Transcripts For RT Boom Bust 20240713 : comparemela.com

A hand from San Francisco today to break down the latest security threats the latest developments in Artificial Intelligence and what it means for consumers and later big oil has been slowing steadily since its meteoric rise to 20000 but recent reports show manipulation may have played a role in this spike cryptocurrency analyst ben swan is back on the program today to guide us through the crypto paper and what it means for the future of the internet we have a jam packed show today so lets jump right into the headlines. As the worlds 2 largest economies no hope for a phase one trade deal the u. S. And china are looking at rolling back some tariffs people familiar with the talks say if theres a deal removing tariffs will be part of it the phase one deal would include the increase of chinas purchase of American Farm goods rules to deter currency manipulation as well as some provisions to protect intellectual property theft a partial deal would also include. President Trump Holding back on the imposing the planned december 15th tariff but now negotiators are working on rolling back some existing duties when asked if china would remove these tariffs Chinese Ministry spokesperson jen truong said the 2 sides are making progress. Its not a correct way to resolve the trade issue by slapping terrorists nor does escalating tension and confrontation serve the interests of anyone involved i dont see a trade consolation between china and the us has made some progress and is moving forward we have 2 sides will meet each other halfway and find a solution on the basis of Mutual Respect equality and Mutual Benefit this comes as the u. S. Trade deficit with Global Partners dropped by 4. 7 percent to 52500000000. 00 in september reaching a 5 month low slightly above expectations which were at 52200000000 dollars on year over year the current trade deficit is still 5. 4 percent higher than the same period last year exports declined 1800000000. 00 to 206000000000. 00 while imports also dropped 4400000000. 00 to 258400000000. 00 the us recorded its 1st oil star plus since 1978 of 252000000. 00 while imports on consumer goods fell 2500000000. 00 as cell phones and other Household Goods dropped by 800000000. 00 meanwhile at the opening of the 2nd China International import expo president xi jinping promised more steps to gradually open chinese markets. China will continue to foster and enabling Business Environment that is based on market principles and governed by law and up to International Standards we will give Foreign Investment greater Market Access to more sectors shorten the negative list further and improve institutions for investment promotion and protection and for information reporting beijing did not specifically address the u. S. And europe complaints about these restrictions on Foreign Companies but business groups remain frustrated with beijings gradual pace and restrictions that are still in place on services. To companies who. Rocky i. P. O. As reported earnings on monday causing moves in their share price but this Company Peloton reported for the 1st time since going public revenue has doubled year over year to 228000000. 00 the company lowered its net losses to 49800000. 00 down from 54500000. 00 a year over year peloton also doubled their paid Subscriber Base from the Previous Year on the news peloton stock spiked 6 percent in premarket trading before plummeting another 6 percent after market open it now trading below their i. P. O. Price meanwhile ride sharing goliath is also feeling the pain after reporting quarterly losses of more than 1000000000. 00 the Company Reported revenue gains of 30 percent year over year to 3800000000. 00 despite the massive losses on their Earnings Call c. E. O. Daria kosar a shot he said has the ability to build a profitable Profitable Company but focusing on efficiency rather than rapid growth as it had in the past over stock price was down more than 7. 00 and a half percent on tuesday following the news which is more than 30 percent lower than their i. P. O. Price. Changes at we work are bringing about frustration to some of its Main Investors the policies are turning things upside down costing billions r t correspondent atocha suite has more from our los angeles bureau. Since the initial family and we worked Public Offering things are going downhill now the company is looking to downsize possibly still meet up and to other startups we work a commercial Real Estate Company that provides shared work spaces for Technology Startups reportedly cut 25 percent of the staff at meet up on monday we were purchased meat and 2 years ago for a reported 200000000. 00 that has roughly 44000000. 00 members globally the c. E. O. Of something is now saying that we treated a monster when referring to leave work the japanese make investor put in billions into the Real Estate Company only having a valid out later its been reported that the bailout was. 8000000000. 00 and south bank even provided an accelerated payment of 1500000000. 00 just to ensure the company didnt run out of money so now some bank is facing scrutiny over the deal to turn over a new leaf southbank is expected to apply new standards to future investments and also tighten Governance Companies its currently banking like we work David Solomon c. E. O. Of Goldman Sachs lost 80000000. 00 in its stake and we work during the 3rd quarter after the company failed to go public in an interview solem and said its important for people to grow but theres got to be a clear and articulated path to profitability i think theres a little bit more market discipline coming into play and i think thats healthy for markets for the future of meet up is still unclear at this time we work in still looking to go public in 21. 00 so the next few months be very telling to see whether or not we work and we will but it initially started in los angeles last week r t. And if you thought it was convenient to have a voice assisted in your home might be time to think again how easy can it be for hackers to hack your home a group of researchers in japan and at the university of michigan found a way to take over some of your homes personal systems from hundreds of feet away this includes google home amazons alexa or apples siri devices all by simply shining a laser pointers and even flashlights at the devices microphones the researchers even opened a garage door by shining a laser beam at a Voice Assistant that was connected to it a recent report shows at least 26. 6 percent of u. S. Households own at least one Smart Speaker and theres a lot to go over here so weve actually enjoyed invited author and tech executive alex october to answer some of our questions welcome alex. Hi thanks for having me on 1st off whats happening here with the vulnerabilities in these vices voice assistance. So its actually part of a long running pattern of people. Testing out things that are popular you can go way back to the day when you had people using captain crunch whistles to the socially tweak of call phone booths to get free Long Distance calls now its a little more industrialized wheres the Research Teams are checking to see ok does this new device work does it not how can i crack it because all of these pieces are actually really critical to our overall security as a society Going Forward well you mention as as a society as we move toward a more connected society with all of these devices and every home and office how can Companies Like amazon and google put these devices out that are susceptible to these types of attacks. So i think that its a really really hard problem because if you think about it theres almost infinite ways to attack and test these devices and its really hard for someone like oh google or amazon to to speed every single one of these i mean human creativity is kind of infinite so pointing laser pointers at it or flashing numbers at it i mean these are just part of the development of technology i think for us to expect that these things will go out perfect is not realistic that said when we see these starts of vulnerabilities pop up we should expect to see them fixed fairly quickly now theres a whole other line along that too which is that behind these things are invariably Artificial Intelligence and Artificial Intelligence is still quite brittle so still fairly easy to fool in a lot of ways but the point that you just made there i mean Artificial Intelligence is all new obviously we cant like you said expect them to go out perfect but there has to be some sort of security measure in place correct alex because what were looking at is you know you could affect somebody you could open a garage door that means your house is now vulnerable to somebody being entered so i mean obviously i know youre not saying they dont have any responsibility but what you know you as a former techies i can even see in the rollout or as a tech is active in general as seen the rollout of products like this i mean what or what kind of strange stuff especially when youre seeing from the big boys like i am as. And google what are they doing to kind of prevent these types of things before they go to market. What i think pretty clearly theyre not doing enough i mean i agree with you on that i think that they probably are testing some vulnerabilities in their skunkworks or their labs before they send them out what i think is missing is that when you go look at commercial software for example google has an entire Team Dedicated towards what they call 0 day vulnerabilities in software thats looking for things that could bring a server to a halt thats not necessarily known out in the wild apple has a Bug Bounty Program or you know various Software Companies so Bug Bounty Programs so theyve put in place to try to mitigate or spot these problems in advance different incentive structures that have different Testing Programs now things like voices that are very early days so i think that we still havent built that out yet and i think its incumbent upon google and amazon and all these other folks to now go and say ok we need to put in place some more robust both internal and external Testing Programs to incentivize and create a market for finding these types of laws well alex do you think i mean this was like you said are inevitable are we ever going to really be able to contain 100 percent of this i mean over 25 percent of u. S. Households own one of these Smart Speakers is this something that really we we should should be doing relying on these or is this something thats going to become more common then like i said is it ever going to be 100 percent containable. So no it will never ever be 100 percent containable just as Software Bugs have not been 100 percent containable over time you will see systems that hopefully will be more resilient and more secure i think that thats a reasonable ask but in terms of saying we want 100 percent its never going to happen in the same way they are never going to have a car thats going to not break down 100 percent of the time or youre never going to have a plane crash ever things will happen thats just part of complex systems now that being said i think that theres lots and lots of areas that we should. Should be more we should build in better ways to absorb failures as we start to see more of these devices in u. S. Households become more important part of our infrastructure of how we interact with finances of how we do all these things in our lives now i think the other part of it which we should just get used to is that failure will tend to be more catastrophic so when things go really wrong theyre going to really really wrong and youve seen almost the same thing in airline crashes you know where now when you see airline crashes almost everybody dies as we get towards things like automated cars or when the systems are driving or were they have more control in our lives or these speakers the vulnerabilities will be worse the information exposed will be worse and i think thats part of the tradeoff of heading into a world where we allow these systems to take more and more responsibility and more control. Executive alex over thank you so much for your time and excellent insight today. Thank you. Time now for a quick break but hang here because when we return record has been sloping steadily since its media oric rise to 20000 but recent reports show that manipulation may have played a role in the spike cryptocurrency analyst ben swan is back on the show today to guide us through the trip there ok for what it means for the future of spin tech and as we go to break here are the number of. The world is driven by dreamers shaped by one person with those words. There are things. We dare to ask. Thousands of american men and women she was just sort of in their countrys military and their decision lives every new thing came to a complete. The day that i was very strong. You know told to kill me and i see i would destroy. Any screamed at me and he made me come in and you grab my arm and he write me with his birth and if you take into account that women dont report because of the extreme retaliation its probably somewhere near a bottom. I mean women have now been sexually assaulted in the u. S. Military rape is a very very traumatizing tapping but ive never seen trauma like ive seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished. And almost 10 year career which i was very invested in and i gave a sex offender who was not even put to justice or put on the registry this is simply an issue in our in violence male sexual predators for the large part of target whoever is there to prey upon whether thats a man or woman. Boeing who has been under fire since the grounding of the 737. 00 max is making headlines once again this time the companys c. E. O. Dennis millen burge is offering to forego his bonuses this year has been harshly criticized after his testimony on capitol hill just last week lawmakers grilled the c. E. O. Over the 737. 00 max crash and rather against his 2200. 00 salary of get this 23400000. 00 now this included a 13100000. 00 incentive bonus in an interview with the n. B. C. Boeings new chairman dave calhoun confirmed suggested he shouldnt take any stock or bonus money this year boeing stock is up today and has gained a temper cent increase just this year and this also comes as boeing successfully tested its 1st major flight test this week the starliner reaching a height of 4000 feet at 650 Miles Per Hour the 75 2nd test appeared to be successful this was in spite of one of the 3 parachutes that failed boeing officials said the spacecraft was designed to land safely with just 2 and the abort system at the requirements for a successful test the launched. Was a critical milestone as boeing looks to fly humans to the International Space station sometime next year. Occidental petroleum is looking to slash Capital Spending in an effort to pay down debt from their 55000000000. 00 acquisition of Anadarko Petroleum the company which has large operations in the oil rich Permian Basin announced a budget of 5500000000 in Capital Expenditure for 2020 down from more than 3 but are down more than 3000000000 in 20 from 2019 occidental estimates oil and Gas Production will grow by 2 percent in 2020 down from the 5 percent projected when finalizing the end of darko deal in august the American Oil Company is also looking to pay down the massive debt it took on for the anadarko deal that was at 43900000000 on september 30th nearly 6 times higher than that of the year before meanwhile in other or oil giant related news sources close to the planned saudi aramco i. P. O. Are saying the government is planning to sell 2 percent of the company in domestic listening on december 11th the sources added that the government will also refrain from an International Listing for at least one year. Remember one bitcoin soared to nearly 20000. 00 each well most people who own any crypto do but now a new paper published by the university of texas Professor John griffin and ohio state universities and shawms that coins run to a record high near 2002017 was caused by a Single Market well the study was based on transactions of tether and bitcoin between march 1st of 2017 and march 31st of 2018 the professors have concluded that over the course of that year whenever bitcoins a value dropped by certain amounts purchases of the crypto currency on the San Francisco<\/a> today to break down the latest security threats the latest developments in Artificial Intelligence<\/a> and what it means for consumers and later big oil has been slowing steadily since its meteoric rise to 20000 but recent reports show manipulation may have played a role in this spike cryptocurrency analyst ben swan is back on the program today to guide us through the crypto paper and what it means for the future of the internet we have a jam packed show today so lets jump right into the headlines. As the worlds 2 largest economies no hope for a phase one trade deal the u. S. And china are looking at rolling back some tariffs people familiar with the talks say if theres a deal removing tariffs will be part of it the phase one deal would include the increase of chinas purchase of American Farm<\/a> goods rules to deter currency manipulation as well as some provisions to protect intellectual property theft a partial deal would also include. President Trump Holding<\/a> back on the imposing the planned december 15th tariff but now negotiators are working on rolling back some existing duties when asked if china would remove these tariffs Chinese Ministry<\/a> spokesperson jen truong said the 2 sides are making progress. Its not a correct way to resolve the trade issue by slapping terrorists nor does escalating tension and confrontation serve the interests of anyone involved i dont see a trade consolation between china and the us has made some progress and is moving forward we have 2 sides will meet each other halfway and find a solution on the basis of Mutual Respect<\/a> equality and Mutual Benefit<\/a> this comes as the u. S. Trade deficit with Global Partners<\/a> dropped by 4. 7 percent to 52500000000. 00 in september reaching a 5 month low slightly above expectations which were at 52200000000 dollars on year over year the current trade deficit is still 5. 4 percent higher than the same period last year exports declined 1800000000. 00 to 206000000000. 00 while imports also dropped 4400000000. 00 to 258400000000. 00 the us recorded its 1st oil star plus since 1978 of 252000000. 00 while imports on consumer goods fell 2500000000. 00 as cell phones and other Household Goods<\/a> dropped by 800000000. 00 meanwhile at the opening of the 2nd China International<\/a> import expo president xi jinping promised more steps to gradually open chinese markets. China will continue to foster and enabling Business Environment<\/a> that is based on market principles and governed by law and up to International Standards<\/a> we will give Foreign Investment<\/a> greater Market Access<\/a> to more sectors shorten the negative list further and improve institutions for investment promotion and protection and for information reporting beijing did not specifically address the u. S. And europe complaints about these restrictions on Foreign Companies<\/a> but business groups remain frustrated with beijings gradual pace and restrictions that are still in place on services. To companies who. Rocky i. P. O. As reported earnings on monday causing moves in their share price but this Company Peloton<\/a> reported for the 1st time since going public revenue has doubled year over year to 228000000. 00 the company lowered its net losses to 49800000. 00 down from 54500000. 00 a year over year peloton also doubled their paid Subscriber Base<\/a> from the Previous Year<\/a> on the news peloton stock spiked 6 percent in premarket trading before plummeting another 6 percent after market open it now trading below their i. P. O. Price meanwhile ride sharing goliath is also feeling the pain after reporting quarterly losses of more than 1000000000. 00 the Company Reported<\/a> revenue gains of 30 percent year over year to 3800000000. 00 despite the massive losses on their Earnings Call<\/a> c. E. O. Daria kosar a shot he said has the ability to build a profitable Profitable Company<\/a> but focusing on efficiency rather than rapid growth as it had in the past over stock price was down more than 7. 00 and a half percent on tuesday following the news which is more than 30 percent lower than their i. P. O. Price. Changes at we work are bringing about frustration to some of its Main Investors<\/a> the policies are turning things upside down costing billions r t correspondent atocha suite has more from our los angeles bureau. Since the initial family and we worked Public Offering<\/a> things are going downhill now the company is looking to downsize possibly still meet up and to other startups we work a commercial Real Estate Company<\/a> that provides shared work spaces for Technology Startups<\/a> reportedly cut 25 percent of the staff at meet up on monday we were purchased meat and 2 years ago for a reported 200000000. 00 that has roughly 44000000. 00 members globally the c. E. O. Of something is now saying that we treated a monster when referring to leave work the japanese make investor put in billions into the Real Estate Company<\/a> only having a valid out later its been reported that the bailout was. 8000000000. 00 and south bank even provided an accelerated payment of 1500000000. 00 just to ensure the company didnt run out of money so now some bank is facing scrutiny over the deal to turn over a new leaf southbank is expected to apply new standards to future investments and also tighten Governance Companies<\/a> its currently banking like we work David Solomon<\/a> c. E. O. Of Goldman Sachs<\/a> lost 80000000. 00 in its stake and we work during the 3rd quarter after the company failed to go public in an interview solem and said its important for people to grow but theres got to be a clear and articulated path to profitability i think theres a little bit more market discipline coming into play and i think thats healthy for markets for the future of meet up is still unclear at this time we work in still looking to go public in 21. 00 so the next few months be very telling to see whether or not we work and we will but it initially started in los angeles last week r t. And if you thought it was convenient to have a voice assisted in your home might be time to think again how easy can it be for hackers to hack your home a group of researchers in japan and at the university of michigan found a way to take over some of your homes personal systems from hundreds of feet away this includes google home amazons alexa or apples siri devices all by simply shining a laser pointers and even flashlights at the devices microphones the researchers even opened a garage door by shining a laser beam at a Voice Assistant<\/a> that was connected to it a recent report shows at least 26. 6 percent of u. S. Households own at least one Smart Speaker<\/a> and theres a lot to go over here so weve actually enjoyed invited author and tech executive alex october to answer some of our questions welcome alex. Hi thanks for having me on 1st off whats happening here with the vulnerabilities in these vices voice assistance. So its actually part of a long running pattern of people. Testing out things that are popular you can go way back to the day when you had people using captain crunch whistles to the socially tweak of call phone booths to get free Long Distance<\/a> calls now its a little more industrialized wheres the Research Teams<\/a> are checking to see ok does this new device work does it not how can i crack it because all of these pieces are actually really critical to our overall security as a society Going Forward<\/a> well you mention as as a society as we move toward a more connected society with all of these devices and every home and office how can Companies Like<\/a> amazon and google put these devices out that are susceptible to these types of attacks. So i think that its a really really hard problem because if you think about it theres almost infinite ways to attack and test these devices and its really hard for someone like oh google or amazon to to speed every single one of these i mean human creativity is kind of infinite so pointing laser pointers at it or flashing numbers at it i mean these are just part of the development of technology i think for us to expect that these things will go out perfect is not realistic that said when we see these starts of vulnerabilities pop up we should expect to see them fixed fairly quickly now theres a whole other line along that too which is that behind these things are invariably Artificial Intelligence<\/a> and Artificial Intelligence<\/a> is still quite brittle so still fairly easy to fool in a lot of ways but the point that you just made there i mean Artificial Intelligence<\/a> is all new obviously we cant like you said expect them to go out perfect but there has to be some sort of security measure in place correct alex because what were looking at is you know you could affect somebody you could open a garage door that means your house is now vulnerable to somebody being entered so i mean obviously i know youre not saying they dont have any responsibility but what you know you as a former techies i can even see in the rollout or as a tech is active in general as seen the rollout of products like this i mean what or what kind of strange stuff especially when youre seeing from the big boys like i am as. And google what are they doing to kind of prevent these types of things before they go to market. What i think pretty clearly theyre not doing enough i mean i agree with you on that i think that they probably are testing some vulnerabilities in their skunkworks or their labs before they send them out what i think is missing is that when you go look at commercial software for example google has an entire Team Dedicated<\/a> towards what they call 0 day vulnerabilities in software thats looking for things that could bring a server to a halt thats not necessarily known out in the wild apple has a Bug Bounty Program<\/a> or you know various Software Companies<\/a> so Bug Bounty Program<\/a>s so theyve put in place to try to mitigate or spot these problems in advance different incentive structures that have different Testing Programs<\/a> now things like voices that are very early days so i think that we still havent built that out yet and i think its incumbent upon google and amazon and all these other folks to now go and say ok we need to put in place some more robust both internal and external Testing Programs<\/a> to incentivize and create a market for finding these types of laws well alex do you think i mean this was like you said are inevitable are we ever going to really be able to contain 100 percent of this i mean over 25 percent of u. S. Households own one of these Smart Speaker<\/a>s is this something that really we we should should be doing relying on these or is this something thats going to become more common then like i said is it ever going to be 100 percent containable. So no it will never ever be 100 percent containable just as Software Bugs<\/a> have not been 100 percent containable over time you will see systems that hopefully will be more resilient and more secure i think that thats a reasonable ask but in terms of saying we want 100 percent its never going to happen in the same way they are never going to have a car thats going to not break down 100 percent of the time or youre never going to have a plane crash ever things will happen thats just part of complex systems now that being said i think that theres lots and lots of areas that we should. Should be more we should build in better ways to absorb failures as we start to see more of these devices in u. S. Households become more important part of our infrastructure of how we interact with finances of how we do all these things in our lives now i think the other part of it which we should just get used to is that failure will tend to be more catastrophic so when things go really wrong theyre going to really really wrong and youve seen almost the same thing in airline crashes you know where now when you see airline crashes almost everybody dies as we get towards things like automated cars or when the systems are driving or were they have more control in our lives or these speakers the vulnerabilities will be worse the information exposed will be worse and i think thats part of the tradeoff of heading into a world where we allow these systems to take more and more responsibility and more control. Executive alex over thank you so much for your time and excellent insight today. Thank you. Time now for a quick break but hang here because when we return record has been sloping steadily since its media oric rise to 20000 but recent reports show that manipulation may have played a role in the spike cryptocurrency analyst ben swan is back on the show today to guide us through the trip there ok for what it means for the future of spin tech and as we go to break here are the number of. The world is driven by dreamers shaped by one person with those words. There are things. We dare to ask. Thousands of american men and women she was just sort of in their countrys military and their decision lives every new thing came to a complete. The day that i was very strong. You know told to kill me and i see i would destroy. Any screamed at me and he made me come in and you grab my arm and he write me with his birth and if you take into account that women dont report because of the extreme retaliation its probably somewhere near a bottom. I mean women have now been sexually assaulted in the u. S. Military rape is a very very traumatizing tapping but ive never seen trauma like ive seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished. And almost 10 year career which i was very invested in and i gave a sex offender who was not even put to justice or put on the registry this is simply an issue in our in violence male sexual predators for the large part of target whoever is there to prey upon whether thats a man or woman. Boeing who has been under fire since the grounding of the 737. 00 max is making headlines once again this time the companys c. E. O. Dennis millen burge is offering to forego his bonuses this year has been harshly criticized after his testimony on capitol hill just last week lawmakers grilled the c. E. O. Over the 737. 00 max crash and rather against his 2200. 00 salary of get this 23400000. 00 now this included a 13100000. 00 incentive bonus in an interview with the n. B. C. Boeings new chairman dave calhoun confirmed suggested he shouldnt take any stock or bonus money this year boeing stock is up today and has gained a temper cent increase just this year and this also comes as boeing successfully tested its 1st major flight test this week the starliner reaching a height of 4000 feet at 650 Miles Per Hour<\/a> the 75 2nd test appeared to be successful this was in spite of one of the 3 parachutes that failed boeing officials said the spacecraft was designed to land safely with just 2 and the abort system at the requirements for a successful test the launched. Was a critical milestone as boeing looks to fly humans to the International Space<\/a> station sometime next year. Occidental petroleum is looking to slash Capital Spending<\/a> in an effort to pay down debt from their 55000000000. 00 acquisition of Anadarko Petroleum<\/a> the company which has large operations in the oil rich Permian Basin<\/a> announced a budget of 5500000000 in Capital Expenditure<\/a> for 2020 down from more than 3 but are down more than 3000000000 in 20 from 2019 occidental estimates oil and Gas Production<\/a> will grow by 2 percent in 2020 down from the 5 percent projected when finalizing the end of darko deal in august the American Oil Company<\/a> is also looking to pay down the massive debt it took on for the anadarko deal that was at 43900000000 on september 30th nearly 6 times higher than that of the year before meanwhile in other or oil giant related news sources close to the planned saudi aramco i. P. O. Are saying the government is planning to sell 2 percent of the company in domestic listening on december 11th the sources added that the government will also refrain from an International Listing<\/a> for at least one year. Remember one bitcoin soared to nearly 20000. 00 each well most people who own any crypto do but now a new paper published by the university of texas Professor John<\/a> griffin and ohio state universities and shawms that coins run to a record high near 2002017 was caused by a Single Market<\/a> well the study was based on transactions of tether and bitcoin between march 1st of 2017 and march 31st of 2018 the professors have concluded that over the course of that year whenever bitcoins a value dropped by certain amounts purchases of the crypto currency on the Hong Kong Based<\/a> that fenix Exchange Rose<\/a> in short the claim from the study is that because price was manipulated by the issuance of tother coins which were used to purchase big question and consequently led to increasing prices of court. To one of the studys authors john griffin our results suggest instead of thousands of investors moving the price of big its just 1. 00 large one years from now people will be surprised to learn investors handed over billions to people they didnt know and who faced little oversight for their part that fenix claims that the study is not true saying in part that the next is aware of a paper falsely positing that other issuances are responsible for manipulating the crypto currency market that fenix vigorously disputes the findings and conclusions claimed by that source which rely on flawed assumptions incomplete and cherry pick data and faulty methodology joining us now to make sense of this as investigative journalist and crypto currency analyst and so on then kristie i is out today shes in crypto currency expert now you are then and then griffin and hypothesis was coined was manipulated was based partly on the theory that these new tethers are created without the dollars to back them and then used to buy that coin thats leading to these rising prices is there really any evidence of this. So there isnt really evidence presented so far other than the correlation evidence so what theyve done is theyve gone back and theyve shown you know when the price would begin to dip at then they show them how the size of the market cap for their and how to either continue to expand at that time and so theyre correlating these 2 things but one of the things thats missing from this particular study is the idea that thousands of people and maybe even millions of people over the course of 2017 began purchasing bitcoin and other crypto currencies as well keep in mind but the end of 2017 going into 2018 you know you theory of light quoting dash report we saw cryptocurrency is across the board exploding with people who are buying them and getting into them so its not simply one cryptocurrency that was being affected by this number one and number 2 the idea that it was only being moved by was well. I think thats not even not only true but its not even something you could prove but there are some questions about whether or not one well did affect the price affect the price absolutely could have happened that doesnt mean theyre responsible for the whole thing and then some of the claims of course are that this is tied to that the York Attorney<\/a> generals lawsuit against the for the next 4850000000. 00 and theyre claiming thats really what this is about is giving fuel to that fire you know its actually interesting that you mentioned that lawsuit because new York Attorney<\/a> general lateesha james she said. Fenix executives participated in a cover up after about a 150000000. 00 in client and corporate funds allegedly went missing what do we know about that yeah well thats you know part of the claim thats being made here right is that there was a conspiracy that took place and let me just tell you a little bit about where this comes from it comes from something called Crypto Capital Corp<\/a> its a panamanian Payment Processing<\/a> firm that if an ex allowed to use some customers to deposit money through their Crypto Exchange<\/a> the claim is and its very convoluted that this was actually a part of organized crime that organized crime was essentially Money Laundering<\/a> using this exchange the thing is is that because the next says they dont deny that happened what theyre saying is they were enough part of it that this Money Laundering<\/a> operation happened that they were the victims of it and so theyre saying we have worked with the United States<\/a> and also with poland to try to shut this thing down and to present as much information as we know about it so essentially what the new York State Attorney<\/a> general is claiming is that been the next was in on this and working with them and theyre saying we were in on it this person used our exchange to maybe longer money but we were not part of it as far as as being complicit. But then isnt it true that regardless of what claims are being made and this paper they coined are crypto currency wells have the power to actually shift the crypto markets for everyone else well they do i mean the reality is this the president came along and people 1st started getting into it in the early part of the 2002201120 extension 00 well you know a lot of people who were gathering large amounts of bitcoin that the time was worth you know in some cases a pity in some cases less than the pity actually started out as tokens that were used for gaming and so you have people who have been able to stockpile enormous amounts of it and then as it rises they do have the ability to sway markets absolutely but again that is a reality of of this space it is a reality of what it means to be involved in crypto currency but the idea that there is no good new when the interesting crypto that the whole thing was fabricated i mean keep in mind the price has dropped significantly from almost 20000 down to about 3000. 00 but since april of this year its been rising again its been sitting around 10000. 00 now for several months which means that point was able to gain back about how full of what it lost during that time is the claim now that all of that is fabricated and all of that is made up as well they dont really cover that in this study and so that i think thats an interesting question for. Ben and before we go today and by the way that is fascinating because you are right that its gone up and people see this as a real asset class now i mean its not just its not just crypto and used for whatever people think it is but i want to bring up one more story before we go today in a separate story that has canadian securities regulators have seized control of the einstein Crypto Currency Exchange<\/a> the British Columbia<\/a> Securities Commission<\/a> announced on monday that they had filed to take over an exchange after the platform said on october 31st that it had planned to shut down in the next 60. 00 to 90. 00 days the exchange had its unique token and so what do. Can you tell us about that. Yeah so thats kind of an interesting story because the Einstein Exchange<\/a> was set up to take one particular type of token and to convert it into a different ethiopian backed token thats what it was originally designed so the force of most of those tokens that were there were specific kind of token they were actually supposed to shut down this exchange in the middle of 2018 but because so many people had not swapped tokens they left it open and now that token actually goes away by the way january 1st of 2020 it will dissipate and so thats why they said they were going to shut it down in 60 to 90 days but there is like 12000000. 00 sitting in it for people who have not swapped so the canadian authorities seem to say you know youre trying to steal their money theyre saying its going away in a few in a few months anyways and and theres been such a low number of transactions on this exchange that we justified that for that reason so that was the point of doing that well crypto currency analyst and investigative journalist ben swan thank you so much for your insight and for breaking it down for us once who are an expert. You got it. And finally today a story of a young entrepreneur shut down by a donut conglomerate gets a reprieve a College Student<\/a> from minnesota in the United States<\/a> started a little business for himself jason good salis would drive roughly 270 miles every saturday from st paul to clive i wanted to buy more than 100. 00 boxes of krispy kreme donuts and then he would turn around sell his product back home for between 17 and 20 dollars a box thats about a 200 percent increase with hopes of paying his to wish it for those who dont know krispy kreme sells melt in your mouth glazed donuts but here in the states they are and everywhere and in minnesota the last location closed down more than a decade ago gonzalez started a Facebook Group<\/a> that amassed thousands of buyers and everyone was happy that people got their donuts and gonzalez had a business for himself well according to a post on the Facebook Group<\/a> over the weekend gonzalez received a notice from krispy kreme that he could no longer resell the donuts citing health and safety concern but worry not boom busters after what we can assume was massive worldwide backlash krispy kreme said good and solid could continue as an independent operator and they will donate 500. 00 dozen donuts to his business going to post to the krispy kreme Minnesota Group<\/a> that he started going to alice said he is definitely going to need a bigger vehicle for this large of a shipment well thats a nice story right there what an entrepreneur are right i mean why try to punish the kid i just dont get it and people are driving distance he must of driving if its trying to drive that long just for krispy kreme absolutely well thats it for you today and for you this time you can catch us on boom bust on track t. V. Channel 321 dish Network Challenge<\/a> to 80 are streaming 247 t. V. The free t. V. App challenge you 79 or as always hit us up at youtube dot com slash boom bust r t c n x time. I. Today there are good terrorists and bad evidence the bad terrorists and those in yemen the United States<\/a> against a real threat the looked at those war in syria the cia and the us military were engaged in covert actions really throughout the world. Where they were assassinating populist leaders they were backing up the right way military windows funding an army just was theres no. More because theres always a small income for a really good. Profit. Imagine being 635 and you have a career and career involves using your i phone in your computer and things like that in an office and perhaps you start getting going its circular its. Going to have to stop doing all this in this kind of you look at the minutes must be from my world became smaller and smaller and smaller until i ended up running it in a box. Or out at a very strong Magnetic Field<\/a> i felt in my head. Its like a real heart my skin burns and that Wireless Access Point<\/a> and its just continuous on saying what are students in the schools. We are just continually bathing our citizens in this microwave radiation it is certainly electoral small and its getting worse. Each. In the headlines this morning a major u. S. Network killed a bombshell interview allegedly approving Sexual Assault<\/a> crimes of disgraced. From the channel well tell you more coming up to malis president claims a rise of islamist extremist groups threatens the very existence of his country despite the presence of French Forces<\/a> in the west african nation. Developments in the picture in saugor a key witness changes his testimony and remembers the threat of military aid being withheld from both freshly released emails reveal new details on joe biden sons position the major ukrainian gas company","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia903102.us.archive.org\/29\/items\/RT_20191106_043000_Boom_Bust\/RT_20191106_043000_Boom_Bust.thumbs\/RT_20191106_043000_Boom_Bust_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}