its has falling alot lower than before, the problem is noobs need get thier crypto off the exchanges going bankrupt and put into cold wallet like nano x, not your keys not your crypto
This is nowhere near the largest L in cryptocurrency.. There was a time when practically the only exchange people used was Mt. Gox, that hack was significantly worse than this. This whole ordeal doesn't even come close to Mt. Gox
a couple weeks ago my friend was enthusing about FTX, and he said that he would put half of his EMA allowance (a scottish allowance that the government gives to people 16 or over who are going thru higher education) into FTX. My other friend and i talked him out of it somehow, showing cryto scams and how its not just 'free money.' I swear to god that guy owes us at least a mcdonalds or something.
@@labtec514 And that's very sad for your regular person. Like, think of the old people not being well educated and just hearing it everywhere and then putting money into it.
I wish I could enjoy it, but I just think of how much good that money could have been put to instead of just being poofed away uselessly... They could have thrown it away in a charity, bought land to protect trees and wildlife, put it into cheap housing to help people in the upcoming cold months, heck they could have just set it on fire in homeless areas to give them warmth... It'd be a pretty sick thing to do, but it'd still be more useful than making it disappear... Such a waste.
~60% of people with a networth of 30mil$ or more come from a combination their parents money and their own self-made income ~20% of people with a networth of 30mil$ or more are entirely self-made ~5% of people with a networth of 30mil$ or more are only feeding off daddy and mommys money. so yes if u wan to b rich. it help have mom n dad b rich edit: ~15 didnt answer. Also entirely self-made means that had very little to no help from their parents.
@@bouclechocolat Okay, glad I'm not "based". I would rather not use a word that a degenerate group use often trying to justify sexual slavery and pedophilia. Everything I go on reddit and see people using the word, it's bound to be an incel.
Unfortunately most of the people that lost are not "crypto bros" they are mostly average joes that don't know not your keys not your coins. Exchanges are most likely to fail and go insolvent during bear markets, we seen the same happen in 2014, 2018, and now 2022.
His description of changing the coins from American market the Japanese market is the level of thought I used to make a profit selling iron arrows in RuneScape. Buy a stack at 10gp per arrow, then sell for 11 in bank. Literally free money
Tbf the problem with Elon was also that he PORTRAYED himself as a genius. He himself thinks he is and his fans do too. I remember when we saw Elon was gonna buy Twitter, my uncle gave him way more credit than he ever deserved. I told him that dude was stupid and here we are
@@nohooligans888 yes the rocket engineer and richest man in the world is stupid. thank you my dude. I'm glad we got your mc donald's degree take on that.
@@pandapo7542 I don't think Elon Musk is stupid, but I do think he's become overly self-confident. He had a string of big successes, got a lot of great press, poised himself as the king of Tech, but I think at this point he's going off the rails. He seems to be under the assumption that just because he was really good at one thing, or even a few things, that he can just waltz into any industry, or project, and just slay puss all day. And that's just not the case; even the smartest man in the world can't do EVERYTHING right, and he is not even close to the smartest man in the world.
@@MrGeorgeFlorcus I wonder how his children's view on him when all this happens. I had a feeling his children will try to usurp their father and take over his company once they reach legal age.
I laughed at their Super Bowl commercial with Larry David last year, because I knew it was only a matter of time until it looked absolutely ridiculous. Happened sooner than I expected, honestly.
@@imconfused1237 2008 economic crisis was engineered to manipulate people into debt... crypto scams are engineered crises to manipulate people into digital slavery... governments worldwide want centralized digital currency. Welcome to the New World Order
@@Zer0Skateboard that’s…. Exactly why we need and have regulations… so they CAN’T do this kind of thing to you… they saw an unregulated market and did what they always do with unregulated stuff, screw over the everyone they can
It's like watching a train crashing in slow motion, except all the passengers are telling everyone how it's not only going to be okay, but that you should hop on in there with them.
Anti-Scamming those guys on RuneScape was so good. "Hey if you double this 100k for me, I'll give you 1m to double" *doubles 100k* *log off* The only people dumber than the victims are the scammers.
This is literally just a mini, online great depression. Except this time, the value of the currency wasn't the economy of one of the largest countries on the planet, the value is backed by "trust me bro"
The issue with crypto for me was that the money was not coming out of nowhere. Someone in the end would inevitably take the fall, and I didn't want to be that person.
@@ianrobertson3419 but isn’t the whole economy a pyramid scheme too? The point of Bitcoin is to have a decentralized financial system so that the 1% of the power hungry billionaires don’t control your money. All the other coins are shitholes that should not be invest in !!!! They will all fall eventually
@@contraband1543 By verifying that it exists, it has some amount of value. If you think about it, the trillions of dollars the fed pushes into existence is backed by less than a proof of work blockchain based currency. I'm not saying fiat currency is bad for a country, I'm just pointing out that the "it has no real value" argument against PoW is funny when almost every nations' currency is created from next to nothing.
This L was so huge, my dad brought it to my attention before Charlie did, now this is surprising as my father is a milk collecting connoisseur so he’s gone a lot.
You do know those paper and coins you carry have little value as well... right? I mean, except if you sell them as paper or whatever metal the coins are made of.
@@shantehernandez6750 money backed by a sovereign nation with a military and ability to print more of it is, by definition, not "fake". it is a social construct, sure, but social constructs are very much real things
As much as I LOATHE Meta, at least Zuck dumped a ton of money into trying to put out a (sh1tty) product. SBF and Co. were just pumping empty "value" into a circular system that didn't even attempt to produce anything
He accidentally exposed himself being subscribed to a deepfake website, and the actual tabs he exposed was some of his own twitch coworkers. TL;DR: masturbated to fake porn of someone he knew and accidentally outed himself.
@@Xylehekbought ai n*udes of fellow female streamers, including some of his friends girlfriends. It was basically just a massive invasion of privacy, really gross stuff
Remember kids, no matter how tall you’re standing, if you build your ladder out of cardboard, only the smallest bit of rain can bring it all crashing down.
I recently got a presentation assignment from my Digital Transformation lecturer about how the metaverse could evolve the way businesses work and it was the hardest thing I ever did when I had to go in front of the whole class and explain why the metaverse was great, amazing, and totally not a dumpster fire.
Mate that's a problem with many of those kind of courses. Any new course based around new concepts is often full of BS. I started a degree on innovation a couple of years ago and decided to drop out after I noticed the lects where making stuff up as they went along. I'd be better off doing a philosophy or history degree even
No worries I had to listen to a presenter mentioned how the Metaverse is going to be the next big thing for the digital world and my inner gamer knowledge wants to dump in VRChat.
I mean I'm surprised it didn't tank after the whole Canadian trucker thing. The main appeal in crypto was it was supposed to be immune from government control and or censorship. But you had the Canadian government shut down their crypto donations. Which quite literally dumped on one of the primary reasons it made it appealing.
There is still some people down the road from my house still protesting I have no idea what they are protesting but I do know it is something to do with the convoy idiots
For real! He's so natural at finding little jokes in whatever subject he's talking about and it keeps my attention even if I'm not interested in the topic.
“I felt a great disturbance… as if millions of crypto wallets cried out in terror, and were suddenly silenced. I feel something wonderful has happened.” _-every anti-cryptobro_
The guy whose clip you’re replaying nailed the liquidity problem: They COULD sell the coins, but IF THEY DID, the very act of selling some those coins TANKS THE VALUE OF THE COINS (if the coins hadn’t already lost their value anyways). Massive exchanges like this have such massive holdings that they literally can impact the value of a coin. It’s crazy. The other issue here is that they got hacked…and lost all their holdings…so they couldn’t even sell their coins because they didn’t exist anymore…
Yes, they were "hacked" - all signs point to a very inexperienced insider, based on the ineptitude of how they went about it and covered their tracks, rather than an outside attacker just coincidentally picking that moment.
Yeah, I feel like a bunch of innocent people went in thinking it was like investing stocks or something without really getting it. Which is pretty stupid in and of itself, but I still feel bad for them
What’s wrong with creating a system to pay someone digitally peer-to-peer without middlemen? There’s nothing wrong with Bitcoin itself. It’s exchanges you have to be careful with. By the way, look up the current price of Bitcoin. Clearly the tech works. It’s just the occasional bad actor running an exchange.
I'm kinda impressed. I didn't expect the cryptobros to be even worse at investments and monetary policy than the federal government but they found a way.
SBF has Democrat donor vibes. He says crypto needs to be more regulated, but only wants regulations that will make himself richer. Then he bribes the people in charge to get it done. BTW, he has ties to SEC Chair Gensler, and Gensler didn't do anything. Just a reminder that they aren't look out for you, just themselves.
Nah, Meta is still very much alive and well, you'll see. In a couple of years, most people will be living in the Metaverse like it's the actual real world. And I can't wait for that to happen.
As a CPA (not in the US), knowing this is gonna be in the curriculum of future aspiring auditors and accountants in the future as just another major case study, it's just super fascinating and also kind of dumbfounding seeing it in real time. I was in Uni and the Enron case was just one of many but notable events that affected acctg and auditing standards around the globe that we had to study. It felt so distant because it didn't happen in my generation. And now looking at this, I'm kind of interested in how this is gonna impact things. I kinda LOLed at the first meta CPA firm, but it does make one wonder about what type of auditing and accounting standards you can bend since this is all new Unregulated territory.
No one will learn though, this same type of crap has been going on for 400 years, just the names and places and investment products are different each time. Banking regulations are boring, shortcuts are exciting, so someone will always be there to provide the risky shortcut and someone will always be there to buy into the risky shortcut.
I assume you're also from Philippines(Congrats for becoming CPA!)? I am also quite curious with all the standard they parted with just for these scams and even banking and currency laws they broke lol. Professors really love Enron incident. Everytime we took lessons on Auditing Theory, its name and the auditing firm who collapsed with them is mentioned for xxth times.
I'm a pretty simple guy and with how fast things are changing sometimes people will tell me it's not necessarily the best to stay that way... idk man with all this shit burning to the ground i'm starting to be thankful more and more for the simplicities lmao
And it's the very reason that crypto exists in the first place: to DECENTRALIZE finance and allow people to be SELF-CUSTODIAL. The only people who lost money on FTX were people who did not understand the first, most basic thing about crypto.
yeah and guess what fucking happened after the great depression? massive regulations to prevent this shit from happening again. but in the past 40-50 years there has been a slow weakening of these regulations so the wealthy can keep enriching themselves. what a fucking surprise that all of the same shady shit that happened before the great depression keeps happening under the same loose regulations
Sadly, it seems like every generation has to learn on its own that banking regulations exist for a reason, and that this time is NOT different. If you invest in an organization which has an outspoken guy at the top, who seems more interested in upping himself than boasting about many banking regulations they're in compliance with, you're gonna lose your money guaranteed. An exchange issuing its own token is pretty much the same thing as the 2008 subprime mortgage driven crash.
Maybe banking regulation wouldn't be needed if people used crypto the way it was intended; you know, being THEIR OWN BANK. Trusting your money with a centralized authority is the LITERAL ANTITHESIS OF CRYPTOCURRENCY. Everyone who got wiped out from FTX absolutely deserved it, and the entire space is better off for it.
@@varg3815 Crypto's intended use was and still is unrealistic libertarian fantasy. The entire system is a wet dream for scam artists. Eliminating consumer protections disproportionately benefits liars, grifters, and thieves.
The problem is people need to get thier fking coins off exchanges and put onto cold wallet like nano x, not your keys not your crypto, every bear market people always like its dead broo
11:29 WTF?! I feel that deserved an even bigger eye role. That's like telling a bunch of people treading shark invested water that seeing a boat should motivate them not to be drowning.
I swift kick in the nuts for that individual would probably give him motivated to make more money to pay better security so that way he wouldn’t have to be kicked in the nuts!
This is why people need to be educated on how finance works starting in middle school and break the whole Get Rich Quick American Dream way of thinking.
Nah this is good. Now these broke asses who didn't learn any real skills will be working at McDonalds, driving ubers, mowing lawns, working in Amazon warehouses for the rest of their lives.
That "copium" thing Charlie was referring to about people not being able to quit by rationalizing that money/effort spent should correlate positively with results/success as a way of validating that effort and spending is an example of psychological entrapment. You see it all the time in many forms of gambling.
It’s called a “Sunk Cost” fallacy in logic. It has roots in evolutionary biology essentially primates are not perfectly calibrated between being risk averse vs. reward seeking. This type of rationalizing seems to result from one of the quirky imbalances.
Ah yes Kevin “mr wonderful” O’Leary , the Canadian super villain who paid for his wife to beat a murder charge after she crashed a boat and killed a innocent bystander
I’m not usually one to enjoy other people’s misery but damn, the crypto-bro culture was probably the most annoying thing to happen that I can remember in my lifetime. “You’re literally stupid and actually hurting yourself, it’s totally the future and how the world will operate in the next few years.” This kinda news just cracks me the hell up lol.
I despise those RU-vid commercials that claim they're giving you a one time offer that'll supposedly end when the ad does. Hardcore FoMO targeting, and I know for a fact I'll see that commercial 100 more times over the next week
Especially crypto companies. They are all a house of cards. The second people think their token is worth nothing, they have 0$. At least with something like Amazon they warehouses, shipping and logistics, and shitloads of product on hand. Crypto companies have the suitcase from Dumb & Dumber full of IOU notes. "That's a car. 750 thou. Might wanna hang onto that one!"
Cryptobros always have the most baffling mentalities. “Fiat currency? Why would I trust something that’s backed, regulated, and insured by a *government*? I’m hanging my hopes on snake oil peddled by obvious grifters!”
@@alexanderfreeman3406 you mean something that's being printed from the sky by a corrupt government? You are right most people lose in crypto because they are stupid but there are some who are winners 🥳
I love watching all these crypto investment schemes (if you can call them that lol) go down in flames. Each of them has a unique spin, each story feels like could go in any direction and I'm all here for it, popcorn in hand.
creators of crypto knows someday the market for fake currency would crash. Its literally just a pyramid scheme. Investing in something with no value and effective supply at all is mind boggling and stupid
crypto is meant for professional day traders and swing traders...if you are an expert analyst with accurate macro views you can trade it pretty successfully as well....if you are investing in crypto you're an idiot. take some years to teach yourself how to trade.
Another will form in another four years with the next BTC bull market.. This is all good. The crypto market need the scammers to collapse so it could get back to business of NOT being a sudo fiat system..
- I watch Coffeezilla for all the smart lingo to feel like I know what’s going on - I watch Charlie for the Layman’s terms to actually* know what’s going on
I viewed crypto as the same thing as a lottery ticket. I knew it wasn't a safe investment when I saw people talking about how great it was at gas stations.
It had no intrinsic value. The investing space during that time was just scams, ego, ignorance, arrogance, hype, and bias. All speculation, no investing.
it literally is just a method of gambling, and i wish people would stop pretending it's anything more than that and stop misleading people into thinking they're guaranteed riches. you're just betting on the volatility working in your favor. and, like with other forms of gambling, the house always wins.
Meanwhile, while all you little folk are busy selling, hand-wringing and slapping yourself on the back, the wealthy are accumulating. And you’ll buy it from them at a later date for a much higher price.
While I myself was affected by the collapse of crypto lender Celsius and lost around $300, I was fortunate enough to get out of FTX in late August/ early September. I moved everything I had from FTX because I didn’t like Sam’s personal political affiliations but more importantly I noticed they were paying 8% interest on whatever you had in their exchange which was a red flag to me given what happened with UST and Celsius.
I mean, we can have (and do have) digital forms of normal fiat currency that work great (using a credit card to buy things online is very easy). Crypto (along with NFTs and all these other blockchain-related things) has always been, at its core, a Ponzi scheme mixed with a libertarian political project. Not innocent at all.
There's a big controversy in the Magic: the Gathering community because FTX was sponsoring one of the biggest podcasts, Limited Run. They promoted it and talked about it being a safe investment and all that jazz. Luis Scott Vargas, one of the cohosts of the show, is VP of marketing at Good Luck Games (makers of Storybook Brawl), which was purchased by FTX in March. When the community pointed out how their promotion of FTX was disingenuous and the various issues with it (and crypto in general), they continued promoting it. Now they are without a sponsor and I'm curious about what will even happen with his company.
My folks mentioned this to me like it was common news. I was dumbfounded because they are not techy people. Even normal people have a pulse on this nonsense lmao
That part in God of War Ragnarok where Kratos fights hordes of cryptobros, was considered to be the toughest fight, until you realize that they die in 1 hit by saying you absolutely refuse to buy crypto or nfts
@@pleasedonotvisitmychannel They aren't necessarily tough, there's just a weirdly large number of them congregating out of nowhere. Never underestimate stupid people in large numbers.
Thanks for bringing this to my attention I’m taking finance right now and we are learning about banks and types of accounts and stuff. Crypto could very well be our next lesson. Glad I’m hearing about this stuff though.
The commercial backfiring is so hilariously funny! The smirk of Larry gets a new meaning of "told you so" in such a huge manner. The micdrop is among the best micdrops of recent years.
What I dont understand: Why did people believe they can get out of this? Wasnt it always supposed to be: If you want zo get out, you need to sell your crypto...and if noone buys it -> poor you!!! How on earth did anyone thinking of getting refunding if it all goes to shit.
Funny in 2018 crypto peaked witha 800 billion dollar market cap then crashed to a 100 billion dollar market cap then in 2021 it skyrocketed to a 2 trillion dollar market cap and were back at 1 trillion. crypto can not die and will not die.
When I was getting into crypto, all my friends and people trying to get me into it told me, "It's basically gambling, so only invest money you're willing to lose."
@@ZynthWaves in a sense, yes. However, in investing, anybody knows that LEVELS of risk differentiate between the type of investment. Crypto, IMO, is just higher levels of risk, and again, has greater returns. Crypto is a kid that has yet to completely unfold, i am unsure if it is truly the solution it was intended to be. I put some money into it to try it and compare, made a few bucks but I had to learn a ton more things just to lessen the risk versus thru more traditional ways.
