Robert kiyosaki; Bitcoin (cryptocurrency) to destroy the stock market.

[cellard]

Im not sure about crypto tokens replacing stocks. Stocks are going to be needed to be regulated by someone at the end of the day, unless you want to deal with a million scams everywhere being traded around just like the altcoin market. At that point you might as well just deal with traditional stocks.

Maybe im missing some benefits out there, im sure there are some, but in general this seems to me like another case of wanting to "blockchainize everything", when Bitcoin itself is objectively worth $trillions (therefore very undervalued)

[muncuss]

yes cryptocurrency can destroy stock market, but to replace i don't think it will happen. stock market is good because less volatility and ppl still need safe (centralized) investment.

[pooya87]

You now longer have to buy stocks to get a small piece of a company. You could just buy their coin.

there is no need for a company to create a "coin" just because they want to sell shares on stock market! that doesn't make sense because they don't need to maintain a "coin" and its network just to have shares on stock market!
if by "coin" he means a token then it is even worse because then it will rely on another platform to run its token on.

Why? Tokenization on decentralized platforms is useful. People can buy, sell and raise funds easily and outside of the legacy financial system. Investors can avoid KYC using secondary markets and fundraisers can avoid trusted financial intermediaries.

What is fundamentally bad about ICO tokens...?

the keyword is "people can raise funds" not companies. and that has been the only case, random people without a company pretend to be a company and raise funds to do nothing. they use ICO exactly because there is no regulation, there is no KYC,... they can do whatever they like and get away with it.

a legit company that is registered and established,... is also regulated and for raising funds can not avoid things like AML/KYC laws unless they are trying to do something illegal. and there are better ways of raising funds that are also perfectly legal. there is no need for creating a useless token that is only used for raising funds.
and the common argument about changing the ways is valid here too. why would you change your method when the method you are using is already good and the alternative introduces a lot of issues?

[Pursuer]

that is the dumbest statement that I have ever heard.
obviously as others mentioned it won't happen because companies are not going to do what he is saying they will do.
but what if they do? that is not going to "destroy stock market"! it is like saying computers destroyed banking system! LOL. no they improved it. even if what he is describing really happens it won't destroy the stock market it will change the way it works. we can see stocks in different form and the "brokers" will still exist and continue offering their services and get paid for it. the only reason why we don't yet have cryptocurrency brokers is because the market has been too small and there hasn't really been that many people investing in it. there is only whales making profit and random small people losing money to them.

[Kakmakr]

I have a world of respect for Robert kiyosaki, because I have read most of his books and I can understand why people differ from his views on financial matters and why accusations are made against him. <He is highly critical against the norm and also against some governments actions>

The Stock market has always been an exclusive playground for the rich and they placed several barrier to entry for the poor, not to participate.    I hope Crypto currencies will destroy and disrupt this playground for the rich. 

[boyptc]

Is it a legit statement? I'm also a big fan of Robert Kiyosaki and had reas some of his books such as Rich Dad, Poor Dad. I think he is right. If cryptocurrency will be widely accepted worldwide, instead of selling stocks, they will sell their own coins but I cannot see it few years from now. Maybe in 5 to 10 years it is very possible.

I also knew him from that book and with one of his youtube video he always include bitcoin as a good investment so it only means he's a pro-bitcoin.

He's a well known investor and he understands both markets, stocks and crypto.

[squatter]

Why? Tokenization on decentralized platforms is useful. People can buy, sell and raise funds easily and outside of the legacy financial system. Investors can avoid KYC using secondary markets and fundraisers can avoid trusted financial intermediaries.

What is fundamentally bad about ICO tokens...?

the keyword is "people can raise funds" not companies. and that has been the only case, random people without a company pretend to be a company and raise funds to do nothing. they use ICO exactly because there is no regulation, there is no KYC,... they can do whatever they like and get away with it.

Not really. Lots of people who ran ICOs that way are now under subpoena or have already been formally charged by the SEC. People generally can't issue securities free of regulation, same as companies. 

a legit company that is registered and established,... is also regulated and for raising funds can not avoid things like AML/KYC laws unless they are trying to do something illegal.

Okay, but they're just the issuer. They have no control over what investors/brokers/traders do with tokens on decentralized blockchains. As a retail investor, I can easily trade security tokens on a DEX without KYC. This is a fundamentally good thing.

and there are better ways of raising funds that are also perfectly legal. there is no need for creating a useless token that is only used for raising funds.

That's like saying stocks are useless. The point of a security is investment. What better ways are there? How is an IPO "better" than an ICO? Security tokens can make the market more efficient and accessible, and there are very obvious benefits for investors and traders compared to legacy brokers.

[coinwizard_]

Companies are greedy, they will add the crypto coin as an addition rather than a replacement. It's like creating free money out of nothing so they will all do it eventually

[oppasong]

Robert Kiyosaki's opinion is very true especially when he thinks ahead that cryptocurrency has a good future so crypto will be able to defeat the shares but this will not happen in the near future it will take quite a long time because many crypto want from on a moving stock of a company.