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tv   The Stream  Al Jazeera  May 21, 2022 5:30pm-6:01pm AST

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assign agenda piracy pledge in 2018. this is a problem, not just for the festival, but for the film industry at large. this year only 25 percent of the film submitted for consideration were directed by women. still a record for can. rodeo is a french film about a girl breaking into a male dominated world, sat in the suburbs of bordeaux. it follows a group of working class kids pursuing that passion for illegal duck bite, raising to dinner. first time director liquid role spent 4 years investigating the motor cross scene. she says she wanted to create a character. we rarely see on screen. she is as to impolite to to say that that dog . hello, i'm julie. how are noon? and i know she is leg by breaking the wool and get in for the group. her i leg violence, her female character, female direct is like quiver all xander mish, offering fresh voices in cinema that films were snapped up even before being
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screened and can proving the audience appetite is already there. charlie angela al jazeera can ah, this is out, is there a vizier top stories, voters in australia have ended nearly a decade of conservative governments. labor leader, antony albanese, defeated the incumbent prime minister scott morrison over all majority in parliament. isn't yet certain labors promising more spending on cath children and the elderly tonight the astrology and april heb boucher board shines. ah, i am humbled by this victory. i know i'm honored to be given the opportunity to serve as the 31st prime minister abra. a funeral been held for a 17 year palestinian shop until by friday forces new york. it's happened in
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jeanine where al jazeera janice serene, was killed last week. you had a nice continues and now just around the stream. ah, what was known as we need to know that on this we don't need to be with them in a nuclear look at me when you buy them, when you get this message, can you open the home and yeah, today, and we're going to be what we said as well, they didn't put me in. i'm a lot of them at the hospital gave me yeah. when i know,
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i mean, i mean, i shooting them off and i'm rob reynolds at the us mexico border on may 23rd the by the administration plans to terminate. title 42. that's a pandemic era policy introduced under donald trump. that allows for the immediate deportation of migrants in mexico will meet migrants seeking a better life. and here from some of the hundreds of thousands deported yet preparing to try again. special coverage on al jazeera with
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hi anthony. ok. welcome to the stream. in the past few months, almost half the global market of digital currencies has been white out. so what is next for crypto investors? so on today's show whether you are a new novice and you don't know anything about cryptic currencies. oh, if you are crying in the corner because you'll coin base while it is empty, they show is for you. on the comments section, join us on youtube, put your comments, your questions there, and i team of experts will be ready and waiting to help you out. let's meet them and say hello to dad to nate t edwards. i have good to have you. oh, here gentlemen. dan, please introduce yourself parish your connection to crypto currencies. go ahead. sure, and thanks for having me today, phemie. i'm dan roberts, on the editor in chief of decrypt. we are a daily crypto news site, but we also seek to demystify and explain the space. so our daily news coverage is
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as important to us as our explanatory content. and we have learned section where we kind of hold your hand and explain these technical concepts. and i've been covering crypto since 2011. so pretty early, really adding, hello that, nate, nice to have you on board. these introduce yourself to an audience. tell them what is your connection to crypto currencies. so i am a researcher at the international computer science institute and berkeley and have also been a lecture. you see berkeley and i've been following the crypto currency space professionally since 2012, 2013. and i'm one of the few skeptics who do, cuz i have a business model that i look at the space can extract the comedy gold and turn it into academic papers because there's a lot having to do with online crime and other things of research interest. i and so i've been, let's face it are scarred by exposure to this intellectual virus. oh, thank you for sharing. yes, catherine. that's more than that in just the way with edward. i welcome back to the
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stream. lovely to have you made your mind out. what is it that way back your connection is to crypto currencies? hey, well, what a day. yes, and actually it almost predates no. you for me, i actually am early hobbler 1st got into by the coin in april 23rd team is fascinated by my personal scars from the great recession and how banks got us got free brentley for bitcoin, so i'm scarred myself. but personally, i run a online game company called sit in the draft, and we're using an in game token crew to currency called cd 3 d. i love it happens as this is a conversation that is about money, about digital currencies. understanding what is happening, but also about people when people have lost money. i want to bring in zane verjee. here. she runs the cheap channel is evie and asked to this is what she told me a few hours earlier. this is my 1st crypto crash that i'm enduring and there's
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pain. let me just say that there may have been some tears, but it was pretty tough i. i expected a bear market, but i did not expect this. and as i reflect on it, i think this really was kind of a black swan type of a crash. you had a stable coin, u. s. t. that just took such a severe historic nose dive, put the entire market into catastrophe. bitcoin crashed. the old coins crashed. the n f t market went down and it was just a really tough space to be. and on top of that war in ukraine, you've got the inflation interest rates. all of these things combined leads to what i've learned is actually a term in the crypto space and all the web 3 space, which is fund fear, uncertainty, and doubt. so i have a lot of fund that i was just wondering if you got a bit of a thought going on right now. well, no,
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usually it's funny. usually people scream fired who are pro crypto people. they say fight in response to any negative news. and at the crypt we cover all of it, we cover the good, the bad and the ugly. you know, we're kind of neutral, chain neutral coin neutral. i'm glad that zane brought up u. s t. because the top level thing i'd want to bring to understand about the last 2 weeks is that yes, there was this brutal, severe market crash. it was everything in the crypto market, but u. s. t, which is this decentralized algorithmic stable coin. and of course the joe govern make now is look like it was very stable. u. s. t, the stable coin had its own mega crash, basically went almost to 0. that was almost a sub story within the larger crash. so what happened to u. s t isn't necessarily what happened to everything else. it's not the same as what happened to bitcoin. so it's nuanced. the bloodbath of the last 2 weeks. they were quite, i think the blood bath is just beginning. so yes, he is actually a good space to drop in on how the market is. so the stock market goes up and down
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all the time, but it's a positive sum game. so i put my money in a mutual fund or an index fund. i sit on it for a decade, plus and going into that is dividends and share buybacks. and so the value for me, when i sell it is not just what some other person paid, but the dividends going it. this only works on the long term. and so like robin hood a, don't get me started on them. on the crypto currency space starts with provably 0 sum for every dollar earned in crypto currency. it came at the expense of another investor. and there are 2 things like this that we can say in the real world, the horse track and ponzi schemes. and when the systems collapse, they grind slowly down and then collapse very suddenly. so the same thing can very well happen to all the crypto currencies, starting with bitcoin because there is no value in bitcoin. other than what some
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other succor will pay for an elderly simple conti ski. well, let me jump in here real quick because that brings us to the whole cost value. this is the so i have a cycle, blackman bitcoin dot com, i establish it in january 2014 because of a face like mine out there. and i just want to make sure that everyone knew that there's no barrier to entry to this whole space. lot of confusion, lot of misunderstanding how the flood, if you would about the space and mile thing is i asked them what, what, how do you define value? value honestly is what someone is willing to exchange in order to get something back to the person. that's it. so you could say these will green paper bills, you know, that we call money actually has no value currency by, you know, by the definition of the king or the government, it doesn't mean anything. i think for the 1st time, you know, him honestly in history we have a globally decentralize currency that actually has market determined value because it's what everyone says it will be there's no, there's a set finite amount that comes at every but so often. and is the hardest money out
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there because you can't printed at will like we did. that's got our inflation up like 8 percent and you can't and bend it either. so if you were to sample get going to pick what every weight coin bitcoin on a global basis can only process $3.00 to $7.00 transactions per 2nd. and i know you're going to say lightning, which is a alternate saying no thought, papa, why is it only allow 63 to 7 new users? a 2nd? you can po, we've goods with big time, maybe not right now, but you could a few months a out. no, it is only $20000.00 track trip to produce on coin market cap. there's a lot of payments solutions, especially on the theory i'm, which is very popular one because in a to, you know, get me started that nonsense but that, but there are faster, quicker, and it honestly even more a logically positive coins are out there that you can use in spy stuff shane's chauffeur value. i to gentlemen, this is very exciting, but i,
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i want to bring it down to people again, if my, my time, let me show you a couple of things i seen already recently in the past couple of weeks on my laptop, my ex colleague attempted suicide. my friend, an ex colleague, my manager, 15 years trying to commit to like this morning. he basically moved all of his savings to crypto in 21. i knew it was a massive player in his portfolio. all right, that's, that's one penitent story. let me move on here. for those of you considering suicide, here's my story of attempted suicide. if you're panicking, hasten national help line numbers. this is because of the crypto crash. i lost over 450000. you estie. i cannot pay the bank. i will lose my home soon. i'll become homeless. suicide is the only way out. the me, dan, these are real people will stories. why? yes and very, i mean, terrible. you know, people, people lost their shirts from this crash. yes. and i remember 3 years ago we saw a similar story about a user on robin hood who didn't quite understand how worked and thought he was,
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you know, 750000 or 1000000 in the hall because of the display. and what i would say to that is, you know what i've been saying since 2011, and maybe i'm a perfect guest here to counter these 2 guys. i think i'm somewhere right in the center. you know, i'm not heavily invested in crypto. i just think that the tech in the industry are fascinating and are here to say, i think it's a real thing. that's all. what i would say is, i've always been telling people no one should be out there putting their life savings into crypto. i mean, like any other high risk volatile asset and by the way, bitcoin 13 years is not that new anymore. but in the big scheme of things, still something that is a very new asset class. no one should be putting their life savings into this stuff and like anything else. and by the way, the same goes for stocks, even though you s equities are so much more mainstream entrusted, you should only put in what you can afford to lose. and so, you know, anyone who lost a whole laundry room, it's horrible, but it's not a reminder. it's not why dante, that whole is. i am loudly and slowly. this is good for only vested wherever you all say it one more time. dan,
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go ahead that you should only put in where you can afford to lose that you should always do your homework and research and not invest in something you don't understand. and that no one can say with certainty, what's gonna happen to the price of these assets. next, i mean, bitcoin is now back around 30000 in a week. it could be down to $20000.00. it could be back up to 50. it is a volatile asset. i. so i'm very sad here in those stories, but i also think, boy, someone who put all their life savings into a very new stable coin that only existed for the last 2 years. well, that was a very poor decision. and honestly, and dan, dan really does state that, went to my tenants. we tell anyone who comes through our community. i'm admin on a almost 20000 person community on facebook, called black people in crypto currency. and we always tell them one, do you? why are do your own research and then to only invest what you can afford to lose because he's right, it is relatively new. but going back to the actual long term value of crypto currency, it's just a big coin, which is the major domo, you know, 4050 percent of all the crunches out there. it is probably the best performing
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asset class in history. i bought my 1st big coin at $88.00 in april of 2013. that same bitcoin. now we're over 30000 really, really, really reached out on i think it's very goes to talk about just wanting to remind violations, but that unhealthy me off the stream. i can. yeah, i'm going to push on just a little bit. i'm at stable coin is a something i keep hearing you talk about. i said, mcclain means that is connected to some form of money at nick. i'm willing to think how you would define stable klein, go ahead. i would define it as a casino chip. so the trading of crypto currencies is gambling because there's net losers, no net winners, law, it's a fun gambling but eat, you need some way of having chips for the casino. and so the stable coins are the chips in the casino. now there's 2 classes of stable points. the 1st one you have
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are the backed asset ones like heather is the biggest one and these are basically recapitulating, ah, 19th century bank it there what we'd call a wild cat bank and committing a whole bunch of crimes. but they're getting away with it. the other is these algorithmic stable coins, where the idea is, let's back crypto currency with crypto currency. so it's literally making a perpetual motion machine which works fine until it doesn't. and so like why terra and luna collapse so much is tara was the stable coin that was offering 20 percent yield on investment as 8 stable asset and basically created a ponzi scheme. whether those behind terra were deliberately doing a ponzi scheme, we're just happened to have created one. we don't know. okay, i got to go in and very yes. yes. yes, yes, you is ad here because there is something just on the very basic missing. and that
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definition thinks that what is the actual purpose of stable coins? why would people, the crypto industry say, is the purpose of the purposes they're supposed to be in terror? you know, it didn't work but pegs to the dollar so their value should remain stable consistent at $1.00. and in the case of it's heather u. s. d c, the centralized, stable coins accompany is behind the stable coin that is saying it has that amount in cash reserves. so that is the purpose is that you can save up into an outage enable glendale because it's connected to that door. let that yet a date. let me just bring in a new voice here into the conversation. i'm gonna, i'm gonna share this thought with you about it because i came, is a nigerian who has founded his own quick toes currency. and he looks remarkably calm. this is what he told us a few hours ago. we shouldn't be surprised about what we just witnessed. most especially with talk about the factors that things added to the allies and the
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geopolitical system into what we're living today. when we're look at that russian cromwell dios, i think it is around the backlash listed from the west. the sanctions to embargo the back and forth. and also were a little copy inflation rates are rising flesh on it's post creek. i so the, this in mound perspective, these are some of the factors. awesome for the crypt. crazy downturn, we've just witness said what it, one of the changes for landscape of crypto policy that i seen as more people of color, more women involved in critique how it see what else is changed in the manslow that you've seen in the past. that right, that's a great question. i think mostly, if been of way institutional change, institutional mother, he's got involved which is really changed the reactions to, to do a courtesy is ups and downs because honestly, i can say he was that's what surprised with the crypt crash. i was surprised either
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because we now have pretty good data over the last 3 or 4 having cycles. and that's basically when the coin becomes more scarce. and so, unless it's being made. so then through a whole bunch, a 2nd order effects where the miners are acting differently, the marks are acting differently and you can almost predict, but every 4 years to be a bear market or slow down a crypto winter, if you will. so i think because we have more data, it's a little more predictable. so in the bare mom came along oust semi prepared for as expecting it. and also because of institutional money, more involved, any time wall street has a bad day. now crypto has a bad day and especially tech stocks. my dad with al here, people saying band, the stock market because netflix lost 10 percent of the value. i mean, but people say that about crypto, and i think that's erroneous because crypto is tied. cosigner tech sauce and tech stocks and had a beating this month. i says gentlemen, i have so many questions and thoughts and comments for you. i'm gonna get entity. this is a speed round. i'm gonna for coming out. you comment back when move on to the next one. all right,
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to dan. this is michael g ring. biggest scan ever done. oh boy, crypto in general. you know the jury's out on exactly what the use cases will be. but i think after all this time that you can't dismiss this entire industry as a scam, or i guess you believe that j. p. morgan, apollo global and all the other major publicly traded institutions. and brands that have gotten in have all fallen sucker to the same overall fraud, but i think there's so many cases we are going to do hate and show the value. so ever more they're participating. so a 16 c has turned securities fraud into a venture capital business. ephram is watching right now. ephram says i'm gonna give this one to you. nick. the market will always bounce back. the crypto market will bounce back. it will recover. nick, i don't think so because being a naturally assembled ponzi scheme, you have to get new suckers going in and a previous markets were grossly manipulated. so the mount galks was the,
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the willie bought the 20172018 was tether about a 3rd. this one was tether in amazing amounts and so i don't fall street abroad ever recover omega. so why did it bounce back as your 2018 is? what had asked nick. and if it are, there are no, you seen either more suckers come along either who are different. we ship them all . i don't think it is. i think i need to proceed right front run an algorithmic computers are front reading every day trader. so where's i mean, show me that show me what i did, the centralized fine and they said they have to worry about running. my mother lost half her pension 20 years 80 because watery cab was 2008 decided war budget, bad debt and pushed off on the american people. no, don't tell me today that it a distributed system doesn't make a better crypto courtesy came from the pot. was birth from the protest that was the
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global financial markets because no was looking out for, for the little guy. and this was something of the central, i don't think came from the ponzi scheme that was from wallace street. they went over say, based on the way that wooster upright. no, it was really reaction reaction. yeah, i don't, i let me get this. i want to you that and this is the last one of that the speech around. and he says, why is everyone say quick to say crypto, its worthless when stock the going down just this files if not foster about it. thank you and it just in that kind of circles back the point i interjected with were basically everything on wall versus red flash boys by michael lewis and see how everything's front run in the market. and he took her st. you see is i mean seconds, if not minutes old. i'm out. i'm not deal with stocks where because told pods were as least with crypto because the decentralized nature of the block chain. you can see every transaction that's ever happened even if you don't know who has it. here's a transparency, they're the aussies gonna revolutionize our society and everything's going to be put on a blocking the requires a trusted a 3rd party except that if you actually look at it,
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you have the trusted parties all over the place. you just don't acknowledge it. and the a theory and miners are more abusive than the most stock market would ever imagine . 10 percent of their fee revenue is from front running people. and fanny, i think one thing we should make sure the audience understands. we talk about crypto as this huge umbrella term, and people use that word to include everything in this industry. but there are many different things going on. i mean, we're talk about the crash. so, so far we've been talking surely about crypto as an investment. you buy the coins or tokens and you hope the number will go up. but there's a lot more going on in this industry. i mean, when we talk about west 3, we're talking about apple block chain to power them on the back end up. ok, web? yeah, yeah, well what 3 are you i think i would say this, i would say this one thing that we tell people that we're looking to invest in stuff is look at the utility. what is a token actually do k some point cd 3 d. we actually have
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a game we're working on that people actually use our tokens to play the game. that's util, the right there. stuff like she became, it was a joke, coin dodge coin, which is the joe coin. i would recommend it. i'm not invest in that, but there's a lot of utility that's out there in crypto space. it's not just all the rise and fall because so one of the things that happens when there is a big crash or a major file is fail. it people, as we need to look at regulation, we have to have that conversation today. i'm going to start that with david gerard . he sent us this thought about regulation and quit test cognitive. let's have anything a person to invest the protections, the things regular is really worry about. is the crypt currency market, contaminating the real economy where people live. and that would be a bad idea cuz crypto is completely unregulated marketing practice. crypto has been trying to get into those, trying to get in to pension funds, trying to get investment banks to take on crypto liabilities and so on. the u. s.
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government is aware of this and very much against it, and that's good. they need to act sooner rather than later. oh, i got a u. s. smiling. daniel eyeballs a bang raised shad is i istation everybody's thought. well, no, i mean he saw a mistake and because by didn't just what few months ago gave an executive order about how he wants to study and, and come up with like a stable coin system because he knows it's the future. you can't fight progress. we don't use smoke signals anymore, we don't use telegrams your phones or fiber, we're move. this is, this is like the next industrial revolution is, is the block chain i that and by the way, more regulation is certainly coming to the space. i want people to understand it is possible both to think that crypto is here to stay in as a real thing and will continue. and also that it will be regulated, you know, don't assume that everyone who has pro crypto is anti regulation. those are kind of just the very energy, libertarian types. we've been around since 2000. i know many people look at the
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crypto industry and they agree, it needs regulation, and there will be regulation. but regulation is not the same as shutting it down completely. that is not what you are trying to do. what the hell won't it will. later on, i saw you know, your critique of the how digital kind say market. well, regulation is, is it because he's just not regulating that upside 8th on not. what upsets me is that it, the regulations exist. they get start being enforced. every i c o on the planet is literally a unlicensed registered secured, unregistered, 2nd batch. true. ah, how he b u. s. that walks like a duck and quacks like a duck and lays orange trees. it's a duck. ah, the, the regulations just weren't enforced. ah, the overall space is i agree with david gerard that if it's just isolated so that
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it does not contaminate the normal economy. this will resolve on itself. because there is so much friction from like mining and the bezel and everything else that will make it go away, but it won't go away. when it goes away, we wanna make sure it doesn't do additional societal dam. i knew it how he test is from 1946. the limit says i'm using to determine whether it is here at the ocean. regina gentlemen can n o and as for why one my like when that not so many of us shall we ask the very beginning, what is next for crypto invest? as in a sentence, eduardo nick down at want i innocent and what's next? graduation is coming, but as i see and daniel's newsletter every day, i'm a subscriber. there's blog, great actors in there, like right who the on the ad. ah, the market can stay irrational, longer than you can stay solvent. but in the end, it's going to be
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a slow grind and then a catastrophic failure. and i'll have my popcorn machine warmed up. oh, ah, and dad was an ex because they messed us. i think, i think as there will be a, there will be a shaking out where the wheat gets separated from the chaff. many tokens for sure will fail and go away as things that have an actual utility and use case will continue call. ah, goodness me, we need so much more time. we got so many questions on the team for you gentlemen. i have to get you all back together, but for now. thank you dan. i make an at lot out of your comments and questions on the team. thanks so much, i think next time had like me ah . talk to alger see room, we ask, what is the time table in your mind? when do you think that you are, can be all for russian gas. we listen or,
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