elon<00:00:02.560> musk<00:00:02.960> the<00:00:03.199> boss<00:00:03.520> of<00:00:03.679> the<00:00:03.760> electric<00:00:04.240> car

elon musk the boss of the electric car

elon musk the boss of the electric car company<00:00:04.960> tesla<00:00:05.520> says<00:00:05.839> people<00:00:06.319> won't<00:00:06.720> be<00:00:06.879> able

company tesla says people won't be able

company tesla says people won't be able to<00:00:07.279> buy<00:00:07.520> his<00:00:07.839> cars

to buy his cars

to buy his cars with<00:00:08.720> digital<00:00:09.360> money<00:00:09.760> anymore<00:00:10.400> it's<00:00:10.639> over

with digital money anymore it's over

with digital money anymore it's over concerns<00:00:11.360> that<00:00:11.519> bitcoin<00:00:12.000> might<00:00:12.320> damage<00:00:12.719> the

concerns that bitcoin might damage the

concerns that bitcoin might damage the environment

environment

environment but<00:00:14.080> of<00:00:14.160> course<00:00:14.400> the<00:00:14.559> question<00:00:14.880> is<00:00:15.360> how<00:00:15.599> can

but of course the question is how can

but of course the question is how can digital<00:00:16.400> cash

digital cash

digital cash hurt<00:00:17.359> the<00:00:17.520> environment<00:00:18.400> and<00:00:18.880> is<00:00:19.119> it<00:00:19.199> the

hurt the environment and is it the

hurt the environment and is it the future<00:00:19.760> of<00:00:19.840> money<00:00:20.160> or<00:00:20.320> just<00:00:20.560> a<00:00:20.640> big

future of money or just a big

future of money or just a big unpredictable<00:00:22.160> joke<00:00:22.560> here<00:00:22.800> to<00:00:23.039> explain<00:00:23.519> that

unpredictable joke here to explain that

unpredictable joke here to explain that and<00:00:24.400> more<00:00:24.720> is<00:00:24.880> gary<00:00:25.199> stevenson

and more is gary stevenson

and more is gary stevenson an<00:00:26.240> ex-city<00:00:26.880> trader<00:00:27.279> turned<00:00:27.599> economist<00:00:28.400> and

an ex-city trader turned economist and

an ex-city trader turned economist and commentator<00:00:29.439> gary<00:00:29.840> afternoon<00:00:30.320> to<00:00:30.480> you

commentator gary afternoon to you

commentator gary afternoon to you hi<00:00:31.519> but<00:00:32.079> how<00:00:32.399> can<00:00:32.640> digital<00:00:33.200> money<00:00:33.600> hurt<00:00:33.920> the

hi but how can digital money hurt the

hi but how can digital money hurt the environment

environment

environment then<00:00:35.120> what's<00:00:35.360> going<00:00:35.680> on<00:00:36.800> okay<00:00:37.200> so<00:00:37.520> the<00:00:37.600> way

then what's going on okay so the way

then what's going on okay so the way that<00:00:37.840> it<00:00:37.920> works<00:00:38.160> is<00:00:38.320> basically

that it works is basically

that it works is basically this<00:00:39.520> currency<00:00:39.920> exists<00:00:40.239> only<00:00:40.399> on<00:00:40.480> the

this currency exists only on the

this currency exists only on the internet<00:00:40.960> the<00:00:41.120> idea<00:00:41.440> behind<00:00:41.680> it<00:00:41.840> is<00:00:41.920> it's

internet the idea behind it is it's

internet the idea behind it is it's completely<00:00:42.399> independent<00:00:43.120> independent<00:00:43.600> from

completely independent independent from

completely independent independent from the<00:00:43.920> bank<00:00:44.160> of<00:00:44.320> england<00:00:44.640> independent<00:00:45.039> from<00:00:45.200> the

the bank of england independent from the

the bank of england independent from the banking<00:00:45.600> system

banking system

banking system but<00:00:46.640> it<00:00:46.719> needs<00:00:46.960> to<00:00:47.039> have<00:00:47.200> a<00:00:47.280> way<00:00:47.440> in<00:00:47.520> which<00:00:47.760> it's

but it needs to have a way in which it's

but it needs to have a way in which it's created<00:00:48.320> so<00:00:48.480> normal<00:00:48.800> money<00:00:49.120> gets<00:00:49.440> created<00:00:49.760> by

created so normal money gets created by

created so normal money gets created by the<00:00:49.920> bank<00:00:50.160> of<00:00:50.239> england<00:00:50.640> how<00:00:50.800> does<00:00:50.960> bitcoin<00:00:51.440> get

the bank of england how does bitcoin get

the bank of england how does bitcoin get created

created

created well<00:00:52.480> it<00:00:52.559> was<00:00:52.719> set<00:00:52.879> up<00:00:53.039> in<00:00:53.120> such<00:00:53.360> a<00:00:53.440> way<00:00:53.680> that

well it was set up in such a way that

well it was set up in such a way that the<00:00:54.559> uh<00:00:54.879> that<00:00:55.280> computers<00:00:55.760> can<00:00:56.000> mine<00:00:56.239> bitcoin

the uh that computers can mine bitcoin

the uh that computers can mine bitcoin by<00:00:56.879> basically<00:00:57.199> doing<00:00:57.360> a<00:00:57.440> lot<00:00:57.600> of<00:00:57.840> complicated

by basically doing a lot of complicated

by basically doing a lot of complicated mathematical<00:00:59.120> operations

mathematical operations

mathematical operations that<00:01:00.000> help<00:01:00.160> to<00:01:00.320> maintain<00:01:00.719> the<00:01:00.879> bitcoin<00:01:01.280> system

that help to maintain the bitcoin system

that help to maintain the bitcoin system now<00:01:02.640> originally<00:01:03.120> when<00:01:03.359> bitcoin<00:01:03.840> cost

now originally when bitcoin cost

now originally when bitcoin cost about<00:01:04.559> 10<00:01:05.040> what<00:01:05.119> it<00:01:05.199> does<00:01:05.439> now<00:01:06.400> it<00:01:06.560> wasn't

about 10 what it does now it wasn't

about 10 what it does now it wasn't super<00:01:07.280> profitable<00:01:07.840> to<00:01:08.000> mine<00:01:08.240> bitcoin<00:01:08.640> but<00:01:08.799> as

super profitable to mine bitcoin but as

super profitable to mine bitcoin but as the<00:01:09.040> price<00:01:09.360> has<00:01:09.600> exploded

the price has exploded

the price has exploded that<00:01:10.880> means<00:01:11.119> that<00:01:11.360> even<00:01:11.600> if<00:01:11.680> you<00:01:11.840> use<00:01:12.159> a<00:01:12.320> huge

that means that even if you use a huge

that means that even if you use a huge amount<00:01:12.880> of<00:01:13.040> electricity

amount of electricity

amount of electricity to<00:01:14.080> do<00:01:14.320> these<00:01:14.640> mathematical<00:01:15.200> computations<00:01:15.840> it

to do these mathematical computations it

to do these mathematical computations it is<00:01:16.159> still<00:01:16.479> profitable

is still profitable

is still profitable to<00:01:17.520> mine<00:01:17.759> bitcoin<00:01:18.560> what<00:01:18.799> that<00:01:18.960> means<00:01:19.280> is<00:01:19.520> an

to mine bitcoin what that means is an

to mine bitcoin what that means is an enormous<00:01:20.080> number<00:01:20.320> of<00:01:20.400> people<00:01:20.560> have<00:01:20.720> started

enormous number of people have started

enormous number of people have started mining<00:01:21.439> bitcoin<00:01:21.920> and<00:01:22.000> the<00:01:22.240> electricity

mining bitcoin and the electricity

mining bitcoin and the electricity production<00:01:23.200> has<00:01:23.360> blown<00:01:23.680> up<00:01:23.840> so<00:01:24.000> at<00:01:24.080> the<00:01:24.159> moment

production has blown up so at the moment

production has blown up so at the moment bitcoin<00:01:25.360> mining<00:01:25.680> is<00:01:25.759> using<00:01:26.080> more<00:01:26.320> electricity

bitcoin mining is using more electricity

bitcoin mining is using more electricity than<00:01:26.960> the<00:01:27.200> entire<00:01:27.600> country

than the entire country

than the entire country of<00:01:28.400> argentina<00:01:29.119> and<00:01:29.200> that<00:01:29.360> is<00:01:29.520> people<00:01:29.920> mining

of argentina and that is people mining

of argentina and that is people mining the<00:01:30.320> bitcoin<00:01:30.799> to<00:01:31.040> try<00:01:31.280> to

the bitcoin to try to

the bitcoin to try to make<00:01:31.920> new<00:01:32.079> bitcoin<00:01:32.479> and<00:01:32.640> make<00:01:32.799> money

make new bitcoin and make money

make new bitcoin and make money basically<00:01:33.759> just<00:01:34.000> remind<00:01:34.479> us<00:01:34.720> what<00:01:35.040> are

basically just remind us what are

basically just remind us what are digital<00:01:36.000> currencies<00:01:36.720> then<00:01:37.040> gary<00:01:37.360> let's<00:01:37.520> get

digital currencies then gary let's get

digital currencies then gary let's get back<00:01:37.920> to<00:01:38.079> basics

back to basics

back to basics yeah<00:01:39.680> so<00:01:40.000> um<00:01:40.400> digital<00:01:40.720> currencies<00:01:41.119> bitcoin

yeah so um digital currencies bitcoin

yeah so um digital currencies bitcoin was<00:01:41.680> the<00:01:41.759> first<00:01:42.000> one<00:01:42.320> it<00:01:42.479> basically<00:01:42.960> was<00:01:43.119> born

was the first one it basically was born

was the first one it basically was born out<00:01:43.600> of<00:01:43.680> the

out of the

out of the 2008<00:01:44.640> financial<00:01:45.119> crisis<00:01:45.920> obviously<00:01:46.320> i'm<00:01:46.399> sure

2008 financial crisis obviously i'm sure

2008 financial crisis obviously i'm sure you'll<00:01:46.720> remember<00:01:47.119> at<00:01:47.200> that<00:01:47.360> time<00:01:47.520> there<00:01:47.680> was<00:01:47.840> a

you'll remember at that time there was a

you'll remember at that time there was a massive

massive

massive bailout<00:01:48.720> of<00:01:48.799> the<00:01:48.960> banks<00:01:49.680> um<00:01:49.840> there<00:01:50.000> was<00:01:50.079> a<00:01:50.079> lot

bailout of the banks um there was a lot

bailout of the banks um there was a lot of<00:01:50.399> anger<00:01:50.720> towards<00:01:50.960> the<00:01:51.040> banking<00:01:51.360> system

of anger towards the banking system

of anger towards the banking system because<00:01:51.920> of<00:01:52.079> that

because of that

because of that and<00:01:52.880> uh<00:01:53.600> this<00:01:54.399> first<00:01:54.960> cryptocurrency<00:01:55.759> bitcoin

and uh this first cryptocurrency bitcoin

and uh this first cryptocurrency bitcoin was<00:01:56.320> created<00:01:56.560> by<00:01:56.719> an<00:01:56.880> anonymous<00:01:57.360> group

was created by an anonymous group

was created by an anonymous group and<00:01:58.079> they<00:01:58.240> stamped<00:01:58.640> on<00:01:58.719> the<00:01:58.880> very<00:01:59.040> first<00:01:59.360> coin

and they stamped on the very first coin

and they stamped on the very first coin um

um

um we're<00:02:01.280> going<00:02:01.360> to<00:02:01.439> have<00:02:01.600> a<00:02:01.840> bailout<00:02:02.159> of<00:02:02.240> the

we're going to have a bailout of the

we're going to have a bailout of the banking<00:02:02.560> system<00:02:02.880> something<00:02:03.119> very<00:02:03.360> similar<00:02:03.680> to

banking system something very similar to

banking system something very similar to this

this

this the<00:02:04.320> idea<00:02:04.719> is<00:02:04.799> basically<00:02:05.600> they<00:02:05.759> wanted<00:02:06.000> to

the idea is basically they wanted to

the idea is basically they wanted to create<00:02:06.320> a<00:02:06.399> currency<00:02:06.799> that<00:02:06.960> would<00:02:07.119> compete

create a currency that would compete

create a currency that would compete with<00:02:07.759> the

with the

with the pounds<00:02:08.479> and<00:02:08.560> pennies<00:02:08.879> in<00:02:08.959> your<00:02:09.119> bank<00:02:09.360> account

pounds and pennies in your bank account

pounds and pennies in your bank account and<00:02:10.160> in<00:02:10.239> your<00:02:10.399> wallet<00:02:11.039> the<00:02:11.280> idea<00:02:11.599> being<00:02:11.840> that

and in your wallet the idea being that

and in your wallet the idea being that people<00:02:12.480> wouldn't<00:02:12.720> need<00:02:12.959> to<00:02:13.040> use<00:02:13.280> the<00:02:13.360> banking

people wouldn't need to use the banking

people wouldn't need to use the banking system

system

system wouldn't<00:02:14.720> have<00:02:14.879> to<00:02:14.959> go<00:02:15.360> through<00:02:15.520> the<00:02:15.599> bank<00:02:15.840> of

wouldn't have to go through the bank of

wouldn't have to go through the bank of england<00:02:16.400> and<00:02:16.640> lawyers<00:02:16.959> halifax<00:02:17.440> these<00:02:17.599> banks

england and lawyers halifax these banks

england and lawyers halifax these banks that<00:02:18.000> currently<00:02:18.239> control

that currently control

that currently control the<00:02:18.879> money<00:02:19.120> system<00:02:19.760> but<00:02:20.879> actually<00:02:21.200> as<00:02:21.280> you<00:02:21.440> can

the money system but actually as you can

the money system but actually as you can see<00:02:21.760> now

see now

see now 12<00:02:22.319> years<00:02:22.560> later<00:02:22.879> people<00:02:23.280> are<00:02:23.840> not<00:02:24.080> using

12 years later people are not using

12 years later people are not using these<00:02:24.560> cryptocurrencies

these cryptocurrencies

these cryptocurrencies for<00:02:25.760> their<00:02:25.840> usual<00:02:26.160> transactions<00:02:27.040> you<00:02:27.120> can't

for their usual transactions you can't

for their usual transactions you can't use<00:02:27.840> bitcoin<00:02:28.160> to<00:02:28.239> pay<00:02:28.400> your<00:02:28.560> taxes<00:02:28.959> or<00:02:29.120> to

use bitcoin to pay your taxes or to

use bitcoin to pay your taxes or to buy<00:02:30.000> a<00:02:30.080> food<00:02:30.319> at<00:02:30.400> tesco<00:02:31.519> but<00:02:31.760> people<00:02:32.000> are

buy a food at tesco but people are

buy a food at tesco but people are basically<00:02:32.640> using<00:02:32.879> it<00:02:32.959> to<00:02:33.120> speculate

basically using it to speculate

basically using it to speculate because<00:02:34.319> the<00:02:34.480> price<00:02:34.800> movements<00:02:35.200> have<00:02:35.280> been

because the price movements have been

because the price movements have been enormous<00:02:36.239> uh<00:02:36.480> especially<00:02:36.800> in<00:02:36.879> the<00:02:36.959> last

enormous uh especially in the last

enormous uh especially in the last couple<00:02:37.360> of<00:02:37.519> years<00:02:37.680> they've<00:02:37.840> been

couple of years they've been

couple of years they've been dramatically<00:02:38.720> up<00:02:38.959> it's<00:02:39.200> up<00:02:39.360> about<00:02:40.080> 400

dramatically up it's up about 400

dramatically up it's up about 400 percent<00:02:41.040> this<00:02:41.200> year

percent this year

percent this year it's<00:02:41.760> up<00:02:41.840> about<00:02:42.080> 600<00:02:42.640> in<00:02:42.720> the<00:02:42.800> last<00:02:42.959> two<00:02:43.120> years

it's up about 600 in the last two years

it's up about 600 in the last two years in<00:02:44.080> my<00:02:44.319> opinion<00:02:44.800> it's<00:02:44.959> basically<00:02:45.360> become

in my opinion it's basically become

in my opinion it's basically become a<00:02:46.000> speculative<00:02:46.560> bubble<00:02:46.959> that<00:02:47.280> ordinary

a speculative bubble that ordinary

a speculative bubble that ordinary people<00:02:48.000> are<00:02:48.080> looking<00:02:48.560> looking<00:02:48.800> at<00:02:48.879> this<00:02:49.120> and

people are looking looking at this and

people are looking looking at this and thinking

thinking

thinking well<00:02:50.720> you<00:02:50.879> know<00:02:50.959> i'm<00:02:51.040> stuck<00:02:51.280> at<00:02:51.360> home<00:02:51.680> i<00:02:51.840> can't

well you know i'm stuck at home i can't

well you know i'm stuck at home i can't work<00:02:52.560> i<00:02:52.640> can't<00:02:52.879> make<00:02:53.040> money<00:02:53.360> in<00:02:53.440> my<00:02:53.599> normal<00:02:53.920> job

work i can't make money in my normal job

work i can't make money in my normal job maybe<00:02:54.480> i'll<00:02:54.640> just

maybe i'll just

maybe i'll just put<00:02:55.200> everything<00:02:55.440> on<00:02:55.519> bitcoin<00:02:55.840> and<00:02:55.920> i<00:02:56.000> hope<00:02:56.160> it

put everything on bitcoin and i hope it

put everything on bitcoin and i hope it goes<00:02:56.640> to<00:02:56.720> the<00:02:56.800> moon<00:02:57.120> and<00:02:57.200> i<00:02:57.280> think<00:02:57.599> at<00:02:57.680> the

goes to the moon and i think at the

goes to the moon and i think at the moment<00:02:58.080> that's<00:02:58.239> what<00:02:58.400> it's<00:02:58.560> become

moment that's what it's become

moment that's what it's become well<00:02:59.360> if<00:02:59.440> that's<00:02:59.680> the<00:02:59.840> case<00:03:00.400> people<00:03:00.640> must<00:03:00.879> be

well if that's the case people must be

well if that's the case people must be pretty<00:03:01.360> annoyed<00:03:01.760> with<00:03:02.000> elon<00:03:02.400> musk

pretty annoyed with elon musk

pretty annoyed with elon musk mustn't muslim<00:03:03.440> one<00:03:03.680> tweet<00:03:04.640> and<00:03:04.879> he<00:03:05.040> seems<00:03:05.360> to

mustn't muslim one tweet and he seems to

mustn't muslim one tweet and he seems to have<00:03:05.599> crashed<00:03:05.920> bitcoin's<00:03:06.480> value<00:03:06.879> by<00:03:07.120> about

have crashed bitcoin's value by about

have crashed bitcoin's value by about 10<00:03:08.560> how<00:03:08.720> much<00:03:09.120> damage<00:03:09.519> do<00:03:09.680> you<00:03:09.760> think<00:03:09.920> he's

10 how much damage do you think he's

10 how much damage do you think he's done<00:03:10.640> gary

done gary

done gary well<00:03:12.159> bitcoin's<00:03:12.560> got<00:03:12.640> a<00:03:12.720> lot<00:03:12.879> of<00:03:12.959> form<00:03:13.280> in<00:03:13.599> not

well bitcoin's got a lot of form in not

well bitcoin's got a lot of form in not just<00:03:14.080> uh<00:03:14.239> sorry<00:03:14.560> elon<00:03:14.879> musk<00:03:15.200> has<00:03:15.280> got<00:03:15.360> a<00:03:15.440> lot

just uh sorry elon musk has got a lot

just uh sorry elon musk has got a lot for<00:03:15.760> me<00:03:15.840> not<00:03:16.000> just<00:03:16.080> a<00:03:16.159> bitcoin<00:03:16.640> market<00:03:17.120> but<00:03:17.360> all

for me not just a bitcoin market but all

for me not just a bitcoin market but all the<00:03:17.599> crypto

the crypto

the crypto markets<00:03:18.400> he's<00:03:18.640> been<00:03:19.120> doing<00:03:19.360> a<00:03:19.440> lot<00:03:19.519> of

markets he's been doing a lot of

markets he's been doing a lot of tweeting<00:03:20.239> about<00:03:20.480> a<00:03:20.560> lot<00:03:20.720> of<00:03:20.800> cryptos

tweeting about a lot of cryptos

tweeting about a lot of cryptos most<00:03:21.680> notably<00:03:22.080> he's<00:03:22.400> been<00:03:22.560> tweeting<00:03:22.959> about<00:03:23.360> a

most notably he's been tweeting about a

most notably he's been tweeting about a currency<00:03:24.080> called<00:03:24.400> dogecoin

currency called dogecoin

currency called dogecoin which<00:03:25.599> was<00:03:26.560> designed<00:03:26.959> to<00:03:27.040> be<00:03:27.200> a<00:03:27.440> comedy<00:03:27.920> coin

which was designed to be a comedy coin

which was designed to be a comedy coin which<00:03:28.480> was

which was

which was making<00:03:29.440> a<00:03:29.519> joke<00:03:29.760> of<00:03:29.840> how<00:03:30.000> it<00:03:30.080> was<00:03:30.159> worthless

making a joke of how it was worthless

making a joke of how it was worthless and<00:03:31.040> he<00:03:31.280> tweeted<00:03:31.599> aggressively<00:03:32.000> about<00:03:32.159> it<00:03:32.239> and

and he tweeted aggressively about it and

and he tweeted aggressively about it and it's<00:03:32.480> up<00:03:32.560> i<00:03:32.640> think<00:03:32.879> twenty<00:03:33.360> thousand<00:03:33.680> percent

it's up i think twenty thousand percent

it's up i think twenty thousand percent this<00:03:34.159> year

this year

this year um<00:03:36.080> elon<00:03:36.319> musk<00:03:36.560> is<00:03:36.640> one<00:03:36.799> of<00:03:36.799> the<00:03:36.879> world's

um elon musk is one of the world's

um elon musk is one of the world's richest

richest

richest men<00:03:38.319> um<00:03:39.040> i<00:03:40.239> i<00:03:40.480> have<00:03:40.720> my<00:03:40.879> suspicions<00:03:41.440> that<00:03:41.519> he

men um i i have my suspicions that he

men um i i have my suspicions that he knows<00:03:42.239> he<00:03:42.400> can<00:03:42.560> move<00:03:42.720> the<00:03:42.799> market<00:03:43.120> when<00:03:43.280> he

knows he can move the market when he

knows he can move the market when he tweets

tweets

tweets and<00:03:44.400> he's<00:03:44.640> tweeting<00:03:44.959> to<00:03:45.040> move<00:03:45.200> the<00:03:45.280> market<00:03:45.680> in

and he's tweeting to move the market in

and he's tweeting to move the market in his<00:03:46.480> favor

his favor

his favor um<00:03:47.680> obviously<00:03:48.000> i<00:03:48.080> don't<00:03:48.239> know<00:03:48.480> exactly<00:03:48.799> what

um obviously i don't know exactly what

um obviously i don't know exactly what he's<00:03:48.959> doing<00:03:49.120> he's<00:03:49.360> claiming<00:03:49.680> that<00:03:49.840> it's<00:03:50.080> um

he's doing he's claiming that it's um

he's doing he's claiming that it's um environmental<00:03:51.519> reasons<00:03:51.840> but<00:03:52.080> um<00:03:52.720> he<00:03:52.879> was<00:03:53.040> sued

environmental reasons but um he was sued

environmental reasons but um he was sued by<00:03:53.439> the<00:03:53.519> sec<00:03:54.080> um<00:03:54.319> not<00:03:54.480> too<00:03:54.640> long<00:03:54.879> ago<00:03:55.120> for

by the sec um not too long ago for

by the sec um not too long ago for tweeting<00:03:55.840> and<00:03:56.000> moving<00:03:56.400> the<00:03:56.560> share<00:03:56.720> price<00:03:56.959> of

tweeting and moving the share price of

tweeting and moving the share price of tesla<00:03:57.360> which<00:03:57.519> is<00:03:57.599> the<00:03:57.680> company<00:03:57.920> he<00:03:58.080> owns

tesla which is the company he owns

tesla which is the company he owns so<00:03:59.040> i<00:03:59.200> think<00:03:59.680> elon<00:03:59.920> musk<00:04:00.159> is<00:04:00.239> a<00:04:00.400> smart<00:04:00.560> guy<00:04:00.720> and

so i think elon musk is a smart guy and

so i think elon musk is a smart guy and he<00:04:00.879> knows<00:04:01.040> what<00:04:01.120> he's<00:04:01.280> doing<00:04:01.760> he's<00:04:02.000> very

he knows what he's doing he's very

he knows what he's doing he's very powerful

powerful

powerful at<00:04:02.959> moving<00:04:03.200> this<00:04:03.360> market<00:04:04.239> and<00:04:04.400> how<00:04:04.640> smart<00:04:04.959> do

at moving this market and how smart do

at moving this market and how smart do you<00:04:05.120> need<00:04:05.439> to<00:04:05.680> invest

you need to invest

you need to invest is<00:04:06.799> cryptocurrency<00:04:07.680> for<00:04:07.920> serious<00:04:08.400> investors

is cryptocurrency for serious investors

is cryptocurrency for serious investors or

or

or for<00:04:09.840> just<00:04:10.080> people<00:04:10.400> who<00:04:10.560> want<00:04:10.799> to<00:04:10.879> take<00:04:11.120> a<00:04:11.200> bit

for just people who want to take a bit

for just people who want to take a bit of<00:04:11.519> a<00:04:11.680> punt<00:04:12.480> i<00:04:12.560> mean

of a punt i mean

of a punt i mean anybody<00:04:13.360> can<00:04:13.519> get<00:04:13.680> involved<00:04:14.000> but<00:04:14.239> i<00:04:14.319> think

anybody can get involved but i think

anybody can get involved but i think it's<00:04:15.040> really<00:04:15.280> important<00:04:15.599> to<00:04:15.680> point<00:04:15.840> this<00:04:16.000> out

it's really important to point this out

it's really important to point this out you<00:04:16.239> know

you know

you know in<00:04:16.959> the<00:04:17.040> last<00:04:17.359> year<00:04:17.600> or<00:04:17.680> two<00:04:17.840> a<00:04:17.840> lot<00:04:18.000> of<00:04:18.079> people

in the last year or two a lot of people

in the last year or two a lot of people have<00:04:18.400> encountered<00:04:18.720> really<00:04:18.880> serious

have encountered really serious

have encountered really serious financial<00:04:19.519> difficulties

financial difficulties

financial difficulties and<00:04:20.959> other<00:04:21.199> people<00:04:21.759> who<00:04:21.919> a<00:04:22.000> lot<00:04:22.160> of<00:04:22.240> the<00:04:22.479> whom

and other people who a lot of the whom

and other people who a lot of the whom have<00:04:23.120> really<00:04:23.360> publicized<00:04:23.919> on<00:04:24.000> the<00:04:24.080> internet

have really publicized on the internet

have really publicized on the internet have<00:04:24.560> made<00:04:24.720> a<00:04:24.800> lot<00:04:24.880> of<00:04:24.960> money<00:04:25.360> on<00:04:25.520> crypto<00:04:25.919> and

have made a lot of money on crypto and

have made a lot of money on crypto and people<00:04:26.160> have<00:04:26.320> made<00:04:26.479> a<00:04:26.560> lot<00:04:26.639> of<00:04:26.720> money

people have made a lot of money

people have made a lot of money um<00:04:28.560> it's<00:04:28.800> going<00:04:28.880> to<00:04:28.960> be<00:04:29.120> very<00:04:29.360> tempting<00:04:29.680> for<00:04:29.759> a

um it's going to be very tempting for a

um it's going to be very tempting for a lot<00:04:29.919> of<00:04:30.000> ordinary<00:04:30.400> people<00:04:30.639> to<00:04:30.720> put<00:04:30.800> a<00:04:30.880> lot<00:04:30.960> of

lot of ordinary people to put a lot of

lot of ordinary people to put a lot of money<00:04:31.280> in<00:04:31.360> here<00:04:31.440> because<00:04:31.680> they<00:04:31.759> see<00:04:31.919> how<00:04:32.000> much

money in here because they see how much

money in here because they see how much money<00:04:32.960> other<00:04:33.120> people<00:04:33.360> have<00:04:33.440> made<00:04:33.680> but<00:04:33.759> i<00:04:33.840> think

money other people have made but i think

money other people have made but i think it's<00:04:34.160> very<00:04:34.320> important<00:04:34.639> that<00:04:34.800> people<00:04:35.040> are

it's very important that people are

it's very important that people are aware<00:04:35.600> that

aware that

aware that bitcoin<00:04:36.479> and<00:04:36.560> all<00:04:36.720> other<00:04:36.880> cryptocurrencies

bitcoin and all other cryptocurrencies

bitcoin and all other cryptocurrencies are<00:04:37.680> extremely<00:04:38.080> volatile<00:04:38.560> investments

are extremely volatile investments

are extremely volatile investments they're<00:04:39.199> very<00:04:39.440> risky

they're very risky

they're very risky there's<00:04:41.120> a<00:04:41.199> very<00:04:41.440> real<00:04:41.680> chance<00:04:41.919> they<00:04:42.080> could

there's a very real chance they could

there's a very real chance they could fall<00:04:42.560> 70<00:04:43.040> 80<00:04:43.280> 90<00:04:43.600> percent<00:04:43.840> they<00:04:44.000> have<00:04:44.080> done<00:04:44.320> in

fall 70 80 90 percent they have done in

fall 70 80 90 percent they have done in the<00:04:44.479> past<00:04:44.800> so<00:04:44.960> i'd<00:04:45.199> really<00:04:45.440> strongly<00:04:45.759> advise

the past so i'd really strongly advise

the past so i'd really strongly advise anybody

anybody

anybody don't<00:04:47.120> invest<00:04:47.440> anything<00:04:47.680> in

don't invest anything in

don't invest anything in cryptocurrencies<00:04:48.479> that<00:04:48.560> you<00:04:48.720> cannot<00:04:48.960> afford

cryptocurrencies that you cannot afford

cryptocurrencies that you cannot afford to<00:04:49.360> lose

to lose

to lose 100<00:04:50.639> of<00:04:50.880> because<00:04:51.280> they<00:04:51.520> are<00:04:51.680> that<00:04:51.840> volatile

100 of because they are that volatile

100 of because they are that volatile they<00:04:52.479> can<00:04:52.639> afford<00:04:52.880> a<00:04:52.960> long<00:04:53.120> way

they can afford a long way

they can afford a long way do<00:04:53.520> you<00:04:53.600> have<00:04:53.759> any<00:04:54.080> yourself<00:04:54.560> gary<00:04:55.199> no<00:04:55.600> i<00:04:55.680> know

do you have any yourself gary no i know

do you have any yourself gary no i know i<00:04:55.919> was<00:04:56.080> a<00:04:56.160> money<00:04:56.400> trader<00:04:56.639> for<00:04:56.720> a<00:04:56.800> long<00:04:57.040> time

i was a money trader for a long time

i was a money trader for a long time um<00:04:58.240> i<00:04:58.400> like<00:04:58.560> my<00:04:58.720> money<00:04:58.960> to<00:04:59.040> be<00:04:59.199> able<00:04:59.280> to<00:04:59.440> buy<00:04:59.600> me

um i like my money to be able to buy me

um i like my money to be able to buy me things<00:05:00.639> uh

things uh

things uh and<00:05:01.440> bitcoin<00:05:01.840> doesn't<00:05:02.160> buy<00:05:02.320> you<00:05:02.560> um<00:05:02.880> well

and bitcoin doesn't buy you um well

and bitcoin doesn't buy you um well you'll<00:05:03.360> buy<00:05:03.600> fifty<00:05:03.840> thousand<00:05:04.080> dollars

you'll buy fifty thousand dollars

you'll buy fifty thousand dollars but<00:05:04.720> you<00:05:04.880> uh<00:05:05.199> you<00:05:05.280> won't<00:05:05.440> be<00:05:05.520> able<00:05:05.680> to<00:05:05.759> buy<00:05:05.840> much

but you uh you won't be able to buy much

but you uh you won't be able to buy much in<00:05:06.080> mcdonald's<00:05:06.479> with<00:05:06.639> it<00:05:07.520> okay

in mcdonald's with it okay

in mcdonald's with it okay so<00:05:08.320> what<00:05:08.479> do<00:05:08.560> you<00:05:08.639> think<00:05:08.720> you're<00:05:09.199> in<00:05:09.360> the<00:05:09.440> pan

so what do you think you're in the pan

so what do you think you're in the pan or<00:05:09.840> the<00:05:10.000> future<00:05:10.320> of<00:05:10.479> mummy

or the future of mummy

or the future of mummy i<00:05:11.840> definitely<00:05:12.080> don't<00:05:12.240> think<00:05:12.479> it's<00:05:12.560> the<00:05:12.639> future

i definitely don't think it's the future

i definitely don't think it's the future of<00:05:12.960> money<00:05:13.360> a<00:05:13.440> lot<00:05:13.600> of<00:05:13.680> people<00:05:13.840> on<00:05:13.919> the<00:05:14.000> internet

of money a lot of people on the internet

of money a lot of people on the internet think<00:05:14.560> it<00:05:14.720> is<00:05:14.800> the<00:05:14.880> future<00:05:15.199> of<00:05:15.280> money

think it is the future of money

think it is the future of money um<00:05:16.160> look<00:05:16.400> we've<00:05:16.560> had<00:05:16.720> a<00:05:16.800> lot<00:05:16.880> of<00:05:16.960> money

um look we've had a lot of money

um look we've had a lot of money distance<00:05:17.520> in<00:05:17.600> the<00:05:17.680> past<00:05:18.000> we<00:05:18.080> had<00:05:18.240> a<00:05:18.320> gold

distance in the past we had a gold

distance in the past we had a gold monetary<00:05:18.960> system

monetary system

monetary system at<00:05:19.840> the<00:05:19.919> moment<00:05:20.240> we've<00:05:20.400> got<00:05:20.560> a<00:05:20.639> central<00:05:20.960> bank

at the moment we've got a central bank

at the moment we've got a central bank monetary<00:05:21.600> system<00:05:22.639> the<00:05:22.800> fact<00:05:23.120> is<00:05:23.919> bitcoin<00:05:24.400> is

monetary system the fact is bitcoin is

monetary system the fact is bitcoin is not<00:05:24.639> backed<00:05:24.960> by<00:05:25.199> anything<00:05:25.520> real

not backed by anything real

not backed by anything real it's<00:05:26.320> not<00:05:26.479> but<00:05:26.639> if<00:05:26.720> it<00:05:26.800> goes<00:05:26.960> to<00:05:27.120> zero<00:05:27.360> you're

it's not but if it goes to zero you're

it's not but if it goes to zero you're not<00:05:27.600> getting<00:05:27.759> anything<00:05:28.080> back<00:05:28.240> for<00:05:28.400> it<00:05:28.960> um<00:05:29.280> the

not getting anything back for it um the

not getting anything back for it um the monetary<00:05:29.840> system<00:05:30.080> we<00:05:30.240> have<00:05:30.479> is<00:05:30.639> backed<00:05:30.800> by<00:05:30.960> the

monetary system we have is backed by the

monetary system we have is backed by the central<00:05:31.360> bank<00:05:31.600> that<00:05:31.840> promises<00:05:32.400> you<00:05:32.560> it<00:05:32.639> will

central bank that promises you it will

central bank that promises you it will be<00:05:32.960> able<00:05:33.120> to

be able to

be able to buy<00:05:34.000> you<00:05:34.160> goods<00:05:34.400> and<00:05:34.479> services<00:05:35.120> food<00:05:35.600> pay<00:05:35.759> your

buy you goods and services food pay your

buy you goods and services food pay your bills

bills

bills um<00:05:37.759> the<00:05:37.919> gold<00:05:38.160> money<00:05:38.400> system<00:05:38.720> was<00:05:38.800> backed<00:05:38.960> by

um the gold money system was backed by

um the gold money system was backed by gold<00:05:39.360> you<00:05:39.440> could<00:05:39.520> change<00:05:39.759> it<00:05:39.840> for<00:05:39.919> gold

gold you could change it for gold

gold you could change it for gold bitcoin<00:05:40.639> is<00:05:40.800> not<00:05:41.039> backed<00:05:41.280> by<00:05:41.520> anything

bitcoin is not backed by anything

bitcoin is not backed by anything it<00:05:42.160> is<00:05:42.240> completely<00:05:42.720> unbacked<00:05:43.520> personally<00:05:44.080> in

it is completely unbacked personally in

it is completely unbacked personally in my<00:05:44.400> opinion<00:05:44.800> i<00:05:44.880> think<00:05:45.039> we're<00:05:45.280> seeing<00:05:45.520> an

my opinion i think we're seeing an

my opinion i think we're seeing an enormous<00:05:46.080> speculative<00:05:46.639> bubble<00:05:46.960> and<00:05:47.120> i<00:05:47.199> think

enormous speculative bubble and i think

enormous speculative bubble and i think it<00:05:47.919> will<00:05:48.080> fall<00:05:48.240> a<00:05:48.320> long<00:05:48.479> way<00:05:48.720> but<00:05:48.960> um<00:05:50.160> if<00:05:50.240> you

it will fall a long way but um if you

it will fall a long way but um if you bought<00:05:50.560> it<00:05:50.639> at<00:05:50.720> 5<00:05:50.960> 000<00:05:51.199> you'd<00:05:51.280> probably<00:05:51.520> be

bought it at 5 000 you'd probably be

bought it at 5 000 you'd probably be happy

happy

happy and<00:05:53.680> i'd<00:05:53.759> be<00:05:53.919> buying<00:05:54.160> it<00:05:55.039> good<00:05:55.199> to<00:05:55.360> talk<00:05:55.600> to<00:05:55.680> you

and i'd be buying it good to talk to you

and i'd be buying it good to talk to you economist<00:05:56.400> and<00:05:56.479> commentator<00:05:57.199> thanks<00:05:57.440> for

economist and commentator thanks for

economist and commentator thanks for being<00:05:57.840> with<00:06:04.840> us

you