Web3.0: A Libertarian Dystopia
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- Опубліковано 10 тра 2024
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In today’s video I’m looking into all the hype surrounding Web3, blockchain technology, NFTs, and trying to work out WHY this is all happening. The Folding Ideas video ‘Line Goes Up’ came out as I was researching this, and I found that even though we had come to the same conclusion on many aspects of this, I actually came to a different conclusion as to why I think this is all happening - and it’s much more dystopian than most people think. This technology is dangerous and could ruin people’s lives in more ways than just losing out on their investments when the bubble deflates or pops. I have found that many people on the left don’t like this technology but they’re not quite sure why - so my video focusses more on how Bitcoin in particular has strong ties to far-right extremism which was birthed out of the Great Depression in the 1930s, and how the extremely libertarian & conservative Ethereum founder, Peter Thiel, wants to harvest data for the purposes of governing society with rigid code, and he’s getting Jordan Peterson to help.
Sources: docs.google.com/document/d/1U...
0:00 Intro
6:41 NFTs
12:17 Gary Vee's NFTs
18:16 Celebrity NFTs
19:22 Play-to-earn NFTs
23:02 NFT marketing works exactly like MLMs
26:08 Influencers and Poocoins, Securities Fraud
36:53 Cryptoland
41:22 Web2 vs Web3
43:43 Banking the Unbanked
47:12 Is it secure?
52:10 Sending money internationally?
54:39 bUt tHe FeD pRiNtS mOnEy
1:02:05 The Superbowl Crypto ads & the "Early days" argument
1:06:37 Bitcoin: The Gold Standard & Right-Wing Extremism
1:18:27 Ethereum: Peter Thiel wants your data to build a Libertarian utopia
1:33:29 Is this a bubble?
1:38:29 My Man's a Hexagon - Комедії
Liberterians building a city in the middle of the ocean to escape government regulation is literally the plot of Bioshock LOL
let them, we don't need their scamming asses over here
@FilthyDankWastemanFabuless I'm an american gamer who hates american libertarianism
Kind of the other way around in terms of inspiration, I think. Since Bioshock's a rebuke of Atlas Shrugged and all that.
can you name one argument why a goverment should have the right to prevent this?
@@akademiker23 Should have the right to stop libertarian weirdos from starting pedo-islands? I can think of a million arguments for it
Humanity is astonishingly good at coming up with ways to kill itself
I try to just shut it out of my mind that the probability that we’ll eventually succeed at some point soon is high
And unnecessarily, we can just let climate change do its job, why put more work on it?
RIP environment if crypto gets big
To die is our destiny.
yes but we're also nasty piglets. Which are hard to kill off lolz. But mannn we sure are working hard on it aren't we?
NFTs and the related paraphernalia are like the masculine version of MLM grifts. It’s insane. The community around it is so aggressive, delusional and toxic.
Crypto is MLM for men in the same way that the alpha/beta/sigma junk is astrology for men.
Yeah it’s like “Wall Street bets”.
@@Apoc2KI’d say the whole “alpha male” thing is a lot less popular and a lot more harmful than astrology lol. At least astrology doesn’t have you talking about a woman’s “fertility” (in a non medical context).
@@Apoc2K except you can be into astrology and not be a terrible person, the same does not apply to alpha/beta/ligma guys
@@6Shots_ofEspressoI would say anyone who is into astrology to the same level as people are into that shit would be a terrible person.
Oh gods that Web 1.0 recap made me feel *so* old.
I don’t know loads about Gary Vee but what I do know doesn’t make me think “yeah, I need to check out this guy’s seafood restaurant”.
you don't wanna smell the sigma sushi farts?
@ I’d buy this comment as an nft
5555
dunno, fishy is what I'm looking for in a seafood restaurant!
@ Gary V is an omega. He exists to be clowned on.
"those of you who don't have back problems might not remember web 1..."
Ouch...that hurts. Mostly in the lower back region, if I'm being honest.
Also my back is about the only bit that still works....
Guys... my spine... 👴
Always comforting that tech bros want to create Roko’s Basilisk
Sweet sweet horrors beyond my comprehension
Not too worried about that one tbh.
Don't think the basilisk will be too happy about crypto.. No advancements in AI, only issues with economy. We need to do more science with AI!
@@BundesNachrichtenDavid What’s a good name for a company like that? Maybe… Aperture?
@@wildfire9280 GlaDOS was a great envision of Rokos Basilisk haha. I'd think it's a net positive, as it bought the idea of powerful ai more into pop culture. :D
Why didn't this go viral? It's some of the best content I've seen on UA-cam in the last 10 years.
bro most stuff she said looks good from the outside. the more you are involved with the things she is talking about you, the more you understand that she has no idea. to be fair some part are good.
@@yungjulius By all means then, professor. We are waiting on your in depth response video outlining in thorough detail backed up with hard evidence and immutable constants.
@@yungjulius She said, you said. Alan please add details.
@@JustSomeDinosaurPersonthe main point is that she doesn't understand mathematics of blockchain, BUT she do understand maint point for same people who don't understand blockchain - they will be scammed in 99% 😅
It's got 2.4 million views. Sure it's not Mr. Beast views, but that's because it's not Mr. Beast content.
I know logically that you must have taken breaks, but the sheer feeling of pure, unadulterated rage and contempt nonstop for over an hour and a half is honestly impressive. Subscribed.
The cuts are numerous and often.
She does do this for like 8-9 hours on stream sometimes
Hilarious how she consistently defends the Federal Reserve. You know their whole strategy is to pump the stock and bond market full of printed money, making the holders of those assets extremely wealthy at the expense of everyone else? You know what goes DOWN during this process? Your wages!
This was just a smug 90 minute defense of the status quo.
not just breaks, she even took a bath lol
@@snarklar A hot, smart British girl yells about stuff for hours on end?!?! I'm sold!
It did occur to me that anyone shilling for metaverse have never played or ever been in second life or VR chat. 5% people talking 5% fetish porn and 90% trolling and fucking around
Oh come on, like the Lindens were running that intelligently. Just because one project failed doesn't mean the core idea is bad.
Hahahaha "Tech neo feudalism" mf call that Shit Mirandus lmfao shout out GalaGames
@@thelawenforcerhd9654 Hey man stop wasting your trying to convince these people trust me it's not worth it. P2e is revelutionary and we both fucking know it, they will get left behind so just be patient and all take all their fucking money in like 4 years 😂😂
@@michaelhiggins2823 You're really not helping your case here talking down to the people who already think you're an out of touch entitled scammer.
I'm sure this hasn't turned into your whole damn personality or anything 😂😂
@@kristopherwatts9466 Not trying to convince people honestly this is just one big ego trip filled with gratitude. I am so grateful because I realized how ignorant peeps are still are about general Blockchain concepts and how they relate to actual real world use cases.
And I'm a be real wichu man I live rural, ain't got shit to do but smoke dank (20%) and degen gamble my life savings (other 80% of my personality) and do some research and follow people a looot smarter than me.
The absolute passion in this video and the unabashed disdain for Web3.0 and everything related to it is genuinely inspirational and I adore it
rewatching after twitter removes NFT pfps, delicious
"The only real scarcity at play here is attention"
Just commenting this here so I can remember but that's a fucking great line.
Everything she says is "fucking great" ... 3 months she took to make a single video, and it's 100 minutes of sheer brilliance. My only regret is that she didn't take 6 months to release a 200 minute video!
remember
true but because attention is now a resource to be harvested it's scarcity makes it valuable. Your most valuable resource is time and everything/one on the internet harvests it. V harvests it for money and power but the con is that this uploader mune does also. It's just a different type of con. She just sells you a different story.
@@thecolumbopause4961 now let's have that pseudo-intellectual crap in English please.
Perhaps, "'Patience' is a virtue - a finite virtue ... Like the sands in an hour glass, these are the days of our lives, our patience running through the centre to the bottom, grain by grain. Are we being conned by Munecat?
Has she fooled us all into thinking we were watching a beautiful lady change the world with a 2 hour masterpiece?
Or perhaps - if I may be so bold - she is a mirage ... in fact, she is merely a beautiful illusion - a Venus - a Goddess in a bathtub! ... her hands splooshing the water in frustration - an act that can cause a butterfly in China to crash into a signpost and die.
Was it Shakespeare?, or maybe Carl Sagan - actually, probably Richard Dawkins who said:
"I am what I am. Because otherwise I might think that I am, when I am not."
Sage words that have already stood the test of time (about 40 minutes! - I'm really proud of that one :))
Pseudo-intellectual crap!
One person who is not a pseudo-intellectual is the lady in the video.
She has made one of the greatest UA-cam videos of all time.
A complete dismissal of crypto currency and NFTs and the Gold Standard and Adolf Hitler, in less than 2 hours.
Absolutely amazing!
That is so true. When enough people say "look at this problem" were blinded from other problems... there isnt enough attention to solve the popular problems so major problems could slip by unnoticed
"everyone in the discord is a bot or showing signs of extreme cognitive impairment so that's a great sign"
God, I love this woman
She's literally a NPC grifting bot reading scripts written by others about things she has no clue about, and also defends totalitarian CBCDs.
Breadtube is paid to shill for clowns like NeoconDems & other govt insiders
Sign me up for QueefCoin ... I'll stick my SausageCoins in my Queef Wallet ...
yes
...and she didn't even exaggerate - it's an accurate depiction of that discord XD
Most people are aware of the idea of a "Turing Test," where a computer can convince someone it's an actual human. There is also a "Reverse Turing Test:" can you tell the difference between some garbage churned out by an algorithm and some garbage churned out by a human that just really doesn't care?
The fact that the entire internet hates Web3.0 lets me sleep at night.
The fear that that might not even matter, and that we could end up in web3.0 hell anyways is what keeps me up at night
Fortunately crypto has been doing pretty shit for a while now
@@Daedalus117 what ever 🤡
@@Daedalus117why should we? i'm terminally online and discovering this web 3.0 shit only from these yt videos (hilarious stuff). just don't care about crypto-scams at all, your statement sounds a bit paranoid for me :)
@@alexkrylewski3218 the problem is there's a bunch of influential people who want to make web3.0 a thing, and they don't necessarily need our consent to get it done. There was a time when the whole internet hated and mocked the idea of microtransactions too, but then virtually every game started doing it anyways.
It doesn't seem likely to happen at this point, cause everything web3.0 is just so fucking bad, it's just something that worries me cause I'm a worrier
@@Daedalus117 don't worry, it's all will be fine, you overestimating a problem. just don't buy things you don't like. there is always an alternative or other things to do.
it's like i always say: the gains are privatised and the losses are socialised.
Just as our current society, equality is all chill and fun until opportunities are tried to be equalized
Such a great way of putting it... Would you mind if I socialised this sentence?
Can you expand on this. I'm curious how you came to this conclusion.
Like a LOT of people always say. :)
@@Syne111 Look at it from another angle, what does phrase "too big to fail" mean?
In short it means if some companies fail, they will drag a lot with them, to the point it becomes a good idea to bail them with tax payer's money. On the other hand, if you're one of those companies why not make a risk? If you win, you get to keep your profits. If you lose, you will lose, but you get to unload a lot of your losses onto the tax payer.
But perhaps the most important part is, if you're CEO, you get to keep your millions in bonuses you already made regardless of your outcome.
As a web developer myself, "a world running on code" sounds TERRIFYING
Don't worry, it will automatically execute only the finest, unlinted ECMAScript. And no, you have no say in what engine it runs on. That's how smart contracts work after all.
Enjoy hell. Love, backend dev.
@Trebor
I suspect it's a SNOBOL script piped to AWK piped to troff.
As a web user who’s written & designed websites, a world running on code sounds absolutely funny as hell, though only briefly. I want to see it happen, because it will prove the Luddites right!
"We were going to write something proprietary, but James hacked something together using a bastard combination of Node and Python and none of us know how it works or how to stop it, so at this point we're all just going along with it."
@Trebor Nah. Feels more like visual basic.
I once met a silicon valley guy who genuinely thought web3 would solve all the problems in the world. Except we already have solutions for all of that but refuse to implement them...it's not a tech or innovation problem, it's always a policy problem
Please do go on about how I can make a payment with my bank, holding multiple currencies, while also having the ability to have those payments safeguarded.
Oh, wait.
@@anonymous-0 you can do all most of this with a typical bank account, and anything that doesn't fit is completely useless. And it can be done without destroying the planet as much.
@@anonymous-0 and current banks are realistically much safer than crypto, with there being tfa and other things. It's not just a password holding your savings.
@@LCSTrains Congratulations, you have successfully been brainwashed.
"Just a password", no no no and no.
Just because SHA256 is used, it doesn't make it "just a passeord", that statement is so ignorant, I don't know where to start.
Furthermore, you act as if I can't go and buy a TV, make a fake police report, then use that number, to make a falsified chargeback with the bank.
Much safer huh? Do go on about the safety of fraudulent chargebacks on a faulty system
And do go on about how my "just a password" is not safe.
Oh wait.
You can't crack into my BIP39 secured "password", or make a falsified claim of fraud.
But that's what people like you want right?
You want that "safety" to be defrauded
You want that "safety" of a centralised database holding everyone's sensitive data huh?
Next time, think for just a single minute before you put your fingers to your keyboard, jesus christ..
@@axos3130 You realize the introduction of crypto could do nothing to stop 'the gubmint' spying on you.
your access to vocabulary, and innate ability to present information with such a sharp sense of humor, is incredible! thank you for all the work you put into this. big fan!
Remember: The snipping tool is there to grab those expensive NFT's free, allowing you to save thousands of dollars on PNGs and allowing you to do more important things like watching videos, shitposting and reading.
So snip away and show those nft peeps your new png that you got for free. This is a free way to teach those who purchase a NFT.
Spread this out and together, we shall speard this glorious shitpost.
Or go eat something and watch more videos.
Isn't it the metadata contained on the original .png that makes an NFT an NFT though?
@@omina.fornozI think the idea of paying thousands or even millions of dollars for a few lines of code is a pretty stupid decision, but that's just me.
They hate that ppl can just right click and copy their silly pics. Ofc, these days it's more a mark of shame that they got duped so bad. The crypto crash is glorious. lol
@@SadisticSenpai61 Amen to that.
remember: m2 => save as! Also, these often are just a link to a URL which you can grab and post around. You own it? then change the data stored at the webadress to anything provocative.
I always put my crime tools in a bag that says “crime tools” so I don’t forget
You should label your safe house “the crime house”. They’ll never decipher a thing!
As an old person I've got to say that videos like this give me hope because the person who made it reflects the best of today's youth and they are our future. Genuinely a tour de force production.
For sure! I'm someone who's right around her same age, and she gives me hope for the future, too! 😄 I may have 30+ more years here in this twilight zone of a country, & I'm grateful to have someone like Munecat spreading sanity, logic, and truth to some of those I'm stuck here with!
@@Neyagrl unfortunately many of the good progressive thoughts are pushed back by ignorance, fear and mob mentalities. I certainly don't wish to instill a sense of hopelessness in your generations, but I don't think these issues will be ones that will be resolved in one generation. But we should still be grateful that some people have the decency of not falling for such tricks and make actual changes that improve life for more and more members of our world.
@@lerui2820 Just because you're moving forward (ie, being progressive) it doesn't mean you're going in the right direction. "Progressives" themselves tend to operate by a mob mentality that would make the Mafia blush.
@@KingFluffs I'm pretty sure you wouldn't want to go backwards, but sure??
@@lerui2820 My point was, chasing progress in and of itself without any overhead or long term goal is more of a pointless expendeture of resources than some grand leap forward into a utopian better world.
56:06: Something about a rich Libertarian wearing rare pokemon cards in his hat, *pokemon-side-in* so nobody can even _see_ that it's a rare one, is just so _absurd._ I love how dumb it is.
Hey, just a very small correction: you're actually talking about Web3 and not Web 3.0. Web 3.0 is actually a term that existed long before the idea of Web3 came along. It's is (or was, since it will never actually manifest in this way I believe) a vision of the future of the World Wide Web after the current phase (known as Web 2.0., which revolutionized interactivity of content available on the WWW). It was originally coined by Time Bernes-Lee, one of the original creators of the WWW. Web 3.0 is commonly referred to as "The Semantic Web". The idea of Web 3.0 was to attach more semantic meaning via tags/metadata to data discoverable through the web (through expansion of the existing web standards), thereby making data more "machine readable" and "machine discoverable". It's actually not that complex an idea, but right now it has not really been adopted on a large scale.
All this just to avoid the confusion arising from seeing the terms "Web 3.0" and "Web3" next to each other. They're two completely different things.
This isn't the first time the cryptocurrency industry has astroturfed previously existing terminology. If you would have said "crypto" to someone five years ago, it would have meant "cryptography", as it has for the past decades. If you do this today, almost everyone understands this to mean "cryptocurrency and related technology". It's really, really odd.
a very small correction:
essay
Well that’s not confusing
@@djordje123kingimagine actually wanting to understand things! Or just…scrolling past the fucking comment 😂
@@Epic-so3ek sorry, we can't all have >100 iq, my brain is too smooth
Actual small correction: Tim Berners-Lee
Although his name is almost as old as Time...
As a professional software engineer with nearly a decade of experience... thank you.
This really hammers home what I've been trying to explain IRL for years, that the problems with the tech are fundamental, and that it crashing is the best case scenario - since "success" likely results in the kind of nightmare dystopia I used to think couldn't ever happen outside of cyberpunk novels.
And even in the event of a crash, well... as you say, a lot of these people have already been conditioned to be angry at the wrong targets in the first place.
feels like part of the problem is that a whole bunch of tech bros read those books as aspirational utopian examples in their formative years during the 90's.
Im curious if the whole "end of history" idea stripped regular culture of a shared collective narrative in which we could achieve a better world, and cyberpunk was one of the few places were anything along those lines were expressed.
I can see uses for... domain specific blockchains, NFTs, etc. Anti cheat in online games with their own "private" blockchains for example. Unfortunately the mentality around the tech will never let that happen in the way I see it.
@@MechanicaMenace Anyone who says this is either a tech surface knowledge enjoyer (i.e. people that can't see the difference between practical and theoretical science 99% of the time), or is financially involved in crypto.
Either way, you're on the left-tail end of the distribution, and I'm not sure if there's salvation for you.
@@nisbahmumtaz909I'm neither. And I think you misunderstood me. I didn't mean in anyway tied to real money or facilitating out of game trades for in game resources for real money. Now if all the servers for a game are run by the publisher this would be useless but for something with an ecosystem more like Minecraft it could be useful to at least track resources which were... cheated into the game
This… 1000% from a fellow software engineer of some 25 years experience. But hey perhaps I’m just a boomer
50:50 imagine doing a crime then
1: not destroying the evidence, and
2: leaving the evidence helpfully itemized and labeled accurately for the police to find
If you don't have the means to hard fork it out. But regardless, to me nothing is more dystopic then having absolutely catalogued and at the leisure of the state...
Video game/TV crime drama moment
I absolutely HATE Peter Thiel for having the sheer GALL to name his shitty companies after things from JRR Tolkien’s books.
Tolkien stands for the hope that things can get better, even when things are at their worst. Thiel takes his works to facilitate the absolute worst.
Truly the most on the nose name Thiel could have picked is Palantir; the guy is Sauron with the same dream of replacing Morgoth.
THIS, ABSOLUTELY
Tolkien was a future-fatalist who believed the exact opposite. I love his works, but that's not what Tolkien stood for. The reason things get better in his works is that he believed that tales of fantasy ought to have happy endings. Tolkien thought that the future would always ultimately be worse than the past.
But... but Palantirs were made by Fëanor and the Noldor.
@@veejayroth i mean
.. yeah? So what?
Tolkien was a hardcore regressive that hated modernism and did not want positive progress but regress to Nostalgia.
That time/place also called "the good old times"; that adults know as "when/which never existed".
I love a take that is almost 2 hours long , but only when it is this well thought out and researched while at no point being boring. Blockchain/Cryto/NFT's debunked and exposed for what that actually are. Excellent job !
Yeah, she’s so good I’ll watch videos I’d normally have no interest or knowledge in and I’m always entertained and educated. People complain there’s too much time between her videos but I watched a video that touched on how she organizes her info and the amount of things she reads and watches (was exhausted just looking at it.) Add in great editing, write the songs and jokes and it’s just top tier content. Better than shows with millions of dollars in production, multiple writers, researchers etc.
Well I agree the hype is stupid as fuck and has more to do with marketing than tech, but blockchain is quite a good thing assuming crypto is still around, given that it’s the only way crypto can be traced (well practically the only way).
“Well thought out and researched” 😂… ah, NO! She really has no idea.
You forgot the best part of the Business Plot: it was foiled by the man they tried to hire to lead their private army, one of the most decorated Marines to ever live and super star War hero/politician, Smedley "Old Gimlet Eye" Butler.
Because they didn't imagine that a guy who climbed from Private to Head of a Marine Expeditionary Unit, just before writing a literal book about how much he hated being a hired thug for corporations, might not be so on board for a rich boy coup.
Dude's were literally so used to being able to bribe anyone, they thought they could just pay a guy who hated the rich enough to betray the country he got all them medals from.
Smedley Butler was a national treasure.
@@DrVice1
He was asked to be Lincolns VP and turned it down. Real historical hinge point right there.
Edit: SHIT.
Wrong Butler. I was thinking of Bejamin F Butler.
Such integrity is rare
he hated the medals too
@@TheRealSykx in particular he tried to refuse one of his two Medals of Honor because he didn't feel he earned it. And he was right, they were one of the B.S. ones done to legitimize the Banana Wars.
I'm a fairly recent graduate in Computer Science and got my first software development job in 2020. The job was a small startup that had nothing to do with the crypto space, but toward the end of 2021 after the whole NFT blowup they suddenly decided that they needed to incorporate crypto and make their own coin which was hogwild to me because it felt so far out of left field for what we were making. When I started looking for a new job, at least 15 of the other local tech startups I reached out to were planning on minting their own coins and selling NFTs, even though their main products were not crypto-relevent. It was just insane.
I love how future NFT Ideas/campains (there is to many thing I feel like I can call the bs) that you could use a gun you unlock in Fortnight for example and then use it in another NFT based game lets say world of warfare, its so obvious this kind of stuff is targeted towards people that don't really know how things work and there is many examples of this in what I can see
Gotta get that coin
@@TomNook. oh no its tom hide the coins
@@link7417 Yeah if you know ANYTHING about game design, you would know two simple facts that expose the entire thing as a scam:
1) It is NOT a new phenomenon. Team Fortress 2 has been doing it for literally over a decade
2) Taking your NFTs from one game to another isn't just drag and drop. If the new game doesn't have the item programmed into it ahead of time, you're S.O.L.
@@TARINunit9 exactly and then even if one theoretically could program in every NFT weapon/Item(whatever) in to the game and I do say that theoretically, you would have so much legal leg work to do to get the rights for the models and textures and I would assume the creator of the NFT item would want some kind of compensation for letting you use it, what I mean to say is that its a legal nightmare to deal whit even if one over looks the technical problems whit it
I'm 7 minutes in, and I really like the style of the video. I don't know why it was recommended to me, but I definitely enjoy it so far!
Edit after fully watching: great video. You obviously put a lot of work into research but also production. A video this length that doesn't get boring is not easy, but you managed to do it. Great job. I also really enjoyed the singing, I did not expect that going into the video.
This was fantastic, and I think it's due time for you to do a follow up video connecting to this one about how the Crypto/NFT Bro's are now pumping AI and anything related to it the same way they used to do with Crypto/NFT's. And how while AI has advanced and has some uses, it's also being way overhyped in order to pump up companies involved in it, again just like Crypto/NFT's, with the help of companies like Nvidia that have massively profited from it. I wonder what they will move on next after AI.
Yes, it is exactly that. I thought I was the only one who noticed the pivot of marketing. I'm pretty sure some companies just subbed "AI" for "blockchain" in their materials. And yes, what kind of scam will we be subject to next?
I think the thing that annoys me the most is how Crytobros will see someone having legit questions and concerns and act like they were just told their whole family is inbred. the way they just scramble to write you off as a detractor or from a competing blockchain so they can pretend to justify not answering your question should be a huge red flag for everyone else involved, but they somehow don't see it.
As someone who’s invested in crypto I totally agree and It’s ridiculous. I think this is a more general problem with our (US) culture which has become extremely polarized. So frustrating not being able to have a genuine discussion where you’re able to explore an issue and develop an opinion without it becoming a ideological brawl.
Cognitive dissonance, it really is as simple as that. It is not comfortable being wrong, so yeah. No matter the information, they make it so they are right. Because who can deal with being wrong about something...*eyeroll*
"I think the thing that annoys me the most is how Crytobros will see someone having legit questions and concerns and act like they were just told their whole family is inbred" What is a "cryptobro"? Most people I know who have invested in cryptocurrency are extremely sceptical and have a nuanced view of the subject despite risking money. Are you including all crypto investors in your imaginary stereotype?-because if you are you kind of deserve to be told where to go.
@@archvaldor Obviously, when I say "cryptobro" I'm referring to the people who perpetuate that toxic positivity.
@@archvaldor Most people I know that have invested in crypto either don't know shit about how investing or currency actually works, or are speculators just trying to stay ahead of the crowd's money. Neither is a good sign long term.
So an economic system with no regulation, no oversight, and no accountability was a scam? This is my surprise face 😐
😆
:makes third grade sorting noises: 🤭
Yes, just like most of the far-left politics that preach no accountability also are.
@@luizdevil6855 no accountability, or public investment that looks scary to us in the cellblock?
oh yeah, highly regulated markets are virtually scam free. Literally the biggest scams in "crypto" are the useless fully licensed applications that lipservice decentralization talking points just so fuckers like the girl in the video and suckers like you can go on shit on "ancaps" and "capitalists" and "unregulated markets" without imploding from the void of stupidity in your statement
1:32:29 Getting some real I Have No Mouth and I Must Scream vibes from this section. Like all the computers get together and form AM.
The best part of this video is that every commercial YT served me was for "iTrustCapital" lol
33:57 - the irony here is that the regulators were 100% right. From an information security perspective, when email was first introduced, anyone, absolutely anyone on the network path between the computers could read what was in that email. While nowadays, thanks to HTTPS, communication is encrypted, back then it was not.
Might as well put whatever confidential information there was on a piece of cardboard and walk through the city holding it above your head. Using the introduction of email here is actually amazingly fitting, but likely not in the way Mr. Brooks intended it.
by the way, stellar video on all counts.
I had the same thought, that Brooks was using the great progress made in improving security to claim that it was ALWAYS silly to say it wasn't safe.
I can assure you i had A LOT of fun with MITM on public wifi hotspots in places like mcdonald's or school. watching people react to screamer shock sites was the beeessst!! simpler funnier times
@@kvdrr those were the days
Also, they were right about banking software. It is shockingly bad. And a lot of the technology that is still used is comically obsolete. There is a real chance you have some financial transactions made today that are written to reel-to-reel tape and physically transferred through mail by the post office, processed by software that was last touched in 1999 to address the Y2K bug.
@@gilbes1139 financial software is both fascinating and scary. If you're in the US, I recommend you watch that DEFCON talk called "your bank's digital side entrance", about online banking, the server software behind it and the interface it offers for home banking software. It's fascinating, if also rather scary, and it has a segment about how the industry making this software (and selling it to smaller banks and credit unions in particular) came to be.
Somehow, non-productive labor exploitation through NFT gaming seems a million times worse than productive labor exploitation. If nothing is even being produced then what the fuck??!
right??? at least if im a sharecropper i know someone somewhere is gonna eat these goddamn potatoes
ah, but you see
number go up
Nobody cannot seize the means of production if it not exist in the first place.
@@tabinekoman holy fuck
I mean at least in the classic productive labor exploitation there's the illusion of eventually being able to move up if you work hard enough. In this, you're on the grinder forever AND there's no regulations
I will never be able to forget the libertarian town that found itself with a massive bear problem as a consequence of their libertarian policies.
This video has aged VERY well! I can only imagine the dark reddit holes you had to go down to research this topic. Thank you for your service. 🙌
Her consistent disdain for the rich and hypercapitalism is like a salve for the pure disgust I've felt for crypto and NFTs since I accidentally fell down a youtube rabbit hole.
Be sure to pay her Patreon and buy her merch to keep that disdain going my little Che.
@@krmunoz2169 this reminds me of that meme where one guy says that society needs to be improved somewhat, and someone else dismisses that comment because the first guy participates in that society lmfao
@@blankii333 you hate capitalism yet participate in capitalism in order to earn money to literally buy food and shelter to survive? wow what a hypocrite
you hate slavery yet you're a slave? wow what hypocrisy
need I go on
@@blankii333 you claim to hate society yet you live in one
@@blankii333 One of my favourite memes. People who do that think they're so smart and it's hilarious
As a former bank fraud analyst, I have come to believe that the people who are most vulnerable to a con artist are those who want desperately to be smarter than they really are. They can even be pretty darn smart, but if they are not comfortable with whatever their level of knowledge, intelligence, and critical thinking skill may be and with the fact there are people at higher levels, then they will be desperate to believe anyone who makes them feel like the smartest person in the room because of some kind of inside knowledge. I had somebody yesterday trying to tell me on social media that, for example, Walmart is owned by China. I was skeptical, because that didn't match what I had heard, but I couldn't claim to know right off the top of my head. I asked for their sources. When I looked up the 18-year-old article they named, it turned out to say nothing of the kind, just that Walmart was (18 years ago) leading the way in filling its shelves with Chinese-manufactured products, which is now true at almost any retail store in the United States. I then found a current Investopedia article that broke down the top shareholders in Walmart, and showed that when you combine both personal holdings and shares owned through their legal entities, the Walton family, heirs to the store's founder, still own the majority of the shares (a slim majority, but still, that's a controlling interest). Of course, the person had no answer to actual facts. They slinked (slunk?) off without replying, I'm sure still wanting to think they had special knowledge the rest of us didn't, and refusing to learn from any data that might contradict it. To me, the crypto bros come across as the same kind of people.
Completely spot on
It is very freeing to realize that you are fundamentally dumb in most subjects. I realized a while ago that no matter what I do I will always be fundamentally dumb when it comes to most things, this has made my life easier and lifted so much stress from me. I do not relinquish my responsibility to think things through but it does let me listen to advice without the need to prove how smart I am. Always use critical thinking to approach things you don’t know or understand and in 99.99999999% of cases inside information that is not backed up by hard data is a bad thing to base decisions on.
Lmao 😂 schizos BTFO
Interesting analysis, I agree with your conclusions. The death of critical thinking and consequent loss of fact checking as a mindset seems to be at the root of so much of the rise of misinformation, which I think is another factor.
As someone who has used crypto to buy stuff I do see the usefulness of crypto, but I do also understand the drawbacks of crypto.
Where the hell have I been, only discovering this channel, now?
What an amazingly informative and super researched presentation. What an amazing channel. I've come to the party, late. But I'm glad I arrived. I spoke to my long long time friend, and told her about this channel. I'm so hoping that she watches this, as she is vulnerable (so am I) to the grifter's bright lights. I can't sing the praises of this video in particular, and this channel in general, enough.
This should win the video of the year award.
24:03 funny you mention, a lot of small underground artists from all genres were briefly under a plague of NFT Music websites stealing our music. Like legitimately just illegally downloading the songs, and then selling them on their website. Thankfully we all dmca’d them out of business, Rip in Piss Hitpiece
“Rest in Piss” is wonderful
Rest in piss forever miss.
All the art communities got similar treatment, but unfortunately for digital paintings its harder to hold the thieves accountable. Got to the point where one guy illegally minted NFTs of a dead woman's art.
I saw münecat at a grocery store in the metaverse yesterday. I told her how cool it was to meet her in person, but I didn’t want to be a douche and bother her and ask him for photos or anything. She said, “Oh, like you’re doing now?” I was taken aback, and all I could say was “Huh?” but she kept cutting me off and going “huh? huh? huh?” and closing her hand shut in front of my face. I walked away and continued with my shopping, and I heard her chuckle as I walked off.
When I came to pay for my stuff up front I saw her trying to walk out the doors with like fifteen apes in her hands without paying. The girl at the counter was very nice about it and professional, and was like “Ma’am, you need to pay for those first.” At first she kept pretending to be tired and not hear her, but eventually turned back around and brought them to the counter.
When the cashier took one of the bars and started scanning it multiple times, she stopped her and told her to scan them each individually “to prevent any electrical infetterence,” and then turned around and winked at me. I don’t even think that’s a word. After the cashier scanned each bar and put them in a bag and started to say the price, she kept interrupting her by yawning really loudly.
big if true
In a grocery store in the metaverse? So, not in real life? I’m confused. Also, what are the apes you spoke of?
@@tnijoo5109 all my apes gone ☹️
@@tnijoo5109 it is a joke. Completely made up.
@@daniepants5041 thank you. I really couldn’t tell. Thanks
Long but truly glorious. Superb work and thank you for producing it.
This is a perfect video to pair with Line Goes Up. Incredible work!
"It is 2027...welcome to a world of endless shilling and scamming. Everyone not in your inner circle is fair game, everyone inside of it is also fair game. There is only one rule; obtain advantage at all cost, don't let yourself be limited by ethics or morality. Embrace your inner vulture."
This quote is sick but I feel bad for vultures tbh. They get such a bad rap, when really they're like the only carnivores that don't harm other animals.
@@freya1348 In some areas of the world they are a cornerstone animal
@@freya1348 Aye, carrion eaters are looked at as worse than predators even though they're pacifist carnivores.
Also fun fact, most carnivores aren't truly meat eaters, they're _blood eaters_ with an extra step.
ok? aaaaand? If you don't want to live like that, don't. Find a group of people with similar values to you. If you can't find that group, you are literally the only person with that opinion, so why should your opinion on reality dictate society? Don't get me wrong cryptobros are fuckin idiots but, guess what, many many many people think that, so if you want to be surrounded by people who agree with you, you aren't limited with options!
You just described government.
I really have to thank you and Folding Ideas' 'Line Goes Up' for your videos breaking down NFTs, as I was seriously considering minting some. I had no idea that it was some insane awkward fad that was tied to an already sketchy alt-coin business as its structural foundation.
These two are the unsung heroes
I am glad you educated yourself in time, even though it came indirectly to you.
If you don't mind me asking: what even got you interested in the first place? Why "mint" anything?
@@LaggyLuke not OP but i know for a lot of people its enticing because hypothetically you don't need to do much. Yes, usually you need to pay money to mint, but once you mind all you have to do is slap a pricetag on it and hope somoeone wants to buy it.
Its a simular-ish idea to stocks. its a thing you can buy, and if you wait for the right time, as a casual buyer you can sell your stocks and make money. stocks are more complicated than that but again the whole "Spend now, do nothing, get money" idea can feel nice.
there are obvious problems with both of those ideas, but at least that's one reason why this kind of thing can interest someone if they don't know a lot about it. one obvious downside is that most NFTs are not bought, but if you are just getting into it you might not know that.
@@GwyndolinOwO The problem is that people think of NFTs like stocks, and they're not. They're more like tulips - but ugly.
you never fail to blow me away with the depth and quality of your research
the war thing was actually an episode in startrek TOS and kirk broke the system because the syustem perpetuated war by removing it's horror. one of kirks ending lines was "i've given you back the horror of war." because wars horror is one of the deterrents to starting warts in the first place.
General rule of thumb. If a thing works and has great benefits for society, you don't need to promote it in it's "early days" because the bandwagon effect that creates once it's out, will make it promote itself. Over-promotion means that you are selling the hype, not the actual product, because you know it stinks
Yes, with a grain of salt, most revolutionary ideas sell themselves. Cypto is a scam.
Aka, all the Disney live action adaptations.
@@tootzy-the-roll ...no no, you're right.
6:41 "Fudge this"
26:08 "My baby" Idk
41:22 "Crypto PR"
1:06:38 "Writing this script caused me physical pain"
1:33:39 "HODL til it hits the floor"
1:38:30 "My Man's a Hexagon"
I'm just saving these for me, I like them
My man's Hexagon
He is not a Hexagon, it is his profile picture
@@Jartran72 r/woooosh
Amazing
@@glitchyyt7482How can I put this in a way you'll understand? r/lostredditors? idk wooosh is dead and you reddit people killed it hard
@@makeitthrough_ oh no i r/'d
this is a cringe moment right here
i wanna say /srs but then it looks stupid but it's not stupid
Cool, that I found this channel!
The acrobatics with the ring at the beginning of the chapters are really cool!
27:40 Glad you addressed this in particular, crypto is a dumpster fire already, but this is one of the more minor aspects that’s still a fundamental flaw. Having hundreds of different cryptocurrencies floating about, and being that easy to just make another one, really should just tell the casual observer immediately that none of these are worth crap. These aren’t different national currencies like in the real world, this is play money that these people want real money for.
Dropping this on Saturday at noon ET was a pretty cool thing to do. Gives me something to work through the Friday night hangover to
HA! You need to POISON yourself to have fun?! Tsk tsk. All I need to do on Friday nights is read richard Dawkins and become euphoric on my own INTELLIGENCE.
@@QuantumTelephone well not all of us can be sigma Chads
NÜNECAT
@@derdurstbursch that is incredibly funny.
@@aj7058 yes i can't even fathom it myself
As a pc build enthusiast, I will forever viscerally hate NFTs for what they've done to the graphics cards market.
And as an environmentalist, I will add to that hate even more for that carbon footprint.
Needless to say, it felt great seeing someone with as much rage towards them as I have.
Billionaire nobody has ever heard of: Hey NVIDIA, I’d like to buy 3,000 RTX 9090Ti’s so I can mine $0.03 of dogecoin a day.
Gamers: Please sir, I just want to play Minecraft at 30fps-
It didn't crash enough yet? Aw man 🥲
@Leeloo
Same. Even my mid range card (RX-580) went up like 500% in price during the crypto craze. Glad I bought it before the pandemic even began.
@@fluttzkrieg4392 i knew someone who was just trying to build their own PC, not for gaming or crypto stuff specifically. she had to wait years for some of the parts to become both in stock and affordable.
same here bro. i really enjoy rigging out my computer, it’s a fun little side hobby i have. only issue is, i can’t even touch anything in there for the next fucking decade because of what crypto has done. i love staying on top of my tech, but i can’t even do that anymore man😭
This is my first video of yours! Incredible. I can’t wait to watch more.
There's not a lot of content on the web about crypto that stay relevant for more than a month, let alone a year. I thought I knew a fair bit on the subject but I clearly didn't research quite enough. In particular, the history bits in that video are highly relevant and blew my mind. The production is amazing too. I especially love how the background musics always match and support the current tone. Amazing work.
I'd advise any proponents of seasteading to play BioShock to see how well that utopia will turn out to be. That pitch is literally Andrew Ryan's manifesto lmao.
Right-Libertarian thought draws a lot from Ayn Rand (the real life person that Andrew Ryan is based on).
Gotta love how their video animation on seasteading looks exactly like a video explaining viruses
@Nawid N. It's not an accident.
Would you kindly... Give me all your data.
@@insekten1971 I I I, I think I will do
The thing about "play to earn" games is you can't actually play to earn. If you play the game to have fun, you'll be losing money. The only way to actually earn anything is to do tedious grinding and all sorts of actual work. They are miserable experiences most gamers hate.
but people are already doing this at WoW & Runescape. The difference would be they don't have to worry about breaking ToS and losing fruits of their labor
@@LiteLiger Yes, people are already gold farming in Wow and Runescape, and it is completely miserable. Also ask Diablo players what happens when a game encourages people to grind and sell loot rather than ban it in the TOS. Ask them how much better Diablo 3 got when the auction house was removed.
NFT games are shitty games by design. They will always be worse than normal games.
@@modelmajorpita So its better than Jagex keeps banning venezuelan Runescape farmers and let them starve instead?
@@LiteLiger Believe it or not there are options other than people starving or a shitty pyramid scheme put into a barely functional video game.
@@modelmajorpita Well its not really your position tell people what they prefer to do.
on paper, my brother was exactly the kind of person who’d fall into the crypto trap. loved money, midway through a business degree, andrew yang voter, fan of edgy humor, whole nine yards.
BUT… crypto mining and NFTs just so happened to kick off right when he started upgrading his gaming PC. suddenly the parts he wanted cost 10x more and were extremely hard to find. i think it took him like 18 months to finally get everything he needed.
it made him DEEPLY hate crypto bros. and it’s honestly made him a better person. he used to laugh at Edgy Jokes™️ and complain about tipping - now, he helped a homeless man set up venmo so he could send him money and sent me a video about racists dog whistles in BAYC tokens.
Honestly, fantastic timing, lol. Hate to think what would've happened if he hadn't gotten into pc building right then. I'm happy for your brother, being able to escape that alternate reality where he got sucked into the web 3.0 pipeline!
"it made him DEEPLY hate..." & "it’s honestly made him a better person" This is the most leftist thing I've ever heard.
@@vulkanofnocturneHahaha, yes. Because it is DEEP hate that makes better ppl.
"Are we the baddies?" Lol@@TheZaxx
Yes? We should hate things like bigotry and injustice. Your point being? @@vulkanofnocturne
Great vid. Brilliant content and wonderful presentation. Subbed
Anytime anyone sells you anything with the promise of it increasing of value in future, make sure to ask why they are selling it to you now instead of just waiting for the price to go up themselves.
Isn't this the premise of gold trade and the stock market?
@@GoldenRedder Ditto for gold, but with stocks, they can pay a dividend. Buy and hold. that's the way to win
like a house? XD
So, we should ignore that munecat is yet another content creator who thinks she's smarter than she actually is? If she was truly intelligent, then she would have opened her video up with this quote from _Them Adventures With Extremists,_ "Let’s face it, nobody rules the world any more. The markets rule the world. Maybe that’s why your conspiracy theorists make up all those crazy things. Because the truth is so much more frightening. Nobody rules the world. Nobody controls anything."
@@JamesonLemonade Well with a house it is a bit different since they might just want the money upfront and you might want a place to live. Maintaining a house isn't always easy for a person to do and even less people actually want to do the stuff a landlord is usually required to do.
On the subject of Play to earn NFT's: They're using this as a way to get around gambling laws because as long as you have an element of skill involved, no matter how small, it isn't considered gambling. The same way mobile games can sell "pulls" because you have to do something small in the game to cash them in. They're literally creating an NFT casino XD
"gambling laws" how much time will legislators feint ignorance ?
Like how some countries require you to solve a simple msth problem to get a lottery ticket
Awful just awful
Video game microtransactions are basically proto-NFTs. They were ahead of their time when it comes to shady practices and covert gambling targeted towards children.
Not really though. Instead it's mostly a way to sell shovelware for over 1000 dollars.
so comprehensive
Wtf this video documentary monologue is a work of art. Stupid, but bloody beautifull.
The play to earn NFT's section reminded me of gold farming in MMO's. They seem to be basically the same thing to me, only difference is it's NFT's instead of gold you're farming.
The gold's worth more.
It essentially was, there just wasn't a centralized exchange, nor on the blockchain. You could very strongly make a case that WoW Gold is/was a form of early digital exchange currency, that followed many of the same "rules", yet at the same time lacked some of the core elements (cryptographic, blockchain, etc,)
It was still a digital currency who's value fluctuated in $, could be purchased, and could be sold.
There is actually Something i can do with my virtual gold Like buy a Portion or a Upgrade material
@@Ettrix wow gold selling has a certain history and some of the players in it is rather interesting one of them was steve bannon of all people
Yea, and when you sell gold, and in some cases accounts with valuable pets/mounts/transmogs etc., you're actually selling a product to someone that they will use. A character they can play as and skip time sinks that would be required to farm the gold. The Play to Earn IS the time sink and you barely make any money, just clicking a button, in order to make the people above you more rich
God... I absolutely ADORE your little mini-song interstitials... they're SO... FREAKING... GOOD... you are so damn talented.
...unfortunately... the content is fucking depressing. Dan Olsen's video was illuminating. This is a damn good companion piece that expands and goes further. As much of a horror show the reality of it is, I'm glad we've got people like you going to the trouble and effort of doing the legwork and research to inform folks. Thank you, genuinely, sincerely, thank you. This had to be SO. MUCH. WORK.
Without Dan Olson's video, I wouldn't have been able to make sense out of this one, but this one names names and kicks asses. This stuff is radiotoxic.
Stay poor no coiners
@@joenuts6533 oh no... my only weakness... a toothless insult! I am vanquished!
@@joenuts6533 Let us know when you make it to the moon.
@@BrightBlueJim Already there! Next stop, yo mommas house! 😹 Seethe again nocoiners.
idk how I havent seen your channel before. love this style of content. 💘
The amount of work you put into this video is humbling.
i once saw a sociologist making a very accurate comparison between the concepts in web3.0 to feudalism. the main concept most libertarians don't understand, is that the big heads behind these meta productions are just feudalists gaslighting you to think they're any better than state, when they're just as opressive as any goverment they critique. that's why i hate the term "anarchocapitalism". currency, capital, these are the main sources of authority in our system. dismantling states won't do anything other than making the powerful more powerful, and the marginalized truly hopeless. I'm brazillian, and tax avoidance already costs more to public vaults than state corruption in my country. we're nearing elections, and propaganda still focuses on this discourse, the agressor blaming the victim.
falou merda meu irmão, apaga que ainda da tempo
But the blockchain is fully transperant for everyone, goverments could still identify adresses and block certain adresses
Thank you for this comment! I totally see the comparison to feudalism.
the big heads behind the corporations dont make the laws, tax you and fund a police and military to control you. they also dont issue a currency that you must accept as money. that is the state.
also, how much 'money' does you government print every year and compare that to tax avoidance instead of state corruption.
@@dan74275 in a scenario where state is gone, there is no other entity capable to establish laws and monitor their activity other than the corporations, or in this case, the landlords. I don't urderstand how people can't see that cryptocurrencies are pretty much like economic block currencies, new feuds can only use one at a time and literally nothing can stop them from doing so.
Also, the question isn't how much money is being printed, but how much money is being prived from the population. And in this case, it's 420 billion reals (our currency). Brazil today has 20 million people going through hunger, and a huge part of this is because of a CEO that decided not to waste money. Pretty balanced, honestly
I always said. "telling stupid people to do their own research is the smartest form of terrorism."
Lol kinda based but kinda cringe, perfectly balanced
As all things should be
@@joseloera5849 im a centralist for a reason
@@joseloera5849 schrodinger's cringe?
Is that why Tumblr and 4chan loved it so much
what is the song in the background at 28:00
Just noticed the classical take on age of consent "mental maturity is enough" on the thumbnail. I always found it hilarious, as most of the people aren't really mentally mature all the way until their mid thirties. From that angle I support it wholeheartedly, a shitton of financially unstable families and people's depression coming from being neglected as a child would just evaporate
Y’all how about mental maturity AND being (at least) the age of consent! You’d be hard pressed to find “mature 12 year olds” 🤮
@@Epic-so3ek The only "mature" 12 year olds are the ones who have been abused and robbed of a childhood. They don't need to be dealing with sexual predators on top of all that.
Münecat, I must say, as someone who works in finance (specifically the money and interbank markets), your explanations of the monetary and financial aspects of crypto were on point and above what I'm used to hearing from most finance youtubers. I don't know what your background is, but I can tell you did your homework.
Would you happen to know much one interbank clearance costs?
Tradition finances last I heard loves crypto. I guess uber should take advice from taxi drivers to? It's a direct t threat to your system and way of life as u know it. Of course u won't support it haha
She is just a smart cookie
@@chronicxswagger I hear what you say, but I think you didn't watch the video, which makes good arguments as to why crypto likely won't replace traditional finance. I really suggest you watch it because she says it better than I ever will in a youtube comment thread.
If I were to add something to what she said, it's that I think traditional finance is threatened to a far greater extent by big tech than crypto.
Leftists understand economics much better than economists assume, it's a critical feature of marxism
I'm hoping we've already seen the peak of Web 3.0 and everyone will come to realize what a speculative scam it is. Congrats to those that got in early and aren't stuck holding the bag.
While current applications are worthless, Web 3.0 as an idea is good.
A better way to run the web eventually will become necessary
@@JustSomeoneRandom1324 Great, since you know that it is a better way... can you tell me how it is a better way? I didn't get it so far.
I don’t think it’ll really ever become mainstream, at least not without some serious changes. They’ve managed to alienate everyone who isn’t either a grifter or a BS “investor”.
@@JustSomeoneRandom1324 what... does web3 solve exactly? what problem is fixed by it?
@@xxgothicprincessxx visa and Mastercard charge 3-10% fees on credit card processing depending on the type and location of the transaction. This is a common struggle and pinpoint for small and independent business and obviously gets worse as a company scales. Blockchain (not bitcoin) can offer near instantaneous transactions with zero fees. Munecat talks about blockchain as if they're all the same but there are many ecofriendly, egalitarian chains which don't consume huge amounts of energy and don't simply make rich people richer.
Also, after the financial crash or 2008, banks seized and sold people's savings, properties, and belongings. With blockchain, it is impossible for financial institutions to unfairly seize and liquidate people's assets. Read your banking agreements, you do not own your money while it is in a bank.
Fantastic work. You've said it way better than i could.
Unreal work . Keep it up
I just watched an extremely engaging, funny, barely comprehensible, hundred-minute video, and now I want to throw a molotov cocktail at math. Is this what being radicalised feels like?
welcome, comrade
Haha *radical* ized
YES. FUCK MATH
No that's just how it feels to get a computer science degree.
ya feels good
"renting NFTs", "playing a cute fun game to earn a living", "crypto queen"
Boy, the zoomer economy is fucking wild.
this aint no zoomer economy its upper middle class millenials
@@xX_Knives_Xx I see far more younger folks falling victim to all of this and losing money. There are certainly some predatory millennials driving it, but I see far less victims there and generally less participation except for only the very last few years of the millennial generation.
@@BTx933 Is earning an income from a ponzi scheme "epic" or are you just scamming people?
@@hgbugalou the majority of the zoomers hate nfts for the many issues with them
They didn’t ask for this. Millennials didn’t ask for this. I don’t even think boomers want this, and they’re usually all for fucking over the younger generations.
This is all just the realized dreams of Silicon Valley sociopaths who were butthurt that they couldn’t grift off of the housing market pre-2008.
39:30 - I am glad to encounter someone who thinks the same about my theory that those scammers' bad spelling is on purpose!
I'm in love, insta sub. Thanks for this entertaining and informative documentary.
I am quite happy that you have mentioned and went into detail about the Axie phenomenon in my home country.
At first, I thought it was just a side hustle where people who have extra cash to burn invest on it and hoped for the best but when it became sort of an "alternative" to having an actual job or a more respectable business. That's when I started to see the red flags.
And for the Philippines, having most of its population living in the poverty line but somehow has access to the Internet due to the abundance of dirt cheap Internet cafes. Those said people are the victim on this phenomenon if anything. Sure, there are success stories but Axie all boils down to luck. Only the Rich can rise to the top or at least have a stable income out of it. Whilst the less fortunate just gambles on it. So no, it is not an "alternative" for having a job or a small time business.
I didn't suspect anyone in your home country would have a 'success story'. It shows how well thought out the initial scam's marketability. They knew that some players would need to 'win' besides the big investors in order to keep people coming in. So they make sure there's a lottery element to it. I think this is evidence that they're much smarter than I gave them credit for. Thanks for sharing a perspective I wouldn't normally know about.
Axies are probably the worst, like its all scumminess of crypto, plus the exploitation of labour.
@@RobertDrane Due to years of me not having any access to a Visa Card I am always weary of anything on the internet requiring payment.
You can get just about anything for free, and if it's paid, don't bother because there is a free version out there.
That is very apparent with MLMs because most require you to pay first before earning anything.
YES! It was obviously unsustainable from the very beginning. I have friends who have "invested" in axie several months ago, and are yet to recoup their money. I hate the fact that crypto bros and the company use our country to pretend that axie and crypto are a social good. Axie is nothing more but a pyramid scheme.
@@winterwolf211 I’m lucky enough to have realized this in high school. Anything digital you can get for free if you know where to look. I constantly try to show my family and friends but they still buy into monthly subscriptions of websites and products and it drives me up the wall. It’s easier when you can just pay for it so they don’t bother :/
This hate for cripto warms my heart and sustains my hope for humanity.
Stupid never dies, it just multiplys. Never trust a social influencer. These parasites care for nothing but your money.
SUWOO 🩸 🩸 🩸
Amazing video. Thank you for this. Incredible work
"I'm going to have to Margot Robbie it" I haven't laughed this hard at a joke in ages.
I miss web1. The good old days of fighting with my parents when they were trying to phone their parents because I just wanted to look at random shit online
I love the contrast between crypto critics making these extremely well thought-out, densely packed, thoroughly researched videos that put the crypto phenomenon into the appropriate historical context, expose the major players behind the scenes, and talk about the many, many predatory tactics involved in hyping up crypto and NFTs, while crypto shills have ... tits, technobabble and memes.
Amazing.
Are you claiming "crypto-skeptics" doesn't have tits?
@@thelawenforcerhd9654
Given the fact that the cryptocurrency market uses more power than a large European Country, and by that is a huge contributer to global climate change, and it's the development countries who's going to feel the worst impact of this, how is it in any form defendable to advocate for crypto?
@@thelawenforcerhd9654 Hahahaah, oh you're serious.
@@GamingPandaCat seriously, his name is 'LawEnforcerHD'.. Like, what's so High Definition about law enforcement?
@@GamingPandaCat Yeah I'm serious. To find out information you look at data from peer-reviewed academic studies. You don't get information from Charlie Brooker plagiarists on youtube making unsourced and unverifiable claims about how the poor should help themselves by "making more money". Because that is what stupid people do.
Awesome show, great job.👍
Girl you are amazing. You made my day. I love you from only one video. Thank you for your time. Subscribed ❤❤❤
same lol
Witnessing the downfall of humanity is interesting to say the least. Really depressing video, looking forward to the next one!!!
At least we can say we were there...to no one
It really feels like it, doesn't it? At least Munecat tells us in style.
@@rockhunter123 We'll have a lot of really funny stories to tell over the campfire while we cook rats on sticks.
@@razieldumas No can do. Don't have rats where I live. Check your rat-privilege.
Oh how white and western centric of you. "Downfall of the West" is closer to the truth.
This video had the one thing Dan Olson's was sorely missing: someone explaining economics in a bathtub.
Really a missed opportunity to reintroduce long running character BathDan; the Dan in a bath
Monty Python history lesson skit right there! The gal's a natural teacher.
i lost a few brain cells during that "explanation" lol
Holy crap! So much information in one video, this is incredible 💜
Always interesting, thank you. Also, where can I get that drug you mentioned that's spiked with the source code of the Reddit home page? Sounds like a wild party.
The way you described Cryptoland just made me think "So it's basically Rapture from Bioshock"
Yeah, I felt the same way. I actually decided to replay the game again to be sure, and man its more on point than I thought lol
It's not at all coincidental. Bioshock is a rebuke of Ayn Rand's objectivism (to the point that the main villain's name is almost an anagram of her name), and a lot of crypto-bros and other anti-government weirdos like her a lot. Too bad they can't decode even the most thinly veiled metaphor...
Without superpowers but with ipads, so sadsack Rapture.
I worked in a cryptocurrency firm for a few months. Despite the fact that it paid well, and I basically got to be by myself most of the time (I did 12-hour shifts on Sundays, because I was desperate for income at the time) - I hated it.
It always felt off. If was as if I was doing something wrong... i knew that the coins had no value. The hype was so strong... until the crash, and things got desperate. When the company lost money, I was stoked!
I got fired, eventually, because someone used an old lady to con $30k out of the company, via a fraudulent transaction. And I was (i guess) partially responsible for that, because I didn't really question the fact that an old lady was buying crypto - despite the fact that I was the second person in line to sort the transaction, and why should I have to question that? Why shouldn't an old lady buy crypto?
There's no doubt that the company probably made a lot of money from the 6 months I was there - potentially, hundreds of thousands in profits, if not more - and it makes my blood boil. So many average users lost money, either because they bought at the peak, or because the company I worked with wouldn't buy back the crypto that they sold.
Oh yeah - what was worse, is that they wouldn't accept coin sales until prices went back up. Class act, for sure.
Oh - but do you think that the company kept their gains in crypto? Or did they pull them into USD?
What's your guess?
Of course they converted those gains to fiat, because they're hypocrites. They'd brag about the bag they were spending. It was disgusting.
Watching this video has reminded me that the whole situation is stupid. So little of what was discussed and promised by all these shillcoins actually ended up being delivered.
I ended up investing in traditional stocks, and have never looked back. And because of this, hey, it stays at a similar value, which is awesome. I have money, if I needed.
Buying an NFT is counter to common sense, when it comes to investments. It relies on people being interested in it. It has no other value, is destroying our global climate, and it is predominantly and indirectly marketed by con artists and scams.
It's a ruse, and it can die in a fire.
What would you consider traditional stocks?
@@NawidN Shares of publicly traded companies, purchased in USD. I would guess
Lmao
Just my opinion but, you should take full 100% accountability for contributing to shitcoin (aka as scams with no utility) and not use this anecdotal experience as a realistic representation of all the hair on fire problems being actively invovated and developed for a incomprehensible amount of use cases.
@@michaelhiggins2823 Can you say this in a way idiots like me could understand?
26:31 hey. not cool. let me watch a video shredding web3 without being reminded of my receding hairline for one fuckin' second please
banger vid tho