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I have a friend from Kazakhstan who hates crypto with a passion because it essentially was the reason the riots happened - skyrocketing energy prices as a result of crypto farms. So even from that standpoint it was doomed to fail, and the crash happening now seems to be a culmination of the real world events of last year - riots, China banning crypto, etc. It was basically "how long can we keep killing puppies for fuel until the people in the land we kill puppies get sick of it and ban killing puppies". It may seem like a current topic, but it's basically been crumbling for a while already, and I suspect with my limited knowledge that it's only crashing now because people with the most to lose kept it artificially above water long enough to get others to buy in, then ran off to leave those people holding the bag. I saw a metric fckton of NFT and crypto ads at the beginning of the year at the same time as I heard crypto farms were being banned, so I could see that it was someone trying to sell a sinking ship.
Yeah the Superbowl adds push was when they were trying to pull in more "normies" (as they call us ) to fill out the bottom of the pyramid so the people at the top could cash out
i seen a documentary about the crypto farms and them leaving china, they went to another country then were kicked out, they were making a deal with ted cruz to set up in texas, think they were trying to dupe that idiot into allowing them operate in texas and they were supposed to help with the electricity or something
I'm ...third?-ing this suggestion. Munecat has been a brilliant and acerbic creator in the anti-MLM space, and her breakdown of Web 3.0 is so in depth and insightful. The parallels between crypto/nft's and MLM grifts run DEEP.
25:00 "...people generally try to financialize *nothingness*, & it turns out, you can sell *nothing* to a lot of people, & they'll fall for it." Just one of a dozen phrases haunting me so far.
This was a seriously great interview. Thank you to all involved for the work in unpacking all of the concepts and theories and ripping the facade of lies off of these structures.
Best investment advice I ever saw: If you can't understand it, don't buy it. Educating yourself aside, (I can spot a pyramid scheme,) but crypto was clearly not creating anything of value, not producing anything, it was a lie. I saw it was nothing. I don't have to understand computers. I understand real money is based on real production and value, and fiat money is based on confidence.
The most insufferable thing about cryptos are the people who think they understand it all just because they bought some random coins from coinbase and start lecturing anyone they meet about crypto/their random coin-related protocols being "the future". 🙄
Yeah, the critics just "don't understand". And as witnesses in various forums, when they actually meet someone who's knowledgeable on the subject and can make good arguments against it, most of them just choose to plug their ears and buy more.
Jesus there are so many bots in this comment section. Anyway, great video and very informative. I invested like $200 and I think I have only lost money where as my regular invests I've gained, or lost a little. I get annoyed when finance guys will be the first to tell people to invest and then in the same breath tell you the fact you have credit card or student debt is a moral failing, no recognizing the hypocrisy at this point I guess
I felt completely gaslit for a year because “finance experts” said that crypto and NFTs were good investments that made sense. It literally sounds like a pyramid scheme. I am not doubting my gut again.
NFTs how they are being used are pretty dumb but I think they could be used in good ways. Like attaching a unique token to digital good allowing you to resell the digital good in some kind of marketplace. You can't sell ebooks or audiobooks or even MP3s in an open marketplace
It sorta feels like software engineering as a field is going through ethical growing pains. Accountants, doctors, lawyers and numerous other professions have ethics boards that are comprised of people in the profession. This is because the knowledge imbalance between someone within and without the field is too great, and could lead to abuse. Like crypto in the case of software engineers.
The most glaring issue I have taken with the crypto markets is the absence of creation of value. If your crypto is increasing in value, it is because other people at taking their value from elsewhere and are pumping that into the system. By and in itself, it doesn't generate any value, so not a good investment then. As currency, you can't buy much with any of them. Having watched both pro and against crypto content creators I can say this issue hasn't been addressed by the people in support of crypto, and in essence they are failing to admit that they're hoping they can make away with other people's money if they can sell it for more than they got it for. If bitcoin eventually becomes a stable currency, then if we ever need it to buy anything we can buy some and use it for what it is worth. In such a case you'd expect that an orange that's a Dollar should cost the same amount in bitcoin.
Originally, Bitcoin was meant to be a peer to peer currency making it easy to move value across the internet. In 2017, the original Bitcoin was taken over and rebranded as a store of value. A group forked off and kept the original purpose. It is called Bitcoin Cash (BCH) and price wise has done poorly, but it does have a valuable use in international commerce.
That's certainly a fair point but couldn't you say the same thing of physical gold or even commodities in general? They don't generate value but have a specific use case or require the expenditure of energy to acquire or create them.
@@bigmike4133 outside of the whole "humans like shiny", precious metals like silver and gold have a purpose. You can create actual tangible items with them. They are useful in the medical field and for building technology.
@@bigmike4133 Everything takes energy, but cryptocurrency takes A LOT of energy. It''s kind of like the difference between walking to your friend's house and driving an Abrams tank to your friend's house.
I was making my Bento box for lunch, then moving my paycheck around in my credit union account while listening to the issue of crypto coin BS. All I came out with was a nice chicken breast with a sweet chili and onion sauce, with rice and another level of understanding of why I listen to this site. Informative and fun. Thanks.
You mean investing in “crypto,” right? Because I’d hate for this all to color a person’s view of “investing” in general, especially long-term value investing.
I never bought crypto but I was curious about it because of the hype. This interview however was very sobering and made me realize that the emperor truly is naked.
I'm a stupid sucker that got sucked into it. I don't feel like a victim, I just feel more disappointed in myself for being an idiot and taking the scam. Even more so because I am very skeptical on many things. Although once the money tripled in my account it had the emotional pull of being legit. Now that the loses mounted, I'm just angry I was so dumb to fall for it. So the best I can do is accept my failure and try to learn from it.... While being all the more poorer
Humans make all kinds of decisions that afterwards seem like obvious mistakes, it happens to everybody. I understand that you feel bad for it, but try not to beat yourself up. I think you already understand what you have to do: learn from this situation and move on. I really hope you can feel better about this in time.
I really enjoyed this conversation, but it's a shame that Stephen's audio wasn't great. I often found it difficult to understand what he was saying - I had to turn up the volume to try and hear him more clearly, but unfortunately that also caused Chelsea to be a bit too loud. I think it really does highlight the difference in audio quality between a professional studio and an average person's home office.
26:03 I feel this, deeply. What I find so obnoxious about crypto is the deep cynicism that underpins it with the people who are in it but know what's up, combined with the financial stake people have in relentless optimism over what is essentially nothing. It is a 'screw you I got mine' mentality that speaks of disdain for actual value in favor of just making as much money as possible without regard for anything else. Don't forget, the people who believe Bitcoin is the coin of the future also believe that they will rule this future because they were there first. And thats a frightening prospect.
The whole thing is so cynical and self centered. Which is understandable when it comes to the regular people buying in. It's easy to see how you can fall for the crypto nonsense if you're down on your luck. Just looking for a financial boost when your job isn't rewarding enough and you struggle to pay rent. I get how you can fall into a 'screw you I got mine' attitude from that. What I really don't get is the milionaires and bilionaires perpetuating the scam. How can you be such a leech on society?
@@RobinOttens In this new world wouldn't the roles just be reversed? The leeches become the impoverished and the impoverished become leeches? In the capacity of this one specific tendency - to buy into crypto from a sense of self-preservation - socio-economic status doesn't really matter, right? I think that would explain why rich people are also buying crypto
@@RobinOttens Of course. But the amount of people preying on that 'the lottery is my only option' sentiment and then imbue those people with genuine hope, and the idea that they are being smart and belong to a group of people doing the right thing - it's criminal. MLMs are similar. The mindgames drive me batshit. And this being about money-that-doesn't-buy-you-things makes it even worse. The emperor with negative clothes.
I used to get so many TikTok and TH-cam videos on my feed about how these crypto bros/stock mini Buffett wannabes “were killing it, follow and pay for my content to show you how you can too.” Now I Never hear or see any more videos of people making so “much money” with crypto. Most probably got wiped and lost a lot. They were just riding an extremely bull market and didn’t really know how to trade like they thought.
The important thing about crypto is that fundamentally it's alchemy. By that I mean it's a system with a massive, complex and coherent intellectual structure (like Scientology) that can be studied and analyzed in good faith, and often is by the people who are into it. But the complex intellectual structure, with its own vocabulary and practices, is mostly there to be a smokescreen to separate marks from their money. Many people in the 15th and 16th centuries spent decades trying to turn lead into gold -- and believed it was possible -- but the only ones who made money did so by cheating others.
46:00 this guy didn't answer the question. The current crash was allegedly triggered by a hedge fund lol. What portion of the market is institutional investment? This entire interviews is just a giant "citation needed".
can we have a course on macroeconomics by TFD? like all those bubbles people are putting value in. but how is the gold different from a bubble. like it's limited in quantity, once you have it there's less of it in the wild, but then like who cares, there's still some sort of agreement that gold is dope, you need to care or else it has no value. money/assets are weird.please explain. 🥺
Even as a software engineer, I don't understand crypto. That being said, I never wanted to invest in it because I never heard a sensible explanation of how it has fundamental value. I'd rather invest in my education or my garden
My husband is a techie and he tried to explain crypto to me several times and it did not make solid investment sense. It had no intrinsic value I could tag to. So if was a no for me from the very beginning.
I think the people most likely to fall victim to this sort of thing were educated, but non expert. People like me who know very little about tech were insulated. People like you who have the ability to understand the fundamental concepts behind it are also insulated.
But many of the people who 'fell victim' have ALWAYS known there is no intrinsic value. It didn't matter, as long as they weren't the one holding the ball in the end. They made money! Everything else was fine.
As a Salvadoran viewer, I'm so glad that you talked about this in your channel. But it's very unfortunate that our country is always featured in a bad light. I used to have a very neutral position on Bitcoin, but unfortunately when shit goes down in this country with Bitcoin, people's perceptions will turn really negative really quickly, and we're not exactly the most pacific people.
Honduran here. Another perspective is that our countries will finally be able to reap the rewards that were taken by us when our countries were exploited and have a bigger economic influence the just exporting bananas and coffee
@@kevinbenitez42 I understand where you're coming from, but that doesn't mean investing on a speculative asset with no real world value will actually make our countries prosperous. What we need is jobs, job security, less criminality, and education that can make our people more competitive in the modern market. Cryptocurrency may only help the ones at the top to enrich themselves and to use public funds to do what they want without the people seeing any of that at all.
@@abielticas1693 I’m not optimistic about Bitcoin as much as I’m interested in how blockchain technology is going to democratize wealth creation. Can you think of any application, software, database use case that doesn’t have to be centralized? Block chain technology is going to create a new infrastructure over the internet that’s gonna liberate us from the constraints of the modern internet, in many ways, for the better. Right now this technology is really poorly managed. Bitcoin is the central “machine” with which we observe the state of BC tech, but you need to look at the bigger picture. If El Salvador can (Effectively?) control a large part of this “machine”, they will accumulate mass wealth, and create all that you mentioned. But right now the tech is shit. now more than ever is when El Salvador needs to get its foot in the door. Even if it may piss a bunch of people off
Thank you, thank you, thank you. Every crypto bro I know has been pushing this investment on me, and I kept telling them it wasn’t sustainable. They told me I was stupid. This video helped me realize how grateful I am to not have listened to them.
That's what my gut has been telling me about crypto. If something is supposed to be so good, why are there so many "crypto" evangelists out there pushing it? I get crypto solicitations on just about all my social media profiles. I will block them and others keep popping up.
Thanks for this. Didn’t understand very much however although I tried hard. Appreciate your efforts. Will re watch and re watch. No hard feelings, have watched many other videos prior to your posting. Won’t give up and won’t invest until I understand.
Bravo! Crypto seems to be one of the gateway drugs to QAnon (unfortunately there are many gateway drugs) -- your comments about where crypto bros go next are insightful and troubling.
@@phazon100 Yes, the highly corrupt, conspiracy-theory obsessed Republicans are perfect for the mega corrupt crypto ponzi world. A match made in hell. Glad we agree!
@@phazon100 You're more clueless than you look. The Republicans specifically had *no platform* in 2020 and when Mitch Connell was asked at about policies for 2022 he said, "We'll tell you after the election." In other words, the exact opposite of "running on policy." Unlike your blind, bootlicking obedience to the GOP, TYT and I are happy to criticize Dems, especially corporate Dems. Progressive Dems have very clear policies (e.g., Bernie): Universal Healthcare, Green New Deal, Right to Choose, living wage, free community college and trade school, etc. Trump and GOP kept promising "awesome" healthcare, but when in power they gave us nothing -- that's your idea of "policy" I guess. What a joke.
Yah on every crypto-critical video in general but they’ve been especially fervent on these TFD videos imo. I think they expect this audience to have a lot of potential marks in it because it’s folks looking for financial guidance.
@@pennycheshire5608 But it ends up being like apologists showing up on atheist videos. The audience is not going to be receptive to their advertising AT ALL.
as a 20yr software engineer I think there should be a professional certification/licensing process something similar to what traditional non-software engineers have. But that's unlikely to happen until billions of dollars and dozens if not hundreds of lives are destroyed. We (as humans) don't really have a history of fixing problems before they explode in our faces
Thanks for the indepth explanation, it definitely helped me understand the topic a bit better. Watching Paris Hilton talk about her NFT ape picture a few weeks ago was such a weird, kinda dystopian feeling... Also, love the haircut, you look like a fierce lion!
Nice content, i don't think people know the opportunity they have right now. Crypto market and other markets are lower in price rather than increasing in price . This is crypto at discount prices You know what happened the last time ,This is time to blow your portfolio and make it big in the space. Thanks to my mentor
You said my mind, now is the best time to re-invest or invest if its your first time . we all know that it will eventually go back up, so why wait when you can make more money and quickly in coming months. Although the bull run might take a while because of global inflation. But still put your bids with expert trading strategies and guide which is really beneficial this will help you avoid losing your money on the trading market.
I am new in this crypto-market and i'm getting burn with all my hodlings . Few months ago i was waiting for my hodlings especially bitcoin to hit new all time high, this crypto market give me so much stress i wish and i hope this bad dreams will end soon
@Luciana Wilson I am starting to get really concerned now after reading your comment, I certainly don't wanna liquidate my portfolio . Does anyone have a trusted recommendation that I can look up? Please.
I have never ever believed in crypto and NFTs are even worse. People keep asking me about them. I always say they aren't real and while someone will make money on them, it won't be me and it won't be you because we aren't grifters.
Crypto is for the poorly educated and those who live in Venezuela or a failing economy with a weak currency. The gaslighting happening for the past 10 years is scary.
@@phazon100 there's no new financial system when the only way cryptos value is assessed is in terms of fiat currency. Can't be a currency AND an investment lol
Great episode that needs to be seen by all the potential victims. I'll own up to being old, not being a techie, and not believing that one can get rich quick from some magic formula. From the first time I heard about crypto, I was beyond skeptical. It was pretend money, tied to nothing. One made actual money by reselling the pretend money. When I would say as much, I was treated like the negative, backwards old auntie at the dinner party. No one had any respect for or interest in my point of view. So, I waited.
This is kinda concerning. Alot of people poured everything they had into this and now that bottom might be falling out they'll lose most if not everything. Large masses of desperate people is never a good thing. Even if you couldn't care less about them this could have an effect on all of us.
And we SHOULD care. Yeah, there are a whole lot of lousy attitudes and terrible judgment behind crypto investments and cheerleading, but the fallout will do very little to improve those attitudes or that judgment while dishing out lots of misery. That's not justice.
Yah - münecat talks a lot about this in the last third of her recent Web3 video. Highly recommend her channel in general and that video in particular, especially if you’re concerned about crypto. There is significant overlap of crypto bros and the far-right, both in the rank-and-file and the whales. Consider who those folks might be inclined to blame for their troubles 😬
More and more, crypto being sold as an investment option to the general public feels like a global MLM and financial cancer. As an aside, I've been nerding out on financial and currency topics over the past year, and as a resolute Futurist, for me finding a way to navigate us to a post-fiat-currency world requires finding a new way to assign value, and to assign it back to human or at least societal/planetary value. Like governments' currency would be evaluated each year (like GDP and the like) but rather than based on GDP, it would be based on the results of surveys of the citizens on how well the government is supporting them! Yes, I'm being super optimistic, but getting the conversation over to redefining value from a global corporatized dystopia back to value going to human aspiration. LOVED this video. Thank you so much for the thoughtful dialogue. 💗
I've always viewed Crypto as a bubble that mostly a scam and used for illegal activity. I don't think anyone ever once sat and thought "yes, I want to buy my coffee with crypto". Hackers, however, certainly like the idea of a "currency" that is far harder to track and might be considered "anonymous" for ransomware purposes
Especially not when contactless payment is a thing, in the UK and Europe at least. I can go into my local Starbucks and just tap my phone to pay for my coffee. It's effortless.
I would feel bad for cryptobros, if they weren't assholes. They did this to themselves, despite what should've been obvious red flags. Just because it's digital doesn't mean it's the future. Every time I bring up legitimate concerns about cryptocurrency, I'm met with bullying and harassment. There's a reason they're called cryptobros: it's a portmanteau, "crypto" is in reference to cryptocurrency and "bro" which carries a pseudo-frat boy implication, on account of their poor sportsmanship and ultra-macho, belligerent behavior.
Agreed on the most views of this video. But that characterization of the blockchain technology itself (meaning not under the context of cryptocurrency) is, in my view, wildly biased. The technology itself is an brilliant idea on achieving consensus in a trust-less system. Although cryptocurrency might not be its brights application.
This is nothing. Is everyone forgetting the $20,000 price hit that then tumbled to $3,300?? And the main thing is that crypto is highly speculative and those who lose sight of that are the ones who get burned, this isn't buying bonds.
I guess crypto is gambling but it needs to be labeled as such not as sound investment or future inevitability. It gets pretty depressing if developing countries like El Salvador is bettting their economy on it and still so many investment people on instagram are still defending it we need to hold their feet to the fire. Never put all your eggs in the same basket
@@phazon100 I'd Hate To Be The One To Have To Tell You This- But It's Not. It Hasn't Been Because It Just Isn't Stable. The Price Fluctuations And The *Possibility* Of A Fork Make It Untenable As An Actual Currency On Par With The Dollar, Euro, Etc.
@@phazon100 swings from 20,000 to 60, 000 back 20,000 is not what most of us would call stable. Bitcoin is not currency, neither is the majority of crypto in the space as it currently stands. I say this as someone who currently at THIS moment has a fair few thousand dollars tied up in a handful of things, and I'm not panicking. It's a speculative asset, it should be treated as such. Don't put any money in that you can't afford to lose.
Re: where-money-go, I remember a quote a guy gave about the economic dip that happened just after 9/11, where someone asked him where the money they had invested went The guy said, "to money heaven. It no longer exists."
I'm so glad I never invested in hedera hashgraph's hbar. I was interested in it since December till about February, but it suffered big during the recent crypto crash. Until crypto has ACTUAL applications in the real world, on a mass scale, and is very low on energy use, (or comparable to our credit card infrastructure as it already exists) I don't see a helpful niche for it in our economy rather than as parasitic speculative risk assets. Gaming/art communities have been anti-crypto for years as well due to movers causing GPU prices to skyrocket. (Before even the rampant at theft in GTA) I wonder if the computer chip shortages caused the bubble to finally pop.
Timely topic,and well discussed..all is true...imagine us from the Third World countries like in the Philippines being victims of these Nefarious Technologies controlled by few people...w/c the original motive was to help those in dire needs on monetary guidance...and without bank access or cant even afford it...I think the Tide has turned though,and if people don't realize that this will hurt many...for long time...
I hate to say that I don’t think these things were ever actually geared toward any of the altruistic goals that their cheerleaders tried to paint their schemes with.
Hello fresh is somehow sponsoring everyone, weird. Got some good recipes though... Also: This may be an oversimplification, but as a rule of thumb that I go by: If it tells you that it will be stable and stick around, it is likely an asset (house, reliable company stocks,...) If it tells you it will make you rich, it is definitely not an asset (Crypto, NFTs, a Lotto ticket,...)
Something i have noticed from an Argentinian perspective , is that develop countries dont see usefull because they dont have big problems around Banks. In argentina just 15% of people have a bank and debit account , you can pay basic things for example a course or a suscription you use for working or just make a transfer. Also in argentina we have between 85 to 110% of inflation, so we generally buy dollars because are more stable than pesos, thing is goverment dont allow us to buy foreing currencies so you are not able to protec yourself from inflation. Many freelancers here dont have acces to get payments because they are under de law due to the high taxes 65% do again they dont have acces to de bank system . If It is not enough venezuelans ,people not goverment are recovering the economy through the use of bitcoin or sable coins. So what I've noticed is your perspective is from a privilage view where system is almost great even though the current resetion . So the technology is solving problem to people maybe not to you but is helping many 3th World countries. As .com problem in the lates 90s the marketi gonna correct it self gonna survive who ever who needs survive and then we might get new technology benefits.
I found this interview useful. I'm also interested in having you interview someone who is pro-bitcoin but who is reasonable and would be willing to answer the criticisms point by point.
They have all of the internet to peddle their vaporware and I don’t blame TFD at all for not wanting to give anyone promoting this shit a platform. If a good pro-crypto explainer that isn’t full of complete BS actually exists you’re welcome to share the link.
Andreas is very knowledgeable about Bitcoin and good and explaining reality vs BS. If you could convince him to appear on your show that would be amazing! th-cam.com/users/aantonop
I'm surprised you still have this video up. You better PRAY TO GOD that everyone who was stupid enough to be discouraged from buying bitcoin because of this video doesn't sue you into oblivion!
I wasn't aware that protecting the public from scams was a progressive thing. Is there a movement against casinos and lotteries that I don't know about? If there is then count me in, and I don't consider myself progressive at all.
Lost me at, "People shouldn't need to understand how the fed/banking works." Henry Ford, "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
I think he was saying that you shouldn't have to. Like we can take care of each other, not "nevermind the man behind the curtain". THere's a difference.
I'm a Bitcoin maxi and still enjoyed the interview. Love to hear contrarian views to my position. Hope they continue to research and seek truth, and not fall in having a set opinion. Crypto is full of scam, Ponzi schemes, and zero sum games. Bitcoin is different.
I came to know Stephen twitter account around the end of 2021 and he triggered the skepticism in my already hesitant mind. I am glad I didn’t put a dime in this BS!
Only good application of block-chains I have been able to find so far is in smart contracts. If company A in Europe buys products from company B in China which uses company C as logistics, smart contract makes forging documents much more difficult. Since every copy is connected to each other, entities in the contract can see what gets updated, when, where and by whom. If company B sends less products than the contract states or C steals part of the delivery on the way, from the contract each company can see at which point in the transfer did the products disappear.
Not even that. This only works if there is a true reference to reality - ie, someone checks whether what’s in the contract is truly there. Otherwise you have a perfect paper trail for something that can easily disappear anyway, and nobody is the wiser. I suspect the most fraud is not necessarily in the paperwork, but in the stealing of the stuff.
The YT channel Extra Credits does a series called "Extra History", they're doing a multipart thing about it right now (The basic answer is, in the 1630s the Dutch invented a middle class with money to burn, and tulips were novelty and pretty and immortal, so ppl bought them. Then a secondary market of futures and options and speculation started, which ppl got into to make money... and then in 1638 the plague flared in Haarlem so ppl stopped going outside, and the futures market collapsed.)
People would buy an amount of tulip bulbs (sometimes as few as five, if they were rare) and then resell them as little as a few days later. Traders would borrow money in order to buy low/sell high (because prices always go up!) and when the market crashed there were a whole lot of people holding flowers that nobody wanted, a mountain of loan debt, and no way to pay it back. See also: the Railroad market crash in 19th c USA Tech Bubble burst 20th c USA Housing market crash 20th c USA Cabbage Patch dolls, Tickle Me Elmo dolls, Razor scooters
I don't want to play gotcha with you Chelsea but I remember you criticizing ready food packs in one of your programs that they are not a smart way of spending your money. Now becoming a sponsor made it a better way of spending enough to advocate for it? I am not against getting sponsorship at all but it would increase credibility of our message if our choice of sponsors match with the message we intend to spread.
Don't remember this episode but I mostly agree with it. I'd never use a food subscription service (unless I were wealthy enough for the high cost to be a non issue) but some of my family have adhd and sometimes they either have a ready made salad or nothing at all. I've been getting into food prep which helps immensely but some people don't know about it or don't even have the focus for that. I'd still say pre made salads and TV dinners are better value than food delivery, but in general if you have the attention span to do food prep try that first imo.
Cite or it dodn't happen? Mostly just curious of context. I mean it's a bit like saying golf is a terrible investment. 100% true but you could still advertise a golf simulator for people who want one. Or advertise coldbrew coffee after a segment about cutting back on luxury goods.
I don’t recall which video but I think she has since touched on the points of how convenient it can be for people who are super busy, those with kids, etc. It’s definitely not in everyone’s budget but for some people I think the premium is worth the time they save.
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Crypto must be one of the most hyper inflated economy out there since they can mint new coins an such an uninhabited fashion
Poor guy got wrecked by LUNA crash th-cam.com/users/OverLeveragedvideos
I have a friend from Kazakhstan who hates crypto with a passion because it essentially was the reason the riots happened - skyrocketing energy prices as a result of crypto farms. So even from that standpoint it was doomed to fail, and the crash happening now seems to be a culmination of the real world events of last year - riots, China banning crypto, etc. It was basically "how long can we keep killing puppies for fuel until the people in the land we kill puppies get sick of it and ban killing puppies".
It may seem like a current topic, but it's basically been crumbling for a while already, and I suspect with my limited knowledge that it's only crashing now because people with the most to lose kept it artificially above water long enough to get others to buy in, then ran off to leave those people holding the bag. I saw a metric fckton of NFT and crypto ads at the beginning of the year at the same time as I heard crypto farms were being banned, so I could see that it was someone trying to sell a sinking ship.
I didn't know about that. That's interesting.
Yeah the Superbowl adds push was when they were trying to pull in more "normies" (as they call us ) to fill out the bottom of the pyramid so the people at the top could cash out
i seen a documentary about the crypto farms and them leaving china, they went to another country then were kicked out, they were making a deal with ted cruz to set up in texas, think they were trying to dupe that idiot into allowing them operate in texas and they were supposed to help with the electricity or something
Crypto is not going anywhere.
@@phazon100 True, Crypto is stuck.
Chelsea, you have got to speak to munecat -- she's done a great breakdown of Crypto and Web 3.0 to complement Dan Olsen's great work.
Can I second this comment? She's also teamed up with More Perfect Union for a great video on the crypto flameout
Here here. Would love to see Chelsea interview münecat!
I'm ...third?-ing this suggestion. Munecat has been a brilliant and acerbic creator in the anti-MLM space, and her breakdown of Web 3.0 is so in depth and insightful. The parallels between crypto/nft's and MLM grifts run DEEP.
They don’t understand web 3.0 .
@@phazon100 There is no web 3.0
25:00 "...people generally try to financialize *nothingness*, & it turns out, you can sell *nothing* to a lot of people, & they'll fall for it."
Just one of a dozen phrases haunting me so far.
The fact that one crypto crash is basically a repeat of the 2008 financial crisis... I do not want to live through that again thanks!
Especially on the back of the recession indiced by the pandemic. Things won't be as polite this time.
This was a seriously great interview. Thank you to all involved for the work in unpacking all of the concepts and theories and ripping the facade of lies off of these structures.
Best investment advice I ever saw: If you can't understand it, don't buy it. Educating yourself aside, (I can spot a pyramid scheme,) but crypto was clearly not creating anything of value, not producing anything, it was a lie. I saw it was nothing. I don't have to understand computers. I understand real money is based on real production and value, and fiat money is based on confidence.
The most insufferable thing about cryptos are the people who think they understand it all just because they bought some random coins from coinbase and start lecturing anyone they meet about crypto/their random coin-related protocols being "the future". 🙄
Yeah, the critics just "don't understand". And as witnesses in various forums, when they actually meet someone who's knowledgeable on the subject and can make good arguments against it, most of them just choose to plug their ears and buy more.
Jesus there are so many bots in this comment section.
Anyway, great video and very informative. I invested like $200 and I think I have only lost money where as my regular invests I've gained, or lost a little. I get annoyed when finance guys will be the first to tell people to invest and then in the same breath tell you the fact you have credit card or student debt is a moral failing, no recognizing the hypocrisy at this point I guess
I felt completely gaslit for a year because “finance experts” said that crypto and NFTs were good investments that made sense. It literally sounds like a pyramid scheme. I am not doubting my gut again.
Me too. I did not trust it at all.
You and me both
Oh no. I'm so sorry. 😭
NFTs how they are being used are pretty dumb but I think they could be used in good ways. Like attaching a unique token to digital good allowing you to resell the digital good in some kind of marketplace. You can't sell ebooks or audiobooks or even MP3s in an open marketplace
@@cooper1507 of course you can't, those have Intellectual Property Rights attached to them.
It sorta feels like software engineering as a field is going through ethical growing pains. Accountants, doctors, lawyers and numerous other professions have ethics boards that are comprised of people in the profession. This is because the knowledge imbalance between someone within and without the field is too great, and could lead to abuse. Like crypto in the case of software engineers.
it's a shame the sound is so low on his side. Is there anything that can be done in these cases? Maybe some post- production?
I had to turn on closed captioning.
Probably best to request a psych eval to determine why you were trying to listen to this garbage in the first place
He whispers in all of his interviews
The most glaring issue I have taken with the crypto markets is the absence of creation of value. If your crypto is increasing in value, it is because other people at taking their value from elsewhere and are pumping that into the system. By and in itself, it doesn't generate any value, so not a good investment then. As currency, you can't buy much with any of them. Having watched both pro and against crypto content creators I can say this issue hasn't been addressed by the people in support of crypto, and in essence they are failing to admit that they're hoping they can make away with other people's money if they can sell it for more than they got it for. If bitcoin eventually becomes a stable currency, then if we ever need it to buy anything we can buy some and use it for what it is worth. In such a case you'd expect that an orange that's a Dollar should cost the same amount in bitcoin.
Originally, Bitcoin was meant to be a peer to peer currency making it easy to move value across the internet. In 2017, the original Bitcoin was taken over and rebranded as a store of value. A group forked off and kept the original purpose. It is called Bitcoin Cash (BCH) and price wise has done poorly, but it does have a valuable use in international commerce.
That's certainly a fair point but couldn't you say the same thing of physical gold or even commodities in general? They don't generate value but have a specific use case or require the expenditure of energy to acquire or create them.
@@bigmike4133 outside of the whole "humans like shiny", precious metals like silver and gold have a purpose. You can create actual tangible items with them. They are useful in the medical field and for building technology.
@@bigmike4133 in addition much of our infrastructure depends on things like gas and energy. So no those are not useless.
@@bigmike4133 Everything takes energy, but cryptocurrency takes A LOT of energy.
It''s kind of like the difference between walking to your friend's house and driving an Abrams tank to your friend's house.
Phenomenal interview, this was so informative! I’d love to see another episode like this in the future.
Okay, completely off-base but Stephen is high-key adorable 😅
He is 🙂☝️ like if you went to his house he would 100% cook lunch and watches bobs burgers 🍔
@@kamilareeder1493 sounds like my type of guy lol
I was making my Bento box for lunch, then moving my paycheck around in my credit union account while listening to the issue of crypto coin BS. All I came out with was a nice chicken breast with a sweet chili and onion sauce, with rice and another level of understanding of why I listen to this site. Informative and fun. Thanks.
Your bento box sounds really good right now, drooling
I have been terrified about the idea of investing for this reason and I’m grateful for listening to my gut and not digging into it
You mean investing in “crypto,” right? Because I’d hate for this all to color a person’s view of “investing” in general, especially long-term value investing.
I never bought crypto but I was curious about it because of the hype. This interview however was very sobering and made me realize that the emperor truly is naked.
Hahahaha “just buy some drugs” Chelsea you are hilarious
I'm a stupid sucker that got sucked into it. I don't feel like a victim, I just feel more disappointed in myself for being an idiot and taking the scam. Even more so because I am very skeptical on many things. Although once the money tripled in my account it had the emotional pull of being legit. Now that the loses mounted, I'm just angry I was so dumb to fall for it. So the best I can do is accept my failure and try to learn from it.... While being all the more poorer
Humans make all kinds of decisions that afterwards seem like obvious mistakes, it happens to everybody. I understand that you feel bad for it, but try not to beat yourself up. I think you already understand what you have to do: learn from this situation and move on. I really hope you can feel better about this in time.
I think you should move on, life always has a lot of setbacks, I believe you will successfully advance to the rich area Lol
"Suckered in by Matt Damon" lmao
That was willful. Matt Damon's anti-government, pro-Q stances have been known since "How 'bout them apples?"
I really enjoyed this conversation, but it's a shame that Stephen's audio wasn't great. I often found it difficult to understand what he was saying - I had to turn up the volume to try and hear him more clearly, but unfortunately that also caused Chelsea to be a bit too loud. I think it really does highlight the difference in audio quality between a professional studio and an average person's home office.
26:03 I feel this, deeply. What I find so obnoxious about crypto is the deep cynicism that underpins it with the people who are in it but know what's up, combined with the financial stake people have in relentless optimism over what is essentially nothing. It is a 'screw you I got mine' mentality that speaks of disdain for actual value in favor of just making as much money as possible without regard for anything else.
Don't forget, the people who believe Bitcoin is the coin of the future also believe that they will rule this future because they were there first. And thats a frightening prospect.
The whole thing is so cynical and self centered. Which is understandable when it comes to the regular people buying in. It's easy to see how you can fall for the crypto nonsense if you're down on your luck. Just looking for a financial boost when your job isn't rewarding enough and you struggle to pay rent. I get how you can fall into a 'screw you I got mine' attitude from that.
What I really don't get is the milionaires and bilionaires perpetuating the scam. How can you be such a leech on society?
@@RobinOttens In this new world wouldn't the roles just be reversed? The leeches become the impoverished and the impoverished become leeches?
In the capacity of this one specific tendency - to buy into crypto from a sense of self-preservation - socio-economic status doesn't really matter, right? I think that would explain why rich people are also buying crypto
@@RobinOttens Of course. But the amount of people preying on that 'the lottery is my only option' sentiment and then imbue those people with genuine hope, and the idea that they are being smart and belong to a group of people doing the right thing - it's criminal. MLMs are similar. The mindgames drive me batshit. And this being about money-that-doesn't-buy-you-things makes it even worse. The emperor with negative clothes.
@@bryeanarose5753 Not much, but for the consequences. Rich people are just people, but with less to lose.
Crypto produces real wealth and real services.
The Tulips Craze wasn't even about the flowers. They were selling the option to buy a tulip that hadn't even bloomed yet
I used to get so many TikTok and TH-cam videos on my feed about how these crypto bros/stock mini Buffett wannabes “were killing it, follow and pay for my content to show you how you can too.” Now I Never hear or see any more videos of people making so “much money” with crypto. Most probably got wiped and lost a lot. They were just riding an extremely bull market and didn’t really know how to trade like they thought.
The important thing about crypto is that fundamentally it's alchemy. By that I mean it's a system with a massive, complex and coherent intellectual structure (like Scientology) that can be studied and analyzed in good faith, and often is by the people who are into it. But the complex intellectual structure, with its own vocabulary and practices, is mostly there to be a smokescreen to separate marks from their money. Many people in the 15th and 16th centuries spent decades trying to turn lead into gold -- and believed it was possible -- but the only ones who made money did so by cheating others.
46:00 this guy didn't answer the question. The current crash was allegedly triggered by a hedge fund lol. What portion of the market is institutional investment? This entire interviews is just a giant "citation needed".
Omg finally, someone with a decent perspective. He is very unspecific.
can we have a course on macroeconomics by TFD? like all those bubbles people are putting value in. but how is the gold different from a bubble. like it's limited in quantity, once you have it there's less of it in the wild, but then like who cares, there's still some sort of agreement that gold is dope, you need to care or else it has no value. money/assets are weird.please explain. 🥺
Gotta credit Ramsey for telling everyone to not do it despite getting clowned on before the bubble popped
Even as a software engineer, I don't understand crypto. That being said, I never wanted to invest in it because I never heard a sensible explanation of how it has fundamental value. I'd rather invest in my education or my garden
My husband is a techie and he tried to explain crypto to me several times and it did not make solid investment sense. It had no intrinsic value I could tag to. So if was a no for me from the very beginning.
I think the people most likely to fall victim to this sort of thing were educated, but non expert. People like me who know very little about tech were insulated. People like you who have the ability to understand the fundamental concepts behind it are also insulated.
But many of the people who 'fell victim' have ALWAYS known there is no intrinsic value. It didn't matter, as long as they weren't the one holding the ball in the end. They made money! Everything else was fine.
As a Salvadoran viewer, I'm so glad that you talked about this in your channel. But it's very unfortunate that our country is always featured in a bad light. I used to have a very neutral position on Bitcoin, but unfortunately when shit goes down in this country with Bitcoin, people's perceptions will turn really negative really quickly, and we're not exactly the most pacific people.
Honduran here. Another perspective is that our countries will finally be able to reap the rewards that were taken by us when our countries were exploited and have a bigger economic influence the just exporting bananas and coffee
*global economic
@@kevinbenitez42 I understand where you're coming from, but that doesn't mean investing on a speculative asset with no real world value will actually make our countries prosperous. What we need is jobs, job security, less criminality, and education that can make our people more competitive in the modern market. Cryptocurrency may only help the ones at the top to enrich themselves and to use public funds to do what they want without the people seeing any of that at all.
@@abielticas1693 I’m not optimistic about Bitcoin as much as I’m interested in how blockchain technology is going to democratize wealth creation. Can you think of any application, software, database use case that doesn’t have to be centralized? Block chain technology is going to create a new infrastructure over the internet that’s gonna liberate us from the constraints of the modern internet, in many ways, for the better. Right now this technology is really poorly managed. Bitcoin is the central “machine” with which we observe the state of BC tech, but you need to look at the bigger picture. If El Salvador can (Effectively?) control a large part of this “machine”, they will accumulate mass wealth, and create all that you mentioned. But right now the tech is shit. now more than ever is when El Salvador needs to get its foot in the door. Even if it may piss a bunch of people off
Thank you, thank you, thank you. Every crypto bro I know has been pushing this investment on me, and I kept telling them it wasn’t sustainable. They told me I was stupid. This video helped me realize how grateful I am to not have listened to them.
Crypto bro or not, some morons just can’t handle rejection. Sorry you have to deal with their bs.
omg Such a red flag when they insult your intelligence for not believing them
they just wanted you to provide them with more exit liquidity
That's what my gut has been telling me about crypto. If something is supposed to be so good, why are there so many "crypto" evangelists out there pushing it? I get crypto solicitations on just about all my social media profiles. I will block them and others keep popping up.
Thanks for this. Didn’t understand very much however although I tried hard. Appreciate your efforts. Will re watch and re watch. No hard feelings, have watched many other videos prior to your posting. Won’t give up and won’t invest until I understand.
They're not advocating for people to invest in either NFTs or crypto
@@MousesHouses yes I understood at least that. Thanks
Great content, but would love for there to be succinct ad breaks!
Bravo! Crypto seems to be one of the gateway drugs to QAnon (unfortunately there are many gateway drugs) -- your comments about where crypto bros go next are insightful and troubling.
You are a woke a radical leftist . Thankfully Republicans are going to win the senate and the house…good for crypto.
@@phazon100 Yes, the highly corrupt, conspiracy-theory obsessed Republicans are perfect for the mega corrupt crypto ponzi world. A match made in hell. Glad we agree!
@@unclesamshrugged2621 Democrats don’t have solutions. Republicans run on policy .
@@phazon100 You're more clueless than you look. The Republicans specifically had *no platform* in 2020 and when Mitch Connell was asked at about policies for 2022 he said, "We'll tell you after the election." In other words, the exact opposite of "running on policy."
Unlike your blind, bootlicking obedience to the GOP, TYT and I are happy to criticize Dems, especially corporate Dems. Progressive Dems have very clear policies (e.g., Bernie): Universal Healthcare, Green New Deal, Right to Choose, living wage, free community college and trade school, etc. Trump and GOP kept promising "awesome" healthcare, but when in power they gave us nothing -- that's your idea of "policy" I guess. What a joke.
I think QAnon exists largely in your head.
How is this not a digital Ponzi scheme? It bears a striking resemblance to Bernie Madoff's scheme, although decentralized and bigger.
I didn't know about El Salvador. That's so infuriatingly tragic
All the crypto spammers in the comments lol.
Fr they're the first to jump into the comments of ALL of these videos 😂
@@Kay-kg6ny they have a financial interest. Videos like this directly lower the value of their portfolio. This is their job.
Yah on every crypto-critical video in general but they’ve been especially fervent on these TFD videos imo. I think they expect this audience to have a lot of potential marks in it because it’s folks looking for financial guidance.
@@pennycheshire5608 But it ends up being like apologists showing up on atheist videos. The audience is not going to be receptive to their advertising AT ALL.
@@pennycheshire5608 I suspect they're just bots activated by 'crypto' in the title. Nothing too fancy.
By far, one of my most favorite interviews!
He is so correct the only way to exit liquidity is if someone comes in to take your selling order at a higher price
yeah. you shouldn't have invested more than you could afford to lose, anyway. just put a sell order at a comfortable out and forget about it.
Can someone explain how I pay a mortgage or by groceries with crypto
as a 20yr software engineer I think there should be a professional certification/licensing process something similar to what traditional non-software engineers have.
But that's unlikely to happen until billions of dollars and dozens if not hundreds of lives are destroyed. We (as humans) don't really have a history of fixing problems before they explode in our faces
Terra just lost 45bil and people unaliving. Does that count as a catalyst enough?
@@lowwastehighmelanin I sure hope so
@@lowwastehighmelanin still see a lot of people defending Tera online it’s crazy
Thanks for the indepth explanation, it definitely helped me understand the topic a bit better. Watching Paris Hilton talk about her NFT ape picture a few weeks ago was such a weird, kinda dystopian feeling...
Also, love the haircut, you look like a fierce lion!
YES, MLM’s and crypto, they’re two sides of the same predatory coin, thank you! I was never able to put it into words, thank you
Nice content, i don't think people know the opportunity they have right now. Crypto market and other markets are lower in price rather than increasing in price . This is crypto at discount prices You know what happened the last time ,This is time to blow your portfolio and make it big in the space. Thanks to my mentor
You said my mind, now is the best time to re-invest or invest if its your first time . we all know that it will eventually go back up, so why wait when you can make more money and quickly in coming months. Although the bull run might take a while because of global inflation. But still put your bids with expert trading strategies and guide which is really beneficial this will help you avoid losing your money on the trading market.
I am new in this crypto-market and i'm getting burn with all my hodlings . Few months ago i was waiting for my hodlings especially bitcoin to hit new all time high, this crypto market give me so much stress i wish and i hope this bad dreams will end soon
@Luciana Wilson I am starting to get really concerned now after reading your comment, I certainly don't wanna liquidate my portfolio . Does anyone have a trusted recommendation that I can look up? Please.
@Luciana Wilson Thanks i found him
A wise person should know that in order to build success, you should invest wisely and have proper knowledge or guide in the finance market.
Small note to maybe bump up the guest's audio a bit if they speak really quietly or their audio is more muffled than Chelsea's!
he was whispering quite a bit, definitely wish I could hear him a bit better.
I have never ever believed in crypto and NFTs are even worse. People keep asking me about them. I always say they aren't real and while someone will make money on them, it won't be me and it won't be you because we aren't grifters.
Crypto is for the poorly educated and those who live in Venezuela or a failing economy with a weak currency. The gaslighting happening for the past 10 years is scary.
The smartest people are in crypto building a new decentralized financial system.
@@phazon100 there's no new financial system when the only way cryptos value is assessed is in terms of fiat currency. Can't be a currency AND an investment lol
@@charliegolding9439 it is far more complex than currencies . We are talking about smart contracts .
@@phazon100 Smart contracts. Idiot people.
It's a shame the audio on his end is so awful. I had to strain to make out most of what he was saying. Good interview nonetheless.
This was AMAZING!
Does anyone have a link to Stephen's book?
I mean the money that went into buying crypto went to a very productive heat generator! you're buying pure entropy!
Sharky? More like snarky. 😁 Nice.
Did Stephen say he has a podcast?
Great episode that needs to be seen by all the potential victims. I'll own up to being old, not being a techie, and not believing that one can get rich quick from some magic formula.
From the first time I heard about crypto, I was beyond skeptical. It was pretend money, tied to nothing. One made actual money by reselling the pretend money. When I would say as much, I was treated like the negative, backwards old auntie at the dinner party. No one had any respect for or interest in my point of view. So, I waited.
You don’t understand crypto at all…
What a BS pointless and vapid comment. Are you a bot? 😆
@@nachannachle2706 nope
@@nachannachle2706 Nice try, bro
This is one of your best videos ever. SO MANY people's lives have been ruined by leaping headlong into crypto.
This is kinda concerning. Alot of people poured everything they had into this and now that bottom might be falling out they'll lose most if not everything. Large masses of desperate people is never a good thing. Even if you couldn't care less about them this could have an effect on all of us.
And we SHOULD care. Yeah, there are a whole lot of lousy attitudes and terrible judgment behind crypto investments and cheerleading, but the fallout will do very little to improve those attitudes or that judgment while dishing out lots of misery. That's not justice.
Yah - münecat talks a lot about this in the last third of her recent Web3 video. Highly recommend her channel in general and that video in particular, especially if you’re concerned about crypto. There is significant overlap of crypto bros and the far-right, both in the rank-and-file and the whales. Consider who those folks might be inclined to blame for their troubles 😬
@@pennycheshire5608 Blame? They'll blame you regardless.
I feel like the only people who made bank not on a fluke with that mess are the GPU scalpers
"Great hair plugs," haha. Elon bros are the worst.
More and more, crypto being sold as an investment option to the general public feels like a global MLM and financial cancer.
As an aside, I've been nerding out on financial and currency topics over the past year, and as a resolute Futurist, for me finding a way to navigate us to a post-fiat-currency world requires finding a new way to assign value, and to assign it back to human or at least societal/planetary value. Like governments' currency would be evaluated each year (like GDP and the like) but rather than based on GDP, it would be based on the results of surveys of the citizens on how well the government is supporting them! Yes, I'm being super optimistic, but getting the conversation over to redefining value from a global corporatized dystopia back to value going to human aspiration.
LOVED this video. Thank you so much for the thoughtful dialogue. 💗
I've always viewed Crypto as a bubble that mostly a scam and used for illegal activity. I don't think anyone ever once sat and thought "yes, I want to buy my coffee with crypto". Hackers, however, certainly like the idea of a "currency" that is far harder to track and might be considered "anonymous" for ransomware purposes
Especially not when contactless payment is a thing, in the UK and Europe at least. I can go into my local Starbucks and just tap my phone to pay for my coffee. It's effortless.
Chelsea in the ad break: relax wherever you're holding your tension
Me, looking at the mess of knitting in my hands: Chelsea I will not be doing that
Why aren’t more people liking the videos? They are so many more views. The videos are so informative and helpful.
I would feel bad for cryptobros, if they weren't assholes. They did this to themselves, despite what should've been obvious red flags. Just because it's digital doesn't mean it's the future. Every time I bring up legitimate concerns about cryptocurrency, I'm met with bullying and harassment. There's a reason they're called cryptobros: it's a portmanteau, "crypto" is in reference to cryptocurrency and "bro" which carries a pseudo-frat boy implication, on account of their poor sportsmanship and ultra-macho, belligerent behavior.
such a great time!
This guest is amazing. So thoughtful and knowledgeable and really skilled at distilling a complex subject
Chelsea talks out loud, wise, knowledgeable and with all this sovereignty and confidence, frankly very SEXY!
Wow that hair is gorgeous!
Edit: I was talking about the host, not Elon’s hair plugs.
NGL, I'd be scammed into ChelseaCoin™️ but I love this ep, thank you for all the crypto content!
😂💯☠️
Agreed on the most views of this video. But that characterization of the blockchain technology itself (meaning not under the context of cryptocurrency) is, in my view, wildly biased. The technology itself is an brilliant idea on achieving consensus in a trust-less system. Although cryptocurrency might not be its brights application.
This is nothing. Is everyone forgetting the $20,000 price hit that then tumbled to $3,300?? And the main thing is that crypto is highly speculative and those who lose sight of that are the ones who get burned, this isn't buying bonds.
I guess crypto is gambling but it needs to be labeled as such not as sound investment or future inevitability. It gets pretty depressing if developing countries like El Salvador is bettting their economy on it and still so many investment people on instagram are still defending it we need to hold their feet to the fire. Never put all your eggs in the same basket
Bitcoin is not a bet. It is a certainty. It is a world reserve. Currency.
@@phazon100 I'd Hate To Be The One To Have To Tell You This- But It's Not.
It Hasn't Been Because It Just Isn't Stable.
The Price Fluctuations And The *Possibility* Of A Fork Make It Untenable As An Actual Currency On Par With The Dollar, Euro, Etc.
@@estinsidebottom it is stable
@@phazon100 swings from 20,000 to 60, 000 back 20,000 is not what most of us would call stable. Bitcoin is not currency, neither is the majority of crypto in the space as it currently stands. I say this as someone who currently at THIS moment has a fair few thousand dollars tied up in a handful of things, and I'm not panicking. It's a speculative asset, it should be treated as such. Don't put any money in that you can't afford to lose.
@@phazon100 The literal point of being decentralized is that there is no reserve.
was hoping you'd talk about this!
Am I the only one who TH-cam gave an NFT ad for the video?
Re: where-money-go, I remember a quote a guy gave about the economic dip that happened just after 9/11, where someone asked him where the money they had invested went
The guy said, "to money heaven. It no longer exists."
💸😇
There is no meltdown
the global coin market cap did objectively tank
@@ericmememan4632 not significantly
I'm so glad I never invested in hedera hashgraph's hbar. I was interested in it since December till about February, but it suffered big during the recent crypto crash. Until crypto has ACTUAL applications in the real world, on a mass scale, and is very low on energy use, (or comparable to our credit card infrastructure as it already exists) I don't see a helpful niche for it in our economy rather than as parasitic speculative risk assets. Gaming/art communities have been anti-crypto for years as well due to movers causing GPU prices to skyrocket. (Before even the rampant at theft in GTA) I wonder if the computer chip shortages caused the bubble to finally pop.
This is an excellent interview, thanks for featuring Stephen.
Timely topic,and well discussed..all is true...imagine us from the Third World countries like in the Philippines being victims of these Nefarious Technologies controlled by few people...w/c the original motive was to help those in dire needs on monetary guidance...and without bank access or cant even afford it...I think the Tide has turned though,and if people don't realize that this will hurt many...for long time...
I hate to say that I don’t think these things were ever actually geared toward any of the altruistic goals that their cheerleaders tried to paint their schemes with.
"Sometimes breaking the law is cool, but we don't need to get all that nerd shit involved" got my like
I know this is such a bleak topic but Stephen has a very relaxing voice ☺️
Hello fresh is somehow sponsoring everyone, weird. Got some good recipes though...
Also: This may be an oversimplification, but as a rule of thumb that I go by:
If it tells you that it will be stable and stick around, it is likely an asset (house, reliable company stocks,...)
If it tells you it will make you rich, it is definitely not an asset (Crypto, NFTs, a Lotto ticket,...)
Something i have noticed from an Argentinian perspective , is that develop countries dont see usefull because they dont have big problems around Banks. In argentina just 15% of people have a bank and debit account , you can pay basic things for example a course or a suscription you use for working or just make a transfer. Also in argentina we have between 85 to 110% of inflation, so we generally buy dollars because are more stable than pesos, thing is goverment dont allow us to buy foreing currencies so you are not able to protec yourself from inflation. Many freelancers here dont have acces to get payments because they are under de law due to the high taxes 65% do again they dont have acces to de bank system . If It is not enough venezuelans ,people not goverment are recovering the economy through the use of bitcoin or sable coins. So what I've noticed is your perspective is from a privilage view where system is almost great even though the current resetion . So the technology is solving problem to people maybe not to you but is helping many 3th World countries. As .com problem in the lates 90s the marketi gonna correct it self gonna survive who ever who needs survive and then we might get new technology benefits.
I'm looking forward to Chelsea launching Nihilism merch. They need to work on their branding
"Try Nihilism! Or don't. Either way, it will all eventually be wiped away by the heat death of the universe."
I found this interview useful. I'm also interested in having you interview someone who is pro-bitcoin but who is reasonable and would be willing to answer the criticisms point by point.
Thisss would be so interesting
James from Invest Answers would be great
Bad idea. There are no reasonable pro-bitcoin voices anymore.
They have all of the internet to peddle their vaporware and I don’t blame TFD at all for not wanting to give anyone promoting this shit a platform. If a good pro-crypto explainer that isn’t full of complete BS actually exists you’re welcome to share the link.
Andreas is very knowledgeable about Bitcoin and good and explaining reality vs BS. If you could convince him to appear on your show that would be amazing! th-cam.com/users/aantonop
This video helped me reframe crypto as an unbacked investment rather than a currency. Can't say I liked crypto before, but now it's just ludicrous
Ah, the “Greater Fool.”
I’m not investing in anything that doesn’t produce anything tangible.
Them: NFT’s are a scam
Me: yes that is a very British light feature behind you Stephen
Oh god yes our landlord Put those in every single rooms in our house hahaha
I'm surprised you still have this video up. You better PRAY TO GOD that everyone who was stupid enough to be discouraged from buying bitcoin because of this video doesn't sue you into oblivion!
I wasn't aware that protecting the public from scams was a progressive thing. Is there a movement against casinos and lotteries that I don't know about? If there is then count me in, and I don't consider myself progressive at all.
Dismantling the CFPB was a conservative thing.
Sure, there is fraud in Cryptocurrency. However, he is not being specific about what cryptos are the fraud.
All of them
@@charliegolding9439 you need to do you research on Bitcoin and Ethereum.
Lost me at, "People shouldn't need to understand how the fed/banking works." Henry Ford, "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
I think he was saying that you shouldn't have to. Like we can take care of each other, not "nevermind the man behind the curtain". THere's a difference.
I'm a Bitcoin maxi and still enjoyed the interview. Love to hear contrarian views to my position. Hope they continue to research and seek truth, and not fall in having a set opinion. Crypto is full of scam, Ponzi schemes, and zero sum games. Bitcoin is different.
100 hundred points to Slytherin and 1 Like to TFD for Elon Musk's hair plugs.
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She helped me recover what I lost trying to trade my self
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I came to know Stephen twitter account around the end of 2021 and he triggered the skepticism in my already hesitant mind. I am glad I didn’t put a dime in this BS!
Only good application of block-chains I have been able to find so far is in smart contracts.
If company A in Europe buys products from company B in China which uses company C as logistics, smart contract makes forging documents much more difficult. Since every copy is connected to each other, entities in the contract can see what gets updated, when, where and by whom. If company B sends less products than the contract states or C steals part of the delivery on the way, from the contract each company can see at which point in the transfer did the products disappear.
Not even that. This only works if there is a true reference to reality - ie, someone checks whether what’s in the contract is truly there. Otherwise you have a perfect paper trail for something that can easily disappear anyway, and nobody is the wiser. I suspect the most fraud is not necessarily in the paperwork, but in the stealing of the stuff.
What was the tulip craze?
The YT channel Extra Credits does a series called "Extra History", they're doing a multipart thing about it right now
(The basic answer is, in the 1630s the Dutch invented a middle class with money to burn, and tulips were novelty and pretty and immortal, so ppl bought them. Then a secondary market of futures and options and speculation started, which ppl got into to make money... and then in 1638 the plague flared in Haarlem so ppl stopped going outside, and the futures market collapsed.)
People would buy an amount of tulip bulbs (sometimes as few as five, if they were rare) and then resell them as little as a few days later. Traders would borrow money in order to buy low/sell high (because prices always go up!) and when the market crashed there were a whole lot of people holding flowers that nobody wanted, a mountain of loan debt, and no way to pay it back.
See also: the Railroad market crash in 19th c USA
Tech Bubble burst 20th c USA
Housing market crash 20th c USA
Cabbage Patch dolls, Tickle Me Elmo dolls, Razor scooters
@@nightfall3605 add in massive Beanie Baby collections.
Your videos come out at the perfect time. Thanks for shedding some light.
14:20 Most important Public Service Advice for anyone thinking to jump into crypto
You mean 14:08
I don't want to play gotcha with you Chelsea but I remember you criticizing ready food packs in one of your programs that they are not a smart way of spending your money. Now becoming a sponsor made it a better way of spending enough to advocate for it? I am not against getting sponsorship at all but it would increase credibility of our message if our choice of sponsors match with the message we intend to spread.
Don't remember this episode but I mostly agree with it. I'd never use a food subscription service (unless I were wealthy enough for the high cost to be a non issue) but some of my family have adhd and sometimes they either have a ready made salad or nothing at all.
I've been getting into food prep which helps immensely but some people don't know about it or don't even have the focus for that. I'd still say pre made salads and TV dinners are better value than food delivery, but in general if you have the attention span to do food prep try that first imo.
Yep! Sponsor segments suck on youtube in general. This is no exception.
Cite or it dodn't happen? Mostly just curious of context. I mean it's a bit like saying golf is a terrible investment. 100% true but you could still advertise a golf simulator for people who want one. Or advertise coldbrew coffee after a segment about cutting back on luxury goods.
@@NateBluehooves Thanks to that you get free content ...
I don’t recall which video but I think she has since touched on the points of how convenient it can be for people who are super busy, those with kids, etc. It’s definitely not in everyone’s budget but for some people I think the premium is worth the time they save.