Cryptocurrencies II: Last Week Tonight with John Oliver (HBO)
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- čas přidán 22. 04. 2023
- John Oliver discusses cryptocurrency, three of the biggest crypto companies to collapse over the past year, and what to do when your office is giving off “crime vibes”.
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pharmabro saying "jail's not that bad" is such a "i committed white collar crime" thing to say
He didn't get the full reach around experience of a slam you in the a$$ prison.
We brazilians would love to have him here in our prisions;
@@OrangeBoymusik haha that would be so funny
Billionaires go to the types of prisons where they have menus, 3 meals a day, and spa treatments.
What sucks is it SHOULD be that way, jail shouldn't destroy ppl (almost guaranteeing recidivism) but we only afford dignity to scammers who manage to scam the wealthy... Are they going to learn "don't scam again"??? OR are they going to think "the sentence for scamming could be worse (drug charges, stealing a tv) so maybe I'll just risk more scamming since that's what I know how to do."
“I don’t debate the poor on Twitter” is maybe the most Twitter thing I’ve ever heard in my life.
Twitter is so yesterday - soon it will just be an echo chamber for elon and his toadies to call each other names!
@@Bongwater33 So basically the same as before. "Meet the new boss, same as the old boss"
I don't debate noobs on OSRS m8
which is also the new slogan for Twitter
@@rhamlet5290 exactly the same 😂😂
As an accountant I love it when John says stuff like "I'm no accountant, I mean I should be" gets me every time
I love it when he rips a new one for HBO or any of it's affiliated companies. There was a while he couldn't do a show without insulting AT&T, and it was great.
I used to say shit like that. Then I married my accountant. And she became a teacher instead. And instead of continuing as our tax accountant my wife found a good one for us because it's a job that has half your time trying to stay current as an accountant.
Oliver is a total buffoon
lol
The most astonishing thing to me was trying to sell an asset that is always worth a dollar, because there is another asset always worth a dollar with a flawless record of always being worth a dollar. Its called the dollar.
That dollar won't be worth a dollar in 5 years (in that you won't be able to buy something for the same value) and will eventually be worth nothing. A stablecoin pegged to the dollar is effectively the same thing, but at least it's easily transferrable to anywhere in the world at a fraction of the cost. Additionally, stablecoins actually help the US dollar, as they decrease its supply
@@daxrico266 not sure why you think that, but additional stablecoins do not reduce the supply of dollars. If they truly are as good as dollars (and they clearly aren’t, but they are at least something of a substitute), then they add to the money supply and would create additional demand pressure and be inflationary (which does not “help” the dollar if that’s how you want to put it). As you acknowledge, stablecoins, linked to the dollar, depreciate in real value at the same rate as dollars. You may be right that they are less expensive to transfer, although it depends on what technology you use to transfer actual dollars (suitcases of cash, inter or intrabank wire transfers, Western Union are all different ways of transferring actual dollars, with considerable variation in the cost of transfers).
@@eliecanetti The largest stablecoins are, in part, backed by dollars. They do not add to the supply, because US dollars need to be purchased to safely maintain the backing (although there is certainly a question mark on whether they are 1-1 backed with some of them). I'm not sure how familiar you are with crypto, but stablecoins do not aim to compete with the dollar, but run alongside it. In regards to the transfer of funds, none of the methods you mention (or any other method that I'm familiar with) are as good as a simple blockchain peer-to-peer trustless transfer.
The US dollar certainly has its advantages (security being the obvious) but there is also a place for stablecoins and crypto generally
@@daxrico266 thanks for the comment and the discussion. I take your point that transfers on the blockchain are costless (to the individual making the transfer at least, if not necessarily to society), and that would be the main reason for using stablecoins. Of course that cuts both ways, since as is well known, its costless for illegal activity as well, and I presume anonymous (I suspect you know more about crypto than I do, though I’ve been following the public debate as closely as I can). In that vein, it is indeed the cost of using cash, or the traceability of transactions through the banking system, that is a virtue in terms of AML/CFT enforcement. That’s why dollar notes larger than $100 bills were outlawed (it turns out money launderers’ biggest problem with using cash is simply the weight and bulk of transporting large sums of money using $100 bills.)
On your other point about the money supply, it still doesn’t make sense to me. Only the Fed can impact the monetary base (via open market operations and discount lending), and unless the dollars backing stablecoins somehow aren’t in the banking system or currency in the hands of the public, they are part of the broad money supply. I presume the dollars backing stablecoins (or partly backing a la fractional banking) are held in the form of bank deposits, for which banks’ counterpart assets are bank reserves, and hence available to grant credit (apart from required reserves of course). To the extent then that stablecoins can be used to conduct transactions, they form the same role as money and would be potentially inflationary.
And yes, I understand that stablecoins are meant to be a supplement to, not a replacement for money, but that only reinforces the point that they add to system liquidity, purchasing power, and hence are inflationary. I hasten to add that I don’t think stablecoins play anything but a minuscule role in inflation, since stablecoins outstanding are a small fraction of the broad money supply, especially with the trillions added through quantitative easing, but I still don’t see how they don’t add to the money supply at the margins. It’s a bit reminiscent of the bimetallism debate at the end of the 19th century when farmers (and of course silver miners and populists like William Jennings Bryan) wanted to remonetize silver, precisely because it was inflationary, and debtors (which most farmers were) benefit from inflation (assuming of course, their debts aren’t tied to inflation, or at floating interest rates).
More importantly, will this debate get us on Last Week Tonight?
@@eliecanetti Transactions on the blockchain aren't completely costless, but significantly cheaper than traditional transactions (depending on the blockchain).
If we're specifically talking about stablecoins, the great thing about blockchain technology is that transactions on them are completely traceable so, if they are used for illegal activity, it wouldn't be difficult to trace a transaction from its source to its end point. There are certainly some smaller crypto currencies that aren't traceable, but the narrative that crypto is a melting pot of illegal activity is a false one, spread by the likes of Janet Yellen or BlackRock (to spread FUD, lower the price and buy more). Criminal activity represents just over 2% of all cryptocurrency transactions, which is insignificant when compared to the amount of US dollars being used for criminal activity (tax evasion being included here).
The conversation around money supply is a complex one, and I think we could potentially go back and forth with that debate, but I appreciate your points regarding fractional reserve banking. I do believe that most stablecoin issuers hold their dollars in the form of bank deposits.
In truth, I'm not so much a stablecoin proponent as I am a Bitcoin one. I hold more US dollars than I do USDC/USDT, but stablecoins play a vital role in facilitating transactions on the blockchain. Additionally, there are much higher yields on crypto exchanges compared to the poultry ones offered by banks. It'll be interesting to see what happens to stablecoins if the Fed is successful in its plans to introduce a CBDC.
Thank you for your cogent argument. It's always good to chat to people with opposing views and get different perspectives
"He dressed like everyday was laundry day and brushed his hair with a balloon". I never laughed so much in my life.
Rich people can dress as if they're poor, because they can afford not to care.
That was hilarious 🤣
He also apparently was playing League of Legends while pitching his ideas to investors.
That angle was really unfortunate for his hairline
This one really got me too, dude. 🤣
You are a special treat to the world. As a cancer patient, I save your videos for my worst chemo days, cuz they raise my spirits and give me roaring giggles and giggles are very healing. Thank you.
Good luck, hopefully you fully recover!
I luv u
Hoping that you get better soon, Love from malaysia.
hope you recover soon
Hope you recover soon, love from the South of France 🤗
I love that John can talk shit on HBO but they'll never drop him since he gets so many viewers
John is presenting facts with comical tangents. While it seems like he is, he isn't always giving opinions. Go somewhere like Fox, which has been legitimately busted quite a few times skewing facts and outright manipulating information to justify a opinion, and the difference is alarming. Hard to fire someone that is simply telling the facts
True now, but do read Sinclair Lewis and Derek Raymond while keeping an eye on 2024.
@@dlastmohican71Lol John Oliver is raking in millions ever since he sold his soul to the establishment just like Colbert did. All he does now is hit pieces on anything the establishment doesn't like. Why would he get cancelled?
Many Grammy awards might also have something to do with it.
@@freedomlife3623 Emmy?
Reminds me of Peter Griffin going to the shady loan shark.
"You see, we are different from other banks, in that other banks are banks"
"We did an episode on this 5 years ago, when I was 10 years younger." damn, I feel the same way.
Back then Bitcoin was 2900 usd. Today it's 29000 usd.
@@svenvdw4894 yeah thanks to people putting value in a worthless asset.
@@junemac7515 who decides who or what has value?
Then you should't have taken the Pfizer jab mann
@@svenvdw4894 crypto literally has no value whatsoever. Just hype and nonsense.
"Pre-divorce but post-love" is elite comedy and trolling 😂
They held out till the commercial aired.
I'm sure it's been said 800 times in the comments, but 'Line Goes Up - The Problem With NFTs' by Dan Olson aka Folding Ideas is a must-watch with regards to how Crypto and NFTs are basically free real estate for scams and criminality to thrive.
If society was more evolved and a baseline of good morals and ethics were a given, crypto might actually work. But we don't have the former, so the latter works for bits and spurts that makes a few people wealthy and most people lose out.
new tech has bad actors, how many people get scammed on the internet everyday, scams will never leave the world of Crypto, but that those not mean it is bad tech.
@@cytherians Wouldn't you agree that if a baseline of good morals and ethics were a given blockchain would be unnecessary ?
@@louisstrauss285😅 6:40 😅😮😅😊
Don’t forget his decentraland metaverse video
My weird association with the word "fungible" is that I once used it in a uni essay on the rationale for mass political terror in the early Soviet Union. The sentence was something along the lines of, "From Yezhov to Abakumov to Beria, the personnel changed, but state terror remained - individuals were fungible, but the system was immutable and essential to the Soviet state."
My tutor circled the word fungible and put a question mark next to it. I sometimes wonder whether he ever thinks about that in the era of NFTs.
Clearly your tutor has never heard of human trafficking/ slave labor etc….😂
Maybe he thought you spent too much time buried in a Thesaurus :-P
tutor: individuals were mushrooms? nope!
@@krazed0451 I don't think many people in academia have that kind of insecurity about other people's vocabulary, and neither should you.
@@snr0n /whoosh.
I use to think Mark Zuckerberg was odd until his sister started singing 😂😂😂😂
You know I’ve always thought about Mark Zuckerberg as a nihilist sociopath hellbent on a mission to destroy society bring anarchy and chaos while retreating to his Hawaiian island all because that one girl from Harvard who dumped him
And my therapist agrees with me (she’s a psychiatrist who also holds a BA in Psychology)
At least she isn't singing "Ya Russiky" (or "I'm Russian", as sung by the pro Putin singer "Shaman")
Naw this America we expect russia 🇷🇺 🙄 to be like this but America 🇺🇸 to do better
Now I want to see Mark singing.
@@justsaiyan3294 Error 404: file not found.
I have definitely worked in an office where we would all sometimes ask each other “are we committing crimes?” And I can confirm it was a fever dream
Same.
"Are we the baddies?"
@Capital J ur right all companies commit crimes, disregard nuance, let's go with the blanket generalization
@Capital J You don't even need to be working for the company. Your very existence is a crime from certain perspective.
@Capital J sorry. didn't know it was meant to be an off handed joke. Seemed, well, not funny so? Maybe it's tone.
I always love the “hey girl great top, quick question are we like doing crimes?” Lmao every time 😂
All I've learned in life is: if you end up on Forbes, you're running a scam
Right? This CZcamsr, Patrick Boyle, covered this that basically if you appear on Forbes and you're running a scam, you should start researching on countries that don't extradite to the USA 😂😂 he was being facetious obviously but sure enough as soon as the likes of Elizabeth Holmes, Sam Bankman appear on the cover the feds catch up soon after.
Yup! Primerica was
crypto might be, but bitcoin isnt.
@@Scorch428 bitcoin IS crypto...
@@violasses "crypto" is the collection of scammy imposters.
“We’re all gonna make it” sung by someone who has already made it really turns my stomach.
Enough is never enough for some people.
Funny how the early adopters of many cryptocurrencies tell others to hodl with diamond hands when they need the latecomers (i.e. YOU) to buy those same coins from them because they want cash, not crypto.
Seems like the greed gene runs in at least two members of the zuck family.
You can always go further.
@@phlezktravels Go where? To get more money?
@@jschuler53 That is something I’ve argued with my dad about before. When you have enough money that even your children and possibly grandchildren can live luxurious lives even if you all quit working today, then what is the point of raising even more; especially if that extra money comes from the suffering of others.
I love that John Oliver can say with a straight face that there's a strong case for not watching his show 😂
He's confident that the show is so informative and entertaining that even if he directly told people not to watch they would still do so. In fact I'm pretty sure he's done that several times.
@@cumincalamity9867 He did, he literally once made an alternate episode just so people could choose to watch the show but not this episode, which of course we all did, why not? wasn't that just a short time ago?
@537zun4 chuck e cheese ep instead of one about housing for younger people, because "let's be honest, you will never own a house" or something to that effect
@@537zun4yes, that was like 2 weeks ago lol
He is British. Self-deprecating humor is their trademark
Coffeezilla has a good series of videos on these companies documenting what was going on before, during , and after they collapsed.
Coffeezilla is the GOAT for exposing crypto scammers.
Coffezilla being a modern day muckracker
I still binge his video on the SBF trial
Jim Cramer is actually one of the greatest investment advisors ever. Whatever he suggests, I simply do the *exact opposite,* so his advice has been invaluable to informing me of what not to do.
It's funny how true that actually is. I feel bad for the people who take his recommendations.
First came a grimace as I read your post, followed by a laugh. I really do not like that man. 🤬
😄😄😄😄😄😄
I'm actually curious to see what the result of doing what Jim Cramer suggests for a year would look like vs shorting everything Jim Cramer suggests for a year.
@@Atmapalazzo So, I looked it up and there is an INVERSE CRAMER ETF. It's only barely 6 months old though, so right now it's down about 6-10%. That's no indication long term though, and I don't know how far back in the trade history it goes. I'll post the link to it at the bottom.
So, the INVERSE CRAMER ETF is currently in the red.
However, I do not know what a CRAMER ETF is in terms of red/green. It's entirely possible that a CRAMER ETF that consists of all his recommendations could be both in the green OR in the red. I couldn't find one before this post and I didn't have a lot of time to look. Finding the inverse Cramer ETF was extremely easy, but again the problem is that it's so new that it's hard to predict how it pans out long term. It's hard to figure out long-term predictions when you've only got 3-6 months of total time on the market. You could look at the inverse ETF in 1-5 years and it could be up 10%, not down 5-10%.
If there is a Cramer ETF, it has probably been around MUCH LONGER, so it would probably have longer amounts of data. Maybe a year + (probably not 5) vs 6 months for the inverse.
IF YOU FIND OUT WHAT THE CRAMER ETF RETURNS HAVE BEEN PER QUARTER/YEAR, LET ME KNOW HOW IT COMPARES TO THE INVERSE ETF.
Here is the inverse Cramer ETF site:
www.crameretfs.com/
Here is it listed at it's price:
www.marketwatch.com/investing/fund/sjim
Again, I didn't have time to see if they have a NON INVERSE CRAMER ETF to compare it to.
Now, I BELIEVE THEY SAY ON THE WEBSITE that it also has a CRAMER ETF that would be his predictions, not the inverse, but I couldn't find the data on it.
IF YOU FIND IT ON THE SITE PLEASE FEEL FREE TO SHARE. Again, didn't have a TON of time to look through all the data there and write this.
Wishing you the best! Hope to hear back from you and thanks for your engagement!
All of last week tonight episodes have aged so well, that alone speaks for the show’s credibility and quality of research.
@@TheDogGoesWoof69 I'm sorry, but how can anyone with a brain still not be anti-Trump?
@@TheDogGoesWoof69 What exactly was he right about? He's as full of shit as all these crypto guys.
@@MrGamelover23and how can anyone who's not watch this show without their head exploding? 😅
@@TheDogGoesWoof69 How is that the one issue you have with them? If you think Last Week Tonight is correct aside from that then it'd be pretty hard to like Trump.
Tyler... Go for it bruh.
I too love sissies like Trump.
Less war when pervs like him rather engage in prostitute pee-pee parties... than engaging in regime changes, invasions/ illegal occupation of other sovereign lands.
22:46 "in a closed society where everyone is guilty the only crime is getting caught. In a world of thieves the only final sin is stupidity"- Hunter S. Thompson
Its' always good to see a quote from the good Doctor. You have to think he would be having a field day with some of today; issues.
Goddamn what a fine quote.
President Josiah Bartlet:
. We foster, we obfuscate, we rationalize. "Everybody does it", that's what we say. So we come to occupy a moral safe house where everyone's to blame, so no one's guilty. -- West wing
The only person who I’ve ever taken any trading advice from was my dad. He said “Don’t invest any amount of money that you can’t afford to lose.”
The amount of people that see a line going up on a graph and just say “Take ALL of my money” is insane.
If you can't afford to lose a penny, no investment.
@@youtubeuniversity3638 Casinos (don't) say that exact thing too.
500
I was given this advice for casinos, but it definitely applies.
@@youtubeuniversity3638there's a huge difference between 1 penny and your entire life savings
“He combed his hair with a balloon” 😂😂😂😂💀 literal tears are coming out of my eyes 😂😂😂😂 omggggg
Has the writing team ever been introduced? It not, Oliver should really do an online episode with them because they’re good. I’d love to put a face with the folks making me laugh each week. Much love.♥️
Honestly I've been really curious about the writers as well, they're so funny and I love when you can tell John didn't write the joke lol.
Daniel O'Brien is a writer for the show who I was a fan of before the he joined Last Week Tonight. He has a lot of pop culture related videos on CZcams from when he was at Cracked.
I'd take it a step further and do what Jon Stewart has done once or twice with "The Problem with Jon Stewart", which is some behind-the-scenes clips of the writers in action. A room full of comedy writers is always good, no matter how distressing the topic at hand.
My favorite part is that John isn't the head writer, DoB is. He's Just Another Writer.
I always assumed that the funny picture inserts they use feature the writers/crew as models 😂 I'm not sure about it, but that would be a nice, subtle way to honour the people who work behind the scenes.
"Holy shit is that Martin Shkreli?!"
"Hey Do, I just wanted to let you know that prisons not THAT bad-"
I have not laughed harder at anything in months, the comedic timing was hilarious
America the land of the stupid
Shkreli also started a crypto apparently...and you can guess what happened to it.
martin should definitely be buried under the jail
@@mayanksaboo8045 He got so butthurt when people called him out on it too lmfao
@@Donttalktomeifyoureabot He's an actual sociopath. Spent time in prison and immediately started scamming people after.
I can't believe I only figured out this show exists! I'm binging all of it!
I love how this video explores such interesting concepts but it's kinda crazy how nobody's talking about the book called Forbidden Crypto Hacks
wtf was that
I’m just remembering an old Family Guy joke where the shift salesman guy is trying to get Peter to put money in his scammy bank, and says “what sets our bank apart from other banks is that other banks are banks.”
That’s really how most if not all of this crypto stuff is.
m.czcams.com/video/_mit7i9YDJw/video.html
I think that one line may be the foundation for crypto, “rideshare” and many other businesses of the last decade that only thrive by mimicking other existing businesses but put all of the risk on the customers/workers while getting around laws that normally regulate what they do by claiming they are merely a software company.
It's so funny the original promise of Bitcoin was: "banks are not to be trusted, so here's a way to trade without banks or any central control". Then people immediately put their Bitcoin into a "bank".
@Walter Wang And then, when it all goes to shit, suddenly they WANT government regulation of their decentralized system
its all about immutable databases(utility) and immutable scarcity independent of stupid governments(money of the people) , but it got washed down by uneducated people like you and educated scammers like them
Fun fact: Celsius' line that banks could offer prodigious interest rates is the exact same line Charles Ponzi gave when operating a local bank.
Holy shit. It's all come full circle.
Still people putting real money in 20% apy crypto projects.
It's almost like people have been doing this for for a long long time..... Weird...imma have to research this.
I hate the "18% APY!!" Tag...Yes, some no name cryptos earned that cuz basically no one held much $$ in it. Bitcoin,Ether, Stablecoins where most of the depositors held on Celsius? 2-9% apy. Most weren't crazy yield chasers.
@@Kevinm3u Bernie Madoff only claimed consistent ~10% returns, still a Ponzi
5:38 "a hat on a hat"
britta vibes, there's still some Community flair in John Oliver.
No one in the history of humanity has the ability to explain seemingly mundane things and completely make it entertaining and informative better than John Fucking Oliver.
I am glad John mentioned both the situations “ Jim Cramer before FTX collapse “ and “ Jim Cramer after FTX collapse”😂😂😂😂😂
I would like John Oliver to do an episode on Jim….sounds like he needs to have one on him.
I'm so glad you guys spoke out against the idiocy the Discovery merger is causing.
😊😁
I thought crypto was just a way to buy drugs online?
Why else would you buy it?
Other than changing the name of HBO Max to Max, what other idiocy have they committed?
@@TotallyAwesome420 - They cancelled movies that were deep into post-production (like Batgirl and Scoob 2)
- They cancelled dozens of shows they made, some of which had episodes that hadn't been released yet, and pulled them from all streaming. Many of them will almost certainly never be available through legal means again (and some of them, like Inifinty Train, are consigned to digital purchase, which is and has always been bullshit).
- They blatantly stole seasons of Final Space from customers who legally purchased them on Amazon (blah blah terms of service, this is stealing and it shouldn't be allowed)
No no
Rule of thumb: Anything financial that seems too good to be true probably is.
Except for index funds. Sure they only give you the average return of the stock market, but that's still way more than pretty much anything else available to the layman, and greatly mitigates the risk of stock investing. Benjamin Graham put it best: Getting average returns from stock investing is way easier than most people realize. Getting higher than average returns is way harder than most people realize.
Index funds make sense and help me feel calm when the markets are doing the down part of the wave.
I mean your only goal for investing should be to beat inflation, at that point you're doing fine and there's no need to get wild.
This show changes the paradigm of how humans can learn and think. Someone understands that if you want a better society you have to teach. Thank you.
"There is also entertainment in watching companies die, too." Can't argue with that!
Nvidia?
There is a word for that: Schadenfreude
@ProprietaryCurez, you're obviously a troll because Nvidia is actually a very strong company and has the Lion's Share of the market in CPU, Don't dabble in things you do not know and insinuate misinformation by the ? behind the word.
@@christine2ehgtinyhouse893 Think you mean GPU bro. Nvidia doesn't produce CPUs.
Bud light?
"5 years ago when I was 10 years younger" is an amazing line.
I am actually younger and stronger
Amd very relatable
It's a new trend of meme creating cognitive disonance to add yield..just like Bill Clinton Kid
Never trust a crypto bro. That one guy gave off “how do you do fellow kids” vibes. 😂
Nah, he’s more likely the guy to do “finger guns” unironically.
The process of creating a crypto currency is basically printing a million dollars in monopoly money and claiming you are a millionaire because you have a million in monopoly money. The tricky part about making your cryptocurrency succesful is convincing others that you are indeed a millionaire because you have a million in monopoly money and that they too can be millionaires by buying monopoly money from you for actual money.
The depressing part about cryprocurrency is that people are actually stupid enough to buy the monopoly money.
Yeah, there should be a law making the dollar the only real money and outlaw the rest!
The tricky part isn't very tricky at all! :DDD
Tricky part is knowing when to stop pretending that crypto is real money and selling it off for real money
I would argue that the most depressing part about crypto is the WASTE created by the computers needed to support the system:
.Land for the data centers
.Construction material to build the warehouse buildings for the data centers
.Electricity to feed the ridiculous amount of computing power
.Water to cool the (useless) data-crunching computers
Those are the highlights of what depresses me and pisses me off about this wasteful, fantasy for money-grabbers.
Well, that, and the way that it is just another thing that supports the get-rich, side-hustle without having any real skills or contributing anything to society way of thinking being chased by so many these days.😢🤮😵💫
"Watched CEO dabbing on video conference call with billionaire investors" should be automatic approval for unemployment benefits
Pretty sure there should be a war crimes tribunal as well.
Definitely do not give unemployment benefits to scammers.
Thank you for putting these 3 on blast, more people need to know what happened.
Add Zach Prince (of BlockFi) and Barry Silbert (of Genesis Capital) to the list of people to cover. All of these people should be going to jail for fraud but the U.S. government almost never prosecutes financial crimes.
Cryptocurrencies should be abolished. The entire thing is a ponzi scheme.
Yo Arc nice seeing you here!
...and now please the same with the US government, its fiat currency: the US Dollar, and with the stock market...because they operate the same way...but they are "too big to fail"...
@Michael: Fiat currency is not a ponzi scheme. Crypto very much is.
You sound like you are pushing a _`cOnSpIrAcY tHeOrY`..._
I love how the algorithm started reminding us of the Titanic months ago because of the new Avatar movie… and in a cruel twist of irony, the theme of this episode was the very much still ongoing implosion of cryptocurrencies 😂
It made the first three minutes of this episode sorta feel like there wasn’t a writers/actors strike.
Hey John Oliver, appreciate your commitment to your craft and art. Using your videos and topics for a court case in Denver, Co.
My favorite part from tonight was when he very casually referred to kid rock as Child Rock
Bawitdaba is baby talk
😂😂😂 perfect.
Thank you Coffeezilla for your amazing reporting on SBF or these scams in general.
Bit boy also called him out too surprisingly😅.
@@Armendicus You mean the person who started beef WITH Coffeezilla about Celsius to only backtrack most of it AFTER Celsius turned out to be scam?
@Tripl3M and the one who went after Atozy when he already had enough on his plate with a new child on the way lol.
Coffeezilla the goat
And upper echelon on Celsius
To add to that, Binance, the company that was instrumental in bringing down FTX has just been found to do almost all the same stuff as FTX did, just not quite as egregiously. Their CEO went on this virtue signalling campaign after FTX went down, and now it turns out he has been moving customer funds to a company under his direct control for his own purposes.
Crypto's entire purpose was to be DEcentralised, NOT centralised. Binance, FTX, Celsius, etc are all centralised entities. Why trust unregulated centralised entities who answer to nobody?? I'd much rather take my risk with Bank of America or Charles Schwab.
First principles in crypto is to strive for decentralisation and not to trust one-another. That's worked extremely well for the Bitcoin network and the more mature DeFi protocols like TraderJoeXYZ. Centralised entities should be required to maintain 1:1 audited reserves at all times, be subject to extreme financial scrutiny, and have insurance for all deposits (in case of hacks or an inside bad actor).
Meanwhile decentralised protocols should be audited based on the merits of their code with any regulation only touching the centralised aspects like the website itself whereas the smart contracts are outside the scope, again unless a centralised entity administers or can censor interactions within the contracts.
People seem to only be in crypto to turn internet magic currency into more fiat. The tech is what matters. Revolution is coming to the financial sector but these centralised entities need to be shown the door. They're extremely damaging to both the industry and to those who "invest." Stop focusing on the money and focus on the tech. The general public totally has their focus backwards.
@@willbaker602 Bank of America was literally bailed out.
"WASHINGTON -- The U.S. government early Friday morning agreed to invest $20 billion in Bank of America, and to protect the bank against up to $118 billion in potential losses from bank assets related to risky mortgage loans."
It is just crazy to me you would use them as an example you would risk it with.
@@willbaker602 Bitcoin is already centralised because there's only one of it. Stop being dumb. This blind worship of the concept of "decentralisation" is only hurting you. It's not a magical solution, and societal pressures will recentralise things over time anyway, _as they have done here_ and always will do. People do not want to have to find dozens of different websites to go and read things on, they want Facebook to bring it all in to one place. Centralisation is emergent and trying to fight it is like trying to comb a glass of water.
> The tech is what matters
No. The tech is useless. Stop letting libertarianism invade your brain.
The people at Crypto Critics Corner and Dirty Bubble Media saw this coming for a while. Tether’s the big one that would collapse the crypto ecosystem if all the suspicions turn out true. It’s been validating seeing all these suspicions turn out true, but now it’s a question of if the AI bubble sucking pressure out of the crypto bubble will delay its bursting.
@@willbaker602 the tech is not even useful unless you want to lose privacy, are pro wasting energy, and are buying illicit stuff online
the HODL Gang and Bitconnect segment from the 1st Crypto segment is still so good...
My mind just sometimes randomly flashes back tothat conference where that guy shouted “Bitconneeeeeeeeect!”
“Not watching this show is always a strong option for you”
Only if I’m looking forward to waking up tomorrow. Luckily this show uploads late Sunday night, so that’s literally never the case.
it uploads in the morning for me so I use it to survive waking up Monday mornings
i have a special fatty called "joint oliver" just for this. nothing beats a british parrot in hd while toking it, i promise you.
Hope you have a good day Norm!
😂 I don’t think John will be around much longer
Oh John, youre the only reason that makes Monday less torturous even though you deliver another kind of torture
it's the difference between being chained to your desk and handcuffed to my bed 😏
The videos go up circa 5pm local time here in Micronesia, and I am here for all of them. Dog bless this guy
I'm surprised they didn't bring up the clip of SBF straight up admitting to crimes on a call with Coffeezilla lol. That was crazy
lolol the head up dab killed me....zero expression on the guy's face.
I'll never get over the fact that doing the exact opposite of what Cramer says has been profitable in just 2 weeks after being tracked.
The Inverse Cramer Investment is still going strong.
I've actually thought for years that he was giving people bad advice on purpose so he could opposite invest and make bank. FFS he was even betting against Tony Stark in Ironman. Dude couldn't even be right in a fictional universe 😂
Not to defend Cramer, but investing strategies are considered "successful" based on long term, not short term trends. Cramer is an idiot, but that doesn't mean that just doing the opposite of what he says is a surefire strategy
He's like a reverse Oracle of the finance world 😂
@@giarc1988 Well he's either right or wrong and so far, he's been very wrong. Although when he's basically just yelling at a screen I'm sure one day he'll get "lucky" but considering he probably isn't in anything it will be reputational only.
You say that "just two weeks after being tracked" as if it bolsters the argument that Jim Cramer gives bad advice. But instead it makes the entire statement meaningless. The value of some stocks 2 weeks later is completely random. Nobody expects to be or intends to be successful in the stock market on such small timescales. It doesn't matter how quickly it first went negative, it matters what the value is (compared to the overall market) several years later. It's also down 2% right now... so why are we taking some random point in time that happens to agree with our desired conclusion? That's like saying "apple stock was down just two months after its ipo, therefore apple was a bad investment in 1983"
Lets also remember that Jim Cramer is also the guy who told everyone to sell their Stark Industries stock right before it became the leader in clean energy.
Seems like the most prudent financial strategy is to do the exact opposite of whatever Jim Cramer "advises"!
THIS COMMENT NEEDS MORE RECOGNITION
It's called the Inverse Cramer Law. Always do the oposite he sugests. There is even an investment fund that sells itself on the facy that they will ALWAYS follow the Inverse Cramer... Its both a joke and, somehow, also a reality. There was at leaat a couple times people did the math and found that doing an inverse cramer can bring you more profits then the annual average for the stock market hahhahah
* SELL SELL SELL *
@@HeatherHale Cramer Reverse ETF is a thing.
This was really informative. Thanks Oliver 👍🙏🤑
Last Week with John Oliver, should win awards, great show!
the "combed his hair with a balloon" line really got me, i was laughing for like a solid 5 minutes! kudos to the writers of this show always getting smiles and laughs out of me so well, hahaha
Same. 😂😂😂
Yeah that was pure gold 😂
LOL! Me, too! And that he dresses like every day is laundry day - but the combs his hair with a balloon was a true laugh out loud topper!
I literally cannot wait to repeat it 😂😂
Face it: if there really was such a thing as a get-rich-quick scheme, we'd all be rich. Wouldn't we?
I guess these work on the premise of "I am so lucky to have found this groundbreaking way of getting loads of money quickly"
Don’t forget the Do Kwon as a “flex” made a million dollar bet with a random Twitter user that luna would maintain and grow for a year. He then further invested by making a ten million dollar bet on the same conditions with another user. All money went into escrow for the bet and when luna fell off the shorting parties bought enough luna to hedge their bets for a like a hundred bucks.
lmao
That's awesome. I'm happy for the winners.
Fuck that Kwon guy. His "demise is entertaining". 🤣
So I work for a gold buyer/seller and lemme tell you the crypto/NFT markets have been a wild ride. At least once a month someone comes into the store asking us about crypto or NFTs and why we don't trade in them. My all time favorite is the guy who came in "with a deal that was going to make us millions" and said he had an NFT that he wanted to "back with silver and gold from you guys" and "all you guys need to do is help me back it!" Basically: "I don't know what NFT actually means and you should be grateful that I'm willing to talk to you about my imaginary money."
The look on his face when I told him that backing an NFT with something that had an exchange value (aka the FUNGIBLE part of "non fungible tokens") like gold would make it not an NFT... PRICELESS. He tried to weakly argue with me after being so gung ho, but I just googled the word "fungible" and showed him and he finally left me alone after that.
I swear some guys see women behind the counter at a coin/bullion dealer and think we're gonna be the most uneducated, gullible morons on the planet. Meanwhile 75% of our employees are women who have worked for the company for years, many for over a decade. The business has been around for over 70 years too so we've seen all this crap come and go. You wouldn't go to a pool supply store and ask why they aren't selling beach vacations so why folks expect us to jump on everything 'money' related is beyond me.
undervalued story, just a bit too much #gurlpwr in the last paragraph
I cannot tell you how many people have tried to sell me crypto, fortunately NFT's fell off the bus quite quickly so not so many but if you remember in the early 1980's there was a scam going around that was called a pyramid scheme where you gave money to someone to join a group, the scam was that as you found people to join the group you would make your money back ... well Crypto is just a more advanced system like that where the first few get the money and everyone else is left carrying the can ... I wish I had no scruples I would be able to make so much money from gullible people who think crypto can make money it's just criminal how people are scammed.
@@shoopddawhooped lol fair, if you worked this job though I think you'd see where it comes from. It's wild man.
@@missingaria2503 what you're describing is exactly what what the financial system is since the gold standard was made away with.
had a very similar set of experiences on twitter, the crypto bros tried to infiltrate BTS ARMY twitter and scam us and use our social media power for their gain... they probably thought that a mostly female and POC fandom was beneath them intellectually but we organized and got a bunch of them kicked off of twitter (someone infiltrated one of their discords and they were big mad at us)
"Welcome aboard to the Unsinkable Titanic"
I'm gonna use that classic line 😂
If the titanic sank like clockwork every four years and made everyone on it predictably richer upon rising each cycle,sure
@@FernandoAvelarify so, not like btc then.
@@TylerShacklefordDurden So, exactly like btc.
@@jhegre no, btc every four years explodes in value. The opposite of the sinking Titanic
Only the weak would allow themselves drown in a dip.
"There's entertainment in watching a company die" would have been a good title for this show.
Pre divorce but post love is a fantastic statement that i will incorporate into my daily vocabulary from now on
This was so good! What a great team of writers. That balloon joke had me in tears. lol
Hope they're paid well...
That SBF looks like someone who combs his hair with a balloon? I know, I fell off my chair.
I’ve been saying for a while(to my older brother specifically) crypto and online sports books have risen in popularity around the same time and both of them market to the EXACT same crowd. Under informed over confident young men. There’s a reason Brady, Lebron James and Curry were all huge advocates of crypto currency
Because who needs to invest in the same boring things when something shiny has been invented! Young, dumb, and with money are the worst combinations there can be when it comes to investing
My younger brother is gambling in online sports apps with most of his friends as well. I've told him to just be careful and not yeet all of his savings into it
It really puts into perspective the adage "There's a sucker born every minute"
It's only a matter of time before creepy groomers like John Oliver start begging people to buy his own cryptos
Yep, that’s why networks pay so much for sports, the 18-45 male demo. Males over 45 have more money on average, but are not so easily fooled.
I’m mesmerised by how they managed to look worst than banks
Once more grateful that I'm too poor to invest money in anything but bare necessities. Even if I won't ever get rich by buying milk, I at least have milk!
John, please, never stop doing what you do..........in some way, shape, or form, keep helping inform the public. You're incredible at what you do.
I agree!!!
Very important point from John here, NEVER invest more than you can afford to lose. If you dont understand what that means, you shouldnt invest at all.
Also you don't 'invest' in crypto. It's purely a speculative instrument. Invest if you want but gtfo quickly.
@@intiorozco5063 Lots of crypto have utility and if you can get your head out of usa's arse, then you will notice that in countries that totally inflated their currency, these cryptos are very very helpful in affordable transfers and harboring whatever savings you can manage to save. Argentina much? The rest of the world is adopting crypto, governments incl to get out of the petro dollar. Its just on a world scale.
@@intiorozco5063 sigh..you have a lot to learn young padawan
So you mean, follow the ".... aaaaand it's gone" principles??
Or you could invest in actual product? I mean you're not guaranteed to make money that way, but leaving money in the cookie jar is guaranteed to lose money, cause inflation is a thing.
Man watching this NOW is just oh so sweet lol. This episode aged so damn well lol
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Elizabeth Wesley too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
holy shit, i just rewatched EP1 yesterday, thinking how well it had aged and wondered if there would be a part 2
BITCONNNNNNNNEEEEEEEECT!
Well John Oliver has aged in parrot years 😅
@@douglasboyle6544 Bitconnect failed. Bitcoin is still working just fine and is up massively in price.
@@skipondowntheroad5833 if by working just fine "consumes the average energy of a small house to complete a transaction" , sure
I laughed at the “combs his hair with a balloon” comment way longer than the audience did.
Same here with "infinity diarrhea."
I just can't believe that 20% of Americans dealt in crypto coins. It sounded like a fantasy on the face of it.
"True terror is to wake up one morning and discover that your high school class is running the country [w/ the sociopathic tech bros out front]." -- Kurt Vonnegut
I literally had just watched Andre's video last night!!
Dogecoin was invented as a parody of bitcoin in the first place, so once it actually became worth something it was a sign that scammers were taking advantage.
Elon Musk
It was a parody, but the never stopped and now makeing money... so I dont know if thats a parody of a parody
What scammers?
for every winner in the dogecoin thing there where 10 losers.
DogeCoin is real, and Elon Will integrate it with Twitter.
I think it's hilarious that Kwon ran from the law like some kind of POOR😂
The 'dab' was quite clearly an Usain Bolt reference, right? Talking about Olympic medals immediately beforehand and all...? Missed that opportunity.
Gee, it's almost like entrusting your money to individuals who own a business, instead of a regulated institution that while not perfect, doesn't *typically* blatantly steal your money.
I find it very hard to feel bad for people who have lost money by investing in a made up currency that only has value because a company says it does...
Yes, technically speaking that's how all currency works, things only have value because we agree they do, but there's also a reason why we use standards to decide what is...
always a good way to start the week with John Oliver
Knowing that Jon Oliver will explain to us how bad our economic system is… yeah, he is great though.
Hes a propagandist.
Un american as f.
Mashinsky wasn't dabbing, he was doing the Usain Bolt celebration (badly)
I was looking for that comment 🙌
I was about to comment the same.
How did no one in his staff know that ?
Why? It seems kinda random
@@kilianeagrams6011 I know right, dude was even talking about the Olympics right before he did it
Forbidden Crypto Hacks book isn't just a book it's a roadmap to crypto success that you can't afford to ignore.
Don't know why, but the angry reaction at 13:27 simply kills me 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
You really need to read that bankruptcy report for yourself. It includes gems such as SBF's statement that "We sometimes find $50 million of assets lying around that we lost track of; such is life" [
+
I wonder how the big VC firms like sequoia and other investors invested in it, given that some of them ran an extensive 6 months due diligence process, with having several people on board meetings to monitor.
That's exactly why we need decentralized crypto, FTX ran on an old legacy system,but without the regulation. So even more dangerous. What is needed are decentralized de-fi systems, which don't need to rely on human trust so much.
@@davycrockett8886 seek help
Wouldn't it be; "We sometimes find $50 million of assets lying around that we lost track of - such is life"?
Maybe not; using the semi-colon is definitely tricky!
"at the time of the bankruptcy filing, the FTX group did not even have current and complete lists of who its employees were." Just wow. It's amazing how confidence tricksters can even hustle some of the biggest con artists of them all; institutional investors.
Watching you from back in the day on The Daily Show to the quality journalism today… you’re a national treasure
He’s going to talk about SBF and not mention that he was spending billions, money that wasn’t his, to fund democrats so they would pass favorable regulations for him? Seems like he missed a big point for it to be quality journalism.
"Stablecoins. All the bad things about a cryptocurrency, combined with none of the good things about the dollar"
Who else is here because they heard SBF was convicted?
Feels good to see SBF going to jail.
I spit my eggs all over my laptop at "It was like putting a hat on a hat." Best understated joke I have heard in months. Thanks John Oliver and LWT Team!!
It's actually a standard phrase used among comedians to describe this kind of situation.
"combed his hair with a balloon" got me actually laughing.
I was eating my egg and cheese sandwich and almost choked on it.
@@firelordkushroll Let's not get carried away here, it's not "very" common. I've been watching comedy shows for a quarter century now, and came across this phrase maybe a dozen times or so, if even that. It pops up every once in a while, but it's certainly not that common, and for someone who only briefly watches American / English comedy shows it would be easy to not have heard it before, and it would not at all "weird", even when that person is not a child.
Fun fact: the reverse Cramer investment strategy beats the market.
That zoom call where Martin Shkreli drops in was *hilarious*
6:26 wow... one of the chess sisters, what a pleasant surprise!))
As someone who wanted to build an affordable PC the last years, the best thing to come out of this cryptocurrency mess is PC part prices coming down finally. Supply chain issues and crypto farmers buying up lead to extreme supply issues and price gouging. So much so, that manufacturers themselves are essentially price gouging themselves. The RTX 4000 series has seen a price hikes of up to 100% in their MSRP.
Unfortunately just in time for the inflation spike.
Ethereum doesn't use GPUs anymore as of about 1 year. And bitcoin never used GPUs.
So if they weren't cheaper as of 1 year ago, you're looking for the wrong boogeyman.
what crypto mess?? crypto is stronger than ever and just because we are now on a bear market it doesn't mean anything stopped. in fact, now is the time to invest because you buy low and sell high, not the opposite!
@@mikatu you're being scammed
@@Layfff Bitcoin used GPU's between ~ 2011 and ~ 2013, after that it's all ASIC's.
It’s astonishing what men with confidence can get away with. Literally setting billions on fire in broad daylight for years. Terrible how many people lost their savings to these multimillionaires
Like become President
One of the things you learn when you do cybersecurity: nothing short of personally training everyone in the building, and retraining them every six months or so, will keep your system from being hacked by some dip$&!# with a clipboard and an attitude.
Stupid people will always lose their money to something, it's not really the fault of the crypto industry. Most of us are still making quite a lot of money.
Men with confidence, and also Elizabeth Holmes
@@danial5387 Haha, since Crypto doesn't actually produce anything, where does that profit come from? Maybe from the stupid people you are speaking of?
And today Binance got slapped by the SEC, this aged really well.
Note: the Washington Nationals sold Terra the right to put Terra's name on seat-backs at Nationals Park. Terra paid the Nats in old-fashioned USD. When Terra collapsed a few months later, the Nats kept the real money, but generously left "Terra" on the seats.
As a FINRA rep I was telling everyone for 3 years "You really don't think a poorly regulated currency with no backing isn't going to collapse?" bruh...we all knew.
Bitcoin has been "collapsing" over and over again for the past 14 years. And it is regulated by math but not by regulators. Think rules without rulers.
😂😂😂 Yes
bingo
@@skipondowntheroad5833 bitcoin and eth are different because they have survivorship and first mover advantages. But as soon as money stops flowing into crypto the values will tank. Unlike memorabilia there isn't any intrinsic product with emotional value to anchor it (and NFTs were a pretty lousy way to try to inject it) so it's always gonna rely on hype and greater fools to keep it afloat.
@@skipondowntheroad5833 The price of bitcoin is "regulated" by supply and demand, just like every other thing that is bought and sold. There's nothing revolutionary in that part of it. The mathematical operations of how it is produced and how it keeps track of exchanges are never applied to the price that a person is willing to buy or sell it for.
Bitcoin stays afloat because a lot of very rich people are still irrationally exuberant about its future potential as a supposed replacement for the current currency system. It continues to show no actual signs of fulfilling this potential at any point.
I am hoping no one ever mistakes Tim Robinson for Mashinsky. My condolences to Tim Robinson for looking just like him. Love you Tim, you're a Michigan treasure.
I would like to point out that I know he will never read this, but he is worth like a billion and a third Michigan dollars (not Ohio) and if he were ever kidnapped, the ransom could be enormous if he were kept in mint condition. Mashinsky sucks, Robinson doesn't. Leave Robinson alone.
I had to pause to comment. JOHN IS HILARIOS!!! I love this guy!! Now rewind and watch again.
Mr. Oliver ROCKS!! great video
The Terra thing reminds me of going to East Germany in 1987. We had to exchange 20 W. German Marks for 20 E. German Marks. It was not a fair exchange, but it was what you had to do in order to enter E. Berlin.
love the interview with SBF where he describes how it works and the interviewers say "you dont often hear people say im in the ponzi buisness"