The Crypto Curmudgeon: Why Crypto Needs an Extinction Event

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This video is sponsored by Wall Street Memes:
wallstreetmemes.care/b_Profes...
They want you to dive into a crypto presale; go ahead if that's your thing.
This may be the first in a series of videos on crypto currencies--depending on how many likes (or even dislikes!) that this gets.

Опубликовано:

19 сен 2023

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Комментарии : 39

@user-fh1te3nq4v 4 месяца назад

Thank you for your rational breakdown of so many aspects of the financial system. Very grateful for all your insights.

@joedarkness808 10 месяцев назад

Reminds me about a Douglas Adams quote “Thank you. Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich. [...] "But we have also," continued the management consultant, "run into a small inflation problem on account of the high level of leaf availability, which means that, I gather, the current going rate has something like three deciduous forests buying on ship's peanut."

@lunarmodule6419 5 месяцев назад

Thx prof Keen

@brianhoade1411 3 месяца назад

ALL money is fiat money, otherwise it's simply credit, enforceble or not. Great show Dr Keen!

@KoDeMondo 9 месяцев назад

Modern economic theory assumes that productivity (which underpins our wealth and material progress) is a product of labor and capital. Energy is assumed to be just another input with its unit price representing its contribution to economic output. One barrel of oil represents almost 5 years of human labor, and human economies only pay the cost of its extraction (currently around $50 in 2022), not the tens of millions of years of natural processes to create it. We have underpaid for the main input to human economies - and economic texts do not recognize this fact.

@GhostOnTheHalfShell 10 месяцев назад

settles in with some popcorn.

@kensho123456 10 месяцев назад

Go for it.

@jonathanparnell3175 2 месяца назад

Doesn't fiat have this problem too? Which fiat currency should I trust? Aren't they competing as well? I can see the issue with crypto currency but what's the solution to the problems with fiat?

@nahuelpiguillem2949 10 месяцев назад

I love your irony😂😂😂😂😂😂

@davidwilkie9551 6 месяцев назад

Hand out barge poles?

@Zanderzan1983 7 месяцев назад

Fannof your work but this really misses the point of bitcoin. The central problem we have is overconsumption. It was made possible by devaluing currency quickly - i might as well spend my money now as it will be worth less tomorrow. What came out of that was planned obseltance. Because consumers were so eager to spend, they now didnt distinguish between products that lasted a long time amd shiny ones that didnt. Countries are trying to pass laws against planned obseltance but they best thing they could do is give people access to a hard money so they make wiser, slower consumer choices. Bitcoin is a hard money that cant be devalued.

@felixnewman2473 9 месяцев назад

Bitcoin (the invention of the decentralised database) has always been about trust in math and computer code. Trust was always part of Bitcoin. Trustless generally refers to not having to trust a third party.

@tcainer 10 месяцев назад

Great video. Thanks Steve!

@KoDeMondo 9 месяцев назад

good day! I don't know what the future value of Bitcoin will be, but for sure at the present time it has done so much damage not only to silver and gold. I wonder how much money would have been invested in silver and gold instead if Bitcoin had never existed. But also to the people who invested so much in Bitcoin that they saw their value plummet from over \$50,000 to under \$20,000. I find it particularly troubling that we are still talking about Bitcoin and cryptocurrencies today, when we should be focusing on creating a better world for future generations. If we are still talking about Bitcoin and cryptocurrencies, it means that we have not learned the lessons of the petro-dollar

@kthomsen12 5 месяцев назад

Time…. The fact that we are still talking about Bitcoin means it hasn’t’ failed. No matter how many times you have heard it has died. By now there are 20,000 Alt coins that have died….. So Bitcoin is #1 of 20,000 and counting. It goes down and up….. and has never died. The Financial Press is a just a bit sensationalistic..

@ryanlasek4199 7 месяцев назад

BTC to AUD up 52.6% since this was posted

@finchbevdale2069 6 месяцев назад

Can you pay your Australian income tax in BTC? No? That's why it's not a real currency.

@JamesAnderson-zi7pd 6 месяцев назад

@@finchbevdale2069 This as asinine as saying USD isn't a real currency as the Australian government doesn't let you use it to pay your Australian taxes

@ryanlasek4199 5 месяцев назад

@@finchbevdale2069 177%

@ryanlasek4199 4 месяца назад

147%

@personzorz 4 месяца назад

A fascinating emergent parasite

@KoDeMondo 9 месяцев назад

This happen only when central banks around the world print money excessively and keep interest rates low for too long, this money has to go somewhere. It can end up in housing bubbles, cryptocurrency scams, political corruption, wars, the pockets of sports stars and CEOs, and in the hands of people who use it to overconsume resources. People also feel entitled to overconsume, leading to the depletion of natural/local resources and common goods

@shev1970 10 месяцев назад

There is only one bitcoin

@ProfSteveKeen 10 месяцев назад

Which proves my point: cryptos are now fighting over which coin you should trust...

@DaGee99n 10 месяцев назад

@@ProfSteveKeenWith Bitcoin, the one recognized as the valid chain is the one that has > 50% of validators (not miners)

@kthomsen12 5 месяцев назад

That is the truth. Some may take longer to figure this out than others. Many are figuring it out though.

@personzorz 4 месяца назад

Its a fascinating, emergent financial/technological parasite

@GreenIllness 2 месяца назад

@@ProfSteveKeen How the fridge is that a point? Do we need one single on to trust? Beside, the medium of exchange automatically defaults to whatever your regional government decides as legal tender that they also ensures the demand for through taxes, on this current world system. "fighting over which coin you should trust..." For firetrucks sake Steve! If any coin is on an open to see immutable ledger available for anyone, but also solves the Blockchain Trilemma, unlike bitcoin, which now is more clearly meaningful as a store of value, it will force itself through. Heck. The governments never even managed to stop torrents. This is like the third era on pair with the agricultural and industrial revolution. And the technology transfer, of full appliance, os not done over night. Also. And so what? What if we can't agree on which coin we use? What does that have to do with anything? If it was up to me I'd implement some open ledger silvio gesellian coins or tokens on a decent chain to be used local, and preferably backed by personal property rental for the local collectives benefit through non-intervened redistribution instead of taxation. Once again. Good night.

@beardedbiker778 9 месяцев назад

Sounds like FUD. BTC has outperformed everything! Rather trust thousands of independent miners running on over 50% renewables (already)than a few greedy fat bankers and politicians. They can’t just take our btc but can and have with gold ect. What do you think of that?

@finchbevdale2069 6 месяцев назад

You can't pay your taxes in BTC...and if you don't pay your taxes they will take your stuff and/or throw you in jail. That's wjuy BTC isn't money.

@kthomsen12 5 месяцев назад

So……. Because the govt. says it isn’t money then. Well I guess that is it.!!!! Will never be. Case closed. 😂

@personzorz 4 месяца назад

@@kthomsen12correct