Financial Advisors React to Terrible Crypto Advice!
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- เผยแพร่เมื่อ 12 พ.ค. 2024
- Financial Advisors React to Terrible Crypto Advice!
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9 months later, and now BlockFi filed for bankruptcy 💀
The "just buy good projects early and sell at the peak" advice is like saying venture capital is easy, just find good startups and exit at the right time. The ratio of successful to bankrupt venture capitalists would imply that maybe finding the right investment is the hard part...
Entrepreneurship is easy, just identify a gap in the market for a product or service and provide it at a profit.
On one hand, I find it hilarious that these people exist. On the other hand, it's really quite terrifying once you consider how many kids they're fooling who will likely be left holding the bag and losing their investment, or worse - put a bad taste in their mouth for investing at a young age while their dollars have the most potential!
Terrifying? You're sitting in your house shaking in your boots terrified? Seek help
@@brodelnaz I would suggest you seek help as well considering that not possessing the ability to recognize blatant sarcasm is a common trait found in those with Aspergers!
@@evanbyrne2214 saying you are terrified isnt sarcasm in any way. You just went top shelf with your words and it made you look like silly. Now you reply by calling someone mentally retarded because you cant accept your own flaw? Get a grip on reality
100% agree.
@@brodelnaz Sam Bankman Fried, is that you?
As someone from the literal other side of the world with a very different accent- “yer gonna get yerself thrown in gel” absolutely kills me 😂 another favourite is “rill-istate” 😂 I love it! Keep up the good work guys - all the best from New Zealand
fun idea: charity stream where you react to the S&P 500/NASDAQ charts like it's the super bowl. Bring in other (reliable) finance content creators to do shifts on it so you can really go over the top with up/down reactions.
Wait a sec, so you're saying that the Doge millionaire who's no longer a millionaire is giving out bad financial advice? No way! /s
LOL I would kill to see a Money Guy Show reaction livestream for the S&P 500 🤣
Thank you guys for always having great content
I'd love to see an update to anything you've learned about Bitcoin this year
Thank you guys for creating these videos!! It helps young investors such as myself, they are very informative and resourceful, truly appreciate it.
You guys have the best reaction videos!
They both rebound off eachothers energy, ideas, and words so perfectly.
I used blockfi for a time, I pulled out after they turned it into a withdrawal only. For a time these work, but they don't always work and it's hard to see which is a scam. That's why the safest answer is to not invest. But if you could stomach losing it all ... Up to you.
Bo's close up in this new set is beautiful.
These videos are my favorite because it gives both sides and multiple examples. Thank y’all so much for this content
I really love the way you two cut though the bullpoop!
Bo is super excited about this one. I better keep watching. ;)
Lmao
I mean, if Bo isn’t super excited what’s the point?
@@ryanstadther Right?!? The day Bo fails to say he's excited about the topic, I'm going off to watch something else...maybe Holy Schmidt or something. 🤣
4:15 Actually, the person making the transaction decides on the transaction fee. The more they pay, the faster their transaction gets fulfilled.
But none of that money goes to the exchanges. All that money goes to the miners.
Getting in early and a great way to start the day. Hola desde México 😁
18:50 this aged so well with FTX and Luna, three arrows etc.
Hope you enjoyed your trip out here to Southern California Brian! Love seeing travelers visit my state
Hey guys, I know how Blockchain tech works. Gas fees do not go to any company or referring person. That's really misleading and it shows you're giving advice in something you don't fully understand.
The fees are handled by the network protocol and get distributed to the nodes operating the network. It wouldn't be a chosen or particular person, it's a random node in the millions of available nodes. It's not payment for a referral. The fees go to the nodes operator as an incentive to help run the network.
I watch every minute of your content and love everything you do but you should look at this again.
Edit: on the Canadian convoy thing you noted the government froze wallets. That's not possible. They can freeze the exchanges, the onramps/offramps. The self custody wallets cannot be touched.
You gotta love Charlie Munger's definition of Bitcoin... "People are selling turds, and you can't be left out!"
Oh mannnnn I think about 15:56 on about a daily basis atm
Feel like it's very important to bear in mind
Great show!
Also: Gas fees are specifically for Etherium (not Bitcoin). And if you want to buy some coffee or groceries with Bitcoin… using the lightning network is faster and cheaper than Visa/Mastercard.
This is why I stick to sportsbetting. Way more stable ;)
Yes yes. Lol
Oh yeah. Buy low and sell at all tine highs. So easy. Jeez. Get rich quick usually means someone is left holding the bag....which is about as shady as it sounds.
Buy low and sell high? Wow! I can't believe nobody's ever thought of that! We're gonna be rich, boys!
“Family” had me dead 😂😂😂
3:40 hay you called FTX. Nice.
I completely agree with you guys about most of your video though. Great work!
This video is a reality check for many of us. Thank you.
Canada -- CRA --- a gain is a gain and loss is a loss --- we are require to put it in. Maybe it is different for you. But they love to check all the time.
The anchor protocol 19.5% is real at the moment but it’s not sustainable. Terra Luna, stable coin UST deposits.
Facts
@@11227denis yeah that tiktok doesn’t make any sense though. Don’t buy a house that you depend on Anchor protocol for lol. What if you can’t pay the mortgage later because you can only afford what anchor gives
😬😬😬😬😬
Oh no…. Now I see Brian as Michael Scott!
Not sure if Bo is Jim or Dwight though 🤔
Definitely Dwight 😉
gotta have one of those Mandalorian coffee mugs 🤔
I read fine print depending on what service it is. I read my bank's terms of service when signing up for everything, I don't read the terms of service on the games I play. I play too many games to bother with that.
What about cookies?
kodomotachi1, the cookies are just about the same wherever you go. Deny where possible, wipe them after each site, or after a few sites.
For those Bitcoin maxis that were confused about how authorities managed to take back the Bitcoin I found this:
"Executing a search warrant on a cloud account held by one of the defendants, law enforcement discovered files containing the private keys to the wallet in which most of the stolen funds had been stored since the initial 2016 hack, as well as over 2,000 other BTC addresses. Using those private keys, law enforcement seized over US$3.6 billion in cryptocurrency."
You've got my Subscription
1:34 that's what division by zero looks like :))))))
2023 is the first tax year that Coinbase has to hand over the user data with names.
Good to know
And to add clarity to the “Lightning Network” for Bitcoin: My coffee purchase processes instantly (similar to Visa). Then it is finalized with an hour or so. (While Visa and the bank take days to finalize)
Right but why acknowledge this when you can conveniently dismiss it?!?
Is it important? If you do multiple transactions per day that need to be reconciled quickly, banks have a different method of processing those. As a general person buying coffee, is the 'lightning network' actually useful?
Was that the Hip Hop DX guy?
Which all time high do you sell at? Because it could always keep going up or go to zero.
You cannot know if 'it' reaches its all time high until years/decades later.
@@brianlane9534 true but if you hold it too long it is more likely to go to zero.
Anchor protocol aged really well... lol
It is almost like being too good to be true may have issues 🤷♂️
Great Show!
I can't wait for Brian and bo to start doing reaction videos to the S&P 500 over the next 20 years. 😂 "oh. Ooohhhh. Oh"
lmao, the pyramid scheme and office reference
I dont know who that guy in the beginning was but that was hilarious!
Investing in a pyramid scheme is the riskiest thing there is.
Yep. That and investing in a Ponzi scheme.
Plz do more criptones videos
Anchor protocol is a great defi option to get yield on stablecoin! Great knowledge on BlockFi wasn’t aware
@@AbhishekVerma-ke8ky you’re right I wanted them to give their opinion on it
Not your keys, not your coins
So what would happen if the people who own a vast majority of a currency sold it? Wouldn’t the price crash?
Same could be said about stocks 🧐
"Sell at all time high" Does he not realize the all-time high occurs every time the coin grows? lol
Heck yeah. Fte Daniel name drop
You have to remember that Visa and Mastercard don’t actually finalize the transaction for a day or two.
And transactions don't take 4 hours anyway
buy lo, sell hi - sounds almost too good to be true ;-). if only i'd known this secret earlier in life...
overall good info, but stating that 27% is almost 1/3.... come on, you guys know your math. isn't 27% really 1/4
Anchor protocol is a different thing. It’s decentralized meaning no one is holding all the money and it’s been paying a steady 20%apy.
love love love anchor
Anchor is paying an unsustainable interest amount. It was meant to attract new investors. Will be interesting to see how low the interest rate provided by anchor will go over the next 12 months and the impact it will have on UST and Luna... The interest rate is dropping at 1.5% per month until a sustainable interest rate is achieved... I'm avoiding all of these projects, more interesting projects out there with a more predictable future... GLTA
@@doshjaniels1895 😬😬😬😬😬
@@davidkelly1507 LOL. updating my previous comment to....."i loved loved loved anchor". 20% APY was lovely for the 8 or so months I was in it and thankfully i withdrew all my funds at the first sign of trouble so made it out unscathed
@@doshjaniels1895 Wow you got lucky dint ya aha, feel sorry for those that got caught holding bag tho
95% of new projects fail. If you wait long enough to find the gems they are already up. At that point your looking at 3-10x over a 2-4 year period. You can make some good money bit you need 20-30 year's to get good money outside of luck.
"Buy early and sell near all time highs." This will produce less than a 1% gain
May I know what type of device is Brian using ?? That looks like a really cool ipad-kindle tech
might be a ReMarkable.
Beanie babies are still a thing too, but that doesn't mean they're appreciating in value.
at timestamp 19:00, how is what blockfi is doing any different than what big banks are doing?
When you save your money at a bank or credit union, your cash is insured by the FDIC up to 250,000 (if you need more than that, you can put it in another bank). That's not the case with BlockFi
@@vulpixelful so my money is insured but I make no interest in exchange?
@@sawyerrice3244 I'd rather know my money is going to be there when I need it, given the choice
If you can't handle the 90% drops, then you don't deserve the 1,000% gains.
If you're talking about bitcoin I agree
Infact I love it when it drops by so much, I buy as much as I can
@@voluntarism335 Bitcoin is at the 0.702 retracement. It won't break ath in 2024. It will be a long time until it's over $69k. Alt coins have better ROIs, but I wouldn't recommend entering the market right now. Not financial advice.
@@zerptwerp6445 man I don't think this comment aged very well. On to the next one
@@jgregg7100 Haha, are you serious? Bitcoin is literally above ath right now. The alt coin market has pumped thousands of percentages. If you DCAd during the FTX collapse, your portfolio would be exploding right now. Anyone who understands market psychology would be buying when the retail market is panic exiting. Your comment immediately didn't age well 😆
Haven’t gotten through full video but hope you also show the growth rate vs volatility . I mean what does it matter if you drop 70% of over 10 y you are up 1000+ ? (Using btc historical performance as an indicator)
Plus volatility is great for dollar cost averaging! I thought they would have known this
How many people are 10 year bitcoin holders? Advice based on that criteria applies to almost nobody.
Its funny you say only 2% of people own 95% of bitcoin. My first thought was of Robert kiyosaki
If you don't know how a business can pay you a 15%-%2,000 yield they probably can't, they probably are selling you funny money and making real money off of you.
I hate when people try to be politically correct while criticizing cryptos. It should not be like that; it is not a political ideology or religion.
Explain more
Tulip bulbs !!!!!
"We're not saying all cryptocurrencies are pyramid schemes..." Don't worry. I'll say it for you.
Do more research about btc
@@Pepestock because there is legitimate demand for btc but the utility is limited as most expenses can only be paid in dollars
@@d_all_in Do more research about BTC then. Method of payment is not as important as transfer of wealth that is actually backed by something.
It's easy, all right. With cryptocurrency, there's nothing there. You don't get dividends, it doesn't produce any underlying product, why bother with it? Here's what Will Rogers said, "Buy stock. When it goes up, sell it. If it doesn't go up, don't buy it."
How are you supposed to know the all time high ? Lol.
🇺🇸
That lady's shirt looks like wagyu beef.
ETFs are not real assets
The mansion guys advice did not age well…
🙂
I'm in software so these things interest me. I buy some each month, some in Bitcoin, mostly in practical projects like eth. I think it is ~ 1/9 my automatic stock contributions counting 401k
Goverment probably created btc :p
Those who made the big money just scammed people 😅
St0nKs
There are no gas fees with proof of stake coins like XRP. You could send someone XRP anywhere in the world for fractions of a penny in seconds.
Excellent data on Bitcoin's gut wrenching volatility, and Bitcoin is probably one of the less volatile cryptos.
I’m excited to see that you are looking seriously at Bitcoin. Once you really understand it there’s no going back. 4 months is still very early. Keep learning.
Investigate the lightning network it solves fees and transaction times.
The concentration statistics are misleading because one wallet does not equal one person. One wallet on an exchange can hold the Bitcoin of thousands of people. If your Bitcoin is being held by an exchange it’s likely that yours would be included in that 1% of wallets.
Nothing like the money guys saving peoples wallets :)
Just on the large amounts in few wallets thing
- BTC is still being mined and won't be done for a very long time, meaning it will be incredibly well dispersed by the time the last coin is mined, it's like complaining only rich people had gold in the 1800's but neglecting to mention how easy it is for a regular person to buy btc
- a lot of those wallets are dead wallets, meaning that the owner is deceased, lossed the keys etc which decreases supply even further from the 21 million BTC to ever exist making it a deflationary asset
- whales do not mean that something is not worth investing in
Most coins (18million) have already been mined so there's not much more to go
@@sawyerrice3244 the supply that is released into circulation is halved every 4 years. The final bitcoin won't be mined for at least another 100 years. Plenty of time for mass adoption, spread through the population and accumulation of the every man.
@@Pepestock U miss my point entirely and yes I'm aware of halvings (which means there will be even less BTC to spread around)
And these guys invest in things associated with the FED and other nefarious entities? 😂
Sad that the fed dont you give cash? welfare queen
So these are actual financial advisors?
Been following you guys awhile and I love you and your channel. I don't disagree with most of the general sentiment of this video, however, it's clear that you do not understand this space. As a fan I would suggest you shouldn't put out content like this until you're better versed in the field. I'd be happy to discuss this with you and help you fill in the blanks if you're interested. In the very least it will make you look more informed when producing this type of content (and may even change your thinking a little bit.)
Totally agree but don't expect them to have an open mind about it based on what I saw in this video!
Wow 33mins of that shit?
How much $$ you down 🤡
@@Thrillhouse911 clown??
1st off, close your legs young man, we are not in a hot spa. Second, you didn’t know at the time when is all time high, you know that the next day
Some of the points are poorly researched. Especially at the end of this video.
I've been watching your content for a while now and love 90%+ of what you share. However, the quantity of things that you guys got flat out wrong in this video is disgusting. You're clearly trying to give advice on something that you haven't yet developed a good foundation on. If you decide you'd like to broaden the scope of your knowledge and are looking for a clearheaded, experienced, non-emotional discussion, feel free to reach out.
Can give some examples where they were flat out wrong?
@@mace8704 there are a lot! For example the bitcoin lighting network is basically free to transact with basically FREE and is done faster than visa or Mastercard. They also recently have surpassed visa and Mastercard in transactions per second capable by thousands of times.
I have been watching Brian snd Bo for years. Good guys/intentions with their firm to serve a growing generation of investor. I have faith they will get there in time. 4 months is not enough time. Decentralized finance is inevitable.
hahaha boomers
You keep buying vbucks, I'll keep buying businesses.
Brokie
I like you guys and respect what you guys do but you have to realize just like you advice experts to hire you. You should get experts to show you real data you guys don’t understand a lot of the things you mentioned and missed some very important features and information. Do this again but with someone that is truly informed.
Such as?
@@Alan-jk1yi well, saying you have to wait a long time at the store for a transaction to take place and it costing a lot of money depending on congestion in the network. The bitcoin Lighting network is like a fraction of a penny making it literally free and instant. Also saying most of the bitcoin being held by a small percentage of wallets.
I completely agree. Well said
US currency has had 100 years of developing to become what we know it as today. Bitcoin and cryptocurrency alike have had under 15 years to develop. the us dollar is inflated and the economy is obviously headed to be worthless in the next 100 years. Your grandkids will see days that bitcoin is worth 500k or more.
If usd is worthless then each btc will worth infinite value and still worthless due to the peg with usd.
@@grantguy8933 Ha, good point. Much better to price everything in Bitcoin or gold. Since Bitcoin and gold will be around long after the dwindling and inflated US Dollar has disappeared.
@@FollowingTheSavior exactly. Unless btc to depeg from usd it will rise and fall with usd or even worse. The current setup is stuck.
Why would bitcoin be worth that much when I could just make another coin out of thin air that functions the same way
Unless USA is totally destroyed and taken over, the USD will always have value
The guy who bought the house for "half price" forgets that banks do income verification during loan origination. You just don't nilly willy get a 450k mortgage