Secretary rick perry. A former Texas Governor also made the trip. President trump is pledging 1 million in disaster aid for victims of the hurricane. That is according to White House Press secretary sarah sanders. Trump arrived in texas to witness the destruction and visit with victims. The pentagon has begun to deploying additional troops to afghanistan. Defense secretary jim mattis said members of congress will be briefed before details are made public. Mattis did not give exact number of the troops or say what their roles will be. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. I am a alisa parenti. This is bloomberg. Bloomberg technology is next. Emily i am emily chang and this is bloomberg technology. Throughout the next well do a hour deep dive into the cryptocurrency market. Bitcoin hits a new high. Whats driving this current crypto mania, and will it last. Plus, its a date. Apple officially gives a time and place for most significant Product Launch in years. Wheal discuss what apple watchers are looking for. The bar is high. And expedia cfo stepped up to the plate after Dara Khosrowshahi jumped ship to lead uber. But first, to our lead. It has a banner year in the realm of cryptocurrencies. M, bitcoin cash. Those are some of the Digital Currencies that have been on a tear this year seen value skyrocket. The market for cryptocurrencies is 170 billion and rising. Interest is at fever pitch. More bets being placed on cryptocurrencies from high profile investors like mark cuban to some of the biggest banks across the globe. We will cover some of the biggest themes and issues around the Digital Currency market over the next hour. But it is not been smooth sailing in the crypto world. Our Caroline Hyde took a look what makes this market so volatile. Caroline cryptocurrencies are in the midst of a record setting run. Names like bitcoin and ethereum have seen their values skyrocket this year. Bitcoin, which is close to a household name you can get in cryptocurrencies has shot up , over 350 so far. Jumped fromt over at the start over 4500. Year to ethereum is on the move, as well. We see Companies Across all industries looking at how to use this technology. Caroline it has not been smooth sailing for the currencies. Just look at recent 30 day snapshot in the price. You can see a rollercoaster ride. Back in august of last year bitcoin , plummeted 13 after hackers stole 65 million. Also fell ethereum upon tough times. We have to remember this technology is new. With the but even volatility inherent in currencies, there are still plenty of promising opportunities. There is a growing mainstream acceptance of the asset class. Big investors like mark cuban are throwing their weight behind new cryptocurrencies in the Block Chain Technology behind them. We are starting to see more Financial Institutions and Retail Investors embrace such currencies. If the sec approves bitcoin as an electronically traded fund it , will make it easier for the everyday investor to jump in. Perhaps tempting, given bitcoin soared past the price of gold this year. Do not forget we are four years removed from the bitcoin crash of 2013. There might be one sure bet you want to make and that is to , buckle up. Emily Caroline Hyde joins us live from london. Along with our guest host for the hour, Roger Mcnamee and media and entertainment companies. Great to have you back here on the show. Highs, lows, bitcoin are we in a bubble . Roger i think we are. It is important to distinguish between cryptocurrencies on the Block Chain Technology that comes underneath them. To make him other thing about cryptocurrencies is that they are not currencies. Likeare really commodities soybeans or pork bellies or Something Like that. What does that mean about the value . Roger it is designed to be volatile. Currencies by definition need to have stability. If you look at this it is more like trading gold futures are oil futures. Those are going to be inherently volatile. Yes, there is something very valuable underneath them. But you would not use gold futures to pay your mortgage or pay your childs college tuition. Emily if you own bitcoin now does it have longterm value . Roger it is too early to know. Structurally it looks like they cannot make the transition, but i not sure that matters to the investors. I think theyre in it for volatility and return. That may work out. But i do think were not done with the sharp drops. I do think there are enormous structural issues. There are thefts of the various cryptos here, there and everywhere. That i think is going to continue. Of concept of the role miners. The fact that these are things adopted primarily by black and gray markets. Markets suggests at least notion,ms my basic which is that i think these are far from mainstream currency options. Emily you mentioned people getting robbed. The number of complaints about coin base. The Biggest Cryptocurrency Exchange caroline were seeing went from six to almost 300 this year. So much more mainstream acceptance. Give us examples how were seeing Mainstream Investors embrace this . Caroline that is what is so fascinating. Arelikes of fidelity, they mining bitcoin and looking to get into this. We see banks as roger was distinguishing between banks want to embrace blockchain technology. Project. Joining ubs they are building their own coin that will be available in and of next year. It will make Financial Transactions that much easier. That is whether want to introduce this technology. Not perhaps as a stored value were seeing bitcoin suddenly become. Thats why we saw the split in bitcoin and bitcoin cash. What is bitcoin . Does it remain a stored value . Does it become a haven . When you see a flight to value and concerns about north korea or does it become more of a payment mechanism . Scalehe capacity have to and doing he is see improvements in the transactions . This is how much bitcoin is beating gold. Talk about the flood of investors. You are in for a roller coaster ride, whether you hold the cryptocurrency. Check out my bloomberg at the moment. , you can into g btv type in 3394. You get Bitcoin Investment trust. They do not want to buy bitcoin outright. They want exposure. On the bottom half we see the 90 day volatility of that Investment Trust is more than three times the volatility in bitcoin. Whether you want to be overall, youre in for a rough ride. Emily if you look at the run up in bitcoin, it is dwarfing the run up we saw before the tech bubble and housing bubble. Is that a concern . Roger only if youre one bitcoin. If you taken your profits, youre sitting there going not a problem at all. When you talk about 170 billion in interest in this category, that is why you see banks and others coming in. Why are we having the segment right now . There is a lot of interest. The trick here, at least for the viewers watching this, to separate the commodity of bitcoins from the notion of a cryptocurrency. A currency needs to have stable value. I just dont think youre going to get there from this. The third piece, is the underlying blockchain technology. There are a lot of reasons people would like to be able to do high volume financial and information transactions very low cost with privacy and security. Blockchain Technology Offers that promise. Everyone is excited by that. I would love to see one of these banks or Financial Institutions try to create a currency. Try to create a stable store value a would be that would rival a national currency. That is the promise land i think so many people are hoping to go to. Emily when it comes to the blockchain, it could revolutionize real estate, giant Technology Companies. Roger and sale of information. Emily where do you think the blockchain could be the most revolutionary . Or is that an exaggeration . Roger too early to tell. To me what is exciting is, it is like the internet, it is a distributive system aware scalability is not a problem. With the scale of market you have today, if you can take that off the table an issue, you can apply it to almost anything. What remains to be seen is can is which markets will find this most appealing. In its current state, we have only experiments. Consumers are not interacting with this regularly. A lot of money has been raised. Were going to run that experiment and see. I look at this, to me that part is really exciting. It makes it worth going through what i think is going to be further issues around the so called currency part of this discussion. Emily were going to continue this conversation throughout the show. Roger mcnamee of elevation partners. You are with me for the hour. Caroline hyde well see you. We will have more in cryptocurrencies throughout the show. We officially have a date from apple on its next Product Launch. The company set out an invitation that listed september 12 as the date of the event. It will be held at the new apple september 12 as the date of the event. It will be held at the new apple campus in cupertino, california and take place in a theater named after cofounder steve jobs. As we have been reporting apple , plans to introduce three new iphones and new versions of the apple tv and apple watch. Coming up, overdrive to close goes into overdrive to close the gap with uber. This is bloomberg. Emily lyft is expanding its services to 32 additional states, bringing the total to 40. The Ride Hailing Company is aggressively trying to take market share away from its rival, cooper, who controls 70 of the u. S. Right ride hailing market. It means 94 of the u. S. Population would have access to lyft. The gap has the largest do graphic footprint of any in the u. S. Ceo darawly minted a timeline fors when the company should go public. He said in 18 to 36 months. When he walks in that ubers headquarters on tuesday, First Official day as ceo, what is his top priority . Still with us Roger Mcnamee. ,what you think of this new guy in the problems he has to solve . Roger to me, anyone coming into this job is a serious problem that requires immediate attention. The first is the company bleeds , cash today. They probably got on their current course speed, two and a half and three and half years worth of cash. Worth of cash left. That is assuming no negative settlement on lawsuit litigation with google. I think they are very vulnerable. I am not a lawyer but there are been emails put out the make it look like googles case is emily you think this google strong. Suit is the biggest problem . Roger in terms of dollars, yes. Its biggest unknown for investors. If google lets put it this way. If i am the ceo one of my first priorities is making that suit go away. One of the best arguments for having a new ceo is they can come culpa, andea negotiate their way out of it. Emily what is the worstcase scenario . Roger that they oh more money to google than they can pay. They owe more money to google than they can pay. That would be a very ugly scenario. Hopefully theres some solution where uber exits as selfdriving car business. They stop trying to develop their own. They make a deal to use Waymo Technology everywhere and they pay some penalty. Somethingo settle for less than cash you have on Balance Sheet. The ceo has to go in and fix it. My understanding, they are cash positive in some markets. Aily they are negotiating new investment. We do not know if it will happen. Roger if i were the ceo, i would try to get to break even even off the , cash you have on the Balance Sheet now. They are at a scale today that if they can get to break even, their capital relative to lyft and others in the space, it will be much lower and their ability to choke off competitors will be in place. They dont need try to do it as private company. Emily what about the cultural and personal issues . Especially since the former ceo wants a seat at the table. Roger the good news is that most of the Management Team has departed. The new ceo got the opportunity to bring in his own team into the place. The challenge is that, Travis Kalanicks personality and ubers culture were one in the same. The strategy im recommending, which is get the company to breakeven as quickly as you possibly can, will require a completely different personality from the one Travis Kalanick had. Im recommending that if im the new ceo, we are trying not to have too much interference of the old into the new. Emily when it comes to the business, and working out through all these issues, do you see uber delivering on a 70 billion evaluation . Roger not any time soon. Emily or anywhere close . Roger no. I think getting to break even is going to be a challenge. I look at this and say they gotten where they are now because the Consumer Value proposition is fantastic. The problem is, to get there you had to abuse the communities you are in and the drivers of the cars. You dont own an asset. Which means its relatively low to entry and large markets. They have to solve all those problems simultaneously. Theyve got to find a way to pay the driver is better to make the deal fair for the drivers, without making the offering unattractive to consumers. I believe thats doable. I believe consumers would pay more. Lets face it, ride sharing is an amazing thing to have available. Getting that right is not going they are not going to get it right on the first shot. If the Company Needs to raise more capital before it can demonstrate profitability, i think the cost will be wildly higher than what they have paid before. If they want to be worth 70 billion any point in the future, i think getting to profitability soon will be an important step. Emily Roger Mcnamee. Roger just a point of view. Emily elevation partners, you are sticking with me for the hour. My conversation with expedias new ceo Mark Okerstrom. He talks about the departure of Dara Khosrowshahi. What it means for uber and expedias future. This is bloomberg. Emily expedia stocks soared to thursday, having the best day since november. This happened when they named the cfo Mark Okerstrom as the new ceo. Took the helmahi at uber. I spoke with okerstrom and asked him about his new role. These things you talk about them for years. Like a sports analogy, you prepare the team for the big game. You get a call on sunday night and suddenly game isnt two weeks from now. Its tomorrow. Kind of unfolded a little bit like that. We were all ready for this. Were all pretty excited around expedia. Andre very excited for dara i am excited for the people at uber. I think he will do a fantastic job there. Emily when it comes your job, they say no one else was considered. You and dara have been working together for years. What is your vision . What are some things you might do differently . Ive been very involved in the Strategic Direction of this company for a very long time. Dara and i have been lockstep in really all of the major Strategic Decisions along with our chairman barry diller. I dont have a long list of things that im dying to change. Weve got a number of priorities across the company, certainly becoming more international is one of our key priority so ill be focused on making sure we continue to expand globally. The big transition at homeaway is a huge priority. I think youre going it see a lot more of the same for us. If i do my job well, maybe go faster. Emily lets talk about that. You have some deep ties to ubers new ceo. What are new ways you can Work Together . Like perhaps, free uber ride for expedia customers. Weve talked a long time about possible ways that we could work with uber. Integrating their service into the expedia app or hotels. Com app or homeaway app. Im hopeful we got a direct connection. Emily dara is walking into challenging situation by all accounts. And ousted founder that still wants a seat at the company, lawsuits and difficult dynamics. Weve heard about you can deal with big personalities. Tell us more about why you think he has what it takes to take on these personnel challenges . Dara has one of the highest levels of Emotional Intelligence that ive ever seen. He knows people. He is humble. He listens. I think above all, dara makes the people around him better. People want to be around him. People want to think like he does. Hes a great role model. Hes a man of high integrity. He values diversity. He values gender balance. He really stands for a lot of the great things maybe lacking at uber. I have 100 confidence a uber will be a much better company. Emily the information retracted a report that you were going with dara to uber. They were wrong. Theres a point there that dara has a lot of executive positions to fill. Are you concerned a number of executives from expedia will follow him there . We feel very good about our executive team. Weve got one of the most talented executive teams out there. Weve been together for a very long time. Theyre really excited about the prospects around expedia inc. Theyre highly engaged. Theyre highly committed. Weve been working together on a strategy that were not yet done. Theres lots of work yet to do ahead of us. I think we feel pretty good. Emily my conversation earlier today with expedias new ceo Mark Okerstrom. Coming up, we continue our focus on Digital Currencies. How one company is aiming to fill a security need by using bitcoin and blockchain. This is bloomberg. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Singapore, 12 29 p. M. In tokyo. I am Haslinda Amin with first word news. Congress will have the nations biggest political reshuffle since 2012. The gathering of more than 2000 delegates with xi jinping to move allies in top positions and insert his guidance into documents. Many of the committee could be replaced. A second round of nafta talks resumed in mexico city later, with president trumps rhetoric expected to figure prominently. Since the first round, he threatened pull america out of times. L four during meetings in minnesota and missouri, on twitter, and a News Conference with the president of finland. Any of the three members of nafta can quit with three months notice. The Senate Banking committee will vote next week on renminbi calls. President trumps picked to be regulator faced tough questions. He admitted he should have been tougher on the banks when he was at the treasury, before the 2008 financial crisis. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. I am Haslinda Amin. This is bloomberg. I am Sophie Kamaruddin with a check on the markets. Start tot been a bad september after a rocky august. Chinese stocks leading the region, along with the hang seng. There has been corporate profitability. The nikkei 225 adding 1 10 of 1 . Has been fluctuating. Insurers have been a drag in seoul. The won doing well. We see the rupee under pressure, after a drop in gdp. These are swinging to games. I. T. And Health Care Stocks on the rise in sydney. Rs, we are seeing metal prices on the rise. Oil below 47 a barrel. At the hang seng is set for a third weekly gain. Ay the macau casino stock jpmorgan up to the rating for the sector. China snapping in day rally despite its booming profit. Earnings have helped the gains. It is the eighth monthly rise in august. Valuations are looking cheap at 12. 3 times estimated earnings. That is a discount of more than 40 since the peak we saw. That is your check in asia. Emily this is bloomberg technology. I am emily chang. Back to our deep dive of the Digital Currency market. Thanks to a massive rush from investors the entire industry is , now valued at 170 billion. I want to send it back to Caroline Hyde in london who is standing by with a leader in the cryptocurrency space. Roger he has been in the Digital Currency game for some time now and is known for the continued success in calling the price of bitcoin. Has a decentralized method of confirming your identity using the blockchain. Joining us from boston is civic ceo vinny lingham. The bitcoin oracle is what you were dubbed. But then you sold out most of your earnings and bitcoin. You regret it, and why did you buy this rally . I decided there were a lot of the risks on the horizon. Last year, bitcoin was sitting around 400 when i made the call to buy. This is something thats going to go up. We got to a point where it looks like there were a couple of technical risks. I decided there was a risk scenario i did not like and to decided to reduce my holdings in bitcoin. I still hold bitcoin. I am very happy with it. Caroline there is still ongoing concern about another opportunity for a hard fall as soon as november. Do you expect that risk to become a reality . I do. About 80 of the mining power is behind a proposal to upgrade bitcoin in a sense. There is some debate about whether it is an upgrade or not. It is about the block size going from one megabyte to two megabytes. Caroline these are technical terms we are hearing about trying to expand the transaction size of bitcoin and making it more of a means of transaction, a means of payment, rather than perhaps a store of value. We had Roger Mcnamee on the show saying he does not by bitcoin as a currency, but as a commodity. Will bitcoin and other cryptocurrencies become a method of payment rather than a store of value . Look, i think the store of value in energy is good. Its something i have been saying for a while. It becomes a store of value if it becomes a payment method. Off as a speculative commodity, the worlds First Digital commodity. Then it became a medium of exchange for transactions. In the long term, as the price rises and it becomes more stable, it becomes a store of value. Stores of value are not super volatile. You look for things that can rise every month and year and you can store value in it. Bitcoin has been volatile this year. A month ago we were at 1700 and now 4700. Thats pretty volatile. The sky is the limit. I wouldnt put a number on it. My issue has been with the technical risks. Caroline many were excited about the underlying technology, the blockchain. This is where your Civic Company comes in. This is about identity record keeping. This blockchain could interrupt disrupt the financial sector, recordkeeping. Where do you see its greatest application . Thats what exciting for me. I care less about the price. Too much focus is on the price of bitcoin. We are using it in such a way that we are basically able to create digital ids. The problem bitcoin solved was that double spending of digital electronic money was something that had not been solved before. How do you prevent someone from spending the same tokens twice . Bitcoin solved that for digital ids. How do you prevent someone from making a fake id and moving it from one location to another . By leveraging the blockchain we were able to create digital ids that you can use going through airports, passports logging into , websites, accessing a motor vehicle. When someone to checks the id they know its you. , caroline you offered an initial Coin Offering and raised money by going to the crowd and selling your own tokens. How much is the Venture Capital industry going to be disrupted by blockchain technology, by people being able to raise very vast quantities in very short time horizons . We had a few rounds of vc funding. This was a token sale. We were trying to create an economy that uses smart contracts. That would enable us to run these digital id products. These smart contracts enable a huge amount of privacy. You dont want people to know when youre using your id and how etc. ,33 of the tokens were partners. Now we are able to onboard very large partners. We offer a Network Effect to allow digital ids to grow. Caroline vinny lingham, thank you for joining us from boston. Emily i could just see the skepticism in your eyes as you were listening. Roger yes and no. I hope he is right. Clearly, to this point, it has worked well. For the average consumer looking into this space, you have to remember, we are in early days. We are at the portion that favors people who have lots and lots of information. The typical consumer is that a huge disadvantage. I do not think in the short or longterm that is going to work out well for you. You never want to be the one on wall street with less information. Emily Roger Mcnamee is sticking with me. Coming up, we will hear from one of the first people to put all of his professional efforts into this industry. His thoughts on the current price and how blockchain can disrupt more than banking, next. This is bloomberg. Emily as we have been discussing throughout the show the rise in the value of the , Crypto Market has been unprecedented. Can the industry scale as more investors jump in . How is it gaining legitimacy among big investors and institutions . We ask that question to cofounder fred ehrsam, who remembers when bitcoin was in its early stages. Take a listen. Fred people who were working on bitcoin early always thought it had the potential to be something huge, otherwise, they would not have spent their time on it. But to have said it then would have sounded crazy. You always think it is possible, but you never assume. Emily do you think we are in just another stage of a hype cycle here . Fred yes, one luxury of having been in this industry for seven years is you get to see the same hype boom and bust pattern over and over. I remember when bitcoin went from 32 to two dollars. Now we are over 4000. So, i think the reality is these sort of cycles draw more people in, more investors, more talent, more attention. Even if there is a bust, you arrive at a subsequently higher baseline than when you went in and it becomes a selffulfilling prophecy. Emily do you think the industry can scale as more investors jump in . Fred this, i think, is the main bottleneck for the industry. Right now, the blockchain is about 100 bits off of being able to handle 5 million users. About 20,000 off facebook. We are quite a ways away. That being said, at the beginning of the internet, everyone thought it was crazy to think everyone can interact on it, let alone play a simple video, and we do that every day. The good news is, there are a lot of approaches for scaling. The bad news is nobody is working on it yet. But with the cycle, there is way more talent entering the industry than ever before, probably by a factor of five or 10. Emily where are they coming from . Fred all over. Some from wall street. You are seeing the talent from the companies out here start to flow into the industry. High quality engineers who know how to scale systems. Emily how do you see the cryptocurrencies gaining legitimacy among investors . Fred encouraging signs. Market we have seen makers start to sign up over the last couple of months, which is really great. You see it talked about more and more in typical wall street forums, banks starting to experiment with the technology. All of that legitimizes it. At the same time, i think its less important than most people might think. The reason is, i think most interesting behaviors in technologies that come out of new paradigms are usually native to the paradigm. It is new behaviors. While Institutional Support is important and will help us get off the ground, i also dont think its where the most interesting stuff will happen. Emily where will the most interesting stuff happen . Fred organic things from the community. Things that were never possible before the blockchain existed. Emily give me some examples. Fred absolutely. I think one of the really interesting things about where we are in Technology Today is that Technology Companies are the most valuable companies in the world if you look at market cap. Google, apple, facebook, amazon, microsoft. But if you look at just why these companies are so valuable, it is because they have effectively built really big databases around Strong Networks they have. For example, facebook has a Big Social Network and you cannot take that Network Effect and port it over here. You could say the same about other big Networks Like linkedin, uber twitter, or , whatever it might be. Blockchain represents a fundamental paradigm shift there. Where now, you dont need a middleman. Much like you dont need a middleman to move your money, you dont need a middleman to own your data. Emily do you see bitcoin as a way to disrupt Big Tech Companies . Fred exactly. I think the Big Tech Companies will be disrupted as much if not even more than big banks. Considering those of the most valuable companies in the world maybe thats what is worth , paying attention to. Emily how so, what does that look like . Fred it means breaking the data monopolies that they have. Facebook has a big database of all of our social interactions and information. What if you did not need a central third party to mediate our interactions . What if a neutral blockchain handled that . Further, you could imagine that if you didnt like the development direction, you could fork it. We have seen a fork in bitcoin. You could try many different ideas or directions. As a result, you might imagine innovation could happen faster on potentially more freedom. Certainly, not some other party owning all my data. Emily fred ehrsam there. Cofounder of coinbase. Coming up, apple has set a date to unveil the latest iphone with massive changes on the horizon for the device. We check out what that means for customers and the competition, next. This is bloomberg. Emily apple has told u. S. Regulators it opposes charging higher fees for faster internet access, saying paid fast lanes could replace todays content neutral transmission of internet traffic. This comes just weeks after apple pledged to spend a billion dollars to stream movies and tv shows online. If host of internet giants from amazon to facebook have been sounding the alarm to protect the rollback of Net Neutrality rules. This is due to the fcc voting to roll back obama era Net Neutrality rules resulting in a list of bands the block web traffic and fast lanes for those willing to pay more for faster service. Speaking of apple, as we told you earlier this hour, the company has set the date for its most significant new Product Announcement in years september 12. Back to my cohost, Roger Mcnamee. How optimistic are you about a new iphone at a 1000 price point . Roger i think that is a big experiment. We will test price elect elasticity of demand in a big way. The iphone is going to be a big 8 product to test that thesis against, because when you look at the features, it does look compelling, but i do not think we should be assuming they are going to sell record volumes over the first few weeks. But i dont think thats what important about this announcement. Emily what is . Roger apple has a whole lot of new product coming to market right now at a time when wall street had convinced itself it wasnt capable of introducing a product that was any good. I think the iphone is going to 8 be a good product. The new apple tv will be a compelling product. The watch is getting there. It doesnt matter so much. What really matters is apple has positioned itself on the consumer side of a really important battle, and the battle has consumers on one side, facebook, google, and the other players in the economy on the other. Apple has clearly decided it is going to take the consumers side. Thank goodness, because at the moment, our government is powerless. The European Union is trying to put some antimonopoly protections in for consumers. Has given its best shot in bounced off the hull of google without any damage. I look at apple right now as basically taking a stand that says, if you want to avoid having your brain hacked by google and facebook, if you want to avoid the Addictive Properties there, we are going to help you. Emily lets talk about that. You wrote an oped in usa today about how facebook and google are anticonsumer. You said like gambling nicotine, alcohol, heroin, facebook provide shortterm happiness with serious negative consequences in the long term. Users fail to recognize the warning signs of addiction until it is too late. There are only 24 hours in a day and Tech Companies are making a play for all of them. You think apple is the only company that can change the tide . Roger i do. And i think the reason why apple is uniquely positioned is that their Business Model is based on selling devices, not occupying your attention. The issue is not that facebook and google are managed by bad people. They are not. They are managed by good people. The issue is the Business Model. 10 years ago, we lived in a world of Information Security where being a studio executive or running atudio network were great businesses. We shifted from information to attention scarcity. People were on their phones from the moment they woke up until the moment they went to sleep. There was so much more Time Available that the battle shifted from controlling content to controlling attention. Google and facebook, because of their advertising models, used addiction to do that. Emily what you think of the moves tim cook is making . He is making privacy an issue. He is taking a stronger moral stand, a Stronger Political stand. Roger as an investor in apple, i love tim cook as the ceo. I was a huge fan of steve jobs, but i dont know that steve could have done as well in china as tim cook has done. I dont know the steve would have been as aggressively assertive. He may have been. Tim cook has clearly been assertive in protecting the privacy of consumers. We have seen them voluntarily they are going to make a change in the operating system to eliminate autoplay for videos. That is part of how the addiction process works. They have put in authorized extensions on their browser that have ad blocking and tracking blockers. That is really, really important stuff and every consumer should be putting that in place. Why . Because otherwise, you are letting other people manipulate your thoughts. You may say roger, that is too extreme. My evidence is brexit. My evidence is the election of trump. You cannot imagine those two outcomes in the absence of facebook. And again, facebook did not do it. Facebook created a platform where malicious third parties could go in, spend a little money, create a lot of bots, and affect elections. Emily could blockchain disrupt that . Roger i think it could, but it is orders of magnitude of scale away from doing that. Someday, i hope it does. An unmediated social network would be a really, really fun thing. Emily Roger Mcnamee bringing cryptocurrencies. Thank you as always for your insights. That does it for this edition of bloomberg technology. Thats all for now. This is bloomberg. Following the paid program. The following is a paid program and announcer the following program is a paid advertisement for the hd mirror cam brought to you by Inventel Products llc. Announcer yep, theyre out there, driving recklessly, causing accidents and driving up your insurance rates. This is a show about car accidents. Classic cars, and the hd mirror cam, the personal Security Camera for your car. This is accidents caught on camera with the hd mirror cam