History's Largest Financial Scam - Cryptocurrency
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- เผยแพร่เมื่อ 13 ก.พ. 2022
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Cryptocurrency, led by Bitcoin have exploded to a near 2 trillion dollar market cap, but as the industry grows, the danger rises. Crypto is not just a risky investment, it is also a wealth redistribution mechanism that funnels capital from the poor, to the rich.
Crypto is misunderstood in one of the most dangerous ways possible, while functioning as an elitist and criminal safe haven of the worst kind.
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The first time I watched an entire ad, nice choice and I'll try it
Never thought I'd ever say it, but I might just check out this game. Seems interesting and difficulty is big +.
I think Crypto is all Chinese money.
Have you looked into the impending bigest housing crash in the world has ever seen?.... the Chinese tofu homes... a country that doesn't let it's own people invest apart from in housing unfit to live in...
also the interesting way American financial institututions/banks levied the previous president to remove their legal obligalions for misselling mortgages/loans that they have invested heavily in to this now crashing Chinese tofu panzi scheme?
It's not just America that will be hit again... the world of financial greed is universal!
It's a pretty good game, played it for a bit at launch. Sick you got a sponsorship from them.
The fact that the advocates of crypto bragged about its “changing the world” “making the world more equal” while at the same time dreaming of making a fortune is laughable.
It tells you all you need to know
“It’s changing the world! It’s the future! Bitcoin is better than fiat!”
*Sells for fiat once the suckers believe it*
so what makes you think people arent making money off it? I get about $20 every 4 day mining...while paying 70 cents for the power.. I find most idiots that get into it thinking its millions in your pocket is bs... they have no understanding of how it works and base it as a scam.. again because they dont know how to make a profit on it. :-\ well... more for us.... lol we dont care if you dont believe LOL oh ps, for a currency that CANT be stolen, yeah, some country's are thinking of replacing they're current money with it
nice post a year ago, BTC was the highest preforming asset for 2023. Don't conflate bitcoin with crypto
@@danielkeenan1984oh no, not this again. So, enlightened one, please explain to us, these peasant fools, the difference between the two.
The point of crypto was never supposed to be about "getting rich", it was supposed to be about privacy and decentralized finance. With so many people focused on chasing the former it has corrupted the soul of crypto. To me NFTs are a great example of this. NFTs exemplify how crypto has become gamified like a casino, rather than functioning as a stable and secure alternative to central banks.
I still believe in Bitcoin but NFT's are the worst and will go the way of the tulip.
@@GreenThumb27 you alreay buy NFT's but you don't own them. you pay sub's, you buy digital games, movies, music.
Also expanding on NFTs, they've become a rampant cespool for Art Theft. I have THANKFULLY not gotten my art or comic work stolen, but I know friends who have. And trying to get their work taken down is worse than pulling teeth... All while the scammer who 'minted' my friends art sits back and makes money off work they don't own.
Exactly. Also it's not private at all. Hell even Monero isn't that private either.
@@GreenThumb27 bitcoin is non-fungible and by definition an NFT
Hilarious, *Charge backtools* I love the work you do mate. Those low life scammers take money from old ladies, they have no soul or heart and deserve everything you give them!! Your doing a service to humanity. Love the videos, keep doing the good work mate.
Crypto is just 24/7 cross-border gambling.
That it is. It will all come crashing down as soon as people want to cash out.
Good truth
Unlike Fiat that is controlled by the richest people that ever lived and still make a profit of of every transaction without being taxed a dime. Because that's not gambling. That's the House winning.
Excellent job done *Charge backtools* - so glad you are out there fighting these lowlifes. We need to do all we can to spare the elderly and the general public from these despicable scammers!!Kudos to You!!! You deserve the Nobel prize for keeping us safe big up
Been waiting for that title since 2012.
always seemed self evident for me...
in any situation where crypto is truly useful, I.E. when fiat currencies are going unstable...
you'll rather have bullets, seeds, and farm tools
when will people realize...they dont get to share the tech, you only get what they SELL YOU. THERE IS NO TECH UTOPIA COMING. only more and better tools for power to exert itself
Kascinski was right....
Ive been following crypto since 2013.
I can author transactions and contracts with no exchange.
I own exactly 0 of any form of crypto.
Glad somebody finally wised up and said something about it.
Me too.
@@Mornings Lol the state is the biggest holder now.....they were going to ban it until the CIA got ahold of the silk road hoard.
you really think they dont take interest in a dark money with an open ledger....
Death and taxes....you are simply taking a shorter view than I. there's nothing free, and they will be back for their pound of flesh...
bet you a silver coin
@@waynealan3067 And when they seized it back, where'd it go? what's your point?
that the blockchain is a populist tool for freedom....nonsense
if it was we'd be using it to secure the vote...
It's almost like an unregulated unaccountable financial market will always become a method of toxicity, exploitation and criminal activity.
even in traditional market, market manipulation, scams are common.
Yeah, it's exactly why those rules evolved over time, as opposed to the state just wanting to add to itself, which was always bullshit that only imbeciles would fall for. The fact is that ever since classical times in Athens, when someone bought out all the olive presses, cornered the market, drove prices way up, giving birth to the word monopoly that regulation has been demanded by the people.
I love the tu quoque fallacy argument in reply to you, but it's more a case of with Celsius, those morons have lost everything, whereas in a real bank with real money, people's losses are covered, because of the amount of times that it happened before, so we have regulation about that, unlike with an unregulated imaginary bank that has unregulated imaginary pirate booty coins in it, so there is obviously a difference, no matter what the sock puppets try to say.
@@alphapham2060 Yes, but that one is actually supervised. Anyone still doing scams through that either got corrupt connections or keep themselves under the radar.
Nahhhhhh
@@OfficialDJSoru The people doing the supervising run the bigger financial scam. The moment that you add centralized regulation, the corruption will move into an unaccountable centralized power.
When crypto started getting commercials is when I decided to avoid it. Crypto is supposed to be a currency. When was the last time we saw a commercial where the message was to use the US dollar?
We didn't and you would think that would raise some red flags but no people who support are to desperate or let's be real to stupid to realize that
Only Bitcoin is a currency. The rest are securities
The commercials are for cryptocurrency trading services. Not for Bitcoin. I've never seen a commercial for Bitcoin ever.
@@trenton1190 Exactly. I see tons of commercials for Trading Plattforms and Banks for fiat.
@@trenton1190 good point
I realized this last year, watching so many coins go from being worth nothing, to jumping 4000%, then back down 3900%. The founders and friends have millions/billions of the original tokens for hundreds or thousands of dollars and sell them for millions while chumps get caught holding the bag for coins that will never 'recover'
That scheme is called a "pump and dump", and they are ubiquitous in the crypto space. The initial buyers/founders need people to buy their tokens, so they hype it up to idiot cryptobros who buy in thinking that they are the pump, when really they are the dump. The founders and earliest adopters sell their coins to these new buyers at massively inflated prices, then everyone realises that the coins are actually worth nothing and the hype dies, bursting the bubble. Thing is, the cryptobros don't have a problem with this at all - they just hop from one coin to the next hoping that they get in early enough to be the pump, rather than the dump, and that they too can scam their own communities out of hundreds of thousands of dollars. It's all so pathetic.
@@oneofmanyjames-es1643 I agree and I think that a lot of the money market works this way but crypto is just more obvious.
Anybody who's trying to get you to buy financial assets in this market is holding a bag they're trying to unload on to you.
Play the game. Then buy BITCOIN
That’s because it’s a scam; it’s not crypto’s fault. When somebody online makes takes advantage of someone else and convinces the victim to wire them money under false pretenses, why don’t we call that a “USD scam”?
Crypto was supposed to reform currency with it not being dependent on a government.
Now its dependent on some "tech geniuses" who create it and can easily do what they want with it.
Why does crypto currency have value? Just because a "tech genius" said it has?
Shit coins depend on "tech geniuses". Bitcoin still a decentralized consensus.
Money will never be independent of government. There is too much power these entities hold to even think you can do that. There is trillion dollars into crypto now from billion dollar companies and now it is in their control. People wanted to avoid banks, now these companies are just the new banks. Coin base, crypto.co, etc.
These companies are hopping on this not because of what it’s supposed to be. It’s because they can make billions of dollars off of manipulating the market and screwing over people. It’s unregulated and perhaps even the easiest scam to ever exists because of government being slow to catch up and of how these companies can create any change in pricing that they want.
For me it started off as a silly thing that people did kind of as a meme or fun, Now it’s completely out of any ones hand aside from these new “banks” and anyone defending crypto is uninformed or completely oblivious to the powers behind the scenes.
But also with the massive printing of fiat dollars it can also go down to zero as well, so on Cryptocurrency and Fiat dollars, both of these can be the biggest scams... Like a lot of people said: on Cryptocurrency, "All it needs is a massive power outage and it is gone" and what I said earlier due to Richard Nixon years ago on Fiat dollars that there is no gold standard on the US Dollar, so the US dollar can go down to zero at some point.
Currency relies on faith and faith is irrational. Always seemed deemed to be doomed...
Crypto is only the displacement of confusion.
Your entire comment says you genuinely know nothing about cryptocurrency.
Once again the old adage "If people tell you that you need to trust them with your money because the system is too complicated for you to understand, then it probably means the system is a scam" proves to be true.
You fear it and don't understand it, therefore you dismiss it. You're making a judgement based on your ignorance.
Like your bank? I genuinely can’t tell if you’re describing crypto or the $.
@@bobleglob162 That's funny, because the only reason you claim people don't "understand it" is because you dismiss them, not the other way around. I majored in Financial Planning in university. Money is exceedingly easy to track & comprehend. It's because people refuse to openly talk about it that it seems more mysterious and complex than it really is.
@@edselgreaves6503 what is your point??? Crypto is easy to track, anyone can look at the blockchain. Your major in financial planning doesn't mean fvck all regarding your understanding of cryptocurrency.
You can get scammed with cryptocurrencies just like you can with any other currency but the idea is not a scam. If you understood it you would realize that calling it a scam doesn't make any sense.
@@bobleglob162 You had a great opportunity to explain it, instead you did what all the others do - ad hominem that the inquirer is ignorant. Will that be the case for potential blockchain customers as well? good luck getting masses on board with the attitude. "This blockchain will solve the dentistry industry via defi!" / "how?" / "ahh, you're just too ignorant to understand!!!"
Matt Daemon told me fortune favours the brave and now I have to steal copper pipes to survive.
Its a meme economy, thats what one of the few folks I know who have their hands in the NFT market said to me
and he meant it, its all about making people think these things have value.
ponziers
That’s the economy in general. Other than basic food and water we put the value of items on items. If the most valuable things were the most expensive then water would $10,000 a bottle and 65 bedroom mansions would be $20.
@@antiwhatever5391 Crypto isn't even item though and it's not even a currency even though people call it that lmao, people values of things who consume or use, there's nothing to consume from crypto and it doesn't have a use
Isn't that just what our entire economy is based on now
The practical difference between someone thinking something has value and having value doesn't exist.
Honestly I had never heard about the claims of curing poverty until just now and I don't think anyone who uses crypto would actually make that claim unless they're the people trying to scam you
In 3rd world country like mine a lot of these tokens and nfts advertising as if they are the future for all the poor and that it's insta millionaire if you invest in it and thus scamming a lot while rewarding some and these some will now advertise the tokens/nfts as something that saved them from poverty using what he earned as evidence and cycle begins again
Look up Axie Infinity. It has been praised for "giving" third-worlders an extra source of cash.
@@einsiedler5075 by also scamming others
It seems like you also earned something from it that's why you're fine if others are scammed.
Normal people really just think for their own sake and doesn't care if the one beside them is already dying because of the action of others so long as they earn something from it
@@thallium8148 The instant millionare mentality is in first world countries too. It's just packaged a bit different. where it's boldly stated to 3rd world countries. It's covered in double speak and misdirection with the implication of "Everybody is going to get rich off of this" as a constant vibe that pushes it along without people outright saying it so those that don't bother listening to the context and BS they are being sold don't realize that is what it's claiming in a different way.
If anything this video goes to show anybody putting their money into a crypto project should do their own research and due diligence. There are projects that are worth supporting and then there are pure scams. Education is the key, not mass blanket statements that cryptocurrency is a scam.
TH-cam and their brilliant algorithm thought this was a great video to attach a crypto advertisement to. Well played guys.
"Commercial spaces are now full with ads that tell you to 'buy crypto here' or 'trade in this coin'."
TH-cam Algorithm: USE THIS PLATFORM FOR ALL YOUR CRYPTO TRADING, ONLY $10 TO START AND YOUR FIRST TRADE IS FREE!
Not to mention all the "high gizmo"(?) comments that appear on the top of the comment section here now because scammers made bots and bought enough likes to game the comment section algorithm to put them up on top.
Things that just make me want to disconnect.
I love the idea of "cryptocurrency". Not because the privacy factor (which doesn't really exist), but because you can shop without the need for a payment provider. But crypto, today, has turned into the purest form of technical analysis for stocks.
It’s just shit
If you have to pay tax then it’s not private or anonymous
Not True. There are a few privacy coins like monero
i believe it started out with good, noble intentions...
but as time went on, a lot of opportunistic entities got on the hype train and corrupted the platform...
As with most every other Human endeavors it ends up getting corrupted.
Like communism and socialism. Whats the highway to h3!!?
Yeah, wallstreet and gov gotten in to it aswell, which is a red flag if you include the assets they have to play around with
@@Patrickf5087 Ironic since this is a purely capitalist way of "making a quick buck"
Also, I have no fucking idea how or why you even talk about political systems in a comment section of a video discussing the state and nature of crypto. Is this a Burgerland thing?
@@MrDoggo23 yes because money is an isolated thijg qnd has No relation to poltical power or governments....
I wonder what Venezuela would think?
Stop being a narrow minded muppet.
Also i was commenting on the whole "noble intentions" bit, plenty of governments used the whole noble intentions as a means to crush peoppe under their boots
I saw a meme that worded it perfectly. If there ever becomes a day that I am forced to learn cryptocurency and have to keep a digital wallet I'm becoming a terrorist.
you don't seem to feel that strongly about our rapidly devaluing USD that will never recover. A lot of terrorists are gonna be born when the US can no longer fake it to make when our currency becomes worthless.
@@DarkSpyro707 Oh and the billion dollar corporations are gonna fix that with crypto huh? Corporations are to blame for that and you think they won't do the same with crypto?
@@DarkSpyro707 Yeah and people equating crypto to shady activities tend to forget/ignore the fact that fiat like the dollar has also been used to fund terrorists, extremists, sex trafficking, drug trade, illegal wars etc etc for literally decades if not hundreds of years at this point. Any means of exchange like gold and silver, fiat, barter, crypto etc will always have both positive and negative aspects. Criticizing crypto because it can be used by terrorists or other illegal activities is akin to criticizing only fiat because govts around the world funds terrorism or despotic regimes, in both cases we see that its not fiat or cryptos fault, those are just means of facilitating transfer of assets/value, the real problem is the govt bodies, policy makers, individuals, organizations that make the decision to engage in illegal or morally questionable practices.
@@orcus6222 corporations are not to blame for the decades of poor government spending and printing money into oblivion. Keep blaming "muh corporations" when another trillion dollar bill gets rushed through and billions get sent over sea and millions wasted on "parrots playing slot machine" aka money laundering to line the pockets of corrupt politicians who are trying to get on the life boats before telling anyone the ship is sinking.
crypto is not the end all be all, but this faux outrage over "scams and tax avoidance" is bullshit when this shit goes on every fucking day with fiat currency yet none of you bitch and scream like you do now.
you dont gotta like crypto, you dont even gotta use it. im much more concerned on how this country is gonna prevent a Soviet collapse. it could be crypto, it could be metals, but do you care? no. for you its just another hot topic of the month before you move on to other things to cry about.
The funny part of this video is that in the middle of it a Bit Coin Ad popped up. How ironic.
The minute CNBC Jim Cramer started to get positive on crypto, I knew it was the end.
Cramer told people to sell their Bitcoin when it dropped below $30,000. Now it's $47,000+ as of today - 10 Feb 2024.
People buy Bitcoin when they realize they were wrong.
When something becomes popular it gets exploited and scams abound
Just like internet did... Yet look at it now.
the internet ws pure gold until it went super popular. put too many humans on one thing, and it turns to shit. god i hate us.
search for the lost helicopter
@@Noksivs
The internet is nothing like it was in the past when there was next to zero censorship and monitoring
@@Delimon007 And crypto, atleast the QUALITY projects in the space have set out to restore exactly that
TLDR: 1) There are many shitcoins. 2) Crypto won't reduce poverty. 3) Tether is shady. Therefore, crypto is the LARGEST FINANCIAL SCUM!
i just wish he'd leave bitcoin out of shitcoin debates
@@Mornings Which indirectly could help poverty since the state is responsible for most poverty but... yeah, anyone buying that crypto will end poverty is dumb
Underrated comment.
You want to end poverty? Build businesses where people can work.
@@Mornings basically redistribute the wealth from the 1% to 5% be them already rich or the early adopters. Theoretically it would keep diffusing wealth down to the poor over time but this would take hundreds if not thousands of years unless major innovations come from crypto seeing how long rich people and their heirs hold on to their money.
wise words. if only people listened. I ignored the existence of this fad, but many of my friends fell for it and lost their savings. Some have experienced severe depression, some just pretended it never happened and that they are ok.
what a weird time to be alive...
Damn sorry to hear.... hopefully they held on, the market is up like 2.5x since you posted this
@@leepreece813 2,5x in what?
Good video. Honestly echoes the issues from "The Line Goes Up" by Folding Ideas.
I realize a lot of people were eager to subvert fiat to become sucessful on their own terms and jumped on the crypto trend.
But the greatest crime remains the hampering of public education. How early personal finance & investment shouldve been taught and trade skills honed before graduating high school.
Well doing over a decade of mandatory education over here in the UK and then get told if you don't want to be on minimum wage go to uni or "You should have done an apprenticeship" while every college and education board screams there is no job progression in Trade skills. Which is true to an extent, but avoids the power of being your own boss via your skills.
Why would you want the slaves to have access to the keys of their cages?
Educating the population on how money works is not in the interests of the rich
listening to this while creating a small course on crypto for highschool students
Who would have guessed that once big corporations and wealthy investors got into the market, it would all fall apart. Almost like it was done on purpose. It started out as a good thing, and of course was corrupted by those threatened by it's existence.
Agree, to some extent, but when you see who won in almost every scam with crypto where "normal" people.. I don't see any major corporation involve.
It's because they saw it as an opportunity to engage in money laundering and to smash the new privacy tool in the process.
I honestly do not think it was actually built with good intentions. It is fundamentally designed to allow this kind of behavior. You could not put together a better system for it if you tried, and its inherent technological complexity allows you to obfuscate the obvious behind techno-jargon.
I do not want to ascribe malice without evidence, but these coins are designed to enrich the earliest adopters and those who already have enough money to dominate the market. The fact that these coins are most often intentionally deflationary does not seem like an accident. The person who creates them is in a unqiue position to rob everyone else who comes after them, mostly anonymously, and without legal oversight.
The stated goals of Crypto sound good, but I have never seen an argument for how it would actually accomplish those goals in a way the traditional financial markets are not already better suited. Instead they took all the worst and most exploitative aspects of the financial markets and found a way to completely obscure criminal behavior in those markets. It would take every early adopter being an absolute saint, and extreme levels of regulation, to solve the wealth consolidation that crypto causes.
It is possible that the original designers were just ignorant. They were mostly computer scientists and not economists after all. But if they were not doing this intentionally, then they have attempted to light a match with a flamethrower, and accidentally burned down the entire rain forest.
@@Caelinus "but these coins are designed to enrich the earliest adopters" - That's how stocks work. In this specific thing, crypto is literally no different from stocks except that the SEC doesn't have (as much) control over it. They can't pull a Gamestop on crypto (but they did exert power over it, so it's largely a mute difference).
@@Caelinus It seems that you deeply misunderstand crypto and lack understanding of money and financial markets/institutions.
Aged like fine wine
Irony: Watching this, and then TH-cam giving me a commercial about getting taught how to trade NFTs. Priceless.
It's hard to see crypto as some subversive thing when rich Hollywood celebs are shilling it.
That should be the first clue it's a subversive thing. They used to shill cigarettes.
Pay anyone high enough and they will spew any bullshit you wish.
@@MrDoggo23 This comment is sponsored by _Raaaiiiid Shadow Legends_ .
I lost all trust in crypto when I started seeing ads for crypto cards.
@@Alendrin1 He probably meant "it's hard NOT to see" or something like that and misstyped.
One thing about crypto is nobody really uses it as currency, they just hoard it.
almost likes that’s what capitalism enforces you to do 🤔
ok... so that $30 billion dollars per day of trading in just USDT alone ... you think that is all people onboarding to purchase and hoard? I get there are question marks over tethers backing but the demand is real. If they are hoarding at a rate of $30 billion (+all the tether alternatives and non-us currency pairs) a day... why no moon? Also, I seem to remember there are several million crypto based debit cards that have been issued... presumably so users can pay the upfront cost and never use them? I would venture perhaps many people use them as currencies... of course you are correct with regular 10% compound interest rates to be found there is an incentive to hoard as well (they called it saving when fiat had 10% interest rates) but there are plenty of real world transactions that originate in crypto.
@@supertrooper6011 crypto cards generally give crypto instead of cashback rewards, not actually pay in crypto. Also, many sites have introduced crypto options for purchase and rarely see use. My local jewlers and metals exchanges even allow tradng crypto for real solid gold and silver and nobody does,
@@supertrooper6011 tbh, 30 billion isn't shit for a collective currency. The U.S military budget is over 400 billion per year.
And they never will.
Thanks for going in-depth on this issue!
Surprisingly insightful. Was not aware of the wealth centralization
As far as I see, crypto will be the exact same as any other form of fiat currency. It all starts out ok, but people and entities with more resources end up pumping and dumping until what most people have is worthless
Same way with any fiat currency so I agree with you on both of it... And here is a hot take for me, Gold and Silver will likely be similar when the time comes, when it's harder to buy and sell for ALL people.
If I am wrong, let me know.
I may be using religious predictions, prophecies and BS on that part.
@@f1champ551 Nah, you're not wrong. Can't eat gold and silver. Food would be the most important thing if we get to that point. Food or bullets.
@@zhangjao6328 plus on Cryptocurrency and Fiat, we have the same electricity, right? Both will have no electricity and both will lose value due to the Fiat dollar not printing and Cryptocurrency for the currency element as well. I may be wrong as well.
I always felt that crypto would turn into this after the initial winners cashed out.
The problem with unregulated speculative markets is that there always has to be ALOT of losers and a few winners. (statistically speaking) There is no "rising tide that raises all ships" with markets like these. To succeed you have to make someone else lose.
Unless you have "f you" money, these markets are almost nothing but risk with a very small chance of success that is determined by your ability to constantly pay attention to it and find the "biggest fool".
remember the gold rush? the people who got rich were selling shovels and pans.
When the crypto market finally pops it's going to absolutely destroy the economy of any country that is foolish enough too try and use it as an "alternative currency".
@@Francois_Dupont
During the Yukon Gold Rush it was the crown (government) that got rich buying land off failed prospectors at fire sale prices and then selling it decades later too townships and cities like Whitehorse.
@@DimitriFilichkin The problem is that it's entirely possible for a full market crash to happen. If proof of work mining gets banned (like I think it should), then all the biggest cryptos will crash. That might sound far-fetched, but a number of countries around the world are looking at crypto in a pretty bad light, with a few banning them outright and others regulating them extremely heavily. Especially if it ever looks like people on a larger scale are looking to crypto more for storing their funds than the dollar, you can bet the US government isn't going to sit back and let that happen.
@@DimitriFilichkin Are these winners even alive? Maybe outside of literal tens or hundreds of people there are no actual "winners" who made it from zero to tens of millions? If your millions are in crypto and you never use it - are you a millionaire? If they never use it - these people are well off even without crypto money, so they "made it" even before they invested in crypto.
I realised the same thing but from another perspective, specifically that Bitcoin has more equivalents with a market bubble or a ponzi scheme than a currency. With only 10% being used for transactions and the other 90% being investments shows that it has no inherent worth other than growing your money. Problem only is the money has to come from somewhere and someday it has reached this peak and its only downhill from there
Crypto is unproductive like the housing real estate market, the only people that can profit are the owner of the asset and the government.
Bitcoin isn't the only thing like this though, so is gold. Gold is rarely used in transactions and people use it as an investment. Does that mean gold is a ponzi scheme too?
Use for investment is far from being evidence of it being a scam.
@@michaelvernon9459 I mean gold has real life applications as a metal.
@@michaelvernon9459 it is at least exists: you can make jewelry and it is recognized as a rare mineral, which is used to make electronics at least. So it has real value
Any currency system that redistributes wealth to the less fortunate would never succeed. The top analysts would see the loss and no money would be put towards promoting it; so it would flounder very quickly.
The fact that Bitcoin and cryptocurrency was pushed so heavily among the wealthiest people was proof in itself that they were the ones making money from it.
"Were"? You mean ARE. Crypto is tanking right now and the wealthy are buying a shit ton because they know Bitcoin is going to pass 100k in the next 1-2 years. So they will continue to get more rich while the poor get poorer out of fear of losing what little money they have.
Indeed. I realized something was wrong when the media and billionaires would all promote crypto as if reading a script. Crypto would surge in value. Then, they would all flip to a different narrative, criticizing crypto. The crypto would crash. Then, they’d repeat the pattern. It seems like they are all colluding to pump wealth from regular people to the conspirators at the top.
@@Anonimowany1 bitcoin isn't dictated by the economy, it's dictated by halving events. It will return to around 60k within the year, dip dound back to 40k the next year, and then balloon well past 100k the following year.
@Gunk Session thanks
@@Anonimowany1 the fundamentals of bitcoin as a modern payment network is too good. When fiat payrails fail, nobody is going to go back to settling transactions in gold which is expensive and takes days to ship and settle.
Bitcoin solves the problem of inflation and immediate transaction settlement.
Ahh, getting a crypto ad on the corruption of crypto. Love it
Considering that the only thing crypto-bros care about is buzzwords, makes sense.
Yeah I’m never putting my medical records on an unregulated block chain
i mean does it really matter these days? government mandates said get lost with your right to privacy concerning medical records as it is.
This was one of the most genuine sponsor presentation I ve ever seen! I might give it a try!
Also worth noting Crypto doesn't act like digital gold but rather a leveraged S&P500 position.
I kind of felt it always favored the wealthy. There's the rare early adopter who makes a lot, but for the most part, you need a large investment to get a large return. Who has the money to do that? Who has the money to create the crypto mining machines for thousands of dollars apiece? It all feels like the rich getting richer, even before you get to the large ratio of scams to real crypto.
I am so happy that SOMEONE on TH-cam has a brain and is willing to say the Emperor has no clothes.
The more spare money you have, the more you can invest to make more money. Crypto is no different.
It's easier to have it wiped out than to grow it, but money attracts money.
@@ThZuao "Currency" isn't the same as "Money". These Crypto's are "Currency" - Creating more of it and trading it does NOT make anyone wealthy.
"Currency" is essentialy just "Debt" - basically "Information", as worthwhile and worthless as words out of people's mouth - without something to BACK it up, it can NEVER have "Real Value".
Making Farm Produce and trading it makes people wealthy.
Why? Because the Produce itself has Inherent worth - "Real Value" - even the piece of paper that the physical Currency is printed on has inherent worth, separate from the "Face-Value" - the "Information" that is claimed.
Because all too often, that "Face Value" is False Information, ever changing and unreliable.
Because ultimately, what backs "Face Value" is not the paper, but the PEOPLE behind the Currency - their Worth and Word.
If the Good People - People who have Valuable Skills which produce Real Value - do NOT back that Currency, then the Currency loses its "Real Value" - it's nothing more than a "Debt" that is iredeemable.
It's worthless.
@@ThZuao Basically, all such currencies are nothing more than Dutch Tulips - and like all such Currencies, people who understand Real Value try to convert it into Real Wealth whenever feasible.
They don't "invest" in Currencies.
Only an Idiot thinks t"Currency" like Bitcoin or the Yen are something to invest in.
Good People invest in Families, Communities, their own culture to extend it into the next generation, from the tools and skills involved in a farm ("Don't sell the Farm") to the implements and tools to teach their kids the worth of learning to support themselves (From Woodwork and Lathes to Weapons and Microcontrollers).
I've made a recent investment in requisitioning an Excavator and telling my kid (He goes to their farms to play around anyway) to help a group of friends expand the infrastructure for more livestock - it's the type of common and worthwhile investment for People of Real Value, something the Juice* are too Culturally inept to appreciate.
It drives the Juice* nuts because their reliance on Usury and paper Scams means they are at the mercy of better People in any negotiation. They always have to scam other people to cheat others out of Products (from food to military hardware). Whether it's using government taxes and regulations to try and bankrupt their properties for takeover (which they then have to resell because their historic incompetence with managing farmland is legendary, from the Irish Famine to the Ukrainian Collectivization to the "Dustbowl" - which was not brought on by "drought" but by mismanaged farming through soil erosion and exhaustion) or trading worthless promises ("I'll pay you tomorrow for a hamburger today"), the Juice* have a proven track record of taking over the most bountiful farmlands int he world and turning them into deserted wasteland.
*TH-cam auto-deletes any use of their real name when used in a negative context - only allowing the keyword to be used in a "favorable" context.
This is true for almost any form of investing. Look up the Matthew principal.
'The road to hell is paved with good intentions'
Investing in cryptocurrency is the best way of getting ahead to build wealth, investing remains a priority. The Cryptocurrency market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works, I pray that anyone who reads this will be successful in life..
How does this crypto stuff really works and how do I make good profit from it? I'm willing to invest in it but I need guidance so I don't lose out.
I would recommend you get started with a professional broker that will trade for you while you get the profit
Do you have an idea of any good broker/trader I can start with that's trust worthy?
That's his watsap line below, get in touch with him there
➕④④⑦③⑥⓪⑤⓪⑤⑨⑧⑥👈Kelly Walter , get in touch with him with this, tell him one of his clients directed you to him
The 'promise' of Bitcoin sounds suspiciously like the 'promise' of the stock market in the 1920s.
The stock market has been generating returns for every investor big or small for 100 years, not participating in either the stock market, or bonds, or real estate, or crypto, is a sure way to have your savings diluted to oblivion and having to fight several times as hard to have a decent life and achieving financial goals.
Who woulda thought that giving unfettered access to the most complicated form of market without any requirement for education would end with a bunch of nubs gettin phucked for eternity... Who coulda ever guessed that 🤯
Giving some small group the power to deny access to anyone they deem 'uneducated' is worse. You have to give more power to powerful institutions basically just because they are already powerful, rather than because they are trustworthy. Some group has to determine what 'education' is deemed sufficient: some academics, politicians, CEOs, bureaucrats etc. This is always the part that calls for 'regulation' gloss over: the deeply unsavoury nature of all the possible regulators, none of which can be trusted with even the power they already have.
Thank you for verbalising the thoughts that have been swimming around in the back of my mind ever since I learned what Crypto is and how it works.
can you share what you've learned about bitcoin? i'm trying to understand it as well, no sarcasim
@@nhandiep3398 you should listen to Tucker Carlson interview with Michael Saylor if you want to understand bitcoin.
Lmao sarcasm intended
@@nhandiep3398 no look up guy from Coin Bureau, he’s the #1 crypto channel on YT and makes a damn good channel for learning about crypto
@@thefirsttrillionaire2925 nope Richard Heart is the best resource for crypto on the internet.
Forex market is by far the biggest and most popular market in the world traded globally by large number of individuals and organizations. Anyone who thinks of breaking out of financial struggles should consider investing crypto market.
I have been making a lot through bitcoin which is solely the main source of my income these past years. Trading with Mrs JENICA DZEROWICZ has been an unregrettable experience
Successful trading requires discipline, patience adaptability, mental toughness, independence and forward thinking mind
I thought of investing in forex in 2019 but got discouraged by friends because of scammers
The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires
It's not watching tutorials videos and wasting time on strategies. I was also ignorant doing so till I met Mrs JENICA DZEROWICZ sometime last year in New York at a startup funding event
Crypto itself isn't a scam. People are just running all the same scams you can do with fiat currency. The only difference is that crypto is largely unregulated, so it's easier to get away with.
The only way a scam can work is with a good supply of idiots.
Be careful with the "frontiers" journal series. They notoriously publish a lot of bad but sensational research.
It's weird to me how people honestly think that this stuff will forever be unregulated. There will come a point where cryptos will either centralize and submit to regulation, or be banned and done away with.
that's not how it works.
The point of crypto is that you cant centralize it.
But how? Something like Bitcoin can't be centralized because nobody controls it, and it can't be banned because you'll need China style control over the Internet to ban it.
I once poised what would stop the government from taking it and someone responded "The Government can't take it because they don't recognize it as legal tender" they proved my point without me saying anything back.
@@kalicula7718 Earn It Bill
Thank you! This needs to be seen by everyone.
"substratum lost more than 1bn" yeah thats not how marketcap works
Not to mention, how crypto mining is ruining the video card market and its huge energy consumption and heat generation is also, not that good for the environment
Most mining is actually done on ASICS miners.
Crypto is the monetary equivalent of anarchy and has similar problems to anarchy.
I also see them having a robbery/expoitation economics. They have zero consideration on sustainablitiy or competing with existing solutions, therefore they aren't looking for solutuions to actual problems. Everything revolves around networking and constant expansion with lawless stock exchanges for the greedy and the gullible.
@@Blazs120gl That is pretty much how anarchy works too. It builds nothing because it has almost no progress due to constant instability. Humanity remained primitive for over 100000 years until the discovery of agriculture allowed the first state societies to form.
you are not very smart
Glad to see that you are benefiting from Mrs Keily Morrison mentorship. I did, and I'm still reaping from my decision to work with her.
I also believe even when bitcoin is not moving forward, You can still make so much money despite the current fall in bitcoin, very true, with the right strategy and consistency, and Mrs Keily Morrison offers the best right now.
Her exercise regimen has been insightful and I have to say I am very honored to be a part and full time beneficiary of her daily signals. I grew monthly and was able to increase my portfolio from 1.5 BTC to over 4.5 BTC with its daily signals.
It is really refreshing to see a commentary on Mrs Keily Morrison I had the opportunity to benefit from her guidance a few months ago and it was a very smooth experience. It is amazing how accurate her market analysis is and how well and patiently she is with beginners.
I invested with Mrs Keily Morrison too,she charges a 15% commission on profit made after every trading session which is fair compared to the effort she put in to make profits.
I heard that her strategies are really good, I would love to invest, I would love to make money.
I know that personal experience doesn't mean much in grand scale of things but I have never met anyone who was able to liquidate their crypto horde.
I have seen people "spend their money" on NFTs and websites and trade online for goods, but never have I come across someone that verifiably managed to turn their monopoly money into actual fiat currency in any meaningful quantity.
There's no point in having 200k in a currency that only lets you extract in small sums with low consistency.
Kaiba: *Crypto will revolutionize gaming/wealth distribution/etc, etc*
Yugi: *How?*
Kaiba: *dies*
It always sounded like a pyramid scheme to me from the beginning when I first heard about it and looked into it around 2010. Now I can't help thinking about the people who sold their farms to buy into crypto when it first rose to close to $20k a coin only to have it crash hard. The same when it just recently lost its value.
Welp don't invest won't you don't want to lose lol but if they held and sold some at 70k though....
@@JustChillinOnThe5thFloor Then I'm never gonna invest because I don't want to lose money. Who wants to lose money?
@@JustChillinOnThe5thFloor That's a really poor argument that's just trying to exploit FOMO. You could have bought MoviePass stock at the right time and earned 100x your money, but that would still in no way have been a wise use of your money.
@@Zarincos I think (I hope) it's a meme about those people who believe crypto will rise indefinitely, and reply to any kind of scepticism with "yeah, I know I just lost 50%, but just wait until I get rich and you'll see I was right all along"
Hopefully those who bought at 20k back then held on and sold at around 60+k last year ;)
Very well done. Great to see this critical reporting from a (former?) crypto bro^^
Excellent video. Short yet full of excellent information.
Biggest scam?? O_O Doesn't even come close to the biggest - fiat currency....
The volatility is too much for most people with crypto. That’s why videos like this exist. In another year this video will make peopel cringe
At least I can wipe my ass with it
I'd rather just use BTC/ETH and buy some toilet paper, but whatever works for you, man xD
You mean all those poor African communities aren't the ones buying up and hoarding the GPUs to mine crypto and solve their poverty?
On July 16, Russian President Vladimir Putin penned a new law, effectively banning the use of digital assets as payment for goods and services in the country. As per the law, cryptocurrencies and NFTs are no longer accepted as legal payment methods in Russia. 2 days ago
Source: CNBC TV18
2:52
Let’s thanks the sponsors of today’s video: Wells Fargo, Bank of America, JP Morgan, Goldman Sachs, the IMF and Wall Street.
This guy loves the state
I knew it was a scam all the way, i never doubted myself that like most things this species we belong to makes, it must be a scam…
so what happened to all your btc?
He probably sold when it was at $1 and regretting it lol
Usually that's the case for people who hate crypto. They sold too early and now are mad.
Found the people rushing to defend and make excuses for crypto instead of actually watching the video and listening
Yeah, I did watch it. But since he generalized crypto, I'll generalized cryptohaters. I know a few people actually have qualms with crypto but most of them are angry.
@@SlashDrago i mean, fair enough. Just find it really stupid when people immediately go to “lol he’s just mad because he lost money from selling crypto in a bad time”
Bitcoin as a modest allocation long term savings is good. Bitcoin and 'crypto' should not be conflated imo.
Exactly, crypto is a way to separate fools from money. Bitcoin separates money from state.
this misses the point that it doesn't take much to get involved in crypto. when throwing items at the wall few of them will stick.
@@HouseParty13 you're missing the point that everything but bitcoin is crap
So refreshing to listen to someone with common sense about crypto. Thank you!
also for being a currency its really hard to spend crypto on daily needs
Need to move to El Salvador where it is legal currency and merchants are required to accept it.
@@Ciborium yes because moving country's isn't a hassle
@@Ciborium
That sounds like something rich people do in order to avoid paying taxes.
DLT is not a "currency" the idea of a digital currency is one application of the FUNDMENTALS of this entire space which is DLT, just because bitcoin, an awful attempt at a currency, was the first demonstrated use case of this new augmentation of ledger technology doesn't mean it's the only use case.
@@SvendleBerries that’s exactly what it’s is, like how they want to all move down to Puerto Rico
Also isn’t the federal government the only one in America that is allowed to create and print money? I feel like I remember that from my Constitution class
Yap, and especially in America its pure paper, other currencies have actual rare minerals in em.
@@havocgr1976 I’m saying is the creation or use of crypto even legal since it’s supposedly a currency?
Thank you for making this :)
Thanks for your help
If you haven't watched it yet. I highly recommend watching " The Problem with NFTs: Line Goes Up " by Folding Ideas.
It's 2 hours long and is one of the best videos on TH-cam that explains bitcoin, NFTs and blockchains and why it's all terrible.
I ll go watch it.
Man, was about to sleep, spent 2 hours watching it, amazing video.Thanks.
Could you maybe do a video about "why social media is the most unsocial thing"
I feel sometimes technology can work in unintended ways if scale and time is considered. I would argue that social media besides all benefits slowly converges to the most unsocial experience if AI, marketing and other stuff kicks in. I think many of us have experienced that facebook, twitter, youtube were a really awesome way to connect to other people but over the years have become a marketing platform with bots slowly taking over real conversation😛 (similar to dead internet theory)
I don't know, but I think nobody thought about NFT and ICO scams when crypto was developed, so somehow this is a very similar critical development.
New subscriber .. top content.. TRUTH HURTS but it's the best path to be on.. Top Job Mt...
the flow of currency is more shadowy than laundering
A really one-sided view, sad. If you have a shovel and give it to people and they in turn start to club each other over the head instead of using it as intended, you can't blame the shovel. Calling it a useless and dangerous tool is just ridiculous. Oh, sorry, not useless or dangerous, but a scam, to use your terms.
Thanks for the video man. This is what I've basically been wondering ever since I've learned about crypto.
Stack gold and silver ..
An absolutely fantastic and important video for the times. I can't wait to see the downfall of this horrible scam.
Need only 2 weeks black out.
The trouble with that wish is lots of innocent people will suffer
Crypto likely has value in areas where "trust" needs tracking. Everything else I agree, it's presently the worst in it's public form.
the central banks are prepping for their block chain currency's which will allow complete control of peoples money.. we have been saying they wanted to get rid of cash for a long time and looks like they are prepping to do it now
@@awakeandwatching953 Unlikly they will use block chain for their digital currencies, because there is NO reason to use a merkle tree as storage.
It only provides "trust" against a sort of attack that isn't really the problem one. The problem is mostly people putting bad data into a ledger not that someone changes it in the middle
Bitcoin: I made this
Everyone else: I made this....
Bitcoin: 😑
bitcoin doesnt speak english you bafoon, she speaks japanese
I'm actually tired of working about stocks...it's driving me nuts these days, I think crypto investment is far better than stock..
Trading crypto has been a lucrative way of making money
Stocks are good but crypto is more profitable
I'm new to forex trade and I have making huge losses but recently I see a lot of people earning from it. can someone please tell me what I'm doing wrong
all you need is a professional trader else you will continue making losses
How can someone know a professional account manager that is trustworthy when legit once are hard to find this days
Your case against shitcoins is rock solid, I'm absolutely in your camp on that, along with the disgusting use of the tech behind NFTs.
Your case on tether is rock solid.
Your case against bitcoin is almost non-existant and is going to require another video. Please expand on your research efforts there. I was pleasantly surprised to learn something new from you in the gini coefficent, but I'm able to counterpoint pretty effectively by pointing out that countries get those coefficients based in despotic rule and broader macro factors, which is far different from early adoption being a wealth-enducing phenomenon for the likes of bitcoin, a phenomenon that has been well documented before the advent of crypto, we don't call the likes of Apple, Microsoft and Amazon, Tesla and Netflix scams just because people made a significant bet on them early before they were a runaway success and leaders in their respective spaces.
@Ross Blankinship so is all fiat money
@Ross Blankinship bitcoin is a way to make payment rails that can't be inflated away by governments and are faster than settling transactions in commodities like gold or oil. It's the future.
When fiat crashes, nobody is going to put up with 7 day settlement periods of shipping gold or other commodities and paying through the nose to do it. securely.
I still believe in the technology. Decentralization is much needed.
However, you are correct in your assessment. This technology won't reach its true potential until those using it for scams are rooted out.
Meaing, BSC must die in order for crypto to move on
I don't really know much about crypto to actually try to use it. But I have a mind to think that the only way the scammers would be dealt with is if government forces (the police, etc.) get involved, which would probably defeat the purpose of crypto in the first place which is to limit their involvement in the first place. And right now, we have ads for crypto airing on the Superbowl. Never mind that hand scan thing called Amazon One....from Amazon.
With the crash of fiat seemingly on the horizon what with our boys in the east not shifting because someone doesn't want them to, it feels like the honeymoon for what crypto once was has actually come to an end.
th-cam.com/video/EIWHvPP0U64/w-d-xo.html
why is decentralization much needed though? the luxuries in life we enjoy today in developed worlds is due purely to centralization. decentralization is not a new concept; it's just that like good-on-paper-concepts similar to communism, it doesn't work well in real life.
Someday we'll look back on bitcoin and early cryptos the same way we look at pyramid schemes now. Cuz it is a pyramid scheme.
Wow. Who would have thought that used clock cycles have no real value.
You can't lump BTC in with shit coins or even tether. Many alt coins have real application/value and a finite supply. Of course, 90% of tokens are trash.
Supply is infinite just like fiat currency just create more crypto out of thin air. 11,000 cryptos approximately.
Well...people also feel the need to buy farts in a jar.
At least this scam doesn't smell, I guess?
This channel is so good. One of the few YT channel that gets better and does more important work as time passes.
Nice call considering where we are today June 14th 2022.
Super cool how you imbed the commercials to spend us dollars in the middle of you denouncing crypto! Genius!
An unregulated market with no accountability and where total possible income is dependent on existing wealth. Who ever would have thought it would be just a complete scam
Still not as big a scam as Social Security.
I mean, what you described was the stock market. Except the stock market is "regulated" but only selectively to make it seem like you're being protected when it's just big pockets being protected.
you killed god.
@@darrelsteinberg4127 This, protecting investor from loss and preventing them from any significant gains are two faces of the same coins, except small gains only matter when you have obscenely large funds.
"Regulation" effectively acts as a class barrier to reduce attainable wealth for the lower and middle class and gatekeep any significant vertical social mobility.
@@darrelsteinberg4127 And that is what these people won’t tell
you.
Congratulations UE on breaking the 500K mark on TH-cam long time coming man...you do great work.. have a great night
This channel is great.. to the moon with the subcounts
Very interesting video, I disagree with some of your opinions, but agree with many, thanks for sharing!
Anyone with 2+ braincells knew NFTs and Shitcoins were a scam
These defenders of cryptocurrency are hilarious. Trolls and people too good to live in this world of wolves.
I trade crypto but I'm under no delusions of what it is (in its current form at least) - educated gambling.
I bought a coins at 0.08c and now they're worth $1.69 each. I withdrew my initial investment so now the rest is profit. It could go back up to $4 or it could collapse tomorrow, that's that's gamble.
It's a LONG way from becoming a stable and viable system.
Great video👏👏👏👏very informative 👍🤟✌️👏
They already had designs on a worldwide currency. Bitcoin came out and at first they didn't know what to do. Then they figured out they would just take coopt it.