Oct 28, 2013|
Bitcoins and internet virtual currency is this the way of the future?
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Automatically Generated Transcript (may not be 100% accurate)
Over your door read about something -- bit corn BI the so you'll in. Woods. Fascinated by it because it's an -- line and virtual currency. Nothing you can. See touch feel and and I thought war hundreds of Fort Hood a couple of shows on the looking back in my notes in this would've -- report. But Cohen's actives and oil well and virtual currency that operate by person to person exchange. There's no bankers' central monetary authorities such as that reserve to regulate. Or the government to issue did Cohen is owned by its users. Became available in the usual warm round 2000. And of wonder had a billion dollar bid corns are on the market. The advantages include lower exchange these new variants and you like country. And accounts that can be broke and the -- do fluctuate in Bellevue. -- -- -- -- -- -- -- -- And Oprah did the shows I just couldn't decide because all you experts I talked to. Says businesses. You know live by and me -- -- in cruise. That techies loved to talk about his blood. It it has no basis suited it doesn't have the structured to succeed. So there is nothing to its approach about. But recently I've been reading where the beds are concerned that criminals and they abuse and recently have been dreaming. People. That. Hedge fund operators and it's some of these. Highly motivated by aliens -- in the investment world or making small. Incursions and the courts. Does it the body doesn't look like it's dead it's to some experts are better and in this. -- -- new York and with the Wall Street Journal writer Danny welcome to shore -- church going and -- It's and to and to me when windows induced and it's opened quite get it. This that this one opponent with Lieberman your government decides how much money in general. Good corners generated by miners. In money in New York. Miners like young people. Use natural so awkward to solve with -- problem. -- issued the corn in exchange can explain it. Yet -- the pressure that a -- myself I -- first greeting about it and DH is that there are certain formula. How big corn will be created you don't you know and that -- Asian. Which you can you know sometimes -- -- -- -- too much money. The EPA keep you know reasonable expectation or badly or go online bet. As you mentioned and it's still very hard to do you you mentioned -- entire corn market is so I billion. Two weeks ago that was true note somewhere on the order of 2.4 billion and a single big coins were more than 200 dollar. Note you -- again let me go back to OK let's say -- -- when the government computer. And what about some -- courts aren't special software and we're and we're -- get the special software. That is open source tree. -- you used. -- and it's -- -- Yeah and you'd -- -- over question a lot. If you like deep into the market. And her mentioning earlier BAD days. To produce to -- Korean -- is really nothing more than a computer this is now you know. -- actual calling her. -- anything in the physical world. And eighty days to predict -- the traders a country you know very complicated hard wrap up on your computer at all. And because these problems are so hard you know to such a hole -- your computer actually you know. Your computer. Eat out because -- thinking so much. It's impossible for anyone you. You know produce millions of declines and all of a sudden becomes very wealthy and the Internet. So when when you put the software in its solves the math problems for you -- sit back and wait for it to say okay. Exactly that a bid -- and sort of. Exactly it's not a matter -- You're -- -- problems over -- seeing your computer typing actually make all special. Computers beleaguered. Dirty could have screen inserted him in the corner and mind calling. Flurry in the eighty days. These -- problems encryption to produce what the calling is so hard. That the computer you just keep on working. All right only have 20000 more questions for him. And let me -- corporate and steal ten more minutes and time -- come back we're talking about something called -- Cohen's. Williams and -- we got a couple million people that tilting there at like mine dog. When major did squeeze. We will priorities in what it is if nothing else I can guarantee its interest. Governor bill bigger celebrity -- on three. Returned at about Olympic gold book warns it's an all England virtual currency that operates by -- person to person. Central. Monetary authority and virtually. Buried little affinity regulation. We have -- -- -- -- -- with the then ignored numerous limited time soon you will definitely the go to -- San Francisco to David David welcome to shore appreciated the call. Pay -- Garland long time -- talk. I would stay loose because Ralph -- one of those it's talked about alternative currencies. For many years and I've been kind of struck by the idea that bitcoin is. If you go to Wikipedia that later describing. Bitcoin it's it's managed by a bunch of secretive computer operators. And I'm wondering about the fluctuation. Idea. For example if you look at Ralph Nader's idea we would use his reputation. As a means of exchange. And so some form of being able to register what you've done in the quality of your work and then you would be paid. According to the qualities your work and your reputation would never be able to be stole. Currently now if you put up. Pack in a pile of money and your mattress and somebody comes and steals that pile of money than they've stolen your reputation as well because. Your collateral is gone through your reputation disappears but if you come up with a form of currency -- -- registers you reputations. That would never be able to be stolen by someone else. Is it in pursuit interesting question to deadly. Isn't dog -- Cox should net. A web site that provide proof of that in the -- million in checks on your reputable so. Oh look there are several that that -- you can exchange your bid calling. Too hard currency there were used here. The important thing is in Kurdistan in the record is now controlled by nearly a cadre. Jeanne. Leaders in this state unlike unlike other alternative currency beast -- the past. How -- or read the news not only is an essential bankers who know who. Central authority yes there are some people who came up with the idea that -- It sort of and so in motion. And it is now just working at it sounds like that's like hundreds of people in the exactly. That. I mean some people would disagree with that and -- -- and you're getting there. And and at this point in time to use in the evidence that this is actually gonna become a viable in the two. But. We are starting the term across several sectors of the economy is in a text saying they're legitimate distances. Accepting it you have everything her arm OK keep connected via online -- today. Into the unit by -- we -- equivalent of Google in China. For some software services. So I mean. What about this article is that. The concern in law enforcement circles and are quite there yet that one of these virtual currencies is there's been a lot of them over the years. Dean's surge or put holes that it is not -- that it is really you know become part of the economy. And you know at the very least it's undeniable that they'd be -- and. And it and and at this point. Then there's no real way to launder money and this is clear there's such a limited amount of big -- in person ball and second of all there's a lot of hoarding -- or not. I mean they like it and do great rule readied. Laundering money there's certainly a lot of concern oh. That people are using it for illicit purposes. And they need to do a couple of things I mean why you and you don't necessarily. It did Sally you have to get recorded immediately traded cash you using -- other. Good on line in can sort of be separate economies you know. Does not -- -- using a bank account -- name your address your sugar and. -- -- question. And unfortunately I don't have their names and program. But the movie about the every generation that FaceBook in the twins. Deborah fighting. Choke -- ago over FaceBook there are some of the biggest investors in the world now in debt -- And obviously did quite a bit of money to invest is this something that that legitimately. A major legitimate highly qualified. Investment types are looking at and using words it's still very eyes and. No you'd -- really good point there can gear. Your uncle. Currently it's -- it's happened -- Yeah. But yes I mean there's -- theory you know. Highly successful. That widget and investors. Who are putting money needed to -- this year is at the -- Future. And in action I reached an Austrian sniffer article were able to connect. But there are a lot of people who need to really push back against this idea that -- calling. It's a problem -- personal or things like that they'd be viewed it that way you make your Internet financed much easier. I period one more question very short approach. Muted their government scandal how old news to spread to them because. How did they collect taxes out of day. Get a government. Funding. That they can love this -- on can. Well I mean government actually. -- are we need to prepare for and she actually had the -- indoors you know well out declined to go on an even in the US. Our regulators are acknowledging it and and he. Not a performance you know official currency but you know something that exist in cup and should be subject to regulation. And so are we -- that scene you know western government. I cracking down on this and there's no sign they're going Q and whose beginning he noted that never record -- still so small -- Even if it's growing. Without actually you know we're we're so so -- are replacing the hard currency you -- Dalia I appreciate -- building and thanks for calling -- you have great today. There and Jordan wolf for journal writer if you don't cure and his group were thinking about something Britain -- It does sort of way. Worth thinking about that -- it's on -- online virtual currency can touch you there. Even -- than own lawn. And it is the reason I'm doing good we did the show little over years ago you're. And we had a number of experts from all over the country -- -- -- three issues on the and the -- differing opinions but the only thing they all agreed on was. This won't last it's got a very short period of life it's not sustainable. But here we are it was created in 2000. And 2014. Quiet I had told you. The rebut. 101 point five billion dollar with the chords on the market and a bit Cohen was a 142 dollars. The Wall Street Journal. Ryder. Said -- those numbers are bond there with a whole lot more than in there's a whole lot more. Currencies and -- chords out there right now again for those -- -- Georgia's. This of what it is used in Portland virtual currency. That operates by person to person -- exchange. Nobody. No central monetary. Authority like the Federal Reserve. No regulation. No government issues the -- cords are simply owned by its users. And apparently this -- within a couple of tech types came up with the idea. Put an open sores which means -- -- had known that there's no ownership on to anybody interest did take this and do what you will work. And they created or currency by doing that. Have said became available in the usable form 2009. And the advantages when you take a look at include lower exchange duties. No veterans in value by country. And accounts that cannot be broached. Good -- and do fluctuate in belt he'd like most money. Would paper money the government decides how much would generate this of the port that confused me but I understand it better and after talking to our. RO earlier expert. To get a bid cordon they would call you won't mind. And what you would do you'd gore don't group and you would Google bid Chordiant Software. In the its initial portrait. And the experts. Once you install the court the teleport. It is so complicated and takes so much so I mean literally heats up your computer. What that software develops. Its solves extremely. Complicated math problem. And I wanted to those you're issued -- Coleman's. In that or lines in exchange. Big -- operate with a mole. Computer program that create what they're called personal. Wallet reached user and the well. A lot of the -- decision. And received that cordons. -- cords used cryptography. Code. You can cruise creation and use. And all transactions -- logged in to shared. Public ledger called the block change unlike credit court prints and -- The court entrance that actions cannot be reversed. You'd be changer moment. And that -- are required through perches at a big corn exchange. Or personal collection with someone who has been cordoned. Or payment on goods or services -- -- words their stores out there and their businesses out there. Doubled except in particular. Business you're doing over the Internet -- says that courts. Katzen the little bit more. Understandable. But still. Questions. -- and actual talk to a specialist in banking and Annette from markets about bid chords you curious she got questioned that comment. 260170. Total three point 66 -- -- and -- -- every. Doses. --