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@@wallstreetmillennial 15:25 I don't get why would you need a retina scanned everytime? The orb hashed your retina. And you got a unique account. Now you can't get another so any account connected to world coin is a unique human. So why would you need to have it scanned again?
we are in the golden age of fraud.. but its the same mechanism as helth insurance companies trying to make as much money as possible by denying legit claims.. its make as much money as possible and fuck the other guy.. this is not sustainable.. when it blows up its gonna be hilarious..
You're one of the very few channels where I feel it's not just me going insane. It must feel as if you're talking to a wall most of the time, but I can assure you you're not. Thanks for your work so far and keep it up
I feel ya man, and agree. I worked in investment stuff for a while and the majority of people there think it’s garbage. A few are into it but it fundamentally goes against a ton of principle’s & fiduciary duties.
Somehow the same scam keeps working over and over again though. At this point, if you want to invest in crypto, you can just buy bitcoin/ethereum etfs. Yet people keep going for whatever the newest shady coin is!
When was there democracy before this time? Do you know what a democracy is? It certainly has never existed at a national level, regardless of what people may say.
No, it wasn't. It was the opposite. Limiting money is limiting speech. You just don't like what the corporations say, which is ironic because corporations are what make economies thrive. The best countries in the world have the most economic freedom.
Andreessen & Horowitz crack me up. They both talk non-stop, throwing all the web 3.0, blockchain, AI buzzwords out there. Yet, you listen the entire time and think, I have no idea what point they were trying to make. Complete nonsensical, incoherent BS
You are correct. Remember that Andressen Horowitz win when the startup goes public. If the company is legitimate that is great but often a listing is the opportunity to sell your company to unsophisticated investors ie the public
Sam Altman and Andreessen are not taking scans of any part of my body. They basically pay people of Buenos Aires/Argentina 1.500 USD to scan their eyes.
Their goal isn’t to fool people that know what they’re talking about, their goal is to get money from people that hear this and think “well he’s a billionaire and sounds smart”. They want dumb money.
@@aryaastark9201 - It was opened up to the general public, and allowed to be commercialized, by law, in 1992. The Internet, even before, when it was only used by the government and research institutions, it was still peer to peer. That was the initial goal from the beginning, in the late 1960s.
I have a crypto bro friend and ultimately he said crypto is “real” in the sense you can actually get rich. As long as you sell when it’s high. People are not investing cuz they believe in crypto. It’s just a digital asset that you bet on. It’s not a currency anymore. Just digital gold. That wastes money and electricity on every transaction. It literally has a net negative effect on the world.
@@christopherfoley4355 I always say this exact same thing and I have yet to receive a coherent response. Before electronics, gold was technologically useless as well.
5:41 Ever notice how these people say they care about "the community" yet their actions only benefit themselves? It's almost like they're pissing down your back and telling you it's raining.
@@Johnnodonoughue I somewhat agree with your sentiment, yes you would be silly to hold cash as savings, but wise to invest in a stock/shares. If bitcoin is a store of value compared to some of the alts that have utility and are being used for trading, is bitcoin more like investing in a form of art more than a currency as this point?
What do you mean their real world utility is non-existent? Drug dealers and scammers need crypto to move their ill-gotten gain around the world without pesky investigators looking at their transactions. Great video!
Bitcoin is less private than even a debit card. Every tx is broadcast to the internet for anyone to see forever. Cash is how 99% of criminals do business.
@@kemingyu4266 Bitcoin isn't great for those activities because transaction history is publicly visible. For business models that the government disapproves of, Monero is the better option
Imagine all those poor people who have nothing, opening their wallet and seeing it 10X'ed when/if it ever gets listed on Coinbase. It would be a transfer of wealth from the insufferable US crypto bros to the poorest in the world. I wish it would get more positive press. It's ERC20 too so no wasted energy from POW.
Rich people politically support the best interest of themselves and don’t bother to think about anybody else? I’m shocked. Shocked! Well, not that shocked..
The Internet was great because we can use it to improve every aspect of our lives. Only then did the "decentralization" matter. It had to be useful first.
The ‘crypto beats inflation’ arg isn’t merely dumb…it’s insidious. “I’m immune from inflation because I’m a rich bastard and you’re not so just let me scam a few more mil off your pathetic life with this token”
I was in the tech industry in London heavily from 2012 to 2015 and I had never once had a conversation about Bitcoin or cryto-currency with the countless entrepreuneurs, investors at various meetups and events I went to on a weekly basis (3 or more). Then randomly in 2018 the public is disucssing Bitcoin as if it was the savior of mankind. Extremely strange.
No even Bitcoin is a scam token to. If the entire world decided they didn't want to own Google and sold you all their shares for pennies you'd soon be one of the richest people in the world just by paying yourself a dividend of half the profits they make each year. Whereas if the entire world sold you all their Bitcoins for mere pennies you'd have nothing but a bunch worthless scam tokens and a giant spreadsheet that shows you were the last fool willing to pay for the worthless tokens that generate no income or interest/dividends.
I disagree with the final section. Cryptocurrencies *have* found a real use case - for criminals. Without cryptocurrencies, ransomware would not be possible, because they'd have no way to collect the ransom.
Organizes and puts into words the misgivings I've had when listening to crypto pitches. Always felt that something was off but didn't have time to sit down and do a rigorous analysis of something I had not intention of buying.
I hate cryptos. To satisfy my FOMO I hold some amount of some coins. But to put it bluntly: I would happily see my whole crypto wallet go to zero, to see them all vanish. They have caused so much harm and loss to people who were already unfortunate to start with.
Ad revenue is not the only revenue FB and Alphabet have. A large amount of the money comes from sales of information. The disparity may not be 99% to 1%, but it is closer to that than 50/50.
17:25 - thats simply not true, many people in the world are cut from basic banking, let alone brokerage. Also property rights on all traditional asstets constantly violated by governments via widfall taxes and fines etc.
@@Johnnodonoughue that's pretty accurate as he will likely be dead.. i dont think he will figure out btc either as he will be dead.. but i agree with him i think its worthless until you can sell it..
Buffet owns assets, he uses dollars to buy assets - businesses like farms and chocolate factories. The currency is irrelevant, Berkshire Hathaway will *never* go broke because it's wealth is not in dollars, but in the things it owns.
@@w__a__l__ebut, you can sell it, 24/7 there are markets and people willing to buy it across the globe. So, based on what you just said, is it worthless?
disagreed. bitcoin is a different monster now. altcoins have more utility. bitcoin has more security and stability. you cant develop apps for bitcoin blockchain. security comes with price. So if you want your internet decentralized and democratized(this one debatable we know but still best shot we have) you need altcoins and efficient blockchains.
Bitcoin is like investing in a form of digital art at this point, it may always hold value due to its history and reverence but not for it utility against other alts
@@nanostar6138 disagreed. Bitcoin uses proof of work mechanism thats why its more secure but heavy and low utility. That security is its most important utility.
15:25 I don't gwt why would you need a retina scanned everytime? The orb hashed your retina. And you got a unique account. Now you can't get another so any account connected to world coin is a unique human. So why would you need to have it scanned again?
20:40 There is a real world utiliy for crypto currencies and that is to provide payment facility for criminals and criminal regimes (e.g. NC). This utility could be a part of what upholds the value of crypto currencies.
Just to clarify: you won't need to scan your iris every time you want to verify yourself. As long as you have scanned and have the wallet, you can use it to transact (which includes signing up to services)
I don't understand why they would have made an exception for Bitcoin. It is just a bigger pyramid and therefore longer-lived, but it's a scam like the others and not a currency at all.
Agreed, the logic is basically "well it's had more time to establish itself as a scam token traded illegally like a commodity before we started cracking down on scam tokens being traded illegally like a commodity". That's like saying a bank robber should be able to keep their stolen money because the police weren't concerned about catching bank robbers at the time they robbed the bank.
Because it's been to the Supreme Court already that Bitcoin (and bitcoin only) cannot be regulated as a security. All the other cryptos haven't had the kind of legal power that Bitcoin does.
@@shadowninja6689bitcoins origin was quite different from all others with VC money and insiders enriching themselves. Also what about trading it is illegal? Tf..?
What if " A database of serial numbers in imaginary locators", but with less info, or data processing capacity at massively and increasingly higher transaction costs. Also once you make the system no one can mess with it so that the first time there's an issue you have to scrap the whole thing. Surely a multi trillion dollar idea.
You have to understand the children’s story The Emperor’s New Cloths’ from 1837. That really is all you need to know. It is also a song by the once famous singer/actor Danny Kay, who starred in 23 films and was a UNICEF ambassador. Worth checking out.
Digital gold is the easiest way to understand bitcoin. I own a gold ETF as a store of value. I’ve never transacted in gold nor do I ever expect to. But I sell it for more money than I bought it with. I own it as an investment. Same with bitcoin, especially in ETF form. Same for everyone else that owns a gold etf. Imagine buying a share of Berkshire in the 80’s for $100. Today it’s worth $692k. Doesn’t pay a dividend. No utility other than a store of value or investment. But it’s worth $692k and it isn’t supply capped. So how high could a supply capped asset that’s easily investable in? Well, people will likely be making videos about that in 10 yrs.
This is great analysis @wallstreetmillenial On a video a while back I commented about how one of your videos felt unfairly biased from one side and this video showed me you really do have an independent perspective that’s not afraid to criticize multiple “sides” or political camps. Lots of respect for calling this stuff out even if you catch flack for it. Good work and my apologies for unfairly judging you earlier.
Good point about fractional shares too. It extends even to real estate also, you could invest $5 in a real estate ETF and it would be much better served there than a 💩 coin
Retina scans reveal a lot more than just identity. The images contain markers for disease and health, as well as sex, age, etc - and AI is capable of diagnosing these surprisingly accurately. Doctors are starting to use retinal images as a diagnostic tool for diabetes and other conditions. Perhaps people might not want to share their retinal scans if they knew they were also giving up this kind of information?
Great video. I hate that they put out there that Black people are more likely to own crypto as if that is a good thing. I don't know a single crypto millionaire personally.
The holding duration is pretty clear evidence that cryptocurrency isn't being used as a currency. If it was, small accounts would be trading quickly because small users would be buying crypto so they could spend it on a specific purchase, the same way you only buy premium currency in a mobile game when there's something you want to spend it on. Sellers might build up their wallet over time because it's more convenient or cheaper to cash out all at once, but again that wouldn't mean receiving crypto once and holding.
As a black dude, this egalitarian argument has me fuming. Crypto is an extremely risky asset. The last place people should be investing their money when they’ve only got a small sum to invest.
Crypto itself is the biggest grift of all time. It’s literally nothing. The underlying code & technology could be good for some things - but as a currency itself is just horse 💩. It’s like inventing C and being like “this is now a money”.
@ nah. It’s backed by a minimal amount of (actual) things and the ability of a country to produce actual revenue through taxes, which has an intrinsic value.
@@amg2022that's not how the fiat system works. the things are built regardless and taxes are just a method of controlling inflation for the most part. most currencies are designed to go down in value to encourage spending and consumerism. the usp of bitcoin is that it's a public ledger trusted by everyone, and that after a point, it will no longer be mined, making it steady in total supply.
@@phoneywheeze taxes are not just a method of controlling inflation. If they were, we’d never have inflation/stagflation. Even though the bros don’t want to believe it - the US government actually owns stuff. Massive swaths of land, mineral rights, and intellectual property. Even if our deficit was 5-10x what it is - there’s an actual thing that could compensate against it. There’s also the world police aspect of it. Bitcoin and the majority of cryptocurrencies have (none) of that backing.
@@amg2022 you don't understand how taxes work. there are countries with 0 tax (some only have 0 income tax) that still have valuable currencies. Taxes are used to control the inflation from printing money, it's as simple as that. The inflation is a "feature" to encourage spending and not hoarding. Regarding the asset holding of bitcoin vs US government, you're correct in that the US government holds assets that are valuable. But that's not the USP of bitcoin. Just because a country holds assets, it doesn't mean that the value of it's currency is pegged to it, or in other words the value of USD circulating in the world is not equal or proportional to the net value of asset holding of US government. What bitcoin facilitates it to enable global tranfer of a currency. The underlying value of currency (btc) can be questioned, just like gold. In the past, even other metals like aluminium were extremely valuable. While the value of btc (say $1 or $100k) can change, it's function (making p2p transactions worldwide) doesn't.
15:34 Even if you KYC everyone, there's still a high chance people get their data leaked or stolen. This happens all the time with X verified accounts, lots of bots running around with KYC'd accounts. The only way around this would be requiring a face scan every day, which no one will opt into.
ICP was one of the many projects that got caught up in FTX’s shady dealings before its launch. The price was artificially pumped to over $3,000 on different exchanges through futures trading, only to be dumped hard-likely to wreck its reputation and protect SBF, Solana, and Alameda Research.
A lot of comments trying to lecture WSM about finance, but menacing him with tech words. The video point is literally proved by this comment section lol
All I heard them say is they want to be able to have access to black people's money. These mfs will walk you down then try to convince you they are doing you a favor
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you are gary gensler
Ca’mon man, “the democrat party” is why the freaks at fox new call it. be normal.
@@wallstreetmillennial 15:25 I don't get why would you need a retina scanned everytime? The orb hashed your retina. And you got a unique account. Now you can't get another so any account connected to world coin is a unique human. So why would you need to have it scanned again?
@@jaehparrk u r bot
Our economy has become one that values quick fraud over sustained productivity. This is so depressing.
Yup! Nobody wants to work for their money anymore
we are in the golden age of fraud.. but its the same mechanism as helth insurance companies trying to make as much money as possible by denying legit claims.. its make as much money as possible and fuck the other guy.. this is not sustainable.. when it blows up its gonna be hilarious..
Carvana selling crappy cars for peak dollar. 😂 50 billion worth company.
Rich people either scam you or outright rob you at gunpoint, but they need that bigger yatch nomatter what.
It is becoming increasing clear that an 'honest buck' is simply no longer enough.
You're one of the very few channels where I feel it's not just me going insane. It must feel as if you're talking to a wall most of the time, but I can assure you you're not. Thanks for your work so far and keep it up
you're a wall though.
I feel ya man, and agree. I worked in investment stuff for a while and the majority of people there think it’s garbage. A few are into it but it fundamentally goes against a ton of principle’s & fiduciary duties.
Nah he's a bitter hater.
Amen
Somehow the same scam keeps working over and over again though. At this point, if you want to invest in crypto, you can just buy bitcoin/ethereum etfs. Yet people keep going for whatever the newest shady coin is!
In 2010 the Supreme Court ruled that corporations are allowed to donate unlimited amounts to politicians. That was the start of the end of democracy.
When was there democracy before this time? Do you know what a democracy is? It certainly has never existed at a national level, regardless of what people may say.
'corporations are people' , 'money is free speech'
No, it wasn't. It was the opposite. Limiting money is limiting speech. You just don't like what the corporations say, which is ironic because corporations are what make economies thrive. The best countries in the world have the most economic freedom.
@@nicomalallowing bribery is freedom? 😂
Only democracy in America (and now in Ukraine because russia bought the election for trump)
Andreessen & Horowitz crack me up. They both talk non-stop, throwing all the web 3.0, blockchain, AI buzzwords out there. Yet, you listen the entire time and think, I have no idea what point they were trying to make. Complete nonsensical, incoherent BS
They lost me when I saw Horrowitz’ socks on the first video.
I don't think they even understand what crypto actually is. The words they speak are valid sentences but completely incoherent in context
people eat it up
You are correct. Remember that Andressen Horowitz win when the startup goes public. If the company is legitimate that is great but often a listing is the opportunity to sell your company to unsophisticated investors ie the public
Old bums
hearing rich people say "poor people" got me feelin like a Mario Bro
@@bacool the blood red one.
@@Exigentablelol no bro the green one who goes to the park after 😅 ca mon bruddah
Think of the Block Chain as a giant conveyor belt for moving wealth from suckers to thieves and their patrons.
Paying people in poverty 50$ for their rentinal scan is so dystopic.
“Look, they love using our tech”
Sam Altman and Andreessen are not taking scans of any part of my body.
They basically pay people of Buenos Aires/Argentina 1.500 USD to scan their eyes.
It's as bad as it looks.
Sam Altman, the guy behind chat gpt. He's as shady of a character as you can get
Trump in 2021: "Crypto is a scam."
Trump in 2024: "How do I get in on this scam?"
Billionaire telling you how the internet it's too centralized 😅
Fun fact: wealth in crypto is even more concentrated than in the real world
Innovations in financial crimes. thats the innovation that regulation was holding back.
It wasn’t doing a very good job.
5:20 This is not a description of the blockchain. This is a description of peer-to-peer networking, which we've had since the 2000s.
Their goal isn’t to fool people that know what they’re talking about, their goal is to get money from people that hear this and think “well he’s a billionaire and sounds smart”. They want dumb money.
Actually since the 90s. I was using Napster in 99
@@aryaastark9201 - It was opened up to the general public, and allowed to be commercialized, by law, in 1992. The Internet, even before, when it was only used by the government and research institutions, it was still peer to peer. That was the initial goal from the beginning, in the late 1960s.
@@aryaastark9201I was just thinking it sounded like Napster or Limewire
I have a crypto bro friend and ultimately he said crypto is “real” in the sense you can actually get rich. As long as you sell when it’s high. People are not investing cuz they believe in crypto. It’s just a digital asset that you bet on. It’s not a currency anymore. Just digital gold. That wastes money and electricity on every transaction. It literally has a net negative effect on the world.
Most bitcoin maxis are not trying to sell ever
Also, by that logic, wouldn’t gold also have a net negative effect on the world? Mining gold isn’t exactly easy.
different cryptos for different use cases. people use onchain usd representation like usdt and usdc for liquid currency like trading
@@christopherfoley4355 I always say this exact same thing and I have yet to receive a coherent response. Before electronics, gold was technologically useless as well.
@@christopherfoley4355not yet. Eventually they will
Only in Modern America can institutional corruption be so on your face. This rivals corruption in third world countries.
It’s called legalized corruption
5:41 Ever notice how these people say they care about "the community" yet their actions only benefit themselves? It's almost like they're pissing down your back and telling you it's raining.
I miss when investors valued “durable profitability”.
Warren Buffet and Berkshire Hathaway would like to have a word
Crypto idiocy has no bounds
Cry more baby...meanwhile we the crypto bros are going to the moon. We'll wait for u dumb money's to buy our bags :)))
Stick to your government issued currency 🤣👌🏻
It's not idiocy...these shysters aren't stupid and know exactly what scams they're pulling
@@Johnnodonoughue At least the government issued currancy is backed by the population going to work day in and day out.
@@Johnnodonoughue I somewhat agree with your sentiment, yes you would be silly to hold cash as savings, but wise to invest in a stock/shares. If bitcoin is a store of value compared to some of the alts that have utility and are being used for trading, is bitcoin more like investing in a form of art more than a currency as this point?
How exactly has obvious scam turned into an industry?
Greed, unsophisticated investors, payments for illegal products/services, avoid sanctions.
If only the US could be more like Buenos Aires!
Said no one ever. 😂
What do you mean their real world utility is non-existent? Drug dealers and scammers need crypto to move their ill-gotten gain around the world without pesky investigators looking at their transactions.
Great video!
1% of Bitcoin is used for that. More than 2% of USD is used for that too.
That's cash mate 🤣
Bitcoin is less private than even a debit card. Every tx is broadcast to the internet for anyone to see forever. Cash is how 99% of criminals do business.
Poor boy
@@kemingyu4266 Bitcoin isn't great for those activities because transaction history is publicly visible. For business models that the government disapproves of, Monero is the better option
If it's being peddled by Andreesen Horowitz, then you can almost guarantee it's a pump & dump.
I agree with Charlie Munger about the craptocurrency craze: "It's like you see other people trading turds, and you don't want to be left out."
At this point, if you’re still falling for cryptos, I’ve got a bridge I wanna sell you…
try me :D i believe in cryptos. what better asset u got other than real estate and food?
Where is the bridge
@@TheHeretiCanwhat better assets are there?
I can eat food and live in real estate.
I've got an nft that leads to a pic of a bridge I want to sell you.
Giving up your privacy for fake currency? This is just evil.
Imagine all those poor people who have nothing, opening their wallet and seeing it 10X'ed when/if it ever gets listed on Coinbase. It would be a transfer of wealth from the insufferable US crypto bros to the poorest in the world. I wish it would get more positive press. It's ERC20 too so no wasted energy from POW.
Rich people politically support the best interest of themselves and don’t bother to think about anybody else? I’m shocked. Shocked! Well, not that shocked..
Just goes to show, just because you’re rich doesn’t mean you’re intelligent.
he's very intelligent at selling the crypto utopia dream to less intelligent idealists
Marc (and perhaps his partner) is an excellent example of a billionaire who believes that poor people owe them more.
All these bald Lex Luthercels hijacking crypto
Ha! The politicians totally took their money and gave them nothing
Lil bro...Blackrock and states from USA and around the world are buying Bitcoin. We will wait for you dumb money to buy our bags as always :D
good call!
@deathlarsen7502 it's predictable because only greedy bastards think donations are bribes
This should be required viewing for all US citizens.
Not really, he puts Bitcoin and NFT's and DeFI in the same point in the end which makes it seem like it's the same thing even though they aren't.
I guess FTX wasn't a big enough lesson on the uselessness of crypto currencies.
I guess you don’t understand what they stilly did
Seems like you don't understand the differences between trading platforms and blockchains, maybe learn something before you criticize it
The Buenos Aires thing is like that Hawk Tuah coin guy ranting to Coffeezilla about setting up a foundation in the Cayman Islands.
Modern day robber barons.
The Internet was great because we can use it to improve every aspect of our lives.
Only then did the "decentralization" matter. It had to be useful first.
Your videos are always so well made. I love how you can turn a potentially confusing and esoteric concept into one that everyone can understand.
Not really, he puts Bitcoin and NFT's and DeFI in the same point in the end which makes it seem like it's the same thing even though they aren't.
I appreciate not just the detailed info but the heavy dose of skepticism toward everything.
The last phrase is everything. I'm a tech entrepreneur with proven POCs that is struggling to get funded because the capital is tied up in crypto.
People of color ?
@@MegaJuniorJones People of crypto, imo
The more I learn about crypto the less I understand it.
Haha! Me too.
The ‘crypto beats inflation’ arg isn’t merely dumb…it’s insidious. “I’m immune from inflation because I’m a rich bastard and you’re not so just let me scam a few more mil off your pathetic life with this token”
A dark chapter opens for American history.
@3:54 i hope they realize that Trump thinks the 'blockchain' involves lego's
My wife’s nephew told her he took out a loan of actual real money to buy crypto. The fall is well under way.
For a smart billionnaire, he sounds very uninformed.
Ugh tired of seeing humpty dumpty
lol good one! totally humpty dumpty
Those guys are so good at faking what they're talking about. Just shows that grifters are going to grift - no matter how much money they already have.
Back in 2007 nobody understood what the hell derivatives were, same now with crypto, it will be the next financial disaster
My investing moto is "Crypto is Crapto".😆
I was in the tech industry in London heavily from 2012 to 2015 and I had never once had a conversation about Bitcoin or cryto-currency with the countless entrepreuneurs, investors at various meetups and events I went to on a weekly basis (3 or more). Then randomly in 2018 the public is disucssing Bitcoin as if it was the savior of mankind. Extremely strange.
Marc Andreesen’s donations also have a lot to do with CFPB and his involvement with Synapse.
I suppose he’s anti CFPB? It’s literally one of the few government functions that truly helps people.
He was crying about it on his rogan episode.
Every that is not Bitcoin is a scam. Stop "Investing in crypto", start "Saving in Bitcoin"
No even Bitcoin is a scam token to. If the entire world decided they didn't want to own Google and sold you all their shares for pennies you'd soon be one of the richest people in the world just by paying yourself a dividend of half the profits they make each year. Whereas if the entire world sold you all their Bitcoins for mere pennies you'd have nothing but a bunch worthless scam tokens and a giant spreadsheet that shows you were the last fool willing to pay for the worthless tokens that generate no income or interest/dividends.
I disagree with the final section. Cryptocurrencies *have* found a real use case - for criminals. Without cryptocurrencies, ransomware would not be possible, because they'd have no way to collect the ransom.
Would you trust a guy named Horowitz ?
I wouldn’t.
Keep spreading awareness!! Appreciate this content and your channel!
Bitcoin is legit imo.
Can't say I have as much faith in any of the rest of them. Especially none of the newly minted or meme coins.
Organizes and puts into words the misgivings I've had when listening to crypto pitches. Always felt that something was off but didn't have time to sit down and do a rigorous analysis of something I had not intention of buying.
hosting videos and music on millions of users computers isn't new, its bit torrent and napster
You underestimate the size of UA-cam. They likely are in the 2 exabyte range.
Real world innovation of turning UR money into theirs
I hate cryptos. To satisfy my FOMO I hold some amount of some coins. But to put it bluntly: I would happily see my whole crypto wallet go to zero, to see them all vanish. They have caused so much harm and loss to people who were already unfortunate to start with.
Ad revenue is not the only revenue FB and Alphabet have. A large amount of the money comes from sales of information. The disparity may not be 99% to 1%, but it is closer to that than 50/50.
17:25 - thats simply not true, many people in the world are cut from basic banking, let alone brokerage.
Also property rights on all traditional asstets constantly violated by governments via widfall taxes and fines etc.
The overall theme that no crypto (including Bitcoin) has any real-world use case is incredibly short-sighted (and frankly, just ignorant).
On crypto i agree with Buffett, anyone else here think the same?
In 20 years buffet will have 0 money. He'll figure btc out soon enough.
@@Johnnodonoughue that's pretty accurate as he will likely be dead.. i dont think he will figure out btc either as he will be dead.. but i agree with him i think its worthless until you can sell it..
Oh another crypto idiot I see. You're probably the kind of guy who would have brought beanie babies in the 90s.@@Johnnodonoughue
Buffet owns assets, he uses dollars to buy assets - businesses like farms and chocolate factories. The currency is irrelevant, Berkshire Hathaway will *never* go broke because it's wealth is not in dollars, but in the things it owns.
@@w__a__l__ebut, you can sell it, 24/7 there are markets and people willing to buy it across the globe. So, based on what you just said, is it worthless?
Phew, happy to know that there is a channel that speaks something sensible.
altcoins go to zero against Bitcoin
Everything goes to zero to bitcoin. Maybe except the Monalisa.
disagreed. bitcoin is a different monster now. altcoins have more utility. bitcoin has more security and stability. you cant develop apps for bitcoin blockchain. security comes with price. So if you want your internet decentralized and democratized(this one debatable we know but still best shot we have) you need altcoins and efficient blockchains.
Bitcoin is like investing in a form of digital art at this point, it may always hold value due to its history and reverence but not for it utility against other alts
@@nanostar6138 disagreed. Bitcoin uses proof of work mechanism thats why its more secure but heavy and low utility. That security is its most important utility.
15:25 I don't gwt why would you need a retina scanned everytime? The orb hashed your retina. And you got a unique account. Now you can't get another so any account connected to world coin is a unique human. So why would you need to have it scanned again?
That's an amazing video. Thank you.
20:40 There is a real world utiliy for crypto currencies and that is to provide payment facility for criminals and criminal regimes (e.g. NC). This utility could be a part of what upholds the value of crypto currencies.
Ya… except the public blockchain
@@MegaJuniorJones mix it.
Just to clarify: you won't need to scan your iris every time you want to verify yourself. As long as you have scanned and have the wallet, you can use it to transact (which includes signing up to services)
5:51 self-serving liar, and/or delusional narcissist who thinks he is benefiting society? What a crock!
I don't understand why they would have made an exception for Bitcoin. It is just a bigger pyramid and therefore longer-lived, but it's a scam like the others and not a currency at all.
You don't understand Bitcoin.
Agreed, the logic is basically "well it's had more time to establish itself as a scam token traded illegally like a commodity before we started cracking down on scam tokens being traded illegally like a commodity". That's like saying a bank robber should be able to keep their stolen money because the police weren't concerned about catching bank robbers at the time they robbed the bank.
Every crypto bro excuse ever.@@Johnnodonoughue
Because it's been to the Supreme Court already that Bitcoin (and bitcoin only) cannot be regulated as a security. All the other cryptos haven't had the kind of legal power that Bitcoin does.
@@shadowninja6689bitcoins origin was quite different from all others with VC money and insiders enriching themselves. Also what about trading it is illegal? Tf..?
Thank the heavens he dropped the art sponsor.
Got my retina scanned today… 🤯
Eye exam, no crypto
What if " A database of serial numbers in imaginary locators", but with less info, or data processing capacity at massively and increasingly higher transaction costs. Also once you make the system no one can mess with it so that the first time there's an issue you have to scrap the whole thing.
Surely a multi trillion dollar idea.
Thank you for this. 🎉
He basically wants to take everything we have now and stick a blockchain in it. We do not need to do that.
Wall street acting like a jealous toddler who just met his baby brother coming home from the hospital. 😂😂😂😂
Smoke and mirrors with lots of techno babble.
I like this video , I also agree that crypto is a grift . Thank you you tube for making this video available to the public .
right they share the ad rev with you but they also sell your data which kept most of these companies from dying
imagine thinking revenue means only what they pay creators.
They make far more money off ads than what they pay people.
You have to understand the children’s story The Emperor’s New Cloths’ from 1837. That really is all you need to know. It is also a song by the once famous singer/actor Danny Kay, who starred in 23 films and was a UNICEF ambassador. Worth checking out.
Excellent report on the lies of the cryptofrauds.
Digital gold is the easiest way to understand bitcoin. I own a gold ETF as a store of value. I’ve never transacted in gold nor do I ever expect to. But I sell it for more money than I bought it with. I own it as an investment. Same with bitcoin, especially in ETF form. Same for everyone else that owns a gold etf. Imagine buying a share of Berkshire in the 80’s for $100. Today it’s worth $692k. Doesn’t pay a dividend. No utility other than a store of value or investment. But it’s worth $692k and it isn’t supply capped. So how high could a supply capped asset that’s easily investable in? Well, people will likely be making videos about that in 10 yrs.
This is great analysis @wallstreetmillenial On a video a while back I commented about how one of your videos felt unfairly biased from one side and this video showed me you really do have an independent perspective that’s not afraid to criticize multiple “sides” or political camps. Lots of respect for calling this stuff out even if you catch flack for it. Good work and my apologies for unfairly judging you earlier.
Good point about fractional shares too. It extends even to real estate also, you could invest $5 in a real estate ETF and it would be much better served there than a 💩 coin
Retina scans reveal a lot more than just identity. The images contain markers for disease and health, as well as sex, age, etc - and AI is capable of diagnosing these surprisingly accurately. Doctors are starting to use retinal images as a diagnostic tool for diabetes and other conditions. Perhaps people might not want to share their retinal scans if they knew they were also giving up this kind of information?
Great video. I hate that they put out there that Black people are more likely to own crypto as if that is a good thing. I don't know a single crypto millionaire personally.
Up a trillion??? wtf why am I down 100 since the election? Lol
Great video. Unbelievable some of the actions of crypto stakeholders
The holding duration is pretty clear evidence that cryptocurrency isn't being used as a currency. If it was, small accounts would be trading quickly because small users would be buying crypto so they could spend it on a specific purchase, the same way you only buy premium currency in a mobile game when there's something you want to spend it on. Sellers might build up their wallet over time because it's more convenient or cheaper to cash out all at once, but again that wouldn't mean receiving crypto once and holding.
respect posting this at ATH. fuck the haters
As a black dude, this egalitarian argument has me fuming. Crypto is an extremely risky asset. The last place people should be investing their money when they’ve only got a small sum to invest.
Crypto itself is the biggest grift of all time. It’s literally nothing.
The underlying code & technology could be good for some things - but as a currency itself is just horse 💩. It’s like inventing C and being like “this is now a money”.
you just described every single fiat money.
@ nah. It’s backed by a minimal amount of (actual) things and the ability of a country to produce actual revenue through taxes, which has an intrinsic value.
@@amg2022that's not how the fiat system works. the things are built regardless and taxes are just a method of controlling inflation for the most part. most currencies are designed to go down in value to encourage spending and consumerism.
the usp of bitcoin is that it's a public ledger trusted by everyone, and that after a point, it will no longer be mined, making it steady in total supply.
@@phoneywheeze taxes are not just a method of controlling inflation. If they were, we’d never have inflation/stagflation.
Even though the bros don’t want to believe it - the US government actually owns stuff. Massive swaths of land, mineral rights, and intellectual property. Even if our deficit was 5-10x what it is - there’s an actual thing that could compensate against it. There’s also the world police aspect of it. Bitcoin and the majority of cryptocurrencies have (none) of that backing.
@@amg2022 you don't understand how taxes work. there are countries with 0 tax (some only have 0 income tax) that still have valuable currencies.
Taxes are used to control the inflation from printing money, it's as simple as that. The inflation is a "feature" to encourage spending and not hoarding.
Regarding the asset holding of bitcoin vs US government, you're correct in that the US government holds assets that are valuable. But that's not the USP of bitcoin. Just because a country holds assets, it doesn't mean that the value of it's currency is pegged to it, or in other words the value of USD circulating in the world is not equal or proportional to the net value of asset holding of US government.
What bitcoin facilitates it to enable global tranfer of a currency. The underlying value of currency (btc) can be questioned, just like gold. In the past, even other metals like aluminium were extremely valuable. While the value of btc (say $1 or $100k) can change, it's function (making p2p transactions worldwide) doesn't.
Is that Humpty Dumpty in the the Thumbnail
15:34 Even if you KYC everyone, there's still a high chance people get their data leaked or stolen. This happens all the time with X verified accounts, lots of bots running around with KYC'd accounts. The only way around this would be requiring a face scan every day, which no one will opt into.
he didn't actually say "miners", the 10k node operators which is what he's referring to do get rewards and so do stakers, rookie mistake
Wow, such a terribly researched video. I felt like I had just watched Fox News.
ICP was one of the many projects that got caught up in FTX’s shady dealings before its launch. The price was artificially pumped to over $3,000 on different exchanges through futures trading, only to be dumped hard-likely to wreck its reputation and protect SBF, Solana, and Alameda Research.
A lot of comments trying to lecture WSM about finance, but menacing him with tech words. The video point is literally proved by this comment section lol
Bitcoin is not crypto.
Centralized Cryptocurrencies (scams) existed long before bitcoin.
All I heard them say is they want to be able to have access to black people's money. These mfs will walk you down then try to convince you they are doing you a favor
They contributed equally to both parties, look it up
And then the harder they come
The harder they fall, one and all
The problem is that each rug pull leads to countless people losing their savings.