One of the best interviews out there. Thank you gents! David is well equipped to talk about Cryptos. He understands very well about technology and fiat money creation and their histories. 👋👋👋
It’s crazy how hard it is to find content like this. I get bombarded by pro crypto content and even economists and investors I respected are big crypto guys now. Feel like I’m living in idiocracy.
@puppetmaster1403 having the mentality you described makes you see every new tech through rose colored glasses. Your desire to get rich is blinding you to the fact that this is a failed tech. We've had this tech for almost two decades now with no solved problems. There's nothing visionary about it
Every day all I hear is people saying they’re gonna all be millionaires, any investment that you have to eat, sleep, and watch 24 hours a day is not worth having, I have 50 years of investing in my life and I did a deal old-fashioned way working hard whole life and now I have 4 revenue streams and I’m 68 years old
There are three simple reasons why Bitcoin can never be a realistic currency. First it is non fungible and so has no value. Second the transaction rate is too low to be used in any payment system other than a baby sitting groups where pop beads are better.. Three its securiry depends on the mining which is so energy intensive that even at the current level of use it is using 2% of global electrical power and mining does not work when there only a limited number of miners who need paying and can if they collude steal the bitcoins. The EU has regulated crypto and Blockchain activities effectively via the MiiCA law that relies on preventing fraud not prosecuting it.
I don't like that you can trace a complete history and balance. If I pay someone with a check or etc, they don't have the right to trace my whole transaction history and balance. Lol. As a non crypto guy, I don't get why bitcoin is linked to eutherium or tether etc? He just had on a guest talking about what Trump stated that the bitcoin will back the dollar like oil did and tether is in the mix because they buy treasures. I guess I have no idea how tether / eutherium and bitcoin are forced together?
@pnc1358 No thanks. When the gig is up and people understand that it's a massive traceable piece of out dated junk and the numbers no longer can be pumped, it's going to crater massively.
WOW !! ...absolutely fascinating.! ....thank you for this Insight, it really gave weight to all I was feeling. The crypto is full of cons and thieves...regulation is needed...
@@realLoganMoody Why not interview Dr. Saifedean Ammous or Michael Saylor or have a debate between one of them & David Gerard...wrt the video, have heard all this before so I won't watch it, but anyone that thinks Blockchain Tech (aka distributed database) is useless does not understand reality...Also, the idea that BTC is better or worse than Fiat does not understand Fiat...or crypto.
Bitcoin would not be so helpful during martial law as you would not be able to exchange it for fiat currency. Additionally, the immense power demand of mining would probably be shit down for rationing. Even if bitcoin is exchanged during war, it will likely be for pennies on the dollar for what you paid for it prewar. It is a hedge for the collapse of society
The purpose that he defines for Bitcoin is inaccurate. He says; ‘the creator wanted a money that cannot be regulated or taxed’. The actual purpose of Bitcoin is to defend against government manipulation and debasing of the monetary supply! It’s actually engraved in the genesis block. Irresponsible banks took way too much risk and caused a financial collapse in 2008. Instead of allowing them to fail, government bailed them out by printing fiat and effectively passing that burden on to the taxpayer, you and I. Thus, If one holds Bitcoin instead of Fiat it will constantly appreciate relative to it given the fact that it cannot be manipulated and has a fixed supply. $/btc = ♾️/21M ‘you might want to get some, in case it catches on’…
Nobel Prize winning economist, Paul Krugman: "By 2005 or so, it will become clear that the internet's impact on the economy has been no greater than the fax machine's." I'm so glad that I went with my gut instinct and decided to invest in Bitcoin & Ethereum over a decade ago. All those people I tried to get interested in this new investment paradigm are still working while I'm able to do whatever I want each day.
A few things I dont like about fiat. Governments can just print more thus devaluing your purchasing power. You cant just save fiat or you will lose most of your wealth by the time you retire. Its very stressful. Why do we always need 2% inflation? I think people like Bitcoin becuase governments cant print it. Its a store of value. Like most of gold is used as a store of value. Its hard to create.
These guys would prefer the government continue to debase the dollar. BTC stops that. Other coins probably are a scam but not Bitcoin. Bitcoin going to 0 since 2009😄
It's a failure. Banks will never adopt in large scale. As said here, Blockchain helps nothing. Banks already have their own internal digital tech for fund transfer. To xfer internationally, you can use an electronic transfer method that is not using a volatile crypto. There's no reason to use xrp for transfer, only the underlying tech should be used
Interesting I agree bitcoin may be a Ponse .But if that's true so is the dollar. government's print that is also a Ponse. Question is what Ponse do you want.
Who because a bunch of crypto guys bought a bunch of politicians and the next president to push their scheme to keep this shit going a little longer lol. It’s a zero sum game, it creates absolutely nothing of value, the only “store of value” is convincing more suckers to keep buying at the top. You’ve got the us president in your pocket now, surely this will be the last bubble before this blows up forever, how many more suckers can you possibly convince after this one.
@@AC-wl7veLOL, cope more. In 1997 I was laughed at by all of my coworkers when I told them about this Internet thing and how it was to change the world. Most people just can’t get it, even after 15 years of all of these “experts” claiming it’s about to collapse once and for all, it’s still growing year after year.
I will say that the longer Bitcoin is around, the more credible it becomes and the higher the possibility it might stick around for the long term. Many other crypto tokens have been literal pump and dumps and Bitcoin, with its established cycles, shouldn't be in that category.
They do it by broadening the definition of Ponzi scheme to something that could apply to many things. If Bitcoin is a Ponzi scheme (because people buy something hoping they could sell it at a higher price later) then the stock market is a Ponzi scheme.
@@Ned-bw5tt Gold has multiple uses. Even if gold became dramatically more available due to some extraordinary discovery, it would still hold intrinsic value. Bitcoin's main use is to get dollars out of it.
@@realLoganMoody For one, he's stuck on bitcoin as a currency only. Some of the smartest and wealthiest Men in the world have found that the best use case for bitcoin is as digital gold.
@@realLoganMoodywhat he doesn't understand is, despite no one can change the core of it, the use case of bitcoin is "evolving". It was used differently 10 years ago and it will be used differently in the next 10 years. His understanding is too static to understand that though. When you think it's a bad thing and can't be something else at all... you refuse to learn how things can evolve and that's a little unfortunate. I wish him a long and healthy life to see how things can evolve. Just a little unfortunate that he might feel "dead inside" (no pun intended)
One of the best interviews out there. Thank you gents!
David is well equipped to talk about Cryptos. He understands very well about technology and fiat money creation and their histories. 👋👋👋
He makes some good points
It’s crazy how hard it is to find content like this. I get bombarded by pro crypto content and even economists and investors I respected are big crypto guys now. Feel like I’m living in idiocracy.
Absolutely! The pro krypto channels are absolute cancer. All of their thumbnails and scam clickbait titles. Aggravating
Interesting how close minded people are, explains why there are so few people that are visionaries that invest early in a new paradigm and get rich.
@puppetmaster1403 having the mentality you described makes you see every new tech through rose colored glasses. Your desire to get rich is blinding you to the fact that this is a failed tech. We've had this tech for almost two decades now with no solved problems. There's nothing visionary about it
Every day all I hear is people saying they’re gonna all be millionaires, any investment that you have to eat, sleep, and watch 24 hours a day is not worth having, I have 50 years of investing in my life and I did a deal old-fashioned way working hard whole life and now I have 4 revenue streams and I’m 68 years old
I made my 7 figures soon to be 8 so it can happen.
It's gone over 108,000 per coin so yes a lot of retail investors are millionaires now, I know my home is paid off because of it😁👍
The guy is spot on.
There are three simple reasons why Bitcoin can never be a realistic currency. First it is non fungible and so has no value. Second the transaction rate is too low to be used in any payment system other than a baby sitting groups where pop beads are better.. Three its securiry depends on the mining which is so energy intensive that even at the current level of use it is using 2% of global electrical power and mining does not work when there only a limited number of miners who need paying and can if they collude steal the bitcoins. The EU has regulated crypto and Blockchain activities effectively via the MiiCA law that relies on preventing fraud not prosecuting it.
Perhaps this is why Janet Yellen is asking for 81 trillion a year to “combat climate change”..smells funny, yes?
Once again you didn't buy any Bitcoin when it was cheap and now you've missed it's monster run to $100,000 😜
I don't like that you can trace a complete history and balance. If I pay someone with a check or etc, they don't have the right to trace my whole transaction history and balance. Lol.
As a non crypto guy, I don't get why bitcoin is linked to eutherium or tether etc? He just had on a guest talking about what Trump stated that the bitcoin will back the dollar like oil did and tether is in the mix because they buy treasures. I guess I have no idea how tether / eutherium and bitcoin are forced together?
Everyone, including you, will have bitcoin at the rate each one of us deserves
@pnc1358 No thanks. When the gig is up and people understand that it's a massive traceable piece of out dated junk and the numbers no longer can be pumped, it's going to crater massively.
WOW !! ...absolutely fascinating.! ....thank you for this Insight, it really gave weight to all I was feeling. The crypto is full of cons and thieves...regulation is needed...
Glad you enjoyed it!
@@realLoganMoody Why not interview Dr. Saifedean Ammous or Michael Saylor or have a debate between one of them & David Gerard...wrt the video, have heard all this before so I won't watch it, but anyone that thinks Blockchain Tech (aka distributed database) is useless does not understand reality...Also, the idea that BTC is better or worse than Fiat does not understand Fiat...or crypto.
So any other solution to keep and move money around permissionless during war?
Bitcoin would not be so helpful during martial law as you would not be able to exchange it for fiat currency. Additionally, the immense power demand of mining would probably be shit down for rationing. Even if bitcoin is exchanged during war, it will likely be for pennies on the dollar for what you paid for it prewar. It is a hedge for the collapse of society
The purpose that he defines for Bitcoin is inaccurate. He says; ‘the creator wanted a money that cannot be regulated or taxed’. The actual purpose of Bitcoin is to defend against government manipulation and debasing of the monetary supply! It’s actually engraved in the genesis block. Irresponsible banks took way too much risk and caused a financial collapse in 2008. Instead of allowing them to fail, government bailed them out by printing fiat and effectively passing that burden on to the taxpayer, you and I. Thus, If one holds Bitcoin instead of Fiat it will constantly appreciate relative to it given the fact that it cannot be manipulated and has a fixed supply. $/btc = ♾️/21M ‘you might want to get some, in case it catches on’…
Nobel Prize winning economist, Paul Krugman: "By 2005 or so, it will become clear that the internet's impact on the economy has been no greater than the fax machine's."
I'm so glad that I went with my gut instinct and decided to invest in Bitcoin & Ethereum over a decade ago. All those people I tried to get interested in this new investment paradigm are still working while I'm able to do whatever I want each day.
Gambled you mean
@@ExcitedIsoscelesTriangle When you gamble, you own nothing. When you invest, you own something eg; iShares Bitcoin Trust(IBIT) 😜
Same here, a former co worker just lamented to me that he wishes he would have taken my advise.
A few things I dont like about fiat. Governments can just print more thus devaluing your purchasing power. You cant just save fiat or you will lose most of your wealth by the time you retire. Its very stressful. Why do we always need 2% inflation? I think people like Bitcoin becuase governments cant print it. Its a store of value. Like most of gold is used as a store of value. Its hard to create.
These guys would prefer the government continue to debase the dollar. BTC stops that. Other coins probably are a scam but not Bitcoin. Bitcoin going to 0 since 2009😄
What’s his thoughts on ripppe?
BTC is the prototype and social conditioner. XRP is the completed project for case use and global integration. I mean their not even hiding it LOL.
It's a failure. Banks will never adopt in large scale. As said here, Blockchain helps nothing. Banks already have their own internal digital tech for fund transfer.
To xfer internationally, you can use an electronic transfer method that is not using a volatile crypto. There's no reason to use xrp for transfer, only the underlying tech should be used
This is not gonna age well
It didn’t as soon as it was uploaded.
Hawk coin? So far their on point.
Interesting I agree bitcoin may be a Ponse .But if that's true so is the dollar. government's print that is also a Ponse. Question is what Ponse do you want.
This is idiotic - and it hasn't aged well at all.
Who because a bunch of crypto guys bought a bunch of politicians and the next president to push their scheme to keep this shit going a little longer lol. It’s a zero sum game, it creates absolutely nothing of value, the only “store of value” is convincing more suckers to keep buying at the top. You’ve got the us president in your pocket now, surely this will be the last bubble before this blows up forever, how many more suckers can you possibly convince after this one.
@@AC-wl7veLOL, cope more. In 1997 I was laughed at by all of my coworkers when I told them about this Internet thing and how it was to change the world. Most people just can’t get it, even after 15 years of all of these “experts” claiming it’s about to collapse once and for all, it’s still growing year after year.
Calling Bitcoin a ponzi is such an old argument.
Theory of Gravity is old as well
Old makes it wrong? What is your level of education son?
I will say that the longer Bitcoin is around, the more credible it becomes and the higher the possibility it might stick around for the long term. Many other crypto tokens have been literal pump and dumps and Bitcoin, with its established cycles, shouldn't be in that category.
then calling fiat ponzi
They do it by broadening the definition of Ponzi scheme to something that could apply to many things. If Bitcoin is a Ponzi scheme (because people buy something hoping they could sell it at a higher price later) then the stock market is a Ponzi scheme.
BTC is not a “dollar derivative”. That’s just a stupid thing to say.
Might as well call gold a dollar derivative, no one is buying anything with gold 🤣.
@@Ned-bw5tt Gold has multiple uses. Even if gold became dramatically more available due to some extraordinary discovery, it would still hold intrinsic value. Bitcoin's main use is to get dollars out of it.
Blockchain technology is the spirit of the internet, this guy is clueless.
Sure, but since spirits are not real, blockchain in reality is just a very inefficient database.
David Gerard should learn how much he doesn’t understand about BTC. It’s embarrassing
What does he not understand?
@@dans2971That is exactly what the WEF want you to think....
You will own nothing..
@@realLoganMoody For one, he's stuck on bitcoin as a currency only. Some of the smartest and wealthiest Men in the world have found that the best use case for bitcoin is as digital gold.
@@realLoganMoodywhat he doesn't understand is, despite no one can change the core of it, the use case of bitcoin is "evolving". It was used differently 10 years ago and it will be used differently in the next 10 years. His understanding is too static to understand that though. When you think it's a bad thing and can't be something else at all... you refuse to learn how things can evolve and that's a little unfortunate. I wish him a long and healthy life to see how things can evolve. Just a little unfortunate that he might feel "dead inside" (no pun intended)