tv Boom Bust RT July 5, 2021 9:30pm-10:01pm EDT
like we need cash to finance move and that's exactly what the on chain stories telling us to aggregate flows by minors at the highest level since march of 2020, supporting the theory that the least fell off was by chinese miners having to sell part of their holdings, in order to escape the latest wave of enforcement action. it is the most likely scenario because these minors are moving otherwise of operations were just to shudder and not restart. we would also be seeing a flood of 2nd hand mining base and ship the aftermarket as well, which we haven't. so most likely theory is that they're moving elsewhere to more crypto friendly area where there's cheap electricity. so as a result, chinese miners must also form alliances to migrate overseas to other places such as north america, malta, etc. and now ben, there's other news here as the people's bank of china is also pressuring banks and payment firms, including china, construction bank, an hourly pay, urging them to crack down harder on crypto currently trading. why are they doing that? yeah, well the goal here is actually utilize the private companies that do
a lot of the digital transactions in the country to get them to be a part of this process. so as you mentioned, you know, our page are part of that ad big icbc also i cc be they're all part of this, this strategy but says essentially 2 things we want. they want new investment and technology that will make those companies better able to detect cryptic or the transactions. and they also, they being the chinese government one to see more in terms of know your customer regulation being pass enforced by private tech companies. the other thing that we're seeing is that companies like pay, you're saying that they're going to go a step further than that. they're actually going to specifically look for any merchants on their platform who are involved in any kind of crypto currency transactions. and they will blacklist them as well. so miss and what, what kristi just said about the miners who are moving out of the area. that is absolutely true. i think that's a natural cause and effect here. but you also have a shut down here of anybody who's involved in transactions on any level. and so there seems to be a very clear attempt to close them up. why is it happening?
so we've talked about the what? so how about the why is the why really because of the fact that the p, b o c, the people of china is planning to unveil very soon hear its own digital currency. and the chinese government is working to eliminate competition for that. they want to push out all other competitors so that they really are the only game in town. i think that's a lot of what's happening. but christy, what about that idea that ben just said they're that they're trying to basically make room for their own digital currency? i think i was very sure the chinese authorities normally in line with the global financial regulars tightening up on digital currency trading. apparently to prevent this is stomach financial risk and illegal activities. but in reality, like, especially for china, it's about clamping down on currency control because that's what china fears the most massive amount of capital flowing out of china. be a big point, and they have no way of controlling at all just when they're about to unveil this digital r b. so it's not a bit coin like seeing a crack out on. there's also the extent that been mentioned the alibaba on the 10th
and who own alley bay and we chat both of whom got hit with these big fine. so it's a big industry over halting now. get ready for this roll out of the arm. be digital are being which so far is not really getting any traction at all. because a bloomberg interview found that chinese citizen showed very little interest in switching from mobile payment systems from by ali baba $0.10. and others openly balk at the idea of a digital r and b, which is programmable, comes with ad hoc expiration date authorities access to real time data on their financial life. so after the very move form response, china found that ultimately they need to lay the groundwork for a more forced kind of adoption by basically removing all the other competitors alley pay we pay am bitcoin in order to kind of funnel citizens into adopting this new digital arm be and now ben, this crack down isn't just hurting bitcoin, other kinds of actually taking a hit as well, including a theory m, which actually dropped below 2000 dollars again, what you know there?
yeah, it didn't drop other all coins as well. have also draw, look, i think the, the main thing is add because bitcoin go so it goes the rest of the market. but, but remember, a theory has gone up at a tremendous rate. even faster rate than big point has gone up this year in terms of its growth. so that's been very positive. and remember a theory of an ether is specifically tagged to smart contractors, a lot of utility that's based on you theory. and so i don't think it's going to go anywhere. it might tip a little bit, it'll come back up pretty quickly. but again, i think there's an important point to all of this conversation, right, which is that we see around the world right now. a lot of countries, and i think the united states will be one of these countries, but china is certainly leading the way on this. there are a lot of countries right now that want to step up and say, look, we are the authority. we see the interest that people have in digital currency and so we're going to create our own what you have to remember about crypto currency. all of it is that crypto currency represents a transfer of wealth from the top to the people where people are able to expand
wealth without the controls of government and central bank authorities. what a digital currency coming from a central bank does is it re allocates the wealth back to the top. that's what's happening to china. that's what will happen with any central government that tries to impose its own central back currency boom bus, co host, encrypt analysts. ben swan and christy, you're not going to get it any straighter than right there. thank you so much. a huge shift and the crypto world as finance, the world's largest crypto currency exchange has been banned from operating in the u. k. it is the latest sign of the growing crackdown on crypto markets worldwide. britain financial conduct authorities said saturday that finance markets limited the u. k. division of buying and is not permitted to undertake any regulated activity in the u. k. from june 30th the company which already offers brits crypto
training through its website, must add this notice for u. k. users. due to the imposition of the requirement by the f d. a finance markets limited is not currently permitted to undertake any regulated activities without the prior written consent of the f b a. so joining me now to discuss is, boom, moscow can crypto analyst been, swan, are a been let's start with the biggest question here. why did the u. k, take this step against finance right now? yeah, it seems like there's a, there's a couple of reasons for now. the regulator itself has not said why they did this. and by the way, i should mention that japan just did a similar thing as well. so, but you came to japan crack on a by. now, the reason for that though, is, seems to be, if you look at kind of the timing of this, as well as the statement that have been made, that it all coincide with new anti money laundering rules that have been established in the u. k. regarding crypto currency, basically any crypto currency firm is required to register with the f c a and to
also provide anti money laundering. take essentially steps to prevent money laundering. so what are those steps? what more than likely it's k y c? it's no your customer rule that saying nobody can open an account without proving who they are, biling and filling out certain paperwork and all of that being turned over to the government. as you know, rachel, the crypto world doesn't lend itself to that. that's the crypto crypto currency is you're supposed to be able to open up wallets and hold tokens without having to disclose exactly who you are. it wise in contradiction to what many of these regulators actually want. and that's the biggest concern with all of this evening with crypto currency. it's becoming more popular is that a big exchange like this one can just be shut down by a government and that it can actually be successful. now we're seeing and all salvatore, that bitcoin is set to become legal tender on september 7th. and as part of that, the government is planning to give away as much as $177000000.00 in bitcoin to the
public. so why is that? and how do they mean, how do they plan to make it happen? yeah, it sounds nice, doesn't $177000000.00. well, actually it's not that much money when you really break down how much you're actually getting to what the government is essentially done, and they've broken it down so that every single person in el salvador who opens up a wallet is able to receive $30.00 worth of big coin, that's the goal here. so obviously lots of people equals a huge sum. but for each individual person, it's a small amount. the goal here is to people that actually open up a big coin wallet to establish once they actually have one. and then they begin to be able to use that. we should mentioned that the alpha l salvador in government is making it very clear that if you already have us dollars, because for those who don't know us dollar is the national currency, you know, salvador, if you do not, if you already have your, you know, in your bank account us dollars, they're not going to convert that into big coin. they're not forcing bitcoin on the country where they are trying to get the country to do is begin using crypto
currency and begin using bitcoin specifically as legal, tender. and so the best way to do that, if you're trying to get people to use it, if you're trying to get merchants to take it, if you give everybody some and you say, go out to spend it, use it, you use it in some way transact with it so it's less scary and you can actually have your wallet set up in the bath. so that's kind of the goal here. is a lot of eyes right now on exactly how this roll out is going to happen. and at the same time, when we're talking about bitcoin, we also have to mention it's more recent, falls below $30000.00 once again. and there are some analysts who are even predicting another crypto winter as they call it. so what exactly does that mean, and do you believe that that is where bitcoin is headed? no, i don't. i don't think we're headed necessarily into a crypto winter. so for those who don't know about 14 times since its inception, big coin has risen and then fallen to new lows and it kind of goes for several months like this. it's called a crypto winter, right? and a lot of times, by the way, those happen over the winter season streams. but what's interesting about this is
the last time this happened obviously was 2017 right because went all the way up to $20000.00, dropped down to $3000.00. and it's set at 3000 for some time before it started this new, this latest center that we've seen. now we're dropping again. as you mentioned, we drop below 30. we're back up above that again. the question is going to be whether or not $30000.00 is the new floor for bitcoin. and by the way, if it is, that's pretty great for anybody who invest back $3000.00 just 2 years ago. or is that floor going to continue to fall? does it become $20000.00? if it, if it falls all the way to 20, then you have an issue. but the issue was not long term. the issue was short term. how do you, how do you keep bitcoin moving? well, that obviously requires investors that requires new money to come in and new users to come in. but i think overall, because as we talked about so many times with the institutional investors, it's not like blocking technology is going away and big point is not going away. but the question is, where does it find its new floor? i believe that floors around 30000 and we'll see what actually happened. and i know
bitcoin is one of those that you've been following for years. you've survived the crypto winter, all of that continues to provide coverage. so does it seem like there still is continuing to be more and more interest encrypted as we go along? yeah, i think there is more interest in it. but again, you know, what i try to remind people of constantly with this is that crypto currency, the value of that is not in the currency is in the technology, the underlying technology. so when you, when you think about crypto currencies and there are so many of them out there, you have to consider the fact that different crypto currencies have different utilities and does the coin actually have a utility? if it does like it, like in the theory, i'm right. if you're getting into a theory, i'm get into that and hold onto it. don't, don't get scared because you see if there was price drop a little bit because long term theory has enormous value through smart contracts. it's utility, it's usefulness is what gives it actual value. so that's why we'll see any kind of currency that has the utility usage will still continue to rise. and certainly if
there's anything we can say about the crypto world, it's never boring. that's for sure. then so on. thank you so much for your time and insight on this one. thank you. the time now for a quick break, but when we come back in japan has place international backlash for its decision not to cancel the olympic games this year. we'll take a look at the big money playing a role in this decision. a game go on next. will be right back out through the cruise. the communist party of china celebrated it's 100 anniversary last week. it made it clear it will no longer tolerate being lectured. by the way. is this a new red line also? is it fair to say the washington inter agency is winning again?
this is your media reflection of reality. the in the world transformed what will make you feel safer type relation or community? are you going the right way or are you being somewhere direct? what is truth? what is faith? in a world corrupted, you need to defend the join us in the depths or remain in the shallows. ah ah!
to don't to leave you will dances move toward the news he will tell when she gets home ready to love. ah, let me see if she too will grow up. what i can do to me if you choose you can totally traditionally but she's she's really pushing you see what you need from me was over. she said for me and lasted with metro. okay . yeah. so this is a new, new,
new new which is what the executable supple once it went up when i got to pull it up on that, got me ah, today industries been millions of euros in the regulations. i will be all about making money isn't focused on big corporation, international markets. export. do you imagine the number of the diseases that are in every family today? it's, you know, due to new viruses or new microbes. it's not true. so it is due to environment not going to take either the momentum, much time with abilene. yes,
accumulate go don't come in today. they don't allow us. the food industry is successful, it'll create more jobs, it will create more value added. it will create more. so i don't see why we shouldn't also fight for the interest something into treatment that we have regulation. we want the regulation as the industry and if we don't behave then yes, that's fine. ah ah ah ah ah
ah, ah, the welcome back after being postponed for a year did the cobra 1900 pandemic? the tokyo olympic games are set to kick off in less than a month. and just this week, it was a note that the venue that the games will allow 10000 domestic spectators. now that's despite warnings from experts who say, holding events without fans, is the safest option. as japan face several states of emergency due to outbreaks in the nation, many called for the games to be cancelled. in fact, pulled in april showed 70 percent of citizens did not want the game to go ahead as plan. so why go ahead with the games? well, there are many reasons, but a big one, you guess it, it's money. it is estimated that japan will have spent as much as $35000000000.00 to host the game. on
a $7500000000.00 budget. and organizers even say the delay ran the budget up by $3000000000.00. along with that, there's huge money and global sponsorship deals and television right for the games . that hasn't always been the case. earlier i spoke with john worth time. he's the executive editor and sport at sports illustrated and author of glory days, the summer of $984.00 in the 90 days that change sports and culture forever. the book kind of, we've some of the biggest story lines of basketball candidates, hockey, and boxing history with an overall arch about the 1984 olympic games. i started the conversation by asking him about the fact that some believe the 84 games could be the last with newsweek, even having a cover story asking, are the games dead in sure, you had one individual say we got to start creating this like a business that was peter, you, brock, you're right. i mean the games just kind of go go through the chronology and in 72, there was a horrible terrorism attack in, in munich,
76. you are the huge cost over on montreal, canada to took up 30 years for canada and called back in montreal to pay this off. 80. there was a boy got 84 people are thinking, this may be it for the olympic movement. and peter, you brought look where we're not going to do what you just described going on in japan. we're not going to have a huge investment in facilities. we're going to sell sponsorships, we're going to pick networks against each other, make them bid on these media, right. feel the games that are have profit, a surplus of i think we talk about the olympics in tokyo and know and saying, oh this is about the athlete that the given the rotors that should have one more chance to compete. it's all about the finances and you can draw a direct line from, from that to 1984. and how big was the television rights? and we've seen this explode throughout sports over those last about 40 years. is that one of the big angles that actually not to say they were profitable, but they were able to, to break even and use some of that revenue for future labor games and to compensate
the people involved? yeah. with tv. i mean, it was, it was a b c network that built into 9 years, which at the time was gargantuan. it pales in comparison to what nbc, of course is paying now. but the other thing was sponsorship, then the total, the big sponsorship in 1980 game the late plaza. the previous olympics in the us was about $10000000.00 combined. peter uber, i said wait a 2nd, we need to fewer sponsors pay it a lot more money. we're going to make it competitive. one of the very 1st being was for beverages and coke and pepsi squared off coke b to $12000000.00. so for one beverage sponsorship from coke clips, the entire sponsorship for the previous olympic any in 1980 and it's only grown since then. i want to clarify again to your point exactly. now those numbers might not seem huge by today's standards, but back then that was huge money involved. now you also address 1984 supreme court case regarding college football and television. right? and while the schools won the right to actually negotiate their own deals,
there is a line in the opinion of the versus board of regents decision that actually states quote, in order to preserve the character and quality of the product, athletes must be paid and must be required to attend class and the like, why did this simple statement have such an impact preventing athletes from being compensated for, you know, for those of almost 40 years now? yeah, this is the supreme court case in, in the summer of $84.00, it will have goes to what's happened in the last few days. and this basically gave schools the right to negotiate their own tv deals. this was not armageddon. the cmc predicted, again, parallel to today that we may want to consider, but there was align if you say, any opinion basically say, you know, these athletes need to be kept amateurs how sports are about amateur athletic. and that was seized upon by the amc a and this was not a favorable ruling to the m p a. but that one line of dictum,
that one line of the opinion, the n t a seize upon core, i would say 37 years. and we can talk about recent events that may have appended that. but this was a supreme court decision, 84 that didn't get a lot of attention, but that would have a huge impact and the future power sports for you know, really, really up to the present. and that's exactly what i wanted to bring it to, to the news of this way, because it is that no longer relevant as we have seen, the supreme court ruling favor of athletes receiving what they say is unlimited benefits tied to education and the n c a now, pushing further into compensating the student athletes for name, image, and likeness, right? yeah, we hadn't, it was not just of course that you wrote the opinion about your bread, capital writing and potentially, you know, a competitive company that was it, they bring it on essentially like this is a fairly narrow ruling about paying for education and laptops and other sort of educate related expenses, but the door is definitely open for
a broader reading and a broader challenge to the n p. a cartel to amateur is i think it can be very interesting to see how schools, how broad they go in terms of the educational benefits that are now on the table. but you sort of have a sense that the, you know, the, the iceberg is melting a little bit. it'll be interesting to see if we can move the ball, no pun intended, from the educational benefits to outright compensation. well, and that's what i was going to bring up to, is with the name and image and likeness rights that has been talked about, because the anthea, that actually looks like they're going to move forward to kind of have a uniform policy on that. and that's mostly due to statewide legislation that hasn't gone to the supreme court, or they actually were you think about the supreme court weighing in on that? so they're just saying, let's, let's take care of it now. yeah, i mean what, what they say their public statements might be very different from their private stands. i just think that you sort of play out this model and we all understand that the revenue for to actually go out there on the football team that generates,
you know, tens of millions of hundreds of millions of dollars. probably those are actually that ought to be compensated. i think what's going to be really interesting is just to see where these dividing points are on. i think we all yeah, most people i think a grid. i mean this is empirical. most people feel like college athletes generating revenue should be compensated. i think what people don't always graph is how few are narrow this subset is and there are, you know, 95 percent of college athletes are in revenue, sports and some of the athletes in revenue, sports are the money generators. so we talk about, you know, we, we talk about naming, image and likeness and we talk about compensation. and i think it's a pretty narrow band of athletes that this will, this way impact john worth offer of glory days. the summer of $984.00, the 90 days that change sports and culture forever. thank you so much.
that's all for now. you can catch boom bust on demand by downloading the portable tv app for your apple or android device. we'll see you here next time, and as always, don't forget your question more, me ah, ah, the british and american governments have often been accused of destroying lives in their own interest. what you see in this nice techniques is the state devising message to end to essentially destroy the personality of an individual lifetime.
means this is how one doctors, theories were allegedly used in psychological warfare against the prisoners deemed a danger to the state. that was the foundation for the method of psychological interrogation, psychological torture, disseminated within the us intelligence community, and worldwide among allies for the next 30 years. and how the victim say they still live with the consequences today. the the whatever the
a world transformed what will make you feel safer. type relation, community you going the right way? where are you being that somewhere? direct. what is true? what is faith? in the world corrupted, you need to this end. ah, so join us in the depths will remain in the shallows. ah ah! she don't leave, you will move a new. she will tear with her. she will be ready to love.
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