1 00:00:00,680 --> 00:00:03,720 Speaker 1: Coming to you live from our at home setup. We 2 00:00:03,840 --> 00:00:06,080 Speaker 1: are the Daily Ods. My name is Sam and I'm 3 00:00:06,120 --> 00:00:08,600 Speaker 1: joined by Zara. Good morning, and it is the twenty 4 00:00:08,600 --> 00:00:12,480 Speaker 1: fourth of June. And here's what's making headlines today. New 5 00:00:12,520 --> 00:00:15,400 Speaker 1: South Wales records double digits. 6 00:00:15,360 --> 00:00:17,919 Speaker 2: COVID is back in New Zealand, COVID. 7 00:00:17,680 --> 00:00:19,440 Speaker 1: Is not back in Victoria. 8 00:00:19,480 --> 00:00:21,600 Speaker 2: And a chat about what's going on in the world 9 00:00:21,640 --> 00:00:26,960 Speaker 2: of cryptocurrency. Here's today's daily Digest to IPM. Last night 10 00:00:27,000 --> 00:00:30,640 Speaker 2: we had five cases in New South Wales. Since eight 11 00:00:30,720 --> 00:00:33,400 Speaker 2: pm we've had an additional seven cases. 12 00:00:34,040 --> 00:00:37,080 Speaker 1: That was New South Wales Premier Gladys Bara Jiclin running 13 00:00:37,159 --> 00:00:39,040 Speaker 1: us through yesterday's case numbers. 14 00:00:39,440 --> 00:00:42,639 Speaker 2: And again, if the way that case numbers are reported 15 00:00:42,760 --> 00:00:45,680 Speaker 2: is a bit confusing for you, New South Wales reports 16 00:00:45,840 --> 00:00:49,319 Speaker 2: numbers to eight pm the previous night, but now they 17 00:00:49,360 --> 00:00:53,280 Speaker 2: also report anything that happens after that time. So Sam, 18 00:00:53,360 --> 00:00:54,920 Speaker 2: take us through what we learned yesterday. 19 00:00:55,400 --> 00:00:57,920 Speaker 1: So we learned there were ten new locally acquired COVID 20 00:00:57,960 --> 00:01:01,320 Speaker 1: nineteen cases to eight pm on chun Tuesday, and another 21 00:01:01,400 --> 00:01:05,759 Speaker 1: thirteen were reported on Wednesday morning. That prompted the introduction 22 00:01:06,000 --> 00:01:08,839 Speaker 1: of the new restrictions in Greater Sydney, the Central Coast, 23 00:01:08,920 --> 00:01:13,319 Speaker 1: the Blue Mountains, Woollongong and Shell Harbor. Restrictions now include 24 00:01:13,360 --> 00:01:16,840 Speaker 1: a cap on home visitors, expanded mandatory mask rules, and 25 00:01:16,920 --> 00:01:20,839 Speaker 1: new social distancing measures for hospitality venues. I dare say 26 00:01:20,920 --> 00:01:23,880 Speaker 1: most of our Sydney listeners will be working from home today. 27 00:01:24,800 --> 00:01:27,400 Speaker 2: So yesterday we found out that the New Zealand border 28 00:01:27,480 --> 00:01:30,760 Speaker 2: has closed to New South Wales residents, and that was 29 00:01:30,800 --> 00:01:35,000 Speaker 2: because an Australian traveler tested positive for COVID nineteen after 30 00:01:35,080 --> 00:01:36,720 Speaker 2: returning to Sydney from Wellington. 31 00:01:37,280 --> 00:01:40,560 Speaker 1: Zara, would you say the bubble has popped? Moving right along? 32 00:01:40,720 --> 00:01:43,440 Speaker 2: So New Zealand has raised the alert level to level 33 00:01:43,440 --> 00:01:46,520 Speaker 2: two in Wellington, while the remainder of New Zealand will 34 00:01:46,560 --> 00:01:48,840 Speaker 2: remain on alert level one. And we had the New 35 00:01:48,920 --> 00:01:52,960 Speaker 2: Zealand Minister for COVID nineteen response, Chris Hipkins, say this yesterday. 36 00:01:53,320 --> 00:01:56,240 Speaker 3: So last night we made the decision to pause quarantine 37 00:01:56,280 --> 00:01:59,640 Speaker 3: free travel with New South Wales before we'd be notified 38 00:01:59,680 --> 00:02:02,760 Speaker 3: of this the most recent positive case. The pause came into 39 00:02:02,760 --> 00:02:06,120 Speaker 3: effect at eleven fifty nine pm last night. It will 40 00:02:06,120 --> 00:02:10,400 Speaker 3: remain in place for seventy two hours. Editors under constant review. 41 00:02:10,600 --> 00:02:13,720 Speaker 1: A big Olympics story for you now, a retrial four 42 00:02:13,800 --> 00:02:17,160 Speaker 1: Chinese swimmer Sunyang has resulted in his ban for more 43 00:02:17,200 --> 00:02:20,800 Speaker 1: than four years after breaking anti doping rules, So swim 44 00:02:20,840 --> 00:02:23,120 Speaker 1: will not be able to compete in Tokyo next month 45 00:02:23,200 --> 00:02:25,880 Speaker 1: to defend his title in the two hundred meter freestyle event, 46 00:02:26,600 --> 00:02:29,640 Speaker 1: and his original eight year ban in Post last year 47 00:02:30,080 --> 00:02:32,960 Speaker 1: that was overturned on appeal to the Supreme Court in 48 00:02:33,000 --> 00:02:37,440 Speaker 1: Switzerland has now been reimposed. His ban now does expire 49 00:02:37,480 --> 00:02:40,240 Speaker 1: before the twenty twenty four Olympics, so we could see 50 00:02:40,280 --> 00:02:41,959 Speaker 1: him back in the competition then. 51 00:02:42,720 --> 00:02:45,520 Speaker 2: It's nice to have some good news about Victoria and 52 00:02:45,760 --> 00:02:48,880 Speaker 2: COVID nineteen. Restrictions in the state will ease from eleven 53 00:02:48,880 --> 00:02:52,680 Speaker 2: to fifty nine pm tonight. Changes include public gatherings will 54 00:02:52,680 --> 00:02:55,639 Speaker 2: be allowed with up to fifty people, household gatherings will 55 00:02:55,639 --> 00:02:57,960 Speaker 2: be permitted with up to fifteen people, and weddings and 56 00:02:58,000 --> 00:03:00,440 Speaker 2: funerals will now have a cap of three hundred people. 57 00:03:00,880 --> 00:03:09,080 Speaker 2: Despite these changes, though masks will remain mandatory indoors. Yesterday 58 00:03:09,120 --> 00:03:13,560 Speaker 2: I saw Sam scrolling through the Internet checking his coin price, 59 00:03:13,720 --> 00:03:15,520 Speaker 2: and I heard him utter under his breath that it 60 00:03:15,560 --> 00:03:18,639 Speaker 2: was a bad day to be a bitcoin tell me why. 61 00:03:18,760 --> 00:03:21,200 Speaker 1: Crap day to be crypto, ladies and gentlemen. In fact, 62 00:03:21,240 --> 00:03:24,320 Speaker 1: it's been a pretty ordinary couple of months to be crypto. 63 00:03:24,760 --> 00:03:29,120 Speaker 1: You'd notice a drop in attitude from your crypto enthusiast friends. 64 00:03:29,200 --> 00:03:31,920 Speaker 1: And that's because since the all time high of sixty 65 00:03:31,919 --> 00:03:35,400 Speaker 1: three thousand dollars per bitcoin in April, it's now sitting 66 00:03:35,480 --> 00:03:38,720 Speaker 1: at just over thirty two thousand dollars this morning. 67 00:03:38,560 --> 00:03:42,040 Speaker 2: So it's lost nearly thirty one thousand US dollars in 68 00:03:42,120 --> 00:03:43,960 Speaker 2: value since April? Is that correct? 69 00:03:44,040 --> 00:03:46,120 Speaker 1: Wait to rub it in, Zara, Thank you for that. 70 00:03:46,360 --> 00:03:50,560 Speaker 1: It is absolutely correct. The entire cryptoscape, not only bitcoin, 71 00:03:50,640 --> 00:03:52,880 Speaker 1: has taken a massive hit in recent times. 72 00:03:53,240 --> 00:03:55,920 Speaker 2: Before you go on why why has it had such a. 73 00:03:55,960 --> 00:03:59,320 Speaker 1: Hit, it's all about China. So back in May, Beijing 74 00:03:59,400 --> 00:04:02,360 Speaker 1: called for a crackdown on bitcoin mining. So the ten 75 00:04:02,440 --> 00:04:08,000 Speaker 1: second explanation for bitcoin mining is basically huge warehouses full 76 00:04:08,040 --> 00:04:12,480 Speaker 1: of computer servers trawling through the blockchain looking for bitcoin. 77 00:04:12,720 --> 00:04:14,400 Speaker 1: That process is called mining. 78 00:04:14,520 --> 00:04:16,880 Speaker 2: Yeah, and we've actually spoken about this before because of 79 00:04:16,920 --> 00:04:19,640 Speaker 2: the environmental effects, but I'm presuming that's not what you're 80 00:04:19,640 --> 00:04:20,839 Speaker 2: getting at with this one. 81 00:04:20,920 --> 00:04:25,320 Speaker 1: Well, it's more about regulation from China. So they basically 82 00:04:25,560 --> 00:04:29,560 Speaker 1: cracked down on the existence of these massive minds in 83 00:04:29,600 --> 00:04:32,640 Speaker 1: the country. Why, if you remember when we chatted on 84 00:04:32,680 --> 00:04:35,760 Speaker 1: the podcast a few weeks ago about the adoption of 85 00:04:35,839 --> 00:04:38,799 Speaker 1: bitcoin by El Salvador, it's a few of those similar 86 00:04:38,839 --> 00:04:41,320 Speaker 1: issues that China are just getting on the front foot about. 87 00:04:41,520 --> 00:04:45,240 Speaker 1: They don't want a currency that is notoriously vulnerable and 88 00:04:45,640 --> 00:04:49,080 Speaker 1: has a massive amount of speculation risk running their economy 89 00:04:49,120 --> 00:04:50,279 Speaker 1: and being a dominant player. 90 00:04:50,880 --> 00:04:53,880 Speaker 2: Is crypto especially big in China. 91 00:04:53,440 --> 00:04:55,919 Speaker 1: Massive It's one of the biggest crypto markets in the 92 00:04:55,960 --> 00:04:59,599 Speaker 1: world now. Although there are no actual new regulations against 93 00:04:59,640 --> 00:05:02,800 Speaker 1: crypto currency in China, the mere speculation, which I guess 94 00:05:02,920 --> 00:05:05,640 Speaker 1: is the Chinese government's point of the fact that there 95 00:05:05,680 --> 00:05:08,320 Speaker 1: are going to be regulations introduced, has driven the price 96 00:05:08,560 --> 00:05:12,040 Speaker 1: way down. Sixty five percent of all bitcoin mining around 97 00:05:12,080 --> 00:05:15,680 Speaker 1: the world occurs in China, so this is a massive deal. 98 00:05:16,000 --> 00:05:18,479 Speaker 1: So what we're seeing at the moment is these massive 99 00:05:18,520 --> 00:05:22,280 Speaker 1: bitcoin mining operations leaving China and going to other countries. 100 00:05:22,839 --> 00:05:25,800 Speaker 1: A lot of them are heading to Kazakhstan. There's a 101 00:05:25,920 --> 00:05:29,880 Speaker 1: big company that's just sent two six hundred bitcoin mining 102 00:05:29,960 --> 00:05:34,200 Speaker 1: machines to Kazakhstan. There's also some coming into Texas and 103 00:05:34,680 --> 00:05:37,600 Speaker 1: basically it sounds like areas where there's huge amounts of space. 104 00:05:38,000 --> 00:05:41,599 Speaker 2: I feel like if you don't track the trajectory of 105 00:05:41,600 --> 00:05:45,280 Speaker 2: bitcoin and you aren't involved in it as intimately as 106 00:05:45,320 --> 00:05:47,680 Speaker 2: you might be, Sam, it's a bit difficult to understand this. 107 00:05:47,800 --> 00:05:50,480 Speaker 2: So can you just give me your basic closing summary 108 00:05:50,600 --> 00:05:53,360 Speaker 2: of what is actually happening right now and why it matters. 109 00:05:53,720 --> 00:05:55,880 Speaker 1: So if you're sitting around the dinner table, this is 110 00:05:56,040 --> 00:05:59,680 Speaker 1: the key message to remember. The crackdown in China and 111 00:05:59,720 --> 00:06:03,880 Speaker 1: the further regulation of bitcoin has meant the bitcoin holders 112 00:06:03,920 --> 00:06:06,680 Speaker 1: around the world are getting nervous. And when you're nervous 113 00:06:06,720 --> 00:06:09,240 Speaker 1: about something, you sell it, and when everyone tries to 114 00:06:09,279 --> 00:06:12,320 Speaker 1: sell it the price goes down. It really matters because 115 00:06:12,360 --> 00:06:16,280 Speaker 1: there's been such crazy hype around bitcoin in the last 116 00:06:16,360 --> 00:06:19,640 Speaker 1: two years, led by people like Elon Musk, that a 117 00:06:19,680 --> 00:06:22,560 Speaker 1: lot of working people have a lot of investment in 118 00:06:22,760 --> 00:06:26,040 Speaker 1: bitcoin and other cryptocurrency, and when half the value of 119 00:06:26,080 --> 00:06:28,120 Speaker 1: it gets wiped out in a few months, that can 120 00:06:28,160 --> 00:06:31,960 Speaker 1: really hit hard. We've heard massive reports of people in 121 00:06:32,000 --> 00:06:35,720 Speaker 1: America specifically, who have dedicated a crazy amount of investment 122 00:06:35,760 --> 00:06:39,440 Speaker 1: to cryptocurrency, especially while they were in extended lockdowns, who 123 00:06:39,480 --> 00:06:41,400 Speaker 1: now are struggling to get back on their feet now 124 00:06:41,440 --> 00:06:44,520 Speaker 1: that the value currency has wiped out. It's obviously too 125 00:06:44,560 --> 00:06:47,800 Speaker 1: early to say the bitcoin bubble has burst, but it 126 00:06:47,960 --> 00:06:50,640 Speaker 1: certainly is not a well formed bubble anymore. 127 00:06:51,200 --> 00:06:53,480 Speaker 2: It seems like the bubble is the motif that is 128 00:06:53,520 --> 00:06:56,520 Speaker 2: binding together this episode, So with that we will leave 129 00:06:56,560 --> 00:06:59,240 Speaker 2: you with a sound of Sam's bubble. 130 00:07:00,360 --> 00:07:01,159 Speaker 1: Have a great day.