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I don't know I don't know anything about it the blockchain is a technology which is a good technology we actually use it it would be useful lot of different things god bless the blockchain crypto currencies and digital currencies I think are also fine you know JP more moons six trillion of dollars around the world every day we don't do it in cash it's done digitally if it be done digitally with the blockchain so be it but it still be a dollar crypto currency what I have an issue with is a non fee a crypto currency dollar so crypto sterling euro yen they're all fine I don't personally understand the value of something that has no actual value you all can do whatever you want and I don't care okay all right that sounds the pinnate bitcoin hit a new high today I could care less with Bitcoin trace for how it trades Wyatt raised hoot raise it if you're stupid off to buy you'll pay the price for it one day I've also told people that he can trade it $100,000 before trades to zero no tulip bulbs traded for $75,000 run something like that the only value of bitcoins with the other guy I'll pay for it and I think honestly I think is a good chance to Bitcoin a lot of the buyers out there up there jazzing up every day so that maybe you'll buy it too and take them out the that the Bitcoin rise has anything to do with the belief in the blockchain simply has to do with the belief in in crypto currencies I mean once you start using crypto currencies whether there's a Bitcoin or more narrow or litecoin it doesn't really matter you see the facility you see the ease-of-use you see that without a central bank control the value of that currency depends upon the users of that currency and why is Bitcoin growing so fast because it's getting more users more people are believing if I do a transaction with a credit card I have to put in my name my address my credit card number the code on the back my billing address well that takes five or ten minutes for especially for someone like each but with Bitcoin it's 15 seconds to give me all of the address here is the amount done once you see the facility of crypto currencies once you see how fast they are transacted then suddenly fiat currencies credit cards central bank or maybe it's too easy though John the question we now have to ask is if technologically it is possible to make an impenetrable the device or system where the encryption is so strong that there's no key there's no door at all then how do we apprehend the child pornographer how do we solve a or disrupt a terrorist plot what mechanisms do we have available to even do simple things like tax enforcement because if in fact you can't crack that at all government can't get in then everybody's walking around with a Swiss bank we had former JP or we had current JP Morgan CEO Jamie Dimon come out and say it's a fraud do you think bitcoin is a fraud yes why is that I think he's right I mean I think that it that that I don't think it's a great model I'm not saying crypto currencies there won't be one it will be one but I think it has to have some backing but by some central governments out there because the biggest problem I see with Bitcoin why I would never buy it is that they could steal them from you like they hack into your phone or something I know I know people and have lost all their money like that and it's an uh and also it's just um you know the idea that it's basically listening I mean the currency all this hair I guess if you think about it right but this Pacific's is being backed by nothing other than a program that creates artificial scarcity it seems kind of bizarre to me that it could really ever be sustainable forever without them listen again you know things go on officially up very very high and they go out officially down right the whole reason the Federal Reserve was introduced into the economy was discharged helpfully cushion those blows and panics right there won't be a time when everyone is freaking out about Bitcoin and dumps it and God knows what's gonna happen or like with Mount GOx when that went bad office and they found out that wasting my big coins aren't safe it was in the bank and the bank has gone there's always bumps in the road and I also think that sooner or later a central bank or or consortium is gonna introduce their own cryptocurrency
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