there is a difference between cryptocurrencies and ico's.nk of it as the renminbi or u.s. dollar, at this point they are not regulating the currency directly. they are regulating a fund-raising measure, which rico's. there are a lot of fraudulent scams and projects going nowhere , so it is the funding scheme that is ico's that is being regulated rather than the currency itself. it is having an impact on the currencies. all the major cryptocurrencies are down double digits, so it is having an impact. a lot of that will be because of liquidity. because they have to the funds and give that money back, that will force them to sell out what they have earned and put it back into cryptocurrencies, so that will be in issue. the veryill see is tight restriction, but i don't see tighter restrictions on bitcoin from here. ban.ll not be a full on it is all about stability. china does not want to see people put money in these things and go bust. most of these projects are going nowhere. this just the beginning when it comes to the regulatory oversight ov

we will have more in cryptocurrencies throughout the show.e officially have a date from apple on its next product launch. the company set out an invitation that listed september 12 as the date of the event. it will be held at the new apple september 12 as the date of the event. it will be held at the new apple campus in cupertino, california and take place in a theater named after cofounder steve jobs. as we have been reporting apple , plans to introduce three new iphones and new versions of the apple tv and apple watch. coming up, overdrive to close goes into overdrive to close the gap with uber. this is bloomberg. ♪ emily: lyft is expanding its services to 32 additional states, bringing the total to 40. the ride hailing company is aggressively trying to take market share away from its rival, cooper, who controls 70% of the u.s. right -- ride hailing market. it means 94% of the u.s. population would have access to lyft. the gap has the largest do graphic footprint of any in the u.s. ceo darawly minted a timeline fors when the company should

cryptocurrencies like bitcoin have been surging this year.erest in digital assets to spike. this week, we took an in-depth look at the rise of virtual currencies. we began by looking at what has made the market so volatile. caroline hyde reports. caroline: cryptocurrencies are in the midst of a record heading run. big corn, as close to a household name as you can get in cryptocurrencies, have shot up over 350% so far this year. in fact, it jumped from just over $1000 at the start of the year to over $4500 recently. ethereum, number two in the digital money market, is on the move as well. >> we see companies across all industries looking to see how they can use this technology. caroline: it is not all smooth sailing. just look at a recent 30 day snapshot in bitcoin's price, and you can see a roller coaster. last year, bitcoin plummeted 13% after hackers stole $65 million. this year, ethereum also fell on hard times. >> we have to remember that this technology is still pretty new. that causes there to be glitches along the way. caroline: even w

china's cryptocurrency coup de grace.er dealing the market a major blow, chinese regulators behind the great wall. we examine the ripple effects. with just a few days to go until apple's most significant product launch in years, we will preview the event and new technology. first to our lead. the massive cyber attack on the facts may have compromised the privacy of more than 140 million u.s. customers or half the u.s. population. the stock plunged nearly 13% today amid mounting outrage over the breach. thursday evening, a proposed class-action lawsuit was filed in oregon in federal court alleging equifax was negligent in failing to protect consumer data. there is news executives sold nearly $2 million in corporate stocks before disclosing the attack. it is one of the three biggest credit reporting companies that generated $3.1 billion in revenue last year. congress said it will probe the attack. the new york attorney general said in a letter to the company this. the breach has potentially exposed sensitive information of

caroline: cryptocurrencies are in the midst of a record-setting run.een their value skyrocket this year. bitcoin, as close to a household name as you can get in cryptocurrencies, have shot up over 350% so far this year. in fact, it jumped from just over $1000 at the start of the year to over $4500 recently. ethereum, number two in the digital money market, is on the move as well. camilla: we see companies across all industries looking at how to use this technology. caroline: it is not all smooth sailing. just look at a recent 30 day snapshot in bitcoin's price, and you can see a roller coaster. in august of last year, bitcoin plummeted 13% after hackers stole $65 million. this year, ethereum also fell on tough times. camilla: we have to remember that this technology is still pretty new. that causes there to be glitches along the way. caroline: even with volatility inherent in these new currencies, there are still plenty of promising opportunities. there is a growing mainstream acceptance. big investors like mark cuban are already throwing their weight

caroline hyde reports. >> cryptocurrencies r&a run. cryptocurrencies are in a record heading run. they have shot up over 350% so far this year. it jumped from over $1000 at the start of the are two over $4500 recently. number two in the digital money market is under move as well. >> we see companies trying to figure out how to use this technology. >> look at a recent 30 day slap shot in bitcoin's price and you can see a roller coaster. last year, bitcoin plummeted 13% after hackers install $65 million. this year, ethereum also fell on hard times. >> this technology is new and that causes there to be problems along the way. >> even with volatility inherent, there are still plenty of promising opportunities. there is a growing mainstream acceptance. investors like mark cuban are already throwing their weight behind cryptocurrencies and the block chain technology that underlies them. more financial institutions such as fidelity and retail investors embracing them. if the fcc approves the first bitcoin electronically traded fund, it will m

caroline: cryptocurrencies are in the midst of a record-setting run.tcoin and ethereum has seen value skyrocket. bitcoin, close to a household name as you can get in cryptocurrencies, has jumped up over 350% this year. it jumped from just over $1000 at the start of the year to over $4500 recently. ethereum, the number two, is on the move as well. >> companies across all industries are looking at how to use this technology. caroline: it has not been smooth sailing. look at a recent 30 day snapshot of bitcoin and you can see roller coaster ride. back in august of last year, bitcoin plummeted 13% after a hacker stole $65 million. this year the theory am also fell on tough times. >> this technology is still pretty new. that causes there to be bumps on the way. plentye: there are still of promising opportunities. there is a growing mainstream acceptance of the asset class. big investors like mark cuban are already throwing their weight behind cryptocurrencies and the block chain technology that underlines them. institutionsncial are embracing virtual curren

cryptocurrency takes a lot of that business away.you are jamie dimon you might be concerned about cryptocurrencies being accepted in the markets. >> i think there is a lot of truth to that. for jamie dimon to talk about that, if i were a shareholder in j.p. morgan i would be glad he is doing that because it is in his best interest to protect the establishment. he sits on top of the oligopoly in terms of how payments work today. most banks do not want to see that happen. you see very innovative banks leaning and aggressively. banks nota lot of putting their heads in the sand and i think they will be served well. blockbuster put their heads in the sand. they could have been netflix. they have the relationships with customers, the movie studios. but they put their heads in the sand about what the future of the internet would enable. they are gone and netflix is a valuable company. >> you see all of the banks wanting to partner up. even though jamie is saying those things, is internal team is trying to figure out how to leverage the tech

well as a science firm so on the science side we actually were concerned about the science of cryptocurrency so we have research centers and universities we write papers and on the engineering side we actually construct currencies from the ground up all right so i get input output hong-kong you got it ok and you were recently spotted in connecticut hanging out with steve cohen type fund manager what's going on here give us the inside joke so so ok you saw the picture steve cohen invited several people from the cryptocurrency industry to to his house to have a private party to discuss where the industry is going and where the value is. yeah and it's a private party. you know it was more of an informational thing and we had tremendously and we had a lot of fun and it was just mostly what is because of what is cryptocurrency what are the trends you know where are the good investments going to be in three years to five years what technologies legitimate what technologies kind of fluff and so forth you know that was another big name in despair that has done business in the same area connecticut r

cryptocurrency and cash out. fingerprints that look like the north koreans? what about timing? do we see the tightening of sanctions and greater activity in terms of bitcoin simply trying to get liquidity and access to money? luke: i think we see the north koreans engage in a lot of illicit financial activity. counterfeiting and money laundering. cryptocurrency targeting is an extension of that. we see the macro drivers the appreciation of cryptocurrencies this year and the timing of sanctions that force the north koreans to be creative and how they employ their abilities, in this case going after exchanges. there are clearly other players out there. brilliant to talk to you. on bloomberg television this week, a conversation with ray dalio from bridgewater associates. he shares rare insights behind his four decades career of the foremost investor. that is 5:00 p.m. eastern sunday. this is bloomberg. ♪ julia: "what'd you miss?" alibaba executive chairman jack ma says he does not believe we are headed for another t

staying on the future of banking, not all executives are embracing the cryptocurrency grace.ecutive jamie dimon his thoughts yesterday. going --ever traded it bitcoin -- it is guest our roles to trade and stupid. -- rules do trade and stupid. mark: why does he not think it will end well? a wonderful piece. two reasons it may not end well. tell us what they are. >> focusing on the market dynamics, whether it is bitcoinn by regulators, -- what interest me is that the demand on the ground, is it being used as currency. it has not -- you have to wonder, what are these price levels based on. if you believe there is something there, klein, but it is not there today -- fine, but it is not there today. mark: good all regulation may do. >> jamie dimon has a good point when he says regulators will come after the bubble burst which will put it in line with previous crisis is and bubbles. these things tend to exhaust themselves. regulators have bigger fish to fry today that to actually get in on this cryptocurrency issue. vonnie: not just cryptocurrency you point out in your piece, like

cryptocurrencies are ideal. there's no traceability.nment will definitely crackdown on these. reporter: the u.s. securities exchange commission, they are also looking into ico's and whether or not to increase regulation around them. other jurisdictions are doing the same thing. mark mobius touched on cyber criminals there. according to some estimates, around 10% of the funds raised by ico's have been siefert off by sabr crit -- siphoned off like cyber criminals with phish ing schemes. china has put officials into some of these exchange offices, sitting there for three or four months to monitor what was going on. they have passed on a lot of information. they are keeping a close eye on those exchanges. clearly, regulators in china are trying to get groups with a very fast-moving and fast-growing cryptocurrency sector here in china. haidi: and we know how wildly speculative and quickly the markets move in china, so they have to clamp down before it gets ahead of them. tom mackenzie in beijing -- shanghai. the official page shows a slowdow

the entire cryptocurrency space is estimated to be worth nearly $200 billion.s up most of that, cross the $5,000 mark for the first time over the weekend. now, these are things that didn't exist ten years ago, and cryptocurrencies are not regulated by any financial central bank, so the concern is that these are a threat to financial stability. that is why china is taking such a strong move to do this. another concern has to do with criminal activity. people worry that criminals will use cryptocurrencies like bitcoin to launder money and fund terrorist activities, and so forth. well, when something is regulated, there are indeed a lot of problems. thank you so indeed a lot of problems. thank you so much for that update on these isos. borrowing and lending money without going through the official banking channel, also known as peer—to—peer lending, is a multibillion dollar industry. china had one of the first such companies to launch in the world, back in 2006, and today it is one of china's largest financial service platforms, having issued $30 billion in loans

china has boomed as a cryptocurrency trading venue boomed as a cryptocurrency trading venuein boomed have previously allowed users to conduct trades for free, attracting investors and speculators. regulators have now cracked down on the industry amid concerns chinese investors are speculatively piling into crypto currencies and given that a large point ——a large portion of bitcoin trading is in the mainland, could this be the beginning of the end the crypto currencies? we will have to wait and see. you can keep us updated on that one. three women who used to work at google have filed a lawsuit in san francisco, alleging the company pays women less than men for comparable work. google says it will review the lawsuit but disagrees with the "central allegations". it comes as companies in silicon valley face growing scrutiny over gender relations. google is also under investigation by the us department of labour over its pay practices. business leaders who employ around one million workers in the uk and eu will sign a letter this weekend, imploring both sides of the brexit negotiations t

where does it leave bitcoin and future cryptocurrency?ryptocurrency? it is very hard to regulate. we will reach a point where bitcoin is probably going to face some form of official regulation. it is against the philosophy of how it was started in the first place. the trump dynasties bigger. his ninth grandchild. laughter this is a news for donald trump. and it is good to see him tweeting something more mainstream. he congratulated his son and daughter—in—law on the birth of their son. we have to keep an eye out for eric luke. in around 50 or 55 years, out for eric luke. in around 50 or 55 yea rs, we out for eric luke. in around 50 or 55 years, we will see where it has got us. it is quite interesting. they do this, though, don't they? that is the american way. you don't have one president, you have a lineage. kennedy, clinton, bush. that is what they were trying to break free from. that is what many in the election people were voting against. maybe they didn't realise how many grandchildren that he has. laughter. and still working on it,

. ♪ ♪ emily: china is dropping the hammer and cryptocurrencies.nment announced plans to ban trading on domestic exchanges. the ban will only apply to the trading of cryptocurrencies on exchanges. it is the second blow to the nearly $150 billion global cryptocurrency market. china also outlawed initial coin offerings. now to another story we are following, the massive equifax data breach. shares of the agency have dropped as much as 20% since the news broke late last week. a class-action lawsuit is demanding $70 billion in damaging. the company carries an insurance policy for situations like this, reportedly covering up to $150 million in damages. join me to discuss the latest, phil quade. he spent three decades in the n.s.a. and served as the chief of the cyber task force. thanks for joining us. the hackers got a six-week head start on investigators. what does that mean for the people whose data was stolen and for the investigators themselves? >> thanks for having me today. i think it means the company is doing its due diligence to figure out what

any officer of any cryptocurrency exchange in china may not leave.g arrested but they have been told they should stay in beijing. the rest of the world is in chaos because no one knows what is coming next. banning mining would be externally disruptive to the chinese economy and world. >> a lot of the bitcoin mines are in china. >> the largest is in china. tens of thousands of machines mining 24 hours a day. those coins are staying in china. i do not think that will happen. i truly believe the chinese government is rational and in withong run will legalize certain legislative restraints that will legalize exchanges, again with controls. people have taken advantage of china. people would come over and do i co's in china promising a 1000 return in a week. you cannot do that. it was making everybody look back. i think in the long run, it is very good for the cryptocurrency industry. >> do you think there will be too much regulation? you have heard all the arguments. >> of course they will. this will be a seesaw effect. when legislation is enacted, people

here, it seems to be, get involved in my cryptocurrency because it is the one.s -- i do not know where the there is. i know the technology is important and being used by more and more real-time financial transactions. the exchanges themselves seem to have a little bit of froth. >> what about the use of bitcoin in places like china where people are using it as a way to get their money out of the country? to use it the lure, in black-market transactions or .urrency -- capital flight by almost definition it has the regulators and law enforcement a raid against you because of its very nature. that is one of the problems. that is one of the problems the earlier proponents of block chain technology point out, that there are a lot of promoters as well as futurists who are promoting things. let the buyer beware. chanos with an exclusive interview. bitcoin dropping after south korea banned domestic and initial coin offerings, the second major blow to cryptocurrencies this month after china banned. joining us to discuss is edward robinson. why south korea follows china? >

your listen listen cryptocurrency is or are wonderful if you believe their money i don't believe their money i don't think they fulfil are still for equality wanted qualities of money money ok so which is money what separates the theory i'm from from that coin what separates a huge profitable gold mine of south africa from me going down the street with a pail and i know i know this i know it takes about a thousand dollars an ounce right to pull and saying hold it out of the bank sixty million dollars of protocol with servers and mining. so there's really only one cause twenty one million big going to be funny but sixteen but really a crypto currency it takes about five minutes i know that's why there i thought i was old i'm right here i got a pail but i can start digging for gold yet but ok but. but listen it's a thousand dollars to get an ounce of gold in the ground it takes almost nothing no money no time to create competing cryptocurrency is a thousand of them discipline and what is going to lose it all and there is only like i started to let out a call is t.t.p. protocol there was

jamie dimon on cryptocurrencies, bitcoin to tulipmania. a $1000 rolls out iphone, but you will have to wait until november. from new york city, good morning. good morning. a warm welcome. we get you set up for the trading day. after twofter straight days of gains. the euro firmer. higher.es grinding morning >>r this . >> apple's stock down. suppliers like this.

angie: what are the implications for cryptocurrencies in the short-term? negative. it hit something like to 70 overnight, 330, and now back down again. in the short-term when the world's second-largest economy says we don't want this, and keep in mind ico's are the main usability case for a theory him erium, it becomes bleak short-term. if everyone else takes a hard stance, it will be very grim. to protecting the consumers and investors, and in china that is a hot topic, so i don't think other regulators would be as strict, but that is something to watch in the long-term i think. >> i agree on the point of etherium and ico's. etherium has been a real challenge to bitcoin because of ico's. bounceback because one of the reasons it is used for ico's because the fundamental technologies in etherium lend themselves well to's pot contracts. two spot markets -- to spot contracts. there still may be a reason for etherium to have fed you, and a different way than bitcoin is considered to have value. there is also that the upside that there is something behind .t an

will this be the deciding factor on whether a cryptocurrency can live or die without government?coin,he history of there have been numerous incidents that have struck people as being pivotal. the hack from a few years ago, that was the biggest exchange. will have manyga twists and turns in the future. i do not think we can say this will be the definitive thing. shery: joe weisenthal, liberty executive editor. vonnie: coming up, the u.s. federal reserve it's doing its best to make policy "as boring as possible." what we can expect from the fomc decision and janet yellen's press conference later. ♪ so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. vonnie: live from bloomberg rolled headquarters in new york, i am vonnie quinn. shery: and i am shery ahn. investors are a bit more

on cryptocurrency trading.cutors in south korea caught four would be crypto claim traders in a pyramid scheme. jack lew spoke to bloomberg and weighed in on cryptocurrencies. >> i spent a fair amount of time thinking about these virtual currencies and tried to keep my mind open to innovation and change. you think about innovation in the financial system. it comes through things that happen in a disruptive way. that is how you get checking accounts, credit cards. so i am reluctant to say new things are bad. i had some special concerns about virtual currencies, partially because of the secrecy factor. we worry about large cash transactions because large cash transactions can be used for bad purposes. you create something that makes it easy to do that and it has the same characteristics. we decided to treat the virtual currencies like currencies for the purpose of trying to keep track of them, but it is hard. i also worried it could be used as a means of storing value because when i made comparisons to tulip price

what he says cryptocurrencies is the biggest bubble of our lifetime.omberg. ♪ ♪ we are back with bloomberg markets. i am a shot in hong kong. >> i am haidi lun in sydney. bitcoin has plunged after china said it would been exchange trading before recovering. it has been quite a roller coaster ride. ramy inocencio has the bloomberg charts that says all you need to know about the ups and downs of the world's biggest cryptocurrency. >> for my first bloomberg terminal chart i want you to know how closely bitcoins run and currents slide resemble the internet bubble and implosion of 2000. lead a lot of people happy. look at g #btv 9483. this is the price of bitcoin from 2013 to now. line is the nasdaq from 1996 to 2000. you can see the parallel -- parabolic growth. both grew over 300% in the same amount of time. not only that, their declines are also similar. bloomberg intelligence is forecasting that bitcoin has probably hit its peak. to my second bloomberg terminal chart. that is g #btv 8843. bloomberg intelligence says bullying should be a primary benefici

it is so hard to trace and the cryptocurrency field. the transparency is not the greatest.t that is difficult to track at the best of times. it is harder to track all we have hacking possibilities. when we have contingencies and north korea doing something like this. how transparent are people that are being hacked. what we know and been able to get access to is probably a small sampling of what they actually have. oliver: focusing on the economics of bitcoin, whether this is positive or negative, i feel like you can interpret it either way. this is not going to be good for bitcoin because you know have potential for the government to look at this and say if sanctions are not working, how do we get around that? it obviously lance credence to this being a shadow currency. megan: you could make the argument this does the selfish bitcoin as an alternative currency form and it has demand for people in absence of real money. on the flipside, there was another story from jamie dimon calling it a fraud and said he would fire any trader. he compared it to the tulip bulb phenomena.

this cryptocurrency stuff, this is a bubble bigger than i've ever seen before." there's a bunch of people that don't know a thing about what's going on that just want to see something go up. >> well, for sure, there's a hype cycle that we're into now. but the biggest impact will be that blockchain itself is going to change the fundamental operations of banks, of retail companies, of supply chains of manufacturing companies, of governments, and of every institution in society. >> schifrin: finally from us, the houston astros played at home today. it was their first home game since hurricane harvey. before the doubleheader against the new york mets, there was a moment of silence, and houston mayor sylvester turner threw out the first pitch. as it happens, the starting pitcher for the mets was matt harvey. but this is the symbol the team wanted as today's lasting image. a new logo. houston strong. as manager a.j. hinch told the crowd, and the city, "stay strong. be strong. we appreciate every one of you." tomorrow on this broadcast, turning hawaii's waves into elect

there is demand for graphic processing units that extend the on cryptocurrencies.ology that this is based on has some other uses in the financial service sector beyond just bitcoin so you could see of the demand for that as well. not too concerned necessarily about nvidia stock. that is where you are seeing divergence of that correlation we were looking earlier. vonnie: taylor riggs with our mover of the hour. thank you for that. mark: time for the bloomberg business flash. a look at some of the biggest business stories in the news right now. former citigroup chief executive sees a bleak outlook for a bank employees. he tells bloomberg that 30% of banking jobs could disappear within five years because of technology. he says artificial intelligence and robotics reduce the need for starter roles such as back office functions. is doingre bob parsons tailor-made in a passionate dispute over golf clubs. he started the company called parsons extreme golf. he claims that tailor-made infringes his patent. no comments yet from tailor-made. that is your bloomberg business fl

however we are indeed prohibited one cryptocurrency in the german market operating without a license. so we not only observe, we act also >> it's a fairly new phenomenon, chinese investors to the system in germgermany when we hear the talk in berlin when it comes to investment in the industry sphere, it's no overly welcomed. >> i'm not sure whether that assessment is entirely correct germany is an open economy we're probably one of those countries benefiting the most from a global trade and open borders. fundamentally we welcome foreign investors and foreign capital whether it's chinese or any other country. however having said that, we have basic rules we observe. so if you take a controlling stake, which we usually define above 10% stock in a particular financial company, we undergo a very extensive owner's control procedures and that's sort of basic procedure. if we are not satisfied with the degree of transparency, integrity and validity of investors and owners, we probably wouldn't tolerate it. >> let us talk quickly about brexit and where we stand here as well again people say t

and putting the digital drive into reverse china's crackdown on the cryptocurrency. i bet it was all in let's do business the bill for fox wagon just hit thirty billion dollars the share price was cents getting on friday after the german firm announced a profit warning in the third quarter b w says its bottom line is suffered from ongoing buyback and refit activities in the u.s. in the wake of the emissions scandal become a case says the recall is proving to be significantly longer and technically more demanding than expected and would likely end up costing another three billion dollars. contribution is at the frankfurt stock exchange for us just how bad is another three billion four v.w. contract. well the money is one thing but what's really bad for folks flying is that people here are now discussing whether this might not have been the last profit warning from ford's one this profit warning now is about cost in the united states what about the money here in germany remember that folks one was allowed by the german government to equip the cars where the diesel chea

cryptocurrencies, i think it is say,,ing that i have to how does that work?t was andrew bailey, head of the financial conduct authority. up next, reshaping the research relationship. we talk about the buy side. the complex issue of valuing research. this is bloomberg. ♪ ♪ >> it will be challenging. it will be rocky. meaning, there are contrasting forces. the first force is, if i need to unbundle and pay separately, i will start saying, i i don't want to pay for this or i will pay less for this. >> that is what every client should do. >> going in the opposite direction is, before because of strong relationship and bundling , i was buying a service from operator a, which is actually not, when you look at the facts, top quality. now i can justify buying that service from competitor a. our view is, i then need to justify that i am paying something for that service so c which are and better than competitor a should gain value and share in those segments. how will that land? lots of dislocation and movement and reaction as everyone adjusts to that. all findll be th

market there is no sexual back destroying that market and now gold is casting a bid thanks to cryptocurrency. synchro done her i don't know how do you know money away i don't know go there are over five thousand years ago where for the gold market currencies yes we help you yes thank you i heard there you know. your listen listen triple currencies are wonderful if you believe their money i don't believe their money going up they fell are still for a quote fall to the qualities of money money ok so which is money what separates the theory i'm from from that coin what separates a huge profitable gold mine of south africa from me going down the street with a pail and i know i know this i know it takes about a thousand dollars an ounce right to pull and saying hold it out of the bank sixty million dollars of protocol with servers and mining. so there's really only one cause twenty one million big going to be funny but sixteen but really a crypto currency it takes about five minutes i know that's why they're like ours old i'm right here i got a pail that i can start digging for gold yet but ok bu

thousand five thousand range what where do you see things heading over the next couple years cryptocurrency is obviously are incredibly useful and their supply is scarce so the price is going to continue to go up up up just like anything that's useful and scarce roger very definitely your name is associated with bitcoin cash so tell us. fair to do so see you with a quick question what is it why do you get associated with it and still folks in because a sense the last time you were on we've had this fork and so bring us up to date so there's been lots and lots of internal politics infighting within because but if you read the big quinn white paper itself it clearly defines because it is a chain of digital signatures the version of that calling gets rid of those digital signatures so by the very definition given in the document the white paper said with a big transaction is not a big transaction so from my point of view big cash is the real bitcoin and so bitcoin cash is on the same roadmap that the original bitcoin from day one was and then just within the last year a bunch of people managed

what appears to be the demand for these cryptocurrencies?> a great question. the primary thing people are looking at, a new technology applyped, we can start to that to the concept of currencies and we may do something where instead of having all transactions happen through mastercard or a bank, maybe we could have a decentralized system? >> that sounds rational. >> but it could actually be difficult. takes a lot of power and net working and a lot of time. what people are trying to come to grips with. i think people like the concept and that is why currencies have done so well. a growing interest in wall street institutional money. there is a reason you are here representing a bank. my question is the primary case for bitcoin is censorship free transaction. essentially, the transaction government would that -- does not want you to make. what kind of ambivalence does that present for regulated financial institutions as we sort of think about how these are evolving? >> a really good question. we do not know yet. ist bitcoin trading speculative

regime hackers are increasing attacks on cryptocurrency stocks and collecting bitcoin ransom paymentss of malware.cry an order issued by justice anthony kennedy puts a lower court ruling on hold until the high court decides whether to grant the administration request for a longer order. this affects 24,000 refugees who had been assured basic services. itsphilippines posted smallest trade deficit in more than 18 months in july. exports jumped 10.4% from a year earlier, beating estimates. imports fell, confounding expectations of a 6.5% rise. that left a chassis -- trade deficit of $1.5 billion. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. david: thank you for the update. in china, income growth and robust job markets are fairly stable and have driven consumer confidence to the highest level in more than 20 years. our economy editor for china joins us out of beijing. talk to us about what is behind this underpinning of household confidence on the chinese mainland. reporter: that's right. thi

move in a bitcoin, cryptocurrency friendly japan, south korea, has a very bitcoin friendly, cryptocurrencyoin offerings in cry o cryptocurrency that aren't securities the ones that aren't currencies are okay to trade. >> interesting you interpreted it that way. when i heard the way the s.e.c. and canadian authorities are talking about it seem to indicate if there's any evidence you behave like a security, we're going to regulate you like that whether that means we're doing this retroactively or not, you're on watch. >> you're definitely on watch. i don't think they're necessarily focusing in on actual bitcoin into dollar transactions and things like that as far as i can tell, it's these other vehicles that wrap around it, maybe the s.e.c. wants to claim some kind of jurisdiction over that. it's fascinating brian, you say you've been encouraged by the way the marke absorbed this measure by china it's funny because the bulls on bitcoin love the idea the authorities don't want you to be able to do this, it's an outlaw thing, maverick thing. at what point does that get taken too far? does the

the cryptocurrency tumbled at the pboc declares coin offerings illegal. anchor: let us get straight to some breaking economic news coming across the bloomberg involving south korea for the month of july. the balance of payments for south korea, taking up -- ticking up a bit to $7.26 billion. the good balance coming in a bit .igher at $1.07 billion yvonne, these numbers traditionally may not be that significant, but certainly, a lot more attention is being paid to south korea on the fiscal side and also on the trade side as it looks as if south korea is going to be ramping up defense spending as well as looking towards further trade tensions with the united states, and in particular, given these rising tensions. the good balance coming in at $1.07 billion, yvonne. i know you are out there in south korea, in seoul. you have been reporting over the last several days on the ratcheting pensions with north korea. with north korea. this morning, what are the headlines saying in seoul, particularly at the -- after the conversation between president trump and pres