Crypto = Internet Points? Why it WON'T make you rich
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- Опубликовано: 26 фев 2022
- Gary takes us on a walk from a bookshop to a bookies while he discusses the massive transfer of wealth that is occurring right now due to cryptocurrencies. He explains why all is not as it seems in the world of crypto & NFT and urges caution to the ordinary person on investing.
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I always invest in cans of food. A 25p can of tomatoes will be 30p next year. No bank in the world will give you a return like that.
Next yr? Way things are, it’ll be next week!
Thats funny 😂
Can I buy some shares in your tomatoes? 200 cans. Or we could set up a fund with green beans, tomatoes and carrots. We could get rich on this, really rich.
Cans don't last forever.
@@philwatson8694 I can sell you the rights to a drawing a 5-year old did of your can of tomatoes for only £5000. Be quick its £6000 now. $7000...
this video isn't going to age well
Exactly
Cool, someone else noticed.
He missed the mark on this topic.
Aging like our economy and Gary is an expert at that too 😅
I joke I joke. Gary is a ledge, just misinformed on digital assets.
Only because Blachrock got involved
I f**king love this guy. Stumbled upon him 2 weeks ago and have binged his entire video library and listened to his audiobook. What a legend.
I agree on many views you have. The smartest investors I know have a 80/20 rule. 20% on extremely high risk assets including crypto but 80% safely in property & business Cashflow.. unfortunately poor people run to 80% high risks to try to escape poverty
poor people buy food not investments
@@jacquiollard8784 Poor people go to food banks....
You should revisit the other areas of agreement...
Then you don't know any smart investors. 20 20 40.
This is what 5hrs of research sounds like, good intentions, he’s totally right about NFT’s. Honestly his advice is sound, unless your vet knowledgeable don’t touch crypto and for god sake don’t trade, especially with money u can’t afford to lose.
Especially true of people who use leverage, same can be said for gold traders! Leverage is for professionals, not Danny from down the local pub!
Exactly. Not sure about the good intentions though. Shockingly ignorant display from an otherwise open minded and intelligent cookie. Shame
@@northwestcoast He's a regime shill. He literally shills central banking and authoritarian power over money, he just wants his side to have the power.
You don’t understand NFTs. Let me guess, you think they’re simply jpgs, right?
🤦🏾
Haha you don’t understand crypto they all say
Look at the chart and zoom out.
I think you need to remake this video Gary given the approval of Bitcoin ETFs and institutional demand. You didn't mention that bitcoin has a limited supply of 21m. At the time you made this, there were many massively overpriced NFTs and worthless altcoins. Thankfully, many of these have been flushed out of the system. I think you have generalised too much. Not all crypto is created equal. Enjoying your channel btw
He also put all crypto into the same basket as Bitcoin. Ie NFTs . They are definitely not the same beast. The risk levels difference between something like a Bored Ape NFT and Bitcoin are massive.
And 2 years later I find Gary’s economics. Just going through your library of content. I could easily see you in positions within government. But you’re far more clued up on finances & wealth than the current lot in power! Keep up the fight ✌️
NNOOO, you misunderstand him- he said : YOU have to fight ---- it is your future..
This aged well :)
A whole bunch of people got wrecked last time crypto went down hard.The current fomo by people in bitcoin and etf are about to experience the same dump.Those unfortunate ones who borrow money to get in are going to go bust in a big way.Exercise caution.
@@kevinford6420 that’s why position size and stop loss are so important
$70k is nothing. Wait to its worth $250k then $1 million
I’d be quite confident that at some point in the future you could come back to this video and say this exact comment without it being sarcastic.
I’ve noticed a recurring theme in my life, when the majority of my friends start discussing how much they’re looking to put into one investment then it‘s often getting towards bubble territory. These are the same group of friends that I’ve never heard once talk about their budget, ISA investments, pensions or emergency funds so it’s clear there’s huge FOMO going on at this point.
Bitcoin could well be worth 10x in 10 years, it could also be the case that the majority of retail investors have lost on their investment because they can’t afford to ride out the volatility and they have no actionable plan when they invest. Just put money in and watch it go to the moon. Then when it loses 50% of its value over 6 months and they can’t bear the pain so sell but don’t tell anyone and then miss the gain when it comes back.
@@jakeowen8703 i have friends at State Street and other mega asset management firms. If you know their plans, you know bitcoin is only going up and fast.
Very interesting to watch this again after 2 years . Would love to know your thoughts on Bitcoin now Blackrock is buying thousands of them.
Glad I saw your comment. I didn't realise this was two years old, it didn't age that well really. Not a deep analysis, but it is good advice not to "gamble" even so. Crypto is the future, but it's not obvious which ones. Bitcoin has a sort of digital gold aspect, recognised, limited, and as you say, now tradeable as an instrument.
@@MarkJones-gt2qd
I think it actually aged very well. I purchased small amounts of about 20 different coins around the same time he made this video. Currently, 4 of those coins are up massively (bitcoin, ethereum, chain link and Solana). The rest are down anywhere from 60-90%. Overall I’m down about 20%.
If you’re only looking at bitcoin, he would be wrong. If you’re considering crypto as a whole, it absolutely shit the bed. If 3/4 of the S&P 500 was down 60-90%, the market would be in a panic. It wouldn’t matter that the other 1/4 was doing really well.
Gary thank you for all you do brother ❤
Now who invented Bitcoin? Nobody knows so that tells me someone one has built the biggest ever Ponzi scheme? Time will tell but I never fell for it. Gary tells it as it is. For the record I grew up like him youngest of six in a London council house paper round at 14 and Saturday job and then full time work at 16 and still going hard at 52 never giving up. Never went to university but not for everyone I work hard and always will do keep up the good work Gary 👍😊
Pretty sure El Salvador would disagree.
Or Blackrock
A busted banana republic
Think he's refering less to Bitcoin and top names and more the scammy stuff
Hi Gary, love your analysis here. Haven't heard the addiction thing but makes sense. Lots of people on my circle invests in these things.
I'm wondering what you think about Rishi Sunak stating that the G7 economies will creat a centralised digital currency? If you haven't seen the video it's on the hmtreasury RUclips video (who would have thought they had one!).
Take care pal!
Rishi Sunak is an idiot who says something twice a day to try to get intelligent people to say he's a nice boy, he's a smart boy.
waiting for Gary's answer, but personally, I do not trust anything Rish! would push.
A CBDC is the end of your freedom and the end of capitalism.
The only use cases for a CBDC are totalitarian, communist or feudalist (including dictatorships in feudalism).
There is no reason for a CBDC other than to remove power from the peasants.
How are those friends doing
@@dennykeaton9701 they will be investigated by the government once they find out they have the heating on and lunch.
why do you sound Jamaican? I dont think this video is going to age well. Although I do appreciate his warning message for buying very bad crypto projects that are pyramid schemes however if you had bought the best performing asset for the last 10 years in small amounts and continue to do so you will be better off. Consider BTC as a store of value and a proven inflation hedge.
"a proven inflation hedge"
gold is desired - and has really useful physical properties
art is desired - it is inspiring to look at
asserts like stocks & shares generate revenue, they provide value
what does BTC do? I can't even use it to move money across exchanges; instead I have to use a PoS crypto since transaction fees are much lower with those ones.
Wouldn’t go as far as ‘inflation hedge’, not yet anyway.
@@JiffyCakes in an ever increasing digital age bitcoin will become digital gold. Its already proven itself as an inflation hedge over the last 10 years. Bitcoin you can store easily off exchanges if required : you can send it to someone across the world without an middle person: its deflationary : it is becoming part of peoples pension funds as we speak:
Yes all those points you made on art and gold are true, but having bitcoin in your investment portfolio is a very wise move to consider.
how long should we wait?
@@saintmte5076
His accent is MLE (multicultural London English), which has been heavily influenced by Jamaican patois.
Conflating bitcoin with NFT projects and dodgy alt coins. Would like to see an updated video just covering bitcoin,
Bitcoin fair value is still 0
Essentially, he's not qualified to be making this video.
Actually it's $38,000 around 12% down from its current price 🤡 @@JevansUK
im sorry but this guy just got lucky 2 years in a row, he dont know shit
@@JevansUK Why? What is the 'fair value' of a Van Gogh painting - a splash of paint on canvas with no utility? Bitcoin has utility and scarcity and people want it.
Has your stance changed since the Bitcoin ETF approval? It seems to have given Bitcoin credibility as a hedge against the debasement of currency as opposed to its utility as a currency. Monero still functions as a currency.
No amount of legislation is going to change the underlying message - just because lawmakers are taking a fence sitting approach due to the large influx of capital doesn't make it a good idea. He explains how it fundamentally works and it does not create a market for capital growth, just speculation. The big ❓ that said speculation rests on is that it could one day be worth something - if a set of financial parameters align just right and there are no other currencies worth using - Bon Jovi may be dead but don't be Livin' on a Prayer
He doesn't explain shit and he's talking nonsense.
@selwynsivagumar it may not be a good idea but speculative bubbles are great opportunities to generate wealth.
What were seeing in crypto is a fractal of the Dot Com bubble. While most people got burned for buying the top and fomoing, those who were early reaped the rewards. Those who held FAANG stocks became rich long term.
Bitcoin, ethereum are the FAANG stocks of our generation imo
No, it's still just a dumb fake scam.
I think he doesn't understand or hasnt worked out yet what Bitcoin is really all about... It's not just an alternative to the current system but it's the future of the current system. We have an asset that is finite like no other asset in history. Truly there is a LIMITED amount of bitcoin in the world and when the majority realise this there will not be enough for everyone.
We are world that runs on the internet, a technology that has changed the world and Bitcoin is the money of the internet.
The internet levelled the playing field for the average person. It gave them knowledge. Bitcoin gives you a monetary system that is open to everyone and cannot be manipulated in the sense the current monetary system can by the elite...
I'm sorry but I don't agree with Garys stance on this. I think he has completely missed the point....
Love your economic takes on tradfi but I know to switch off when you start talking about crypto.
I'm saying this to make a particular point because I currently have no crypto: It worked out better for me than anything else I've ever bought. Twice, my Bitcoin went up more than double and I sold, paid my taxes and went on with my life. Don't risk any more than you can afford to lose. But that's true of every investment or bet. I've lost money on Nat Gas and Wheat as well as various Stocks but made money on Oil twice and various other Stocks. Property has so far been a winner the whole time but who knows? If we see a massive recession in Europe, it may drop like a stone. Property is almost free in some parts of Italy, Spain, Portugal and France because people all moved into the cities for work. Nothing is certain. At all. Everything can lose value, including solid Gold. All you can do is save and hedge your bets so that if 3 of your investments drop, another 3 might go up. Or maybe you've got some cash to buy the opportunities if they present themselves. Nothing in this world is simple, particularly Investments.
Brought your book yesterday. Thanks for sharing you knowledge
11 Bitcoin ETFs were approved by the SEC, and Bitcoin has gone up 100% in the past year.
Meanwhile, "real money" buys you less due to inflation
Rest in peace Relita book store, they bought some needed communist presence to Clapton Road
*brought 🤧
Communist ?
and I assume from the RIP the communist bookshop couldn't maintain demand lol
lol this aged like milk. I'd expect the "the best trader ever" who REALLY understands the economy to have a little more understanding than this. "bitcoin is unbacked money, unlike Gold. Wtih Gold you get a little bar of Gold, but with bitcoin you have no legal ownership rights" lol what the heck does that mean??? Gold doesn't give you ";legal ownership rights either" ? They're both money because they're both stores of value. Bitcoin is just digital Gold. It's super uninformed of Gary to conflate bitcoin with nfts or most other crypto projects.
You own none of the stocks he listed; they can all be taken away, debased. Bitcoin you own, it cannot be debased, it is not controlled by the gov (or anyone), and it is backed 1:1 by energy (majority renewable).
Gary is absolutely great but I think he is wrong on this. You don't own any of the Apple stores or their actual stock if you own their ticker, houses are great yes but a nightmare to run any sort of portfolio at current borrow rates, 5% savings barely hedging inflation and good luck getting in at the right time on a S&P tracker if your time is shorter than 25 years. As Robert Kiyosaki said "£$= Governments money, Au=Gods money and Crypto=Peoples money".
What can you do with your bitcoin if no one is willing to exchange for any good, service or money at value greater than 0?
@@JevansUK with respect, this is not an effective argument against bitcoin.
One could substitute ANY asset where you’ve written “bitcoin” [gold, USD, diamonds, stock, treasuries, real estate, etc] and the answer would be the same, “nothing”.
The value of ANY asset will always be tied to what someone else is willing to pay for it. And so, just like ANY asset, it’s important to understand how it functions.
Suggested reading: “The Bitcoin Standard” by Saifedean Ammous
I used to believe bitcoin [and all crypto] was a “scam” until i did my homework and took the time to understand how it functions. That’s when the lightbulb 💡 moment occurs…for all of us.
@@billy-black-socksNo gold has industrial usage, decorative usage etc It's not productive but it is a physical thing that has utility, Bitcoin is entire reliant on the perception that it is worth something.
@@JevansUK What can you do with fiat that's being debased into oblivion by central planning? Worthless currency is more a certainty for fiat than it is for programmable money that cannot be debased, gets harder every 4 years, and is exchanged globally across any network.
Decentralised ledgers are a technology that allows people to keep assets on a decentralised financial network.
Assets? What assets? Are shit coins an asset? Only if there are fools to pay for it, once there is no speculative demand for those "assets" their value becomes 0.
Loved hearing your thoughts Gary on crypto!
You do a great job explaining Austerity and Economics and your channel is great!
I liked hearing your points of view
I will say I invest in crypto and in 2022 highlighted what happens when people invest in crypto companies that are centralised!
A crypto native would argue that crypto is about decentralizing finance and separating government and finance,
I will admit though for every good Crypto currency there are 200 magic dogshit coins!
Thanks for the content😀
I asked you to make a video on Crypto so nice to see your view although I beg to differ. Yes it is very risky... anything new is but its the direction the world is moving towards. There is more and more use cases day by day... it is not going to change over night and all the big organisations are now getting in on the act. Of course you have a different view to this but similar things were said about the internet and with the meta verse jargon and the way everything is becoming robotic and digital... its only natural that money will follow as fiscal money simply does not have the speed this will have. Anything can fail but the principle of smart contracts and block chain itself is very robust, that cannot be denied.
I don't understand any of this shit, one thing I do understand is I have spent over 35 years quoting tenders winning orders for materials that I quoted to supplies large overseas companies to make a margin of 20 to 33 percentage on physical goods I ship....that I am absolutely debt free, I'm not a multi multi millionaire but....I have cash, own several properties, and that a big house is worth 4 apartments, 4 Apples equals 4 Bananas, a bike is better than walking I'm totally unaffected, I can slash rental income by 50% and still live comfortably, I can buy more property for cash, and I'm waiting for the next dip, but no debt
Thanks for this Gary. I know people who have been absolutely killed by bad crypto investment.
lol you can lead a horse to water
Bad crypto investments? Can you elaborate...
Bitcoin, not "crypto".
Study Bitcoin.
Why? Its massively speculative
@@WH-hi5ew It's the only viable digital commodity. All others are tainted by perverse incentive.
@@sharpenedge Bitcoin seems to be pretty tainted too... plenty of people trying to sell it online as an investible product in the comments section as Gary says.
Kaspa
@@sharpenedge they are all massively speculative.
The government are currently trying to restrict gambling in most forms, apart from bitcoin, NFTs, stock market (mandatory if you have a pension)
Aswell as the great message, this video looks great. Well done man! Subscribed! 🤪
But it’s foundational message is wrong 🤦🏾
Push for better wealth distribution - how? How do we do that? Genuine question.
Impossible. You'd have to tear the current system down and build a new one. THEY will never allow that, and the Pandemic has shown that they have control levers to make the populace obey to their every command. Yes, the game is rigged and everything is a ponzi- so I'm going to take my chances with crypto where at least I get to make my own rules/ choices than the matrix of the 'real world' where everything is an illusion
He wants to tax the rich more. We know what happens when governments do that, its a very old story. The solution is a massive house build, houses with gardens in new cities on the coast focusing on lifestyle, 1% interest mortgages and repayments at 25% of ones take home income so you pay according to need. That's where the wealth distribution needs to take place. The country needs to build up a surplus of homes to keep prices down and affordable. But mostly the UK needs to start thinking outside the box and come up with lots of new ideas on how to liberate people and not keep people in shortage all the time. So many lives are just wasted on the rat wheel.
We opt out the system and buy bitcoin.
Not all in , not crypto.
Bitcoin.
Love Gary’s content.
@@Improverball agree with opting out of the system. disagree that bitcoin is the only option. bitcoin is already co-opted by the rich. bitcoin was the start. crypto is socially enforced networks. crypto is the revolution. yes there are lots of scams but if you find the right community you realise that this is how we win
We think the people one tear above us are rich. That's why the middle class pay so much tax.
Thank You
Every bitcoin comment sounds more like a cult than normal people discussing a currency or asset.
bro i disagree with you. entirely and i think you looking at it the wrong way this is the issue that when you do research beyond simple macro level yes its wild wild west but you have to also understand change that happening technology market and crypto is trillion dollar asset it is very risky , very risky should never be main source investment for someone that looking to invest life savings . alot of projects in liquidity markets, in procurement, in defence , in security alot of crypto currency ledgers are takling fraud in different sectors and bringing asset management on to blockchain such as land ownership and insurance alot of what happening beginning stages .i will never denounce whole sector generalise it . yes there is rug pools and scammers also teams investing time in building layer 1 project. you mention stocks but where were you class technology stocks? if you give example please provide the whole truth not a portion of it. If you don't understand it let someone explain it to you
Tell us you don't understand crypto without telling us you don't understand crypto
Love Gary, speaking the truth to power.
Brah this is the first ball I've seen you drop. Your video title is demonstrably wrong.
That cafe is now permanently closed.. 2 years later and Bitcoin has doubled in price? 🤷🏻
Keep up the good fight. I love this format of you walking and talking
With all due respect I was a little taken back by your point of view, it seems you’re viewing this from a traditional finance perspective, which might overlook the unique potential of blockchain. The ability to set a max supply and implement deflationary measures means that, with responsible management and fair distribution, cryptocurrencies can offer solid investment opportunities. The key, as with any investment, is to do your own research. I work in the crypto space, surrounded by incredible talent, and the innovations we’re seeing are truly groundbreaking. I encourage you to dive deeper into this subject. Blockchain is much more than just speculation; it’s about the technology and the brilliant minds behind it.
my sister bought me a birthday present , i owned a section of the moon ,with certificate , She Degree educated lol but wasted 20 pounds ,bitcoin the madness of crowds ,a bit like The Dutch tulip bulb market bubble, also known as tulipmania, was one of the most famous market bubbles and crashes of all time. It occurred in Holland during the early to mid-1600s, when speculation drove the value of tulip bulbs to extremes.
Gary honest question, did you ever invest in crypto?
If so, how long did you hold it for, more than 8 years?
This video is going to go in the archives alongside news reporters trying to describe the internet for the first time... ngmi lol.
Making comparisons of bitcoin to a company stock is just flawed logic.. It's like asking who is the CEO of bitcoin? It's a technology, you own part of a network not part of a company.
Well done Gary.
Love the dynamic delivery and editing! Liked with comment and shared! 🤓
Gary talks about a lot of things he actually doesn't know much about - this video is just a more glaring example than most.
I'm sure he knows what he's talking about. What we see is called pump and dump. I am not against crypto as long as people understand that it is pure gambling.
Did you lose all your money on bitboy or carl's channel promoting bybit?
No lol
@@megajohnson1984 Or, did you keep you fiat till it was worth nothing or invest with Bernie Madoff?
@@DrWrapperband erm, no.. lol
the stocks/shares you quote, owners are only beneficial owners. brokerage exchanges can bail in the assets just like a bank can.
While I agree nothing warranties the fiat value of crypto, you can't say it's not backed by anything, IE Bitcoin is backed by the computational complexity of algorithms that create new coins in the network. And ownership is mathematically guaranteed by those algorithms.
Gary, I love your channel and your sound advice, but what is it with the "street" dialect ?
He was brought up in east end with many Pakistani friends. Respect
Gold is just Bitcoin you can't send down the Internet.
I enjoy your content and have subscribed, but I feel this particular video falls short of your usual standards. A more thorough investigation would have revealed that not all crypto operate identically. For example, some, like USDC, are actually backed by assets. Additionally, considering the emergence of Bitcoin ETFs by major firms like BlackRock and Vanguard, it's hard to categorize it as the riskiest investment when such industry giants are participating. Reflect on the fact that, had someone invested in Bitcoin five years ago, they could have bought it for $2,500, and it would be valued at over $40,000 today. Contrast this with keeping $2,500 in a bank account; how much would that amount have grown by now?
Gary made his money betting against the economy would fail, nuff said.
Correct and if I made a bet on Leicestershire to win the premier league in 2015 before they won it would have given me similar returns… so yeah gambling basically
Respect my guy but this aged like milk… *eurgh*
Gary, I like your content but you don't actually understand Bitcoin. What you are saying applies to all other cryptos however. BTC is different because it is backed by energy (somewhere between 5000-30000 USD in energy costs required to mine the 6.25 BTC at this time depending on your cost of power. Energy is a hard physical backing just like having to mine Gold out of the ground requires labour. Both are material ties to the physical world and constitute a backing) and a network or computers known as Nodes who make sure the BTC added to the blockchain (database) are correctly made. These Nodes are individual and separate entities not an organisation or person and as such they can't be controlled easily at all. Even if they could which is theoretically possible to overwrite all the previous transactions (required to take control of BTC) would require that you expend the energy again which was used to create the BTC in the first place which is a huge and very expensive undertaking (estimated in the 10s of billions).
In your other videos I've seen of yours you have said people need to own property as the way out of inflation but that is not accessible to many due to having to get a deposit, then maintain the mortgage or even get one. You can buy a few dollars of BTC with a 70 USD smart phone in 10 minutes it will accrue value over time. People investing in BTC should buy it and keep it fore 4+ years to avoid volatility in short term. Because it is backed by energy and cant be controlled it cant be inflated which means it will increase in value over time and you dont need a huge deposit to buy it like a house. Although I will admit you cant live in a Bitcoin! So one day you would probably sell some of it to use as a deposit or even buy outright a house but if you are looking for an investment which is easy for anyone to access, cant be inflated and will accrue in value then Bitcoin is the way. It is digital property. If people want to know more then search Robert Breedlove in YT here and listen to his channel. There is nothing he sells so its just pure info.
Thanks for the vid, you do good work but I wanted to point out a nuance here which as I've tried to tell you is Bitcoin is legit and other cryptos are scams as you say. Definitely stay away from NFT's and all other crypto. ALL OTHER!
Its never coming back and you lost that money. Get over it.
@@progressivedemagogue8480 I'm in the green fool.
@@swedo12
You’re in the green because we’re in the midst of the Second Great Pump. When they pull the rug next time they’ll gut you like a fish. It’s a club and you’re not in it.
Well said. Btc is a legitimate assett. 99% of crypto probably isn't and is rife with scams.
The failure to mention the difference in this video is disappointing.
Hopefully Gary will revisit this topic in 2024.
@@B0Davis
Crypto is a scam including bitcoin
Look how right Gary is on all his points, highlighted by the collapse of FTX this week. Keep up the videos bro, great content.
And now if BTC ETFs gonna approved?
@@DokiSarosiIt gets worse, the volatility of crypto is what makes or loses people massive amounts of money, a crypto ETF will DECREASE volatility and the ability to make money, as large fund providers will need to purchase and hold crypto to passively track the index.
Wasn’t the collapse of FTX caused by Sam Bankman Fried stealing his customers money?
No bank, stock broker or ratings agency ever stole or defrauded it's customers money. O shit mine did.
Aged like milk this comment
Ok Gary, I was looking for your thoughts on this topic so this seemed like the video to check out. Was wondering this so if you don't mind I would like your perspective on something, is investing 250k USD in bitcoin at the moment a really bad gamble as a long term investment for like 6 -10 years or more? Does it change if one does it not minding losing that amount? I am thinking you know already everything speculative about it for coming future like regulations, asset status by governments etc
You think this is just people giving reasons that might seem reasonable if looking at available data for just FOMO or what? Idk why some people that don't seem like bad people and are already well off think that bitcoin is likely gonna be fine and invested themselves for long term. Thx if you read this someday and would appreciate any kind of reply.
Gary - I wonder if you can do an update to this especially in relation to the recent launch of Bitcoin ETFs in the US by Black Rock etc and the buying and hoarding of Bitcoin by companies like Microstrategy and Tesla.
Brilliant!
Great video mate. Are there any circumstances that would lead you to invest in crypto currency or do you think they'll all go to £0 eventually?
I've never invested in crypto and I very much doubt I ever will, but you can never say never. A good trader is always ready to accept he is wrong, if he turns out to be so. If that happens, it happens, but at the moment I think they are pretty much cons. I am actively short (although not massively, as they are super volatile).
@@garyseconomics Thats really interesting, thanks for replying. Looking forward to the next video mate keep up the great work👍
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Keep it going Gary your awsome, always bang on, you will definitely get million plus ➕️ subs keep going.
Most important is the information your giving to the working class, I applaud 👏 ✌️ you. FANSTIC VIDEOS.
@@garyseconomics mate you convinced me you know nothing about Crypto. Typical University educated but no common sense. Out of the 19,000 Crypto currencies yes 18900 will go to zero. But there are a few that will go on to make millionaires. Look into the ISO20022 currencies and what is happening with them in November.... You need to upskill on this
Tell me you know NOTHING about “crypto” without telling me you know nothing about crypto
Blockchain and Cryptocurrency has massive potential. It is open source. Imagine having government wallets with transaction history and budget transparency. New tech will always have its flaws, however you cannot taint every crypto with the same scam.
i lost a lot of dough messing around with crypto in lockdown era 2020/21 (sold most of it in 2023 when this vid was made?). But I tell u i wish I'd put more than £100 on BTC when it went to $16-20K last year...it's just hit $61K (march 2024). Damn. Could have trebled a couple of grand
So it all sounds like gambling then. I lost money on the red but could have made money trading on the black 😂market
@@endxofxeternity I know right. it's easy to see when you haven't bought in to the hype, but these bitcoin evangelists just wont accept their electronic 'god' is a false profit. (Do you see what I did there).
Bitcoin paid my mortgage off for me at 29.
Well done. I like Gary but like many these days, he thinks his opinion is always correct even when he hasn’t done any form of deep dive into crypto or blockchain. Skimming the surface like this is actually quite dangerous. Michael Saylor and Larry Fink were just the same - very verbal about crypto being pointless….until they actually looked into it. Then they became fans once they saw the use cases (yes there are use cases).
Unlikely but maybe.
Yes it's helping me get between pay checks right now. This the one thing I've ever heard Gary talk about that I think he is wrong on.
@@themiddleplace For someone to make a profit from Bitcoin, someone else has to lose out. It's basically just a game of poker but if you win, you pay taxes on your winnings. Sounds pretty rubbish when you think about it.
@@ians9085 it's not the same as the lottery
I hope you will delve deeper into why bitcoin is important Gary, important for us, the people. A money that isn't created out of thin air by governments to give to the rich. Also note the difference between bitcoin and the bazillion ape coins out there, that's like saying the dollar and pound are on the same level as the Venezuelan bolivar.
yeah, no, made life changing money buying bitcoin. where do you have a list of your predictions btw? i saw a video with you saying you made loads of predictions and they came true, where are they? what are your predictions now?
Not investing in bitcoin is a million times more risky than investing in it.
There is a lot wrong with crypto but you really dont understand why bitcoin was created and the problems btc and other cryptos such as Ethereum can solve.
Why are companies like coin base publicly traded and why do Bitcoin ETF’s exist?
Hi Gary, I hope you are well. I agree with your points and how people blindly invest in fields they know nothing about without doing research. I have to admit that I invested in crypto for diversification purposes, but not putting in lump sums; I just PCA.
I mainly focus on stocks and shares ISA and savings for property one day, as I know that is fully relegated and backed.
Thanks for the video, which was needed to be heard by ordinary people.
Cannot wait for the next video!
Do you also bet on horses for diversification?
my boyfriend has put so much money into this shit and he is completely convinced it'll give him a return. he spends all his time on his phone staring at domains and nfts. he barely talks in the evenings and puts all his spare cash into this stuff. he will not listen to me he thinks he's onto something and its gonna make him a millionaire. it's so upsetting.
How’s he doing at the moment?
Sometimes they call visionaries insane
Ooooowwww!!! Looky here, the bull market has started and now his $Ron is 10x the value of the time of these writings, ohh look someone from the future is looking at the date of this reply and looking up the price of $Ron on the 23rd February 2024!!! Ohh wow it dipped under $3, wish I hadn't listened to this dum video
How is he doing now? Hope it’s working out for you 🙏🏼 they say there is a thin line between madness and genius!! But it is possible if he has invested in himself
If your boyfriend invested in bitcoin rather than nfts (not the same thing) at all he made a lot of money
Came for the info, stayed for the bad acting!
Thank you I'm awaiting my oscar
A tulip during the tulip mania of the 1600s was worth almost 1 million USD in today’s money.
People are buying virtual property whilst the rich are buying real property, crazy...
This safer investment? You walked into Paddy Power, are you talking about match betting?
Like your channel but gotta disagree with you on this one. Crypto is more than just gambling, there is that aspect, but there is also a community hidden from the mainstream of holders, accumulators and yield seekers in decentralized finance. After being in crypto for 5 years I have retired and my kids won't have to worry.
By definition it’s still gambling, though. If you make money without selling a real world product or service then you’re making a bet on something. There are only 2 ways to make money: You can trade goods & services, or you can make speculative investments.
You just exited on time.
You got in at the start of the ponsy scheme
You might be lying like many do to sell people the idea of crypto. But even if you're telling the truth about yourself, for every person who succeeded in crypto there has to be thousands and thousands of other people who lost it all. Because crypto is not real money, the real money comes from the people who buy digital coins with their hard earned cash.
this video didnt age very well
It’s just interesting that you clearly spent a nice £100 on this vid, when you could’ve just invested it in a crypto asset to TRULY test your theory.
Can I av a quid m8?
Put your people in touch with my people I will send one over.
In a weird way I find this video quite comforting.
An 'expert' failing to understand the difference in mechanics of bitcoin vs. others. Failing to understand the mechanics of our F.I.A.T. money.
We're still early.
The biggest shame is he's failing to see this has been the biggest chance for wealth equality of all time. People have been shouting from the roof tops about bitcoin for over 10 years.
Why complain about money without understanding what it is and wha the alternatives are?
If people miss the boat by now - they deserve to be poor. Bitcoin has been slapping them around their face for over a decade.
I think you'll find crypto, like many speculative assets, has for sure made a select few lucky people "rich". But it's also made many more rich people far richer.
A poor person cannot afford to invest anything considerable into a high risk asset.
I'm not sure why you're seeing it as a wealth equaliser, it's the opposite.
I agree with you bitcoin is different and I have money on it too. But... it won't help the rich poor divide. The bitcoin rich will hoard and lend against their holding and stay rich.
@@Jadder88z my friend, I am far from smart but have ALWAYS been prudent with money. Always hoarded hundreds in many of my bank accounts but once I got my head around crypto in 2020, I realised just how misinformed I was about investing.
Many ppl I tell about crypto fail to make money because they don't understand simple investing let alone crypto. In fact, you'll realise that they just don't want to know. If you can't *guarantee* them they can make money and wont lose any at all then they just dont want to know. The difference is lack of wanting to learn, which would have taught them that investing is a long term game and one must have patience; no matter the asset.
Since 2008, all you had to do was hold BTC for 8 years (2 bull cycles) and you'd be in profit; with a £100 investment turning into over £5000 (meaning the poor could *certainly* get wealthy).
Knowledge is key, but ppl nowt have the discipline nor patience to acquire it.
Sad really.
@@saintmte5076 when there's no money to put food on the table, it's hard to hold onto investments.
I agree for the most part though, it's just not always that simple.
Wow Gary you are very ignorant about Bitcoin mate. It is legally recognised as property. It is backed by the most powerful computer system in the world, encrypted energy and a decentralised rules based monetary system. I like that you are warning people about the risks of crypto generally but you need to learn more about bitcoin. It’s a real asset and people need it which is why it’s succeeding and growing.
hahaha
Which sovereign State has given it legal status, other than a banana republic in central america?
@@davidcoard1978 USA, UK, Canada, and others have all given it legal status as a commodity and / or form of property. It doesn’t need to be used as legal tender to be an investable asset. Gold and real estate are not legal tender.
Totally agree with Gary normally but as a chap from Tradfi he isn’t going to understand the nuances of crypto. Few in legacy finance do.
But it can go yo zero, so n00bs stay away.
I'm surprised you conflate Bitcoin and crypto.
This is a category error.
I see real life use cases for blockchain and smart contract technology. I would expect crypto market cap as a whole will continue into the tens of trillions and even more.
I hear everything you’re saying, but bitcoin isn’t owned by some rich guy (unlike other cryptos)
LOL, I spent a grand on some 10 years ago, haven't checked since, scared I can't open the cold wallet.
Should be worth a mint. Open it
Gary how’s your BTC short position?
The market can remain irrational a lot longer than you can remain solvent.
INCREDIBLE video. Thank you so much for doing this and spreading the word. I'll be forwarding this.
You're about to misinform a boat load of people smh
Thanks for your work Gary. Crypto is a classic pyramid scheme.
So is the dollar, pound and euro. Sorry to break it to you. Hey we can all live in our little false worlds. Who am I to ruin it for you.
@@fmalexander5555 You don't have to sell a pound or dollar to use it in exchange for goods in your own country at a rate that alters by the second, crypto a great example of the greater fool theory.
@@fmalexander5555 no no no, ponzi is when you currency without taxes and the threat of violence.
@@8G00SE8why would you want to use decentralized currency to buy a bag of Doritos? You don't need a decentralized permissionless modular protocol to do that my brother.
@@fmalexander5555 I'd love to discuss more if you were kind enough to hang up your foundational beliefs at the door
No disrespect - we are all in this together and if you have something to say then please explain your thoughts before someone else presumes you're caught on a financial trap designed to extract wealth from the poor
I would be interested to hear your views on Bitcoin two years on. Bitcoin isn't like the other crypto projects. It is tokenized energy. It is also finite, there can only ever be 21 million btc. It is completely decentralised, no one can decide to make more. It is now being added to institutional investment platforms. I agree it it volatile, but over time it out performs every other asset. Purchasing and holding bitcoin is like purchasing any other asset. Holding bitcoin cannot be compared to trading monkeys.
For the average person trading on exchanges is not a good idea, most people lose. This applies to monkeys, bitcoin, stocks or any other asset. Adding bitcoin to your portfolio is a risky gamble, but at this point so is holding GBP or USD.
Also… it’s not ‘the man’ who is taking my money whilst I take his crypto… it’s another person similar to me who just got earlier than I did and happy to sell at a certain price… or hold..
Bitcoin up over 100% since this video.
Love your content and views but Bitcoin is a must for our society Gary.
Keep you the great work!!
100%. For someone as smart as Gary he really dropped the ball on this. Honestly, even meme coins and quality Layer 1's, etc. If Gary's mate working in Aldi just threw £100 in to a meme coin that gained traction over a couple of years he'd probably have tens of thousands of pounds right now. I make a decent salary, but nothing like what I made last cycle in crypto, physically cashing out 6 figures profit in to my bank account.
.means nothing just because people still buying in doesn't change anything. It needs to have utility to be worth something at present it's purchased and held as speculation it will continue to increase in value. Simple fact is once more people start to want spend the money they hold in bitcoin than want to increase their holding. It will drop. No floor to where it could get to it's intrinsic value is 0, the price is entirely down to sentiment if you bought at 40k and are holding at 60k that's great what happens when it's 30k? 20k? 10k? How long do you keep holding when do you join those dropping it so your not left holding the bag? When people argue that a share is over or under valued they can point to analysis expected future profits, assets held etc. You cant do that for bitcoin. It's entirely down to keep the flow into the asset more than the flow out, and theirs a term for that it's called a bubble. Lots of people made a lot of money in previous bubbles but only when they got out before the pop.
@@pmyumjr Cool, let's re-visit this reply in 8 years after the next two halvings.
@@pmyumjr already has utility. Store of value for one. Disagree but all the best 👍🏻
Economics is a social science built on confidence. You can apply this to any 'currency'. Bitcoin proves this.
Imagine you were a benevolent King named Gary who was a billionaire and owned a token called Gaz coin? Imagine you wanted to share your billions to Gaz coin holders, who were family, friends and community. How would you do it? I'd start by asking Richard Heart a fellow billionaire who has his own coin called HEX and also believes in the fair redistribution of wealth. I think you two would be a wonderful duo empowering this movement. It comes in waves, remember where Amazon, Tesla, Bitcoin all started from...its all about network affect and Hearts law of bonded liquidity.
I keep being told to buy Etherium, that I’m missing out, that it’s the future, that it could go to a million dollars but if I buy some who gets my money, who receives the transfer? Is it like stocks where sellers and buyers are matched up and that determines the price? If so then who created the etherium for it to be able to be traded? And finally, if I buy it, can I actually buy anything with it? It just sounds like a pyramid scheme where nothing actually exists, we just need more and more people to keep buying it until it inevitably collapses. The only way to profit is to ride the upward price and sell before it goes to zero. It’s quite shocking to read that there are over 30,000 types of NFT
If you’re asking a RUclips comment section for this sort of advice, I don’t think crypto is the right investment for you
@@JeremyPong They’re rhetorical questions, you dim wit
*THIS AGED VERY VERY WELL* EVEN IN THE TULIP BUBBLE of the 1630';s - you get a TULIP
Well this video is ageing well. Nice one Gary.
He never said things won't pump. If anything, this is exactly what he said. Things will pump, and everyone is being persuaded to throw their 1-5k's into crypto. So the big dogs can just zonk it.
Bitcoin is not legal tender in most places but there are still a huge number of people who will accept it. More than the number of people living in the UK right now.
Also, you have to understand crypto is a movement, it's a rejection of central bankers and the system who are the main cause for rising inequality. They use QE and low interest rates which inflate asset prices and devalue the currency (allowing wages to fall). Ordinary people don't even understand this and have little say in changing the system.
We don't want central bankers, decentralised money systems are how we can remove them.
Decentralised money systems are an absolute gift to the powerful, a thousand times worse than centralised currency and mixed market economies. Decentralisation leaves you with no recourse when someone steals your coin, allows people to run pump and dump schemes with impunity etc. It's a fools belief to think that a completely deregulated financial market leads to less manipulation than a regulated one.
“Made up internet money” I would trust bitcoin system any day over corporate/government banking.