A few things that come to mind: 1) an important original use case was to offer banking to the billions that are unbanked, 2) another use case is remittances, often forgotten by those in the west, 3) you don't own crypto in a " wallet", which is only an interface to the Blockchain. Remember your private key is all you need, meaning that is secure as your memory. Really like this conversation, btw
Also permissionless lending in crypto. People can lend and leverage their money against their own crypto collateral without the use of banks or KYC. There's also no risk of debt because you're lending against your own collateral
Crypto and all the emotions/reasons involved for acquiring it, is a deep reflection of our current society. Many buy it for betterment. To improve their own and their family's lives. It's perverse but perfectly reasonable that people have more faith in crypto than the banks and the governments. Arguably, the institutions are already in control of crypto, it won't be long before that's fully legitimized. Then, the average person will have no hope in their dream of becoming wealthy because the opportunity to invest in crypto will be restricted.
Having watched the whole interview, I feel so somewhat double minded. A lot of the criticism offered against crypto can be held against tradfi, e.g.: offshore financial architecture, lack of transparency, centralisation of capital etc. Crypto exist within existing capitalist structures after all. A lot of the discussion resolved around cex but almost nothing on dexes. Notwithstanding the obvious flaws inherent to crypto today, I don't feel the guest got to the heart of his initial dismissal of crypto
Crypto and bitcoin are two separate things. Bitcoin is its own asset class, the only large decentralised protocol with a fair start/distribution and no leader. Please get someone on who's truly studied bitcoin.
I'm no expert on crypto but came here to listen to a podcast which might explain your first question clearly and then give a good deep understanding of bitcoin, the crypto layers, security, spot ETFs in US and other countries, meme coins, el salvador, inflation impact, US debt, gold comparison, GBTC dumpage, celcius, genesis, FTX, binance, staking etc. There's so much but nothing on this one. I know you guys are committed on this channel and keep my hope that you will bring a guest like 'Investanswers' who actually understand crypto.❤
This fella is drenched in fear. So weird when he said it isnt a good hedge against inflation or whatever he said I struggled to listen as my head was wobbling so much. There is no doubting the numbers and now the big boys are in, the fear is real in this guy. The last guy only loved ETH and this guy is scared. It's good to hear different points of view but having someone who gets the whole crypto market and is positive is surely the way to go to complete the series.
He’s going to regret that 0%. Imagine being 0% tech stocks over the last two decades. Worst decision of his financial life. Yes you’ll be the schmuck sadly.
Another great episode on crypto. It's fascinating to hear people's opinions on its use cases and potential to shape the future. I've enjoyed these past two guests on the show, but who I would LOVE for you to have on is Colin LeMahieu. He's an inventor and incredibly knowledgeable on crypto. His vision of crypto is not to make people rich, but to solve real world problems. He's worthy of a Nobel prize in my eyes! Thanks for the ep, Damo.
You could only judge aeroplanes over a short time period in 1940. Did that mean you wouldn’t think it’s the future or invest it in at the time? In this guests case… probably.
Well said. I'm glad the host has some exposure to bitcoin, it encourages one to learn about it. I hope he holds for retirement and doesn't sell too much of the asset over the decades.
The storage of bitcoin is genuinely the main thing that stops me from buying more. Cold storage may sound like the safest, but I'd just be so scared that the hardware stopped working for whatever reason. We don't have stocks and shares ISAs in hardware wallets. They sit on a brokerage platform. I'm still awaiting a settlement from Blockfi's bankruptcy and will now use Coinbase, but I will tread with caution.
Incase you didn't know, your crypto isn't stored on the actual hardware wallet. It's stored on the blockchain the wallet is just used to sign transactions. All you need to keep safe is the 24 word passphrase. Your hardware wallet can be lost,destroyed or stolen and nothing will happen. Enter your 24 words into another wallet and carry on as normal
14:40 there can be a system which can rollback, it can just be by design. Governments plan to do this with CBDCs. The opinion is great, I will read the book. I think the banking system will enable the use of blockchain technology and create their own system for normies who may not want to deal with self custody. My opinion is that blockchains like Solana and Ethereum allow us to self custody with perks like borrowing, lending and investing. I even use gambling dapps (decentralised applications) instead of my go to bookie. There are no-loss lotteries where you can put your money in like a premium bond and the protocol will lend the money received to earn a yield and you can win the yield of the whole pot and get your money back if you lose. I am simply waiting for a decent on-off ramp so I can get paid in digital assets I want and spend them when I want. I don't want to deal with banks anymore!
Bought bitcoin for first time in many years today. Its a massive 0.012% of my portfolio but I might go up to 2% in total. I got burnt too many times years back on XRP and various badly timed trades 😂
When I first knew about bitcoin it was below £150 and I thought it was a bit risky 😢😅😅 A mate at the time bought a mining rig for 2k and was making 3/4 of a coin a month but also sold as he worries his £2k investment was a bit risky.
The level of defensivnes about crypto is outstanding. At 16.00 Joshua mentioned how Bitcoin was not an inflation hedge over the last 10 years. Damo your response was dissingenous to say it was. Please think about your answer, some of us can see through it and Joshua did but was wary of calling it out too harshly.
Tired tulip cliche alert!! The tulip bubble lasted 2 years - Bitcoin is now 15 years old. How long can people keep parroting this rubbish before they have to admit it’s just wrong
He parrots it, subconsciously, because if he didn’t, he’d have to ask himself why he didn’t buy bitcoin? But that would be a painful bridge to cross… He’ll be saying that when bitcoin is over a million and beyond…
I’m sorry, if he has 85% of his investments in crypto, he’s learnt absolutely fuck all from these podcasts. He’s wasted his mate’s time trying to educate him…..😒
If it’s 85% bitcoin then he will be the one winning. Putting 85% in Amazon in the early 2000s would have seemed foolish then... It’s the best asymmetric trade in terms of risk reward of our lifetimes. Pity some don’t take any risks and therefore will never do better than the other average-slightly successful people. You don’t win taking now risk. If you always play it safe then upper middle class is your absolute ceiling. As Buffett said diversification doesn’t build wealth. Diversification by definition is accepting you have no intellectual edge.
@@samc8183 it has to be a calculated risk. Most people who invest in this don’t understand what crypto is and what makes it rise and fall. They blindly invest just like they did with Dutch tulips. I’ve not met many of the average Joes who invested that are now multi millionaires. By the same token you may as well bet on the football.
@@DamienTalksMoney thank god! I might be wrong, time will tell, but I think it’s madness putting anything beyond 10% into this. It’s not like a company where you can evaluate its probable success or failure before investing. Crypto seems to be a wild guess. You might as well put £100k on the football pools. Anyway, like I said, I might be wrong…..
This podcast is turning into Diary of a CEO with non-experts and conflicting advice. Please don’t go down that hole and clickbait just to grow your channel for solely profit. I really like your stuff, don’t be a Steven Bartlett! Be real!
@@Scott-mi1of Thats a great question! I'd also like an to answer that. It's clearly not going anywhere, so surely its worth learning a little about this emerging asset class. Anyone care to offer a counter point?
A few things that come to mind: 1) an important original use case was to offer banking to the billions that are unbanked, 2) another use case is remittances, often forgotten by those in the west, 3) you don't own crypto in a " wallet", which is only an interface to the Blockchain. Remember your private key is all you need, meaning that is secure as your memory. Really like this conversation, btw
Also permissionless lending in crypto. People can lend and leverage their money against their own crypto collateral without the use of banks or KYC. There's also no risk of debt because you're lending against your own collateral
This is the best coverage of crypto I have ever witnessed.
I really hope this podcast takes off. It would be a shame to see it go away due to low view counts. Guys please keep going.
85% crypto is mad haha. Fair play T. Respect for backing what you say!
Depends what value it is, doubt it’s 100k or anything like it.
The guy's broke af: 85% of very little isn't much.
@@mrjelfs3705I think you would be surprised
I like the topic, but this one It is hard to listen, when every setence starts with "you know..."
You know, I think this is better than the previous video on this topic.
You know that is just the guest's speaking style. We all have our own weasel words and phrases.
The crypto industry needs a massive clean up and regulation
Literally couldn’t bear it any longer. You know.
Crypto and all the emotions/reasons involved for acquiring it, is a deep reflection of our current society. Many buy it for betterment. To improve their own and their family's lives. It's perverse but perfectly reasonable that people have more faith in crypto than the banks and the governments. Arguably, the institutions are already in control of crypto, it won't be long before that's fully legitimized. Then, the average person will have no hope in their dream of becoming wealthy because the opportunity to invest in crypto will be restricted.
Having watched the whole interview, I feel so somewhat double minded. A lot of the criticism offered against crypto can be held against tradfi, e.g.: offshore financial architecture, lack of transparency, centralisation of capital etc. Crypto exist within existing capitalist structures after all. A lot of the discussion resolved around cex but almost nothing on dexes. Notwithstanding the obvious flaws inherent to crypto today, I don't feel the guest got to the heart of his initial dismissal of crypto
Crypto and bitcoin are two separate things.
Bitcoin is its own asset class, the only large decentralised protocol with a fair start/distribution and no leader.
Please get someone on who's truly studied bitcoin.
I'm no expert on crypto but came here to listen to a podcast which might explain your first question clearly and then give a good deep understanding of bitcoin, the crypto layers, security, spot ETFs in US and other countries, meme coins, el salvador, inflation impact, US debt, gold comparison, GBTC dumpage, celcius, genesis, FTX, binance, staking etc. There's so much but nothing on this one. I know you guys are committed on this channel and keep my hope that you will bring a guest like 'Investanswers' who actually understand crypto.❤
This fella is drenched in fear. So weird when he said it isnt a good hedge against inflation or whatever he said I struggled to listen as my head was wobbling so much. There is no doubting the numbers and now the big boys are in, the fear is real in this guy. The last guy only loved ETH and this guy is scared. It's good to hear different points of view but having someone who gets the whole crypto market and is positive is surely the way to go to complete the series.
Can you start numbering the podcast episodes pleeeease
My favourite weekly money show. Keep up the fantastic work lads
He’s going to regret that 0%. Imagine being 0% tech stocks over the last two decades. Worst decision of his financial life.
Yes you’ll be the schmuck sadly.
Another great episode on crypto. It's fascinating to hear people's opinions on its use cases and potential to shape the future. I've enjoyed these past two guests on the show, but who I would LOVE for you to have on is Colin LeMahieu. He's an inventor and incredibly knowledgeable on crypto. His vision of crypto is not to make people rich, but to solve real world problems. He's worthy of a Nobel prize in my eyes! Thanks for the ep, Damo.
Great to see a new perspective,
Thanks guys
Rooting for this podcast 👏
Waiting for the scammy spammers to fill the comments 😂
Not going to lie, it's a bit of a battle sometimes, but we are on it!
You could only judge aeroplanes over a short time period in 1940. Did that mean you wouldn’t think it’s the future or invest it in at the time? In this guests case… probably.
That was informative but as a betting English man, I started to focus on how many times he said " you know" and had to turn it off....
Bitcoin Not Crypto
Well said. I'm glad the host has some exposure to bitcoin, it encourages one to learn about it.
I hope he holds for retirement and doesn't sell too much of the asset over the decades.
How did he write a book when he knows very little about bitcoin and how it works
The storage of bitcoin is genuinely the main thing that stops me from buying more.
Cold storage may sound like the safest, but I'd just be so scared that the hardware stopped working for whatever reason. We don't have stocks and shares ISAs in hardware wallets. They sit on a brokerage platform.
I'm still awaiting a settlement from Blockfi's bankruptcy and will now use Coinbase, but I will tread with caution.
Incase you didn't know, your crypto isn't stored on the actual hardware wallet. It's stored on the blockchain the wallet is just used to sign transactions. All you need to keep safe is the 24 word passphrase. Your hardware wallet can be lost,destroyed or stolen and nothing will happen. Enter your 24 words into another wallet and carry on as normal
You know 😊
Do you think we know? “You know”?
14:40 there can be a system which can rollback, it can just be by design. Governments plan to do this with CBDCs. The opinion is great, I will read the book. I think the banking system will enable the use of blockchain technology and create their own system for normies who may not want to deal with self custody. My opinion is that blockchains like Solana and Ethereum allow us to self custody with perks like borrowing, lending and investing. I even use gambling dapps (decentralised applications) instead of my go to bookie. There are no-loss lotteries where you can put your money in like a premium bond and the protocol will lend the money received to earn a yield and you can win the yield of the whole pot and get your money back if you lose. I am simply waiting for a decent on-off ramp so I can get paid in digital assets I want and spend them when I want. I don't want to deal with banks anymore!
Bought bitcoin for first time in many years today. Its a massive 0.012% of my portfolio but I might go up to 2% in total. I got burnt too many times years back on XRP and various badly timed trades 😂
When I first knew about bitcoin it was below £150 and I thought it was a bit risky 😢😅😅 A mate at the time bought a mining rig for 2k and was making 3/4 of a coin a month but also sold as he worries his £2k investment was a bit risky.
The level of defensivnes about crypto is outstanding. At 16.00 Joshua mentioned how Bitcoin was not an inflation hedge over the last 10 years. Damo your response was dissingenous to say it was. Please think about your answer, some of us can see through it and Joshua did but was wary of calling it out too harshly.
Has BTC not outperformed inflation? and inherently disinflationary?
Yes it does, the data and charts show it clearly.
I like the idea of a business creating a crypto coin as a form of shares or bond which guarantees a dividend or return on the investment.
When all is said and done, surely all crypto investors are doing are buying tulips and they know it.
Tired tulip cliche alert!!
The tulip bubble lasted 2 years - Bitcoin is now 15 years old. How long can people keep parroting this rubbish before they have to admit it’s just wrong
He parrots it, subconsciously, because if he didn’t, he’d have to ask himself why he didn’t buy bitcoin?
But that would be a painful bridge to cross…
He’ll be saying that when bitcoin is over a million and beyond…
Tulips never came back to pass their all time high price. Bitcoin has always seen new all time highs, each 4 year cycle
I’m sorry, if he has 85% of his investments in crypto, he’s learnt absolutely fuck all from these podcasts. He’s wasted his mate’s time trying to educate him…..😒
He was 100% at one point. He is building his index funds up nicely now. Just takes time
If it’s 85% bitcoin then he will be the one winning. Putting 85% in Amazon in the early 2000s would have seemed foolish then...
It’s the best asymmetric trade in terms of risk reward of our lifetimes. Pity some don’t take any risks and therefore will never do better than the other average-slightly successful people. You don’t win taking now risk. If you always play it safe then upper middle class is your absolute ceiling.
As Buffett said diversification doesn’t build wealth. Diversification by definition is accepting you have no intellectual edge.
@@samc8183 it has to be a calculated risk. Most people who invest in this don’t understand what crypto is and what makes it rise and fall. They blindly invest just like they did with Dutch tulips. I’ve not met many of the average Joes who invested that are now multi millionaires. By the same token you may as well bet on the football.
@@DamienTalksMoney thank god! I might be wrong, time will tell, but I think it’s madness putting anything beyond 10% into this. It’s not like a company where you can evaluate its probable success or failure before investing. Crypto seems to be a wild guess. You might as well put £100k on the football pools. Anyway, like I said, I might be wrong…..
This podcast is turning into Diary of a CEO with non-experts and conflicting advice. Please don’t go down that hole and clickbait just to grow your channel for solely profit. I really like your stuff, don’t be a Steven Bartlett! Be real!
If you continue to talk about crypto I will unsubscribe. Dont fall into the trap Damo.
Why do people who don't own crypto hate people that do, it's hear to stay and we want to learn
@@Scott-mi1of Thats a great question! I'd also like an to answer that. It's clearly not going anywhere, so surely its worth learning a little about this emerging asset class. Anyone care to offer a counter point?
First