Make a Real Investment in Virtual Currency?

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Bitcoin investor Trace Mayer explains the virtual currency.


Transcript:

0:00from golden to excite are calling for scold it is the virtual currency called
0:04bit corny has made big news lately as its value
0:09has increased by over six hundred percent since february right now
0:13each virtual bit calling
0:15is trading for about a hundred and thirty dollars this is up from just
0:18under fifty
0:19dollars about two weeks ago sounds like the greatest investment opportunity of
0:22all time right
0:24and i’m not so fast there’s a lot of concern that debate calling them is just
0:28above all getting ready to burst and last night
0:31hacking attack on one of the biggest bet quite exchanges
0:34set prices tumbling twenty percent
0:37says shouldn’t really be trading in real money
0:39for virtual currency here to break it off
0:42it’s a blogger dot com investor trace mayor
0:45trace uh… this strikes me as totally insane and i have to say
0:50here’s some of the younger produces on our show work urging me to try new
0:53segment on this months ago
0:55and i thought could be quite is just insane but it’s and it’s really taken on
0:59people are paying attention to it is it from rio
1:03uh… yeah it’s definitely for real
1:05i remember when i was trying to encourage people uh… of i declines of
1:09first probably recommended at around a nickel uh… a corn alan sahaan and
1:13thirty three dollars so those people who had followed who would have followed
1:16that advice
1:18uh… they would have been able to participate in bur as one of the largest
1:20bull markets in history
1:22and this bull market is even close to being ok let’s let’s explain to people
1:26what it is in case they don’t know uh… it seems virtual currency it doesn’t
1:31exist in real life it’d it’s generated by an algorithm
1:35online but there’s a finite amount of it that will ever be out there is a m i
1:39right
1:41yeah you’re exactly correct of decline is really just a matter problem
1:44and it’s a math problem that creates this currency that’s limited an amount
1:48so if you believe in the metal sleeve so slight golden you want to buy stuff they
1:52can print that doesn’t have counterparty risk so you don’t get c_s like cyprus
1:56will becaue and falls right into that same thesis and it’s limited in amount
2:00might we talked about and it allows people to send any amount of money
2:04anywhere in the world at anytime to anyone
2:07it can be caesar confiscated or frozen aren’t even in any way italian meal
2:12ronnie cost is it totally legal currency everywhere all people in the local
2:16accepts it
2:18uh… there there are hundreds of thousands if not now millions of people
2:21who have accepted on the internet
2:23and the money stock of decline is now larger than that of the country of
2:27georgia disorder than twenty-five thirty other countries so it’s uh… kind of a
2:31local currency for the internet nonsense at past debate going that will ever
2:35exist already exist i understand the day there’s a limit on the system at five
2:39twenty one million bit koreans there are eleven million existence
2:43you know that’s real how do you know that that
2:45there’s only a limited amount over time
2:48well that’s information that’s contained in what’s called the block chain
2:52and the block chain is validated by the largest distributed computer
2:56network in the world annette work that has over
2:59to use the exp
3:00seven hundred a paddle flops
3:03and the department of energy recently and build a supercomputer called triton
3:07picasa one point two billion dollars in the past fifteen paddle flops
3:13i mean we’re talking about and that you are starting to get what you’re saying
3:15is you should expect all french do we have no idea what you’re saying
3:21this is a reel that was the only thing this is what bothers me i mean why would
3:25i pay for something and bit koreans
3:27what i could pay for it in cash why would i invest in this currency and then
3:30use it to pay for something when i could just use my credit card
3:34well when you use your credit card you have your name you have your address
3:38yet all the things that an identity thief needs in order to steal your
3:42identity
3:43edition early the merchant has to worry about charge backs in fraud and they
3:47can’t accept payment from people that might be in one of the hundred and fifty
3:50or sixty other countries that don’t have pay pal our credit cards by using
3:55by using our service like dat pay
3:57a merchant in taba across of ninety nine basis points
4:00receive payments and that point seven exchange in the dollar’s america posit
4:04into their account on a daily basis
4:06and so there’s no fraud no charge backs a lower fees noth nato and then i’m sure
4:11it’s already has announced to great things about it is that it’s untraceable
4:14and that makes me think that maybe the real purpose a bit coin is to use it for
4:18you know drugs or to buy weapons illegally
4:23well i i was invited to speak two weeks ago two members of the u_s_ fed the
4:27bundes bank in a lot of major banks
4:30there’s this misconception that just because bighorn is synonymous this
4:34anonymous and that’s not true
4:37the decline is not anonymous it is censorship resistant and there’s a big
4:41difference there ok and so when you use that there are a lot of digital
4:45footprints that you can potentially leave the kiddo
4:48investigators are forensic accountants could follow
4:51okay trace thanks for coming on today and a lot of people are talking about
4:54this today it’s on the front page of the financial times wondering if this is the
4:57next big trouble in thick white and certainly we’re gonna stay on top of the
5:00symbolic thanks for coming on explaining it to us tonight we appreciate it alone

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