This YouTuber lost all his money because of crypto
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- เผยแพร่เมื่อ 13 พ.ค. 2022
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edited by: three take thornberry
#ludwig #crypto #crash
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I took out a second mortgage on wife’s boyfriend’s home to buy Luna because of you Ludwig. I consider you not only a close friend but also my most trusted financial advisor.
In a legally binding sense of course
You are mother
why
well sound like it was a sound investment. now your wife’s boyfriend won’t have a home anymore
tell me your joking
The dude who spent 72 cents to cover the potential 10 million dollar bet is such a fucking baller dude, actual 1000IQ moment
Wasn't it kinda obvious
Can we just appreciate that Lud always comes directly to the point without useless intermissions
He legit click baited… pre sure 2.8 mill is not all of KSIs money
does it still count as clickbait if the title is lying but the exact tweet is in the thumbnail?
@@ItalianStallionYT he lost all his money that was in Luna? The titles factual!
@@SomeKindaELF it doesent say that tho it says lost all his ‘money’
@@ItalianStallionYT yes in literary terms that’s a sweeping statement, no context is provided. If context was provided then it would be untrue but the ambiguity is purposeful to allow for clickbaiting within the realms of factual!
It’s good that you’re introspective about this - I wonder if Matt Damon feels guilty (he probably should).Promoting crypto is a lot like promoting gambling - you have to make it clear that you may loose everything and that oftentimes the little guy’s going to get scammed.
Coinbase is a middle man in crypto, it just makes peoples lives in crypto easier and alot safer.
Its a perfectly fine and extremely moral business, why would he ever feel bad about it lol
@@rantlyy Matt Damon should feel guilty because his advert implies that you are coward if you don't invest in crypto. Ludwig shouldn't feel guilty - but it's good that he's introspective about it.
@@camhusmj38 its a coinbase ad for the superbowl? What did you expect.
Stop trying to virtue signal its not cool
100% "don't be pussy, invest in crypto"
@@camhusmj38 please stop being so soft lol. I’m gonna pull the old every parents’ argument - if Matt Damon told you to jump off a bridge, would you do it? He doesn’t owe an apology to anybody since you know it’s just an ad and they get paid for it. I swear y’all are just tryina find ways to make celebrities apologize or get canceled these days
I think where I draw the line is when creators actually push specific coins. Telling your fans about coinbase might have indirect consequences, but it's nowhere near comparable to creators pumping any specific coin (regardless of if they themselves dump, because others might take advantage of it too)
When has a creator ever promoted a specific coin without it being a scam (whether or not they’re in on it)? Most coins are scams and the fact someone’s paying to promote one just means there’s money to be had from suckers. No one promotes the two big coins like that.
Save the kids
@@camhusmj38 I don't have an example at the top of my head but I was just trying to be charitable. I'm sure not every single creator intended on scamming their fans and may have been scammed themselves (being famous doesn't make you smart)
@@Emma-zc5jm Oh, yeah - sometimes they don’t know it’s a scam; but for the fan who invests their money, that doesn’t really matter.
@@camhusmj38 agreed
I gotta say, Mogul Mail has embraced clickbait even more than Ludwig ever did on his channel lol
didn't read the title, i think, just the tweet.
Ehhh it's not ALL of ksi's money but 2.8 million dollars lost is a big oof xD.
It’s only clickbait if the video isn’t relevant to the title
@@JonLipton its also clickbait if the title or thumbnail is wrong or misleading, and ksi isn’t going bankrupt like the title implies
Only Mogul Moves here
Hard to feel bad for crypto bros when everyone was telling them this was inevitable.
And they called *us* delusional. The crypto and NFT crash and burn was inevitable.
When things seem too good to be true, they often are lol
You guys have been talking about the burn of crypto for a decade now every time it crashes and then it simply goes back up
@@Nicolas7gr the rate at which it fails is more frequent than most currencies.
@@billimaddi3925 what does that even mean? Bitcoin is still up 10x compared to 3 years ago. Saying "I told you so" "this was inevitable" to people that have multiplied their money 10x in 3 years just makes you guys actually delusional
@@Nicolas7gr don't know the first thing about crypto but wouldn't this crash still fuck over the people who invested late? Investing a hundred dollars for the chance to get a big payout is way different than investing 10k and risk loosing everything. even if the market recovers it might not reach the same heights anytime soon. and at that point it might be better investing somewhere else
There was a good tweet about this: "Oh you lost all your lifesavings? I thought you were investing, not gambling"
Yea, i'll see you in a few years when you're all of the sudden "investing" in Crypto stuff and forget about your ignorant comments. 90% chance you will buy NFTs or invest in it in the next 10 years. A little hint: NFT's will be more than just trashy monkey pics.
I personally don't have a problem with you endorsing projects you believe in as long as your being truthful about them. At the end of the day this is all investing/gambling and we should only be putting in money we can afford to lose. With that being said I would never buy a product just because someone else I follow has endorsed it. I will look into it myself and if I think it's worth my time and money I will throw a couple of bucks it's way.
The problem is that even though you might think that way, many others might not
Honestly I'm almost less likely to buy or use a product that someone got paid to promote. Excluding the ones that are promoted by people i really respect or ads where the creator is allowed to do or say pretty much anything
@@remcon559 im not trying to attack you or anything, but isnt your comment kinda pointless? ludwig asks in the video for peoples opinion on doing coinbase ad reads. deathtrap is trying to say that they think its fine, because it is common sense that money you invest, like money you gamble, is money that may end up down the drain. regardless of others who may see the adverts as preying those without that common sense, if deathtrap truly believes that what they said about money is common sense and that people should be held to a certain amount of person responsibility, then he is just giving his opinion like Ludwig asked.
@@remcon559 thats for those other people to deal with maybe they'll learn to be smart with their money lol
I kind of do when the endorsements are based off of hype and lies only to try to dupe the persons followers into putting money into it.
"Yeah and I watch porn because I like the story." best turn around statement ever. Had me laughing.
Nice video, Ludwig. I like the fact that your transparent on the issue-and you don’t pull punches when talking about how dumb it can be. Seeing as you have those caveats everywhere I feel like it’s totally moral to let these big companies like coinbase sponsor your content/allow you to do bigger things
Really like the Mogul Mail channel-I think it’s some of your best stuff (mr. journalist) 👍🏼
“The crypto market crashed”
Wow, who would have ever guessed this….
Damn, that’s crazy…
You dislike the stuff that gets uploaded by my fingers clicking upload? Are you just a h8er boi? I say see you l8er, boi. Don't watch the stuff that gets uploaded by my fingers clicking upload anymore. Your dislikes are damaging my good good GOOD reputation. I am a superstar, dear ryan
I mean right now we are still in a ridiculously early era of technology and cryptocurrency by extension. Historically, when any new market appears, it is rarely ever stable in the beginning, but sometime in the future maybe decades from now if not over a hundred years, I genuinely believe we will move to either a fully authoritarian society where cryptocurrency can’t exist or we are more libertarian and cryptocurrency is the only currency. Of course things could continue like now, but I think we would all prefer freedom and a truly free market.
@@Arjun-or7nx or neither
@@Arjun-or7nx ah yes free market so you can lose 2.8 mil due to your own stupidity. I like that.
Literally bought some crypto a week before this happened, sorry guys didn’t mean to crash the market
thx a lot
It’s ok man, it happens.
You asked the same question a few months back too, and I have the same stance. I think it's better to cut ties, for all influencers to cut ties with crypto sponsors honestly, but if you don't, that doesn't make you evil or a bad guy. I think if you have alternative sponsors, which you must being as huge as you are, it's so so much better to just go with them.
If you do keep coinbase as a sponsor though, I guess, at the end of the day, just keep making honest videos like this, so you don't actually lead anyone too astray. Be honest about it, don't market it as a get rich quick scheme, add disclaimers, etc.
If you believe in the Project i dont see any problems with you promoting and doing an ad read for it. As long as you are transparent about it and you also tell the viewers about the risk (may it be in the ad or in a seperate video like this one). In the end if someone gets influenced by you to buy crypto it was probably just the nail in the coffin for them as they were most likely already thinking about it if they are not extremely impulsive. Personally i respect the way you approach these kinds of sponsor - and partnerships you have. Always feels transparent enough for me to make my own mind while having an incentive (as it should be). Also huge props for this mogul mail video asking us if you should cancel the sponsor. Love to see the difference in your main channel where you try to entertain us mostly (which you do great) and mogul mail where you just wanna talk about stuff and bring your opinion to start a conversation.
Your Venmo balance is only locked if you haven't verified your identity, go to user settings and verify with a state ID and you should have a Venmo balance again 👍👍👍
i think he implied that it was intentional?
I may be dumb thoigh
An actual useful comment. Cheers
Yeah I had no clue what tf he was talking about lol…
With crypto you dont have to. Why share your personal info that WILL get hacked and sold for the highest dollar?
@@holdenwinters68 he's a public figure, what information could possibly be leaked about him in this particular case?
I think its still fine to endorse something you think is fine. Putting it out there should probably come with a note that there is risk in this space and that the crypto market is volatile almost by design. You can make or lose a lot of money, only invest if you are willing to take that risk.
This
My only input is to stay away from Coinbase and do not promote them, a lot is wrong with that wallet the least of which is that they aren't even buying the coins in people accounts and that you don't really own them, they do. No wallet that isnt personally managed where the person holds the coins they buy is safe.
@@gepford1jackson which ones are good?
@@gepford1jackson bruh you can transfer the coins out of the Coinbase wallet. But it’s fine to use it as an average consumer, 90% of people will never manage their own wallets outside of their broker
KSI has already stated multiple times to his fans that he has a lot of money and the advice he gives is not proper financial advice. im not saying you didnt know this im just putting it out there for people
Ludwig, I think you making this video deep down shows you were you stand morally on the topic. If you didn't feel any guilt you wouldn't even ask for the viewer's opinion or permission to keep taking ad money from crypto sponsors. And you shouldn't have to ask. You know you have a young, impressionable fanbase, and I assume you know the problems with crypto besides the obvious financial implications and risks, i.e. environmental damage, the scam culture around it, bots, NFTs, etc.
We all know it's not decentralized finance, and that it's not efficient, and that there are a lot of shady practices associated with crypto (all of which also apply to normal monetary systems). But also, nobody understands crypto and it's being touted as an "investment" when in reality it's a game of hot-potato with the top 0.1% pulling the strings yet again. People you lead to the app will lose money by the nature of it. It's also worth considering that your niche use case for Coinbase is not what 99% of people will use it for. To some merit, we all know that crypto companies pay super well and don't ask questions. If you don't think you contribute directly to that or at least play a part in promoting it (which you do, it's the whole point of advertising) and the money you make is worthwhile to your end goal, then that is for you to decide.
Only you know what is right or wrong here, and it's clear to me at least that you stand somewhere on that spectrum just by posing the question to your audience.
Have other creators turned down crypto sponsors because of their own moral qualms? Yes. Do I cringe every time I hear a crypto ad read or commercial? Also yes. This does seem a bit gas-lighty but this is my opinion. I also wonder who here that are providing opinions have some stake in crypto, so take that into consideration.
You put that quite well, I totally agree with you. There are enough stories of people out there losing lots of money because of crypto shit, possibly ruining their lives and I don't think anyone should want to lead their "fans" down such a path.
(And I don't buy the whole "They are adults and it's their own fault for falling for it" argument others are trying to make. Thats just stupid)
@@Josh-et5qt why?
I will say, your coinbase ads have never been about "get rich this way" or "invest here to make money" or even advertising crypto as a way to make money (that I have seen). It's more just advertising a space that you can use to purchase crypto. Maybe a disclosure or a warning, but you don't really make any claims (again, that I can remember). I think this one is down to how much you believe the entire market to be bad. I do, but that is just my take, and I will explain why I feel that way.
Personally I have used crypto in the past, made a fair amount of money, but I would never recommend it to anyone. I got lucky, even though I didn't sell anywhere close to the peak it would get to. But its just another form of gambling - even more so than stocks. You can't predict the crypto market because there is no information to back it up. If you think Apple is going to come out with a banger new release, you can buy into their stock and sell it when it goes up. If you think that Netflix's business model is unsustainable, you can sell before the earnings reports come out and trigger a selloff. Crypto isn't tied to anything, and is bought and sold basically on a whim. You can try to catch the knife, but what then?
I liked your analogy to Robinhood, it sets the stage. However using coinbase really just means buying or selling crypto, which if you believe the market will consolidate and leave most of the coins behind, you are giving in to the market and who could potentially lose big. You are rewarded for people who sign up to use the service (I assume, most sponsorships work like that). It's something to think about.
Unimaginably based take
this is largely my view towards this whole thing. Lud wasn't as scummy as other influencers got during the whole crypto bubble, and presented things in a very neutral way. The only way it could be bad is if someone inherently thought crypto was evil and advertising it even a neutral form contributed to that. but idk
I think you should do whatever you want in terms of future promotions and discussion around crypto - ultimately that's your decision as a creator and I don't come to you as a viewer for financial advice or even morally upstanding content. But I do think you need to be more honest or more open to criticism when people point out some of crypto's flaws outside of the obvious pump and dumps and swindles.
I was watching a stream recently where you kinda harshly rebuked chat on the environmental impacts of crypto and said they sounded ignorant when they suggested that crypto had any major negative externalities in that area - and you're right that a lot of people don't know what they're talking about here, straight up. But I'd really advise you look harder into the infrastructure being used to maintain the blockchain and the increasingly power-intensive mining units being set up by big players in the crypto space. Dan Olson's video on NFTs goes into this in a very, very comprehensive manner.
It is of course noteworthy that a lot of traditional finance runs on processes that are equally or more damaging, environmentally or toward smaller investors - but if you're someone like me, that's also incredibly concerning, and it's something I think about a lot.
I can tell you that I wouldn't be promoting crypto and I think even the swindles you've openly criticized are more common than you think they are - but I'm also not you and I don't have your considerations.
Ludwig still can't get away from tax evasion.
Pft
But Ludwin can.
@@robloxkiller1400 exactly
😆😆 bro Hasan finally has his response to when Ludwig calls him a war profiteer for streaming the news, tax evasion through stock 💀
I think anyone over a certain age has already made up their mind on crypto and your sponsor status isn't going to effect their opinions much. As long as you make it clear there is a (huge) risk in crypto, like you've done so far for impressionable audiences I don't see a problem in you having deals with those companies. Although make sure to keep in mind how other people's audiences may see your endorsements of these companies if you have other streamers on your stream/video. It may not be the best idea to have 4 minecrafters on a show with a coinbase sponsor for that reason.
Luds viewers are 12 though so it's a legit concern.
@@Blitzen47 no majority of his viewers are college aged or general 20s. he's checked this before.
@@brokencassette cause people don’t lie about their age on the internet ever.
@@barackobama4100 they tend to lie it's 18 on the dot so they don't get restricted videos.
Hey Ludwig, I’ll be very honest, I think crypto is super dumb, so personally, I wouldn’t want to see adds for any crypto stuff, but if it funds your big projects, and you keep being strightforward with its drawbacks and issues, I don’t see an issue with it.
sure, i also dont see an issue with crypto add that are peddling shit coins design to make you all poor while the 0.02 percent of people making the project make money. i have no issue at all
@@mikesilver9476 imo anyone dumb enough to fall for crypto shit didn’t deserve that money in the first place
The thing is that not a single Cryptobros ever acknowledge that it is a gamble. Not a single one.
an also, its just bad for the environment with the sole purpose of making money
@@marianocenteno4603 yeah, thats my concern with it. i wouldnt have a problem with lud doing ads for crypto stuff but it feels icky to me knowing that crypto and nfts are actively harming the environment
I’m so happy this happened it was getting so annoying people bragging about having crypto and pretending to be some financial expect. Pretty funny now
Yep it's awesome. Been waiting for years for it to crash.
We banking now, just made 100k since the crash
Everythings crashing, it ain't just Crypto. Yes some people are very obnoxious and over the top about it, but c'mon. It's pretty pathetic being happy that so many people just lost a lot of fuckin money.
@@MrSanfrinsisco Who cares they deserve it for supporting super obvious ponzi scheme, also it's sum gud entertainment.
@@That_One_Guy... Your username indeed does check out. Right now, you really are "That Guy". If you wanna be a hater that's fine, but at least educate yourself. It's obvious you have absolutely no idea what crypto is or what the purpose of it is for. You ever heard of the word decentralized? You probably have absolutely no idea what that even means. Crypto wasn't built for the purpose of becoming rich and achieving success. Yes, you can indeed make thousands, even millions off of crypto, but you can do the exact same thing in the stock markets. Spoiler alert, those ALSO crash. You gonna tell me stock markets are a ponzi scheme? Please learn what Crypto is before labeling it such.
I think the problem of promoting coinbase is the you say you believe that it will be cut down to a few coins. That’s means you’re saying that you’re willing to advertise to viewers to enter a space that you believe will eventually be principally, like you said, a few coins and everything else will be near worthless. I mostly agree. So you’d have to be comfortable with the fact that your viewers will enter that space and will have to choose amongst thousands of coins in a half-developed market. Do you think your viewers are astute enough to choose safe options? I’ll tell you that I have a degree in finance and work in regulatory banking.... I hold no crypto, and will probably never have more than a couple hundred, even if it’s the new Venmo. I mean honestly who knows what will happen, it could skyrocket. But that’s kinda the problem, who knows?
I also don’t think it can be compared to stocks and bonds. Generally if your portfolio are blue chips or tweeners with some growth stocks thrown in you’ll be in the cash 99.9 percent of the time. Can’t say half the same for even the crypto ETFs. This isn’t financial advice, but I’m only in stock ETFs. Slow, boring growth is sexy and means and early retirement. Stress free.
if it skyrockets only having a few hundred in crypto is perfect. Benefits with very little risk. It is what I do as well.
Realistically if people are dumb enough to buy or invest without doing research, that is 100% their fault and Ludwig should not be held responsible for someone else's actions. Plus it's not like his audience is 5 years old
Got a lotta respect for you Ludwig, but if anyone is dropping all their money into crypto because of what some guy on the internet is saying, that's their fault
But like if you where the cause for that person losing all their money u would still feel bad.
@@viktoranderas9541 I know it’s a dumb saying but… “if someone told you to jump off a cliff, would you just do it?”
Yet they do, and we live in a society that generally protects vulnerable people from making other damaging choices, and educate them on the risks when they insist to.
Unfortunately, that is what people do. Influencers can promote the weirdest shit and people will still buy it, so I do think those influencers have to realise their responsibility regarding that.
The smart will always profit off the gullible, if it wasn't crypto there would be some other scheme working to take money from gullible investors
I agree with not having a problem endorsing something you believe in. I’m just glad you were open and honest about your presence/influence in the market. Gained huge respect for that.
kind of gratifying watching a bunch of incels ignore every single bit of sane human advice to not do crypto, and then predictably losing it all, like we said would happen
i love ludwig as a commentary channel. this content slaps hard
Tbh I nearly bought some crypto because of your coin base ads. I stopped when I realised I didn’t have any disposable savings but it did seem like an easy way of making money. But even that thought that I would have bought some crypto makes me feel kind of dumb in retrospect.
I think that "mistake" is understandable. I think we as humans tend to want to get on the hype trains that our friends or favourite content creators are on. What's good is that you caught yourself doing it, so don't beat yourself too much about it :D
As long as you remember that crypto is just an even more volatile and useless stock market you will be okay. I think if you wouldn't invest in the stock market you should not invest in crypto either.
Title: “TH-camr lost all his money”
Video: “He’s still a millionaire, he’ll be fine”
TH-cam meta baby.
It's *extremely* important to be very well informed about projects/opportunities to shill with crypto's volatility - and there's definitely a baseline of industry knowledge someone with influence should have in order to be responsible with those shills. For example, Coinbase recently made changes to the language of their bankruptcy terms to ensure custody of all of their users' assets in the case of bankruptcy. Just certain necessary details that must be conveyed if people are trusting your word, for both parties' sake.
Everybody is responsible for their own money. I think it's fine to have a Coinbase sponsor, because you're not pushing people to put their life savings in crypto at all. Maybe you can add a disclaimer to not put in more money than you are willing to lose, but it's not necessary in my opinion.
Don't agree. Do we start to make ads for crack cocaine just because your health is your responsibility? "smoke responsibly, and try to not get addicted" The whole idea of coinbase is to get rich from speculation; buy coins and hopefully sell them at a higher price, that is a recipe for a bubble.
@@kitty_strangler1402 good point, hope he does put in a disclaimer if he does continue to take coinbase sponsorships
@@kitty_strangler1402 maybe not as extreme as crack but we do have many commercials for alcohol which can be an addictive substance and there aren’t any disclaimers. Also it’s similar to the stock market in the sense that each coin can do something different and you’re investing in that coins quirk. I have only ever put $8 in crypto and I haven’t made much but you can put your money in it and hope it grows just like the stock market. I don’t think a disclaimer is necessary but it also doesn’t hurt.
@@kitty_strangler1402 Well your comparison with illegal substances is not fair I think. But yea there is also ads for gambling, stock market investing, alcohol and fastfood etc. Do you want to ban anything that might be harmful for someones health or money? I still think it's their own responsibility. Everybody has a brain and they should fucking use it. Also Coinbase is just an exchange. Lud is not promoting a specific shitcoin.
Crypto isnt inherently as bad as crack cocaine though. It is a legitimate way to invest money if done smart. I do think a disclaimer is a great idea though, to just say not to spend anything you arent willing to lose and to make sure you do your own research before investing.
Doing these ads long term would be pretty weird. At the bare minimum mention that people are likely to lose money. Supporting crypto which has little to no use (besides being a little easier to send money to people I guess) and often only gets a couple people a lot of money is something I’m not a big fan of.
Is it even easier to send people money? I don't really buy that. All you are doing is exchanging stocks at that point, not exchanging actual currency.
The entire point of crypto is that it is decentralized that's it
the way lud structures the video with these tabs is really simply but its all so nice without cuts etc just one go and everything he wanted to say is said. really nice
I don't mind the Coinbase sponsorships. Keep doing it if they're willing to sponsor you, I like the shows you do and especially the Yard, so any way of funding that is okay with me, so long as you keep doing the cool projects you've been doing.
Ngl i’m always hyped for Mogul mail, he can make every topic sound interesting and intriguing
As long as you don't shill specific coins or NFTs seems fine to me
that way you are not leading people to rug pulls
I think its morally fine to talk about crypto, while investing in it - as long as you are being transparent. The same as shilling a brand. As long as you are telling your viewers that you are getting payed for your words, I see no problem. One thing that's more complicated is if you SHOULD be honest about earnings, securities and privileges concerning being an influencer that can have an effect on a market. That's entirely more grayscale.
Would I hold you personally responsible if some schmuck lost all his savings in a coin you promoted? No, that's their money and their responsibility.
Would I still expect you to explain the risks of investment and how you take on less risk than the average joe? Yes. I kinda would. And this far, you've done a good job of that, I feel.
Lost £3000 or so as a college student, yeah it hurt, but it’s never down to a single person, if you have money to lose in crypto you also have money to make informed decisions about what to do with it. I guess it could be seen as gambling, but it’s not instant euphoria and while crypto can be an addiction, it’s immediate results are far less addicting, you get addicted to learning about coins and what to put money in. And all you’ve done is advertise where to do it, all in all, yeah advertising it may be a gate, but people will ultimately decide where to put their money, if they didn’t understand the risks that’s not your fault.
I gotta keep it real with you lud, I don't give a fuck about any ad reads that any creator does. It's in one ear out the other or I just skip it. That being said if I were in your position I would take zero dollars from anything crypto based (that being said I have no idea how much money they pay you or how much rent you're paying) the whole thing is a massive shit show and I don't think anyone's involvement in the space can be classified as "ethical" in the slightest. Like I said I don't listen to anyone's advice when it comes to financial dealings on the internet but there are definitely people who do in every audience no matter how unswayable they think they are.
I appreciate your openness about your finances, I think its admirable and I love the content you make for this and the main channel. Oh and as far as sending money to people just do it the way I do, withdraw it from your bank seal it in a titanium box ship it with the highest security guarantee from you local postal agency and tell your friend to heat it to a nice crisp 3k Fahrenheit that always does the trick for me
I was always confused about crypto currency. Because it feels impossible to make them stable, because there isn't really anything giving them any value. The reason currency has value is because countries have gold reserves and other value (and then the amount printed etc and some other factors come into play), yet crypto is just given a value based on how much people are willing to pay and sell. There is no reason it's value is what it is, it just is due to popularity or lack there of.
It's basically a stock market for virtual stocks with no inherent value.
You are correct. Welcome to the tech bubble where everything is possible even if it doesn't make a shred of sense
While I agree crypto isn’t super cool as someone studying economics I have to disagree with what you said about currency
Most currency’s aren’t backed by gold and even then gold could be considered a currency in it’s self the only value it holds is the fact others give it value unlike something like food and while people give it value because it is shiny and cool that doesn’t really mean much
The worth of a currency is tied to the amount of people who will accept it (and some other things) if over night people stop accepting dollars then they become worthless because with out the fact people accept it there is no worth
Buying crypto is basically gambling that one if your coins will reach that status where most people will accept it because that is the only way for it to have some long term value
I personally think the only crypto that could be seen as remotely a viable currency would be bitcoin and Ethereum and honestly I think they have a LONG way to go before that and even then I wouldn’t put much wight on either
It's not just gold reserves the euro and the US dollar are bound to the worth of oil
@@dudeperson2050 well paper money started as an IOU. Essentially, I owe you this amount, and this is proof of it, and you can trade this paper to someone else so I just owe anyone who has the paper. It was made so people who put their gold in a bank didn't have to walk around with gold on them.
It's then evolved through many stages through the years, and now money is backed by the state it's issued by, and as previously written, among other things, gold is what gives money value, but now many countries are off the gold standard, and now it's a lot of other things that come into play, like how much is printed each year, etc, but gold still has an influence. So yes, it's essentially what value people give it, but it's just more widely used, and the value of say a dollar, is dependent on so much more than crypto is.
Dude the gold standard ended decades ago. The only thing that has been backing the US Dollar for the last few decades has been the millitary supremacy of the country
I think its a mixed bag of yes its good and bad. I think that you have to impressionable viewers who fall into line with what you say and like and do because they are impressionable but at the same time you make the point of it will always be a thing and I agree with that its going to continue. I think its okay to promote it as long as it doesn't seep into actual content and its not just an ad read or ad skit. I think leaving things in the spot of this is an ad read or skit nothing else is best.
Crypto Currency and even some NFTs, are just straight up gambling.
You’re putting money in, that you can either lose or make a profit on. You are risking that money by putting it in there.
I will never get into it because of that simple fact. I don’t do gambling
Crypto reminds me of back when people were calculating numbers for DVD encoding back in the day where each one got exponentially harder but had some value once calculated. The solution was to change the medium not payout more. Even your problem of not being able to transfer enough money could be solved by another method that doesn’t take exponentially more difficult math to make work each day.
good point, and fr there are other ways to send people money than crypto that part sounded kinda crazy and out of touch to me unless he’s joking
I'd just appreciate consistency (not that you're insanely inconsistent, I'm not trying to be mean here). It's just that I think it's weird if you make fun of people who buy/like crypto while you're advertising and using crypto.
If they're being cringe about it, then mock them all day -- but then you're mocking them for being cringelords at that point, not for liking crypto.
Das all, love the content man, keep it up.
I've always treated sponsors for streamers/content creators as sources of exposure for the product, not an endorsement. I won't speak for others but personally I don't follow any single person's advice from the internet but instead multiple people's heh
Point being: show me whatever ads you want Lud so that you can make the shows you want and I'll continue to ignore them. The ads, trust
I see the Coinbass ads the same way I see Raid Shadow Legends ads. The person reading the ad gets paid out at the end of the day anyways even if they don’t necessarily believe in the product. The people who use Coinbase to invest in bubbles are the same types of people to fall for a copy paste gatcha game. I’d say you should continue accepting Coinbase sponsors as long as you don’t have a problem with people seeing it the same way as Raid sponsorships.
It's a complicated spot to be in, but all in all I think it's fine that you continue to promote Coinbase. On one hand, I'm really against pushing gambling onto people, but I also know I'm not stupid enough to do it and really enjoy watching the higher production value content that the crypto sponsorships have enabled you to make. I can't see how a few ads on your part could ever be responsible for an adult's decision to gamble. If they were inclined to do so they would have found an outlet with or without a Coinbase ad in a TH-cam video.
I just want everyone, including lud, to remember that there's many more problems with crypto than just it being stock gambling or bad financial advice or whatever, I don't mean to sit here get on moral highground but I don't want people to sidestep the more ethical problems of it like environmental impact, please Lud if you wanna have an open conversation about this you need to mention it, I'm guessing yall have seen the line goes up video but it is a good starting point on educating urself about crypto's issues. On a personal level I would feel WAY better about supporting you and your shit if it weren't tied to coinbase or crypto in anyway, that's just how it is for me
oh yeah, all the power bitcoin mining consumes lol. the cherry on top of all the people who lost money to the crash...
if I can say a bit more, I think it's clear u are pretty aware of your influence and have mentioned multiple times how conscious u are about being funded by monry from middle class people when you are disgustingly rich, to the point you are cutting off donations and wanted to stop sub gifts, if you are willing to be this open about this crypto promotion shit, then yeah, I think you have gotten to the conclusion that it's not cool for you to promote this shit. Sure ur bigger projects take a lot of money to fund and whatnot, but I'm not gonna cry over you having to take ethical sponsors for a bit less money and neither are you, you're filthy fucking rich
@@Nitos36 If you need "blood money" from gambling ads and people losing their fkn savings to crypto to fund your project, its too big. I think youtubers can manange with a normal sponsor instead
@@kitty_strangler1402 calling crypto ads blood money is stupid because never has ludwig said go buy crypto or that crypto is a good and safe investment, by your logic crypto should have no adverts and actually just be taken down entirely and that point shouldnt stocks also be gone because they also cause people to gamble money? what about casinos?
i strongly agree with this, as someone who has been trying to educate themselves on crypto and it’s impacts for a long time, it definitely makes me very uncomfortable to see people taking their money for sponsorships, all the risks and negative impacts that crypto has far outweigh the good it could do in the future considering how important our current decisions are to the quickly dwindling time we have left to really pull back our environmental impact before the feedback cycles build on top of eachother uncontrollably. And seeing anyone promote a practice or thing that directly impedes positive progress for all and benefits only an incredibly incredibly small part of the population is just very disconcerting and icky. I don’t pretend to know how lud’s internal business structure works or what decisions must be made to find a sponsor but i will never be fond of or support crypto in any form
I started a coinbase account because of the yard code and put in couple hundred dollars, that has all gone to shit but I do not blame the yard or myself. I think crypto and other stock like commodities are just bets and I put in an amount I was okay to lose. To be honest, I got this mindset from an Atrioc stream and I think it held me back from losing more money. I think if you also point that mindset out whenever you do a crypto sponsorship, I think it will minimize the harm introducing people to crypto could do others.
I know how important sponsorships are in making dope events, and even though I don't like crypto anymore, I don't get mad at you or BTS when they plaster is everywhere on Mogul Money or Smash Summit 13, because I love these events and other big events (especially melee) that come from big sponsors. Hell, Papa John can cause high blood pressure and a whole slew of other health problems, so no sponsor is perfect if you nitpick. But if you are open about the negatives around a sponsor and really have the people who watch you in mind, I think that will be better than 99% of others who introduce sponsors to their community.
Some other channels that I watch have promoted crypto as well, but always with the disclaimer "this is not financial advice, trade at your own risk" or "I don't recommend you do this but if you really want to use this service". Maybe something like this would be an option for you as well, just as a reminder that investing (in anything really) should never be done because some guy on the internet told them to. Although the sponsor contract might have limitations on how things are put out as well.
This would bring more responsibility to the viewer but wouldn't be insincere since you stated that you do use crypto yourself
Lud I'm sure you don't actually read these, but if you do, IMO I think using crypto just because you think its more convenient than dealing with something than paypal etc is a pretty bad reason. The tradeoff you're making is basically like saving a few minutes of annoyance with your bank and in exchange using ~5000 times the energy/creating 5000x the pollution from the energy involved in processing btc/eth transactions. At the end of the day, we all do things that are less than ideal (plane flights, driving when we could do public transport etc) so it's not like I or anyone else can really be holier-than-thou on this, but I think if you have the power and influence to not use it, convenience is one of the less valid reasons for why you should continue to. Anyway love the content and its ur choice at the end of the day have a good one buddy
Took me a minute to realize why I couldn't skip at the beginning lol
same i thought it was an actual youtube advert
man i really hope crypto completely crashes, id never waste my money gambling like that
Damn. Like, most people saw it coming, yet so many still got into it. This was inevitable.
I just can’t understand why so many people decided to hold, not sell the coin. I mean some made millions.
3:13 "There's also entertainment to watchin' companies die, too"
In Germany we say "Krise kann auch geil sein"
The answer to the question: Have your viewers lost money because they bought crypto because you advertised it? Yes. I dont necessarily care since i dont look fo you for financial advice but its hard to deny that there must be at least some people that did it because of your sponsorship and yeah, some of those people got fucked over.
I also dont see it as the same as promoting a stock-trading app like robinhood. Stocks are a part of a company. At the end of the day their value can be inflated by market hysterics but you still own a small piece of a business and you get paid dividends from the company's profits. There is at least some basis behind a company's stock having value.
When someone buys a fraction of a cryptocurrency there is nothing real or tangible behind whatever valuation the coin is at. The price can crash from 90 dollars to less than a penny when the market stops being stupid and realizes that owning a LUNA coin doesnt mean anything. Theres nothing real that you own.
its literally the tulip bubble all over again
Not trying to argue and just genuinely curious here, but would you say the same thing about gambling streams? Or does crypto have a general "more trusted" vibe than your everyday casino?
@@joevent I think its hard to deny that watching someone gamble on a website will make some people who are watching you do it go gamble on that site too. Trainwrecks gets paid literal millions to gamble on stream and the site wouldnt give him that money unless they expect to make more money than they are spending from the increased traffic to their site. I think probably the vast majority of people dont get their lives ruined by the amount of money they lose, just like *most* people if they were to go to Vegas they may lose an amount of money that is significant to them but they wont literally destroy their lives over it.
But I think its hard to deny that theres at least some percentage of people who get addicted to gambling. And if you really examine the cause and effect there are probably many people who have lost at least some money because the streamer they watch gambles and that made them want to do it too, and there must be at least a few people in that group that overdid it.
in this sea of comments, ill toss in my opinion: just like you said, coinbase is a platform, it sets the stage to trade and buy, just like app based stock markets. people who trade on app based stock markets are more likely than not, not professionals who look deep into trends and other reasons as an indicator to whether a stock will go up or down. crypto is volatile and relatively unstable, which is known by most people who are willing to invest money in anything, so if people are willing to trade on stock apps, like robinhood, they should know at the back of their mind that they'd be essentially gambling on both types of platforms. if they blame or bash you because of this, it's their own fault for not taking the time to think about potential consequences. don't gamble money you can't afford to lose.
Just a correction on 2:15, LUNA was never a stable coin, however it was used to peg the value of the stable coin UST (through some complex design, if you're interested you should look it up). Essentially, Luna was used to absorb the price fluctuations of UST. That said, UST also de-pegged from 1:1 USD to about 5:1 USD now since LUNA can no longer fulfill that role.
Seriously it blows my mind this crash isn't talked about more
I've definitely always been hesitant on crypto NFT's and the "digital" value of items. The only "value" I have for digital assets is if they are valuable to me, similar to how a skin or gear is valuable in a video game. Stocks are very fluctuated by people's perception, but if I own 5% of a company's stocks, I have ownership of a real asset that I hopefully support. Crypto is odd, in that it is solely on people's opinions of value. Stock companies are "do you provide assets, can you make money, if yes you have value". Promoting any crypto blindly is not good, research and supporting a coin that you believe in is the right approach is best. Hot take, bitcoin won't work, my thought being having a limited supply will simply lead to the rich getting richer, deflation, and not a nice intrinsic value (paying .000004 bitcoins feels so weird when used to a $3 pizza slice). Promote any coin you like Lud, but make sure it's something you support and see a future for. "Crypto coin goes up" is not a reason to invest in crypto.
My 10 coins on the matter,
Cheers
i still think it's a bad thing to do ad-reads about them because not everyone is smart and they can get baited. I just think you can afford to do other better sponsorships from respectable companies.
You aren't shilling coins, you're promoting a platform. That shit is fine Lud
not really.by promoting the platform hes promoting the practice of using, and buying, and shilling coins. he just hasnt picked out a specefic one. its like saying I dont support any specefic cartels I just support the drug trade as a marketplace. thats extreme obv but the point stands
@@kraztar yes but by saying that they also in effect support the whole pharmaceutical space.
I don't think you're doing anything wrong. Just 2 years ago I invested 20 bucks, that's it.
I am a very careful person when it comes to this, I would rather guarantee a small win than have the chance for a big loss.
I have only made so far about 350 bucks total, but it's enough for a couple free lunches and it helps even on a small scale.
Trust me I like big gains though, I play ACNH and dabble in turnips if that means anything to anyone.
Crypto is easy to get drawn into doing on a big scale, and if that's what you wanna do, go for it, be a millionaire i don't care.
People say it's dangerous, but that just depends on who's doing it. Crypto is about 50x more reliable than gambling on sports.
Honestly I’d probably cut ties once any contracts are done. I just feel like with a younger audience being involved in crypto can do a lot of damage which at the end of the day is the buyers decision, but if it were me personally I’d have a much clearer head if there was a closer to 0% chance that I had any involvement in said damage.
you should drop the crypto stuff. I LOVE the shows youve done with that sponsor and even the ads are well made and funny. i agree it is a little like shilling for robin hood (however while it is still gambling the risk of the american economy truly collapsing is less than like what is happening to crypto right now) but ultimately they are the same BOTH ARE BAD. Crypto does and will have some niche uses in the future but its far too early and far too much of a "hot thing" right now (it's too profitable). so look I believ you can find other good sponsors for your content and when you shill for coinbase it does make me uncomfortable personally. if even a few of your many many viewers was "scammed" out of thousands or even hundreds on crypto would you not feel uncomfortable? It's not a product someone spent money on and then regretted purchasing. It's all speculation really it is finacial advice when you tell people to use coinbase you are promoting them to trade in crypto on a particular service? its a decision you have to make for yourself but I would hope you look elsewhere, keep up the good content tho love you and love the yard.
i mean whats the difference between you and matt damon? just that hes cringe? is that really all that matters?
Nah, crypto is great long term. But you’re right, most coins will go to zero. 5-10% of them will survive and do great, some may even 100-1,000X still… but at the end of the day, it’s your call Lud, if you believe in it, you looked into it with your analytical brain and you like the space (even if it’s only a small percentage of it) - who’s to stop you from doing ad reads and having them as your sponsor. It’s nowhere near as low as some gambling channels that shill literal money loss.
Crypto is getting closer and closer to regulation which means many of these “shit coins” will disappear 🫥 and we will be left with actual projects with long term validity. So, honestly, keep doing you and thanks for always thinking about your community. Much love - long time lud bud (no I don’t want to be your friend)
I agree
I think crypto is quite a scam 90% of the time and I don't love when people endorse it and definitely think less of those that do, however in the end its your choice and if you really think its a good thing to promote, especially to your audience in particular, then go ahead.
finally someone who dislikes crypto but actually gives a based take rather than crapping on ludwig for doing promotions
@@taylorlan3377 lol what, like 90% these comments are positive about him doing it while also saying they don't personally like crypto
@@reesefleece i hasnt seen other positive ones much when I got to yours as your comment was higher up I see there is alot more noe
I would change that to 98% of the time…..damn scammers. 😂😂
also worth mentioning that lud never promoted a specific coin, he just promoted a platform to use for investing in crypto which is a huge difference.
I think that if you have sponsors that you truly believe in, it makes sense to have them but you have to be aware of what you are promoting and who you are promoting it to. I think in an ideal world we wouldn't have crypto. I think Folding Idea's video about nfts and crypto hashes that out better than anyone else has-as you know and have talked about before. Also, in a handful of mogul mail videos, livestreams, and yard episodes you have asked this question and are somewhat hesitant toward it. I think if that is the case, you shouldn't sponsor with them until you are 100% sure you are okay with it and the possible outcomes.
I think it's fine to have crypto as part of a diversified portfolio but ad reads for coinbase seem like it crosses a line. Ads are manipulative by design; they creatively spin information to make the product seem attractive, regardless of what the product is. When it's competing soaps or razors, the potential cost of convincing/duping a customer into buying your product over a rival's product is minimal. At worst, they get a slightly worse soap. When the product is a volatile financial instrument, then everyone needs to be a lot more careful, especially since all the people in cryptoland are telling you to put your entire life savings into it. Personally, if I had a big audience, I would not want to advertise anything with such a large potential for harm to my audience, no matter how rosy the upside is (and it seems not so rosy for crypto tbh).
I’m totally with you on this, don’t feel bad for doing ad reads for Coinbase. You’re not willingly shilling something that seems scammy, so you’re totally fine!
I don't think its wrong for you to do the ad reads especially if you yourself find value the product. I definitely think it helps being as transparent as you are about the subject and your own experience with crypto
yeah man, about your question in the end, I think to kick off the video about your concern for the little guy who lost his savings and to keep doing ad reads that ends up promoting this very risky (and questionable) market would be, no matter how you try to pan out your involvement, willful ignorance to the potential risk you are selling to the "little guy".
I would understand the inclination to see the projects with coinbase through, specially if they're in an advanced stage of production, but I think you should start considering other sponsors for future projects. Anyway, great vid
its other peoples fault if they make bad investments not ludwig so he should be allowed to promote it as people should always research before investing, not doing so is not ludwigs responsibility he isnt their parent
@@taylorlan3377 Disagree. Dismissing problems you might've created wittingly with "should't have listened to me" is not only bad morals but also alienating the community you work so close to
@@SCM240298 he never told people to buy crypto so he never said or acted as if implying "you shouldnt have listened to me" as he never actually said that people should buy the coins so if he never told people to do anything there is nothing to listen to
@@taylorlan3377 you can't divorce yourself from responsability that easily. It's not a matter of one saying directly "do X or Y", companies don't even need you to do that. When they approach a creator or influencer, the sponsor intends to sell their product by having the community ease into the pitch through the creator, which they trust, exposing that product in a good light. So even if Lud is not in direct control of his viewers financial decisions, what he IS in control is the ability to let a company tap directly into his community and try to sell their product that HE KNOWS is risky and could come at a great detriment to people that gets sucked in. That does call for some responsability, even if just moral, specially since his audience is highly compatible to the people that get scammed into crypto (young internet-dwelling impressionable middle-class adults), as it is no coincidence that coinbase chose ludwig to contract with, of course.
7:30 I still can't believe that American banking system so outdated. In Russia if you have mobile number of someone to whom you want send money, you just do it from you banks phone app or even SMS and it sends it instantly(fast payments adapted in every major bank in Russia). And if that person have same bank - it will be free of charge/commission. And if persons bank do not have fast payment you need to know their card number - payment would be instant, but with some little commission.
Before Russia fucked up in February most people didn't even have their card on hand because of apple pay/google pay(majority of shops/markets in Russia had that) and fast payments through phone number(fast payments still works). And also some banks have payments through QR codes(person to business).
Ludwigs content is so good that he could have the biggest clickbait of all time and I'd still stay the entire video
I think absolutely no content creator should promote crypto. It’s simply just irresponsible to promote what is basically gambling disguised as stocks, that has no real actual worth besides what people on the internet say it’s worth. Especially with the new ties to smash tournaments and coin base, that issue is getting even worse.
I think promoting crypto and advertising coinbase is a bit different.
Promoting crypto strikes me as smt that faze rug ppl did.
Advertisment is a bit different since they're obligated to disclose that it is an ad.
@@rG1vZ promoting coinbase gives the crypto space a sense of validity making people buy into these rug pulls. Coin base is the tidy front to the shady core that is crypto. just like the original comment said: crypto is purely based on speculation, luna coin is worthless unless you can make someone buy it from you to a higher price... its literally a pyramid scheme.
Realistically if people are dumb enough to buy or invest, that is 100% their fault and Ludwig should not be held responsible for someone else's actions. Plus it's not like his audience is 5 years old
yeah its shit for the environment and doesn't actually do anything to help the economy. It's another rich people's game forreal.
@@joywolf83 not at all, of course the blame overall lands on them, but if they were given the idea by Ludwig in the first place then they never would have invested without the Ludwig sponsor. As well, obviously it does work otherwise Coinbase wouldn't bother sponsoring anyone, so clearly you don't have to be as dumb as you think, more just misinformed or not knowing anything about crypto.
I remember just getting out of the market before it crashed, I was glad I did it when I did.
Nah keep going for the sponsor, you didn’t tell anyone to buy any Alt coins just that you can buy Btc and eth on Coinbase so it’s really their fault if they lost money from buying different projects
Coffeezilla doing the lords work keeping creators honest (not that it was in question here at all though). Actual good guy mogul move showing your crypto. I
dont think ill invest ever as im already poor as shit but it is generating very interesting content
I would say it's wrong, because you're selling a product whose main idea is that it will have a bunch of societal applications. That is what these companies like Coinbase are trying to sell. But you yourself do not believe in all of those utilitarian ideas, you simply like crypto because it's easy to send money around. I highly doubt these platforms would let you stop at just that when doing ad reads for them and so on. I feel you send a false message attached to their value that will lead many astray, regardless of your intentions. I genuinely believe you should not promote crypto to your followers anymore.
I don't know if you've seen Ludwig do an Coinbase ad read, but to my experience Ludwig has pretty much full control over his ad read as long as he mentions it is a crypto platform and there being a bonus
I mean, I think what matters most is your transparency. Being honest about how much you yourself trust the company and crypto if you do those ad reads and all that. The idea of expecting you to see the future is silly, all I really care about in this respect is transparency.
I don't have any money in crypto but I think crypto is going to go back up when the stock market also goes back up if not then just a little bit later after the market is stable. If I was a betting man then I would buy some Bit or Ethereum in a few months to a year from now to get it at a lower cost before it goes back up. I'm not a financial advisor nor do I have any real education around this topic so I really don't know exactly when it will bottom out before rising for all we know it could take longer than a year for it to bottom out but just like Lud said it will be around for awhile. Warren Buffet said to buy when people are scared. I don't think it will get back to where it was for awhile but since it is crypto anything is possible. People just had a ton of expendable money during the pandemic which really boosted the economy and I don't see that happening in the near future again. That's a big reason why a lot of companies are showing less than expected gains this quarter and a lot of over-stocked merchandisers with no one to sell them to.
In my last job, working overseas, my boss insisted on paying me with bitcoin. I never used any crypto and if he didn't back down I wouldn't have any choice as I was working informally and the pay was better than any other job I could possibly get.
Luckily, I got him to pay me through a proxy, otherwise I would now be hokding much less money and I probably wouldn't even be able to convert it to any usable currency.
Crypto is convenient for the wealthy, ans it's a scam for the poor with no choices.
I think Ludwig if you're worried whether you're making the right choices over the promotion of an unstable currency to your fans, even if you're only promoting the app, then you probably already know what you should do
i mean no looking out for his community does not automatically mean he shouldnt be promoting the app, thats like saying you are doubting whether you are good enough for a job so you shouldnt even try, the logic is flawed
@@taylorlan3377 No offense but I don't trust anyone named Taylor or Stephanie
@@Chimera-man-man i mean that logic is something alright, but don't trust me most of the comment section are all saying the same thing that Ludwig isn't responsible and tell me when you have a doubt do you go and make a rash decision or take a bit to think first? Him wanting to think makes logical sense if you actually think and hear feedback about it properly in what you would do in your own situations where you have doubt and doesn't automatically make it so he needs to stop ad reads (maybe actually take in what i say and consider it than be prejudice over a damn name like wtf)
THANK YOU! Finally, someone speaking reason. He wouldn't have posed the question if he didn't feel a morsel of guilt about it, in which case he already knows what he should do. Psychoanalysing, he seems hesitant because the money, but also is looking for validation that it's okay but deep down he knows he probably doesn't agree with what he is doing.
@@taylorlan3377 The thing to remember here is that this isn't a decision he is only just making. It's something he has already done, so he both has to reconcile that he has made a mistake and that he needs to stop making that mistake.
The other thing is that he's asking the wrong people, his audience aren't going to openly say "Ludwig that wasn't a good thing you did" because to them it is mostly harmless and they probably dont want him to feel bad. It's parasocialism all the way down.
Which is why asking the comments isn't a good idea, by doing so he has no longer given himself control over that decision which is left up to people who either don't care or at best just want Ludwig not to feel bad. It's relieving yourself of responsibility for the decision, which is very unpoggeroni and kind of cringe.
Which is why I said if he's doubting it then he probably already knows the answer and shouldn't bother asking his comments for help. He can find other sponsors elsewhere which don't promote a currency that is edging closer and closer to crashing the economy day by day.
I think crypto is at the moment a way to pray on the stupid and poor for the rich to get much more money
I don't think it is wrong to promote Coinbase during a time like this, or in general. Like you said, the top cryptos are going to be around for the long haul. People are looking for short term gains when they should be looking long term. And you aren't necessarily pushing for a certain coin, just the platform where people can buy whatever crypto they want.
And your reasoning for using it is legit. Sending someone a payment without needing to pull money out of your bank account is huge. And on top of that, if you had your own Bitcoin wallet, you could send someone Bitcoin without any middle man. You don't need to know everything about the ledger and how it operates, but if it helps you send money with ease and feel like you don't have to worry about it failing, that is more of a reason to get it. That is the utility of crypto.
And LUNA was truly a mess. Do Kwon was very cocky and was aware of the vulnerability for over a year, and it never got fixed. That news came out after the crash. And now he is trying to make a new version of that crypto that failed. Yeah.... good luck with that Do Kwon.
I personally think the Coinbase partnership is fine because you’re specifically promoting the app and not any individual coin. To me, your Coinbase ads say “hey, if you’re ever going to get into crypto, this app is a good way to do it” but don’t say when to get in or what you should buy.
The ads have worked on me. I have Coinbase in the back of my mind as the app I would download if I wanted to get into crypto. However, I havent downloaded it to date because I dont want to get in right now and also don’t have the extra money to. I’d imagine a lot of viewers are the same way but idk, that’s just my small POV.
Decently educated in the realm of Blockchain/Crypto here. This is the deal, crypto is ultimately a fiat currency that is only backed by the public. It is NOT a storehold of wealth and should not be treated as such. I agree with Lud's assessment that it is useful for the transfer of money is perfectly valid. I have friends that have used crypto for the sole purpose of transferring money overseas as it is cheaper. But what makes one crypto more valuable than the other? The answer to that is the functionality of that coin and Etherium is currently the most well documented and functional one. This begs the question, why is Bitcoin more valuable despite having less functionality? This is simply due to its popularity which will wane off as people realise the inferior utility of Bitcoin relative to Etherium. Crypto will play a role in the future but it will not be that major of one. Ultimately Blockchain is a very new technology that is flawed that we are still learning how to use.
TLDR: Crypto will play a role in the future, just not a very notable one.
Love ur m o r a l s~ lud n love how much u hold urself n others accountable; keep bein a GOAT influencer king 👑♥️‼️
i feel like maybe promoting something that you're unsure of usually never works out for either party, yourself and the people who support you. obviously people are responsible for their own decisions but everyone has people they trust, and for some people those are content creators especially if you're making yourself out to be knowledgable and invested in a subject. while you say you have money in crypto and say you still believe in crypto, making a video like this makes me believe you're unsure of crypto as a whole, so maybe it isn't technically wrong for you to promote it per se but personally if i was in your situation i still wouldn't be promoting it. to disclose my own biases i'm very much personally against crypto and NFTs, that's not to say there's no value at all in either of those but i'm just very skeptical of that sphere. but, on the other hand, i also didn't lose millions of dollars due to that same skepticism so perhaps it is valid.
I personally don't mind you endorsing coinbase, it's something you have to do for all the projects and podcast you work on. At the end of the day, one expects that whoever gets into crypto, can also afford to lose that investment & maybe with this fall, putting that message out could be important, especially if the person investing is just some student who got their paycheck and hopes to maybe double their money to pay for rent, something like that. I don't mind crypto but I'd never use it. I just hope whoever was affected by the crash that depended on the money can get back up. At the end of the day, it's the poor people who take the worst hit while this is nothing but a scratch for the rich (like the KSI example). Great video though.
Crypto is a really sketchy and still relatively new market. I think there’s a lot of people who see insane gains and assume they’re going to make that same amount of money, when in reality they probably aren’t. I’ve lost plenty of money on crypto, mainly cuz I’m a dumbass and panic sell.
That being said, I don’t think you’re wrong for being sponsored by coinbase. You’re not saying to invest in coins because they’ll be the future or because you want your own portfolio to go up, you’re just saying “hey if you want to invest in crypto, here’s this, check it out.” People need to do their own research, understand the risks, and realize that at points crypto is highly speculative and basically gambling. If they understand all that, then cool, everything after that point is their own free will, not your doing.
I think it’s a little biased to do ads for it, but you gotta secure the bag king.
I think it's alright for you to endorse products/companies you believe in or feel comfortable with, just as long as you maintain awareness and honesty about it. Like *now* would be a really shitty time for you to release a big coinbase backed project, because it would feel tone deaf and insensitive. In a while though, if/when things level back out, I think it'd be alright.
I don't think it's worth completely cutting ties with the whole industry, it's just important, now more than ever, to be smart and considerate of what *specifically* you give support to.
good video :))
Hey Lud! Would you make a video on the current bot problem that's plagued TH-cam live?
Some South East Asian Vtubers were targeted by these bots where they would change their profile pics to obscene and explicit stuff and spam chat with obscenities. For some reason the streamer's are the ones that are punished for it tho.
Some streamers have already been banned multiple times cuz of this problem even with 24 hour subscriber mode.
As long as you aren't promoting by actual saying stuff like "You're gonna be rich" and "the stocks only go up" who cares, I think all of these sides need age validation via passport photo so everyone who uses them is responsible for their own actions.
As long as you aren’t shilling a particular coin or intentionally hide the risk that comes with crypto it isnt wrong to take crypto sponsors or coinbase sponsors.
Just an even more useless stock market though.
@@dilberthigh ofc it is, everybody with half a brain knows this, you can still make money on it though.
@@crep4114 half a brain is more than most crypto bros.
Honestly man, I'd cut ties with anything crypto. It's been used more for scamming than anything legitimate.
I legit fully divested from crypto when that Matt Damon commercial aired lol (it wasn’t my only reason, there were many quantifiable data points that indicated a big drop was imminent, halting periods of loss and short term stability are almost always bad, but it was the straw that broke the camel’s back). Whenever major celebrities are doing commercials on an investment, it usually means that the gravy train is coming to an end. Maybe crypto will recover long term, but with increasing government scrutiny and institutional interest in crypto the space will look very different if it does recover. Volatile but exponential growth is probably going to become more rare (and price trends will be more in line with traditional investments as hedge funds, algorithmic trading and government intervention take further hold on the space), but simultaneously the space is still a long way from being mature. Large scale rug pulls and other scams will still happen often. This post isn’t meant to disparage crypto as a whole, but I must advise people watching the current state of things and thinking a crash is the perfect time to buy in to be careful. Where once projects advertising insane exponential gains (the kids call it mooning) are more and more likely to be scams as institutional forces will almost always favor price stability over volatility. Scams will not necessarily decrease in frequency due to more government oversight as well. Some people get lucky and catch falling knives, but timing the market gets increasingly difficult as crypto moves to a more uncertain future. Again, not wholly disparaging crypto as an abstract concept, but I have serious, serious doubts that it will ever look the same as it did from 2008-2020. I may be wrong, but if you’re looking to invest, please be careful. I have friends who ignored the warning signs and now they’re contemplating having to retire a decade later than intended, or even filing for bankruptcy. That’s been gutting to see. Exercise better judgement than them, please.