first a protocol in which every participant maintains a separate database of how much money belongs to a user secondly a variant of the first system where the accounts of who has how much money are kept by a subset of the participants who are incentivized to remain honest by putting their money on the line so obviously copy some of those in the evolved it evolved from those concepts right well you know i say often that if you look at gold as periodic album number seventy nine it has unique attributes that make a great for money these are you a big point that it would not born in a vacuum it has got forty years of history to it it's evolved to all these technologies it's a unique protocol and it like gold it is attracting a huge amount of capital force for the for the achievement and you can say that you can simply go out there and create another one there are competitors of course just like there are competing species on planet earth for energy and survival but there's only one the apex predator or that is man at the moment before he dies of
all the garbage. that he goes into the two thousand as you mentioned gold and that's one of the ideas like all the ideas from our history of money from our history of privacy of being humans and evolving higher intellectual you know you know speaking freely amongst each other in these groups and speaking about ideas no matter how crazy or stupid they might seem and they invention emerge into powerful you know robust systems so he mentions how finney who recently passed away he in two thousand and four created work which was called the reasonable proof of work which built on the backs hashcash and then of course in exile though in two thousand and five he did big gold which was digital collectible so these ideas obviously you know bitcoin is often called gold two point zero will. in fact the i.r.s. does qualify it as a commodity as a property and ask. like gold so these are this is the evolution and then he's
predicting where the future holds out on this right also the white paper the toshi why paper has it's a big system for additional cash transmission and moving digital casters will cash paraphrasing which is sets off most inquiries into this onto a bit of a skewed path because they're looking at it in one use case the the replacement for payments use case which is to ignore the entire history of this entire movement and ignore everything else that this can possibly do including the obvious references to golden letters of the white paper gold comes from dervish and from a big golden disk all has been stored values always been a key to this whole thing store of value means of exchange of payment system or actually what the genesis the origin of this is about privacy i mean through all the mit genesis is about privacy and the ability to protect that electronically
ended up with where we are today the cypherpunk movement is the genesis movement to others to fuel one of those even. going without first studying the cypherpunks that's why feeling so she's white paper in two thousand and eight did mention it he mentioned has cash and be money and he in fact sotto she emailed way day directly and mentioned that he learned about the money from dr back so this is he whoever said toshi or they were came from the cypherpunk movement and it's important to understand the research cypherpunk because many people stress about prices and that but it's about an idea it's much bigger than just prices are there's a saying dr baca still alive these on twitter he's on twitter and if you have a quote you know if you want to find out what it's about is a really big cash ask him ask dr back with these things about it he'll give you the straight dope all right well we've got to take a break we'll be back with love more right after the break.
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a problem. these are the hawks that we along with all love washed so. welcome back to the kaiser report imax keyser time now to go to miami speak with richard hard he's a bit coy with susie as to knows what he's talking about actually when it comes to technology and derivatives trading i've been following his you tube channel for quite some time now richard welcome thank you max pleasure being here i guess we can avoid we got a look at this big coin cash is trading just now there's a lot of drama it's the drama of the month club on bitcoin all was you got some
insight into what's happening a big cash can you dive into that a little bit richard oh it's real simple if i if i made a report cash and then you know had somebody dress up like you make a separate channel and then told everyone that it was the real max kaiser be pretty upset about that when you put a lot of years and work into building up your brand and making something of quality to have someone else come along that had nearly no say and how the thing was built never wrote a proven proposal never improved the code you know basically a leech you know if a leech came along and said that max kaiser cash was a real mix for kaiser report you'd be pretty upset about that and in the normal business world it would be illegal lucian it's you know stealing the goodwill of another company through confusion for your get rich quick project so. i don't like
people to pretend to compete i like real competition real competition means you get your own name you build your own unique value add and you compete you compete on price you compete on features you know if you cheat and you just copy and confuse people and have the maximum similar logo the maximum similar name the maximum similar user experience but behind the. scenes it's totally fake you know the same developers don't work on your project the technology's liking behind you know. it's gross and it would be illegal in any legacy business but because no one owns the big queen dot com or you know name it's hard for them to find a legal standing by which to sue the impostures which is unfortunate so there's a couple of points or first as as you're getting into that there it's plagiarism clearly the big cash plagiarising they're there pirating the bit coin name and
also i guess you could point to folks in this trauma like roger fair for example they have control over big going dot com the domain name which is mary misleading because people go there having heard about because and then their lead into something completely different you betcha on your podcast before and your youtube channel that the developers i created bitcoin an actor like roger verus profited handsomely from that so it's a real kick in the teeth to them plagiarize and steal the name still the brand and come up with this clone to come up with a you know a bad chinese imitation as some of called it but there's another part of the drama and then now you've got financial media like c. and b. c c n b c fast money are now entering into this without doing any due diligence without doing any research they're pushing what's clearly a fraud and this is this is i want to get your take on this because this is new to
the whole crypto history of space and that you've got now c. and b. c. bloomberg and other mainstream financial news is now covering crypto how is this going to play out your thoughts richard libertarians hate government intervention laws rules they want everything to be peer to peer they don't want big brother involved and they forget how the past really was. and every one of these laws and regulations came about because someone was doing something evil or shady. and. time goes on these laws of protective people they forget why the law was first instant instantiated so you know you've got people showing their own bags on financial media that are heavily invested and that type of activity is not legal in the in the stock market you know you if you're if you're
the c.e.o. of a publicly listed company you have to abide by strict rules regarding forward looking statements and making promises to people and insider trading and because crypto currency is are not regulated in that way all of the problems that you saw in the past from people talking their own book insider trading you know wash trading where you pump up the price by selling to yourself at increasingly higher prices you know all of those problems are they're back they're here again and this is funny for for people that hate the government so much to complain and cry for government intervention intervention when things go wrong like this be cashed launch on g. to x. they told everyone that it was going to come out in january and they surprised watched it why would you surprise launch a new financial product increasing volatility volatility decreasing people's time
to plan decreasing people's time to have their coins where they need to be terribly terribly stupid. to no one's benefit except insiders and you know. if if if there was ever reason to see the financial regulators come down on their currency businesses in the united states like going against your own road map and instantly listing something against your own advice days earlier. i can think of a more clear reason to demand it you mentioned claim based on jade x. there san francisco headed up by brian armstrong and this is been a tension in the crypt documentary for a while because you've got the corporate crypto community you've got for example a coin base you've got bit pay you've got other big corporations who are tied in with v.c. money they're looking for exit strategies are looking for quick quick profits this is been a bit of attention because on the other hand there's a part of community i guess you could call it the cypherpunk community going back
to the origins of bitcoin and the technology that came out of the cypherpunk movement and so these two not pitted against each other in a new way on one hand you could say this has been going on for hours since the creation of big coin this is always been tension there but secondarily or another way the question is got to be asked if in fact we're recreating all the problems we had with wall street all over again what's the prognosis for big coin will it get through this latest drama with your thoughts on that you know you talk about conflict of interest one of the investors in pitt pays roger for roger verbeck i'm speaking as hart he holds a majority of his savings in be cash so he says publicly and it would match with clothing that he wears which is always a b c h please shirt used to be a bit coin shirt you know it going jesus turned into big quinn judas now the only things he says about the coin are negative and demeaning just pretty insulting
based on the fact that his little get rich quick project is built on the hard work and effort and labor of the because encoders that built it you know when he stole their work or is benefiting from their work when he forked it and didn't just take the code took the name took the logo and. so now we don't have that problem just with roger for we also have the problem with brian armstrong quintus he doesn't like to coin he holds a majority of his wealth in a theorem so i hear. and every time you hear him speak about that point versus there him he says you gotta go where the developers are going so i think it's pretty funny is that for the developers are going to lose money that's where they get lured into a honey trap of making buggy smart contracts that lose millions of dollars it's much harder to make smart contracts because that lose millions of dollars because we've purposely restricted the attack surface so it's harder to screw up and lose money so less money is lost o'brien armstrong one of the you know the c.e.o. of the biggest on border in united states right now doesn't like that point so much
so he hasn't implemented segue which gives us twice the processing power and you know more security transactional ability secured basic boost to secure it all these good things that came from. being implemented you know brian armstrong's team doesn't do and his team also doesn't improve the biquad protocol and no one on his developer team makes any improvements to because well that's pretty terrible you know when their core product that they sell the most of which is because he speaks negatively about publicly and his team does nothing to improve and he rolls in the the disk oppy this terrible copy that doesn't even have segway it. it's bad and it's all conflict of interests and you know i would be happy to see a financial related later or the directors of coin base replace him a c.e.o. because i do not believe he's treating their core product fairly and if you saw this most recent launch of. the b.
cash token. surprise release which wrecked a lot of people's entire wealth you know life savings lost. i don't know doesn't seem like the kind of guy that should be in charge of a billion dollar endeavor let's. for a moment here. talk about what your view is about why let's say bitcoins pushback i mean what what's happening on the other side of the equation we have continued adoption of continued awareness. where do you see where do you get me some good news a big client you know because one is the only product that has good legal. backing so there's laws which specifically name because one that allow you to get good bank relationships with it to get custodial services for instance or gemini where a larger institution could purchase a bunch of decline and have a license insured bonded reason to believe it wouldn't get stolen or hacked. other
crypto currencies don't have that we also have the c.m.e. futures the largest market the entire planet the c.b.o.t. which does about a quarter of a volume which is still quite amazing we have the best developers in the entire world working on this we've got first mover advantage the greatest liquidity they most secure platform software that you know isn't buggy really works doesn't have emergency down targeting problems like the fake impostors have had and you know we do have some problems we have a unit bias problem where you know people want to own a single point of a thing and since milli bits isn't popular they choose things like light coin or b cash because they're cheaper and you know that puts the coin a disadvantage on a product like point base where people just want to buy they just want to get in they don't have time to figure out what's good and why so they just click market buy and you know they get they used to have three products there they could market by now they've got
a fourth product unfortunately the worst possible product you could add. or close. and it's going to be a fight you know if wall street wants to step in and start long in the futures the declines going to you know more dominance and the old coins will die more wall street doesn't want to step in and start long in that futures contract to take advantage of the new cool institutional relationships and i think the zero coins are going to pump and people are going to take advantage of that you know this bias and try and get that next you know smaller market cap easier to a point that might give them a higher percentage return it's going to be a fight so richard you've been in the game sense i believe twenty eleven we started covering big coen twenty eleven you know we've been in it almost from the inception we've seen more than once at least three or four times massive corrections in the space fifty sixty seventy percent ninety percent in one case where are we on the timeline there do you i mean first of all i just about instead of asking you that
question let me ask you this can you stick around for a second segment and we'll get into that in a second segment yeah i love anyway thanks for being on this segment richard hart and that's going to do it for this edition of the kaiser report with me max kaiser stacy herbert like to thank our guest richard hart he's got a outstanding you tube channel check it out if you want to catch us on twitter it's kaiser report and so next time. it's the cradle of jazz. jazz. the city of climatic.
come. up in the program israel offers a cash incentive for illegal african immigrants to leave the country as the prime minister calls them infiltrators on threatens force if they don't go. i. am in miami nine at night in belfast and just after midnight here in moscow welcome to r.t. international i mean o'neill the u.s. is suspending security assistance to pakistan its long time ally in fighting terrorism in afghanistan pakistan is being accused of not making a serious effort to fight terror groups we are suspending security assistance security assistance only to pakistan at this time and till the pakistani government
takes decisive action against groups including the afghan taliban and the hakani network we consider them to be destabilizing the region and also targeting u.s. personnel the united states will suspend that kind of security assistance to pakistan at the same time donald trump's twitter diplomacy has provoked a furious response from pakistan's foreign minister he has blasted the us president claiming islamabad has been a reliable partner in the war on terror that was trump to say samir a come brought us more on that earlier. well the foreign minister of pakistan has issued a fierce response to trump accusing pakistan of providing safe havens for terrorists there fighting in afghanistan in not one tweet but three take a listen for yourself you ask what we've done from our bases you carried out fifty seven thousand eight hundred attacks in afghanistan thousands of civilians and soldiers became victims of the war you initiated we stood by you treated your enemy
as i wrote we feel guantanamo bay now history teaches us not to blindly trust the us we are sorry they were not be but we were not to mean ourselves any more and the foreign minister hasn't exactly held back when it comes to this particular issue he even said in the past that the terrorists that pakistan is accused of harboring were once quote darlings of the us who are being wind in dined in the white house so trump's tweets rightfully struck a nerve and immediately following those tweets pakistani officials converged for an emergency security meeting to discuss the issue but pakistanis in general haven't taken trump's tweets so kindly and ironically enough it seems to have united the country's warring factions for example imran khan chairman of pakistan's they have akin soft party had a pretty interesting reaction calling truck mentally weak now the u.s. has even placed pakistan on a special watch list for allegedly violating religious freedom but with all that being said the war in afghanistan is far from over and the u.s.
has already lost thousands of lives and spent trillions of dollars but without its neighbor support it's unclear how far the u.s. can really go. while afghanistan is continuing to face an islamist insurgency on thursday i still claim responsibility for a suicide bombing that killed fifteen and injured many more local journalists spoke to me earlier on that it was an operation against alcohol and drug dealers in an area that's not very far from the center of the city when the rapid reaction force members of the. law and order police arrived there was. a lot of members of the police force the afghan government is finding it very challenging to prevent these attacks from happening in bigger cities including kabul in cities are now a front line board for islamic state as well as for the taliban one of the warring
concerns here is the existence of sleeper cells in the fact that the afghan government has very little knowledge or very little power to prevent these attacks from happening. the u.s. on site korea have agreed to suspend joint military drills during the upcoming winter olympics in pianka chang. picks up the story. there will be no military drills during the olympic games we've seen a statement from u.s. president trump that says that he and the south korean leader have agreed to continue putting maximum pressure on the north however they will suspend the military exercises during the olympic games now they said the opposite originally but the position seems to have changed let's take a listen to what was said before by the leader of south korea as well as by rex tillerson. it is possible for south korea and the us to review the possibility of postponing the exercises and i have made such a suggestion to the us and the u.s.
is currently reviewing them but these are two sizes a bit old boy for many years i'm not aware of any blooms to change what is scheduled now it's been an intriguing turn of events we've seen phone calls between the leaders of north korea and the leaders of south korea at this point the world has seen the north korean leader he made the statement about how he has a nuclear button we then saw the tweet from u.s. president donald trump saying that his nuclear button was much larger however there's another turn as trump is now tweeting out that it's his rhetoric and it's his words and his intervention that is responsible for the north and the south talking to each other and coming to an agreement so it's quite an interesting turn of events as one watches the korean peninsula so as the olympic games approach people are wondering what's going to happen people are concerned about the safety of the athletes who will be participating all eyes are on the korean peninsula
earlier we spoke to tom brooks the dean for britain's durum law school he say's the decision appears to show a willingness to deescalate the crisis but want comes next it's hard to predict. well i think it might go some way to diffusing tensions it's true that there are lots of tensions around i mean donald trump's recent tweets and threats would seem against north korea have really been president it is during these games that whatever the other differences are between north korea and the white house that they will. you know that they will kind of hold off anything. during that time but. one doesn't know what to expect from either e.g. you know donald trump is proving he's very difficult to predict what he is going to do next whether that's a cause of poor planning or it's his intentions you know only he and his team will
know in north korea is not the most predictable of regimes either these are two leaders that could do something very different tomorrow without batting an eye and . i wouldn't trust too much what they're saying or and you know no idea what they're really thinking reacting to the north korean leader's claim that i nuclear button is always on his table president trump retorts his button is bigger and it works but it looks like that's not the only thing the u.s. president assists is bigger better. but look at those hands are they small. and he referred to my hands of this ball something else most peaceful i guarantee you there's no problem. i have the biggest crowds biggest at the biggest ending ovations best the best in
the world the greatest health care plan very very successful i would build the greatest war you have ever seen bias i happened to be underrated by the way. the. bragging about who has the bigger but no one got the big money you should be bragging about the size of your soul. moving on israel is ready to offer african immigrants money to get them out of the country if they disagree they could face jail officials estimate that around sixty
thousand people have crossed the border from egypt in recent years and a third of those have already been deported the israeli prime minister has labelled them infiltrators and said force will be used unless they comply. today the cabinet will approve the plan for deporting the infiltrators from israel where doing something here that is completely illegal and completely essential infiltrators have a clear choice to cooperate with us and leave voluntarily respectively humanely and legally only have to use other legal tools at our disposal i hope they choose to cooperate with us. earlier i debated the issue with writer and political commentator of a door asking to be in levy from the israeli newspaper ha'aretz we face the problem so-called problem of some thirty seven thousand salim seekers refugees who are