so is the future of crypto private, public or both?ke to the chief executive of circle, the company behind a us dollar backed crypto currency, and asked him to describe the difference between his crypto currency and the us dollar. the idea behind the us dollar coin is you want all the benefits of crypto currency, the ability to send and receive currency at the speed of the internet. so, in seconds instead of days or hours et cetera and virtually at no cost. instant, nearly three. you want very high levels of security. most importantly you want your dollars to be what we call programmable and what we can get with technology, one of the advantages, is you can write code that allows your money to be programmable, just like content on the internet. it gives superpowers to the currency but it is still fully backed and held in reserve in central bank money. you get the benefits of the price stability and the underlying money characteristics but with the power of the internet. private led virtual currencies are known for their volatility, so

to the brave new world of crypto currencies now to say the least it's a new challenge for regulators money that goes into traditional banks the might just be a bunch of ones and zeros on a digital ledger but it has the benefit of being backed by government guarantee crypto currency is like a big coin and facebook's lever on the other hand could eventually give a fee up money or run for well that's money and governments around the world have to figure out what that will mean for the future of transacting now here in germany lawmakers met this afternoon to discuss crypto currencies and their potential effect on existing financial systems with a group of chosen experts one of those experts joins me today in the studio katerina garo she is the c. immutable insights a block chain analyst analytics services a firm now fresh from speaking to those german m.p.'s what is your impression of where they are with regard to crypto currencies well in comparison to the other hearings that i've been to i was astonished off today's quality of discussion i could tell that also through all the discussio

miss out on having an allocation to precious metals and then if for whatever reason the crypto dreams don't materialize the way that all the eventually leave they will have missed out on owning gold and so if you're a diehard crypto fanatic you should still own some gold and what i thought was foolish about the grayscale campaign was they were trying to use gold ownership as a funnel into bitcoin demand so so i'm happy that i've sort of sparked the conversation and in a way it's almost sad the colds gone up so rapidly because already anyone that's listened to that advice. has missed out on sort of a great diversifying position gold right well here at kaiser before as you know we have a tom a golf 1000 sent for 10 years. in the 400 i believe then when the big story became active in 2011 we were very much on that story we've always said that both deserve a place in a portfolio because they kind of a fellow similar roles when i look at silver and i look at that gold silver ratio which i got to like 90 are something which is historic divergence and i remember back in the bull run the one

you know the whole industry the whole crypto space is still evolving it's evolving rapidly but a lot of the promises. have been delayed and you know issues have to be resolved. called spent to be refined so liquid unlike the not true really nice example of you know how to make crypto. batter and real time unfortunately over the last 2 years a lot of these early promises new protocols new ways of doing things were delayed and it also kind of late what we were trying to achieve but all the all the pieces are now coming together and it's all working schools so we are expecting that this is going to accelerate the development of crypto solutions like ours right how's the engineering team how many 100 engineers yeah working on this spot about a dozen people for time and you rock. well it's america and we're going to be expanding that. once we are the next. you know if you characterize you know your career. i would say that the whole battle against the copyright cartel as i call them the copyright industry is pretty part of what you've been dealing with for a number of years now and. i thi

s what is your impression of where they are with regard to crypto currencies well in comparison to the other hearings that asked. i was astonished of today's quality of discussion i could tell that also through all the discussion of the block chain strategy that the german government now proposed actually there has been a significant increase in the level of knowledge and understanding of the technology and to me the striking new prime year if you want was that there was actually the recognition that it's about opportunities and that you know in the broad is proposed example but there could be others and why don't think about a european alternative so i follow that spirit and that momentum as a native and i think that will change the discussion from now on. these their homework is definitely good news but when you talk about opportunities i guess you also have to talk about risks i can also they i can also imagine that they asked you about the risks associated around crypto currencies like terrorism financing investor protection money laundering did you have anything to say about that

what's your general feeling do politicians have any idea what they're dealing with in terms of crypto currency i think they have an idea. government of the federal republic of germany had made a block in strategy and they have shown that they have understood very well what the blocked on and she could to do it could combine secure nurse against manipulation of data the transferability of data which is an old woman. the internet we had an internet of information snow we could have an internet of trusted information sense of well you. just a simple question one that maybe politicians will ask you later today 10 years from now will you still have banks and central banks i think we will have because technology is not displacing the functional competence of banks so you will need banks for transformation of credits and time risk and lot sizes and you will still need humans but the media would change they would do this on the block like they do it today and i t. systems not on paper. crypto crosses like bitcoin theory of for example have been around for a while but they have not really caug

launch their own digital currency libra which specialists are eager to point out is not actually a crypto currency joining us now just doesn't tell is cryptocurrency analyst ben swan then it's good to have you here keeping the virtual currency be hot while christie is on assignment so 1st of all ben let's just get to the basics here what did the french finance minister bruno lemaire have to say about libor he seemed to make a really sweeping statement of opposition to it. yeah he's very opposed to it what's interesting about his statement is it was really focused specifically on libra and not digital currencies or even the broader spectrum of crypto currencies that are out there and i think the reason for that is because it gets into a statement is really focused on facebook as an entity saying that all the asli you know france needs to have solver and monetary policies and protect their sovereign monetary supply we can talk about that a minute but he also specifically talked about facebook as an. entity saying that the european union in france specifically has not been able to trust face

you know what is thrown down the gauntlet right away or the correct out there to get the crypto right just hold your horses so i think this was sort of you know a clarion call but you know his bank account is open to the highest bidder like a central bank for hire right it came from bank of canada that it was a moved over to bank of england it came with george osborne and ladies friends of tam i think he sees that there's a sea change and now he's up to as you say it's a revolving door and you know. with this interesting way they get to that because the revolving door between wall street and washington is quite profound shifted now it's so it's so washington to silicon valley so the new the new wall street is so a convo you know wall street is is the ninety's nearly 2000 but post occupy wall street we now have silicon valley is the new ok of us i think so like you had you know goldman sachs always their finger in every pocket type of thing they you know what you meant traditionally you would join up with the world bank or the i am very become an advisor to some country and so they had

only a decade old but if it coin has already disrupted the payments sector but is there a future for crypto in the global currency market boom bust managed to catch up with roger vera the founder of the coin dot com for his take on the future of finance we're going around a big world of business news today 'd to capture turbulent week let's go. a challenge to china's belton road initiative leads our global report today as japan and the european union unveil a sweeping deal to build asian infrastructure and to facilitate commerce in energy european commission president john claude juncker signed a highly touted connectivity plan on behalf of the e.u. on friday morning at a regional forum on e.u. asia relations in brussels after affirming the $60000000000.00 cord with his own signature japanese prime minister shinzo abi embraced a sweeping view of the deal mr abi told reporters whether it be a single road or a single port on the u n and japan undertake something we are able to build sustainable rules based connectivity from that in no pacific to the western balkans and africa the financing fo

up with matthew ross co-founder and chairman of walk to discuss being on the forefront of the kipp crypto wave 10 years ago the 2 also discussed the future of the cryptocurrency space space especially when it comes to regulation in the wake of facebook's announcement of their virtual currency libra and what his company blog has in the works. but if you press guy to the entire cabinet space can think of this very investment thesis back in the day when you didn't really know what this emerging technology was and you didn't really know what it could grow and 10 yeah i mean back then i mean some of the dinners i had with. some that really kind of adopters and builders the. spays lot of us didn't know what we were doing where this was going i mean it takes off and but we knew there was something there this was something novel that that situation not comodo developed on a 9 page white paper and the more you kind of unpack that. you knew was going to change things you know money without governments or banks not that i'm. crazy libertarian or something but having that dimension or that that oppor

take its place as additional gold i think more adoption i mean there is depending on what side of crypto twitter yano i get off 0 or have some exposure. and they are 10 years into this big ball game you would think we'd be able to buy coffee with bitcoin at this point and it's still about the case so i think getting more exposure and getting this in people's portfolios is a great start and that's more of the kind of investment asset management side versus the use utility remittance and payments but i think some of those go hand in hand to going to get. capital into the ecosystem and have that finance a lot of the innovations and use cases that that we all want to see if ironic because that's where you truly see frictionless payments are right now the biggest bottleneck of frictionless payment is actually getting into the digital assets in the 1st bias no exactly i think as i thank you so much for being here and. that's it for those you could always catch boom bust on youtube dot com slash boom bust r.t. see you next on. thousands of american men and women choose to serve in the country's

the missing crypto queen. that is a picture of herthere, so crypto queen.c sounds. thank you. -- yes, and that is available on bbc sounds. and you can watch this on the bbc parliament channel, the latest on that supreme court case. the supreme court hearing into whether borisjohnson acted lawfully in suspending parliament enters its third and final day shortly. you can keep across all the developments on the bbc parliament channel. the latest figures for people with learning disabilities and autism who are in assessment and treatment units in england have just been released, and show that there were 2,255 inpatients in such hospitals as inpatients at the end of august this year. we've covered this story extensively on the programme. earlier this year, reporter noel phillips spoke to a mum whose daughter has been in secure units for people with learning difficulties for seven years, since she was a teenager. she's my only child. she is everything to me. she is my life. it is just unbelievable. i am living a nightmare. at age 19, ayla haines was admitted to a

just earlier this month so anybody anywhere in the world can trade a bunch of different crypto currencyas with any other one but even more interesting than that we launched in june local dot decline dot com that lets anybody buy or sell because of cash for any payment method in any country with anyone with no k y c required for the coin dot com so it works in every country in the world for anyone any payment method that's a really big deal and i think a lot of people are real i'm aware that that exists a local topic where dot com is a real game changer hourly pay pay pal we chat duffel bags of cash at midnight any payment method in any country anywhere any amount local topic or dot com i know you love a clean house but you said that you like anything that works so what elsewhere i think there's a lot of coins out there that work but one of the things that's really important is the network effect and i think that's the only reason why bt still has the largest market cap is because it has this big network effect and it's riding on its own coattails but if you look at bickley cash its netw

facebook is going to ban one of the crypto currencies, sorry france is going to ban one facebook‘s cryptot of these crypto currencies, bitcoin being their most famous. it is going to be backed by stirling, dollar and euro and also we have something sensible here. thank you very much for coming in and have a great weekend. that is it from business live but plenty of businesses throughout the day. thank you for watching. thank you forjoining me. i will ta ke thank you forjoining me. i will take you through the weekend. this is how things have shaped up through the past few hours. we had a weather front tumbling towards the southern parts of the british isles overnight. you may have heard a bit of rain from that in the south. it is taking time to pull away eventually from the channel areas but building in behind with high pressure. today is dry for many spots. feeling a bit fresher in the air behind that cold weather front than was the case yesterday. temperatures around 26 degrees in parts of east anglia. here we are for the rest of today. dry, fine and sunny and for the greater part of eng

it takes 10 years to get 10 percent and then another 10 years the other 90 percent i don't know if crypto is going to follow that same flight passing it i think it's taking longer in certain ways. i think the fact that it's money the medium of money and people's trust factors and regulation and a lot of the beginnings of crypto were kind of weird so i think that that timeline might stretch out a little bit but i think it's. it's challenging a lot of different models money identity privacy and security of your data. and so that takes time to unpack being you know early in the early internet and early cloud in early january is attacked. you kind of feel like you're in the right place at the right time but some of the timing elements are a little unknown and so i think building and leaning into this is the right thing to do. i love what's happened with. facebook getting regulators around the world to set up a little straighter in their chair and actually pay attention to the space. and i think that has also. made other big tech companies and other big financial institutions really think hard

being on the forefront of the kip crypt a wave 10 years ago the to also discuss the future of the crypto currency spacious space especially when it comes to regulation in the wake of facebook's announcement their virtual currency libra now and what his company blog has in the works there you tell you 1st guy and showed it to the entire kept us based can't think i was very investment thesis back in the day when you don't really know what this imagine technology wise and you didn't really know what it could crawl and tell yeah i mean back valley and i mean some of the the dinners i had with some that really kind of adopters and builders this pays lot of us didn't know what we were doing where this was going out i now take off a then i and and but we knew there were something there this was something novel that that suppose you knock 'em otoh developed 9 page weight paper or and the more you kind of unpack that you knew was going to change things so you know money without governments are banks not that i'm a you know crazy liberty and or something but having that dimension or that that oppo

who owns crypto currency? who is thinking about buying crypto currency? >> that's a pretty even split. all right, just her way of introduction, you're calling yourself the internet computer a decentralized cloud platform that relies on block chain where you have servers across different data centers and that is part of the foundation and what you are trained to do in terms of disrupting the big tech giants i don't know that so force or linkedin or decentralized versions of these big social media companies or amazon companies like that. joe your cofounder and human consensus which is a block chain developing company but tell me the second-leading crypto currency, was this a goal? you hear a lot of people talk about disrupting banks and disrupting big tech. was that part of it when you started the theory of thinking about a different type of facebook in a different type of google or how did that play into the vision? >> so bitcoin essentially invented a couple of things, and invented the next generation and decentralized database and crypto economics and th

economic freedom to the entire world through peer to peer electronic cash and i think cash is the cryptocurrency that has the best shot of bringing the most economic freedom to the most people around the world and that's why i'm so excited about because cash today completely agree and that entire process was completely fiction and now it's amazing how the 1st barrier to actually converting this paper money into currencies in the 1st place and that's like when they hear how you want to. local doubt because dot com any payment method in any country for any amount you can buy or sell big point cash with it right now today check it out but some will and still holding the cash you have don't be the bad holder holding us dollars or euros or that old traditional money going to your crypto currency today because it works better and if i have i have some paper bills in my pocket right now i can't send them to somebody else on the other side of the planet i can even send someone on the other side of town with cash i can literally senate from here to anyone anywhere on the planet for a 10th of a pe

away of government control of the monetary system crypto currencies like bitcoin and facebook supplanted libra highlighting lawmakers and central bankers fears that the tools of monetary policy might soon be useless because crypto currency is undervalued governed by uses faith in the system a radical free market solution to digital combis that governments around the world are struggling to deal with one of the experts giving testimony today at the hearing with german lawmakers is qatar in a good rush he's the c.e.o. of analyst immutable insides and joins me this too far and i welcome back to you before you before you dashed off to meet the politicians what's your general feeling do politicians and central bankers really have any idea what they're dealing with in terms of ripped across this well i think is it about lehtonen that we face now is that it might be today if you don't quickly understand what's going on but i think that applies to central bank us just as much as it does to politicians this is do you have the feeling that they don't really grasp how big this is. it's such a funda

of the economic slowdown france is also in the european union to create a common set of rules for crypto currency its french finance minister pull a man out wards paris could block facebook's planned cryptocurrency the libra he was speaking at no easy conference on virtual money that's underway in paris libor could turn the financial world on its head similar to bitcoin the digital money is based on block chain technology but critics warn the cryptocurrency and its value would not be controlled democratically but by facebook the tech company denies that it plans to back labor with a basket of real world currencies facebook says the so-called stable coin will have none of the volatility and danger of big losses associated with the digital coins a consortium of corporations a backing the brain clearing visa master cut also pay pal and to suspicions the world's finances could soon control global currencies facebook plans to begin filling digital wallets with libra you know the 2020 philip heads the book chain center of the frankfurt school of finance and management i asked him what's take w

slowdown managed to catch up with no one but only in singapore to get his take on the chances for crypto in a crisis. live . leg. length. lens. live. live. live . live. live. oh. please. live. so. clear. and very well welcome to you watching us inside us. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race is on all sides very dramatic development only personally i'm going to resist i don't see how that strategy will be successful very critical time to sit down and talk. because the news. here for you while you. are happy. to see this you. guys you live but if she warned you cross the road and i did the dishes at the balls more than those jeans and you miss beecham you see me you lou true she. has handled some of them when you die zeke yes overwhelming in the news i mean those are the inference involved. a lot of you will see sawing and fuzzy fights about to come to the most ardent. last. year. they were basically. going to the. welcome back following the complete corporate collapse of british travel giant thomas cook the company's

will rise the key word in all this course is trusts trust is the key word and you know in crypto and big coing trust is a big word because it's trust less trust isn't needed the transactions are solved verifying you don't need a 3rd party to apply that stamp of approval and in this in this report gold in the age of eroding trust you put a right up there with gold it's essentially gold and because in our together in your view of how to play this collapsing a world of collapsing trust. yes i think it's important to to not neglect generally the technological progress which is going on on the crypto currency side generally which is obviously also being followed. and try to being taken advantage of from central banks so so so it's just important if you really want to see the whole picture too to follow what's going on but when it comes to bitcoin. i mean this this discussion is always interesting one of the. bitcoin versus gold gold is. obviously a physically metal it's an internal metal it's just never dying and bitcoin is a man made system so so that would be one fundamental difference

now, we will move on to a crypto crypto.n the crypto bubble burst, many of us wrote-off crypto currencies for good. our next guest will discuss with how block chain companies will emerge from the crisis of confidence and how they plan to get ahead with big ideas. please welcome joe lubin, and dominic williams, with fortune's jen. [applause] ♪ >> ok. thanks for being here, guys. >> thanks for having us. >> let's do an audience poll. who here owns cryptocurrency? ok. a bunch of hands. who here is thinking about buying cryptocurrency? ok. everybody who owns it. that is a pretty even split. nobody else who doesn't is thinking about it. just by way of introductions, dom, you are calling yourselves the internet computer, the centralized cloud platform that relies on blockchain, where you have servers across different data centers, so it is sort of a decentralized data center. and that is part of the foundation of what you're trying to do, disrupting these being tech giants, whether that is salesforce or linkedin, you are talking a

there are a lot of unanswered questions surrounding the cryptos and who is getting involved and who's not >> it's a great point. they're going to need liquid it to be successful >> get it regulated first. >> see vaping. >> that's what i'm saying. >> thomas cook, the world's oldest travel firm, collapsed overnight. i thought this was a travel agency it almost like american airlines and hilton collapsing at the same time. it's causing a logistical nightmare that left hundreds of thousands stranded around the old. this is called the biggest peace time repatriation effort in british history to get these people home. >> if any company should have been called too big to fail, it was thomas cook $250 million or pounds, one of those two. they turned them do you. now how much is the u.k. government going to have to pay to send them home? >> basically it's travel insurance for any of the packaged travel that goes abroad so whatever outlay the british government is doing now, it because they've collected money and the people who bought tour packages or travel packages through thomas cook are pro

crypto.bout crypto the last couple years. i think andrew asked jay clayton one question on crypto, other than that, didn't hear about bitcoin, crypto. people seem measured talking about big mac row things trade war was a big theme through the day yesterday. >> leslie, we're getting breaking news from the fed we're going to steve liesman >> thanks very much. two stories breaking first of all, new york fed announcing it will hold daily $75 billion repo operations through at least october 10th as a result of what's been happening in the overnight lending market, some disruption there. the fed moving in, going to regulate through october 10th. it will also offer at least three next week, 14 day repos, instead of supplying money overnight, it will extend out the term effort by the federal reserve to get ahead of this by new york fed and get on top of those, $30 billion operation. one of the dissenters, coming out with additional comments about dissent. he says first of all it is unusual for the fe

to catch up with no one but only in singapore to get his take on the chances for crypto in a crisis. this is a story about what happens austria stray bullets kills a young girl in the streets. what happens to her family and daughters in florida the mother daughter is buried in this and then terry it really messes with your head what happens to the community the public was screaming for a scapegoat the police needed a scapegoat so why not choose a 19 year old black kid with a criminal record who better to plan this than him and what happens in court. shocked shocked as far as i feel. we don't know she'll just rip off. and do this. we. know. that's geysers financial life until they see the belin. this is the central plank support diagram is kind of problem right now so i stopped. with the whole make this manufacture consent to stick to the public well. when the ruling classes protect themselves. in the final merry go round. we can all middle of the room signals. the real news is. in 24 to you know bloody revolution to correct the demonstrations going from being relatively peaceful poli

what is crypto and blockchain when it comes to your company?> blockchain, everyone talks about it breathlessly, super du jour topic but it's a database so when you say, hey, we put gold on a blockchain, we put it on a distributed database and the beauty of that is anybody can access it. so you're not reliant on paxos or anyone else to move your gold around once you're on the blockchain you can send it to anybody else on that same blockchain with you and we're trying to use the power of a database upgrade if you will as opposed to crypto which is a little different. i like it too but it's a completely different thing altogether because you're just owning the database. >> so let's say jamie dimon, i'm watching the show and say that guy cascarilla, he's doing a good, what is keeping someone else from doing what you're doing. >> there's no reason they couldn't but can you do you have the engineers and technology, have you thought about how to create innovative products so anybody can do that but i think what's neat about paxos, one we're a trust co

bloomberg sat down with him and asked the state of the crypto market.. >> i was curious about that sector. i thought the was a place -- and i still think there is a place for cryptocurrencies, including bitcoin and all of these things. my only concern with thisocurrencies is that -- is a personal opinion and i set it to many of my friends -- if cryptocurrencies ever become a threat to any sovereign currency , they will be eliminated somehow. you cannot eliminate gold. it is physical. it is global, it has been around 5000 years. it is true money. there is a difference to me between crypto, which has a little bit more risk than the physical gold. >> that idea of -- for a while there, gold was not moving anywhere ugly desk quickly in the mining world in the world of raising capital -- a lot of people got excited about bitcoin mining startups financing that. is that sentiment changing because of his rapid rise in gold? >> i think it is changing somewhat. i think the main reason it changed for cryptocurrencies is because they came off their highs. we got luc

are you in crypto? >> crypto is certainly the place where we all go.ssets, and it is a kind of programmable money, but actually completely away from crypto, there's a number of companies that have been working on making money programmable. one of the extremely successful silicon valley companies, striped, this is what they do. they published a bunch of api's. they did not even need much marketing or sales force. the developers just saw these api's and said, "i can get all my payments to happen just by calling these api's." we've been doing the same thing at goldman sachs. assets, liabilities, capital, risks more generally. >> we talked about payments going electronic and trading going electronic. we use this example the time about goldman. what do you think the role of a human is on a trading desk these days? >> there are certainly many kinds of manual activities that computers are just better at. so if you are making markets and a collection of single stocks, computers are just really good at seeing across the universe of single stocks. at the same ti

to catch up with nolan virally of singapore to get his take on the chances for crypto in a crisis. but if she warn you and i do the dishes at the walls more of those jeans nudist beach and you see me. about that when you die yes. you mean yes i mean guys without infringing balls. a lot of you will see as it fights about 2 kids out the bill for the most called. doesn't need a list of. people . that 5 days of doing it so. it will be a thing people who simply knew. it. so. and very well might continue watching us until. the big pain years since across america started 10 years i think it's time to shake things up maybe change the branding maybe the format here is what i've been thinking about next season for breakthrough related episodes filmed on an island 10 experts fight it out for a trophy what do you think ok a more affordable option $25.00 text for. one red rose another suggestion political jeopardy parody no political cookout where we will literally wrote the elites. late night show it's a rare format piece space in its chief all you need is an old microphone in a printed banner