"Crypto: The World's Greatest Scam" (youtube)

[NotATether]

Edit: I misspelled the title. It's fixed now. Although it says "crypto", the video is very much about Bitcoin (and ETH NFTs).


Video link: https://youtu.be/ORdWE_ffirg

2.2M views.

Supposedly "Best video of 2023", according to MKBHD.

What hurts the most is that this is not even coming from some investor dinosaur like Charlie Munger, this is from a well-respected Youtuber.

And yet:

"How is it possible that despite all its failings, Bitcoin survived and is very much present to this day?" (11:24)

Because we, as a community, are building it - maybe not all of us are developers, maybe we don't contribute to Bitcoin Core, maybe we don't write a BIP, maybe we don't work on Layer 2 scaling technologies, maybe some of us are not even running a validation node, but we are all doing one thing in common: We drive adoption in our own sphere of influences. The drive of which people have been doing since the early days of Bitcoin.

People who think they don't need this innovation, that's fine, stay out of it. There are still people who are better off with Nokias than iPhones anyway. But the people who say this mostly come from places where such a technology as cryptocurrency is not deemed absolutely necessary to them. And I perfectly understand that, if your bank money is suitable for you - until the bank loses it, or you're pals with inflation and hyper-money-printing and the new kid on the block, recession.

Bitcoin is the people's currency. Not the ruling class' currency.

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[pakhitheboss]

A big chunk of people globally believe in what he said. His perception or views doesn't matter but this how the government and main stream media has been minting hatred against Bitcoin.

Sadly some of the social media influencers have also followed the same narrative and some like Dagogo Altraide have not. I really admire his work and if you have not watched his video on Bitcoin then you should. It also has views in million.

What matters is that we as community has been united for more than a decade now and we are the ones who are the driving the adoption of Bitcoin.  

[hd49728]

Edit: I misspelled the title. It's fixed now. Although it says "crypto", the video is very much about Bitcoin (and ETH NFTs).

Bitcoin is a part of cryptocurrency ecosystem but it is a most important cryptocurrency. Many people think Bitcoin is all about cryptocurrency and if any scam in cryptocurrency occurs, it is motivated by or related to Bitcoin.

Bitcoin has big impacts on alternative cryptocurrrencies aka altcoins but it is not responsible for all scam in crypto.

Ethereum with its smart contract ERC-20 chain is a perfect space for scam projects. NFT projects related to GameFi, NFT, Metaverse ... which are bad with their tokenomics designs and many projects have bad security (no security audits), rug pulls. It is more precisely if the Youtube channel owner makes that video focuses more on scam projects on ERC-20 chain, Binance Smart Chain, Solana ... Focusing the video on Bitcoin is not relevant.

[NotATether]

A big chunk of people globally believe in what he said. His perception or views doesn't matter but this how the government and main stream media has been minting hatred against Bitcoin.

Sadly some of the social media influencers have also followed the same narrative and some like Dagogo Altraide have not. I really admire his work and if you have not watched his video on Bitcoin then you should. It also has views in million.

What matters is that we as community has been united for more than a decade now and we are the ones who are the driving the adoption of Bitcoin.  

You know what's the most enraging thing about all of this?

Under the video, I'm looking at a youtube ad from "Space X" that shows MSNBC and Elon Musk saying that Elon Musk donates 1,000,000 Bitcoins.

It is fake news, because that sucker doesn't even own 10 Bitcoins.

There is no option to report the ad.

So people's misogyny towards Bitcoin is fueled by the evil forces of scammers on their own platform, like this ad. And Big Tech itself.

[dansus021]

Yes MKBHD is commented on the video.   I actually already share this in the comment in another thread. This guy actually made 3 videos that discuss about Bitcoin word 'Bitcoin' seems to pump the channel a lot. and he said bitcoin is a ticking bomb and could explode at any time.

Scammers make the whole industry look bad and we already see a lot of people who say similar to what these guys have said. but here we are The other post already give one example "Bitcoin Uptime 99.98812348% | 10 years continuous uptime!" - https://bitcointalk.org/index.php?topic=5445280.0 we still here

[pakhitheboss]

You know what's the most enraging thing about all of this?

Under the video, I'm looking at a youtube ad from "Space X" that shows MSNBC and Elon Musk saying that Elon Musk donates 1,000,000 Bitcoins.

It is fake news, because that sucker doesn't even own 10 Bitcoins.

There is no option to report the ad.

So people's misogyny towards Bitcoin is fueled by the evil forces of scammers on their own platform, like this ad. And Big Tech itself.

We have been discussing scam advertisements both on Youtube and Google SERP. I fully agree that those adverts are fuelling the government's ideology but you cannot deny that some scammers like Sam Bankman-Fried have convinced a lot of people that everything related to crypto is a scam. Within the crypto community, a lot of people have suffered because of him &  therefore we cannot solely blame such Youtube influencers. That scams got removed from the mind of many people after a few banks filed for bankruptcy. Those who got convinced that crypto is bad now know Banks are not to be believed.

In the end it doesn't matter what they say. Those want to believe them will always believe such influencers and thos who don't would skip such videos.

[wxa7115]

A big chunk of people globally believe in what he said. His perception or views doesn't matter but this how the government and main stream media has been minting hatred against Bitcoin.

That is what we are against, we have to deal with people that are incredibly opinionated and stubborn about their beliefs even if they do not understand a thing about bitcoin, and even if you took the time to explain it to them they will not care and maintain their opinion anyway.

There is no way to help those people and they will only learn with an extreme dose of reality showing them they were wrong, and even then there will be a lot of people which will still deny the reality which is hitting them in the face.

[moneystery]

Yes MKBHD is commented on the video.   I actually already share this in the comment in another thread. This guy actually made 3 videos that discuss about Bitcoin word 'Bitcoin' seems to pump the channel a lot. and he said bitcoin is a ticking bomb and could explode at any time.

He said it was like the American banking system was not going to just explode. We know that America's banking system is very fragile and that is the biggest joke in history. It is only a matter of time before this banking system explodes and there will be many people who switch to using Bitcoin.

[NotATether]

Yes MKBHD is commented on the video.   I actually already share this in the comment in another thread. This guy actually made 3 videos that discuss about Bitcoin word 'Bitcoin' seems to pump the channel a lot. and he said bitcoin is a ticking bomb and could explode at any time.

He said it was like the American banking system was not going to just explode. We know that America's banking system is very fragile and that is the biggest joke in history. It is only a matter of time before this banking system explodes and there will be many people who switch to using Bitcoin.

It already exploded in 2008. And if reports from Wall Street are to be believed, this year too. WTF are they talking about?

[Majestic-milf]

I guess the more Bitcoin is thriving, the more haters it's going to garner for itself. But the annoying thing about the video is how confident the guy is in his shaming of the coin. I'm very sorry for his myopic view and knowledge of the digital coin since tricksters like SBF have helped place a negative impression of Bitcoin on people's minds like someone mentioned here but it still doesn't change the fact that through thick and thin, Bitcoin has been surviving since it's introduction in 2008.
 It's really a crappy thing to think that American banks could be compared to BTC when only last week there has been news of reputable banks going under. It's such a shame that people still express such poor opinions about the coin tho.

[mindrust]

Who cares what a random youtuber nut says about crypto? Many other famous youtubers say otherwise. You can't expect people to believe everything you believe anyway... There are people that believe the world is flat for fucks sake and they live among us. Does the earth care about their opinion? No. It keeps spinning like it always has been for thousands of years. In the end, haters gonna hate, the honey badger won't care and keep finding them goodies. Nothing to see here.

[NotATether]

I guess the more Bitcoin is thriving, the more haters it's going to garner for itself. But the annoying thing about the video is how confident the guy is in his shaming of the coin. I'm very sorry for his myopic view and knowledge of the digital coin since tricksters like SBF have helped place a negative impression of Bitcoin on people's minds like someone mentioned here but it still doesn't change the fact that through thick and thin, Bitcoin has been surviving since it's introduction in 2008.
 It's really a crappy thing to think that American banks could be compared to BTC when only last week there has been news of reputable banks going under. It's such a shame that people still express such poor opinions about the coin tho.

Yeah, he seems like an otherwise great guy with superb VFX... I just don't share his opinions about Bitcoin. However, the NFT and "crypto investing" uselessness, I can relate to those.

[Lorence.xD]

Edit: I misspelled the title. It's fixed now. Although it says "crypto", the video is very much about Bitcoin (and ETH NFTs).

Bitcoin is a part of cryptocurrency ecosystem but it is a most important cryptocurrency. Many people think Bitcoin is all about cryptocurrency and if any scam in cryptocurrency occurs, it is motivated by or related to Bitcoin.

Bitcoin has big impacts on alternative cryptocurrrencies aka altcoins but it is not responsible for all scam in crypto.

I know right, people without knowledge about how cryptocurrency or bitcoin works would most likely to say that it just a scam. The first time I've heard bitcoin my first impression is that its also a scam system due to my curiosity I researched about how bitcoin works and then the first I saw videos with clickbaits which it talks about "don't waste your money in bitcoin". Still I studied how it works and now doing trading and investment.

Maybe try to be smart on not to easily believe on false advertisement and thumbnails online there's always a reliable sources online even here in the bitcointalk forums you could learn here.

Ethereum with its smart contract ERC-20 chain is a perfect space for scam projects. NFT projects related to GameFi, NFT, Metaverse ... which are bad with their tokenomics designs and many projects have bad security (no security audits), rug pulls. It is more precisely if the Youtube channel owner makes that video focuses more on scam projects on ERC-20 chain, Binance Smart Chain, Solana ... Focusing the video on Bitcoin is not relevant.

And I agree the fact that I have been scammed in NFTs before using ETH because of my inexperienced about it. I minted a fake website of the famous project since it gained popularity with the good background of project and its team. So when they launched their website for minting I have clicked a fake link. That's the time I realized that there's hacker and scammer that could manipulate the accounts of project where they could easily scam people. That's fine I learned from it and good thing I only minted 1.

[karmamiu]

What you said OP is true. Although we didn't contribute directly to the core of bitcoin, the mere existence of us supporting as a community being the "demand" is already enough for bitcoin to be alive. As long as there is someone believing bitcoin, it will always thrive through and through.

They can complain but we can't? They have huge advantages when they start their own ways of having income since they all have the resources and exact environment needed to participate in global economy, but how about those who started from scratch and manage to live decently due to bitcoin's existence? We didn't have that much resources to begin with and at the wrong place too, but still manage to learn and participate in the economy through this.

We cannot complain even if they're playing monopoly since the ancient times? But they have the right to complain as we struggle just to put food on our tables while working to have a little bit of investment?

[Husires]

It is the first time that I see this YouTuber, and is it so influential? I see that the number of subscribers is one million, which is a normal number compared to channels that have millions of subscribers.

I watched the first part of the episode, and it talks about NFT, and to be honest, everything that revolves around these symbols appears absent-minded and closer to fraud or money laundering than being a real investment.
I do not know what his opinion is about Bitcoin, but it will definitely change in the coming years.

[hZti]

Let him talk about how Bitcoin is a scam. It seems that he only wants to talk about Bitcoin because it gets him clicks. And obviously you get more attention with a conversial topic too. So it’s not wonder he does not want to talk normal about Bitcoin, he just wants to create a interesting video for uninformed people.

[Little Mouse]

There are some wrong messages in this video. James tried to explain that we are the people who are trying to get more people into the community as the pyramid scheme works while satoshi even told that after a few years, it was also possible that Bitcoin won't exist. I haven't watched the whole video but they didn't try to get the deep of the technology.
In quora Bengali, I often find one guy spreading nonsense about bitcoin while they even don't know how it works. James videos are informative, I liked how they presented NFT, ICO etc but they had a focus to spread negativity for sure unless I missed anything.

[GideonGono]

LOL, I remember when I was knew in cryptocurrency I used to doubt it.
And as time goes by and I learn more on how things really work I found it funny when people or those who says crypto is a scam in general not just shit coins or HYIP in crypto like cloud mining and Ponzi Schemes, but also those cryptocurrency that proven their worth for a long time and still in the industry.
I think they don't really know much that's way they keep on saying that it's a scam.

[Captain Corporate]

It is really not a big deal that some people are against bitcoin. Lets not ask for a unison praise of bitcoin, that is not democracy that we are all in need. We should have divisive sounds and noises that complain and bash bitcoin all the time and we should look for legit reasons to dislike bitcoin among all those troll haters and when we find them then we look inward and see if the legit complaints are true and if we can do anything about it, and ignore all the other trolls. If we all loved bitcoin, then it would be like a cult, and we are not a cult, we are lovers of a financial asset, so of course its usual to have some people who dislike it.

[o48o]

Comments are hilarious too as i expected: Crypto it's bad because "you can't buy car with it" because "It needs to be converted into the US dollar first.".
Funny. I guess gold and stocks are bad and a scam too since you need to convert them to fiat money until you can buy something with them.

Also the argument that scammers are using crypto just tells us that it's working, even scammers want to use it. Criminals usually are using tech that works, you can't blame them for doing that.