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WWL>Topics>>12-12-13 12:10pm Garland: on bitcoins

12-12-13 12:10pm Garland: on bitcoins

Dec 12, 2013|

Garland talks with John Galinos, CEO/President of TPG Rewards, about the new internet currency Bitcoins.

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Automatically Generated Transcript (may not be 100% accurate)

The forgotten people donated money right now all at sea hunt for him sooner or if you lose -- or have more well here. We're here helping collect money second harvest food bank and people that are hungry in this country believe and -- the million Americans. All right that's how power and talk about something but it went through shall forever. It's on the call it corn Matlin and tons of men jumped right in drug related suits CEO president he PG reward. It's where the you'll appreciate the call. Well I've done that show before and I a -- light that that I need to go to. The slow learners class. Helped me again what is it warned in. Yet so. How'd you mine. The -- Part of -- oh. Caught in the and it coin is a virtual currency. That he used his and that a lot of different places. The gospels and. And on line. Because it is. Don't need to mind. Need to do different ways of getting the claims. The what you hear often in the news is. Mining process that this plane which. And that the war. People that have come from computer knowledge. And sophisticated. Computer equipment they can. Couple complex mathematical formulas. Through that prod all of approaching those numbers. And the pound Matt yields declined. So that they -- to find Utica. It's a -- because it is thought that the goes through. But the that Clinton yielded. Through that process and the Narnia. X amount that can actually be apologies. Mathematically impossible. To be more open net to that that you know -- -- Japanese somewhere in the 22 million range in terms of total the court to be able to -- Generated through the problem. -- -- -- -- -- -- -- -- -- When you immune. Have you the court right mental. Note billion. Million court. -- people get it when there's that small amount. So Soviet its certitude that it typical ways of getting them but quite a long ways -- -- -- process that they has become. Increase certificate a lot of big money is is is is to suiting. Does cost money but by -- could mean more expensive. Computing machines so cool coal processing capability. To be able to and -- -- Mathematical form is if you -- to eventually yield at that point. The other way of getting to the point. Two other -- getting the point party the go -- line. Two in exchange. And use. Your credit card or -- regular cash from your bank account. And exchange it at the existing rate -- -- that that marketed pretend that dale -- at that point is it is. Is -- -- to that. That -- -- -- fluctuated dramatically over the David over the last year beginning of -- he has ample. That claim one that Clinton was list somewhere on you know fifteen to eighteen dollars. And more recently it's it's it's in this 1300. Dollar -- And so lately has gone up by dramatically. And part of that he's got a dramatic is particularly in the to supply and in the Turkey's interest. Among them a particular group of people that finds its currency at a peaceful Europe -- different reasons. What -- -- -- and gentlemen will not Horry. The -- 15100 dollars she looked like it was about what and maybe a couple of feet wide. And that was his machine room and the -- that war. Bigger. Core -- electronic arts. Trouble getting into would have been to lead the news is that what you gold group if you want to go get the -- Aren't you can go to you don't have to go to that trouble to do that in fact. -- -- company. Is a reward and incentive company and so what we duties. We create rewards for. -- packaged good companies and we don't have big machine going and and being in the mining process that's almost. At different process it is what most people goes through. What we do is go to one of the exchanges. And effectively bar. It point to exchange the coins. We used to that's. And then had a bank account if you little. Up quite a bank account. Today and the count we we have I'll bet claimed. Great to be -- it. And and so you know we the original. Before that the weight -- -- -- one is minding wondered -- the exchange and encourage them if you have the temerity. And then they'll be -- -- -- he's from some consultant moderating happened two with a lot of merchants these days. To allow for consumers to pay with -- -- Purchases. You know paying with cash or you restore. When you -- a lot of -- soon you're talking about. Hundreds of thousands tens of thousands millions. No I would I would say it probably tens of thousands of them at this point worldwide. You know in the in the U this year there. Probably about 121000 also businesses in that range that and except that point in the broad types businesses. Involved in the going to be a deal of interest to accompany dot com tells. We're words in helping coach and -- that there. He wants and needs. As a as a as a philosophy. You know -- repeat today is something that we. We might do as an example for promotional campaign. And they are retailers line that that would exchange. That calling for -- a week. Intact is one company that we work with that. It's he's the name of the company's. Peaked at four points and they're effective he. That she would go on line and make approaches from Papa -- dominoes horrible what the -- -- -- -- -- -- company's. I'd through their life changed a bit coins. Let purchased and made an organized. The. At that transaction with Papa -- themselves and in the pizza is deliberately. Aren't. A mortgage backed reminders -- in -- business -- the one million that going in the world. You -- An idea of an encrypted you meego from. Somebody calling himself. Cool -- but hate you send you wrote something along those lines that started all this is that correct. You did that that didn't today. I would say a pseudonym for. Some organizations that tickets and it actually individuals that might take -- -- I don't think that that that person to really that if you will and. Nobody really knows how this -- -- nobody knows. Aren't -- with one of them in the or Whitfield with the let's go back in history and I've sort of your currency. And as soon -- this thing based on the dollar admiral we're gonna have 21 million of them. From what you mine or live in -- whatever is it. How does the corn -- how does it become a worldwide currency. With a leaked one -- one million quarts. Well it is certain is that. Point is obviously the ink the eighties and sent it to that point right now say nobody but them. The government is that a -- was built CBA currency -- transactional currency. Kind of appeared to the other. But the we use and that much like he might do they PayPal he got paid brain and other business plan via PayPal and that was done to be much more efficient in the paper now. -- -- The need to be paid in the election. Today promising -- them which doesn't have to -- of these -- or. To change -- to two -- to call it like that. And if you look like -- -- the -- the you would have to do as a parent you can vision and and and and -- nations to do that I was -- it to BA -- accepted. Currency. That. Did you contend that. Like it repeatedly. What happened and I think that's an image standpoint because you know it is. Mathematically impossible to increase that that amounts. Com it's also now become -- -- the commodity. Of acceptable little like you know medical the world or stock. And doesn't -- into stride now in this case in this and card and that limited. Supply. The demand is pushing their pride top dramatic. The -- -- to become a successful. -- the the way you use use your notion described. The media haven't been able price point. So that it doesn't continue to have these wild fluctuations otherwise. People right now and -- about climate voyage -- -- If you keeping its biggest market might be much less than today of course in vehicles and trees could collapse. I think -- People more optimistic sometime and optimistic that people behind him holding them and you know. So far would be right it's been banged up it's probably one of the better that you could have paid. Is that here. So well that that is you know I think the -- and if you rule is felt pretty but the potential downfall all's well. -- as a currency. -- why wouldn't you concerns it's the issues. That read about it you know his regulation. It is in the gun control all -- it. -- -- that come and Bill Burton he has come out -- and and given credible way forward for the -- You see any kind of federal regulation the world -- regulars. I think that'd probably inevitable mean I think peaceful world for many of the reasons that -- get in the package awful. Call the authorities. Those reasons and B. And you know some some people have been using that coins TTE connectivity. Perhaps buying drugs and things of that nature using the -- Some people. And if you pay taxes an auto reasons why a government officials ball or intimated. Understanding that it does to social currency controlling it and to to expand as is that they can. Themselves from my perspective. Since the or more interest in helping. Not packaged companies. To sell their product in use in the center of the border station in the mortgages. And. -- put on the practice today. And I think that started really happened I think he had attended hearings. Late. Acknowledging that the Clinton and Canadian real currency but two days had that problem may -- that it -- -- the -- at -- -- It's not -- it has today it has a real meaning. That needed pretty patient. I think he -- not to use some of the Federal Reserve officials common that is it is a legitimate content type of side transactions. Will guarantee you'll. -- -- -- I think the more that happened more of what will happen. And I think the more on the that did not happen. The better it will be a couple of jeopardy if you will all of that told you -- the -- the -- Wanted to. Fascinating stuff I appreciate the time during my actions. We're gonna continue to shoot two veteran in that we'll look -- bugle call you leader Dave thank you for the call. No problem thank you. Our cover and actual talk to professor of finance a -- about the -- If you have questions comments Gibbs called to secure one they haven't -- yet. Broadcasting live from the -- training center. Been lucky enough number have -- on -- boulevard. All we don't eleven ticks left it's a parking bury it in the Arctic in no time ago. We're trying to raise money for people look at who. Thanksgiving Christmas and second or food bank doing it. Where did you dollar bill would be canned food really to prove in the that you got ringgit on winning here.

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