It all Comes CRASHING DOWN - Crypto in Chaos
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- เผยแพร่เมื่อ 10 พ.ย. 2022
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With FTX now collapsing, (the largest failure in the history of Crypto to date) and untold consequences in tow, id like to examine how a corrupt, broken industry has descended to the depths of finance hell, and become worse than anyone could have imagined.
Celsius, Alameda Research, FTX, voyager, Three Arrows Capital, Kucoin, Blockfi, and more... are all casualties in a never ending stream of devastation caused by this decrepit scam of an industry.
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#alameda #FTX #crypto - วิทยาศาสตร์และเทคโนโลยี
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Smells like a scam. UEG, come on.
After doing research- this is not a scam save for one issue.
30% to 60% of your annual savings done through the app has to be paid to them. If they negotiate for you to lower your rste/fees on something, they charge you for it.
In other areas it seems to be a respectable app.
Now all UEG needs to do is stop peddling Masterpieces.
What do you think of Monero?
how the hell do you just casually drop crypto psy-op in the last few minutes of the video like no biggie 🤣
@@caseykeller4713 The man just got supercharged with Holy Spirit all of a sudden! If only we had more creators with this level of testicular fortitude!
NFTs died, Twitter in a death spiral, the metaverse dying before it ever lived, crypto bleeding out. 2022, not the hero we deserved but the hero we needed.
It can not rain all the time
Only way that 2022 could get better is if Biden is declared unfit to run again in the next election, late in the process.
What “death spiral” is twitter in? The handful of crying babies leaving?
@@brunneng38 mayor advertising companies are pulling their adds.
True words!
Two rules everybody says but nobody listens to:
- Invest assuming you will possibly loose that money
- When the folks managing your money say everything’s okay, especially if they weren’t asked, take every dollar out within the following two heartbeats.
I was told this by someone who was/is on the BRW 500 rich list;
First rule of investing is protect your capital. If you cant work out how to protect your capital it is not an investment it is a gamble.
Second rule of Investing is that if it cant be explained in 60 seconds it is not an investment it is a gamble.
Third rule of Investing is dont gamble.
@@elLooto that's a good couple of rules to follow. Since crypto can't follow the first two rules the 3rd rule basically defaults as don't invest in it.
i got into crypto for the specific and only purpose that I get to manage my money. that's why I don't understand glorifying custody of assets to some guys you never met in a community that at it's core has personal ownership and decentralization as fundamental values. greed burned a lot of people. 100% agree with upper echelon that this is necessary. dyor, dont leave crypto on exchanges, not your keys not your crypto, etc. lots of people can't be bothered to learn how to use a cold wallet - they had it coming
@@elLooto only one rule anyone needs to follow. Never risk what you can’t afford to lose and when you do consider it gone until it’s back in your hands. This covers investment and gambling.
@@seccentral that just sounds like cash? Theres no extra control offered using crypto
Wait.... So you're saying a pyramid scheme is a scam?!
"It's not a pyramid! It's an upside-down triangle!"
Nooooooooo, surely not.
I feel like I should make an instruction video: how to draw your ponzi scheme so it doesn't look like a pyramid.
It was more of a ponzi scheme
Pyramid scheme has always been a scam. Cause owners can always do a rug-pull*
I look back fondly at all the times I told crypto bros "cryptocurrency doesn't have intrinsic value so it's driven purely by hype" and they said "nothing has intrinsic value if you think about it". Good times. Even fiat has a tiny bit of intrinsic value as kindling or paper but crypto doesn't even have that.
For those who don't know intrinsic value is practical value for instance gold's intrinsic value comes from it's use in electronics.
I remember many of them used to say that the comparison to tulip craze of the 17th century has a load of tosh, as now we have technology...
Only what is perceived.
A data miner is useless to a farmer
Some things like silver and gold have a several thousand years long proven record of holding value.
@@johno1544 Also if you have a large enough hunk of gold or sliver, you can brain a crypto bro with it. The worst they could do in return is slap you with their cold storage crypto wallet.
@@lumberluc not when the data miner can use a hoe.
So apparently shoving cash in lockbox and putting it in the ground with a map where I've put an X on its location was a wiser use of funds.
Taking a bunch of your cash and burning half of it, then burying the rest would STILL have been a wiser option… lol…
@@jonathankulesa this idea just came to mind. Make a treasure map and tell people the tale of "Captain Dogebeard" and his secret treasure of Gamer Girl Bathwater. Tales of its curse are still told to this day that once you find it, your TH-cam feed will be cursed by the spirit of Bella Delphine's channel.
Look if I'm going to burn money then let it be on a quality shitpost.
And you get to dig holes!
@@GrandGunman Might as well replace the bona-fide bottle of Gamer Girl Bathwater with just an NFT of said bathwater for maximum disappointment value.
I was never serious growing up when I said I was going to bury my savings somewhere, then my parents' 401k got rocked. I am no longer joking.
As someone who works in Risk, that woman's words send chills down my spine.
Damn, I wish I played this board game so I could make a joke right now... That's it, I'm going to quit and work on creating a time machine. There is a very of your past where you will have laughed at my joke... Just hang on
@@SLRModShop Im you, but from the future, the time machine didnt work as intended!
@@japanisch508 fuck... What will I do wrong?!
@@SLRModShop i cant tell otherwise i would risk the well being of the whole world! You have still a long way to go and when decisions are to be made, choose wisely! You now, what i mean, when it occur.
She was so dumb.
Square Enix: So you're saying we should sell more studios in order to try to get into Crypto?
SE will learn the hard way
"Maybe something can grow from the ashes but first there needs to be ashes." Well said.
You know, for a currency meant to be decentralized, these crypto companies sure are more centralized than traditional banks.
Happy to see this gold rush turned out to be iron pyrite. And hearing Black Rock getting effected by this collosal dumpster fire fills my soul with joy 😊
I'm sure BlackRock will find a way to make others suffer instead. They're pretty amazingly resilient.
@@KyriosHeptagrammaton When you own everyone it is pretty easy.
You seems to do not know what decentralization means. Those are companies, centralize entities. If you hold your crypto there you risk loosing it, same way if you hold your money in the bank. Only thing i s that those companies are not insured at all. If you hold self custody on your crypto, then its security depends on you, not on those companies. Understand this.
The companies are not crypto, they are exchanges or pyramid schemes.
@@Altmer353 Not my fault crypto bros always brag/hype about decentralized this decentralized that when it comes to crypto and NFTs.
You weaving the fall of crypto into Dante's Inferno is both hilarious and poetic. I bet this script was a lot of fun after some of the darker content recently. Bravo!
I wish I have the full strength to whole-hardy agree with you without any doubt whatsoever as you do.😟 However, for what is worth, I don't believe that crypto will fall, as this presentation made it out to be; thank you for your keeping up the spirit of belief in crypto. 🙂
@@TheGoldenWildcat I don't believe it will either unless it is susceptible to fraud. It is servicing a need that people want. In this age of governments and corporations pushing for digital currency and shunning cash transactions, it is our duty to prevent them from using it as a means to further invade our privacy or worse.
I have always used cash for purchasing things I'd rather keep private. More recently I have stopped using my bank account all together in protest, but there are many things which are difficult and a few outright impossible. My motto is quickly becoming something akin to, "if it's not in my physical possession then it isn't actually mine", and this has payed off with situations like PayPal, political bank freezes from big brother, or to a lesser extent crypto/stonks, etc.
I very much wany crypto to survive and if not in it's current iteration, for something even more secure to take it's place. I thought Bitcoin was supposed to be secure, at least against fraud, but then again I thought the rest of them were, too. Either way I hadn't put anything into it other than getting some ad revenue in crypto from my browser, so I'll just keep watching from the sidelines.
@@TheGoldenWildcat You do understand that you've come to a channel that celebrates the end of crypto, yes?
@@jakzine540 Why would people be stupid enough to do that?
@@NemesisFromResidentEvil Because they believe in it, and want very badly to convince people outside of Crypto that it isn't inherently tainted at this point.
The fact that you were able to post this video within day(s) before and day of the latest news happening is astounding. You’re not only thorough but efficient.
It's clear he now has someone financially investing in his channel and assisting him with his content. It was probably realized the conspiracy direction was more profitable than video games.
@@marierejoiceinjesus3846 It absolutely is a more lucrative industry, video games is a massively saturated genre with loads of fanboi's.. can't build an audience by going after fanboi's addictions.
@@marierejoiceinjesus3846 The fuck are you talking about
@@marierejoiceinjesus3846> It's clear he now has someone financially investing in his channel and assisting him with his content
Or he's hired a staff to provide professional support with tasks like video editing etc.
@@FrogOf4Chan wait till you hear about crypto and conspiracy fanboys... /s
Cryptocurrency has been a riot to watch. I felt bad in the beginning for investors, but now anyone jumping in is clearly not doing their research or they think they're clever enough not to be scammed. It's like watching someone jump into lava and burn away, and assume you're fireproof before you follow.
its fairly easy to know whats a scam and not though? if its anything other then proof of work. trying to be "gold on the internet", its worthless, just like the bitcoiners have said since day 1. i did not bother engaging much in this cycle, but its very clear that the core understanding of why crypto exist is gone
@@eirikarnesen9691 that fireproof analogy is the stupidist one I've heard so far lmaooo
@@Sal3600 you just proved my commetn correct, as i very specifically mentioned that the core understanding is gone. "gold on the internet" is THE core idea of bitcoin. its what everyone universally knew it to be about.
As someone with an MBA and has done their research I can say that making generalizations like this about ALL crypto is highly ignorant and shows that you haven’t done your research into the technology. While 99% of crypto is trash the technology potential is there and it will come together and be something special when it’s all said and done.
@@whatjake7898 nothing that the blockchain can do is unique. everything crypto advocates put forth has already been done and done better then blockchain
I love how every week there's a new "biggest catastrophe / crash in crypto". The train wreck just keeps getting more entertaining
I remember in college where I attended a pro-crypto presentation and was rewarded a crypto wallet for correctly answering a question. I could have seriously went into crypto from that moment, but I didn't because I wasn't making money. Honestly, now I see it as one of many miracles in my life.
See it as a "lesson learned" you trusted your guts or should i say sane human reasonability? .. congratulations for not falling into that shit.
Anyone can make a crypto wallet, so the better question is how much was in the wallet.
Also, why is this so hard to understand. It's not cryptos fault people are losing money. It's people doing scams and lying about crypto that is the problem.
@@makesnosense6304
Currency without intrinsic value sounds pretty guilty to me.
I can relate to the sentiment so much. Being someone who lurks around on the internet a lot without ever getting in crypto and NFT, the schadenfreude I took from the current landscape is immeasurable
crypto spam bots in the chat. Amazon doesn't have a crypto coin
As someone who loves and uses crypto I welcome this. These platforms are literally killing the industry the innovation and these get rich quick platforms are just the worst
Same for me.
I don't even care about my losses pn my Bitcoin position, since this is a much needed cleaning to rebuild a better crypto industry.
The part where you said “something will grow from the ashes, but there needs to be ashes first” really resonated with me. I’m a firm believer in blockchain technology and that it has the capacity to free us from the shackles but you’re 100% right. It needs to burn first
Free us from the shekels of the banking system.
Sure keep believing in a feeding ground for scammers. Free money for those criminals
No, it won't. If there is any room for people to scam for money easily there will never be anything good to come out of it. Human greed will always ruin those things.
What's the shackles you're talking about? Genuinely curious and this isn't an attempt to make you look bad or anything. I know it being "decentralized" is a big part of it, but I don't understand why it's necessary.
There was an MIT Technological Review article which said that blockchain app structure is an innovation of the same scale as Bluetooth-a convenient backbone-but it doesn’t necessarily give monetary use cases
"If they can't explain it, it's a scam"
12:26 😳😳😳😳 13:24 Don't forget 10% for the Big Guy.
12:26.....What the hell was that thing?
Blackrock involved in something shady!(?) I'm shocked! Shocked, I say! Shocked!
Utility drives true value, you have to give people a reason to want to use your coin for it to have purpose. This was 500% the cart before the horse and I'm actually someone interested in Blockchain technology. Coin trading was always dumb.
@@Helen_Sanch
@@Helen_Sanch
You're the man UEG, long time follower. Thank you for covering the hard topics you do. They are difficult.
Great video. Looking forward to your next in the Crypto Saga 🙂👍
Absolutely living for your commentary! I’m sad the technology went this way but greed completely took over.
It's what happens unregulated virtual currency is left to regulate itself without any kind of oversight; greed inevitably turns it to shit.
Greed, ignorance and/or self-deception.
One has to be really fvccing stupid to just throw their savings into a digital asset that is one Carrington event/WEF digital pandemic/magnetic pole reversal/any other digital disaster away from becoming worthless.
I know that the same applies to fiat currencies, the stock market and similar investment ventures.
My choice investment would be self-defense tools, survival equipment, training (tacticool and bushcraft), precious metals, high-value barter items, preserved food, etc.
why would anyone think something created by a fake name that was used heavily by criminals would turn legit?
@@toomanyaccounts I certainly didn't, don't know why anyone else did other than being gullible.
It's far more useful outside of virtual currency but no one seems to care cuz muh gainz
Best way I've every heard it put, "Crypto is the upper 5% trying to claw their way to being the 1%."
I've watched many videos trying to understand this and you're the only one who made it super easy to understand
AMC59T gang in the house! Thanks for the analysis!
Better prepare to leave the house because bots are going bye bye.
Can't have independent digital currency when the central bank wants to put its own out.
Seriously. All they need to do to kill off alternative crypto is to only accept taxes paid in their own digital currency and incentivize its use among the general public.
Really? more like its the crypto bros brought it to themselves and make others loose money
@@kealeradecal6091
Their heads were in the right place tho....don't be dependant on government.
Corrupt government will not allow another non government controlled currency.
The moment I've been waiting for.
As much I'd love the concept of cryptocurrency, the way it's executed right now js nothing but unregulated speculative money laundering market.
Kinda like how free market is amazing as a concept but a truly free market without any kind of regulations at all will result nothing but exploitations of the rich where the rich got richer and the poor get poorer
Digital only money isn't a good idea it means it can be controlled and easily destroyed. Crypto is too unstable to be used as a currency, anytime a store accepts crypto it immediately converts it into USD because it's so volatile.
Even with regulations, the rich are getting richer and poor getting poorer
@@IIVDevilsMayCareVII That's completely separate from crypto though, do you know why that is. It's because the wealthy own assets that rise in value with inflation while the poor don't. I don't blame them because they actually have the ability to buy appreciating assets. Don't drag down the wealthy, instead strive to make people more self reliant and wealthy by increasing upward mobility.
@@1810jeff Kill and eat the rich is all I took from your comment
Yep, I've always hated 99.99% of crypto.
How did we get from a river of ICO's that were clear money grabs, to 2 more fresh cycles of money grabs (defi, NFT's, more out of thin air tokens) and scams being fully propped up by corporations pretending to be banks?
Wow. It’s breathtaking how quickly all of this unwinds. Seems more prudent to invest in Pokémon cards and He-Man action figures than Crypto. Wish I still had Castle Grayskull.
@@simonp9471 There's tulips everywhere. (no seriously if you didn't know about the tulip investment scam you NEED to look it up)
"Blood for the Blood God, Skulls for the Skull God, let the Galaxy burn."
Crypto was laughed at for its 1st few years of existence
Now we're back to laughing at these internet points that do nothing
It's really disappointing to see the industry crash and burn. At one time I had a lot of hope in cryptocurrency as a concept. How it could untether us from banks and financial institutions, that have have far too much power over our lives, it's a beautiful idea. Unfortunately with the number of scandals, and the choices of people at the head of that industry, I don't see crypto ever being what it could have been. It feels like a real missed opportunity for positive, future human development. It's both sad, and fitting, to have that future robbed by human greed and stupidity. What a shame.
huge respect for these videos, im very grateful to be able to follow someone like you!
Check out Moon and Coffeezilla (they are youtubers, not NFT or cryptos ^-^), they are also doing a fine job. Upper Echelon is still my fav but they also do a good job.
Can't wait for that mentioned longer deep dive into this, great video!
You are a modern day Paul Revere for the crypto crowd.
The only thing this teaches me is that certain kinds of people should not be trusted with one's finances.
Stocks and traditional markets are ruined, in a way also the crypt.. but not all of it as the recent announcement of AMC59T is blowing through all roofs
🚨 scam
yeah these bots getting out of hand. just keep reporting them
I hate stocks almost as much as crypto, good to see it's also sinking.
Edit: HOLD UP
Soon we will go back to direct goods barter
Y'all serious need need to pay much more attention to current Global events, if you think this crash is anything, wait until China and Iran pump up and team up with Russia and push for World War 3. Give it 6 months and watch what happens. Just because the news channels aren't covering it, and just because none of y'all are paying attention, that little incident over in Ukraine isn't going away, and Russia is doubling down. That should tell you all what is getting ready to happen to this world. If you think losing your precious crypto is bad, wait until the lights go out, wait until you pick up the phone to dial 911 for help and there's nothing on the other end. Wait until the store shut down. Wait until roving gangs of armed Americans Start marching house to house looking for guns, ammunition, food, water, clothes, and medicine. If you unfortunately are holding any of those items, and find yourself without guns and ammunition, well you are no longer going to have those items. Good luck everybody, this shit show we call America is not going to last much longer, and I cannot wait to see the excessive greed, and selfishness die it's bitter death.
2:30 lol that Segway into sponsor message directly after tearing into the finance industry. You are not out of this upper echelon.
i dont get it, how does "negotiate your bill" even work?
"Hi our client wants to pay less"
"He signed a contract so no fuck you"
at least thats how i imagine the conversation going, what am i missing?
Gonna be interesting to see what happens next.
My belief? That the Cryptocurrencies that actually have proper security measures in place will survive, which will be maybe a small handful. It'll be the end of these giant trade industries, and only people who value taking out the middleman will continue to use Crypto. All of the bandwagon riders will cease.
When Bitcoin bounces back, all of the bandwagon riders will return and will have somehow magically forgotten about this time. They will get back on the crypto train, but they will get in the wrong car and buy up shitcoins again instead of Bitcoin. Then when the next 4 year boom bust cycle of Bitcoin happens, they will all cry and say crypto is dead, like they did in 2018, and the Bitcoin maximalists who have heard that Bitcoin is dead 100+ times since 2009 will just chuckle at the familiar story that they all saw coming.
so pretty much just bit coin
@@avenged-khaos Probably.
Crypto currency is a scam! You see those bot comments trying to sell you Crypto
@@ms.pirate Not all.
The fundamental premise was "Fuck the government" and that's something that will survive any controversy.
See, you should’ve invested in Charizard cards.
🎩
🐍 no step on snek! 🇺🇸🇭🇰
always great info. thanks for sharing.
Your videos are top notch my friend, been loving them for months now
You know, this is the type of finance collapse that can kick off a recession, or worse a depression.
Crypto doesn't really effect the general economy, it's little more than a shadow economy and when those go down in flames the damage is usually contained away from decent people
@@Hammerhead547 Too much money went to bail out those companies and those coins. That's what makes this so insidious.
@@naughtyhieroglyph669 still, the market capitalization of crypto is small when compared with stocks, bonds or real estate.
A possible bankruptcy of Credit Suisse or the real estate crisis in China seem more dangerous
@@naughtyhieroglyph669
Crypto isn't backed by anything that matters, it's all a giant mirage in the desert designed too fool credulous people into believing it's the magical oasis that will "make them rich".
No government on earth is going to get involved in bailing out a shadow economy like crypto, especially not after what happened in guatemala back in june when their national crypto currency flatlined and bankrupted their entire economy in six hours.
@@luisoncpp China is insulated, they'll find some bullshit way to get out of it, they are Authoritarian Capitalists after all. Credit Suisse is the real worry, but then again, would it be so bad if all the billionaires and genociders lost all their swiss bank accounts?
Fun Fact: Cryptocurrencies in general are not tangible.
Wait Wait Wait hold on! Are you telling me cryptocurrency isn't physical currency based around cryptids?!?!?!?!?! Damnit I just got a bunch of BigFoot coins and Mothman Dollars Minted!!!!!!!
It also has no intrinsic value, before any crypto guys say "nothing has intrinsic value" intrinsic value is not the same as objective value. Intrinsic value means practical value for instance gold's intrinsic value comes from being used in electronics and even fiat has some intrinsic value like being able to burn it for warmth but not crypto it has zero intrinsic value.
@@1810jeff silver has tangible uses also like help keeping stuff free of infection
@@simonpetrikov3992 Yup it can be used to make a basic topical antibiotic by running a current through pure silver in a container of distilled water. It's also used in circuitry and high quality wires.
@@1810jeff Fiat currencies also generally have some practically guaranteed use as money. Usually the country issuing a fiat currency will only accept tax payments in the form of that currency.
Can't wait for the follow up. As always, fantastic work sir
Man I hope that heads will roll. Crypto value is based on the number of investors and the belief in the value. Just like a Ponzi scheme.
You're being slightly hypobolic. Everybody I know has their own keys and don't use exchanges like that. Although as a warning video it is of course a good one. There are many greedy and naive people. Although there are also a lot of spiteful jealous people that are acting like BTC has gone to zero.
Agreed sir. Morons on both sides
I originally got into crypto because innovations, and ideas were happening BUT things then fell a part, and focused on GREED! I was PROMISED, things that would overall be useful for server based coding to actual storing of digital assets. I mean hell making money was just a bonus if I'm honest.
those things were a joke. everything crypto advocates bleat about is already being done and better then crypto can
Well, you have been played. Ofc they were not gonna say "we will just scam everyone", they have to make up some way there was actual value in the system, but there never really was...
@@CG-eh6oe No I'm serious actual passion was behind crypto as a system; it's just that money corrupts.
A couple of individuals became billionaires, another few hundred millionaires, some got a few thousands, the majority just wasted their time and money.
Tether is the one of the main things holding Bitcoin up. He’s correct, when you see Tether start to crumble then close your eyes and ears cuz it’s all crashing down.
The really sad part? Crypto and its integrations with certain technologies could've had a use, but everyone got so drunk off it, it's way beyond the potential good that could've done.
the uses were already being done and with none of the downsides that crypto has
@Tim Davis storing records, being able to have a backstage pass.
I literally had a convo with a cryptobro about the potential collapse and he got so irrationally mad when I mentioned that crypto can't just grow nonstop, it was so odd and solidified why I refuse to trust Cryptobros because they only out for themselves.
He got mad because everyone keeps showing insults at them and whole crypto space without even listening to valid arguments, in fact everything is crashing down. Stocks too. This situation with FTX is just another centralize exchange badly managing their funds. People need to stop storing their crypto there and actually hold self custody on it, create wallet and use actual blockchain instead of trusting centralized entity.
This is just 2 extremes. People who bash crypto and cryptobros in frenzy, and cryptobros who tries to defend it in frenzy. Both sides are blind to the truth.
Suddenly there's no one left for you to sell your tulips to.
Also what caused it to die out was the extinction of the beautiful tulip bulbs because the cracking virus made them too weak and infertile
Great video. Earned a new sub. Looking forward to the conspiracy breakdown video. It really does look like you got a case here with all those shady connections to different power players.
i remember having an argument with people about things like Crypto and NFT's. they thought they were the future, i saw them for what they were. now we see who was right.
@@Eval48292 i say it as someone who could see how things could go south due to how there was so little oversight there was and how easy it could be for unregulated markets to be ripe for scams.
@@Eval48292 there are honest people, but 1 bad apple spoils the bunch. we can look to many things and say the same like crowd funding, but for all the good projects and such, there are 100 or even 1000 scams and cash grabs.
@@Sniperbear13 What bunch has been spoiled? If you think a group of centralized platforms propped up by utter shit coins collapsing will affect btc in the long run, I'm not sure you understand its concept?
@@Sniperbear13 if you know that what failed were scams, do you also know that when people told you crypto was the future they did not mean scams are the future? A lot of people cannot differentiate between a cryptocurrency and a pyramid scheme. You appear able to, but still conflate them.
It's been fun watching this. The very first time I heard of crypto, visions of tulip bulbs danced in my head. I'm not surprised to see it blowing itself up.
FTX was an exchange, not crypto.
So that's why Kucoin said "We're sticking to our investors and your interests". This event has shaken them to their cores
Excellent video, I've read some things in the news that this made sense of and connected together. It's pretty horrifying.
Let's discuss the AMC69T guys. This is failproof and barely any asset can be labelled "failproof" at all.
you know whats failproof? a hollowpoint to the back of the skull
Saw this exact same post on SC Reviews 7m ago. Fning bot
Yes, let's discuss it.
It's TRASH. Go get a job.
Some assets are fail proof. Silver and gold are good investments because they're actual tangible goods. Sure their worth fluctuates but if something is backed by them it's essentially fail proof. Crypto can never be fail proof because it isn't tied to an object of value. It's a digital item driven by hype and bullshit. I don't know if it's still true but the US Dollar was backed by gold for a while which is why it remained pretty stable over decades. Right now we have inflation to deal with because during the stimulus checks they printed a fuck ton of bills to fund it, and printing new money is never good when you do it in that kind of quantity. If I remember right something like 30% or more of all bills currently in circulation were printed in the last couple of years. Venezuela tried to do that to pay off their debts and it cratered their money's value until it was practically worthless. It didn't help that the leaders didn't invest in their one chief export, which is oil, so they were using outdated technology to retrieve it. Meaning their production was far behind what other nations achieve.
@@DoesNotInhale agreed.👍
Unless you can put your hands on it, you do not own it. This will have massive consequences down the line.
well the democrats lost one of their biggest money launderers
Well, you do own your crypto. Those idiots were just storing it on centralized exchanges. Dont store it there, use actual blockchain and crypto wallets. And you will be safe.
That's the problem with fiat that crypto was trying to solve before people made that functionally irrelevant
@@KageKatze Previous bear market showed people that you cant trust exchanges. But its like everyone forgot about it. Even when old-fags like me told people every time that you need to have self custody of your crypto, not store it on exchanges. This whole thing is just repetition of 2016-2017 but on a bigger scale.
I hope defi will get shit done, without it you cant have proper financial system in crypto. Unless countries regulate it to hell, but in that case it will be bad for everyone.
There's so many who have refused to believe it, but this has been coming for a long time.
"Maybe something can grow from the ashes but first there needs to be ashes." Wise words.
I'm a crypto advocate and even I agree that a purge is necessary. This is just scratching the surface. Web3 tech as a whole can have some very strong use cases but quality control and security definitely need some work.
Web3 is just a thing to make you buy crypto. If you want a free internet, not controlled by the greedy corporations, then give to democratic governments. Examples can be Norway, Sweden and a lot of western European countries.
Crypto will never work. Stop pretending and lying to yourselves. Crypto is an attempt to re-create a second economy to escape the real one. Unfortunately, people expect this to occur in a fair, balanced and checked manner, forgetting completely, that those behind these cryptos are the same (type of) people, that are already within the real economy. If you expect crypto not to degenerate into a cesspool of corruption, evil and oligarchy/monopoly, you are naive, ignorant or worse: stupid.
@@0verWay It's ironic that you are aware of the corruption but you think crypto is the problem.
@@DGENexMACHINA No, crypto itself isn't. Same way money and capitalism as a system isn't corrupt. The human factor is that which corrupts the concepts themselves. Same way as real life money doesn't work without human interference though, same way crypto will and can never work the way it SHOULD. The same way brokers, Wall Street, banks and the big economy families dictate how the world goes round, the same way crypto will eventually decay into the same patterns, same systems and same people who operate them.
@@97Lacko That's a pretty grandeur statement. I'm a coder, not an investor. I (mainly) just want people to stop acting like corruption around money is a new thing. I couldn't care less about any crypto jargon that's being thrown around.
Solidity is good programming language. People need to give it a chance.
AMC69T at less than $1. is like BTC at $100. When AMC69T finally blows it's gonna be epic.
spam
Get a job and stop spamming.
Spam
No one cares about your cp money vendor.
It will blow when you lose all your money.
I like Bitcoin but I don’t see what all these other coins even do. Everybody says utility. Great, you found a solution to something that wasn’t a problem.
What rises from the ashes = The government coin = gives way to yet another taxation.
I still like crypto but I've been waiting for this... Shed the corps and allow projects based on function rather than greed to grow
I hope crypto doesn't get regulated. Let it stand as an experiment. Either it works itself out, or it continues to fail and we can all point at it and say "that's why you should want regulation."
You're perhaps underestimating sunk cost fallacy and stuff. People are very hard to convince that they were wrong. Some just never learn. It may very well be that many of those who got caught up in that downfall and genuinely believed in these things will blame FUDers like UEG and others for the current failings. They will most certainly find someone or something else to blame, even if that means to bend truth and logic. We are living in times where people blatantly ignore facts and science and stick to their own reality and to fake news. That's probably not gonna be too different here either.
The biggest issue I take with this stance is the fact that the unregulated cryptocurrency industry will always be subject to one of the biggest vices of humanity: greed. Even if humanity may not be inherently greedy, the flawed nature of being human is more than enough to corrupt even the strongest of wills.
But you can't just let people, for example, build houses that aren't up to code and then when the house collapses just leave the people in there and say "that's why you should build houses to code"
@@jasoncrowell8863 yes you and should
Because giving government the power to regulate money went well? The state is the biggest financial scammer of all.
Thanks for the video
Well well well, if it isn't those chickens coming to roost.
There is a reversal expected reason is that AMC59T is made by Amazon and pretty hot
This is a bot comment, isn't it?
@@ticktockbam I mean check the likes on that, if it's not botted I'll eat... my breakfast on time I guess.
What's AMC59T even supposed to be?
Asked Google and only found a crypto channel spamming the same video (*not* giving that a view). Looked at the description, found more AMC numbers, asked Google for a few of those and found power supplies, some metal rail, stock photos ...
"pretty hot" but I have to do some digging to find anything relevant to crypto that's not some shill YT channel? Am I missing something? Did the botnet experience a massive brainfart?
Amazon? Bwahaha, Amazon's performing BAD this year.
The copium
A, to me, very funny side to this is that I see miners that thought everything was going to be fine dump a shitload of GPUs for peanuts and nobody is buying. 😂
Music to my ears. Can't wait for the journey to hell to be complete.
Every system can be used for the worst. That is happening now. It was founded with good in mind and is now abused.
I bought 5k usd AMC69T . I feel like this token will raise to $10 really easily.
Bot use to proliferate cryto. Report
Trash crypto
Best to see that next video on Rumble and elsewhere... Mama Susan ain't going to be pleased on an 'Eyes Wide Shut' moment.
You’re like the internets Crypto Keeper.
All this does is strengthen the resolve of real defi.
I was at a past MIT Fin Tech conference. The collapse of Terra/Luna was openly discussed by Tether. Sec Gensler made a few other bearish remarks during his presentation.
My point is that the smart money knew of the problems 18 months ago. Only the greedy, fraudulent, and dumb have stayed in the market. Unfortunately only the fraudulent can be prosecuted. The greedy that lost investor money will simply move on.
It's not so much the 9 layers of hell, and more like the infinite layers of dnd's Abyss
Crazy thing was FTX and alameda were behind the collapse of Luna, voyager, 3AC, Celsius. Crazy all of this is coming out afterwards
I get alot of value out of crypto and nft, in form of entertainment😃, when watching you, Kira and Coffeezilla. Super funny to watch people burn their fingers. Great video👍
Monero chan forever.
>I don't trust banks
>uses cryptocurrency
>puts it in a bank
no thanks to the crypto crash I was able to finally purchase a new Graphics Card at MSRP and on sale!! I've been waiting for years to upgrade my 6 year old Graphics card.
Knew of bitcoin since 2014, kept an eye on it as a broke kid, now i got money, i started investing, but what a great time to get into it. all the burning for the scams the fomos the degeneracy will get flushed out, and the honest and legitimate ideas will stick and thrive. i learned very well to never listen to anyone investing, and do my own research. thankfully even my portfolio is up despite a recession. anyone getting into investment or crypto. unless you have a financial advisor, learn, research and deside for your own. learn the game before getting into it. and exclude emotions in competitive and predatory environments.
"Maybe something can grow from the ashes"
Yes. Fed coin. One world coin.
nothing can grow from the ashes. Why are those things going to ashes? Because they're built on the volcano of greed.
You can try to rebuild, but the volcano is still there, it'll erupt sooner or later
@@andreymudik2905 Centralized digital currency will be traditional fiat orders of magnitude worse.
@@andreymudik2905 By virtue of being digital, they can directly track its origin and all transfers. They will be able to see where money entered into the system from 'illegitimate' or non-authorized sources. They will be able to shut down access to goods and services through tying it with the push towards subscription models and 'smart' appliances and cities. They can confiscate it more or less at-will through strongarm the banks who will have administrator privileges over your account. The ability to trace and weaponize digital currency against the general public is entire dimensions greater than paper fiat. Digital currency is a perfect partner for social credit-like systems.
UEG : the crypto is crashing
Me : about time I will finally buy Graphic card in MSRP
web 3.0 is certainly doing just fine.... some might even say, going great...
And i will bet my liver that in this comment section we will stil find morons who praise crypto.
Was a scam is a scam will always be a scam
Brutal . . ., oh well, what are you going to get with your big mac sir?
That was a wild ride! I blame all the adults in the room who saw this and did nothing, the enablers
Ahhh the greatest ponzi of all time... crypto
US Federal Reserve: am I a joke to you?
not all crypto. sadly just a majority of it was a scam after the scammers caught wind of legit cryptos' success.
@@dudewtf1776 legit crypto? That's a thing?
@@knightdtd US FR digital currency: laughing all the way to the bank.
Seriously, digital currency is fiat on steroids, and no one is as good as fiat scams as banks and governments.
@@dudewtf1776 correct, only 99% of it is a scam
I don't know enough about crypto to really dig into it but it does seem like there is a hunger for a decentralized and (for lack of a better term) anonymous currency. Is Bitcoin itself better protected from this kind of fraud? If it's not, how could we make one that is?
Bitcoin is so rife with fraud that no rational person wants anything to do with it.
The only people who use it as a "currency" are international terrorists organized crime and child pornographers.
@@Hammerhead547 and elon, but how things are going he might be both
Cash in USD. Gold.
The "need" is actually excuse for greedy of people that would like to get unlimited gains based on pure and unadulterated speculation, avoiding taxing and getting away with excessive funds that could be looked by any tax office 😅
bitcoin is not really bothered by thees things. there are a few proof of work currencies like it, that are just money, not tech. people will laugth but doge is one of them. they will be fine, as they are just limitation networks. the goal is to put a limit to the money supply, give it real value. but if it talks about desetrelized finance. its not valuable in any way. cant acually have finance like this if bitcoin is used for trade. cant have interest rates, with a deflationary currecny.
one thing its important to remember, is that decentrlization is a very american things. the focus on it comes from the libertarians, not the financial elite that will have the money in the end. dont think of it in term of desetralization, think of it in terms of "noone can have controll of the money printer" gennerally speaking, most countries are not focused on desetrelizing, as they are already to small for the curent world scale. ex: europe is a mess, where its very hard to do commerce compare to the us. lots of languages, lots of different rules. the europeans wont care about decetrelization, they will care that noone can print money from nothing.