“The Banksy of money”: Is CRYPTOCURRENCY out of control?

The Bunker – News without the nonsense

Podmasters

News, Government, Politics, Society & Culture

4.6 • 1K Ratings

🗓️ 4 August 2020

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Cryptocurrencies like Bitcoin were supposed to overturn the tyranny of the banks and give consumers new power over their money. This financial Wild West is still plagued with fraud, scams, pyramid schemes and doomed start-ups. But as entrepreneur, investor and follower of the crypto/blockchain market PHILLIP NUNN explains, the “Internet of Money” is coming whether governments like it or not. Can it become a force for good in the economic revival? “When people say if Pablo Escobar were around now he’d be using Bitcoin, that’s just not true.” “At first crypto was kids in their bedrooms just trying stuff. Now it’s got billions and billions of market cap.” “To hack one chain of Bitcoin you’d need 30 times the power of Google’s servers.” Presented and produced by Andrew Harrison. Assistant producer Jacob Archbold. Music by Kenny Dickinson. Audio production by Alex Rees. THE BUNKER is a Podmasters Production See acast.com/privacy for privacy and opt-out information. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	My name is Stan. I'm at. Nice to meet you. So you took up photography where? I've always loved
0:05.5	photography but I turn it into earning a living at 60. I enrolled on a day course.
0:11.8	Well college. I loved going to college. It's good you can retry. I'm enrolled on the day course. But college?
0:13.0	I loved going to college.
0:14.0	It's good you can retrain and do something.
0:16.0	Yeah, yeah.
0:17.0	Let's talk about working, learning, saving and making the most of living longer.
0:22.0	Phoenix Group is the UK's largest long-term savings and retirement business.
0:28.0	Search Phoenix Group living longer.
0:30.0	Pets brings so much joy.
0:32.0	From those happy greetings at the door to the warm cuddles on the sofa
0:36.7	so give a little love back with dental life from Purina a range of delicious chues made for dogs and tasty snacks for cats that help clean and support your pets, teeth and gums, essential for their overall well-being and a happy, healthy life. They give you plenty of smiles so
0:55.3	look after theirs with dental life. Pick up dental life in the pet food aisle. Welcome to the bunker daily and Andrew Harrison. Today, cryptocurrency, the digital money that we were told was going to free the world from the tyranny of banks,
1:16.6	cut fraud, lead to seamless transactions around the world and enable the unbanked or people who couldn't
1:21.3	get access to financial services to get power over
1:23.7	their own money. The idea was it would give power back to the people.
1:26.7	Unfortunately the sector has also been hit with criminality and volatility. Losses from
1:31.2	cryptocurrency crime it reached a 4.52 billion dollars in 2019 largely from insider theft rather than hacking
1:37.4	According to a report from blockchain forensics company cipher trace in July Twitter hackers posed as Elon Musk to fake a giveaway of
1:45.2	Bitcoin, the world's largest cryptocurrency, and things are wild even on the legitimate market.
1:49.8	This week, Bitcoin reached a high of $12,100 per coin before collapsing with over a billion dollars in
1:56.0	sell-off. It is a bewildering world. So where is cryptocurrency now? Should we trust it or should
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Podmasters, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Podmasters and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.