Like most get-rich-quick schemes, cryptocurrency is rife with scamming.
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Sam: A lot of this just feels like this is a direct function of wealth inequality in the world. and just people with just like I’ve got whatever it is. my 10 million my 50 million my I’ve got the extra billion. and I’m gonna see if I can turn that into 30 billion by just investing in this and seeing if enough people bite. I mean that’s why I wonder if you know if there is this crash if it doesn’t just reinflate almost immediately because there’s so much money concentrated in so few hands now it feels like in the context of this country. But also I think you know sort of worldwide. that there’s always going to be somebody in there who’s going to be like I can reinflate this market tomorrow and everybody will come back in and then I’ll just get out and I don’t know six weeks six months six years or whatever it is.
Guest: Yeah I think even if this all crashes and people lose a lot of money including I think a lot of everyday retail traders who maybe can’t afford to lose a few thousand dollars or something like that. We’ll see another version again probably really soon. For example, I think some people are going to simply blame the government or some other outside force. Especially if the government has a role in kind of popping this bubble which I don’t know how much enforcement they’re going to actually do. But I think you’re just going to see other people say we need to do it better this time. And that does stem from the economic conditions in this country which is sort of a lot of inequality and really a form of casino capitalism or gambling feels like one of the main ways to get ahead. I mean, of course, I talk about this stuff all the time so that influences what ads I see. But on Twitter, I pretty much only see ads for crypto and for sports gambling which is now legal and everywhere in New York. And I think those are sort of products of the same economic conditions which is just that I mean I don’t know how else I’m going to transcend my economic conditions. I’m going to throw some money down the latest speculative fervor and maybe I’ll be one of the lucky ones.
28 Comments
People call Capitalism a meritocracy, but actually it's a giant casino, and that includes all "legal" businesses. If you're born into an oil family, you already have a lap full of chips, the government is giving you more, the only cost to you is your soul. If you're a brilliant, poor inventor, you're screwed, because "normal" capitalists will surround you till they have possession of your current set of ideas, steal every single one, and leave you with as little as possible, throwing you away. If you're a hard worker, you could make a ton of money or nothing, depending on the profession, but also the weather, your education level to some degree, but more importantly, where you happen to live or work, the weather, the level of stability and lack of or presence of war locally, pollution, laws, laws changing… It's all a game of chance, how honest or dishonest your coworkers or boss is, if you're working in an industry that's about to export all its production overseas, or if you live in an area where work is about to be received from overseas. Anyone who tells you this is a meritocracy doesn't know anything about reality, conditions and the future, which nobody knows.
Commenting on YouTube is a bit strange sometimes. Am I allowed to point out some maybe-too-personal things I am seeing? Is all criticism, however, fair game on social media? Well… Over the last weeks, there's been a palatable change in the approach of Emma and Sam. I'm seeing more frustration, but sometimes also hesitancy to speak out during the show. Searching for words and thoughts. Distraction. Sometimes an outright raw who-gives-a-fuck approach. Something isn't right with the only show I take seriously. I read endless news, but MR sorts it out for me. This particular interview, however, was striking for how the guest presented versus the MR team, which was entirely disjointed. I truly hope all is well in MR-land.
What the Fck kind of channel IS this? You got punked every day in high school, now you spew this kinda crap.
The lack of nuance and strawmanning that’s so common in many liberal and leftist discussions of crypto kind of reminds of the way far right conservatives discuss many of their hot button issues.
Sad to see you guys being so reactionary on this, and I wonder if it’s because crypto was initially adopted by libertarians primarily.
Scams are inherent to capitalism in general, because capitalism itself is nothing more than a scam.
Crypto is the epitome of scam. That is due to the fact that there are zero regulations and new ones pop up very frequently.
I scams are inherent to crypto, please explain Trump university.
Bitcoin is better then keeping your savings in dollars. Inflation will eat you alive!
Makes me want to get into cybersecurity sometimes, protecting people and myself with the knowledge is such a good investment in the long run
“Why scams are inherent to cash…”
Oh, my bad, that’s not possible, because no scams have ever been perpetrated with cash… EVER.
:/
Pyramid schemes. End of story.
Unregulated = no rules so scams are the feature not the bug
Imagine investing in something the value of which is determined by internet trolls and fraud artists… right those who invest in crypto don't have to imagine they are living it… ha ha ha
As always, super fucking biased. I agree its absurd there was a felon watching a dao treasury, at the same time, he didn’t get the money, we was kicked out, then nothing else happened. And the number go up or line go up is generally sited by people against those who are here for the money. Please do a crypto debate with someone who knows anything about it
Man I’m getting tired of this. Hey guess what else is casino like. The stock exchange lol. Why aren’t people knocking on that? This is getting annoying. What’s great is it gives people easier access to a bank. If they fucked up early in their life and got knocked out of the banking system then this is great for helping people.
Now are their scams. YES. Are their scams and money laundering in the “normal” financial system OF COURSE. Crypto is just like everything else. Don’t be dumb like a dude just walking up and saying I’m giving you money lol
Sam needs to have David on as a guest during this topic. I love 'em both; just think it would be extreme interesting.
Lol
There is good and legitimate Crypto.
But there is a LOT more bullshit (get rich quick / pump&dump)
Side note: FUCK NFT'S
Oh and another thing this is why most of us in Crypto WANT regulation. Why the market went up and not down when Biden announced his plans for crypto. But will Sam say that? No
Btw why I don’t promote what I’m in. Don’t want to be accused of shilling.
Crypto is the definition of a pyramid scheme. US currency is backed by the government, and companies have assets, but crypto is backed and supported by NOTHING! It's not even gambling. In gambling there is a pot of actual money or assets to win, in crypto there's only a perception of value backed by nothing.
It's a way to monetize the ignorance and ego of the stupid, by selling them literally nothing.
DYOR in the cryptoworld is code for "We're legit. If you don't think our project is legit than you're just spreading FUD because you haven't done enough research." Took me several years of being an active participant in various crypto to realize that 100% of it is meaningless useless crap, including bitcoin and ethereum. Zero real world use cases. Zero.
Name me a better match then crypto and scams
Lack of accountability in crypto? Unlike Wall Street ? Lol
Cryptocurrency was supposed to “democratize currency” (whatever that means), but its basically just speculation and scamming. Its hot potato; last guy holding it is screwed.
Just a thought, exponential Technology like bitcoin need the individual to do their own research and not rely on others. Crypto is a derogative term used by people who rely on others to do their thinking🤔
Don't do diets. They have the word 'die' in them (stolen from Garfield, very highbrow stuff). Similarly, don't do cryptocurrency because it has the word 'crypt' in it. ☠️
Crypto is a pyramid scheme. Someone will be left “holding the bag”. Crypto thrives on being “cryptic” in their explanations and what backs it up. Most the people in it use it for money laundering.
I reject the term "casino capitalism." I get that it's supposed to refer to the dangers inherent when our economy can be disrupted by a clique of insiders exploiting risky trading practices, but I would do backflips in the street with glitter streamers in my fists if our financial systems were like casinos. Casino gaming is highly regulated and scrutinized. The odds of every game are available for free online. Most importantly, a high roller will get better comps than an average joe, but they won't get better dice or better cards. The odds are the same for everybody.