I like the part where Johnny Harris was debating with Johnny Harris. Johnny made some good points, but ultimately Johnny was the one who made the better argument.
I...Disagree. Look, I got Johnny Harris's points, very well actually, but overall I feel he just didn't have a strong boundary for his points enough, and ultimately, I believe Johnny Harris was the one who was actually correct. Respect your opinion sir, but It's wrong.
I get where you getting that idea from but the fact is that Johnny Harris's points are more robust than Johnny Harris. Respect your opinion sir, but It's wrong.
he is naive and scarred and missing a lot. Crypto is not secured at all. Its ultimate money moving laundering tool. ITS not for US... Its for big sharks. We just watching and supporting our own doomsday culture... I dont want a future to become Corporation Rullued CyberPunk Zoo... There used to be a game by EIDOS ;;; "Good of the machine " \\ Deus EX. I am not against the computers, and even pro... But it All started with the "Gray death and Ambrosia " Sort of giving you idead of the test run in 2018
I'm glad there is a popular youtuber who has a clear head, talks sense, and encourages people to think for themselves and not fall into the easy trap of black or white thinking.
I've been watching videos on crypto technology and innovation for years. This is possibly the only truly neutral video on the topic I have ever seen outside of generic news videos.
This is brilliant. Love this format - such a great way to reintroduce the nuance that is so often lost in these conversations! Thank you for making it.
I know people say you shouldn't time the market.. but Toby Maguire gets it right EVERY TIME. when the price dips, he buys before the rip. when the price rips, he sells right before the dip. his mastery of advanced technical analysis is only outweighed by his charisma and charm. all I'll say is, don't leave Toby Maguire around your wife.... I learned that lesson the had way. anyways, in conclusion, if@Bain says to buy, then buy. If Toby Maguire says to sell, then sell. this is financial advice.
Agree. Funny and interesting. And on youtube discussing ownership over content, haa. Well lets stop there, and also wtf is it with the scamers in the comment section?
@@whakjob fuki n spiderman. Come on scammers you can do better. And not even God can time the market right EVERY TIME. If you sell people a dream. It's a scam. Get lost
very true. it's wayyyy too early to call crypto "the cure all" but it's also exciting at how fast the space is innovating and addressing growing pains.
@@DJazium any corrupt government. Which is most of them. Making up your own currency is essentially illegal if you think about it. So govern can always outlaw it when they see it as a threat.
@@MugenTJ the reason why this is resilient to governments is that you would need all the governments to work together which they most certainly don't leaving the ones that embrace crypto having much to gain. Crypto is a global ohenomon which is precisely why no subset of government restriction can stop it
Hey Johnny, want to thank you for the little publicity you gave to the case of protesters in my country (Nigeria). We've been fighting against police brutality and bad governance and have been seeking support from other governments and groups to bring all this to an end. But it seems like nobody cares, the lives of persons trying to exercise their rights, trying to get their voices to be heard have been taken by the same oppressive government that continues to deny 'allegations' laid against them and try to shut the mouths of those who try to speak up. Some have had flee our fatherland (a known case DJ Switch) to seek safety overseas. My country needs a turning point and people like you make that happen. [Edited]
@@analyticalmindset It's not a matter of necessarily asking for help, if we're being real it's them seeing the injustice in another country and doing maybe the little they can to make it end.
@@analyticalmindset Also I felt I should point out aid is not specific to one country or continent. It should be something that any, and I mean any group should be willing to give out.
@@djxtra7408 Yes, a large number of them. But hopefully all this would change. We might not know when, but we should be hopefully, we should also work together to make sure that's our new reality.
No matter on what side of the argument you find yourself at, this was very well made and objective. Johnny Harris you are truly an inspiration for someone who wants to be a content creator!
It really wasn't. It was hopelessly underinformed. He should've at least talked to someone familiar with the space before making this video. Several things went unaddressed in the video. 1. The energy consumption criticism does not apply to PoS (Proof of Stake) coins, which consume practically zero energy. It primarily only applies to BTC. All new L1s (level 1 chains) are PoS and ETH is slated to become PoS in the coming years. 2. The middleman argument with respect to exchanges is moot, DEXs (decentralized exchanges) are plentiful, see Uniswap, Sushiswap, Quickswap, Pangolin... 3. Algorithmic stablecoins specifically address volatility issues, see UST, OHM, or AMPL, all the way from pegged to the dollar to being completely independent.
Yeah very much in the camp of “no way in hell I’d take my checks in crypto” but would be open to investing to diversify my portfolio on more secure crypto like bitcoin or ethereum as their market cap grows and its less volatile
Like what are the points where you think like white shirt guy? All of the newer block chains are already not using extra electricity with ''proof of stake'' and ethereum will be migrating to that too next year. So that's already something where he's wrong.
I've been following Johnny for a little over a year now. They say you really realize how good or bad a journalist is once they write an article about something that you're knowledgeable in. I consider myself quite knowledgeable in the crypto space and can say that this is really well done, and an accurate summary of the space. Thanks, Johnny for all your work!
It really feels incomplete without at least an introduction to the difference between value based on scarcity and value based on utility though. It's odd to me to still hold energy cost as a central issue when we're so far down the path to virtually eliminating that as a factor. (Proof of stake systems are expected to consume 0.01% of the energy used by equivalent proof of work systems, and Ethereum has been running the former in parallel with legacy for months now.) Defi was (briefly) mentioned, just not by name but rather in the form of more accessible terms like contracts and lending.
@@HonoredMule It was definitely odd to see that be the last word on the issue. In a self-proving manor, Crypto's argument about technological progress disproves the final statement made by the Skeptic. Proof of Stake is far past developmental stages on current crypto-sweethearts like Polkadot/Cardano/Algorand, let alone Ethereum. Development will constantly seek to solve issues-- especially in the name of improving efficiency. It would simply be a lack of research that lead to avoiding these points.
This is high quality content. Congratulations, loved the format. Also, loved the conclusion that estimulates people to think for themselves. We need more of that mindset FOR SURE!
Modern journalism lacks this exact concept of objectivity, Johnny's ability to present both sides to a viewer and allow them to make up their mind is what makes his work so unique.
Be wary of this. Not all debates are equally split of veracity. Think of the “debate” over evolution or climate change. But yes, in general it’s very good to hear opposing viewpoints for a fuller picture of a topic.
Because objectivity don't exist. Human experience are inherently subjective and at best we can come us are consensus. The responsibility of the reader is to be aware of the bias of not just the material they are reading but their own as well.
One thing missing from this is the level of inflation we see. Here in Nigeria basic goods and utilities (like cooking gas) has doubled in price within 1 year. The current financial system isn't working, we desperately need something else to store value. It doesn't have to be crypto, but it mustn't be the current system. So far , the banks and government has been irresponsible with the money supply. We need something outside their control. Something they cannot debase as they please. Our lives and livelihood depends on it. Within my lifetime, I've seen the Naira lose more than half it's purchasing power. If things continue as they are, we'll without a doubt, become another Venezuela or Zimbabwe.
@@x-Machina inflation is not necessarily the devaluation of currency because of the lack of scarcity, but it is necessarily the decrease of purchasing power, which might happen due to a lot of things, like an increase in price levels
Watching this video on June 25 2022, after some of major crypto exchanges froze transactions and accounts make me realize how prescient and well researched Johnny Harris was in creating this piece 👏 21:24 is so à point
@@hangguy209 im sorry can you tell me how much has your goverment printed in the last year or so? something like 80% in the last 29 months? (assuming your American)
If that really happened, you got lucky because other people didn't. Don't pretend that Bitcoin isn't all about winners and losers. It doesn't care about people. It's not altruistic. It's just a different way of dividing the haves and the have-nots. All monetary systems are selfish and unfair. Not even Mr Satoshi gives a crap about you or Venezuela.
@@kevChess not how much is printed you need to watch. It’s the amount that is destroyed that dictates t the rates. Venezuela has an economy that is in the bottom of the world… … It’s a desperate ploy from a desperate country
I really enjoyed the way Johnny went about making this video. Instead of telling you what is and isn't, he acknowledges we are still learning information about this and helping push the conversation of both sides of the argument. Personally, I believe in both sides here, and I also believe that this will eventually evolve into something that we are not even aware of yet. Could the bubble pop? Yes it very well could, but it is still pushing things into the future wether this is that future or not.
Great video. I think the fact that these huge corporations are pedaling this "get rich quick" mentality is pretty scary. If this bubble bursts, a lot of regular people will lose their money.
As far as the point about institutions not controlling your money, it feels equally risky to have it controller/operated by the community. Even a community of people could turn around and freeze assets of others whom they don’t agree with or simply don’t like. That is a frightening thought, indeed.
Not gonna lie, I really enjoyed this type of explanation. It covers both arguments really well. For me, personally, I never used any cryptocurrency and currently people seems to be invested to know more about it which is great and all but I'm really worried about the price of GPU as it is currently skyrocketing and it wouldn't decreased anytime soon. I just hope someone found an alternative on how to mine these cryptocurrency.
It already exits in less known blockhains, its called proof of stake, ethereum will change its code to be PoS by the end of 2022! Unfourtnetly bitcoin will not ever.
@@MANIAKAEMAN Ethereum plans to transition to POS for years now, and they always delays it, it was 2020, then 2021, now late 2022? So disappointing, we need this urgently for yesterday.
Regarding Tokens or NFT, I've seen so many Japanese twitter artist that had to seek help for plagiarism regarding their art. They complain that their original artwork is being plagiarized, and recolor them and turn it into NFT. Maybe in the future, there will be a method to solve this problem, but for now I'm leaning towards the skeptics and against this idea.
Recolored? Those art theft actually put in the work? Most western artists I've seen facing the same issue has their work lifted entirely without edits. There are even works that is explicitly anti-NFT being tokenized.
If I have the real Mona Lisa painting then I wouldn’t care if someone has a professionally forged copy. As long as the artist gives their own signature on the piece you purchased then you have an original. With that being said fake painting have been sold every day for hundreds of years and longer. Good preventions for this would be for social media platforms to require your NFT to be uploaded along with the art it represents to prevent bad actors. This is the same as art graders and forgery experts that we have in the art market today. You can’t stop theft, but there are ways to deter it. If you’re a good artist then expect your work to be stolen in some regard. Is it right? No, but maybe if it pisses you off enough then make an NFT authenticating engine with a social media company since you have the ambition
@@x-Machina But they are not selling their own painted copies of the artwork, they are selling a literal copy of the digital pixels that are the artwork. This is why the comparison between the physical art and digital does not work in this context. It is lireally impossible for me to with two clicks of a mouse create a seperate, exact copy, of a physical artwork. You are claiming that creating a physical object that matches another painting in apperance (a process that in and of itself takes alot of time, dedication and skill) is the same as copy and pasting a digital work and adding a filter over it. These two things are not comparable and if you cant see that you are just blinded by your love for NFTs
Right, that's a big problem. I've heard people say that NFTs would prevent art theft, but for now it only supports it more. You can't tell wether an NFT is original or stolen art. Most people who sell NFTs are not even artists, but people who want to make money off of it.
@@x-Machina The thing is, once someone ripped your art and claims it as his own, it's kinda hard to prove them wrong. Especially on an immutable Blockchain
As somebody on the lower side of middle class and a computer sciences student, I saw Bitcoin go from neat idea to a tool used by millionaire investors to get richer and a tool I can no longer really afford.
You know something funny. I realized the same, especially bitcoin have turned so expensive that as a person from middle class it's too risky to even try
You don’t have to buy a whole bitcoin though. I invested $50 into ethereum and it doubled in a matter of months. That’s not enough to make a living off of, but it’s $50 more than I had before. And the process taught me a lot about computers, currency, and the stock market. It’s not as all-or-nothing as make millions or make nothing. All things in moderation
Great video Johnny! I’m somewhere in the middle of this crypto conflict but next year will be interesting for blockchain, we need to change our minds 🇵🇱🌍
OMG, you've gone so far from your time in Vox. To be honest, I'm much more excited to see your video in feed than one from Vox, not that it's a competition, you've just made a standard on how documentary/thought provoking videos should be on YT, just like MKBHD did for tech ones. Thank you, sir
wow, amazing video. Good job on presenting pros and cons of crypto on such an easy to understand way. great research, and great points on both sides. This is a great starting point for everyone to learn and to start forming their opinion about crypto
I think the first point is so key, a lot of the hype and drive behind crypto (like most things) comes from those who have their own stake in the game. I’m also not a fan of how use cases are being forced rather than being natural solutions to problems.
Were cellphones a "natural" solution to a problem? What about carriages, planes, the internet? Of course a technology Will he touted by those with a stake in it, those are the people that understand the potential benefits. Of course there are people who just want to get rich and do not care about the technology.
@@PNSerapicos planes fixed the long duration of international travel. The internet fixed the disconnect between consumers and sellers of goods and services, and smart phones fixed the fact that most people didn't have access to the internet. What exactly is cryptocurrency fixing? It's instead creating problems.
@@PNSerapicos planes fixed the long duration of international travel. The internet fixed the disconnect between consumers and sellers of goods and services, and smart phones fixed the fact that most people didn't have access to the internet. What exactly is cryptocurrency fixing? It's instead creating problems.
This was one of the best breakdowns for a beginner like me. I've been wondering how valid all of this is and now I don't feel as bad for now knowing seeing that it's only validated on the fact people believe and value internet content more than real life. Time, Tech, and money literally flew over my head. I don't think this will be sustainable in the long run though.
This video is so good that halfway watching I forgot that this is him talking to himself rather than different people, I think that is just how good Johnny Harris
I wanna be honest with you. I'm both sceptic and optimistic at the same time. Blockchain and the technology sorrounding it can solve a lot of problems, but at the same time these problems will be solved by actual people like me and you. So in essence it boils down to who creates the space and how trustworthy these people are.
I know people say you shouldn't time the market.. but Toby Maguire gets it right EVERY TIME. when the price dips, he buys before the rip. when the price rips, he sells right before the dip. his mastery of advanced technical analysis is only outweighed by his charisma and charm. all I'll say is, don't leave Toby Maguire around your wife.... I learned that lesson the had way. anyways, in conclusion, if@Bain says to buy, then buy. If Toby Maguire says to sell, then sell. this is financial advice.
"Blockchain and the technology sorrounding it can solve a lot of problems" But at what cost? The energy required is immense and not regenerative or sustainable in the present state. What if something happens and "the power goes out" around the world?
One of my personal biggest fears is actually Optimistic Johnny's own prediction that Bitcoin isn't the best solution, but that an even better one will appear either through Ethereum or another. What happens to the nearly $1 trillion currently invested into Bitcoins the moment that they realize that they have to switch to this better system? The only people that they can sell them to are people that haven't figured out yet that they need to change from Bitcoin to this other system.
The best response today is that Bitcoin specifically really wont be affected by what is already not happening in its environment. Bitcoin will have value for the long term as a store of value. while there is a lot of money in crypto it pales in comparison to the potential. As that money joins and spreads out the impact of a single currency, even bitcoin, will be less widespread. Just like today if Microsoft's price goes down the entire stock market isn't tanked.
The first solution is rarely the best, and all the current cryptos are so flawed that if crypto ever really does work it wont be using any of the current coins, this mean that yes at some point Bitcoin, and every other coin currently in existence, will crash and become worthless as people lose interest or switch to better tech, all the bitcoin investors can do is hope they sell at the top and aren't the suckers holding worthless coin at the end.
Bitcoin is limited though. How is ethereum limited? Is there an infinite amount that can be mined? Isn't that potentially bad about that system as well?
@@falconJB Pretty gloomy future you are imagining. I can't say about future, however, I can tell you what is happening right now. DeFi is getting banks now. The first banks are coming. They would allow you to take loans against your Crypto currency. There are already options by which you can take a loan against Bitcoin or Ethereum. You can get stable coins in return and people take leverage to reinvest. I agree with you that ultimately we will have another coin as the main token. Or rather another Blockchain which will be the main one. Probably, this blockchain could provide a bridge to all blockchains. In near term Ethereum is going to be that. The new big blockchain. When the flippining happens. It will because of its function. It has the magic of programmable money.
Simply, I still have my reservations on crypto. This is a big social leap that requires a higher commitment to digital progress. This can alienate the minority that may not have the infrastructure to be connected in a way that I take for granted. Also, the volatility and variety of the crypto makes me perceive them more like a stock than a means of payment. Regardless, I think that crypto currency and the like are still a good advancements collectively.
I was once a starry-eyed person who thought the world was going to get amazing once we had pocket computers (what I called the smart phone before smart phone was a thing). If that experience taught me anything, it's that any thing no matter how fantastic it _can_ be won't actually be what you think. Corporations will bend it to their will and do something completely unexpected to tarnish what otherwise would have been a fantastic leap forward for us as a society. The masses always loose, and corporations always win. The cards are stacked against us. Crypto will become mainstream, but mark my words it will not be the utopian future you imagine. It likely won't be anything anyone recognizes, but what it will do is make a corporation rich because that's how capitalism works.
Yeah, it's an interesting point you make. Using your example, smartphone technology was and is a fantastic leap forward, but it also came at the cost of surrendering all of our data and privacy. I think that is the risk that always exists with any new technology, that you can't have the good without the bad, because people will always find a way to use something in a malicious way that it was otherwise intended. Just like how you can use nuclear power as a source of energy or a weapon of mass destruction.
This was an amazing video! The humor, editing, memes, logical reasoning, acting, and even different types of clothing, which I think have some form of symbolism..., made this video from another debate-y, information down your throat, video, into one that is compelling and honest in terms of both evidence and reasoning. Hats off to you. I am intrigued to watch one of your older videos for the content and personality you exhibited in this video. I hope I enjoy it!
You briefly mentioned NFTs. I see one core problem with them. Proponents claim they will help artists make a good living again. I have seen far more artists have their work stolen and sold than I have artists make money. The only solution to this is for exchanges to block the NFTs, but that is antithetical to all of their advantages (decentralization, peer to peer public record etc). This problem seems irreconcilable. Edit: Basically all digital art can be infinitely reproduced. Exclusivity is inherent to the concept of ownership. I haven't seen a NFT that included the transfer of copyright to the buyer. NFT buyers own basically nothing.
I think the bigger problem is the real market cap for NFTs. There are collector markets, but that requires other things for people to invest in them. Pokemon cards only have such value because Pokémon is the biggest media franchise currently and the card game is one of the most played world wide. It doesn't seem like a better option for artists than to make a patreon or make merchandise themselves.
there is theorsation that there will be technolgies in the future that will be able to digitally sign your identity using government documents and blockchains will enforce copyright autnomously through this anymoymous but verfiable digital signiture. of course this ruins the privacy aspect of blockchains though. Its still very early in the space I wouldnt say any issue is irreconcilable, a lot of smart people are working on solutions to these issues!
NFTs are (meant to be) decentralized proofs of ownership. I don't think they'll really *actually* work as that until legislation exists to recognize them as that. And then they'll likely have to be regulated in a variety of ways. For example, if a given artist does not want to issue an NFT from a work of art, if anybody else does it in their stead, there is no way that's actually legally binding. Of course, if a state's legal scrutiny is necessary to legitimate any given NFT, that undermines at least *some* of the theoretical draw behind them. What will remain true once that's the case, however, is that you will be able, in a decentralized manner (so literally anybody could do this in principle), to figure out what account a given thing belongs to. At any rate, whether NFTs have any staying power will depend entirely on what various states decide to do with them. Right now they are basically nonsense. It doesn't actually take a whole lot to make them more than that, and I guess that's part of the gamble people currently make with them. But in their current form? Yeah, they are stupid.
@@MANIAKAEMAN "Lots of smart people are working on solutions" while thousands of people are getting their work stolen and the thieves are making huge amounts of money. Your theorized solution is predicated on existing institutions. Again antithetical to what crypto zealots say the whole point is: decentralization.
@@Kram1032 So the peer to peer, decentralized, anonymous records of ownership will only work once the government starts acknowledging them? Those two ideas don't jive. I agree they are stupid in their current form but no one has explained how to make them not stupid.
One thing that's being missed for me is that regardless of the backing (precious metal, bulbs, governments, cryptography or distributed user network), currency is a convention that relies on the trust that other humans will accept it. That's it. You can't remove trust from the currency equation, and you need that trust to be there or we're back to bartering. Now, sure, states can do silly things with their tender, but monetary policy (and being able to use it at the national or supranational level) is a massively helpful public policy tool. Are we certain we want our societies to have one less lever to use? How would a crisis like the 2008 one have fared without the possibility for monetary creation by Central banks? We see in the EU how having a unified currency sometimes puts smaller, less developed states at a disadvantage (hi Greece), are we certain we want this law of the jungle rolled out indiscriminately around the globe?
@Stuart Griffin in that setup, I fail at seeing what crypto brings additionally to traditional reserves like gold - if it's a hedge against governments manipulating currency we're after, why go for one that's barely a convention, with no intrinsic value? In general, when a currency (or assimilated) becomes an investment vector when it's not linked to any productive outcome, that's when I get worried..
Without the ability to print money governments would have to actually tax people to pay for things like saving banks in 2008, instead of sneakily devaluing their savings. That would put massive pressure on government accountability, which is a good thing. In the current system the biggest institutions get nearly free money handed to them all the time and tax payers don't care because it doesn't seem like it affects them. It's a broken system where the richest have the most access to financial help because they're closer to the "printers". Also Greece had decades of irresponsible spending and, because they couldn't print their way out of it, had to accept accountability measures from the countries that helped it, the horror.
Really great intro and great content as always Johnny! The Blockchain really has great opportunities but it's hard to see where this is going. We live in exciting times! Looking forward to see if this becomes mainstream or if it is really a bubble that will burst in 10 years time.
This is what everybody needs , a Non-bias discussion of a Complicated topic instead of taking sides, As usual this Channel never fails to Deliver quality content!
People asking to be paid in Crypto should be no different than being paid in another currency, like Canadian hockey players wanting to be paid in US funds. The difference is the stability of the currency, and protections from failure or fraud.
Solid video! Goes over the current challenges crypto faces alongside the current and potential future merits really well. Crypto is a very young industry rampant with volatility and security issues, but that's the weight early-adopters have to bear in order to reap the biggest reward. Ultimately this is a very speculative asset class currently and the future is uncertain. That's why it's critical to DYOR!
BEtterHelp has the right to share your confidential information with others. They do not go by confidentiality policies as a professional practice would.
@@18matts The idea is a good one as the world would likely be a better place if everyone had easy access to a mental health care expert so I can't really blame him for taking the sponsorship. Plus while you may know of bad things that they did not everyone on the Internet is going to know or believe those things to be true.
Johnny, I hoping for a follow-up video on this after you get more familiar with the whole crypto situation. I loved the points you made against crypto, especially the middleman exchanges, but you can't talk about the future of crypto without mentioning the move from proof-of-work to proof-of-stake. It's a major point in this conversation that completely addresses your first point in the video about power consumption.
Well it definitely has been talked about for quite some time. It's great how you are presenting it to me. I can understand it more clearly and thank you for that. Cheers!
Number 1 issue with giving people individual ownership of their own content online: non of us could ever afford the pure quality of a Johnny Harris video.😂
Before Amazon and eBay sellers had there own e-commerce website or didn't had online presence at all, most of those websites faded away after someone started providing value for free* There will always be someone 1up-ing the game hence providing better value to consumer. So were I'll be seeing Harris's content in future probably on a platform which is offering better value to both in a different space
This is seriously a massive subject, but youre able to go through it all succinctly and got all the important things covered. This is just perfect for a quick lesson in case i need some refreshment. You are so fucking amazing johny
I am from El Salvador, I feel optimistic about it but open to the critics and always learning. I don't think it's a great idea to invest in something you don't know or understand. I want my country to develope and I hope that cryptos help us in doing so. The US government only shows signs of not liking it and interfering with OUR political matter. Please tell your politicians to stop meddling in our affairs and start taking care of your needs. Thank you. P.S. watch the video about bananas.
@@jrblues Surely if people stopped believing in bitcoin and the price fell and then the computers that support it left, then it would cease to be of value. I think that it might just be a bubble that is overly valued. I'm prepared to be proven wrong. I'd like to be. But it seems like it could collapse and collapse very quickly. To this I say, what would happen if people just stopped buying it?
@@leonhardeuler675 Your question is irrelevant, if people stopped buying anything the consequences are obvious, that goes for every market and economy. BTC provides with faster, safer and cheaper transactions. Not to mention the incredible uses of smart contracts in the cryptocurrency space. In the case of BTC its limited supply of 21 million if there is ever mass adoption then we are talking about a insanely undervalued asset. Will there ever be mass adoption? I dont know if governments and banks will let that happen. Should there be? Absolutely
Another fact which could be useful as well is that there may not only be a positive for governments to disconnect from currency. A government’s ability to control the currency and regulate the monetary policy has been essential throughout our modern economy. To be able to lower interest rates and print more money in times of economic depression, or to inrease interest rates and lower inflation in times of economic growth. The ability to temper the economy with these measures has given the economy and the people stability, and not go from bankruptcy to economic booms and back again in a matter of years like we saw in the 1800’s with enormous growth followed by catastrophic downturns.
in modern economy, all activities are closely interrelated and globally connected that the effect of one change can be felt immediately in other part of the chain. some sort of 'dampener' to this economic volatility is what makes central banks so important in any modern economy.
Yea exactly. We are already pretty bad at handling depressions with the current level of central control over the economy, imagine the absoulute hellscape that would become of the world if a stockmarket crash like 2008 or the Great Depression happened and the goverment had no ablility to interfere.
The government printing more money in times of economic crisis is what got us into our stagflation we are currently in. It will be good when the govt can't print an infinite amount of money anymore.
@@enider Markets would correct and house prices would come down. There would be a good correction. People only see the downside of potentially losing their job if they are working for an unprofitable company that goes under. Our government overspending and lending to the big banks is what got us into the '08 crisis
@@brent4073 Are you actually delusional, the goverment did not cause the financial crisis by doing to much but by doing fuck all to regulate the risky lending of the big banks. This then caused the possibilty of more damage, the goverment then decided that it needed to bail out these banks istead of giving money to normal people.
Thank you Johnny for this video. The one thing I wish you'd have touched on is the fact that coins such as bitcoin are finite in their supply. There will only ever be 21 million bitcoins ever mined and that having an asset class which is actually defined in its maximum number allows for their to be trust not in an institution but the rules and blockchain itself. If the theory is correct this will lead to cryptocurrencies only needing their finite supply to support a market where you don't need middlemen to step in for the transactions of goods. That said we wont know if it really works until all bitcoins have been mined.
Which is why it is impossible to use this as a currency. Imagine a world where you only use bitcoin and everyone has bitcoin. In order for you to get paid on services and spend, bitcoin's value will go up. It'll inflate which means the goods you are buying tomorrow will also be more expensive than it is today. If you do this in a large scale, everything will be super expensive due to your currency in no time. This is why the feds need inflation to stabilize the currency. The problem is they do a crappy job at it. The only thing this "currency" was designed to do is to make it an investment product which it is now. They just hype it up with a bunch of BS to fuel it's growth. Truth is, it's just a pyramid scheme! The largest in the world ever.
@@francisdayon limited items rise in value as the demand for them can’t be filled. Apply this to a worldwide currency. As the richest people accumulate more and more, the value of the currency will increase as it becomes more scarce. This is a completely different type of inflation compared to what you are talking about.
Beautiful, a tip for all of you out there contemplating buying crypto, get yourself a ledger or trezor physical wallet, the only reason crypto is being hacked and 80% of the problems there today is because of big centralized exchanges like coinbase and ftx, websites and apps can be hacked, a physical key cannot, so your crypto will be safe on it
I’m a skeptic myself but I invested a small amount of money into bitcoin that if I lose won’t be a huge deal to me. I think it’s unwise to invest a whole savings into it. I’m optimistic it will turn out to be a really good system and help society - who vastly have distrust in government and institutions.
@@vivianbarths6022 You shouldn’t have to deal with another person directly to buy crypto? Maybe you mean the fees and rates are a scam? The big names will probably be good enough for you as some websites can be a bit more complex for beginners.
Personally, I think it's a lovely idea to imagine how crypto will look in 10 years - but it hasn't been 10 years yet. We can't evaluate how something will be as far in the future as now is from 2011. Remember the internet back then? You would have been foolish to make your mind up about how it would look now, back then. All we can do is wait and see, you cannot make a reasonable assumption on how it will look that far in the future.
This is the most thoughtful analysis of bitcoin/crypto I’ve seen from anyone on the internet. Everyone who talks about this is super biased. I really appreciate bringing up the criticisms and responses to the criticisms. Great video!
I will forever appreciate this channel, you've helped me knowledge wise with advice lessons on knowing more about Crypto, than buying and selling, my expert made me realize that, much work is required for good earningsinspirational and helpful. My husband and I have been able to be minimal, conscious in spending, saving and investing wisely, I now earn every week. You're such a blessing to this generation. we all love you
@Johanna Meier it's all about a legit guidance on more about Crypto than buying and selling, my expert made me realize that much work is required for good earning
I have had no luck investing in cryptocurrency,I actually invest on my own but my profit aren't always as I expect, sometimes I just keep loosing money
I think that crypto is definitely going to change how currency is used and generated, but it's not going to be "of the people" - both governments and private companies are going to control it.
This Comment makes sense.Also i want to add something here as crypto many times used for illegal buying or trading.Wealthy people use this platform to make transactions and can hide black money and they will pay zero tax.Only they are paying Third-party applications a fee making these companies rich.But how can these tech companies add value for normal human being will they provide any service.Just imagine if whole world shift to crypto currency how can govt. make money and provide services like health,medication,infrastructure,education,security. If i am wrong correct me i am waiting.
@@ArjitChauhan Well governments don't really use money to provide services, they take taxes to force people to use their currency, which legitimises that currency, so that currency in holds more weight in foreign markets, making the domestic market stronger. If there were a strong currency that wasn't controlled by any government, but by private companies, then those companies would be able to act in the world market with impunity - almost like a state without any land. Basically, crypto wouldn't stop us from having public services, but it would make a few private companies more powerful than governments, and move us one step closer to a cyberpunk plutocratic dystopia.
Thank you for actually addressing my absolute headache when trying to figure out these crypto stuff, CONFLICT OF INTEREST. Like, legit some cryptobro called it "my purity test" just because i pointed out that i can't find anyone that understand the whole thing, is good at explaining, and doesn't have conflict of interest by partaking in crypto themselves. It's just ridiculous.
@@Dave-rd6sp i will not deny that, it does make sense but i do not hold it as an absolute rule either. I am more than willing to listen but I want such problems to be addressed. Right now, it feels like everyone is trying to pull a used-car-salesman's fast talk on each other and it is frustrating when all you want to do is understand the big picture so you can decide how you feel about this particular complex subject.
@@nyan2317 You're replying to a bot. In all comments section with potential conflicts of interest, I find it useful to look at the commenter's "join date" to determine whether their opinion has value or if it is a paid bot for someone with a vested interest. In the case of @cat, you can see they joined TH-cam in 2021, like about 20 other bots in this comment section, all promoting a service or crypto currencies in general. They need you to invest so their wallet can grow. That's how speculation works...
Making digital things scarce on the internet is precisely the opposite of the mentality that sprung the internet in the first place, and honestly, I think it's the shittiest idea crypto folks have had yet. Scarcity is awful enough in the rest of the world and our day to day experiences. The last thing we need is more of it, and on the internet, for things that were previously in endless supply.
It's not about making things that are not scarce, scarce on the internet but rather enforcing scarcity on already scarce items without a centralized authority. Think of insurance contracts for example, in countries with broken legal systems, insurance contracts on the blockchain can be enforced without a good legal system. A farmer in Sudan can now buy crop insurance without trusting their countries legal system. Ownership of a house (already a scarce asset) can be verified with an NFT rather than relying on a corrupt government to prove your ownership.
Things that are in “endless supply” are not valuable, and if money is in this way, then that creates POVERTY. The Universe and all life in it are always part of a hierarchy. This is where the IQ test comes in.When you have infinite divisibility, scarceness no longer causes poverty, it provides wealth for everyone who holds it.
If it can be boiled down to one word, crypto is all about "decentralization". Although the rise of "Proof of Stake" will create massive challenge for the realization of "decentralization" as PoS will only move power from government / big corporations to group of billionaires without accomplishing the original goal: "decentralization"
PoW is already centralized. Most of the hashrate come from the biggest pools or miners. You need money to buy compute power, so in the end, the richest still control the system. Blockhain, like the internet, is a dream of decentralization that only existed when no one was making money on it.
what are you talking about, take note of the fact that you need more and more expensive hardware and energy solutions as adoptions rise in POW. POS is low-cost and profitable so anyone with a little technical know-how can do it. that drives decentralization. There is a reason ethereum is following along. Companies can try to centralize and run many pools, but it's everyone's choice to stake there or support defi and stake to the normal validators.
This format is very powerful. You cannot get lost. I loved this. Anyway, the BTC issue is blowing the minds, people need to learn it and understand it before making decision.
Great discussion. Crystalized the idea for me that there isn't necessarily an inherent problem with crypto, it's with people of course. Just like a lot of other tech crypto can be used well or badly. So far the initial signs are not great IMHO.
I think filtering through all the noise and looking at what the real blockchain projects are building (anything in top 20 that is not a stablecoin or dog-related) show great signs though
@@Kenny-tl7ir I think you may have missed the point of my comment. Crypto does not solve the untrustworthiness of humans. Crypto still needs humans to operate data centers, to adminisy exchanges, to police what funds of any kind are used for or how wealth is generated. The problem is not the form a currency takes, it's the humans that use it. Changing to crypto in this sense is the same as changing from Yen to Rupee, it doesn't fix anything.
@@TobyMole and what happens to those data centers, exchanges (which are now also decentralised and runs on code entirely) when robots and drones which are completely run by computers and code automate those maintenance processes ? Do you think humans will still have a say? The very fact that Bitcoin and crypto is a non physical asset that is issued in a decentralised manner via decentralised servers means that there is no human trust involved.
And you cannot compare Yen’s and Rupees to Bitcoin. These are fiat currencies printed on a whim by an old bloke controlling the printing press at the federal reserve. Can you say the same for Bitcoin?
What a perfect video, bro. You know how to go straight to the point with the most delicated topics. People are so passionate about cryptocurrency that sometimes is hard to talk, even that's a mainstream thing now
There is an inherent irony behind the cryptocurrency. At its inception, it is about decentralization and cutting out the cost of middlemen. As it becomes more mainstream, both the technology facilitates the crypto transaction and profit concentration are increasingly centralized and in hands of a few. Back in the old days, Bitcoin was decentralized because your average joe with a CPU/GPU can mine the coin. Now the network requires costly capital investment, like ASIC machines, to earn. On top of it all, the cost of transactions is crazy on some crypto networks. Just take look at ETH gas fees. Furthermore, all these Wallstreet money managers digging into the crypto and blockchain pie,. As crypto becomes more mainstream, it increasingly becomes no different as another asset on Wallstreet.
This is true. But even though this video is good, it fails to address the MAIN issue that is looking to be solved. It is proposed solely as an alternative to FIAT currency. Everything else is just a consequential, theoretical benefit. Crypto would have never been developed if the dollar were not separated from the gold standard. Now, instead of the currency being tied to some tangible thing, it’s backed by absolutely nothing. That’s what this whole thing is doing, attempting to create a solid foundational backing. Fiat currencies, historically, have always failed. When the government fails, the currency fails. So, I like to think of Bitcoin as more of a “Hey, open your eyes and look. There are other options” not necessarily “I am the ultimate solution to your issue” Any solution to fiat currency would be a vast improvement. The decentralization is just an added benefit, but even a centralized, BACKED currency would be a big step in the right direction. We could revert back to gold, but we really don’t hold much anymore. It would require us to mine or buy a lot of gold to meet the supply for the demand of the dollar, as we would want to tie the value to that which is similar to the valuation of a dollar in comparison to other gold standard systems. With crypto, the “gold” in the gold standard is just computer assets. It doesn’t have to be like this, it was just the first installment of an attempt at a solution. Maybe we could base it off of antimatter, or something else.
Think about it. Because the total number of BTC is fixed at 21 million, distribution is inevitable when people insist on being paid in BTC. It is FIAT which benefits asset holders while robbing the average guy through inflation.
@@millhouse782 It is a very poor substitute for fiat currency. The system of transactions is rigged against the poor and in favor of the rich. The transaction cost depends on the "number of inputs" you used to accumulate your coins. Let us use an example. Matt is an Amazon worker and he needs to be paid monthly to pay his bills. As he is paid monthly, he receives 12 separate payments over a year, which means his annual salary is built on "12 inputs". Jeff Bezos has enough wealth to pay off his daily expenses so that he can survive with just one annual payment from Amazon. So Jeff's income from Amazon is built on just "1 input". As Matt has more inputs, the transaction cost for Matt to use his wealth is higher than Jeff Bezos'. You don't have that type of problem with fiat currency. It is very worrying that so many clueless people are jumping into cryptocurrency. A lot of them don't understand how technology works. And many of them are getting burned.
@@formepvp That is the wrong analysis. Switching to a fixed supply of currency leads to deflation. It benefits the asset holders at the expense of newcomers. In particular, it helps the older generation to "rob" the younger generation. There is an easy analogous example of how that happens. Look at the current US housing market. Say a Matt is a boomer and was a construction worker before his retirement. Back in his days, the house prices were much cheaper than now. On his construction wage, Matt can afford to buy three houses in his budget. Say Davison is a gen Z, and when he becomes a construction worker, houses are much more expensive than when Matt started working because the housing supply hasn't grown enough and the boomer generation brought most of them as they got an early start. If Davison does exactly what Matt did, Davison can afford to pay for two houses over his lifetime. The system is saying Davison's construction labor is worth less than Matt's construction labor, just because Matt was born earlier than Davison. That kind of economy is pretty bad for younger generations to come. If the economy switches all to BTC, BTC will solidify the rich ruling elites for hundreds of generations to come because they have so much wealth now to buy into being the dominant stakeholders of BTC. Social income mobility will collapse.
Nice job Johnny. I’ll admit personally I feel like I’ve missed out on such an incredible tulip mania mankind event. I remember that back in the mid to late 2000s thinking, “How can I set my laptop up to mine these tokens?” I wish I had figured out how to do it then instead of ignoring it and then basically seeing it explode in popularity and value. But at the same time I think about the fact that a dollar bill can be physically represented without any need for additional energy after it’s printed. Crypto has an inherent flaw in that it requires constant energy to exist. Crypto requires its users to have access to networks in the form of Internet access, devices and knowledge. This is definitely a boom and it’s going to crash at some point. Hopefully the people who have made money get out in time and I pray that those that lose money are able to continue.
Our society requires energy to function at its very core. If the constant use of energy ever becomes a problem, then we will have more problems than just cryptocurrency.
@@evanfunk7335 Exactly, if society collapses and people eat each other nobody will feel good about not having invested in crypto when the lights were still on.
So long as crypto exists in tandem with government backed currency, I see it as a modern day Greenback. The Greenback carried promise of eventual payment in gold, but was not necessarily backed by existing gold. I would suspect that the most common investor defines a given crypto currency’s value as it relates to traditional currency and expects eventual payment in traditional currency. In the present state of crypto currency, traditional currency has become to crypto what the non-verified gold stash was to the Greenback. It seems that, for the time being at least, the trust that is required to maintain the traditional financial institution is still required to bolster crypto as it gains steam. Crypto paradoxically piggybacks off of the credibility of traditional financial institutions, while eroding that very credibility and I believe that it where the danger lies.
Exactly, it's not really a revolution in transaction authority at all, it's just a reinforcement of the past 50 years of Neoliberal ideology being recuperated into a means to force individuals to participate or die in poverty.. Whereas real economic progress is being made in rethinking monetary and fiscal policy (through slowly because politics).. Crypto is just a cute buy incredibly dirty means to attempt to bypass the middleman, by consulting more middlemen
Financial institutions are going to do the big cryptos exactly what they did to gold. Create a bunch of tradable paper promises that are not deliverable for the real assets and use these non-binding commodity funds to inflate the supply of the assets. In the end only tech enthusiasts will deal with hard crypto just like only precious metal enthusiasts deal with bullion.
I understand about this, but in every revolution, we use the system that is available to us and then one by one, transform into something different which takes time.
there must be a transitory period where the financial system and the perception have to slowly change and adapt, if you go even deeper you'll see emerging projects in super early (like really early) stages that try to address this, defi 2.0 projects with reserves denominated in other cryptocurrency assets
The problem with the whole crypto discussion is that people think it's either going to fail because it's a scam or it's going to succeed because it's a revolution. But crypto could succeed for reasons that have nothing to do with it's utility for the average person. As the video mentioned, Big Tech is already heavily invested and they're forced to either get everyone else to buy in or lose a ton of money. So what're the odds that the people with all of the money will lose while also controlling tools which control how the average person thinks?
because this how it has always been? Rich people are also people, and as flawed (even more, there are MANY studies on this) as the average human. They will lose, and harm everyone
I loved the quote at the end. "Keep your mind open but not so open that your brain falls out" is such a great way to act toward emerging technology
Hehe pokmon
OMG U WATCH HIM TOO HI MIKEY
I'm disappointed he didn't start with "Haha! it is I......"
@@proximaevening4764 XDD
TEAM SKY
I like the part where Johnny Harris was debating with Johnny Harris. Johnny made some good points, but ultimately Johnny was the one who made the better argument.
I...Disagree. Look, I got Johnny Harris's points, very well actually, but overall I feel he just didn't have a strong boundary for his points enough, and ultimately, I believe Johnny Harris was the one who was actually correct. Respect your opinion sir, but It's wrong.
yes would totally love more videos of johnny debating with himself
I get where you getting that idea from but the fact is that Johnny Harris's points are more robust than Johnny Harris. Respect your opinion sir, but It's wrong.
he is naive and scarred and missing a lot. Crypto is not secured at all. Its ultimate money moving laundering tool. ITS not for US... Its for big sharks. We just watching and supporting our own doomsday culture... I dont want a future to become Corporation Rullued CyberPunk Zoo...
There used to be a game by EIDOS ;;; "Good of the machine " \\ Deus EX. I am not against the computers, and even pro... But it All started with the "Gray death and Ambrosia "
Sort of giving you idead of the test run in 2018
It’s like Ryan George but serious.
Wow wow wow
I'm glad there is a popular youtuber who has a clear head, talks sense, and encourages people to think for themselves and not fall into the easy trap of black or white thinking.
I mean he's a trained independent journalist this is literally what you do.
@Josh Skipka Wdym The guy was a journalist for Vox and the major is still called journalism.
@@KRYMauL Except most "journalists" today do quite the opposite. They divide, spew hyperboles, and try to get a rise out of people.
@@anyariv Sure but that’s corporate journalist. Vice and Vox at least try to dig into the facts all be it with a heavy basis.
This by far the most fair and square discussion I ever saw in youtube.. Presented with deep passion to educate without bias.
Man this feels like one of the only honest discussions of crypto I've seen
Indeed!
I've been watching videos on crypto technology and innovation for years. This is possibly the only truly neutral video on the topic I have ever seen outside of generic news videos.
Robert Breedlove is pretty legit too
This; every video is stupidly pro or says it's bad for the environment those evil fuckers!
It wouldn’t surprise me if Johnny got the script directly from a comment thread debate. Still brilliantly stated none the less.
Love this debate, I'm definitely with Johnny on this one!
The other guy made some really good points though.
But John had better comebacks
His popcorn really won it for me
yeah he totally destroyed johnny, he made no sense and was just spilling nonsense and was bias.
which one?
This is brilliant. Love this format - such a great way to reintroduce the nuance that is so often lost in these conversations! Thank you for making it.
I know people say you shouldn't time the market.. but Toby Maguire gets it right EVERY TIME. when the price dips, he buys before the rip. when the price rips, he sells right before the dip. his mastery of advanced technical analysis is only outweighed by his charisma and charm. all I'll say is, don't leave Toby Maguire around your wife.... I learned that lesson the had way. anyways, in conclusion, if@Bain says to buy, then buy. If Toby Maguire says to sell, then sell. this is financial advice.
Agree. Funny and interesting. And on youtube discussing ownership over content, haa. Well lets stop there, and also wtf is it with the scamers in the comment section?
Wow bots in the thread
@@whakjob fuki n spiderman. Come on scammers you can do better. And not even God can time the market right EVERY TIME. If you sell people a dream. It's a scam. Get lost
This was exceptionally well delivered. I'm very pro crypto but the growing pains are absolutely serious and the future uncertain too
very true. it's wayyyy too early to call crypto "the cure all" but it's also exciting at how fast the space is innovating and addressing growing pains.
The problem is government. Unless you reform it, things ain’t gonna get better.
@@MugenTJ which government ?
@@DJazium any corrupt government. Which is most of them. Making up your own currency is essentially illegal if you think about it. So govern can always outlaw it when they see it as a threat.
@@MugenTJ the reason why this is resilient to governments is that you would need all the governments to work together which they most certainly don't leaving the ones that embrace crypto having much to gain. Crypto is a global ohenomon which is precisely why no subset of government restriction can stop it
Hey Johnny, want to thank you for the little publicity you gave to the case of protesters in my country (Nigeria). We've been fighting against police brutality and bad governance and have been seeking support from other governments and groups to bring all this to an end. But it seems like nobody cares, the lives of persons trying to exercise their rights, trying to get their voices to be heard have been taken by the same oppressive government that continues to deny 'allegations' laid against them and try to shut the mouths of those who try to speak up.
Some have had flee our fatherland (a known case DJ Switch) to seek safety overseas.
My country needs a turning point and people like you make that happen.
[Edited]
Which African governments have y'all asked for help from ?
@@analyticalmindset African governments are corrupt and won't be much help.
@@analyticalmindset It's not a matter of necessarily asking for help, if we're being real it's them seeing the injustice in another country and doing maybe the little they can to make it end.
@@analyticalmindset Also I felt I should point out aid is not specific to one country or continent. It should be something that any, and I mean any group should be willing to give out.
@@djxtra7408 Yes, a large number of them. But hopefully all this would change. We might not know when, but we should be hopefully, we should also work together to make sure that's our new reality.
Another classic example of a complex topic being explained in a fun way! Thanks Johnny and Tom x2!
I think the people with this ability is some of the superpower in real life.
No matter on what side of the argument you find yourself at, this was very well made and objective. Johnny Harris you are truly an inspiration for someone who wants to be a content creator!
It really wasn't. It was hopelessly underinformed. He should've at least talked to someone familiar with the space before making this video.
Several things went unaddressed in the video.
1. The energy consumption criticism does not apply to PoS (Proof of Stake) coins, which consume practically zero energy. It primarily only applies to BTC. All new L1s (level 1 chains) are PoS and ETH is slated to become PoS in the coming years.
2. The middleman argument with respect to exchanges is moot, DEXs (decentralized exchanges) are plentiful, see Uniswap, Sushiswap, Quickswap, Pangolin...
3. Algorithmic stablecoins specifically address volatility issues, see UST, OHM, or AMPL, all the way from pegged to the dollar to being completely independent.
Great and such a nice quality content for free. Hats off to you Johnny. 👏
He did a fantastic job, I love the debate nature of the video! How do you feel about crypto?
Another fantastic one, sir. I'm definitely more on the side of the white shirt guy. But I remain open to learning more.
Yeah very much in the camp of “no way in hell I’d take my checks in crypto” but would be open to investing to diversify my portfolio on more secure crypto like bitcoin or ethereum as their market cap grows and its less volatile
Like what are the points where you think like white shirt guy? All of the newer block chains are already not using extra electricity with ''proof of stake'' and ethereum will be migrating to that too next year. So that's already something where he's wrong.
White guy has crypto arguments from 4 years ago... It's like people saying "nobody would ever purchase anything on the internet"!
Hey, it's WheezyWaiter. Did you lend Johnny your cloning machine for this video?
ok
Time to cash out when Johnny becomes fully invested in crypto
Appreciate your comment!!! Hit me up for more on investment and guidance👆
@Johnny Someone's using your profile picture for crypto scams^^
@Johnny Someone's using your profile picture for crypto scams^^
I've been following Johnny for a little over a year now. They say you really realize how good or bad a journalist is once they write an article about something that you're knowledgeable in. I consider myself quite knowledgeable in the crypto space and can say that this is really well done, and an accurate summary of the space. Thanks, Johnny for all your work!
I thought the same thing! The knowledge was surprising
doesn't mention defi or proof of stake, so maybe not..
It really feels incomplete without at least an introduction to the difference between value based on scarcity and value based on utility though.
It's odd to me to still hold energy cost as a central issue when we're so far down the path to virtually eliminating that as a factor. (Proof of stake systems are expected to consume 0.01% of the energy used by equivalent proof of work systems, and Ethereum has been running the former in parallel with legacy for months now.)
Defi was (briefly) mentioned, just not by name but rather in the form of more accessible terms like contracts and lending.
@@HonoredMule good point regarding defi, but it's a direct rebuttal to the argument that we need to rely on CEX, IMO, and was not presented as such
@@HonoredMule It was definitely odd to see that be the last word on the issue.
In a self-proving manor, Crypto's argument about technological progress disproves the final statement made by the Skeptic. Proof of Stake is far past developmental stages on current crypto-sweethearts like Polkadot/Cardano/Algorand, let alone Ethereum. Development will constantly seek to solve issues-- especially in the name of improving efficiency.
It would simply be a lack of research that lead to avoiding these points.
This is high quality content. Congratulations, loved the format. Also, loved the conclusion that estimulates people to think for themselves. We need more of that mindset FOR SURE!
Modern journalism lacks this exact concept of objectivity, Johnny's ability to present both sides to a viewer and allow them to make up their mind is what makes his work so unique.
Great point!
It’s sad that this is considered a rarity today
Be wary of this. Not all debates are equally split of veracity. Think of the “debate” over evolution or climate change. But yes, in general it’s very good to hear opposing viewpoints for a fuller picture of a topic.
Because objectivity don't exist. Human experience are inherently subjective and at best we can come us are consensus. The responsibility of the reader is to be aware of the bias of not just the material they are reading but their own as well.
Sheriyaanu
One thing missing from this is the level of inflation we see.
Here in Nigeria basic goods and utilities (like cooking gas) has doubled in price within 1 year.
The current financial system isn't working, we desperately need something else to store value.
It doesn't have to be crypto, but it mustn't be the current system.
So far , the banks and government has been irresponsible with the money supply.
We need something outside their control.
Something they cannot debase as they please.
Our lives and livelihood depends on it.
Within my lifetime, I've seen the Naira lose more than half it's purchasing power.
If things continue as they are, we'll without a doubt, become another Venezuela or Zimbabwe.
This comment needed to be top 1.
if you were to store money in bitcoin, you would still be a victim of inflation
@@TheGiddyUps Prolly not Bitcoin, but not the Naira either.
What do you suggest we store our value in ?
@@TheGiddyUps Yeah 10% over the next 100 years. Big whoop
@@x-Machina inflation is not necessarily the devaluation of currency because of the lack of scarcity, but it is necessarily the decrease of purchasing power, which might happen due to a lot of things, like an increase in price levels
Oh man, this Gollum approach is the best way ever to talk about crypto. It's exactly what goes through my head when thinking about it. Well done!
Also Green Goblin which is what I think first because a new Spider-Man film is coming out and my mind is on that.
Like Dr. Jekyll and Mr. Hyde. Or, uh, Dr. Johnny and Mr. Harris.
Two sets of assumptions is not better than one
I'm mainly just the dude in the middle eating popcorn.
Watching this video on June 25 2022, after some of major crypto exchanges froze transactions and accounts make me realize how prescient and well researched Johnny Harris was in creating this piece 👏 21:24 is so à point
Does not need to be hacked, Ftx just failed owing billions, where did it all go? Another ponzi? Or a planned escape with the loot?
Watching this on 30 nov. 😂 as more exchanges fell
As a Venezuelan, I can say Crypto really helped me survive there and helped me get out Venezuela. So Mr. Satoshi, thank you so much
Well yea. Your currency is worth dog feces
@@hangguy209 im sorry can you tell me how much has your goverment printed in the last year or so?
something like 80% in the last 29 months?
(assuming your American)
If that really happened, you got lucky because other people didn't. Don't pretend that Bitcoin isn't all about winners and losers. It doesn't care about people. It's not altruistic. It's just a different way of dividing the haves and the have-nots. All monetary systems are selfish and unfair. Not even Mr Satoshi gives a crap about you or Venezuela.
@@kevChess still worth more than Venezuela
@@kevChess not how much is printed you need to watch.
It’s the amount that is destroyed that dictates t the rates.
Venezuela has an economy that is in the bottom of the world… …
It’s a desperate ploy from a desperate country
I really enjoyed the way Johnny went about making this video. Instead of telling you what is and isn't, he acknowledges we are still learning information about this and helping push the conversation of both sides of the argument. Personally, I believe in both sides here, and I also believe that this will eventually evolve into something that we are not even aware of yet. Could the bubble pop? Yes it very well could, but it is still pushing things into the future wether this is that future or not.
Great video. I think the fact that these huge corporations are pedaling this "get rich quick" mentality is pretty scary. If this bubble bursts, a lot of regular people will lose their money.
Thanks for the comment!!Kindly DM now for more tips on investment👆👆
Unfortunately, this is going to happen regardless, like it already happened numerous times in human history!
investment over here is frustrating and i always have no luck investing
@@mariellewilson8276
I will advice you contact Vivian Klaine Morgan, she is God's sent to us here
@@mariellewilson8276 👆👆 hit me up
As far as the point about institutions not controlling your money, it feels equally risky to have it controller/operated by the community. Even a community of people could turn around and freeze assets of others whom they don’t agree with or simply don’t like. That is a frightening thought, indeed.
This is so good it's not even funny.
Nathaniel just obscurely hiding in the comments
@@ivanteo8749 right like show yourself sir
❤️
Not gonna lie, I really enjoyed this type of explanation. It covers both arguments really well. For me, personally, I never used any cryptocurrency and currently people seems to be invested to know more about it which is great and all but I'm really worried about the price of GPU as it is currently skyrocketing and it wouldn't decreased anytime soon. I just hope someone found an alternative on how to mine these cryptocurrency.
It already exits in less known blockhains, its called proof of stake, ethereum will change its code to be PoS by the end of 2022! Unfourtnetly bitcoin will not ever.
There already is alternative ways to validate a block in a blockchain than guessing a valid hash for a block via "mining".
@@MANIAKAEMAN i know nfts that are just similar to bitcoin or etherium where they use this materials to buy stuff that are just too expensive.
@@MANIAKAEMAN Ethereum plans to transition to POS for years now, and they always delays it, it was 2020, then 2021, now late 2022? So disappointing, we need this urgently for yesterday.
@@MANIAKAEMAN That's fine because Bitcoin isn't mined with GPUs, it's mined with ASICs
Regarding Tokens or NFT, I've seen so many Japanese twitter artist that had to seek help for plagiarism regarding their art. They complain that their original artwork is being plagiarized, and recolor them and turn it into NFT. Maybe in the future, there will be a method to solve this problem, but for now I'm leaning towards the skeptics and against this idea.
Recolored? Those art theft actually put in the work? Most western artists I've seen facing the same issue has their work lifted entirely without edits. There are even works that is explicitly anti-NFT being tokenized.
If I have the real Mona Lisa painting then I wouldn’t care if someone has a professionally forged copy. As long as the artist gives their own signature on the piece you purchased then you have an original.
With that being said fake painting have been sold every day for hundreds of years and longer. Good preventions for this would be for social media platforms to require your NFT to be uploaded along with the art it represents to prevent bad actors. This is the same as art graders and forgery experts that we have in the art market today.
You can’t stop theft, but there are ways to deter it. If you’re a good artist then expect your work to be stolen in some regard. Is it right? No, but maybe if it pisses you off enough then make an NFT authenticating engine with a social media company since you have the ambition
@@x-Machina But they are not selling their own painted copies of the artwork, they are selling a literal copy of the digital pixels that are the artwork. This is why the comparison between the physical art and digital does not work in this context. It is lireally impossible for me to with two clicks of a mouse create a seperate, exact copy, of a physical artwork. You are claiming that creating a physical object that matches another painting in apperance (a process that in and of itself takes alot of time, dedication and skill) is the same as copy and pasting a digital work and adding a filter over it. These two things are not comparable and if you cant see that you are just blinded by your love for NFTs
Right, that's a big problem. I've heard people say that NFTs would prevent art theft, but for now it only supports it more. You can't tell wether an NFT is original or stolen art. Most people who sell NFTs are not even artists, but people who want to make money off of it.
@@x-Machina The thing is, once someone ripped your art and claims it as his own, it's kinda hard to prove them wrong. Especially on an immutable Blockchain
I usually fall asleep listening to information like this but yours is truly mesmerising. The storytelling, videography, everything!
As somebody on the lower side of middle class and a computer sciences student, I saw Bitcoin go from neat idea to a tool used by millionaire investors to get richer and a tool I can no longer really afford.
You know something funny.
I realized the same, especially bitcoin have turned so expensive that as a person from middle class it's too risky to even try
You can still by bitcoin for 10 bucks. It can never be too expensive.
@@Tschonni95 sure, but with it's volatility, I don't know if that $10 will become $13 or 7 six months from now
You don’t have to buy a whole bitcoin though. I invested $50 into ethereum and it doubled in a matter of months. That’s not enough to make a living off of, but it’s $50 more than I had before. And the process taught me a lot about computers, currency, and the stock market. It’s not as all-or-nothing as make millions or make nothing. All things in moderation
I wonder how many drug dealers from Silk Road and it's variants are now crypto millionaires. BitCoin used to be the only currency for TOR.
Great video Johnny! I’m somewhere in the middle of this crypto conflict but next year will be interesting for blockchain, we need to change our minds 🇵🇱🌍
P O L A N D
Proof of Stake with ethereum should fix the energy/climate change issue with crypto through proof of work when it is finally implemented.
LOVE POLAND from France
Global👊🏼
its a shame that he hasnt talked anout other projects that are faster, more secure or less costly in gas fees.
OMG, you've gone so far from your time in Vox. To be honest, I'm much more excited to see your video in feed than one from Vox, not that it's a competition, you've just made a standard on how documentary/thought provoking videos should be on YT, just like MKBHD did for tech ones. Thank you, sir
I was wondering where have I seen him before and why does his production feels familiar....
He makes the vox. It is likes when I see his face I think of vox.
wow, amazing video. Good job on presenting pros and cons of crypto on such an easy to understand way. great research, and great points on both sides. This is a great starting point for everyone to learn and to start forming their opinion about crypto
I think the first point is so key, a lot of the hype and drive behind crypto (like most things) comes from those who have their own stake in the game. I’m also not a fan of how use cases are being forced rather than being natural solutions to problems.
Were cellphones a "natural" solution to a problem? What about carriages, planes, the internet? Of course a technology Will he touted by those with a stake in it, those are the people that understand the potential benefits. Of course there are people who just want to get rich and do not care about the technology.
@@PNSerapicos planes fixed the long duration of international travel. The internet fixed the disconnect between consumers and sellers of goods and services, and smart phones fixed the fact that most people didn't have access to the internet. What exactly is cryptocurrency fixing? It's instead creating problems.
@@PNSerapicos planes fixed the long duration of international travel. The internet fixed the disconnect between consumers and sellers of goods and services, and smart phones fixed the fact that most people didn't have access to the internet. What exactly is cryptocurrency fixing? It's instead creating problems.
Exactly. It's not that I'm against Bitcoin. I'm just skeptical because the ppl who are trying to convince me are invested in it
@@mark2102 Crypto is fixing governments
I just had so many basic questions answered and had a fun time watching. Thanks for all your hard work and creativity, Johnny!!
This was one of the best breakdowns for a beginner like me. I've been wondering how valid all of this is and now I don't feel as bad for now knowing seeing that it's only validated on the fact people believe and value internet content more than real life. Time, Tech, and money literally flew over my head. I don't think this will be sustainable in the long run though.
I can recommend this video. th-cam.com/video/YQ_xWvX1n9g/w-d-xo.html . He goes in very deep but explains it really well
This video is so good that halfway watching I forgot that this is him talking to himself rather than different people, I think that is just how good Johnny Harris
Really appreciate seeing educated disagreement like this online. Respectful on both sides...
Good job!
I wanna be honest with you. I'm both sceptic and optimistic at the same time. Blockchain and the technology sorrounding it can solve a lot of problems, but at the same time these problems will be solved by actual people like me and you. So in essence it boils down to who creates the space and how trustworthy these people are.
@Whatsapp➕❶❼❻⓿❽❷❸❹❺❶❸ call me crazy but i dont think thats really johny
I know people say you shouldn't time the market.. but Toby Maguire gets it right EVERY TIME. when the price dips, he buys before the rip. when the price rips, he sells right before the dip. his mastery of advanced technical analysis is only outweighed by his charisma and charm. all I'll say is, don't leave Toby Maguire around your wife.... I learned that lesson the had way. anyways, in conclusion, if@Bain says to buy, then buy. If Toby Maguire says to sell, then sell. this is financial advice.
"Blockchain and the technology sorrounding it can solve a lot of problems" But at what cost? The energy required is immense and not regenerative or sustainable in the present state. What if something happens and "the power goes out" around the world?
@Josh Skipka lets be honest here. You dont know the people who created the current financial system and yet you probably use it
@@whakjob he told me that I'll get my rent when I FIX HIS DAMN DOOR
One of my personal biggest fears is actually Optimistic Johnny's own prediction that Bitcoin isn't the best solution, but that an even better one will appear either through Ethereum or another.
What happens to the nearly $1 trillion currently invested into Bitcoins the moment that they realize that they have to switch to this better system? The only people that they can sell them to are people that haven't figured out yet that they need to change from Bitcoin to this other system.
You just described Forex investing along with the stock market in general.
The best response today is that Bitcoin specifically really wont be affected by what is already not happening in its environment. Bitcoin will have value for the long term as a store of value. while there is a lot of money in crypto it pales in comparison to the potential. As that money joins and spreads out the impact of a single currency, even bitcoin, will be less widespread. Just like today if Microsoft's price goes down the entire stock market isn't tanked.
The first solution is rarely the best, and all the current cryptos are so flawed that if crypto ever really does work it wont be using any of the current coins, this mean that yes at some point Bitcoin, and every other coin currently in existence, will crash and become worthless as people lose interest or switch to better tech, all the bitcoin investors can do is hope they sell at the top and aren't the suckers holding worthless coin at the end.
Bitcoin is limited though. How is ethereum limited? Is there an infinite amount that can be mined? Isn't that potentially bad about that system as well?
@@falconJB Pretty gloomy future you are imagining. I can't say about future, however, I can tell you what is happening right now. DeFi is getting banks now. The first banks are coming. They would allow you to take loans against your Crypto currency. There are already options by which you can take a loan against Bitcoin or Ethereum. You can get stable coins in return and people take leverage to reinvest. I agree with you that ultimately we will have another coin as the main token. Or rather another Blockchain which will be the main one. Probably, this blockchain could provide a bridge to all blockchains. In near term Ethereum is going to be that. The new big blockchain. When the flippining happens. It will because of its function. It has the magic of programmable money.
I love this debate style format, lots of video's online nowadays do not explore both sides of peoples thinking about a topic
Simply, I still have my reservations on crypto. This is a big social leap that requires a higher commitment to digital progress. This can alienate the minority that may not have the infrastructure to be connected in a way that I take for granted. Also, the volatility and variety of the crypto makes me perceive them more like a stock than a means of payment. Regardless, I think that crypto currency and the like are still a good advancements collectively.
I was once a starry-eyed person who thought the world was going to get amazing once we had pocket computers (what I called the smart phone before smart phone was a thing). If that experience taught me anything, it's that any thing no matter how fantastic it _can_ be won't actually be what you think. Corporations will bend it to their will and do something completely unexpected to tarnish what otherwise would have been a fantastic leap forward for us as a society. The masses always loose, and corporations always win. The cards are stacked against us. Crypto will become mainstream, but mark my words it will not be the utopian future you imagine. It likely won't be anything anyone recognizes, but what it will do is make a corporation rich because that's how capitalism works.
Wherever you go... there you are.
Corporations will not be able to gain control of crypto. It is our money
@@joshn7232 man thats not even money!!! just numbers in internet
Something was made something was taken in return that's how it works.
Yeah, it's an interesting point you make. Using your example, smartphone technology was and is a fantastic leap forward, but it also came at the cost of surrendering all of our data and privacy. I think that is the risk that always exists with any new technology, that you can't have the good without the bad, because people will always find a way to use something in a malicious way that it was otherwise intended. Just like how you can use nuclear power as a source of energy or a weapon of mass destruction.
This was an amazing video! The humor, editing, memes, logical reasoning, acting, and even different types of clothing, which I think have some form of symbolism..., made this video from another debate-y, information down your throat, video, into one that is compelling and honest in terms of both evidence and reasoning. Hats off to you. I am intrigued to watch one of your older videos for the content and personality you exhibited in this video. I hope I enjoy it!
Just discovered your videos: Kudos; really well made. Love the balanced narration and the research behind your statements: keep up with the good job!
You briefly mentioned NFTs. I see one core problem with them. Proponents claim they will help artists make a good living again. I have seen far more artists have their work stolen and sold than I have artists make money. The only solution to this is for exchanges to block the NFTs, but that is antithetical to all of their advantages (decentralization, peer to peer public record etc). This problem seems irreconcilable.
Edit: Basically all digital art can be infinitely reproduced. Exclusivity is inherent to the concept of ownership. I haven't seen a NFT that included the transfer of copyright to the buyer. NFT buyers own basically nothing.
I think the bigger problem is the real market cap for NFTs. There are collector markets, but that requires other things for people to invest in them. Pokemon cards only have such value because Pokémon is the biggest media franchise currently and the card game is one of the most played world wide.
It doesn't seem like a better option for artists than to make a patreon or make merchandise themselves.
there is theorsation that there will be technolgies in the future that will be able to digitally sign your identity using government documents and blockchains will enforce copyright autnomously through this anymoymous but verfiable digital signiture. of course this ruins the privacy aspect of blockchains though. Its still very early in the space I wouldnt say any issue is irreconcilable, a lot of smart people are working on solutions to these issues!
NFTs are (meant to be) decentralized proofs of ownership. I don't think they'll really *actually* work as that until legislation exists to recognize them as that. And then they'll likely have to be regulated in a variety of ways. For example, if a given artist does not want to issue an NFT from a work of art, if anybody else does it in their stead, there is no way that's actually legally binding.
Of course, if a state's legal scrutiny is necessary to legitimate any given NFT, that undermines at least *some* of the theoretical draw behind them. What will remain true once that's the case, however, is that you will be able, in a decentralized manner (so literally anybody could do this in principle), to figure out what account a given thing belongs to.
At any rate, whether NFTs have any staying power will depend entirely on what various states decide to do with them. Right now they are basically nonsense. It doesn't actually take a whole lot to make them more than that, and I guess that's part of the gamble people currently make with them. But in their current form? Yeah, they are stupid.
@@MANIAKAEMAN "Lots of smart people are working on solutions" while thousands of people are getting their work stolen and the thieves are making huge amounts of money.
Your theorized solution is predicated on existing institutions. Again antithetical to what crypto zealots say the whole point is: decentralization.
@@Kram1032 So the peer to peer, decentralized, anonymous records of ownership will only work once the government starts acknowledging them? Those two ideas don't jive. I agree they are stupid in their current form but no one has explained how to make them not stupid.
One thing that's being missed for me is that regardless of the backing (precious metal, bulbs, governments, cryptography or distributed user network), currency is a convention that relies on the trust that other humans will accept it. That's it. You can't remove trust from the currency equation, and you need that trust to be there or we're back to bartering.
Now, sure, states can do silly things with their tender, but monetary policy (and being able to use it at the national or supranational level) is a massively helpful public policy tool. Are we certain we want our societies to have one less lever to use? How would a crisis like the 2008 one have fared without the possibility for monetary creation by Central banks? We see in the EU how having a unified currency sometimes puts smaller, less developed states at a disadvantage (hi Greece), are we certain we want this law of the jungle rolled out indiscriminately around the globe?
Hello 👋 thanks for your comment!!!! DM now for more guidance on investment 👆👆
Btc brings wealth, dollars brings debts; worldwide
good question, don't know the answer but i think we should consider all possabilities (like, in a crypto utopia, the 2008 shouldn't be possible)
@Stuart Griffin in that setup, I fail at seeing what crypto brings additionally to traditional reserves like gold - if it's a hedge against governments manipulating currency we're after, why go for one that's barely a convention, with no intrinsic value?
In general, when a currency (or assimilated) becomes an investment vector when it's not linked to any productive outcome, that's when I get worried..
Without the ability to print money governments would have to actually tax people to pay for things like saving banks in 2008, instead of sneakily devaluing their savings. That would put massive pressure on government accountability, which is a good thing.
In the current system the biggest institutions get nearly free money handed to them all the time and tax payers don't care because it doesn't seem like it affects them. It's a broken system where the richest have the most access to financial help because they're closer to the "printers".
Also Greece had decades of irresponsible spending and, because they couldn't print their way out of it, had to accept accountability measures from the countries that helped it, the horror.
Wow, I love how you were able to tell us this story in a fascinating manner. Such a creative genius you are, Johnny.
Really great intro and great content as always Johnny! The Blockchain really has great opportunities but it's hard to see where this is going. We live in exciting times! Looking forward to see if this becomes mainstream or if it is really a bubble that will burst in 10 years time.
@♜ Pìnned by Johnny Harris only stupid people fall for stupid scams. Get lost.
Can we all appreciate the fact that Johnny never disappoints us with his content. 🤗 🥰 🤚
My singular favorite journalist out there right now.
This is what everybody needs , a Non-bias discussion of a Complicated topic instead of taking sides, As usual this Channel never fails to Deliver quality content!
Johnny Harris is the GOAT
No bias? You can clearly see what he really thinks.
People asking to be paid in Crypto should be no different than being paid in another currency, like Canadian hockey players wanting to be paid in US funds. The difference is the stability of the currency, and protections from failure or fraud.
Solid video! Goes over the current challenges crypto faces alongside the current and potential future merits really well. Crypto is a very young industry rampant with volatility and security issues, but that's the weight early-adopters have to bear in order to reap the biggest reward. Ultimately this is a very speculative asset class currently and the future is uncertain. That's why it's critical to DYOR!
Jhonny never disappoints us. Loved the style of this video
he disappointed his parents, they wanted a non binary post feminist eggplant
Loved this video format Johnny! Would love to see more videos like this when discussing other heavily polarized topics in the future!
BEtterHelp has the right to share your confidential information with others. They do not go by confidentiality policies as a professional practice would.
I can't believe he took their sponsor
@@18matts The idea is a good one as the world would likely be a better place if everyone had easy access to a mental health care expert so I can't really blame him for taking the sponsorship. Plus while you may know of bad things that they did not everyone on the Internet is going to know or believe those things to be true.
I think it's a nice idea, but I also think eventually it's all going to get taken over by corporations and governments whether we like it or not.
Finally, an unbiased and logical video about crypto, well done!
always my favorite videos to watch!
😭😭 thank you jo
Johnny, I hoping for a follow-up video on this after you get more familiar with the whole crypto situation. I loved the points you made against crypto, especially the middleman exchanges, but you can't talk about the future of crypto without mentioning the move from proof-of-work to proof-of-stake. It's a major point in this conversation that completely addresses your first point in the video about power consumption.
Well it definitely has been talked about for quite some time. It's great how you are presenting it to me. I can understand it more clearly and thank you for that. Cheers!
Johnny, thank you for providing such quality content for free
Really appreciate your work!
Better help?
Number 1 issue with giving people individual ownership of their own content online: non of us could ever afford the pure quality of a Johnny Harris video.😂
Before Amazon and eBay sellers had there own e-commerce website or didn't had online presence at all, most of those websites faded away after someone started providing value for free*
There will always be someone 1up-ing the game hence providing better value to consumer.
So were I'll be seeing Harris's content in future probably on a platform which is offering better value to both in a different space
Wow, this is one of your best videos, don't stop the other ones that you do, but this is a great way to look into the facts
This is seriously a massive subject, but youre able to go through it all succinctly and got all the important things covered. This is just perfect for a quick lesson in case i need some refreshment. You are so fucking amazing johny
I am from El Salvador, I feel optimistic about it but open to the critics and always learning. I don't think it's a great idea to invest in something you don't know or understand.
I want my country to develope and I hope that cryptos help us in doing so.
The US government only shows signs of not liking it and interfering with OUR political matter.
Please tell your politicians to stop meddling in our affairs and start taking care of your needs. Thank you.
P.S. watch the video about bananas.
This. Is. Incredible.
Johnny you're a gem to this world man, bravo.
Compare 1930s Nazi Germany Vs 2020s Communist China IN YOUR NEXT VIDEO Project before it's too late
To quote Jim Halpert: "How is this not a pyramid scheme?".
Not even remotely close to one
@@jrblues Surely if people stopped believing in bitcoin and the price fell and then the computers that support it left, then it would cease to be of value. I think that it might just be a bubble that is overly valued. I'm prepared to be proven wrong. I'd like to be. But it seems like it could collapse and collapse very quickly.
To this I say, what would happen if people just stopped buying it?
@@leonhardeuler675 Your question is irrelevant, if people stopped buying anything the consequences are obvious, that goes for every market and economy.
BTC provides with faster, safer and cheaper transactions. Not to mention the incredible uses of smart contracts in the cryptocurrency space. In the case of BTC its limited supply of 21 million if there is ever mass adoption then we are talking about a insanely undervalued asset.
Will there ever be mass adoption? I dont know if governments and banks will let that happen.
Should there be? Absolutely
I love the style of this video where you played the different characters advocating for and against crypto
Another fact which could be useful as well is that there may not only be a positive for governments to disconnect from currency. A government’s ability to control the currency and regulate the monetary policy has been essential throughout our modern economy. To be able to lower interest rates and print more money in times of economic depression, or to inrease interest rates and lower inflation in times of economic growth. The ability to temper the economy with these measures has given the economy and the people stability, and not go from bankruptcy to economic booms and back again in a matter of years like we saw in the 1800’s with enormous growth followed by catastrophic downturns.
in modern economy, all activities are closely interrelated and globally connected that the effect of one change can be felt immediately in other part of the chain. some sort of 'dampener' to this economic volatility is what makes central banks so important in any modern economy.
Yea exactly. We are already pretty bad at handling depressions with the current level of central control over the economy, imagine the absoulute hellscape that would become of the world if a stockmarket crash like 2008 or the Great Depression happened and the goverment had no ablility to interfere.
The government printing more money in times of economic crisis is what got us into our stagflation we are currently in. It will be good when the govt can't print an infinite amount of money anymore.
@@enider Markets would correct and house prices would come down. There would be a good correction. People only see the downside of potentially losing their job if they are working for an unprofitable company that goes under. Our government overspending and lending to the big banks is what got us into the '08 crisis
@@brent4073 Are you actually delusional, the goverment did not cause the financial crisis by doing to much but by doing fuck all to regulate the risky lending of the big banks. This then caused the possibilty of more damage, the goverment then decided that it needed to bail out these banks istead of giving money to normal people.
Thank you Johnny for this video.
The one thing I wish you'd have touched on is the fact that coins such as bitcoin are finite in their supply. There will only ever be 21 million bitcoins ever mined and that having an asset class which is actually defined in its maximum number allows for their to be trust not in an institution but the rules and blockchain itself.
If the theory is correct this will lead to cryptocurrencies only needing their finite supply to support a market where you don't need middlemen to step in for the transactions of goods.
That said we wont know if it really works until all bitcoins have been mined.
yes and the best part is that rules cannot be changed.
The thing is because it's a ponzie scheme like banking we will have the same problem's of all money flowing upp ..
He quite literally mentioned this at 18:49
Which is why it is impossible to use this as a currency. Imagine a world where you only use bitcoin and everyone has bitcoin. In order for you to get paid on services and spend, bitcoin's value will go up. It'll inflate which means the goods you are buying tomorrow will also be more expensive than it is today. If you do this in a large scale, everything will be super expensive due to your currency in no time. This is why the feds need inflation to stabilize the currency. The problem is they do a crappy job at it.
The only thing this "currency" was designed to do is to make it an investment product which it is now. They just hype it up with a bunch of BS to fuel it's growth. Truth is, it's just a pyramid scheme! The largest in the world ever.
@@francisdayon limited items rise in value as the demand for them can’t be filled. Apply this to a worldwide currency. As the richest people accumulate more and more, the value of the currency will increase as it becomes more scarce. This is a completely different type of inflation compared to what you are talking about.
Bitcoin might pair Argentina with anual electricity consumption, but it will NEVER compete with our inflation rates 💪🏾🇦🇷
Oh it might actually
@@senorswordfish6019 Compare 1930s Nazi Germany Vs 2020s Communist China IN YOUR NEXT VIDEO Project before it's too late
Beautiful, a tip for all of you out there contemplating buying crypto, get yourself a ledger or trezor physical wallet, the only reason crypto is being hacked and 80% of the problems there today is because of big centralized exchanges like coinbase and ftx, websites and apps can be hacked, a physical key cannot, so your crypto will be safe on it
I’m a skeptic myself but I invested a small amount of money into bitcoin that if I lose won’t be a huge deal to me. I think it’s unwise to invest a whole savings into it. I’m optimistic it will turn out to be a really good system and help society - who vastly have distrust in government and institutions.
Do you know the best site to invest??
@JANAVITO ANDREANTO SOESILO yes. There are so many apps with lots of scammers
@@vivianbarths6022 You shouldn’t have to deal with another person directly to buy crypto? Maybe you mean the fees and rates are a scam? The big names will probably be good enough for you as some websites can be a bit more complex for beginners.
@@JoeARedHawk275 bitcoin doesn't have its own site for someone to buy directly....i think..we have to download apps that trade it
"So, keep your mind open, but not so open that your brain falls out." what a statement
Personally, I think it's a lovely idea to imagine how crypto will look in 10 years - but it hasn't been 10 years yet. We can't evaluate how something will be as far in the future as now is from 2011. Remember the internet back then? You would have been foolish to make your mind up about how it would look now, back then. All we can do is wait and see, you cannot make a reasonable assumption on how it will look that far in the future.
I love and appreciate this content, thank you. Anything that respects multiple perspectives is 100% my jam.
Do this format more often please! Loved this
This is the most thoughtful analysis of bitcoin/crypto I’ve seen from anyone on the internet. Everyone who talks about this is super biased. I really appreciate bringing up the criticisms and responses to the criticisms. Great video!
Finally!!! I've been waiting for this video from you.
I will forever appreciate this channel, you've helped me knowledge wise with advice lessons on knowing more about Crypto, than buying and selling, my expert made me realize that, much work is required for good earningsinspirational and helpful. My husband and I have been able to be minimal, conscious in spending, saving and investing wisely, I now earn every week. You're such a blessing to this generation. we all love you
@Johanna Meier it's all about a legit guidance on more about Crypto than buying and selling, my expert made me realize that much work is required for good earning
@Johanna Meier it's not really ignorance but the high rate of scam really held good investors back
There are scammers but real brokers are out there for investors
I have had no luck investing in cryptocurrency,I actually invest on my own but my profit aren't always as I expect, sometimes I just keep loosing money
@@betybety2152 The most common mistake I see new investors make is rushing Into cryptocurrency without any guidance.
The editorial point of view is so good... Amazing evolve since border HK... Shout out to your personal and professional grow!
I think that crypto is definitely going to change how currency is used and generated, but it's not going to be "of the people" - both governments and private companies are going to control it.
This Comment makes sense.Also i want to add something here as crypto many times used for illegal buying or trading.Wealthy people use this platform to make transactions and can hide black money and they will pay zero tax.Only they are paying Third-party applications a fee making these companies rich.But how can these tech companies add value for normal human being will they provide any service.Just imagine if whole world shift to crypto currency how can govt. make money and provide services like health,medication,infrastructure,education,security. If i am wrong correct me i am waiting.
@@ArjitChauhan Well governments don't really use money to provide services, they take taxes to force people to use their currency, which legitimises that currency, so that currency in holds more weight in foreign markets, making the domestic market stronger.
If there were a strong currency that wasn't controlled by any government, but by private companies, then those companies would be able to act in the world market with impunity - almost like a state without any land.
Basically, crypto wouldn't stop us from having public services, but it would make a few private companies more powerful than governments, and move us one step closer to a cyberpunk plutocratic dystopia.
@@mullac1992 Okay. But then Also Crypto is so volatile and only people at top can do anything and do Monopoly
That's why DAOs exist, to stop that.
Thank you for actually addressing my absolute headache when trying to figure out these crypto stuff, CONFLICT OF INTEREST. Like, legit some cryptobro called it "my purity test" just because i pointed out that i can't find anyone that understand the whole thing, is good at explaining, and doesn't have conflict of interest by partaking in crypto themselves. It's just ridiculous.
@@Dave-rd6sp i will not deny that, it does make sense but i do not hold it as an absolute rule either. I am more than willing to listen but I want such problems to be addressed. Right now, it feels like everyone is trying to pull a used-car-salesman's fast talk on each other and it is frustrating when all you want to do is understand the big picture so you can decide how you feel about this particular complex subject.
@@nyan2317 I personally find that Coin Bureau and Whiteboard Crypto are good TH-cam channels that explains Crypto pretty well.
@@nyan2317 You're replying to a bot. In all comments section with potential conflicts of interest, I find it useful to look at the commenter's "join date" to determine whether their opinion has value or if it is a paid bot for someone with a vested interest. In the case of @cat, you can see they joined TH-cam in 2021, like about 20 other bots in this comment section, all promoting a service or crypto currencies in general. They need you to invest so their wallet can grow. That's how speculation works...
Johnny, you are truly a great journalist and a presenter.
I appreciate how you do this video in a debate-style so we can understand both sides better.
Thanks for the effort to create this vid.
Making digital things scarce on the internet is precisely the opposite of the mentality that sprung the internet in the first place, and honestly, I think it's the shittiest idea crypto folks have had yet. Scarcity is awful enough in the rest of the world and our day to day experiences. The last thing we need is more of it, and on the internet, for things that were previously in endless supply.
THAT. And then to parade it as some great leveler, yuck.
It's not about making things that are not scarce, scarce on the internet but rather enforcing scarcity on already scarce items without a centralized authority. Think of insurance contracts for example, in countries with broken legal systems, insurance contracts on the blockchain can be enforced without a good legal system. A farmer in Sudan can now buy crop insurance without trusting their countries legal system. Ownership of a house (already a scarce asset) can be verified with an NFT rather than relying on a corrupt government to prove your ownership.
Things that are in “endless supply” are not valuable, and if money is in this way, then that creates POVERTY. The Universe and all life in it are always part of a hierarchy. This is where the IQ test comes in.When you have infinite divisibility, scarceness no longer causes poverty, it provides wealth for everyone who holds it.
Johnny! great video as always, really liked the way this video was structured, you should definetly make more videos like this!
If it can be boiled down to one word, crypto is all about "decentralization".
Although the rise of "Proof of Stake" will create massive challenge for the realization of "decentralization" as PoS will only move power from government / big corporations to group of billionaires without accomplishing the original goal: "decentralization"
PoW is already centralized. Most of the hashrate come from the biggest pools or miners. You need money to buy compute power, so in the end, the richest still control the system. Blockhain, like the internet, is a dream of decentralization that only existed when no one was making money on it.
what are you talking about, take note of the fact that you need more and more expensive hardware and energy solutions as adoptions rise in POW. POS is low-cost and profitable so anyone with a little technical know-how can do it. that drives decentralization. There is a reason ethereum is following along. Companies can try to centralize and run many pools, but it's everyone's choice to stake there or support defi and stake to the normal validators.
This format is very powerful. You cannot get lost. I loved this. Anyway, the BTC issue is blowing the minds, people need to learn it and understand it before making decision.
Great discussion. Crystalized the idea for me that there isn't necessarily an inherent problem with crypto, it's with people of course. Just like a lot of other tech crypto can be used well or badly. So far the initial signs are not great IMHO.
I think filtering through all the noise and looking at what the real blockchain projects are building (anything in top 20 that is not a stablecoin or dog-related) show great signs though
“There isn’t an inherent problem with crypto but people” - thank you for proving why we need crypto. People cannot be trusted
@@Kenny-tl7ir I think you may have missed the point of my comment. Crypto does not solve the untrustworthiness of humans. Crypto still needs humans to operate data centers, to adminisy exchanges, to police what funds of any kind are used for or how wealth is generated. The problem is not the form a currency takes, it's the humans that use it. Changing to crypto in this sense is the same as changing from Yen to Rupee, it doesn't fix anything.
@@TobyMole and what happens to those data centers, exchanges (which are now also decentralised and runs on code entirely) when robots and drones which are completely run by computers and code automate those maintenance processes ? Do you think humans will still have a say? The very fact that Bitcoin and crypto is a non physical asset that is issued in a decentralised manner via decentralised servers means that there is no human trust involved.
And you cannot compare Yen’s and Rupees to Bitcoin. These are fiat currencies printed on a whim by an old bloke controlling the printing press at the federal reserve. Can you say the same for Bitcoin?
What a perfect video, bro. You know how to go straight to the point with the most delicated topics. People are so passionate about cryptocurrency that sometimes is hard to talk, even that's a mainstream thing now
@plus ①⑧①⓪⑤①⓪⑨⓪⑦④WhatsApp shut up
There is an inherent irony behind the cryptocurrency. At its inception, it is about decentralization and cutting out the cost of middlemen. As it becomes more mainstream, both the technology facilitates the crypto transaction and profit concentration are increasingly centralized and in hands of a few. Back in the old days, Bitcoin was decentralized because your average joe with a CPU/GPU can mine the coin. Now the network requires costly capital investment, like ASIC machines, to earn. On top of it all, the cost of transactions is crazy on some crypto networks. Just take look at ETH gas fees. Furthermore, all these Wallstreet money managers digging into the crypto and blockchain pie,.
As crypto becomes more mainstream, it increasingly becomes no different as another asset on Wallstreet.
at last the big corporation will exploit this crypto tech to increase their wealth, laundering their money or even avoiding paying taxes
This is true. But even though this video is good, it fails to address the MAIN issue that is looking to be solved. It is proposed solely as an alternative to FIAT currency. Everything else is just a consequential, theoretical benefit.
Crypto would have never been developed if the dollar were not separated from the gold standard. Now, instead of the currency being tied to some tangible thing, it’s backed by absolutely nothing. That’s what this whole thing is doing, attempting to create a solid foundational backing. Fiat currencies, historically, have always failed. When the government fails, the currency fails.
So, I like to think of Bitcoin as more of a “Hey, open your eyes and look. There are other options” not necessarily “I am the ultimate solution to your issue”
Any solution to fiat currency would be a vast improvement. The decentralization is just an added benefit, but even a centralized, BACKED currency would be a big step in the right direction. We could revert back to gold, but we really don’t hold much anymore. It would require us to mine or buy a lot of gold to meet the supply for the demand of the dollar, as we would want to tie the value to that which is similar to the valuation of a dollar in comparison to other gold standard systems.
With crypto, the “gold” in the gold standard is just computer assets. It doesn’t have to be like this, it was just the first installment of an attempt at a solution. Maybe we could base it off of antimatter, or something else.
Think about it. Because the total number of BTC is fixed at 21 million, distribution is inevitable when people insist on being paid in BTC. It is FIAT which benefits asset holders while robbing the average guy through inflation.
@@millhouse782 It is a very poor substitute for fiat currency. The system of transactions is rigged against the poor and in favor of the rich.
The transaction cost depends on the "number of inputs" you used to accumulate your coins. Let us use an example. Matt is an Amazon worker and he needs to be paid monthly to pay his bills. As he is paid monthly, he receives 12 separate payments over a year, which means his annual salary is built on "12 inputs". Jeff Bezos has enough wealth to pay off his daily expenses so that he can survive with just one annual payment from Amazon. So Jeff's income from Amazon is built on just "1 input". As Matt has more inputs, the transaction cost for Matt to use his wealth is higher than Jeff Bezos'. You don't have that type of problem with fiat currency.
It is very worrying that so many clueless people are jumping into cryptocurrency. A lot of them don't understand how technology works. And many of them are getting burned.
@@formepvp That is the wrong analysis. Switching to a fixed supply of currency leads to deflation. It benefits the asset holders at the expense of newcomers. In particular, it helps the older generation to "rob" the younger generation.
There is an easy analogous example of how that happens. Look at the current US housing market. Say a Matt is a boomer and was a construction worker before his retirement. Back in his days, the house prices were much cheaper than now. On his construction wage, Matt can afford to buy three houses in his budget. Say Davison is a gen Z, and when he becomes a construction worker, houses are much more expensive than when Matt started working because the housing supply hasn't grown enough and the boomer generation brought most of them as they got an early start. If Davison does exactly what Matt did, Davison can afford to pay for two houses over his lifetime. The system is saying Davison's construction labor is worth less than Matt's construction labor, just because Matt was born earlier than Davison. That kind of economy is pretty bad for younger generations to come.
If the economy switches all to BTC, BTC will solidify the rich ruling elites for hundreds of generations to come because they have so much wealth now to buy into being the dominant stakeholders of BTC. Social income mobility will collapse.
Johnny I learn something new from every single video.
Nice job Johnny. I’ll admit personally I feel like I’ve missed out on such an incredible tulip mania mankind event. I remember that back in the mid to late 2000s thinking, “How can I set my laptop up to mine these tokens?” I wish I had figured out how to do it then instead of ignoring it and then basically seeing it explode in popularity and value. But at the same time I think about the fact that a dollar bill can be physically represented without any need for additional energy after it’s printed. Crypto has an inherent flaw in that it requires constant energy to exist. Crypto requires its users to have access to networks in the form of Internet access, devices and knowledge. This is definitely a boom and it’s going to crash at some point. Hopefully the people who have made money get out in time and I pray that those that lose money are able to continue.
Our society requires energy to function at its very core. If the constant use of energy ever becomes a problem, then we will have more problems than just cryptocurrency.
@@evanfunk7335 Exactly, if society collapses and people eat each other nobody will feel good about not having invested in crypto when the lights were still on.
@@evanfunk7335 It became a problem a long time ago- it is just being ignored.
This is honestly one of your best videos even with a long list of incredible ones
Hello 👋!! DM now for more investment guidance👆👆
Pure genius Johnny! Thank you for making this educational, witty, be-aware video! LOVE IT!
Hello 👋 thanks for the comment!! DM now for investment guidance and how to earn more☝️
After watching this I can confidently say that I could not be less confident that I know whether or not crypto is good or bad
So long as crypto exists in tandem with government backed currency, I see it as a modern day Greenback. The Greenback carried promise of eventual payment in gold, but was not necessarily backed by existing gold.
I would suspect that the most common investor defines a given crypto currency’s value as it relates to traditional currency and expects eventual payment in traditional currency. In the present state of crypto currency, traditional currency has become to crypto what the non-verified gold stash was to the Greenback.
It seems that, for the time being at least, the trust that is required to maintain the traditional financial institution is still required to bolster crypto as it gains steam. Crypto paradoxically piggybacks off of the credibility of traditional financial institutions, while eroding that very credibility and I believe that it where the danger lies.
Exactly, it's not really a revolution in transaction authority at all, it's just a reinforcement of the past 50 years of Neoliberal ideology being recuperated into a means to force individuals to participate or die in poverty..
Whereas real economic progress is being made in rethinking monetary and fiscal policy (through slowly because politics).. Crypto is just a cute buy incredibly dirty means to attempt to bypass the middleman, by consulting more middlemen
Financial institutions are going to do the big cryptos exactly what they did to gold. Create a bunch of tradable paper promises that are not deliverable for the real assets and use these non-binding commodity funds to inflate the supply of the assets. In the end only tech enthusiasts will deal with hard crypto just like only precious metal enthusiasts deal with bullion.
I understand about this, but in every revolution, we use the system that is available to us and then one by one, transform into something different which takes time.
there must be a transitory period where the financial system and the perception have to slowly change and adapt, if you go even deeper you'll see emerging projects in super early (like really early) stages that try to address this, defi 2.0 projects with reserves denominated in other cryptocurrency assets
You can always win a debate with yourself because you already know your opponents answers.
Love the way you explain things !
Great job
The problem with the whole crypto discussion is that people think it's either going to fail because it's a scam or it's going to succeed because it's a revolution. But crypto could succeed for reasons that have nothing to do with it's utility for the average person. As the video mentioned, Big Tech is already heavily invested and they're forced to either get everyone else to buy in or lose a ton of money. So what're the odds that the people with all of the money will lose while also controlling tools which control how the average person thinks?
because this how it has always been? Rich people are also people, and as flawed (even more, there are MANY studies on this) as the average human. They will lose, and harm everyone