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Cryptocurrencies II: Last Week Tonight with John Oliver (HBO)
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- 게시일 2023. 04. 22.
- John Oliver discusses cryptocurrency, three of the biggest crypto companies to collapse over the past year, and what to do when your office is giving off “crime vibes”.
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I love that John Oliver can say with a straight face that there's a strong case for not watching his show 😂
He's confident that the show is so informative and entertaining that even if he directly told people not to watch they would still do so. In fact I'm pretty sure he's done that several times.
@Cumin Calamity He did, he literally once made an alternate episode just so people could choose to watch the show but not this episode, which of course we all did, why not? wasn't that just a short time ago?
@537zun4 chuck e cheese ep instead of one about housing for younger people, because "let's be honest, you will never own a house" or something to that effect
@537zun4yes, that was like 2 weeks ago lol
He is British. Self-deprecating humor is their trademark
As an accountant I love it when John says stuff like "I'm no accountant, I mean I should be" gets me every time
I love it when he rips a new one for HBO or any of it's affiliated companies. There was a while he couldn't do a show without insulting AT&T, and it was great.
I used to say shit like that. Then I married my accountant. And she became a teacher instead. And instead of continuing as our tax accountant my wife found a good one for us because it's a job that has half your time trying to stay current as an accountant.
lol
My weird association with the word "fungible" is that I once used it in a uni essay on the rationale for mass political terror in the early Soviet Union. The sentence was something along the lines of, "From Yezhov to Abakumov to Beria, the personnel changed, but state terror remained - individuals were fungible, but the system was immutable and essential to the Soviet state."
My tutor circled the word fungible and put a question mark next to it. I sometimes wonder whether he ever thinks about that in the era of NFTs.
Clearly your tutor has never heard of human trafficking/ slave labor etc….😂
Maybe he thought you spent too much time buried in a Thesaurus :-P
tutor: individuals were mushrooms? nope!
@krazed0451 I don't think many people in academia have that kind of insecurity about other people's vocabulary, and neither should you.
@snr0n /whoosh.
The most astonishing thing to me was trying to sell an asset that is always worth a dollar, because there is another asset always worth a dollar with a flawless record of always being worth a dollar. Its called the dollar.
That dollar won't be worth a dollar in 5 years (in that you won't be able to buy something for the same value) and will eventually be worth nothing. A stablecoin pegged to the dollar is effectively the same thing, but at least it's easily transferrable to anywhere in the world at a fraction of the cost. Additionally, stablecoins actually help the US dollar, as they decrease its supply
@Dax Rico not sure why you think that, but additional stablecoins do not reduce the supply of dollars. If they truly are as good as dollars (and they clearly aren’t, but they are at least something of a substitute), then they add to the money supply and would create additional demand pressure and be inflationary (which does not “help” the dollar if that’s how you want to put it). As you acknowledge, stablecoins, linked to the dollar, depreciate in real value at the same rate as dollars. You may be right that they are less expensive to transfer, although it depends on what technology you use to transfer actual dollars (suitcases of cash, inter or intrabank wire transfers, Western Union are all different ways of transferring actual dollars, with considerable variation in the cost of transfers).
@Elie Canetti The largest stablecoins are, in part, backed by dollars. They do not add to the supply, because US dollars need to be purchased to safely maintain the backing (although there is certainly a question mark on whether they are 1-1 backed with some of them). I'm not sure how familiar you are with crypto, but stablecoins do not aim to compete with the dollar, but run alongside it. In regards to the transfer of funds, none of the methods you mention (or any other method that I'm familiar with) are as good as a simple blockchain peer-to-peer trustless transfer.
The US dollar certainly has its advantages (security being the obvious) but there is also a place for stablecoins and crypto generally
@Dax Rico thanks for the comment and the discussion. I take your point that transfers on the blockchain are costless (to the individual making the transfer at least, if not necessarily to society), and that would be the main reason for using stablecoins. Of course that cuts both ways, since as is well known, its costless for illegal activity as well, and I presume anonymous (I suspect you know more about crypto than I do, though I’ve been following the public debate as closely as I can). In that vein, it is indeed the cost of using cash, or the traceability of transactions through the banking system, that is a virtue in terms of AML/CFT enforcement. That’s why dollar notes larger than $100 bills were outlawed (it turns out money launderers’ biggest problem with using cash is simply the weight and bulk of transporting large sums of money using $100 bills.)
On your other point about the money supply, it still doesn’t make sense to me. Only the Fed can impact the monetary base (via open market operations and discount lending), and unless the dollars backing stablecoins somehow aren’t in the banking system or currency in the hands of the public, they are part of the broad money supply. I presume the dollars backing stablecoins (or partly backing a la fractional banking) are held in the form of bank deposits, for which banks’ counterpart assets are bank reserves, and hence available to grant credit (apart from required reserves of course). To the extent then that stablecoins can be used to conduct transactions, they form the same role as money and would be potentially inflationary.
And yes, I understand that stablecoins are meant to be a supplement to, not a replacement for money, but that only reinforces the point that they add to system liquidity, purchasing power, and hence are inflationary. I hasten to add that I don’t think stablecoins play anything but a minuscule role in inflation, since stablecoins outstanding are a small fraction of the broad money supply, especially with the trillions added through quantitative easing, but I still don’t see how they don’t add to the money supply at the margins. It’s a bit reminiscent of the bimetallism debate at the end of the 19th century when farmers (and of course silver miners and populists like William Jennings Bryan) wanted to remonetize silver, precisely because it was inflationary, and debtors (which most farmers were) benefit from inflation (assuming of course, their debts aren’t tied to inflation, or at floating interest rates).
More importantly, will this debate get us on Last Week Tonight?
@Elie Canetti Transactions on the blockchain aren't completely costless, but significantly cheaper than traditional transactions (depending on the blockchain).
If we're specifically talking about stablecoins, the great thing about blockchain technology is that transactions on them are completely traceable so, if they are used for illegal activity, it wouldn't be difficult to trace a transaction from its source to its end point. There are certainly some smaller crypto currencies that aren't traceable, but the narrative that crypto is a melting pot of illegal activity is a false one, spread by the likes of Janet Yellen or BlackRock (to spread FUD, lower the price and buy more). Criminal activity represents just over 2% of all cryptocurrency transactions, which is insignificant when compared to the amount of US dollars being used for criminal activity (tax evasion being included here).
The conversation around money supply is a complex one, and I think we could potentially go back and forth with that debate, but I appreciate your points regarding fractional reserve banking. I do believe that most stablecoin issuers hold their dollars in the form of bank deposits.
In truth, I'm not so much a stablecoin proponent as I am a Bitcoin one. I hold more US dollars than I do USDC/USDT, but stablecoins play a vital role in facilitating transactions on the blockchain. Additionally, there are much higher yields on crypto exchanges compared to the poultry ones offered by banks. It'll be interesting to see what happens to stablecoins if the Fed is successful in its plans to introduce a CBDC.
Thank you for your cogent argument. It's always good to chat to people with opposing views and get different perspectives
So I work for a gold buyer/seller and lemme tell you the crypto/NFT markets have been a wild ride. At least once a month someone comes into the store asking us about crypto or NFTs and why we don't trade in them. My all time favorite is the guy who came in "with a deal that was going to make us millions" and said he had an NFT that he wanted to "back with silver and gold from you guys" and "all you guys need to do is help me back it!" Basically: "I don't know what NFT actually means and you should be grateful that I'm willing to talk to you about my imaginary money."
The look on his face when I told him that backing an NFT with something that had an exchange value (aka the FUNGIBLE part of "non fungible tokens") like gold would make it not an NFT... PRICELESS. He tried to weakly argue with me after being so gung ho, but I just googled the word "fungible" and showed him and he finally left me alone after that.
I swear some guys see women behind the counter at a coin/bullion dealer and think we're gonna be the most uneducated, gullible morons on the planet. Meanwhile 75% of our employees are women who have worked for the company for years, many for over a decade. The business has been around for over 70 years too so we've seen all this crap come and go. You wouldn't go to a pool supply store and ask why they aren't selling beach vacations so why folks expect us to jump on everything 'money' related is beyond me.
undervalued story, just a bit too much #gurlpwr in the last paragraph
@shoopddawhooped lol fair, if you worked this job though I think you'd see where it comes from. It's wild man.
@Missing Aria what you're describing is exactly what what the financial system is since the gold standard was made away with.
I'm sure it's been said 800 times in the comments, but 'Line Goes Up - The Problem With NFTs' by Dan Olson aka Folding Ideas is a must-watch with regards to how Crypto and NFTs are basically free real estate for scams and criminality to thrive.
If society was more evolved and a baseline of good morals and ethics were a given, crypto might actually work. But we don't have the former, so the latter works for bits and spurts that makes a few people wealthy and most people lose out.
@cytherians Wouldn't you agree that if a baseline of good morals and ethics were a given blockchain would be unnecessary ?
@Louis Strauss😅 6:40 😅😮😅😊
Don’t forget his decentraland metaverse video
You are a special treat to the world. As a cancer patient, I save your videos for my worst chemo days, cuz they raise my spirits and give me roaring giggles and giggles are very healing. Thank you.
Good luck, hopefully you fully recover!
I luv u
Hoping that you get better soon, Love from malaysia.
hope you recover soon
Hope you recover soon, love from the South of France 🤗
The only good thing about crypto is that when my youngest lost his job during the beginning of the pandemic, some crypto company hired him to do their branding (he's a graphic designer). He got paid in cash, so it worked out.
This is the only way you can be sure that you are not being scammed ... never put money into the scam it will hurt you are many people have found out the hard way.
Glad they didn't pay him in something else 😂
@Adam Collins me too! and now he's working at his dream job so it all worked out.
What does that say about crypto when the people who work for crypto are paid with real money because they couldn't find anyone who would work for imaginary money?
All I've learned in life is: if you end up on Forbes, you're running a scam
Like that video of Patrick Boyle.😂
Yup! Primerica was
crypto might be, but bitcoin isnt.
@Scorch428 bitcoin IS crypto...
I’ve been saying for a while(to my older brother specifically) crypto and online sports books have risen in popularity around the same time and both of them market to the EXACT same crowd. Under informed over confident young men. There’s a reason Brady, Lebron James and Curry were all huge advocates of crypto currency
Because who needs to invest in the same boring things when something shiny has been invented! Young, dumb, and with money are the worst combinations there can be when it comes to investing
My younger brother is gambling in online sports apps with most of his friends as well. I've told him to just be careful and not yeet all of his savings into it
It really puts into perspective the adage "There's a sucker born every minute"
Yep, that’s why networks pay so much for sports, the 18-45 male demo. Males over 45 have more money on average, but are not so easily fooled.
The scariest thing about all of this is that all the supposed experts were either in on it or clueless. There were a few who pointed out the bs but not nearly enough to inspire confidence in the financial system...
Also all the people who made ads for those companies should be held accountable.
Lots of financial companies from hedge funds to your normal asset manager did get involved in crypto but I would venture to say that most didn't. These are companies that have been around for decades and have rigid rules about volatility and risk. Asset managers I've worked with have hard coded limits within their funds on proportions invested in high risk assets like traditional equities vs guaranteed returns like central bank bonds, let alone investing heavily into an entire new asset class. Those investors that got scammed with crypto were going against the better judgement of most of the industry. The problem was that the financial media and these cryptoboys shamed anyone for raising doubts. So they stopped raising them and just waited for the implosion.
Pretty much anyone who actually knew what they were talking about and weren't scammers themselves told everyone that it was all just a super volatile unregulated market. Only a small portion of people believe crypto is worth anything, though that doesn't change the harm that was inflicted upon them.
“I don’t debate the poor on Twitter” is maybe the most Twitter thing I’ve ever heard in my life.
Twitter is so yesterday - soon it will just be an echo chamber for elon and his toadies to call each other names!
@Bongwater33 So basically the same as before. "Meet the new boss, same as the old boss"
I don't debate noobs on OSRS m8
which is also the new slogan for Twitter
@R Hamlet exactly the same 😂😂
This was so good! What a great team of writers. That balloon joke had me in tears. lol
Hope they're paid well...
That SBF looks like someone who combs his hair with a balloon? I know, I fell off my chair.
Makes me think of when I was told I was "closed minded" when I advise someone to not invest in crypto since it was the most obvious scam in the history of scams
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio
These past few months watching my crypto portfolio decline is very disheartening.
Holding doesn't really profit much.
Any ideas on how to earn better on the short run?
Please recommend to me your Fin Advisor.
I really gotta remember to watch John more often. He SMASHES scams and corrupt people so damn well. I love how you explain corruption so clearly John.
He pretends to be smart, but he doesn't really know what's going on. There is a lot less corruption in decentralized crypto than in traditional finance. Actually, all the crypto he mentions as scams, were run on old traditional finance mechanisms, they just had connections to crypto.
Fedcoin?
non informed -> John vanilla show -> misinformed
@DavyCrockett888 crypto is monopoly money period!
Yeah he's good at that, just as long as he stfu about news outside of the US and UK
Rule of thumb: Anything financial that seems too good to be true probably is.
Except for index funds. Sure they only give you the average return of the stock market, but that's still way more than pretty much anything else available to the layman, and greatly mitigates the risk of stock investing. Benjamin Graham put it best: Getting average returns from stock investing is way easier than most people realize. Getting higher than average returns is way harder than most people realize.
Index funds make sense and help me feel calm when the markets are doing the down part of the wave.
Face it: if there really was such a thing as a get-rich-quick scheme, we'd all be rich. Wouldn't we?
All of last week tonight episodes have aged so well, that alone speaks for the show’s credibility and quality of research.
@Tyler I'm sorry, but how can anyone with a brain still not be anti-Trump?
@Tech Freakand how can anyone who's not watch this show without their head exploding? 😅
@Tyler How is that the one issue you have with them? If you think Last Week Tonight is correct aside from that then it'd be pretty hard to like Trump.
Crypto always seemed like a scam to me from Day 1.
It's just not sustainable, especially since you're basically just agreeing with each other that something has value -- and we already have actual money for that.
I still don’t understand why people bought into it. After all it’s just imaginary money you buy for real money
oh ya the fiat is doing so well. ok boomer
Cramers predictions are actually so good, that there is now a fund which only strategy is to do the opposite that Cramer recommends.
Is this for real? In this crazy upside down world, I don't even know anymore.
I think that fund made like 94% in a year if I remember correctly
@Julie BradenGoogle the inverse cramer etf
$SJIM
That is hilarious. I am now following this etf
To add to that, Binance, the company that was instrumental in bringing down FTX has just been found to do almost all the same stuff as FTX did, just not quite as egregiously. Their CEO went on this virtue signalling campaign after FTX went down, and now it turns out he has been moving customer funds to a company under his direct control for his own purposes.
Crypto's entire purpose was to be DEcentralised, NOT centralised. Binance, FTX, Celsius, etc are all centralised entities. Why trust unregulated centralised entities who answer to nobody?? I'd much rather take my risk with Bank of America or Charles Schwab.
First principles in crypto is to strive for decentralisation and not to trust one-another. That's worked extremely well for the Bitcoin network and the more mature DeFi protocols like TraderJoeXYZ. Centralised entities should be required to maintain 1:1 audited reserves at all times, be subject to extreme financial scrutiny, and have insurance for all deposits (in case of hacks or an inside bad actor).
Meanwhile decentralised protocols should be audited based on the merits of their code with any regulation only touching the centralised aspects like the website itself whereas the smart contracts are outside the scope, again unless a centralised entity administers or can censor interactions within the contracts.
People seem to only be in crypto to turn internet magic currency into more fiat. The tech is what matters. Revolution is coming to the financial sector but these centralised entities need to be shown the door. They're extremely damaging to both the industry and to those who "invest." Stop focusing on the money and focus on the tech. The general public totally has their focus backwards.
@Will Baker Bank of America was literally bailed out.
"WASHINGTON -- The U.S. government early Friday morning agreed to invest $20 billion in Bank of America, and to protect the bank against up to $118 billion in potential losses from bank assets related to risky mortgage loans."
It is just crazy to me you would use them as an example you would risk it with.
The process of creating a crypto currency is basically printing a million dollars in monopoly money and claiming you are a millionaire because you have a million in monopoly money. The tricky part about making your cryptocurrency succesful is convincing others that you are indeed a millionaire because you have a million in monopoly money and that they too can be millionaires by buying monopoly money from you for actual money.
The depressing part about cryprocurrency is that people are actually stupid enough to buy the monopoly money.
I love how the algorithm started reminding us of the Titanic months ago because of the new Avatar movie… and in a cruel twist of irony, the theme of this episode was the very much still ongoing implosion of cryptocurrencies 😂
It made the first three minutes of this episode sorta feel like there wasn’t a writers/actors strike.
pharmabro saying "jail's not that bad" is such a "i committed white collar crime" thing to say
He didn't get the full reach around experience of a slam you in the a$$ prison.
We brazilians would love to have him here in our prisions;
@Orange Boy haha that would be so funny
Billionaires go to the types of prisons where they have menus, 3 meals a day, and spa treatments.
Time flies while watching John! Time tends to drag watching even short, traditional news bites. You are awesome! Thank you and your writers for such great shows!
And this is why the future scares me. People too vapid to get real news and instead get it in the form of jokes.
@Julie Braden I'm sorry you feel that way. I don't see myself as "vapid." Rather, I see myself as well informed; reading, researching, listening, and watching many news and information sources. I was paying Mr. Oliver a compliment for addressing his topics in a fresh and insightful way. If we can't laugh at ourselves, then how can we laugh at anyone else?
John Oliver is a national treasure ❤❤❤
Coffeezilla has a good series of videos on these companies documenting what was going on before, during , and after they collapsed.
Coffeezilla is the GOAT for exposing crypto scammers.
Coffezilla being a modern day muckracker
Excellent segment. Everything Oliver said about cryptocurrencies is also true, however, of "actual" money. It's all magical.
"There's entertainment in watching a company die" would have been a good title for this show.
I have definitely worked in an office where we would all sometimes ask each other “are we committing crimes?” And I can confirm it was a fever dream
Same.
"Are we the baddies?"
I guess if it makes you feel better, if you're working for a company, you're definitely committing crimes
@Capital J ur right all companies commit crimes, disregard nuance, let's go with the blanket generalization
@Johnny K Oh my bad I forgot that every comment someone makes needs to be a 5 paragraph essay into the minute details of how something works lest you offend someone with what is clearly meant to be an off-handed joke underneath a similarly humored video and in response to a similarly humored comment. We do live in the age of Twitter, after all. I'll do better in the future 🙏😩
I have a message to John Oliver's team: Please, if you do another crypto story, make sure to include Dr. Nouriel Roubini bashing it. It's been very entertaining.
I'm surprised they didn't bring up the clip of SBF straight up admitting to crimes on a call with Coffeezilla lol. That was crazy
This show changes the paradigm of how humans can learn and think. Someone understands that if you want a better society you have to teach. Thank you.
No one out there rips into the endless horde of scammers and other delinquents better than John fucking Oliver. This man is the epitomy of true entertainment and were it possible, he should be made President. Jon you never fail to impress me or make me laugh, I salute you !
Time to do a new episode on cryptocurrency. There was a case that broke loose in Asia this week. A crypto “exchange” which had been spending millions of dollars on advertisements and sponsorships in Hong Kong came to blows with the SFC, the financial regulator of Hong Kong, who claimed the company, JPEX, is running a ponzu scheme and is not regulated despite it claiming it was… basically so far 1.2 billion of HKD (150 million USD) is said to have been swindled. It’s fascinating that it pretty much followed the same playbook as what was discussed here
These guys do vastly worse damage to people's finances than any crook stealing a television set. They literally ruin people's lives and take their entire savings. And they get sent to luxury apartments for prison for it. This world is crazy.
that sounds risky! yeah, I'll put my ENTIRE life's savings into it!
sad.
This is not as if your pension fund did this on their behalf, these people are investing their own money thinking they can make a quick buck. It's stupid and inevitable.
@Jodi Doherty i'd argue that the way they talk about our current economic system is meant to take advantage of people who are already financially struggling- there's definitely some people getting into it to make some money *at all,* and that's pretty devastating.
Спасибо тебе большое за советы! Я уже начал пользоваться и сразу заметил улучшения)
This was really informative. Thanks Oliver 👍🙏🤑
I love these John Oliver videos. Thanks for putting them on YT!
A good name is better than a precious perfume.
Note: the Washington Nationals sold Terra the right to put Terra's name on seat-backs at Nationals Park. Terra paid the Nats in old-fashioned USD. When Terra collapsed a few months later, the Nats kept the real money, but generously left "Terra" on the seats.
When that OneCoin desaster became public some years ago, I was already wondering if it really made a difference that their blockchain didn't even exist. It would have been a scam either way, as most other crypto currencies and so-called financial "products", SPEs etc. are...
I'm so glad you guys spoke out against the idiocy the Discovery merger is causing.
😊😁
I thought crypto was just a way to buy drugs online?
Why else would you buy it?
Other than changing the name of HBO Max to Max, what other idiocy have they committed?
@Andy - They cancelled movies that were deep into post-production (like Batgirl and Scoob 2)
- They cancelled dozens of shows they made, some of which had episodes that hadn't been released yet, and pulled them from all streaming. Many of them will almost certainly never be available through legal means again (and some of them, like Inifinty Train, are consigned to digital purchase, which is and has always been bullshit).
- They blatantly stole seasons of Final Space from customers who legally purchased them on Amazon (blah blah terms of service, this is stealing and it shouldn't be allowed)
No no
Crypto and stocks are even less real than dollars - it’s all a crying game - great show as always
Hey John Oliver, appreciate your commitment to your craft and art. Using your videos and topics for a court case in Denver, Co.
Last Week with John Oliver, should win awards, great show!
Confidence is the heart of our economy. Do enough people feel like they can afford to spend rather than save. That's economic theory in a nutshell.
4:31 "We're All Going to Make It" is part of the weird "positive thinking" semi-stochastic cult that emerged around cryptocurrency and NFTs, which included such shibboleths as announcing "Good Morning" and "Good Night" on Twitter and telling skeptics "Have Fun Being Poor", etc. All of them were stock phrases.
Has the writing team ever been introduced? It not, Oliver should really do an online episode with them because they’re good. I’d love to put a face with the folks making me laugh each week. Much love.♥️
Honestly I've been really curious about the writers as well, they're so funny and I love when you can tell John didn't write the joke lol.
Daniel O'Brien is a writer for the show who I was a fan of before the he joined Last Week Tonight. He has a lot of pop culture related videos on KRclip from when he was at Cracked.
I'd take it a step further and do what Jon Stewart has done once or twice with "The Problem with Jon Stewart", which is some behind-the-scenes clips of the writers in action. A room full of comedy writers is always good, no matter how distressing the topic at hand.
My favorite part is that John isn't the head writer, DoB is. He's Just Another Writer.
I always assumed that the funny picture inserts they use feature the writers/crew as models 😂 I'm not sure about it, but that would be a nice, subtle way to honour the people who work behind the scenes.
I hope they do "index based whole life insurance" soon
Hope certain companies, start paying writers what they deserve soon, so people can go to work, including John, who rightfully in solidarity is on hold.
I worked as a support for one of the cryptocurrencies. The whole office just made fun of the people buying it for being dumb.
I want a full list of all the failed crypto businesses.
Holy geez? A full list? There were thousands and literally less than 50 are still going….
Would be the equivalent of asking for a full list of failed restaurants.
This isnt the last one he does, plenty of big time scamming exchanges are out there. A lot more people will lose their money.
“We’re all gonna make it” sung by someone who has already made it really turns my stomach.
Enough is never enough for some people.
You can always go further.
@phlezk 🌏 Go where? To get more money?
@A lesser Gracie That is something I’ve argued with my dad about before. When you have enough money that even your children and possibly grandchildren can live luxurious lives even if you all quit working today, then what is the point of raising even more; especially if that extra money comes from the suffering of others.
I will forever be greatful to you, you have change my entire life and I will preach on your behalf for the whole world to hear that with just a small investment you saved me from going into huge financial debt thank you David Jeffrey Herman .
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor
This is superb! information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor ?..
I've been thinking of going that route, been holding on to a bunch of stocks that keeps thinking and I don't know if to keep holding or just dump them, think your Fin-coach could guide me with portfolio-restructuring
wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio
to be fair, "trust us, just use it [it's safe]" actually IS how almost every other financial business pitches itself, as well as many others. People said this about mutual funds and I'm sure some John Oliver had a great bit about the first one to crash.
I agree that it's a meaningless pitch for suckers, but that doesn't mean the business is a fraud, it just means there are lots of suckers
The industry should be defined as online gambling, then there are a host of regulations that could help, as essentially this is the nature of this business.
Wow! This is very insightful. Nice research work👍
"Pre-divorce but post-love" is elite comedy and trolling 😂
They held out till the commercial aired.
Amazingly good work. Always good work on this show...but this hit different.
Once more grateful that I'm too poor to invest money in anything but bare necessities. Even if I won't ever get rich by buying milk, I at least have milk!
My best friend brought her new boytoy around for everyone to meet the other night. When I was trying to get to know him he told me he day trades crypto. When I asked how he fared in the crash he just said "you've got to play both sides of it."
It took every ounce of midwest politeness beaten into me over fourty years to not ask this child if he makes his living by scamming people.
to be fair, he probably meant that you have to be both long and short. meaning you've bought both contracts to buy some and contracts to sell some. it's called "hedging" and it prevents you from losing all your money in a crash. usually.
Wisconsinite here.
You have my permission to ask him that question.
I'm British and even my politeness doesn't hold for potential scammers.
He just means you long and short it, just like stock traders. It has nothing to do with scamming anyone
It's an unregulated zero sum game. What else could we expect but con-men stepping in? I like his closing argument though. Crypto always had a big potential imo, and it very much still does. Just be very aware of the huge risk you're exposing yourself to.
I love John Oliver as he is always right on point with relevant topics. This was a great segment and as I watched it I was convinced that for the very first time he was able to get a point across without resorting to "F___" this and "F___ing" that. I really thought that I would finally feel comfortable with recommending one of his segments to friends. Alas, he just couldn't help himself at 22:24. Too bad as he was so close!
Dude, how'd you miss the fact that Celsius had "unbank yourself" as a slogan, and they then started selling "unbankrupt yourself" t-shirts after it all went south?
Such an egotistical move
Still waiting for John to cover Loot Boxes. Been a long time since 2017, the Year of the Loot Box, and the gaming companies are still reaping billions from this unlicensed and unregulated gambling industry marketed at children ages 3 and up.
It's hilarious how when every crypto promoter explains how their token works, all they do is describe how a ponsi scheme.
The funny thing is a cryptocurrency where you buy a coin for $1 and can always exchange it to get $1 back would actually probably be great, because it has all of the advantages of crypto with the disadvantage of volatility. And it would be super easy to implement, it's basically just a bank but instead of a debit card they give you a crypto wallet. But I guess that's too logical for the tech Bros to get excited about it and too unnecessary for anyone else.
Its funny how nobody really compares crypto to the stock market, that fictional believe in value really is so insane to me.
Thank you Coffeezilla for your amazing reporting on SBF or these scams in general.
Bit boy also called him out too surprisingly😅.
@Armendicus You mean the person who started beef WITH Coffeezilla about Celsius to only backtrack most of it AFTER Celsius turned out to be scam?
@Tripl3M and the one who went after Atozy when he already had enough on his plate with a new child on the way lol.
Coffeezilla the goat
And upper echelon on Celsius
This might be the best episode to date. I'd bet my stake in Bitconnect on it.
This program should be shown to every student in every school. If the $ was still backed by Gold these scams would have nothing to compare to. Nobody knows what backs the US $. However Bitcoin is backed by a math equation and almost nobody can do math. Politicians and bankers that support crypto should get a new job that they are qualified for. Thank you John.
Dollars not backed by gold lose 20 percent of their asset buying power each year. BTC is the highest performing asset... ever.
I have to acknowledge the irony that John, given his positions, says that crypto banks aren't being regulated and controlled like regular banks.
i like how he didn't overdo all the jokes in this one
I’m mesmerised by how they managed to look worst than banks
Honestly, I base a lot of my stock trading decisions based on what Cramer says. He's like a compass that always points South. If he starts talking up a company, it's time to bet that the stock will go down.
Even if someones takes are stupid, if they are reliably stupid then they can be useful.
How tf does he still have a job?
@kempolar As they say, even a broken clock is correct two times a day.
There's a real small fund that specifically invests the opposite of his advice. I don't remember what it's called but they're doing alright.
@Isabella Angeline If you already have enough money to throw a million at 50 different projects, so long as just one of them does extremely well he can earn back the losses of the failed projects in a heartbeat. In other words, if you are rich its almost impossible to actually lose money from a spray and pray method.
crypto/NFT are/were pyramid schemes, some people won but a lot seem to have lost, the earlier you were in the better. I know someone who won massively from it, and I'm happy for him but also I kinda got semi recruited and lost some money, in too late. It is what it is but I never understood how the whole NFT thing was ever gonna work.
Once upon a time financial advisors used to say "Invest in what you know." That sage advice apparently went down the drain when crypto came along.
I suggest you hold your weekly talk, but with a twist, to keep us entertained, but informed
Don’t forget the Do Kwon as a “flex” made a million dollar bet with a random Twitter user that luna would maintain and grow for a year. He then further invested by making a ten million dollar bet on the same conditions with another user. All money went into escrow for the bet and when luna fell off the shorting parties bought enough luna to hedge their bets for a like a hundred bucks.
"True terror is to wake up one morning and discover that your high school class is running the country [w/ the sociopathic tech bros out front]." -- Kurt Vonnegut
Thank you for putting these 3 on blast, more people need to know what happened.
Yo Arc nice seeing you here!
...and now please the same with the US government, its fiat currency: the US Dollar, and with the stock market...because they operate the same way...but they are "too big to fail"...
And today Binance got slapped by the SEC, this aged really well.
We really need to start questioning why so many people mistake arrogance and pretense as confidence and strength.
A smart person should never look at that Luna guy and think "yeah, I like him".
I deposited into Celsius when they were giving out money for holding a deposit for a little bit but as soon as I got the money I got the heck out of it. Win for me lol
Blockchain is good technology, just like the Internet is good technology. Outlawing blockchains and the cryptos needed to make them run, just because there are some scams, makes as much sense as outlawing the Internet just because there are some scams on the Internet, too.
The reason the legitimate cryptos want regulation is to clarify the rules so that they can further comply with them. And to restore confidence to the industry by providing safety and security measures.
This is been an iconic show with an incredible research and writing staff. John Oliver brings it all to the table so well. But honestly this season and the last season of a kind of lacking in good content. What's going on over there? Not saying the topics your dressing aren't important for interesting. But it seems like there are a lot of larger darker things going on right now that you could totally be covering.
"He dressed like everyday was laundry day and brushed his hair with a balloon". I never laughed so much in my life.
Rich people can dress as if they're poor, because they can afford not to care.
That was hilarious 🤣
He also apparently was playing League of Legends while pitching his ideas to investors.
That angle was really unfortunate for his hairline
This one really got me too, dude. 🤣
The thing about crypto is very simple; to have actual value, as opposed to inflated fake value, it must have a real world use. And no a pizza place and a Bitcoin ATM is not enough. It needs to have widespread real life use where people can use it to trade for actual goods and services. Otherwise you're just trading confidence as Oliver says.
...I can't describe how happy I am that the person on Twitch interviewing Kwon was WFM Alexandra Botez.
I don't know why that interview took place, or what series of events led to it, but it fills me with inescapable joy.
oh yeah that's weird! why did that happen lol
Here’s a fun fact; to give interest of 18%, Celsius would need to _more than quintuple_ the wealth they’d accumulated from deposits to make everyone whole after just ten years. If someone offers a yield like this on anything, run. Run fast.
I’m so impressed the dude took a dig at max. Props to you John
He's not afraid to criticize Coprorate Daddy At&T and HBO
Was genuinely convinced max was a joke or just a weird way of saying HBO max, BUT THEN I LEARNED IT’S ACTUALLY REAL
I remember when cryptokitties first came out. I took a screenshot of one and said it was mine. Literally nothing has changed in that time.
Dogecoin was invented as a parody of bitcoin in the first place, so once it actually became worth something it was a sign that scammers were taking advantage.
Elon Musk
It was a parody, but the never stopped and now makeing money... so I dont know if thats a parody of a parody
What scammers?
for every winner in the dogecoin thing there where 10 losers.
DogeCoin is real, and Elon Will integrate it with Twitter.
I remember our neighbor going on and on about how crypto was going to make him rich. After he left my husband said, "You know all those 'substances' he does, that is why he believes that".
A good name is better than a precious perfume.
I love your show is the first thing I want to say. Watched the Crypto episode and was dissapointed that you never even mentioned how AWFUL crypo is for climate crisis. This industry is a major player in using tons of electricity. Electricity that is destabilizing communities and greatly increasing the climate crisis. People need to know this and John, you are a voice of reasonability.
John. John I don't even like cryptocurrency but the way you described it is also how regular money works.
Many thanks! BTW, since FTX went belly-up, a class action suit of former FTX customers are suing Steph Curry, Shaq, Tom Brady, and other celebrities who promoted FTX. Curious to see how that will turn out...
Don't forget the part where Do Kwon turned off the algorithm so he wouldn't lose all his money. The algorithm is still off to this day