mis evangelized people have marketed bitcoin as a cheaper better pay pal or a cheaper better visa master card i think that's a complete category error it's completely missing the point of what bitcoin is and why bitcoin is important because it is not meant to be a consumer payment network because it will have consumer payment networks installed on top of it because it is more like a reserve assets or more like the base money that is used for the settlement of consumer payments so this is the point of my book was really to try and explain that and the title of the bitcoin standard tries to get the point across by drawing analogy with the gold standard and i think this is really the better way of understanding how bitcoin functions as similar to the gold in a financial system and then consumer payments are layered on top of that the last continue on this idea that's gold outside of the governments because. the governments and the. a central banking system in the c.s. money system and even with gold and under the control mostly of governments and gold bullion banks people do not have really the

pretty huge for them despite valuation i think it's a good cut on both let me say this quickly, master card and visa times earnings in this environment i think those stocks should get a little expensive. which might sound counter intuitive. master card and visa might be getting a little longer on the tooth. back to you, wilf. >> interesting i'm going to take the other side of it. i think the big banks are so ready to fight back and offer unbelievably good technology on all these types of things, and it's going to eat into the pie of growth for some of these things >> you're the bank guy you and jamie dimond hang out, salt lake city or wherever you go sit by the pool you've got the scoop that's what makes markets. >> i've certainly sat by a pool with jamie that certainly would be an interesting interview. we look forward to fast money coming up at 5:00 p.m. on the show we've got a guest, andrew left, always some strong views from andrew don't want to miss that. >> now, there's a conclusion to the santa monica scooter showdown, which companies are allowed to operate in the city >> cue the video of wil

how many times have you or had to change the visa or master card number because of fraud it's the mostgest computer network on the planet. 7500 times more powerful than the next most powerful supercomputer. >> a couple of important points when jordan bell fortunate was talk about icos and the pace that is had scammers not talking about bitcoin, in terms of the security of the network itself, this network itself is secure. the hacks have happened when against the exchanges which is completely two different things. the security of the blockchain itself versus the security of the exchanges. mark i'm curious, in terms of your very 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 previo

one of the most outrageous is the ban inside china on master card, visa, and american expr s express.y have their own credit card. they want it used worldwide. i think they've pretty much exceeded our cards now in terms of global market share what stefan is referring to, that's what we're facing at the margin, can there be a deal, and both sides say we've made progress? yes. will it be total structural change by china? absolutely not >> all right >> just one point, which is i dealt with the vice minister of commerce, the predecessor to vice minister wong, and i will tell you in numerous meetings there was never a single time where i felt he was not being candid and straight forward and honest, so to your point, can we trust them and believe them when they make affirmative and definitive statements? my experience would suggest the answer to that is yes. >> okay. stefan, thank you so much. michael pils bury of the hudson institute. we're going to stay with politics john harwood is sitting down with a man who may have the most pivotal job in washington. representative steve stivers in sh

master card on the pullback does. >> i think the credit card names, visa or -- both are outstanding, and we all toy with which is better not? i think master card is actually better >> you are damn right. i added it to this morning >> there you go. >> good stuff. thank you. dustin from new york says j.d..com is at a 52-week low ahead of earnings. is it worth a shot via call options or an outright buy you got it >> it's probably worth a shot, but i talked about this one last week bought it last week. the calls went right in my face immediately. when the calls lost half their value, i dumped out. our friend gene in philadelphia asks on the pullback would tiffany be a place to look for earnings valuation, though, high. you used to own it, jim, so what's the sorry >> first off, the valuation is more than a little bit high. i think you wait the fall has traditionally been a time to buy this in temz of seasonality. i don't know why every summer something seems to happen at tiffany's, but i wouldn't be surprised if they said china demand is lowering because we've seen some china gdp numbers or industrial production numbers tha

mis evangelized people have marketed bitcoin as a cheaper better pay pal or a cheaper better visa and master card i think that's a complete category error it's completely missing the point of what bitcoin is and why bitcoin is important because it is not meant to be a consumer payment network because it will have consumer payment networks installed on top of it because it is more like a reserve assets or more like the base money that is used for the settlement of consumer payments so this is the point of my book was really to try and explain that in the title of the bitcoin standard tries to get the point across by drawing analogy with the gold standard and i think this is really the better way of understanding how bitcoin functions as similar to the gold in a financial system and then consumer payments are layered on top of that the last continue on this idea that's gold outside of the governments because. governments and the. a central banking system in the c.s. money system and even with gold and under the control mostly of governments and gold bullion banks people do not have really the freed