Diamonds are a scam | Saifedean Ammous and Lex Fridman
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- Опубліковано 12 тра 2022
- Lex Fridman Podcast full episode: • Saifedean Ammous: Bitc...
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GUEST BIO:
Saifedean Ammous is an Austrian economist and author of The Bitcoin Standard and The Fiat Standard.
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If you've ever tried to sell a diamond, you'll be all too familiar with this particular scam. These shiny rocks depreciate faster than produce.
Pure fine diamonds go up. The ones you buying at Kay’s jewelers aren’t worth shi
Point is, unless you an investor in fine diamonds, it's a scam bro.
@@jschlaud6 even then it's a scam. The prices are completely fixed. If one person opened their vault the price would tank, immediately.
Edit: "fixed" meaning completely artificial, not static
I paid 20k for an engagement ring then when we never got married I tired to sell it to the same place that sold it to me for 6k and they refused to buy it. How sick is that. Diamonds are for suckers. I wish I brought 20k in gold at least gold would be worth more than what I paid for it. Pre internet I can't even believe how humans have been fooled. I hope diamond dealers all go bankrupt 😂😂😂😂😂
@@user-rw311 that's rough dude. Thats one hell of an expensive life lesson. I hope they all go bankrupt too.
Lex's topic with every other guest "Why Lex is single", Lex here: "Im gonna give my wife water"
Be fucked if lexs wife gon be thirsty! 🤣
Lol 😂 u have no logic women sleep with men that provide them with nothing
No woman would want a diamond ring if it cost 10$. So it is not about the diamond, it’s about the money
It's about outdoing the other women 💅
@@Striker50_ what’s the purpose?
Diamond rings are a work of art. And there is gold in them too. Really a person is paying for gold, silver and other metals in the ring. Diamonds really aren’t rare.
Diamond and Gold and Jewlery is pointless
@@MacNif gold is used in computers. Gold and diamonds are incredibly valuable.
Diamonds maybe a girl's best friend, but it's an investment's worse nightmare. I bought a pair of diamond solitair earrings 20 years a go. I tried to sell them the other day, they offered me 20% of what I paid.
Silver is the same, you'll lose a lot on spot price and the profit difference from a buyer
Always buy gold
Watches are the best jewelry investment imo
I paid 20k for an engagement ring then when we never got married I tired to sell it to the same place that sold it to me for 6k and they refused to buy it. How sick is that. Diamonds are for suckers. I wish I brought 20k in gold at least gold would be worth more than what I paid for it. Pre internet I can't even believe how humans have been fooled. I hope diamond dealers all go bankrupt 😂😂😂😂😂
Doing some research for my future argument with my future fiancé
Goodluck. Shan't work though :p
Bring her a ring in the shape of a bottle of water hhhh
Sounds healthy
logic doesnt work in an emotional argument
Just get a dog. They won’t take all your money
every one knows this. diamonds are meant for women to prove a man is willing to make catastrophic financial decisions for her
We need to make this video go viral. So many homies sweatin' the ring.
Sweatin the ring is a nice way to say spending the last of your food and gas money on an incredibly small, but sparky rock
Iced out mang gotta have that drip because thats the only way I can quantify my self worth!
"All you need is water and bitcoin". I would like to add cannabis to that as well.
Oh yeah 😑
Good honest friends, for good vibes as well!
There are warehouses in Israel which have mounds of diamonds 30 feet tall, like you pour out sand and it forms a mounded pile like an inverted cone. Each mound a different grade and or color classification. Not one warehouse with one mound... multiple warehouses with many mounds each. Guarded by the US military.
Ok
Artifitial diamonds are actually significantly more perfect than regular diamonds.
That's a stupid statement showcase no knowledge of diamonds or science. Keep it real, homie.
Which artificial diamonds? Manufactured by what method? Under what conditions? Compared to which classification?
And again, diamonds aren't sought after just because they're pretty, it's because they're expensive, the same with any other kind of products of value, to satisfy one's ego. Just like how Americans use Iphone for no considerable technological advantage.
@@markarmage3776diamonds are useless and worthless lol😂
@@MackTezArmory That's not how the word "useless" and "worthless" means. Why don't you go grab a dictionary?
@@markarmage3776 actually arent natural diamonds (next to their carat) appreciated/priced by their perfection?
@@dco1019 No, it's also the size and the rarity of it.
Usually it's valued by the rarity. The most expensive diamond in the world isn't the most perfectly shaped, it's the rarest and most highly valued. And it's usually because of historical impact.
Is it true that to test a diamond to see if it's fake you just need to drop it into a glass of water?
I’m old school, gold is the real thing!
You could show this to every person on the planet and people would still buy diamonds. Hard to convince morons not to part with their money for shiny transparent rocks. People get mocked for liking crystals then wear them on their wedding rings and chains.
I respect his honesty. Great video.
this guy is Captain Obvious.
@@justinberber9848 Very true, but it's better than hearing him lie about it like some, "Businessmen" would.
The guys a tit, there's thousands of important uses for diamond. Not just jewellery......
Great clip
Seriously? People dont know that? Just buy a rock and them try pawning it. You’re lucky if you get 50$ for a rock that set you back thousands! Diamonds are not rare. Dabeers are sitting on warehouses full
Diamond is like the pebble a penguin gives :)
Blood diamonds have been a known thing for a while yet most people still patron the industry without batting an eye. It's just like how people will continue buying iPhones even if they know about foxconn or Nike and their sweatshops.
Iphones are way more practical than Diamonds though man.
@@sadworldwideAbsolutely true, so it makes the diamond situation even more absurd
It may be the otherway around. It's the established diamond industry campaining against cheap competition from africa. Smearing them and making nations prohibiting them? Makes them go into black market, where the warlords take over, and then they become smeared with blood.
The thing is people really dont care. Its sad but very true. Head in the sand. Ignorance is bliss.
It is just one more illusion for those who thought they were rich .
Według mnie w ten sposób starają się dowartościowywać panie z kompleksami tak jak zakompleksieni panowie próbują dowartościowywać się nowymi modelami samochodów , innymi gadżetami technologicznymi , coraz to młodszymi paniami u swojego boku , kochankami a gdzie niegdzie nawet haremem składającym sie z większej ilosci pań .
Cóż ... Każdy jest kowalem swojego własnego losu .
Nikomu nigdy w życiu źle nie życzyłam .
Mamy wolną wolę i każdy z nas sam
obiera swoją życiową drogę , podejmuje decyzje w swoim życiu i ponosi za nie odpowiedzialność .
Tym właśnie jest życie .
Diamonds are expensive but they don't scratch or tarnish. Cubic zirconia gets cloudy and scratches easily.
Ever try to sell back a diamond to the same store you purchased it from? Eyes get opened quickly as to the stones actual value.
A lot of people here saying things like "if you ever tried to sell a diamond, you know it's a scam." Of course you're not going to get anywhere near the market value if the person you're selling to is going to resell it. Even if they are really honest, they're not going to give you any more than about 1/3 of its value, because there's nothing in it for them. The point of selling jewellery is big profit margins.
Good luck convincing your fiance that diamonds have no value. 😅😅 You're going to be labelled a giant cheapskate.
Just get a lab created one
I feel it wouldn't matter anyway. Even if your fiance believed it and understood all of the market forces, she would still have every other woman in her life demand the diamond and, like you said, call you a cheapskate. You will BOTH be shamed into paying for something... Something shiny is fine; that everyone has landed on the same rock is really rather basic and sad. Zero creativity involved.
A good compromise might be to, maybe, learn what your partner likes? Some may find rubies or emeralds to be far more beautiful, or sentimental... Especially if we're just talking about the personal aesthetics of certain sparkly rocks, there are thousands to choose from.
This is a part of how marketing and social media are destroying society.
My wife has a gold and sapphire ring. Diamonds are just carbon.
Having water being cheap and diamonds being expensive isn't really a scam. Diamonds are a luxury. Water is a necessity and we as a society work to make sure water is in abundance. Diamonds we do the opposite, make sure their abundance is restricted.
Love to see guys speak technically about the usefulness of a certain object and try to assign a value to it.
Talk to women you'll find one heck of a different opinion- discuss it and girls might say why do so many guys need a lifted truck for 100k when even girls know it's not for work- say that to a guy and some of them will get competitive say well I've got two Ferraris in my garage.
Sort of like a girl up-grading her wedding ring to a 40k beast they can show off at special occasions.
Lot of shit we produce and buy is useless it's just used for luxury, status, and also enjoyment if u can truly appreciate it, shit 30 years ago Toyota started taking Camrys, put leather and sound-deadening in it then they doubled the price started the entire brand of Lexus off the concept- it's also funny to see status brands like these can only be pulled off in certain countries where the consumer/society's desire is a certain way.
So is marriage.
DeBeers diamonds owns 90 present of diamond market. They control how much comes to market. Diamonds are not rare. Its artificially scares. Ruby's are very rare. Get a Ruby ring.
💎 or 🍺
Richard Heart owns the biggest cut diamond in the world, 555.55 carats The diamond seems to have come from space. That is enough to have him on your podcast. He is also a crypto personality and created some of the best projects in crypto. You should have him on Mr Friedman.
So diamonds are a scam and Richard owns the biggest one. Fitting.
Of course a scammer like Richard Heart buys crap like that with the money he scammed from greedy lemmings.
He's going to jail now. Scammer
If you try to get a Diamond from nature you cant, unless you buy it. water you just have to wait aand the rain would do
unless it rains diamonds
Rather buy gold or silver ring
Diamonds are not rare nor scarce.
At the margin
What ?! diamonds werent a thing before the 1930s ??
Diamonds heh I'll make you some from my mom's antique lamp
So, he thinks that we should pay for air as well?😄
It should be basic right. To have water.
Diamonds are ridicoulus, I agree.
DIAMONDS ARE FOR SUCKERS. I CANT EVEN BELIEVE P ARE ACTUALLY STILL GET RIPPED OFF De Beers made one of the steepest cuts to its diamond prices in years, as the world's top producer tries to revive gem sales after the market ground to a halt.
The industry almost came to a
complete standstill in the second half of
2023 as the two biggest miners all but
stopped supplies in a desperate attempt
to stem a collapse in prices.
Diamonds are just shiny glass. Gold is just yellow gold
Every humanoid likes shiny things
Magpies do too.
but diamonds are shiny
*sparkly I should say
0:36 is this a serious question by mr ammous? because it implies evil.
If water and life essentials alike were a commodity wich is priced by its importance for mere survival, hoarding would occur and endless suffering for actual no reason would be the result, oh wait, nestle..
lets turn this around, who are you to claim basic ressources, just to distribute them afterwards for large profits, while creating artifical shortage to raise prices? if you try to take my water from me dear brother, we end up as two animals on a small plot of dirt fighting for survival, who wants that? i sure dont. keep your hands off life essentials. I dont care if its food speculation, water extraction or healthcare. Just consider ethics, not to feel good about it, but because it makes actualy sense to not cripple your own population on a macro scale for the monetary gains of individuals who do not even gain an improved standart of living, but only influence, power. the time of old man with funny hats ruling the world is gone, adapt or be forgotten.
When musk sends his sheep up on mars, will they pay for their daily dose of oxygen as an expense, cut from their salary? And what if they would want to ask for a better deal? Pretty rough basis for negotiation if your boss sits on another planet sipping champagne while they are dependend on him for mere survival, no?
Gold jewelry will be valuable in 5000 years when future humans start digging up our world for archeology. Diamond jewelry will be worth only the bespoke price in a 100 years.
my brother is getting married soon, hopefully i can talk him out of getting a diamond
Pot meets kettle. Imagine this guy talking about scams. How about having maybe a single crypto skeptical guest instead of an endless parade of shills?
What's your gripe with Bitcoin?
@@crazyprayingmantis5596 Regardless of gripe or not. It is a bit annoying that all of his guests are so clearly biased. It gets to the point of misinformation. All of these dudes talking about bitcoin like it is still decentralized when anyone who has some critical thinking and is not heavily invested in the asset can see that it is actually quite centralized and undemocratic... These academics are so addicted to the original concept that they delude themselves out of seeing that Bitcoin has been just another vehicle to exacerbate inequality and burn energy unnecessarily. Great concept though...
@@vicbirth1649
So decentralisation and energy consumption are your two gripes.
Why do you think Bitcoin is centralised?
How much energy should the hardest money mankind has ever had consume?
Not really sure how you think BTC is a scam... the value of BTC is determined by the market. You either value it and purchase/invest, or you don't. But the price isn't fixed, anyone can mine it, and you're free to buy and sell. Usually scams don't make tons of people millionaires either, btw. I don't know any scams that you buy at 3G, then sell at 20G, then buy more at 3G, then sell at 60G... Just because the price fluctuates wildly in the market doesn't make it a scam, unless you think the stock market is a scam (in which case I think you're a very emotional and terrible investor/trader).
Hilarious he thinks diamonds have no value. They have immense value in tooling alone
Women know this too, but this isn’t why you get a ring (for better or worse).
When you discuss things such as precious metals or diamonds why do so many of these "experts" neglect to acknowledge that items such as precious metals have utility outside of their use as a currency which is exactly why they have real money value. Being "shiny" is only one reason giving a precious metal value due to scarcity - there are so many other industrial uses for things such as gold and silver which is why they have a store of value, which is why bitcoin and crytpo are bound to fail just like all other fiat currency.
Value is subjective
agreed .. so long gary v and guys like this has fans makes it easy to exploit and manipulate.. leave them bro.. i got some crypto yesterday up 7% already.. there a 3-4 pattern.. so in 3-4 months will crash again. but get some soon for easy profit and a good summer .. easy reason it crashes too.. funny actually
@@oftheforest6572 only if you're "valuations" have no fundamental basis and you're just guessing based on speculation.
I cant fly in a plane without telling the security I have over $10,000 in cash. I dont have to say a word if I have $10,000,000 in bitcoin. Crypto has good uses. Learn about them.
@@MRkriegs this what the WEF says in 2016 already.. its been compromised .. Crypto is like a voucher or eWallet maybe a security bond .. definitely a network marketing platform ua-cam.com/video/6WG7D47tGb0/v-deo.html
Diamonds are gross
I always knew this to be true
Diamonds are a scam because units of air are free
not on airplanes
I'll accept water lex..
"You buy your first diamond when you are going to get married"
African Americans: HUH?
🤣🤣
You came from Africans. Show some respect to your forefathers and foremothers.😊
@@henrylockett7838 😂
Shwaoooosh! 😂
nooo wayyy really? we didn't know. wtf
Diamonds are a scam. Boycott!
sorry but this is really inaccurate to say that artificial diamonds are indistiguishable from natural ones. This guest is definitely talking over his head I must say, when you go to the root of things, it is definitely extremely legit to wonder why diamond, and likewise gold, which have arguably outstanding physical properties, have been spotted out as amongst the highest value assets. Scarcity (denied by the host) being one of the argument (I wonder how much this was known at the time of Pactole), but this appears to go way beyond. Joking about this is simply a way to pretend being smart, which does not reach very far eh...
I have an idea about diamonds.. Anyone else?
Totally fing worthless
The argument for diamonds boils down to "but I like shiny things and it's really shiny"
Diamonds are used to cut concrete, granite & other sharp objects. They are very valuable.
Bitcoin might not be the best investment
Name a better one
@@crazyprayingmantis5596 invest in your health (probably too late at this point) and maybe emergency food
Bitcoin is manipulated just like De beers manipulates the supply of diamonds.
@@propellerhead2000
How is it manipulated?
In other words, a very longwinded explanation of supply and demand. LMAO, compare the volatility of diamond prices to BTC prices and decide for yourself which is more of a scam.
Clearly diamonds are
Clearly you haven't looked at the historical prices.
😝 hahahha
Diamonds aren't even that rare! Total scam
Fake problem. Over 95% of diamonds are used for industrial purposes, mainly grinding.
Aren't diamonds now made in labs
@@leanhoven Still needs labour and capital equipment and loads of energy. We can make more, but it does still have a cost.
Everything is a scam
Let me know when diamonds rain down from the sky because I've seen water rain down all week.
This guy could have said what he said in 3 sentences
In the end all things end in favor 🇮🇱
I love how this guy thinks diamonds are a scam, but Bitcoin is the most secure investment you can make.
Sounds like you need to listen to the whole podcast.
what he is saying is Diamonds are not actually scarce. The supply of diamonds is made to appear scarce so that their value is maintained. There are large vaults of diamonds controlled by a small group and not in circulation.
Bitcoin on the other hand is scarce. There are only 21 million bitcoin ever, and no more can ever be created. (If you don’t understand the supply of bitcoin it would take a long explanation but it is a fact that the supply is fixed)
He is right
2:01 Oh, tat advice aged poorly
yeah but u will buy an nft for millions gtfoh.. U ever heard about a diamond cut? A diamond is very strong and a good conductor.. and crypto is the future for this guy omg.. lex this guy was in amway so be careful
The globe is a scam.Drop the cgi intro.
Is it just me or does it seem like this guy thinks everything is a scam if it’s not Bitcoin.
It's a good rule of thumb.
This guy is a joke.
Such a nonsense.. I think this guy has never built anything with his own hands. Making jewelry is amazingly complicated, needs a lot of skill and knowledge, plus you are dealing with very very rare elements. I would give this guy a raw diamond, and let him try grind and polish it into brilliant. And then try to make a beautiful gold ring for it... That is your price for diamond ring....
Yeah and trying to re-sell it, you get 20% back. You're falling into the labour theory of value fallacy. Just because it takes a weed to do a job, doesn't mean it's worth weeks profesional artisans wages. Labour theory of value was debunked 150 years ago.
A diamond is not rare. Tons can be artificially produced
says the guy from the diamond buissnes...
Lol you completely missed the point. At no point he was criticizing craftmanship. He only criticized the inflated prices of diamonds, which are the result of a corrupt cabal supressing supply.
I heard there is technology to mKe artificial diamonds more higher quality than the real diamond. But woman want that real diamond. They want that blood diamond 🩸 💎