This aged well. Note that bitcoin etc.'s value seemed to drop when stockmarkets got nervous, so not in the same area as gold for diversification "in case the market goes down"
Molly White was awesome. Refreshing to see someone call out the crypto scams and ponzi schemes. It's an uphill battle now that crypto is everywhere you look, on stadiums, all sorts of sports teams. Everyone has heard about it but thankfully most people aren't sending their money to a few of the early adopters
I was told I didn't understand and needed to do research by flat-earthers. So it was no surprise hearing similar responses to basic questions about intrinsic value, security, and expected returns.
I got referred here from another Molly White video, so I'm not a fan of crypto. In the intro, you talked a lot about how crypto may have helped people in Ukraine flee a war zone - if that's the case, that's awesome. But - why was crypto superior to US dollars or Euros or some other fiat currency? Also, I'm still coming up to speed on this - when you say that Ukraine "cashed out" their crypto - what currency was it turned into? And is "cashing out" just selling to someone who has the currency you want, or can you go to a central exchange and cash out?
I tried to build a web3 app recently, a music video app. Ended up ditching all the web3 stuff and used a traditional backend instead. Other than cryptocurrency and NFTs, I don't know if web3 is good enough yet to build real apps.
When it comes to ratioing on Twitter involving crypto & NFTs, it's often bots, bots that tweet about nothing but cypto & NFTs & metaverses, & all all friends who retweet each other day & night without sleep. No point in even arguing with them because they aren't even human.
The comment about playing into lack of understanding is very true. Crypto projects love to overcomplicate things. In fact, overcomplication and overengineering is a feature. If too many people understand how something works it's a problem. Add another token, another smart contract interacting with a previously deployed smart contract. Obfuscate, obfuscate until nobody really understands how it works besides maybe subset of core devs.
This is excellent. I thought you covered things fairly and had mostly objective views. And some good questions from the guy and Molly was able to challenge them mostly. Im not a gold investor and tend to lean toward it being silly. But there is something there for people. And ive made those same arguments. I think BTC is magic internet money but theres some use as transfer medium. That does work. But mostly agreeing with Molly. Well until they got into a bunch of cringe weasel speak about white males (actual racism). As if race has anything to do with it. I have met many males on discords and twitter who are not white whatsoever. From all over the world. And they are just as if not more toxic, trolling hardcore. Of course when the guy mentions cancel culture brigading from left, there was immediate silence. Disgusting and sad. And then guy claims he doesnt get brigaded but then later admits he did. And I get it, he’s under pressure to appear woke but it was so cringe and ridiculous. If you want to be persuasive in future i would stick to facts. Otherwise, i will try to share this with who I can. But they will have to hold their nose for your racist views. And the fact you are literally brainwashed in your own right.
It was painful to hear all the criticisms but much needed. Good discussion. I like how Jason always tries to bring balance, regardless of the topic, Molly Wood would do well to take some of that balanced view even if it's to just play devil's advocate. Thanks for the episode.
She did have a balanced view, she acknowledges that the ideas in crypto and DAOs are good ideas but these ideas are not new and you don't need inefficient blockchains to do them and would argue blockchains degrade the ability to execute on said ideas.
Couldn't DAOs support assigning a proxy to exercise your vote for you when you're not engaged? Couldn't you specify heirs, in case you die? Or donate your share to the group if you don't specify an heir? Seems like some of these issues just haven't been thought through yet.
I really enjoyed your segment. I am a skeptic by nature and am concerned about the issue of energy consumption by miners of Bitcoin and other cryptocurrencies. That being said, I see a real value of Blockchain technology being used to reduce the use of conventional credit cards and changing the manner by which land transactions are recorded to reduce the cumbersome system presently found giving rise to the title insurance industry -- smart contracts should be useful I'm both cases.
Some great points by Molly White. However, in the last month we have seen how broken fiat/banking is in Canada, Ukraine, and Russia. If DLT doesn't make sense now to most people, well it might never make sense until it's too late.
I noticed that too. It's clear "Web3" is no toolbox to escape that problem though. If fiat currency as a global concept ever flies off the handle and goes to hell, crypto will also be forced to.
I am DISAPPOINTED. A major case of missing the forest for the trees. Simple critiques of what we all agree is grift with no mentions of some of the most compelling aspects of web3 like the power of permissionless composability and the value of open databases. I'm excited for a world where social media giants don't get to rent collect on the back of massive network effects from their walled gardens and are instead forced to outcompete other companies with equal access to the same social graphs. Or a world where any developer can write tools/plugins that can view, interact with, search, and curate all of the data in future web3 versions of FB/twitter/youtube WITHOUT worry of being cut off from the service at the whim of some corporate entity. Broadly critiquing web3 without any acknowledgment of these sorts of capabilities is a strong indicator that someone doesn't fully understand the vision and potential of the movement. I sense earnestness in the criticisms, but they are only valid critiques of the loudest scammers co-opting the movement, not of the movement itself.
The worst actors are a FEATURE. Design channels human behavior. The design of Blockchain transactions makes griftishness intrinsic, and foibles or tempts previously honest people into it.
I can tell you TWO uses for blockchain that may prove valuable. What if all evidence in a a criminal case get entered in to a blockchain? Would evidence "disappear" if it's in such a blockchain? Another might be storing someone's credit history. You want to know who made entries, you don't want people removing entries. And maybe you don't to pay one of the three credit reporting agencies a high fee for accessing that history. Those are two that I've come up with.
you want criminal evidence to be publicly visible on a distributed blockchain? you want murder photos and rape kits and DNA profiles on the public ledger? you want your credit score and all charges against it to be public information?
@@JeffreyD Not all blockchains have to be public. Evidence should not be on a publicly available blockchain. Putting it o a blockchain only visible to those allowed to see it is sufficient. All you have to give a person giving you evidence is a receipt that can later be used to find that piece of evidence in internal audits. No, I don't want my credit history available to all. It should only accessible to me and those I authorize. And for only the period that I authorized them to see.
@@I-0-0-I That's right. You don't want everybody to see evidence in a case, but you do want to be able to audit the collection and make sure nothing has been changed or removed. If the judge had access, the police had access and the district attorney had access, that's better than just the And you can always encrypt something before you put it on the blockchain, even if it were public. Obviously, details need to be worked out for this, voting and credit history. I think voting is interesting. People ought to be able to see exactly how their vote was recorded. And an identifier for who recorded it that cannot be changed.
We're human beings. Human beings make mistakes. In your world all mistakes are uncorrectable. What if a company accidentally tagged the wrong blockchain with the wrong credit rating? Oh well?
It’s interesting how we can be biased. Buy a few tokens and it feels as if you’ve joined a tribe. Similarly, if you spend a year telling people why crypto is a grift you might not be so quick to catch when it’s not.
Crypto has been out for over a decade now. If there was something positive to catch on to it would have been done by now. It is an amazing instrument for a handful of early adopters to suck out cash from millions of poor people seeking riches. It will go down as one of the biggest scams in history
@@toneabet6252 So the ability to send cross-border payments instantly and cheaply (as opposed to it taking days, sometimes weeks, with 25% going towards middlemen fees) is not positive or useful? Many people who are actively benefiting from this technology would disagree with you. Not to mention, blockchain/DLT is literally being implementing in fortune 500 companies solving real problems. Those are facts.
@@patrickkesterson3860 I can already send payments overseas for $1 and their instant. To send crypto I need to sign up, do kyc, jump through heaps of hoops with shady exchanges, pay taxes on transactions etc. Anyone who thinks this is easier has an emotional attachment to crypto. It's no easier
It started in authentic (if often foolhardy) ideals, and has griftified exponentially in the decade since. The griftishness is part of the design. It's a fundamental design flaw. In order to shift back in the other direction, the design would have to be fundamentally reworked. And if they come back with a fundamental reworked design and new products, we will consider it again. And again only call it good if it is good.
@@patrickkesterson3860 1. No fees? Nope. There are fees. Nasty ones. Not to mention, governments will soon figure out how to collect the duties that cause it to cost money to send internationally. You don't cut the godfather out; dweeb stuff doesn't change that. 2. Those fortune 500 companies have found what these podcasters find. Seemed interesting but... Nope, nothing there.
Web3 (in terms of apps) is more hype than reality right now, but it is theoretically possible that distributed systems are more efficient and serving information than centralized ones.
If it isn't efficient now after 12 years of Bitcoins inception where do you think we will in the next 5? I'm guessing in the same spot. Tech is building on a protocol and protocols are hard to change when you've build so much on top of it.
Yup, definitely more hype than reality. At least for those who don't know what it is for. Lived in Canada or Russia the recent months and had your money frozen? Those who knew how to use the web3 didn't have their money frozen.
Went here to see of this Molly White is legit and it is safe to say that this lady has 5% understanding of blockchain and cryptocurrency in general. Thank you for reinforcing my belief that most critics of crypto are just people who don’t understand it and fear it.
@@ErinP123 I don’t have the time and energy to explain crypto to you and there is a lot of research material in the internet that you can consume. Listen Edward, there will always be 95% of people who will never understand innovation and fear it in its early stages and will never jump in because of this. Most people need something to be mainstream for them to be okay with it. So, Good luck on your investing journey.
Why are decentralized systems important: 1. Automatically verified small quantity fungable value transactions 2. Same as 1. but for nft's (that will also become smart) 3. Encrypted data authentication with Automatically executed smart contracts. See guys the arguments for decentralized systems with tokens are justified and people who claim otherwise don't know what they are talking about
So why decentralized? Because the extra cost associated with redundancy of ledger is worth it for the power of tamper proof automatically executed value logistics. For people who want to actually learn about crypto please visit my channel and learn from someone who knows what they are talking about
@@tescheurich basically automatically verified ownership of digital constructs. Explain like I'm 5: "Code that can be owned but still provide a service to users".
@@Intrepidinnovation That honestly sounds like a hell of exploitation. Increases the number of fingers in my pot, not decreases. If too many fingers get in my pot, I'll be thrilled to quit tech altogether.
A layer 1 block chain ie Algorand, Cardano, Polkadot, can host a stable coin, pegged to the dollar, it can also have a borrowing and lending smart contract where both parties pay or receive more favourable interest rates by cutting out many of the middle men. So the question is how many people (or even companies that have treasuries) would want a coin that’s immutable pegged to the dollar in countries with high inflation rates, that they will also have interest paid if they lend…? Especially in a world of negative real interest rates and China’s social credit system…
She doesn't understand much about the topic. However, that is ok. We don't expect female footballers to be good either. It's already enough if they look good in what they are doing and so does she.
Such a great episode, invite her back! We need to be honest about the BS to get to the real Web3, whatever that will be.
The Web3 boys won't like this, but great episode!
This aged well.
Note that bitcoin etc.'s value seemed to drop when stockmarkets got nervous, so not in the same area as gold for diversification "in case the market goes down"
Molly White: 11/10
Molly Wood is the best thing to happen to this podcast! Don't listen to the haters.
Omg it's like she has common sense or something
i could not disagree more.
Molly White was awesome. Refreshing to see someone call out the crypto scams and ponzi schemes. It's an uphill battle now that crypto is everywhere you look, on stadiums, all sorts of sports teams. Everyone has heard about it but thankfully most people aren't sending their money to a few of the early adopters
Love Molly!!! She's awesome
I was told I didn't understand and needed to do research by flat-earthers. So it was no surprise hearing similar responses to basic questions about intrinsic value, security, and expected returns.
Thank God someone can call BS on all of this insanity
I got referred here from another Molly White video, so I'm not a fan of crypto.
In the intro, you talked a lot about how crypto may have helped people in Ukraine flee a war zone - if that's the case, that's awesome. But - why was crypto superior to US dollars or Euros or some other fiat currency?
Also, I'm still coming up to speed on this - when you say that Ukraine "cashed out" their crypto - what currency was it turned into? And is "cashing out" just selling to someone who has the currency you want, or can you go to a central exchange and cash out?
Sure, web3 may be a grift, but have you seen Cryptoland?!?! Now THAT’S the future bay bay! Honey badger don’t care…WE’RE ALL GONNA MAKE IT!
Well, I just wanted to apologize for this stupid comment. I just read it. 🤦🏽♂️
I honestly wish Cryptoland took off. It'd be the funniest humanitarian disaster in history.
@@Colddirector Well, we always have Fyre Fest… 😂
I tried to build a web3 app recently, a music video app. Ended up ditching all the web3 stuff and used a traditional backend instead. Other than cryptocurrency and NFTs, I don't know if web3 is good enough yet to build real apps.
Whos servers do u store data on when using web3
@@Mike-xw4gm still traditional web2 servers. It’s just not practical to use anything else
It's not good enough for crypto or NFTs either. Web3 is a figment and a grift.
When it comes to ratioing on Twitter involving crypto & NFTs, it's often bots, bots that tweet about nothing but cypto & NFTs & metaverses, & all all friends who retweet each other day & night without sleep. No point in even arguing with them because they aren't even human.
The comment about playing into lack of understanding is very true. Crypto projects love to overcomplicate things. In fact, overcomplication and overengineering is a feature. If too many people understand how something works it's a problem. Add another token, another smart contract interacting with a previously deployed smart contract. Obfuscate, obfuscate until nobody really understands how it works besides maybe subset of core devs.
Like the content most of the time BUT hate the enforced adverts. Nothing you advertise is relevant to me but I can’t skip forward.
Santa Claus and the tooth fairy don't keep the lights on.
ad blockers? u can download
This is excellent. I thought you covered things fairly and had mostly objective views. And some good questions from the guy and Molly was able to challenge them mostly. Im not a gold investor and tend to lean toward it being silly. But there is something there for people. And ive made those same arguments. I think BTC is magic internet money but theres some use as transfer medium. That does work. But mostly agreeing with Molly.
Well until they got into a bunch of cringe weasel speak about white males (actual racism). As if race has anything to do with it. I have met many males on discords and twitter who are not white whatsoever. From all over the world. And they are just as if not more toxic, trolling hardcore.
Of course when the guy mentions cancel culture brigading from left, there was immediate silence. Disgusting and sad.
And then guy claims he doesnt get brigaded but then later admits he did. And I get it, he’s under pressure to appear woke but it was so cringe and ridiculous.
If you want to be persuasive in future i would stick to facts. Otherwise, i will try to share this with who I can. But they will have to hold their nose for your racist views. And the fact you are literally brainwashed in your own right.
Great episode
This is an interview with Molly, yes? How come, the guy talks more than double she does?
Can the Jason dude shut up? He's not the guest, Molly is
Right?
💯
It was painful to hear all the criticisms but much needed. Good discussion. I like how Jason always tries to bring balance, regardless of the topic, Molly Wood would do well to take some of that balanced view even if it's to just play devil's advocate. Thanks for the episode.
She did have a balanced view, she acknowledges that the ideas in crypto and DAOs are good ideas but these ideas are not new and you don't need inefficient blockchains to do them and would argue blockchains degrade the ability to execute on said ideas.
Couldn't DAOs support assigning a proxy to exercise your vote for you when you're not engaged? Couldn't you specify heirs, in case you die? Or donate your share to the group if you don't specify an heir?
Seems like some of these issues just haven't been thought through yet.
I really enjoyed your segment. I am a skeptic by nature and am concerned about the issue of energy consumption by miners of Bitcoin and other cryptocurrencies. That being said, I see a real value of Blockchain technology being used to reduce the use of conventional credit cards and changing the manner by which land transactions are recorded to reduce the cumbersome system presently found giving rise to the title insurance industry -- smart contracts should be useful I'm both cases.
Some great points by Molly White. However, in the last month we have seen how broken fiat/banking is in Canada, Ukraine, and Russia. If DLT doesn't make sense now to most people, well it might never make sense until it's too late.
I noticed that too. It's clear "Web3" is no toolbox to escape that problem though. If fiat currency as a global concept ever flies off the handle and goes to hell, crypto will also be forced to.
First!
Can you say FTX?
"Store of value" is actually bad, so yeah... Not bring that into the future with technology at all is the utopian future.
I am DISAPPOINTED. A major case of missing the forest for the trees. Simple critiques of what we all agree is grift with no mentions of some of the most compelling aspects of web3 like the power of permissionless composability and the value of open databases.
I'm excited for a world where social media giants don't get to rent collect on the back of massive network effects from their walled gardens and are instead forced to outcompete other companies with equal access to the same social graphs. Or a world where any developer can write tools/plugins that can view, interact with, search, and curate all of the data in future web3 versions of FB/twitter/youtube WITHOUT worry of being cut off from the service at the whim of some corporate entity.
Broadly critiquing web3 without any acknowledgment of these sorts of capabilities is a strong indicator that someone doesn't fully understand the vision and potential of the movement. I sense earnestness in the criticisms, but they are only valid critiques of the loudest scammers co-opting the movement, not of the movement itself.
All of this is possible without web 3 technologies, you just have to code it that way.
I have never seen a Web 3 project that couldn't be accomplished better by existing technologies
The worst actors are a FEATURE. Design channels human behavior. The design of Blockchain transactions makes griftishness intrinsic, and foibles or tempts previously honest people into it.
I can tell you TWO uses for blockchain that may prove valuable. What if all evidence in a a criminal case get entered in to a blockchain? Would evidence "disappear" if it's in such a blockchain?
Another might be storing someone's credit history. You want to know who made entries, you don't want people removing entries. And maybe you don't to pay one of the three credit reporting agencies a high fee for accessing that history.
Those are two that I've come up with.
you want criminal evidence to be publicly visible on a distributed blockchain? you want murder photos and rape kits and DNA profiles on the public ledger? you want your credit score and all charges against it to be public information?
@@JeffreyD Not all blockchains have to be public.
Evidence should not be on a publicly available blockchain.
Putting it o a blockchain only visible to those allowed to see it is sufficient.
All you have to give a person giving you evidence is a receipt that can later be used to find that piece of evidence in internal audits.
No, I don't want my credit history available to all. It should only accessible to me and those I authorize. And for only the period that I authorized them to see.
@@I-0-0-I That's right. You don't want everybody to see evidence in a case, but you do want to be able to audit the collection and make sure nothing has been changed or removed.
If the judge had access, the police had access and the district attorney had access, that's better than just the
And you can always encrypt something before you put it on the blockchain, even if it were public.
Obviously, details need to be worked out for this, voting and credit history.
I think voting is interesting. People ought to be able to see exactly how their vote was recorded. And an identifier for who recorded it that cannot be changed.
@@I-0-0-Ianything you can put on the Internet, you could also keep behind a firewall.
We're human beings. Human beings make mistakes. In your world all mistakes are uncorrectable. What if a company accidentally tagged the wrong blockchain with the wrong credit rating? Oh well?
It’s interesting how we can be biased. Buy a few tokens and it feels as if you’ve joined a tribe. Similarly, if you spend a year telling people why crypto is a grift you might not be so quick to catch when it’s not.
Crypto has been out for over a decade now. If there was something positive to catch on to it would have been done by now. It is an amazing instrument for a handful of early adopters to suck out cash from millions of poor people seeking riches. It will go down as one of the biggest scams in history
@@toneabet6252 So the ability to send cross-border payments instantly and cheaply (as opposed to it taking days, sometimes weeks, with 25% going towards middlemen fees) is not positive or useful? Many people who are actively benefiting from this technology would disagree with you. Not to mention, blockchain/DLT is literally being implementing in fortune 500 companies solving real problems. Those are facts.
@@patrickkesterson3860 I can already send payments overseas for $1 and their instant. To send crypto I need to sign up, do kyc, jump through heaps of hoops with shady exchanges, pay taxes on transactions etc. Anyone who thinks this is easier has an emotional attachment to crypto. It's no easier
It started in authentic (if often foolhardy) ideals, and has griftified exponentially in the decade since. The griftishness is part of the design. It's a fundamental design flaw. In order to shift back in the other direction, the design would have to be fundamentally reworked. And if they come back with a fundamental reworked design and new products, we will consider it again. And again only call it good if it is good.
@@patrickkesterson3860 1. No fees? Nope. There are fees. Nasty ones. Not to mention, governments will soon figure out how to collect the duties that cause it to cost money to send internationally. You don't cut the godfather out; dweeb stuff doesn't change that. 2. Those fortune 500 companies have found what these podcasters find. Seemed interesting but... Nope, nothing there.
Web3 (in terms of apps) is more hype than reality right now, but it is theoretically possible that distributed systems are more efficient and serving information than centralized ones.
If it isn't efficient now after 12 years of Bitcoins inception where do you think we will in the next 5? I'm guessing in the same spot. Tech is building on a protocol and protocols are hard to change when you've build so much on top of it.
Yup, definitely more hype than reality. At least for those who don't know what it is for. Lived in Canada or Russia the recent months and had your money frozen? Those who knew how to use the web3 didn't have their money frozen.
Crypto is inherently innefficient
@@markbaker4425 Crypto is more efficient than any monetary system ever before
@@testtor2714 no its fucking not lol.
Visa processes like a 1000x more transactions a second then bitcoin with a fraction of the e waste.
Went here to see of this Molly White is legit and it is safe to say that this lady has 5% understanding of blockchain and cryptocurrency in general. Thank you for reinforcing my belief that most critics of crypto are just people who don’t understand it and fear it.
@@ErinP123 I don’t have the time and energy to explain crypto to you and there is a lot of research material in the internet that you can consume. Listen Edward, there will always be 95% of people who will never understand innovation and fear it in its early stages and will never jump in because of this. Most people need something to be mainstream for them to be okay with it. So, Good luck on your investing journey.
@@ErinP123 Raoul Pal has like 1000 video interviews on youtube alone and he dumbs it down to “explain it to me like a 5th grader” type of thing.
I'm disappointed only one of you clowns turned up to play.
Investing in crypto now should be in every wise individuals list. In some months time you'll be ecstatic with the decision you made today.
@Johnny Washington I heard a lot of investing with Mr Dave Jevans and how good he is, please how safe are the profit?
@@commerceusa I trade with him, The profit are secured and over a 100% return on investment directly sent to your wallet
He's Really amazing with an amazing skills he changed my 0.3btc to 2.1btc
@@Johnclayton28 how can I get his info
@@annabelkatherine6441 He is availability on what's app 👇
Jason did a great job balancing. Both Molly's had some good points. However, too many blanket statements.
Why are decentralized systems important: 1. Automatically verified small quantity fungable value transactions 2. Same as 1. but for nft's (that will also become smart) 3. Encrypted data authentication with Automatically executed smart contracts. See guys the arguments for decentralized systems with tokens are justified and people who claim otherwise don't know what they are talking about
So why decentralized? Because the extra cost associated with redundancy of ledger is worth it for the power of tamper proof automatically executed value logistics. For people who want to actually learn about crypto please visit my channel and learn from someone who knows what they are talking about
...wat
@@tescheurich basically automatically verified ownership of digital constructs. Explain like I'm 5: "Code that can be owned but still provide a service to users".
@@Intrepidinnovation That honestly sounds like a hell of exploitation. Increases the number of fingers in my pot, not decreases. If too many fingers get in my pot, I'll be thrilled to quit tech altogether.
@@tescheurich regardless of how it sounds it is a valuable tool to those who know how to use it to reach their objectives.
i fucking hate breadtube
A layer 1 block chain ie Algorand, Cardano, Polkadot, can host a stable coin, pegged to the dollar, it can also have a borrowing and lending smart contract where both parties pay or receive more favourable interest rates by cutting out many of the middle men. So the question is how many people (or even companies that have treasuries) would want a coin that’s immutable pegged to the dollar in countries with high inflation rates, that they will also have interest paid if they lend…? Especially in a world of negative real interest rates and China’s social credit system…
Negative real interest rates are going the way of the dodo real fast
But....if you were wrong about BTC.....what else might you be wrong about.....
She doesn't understand much about the topic. However, that is ok. We don't expect female footballers to be good either. It's already enough if they look good in what they are doing and so does she.
This is the person reverting your edits on Buffalo buffalo Buffalo buffalo Buffalo bufallo