Speculation or Revolution: with Stephen Diehl - Ep. 045
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- เผยแพร่เมื่อ 16 ม.ค. 2022
- What does 1990’s Albania have to do with Blockchain technology? Plenty if you ask Stephen Diehl. He joins us to explain his views on crypto and why he believes it’s all one big speculative mania.
Stephen is a software engineer working in the financial services industry and feels an obligation to speak out against the dangers that crypto could pose to the global economy and society at large.
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I 100% agree with Stephen's view, crypto is useless and pointless, and the sooner it dies the better. However, my main concern is the environmental issue. Stephen should make more of a big deal of this issue. How this is being allowed in today's world, where climate control and limited natural resources are very high profile issues, is beyond belief.
Go back to sleep. Lol
Really good interview thanks ☺️
To the interviewer - thank you for your professionalism as you conducted this interview. Congratulations on not drawing your interviewee's attention to the fact that "that was then, and this is now". To bad more people were not exposed to this interview because, as I say in some of my comments below, courteous and civil discourse on these matters, which really do tend towards the existential, is somewhat lacking in this space, and in general society as well.
I enjoyed this interview. Thank you for testing him a bit and getting him to think and speak outside of his typical talking points.
A couple Buckminster Fuller quotes came to mind when watching this.
1. “You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.”
2. “You cannot change how someone thinks, but you can give them a tool to use which will lead them to think differently.”
ENC: "I'll give you one last chance to give our viewers hope."
Stephen: "I see a lot of similarities between the world today and the Fourth Republic of Albania where pyramid schemes led the country into economic and systemic collapse..."
Thank you for this interview. As Stephen mentioned, crypto are even less distributed and controlled by a bunch of rich people and Wall St. As much as I hate fiat, cryptos are 100 times worse than fiat for the society.
Very enlightning. He said nothing that wasn't true! And here comes the cultists...
You are 99% correct... Unfortunately the 1% will grow and prove you incorrect ultimately
One of the foundations that define collective human behaviour as a cult is the acceptance of the future as predicted by the manifesto of the cult. Some cults have such a formal manifesto, others have adherents that, by their actions and publicly stated rationale for those actions are identified as high priests of whatever cult is being discussed. As time goes on, the musings of those people, which are not coordinated and cannot be universally taken as arising from their need to promote trustworthiness and civilized behaviour among all societies in the world, coalesce into something that is extremely vulnerable to drive-by attacks. The concept that is at the core of an alternate mechanism that can address the inescapable fact that capitalism, in the form it has become now, and the places it will take society if it continues in that form, is not one that can be dismantled by propaganda issued by biased sources.
There is a central body that controls the issuance of Bitcoin, it is just not administered by people (cabal of cronies) whose motivations apparently do not include the values of trustworthiness and civilized behaviour, or at least the results of their collective actions over the past 40 years have not demonstrated that. One of the tools that some countries came up with was passing laws that prohibited governments from operating at a deficit. That worked well.
in my opinion those dumb cryptos that so many investment banks & markets are holding in the next market collapse those dumb investment firms will need a bail out like 2008.
I believe based on my opinion Bitcoin is a ticking time B.....
Stephen is on point with his rationale but jeez is this just a poorly prepared interviewer. Do some homework before you randomly invite people on. The Paris Marks interview on Tech Won’t Save Us was 1000% better.
True. The interviewer seems pretty clueless and naive...
Part of the examination of the reality of Bitcoin must be to seriously consider its detractors and their stated rationales. Many Bitcoin’s detractors do not state their true beliefs or motivations, and the debate always has the potential to devolve away from the fields in play. The object of the exercise is to progress towards actionable strategies and tactics to employ well thought out responses to what is appearing before us.
The worn out strategy of moving to another set of rules, or to another field of play when confronted with questions that one side or the other cannot answer to the satisfaction of the audience amounts to cleverness in gamesmanship and is to be identified, called out, and disallowed.
The reference to attributes of cryptocurrency as being reflective of a cult can be discussed rationally, giving credence to certain aspects of a culture that espouses and proselytizes the values of trustworthiness and civilized behaviour that includes all members of society. If those are the motivations behind the invention and promotion of Bitcoin as an alternative to the present tools that capitalism offers for society, then there are many who would freely admit that they are potential recruits.
"Libertarian performance art," lol...
There is definitely a cult-like mentality around the world that virtually no matter where you go, is characterized as capitalism to one degree or another. The vast majority of the human race have a belief that the invention of money has allowed them to do things that they otherwise would not have been able to do, and it has been adopted in 100% of all societies in the world. References to any activity as cult-like is widely taken as pejorative, and for me, serves to identify the opinion as biased and a pleading for the reader to believe as the writer believes.
Specifically, it is disingenuous to cite criminal activity as a valid reason to stop the use of anything as a medium of exchange or a store of value. Regrettably, criminality appears to be a part of human nature, and all systems that allow or promote it should be addressed so it can be minimized.
The current fiat currencies are also same. It doesn't have any value.
It is Volatile
Volatility is a relative term. The use of the term hyper-volatility adds no meaning, similar to the distinction that might be drawn from being stoked or super stoked.
Although I do agree that there is a lot of speculation in this space, it is my design. Let the innovation continue. I wish he could have properly addressed your question regarding Bitcoin being a solution to fiat corruption. Basically he appears to not support decentralization of systems. I guess crypto is a huge threat to progressive liberalism.
Bitcoin a threat to society, so I guess conservatives love it. They love everything that is harmful and antisocial; payday loans, derivatives, MLM's and ponzis such a Bitcoin.
I would have thought that conservatives would want to save the existing system. Where can I find more information regarding conservatives love of Bitcoin?
How does Bitcoin or any crypto solve fiat corruption?
I'm angry at the rejection I experience in the job market. I can't earn a decent income from working, so i invest in crypto and stock market. Not much to loose but heaps to gain! Bit like buying a lotto ticket but with much better odds and some choice. However, it is a gamble and I see it as just that. Some times you loose but when you win it could radically change my live😁
Part of my theory why there is so much speculation and gambling in the crypto space amongst young people is, because, to put it bluntly, they are screwed. Homes over the last 20-30 years have become very expensive and wages, even for decent jobs, are barely enough to get a foothold on the property ladder. Plus, many young people graduate from university with tens of thousands of dollars worth of debt. All this taken into account, the allure of the gains to be made by investing in cryptocurrencies, despite the risks, is very strong. Add to this the stories of friends making huge gains and this creates serious FOMO loops - 'if they are making so much money investing in Bitcoin, why aren't I? I am deep in debt and I hate my job, which doesn't pay enough. If only I could find a way to turn this around...' This is very damaging and has ruined so many people. Years of low interest rates hasn't helped, but that is now I feel thankfully changing. 0% interest rates are corrosive for society.