Cashing In On Cryptocurrency with Christy Ai



this is boom-bust broadcasting around the world from Washington DC I'm Bart Chilton welcome aboard we're glad you're with us coming up today the Saudi journalist who writes for The Washington Post and told you about last week may have been murdered according to Turkish officials as increased global tensions rise related to the matter what does it mean for economics and business we'll get into that just ahead and we go to Paris to take a look at efforts to move businesses including big banks and others from London to Paris in the light of breakfast brexit and later Christie I up counterpart X tells us about her novel and interesting crypto enterprise all that ahead let's go leading our global report today news that truly impacts the future of all of us now living on earth and our grandkids and everybody else our prospects for survival in the change global climate the Royal Swedish Academy of Sciences was awarded this year's Nobel Prize in Economic Sciences to William Nordhaus and Paul Romer further research into public policy interventions to curb the profit-seeking processes that have our planet on path to catastrophic climate change the Academy said the two professors significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge and that they have addressed quote our times most basic and pressing questions about how we create long-term sustained and sustainable economic growth mister Nordhaus is sterling professor of economics at Yale and mr. Romer is at New York University on the science the UN Intergovernmental Panel on Climate Change or IPCC today warned that our species only has about a dozen years left to take urgent transformative action to avoid absolute climate catastrophe the IPCC says time is quickly running out to hold global warming to 1.5 degrees versus two degrees avoiding global death to coral reefs and cataclysmic consequences for Humanity the Chinese central bank officially named the People's Bank of China has cut the reserve ratio of deposits that banks are required to hold for the fourth time this year that means more money is freed up in China as interest rates will be cut by 100 basis points by October 15th lowering the reserve rate is a standard policy move to encourage lending and it also increases capital into the economy the central bank's policy change is expected to make roughly 110 billion dollars in additional capital available for lending the policy announcement came at the end of a week-long patriotic holiday and suggest that Chinese leaders are looking for policy options to weather the continuing turbulent turbulence as global trade tensions continue and last week we told you about a former Saudi journalist Jamal khashoggi who disappeared after entering the Saudi consulate in Istanbul Turkey trying to get a marriage license well now reports from Turkish authorities are that the worst case scenario feared by many has they say occured that mister khashoggi is dead killed in a consulate in the Prix and a premeditated attack if this proves to be true it raises all kinds of questions about future relations with the Saudis and how that might impact their economy and others and here to help us understand more about the circumstances and what it may mean for international relations Business and Finance our conservative TV and radio commentator Steve malls Berg and Ali Allah men who were pleased to have he's the director of the Gulf Institute thank you both for being here as Steve let's start with you give us a brief summary we spoke a little bit about this last week when we were talking about Saudi Arabia but where are we if mr. Kesh OGIS disappearance well of course mr. khashoggi was the Saudi journalist who was very supportive of the monarchy and then when the prince started rounding people up and putting them under house arrest without due process about a year ago including his cousins and businessmen and intellectuals you name it he started writing negative things about the kingdom he left the country on self-imposed exile and about a couple of weeks ago end of September he went into the Saudi embassy in Istanbul Turkey because he wanted to marry a Turkish girl so he wanted to get the proper papers they told him they come back next weekend that gave him the day which was last Tuesday so he went back and his fiancee and best friend said he went in he never came out there are a lot of people now saying this was premeditated the Saudi sent a team there to take care of him to kill him they deny that the Turkish authorities are saying he's dead and so we're just awaiting word on where we are but it looks like the worst has happened to him Steve there are some calls in the US by Senators and others to say you know we should start to sever ties in some way with with the kingdom I'm not sure how likely that is to happen given that you know mr. Trump president Trump's first four and four were for a to that NATO meeting back last year was to the Saudi Arabia although recently I guess he's put some tried to put some pressure at least rhetorical pressure on the kingdom to bring down oil prices I could maybe look in the mirror to the US for that too but what are your thoughts about it whether or not see if anything will be done with regard to the US policy towards the kingdom I just don't see it you know under Obama the Saudi relationship was strained with the u.s. Donald Trump considers the Saudis a big ally in the fight against terror in the Middle East and of course we have a common enemy in Iran they've improved their relationship with Israel also over Iran you do have senators bob corker he's the chairman of the Foreign Relations Committee in the Senate he's already said he's met with the Saudi ambassador to the u.s. to get answers you have senator Coons and Murphy two Democrats on that committee tweeting out today their displeasure they want answers but I got to tell you I think we could point to to Turkey Turkey has one of our pastors an American pastor by the name of Andrew Brunson they've been holding him and Turkey will not release him so we put some sanctions on Turkey I don't think this is going to result in as tough a penalty against Turkey you know or a tougher penalty against Saudi Arabia that we did against Turkey this is not an American citizen he's not a religious figure and so far Donald Trump in the administration have been basically said not much when it comes to the crackdown that the prince has been exhibiting in his own country to squirt to squelch can uh you know did discontent and bad bad press and Ollie what's your take on this and then I want to talk I want you to talk if you wouldn't mind about the the economy the the Saudi economy I remember I don't know 2010-11 I mean the GDP was like off the charts you know I don't eight nine percent or something so do you think anything will be done in this regard with with regard to sever any ties whether or not say USC or anybody else regarding this suppose it matter and secondly what would be the impact if so on the Kingdom the Trump administration the US has never placed the sanctions and the Saudi government or the monarchy so I don't think this will make a difference yes mister shogi was a u.s. resident and the US could have found if they wanted they could find something to you know like they send the FBI team to help investigate this the US senators they could say what they want but they don't make policy it's the State Department and and the president and the State Department gave a very basically definite those who can understand that the diplomatic lingo is like we don't really care we're monitoring the situation they have no position on it meaning that they are referring to the Saudis on this and they have not supported their ally NATO ally Turkey which they did with the with the British regarding the accusations of Russians being killed and on UK territories so they did not do that with with Turkey so I I I don't think it not something anything will change this is mister Hadj okay right now just few minutes ago is said to be may be alive so we will see and wait because this is still a mystery and if he is that that's good news obviously for him and his family but we will not see a change in US policy because over over this this issue mr. Hirsh okay I wanted to say was not a dissident he was a loyalist all of his life even recently he pledged allegiance to the king he may have some grumbling with Mohammed bin Salman the mad king of Saudi Arabia but he remains committed to the regime and he in fact opposed dissidents who wanted like a regime change or or tremendous change or reform in the country so this is a case of a loyalist who turned against the regime in some way and he must have been used as an example to show other loyalists who are in the government that they cannot defect it's really an insurance policy against mass defection from the current regime or the current government mr.ashok reward for many years for certain parts of the ruling family and maybe he was doing that writing and their behalf I have no idea but I nevertheless his loyalty I think worked against him when the decision was made to either to arrest him or to eliminate him yeah thank you ollie and Steve you know we have looked at growth in the kingdom and they've done okay but they've certainly suffered with lower oil prices recently and you've spoken before about the effort to sort of try and defuse the reliance upon a petroleum I mean 42 percent of the GDP in the kingdom is from these petroleum reserves heck they've got the second largest reserves in the world but how are they trying to expand their their revenues and their businesses Steve well for instance a vision to 2030 which is what the prince has been big on almost as a distraction to what he's been doing with the crackdown all right the it's an entertainment industry that's that's just springing up all over Saudi Arabia movie theaters Cirque de Soleil a big amusement park with Six Flags franchise incited all kinds of comedy clubs and street fairs which is very unusual in Saudi Arabia he's trying to appeal to the Millennials one third of the Millennials in the country are unemployed they've seen because of what's happened with the price of oil they've seen government subsidies cut down and now they're seeing these a lot of money's going to subsidize this new entertainment industry so although he's trying to appeal to Millennials who may have been out of the country and have come back and want the same kind of you know entertainment value here in Saudi Arabia so to speak the other Millennials who depend on the subsidies who are very religious they're not happy they're saying why should our money be cut and now you're subsidizing this entertainment industry and by the way you know we're hobbyists and we don't really like this this scantily clad people and these risque kind of movies so it's a it's a real quandary for the prince but that's something he's trying to do but again I agree with everything your other guest said I don't think there'll be any kind of a big action by Trump or this administration you know they detained the Lebanese Prime Minister not too long ago and this administration of ours really didn't say anything and I think they're too valuable in the view of the administration to do anything rash or brash we appreciate both of your in insight Steve malls Bergen alley almond Alma med Ally thank you so much for being with us we're glad you joined us thank you guys thank you the South African mining sectors historic luster seems to be fading some of the earth largest reserves of precious metals including palladium platinum and of course gold lie under South African soil as well as iron diamonds and uranium in the 1970's and mining produced one-fifth of the South African gross domestic product and the rush to capture diamonds and gold is integral to the history of white colonialism in South Africa now mining reportedly accounts for less than 8 percent of South Africa's GDP today The Wall Street Journal reports that the three largest South African gold mining firms lost a combined total of 453 million dollars last year weighed down by a 40% drop in the price of gold from a peak of over $1,800 per ounce in August of 2011 the deep very deep mine shafts were mostly evacuated in the apartheid era and now bring materials up those shaft is really increasingly a difficult and logistical challenge while wage and safety policies have failed to adapt making profits extremely elusive time now for a quick break but hang here because when we return we head to the EU to Paris to take a look at efforts to move businesses including big banks and others from London to Paris in light of brexit and later Christie I of counterpart X tells us about her new novel and compelling crypto initiative as we go to break care of the numbers at the closing bell a bad day on the big board for South Africa as gold which we just discussed closed down for the day back in a flash our culture is awash in lies dominated by streams of never-ending electronic hallucinations that merge fact and fiction until they are indistinguishable we have become the most illusion society under politics it's a species of endless and meaningless political theater politicians have morphed into celebrities our two ruling parties are in reality one party the corporate party and those who attempt to puncture this vast breathless universe of fake news designed to push through the cruelty and exploitation of the neoliberal order are pushed so far to the margins of society including by a Public Broadcasting System that has sold its soul for corporate money that we might as well be mice squeaking against an avalanche but squeak we must when you question more you get more not some tired parade of the same old voices what you get is more insight distant DEP stories from all over the world more than the mainstream could ever deliver lift your eyes to all that remains in question welcome back Brazilian voters yesterday push far-right presidential candidate arab alison arrow to the break of victory on the first round of national elections boston arrow came in first with more than 46 percent of the vote short of the fifty percent needed to avoid a runoff in the second round mister bolzen arrow will face Fernando Haddad of the Workers Party mr. Haddad is a replacement candidate for the Brazilian left where former president Lula da Silva was barred from the ballot by Brazilian courts he's in jail as you may recall mr. Haddad has campaigned on the slogan Haddad is Lula Lula is Haddad though he is considered to be on the right flank of the Workers Party and has sought to privately assure investors that he will be not an adversary while some investors would love to see the right win others are wary of ballast and arrows temperament the second round of voting on Sunday October 28th will test mr. Hurd odds appeal to moderation against mr. Bolson arrows full frontal assault on people of color LGBT communities and the poor and in US labor news there has been a rare defeat in a vote among rank-and-file workers represented by the Teamsters on a united parcel service contract endorsed by union leadership the tentative agreements were rejected by 54% of those casting votes and would have set terms of work for roughly 250 5,000 workers at UPS's package-delivery and UPS Freight over 92 thousand votes were cast the vote no campaign was backed by Teamsters for a Democratic Union associated with the Teamsters United faction that almost opposed President James Hoffa jr. back in 2016 s leadership election and over the weekend the US Senate confirmed president Trump's pick of Brett Kavanaugh is a new Supreme Court justice as a federal judge mr. Cavanaugh demonstrated support for business and the financial sector in opposition to expanded supervisory regulation and against labor ix new justice on the high court in the highest court in the US has a lifetime appointment and is seen as a pivotal person who may dramatically shift decades of precedent on matters ranging from women's reproductive rights civil rights gun laws and changes in the balance of power within the US government with more Authority placed in the executive branch and presidency including but not limited to the ability of the President to not be subject to subpoena the Senate confirmation vote which came after a testy judiciary hearing related to allegations of sexual assault when mr. Cavanaugh was a youth passed narrowly by a vote of 50 to 48 and now our key correspondent Charlotte Dubinsky tells us how France is efforting to poach business from London once the UK is no longer part of the European Union here Charlotte in Paris as the Paris Motor Show revs into action president Matt Kahn is using it to make further inroads into luring businesses away from the UK in the wake of pregs it his latest steer is towards the car making sector he's understood to have wined and dined top executives promising them a more business-friendly France so as he shifts up a gear let's have a look at some of the charm offenses launched so far London has long been Europe's top financial center but that could be a little awkward when the UK is no longer part of the EU and if there's one thing that mark on the former Rothschild investment banking knows a thing or two about it's this sector one lobby group of Paris Europe last estimates three and a half thousand jobs from the finance and banking sector will transfer to the French capital from London others have suggested it could be more like 10,000 and in the longer term after 75,000 bankers could end up relocating Paris will no doubt welcome them all with open arms McMahon's government has already been greasing the way by ending the wealth tax on financial assets placing a flat tax or capital income and giving French lessons in London to bankers and their families it's also promised to reduce red tape in the sector since taking office 17 months ago Matt corn has made a number of pit stops around the globe notably in countries such as India where he boldly declared that he wanted France to supplant the UK as new delhi's partner of choice in Europe but it's not all gone to plan earlier this year advertising campaign urging British business owners to vote with their feet and to move to France who was banned by the London Transport Authority for being too provocative and his government has been accused by some as being predatory when it comes to breaks it that was denied by one Minister who said it was all about making France more attractive all in the framework of fair competition of course Charlotte Dubinsky for boom-bust in Paris and we always enjoy it when crypto crypto and banking expert Christie eye joins us on the program the other day we sat down and I asked her about counterpart X where she's a co-founder her responses about what they are doing is not only novel and innovative but they are also doing something I love they're bringing transparency to the over-the-counter markets I first asked her to explain what counterpart X does all right well I guess the best way to answer that question is what made us create counterpart X the problem was that we are actually a hedge fund and when we started this all of our investors gave us a lot of fiat currency and they wanted us to invest in Bitcoin into a theorem into all these altcoins the problem was how do we convert two million five million ten million dollars worth of fiat currency into cryptocurrency well the only way to do that really is to go OTC and so you call up an OTC broker and they give you a quote they give you a spread they charge a fee five percent for 40 million dollar transaction that's astronomical you call up another broker and they called you a different spread you call up a third broker you get a different fee entirely so that makes it a very inefficient process having to call three four five brokers to find the best quote the best rate to get the best deal and for us it was really frustrating and being formally on the sell side I really don't like getting cheated on a bad deal so that's what made us create counterpart X it's a platform to make OTC trading much more transparent than what it is really today the market is very transparent you see all the volumes and prices and time and everything's time-stamped but for OTC trading no one currently knows how much volume goes on behind the markets no one knows the prices that all these deals are executed cuz every single deal is ended negotiated and every single deal takes maybe days or weeks to actually execute so we streamlined that entire process by making the entire OTC market transparent and I think I know the answer but real quickly why is there and why OTC why over the counter is the only place that you can do this big conversion through Fiat to crypto I assume it's because there's no liquidity or not enough Allah quiddity on the other exchanges around the world the problem is always the quitted because on the exchanges it's primarily dominated by retail traders who are only trading like one two maybe five bitcoins at a time but we're actually dealing with institutional's who are demanding like 10 million dollars worth of bitcoins 50 million dollars with a Bitcoin per trade so that makes it like very impractical to go through a market where you're going to be buying bids incrementally higher and so what you want to do is bring transparency to the OTC the over-the-counter market in the crypto space right yes I think that regulators will actually like this because right now as you know the trend the OTC market is very untransparent all these deals are cut on telegram on slack on like even Skype sometimes so no one really knows about these deals and they're very informal and casually done in the cryptocurrency industry because there's zero standardization what we're trying to do right now is we're kind of we're trying to standardize the entire process or bring big bars and big sellers together at the same time at a mutual location every single day in an online forum in order to conduct their deals in a very transparent way so everybody knows exactly what type of volume is out there and at what type of price and so big buyers and sellers can meet I mean how can you standardize by yourself are you just standardizing your product but are there others how is this working to standardize in the entire OTC space we're actually bringing onboard a lot of current OTC players onto our platform so that they can actually transact with each other we're actually lowering their own fees because currently when you're trying to make a transaction you call up an OTC broker saying I want to sell 40 million dollars worth of Bitcoin that OTC broker will get back to you in probably about a week because that guy needs to go out and talk to another OTC broker and say do you have someone willing to buy forty million dollars million dollars worth of bitcoins from me so they actually need to go to the background and try to find someone else so by bringing everyone together we're actually streamlining the entire process by helping them out and Christy do you have basic principles or sort of guideposts rules as it were for things that you hope to abide by as much as you can so what we're doing is we're kind of copying what we have done in the institutional equities market or doing in the form of a very open and transparent auction traditionally a reverse auction and where are you in the business development of counterpart X we are going to be launching the beta version of our platform each December of this year maybe January right now we are currently are to have massive demand from buyers we're trying to gather a lot of sellers we have an order for four hundred million dollars worth of bitcoins that's actually why we came we wanted to hurry up with the development of the platform because the seller really needs to liquidate and they want to liquidate at very fair prices and by doing this we're gathering a lot of OTC brokers on to like be able to eat and digest this order and what are the biggest challenges that you have in conversion here converting others is is that a big one I think I think our biggest challenge will be pushback from some of the OTC s who have been making a lot of money by charging these high very high spreads so right now we have a lot of OTC s who love what we're doing because we're making their entire lives easier we're making them easier to find their counterparties hence our name we're making it easier to find their counterparties in order for them to fulfill the orders from their clients however however we also have a lot of pushback from some OTC s who don't like it because by what we're doing we're actually reducing their profit because now they can't charge 5% per order anymore and Kristi where do you see yourself you know envision out 12 months or a couple years of where do you see yourself then well what we want to do is we also want to build out our own exchange as well so by making by making this entire OTC process easier we're graduating graduating people from Fiat into cryptocurrency so we're hoping that by doing this weekend we can accelerate the liquidity of cryptocurrency world as a whole that was crypto and banking expert Christie I the co-founder of counterpart X and we are pleased and honored to call her a friend of boom-bust and that is it for this time thanks for being with us you can catch boom-bust on DirecTV channel 3 21 Dish Network channel 280 or streaming 24/7 on Pluto TV the free TV app channel 132 or as always you can hit us up at youtube.com slash boom-bust RT so long for now

5 thoughts on “Cashing In On Cryptocurrency with Christy Ai”

  1. Ah, pretty sure the Sveriges Riksbank (aka the Swedish Central Bank) awards the prize fake "Nobel" prize in economic in memory of Alfred Nobel not the Swedish Academy of Sciences that awards the real one for real sciences.

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