They hated it at nine thousand thats the way markets are theyre despised the lows when people should be buying and theyre loved at the top when people should be cautious so this is a classic kind of contrarian indicator that if youve got the an educated now piling in at all time highs i think the professionals will start to ease out for the exits before the mad rush well this is a dangerous sign that this next tweet because of course many of these millennial hell be buying by an Online Discount brokerage and heres one of them a tweet about one of them t. D. Ameritrade c. E. O. Says he has never seen client cash levels this low clients highly active in markets again another contrarian indicator so when you have low cash levels in accounts of people are fully committed thats typically a market top when you have. Great bullishness thats generally on the market top when the pulled call ratio is extended a level more bullish bets than negative bets thats generally a market top so always contrarian indicators are telling us that the market is nosebleed territory and thats when most people you know pile in because the euphoria generates irrational choices yeah well i know that even ray dally oh i guess one of the richest hedge funders in america he was over in davos saying that anybody sitting on the sidelines is basically an imbecile theyre going to miss out because markets are going to continue to soar this year certainly with all the tax cuts so thats what he thinks maybe maybe for a year though these money is a week ok im sure the democrats are hoping that hes not ok because they need a market crash if this is the sort of you know its the economy stupid well let me point something out ray valeo can make a Statement Like that and be long the market and also heads so he could put ten billion dollars in the stock market and for two or three percent of the vestment he can be hedged with puts in futures contracts limiting his last two or three percent if there is a crash the people who are listening to him will go along the market or on the hedge the t. T. Ameritrade or the discount brokers theyll pile in the money as a pile and but they wont be hedged so if there is a ten twenty or thirty percent correction or a crash theyll feel it all laurie dahlia will feel the two percent and theyll be like oh i guess i was wrong but on. The last two percent and by the way heres my next idea and then so finally because this kind of ties in with this young kid millennial being from new york and what its how trump even came into office in the first place and looking forward to twenty eighteen is bronco milan tweeted. You know hes a professor at cuny City University of new york and he said. In a book about inequality so he said of the dallas crowd he says as bronco milan says of davus attendees they are loath to pay a living wage but they will fund a film on a orchestra they will ban unions but they will organize a workshop on transparency and government you know just in terms of whether or not the sort of fellow monic funding crowd of the m. S. M. B. C. Watching elite of new york some of the people that we can think of whether or not that theyll have some economic answers that will trump the rising stock market are now feeling some sort of wealth effect that trump is making them feel smart because the markets are going up because theyre invested oh speaking of a lot after the break well talk to one of the richest of them out there in the crypto space dont go away stay right there. With lawmakers manufactured sentenced to public will. When the ruling classes protect themselves. With the final merry go round listen to the one percent. We can all middle of the room sit. In the. Room. At the plate for many flips over the years so i know the guy even saw. The ball isnt only about what happens on the pitch to the formal school its about the passion from the families its the age of the super money to kill you know your own lives and spend the two to twenty. A million on one player. Its an experience like nothing else on to because i want to share what i think what i know about the beautiful game played great so one more chance. And thinks this minute. Why go back to the kaiser part im extractor time out of turn Jeremy Gardner of augur and many other crypto related projects a long term friend Jeremy Carter great to have you on finally thanks for having me man all right this is awesome now tell us what order so auger was one of the very person applications ever built on top of the theory of blockade is it decentralized application it is a decentralized Prediction Market platform effectively in unstoppable online betting platforms that predicts the future right now i have some experience in the Prediction Market while going back a number of years i studied your experience. The Hollywood Stock Exchange so jeremy how does this say use the block chain in a Prediction Market short so it is entirely written on top of a layer of smart contracts so there is not a single component of the augur platform that essential isin any way including though the event resolution process which is really the most novel innovation of augur is that instead of relying on a single central. Entity to resolve say whether donald trump was elected president or not thousands of people report on the outcome of ads from around the world using a token that we issued out one of the very first i. C. s defenders a very First Utility token ever created because its a token that is not used judd secure a block but to make application work instead so its a bit of crowdsourcing using the tele talking to get into some things process is like verifying a resolution as you say so its efficient and what about the experience weve seen in the past its a Prediction Markets like in trade with in ireland is that you know a lot of people dont like to add Prediction Markets around because they like to be able to control the news cycle they like to be able. Specially in america now with so much going on in the political space we like to control things Prediction Markets tend to give a more and propagandized look at things and it can get it you know prettier attracting some attention maybe that you dont want to attract if you thought about that whats your thought i mean that that is why weve created a de centralized Prediction Market there is there are new servers like in trades you cant be shut down once that application goes live its a pandoras box it is open forever there are the i mean there are thousands of nodes all around the world validating the transaction to hosting the platform it is totally on some sort of bill but we have gone and we have reached out to there are appropriate regulatory authorities he thinks and play into what the platform is we explain that its totally open source recycling that the auger does not create any of the markets or the forecast foundation which is behind auger its anybody that uses a palm from the goes and great with kids as markets and to be clear im not speaking on behalf on augur of all that im no longer associated just a cofounder and ambassador to the popcorn ok so the cherry gartner story actually gets kind of interesting here so i read about you the New York Times and theres a story out there the talk about the crypto pro. And they bill has how i characterize it. And theyve carried this so they have the in the what is it the trip though castle in which is my house and separates your house its your house in San Francisco and there are twenty somethings at home of the twenty something about to turn twenty six a month and you guys were early into the trip the space yanks were augur was pretty much fun and interesting on you know lets lets be honest of you know bucket loads of of of of wampum you know and so the New York Times chose to take the angle that you know why are we giving these young guys so much frickin money and is this a good thing and i must say that the characterization you know painted you you know i would say in a not in a terribly flattering way oh no. Intellectually vapid right and so your experience you know i talked a little bit about this was that the Mainstream Media was a different experience than you expect there yeah and you know i always hated that term means she media just sounded like this horrible of justification of popular news but at the end of the day where you begin to realize especially as you interact with journalists reporting for these this large news organizations is that they have neither the time nor the capacity to truly explore the ramifications of technology that theyre writing and reporting so and say with a doozy look for soundbites it looks for things that make it very easy to process so if its about like fast and like fast money instant wealth. And stupid means he can write about that because the part of mousavi and his can comprehend that i didnt write my bicycle lambo stupid me now i mean it is it is very difficult to take the time to explain to an audience that may not understand what youre a Database Technology which is roots of us and go and explain what a block changes and dusted they take the path of least resistance and often that is just one that is very intellectually empty you know looking at this open source projects going back to linux you know its technology guys and theyre solving the problem of the software presented to them by microsoft and i thought you know we could do a better job of going to open source this and nerds and techno guys and programmers behind the scenes nobody ever hears about them came up with this product that was world beating product when Software Becomes money if it could have been coined as software that is money its open source money right how has this impacted the general mindset of the young entrepreneur and developer programmer because it seems like its not necessarily a match made of havent you could you give a guy whos maybe artistic you know spends. One thousand hours a day right here some least maybe worth and got a hundred million or two hundred Million Dollars in monitise liquid form so as a cultural observer and as a veteran in this space at your age talk to me about that is that a fair like observation what do you think about that the older folks get the harder it is for them to comprehend how natural this technology is in this new us Asset Classes to millennialism below because weve always had below get weve already had in game Digital Currencies were used invertebrate of several years theres been you can mine digital gold and theres actually a real world value that you can go exchange those token internet tokens for you what you havent had is digital scarcity and that and thats the real innovation that provided and what makes it such a Promising Asset class to Digital Natives young people that have been on the internet like myself at least since we were like eight or nine when the World Wide Web really kind of took off. If used very natural the whole idea of scanning a cue our code to set aside money it doesnt feel that strange to us but i have to admit it is somewhat troubling the the ments riches other being created because it creates the wrong sort of narrative about the sec knowledge if you look at the articles written about me recently did there is no attempt to like go into any sort of anything that ive actually done in this industry these just want to write about like how much money i made and what it does is it perpetuates and becomes a selffulfilling prophecy of this culture of greed of of fast money and thats what it was never about for any of us that got into this early and most of us have seen the real upside of this weve got it because we truly believe this acknowledge you change the world and make a better talk about digital scarcity because that really is a key concept up again referring back to my experience i was like a safe in the past that i created for the virtual specialist it was. Deal with the fact that youve got millions of users and there was no you had it figure out a way to create prosperity across all those Asset Classes because you had proponents of people coming in by Leonardo Dicaprio so that price had to hire and distort the market and so he had no scarcity had a trade a specialist mechanism to create the digital scarcity by affecting the way price discovery work ok now with this digital scarcity that problem is solved yet and its true across all the Crypto Assets and its something that lets say the gold people who dont like dont get you they dont understand that second you for an a few lines address there what theyre missing about digital scarcity that would suit you have to understand in order to grasp the scarcity that exists in because one is the fact that big coin is like i said before open source money and its aids features are programmable and deflation twenty one million big quinta will ever be created is something that is hard wired into big code and theres really no chance that that will ever be changed and so we soon. If you dont believe in code and you dont believe in Software Like youre not youre like youre never going to get picked quite interested in sharing a coffee a chocolate ice until you know youve got a good regret your times going to slam you earn her for ages im. Victimise ages two for folks for folks that do not appreciate the power of software because eight in too many people can seem like magic its like you literally write something into a computer in it and enemies other things now steve jobs said he said anything we do if its any good should appear like magic right and you know there are people that dont use up our products you know ok so now the market is im here at the conference here at the conference theres ice hundreds of ice yes its crazy and is there. We hit that we hit peak i. C. M. Weve probably hit peak by c. E. O. I think were going to reach a point very soon where theres more regulatory enforcement theres a massive shakeout in the industry a lot of these really didnt go and disappear but the idea of an i. C. A. O. This democratized way of crowdfunding from around the world for new technologies and ideas or even just the ones in and thats probably the most interesting concept is of course security tokens you know last capital we did the very First Security token to represent represented a limited Partner Interest in our beds for fun but moving forward i believe launching turn an entire world into a stock market so anything that is scarce in the real world in theory you can securitize in tokenize on a block and so i think well have that happen in real estate with intellectual property such as Digital Rights management to pay for say art as you identify yourself as a liberal and. Liberals progressive precisely progressive. They are the last of this Technology Got the libertarians youve got the american capitalists youve got your conservatives and yet what youre describing there is would be a progressive. And yet they are the last to take a look at this how do you break through that to them. For me its been a process you know i i grew up always around available but i grew up in the most liberal medium sized city in america this is a and when i would go home and try to talk about this technology now it is a scene friends that i went to college in high school with sometimes angrily posts about big assets i realize it its a trudge in and the only thing you do i dont waste my time trying to enjoy some i think thats an approach you can take a much more interesting to me is actually developing applications that are so good for the world that are so damn ensure blee. Better improvements upon what we have are totally new innovations that you cant help but accept that this is a this is a powerful in promising and socially beneficial tool trying to convince someone and the other way you know its futile. Everybody got to thank me on the kaiser report my flushing are great but thats going to do it for this edition of the kaiser report with a base guys are mistakes ever like i guess Jeremy Gardner is the founder of aadhaar now with author but it is author check out author if you want to see us on twitter go to guy to report the next time. He. Says harlan kentucky. Voices you can go green street families. A co money since it was almost no coal mines left. The jobs are gone all the crew was said. That it was love to see these people a survivor disappearing before their eyes. I remember thinking when i was younger that is anything ever happened to the coal mines here that it would become a ghost town but i never thought in a million years i would see that and its happening its happened. Representatives from most syrian groups including the government opposition agreed to form a committee on a new constitution despite heated discussions during peace talks in the russian result of softie. In an unprecedented move the pentagon bans a us watch other overseeing the situation in afghanistan from publishing information on who controls water on the ground thats amid a string of deadly terror attacks in the country. Thats the message u. S. Officials were given by angry Palestinian Protesters stormed their meeting as tensions over Donald Trumps recognition of jerusalem show no signs of abating. This is r. T. International coming to you live from moscow im Kate Partridge thank you for joining us. Groups from all sides of the conflict in the syrian war have been involved in a heated day of talks during the peace signs in the russian resort of sochi and it seems they have produced a turntable result what id guess different points first of all theyve agreed on Twelve Points