Inside the Crypto Crash with Zeke Faux - Factually! - 230
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- Опубликовано: 10 окт 2023
- Remember crypto? Only a year ago, it seemed like the future of finance, but now it's a smoldering crater in the ground. Between large corporations and everyday people that got caught up in the grift, trillions of dollars vanished seemingly overnight. But what was it like in the heart of this surreal, million-dollar-monkey-jpeg storm? Zeke Faux, investigative reporter and author of Number Go Up: Inside Crypto's Wild Rise and Staggering Fall, joins Adam to deliver a captivating and hilarious account of the sharp ascent and rapid collapse of the world of cryptocurrency. Find Zeke's book at factuallypod.com/books
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@@haileydee9954Your local drug dealer
your local dealer?@@haileydee9954
@@haileydee9954 www.youtube.com/@snoopdogg
Speaking of scams...
What makes a scam dangerous, is the same reason they work. Some people actually make money, and that helps convince others to believe it's real.
The only winner in the digital casino is the casino owner.
This is a great point
"Some people" in this case mostly being the unapproachable-y wealthy. Regular people, unless they were early or lucky, got crumbs if they got anything at all.
Oh dang... It's the masculine version of MLM's... 🤯
@@annamelvina216😂 so true!
It turns out, having money is not a skill and is not a sign of intelligence.
Elon Musk would be very angry if he could read
Very true. Lots of people assume that a person is wealthy so they know what they are doing, let's listen to them etc. So far from reality.
It is, however, a sign of being greedy and having no life.
Swing trading is. It's why almost everyone that does swing trading losses money.
Every time I swing trade for a few months I can quadruple my money.
Cause most people are stupid. It's all risk management. That's it. If it crashes for hours or days every week and recovers every few days after the crash that's easy money, especially if you can stop a loss with a stop loss or...
I make a 50% ROI when the market is sideways and everything is dead all the time. Usually that money goes to surviving though so it's not really get rich quick for me it's like use the money to buy a year's worth of propane or do a car repair.
My grandma always told me “never invest in something if you can’t explain what it does.”
Was she rich?
@@oneleggeddog she became rich, from investing.
Bingo. If you don't understand it. And the explanations are painful to hear. Don't invest. The funny thing is that I invested in a company called waste management of america. It has made me very comfortable. The wealth grew slowly. But at least it was real. People throw out trast. It needs to be processed and managed. It was easy to see its growth potential. Government was outsourcing the trast pickup. Easy pick. Bitcoin, not so much.
@@oneleggeddogdamn, how empty are you inside?
@@Redactedlllllllllllll just slightly less than you.
His own mom trolling him with a copy of his ape is one of the funniest things I've ever heard. I definitely need to buy his book.
I finished reading it a few days ago and can't recommend it enough
Dan Olsen's Line Goes Up is a very similarly named RUclips documentary about crypto and NFTs. He summarized it as an attempt by the 10% to become the 1%.
Dan was one of Adam's previous guests about Meta and virtual worlds.
I thought that sounded familiar
Here to agree with this. He was actually the first person able to give me anything like a coherent explanation of what crypto is and how it actually works. Everyone else I had talked to in the space just basically said "line goes up". One time literally.😂
His newest video is really good too (and about as long as "Line Goes Up")
Indeed. This guy seems cool, and all, but I don't feel like I learned anything I didn't already know from watching Dan's video, and despite its length I actually found it more engaging.
@@BrentODell right? Fully agree. Meanwhile, this is guy literally bought an ape. 😏
Reminds me of the 90s when actual grown human beings were going crazy for beanie babies. The prices people were buying them for were unfathomably out of control. But, unlike crypto, at least they got a physical product out of it.
That famous pic of the couple separating their collection on the divorce court floor
They were popular bc of how old comics and star wars figurines blew up in value in the 80s and beyond
Everything has value till it doesn't.... Even the US Dollar if people stopped believing in its value, would be worthless. Remember that the first crypto currency Bitcoin started as a way to conduct transactions without the intervention of a central bank or financial institution, it was meant to be an actual form of Currency >.>
I think I still have some of the McDonald's beanie babies somewhere. XD
There are still beanie babies that fetch a big price on the open market, just like there are comic books that fetch big money, or video games. Most of them are worthless, but any time a fad happens, the truly rare examples of those fads remain valuable.
Zeke: "I don't think we'll see anything like this again."
Humanity: "Hold my beer"
Well, *tulips* have yet to generate a ridiculous bubble again. The next bubble will be something else, not crypto.
"76 trombones lead the big parade..." to "monorail!" To "dude, have you a second to hear about our lord and savior, crypto?"
Yeah, this isn't the first time crypto 'died'. At this point a bitcoin is still 30 grand.
@@clavius5734 You just need enough suckers to keep it buoyant. Crypto behaves exactly like a shared bank account that anyone can take their money out of and you're left holding the can. Its only worth anything so long as more than 2 people have all their money in it praying the other one doesn't take the money out first, whilst eyeing the door themselves. As all your profit comes from taking out other people's money before they can, its literally a shared anonymous bank account in everything but name.
Ironically when you start to see stuff like 'Crypto's dead, it's never going to happen again' is historically when it seems to reset and happen again. The moment everybody's sure it's only going up - it crashes. The moment everybody's sure it's NOT going up again - it takes off again.
I have a friend who was really into crypto a while back, and he tried to get me into it as well. I'm normally a very skeptical and cautious person, but ultimately what made me decide not to dive into crypto were the moral concerns. Money doesn't just come from nowhere. Yes, I know that governments print new money, but what I mean is that if I make a hundred thousand dollars or whatever off crypto, that money is coming from somewhere--from someone. So even if it did work and I did get rich (and I wasn't convinced that was going to happen anyway), I would be possibly ruining other people's lives in the process. I mean, it's the same reason I don't run scams. I can't tell you that I know why I was put on this planet, but I'd like to think it was not so that I could ruin other people's lives.
That's very noble of you. And I mean it. Because if I got access early enough, I might be tempted to join.
Same for me, I've got the morals to not profit from a pyrimid scheme even if I have the oportunity. I learned about this crypto nonsense back when BTC was under $1k and immediatly started trying to tell folks that this thing was a disaster.
Good for you. I mined some doge myself early on, got about 1700 even with my bad video card. Later when it went to nearly a dollar I decided I would sell it, but while the transaction history was downloading I realized the same thing. If someone bought my doge for 1700 it would be ripping them off. I knew it wasn't worth that and would inevitably come crashing down due to its inherent deflationary nature. It would be like selling a fake concert ticket or any other kind of fraud or scam. I remembered I originally mined it to give away to people for making funny posts not to take advantage of people who don't know better.
@jo-flowbmoonsmell8564 haha you actually know how Doge works I tried explaining it to some friends but they never grasped it.
A bitcoin is still worth 28,000 dollars today... Whose money would you have stolen? It sounds like you just lost thousands of dollars.@@kennethferland5579
You need to have Coffeezilla on the show. He's doing great work exposing scammers in the crypto space, and even got SBF to admit to fraud.
literally i thought "zeke fox" was about to be coffee lmao
glad to be wrong ^^
p.s. after writing zeke cracks some jokes that absolutely send me into the throws of death from laughter
The thing is, Coffeezilla is not anti-crypto he is just anti scammer. Adam is bias against all crypto and wanted a guest with the same bias to reaffirm himself.
Paul Krugman internet quote 1998
That’s these 2 in the video NGMI 🤦🏼♂️🤦🏼♂️🤦🏼♂️🤦🏼♂️🤦🏼♂️🤦🏼♂️
I'm sure coffee has great points and even great arguments, but cutting people off mid sentence and screaming "NO YOU SAID AAAA SEEE I GOTCHA" over even small miniscule contradictions is exhausting, chaotic, and childish.
His vids would be much more effective and he'd be much more tolerable if instead of screaming over people, he let them talk, was calm about it, then cut to videos of his analysis, of even videos of them contradicting themselves, and then providing commentary on it.
I tried to watch coffee and he's just obnoxious. But I can see how it appeals to the type of person who white-knuckle clutches their keyboard at the end of an overwatch match and screams "YOU'RE FUCKING TRASH l
@@DI_IDERreddit ruined ya
This entire interview felt like your bestie detailing all the crazy things your mutual messy friend did on a night out 💀
Bitcoin was at 26k when this came out and is at 44k now.
😂 Big cap L1s have gone up 300% since this aired
Now it's at 70k
Once the price stabilizes and the grocery store accepts it I'll consider using bitcoin.
And everybody clapped
Don’t take this video down in the next 5 years.
I worked for a company that jumped on the crypto/web3 bandwagon because VCs were investing and the industry was filled with lunatics and scammers. Everyone was crazy and a lot of people just pretended it was normal
Why you join the company? And why and when did you leave?
Fun fact- alot of the crypto bros have moved on to "ai".
They make AI crypto coins too, and I'm not even entirely anti-crypto(Specifically because I like filecoin and understand why it should have value, to me it's just because it is cheaper to use than google drive.)
Because it's low effort, low iq, get rich quick bullshit for guys who think andrew tate is a role model.
AI hate is a good way to diagnose mental issues. If you hate AI, see a doc.
@@asyncasync How does AI hate equate to mental issues? You're not connecting one with the other.
@@OrangeHand when something is obviously revolutionary and you deny it then you are probably not in possession of all your faculties or are an obsessive attention seeker.
I get it if you dislike certain aspects, but to call the entire thing hype is quite surreal and yet many are doing it.
My takeaway from this segment is that we are all living in the dumbest idiocracy timeline.
Don't believe it can't be worse, in some timelines, Trump was either re-elected or is still president, no-one figured out crypto was a lie, and like 100 people are set to live on Island nations while the seas will drown them and all economies will collapse into an anarchistic dark age where everyone is ready to burn the islands left... In a slightly better timeline than that socialists manage to convince people that obviously the money never mattered and they might hard-left into something better, but still, there's probably other bad ones somewhere between but still worse off than ours.
Exactly. I mean, I didn't expect much from these wallstreet types, but I did expect more from them than just the same behaviour that anybody who doesn't know anything about finance would also engage in. It's scary to think that our economy is being controlled by these smoothebrains who just go with whatever stupid trend comes up next. Meanwhile there are important projects that we need to fund to secure the future survival of humanity.
@@somedudeok1451 those projects are expensive and have limited short-term returns though. I can't buy a beach house with my grandchildrens' survival, so tell me why it should matter to me.
I feel like we can maybe stop bringing up the eugenics movie every time people do something stupid, especially when it's obvious that the issue isn't bad breeding but just capitalism being capitalism.
I disagree. The price of bitcoin during the next bull run is going to bebonkers!
No Adam you are 100% wrong. If you put $1,000 into bitcoin in 2013, EVEN TODAY, after it has lost half its value, you would still have $160,000. You've made some solid points but don't let your narrative get in the way of facts.
Yeah. My favorite part about crypto is that I can buy a token at 4am on Saturday and pattern day trade without being an elite. They can jerk off about fraudsters like SBF and dumb dogecoin, but they don't mention the power it gives to the retail investor. Or, like you said, the long-term performance of BTC.
You would have 160k and someone else lost 159k, it's still just a ponzi.
"You buy the ape, it's supposed to go live in the fox head," has to be the best quote in this interview.
@blupunk01 - I have to wholeheartedly agree!
Axie Infinity also had mini-feudal lords who operated "businesses" where they compelled large groups of impoverished people to play the game with loaned game tokens, in exchange for subsistence wages, while the "CEO" siphoned off all the revenue.
Ah yes. "Scholarships".
That's literally just the true face of a unchecked capitalism, though.
Being a feudal lord in most cases actually came with more limitations and responsibilities!
@@havcola6983 That's the thing though. Capitalists want to be unchecked, tyrannical Aristocrats. Feudalism -constrained- them, at least to a nominal degree.
Eve Online has a somewhat similar setup, depending on the Corp you join in null.
@@diestormlieat least feudal lorda had some obligation to their serfs. Capitalists love capitalism because they get all the power but don't owe their workers anything.
This is so true. I'm a software developer and I was having a conversation with one of my co-workers who happens to be a "bitcoin maximalist." Now, I like the guy a lot, he's great to work with, but it was a very interesting convo. He was explaining how Bitcoin would someday be worth over $1M per coin, that it would end all wars and usher in an era of peace, prosperity and altruism. That was when it hit me, that, for him, Bitcoin is a religion. Interestingly enough, he was extremely dismissive of all other cryptocurrencies. I'm no expert, but I what I understand is that other cryptocurrencies came into existence in order to address, in part, the deficiencies of Bitcoin. With a high transaction fee and glacially slow processing speeds, I cannot imagine Bitcoin being a legitimate international currency.
Almost all bitcoiners are extremely dismissive of other crypto coins and don’t consider bitcoin to be in any way related to crypto in general.
Other cryptos didn’t come along to address deficiencies in bitcoin. They exist as affinity scams where they convince unsuspecting victims that a bitcoin deficiency exists and that they have the solution.
Things like processing speeds and tranaction fees are pretty much all ready solved with second layer technologies (which do not require any new crypto coins) like lightning which settle for almost nothing and in seconds.
For the most part thouse alternatives do nothing to address the technical defficiences, they just exist to let new people get in on the ground floor of new pyrimid schemse. Mostly they are just direct clones of the implemetation with trivial changes like the coin numbers. What's ironic is that BTC fanatics will clearly see this about the alt-coins, but can't see that the original Bitcoin is just the biggest, longest running pryimid scheme with exactly the same underlying valuation.
17:04 If your co-workers bought bitcoin in 2013 when it was roughly ~$120 for most of the year, and you made the opposite bet and put it in the bank at 1% APY, you most certainly did not make more money than them by keeping it in the bank with Bitcoin now at $28,000 😂😂😂 I’m pretty sure they won that bet if they bought it anytime before 2021.
@@joedipierno exactly! it’s crazy how many times I’ve heard similar stories on the internet. They must all think the btc price is actually at zero
@@danOH112Well most bitcoiners are just wrong. Bitcoin is the very definition of a cryptocurrency. They just like to pretend that being the first ponzi scheme makes them somehow legitimate. And yes, Bitcoin has a lot of glaring deficiencies if you understand even basic economics and how money works. Most of the major coins do try and fix some of Bitcoins problems they just usually suck at it for the same reason Bitcoin is awful, turns out computer programing and economics are totally unrelated fields. If Bitcoin didn’t have problems you wouldn’t need level 2’s and they don’t solve the problem, like most alt coins they just kick the can down the road. Lightning for instance cannot remotely handle the volume of transactions needed to keep even a moderately sized city functioning. L2’s also add a host of new security vulnerabilities and increased centralization to what’s supposed to be a secure and decentralized currency. There’s also basically nothing that fixes Bitcoin’s biggest underlying problem as a currency, it’s deflationary by design and for a currency that’s terminal.
"The board ape is supposed to go live in the fox head" is one of the best lines ever.
I work for MetaMask and even I loved this.
It was very enjoyable, but I don't think anyone enjoyed that conversation more than you Adam
It was so fun to screenshot obvious NFT profile pictures, repost them in the comments, and watch the crypto bros have meltdowns
That's basically how I spent my time during the covid closures.
"I don't think we'll ever see anything like it ever again." -Said with a lot of confidence given that the Dutch tulip craze also happened, lol. People are prone to bouts of stupidity. This will not be the last time this happens.
Perhaps. But we didn’t actually *see* the Dutch tulip craze. Something like this may happen again but this felt like a once in a couple of centuries kinda stupid.
Atleast the tulips were real. Something like this will happen again. Too many desperate people out there looking to make it rich quickly.
@@frevazz3364so I guess blackrock is desperate?
This video was posted on October 11th, 2023.
The price of BTC at the time was $26.8k. The all-time-high price of BTC at the time was $69k (nice).
I will come back and reply to this post with the all-time-high price of BTC on November 6th, 2025.
Adam and his friend think the number I'll be posting will be $69k again.
See you in 2 years from today.
It's still a ponzi scheme, just because number go up does not make it something great.
I can personally confirm that Adam’s shows in person are a great time, especially seeing that he comes to small venues is a really nice experience.
Is he as dumb in person, I’m laughing my a** off watching how dunning-Kruger he is.
His $5000 in 2013 would be worth over $175,000…whoops
Zeke's conspiracy board in the back is a hilarious touch. Great interview!
Thank you!! I was hoping someone would notice
@@zekefaux2908That background was on point. 👏 👏 👏
Is he as dumb in person, I’m laughing my a** off watching how dunning-Kruger he is (and you are it seems from your these).
His $5000 in 2013 would be worth over $175,000 now…whoops
@@zekefaux2908 Hey Zeke how is that "crypto is dead" narrative feeling right now? you didnt bet against the biggest asset managers in the world and expect to win. Oh you.
@@zekefaux2908 Hows this thesis working for you today? Looks like crypto is back lol.
A lot of my coworkers got caught up in the hype of Dogecoin after the Elon tweets (ie too late) and they tried to get me on board. I barely glanced at it and thought it looked like a pump-and-dump scheme so i stayed away. Pretty sure every one of them lost a significant amount. One guy basically sunk his entire savings. It was kinda sad, like watching the crash in action and shouting for them to get out of the way but they were all deaf to my words.
Maybe if your idiot friends actually knew how to sell then they wouldn't have gotten scammed. Good for you to not fomo in when it was too late. But it will and it's happening again, so if you don't want to make money have fun being poor.
I bet they all said they made money out of it to save face. Which would mean they scammed someone else's money. So either you become a scammer o the scammed.
On the bright side, maybe this will put an end to all those incredibly energy-sucking bit coin mines
What we don't think about with that friend who put a bunch of money in DOGE and made $20K is that the same mindset that impelled him to invest in DOGE also lost him $20K or more in a million other longshot investments they made before that.
There is a reason the lottery really likes to tell you when someone wins.
@@Praisethesunson Or the Las Vegas casinos. You see the guys who win 200 grand in casinos all the time. You never hear what it took them to get there.
Yeah, this reminds me of a friend who only ever counted his wins. He'd spend his entire paycheck on poker machines and brag about how he won half of his money back while asking me for beer money because he couldn't afford it and couldn't understand how I only saw it as him losing money.
@@dantheman2907addicts don't think they're addicted, until they do.
And after that also. Most people I know who get that lucky get addicted to chasing that high. They really start losing money after they get lucky once and then feel they can replicate that luck a second time
I work at a store in Times Square, there were SO many banner ads for NFTs last year it was hilarious. I remember thinking how fascinating it was to watch a financial bubble pop from the inside like that.
It's always funny because I don't know of a single bubble that wasn't called ahead of time. I was a college kid working at a barnes & noble a few years before the housing bubble burst and I remember sitting at the cash register reading these doom and gloom scholarly works about how there was a housing bubble and it was likely to burst in the next couple of years.
No one pays attention even though it happens almost every time.
@@KaleRylan there's always someone saying it though.... some of them have to be right
@@jamesbyrd3740 you're not wrong
Yeah the funniest thing about Crypto was all the comments talking about how "Don't worry we just need to come up with a real usecase for it and we'll be golden" but you had literally thousands of people with literally the biggest incentive possible to try and come up with that usecase, and after years and years of brainstorming, not a single person was able to come up with something that you could uniquely only do with Blockchain tech that actually solved or improved upon any real problems in the real world beyond scamming people.
There is a real use case, but everyone is too busy running scams and ponzi schemes trying to get rich. The point of crypto is to be like the 2nd amendment for money, ie. you can be in charge of your own money, not the gov. If you trust the gov and see no need to own arms, there is also no need for crypto to you.
There is a fancy cryto exchange ATM in my local gas station. I talked to the clerk one day and they told me it has never been used by anyone. What a wonderful business model.
It's still plugged in?
@@frevazz3364 yes
Those things charge 10-20% over the actual price of whatever you're buying.
Because these ATMs are not ATMs, they only allow you to buy BTC, not to get cash, ie. the opposite of an ATM.
To paraphrase Dan Olson, (because I can't remember the quote and video is too long for me to find it) "As much as they insist they love the feeling of holding this burning hot potato, do they really? Or are they just hoping you'll take it from them?"
'take' meaning 'give' them money so you are left holding the bag when hits the fan.
Who would’ve thought that a “currency” who’s any real value was completed based on actual currency would be a scam?
I am shocked. Shocked I tell you!
"Whoever invented gambling was smart, whoever invented chips was a genius."
Many found out the key difference between currencies and investments that way.
It's almost as if we don't even know what a "real currency" actually is? Most money is just debt you place in your assets; with pretty pictures of our "best" leaders.
A correct that couldn’t decide if it was a currency or an investment.
To be fair, if Adam had bought $1000 in Bitcoin that early he would have been a multi-millionaire anytime from 2017 to present. Bitcoin is still at $40k today.
Wow amazing ! You’re the exact example of the stupidity and ignorance of the uneducated herding mentality. BTC was about $1000 in 2017 it’s worth $40K today. Spoiler $40k is not multi millionaire. No self awareness at all 🤡😂
But he didn't, so that's why it's a "scam".
@@MrHarumakiSensei yeah 😂
The thing that put me off crypto was pretty simple: I couldn't buy anything with it. I couldn't pay rent in it, can't buy groceries with it, no doctor accepts it as a form of payment. If you're defrauded out of it or someone steals it, there's no recourse. Fiat currency, for all it's many, many problems, can at least be used to buy goods or services. Saw someone mention that crypto was basically digital beanie babies, but it turns out to be worse. I don't think beanie babies ever kidnapped people for were being propped up by celebrities as a legitimate investment plan.
Yeah, the problem with THAT type of cryptocurrency is that no one accepts it,
but based on this logic filecoin is useful because you can buy cloud storage with it, and that's all it's supposed to do. Can you please provide why filecoin is useless too?
@@gooditemsdominealtbecause it's a scam, just like the rest, so the value will be too volatile for long term purchases and investments that form the basis of the economy, like business loans and mortgages. Can you explain to me why you believe in a scam?
@@DirtyDruid Filecoin isn't meant for business loans or mortgages, just for cloud storage, like I already mentioned, also people already sell cloud storage on it despite the volatility, I don't actual hold filecoin, I just use it as a reference point to make my own version.
It’s “worse” than Beanie Babies in that if the market on BB’s collapses completely, you still have the Beanies. You can play with them, pass them on, or just sit them in your shelf if you want. If you lose the crypto wallet or the server goes down, the bearer has nothing.
This! When I had some people try to pump me to buy crypto, I asked that question. What was the utility of it. Can you go to McDonald's and buy a crappy burger with it? Their answer was, "That is not how it works." So this crypto currency cannot be used as currency. They would get exasperated with me. And after 12 years, Bitcoin still has no utility.
Seeing Adam laugh so heartily after getting the win with the WGA is so wholesome. It looks like healing in real time.
Love it. We all need to support all unions and take our Country back
Ah yes, because 4 million dollars on a JPEG of a monkey is a brilliant investment.
-Some millionaire in 2020/2021
Fastest way to become a millionaire: Be a multi-millionaire who 'invested' in NFTs.
@@wordforger the easiest way to make a small fortune is to start with a large fortune
People who know nothing about crypto would be rolling like Adam too if they read this book. Just seems so crazy and non sequitur.
I heard the exact same thing about crypto in 2011, 2015, 2017. People have very short memories, especially if they think they can make quick money without any work
$100 in Bitcoin in 2011 would be worth $1.3 million today...
The most mind-bending aspect of stablecoins to me was: So they say they want to be free of government controlled inflation and then they tie the value of their tokens to that government controlled currency... it was like coming full circle, except your crypto money does not buy you anything useful.
Iit was really just a way to lock in current value of your volatile coin and avoid paying taxes.
@@inefffable Exactly! Most people parked it into liquidity pools to collect interest... It's how so many got burned by Terra and LUNA. Also as Bitcoin/Ethereum/SheetyCoins went down, stable coins stayed the same. It acts as a type of short.
It's the ironic reason I enjoy studying cryptocurrencies: it taught me exactly why capitalism is so very, very stupid
Stable coins actually made sense to me with the primary use value of crypto, which is buying and selling drugs on the internet. Having an easier route of transferring back into dollars makes sense there. It's just obviously long term unworkable because a bank whose main value is money laundering is not going to be popular with regulators.
@@inefffable they didn't pay taxes
Tell that to all the people who bought Lambo's with couple of virtual coins. "Does not buy you anything useful" talk about being ignorant, people bought houses, cars, became multimilionaires over the course of couple of months. And without 0 actual physical labor. People who rage about crypto are the ones who got late to the party, then tried to get rich too, then failed because bigger whales got in on it, and decided to crash the party.
My boss asked me once, "Hey, what do you think of this NFT thing this Japanese mogul is doing?"
I replied, "I would stay the hell away from it unless it has an actual business plan, sir."
I wished someone told me that so that I could have asked that question during my interview for my out of school internship which imploded once my nation's borders reopens (they also screwed with an actual intern from a school)
The only morally good way to use crypto is to donate money to good organizations that your bad government disapproves. In Russia crypto is one of the few ways you can still donate to Ukrainian army and remaining human rights and independent media organizations
TBH Crypto and it's tech has always been a good idea, it's the people...
EVERY expert (that wasn't involved) in EVERY relevant field (including mine, in the Navy, my rating was literally "Cryptologic Technician", and I worked for the NSA) were SCREAMING that it was a scam, and utterly valueless.
What killed me the most was when EVERY government unilaterally and universally rejected Crypto currencies, but people KEPT BUYING THEM! 🤦 smh...
EDIT: I missed the El Salvador story! but it perfectly tracks!
The issue is that scammers pray on the very real desperation of people. They tell compelling conspiracies about governments and financial institutions being against them because they’re the good guys changing the world, and a bunch of other bs. I’m critical of governments and financial institutions of course, but yeah. Some of us are just privileged enough to be able to see past the bs and notice the gigantic red flags.
@@MaryamMaqdisi "prey," not pray, but yes, it's this exactly. This is such a problem when dealing with the government and society in general.
Yes, it has very real problems that deeply, DEEPLY concern me, but it does basically function... or at least it functions better than most currently available alternatives.
Your taxes aren't all used perfectly, but they do mostly go to what they're for.
Your vote doesn't matter as much as it probably should, but it does matter and the nations of the world would mostly be better run if more people voted.
The financial institutions and politicians that run our economy do help the rich too much and are just humans who make mistakes, but they're still more trustworthy than some conspiracy theorist with no backing saying how this is going to change the world and stick it to the man.
@@KaleRylan💯 agree. Finally someone said it. What we've already had is not perfect, but it's better than what these scammers offer.
I think the president of El Salvador was only half-hearted accepting crypto as official currency in the country. If he was serious, he would pay government's employees and several other expenditures with crypto. He might get paid to promote crypto, but that was just about it. The free 30 dollars crypto for the citizens and the crypto infrastructures (ATM, EDC machines) were provided by the crypto company. So, he had nothing to lose.
Its just everyone in a shallow pool becomes a scammer. I had a good friend of mine tell me bitcoin is real because of el savaldor but when I ask how, considering their own currency is worthless.
I had to deal w/ a crypto-bro at the HIMSS conference like 6 months ago. It felt like some kind of alternate reality conversation.
Crypto bros are a unique breed of cringe.
Don't get me wrong. As a woman, I've had my share of dealing with MLM huns. A lot of MLM companies are notorious for targeting women. It's annoying for us, as if they think we are dumber than men. Somehow it's rather liberating that similar problem is also happen in men's world😂.
@@tiararoxeanne1318Yep. There's a HUGE focus on MLM within women inside religious communities (or any spiritual/social community) to try and turn acquaintances into customers. And as women tend to be in these social circles more than men, it trends heavily there. But it isn't because we're "smarter". We just aren't sitting w/ a ready-made social circle waiting to be co-opted.
But but but he owns the float!
So much laughter in this episode. And so many great stories.
There needs to be a distinction between crypto in general and bitcoin.
No, there doesn't. Being the first ponzi scheme doesn't mean you're legit. Bitcoin is by definition crypto.
Yes, maybe scams claim to be like btc to con others
@@bogatyr2473 How to say you have 0 understanding of what you are talking about without directly stating it.
Congress pretty much gave the middle finger to crypto. No one could insure it, no one backed it, they couldn't find the way to compensate for mitigated losses.
well... crypto is old news, CBDC is the latest Government "investment".
no... no... yes, CBDC is build on crypto, but it's different.
It's different in that it's government backed and based on fiat money equivalent just only digital. Non-Tangible. Web 3.
/s
The best thing about Dogecoin is that it was made as a meme and suddenly some idiots thoughts it is an actual investment
One of the internets primary wealth tools these days is to separate idiots from their pennies.
Crypto is now crapto.
*nailed it*
It'll unfortunately be back. It's the world's first self-reinflating scam bubble.
Do you still stand by this statement? Before you answer Google the price of Bitcoin and the whole crypto market from the day you made your comment to today
Yacht timeshare had me cracking me up. "And the Yacht was a crypto scam"
Historians will look back on this video as a key artifact to understand the concept of 'epic fail'. Well done, truly a masterpiece of misunderstanding and miscalculation.
Indeed. Rich assholes like Adam just love to tell the masses what to hate in the most shortminded way.
These guys focus on rage bait to get clicks. Of course sbf and Logan Paul's exist in crypto. Just like Bernie maddoff exists in finance.
But notice how they have zero arguments against bitcoin. Which is up 50% and outperformed the market
congrats on the WGA win, Adam 😊
I'm actually one of the people who made a fair bit of money with Dogecoin. Well, to me it was a fair bit of money. A little less than $7000 after taxes. But I also put in less than 10 to begin with so that was a really good return.
But I also know that I bought it literally as a joke because one of my friends wouldn't shut up about it and I thought it was ridiculous and sounded like a scam. to me it was the equivalent of buying a lottery ticket.
I am so glad that I did not fall farther down that hole.
I have another friend who made quite a bit more with those coins and then immediately poured it into a variety of other coins and lost almost all of it.
Thank God mine went to Good old fashion bills. Lol
Especially since it was literally designed to be inflationary, just appearing from nowhere. Bitcoin and the like sold themselves on being deflationary, with there only being the same amount at all times.
A friend of mine did that woke up one day to find he suddenly had $6000 in Dogecoin some company online actually sold him a top end gaming laptop and he bought it with Dogecoin! so he cashed out smiling.
Oh come on. You can't possibly tell me you didn't wish you'd put in 100 bucks instead of 10.
as a graphic designer, people in my industry split into 2 camps, people with sense who thought the whole NFT thing was a scam, and scammers. scammers unfortunately included a lot of idiots who got lots of attention with templatized bullshit randomly generating crap - and somehow some of them made money from it. it makes zero sense.
Even if you were left holding the bag after the Tulip Bulb Bubble… at least you could grow a real flower
No matter how many new ways of explaining, every time some crypto bro tried to tell me about crypto, i ended up finishing with "like a ponzi scheme?"
And there it goes... lol
Crypto bros now are just looking for a bag holder to take their place.
You mean like fiat currencies?
@@Chris-xl6pd ancaps love to compare both, huh? No, fiat currencies are backed by much more than "trust me bro", you have a stable structure with the arms to ensure it =]
Let's compare how many fiat currencies went to zero against cryptos and nfts?
@unalvares5391 Lets have a look at whos involved in crypto now, oh look blackrock, vanguard and fidelity.
Oh look how much btc and the wider market gained since this video was made.
Oh look at my portfolio up nearly 700%.
Oh look at you the guy who cant draw any conclusion with belittling what you are looking at, its ok dude i aint here to convince you.... just gloat. Make your own choices in life.
So you should report blackrock for selling a ponzi to people
Remember when Adam made that video where he bashes CEO's implementing AI unethically and most tech bros said ad infinitum "Oh, this video will (already) age(d) poorly".
Well, their prediction that WGA would lose their jobs and be replaced by AI kinda aged like milk...
Just like many other predictions of them. Like NFT's, Crypto and the Metaverse. All promising technologies that were overhyped and underdelivered by those tech bros.
But owning your shortcomings isn't something willingfully ignorant proud people can do.
I am thinking about "self driving Tesla" hyped as being WAY safer than it actually is, and the fine print saying essentially it's a glorified cruise control. Even when (many of us) understand on one level that to be true, the constant "we're safer on the road than a human driven car" lulls too many.
My husband just bought a bored ape t-shirt from the clearance rack at Walmart. 😂
now that's a good investment! hahahaha
We need Adam to read the audiobook. Fully with laughter abd everything.
Remember when Matt Damon called us all p*ssies for not buying crypto in the cringiest ad of all time? I will never forget.
Doggie Coin sounds like those 50 states quarters people used to collect. Get a different breed on each coin. 😂
That's adorable I want that
Aww, I want the Corgie!
😆 I totally collected those as a kid! My dad got me the little collector folder. I still have them to this day
Over the last 30 days (10/18/23 to 11/18/23), the price of a Bitcoin has risen from $28,498 to $36,552. Doesn't seem to me as if crypto is crashing.
Every bearmarket idiots like Adam think its going down because the wrong reasons.
Everyone keeps saying Brock Pierce is known for the Mighty Ducks. John Oliver said this too. He was the lead role in the Disney movie, First Kid.
He plays the POTUS's son. Also starring Sinbad.
I was one of those, 'well, let's just throw an insignificant amount in and see what happens' people. I'm glad I stayed skeptical enough to keep it as insignificant as I did. I know others truly thought of it as an actual financial strategy.
Same. $20 I'll never get back, and thankfully I'm privilege enough to not miss pizza that week. I just needed to do something about the FOMO and forget about it.
Same. My skip level boss talked nonstop about crypto all the time and convinced me eventually, so I bought $10k of Ethereum. Rode it for a couple of years, but eventually pulled it out and (thankfully) only lost like $1500. Was such a joke.
There was an app that gave you free crypto for taking the quizzes and learning about crypto. I got $30 worth of free crypto that went up to $50, and then plummeted down to like $5. I was so glad I never actually stuck money in.
@@Kujakuseki01 Jesus that's a lot of disposable income
Thats funny because I threw in $10000 and made 300%. I guess this really is a game that can be played only when you take it seriously.
I've never heard Adam laugh so much and so savagely. I love it.
This aged well. 😂🤣😂
Here's what I learned from all this: I'm smarter than many professional investors, and maybe my own business ideas aren't all that far-fetched.
The worst thing about crypto is there are millions of bagholders worldwide desperately trying to reinflate the next bubble so they can get their money back. Chances are they will succeed, and drag even more victims into this scam.
Maybe the world has run out of bigger fools, and now it's time to move onto the next scam.
Using a blockchain like Solana, I can send $1000 anywhere in the world, instantly, for pennies in transaction fees. Do you know of a better way to do this than crypto? Venmo would charge me $30 to do this.
Legally you can't actually own a bored ape since they are algorithmically generated and therefore not legally protected. What you actually own is the right to assert that you own it in bored ape club. Outside bored ape club you own literally nothing. It's a bizarre sort of club to want to belong to. But rich people love belonging to clubs that poor people can't afford.
Its algorithmically assembled not generated
The trait and artwork was still hand made. The algorithm merely randomly selected which combinations to put together
So its a bit of a Gray area. You make an interesting point though
@@furythree found the buyer...
it's not much different than the current gen AI bs...
At the very peak I had a falling out with a crypto-entranced friend who aggressively demanded I sell everything I owned (including my home) to invest in crypto. He had made a lot up to that point but the bubble was clearly waaaay overvalued and I wasn't willing to jump in at that point. I haven't gone back and rubbed it in his face or anything, but the friendship was never the same. People, be careful about letting investments (or anything else) become a cult mentality.
I remember hearing about how crypto would make you rich, but the thought occurred to me that it makes you rich in regular money and not the crypto that is being traded. So to me it never made sense how fake money becomes real money.
Yeah for many it was all about gambling; "can I get in low and sell high before the bubble pops?". Sadly, there are too many that (due to circumstances beyond their control) had not been able to save enough to retire who blew their savings trying to pump up their retirements...to the benefit of the sharks. It was bad.
But the housing mortgage crisis? People with excellent credit scores were sold on higher interest rate mortgages for trusting their "neighborhood bankers", and people without the credit scores necessary to actually buy a home without some kind of support were all duped. And the ones responsible at the top barely got a slap on the wrist. I appreciate that at least some of these folks responsible are paying the price. I do wish there were a way go after a percentage of the COO, CFO of bank's current assets to make right so many people who are struggling due to the loss of the one tangible asset they thought would at least be over their head if all else failed. They were cruelly mislead. Dimond, et al have no ethics.
"I was hearing all this stories of how my ape was going to be stolen", this is comedy gold.
"I lost about $2000... I was so happy!"
Dude is a riot!
10:29 Alex is not wrong; banks were instrumental in the downfall of many home-owners.
as an crypto engineer, I personally find this whole take as kind of luddite but I cannot stop laughing at the fox head discussion
such a biased version of events , leveraging some of the most awful projects to paint a picture of the entire scene . its comparable to saying money is a scam because zimbabwe hyperinflation , neglecting the larger functioning systems and why thats a bad example . there is a huge distinction between the vile garbage that gets attention vs the foundational system of a decentralized secured network . all current systems of money are artificial , no longer backed , of an unlimited supply with seeming no regulation on printing more leading to devaluation ( US printed 80% of its current supply in the last 3 years ) . to neglect the very clear purpose and intent of bitcoin , and to instead focus on projects that carry no similar ideals or protocols ( ftx was centralized , sbf contributed nothing in the space ) as if they represent crypto is a great disservice .
Hoping, praying and manifesting this energy for gen AI / stealing machines 🙏🙏🙏
Me too. Crypto and NFTs have gone down, now for the last of the 3 great towers of tech-bro bullshit to join them.
Please look up how, like physicaly how, neural AI works. You'll find it learns, like, actually learns. Exactly how a human does. They don't steal. They do what every human does when trying to learn how to draw. It's exactly the same.
Yeah, but that's a technology that actually produces something, unlike crypto.
@@MeepChangeling and that technology is not what "AI" systems like ChatGPT and Alexa use, they use compiled search results and form a mostly cohesive text around that. Which has been SOLD as real AI, thus making it a scam similar to crypto, and making the OP comment valid. And I agree with them, the AI bs is the next thing to implode. The AI you're talking about is still 20 years away from practical and commercial application, and by then it may have reached singularity already, so your point is irrelevant.
My simple description I would give to friends when they would ask my take on crypto. A Pizza Hut rewards program for reading books is more of a currency than crypto in the frequency that goods and services are exchanged at a consistent rate.
I love Adam and most of what he does. I had a lot of problems with this episode; Inconsistency across episodes on Adam's part for starters. In several of his recent episodes Adam pulls no punches railing against capitalism, a position I whole heartedly agree with. Then he gets this Wall Street apologist on and doesn't challenge any of Faux's obviously ideological aphorisms. The idea that the idiots who got swept up in crypto are somehow significantly more stupid or corrupt than the movers and shakers at every investment bank on the Street is laughable. Anybody see the Big Short? Wolf of Wall Street? both based on true stories and that's just the tip of the iceberg of evidence that it is in fact the stock exchange which is the world's biggest casino and ponzi scheme, just operating on a slightly longer time scale than crypto.
Paraphrasing Churchill: "capitalism is the worst financial system - except for all the others that have been tried." But the twist is how capitalism took care to shoot down all those others that were tried.
Anyway, I'm sorry you lost money on crypto. Wishing you well for your recovery.
The difference is that securities are usually made up of debt aka bonds or parts of companies aka stocks. That's true for mutual funds annuities or hedge funds. Crypto disguised itself as a currency but it's worthless without government backed currency so it's a speculative asset that does not have any underlying debt or parts of a company
lmao. Just because a dude is dunking on crypto doesn't mean they've got a boner for capitalism.
You are overreaching here. They never said capitalism was good, or that people involved in crypto were dumber or more stupid than bankers or Wall Street people. Unless, you could point out in what minutes in the video they made such statement.
@@tiararoxeanne1318 Yeah... I suspect the commenter lost money on crypto and is still feeling raw about it, while clinging to some of the talking points. I'm just speculating, of course (like all the crypto bros were).
Crypto never passed the smell test with me from the get go. So glad I stayed away from this relative of MLM.
It did with blackrock
I was working in rural Austria for a week when the route from the hotel to my customer took me past a bathroom tile shop every day. Proudly sporting the "we accept bitcoin" sticker on the door. And I keep wondering how many bathroom tiles actually sold for bitcoins...?
First crypto
Next AI
Then who knows...
Keep up the great work Adam!
Your Amazing!!
Probably quantum computers.
Too bad I am too honest of a person to abuse it
You haven't seen the most cursed thing, AI crypto coins.
Economic bubbles are gonna bubble, no matter whether they're tulips, beanie babies, loan packages, cryptocurrencies, etc. For so long as profit and growth remain the deciding factors for what gets done, people will get screwed over
You technophobes are a weird bunch.
Can't even count how many rug pulls, scams, pump and dump, NFT garbage.. Huge celebrities backing them too. It was a make money disappear into thin air trick and loophole for already rich people get richer at their fans behest. I hope there is accountability and justice at some point.
There is a very easy way to tell if a crypto deal is a scam:
1) Does it involve crypto?
Bam, done.
Zeke seems like a really sweet humble guy. Great guest!
In 2013 one Bitcoin was 120 dollars and today it's still sitting at 26,800.
"staggering fall". "It's over". $26,000 💪🏻
So was 60k a bubble? Is 26k the "real" value? How do you how 26k isn't just another bubble propped up by hodlers? Based on this comment section, there seem to be plenty still on it.
I'll try and check back in on ya in 2 years. See how that btc doing once the halving surge settles
Nah simply stating that in 10 years bitcoin's trading value has increased 2000% and it's silly to ignore that. Make these "its over" statements if bitcoin falls under $1000. Otherwise how can you ignore 2600%.
damn I posted this 2 weeks ago and now Bitcoins at 35k, up nearly 10k
The timing of this episode is hilarious. Crypto had a good year and the next cycle is on.
Right? I'm getting ready to retire at 40 thanks to ethereum. Here's to another great few years! XD
the word factually is in every episode title and of the thousands of comments in here you are the first person to actually know what's going on... Factually! 😂. It just reaffirms how early we're getting in this cycle
What makes this all so sad and scary: even the guy who wrote this book seems to _still_ be holding onto the belief that rich people in finance are somehow exceptionally smart and/or talented at what they do, despit two seconds later talking about how the large-scale mechanics of these markets are essentially just the question "how scared are these people right now?" Like... Yes, the finance industry dove in head first, because all they care about is continuing their delusional fantasy of infinite growth, most of which is predicated on precisely this "number go up" thinking even in stock markets - after all the value of a stock is just as much affected by "the market"'s faith in the stock (i.e. how safe rich people feel about this providing them with free money) as it is by the company actually producing useful goods or being sustainable as a business.
That's exactly what's going on with housing market. The investors think that the houses will just increase their value indefinitely
It's hilarious because new houses are still being built because construction workers need jobs and yet we're not increasing in population the way we used to but we're still building houses this is the way we used to granted has slowed down a bit but not near enough. There's gonna be way too many houses versus people who's willing to buy or rent.
@@kateajurors8640 You do realize that there's an incredible housing shortage from building too few new homes over the past several decades, and that building enough more houses would alleviate price inflation? More housing is good by every metric (though denser housing would be even better). Find any of the videos about it on RUclips if you want to learn more.
@@kateajurors8640but all of the homeless people in them
The problem is you have so many people buying multiple houses and renting them out, which is taking them off the market for potential home buyers.
@@iemjay Doesn't this imply we'd need an infinite chain of future renters to keep the market afloat? And isn't the US' fertility rate below replacement level?
I was working in crypto for over a year. In my line of work you kinda go where the jobs are - and that's what I landed. Other than the fake coins on testnet - I never owned a single crypto asset
You will regret it one day
I love you Adam, please let guests finish a sentence before interrupting, you aren’t adding anything by repeating what the guest just had said
There is no honor beneath the oppression of capitalism!
Agreed
This is a ladmark episode, comedy and insightfulness abound. Fantastic guest. The end made me weep.
Zeke, I loved your interview with Patrick Boyle, and it's good to see you here, too!
i’m not invested into crypto but when adam was talking about his college humor coworkers buying bitcoin in 2014 saying that he was better off now with it in the bank. he’s just wrong, yes crypto crashed but it’s still very very high up from where it was 10 years ago
He's dead wrong. $100 in Bitcoin in 2013 would be worth $260K today. This episode was just anecdotes from the worst crypto stories, nothing from good side. Unfortunately this is gonna teach the wrong lesson to a lot of people
How much has crypto gone up in value since you made this video? I am up 300% since 4 weeks, you realise we are just at the beginning of the 2024 cycle.
Im gonna laugh my ass off when you have to eat your words in 600 days :D
Go back to this after you lose all your value after your beloved crypto crashes just like every other crypto
@@elin111 I have a price target and cash out dude, I have locked in tons of profits even it crashes to 0. Keep staying salty because you missed out on the opportunity to make generational wealth.
You bringing up talking crypto with your Collegehumor peers instantly reminded me of when i saw Dan Gurewitch on Last Week Tonight as one of the show's writers when they talked about Cryptocurrency and him being presented as the "you gotta get in on this" type.
It would not surprise me if he was one of the guys you would discuss this stuff with back then.
That's DEFINITELY who I was thinking about the moment Adam spoke about that interaction!
This video is going to age poorly...when it comes down to btc.
And then it will age well again.
@@madmax43v3r Yeah sure but in the long run, the dollar won't hold it's value. Don't underestimate the power of things that are unstoppable. If you can't fight it you will have to join it. Needless to say everything else tends to be very scammy and actually centralized..
I know a lot of people lost their shirts over this but Bitcoin is still at 30k.