That message is becoming significantly louder. Alexandra buyers al jazeera while u. S. Midterm elections are less than a month away, and the candidates vying for ohio senate sees have been taking part in a televised debate or hire a key battleground state. Is that to be a tight contest that seat has been held by republicans since 1999 republican j. D vance, and democrat tim ryan on our neck and neck. And the poles will have much more on that for you. In the next hour, looting and burning, ah hello, that is as out of there and he is on the top stories. At least 4 people have been killed and 16 injured in drones strikes and ukraines capital. The Early Morning attacks and people running for cover a week after russia anesha its most wide spread strikes against the country and mumps. The u. S. Says it will hold russia accountable for war crimes. Meanwhile, russia and ukraine have conducted the biggest Prisoner Exchange the war so far as total of 218. 00 detainees have been released by the 2 countries. With forces from across nato are taking part in the line to annual nuclear exercise. The drills involved 14 countries and around 60 aircraft, theyll be conducting training flags over belgium, as well as no fee. And the u. K. Persons Prime Minister has been accused of running scared after failing to address Parliament Days after replacing the finance minister. The new chancellor, jeremy holmes, announced a raft of you towns or last month controversial many budgets and questions. So ive decided that the basic rate of income tax will remain 20 percent. And it will do so indefinitely until economic circumstances allow for it to be kept. Taken together with the decision not to come, cooperation, tax and restoring the top rate of income tax. The measures ive announced today will raise around 32000000000 pounds every year or 39. Jerry are struggling to get relief supplies to hundreds of thousands of people displaced by severe floods. More than 600 people has died and 1300000 people have been displaced by the west spots the countries seen in a decade. And at least 3 people have died in venezuela after a river vast its bank, stan, sending torrents of muddy water through a town and sweeping away cause the mud slide happened in the town of elk hast tenure and more than our stays. Although the headlines ill be back with more news here after people and power crypto on november, the 8th americans will vote all the seats in the house of representatives. 35 percent of the senate will be contested. Americans are expected to split on strict ideological lines with abortion, and the economy named as the key issues. The resultant will define the rest of job bidens presidency and put americans democratic principles to the test. Special coverage of the mid term elections on ill just, either, ah, when bitcoin and other crypto currencies 1st period. Well over a decade ago, few people could have mentioned how widespread they become. Now these various forms of digital money are in common use, if not yet universally understood, but where exactly do they come from . Who uses them . And what for better or worse might be the long term consequences. We sent reporter rory challenge in search of answers. I the in any will to create a currencies. Moneys got strange. The 13 years and big coins, creation of being a roller coaster ride own from the financial crashes, money liberation from Central Banks. Bitcoin is a person to person electronic cash system. Think of them like token the buy. Thanks very much. Now of course, this is just a problem. Crypto currencies are purely digital and we access them in a digital wallet. We can send them anywhere in the world in a flash. If a business accepts it, you can buy goods and services. You can think its built on the block chain, a decentralized database of transactions thats transparent and secure, but bitcoin can get pretty wild crypto currencies have no controller except the markets. People have made fortunes and lost them, their value can go. 6 way, way, way up. Oh, come crushing. Oh no. But where does it come from . What does it cost upon it . Is it the future of money or the useful has money . Its all. My name is rory challenge, and i want to find out whos my 1st destination, pennsylvania, the u. S. States that is fully embraced crit bitco and hes going to take over the world. Itll have to conquer america, and its making good progress. Recent survey suggest about a face of American Adults that already bought into crypto. So now that im here, i better get some right. This is chain bytes inside is a man whos trying to make buying bitcoin as easy as possible. Eyes. Hey, rory lets me to not want me to like very much. So the machines. Yes they are. You want to use once i do because i dont have, i have any back going. So what do i do . This is a brave you opening. First is click on the screen, get it started. Yeah. Youre going to buy the coin. You select how much you want to buy. So here we go. 10 bucks. Lots of the big spenders just in there. So thats that answer. And then you can look on your wall and you can see youve got the queen who says its pending. Yep. Thats it. I mean, you got it. Every grill has been buying and selling bitcoin since the early days. Now he runs a company that makes crypto currency atm sick. When solves one of the problems that weve faced for years and years and years, which is the government controls money and you have a Central Authority controlling money. And so what that means is that people, you know, they just print it, the value it, and you cant count on anything. I dont know how many dollars are going to print next year, but i know exactly how many big ones are going to be issued. So can we call that currency . Sure, because i cant say its the best currency theyre just on the planet. But a currency needs to be spindle, and im going to put this to the test. 50 is supposedly one of the most crypto friendly places in the states. The man is talking about the city having its own digital coin. Basketball team is sponsored by crypto dot com. So using my new bitcoin here should be easy. A check out coin map, a website that says it shows every business in the world that take fit coin for the philly area as a list of only around 20 or pick up the phone and start calling them. 1 6 1 ringback oh, good afternoon, miss coin this payment. Yeah. You doing . All right, thank you very much, bye. As we move through the list a similar story now. Okay, well, do you guys accept bitcoin as payment there . Now we do not know did. Did you ever used 2 years ago and then what happens, why did you stop . The technology was too hard to maintain, regularly enhanced the staff. Isnt sure what bitcoin really is. So think does not billy like using it is like the coins evangelists may say its the feature of money, but the vast majority of businesses listed it accepting it. Dont until do you guys accept bitcoin as payments you do . They invited us down for lunch. This is the sum paid food truck, the home, so they say of some of the best barbecue sandwiches in town. What can i get . So we have brick, pork and chicken. Jessica and her partner began accepting bitcoin in 2015. And so unlike others, they will continue to do so. Can i pay with . Yes, you can. Or this next amazing. Thank you very, very much. A lot of the people that were accepting the coin in the city. They stopped, you know, they saw how to cycle and how it kept fluctuating. And i think it really scared a lot of people away, but we kept at it. Yeah. Why . I dont know. Its just something we believe in. We just believe that crypto is the future. Do you worry a total about the security of it or the whether its a scam and anyway, i worry more about the dollar than i do bitcoin. I do believe its going to be the currency of the world, but if it is bit going, has a long way to go. Few american seem to be spending it for most is just another investment. But where does bitcoin come from anyway . Im heading into the pennsylvania countryside to find out when i get there, feature finance is a little money than i imagined. I jeff. I nice to meet, you know, so what is that noise . What youre hearing are the klein miners the, the big one is in the next line line and you can see all the little fans in there. Theres a little computer on each one of those fans. Jeff campbell is the lead engineer stronghold digital mining. It has 12000 specialized computer processes. Were looking for 200. 00. This is a long number and everybody in the world is working on the same equation. Theyre all trying to find the same number. And if you get it, if you get it, you get 6. 25, that point right now. And how often do you get it every time that somebody on in the world finds that number is high tech lottery to function . Mine is race to verify the newest transactions made everywhere on the big coin network. The winner is rewarded in bitcoin. Its an entirely digital process, and it used to be done by amator enthusiasts on home computers. These days, its big business, and the u. S. Does more of it than anywhere else. Worldwide, were going through more combinations of numbers and there are grains of sand on the earth. So you can say its profitable if you can find that grain as those profits are putting in bigger and bigger, operates as a 21st century gold rush. But heres the catch. Big coin was designed on a system called proof of work. The more processes get thrown at it, the heart of the algorithms become, the harder the algorithms become more computers and needed. Its an energy guzzling arms race. And this is how strong holes operation gets his power, their own dedicated power station. It burns fossil fuels, coal waste, with all the Greenhouse Gas emissions that entails stronghold ceo greg. It takes me into the hissing, roaring heart of the beast. Vocals me the only kind of brute Industrial Power is just going to make something that you cant even touch the Digital Currency that kind of place around and then in the spare it is after the old world industrial mates near world. But whats the environmental cost of all this Cambridge University says, bitcoin pumps out as much c o 2. 00 per year as a country like the Czech Republic and consumes as much energy as the whole of highlands. Then greg tells me something astounding when we started the project. 4 or 5 years ago, the mining economics for bitcoin were really enough to support the plant. Thanks for the state of pennsylvania in a, in a bipartisan way, modified the rules a bit to allow us to earn more of a, whats called the Renewable Energy credit. And that isnt that plus higher power prices was a port is running today. So pennsylvania not only called coal waste, an alternative energy source, it actually subsidizes stronghold to burn the stuff to make bitcoin. How can this be . Oh, because of this in the toxic legacy of nearly a century of coal mining coal fat, the furnace is a pennsylvania is once mighty steel industry. And this waste, sprawling across the state in fast flank keeps, is the low quality material left over from the mining acid and poisonous heavy metals. Leach out at them. Bill spence, his stronghold digital mining. Chairman, i feel as if america had in the world had a party here. And then we woke up the next morning with the residual garbage left over and are having to clean up after the party like to stay to pennsylvania. He wont see hes gone. He says hes using the States Alternative Energy incentives and the profits from Bitcoin Mining to make that happen. But coal is the dirtiest source of power there is. And coal waste is especially inefficient. So i asked bill the obvious question. Do you think that the c o 2 emissions ah, a justifiable byproduct of clearing this landscape . I absolutely do. What im asking you is just stop a minute. Look at this. I understand where people say its not perfect, but how many things in life are perfect. I, i mean, rory, i mean dont let perfect be the enemy. Very good. So do you consider yourself an environmentalist . I absolutely consider myself an environmentalist. Bill and his colleagues firmly convinced that doing what is best for this area. I have a feeling people campaigning against climate change. Im going to disagree who im on my way to meet one has another coal waste power station. Right, makes my spect chimney. There are plenty of bitcoin miners who say their operations are green, but most tend to seek out the cheapest energy, whatever it source. This is russells ebay, who works for the clean air council. The interesting thing about big coin is you could do it in the cleanest way possible, or you can do it in the dirty way possible. And as long as there are government subsidies to do it, in the dirtiest way possible, people will keep burning coal waste. Generate big coin was supposed to be moving towards the next 0 future, reducing Carbon Emissions to nothing by 2050. How does that fit with going in . Its huge Energy Consumption. It does not the introduction of crypto currency and its Energy Consumption is such a massive step backward for environmental efforts efforts to confront climate change. Russell says several states in the us or considering banning Bitcoin Mining, but not pennsylvania globally, as a growing list of countries that have already outlawed it. China being the most significant one of the other things ive heard about big coin. Its a haven for criminals. Crypto links crime says to record levels in 2021 up 79 percent from the year before. I want to know whats behind this guy this greg is a former f b i. Agent who now works for a company investigating crypto crime. Criminals are using crypto, the very same reason why the vast majority of crypto users use it for that speed, liquidity, and cross border nature. What are the kind of crimes that we see around crypto . Theyre doing everything in this virtual asset world that they were doing in the regular world, particularly scams and frauds, make up the largest category of elicit use of crypto. But you dont think this actually is a problem with crypto itself. You know, theres nothing inherently evil or bad about crypto itself is just simply another method for value transfer. Criminals stole 14000000000. 00, encrypt currencies last year. Or we see any kind of state involvement. And this we have seen, elicit use of hacking by north koreans, for example. In fact, theyre responsible for hacking over a 1000000000. 00 in Exchange Hacks in the past. But galvis also says the transparent nature of crypto is block chain ledger actually gives investigators a treasure trove of data to work with. So for example, if there was an elicit transaction where a little lady was scammed out of her money and they, and she said, and i paid them bitcoin. Well they, they can look at that transaction and see where that womans bitcoin went to. And from there they can then engage Legal Process to either freeze that account or seek recovery from that victim. And thats why thats so important. Ah, my next stop is london, one of the wells financial hubs. I want to see what government and Central Banks think of this brave new wealth. Easier said than done. We are the Central Banks, both in the United States and here in england to talk to us advice and said know, why . Well, many Central Banks are undecided what to do about technology designed to break the control of money. Ive come to meet harriet baldwin, a british conservative n p, a former investment banker, and a member of the Treasury Select Committee which examines governments economic policy. Do you think the central bank should be scared to correct that kind of states . I think theyre all looking at it. I think its gonna be important to coordinate the approach amongst the developed world. Central banks. I think, you know, there is also the risk that these currencies could end up being the, you know, the hewlett bulbs of the 21st century 15. If i was, you mean it could be a bubble. People could be buying something for way above the value that someone else will pay in the future to take it off that hands and they could lose a lot of money in the process and end up with something that they discover. Its actually just lines of code and doesnt have Intrinsic Value because no one else will accept payments. Does Crypto Currency Development poses threats to Financial Stability . It could be potentially, if it becomes a much more significant size in the well Financial Markets at the moment. All the evidence weve had on the Treasury Select Committee is that its still a very small proportion of the worlds asset base. And so therefore, we intel that it doesnt pose a threat to Financial Stability at this level box. What happens when a nation state does jump with both feet into this weird new world . Now, the dominating point on the line. Oh no. Oh, ive come to a country thats boldly gone when no other his dead and turned itself into a unique fiscal petri dish. Ah, if assigns a big white beach now this, this is where the experiment started. Ro, salvador free is back. A clique of crypto converts began transforming the surf town of els on tape. They persuaded people to join a local circular economy based on bitcoin. But all of el salvador is bitcoin beach. Now, last summer, the countries president and i at be kaylee, rush through a law that elevated bitcoin to legal tender alongside the u. S. Dollar. No other government has taken such a gamble with National Finances and im interested to hear what the founders of bitcoin beach think of it all. Roman martinez is one of them was beautiful. That dream that started super small now is more bigger than our salvador and mainly people around the world dreaming with our country. And i think we patricia and his missionary 7 to portion of southern into for world blankets. And that means theyve got your bank account right now, bank account, any kind of Financial Service a now since speaking a ride in our community will start to seen people say, be modern people transacting digital people, receiving and making digital payments. People buying an asset for the 1st time people sending money from all saba to the us from the us each other because b is the one telling her that she manages ever hot. You know, these are the big claims, and i want to find out if the coin really has transformed this country. Because beach seems the obvious place to start. But at the place i stop for lunch. Crypto isnt welcome. If youre going to pay me, pay me with money because i want to go to the grocery store. I want to go pay my dads. I want to make sure that its being done. Do you even consider it to be money . No. What is it . Its a fools, aaron. I asked at several other places to some accept it, but plenty dont. Ah, the large majority of people in this developing country live on subsistence incomes. How are they responding to such a huge experiment . Ok, quite a is an assistant professor of latin american studies at Dartmouth University in the u. S. Is also a salvador. Him and jorge took his round, the vibrant working class street markets of the capital san salvador. I mean so far, because it has done very little to change the dynamics of the marketplace here in san salvador. You might see a couple of signs that say we accept big coin. But when you actually go up to the soles and asked, people have to take some of the point theyre like, you know, id appreciate if you dollars else. I, what was government sponsored, a National Digital wallet called chiva. But early tech glitches put people off many checked in to cash out a 30. 00 welcoming sweetener. And havent touched it since we spots still with a chiva sticker. I think that you noticed that when she told me that the sticker is there only to abide by the law that they have to take it if someone shows up. So what do you think the actual uptake baker to me and in these kinds of environments and in the daily transactions that people you see kind of a presence at all in march El Salvador Chamber of commerce said 86 percent of businesses hadnt made any bitcoin sales, a really actually benefits for bakery. So as big quinn is laid out now, most of that with the wealth generation and the Wealth Distribution goes to about 0. 01 percent of all big coin owners. Theyre the ones who have about 27 percent of all big coin worldwide. So 0. 01 percent of the tiny, tiny, tiny percent owns 27 percent. Exactly. And that, that those are the big coin wales. Those are many of the people who are behind big queen, booster ism and, and the ones who are creating all these different kinds of enterprises and businesses and ventures in places like el salvador. And presumably its in the interests of coin owners to keep the height going, right. I think thats exactly right in salvador, bringing people into bitcoin. Its part of this process of trying to inflate the value and trying to hit those kind of milestones that many of these lead bitcoin holders are hoping for. To me that sounds different from there, its a, its exactly a pyramid scheme, multi Level Marketing where you need more people to enter into that space and were going to keep the value and keep the party going. When bitcoin critics say the whole things a pyramid scheme they point to the events laid on by crypto currency firms, events like this is called heels for bitcoin. And its hosted by a Company Called packs full now is a good time to buy in the salvadoran women. Its hold on it and other packs for the event 3 days later. And the star guest, his el salvador was youngest. Ever congresswoman 27 year old Donnie Gonzalez helped passed a bit coin law here to make big coin legal tender countries also want to be lego salary talking about the specific le. Hello has many critics though, doesnt it, sir . The i m f is recommended that alex i will go drop it because its just too risky. So why is it still operating our democratic country . And i mean, we have our president , arent government, our own congress. And any, this is shown made or comments made for other institutions around the world. I mean, there they are. Are people who recommend things, but it doesnt mean though were going to do those things. This is al salvatore was tech enthusiasts. President , nyah be kaylee. How much his bitcoin experiments has cost hasnt been disclosed. And this secrecy concerns many, the bill could be 400000000. 00 a, some economists, and every dip below el salvador, bitcoin Purchase Price hits the countrys coffers. Dinner of how much money has been the host. Lo fi and actually this is how griffin works. Were waiting in the future for a have more gains are about beats going. So its just a matter of time. This comes to the very heart of the bit coin question. Many millions of people around the world have bought into big coin, hoping to ride a wave of riches. But theyre using it as a speculative investment at a risky and environmentally damaging. One of that. Most people have never use it as money, and its difficult to see why they ever should what it soaring in value. Why would you want to spend it when its promising in value . Who would want to receive it . The thing that makes bitcoin so attractive to investors, the crazy lurch is and value is the same thing thats holding it back from becoming mainstream currency. Its basically too exciting to be money. Bitcoin needs to be boring at the moment. Its anything box ah ah oh, well that is going blind from the red genetic diesel. Ah. As his son beholds the beauty of the world for the 1st time, robert maybe seen it for the last. Ah, but has this genetic disorder been passed on to his son . Witness a sky without stars on out. Is there a sense of belonging . Cmta we always look for ways to be together. And the everyday heroes keeping communities together. That is tough. Leper is transforming every day in the 1st part of a new series, ill just you of visits is stopped by law in mexico city, where locals are turning a notorious municipality into an urban utopia. A sense of community on a jesse ah, ah ah ah
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