Hahah right? It's just funny how blatant and blunt most nfts and cryptos are that they're just ponzi schemes, almost Nigerian prince scam level, but they're still somehow sucking morons into it
You are a special treat to the world. As a cancer patient, I save your videos for my worst chemo days, cuz they raise my spirits and give me roaring giggles and giggles are very healing. Thank you.
I love it when he rips a new one for HBO or any of it's affiliated companies. There was a while he couldn't do a show without insulting AT&T, and it was great.
I used to say shit like that. Then I married my accountant. And she became a teacher instead. And instead of continuing as our tax accountant my wife found a good one for us because it's a job that has half your time trying to stay current as an accountant.
Funny how the early adopters of many cryptocurrencies tell others to hodl with diamond hands when they need the latecomers (i.e. YOU) to buy those same coins from them because they want cash, not crypto.
@@jschuler53 That is something I’ve argued with my dad about before. When you have enough money that even your children and possibly grandchildren can live luxurious lives even if you all quit working today, then what is the point of raising even more; especially if that extra money comes from the suffering of others.
John is presenting facts with comical tangents. While it seems like he is, he isn't always giving opinions. Go somewhere like Fox, which has been legitimately busted quite a few times skewing facts and outright manipulating information to justify a opinion, and the difference is alarming. Hard to fire someone that is simply telling the facts
@@dlastmohican71Lol John Oliver is raking in millions ever since he sold his soul to the establishment just like Colbert did. All he does now is hit pieces on anything the establishment doesn't like. Why would he get cancelled?
@@TheDogGoesWoof69 How is that the one issue you have with them? If you think Last Week Tonight is correct aside from that then it'd be pretty hard to like Trump.
Tyler... Go for it bruh. I too love sissies like Trump. Less war when pervs like him rather engage in prostitute pee-pee parties... than engaging in regime changes, invasions/ illegal occupation of other sovereign lands.
The most astonishing thing to me was trying to sell an asset that is always worth a dollar, because there is another asset always worth a dollar with a flawless record of always being worth a dollar. Its called the dollar.
That dollar won't be worth a dollar in 5 years (in that you won't be able to buy something for the same value) and will eventually be worth nothing. A stablecoin pegged to the dollar is effectively the same thing, but at least it's easily transferrable to anywhere in the world at a fraction of the cost. Additionally, stablecoins actually help the US dollar, as they decrease its supply
@@daxrico266 not sure why you think that, but additional stablecoins do not reduce the supply of dollars. If they truly are as good as dollars (and they clearly aren’t, but they are at least something of a substitute), then they add to the money supply and would create additional demand pressure and be inflationary (which does not “help” the dollar if that’s how you want to put it). As you acknowledge, stablecoins, linked to the dollar, depreciate in real value at the same rate as dollars. You may be right that they are less expensive to transfer, although it depends on what technology you use to transfer actual dollars (suitcases of cash, inter or intrabank wire transfers, Western Union are all different ways of transferring actual dollars, with considerable variation in the cost of transfers).
@@eliecanetti The largest stablecoins are, in part, backed by dollars. They do not add to the supply, because US dollars need to be purchased to safely maintain the backing (although there is certainly a question mark on whether they are 1-1 backed with some of them). I'm not sure how familiar you are with crypto, but stablecoins do not aim to compete with the dollar, but run alongside it. In regards to the transfer of funds, none of the methods you mention (or any other method that I'm familiar with) are as good as a simple blockchain peer-to-peer trustless transfer. The US dollar certainly has its advantages (security being the obvious) but there is also a place for stablecoins and crypto generally
@@daxrico266 thanks for the comment and the discussion. I take your point that transfers on the blockchain are costless (to the individual making the transfer at least, if not necessarily to society), and that would be the main reason for using stablecoins. Of course that cuts both ways, since as is well known, its costless for illegal activity as well, and I presume anonymous (I suspect you know more about crypto than I do, though I’ve been following the public debate as closely as I can). In that vein, it is indeed the cost of using cash, or the traceability of transactions through the banking system, that is a virtue in terms of AML/CFT enforcement. That’s why dollar notes larger than $100 bills were outlawed (it turns out money launderers’ biggest problem with using cash is simply the weight and bulk of transporting large sums of money using $100 bills.) On your other point about the money supply, it still doesn’t make sense to me. Only the Fed can impact the monetary base (via open market operations and discount lending), and unless the dollars backing stablecoins somehow aren’t in the banking system or currency in the hands of the public, they are part of the broad money supply. I presume the dollars backing stablecoins (or partly backing a la fractional banking) are held in the form of bank deposits, for which banks’ counterpart assets are bank reserves, and hence available to grant credit (apart from required reserves of course). To the extent then that stablecoins can be used to conduct transactions, they form the same role as money and would be potentially inflationary. And yes, I understand that stablecoins are meant to be a supplement to, not a replacement for money, but that only reinforces the point that they add to system liquidity, purchasing power, and hence are inflationary. I hasten to add that I don’t think stablecoins play anything but a minuscule role in inflation, since stablecoins outstanding are a small fraction of the broad money supply, especially with the trillions added through quantitative easing, but I still don’t see how they don’t add to the money supply at the margins. It’s a bit reminiscent of the bimetallism debate at the end of the 19th century when farmers (and of course silver miners and populists like William Jennings Bryan) wanted to remonetize silver, precisely because it was inflationary, and debtors (which most farmers were) benefit from inflation (assuming of course, their debts aren’t tied to inflation, or at floating interest rates). More importantly, will this debate get us on Last Week Tonight?
@@eliecanetti Transactions on the blockchain aren't completely costless, but significantly cheaper than traditional transactions (depending on the blockchain). If we're specifically talking about stablecoins, the great thing about blockchain technology is that transactions on them are completely traceable so, if they are used for illegal activity, it wouldn't be difficult to trace a transaction from its source to its end point. There are certainly some smaller crypto currencies that aren't traceable, but the narrative that crypto is a melting pot of illegal activity is a false one, spread by the likes of Janet Yellen or BlackRock (to spread FUD, lower the price and buy more). Criminal activity represents just over 2% of all cryptocurrency transactions, which is insignificant when compared to the amount of US dollars being used for criminal activity (tax evasion being included here). The conversation around money supply is a complex one, and I think we could potentially go back and forth with that debate, but I appreciate your points regarding fractional reserve banking. I do believe that most stablecoin issuers hold their dollars in the form of bank deposits. In truth, I'm not so much a stablecoin proponent as I am a Bitcoin one. I hold more US dollars than I do USDC/USDT, but stablecoins play a vital role in facilitating transactions on the blockchain. Additionally, there are much higher yields on crypto exchanges compared to the poultry ones offered by banks. It'll be interesting to see what happens to stablecoins if the Fed is successful in its plans to introduce a CBDC. Thank you for your cogent argument. It's always good to chat to people with opposing views and get different perspectives
My weird association with the word "fungible" is that I once used it in a uni essay on the rationale for mass political terror in the early Soviet Union. The sentence was something along the lines of, "From Yezhov to Abakumov to Beria, the personnel changed, but state terror remained - individuals were fungible, but the system was immutable and essential to the Soviet state." My tutor circled the word fungible and put a question mark next to it. I sometimes wonder whether he ever thinks about that in the era of NFTs.
22:46 "in a closed society where everyone is guilty the only crime is getting caught. In a world of thieves the only final sin is stupidity"- Hunter S. Thompson
President Josiah Bartlet: . We foster, we obfuscate, we rationalize. "Everybody does it", that's what we say. So we come to occupy a moral safe house where everyone's to blame, so no one's guilty. -- West wing
Jim Cramer is actually one of the greatest investment advisors ever. Whatever he suggests, I simply do the *exact opposite,* so his advice has been invaluable to informing me of what not to do.
I'm actually curious to see what the result of doing what Jim Cramer suggests for a year would look like vs shorting everything Jim Cramer suggests for a year.
@@Atmapalazzo So, I looked it up and there is an INVERSE CRAMER ETF. It's only barely 6 months old though, so right now it's down about 6-10%. That's no indication long term though, and I don't know how far back in the trade history it goes. I'll post the link to it at the bottom. So, the INVERSE CRAMER ETF is currently in the red. However, I do not know what a CRAMER ETF is in terms of red/green. It's entirely possible that a CRAMER ETF that consists of all his recommendations could be both in the green OR in the red. I couldn't find one before this post and I didn't have a lot of time to look. Finding the inverse Cramer ETF was extremely easy, but again the problem is that it's so new that it's hard to predict how it pans out long term. It's hard to figure out long-term predictions when you've only got 3-6 months of total time on the market. You could look at the inverse ETF in 1-5 years and it could be up 10%, not down 5-10%. If there is a Cramer ETF, it has probably been around MUCH LONGER, so it would probably have longer amounts of data. Maybe a year + (probably not 5) vs 6 months for the inverse. IF YOU FIND OUT WHAT THE CRAMER ETF RETURNS HAVE BEEN PER QUARTER/YEAR, LET ME KNOW HOW IT COMPARES TO THE INVERSE ETF. Here is the inverse Cramer ETF site: www.crameretfs.com/ Here is it listed at it's price: www.marketwatch.com/investing/fund/sjim Again, I didn't have time to see if they have a NON INVERSE CRAMER ETF to compare it to. Now, I BELIEVE THEY SAY ON THE WEBSITE that it also has a CRAMER ETF that would be his predictions, not the inverse, but I couldn't find the data on it. IF YOU FIND IT ON THE SITE PLEASE FEEL FREE TO SHARE. Again, didn't have a TON of time to look through all the data there and write this. Wishing you the best! Hope to hear back from you and thanks for your engagement!
Add Zach Prince (of BlockFi) and Barry Silbert (of Genesis Capital) to the list of people to cover. All of these people should be going to jail for fraud but the U.S. government almost never prosecutes financial crimes.
...and now please the same with the US government, its fiat currency: the US Dollar, and with the stock market...because they operate the same way...but they are "too big to fail"...
"Holy shit is that Martin Shkreli?!" "Hey Do, I just wanted to let you know that prisons not THAT bad-" I have not laughed harder at anything in months, the comedic timing was hilarious
Has the writing team ever been introduced? It not, Oliver should really do an online episode with them because they’re good. I’d love to put a face with the folks making me laugh each week. Much love.♥️
Daniel O'Brien is a writer for the show who I was a fan of before the he joined Last Week Tonight. He has a lot of pop culture related videos on UA-cam from when he was at Cracked.
I'd take it a step further and do what Jon Stewart has done once or twice with "The Problem with Jon Stewart", which is some behind-the-scenes clips of the writers in action. A room full of comedy writers is always good, no matter how distressing the topic at hand.
I always assumed that the funny picture inserts they use feature the writers/crew as models 😂 I'm not sure about it, but that would be a nice, subtle way to honour the people who work behind the scenes.
He's confident that the show is so informative and entertaining that even if he directly told people not to watch they would still do so. In fact I'm pretty sure he's done that several times.
@@cumincalamity9867 He did, he literally once made an alternate episode just so people could choose to watch the show but not this episode, which of course we all did, why not? wasn't that just a short time ago?
@537zun4 chuck e cheese ep instead of one about housing for younger people, because "let's be honest, you will never own a house" or something to that effect
@@TotallyAwesome420 - They cancelled movies that were deep into post-production (like Batgirl and Scoob 2) - They cancelled dozens of shows they made, some of which had episodes that hadn't been released yet, and pulled them from all streaming. Many of them will almost certainly never be available through legal means again (and some of them, like Inifinty Train, are consigned to digital purchase, which is and has always been bullshit). - They blatantly stole seasons of Final Space from customers who legally purchased them on Amazon (blah blah terms of service, this is stealing and it shouldn't be allowed)
I’m just remembering an old Family Guy joke where the shift salesman guy is trying to get Peter to put money in his scammy bank, and says “what sets our bank apart from other banks is that other banks are banks.” That’s really how most if not all of this crypto stuff is.
I think that one line may be the foundation for crypto, “rideshare” and many other businesses of the last decade that only thrive by mimicking other existing businesses but put all of the risk on the customers/workers while getting around laws that normally regulate what they do by claiming they are merely a software company.
It's so funny the original promise of Bitcoin was: "banks are not to be trusted, so here's a way to trade without banks or any central control". Then people immediately put their Bitcoin into a "bank".
its all about immutable databases(utility) and immutable scarcity independent of stupid governments(money of the people) , but it got washed down by uneducated people like you and educated scammers like them
I hate the "18% APY!!" Tag...Yes, some no name cryptos earned that cuz basically no one held much $$ in it. Bitcoin,Ether, Stablecoins where most of the depositors held on Celsius? 2-9% apy. Most weren't crazy yield chasers.
“Not watching this show is always a strong option for you” Only if I’m looking forward to waking up tomorrow. Luckily this show uploads late Sunday night, so that’s literally never the case.
Rule of thumb: Anything financial that seems too good to be true probably is. Except for index funds. Sure they only give you the average return of the stock market, but that's still way more than pretty much anything else available to the layman, and greatly mitigates the risk of stock investing. Benjamin Graham put it best: Getting average returns from stock investing is way easier than most people realize. Getting higher than average returns is way harder than most people realize.
You know I’ve always thought about Mark Zuckerberg as a nihilist sociopath hellbent on a mission to destroy society bring anarchy and chaos while retreating to his Hawaiian island all because that one girl from Harvard who dumped him And my therapist agrees with me (she’s a psychiatrist who also holds a BA in Psychology)
@ProprietaryCurez, you're obviously a troll because Nvidia is actually a very strong company and has the Lion's Share of the market in CPU, Don't dabble in things you do not know and insinuate misinformation by the ? behind the word.
The only person who I’ve ever taken any trading advice from was my dad. He said “Don’t invest any amount of money that you can’t afford to lose.” The amount of people that see a line going up on a graph and just say “Take ALL of my money” is insane.
I’ve been saying for a while(to my older brother specifically) crypto and online sports books have risen in popularity around the same time and both of them market to the EXACT same crowd. Under informed over confident young men. There’s a reason Brady, Lebron James and Curry were all huge advocates of crypto currency
Because who needs to invest in the same boring things when something shiny has been invented! Young, dumb, and with money are the worst combinations there can be when it comes to investing
My younger brother is gambling in online sports apps with most of his friends as well. I've told him to just be careful and not yeet all of his savings into it
Lets also remember that Jim Cramer is also the guy who told everyone to sell their Stark Industries stock right before it became the leader in clean energy.
It's called the Inverse Cramer Law. Always do the oposite he sugests. There is even an investment fund that sells itself on the facy that they will ALWAYS follow the Inverse Cramer... Its both a joke and, somehow, also a reality. There was at leaat a couple times people did the math and found that doing an inverse cramer can bring you more profits then the annual average for the stock market hahhahah
So I work for a gold buyer/seller and lemme tell you the crypto/NFT markets have been a wild ride. At least once a month someone comes into the store asking us about crypto or NFTs and why we don't trade in them. My all time favorite is the guy who came in "with a deal that was going to make us millions" and said he had an NFT that he wanted to "back with silver and gold from you guys" and "all you guys need to do is help me back it!" Basically: "I don't know what NFT actually means and you should be grateful that I'm willing to talk to you about my imaginary money." The look on his face when I told him that backing an NFT with something that had an exchange value (aka the FUNGIBLE part of "non fungible tokens") like gold would make it not an NFT... PRICELESS. He tried to weakly argue with me after being so gung ho, but I just googled the word "fungible" and showed him and he finally left me alone after that. I swear some guys see women behind the counter at a coin/bullion dealer and think we're gonna be the most uneducated, gullible morons on the planet. Meanwhile 75% of our employees are women who have worked for the company for years, many for over a decade. The business has been around for over 70 years too so we've seen all this crap come and go. You wouldn't go to a pool supply store and ask why they aren't selling beach vacations so why folks expect us to jump on everything 'money' related is beyond me.
I cannot tell you how many people have tried to sell me crypto, fortunately NFT's fell off the bus quite quickly so not so many but if you remember in the early 1980's there was a scam going around that was called a pyramid scheme where you gave money to someone to join a group, the scam was that as you found people to join the group you would make your money back ... well Crypto is just a more advanced system like that where the first few get the money and everyone else is left carrying the can ... I wish I had no scruples I would be able to make so much money from gullible people who think crypto can make money it's just criminal how people are scammed.
had a very similar set of experiences on twitter, the crypto bros tried to infiltrate BTS ARMY twitter and scam us and use our social media power for their gain... they probably thought that a mostly female and POC fandom was beneath them intellectually but we organized and got a bunch of them kicked off of twitter (someone infiltrated one of their discords and they were big mad at us)
the "combed his hair with a balloon" line really got me, i was laughing for like a solid 5 minutes! kudos to the writers of this show always getting smiles and laughs out of me so well, hahaha
Very important point from John here, NEVER invest more than you can afford to lose. If you dont understand what that means, you shouldnt invest at all.
@@intiorozco5063 Lots of crypto have utility and if you can get your head out of usa's arse, then you will notice that in countries that totally inflated their currency, these cryptos are very very helpful in affordable transfers and harboring whatever savings you can manage to save. Argentina much? The rest of the world is adopting crypto, governments incl to get out of the petro dollar. Its just on a world scale.
Or you could invest in actual product? I mean you're not guaranteed to make money that way, but leaving money in the cookie jar is guaranteed to lose money, cause inflation is a thing.
He’s going to talk about SBF and not mention that he was spending billions, money that wasn’t his, to fund democrats so they would pass favorable regulations for him? Seems like he missed a big point for it to be quality journalism.
Right? This UA-camr, Patrick Boyle, covered this that basically if you appear on Forbes and you're running a scam, you should start researching on countries that don't extradite to the USA 😂😂 he was being facetious obviously but sure enough as soon as the likes of Elizabeth Holmes, Sam Bankman appear on the cover the feds catch up soon after.
I spit my eggs all over my laptop at "It was like putting a hat on a hat." Best understated joke I have heard in months. Thanks John Oliver and LWT Team!!
@@firelordkushroll Let's not get carried away here, it's not "very" common. I've been watching comedy shows for a quarter century now, and came across this phrase maybe a dozen times or so, if even that. It pops up every once in a while, but it's certainly not that common, and for someone who only briefly watches American / English comedy shows it would be easy to not have heard it before, and it would not at all "weird", even when that person is not a child.
He pretends to be smart, but he doesn't really know what's going on. There is a lot less corruption in decentralized crypto than in traditional finance. Actually, all the crypto he mentions as scams, were run on old traditional finance mechanisms, they just had connections to crypto.
The only good thing about crypto is that when my youngest lost his job during the beginning of the pandemic, some crypto company hired him to do their branding (he's a graphic designer). He got paid in cash, so it worked out.
This is the only way you can be sure that you are not being scammed ... never put money into the scam it will hurt you are many people have found out the hard way.
Yeah so he was paid with real money scammed out of gullible people who believed in this unbacked magical money by people who probably didn't even know it was all bs. But hey, can't blame him for taking a job.
What does that say about crypto when the people who work for crypto are paid with real money because they couldn't find anyone who would work for imaginary money?
As someone who wanted to build an affordable PC the last years, the best thing to come out of this cryptocurrency mess is PC part prices coming down finally. Supply chain issues and crypto farmers buying up lead to extreme supply issues and price gouging. So much so, that manufacturers themselves are essentially price gouging themselves. The RTX 4000 series has seen a price hikes of up to 100% in their MSRP.
Ethereum doesn't use GPUs anymore as of about 1 year. And bitcoin never used GPUs. So if they weren't cheaper as of 1 year ago, you're looking for the wrong boogeyman.
what crypto mess?? crypto is stronger than ever and just because we are now on a bear market it doesn't mean anything stopped. in fact, now is the time to invest because you buy low and sell high, not the opposite!
@@jacksmith-mu3eeyes, a fault in a person, not a technology and we caught him. How many people did internet scams? Ban internet? Most exchanges aren’t doing fraud just like most banks aren’t. Many investors both signed up acknowledging these risks and also got back some of what they lost. These scams and fraud and things could have been prevented in the last 4 years with some nice clear regulations and reasonable expectations for the industry like Europe did. But noooo.
Honestly, I base a lot of my stock trading decisions based on what Cramer says. He's like a compass that always points South. If he starts talking up a company, it's time to bet that the stock will go down.
@@isabellaangeline2175 If you already have enough money to throw a million at 50 different projects, so long as just one of them does extremely well he can earn back the losses of the failed projects in a heartbeat. In other words, if you are rich its almost impossible to actually lose money from a spray and pray method.
No one in the history of humanity has the ability to explain seemingly mundane things and completely make it entertaining and informative better than John Fucking Oliver.
Dogecoin was invented as a parody of bitcoin in the first place, so once it actually became worth something it was a sign that scammers were taking advantage.
To add to that, Binance, the company that was instrumental in bringing down FTX has just been found to do almost all the same stuff as FTX did, just not quite as egregiously. Their CEO went on this virtue signalling campaign after FTX went down, and now it turns out he has been moving customer funds to a company under his direct control for his own purposes.
@@willbaker602 Bank of America was literally bailed out. "WASHINGTON -- The U.S. government early Friday morning agreed to invest $20 billion in Bank of America, and to protect the bank against up to $118 billion in potential losses from bank assets related to risky mortgage loans." It is just crazy to me you would use them as an example you would risk it with.
@@willbaker602 Bitcoin is already centralised because there's only one of it. Stop being dumb. This blind worship of the concept of "decentralisation" is only hurting you. It's not a magical solution, and societal pressures will recentralise things over time anyway, _as they have done here_ and always will do. People do not want to have to find dozens of different websites to go and read things on, they want Facebook to bring it all in to one place. Centralisation is emergent and trying to fight it is like trying to comb a glass of water. > The tech is what matters No. The tech is useless. Stop letting libertarianism invade your brain.
The people at Crypto Critics Corner and Dirty Bubble Media saw this coming for a while. Tether’s the big one that would collapse the crypto ecosystem if all the suspicions turn out true. It’s been validating seeing all these suspicions turn out true, but now it’s a question of if the AI bubble sucking pressure out of the crypto bubble will delay its bursting.
It’s astonishing what men with confidence can get away with. Literally setting billions on fire in broad daylight for years. Terrible how many people lost their savings to these multimillionaires
One of the things you learn when you do cybersecurity: nothing short of personally training everyone in the building, and retraining them every six months or so, will keep your system from being hacked by some dip$&!# with a clipboard and an attitude.
Stupid people will always lose their money to something, it's not really the fault of the crypto industry. Most of us are still making quite a lot of money.
I had a former supervisor who was big into crypto. He was, it should be noted, also something of a gambling addict. One day, due to a clerical error, his crypto shares shot up in value to something like 2 million dollars and he tried to cash out immediately, but the system was inundated by people trying to do the same and kept crashing. He tried paying in more money to get his profits up while the error was still in effect, but eventually when it got corrected, he lost more than he put in one 24-hour period. I think a few guys at that location had at least part of their finances tied up in cryptocurrencies.
okay wait, so did he get the 2mil then put in more? or did he just decide 'fuck it' and bought in even though he couldn't cash out? i mean, either way he deserves to be severely hurt financially
I smelled scam from day one of crypto. BUT, I also knew they had to be getting their real money from somewhere while the suckers purchases started pouring in. I bought in BTC at 32 sat through all the wild fluctuations and even wilder drops and when it was relatively stable with fluctuations only between roughly 750 to 800, then I cashed out. No, I don't feel guilty for one second, either. I did what a lot of patient people did and there was nothing illegal about it. It had the potential to stabilize and actually be worth something, but so many people were using it as a get-rich-quick tool, that I think the customer base itself is what crashed it. That, and that there was really no way to use the currency as it stood...unless you count things like deep & dark web companies (think Silk Road which is literally an online market for illegal drugs, etc.).
The process of creating a crypto currency is basically printing a million dollars in monopoly money and claiming you are a millionaire because you have a million in monopoly money. The tricky part about making your cryptocurrency succesful is convincing others that you are indeed a millionaire because you have a million in monopoly money and that they too can be millionaires by buying monopoly money from you for actual money. The depressing part about cryprocurrency is that people are actually stupid enough to buy the monopoly money.
I would argue that the most depressing part about crypto is the WASTE created by the computers needed to support the system: .Land for the data centers .Construction material to build the warehouse buildings for the data centers .Electricity to feed the ridiculous amount of computing power .Water to cool the (useless) data-crunching computers Those are the highlights of what depresses me and pisses me off about this wasteful, fantasy for money-grabbers. Well, that, and the way that it is just another thing that supports the get-rich, side-hustle without having any real skills or contributing anything to society way of thinking being chased by so many these days.😢🤮😵💫
Time flies while watching John! Time tends to drag watching even short, traditional news bites. You are awesome! Thank you and your writers for such great shows!
@@juliebraden6911 I'm sorry you feel that way. I don't see myself as "vapid." Rather, I see myself as well informed; reading, researching, listening, and watching many news and information sources. I was paying Mr. Oliver a compliment for addressing his topics in a fresh and insightful way. If we can't laugh at ourselves, then how can we laugh at anyone else?
Oliver is sheer genius. I know there must a team to dredge up all his quality material, but the way he presents it with that ‘je ne sais quoi’ is so edgy and on point.
I love how the algorithm started reminding us of the Titanic months ago because of the new Avatar movie… and in a cruel twist of irony, the theme of this episode was the very much still ongoing implosion of cryptocurrencies 😂 It made the first three minutes of this episode sorta feel like there wasn’t a writers/actors strike.
The Terra thing reminds me of going to East Germany in 1987. We had to exchange 20 W. German Marks for 20 E. German Marks. It was not a fair exchange, but it was what you had to do in order to enter E. Berlin.
4:31 "We're All Going to Make It" is part of the weird "positive thinking" semi-stochastic cult that emerged around cryptocurrency and NFTs, which included such shibboleths as announcing "Good Morning" and "Good Night" on Twitter and telling skeptics "Have Fun Being Poor", etc. All of them were stock phrases.
The scariest thing about all of this is that all the supposed experts were either in on it or clueless. There were a few who pointed out the bs but not nearly enough to inspire confidence in the financial system... Also all the people who made ads for those companies should be held accountable.
Lots of financial companies from hedge funds to your normal asset manager did get involved in crypto but I would venture to say that most didn't. These are companies that have been around for decades and have rigid rules about volatility and risk. Asset managers I've worked with have hard coded limits within their funds on proportions invested in high risk assets like traditional equities vs guaranteed returns like central bank bonds, let alone investing heavily into an entire new asset class. Those investors that got scammed with crypto were going against the better judgement of most of the industry. The problem was that the financial media and these cryptoboys shamed anyone for raising doubts. So they stopped raising them and just waited for the implosion.
Pretty much anyone who actually knew what they were talking about and weren't scammers themselves told everyone that it was all just a super volatile unregulated market. Only a small portion of people believe crypto is worth anything, though that doesn't change the harm that was inflicted upon them.
It's simple - it if promises more then few % return, it's a scam. If it promises high stable returnes no matter the market, it's a scam. If it promises you'll become a millionaire with zero effort, it's a scam.
Three banks folded because of crypto, I do believe. That's what we can't allow because if they are fdic (not sure any of them were), taxpayers are on the hook. Crypto is like paying for an idea, probably not a good idea unless you have money to literally burn.
"True terror is to wake up one morning and discover that your high school class is running the country [w/ the sociopathic tech bros out front]." -- Kurt Vonnegut
As a FINRA rep I was telling everyone for 3 years "You really don't think a poorly regulated currency with no backing isn't going to collapse?" bruh...we all knew.
Bitcoin has been "collapsing" over and over again for the past 14 years. And it is regulated by math but not by regulators. Think rules without rulers.
@@skipondowntheroad5833 bitcoin and eth are different because they have survivorship and first mover advantages. But as soon as money stops flowing into crypto the values will tank. Unlike memorabilia there isn't any intrinsic product with emotional value to anchor it (and NFTs were a pretty lousy way to try to inject it) so it's always gonna rely on hype and greater fools to keep it afloat.
@@skipondowntheroad5833 The price of bitcoin is "regulated" by supply and demand, just like every other thing that is bought and sold. There's nothing revolutionary in that part of it. The mathematical operations of how it is produced and how it keeps track of exchanges are never applied to the price that a person is willing to buy or sell it for. Bitcoin stays afloat because a lot of very rich people are still irrationally exuberant about its future potential as a supposed replacement for the current currency system. It continues to show no actual signs of fulfilling this potential at any point.
If you want to gaze more into the abyss that is cryptocurrencies, I suggest listening to the Real Money podcast. It discusses about Tether, the stable coin tied to the US dollar that basically props up the entire ecosystem yet has not once shown that it actually has the assets to back the claim. It was a fascinating tale filled with lies, shady dealings, and bizarre characters such as the four-day surgeon, the star of the Mighty Ducks, and the creator of Inspector Gadget. No, that last part was not a joke.
We don't talk about Theter... seriously though, it is like sitting next to an old sea mine. Everybody just hopes it will gets less relevant with time and we can all forget about it in the future. I was sure Theter was going to be last crash's origin. See you in a few years (or never, I hope).
@@maxcyber From what I understand, when Tether is created, the Price of Bitcoin goes up. The Collateral used to back Tether is mostly Real estate in Evergrande Group. Tether has never been successfully audited.
Lmao Tether truthing reached mainstream plebs hahahaha The same fud for the past 10 years, correspondence with regulators, fines, proof of treasury holdings, etc etc And yet you have these left curve idiots parroting the shit they heard somewhere
Bitcoin is backed up by exactly the same thing that gold is backed up by....precisely nothing. And that is because neither gold nor Bitcoin require backing since they already have all the necessary properties of hard money, namely scarcity, durability, portability, divisibility, etc.
@@skipondowntheroad5833 this argument completely ignores the history of gold and it’s universal connection to trade. And as another commenter mentioned, it’s physical. There is no connection. Tween gold and bitcoin except when those that want to justify how secure bitcoin is.
You really need to read that bankruptcy report for yourself. It includes gems such as SBF's statement that "We sometimes find $50 million of assets lying around that we lost track of; such is life" [
I wonder how the big VC firms like sequoia and other investors invested in it, given that some of them ran an extensive 6 months due diligence process, with having several people on board meetings to monitor.
That's exactly why we need decentralized crypto, FTX ran on an old legacy system,but without the regulation. So even more dangerous. What is needed are decentralized de-fi systems, which don't need to rely on human trust so much.
Wouldn't it be; "We sometimes find $50 million of assets lying around that we lost track of - such is life"? Maybe not; using the semi-colon is definitely tricky! "at the time of the bankruptcy filing, the FTX group did not even have current and complete lists of who its employees were." Just wow. It's amazing how confidence tricksters can even hustle some of the biggest con artists of them all; institutional investors.
You find yourself wandering over to Cheryl’s desk like “hey girl, great top. Quick question, are we like doing crimes? I’m getting like major crime vibes in here. Also, have you seen our boss dab? It’s very weird”. 🤣🤣🤣 dead.
It's basically the same as saying "Hey, I created an invisible car, do you wanna buy it?, I swear it's there, you just can't see it. You Have to trust me on this one"
@@99mex66 and usa is backed by the biggest military in the world , what is ftx backed by hopes and dreams. , just put money in sovereign bonds of a top country like usa and developing country like India at least you know you will get your money back after maturation period.
No. I bought BTC through an exchange in Switzerland, transmitted some to a website, the MDMA arrived at my house and then the website paid it out to a vendor in the Netherlands. Works perfectly.
“I don’t debate the poor on Twitter” is maybe the most Twitter thing I’ve ever heard in my life.
Twitter is so yesterday - soon it will just be an echo chamber for elon and his toadies to call each other names!
I don't debate noobs on OSRS m8
which is also the new slogan for Twitter
Yep the 1 % rather forgets about them!
Hahah right? It's just funny how blatant and blunt most nfts and cryptos are that they're just ponzi schemes, almost Nigerian prince scam level, but they're still somehow sucking morons into it
You are a special treat to the world. As a cancer patient, I save your videos for my worst chemo days, cuz they raise my spirits and give me roaring giggles and giggles are very healing. Thank you.
Good luck, hopefully you fully recover!
I luv u
Hoping that you get better soon, Love from malaysia.
hope you recover soon
Hope you recover soon, love from the South of France 🤗
"We did an episode on this 5 years ago, when I was 10 years younger." damn, I feel the same way.
Back then Bitcoin was 2900 usd. Today it's 29000 usd.
@@svenvdw4894 yeah thanks to people putting value in a worthless asset.
@@junemac7515 who decides who or what has value?
Then you should't have taken the Pfizer jab mann
@@svenvdw4894 crypto literally has no value whatsoever. Just hype and nonsense.
As an accountant I love it when John says stuff like "I'm no accountant, I mean I should be" gets me every time
I love it when he rips a new one for HBO or any of it's affiliated companies. There was a while he couldn't do a show without insulting AT&T, and it was great.
I used to say shit like that. Then I married my accountant. And she became a teacher instead. And instead of continuing as our tax accountant my wife found a good one for us because it's a job that has half your time trying to stay current as an accountant.
Oliver is a total buffoon
lol
I'm an accountant too and even I think I'd turn into John if I was exposed to a gamma powered Excel spreadsheet lol
pharmabro saying "jail's not that bad" is such a "i committed white collar crime" thing to say
He didn't get the full reach around experience of a slam you in the a$$ prison.
We brazilians would love to have him here in our prisions;
@@OrangeBoymusik haha that would be so funny
Billionaires go to the types of prisons where they have menus, 3 meals a day, and spa treatments.
Where is the part of the story about doing money laundering for Ukraine so that SBF can then donate millions to the Democrats?
“We’re all gonna make it” sung by someone who has already made it really turns my stomach.
Enough is never enough for some people.
Funny how the early adopters of many cryptocurrencies tell others to hodl with diamond hands when they need the latecomers (i.e. YOU) to buy those same coins from them because they want cash, not crypto.
You can always go further.
@@Charlie-phlezk Go where? To get more money?
@@jschuler53 That is something I’ve argued with my dad about before. When you have enough money that even your children and possibly grandchildren can live luxurious lives even if you all quit working today, then what is the point of raising even more; especially if that extra money comes from the suffering of others.
She didn't "make" anything. It was given to her.
"He dressed like everyday was laundry day and brushed his hair with a balloon". I never laughed so much in my life.
Rich people can dress as if they're poor, because they can afford not to care.
That was hilarious 🤣
He also apparently was playing League of Legends while pitching his ideas to investors.
That angle was really unfortunate for his hairline
This one really got me too, dude. 🤣
I love that John can talk shit on HBO but they'll never drop him since he gets so many viewers
John is presenting facts with comical tangents. While it seems like he is, he isn't always giving opinions. Go somewhere like Fox, which has been legitimately busted quite a few times skewing facts and outright manipulating information to justify a opinion, and the difference is alarming. Hard to fire someone that is simply telling the facts
True now, but do read Sinclair Lewis and Derek Raymond while keeping an eye on 2024.
@@dlastmohican71Lol John Oliver is raking in millions ever since he sold his soul to the establishment just like Colbert did. All he does now is hit pieces on anything the establishment doesn't like. Why would he get cancelled?
Many Grammy awards might also have something to do with it.
@@freedomlife3623 Emmy?
All of last week tonight episodes have aged so well, that alone speaks for the show’s credibility and quality of research.
@@TheDogGoesWoof69 I'm sorry, but how can anyone with a brain still not be anti-Trump?
@@TheDogGoesWoof69 What exactly was he right about? He's as full of shit as all these crypto guys.
@@MrGamelover23and how can anyone who's not watch this show without their head exploding? 😅
@@TheDogGoesWoof69 How is that the one issue you have with them? If you think Last Week Tonight is correct aside from that then it'd be pretty hard to like Trump.
Tyler... Go for it bruh.
I too love sissies like Trump.
Less war when pervs like him rather engage in prostitute pee-pee parties... than engaging in regime changes, invasions/ illegal occupation of other sovereign lands.
The most astonishing thing to me was trying to sell an asset that is always worth a dollar, because there is another asset always worth a dollar with a flawless record of always being worth a dollar. Its called the dollar.
That dollar won't be worth a dollar in 5 years (in that you won't be able to buy something for the same value) and will eventually be worth nothing. A stablecoin pegged to the dollar is effectively the same thing, but at least it's easily transferrable to anywhere in the world at a fraction of the cost. Additionally, stablecoins actually help the US dollar, as they decrease its supply
@@daxrico266 not sure why you think that, but additional stablecoins do not reduce the supply of dollars. If they truly are as good as dollars (and they clearly aren’t, but they are at least something of a substitute), then they add to the money supply and would create additional demand pressure and be inflationary (which does not “help” the dollar if that’s how you want to put it). As you acknowledge, stablecoins, linked to the dollar, depreciate in real value at the same rate as dollars. You may be right that they are less expensive to transfer, although it depends on what technology you use to transfer actual dollars (suitcases of cash, inter or intrabank wire transfers, Western Union are all different ways of transferring actual dollars, with considerable variation in the cost of transfers).
@@eliecanetti The largest stablecoins are, in part, backed by dollars. They do not add to the supply, because US dollars need to be purchased to safely maintain the backing (although there is certainly a question mark on whether they are 1-1 backed with some of them). I'm not sure how familiar you are with crypto, but stablecoins do not aim to compete with the dollar, but run alongside it. In regards to the transfer of funds, none of the methods you mention (or any other method that I'm familiar with) are as good as a simple blockchain peer-to-peer trustless transfer.
The US dollar certainly has its advantages (security being the obvious) but there is also a place for stablecoins and crypto generally
@@daxrico266 thanks for the comment and the discussion. I take your point that transfers on the blockchain are costless (to the individual making the transfer at least, if not necessarily to society), and that would be the main reason for using stablecoins. Of course that cuts both ways, since as is well known, its costless for illegal activity as well, and I presume anonymous (I suspect you know more about crypto than I do, though I’ve been following the public debate as closely as I can). In that vein, it is indeed the cost of using cash, or the traceability of transactions through the banking system, that is a virtue in terms of AML/CFT enforcement. That’s why dollar notes larger than $100 bills were outlawed (it turns out money launderers’ biggest problem with using cash is simply the weight and bulk of transporting large sums of money using $100 bills.)
On your other point about the money supply, it still doesn’t make sense to me. Only the Fed can impact the monetary base (via open market operations and discount lending), and unless the dollars backing stablecoins somehow aren’t in the banking system or currency in the hands of the public, they are part of the broad money supply. I presume the dollars backing stablecoins (or partly backing a la fractional banking) are held in the form of bank deposits, for which banks’ counterpart assets are bank reserves, and hence available to grant credit (apart from required reserves of course). To the extent then that stablecoins can be used to conduct transactions, they form the same role as money and would be potentially inflationary.
And yes, I understand that stablecoins are meant to be a supplement to, not a replacement for money, but that only reinforces the point that they add to system liquidity, purchasing power, and hence are inflationary. I hasten to add that I don’t think stablecoins play anything but a minuscule role in inflation, since stablecoins outstanding are a small fraction of the broad money supply, especially with the trillions added through quantitative easing, but I still don’t see how they don’t add to the money supply at the margins. It’s a bit reminiscent of the bimetallism debate at the end of the 19th century when farmers (and of course silver miners and populists like William Jennings Bryan) wanted to remonetize silver, precisely because it was inflationary, and debtors (which most farmers were) benefit from inflation (assuming of course, their debts aren’t tied to inflation, or at floating interest rates).
More importantly, will this debate get us on Last Week Tonight?
@@eliecanetti Transactions on the blockchain aren't completely costless, but significantly cheaper than traditional transactions (depending on the blockchain).
If we're specifically talking about stablecoins, the great thing about blockchain technology is that transactions on them are completely traceable so, if they are used for illegal activity, it wouldn't be difficult to trace a transaction from its source to its end point. There are certainly some smaller crypto currencies that aren't traceable, but the narrative that crypto is a melting pot of illegal activity is a false one, spread by the likes of Janet Yellen or BlackRock (to spread FUD, lower the price and buy more). Criminal activity represents just over 2% of all cryptocurrency transactions, which is insignificant when compared to the amount of US dollars being used for criminal activity (tax evasion being included here).
The conversation around money supply is a complex one, and I think we could potentially go back and forth with that debate, but I appreciate your points regarding fractional reserve banking. I do believe that most stablecoin issuers hold their dollars in the form of bank deposits.
In truth, I'm not so much a stablecoin proponent as I am a Bitcoin one. I hold more US dollars than I do USDC/USDT, but stablecoins play a vital role in facilitating transactions on the blockchain. Additionally, there are much higher yields on crypto exchanges compared to the poultry ones offered by banks. It'll be interesting to see what happens to stablecoins if the Fed is successful in its plans to introduce a CBDC.
Thank you for your cogent argument. It's always good to chat to people with opposing views and get different perspectives
Reminds me of Peter Griffin going to the shady loan shark.
"You see, we are different from other banks, in that other banks are banks"
My weird association with the word "fungible" is that I once used it in a uni essay on the rationale for mass political terror in the early Soviet Union. The sentence was something along the lines of, "From Yezhov to Abakumov to Beria, the personnel changed, but state terror remained - individuals were fungible, but the system was immutable and essential to the Soviet state."
My tutor circled the word fungible and put a question mark next to it. I sometimes wonder whether he ever thinks about that in the era of NFTs.
Clearly your tutor has never heard of human trafficking/ slave labor etc….😂
Maybe he thought you spent too much time buried in a Thesaurus :-P
tutor: individuals were mushrooms? nope!
@@krazed0451 I don't think many people in academia have that kind of insecurity about other people's vocabulary, and neither should you.
@@snr0n /whoosh.
22:46 "in a closed society where everyone is guilty the only crime is getting caught. In a world of thieves the only final sin is stupidity"- Hunter S. Thompson
Its' always good to see a quote from the good Doctor. You have to think he would be having a field day with some of today; issues.
Goddamn what a fine quote.
President Josiah Bartlet:
. We foster, we obfuscate, we rationalize. "Everybody does it", that's what we say. So we come to occupy a moral safe house where everyone's to blame, so no one's guilty. -- West wing
He was shady, especially to women and kids.
"Pre-divorce but post-love" is elite comedy and trolling 😂
They held out till the commercial aired.
My man brady has a way younger girl now.
I have definitely worked in an office where we would all sometimes ask each other “are we committing crimes?” And I can confirm it was a fever dream
Same.
"Are we the baddies?"
@Capital J ur right all companies commit crimes, disregard nuance, let's go with the blanket generalization
@Capital J You don't even need to be working for the company. Your very existence is a crime from certain perspective.
@Capital J sorry. didn't know it was meant to be an off handed joke. Seemed, well, not funny so? Maybe it's tone.
Jim Cramer is actually one of the greatest investment advisors ever. Whatever he suggests, I simply do the *exact opposite,* so his advice has been invaluable to informing me of what not to do.
It's funny how true that actually is. I feel bad for the people who take his recommendations.
First came a grimace as I read your post, followed by a laugh. I really do not like that man. 🤬
😄😄😄😄😄😄
I'm actually curious to see what the result of doing what Jim Cramer suggests for a year would look like vs shorting everything Jim Cramer suggests for a year.
@@Atmapalazzo So, I looked it up and there is an INVERSE CRAMER ETF. It's only barely 6 months old though, so right now it's down about 6-10%. That's no indication long term though, and I don't know how far back in the trade history it goes. I'll post the link to it at the bottom.
So, the INVERSE CRAMER ETF is currently in the red.
However, I do not know what a CRAMER ETF is in terms of red/green. It's entirely possible that a CRAMER ETF that consists of all his recommendations could be both in the green OR in the red. I couldn't find one before this post and I didn't have a lot of time to look. Finding the inverse Cramer ETF was extremely easy, but again the problem is that it's so new that it's hard to predict how it pans out long term. It's hard to figure out long-term predictions when you've only got 3-6 months of total time on the market. You could look at the inverse ETF in 1-5 years and it could be up 10%, not down 5-10%.
If there is a Cramer ETF, it has probably been around MUCH LONGER, so it would probably have longer amounts of data. Maybe a year + (probably not 5) vs 6 months for the inverse.
IF YOU FIND OUT WHAT THE CRAMER ETF RETURNS HAVE BEEN PER QUARTER/YEAR, LET ME KNOW HOW IT COMPARES TO THE INVERSE ETF.
Here is the inverse Cramer ETF site:
www.crameretfs.com/
Here is it listed at it's price:
www.marketwatch.com/investing/fund/sjim
Again, I didn't have time to see if they have a NON INVERSE CRAMER ETF to compare it to.
Now, I BELIEVE THEY SAY ON THE WEBSITE that it also has a CRAMER ETF that would be his predictions, not the inverse, but I couldn't find the data on it.
IF YOU FIND IT ON THE SITE PLEASE FEEL FREE TO SHARE. Again, didn't have a TON of time to look through all the data there and write this.
Wishing you the best! Hope to hear back from you and thanks for your engagement!
Thank you for putting these 3 on blast, more people need to know what happened.
Add Zach Prince (of BlockFi) and Barry Silbert (of Genesis Capital) to the list of people to cover. All of these people should be going to jail for fraud but the U.S. government almost never prosecutes financial crimes.
Cryptocurrencies should be abolished. The entire thing is a ponzi scheme.
Yo Arc nice seeing you here!
...and now please the same with the US government, its fiat currency: the US Dollar, and with the stock market...because they operate the same way...but they are "too big to fail"...
@Michael: Fiat currency is not a ponzi scheme. Crypto very much is.
You sound like you are pushing a _`cOnSpIrAcY tHeOrY`..._
"Holy shit is that Martin Shkreli?!"
"Hey Do, I just wanted to let you know that prisons not THAT bad-"
I have not laughed harder at anything in months, the comedic timing was hilarious
America the land of the stupid
Shkreli also started a crypto apparently...and you can guess what happened to it.
martin should definitely be buried under the jail
@@mayanksaboo8045 He got so butthurt when people called him out on it too lmfao
@@Donttalktomeifyoureabot He's an actual sociopath. Spent time in prison and immediately started scamming people after.
Has the writing team ever been introduced? It not, Oliver should really do an online episode with them because they’re good. I’d love to put a face with the folks making me laugh each week. Much love.♥️
Honestly I've been really curious about the writers as well, they're so funny and I love when you can tell John didn't write the joke lol.
Daniel O'Brien is a writer for the show who I was a fan of before the he joined Last Week Tonight. He has a lot of pop culture related videos on UA-cam from when he was at Cracked.
I'd take it a step further and do what Jon Stewart has done once or twice with "The Problem with Jon Stewart", which is some behind-the-scenes clips of the writers in action. A room full of comedy writers is always good, no matter how distressing the topic at hand.
My favorite part is that John isn't the head writer, DoB is. He's Just Another Writer.
I always assumed that the funny picture inserts they use feature the writers/crew as models 😂 I'm not sure about it, but that would be a nice, subtle way to honour the people who work behind the scenes.
I always love the “hey girl great top, quick question are we like doing crimes?” Lmao every time 😂
I love that John Oliver can say with a straight face that there's a strong case for not watching his show 😂
He's confident that the show is so informative and entertaining that even if he directly told people not to watch they would still do so. In fact I'm pretty sure he's done that several times.
@@cumincalamity9867 He did, he literally once made an alternate episode just so people could choose to watch the show but not this episode, which of course we all did, why not? wasn't that just a short time ago?
@537zun4 chuck e cheese ep instead of one about housing for younger people, because "let's be honest, you will never own a house" or something to that effect
@@537zun4yes, that was like 2 weeks ago lol
He is British. Self-deprecating humor is their trademark
Thank you Coffeezilla for your amazing reporting on SBF or these scams in general.
Bit boy also called him out too surprisingly😅.
@@Armendicus You mean the person who started beef WITH Coffeezilla about Celsius to only backtrack most of it AFTER Celsius turned out to be scam?
@Tripl3M and the one who went after Atozy when he already had enough on his plate with a new child on the way lol.
Coffeezilla the goat
And upper echelon on Celsius
I'm so glad you guys spoke out against the idiocy the Discovery merger is causing.
😊😁
I thought crypto was just a way to buy drugs online?
Why else would you buy it?
Other than changing the name of HBO Max to Max, what other idiocy have they committed?
@@TotallyAwesome420 - They cancelled movies that were deep into post-production (like Batgirl and Scoob 2)
- They cancelled dozens of shows they made, some of which had episodes that hadn't been released yet, and pulled them from all streaming. Many of them will almost certainly never be available through legal means again (and some of them, like Inifinty Train, are consigned to digital purchase, which is and has always been bullshit).
- They blatantly stole seasons of Final Space from customers who legally purchased them on Amazon (blah blah terms of service, this is stealing and it shouldn't be allowed)
No no
Coffeezilla has a good series of videos on these companies documenting what was going on before, during , and after they collapsed.
Coffeezilla is the GOAT for exposing crypto scammers.
Coffezilla being a modern day muckracker
I still binge his video on the SBF trial
"5 years ago when I was 10 years younger" is an amazing line.
I am actually younger and stronger
Amd very relatable
It's a new trend of meme creating cognitive disonance to add yield..just like Bill Clinton Kid
John, please, never stop doing what you do..........in some way, shape, or form, keep helping inform the public. You're incredible at what you do.
I agree!!!
I’m just remembering an old Family Guy joke where the shift salesman guy is trying to get Peter to put money in his scammy bank, and says “what sets our bank apart from other banks is that other banks are banks.”
That’s really how most if not all of this crypto stuff is.
m.ua-cam.com/video/_mit7i9YDJw/v-deo.html
I think that one line may be the foundation for crypto, “rideshare” and many other businesses of the last decade that only thrive by mimicking other existing businesses but put all of the risk on the customers/workers while getting around laws that normally regulate what they do by claiming they are merely a software company.
It's so funny the original promise of Bitcoin was: "banks are not to be trusted, so here's a way to trade without banks or any central control". Then people immediately put their Bitcoin into a "bank".
@Walter Wang And then, when it all goes to shit, suddenly they WANT government regulation of their decentralized system
its all about immutable databases(utility) and immutable scarcity independent of stupid governments(money of the people) , but it got washed down by uneducated people like you and educated scammers like them
Fun fact: Celsius' line that banks could offer prodigious interest rates is the exact same line Charles Ponzi gave when operating a local bank.
Holy shit. It's all come full circle.
Still people putting real money in 20% apy crypto projects.
It's almost like people have been doing this for for a long long time..... Weird...imma have to research this.
I hate the "18% APY!!" Tag...Yes, some no name cryptos earned that cuz basically no one held much $$ in it. Bitcoin,Ether, Stablecoins where most of the depositors held on Celsius? 2-9% apy. Most weren't crazy yield chasers.
@@Kevinm3u Bernie Madoff only claimed consistent ~10% returns, still a Ponzi
“Not watching this show is always a strong option for you”
Only if I’m looking forward to waking up tomorrow. Luckily this show uploads late Sunday night, so that’s literally never the case.
it uploads in the morning for me so I use it to survive waking up Monday mornings
i have a special fatty called "joint oliver" just for this. nothing beats a british parrot in hd while toking it, i promise you.
Hope you have a good day Norm!
😂 I don’t think John will be around much longer
Rule of thumb: Anything financial that seems too good to be true probably is.
Except for index funds. Sure they only give you the average return of the stock market, but that's still way more than pretty much anything else available to the layman, and greatly mitigates the risk of stock investing. Benjamin Graham put it best: Getting average returns from stock investing is way easier than most people realize. Getting higher than average returns is way harder than most people realize.
Index funds make sense and help me feel calm when the markets are doing the down part of the wave.
I mean your only goal for investing should be to beat inflation, at that point you're doing fine and there's no need to get wild.
I use to think Mark Zuckerberg was odd until his sister started singing 😂😂😂😂
You know I’ve always thought about Mark Zuckerberg as a nihilist sociopath hellbent on a mission to destroy society bring anarchy and chaos while retreating to his Hawaiian island all because that one girl from Harvard who dumped him
And my therapist agrees with me (she’s a psychiatrist who also holds a BA in Psychology)
At least she isn't singing "Ya Russiky" (or "I'm Russian", as sung by the pro Putin singer "Shaman")
Naw this America we expect russia 🇷🇺 🙄 to be like this but America 🇺🇸 to do better
Now I want to see Mark singing.
@@justsaiyan3294 Error 404: file not found.
Oh John, youre the only reason that makes Monday less torturous even though you deliver another kind of torture
it's the difference between being chained to your desk and handcuffed to my bed 😏
The videos go up circa 5pm local time here in Micronesia, and I am here for all of them. Dog bless this guy
"There is also entertainment in watching companies die, too." Can't argue with that!
Nvidia?
There is a word for that: Schadenfreude
@ProprietaryCurez, you're obviously a troll because Nvidia is actually a very strong company and has the Lion's Share of the market in CPU, Don't dabble in things you do not know and insinuate misinformation by the ? behind the word.
@@christine2ehgtinyhouse893 Think you mean GPU bro. Nvidia doesn't produce CPUs.
Bud light?
The only person who I’ve ever taken any trading advice from was my dad. He said “Don’t invest any amount of money that you can’t afford to lose.”
The amount of people that see a line going up on a graph and just say “Take ALL of my money” is insane.
If you can't afford to lose a penny, no investment.
@@youtubeuniversity3638 Casinos (don't) say that exact thing too.
500
I was given this advice for casinos, but it definitely applies.
@@youtubeuniversity3638there's a huge difference between 1 penny and your entire life savings
I’ve been saying for a while(to my older brother specifically) crypto and online sports books have risen in popularity around the same time and both of them market to the EXACT same crowd. Under informed over confident young men. There’s a reason Brady, Lebron James and Curry were all huge advocates of crypto currency
Because who needs to invest in the same boring things when something shiny has been invented! Young, dumb, and with money are the worst combinations there can be when it comes to investing
My younger brother is gambling in online sports apps with most of his friends as well. I've told him to just be careful and not yeet all of his savings into it
It really puts into perspective the adage "There's a sucker born every minute"
It's only a matter of time before creepy groomers like John Oliver start begging people to buy his own cryptos
Yep, that’s why networks pay so much for sports, the 18-45 male demo. Males over 45 have more money on average, but are not so easily fooled.
Lets also remember that Jim Cramer is also the guy who told everyone to sell their Stark Industries stock right before it became the leader in clean energy.
Seems like the most prudent financial strategy is to do the exact opposite of whatever Jim Cramer "advises"!
THIS COMMENT NEEDS MORE RECOGNITION
It's called the Inverse Cramer Law. Always do the oposite he sugests. There is even an investment fund that sells itself on the facy that they will ALWAYS follow the Inverse Cramer... Its both a joke and, somehow, also a reality. There was at leaat a couple times people did the math and found that doing an inverse cramer can bring you more profits then the annual average for the stock market hahhahah
* SELL SELL SELL *
@@HeatherHale Cramer Reverse ETF is a thing.
So I work for a gold buyer/seller and lemme tell you the crypto/NFT markets have been a wild ride. At least once a month someone comes into the store asking us about crypto or NFTs and why we don't trade in them. My all time favorite is the guy who came in "with a deal that was going to make us millions" and said he had an NFT that he wanted to "back with silver and gold from you guys" and "all you guys need to do is help me back it!" Basically: "I don't know what NFT actually means and you should be grateful that I'm willing to talk to you about my imaginary money."
The look on his face when I told him that backing an NFT with something that had an exchange value (aka the FUNGIBLE part of "non fungible tokens") like gold would make it not an NFT... PRICELESS. He tried to weakly argue with me after being so gung ho, but I just googled the word "fungible" and showed him and he finally left me alone after that.
I swear some guys see women behind the counter at a coin/bullion dealer and think we're gonna be the most uneducated, gullible morons on the planet. Meanwhile 75% of our employees are women who have worked for the company for years, many for over a decade. The business has been around for over 70 years too so we've seen all this crap come and go. You wouldn't go to a pool supply store and ask why they aren't selling beach vacations so why folks expect us to jump on everything 'money' related is beyond me.
undervalued story, just a bit too much #gurlpwr in the last paragraph
I cannot tell you how many people have tried to sell me crypto, fortunately NFT's fell off the bus quite quickly so not so many but if you remember in the early 1980's there was a scam going around that was called a pyramid scheme where you gave money to someone to join a group, the scam was that as you found people to join the group you would make your money back ... well Crypto is just a more advanced system like that where the first few get the money and everyone else is left carrying the can ... I wish I had no scruples I would be able to make so much money from gullible people who think crypto can make money it's just criminal how people are scammed.
@@shoopddawhooped lol fair, if you worked this job though I think you'd see where it comes from. It's wild man.
@@missingaria2503 what you're describing is exactly what what the financial system is since the gold standard was made away with.
had a very similar set of experiences on twitter, the crypto bros tried to infiltrate BTS ARMY twitter and scam us and use our social media power for their gain... they probably thought that a mostly female and POC fandom was beneath them intellectually but we organized and got a bunch of them kicked off of twitter (someone infiltrated one of their discords and they were big mad at us)
“He combed his hair with a balloon” 😂😂😂😂💀 literal tears are coming out of my eyes 😂😂😂😂 omggggg
the "combed his hair with a balloon" line really got me, i was laughing for like a solid 5 minutes! kudos to the writers of this show always getting smiles and laughs out of me so well, hahaha
Same. 😂😂😂
Yeah that was pure gold 😂
LOL! Me, too! And that he dresses like every day is laundry day - but the combs his hair with a balloon was a true laugh out loud topper!
I literally cannot wait to repeat it 😂😂
I am glad John mentioned both the situations “ Jim Cramer before FTX collapse “ and “ Jim Cramer after FTX collapse”😂😂😂😂😂
I would like John Oliver to do an episode on Jim….sounds like he needs to have one on him.
My favorite part from tonight was when he very casually referred to kid rock as Child Rock
Bawitdaba is baby talk
😂😂😂 perfect.
Can't wait for Cryptocurrency III 🎉
Fun fact: the reverse Cramer investment strategy beats the market.
holy shit, i just rewatched EP1 yesterday, thinking how well it had aged and wondered if there would be a part 2
BITCONNNNNNNNEEEEEEEECT!
Well John Oliver has aged in parrot years 😅
@@douglasboyle6544 Bitconnect failed. Bitcoin is still working just fine and is up massively in price.
@@skipondowntheroad5833 if by working just fine "consumes the average energy of a small house to complete a transaction" , sure
"Watched CEO dabbing on video conference call with billionaire investors" should be automatic approval for unemployment benefits
Pretty sure there should be a war crimes tribunal as well.
Definitely do not give unemployment benefits to scammers.
This show changes the paradigm of how humans can learn and think. Someone understands that if you want a better society you have to teach. Thank you.
Very important point from John here, NEVER invest more than you can afford to lose. If you dont understand what that means, you shouldnt invest at all.
Also you don't 'invest' in crypto. It's purely a speculative instrument. Invest if you want but gtfo quickly.
@@intiorozco5063 Lots of crypto have utility and if you can get your head out of usa's arse, then you will notice that in countries that totally inflated their currency, these cryptos are very very helpful in affordable transfers and harboring whatever savings you can manage to save. Argentina much? The rest of the world is adopting crypto, governments incl to get out of the petro dollar. Its just on a world scale.
@@intiorozco5063 sigh..you have a lot to learn young padawan
So you mean, follow the ".... aaaaand it's gone" principles??
Or you could invest in actual product? I mean you're not guaranteed to make money that way, but leaving money in the cookie jar is guaranteed to lose money, cause inflation is a thing.
This was so good! What a great team of writers. That balloon joke had me in tears. lol
Hope they're paid well...
That SBF looks like someone who combs his hair with a balloon? I know, I fell off my chair.
Watching you from back in the day on The Daily Show to the quality journalism today… you’re a national treasure
He’s going to talk about SBF and not mention that he was spending billions, money that wasn’t his, to fund democrats so they would pass favorable regulations for him? Seems like he missed a big point for it to be quality journalism.
5:38 "a hat on a hat"
britta vibes, there's still some Community flair in John Oliver.
always a good way to start the week with John Oliver
Knowing that Jon Oliver will explain to us how bad our economic system is… yeah, he is great though.
Hes a propagandist.
Un american as f.
All I've learned in life is: if you end up on Forbes, you're running a scam
Right? This UA-camr, Patrick Boyle, covered this that basically if you appear on Forbes and you're running a scam, you should start researching on countries that don't extradite to the USA 😂😂 he was being facetious obviously but sure enough as soon as the likes of Elizabeth Holmes, Sam Bankman appear on the cover the feds catch up soon after.
Yup! Primerica was
crypto might be, but bitcoin isnt.
@@Scorch428 bitcoin IS crypto...
@@violasses "crypto" is the collection of scammy imposters.
I spit my eggs all over my laptop at "It was like putting a hat on a hat." Best understated joke I have heard in months. Thanks John Oliver and LWT Team!!
It's actually a standard phrase used among comedians to describe this kind of situation.
"combed his hair with a balloon" got me actually laughing.
I was eating my egg and cheese sandwich and almost choked on it.
@@firelordkushroll Let's not get carried away here, it's not "very" common. I've been watching comedy shows for a quarter century now, and came across this phrase maybe a dozen times or so, if even that. It pops up every once in a while, but it's certainly not that common, and for someone who only briefly watches American / English comedy shows it would be easy to not have heard it before, and it would not at all "weird", even when that person is not a child.
I really gotta remember to watch John more often. He SMASHES scams and corrupt people so damn well. I love how you explain corruption so clearly John.
He pretends to be smart, but he doesn't really know what's going on. There is a lot less corruption in decentralized crypto than in traditional finance. Actually, all the crypto he mentions as scams, were run on old traditional finance mechanisms, they just had connections to crypto.
Fedcoin?
non informed -> John vanilla show -> misinformed
@@davycrockett8886 crypto is monopoly money period!
Yeah he's good at that, just as long as he stfu about news outside of the US and UK
Hey John Oliver, appreciate your commitment to your craft and art. Using your videos and topics for a court case in Denver, Co.
The only good thing about crypto is that when my youngest lost his job during the beginning of the pandemic, some crypto company hired him to do their branding (he's a graphic designer). He got paid in cash, so it worked out.
This is the only way you can be sure that you are not being scammed ... never put money into the scam it will hurt you are many people have found out the hard way.
Glad they didn't pay him in something else 😂
@@adamcollins8907 me too! and now he's working at his dream job so it all worked out.
Yeah so he was paid with real money scammed out of gullible people who believed in this unbacked magical money by people who probably didn't even know it was all bs. But hey, can't blame him for taking a job.
What does that say about crypto when the people who work for crypto are paid with real money because they couldn't find anyone who would work for imaginary money?
love the interview with SBF where he describes how it works and the interviewers say "you dont often hear people say im in the ponzi buisness"
As someone who wanted to build an affordable PC the last years, the best thing to come out of this cryptocurrency mess is PC part prices coming down finally. Supply chain issues and crypto farmers buying up lead to extreme supply issues and price gouging. So much so, that manufacturers themselves are essentially price gouging themselves. The RTX 4000 series has seen a price hikes of up to 100% in their MSRP.
Unfortunately just in time for the inflation spike.
Ethereum doesn't use GPUs anymore as of about 1 year. And bitcoin never used GPUs.
So if they weren't cheaper as of 1 year ago, you're looking for the wrong boogeyman.
what crypto mess?? crypto is stronger than ever and just because we are now on a bear market it doesn't mean anything stopped. in fact, now is the time to invest because you buy low and sell high, not the opposite!
@@mikatu you're being scammed
@@Layfff Bitcoin used GPU's between ~ 2011 and ~ 2013, after that it's all ASIC's.
We need an update of this episode with the current news
Celsius creator just pleaded guilty
@@jacksmith-mu3eeyes, a fault in a person, not a technology and we caught him. How many people did internet scams? Ban internet? Most exchanges aren’t doing fraud just like most banks aren’t. Many investors both signed up acknowledging these risks and also got back some of what they lost. These scams and fraud and things could have been prevented in the last 4 years with some nice clear regulations and reasonable expectations for the industry like Europe did. But noooo.
Honestly, I base a lot of my stock trading decisions based on what Cramer says. He's like a compass that always points South. If he starts talking up a company, it's time to bet that the stock will go down.
Even if someones takes are stupid, if they are reliably stupid then they can be useful.
How tf does he still have a job?
@@kempolar9768 As they say, even a broken clock is correct two times a day.
There's a real small fund that specifically invests the opposite of his advice. I don't remember what it's called but they're doing alright.
@@isabellaangeline2175 If you already have enough money to throw a million at 50 different projects, so long as just one of them does extremely well he can earn back the losses of the failed projects in a heartbeat. In other words, if you are rich its almost impossible to actually lose money from a spray and pray method.
No one in the history of humanity has the ability to explain seemingly mundane things and completely make it entertaining and informative better than John Fucking Oliver.
Dogecoin was invented as a parody of bitcoin in the first place, so once it actually became worth something it was a sign that scammers were taking advantage.
Elon Musk
It was a parody, but the never stopped and now makeing money... so I dont know if thats a parody of a parody
What scammers?
for every winner in the dogecoin thing there where 10 losers.
DogeCoin is real, and Elon Will integrate it with Twitter.
Last Week with John Oliver, should win awards, great show!
I think it's hilarious that Kwon ran from the law like some kind of POOR😂
John Oliver is a legend.
Lmao 😂
But... you have to be dead before you can become a legend
@@SeptemberMeadows and talented 😏
He is a legendary Parrot
Coffiezilla was on this way before jo got ahold of it. Joe rogan has him on a podcast and coffiezilla has a video explaining it
Watching these new episodes is one of my favorite parts of Mondays
I pulled an all nighter and forgot it was Monday. At least I got something good out of this godforsaken day.
To add to that, Binance, the company that was instrumental in bringing down FTX has just been found to do almost all the same stuff as FTX did, just not quite as egregiously. Their CEO went on this virtue signalling campaign after FTX went down, and now it turns out he has been moving customer funds to a company under his direct control for his own purposes.
@@willbaker602 Bank of America was literally bailed out.
"WASHINGTON -- The U.S. government early Friday morning agreed to invest $20 billion in Bank of America, and to protect the bank against up to $118 billion in potential losses from bank assets related to risky mortgage loans."
It is just crazy to me you would use them as an example you would risk it with.
@@willbaker602 Bitcoin is already centralised because there's only one of it. Stop being dumb. This blind worship of the concept of "decentralisation" is only hurting you. It's not a magical solution, and societal pressures will recentralise things over time anyway, _as they have done here_ and always will do. People do not want to have to find dozens of different websites to go and read things on, they want Facebook to bring it all in to one place. Centralisation is emergent and trying to fight it is like trying to comb a glass of water.
> The tech is what matters
No. The tech is useless. Stop letting libertarianism invade your brain.
The people at Crypto Critics Corner and Dirty Bubble Media saw this coming for a while. Tether’s the big one that would collapse the crypto ecosystem if all the suspicions turn out true. It’s been validating seeing all these suspicions turn out true, but now it’s a question of if the AI bubble sucking pressure out of the crypto bubble will delay its bursting.
@@willbaker602 the tech is not even useful unless you want to lose privacy, are pro wasting energy, and are buying illicit stuff online
Kwon reminds me of influencers selling useless products.
I would love to see an episode on influencers, there is just so much to say
I watched two twelve year olds eat cat food for clout; The world is in need of another flood..
YES
It’s astonishing what men with confidence can get away with. Literally setting billions on fire in broad daylight for years. Terrible how many people lost their savings to these multimillionaires
Like become President
One of the things you learn when you do cybersecurity: nothing short of personally training everyone in the building, and retraining them every six months or so, will keep your system from being hacked by some dip$&!# with a clipboard and an attitude.
Stupid people will always lose their money to something, it's not really the fault of the crypto industry. Most of us are still making quite a lot of money.
Men with confidence, and also Elizabeth Holmes
@@danial5387 Haha, since Crypto doesn't actually produce anything, where does that profit come from? Maybe from the stupid people you are speaking of?
I had a former supervisor who was big into crypto. He was, it should be noted, also something of a gambling addict. One day, due to a clerical error, his crypto shares shot up in value to something like 2 million dollars and he tried to cash out immediately, but the system was inundated by people trying to do the same and kept crashing. He tried paying in more money to get his profits up while the error was still in effect, but eventually when it got corrected, he lost more than he put in one 24-hour period. I think a few guys at that location had at least part of their finances tied up in cryptocurrencies.
okay wait, so did he get the 2mil then put in more? or did he just decide 'fuck it' and bought in even though he couldn't cash out? i mean, either way he deserves to be severely hurt financially
I smelled scam from day one of crypto. BUT, I also knew they had to be getting their real money from somewhere while the suckers purchases started pouring in. I bought in BTC at 32 sat through all the wild fluctuations and even wilder drops and when it was relatively stable with fluctuations only between roughly 750 to 800, then I cashed out. No, I don't feel guilty for one second, either. I did what a lot of patient people did and there was nothing illegal about it. It had the potential to stabilize and actually be worth something, but so many people were using it as a get-rich-quick tool, that I think the customer base itself is what crashed it. That, and that there was really no way to use the currency as it stood...unless you count things like deep & dark web companies (think Silk Road which is literally an online market for illegal drugs, etc.).
He should have bought Bitcoin and stayed away from the scammy "crypto".
@@skipondowntheroad5833 Same thing.
Do you know which crypto exchange he used?
The process of creating a crypto currency is basically printing a million dollars in monopoly money and claiming you are a millionaire because you have a million in monopoly money. The tricky part about making your cryptocurrency succesful is convincing others that you are indeed a millionaire because you have a million in monopoly money and that they too can be millionaires by buying monopoly money from you for actual money.
The depressing part about cryprocurrency is that people are actually stupid enough to buy the monopoly money.
Yeah, there should be a law making the dollar the only real money and outlaw the rest!
The tricky part isn't very tricky at all! :DDD
Tricky part is knowing when to stop pretending that crypto is real money and selling it off for real money
I would argue that the most depressing part about crypto is the WASTE created by the computers needed to support the system:
.Land for the data centers
.Construction material to build the warehouse buildings for the data centers
.Electricity to feed the ridiculous amount of computing power
.Water to cool the (useless) data-crunching computers
Those are the highlights of what depresses me and pisses me off about this wasteful, fantasy for money-grabbers.
Well, that, and the way that it is just another thing that supports the get-rich, side-hustle without having any real skills or contributing anything to society way of thinking being chased by so many these days.😢🤮😵💫
Time flies while watching John! Time tends to drag watching even short, traditional news bites. You are awesome! Thank you and your writers for such great shows!
And this is why the future scares me. People too vapid to get real news and instead get it in the form of jokes.
@@juliebraden6911 I'm sorry you feel that way. I don't see myself as "vapid." Rather, I see myself as well informed; reading, researching, listening, and watching many news and information sources. I was paying Mr. Oliver a compliment for addressing his topics in a fresh and insightful way. If we can't laugh at ourselves, then how can we laugh at anyone else?
I think it was his best episode this season, with time shares a close second
Oliver is sheer genius. I know there must a team to dredge up all his quality material, but the way he presents it with that ‘je ne sais quoi’ is so edgy and on point.
he's a clown with a cleverly written script on a teleprompter.
I love how the algorithm started reminding us of the Titanic months ago because of the new Avatar movie… and in a cruel twist of irony, the theme of this episode was the very much still ongoing implosion of cryptocurrencies 😂
It made the first three minutes of this episode sorta feel like there wasn’t a writers/actors strike.
Coffeezilla deserves some credit or a call out for all his work on this
For sure. He's done an excellent job from what I've seen. More people should check out his channel.
"Welcome aboard to the Unsinkable Titanic"
I'm gonna use that classic line 😂
If the titanic sank like clockwork every four years and made everyone on it predictably richer upon rising each cycle,sure
@@FernandoAvelarify so, not like btc then.
@@TylerShacklefordDurden So, exactly like btc.
@@jhegre no, btc every four years explodes in value. The opposite of the sinking Titanic
Only the weak would allow themselves drown in a dip.
John Oliver has GOT to do an episode on CNBC and Jim Cramer.
Face it: if there really was such a thing as a get-rich-quick scheme, we'd all be rich. Wouldn't we?
I guess these work on the premise of "I am so lucky to have found this groundbreaking way of getting loads of money quickly"
The Terra thing reminds me of going to East Germany in 1987. We had to exchange 20 W. German Marks for 20 E. German Marks. It was not a fair exchange, but it was what you had to do in order to enter E. Berlin.
4:31 "We're All Going to Make It" is part of the weird "positive thinking" semi-stochastic cult that emerged around cryptocurrency and NFTs, which included such shibboleths as announcing "Good Morning" and "Good Night" on Twitter and telling skeptics "Have Fun Being Poor", etc. All of them were stock phrases.
Let’s not forget, “To the moon!”
The scariest thing about all of this is that all the supposed experts were either in on it or clueless. There were a few who pointed out the bs but not nearly enough to inspire confidence in the financial system...
Also all the people who made ads for those companies should be held accountable.
Lots of financial companies from hedge funds to your normal asset manager did get involved in crypto but I would venture to say that most didn't. These are companies that have been around for decades and have rigid rules about volatility and risk. Asset managers I've worked with have hard coded limits within their funds on proportions invested in high risk assets like traditional equities vs guaranteed returns like central bank bonds, let alone investing heavily into an entire new asset class. Those investors that got scammed with crypto were going against the better judgement of most of the industry. The problem was that the financial media and these cryptoboys shamed anyone for raising doubts. So they stopped raising them and just waited for the implosion.
Pretty much anyone who actually knew what they were talking about and weren't scammers themselves told everyone that it was all just a super volatile unregulated market. Only a small portion of people believe crypto is worth anything, though that doesn't change the harm that was inflicted upon them.
It's simple - it if promises more then few % return, it's a scam. If it promises high stable returnes no matter the market, it's a scam. If it promises you'll become a millionaire with zero effort, it's a scam.
Three banks folded because of crypto, I do believe. That's what we can't allow because if they are fdic (not sure any of them were), taxpayers are on the hook. Crypto is like paying for an idea, probably not a good idea unless you have money to literally burn.
"True terror is to wake up one morning and discover that your high school class is running the country [w/ the sociopathic tech bros out front]." -- Kurt Vonnegut
This episode was particularly splendid! He really wounded Jim Cramer, who wasn't even the main subject.
Cramer isn’t wounded. Man is delusional, He cannot comprehend the notion that he isn’t flawless even with this.
That 13:25 was not supposed to be a dab, he talked about the olympics and did the Usain Bolt pose😅
Great episode as always! And.... happy birthday John!!!!❤
That zoom call where Martin Shkreli drops in was *hilarious*
As a FINRA rep I was telling everyone for 3 years "You really don't think a poorly regulated currency with no backing isn't going to collapse?" bruh...we all knew.
Bitcoin has been "collapsing" over and over again for the past 14 years. And it is regulated by math but not by regulators. Think rules without rulers.
😂😂😂 Yes
bingo
@@skipondowntheroad5833 bitcoin and eth are different because they have survivorship and first mover advantages. But as soon as money stops flowing into crypto the values will tank. Unlike memorabilia there isn't any intrinsic product with emotional value to anchor it (and NFTs were a pretty lousy way to try to inject it) so it's always gonna rely on hype and greater fools to keep it afloat.
@@skipondowntheroad5833 The price of bitcoin is "regulated" by supply and demand, just like every other thing that is bought and sold. There's nothing revolutionary in that part of it. The mathematical operations of how it is produced and how it keeps track of exchanges are never applied to the price that a person is willing to buy or sell it for.
Bitcoin stays afloat because a lot of very rich people are still irrationally exuberant about its future potential as a supposed replacement for the current currency system. It continues to show no actual signs of fulfilling this potential at any point.
If you want to gaze more into the abyss that is cryptocurrencies, I suggest listening to the Real Money podcast. It discusses about Tether, the stable coin tied to the US dollar that basically props up the entire ecosystem yet has not once shown that it actually has the assets to back the claim. It was a fascinating tale filled with lies, shady dealings, and bizarre characters such as the four-day surgeon, the star of the Mighty Ducks, and the creator of Inspector Gadget. No, that last part was not a joke.
We don't talk about Theter... seriously though, it is like sitting next to an old sea mine. Everybody just hopes it will gets less relevant with time and we can all forget about it in the future. I was sure Theter was going to be last crash's origin. See you in a few years (or never, I hope).
@@maxcyber From what I understand, when Tether is created, the Price of Bitcoin goes up. The Collateral used to back Tether is mostly Real estate in Evergrande Group. Tether has never been successfully audited.
Lmao Tether truthing reached mainstream plebs hahahaha
The same fud for the past 10 years, correspondence with regulators, fines, proof of treasury holdings, etc etc
And yet you have these left curve idiots parroting the shit they heard somewhere
Watch Line Goes Up if you haven’t already. This LWT episode inspired me to rewatch for the 7th time
@@randomjunkohyeah1I'd suggest it too, especially if you know very little about cryptocurrency.
Five years ago, when I was ten years younger... man can I relate!
Bitcoin was at $30k when this episode aired. Today it’s at $107k. Aged nicely 😁😂
My only hang up with this episode is he wasn’t dabbing…he was doing the Usain Bolt pose. They were talking about the Olympics. The rest was gold.
I’m my headcanon it’s a dab
I guess the guy didn't know the difference because it looks much more like a dab then the UB pose...
I was just disappointed because I thought John meant the other kind of dab.
I just love he's able to make fun of "Max" without having to worry
"They aren't backed by anything but good vibes" -- That about sums it up.
Bitcoin is backed up by exactly the same thing that gold is backed up by....precisely nothing. And that is because neither gold nor Bitcoin require backing since they already have all the necessary properties of hard money, namely scarcity, durability, portability, divisibility, etc.
@@skipondowntheroad5833 , Competitors of Bitcoin can come out of thin air. There are already a lot. It is not scarce and has no unique attributes.
@@skipondowntheroad5833 Gold has multiple applications from jewelry to electronics. Bitcoin just turns forests into CO2.
@@skipondowntheroad5833 this argument completely ignores the history of gold and it’s universal connection to trade. And as another commenter mentioned, it’s physical. There is no connection. Tween gold and bitcoin except when those that want to justify how secure bitcoin is.
@@factChecker01 They lack network effect, security and scarcity
John Oliver is a national treasure ❤❤❤
there’s something so poetic about her changing the “no” in We’re not gonna take it to a “yes” in a song about Crypto
I laughed at the “combs his hair with a balloon” comment way longer than the audience did.
Same here with "infinity diarrhea."
I just can't believe that 20% of Americans dealt in crypto coins. It sounded like a fantasy on the face of it.
You really need to read that bankruptcy report for yourself. It includes gems such as SBF's statement that "We sometimes find $50 million of assets lying around that we lost track of; such is life" [
+
I wonder how the big VC firms like sequoia and other investors invested in it, given that some of them ran an extensive 6 months due diligence process, with having several people on board meetings to monitor.
That's exactly why we need decentralized crypto, FTX ran on an old legacy system,but without the regulation. So even more dangerous. What is needed are decentralized de-fi systems, which don't need to rely on human trust so much.
@@davycrockett8886 seek help
Wouldn't it be; "We sometimes find $50 million of assets lying around that we lost track of - such is life"?
Maybe not; using the semi-colon is definitely tricky!
"at the time of the bankruptcy filing, the FTX group did not even have current and complete lists of who its employees were." Just wow. It's amazing how confidence tricksters can even hustle some of the biggest con artists of them all; institutional investors.
You find yourself wandering over to Cheryl’s desk like “hey girl, great top. Quick question, are we like doing crimes? I’m getting like major crime vibes in here. Also, have you seen our boss dab? It’s very weird”. 🤣🤣🤣 dead.
It's basically the same as saying "Hey, I created an invisible car, do you wanna buy it?, I swear it's there, you just can't see it. You Have to trust me on this one"
US Dollar has value because everyone trust it does. Doesn’t mean I support or trust cryptos.
This literally how everything works though lol
@@99mex66 and usa is backed by the biggest military in the world , what is ftx backed by hopes and dreams. , just put money in sovereign bonds of a top country like usa and developing country like India at least you know you will get your money back after maturation period.
The same can be said for religion!!😁
No.
I bought BTC through an exchange in Switzerland, transmitted some to a website, the MDMA arrived at my house and then the website paid it out to a vendor in the Netherlands.
Works perfectly.