Bitcoin and Why Cryptocurrencies Will Fail | Wiktor Jaszczuk | TEDxYouth@2SLO
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- čas přidán 15. 04. 2021
- Wiktor Jaszczuk’s talk will focus on issues and desired outcomes arising from cryptocurrencies. He will also address the recently skyrocketing price of bitcoin, and why buying it comes with a great risk. Finally, he will talk about potential solutions to these problems. Wiktor Jaszczuk is an IB1 student in 2nd SLO IB high school in Warsaw. In his free time he expands his knowledge in terms of economics and financial markets. Following the bitcoin crash in 2018 he decided to study the cryptocurrency market and he came across many publications about the possibilities of blockchain, the core idea behind digital currency and how will it reform the economy as we know it now. But after studying the topic further he also found problems and potential threats created by the speculations going around cryptocurrencies. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at www.ted.com/tedx
"Bitcoin is funding criminals" - Indeed, as fiat currency is...
Lots of money laundering happens through banks too
exactly
@@theucrafter1666 Agreed. Legalised Crimed.
This deserves top comment tier!!!
Bigg Digital Qlue software will deal with that
Good to hear opposing opinions. However, this just increased my conviction.
@@eatadick6969 Yes, as they already moved the hardware to Taiwan and other neighbouring countries.
😂😂😂👏🏻👏🏻👏🏻👏🏻 I think he may have sold on a dip.
@James Henry Smith that would only increase the value since supply would be lower. You literally did not understand elons problem with bitcoin.
@James Henry Smith msnbc/cnn?
it's so bad and so much lack of understanding. still not sure why it will fail because he never actually said
Make this into a meme NFT,
then it may be worth something.
@@bro.billdorey102 link please ?
That's the best idea. I want this to trend when btc is 200k and this guy gets his paychecks in btc
Epic😂😂
buuuurn
😂😂😂😂😂
This guy was probably saying it would fail at $100, $1,000, $10,000, $20,000, $50,000, $60,000.......
What a ridiculous thought. I bet those who shorted the housing market in 2006 were idiotic too. Prices have been going up fOrEVeR. Literally a bubble mate.
@@f-35alightningii79 Is it a bubble or are dollars just becoming more and more worthless?
@@jackied962 How are dollars becoming worthless when the only possible way to realize the value of your “currency” is by liquidating them into dollars? You know what currencies have? Stability. You know why they have it? Literally _something, anything_ backing them up. What do cryptocurrencies have? Miners? And when there are no more Bitcoins to be mined? It will forever be a commodity people only want because the price is going up, despite its actual value being close to nothing. Can you spell bubble?
this comment aged well, bitcoin is current $741004 in 2046
@@f-35alightningii79 Not true at all...
Actually the USD dollar has nothing backing it up since 1933 by FDR and reconfirmed in 1971 when Nixon took the USA off the gold standard.
Lol 1992 people claimed internet is only for criminals. The history told us something else.
Who in 1992 claimed that the internet would be for criminals? Exact quotes and who said it please.
Every time he says “Bitcoin” replace it with “cash”.
This.
At least cash is regulated and supported by physical and stable systems. Bitcoin is coasting on rails. It needs to be accepted as a real currency or it will fail once Bitcoin mines run dry
💯
@@f-35alightningii79 Ha ha ha ha. This is so not true!
Cash will always be KING for crooks! You have NO idea what you are talking about
Bang on.
This talk is brought to you by Central Banks everywhere.
Brother do you think that governments sitting on tons of money who have the best resources and information just let people invest and let prices rise without knowing?
This video should be called. "Hi my name is is Wiktor Jaszczuk, and im a corporate government shill"
This guy reminds me of those high school students who are not too bright but just try very hard and yet never get it.
Oh all hail lord bright. his opinion, it should not get you upset.
more like the Smart good guy who has a wrong view of Things because he still believes everything his parents tell him is true
But yet you’re here commenting about his opinions, but you’re nonexistent to him. If he isn’t bright then you must be the dropout.
@@vivienneduong6541 yes I am the dropout who invested less than 50k in cryptocurrencies between 2018 and 2020 and now has a 7 figure portfolio...
@@vale76101 you gambled and won. Doesn’t
mean you are smart
This guy reminds me my father's boss. He laughed at at a seller trying to sell him an e-mail service because he had already a fax in the office and he would never need an e-mail service. We all know how that went.
Do u realize how wrong you are about to be ? Hahahahah
@@MoonSold see you in 2024
@@Minamoto1989 ahh, the year of both linux and crypto
You remind me of mlm gurus.
@@Minamoto1989 keep dreaming
Sounds like hes mad he didn't buy at the dip 😂😂😂😂😂😂😂
Exactly! He missed the train and he’s hella mad! U can feel his anger!! 😂😂😂
Cryptocurrency will be placed under control just as our mind and everything else has been. Coming up very shortly.
I hope this goes trending, everyone panic sells so I can buy more BTC at a discount. Thanks.
Totally, this person doesn’t know what is talking about.
I dream of a 20 percent dip.
@@ericreed2064 well the drop from 56k to 46k in a few days seems like a dream coming true then
Right there with you. I feel bad for this kid - the same stuff was done when the motorized human carriers overtook the horse and buggy era. But seriously, crypto is the worst! Sell it if you have it!
I'm loving these dips. 51k right now. Just throwing a little more each time. When you look at the big picture even a drop to 46k is still healthy and not damning at all.
Success is about focusing Your energy on what creates results and using what you already know
Assets that can make you rich!
I.Crypto
2.Stocks
3.Shores
@@maxthomas2249 You are right sir
Wiktor misses the mark on the most important question about Cryprocurrrenty. The "Full Faith and Credit" lies not in the country that backs it but with the group of people that believe the crypto has value. The problem with this is that when there is a "run on the bank", or some financial crisis like in 2008, there was widespread panic, who of these crypto believers is going to prop it up with capital ? Where is that capital coming from ?
Exactly. In america, fiat is based off the GDP. A real value of something. And its backed up by armies, and navies and air forces.....
you did not watch till the end of the video then, very telling. He even mentions that he only mentions the negatives. and that other currencies are not perfect either.
What he says is correct though, while Bitcoin may never become worth 0, it could become worth a whole lot less than now (25k) at time of writing, down from (52k) earlier this year
Crypto would collapse if other countries like China ban it from being used. It is incredibly risky to invest in and it could almost completely die
He misses a lot in his FUD presentation. Not a balanced viewpoint.
@@wileywakeboard and marines. Smile
I wonder how a guy speaking at Tedx get everything wrong that was possible.
Tells you how low their pool is these days lol
@@kwamebushman606 TedX has always been about being wrong.
He’s actually right. Cryptos are crashing as I’m writing this. And by the way The US, India and China all have banned cryptos
@@matthewcastillo9951 spoke Matthew who didn't know about volatility that exists along a general upward trend. Same intellectual caliber as the Tedx presenter.
And China and India haven't banned Crypto at all.
@@torstenlange2418 Crypto mining is banned in India.
I work in crypto and I am starting to have some real ethical concerns with it. I definitely like the promise of democratizing people's data and money. But this just seems like the current situation is not the way to do it
People use more cash than crypto for illegal activities
What ethical concerns exactly?
The ethical concerns of fiat systems are far worse than anything you’ll find with the bitcoin protocol.
"I work in crypto"... Do you mean "I'm lazy and don't want a real job so I teach/trade in crypto" and when i ask "Have you made any money" you answer "Ehh no the whole market is down im living in my mums basement atm but it will turn i promise" *Crypto proccedes to die and you lose your life savings of 1000 dollars ;)*
What exactly do you do?
This is going to age epically badly for this gentleman. It will find it's way into a bitcoin documentary.
Unfortunately that won’t be the case. Bitcoin core cannot scale. And they are beginning to regress by adding a second layer network that is extremely insecure and will require users to once again rely on third parties for security with everyday transactions (lightning network). Back to square one, defeats the entire purpose of a public ledger all because devs didn’t want the government involved somehow to help regulate things.
@@Heyimgene look into XLM as they're going to help the current system convert into crypto itself. You can hold paper or crypto at that point and they'll be interchangeable with all the benefits of the crypto universe that are being developed.
@@linuxd XLM does not have a trustless consensus. There is no Proof of Work. The entire network's security happens after the fact. But, by the time a node is deleted from the network, the damage has already been done. 92% of the world's currency is already digital. The entire purpose of blockchain is not to create the first digital currency, because we already have that. But it is to create complete accountability across the board, not just in the financial sector. The way I see it, it does not matter how small the block size is; overtime a full node will eventually become too big to be run on most machines anyway. This is where accountability in other sectors comes in. If we can effectively coordinate the use of a daughter chain by restarting the network once every year or few years to reduce the size of a full node to only the most recent transactions going back an adequate amount of time, then there would be no real risk for centralized mining and the network could still be scaled with a bigger block size. But it would require government involvement. Which I am not afraid of, as long as blockchain is used for all dealings within our government to create total transparency. Only candidate for such a currency is BSV at the moment.
Your comment aged well. Btc has lost 33% of it's value since you wrote it.
@@simonh6371 it's back
This poor bloke missed the boat and is trying to get everyone to panic sell so he can get in at a discount🥴
🤣🤣🤣
I looked up to see him pacing back and forth after reading this
Damn him - he’s succeeding?! ;-)
😂😂😂😂😂
nah hes poor asf i looked him up
Whoever got this guy to speak at TEDx needs to get fired.
I keep waiting for the cast of Saturday Night Live to run out on stage! And yell
"It's Saturday Night Live"! lol
Well terrorist do get hurt with truth.
Whomever made him talk new this would be the highlight of the show and give everyone a chuckle.
This is what passes for a Ted talk nowadays?
You have no idea about how much you are going to be trolled for your speech.. I hope people follow you so that i can buy some more at the dip. :D
And just to add that add, please get your facts right, number of illegal transactions on bitcoin are wayyy less compared to the ones done in dollar and cash
Crypto is extremely overvalued right now, predominantly because of the pandemic.
Alot of normies have alot of excess money cause they aren't spending money on recreational things. Instead of just letting their money sit and rot in long term bonds people experience FOMO syndromes and want to try and get rich quick due to the internet hype. This is mainly done through crypto and other meme stocks right now.
Alot of countries has also given free subsidies to their population to aid people during the pandemic. Unfortunately some people who didn't need the money invested this money into the crypto market feeding the bubble.
This prediction might be wrong, but I believe the crypto bubble will burst when the pandemic ends.
Alot of people will want to spend money again through traveling, visiting night life venues, go to concerts et.c. Associated with that, people will want to go to bars, resturants, buy new clothes. The list goes on. My prediction is that smart cryptoholders will realise this and sell.
Alot of those who fueled this bubble at the beginning of the pandemic will also sell.
After this happens we have other people waiting to go bull on discounted crypto coins due to the pandemic price correction, believing it'll selfcorrect and go up again. No one's clairvoyant and knows what will happen, but if I were to guess, we wont see the 2020 pandemic surge again.
ALOT of people will lose their money and their lives will be destroyed. It's a shame.
Lol ignorance is a bliss!!😂🤣
@@foreverknight3448 u don't feel ashamed to write this on public?
you can buy now.
I just want to mention that the technology that was invented in the Dotcom bubble is our standard today.
Just because there is a bubble you cant say crypto will fail.
Blockchain is the technology, Crypto isn't
Apparently people haven’t learned from 1999 during the dotcom bubble. Not only are cryptos crashing but they are a Ponzi scam. Even Bitcoin was classified as a speculation asset a long time ago. Which literally means scam.
Amazon, Google, etc were on the stock market. That's a different with dotcom bubble. You all are supporting a competitor of the stock markets and fiat currencies as well the private, national banks.
@@patriciaszabo8015 , I don’t support none of that. I just know it’s a scam. Cryptos are the biggest Ponzi scheme in modern times not to mention it’s a fad like the dot com bubble in 1999.
There is a huge difference here. At the infant stage of internet, we knew what internet could do, e.g. email, message. Even when it was not possible at that time, we knew one day we could deliver voice, video, remote operation, remote machine control, and eCommerce etc etc through internet. For blockchain, except crypto, there isn't anything it can do better than other technologies even it has been hyped for more than 10 years.
Blockchain is designed for a very specific purpose and it's good at it. But as a general technology, it is doomed from the beginning.
How do I short this guy?
Downloaded this video and will laugh with my kids, thanks in advance ❤️
ye while taking autism drugs,
do you understand that bitcoin it self contains no value its just numbers from a mathematical formula and when government realize that people trading stuff for crypto before converting to usd and therefor cant tax them then it will be banned
I will laugh when you and your kids are living on the street. No offence.
@@hunter4243 I'll laugh when you and your kids will have to wait a week to get bread and milk with your highly inflated currency
@@dwijshah4239 are you still laughing ?
@@kotlet2612 lmao yes
I know everyone is looking for the next Bitcoin but that’s like looking for the next Wheel or the next internal combustion engine.
You can sit there on your porch and wait while we’re all buzzing by in our motor cars but even if you live to be a hundred you might not see another one...
If opportunity doesn't knock, build one,my dad always told me the key is you have to think BIG to win BIG! Always keep that as your energy and a reminder!
wow you also have idea about automate team
I have owned Bitcoin account for year's now but I still find it hard to understand the market please I need someone to help me trade
Bitcoin is actually a good business anyone can think of doing, I trust Bitcoin but I'm scared of scammer's
that is correct and that is why most of them end up loosing their money to scammers
What makes these people who own tons of btc any different than all these banksters? They're letting it get to their head and think they're gods..
bitcoin does literally NOTHING what Shatoshi wrote in his whitepaper.
Do one on the internet and why it will fail.
Give him King of fud award
This man has gone in public with an opinion, defended it with arguments while balancing his view briefly at the end. What I am seeing in the comment section is what I hope to be little kids who have zero knowledge in finance and financial history bombarding him with hate and no real arguments. I bet all your research on your "investments" so far has been a 5 minute motivational video. You also probably have no education in finance or economics to understand how complex such an instrument is, yet you vulgarly criticize the presenter.
Real research is done by looking at both perspectives and at some point assuming you are wrong. I believe the cryptocurrency market is an amazing technology, however its current price is completely overvalued. There are too many cons to justify the valuation.
However, I know this will not stop any of you buying. I wish you all the best with your endevours. Try not to get played by the same institutions you are trying to play.
He has no knowledge in finance or computer science m8
@@dimitricastellucci2585 “m8” - that alone discredits you completely
@@pnewm10 nah he’s just not righteous like you are. You’re pathetic.
This has helped me gather superb points for my project..Great 👍
I came here to prepare for a debate competition :D
You will probably lose if “criminal, Klima and bubble” is all you can come up with.
I'll take his bitcoin.
Great video thanks
This guy clearly has no idea about what he’s talking about
Say that again now, please.
@@animefreak8718 hfsp
And you do.
Lol some people warships Bitcoin like a cult! When people disagree with you, they automatically know nothing??🤣😂
@@Whoami1988_ that is a falacy of these people instead of This guy clearly know nothing and has no idea they should give reason against it
You can follow the wallets. So its MORE traceable than cash.
But you can't send physical cash through the internet
@@craigspencer2826 That why crypto exists lmao.
Reason 1) illegal purchases
Response: USD funds more crime....
Reason 2) exchanges are not secure
Response: Not your keys not your coins 🤷🏽♀
Reason 3) energy consumption
Response: What's gold's energy consumption? 🤡
Reason 4) volatility
Response: BTC is designed to be a store of value, not a medium of exchange. I'm not sure that the price will be higher in 2 months. I am sure that the price will be higher in 20 years.
I'm watching videos like this to counterbalance my BTC bullishness. Yet I haven't found a single video that causes me any hesitation to beg, borrow and steal to invest in BTC.
I have a question 🙋♂️ what happens if your cryptocurrency gets hacked or stolen?
@@andymartinez8904 this guy will reply: you can be robbed also with fiat money🤣🤡🤡
1. Yeah but you can’t trace Bitcoin.
2. Hack the key, instant guaranteed jackpot.
3. Less than what Bitcoin would require if used worldwide.
4. Almost sounds like a thing called the stock market, just that is insured and Bitcoin isn’t.
Spot on
I wonder if BIT coin is like a mirage people believing its value is in the distant future when we arrive there but when we realise we're chasing a mirage thats when the bubble pops. Or could crypto currencies begin to boom with stability when more people are exchanging real goods and money for virtual products (don't underestimate the power of virtual space, especially virtual vanity on social gaming platforms or just simply online VR education rooms). Imagine a gaming engine that becomes so popular that it has a currency that rivals other global currencies. Maybe BIT coin is revealing the dark truth that money needs to be controlled in order to have secure value, who knows what the future holds.
Crypto don't work as a model and they never will more to the point they have nothing to offer anyone accept criminals and scammers.
You got it in one. Bitcoin and its value is no mirage. It exists today and will in the future as long as it doesnt technically fail. Its the "creation of money" that needs controlling and bitcoin has that control set in stone in its code. I know exactly what the future holds because history repeats itself. Currencies with nothing backing them and no limit on how much is created always fail. Bitcoin (and its not BIT coin) is the only currency on the planet backed by gold. It is backed by digital gold. It has a set limit of 21M bitcoin. Once that limit is reached no more can or will be made.
Money doesn’t need to be controlled to be stable. Look at the US dollar right now. People are scared because of the money printing and they are buying bitcoin faster than ever before.
Everything is controlled thats the big secret. None of this is accidental the world is a stage.
This Talk was a Joke. 😂
How much were you paid in fiat for this?
Good luck champ
So does the US dollar and Cia
Considering you didn't bother to mention block chains and their use and potential and the connection with tokens (crypto) your entire presentation is no different than what my grandmother might say about the subject.. Uneducated
1000000% agree with you on this comment
A Blockchain is a list of custody holders of a bill of goods.
Wow! this guy is a real winner! Wonder which college he dropped out of? His so called facts can all be refuted 100%
@Chris Tian true 😀
well explained
it is not. this guy knows nothing about bitcoin.
@@ImBitcoinBaby ikr
Open mic night at tedx?
I like when he pause after every single word so he can extend the BS to 10 minutes !! its like crapy essay
lucky they have 1.5x speed lol
😂
It was so funny... from the first second to the last one.
Because you are one-sided or guilty. You don't want to accept arguments or reasons.
What "usable thing" transfer when we transfer bitcoin from one point to another.
Environmental arguments pertain mainly to bitcoin and ethereum; it's not because of network volume, but because of the underlying tech. The majority of newer projects are much greener than our current monetary system. Many of these projects are growing at a rapid pace.
100% of the projects are greener than the petrol dollar. Also you are wrong, the environmental arguments pertain to mining
@@stevef4930 I said "mainly" bitcoin and ethereum because the share of other PoW chains is tiny in comparison and they're becoming irrelevant; virtually every new project doesn't use PoW and these are getting adopted at a rapid pace, which critics seem to ignore. Also, I'm not denying it but don't want to make the claim that PoW is greener tech as it has never scaled to more than a tiny fraction of our current system. Whereas with non-PoW it's much more certain
It is mathematically impossible for bitcoin to ever be used as a currency.
@Sebastian It is a great concept in theory, but the collapse will be thousands of times worse than the Great depression. Crypto is valued far too high and fluctuates way too much. For any currency to be considered stable it would have to fluctuate no more than 1-3%. It absolutely needs to be stable. Constantly rising in equally as bad as constantly falling. If you buy a house for $300,000 at 9am in the morning, by 3pm your house could be worth 60% of what you paid. You would still be paying 10k a year on taxes on the $300,000. But your house has devalued as an asset. It's also very sketchy that trillions of dollars in crypto instantly vanish into thin air with no trace of ever being owned.
OBJ
Most of these things have always been around long before , so maybe scapegoating a new technology isn’t the best move.
lol. the blockchain isn't a new technology. it was around long before bitcoin.
@@lospolloshermanos5659 That’s like saying an EV with a new battery isn’t new technology just because cars were around long before.
@@lospolloshermanos5659 ideas/theory were there before bitcoin. "Technology" means a successfully deployed implementation - that came with bitcoin.
exactly. everything we do digitally is at the expense of our environment. Digital pollution in total is over 100 times what Bitcoin uses.
Block chain (computer work) can't be eaten, drank, burned, worn or lived in, making it unsubstantiated work.
Human effort can be eaten, drank, burned, worn and lived in, making it substantiated work.
The purpose of currency is to substantiate human effort, not computer effort.
How come this is a TED lecture?
He said bitcoin is anonymous 😂😂 so he never did even 10 minutes of research on this topic. That's very embarrassing
honestly the funniest video i’ve seen in a while
Really LOL
Ok.
This guy should do stand up
definitely the way to build a solution to "save us from the climate disaster" is to keep doing the same things over
There is no climate disaster dont worry about it.
@@GeorgiosD90 yea, I was being sarcastic about it .... hard to express that by text lolz
Bitcoin is not a solution to climate change. It is however a brilliant use of energy to secure the worlds money. More energy is thru dryers. Even more thru people watching cat videos on CZcams. Is being lazy and entertained a better use of energy than securing the worlds first one-world-currency and payment network?
If Bitcoin does take off and become the worlds reserve currency which it basically is already, the network needs to be bullet proof iron clad un-hackable secure. Bitcoin is this, so the people of the world who dont understand how it actually works, will have confidence this new software representing our money is completely safe, incorruptible and predictable.
He seems unaware of that every transaction on open public independent network can be seen by everyone that runs a node or through chain explorers. Criminals uses banks.
He barely scratched the surface. I’ve been in his shoes 1 year ago and finally came around that Bitcoin is the most promising monetary system there has ever been. Please do more research and critical thinking
Time will tell
A nice video with a briefing on the current criticisms of cryptocurrencies.
I HAVE INCURRED SO MUCH LOSSES TRADING ON MY OWN...I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED... CAN ANYONE HELP ME OUT OR AT LEAST TELL ME WHAT I'M DOING WRONG ?
Lol how is it anon if they can track wallet keys? And if you can’t use it like you said wouldn’t they need to convert it on a fiat on/off ramp like Coinbase? Connected to a bank account and id......????
Only criminals need privacy that badly!
this guy had enough balls to talk about this topic, glad more people will sell so I can buy more now.
Good point. More of these talks are needed. NPCs must know bitcoin BAD
@Uhavenoright toask shut up you dont make sense
You could use more operationalization for 3/4 of the talk. You couldn't give your argument sound basis so it lacked integral legitimacy. Not mentioning fiat being use for +90% of all criminal activity allows you to paint this new asset class how you'd like. Offer contrast & more reliable sources. I respect your position but it just sounded like you read articles on reddit then crafted your position. We need more nitty-gritty if you think something that has the potential to change the world will die hard. It especially let me down that in the process of stating your position, you offered no solutions. The articles we read present the problem, it's me & your's responsibility to be the tangible change. Give people hope dood. Me & your methods won't look the same.
easier to just tear others down with lies in an attempt to be on the moral high-ground
I guess just anyone can do a Ted talk now.
We dont trust the governments, nor we have trust in paper currencies... We don't want the Banks or small faction of people to control our wealth... We need economic freedom that's why we love Bitcoin...
👆facts
And yet it ends being controlled by tbose same groups and individuals. Crypto billionaires? Their value is still tied to fiat.
@@advanceit1377exactly
1:33 have you ever heard of places where you can buy something with stocks? no, that doesn't exist. I'm not saying that crypto is similair to stocks, i prefer it as a currency and hope that one day walmart, home depot and all those stores will accept crypto. And trust me! They will!
I would love for every store to accept Bitcoin/ETH and others but I would guess that it’s only really wealthy that transact with stocks, through liquidating them like when bezos had to liquidate billions of his Amazon stock to pay his divorce settlement or for his “rocket projects”
@@Daddy-ko2jn nah HODLING eth and btc to death would pay with some usdc instead
Yes, but stocks don’t claim to be a currency. Bitcoin does. Until the volatility of it levels off (who knows if it will the way people buy and sell it) it won’t be adopted. Home Depot doesn’t want to accept it, to have the value crash the next hour. And this is from someone who hates our fiat currency lol
I always knew this guy was right
this guy right?? he is sooo wrong its impossible to put into words how wrong he is.
@@ImBitcoinBaby Amen
There is so much incorrect information in this TED talk.
He knew very well what he was talking about, just look how every crypto currency is doing now. Crypto is not backed by a society rather a foolish handful of people who recklessly believe this scheme will get them the riches they so seek, all of you are idiots have no real understanding of the way crypto works, your all sheep who believe its a one way ticket to freedom land, lol. Goof.
FACTS
I just published the facts in a detailed comment if you care to read.
I will now start buying Bitcoin. Thank you!
Counterargument:
Regular currencies, stocks, bonds, commodities, exchanges consume massive amounts of energy/computational power, are used for illegal activity, can be stolen and on top of all that enrich already massively wealthy corporations at the expense of people. I think improving computational efficiency is the solution. Blockchain tech and cryptocurrency are necessary to prevent government oppression and corporate oppression.
Improving computational efficiency is not the solution because when computers are 'mining' they are not performing useful computations that we want to speed up, but are instead computing useless hash functions just to prove that they are doing something. So when computational efficiency improves, we have to make the hash problems harder to ensure that the miners are still working.
This is called the 'proof or work' model and its the backbone of blockchain tech. There is a competing model called 'proof of stake' but this model maintains the issues of government and corporate control, so switching to proof of stake would defeat the whole point of cryptocurrency in my opinion.
My biggest issue with cryptocurrency is that it needs to be slow to maintain trust, but its so slow that it doesn't scale. So the only way massive amounts of people can use the system is through a third party like coinbase, robinhood, etc. So after we fix all the problems we can with cryptocurrencies all we've done is shift the power from governments and banks to corporate middlemen who now have all the power. We can see this in action right now where the vast majority of 'crypto investors' don't actually own any crypto, they just have a representation of a coin that one of these middlemen actually own.
OMG luv your work. Perfectly put.
👏👏👏👏
How can ted talks allow such a talk?
Agreed, personally I believe in freedom of speech not freedom of stupidity
He is right whether you want to accept it or not. This is from a crypto investor
I’m curious to here your thoughts on it crashing, considering you have invested. I go back and forth on what I think of it haha
Bet he is a paper hand
crypto investor really? great! -_-
Oh well since you say you're a crypto investor....
Lmao
I came here to learn how to trade after listening to a guy on radio talk about the importance of investing and how he made $460,000 in 4 months from $160k. Somehow this video has helped shed light on some things, but I'm confused, I'm a newbie and I'm open to ideas.
@Finley Adam Interesting. I've a lump sum doing absolutely nothing at all in my bank account, i wanna gets something started with it. You seem to be doing excellent for yourself, how do you achieve this?
@Finley Adam Please 🙏 how do i get in touch with Bell Elizabeth? i would love to trade with her.
@Finley Adam Thanks dear, I'll most definitely to do that😊😊
This is really helpful for my situation!!!! Thanks guys i will try her but do you know how much is okay for a start let me know if i can do this?
@Samuel Edward scam...
Not a bubble, the pin.
It's still just speculative. Invest in yourself and your relationships, the rest is just fugazi.
I believe you can already get cards that automatically transfer your Bitcoin into stable coins and you can buy what with it just like a debit card.
Difference between stable coin and fiat currency ?? Er its the same on the centralised ledger
Yeah the company that did it turn out to be a rug poll and was a total scam; it decided just one day close all its machines and yank everyone’s money into the pockets of the owner. Again notice nobody actually using these as anything except speculative assets that allegedly exist. Nobody actually conducted any trade in real stuff with them!
Great video... The covid-19 global pandemic shut many financial institutions from functioning thereby rendering most people jobless & investors lost more than they ever thought of losing.
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like anything, or marketing, the success of this depends upon ones view or belief in it.
like a primissionary note, " i promise to pay you...",
the birth of the cheque, next followed by currency note.
same as this.
but the problem with this digital currency is, that its just numbers, theres no tangible elemnt to it, which makes it super volatile and prone to many security hazzards.
just read about the problem with viruses and spyware or ransomware, and throwing this into a digital pool of currency has unimaginable consequences.
thats why its always safe to keep physical asset like money or other things.
Who is this tool?
He’s right
2:00 - Actually… Bitcoin-Transactions are very easy to track right now. (Yes, there are „Coin Mixer“, but they also leave a trace.) So called Privacy-Coins like Monero are mostly used by criminals.
That x in TEDx stands for the lack of Basic-Knowledge of this format.
What bothers me, are the recent events, that will make Bitcoin and other Cryptocurrencies, like the Internet, used World-Wide in everybodys lifes. What bothers me here, is the fact that Bitcoin coincidentily represents every aspect of a digital currency, Central Banks, Governments, and secret Intelligence , is dreaming of. People think that Bitcoin will make the People rich, but it will make them poorer then ever before.
How would it make people more poor?
I wonder if he undestands Bitcoin is about capital allocation.
It’s just Futurism.
Proof of work vs proof of stake how has this not been addressed? Some crypto's may fail like fiat but but the system will remain intact and further evolve over time to overcome any hurdles.
Nope the system will always fail for 2 reasons #1 crypto has no novel functionality whatsoever everything it does fiat currencies already for better and with more efficiency #2 the Model is fundementally flawed the amount of processing power to perform transactions literally has exponential growth curve the it will literally cost too much and take too long to perform transaction and the system will collapse. The blockchain is broken always has been always will be cyrpto has no future its a speculative scam.
Bitcoin is not like any other cryptocurrency in any way. it will not just "fail". this guy knows nothing.
Here here. PoW is the most brilliant creation helping to make Bitcoin the first digital anything that cannot be copied. What a revolution. It blows my mind the scale of the mining network to let Proof of Work to do what it does best.
Im amazed they let this man talk
this talk is from 2011? but not 2021? would make more sense....
Nice standup comedy when second show
I am new about cryptocurrency and have nothing yet, just learning about it for few months. I am 3 minutes into the video and already see so many false statements that make me think it is not an educational but a propaganda most likely to please or financed by establishment. Yup...it continued as before. TEDxYouth appear to be not about science, but politics.
It’s hilarious how every points he tries to make can be destroyed with basic google search 👀
Buddy, the fact that Bitcoin consumes so much energy and releases a great deal of CO2 is true. Bitcoin is an energy sucker and we need ecofriendly currencies
@@axor1038 Most of these comments are generated by bots. If you read enough, you see how repetitive messages are.
If it wasnt so ridiculous it would be hilarious. I just commented with clarification of every point he made if your interested..
Made some very valid points.
Please inform yourself... he's only right about one thing. That being that noone can predict the price of BTC in two months
@@sunneyjim6186 exactly.. everything else he said was false... amazing how they don't feel ashamed t talk in public without really checking what they hear.. its not that he is write or woong for the future of bitcoin but his examples were all lacking of knowledge.
How weird is it that he quotes "inner Mongolia" but shows a picture of independent Mongolia =( Great speech, though.
You keep changing between asset and currency when you speak about Bitcoin - which is already a huge red flag - the price volatility at this stage definitely is an argument against bitcoin being a currency, while it fits the description of an asset. I would recommend doing more research when addressing something as pivotal and game-changing as crypto. Regulation is not the downfall of crypto and blockchain - it can help legitimise the technology. A definite no from me sir.
These are my thoughts exactly. Some view it as currency, while others a stock/get rich quick. Interesting to see how it plays out.
I appreciate the thought he's put into this subject, but his lack of research is obvious.
We need people like him otherwise how can we buy the dips? 😆
I'm not particularly a fan of btc, but I still own some. That said, a lot of his attempts at refuting some of the selling points are quite weak.
And now in July 2024 it just hits 100k
4 years