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tv   News  RT  February 8, 2018 9:00pm-9:30pm EST

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exactly well they're getting in on the game and i'll go into some of the details about how significant this is because right now by the way they're real the only two. chip companies that control a large part of the market are a bit maine and then taiwan's t.s.m. c. so they control a lot of the chip market in terms of the fastest mining and most efficient mining capacity but here they're samsung is getting in and they're like top of the game nobody can compete with them on many different. aspects of a production of semiconductor for example for apple but local media outlets reported that samsung partnered with the chinese bitcoin mining equipment manufacturer last year and finished the development of its chips samsung which operates one of the largest semiconductor as i said manufacturing plants in the world will manufacture and supply cryptocurrency mining equipment to the chinese market first which of course is funny because you know it was just announced that
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china is banning. mining of bitcoin in china south korea saying we're going to provide some mining equipment these chips for china. some people say that again that's just fake news as well that we're or we're misreading the statements coming out of china that china just has there's a problem with the local corrupt officials who are doing deals with between miners getting the taxpayer to finance the electricity for the mining operations and taking all the money themselves so again we don't know really what's going on in that part of the world but right now in the long term samsung plans to expand its my new equipment venture from china to all the regions like south korea and japan that have a stronger demand for cryptocurrency than other countries the reason they have all this confusion is a national governments in various locations still don't even understand what crypto currency is how mining works what bitcoin does and that. and that learning curve
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that they haven't bothered to climb leads to a lot of missed policy choices messed up policy choices and it's because of a massive confusion out there so little is known about bitcoin and cryptocurrency is at all levels of government most levels of the go sooner world and even within the crypto community itself probably less than twenty percent of the crypto community even has a basic working knowledge of how the technology works but if we stay with this theme of dystopian philip k. dick sort of novel is it could also be a sort of prisoner's dilemma is this is why there's so much confusion is you know it's like one of those police procedurals where they're going from room to room to try to get the prisoners to you know the bad guys to turn on each other here we're saying like which country is the first to adopt coin or crypto should we be the first if it's all a scam and they're all looking at each other and everybody's moving for incentives or bro it's just the elegance of the protocol just the genie toshi doesn't want to
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take over and anyhow the game theory played out in the summer little the summer loans were buying the central banks were buying big prices still and tried to go to a hundred thousand dollars a court and then finally just to put into context what it means in terms of who samsung is samsung has a large scale sophisticated semiconductor manufacturing plants which are capable of matching orders of any size since last year samsung has been the sole supplier of o l e d screens for apple's i phone ten production line because it has been the only company that is able to master supply needed by apple apple is a mess of billions and competitors at l.g. but nobody is able to match what samsung can do i guess they didn't really need that capacity because apple has not done so well with i phone ten but samsung is also after this basically going to get into a g.p.u. minor so expanding the market to ordinary investors as well go well if you want to learn more about mining stay tuned for the second half our guests will break it down don't go away.
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when you don't. know. you speak french. i'm here that muddy field stadium the home of the heart. i'm here. with. a man who fought many great battles behind me. in
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the greatest battle of all his struggle against motor neuron disease. hey everybody i'm stephen bob taft hollywood guy you know suspects every proud american first of all i'm just george washington and r.v.'s to suggest this is my buddy max famous financial guru well he's a little bit different i'm not a. good one i know no one knows up with all the drama happening in our country and i'm hitting the road to have some fun meet everyday americans come home and hopefully start to bridge the gap this is the great american pill which.
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welcome back to the kaiser report imax keyser time now to turn to j.p. barrett of mining storage bad code j.p. welcome thank you all right j.p. we ran into you recently at a at a meet up a bit coin actually the party the anniversary of the genesis block being launched and you're a miner and this is really fascinating to a lot of people is it fair to say you're in your twenty's or early twenty's or fairly young guy. before we talk about your crypto mining operations tell us about how and when you got into cryptocurrency so i got in the crypt when i was a freshman in high school kind of got my whole school was going to really small high school got everyone in on crypto eval was trading it you know so i guess most
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fifteen years old sixteen years old but what does your about i think it was about once i tried buying coins through a wall in mt gox and i was like this is way too complicated and then eventually tech crunch another article came out like ok this stuff is crazy i need to do i want to do this and tell myself you know get the coins and i was like well now i have a core and let me see what i can do with it and then from there it's been just a learning process so there is a story a few stories i've been reading teenagers basically getting into crypto and doing rather well and has it changed your view on. the economy as a work or a you know you know you're in high school suddenly or mining currency and you're you're exposed to a whole world of. economics and well how did that affect you you know at that time well let's just say i spent a lot of time focusing on because they went on the rabbit hole like you know a lot of people do and you just keep researching researching a story you learning about how you konami explore you know how the government works how you know what money is and just kind of really learned
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a lot and i was like wow the stuff crazy and started taking over from my school and kind of spent a lot time krypto by loved and it was worth every minute of it honestly and at school. no worthier perfect your teachers they were they interested in this and that this kind of filter back up to them to the old well i got a lot of questions about crypto you know as a young kid and they're always like what is this big court stuff a lot of the classmates started joining in on me so we started kind of taking over some of the classes and all the discussions were about the corn and some almost every project i did was about pickle and if i could make it about it so i was kind of the big guy in school so all right cool all right so now when let's talk about the mining so in setting up a crypto mining operation how difficult is it to enter the space. you know as competition for chips it's quite fierce so how difficult now is it to get into mining so right now we've actually seen just the past since january first like an eighty percent rise in graphics card prices so it's been crazy i was trying to get into the space because there's a lot of money to be made but it's just the biggest thing is like i told mining's
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for anyone anyone can get into it from someone who wants to be a gamer we start a program that you could you know cryptocurrency a computer and get paid and pay pal but you know we invention shut that down but miners are for anyone from gamers to you know large scale is to show investors it's all about the capital you have an let's anyone play the game it's just the same level returns on your investment it's just you know if it's one hundred dollars or if it's you know ten thousand or one hundred thousand right so you know we hear about the cost of getting into the big play mining now getting quite high and you have institutional players and pools getting together but you're mine across the spectrum all kinds of koans right how do you determine what coing to mine when it comes to asset management for miners is a big thing because you know you're mining cryptocurrency we started money or money you know hundreds of a theorem a day if you have proper asset management and proper portfolio management you're able to you know reserve some of those for later down the line and not sell them all so really it comes down to which koreans you think are going to do the best in
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the future mining is kind of you know a hedge to getting into crypto it's a group of people to get in who have been who don't really believe in because you don't can really understand it's like ok why have physical devices make me. i can kind of you know get a grasp of what it is also ok so how do you pick let's say there's something like fourteen hundred coins out there and depending on a lot of variations yes some are profitable to mine one day and not the next how does that all work yes so i would go ahead and say that most people most of our customers you know my theory i'm in cash i'm an arrow those like the big three and you see customers will just mind that and hold it but there's also some people that use you know use nice has and has gone ahead and you know truth is the most powerful coins and automatically sell in place that it's really you know why you're in mining are you in it for the long term unit for holding the coins and just getting them and not selling them if you're signing for me for profit then you're in a mind something called the most profitable coin and there's websites like what to mine dot com that kind of show you which coins the most profitable but that switches because you know as difficult to goes down some of these coins in the
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price are pressured up you know the mining rewards are basically in balance that's not dynamic market so let's say how would you describe here grandmother for example she would say j.p. what is mining is it possible to sum that up in a one minute blurb how do you describe it or how funny enough actually my grandma was one of the first we're going to go out in the money with me you know back in the day so i kind of explain to her as like so mining is this you know it's a new real estate play for people it's like if you want to go ahead and you know you're buying a small mini apartment complex and you're kind of you know getting money from your tenants in each one of these tenants is like you know when you make the queens and the kind of paying you for that so it's kind of you know using that play to explain it to people and kind of payment works in this is the easy way to explain it it's like a very similar to real estate investment ok that that's maybe too easy yeah oh yeah do you understand mining the words can you just talk to the audience out there what what is what is crypto mining exactly i mean can you break it down what happens so
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yeah i mean in crypto mining you know you're solving you're building a block right the whole goal is to build the next block in the block chain and you're kind of go to poor. and you know people join these pools in the pools all together and they also you know contribute to get this block i would say you know crypto mining if it's someone who's never heard of it it's just you're kind of securing the block and kind of using now as recently as like you were the kind of securing the network or the army or the military for this currency you're providing the security you know that's of all the big ones out there of all the a fair amount there's no one can you know overtaken have fifty one percent attack or you know overtake the network so it's another way to go about it that you know might helps answer some questions from people who have no idea when you start explaining you know what actually the you know the math is in the technical know behind that it's people just they just usually glaze over and forget we're trying to be talking about well i mean j.p. you're a miner you have a body mining do you yourself or is it really necessary to dive into the
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mathematics to aggressively i mean it's not i don't think it's necessary to this group there's only a dozen people that need to do it and people have done it and you know with a very thankful for them but you know as a businessman you don't really need to understand the technical background of it because all the code is out there it's open source and people have you know vetted it and audit it and looked at it it's really pretty simple now you just kind of plug in your computer and kind of start graphics cards can start mining you know different cryptocurrency like a theorem or you're a sick man you just plug it in collector pool now it's going so there's not really any technical background that you need to have to get in the money now back in the day it was a different story but ok so have you got a pushback from. the level of authority could be even a school authority or a federal or a state authority or federal government has there been any pushback whatsoever so i mean not really with anyone from schools or you know in school we're talking about here like what are these and mining things are running has really started getting
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on the computers like testing the now in the school computers and they're like oh what are you guys doing it's like oh it's kind of playing around with stuff they're using the school yeah let's say you know we all tested they were our laptops you know back in the day ok. well what about. the most competitive locations at the moment us care iceland china. price per kilowatt is a metric you hear often do you look at that i mean is that what's going on there in the energy cost that's the biggest thing when you come to institutional mining is you know when you're deploying millions or tens of millions of dollars for the assets that electricity electricity costs you know years when it comes to electricity cost the price that out you kind of want it could be you want it for four point five two you know five cents per kilowatt we've seen you know pricing down to two cents per kilowatt in some places in the us and it's really just finding it the biggest thing i've seen is to actually the u.s. infrastructure is having a hard time scaling like the actual power and sure some of our time scaling with the demands of these cryptocurrency miners on the some counties in you know in somewhere in the us there were have applications that there's about
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a thousand megawatts where the power currently just allocated in a queue that's for future deployment but you know you're not looking for the these companies are going to be deployed for you know maybe three to five years because of just the time it takes to build the substations and the time it takes to build out the infrastructure to support these cryptocurrency miners so they use a lot of power so where were you going in the your education and career now you've been exposed to something that gives you a look at the energy business the currency business crypto mining business i mean you're in the air down evolved a lot of different things suddenly and so you're at the beginning of your career i guess you could say so where's this taking a j.p. word do you think this is all heading for you on your journey so i think for me in my journey i think it's going to kind of walking towards more institutional investors working with them on getting their you know their assets deployed in kind of helping them out that's where i see the you know a lot of the funds moving money is moving more towards you know i think we'll have like you know right now money make your money back in about a year and a half a year to you and a half is conservative very conservative estimate but you know i fancy i think
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that'll be five to ten years before you make that money back because we're seeing what a year and a half year and a half or an out of what about and this is the gratification i like to get like to get the mining started to make money if they want well maybe going to. oh i see you're in a year and a half right as you say your cost of the chips yes you cost so surely but that is a group is that number growing i mean it's been fluctuating you know we've seen i haven't you know six or seven years ago you were mining on your laptop and you know printing bitcoins exactly that was worth nothing right. and now you're saying that the cost of the rig what does your company do exactly so you're mining store dot co so what do you do exactly so what we do with money it's kind of our consumer facing company we're going to manufacture rigs for anyone who's looking to spend you know anywhere between five thousand to one hundred twenty thousand dollars on hardware if i came to you and i said ok up to you could do that for that between five thousand or whatever you're saying but i'm my our ally doesn't kick in for a year more than a year where you make money but you're going to make your principal amount on your
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investment back in basically a year or two and a half so not cash flow positive yet another year year and a half and that's attractive for a lot of folks i mean that's the price of a quiet or crip those were to continue right there in a soft patch you know if they continue to slide obviously that pushes that out further exactly and what's your view on the crypto market price going forward while i'm very interested in a hit ten thousand you know hit twenty almost twenty thousand dollars that's why our crazy you know couple years ago are like oh we're going to hit a thousand dollars is a big deal but i think you know crypto is growing exponentially you know as i can just as an organization as an organism as a group of people as you know we as a network grows as we see a network effect of you know i'm talking about the corn and that's kind of what i've seen is like you know i talk about the clinton bunch people now they're all coming back and they know what is this big one thing you're in a big corner like yes i told you about you know four years ago you should have got in then but you know it's still happening i think there's nobody wanted that million dollars now and everyone wanted it eighteen thousand dollars and that's
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fine with me you know i think there's still a huge value decline to think we're going to see you know higher prices you know maybe we'll hit fifty thousand dollars by the end of next year but you know no one really knows and it's kind of like as interest. sure builds and as more companies start working in the industry says ok so now you're out of high school i guess yeah so i was in college at n.c. state university in raleigh and finally just took off and now i'm working full time on money entrepreneur and your fellow post-millennial generation has it changed your world to sell crypto space in a big way i mean i think it has it's given me you know there's a lot of opportunity in this market and it's allowed me to really like you know i always want to be an entrepreneur kind of take that and be like ok what's wrong with this and you know really see what we can do what you know my generation can build in this into the watch and i think watching are going to play a huge part in the tokenization of like assets as we move forward in you know with you in just in a virtual world all right well thanks so much for being on the show thanks all right well that's going to do it for this edition of the kaiser of course with me
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back as i say several i think our guest j.p. barrack of mining store dot co if you want to reach us on twitter it's kaiser report and told next time by. yes. i i. i. i i.
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syria calls on the u.n. to hold the u.s. coalition to account for wednesday's airstrikes targeting pro-government forces u.s. central command says the attack was to defend an american tank group. with the winter olympics less than a day away now dozens of russian athletes are still awaiting a ruling on whether or not they can actually compete in south korea meanwhile norway is the latest to face doping allegations. and republican lawmakers in the united states and britain to cut funding to a global cancer research program that's after it linked america's most widely used . by the agribusiness giant monsanto to cancer.
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good to have you with us this evening my name's neil harvey this is art international. syria has called on the united nations to hold the u.s. led coalition to account for wednesday's airstrikes against pro-government forces the number of casualties that's not yet been confirmed but some reports claim that up to one hundred people could have been killed u.s. central command described the attack as a defensive move russia's defense ministry said the unit was hit as it was carrying out an operation against an eyesore. while carrying out an operation to locate and terminate in sleeper so near form oil refinery a unit of pro-government forces was suddenly shelled and then hit by airstrikes by the u.s. led coalition vis was overkill if the numbers are true. demonstration of she have brute force perhaps you know to send perhaps the send
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a message nevertheless the united states says that it's it's in syria and it will defend itself and it has the right to defend itself in this instance syrian democratic forces acted in self defense with support from the coalition to defeat an unprovoked attack by syrian regime forces in eastern syria if the situation is like how they describe that they were indeed attacks while fighting isis then they have the right to self defense well if you take them at face value you could think so but the people they just killed were also fighting isis and recently they had been making much better progress against isis then the united states led coalition or their partner forces the the s.d.f. the syrian government has of course called all of this an act of aggression unwarranted and unjust but just for you information all of this happened in there
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is or near a rich oil field and refinery conoco it's called it was liberated last year by the u.s. led coalition very quickly and fact the u.s. partner forces seem to have a knack for liberating areas with oil under them much quicker than they do those areas that don't have oil under them since since all the oil rich areas were taken in that as ordered by the s.d.f. progress against isis seems to have dropped to a snail's pace but you know regardless. here america has said that it is in syria only to fight isis today isis has been all but defeated in syria but you don't see the pentagon packing its bags our military policy in syria has not changed our priority remains to defeat of isis whether it's in iraq or in syria that is our intent to defeat isis and not do anything more than that the united states will
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maintain a military presence in syria focused on ensuring that isis cannot reemerge total withdrawal of american personnel at this time would restore assad who continue his brutal treatment against his own people so as to put its ability to the lack of a fundamental commitment to our agreement that is typical of current u.s. diplomacy including the reasons why the americans stay in syria rex tillerson peter he stated that their only goal in syria was the defeat of ice or now they've got far more ambitious plans with more of the most with the mixed messages here is the pentagon staying on general mattis said that the united states will stay in syria will fight in syria for as long as the united states wants to fight in syria i mean that's you know pretty direct now you see how this might sound strange to syria and the vital and while there you start killing syrians in syria in self-defense.
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like spurs have told us that with islamic state practically gone now from syria washington is targeting the country's government instead. they are not just in syria to fight their own so. i have been in syria for a long time because they want to through our side as the spate of feeds as it becomes clear that it is the syrian forces themselves at large who defeated di age the priority of overthrowing assad begins to reassert itself in the pentagon and in the white dove so i think that's true the answer the question the overthrow of assad was always the probably got prominent reason why the americans were in syria the army in treating these groups intervening with air strikes and sword they were diverted from that by no with the possibility of a defeated diet inside syria that policy that reasserts itself this is coming at
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the end of a long war the united states has taken about twenty eight percent syrian territory and over fifty percent of its oil does this lead british in order to roll back iran and get rid of the us i also just like it he wants to do well for himself there was a race only a few months ago that would get those fields and he's broadening undoubtedly under the pretext of biting isis the united states didn't think it was so the united states is trying to lay down the law here and not let anybody probe and as we know the turks threatened and men did it take on the americans over there so the united states i think it's very pages that those in turkey will begin to push america out try to push america out of northern syria but he likes. we just hours to go down before the winter olympics opening ceremony in south korea dozens of russian athletes are still waiting to hear whether or not they'll actually take
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part forty seven of them have appealed to the court of arbitration for sport the trying to overturn the i.o.c. three season over alleged doping violations the ruling is due to be announced later . on friday among those who filed appeals are some of russia's most celebrated athletes for example six times a limb picked gold medalist victor r. and such a games champion and she pool in on the celebrity and to reports from the olympic host city of pyongyang. for almost two and a half hours the court of arbitration for sport was listening to the russian side which have now left led by their lawyer so these people won't get another chance to give their arguments to the court and now it is all up to the cast members they promised to announce some sort of decision by noon korean time on friday over the phone we came here to defend the caspar listen to our arguments and the
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decision will be reached within twenty four hours so things won't be decided to with a few hours before the opening ceremony which of course puts extra pressure on the russian athletes on wednesday the secretary general hinted that still there might be at delay now here we are looking at three scenarios either cast decides to do nothing about the international olympic committee's move not to invite the russian athletes who have never been caught for cheating and without specifying the particular reasons for doing that or the court of arbitration for sport chooses to give the green light to the russians and in that case that would be a massive blow for the audio scene and that would in turned mean that the international olympic committee discriminated against the russians the third scenario we heard about from an online leak that cannot be confirmed but reports are suggesting that there could be a split decision on the russian athletes i'm standing by here at the temporary home
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of the court of arbitration for sport and i'll give you any news as soon as it comes out. now showing the support for russia nothing beats sports fans projected a light show into a building opposite the world anti-doping agency headquarters in canada and it said the only doping among the russian olympic team is the support and love of russian people russians are coming. but athletes whose participation in the games is not in question they are now embroiled in controversy after a documentary published a list of drugs that norway's team doctor brought to plunk chang a remarkable amount of ass medication was noted six thousand doses containing banned substances now that's ten times more asthma drugs than for example neighboring finland brought to south korea. the quantity of us medicine obviously
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has reigned raised a number of concerns most of these drugs contain substances that been banned by wada but open watchdog argues they can enhance an athlete's performance by expanding lung capacity the norwegian anti doping agency itself has admitted that the country has a problem with the over use of us medication it is common practice in norway to occasionally use asthma medicine in major elements in the respiratory system even with the diagnosis vastly is not specific. for the latest revelation comes following the release of a documentary that alleges the existence of an organized doping system at norway's ski federation we spoke to one of the journalists who was behind that film the riggin ski federation is very angry about it and they don't want to talk about this problem and that's very sad in oregon.


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