They said that they will provide an update on monday. This comes days after apple removed a popular Bitcoin Wallet app. Cory johnson is with me now, and matt miller. And on skype is the ceo of the Bitcoin Wallet. What is going on . This gets to the fundamental issue about bitcoin. It is not about transparency. It is about whether you can get your money in or out. Trading is still going on. Withdrawals have been halted. Fundamentally, the success of mt. Gox is one of many places where the client is exchanged. I have to disagree. I hear a voice. This is not about a fundamental issue involving bitcoin. This is an issue with one of the exchanges. It has nothing to do with the fundamentals of the bitcoin source code. It is just a place in japan where people do most of the trading. Let me make the comparison. If you have a Stock Exchange that had to stop trading, it does not say anything about stocks. Technically that is true. I think it is important that some of the traits can no longer go through. Is definitely a problem with mt. Gox. Within the bitcoin community, the diehard believers have serious problem with the mt. Gox exchange. It is not the people who are wanting to take on the point and use it as a currency. It is more of a bitcoin way of thinking. It is traders were trying to make money. They are using it as a commodity. Jared, you run your own bitcoin exchange. You suspended training once upon a time. What is going on . There is a huge price disparity. Mt. Gox is bringing in hundreds of dollars more. That was exclusively due to the fact that you could not withdraw dollars over time. People would buy bitcoin. Now the bitcoin sales are slowing down the stop. It has almost been a year since people stopped using mt. Gox for the actual price. They use a Service Called bitstamp now. It is important to separate bitcoin from mt. Gox. If you cannot get your dollars at wells fargo, you do not blame your dollars. Theres no regulation yet. That continues to be a problem. Theres definitely regulation. There is transmission licensing. New york has regulations for licensing. That is the reason why you do not see exchange. I am not operating in the u. S. Right now. People are working in europe. Over time, as you see these regulations evolve, you will see more secure exchanges come along. With a coin, you have the option. You do not have to trading on mt. Gox. A lot of people in the u. S. Do not stop is located in japan. If you have your money at wells fargo, you probably feel safe. I keep my big wine in my closet on a piece of paper. There will be more and more places in the u. S. That are popping up. Market makers for example week that they are willing to start making market and transactions that are about 25 bitcoins or more. This is about apple. They turn away millions of bitcoin. I will be buying a new phone. Apple no longer offers the last bitcoin that they had. You have to go and use android or some other ecosystem to use bitcoin on your mobile phone. There are a lot of other places to use bitcoin. There are other places to trade bitcoin. The most buying and trading i have ever mt. Gox done is on the streets of new york. Isnt that mt. Gox is not totally necessary. You are talking about trading with a dude on the street. New york is a different marketplace. When do you think we will see exchanges based in the u. S. . Somebody will figure out this year, are believed to work the year. New york is taking a stab at it. We are talking about Digital Currency. Bitcoin may fail, but Digital Currency will not fail. We will see something decent by the end of the year. Can you give us an update on the actual regulations that have been passed the new york . They are talking about regulation, but nothing has happened yet. I am not sure what is going on as far as regulation in new york. In washington, a number of people who were working in bitcoin startups and woodhead talks with senators and congressmen, there is at least one congressman who asked for Campaign Donations to his campaign in bitcoin. Theres a group called coin validate. Its a bunch of enthusiasts, including the man who helped write the bitcoin source code. Theres also a man from the bank of new york mellon family. They are talking with the u. S. Government to try to pass regulations. One of the great things about bitcoin is that you do not need regulation for to work. As long as the internet survives, bitcoin will be out there. Digital currency will survive even if bitcoin does not. I get what youre saying, but bitcoin is Digital Currency. It is a democratically control, decentralized currency. When it starts working, it will be picked up in the source code. A lot of people believe that is the way to go forward. What about the real issue of the day . The technical issue. Can a Digital Currency overcome technical issues . I wonder what the technical issues are. I asked the lawyer. They said they were closing down because of technical issues. He joked that the issues are trying to get all of your money in your suitcases fast enough. The real problem is probably the software that the people at mt. Gox have written. Apparently it does not work well enough to communicate be source code seamlessly. It causes problems. People say they do not have the right programmers. It is the kind of thing that jerry could answer. We showed this great shark. 50 of the traffic is going to mt. Gox. We have seen difficulties in trading at mt. Gox. Sometimes the prices are way out of whack with what prices are trading at elsewhere. What is it about mt. Gox that tolerates these problems . Historically mt. Gox has had liquidity. A lot of times mt. Gox is your only option. Not easy other exchanges now that you see other exchanges, there are real options for people who want to buy large amounts of bitcoin. In the past, that was not there. When mt. Gox originally failed, when it dropped and he drove the price down and it was hacked in 2011, when the price was 31, they had an auction. Mt. Gox might have died then. This may be the end for mt. Gox. We will continue to follow the story. Matt miller in new york, thanks so much. Coming up, why a prominent venture capitalist lef Silicon Valley to head to the midwest. We will ask why, next. Welcome back to bloomberg west. Shares of linkedin are falling. There are concerns that growth is down. Shares are down nearly 10 . Now they are down about 7. 0 . It will mark the fifth straight quarter of falling growth. Linkedin is buying bright media. For more on linkedin, i want to bring in one of the companys very First Investors. He was a partner at Sequoia Capital for 12 years. He left Silicon Valley and move to ohio where he is investing in Midwest Companies as a cofounder and investor. Thank you for joining us. After spending 12 years at sequoia, why did you move to ohio . We saw the opportunities here. 25 of the u. S. Research is done here in the midwest. In addition, 22 of the gdp is here in the midwest. In the past, you did not have the incubators or the technology so that people could actually stay here and utilize it. People left. Marc andreessen studied at urbanachampaign. We wanted to stay in the midwest. We think it is the best place to build a company. I spent some time in the startup scene in detroit. You guys just raised 250 million in funding. What kind of innovations are you seeing out there that you want to put your money behind . There is a fundamental shift in technology. If you look at facebook, Mark Zuckerberg moved it to Silicon Valley. He needed people who understood how to do data centers, servers, network engineering. The emergence of the cloud, dropbox, has billions of files stored. It is all the cloud. The most important thing is that you are next to the customer. Many fortune 500 companies are in the midwest. We have worldclass universities and engineers. We have the university of michigan and osu. People can build their products and services here. They have access to cloud services. They have the technology. When they also needed was the capital. We decided to our right here in columbus, ohio. The early stages of investing are crowded. However you planning to navigate the crowd . From a midwestern perspective, there are 62 venture capitalists. The average fund stage is what would be considered a Seed Stage Fund in Silicon Valley. If you want to raise 3 million, 4 million, 5 million, you have to go area for to get that capital. We wanted to be a place where people could come to us and get the same sort of capabilities, networking, services and other things here in columbus, ohio and throughout the midwest. They should not have to move their company to Silicon Valley or new york. You were the very First Investor in linked in. You were on the board. What do you think about some of their efforts to get into new businesses . They are buying more companies. Just yesterday they bought a Company Called bright. My family is a huge fan of linkedin. One thing you can say about linkedin and their founder reid hoffman is that he has a vision. Can i put together all workers across the world . There are 250 million users of the service today. I think eventually it will be many more. It is a Central Place to get information. If i am not mistaken, bloomberg started out as a Foreign Exchange platform. Now theres Bloomberg News and bloomberg tv. It is the same thing that linkedin needs to do. What are your concerns about growth . If you look at the last few quarters, growth has been slowing down. Thanks there are always large numbers. It is a unique platform. They will see different changes and growth as Different Things happen. It is interesting to me where people are talking about today and the coming quarter. They will do estimates of 450 million. I remember sitting around the board with reid hoffman going, how will we make money . It is exciting to see what the whole team has done it linkedin. The venture capitalist landscape has changed dramatically as you left Silicon Valley. There is a fullservice marketing and recruiting operation. Should sequoia be doing more of that . It is funny that you say that. Quite frankly, as a marketing service, we brought that out in 1999. We brought in helping recruiting. I think the difference is sequoia has been doing that for many years. They just did not talk about it. Obviously Marc Andreessen has built a fabulous firm. They have been more in front about talking about these are processed. Sequoia has done many of those things from the beginning. We just hired someone to head up our recruiting services and make sure we have the best talent in all our companies in the midwest. Getting talent is on them for thing. You mentioned Kleiner Perkins. The cofounder recently joined us. He got a lot heat for his comparison of the war on americas 1 to nazi persecution of the jews. From your position where you are, what you make of his comments . Unfortunately he made some very poor choices in analogies. It is really poor. It is sad. He is on a college man who made some mistakes. It sounds like he has stepped back from some of those comments. Do you think Kleiner Perkins should take his name off the door . Any firm or you have multiple founders he has not been with the firm he has been with the firm for many years. Many people just call the firm kp. That is one of the things about firms that have peoples name on it. When Don Valentine started sequoia, he did not want to call it valentine Capital Stock because it is about the company it is not about any individual. Personally i prefer we did not call it kvamme and olsen. We did not want to associate with me and chris. It is about the firm. It is not about the individual. Mark kvamme, we will be watching you guys. I thank you very much. He is one of the biggest movie stars on the planet. We will hear about George Clooney on the challenges of directing his new movie, the monument men. Welcome back. Im emily chang. George clooney wears many hats in his latest movie. He directed, produced, and cowrote the film. It is about a group of u. S. Soldiers in world war ii who tried to rescue treasure from the nazis. Anybody who thinks they have this figured out, they do not. You can look to any director and they will tell you the same thing. You do not necessarily learned by successes. Those are easy. Success, when you get great reviews, you have it down. When they tear into you, you learn what to believe and what not to believe. It is hard to learn. You learn, and i still struggle with it if you want more George Clooney, and i am sure you do, catch the full interview on charlie rose. We will be right back with more of bloomberg west. It started as a camera for surfers and snowboarders. Go pro has become a big business. Today they filed papers for the ipo process. A camera maker for extreme sports started the company. This is it. It is the evolution of the world worlds best selling ultracompact camera. This is the plus. It is 20 smaller and lighter than the previous camera. It gets a better battery life. There are new modes and features that make it easier to use. We have taken the best of go pro and made it better. It starts at 199. What goes into this . How do you improve on what you did before . We are so successful with go pro because we are just developing products for ourselves. You are a big Action Sports guy . Now i am a big family guy. So i am thinking of new uses for the product and new accessories for people to fill themselves, not just when theyre skiing or surfing. They can also fill their families. I have a oneyearold and he just started walking over the weekend. Should i be using this . Absolutely. The personal content of your family is some of the most meaningful content you will ever capture. I was at the beach with my family and we created an incredible video. You cannot even call it a home video. It looks like it was professionally shot. I was there with one go pro and then i came home and edited it. I used our edit templates that would provide people for free. I created a video that looks like it was professionallyproduced. You are not afraid of google glass. Your pitch sounds a lot like what they say about google glass. You can capture all of these moments. You have to be looking at the competition. You have to have to plan. Google glass perspective is terrific for capturing the perspective of what you are looking at. Take your oneyearold, for example. When they start moving around a bit more, do you want to be down on the ground like this . Or do you want to hold your go pro and walk around, filming your child as they walk around your house. If you look at the videos that i captured this week of my family, you will see that none of them are from this perspective of me looking at you. They are from perspectives that make for great content other than just your own personal perspective. Tell me about the business. You are profitable. You brought in more than 500 million last year. What are the numbers looking like . Very good. We are going to make at least 2. 5 more. Will you make more than a billion dollars this year . Business is good. Were keeping in line with the trend of growth. Obviously you are profitable and you are making more money. People always ask you about going public. The market is looking good. Twitter filed for an ipo. When we you guys go public . I have said before, we are getting the company prepared. It gives us an opportunity to take the company in the direction we want to take. We have been profitable since the beginning. Going public is a luxury, not a necessity. We have to see how things shape up. I did not know that foxconn, they are known for making iphones, but they are a big investor in you guys. 8 were 9 . How is that Partnership Working . It is fantastic. I met him through her lead investor. His funds riverwood invested in go pro years ago. He is good friends with the ceo of foxconn. When kerry visited his Partner Companies in california, he stopped by for a visit and we realize that we have a shared vision of the future. The rest is history. It is a fantastic opportunity for go pro to partner with foxconn, and terry himself. Now we know that they have indeed file to go public. Confidentially i want to bring in Jon Erlichman. It is interesting with a question like go pro. They have become so successful in the camera business. Where today go from here . You hear a lot in los angeles about go pro trying to be more of a media company. Nick has said that. On the road to the ipo, you will hear a lot of that. Investors are curious about that next page or chapter. The reason they can point to that is obviously they are a big hit on youtube. People like their videos. They are packaging these videos for others. There is next chapter that they are still figuring out. Will there be go probranded content . Facebook and twitter are kind of like the new cable company. You find all of the different videos there. These guys may be like the new cable network. We will continue to follow the road to the ipo when it comes to go pro. Thank you. Still ahead, the worlds secondlargest toy company is heading to hollywood. We will speak about the new lego phone. 1, 2, 3. I am so pumped up. Welcome back to bloomberg west. Im emily chang. Print by brick, lego has built a feature film. The lego movie opens today. It features lego bricks and many superheroes. There are stars like will ferrell and morgan freeman. The road to hollywood was not always an easy one. Sam grobart looks back at the danish Way Companies 82yearold history. Lego is possibly the most popular toy in the world. More than 500 billion cents have been produced since the first were made in denmark in 1949. Lego is the Worlds Largest to