John Oliver once said "Bitcoin is everything you don't understand about computers and everything you don't understand about money rolled up into one". I found that statement quite cogent.
The internet needs to be turned off until they/we can figure out how to get Pandora back in her box. Between scams like the “gig” eCONomy, crypto, and NFT’s and AI’s ability to totally obliterate the job market in the next half decade we either get this Frankenstein’s monster under control or it will kill us all.
Really? Not biased? He waited til a market downturn to tell you how much value it has lost, meanwhile it just hit another ATH and it'll be $350K within a year. The dollar is being printed into oblivion
People shouldn’t hate on Mr. Reich for being a truth teller. It’s not his fault people chose to invest their life savings in a flawed speculative instrument.
Anyone who invested a significant amount of money in Bitcoin 6 or more years ago is doing very well or rich. It's easy to dunk on something after a downturn, but zoom out and we can see that Bitcoin is the number 1 performing asset of the past decade
@@WoJackHorseman yeah, ok dude who names himself after his favorite cartoon. That number one status means exactly nothing. When something that has zero intrinsic value is gaining value Because of the sole hope that the people speculating on it can make a bundle when they get other speculators to join them… the thing really is a Ponzi scheme. Bitcoin was never meant to be a speculative instrument. It was supposed to be an alternate currency. And if you bitcoin heads truly believed in it’s original intent you would never sell it. But you guys always turn it in for REAL money.
@@GS-vb3zn Your premise that Bitcoin has no intrinsic value is false, and your entire argument is baseless By the way, I plan on never selling. If needed, I may take a loan against it in the distant future, but I will never sell
@@WoJackHorseman This is silly. You chose 6 years because that's the flat part of the Bitcoin growth chart, before it went mainstream. If we're cherry picking, anyone who purchased Bitcoin in the last 2 years has lost money on that investment. That whole "number 1 performing asset of the past because" sentence sounds familiar because it was a popular talking point last year, before the crash. Now it's tanking and you're still in here defending it, because you're in a Ponzi scheme.
It's ironic that the comments section of this video is filled with people trying to get others to sign up to schemes by saying how great they are 🤦🤦♂🤦♀
Standard operating procedure for the Crypto bros. Any video about Crypto (pro or con) gets flooded by bots hyping their particular coin/investment scheme/scam. But, then again, I have seen these crypto bot chains on other popular video chats doing the same thing.
I have spoken to so many people who have lost a lot of money through crypto schemes. I have some crypto and if it is lost, I have nothing to worry about.
Put it this way….. Let’s pretend Mr Reich is the rockstar , and he is the highlight act for a big concert. Outside the venue, on the curbside / parking lot , your garden variety of peddlers will hawk, scalped tickets , beer out of the trunk of a car, food, joints , copy cat T-shirts . Brazenly. Get the picture ? That is precisely what is taking place.
I asked myself, "Self, could you explain cogently why, say, Ethereum would be a bargain at $1,000 but overpriced at $3,000?" The answer was no, so I decided I just didn't know enough to jump in. When it's something like that it's literally the same thing as gambling.
Back in college I had a tech wizard friend explain bitcoin and encouraged me to get some. After about an hour I still couldn't understand it or how to go about it properly. Will never forget my words. "Haha, maybe if it gets below $1 I'll buy some." I had $2500 lying around for whatever I wanted to do with it and it had just crossed $2.50 at that point. I could have retired 😢
@@lilacdoe7945 I guess since the video couldn't reach you, a comment can't either, but this is no more than saying that if you got in on any other pyramid scheme or won the lottery you could have retired.
@@haroldlanceevans just an anecdote of that backfiring. Skepticism is still the right play 99.9% of the time, I just got fortunately unlucky on that one.
@@haroldlanceevans The fact that LilacDoe feels massive disappointment about a missed opportunity (an emotional response) doesn't mean "the video couldn't reach" him/her, which is a matter of intellectual understanding, or lack thereof. By the way, when Robert Reich first used the words "Ponzi Scheme," his explanation was already beginning to click in my head, as I myself could never understand what made crypto currencies valuable. And by the way, what is it that makes ordinary dollars valuable, once we abandoned the gold standard? Could we say that our money is just another Ponzi scheme, but in this case one which the government is running? That's a scary question, no?
At this point I believe that the value of these crypto currencies is basically the combined cost of all the energy it took to create a useless token. Unfortunately it has been VAST quantities of energy, for something useless.
These grifters are often compared to snake-oil salesmen. I find this unfair. At least with the snake-oil, you could probably drink the bottle and get high.
You think like that because you listen to people like Robert. Next generation of the internet. Not snake oil. Search Ric Edelman Anthony Pompliano Bitcoin like fire and oil.
This is why I keep my money in sea shells, I hide them on the beach so they blend in. Yes, I have some losses to seagulls and the tide but it sure as heck beats losing my money to some crypto bro...
When people started talking about crypto and how unregulated it was. The first thing that came to my mind was "This is a Ponzi scheme" and what do you know? I wasn't far off the mark.
LOL. I started buying Bitcoin when it was $75 per coin. I have listened to people who have no actual understanding of what Bitcoin is say it was a Ponzi for 9 years now. I have been laughing the whole time at this ridiculous idea. You clearly don't even know what a Ponzi is. And Robert Reich isn't someone you should be basing financial decisions on. Most of what he is saying in this video is pure F.U.D. In a few years when Bitcoin goes over $100,000 per coin I will still be laughing at people like you calling it a Ponzi. Because there will be all new rounds of people spreading fear, uncertainty, and doubt.
@@rajashashankgutta4334 No. Companies want to privatize SSI going back to the New Deal so they can pay less in taxes. That is their end goal to save money and enrich themselves at the cost of people's lives. Reagan tried to privatize SSI but if he did that he would be politically dead because most of his supporters relied on it.
@@rajashashankgutta4334 Yes!!! That's one of the reasons I laugh at how disingenuous it is of politicains to call anything else a Ponzi scheme when they created the works largest Ponzi scheme.
Yeah, duh. The first time I spoke to a programmer I noticed the golden boy schemes of speculation, he was hyping it so hard that I'm surprised Crypto made it this far
Now some spambot is posing as Robert Reich, responding to all the comments with a bogus WhatsApp number. Report this bot to TH-cam so we can be rid of their filth.
Yup, I report every comment that I see like that. I can't imagine that someone would actually fall for it, but you never know. TH-cam needs to do something about all these spammers.
What's funny is the number of crypto shill gangs are on this video, posting their phony scripts. I must have reported half a dozen up to here in the comments. Plus a bunch of other lone grifters.
@@chezmoi42 Question: when you see those chains of spammers going like "You need to invest with Annie Spammie," "Oh she's great, she helped me find financial stability!" "Here is her WhatsApp," do you report each one of them, or just the top one, or the one with the WhatsApp info, or what? I'm concerned that the individual messages in those chains are innocuous looking enough that I will get in trouble with TH-cam for reporting apparently "falsely" because the comments don't actually have things like outside links and aren't repeated on a particular video. I wish there was an "explain why you're reporting it" option when you submit those.
@@zoyadulzura7490 I used to report them separately on their channel pages as scam bots. And I've never gotten any reprimands from YT for any of my reports. If they look at the whole thread, they must recognize it at once. Same goes for the porn bots. I also report trolls who are just there to cause trouble or repeat tired talking points ad nauseam.
As Dutchman, I'm a specialist in tulip manias and crypto manias. Sooner or later it will crash like all manias. I know because in 1611 we invented the stock-market and between 1634 and 1637 we had the first Ponzi scheme based on the value of tulips bulbs. Humanity has learned nothing in those 400 years :( :)
Bitcoin is not the same at all as Tulipmania. Money has to have these traits to hold value and be used as an exchange: durability, portability, divisibility, uniformity, scarcity, and acceptability. Tulip only had the scarcity and acceptability. Bitcoin has it all. That doesn't mean it will succeed but if it ever gets stable and accepted more it could. Also, Bitcoin is not a Ponzi scheme. By definition, a Ponzi scheme is a fraudulent investment operation that pays returns to early contributors using the money from later contributors rather than overall profits. While early adopters of Bitcoin have seen great returns, there are no paid dividends to these investors. And, as Bitcoin is decentralized, and operates peer-to-peer, there’s no central body to operate a Ponzi scheme.
1st rule of money: When you put 1. money together with 2. people then the people (1.), inevitably try to steal the money (2.). It's an immutable law of history. Why financial systems MUST be HEAVILY regulated.
They'll never regulate the financial markets again, corporations run this county. The beauty about Bitcoin is that it's not controlled by a central bank, it's deflationary because it's created slowly, they can't seize your shit like Greece were doing in the 2008 crash and it's a better store of value than the dollar.
Tried to convince a friend... he is too blinded by the idea of getting rich from Crypto yet failed to jump on selling his Chia coin before the collapse. He is hopeless untill it hurts. He bought coin high and holds onto the hope itll rise higher than when purchased. He... is sadly a fool blinded at an empty prospect
sorry to hear about your friend .yes it is a ponzychem. and it needs to be stopped .but if it crashes I will buy . and let the crash sort the worthy from the worthless. as long as it is still legal .
I recently saw a bitcoin machine in a laundromat of all places. Many people who use laundromats on a regular basis tend to be low income. So now cryptocurrency is recruiting investors who really can't afford to make risky investments and have the most to lose by luring them with the false belief that cryptocurrency can make them wealthy very quickly.
No, you are confusing the crypto currency community for the greed of whoever owns that BTC machine. Anybody can purchase a crypto ATM and deploy it. The fees on those machines are outrageous. That being said, I also started out very poor. My family was often homeless when I was growing up. One of the reasons people are poor is that they don't understand how investing works. Capitalistic society's only work for those who have capital. Everyone should invest. There was a time in my life when I first entered the work force that I was thrilled to have an extra $100 to invest at the end of the month. But guess what, that $100 per month I was investing 30 years ago, had turned into hundreds of thousands of dollars today. And the Bitcoin I bought 9 years ago, well, I am pretty happy with that purchase.
Was it a 24/7 laundry mat? If so, that's why. It's a place for people who have less than $900 in cash to convert that cash into a currency that they can make purchases with, no questions asked. I'll let you do the math.
I've never been able to escape the feeling that the whole crypto-currency trip was just a load of meadow muffins ... and now it's nice to see that someone who REALLY knows the lay of the land agrees with me! 😁
I recommend the video on crypto and NFTs by the channel Folding Ideas. It's 2 hours long, but after watching it you know that you suspicion is well-founded.
@@douglas_drew ...Now I can't get the image out of my head of that poo pile from Jurassic Park... I on the other hand have no issue as a city boy walking straight through the pig enclosure in my sneakers. All shit, and there was even a cow that nearly knocked me down trying to get attention. Oddly adorable for such a big animal.
My nephew is into Crypto.I tried to tell him about this a while ago.But I know he looks down on me.So he figures,"What do you know about Crypto?.....okay,suit yourself!
Agree. Nobody listens to good advice. Ten years ago, I told all my friends and family that if they wanted be millionaires within a decade, to buy a couple hundred dollars worth of bitcoin. Only two of them listened. My sister didn't buy even a hundred dollars worth, is still poor, and whined that she couldn't afford it back then. But she could afford to eat out twice a week and feed five dogs. If she had spent even 10% of that money on bitcoins, she would be a multi-millionaire right now. So I know how you feel. The older I get, the more I realize that most poor people deserve to be poor. They don't want to save or invest. They only live for moment.
Tell him the NSA created the SHA-156 program that runs it and they hold the patents. The whole thing was created by the government to usher in CBDC! Use cash!
You happily don’t own the next generation of the internet. 🤪 Ric Edelman (#1 independent financial advisor) disagrees with you. Where do you think the smart money would be 😜
Crypto has always blown my mind. You're telling me people pay money to buy literally nothing? I mean at least a stock you're loaning a company money in hopes they are successful. Crypto is just some bits somewhere that don't even do anything. I've never understood it; not surprised it's falling apart.
Read the white paper, it was created cause the dollar is going to collapse. Not sure when but it's inevitable and anyone who knows how money is made and history knows this.
@@thimblemunch24 Given the USA has 330,000,000 consumers who all want to eat and consume goods and services everyday and they all use the US Dollar as a form of payment for those goods and services, it is very doubtful the US Dollar will collapse anytime soon, let alone the next 100 years. But you go ahead and think whatever you were told by all the Federal Reserve haters out there.
@@id10t98 Yea I know that's called normalcy bias. You should study how money is actually created and what IOU's actually are. All money has more debt to it then it's value when it's created cause the system is already defaulted. It's already over.
@@thimblemunch24 You conspiracy kooks have been saying this same thing for decades! It's like you all want a complete breakdown of society because you've watched so many Rambo-type movies that you believe YOU will be the one's to survive the hoards of looters roaming the streets. Country's are not people, they dont have a typical lifespan of ~ 60-90 years, they can last for centuries, with China, India and other civilizations lasting through all the "defaults" over the time.
From the time crypto currency began to rise, I was wondering what backed its value. After some study, I found the value was based on speculation and had no financial merit. I advised people to avoid it but my words and explanations were ignored. A costly mistake for some. Connecting crypto to a ponsi scheme hits the nail on the head. Those at the top get rich while the large majority lose.
No, the majority now have an option outside the central banking system. You're acting like these are stocks and they've flooded the market with 21 million Bitcoin, that's not how it works. It's a slow process, and the mining releases less BTC every 4 years, to simulate the mining process of gold.
Every generic token and their grandmother gets a 'partnership' with a billion dollar company a week after their 'white paper' (which is a copy and paste of everyone else's white paper) is released on their website.
Maybe it will. But if it does, it'll just be another case of money being transferred from a bunch of suckers who probably can't afford to lose it to cons who played them for the fools they are.
Let me guess, you tried day trading crypto and lost 90% of your investment in less than 90 days, so rather admit you are a terrible trader, you decided it was just a scam. Lol
@@dbillett1 The notion that earnings from investments depend on skill, is the scam. No-one seems to be able to stop believing that. Read Kahneman.”Thinking ,fast and slow”
The original crypto scene was based around Proof-of-Work Blockchain. Assuming no pre-mine (or insta-mine), these were legitimate projects. However, proof-of-stake, tokens, and NFTs are almost all scams. The crypto market is being swamped by these scams right now. Unfortunately, the scams also get a ton of promotion and money, while the original useful P.O.W. coins are mostly ignored. If you don't understand crypto, just stick to buying Bitcoin, and ignore everything else.
@@Johan-vk5yd I agree completely. I am a long term HODLer. Have been in the crypto market since 2013. I just keep buying the good projects and holding.
Blame libertarianism, selfishness is a virtue, government's job is to enforce contracts, etc. Things got worse under Reagan due to the amalgam of libertarians and conservatives who wanted to make government small enough to drown in a bath tub to allow the wealthy to work their magic. The lesson is that the market creates problems and incapable of solving them thus requiring regulation, such as Glass-Steagall, to reduce the threat posed by the market and reduce any crisis caused by the market.
Let us not forget who destroyed it: Clinton. His marriage of democrats to wall street meant that normal people now had 2 parties against them in a two party system.
I love him so much. I was introduced to his books during the time when I was trying to get my MBA. Until this day, I always listen to him and receive my education about financing, especially the inequality of the American wealth system.
We would be foolish to assume anyone but taxpayers and workers are gonna end up saddled with “too big to fail” organizations’ losses resulting from a crypto crash.
You literally don't understand crypto then as you can't just print more crypto like dollars. Way to 💯 totally not understand the most basic parts of it
@@leopheard Oh sweet summer child, it’s not about what is being leveraged, it’s about the leveraging. But you aren’t curious enough to ask or understand yet. Some day you will be.
*I FEEL LIKE THE HOLE SEASON IS OVER, I'M TRYING TO GET INTO TRADING AS A ROOKIE, BUT I'VE HAD SO MUCH LOSS TRYING TO TRADE ON MY OWN, PLEASE WHAT STRATEGIES DO I NEED TO EARN PROFITS FROM THE MARKET*
@@petersonhenrik8593 The best strategy to use in trading is to trade a professional who understands the market quite well, that way maximum profit is guaranteed. Because I have learned along the way of my investment that research and analysis are important, note that experience is more needed, than luck when it comes to the financial market.
@@meekdream9992 This Bitcoin trading has set sail. I honestly cannot overemphasize how much delving into Bitcoin trading has helped saved and changed the lives of many.
@@Stella-ej9tz Yeah you're right, most times it amazes me greatly the way I moved fro an average lifestyle to earning over $62k per month, utter shock is the word. I have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus.
@@meekdream9992 Wow buddy, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius in trading.
naw, it's the future of trustless contracts and money. Stocks and other risk assets are down as well, due to the current macro economics situation. Millionaires are made in the bear market.
I think it's also worth mentioning that "crypto mining" (the way in which crypto currency is created in the first place) has itself become a significant environmental problem. Crypto mining is a bit like printing your own money and is totally unregulated; all that it requires is a really powerful computer and the electricity to run it. As a consequence, crypto mining has become a huge and on-going consumer of electric power here in the US and in other parts of the world as well and so is also responsible for the significant amounts of greenhouse gases that are being released in the process.
Lies. A lot of it is done with renewable energy now and the clothes dryers in the US use more power, but Americans are too lazy to use a washing line for free but that's just fine
has crypto mining really created a micro chip shortage, or has it been used as an excuse to suppress the manufacturing and artificially supress the market to keep the prices up while demand is continuous??
@@MajICReiki The ASIC chips used to mine bitcoin are totally different than other chips and can't be used in anything else. They aren't even made in the same factories as the CPU chips used in cars, automation, and personal computers.
LOL! It wouldn't have been so bad if economists hadn't been saying, from the very beginning: "Uh, Ya'll know this a Ponzi Scheme, right?" People are weird.
@@thegenialdecepticon5244 Some were. Most Chicago/Austrian school weren't, because they believe all monetary problems are caused by government regulation.
Fewer people control more crypto than dollars, meaning it is less equitable. Counter to what they want you to think. Freekonomics did a great series on crypto 👍🏻
Crypto isn't backed by anything except what someone else is willing to pay for a string of numbers in a bigger string of numbers. It's the beanie baby of currency. At least the dollar (or other real currencies) are supposed to be backed by the GDP of their nations. Stocks, in theory are backed by the economic output of the companies that issue them.
I guess you could say it's based on the electricity used to crunch that number. Which is like carrying a rock up a hill and saying it has greater value than other rocks because of the effort it took to get it there. And it's not a rock. It's a picture of a rock. It's a piece of paper that says "rock". And on top of this hill is a bunch of nerds trading pieces of paper that say rock, telling everyone who walks by how valuable their rocks are.
Lol you have no idea of how money works. Money is only backed by military power and production debt. The US Dollar and Euro are the real ponzi schemes.
I remember learning about blockchain in 2014 and hoping for a better future of transparency, equality and progressive fiscal policies enforced by code. This space has become just like traditional finance, stomping out most of the hope I had for this future. I love the nerdy tech, but it's become just another tool for corporations to bypass regulation, once again the little people will suffer while these giants get away with our dreams.
I was part of a state level “blockchain council” that help lobby for blockchain and crypto friendly legislation. I was also in hopes of a better future as my focus was on blockchain technology and not crypto. The “blockchain council” soon got taken over by crypto enthusiasts and miners and not a one of the, understood a thing about blockchain technology. I went to meeting after meeting and they were all oblivious to the actual tech and only cared about wealth accumulation. I resigned from the council sometime later and now label them the “mining council”. It makes me sick that a technology with so much potential for good has been set back at least a decade and stigmatized by greedy morons.
@@Lucas-hb1uq Have you read Ministry for the Future? In that book a future is imagined where as part of efforts to fight climate change the UN issues a blockchain based currency in return for every ton of carbon removed from the atmosphere, to reward people for doing that.
@@adrianthoroughgood1191 I’m aware of the concept but I don’t agree with the premise as you cannot combat runaway capitalism with more capitalism. Capitalism is literally antithetical to the environment.
any UNREGULATED investment ESPECIALLY one derisively named "crypto" should scare you off --- but evidently the opposite happened as many invested -- or rather suckered into investing -- without the slightest clue abut what they were doing. Gee, and I thought Wall St was for suckers but this crypto con makes Wall ST games look like a model of transparency --
Much of it came down to social (media) engineering. In that context, it is only fitting, that the Winklevoss twins became significant shareholders of Bitcoin early on. It also helps that banks and big finance make for easy "evil guys". So presenting Bitcoin as the noble alternative ropes in many guys from all kinds of political spectrums. Be it right-wing knuckleheads, who want to dry out the "Jewish Banksters", radical lefts, who see Bitcoin as a monetary token "of the people" or hardcore libertarians, who will get a boner over everything, that evades taxes. And then of course, there were the criminals, the actual and most pragmatic idealists of the Bitcoin world, who actually used it as some form of low key currency. But this is rag tag bunch is just the evangelized core. The rest (and the clear majority) are speculators and their punchline delivering shysters, who live and die with the hype surrounding that nonsense.
This is very confusing. Many people who tell me that they are rich because of "crypto investments", always report their riches in terms of some baseline fiat currency. Very odd.
because you buy that amount of the crypto, that number doesn't increase/decrease but the value does, and you can compare any two coins or compare it with fiat to compare it's value. just like buying stocks
During the summer of 2013, I had 39 BTC in my Silk Road wallet. I knew then that it wasn't wise to keep them in my Silk Road account, but to be honest, at that time I was intending to spend them on Silk Road, not sit on them as an investment. A few months later, Silk Road was shut down and everything was seized by the Feds... But if I HAD stored them in a personal wallet and paid them no attention until today, they would now be worth $772,851.30.
Let me give you one, no one can ever steal your crypto, not your neighbor, not the banks, not the police. When you leave your coins in an exchange or in a bank, thats when you loose it all.
@@ZackLee Um...sure, but one could say the same of burying it halfway between two trees. My main point wasn't about protection, so much as it was about inherent value. Why do people pay so much for cryptocurrency? It doesn't have any inherent value unless one counts a desire which seems to be completely manufactured.
@@conquer1482 "Overtime stocks always go up." What? Do you remember the 90s and the dot-bomb? Companies that had nothing behind them except an idea. Also, bitcoin is still way up from what it was 10 years ago.
@@jwallah346 crpto reached all time high of nearly 70,000 than crashes to 20,000. It can go up quick but go down quick as well. Also u can’t buy anything with crypto. Like if u purchase something in a store u can’t purchase it with bitcoin. That’s why it’s risky. It’s not real company there no real value.
This is the only time I have ever agreed with Robert Reich. Crypto is a giant musical chairs game. The music will stop and someone is going to be without a seat. There will be a lot of people who go broke as a result. Put your money in an index fund - find a nice REIT or ETF.
Crypto is valuable for one reason and only one reason. People can use crypto to bypass the banking system to exchange it for goods and services that governments deem illegal, otherwise it has no value.
I use bitcoin transactionally. My medical insurance company (Anthem Blue Cross) will not pay for the medicine I need; probably because in the USA only the brand name is available and is $1000/week ($150 per pill). I cannot afford to travel to Canada to get the generic but found a real pharmacy offshore that buys the generic straight from India (all generics are made in India). I could use a bank wire, but slower and expensive. Bitcoin costs me nothing: I buy the bitcoin I need for my med and send to the pharmacy, no added cost. A couple weeks later I get the med, about $1 per pill. I know the med is real since I get the same side effect as when I did buy the name brand (but had to stop for obvious reasons).
@@AZ-if2mj me too, that seems to be the only valid use case. In our insane world, you can finally, legally, bet sports in the US in most states , since 'suddenly' states realized they could cash in. But that kind of sports betting is a slow (or quick) path to ruin since the sports books (the 'house') have around a 10% edge. I bet on an Exchange, no house edge, but since it's based overseas I need to fund it via bitcoin. Bitcoin has its uses, but there arent many.
@@leopheard ever heard of great english buble south sea one? britain still pays for it 150 200 years later.its stock also came back up again and again until it crushed worlds largest economy
Also this bot ^ is impersonating Robert (it has the same pfp and its channel name contains Robert Reich's name preceded by a WhatsApp number) in an attempt to solicit dms from your audience. I think you can ban this account as well as block comments shilling certain tokens.
- "But but but, you see, it's better than regular money because it not regulated by big bad banks..." ... crypto platform unilaterally freezes all your assets... 🤣
I find it weird that tRumpist in the GQP all want to invest in a currency who's only real use is buying drugs or child porn or whatever they accuse everyone else of doing. There is no legal use of crypto that isn't usually simpler and cheaper some other way.
That's a centralized 3rd party, not cryptocurrency or the underlying blockchain itself. Bitcoin cannot be frozen if you control the keys. It can if you give the keys to someone else (Celsius)
Crypto is pretend money. You might as well be using monopoly money. Here's the rule. If you can't take it down to the IRS and pay your taxes with it, it's not real money. It's only worth is what you can CONvince another person to give you for it.
By your logic: How is the entire USA money system Not a scheme..? ... the dollar is NOT backed up by gold.. ...it’s valuable only because people “believe” in it..! ... plus government is just printing endless amounts of it to pay for other “expenses”...! ...which is analogous to making new investors...!
@@oskarngo9138 It is. The US dollar maintains its value partly because it is used as an investment asset by other countries. However, I would argue that it is primarily a currency not an investment asset, whereas crypto and the stock market are primarily investment assets with crypto having zero real world inherent value and stocks varying from having a real world value close to the stock value to having the stock value bear almost no relation to the real world value making them no different from crypto with their value supported solely by investor interest and subject to crashes. All three systems extract money from some people and give it to others.
@@oskarngo9138 It isn't quite true that the stock market is 'no good', or even that you cannot invest in crypto. Just be aware that such markets can crash. Housing is typically a safer investment, but even that is subject to bubbles and crashes.
Not all crypto projects are created equal. You are generalizing across a very diverse community of researchers, developers, entrepreneurs, and yes, speculators. There are legitimate innovations occurring, and your generalization against the entire community does those workers a great disservice.
Essentially, everyone the buyer bought the crypro from. Like he said, it's a ponzi/pyramid scheme, and those always end VERY badly for everyone at the end of the line.
Whose ever pocket the money was going in, is doing well now. They got all those folks money and those folks got nothing in return. The crypto game sounded too good to be true from the very beginning.
nobody knows. The best theory I've seen, from a DNA researcher who applied their software to analyzing the blockchain, is that about a dozen entities own most of BTC. If BTC achieves widespread adoption, these dozen or so people will become trillionaires. Quadrillionaires maybe. We don't know who any of them are. They could be Chinese government bodies. Or Russian generals. Or they could be European hackers. If you don't trust the government, you *definitely* shouldn't trust bitcoin.
I'm usually on the same page with RR, but not this time. I agree with what he says about the stock market crash and the 2008 real estate crash - those are a matter of record. But I believe Bitcoin has a better basis for value than does the dollar. It is the dollar that deserves the title of Ponzi scheme. What will the buying power of a dollar be in five years when they continue to print more in nearly unlimited amounts? That said, the crypto space can be a dangerous place and those that chose to participate in it should do so cautiously, slowly, and avoid riskier elements such as leveraging. As for anyone who lost their life savings in crypto, one should never have all their eggs in one basket - we all know that, don't we?
Bitcoin's designed scarcity and limiting cap is the one true, uncorruptable positive thing about it. Crypto has become a security(legally defined as such) with no real backing these days. the overinflation and overvaluing of the crypto market has killed much of what was positive about it. I still believe in bitcoin having a possible place in the world to stay, but i wouldn't be as certain about a vast majority of other coins.
Crypto Currency is just that, a currency. Not an investment. It is a store of value, like gold and should be used as a medium of transaction. The main thing robert reich hates about bitcoin is that he and his cronies don't get to control it.
Bitcoin and NFT's are in many ways a response to the 2008 crash. while many called for more regulation, there were some that called for LESS for some baffling reason. What I saw was the second the government even hinted that they were thinking about regulating cripto, the entire thing started to collapse
i could probably buy an nft for pennies now. not that it will mean you own an actual item... NFTs are virtual bragging tokens that stupid people purchase.
@@leopheard you talk about the US currency degrading over a century while Bitcoin cant hold a consistent value. the value of bitcoin dramatically changes hour by hour.
@@leopheard And? Terra Luna lost 99.99% almost overnight. Solana lost 93% in less than a year. Viewing crypto as the answer to fiat-currency inflation is a bit like viewing vodka as the answer to an alcoholic's beer drinking habit.
So, this is really general... I do agree with defi meltdowns. The issue is the space is begging for regulation and the government is dragging their feet. BTC and ETH have both crashed and recovered with generally higher lows and highs, over time. Fiat isn't working and you have to have an investment vehicle that, at minimum, appreciates as much as inflation. Just like stocks and gold, BTC is volatile, but outperforms virtually everything with less risk.
You know I think it started off with good intentions then the inability to regulate it before it got off the ground really turned it into a scam. Identical to the 1929 crash
What are you all talking about. There is no crash. All surviving projects that began before the 2020 halving event are still trending upward. It's just crypto winter. Historically crypto winter comes about 1-2 years after the Bitcoin halving. This guy just lost all credibility with me as an economic "expert". You guys are all learning from a man that is just as clueless as you are. Just say you're too afraid. Blockchain technology is nothing but an upgrade to the internet. That's why it's called Web3 technology. There were millions of idiots claiming the internet won't go anywhere in the 90s too. It's software. Software gets updated and upgraded regularly if you build it properly. What you see today won't be the end product. Any of you remember WebCrawler or Lycos? Those no longer exist.
When people say crypto and don't distinguish Bitcoin, it is a tell that they have not done their research. They simply read headlines and make sheep noises.
Yeah, in 2013 being weary of bitcoin was pretty justified. But now today bitcoin is legal tender in 2 countries with many more countries writing the legal frameworks to make bitcoin legal tender in their countries as well. Many countries have also started purchasing bitcoin to hold in their treasuries to back their that currencies. Then there are web and metaverse projects. You might want to do some research and figure out what's going on. This video by Mr Reich is a prime example of spreading fear, uncertainty, and doubt for political gain.
@@vasme973 Yes some countries, such as El Salvador, have started buying bitcoin. Other countries have started mining bitcoin using renewable energy sources. So yourself and your kids a favor and educate yourself.
@@granudisimo That is an incorrect evaluation. Apparently you didn't do any research before commenting because El Salvadore is seeing a resurgence in infrastructure investment and an increase in tourist activity because of their bitcoin adoption. This is because moving to bitcoin gets El Salvadore out from under the control of the U.S. and its rampant money printing. In a few years El Salvadore will be a model of how a third world nation can rebuild itself without borrowing from China or saddling itself with the IMF's draconian austerity rules. Why don't you go back to 2013 when the IMF's austerity plan was ravaging the Greece economy and Greece was flirting with adopting bitcoin and adding it to their treasury. Had they actually gone through with that, Greece would have been out of debt by 2017 and would have more than 4x'd their treasuries wealth by 2021. Instead it will take till 2034 just to get back to pre-2008 crisis levels. The math don't lie my friend.
Turns out spending 10k on GPU's for mining and raising your electric bill tenfold for a make-believe "currency" that routinely fluctuations between 90% devaluation is a bad idea.
@@Zach-ju5vi You're an actual sleep inducing troll, triggered as always by anyone who compliments the GREAT Professor Reich. Nothing ever changes with you Ambien Zach.
Most of what Robert Reich is saying about crypto in this video is inaccurate. Celsius is not a DeFi protocol, it's a centralized lender for example. I can't say to much, because my posts tend to get censored here because Robert doesn't want his followers knowing the truth about the fear, uncertainty, and doubt that he likes to sow.
@@Zach-ju5vi was formerly a Lecturer at Harvard University's John F. Kennedy School of Government[8] and professor of social and economic policy at the Heller School for Social Policy and Management of Brandeis University. JD from Yale and a Rhodes scholar
Thorpe, who lead the Quants, beat the Vegas casinos, and developed the math for hedge funds, was asked how much he’d put in the “investment backed securities” that fueled the 2008 collapse. When he said he didn’t buy them, a fellow hedge fund manager asked why. Thorpe explained that the math only worked if you understand the inputs. He said he couldn’t account for the value of “mortgage backed securities”. The same with cryptocurrency. There’s no way to account for the value. It’s all driven by speculation- which is fine if you’re first in and first out. Someone’s going to get stuck holding the bag when the valuation of this virtually worthless “product” becomes clear.
You said it right , Mr Reich … It is unregulated , no depositary insurance. No controls , no capital provisions , no risk management. The FDIC was created by New Deal Politics. Along with Social Security, Glass Steagall. 😊 It may be time for you to explain, at length , the meaning of New Deal. You’ve done it by parsing it in previous videos , yet you need to bring it in a comprehensive manter. Not everyone reads your books.
Kind of funny that RR wants to blame the 1999 repeal of Glass-Steagall for the 2008 housing bubble crash, yet completely ignores the Clinton Administration (of which he was part) changing the rules on Fannie Mae and Freddie Mac in 1999 to force them to buy mortgages they would never have considered previously. He wants to blame banks for it, but completely ignores that banks would not have issued 7-year ARMs to home buyers if it wasn't for Fannie and Freddie buying them up to meet "affordable housing goals". The 2008 crash was CAUSED by Government Regulation.
And yes, BTC has done exactly what it was designed to do. If you were smart you would start dollar cost averaging in. Bitcoin will be $180,000 per coin next halving.
I'm no economist, but even I knew, from the very beginning, that you can't simply "make up" a currency, base it on nothing tangible, and then expect it to become a self-sustaining economic power. The fact that you had to buy it with REAL MONEY should have been your first clue, Einsteins.
You didn't have to buy it, anyone could/can mine it. Any decent mineable coin that is, but all other shitcoins you have a point. The idea of bitcoin was to take the money creation power out of the hands of banks and governments. Seems to be working fine.
@@funster73mcr2 Exactly. You get a computer to do some math; therefore, it has real value! Do you realize how ridiculous that is if you just take a step back?
@@GlennC789 take a step back from banking and realise your putting your trust in something that shouldn't be trusted. The banks nicked the gold and silver. The money in your pocket only has value because your country will take it as tax. Bitcoin is just over a decade old. I wouldn't bet against it in the long run. The public will be the ones to decide in the long run, though general consensus seems to be their dumb enough to pick a cbdc instead.
@@funster73mcr2 - Um, the government is US. Take the power away from us and give it to the same FFFking idiots who think that they know more about vaccines than trained and experience virologists? Idiots and con men. Nice combination. All we see here is recitations of the anecdotal evidence fallacy.
Only "invest" in crypto if your financial situation convers your basic needs and leaves you with extra cash for savings and bs. Don't count on regulations. Regular stocks crash as well.
Crypto is NOT investing, its gambling and speculation hoping YOUR not the bag holder. Crypto has ZERO value, no earnings, no assets, produces nothing, and is uninsured. Your money can literally vanish in a second and there isn't a damn thing you can do about it. A real investment is backed by a Companies assets, it's revenues and earnings, it's products, inventory, real estate, intellectual property, you know, things that can actually be sold to generate cash to pay it's shareholders in case of bankruptcy.
If you want to use crypto for any kind of general transactions, do NOT use it as an investment instrument. Regular stocks generally crash because of a combination of a lack of transparency (information crisis) and a failure to deliver value (lack of demand, low production capacity or even because of ill intent), especially when people over invest because of that information crisis (poorly labeled ingredients, so to speak.) This is precisely what is happening in crypto. Lots of people put a lot of money into something based on what they read on the tin, but the actual ingredients bare little resemblance to the label, so everything got pumped up for rug pulls. The hopes and dreams are (in some cases) noble, but until investment is completely decoupled from the blockchain and web3 tech (not easy, I know), crypto will not achieve mainstream success. Reich describes well the dependencies this kind of speculation relies on.
Reading some of these comments saying "now might be a good time to get crypto at a discount" made me laugh. Did you all not watch the video and went straight to commenting? Why you all think some made up money from anonymous people has ANY value is beyond me.
If crypto gets regulated, it dies. Because that would require auditing and transparency. Why you think FTX was located on the Bahamas? Regulation is for crypto, what sunlight is for vampires.
Besides being a ponzi scheme, generating crypto is a huge energy sink. Just last year the energy used to creat crypto in the US was equal to the energy used by the state of Washington that year.
Since the 1970's the USA population has doubled. Imagine if the money supply had never increased with the size of the population- most people would be making just $50/week, new cars would only cost around $4,000 and homes would be less than $50,000. And that doesnt include the increase in the WORLD's population and all the people around the world that want to have US dollars!
@@id10t98 sounds like 60s prices. They're always printing more money and we do have domestic capitalist growth but almost all the profits distribute upwards and stagnate. The money exists on paper but it's left the economy. We have to print more to pay for the interest on those legacy money piles that do nothing for the economy.
@@drphosferrous Easy solution- tax the rich more and bring the stagnant money back into the economy. Oh wait, that means RepubliQanons will have to vote to raise taxes, never mind...
It was exciting for a while then we had the wrong regulation - making the truly anonymous cash dollar bill more worthy. But with everybody using apple pay and credit cards who cares about bashing crypto we get the worst of all worlds instead
Important to note here--crypto as a concept isn't the problem. It's the lack of regulation. The underlying technology of a lot of the major players in crypto is something worth developing, and some aspects of DeFi are an attractive option to bring the third world into the global market. The problem is that there are always a lot of snake oil salesman selling dreams to people who don't actually understand (and are being kept in the dark) about what's actually happening with their money. The whole concept of web3 is here to stay, but like the wild west of finance in the 1920s, it's mechanisms need to be better understood by the public, and ideally, activism from the pbulic is what ought to drive the regulation of crypto and web3 technologies.
in my opinion capitalism is the problem... cryptographically secured blockchain tech is one of the greatest achievements of humans this century.. without our reward systems being hijacked by the profit motive we wouldnt have anything close to this many scams and we would all be educated enough to tell what is a scam and how to build these projects effectively
@@BemkyWatchesBuffy I really don't think blockchain is quite the paradigm-shifting technology people wish it were. and the reason why is I don't see it showing up in any security applications in the back end of IT. and I watched three blue one brown do a mathematical breakdown of how it worked and I wasn't really that impressed. looking at it from a systems engineering perspective you can either have a complete blockchain or you can have a journaling system that consistently performs but you can never have both. and that's probably why I don't see it in high security applications because I think the wildly overstated effectiveness fails when the ROI is achieved by something other than a flat out Ponzi scheme
@@angelainamarie9656 The majority of its unrealized use case has nothing to do with finance or money, though. it seems like everything you just mentioned falls within that category. I see it as a cryptographically secured decentralized consensus platform. I see decentralized autonomous organizations replacing the majority of our for-profit institutions and our government institutions.
@@angelainamarie9656 Only IBM, Microsoft, Oracle, and Intel are currently building high security applications atm. With JP Morgan, Goldman Sachs, Alibaba, Northern Trust and other banks using blockchain to install triple blind data security practices. Not to mention Microsoft Azure in its own Xbox system for royalties to game developers, while Amazon uses blockchain to track shipments all over the world. Kodak uses blockchain to protect image copyrights. The list goes on and I and is only accelerating. We are at the Very beginning of blockchain tech. Very few people thought pc's or the Internet amounted to much in the beginning also.
The biggest red flag for me, when it came to all the crypto hype, was how incredibly low brow the talk about finance, money and blockchain was and continues to be in the crypto space. There is no fundamental understanding or viewpoint to be found whatsoever. Because there can't be. If you look at Bitcoin and the surrounding, routinely very superficial claims (stuff like: "decentralization is great, blockchain is disruptive" etc.), it loses it's appeal pretty fast. Because reality always catches up with nonsense eventually.
@@adamfitz5183 Wow, when did cryptocurrencies get the ability to have the violence of a state to tax people? That's new. You guys have militaries too? No, and no, so no, you are not a currency with value. Oh, so you sell goods? Oh, you sell made up stuff to invent the work to make up the value. That sounds real to me.
@@adamfitz5183 Backed by countries' governments with tangible assets, nukes, military and law enforcement. Who can throw you in jail if you don't pay them taxes in their currency. Cryptobros have zero backing in law or assets.
I think a simple conundrum with crypto is, assuming it is intended to be a currency and a currency capable of interrupting and even overtaking government backed currency, why do we have to buy it using USD or other government backed currency?
@@harrysachs1709 Technically it is created by energy, a global computer system doing calculations and it's value like all things are derived by what you are willing to pay for it in any currency including other types of crypto. The U.S. dollar on the other hand is created at the whim of a few people out of nothing.
@@m0nkey13 technically crypto was supposed to be created by the work peoples computers do to process others using the same crypto. That is thier payment for doing the calculations. Everybody is getting away from that method tho and it has about as much backing as fiat currency now if not less
@@harrysachs1709 What exactly is fiat currency backed up with? Bitcoin is backed up by a global computer network, sure it grew because it's viewed as a good business model. The hash rate is at an all time high and it's the most secure method ever invented. Personally I like the idea of controlling my own money in my own wallet on a super secure system with no third parties that doesn't require trust with 3rd party institutions. But do what you like and good luck.
@@m0nkey13 I'm all for crypto I own quite alot. I think you got this all wrong. The only problem is you can get ripped off. Its not totally secure and bitcoin will not be proof of work for too much longer. Fiat is backed by nothing and neither is a crypto "coin". Especially with no regulation. But good luck and i hope it's super secure like you think because I own a ton but I know it could all come crashing down at any time
If crypto doesn't want regulations then NO way should our government pay for anything to do with it. If a too big to fail business wants to tangle with crypto and crashes then the government should take ownership of the company and get rid of any executive that lead to the company ruin, plain and simple, keep the workers and get rid of the megalomaniac owners.
Getting Money is an issue that everyone has in order to live a better and more luxurious life. Life was difficult for me until I began mining crypto. I'm now earning so much gains even with the current crash happening in the trading market.
@@RDavid. I started making mônèy when sir Williams T. Kevin started putting me through crypto mining & also guiding me through managing my investment portfolio. He enjoys teaching Investment strrategies.
![[UNCUT] เก็บ "สจ.โต้ง" เอี่ยวมาเฟีย รู้ตัวคนบงการ ก่อนสั่งลั่นไก I คนดังนั่งเคลียร์ I 13 ธ.ค.67](http://i.ytimg.com/vi/o-J_p62D40w/mqdefault.jpg)
John Oliver once said "Bitcoin is everything you don't understand about computers and everything you don't understand about money rolled up into one". I found that statement quite cogent.
@Clark Kent Dude nobody off the street understands one-way hash functions
What a scam quote
The internet needs to be turned off until they/we can figure out how to get Pandora back in her box. Between scams like the “gig” eCONomy, crypto, and NFT’s and AI’s ability to totally obliterate the job market in the next half decade we either get this Frankenstein’s monster under control or it will kill us all.
Lmao who’s laughing now
Bitcoin worth 70,000x what the USD is worth and climbing
Old school informative video. No ads, no propaganda, not trying to sell you anything, not biased. Pure professional information.
Really? Not biased? He waited til a market downturn to tell you how much value it has lost, meanwhile it just hit another ATH and it'll be $350K within a year. The dollar is being printed into oblivion
@@user-fc8id3if6b so send me all your dollars please
This comment age like milk.
Far from professional. Ric Edelman (#1 independent financial advisor) disagrees with him. Don’t listen to him
I just bought $4,500 of PRQ (Parsiq) at 9 cents. We’ll see who’s right
People shouldn’t hate on Mr. Reich for being a truth teller. It’s not his fault people chose to invest their life savings in a flawed speculative instrument.
Right?
Anyone who invested a significant amount of money in Bitcoin 6 or more years ago is doing very well or rich. It's easy to dunk on something after a downturn, but zoom out and we can see that Bitcoin is the number 1 performing asset of the past decade
@@WoJackHorseman yeah, ok dude who names himself after his favorite cartoon. That number one status means exactly nothing. When something that has zero intrinsic value is gaining value Because of the sole hope that the people speculating on it can make a bundle when they get other speculators to join them… the thing really is a Ponzi scheme. Bitcoin was never meant to be a speculative instrument. It was supposed to be an alternate currency. And if you bitcoin heads truly believed in it’s original intent you would never sell it. But you guys always turn it in for REAL money.
@@GS-vb3zn Your premise that Bitcoin has no intrinsic value is false, and your entire argument is baseless
By the way, I plan on never selling. If needed, I may take a loan against it in the distant future, but I will never sell
@@WoJackHorseman This is silly. You chose 6 years because that's the flat part of the Bitcoin growth chart, before it went mainstream. If we're cherry picking, anyone who purchased Bitcoin in the last 2 years has lost money on that investment. That whole "number 1 performing asset of the past because" sentence sounds familiar because it was a popular talking point last year, before the crash. Now it's tanking and you're still in here defending it, because you're in a Ponzi scheme.
It's ironic that the comments section of this video is filled with people trying to get others to sign up to schemes by saying how great they are 🤦🤦♂🤦♀
Standard operating procedure for the Crypto bros. Any video about Crypto (pro or con) gets flooded by bots hyping their particular coin/investment scheme/scam. But, then again, I have seen these crypto bot chains on other popular video chats doing the same thing.
I have spoken to so many people who have lost a lot of money through crypto schemes.
I have some crypto and if it is lost, I have nothing to worry about.
Put it this way…..
Let’s pretend Mr Reich is the rockstar , and he is the highlight act for a big concert.
Outside the venue, on the curbside / parking lot , your garden variety of peddlers will hawk, scalped tickets , beer out of the trunk of a car, food, joints , copy cat T-shirts . Brazenly.
Get the picture ?
That is precisely what is taking place.
I asked myself, "Self, could you explain cogently why, say, Ethereum would be a bargain at $1,000 but overpriced at $3,000?" The answer was no, so I decided I just didn't know enough to jump in. When it's something like that it's literally the same thing as gambling.
Back in college I had a tech wizard friend explain bitcoin and encouraged me to get some. After about an hour I still couldn't understand it or how to go about it properly. Will never forget my words.
"Haha, maybe if it gets below $1 I'll buy some."
I had $2500 lying around for whatever I wanted to do with it and it had just crossed $2.50 at that point. I could have retired 😢
@@lilacdoe7945 I guess since the video couldn't reach you, a comment can't either, but this is no more than saying that if you got in on any other pyramid scheme or won the lottery you could have retired.
@@haroldlanceevans just an anecdote of that backfiring. Skepticism is still the right play 99.9% of the time, I just got fortunately unlucky on that one.
@@haroldlanceevans The fact that LilacDoe feels massive disappointment about a missed opportunity (an emotional response) doesn't mean "the video couldn't reach" him/her, which is a matter of intellectual understanding, or lack thereof. By the way, when Robert Reich first used the words "Ponzi Scheme," his explanation was already beginning to click in my head, as I myself could never understand what made crypto currencies valuable. And by the way, what is it that makes ordinary dollars valuable, once we abandoned the gold standard? Could we say that our money is just another Ponzi scheme, but in this case one which the government is running? That's a scary question, no?
At this point I believe that the value of these crypto currencies is basically the combined cost of all the energy it took to create a useless token. Unfortunately it has been VAST quantities of energy, for something useless.
These grifters are often compared to snake-oil salesmen. I find this unfair. At least with the snake-oil, you could probably drink the bottle and get high.
Even if you couldn't get high off the snake oil, it is still oil. That squeaky hinge won't squeak so much after its been snakebit, is what I'm saying
They still sell snake oil in Korea - it's a traditional arthritis cure. You massage it in - you don't drink it.
Yeah, stop giving snake oil a bad name! :D
You think like that because you listen to people like Robert. Next generation of the internet. Not snake oil. Search Ric Edelman Anthony Pompliano Bitcoin like fire and oil.
Robert is the grifter
This is why I keep my money in sea shells, I hide them on the beach so they blend in. Yes, I have some losses to seagulls and the tide but it sure as heck beats losing my money to some crypto bro...
😂 this comment needs way more likes!
Onshore investment.
Yeha man, those seagulls need the money way more than the bros.
@@lifeiswonderful22 French Fries aren't free, and I heard from a friend most of the bit coin bros already have a trust fund.
@@DonQuickZote Literally!
When people started talking about crypto and how unregulated it was. The first thing that came to my mind was "This is a Ponzi scheme" and what do you know? I wasn't far off the mark.
Wow 👏
LOL. I started buying Bitcoin when it was $75 per coin. I have listened to people who have no actual understanding of what Bitcoin is say it was a Ponzi for 9 years now. I have been laughing the whole time at this ridiculous idea. You clearly don't even know what a Ponzi is. And Robert Reich isn't someone you should be basing financial decisions on. Most of what he is saying in this video is pure F.U.D. In a few years when Bitcoin goes over $100,000 per coin I will still be laughing at people like you calling it a Ponzi. Because there will be all new rounds of people spreading fear, uncertainty, and doubt.
Isn't social security a ponzi scheme?
@@rajashashankgutta4334 No. Companies want to privatize SSI going back to the New Deal so they can pay less in taxes. That is their end goal to save money and enrich themselves at the cost of people's lives.
Reagan tried to privatize SSI but if he did that he would be politically dead because most of his supporters relied on it.
@@rajashashankgutta4334 Yes!!! That's one of the reasons I laugh at how disingenuous it is of politicains to call anything else a Ponzi scheme when they created the works largest Ponzi scheme.
Yeah, duh. The first time I spoke to a programmer I noticed the golden boy schemes of speculation, he was hyping it so hard that I'm surprised Crypto made it this far
You'll be saying that when Bitcoin drops from $750K to $250K in 2028
You have no special knowledge of cryptocurrency so what are you now, just a new anchor of a TH-cam channel.
You are a massive moron, get lost.
@@leopheard *$75.00 to $25.00, you missed a few decimals.
@@ben_jammin9470 too many people would buy if it ever went that low again
Keynes : the market can stay wrong for longer than you can stay solvent.
Unfortunately.
Now some spambot is posing as Robert Reich, responding to all the comments with a bogus WhatsApp number. Report this bot to TH-cam so we can be rid of their filth.
Yup, I report every comment that I see like that. I can't imagine that someone would actually fall for it, but you never know. TH-cam needs to do something about all these spammers.
I keep doing the same thing. Reporting bot after bot.
What's funny is the number of crypto shill gangs are on this video, posting their phony scripts. I must have reported half a dozen up to here in the comments. Plus a bunch of other lone grifters.
@@chezmoi42 Question: when you see those chains of spammers going like "You need to invest with Annie Spammie," "Oh she's great, she helped me find financial stability!" "Here is her WhatsApp," do you report each one of them, or just the top one, or the one with the WhatsApp info, or what? I'm concerned that the individual messages in those chains are innocuous looking enough that I will get in trouble with TH-cam for reporting apparently "falsely" because the comments don't actually have things like outside links and aren't repeated on a particular video. I wish there was an "explain why you're reporting it" option when you submit those.
@@zoyadulzura7490 I used to report them separately on their channel pages as scam bots. And I've never gotten any reprimands from YT for any of my reports. If they look at the whole thread, they must recognize it at once. Same goes for the porn bots. I also report trolls who are just there to cause trouble or repeat tired talking points ad nauseam.
As Dutchman, I'm a specialist in tulip manias and crypto manias. Sooner or later it will crash like all manias. I know because in 1611 we invented the stock-market and between 1634 and 1637 we had the first Ponzi scheme based on the value of tulips bulbs. Humanity has learned nothing in those 400 years :( :)
That's one of the biggest lessons I learned while studying history - humanity, writ large, never learns anything.
Bitcoin is not the same at all as Tulipmania. Money has to have these traits to hold value and be used as an exchange: durability, portability, divisibility, uniformity, scarcity, and acceptability. Tulip only had the scarcity and acceptability. Bitcoin has it all. That doesn't mean it will succeed but if it ever gets stable and accepted more it could.
Also, Bitcoin is not a Ponzi scheme. By definition, a Ponzi scheme is a fraudulent investment operation that pays returns to early contributors using the money from later contributors rather than overall profits. While early adopters of Bitcoin have seen great returns, there are no paid dividends to these investors. And, as Bitcoin is decentralized, and operates peer-to-peer, there’s no central body to operate a Ponzi scheme.
The big difference (contra Crypto) being that we still love a good tulip.
I wonder what the tulip market is worth today in comparison to the startup phase. Inflation adjusted, of course.
@@AtheistEve Good question. I wonder what the tulip market is worth in Dutch guilders, and also how much is one Dutch guilder worth in USD?
1st rule of money:
When you put
1. money
together with
2. people
then the people (1.), inevitably try to steal the money (2.).
It's an immutable law of history. Why financial systems MUST be HEAVILY regulated.
Thanks for watching, reach out to me with the number above 👆
You mean the free market won't police itself? But Ayn Rand, Milton Friedman and former Fed Chairman Alan Greenspan all said it would.
@@joevignolor4u949 Don't forget about all the rich people who said that too!
They'll never regulate the financial markets again, corporations run this county. The beauty about Bitcoin is that it's not controlled by a central bank, it's deflationary because it's created slowly, they can't seize your shit like Greece were doing in the 2008 crash and it's a better store of value than the dollar.
'separating commercial banking from investment banking' why would we ever get rid of that?
Because we can’t manage to separate politicians and corruption.
Tried to convince a friend... he is too blinded by the idea of getting rich from Crypto yet failed to jump on selling his Chia coin before the collapse. He is hopeless untill it hurts. He bought coin high and holds onto the hope itll rise higher than when purchased. He... is sadly a fool blinded at an empty prospect
His only mistake was buying Chia coin like wtf. Just buy Bitcoin and hold. It's easy.
sorry to hear about your friend .yes it is a ponzychem. and it needs to be stopped .but if it crashes I will buy . and let the crash sort the worthy from the worthless. as long as it is still legal .
Just wait 5 years and this won’t age well lmao
@@NM-qd3tm he actually bought equipmemt to MAKE the coin
I recently saw a bitcoin machine in a laundromat of all places. Many people who use laundromats on a regular basis tend to be low income. So now cryptocurrency is recruiting investors who really can't afford to make risky investments and have the most to lose by luring them with the false belief that cryptocurrency can make them wealthy very quickly.
No, you are confusing the crypto currency community for the greed of whoever owns that BTC machine. Anybody can purchase a crypto ATM and deploy it. The fees on those machines are outrageous.
That being said, I also started out very poor. My family was often homeless when I was growing up. One of the reasons people are poor is that they don't understand how investing works. Capitalistic society's only work for those who have capital.
Everyone should invest. There was a time in my life when I first entered the work force that I was thrilled to have an extra $100 to invest at the end of the month. But guess what, that $100 per month I was investing 30 years ago, had turned into hundreds of thousands of dollars today. And the Bitcoin I bought 9 years ago, well, I am pretty happy with that purchase.
Was it a 24/7 laundry mat? If so, that's why. It's a place for people who have less than $900 in cash to convert that cash into a currency that they can make purchases with, no questions asked. I'll let you do the math.
The irony. you can go wash you clothes and money hahah
I'm sure it was there to facilitate legal exchanges 🙄
Bitcoin is the safest place to store monetary value in the universe
If you talk about crypto yes, I agree. If talk about Bitcoin, I strongly disagree. There has never been a better store of value.
Well, there's a reason I was always hesitant about crypto. This just solidifies that
same. never gave a damn that elon musk was bragging about making money off of it either!
He is not being truthful about it
@@leopheard of course musk isn't!
I've never been able to escape the feeling that the whole crypto-currency trip was just a load of meadow muffins ... and now it's nice to see that someone who REALLY knows the lay of the land agrees with me! 😁
Meadow muffins? That's a new term to me.
Ah... cow pies. I like meadow muffins better. I'm going to steal that.
@@werbnaright5012 They're why us rural folk don't walk in the pasture after dark without a flashlight...
I recommend the video on crypto and NFTs by the channel Folding Ideas. It's 2 hours long, but after watching it you know that you suspicion is well-founded.
@@douglas_drew ...Now I can't get the image out of my head of that poo pile from Jurassic Park...
I on the other hand have no issue as a city boy walking straight through the pig enclosure in my sneakers. All shit, and there was even a cow that nearly knocked me down trying to get attention. Oddly adorable for such a big animal.
My nephew is into Crypto.I tried to tell him about this a while ago.But I know he looks down on me.So he figures,"What do you know about Crypto?.....okay,suit yourself!
I'm a programmer and computer security expert. They don't listen to me either.
Same here. IT specialist and programmer for over 20 years now. People's hope for wealth is stronger than their reasoning.
Agree. Nobody listens to good advice. Ten years ago, I told all my friends and family that if they wanted be millionaires within a decade, to buy a couple hundred dollars worth of bitcoin. Only two of them listened. My sister didn't buy even a hundred dollars worth, is still poor, and whined that she couldn't afford it back then. But she could afford to eat out twice a week and feed five dogs. If she had spent even 10% of that money on bitcoins, she would be a multi-millionaire right now.
So I know how you feel. The older I get, the more I realize that most poor people deserve to be poor. They don't want to save or invest. They only live for moment.
Tell him the NSA created the SHA-156 program that runs it and they hold the patents. The whole thing was created by the government to usher in CBDC! Use cash!
This didn’t age well
Happily don’t own a single bit of that BS
Same here.
You happily don’t own the next generation of the internet. 🤪 Ric Edelman (#1 independent financial advisor) disagrees with you. Where do you think the smart money would be 😜
Crypto has always blown my mind. You're telling me people pay money to buy literally nothing? I mean at least a stock you're loaning a company money in hopes they are successful. Crypto is just some bits somewhere that don't even do anything. I've never understood it; not surprised it's falling apart.
People bought Pet Rock's with Adoption Papers around 50 years ago. Suckers, Money. They always part ways.
Read the white paper, it was created cause the dollar is going to collapse. Not sure when but it's inevitable and anyone who knows how money is made and history knows this.
@@thimblemunch24 Given the USA has 330,000,000 consumers who all want to eat and consume goods and services everyday and they all use the US Dollar as a form of payment for those goods and services, it is very doubtful the US Dollar will collapse anytime soon, let alone the next 100 years. But you go ahead and think whatever you were told by all the Federal Reserve haters out there.
@@id10t98 Yea I know that's called normalcy bias. You should study how money is actually created and what IOU's actually are. All money has more debt to it then it's value when it's created cause the system is already defaulted. It's already over.
@@thimblemunch24 You conspiracy kooks have been saying this same thing for decades! It's like you all want a complete breakdown of society because you've watched so many Rambo-type movies that you believe YOU will be the one's to survive the hoards of looters roaming the streets.
Country's are not people, they dont have a typical lifespan of ~ 60-90 years, they can last for centuries, with China, India and other civilizations lasting through all the "defaults" over the time.
From the time crypto currency began to rise, I was wondering what backed its value. After some study, I found the value was based on speculation and had no financial merit. I advised people to avoid it but my words and explanations were ignored. A costly mistake for some.
Connecting crypto to a ponsi scheme hits the nail on the head. Those at the top get rich while the large majority lose.
Cryptos have a lot of uses : Silk Road, Russian oligarchs, fraud, Lazarus group, money laudering, etc.
@@pierregravel-primeau702 That's right, it's used for dodgy shit on a PUBLIC blockchain...
No, the majority now have an option outside the central banking system. You're acting like these are stocks and they've flooded the market with 21 million Bitcoin, that's not how it works. It's a slow process, and the mining releases less BTC every 4 years, to simulate the mining process of gold.
Qardden token and amazon signed a partnership. It will blow up once it hits mainstream.
These are always scams. Link the article from a reputable source, as this would be huge news.
Every generic token and their grandmother gets a 'partnership' with a billion dollar company a week after their 'white paper' (which is a copy and paste of everyone else's white paper) is released on their website.
Maybe it will. But if it does, it'll just be another case of money being transferred from a bunch of suckers who probably can't afford to lose it to cons who played them for the fools they are.
This did age well. Congratulations.
Crypto is and always has been a way to swindle people out of real money
Let me guess, you tried day trading crypto and lost 90% of your investment in less than 90 days, so rather admit you are a terrible trader, you decided it was just a scam. Lol
@@dbillett1 The notion that earnings from investments depend on skill, is the scam. No-one seems to be able to stop believing that. Read Kahneman.”Thinking ,fast and slow”
The original crypto scene was based around Proof-of-Work Blockchain. Assuming no pre-mine (or insta-mine), these were legitimate projects. However, proof-of-stake, tokens, and NFTs are almost all scams. The crypto market is being swamped by these scams right now. Unfortunately, the scams also get a ton of promotion and money, while the original useful P.O.W. coins are mostly ignored. If you don't understand crypto, just stick to buying Bitcoin, and ignore everything else.
@@Johan-vk5yd I agree completely. I am a long term HODLer. Have been in the crypto market since 2013. I just keep buying the good projects and holding.
@@dbillett1 Are you sure you’re not in the scamming business yourself?
Blame libertarianism, selfishness is a virtue, government's job is to enforce contracts, etc. Things got worse under Reagan due to the amalgam of libertarians and conservatives who wanted to make government small enough to drown in a bath tub to allow the wealthy to work their magic. The lesson is that the market creates problems and incapable of solving them thus requiring regulation, such as Glass-Steagall, to reduce the threat posed by the market and reduce any crisis caused by the market.
Thanks for watching, reach out to me with the number above 👆
Let us not forget who destroyed it: Clinton. His marriage of democrats to wall street meant that normal people now had 2 parties against them in a two party system.
I love him so much. I was introduced to his books during the time when I was trying to get my MBA. Until this day, I always listen to him and receive my education about financing, especially the inequality of the American wealth system.
We would be foolish to assume anyone but taxpayers and workers are gonna end up saddled with “too big to fail” organizations’ losses resulting from a crypto crash.
I don't know how taxpayers take a hit as Crypto bottoms out -- it isn't like they are insured assets.
@@eaglechawks3933 Not familiar with corporate welfare? Here ya go th-cam.com/video/0PqtWwlgGls/w-d-xo.html
You literally don't understand crypto then as you can't just print more crypto like dollars. Way to 💯 totally not understand the most basic parts of it
@@leopheard Oh sweet summer child, it’s not about what is being leveraged, it’s about the leveraging. But you aren’t curious enough to ask or understand yet. Some day you will be.
@@leopheard What do you think "crypto-mining" is?
*I FEEL LIKE THE HOLE SEASON IS OVER, I'M TRYING TO GET INTO TRADING AS A ROOKIE, BUT I'VE HAD SO MUCH LOSS TRYING TO TRADE ON MY OWN, PLEASE WHAT STRATEGIES DO I NEED TO EARN PROFITS FROM THE MARKET*
I came here to learn how to trade after listening to this video I'm still confused, I'm a newbie and I'm open to ideas.
@@petersonhenrik8593 The best strategy to use in trading is to trade a professional who understands the market quite well, that way maximum profit is guaranteed. Because I have learned along the way of my investment that research and analysis are important, note that experience is more needed, than luck when it comes to the financial market.
@@meekdream9992 This Bitcoin trading has set sail. I honestly cannot overemphasize how much delving into Bitcoin trading has helped saved and changed the lives of many.
@@Stella-ej9tz Yeah you're right, most times it amazes me greatly the way I moved fro an average lifestyle to earning over $62k per month, utter shock is the word. I have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus.
@@meekdream9992 Wow buddy, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius in trading.
Like the stock market crash: you should leave when everyone is still partying not when people are panicking to get out
Crypto will go down as one of the great grifts. The housing derivative market of early 2000s at least had some reality to it, though leveraged.
naw, it's the future of trustless contracts and money. Stocks and other risk assets are down as well, due to the current macro economics situation. Millionaires are made in the bear market.
I think it's also worth mentioning that "crypto mining" (the way in which crypto currency is created in the first place) has itself become a significant environmental problem. Crypto mining is a bit like printing your own money and is totally unregulated; all that it requires is a really powerful computer and the electricity to run it. As a consequence, crypto mining has become a huge and on-going consumer of electric power here in the US and in other parts of the world as well and so is also responsible for the significant amounts of greenhouse gases that are being released in the process.
Lies. A lot of it is done with renewable energy now and the clothes dryers in the US use more power, but Americans are too lazy to use a washing line for free but that's just fine
has crypto mining really created a micro chip shortage, or has it been used as an excuse to suppress the manufacturing and artificially supress the market to keep the prices up while demand is continuous??
@@MajICReiki The ASIC chips used to mine bitcoin are totally different than other chips and can't be used in anything else. They aren't even made in the same factories as the CPU chips used in cars, automation, and personal computers.
@@JaimeWarlock Those chips use the same raw resources though. Etherium miners definitely drove up the price of silicon the last few years.
Let ignore the fact most miners will go green as soon as possible to get the cheapest electric.
I always find certain Americans fall for this every generation. Someone making bank understands this problem very well.
LOL! It wouldn't have been so bad if economists hadn't been saying, from the very beginning: "Uh, Ya'll know this a Ponzi Scheme, right?" People are weird.
Not just Americans. Dutch tulip bubble, for example? But otherwise, yes.
@@thegenialdecepticon5244 Some were. Most Chicago/Austrian school weren't, because they believe all monetary problems are caused by government regulation.
Can you blame them, ppl are tired of being poor paycheck to paycheck.
Fewer people control more crypto than dollars, meaning it is less equitable. Counter to what they want you to think.
Freekonomics did a great series on crypto 👍🏻
Crypto isn't backed by anything except what someone else is willing to pay for a string of numbers in a bigger string of numbers. It's the beanie baby of currency. At least the dollar (or other real currencies) are supposed to be backed by the GDP of their nations. Stocks, in theory are backed by the economic output of the companies that issue them.
Exactly! I laugh at crypto believers, since they value crypto in dollars.
I guess you could say it's based on the electricity used to crunch that number.
Which is like carrying a rock up a hill and saying it has greater value than other rocks because of the effort it took to get it there.
And it's not a rock. It's a picture of a rock. It's a piece of paper that says "rock".
And on top of this hill is a bunch of nerds trading pieces of paper that say rock, telling everyone who walks by how valuable their rocks are.
Not the GDP of their nations.
The military.
Lol you have no idea of how money works. Money is only backed by military power and production debt. The US Dollar and Euro are the real ponzi schemes.
@@MrElamerican
"only backed by military power"...
Lol @ "only"
I remember learning about blockchain in 2014 and hoping for a better future of transparency, equality and progressive fiscal policies enforced by code. This space has become just like traditional finance, stomping out most of the hope I had for this future. I love the nerdy tech, but it's become just another tool for corporations to bypass regulation, once again the little people will suffer while these giants get away with our dreams.
I was part of a state level “blockchain council” that help lobby for blockchain and crypto friendly legislation. I was also in hopes of a better future as my focus was on blockchain technology and not crypto. The “blockchain council” soon got taken over by crypto enthusiasts and miners and not a one of the, understood a thing about blockchain technology. I went to meeting after meeting and they were all oblivious to the actual tech and only cared about wealth accumulation. I resigned from the council sometime later and now label them the “mining council”. It makes me sick that a technology with so much potential for good has been set back at least a decade and stigmatized by greedy morons.
There may still be a legitimate use for blockchain someday, but not as a stable currency.
@@ernststravoblofeld Agreed 100%. Crypto currency is just an app running on blockchain technology anyway. People conflate them.
@@Lucas-hb1uq Have you read Ministry for the Future? In that book a future is imagined where as part of efforts to fight climate change the UN issues a blockchain based currency in return for every ton of carbon removed from the atmosphere, to reward people for doing that.
@@adrianthoroughgood1191 I’m aware of the concept but I don’t agree with the premise as you cannot combat runaway capitalism with more capitalism. Capitalism is literally antithetical to the environment.
The Cult of Crypto has to go.
Thanks for watching, reach out to me with the number above 👆
Wow. An education. Thank you, Robert.
any UNREGULATED investment ESPECIALLY one derisively named "crypto" should scare you off --- but evidently the opposite happened as many invested -- or rather suckered into investing -- without the slightest clue abut what they were doing. Gee, and I thought Wall St was for suckers but this crypto con makes Wall ST games look like a model of transparency --
Much of it came down to social (media) engineering. In that context, it is only fitting, that the Winklevoss twins became significant shareholders of Bitcoin early on.
It also helps that banks and big finance make for easy "evil guys". So presenting Bitcoin as the noble alternative ropes in many guys from all kinds of political spectrums. Be it right-wing knuckleheads, who want to dry out the "Jewish Banksters", radical lefts, who see Bitcoin as a monetary token "of the people" or hardcore libertarians, who will get a boner over everything, that evades taxes. And then of course, there were the criminals, the actual and most pragmatic idealists of the Bitcoin world, who actually used it as some form of low key currency.
But this is rag tag bunch is just the evangelized core. The rest (and the clear majority) are speculators and their punchline delivering shysters, who live and die with the hype surrounding that nonsense.
I would say this is way past "going to crash" and well into "is crashing", but the point still stands.
This is very confusing.
Many people who tell me that they are rich because of "crypto investments", always report their riches in terms of some baseline fiat currency.
Very odd.
I am rich because of Jesus and my treasure is stored up in Heaven.
@@voidremoved
Your story is worse than the crypto people.
Lol yeah of course. There is no working frame work for crypto as currencies and there probably never will be
because you buy that amount of the crypto, that number doesn't increase/decrease but the value does, and you can compare any two coins or compare it with fiat to compare it's value. just like buying stocks
@@infelicities
What is the unit of measurement or the external tangible asset used to measure that gained (or lost) value?
During the summer of 2013, I had 39 BTC in my Silk Road wallet. I knew then that it wasn't wise to keep them in my Silk Road account, but to be honest, at that time I was intending to spend them on Silk Road, not sit on them as an investment. A few months later, Silk Road was shut down and everything was seized by the Feds... But if I HAD stored them in a personal wallet and paid them no attention until today, they would now be worth $772,851.30.
I couldn't figure out where the value came from, which is why I shied away from cryptocurrency.
Let me give you one, no one can ever steal your crypto, not your neighbor, not the banks, not the police.
When you leave your coins in an exchange or in a bank, thats when you loose it all.
@@ZackLee Um...sure, but one could say the same of burying it halfway between two trees.
My main point wasn't about protection, so much as it was about inherent value. Why do people pay so much for cryptocurrency? It doesn't have any inherent value unless one counts a desire which seems to be completely manufactured.
Crypto is gambling
Then what's the stock market 🤣🤣🤣
@@leopheard stocks are real company’s, and it goes up and down everyday. But overtime stocks always go up.
Please dont insult gambling by comparing it to crypto
@@conquer1482 "Overtime stocks always go up." What? Do you remember the 90s and the dot-bomb? Companies that had nothing behind them except an idea. Also, bitcoin is still way up from what it was 10 years ago.
@@jwallah346 crpto reached all time high of nearly 70,000 than crashes to 20,000. It can go up quick but go down quick as well. Also u can’t buy anything with crypto. Like if u purchase something in a store u can’t purchase it with bitcoin. That’s why it’s risky. It’s not real company there no real value.
This is the only time I have ever agreed with Robert Reich. Crypto is a giant musical chairs game. The music will stop and someone is going to be without a seat. There will be a lot of people who go broke as a result. Put your money in an index fund - find a nice REIT or ETF.
This happens with the stock market too.
@@leopheard Just spend it!
@@oswarz nah I'll hang on to it thanks
Crypto Currency ITS NOT a currency, its not equivalent to money! It is just a digital financial asset with great liquidity.
It's basically stock in a company that never existed. that's a ponzi scheme.
And no real value.
Crypto is valuable for one reason and only one reason. People can use crypto to bypass the banking system to exchange it for goods and services that governments deem illegal, otherwise it has no value.
So what? It's Monopoly money, anyway.
It's only utility is ransomware
I use bitcoin transactionally. My medical insurance company (Anthem Blue Cross) will not pay for the medicine I need; probably because in the USA only the brand name is available and is $1000/week ($150 per pill). I cannot afford to travel to Canada to get the generic but found a real pharmacy offshore that buys the generic straight from India (all generics are made in India). I could use a bank wire, but slower and expensive. Bitcoin costs me nothing: I buy the bitcoin I need for my med and send to the pharmacy, no added cost. A couple weeks later I get the med, about $1 per pill. I know the med is real since I get the same side effect as when I did buy the name brand (but had to stop for obvious reasons).
@@AZ-if2mj me too, that seems to be the only valid use case. In our insane world, you can finally, legally, bet sports in the US in most states , since 'suddenly' states realized they could cash in. But that kind of sports betting is a slow (or quick) path to ruin since the sports books (the 'house') have around a 10% edge. I bet on an Exchange, no house edge, but since it's based overseas I need to fund it via bitcoin. Bitcoin has its uses, but there arent many.
crypto should be used as currency not as an investment
Don’t put what you’re not willing to lose
I'm surprised that Beanie Babies for tech bros isn't all that it was cracked up to be.
rofl
You do realize that it has had 99% drops in the early days and it has always come back? It was $4K in 2020
@@leopheard ever heard of great english buble south sea one? britain still pays for it 150 200 years later.its stock also came back up again and again until it crushed worlds largest economy
@@Myanmartiger921 I just looked into it, hadn't heard of no but thank for letting me know
It seems there are bots promoting crypto in the comments. I hope people aren't dumb enough to look into that after watching this video.
Also this bot ^ is impersonating Robert (it has the same pfp and its channel name contains Robert Reich's name preceded by a WhatsApp number) in an attempt to solicit dms from your audience. I think you can ban this account as well as block comments shilling certain tokens.
@@cristiansharp6541 Click on the three dots next to its comment (hover next to it and they will appear) and then click "report".
I'm not a bot.
Meanwhile, I have no cryptocurrency to my name and I feel fine.
🔝📥
Thanks. ,,,,,,,,,,,,,, for watching
DM me up Let's talk on how to invest
or trade on Bitcoin......
👍 thanks for watching
You can join our VIP offers,,
Send a direct msg right away
Wealth sequestering is not capitalism. It is what is STRANGLING capitalism.
Tax it back.
- "But but but, you see, it's better than regular money because it not regulated by big bad banks..."
... crypto platform unilaterally freezes all your assets... 🤣
Right but also lacks any protection. You could loose it all then get nothing back bc no regulation requires it to.
I find it weird that tRumpist in the GQP all want to invest in a currency who's only real use is buying drugs or child porn or whatever they accuse everyone else of doing. There is no legal use of crypto that isn't usually simpler and cheaper some other way.
That's a centralized 3rd party, not cryptocurrency or the underlying blockchain itself. Bitcoin cannot be frozen if you control the keys. It can if you give the keys to someone else (Celsius)
@@WoJackHorseman "if you control the keys"... 99% don't apparently
@@mururoa7024 Made up statistic
Crypto is pretend money. You might as well be using monopoly money. Here's the rule. If you can't take it down to the IRS and pay your taxes with it, it's not real money. It's only worth is what you can CONvince another person to give you for it.
Although I fully agree with your comments on crypto, the stock market is no different.
By your logic:
How is the entire USA money system Not a scheme..?
... the dollar is NOT backed up by gold..
...it’s valuable only because people “believe” in it..!
... plus government is just printing endless amounts of it to pay for other “expenses”...! ...which is analogous to making new investors...!
@@oskarngo9138 It is. The US dollar maintains its value partly because it is used as an investment asset by other countries. However, I would argue that it is primarily a currency not an investment asset, whereas crypto and the stock market are primarily investment assets with crypto having zero real world inherent value and stocks varying from having a real world value close to the stock value to having the stock value bear almost no relation to the real world value making them no different from crypto with their value supported solely by investor interest and subject to crashes. All three systems extract money from some people and give it to others.
@@TimothyWhiteheadzm
Agree..
Most experts, say “Severe Hardships” is coming...
What can one invest in... if the stock market is no good...?
@@oskarngo9138 It isn't quite true that the stock market is 'no good', or even that you cannot invest in crypto. Just be aware that such markets can crash. Housing is typically a safer investment, but even that is subject to bubbles and crashes.
Not all crypto projects are created equal. You are generalizing across a very diverse community of researchers, developers, entrepreneurs, and yes, speculators. There are legitimate innovations occurring, and your generalization against the entire community does those workers a great disservice.
I'm still trying to decide if I should invest in tulips. I hear they're the next big thing!
😁
Nice reference!
Candles are the next boom
🤣🤣🤣
dog turds will have more value than crypto when it crashes.
From the beginning I couldn’t justify trading US currency for air, literally AIR. My second question, who’s pocket is this money going in?
Essentially, everyone the buyer bought the crypro from.
Like he said, it's a ponzi/pyramid scheme, and those always end VERY badly for everyone at the end of the line.
Whose ever pocket the money was going in, is doing well now. They got all those folks money and those folks got nothing in return.
The crypto game sounded too good to be true from the very beginning.
Well not AIR, more like magnetic domains on a hard drive.
US currency is still just paper. A lot of it saturated with fossil fuel war blood.
nobody knows. The best theory I've seen, from a DNA researcher who applied their software to analyzing the blockchain, is that about a dozen entities own most of BTC. If BTC achieves widespread adoption, these dozen or so people will become trillionaires. Quadrillionaires maybe. We don't know who any of them are. They could be Chinese government bodies. Or Russian generals. Or they could be European hackers.
If you don't trust the government, you *definitely* shouldn't trust bitcoin.
I'm usually on the same page with RR, but not this time. I agree with what he says about the stock market crash and the 2008 real estate crash - those are a matter of record. But I believe Bitcoin has a better basis for value than does the dollar. It is the dollar that deserves the title of Ponzi scheme. What will the buying power of a dollar be in five years when they continue to print more in nearly unlimited amounts? That said, the crypto space can be a dangerous place and those that chose to participate in it should do so cautiously, slowly, and avoid riskier elements such as leveraging. As for anyone who lost their life savings in crypto, one should never have all their eggs in one basket - we all know that, don't we?
👆👆ᴛᴇxᴛ "ᴍᴀx ғᴏʀ ᴛʜᴇ ɴᴇᴡᴇsᴛ ɪɴᴠᴇsᴛᴍᴇɴᴛ ᴛɪᴘs ʀᴇɢᴀʀᴅɪɴɢ ᴄʀʏᴘᴛᴏ•
Bitcoin's designed scarcity and limiting cap is the one true, uncorruptable positive thing about it. Crypto has become a security(legally defined as such) with no real backing these days. the overinflation and overvaluing of the crypto market has killed much of what was positive about it. I still believe in bitcoin having a possible place in the world to stay, but i wouldn't be as certain about a vast majority of other coins.
Buying Bitcoin right now. Every bear market it's a Ponzi scheme 😉
👆👆ᴛᴇxᴛ "ᴍᴀx ғᴏʀ ᴛʜᴇ ɴᴇᴡᴇsᴛ ɪɴᴠᴇsᴛᴍᴇɴᴛ ᴛɪᴘs ʀᴇɢᴀʀᴅɪɴɢ ᴄʀʏᴘᴛᴏ•
This aged well. No one lost anything if they held BTC or Ether.
you mean not yet
@@stevez5134 Still been going up since 2010 and never gone below 1 cent.
Always words of wisdom from Mr,R. Please listen to him your wallet will thank you.
Crypto Currency is just that, a currency. Not an investment. It is a store of value, like gold and should be used as a medium of transaction. The main thing robert reich hates about bitcoin is that he and his cronies don't get to control it.
Bitcoin and NFT's are in many ways a response to the 2008 crash. while many called for more regulation, there were some that called for LESS for some baffling reason.
What I saw was the second the government even hinted that they were thinking about regulating cripto, the entire thing started to collapse
i could probably buy an nft for pennies now. not that it will mean you own an actual item... NFTs are virtual bragging tokens that stupid people purchase.
While the Fed has the power to infinitely print money, Bitcoin will be the answer. The dollar has lost 99% of its value since 1914
@@leopheard you talk about the US currency degrading over a century while Bitcoin cant hold a consistent value. the value of bitcoin dramatically changes hour by hour.
Insiders want less regulation to make money the old fashion way: rip people off
@@leopheard And? Terra Luna lost 99.99% almost overnight. Solana lost 93% in less than a year. Viewing crypto as the answer to fiat-currency inflation is a bit like viewing vodka as the answer to an alcoholic's beer drinking habit.
So, this is really general... I do agree with defi meltdowns. The issue is the space is begging for regulation and the government is dragging their feet. BTC and ETH have both crashed and recovered with generally higher lows and highs, over time.
Fiat isn't working and you have to have an investment vehicle that, at minimum, appreciates as much as inflation. Just like stocks and gold, BTC is volatile, but outperforms virtually everything with less risk.
Spotted this as a scam when it started, didn't take long for the other shoe to drop.
You know I think it started off with good intentions then the inability to regulate it before it got off the ground really turned it into a scam. Identical to the 1929 crash
What are you all talking about. There is no crash. All surviving projects that began before the 2020 halving event are still trending upward. It's just crypto winter. Historically crypto winter comes about 1-2 years after the Bitcoin halving. This guy just lost all credibility with me as an economic "expert". You guys are all learning from a man that is just as clueless as you are.
Just say you're too afraid. Blockchain technology is nothing but an upgrade to the internet. That's why it's called Web3 technology. There were millions of idiots claiming the internet won't go anywhere in the 90s too.
It's software. Software gets updated and upgraded regularly if you build it properly. What you see today won't be the end product. Any of you remember WebCrawler or Lycos? Those no longer exist.
When people say crypto and don't distinguish Bitcoin, it is a tell that they have not done their research. They simply read headlines and make sheep noises.
Thanks for this eye opening video. It makes perfect sense. I always liked the idea of having a currency run by the users but this is too sketchy.
Yeah, in 2013 being weary of bitcoin was pretty justified. But now today bitcoin is legal tender in 2 countries with many more countries writing the legal frameworks to make bitcoin legal tender in their countries as well. Many countries have also started purchasing bitcoin to hold in their treasuries to back their that currencies. Then there are web and metaverse projects. You might want to do some research and figure out what's going on. This video by Mr Reich is a prime example of spreading fear, uncertainty, and doubt for political gain.
@@dbillett1 countries buy bitcoin?🤣🤣🤣. Banks and countries hold gold.
@@vasme973 Yes some countries, such as El Salvador, have started buying bitcoin. Other countries have started mining bitcoin using renewable energy sources. So yourself and your kids a favor and educate yourself.
@@dbillett1 Yeah, and now the Salvadoran economy is even more unstable and subject to empty speculation than the regular stock market.
@@granudisimo That is an incorrect evaluation. Apparently you didn't do any research before commenting because El Salvadore is seeing a resurgence in infrastructure investment and an increase in tourist activity because of their bitcoin adoption. This is because moving to bitcoin gets El Salvadore out from under the control of the U.S. and its rampant money printing. In a few years El Salvadore will be a model of how a third world nation can rebuild itself without borrowing from China or saddling itself with the IMF's draconian austerity rules. Why don't you go back to 2013 when the IMF's austerity plan was ravaging the Greece economy and Greece was flirting with adopting bitcoin and adding it to their treasury. Had they actually gone through with that, Greece would have been out of debt by 2017 and would have more than 4x'd their treasuries wealth by 2021. Instead it will take till 2034 just to get back to pre-2008 crisis levels. The math don't lie my friend.
I am so thankful to you, Secretary Reich, for telling it straight! You are the last adult in the room. God bless you, dear sir!
Quantitative easing- print more money. USD is a scam, BTC has a finite supply.
Finally, reasoned perspective!
Turns out spending 10k on GPU's for mining and raising your electric bill tenfold for a make-believe "currency" that routinely fluctuations between 90% devaluation is a bad idea.
Nice to hear from an actual economist. Thank you Dr. Reich.
@@Zach-ju5vi You're an actual sleep inducing troll, triggered as always by anyone who compliments the GREAT Professor Reich. Nothing ever changes with you Ambien Zach.
He's a neoliberal. Hardly an economist
He actually graduated with an art degree if Im remembering it correctly - might be history if Im wrong.
Most of what Robert Reich is saying about crypto in this video is inaccurate. Celsius is not a DeFi protocol, it's a centralized lender for example. I can't say to much, because my posts tend to get censored here because Robert doesn't want his followers knowing the truth about the fear, uncertainty, and doubt that he likes to sow.
@@Zach-ju5vi was formerly a Lecturer at Harvard University's John F. Kennedy School of Government[8] and professor of social and economic policy at the Heller School for Social Policy and Management of Brandeis University. JD from Yale and a Rhodes scholar
Thorpe, who lead the Quants, beat the Vegas casinos, and developed the math for hedge funds, was asked how much he’d put in the “investment backed securities” that fueled the 2008 collapse. When he said he didn’t buy them, a fellow hedge fund manager asked why. Thorpe explained that the math only worked if you understand the inputs. He said he couldn’t account for the value of “mortgage backed securities”.
The same with cryptocurrency. There’s no way to account for the value. It’s all driven by speculation- which is fine if you’re first in and first out. Someone’s going to get stuck holding the bag when the valuation of this virtually worthless “product” becomes clear.
Thank you. I just finished reading about Three Arrows Capital and the collapse of Luna and terraUSD.
You said it right , Mr Reich …
It is unregulated , no depositary insurance. No controls , no capital provisions , no risk management.
The FDIC was created by New Deal Politics. Along with Social Security, Glass Steagall. 😊
It may be time for you to explain, at length , the meaning of New Deal. You’ve done it by parsing it in previous videos , yet you need to bring it in a comprehensive manter. Not everyone reads your books.
Pretty ironic that BTC was created as a response to the bailout after 2008 financial crisis.
Kind of funny that RR wants to blame the 1999 repeal of Glass-Steagall for the 2008 housing bubble crash, yet completely ignores the Clinton Administration (of which he was part) changing the rules on Fannie Mae and Freddie Mac in 1999 to force them to buy mortgages they would never have considered previously. He wants to blame banks for it, but completely ignores that banks would not have issued 7-year ARMs to home buyers if it wasn't for Fannie and Freddie buying them up to meet "affordable housing goals". The 2008 crash was CAUSED by Government Regulation.
And yes, BTC has done exactly what it was designed to do. If you were smart you would start dollar cost averaging in. Bitcoin will be $180,000 per coin next halving.
*crisis
@@TheGreatAtario TanQ.
It's not the BTC that has failed. And, yes, it was created exactly as a response to the financial system failure of 2008- 09.
Put Bitcoin in a cold wallet. Be your own bank!
I'm no economist, but even I knew, from the very beginning, that you can't simply "make up" a currency, base it on nothing tangible, and then expect it to become a self-sustaining economic power. The fact that you had to buy it with REAL MONEY should have been your first clue, Einsteins.
You didn't have to buy it, anyone could/can mine it. Any decent mineable coin that is, but all other shitcoins you have a point. The idea of bitcoin was to take the money creation power out of the hands of banks and governments. Seems to be working fine.
@@funster73mcr2 Exactly. You get a computer to do some math; therefore, it has real value!
Do you realize how ridiculous that is if you just take a step back?
@@GlennC789 take a step back from banking and realise your putting your trust in something that shouldn't be trusted. The banks nicked the gold and silver. The money in your pocket only has value because your country will take it as tax. Bitcoin is just over a decade old. I wouldn't bet against it in the long run. The public will be the ones to decide in the long run, though general consensus seems to be their dumb enough to pick a cbdc instead.
@@funster73mcr2 No problem if you have a megawatt electric generator in your back yard.
@@funster73mcr2 - Um, the government is US. Take the power away from us and give it to the same FFFking idiots who think that they know more about vaccines than trained and experience virologists? Idiots and con men. Nice combination. All we see here is recitations of the anecdotal evidence fallacy.
He shows his total ignorance about cryptocurrencies. He calls all of them a ponzi scheme. Ridiculous.
Only "invest" in crypto if your financial situation convers your basic needs and leaves you with extra cash for savings and bs.
Don't count on regulations. Regular stocks crash as well.
Crypto is NOT investing, its gambling and speculation hoping YOUR not the bag holder. Crypto has ZERO value, no earnings, no assets, produces nothing, and is uninsured. Your money can literally vanish in a second and there isn't a damn thing you can do about it. A real investment is backed by a Companies assets, it's revenues and earnings, it's products, inventory, real estate, intellectual property, you know, things that can actually be sold to generate cash to pay it's shareholders in case of bankruptcy.
If you want to use crypto for any kind of general transactions, do NOT use it as an investment instrument. Regular stocks generally crash because of a combination of a lack of transparency (information crisis) and a failure to deliver value (lack of demand, low production capacity or even because of ill intent), especially when people over invest because of that information crisis (poorly labeled ingredients, so to speak.) This is precisely what is happening in crypto. Lots of people put a lot of money into something based on what they read on the tin, but the actual ingredients bare little resemblance to the label, so everything got pumped up for rug pulls. The hopes and dreams are (in some cases) noble, but until investment is completely decoupled from the blockchain and web3 tech (not easy, I know), crypto will not achieve mainstream success. Reich describes well the dependencies this kind of speculation relies on.
Reading some of these comments saying "now might be a good time to get crypto at a discount" made me laugh. Did you all not watch the video and went straight to commenting? Why you all think some made up money from anonymous people has ANY value is beyond me.
Shoutout to CoffeeZilla who covers this and other grifts in depth
yeah, he & spencer cornelia have been quite critical of crypto for a while now...
I don't believe anything crypto should be regulated. it would only give the average investor the idea that there was something legitimate about it.
If crypto gets regulated, it dies. Because that would require auditing and transparency. Why you think FTX was located on the Bahamas?
Regulation is for crypto, what sunlight is for vampires.
Besides being a ponzi scheme, generating crypto is a huge energy sink. Just last year the energy used to creat crypto in the US was equal to the energy used by the state of Washington that year.
Tv"s left on standby use enough to power Sweden. what's your point.
Thank you for reminding me crypto (especially bitcoin) is still a thing!
I was excited about crypto till I figured out its inseperable from the dollar. Kinda makes it useless for money reform.
Thanks for watching, reach out to me with the number above 👆
Since the 1970's the USA population has doubled. Imagine if the money supply had never increased with the size of the population- most people would be making just $50/week, new cars would only cost around $4,000 and homes would be less than $50,000. And that doesnt include the increase in the WORLD's population and all the people around the world that want to have US dollars!
@@id10t98 sounds like 60s prices. They're always printing more money and we do have domestic capitalist growth but almost all the profits distribute upwards and stagnate. The money exists on paper but it's left the economy. We have to print more to pay for the interest on those legacy money piles that do nothing for the economy.
@@drphosferrous Easy solution- tax the rich more and bring the stagnant money back into the economy. Oh wait, that means RepubliQanons will have to vote to raise taxes, never mind...
It was exciting for a while then we had the wrong regulation - making the truly anonymous cash dollar bill more worthy. But with everybody using apple pay and credit cards who cares about bashing crypto we get the worst of all worlds instead
First they laugh at you.
Then they mock you.
Then they get angry at you.
Then they capitulate and pretend they were always for it.
TA-DAH!💥 it blowed up real good.
🔝🔝🔝📈..
Important to note here--crypto as a concept isn't the problem. It's the lack of regulation.
The underlying technology of a lot of the major players in crypto is something worth developing, and some aspects of DeFi are an attractive option to bring the third world into the global market.
The problem is that there are always a lot of snake oil salesman selling dreams to people who don't actually understand (and are being kept in the dark) about what's actually happening with their money.
The whole concept of web3 is here to stay, but like the wild west of finance in the 1920s, it's mechanisms need to be better understood by the public, and ideally, activism from the pbulic is what ought to drive the regulation of crypto and web3 technologies.
in my opinion capitalism is the problem... cryptographically secured blockchain tech is one of the greatest achievements of humans this century.. without our reward systems being hijacked by the profit motive we wouldnt have anything close to this many scams and we would all be educated enough to tell what is a scam and how to build these projects effectively
@@BemkyWatchesBuffy I really don't think blockchain is quite the paradigm-shifting technology people wish it were. and the reason why is I don't see it showing up in any security applications in the back end of IT. and I watched three blue one brown do a mathematical breakdown of how it worked and I wasn't really that impressed. looking at it from a systems engineering perspective you can either have a complete blockchain or you can have a journaling system that consistently performs but you can never have both. and that's probably why I don't see it in high security applications because I think the wildly overstated effectiveness fails when the ROI is achieved by something other than a flat out Ponzi scheme
@@angelainamarie9656 The majority of its unrealized use case has nothing to do with finance or money, though. it seems like everything you just mentioned falls within that category. I see it as a cryptographically secured decentralized consensus platform. I see decentralized autonomous organizations replacing the majority of our for-profit institutions and our government institutions.
Nope. Greed is the problem. On the part of both buyers and sellers.
@@angelainamarie9656 Only IBM, Microsoft, Oracle, and Intel are currently building high security applications atm. With JP Morgan, Goldman Sachs, Alibaba, Northern Trust and other banks using blockchain to install triple blind data security practices. Not to mention Microsoft Azure in its own Xbox system for royalties to game developers, while Amazon uses blockchain to track shipments all over the world. Kodak uses blockchain to protect image copyrights. The list goes on and I and is only accelerating. We are at the Very beginning of blockchain tech. Very few people thought pc's or the Internet amounted to much in the beginning also.
The biggest red flag for me, when it came to all the crypto hype, was how incredibly low brow the talk about finance, money and blockchain was and continues to be in the crypto space. There is no fundamental understanding or viewpoint to be found whatsoever. Because there can't be. If you look at Bitcoin and the surrounding, routinely very superficial claims (stuff like: "decentralization is great, blockchain is disruptive" etc.), it loses it's appeal pretty fast. Because reality always catches up with nonsense eventually.
qardden token is awaiting major CEX listings. It's possible to hit 100x this year.
Thanks for watching, reach out to me with the number above 👆
Personally, I hide my money in BeanieBabies and Pogs.
It's the only way to be sure.
Of course! Converting your REAL money into unicorn money was bound to fail.
🔝📥
Thanks. ,,,,,,,,,,,,,, for watching
DM me up Let's talk on how to invest
or trade on Bitcoin......
👍 thanks for watching
You can join our VIP offers,,
Send a direct msg right away
@@adamfitz5183 Wow, when did cryptocurrencies get the ability to have the violence of a state to tax people? That's new. You guys have militaries too? No, and no, so no, you are not a currency with value. Oh, so you sell goods? Oh, you sell made up stuff to invent the work to make up the value. That sounds real to me.
Ethereum is up close to 100% in the last 30 days
@@adamfitz5183 Backed by countries' governments with tangible assets, nukes, military and law enforcement. Who can throw you in jail if you don't pay them taxes in their currency. Cryptobros have zero backing in law or assets.
The fine art of speculation and captivation. Modern day Alchemy still a myth.
Thanks for watching...👆Get in touch and write me to participate in our current investment offers 📊📊
i absolutely already shared this with 3 people by about 4/5ths way through!
Thanks for watching, reach out to me with the number above 👆
Imagine being told you couldn't have back what is YOURS !!
I think a simple conundrum with crypto is, assuming it is intended to be a currency and a currency capable of interrupting and even overtaking government backed currency, why do we have to buy it using USD or other government backed currency?
What do you want to buy it with? Wampum, or wheels of cheese. Everything starts somewhere
@@harrysachs1709 Technically it is created by energy, a global computer system doing calculations and it's value like all things are derived by what you are willing to pay for it in any currency including other types of crypto. The U.S. dollar on the other hand is created at the whim of a few people out of nothing.
@@m0nkey13 technically crypto was supposed to be created by the work peoples computers do to process others using the same crypto. That is thier payment for doing the calculations. Everybody is getting away from that method tho and it has about as much backing as fiat currency now if not less
@@harrysachs1709 What exactly is fiat currency backed up with? Bitcoin is backed up by a global computer network, sure it grew because it's viewed as a good business model. The hash rate is at an all time high and it's the most secure method ever invented. Personally I like the idea of controlling my own money in my own wallet on a super secure system with no third parties that doesn't require trust with 3rd party institutions. But do what you like and good luck.
@@m0nkey13 I'm all for crypto I own quite alot. I think you got this all wrong. The only problem is you can get ripped off. Its not totally secure and bitcoin will not be proof of work for too much longer. Fiat is backed by nothing and neither is a crypto "coin". Especially with no regulation. But good luck and i hope it's super secure like you think because I own a ton but I know it could all come crashing down at any time
If crypto doesn't want regulations then NO way should our government pay for anything to do with it. If a too big to fail business wants to tangle with crypto and crashes then the government should take ownership of the company and get rid of any executive that lead to the company ruin, plain and simple, keep the workers and get rid of the megalomaniac owners.
Getting Money is an issue that everyone has in order to live a better and more luxurious life. Life was difficult for me until I began mining crypto. I'm now earning so much gains even with the current crash happening in the trading market.
How? I'm new to cryptocurrency thing; could you kindly walk me through how you do mine cryptos ??
@@RDavid. I started making mônèy when sir Williams T. Kevin started putting me through crypto mining & also guiding me through managing my investment portfolio. He enjoys teaching Investment strrategies.
You can communicate with him on telegam with the user name below for more information you need to know about crypto mining.
@@RDavid. Earnwithkevin.
Sir Williams T. Kevin is highly recommended, Its always good to go with the right choice
i love when old people talk about crypto they have no idea what they are talking about 😆