hello<00:00:01.680> i'm<00:00:02.000> dermott<00:00:02.320> manahan<00:00:02.879> and<00:00:03.120> welcome<00:00:03.520> to

hello i'm dermott manahan and welcome to

hello i'm dermott manahan and welcome to the<00:00:03.760> sky<00:00:04.080> news<00:00:04.400> daily<00:00:04.799> podcast

the sky news daily podcast

the sky news daily podcast [Music]

so<00:00:15.440> i'm<00:00:15.519> just<00:00:15.679> putting<00:00:15.920> up<00:00:16.000> a<00:00:16.080> price<00:00:16.320> graph<00:00:16.560> now

so i'm just putting up a price graph now

so i'm just putting up a price graph now a<00:00:16.800> bitcoin<00:00:17.600> i've<00:00:17.760> got<00:00:17.920> a<00:00:18.000> five-year<00:00:18.400> price

a bitcoin i've got a five-year price

a bitcoin i've got a five-year price graph<00:00:18.960> and<00:00:19.039> in<00:00:19.199> five<00:00:19.439> years

graph and in five years

graph and in five years bitcoin<00:00:20.320> has<00:00:20.400> gone<00:00:20.640> up<00:00:20.800> apparently<00:00:21.680> 12<00:00:22.240> 085

bitcoin has gone up apparently 12 085

bitcoin has gone up apparently 12 085 and<00:00:23.840> i<00:00:24.000> checked<00:00:24.240> this<00:00:24.400> morning<00:00:24.800> the<00:00:25.119> total

and i checked this morning the total

and i checked this morning the total value<00:00:25.760> of<00:00:25.920> all<00:00:26.000> the<00:00:26.080> bitcoin<00:00:26.400> in<00:00:26.560> existence

value of all the bitcoin in existence

value of all the bitcoin in existence and<00:00:27.439> apparently<00:00:27.840> it's<00:00:28.000> worth<00:00:28.240> at<00:00:28.320> this<00:00:28.560> point

and apparently it's worth at this point

and apparently it's worth at this point just<00:00:29.119> under<00:00:29.359> one<00:00:29.760> trillion

just under one trillion

just under one trillion dollars<00:00:31.519> which<00:00:31.760> is<00:00:31.920> about<00:00:32.079> 120<00:00:32.960> for<00:00:33.200> every

dollars which is about 120 for every

dollars which is about 120 for every single<00:00:33.760> human<00:00:34.079> in<00:00:34.239> the

single human in the

single human in the on<00:00:34.719> the<00:00:34.880> planet<00:00:35.840> um<00:00:36.239> it<00:00:36.480> the<00:00:36.640> price<00:00:36.880> rise<00:00:37.200> has

on the planet um it the price rise has

on the planet um it the price rise has been

been

been phenomenal<00:00:38.960> um<00:00:39.440> unbelievable<00:00:40.239> and

phenomenal um unbelievable and

phenomenal um unbelievable and especially<00:00:41.120> in<00:00:41.200> the<00:00:41.280> last<00:00:41.600> year<00:00:41.840> i<00:00:41.920> think<00:00:42.079> let

especially in the last year i think let

especially in the last year i think let me<00:00:42.320> see<00:00:42.480> what's<00:00:42.640> it<00:00:42.719> done<00:00:42.879> in<00:00:42.960> the<00:00:43.040> last<00:00:43.280> year

me see what's it done in the last year

me see what's it done in the last year it's<00:00:43.680> gone

it's gone

it's gone up<00:00:44.960> over<00:00:45.200> 500<00:00:45.680> percent<00:00:46.960> gary<00:00:47.360> stevenson<00:00:48.079> is<00:00:48.239> an

up over 500 percent gary stevenson is an

up over 500 percent gary stevenson is an economist<00:00:49.039> with<00:00:49.280> a<00:00:49.440> knack<00:00:49.760> for<00:00:50.079> breaking<00:00:50.480> down

economist with a knack for breaking down

economist with a knack for breaking down the<00:00:50.960> complicated

the complicated

the complicated okay<00:00:52.800> so<00:00:53.039> first<00:00:53.280> of<00:00:53.360> all<00:00:53.440> there<00:00:53.600> are<00:00:53.680> many<00:00:53.920> many

okay so first of all there are many many

okay so first of all there are many many different<00:00:54.399> cryptocurrencies<00:00:55.360> uh<00:00:55.520> the<00:00:55.680> most

different cryptocurrencies uh the most

different cryptocurrencies uh the most famous<00:00:56.160> of<00:00:56.320> all<00:00:56.480> is<00:00:56.719> bitcoin<00:00:57.360> um

famous of all is bitcoin um

famous of all is bitcoin um they<00:00:58.320> all<00:00:58.480> come<00:00:58.640> down<00:00:58.960> basically<00:00:59.440> to<00:00:59.520> the<00:00:59.680> same

they all come down basically to the same

they all come down basically to the same thing<00:01:00.079> which<00:01:00.239> is<00:01:00.399> um<00:01:00.879> the<00:01:01.039> idea

thing which is um the idea

thing which is um the idea is<00:01:01.840> it's<00:01:02.000> a<00:01:02.079> completely<00:01:02.559> online<00:01:03.440> currency<00:01:04.479> um

is it's a completely online currency um

is it's a completely online currency um so<00:01:05.119> transactions<00:01:05.680> are<00:01:05.840> completely<00:01:06.320> managed

so transactions are completely managed

so transactions are completely managed online<00:01:07.760> theoretically<00:01:08.479> there's

online theoretically there's

online theoretically there's no<00:01:09.200> one<00:01:09.360> else<00:01:09.760> in<00:01:09.840> control<00:01:10.240> of<00:01:10.400> these<00:01:11.200> these

no one else in control of these these

no one else in control of these these cryptocurrencies<00:01:12.240> so

cryptocurrencies so

cryptocurrencies so normal<00:01:13.439> money<00:01:13.840> um<00:01:14.159> you<00:01:14.320> have<00:01:14.400> to<00:01:14.479> go<00:01:14.640> through

normal money um you have to go through

normal money um you have to go through the<00:01:14.799> banking<00:01:15.119> system<00:01:15.439> you<00:01:15.520> have<00:01:15.600> to<00:01:15.680> go<00:01:15.840> to<00:01:16.000> the

the banking system you have to go to the

the banking system you have to go to the central<00:01:16.479> banking<00:01:16.720> system<00:01:16.960> at<00:01:16.960> the<00:01:17.040> bank<00:01:17.280> of

central banking system at the bank of

central banking system at the bank of england

england

england whereas<00:01:18.159> these<00:01:18.400> cryptocurrencies<00:01:19.040> they're

whereas these cryptocurrencies they're

whereas these cryptocurrencies they're all<00:01:19.920> online<00:01:20.640> the<00:01:20.880> problem

all online the problem

all online the problem is<00:01:22.400> they<00:01:22.720> often<00:01:23.040> don't<00:01:23.280> work<00:01:23.520> very<00:01:23.680> well<00:01:24.000> as

is they often don't work very well as

is they often don't work very well as currencies

currencies

currencies in<00:01:25.759> the<00:01:25.920> sense<00:01:26.159> that<00:01:26.400> you<00:01:27.119> normally<00:01:27.520> can't<00:01:27.840> use

in the sense that you normally can't use

in the sense that you normally can't use bitcoin<00:01:28.720> or<00:01:28.799> crypto<00:01:29.280> to<00:01:29.439> pay<00:01:29.680> your<00:01:29.759> bills

bitcoin or crypto to pay your bills

bitcoin or crypto to pay your bills or<00:01:30.400> to<00:01:30.720> go<00:01:30.960> shopping<00:01:31.200> at<00:01:31.280> the<00:01:31.360> supermarket<00:01:32.079> or

or to go shopping at the supermarket or

or to go shopping at the supermarket or to<00:01:32.479> pay<00:01:32.640> your<00:01:32.720> taxes

to pay your taxes

to pay your taxes which<00:01:34.320> sort<00:01:34.479> of<00:01:34.560> raises<00:01:34.960> the<00:01:35.040> question<00:01:35.360> are

which sort of raises the question are

which sort of raises the question are they<00:01:36.000> currencies<00:01:37.040> at<00:01:37.280> all

they currencies at all

they currencies at all um<00:01:38.799> certain<00:01:39.119> people<00:01:39.360> on<00:01:39.439> the<00:01:39.520> internet<00:01:39.759> will

um certain people on the internet will

um certain people on the internet will passionately<00:01:40.320> tell<00:01:40.400> you<00:01:40.560> that<00:01:40.640> they<00:01:40.799> are<00:01:40.960> but

passionately tell you that they are but

passionately tell you that they are but in<00:01:41.520> reality<00:01:42.000> at<00:01:42.079> the<00:01:42.240> moment<00:01:42.960> you<00:01:43.119> can't

in reality at the moment you can't

in reality at the moment you can't really<00:01:43.520> use<00:01:43.840> them<00:01:44.079> for<00:01:44.320> most<00:01:44.560> of<00:01:44.640> your

really use them for most of your

really use them for most of your financial<00:01:45.759> transactions<00:01:46.320> or<00:01:46.479> your

financial transactions or your

financial transactions or your day-to-day<00:01:47.040> transactions

day-to-day transactions

day-to-day transactions so<00:01:48.640> i<00:01:48.720> think<00:01:48.880> what<00:01:49.040> they<00:01:49.200> have<00:01:49.439> become

so i think what they have become

so i think what they have become especially<00:01:50.640> in<00:01:50.720> the<00:01:50.799> last

especially in the last

especially in the last couple<00:01:51.920> of<00:01:52.000> years<00:01:53.600> really<00:01:53.920> is<00:01:54.000> speculative

couple of years really is speculative

couple of years really is speculative investments

investments

investments i<00:01:55.920> think<00:01:56.079> most<00:01:56.399> people<00:01:56.719> buying<00:01:57.119> these

i think most people buying these

i think most people buying these cryptocurrencies<00:01:58.079> including<00:01:58.399> bitcoin

cryptocurrencies including bitcoin

cryptocurrencies including bitcoin especially<00:01:59.600> in<00:01:59.680> the<00:01:59.759> last<00:01:59.920> year<00:02:00.159> have<00:02:00.240> been

especially in the last year have been

especially in the last year have been doing<00:02:00.640> it<00:02:00.960> largely<00:02:01.439> rather<00:02:01.759> than<00:02:01.920> with<00:02:02.079> the

doing it largely rather than with the

doing it largely rather than with the intention<00:02:02.479> of<00:02:02.560> using<00:02:02.799> them

intention of using them

intention of using them as<00:02:03.280> currencies<00:02:04.399> rather<00:02:04.799> to<00:02:05.600> buy<00:02:05.920> them<00:02:06.079> and

as currencies rather to buy them and

as currencies rather to buy them and hold<00:02:06.479> them<00:02:06.640> and<00:02:06.719> hope<00:02:07.040> that<00:02:07.200> the

hold them and hope that the

hold them and hope that the price<00:02:07.759> appreciates<00:02:08.879> so<00:02:09.920> you<00:02:10.160> think<00:02:10.399> it's

price appreciates so you think it's

price appreciates so you think it's turned<00:02:11.120> just<00:02:11.520> into<00:02:12.520> speculation

turned just into speculation

turned just into speculation that<00:02:14.080> you<00:02:14.160> know<00:02:14.400> people<00:02:14.800> have<00:02:14.959> been<00:02:15.120> doing<00:02:15.280> for

that you know people have been doing for

that you know people have been doing for years<00:02:15.840> on<00:02:16.400> i<00:02:16.480> mean

years on i mean

years on i mean you<00:02:17.120> used<00:02:17.360> to<00:02:17.440> be<00:02:17.680> physical<00:02:18.160> commodities<00:02:18.959> now

you used to be physical commodities now

you used to be physical commodities now it's<00:02:19.440> a<00:02:19.520> virtual<00:02:20.080> one

it's a virtual one

it's a virtual one personally<00:02:21.440> that<00:02:21.520> is<00:02:21.680> my<00:02:21.840> stance<00:02:22.319> uh<00:02:22.560> i<00:02:22.640> know<00:02:22.800> a

personally that is my stance uh i know a

personally that is my stance uh i know a lot<00:02:23.040> of<00:02:23.120> people<00:02:23.440> get<00:02:23.599> very<00:02:23.840> angry<00:02:24.080> at<00:02:24.239> me<00:02:24.319> on

lot of people get very angry at me on

lot of people get very angry at me on the<00:02:24.560> internet<00:02:24.959> after<00:02:25.200> saying<00:02:25.520> that

the internet after saying that

the internet after saying that just<00:02:26.640> because<00:02:26.879> we're<00:02:27.040> moving<00:02:27.280> online<00:02:27.599> that

just because we're moving online that

just because we're moving online that doesn't<00:02:27.920> mean<00:02:28.000> we're<00:02:28.160> going<00:02:28.319> to<00:02:28.400> move<00:02:28.640> towards

doesn't mean we're going to move towards

doesn't mean we're going to move towards a<00:02:29.040> cryptocurrency<00:02:29.680> system<00:02:30.000> so

a cryptocurrency system so

a cryptocurrency system so in<00:02:30.400> my<00:02:30.560> personal<00:02:30.959> opinion<00:02:31.920> i<00:02:32.160> don't<00:02:32.319> think<00:02:32.560> we

in my personal opinion i don't think we

in my personal opinion i don't think we are<00:02:32.879> moving<00:02:33.200> towards<00:02:33.519> a<00:02:33.599> world<00:02:33.920> where

are moving towards a world where

are moving towards a world where most<00:02:34.480> transactions<00:02:34.959> are<00:02:35.040> done<00:02:35.920> in

most transactions are done in

most transactions are done in cryptocurrency<00:02:36.720> i<00:02:36.800> think<00:02:37.040> even

cryptocurrency i think even

cryptocurrency i think even in<00:02:37.599> a<00:02:37.680> very<00:02:37.840> long<00:02:38.000> time<00:02:38.160> horizon<00:02:38.560> that's<00:02:38.720> not

in a very long time horizon that's not

in a very long time horizon that's not going<00:02:38.959> to<00:02:39.040> happen<00:02:39.760> um<00:02:40.319> but<00:02:40.560> obviously<00:02:40.959> some

going to happen um but obviously some

going to happen um but obviously some people

people

people many<00:02:42.080> many<00:02:42.319> people<00:02:42.640> clearly<00:02:42.959> if<00:02:43.040> you<00:02:43.200> look<00:02:43.280> at

many many people clearly if you look at

many many people clearly if you look at the<00:02:43.440> price<00:02:43.680> of<00:02:43.840> bitcoin<00:02:44.720> recently

the price of bitcoin recently

the price of bitcoin recently um<00:02:45.840> many<00:02:46.080> people<00:02:46.319> believe<00:02:46.560> that<00:02:46.720> we<00:02:46.800> will<00:02:46.959> go

um many people believe that we will go

um many people believe that we will go that<00:02:47.280> way<00:02:47.599> i<00:02:47.840> think<00:02:48.080> it's<00:02:48.239> a

that way i think it's a

that way i think it's a speculative<00:02:49.120> bubble<00:02:50.319> okay<00:02:50.800> but<00:02:51.280> just<00:02:51.440> tell<00:02:51.599> me

speculative bubble okay but just tell me

speculative bubble okay but just tell me more<00:02:52.000> about

more about

more about how<00:02:52.720> it<00:02:52.879> all<00:02:53.040> works<00:02:53.519> then<00:02:54.000> and<00:02:54.400> this<00:02:55.040> issue<00:02:55.360> of

how it all works then and this issue of

how it all works then and this issue of mining<00:02:56.640> bitcoin<00:02:57.280> what<00:02:57.519> is<00:02:57.760> that<00:02:58.239> okay<00:02:58.560> so

mining bitcoin what is that okay so

mining bitcoin what is that okay so there's<00:02:59.680> various<00:03:00.000> different

there's various different

there's various different cryptocurrencies<00:03:01.040> let's<00:03:01.440> stick<00:03:01.680> to<00:03:01.760> bitcoin

cryptocurrencies let's stick to bitcoin

cryptocurrencies let's stick to bitcoin because<00:03:02.319> it's<00:03:02.480> by<00:03:02.640> far<00:03:02.800> the<00:03:02.879> biggest<00:03:03.200> and<00:03:03.280> the

because it's by far the biggest and the

because it's by far the biggest and the most<00:03:03.519> well<00:03:03.760> known

most well known

most well known so<00:03:05.040> one<00:03:05.200> of<00:03:05.280> the<00:03:05.519> big<00:03:06.400> appeals<00:03:07.040> of<00:03:07.200> bitcoin

so one of the big appeals of bitcoin

so one of the big appeals of bitcoin is<00:03:09.440> the<00:03:09.680> idea<00:03:10.000> that<00:03:10.159> supply<00:03:10.800> is<00:03:11.040> theoretically

is the idea that supply is theoretically

is the idea that supply is theoretically limited

limited

limited and<00:03:12.800> i<00:03:12.879> think<00:03:13.040> we<00:03:13.200> need<00:03:13.360> to<00:03:13.440> understand<00:03:13.920> this

and i think we need to understand this

and i think we need to understand this in<00:03:14.159> the<00:03:14.239> context<00:03:14.720> of

in the context of

in the context of what's<00:03:16.000> been<00:03:16.159> happening<00:03:16.480> in<00:03:16.560> the<00:03:16.640> real

what's been happening in the real

what's been happening in the real monetary<00:03:17.519> system<00:03:17.760> the<00:03:17.840> real<00:03:18.000> world<00:03:18.159> monetary

monetary system the real world monetary

monetary system the real world monetary system

system

system over<00:03:19.200> the<00:03:19.280> last<00:03:19.440> 10<00:03:19.599> years<00:03:19.760> and<00:03:19.840> especially

over the last 10 years and especially

over the last 10 years and especially the<00:03:20.239> last<00:03:20.480> one<00:03:20.720> year<00:03:21.280> which<00:03:21.519> is

the last one year which is

the last one year which is in<00:03:22.400> response<00:03:22.720> to<00:03:22.879> coronavirus<00:03:23.519> crisis

in response to coronavirus crisis

in response to coronavirus crisis governments<00:03:25.040> and<00:03:25.200> central<00:03:25.519> banks<00:03:25.920> have

governments and central banks have

governments and central banks have together<00:03:27.200> printed<00:03:28.000> and<00:03:28.239> injected<00:03:28.640> into<00:03:28.799> the

together printed and injected into the

together printed and injected into the economy<00:03:29.280> an<00:03:29.519> enormous<00:03:29.920> amount<00:03:30.239> of<00:03:30.480> new

economy an enormous amount of new

economy an enormous amount of new money<00:03:31.519> so<00:03:31.680> in<00:03:31.760> this<00:03:31.920> country<00:03:32.319> in<00:03:32.400> the<00:03:32.480> uk<00:03:32.799> it's

money so in this country in the uk it's

money so in this country in the uk it's about<00:03:33.200> 10<00:03:33.440> 000<00:03:33.680> pounds<00:03:34.000> per<00:03:34.239> adult

about 10 000 pounds per adult

about 10 000 pounds per adult they've<00:03:34.959> injected<00:03:35.280> a<00:03:35.360> huge<00:03:35.599> amount<00:03:35.760> of<00:03:35.840> money

they've injected a huge amount of money

they've injected a huge amount of money in<00:03:36.400> and<00:03:36.560> this<00:03:36.799> has<00:03:37.040> meant

in and this has meant

in and this has meant that<00:03:38.000> a<00:03:38.080> lot<00:03:38.239> of<00:03:38.319> people<00:03:38.560> are<00:03:38.640> worried<00:03:39.040> okay

that a lot of people are worried okay

that a lot of people are worried okay all<00:03:39.360> of<00:03:39.440> this<00:03:39.599> new<00:03:39.760> money<00:03:40.000> coming<00:03:40.159> into<00:03:40.400> the

all of this new money coming into the

all of this new money coming into the system

system

system is<00:03:41.440> going<00:03:41.599> to<00:03:41.680> push<00:03:41.920> prices<00:03:42.319> up<00:03:42.480> it's<00:03:42.560> going<00:03:42.640> to

is going to push prices up it's going to

is going to push prices up it's going to devalue<00:03:43.120> my<00:03:43.280> currency<00:03:44.080> so<00:03:44.239> they're<00:03:44.480> looking

devalue my currency so they're looking

devalue my currency so they're looking for<00:03:44.959> an<00:03:45.120> investment<00:03:45.599> that

for an investment that

for an investment that has<00:03:46.720> a<00:03:46.799> limited<00:03:47.200> supply<00:03:47.920> so<00:03:48.080> this<00:03:48.239> is<00:03:48.319> one<00:03:48.480> of

has a limited supply so this is one of

has a limited supply so this is one of the<00:03:48.720> big<00:03:48.959> appeals<00:03:49.440> of<00:03:49.599> bitcoin<00:03:49.920> and<00:03:50.000> crypto

the big appeals of bitcoin and crypto

the big appeals of bitcoin and crypto the<00:03:50.480> idea<00:03:50.959> is

the idea is

the idea is you<00:03:51.680> can<00:03:51.920> only<00:03:52.319> make<00:03:53.040> new<00:03:53.439> bitcoin<00:03:54.239> by

you can only make new bitcoin by

you can only make new bitcoin by mining<00:03:55.519> it<00:03:55.760> which<00:03:56.080> is<00:03:56.239> um<00:03:56.560> in<00:03:56.720> reality<00:03:57.680> getting

mining it which is um in reality getting

mining it which is um in reality getting a<00:03:58.000> computer<00:03:58.480> to<00:03:58.560> do<00:03:58.720> some<00:03:58.879> complicated

a computer to do some complicated

a computer to do some complicated cryptographic

cryptographic

cryptographic mathematics<00:04:02.080> and<00:04:02.159> the<00:04:02.319> more<00:04:02.640> bitcoin<00:04:03.120> that

mathematics and the more bitcoin that

mathematics and the more bitcoin that gets<00:04:03.519> made

gets made

gets made the<00:04:04.319> more<00:04:04.560> difficult<00:04:04.879> it<00:04:04.959> becomes<00:04:05.280> to<00:04:05.360> make

the more difficult it becomes to make

the more difficult it becomes to make more<00:04:05.760> bitcoin<00:04:06.799> which<00:04:07.120> means

more bitcoin which means

more bitcoin which means in<00:04:07.680> the<00:04:08.159> long<00:04:08.319> run<00:04:08.560> it<00:04:08.640> basically<00:04:09.200> becomes

in the long run it basically becomes

in the long run it basically becomes impossible<00:04:10.080> or<00:04:10.239> virtually<00:04:10.560> impossible<00:04:10.959> to

impossible or virtually impossible to

impossible or virtually impossible to make

make

make more<00:04:12.159> bitcoin<00:04:13.680> what<00:04:13.840> this<00:04:14.000> means<00:04:14.239> is<00:04:14.400> bitcoin

more bitcoin what this means is bitcoin

more bitcoin what this means is bitcoin has<00:04:14.799> a<00:04:14.879> limited<00:04:15.120> supply<00:04:15.439> and<00:04:15.519> that's<00:04:15.680> one<00:04:15.840> of

has a limited supply and that's one of

has a limited supply and that's one of the<00:04:15.920> reasons<00:04:16.239> why

the reasons why

the reasons why people<00:04:17.120> love<00:04:17.359> it<00:04:17.519> on<00:04:17.680> the<00:04:17.759> internet<00:04:18.160> because

people love it on the internet because

people love it on the internet because they<00:04:18.479> say<00:04:18.959> real<00:04:19.199> money

they say real money

they say real money the<00:04:20.000> central<00:04:20.239> banks<00:04:20.400> are<00:04:20.479> bringing<00:04:20.720> loads<00:04:20.959> of

the central banks are bringing loads of

the central banks are bringing loads of it<00:04:21.840> but<00:04:22.000> bitcoin<00:04:22.320> has<00:04:22.400> limited<00:04:22.720> supply

it but bitcoin has limited supply

it but bitcoin has limited supply one<00:04:23.440> of<00:04:23.520> the<00:04:23.600> problems<00:04:23.919> which<00:04:24.080> might<00:04:24.320> ask<00:04:24.479> me

one of the problems which might ask me

one of the problems which might ask me is<00:04:24.720> this<00:04:25.040> has<00:04:25.280> some<00:04:25.520> environmental<00:04:26.160> issues

is this has some environmental issues

is this has some environmental issues which

which

which perhaps<00:04:27.040> you're<00:04:27.199> going<00:04:27.280> to<00:04:27.360> get<00:04:27.520> onto<00:04:28.240> well

perhaps you're going to get onto well

perhaps you're going to get onto well well<00:04:28.880> okay<00:04:29.120> well<00:04:29.360> let's<00:04:29.680> let's<00:04:29.919> do<00:04:30.080> that<00:04:30.320> now

well okay well let's let's do that now

well okay well let's let's do that now because<00:04:30.800> if<00:04:31.040> all<00:04:31.199> these

because if all these

because if all these computers<00:04:32.639> have<00:04:32.800> to<00:04:32.960> work<00:04:33.360> harder<00:04:34.320> and<00:04:34.639> harder

computers have to work harder and harder

computers have to work harder and harder to<00:04:35.919> mine<00:04:37.040> less<00:04:37.280> and<00:04:37.440> less<00:04:37.759> bitcoin

to mine less and less bitcoin

to mine less and less bitcoin then<00:04:39.440> energy<00:04:39.840> consumption<00:04:40.560> just<00:04:40.880> goes<00:04:41.280> up<00:04:41.440> and

then energy consumption just goes up and

then energy consumption just goes up and up<00:04:41.680> and<00:04:41.919> up

up and up

up and up yeah<00:04:43.040> so<00:04:43.759> basically<00:04:44.240> the<00:04:44.400> process<00:04:44.800> of<00:04:44.960> mining

yeah so basically the process of mining

yeah so basically the process of mining is<00:04:45.600> essentially

is essentially

is essentially using<00:04:46.400> electricity<00:04:46.960> the<00:04:47.040> computing<00:04:47.360> power<00:04:47.600> is

using electricity the computing power is

using electricity the computing power is there<00:04:48.320> you're<00:04:48.560> converting<00:04:49.120> electricity

there you're converting electricity

there you're converting electricity essentially<00:04:50.160> into<00:04:50.400> bitcoin

essentially into bitcoin

essentially into bitcoin um<00:04:52.080> when<00:04:52.320> bitcoin<00:04:52.720> is<00:04:52.800> very<00:04:53.040> cheap<00:04:53.360> and<00:04:53.440> it

um when bitcoin is very cheap and it

um when bitcoin is very cheap and it used<00:04:53.680> to<00:04:53.759> be<00:04:53.919> much<00:04:54.160> much<00:04:54.400> cheaper<00:04:54.639> than<00:04:54.720> it<00:04:54.880> is

used to be much much cheaper than it is

used to be much much cheaper than it is now

now

now i<00:04:55.440> think<00:04:55.680> it's<00:04:55.919> uh<00:04:56.160> you<00:04:56.240> know<00:04:56.560> you<00:04:56.639> don't<00:04:56.720> have

i think it's uh you know you don't have

i think it's uh you know you don't have to go<00:04:57.040> that<00:04:57.120> long<00:04:57.360> back<00:04:57.520> ago<00:04:57.680> and<00:04:57.759> it<00:04:57.840> was<00:04:57.919> 10

to go that long back ago and it was 10

to go that long back ago and it was 10 times<00:04:58.479> cheaper

times cheaper

times cheaper um<00:05:00.800> it<00:05:00.960> became<00:05:01.280> inefficient<00:05:01.919> to<00:05:02.160> make

um it became inefficient to make

um it became inefficient to make new<00:05:02.720> bitcoins<00:05:03.199> once<00:05:03.440> electricity<00:05:04.000> reached<00:05:04.320> a

new bitcoins once electricity reached a

new bitcoins once electricity reached a certain<00:05:04.639> price<00:05:05.440> but<00:05:05.600> as<00:05:05.759> the<00:05:05.919> price<00:05:06.160> of

certain price but as the price of

certain price but as the price of bitcoin<00:05:06.639> goes<00:05:06.960> up<00:05:07.120> and<00:05:07.280> up<00:05:07.440> and<00:05:07.600> up

bitcoin goes up and up and up

bitcoin goes up and up and up suddenly<00:05:09.440> it<00:05:09.600> becomes<00:05:10.000> extremely<00:05:10.400> profitable

suddenly it becomes extremely profitable

suddenly it becomes extremely profitable to<00:05:11.280> create<00:05:11.520> bitcoin<00:05:12.000> no<00:05:12.160> matter<00:05:12.400> how

to create bitcoin no matter how

to create bitcoin no matter how expensive<00:05:12.960> the<00:05:13.039> electricity<00:05:13.520> is

expensive the electricity is

expensive the electricity is and<00:05:13.919> what<00:05:14.080> this<00:05:14.240> means<00:05:14.560> is<00:05:15.680> it<00:05:15.919> becomes

and what this means is it becomes

and what this means is it becomes profitable

profitable

profitable to<00:05:18.240> pour<00:05:18.560> huge<00:05:18.880> amounts<00:05:19.120> of<00:05:19.280> electricity<00:05:20.000> at

to pour huge amounts of electricity at

to pour huge amounts of electricity at the<00:05:20.240> moment<00:05:20.560> into<00:05:20.800> the<00:05:20.880> creation<00:05:21.199> of<00:05:21.280> new

the moment into the creation of new

the moment into the creation of new bitcoin

bitcoin

bitcoin and<00:05:22.240> i<00:05:22.320> think<00:05:22.479> i<00:05:22.639> saw<00:05:22.800> the<00:05:22.880> other<00:05:23.039> day<00:05:23.199> that<00:05:23.360> it

and i think i saw the other day that it

and i think i saw the other day that it was<00:05:23.520> something<00:05:23.840> like

was something like

was something like if<00:05:25.199> you<00:05:25.360> list<00:05:25.680> all<00:05:25.840> of<00:05:25.919> the<00:05:26.000> countries<00:05:26.400> in<00:05:26.479> the

if you list all of the countries in the

if you list all of the countries in the world<00:05:26.720> of<00:05:26.800> how<00:05:26.960> much<00:05:27.039> electricity<00:05:27.520> they<00:05:27.680> use

world of how much electricity they use

world of how much electricity they use bitcoin<00:05:28.800> was<00:05:29.120> i<00:05:29.199> think<00:05:29.360> 14th<00:05:29.840> or<00:05:29.919> 15th<00:05:30.479> which

bitcoin was i think 14th or 15th which

bitcoin was i think 14th or 15th which tells<00:05:30.960> you<00:05:31.280> i<00:05:31.360> think<00:05:31.440> just<00:05:31.600> above<00:05:31.919> argentina

tells you i think just above argentina

tells you i think just above argentina that's<00:05:32.800> how<00:05:32.960> much<00:05:33.199> electricity

that's how much electricity

that's how much electricity bitcoin<00:05:34.720> uses<00:05:35.120> at<00:05:35.199> the<00:05:35.280> moment<00:05:36.080> and<00:05:36.320> um

bitcoin uses at the moment and um

bitcoin uses at the moment and um this<00:05:37.520> problem<00:05:37.759> will<00:05:37.919> only<00:05:38.160> get<00:05:38.320> worse<00:05:38.960> if<00:05:39.120> the

this problem will only get worse if the

this problem will only get worse if the price<00:05:39.520> continues<00:05:39.919> to<00:05:40.080> increase<00:05:40.479> and<00:05:40.560> the

price continues to increase and the

price continues to increase and the price<00:05:40.880> is<00:05:40.960> increasing<00:05:41.280> at<00:05:41.360> phenomenal<00:05:41.840> pace

price is increasing at phenomenal pace

price is increasing at phenomenal pace um<00:05:42.960> as<00:05:43.199> bitcoin<00:05:43.600> gets<00:05:43.759> more<00:05:43.840> and<00:05:44.000> more

um as bitcoin gets more and more

um as bitcoin gets more and more expensive<00:05:45.120> it<00:05:45.280> makes<00:05:45.520> more<00:05:45.680> and<00:05:45.840> more

expensive it makes more and more

expensive it makes more and more financial<00:05:46.479> sense

financial sense

financial sense for<00:05:47.600> people<00:05:48.000> to<00:05:48.800> use<00:05:49.039> more<00:05:49.199> electricity<00:05:49.759> to

for people to use more electricity to

for people to use more electricity to make<00:05:50.000> more<00:05:50.160> bitcoin

make more bitcoin

make more bitcoin so<00:05:51.199> um<00:05:51.680> it's<00:05:52.639> you<00:05:52.800> know<00:05:52.960> the<00:05:53.120> idea<00:05:53.360> that<00:05:53.440> one

so um it's you know the idea that one

so um it's you know the idea that one single<00:05:53.840> currency<00:05:54.240> can<00:05:54.400> be<00:05:54.479> using<00:05:54.720> as<00:05:54.880> much

single currency can be using as much

single currency can be using as much electricity<00:05:55.440> as<00:05:55.520> the<00:05:55.600> whole<00:05:55.680> of<00:05:55.840> argentina

electricity as the whole of argentina

electricity as the whole of argentina basically<00:05:56.720> tells<00:05:56.960> you

basically tells you

basically tells you that<00:05:57.759> we<00:05:58.000> do<00:05:58.240> have<00:05:58.479> an<00:05:58.639> environmental<00:05:59.120> problem

that we do have an environmental problem

that we do have an environmental problem on<00:05:59.520> our<00:05:59.600> hands

on our hands

on our hands the<00:06:00.880> stats<00:06:01.280> that<00:06:01.520> gary's<00:06:01.919> referring<00:06:02.639> to<00:06:02.880> there

the stats that gary's referring to there

the stats that gary's referring to there come<00:06:03.520> from<00:06:03.680> the<00:06:03.840> university<00:06:04.560> of<00:06:04.720> cambridge

come from the university of cambridge

come from the university of cambridge center<00:06:05.600> for

center for

center for alternative<00:06:06.720> finance<00:06:07.840> at<00:06:08.440> 127<00:06:09.520> terawatt

alternative finance at 127 terawatt

alternative finance at 127 terawatt hours<00:06:10.479> per<00:06:10.800> year

hours per year

hours per year bitcoin<00:06:12.000> did<00:06:12.240> indeed<00:06:13.039> surpass<00:06:13.759> the<00:06:14.000> energy

bitcoin did indeed surpass the energy

bitcoin did indeed surpass the energy consumption<00:06:15.120> of<00:06:15.280> countries<00:06:15.759> like

consumption of countries like

consumption of countries like argentina<00:06:17.280> and<00:06:17.600> norway<00:06:18.319> in<00:06:18.840> 2019.

argentina and norway in 2019.

argentina and norway in 2019. to<00:06:20.560> put<00:06:20.720> that<00:06:20.880> slightly<00:06:21.360> differently<00:06:21.759> it

to put that slightly differently it

to put that slightly differently it would<00:06:22.160> take<00:06:22.400> the<00:06:22.479> uk<00:06:22.960> 28<00:06:23.520> years<00:06:23.840> of<00:06:24.000> kettle

would take the uk 28 years of kettle

would take the uk 28 years of kettle boiling

boiling

boiling to<00:06:25.120> use<00:06:25.360> the<00:06:25.440> same<00:06:25.680> amount<00:06:26.000> of<00:06:26.160> energy<00:06:26.720> bitcoin

to use the same amount of energy bitcoin

to use the same amount of energy bitcoin used<00:06:27.840> in

used in

used in just<00:06:28.720> one<00:06:29.919> and<00:06:30.080> let's<00:06:30.400> talk<00:06:30.560> about<00:06:30.800> the<00:06:30.960> prices

just one and let's talk about the prices

just one and let's talk about the prices as<00:06:31.520> you<00:06:31.680> say<00:06:31.919> it<00:06:32.000> was<00:06:32.160> an<00:06:32.319> awful<00:06:32.560> lot<00:06:32.800> cheaper

as you say it was an awful lot cheaper

as you say it was an awful lot cheaper not<00:06:33.360> very<00:06:33.680> long<00:06:33.919> ago

not very long ago

not very long ago but<00:06:34.960> we<00:06:35.120> keep<00:06:35.360> hearing<00:06:35.759> stories<00:06:36.160> and<00:06:36.240> this<00:06:36.479> no

but we keep hearing stories and this no

but we keep hearing stories and this no doubt<00:06:36.880> is<00:06:36.960> one<00:06:37.120> of<00:06:37.280> its<00:06:37.520> attractions

doubt is one of its attractions

doubt is one of its attractions of<00:06:38.720> people<00:06:39.120> putting<00:06:39.520> in<00:06:40.080> well<00:06:40.240> a<00:06:40.319> few<00:06:40.560> hundred

of people putting in well a few hundred

of people putting in well a few hundred dollars<00:06:41.120> or<00:06:41.199> a<00:06:41.280> few<00:06:41.440> hundred<00:06:41.840> pounds<00:06:42.319> and

dollars or a few hundred pounds and

dollars or a few hundred pounds and becoming<00:06:42.880> millionaires

becoming millionaires

becoming millionaires the<00:06:44.479> truth<00:06:44.800> is<00:06:45.360> people<00:06:45.680> love<00:06:45.919> to<00:06:46.080> buy<00:06:46.240> a<00:06:46.319> thing

the truth is people love to buy a thing

the truth is people love to buy a thing that<00:06:46.720> has<00:06:46.960> the<00:06:47.120> chance<00:06:47.360> of<00:06:47.440> doubling

that has the chance of doubling

that has the chance of doubling and<00:06:48.560> there<00:06:48.720> are<00:06:48.800> plenty<00:06:49.039> of<00:06:49.120> people<00:06:49.360> who've

and there are plenty of people who've

and there are plenty of people who've bought<00:06:49.759> bitcoin<00:06:50.639> in<00:06:50.720> the<00:06:50.800> last<00:06:51.039> year<00:06:51.280> and

bought bitcoin in the last year and

bought bitcoin in the last year and doubled<00:06:51.680> their<00:06:51.759> money

doubled their money

doubled their money um<00:06:53.680> but<00:06:53.919> that<00:06:54.160> doesn't<00:06:54.479> mean<00:06:54.639> it's<00:06:54.800> a<00:06:54.880> wise

um but that doesn't mean it's a wise

um but that doesn't mean it's a wise investment<00:06:55.520> there<00:06:55.599> are<00:06:55.680> plenty<00:06:55.840> of<00:06:55.919> people

investment there are plenty of people

investment there are plenty of people who've<00:06:56.240> doubled<00:06:56.479> their<00:06:56.560> money<00:06:56.800> by<00:06:56.960> going<00:06:57.120> into

who've doubled their money by going into

who've doubled their money by going into a<00:06:57.360> casino<00:06:57.759> and<00:06:57.840> putting<00:06:58.080> it<00:06:58.160> on

a casino and putting it on

a casino and putting it on black<00:07:00.080> but<00:07:00.240> this<00:07:00.400> is<00:07:00.479> the<00:07:00.560> way<00:07:00.720> speculative

black but this is the way speculative

black but this is the way speculative bubble<00:07:01.360> works<00:07:01.599> you<00:07:01.680> know<00:07:01.840> people<00:07:02.080> like<00:07:02.240> to<00:07:02.319> buy

bubble works you know people like to buy

bubble works you know people like to buy things<00:07:02.880> that<00:07:03.039> have<00:07:03.280> gone<00:07:03.440> up<00:07:03.599> a<00:07:03.680> lot

things that have gone up a lot

things that have gone up a lot which<00:07:04.319> means<00:07:04.560> that<00:07:04.639> when<00:07:04.880> something<00:07:05.120> goes<00:07:05.360> up

which means that when something goes up

which means that when something goes up a<00:07:05.520> lot<00:07:05.840> more<00:07:06.080> buyers<00:07:06.400> come<00:07:06.639> which<00:07:06.800> means<00:07:06.960> it

a lot more buyers come which means it

a lot more buyers come which means it goes<00:07:07.280> up<00:07:07.440> more<00:07:07.599> which<00:07:07.759> means<00:07:08.000> more<00:07:08.160> buyers

goes up more which means more buyers

goes up more which means more buyers come<00:07:08.639> which<00:07:08.800> means<00:07:08.960> it<00:07:09.039> goes<00:07:09.280> up<00:07:09.360> more

come which means it goes up more

come which means it goes up more um<00:07:10.479> these<00:07:10.880> usually<00:07:11.280> end<00:07:11.759> in<00:07:11.919> only<00:07:12.080> one<00:07:12.319> way<00:07:12.479> you

um these usually end in only one way you

um these usually end in only one way you know<00:07:12.720> last<00:07:12.880> time<00:07:13.039> you<00:07:13.120> called<00:07:13.280> me<00:07:13.360> on<00:07:13.440> was

know last time you called me on was

know last time you called me on was gamestop

gamestop

gamestop that<00:07:14.800> was<00:07:14.960> a<00:07:15.039> very<00:07:15.199> similar<00:07:15.599> situation<00:07:16.639> i

that was a very similar situation i

that was a very similar situation i predicted<00:07:17.280> a<00:07:17.360> crash

predicted a crash

predicted a crash we<00:07:17.919> saw<00:07:18.160> a<00:07:18.240> crash<00:07:18.800> um<00:07:19.840> i<00:07:20.160> think<00:07:20.319> these

we saw a crash um i think these

we saw a crash um i think these cryptocurrencies<00:07:21.199> will<00:07:21.360> crash

cryptocurrencies will crash

cryptocurrencies will crash at<00:07:21.840> one<00:07:22.080> point<00:07:22.400> but<00:07:22.639> um<00:07:23.120> i<00:07:23.280> wouldn't<00:07:23.520> like<00:07:23.680> to

at one point but um i wouldn't like to

at one point but um i wouldn't like to tell<00:07:23.919> you<00:07:24.160> exactly<00:07:24.639> when<00:07:24.960> and<00:07:25.039> how<00:07:25.199> high<00:07:25.440> from

tell you exactly when and how high from

tell you exactly when and how high from but<00:07:26.319> uh<00:07:26.639> i<00:07:26.800> would<00:07:26.960> just<00:07:27.120> like<00:07:27.280> to<00:07:27.599> say<00:07:27.840> to

but uh i would just like to say to

but uh i would just like to say to people<00:07:28.240> out<00:07:28.400> there<00:07:28.720> who<00:07:28.960> are<00:07:29.039> thinking<00:07:29.360> about

people out there who are thinking about

people out there who are thinking about getting<00:07:29.840> involved

getting involved

getting involved can<00:07:30.960> you<00:07:31.120> double<00:07:31.360> your<00:07:31.520> money<00:07:32.000> possibly<00:07:32.479> yes

can you double your money possibly yes

can you double your money possibly yes but<00:07:33.120> you<00:07:33.360> also<00:07:33.759> can<00:07:34.000> definitely<00:07:34.400> lose<00:07:34.639> all

but you also can definitely lose all

but you also can definitely lose all your<00:07:34.880> money<00:07:35.120> so

your money so

your money so please<00:07:35.840> people<00:07:36.080> watching<00:07:36.400> don't<00:07:36.639> risk<00:07:36.880> any

please people watching don't risk any

please people watching don't risk any more<00:07:37.120> money<00:07:37.360> on<00:07:37.440> bitcoin<00:07:37.759> than<00:07:37.840> you<00:07:37.919> can

more money on bitcoin than you can

more money on bitcoin than you can afford<00:07:38.319> to<00:07:38.400> lose

afford to lose

afford to lose all<00:07:39.039> of<00:07:39.919> and<00:07:40.080> is<00:07:40.240> there<00:07:40.400> another<00:07:40.720> way<00:07:40.880> that<00:07:41.199> um

all of and is there another way that um

all of and is there another way that um cryptocurrencies<00:07:42.639> in<00:07:42.720> general<00:07:43.120> could<00:07:43.280> go<00:07:43.520> in

cryptocurrencies in general could go in

cryptocurrencies in general could go in that<00:07:43.919> they

that they

that they just<00:07:44.800> become<00:07:45.520> normalized<00:07:46.400> you<00:07:46.879> you<00:07:47.120> can<00:07:47.360> buy

just become normalized you you can buy

just become normalized you you can buy them<00:07:47.840> out<00:07:48.000> of<00:07:48.240> cash<00:07:48.560> machines<00:07:49.199> and<00:07:49.360> use<00:07:49.599> them

them out of cash machines and use them

them out of cash machines and use them to

to

to to<00:07:50.560> go<00:07:50.720> about<00:07:50.879> your<00:07:51.039> daily<00:07:51.440> business<00:07:51.759> they

to go about your daily business they

to go about your daily business they they<00:07:52.160> just<00:07:52.400> become<00:07:53.199> another

they just become another

they just become another international<00:07:55.199> currency<00:07:55.680> and<00:07:55.759> the<00:07:55.919> advantage

international currency and the advantage

international currency and the advantage of<00:07:56.479> that<00:07:56.800> of<00:07:56.960> course<00:07:57.360> is<00:07:57.680> that<00:07:57.919> then<00:07:58.160> there<00:07:58.400> are

of that of course is that then there are

of that of course is that then there are no<00:07:58.720> exchange<00:07:59.280> rates

no exchange rates

no exchange rates uh<00:08:00.720> listen<00:08:01.039> it's<00:08:01.120> not<00:08:01.280> impossible<00:08:01.840> it's

uh listen it's not impossible it's

uh listen it's not impossible it's definitely<00:08:02.160> not<00:08:02.319> impossible<00:08:02.800> um<00:08:03.440> i<00:08:03.599> don't

definitely not impossible um i don't

definitely not impossible um i don't know if<00:08:03.840> you've<00:08:04.000> ever<00:08:04.160> tried<00:08:04.400> to<00:08:04.479> do<00:08:04.639> any

know if you've ever tried to do any

know if you've ever tried to do any transactions<00:08:05.280> with<00:08:05.440> bitcoin

transactions with bitcoin

transactions with bitcoin i<00:08:06.160> think<00:08:06.319> you'll<00:08:06.560> find<00:08:07.120> that<00:08:07.440> uh<00:08:07.680> it's<00:08:08.000> not

i think you'll find that uh it's not

i think you'll find that uh it's not very<00:08:08.720> easy<00:08:09.039> to<00:08:09.199> do

very easy to do

very easy to do at<00:08:09.520> the<00:08:09.599> moment<00:08:09.919> it's<00:08:10.000> not<00:08:10.160> easily<00:08:10.400> transacted

at the moment it's not easily transacted

at the moment it's not easily transacted with<00:08:10.960> bitcoins<00:08:11.280> and<00:08:11.360> it<00:08:11.440> can<00:08:11.599> be<00:08:11.759> expensive

with bitcoins and it can be expensive

with bitcoins and it can be expensive um<00:08:13.680> but<00:08:13.919> of<00:08:14.000> course<00:08:14.160> if<00:08:14.319> it<00:08:14.479> became<00:08:14.879> much<00:08:15.120> more

um but of course if it became much more

um but of course if it became much more widely<00:08:15.599> used<00:08:15.840> it<00:08:15.919> could<00:08:16.080> become<00:08:16.319> cheaper

widely used it could become cheaper

widely used it could become cheaper so<00:08:17.199> the<00:08:17.360> problem<00:08:17.599> with<00:08:17.759> this<00:08:18.000> you<00:08:18.160> know<00:08:18.800> if<00:08:18.960> i

so the problem with this you know if i

so the problem with this you know if i could<00:08:19.199> talk<00:08:19.440> a<00:08:19.520> little<00:08:19.680> bit<00:08:20.000> get<00:08:20.160> into<00:08:20.319> the

could talk a little bit get into the

could talk a little bit get into the economic<00:08:20.800> history<00:08:21.120> of<00:08:21.280> the<00:08:21.360> history<00:08:21.599> of<00:08:21.680> money

economic history of the history of money

economic history of the history of money i<00:08:22.080> used<00:08:22.160> to<00:08:22.240> be<00:08:22.319> a<00:08:22.400> money<00:08:22.639> trader

i used to be a money trader

i used to be a money trader um<00:08:23.759> before<00:08:24.000> we<00:08:24.160> had<00:08:24.319> the<00:08:24.400> current<00:08:24.639> monetary

um before we had the current monetary

um before we had the current monetary system<00:08:25.520> and<00:08:25.840> the<00:08:25.919> current<00:08:26.160> monetary<00:08:26.560> system

system and the current monetary system

system and the current monetary system the<00:08:26.879> money<00:08:27.199> is

the money is

the money is not<00:08:28.000> backed<00:08:28.319> by<00:08:28.479> anything<00:08:28.800> it's<00:08:28.960> just<00:08:29.440> created

not backed by anything it's just created

not backed by anything it's just created by<00:08:29.840> the<00:08:29.919> central<00:08:30.240> bank<00:08:30.560> and<00:08:30.639> they<00:08:30.879> promised<00:08:31.199> to

by the central bank and they promised to

by the central bank and they promised to limit<00:08:31.520> the<00:08:31.599> supplier<00:08:32.000> to<00:08:32.080> try<00:08:32.240> and<00:08:32.320> control

limit the supplier to try and control

limit the supplier to try and control inflation

inflation

inflation before<00:08:34.080> that<00:08:34.240> we<00:08:34.320> had<00:08:34.479> the<00:08:34.560> gold<00:08:34.800> money<00:08:35.039> system

before that we had the gold money system

before that we had the gold money system which<00:08:35.760> in<00:08:35.919> effect<00:08:36.240> was<00:08:36.640> roughly<00:08:37.039> a<00:08:37.120> limited

which in effect was roughly a limited

which in effect was roughly a limited supply<00:08:37.760> system<00:08:38.000> similar<00:08:38.320> to<00:08:38.399> the<00:08:38.479> bitcoin

supply system similar to the bitcoin

supply system similar to the bitcoin system

system

system and<00:08:39.919> we<00:08:40.080> actually<00:08:40.399> found<00:08:40.560> that<00:08:40.640> there<00:08:40.719> are<00:08:40.880> a

and we actually found that there are a

and we actually found that there are a lot<00:08:41.039> of<00:08:41.120> problems<00:08:41.599> with<00:08:41.760> that<00:08:41.919> system<00:08:42.240> where

lot of problems with that system where

lot of problems with that system where you<00:08:42.399> have<00:08:42.479> a<00:08:42.560> limited<00:08:42.880> money<00:08:43.120> supply

you have a limited money supply

you have a limited money supply for<00:08:43.919> example<00:08:44.320> if<00:08:44.880> suddenly<00:08:45.600> there's<00:08:46.080> a<00:08:46.240> big

for example if suddenly there's a big

for example if suddenly there's a big increase<00:08:46.720> in<00:08:46.880> the<00:08:46.959> demand<00:08:47.200> for<00:08:47.360> money

increase in the demand for money

increase in the demand for money you<00:08:47.839> can't<00:08:48.080> increase<00:08:48.399> the<00:08:48.480> supply<00:08:48.720> for<00:08:48.880> money

you can't increase the supply for money

you can't increase the supply for money and<00:08:49.920> people<00:08:50.160> who<00:08:50.240> have<00:08:50.399> debts<00:08:50.640> can<00:08:50.800> become

and people who have debts can become

and people who have debts can become bankrupted<00:08:51.600> we<00:08:51.760> can<00:08:51.839> have<00:08:52.000> massive<00:08:52.240> deflation

bankrupted we can have massive deflation

bankrupted we can have massive deflation and<00:08:52.800> this<00:08:53.040> was<00:08:53.200> actually<00:08:53.360> one<00:08:53.519> of<00:08:53.600> the<00:08:53.680> big

and this was actually one of the big

and this was actually one of the big causes<00:08:54.160> behind<00:08:54.399> the<00:08:54.560> great<00:08:54.720> depression

causes behind the great depression

causes behind the great depression and<00:08:56.000> for<00:08:56.160> me<00:08:56.720> i<00:08:56.880> actually<00:08:57.200> think<00:08:57.600> the<00:08:57.760> reason

and for me i actually think the reason

and for me i actually think the reason why<00:08:58.560> the<00:08:58.720> 2008<00:08:59.279> great<00:08:59.440> recession<00:08:59.839> was<00:09:00.000> not<00:09:00.160> as

why the 2008 great recession was not as

why the 2008 great recession was not as bad<00:09:00.640> as<00:09:00.880> the<00:09:01.040> great<00:09:01.200> depression

bad as the great depression

bad as the great depression was<00:09:02.160> because<00:09:02.399> central<00:09:02.640> banks<00:09:02.880> were<00:09:03.040> able<00:09:03.279> to

was because central banks were able to

was because central banks were able to pump<00:09:03.760> a<00:09:03.839> lot<00:09:04.000> more<00:09:04.160> money<00:09:04.399> in<00:09:04.480> the<00:09:04.560> system

pump a lot more money in the system

pump a lot more money in the system and<00:09:05.279> you<00:09:05.360> know<00:09:05.519> this<00:09:05.760> last<00:09:06.080> year<00:09:06.320> in<00:09:06.480> kovid

and you know this last year in kovid

and you know this last year in kovid central<00:09:07.440> banks<00:09:07.760> have<00:09:07.839> pumped

central banks have pumped

central banks have pumped huge<00:09:08.560> amounts<00:09:08.959> of<00:09:09.040> money<00:09:09.760> into<00:09:10.000> the<00:09:10.080> system

huge amounts of money into the system

huge amounts of money into the system and<00:09:10.880> that<00:09:11.120> is<00:09:11.279> the<00:09:11.440> entire<00:09:11.760> reason<00:09:12.080> why

and that is the entire reason why

and that is the entire reason why governments<00:09:12.880> have<00:09:12.959> been<00:09:13.040> able<00:09:13.279> to<00:09:13.360> pay<00:09:13.519> for

governments have been able to pay for

governments have been able to pay for for<00:09:14.000> example<00:09:14.320> the<00:09:14.480> photo<00:09:14.800> scheme<00:09:15.519> if<00:09:15.680> we<00:09:15.760> were

for example the photo scheme if we were

for example the photo scheme if we were under<00:09:16.080> a<00:09:16.160> bitcoin<00:09:16.560> system

under a bitcoin system

under a bitcoin system that<00:09:17.360> would<00:09:17.519> have<00:09:17.600> been<00:09:17.680> totally<00:09:18.000> impossible

that would have been totally impossible

that would have been totally impossible so<00:09:19.600> i<00:09:19.760> think<00:09:19.920> we<00:09:20.080> have<00:09:20.240> to<00:09:20.320> be<00:09:20.480> aware<00:09:20.800> that<00:09:20.959> you

so i think we have to be aware that you

so i think we have to be aware that you know<00:09:21.200> we've<00:09:21.440> tried

know we've tried

know we've tried fixed<00:09:22.640> money<00:09:22.959> systems<00:09:23.279> in<00:09:23.360> the<00:09:23.440> past<00:09:23.920> under

fixed money systems in the past under

fixed money systems in the past under the<00:09:24.160> gold<00:09:24.480> system<00:09:25.120> and<00:09:25.279> they<00:09:25.360> have<00:09:25.519> big

the gold system and they have big

the gold system and they have big problems

problems

problems now<00:09:26.399> that's<00:09:26.640> not<00:09:26.800> to<00:09:26.880> say<00:09:27.040> that<00:09:27.200> the<00:09:27.279> current

now that's not to say that the current

now that's not to say that the current money<00:09:27.839> system<00:09:28.160> doesn't<00:09:28.399> have<00:09:28.560> problems<00:09:28.959> you

money system doesn't have problems you

money system doesn't have problems you know<00:09:29.120> one<00:09:29.279> of<00:09:29.360> the<00:09:29.440> most<00:09:29.680> obvious<00:09:30.000> problems

know one of the most obvious problems

know one of the most obvious problems is<00:09:30.560> that<00:09:30.800> we<00:09:30.959> keep<00:09:31.200> seeing<00:09:31.519> house<00:09:31.839> prices<00:09:32.160> go

is that we keep seeing house prices go

is that we keep seeing house prices go up<00:09:32.480> and<00:09:32.640> up<00:09:32.959> stock<00:09:33.279> prices<00:09:33.600> go<00:09:33.680> up<00:09:33.760> and<00:09:33.920> up<00:09:34.080> and

up and up stock prices go up and up and

up and up stock prices go up and up and that<00:09:34.320> causes<00:09:34.640> big<00:09:34.800> increases<00:09:35.200> inequality

that causes big increases inequality

that causes big increases inequality but<00:09:36.160> i<00:09:36.240> don't<00:09:36.480> think<00:09:36.640> going<00:09:36.880> to<00:09:37.040> a<00:09:37.120> bitcoin

but i don't think going to a bitcoin

but i don't think going to a bitcoin system<00:09:37.920> where<00:09:38.080> we<00:09:38.240> basically<00:09:38.720> take<00:09:38.959> away<00:09:39.120> the

system where we basically take away the

system where we basically take away the power<00:09:39.680> of<00:09:39.839> governments<00:09:40.240> and<00:09:40.320> central<00:09:40.640> banks

power of governments and central banks

power of governments and central banks to<00:09:40.959> do<00:09:41.120> things<00:09:41.279> like<00:09:41.440> the<00:09:41.519> furlough<00:09:41.839> scheme

to do things like the furlough scheme

to do things like the furlough scheme i<00:09:42.720> don't<00:09:42.880> think<00:09:43.040> that's<00:09:43.120> going<00:09:43.200> to<00:09:43.279> help<00:09:43.440> i

i don't think that's going to help i

i don't think that's going to help i think<00:09:43.680> that's<00:09:44.080> actually<00:09:44.399> going<00:09:44.480> to<00:09:44.560> cause

think that's actually going to cause

think that's actually going to cause more<00:09:44.959> harm<00:09:45.120> than<00:09:45.200> good<00:09:45.360> in<00:09:45.440> the<00:09:45.519> long<00:09:48.839> run

more harm than good in the long run

more harm than good in the long run richest<00:09:50.399> in<00:09:50.560> our<00:09:50.640> society<00:09:51.040> are<00:09:51.120> making

richest in our society are making

richest in our society are making billions<00:09:51.760> off<00:09:51.920> of<00:09:52.000> kobe<00:09:52.320> 19.

billions off of kobe 19.

billions off of kobe 19. that<00:09:53.600> is<00:09:53.680> going<00:09:53.760> to<00:09:53.839> keep<00:09:54.080> our<00:09:54.240> economy<00:09:54.560> in<00:09:54.720> a

that is going to keep our economy in a

that is going to keep our economy in a crisis<00:09:55.120> for<00:09:55.279> decades<00:09:56.160> how<00:09:56.399> many<00:09:56.720> times

crisis for decades how many times

crisis for decades how many times can<00:09:57.920> you<00:09:58.080> get<00:09:58.240> paid<00:09:59.120> a<00:09:59.200> load<00:09:59.440> of<00:09:59.519> money<00:09:59.920> for

can you get paid a load of money for

can you get paid a load of money for betting<00:10:00.399> the<00:10:00.480> world's<00:10:00.800> going<00:10:00.880> to<00:10:00.959> be<00:10:01.040> terrible

betting the world's going to be terrible

betting the world's going to be terrible forever

you