>> a blockchain is a system as a ledger. rather then putting on the ledger which is all results of transactions or a list of titles of property or a list of credentials. whatever it is, facts. it's rather then protecting them by putting them in a central database somewhere. then defending them with a lot of firewalls and other defenses. a blockchain distributes them across the entire network and publishes them. all of the transactions are publicked across the whole network. unless you take control of the network you can't reverse or falsify or manipulate the list of transactions. bitcoin converted a blockchain into money by seeing that if you have a list of transactions that is completely reliable and goes back to the first transaction in the currency you have essentially a monetary system. the differences and prices in bitcoin can in effect can be allocated to the various participants in the bitcoin economy. >> okay, google is free. this is it's great fallacy. prices exist for a reason. they bring information to consumers.

we would expect the application and deployment of blockchains will take some time. we continue to see really positive signs in terms of the number of -- over 20 million accounts, blockchain. in terms of the number of transactions, the number of active wallets. those are positive signs but it will take years. emily: what you think has been the biggest risk? you are both optimistic but what you think the biggest hurdles are? >> i don't see actually massive risk. the overall time is the biggest tailwind here. over time, dealing with crypto assets means open financial networks is very difficult. it took a long time to adopt open information networks like the internet. ch, it is going to be reserved, most of this market will be reserved for start up disruptors. black rock are saying that zero percent of their clients

we're talking about bitcoin, blockchain and what my next guest has done, founded a blockchain to buildhedge fund which trades stocks but pretty much powered by artificial intelligence. numerai founder and ceo is here on a fox business exclusive. this really comes to an intersection of many different things, richard, blockchain, cryptocurrency and artificial intelligence plus investment. tell us what you've done and how you're doing it? >> well, there are a couple of hedge funds that started that are trading crypto, buying bitcoin or ether. we use cryptocurrency to incentivize people to submit predictions based on machine learning. so all of our hedge fund trades are powered by machine learning algorithms developed by people around the world and reward them in cryptocurrency. liz: i want to let our viewers know tesla is still halted at the moment. minute it starts to trade again, we'll let you know. let's go to what this all means, richard, and how people can invest, and what does it bring them? where is the advantage? >> the advantage is we can have 100 times more data scientists worki

blockchain really is here to ensure property rights are respected. decentralized system. the real question my mind is not whether these funds should be unlocked or not. property rights suggest, really imply that they should be. the question is more about coming to a consensus over how that unlocking happens. sorely lacking in the spirit that was a pretty clear lesson to learn. is something that from the get-go, i have made sure can address these things when they happen by introducing governance from day one. it is very difficult to retrofit governance. but if it's there from the very beginning, the exit tatian is laid, and it means when these problems come along, we have some sort of -- we have some scripture to refer to and technology to ensure that when the fixes are done, they can be rolled out easily. joe: all right, gavin wood, cofounder of a theory and technologies and the web 3.0 foundation. thank you. reporte: tiffany's will earnings tomorrow. we will tell you what to expect from the luxury retailer. this is bloomberg. ♪ caroline: "what'd you

they have become kind of a play on the blockchain. julie: a proxy if you will. scarlet: yeah. where youa website buy other things that you find another websites. romaine: it's working for them. julie: it is. who is footing the bill next. we have more ahead. this is bloomberg. ♪ mark: i am mark crumpton with first word news. the grandfather of a missing georgia boy said today the child's remains were found buried at a desert compound in new mexico months after his mother reported he disappeared with his father who said he wanted to perform an exorcism on the child. documents, -- in court documents, a father was arrested as he was training youngsters to commit school shooters. they say the suspect was conducting weapons training with assault rifles at the compound near the colorado border which was rated by authorities on friday. puerto rico has conceded hurricane maria killed more than 1400 people last year. the local government has previously reported an official death toll of 64. the higher number was revealed submitted to congress this week. the report also details a $139 mi

it will get shares in the retail business and the blockchain business.stment does is it values the blockchain arm more than the whole of overstock. stake, $105 million million is going to retail and $275 -- $275 million is going into buying a stake in 20. the overstock ceo wants to get rid of the retail business and focus solely on fintech. julie: maybe that could be a good move. are we hearing anything from the sell side? emma: there is only one analyst covering overstock. that overstock is on much firmer footing and he liked this gsr investment. he rated his price target to $112. he has a bullish case which sees the stock going to $355 a share. julie: it is at $46 now? emma: a long way to go, to be clear. julie: this stock has high hedge fund ownership as well. mark: have a quick peek at what happened at the end of today's session, the biggest declines on the stoxx 600 for a month. we saw spillover from the turkey currency crisis. we saw a big move in banks on the back of the ft report that the ecb has shown some concern about certain banks' exposure t

certainly, blockchain is an example of that.ber of different ways we are experimenting and trying to determine if there are new applications that can help us better serve our clients. that, the ways we did working with a client that has a private equity fund we were able to utilize blockchain to administer the funds. that is something that is differentiated, it is a patented process that we have. we will look to use that and apply it more broadly. there are other types of technologies like artificial intelligence, machine learning, that we look at carefully and incorporate that into our business and the way we serve our clients. vonnie: your stock has had a nice run. i am curious if you are satisfied or if you wanted more upside, and how you will achieve that. michael: we have been focused on improving returns for our shareholders. if we go back to 2011 coming out of the crisis, return on equity was below 10%. a target range of 10% to 15% and have steadily moved that return on equity into the 10% to 15% range. more recently, ach

. >>> retail, one stock is soaring this morning thanks to a big bet on blockchain. that name an so much more coming your way on this friday, august 10th, as "worldwide exchange" begins right now ♪ >>> good morning welcome from wherever in the world you may be watching. i'm brian sullivan so glad you're with us on this friday futures are tumbling this morning. it could be a rough ride dow futures are down 106 points, all eyes are not on the dow, they're on the nasdaq. the nasdaq is up 8 days in a row. it's never done that this year all the talk about tech being dead, f.a.n.g. is dead that's not been the case today nasdaq could start its session in the hole. we have a ways to go as always keep your eyes on the nasdaq >>> one big thing to watch right now for all of you, we talked about it yesterday, is turkey. that country's currency plunging to record lows against many other currencies the lira losing a third of its value this year alone. the stock market also in free fall the big turkey etf, the tur, is down 42% just this year. that drop is starting to worry one of t

cheryl: you brought this up, i have to ask you, this blockchain, you're a huge believer in blockchain. you believe this is the future of technology. why do you say that? >> i just think this whole concept of online persistent, and trusted ledgers out there is a wonderful way to go with transparency. you will see very large data centers involved in mining and managing these blockchain transactions. i know i'm working with one called tm-g corp building a data center specifically and pineing bores specifically for this activity. they can actually move the investment, computing investment towards currencies doing well, that have a hashed environment that allows them to get access to successful mining of toes cores. it will be a very large business making this happen. it will redo a lot of industries where we have private ledgers where you have to pay to get access to public ledgers. it is a big deal. cheryl: we've been talking about it a lot. a lot of people getting into the business as well. you're there. scott mcnealy, pleasure. thank you for being on the show. >> thank you. cheryl: all

. >>> when we come back, blockchain has become a buzz word in corporate america but do leaders reallywhat to do with it? we got the answers in a new report straight ahead. >>> later this morning, don't miss our conversation with warren buffett. that is ahead of his lunch with the winning bidder of the annual glide foundation auction. coming up at1: a 100.m. eastern time on "squawk alley." >>> good morning and welcome back to "squawk box" live from the nasdaq market site in times square. shares of two discount retailers, dollar tree and dollar general are falling this morning. dollar tree matched estimates of 1.15 share revenues. meanwhile dollar general shares falling in spite of beating estimates on the top and bottom lines. and same store sales were better than expected. its the age old question and really flish economic times, do these stores suffer because we know they do better -- >> walmart and targets those discounters have managed to do very well. you just wonder how much of the market share they're stealing from dollar general and dollar tree right now. >> dollar general, the

also his latest business venture you don't want to miss this especially if you're a big fan of blockchain so we're less than an hour to the closing bell i'm adam shapiro in for liz claman. let's start the countdown. all right, we can't avoid the breaking news, the jury deliberating the paul manafort case has sent a note to the court saying they would like to end deliberations and go home at 5 p.m. today. that jury has been deliberating for more than 12 hours over the past two days. we will bring you more details as that becomes necessary, and they emerge from the courtroom. as the markets hit fresh highs in the final hour of trading the dow, s&p 500 and nasdac all on pace to end the day higher on news that president trump and president xi from china, will meet in november and try to come to an end to the trade standoff. oil may have closed higher today , it actually closed at 65.91 but the commodities closed lower for its seventh straight week and its longest losing streak in three years oil is 65.91 per barrel a loss on the week of about 2.5%. tractor and harvesting equipment making deer

it something you hear all the time, not bitcoin but blockchain. someorting people are souring on their own blockchain projects. we haven't really seen anything from companies that were working on it years ago. the other potential catalyst to be adoption by the wider financial ecosystem and on that note we saw the sec delay it decision on whether or not to approve bitcoin-based etf's. that was earlier this month or late july. the next date for that potential approval is september 30. that's the date a lot of crypto enthusiasts are looking at to force a turnaround when it comes to the crypto space. if you could use it to easily buy stuff that would be a huge catalyst. thank you very much. tracy alloway talking to us about cryptocurrencies. let's get your mid-cap movers with nejra cehic area -- nejra chain which. cehic.a the upside of hit, has already been priced in the hasn't stopped the stock from hitting a high. alamo group also getting higher. hikman pharma has already been priced in but that hasn't stopped the stock from hitting a high. admiral

at this port, supply chains are becoming more transparent with blockchain.art for millions of shipments. in this lab, researchers are working with watson to help them find new treatments. that's smart for medicine. at this bank, the world's most encrypted mainframe is helping prevent cybercrime. that's smart for everyone. and in africa, iot sensors and the ibm cloud are protecting endangered animals. that's smart for rhinos. yeah. rhinos. because smart only really matters, when we put it to work- not just for a few of us, but for all of us. let's put smart to work. tap one little bumper and up go your rates. what good is your insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty. ♪ stop fearing your alarm clock... with new*! zzzquil pure zzzs. a drug-free blend of botanicals with melaton

joe: we are ending phase one of the blockchain epic, let's call it.s of the network. you get trust from the radical decentralization. there are about 20 different projects ongoing that thousands,ndreds, tens of thousands of transactions per second to the ecosystem. what happens there is you stand up a block chain system, it serves a game, a set of games, you link it to a smart contract on ethereum. it gets the full trust that it needs from layer one and you can go ahead and do high transaction input through layer two. otherwhat happens if protocols like trade, speed, or centralization -- or speed or that's the issue here, gains adherents in the interim? i'm thinking about ripple, for example. seos.s -- joe: i don't really consider ripple a competitor. eos is a slightly, maybe, decentralized approach at building a blockchain system. we are moving into a world where we are going to have liquid deep markets for many kinds of crypto assets. crypto commodities, bonds, currencies. in that world, you need a very decentralized trust layer. if you have is your

blockchain is a popular person with over 25 million.hose are positive signs but it will take years. emily: what are the biggest risks? i don't see massive risk. the overall time is the biggest tailwind. dealing with these assets and opera financial efforts -- financial networks -- open financial networks will take large incumbents like blackrock are saying 0% of the clients are asking about crypto meanwhile, hunter is thing on a recent webinar with 500 ra's, the 80% they have been asked about crypto -- that 80% have asked about crypto. i think this is a marching -- is emerging outside of the industry heading toward it. emily: spencer, hunter, think you both. -- thank you both. we will hear from andre iguodala next. this is bloomberg. ♪ emily: andre iguodala have three nba titles to his name and also has a hot list of tech investments. is oneden state warrior of the sports superstars making his name in global capital and says it is lot like building a championship basketball team. i spoke with him exclusively on the bloomberg player tech

you look at blockchain and it could revolutionize the financial industry and how transactions are doneyou look at the future for enterprise and how they manage security. we are entering an age of zero trust. the old ways of defending your enterprise, data, apps, and ploys, do not work anymore. emily: all right, we will see you again in 20 years if you're still here. >> we look forward to it. [laughter] emily: always great having you here. up next, a product that might know your body better than you do. how the company is bringing 3-d scanning technology into the home. and we're standing by for tesla second-quarter earnings call which is said to be happening in just under 15 minutes. last quarter's call got rowdy. the stock is still up after hours. this is bloomberg. ♪ emily: it goes way beyond the normal scale. naked lives has made a 3-d -- labs has made a 3-d scanner that people can buy for their homes. it delivers things on your body like weight, height, bmi, measurements. the company raised $14 million. in early uber and spacex investor joins us now. great to have you on the show. i

we would expect the application and deployment of blockchains will take some time.e continue to see really positive signs in terms of the number of -- over 20 million accounts, blockchain. in terms of the number of transactions, the number of active wallets. those are positive signs but it will take years. emily: what you think has been the biggest risk? you are both optimistic but what you think the biggest hurdles are? >> i don't see actually massive risk. the overall time is the biggest tailwind here. over time, dealing with crypto assets means open financial networks is very difficult. it took a long time to adopt open information networks like the internet. ch, it is going to be reserved, most of this market will be reserved for start up disruptors. black rock are saying that zero percent of their clients pto.asking about cry i think this is a market that is emerging outside the core of the legacy financial industry but had a direct way towards it. emily: all right. thank you both. we'll have you back to continue this debate. coming up, how an nba champion want

the security of the blockchain itself versus the security of the exchanges.ry bullish outlook for the price of bitcoin over the next six years, what -- what in your view does the price of bitcoin reflect now? does it reflect usage? does it reflect the vibrancy of the blockchain we're -- i'm trying to understand how you view it in terms of how you are seeing the price fluctuation. >> yes, really important question and the key is like any assets there is price, which is simply the level at which two previous individuals trkt -- or two previous institutions trkted process. then the value, the underlying intrinsic or inherent value. the value of a network is determined by the number of participants, the amount of capital that foes into the network. think about this five of the largest ten companies in the world are networks, not really corporations they don't own assets they provide services through a network. that's the same thing with these cryptonetworks is the network value is determined by participants, transactions and that growth is reflected in a very com

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this is the ibm blockchain, built for smarter business. built to run on the ibm cloud.is the ibm blockchain, built for smarter business. this wi-fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. >>> good wednesday morning thanks for being with us your big individual stocks include the cloud, computers and booze. the cloud and box. the cloud source provider seconds quarter topping estimates despite a jump in costs. box is projecting revenues this quarter will miss forecasts. shares are down about 7% >>> hewlett-packard enterprises reporting earnings and revenue that topped forecast results helped bay strong py a g performance. shares of hp up fractionally. >>> and pernod ricard is trading down this morning despite posting better than expected full-year results. they say growth was driven by strong dem

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. >>> we have an update on the riot blockchain. they say the s.e.c.nitiated an investigation that may result in a stop order according to the 10q filed yesterday the stock order would prevent the company and shareholders from selling stock under particular registration statements in july the company received letter from the s.e.c. that the commission issued an order recommending designate shags to section 8e of the national securities act of 1983 rye yt's ceo john o'roarke didn't respond to our comment. an investigation into riot bl k blockchain caused the stock to fall about 9% today. >>> coming up, newspaper jobs are in jeopardy because, get this, the trade war. we speak to a publisher who is questioning just who is being helped by these tariffs. not amics, herane says not his industry he joins us next we're putting ai into everything, and everything into the cloud. it's all so... smart. but how do you work with it? ask this farmer. he's using satellite data to help increase crop yields. that's smart for the food we eat. at this port, supply chains

so in that regard blockchain sounds like it is a kind of may be the solution to the problem. don't know that it is the right solution to the problem. i think we can do auditing very, very cheap with our voting machines. all we need to do is put a paper tape in them and we record every vote voters verify the vote when they cast them. they put an x next to senator dingell buries in the paper advances in the when and shows the x for senator dingell berry and they press the button on the paper was up against it we should renovate audit those machines. we should go back and statistically sample one or two or 3% of them did you see if it account matches what's on the paper tape we should do that for every election. the thoughts of others if we can do to make our voting machines more secure. there's a law called digital millennium copyright act, section 12 through one of that makes it a felony to investigate voting machines, to bypass copy controls and look inside of him and see how the software works and publish detailed information about the problems with the. when a princeton the

the ability to use blockchain technology to be able to improve security is definitely there.o slows down analysis. it is a balance between what stage of technology is pretty -- ready to be used in patient data management. anna: what products have been made using this kind of data? can you illustrate any examples? >> in the case of pregnancy and diabetes, a software application enables the pregnant woman to be thatto manage the diabetes she has to get control of quickly during pregnancy. as well as being able to be a very effective tool, it improves outcomes for the woman and a baby, it reduces the proportions of women who have to have a c-section. it is also very useful in being able to collect information of thehe progress diabetes and pregnancy, which can be used for medical research. we can get a better understanding of diabetes. if your mom develops diabetes while you're in the will, you're my likely to develop it later in my. it is important for medical resort. nejra: what sort of conversations have you had with potential investors? what excites them the most about what

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at this port, supply chains are becoming more transparent with blockchain.t's smart for millions of shipments. in this lab, researchers are working with watson to help them find new treatments. that's smart for medicine. at this bank, the world's most encrypted mainframe is helping prevent cybercrime. that's smart for everyone. and in africa, iot sensors and the ibm cloud are protecting endangered animals. that's smart for rhinos. yeah. rhinos. because smart only really matters, when we put it to work- not just for a few of us, but for all of us. let's put smart to work. at&t provides edge-to-edge intelligence, covering virtually every part of your business. so this won't happen. because you've made sure this sensor and this machine are integrated. atta, boy. & yes, some people assign genders to machines. & with edge-to-edge intelligence, you'll know your customers love this color, & don't love this one. never getting grape again. & you can adjust in near real time. & if someone tries to breach your firewall in london & you start to panic... don't. you've go

blockchain allows you to have a ptographic voting process in which the voter identity is proven throughic. your vote is encrypted and you can have a public transparent ledger that can be audited to make sure no one tries to influence that particular vote. beena: my team has reporting on what technology companies are doing to protect themselves from this manipulation. been successfully partnering with washington, d.c. to make sure this doesn't happen again? alyza: two weeks ago, intelligence teams gathered at the vice cap -- white house to sound the alarm on possibilities for election hacking. the director of the mbf -- of the fbi emphasized the importance of public-private partnership to solve this problem. but there are still questions as to whether we can effectively secure the social media landscape. selina: i want to talk to you about what future of voting might look like. being a. matthews: former military member, i am excited about this. i am stationed globally throbbed the world, but i am not always able to vote back home without getting my paperwork in in time. beile voting by 2

are cashing out -- ethereum blockchain are cashing out. check out the stories, trending on bloomberg online, or on the terminal. this is bloomberg. ♪ ♪ yvonne: we are counting down to the market opened in japan, south korea, and australia. we are really hoping to put the turkey situation behind us. we have chinese data coming through in the next hour or so. retail sales, industrial production, as well as fixed asset investment. a mixed picture when it comes to asian equities after the worst data we saw since june. 280 billion dollars of market value wiped out in just one day. pointingi futures positively. some people saying it was overdone with the reaction to turkey. in the next hour of "daybreak asia," a deepening to this turmoil and spillover into e.m.'s michael every -- we will look at the chinese markets with a market economist ahead of the key data coming up. the market open, up next. ♪ two, down and back up. our phones are more than just phones. they are pocket sized personal trainers... last minute gift finders... siri: destination

blockchain allows you to have a cryptographic voting process in which the voter identity is proven throughic. their vote is encrypted and you can have a public transparent ledger that can be audited to make sure no one tries to influence that particular vote. selina: and alyza, my team has been reporting on what technology companies are doing to protect themselves from this manipulation. but have they been successfully partnering with washington, d.c. to make sure this doesn't happen again as this requires data and information sharing? alyza: so two weeks ago, intelligence teams gathered at the white house to sound the alarm on possibilities for election hacking. among those was the director of the fbi, and he emphasized the importance of public-private partnership to solve this problem. but the coming months are a test case as to whether we can effectively secure the social media landscape. selina: general matthews, i want to talk to you about what future of voting might look like. is it inevitable? maj. gen. matthews: being a former military member, i'm excited about this. i'm stationed

ibm blockchain.mart way to track every step, ensuring this coffee did indeed come from 6,000 feet above sea level. and not a foot lower. ♪ ♪ lou: jury in trial of paul manafort completed its first full day of deliberations, no verdict, they are going back tomorrow, they are ask the judge to redefine reasonable doubt, government is not required to prove defen defendant guilty bod all possible doubt bureasonable bought, i bought based on reason. jury will resume tomorrow. and top attorney testifying behind closed-doors on capitol hill, lawmakers interested in his role in overseeing fbi role in the of the hillary clinton server. >> joining us, investigative reporter fox news contributor, sarah carter. great to have you with us. it and i don't know about you, you live with the story day in and out. it just seems there is no evidence other than massive collusion. but that collusion has been on part of the department of justice, fbi. intelligence committee under president obama. and where necessary, the de

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finally, competition in the ranks of the most popular app on the blockchain.e turning .o gambling instead over a recent 24 hours, a fomo app got more than five times as many viewers -- users. 3d. not just fomo a category is only second to exchanges. that does it for bloomberg technology. that is all from san francisco. i am emily chang. this is bloomberg. ♪ ♪ david: you also ride 120 miles a week on a bicycle. have you thought how much higher the stock price would be if you did not spend the time on those 120 miles a week? dennis: i thought i should start riding 200 a week. david: if i could look like you and drink the diet mountain dew, sure. let's talk about the space program. dennis: this is the most exciting time in decades. david: you grew up in iowa. dennis: every morning i had to milk the cows. david: did you ever say to them, drink some mountain dew? >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way.

an analysis of the blockchain data shows that speculation has become the dominant driver of bitcoin uset the dea cyber task force says the total transaction volume associated with unlawful uses of the cryptocurrency has surged since 2013. spacex has launched its 15th mission of the year. it successfully deployed an indonesian satellite into orbit early today. very reusable falcon 9 rocket lifted off of cape canaveral. the first stage landed on a drone ship in the atlantic ocean. during a live televised adjusted it, the philippine president threatened to kill corrupt police. duterte a's exploited -- duterte's expletive-riddled address aimed at policemen facing criminal complaints. he said a special unit would monitor any officers involved in drugs or corruption for the rest of their lives. global news 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ : a crisis in turkey is stoking speculation over extreme steps and even a possible bailout from the imf. the turkish 10-year yie

finally, competition in the ranks of the most popular app on the blockchain.are turning to gambling instead. over a recent 24 hours, a fomo app got more than five times as many users. it's not just fomo 3d. gambling is a category is only second to exchanges. that does it for bloomberg technology. that is all from san francisco. i am emily chang. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.

ai,ill have social ads, machine learning, blockchain, all of the tools that are being used against us. inject hope in humanity in those tools being used to oppress interviews. we are going to use them to build a brighter, better world. we are starting off this session with two sisters. d to welcome two brothers to revitalize america's communities. one has been a warrior for environmental justice for over 20 years, first meeting within the epa. now in his dynamic leadership in the hip-hop caucus. he will introduce a senator cory booker, whose old leadership for america's cities and counties needs little introduction. net through --netroots nation is about helping to support today's ,eaders, but also nurture cultivate, and train. this room is filled with different types of leaders. i want to thank you for everything you do everyday, including being here right now, shoulder to shoulder with me and everyone else in this room. i believe in a we will get through this moment and triumph as a movement. the progressive policies most americans want and believe in are the things we will help ach

joseph: this is something we have seen so many times in the blockchain ecosystem since 2009, when bitcoin invented. we have seen rises and falls. we have seen what many call bubbles, and i would agree. erik: that what happened last year was a bubble? joseph: we have seen six big bubbles, each more epic than the previous one. each of these bubbles are astonishing when they are happening, but when you look back, they seem like little pimples on a chart, really, because the growth has been exponential. each of these bubbles has the advantage of bringing attention into our ecosystem. it brings entrepreneurs. it brings developers. it brings money. it brings the prospect of building fundamental infrastructure and creating more value, so what we have noticed is with each of these bubbles, we have a tremendous surge of activity, and that is what we are seeing now. so we had a big bubble. i think we are something back -- back to something like november, december prices, which we thought were incredibly high. since then, we have probably seen two orders of magnitude -- increase in developer activit

at this port, supply chains are becoming more transparent with blockchain.t's smart for millions of shipments. in this lab, researchers are working with watson to help them find new treatments. that's smart for medicine. at this bank, the world's most encrypted mainframe is helping prevent cybercrime. that's smart for everyone. and in africa, iot sensors and the ibm cloud are protecting endangered animals. that's smart for rhinos. yeah. rhinos. because smart only really matters, when we put it to work- not just for a few of us, but for all of us. let's put smart to work. ♪ ♪ ♪ ♪ the difference between possible and impossible? it's a person who believes they can, surrounded and supported by others - by us - who believe it, too u.s. bank - the power of possible. >>> the opening bell is sponsored by u.s. bank the power of possible. >>> you're watching cnbc "squawk on the street. live from the financial capital of the world, the opening bell in 90 seconds on this -- actually busy wednesday for late days of august we have been through some of the positive data we

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section of the report talking about direct to the consumer, and platforms like tune which are using blockchaingy to make sure artists not only get a fairer share of what they're generating but to do that in a much more transparent way. >> of course royalties are a huge part of where the growth is coming from. as you say, this is all part of the changing habits. a couple years ago we were talking about the demise of the music industry, but people have found new ways to make money, via concerts and royalties on streaming services how do you see that evolving over time with more and more streaming services and internet type subscription models >> one takeaway from the report is how murky that industry blob is in particular in the area of royalty collection you're right streaming services have led to significant growth in royalties. but what's interesting is firstly that's not hugely evenly distributed. secondly there's a distinction between back catalog and front catalog. so for the big record labels, the amount of control they have over their catalog is a key, key source of strength for them. bu

everybody was excited about blockchain but let's talk about the values.team, we are still bullish and personally, i am still bullish. i hold on for dear life. it is incredibly valuable, basically digital gold. it is not the best way to transact so i think there will be other types of currencies that are good for that and different infrastructures, but it is good for store value. emily: a lot was talked about when peter teal backed donald backed donald trump and i am can -- i am wondering if your experience at founders fund changed? cyan: i think it made us closer at the firm, mostly because we like to celebrate diversity of thought. not everybody there agrees with everyone. we have people who voted for bernie sanders and trump. it is a personal decision. we talk about a lot of things that have nothing to do with politics, like the future of the world and what exciting things we can invest in. politics has very little to do with what we do, but if anything, i think it made a stronger because we got to really know each other and collaborate with each other

this is a tomato tracked from farm to table on a blockchain, helping keep shoppers safe. a financial transaction secure from hacks and threats others can't see. this is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm cloud is the cloud for smarter business. ♪ ♪ where we're changing withs? contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at lq.com. lou: the senate intel committee offering no new result after a hearing on foreign influence operations and use of social media. chairman richard burr and mark warner issues this statement -- and continued to this day. now, over a year of investigation, by the senate intelligence committee. and that is what they are revealing to us all. it has been worth while in terms of resources and money extended, don't you think? joining us john hand. senior counselor are defense of democracies. >> are you stunn

at this port, supply chains are becoming more transparent with blockchain.t's smart for millions of shipments. in this lab, researchers are working with watson to help them find new treatments. that's smart for medicine. at this bank, the world's most encrypted mainframe is helping prevent cybercrime. that's smart for everyone. and in africa, iot sensors and the ibm cloud are protecting endangered animals. that's smart for rhinos. yeah. rhinos. because smart only really matters, when we put it to work- not just for a few of us, but for all of us. let's put smart to work. >>> and olive garden's never-ending pasta pass is back. that's what it looks like. the passes go on sale minutes from now for 100 bucks, you can get unlimited pasta, soup, salad and bread sticks for eight weeks. and this year there is a new addition, a one year pass that costs $300 only a thousand of those available. olive garden says last year's passes sold out in just seconds. and that's the look right there. 16 minutes and 12 seconds before people can log on. you might need a high speed t

this is the ibm blockchain, built for smarter business.lt to run on the ibm cloud. this is the ibm blockchain, built for smarter business. (indistthat was awful.tering) why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade. snoo shares of sotheby's down 5% after disappointing results. robert frank joining us. blame picasso. blame -- >> it's rare that two paintings can take down a stock, but that's exactly what happened today. sotheby's missing the earnings this morning versus the estimate at $156. what really rattled investors was a story of just two paintings that missed big on the auction block and brought down the overall margins. that's very important measurement for sotheby's. sotheby's di

. >> the chamber of commerce we are the largest trade association representing blockchain industry in d.c. that is focused on blockchain what i can tell that you from government regulatory affairs there is a lot under way many government agencies that are looking to regulate the technology, doing a lot of work with cftc, fec, with consumer regulators activity on capitol hill we have a congressional blockchain caucus so despite what some people may think that this is wild west or that it is completely unregulated, this is al heavily regulated state. >> we will watch that good to have you on the program thanks so much. >> thanks. >> we will be right back with final thoughts from this all-star panel. stay with us. ♪ we have got a problem. a few problems actually. we've got aging roadways, aging power grids, ...aging everything. we also have the age-old problem of bias in the workplace. really... never heard of it. the question is... who's going to fix all of this? an actor? probably not. but you know who can solve it? business. because solving big problems is what business does best. so

at this port, supply chains are becoming more transparent with blockchain.hat's smart for millions of shipments. in this lab, researchers are working with watson to help them find new treatments. that's smart for medicine. at this bank, the world's most encrypted mainframe is helping prevent cybercrime. that's smart for everyone. and in africa, iot sensors and the ibm cloud are protecting endangered animals. that's smart for rhinos. yeah. rhinos. because smart only really matters, when we put it to work- not just for a few of us, but for all of us. let's put smart to work. designed to save you money. wireless network whether you use your phone to get fit. to find meaningful, thoughtful, slightly-weird gifts. or just to know which way you're facing right now. however you use it, your wireless bill is about to cost a whole lot less. ask how you get xfinity mobile included with your xfinity internet. so you just pay for data -- by the gig or unlimited. saving you hundreds of dollars a year. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's

nearly all prescriptions are digital and patient data is secured with blockchain technology elizabethwith more talk us through some conversations you're having there as to how healthcare is being digitalized. >> this is the capital of estonia, this is a tiny country, 1.3 million people, but it's home to one of the most digitally advanced societies in the world. in conversations a big part of that growth is coming from the healthcare sector. all digital records are online prescriptions are online there's a concentrated effort for data to be online and protect that with laws a lot of the reason this has been successful is because of collaboration between the private and public sectors there's a program called e-residency that allows you to start a company here even if you don't live in estonia. you can have a digital signature which speeds up the process of getting documents through. so the idea is it's easy to set up shop here we asked kersti kaljulaid about that country's efforts to entice startups and what it means for the high-tech society. >> it started with skype when skype was so

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. >> yeah, there was a lot of money going into bitcoin and blockchain we'll see if there's any money go into other things >> yeah, absolutely. obviously, crypto currency is a massive wave right now and there's enormous attention obviously, it's a bit of a speculative bubble coupled to value creation, and that is something to what happened in the internet in the late '90s where you had a series of world-changing companies like amazon and paypal and others and then a lot of stuff that kind of went to zero and i think crypto currencies will see a similar trend. >> we'll see where we go from here jon, eli, thanks >>> we'll check out shares of zynga, the video game maker, surging after developing a new "star wars" mobile game. the stocks are up 8% and later, why slack's valuation is now up over 7 billion. we've got a lot more "sqwk le sllo meua welcome to the xfinity store. thanks, janet. it's my happy place. you can learn how to switch to xfinity mobile, a new wireless network that saves you cash. and you can get 5 lines of talk and text included with your internet. and over here i'm hav