Of course many people have been piling in too. In the past year especially twenty seventeen is probably when most people heard about they quit and got involves a bot the first bitcoin certainly even people involved in our show and weve been talking about bitcoin since two thousand and eleven two years after his birth it was two three dollars back then and we talked about it many many times weve weve interviewed all the top players in the pick my space the top guys and you know cameramen and editors and executives of our show have been watching these episodes for years and it was an untold september october that they finally started say how do we get one of these will buy in youre like wait you waited until it was like twenty thousand dollars to even think about buying we told you to buy it at two or three thats the amazing thing isnt it people that weve been talking about it for years finally what is it. What eighteen nineteen twenty thousand were suddenly curious about it and started buying it but thats the way it always is with these types of ideas theyre completely dismissed at first and then when they end up changing everything game people suddenly get interested so that stuffs not unusual i also want to say you know because a lot of people will only be new to this and they have endured the drama of what whats been happening with bitcoin since the futures were introduced and since the huge drops and. The huge volatility be cash or bitcoin cason all this sort of drama over the Christmas Period on these exchanges they might be alarmed so what i would say is that you should go to you tube Enterprise Report bitcoin and look back through the years that this is kind of normal for this whole area its you know you have to think of it like that sort of that cambridge explosion the prek. May be an explosion of. Evolution these are ideas being explored and a lot of failures and some great successes in fact humans come out of the excess the successes that happened in the preteen be an explosion or remember the dot com crash the whole the whole nasdaq blew up drop Seventy Eight percent killings of dollars disappeared all kinds of companies were vaporized but from the mass came we google you know apple was reborn. Amazon so these are the winners and now they dominate global trade in Global Market action so the same thing a big point there probably you know in another huge drop as we will probably see the survivors all come up and be world beating companies in world beating applications and points i dont know if weve had any more gifts this year but im sure there will be many more forks in twenty eighteen so it might be good to hold your be a coin and hopefully there also be clarity because you know i think a lot of people are holding three twenty seventeen and the americans are. The Bitcoin Space because of the lack of clarity from the i. R. S. Is that an asset is a commodity as a property as you know is that income do you pay Capital Gains whether thats so i know thats why i havent like really sold that because i dont know what what i would what the Tax Implications are but i want to you know talk with the law we will be with him on the birthday of bitcoin on the ninth birthday and first i want to say because of course weve had a volatile christmas a past few weeks that has been very volatile all over it just kept on going up parabolic up and you know you would see down days of ten fifteen percent and people like flipped out they were scared panicked this of course is normal for our experience that weve witnessed through between through the past nine years but here is jim slop with bitcoin obituaries proclaimed per year and two thousand and ten there was one death of bitcoin proclaimed and twenty eleven there were six i remember that year and two thousand and twelve there was only one and twenty thirteen there were fifteen and twenty fourteen there were twenty nine and twenty fifteen there were thirty nine and twenty sixteen there were twenty eight and twenty seventeen ninety three deaths going pronounced so how many do you think there will be in twenty eighteen oh about using that chart as a guide theyll be real two or three hundred i suppose but look because it is unique its a its the fifth element its completely unique in that its reproducible down counterfeit of all Digital Object that can be used back and forth electronically as a store of value and that had never occurred before this brilliant Genesis Block was mine based on the two thousand and eight suppose you bought a motorway paper and it means that all banks also untrue banks are distance mediated they are no longer needed this is theyre going to go the way of the music. Industry when napster was introduced you know this is just not going to survive in the same way that it did and we often said that the biggest terrorist in the world are bankers like jamie diamond this is the terrorist killer this is going to put more terrorist out of business on wall street city of london then anything else and i think it was divinely inspired well certainly it has generated a lot of cult sort of following you know disciples and apostles a story line of an intervention hank resists is a direct pipeline to god ok so much of a cult like statement yes yes and i want to say you mentioned the dot com bubble you were around for that and survived that rise and fall and you were right to point out that there were a lot of people who say oh big quince like pets dot com but what people are saying in response is like no this is the internet and pets dot com failed but just like some of the coins might fail but you know the things like Amazon Google survived and then new Companies Like facebook and twitter that werent around during the first dot com crash so you know things can happen but there is a bit of sort of bubble hysteria going on that you see in this next headline a small fin tech stock surged two thousand six hundred percent in a week after announcing its a Crypto Company fin tech plus cryptocurrency equals about seven billion dollars thats how much the value of long fin corp surged to after the microcap stock rocketed by as much as two thousand six hundred percent since debuting right before christmas most of the gains came when the Company Issued a press release saying it but the do dot com block chain empowered global micro Lending Solutions provider that transacts only cryptocurrency so even the c. E. O. Of this guy. Even went on c m b c or one bloomberg one of the Financial News outlets and he was like this is too much why are you doing this this is overvalued people it was a penny stock and it acted like an all coin not even any all the coin i dont think has ever risen by two thousand six hundred percent in a week well why is this happening is because the reason why because it was created as we celebrate the birthday of Genesis Block it was created to do battle with Central Banks and banks around the world who are irresponsibly printing money without lending it out simply to bail out bankrupt institutions around the world and this is led to ask the price explosion and the upward march of wealth to the top one tenth of one percent the Global Economy is incredibly distorted unlike in any time in history will billionaires are being created faster then one can possibly legitimize given the underlying economy is growing quite tepidly you know Warren Buffett himself said that a company thats growing at a multiple of inflation is probably doing it in a crooked way because theres no way you can outstrip. Degree something that youre bound by laws of physics and laws of business to some degree and here you have this company skyrocketing in value because there are literally hundreds of trillions of dollars of ill gotten gains sitting in offshore accounts and sitting in hedge funds and sitting on wall street who are bored theyre looking for something to do they see jim cramer on c n b c screaming about something or they hear about this and they just put the money available for this is instantaneous is there money to fight Climate Change know is there money to increase labor wages to restore dignity to society through jobs no no no not at all its only money available to the club talk or see the oligarchs well i also think you know wrapping heading into the last minute or two here i want to say that you know janet yellen. Theyre starting to pull away the punch bowl and i think this could be also part of all of that cash trillions and trillions and trillions have been created in the last few years and everybodys been waiting for something to happen remember in two thousand and eight two thousand and nine the likes of peter schiff are saying hyperinflation is coming his call may have been too early but you know that this could be some sort of hyper inflationary mindset that is out there its happening in cryptocurrency is happening in the equity markets its happening bonds its happening in everything so this could be a last hurrah like people like downing the drinks before the you know the bar closes to peter schiff point you know its all hinged on the u. S. Dollar the World Reserve currency which is being held up through the shenanigans of coordinators Central Bank Fraud when somebody breaks rank this is going to happen twenty eighteen one of the major Central Banks in the world will start buying bitcoin theyll break ranks from the other Central Banks that are colluding to aggressively expand money supply to bail out corrupt banks but when one of these banks breaks off and says you know what we can triple quadruple quintuple our money by going into crypto and you guys can go and fend for yourself then the torrent of those trillions of dollars worth of cash that have been kept out of the economy due to illegal machinations by the Central Banks comes flooding in and the real hyperinflation kicks in the dollar crashes spectacularly thats happening and twenty eight team by the way the kaiser report was also born in two thousand and nine just two not that were all the same but we were born the same year bitcoin wise im not a toshiba and were in the new studio here and i want to say we will be getting some sort of like graphics and stuff like that behind us but i just want to introduce you to our new studio here in raleigh so happy birthday to us happy birthday to soto she nakamoto. This is toshi i knew it. Stay tuned for the second half a lot telling you where. In the heart of the swiss alps this is a place probably more secretive than the pentagon more mysterious than the cia and better guarded than for knox ellis was customs are here permanently all the site is controlled by them and they impose the opening times. Opposite the possibilities from these all plus the procedures in place of the strictest in all europe masterpieces by artists like pecans oh and modigliani i cant boards and sold inside this warehouse thats where the report comes in it covers up deals which are naturally discreet commercially discreet but also discreet because they concern fraud. Some of those paintings are linked to dark secrets nobody knows how many of these secrets a kept inside the Geneva Freeport social position that youll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only is it the worlds black box of the art business. New when you dont. See the. Two are. There they could. Not. Make. Let alone a. Club until nov seventh is that. You speak french. Well go back to the guys report imax guys are time now to return for a conversation michael pentel pen to a port dot com money manager started there out there in new jersey the bayonne bleeder they call you you know yeah. The boxer yeah well you know follow my that was the town. Yeah you almost beat mama tell me really yeah they bought all the rocky character after chuck weapon or bailing blade or jews i know more about that youre seeing the most People Living in new jersey ok so Michael Pinto lets get back to this you know bitcoin and you know your got a negative view on it and the points you make just to recap here that theres a vulnerability at the exchanges and the on ramp off ramp the a word government could could go in there and cause havoc i mentioned theres an intellectual property challenge that could be made if people banks can say we own the ip for this type of Technology Similar to the way microsoft attacked open Source Software like linux by saying weve got certain intellectual property there are they trying to invalidate this competitor you also mention the possibility of a fed coin fed going comes around its a crypto coin its a digital coin and youre idea is that they want to wean folks off cash yes they want to get people into a permanent negative Interest Rates an area which they will need to do to extricate the economy out of the next Great Depression which is coming unfortunately in my opinion right so the depression comes when the market collapses market collapses because nothing was done to stop it from the last collapse except give the worst actors in the economy more money to go create more probably so only seventy trillion increase in debt since two thousand the globally so theyre going to have to do something they only have about one hundred twenty five basis points of bullets in the in the in the can they are global to fire the id say i mean does japan have to get themselves that theyve got zero what does it germany have they have nothing so they have nothing really to reduce the overnight negative razorback they have to to go. I get they cant do negative Interest Rates if they have physical test ill just go and take all my hundreds out put them on with my mattress and you can say i get negative ten percent but i dont have a good ten percent because i have you know whatever x. Number of dollars stuff the stuff in my house so they have to get the world used to living off of a Digital Currency and by the way there was a person nominee to the fed by mr trump called Marvin Goodfriend and what does Marvin Goodfriend love more than anything in the whole world because. The size bitcoin negative nominal interest really look it up ok all right so there you know youre building a strong case here so so because it is just like the gateway drug is just opening up to this fed going yeah ok now heres my mike mike some of my post to some of this thought is that the i think that the krishna bit going going all way back to two thousand and eight white paper which describes the introduction to it which mentions bank bank fraud problems in the Banking System and problems in the Central Bank System its always been a race against the failure of the Current System the failure of the Banking System in the failure of the fee money system the fractional reserve system the what youre talking about would require more organization thats possible in an environment of more failing banks in twenty eighteen i think were going to see a big bank like do it your Bank Collapse or some big bank in the u. K. Collapse because as you know and as i know youre they are technically insolvent italy italy will collapse i mean italy is on the verge of collapse that will change that Chain Reaction that sets off and the chaos that and says it will its not going to be an ability to manage that any anyone reasonable way and i think its why this push to bitcoin and i think bitcoin price the reason is so high is that its discounting banking armageddon its telegraphing his markets are discounting mechanism theyre telling us that in a very near future youre going to have another two thousand and eight banking catastrophe like rule i agree with. Everything you just said heres my all my issue and im sure you have thoughts on this the government really doesnt suffer. The Money Laundering flouting very readily and the know your customer rules they dont like people flouting those either and they really dont want to with alacrity give up control over the entire field of currency regime so why are they giving all this rope to cryptocurrency well because and the reason it is the reason is maxwells because they want to get the the citizenry used to using a Digital Currency and they want to completely get rid of all of paper currencies and like i said this is going to this is coming out of it so i you know i think it is coming into gaza on the accomplishes that and then they ban all private yet the currencies for one public block chain that they completely control by the way when they do that they can track every single transaction so the underground economy goes away tax evaders go away and theyll do it under the guise of worrying about you know a m l n k y c n terrorists funding and they have all these subliminal reasons why this is going to be successful and well that while the public is worrying about what the broad size of kim carr dashin theyre going to be have to have no control left over their money theyll be no protection from inflation the purchasing power of their money can be destroyed at the will of the governments i think youre giving too much credit to governments and if they wanted to coopt because they could have during the early years using whats called a fifty one percent attack they could have an awful eyes mining with the resources of one or two governments combined they didnt because they was not on their radar they have no idea what this is and is completely outside of that they do know though dont think but now its beyond their reach the computational. Robustness of the protocol is such that no country or group of can. Trees or even global effort could could coopt or usurp the big protocol to point is beyond them which is one another reason why i keep going higher prices because it cant be attacked in that way second reason is that we have. An example here in zero of game theory game theory and if you follow game theory in the National Liberal human this idea where all of the interests of a given scenario are equally balanced the point were participants are motivated not to snitch on each other theres its in won a nobel prize i believe for justice on the movie ok so weve already seen that play out in bitcoin with the Mining Industry you know their chinese are very dominant mining now the japanese are in mining was in Eastern Europe or in mining because theres this huge game theory experiment going on where no one ends up having too much control because its gets distributed and the power is distributed this game theory is going to jump to the nation states in other words it will become a Strategic Reserve for Central Banks and russia or china could be getting or japan mining bitcoin as a Strategic Reserve as they would buy gold in the face of a collapsing fee out currency that were seeing all over the world we both agree that feels vulnerable we both know that Central Banks are buying gold we both know that because it is incredibly robust to becoming a multimillion dollar asset one central bank start to play the game through with each other in bitcoin and because mining then thats another reason why youre not going to have any one state come in and decide outlaw it and do this and do that because of the entire business which is going to flow to the territory that welcomes this new business so its competition of the fittest survival of the fittest and no one country has a monopoly on this thing its global and its playing out globally you might be right but i think the i. M. F. Together with the global Central Banks will shut it down to memphis bankrupt we know that they were completely bankrupt before they tried to before they interfere with the greece with the troika the e. C. B. And then the e. C. And before then they were about to close up shop and go away because they were there bankrupt they then got a bunch of banks to reacquire them Christine Legarde going against your own currency the s. T. R. The special drawing rights yeah special drawing rights and his bankruptcy because im saying the feds bankrupt they are a solvent another if you dont like her its a bank in the history of banks backed by nothing but who should i be aired are. Going to say that thats the role of all the global that into a global special drawing right to bail out all the banks again yes but its another fee out currency thats going to drive more capital into gold and more capital into bitcoin i mean that there were as big as a response of the f. D. R. The f. D. R. Is just another fiasco r. C. S. Cant bail out a fee our currency with another fee our currency and you know what you know what banks you know who really gets hurt is the middle class was flushed down while theres millions and millions of million right now no more accountability because its big coin but because of the inflationary policies are going to be. Inflicted on the American Public and the European Public and japan japanese public and you know the p. B. O. C. Is out there right now trying to keep the ponzi scheme as David Stockman calls it the red ponzi scheme afloat right lets Say Something all these things are going to collapse probably in two thousand and eighteen because we have an inverted yield curve probably by october of two thousand and eighteen billion briefly but theyre still in the short end of the yield curve Interest Rates are higher than the long and the old her right now we have fifty three basis points between the two year and the ten year note thats going to invert now we have the cause credit to seize up. A bank and have paid the positive more than a loan why am i going make any more loans i dont want your deposit alive or went up a lot you know in the credit crisis of two thousand so reading through a credit crisis and how they got absolutely no i didnt know it was no ammo other things i mentioned before helicopter money universe of ways you can come and negative Interest Rate policies made possible by these universal because of the fed coiner and i. M. F. Going to them or theyre going to now theres three billion people on earth with an Internet Connection and now its easy as easy to go to an app on your. Smartphone and youve got whatever of the hundred fifty currencies that are out there in the world actively traded and you can put five bucks into a crypt a coin thats going up in value and that your buying power just went up in a world where theyre printing hundreds of trillions of dollars to bail out the worst financial scum a terrorist that ever walked the face of the earth the bernanke is the janet yellen is the Lloyd Blankfein to jamie diamond the guys who make some a big lawn look like mother theresa people react to that and they react physically in this several slee and they want to escape the matrix of the fia world how you can poor you this how much crap do you own. How many you want to give me for christmas that is how much how good oh and how do you allow yourself to be exposed to the ravages of fan and i just found i still believe that one of the best things about probably currency offer is the ability to move money around the world digitally yeah well guess what there are Companies Like gold money which i own that has a private blog chain that allows me to own gold and monetize it instantly and thats where im putting my hope and they also now offer but knowing they offered that will they offer you cold cold storage though thats right theyll engrave your and why are they doing that innocently i dont know why because the market for gold is nobody is buying gold anymore you cant give it away except for sheikhs who want twenty four karat gold toilet bowls actually nobody wants a fricken gold barna or when you dont have it well that is thats it and that is it is very said what about this michael plant yes or do you scribe to the theory that the features gold price is in part responsible for the difficulty gold is having in the physical market to achieve paper gold prices i mean a paper gold artificial paper gold yeah i do believe in yes i do people people getting rid of you know millions and millions of dollars of gold within five seconds putting in a market order right you know when when theres new when theres no market around but you know that does that in the jet it is a cool. It basis now do they do that to hit the price of gold now of course they do you have mortgages anybody like the price you want to sell a large chunk of gold yeah millions of ounces would you sell it when there was no liquidity in the middle of the night or it once was a market order clear indication of manipulation this but but but let me play this minute delay she goes both ways yes but but but we havent seen him go but let me ask you this if big point distant to mediate all the banks and all the wall street machinery is it then clearing a path for the price of gold to go higher. Seems i think ok so i finally agree with him on. Yes absolutely ok there you go michael find out lowes pick going but i have got that. Take take take the words out of one. Well we got to go sadly just and things are heating up to come to new jersey next time on what is it please. All right thats it for this edition of the kaiser report with me max kaiser and Stacy Herbert like to thank our guest michael pentode penta of court actually should go there and look at his work he puts out a research thats extremely interesting even though it doesnt cover because it has low dollar does that what it does it to us and not favorably. Twitter you know on twitter kaiser report you can follow us there until next time. The city of luxury and fame but also an Alarming Number of People Living in the streets. Simple fact in l. A. Hes theres just not enough shelter even if people on the streets right now decided to come in theres nowhere to come in its been a struggle. This man phoned his own response to the problem and constructed dozens of tiny homes for people in need of shelter when you have nothing in order to go. You know having Something Like this may as well be a castle but do the authorities accept such solution. A parking space is not a solution. To someone wanted touring the site otherwise itll be a free for all theyre a better alternative to end the homelessness crisis. Hello peter ive been living in bush for about seven years and this is a just some of the crazy things ive. Heard. I mean. I. Really believe you. Know youve. Been going to this minute i heard. Your workers are. Going to do things like not. Going to. Headline stories the u. S. Israel continue to voice support for government protesters in iran six consecutive days of violent demonstrations in the country leave at least twenty one dead. Within weeks accuses the New York Times of giving u. S. Officials. Control over a diplomatic revelations. Colluded with hillary clinton