once you have a lot of mining power, what harm can you do? the bitcoin prot

there are a fake chocolate bitcoins as well as virtual bitcoins on servers for many of the crypto currency remains a great mystery even though russia produces more bitcoins than almost any other country. it ways to quit the good it yeah actually customers come to us and say i want. but i don't know what it is and here like in an apple store we explain to them that it's possible to make bitcoins on these machines they're told that they can buy it or equip themselves to make it anywhere. and i feel like. the crypto currency is created in heavily guarded block chain data centers like this one in st petersburg bitcoins are bought and sold and the transactions are recorded here currently there are more than seventeen million bitcoins in circulation each worth more than six thousand dollars at the end of last year the currency was booming its value rocketed to almost twenty thousand dollars before collapsing even after a decade in circulation the big coin is still not a mainstream currency even though many say it's just a secure block chain technology allows highly encrypted transactions to be c

there are a few very predominant coins out there such as bitcoin comic bitcoin cash, there are a fewat people go through that are doing some very exciting things. then there are lots of really bad ones that no one is looking at and some of them are disingenuous so you gotta be careful out there. >> is a marketplace. >> it's a marketplace and at the moment there is very little regulation in that marketplace. it's up to the individual to take response ability and not invest more than they are willing to lose. this is a brand-new territory for people discovering for the first time.i think it's really important for people to do due diligence to research products before jumping in with everything they have. i really encourage everyone who asks questions about this you need to research it. if you don't feel you understand it enough maybe don't get involved. it's not for everyone. those who want to understand it and learn more it's a very exciting world and i encourage people to pique their curiosity and see what's out there because it's a really exciting landscape. >> is a threat to the so

that 12.5 bitcoin is worth less because bitcoin is worth less. so we will see influxes and outflows of mining activities. depending on the price of bitcoin and how much is used. that said, they may have shifted over to light coin, another technology. depending how quickly and easily they can convert the hardware to operate on the systems. i am not clear if that is a reduction of energy being displaced on to another network. to wrap up, i am not too concerned about this. as you can see, there are 6 other major types of consensus mechanisms and there are other major ones that are listed. and they do not use the same system. they use electricity just like anyone using a computer. but it is not nearly -- you don't have the time to get into -- briefly, the bitcoin system, all the computers use hardware processing power. and they try to unlock a certain code. and these other systems, the mechanisms are different. so the second one, which is the second most popular called proof of state, the way it works is these computers when their bitcoin -- in the f

bitcoin is crashing. in fact the cryptouniverse is tanking we tell you what's going on how bad the selling gets. plus the countdown on only 40 days until christmas and something happened in the retail space. we start off a wild tai on wall street the dow singing 50 oh points during the day after being up more than 200 falling 300. the dow sold off in the close ending down about 200 points financial sector leading the declines and it's been a bank bloodbath and just the past week goldman sachs, the biggest looser here down 13% if he followed by city group. jp morgan. all under pressure as well what is wrong with the banks is the bank trade left for dead? guy? >> first of all, tony divider gets a special, single box. >> my family would never think i'm special. >> i've been here 36 years i am a little jelly that's what you say. i tried to make a cogent, intelligent whatever word for being long banks for a long time a couple weeks ago i said sometimes you are wrng and the banks prove that day after day. each

morgan against bitcoin who chided his daughter for experimenting with it and you know there are plenty of warnings because people said it's not a currency there's no intrinsic value it is no financial supervision one shouldn't have been surprised with all these experts weighing so plenty all food is know about though. it's not all bad i think it's good that there's been a debate on an anonymous fast independent of central bank's currency but especially the technology behind it the block chain that's here to stay that's something that was i think promoted by all the publicity on bitcoin itself and it has to be separated from the bitcoin itself and that's going to be a basis for the financial business in the future it will revolutionize trading and payment. systems i'm pretty sure of that. for us in frankfurt thanks only. now the german government says it plans to roll out the latest generation of mobile phone tech across large parts of the country are at its plans leave ten percent of germany uncovered by the new ultra fast five g. critics say that's unacceptable demanding providers sho

so, not all cryptocurrency is bitcoin, and not all bitcoin--well, all bitcoin i suppose is cryptocurrencye are lots of them out there, and you deal with several of them, is that right? robert: that's right. so, bitcoin was the first cryptocurrency, and it just recently celebrated its tenth year anniversary from when the original white paper was published. and in ten years, we've learned as a society a little bit about how a new money supply can work. the idea behind bitcoin is that anybody can transfer value anywhere in the world relatively quickly and relatively cheaply, and it's been successful so far. scott: well, and i want to ask you about that because we have to note that it fell below $6,000 just a couple of days ago. has it been successful in the sense that it has been moving all over the place as far as value? robert: well, it's been successful in that it's proven a concept that people can move money anywhere in the world very easily. the value of bitcoin is extremely volatile because there's still a tremendous amount of uncertainty about whether it's going to eventually take off

bitcoin.s breaking down right now. we should put the futures up. this is specifically important right now, because it actually hit limit on the cme just before 2:00 p.m. eastern. as i look at the price here of bitcoin, we are pretty much falling about -- okay, that's the euro, not bitcoin. hold on one quick second. bitcoin going lower by nearly $900 at the moment. >> it's the lowest level. liz: it stands at $5,381. >> that's the lowest level in months. here's the thing, liz. i think when i made some calls on this today, and you know, you and i cover bitcoin intermittently because it's an interesting subject, lot of people trade it. liz: absolutely. >> lot of people invest in it. lot of people believe this is the future of business, of technology and paying for stuff through technology, through the blockchain technology. it might not be bitcoin cash. it might be bitcoin. there are a myriad of technical factors causing the price to decline. one technical factor i hear is something called a hard

more to mine bitcoin than the actual value of bitcoin?y miners are paying 6,000, $7,000 to bmine each bitcoin right now. is that the first time we had this >> knc miner in 2016 went out of business either because of paying for electricity or poorly managed operations right now this is one of the most unique times in terms of miners across the board being worried, but it's not all miners there are miners who potentially in china or other regions get massive cuts on electricity. >> why did the cost of production go from $200 to 7,000 when oil is $50 or whatever? >> the way bitcoin's network is supported is by volunteer machines around the world which clear and settle bitcoin transactions for doing so they get minted new bitcoin every 10 minutes as the price of bitcoin goes up, so, too does the incentive to mine it. as the price margins go up, more and more computers flood the market >> you would think the more people come in, the cheaper it would be >> in this case there's -- >> i understand, but that's weird. am i supposed to think now it

bitcoin lower again. it's all happening on this tuesday, november 27th "worldwide exchange" begins right now. ♪ >>> perfect song you're up then down. that's the way the markets have been good morning welcome from whereve world you are watching i'm brian sullivan dow futures down about 42. given the size of the dow, we'll call that basically flat this comes off yesterday's semi relief rally. the dow is down 0.3% on the year with dividends it's higher absolute number just under that line watch the markets again today. apple shares are down this morning. all this comes after president trump threatened to slam a 10% tariff on all iphones imported from china president trump, tim cook on line one let's get more on this story with tracie potts live for you in washington, d.c >> you mentioned those apple shares the iphone could cost more based on this latest tariff threat by president trump. he tells the "wall street journal" that not only does he not expect to be able to work something out on the current tariffs

bitcoin cash a.b.c. which stands for which is more of a conservative side to it headed by roger bear he believes that the coin cash is good and stable the way it is they are open to adjusting the network and making tweaks to it but they don't believe in any radical changes and this is actually supported by bit main and finance coin base and a lot of the other exchanges. but however on the other side of this coin s.v. which stands for soto she's vision is headed up by craig wright who is formally claimed to be the original such hoshino. so toshi his vision is essentially to create revert back to the original cause protocol and he wants to create blocks that are much bigger so currently the blocks are thirty two megabytes each he wants to increase this traffic li to one hundred twenty eight megabytes which could have severe repercussions and security risks however exchange for that you get a more fast and robust network so there are trade offs to this and because the two sides couldn't come to any sort of

for more on bitcoin jovial let's bring in bart smith. crypto king great to have you with us. >> hello. >> is this capitulation? have we found a bottom are we close to a bottom where are we in the selloff. >> there are a couple of factors leading to this this number one the on ramp is difficult. if you are a global institution it's still difficult for you to buy bitcoin the pennsylvania way you might want to. a wealthy individual from the gi generation is not taking a high resolution picture of the driver's license and send it to the website and send money there. they want to invest at fidelity, baepg of america that leads to the second problem without the new capital on ramp liquidity has low. wove scene a stable prize all through the summer it was at 6,000 give or take but volatility got right the end of october. the ten-day realized was like nine. >> no where. >> what happens is in that environment when you have the contentious fork and the the two constituencies conduct might be defined as juvenile and maybe the not generating confide

people are using bitcoin as a way of payment transaction, and year?onny: i would say you would see price may be around 15,000. that depends on when these comments are product and they moves slow because nothing moves fast in vindex. emily: all right, we will see you next year. coming up, ever wonder where your smart watch or smartphone comes from? there is a mega-city in china churning them out. we will take a visit, next. "bloomberg technology" is livestreaming on twitter. check us out @technology, and be sure to follow our global news network, @tictoc, on twitter. this is bloomberg. ♪ emily: it has been dubbed china's silicon valley. if you own a smart foreign or computer, odds are, parts of it came from there. in 30 years they grew into a , mega-city of over 12 million people. welcome to shenzhen. the manifestation of china's economic miracle. angus bennett reports. >> this is the chinese mega-city of shenzhen, a monument to china's economic miracle. in 1980, it was a town with around 60,000 residents. now it is china's technological hub with a pop

the technology of bitcoin is blockchain blockchain extends well beyond bitcoin. this is companies across tech and healthcare and finance are looking into using blockchain to make their operations more efficient. bitcoin's success ultimately hinges on its customers, buyers believing in it. it's not centrally backed. there's no authority that will come in and say we'll buy bitcoin if nobody else does. so there's a belief in the system there's enough early investors out there that it hasn't gone to zero not a lot of retail investors getting in >> we were talking offline about bitcoin as well. i'm curious to hear your views on whether or not you think cryptocurrencies, not necessarily bitcoin but cryptocurrency as a complex will be able to survive >> i don't know what the basis for it is. people are not using bitcoin to buy things they're not using it in transactions it's not an institutional asset class. this is a retail asset class unfortunately in a lot of things retail, people mortgage their houses on the way up and lose them on the way down so when you see that

physicians that would helen humphrey asking the question what ever happened to bitcoin yeah remember that we talk about it nonstop it seemed like last year the rise and rise of course of the digital currency that was talk of the town then it starts to plunge and plunge last december one bitcoin would cost you nineteen thousand dollars now they're trading below four thousand dollars additional currencies are facing an existential crisis only the most hardened risk takers debt to trade in them. this is how some on twitter have depicted what's happening behind the scenes during the ongoing bitcoin crash although these images are not actually connected to bitcoin they nonetheless serve to illustrate how dramatic the mood is for some right now. across the board digital currencies are flailing big coin has lost seventy eight percent since the beginning of the year ripple has lost even more and to theri amant bitcoin cash have dropped more than ninety percent each. a year ago big corn was the talk of the town people watched excitedly as the value skyrocketed to twenty thousand dollars banks

bitcoin falling below 4,500, the lowest level since october of last year.rd of its value in the past week >>> the board of french automaker renault will meet today. sources are telling roiter ing y will december cuiscuss temporary replacing ghosn. >>> clothing retailer l brands under pressure it cut its dividend in half and named a new ceo for the victoria secret brand, this despite reporting better than expected third quarte quarter earnings. >>> tough run for the stock market overall dow futures indicating another triple digit drop off of yesterday's 400-point fall if we lose 1.2% today or tomorrow, whatever, the dow will have turned negative forever the year the dow is still up for the year, but only 1.2%. it's been a tough sled for a number of well known dow components six dow stocks are now down more than 20% from their highs. ibm, goldman sachs and caterpillar down nearly 30% from their 52-week highs. similar story today in the asian markets. japan down 1%. china's domestic market continues to get punched it's down 2% and the shenzhen, the nasdaq of c

bitcoin cash >> bitcoin cash.-- the whole idea of bitcoin was there was going to be a limited amount of bitcoin. this forking, if you will, so now there's a separate bitcoin means that there's now double the amount of bitcoin that were available. you have to then decide which one you actually want. doesn't this undermine the whole idea of what this was about to begin with and isn't that really why we've seen the price drop the way it has? >> there's no question i think the drama that played out in the bitcoin cash network sort of led to the price action we saw towards the middle and ends of last week. but that's an important distinction to make. this happened opposed to the real bitcoin there's a larger question from an investment perspective as to which attributes of the digital currency is it that you're buying into? is it the payments angle the bitcoin cash network has always been going after versus the more speculative but eventually turn into a store value coin that the network cousidoes >> nobody knows which

your last book was about bitcoin. are you still a fan of bitcoin? >> i'm a fan of the technologies that bitcoin introduced and a fan of the cryptographic revolution and instigated. i think it faces a crisis and a lot of big holders are going to have to confront to carry the currency forward as a substitute which was a substitute for gold and it turned out it lacks the crucial dimensions. they are so aware you lose a private key and the bitcoin is gone forever. they make it in an adequate replacement for gold. it's recapturing the initial goal to create a substitute for gold. >> this plays out in life after gold was the block chain? it is a ledger it's rather than the list of titles and properties and list of credentials and whatever it is and then it's rather than protecting them by putting them in some central database and then with a lot of firewalls and other defenses. unless you can take control of the whole network, you can't reverse or falsify or manipulate the list of transactions. and bitcoin converted a block chain into money by seeing that

bitcoin is the hundred pound gorilla.ith the mass network, the traditional -- are building around. i do not know what will happen to the other ones. they are being rolled by the fcc right now. the market is dead right now and maybe a couple will survive. none of them will survive the way -- and less bitcoin survives first. emily: what does uncle sonny synnex think you bring? -- next thanks giving? there are traditional incumbent spiting bitpay, it should be an exciting time. around the world we are seeing adoption by bitcoin. over $1ill process billion this year, even though the price drop 75%, we processed over one billion muster because people are using bitcoin as a way of payment transaction. emily: where is the place next year? >> at they launch the products, you will see the price around 15,000 possibly 20,000 by the end of next year. that depends on when the traditional in comments launch and they move -- incumbents launch and they move slow. emily: that was chief commercial officer forbitpay. airbnb is one of the m

power which has been devoted to bitcoin has now been pulled into bitcoin cash so as you know block chains are supported by miners and their computing power and their hashing power and that's what this hash war is about because there are two sides to this faction and each faction controlled a huge amount of mining power they have all pulled the former bitcoin mining power into either the queen cash a.b.c. or bitcoin cash to be and because of that the mining power quite has declined drastically and that has resulted in the drastic price crash of bitcoin and all the ensuing cryptocurrency to fall against it was actually interesting to know is that ripple is now solidly the number two crypto currency and east is below that. christine we appreciate you so much taking the time to do that we want to have you back in the near future and tell us about what your predictions are that's kristi i that co-founder of counterpart x r crypto expert thanks so much kristie have a great thanksgiving. absolutely. and that's it for this time thanks for being with us you can catch boom bust on direct t.v. chann

emily: jamie dimon has said about bitcoin and it has gotten -- what jamie dimon has said about bitcoinas gotten a lot of play. take a listen. >> it will blow up and china just kick them out. don't ask me to short it. it could be 20,000 before this happens, but it will eventually blow up. it is a fraud. emily: he later said he regretted saying that, but i want the right now if it looks like he is being vindicated. sonny: i disagree with him on the front comment. price can go up and down and anything up that fast will come down. lye fraud thing i complet disagree. i imagine if he sees fidelity, his bank will also release a product. ,f you see companies doing ipos a lot of bitcoin miners, jpmorgan will try to get coinbase to underwrite. or q2 because big companies take a long time to launch their products. emily: do you think we should be starting to look at cryptocurrencies as different currencies? do you think some of the other currencies will break away from bitcoin or are they all basically the same? sonny: i think there is a big night and day difference between bitcoin and everything

mike: we pointed out the benefits of gold versus supply in bitcoin, bitcoin is a sometimes called digitald, but is being proven it is less than people thought. but you look at forward-looking as a strategist, gold has a much better outlook. and the think about bitcoin, it needs to come down to be as volatile as gold. it needs to get to wear a cryptocurrency -- it needs to get to where gold is in terms of not moving around much. but as a strategist as the gold is a more favorable investment. taylor: thank you. let's get a quick bloomberg business flash, a look at some of the biggest stories. canada goose taking on the chinese market. the maker of luxury jackets pushing ahead with its expansion in china. betting that a strategy of selling directly to consumers will overcome a proliferation of counterfeits and the consumption slow down. and apple going to be the supreme court next week over accusations it uses market dominance to jack up prices for the iphone. the cub reserves as a middleman -- the company says it is serving as a middleman and should not be sued. a product and collect images

bitcoin is the hundred pound gorilla.hat has the mass network effect, the traditional one. the other i do not know what ones, will happen to the other ones. they are being rolled by the fcc -- sec right now. the market is dead right now and maybe a couple will survive. none of them will survive the -- none of them will survive unless bitcoin survives first. emily: what does uncle sonny think next thanks giving? >> there are traditional incumbent spiting bitpay, it should be an exciting time. around the world we are seeing adoption by bitcoin. bitpay will process over $1 billion this year, even though the price dropped 75%. we processed over one billion because people are using bitcoin as a way of payment transaction. emily: where is the price next year? >> at they launch the products, you will see the price around 15,000 possibly 20,000 by the end of next year. that depends on when the incumbents launch and they move slow. emily: that was chief commercial officer for bitpay. airbnb is one of the most anticipated ipos for

>> i go back to bitcoin. they want to find out what is the next bitcoin.gain, money is a network effect. bitcoin has the largest established network effect. it is excelling at the programmable values. emily: we are going to continue to follow this. thank you both for weighing in. coming up, apple introduced a slew of new iphones a couple of months ago. now, the company is slashing orders for all of them. will the holidays be enough to get them back on track? this is bloomberg. ♪ emily: apple is dragging down the larger market once again after announcing it cut orders on its latest iphones. they slashed production orders due to lower than expected demand. they speculate that higher prices may be driving customers to older models. tim cook defended taking billions of dollars from google, calling it search engine the best. we always hear these drops, but now we hear that all three are being cut. how alarming is this? >> it is very alarming. this happened a year ago when the iphone x came out. the results turned out to be pretty good when they reported it in a

we don't own bitcoin.ie, you have sources who are making a comparison between bitcoin and a tech name? >> amazon. what they're saying is this. when you talk to the bulls on the bitcoin network -- issue, and i want to get through this first and then go to amazon because we have stuff on amazon separately. what they're saying is this. they're saying they're comparing the crypto currency of bitcoin to amazon as prices fall. why? look what happened with amazon early on. it was not a great bet, right? people did -- remember amazon was crushed during the dot-com bubble, when the dot-com bubble burst. they're saying that's kind of what we've got now at the bottom. people are going to start seeing its relevancy to commerce and the world and buy it. so don't despair. what bears would say, i will tell you this, is that amazon had a main street application. even in the beginning, you could buy books to them before they became the huge sort of mega-seller retailer that they are now. you can buy books to them. had anyb

bitcoin is the hundred pound gorilla.ne that has the mass network effect, the traditional one. the other ones, i do not know what will happen to them. some are being ruled over by the sec right now. the market is dead right now and maybe a couple will survive. but none of them will survive unless bitcoin survives first. so that is the one everyone is focused on. emily: that is what you say this year. what does uncle sonny think next thanksgiving? sonny: i would say next year may be an etf launched by a blackrock-type company. the traditional incumbent fighting that bitpay's, coinbase's of the world. it should be an exciting time. that is in america. around the world, we are seeing adoption by bitcoin. bitpay will process over $1 billion this year, even though the price dropped 75%. we processed over $1 billion last year, because people are using bitcoin as a way of payment transaction. emily: where is the price next year? sonny: i would say if the traditional incumbent to launch their products, you would see $15,000, be a

and we talk all the time about bitcoin of course but sometimes we just have to take a step back and i wonder whether or not we've gone past people so now we take a look at the basics of bitcoin and to do so we turn to our to correspondent trinity charges. one of the biggest financial stories of the past year has been the incredible rise and pullback but although many refer to it as a new type of asset or currency it's actually been around for the last decade and we're going to break down this crypto currency is history crypto currency is like bitcoin our currency is that allow people to paycheck there without involving financial institutions they are sometimes called digital currencies or virtual currencies but we tend to call them crypto currencies and although bitcoin was the first established crypto currency there were previous attempts at creating other online currencies with ledgers and secured by encryption like the money and big gold but neither of the two were ever fully developed but for big it all started in two thousand and eight when this paper was posted to a mailing list

that's the whole point of bitcoin, you hide your money. and secondly, bitcoin is super volatile. i don't know why a government would mess with that. you can imagine an entire government funded by bitcoin. we will be paving the roads-- "wait, everybody, bitcoin tanked. unpave, unpave. wait, it bounced back. repave, repave. it tanked again, re-unpave. moving on, the holidays are just around the corner and it feels like everyone is feeling the holiday spirit. >> pictures of bell ringers can controversial patches on their jackets is causing controversy in valparaiso. one has a patch that says aryan, and another with a confederate flag. they were shown ringing a bell for the salvation army. they said some members choose to wear heritage-based patches. they said people should spend time on making a positive difference. >> did a motorcycle gang just tell us to stop making negative comments and spend time making a difference? ( laughter ) this is pretty genius. you realize they're wearing racist paraphernalia, but then, just because they're ringing a charity bell, they make you sound lik

or bitcoin cash to be and because of that the mining power of bitcoin has declined drastically and that has resulted in the drastic price crash of bitcoin and all the ensuing cryptocurrency to fall against it was actually interesting to know is that ripple is now solidly the number two crypto currency and east is below that. christine we appreciate you so much taking the time to do that we want to have you back in the near future and tell us about what your predictions are that's christy i the co-founder of counterpart x r crypto expert thanks so much kristie have a great thanksgiving. absolutely. and that's it for this time thanks for being with us you can catch boom bust on direct t.v. channel three twenty one dish network channel two eighty or streaming twenty four seven on pluto t.v. that's the free t.v. f. channel one thirty two i was watching at this morning or as always hit us up at you tube dot com slash boom bust r.t. c n x time so long for now. dallas. dallas dolly is what i believe. we got carried away here we care the music with us. with a drag here. by us going to get rid o

all the four things that i suggested are the only way out of this mess none of them are good even bitcoin the problem with big queen being a solution is it's too new and no one except it so we need time for that acceptance to take place but just think what that means for the macro economic picture and the world in general if bitcoin becomes. is the standard ten years from now twenty years from now thirty years from now what does it mean for all the other financial institutions what kind of displacements are going to take place who's going to lose there will be somebody on the losing side and it will be individuals who will be people that aren't playing in the game that have no bitcoins all of a sudden they've got cash that's becoming more and more worthless as inflation goes up faster and faster so it is a solution and it's the one that i prefer but it has very negative consequences but not as negative as the other three the other three. fingers that's that's what it is it's. ok well let's get into your main body of work which i guess you could say is hyper wave yes ok so hyper wave and y

and later, the bitcoin breakdown.lk about this one because what is going on after hitting a high of nearly $20,000 late last year bitcoin. tom lee is here. he defends his call of a bitcoin recovery >> you said -- >> we'll tk ouwhhei alabt etr should buy or not when we come back obvious. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪ xfinity mobile is a designed to save you money. even when you've got serious binging to do. wherever your phone takes you, your wireless bill is about to cost a whole lot less. use less data with a network that automatically connects you to the most wifi hotspots in millions of places and the best 4g lte everywhere else. saving you hundreds of dollars a year. and ask how you get xfinity mobile included with your internet. plus, get $200 back when you when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome

a year ago, bitcoin was the talk of the town.eople watched excitedly as the value skyrocketed to $20,000. banks started working feverishly to build a digital currency infrastructure. but the e plunge in value seemso have dashed hohopes. is it now game over for crypto currencies? will they not be an accepted asset class after all? some diehard crypto analysts remain confident. they believe digital currencies will rise like phoenix from the ashes, as they have done many times before. others say their value has always been zero, making them still overpriced. javier: japanese messaging app provider line is teaming up with one of the largest financial service companies in japan, with assets over $1.8 trillion. together they are launching a special bank for smartphone users. the new bank will not have any physical outlets. all transactions will be made via smartphone. the line app has more than 70 million users in japan. line wants to improve its ability to process payments via smartphone. the other company hopes to acquire a large bas

where do you put money bitcoin. >> definitely bitcoin even where the bitcoin gold tie to the orange socks the first place to hide is cashes i got challenged to the half marathon it was about cashes getting ready. they are argentina, russia, brazil, south korea. emerging markets wins he were we were together, facebook down 12%. amazon down 12%. next flicks down 24% apple is down 22%. ee mermging markets are up fractionally emerging markets are really really cheap that's one place to hide you can also hide in mlps. great cash flows, rising volume, great yields and the yields protect you if you are wrong by 8 or 10%. because you get the 8% yields. i like mlps. i was completely wrong on the impact of futures on bitcoin prices i thought they were cash settled that you couldn't get rehypotheticalation. you are seeing that. and you see on the expiration dates before the futures conspire lots of pressure on the down days. i was wrong. as we get more usage going forward and people buy into the idea that it is a store of value, increasing use cases we are trading $4.6 billion a day of bitcoin versu

and bitcoin rose to twenty thousand dollars. china is building a two point one. billion dollar a.r.u. industrial park but don't let the numbers overwhelm. the only numbers you need to remember is one distance showed you know for two minutes the one and only. sleep. so it's going to rub people some get a rookie comes in for just twelve euros fifty per month. the requirement between washington and tehran is donald trump announces he will reimpose all u.s. sanctions against iran the two lifted under the twenty fifteen nuclear deal. the u.s. national security adviser brands cuba nicaragua and venezuela a troika a tyranny and flops.

a block and a bit out there but you told me today is actually the day that bitcoin was launched so from whence it came and how did it get here what's happening with that going prices yeah ten years ago today because it was traded for the very first time establishing a monetary value for the very first time the first trade ever recorded on the watch chain was ten thousand bitcoins for two pizzas from papa john's ten thousand and papa john's we did what you could we could buy all of papa john's if you really had ten thousand bitcoins right now at last sixty three hundred right now so ten years to the. and talk a little bit about bitcoin price so where are we where are we now when we know what was it twenty thousand last year but it dipped into the six thousands recently yeah so right now it's currently trading at about sixty three hundred actually just achieved a seventeen month low volatility rate so it requires the highest stabilisation rate in a four since two thousand and seventeen and this is actually huge for a big one because it's been very relatively stable trading sideways and th

crash although these images are not actually connected to bitcoin they nonetheless serve to illustrate how dramatic the new day is for some right now. across the board digital currencies are flailing big coin has lost seventy eight percent since the beginning of the year ripple has lost even more and to ferry amant bitcoin cash have dropped more than ninety percent each. a year ago big corn was the talk of the town people watched excitedly as the value skyrocketed to twenty thousand dollars banks started working feverishly to build a digital currency infrastructure. but the plunge in value seems to have hopes is it not game over for crypto currencies will they not be an accepted asset class after all some diehard crypto analysts remain confident they believe digital currencies will rise like phoenix from the ashes as they've done many times before others say their value has always been zero making them still overpriced. some troubling news for the environment the united nations is sounding the alarm that the gap between greenhouse gas emissions and levels needed to achieve the paris cl

for bitcoin because even the st.ouis fed says in economies and societies where corruption in the government is rampant and there is severe devaluation of the currencies there might be a use case for cryptocurrencies? >> well i think if you are looking at a situation where government ceases to exist to all intents and purposes that does help remove one of the main obstacles which is you can't pay taxes in bitcoin some people claim you can. but you can't you pay in the currency of the government and they may offer a deal where you can turn your bitcoin into a currency at a advantageous exchange rate. if you don't have government then the society gets and arkic and then the cryptocurrency comes through. but the main problem, the absolute fundamental flaw is that they are never going to be a store of value every economists knows the store of value is about balancing supply and demand. and with cryptocurrencies you cannot control the supply in response to a drop in demand. >> okay. paul, thanks for phoning in. provocative