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When Bitcoin Hit $100: CNBC's 2013 Coverage - YouTube
Channel: CNBC
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you know you confiscated a few billion
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dollars out of private bank accounts and
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you print a couple trillion dollars and
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all of a sudden you know what happens
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people start to worry so out of this
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worry we have something called the
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Bitcoin
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bitcoin is an electronic online digital
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currency was created about three years
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ago kind of flew under the radar now
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it's starting to actually gain some
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traction you exchanged your dollars to
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exchange your euros whatever you go on
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to these networks and they it's an
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accepted currency and it's zooming and
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value lately just unbelievable at how
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much this has taken off and and there
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are places that are beginning to
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actually accept this sort of universal
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digital currency kind of operates in the
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shadows not regulated but it's an it's a
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total outgrowth of people getting start
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starting to get worried about these
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currency crisis debt crises where are
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these things accepted still not a lot of
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places I checked out online not a lot of
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websites that you would recognize but
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the places are kind of novelty clothing
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gaming sites yeah wait for it porn some
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of those places but you know there are a
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lot of drawbacks are a lot of fears that
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I'm sure that our guests are going to
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talk about but this tells you how really
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insecure people are in this age of debt
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and currency crises and all the other
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things that we have going on in the
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world first I have to give Bitcoin
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creators credit at least they they know
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enough not to trust fiat money that's
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controlled by our government but we
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they're trying to reinvent the wheel and
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they've come up with a flat tire we
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already have a perfect real form of
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money and it's called gold money has to
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have four elements it has to be very
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rare indestructible divisible without
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losing its purchasing power and cannot
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be increased by Fiat and and bitcoins
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fail on the first two they are not rare
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and they are very much destructible had
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paypal invented Bitcoin we don't be
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heralding it as the most important
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financial revolution since the internet
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isn't the credit card perhaps and I
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guess I would say as for those first two
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points as to it being destructible and
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rare I guess I don't know if I agree
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with that I mean gold is only rare
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because it's physically scarce but
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Bitcoin is rare because it counts on the
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scarcity of CPU time and so I think it
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like why is that so destructibility I
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think that's also sort of in question
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what are the chances of someone coming
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up with a counterfeit Bitcoin and they
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present that to an end user and they're
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accepting this this phony Bitcoin
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I guess the chances would be
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astronomically low and that's the whole
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design I mean the way that you the way
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that you create a Bitcoin is that you
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basically have to find a larger rare
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number bigger than any of the other
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Bitcoin out there and so every Bitcoin
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the next Bitcoin is even harder to
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create and so I'd say right now it
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requires vast amounts of CPU is
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generally through Amazon Cloud and
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things like this to create the next
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Bitcoin so be exceedingly impossible or
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exceedingly difficult to create so hack
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so hacking Bitcoin could be a problem
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but what about someone coming up with a
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counterfeit that end users don't
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recognize as being counterfeit and then
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of loading the purchasing power of all
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just yeah you guys I guess one of my
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concerns here is - is that you know
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there's a lot of stories about drug
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dealers using these kind of things and I
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think it's just a matter of it's not
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regulated it's not controlled the whole
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the whole Bitcoin market is about a
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billion dollars it's a novelty for the
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Geek Squad I can assure you if these
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became well promulgated then the US
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government would shut it down and just
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just to give alright just to give our
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viewers some perspective there's about
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four trillion dollars in currency
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trading every day and as Michael said
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it's about a billion dollars worth of
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bitcoins it has quintupled in value over
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the last year just just since the the
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Cyprus thing came up it's up over 20
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percent or over the last month or about
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a couple months it's up over 40 percent
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so it's actually getting some visibility
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out there again you can go online and go
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to places where bitcoins are accepted
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and there are dozens of places no
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websites that you would actually do that
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you know if I said them oh yeah I know
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that but it's just gonna be very
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interesting to see just how much this
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catches on it just sounds so silly but
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maybe it's not David how much of your
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wealth will you place in bitcoins what
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percentage would you believe that a for
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any sort of a highly diversified
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portfolio something like Bitcoin is
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going to play an increasing role if it
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is widely promulgated and the
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exponential increase of someone trying
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to hack it because it'd be many more
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people trying to hack it goes up well I
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guess you're assuming that merely that
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because you can theorize the possibility
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that's going to happen I would say your
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purchasing power can be wiped out in a
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nanosecond and that's why it would never
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be widely accepted in this I hear you
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say that but that doesn't make it true
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and I think that there are people who
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spend a lot of time on this that might
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know this topic maybe a bit more
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and who believe
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